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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Huaneng Power International Inc | NYSE:HNP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.51 | 0 | 01:00:00 |
Form 20-F
|
X
|
Form 40-F
|
|
Yes
|
No
|
X
|
|
Power generation by domestic power plants:
|
317.481 billion kWh
|
|
Consolidated operating revenue:
|
RMB133.833 billion
|
|
Net profit attributable to equity holders of the Company:
|
RMB10.426 billion
|
|
Earnings per share:
|
RMB0.74
|
|
Proposed dividend:
|
RMB0.38 per ordinary share (inclusive of tax)
|
|
1.
|
Operating Results
|
|
2.
|
Power Generation
|
|
3.
|
Cost Control
|
|
4.
|
Energy Saving and Environmental Protection
|
|
5.
|
Project Development
|
|
6.
|
Overseas Business
|
|
A.
|
OPERATING RESULTS
|
|
1.
|
2013 operating results
|
Domestic Power Plant
|
Power generation of 2013
|
Power generation of 2012
|
Change
|
Electricity sold for 2013
|
Electricity sold for
2012
|
Change
|
||||||||||||||||||
Liaoning Province
|
||||||||||||||||||||||||
Dalian
|
6.132 | 5.980 | 2.54 | % | 5.816 | 5.691 | 2.20 | % | ||||||||||||||||
Dandong
|
3.115 | 3.202 | -2.72 | % | 2.965 | 3.046 | -2.66 | % | ||||||||||||||||
Yingkou
|
7.321 | 7.867 | -6.94 | % | 6.853 | 7.355 | -6.83 | % | ||||||||||||||||
Yingkou Co-generation
|
3.329 | 3.337 | -0.24 | % | 3.117 | 3.127 | -0.32 | % | ||||||||||||||||
Wafangdian Wind Power
|
0.111 | 0.102 | 8.82 | % | 0.109 | 0.100 | 9.00 | % | ||||||||||||||||
Suzihe Hydropower
|
0.027 | 0.013 | 107.69 | % | 0.026 | 0.012 | 116.67 | % | ||||||||||||||||
Changtu Wind Power
|
0.093 | 0.006 | 1,450.00 | % | 0.092 | 0.006 | 1,433.33 | % | ||||||||||||||||
Inner Mongolia
|
||||||||||||||||||||||||
Huade Wind Power
|
0.226 | 0.203 | 11.33 | % | 0.225 | 0.201 | 11.94 | % | ||||||||||||||||
Hebei Province
|
||||||||||||||||||||||||
Shang’an
|
13.633 | 14.265 | -4.43 | % | 12.817 | 13.346 | -3.96 | % | ||||||||||||||||
Kangbao Wind Power
|
0.080 | 0.062 | 29.03 | % | 0.075 | 0.059 | 27.12 | % | ||||||||||||||||
Gansu Province
|
||||||||||||||||||||||||
Pingliang
|
10.144 | 9.214 | 10.09 | % | 9.682 | 8.740 | 10.78 | % | ||||||||||||||||
Jiuquan Wind Power
|
0.887 | 0.756 | 17.33 | % | 0.877 | 0.751 | 16.78 | % | ||||||||||||||||
Beijing
|
||||||||||||||||||||||||
Beijing Co-generation (coal fired)
|
4.686 | 4.636 | 1.08 | % | 4.135 | 4.085 | 1.22 | % | ||||||||||||||||
Beijing Co-generation (combined cycle)
|
3.980 | 3.955 | 0.63 | % | 3.888 | 3.863 | 0.65 | % |
Domestic Power Plant
|
Power generation of 2013
|
Power generation of 2012
|
Change
|
Electricity sold for 2013
|
Electricity sold for
2012
|
Change
|
||||||||||||||||||
Tianjin
|
||||||||||||||||||||||||
Yangliuqing Co-generation
|
6.851 | 6.609 | 3.66 | % | 6.385 | 6.141 | 3.97 | % | ||||||||||||||||
Shanxi Province
|
||||||||||||||||||||||||
Yushe
|
2.951 | 3.405 | -13.33 | % | 2.729 | 3.151 | -13.39 | % | ||||||||||||||||
Zuoquan
|
6.682 | 6.358 | 5.10 | % | 6.273 | 5.934 | 5.71 | % | ||||||||||||||||
Shandong Province
|
||||||||||||||||||||||||
Dezhou
|
15.405 | 15.400 | 0.03 | % | 14.455 | 14.462 | -0.05 | % | ||||||||||||||||
Jining
|
5.050 | 5.097 | -0.92 | % | 4.691 | 4.734 | -0.91 | % | ||||||||||||||||
Xindian
|
3.254 | 3.256 | -0.06 | % | 3.040 | 3.043 | -0.10 | % | ||||||||||||||||
Weihai
|
11.361 | 11.608 | -2.13 | % | 10.827 | 11.053 | -2.04 | % | ||||||||||||||||
Rizhao Phase II
|
7.775 | 7.484 | 3.89 | % | 7.371 | 7.080 | 4.11 | % | ||||||||||||||||
Zhanhua Co-generation
|
1.761 | 1.724 | 2.15 | % | 1.625 | 1.587 | 2.39 | % | ||||||||||||||||
Henan Province
|
||||||||||||||||||||||||
Qinbei
|
21.927 | 17.764 | 23.44 | % | 20.715 | 16.751 | 23.66 | % | ||||||||||||||||
Jiangsu Province
|
||||||||||||||||||||||||
Nantong
|
7.951 | 8.406 | -5.41 | % | 7.566 | 8.019 | -5.65 | % | ||||||||||||||||
Nanjing
|
3.678 | 3.827 | -3.89 | % | 3.482 | 3.617 | -3.73 | % | ||||||||||||||||
Taicang
|
11.445 | 11.672 | -1.94 | % | 10.884 | 11.104 | -1.98 | % | ||||||||||||||||
Huaiyin
|
7.244 | 7.152 | 1.29 | % | 6.808 | 6.732 | 1.13 | % | ||||||||||||||||
Jinling (Combined-cycle)
|
2.400 | 3.788 | -36.64 | % | 2.346 | 3.703 | -36.65 | % | ||||||||||||||||
Jinling (Coal-fired)
|
12.811 | 11.538 | 11.03 | % | 12.218 | 10.993 | 11.14 | % | ||||||||||||||||
Jinling Co-generation
|
1.115 | – | – | 1.051 | – | - | ||||||||||||||||||
Qidong Wind Power
|
0.350 | 0.357 | –1.96 | % | 0.343 | 0.350 | -2.00 | % | ||||||||||||||||
Rudong Windpower
|
0.012 | – | – | 0.011 | – | - | ||||||||||||||||||
Shanghai
|
||||||||||||||||||||||||
Shidongkou I
|
7.875 | 7.710 | 2.14 | % | 7.408 | 7.276 | 1.81 | % | ||||||||||||||||
Shidongkou II
|
6.708 | 6.472 | 3.65 | % | 6.430 | 6.213 | 3.49 | % | ||||||||||||||||
Shanghai Combined-cycle
|
1.974 | 1.633 | 20.88 | % | 1.928 | 1.593 | 21.03 | % | ||||||||||||||||
Shidongkou Power
|
7.603 | 7.739 | -1.76 | % | 7.243 | 7.359 | -1.58 | % | ||||||||||||||||
Chongqing
|
||||||||||||||||||||||||
Luohuang
|
14.278 | 12.191 | 17.12 | % | 13.205 | 11.272 | 17.15 | % |
Domestic Power Plant
|
Power generation of 2013
|
Power generation of 2012
|
Change
|
Electricity sold for 2013
|
Electricity sold for 2012
|
Change
|
||||||||||||||||||
Zhejiang Province
|
||||||||||||||||||||||||
Yuhuan
|
24.819 | 24.116 | 2.92 | % | 23.627 | 22.939 | 3.00 | % | ||||||||||||||||
Hubei Province
|
||||||||||||||||||||||||
Enshi Maweigou Hydropower
|
0.045 | 0.050 | -10.00 | % | 0.043 | 0.049 | -12.24 | % | ||||||||||||||||
Hunan Province
|
||||||||||||||||||||||||
Yueyang
|
9.958 | 8.204 | 21.38 | % | 9.351 | 7.682 | 21.73 | % | ||||||||||||||||
Xiangqi Hydropower
|
0.267 | 0.183 | 45.90 | % | 0.262 | 0.180 | 45.56 | % | ||||||||||||||||
Jiangxi Province
|
||||||||||||||||||||||||
Jinggangshan
|
9.702 | 8.842 | 9.73 | % | 9.266 | 8.424 | 10.00 | % | ||||||||||||||||
Fujian Province
|
||||||||||||||||||||||||
Fuzhou
|
14.666 | 13.800 | 6.28 | % | 13.956 | 13.104 | 6.50 | % | ||||||||||||||||
Guangdong Province
|
||||||||||||||||||||||||
Shantou Coal-fired
|
5.614 | 6.420 | -12.55 | % | 5.317 | 6.082 | -12.58 | % | ||||||||||||||||
Haimen
|
18.105 | 12.529 | 44.50 | % | 17.329 | 11.960 | 44.89 | % | ||||||||||||||||
Yunnan Province
|
||||||||||||||||||||||||
Diandong Energy
|
7.527 | 8.509 | -11.54 | % | 6.952 | 7.857 | -11.52 | % | ||||||||||||||||
Yuwang Energy
|
4.553 | 4.992 | -8.79 | % | 4.189 | 4.629 | -9.51 | % | ||||||||||||||||
Total
|
317.481 | 302.433 | 4.98 | % | 300.003 | 285.455 | 5.10 | % |
|
2.
