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 2020
(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 2020 third quarterly report of Huaneng Power International, Inc. (the Registrant”), made by the Registrant on October 28, 2020.
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 2020
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 | Zhao Keyu (legal representative), Huang Lixin (person in charge of accounting function) and Wei Zhongqian (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). |
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(Restated) | Variance from end of last year (%) | ||||||||||
Total Assets | 427,051,845,180 | 414,677,717,727 | 2.98 | |||||||||
Equity holders’ equity attributable to equity holders of the Company | 127,127,281,465 | 98,722,291,885 | 28.77 | |||||||||
From the beginning of the year to the end of current reporting period (January to September) | From the beginning of the preceding year to the end of the equivalent period (January to September) (Restated) | Variance from equivalent period of last year (%) | ||||||||||
Net cash flows generated from operating activities | 27,240,079,779 | 28,439,140,521 | (4.22 | ) | ||||||||
From the beginning of the year to the end of current reporting period (January to September) | From the beginning of the preceding year to the end of the equivalent period (January to September) (Restated) | Variance from equivalent period of last year (%) | ||||||||||
Operating Revenue | 121,823,399,760 | 127,309,095,079 | (4.31 | ) | ||||||||
Net profit attributable to equity holders of the Company | 9,133,456,650 | 5,393,558,080 | 69.34 | |||||||||
Net profit after deducting non-recurring items attributable to equity holders of the Company | 8,851,504,370 | 4,816,333,200 | 83.78 | |||||||||
Return on net assets (weighted average) (%) | 10.24 | 6.56 | Increased by 3.68 percent | |||||||||
Basic earnings per share (RMB per share) | 0.50 | 0.32 | 56.25 | |||||||||
Diluted earnings per share (RMB per share) | 0.50 | 0.32 | 56.25 |
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 | ||||||
Losses from disposal of non-current assets | (170,009,989 | ) | (167,440,727 | ) | |||||
Government grant recorded in income statement, excluding government grant closely related to the Company’s business and calculated according to national unified standards | 201,944,691 | 570,052,396 | |||||||
The current net profit and loss of subsidiaries arising from business combinations under common control from the beginning of the period to the date of merger | 4,293,512 | 11,341,225 | |||||||
Gains/(losses) 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 and available-for- sale financial assets | 5,347,362 | (77,854,760 | ) | ||||||
Reversal of provision for doubtful accounts receivable individually tested for impairments | 148,262 | 373,883 | |||||||
Gains from designated loans | 889,334 | 2,648,667 | |||||||
Other non-operating income and expenses excluding the above items | (21,079,989 | ) | 48,496,092 | For the nine months ended 30 September 2020, other non-operating income besides the above items mainly include the income from reimbursement of tenure tax and emissions trading income, and the other non-operating expense of the company and its subsidiaries mainly include loss of non-current assets | |||||
Other non-recurring items | (1,982,228 | ) | (4,727,014 | ) | For the nine months ended 30 September 2020, other non-recurring items mainly include entrusted management fee, trusteeship management income. | ||||
Impact of non-controlling interests, net of tax | (2,460,690 | ) | (26,768,595 | ) | |||||
Tax impact of non-recurring items | 7,315,414 | (74,168,887 | ) | ||||||
Total | 24,405,679 | 281,952,280 |
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 | 76,495 | |||||
Top ten holders of shares | ||||||
Name (in full) of shareholders | Number of shares held at end of reportingperiod | 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 | 4,105,029,122 | 26.15 | – | 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 Guoxin Investment Group Limited | 416,500,000 | 2.65 | – | Nil | – | State-owned entity |
Dalian Municipal Construction Investment Company Limited | 301,500,000 | 1.92 | – | Charges | 75,375,000 | State-owned entity |
Liaoning Energy Investment (Group) Limited Liability Company | 284,204,999 | 1.81 | – | Nil | – | State-owned entity |
Fujian Investment Development Group Liability Company | 251,814,185 | 1.60 | – | Nil | – | State-owned entity |
Top ten holders of circulating shares whose shares are not subject to selling restrictions | |||
Name (in full) of shareholders | Number of shares in circulation without any selling restrictions as at the end of the reporting period | Type and number of shares | |
