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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 |
|
2 |
Interim Results
|
|
2 |
Business Review for the First Half of the Year
|
|
4 |
Prospects for the Second Half of 2020
|
|
6 |
Management’s Discussion and Analysis
|
|
19 |
Share Capital Structure
|
|
19 |
Purchase, Sale or Redemption of Shares
|
|
19 |
Disclosure pursuant to Rule 14A.63 of the Listing Rules
|
|
20 |
Shareholdings of Major Shareholders
|
|
21 |
Material Interests and Short Positions in Shares and Underlying Shares of the Company
|
|
22 |
Directors’ and Supervisors’ Right to Purchase Shares
|
|
22 |
Public Float
|
|
22 |
Dividends
|
|
22 |
Disclosure of Material Events
|
|
23 |
Corporate Governance
|
|
38 |
The Use and Deposit of Funds Raised
|
|
39 |
Review by the Audit Committee
|
|
39 |
Legal Proceedings
|
|
39 |
Documents for Inspection
|
|
41 |
Interim Consolidated Statement of Financial Position (Unaudited)
|
|
43 |
Interim Consolidated Statement of Comprehensive Income (Unaudited)
|
|
45 |
Interim Condensed Consolidated Statement of Changes in Equity (Unaudited)
|
|
47 |
Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
|
|
48 |
Notes to the Unaudited Interim Condensed Consolidated Financial Information
|
|
99 |
Financial Statements Reconciliation between PRC GAAP and IFRS
|
1. |
Power Generation
|
2. |
Cost Control
|
3. |
Energy Conservation and Environmental Protection
|
4. |
Project Development and Construction
|
5. |
Singapore Business
|
6. |
Pakistan Business
|
I. |
Comparison and Analysis of Operating Results
|
1. |
Affected by the epidemic in the first quarter, the national economic growth slowed down, and the Company’s power generation decreased significantly year-on-year;
and
|
2. |
Since the second quarter, the domestic epidemic situation has been effectively controlled, and the progress of resumption of production in various industries has
accelerated. The Company seized the opportunity to actively strive for planned power, and at the same time strengthened power supervision, reduced unit backup, and increased effective generation, realizing a positive year-on-year growth of
the Company’s power generation in the second quarter, and narrowing the decline in power in the first quarter.
|
Power Generation
|
Electricity Sold
|
|||||||||||||||||||||||||||||||
Region
|
April to June 2020
|
Change
|
January to June 2020
|
Change
|
April to June 2020
|
Change
|
January to June 2020
|
Change
|
||||||||||||||||||||||||
Heilongjiang Province
|
3.745
|
0.27
|
%
|
6.776
|
0.84
|
%
|
3.555
|
3.53
|
%
|
6.329
|
1.83
|
%
|
||||||||||||||||||||
Coal-fired
|
3.422
|
1.00
|
%
|
6.135
|
1.98
|
%
|
3.214
|
3.85
|
%
|
5.703
|
3.13
|
%
|
||||||||||||||||||||
Wind-power
|
0.286
|
-7.47
|
%
|
0.569
|
-9.85
|
%
|
0.303
|
0.63
|
%
|
0.558
|
-9.31
|
%
|
||||||||||||||||||||
PV
|
0.037
|
-1.84
|
%
|
0.072
|
-0.63
|
%
|
0.037
|
0.31
|
%
|
0.069
|
-2.76
|
%
|
||||||||||||||||||||
Jilin Province
|
2.859
|
1.65
|
%
|
5.222
|
4.97
|
%
|
2.700
|
1.49
|
%
|
4.917
|
4.82
|
%
|
||||||||||||||||||||
Coal-fired
|
2.443
|
1.37
|
%
|
4.468
|
6.03
|
%
|
2.308
|
1.60
|
%
|
4.206
|
6.31
|
%
|
||||||||||||||||||||
Wind-power
|
0.303
|
-2.45
|
%
|
0.567
|
-3.96
|
%
|
0.286
|
-5.69
|
%
|
0.536
|
-6.82
|
%
|
||||||||||||||||||||
Hydro-power
|
0.033
|
64.79
|
%
|
0.042
|
55.35
|
%
|
0.032
|
66.81
|
%
|
0.041
|
56.35
|
%
|
||||||||||||||||||||
PV
|
0.016
|
-3.75
|
%
|
0.032
|
0.38
|
%
|
0.016
|
-4.26
|
%
|
0.032
|
-0.86
|
%
|
||||||||||||||||||||
Biomass power
|
0.064
|
15.65
|
%
|
0.113
|
1.18
|
%
|
0.057
|
16.92
|
%
|
0.102
|
1.04
|
%
|
||||||||||||||||||||
Liaoning Province
|
4.058
|
-6.04
|
%
|
8.184
|
-6.53
|
%
|
3.801
|
-5.91
|
%
|
7.597
|
-6.69
|
%
|
||||||||||||||||||||
Coal-fired
|
3.890
|
-6.39
|
%
|
7.866
|
-6.87
|
%
|
3.634
|
-9.86
|
%
|
7.282
|
-7.06
|
%
|
||||||||||||||||||||
Wind-power
|
0.109
|
-5.22
|
%
|
0.212
|
2.13
|
%
|
0.108
|
-5.58
|
%
|
0.211
|
1.94
|
%
|
||||||||||||||||||||
Hydro-power
|
0.012
|
1,147.31
|
%
|
0.020
|
40.42
|
%
|
0.012
|
1,152.77
|
%
|
0.019
|
40.58
|
%
|
||||||||||||||||||||
PV
|
0.047
|
-1.99
|
%
|
0.086
|
-1.19
|
%
|
0.046
|
-1.74
|
%
|
0.084
|
-0.87
|
%
|
||||||||||||||||||||
Inner Mongolia
|
0.059
|
-10.42
|
%
|
0.107
|
-5.71
|
%
|
0.059
|
-10.63
|
%
|
0.106
|
-5.45
|
%
|
||||||||||||||||||||
Wind-power
|
0.059
|
-10.42
|
%
|
0.107
|
-5.71
|
%
|
0.059
|
-10.63
|
%
|
0.106
|
-5.45
|
%
|
||||||||||||||||||||
Hebei Province
|
3.086
|
-6.87
|
%
|
5.618
|
-15.96
|
%
|
2.884
|
-7.18
|
%
|
5.238
|
-16.46
|
%
|
||||||||||||||||||||
Coal-fired
|
2.953
|
-8.94
|
%
|
5.346
|
-18.42
|
%
|
2.753
|
-9.38
|
%
|
4.975
|
-18.99
|
%
|
||||||||||||||||||||
Wind-power
|
0.118
|
113.73
|
%
|
0.242
|
132.51
|
%
|
0.116
|
116.51
|
%
|
0.234
|
129.85
|
%
|
||||||||||||||||||||
PV
|
0.016
|
-1.00
|
%
|
0.030
|
7.09
|
%
|
0.016
|
-3.43
|
%
|
0.029
|
7.68
|
%
|
||||||||||||||||||||
Gansu Province
|
3.371
|
73.49
|
%
|
7.339
|
26.36
|
%
|
3.212
|
74.20
|
%
|
6.988
|
26.66
|
%
|
||||||||||||||||||||
Coal-fired
|
2.667
|
90.62
|
%
|
6.106
|
27.40
|
%
|
2.516
|
91.83
|
%
|
5.776
|
27.63
|
%
|
||||||||||||||||||||
Wind-power
|
0.704
|
29.44
|
%
|
1.233
|
21.60
|
%
|
0.696
|
30.74
|
%
|
1.212
|
22.22
|
%
|
||||||||||||||||||||
Ningxia
|
0.008
|
15.52
|
%
|
0.013
|
5.27
|
%
|
0.008
|
15.91
|
%
|
0.012
|
8.78
|
%
|
||||||||||||||||||||
PV
|
0.008
|
15.52
|
%
|
0.013
|
5.27
|
%
|
0.008
|
15.91
|
%
|
0.012
|
8.78
|
%
|
||||||||||||||||||||
Beijing
|
2.038
|
37.81
|
%
|
4.098
|
11.30
|
%
|
1.987
|
38.72
|
%
|
3.900
|
12.11
|
%
|
||||||||||||||||||||
Coal-fired
|
0.00
|
–
|
0.709
|
8.03
|
%
|
0.00
|
–
|
0.625
|
7.62
|
%
|
||||||||||||||||||||||
Combined Cycle
|
2.038
|
37.81
|
%
|
3.389
|
12.01
|
%
|
1.987
|
38.72
|
%
|
3.275
|
13.01
|
%
|
Power Generation
|
Electricity Sold
|
|||||||||||||||||||||||||||||||
Region
|
April to June 2020
|
Change
|
January to June 2020
|
Change
|
April to June 2020
|
Change
|
January to June 2020
|
Change
|
||||||||||||||||||||||||
Tianjin
|
1.100
|
-19.91
|
%
|
3.052
|
-4.68
|
%
|
1.035
|
-20.12
|
%
|
2.860
|
-4.89
|
%
|
||||||||||||||||||||
Coal-fired
|
0.937
|
-12.56
|
%
|
2.358
|
-3.59
|
%
|
0.876
|
-12.52
|
%
|
2.187
|
-3.85
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.161
|
-46.22
|
%
|
0.692
|
-8.32
|
%
|
0.157
|
-46.18
|
%
|
0.671
|
-8.15
|
%
|
||||||||||||||||||||
PV
|
0.001
|
-8.62
|
%
|
0.002
|
-17.71
|
%
|
0.001
|
-4.18
|
%
|
0.002
|
-4.23
|
%
|
||||||||||||||||||||
Shanxi Province
|
1.843
|
-15.11
|
%
|
4.617
|
-11.61
|
%
|
1.702
|
-15.26
|
%
|
4.299
|
-11.87
|
%
|
||||||||||||||||||||
Coal-fired
|
1.637
|
-23.54
|
%
|
3.163
|
-20.64
|
%
|
1.499
|
-24.24
|
%
|
2.891
|
-21.26
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.042
|
596.29
|
%
|
1.233
|
3.08
|
%
|
0.041
|
560.71
|
%
|
1.200
|
3.08
|
%
|
||||||||||||||||||||
PV
|
0.164
|
584.50
|
%
|
0.221
|
426.39
|
%
|
0.162
|
582.96
|
%
|
0.208
|
395.37
|
%
|
||||||||||||||||||||
*Shandong Province
|
15.811
|
-24.33
|
%
|
33.029
|
-22.67
|
%
|
16.007
|
-19.10
|
%
|
32.868
|
-18.51
|
%
|
||||||||||||||||||||
Coal-fired
|
15.460
|
-24.66
|
%
|
32.402
|
-22.92
|
%
|
15.607
|
-19.62
|
%
|
32.197
|
-18.85
|
%
|
||||||||||||||||||||
Wind-power
|
0.229
|
-7.26
|
%
|
0.420
|
-7.66
|
%
|
0.217
|
-10.55
|
%
|
0.404
|
-8.51
|
%
|
||||||||||||||||||||
PV
|
0.162
|
26.23
|
%
|
0.272
|
24.23
|
%
|
0.183
|
42.71
|
%
|
0.267
|
22.79
|
%
|
||||||||||||||||||||
Henan Province
|
5.569
|
16.96
|
%
|
9.630
|
-10.79
|
%
|
5.232
|
16.86
|
%
|
9.039
|
-10.97
|
%
|
||||||||||||||||||||
Coal-fired
|
4.912
|
10.05
|
%
|
8.752
|
-15.52
|
%
|
4.614
|
10.04
|
%
|
8.212
|
-15.62
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.364
|
146.22
|
%
|
0.396
|
112.97
|
%
|
0.356
|
146.74
|
%
|
0.387
|
113.37
|
%
|
||||||||||||||||||||
Wind-power
|
0.285
|
101.93
|
%
|
0.469
|
98.56
|
%
|
0.255
|
92.67
|
%
|
0.427
|
89.19
|
%
|
||||||||||||||||||||
PV
|
0.007
|
-1.15
|
%
|
0.013
|
-2.84
|
%
|
0.007
|
-7.32
|
%
|
0.013
|
-0.88
|
%
|
||||||||||||||||||||
Jiangsu Province
|
8.872
|
1.20
|
%
|
17.008
|
-12.11
|
%
|
8.379
|
0.94
|
%
|
16.110
|
-12.16
|
%
|
||||||||||||||||||||
Coal-fired
|
7.304
|
2.34
|
%
|
13.903
|
-15.88
|
%
|
6.886
|
2.62
|
%
|
13.115
|
-15.81
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.874
|
-26.24
|
%
|
1.761
|
-11.79
|
%
|
0.857
|
-26.29
|
%
|
1.729
|
-11.80
|
%
|
||||||||||||||||||||
Wind-power
|
0.659
|
60.78
|
%
|
1.285
|
66.69
|
%
|
0.604
|
53.01
|
%
|
1.210
|
62.08
|
%
|
||||||||||||||||||||
PV
|
0.034
|
-1.65
|
%
|
0.058
|
2.35
|
%
|
0.033
|
-3.20
|
%
|
0.057
|
0.93
|
%
|
||||||||||||||||||||
Shanghai
|
4.070
|
21.49
|
%
|
7.993
|
-9.46
|
%
|
3.836
|
21.40
|
%
|
7.542
|
-9.75
|
%
|
||||||||||||||||||||
Coal-fired
|
3.848
|
29.14
|
%
|
7.294
|
-5.83
|
%
|
3.620
|
29.31
|
%
|
6.861
|
-6.02
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.221
|
-40.15
|
%
|
0.699
|
-35.43
|
%
|
0.216
|
-40.11
|
%
|
0.681
|
-35.51
|
%
|
||||||||||||||||||||
PV
|
0.00017
|
–
|
0.00017
|
–
|
–
|
–
|
–
|
–
|
||||||||||||||||||||||||
Chongqing
|
2.270
|
-2.68
|
%
|
4.415
|
-15.14
|
%
|
2.111
|
-2.54
|
%
|
4.117
|
-15.05
|
%
|
||||||||||||||||||||
Coal-fired
|
1.905
|
-3.00
|
%
|
3.681
|
-18.45
|
%
|
1.755
|
-2.82
|
%
|
3.402
|
-18.51
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.305
|
3.12
|
%
|
0.625
|
8.86
|
%
|
0.297
|
3.04
|
%
|
0.609
|
8.81
|
%
|
||||||||||||||||||||
Wind-power
|
0.060
|
-17.72
|
%
|
0.109
|
-5.03
|
%
|
0.058
|
-17.89
|
%
|
0.106
|
-5.37
|
%
|
||||||||||||||||||||
Zhejiang Province
|
7.118
|
22.10
|
%
|
11.754
|
-2.32
|
%
|
6.840
|
22.29
|
%
|
11.269
|
-2.43
|
%
|
||||||||||||||||||||
Coal-fired
|
6.915
|
21.17
|
%
|
11.489
|
-2.81
|
%
|
6.641
|
21.35
|
%
|
11.009
|
-2.94
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.186
|
78.73
|
%
|
0.237
|
29.72
|
%
|
0.182
|
77.85
|
%
|
0.232
|
29.63
|
%
|
||||||||||||||||||||
PV
|
0.017
|
-10.09
|
%
|
0.028
|
-3.20
|
%
|
0.017
|
-8.19
|
%
|
0.028
|
-2.16
|
%
|
||||||||||||||||||||
Hubei Province
|
3.795
|
-6.45
|
%
|
7.361
|
-24.18
|
%
|
3.557
|
-6.68
|
%
|
6.910
|
-24.41
|
%
|
||||||||||||||||||||
Coal-fired
|
3.560
|
-6.72
|
%
|
6.907
|
-25.81
|
%
|
3.326
|
-6.98
|
%
|
6.466
|
-26.11
|
%
|
||||||||||||||||||||
Wind-power
|
0.150
|
-4.82
|
%
|
0.307
|
9.15
|
%
|
0.148
|
-4.87
|
%
|
0.302
|
9.12
|
%
|
||||||||||||||||||||
Hydro-power
|
0.078
|
3.28
|
%
|
0.136
|
26.70
|
%
|
0.076
|
2.77
|
%
|
0.131
|
26.31
|
%
|
||||||||||||||||||||
PV
|
0.007
|
12.74
|
%
|
0.011
|
11.64
|
%
|
0.007
|
9.82
|
%
|
0.011
|
11.99
|
%
|
||||||||||||||||||||
Hunan Province
|
2.482
|
22.75
|
%
|
4.670
|
-6.04
|
%
|
2.324
|
23.47
|
%
|
4.361
|
-6.26
|
%
|
||||||||||||||||||||
Coal-fired
|
2.180
|
24.30
|
%
|
4.097
|
-6.83
|
%
|
2.026
|
25.19
|
%
|
3.802
|
-6.93
|
%
|
||||||||||||||||||||
Wind-power
|
0.174
|
30.96
|
%
|
0.336
|
3.50
|
%
|
0.172
|
30.57
|
%
|
0.326
|
1.13
|
%
|
||||||||||||||||||||
Hydro-power
|
0.114
|
-9.50
|
%
|
0.215
|
-9.15
|
%
|
0.112
|
-9.75
|
%
|
0.212
|
-9.16
|
%
|
||||||||||||||||||||
PV
|
0.014
|
71.96
|
%
|
0.021
|
92.00
|
%
|
0.013
|
77.36
|
%
|
0.021
|
87.46
|
%
|
Power Generation
|
Electricity Sold
|
|||||||||||||||||||||||||||||||
Region
|
April to June 2020
|
Change
|
January to June 2020
|
Change
|
April to June 2020
|
Change
|
January to June 2020
|
Change
|
||||||||||||||||||||||||
Jiangxi Province
|
4.708
|
15.75
|
%
|
9.001
|
-2.82
|
%
|
4.495
|
15.72
|
%
|
8.607
|
-2.90
|
%
|
||||||||||||||||||||
Coal-fired
|
4.416
|
12.23
|
%
|
8.489
|
-5.39
|
%
|