|
Comparative Analysis of Operating results
|
|
2.1
|
Operating revenue and tax and levies on operations
|
Average tariff rate (vAT inclusive)
(RMB/MWh)
|
||||||||||||
Project
|
2013
|
2012
|
Change
|
|||||||||
Xindian II
|
453.35 | 453.75 | -0.09 | % | ||||||||
Nantong
|
435.69 | 441.25 | -1.26 | % | ||||||||
Nanjing
|
436.35 | 442.17 | -1.32 | % | ||||||||
Huaiyin II
|
449.87 | 458.25 | -1.83 | % | ||||||||
Taicang I
|
432.81 | 430.43 | 0.55 | % | ||||||||
Taicang II
|
427.58 | 443.88 | -3.67 | % | ||||||||
Jinling Coal-fired
|
428.38 | 427.34 | 0.24 | % | ||||||||
Shidongkou II
|
442.00 | 442.13 | -0.03 | % | ||||||||
Shidongkou I
|
453.27 | 457.18 | -0.86 | % | ||||||||
Shanghai CCGT
|
486.74 | 457.11 | 6.48 | % | ||||||||
Fuzhou
|
442.81 | 445.64 | -0.64 | % | ||||||||
Yuhuan
|
484.79 | 491.37 | -1.34 | % | ||||||||
Jingganshan
|
482.95 | 483.90 | -0.20 | % | ||||||||
Luohuang
|
448.57 | 448.95 | -0.08 | % | ||||||||
Yueyang
|
505.13 | 506.87 | -0.34 | % | ||||||||
Qinbei
|
437.01 | 441.43 | -1.00 | % | ||||||||
Shantou coal-fired
|
541.39 | 542.97 | -0.29 | % | ||||||||
Pingliang
|
332.16 | 336.12 | -1.18 | % | ||||||||
Rizhao II
|
446.38 | 446.90 | -0.12 | % | ||||||||
Haimen
|
514.30 | 529.06 | -2.79 | % | ||||||||
Yingkou Co-generation
|
396.96 | 397.59 | -0.16 | % | ||||||||
Beijing Co-generation
|
500.06 | 494.00 | 1.23 | % | ||||||||
Yangliuqing
|
438.73 | 438.03 | 0.16 | % | ||||||||
Qidong Wind Power
|
541.34 | 542.65 | -0.24 | % | ||||||||
Shanghai Generation
|
462.02 | 463.85 | -0.39 | % | ||||||||
Dadi Taihong
|
520.00 | 520.00 | 0.00 | % | ||||||||
Zhanhua Co-generation
|
446.56 | 450.55 | -0.89 | % | ||||||||
Diandong Energy
|
371.30 | 359.58 | 3.26 | % | ||||||||
Diandong Yuwang
|
377.41 | 361.70 | 4.34 | % | ||||||||
Wafangdian
|
632.85 | 610.82 | 3.61 | % | ||||||||
Xiangqi Hydropower
|
390.00 | 390.00 | 0.00 | % |
Average tariff rate (vAT inclusive)
(RMB/MWh)
|
||||||||||||
Project
|
2013
|
2012
|
Change
|
|||||||||
Zuoquan
|
389.83 | 383.25 | 1.72 | % | ||||||||
Jiuquan
|
520.60 | 520.60 | 0.00 | % | ||||||||
Enshi Hydropower
|
356.96 | 360.00 | -0.84 | % | ||||||||
Kangbao
|
534.47 | 536.72 | -0.42 | % | ||||||||
Suzihe
|
330.00 | 364.25 | -9.40 | % | ||||||||
Changtu
|
605.30 | 610.00 | -0.77 | % | ||||||||
Jinling (Combined-cycle)
|
585.53 | N/A | N/A | |||||||||
Jinling (Combined-cycle Co-generation)
|
635.42 | N/A | N/A | |||||||||
Rudong Wind Power
|
610.00 | N/A | N/A | |||||||||
Domestic total
|
454.38 | 454.19 | 0.04 | % | ||||||||
SinoSing Power
|
994.54 | 1,206.23 | -17.55 | % |
Note 1:
|
The electricity tariff of Shanghai CCGT is for the actual power sold, excluding related power generation subsidy.
|
Note 2:
|
The electricity tariff of Jinling(Combined-cycle) and Jinling (Combined- cycle Co-generation) is for the actual power sold, excluding the income from power generation rights transfer.
|
|
2.2
|
Operating expenses
|
|
2.2.1
|
Fuel costs
|
|
2.2.2
|
Maintenance
|
|
2.2.3
|
Depreciation
|
|
2.2.4
|
Labor
|
|
2.2.5
|
Other operating expenses (including electricity power purchase costs and service fees paid to HIPDC)
|
|
2.3
|
Financial expenses
|
|
2.3.1
|
Interest expenses
|
|
2.3.2
|
Net exchange differences and bank charges
|
|
2.4
|
Share of profit of associates and joint ventures
|
|
2.5
|
Income tax expenses
|
|
2.6
|
Net profit, profit attributable to equity holders of the Company and non-controlling interests
|
|
2.7
|
Comparison of financial positions
|
|
2.7.1
|
Comparison of asset items
|
|
2.7.2
|
Comparison of liabilities items
|
|
2.7.3
|
Comparison of equity items
|
|
2.7.4
|
Major financial position ratios
|
2013
|
2012
|
|||||||
Current ratio
|
0.35 | 0.39 | ||||||
Quick ratio
|
0.28 | 0.31 | ||||||
Ratio of liability and equity shareholders’ equity
|
3.00 | 3.44 | ||||||
Multiples of interest earned
|
3.04 | 1.86 |
Current ratio
|
=
|
balance of current assets as of the year end
|
balance of current liabilities as of the year end
|
Quick ratio
|
=
|
(balance of current assets as of the year end – net inventories as of the year end)
|
balance of current liabilities as of the year end
|
Ratio of liabilities and shareholders’ balance of liabilities as of the year end
|
=
|
balance of liabilities as of the year end
|
balance of shareholders’ equity (excluding non-controlling interests) as of the year end
|
Multiples of interest earned
|
=
|
(profit before tax + interest expense)
|
interest expenditure (inclusive of capitalized interest)
|
|
B.
|
LIQUIDITY AND CASH RESOURCES
|
|
1.
|
Liquidity
|
For the year ended December 31
|
||||||||||||
2013
|
2012
|
|||||||||||
RMB billion
|
RMB billion
|
Change %
|
||||||||||
Net cash provided by operating activities
|
40.239 | 26.928 | 49.43 | % | ||||||||
Net cash used in investing activities
|
-19.054 | -15.310 | -24.45 | % | ||||||||
Net cash provided by financing activities
|
-22.240 | -9.817 | -126.55 | % | ||||||||
Currency exchange (loss)/gain
|
-0.108 | 0.151 | -172.52 | % | ||||||||
Net (decrease)/increase in cash and cash equivalents
|
-1.163 | 1.952 | -159.58 | % | ||||||||
Cash and cash equivalents as of the beginning of the year
|
10.505 | 8.553 | 22.82 | % | ||||||||
Cash and cash equivalents at of the end of the year
|
9.342 | 10.505 | -11.07 | % |
|
2.
