Huaneng Power International, Inc. Announces 2003 First Three Quarters Results Net Profit Increases 30.52% to RMB 3.971 Billion
Tuesday, October 21, 2003 9:30:53 AM ET BEIJING, Oct 21, 2003 /PRNewswire-FirstCall / -- Huaneng Power
International, Inc. (the "Company") (HNP ) today
announced its unaudited results for the nine months ended September 30, 2003.
Under the PRC Accounting Standards, for the first three quarters of 2003, the
Company realised operating revenues of RMB 16.830 billion and net profit of RMB
3.971 billion, representing increases of 27.11% and 30.52%, respectively, over
the same period last year. For the third quarter of 2003, the operating
revenues, net profit and earnings per share of the Company were RMB 6.211
billion, RMB 1.615 billion and RMB 0.27, respectively, representing increases of
17.75%, 32.23% and 35.00%, respectively, over the same period last year. The
increase in operating revenues of the Company for the first three quarters of
2003 was due to substantial increase in power generation of the Company’s power
plants, which was mainly attributable to the following reasons:
1. Significant increase in power demand in the regions where the Company’s
power plants operate due to a steady growth of the national economy;
2. Residential power consumption increased due to hot weather in many
regions during spring and summer this year;
3. Increase in power generating capacity as a result of stable operation
of the generating units 5 and 6 of Dezhou Power Plant which commenced
operations in 2002 and the newly operated generating units 5 and 6 of
Jining Power Plant;
4. Improved availability and reliability of the Company’s generating units
through technical innovation, thereby assuring growth in the Company’s
power generation.
The Board of Directors of the Company was satisfied with the operating results
obtained in the first three quarters of 2003.
Huaneng Power International, Inc. develops, constructs, operates and manages
large thermal power plants in China nationwide, with a total generation capacity
of 15,166MW on an equity basis. The Company wholly owns 13 power plants, and has
controlling interests in three power plants and minority interests in three
power companies. Today, it is one of the largest independent power producers in
China.
Encl: The unaudited summary financial information of the Company for the
nine months ended September 30, 2003.
[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
"Accounting System for Business Enterprises" and "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.]
HUANENG POWER INTERNATIONAL, INC.
BALANCE SHEETS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
AS AT 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
ASSETS 30th September, 31st December,
2003 2002
Consolidated Consolidated
CURRENT ASSETS
Cash 3,926,791,348 4,157,362,535
Including: cash and cash equivalents 3,685,685,280 3,002,601,470
Short-term investments - -
Notes receivable 165,700,000 472,750,000
Dividend receivable - -
Interest receivable 3,337,813 3,792,434
Accounts receivable 2,219,537,424 1,889,082,774
Other receivables 201,804,380 102,595,147
Advance to suppliers 54,484,028 54,040,826
Inventories 863,723,299 940,723,848
Deferred expenses 16,181,574 12,451,202
Current portion of long-term investments 102,760 25,160
Other current assets - 70,000,000
Total current assets 7,451,662,626 7,702,823,926
LONG-TERM INVESTMENTS
Long-term equity investments 3,303,046,972 776,151,596
Including: consolidation difference 1,064,582,987 313,862,886
Long-term debt investments 10,000,330 10,137,770
Total long-term investments 3,313,047,302 786,289,366
FIXED ASSETS
Fixed assets - cost 59,689,190,928 58,940,239,645
Less: Accumulated depreciation (21,750,046,731) (18,725,078,726)
Fixed assets - net book value 37,939,144,197 40,215,160,919
Construction in progress 1,111,111,253 685,761,557
Total fixed assets 39,050,255,450 40,900,922,476
INTANGIBLE AND OTHER ASSETS
Intangible assets (1,117,243,101) (1,306,167,496)
Long-term deferred expenses 14,136,554 14,886,880
Other long-term assets - -
Total intangible and other assets (1,103,106,547) (1,291,280,616)
TOTAL ASSETS 48,711,858,831 48,098,755,152
Amounts: In Rmb Yuan
ASSETS 30th September, 31st December,
2003 2002
The Company The Company
CURRENT ASSETS
Cash 3,710,248,718 3,853,281,582
Including: cash and cash equivalents 3,478,204,792 2,660,474,096
Short-term investments - -
Notes receivable 138,500,000 440,080,000
Dividend receivable - -
Interest receivable 3,337,813 3,792,434
Accounts receivable 1,848,280,889 1,545,294,232
Other receivables 128,377,517 81,195,078
Advance to suppliers 29,844,979 39,068,231
Inventories 700,898,823 765,649,739
Deferred expenses 15,483,537 9,659,052
Current portion of long-term investments 347,102,760 256,325,160
Other current assets - 70,000,000
Total current assets 6,922,075,036 7,064,345,508
LONG-TERM INVESTMENTS
Long-term equity investments 4,556,733,022 2,324,449,270
Including: consolidation difference - -
Long-term debt investments 520,663,286 450,800,726
Total long-term investments 5,077,396,308 2,775,249,996
FIXED ASSETS
Fixed assets - cost 52,080,955,481 51,331,689,101
Less: Accumulated depreciation (18,580,233,181) (15,884,329,113)
Fixed assets - net book value 33,500,722,300 35,447,359,988
Construction in progress 658,538,436 626,225,572
Total fixed assets 34,159,260,736 36,073,585,560
INTANGIBLE AND OTHER ASSETS
Intangible assets (1,187,859,749) (1,373,182,297)
Long-term deferred expenses 14,136,554 14,886,880
Other long-term assets - -
Total intangible and other assets (1,173,723,195) (1,358,295,417)
TOTAL ASSETS 44,985,008,885 44,554,885,647
HUANENG POWER INTERNATIONAL, INC.