Type | Number | ||
Huaneng International Power Development Corporation | 5,066,662,118 | RMB denominated ordinary shares | 5,066,662,118 |
HKSCC Nominees Limited | 4,105,029,122 | Overseas listed foreign invested shares | 4,105,029,122 |
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 Guoxin Investment Group Limited | 416,500,000 | RMB denominated ordinary shares | 416,500,000 |
Dalian Municipal Construction Investment Company Limited | 301,500,000 | RMB denominated ordinary shares | 301,500,000 |
Liaoning Energy Investment (Group) Limited Liability Company | 284,204,999 | RMB denominated ordinary shares | 284,204,999 |
Fujian Investment Development Group Limited Liability Company | 251,814,185 | RMB denominated ordinary shares | 251,814,185 |
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 | – |
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. | Bank balances and cash as at the end of the period increased by RMB683 million compared with the end of the last year, mainly due to the temporary increase of bank balances and cash |
2. | Derivative financial assets as at the end of the period decreased by RMB44 million compared with the end of the last year, mainly due to the decline in the HSFO index and the decline in the price of Brent crude oil, resulting in a decrease in the fair value of fuel swap contracts held by the Company’s subsidiary, SinoSing Power. |
3. | Notes receivable as at the end of the period increased by 45% compared with the end of the last year, mainly due to an increase in bill settlement ratios in some regional power grid companies. |
4. | Accounts receivable as at the end of the period decreased by RMB247 million compared with the end of the last year, mainly due to the collection of power sale receivables generated in the last period, the decrease in power sale revenue and the increase in bill settlement ratios of some power grid companies. |
5. | Accounts receivable financing reflects the financial assets confirmed by Shandong Power, a subsidiary of the Company, as a result of the circular processing of power sale receivable from its 14 power plants through a single assets management plan. This part of the power sale receivable has increased during the current period. |
6. | Advances to suppliers as at the end of the period increased by 43% compared with the end of the last year, mainly due to the increase in the prepayment of coal by the Company’s subsidiaries so as to lock in preferential prices in the current period. Among them: Jinggangshan Power Plant increased by RMB107 million, Shangan Power Plant increased by 106 million, Yueyang Power increased by RMB99 million, Qinbei Power increased by RMB74 million. |
7. | Inventories as at the end of the period decreased by 16% compared with the end of the last year, mainly due to the decrease of the coal prices and the quantity of coal inventories compared with the end of the last year. |
8. | Contract assets as at the end of the period increased by RMB16 million compared with the end of the last year, mainly due to the contract assets of seawater desalination project recorded by SinoSing Power, a subsidiary of the Company, in accordance with the relevant terms of the contract and the progress of the project. |
9. | Fixed assets as at the end of the period decreased by 1% compared with the end of the last year, mainly due to the Company’s provision of RMB15.413 billion in depreciation of fixed assets during the current period, and the fact that construction in progress was completed and transferred into fixed assets of RMB11.903 billion in the current period. |
10. | Construction in progress as at the end of the period increased by 29% compared with the end of the last year, mainly due to the increase in the Company’s investment in multiple wind power projects in the current period. For example, Shengdong Rudong offshore wind power project increased by RMB1.767 billion, Huaneng Puyang wind power project increased by RMB1.490 billion, Zhuanghe offshore wind farm project increased by RMB1.994 billion, and the Jiaxing No. 2 offshore wind power project increased by RMB1.065 billion. And engineering materials increased by RMB1.335 billion. |
11. | Notes payable decreased by 41% compared with the end of the last year, mainly due to the maturity of the bills payable of the previous period, and the fact that some power plants did not use prepaid bills, resulting in the balance cut back. |
12. | Accounts payable decreased by 6% compared with the end of the last year, mainly due to the decrease in coal prices, which resulted in a decrease in fuel payables. |