|
Capital expenditure and cash resources
|
|
2.1
|
Capital expenditures on equity investment
|
|
2.2
|
Capital expenditure on construction and renovation projects
|
Capital Expenditure Project
|
Capital Expenditure Plan for 2014
|
Cash resources arrangements
|
Financing costs and note on use
|
|||
Thermal power projects
|
13.6
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of PBOC
|
|||
Hydropower projects
|
0.2
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of PBOC
|
|||
Wind power projects
|
2.9
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of PBOC
|
|||
Port projects
|
0.9
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of PBOC
|
|||
Coal mining projects
|
1.2
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of PBOC
|
|||
Technical renovation projects
|
6.0
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of PBOC
|
|
2.3
|
Cash resources and anticipated financing costs
|
|
2.4
|
Other financing requirements
|
|
2.5
|
Maturity profile of loans
|
(RMB billion)
|
||||||||||||||||||||
Maturity Profile
|
2014
|
2015
|
2016
|
2017
|
2018
|
|||||||||||||||
Principal proposed to be paid
|
71.434 | 12.677 | 20.112 | 8.564 | 9.541 | |||||||||||||||
Interest proposed to be paid
|
6.648 | 3.939 | 3.291 | 2.413 | 1.981 | |||||||||||||||
Total
|
78.082 | 16.616 | 23.403 | 10.977 | 11.522 |
|
C.
|
COMPANY’S LONG-TERM DEVELOPMENT STRATEGY AND PLANNING
|
|
D.
|
TREND ANALYSIS
|
|
E.
|
PERFORMANCE OF SIGNIFICANT INVESTMENTS AND THEIR PROSPECTS
|
|
F.
|
EMPLOYEE BENEFITS
|
|
G.
|
GUARANTEES AND PLEDGES ON LOANS AND RESTRICTED ASSETS
|
|
1.
|
The Company pledged certain accounts receivable for certain short-term loans borrowed in 2013. As of 31 December 2013, short-term loans of RMB6,000 million were secured by accounts receivable of the Company and its subsidiaries with net book value amounting to RMB6,501 million.
|
|
2.
|
As of 31 December 2013, a short-term loan of RMB50 million was secured by certain future revenue to be generated by a subsidiary of the Company.
|
|
3.
|
As of 31 December 2013, a short-term loan of RMB15.05 million was secured by certain property, plant and equipment of a subsidiary of the Company.
|
|
4.
|
As of 31 December 2013, a long-term loan of RMB69 million is secured by territorial waters use right with net book value amounting to RMB82.42 million.
|
|
5.
|
As of 31 December 2013, a long-term loan of RMB123 million is secured by certain property, plant and equipment with net book value amounting to RMB203 million.
|
|
6.
|
As of 31 December 2013, long-term loans of approximately RMB11,430 million were secured by future electricity revenue of the Company and its subsidiaries.
|
|
7.
|
As of 31 December 2013, a long-term loan of RMB100 million was secured by certain future revenue to be generated by a subsidiary.
|
|
8.
|
As of 31 December 2013, notes payable of RMB23 million were secured by notes receivable of the Company and its subsidiaries with net book value amounting to RMB8 million and cash in bank of RMB19 million.
|
|
H.
|
PROVISIONS
|
|
I.
|
SIGNIFICANT CHANGES IN ACCOUNTING POLICIES AND CHANGES IN ACCOUNTING ESTIMATE
|
|
J.
|
SENSITIVITY ANALYSIS OF IMPAIRMENT
|
|
1.
|
Goodwill impairment
|
|
2.
|
Impairment of property, plant and equipment
|
|
K.
|
RISK FACTORS
|
|
1.
|
Risks relating to power market
|
|
2.
|
Risks relating to electricity tariff
|
|
3.
|
Risks relating to coal market
|
|
4.
|
Risks relating to environment protection policies
|
|
5.
|
Interest rate risks
|
Cao Peixi
|
Chairman
|
Appointed on 17 May 2011
|
||
Huang Long
|
Vice Chairman
|
Appointed on 17 May 2011
|
||
Li Shiqi
|
Director
|
Appointed on 17 May 2011
|
||
Huang Jian
|
Director
|
Appointed on 17 May 2011
|
||
Liu Guoyue
|
Director
|
Appointed on 17 May 2011
|
||
Fan Xiaxia
|
Director
|
Appointed on 17 May 2011
|
||
Shan Qunying
|
Director
|
Appointed on 17 May 2011
|
||
Guo Hongbo
|
Director
|
Appointed on 21 February 2012
|
||
Xu Zujian
|
Director
|
Appointed on 17 May 2011
|
||
Xie Rongxing
|
Director
|
Appointed on 12 June 2012
|
||
Shao Shiwei
|
Independent Director
|
Appointed on 17 May 2011
|
||
Wu Liansheng
|
Independent Director
|
Appointed on 17 May 2011
|
||
Li Zhensheng
|
Independent Director
|
Appointed on 17 May 2011
|
||
Qi Yudong
|
Independent Director
|
Appointed on 17 May 2011
|
||
Zhang Shouwen
|
Independent Director
|
Appointed on 17 May 2011
|
Names of shareholders
|
No. of Shares held as at the year end
|
Percentage of Shareholding
(%)
|
||||||
Huaneng International Power Development Corporation
|
5,066,662,118 | 36.05 | ||||||
HKSCC Nominees Limited
|
2,902,280,217 | 20.65 | ||||||
China Huaneng Group
|
1,561,371,213 | 11.11 | ||||||
Hebei Construction & Investment Group Co., Ltd.
|
603,000,000 | 4.29 | ||||||
China Hua Neng Group Hong Kong Limited
|
472,000,000 | 3.36 | ||||||
Jiangsu Provincial Investment & Management Limited Liability Company
|
416,500,000 | 2.96 | ||||||
Liaoning Energy Investment (Group) Limited Liability Company
|
388,619,936 | 2.76 | ||||||
Fujian Investment Development (Group) Co., Ltd.
|
374,467,500 | 2.66 | ||||||
Dalian Municipal Construction Investment Company Limited
|
301,500,000 | 2.15 | ||||||
HSBC Nominees (Hong Kong) Limited
|
162,418,480 | 1.16 |
|
(1)
|
Basic salaries and allowances
|
|
(2)
|
Discretionary bonus
|
|
(3)
|
Pension
|
|
1.
|
The Company’s annual general meeting was held on 19 June 2013. The resolutions passed at the meeting were published in China Securities Journal and Shanghai Securities News on 20 June 2013.
|
|
2.
|
The Company’s first extraordinary general meeting of 2013 was held on 12 March 2013. The resolutions passed at the meeting were published in China Securities Journal and Shanghai Securities News on 13 March 2013.
|
Beijing
|
Huaneng Power International, Inc.
|
|
Huaneng Building
|
||
6 Fuxingmennei Street
|
||
Xicheng District
|
||
Beijing
|
||
The People’s Republic of China
|
||
Tel: (8610) 6322 6999
|
||
Fax: (8610) 6322 6666
|
||
Hong Kong
|
Wonderful Sky Financial Group Limited
|
|
Unit 3102-05, 31/F., Office Tower,
|
||
Convention Plaza, 1 Harbour Road,
|
||
Wanchai, Hong Kong
|
||
Tel: (852) 2851 1038
|
||
Fax: (852) 2815 1352
|
By Order of the Board
|
|
Huaneng Power International, Inc.
|
|
Cao Peixi
|
|
Chairman
|
Cao Peixi
|
Shao Shiwei
|
|
(Executive Director)
|
(Independent Non-executive Director)
|
|
Huang Long
|
Wu Liansheng
|
|
(Non-executive Director)
|
(Independent Non-executive Director)
|
|
Li Shiqi
|
Li Zhensheng
|
|
(Non-executive Director)
|
(Independent Non-executive Director)
|
|
Huang Jian
|
Qi Yudong
|
|
(Non-executive Director)
|
(Independent Non-executive Director)
|
|
Liu Guoyue
|
Zhang Shouwen
|
|
(Executive Director)
|
(Independent Non-executive Director)
|
|
Fan Xiaxia
|
||
(Executive Director)
|
||
Shan Qunying
|
||
(Non-executive Director)
|
||
Guo Hongbo
|
||
(Non-executive Director)
|
||
Xu Zujian
|
||
(Non-executive Director)
|
||
Xie Rongxing
|
||
(Non-executive Director)
|
|
A.
