FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
For the month of October 2019
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F _____
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes ____ No X
(If "Yes" is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-__________.)
N/A
Huaneng Power International, Inc.
Huaneng Building,
6 Fuxingmennei Street,
Xicheng District,
Beijing, 100031 PRC
This Form 6-K consists of:
An announcement regarding 2019 third quarterly report of Huaneng Power International, Inc. (the Registrant”), made by the Registrant on October 23, 2019.
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.
THIRD QUARTERLY REPORT OF 2019
Pursuant to the regulations of the China Securities Regulatory Commission, the Company is required to publish a quarterly report for each of the first and third quarters. All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC Accounting Standards (“PRC GAAP”). This announcement is made by the Company pursuant to Rule 13.09 and Rules 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). |
1. | IMPORTANT NOTICE |
1.1 | The board of directors and the supervisory committee of Huaneng Power International, Inc. (the “Company”, “Huaneng Power International”) together with the members thereof and the senior management warrant that the information contained in this report does not contain any false statements, misleading representations or material omissions. All of them jointly and severally accept responsibility as to the truthfulness, accuracy and completeness of the content of this report. |
1.2 | All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC GAAP. |
1.3 | Shu Yinbiao (legal representative), Huang Lixin (person in charge of accounting function) and Li Yinghui (person in charge of the Accounting Department) warrant the truthfulness, accuracy and completeness of the content of the quarterly report. |
1.4 | This announcement is made by the Company pursuant to Rule 13.09 and Rules 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). |
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2. | BASIC INFORMATION OF THE COMPANY |
2.1 | Major financial information (PRC GAAP) (unaudited) |
(Amounts: In RMB Yuan)
End of current reporting period | End of last year | Variance from end of last year | ||||||||||
(%) | ||||||||||||
Total Assets | 404,693,037,659 | 403,441,456,827 | 0.31 | |||||||||
Equity holders’ equity attributable to equity holders of the Company | 90,415,225,678 | 83,234,629,238 | 8.63 |
From the beginning of the year to the end of current reporting period | From the beginning of the preceding year to the end of the equivalent period | Variance from equivalent period of last year | ||||||||||
(January to September) | (January to September) | |||||||||||
(%) | ||||||||||||
Net cash flows generated from operating activities | 28,445,825,922 | 22,366,262,167 | 27.18 |
From the beginning of the year to the end of current reporting period | From the beginning of the preceding year to the end of the equivalent period | Variance from equivalent period of last year | ||||||||||
(January to September) | (January to September) | |||||||||||
(%) | ||||||||||||
Operating Revenue | 127,232,482,273 | 125,989,106,036 | 0.99 | |||||||||
Net profit attributable to equity holders of the Company | 5,389,071,929 | 1,988,919,775 | 170.95 | |||||||||
Net profit after deducting non-recurring items attributable to equity holders of the Company | 4,816,366,750 | 1,763,536,226 | 173.11 | |||||||||
Return on net assets (weighted average) (%) | 6.27 | 2.63 | Increase by 3.64 percentage points | |||||||||
Basic earnings per share (RMB per share) | 0.32 | 0.12 | 166.67 | |||||||||
Diluted earnings per share (RMB per share) | 0.32 | 0.12 | 166.67 |
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Non-recurring items and amounts:
☑ Applicable ◻ Not applicable
(Amounts: in RMB Yuan)
Items | Total amount of Current reporting period (July to September) | Total amount from the beginning of the year to the end of current reporting period (January to September) | Notes | ||||||
Gains from disposal of non-current assets | (1,225,228 | ) | 13,565,423 | ||||||
Government grant recorded in income statement, excluding government grant closely related to the Company’s business and calculated according to national unified standards | 174,240,768 | 563,323,003 | |||||||
Gains from the changes in fair value from held-for-trading financial assets, held-for-trading financial liabilities other than those hedging instruments relating to normal business, and investment income from disposal of held-for-trading financial assets, held-for-trading financial liabilities. | 5,270,379 | 31,906,456 | |||||||
Reversal of provision for doubtful accounts receivable individually tested for impairments | 408,055 | 1,486,955 | |||||||
Other non-operating income and expenses excluding the above items | 92,653,901 | 102,237,605 | For the nine months ended 30 September 2019, other non- operating income besides the above items mainly include the income from reimbursement of tenure tax and carbon emissions quotas transfer income, and the other non-operating expense of the company and its subsidiaries mainly include donations, fines etc. | ||||||