13. | Contract liabilities decreased by 58% compared with the end of the last year, mainly due to the reduction in the balance of pre-collected heat charges due to the recognized revenue of the heating season. |
14. | Current portion of non-current liabilities increased by 75% compared with the end of the last year, of which bonds payable due within one year increased by RMB11.50 billion, and long-term loans due within one year increased by RMB3.576 billion. |
15. | Other current liabilities decreased by 95% compared with the end of the last year, mainly due to the net repayment of short-term bonds of RMB9 billion. |
16. | Provision decreased by RMB31 million compared with the end of the previous period, mainly due to the fact that the Company’s subsidiary Luoyang Yangguang Co-generation, in accordance with court rulings, paid liquidated damages and interest in the current period. |
17. | Other equity instruments increased by 91% from the end of the previous year, mainly due to the Company’s new issuance of other equity instruments during the period. |
(b) | Fluctuation analysis of the consolidated income statement items |
1. | Operating income decreased by 4% compared with the same period last year. Domestic operating revenue decreased by RMB3.419 billion, mainly due to a year-on-year decrease in domestic power sales and the average on-grid price for domestic power; operating revenue for Singapore operations decreased by RMB1.578 billion, and operating revenue for Pakistan operations decreased by RMB489 million. |
2. | Operating costs decreased by 9% compared with the same period last year, mainly due to a decrease in fuel prices; of which, domestic operating costs decreased by RMB7.07 billion, operating costs for Singapore operations decreased by RMB1.759 billion, and operating costs for Pakistan operations decreased by RMB389 million. |
3. | Research and development expenses increased by RMB128 million compared with the same period last year, mainly due to the Company’s increased investment in technology research and development projects in the current period. |
4. | Financial expenses decreased by 20% compared with the same period last year, mainly due to the decrease in the average balance of interest- bearing liabilities and the decline in interest rates, which led to a decrease of RMB1.235 billion in interest expenses. Net foreign exchange losses decreased by RMB353 million. |
5. | Investment income from associates and joint ventures increased by 48% compared with the same period last year, mainly due to the increase of the Company’s investment income in Shenzhen Energy. |
6. | Gain on fair value changes of financial assets/liabilities decreased by RMB19 million compared with the same period last year, mainly due to changes in the fair value of derivative financial instruments held by SinoSing Power. |
7. | Credit loss decreased by RMB68 million compared with the same period last year, mainly due to the provision of impairment of Luoyang Co- generation’s entrusted loans to Luoyang Yangguang Co-generation. |
8. | Asset impairment loss decreased by 50% compared with the same period last year, mainly due to the early shutdown of Haikou Power Plant Unit 4 and Unit 5 and the provision of RMB127 million impairment losses in the current period. Luoyang Yangguang Co-generation’s bankruptcy and reorganization provided RMB229 million of impairment losses during the same period last year. |
9. | Non-operating income decreased by 45% compared to the same period last year, mainly due to a Shandong Power’s subsidiary receiving a guarantee payment in the same period last year, which did not occur in the current period. |
10. | Non-operating expenses increased by RMB237 million compared with the same period last year, mainly due to the scrapping of non- current assets such as Luohuang Power Generation, Qinbei Power, and Shidongkou No. 1 and 2 Plants, expense of spoiled materials of Shang’an Power Plant and donation of Ruyi Pakistan Energy. |
11. | Income tax expenses increased by 38.65% compared with the same period last year, mainly due to the increase in pre-tax profit during the current accounting period. |
12. | Other comprehensive income decreased by RMB865 million compared with the same period last year, mainly due to the decline in the fair value of the fuel oil cash flow hedging instrument held by the Company’s subsidiary, SinoSing Power, and the fluctuation of exchange differences on translation of foreign operations. |
(c) | Fluctuation analysis of the consolidated cash flow statement items |
1. | The net inflow of cash flow from operating activities was RMB27.240 billion, which decreased by RMB1.199 billion compared with the same period last year. This was mainly due to the year-on-year decrease in operating activities and the increase in bill settlement ratio. |