|
FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS PREPARED UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”)
|
For the year ended 31 December
|
||||||||||||
Note
|
2013
|
2012
|
||||||||||
Operating revenue
|
3 | 133,832,875 | 133,966,659 | |||||||||
Tax and levies on operations
|
(1,043,855 | ) | (672,040 | ) | ||||||||
Operating expenses
|
||||||||||||
Fuel
|
(73,807,817 | ) | (82,355,449 | ) | ||||||||
Maintenance
|
(3,856,975 | ) | (2,846,521 | ) | ||||||||
Depreciation
|
(11,293,522 | ) | (11,032,748 | ) | ||||||||
Labor
|
(5,762,884 | ) | (5,112,484 | ) | ||||||||
Service fees on transmission and
transformer facilities of HIPDC
|
(140,771 | ) | (140,771 | ) | ||||||||
Purchase of electricity
|
(4,955,603 | ) | (7,101,878 | ) | ||||||||
Others
|
(8,860,409 | ) | (7,747,828 | ) | ||||||||
Total operating expenses
|
(108,677,981 | ) | (116,337,679 | ) | ||||||||
Profit from operations
|
24,111,039 | 16,956,940 | ||||||||||
Interest income
|
170,723 | 175,402 | ||||||||||
Financial expenses, net
|
||||||||||||
Interest expense
|
(7,787,472 | ) | (8,897,097 | ) | ||||||||
Exchange gain/(loss) and bank charges, net
|
94,109 | (166,778 | ) | |||||||||
Total financial expenses, net
|
(7,693,363 | ) | (9,063,875 | ) | ||||||||
Share of profits of associates and
joint ventures
|
615,083 | 622,358 | ||||||||||
Loss on fair value changes of
financial assets/liabilities
|
(5,701 | ) | (1,171 | ) | ||||||||
Other investment income
|
224,908 | 187,131 | ||||||||||
Profit before income tax expense
|
17,422,689 | 8,876,785 | ||||||||||
Income tax expense
|
4 | (4,522,671 | ) | (2,510,370 | ) | |||||||
Net profit
|
12,900,018 | 6,366,415 |
For the year ended 31 December
|
|||||||||
Note
|
2013
|
2012
|
|||||||
Other comprehensive (loss)/income, net of tax
|
|||||||||
Items that may be reclassified subsequently to profit or loss:
|
|||||||||
Fair value changes of available-for-sale financial asset
|
(106,244 | ) | 98,516 | ||||||
Share of other comprehensive (loss)/income of investees accounted for under the equity method
|
(35,481 | ) | 30,070 | ||||||
Effective portion of cash flow hedges
|
417,891 | (325,375 | ) | ||||||
Translation differences of the financial statements of foreign operations
|
(782,063 | ) | 536,231 | ||||||
Other comprehensive (loss)/income, net of tax
|
(505,897 | ) | 339,442 | ||||||
Total comprehensive income
|
12,394,121 | 6,705,857 | |||||||
Net profit attributable to:
|
|||||||||
– Equity holders of the Company
|
10,426,024 | 5,512,454 | |||||||
– Non-controlling interests
|
2,473,994 | 853,961 | |||||||
12,900,018 | 6,366,415 | ||||||||
Total comprehensive income attributable to:
|
|||||||||
– Equity holders of the Company
|
9,920,884 | 5,850,701 | |||||||
– Non-controlling interests
|
2,473,237 | 855,156 | |||||||
12,394,121 | 6,705,857 | ||||||||
Earnings per share attributable to the equity holders of the Company (expressed in RMB per share)
|
|||||||||
– Basic and diluted
|
9
|
0.74 | 0.39 | ||||||
Dividends paid
|
6
|
2,951,631 | 702,867 | ||||||
Proposed dividend
|
6
|
5,341,046 | 2,951,631 | ||||||
Proposed dividend per share (expressed in RMB per share)
|
6
|
0.38 | 0.21 |
The Company and its Subsidiaries
|
The Company
|
|||||||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||||||
Note
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Non-current assets
|
||||||||||||||||||||
Property, plant and equipment
|
181,415,181 | 177,013,627 | 65,802,124 | 64,815,452 | ||||||||||||||||
Investments in associates and joint ventures
|
16,678,694 | 14,596,771 | 13,854,170 | 11,915,374 | ||||||||||||||||
Investments in subsidiaries
|
– | – | 38,896,255 | 39,284,115 | ||||||||||||||||
Loans to subsidiaries
|
– | – | 1,787,233 | 1,400,000 | ||||||||||||||||
Available-for-sale financial assets
|
3,111,164 | 3,052,822 | 3,099,051 | 3,040,709 | ||||||||||||||||
Land use rights
|
4,491,285 | 4,297,183 | 1,459,245 | 1,497,255 | ||||||||||||||||
Power generation license
|
3,837,169 | 4,084,506 | – | – | ||||||||||||||||
Mining rights
|
1,922,655 | 1,922,655 | – | – | ||||||||||||||||
Deferred income tax assets
|
652,358 | 532,387 | 423,594 | 860,779 | ||||||||||||||||
Derivative financial assets
|
14,245 | 13,723 | – | – | ||||||||||||||||
Goodwill
|
12,758,031 | 14,417,543 | 106,854 | 108,938 | ||||||||||||||||
Other non-current assets
|
3,165,067 | 3,082,894 | 283,713 | 219,887 | ||||||||||||||||
Total non-current assets
|
228,045,849 | 223,014,111 | 125,712,239 | 123,142,509 | ||||||||||||||||
Current assets
|
||||||||||||||||||||
Inventories
|
6,469,026 | 7,022,384 | 2,323,873 | 2,488,249 | ||||||||||||||||
Other receivables and assets
|
2,072,981 | 2,990,395 | 2,152,521 | 2,405,140 | ||||||||||||||||
Accounts receivable
|
5 | 15,562,121 | 15,299,964 | 6,559,753 | 6,622,889 | |||||||||||||||
Trading securities
|
– | 93,753 | – | – | ||||||||||||||||
Loans to subsidiaries
|
– | – | 26,952,700 | 26,141,786 | ||||||||||||||||
Derivative financial assets
|
91,727 | 55,268 | – | – | ||||||||||||||||
Bank balances and cash
|
9,433,385 | 10,624,497 | 5,219,424 | 4,613,008 | ||||||||||||||||
Assets held for sale
|
557,671 | – | 787,611 | – | ||||||||||||||||
Total current assets
|
34,186,911 | 36,086,261 | 43,995,882 | 42,271,072 | ||||||||||||||||
Total assets
|
262,232,760 | 259,100,372 | 169,708,121 | 165,413,581 |
The Company and its Subsidiaries
|
The Company
|
|||||||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||||||
Note
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
EQUITY AND LIABILITIES
|
||||||||||||||||||||
Capital and reserves attributable to equity holders of the Company
|
||||||||||||||||||||
Share capital
|
14,055,383 | 14,055,383 | 14,055,383 | 14,055,383 | ||||||||||||||||
Capital surplus
|
17,347,068 | 17,719,077 | 17,630,514 | 18,307,065 | ||||||||||||||||
Surplus reserves
|
7,085,454 | 7,085,454 | 7,085,454 | 7,085,454 | ||||||||||||||||
Currency translation differences
|
(817,243 | ) | (35,937 | ) | – | – | ||||||||||||||
Retained earnings
|
||||||||||||||||||||
– Proposed dividend
|
5,341,046 | 2,951,631 | 5,341,046 | 2,951,631 | ||||||||||||||||
– Others
|
19,438,957 | 14,354,526 | 11,341,079 | 9,170,474 | ||||||||||||||||
62,450,665 | 56,130,134 | 55,453,476 | 51,570,007 | |||||||||||||||||
Non-controlling interests
|
12,742,309 | 9,830,208 | — | — | ||||||||||||||||
Total equity
|
75,192,974 | 65,960,342 | 55,453,476 | 51,570,007 | ||||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Long-term loans
|
60,513,671 | 72,564,824 | 16,604,712 | 22,182,258 | ||||||||||||||||
Long-term bonds
|
23,726,550 | 22,884,688 | 23,726,550 | 22,884,688 | ||||||||||||||||
Deferred income tax liabilities
|
2,032,417 | 2,011,729 | – | – | ||||||||||||||||
Derivative financial liabilities
|
383,405 | 837,005 | 116,568 | 210,137 | ||||||||||||||||
Other non-current liabilities
|
1,404,898 | 1,247,464 | 831,530 | 713,694 | ||||||||||||||||
Total non-current liabilities
|
88,060,941 | 99,545,710 | 41,279,360 | 45,990,777 | ||||||||||||||||
Current liabilities
|
||||||||||||||||||||
Accounts payable and other liabilities
|
7 | 25,321,374 | 19,992,901 | 11,196,737 | 8,057,585 | |||||||||||||||
Taxes payable
|
1,647,925 | 1,275,430 | 738,322 | 562,973 | ||||||||||||||||
Dividends payable
|
166,270 | 70,839 | – | – | ||||||||||||||||
Salary and welfare payables
|
188,837 | 217,967 | 68,776 | 64,039 | ||||||||||||||||
Derivative financial liabilities
|
43,591 | 88,641 | – | – | ||||||||||||||||
Short-term bonds
|
15,135,024 | 35,449,763 | 15,135,024 | 35,449,763 | ||||||||||||||||
Short-term loans
|
37,937,046 | 27,442,076 | 31,490,000 | 19,633,87 | ||||||||||||||||
Current portion of long-term loans
|
12,796,956 | 9,056,703 | 8,655,776 | 14,084,566 | ||||||||||||||||
Current portion of long-term bonds
|
5,690,650 | – | 5,690,650 | – | ||||||||||||||||
Liabilities held for sale
|
51,172 | – | – | – | ||||||||||||||||
Total current liabilities
|
98,978,845 | 93,594,320 | 72,975,285 | 67,852,797 | ||||||||||||||||
Total liabilities
|
187,039,786 | 193,140,030 | 114,254,645 | 113,843,574 | ||||||||||||||||
Total equity and liabilities
|
262,232,760 | 259,100,372 | 169,708,121 | 165,413,581 |
|
1.