Other non-recurring items | 61,255,871 | 58,651,923 | For the nine months ended 30 September 2019, other non-recurring items mainly include interest income on loans to joint ventures and associates, entrusted management fee, trusteeship management income and investment income from disposal or deregistration of subsidiaries. | ||||||
Receipt of compensation of loan guarantee | – | 107,055,891 | |||||||
Impact of non-controlling interests, net of tax | (45,173,437 | ) | (113,903,337 | ) | |||||
Tax impact of non-recurring items | (69,924,609 | ) | (191,618,740 | ) | |||||
Total | 217,505,700 | 572,705,179 |
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2.2 | Total number of shareholders, ten largest shareholders and shareholding of top ten holders of circulating shares whose shares are not subject to any selling restrictions as at the end of the reporting period |
Unit: share
Total number of shareholders | 84,315 |
Top ten holders of shares | ||||||||||||||||||
Name (in full) of shareholders | Number of shares held at end of reporting period | Percentage (%) | Number of shares held with selling restriction | Status on charges or pledges etc. | Nature of shareholders | |||||||||||||
Status of shares | Number | |||||||||||||||||
Huaneng International Power Development Corporation | 5,066,662,118 | 32.28 | – | Nil | – | State-owned entity | ||||||||||||
HKSCC Nominees Limited | 4,103,417,085 | 26.14 | – | Nil | – | Foreign entity | ||||||||||||
China Huaneng Group Co., Ltd. | 1,555,124,549 | 9.91 | – | Nil | – | State-owned entity | ||||||||||||
Hebei Construction & Investment Group Co., Ltd. | 527,548,946 | 3.36 | – | Nil | – | State-owned entity | ||||||||||||
China Securities Finance Corporation Limited | 492,186,504 | 3.14 | – | Nil | – | State-owned entity | ||||||||||||
China Hua Neng Group Hong Kong Limited | 472,000,000 | 3.01 | – | Nil | – | Foreign entity | ||||||||||||
Jiangsu Provincial Investment & Management Limited Liability Company | 416,500,000 | 2.65 | – | Nil | – | State-owned entity | ||||||||||||
Fujian Investment Development Group Liability Company | 321,814,185 | 2.05 | – | Nil | – | State-owned entity | ||||||||||||
Liaoning Energy Investment (Group) Limited Liability Company | 284,204,999 | 1.81 | – | Nil | – | State-owned entity | ||||||||||||
Dalian Municipal Construction Investment Company Limited | 225,910,000 | 1.44 | – | Charges | 150,750,000 | State-owned entity |
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Top ten holders of circulating shares whose shares are not subject to selling restrictions |
Type and number of shares | |||||||||
Name (in full) of shareholders | Number of shares in circulation without any selling restrictions as at the end of the reporting period | Type | Number | ||||||
Huaneng International Power Development Corporation | 5,066,662,118 | RMB denominated ordinary shares | 5,066,662,118 | ||||||
HKSCC Nominees Limited | 4,103,417,085 | Overseas listed foreign invested shares | 4,103,417,085 | ||||||
China Huaneng Group Co., Ltd. | 1,555,124,549 | RMB denominated ordinary shares | 1,555,124,549 | ||||||
Hebei Construction & Investment Group Co., Ltd. | 527,548,946 | RMB denominated ordinary shares | 527,548,946 | ||||||
China Securities Finance Corporation Limited | 492,186,504 | RMB denominated ordinary shares | 492,186,504 | ||||||
China Hua Neng Group Hong Kong Limited | 472,000,000 | Overseas listed foreign invested shares | 472,000,000 | ||||||
Jiangsu Provincial Investment & Management Limited Liability Company | 416,500,000 | RMB denominated ordinary shares | 416,500,000 | ||||||
Fujian Investment Development Group Limited Liability Company | 321,814,185 | RMB denominated ordinary shares | 321,814,185 | ||||||
Liaoning Energy Investment (Group) Limited Liability Company | 284,204,999 | RMB denominated ordinary shares | 284,204,999 | ||||||
Dalian Municipal Construction Investment Company Limited | 225,910,000 | RMB denominated ordinary shares | 225,910,000 |
Details relating to the related relationship of the above shareholders or the parties acting in concert | Among the above shareholders, China Huaneng Group Co., Ltd., Huaneng International Power Development Corporation and China Hua Neng Group Hong Kong Limited are regarded as parties acting in concert under the “Management Rules on Acquisition of Listing Companies”. The Company is not aware of any related relationship among other shareholders. |
Explanatory statement regarding the restored voting rights and shareholdings of holders of preference shares | – |
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2.3 | Total number of holders of preference shares, ten largest holders of preference shares and shareholding of top ten holders of preference shares whose shares are not subject to selling restriction as at the end of the reporting period |
◻ Applicable ☑ Not applicable
3 | SIGNIFICANT EVENTS |
3.1 | Disclosure as to, and reasons for, material changes in accounting items and financial indices of the Company |
☑ Applicable ◻ Not applicable
