BEIJING, Oct. 25, 2017 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the nine months ended September 30, 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: zqb@hpi.com.cn
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: po@wsfg.hk / Crystalruans@wsfg.hk
HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (PRC GAAP) AS AT 30 SEPTEMBER, 2017 (Amounts expressed in thousands) As at As at 30 September, 2017 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 76,075,426 11,462,494 88,361,029 shareholders of the Company 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 382,880,871 57,689,715 379,759,398 EQUITY 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 477,493 71,945 900,223 associates and joint ventures 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 20,565 3,099 23,779 non-current assets Less: Non-operating expenses 53,436 8,051 295,825 Including: Loss on disposals of 4,284 645 218,043 non-current assets 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 - - 2,758,935 combination under common control 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.
View original content:http://www.prnewswire.com/news-releases/huaneng-power-international-inc-net-profit-attributable-to-shareholders-decreased-by-7430-for-the-first-three-quarters-of-2017-300542833.html
SOURCE Huaneng Power International, Inc.