|
Basis of preparation
|
|
2.
|
Principal accounting policies
|
|
•
|
Amendments to IAS 1, ‘Presentation of financial statements – Presentation of items of other comprehensive income’. The amendments require entities to present separately the items of other comprehensive income that would be reclassified to profit or loss in the future if certain conditions are met from those that would never be reclassified to profit or loss. The Company and its subsidiaries adopted the amendments from 1 January 2013. These amendments did not have any material impact on the consolidated financial statements.
|
|
•
|
IFRS 10, ‘Consolidated financial statements’ introduces a single control model to determine whether an investee should be consolidated, by focusing on whether the entity has power over the investee, exposure or rights to variable returns from its involvement with the investee and the ability to use its power to affect the amount of those returns.
|
|
|
As a result of the adoption of IFRS 10, the Company and its subsidiaries have changed their accounting policy with respect to determining whether they have control over an investee. The adoption did not change any of the control conclusions reached by the Company and its subsidiaries in respect of its involvement with other entities as at 1 January 2013.
|
|
•
|
IFRS 11, ‘Joint arrangements’ divides joint arrangements into joint operations and joint ventures. Entities are required to determine the type of an arrangement by considering the structure, legal form, contractual terms and other facts and circumstances relevant to their rights and obligations under the arrangement. Joint arrangements which are classified as joint operations under IFRS 11 are recognized on a line-by-line basis to the
|
|
•
|
IFRS 12, ‘Disclosure of interests in other entities’ brings together into a single standard all the disclosure requirements relevant to an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities. The disclosures required by IFRS 12 are generally more extensive than those previously required by the respective standards.
|
|
•
|
IFRS 13, ‘Fair value measurement’ replaces existing guidance in individual IFRSs with a single source of fair value measurement guidance. IFRS 13 also contains extensive disclosure requirements about fair value measurements for both financial instruments and non-financial instruments. The adoption of IFRS 13 did not have any material impact on the fair value measurements of the Company and its subsidiaries’ assets and liabilities.
|
|
•
|
Amendments to IAS 19, ‘Employee benefits’ introduces a number of amendments to the accounting for defined benefit plans. Among them, revised IAS 19 eliminates the “corridor method” under which the recognition of actuarial gains and losses relating to defined benefit schemes could be deferred and recognized in profit or loss over the expected average remaining service lives of employees. Under the revised standard, all actuarial gains and losses are required to be recognized immediately in other comprehensive income. Revised IAS 19 also changed the basis for determining income from plan assets from expected return to interest income calculated at the liability discount rate, and requires immediate recognition
|
|
•
|
Annual Improvements to IFRSs 2009-2011 Cycle contains amendments to five standards with consequential amendments to other standards and interpretations. Among them, IAS 1 has been amended to clarify that an opening balance sheet is required only when a retrospective application of an accounting policy, a retrospective restatement or a reclassification has a material effect on the information presented in the opening balance sheet. The amendments also remove the requirement to present related notes to the opening balance sheet when such statement is presented. The adoption of the amendments did not have an impact on these financial statements because the Company and its subsidiaries have not made retrospective restatements during the periods presented.
|
|
•
|
Amendments to IFRS 7 – Disclosures – Offsetting financial assets and financial liabilities. The amendments introduce new disclosures in respect of offsetting financial assets and financial liabilities. Those new disclosures are required for all recognized financial instruments that are set off in accordance with IAS 32, Financial instruments: Presentation and those that are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments and transactions, irrespective of whether the financial instruments are set off in accordance with IAS 32.
|
|
3.
|
Revenue and segment information
|
For the year ended 31 December
|
||||||||
2013
|
2012
|
|||||||
Sales of power and heat
|
132,478,643 | 131,936,955 | ||||||
Port service
|
352,988 | 330,518 | ||||||
Transportation service
|
133,147 | 101,205 | ||||||
Others
|
868,097 | 1,597,981 | ||||||
Total
|
133,832,875 | 133,966,659 |
(Under PRC GAAP)
|
||||||||||||||||
PRC power segment
|
Singapore segment
|
All other
segments
|
Total
|
|||||||||||||
Interest income
|
98,737 | 70,445 | 1,541 | 170,723 | ||||||||||||
Interest expense
|
(6,968,512 | ) | (448,876 | ) | (138,139 | ) | (7,555,527 | ) | ||||||||
Depreciation and amortization
|
(10,633,399 | ) | (686,619 | ) | (158,583 | ) | (11,478,601 | ) | ||||||||
Net (loss)/gain on disposal of property,
plant and equipment
|
(906,285 | ) | (987 | ) | 10,560 | (896,712 | ) | |||||||||
SShare of profits of associates and
joint ventures
|
587,062 | – | (127,659 | ) | 459,403 | |||||||||||
Income tax expense
|
(4,486,588 | ) | (43,774 | ) | (14,591 | ) | (4,544,953 | ) |
Including:
|
||||||||||||||||
Additions to non-current assets
(excluding financial assets and
deferred income tax assets)
|
16,730,985 | 1,103,389 | 1,504,584 | 19,338,958 | ||||||||||||
Investments in associates
|
10,991,166 | – | 2,379,531 | 13,370,697 | ||||||||||||
Investments in joint ventures
|
798,000 | – | 978,013 | 1,776,013 | ||||||||||||
Segment liabilities
|
(156,529,664 | ) | (156,529,664 | ) | (5,106,756 | ) | (177,563,355 | ) |
(Under PRC GAAP)
|
||||||||||||||||
PRC power segment
|
Singapore segment
|
All other
segments
|
Total
|
|||||||||||||
31 December 2012
|
||||||||||||||||
Segment assets
|
210,014,318 | 32,283,757 | 9,225,290 | 251,523,365 |
Including:
|
||||||||||||||||
Additions to non-current assets(excluding financial assets anddeferred income tax assets)
|
30,557,482 | 2,396,858 | 1,261,944 | 34,216,284 | ||||||||||||
Investments in associates
|
10,449,684 | – | 914,600 | 11,364,284 | ||||||||||||
Investments in joint ventures
|
640,000 | – | 1,056,637 | 1,696,637 | ||||||||||||
Segment liabilities
|
(160,960,185 | ) | (17,872,738 | ) | (4,060,893 | ) | (182,893,816 | ) |
For the year ended 31 December
|
||||||||
2013
|
2012
|
|||||||
Revenue from external customers (PRC GAAP)
|
133,832,875 | 133,966,659 | ||||||
Reconciling item:
|
||||||||
Impact of IFRS adjustment*
|
– | – | ||||||
Operating revenue per consolidated statement of comprehensive income
|
133,832,875 | 133,966,659 |
For the year ended 31 December
|
||||||||
2013
|
2012
|
|||||||
Segment results (PRC GAAP)
|
17,678,998 | 9,582,522 | ||||||
Reconciling items:
|
||||||||
Loss related to the headquarter
|
(381,830 | ) | (466,430 | ) | ||||
Investment income from China Huaneng Finance Co., Ltd. (“Huaneng Finance”)
|
166,734 | 124,092 | ||||||
Dividend income of available-for-sale
financia
l
assets
|
185,399 | 187,080 | ||||||
Impact of IFRS adjustments*
|
(226,612 | ) | (550,479 | ) | ||||
Profit before income tax expense per consolidated statement of comprehensive income
|
17,422,689 | 8,876,785 |
As at 31 December
|
||||||||
2013
|
2012
|
|||||||
Total segment assets (PRC GAAP)
|
254,713,996 | 251,523,365 | ||||||
Reconciling items:
|
||||||||
Investment in Huaneng Finance
|
1,270,016 | 1,257,181 | ||||||
Deferred income tax assets
|
762,561 | 672,840 | ||||||
Prepaid income tax
|
5,119 | 14,850 | ||||||
Available-for-sale financial assets
|
3,161,165 | 3,102,822 | ||||||
Corporate assets
|
361,996 | 290,811 | ||||||
Impact of IFRS adjustments*
|
1,957,907 | 2,238,503 | ||||||
Total assets per consolidated balance sheet
|
262,232,760 | 259,100,372 |
As at 31 December
|
||||||||
2013
|
2012
|
|||||||
Total segment liabilities (PRC GAAP)
|
(177,563,355 | ) | (182,893,816 | ) | ||||
Reconciling items:
|
||||||||
Current income tax liabilities
|
(700,082 | ) | (788,624 | ) | ||||
Deferred income tax liabilities
|
(1,788,922 | ) | (1,776,203 | ) | ||||
Corporate liabilities
|
(6,177,875 | ) | (6,484,987 | ) | ||||
Impact of IFRS adjustments*
|
(809,552 | ) | (1,196,400 | ) | ||||
Total liabilities per consolidated balance sheet
|
(187,039,786 | ) | (193,140,030 | ) |
Reportable segment total
|
Headquarters
|
Investment income from Huaneng Finance
|
Impact of IFRS adjustments*
|
Total
|
||||||||||||||||
Interest expense
|
(7,555,527 | ) | (231,945 | ) | – | – | (7,787,472 | ) | ||||||||||||
Depreciation and amortization
|
(11,478,601 | ) | (23,540 | ) | – | (43,374 | ) | (11,545,515 | ) | |||||||||||
Share of profits of associates and joint ventures
|
459,403 | – | 166,734 | (11,054 | ) | 615,083 | ||||||||||||||
Income tax expense
|
(4,544,953 | ) | – | – | 22,282 | (4,522,671 | ) | |||||||||||||
For the year ended 31 December 2012
|
||||||||||||||||||||
Interest expense
|
(8,614,830 | ) | (282,267 | ) | – | – | (8,897,097 | ) | ||||||||||||
Depreciation and amortization
|
(11,047,193 | ) | (42,749 | ) | – | (166,468 | ) | (11,256,410 | ) | |||||||||||
Share of profits of associates and joint ventures
|
506,071 | – | 124,092 | (7,805 | ) | 622,358 | ||||||||||||||
Income tax expense
|
(2,574,810 | ) | – | – | 64,440 | (2,510,370 | ) |
|
*
|
The GAAP adjustments above primarily represented the classification adjustments and other adjustments. The GAAP adjustments other than classification adjustments were primarily brought forward from prior years. Such differences will be gradually eliminated following subsequent depreciation and amortization of related assets or the extinguishment of liabilities.