(a) | Fluctuation analysis of the consolidated balance sheet items |
1. | Advances to suppliers as at the end of the period increased by 27.57% compared with the end of last year, mainly due to the increase in the prepayment of coal by means of notes by the Company’s subsidiaries so as to lock in preferential prices in the current period. |
2. | Other equity instrument investments as at the end of the period decreased by 51.86% compared with the end of the last year, mainly due to disposal of the equity investment in Jinxing Energy of the Company in the current period. |
3. | Investment property as at the end of the period increased by RMB444 million compared with the end of the last year, mainly due to the Company’s subsidiaries changed the use of their office building from self-use to rental, so the related fixed assets were transferred to investment property. |
4. | Derivative financial liabilities (short-term) as at the end of the period increased by 30.63% compared with the end of the last year, mainly due to the decrease in the fair value of fuel swap contracts held by the Company’s subsidiary, SinoSing Power Pte. Ltd. |
5. | Notes payable as at the end of the period increased by 64.62% compared with the end of the last year, mainly due to the Company’s subsidiaries, which were under construction and major in new energy, prepaid for equipment by means of notes payable. |
6. | Contract liabilities as at the end of the period decreased by 52.89% compared with the end of the last year, mainly due to the Company’s subsidiaries’ advance of heating fee transferred to operating revenue. |
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7. | Liabilities held for sale as at the end of the period decreased by 41.00% compared with the end of the last year, mainly due to the repayment of borrowings by the Shandong Power’s subsidiary, one of the Company’s subsidiaries. |
8. | Long-term payables as at the end of the period decreased by 61.36% compared with the end of the last year, mainly due to the Company and its subsidiaries’ finance lease payables transferred to lease liabilities, upon adoption of the new lease standard. |
9. | Other comprehensive income as at the end of the period increased by RMB146 million compared with the end of the last year, mainly due to fluctuation in other comprehensive income of the Company’s long-term equity investments in the associates and joint ventures, such as Shenneng Energy, which were accounted for using equity method. |
(b) | Fluctuation analysis of the consolidated income statement items |
1. | Selling expenses increased by RMB54 million compared with the same period of last year, mainly due to the Company’s sales companies went into operation as a response to the marketization of power industry. |
2. | Investment income increased by RMB995 million compared with the same period of last year, mainly due to the increase in the investment income of the Company’s long-term equity investments in the associates and joint ventures, such as Shenzhen Energy Group Co., Ltd. and HaiNan Nuclear Power Co., Ltd, which were accounted for using equity method. |
3. | Non-operating income increased by RMB271 million compared with the same period of last year, mainly due to the receipt of indemnity of a previous guarantee for repayment of due debts by a subsidiary of Shandong Power, the Company’s subsidiary. |
4. | Non-operating expenses decreased by 66.23% compared with the same period of last year, mainly due to the disposal of assets related to supply of water, power and heating and property management by the Company’s subsidiaries in the same period of last year. |
5. | Income tax expense increased by 79.39% compared with the same period of last year, mainly due to the increase of profit before tax in the current period. |
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(c) | Fluctuation analysis of the consolidated cash flow statement items |
1. | The net cash in-flow from operating activities increased by 27.18% compared with the same period of last year, mainly due to the decrease of fuel price, resulting in the decrease of cash paid for purchasing goods. |
2. | The net cash out-flow from investment activities increased by 26.08% compared with the same period of last year, mainly due to the increase in investing cleaning energy projects. |
3. | The net cash out-flow from financial activities increased by RMB7,144 million compared with the same period of last year, mainly due to the increase in net repayment in the current period. |
3.2 | Analysis and description of significant events and their impacts and solutions |
☑ Applicable ◻ Not applicable
(1) | On 9 July 2019, the Company completed the issuance of “2019 Public Offering of Corporate Bonds (Phase II) of Huaneng Power International, Inc.”. The issuance scale of the bonds is RMB1.7 billion, with product type of three-year maturity at the coupon rate of 3.55%. The bonds have been listed on the Shanghai Stock Exchange’s centralized bidding system trading market and fixed-income securities integrated electronic platform since 17 July 2019, for trading by qualified investors. |