4.214
|
12.24
|
%
|
8.112
|
-5.46
|
%
|
||||||||||||||||||||
Wind-power
|
0.234
|
77.40
|
%
|
0.438
|
50.97
|
%
|
0.230
|
77.82
|
%
|
0.430
|
50.74
|
%
|
||||||||||||||||||||
PV
|
0.057
|
–
|
0.075
|
–
|
0.050
|
–
|
0.066
|
–
|
||||||||||||||||||||||||
Auhui Province
|
1.274
|
-7.48
|
%
|
2.514
|
-16.18
|
%
|
1.212
|
-7.17
|
%
|
2.400
|
-16.13
|
%
|
||||||||||||||||||||
Coal-fired
|
1.184
|
-6.88
|
%
|
2.348
|
-16.40
|
%
|
1.123
|
-6.56
|
%
|
2.235
|
-16.36
|
%
|
||||||||||||||||||||
Wind-power
|
0.073
|
5.57
|
%
|
0.149
|
4.80
|
%
|
0.072
|
6.18
|
%
|
0.148
|
4.87
|
%
|
||||||||||||||||||||
Hydro-power
|
0.017
|
-53.90
|
%
|
0.017
|
-65.43
|
%
|
0.017
|
-53.43
|
%
|
0.017
|
-65.19
|
%
|
||||||||||||||||||||
*Fujian Province
|
3.082
|
33.07
|
%
|
5.352
|
19.60
|
%
|
3.808
|
46.40
|
%
|
6.272
|
28.74
|
%
|
||||||||||||||||||||
*Coal-fired
|
3.079
|
33.10
|
%
|
5.346
|
19.61
|
%
|
3.805
|
46.44
|
%
|
6.266
|
28.76
|
%
|
||||||||||||||||||||
PV
|
0.003
|
15.32
|
%
|
0.006
|
17.60
|
%
|
0.003
|
11.03
|
%
|
0.006
|
16.71
|
%
|
||||||||||||||||||||
Guangdong Province
|
6.856
|
22.00
|
%
|
10.231
|
-3.78
|
%
|
6.391
|
19.06
|
%
|
9.618
|
-5.49
|
%
|
||||||||||||||||||||
Coal-fired
|
6.640
|
18.26
|
%
|
10.011
|
-5.77
|
%
|
6.358
|
18.56
|
%
|
9.580
|
-5.78
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.210
|
–
|
0.210
|
–
|
0.027
|
–
|
0.027
|
–
|
||||||||||||||||||||||||
PV
|
0.006
|
18.33
|
%
|
0.011
|
20.63
|
%
|
0.006
|
19.95
|
%
|
0.011
|
17.68
|
%
|
||||||||||||||||||||
Guangxi
|
0.169
|
64.16
|
%
|
0.289
|
72.06
|
%
|
0.163
|
65.51
|
%
|
0.278
|
76.05
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.115
|
57.93
|
%
|
0.184
|
53.60
|
%
|
0.111
|
60.07
|
%
|
0.177
|
54.01
|
%
|
||||||||||||||||||||
Wind-power
|
0.054
|
79.31
|
%
|
0.105
|
122.87
|
%
|
0.052
|
78.40
|
%
|
0.101
|
134.55
|
%
|
||||||||||||||||||||
Yunnan Province
|
2.951
|
211.57
|
%
|
4.618
|
131.61
|
%
|
2.727
|
215.09
|
%
|
4.262
|
131.49
|
%
|
||||||||||||||||||||
Coal-fired
|
2.815
|
252.79
|
%
|
4.278
|
169.41
|
%
|
2.595
|
259.85
|
%
|
3.930
|
171.74
|
%
|
||||||||||||||||||||
Wind-power
|
0.135
|
-4.43
|
%
|
0.337
|
-15.41
|
%
|
0.131
|
-3.97
|
%
|
0.328
|
-15.27
|
%
|
||||||||||||||||||||
Hydro-power
|
0.001
|
-93.22
|
%
|
0.004
|
-56.18
|
%
|
0.001
|
-93.24
|
%
|
0.003
|
-56.46
|
%
|
||||||||||||||||||||
Guizhou Province
|
0.077
|
66.43
|
%
|
0.166
|
16.84
|
%
|
0.075
|
64.79
|
%
|
0.157
|
12.44
|
%
|
||||||||||||||||||||
Wind-power
|
0.051
|
11.51
|
%
|
0.134
|
-5.65
|
%
|
0.051
|
11.11
|
%
|
0.132
|
-5.51
|
%
|
||||||||||||||||||||
PV
|
0.025
|
–
|
0.032
|
–
|
0.024
|
–
|
0.025
|
–
|
||||||||||||||||||||||||
Hainan Province
|
3.638
|
-4.91
|
%
|
6.527
|
-5.74
|
%
|
3.376
|
-4.63
|
%
|
6.069
|
-5.52
|
%
|
||||||||||||||||||||
Coal-fired
|
3.503
|
-5.65
|
%
|
6.302
|
-6.66
|
%
|
3.244
|
-5.39
|
%
|
5.849
|
-6.47
|
%
|
||||||||||||||||||||
Combined Cycle
|
0.074
|
312.15
|
%
|
0.107
|
409.71
|
%
|
0.072
|
303.09
|
%
|
0.104
|
418.35
|
%
|
||||||||||||||||||||
Wind-power
|
0.021
|
16.64
|
%
|
0.048
|
3.74
|
%
|
0.021
|
15.45
|
%
|
0.047
|
3.66
|
%
|
||||||||||||||||||||
Hydro-power
|
0.010
|
-77.87
|
%
|
0.018
|
-67.41
|
%
|
0.010
|
-78.36
|
%
|
0.017
|
-67.78
|
%
|
||||||||||||||||||||
PV
|
0.030
|
-1.23
|
%
|
0.053
|
3.27
|
%
|
0.029
|
-0.08
|
%
|
0.052
|
2.92
|
%
|
||||||||||||||||||||
Total
|
94.949
|
3.73
|
%
|
179.650
|
-8.05
|
%
|
91.473
|
5.41
|
%
|
172.125
|
-6.98
|
%
|
* |
According to the requirements of relevant policies, as Huaneng Shandong Bajiao Power Plant & Huaneng Fujian Luoyuan Power Plant (which is owned by the Company)
acts as an emergency backup power source, the scope of statistics has not included its coal-fired installed capacity nor its volume of power generation. Since those power plants began to generate power revenue, the Company’s electricity
sales in Shandong Province & Fujian Province was greater than the power generation.
|
1. |
Operating revenue and tax and levies on operations
|
2. |
Operating expenses
|
2.1 |
Fuel costs
|
2.2 |
Depreciation
|
2.3 |
Labor
|
2.4 |
Maintenance
|
2.5 |
Other operating expenses (including electricity power purchase costs)
|
3. |
Financial expenses, net
|
4. |
Share of profits less losses of associates and joint ventures
|
5. |
Income tax expenses
|
6. |
Profit/loss attributable to equity holders of the Company
|
7. |
Comparison of financial positions
|
8. |
Major financial position ratios
|
The Company and its subsidiaries
|
||||||||
Item
|
As of
June 30, 2020 |
As of
December 31, 2019 |
||||||
Ratio of liabilities to shareholders’ equity
|
2.27
|
2.74
|
||||||
Current ratio
|
0.48
|
0.43
|
||||||
Quick ratio
|
0.43
|
0.37
|
||||||
Item
|
For the
six months ended June 30, 2020 |
For the
six months ended June 30, 2019 |
||||||
Multiples of interest earned
|
2.51
|
1.95
|
II. |
Liquidity and Cash Resources
|
1. |
Liquidity
|
Item
|
For the
six months ended June 30, 2020 |
For the
six months ended June 30, 2019 |
Change
|
|||||||||
(RMB in 100 Million)
|
(RMB in 100 Million)
|
(%)
|
||||||||||
Net cash from operating activities
|
158.36
|
167.39
|
(5
|
)
|
||||||||
Net cash used in investing activities
|
(158.45
|
)
|
(100.02
|
)
|
58
|
|||||||
Net cash from/(used in) financing activities
|
26.89
|
(91.53
|
)
|
(129
|
)
|
|||||||
Effect of exchange rate fluctuations on cash held
|
(2.15
|
)
|
(0.46
|
)
|
370
|
|||||||
Net increase in cash and cash equivalent
|
24.65
|
(24.62
|
)
|
(200
|
)
|
|||||||
Cash and cash equivalent at beginning of the reporting period
|
124.43
|
154.18
|
(19
|
)
|
||||||||
Cash and cash equivalent at the end of the reporting period
|
149.09
|
129.56
|
15
|
2. |
Capital expenditure and cash resources
|
2.1 |
Capital expenditure for infrastructure construction and renovation projects
|
2.2 |
Cash resources and anticipated financing costs
|
2.3 |
Other financing requirements
|
III. |
Performance and Prospects of Significant Investments
|
IV. |
Employee Benefits Policies
|
V. |
Guarantee for Loans, Bonds and Restricted Assets
|
1. |
As of June 30, 2020, short-term loans of approximately RMB498 million (RMB659 million at the end of 2019) represented the notes receivable that were discounted
with recourse. As these notes receivable had not yet matured, the proceeds received were recorded as short-term loans.
|
2. |
As of June 30, 2020, long-term loans of approximately RMB3.432 billion (RMB3.586 billion at the end of 2019) of the Company and its subsidiaries were secured by
certain property, plant and equipment with net book value of RMB3.766 billion (RMB4.913 billion at the end of 2019). As at 30 Jun 2020, short-term loans of RMB566 million were secured by certain equipment.
|
3. |
As of June 30, 2020, long-term loans of approximately RMB6.840 billion (RMB7.287 billion at the end of 2019) were secured by future electricity revenue of the
Company and its subsidiaries.
|
VI. |
Risk Factors
|
1. |
Risks relating to electricity market
|
2. |
Risks relating to environmental protection policies
|
3. |
Risks relating to fuel procurement market
|
4. |
Risks relating to interest and exchange rates
|
Company name
|
Direct or indirect interest held by Huaneng Group at time of equity transfer
|
Forecasted net profit for 2019
|
||||||
Huanemg Laiwu Power Generation Limited
|
80.00
|
%
|
59,280.61
|
|||||
Huaneng Jiaxiang Power Generation Limited
|
50.00
|
%
|
3,757.37
|
|||||
Huaneng Jining Canal Power Generation Limited
|
98.35
|
%
|
16,624.85
|
|||||
Huaneng Liaocheng Thermal Power Limited
|
75.00
|
%
|
7,100.78
|
|||||
Huaneng Shandong Power Generation Co., Ltd. Yantai Power Plant
|
100.00
|
%
|
5,619.20
|
Name of Shareholders
|
Total shareholdings as at end of the reporting period
|
Percentage of shareholding in total issued shares (%)
|
||||||
Huaneng International Power Development Corporation
|
5,066,662,118
|
32.28
|
%
|
|||||
HKSCC Nominees Limited*
|
4,102,339,882
|
26.13
|
%
|
|||||
China Huaneng Group Co., Ltd.
|
1,555,124,549
|
9.91
|
%
|
|||||
Hebei Construction & Investment Group Co., Ltd.
|
527,548,946
|
3.36
|
%
|
|||||
China Securities Finance Corporation Limited
|
492,186,504
|
3.14
|
%
|
|||||
China Hua Neng Group Hong Kong Limited
|
472,000,000
|
3.01
|
%
|
|||||
Jiangsu Guoxin Investment Group Limited
|
416,500,000
|
2.65
|
%
|
|||||
Dalian Municipal Construction Investment Company Limited
|
301,500,000
|
1.92
|
%
|
|||||
Liaoning Energy Investment (Group) Limited Liability Company
|
284,204,999
|
1.81
|
%
|
|||||
Fujian Investment & Development Group Co., Ltd.
|
251,814,185
|
1.60
|
%
|
* |
HKSCC Nominees Limited acts as nominee of holders of H shares of the Company and its shareholdings in the Company represent the total number of H shares held by it
as nominee of H shareholders.
|
Name of Shareholder
|
Class of shares
|
Number of shares held (share)
|
Capacity
|
Approximate percentage of shareholding in the Company’s total issued share capital
|
Approximate percentage of shareholding in the Company’s total issued domestic shares
|
Approximate Percentage of shareholding in the Company’s total issued H Shares
|
|||||||||||||
Huaneng International Power Development Corporation(Note 2)
|
Domestic shares
|
5,066,662,118(L)
|
|
Beneficial owner
|
32.28%(L)
|
|
46.07%(L)
|
|
–
|
||||||||||
China Huaneng Group Co., Ltd.(Note 3)
|
Domestic shares
|
1,616,318,708(L)
|
|
Beneficial owner
|
10.30%(L)
|
|
14.70%(L)
|
|
–
|
||||||||||
China Huaneng Group Co., Ltd.(Note 4)
|
H Shares
|
603,956,000(L)
|
|
Beneficial owner
|
3.85%(L)
|
|
–
|
12.85%(L)
|
|
||||||||||
Luo Yi 駱奕(Note 5)
|
H Shares
|
736,370,000(L)
|
|
Interest of spouse
|
4.69%(L)
|
|
–
|
15.66%(L)
|
|
||||||||||
16,088,000(L)
|
|
Interest of controlled corporation
|
0.10%(L)
|
|
–
|
0.34%(L)
|
|
||||||||||||
Qiu Guogen 裘國根(Note 5)
|
H Shares
|
736,370,000(L)
|
|
Interest of controlled corporation
|
4.69%(L)
|
|
–
|
15.66%(L)
|
|
||||||||||
16,088,000(L)
|
|
Interest of spouse
|
0.10%(L)
|
|
–
|
0.34%(L)
|
|
(1) |
The letter “L” denotes a long position. The letter “S” denotes a short position. The letter “P” denotes interest in a lending pool.
|
(2) |
As of the Latest Practicable Date, China Huaneng Group Co., Ltd. held 75% direct interests and 25% indirect interests in HIPDC.
|
(3) |
Of the 1,616,318,748 domestic shares, China Huaneng Group Co., Ltd. directly held 1,555,124,549 domestic shares, and through its controlling subsidiary, China
Huaneng Finance Corporation Limited, China Huaneng Group Co., Ltd. indirectly held 61,194,199 domestic shares.
|
(4) |
China Huaneng Group Co., Ltd. held (i) 472,000,000 H shares through its wholly owned subsidiary, China Hua Neng Group Hong Kong Limited, (ii) 131,956,000 H shares
through its wholly owned subsidiary China Huaneng Group Treasury Management (Hong Kong) Limited.
|
(5) |
Long position of 490,980,000 H shares was held by 上海重陽戰略投資有限公司 Shanghai Chongyang Strategic
Investment Co., Ltd., while long position of 211,590,000 H shares was held by 上海重陽投資管理股份有限公司Shanghai Chongyang Investment Management Co., Ltd., long position of
30,800,000 H shares was held by 重陽集團有限公司 Chongyang Group Co., Ltd. and long position of 3,000,000 H shares was held by 重陽國際資產管理有限公司 Chongyang International Asset Management Co., Ltd.. Luo Yi is the spouse of Qiu Guogen who is the ultimate beneficial owner of each of Shanghai Chongyang Strategic Investment Co., Ltd., Shanghai
Chongyang Investment Management Co., Ltd., Chongyang Group Co., Ltd. and Chongyang International Asset Management Co., Ltd..