|
|
(i)
|
External revenue generated from the following countries:
|
For the year ended 31 December
|
||||||||
2013
|
2012
|
|||||||
PRC
|
119,593,313 | 114,125,493 | ||||||
Singapore
|
14,239,562 | 19,841,166 | ||||||
Total
|
133,832,875 | 133,966,659 |
|
(ii)
|
Non-current assets (excluding financial assets and deferred income tax assets) are located in the following countries:
|
As at 31 December
|
||||||||
2013
|
2012
|
|||||||
PRC
|
198,621,517 | 192,281,707 | ||||||
Singapore
|
24,920,351 | 26,459,701 | ||||||
Total
|
223,541,868 | 218,741,408 |
For the year ended 31 December
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Amount
|
Proportion
|
Amount
|
Proportion
|
|||||||||||||
Jiangsu Electric Power Company
|
16,950,098 | 13% | 16,289,628 | 12% | ||||||||||||
Shandong Electric Power Corporation
|
16,545,732 | 12% | 16,492,367 | 12% |
For the year ended 31 December
|
||||||||
2013
|
2012
|
|||||||
Current income tax expense
|
4,579,901 | 2,659,038 | ||||||
Deferred income tax
|
(57,230 | ) | (148,668 | ) | ||||
4,522,671 | 2,510,370 |
For the year ended 31 December
|
||||||||
2013
|
2012
|
|||||||
Notional tax on profit before income tax expense,
calculated at the applicable income tax rates in
the countries concerned
|
24.33% | 24.28% | ||||||
Effect of tax losses and deductible temporary
differences not recognized
|
1.01% | 3.28% | ||||||
Effect of non-taxable income
|
(1.15% | ) | (1.95% | ) | ||||
Effect of non-deductible expenses
|
1.79% | 2.67% | ||||||
Others
|
(0.03% | ) | – | |||||
Effective tax rate
|
25.95% | 28.28% |
|
5.
|
Accounts receivable
|
The Company and its subsidiaries
|
The Company
|
|||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Accounts receivable
|
14,812,913 | 14,953,794 | 6,350,771 | 6,581,604 | ||||||||||||
Notes receivable
|
755,331 | 357,589 | 208,982 | 41,285 | ||||||||||||
15,568,244 | 15,311,383 | 6,559,753 | 6,622,889 | |||||||||||||
Less: provision for doubtful accounts
|
(6,123 | ) | (11,419 | ) | – | – | ||||||||||
15,562,121 | 15,299,964 | 6,559,753 | 6,622,889 |
The Company and its subsidiaries
|
The Company
|
|||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Within 1 year
|
15,347,876 | 15,236,883 | 6,427,873 | 6,622,882 | ||||||||||||
Between 1 to 2 years
|
188,778 | 49,693 | 131,873 | 2 | ||||||||||||
Between 2 to 3 years
|
25,326 | 12,951 | 2 | 5 | ||||||||||||
Over 3 years
|
6,264 | 11,856 | 5 | – | ||||||||||||
15,568,244 | 15,311,383 | 6,559,753 | 6,622,889 |
|
6.
|
Dividends
|
|
7.
|
Accounts payable and other liabilities
|
The Company and its subsidiaries
|
The Company
|
|||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Accounts and notes payable
|
12,277,872 | 7,354,260 | 5,952,032 | 2,979,284 | ||||||||||||
Amounts received in advance
|
705,938 | 990,355 | 660,372 | 906,334 | ||||||||||||
Payables to contractors for construction
|
7,724,843 | 7,692,036 | 2,390,661 | 2,396,375 | ||||||||||||
Retention payables to contractors
|
968,863 | 832,889 | 331,618 | 187,177 | ||||||||||||
Consideration payables for acquisitions
|
18,000 | 11,136 | 18,000 | 11,136 | ||||||||||||
Accrued interests
|
1,047,410 | 897,839 | 856,647 | 674,303 | ||||||||||||
Accrued pollutants discharge fees
|
133,287 | 87,071 | 54,210 | 31,139 | ||||||||||||
Accrued water-resources fees
|
23,550 | 17,299 | 11,763 | 7,517 | ||||||||||||
Accrued service fee of intermediaries
|
44,740 | 33,992 | 44,740 | 33,905 | ||||||||||||
Capacity quota payables
|
2,841 | 39,935 | – | – | ||||||||||||
Security deposits
|
140,953 | 94,611 | – | – | ||||||||||||
Provisions
|
182,188 | 157,263 | – | – | ||||||||||||
Others
|
2,050,889 | 1,784,215 | 876,694 | 830,415 | ||||||||||||
Total
|
25,321,374 | 19,992,901 | 11,196,737 | 8,057,585 |
The Company and its subsidiaries
|
The Company
|
|||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Accounts and notes payable Within 1 year
|
12,226,313 | 7,287,106 | 5,939,993 | 2,962,215 | ||||||||||||
Between 1 to 2 years
|
14,041 | 51,847 | 6,765 | 15,355 | ||||||||||||
Over 2 years
|
37,518 | 15,307 | 5,274 | 1,714 | ||||||||||||
Total
|
12,277,872 | 7,354,260 | 5,952,032 | 2,979,284 |
|
8.
|
Additional financial information on balance sheets
|
|
9.
|
Earnings per share
|
2013
|
2012
|
|||||||
Consolidated net profit attributable to equity holders of the Company
|
10,426,024 | 5,512,454 | ||||||
Weighted average number of the Company’s outstanding ordinary shares
(’000)
|
14,055,383 | 14,055,383 | ||||||
Basic and diluted earnings per share
(RMB)
|
0.74 | 0.39 |
|
B.
|
FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED FINANCIAL STATEMENTS PREPARED UNDER PRC GAAP
|
|
1.