For details, please refer to the relevant announcement published by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on 10 July 2019.
(2) | The Company completed the non-public issuance of A shares on 15 October 2018. According to the Shanghai Stock Exchange Listing Rules, the newly issued 497,709,919 shares were restricted shares, with a lock-up period of 12 months from the date of completion of the issue. The above shares are held by seven shareholders, i.e. PICC Asset Management Company Limited (PICC Life Insurance Company Limited – Traditional – General Insurance Products), Shanghai Electric Group Co., Ltd., China Energy Engineering Group Co., Ltd., Harbin Electric Company Limited, JT Asset Management Co., Ltd., Dongfang Electric Co., Ltd. and Shaanxi Coal and Chemical Industry Group Co., Ltd., respectively. On 15 October 2019, the above-mentioned restricted shares were listed for circulation. |
For details, please refer to the relevant announcement published by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on 27 September 2019.
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3.3 | Undertaking not performed in time during the reporting period |
◻ Applicable ☑ Not applicable
3.4 | Warnings on any potential loss in accumulated net profit for the period from the beginning of the year to the end of next reporting period or any material changes from the corresponding period last year and the reasons therefor |
◻ Applicable ☑ Not applicable
By Order of the Board | |
Huaneng Power International, Inc. | |
Shu Yinbiao | |
Chairman |
As at the date of this announcement, the Directors of the Company are:
Shu Yinbiao (Executive Director) | Yue Heng (Independent Non-executive Director) | |
Huang Jian (Non-executive Director) | Xu Mengzhou (Independent Non-executive Director) | |
Wang Yongxiang (Non-executive Director) | Liu Jizhen (Independent Non-executive Director) | |
Mi Dabin (Non-executive Director) | Xu Haifeng (Independent Non-executive Director) | |
Guo Hongbo (Non-executive Director) | Zhang Xianzhi (Independent Non-executive Director) | |
Cheng Heng (Non-executive Director) | ||
Lin Chong (Non-executive Director) |
Beijing, the PRC
23 October 2019
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APPENDIX
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED AND THE COMPANY BALANCE SHEETS (PRC GAAP)
AS AT 30 SEPTEMBER 2019
Amounts: In RMB Yuan, Except as noted
30 September 2019 | 31 December 2018 | 30 September 2019 | 31 December 2018 | |||||||||||||
ASSETS | Consolidated | Consolidated | The Company | The Company | ||||||||||||
CURRENT ASSETS | ||||||||||||||||
Bank balances and cash | 15,891,124,444 | 15,832,787,528 | 1,930,233,913 | 4,312,255,194 | ||||||||||||
Derivative financial assets | 38,428,920 | 28,734,966 | – | – | ||||||||||||
Notes receivable | 4,379,793,531 | 4,621,180,175 | 570,500,000 | 508,030,000 | ||||||||||||
Accounts receivable | 23,670,064,797 | 24,657,757,708 | 4,976,864,732 | 5,128,966,718 | ||||||||||||
Advances to suppliers | 1,602,871,729 | 1,256,434,562 | 116,913,852 | 145,247,259 | ||||||||||||
Other receivables | 1,585,376,637 | 1,517,098,960 | 4,240,419,032 | 4,170,912,861 | ||||||||||||
Inventories | 9,214,918,187 | 9,543,691,175 | 2,710,350,805 | 2,546,965,245 | ||||||||||||
Contract assets | 4,380,706 | 11,057,534 | – | – | ||||||||||||
Assets held for sale | 650,684,188 | 647,947,685 | – | – | ||||||||||||
Current portion of non-current assets | 1,585,535,057 | 1,425,124,547 | 540,058,022 | 550,832,000 | ||||||||||||
Other current assets | 1,943,923,665 | 2,257,252,686 | 8,583,520,229 | 8,413,662,641 | ||||||||||||
Total current assets | 60,567,101,861 | 61,799,067,526 | 23,668,860,585 | 25,776,871,918 | ||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||
Derivative financial assets | 10,726,347 | 5,969,775 | – | – | ||||||||||||
Long-term receivables | 12,271,212,402 | 12,045,303,915 | 1,163,990,892 | 183,990,892 | ||||||||||||
Long-term equity investments | 20,665,239,676 | 19,370,297,109 | 86,291,128,267 | 80,353,781,383 | ||||||||||||
Other equity instrument investments | 1,002,956,335 | 2,083,419,153 | 972,781,390 | 2,052,793,530 | ||||||||||||
Investment property | 676,252,386 | 232,553,979 | 149,252,521 | 154,793,943 | ||||||||||||
Fixed assets | 239,107,657,921 | 246,317,446,847 | 48,007,194,345 | 50,984,612,447 | ||||||||||||
Construction-in-progress | 31,135,819,907 | 26,020,192,536 | 1,556,101,698 | 1,118,058,392 | ||||||||||||
Right-of-use assets | 2,979,951,915 | – | 353,414,576 | – | ||||||||||||
Intangible assets | 13,845,375,449 | 13,805,698,991 | 1,676,565,569 | 1,498,640,599 | ||||||||||||
Goodwill | 12,702,346,959 | 12,422,676,098 | – | – | ||||||||||||
Long-term deferred expenses | 187,801,137 | 334,170,020 | 30,213,782 | 36,047,861 | ||||||||||||
Deferred income tax assets | 3,041,446,981 | 3,143,464,591 | 516,683,993 | 456,945,022 | ||||||||||||
Other non-current assets | 6,499,148,383 | 5,861,196,287 | 22,734,296,242 | 23,165,700,586 | ||||||||||||
Total non-current assets | 344,125,935,798 | 341,642,389,301 | 163,451,623,275 | 160,005,364,655 | ||||||||||||