|
1. |
Status on Change of the Chairman of the ninth session of the Board of Directors
|
2. |
Status on re-election of the Board of Directors and the Supervisory Committee
|
3. |
Change of the President of the Company
|
(a) |
Code of Corporate Governance
|
(1) |
Enhancing and improving corporate governance
|
1. |
Establishing and reviewing the Company’s corporate governance policies and codes, and making such amendments as it deems necessary to ensure the effectiveness of
such policies and codes;
|
2. |
Reviewing and supervising the training and sustained professional development of the Company’s directors and senior management;
|
3. |
Reviewing and supervising the Company’s policies and codes regarding the observance of laws and regulatory requirements;
|
4. |
Formulating, reviewing and supervising the codes of conduct and compliance handbook applicable to directors and employees; and
|
5. |
Reviewing the Company’s status on compliance with the Code on Corporate Governance Practices and the disclosures made in the Corporate Governance Report.
|
(2) |
Enhancing and improving the information disclosure system
|
(3) |
Regulating financial management system, strengthening internal control
|
1. |
In order to strictly implement the accounting rules, accounting standards and accounting systems, to strengthen accounting and accounts supervision, and to
truthfully and fairly reflect the financial position, operating results and cash flow, the Company has formulated the Measures on Accounting, the Basic Measures on Construction Accounting, the Measures on Fixed Assets Management, Lists of
Fixed Assets and the Measures on Cost Management. The Company’s Board, the Supervisory Committee and the Audit Committee have reviewed the Company’s financial reports on a regular basis and the Company has fulfilled the requirements of
making the Chairman, the President and the Chief Accountant responsible for the truthfulness and completeness of the financial reports.
|
2. |
In order to safeguard the independence of the listed company, the Company realized the complete separation of the listed company and the controlling shareholder in
terms of personnel, assets and finances according to the laws and regulations of the State and the requirements of regulatory rules.
|
3. |
In regard to fund management, the Company has formulated a number of management measures including the Measures on Financial Management, the Measures on the
Management of the Income and Expenditure of the Funds, the Measures on the Assessment of Management of Receipt and Payment of Funds, the Measures on the Use and Management of Large Amount by Headquarter of the Company, the Measures on the
Management of Bills of Exchange, the Measures on Management of Fund Raised, Rules on the Management of Transactions Involving Financial Derivatives, the Measures on the Management of Provision of Security to Third Parties and the Measures
for Regulating Fund Transfers with the Related Parties. The Company’s Articles of Association also set out provisions relating to loans, guarantees and investment. In the annual reports of the Company over the previous years, the Company
has engaged certified accountants to conduct auditing on the use of funds by the controlling shareholders and other related parties, and issue specific statements according to the requirements of the China Securities Regulatory Commission
(“China Securities Regulatory Commission”) and the Shanghai Stock Exchange (“Shanghai Stock Exchange”) for confirmation that there has not been any violation of rules relating to the use of funds. Moreover, the Company also conducted
quarterly checking and clearing with related parties in relation to the operational fund transfers in order to ensure the safety of funds.
|
4. |
The overall objective of internal control of the Company is to promote implementation of the corporate strategy. Specific goals are to maintain lawful operation
and management of the Company, asset safety, and truthfulness and completeness of financial reports and related information, thus promoting the overall enhancement of operating efficiency and actual effect.
|
(b) |
Securities transactions by Directors
|
(c) |
Board of Directors
|
Names
|
Number of meetings to be attended
|
Number of meetings attended in person
|
Number of meetings attended by proxy
|
Rate of Attendance
(%) |
||||||||||||
Executive Directors
|
||||||||||||||||
Zhao Keyu
|
8
|
8
|
0
|
100
|
%
|
|||||||||||
Zhao Ping
|
3
|
3
|
0
|
100
|
%
|
|||||||||||
Non-executive Directors
|
||||||||||||||||
Huang Jian
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Wang Kui
|
3
|
3
|
0
|
100
|
%
|
|||||||||||
Lu Fei
|
3
|
3
|
0
|
100
|
%
|
|||||||||||
Teng Yu
|
3
|
3
|
0
|
100
|
%
|
|||||||||||
Mi Dabin
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Cheng Heng
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Guo Hongbo
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Lin Chong
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Independent non-executive Directors
|
||||||||||||||||
Xu Mengzhou
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Liu Jizhen
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Xu Haifeng
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Zhang Xianzhi
|
10
|
10
|
0
|
100
|
%
|
|||||||||||
Xia Qing
|
3
|
3
|
0
|
100
|
%
|
|||||||||||
Directors who had resigned
|
||||||||||||||||
Shu Yinbiao
|
2
|
2
|
0
|
100
|
%
|
|||||||||||
Wang Yongxiang
|
7
|
7
|
0
|
100
|
%
|
|||||||||||
Yue Heng
|
7
|
7
|
0
|
100
|
%
|
(d) |
Chairman and President
|
(e) |
Non-executive Directors
|
Name of Non-executive Directors
|
Term of office
|
|
Huang Jian
|
16 June 2020-2023
|
|
Wang Kui
|
16 June 2020-2023
|
|
Lu Fei
|
16 June 2020-2023
|
|
Teng Yu
|
16 June 2020-2023
|
|
Mi Dabin
|
16 June 2020-2023
|
|
Cheng Heng
|
16 June 2020-2023
|
|
Guo Hongbo
|
16 June 2020-2023
|
|
Lin Chong
|
16 June 2020-2023
|
(f) |
Directors’ Remuneration
|
Name of meeting
|
Date of meeting
|
Members who attended the meeting in person
|
Members who attended the meeting by proxy
|
|||
First meeting of the Remuneration and Appraisal Committee of the Ninth Session of
the Board in 2020
|
30 March 2020
|
Zhang Xianzhi, Guo Hongbo, Cheng Heng, Yue Heng, Liu Jizhen and Xu Haifeng
|
–
|
(g) |
Nomination of Directors
|
Name of meeting
|
Date of meeting
|
Members who attended the meeting in person
|
Members who attended the meeting by proxy
|
|||
First meeting of the Nomination Committee of the Ninth Session of the Board in
2020
|
20 January 2020
|
Liu Jizhen, Mi Dabin, Lin Chong, Yue Heng, Xu Mengzhou and Zhang Xianzhi
|
–
|
|||
Second meeting of the Nomination Committee of the Ninth Session of the Board in
2020
|
5 March 2020
|
Liu Jizhen, Mi Dabin, Lin Chong, Yue Heng, Xu Mengzhou and Zhang Xianzhi
|
–
|
|||
Third meeting of the Nomination Committee of the Ninth Session of the Board in
2020
|
30 March 2020
|
Liu Jizhen, Mi Dabin, Lin Chong, Yue Heng, Xu Mengzhou and Zhang Xianzhi
|
–
|
|||
Fourth meeting of the Nomination Committee of the Ninth Session of the Board in
2020
|
22 May 2020
|
Liu Jizhen, Mi Dabin, Lin Chong, Yue Heng, Xu Mengzhou and Zhang Xianzhi
|
–
|
(h) |
Appointment of Auditors
|
(i) |
Audit Committee
|
(1) |
the accuracy of the Company’s financial statements;
|
(2) |
the Company’s compliance with laws and regulations;
|
(3) |
the qualification and independence of the Company’s independent auditors;
|
(4) |
the performance of the Company’s independent auditors and internal auditing departments of the Company; and
|
(5) |
the control and management of the related party transactions of the Company.
|
Name of meeting
|
Date of meeting
|
Members who attended the meeting in person
|
Members who attended the meeting by proxy
|
|||
First meeting of the Audit Committee of the Ninth Session of the Board in 2020
|
6 March 2020
|
Yue Heng, Xu Mengzhou, Liu Jizhen, Xu Haifeng and Zhang Xianzhi
|
–
|
|||
Second meeting of the Audit Committee of the Ninth Session of the Board in 2020
|
30 March 2020
|
Yue Heng, Xu Mengzhou, Liu Jizhen, Xu Haifeng and Zhang Xianzhi
|
–
|
|||
Third meeting of the Audit Committee of the Ninth Session of the Board in 2020
|
20 April 2020
|
Yue Heng, Xu Mengzhou, Liu Jizhen, Xu Haifeng and Zhang Xianzhi
|
–
|
(j) |
Responsibility assumed by the Directors in relation to the financial statements
|
(k) |
Senior management’s interests in shares
|
(l) |
Strategy Committee
|
(1) |
reviewing and advising on the Company’s long-term strategic development plan;
|
(2) |
reviewing and advising on the major fund raising proposals that need to be approved by the Board;
|
(3) |
reviewing and advising on the major production and operating projects that need to be approved by the Board;
|
(4) |
studying and advising on the matters that would significantly affect the development of the Company;
|
(5) |
examining the implementation of the abovementioned matters;
|
(6) |
comprehensive risk management of the Company to improve the Company’s overall risk resistance; and
|
(7) |
other matters as requested by the Board of Directors.
|
(m) |
Directors’ and senior management’s training
|
PRC |
Huaneng Power International, Inc.
Huaneng Building
6 Fuxingmennei Street
Xicheng District
Beijing
The People’s Republic of China
Telephone Number: (8610) 6322 6999
Fax Number: (8610) 6322 6888
Website: http://www.hpi.com.cn
|
Hong Kong |
Wonderful Sky Financial Group Limited
9th Floor, Central Plaza,
99 Queen’s Road Central,
Hong Kong
Tel: (852) 2851 1038
Fax: (852) 2851 1352
|
Websites of the Company |
http://www.hpi.com.cn;
http://www.hpi-ir.com.hk
|
By Order of the Board
|
|
Huaneng Power International, Inc.
|
|
Zhao Keyu
|
|
Chairman
|
Zhao Keyu (Executive
Director)
Zhao Ping (Executive
Director)
Huang Jian (Non-executive
Director)
Wang Kui (Non-executive
Director)
Lu Fei (Non-executive
Director)
Teng Yu (Non-executive
Director)
Mi Dabin (Non-executive
Director)
Cheng Heng (Non-executive
Director)
Guo Hongbo (Non-executive
Director)
Lin Chong (Non-executive
Director)
|
Xu Mengzhou (Independent
Non-executive Director)
Liu Jizhen (Independent
Non-executive Director)
Xu Haifeng (Independent
Non-executive Director)
Zhang Xianzhi (Independent
Non-executive Director)
Xia Qing (Independent
Non-executive Director)
|
Notes
|
As at
30 June 2020 |
As at
31 December 2019 |
||||||||||
ASSETS
|
||||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
5
|
290,151,073
|
285,622,907
|
|||||||||
Right-of-use assets
|
17,541,728
|
17,168,072
|
||||||||||
Investments in associates and joint ventures
|
21,801,087
|
20,783,259
|
||||||||||
Investment properties
|
660,745
|
671,710
|
||||||||||
Other equity instrument investments
|
793,747
|
779,218
|
||||||||||
Power generation licenses
|
4,075,203
|
4,149,468
|
||||||||||
Mining rights
|
1,579,641
|
1,577,505
|
||||||||||
Deferred income tax assets
|
18
|
2,025,153
|
2,160,187
|
|||||||||
Derivative financial assets
|
18,137
|
16,376
|
||||||||||
Goodwill
|
7
|
15,740,493
|
15,934,955
|
|||||||||
Other non-current assets
|
8
|
19,020,138
|
18,605,005
|
|||||||||
Total non-current assets
|
373,407,145
|
367,468,662
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
8,036,983
|
8,883,183
|
||||||||||
Other receivables and assets
|
9
|
6,781,350
|
6,217,763
|
|||||||||
Accounts receivable
|
10
|
35,612,298
|
32,268,939
|
|||||||||
Contract assets
|
69,876
|
30,466
|
||||||||||
Derivative financial assets
|
54,722
|
74,911
|
||||||||||
Bank balances and cash
|
23
|
15,389,507
|
13,306,139
|
|||||||||
Total current assets
|
65,944,736
|
60,781,401
|
||||||||||
Total assets
|
439,351,881
|
428,250,063
|
Notes
|
As at
30 June 2020 |
As at
31 December 2019 |
||||||||||
EQUITY AND LIABILITIES
|
||||||||||||
Capital and reserves attributable to equity holders of the Company
|
||||||||||||
Share capital
|
15,698,093
|
15,698,093
|
||||||||||
Other equity instruments
|
41,447,319
|
25,127,821
|
||||||||||
Capital surplus
|
25,993,044
|
26,215,137
|
||||||||||
Surplus reserves
|
8,140,030
|
8,140,030
|
||||||||||
Currency translation differences
|
(351,836
|
)
|
(54,812
|
)
|
||||||||
Retained earnings
|
36,268,149
|
33,677,466
|
||||||||||
127,194,799
|
108,803,735
|
|||||||||||
Non-controlling interests
|
22,833,561
|
21,575,311
|
||||||||||
Total equity
|
150,028,360
|
130,379,046
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term loans
|
12
|
117,046,288
|
115,364,598
|
|||||||||
Long-term bonds
|
13
|
25,225,521
|
28,487,115
|
|||||||||
Lease liabilities
|
2,994,826
|
4,279,925
|
||||||||||
Deferred income tax liabilities
|
18
|
3,069,840
|
3,137,791
|
|||||||||
Derivative financial liabilities
|
271,487
|
200,408
|
||||||||||
Other non-current liabilities
|
14
|
4,587,961
|
4,780,770
|
|||||||||
Total non-current liabilities
|
153,195,923
|
156,250,607
|
||||||||||
Current liabilities
|
||||||||||||
Accounts payable and other liabilities
|
15
|
36,770,671
|
37,270,081
|
|||||||||
Contract liabilities
|
928,222
|
2,706,529
|
||||||||||
Taxes payable
|
1,698,406
|
2,101,617
|
||||||||||
Dividends payable
|
3,492,894
|
1,191,036
|
||||||||||
Derivative financial liabilities
|
293,963
|
250,300
|
||||||||||
Short-term bonds
|
16
|
2,003,121
|
9,025,535
|
|||||||||
Short-term loans
|
17
|
61,515,374
|
67,119,368
|
|||||||||
Current portion of long-term loans
|
12
|
17,100,367
|
18,658,114
|
|||||||||
Current portion of long-term bonds
|
13
|
10,297,664
|
2,799,808
|
|||||||||
Current portion of lease liabilities
|
1,961,712
|
432,745
|
||||||||||
Current portion of other non-current liabilities
|
14
|
65,204
|
65,277
|
|||||||||
Total current liabilities
|
136,127,598
|
141,620,410
|
||||||||||
Total liabilities
|
289,323,521
|
297,871,017
|
||||||||||
Total equity and liabilities
|
439,351,881
|
428,250,063
|
For the six months ended 30 June
|
||||||||||||
Notes
|
2020
|
2019
|
||||||||||
Operating revenue
|
4
|
79,126,811
|
83,603,381
|
|||||||||
Tax and levies on operations
|
(887,000
|
)
|
(923,939
|
)
|
||||||||
78,239,811
|
82,679,442
|
|||||||||||
Operating expenses
|
||||||||||||
Fuel
|
(40,830,500
|
)
|
(47,318,459
|
)
|
||||||||
Maintenance
|
(1,647,153
|
)
|
(1,695,274
|
)
|
||||||||
Depreciation
|
(10,842,692
|
)
|
(10,692,055
|
)
|
||||||||
Labour
|
(5,566,132
|
)
|
(4,929,079
|
)
|
||||||||
Service fees on transmission and transformer facilities of HIPDC
|
(48,774
|
)
|
(47,947
|
)
|
||||||||
Purchase of electricity
|
(2,348,127
|
)
|
(2,333,351
|
)
|
||||||||
Others
|
20
|
(4,528,387
|
)
|
(5,186,827
|
)
|
|||||||
Total operating expenses
|
(65,811,765
|
)
|
(72,202,992
|
)
|
||||||||
Profit from operations
|
12,428,046
|
10,476,450
|
||||||||||
Interest income
|
154,503
|
120,404
|
||||||||||
Financial expenses, net
|
||||||||||||
Interest expense
|
(4,854,070
|
)
|
(5,498,587
|
)
|
||||||||
Exchange loss and bank charges, net
|
(79,919
|
)
|
(124,230
|
)
|
||||||||
Total financial expenses, net
|
(4,933,989
|
)
|
(5,622,817
|
)
|
||||||||
Share of profits and losses of associates and joint ventures
