Huaneng Power International, Inc. Net Profit Attributable To Shareholders Decreased by 74.30% for the First Three Quarters of 2017

For the first three quarters of 2017, the Company and its subsidiaries recorded consolidated operating revenue of RMB 111.074 billion (equivalent to approximately USD 16.736 billion, based on the exchange rate of USD 1 to RMB 6.6369 as of September 29, 2017), representing an increase of 10.79% compared to the same period last year. The net profit attributable to equity holders of the Company was RMB 2.860 billion (equivalent to approximately USD 0.431 billion), representing a decrease of 74.30% compared to the same period of last year. The earnings per share was RMB 0.19 (equivalent to approximately USD 0.029) and earnings per ADS amounted to RMB 7.60 (equivalent to approximately USD 1.15). The main reason for the decrease of the net profit is the rise of fuel prices.

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2017. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People’s Republic of China (“PRC GAAP”), which differs from the International Financial Reporting Standards (“IFRS”) and the accounting principles generally accepted in the United States of America (“US GAAP”). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information.

About Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China’s largest listed power producers with controlled generation capacity of 102,502 MW and an equity-based generation capacity of 91,138 MW. Its power plants are located in 25 provinces, municipalities and autonomous regions in China. It also has a wholly-owned power company in Singapore.

For Enquires, Please Contact
Huaneng Power International, Inc.
Ms. MENG Jing / Ms. ZHAO Lin
Tel:  (86 10) 6608 6765 / 6322 6596
Fax: (86 10) 6322 6888
E-mail: [email protected]  

Wonderful Sky Financial Group Limited
Wonderful Sky Financial Group Limited
Ms. Iris OUYANG / Ms. Crystal RUAN
Tel:  (852) 2851 1038
Fax: (852) 2865 1638
Email: [email protected] / [email protected]  

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(PRC GAAP)

AS AT 30 SEPTEMBER, 2017

(Amounts expressed in thousands)

As at
30 September, 2017

As at
31 December, 2016
(Restated)