TOTAL ASSETS | 404,693,037,659 | 403,441,456,827 | 187,120,483,860 | 185,782,236,573 |
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30 September 2019 | 31 December 2018 | 30 September 2019 | 31 December 2018 | |||||||||||||
LIABILITIES AND EQUITY HOLDERS’ EQUITY | Consolidated | Consolidated | The Company | The Company | ||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Short-term loans | 72,339,211,157 | 61,038,772,250 | 35,267,990,000 | 22,875,000,000 | ||||||||||||
Derivative financial liabilities | 410,144,938 | 313,984,135 | – | 4,117,920 | ||||||||||||
Notes payable | 3,636,409,539 | 2,209,002,236 | – | – | ||||||||||||
Accounts payable | 11,570,257,259 | 12,474,704,811 | 2,737,177,048 | 3,255,404,176 | ||||||||||||
Contract liabilities | 931,261,378 | 1,976,646,844 | 75,207,671 | 246,742,325 | ||||||||||||
Salary and welfare payables | 675,412,141 | 659,111,311 | 169,637,979 | 150,609,594 | ||||||||||||
Taxes payable | 1,465,143,525 | 1,474,437,034 | 311,103,464 | 114,945,647 | ||||||||||||
Other payables | 17,938,632,999 | 20,590,886,194 | 2,472,474,142 | 3,190,514,095 | ||||||||||||
Liabilities held for sale | 215,024,195 | 364,432,558 | – | – | ||||||||||||
Current portion of non-current liabilities | 19,581,878,330 | 25,089,976,183 | 2,078,301,732 | 7,983,356,032 | ||||||||||||
Other current liabilities | 13,517,190,977 | 12,014,262,435 | 13,272,628,899 | 11,703,301,936 | ||||||||||||
Total current liabilities | 142,280,566,438 | 138,206,215,991 | 56,384,520,935 | 49,523,991,725 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Long-term loans | 113,261,393,591 | 129,548,160,984 | 9,044,225,893 | 25,367,936,169 | ||||||||||||
Derivative financial liabilities | 249,222,202 | 231,307,924 | – | – | ||||||||||||
Bonds payable | 30,789,864,048 | 25,984,663,376 | 30,789,864,048 | 25,984,663,376 | ||||||||||||
Lease liabilities | 2,078,466,371 | – | 279,855,406 | – | ||||||||||||
Long-term payables | 758,351,630 | 1,962,430,235 | 45,574,453 | 124,629,172 | ||||||||||||
Long-term employee benefits payable | 69,057,649 | 69,842,803 | – | – | ||||||||||||
Provision | 32,645,225 | 38,678,329 | 7,501,716 | 12,155,689 | ||||||||||||
Deferred income | 2,143,072,195 | 2,314,950,550 | 1,117,431,716 | 1,241,962,525 | ||||||||||||
Deferred income tax liabilities | 993,188,360 | 1,050,325,686 | – | – | ||||||||||||
Other non-current liabilities | 2,173,613,897 | 2,248,681,706 | 284,622,133 | 312,667,905 | ||||||||||||
Total non-current liabilities | 152,548,875,168 | 163,449,041,593 | 41,569,075,365 | 53,044,014,836 | ||||||||||||
TOTAL LIABILITIES | 294,829,441,606 | 301,655,257,584 | 97,953,596,300 | 102,568,006,561 |
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30 September 2019 | 31 December 2018 | 30 September 2019 | 31 December 2018 | |||||||||||||
LIABILITIES AND EQUITY HOLDERS’ EQUITY (CONTINUED) | Consolidated | Consolidated | The Company | The Company | ||||||||||||
EQUITY HOLDERS’ EQUITY | ||||||||||||||||
Share capital | 15,698,093,359 | 15,698,093,359 | 15,698,093,359 | 15,698,093,359 | ||||||||||||
Other equity instruments | 13,004,138,525 | 10,077,395,833 | 13,004,138,525 | 10,077,395,833 | ||||||||||||
Including: perpetual corporate bonds | 13,004,138,525 | 10,077,395,833 | 13,004,138,525 | 10,077,395,833 | ||||||||||||
Capital surplus | 18,336,559,246 | 18,336,973,593 | 13,214,419,337 | 13,214,419,337 | ||||||||||||
Other comprehensive income | 215,295,102 | 69,628,638 | 768,660,259 | 757,081,751 | ||||||||||||
Special reserves | 98,908,589 | 64,592,036 | 79,558,461 | 49,805,436 | ||||||||||||
Surplus reserves | 8,186,274,738 | 8,186,274,738 | 8,186,274,738 | 8,186,274,738 | ||||||||||||
Undistributed profits | 34,875,956,119 | 30,801,671,041 | 38,215,742,881 | 35,231,159,558 | ||||||||||||
Equity holders’ equity attributable to equity holders of the Company | 90,415,225,678 | 83,234,629,238 | 89,166,887,560 | 83,214,230,012 | ||||||||||||
Non-controlling interests | 19,448,370,375 | 18,551,570,005 | – | – | ||||||||||||
Total equity holders’ equity | 109,863,596,053 | 101,786,199,243 | 89,166,887,560 | 83,214,230,012 | ||||||||||||
TOTAL LIABILITIES AND EQUITY HOLDERS’ EQUITY | 404,693,037,659 | 403,441,456,827 | 187,120,483,860 | 185,782,236,573 |
Person in charge of | Person in charge of | |||
Legal representative: | accounting function: | accounting department: | ||
Shu Yinbiao | Huang Lixin | Li Yinghui |
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HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED AND THE COMPANY INCOME STATEMENTS
(PRC GAAP)
FOR THIRD QUARTER ENDED 30 SEPTEMBER 2019
Amounts: In RMB Yuan, Except as noted
For the quarter ended 30 September | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated | Consolidated | The Company | The Company | |||||||||||||
Operating revenue | 43,815,108,598 | 43,303,403,409 | 12,407,392,068 | 13,228,956,019 | ||||||||||||
Less: Operating cost | 37,406,907,117 | 38,459,467,422 | 10,533,847,339 | 11,591,064,252 | ||||||||||||
Tax and levies on operations | 430,110,463 | 494,165,031 | 129,882,004 | 154,692,521 | ||||||||||||
Selling expenses | 28,138,739 | 8,939,940 | 2,654,379 | 1,889,675 | ||||||||||||