|
1,049,494
|
739,458
|
||||||||||
Gain on fair value changes of financial assets/liabilities
|
255
|
17,610
|
||||||||||
Other investment (loss)/income
|
(102,432
|
)
|
10,784
|
|||||||||
Profit before income tax expense
|
8,595,877
|
5,741,889
|
||||||||||
Income tax expense
|
21
|
(1,895,443
|
)
|
(1,346,516
|
)
|
|||||||
Net profit
|
6,700,434
|
4,395,373
|
For the six months ended 30 June
|
||||||||||||
Notes
|
2020
|
2019
|
||||||||||
Other comprehensive (loss)/income, net of tax
|
||||||||||||
Items that will not be reclassified to profit or loss:
|
||||||||||||
Fair value changes of other equity instrument investments
|
|
(789
|
)
|
165,071
|
||||||||
Share of other comprehensive (loss)/income of investees accounted for under the equity method
|
(131,391
|
)
|
535,607
|
|||||||||
Income tax effect
|
197
|
(41,267
|
)
|
|||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||
Share of other comprehensive income of investees accounted for under the equity method
|
1,008
|
229
|
||||||||||
Cash flow hedges:
|
||||||||||||
Effective portion of changes in fair value of hedging instruments arising during the period
|
(454,787
|
)
|
464,973
|
|||||||||
Reclassification adjustments for (loss)/gains included in the consolidated statement of profit or loss
|
315,632
|
(73,122
|
)
|
|||||||||
Exchange differences on translation of foreign operations
|
(421,727
|
)
|
(225,479
|
)
|
||||||||
Income tax effect
|
23,656
|
(66,680
|
)
|
|||||||||
Other comprehensive (loss)/income, net of tax
|
(668,201
|
)
|
759,332
|
|||||||||
Total comprehensive income
|
6,032,233
|
5,154,705
|
||||||||||
Net profit attributable to:
|
||||||||||||
– Equity holders of the Company
|
5,441,025
|
3,441,565
|
||||||||||
– Non-controlling interests
|
1,259,409
|
953,808
|
||||||||||
Total comprehensive income attributable to:
|
||||||||||||
– Equity holders of the Company
|
4,921,908
|
4,439,452
|
||||||||||
– Non-controlling interests
|
1,110,325
|
715,253
|
||||||||||
Earnings per share attributable to the ordinary shareholders of the Company
(expressed in RMB per share)
|
||||||||||||
– Basic and diluted
|
22
|
0.30
|
0.20
|
Attributable to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital surplus
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Other equity instruments
|
Share premium
|
Hedging reserve
|
Fair value reserve of financial assets at fair value through other comprehensive income
|
Other reserve in other comprehensive income
|
Other capital reserve
|
Subtotal
|
Surplus reserves
|
Currency translation differences
|
Retained earnings
|
Total
|
Non–controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2018
|
15,698,093
|
10,077,396
|
24,770,682
|
(430,896
|
)
|
926,804
|
(102,730
|
)
|
1,031,071
|
26,194,931
|
8,140,030
|
(340,337
|
)
|
34,665,305
|
94,435,418
|
21,686,252
|
116,121,670
|
|||||||||||||||||||||||||||||||||||||||
Profit for the six months ended 30 June 2019
|
–
|
272,254
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
3,169,311
|
3,441,565
|
953,808
|
4,395,373
|
||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value changes of other equity instrument investments, net of tax
|
–
|
–
|
–
|
–
|
123,782
|
–
|
–
|
123,782
|
–
|
–
|
–
|
123,782
|
22
|
123,804
|
||||||||||||||||||||||||||||||||||||||||||
Share of other comprehensive income of investees – accounted for under the equity method, net of tax
|
–
|
–
|
–
|
–
|
535,607
|
229
|
–
|
535,836
|
–
|
–
|
–
|
535,836
|
–
|
535,836
|
||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of effective portion and reclassification of cash flow hedges, net of tax
|
–
|
–
|
–
|
321,345
|
–
|
–
|
–
|
321,345
|
–
|
–
|
–
|
321,345
|
3,826
|
325,171
|
||||||||||||||||||||||||||||||||||||||||||
Currency translation differences
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
16,924
|
–
|
16,924
|
(242,403
|
)
|
(225,479
|
)
|
||||||||||||||||||||||||||||||||||||||||
Total comprehensive income for the six months ended 30 June 2019
|
–
|
272,254
|
–
|
321,345
|
659,389
|
229
|
–
|
980,963
|
–
|
16,924
|
3,169,311
|
4,439,452
|
715,253
|
5,154,705
|
||||||||||||||||||||||||||||||||||||||||||
Distribution of other equity instruments
|
–
|
(349,700
|
)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(349,700
|
)
|
–
|
(349,700
|
)
|
|||||||||||||||||||||||||||||||||||||||
Dividends relating to 2018 (Note 11)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(1,569,809
|
)
|
(1,569,809
|
)
|
(392,123
|
)
|
(1,961,932
|
)
|
||||||||||||||||||||||||||||||||||||||
Capital injections from non-controlling interests of subsidiaries
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
135,578
|
135,578
|
||||||||||||||||||||||||||||||||||||||||||
Others
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
332
|
332
|
27
|
359
|
||||||||||||||||||||||||||||||||||||||||||
Balance as at 30 June 2019
|
15,698,093
|
9,999,950
|
24,770,682
|
(109,551
|
)
|
1,586,193
|
(102,501
|
)
|
1,031,071
|
27,175,894
|
8,140,030
|
(323,413
|
)
|
36,265,139
|
96,955,693
|
22,144,987
|
119,100,680
|
Attributable to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital surplus
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Other equity instruments
|
Share premium
|
Hedging reserve
|
Fair value reserve of financial assets at fair value through other comprehensive income
|
Other reserve in other comprehensive income
|
Other capital reserve
|
Subtotal
|
Surplus reserve
|
Currency translation differences
|
Retained earnings
|
Total
|
Non–controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2019
|
15,698,093
|
25,127,821
|
24,770,682
|
(298,249
|
)
|
737,585
|
(101,562
|
)
|
1,106,681
|
26,215,137
|
8,140,030
|
(54,812
|
)
|
33,677,466
|
108,803,735
|
21,575,311
|
130,379,046
|
|||||||||||||||||||||||||||||||||||||||
Profit for the six months ended 30 June 2020
|
–
|
731,099
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
4,709,926
|
5,441,025
|
1,259,409
|
6,700,434
|
||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value changes of other equity instrument investments, net of tax
|
–
|
–
|
–
|
–
|
(566
|
)
|
–
|
–
|
(566
|
)
|
–
|
–
|
–
|
(566
|
)
|
(26
|
)
|
(592
|
)
|
|||||||||||||||||||||||||||||||||||||
Share of other comprehensive income of investees – accounted for under the equity method, net of tax
|
–
|
–
|
–
|
–
|
(131,391
|
)
|
1,008
|
–
|
(130,383
|
)
|
–
|
–
|
–
|
(130,383
|
)
|
–
|
(130,383
|
)
|
||||||||||||||||||||||||||||||||||||||
Changes in fair value of effective portion and reclassification of cash flow hedges, net of tax
|
–
|
–
|
–
|
(91,144
|
)
|
–
|
–
|
–
|
(91,144
|
)
|
–
|
–
|
–
|
(91,144
|
)
|
(24,355
|
)
|
(115,499
|
)
|
|||||||||||||||||||||||||||||||||||||
Currency translation differences
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(297,024
|
)
|
–
|
(297,024
|
)
|
(124,703
|
)
|
(421,727
|
)
|
||||||||||||||||||||||||||||||||||||||
Total comprehensive income for the six months ended 30 June 2020
|
–
|
731,099
|
–
|
(91,144
|
)
|
(131,957
|
)
|
1,008
|
–
|
(222,093
|
)
|
–
|
(297,024
|
)
|
4,709,926
|
4,921,908
|
1,110,325
|
6,032,233
|
||||||||||||||||||||||||||||||||||||||
Issue of other equity instruments
|
–
|
16,465,204
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
16,465,204
|
–
|
16,465,204
|
||||||||||||||||||||||||||||||||||||||||||
Distribution of other equity instruments(Note 11)
|
–
|
(876,805
|
)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(876,805
|
)
|
–
|
(876,805
|
)
|
|||||||||||||||||||||||||||||||||||||||
Dividends relating to 2019 (Note 11)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(2,119,243
|
)
|
(2,119,243
|
)
|
(111,148
|
)
|
(2,230,391
|
)
|
||||||||||||||||||||||||||||||||||||||
Capital injections from non-controlling interests of subsidiaries
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
200,970
|
200,970
|
||||||||||||||||||||||||||||||||||||||||||
Business combination (Note 26)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
48,103
|
48,103
|
||||||||||||||||||||||||||||||||||||||||||
Others
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
10,000
|
10,000
|
||||||||||||||||||||||||||||||||||||||||||
Balance as at 30 June 2020
|
15,698,093
|
41,447,319
|
24,770,682
|
(389,393
|
)
|
605,628
|
(100,554
|
)
|
1,106,681
|
25,993,044
|
8,140,030
|
(351,836
|
)
|
36,268,149
|
127,194,799
|
22,833,561
|
150,028,360
|
For the six months ended 30 June
|
||||||||||||
Notes
|
2020
|
2019
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Cash generated from operations
|
22,249,795
|
22,617,102
|
||||||||||
Tax paid
|
(6,413,944
|
)
|
(5,878,507
|
)
|
||||||||
Net cash from operating activities
|
|
15,835,851
|
16,738,595
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Payment for the purchase of property, plant and equipment and other non-current assets
|
(16,169,583
|
)
|
(11,148,071
|
)
|
||||||||
Cash consideration paid for acquisition of a subsidiary, net of cash acquired
|
(199,263
|
)
|
–
|
|||||||||
Other cash flows arising from investing activities
|
523,892
|
1,146,386
|
||||||||||
Net cash used in investing activities
|
(15,844,954
|
)
|
(10,001,685
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Issuance of bonds
|
12,188,307
|
15,300,000
|
||||||||||
Proceeds from loans
|
85,075,384
|
65,018,076
|
||||||||||
Repayments of bonds and loans
|
(105,020,448
|
)
|
(82,185,937
|
)
|
||||||||
Interest paid
|
(5,535,377
|
)
|
(5,422,142
|
)
|
||||||||
Lease payments
|
(553,591
|
)
|
(274,966
|
)
|
||||||||
Dividends paid to shareholders of the Company
|
–
|
(1,099,771
|
)
|
|||||||||
Net proceeds from the issuance of other equity instruments
|
16,479,318
|
–
|
||||||||||
Other cash flow arising from financing activities
|
55,599
|
(488,325
|
)
|
|||||||||
Net cash from/(used in) financing activities
|
2,689,192
|
(9,153,065
|
)
|
|||||||||
Effect of exchange rate fluctuations on cash held
|
(214,672
|
)
|
(45,678
|
)
|
||||||||
Net increase/(decrease) in cash and cash equivalents
|
2,465,417
|
(2,461,833
|
)
|
|||||||||
Cash and cash equivalents as at beginning of the period
|
12,443,258
|
15,417,682
|
||||||||||
Cash and cash equivalents as at end of the period
|
23
|
14,908,675
|
12,955,849
|
1. |
COMPANY ORGANISATION AND PRINCIPAL ACTIVITIES
|
2. |
BASIS OF PREPARATION
|
2. |
BASIS OF PREPARATION (CONT’D)
|
3. |
PRINCIPAL ACCOUNTING POLICIES
|
Amendments to IFRS 3
|
Definition of a Business
|
|
Amendments to IFRS 9, IAS 39 and IFRS 7
|
Interest Rate Benchmark Reform
|
|
Amendment to IFRS 16
|
Covid-19-Related Rent Concessions
|
|
Amendments to IAS 1 and IAS 8
|
Definition of Material
|
3. |
PRINCIPAL ACCOUNTING POLICIES (CONT’D)
|
(a) |
Amendments to IFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated set of activities and
assets to be considered a business, it must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. A business can exist without including all of the inputs and
processes needed to create outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce outputs. Instead, the focus is on whether acquired inputs and acquired
substantive processes together significantly contribute to the ability to create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment income or other income
from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set
of activities and assets is not a business. The Group has applied the amendments prospectively to transactions or other events that occurred on or after 1 January 2020. The amendments did not have any impact on the financial position and
performance of the Group.
|
(b) |
Amendments to IFRS 9, IAS 39 and IFRS 7 address the effects of interbank offered rate reform on financial reporting. The amendments provide temporary reliefs which
enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark. In addition, the amendments require companies to provide additional information to investors about their
hedging relationships which are directly affected by these uncertainties. The amendments did not have any impact on the financial position and performance of the Group.
|
(c) |
Amendment to IFRS 16 provides a practical expedient for lessees to elect not to apply lease modification accounting for rent concessions arising as a direct
consequence of the covid-19 pandemic. The practical expedient applies only to rent concessions occurring as a direct consequence of the covid-19 pandemic and only if (i) the change in lease payments results in revised consideration for the
lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (ii) any reduction in lease payments affects only payments originally due on or before 30 June 2021; and (iii) there is
no substantive change to other terms and conditions of the lease. The amendment is effective retrospectively for annual periods beginning on or after 1 June 2020 with earlier application permitted. The amendment did not have any impact on
the financial position and performance of the Group as there were no lease payments reduced or waived by the lessors as a result of the covid-19 pandemic during the period ended 30 June 2020.
|
(d) |
Amendments to IAS 1 and IAS 8 provide a new definition of material. The new definition states that information is material if omitting, misstating or obscuring it
could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or
magnitude of information. The amendments did not have any impact on the Group’s interim financial information.
|
4. |
REVENUE AND SEGMENT INFORMATION
|
(a) |
Disaggregation of revenue
|
PRC power segment
|
Overseas power segment
|
All other segments
|
Inter–segment revenue
|
Total
|
||||||||||||||||
(Note i)
|
||||||||||||||||||||
For the six months ended 30 June 2020
|
||||||||||||||||||||
– Sales of power and heat
|
69,771,845
|
5,482,783
|
–
|
–
|
75,254,628
|
|||||||||||||||
– Sales of coal and raw materials
|
724,782
|
62,769
|
–
|
–
|
787,551
|
|||||||||||||||
– Port service
|
–
|
–
|
217,208
|
(132,087
|
)
|
85,121
|
||||||||||||||
– Transportation service
|
–
|
–
|
74,937
|
(41,160
|
)
|
33,777
|
||||||||||||||
– Lease income
|
47,954
|
819,009
|
–
|
–
|
866,963
|
|||||||||||||||
– Others
|
669,399
|
1,416,592
|
12,780
|
–
|
2,098,771
|
|||||||||||||||
Total
|
71,213,980
|
7,781,153
|
304,925
|
(173,247
|
)
|
79,126,811
|
||||||||||||||
For the six months ended 30 June 2019
|
||||||||||||||||||||
– Sales of power and heat
|
73,493,154
|
5,792,646
|
–
|
–
|
79,285,800
|
|||||||||||||||
– Sales of coal and raw materials
|
539,054
|
357,003
|
–
|
–
|
896,057
|
|||||||||||||||
– Port service
|
–
|
–
|
249,862
|
(157,811
|
)
|
92,051
|
||||||||||||||
– Transportation service
|
–
|
–
|
78,876
|
(7,699
|
)
|
71,177
|
||||||||||||||
– Lease income
|
81,763
|
858,813
|
–
|
–
|
940,576
|
|||||||||||||||
– Others
|
404,575
|
1,899,413
|
13,732
|
–
|
2,317,720
|
|||||||||||||||
Total
|
74,518,546
|
8,907,875
|
342,470
|
(165,510
|
)
|
83,603,381
|
Note i: |
Overseas segment mainly consists of the operation in Pakistan and the operations in Singapore.