2. | The net outflow of cash flow from investing activities was RMB26.129 billion, which increased by RMB10.867 billion compared with the same period last year, mainly due to the increase in investment expenditures for the Company’s clean energy projects. |
3. | The net inflow of cash flow from financing activities was RMB105 million, which decreased by RMB13.241 billion compared with the same period last year, mainly due to the year-on-year decrease in net repayments. |
3.2 | Analysis and description of significant events and their impacts and solutions |
☑ Applicable ☐ Not applicable
On 10 September 2020, the Company completed the issuance of “the public offering of renewable corporate bonds (the third tranche) of Huaneng Power International, Inc. for 2020”. The current bond issuance scale is RMB3 billion, with a maturity of 3+N years, and the coupon rate is 4.38%. The bonds have since 16 September 2020 been listed on the centralized bidding system of the Shanghai Stock Exchange trading market and the integrated electronic platform for fixed income securities, and are available for trading to 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).
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. | |
Zhao Keyu | |
Chairman |
As at the date of this announcement, the Directors of the Company are:
Zhao Keyu (Executive Director) | Xu Mengzhou (Independent Non-executive Director) |
Zhao Ping (Executive Director) | Liu Jizhen (Independent Non-executive Director) |
Huang Jian (Non-executive Director) | Xu Haifeng (Independent Non-executive Director) |
Wang Kui (Non-executive Director) | Zhang Xianzhi (Independent Non-executive Director) |
Lu Fei (Non-executive Director) | Xia Qing (Independent Non-executive Director) |
Teng Yu (Non-executive Director) | |
Mi Dabin (Non-executive Director) | |
Cheng Heng (Non-executive Director) | |
Guo Hongbo (Non-executive Director) | |
Lin Chong (Non-executive Director) |
Beijing, the PRC
28 October 2020
APPENDIX
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED AND THE COMPANY BALANCE SHEETS (PRC GAAP)
AS AT 30 SEPTEMBER 2020
Amounts: In RMB Yuan, Except as noted
ASSETS | 30 September 2020 Consolidated | 31 December 2019 Consolidated (Restated) | 30 September 2020 The Company | 31 December 2019 The Company | ||||||||||||
CURRENT ASSETS | ||||||||||||||||
Bank balances and cash | 14,017,481,964 | 13,334,645,636 | 360,896,126 | 1,248,842,161 | ||||||||||||
Derivative financial assets | 31,156,560 | 74,910,802 | – | – | ||||||||||||
Notes receivable | 8,039,373,280 | 5,552,422,272 | 1,979,674,780 | 690,520,540 | ||||||||||||
Accounts receivable | 25,226,452,904 | 25,473,489,695 | 4,400,708,583 | 5,529,529,790 | ||||||||||||
Accounts receivable financing | 2,074,810,120 | 1,364,578,834 | – | – | ||||||||||||
Advances to suppliers | 1,465,332,077 | 1,022,448,113 | 322,063,673 | 75,595,042 | ||||||||||||
Other receivables | 1,822,933,585 | 1,983,013,647 | 3,643,111,931 | 3,779,316,075 | ||||||||||||
Inventories | 7,480,104,741 | 8,883,183,086 | 2,196,102,931 | 2,548,500,135 | ||||||||||||
Contract assets | 40,221,237 | 24,157,003 | – | – | ||||||||||||
Current portion of non-current assets | 481,529,107 | 503,039,957 | 974,937 | – | ||||||||||||
Other current assets | 2,424,969,620 | 2,803,403,938 | 2,335,449,185 | 8,780,356,872 | ||||||||||||
Total current assets | 63,104,365,195 | 61,019,292,983 | 15,238,982,146 | 22,652,660,615 | ||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||
Derivative financial assets | 14,196,220 | 16,376,498 | – | – | ||||||||||||
Long-term receivables | 10,813,160,472 | 11,286,292,400 | 1,261,447,178 | 1,261,447,178 | ||||||||||||
Long-term equity investments | 23,106,999,968 | 20,615,919,544 | 104,295,286,888 | 89,949,580,547 | ||||||||||||
Other equity instrument investments | 833,239,030 | 779,217,199 | 760,371,542 | 726,893,390 | ||||||||||||
Investment property | 655,007,414 | 671,710,155 | 144,341,499 | 148,024,766 | ||||||||||||
Fixed assets | 238,492,916,284 | 241,291,723,824 | 44,567,763,260 | 47,592,414,670 | ||||||||||||
Construction-in-progress | 47,224,067,966 | 36,683,468,418 | 1,981,194,699 | 1,263,758,935 | ||||||||||||
Right-of-use assets | 6,175,963,605 | 5,790,978,592 | 510,482,120 | 355,419,567 | ||||||||||||
Intangible assets | 13,913,934,264 | 13,957,614,000 | 1,794,450,302 | 1,699,429,571 | ||||||||||||
Goodwill | 12,359,301,341 | 12,785,404,658 | – | – | ||||||||||||
Long-term deferred expenses | 124,411,047 | 132,462,057 | 20,941,065 | 28,156,566 | ||||||||||||
Deferred income tax assets | 3,014,304,179 | 3,271,488,418 | 679,911,175 | 763,816,883 | ||||||||||||