General and administrative expenses | 1,034,041,181 | 941,968,028 | 386,854,929 | 387,479,194 | ||||||||||||
Research and development expenses | 27,333,670 | 2,165,003 | 29,077,031 | 1,615,283 | ||||||||||||
Financial expenses | 3,021,387,988 | 2,726,204,483 | 990,766,508 | 1,206,401,634 | ||||||||||||
Add: Other income | 97,047,146 | 132,621,771 | 43,513,792 | 43,023,124 | ||||||||||||
Investment income/(loss) | 427,737,862 | (228,686,868 | ) | 1,284,551,183 | 584,091,449 | |||||||||||
Including: Investment income/(loss) from associates and joint ventures | 357,858,397 | (229,517,994 | ) | 301,084,296 | 83,477,428 | |||||||||||
Gain on fair value changes of financial assets/liabilities | (1,801,894 | ) | (6,758,636 | ) | – | – | ||||||||||
Credit loss | (284,530 | ) | (1,465,805 | ) | – | – | ||||||||||
Asset impairment loss | (15,007,604 | ) | (174,039,798 | ) | – | 81,183 | ||||||||||
Gain on disposal of assets | 5,080,538 | 34,784,756 | 4,853,292 | – | ||||||||||||
Operating profit | 2,379,960,958 | 426,948,922 | 1,667,228,145 | 513,009,216 | ||||||||||||
Add: Non-operating income | 174,091,106 | 8,861,677 | 13,591,402 | 2,512,652 | ||||||||||||
Less: Non-operating expenses | 33,756,949 | 119,223,224 | 4,469,382 | 39,439,097 | ||||||||||||
Profit before tax | 2,520,295,115 | 316,587,375 | 1,676,350,165 | 476,082,771 | ||||||||||||
Less: Income tax expense | 609,278,263 | 287,765,576 | 194,905,192 | 44,140,852 | ||||||||||||
Net profit | 1,911,016,852 | 28,821,799 | 1,481,444,973 | 431,941,919 | ||||||||||||
(1) Classification according to the continuity of operation Continuous operating net profit | 1,911,016,852 | 28,821,799 | 1,481,444,973 | 431,941,919 | ||||||||||||
(2) Classification according to ownership | ||||||||||||||||
Attributable to: | ||||||||||||||||
Equity holders of the Company | 1,569,073,037 | (143,891,187 | ) | 1,481,444,973 | 431,941,919 | |||||||||||
Non-controlling interests | 341,943,815 | 172,712,986 | – | – |
-13-
For the quarter ended 30 September | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated | Consolidated | The Company | The Company | |||||||||||||
Earnings per shares (based on the net profit attributable to equity holders of the Company) (expressed in RMB per share) | ||||||||||||||||
– Basic earnings per share | 0.09 | (0.01 | ) | – | – | |||||||||||
– Diluted earnings per share | 0.09 | (0.01 | ) | – | – | |||||||||||
Other comprehensive (loss)/income, net of tax | (80,941,965 | ) | 459,023,674 | 20,450,974 | (53,417,682 | ) | ||||||||||
Other comprehensive (loss)/income (net of tax) attributed to equity holders of the company | (183,494,778 | ) | 454,487,574 | 20,450,974 | (53,417,682 | ) | ||||||||||
Other comprehensive income/(loss) (net of tax) attributed to equity holders of the company that may not be reclassified to profit or loss | 15,312,640 | (90,250,192 | ) | 16,041,201 | (90,358,323 | ) | ||||||||||
Including | ||||||||||||||||
Share of other comprehensive income of the equity- accounted investee that may not be reclassified to profit or loss | (151,140,424 | ) | (90,358,323 | ) | (151,140,424 | ) | (90,358,323 | ) | ||||||||
Gains arising from changes in fair value of other equity instrument investments | 166,453,064 | 108,131 | 167,181,625 | – | ||||||||||||
Other comprehensive income (net of tax) attributed to equity holders of the company that may be reclassified to profit or loss | (198,807,418 | ) | 544,737,766 | 4,409,773 | 36,940,641 | |||||||||||
Including: | ||||||||||||||||
Share of other comprehensive income/(loss) of investees accounted for under the equity method | 1,934,882 | 36,516,250 | 1,934,881 | 36,516,250 | ||||||||||||
Effective portion of cash flow hedges | (396,560,222 | ) | (3,128,954 | ) | 2,474,892 | 424,391 | ||||||||||
Translation differences of the financial statements of foreign operations | 195,817,922 | 511,350,470 | – | – | ||||||||||||
Other comprehensive loss, net of tax, attributable to non- controlling interests | 102,552,813 | 4,536,100 | – | – | ||||||||||||
Total comprehensive income | 1,830,074,887 | 487,845,473 | 1,501,895,947 | 378,524,237 | ||||||||||||
Attributable to: | ||||||||||||||||
Equity holders of the Company | 1,385,578,259 | 310,596,387 | 1,501,895,947 | 378,524,237 | ||||||||||||
Non-controlling interests | 444,496,628 | 177,249,086 | – | – |
Person in charge of | Person in charge of | |||
Legal representative: | accounting function: | accounting department: | ||
Shu Yinbiao | Huang Lixin | Li Yinghui |
-14-
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED AND THE COMPANY INCOME STATEMENTS
(PRC GAAP)
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019
Amounts: In RMB Yuan, Except as noted
For the nine months ended 30 September | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated | Consolidated | The Company | The Company | |||||||||||||
Operating revenue | 127,232,482,273 | 125,989,106,036 | 35,230,709,624 | 38,618,596,512 | ||||||||||||
Less: Operating cost | 107,141,874,870 | 110,237,978,214 | 29,472,056,746 | 33,683,937,653 | ||||||||||||
Tax and levies on operations | 1,354,049,257 | 1,385,542,542 | 392,634,451 | 447,801,483 | ||||||||||||