|
4. |
REVENUE AND SEGMENT INFORMATION (CONT’D)
|
(b) |
Segment information
|
4. |
REVENUE AND SEGMENT INFORMATION (CONT’D)
|
(b) |
Segment information (Cont’d)
|
PRC power segment
|
Overseas power segment
|
All other segments
|
Total
|
|||||||||||||
For the six months ended 30 June 2020
|
||||||||||||||||
Total revenue
|
71,261,552
|
7,728,474
|
304,925
|
79,294,951
|
||||||||||||
Inter-segment revenue
|
–
|
–
|
(173,247
|
)
|
(173,247
|
)
|
||||||||||
Revenue from external customers
|
71,261,552
|
7,728,474
|
131,678
|
79,121,704
|
||||||||||||
Segment results
|
8,694,333
|
425,052
|
22,459
|
9,141,844
|
||||||||||||
Interest income
|
73,583
|
79,560
|
1,395
|
154,538
|
||||||||||||
Interest expense
|
(4,209,941
|
)
|
(555,928
|
)
|
(78,065
|
)
|
(4,843,934
|
)
|
||||||||
Impairment loss
|
(68
|
)
|
(210
|
)
|
–
|
(278
|
)
|
|||||||||
Credit loss
|
(428
|
)
|
(1,736
|
)
|
–
|
(2,164
|
)
|
|||||||||
Depreciation and amortisation
|
(9,913,753
|
)
|
(409,864
|
)
|
(107,250
|
)
|
(10,430,867
|
)
|
||||||||
Net gain/(loss) on disposal of non-current assets
|
2,571
|
–
|
(2
|
)
|
2,569
|
|||||||||||
Share of profits less losses of associates and joint ventures
|
897,835
|
–
|
54,680
|
952,515
|
||||||||||||
Income tax expense
|
(2,008,752
|
)
|
(20,698
|
)
|
(8,379
|
)
|
(2,037,829
|
)
|
||||||||
For the six months ended 30 June 2019 (Restated)**
|
||||||||||||||||
Total revenue
|
74,568,930
|
8,721,868
|
342,470
|
83,633,268
|
||||||||||||
Inter-segment revenue
|
–
|
–
|
(165,510
|
)
|
(165,510
|
)
|
||||||||||
Revenue from external customers
|
74,568,930
|
8,721,868
|
176,960
|
83,467,758
|
||||||||||||
Segment results
|
6,313,817
|
(2,712
|
)
|
39,451
|
6,350,556
|
|||||||||||
Interest income
|
85,352
|
34,687
|
616
|
120,655
|
||||||||||||
Interest expense
|
(4,775,069
|
)
|
(647,064
|
)
|
(46,752
|
)
|
(5,468,885
|
)
|
||||||||
Impairment loss
|
(259,929
|
)
|
15,697
|
–
|
(244,232
|
)
|
||||||||||
Credit loss
|
1,079
|
170
|
–
|
1,249
|
||||||||||||
Depreciation and amortisation
|
(9,633,238
|
)
|
(391,165
|
)
|
(179,471
|
)
|
(10,203,874
|
)
|
||||||||
Net gain on disposal of non-current assets
|
14,768
|
23
|
–
|
14,791
|
||||||||||||
Share of profits less losses of associates and joint ventures
|
504,438
|
–
|
103,976
|
608,414
|
||||||||||||
Income tax expense
|
(1,532,843
|
)
|
36,869
|
(10,658
|
)
|
(1,506,632
|
)
|
4. |
REVENUE AND SEGMENT INFORMATION (CONT’D)
|
(b) |
Segment information (Cont’d)
|
PRC power segment
|
Overseas power segment
|
All other segments
|
Total
|
|||||||||||||
30 June 2020
|
||||||||||||||||
Segment assets
|
367,124,378
|
42,382,435
|
9,783,778
|
419,290,591
|
||||||||||||
Including:
|
||||||||||||||||
Additions to non-current assets (excluding financial assets and deferred income
tax assets)
|
13,323,914
|
77,423
|
135,509
|
13,536,846
|
||||||||||||
Investments in associates
|
13,867,490
|
–
|
3,696,683
|
17,564,173
|
||||||||||||
Investments in joint ventures
|
1,370,943
|
–
|
1,217,590
|
2,588,533
|
||||||||||||
Segment liabilities
|
(254,030,397
|
)
|
(26,804,602
|
)
|
(2,412,473
|
)
|
(283,247,472
|
)
|
||||||||
31 December 2019 (Restated) **
|
||||||||||||||||
Segment assets
|
355,684,024
|
43,122,947
|
9,857,566
|
408,664,537
|
||||||||||||
Including:
|
||||||||||||||||
Additions to non-current assets (excluding financial assets and deferred income
tax assets)
|
39,565,163
|
716,642
|
251,957
|
40,533,762
|
||||||||||||
Investments in associates
|
13,187,050
|
–
|
3,540,265
|
16,727,315
|
||||||||||||
Investments in joint ventures
|
1,239,866
|
–
|
1,232,556
|
2,472,422
|
||||||||||||
Segment liabilities
|
(262,956,207
|
)
|
(27,397,122
|
)
|
(2,552,860
|
)
|
(292,906,189
|
)
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
(Restated)**
|
||||||||
Segment results (PRC GAAP)
|
9,141,844
|
6,350,556
|
||||||
Reconciling items:
|
||||||||
Loss related to the headquarters
|
(80,326
|
)
|
(88,764
|
)
|
||||
Investment income from Huaneng Finance
|
91,112
|
116,432
|
||||||
Impact of restatement under PRC GAAP in relation to business combination under
common control
|
(7,224
|
)
|
(13,595
|
)
|
||||
Impact of IFRS adjustments*
|
(549,529
|
)
|
(622,740
|
)
|
||||
Profit before income tax expense per unaudited interim consolidated statement of
comprehensive income
|
8,595,877
|
5,741,889
|
4. |
REVENUE AND SEGMENT INFORMATION (CONT’D)
|
(b) |
Segment information (Cont’d)
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
(Restated)**
|
||||||||
Total segment assets (PRC GAAP)
|
419,290,591
|
408,664,537
|
||||||
Reconciling items:
|
||||||||
Investment in Huaneng Finance
|
1,489,392
|
1,416,183
|
||||||
Deferred income tax assets
|
3,073,546
|
3,271,488
|
||||||
Prepaid income tax
|
74,247
|
139,617
|
||||||
Other equity instrument investments
|
793,746
|
779,217
|
||||||
Corporate assets
|
378,185
|
361,441
|
||||||
Impact of restatement under PRC GAAP in relation to business combination under
common control
|
–
|
(1,035,940
|
)
|
|||||
Impact of other IFRS adjustments*
|
14,252,174
|
14,653,520
|
||||||
Total assets per unaudited interim condensed consolidated statement of financial
position
|
439,351,881
|
428,250,063
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
(Restated)**
|
||||||||
Total segment liabilities (PRC GAAP)
|
(283,247,472
|
)
|
(292,906,189
|
)
|
||||
Reconciling items:
|
||||||||
Current income tax liabilities
|
(686,423
|
)
|
(748,957
|
)
|
||||
Deferred income tax liabilities
|
(998,158
|
)
|
(996,021
|
)
|
||||
Corporate liabilities
|
(2,842,770
|
)
|
(2,458,677
|
)
|
||||
Impact of restatement under PRC GAAP in relation to business combination under
common control
|
–
|
802,144
|
||||||
Impact of other IFRS adjustments*
|
(1,548,698
|
)
|
(1,563,317
|
)
|
||||
Total liabilities per unaudited interim consolidated statement of financial
position
|
(289,323,521
|
)
|
(297,871,017
|
)
|
4. |
REVENUE AND SEGMENT INFORMATION (CONT’D)
|
(b) |
Segment information (Cont’d)
|
Reportable segment total
|
Headquarters
|
Investment income from Huaneng Finance
|
Impact of restatement under PRC GAAP in relation to business combination under common control
|
Impact of IFRS adjustments*
|
Total
|
|||||||||||||||||||
For the six months ended 30 June 2020
|
||||||||||||||||||||||||
Total revenue
|
79,121,704
|
–
|
–
|
(47,572
|
)
|
52,679
|
79,126,811
|
|||||||||||||||||
Interest expense
|
(4,843,934
|
)
|
(27,082
|
)
|
–
|
16,946
|
–
|
(4,854,070
|
)
|
|||||||||||||||
Impairment loss
|
(278
|
)
|
–
|
–
|
–
|
–
|
(278
|
)
|
||||||||||||||||
Credit loss
|
(2,164
|
)
|
–
|
–
|
–
|
–
|
(2,164
|
)
|
||||||||||||||||
Depreciation and amortisation
|
(10,430,867
|
)
|
(12,952
|
)
|
–
|
14,878
|
(469,956
|
)
|
(10,898,897
|
)
|
||||||||||||||
Net gain on disposal of non-current assets
|
2,569
|
–
|
–
|
–
|
–
|
2,569
|
||||||||||||||||||
Share of profits less losses of associates and joint ventures
|
952,515
|
–
|
91,112
|
–
|
5,867
|
1,049,494
|
||||||||||||||||||
Income tax expense
|
(2,037,829
|
)
|
–
|
–
|
176
|
142,210
|
(1,895,443
|
)
|
||||||||||||||||
For the six months ended 30 June 2019 (Restated)**
|
||||||||||||||||||||||||
Total revenue
|
83,467,758
|
–
|
–
|
(50,384
|
)
|
186,007
|
83,603,381
|
|||||||||||||||||
Interest expense
|
(5,468,885
|
)
|
(47,339
|
)
|
–
|
17,637
|
–
|
(5,498,587
|
)
|
|||||||||||||||
Impairment loss
|
(244,232
|
)
|
–
|
–
|
–
|
–
|
(244,232
|
)
|
||||||||||||||||
Credit loss
|
1,249
|
–
|
–
|
–
|
53
|
1,302
|
||||||||||||||||||
Depreciation and amortisation
|
(10,203,874
|
)
|
(4,111
|
)
|
–
|
14,882
|
(533,388
|
)
|
(10,726,491
|
)
|
||||||||||||||
Net gain on disposal of non-current assets
|
14,791
|
–
|
–
|
–
|
–
|
14,791
|
||||||||||||||||||
Share of profits less losses of associates and joint ventures
|
608,414
|
–
|
116,432
|
–
|
14,612
|
739,458
|
||||||||||||||||||
Income tax expense
|
(1,506,632
|
)
|
–
|
–
|
107
|
160,009
|
(1,346,516
|
)
|
* |
Other GAAP adjustments above primarily represented the classification adjustments and adjustments related to business combination and borrowing cost. Other than the
classification adjustments, the differences will be gradually eliminated following subsequent depreciation and amortisation of related assets or the extinguishment of liabilities.
|
** |
Under PRC GAAP, the business acquisition under common control (note 26) was accounted for by using the pooling of interests method and therefore the relevant
information of 2019 was restated accordingly.
|
4. |
REVENUE AND SEGMENT INFORMATION (CONT’D)
|
(b) |
Segment information (Cont’d)
|
(i) |
External revenue generated from the following countries:
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
PRC
|
71,345,658
|
74,695,506
|
||||||
Overseas
|
7,781,153
|
8,907,875
|
||||||
Total
|
79,126,811
|
83,603,381
|
(ii) |
Non-current assets (excluding financial assets and deferred income tax assets) are located in the following countries:
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
PRC
|
335,319,939
|
327,410,156
|
||||||
Overseas
|
24,052,194
|
24,830,127
|
||||||
Total
|
359,372,133
|
352,240,283
|
For the six months ended 30 June
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
Amount
|
Proportion
|
Amount
|
Proportion
|
|||||||||||||
State Grid Shandong Electric Power Company
|
11,898,507
|
15
|
%
|
14,274,939
|
17
|
%
|
5. |
PROPERTY, PLANT AND EQUIPMENT
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Balance at the end of the prior year
|
285,622,907
|
282,061,272
|
||||||
Impact on initial application of IFRS 16
|
–
|
(1,616,551
|
)
|
|||||
Balance as at beginning of the period/year
|
285,622,907
|
280,444,721
|
||||||
Acquisition
|
751,732
|
–
|
||||||
Additions
|
14,475,422
|
32,377,181
|
||||||
Reclassification to investment properties
|
(369
|
)
|
(421,653
|
)
|
||||
Disposals/write-off
|
(45,755
|
)
|
(213,500
|
)
|
||||
Depreciation charge
|
(10,516,358
|
)
|
(21,138,807
|
)
|
||||
Impairment charge
|
–
|
(5,719,990
|
)
|
|||||
Currency translation differences
|
(136,506
|
)
|
294,955
|
|||||
End of the period/year
|
290,151,073
|
285,622,907
|
6. |
FINANCIAL INSTRUMENTS
|
(a) |
Fair value measurements
|
• |
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
• |
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices).
|
• |
Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
|
The Group
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives
|
–
|
8,059
|
–
|
8,059
|
||||||||||||
Accounts receivable at fair value through other comprehensive income
|
–
|
1,712,164
|
–
|
1,712,164
|
||||||||||||
Derivatives used for hedging
|
–
|
64,800
|
–
|
64,800
|
||||||||||||
Other equity instrument investments
|
7,600
|
–
|
786,147
|
793,747
|
||||||||||||
Total assets
|
7,600
|
1,785,023
|
786,147
|
2,578,770
|
||||||||||||
Liabilities
|
||||||||||||||||
Financial liabilities at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives
|
–
|
6,217
|
–
|
6,217
|
||||||||||||
Derivatives used for hedging
|
–
|
559,233
|
–
|
559,233
|
||||||||||||
Total liabilities
|
–
|
565,450
|
–
|
565,450
|
6. |
FINANCIAL INSTRUMENTS (CONT’D)
|
(a) |
Fair value measurements (Cont’d)
|
The Group
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives
|
–
|
4,601
|
–
|
4,601
|
||||||||||||
– Contingent consideration of business combination (Note i)
|
–
|
–
|
457,727
|
457,727
|
||||||||||||
Accounts receivable at fair value through other comprehensive income
|
–
|
1,364,579
|
–
|
1,364,579
|
||||||||||||
Derivatives used for hedging
|
–
|
86,686
|
–
|
86,686
|
||||||||||||
Other equity instrument investments
|
8,390
|
–
|
770,828
|
779,218
|
||||||||||||
Total assets
|
8,390
|
1,455,866
|
1,228,555
|
2,692,811
|
||||||||||||
Liabilities
|
||||||||||||||||
Financial liabilities at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives
|
–
|
2,987
|
–
|
2,987
|
||||||||||||
Derivatives used for hedging
|
–
|
447,721
|
–
|
447,721
|
||||||||||||
Total liabilities
|
–
|
450,708
|
–
|
450,708
|
Note i: |
The Company acquired several subsidiaries including Huaneng Shandong Power Generation Co., Ltd. (“Shandong Power”) from Huaneng Group. The acquisition was completed
on 1 January 2017. According to the profit compensation agreement associated with the acquisition, Huaneng Group should compensate the Company in cash based on the shortfall of accumulated actual net profit compared with the accumulated
forecast net profits of certain subsidiaries of Shandong Power during the compensation period from year 2017 to 2019. As at 30 June 2020, All the contingent consideration from Huaneng Group has been received.
|
6. |
FINANCIAL INSTRUMENTS (CONT’D)
|
(a) |
Fair value measurements (Cont’d)
|
• |
The forward exchange contracts and fuel oil swaps are both valued using quoted market prices or dealer quotes for similar instruments.
|
• |
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.
|
• |
The fair values of accounts receivable at fair value through other comprehensive income were measured using the discounted cash flow model. The model incorporates
various market observable inputs including the annualised yields of similar securitisation products and interest rate curves. The carrying amounts of accounts receivable are the same as their fair values.
|
• |
The material other equity instrument investments in unlisted securities are valued using a market-base valuation technique based on assumptions that are not
supported by an observable market price or rate. The Group determines comparable public companies based on industry, size, leverage and strategy and calculates an appropriate price multiple, such as price to book (“P/B”) multiple, for each
comparable company identified.
|
6. |
FINANCIAL INSTRUMENTS (CONT’D)
|
(a) |
Fair value measurements (Cont’d)
|
Valuation technique
|
Significant unobservable input
|
Range
|
Sensitivity of fair value to the input
|
|||||
Unlisted equity investments
|
Valuation multiples
|
Average P/B
|
2020: 1.24 to 1.36
|
10% increase/decrease in multiple would result in increase/decrease in fair value by RMB68.73 million.
|
||||
Discount for lack of marketability
|
2020: 29% to 31.90%
|
10% increase/decrease in multiple would result in decrease/increase in fair value by RMB28.07 million.