Other non-current assets | 7,219,978,195 | 6,375,768,981 | 16,463,350,975 | 23,882,482,088 | ||||||||||||
Total non-current assets | 363,947,479,985 | 353,658,424,744 | 172,479,540,703 | 167,671,424,161 | ||||||||||||
TOTAL ASSETS | 427,051,845,180 | 414,677,717,727 | 187,718,522,849 | 190,324,084,776 |
LIABILITIES AND EQUITY HOLDERS’ EQUITY | 30 September 2020 Consolidated | 31 December 2019 Consolidated (Restated) | 30 September 2020 The Company | 31 December 2019 The Company | ||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Short-term loans | 57,126,187,687 | 67,119,367,606 | 17,454,290,000 | 28,967,990,000 | ||||||||||||
Derivative financial liabilities | 226,107,264 | 250,299,684 | – | – | ||||||||||||
Notes payable | 1,951,931,528 | 3,318,713,095 | – | – | ||||||||||||
Accounts payable | 11,775,885,397 | 12,537,549,915 | 2,776,388,817 | 3,297,317,661 | ||||||||||||
Contract liabilities | 1,133,769,724 | 2,706,529,095 | 143,645,033 | 299,477,280 | ||||||||||||
Salary and welfare payables | 909,252,303 | 758,147,803 | 212,570,893 | 177,726,058 | ||||||||||||
Taxes payable | 1,796,971,864 | 2,101,673,423 | 482,374,257 | 465,137,792 | ||||||||||||
Other payables | 21,812,262,153 | 21,452,442,902 | 2,978,531,977 | 2,870,457,805 | ||||||||||||
Current portion of non-current liabilities | 38,370,781,760 | 21,988,338,321 | 17,055,054,785 | 4,391,524,725 | ||||||||||||
Other current liabilities | 566,820,489 | 9,502,042,297 | 302,918,405 | 9,217,441,910 | ||||||||||||
Total current liabilities | 135,669,970,169 | 141,735,104,141 | 41,405,774,167 | 49,687,073,231 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Long-term loans | 113,791,994,278 | 15,969,197,539 | 5,658,024,256 | 8,628,240,243 | ||||||||||||
Derivative financial liabilities | 244,498,135 | 200,408,483 | – | – | ||||||||||||
Bonds payable | 20,563,853,248 | 28,487,114,637 | 16,502,640,464 | 28,487,114,637 | ||||||||||||
Lease liabilities | 3,162,864,101 | 4,368,159,555 | 443,345,583 | 267,155,518 | ||||||||||||
Long-term payables | 623,674,365 | 711,161,672 | 45,861,276 | 46,138,915 | ||||||||||||
Long-term employee benefits payable | 53,717,185 | 54,314,820 | – | – | ||||||||||||
Provision | 19,645,840 | 50,504,883 | 3,255,633 | 6,337,233 | ||||||||||||
Deferred income | 1,992,520,328 | 2,099,988,755 | 950,388,376 | 1,075,467,729 | ||||||||||||
Deferred income tax liabilities | 1,004,021,376 | 996,021,402 | – | – | ||||||||||||
Other non-current liabilities | 2,382,231,741 | 2,473,253,580 | 248,525,181 | 273,322,797 | ||||||||||||
Total non-current liabilities | 143,839,020,597 | 155,410,125,326 | 23,852,040,769 | 38,783,777,072 | ||||||||||||
TOTAL LIABILITIES | 279,508,990,766 | 297,145,229,467 | 65,257,814,936 | 88,470,850,303 |
LIABILITIES AND EQUITY HOLDERS’ EQUITY (continued) | 30 September 2020 Consolidated | 31 December 2019 Consolidated (Restated) | 30 September 2020 The Company | 31 December 2019 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 | 47,941,056,470 | 25,127,820,735 | 47,941,056,470 | 25,127,820,735 | ||||||||||||
Including: perpetual corporate bonds | 47,941,056,470 | 25,127,820,735 | 47,941,056,470 | 25,127,820,735 | ||||||||||||
Capital surplus | 18,411,558,058 | 18,602,847,158 | 13,231,594,737 | 13,231,594,737 | ||||||||||||
Other comprehensive income | 307,176,123 | 299,752,939 | 1,181,408,968 | 566,308,753 | ||||||||||||
Special reserves | 102,392,993 | 84,203,046 | 79,305,507 | 63,312,202 | ||||||||||||
Surplus reserves | 8,186,274,738 | 8,186,274,738 | 8,186,274,738 | 8,186,274,738 | ||||||||||||
Undistributed profits | 36,480,729,724 | 30,723,299,910 | 36,142,974,134 | 38,979,829,949 | ||||||||||||
Equity holders’ equity attributable to equity holders of the Company | 127,127,281,465 | 98,722,291,885 | 122,460,707,913 | 101,853,234,473 | ||||||||||||
Non-controlling interests | 20,415,572,949 | 18,810,196,375 | – | – | ||||||||||||
Total equity holders’ equity | 147,542,854,414 | 117,532,488,260 | 122,460,707,913 | 101,853,234,473 | ||||||||||||
TOTAL LIABILITIES AND EQUITY HOLDERS’ EQUITY | 427,051,845,180 | 414,677,717,727 | 187,718,522,849 | 190,324,084,776 |
Legal representative: | Person in charge of accounting function: | Person in charge of accounting department: |
Zhao Keyu | Huang Lixin | Wei Zhongqian |
Amounts: In RMB Yuan, Except as noted
For the nine months ended 30 September | |||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Consolidated | Consolidated (Restated) | The Company | The Company | ||||||
Operating revenue | 42,701,695,636 | 43,841,337,457 | 12,703,690,949 | 12,407,392,068 | |||||
Less | Operating cost | 34,387,744,439 | 37,428,913,914 | 10,037,497,362 | 10,533,847,339 | ||||