Selling expenses | 76,550,325 | 22,592,907 | 12,098,842 | 14,112,924 | ||||||||||||
General and administrative expenses | 2,922,335,993 | 2,806,354,171 | 1,149,134,770 | 1,217,188,855 | ||||||||||||
Research and development expenses | 36,029,275 | 6,606,056 | 33,894,392 | 5,364,402 | ||||||||||||
Financial expenses | 8,523,801,632 | 7,874,578,712 | 2,912,227,411 | 3,310,396,193 | ||||||||||||
Add: Other income | 493,046,091 | 406,147,190 | 132,932,066 | 133,296,923 | ||||||||||||
Investment income | 1,163,369,319 | 168,632,119 | 3,517,682,377 | 1,631,575,875 | ||||||||||||
Including: Investment income from associates and joint ventures | 1,082,704,638 | 156,790,755 | 989,369,619 | 383,940,460 | ||||||||||||
Gain/(loss) on fair value changes of financial assets/liabilities | 15,808,042 | (8,246,198 | ) | – | – | |||||||||||
Credit loss | 964,542 | (3,243,755 | ) | – | – | |||||||||||
Asset impairment loss | (259,240,058 | ) | (173,790,558 | ) | – | (88,038 | ) | |||||||||
Gain on disposal of assets | 10,561,845 | 36,705,661 | 8,634,304 | – | ||||||||||||
Operating profit | 8,602,350,702 | 4,081,657,893 | 4,917,911,759 | 1,704,579,762 | ||||||||||||
Add: Non-operating income | 335,822,790 | 64,542,703 | 20,824,595 | 15,467,489 | ||||||||||||
Less: Non-operating expenses | 53,248,804 | 157,684,763 | 10,517,367 | 45,445,407 | ||||||||||||
Profit before tax | 8,884,924,688 | 3,988,515,833 | 4,928,218,987 | 1,674,601,844 | ||||||||||||
Less: Income tax expense | 2,115,803,314 | 1,179,466,674 | 628,813,302 | 188,678,789 | ||||||||||||
Net profit | 6,769,121,374 | 2,809,049,159 | 4,299,405,685 | 1,485,923,055 | ||||||||||||
(1) Classification according to the continuity of operation Continuous operating net profit | 6,769,121,374 | 2,809,049,159 | 4,299,405,685 | 1,485,923,055 | ||||||||||||
(2) Classification according to ownership | ||||||||||||||||
Attributable to: | ||||||||||||||||
Equity holders of the Company | 5,389,071,929 | 1,988,919,775 | 4,299,405,685 | 1,485,923,055 | ||||||||||||
Non-controlling interests | 1,380,049,445 | 820,129,384 | – | – |
-15-
For the nine months ended 30 September | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated | Consolidated | The Company | The Company | |||||||||||||
Earnings per shares (based on the net profit attributable to equity holders of the Company) (expressed in RMB per share) | ||||||||||||||||
– Basic earnings per share | 0.32 | 0.12 | – | – | ||||||||||||
– Diluted earnings per share | 0.32 | 0.12 | – | – | ||||||||||||
Other comprehensive income/(loss), net of tax | 678,390,276 | 277,134,229 | 680,305,008 | (235,736,926 | ) | |||||||||||
Other comprehensive income/(loss) (net of tax) attributed to equity holders of the company | 814,392,964 | 292,273,321 | 680,305,008 | (235,736,926 | ) | |||||||||||
Other comprehensive income/(loss) (net of tax) attributed to equity holders of the company that may not be reclassified to profit or loss | 674,701,807 | (136,819,040 | ) | 675,052,100 | (136,405,528 | ) | ||||||||||
Including | ||||||||||||||||
Share of other comprehensive income of the equity- accounted investee that may not be reclassified to profit or loss | 384,467,080 | (136,405,528 | ) | 384,467,080 | (136,405,528 | ) | ||||||||||
Gains arising from changes in fair value of other equity instrument investments | 290,234,727 | (413,512 | ) | 290,585,020 | – | |||||||||||
Other comprehensive income (net of tax) attributed to equity holders of the company that may be reclassified to profit or loss | 139,691,157 | 429,092,361 | 5,252,908 | (99,331,398 | ) | |||||||||||
Including: | ||||||||||||||||
Share of other comprehensive income/(loss) of investees accounted for under the equity method | 2,164,469 | (110,678,151 | ) | 2,164,468 | (110,678,151 | ) | ||||||||||
Effective portion of cash flow hedges | (75,215,176 | ) | 222,233,496 | 3,088,440 | 11,346,753 | |||||||||||
Translation differences of the financial statements of foreign operations | 212,741,864 | 317,537,016 | – | – | ||||||||||||
Other comprehensive loss, net of tax, attributable to non- controlling interests | (136,002,688 | ) | (15,139,092 | ) | – | – | ||||||||||
Total comprehensive income | 7,447,511,650 | 3,086,183,388 | 4,979,710,693 | 1,250,186,129 | ||||||||||||
Attributable to: | ||||||||||||||||
Equity holders of the Company | 6,203,464,893 | 2,281,193,096 | 4,979,710,693 | 1,250,186,129 | ||||||||||||
Non-controlling interests | 1,244,046,757 | 804,990,292 | – | – |
Person in charge of | Person in charge of | |||
Legal representative: | accounting function: | accounting department: | ||
Shu Yinbiao | Huang Lixin | Li Yinghui |
-16-
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED AND THE COMPANY CASH FLOW STATEMENTS
(PRC GAAP)
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019
Amounts: In RMB Yuan, Except as noted
For the nine months ended 30 September | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated | Consolidated | The Company | The Company | |||||||||||||
Cash flows generated from operating activities | ||||||||||||||||
Cash received from sales of goods and services rendered | 141,095,909,623 | 141,172,776,353 | 39,206,462,332 | 45,175,111,990 | ||||||||||||