|
6. |
FINANCIAL INSTRUMENTS (CONT’D)
|
(a) |
Fair value measurements (Cont’d)
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Beginning of the period/year
|
457,727
|
991,383
|
||||||
Movement:
|
||||||||
Gains on fair value changes
|
–
|
17,175
|
||||||
Contingent consideration of business combination received from Huaneng Group
|
(457,727
|
)
|
(550,831
|
)
|
||||
End of the period/year
|
–
|
457,727
|
||||||
Total gains for the period/year included in profit or loss for assets held at the
end of the reporting period
|
–
|
17,175
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Other equity instrument investments
|
||||||||
Beginning of the period/year
|
770,828
|
2,074,861
|
||||||
Addition
|
15,319
|
7,450
|
||||||
Disposal
|
–
|
(1,250,000
|
)
|
|||||
Fair value changes
|
–
|
(61,483
|
)
|
|||||
End of the period/year
|
786,147
|
770,828
|
||||||
Changes in fair value recognised in other comprehensive income for the period/year
|
–
|
46,113
|
6. |
FINANCIAL INSTRUMENTS (CONT’D)
|
(b) |
Fair value disclosures
|
7. |
GOODWILL
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Beginning of the period/year
|
||||||||
Cost
|
19,292,497
|
18,941,078
|
||||||
Accumulated impairment losses
|
(3,357,542
|
)
|
(3,368,851
|
)
|
||||
Net book value
|
15,934,955
|
15,572,227
|
||||||
Movements:
|
||||||||
Business combination (note 26)
|
5,828
|
–
|
||||||
Currency translation differences
|
(200,290
|
)
|
362,728
|
|||||
End of the period/year
|
15,740,493
|
15,934,955
|
||||||
Cost
|
19,092,285
|
19,292,497
|
||||||
Accumulated impairment losses
|
(3,351,792
|
)
|
(3,357,542
|
)
|
||||
Net book value
|
15,740,493
|
15,934,955
|
8. |
OTHER NON-CURRENT ASSETS
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Finance lease receivables
|
10,431,604
|
10,519,845
|
||||||
VAT recoverable
|
4,641,645
|
4,172,871
|
||||||
Prepayments for pre-construction cost
|
765,364
|
788,081
|
||||||
Intangible assets
|
642,176
|
784,594
|
||||||
Prepaid connection fees
|
35,263
|
37,484
|
||||||
Contract assets
|
669,539
|
642,557
|
||||||
Others (Note i)
|
1,834,547
|
1,659,573
|
||||||
Total
|
19,020,138
|
18,605,005
|
Note i: |
According to the property right transfer agreement signed in December 2008 between Shandong Power and Shandong Luneng Development Group (“Shandong Luneng”) and the
corresponding approval from the State-owned Assets Supervision and Administration Commission of the State Council in February 2009 (“State-owned Assets Right [2009] No.70”), Shandong Power acquired 30% of property right of Huangtai #8 Power
Plant from Shandong Luneng at a cash consideration of RMB110 million. Huangtai #8 Power Plant is not a legal entity under the PRC Company Law, though it has separate accounting books, therefore the Company recognised the 30% property right
as other non-current assets. Huaneng Jinan Huangtai Power Limited Company (“Huangtai Power”), a subsidiary of the Company, is in charge of daily operations of Huangtai #8 Power Plant on behalf of two property owners.
|
9. |
OTHER RECEIVABLES AND ASSETS
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Prepayments for inventories
|
1,442,754
|
758,834
|
||||||
Prepaid income tax
|
74,247
|
139,617
|
||||||
Others
|
345,870
|
266,252
|
||||||
Subtotal prepayments
|
1,862,871
|
1,164,703
|
||||||
Loss allowances
|
(5,507
|
)
|
(2,638
|
)
|
||||
Total prepayments, net
|
1,857,364
|
1,162,065
|
||||||
Receivables from sale of fuel
|
131,088
|
99,649
|
||||||
Others (Note i)
|
2,214,363
|
2,077,156
|
||||||
Subtotal other receivables
|
2,345,451
|
2,176,805
|
||||||
Loss allowances
|
(62,296
|
)
|
(52,531
|
)
|
||||
Total other receivables, net
|
2,283,155
|
2,124,274
|
||||||
Profit compensation from Huaneng Group
|
–
|
457,727
|
||||||
VAT recoverable
|
1,950,146
|
1,773,396
|
||||||
Finance lease receivables
|
474,075
|
483,691
|
||||||
Designated loan to a joint venture
|
80,000
|
80,000
|
||||||
Others
|
136,610
|
136,610
|
||||||
Gross total
|
6,849,153
|
6,272,932
|
||||||
Net total
|
6,781,350
|
6,217,763
|
Note i: |
Included in others were advances amounting to RMB154 million as at 30 June 2020 (31 December 2019: RMB232 million) which were due from Huangtai #8 Power Plant with
an indefinite repayment term. For the six months ended 30 June 2020, The Group received total accumulated repayments amounting to RMB78 million (for the year ended 31 December 2019: RMB34 million).
|
10. |
ACCOUNTS RECEIVABLE
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Accounts receivable
|
28,040,294
|
26,911,837
|
||||||
Notes receivable
|
7,765,362
|
5,552,422
|
||||||
35,805,656
|
32,464,259
|
|||||||
Less: loss allowance
|
193,358
|
195,320
|
||||||
Total
|
35,612,298
|
32,268,939
|
||||||
Analysed into:
|
||||||||
Accounts receivable
|
||||||||
– At amortised cost
|
26,328,130
|
25,547,258
|
||||||
– At fair value through other comprehensive income
|
1,712,164
|
1,364,579
|
||||||
Notes receivable
|
||||||||
– At amortised cost
|
7,765,362
|
5,552,422
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Within 1 year
|
35,156,901
|
31,566,008
|
||||||
Between 1 and 2 years
|
379,166
|
696,401
|
||||||
Between 2 and 3 years
|
106,463
|
57,667
|
||||||
Over 3 years
|
163,126
|
144,183
|
||||||
Total
|
35,805,656
|
32,464,259
|
11. |
DIVIDENDS OF ORDINARY SHARES AND CUMULATIVE DISTRIBUTION OF OTHER EQUITY INSTRUMENTS
|
(a) |
Dividends of ordinary shares
|
(b) |
Cumulative distribution of other equity instruments
|
11. |
DIVIDENDS OF ORDINARY SHARES AND CUMULATIVE DISTRIBUTION OF OTHER EQUITY INSTRUMENTS (CONT’D)
|
(b) |
Cumulative distribution of other equity instruments (Cont’d)
|
11. |
DIVIDENDS OF ORDINARY SHARES AND CUMULATIVE DISTRIBUTION OF OTHER EQUITY INSTRUMENTS (CONT’D)
|
(b) |
Cumulative distribution of other equity instruments (Cont’d)
|
11. |
DIVIDENDS OF ORDINARY SHARES AND CUMULATIVE DISTRIBUTION OF OTHER EQUITY INSTRUMENTS (CONT’D)
|
(b) |
Cumulative distribution of other equity instruments (Cont’d)
|
12. |
LONG-TERM LOANS
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Loans from Huaneng Group and its subsidiaries (a)
|
6,711,220
|
5,403,574
|
||||||
Bank loans and other loans (b)
|
127,435,435
|
128,619,138
|
||||||
134,146,655
|
134,022,712
|
|||||||
Less: current portion of long-term loans
|
17,100,367
|
18,658,114
|
||||||
Total
|
117,046,288
|
115,364,598
|
(a) |
Loans from Huaneng Group and its subsidiaries
|
As at 30 June 2020
|
||||||||||||||||
RMB equivalent
|
Less: current portion
|
Non–current portion
|
Annual interest rate
|
|||||||||||||
Loans from Huaneng Group
|
||||||||||||||||
Unsecured
|
||||||||||||||||
RMB
|
665,225
|
–
|
665,225
|
4.75
|
%
|
|||||||||||
Loans from Huaneng Finance
|
||||||||||||||||
Unsecured
|
||||||||||||||||
RMB
|
3,868,200
|
181,200
|
3,687,000
|
3.67%-4.75
|
%
|
|||||||||||
Loans from Huaneng Hong Kong Asset Management Co., Ltd. (“Hong
Kong Asset Management”)
|
||||||||||||||||
Unsecured
|
||||||||||||||||
US$
|
1,415,900
|
–
|
1,415,900
|
2.30
|
%
|
|||||||||||
Loans from Huaneng Tiancheng Financial Leasing Co., Ltd.
(“Tiancheng Financial Leasing”)
|
||||||||||||||||
Secured
|
||||||||||||||||
RMB
|
761,895
|
117,864
|
644,031
|
4.42%-5.20
|
%
|
|||||||||||
Total
|
6,711,220
|
299,064
|
6,412,156
|
12. |
LONG-TERM LOANS (CONT’D)
|
(a) |
Loans from Huaneng Group and its subsidiaries (Cont’d)
|
As at 31 December 2019
|
||||||||||||||||
RMB equivalent
|
Less: current portion
|
Non–current portion
|
Annual interest rate
|
|||||||||||||
Loans from Huaneng Group
|
||||||||||||||||
Unsecured
|
||||||||||||||||
RMB
|
665,225
|
–
|
665,225
|
4.75
|
%
|
|||||||||||
Loans from Huaneng Finance
|
||||||||||||||||
Unsecured
|
||||||||||||||||
RMB
|
3,836,800
|
413,200
|
3,423,600
|
4.28%-4.75
|
%
|
|||||||||||
Loans from Tiancheng Financial Leasing
|
||||||||||||||||
Secured
|
||||||||||||||||
RMB
|
901,549
|
396,549
|
505,000
|
4.42%-6.60
|
%
|
|||||||||||
Total
|
5,403,574
|
809,749
|
4,593,825
|
(b) |
Bank loans and other loans
|
As at 30 June 2020
|
||||||||||||||||
RMB equivalent
|
Less: current portion
|
Non–current portion
|
Annual interest rate
|
|||||||||||||
Secured
|
9,510,271
|
1,631,670
|
7,878,601
|
1.45%-4.90
|
%
|
|||||||||||
Unsecured
|
117,925,164
|
15,169,633
|
102,755,531
|
0.75%-6.55
|
%
|
|||||||||||
Total
|
127,435,435
|
16,801,303
|
110,634,132
|
As at 31 December 2019
|
||||||||||||||||
RMB equivalent
|
Less: current portion
|
Non–current portion
|
Annual interest rate
|
|||||||||||||
Secured
|
9,971,094
|
1,784,209
|
8,186,885
|
2.93%-4.90
|
%
|
|||||||||||
Unsecured
|
118,648,044
|
16,064,156
|
102,583,888
|
0.75%-6.82
|
%
|
|||||||||||
Total
|
128,619,138
|
17,848,365
|
110,770,773
|
12. |
LONG-TERM LOANS (CONT’D)
|
(b) |
Bank loans and other loans (Cont’d)
|
13. |
LONG-TERM BONDS
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
2016 corporate bonds (5 years)
|
3,000,100
|
3,000,072
|
||||||
2016 corporate bonds (10 years)
|
1,199,990
|
1,199,985
|
||||||
2017 medium-term notes (5 years)
|
5,006,815
|
5,001,878
|
||||||
2017 debt financing instrument (3 years)
|
499,987
|
499,846
|
||||||
2017 corporate bonds (3 years)
|
2,299,988
|
2,299,962
|
||||||
2018 corporate bonds (3 years)
|
1,500,053
|
1,500,040
|
||||||
2018 medium-term notes (3 years)
|
2,997,535
|
2,996,069
|
||||||
2018 medium-term notes (3 years)
|
2,002,756
|
2,001,342
|
||||||
2018 debt financing instrument (3 years)
|
2,497,006
|
2,495,547
|
||||||
2018 corporate bonds (10 years)
|
5,000,014
|
4,999,993
|
||||||
2019 corporate bonds (10 years)
|
2,299,994
|
2,299,990
|
||||||
2019 corporate bonds (3 years)
|
1,000,016
|
1,000,007
|
||||||
2019 medium-term notes (3 years)
|
499,002
|
498,759
|
||||||
2019 medium-term notes (5 years)
|
1,494,152
|
1,493,433
|
||||||
2020 corporate bonds (5 years)
|
2,116,973
|
–
|
||||||
2020 corporate bonds (10 years)
|
2,108,804
|
–
|
||||||
Subtotal
|
35,523,185
|
31,286,923
|
||||||
Less: current portion of long-term bonds
|
10,297,664
|
2,799,808
|
||||||
Total
|
25,225,521
|
28,487,115
|
13. |
LONG-TERM BONDS (CONT’D)
|
Type of Instruments
|
Face Value
|
Issuance Date
|
Initial Period
|
Initial Distribution Rate
|
Effective Rate
|
Issue Price
|
Balance as at 31 December 2019
|
Issued Amount
|
Amortisation
|
Foreign exchange loss/(gain)
|
Foreign currency translation differences
|
Balance as at 30 June 2020
|
||||||||||||||||||||||||||||||
2016 corporate bonds (5 years)
|
3,000,000
|
June 2016
|
5 years
|
3.48
|
%
|
3.48
|
%
|
3,000,000
|
3,000,072
|
–
|
28
|
–
|
–
|
3,000,100
|
||||||||||||||||||||||||||||
2016 corporate bonds (10 years)
|
1,200,000
|
June 2016
|
10 years
|
3.98
|
%
|
3.98
|
%
|
1,200,000
|
1,199,985
|
–
|
5
|
–
|
–
|
1,199,990
|
||||||||||||||||||||||||||||
2017 medium-term notes (5 years)
|
5,000,000
|
July 2017
|
5 years
|
4.69
|
%
|
4.90
|
%
|
5,000,000
|
5,001,878
|
–
|
4,937
|
–
|
–
|
5,006,815
|
||||||||||||||||||||||||||||
2017 debt financing instrument (3 years)
|
500,000
|
July 2017
|
3 years
|
4.75
|
%
|
4.81
|
%
|
500,000
|
499,846
|
–
|
141
|
–
|
–
|
499,987
|
||||||||||||||||||||||||||||
2017 corporate bonds (3 years)
|
2,300,000
|
November 2017
|
3 years
|
4.99
|
%
|
4.99
|
%
|
2,300,000
|
2,299,962
|
–
|
26
|
–
|
–
|
2,299,988
|
||||||||||||||||||||||||||||
2018 corporate bonds (3 years)
|
1,500,000
|
April 2018
|
3 years
|
4.90
|
%
|
4.90
|
%
|
1,500,000
|
1,500,040
|
–
|
13
|
–
|
–
|
1,500,053
|
||||||||||||||||||||||||||||
2018 medium-term notes (3 years)
|
3,000,000
|
May 2018
|
3 years
|
4.80
|
%
|
4.91
|
%
|
3,000,000
|
2,996,069
|
–
|
1,466
|
–
|
–
|
2,997,535
|
||||||||||||||||||||||||||||
2018 medium-term notes (3 years)
|
2,000,000
|
July 2018
|
3 years
|
4.41
|
%
|
4.56
|
%
|
2,000,000
|
2,001,342
|
–
|
1,414
|
–
|
–
|
2,002,756
|
||||||||||||||||||||||||||||
2018 debt financing instrument (3 years)
|
2,500,000
|
July 2018
|
3 years
|
4.68
|
%
|
4.81
|
%
|
2,500,000
|
2,495,547
|
–
|
1,459
|
–
|
–
|
2,497,006
|
||||||||||||||||||||||||||||
2018 corporate bonds (10 years)
|
5,000,000
|
September 2018
|
10 years
|
5.05
|
%
|
5.05
|
%
|
5,000,000
|
4,999,993
|
–
|
21
|
–
|
–
|
5,000,014
|
||||||||||||||||||||||||||||
2019 corporate bonds (10 years)
|
2,300,000
|
April 2019
|
10 years
|
4.70
|
%
|
4.70
|
%
|
2,300,000
|
2,299,990
|
–
|
4
|
–
|
–
|
2,299,994
|
||||||||||||||||||||||||||||
2019 corporate bonds (3 years)
|
1,000,000
|
July 2019
|
3 years
|
3.55
|
%
|
3.55
|
%
|
1,000,000
|
1,000,007
|
–
|
9
|
–
|
–
|
1,000,016
|
||||||||||||||||||||||||||||
2019 medium-term notes (3 years)
|
500,000
|
July 2019
|
3 years
|
3.55
|
%
|
3.65
|
%
|
500,000
|
498,759
|
–
|
243
|
–
|
–
|
499,002
|
||||||||||||||||||||||||||||
2019 medium-term notes (5 years)
|
1,500,000
|
July 2019
|
5 years
|
3.85
|
%
|
3.96
|
%
|
1,500,000
|
1,493,433
|
–
|
719
|
–
|
–
|
1,494,152
|
||||||||||||||||||||||||||||
2020 corporate bonds (5 years)
|
2,108,865
|
February 2020
|
5 years
|
2.25
|
%
|
2.32
|
%
|
2,108,865
|
–
|
2,108,865
|
(10,618
|
)
|
(5,764
|
)
|
24,490
|
2,116,973
|
||||||||||||||||||||||||||
2020 corporate bonds (10 years)
|
2,108,865
|
February 2020
|
10 years
|
2.63
|
%
|
2.71
|
%
|
2,108,865
|
–
|
2,108,865
|
(18,787
|
)
|
(5,764
|
)
|
24,490
|
2,108,804
|
||||||||||||||||||||||||||
Total