Tax and levies on operations | 460,580,909 | 430,157,634 | 146,473,173 | 129,882,004 | |||||
Selling expenses | 34,374,328 | 28,171,905 | 8,164,363 | 2,654,379 | |||||
General and administrative expenses | 1,059,320,535 | 1,035,370,982 | 398,779,939 | 386,854,929 | |||||
Research and development expenses | 107,219,194 | 27,333,670 | 93,493,542 | 29,077,031 | |||||
Financial expenses | 2,060,984,604 | 3,030,700,382 | 554,915,994 | 990,766,508 | |||||
Add: | Other income | 223,315,502 | 97,047,146 | 43,556,610 | 43,513,792 | ||||
Investment income | 554,928,720 | 427,737,862 | 1,764,307,907 | 1,284,551,183 | |||||
Including: | Investment income from associates and joint ventures | 554,107,131 | 357,858,397 | 507,544,358 | 301,084,296 | ||||
Loss on derecognition of financial assets at amortized cost | (9,718,114) | – | – | – | |||||
Gain/(loss) on fair value changes of financial | |||||||||
assets/liabilities | (3,752,705) | (1,801,894) | – | – | |||||
Asset impairment loss | (129,668,451) | (15,007,604) | (5,009,640,973) | – | |||||
Credit loss | (64,997,660) | (284,530) | – | – | |||||
Gain on disposal of assets | 1,514,388 | 5,080,538 | – | 4,853,292 | |||||
Operating profit | 5,172,811,421 | 2,373,460,488 | (1,737,409,880) | 1,667,228,145 | |||||
Add: | Non-operating income | 67,193,397 | 174,125,806 | 7,277,895 | 13,591,402 | ||||
Less: | Non-operating expenses | 259,385,862 | 33,756,949 | 112,533,003 | 4,469,382 | ||||
Profit before tax | 4,980,618,956 | 2,513,829,345 | (1,842,664,988) | 1,676,350,165 | |||||
Less: | Income tax expense | 876,851,718 | 609,278,263 | 451,281,623 | 194,905,192 | ||||
Net profit | 4,103,767,238 | 1,904,551,082 | (2,293,946,611) | 1,481,444,973 | |||||
(1) | Classification according to the continuity of operation Continuous operating net profit | 4,103,767,238 | 1,904,551,082 | (2,293,946,611) | 1,481,444,973 | ||||
(2) | Classification according to ownership | ||||||||
Attributable to: | |||||||||
Equity holders of the Company | 3,400,535,943 | 1,564,685,670 | (2,293,946,611) | 1,481,444,973 | |||||
Non-coantrolling interests | 703,231,295 | 339,865,412 | – | – | |||||
Earnings per shares (based on the net profit attributable to equity holders of the Company) (expressed in RMB per share) | |||||||||
– Basic earnings per share | 0.18 | 0.09 | – | – | |||||
– Diluted earnings per share | 0.18 | 0.09 | – | – |
For the nine months ended 30 September | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Consolidated | Consolidated (Restated) | The Company | The Company | ||||
Other comprehensive income/(loss), net of tax | 481,476,164 | (80,941,965) | 745,483,410 | 20,450,974 | |||
Other comprehensive income (net of tax) attributed to equity holders of the company | 526,540,082 | (183,494,778) | 745,483,410 | 20,450,974 | |||
Other comprehensive income (net of tax) attributed to equity holders of the company that may not be reclassified to profit or loss | 746,656,923 | 15,312,640 | 747,281,254 | 16,041,201 | |||
Including | |||||||
Share of other comprehensive income of the equity-accounted investee that may not be reclassified to profit or loss | 747,281,254 | (151,140,424) | 747,281,254 | (151,140,424) | |||
Losses arising from changes in fair value of other equity instrument investments | (624,331) | 166,453,064 | – | 167,181,625 | |||
Other comprehensive income (net of tax) attributed to equity holders of the company that may be reclassified to profit or loss | (220,116,841) | (198,807,418) | (1,797,844) | 4,409,773 | |||
Including: | |||||||
Share of other comprehensive income/(loss) of investees accounted for under the equity method | (1,797,844) | 1,934,882 | (1,797,844) | 1,934,881 | |||
Effective portion of cash flow hedges | 51,768,539 | (396,560,222) | – | 2,474,892 | |||
Translation differences of the financial statements of foreign operations | (270,087,536) | 195,817,922 | – | – | |||
Other comprehensive loss, net of tax, attributable to non-controlling interests | (45,063,918) | 102,552,813 | – | – | |||
Total comprehensive income | 4,585,243,402 | 1,823,609,117 | (1,548,463,201) | 1,501,895,947 | |||
Attributable to: | |||||||
Equity holders of the Company | 3,927,076,025 | 1,381,190,893 | (1,548,463,201) | 1,501,895,947 | |||
Non-controlling interests | 658,167,377 | 442,418,224 | – | – |
Legal representative: | Person in charge of accounting function: | Person in charge of accounting department: |
Zhao Keyu | Huang Lixin | Wei Zhongqian |
Amounts: In RMB Yuan, Except as noted
For the nine months ended 30 September | |||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Consolidated | Consolidated (Restated) | The Company | The Company | ||||||
Operating revenue | 121,823,399,760 | 127,309,095,079 | 33,687,719,229 | 35,230,709,624 | |||||