|
FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
|
|
For the year ended 31 December
|
|||||||||||||||||
Unit
|
2013
|
2012
|
Variance (%)
|
2011
|
||||||||||||||
Operating revenue
|
Yuan
|
133,832,874,654 | 133,966,658,882 | -0.10 | 133,420,768,944 | |||||||||||||
Profit before taxation
|
Yuan
|
17,649,301,160 | 9,427,264,064 | 87.22 | 2,348,142,819 | |||||||||||||
Net profit attributable to shareholders of the Company
|
Yuan
|
10,520,133,720 | 5,868,651,294 | 79.26 | 1,268,245,238 | |||||||||||||
Net profit attributable to shareholders of the Company (excluding non-recurring items)
|
Yuan
|
11,610,708,745 | 5,825,205,568 | 99.32 | 847,116,831 | |||||||||||||
Basic earnings per share
|
Yuan/Share
|
0.75 | 0.42 | 78.57 | 0.09 | |||||||||||||
Diluted earnings per share
|
Yuan/Share
|
0.75 | 0.42 | 78.57 | 0.09 | |||||||||||||
Basic earnings per share (excluding non-recurring items)
|
Yuan/Share
|
0.83 | 0.41 | 102.44 | 0.06 | |||||||||||||
Return on net assets (weighted average)
|
%
|
17.87 | 11.11 |
Increased by 6.76
percents
|
2.47 | |||||||||||||
Return on net assets calculated based on net profit excluding non-recurring items (weighted average)
|
%
|
19.73 | 11.03 |
Increased by 8.70
percents
|
1.65 | |||||||||||||
Net cash flows from operating activities
|
Yuan
|
40,239,429,353 | 26,928,082,036 | 49.43 | 20,949,154,990 | |||||||||||||
Net cash flows from operating activities per share
|
Yuan/Share
|
2.86 | 1.92 | 48.96 | 1.49 |
Unit
|
31 December
2013
|
31 December
2012
|
Variance (%)
|
31 December
2011
|
||||||||||||||
Total assets
|
Yuan
|
260,274,853,102 | 256,861,869,430 | 1.33 | 254,365,393,306 | |||||||||||||
Shareholders’ equity attributable to shareholders of the Company
|
Yuan
|
61,747,779,816 | 55,580,790,014 | 11.10 | 50,075,263,660 | |||||||||||||
Net assets per share attributable to shareholders of the Company
|
Yuan/Share
|
4.39 | 3.95 | 11.14 | 3.56 |
Note:
|
Formula of key financial ratios:
|
||||
Basic earnings per share
|
=
|
Net profit attributable to shareholders of the Company for the year/Weighted average number of ordinary shares
|
|||
Return on net assets (weighted average)
|
=
|
Net profit attributable to shareholders of the Company for the year/weighted average shareholders’ equity (excluding non-controlling interests)×100%
|
|
2.
|
ITEMS AND AMOUNTS OF NON-RECURRING ITEMS
|
Non-recurring Items
|
For the year ended 31 December 2013
|
|||
Net loss from disposal of non-current assets
|
(889,722,013 | ) | ||
Government grants recorded in the profit and loss
|
369,198,868 | |||
The gain on fair value change of held-for-trading financial assets and liabilities (excluding effective hedging instruments related to operating activities of the Company) and disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets
|
15,380,707 | |||
Reversal of doubtful accounts receivable individually tested for impairments
|
4,730,343 | |||
Non-
operating
incomes and expenses besides items above
|
(178,124,270 | ) | ||
Other items recorded in the profit and loss in accordance with the definition of non-recurring items
|
(409,355,335 | ) | ||
(1,087,891,700 | ) | |||
Impact of income tax
|
76,806,243 | |||
Impact of non-controlling interests (after tax)
|
(79,489,568 | ) | ||
(1,090,575,025 | ) |
|
3.
|
INCOME STATEMENTS
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||
Consolidated
|
Consolidated
|
The Company
|
The Company
|
||||||||||||||
1. Operating revenue
|
133,832,874,654 | 133,966,658,882 | 59,965,211,045 | 57,696,031,638 | |||||||||||||
Less:
|
Operating cost
|
102,865,045,328 | 112,136,538,026 | 43,232,052,866 | 46,264,552,437 | ||||||||||||
Tax and levies on operations
|
1,043,855,056 | 672,040,241 | 578,369,215 | 410,126,672 | |||||||||||||
Selling expenses
|
9,127,968 | 5,996,744 | – | – | |||||||||||||
General and administrative expenses
|
3,433,352,291 | 3,087,408,193 | 2,128,991,054 | 1,995,446,694 | |||||||||||||
Financial expenses, net
|
7,522,640,063 | 8,888,473,248 | 4,920,662,589 | 5,190,593,183 | |||||||||||||
Assets impairment loss
|
1,456,248,652 | 871,565,797 | 3,302,047,257 | 1,884,897,540 | |||||||||||||
Add:
|
Loss from changes in
fair value
|
(5,700,800 | ) | (1,171,291 | ) | – | – | ||||||||||
Investment income
|
851,044,079 | 817,294,067 | 5,063,764,179 | 2,497,028,566 | |||||||||||||
Including: investment i
ncome
from associates and joint ventures
|
626,136,176 | 630,163,090 | 625,101,289 | 629,255,538 | |||||||||||||
2. Operating profit
|
18,347,948,575 | 9,120,759,409 | 10,866,852,243 | 4,447,443,678 | |||||||||||||
Add:
|
Non-operating income
|
449,044,814 | 694,025,610 | 208,114,093 | 586,948,696 | ||||||||||||
Including: gain on disposal of
non-current assets
|
26,167,239 | 33,959,570 | 6,853,151 | 12,176,296 | |||||||||||||
Less:
|
Non-operating expenses
|
1,147,692,229 | 387,520,955 | 369,483,831 | 261,602,687 | ||||||||||||
Including: loss on disposal of
non-current assets
|
915,889,252 | 284,266,900 | 217,434,381 | 204,151,196 | |||||||||||||
3.
Profit before taxation
|
|
17,649,301,160 | 9,427,264,064 | 10,705,482,505 | 4,772,789,687 | ||||||||||||
Less:
|
Income tax expense
|
4,544,952,934 | 2,574,810,017 | 3,146,575,074 | 850,097,441 |
2013
|
2012
|
2013
|
2012
|
||||||||||||||
Consolidated
|
Consolidated
|
The Company
|
The Company
|
||||||||||||||
4. |
Net profit
|
13,104,348,226 | 6,852,454,047 | 7,558,907,431 | 3,922,692,246 | ||||||||||||
Attributable to:
|
|||||||||||||||||
– Shareholders of the Company
|
10,520,133,720 | 5,868,651,294 | 7,558,907,431 | 3,922,692,246 | |||||||||||||
– Non-controlling interests
|
2,584,214,506 | 983,802,753 | — | — | |||||||||||||
5. |
Earnings per share (based on the net profit attributable toshareholders of the Company)
|
||||||||||||||||
Basic earnings per share
|
0.75 | 0.42 | — | — | |||||||||||||
Diluted earnings per share
|
0.75 | 0.42 | — | — | |||||||||||||
6. |
Other comprehensive (loss)/income
Items that may be reclassified subsequently to profit or loss:
|
(505,896,479 | ) | 339,444,610 | (71,548,008 | ) | 122,734,056 | ||||||||||
Fair value changes of available-for-sale financial asset
|
(106,243,397 | ) | 98,516,605 | (106,243,397 | ) | 98,516,605 | |||||||||||
Share of other comprehensive )loss)/
incom
e
o
f
investee
s
accounte
d
for unde
r
th
e
equit
y
method
|
(35,481,396 | ) | 30,070,525 | (35,481,396 | ) | 30,070,525 | |||||||||||
Effective portion of cash flow hedges
|
417,890,908 | (325,374,627 | ) | 70,176,785 | (5,853,074 | ) | |||||||||||
Translation differences of the financial statement of foreign operations
|
(782,062,594 | ) | 536,232,107 | – | – | ||||||||||||
7. |
Total comprehensive income
|
12,598,451,747 | 7,191,898,657 | 7,487,359,423 | 4,045,426,302 | ||||||||||||
Attributable to
– Shareholders of the Company
|
10,014,993,972 | 6,206,900,121 | 7,487,359,423 | 4,045,426,302 | |||||||||||||
– Non-controlling interests
|
2,583,457,775 | 984,998,536 | — | — |
|
4.
|
NET INCOME RECONCILIATION BETWEEN PRC GAAP AND IFRS
|
Net profit attributable to equity holders of the Company
|
||||||||
2013
|
2012
|
|||||||
RMB’000
|
RMB’000
|
|||||||
Consolidated net profit attributable to shareholders of the Company under PRC GAAP
|
10,520,134 | 5,868,651 | ||||||
Impact of IFRS adjustments:
|
||||||||
Effect of reversal of the recorded amounts received in advance in previous years (a)
|
261,339 | – | ||||||
Amortization of the difference in the recognition of housing benefits of previous years (b)
|
(940 | ) | (2,247 | ) | ||||
Difference on depreciation related to borrowing costs capitalized in previous years (c)
|
(27,368 | ) | (26,369 | ) | ||||
Differences in accounting treatment on business combinations under common control (d)
|
– | (107,735 | ) | |||||
Difference in depreciation and amortization of assets acquired in business combinations under common control (d)
|
(175,750 | ) | (312,034 | ) | ||||
Applicable deferred income tax impact of the GAAP differences above (e)
|
36,292 | 69,180 | ||||||
Others
|
(297,904 | ) | (106,833 | ) | ||||
Profit attributable to non-controlling interests on the adjustments above
|
110,221 | 129,841 | ||||||
Consolidated net profit attributable to equity holders of the Company under IFRS
|
10,426,024 | 5,512,454 |
|
(a)
|
Effect of the recorded amounts received in advance in previous years
|
|
(b)
|
Difference in the recognition of housing benefits to the employees of the Company and its subsidiaries in previous years
|
|
(c)
|
Effect of depreciation on the capitalization of borrowing costs in previous years
|
|
(d)
|
Differences in accounting treatment on business combinations under common control
|
|
(e)
|
Deferred income tax impact on GAAP differences
|
|
1.