|
35,517,730
|
31,286,923
|
4,217,730
|
(18,920
|
)
|
(11,528
|
)
|
48,980
|
35,523,185
|
13. |
LONG-TERM BONDS (CONT’D)
|
Type of Instruments
|
Face Value
|
Issuance Date
|
Initial Period
|
Initial Distribution Rate
|
Effective Rate
|
Issue Price
|
Balance as at 31 December 2018
|
Issued Amount
|
Amortisation
|
Repayment
|
Balance as at 31 December 2019
|
|||||||||||||||||||||||||||
2014 medium-term notes (5 years)
|
4,000,000
|
July 2014
|
5 years
|
5.30
|
%
|
5.37
|
%
|
4,000,000
|
3,993,479
|
–
|
6,521
|
(4,000,000
|
)
|
–
|
||||||||||||||||||||||||
2016 corporate bonds (5 years)
|
3,000,000
|
June 2016
|
5 years
|
3.48
|
%
|
3.48
|
%
|
3,000,000
|
3,000,010
|
–
|
62
|
–
|
3,000,072
|
|||||||||||||||||||||||||
2016 corporate bonds (10 years)
|
1,200,000
|
June 2016
|
10 years
|
3.98
|
%
|
3.98
|
%
|
1,200,000
|
1,199,973
|
–
|
12
|
–
|
1,199,985
|
|||||||||||||||||||||||||
2017 medium-term notes (5 years)
|
5,000,000
|
July 2017
|
5 years
|
4.69
|
%
|
4.90
|
%
|
5,000,000
|
5,000,939
|
–
|
939
|
–
|
5,001,878
|
|||||||||||||||||||||||||
2017 debt financing instrument (3 years)
|
500,000
|
July 2017
|
3 years
|
4.75
|
%
|
4.81
|
%
|
500,000
|
499,563
|
–
|
283
|
–
|
499,846
|
|||||||||||||||||||||||||
2017 corporate bonds (3 years)
|
2,300,000
|
November 2017
|
3 years
|
4.99
|
%
|
4.99
|
%
|
2,300,000
|
2,299,916
|
–
|
46
|
–
|
2,299,962
|
|||||||||||||||||||||||||
2018 corporate bonds (3 years)
|
1,500,000
|
April 2018
|
3 years
|
4.90
|
%
|
4.90
|
%
|
1,500,000
|
1,500,010
|
–
|
30
|
–
|
1,500,040
|
|||||||||||||||||||||||||
2018 medium-term notes (3 years)
|
3,000,000
|
May 2018
|
3 years
|
4.80
|
%
|
4.91
|
%
|
3,000,000
|
2,993,135
|
–
|
2,934
|
–
|
2,996,069
|
|||||||||||||||||||||||||
2018 medium-term notes (3 years)
|
2,000,000
|
July 2018
|
3 years
|
4.41
|
%
|
4.56
|
%
|
2,000,000
|
1,998,518
|
–
|
2,824
|
–
|
2,001,342
|
|||||||||||||||||||||||||
2018 debt financing instrument (3 years)
|
2,500,000
|
July 2018
|
3 years
|
4.68
|
%
|
4.81
|
%
|
2,500,000
|
2,492,636
|
–
|
2,911
|
–
|
2,495,547
|
|||||||||||||||||||||||||
2018 corporate bonds (10 years)
|
5,000,000
|
September 2018
|
10 years
|
5.05
|
%
|
5.05
|
%
|
5,000,000
|
4,999,963
|
–
|
30
|
–
|
4,999,993
|
|||||||||||||||||||||||||
2019 corporate bonds (10 years)
|
2,300,000
|
April 2019
|
10 years
|
4.70
|
%
|
4.70
|
%
|
2,300,000
|
–
|
2,300,000
|
(10
|
)
|
–
|
2,299,990
|
||||||||||||||||||||||||
2019 corporate bonds (3 years)
|
1,000,000
|
July 2019
|
3 years
|
3.55
|
%
|
3.55
|
%
|
1,000,000
|
–
|
1,000,000
|
7
|
–
|
1,000,007
|
|||||||||||||||||||||||||
2019 medium-term notes (3 years)
|
500,000
|
July 2019
|
3 years
|
3.55
|
%
|
3.65
|
%
|
500,000
|
–
|
500,000
|
(1,241
|
)
|
–
|
498,759
|
||||||||||||||||||||||||
2019 medium-term notes (5 years)
|
1,500,000
|
July 2019
|
5 years
|
3.85
|
%
|
3.96
|
%
|
1,500,000
|
–
|
1,500,000
|
(6,567
|
)
|
–
|
1,493,433
|
||||||||||||||||||||||||
Total
|
35,300,000
|
29,978,142
|
5,300,000
|
8,781
|
(4,000,000
|
)
|
31,286,923
|
14. |
OTHER NON-CURRENT LIABILITIES
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Government grants
|
||||||||
– Environmental subsidies (a)
|
1,142,134
|
1,155,147
|
||||||
– Other government grants
|
328,190
|
306,077
|
||||||
Contract liabilities
|
2,351,818
|
2,443,254
|
||||||
Other deferred income
|
47,006
|
52,760
|
||||||
Others
|
784,017
|
888,809
|
||||||
Subtotal
|
4,653,165
|
4,846,047
|
||||||
Current portion of other non-current liabilities
|
(65,204
|
)
|
(65,277
|
)
|
||||
Total
|
4,587,961
|
4,780,770
|
(a) |
These primarily represented subsidies for the construction of desulphurization equipment and other environmental protection projects.
|
15. |
ACCOUNTS PAYABLE AND OTHER LIABILITIES
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Accounts and notes payable
|
14,571,097
|
15,850,958
|
||||||
Payables to contractors for construction
|
12,327,462
|
12,695,720
|
||||||
Retention payables to contractors
|
1,498,688
|
1,537,024
|
||||||
Consideration payables for business acquisition (note 26)
|
22,842
|
–
|
||||||
Accrued interests
|
1,334,290
|
1,276,703
|
||||||
Others
|
7,016,292
|
5,909,676
|
||||||
Total
|
36,770,671
|
37,270,081
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Within 1 year
|
14,269,811
|
15,435,470
|
||||||
Between 1 to 2 years
|
139,277
|
311,880
|
||||||
Over 2 years
|
162,009
|
103,608
|
||||||
Total
|
14,571,097
|
15,850,958
|
16. |
SHORT-TERM BONDS
|
Type of Instruments
|
Face Value
|
Issuance Date
|
Maturity
|
Coupon Rate
|
Issue Price
|
Balance as at 31 December 2019
|
Issued Amount
|
Interest
|
Amortisation
|
Repayment
|
Balance as at 30 June 2020
|
||||||||||||||||||||||||||||
Super short-bond (2019 9th)
|
5,000,000
|
October 2019
|
180 days
|
2.09
|
%
|
5,000,000
|
5,018,170
|
–
|
33,977
|
(754
|
)
|
(5,051,393
|
)
|
–
|
|||||||||||||||||||||||||
Super short-bond (2019 10th)
|
2,000,000
|
November 2019
|
90 days
|
2.00
|
%
|
2,000,000
|
2,006,098
|
–
|
3,934
|
(196
|
)
|
(2,009,836
|
)
|
–
|
|||||||||||||||||||||||||
Super short-bond (2019 11th)
|
2,000,000
|
December 2019
|
60 days
|
1.80
|
%
|
2,000,000
|
2,001,267
|
–
|
4,722
|
(87
|
)
|
(2,005,902
|
)
|
–
|
|||||||||||||||||||||||||
Super short-bond (2020 1st)
|
2,000,000
|
February 2020
|
90 days
|
1.70
|
%
|
2,000,000
|
–
|
2,000,000
|
8,361
|
–
|
(2,008,361
|
)
|
–
|
||||||||||||||||||||||||||
Super short-bond (2020 2nd)
|
2,000,000
|
February 2020
|
60 days
|
1.50
|
%
|
2,000,000
|
–
|
2,000,000
|
4,918
|
–
|
(2,004,918
|
)
|
–
|
||||||||||||||||||||||||||
Super short-bond (2020 3rd)
|
2,000,000
|
April 2020
|
60 days
|
1.20
|
%
|
2,000,000
|
–
|
2,000,000
|
3,945
|
–
|
(2,003,945
|
)
|
–
|
||||||||||||||||||||||||||
Super short-bond (2020 4th)
|
2,000,000
|
May 2020
|
90 days
|
1.20
|
%
|
2,000,000
|
–
|
2,000,000
|
3,090
|
31
|
–
|
2,003,121
|
|||||||||||||||||||||||||||
Total
|
17,000,000
|
9,025,535
|
8,000,000
|
62,947
|
(1,006
|
)
|
(15,084,355
|
)
|
2,003,121
|
17. |
SHORT-TERM LOANS
|
As at 30 June 2020
|
As at 31 December 2019
|
|||||||||||||||
RMB equivalent
|
Annual interest rate
|
RMB equivalent
|
Annual interest rate
|
|||||||||||||
Secured
|
1,064,667
|
0.00%-4.92
|
%
|
667,979
|
0.00%-4.20
|
%
|
||||||||||
Unsecured
|
60,450,707
|
2.15%-4.79
|
%
|
66,451,389
|
3.15%-14.58
|
%
|
||||||||||
Total
|
61,515,374
|
67,119,368
|
18. |
DEFERRED INCOME TAX ASSETS AND LIABILITIES
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Deferred income tax assets before offsetting
|
3,672,737
|
3,844,143
|
||||||
Offset amount
|
(1,647,584
|
)
|
(1,683,956
|
)
|
||||
Deferred income tax assets after offsetting
|
2,025,153
|
2,160,187
|
||||||
Deferred income tax liabilities before offsetting
|
(4,717,424
|
)
|
(4,821,747
|
)
|
||||
Offset amount
|
1,647,584
|
1,683,956
|
||||||
Deferred income tax liabilities after offsetting
|
(3,069,840
|
)
|
(3,137,791
|
)
|
||||
(1,044,687
|
)
|
(977,604
|
)
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Beginning of the period/year (Audited)
|
(977,604
|
)
|
(1,583,574
|
)
|
||||
Business combination (note 26)
|
(9,213
|
)
|
–
|
|||||
Disposal of other equity instrument investments
|
–
|
167,182
|
||||||
(Charged)/credited to profit or loss (note 21)
|
(93,914
|
)
|
470,330
|
|||||
Credited/(charged) to other comprehensive income
|
23,853
|
(9,550
|
)
|
|||||
Currency translation differences
|
12,191
|
(21,992
|
)
|
|||||
End of the period/year
|
(1,044,687
|
)
|
(977,604
|
)
|
19. |
ADDITIONAL FINANCIAL INFORMATION ON UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
20. |
PROFIT BEFORE INCOME TAX EXPENSE
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Total interest expense on borrowings
|
5,335,451
|
5,752,957
|
||||||
Less: amounts capitalised in property, plant and equipment
|
481,381
|
254,370
|
||||||
Interest expense charged in unaudited interim consolidated statement of
comprehensive income
|
4,854,070
|
5,498,587
|
||||||
Including: interest expense on lease liabilities
|
102,524
|
66,403
|
||||||
Depreciation of property, plant and equipment
|
10,504,910
|
10,349,278
|
||||||
Depreciation of right-of-use assets
|
337,782
|
342,777
|
||||||
Included in other operating expenses:
|
||||||||
– Operating expense of Ruyi Pakistan
|
1,369,766
|
1,765,686
|
||||||
– Other materials expense
|
686,847
|
779,046
|
||||||
– Electricity charges
|
484,534
|
457,351
|
||||||
– Cost of sales of raw materials
|
254,982
|
272,195
|
||||||
– Water charges
|
245,238
|
279,704
|
||||||
– Insurance expense
|
193,349
|
166,202
|
||||||
– Cleaning, greening and fire protection expense
|
170,302
|
153,472
|
||||||
– Purchase of power generation quota
|
149,796
|
178,356
|
||||||
– Water conservancy fund and disabled security fund
|
108,588
|
91,065
|
||||||
– Test and inspection expense
|
105,325
|
69,877
|
||||||
– Service charge
|
104,062
|
56,105
|
||||||
– Transportation allowance
|
72,427
|
76,356
|
||||||
– Agent and consulting expense
|
71,868
|
46,126
|
||||||
– Office expense
|
63,783
|
78,781
|
||||||
– Minimum lease payments under operating leases, lease payments not included in the
measurement of lease liabilities
|
61,455
|
62,207
|
||||||
– Service concession construction cost
|
59,059
|
186,007
|
||||||
– Research and development expenditure
|
56,565
|
8,696
|
||||||
– Amortisation of other non-current assets
|
56,205
|
34,436
|
||||||
– Heating pipeline related cost
|
55,809
|
68,409
|
||||||
– Property management expense
|
49,802
|
28,134
|
||||||
– Pollutant charge
|
40,182
|
19,796
|
||||||
– Information technology maintenance expense
|
38,330
|
49,656
|
||||||
– Travel expense
|
26,949
|
59,912
|
||||||
– Donation
|
17,387
|
2,845
|
||||||
– Business entertainment expense
|
5,654
|
18,674
|
||||||
– Recognition of loss allowance for receivables
|
2,164
|
(1,302
|
)
|
|||||
– Penalty
|
1,964
|
2,326
|
||||||
– Recognition/(reversal) of provision for inventory obsolescence
|
278
|
(15,690
|
)
|
|||||
– Impairment loss of property, plant and equipment
|
–
|
259,922
|
||||||
– Net gain on disposal of non-current assets
|
(2,569
|
)
|
(14,791
|
)
|
||||
– Gain of Three Supplies and Property Management
|
(13,557
|
)
|
(23,208
|
)
|
||||
– Government grants
|
(392,238
|
)
|
(389,082
|
)
|
||||
– Others
|
384,081
|
359,558
|
||||||
Total
|
4,528,387
|
5,186,827
|
21. |
INCOME TAX EXPENSE
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Current income tax expense
|
1,801,529
|
1,361,752
|
||||||
Deferred income tax (note 18)
|
93,914
|
(15,236
|
)
|
|||||
Total
|
1,895,443
|
1,346,516
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
PRC statutory enterprise income tax rate
|
25.00
|
%
|
25.00
|
%
|
||||
Effect of different tax rates of certain subsidiaries
|
(3.44
|
%)
|
(2.16
|
%)
|
||||
Utilisation of previously unrecognised tax losses and deductible temporary
differences
|
(1.17
|
%)
|
(0.97
|
%)
|
||||
Unrecognized deductible temporary differences
|
0.83
|
%
|
0.11
|
%
|
||||
Unrecognized tax losses for the period
|
3.35
|
%
|
4.51
|
%
|
||||
Effect of non-taxable income
|
(3.04
|
%)
|
(3.15
|
%)
|
||||
Effect of non-deductible expenses
|
0.25
|
%
|
0.51
|
%
|
||||
Others
|
0.28
|
%
|
(0.40
|
%)
|
||||
Effective tax rate
|
22.06
|
%
|
23.45
|
%
|
22. |
EARNINGS PER SHARE
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Consolidated net profit attributable to equity holders of the Company
|
5,441,025
|
3,441,565
|
||||||
Less: Cumulative distribution of other equity instruments
|
731,099
|
272,254
|
||||||
Consolidated net profit attributable to ordinary shareholders of the Company
|
4,709,926
|
3,169,311
|
||||||
Weighted average number of the Company’s outstanding ordinary shares (’000)
|
15,698,093
|
15,698,093
|
||||||
Basic and diluted earnings per share (RMB)
|
0.30
|
0.20
|
23. |
BANK BALANCES AND CASH
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Total bank balances and cash
|
15,389,507
|
13,306,139
|
||||||
Less: restricted cash
|
480,832
|
862,881
|
||||||
Cash and cash equivalents as at period/year end
|
14,908,675
|
12,443,258
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS
|
Names of related parties
|
Nature of relationship
|
|
Huaneng Group
|
Ultimate parent company
|
|
HIPDC
|
Parent company
|
|
Huaneng Sichuan Hydropower Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group*
|
|
Hebei Hanfeng Power Generation Limited Liability Company
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng (Tianjing) Coal Gasification Power Generation Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Tiancheng Financial Leasing Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng Shidao Bay Nuclear Power Development Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng Xiapu Nuclear Power Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng Finance
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Shanghai Leading Energy Shipping Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng Supply Chain Platform Technology Co., Ltd. and its subsidiaries
|
Associates of the Company and also subsidiaries of Huaneng Group
|
|
Huaneng Group Fuel Company and its subsidiaries
|
Associates of the Company and also subsidiaries of Huaneng Group
|
|
Jilin Zhanyu Wind Power Asset Management Co., Ltd.