Less: | Operating cost | 97,954,792,353 | 107,182,987,614 | 26,941,728,435 | 29,472,056,746 | ||||
Tax and levies on operations | 1,347,577,633 | 1,354,403,844 | 415,751,426 | 392,634,451 | |||||
Selling expenses | 89,811,885 | 76,583,491 | 23,841,423 | 12,098,842 | |||||
General and administrative expenses | 3,082,896,296 | 2,923,665,794 | 1,233,852,244 | 1,149,134,770 | |||||
Research and development expenses | 163,783,719 | 36,029,275 | 136,138,399 | 33,894,392 | |||||
Financial expenses | 6,857,384,813 | 8,550,505,450 | 2,024,031,370 | 2,912,227,411 | |||||
Add: | Other income | 615,776,093 | 493,046,091 | 131,906,559 | 132,932,066 | ||||
Investment income | 1,496,123,978 | 1,163,369,319 | 3,670,015,511 | 3,517,682,377 | |||||
Including: | Investment income from associates and joint ventures | 1,597,734,245 | 1,082,704,638 | 1,493,184,779 | 989,369,619 | ||||
Loss on derecognition of financial assets at amortized cost | (31,632,708) | – | – | – | |||||
Gain/(loss) on fair value changes of financial assets/ liabilities | (3,497,320) | 15,808,042 | |||||||
Asset impairment loss | (129,946,941) | (259,240,058) | (5,009,640,973) | – | |||||
Credit loss | (67,161,656) | 964,542 | – | – | |||||
Gain on disposal of assets | 1,956,982 | 10,561,845 | 208,829 | 8,634,304 | |||||
Operating profit | 14,240,404,197 | 8,609,429,392 | 1,704,865,858 | 4,917,911,759 | |||||
Add: | Non-operating income | 183,410,882 | 335,873,790 | 62,429,770 | 20,824,595 | ||||
Less: | Non-operating expenses | 290,565,667 | 53,248,804 | 124,123,875 | 10,517,367 | ||||
Profit before tax | 14,133,249,412 | 8,892,054,378 | 1,643,171,753 | 4,928,218,987 | |||||
Less: | Income tax expense | 2,914,681,253 | 2,115,909,904 | 1,128,992,587 | 628,813,302 | ||||
Net profit | 11,218,568,159 | 6,776,144,474 | 514,179,166 | 4,299,405,685 | |||||
(3) | Classification according to the continuity of operation Continuous operating net profit | 11,218,568,159 | 6,776,144,474 | 514,179,166 | 4,299,405,685 | ||||
(4) | Classification according to ownership | ||||||||
Attributable to: | |||||||||
Equity holders of the Company | 9,133,456,650 | 5,393,558,080 | 514,179,166 | 4,299,405,685 | |||||
Non-controlling interests | 2,085,111,509 | 1,382,586,394 | – | – | |||||
Earnings per shares (based on the net profit attributable to equity holders of the Company) (expressed in RMB per share) | |||||||||
– Basic earnings per share | 0.50 | 0.32 | – | – | |||||
– Diluted earnings per share | 0.50 | 0.32 | – | – |
For the nine months ended 30 September | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Consolidated | Consolidated (Restated) | The Company | The Company | ||||
Other comprehensive income/(loss), net of tax | (186,724,564) | 678,390,276 | 615,100,214 | 680,305,008 | |||
Other comprehensive income (net of tax) attributed to equity holders of the company | 7,423,184 | 814,392,964 | 615,100,214 | 680,305,008 | |||
Other comprehensive income (net of tax) attributed to equity holders of the company that may not be reclassified to profit or loss | 614,700,201 | 674,701,807 | 615,890,526 | 675,052,100 | |||
Including | |||||||
Share of other comprehensive income of the equity- accounted investee that may not be reclassified to profit or loss | 615,890,526 | 384,467,080 | 615,890,526 | 384,467,080 | |||
Losses arising from changes in fair value of other equity instrument investments | (1,190,325) | 290,234,727 | – | 290,585,020 | |||
Other comprehensive income (net of tax) attributed to equity holders of the company that may be reclassified to profit or loss | (607,277,017) | 139,691,157 | (790,312) 5,252,908 | ||||
Including: | |||||||
Share of other comprehensive income/(loss) of investees accounted for under the equity method | (790,312) | 2,164,469 | (790,312) 2,164,468 | ||||
Effective portion of cash flow hedges | (39,374,973) | (75,215,176) | – | 3,088,440 | |||
Translation differences of the financial statements of foreign operations | (567,111,732) | 212,741,864 | – | – | |||
Other comprehensive loss, net of tax, attributable to non-controlling interests | (194,147,748) | (136,002,688) | – | – | |||
Total comprehensive income | 11,031,843,595 | 7,454,534,750 | 1,129,279,380 | 4,979,710,693 | |||
Attributable to: | |||||||
Equity holders of the Company | 9,140,879,834 | 6,207,951,044 | 1,129,279,380 | 4,979,710,693 | |||
Non-controlling interests | 1,890,963,761 | 1,246,583,706 | – | – |
Legal representative: | Person in charge of accounting function: | Person in charge of accounting department: |
Zhao Keyu | Huang Lixin | Wei Zhongqian |
For the nine months ended 30 September | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Cash flows generated from operating activities | Consolidated | Consolidated (Restated) | The Company | The Company | |||
