HUANENG POWER INTERNATIONAL, INC. （For immediate release）
HUANENG POWER INTERNATIONAL, INC. 10.757 BILLION RMB NET PROFIT ATTRIBUTED TO EQUITY HOLDERS OF THE COMPANY IN 2014(Beijing, China, March 24, 2015) Huaneng Power International, Inc. ("HPI" or the "Company")
(NYSE： HNP；HKEx：902；SSE：600011) today announced its audited annual operating results for the twelve months ended December 31, 2014 prepared under the International Financial Reporting
Standards, in which the Company recorded consolidated operating revenue of RMB125.407 billion (equivalent to approximately USD20.495 billion, based on the exchange rate of USD1 to RMB6.1190 as of December 31, 2014), representing a decrease of 6.30% over 2013, and net profit attributable to equity holders of the Company of RMB 10.757 billion (equivalent to approximately USD1.758 billion), representing an increase of 3.18% over 2013. Earnings per share amounted to RMB 0.76 (equivalent to approximately USD0.12), and earnings per ADS amounted to RMB30.40 (equivalent to approximately USD 4.97). The Board is satisfied with the Company's operating results in 2014.
The Board of the Company proposed to declare a cash dividend of RMB 0.38 (inclusive of tax) for each ordinary share of the Company held by shareholders for the year of 2014.
In 2014, the Company overcame difficulties posed by the decline in the growth rate of power generation, actively responded to the new trends and changes in the power market, and the Company had made new achievements in various aspects, including power generation, energy saving and emission reduction, project development and capital operation. Meanwhile, the Company managed to fulfill the duties of providing sufficient, reliable and green energy to the society.
In 2014, total power generated by the Company's operating power plants amounted to 304.869 billion kWh, while the power plants in China amounted to 294.388 billion kWh representing a decrease of
7.27% year-on-year. The electricity sold aggregated to 277.538 billion kWh, representing a decrease of
7.49% year-on-year. In 2014, the annual average utilization hours of the Company's domestic power plants reached 4,572 hours, of which the utilization hours of the thermal units reached 4,618 hours. In most of the areas where the Company's coal-fired power plants are located, the utilization hours of the Company was in a leading position within those areas.
The Company purchased a total of 121 million tons of natural coal. The Company adopted measures of "business mode transformation, structural adjustment", reinforced the cooperation with major coal mines, and further controlled over the Company's fuel procurement costs. The fuel costs per unit of power sold of the Company's domestic power plants was RMB201.19/MWh, representing a decrease
of 7.96% compared to same period last year.
The Company has always placed energy saving and environmental protection as its utmost priority. In
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2014, the Company continued to lead its peers in terms of technical, economic and energy consumption indicators. The average equivalent availability ratio of coal-fired units of the Company's domestic power plants was 95.21% and its weighted average house consumption rate was 4.60%. The average coal consumption rate of the Company's coal-fired units for the power generated was 292.19 grams/kWh, which is 1.28 grams/ kWh lower than that of the same period last year. The Company's average coal consumption rate for power sold was 309.42 grams/kWh, representing a decrease of 1.52 grams/kWh from that of the same period last year.
The controlled generating capacity of the newly commissioned coal-fired, gas turbine and wind generating units of the Company was 1,352.5 MW, 1,855.4MW and 416 MW, respectively. As of 23
March 2015, the Company's controlled and equity-based generating capacity was 78,693 MW and
70,736 MW, respectively.
In 2014, the Company acquired the assets and interests of ten target power companies from its parent company at a consideration of approximately RMB9.276 billion, which has expanded the Company's regional deployment and business scale and brought an additional controlled operational generation capacity of 7,087.5 MW and generation capacity under construction of 2,300 MW in total. On 13
November 2014, the Company issued a total of 365,000,000 H Shares to nine places, at an issue price of HK$8.60 per share, and the gross proceeds from the placing was approximately HK$3,139 million.
In 2015, the Company will further enhance its awareness of market, reform, innovation and risks, emphasize on market orientation and sophisticated management, highlight the quality and efficiency, continuously enhance its profitability, competitiveness and sustainability, to build first class listed power company in the world.
~ End ~
Encl: The 2014 consolidated financial information of the Company and its subsidiaries prepared under
IFRS.
About the Company
The Company is one of China's largest listed power producers with controlled generation capacity of
78,693MW and equity-based generation capacity of 70,736MW currently. The power plants of the Company are located in 21 provinces, municipalities and autonomous regions in China. The Company also has a wholly-owned power company in Singapore.
