6-K 1 form6-k.htm 6-K WITH ONE ANNOUNCEMENT (THIRD QUARTERLY REPORT OF 2019)

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).

-1-


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
 

-2-


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
   

-3-



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


-4-



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


-5-




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.

-6-



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.

-7-



(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.


-8-



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


-9-


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
 

-10-



   
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
 


-11-



   
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


-12-



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