Cash received from sales of goods and services rendered | 129,855,862,435 | 141,134,405,014 | 37,599,842,612 | 39,206,462,332 | |||
Cash received from return of taxes and fees | 162,806,198 | 134,152,129 | 1,427,930 | 2,348,247 | |||
Other cash received relating to operating activities | 536,520,926 | 717,895,390 | 144,308,152 | 58,799,444 | |||
Sub-total of cash inflows of operating activities | 130,555,189,559 | 141,986,452,533 | 37,745,578,694 | 39,267,610,023 | |||
Cash paid for goods and services received | 83,903,794,676 | 94,692,607,629 | 24,818,526,981 | 28,554,674,735 | |||
Cash paid to and on behalf of employees including salary, social welfare, education funds and others in such manner | 8,850,892,963 | 8,474,774,443 | 2,639,922,302 | 2,581,836,649 | |||
Payments of taxes | 9,194,490,595 | 9,298,014,136 | 3,023,572,700 | 2,163,716,136 | |||
Other cash paid relating to operating activities | 1,365,931,546 | 1,081,915,804 | 749,274,230 | 250,942,345 | |||
Sub-total of cash outflows of operating activities | 103,315,109,780 | 113,547,312,012 | 31,231,296,213 | 33,551,169,865 | |||
Net cash flows generated from operating activities | 27,240,079,779 | 28,439,140,521 | 6,514,282,481 | 5,716,440,158 | |||
Cash flows generated from investing activities | |||||||
Proceeds from disposal of an investment | – | 1,257,804,676 | 13,465,157,000 | 1,250,000,000 | |||
Cash received on investment income | 147,859,869 | 511,220,401 | 3,735,477,963 | 2,517,101,284 | |||
Proceeds from disposal of property, plant and equipment,land use rights and other non-current assets | 256,782,184 | 396,131,955 | 29,062,319 | 28,344,001 | |||
Other cash received relating to investing activities | 457,727,000 | 550,832,000 | 457,727,000 | 532,264,400 | |||
Sub-total of cash inflows of investing activities | 862,369,053 | 2,715,989,032 | 17,687,424,282 | 4,327,709,685 | |||
Payment for the purchase of property, plant and equipment, land use rights and other non-current assets | 26,329,252,211 | 17,716,721,285 | 1,440,240,789 | 1,351,859,009 | |||
Cash paid for investments | 448,296,863 | 261,120,000 | 18,492,135,244 | 5,236,650,433 | |||
Net cash paid for acquiring subsidiaries | 214,131,100 | – | – | – | |||
Sub-total of cash outflows of investing activities | 26,991,680,174 | 17,977,841,285 | 19,932,376,033 | 6,588,509,442 | |||
Net cash flows used in investing activities | (26,129,311,121) | (15,261,852,253) | (2,244,951,751) | (2,260,799,757) |
For the nine months ended 30 September | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Cash flows generated from financing activities | Consolidated | Consolidated (Restated) | The Company | The Company | |||
Cash received from investments | 23,410,426,166 | 3,505,685,544 | 22,854,294,359 | 3,000,000,000 | |||
Including: cash received from non-controlling interests of subsidiaries | 556,131,807 | 230,236,200 | – | – | |||
Cash received from borrowings | 117,441,928,609 | 89,390,113,844 | 47,667,559,371 | 38,607,990,000 | |||
Cash received from issuance of short-term bonds | 12,188,307,452 | 26,300,000,000 | 7,999,983,312 | 26,300,000,000 | |||
Other cash received relating to financing activities | 322,391,654 | – | – | – | |||
Sub-total of cash inflows of financing activities | 153,363,053,881 | 119,195,799,388 | 78,521,837,042 | 67,907,990,000 | |||
Repayments of borrowings | 140,673,569,958 | 120,724,645,681 | 78,436,152,467 | 68,493,965,188 | |||
Payments for dividends, profit or interest expense | 11,583,934,802 | 11,189,670,931 | 5,121,176,837 | 5,152,362,187 | |||
Including: dividends paid to non-controlling interests of subsidiaries | 773,249,296 | 1,315,201,346 | – | – | |||
Other cash paid relating to financing activities | 1,000,116,315 | 417,055,363 | 110,933,016 | 97,442,849 | |||
Sub-total of cash outflows of financing activities | 153,257,621,075 | 132,331,371,975 | 83,668,262,320 | 73,743,770,224 | |||
Net cash flows used in financing activities | 105,432,806 | (13,135,572,587) | (5,146,425,278) | (5,835,780,224) | |||
Effect of exchange rate fluctuations on cash held | (376,076,636) | 8,166,655 | (10,616,180) | 46,838 | |||
Net increase/(decrease) in cash | 840,124,828 | 49,882,336 | (887,710,728) | (2,380,092,985) | |||
Add: cash at beginning of period | 12,471,764,973 | 15,435,129,950 | 1,224,528,545 | 4,288,696,074 | |||
Cash at end of period | 13,311,889,801 | 15,485,012,286 | 336,817,817 | 1,908,603,089 |
Legal representative: | Person in charge of accounting function: | Person in charge of accounting department: |
Zhao Keyu | Huang Lixin | Wei Zhongqian |
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 28, 2020