For enquiries, please contact: Huaneng Power International, Inc. Ms. MENG Jing / Ms. ZHAO Lin
Tel: (8610) 6608 6765 / 6322 6596
Fax: (8610) 6641 2321
Email: zqb@hpi.com.cn
Wonderful Sky Financial Group Limited Ms. Erica Tao / Ms. Shiloh XiangTel: (852) 2851 1038
Fax: (852) 2865 1638
Email: ericatao@wsfg.hk /shilohxiang@wsfg.hk
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HUANENG POWER INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2014 (Amounts expressed in thousands, except per share data) For the year ended December 31, 2014 2013 RMB US$ RMB Operating revenue 125,406,855 20,494,665 133,832,875Tax and levies on operations (932,485) (152,392) (1,043,855)
Operating expenses
Fuel (64,762,908) (10,583,904) (73,807,817) Maintenance (3,729,912) (609,562) (3,856,975) Depreciation (11,646,683) (1,903,364) (11,293,522) Labor (6,259,588) (1,022,976) (5,762,884) Service fees on transmission and
transformer facilities of HIPDC (140,771) (23,006) (140,771) Purchase of electricity (5,055,076) (826,128) (4,955,603) Others (7,604,790) (1,242,815) (8,860,409)
Total operating expenses (99,199,728) (16,211,755) (108,677,981)
Interest income 159,550 26,075 170,723
Interest expense (7,814,114) (1,277,025) (7,787,472) Exchange (loss)/gain and bank charges, net (9,492) (1,551) 94,109
Total financial expenses, net (7,823,606) (1,278,576) (7,693,363)
Share of profits less losses of associates and joint ventures 1,315,876 215,048 615,083
Gain/(loss) on fair value changes of financial assets/liabilities 42,538 6,952 (5,701) Other investment income 80,580 13,168 224,908
Income tax expense (5,487,208) (896,749) (4,522,671)
Items that may be reclassified subsequently to profit or loss:
Fair value changes of available-for-sale financial asset
Share of other comprehensive income/(loss)
of investees accounted for under the equity method
840,289 137,325 (106,244)
87,579 14,313 (35,481)
Effective portion of cash flow hedges (789,915) (129,092) 417,891
Translation differences of the financial
statements of foreign operations
(377,889) (61,758) (782,063)
- Equity holders of the Company | 10,757,317 | 1,758,019 | 10,426,024 |
- Non-controlling interests | 2,805,055 | 458,417 | 2,473,994 |
13,562,372 | 2,216,436 | 12,900,018 |
(expressed in RMB per share)
- Basic and diluted 0.76 0.12 0.74
For the convenience of the reader, translation of amounts from Renminbi (Rmb) into United States dollars (US$)
has been made at the rate of US$1.00=Rmb6.1190 announced by the People's Bank of China on December 31, 2014. No representation is made that Renminbi amounts could have been, or could be, converted into United States
dollars at that rate as at December 31, 2014, or at any other certain rate.
Property, plant and equipment 188,379,057 30,785,922 181,415,181
Investments in associates
and joint ventures 17,626,910 2,880,685 16,678,694
Available-for-sale financial assets 4,333,377 708,184 3,111,164
Land use rights 4,953,844 809,584 4,491,285
Power generation licence 3,720,959 608,099 3,837,169
Mining rights 1,922,655 314,211 1,922,655
Deferred income tax assets 884,274 144,513 652,358
Derivative financial assets 40,598 6,635 14,245
Goodwill 11,725,555 1,916,253 12,758,031
Other non-current assets 3,719,255 607,820 3,165,067
Inventories 6,702,274 1,095,322 6,469,026
Other receivables and assets 3,411,720 557,561 2,072,981
Accounts receivable 14,881,963 2,432,091 15,562,121
Trading securities - - - Derivative financial assets 261,135 42,676 91,727
Bank balances and cash 12,608,192 2,060,499 9,433,385
Assets held for sale - - 557,671
EQUITY AND LIABILITIES | RMB | US$ | RMB |
Capital and reserves attributable to equity holders of the Company | |||
Share capital | 14,420,383 | 2,356,657 | 14,055,383 |
Capital surplus | 19,622,199 | 3,206,766 | 17,347,068 |
Surplus reserves | 7,196,349 | 1,176,066 | 7,085,454 |
Currency translation differences Retained earnings -Proposed dividend | (1,194,819) 5,479,746 | (195,264) 895,530 | (817,243) 5,341,046 |
-Others | 24,605,633 | 4,021,185 | 19,438,957 |
70,129,491 | 11,460,940 | 62,450,665 | |
Non-controlling interests | 14,653,215 | 2,394,707 | 12,742,309 |
Total equity | 84,782,706 | 13,855,647 | 75,192,974 |
Non-current liabilities | |||
Long-term loans | 57,638,458 | 9,419,588 | 60,513,671 |
Long-term bonds | 22,725,535 | 3,713,930 | 23,726,550 |
Deferred income tax liabilities | 1,810,755 | 295,923 | 2,032,417 |
Derivative financial liabilities | 649,513 | 106,147 | 383,405 |
Other non-current liabilities | 2,718,680 | 444,301 | 1,404,898 |
Total non-current liabilities | 85,542,941 | 13,979,889 | 88,060,941 |
Current liabilities | |||
Accounts payable and other liabilities | 27,035,864 | 4,418,346 | 25,321,374 |
Taxes payable | 1,858,024 | 303,648 | 1,647,925 |
Dividends payable | 431,681 | 70,548 | 166,270 |
Salary and welfare payables | 171,262 | 27,989 | 188,837 |
Derivative financial liabilities | 832,727 | 136,089 | 43,591 |
Short-term bonds | 18,244,806 | 2,981,665 | 15,135,024 |
Short-term loans | 43,529,004 | 7,113,745 | 37,937,046 |
Current portion of long-term loans | 7,392,433 | 1,208,111 | 12,796,956 |
Current portion of long-term bonds | 5,020,760 | 820,520 | 5,690,650 |
Current portion of other non-current liabilities Liabilities held for sale | 329,560 - | 53,858 - | - 51,172 |
Total current liabilities | 104,846,121 | 17,134,519 | 98,978,845 |
Total liabilities | 190,389,062 | 31,114,408 | 187,039,786 |
Total equity and liabilities | 275,171,768 | 44,970,055 | 262,232,760 |
For the convenience of the reader, translation of amounts from Renminbi (Rmb) into United States dollars (US$)
has been made at the rate of US$1.00=Rmb 6.1190announced by the People's Bank of China on December 31, 2014. No representation is made that Renminbi amounts could have been, or could be, converted into United States
dollars at that rate as at December 31, 2014, or at any other certain rate.
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