RMB

US$

RMB

ASSETS

CURRENT ASSETS

Cash

16,364,790

2,465,728

10,214,185

Derivative financial assets

160,378

24,165

278,602

Notes receivable

3,062,304

461,406

2,639,366

Accounts receivable

17,355,173

2,614,952

17,157,638

Advances to suppliers

1,264,924

190,590

984,760

Interest receivables

22,508

3,391

22,130

Dividends receivable

195,000

29,381

724,453

Other receivables

2,764,450

416,527

5,252,967

Inventories

7,613,534

1,147,152

8,046,009

Current portion of non-current assets

154,813

23,326

136,304

Other current assets

2,876,476

433,407

3,203,043

Assets held for sale

2,121,610

319,668

Total current assets

53,955,960

8,129,693

48,659,457

NON-CURRENT ASSETS

Available-for-sale financial assets

2,514,809

378,913

3,560,928

Derivative financial assets

40,673

6,128

99,721

Long-term receivables

1,346,026

202,809

1,288,416

Long-term equity investment

19,975,321

3,009,737

19,715,293

Fixed assets

243,515,501

36,691,151

244,683,030

Fixed assets pending for disposal

82,237

12,391

84,253

Construction-in-progress

26,426,598

3,981,768

26,296,407

Construction materials

2,855,531

430,251

3,491,109

Intangible assets

13,579,954

2,046,129

14,146,114

Goodwill

12,175,666

1,834,541

11,975,592

Long-term deferred expenses

297,818

44,873

247,160

Deferred income tax assets

2,642,672

398,179

2,447,648

Other non-current assets

3,472,105

523,152

3,064,270

Total non-current assets

328,924,911

49,560,022

331,099,941

TOTAL ASSETS

382,880,871

57,689,715

379,759,398

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Short-term loans

78,506,038

11,828,721

68,271,074

Derivative financial liabilities

67,786

10,214

133,569

Notes payable

2,450,902

369,284

3,079,004

Accounts payable

12,241,376

1,844,442

12,075,281

Advances from customers

250,060

37,677

1,274,556

Salary and welfare payables

582,234

87,727

489,206

Taxes payable

1,198,922

180,645

1,424,669

Interest payables

715,269

107,772

761,842

Dividends payable

2,060,340

310,437

1,575,180

Other payables

20,163,438

3,038,081

20,609,473

Current portion of non-current liabilities

24,583,196

3,704,018

18,769,231

Provision

25,696

3,872

21,758

Short-term bonds payable

16,280,569

2,453,038

27,311,103

Other current liabilities

439,469

66,216

369,479

Liabilities held for sale

1,615,442

243,402

Total current liabilities

161,180,737

24,285,546

156,165,425

NON-CURRENT LIABILITIES

Long-term loans

107,385,031

16,179,998

96,911,236

Derivative financial liabilities

165,826

24,985

201,169

Bonds payable

13,690,986

2,062,859

12,182,971

Long-term payables

1,470,519

221,567

1,706,349

Long-term Salary and welfare payables

89,483

13,483

90,779

Specific accounts payable

38,624

5,820

48,136

Provision

52,444

7,902

52,444

Deferred income

3,827,082

576,637

3,780,307

Deferred income tax liabilities

1,358,726

204,722

1,429,859

Total non-current liabilities

128,078,721

19,297,973

116,403,250

TOTAL LIABILITIES

289,259,458

43,583,519

272,568,675

SHAREHOLDERS’ EQUITY

Share capital

15,200,383

2,290,284

15,200,383

Other equity instruments

4,999,950

753,356

Capital surplus

14,058,131

2,118,177

29,530,847

Other comprehensive income (loss)

459,620

69,252

700,733

     Including: Currency translation differences

(514,579)

(77,533)

(712,519)

Special reserves

60,867

9,171

51,427

Surplus reserves

8,186,275

1,233,449

8,186,275

Undistributed profits

33,110,200

4,988,805

34,691,364

Shareholder’s equity attributable to
   shareholders of the Company

76,075,426

11,462,494

88,361,029

Non-controlling interests

17,545,987

2,643,702

18,829,694

Total shareholders’ equity

93,621,413

14,106,196

107,190,723

TOTAL LIABILITIES AND SHAREHOLDER’S
   EQUITY

382,880,871

57,689,715

379,759,398

For the convenience of the reader, translation of amounts from Renminbi (Rmb) into United States dollars (US$) has been made at the rate of US$1.00=Rmb6.6369 announced by the People’s Bank of China on September 29, 2017. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at September 29, 2017, or at any other certain rate.

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED INCOME STATEMENTS

(PRC GAAP)

FOR THE FIRST QUARTER ENDED 30 SEPTEMBER, 2017

(Amounts expressed in thousands, except per share data)

For the first quarter ended 30 September

2017

2016
(Restated)

RMB

US$

RMB

1. Operating revenue

111,074,351

16,735,878

100,260,296

    Less: Operating cost

97,685,152

14,718,491

73,008,107

             Tax and levies

1,038,208

156,430

822,433

             Selling expenses

10,283

1,549

9,616

             General and administrative expenses

2,761,247

416,045

3,234,177

             Financial expenses

6,929,574

1,044,098

6,512,833

             Assets impairment loss

39,718

5,984

360,601

    Add: Loss on fair value changes of financial assets/liabilities

(3,339)

(503)

(17,747)

        Investment income

1,661,382

250,325

2,346,166

        Including: Investment income from 
                            associates and joint ventures

477,493

71,945

900,223

       Other income

249,838

37,644

2. Operating profit

4,518,050

680,747

18,640,948

    Add:  Non-operating income

135,044

20,347

616,064

             Including: gain on disposals of
                                non-current assets

20,565

3,099

23,779

    Less: Non-operating expenses

53,436

8,051

295,825

             Including: Loss on disposals of
                            non-current assets

4,284

645

218,043

3. Profit before taxation

4,599,658

693,043

18,961,187

    Less: Income tax expense

1,254,992

189,093

4,693,405

4. Net profit

3,344,666

503,950

14,267,782

    Including: Net profit generated by acquiree before business
        combination under common control

2,758,935

    Attributable to:

    Shareholders of the Company

2,860,339

430,975

11,130,915

    Non-controlling interests

484,327

72,975

3,136,867

5. Earnings per share (based on the net profit
        attributable to shareholders of the
        Company)
        (expressed in RMB per share)

    – Basic earnings per share

0.19

0.73

    – Diluted earnings per share

0.19

0.73

6. Other comprehensive income

(254,193)

(38,300)

1,158,883

7. Total comprehensive income

3,090,473

465,650

15,426,665

   Attributable to:

       Shareholders of the Company

2,619,226

394,646

12,287,665

       Non-controlling interests

471,247

71,004

3,139,000

For the convenience of the reader, translation of amounts from Renminbi (Rmb) into United States dollars (US$) has been made at the rate of US$1.00=Rmb6.6369 announced by the People’s Bank of China on September 29, 2017. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at September 29, 2017, or at any other certain rate.

SOURCE Huaneng Power International, Inc.

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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