BALANCE SHEETS (CONTINUED)
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
AS AT 30TH SEPTEMBER, 2003
LIABILITIES AND SHAREHOLDERS’ EQUITY
Amounts: In Rmb Yuan
30th September, 31st December,
2003 2002
Consolidated Consolidated
CURRENT LIABILITIES
Short-term loans 620,000,000 550,000,000
Notes payable - -
Accounts payable 633,303,794 471,608,936
Salary payable 186,102 9,276,290
Welfare payable 225,683,107 224,289,622
Dividends payable 42,083,526 2,049,408,208
Interest payable 109,570,539 115,860,824
Taxes payable 638,155,507 620,188,900
Other levies payable 7,485,613 7,805,368
Other payables 1,921,513,422 2,280,414,185
Accrued expenses 56,735,203 26,273,238
Current portion of long-term loans 2,873,278,951 2,413,636,557
Convertible notes 951,855 -
Total current liabilities 7,128,947,619 8,768,762,128
LONG-TERM LIABILITIES
Long-term loans 7,453,360,909 9,184,800,869
Convertible notes - 166,497,890
Total long-term liabilities 7,453,360,909 9,351,298,759
TOTAL LIABILITIES 14,582,308,528 18,120,060,887
MINORITY INTERESTS 829,578,107 818,532,459
SHAREHOLDERS’ EQUITY
Share capital 6,027,671,200 6,000,273,960
Capital surplus 10,402,586,515 10,260,830,755
Surplus reserves 3,419,668,242 3,419,668,242
Including: Statutory public welfare fund 1,053,519,606 1,053,519,606
Undistributed profits 13,450,046,239 9,479,388,849
Total shareholders’ equity 33,299,972,196 29,160,161,806
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY 48,711,858,831 48,098,755,152
HUANENG POWER INTERNATIONAL, INC.
BALANCE SHEETS (CONTINUED)
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
AS AT 30TH SEPTEMBER, 2003
LIABILITIES AND SHAREHOLDERS’ EQUITY
Amounts: In Rmb Yuan
30th September, 31st December,
2003 2002
The Company The Company
CURRENT LIABILITIES
Short-term loans 200,000,000 550,000,000
Notes payable - -
Accounts payable 543,846,323 409,500,258
Salary payable - 9,077,965
Welfare payable 218,401,068 222,648,524
Dividends payable 15,810,000 2,049,408,208
Interest payable 107,600,539 113,370,824
Taxes payable 422,757,662 395,661,112
Other levies payable 2,622,286 2,713,031
Other payables 1,846,075,796 2,199,243,434
Accrued expenses 52,379,369 26,273,238
Current portion of long-term loans 2,268,988,420 2,172,623,070
Convertible notes 951,855 -
Total current liabilities 5,679,433,318 8,150,519,664
LONG-TERM LIABILITIES
Long-term loans 6,005,603,371 7,077,706,287
Convertible notes - 166,497,890
Total long-term liabilities 6,005,603,371 7,244,204,177
TOTAL LIABILITIES 11,685,036,689 15,394,723,841
MINORITY INTERESTS - -
SHAREHOLDERS’ EQUITY
Share capital 6,027,671,200 6,000,273,960
Capital surplus 10,402,586,515 10,260,830,755
Surplus reserves 3,419,668,242 3,419,668,242
Including: Statutory public welfare fund 1,053,519,606 1,053,519,606
Undistributed profits 13,450,046,239 9,479,388,849
Total shareholders’ equity 33,299,972,196 29,160,161,806
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 44,985,008,885 44,554,885,647
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
CONSOLIDATED
For the third For the third
quarter ended quarter ended
30th September, 30th September,
2003 2002
1. Revenues from principal operations 6,211,483,173 5,275,021,808
Less: Cost of principal operations (4,120,278,001) (3,457,845,261)
Tax and levies on principal
operations (4,016,373) (14,034,854)
2. Profit from principal operations 2,087,188,799 1,803,141,693
Add: Profit from other operations 9,638,735 823,530
Less: General and administrative
expenses (79,168,314) (68,490,904)
Financial expenses, net (143,645,565) (172,351,300)
3. Operating profit 1,874,013,655 1,563,123,019
Add/(Less): Income /(Loss) from
investment 87,215,541 (11,956,475)
Non-operating income 90,938 16,702,715
Less: Non-operating expenses (3,610,576) (3,295,182)