Cash received from return of taxes and fees | 133,116,238 | 52,263,706 | 2,348,247 | 1,653,109 | ||||||||||||
Other cash received relating to operating activities | 715,032,653 | 711,771,667 | 58,799,444 | 217,649,119 | ||||||||||||
Sub-total of cash inflows of operating activities | 141,944,058,514 | 141,936,811,726 | 39,267,610,023 | 45,394,414,218 | ||||||||||||
Cash paid for goods and services received | 94,691,531,943 | 102,947,674,717 | 28,554,674,735 | 35,143,184,152 | ||||||||||||
Cash paid to and on behalf of employees including salary, social welfare, education funds and others in such manner | 8,467,424,277 | 7,454,678,252 | 2,581,836,649 | 2,451,681,383 | ||||||||||||
Payments of taxes | 9,296,793,445 | 7,801,923,323 | 2,163,716,136 | 2,406,414,023 | ||||||||||||
Other cash paid relating to operating activities | 1,042,482,927 | 1,366,273,267 | 250,942,345 | 363,103,924 | ||||||||||||
Sub-total of cash outflows of operating activities | 113,498,232,592 | 119,570,549,559 | 33,551,169,865 | 40,364,383,482 | ||||||||||||
Net cash flows generated from operating activities | 28,445,825,922 | 22,366,262,167 | 5,716,440,158 | 5,030,030,736 | ||||||||||||
Cash flows generated from investing activities | ||||||||||||||||
Proceeds from disposal of an investment | 1,250,000,000 | – | 1,250,000,000 | – | ||||||||||||
Cash received on investment income | 511,220,401 | 486,785,030 | 2,517,101,284 | 1,931,765,666 | ||||||||||||
Proceeds from disposal of property, plant and equipment, land use rights and other non-current assets | 396,131,955 | 212,049,543 | 28,344,001 | 26,718,720 | ||||||||||||
Other cash received relating to investing activities | 550,832,000 | 680,299,213 | 532,264,400 | 615,013,100 | ||||||||||||
Sub-total of cash inflows of investing activities | 2,708,184,356 | 1,379,133,786 | 4,327,709,685 | 2,573,497,486 | ||||||||||||
Payment for the purchase of property, plant and equipment, land use rights and other non-current assets | 17,214,143,746 | 11,809,234,811 | 1,351,859,009 | 1,156,562,026 | ||||||||||||
Cash paid for investments | 230,320,000 | 661,340,959 | 5,236,650,433 | 9,139,203,885 | ||||||||||||
Net cash paid for acquiring subsidiaries | – | 586,680,000 | – | – | ||||||||||||
Other cash paid relating to investing activities | – | 9,580,363 | – | – |
-17-
For the nine months ended 30 September | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated | Consolidated | The Company | The Company | |||||||||||||
Sub-total of cash outflows of investing activities | 17,444,463,746 | 13,066,836,133 | 6,588,509,442 | 10,295,765,911 | ||||||||||||
Net cash flows used in investing activities | (14,736,279,390 | ) | (11,687,702,347 | ) | (2,260,799,757 | ) | (7,722,268,425 | ) | ||||||||
Cash flows generated from financing activities | ||||||||||||||||
Cash received from investments | 3,230,236,200 | 5,634,728,401 | 3,000,000,000 | 5,000,000,000 | ||||||||||||
Including: cash received from non-controlling interests of subsidiaries | 230,236,200 | 634,728,401 | – | – | ||||||||||||
Cash received from borrowings | 89,090,113,844 | 81,676,536,486 | 38,607,990,000 | 37,709,200,000 | ||||||||||||
Cash received from issuance of short-term bonds | 26,300,000,000 | 42,500,000,000 | 26,300,000,000 | 42,500,000,000 | ||||||||||||
Other cash received relating to financing activities | – | 139,024,031 | – | 14,016,905 | ||||||||||||
Sub-total of cash inflows of financing activities | 118,620,350,044 | 129,950,288,918 | 67,907,990,000 | 85,223,216,905 | ||||||||||||
Repayments of borrowings | 120,709,045,681 | 124,862,766,769 | 68,493,965,188 | 76,785,311,636 | ||||||||||||
Payments for dividends, profit or interest expense | 11,162,257,147 | 10,950,204,778 | 5,152,362,187 | 4,956,056,462 | ||||||||||||
Including: dividends paid to non-controlling interests of subsidiaries | 1,315,201,346 | 926,161,606 | – | – | ||||||||||||
Other cash paid relating to financing activities | 417,055,363 | 661,603,241 | 97,442,849 | 81,056,338 | ||||||||||||
Sub-total of cash outflows of financing activities | 132,288,358,191 | 136,474,574,788 | 73,743,770,224 | 81,822,424,436 | ||||||||||||
Net cash flows used in financing activities | (13,668,008,147 | ) | (6,524,285,870 | ) | (5,835,780,224 | ) | 3,400,792,469 | |||||||||
Effect of exchange rate fluctuations on cash held | 8,166,655 | 28,705,915 | 46,838 | 68,782 | ||||||||||||
Net increase/(decrease) in cash | 49,705,040 | 4,182,979,865 | (2,380,092,985 | ) | 708,623,562 | |||||||||||
Add: cash at beginning of period | 15,402,577,291 | 9,395,734,688 | 4,288,696,074 | 942,143,443 | ||||||||||||
Cash at end of period | 15,452,282,331 | 13,578,714,553 | 1,908,603,089 | 1,650,767,005 |
Person in charge of | Person in charge of | |||
Legal representative: | accounting function: | accounting department: | ||
Shu Yinbiao | Huang Lixin | Li Yinghui |
-18-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the under-signed, thereunto duly authorized.
HUANENG POWER INTERNATIONAL, INC. | ||
By /s/ Huang Chaoquan | ||
Name: | Huang Chaoquan | |
Title: | Company Secretary |
Date: October 23, 2019