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(Incorporated in Hong Kong with limited liability under the Companies Ordinance)

(Stock Code: 836) ANNOUNCEMENT OF INTERIM RESULTS FOR 2017 SUMMARY OF OPERATING RESULTS

The board of directors (the "Board") of China Resources Power Holdings Company Limited (the "Company" or "CR Power") announces the unaudited financial results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2017.

For the first half of 2017, the Group recorded a profit attributable to owners of the Company ("net profit") of HK$1,854 million, representing a decrease of HK$3,482 million or 65.3% from a net profit of HK$5,336 million for the first half of 2016. Basic earnings per share for the first half of 2017 is 38.79 HK cents, representing a decrease of 65.3% from 111.81 HK cents for the first half of 2016.

The Board resolved to declare an interim dividend of 12.5 HK cents per share for the six months ended 30 June 2017.

Six months ended 30 June 2017 30 June 2016

(unaudited) (unaudited)

Turnover (HK$'000)

Profit attributable to owners of the Company (HK$'000)

Basic earnings per share (HK cents)

Interim dividend per share (HK cents)

34,092,283

30,971,184

As at 30 June 2017

(unaudited)

As at 31 December 2016

(audited)

Total assets (HK$'000)

Cash and cash equivalents (HK$'000)

Pledged and restricted bank deposits

(HK$'000)

Bank and other borrowings (HK$'000)

Equity attributable to owners of the Company (HK$'000)

Net debt to shareholders' equity (%)

210,475,185

6,168,513

200,111,469

4,347,022

1,853,554

38.79

12.50

5,336,094

111.81

12.50

629,596

103,181,427

1,092,114

91,463,402

69,852,418

138.0

69,020,906

124.6

BUSINESS REVIEW FOR THE FIRST HALF OF 2017 Generation capacity

As at 30 June 2017, the Group had a total attributable operational generation capacity of 37,020MW, in which the attributable operational generation capacity of our coal-fired power plants amounted to 31,158MW, representing 84.2% of the Group's total attributable operational generation capacity. Wind, hydro, photovoltaic and gas-fired power generation capacity amounted to 5,330MW, 280MW, 175MW and 77MW, respectively, in aggregate representing 15.8% of our total attributable operational generation capacity, representing an increase of 1.7 percentage points compared to the end of 2016.

In the first half of 2017, the Group commissioned 698MW of attributable wind power capacity and 45MW of attributable photovoltaic generation capacity.

Net generation volume

The total net generation volume of our consolidated operating power plants amounted to 76,978,660MWh in the first half of 2017, representing an increase of 8.5% from 70,958,229MWh in the first half of 2016.

For the 30 consolidated coal-fired power plants which were in operation for the entire first six months of 2016 and 2017, the average full-load equivalent utilization hours amounted to 2,366 hours, representing an increase of 3.4% from 2,288 hours for the first half of 2016, and exceeded the national average utilization hours for the thermal power industry by 356 hours.

In the first half of 2017, the net generation volume of the Group that participated in direct power supply ("DPS") amounted to 25,357,138 MWh, and the average tariff of the DPS volumes compared with the average tariff of the consolidated power plants that participated in DPS was at a discount of approximately 7.6%. As the reform of the power industry progresses, the Group accelerates collaboration with businesses of China Resources (Holdings) Company Limited, our controlling shareholder. In the first half of 2017, the Group has entered into DPS agreements with entities including China Resources Cement Holdings Limited and China Resources Microelectronics Limited, with total net generation volume of 1,074,574 MWh, accounting for 4.2% of the total net generation volume under DPS.

Fuel costs

In the first half of 2017, average standard coal cost per tonne of our consolidated coal-fired power plants was RMB691.81/tonne, representing an increase of 64.5% compared with the first half of 2016. Average unit fuel cost for our consolidated operating power plants was RMB211.23/MWh, representing an increase of 64.5% compared with the first half of 2016. This was mainly due to increase in coal prices. The average net generation standard coal consumption rate of our consolidated coal-fired power plants for the first half of 2017 was 302.8g/kWh, representing a decrease of 0.6g/kWh in comparison with the same period last year.

Development of renewable energy

As at 30 June 2017, the attributable operational generation capacity of the Group's wind power projects amounted to 5,330MW, representing an increase of 15.1% as compared to the end of December 2016. The attributable operational generation capacity of our wind farms under construction amounted to 1,602MW. The average full-load equivalent utilization hours of wind farms that were in commercial operation for the entire first six months of 2016 and 2017 amounted to 1,141 hours in the first half of 2017, exceeding the national average utilization hours of the wind power industry by 157 hours.

As at 30 June 2017, our attributable operational photovoltaic generation capacity reached 175MW and photovoltaic capacity under construction was 68MW; our attributable operational hydro-electric generation capacity reached 280MW and hydro-electric capacity under construction was 107MW.

Environmental expenses

In the first half of 2017, the total amount of discharge fees incurred by our subsidiaries was approximately RMB56 million, which was RMB2 million or 3.4% lower than RMB58 million incurred in the first half of 2016. As at 30 June 2017, the installation of ultra-low emission facilities for 53 generation units in the consolidated power plants was completed with a total attributable operational generation capacity of 22,483MW.

Capital expenditure

In the first half of 2017, the total cash capital expenditure of the Group amounted to approximately HK$4,850 million, among which, HK$560 million was used in the upgrading of existing coal-fired units for ultra-low emission, safety and energy saving and heat supply technology, approximately HK$1,610 million was used in the construction of coal-fired units, approximately HK$2,500 million was used in the construction of wind farms, photovoltaic power projects and hydro-electric plants, and approximately HK$180 million was used in the upgrading and construction of coal mines.

China Resources Power Holdings Co. Ltd. published this content on 16 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 August 2017 04:21:02 UTC.

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