4. Profit before taxation and
minority interests 1,957,709,558 1,564,574,077
Less: Income tax (293,682,210) (282,776,558)
Minority interests (49,041,952) (60,474,595)
5. Net profit 1,614,985,396 1,221,322,924
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
CONSOLIDATED
For the nine For the nine
months period months period
ended ended
30th September 30th September
2003 2002
1. Revenues from principal operations 16,829,569,182 13,240,542,838
Less: Cost of principal operations (11,324,191,332) (8,824,145,966)
Tax and levies on
principal operations (31,485,938) (26,118,100)
2. Profit from principal operations 5,473,891,912 4,390,278,772
Add: Profit from other operations 32,475,406 2,414,079
Less: General and administrative
expenses (282,046,719) (148,685,760)
Financial expenses, net (434,645,435) (424,243,325)
3. Operating profit 4,789,675,164 3,819,763,766
Add/(Less): Income /(Loss) from
investment 129,332,066 (28,077,737)
Non-operating income 10,702,363 25,616,360
Less: Non-operating expenses (8,906,392) (21,801,825)
4. Profit before taxation and
minority interests 4,920,803,201 3,795,500,564
Less: Income tax (815,564,396) (650,465,662)
Minority interests (134,581,415) (102,821,310)
5. Net profit 3,970,657,390 3,042,213,592
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
THE COMPANY
For the third For the third
quarter ended quarter ended
30th September, 30th September,
Item 2003 2002
1. Revenues from principal operations 5,404,489,368 4,225,161,894
Less: Cost of principal operations (3,610,434,671) (2,753,736,338)
Tax and levies on principal
operations 5,957,627 (1,924,313)
2. Profit from principal operations 1,800,012,324 1,469,501,243
Add: Profit from other operations 9,232,130 730,325
Less: General and administrative
expenses (56,545,585) (47,932,241)
Financial expenses, net (112,131,963) (126,282,650)
3. Operating profit 1,640,566,906 1,296,016,677
Add: Income from investment 196,619,455 112,222,240
Non-operating income 63,343 1,813,553
Less: Non-operating expenses (2,576,543) (2,882,213)
4. Profit before taxation and minority
interests 1,834,673,161 1,407,170,257
Less: Income tax (219,687,765) (185,847,333)
Minority interests - -
5. Net profit 1,614,985,396 1,221,322,924
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
THE COMPANY
For the nine For the nine
months period months period
ended ended
30th September 30th September
Item 2003 2002
1. Revenues from principal operations 14,597,900,412 11,356,365,130
Less: Cost of principal operations (9,907,169,565) (7,528,751,987)
Tax and levies on principal
operations (4,236,407) (4,475,401)
2. Profit from principal operations 4,686,494,440 3,823,137,742
Add: Profit from other operations 31,813,649 1,342,778
Less: General and administrative
expenses (215,361,790) (99,807,648)
Financial expenses, net (337,835,716) (354,198,553)
3. Operating profit 4,165,110,583 3,370,474,319
Add: Income from investment 426,642,144 181,765,824
Non-operating income 1,387,873 2,836,547
Less: Non-operating expenses (7,105,318) (14,971,713)
4. Profit before taxation and minority
interests 4,586,035,282 3,540,104,977
Less: Income tax (615,377,892) (497,891,385)
Minority interests - -
5. Net profit 3,970,657,390 3,042,213,592
Legal Person in charge of accounting Person in charge of
representative: function: accounting department:
Li Xiaopeng Huang Jian Zhou Hui
SOURCE Huaneng Power International, Inc.
CONTACT: Ms. Meng Jing, +8610-6649-1856, or Ms. Zhao Lin,
+8610-6649-1866, both of Huaneng Power International, Inc., Fax,
+8610-6649-1860, ir@hpi.com.cn; or Ms. Christy Lai or Ms. Edith Lui, both of
Rikes Communications Limited, +852-2520-2201, or Fax, +852-2520-2241, for
Huaneng Power International, Inc.
(HNP)
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