|
The Working Report of the President of the Company for 2013 was approved
|
|
2.
|
The Working Report of the Board of Directors of the Company for 2013 was approved
|
|
3.
|
Proposal on impairment of the Company’s material assets
|
|
1.
|
As a result of shutting down the generating units, each of Huaneng Zhanhua Cogeneration Limited Liability Company, Huaneng Power International, Inc. Changxing Power Plant and Huaneng Yushe Power Generation Co., Ltd. has made a provision of impairment on its related assets amounting to RMB380.6345 million, RMB37.9516 million and RMB9.1965 million, respectively. A subsidiary of Tuas Power Limited has made a provision of impairment amounting to RMB45.1377 million due to the economic performance of the ash recycling project lower than the expectation.
|
|
2.
|
Due to the change of the business environment of maritime transportation market, utilization of the port facilities being lower than expectation and the price remaining at a low level, the goodwill arising from the acquisition of Huaneng Qingdao Port Limited Company, Shandong Hualu Sea Transportation Limited Company and Huaneng (Fujian) Harbour Limited Company by the Company were impaired by RMB107.0022 million, RMB34.9127 million and RMB309.2695 million, respectively. An amount of RMB134.7531 million of the goodwill arising from the acquisition of Enshi City Mawei Valley Hydropower Development Co., Ltd. was impaired for the reason that the capital expenditure of the power plant was higher than the original expectation. As a result of the change of the business environment of the power market in Singapore, an amount of RMB392.4910 million of the goodwill arising from the acquisition of Tuas Power Limited was impaired.
|
|
4.
|
Proposal on replenishing the working capital by the interests generated from the proceeds from the fund raised by the Company
|
|
5.
|
The financial statements of the Company for 2013 was approved.
|
|
6.
|
The proposed profit distribution plan of the Company for 2013
|
|
7.
|
Proposal regarding the appointment of the Company’s auditors for 2014
|
|
8.
|
Proposal regarding the Special Report on the Retaining and Actual Application of the Proceeds from the Fund-raising Exercises by the Company was approved
|
|
9.
|
The Self-evaluation Report on Internal Control of the Company by the Board of Directors
|
|
10.
|
The Company’s Social Responsibility Report for 2013 was approved
|
|
11.
|
The Company’s annual report for 2013 and its extract was approved
|
|
12.
|
To grant to the Board of Directors of the Company (the “Board”) a general mandate (the “General Mandate”) to issue domestic shares and/or overseas listed foreign shares:
|
|
(1)
|
Subject to paragraphs (3) and (4) and pursuant to the Company Law (the “Company Law”) of the People’s Republic of China (“PRC”) and the relevant regulations of the places where the shares of Huaneng Power International, Inc. are listed (as amended from time to time), the Board (or the directors authorised by the Board) be and is hereby granted an unconditional General Mandate to exercise all the powers of Huaneng Power International, Inc. within the Relevant Period (as defined below) to separately or concurrently allot, issue and deal with domestic shares and/or overseas listed foreign shares (including securities convertible into shares, option to subscribe for any shares (or such convertible securities), and to determine the terms and conditions for allotting, issuing and dealing with such new shares including but not limited to the following terms:
|
|
(a)
|
class and number of new shares to be issued;
|
|
(b)
|
pricing mechanism and/or issue price of the new shares to be issued (including price range);
|
|
(c)
|
the starting and closing dates of such issue;
|
|
(d)
|
the class and number of the new shares to be issued to existing shareholders; and/or
|
|
(e)
|
the making or granting of proposals, agreements and options for the purpose of exercising the authority mentioned above.
|
|
(2)
|
The approval in paragraph (1) shall authorise the Board (or the directors authorised by the Board) of Huaneng Power International, Inc., within the Relevant Period, to make or grant any offers, commitments and options of which might be exercised after the expiry of the Relevant Period.
|
|
(3)
|
The number of new domestic shares or new overseas listed foreign shares (other than those issued by conversion of the surplus reserve into share capital in accordance with the Company Law of the PRC and the articles of Huaneng Power International, Inc.) conditionally or unconditionally separately or concurrently allotted, issued and dealt with (whether pursuant to an option or otherwise) by the Board (or the directors authorised by the Board) of Huaneng Power International, Inc. within the Relevant Period pursuant to the approval in paragraph (1) shall not exceed 20% of each class of the existing domestic shares and overseas listed foreign shares of Huaneng Power International, Inc. in issue at the time when this resolution is passed at the annual general meeting.
|
|
(4)
|
In exercising the mandate granted in paragraph (1) above, the Board (or the directors authorized by the Board) of Huaneng Power International, Inc. shall a) comply with the Company Law of the PRC and the relevant regulatory stipulations (as amended from time to time) of the places where the shares of Huaneng Power International, Inc. are listed; and b) obtain approval from China Securities Regulatory Commission and other relevant PRC government departments.
|
|
(5)
|
For the purpose of this resolution:
|
|
(i)
|
the conclusion of the next annual general meeting of Huaneng Power International, Inc.; and
|
|
(ii)
|
the date on which the General Mandate set out in this resolution is revoked or varied by a special resolution of the shareholders of Huaneng Power International, Inc. at a general meeting.
|
|
(6)
|
Subject to the approval(s) of the relevant authorities of the PRC and in accordance with the relevant laws, administrative regulations, and the regulatory stipulations of the places where the shares of Huaneng Power International, Inc. are listed and the articles of Huaneng Power International, Inc., the Board (or the directors authorised by the Board) Huaneng Power International, Inc. be and is hereby authorised to increase the registered capital of Huaneng Power International, Inc. in accordance with the exercise of the powers pursuant to paragraph (1) above.
|
|
(7)
|
The Board (or the directors authorised by the Board) of Huaneng Power International, Inc. be and is hereby authorized to sign any necessary documents, complete any necessary formalities and procedures and take other necessary steps to complete the allotment, issuance and listing of the new shares upon the exercise of the powers pursuant to paragraph (1) above, provided the same do not violate the relevant laws, administrative regulations, the relevant regulatory stipulations of the places where the shares of Huaneng Power International, Inc., are listed and the articles of Huaneng Power International, Inc..
|
|
(8)
|
Subject to the approval of the relevant PRC authorities, the Board (or the directors authorised by the Board) of Huaneng Power International, Inc., be and is hereby authorized to make appropriate and necessary amendments to the articles of Huaneng Power International, Inc., after completion of the allotment and issue of new shares with reference to the method, type and number of new shares allotted and issued by Huaneng Power International, Inc., and the shareholding structure of Huaneng Power International, Inc., at the time of completion of the allotment and issue of new shares in order to reflect the alteration of the share capital structure and registered capital of Huaneng Power International, Inc., pursuant to the exercise of this General Mandate.
|
|
13.
|
Proposal regarding the convening of the Company’s annual general meeting for 2013
|
By Order of the Board
|
|
Huaneng Power International, Inc.
|
|
Du Daming
|
|
Company Secretary
|
Cao Peixi
|
Shao Shiwei
|
|
(Executive Director)
|
(Independent Non-executive Director)
|
|
Huang Long
|
Wu Liansheng
|
|
(Non-executive Director)
|
(Independent Non-executive Director)
|
|
Li Shiqi
|
Li Zhensheng
|
|
(Non-executive Director)
|
(Independent Non-executive Director)
|
|
Huang Jian
|
Qi Yudong
|
|
(Non-executive Director)
|
(Independent Non-executive Director)
|
|
Liu Guoyue
|
Zhang Shouwen
|
|
(Executive Director)
|
(Independent Non-executive Director)
|
|
Fan Xiaxia
|
||
(Executive Director)
|
||
Shan Qunying
|
||
(Non-executive Director)
|
||
Guo Hongbo
|
||
(Non-executive Director)
|
||
Xu Zujian
|
||
(Non-executive Director)
|
||
Xie Rongxing
|
||
(Non-executive Director)
|
HUANENG POWER INTERNATIONAL, INC.
|
||||
By
|
/s/ Du Daming
|
|||
Name:
|
Du Daming
|
|||
Title:
|
Company Secretary
|
1 Year Huaneng Power Chart |
1 Month Huaneng Power Chart |
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