|
An associate of the Company
|
|
Chongqing Huaneng Lime Company Limited
|
An associate of the Company
|
|
Shanxi Transition and Comprehensive Reform District Electricity Distribution Co.,
Ltd.
|
An associate of the Company
|
|
Gucheng Yingdong Electricity Sales Co., Ltd.
|
An associate of the Company
|
|
Hainan Nuclear
|
An associate of the Company
|
|
Yangquan Coal Industry (Group) Co. Ltd.
|
An associate of the Company
|
|
Suzhou Sugao Renewables Service Co. Ltd.
|
An associate of the Company
|
|
Shanghai Time Shipping Co., Ltd.
|
A joint venture of the Company
|
|
Jiangsu Nantong Power Generation Co., Ltd.
|
A joint venture of the Company
|
|
Huaneng Yingkou Port Limited Liability Company
|
A joint venture of the Company
|
|
Luyi Power
|
A joint venture of the Company
|
|
Jining Huayuan Power Co., Ltd.
|
A joint venture of the Company
|
|
Huaneng Group Clean Energy Technology Research Institute Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Group Hong Kong Limited Company
|
A subsidiary of Huaneng Group
|
|
Northern United Power Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Beijing Changping Huaneng Training Center
|
A subsidiary of Huaneng Group
|
|
Huaneng Hulunbuir Energy Development Company Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
Names of related parties
|
Nature of relationship
|
|
Huaneng Ningxia Energy Company Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Renewables Corporation Limited and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Songyuan Power Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Nuclear Power Development Company Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Lancangjiang Hydropower Co., Inc. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Coal Business Sector Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Gansu Energy Development Company Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Baishan Coal Gangue Power Generation Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Carbon Assets Management Company Limited
|
A subsidiary of Huaneng Group
|
|
Huaneng Qinghai Power Generation Co., Ltd and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Property Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Energy & Communications Holdings Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Tibet Yarlung Zangbo River Hydropower Development Investment Company Ltd.
and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Xinjiang Energy Development Company Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Capital Services and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Shaanxi Power Generation Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Group Technology Innovation Center
|
A subsidiary of Huaneng Group
|
|
Alltrust Insurance Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Xi’an Thermal and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Great Wall Securities Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Hainan Industry Co.,Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Integrated Industries Management Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Tianjin Huaneng Yangliuqing Co-generation Limited Liability Company
|
A subsidiary of Huaneng Group
|
|
Hong Kong Asset Management
|
A subsidiary of Huaneng Group
|
|
Huangtai #8 Power Plant
|
Note 8(i)
|
|
Other government-related enterprises**
|
Related parties of the Company
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
* |
Transactions with subsidiaries of Huaneng Group which also are associates of the Group are presented as transactions with subsidiaries of Huaneng Group in notes
24(a), 24(b) and 24(c).
|
** |
Huaneng Group is a state-owned enterprise. In accordance with the revised IAS 24, “Related Party Disclosures”, government-related enterprises, other than entities
under Huaneng Group, over which the PRC government has control, joint control or significant influence, are also considered as related parties of the Group (“other government-related enterprises”).
|
(a) |
Related party balances
|
i. |
Cash deposits in related parties
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Deposits in Huaneng Finance
|
||||||||
– Savings deposit
|
11,641,814
|
9,529,586
|
||||||
Total
|
11,641,814
|
9,529,586
|
ii. |
As described in notes 12 and 17, certain loans of the Group were borrowed from Huaneng Group, Huaneng Finance, Tiancheng Financial Leasing and Hong Kong Asset
Management.
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
(a) |
Related party balances (Cont’d)
|
iii. |
Except for those disclosed in notes 12 and 17, the majority of balances with Huaneng Group, HIPDC, subsidiaries of Huaneng Group, associates, joint ventures and
other related parties are unsecured and repayable within one year. As at and for the six months ended 30 June 2020 and 2019, no provision was made on receivable balances from these parties.
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Due from Huaneng Group
|
450
|
464,087
|
||||||
Due from HIPDC
|
4,178
|
–
|
||||||
Due from joint ventures
|
80,496
|
106,251
|
||||||
Due from subsidiaries of Huaneng Group
|
322,610
|
125,288
|
||||||
Due from Huangtai #8 Power Plant
|
710,763
|
792,136
|
||||||
Total
|
1,118,497
|
1,487,762
|
iv. |
Accounts payable and other liabilities and other non-current liabilities comprised the following balances due to related parties:
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Due to Huaneng Group
|
251,532
|
285,725
|
||||||
Due to HIPDC
|
21,507
|
13,430
|
||||||
Due to joint ventures
|
49,046
|
120,153
|
||||||
Due to subsidiaries of Huaneng Group
|
7,570,984
|
5,762,265
|
||||||
Total
|
7,893,069
|
6,181,573
|
v. |
As at 30 June 2020, included in long-term loans (including current portion) and short-term loans were loans payable to other government-related enterprises
amounting to RMB176.0 billion (31 December 2019: RMB186.8 billion).
|
vi. |
As at 30 June 2020, lease liabilities due to subsidiaries of Huaneng Group amounted to RMB2,152 million. (31 December 2019: RMB1,730 million).
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
(b) |
Related party transactions
|
i. |
Procurement of goods and receiving services
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huaneng Group
|
||||||||
Other purchases
|
185
|
214
|
||||||
Subsidiaries of Huaneng Group
|
||||||||
Purchase of coal and transportation services
|
14,824,157
|
16,275,853
|
||||||
Technical services and engineering contracting services
|
489,481
|
338,017
|
||||||
Purchase of equipment
|
45,659
|
32,003
|
||||||
Purchase of heat
|
27,504
|
16,596
|
||||||
Other purchases
|
6,660
|
2,651
|
||||||
Joint ventures of the Group
|
||||||||
Purchase of coal and transportation services
|
163,098
|
476,374
|
||||||
Entrusting other parties for power generation
|
11,398
|
–
|
||||||
Associates of the Group
|
||||||||
Purchase of equipment
|
17,016
|
24,691
|
||||||
Purchase of coal and transportation services
|
111,548
|
–
|
||||||
Other purchases
|
–
|
4,072
|
ii. |
Sales of goods and providing services
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huaneng Group
|
||||||||
Service provided
|
26,795
|
9,095
|
||||||
HIPDC
|
||||||||
Service provided
|
26
|
15
|
||||||
Subsidiaries of Huaneng Group
|
||||||||
Sales of fuel
|
–
|
1,731
|
||||||
Other sales
|
27,718
|
4,115
|
||||||
Service provided
|
21,249
|
10,763
|
||||||
Joint ventures of the Group
|
||||||||
Service provided
|
24,911
|
27,828
|
||||||
Other sales
|
5,400
|
4,660
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
(b) |
Related party transactions (Cont’d)
|
iii. |
Other related party transactions
|
(1) |
Rental charge paid
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
HIPDC
|
53,774
|
51,952
|
||||||
Subsidiaries of Huaneng Group
|
39,864
|
29,444
|
(2) |
Rental income received
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Subsidiaries of Huaneng Group
|
1,597
|
1,398
|
||||||
A joint venture of the Group
|
1,211
|
2,644
|
(3) |
Loans received from/(repaid to)
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Subsidiaries of Huaneng Group
|
1,989,260
|
(170,815
|
)
|
|||||
Joint ventures of the Group
|
–
|
(150,000
|
)
|
(4) |
Interest expense on loans
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huaneng group
|
15,975
|
15,887
|
||||||
A joint venture of the Group
|
2,199
|
2,151
|
||||||
Subsidiaries of Huaneng Group
|
240,377
|
223,553
|
(5) |
Interest income on loans
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
A joint venture of the Group
|
1,759
|
1,759
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
(b) |
Related party transactions (Cont’d)
|
iii. |
Other related party transactions (Cont’d)
|
(6) |
Capital injection from a subsidiary of Huaneng Group
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
A subsidiary of Huaneng Group
|
84,000
|
–
|
(7) |
Capital injection to
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Associates of the Group
|
135,642
|
39,320
|
||||||
Joint ventures of the Group
|
91,116
|
5,000
|
(8) |
Entrusted management fee
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huaneng Group
|
6,776
|
6,773
|
(9) |
Trusteeship management income
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huaneng Group
|
2,411
|
2,410
|
(10) |
Interest income from a finance lease
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huangtai #8 Power Plant
|
10,051
|
10,800
|
(11) |
Interest expense of finance leases
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Subsidiaries of Huaneng Group
|
39,001
|
627
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
(b) |
Related party transactions (Cont’d)
|
iii. |
Other related party transactions (Cont’d)
|
(12) |
Net proceeds received from an investee with significant influence
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huangtai #8 Power Plant
|
77,997
|
33,663
|
(13) |
Profit compensation received
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Huaneng Group
|
457,727
|
550,832
|
(c) |
Guarantees
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
(i) Long-term loans guaranteed by
|
||||||||
– Huaneng Group
|
1,525,918
|
2,335,611
|
||||||
– HIPDC
|
–
|
2,014,800
|
||||||
(ii) Short-term loans guaranteed by
|
||||||||
– Huaneng Group
|
–
|
687,470
|
24. |
RELATED PARTY BALANCES AND TRANSACTIONS (CONT’D)
|
(d) |
Pre-tax benefits and social insurance of key management personnel
|
For the six months ended 30 June
|
||||||||
2020
|
2019
|
|||||||
Salaries
|
3,148
|
3,375
|
||||||
Pension
|
610
|
670
|
||||||
Total
|
3,758
|
4,045
|
(e) |
Related party commitments
|
i. |
Capital commitments
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Subsidiaries of Huaneng Group
|
1,315,114
|
714,129
|
ii. |
Fuel purchase and transportation commitments
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Subsidiaries of Huaneng Group
|
6,925,549
|
2,174,241
|
||||||
A joint venture of the Group
|
304,295
|
143,614
|
iii. |
Investment commitment
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
A joint venture of the Group
|
–
|
31,116
|
25. |
CAPITAL AND OTHER COMMITMENTS
|
(a) |
Capital commitments
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||
Contracted, but not provided for
|
40,031,994
|
42,634,992
|
(b) |
Fuel purchase commitments
|
As at 30 June 2020
|
|||||||||
Periods
|
Purchase quantities
|
Estimated unit costs
|
|||||||
A government-related enterprise
|
2020-2039
|
2.8 million m3/day*
|
2.50/m
|
3
|
|||||
A government-related enterprise
|
2020-2023
|
991 million m3/year*
|
2.11/m
|
3
|
|||||
2020-2023
|
541 million m3/year*
|
1.93/m
|
3
|
||||||
2020-2023
|
450 million m3/year*
|
2.27/m
|
3
|
||||||
A government-related enterprise
|
2020-2026
|
200 million m3/year*
|
2.16/m
|
3
|
|||||
Other suppliers
|
2020-2021
|
201.5-229 BBtu**/day
|
approximately 44,000/BBtu
|
||||||
2022
|
205.5-255.5 BBtu**/day
|
approximately 44,000/BBtu
|
|||||||
2023
|
81.5-247.5 BBtu**/day
|
approximately 43,000/BBtu
|
|||||||
2024-2028
|
49.9-81.5 BBtu**/day
|
approximately 40,000/BBtu
|
|||||||
2029
|
42.4 BBtu**/day
|
approximately 35,000/BBtu
|
25. |
CAPITAL AND OTHER COMMITMENTS (CONT’D)
|
(b) |
Fuel purchase commitments (Cont’d)
|
As at 31 December 2019
|
|||||||||
Periods
|
Purchase quantities
|
Estimated unit costs
|
|||||||
A government-related enterprise
|
2020-2039
|
2.8 million m3/day*
|
2.88/m
|
3
|
|||||
A government-related enterprise
|
2020-2023
|
991 million m3/year*
|
2.31/m
|
3
|
|||||
2020-2023
|
541 million m3/year*
|
2.19/m
|
3
|
||||||
2020-2023
|
450 million m3/year*
|
2.25/m
|
3
|
||||||
A government-related enterprise
|
2020-2026
|
200 million m3/year*
|
2.60/m
|
3
|
|||||
Other suppliers
|
2020-2021
|
201.5-251.5 BBtu**/day
|
approximately 47,000/BBtu
|
||||||
2022
|
205.5-255.5 BBtu**/day
|
approximately 45,000/BBtu
|
|||||||
2023
|
81.5-247.5 BBtu**/day
|
approximately 41,000/BBtu
|
|||||||
2024-2028
|
42.4-81.5 BBtu**/day
|
approximately 37,000/BBtu
|
|||||||
2029
|
42.4 BBtu**/day
|
approximately 31,000/BBtu
|
* |
The quantities represent maximum volume, whereas others represent minimum or forecasted volume if not specified.
|
** |
BBtu: Billion British Thermal Unit
|
26. |
BUSINESS COMBINATION
|
Notes
|
Fair value recognised on acquisition (Unaudited)
|
|||||||
Assets
|
||||||||
Property, plant and equipment
|
722,076
|
|||||||
Right-of-use assets
|
91,229
|
|||||||
Other non-current assets
|
1,401
|
|||||||
Other receivables and assets
|
60,038
|
|||||||
Accounts receivable
|
153,644
|
|||||||
Bank balances and cash
|
6,315
|
|||||||
1,034,703
|
||||||||
Liabilities
|
||||||||
Long-term loans
|
(589,000
|
)
|
||||||
Lease liabilities
|
(90,370
|
)
|
||||||
Deferred income tax liabilities
|
18
|
(9,213
|
)
|
|||||
Accounts payable and other liabilities
|
(42,980
|
)
|
||||||
Taxes payable
|
(20
|
)
|
||||||
Current portion of long-term loans
|
(31,200
|
)
|
||||||
Current portion of lease liabilities
|
(1,225
|
)
|
||||||
(764,008
|
)
|
|||||||
Total identifiable net assets at fair value
|
270,695
|
|||||||
Non-controlling interests
|
(48,103
|
)
|
||||||
Goodwill on acquisition
|
7
|
5,828
|
||||||
Satisfied by cash
|
228,420
|
26. |
BUSINESS COMBINATION (CONT’D)
|
Acquisition date
|
||||
Cash consideration
|
(228,420
|
)
|
||
Consideration to be paid (note 15)
|
22,842
|
|||
Cash and bank balances acquired
|
6,315
|
|||
Net outflow of cash and cash equivalents included in cash flows from investing
activities
|
(199,263
|
)
|
||
Transaction costs of the acquisition included in cash flows from operating
activities
|
–
|
|||
(199,263
|
)
|
Consolidated net profit attributable to equity holders of the Company For the six months ended 30 June
|
Total equity attributable to equity holders of the Company
|
|||||||||||||||
2020
|
2019
|
As at
30 June 2020 |
As at
31 December 2019 |
|||||||||||||
Consolidated net profit/equity attributable to equity holders
of the Company under PRC GAAP (restated)
|
5,732,921
|
3,828,872
|
117,227,334
|
98,712,444
|
||||||||||||
Impact of IFRS adjustments:
|
||||||||||||||||
Differences in accounting treatment on business combinations under common control
and depreciation, amortisation, disposal and impairment of assets acquired in business combinations under common control (A)
|
(550,305
|
)
|
(641,005
|
)
|
11,229,961
|
11,509,395
|
||||||||||
Difference on depreciation related to borrowing costs capitalised in previous
years (B)
|
(13,508
|
)
|
(13,508
|
)
|
114,930
|
128,438
|
||||||||||
Others
|
7,060
|
17,810
|
(416,132
|
)
|
(413,762
|
)
|
||||||||||
Applicable deferred income tax impact of the GAAP differences above (C)
|
142,386
|
160,009
|
1,774,719
|
1,632,334
|
||||||||||||
Profit/equity attributable to non-controlling interests on the adjustments above
|
122,471
|
89,387
|
(2,736,013
|
)
|
(2,765,114
|
)
|
||||||||||
Consolidated net profit/equity attributable to equity holders
of the Company under IFRS
|
5,441,025
|
3,441,565
|
127,194,799
|
108,803,735
|
(A) |
DIFFERENCES IN ACCOUNTING TREATMENT ON BUSINESS COMBINATIONS UNDER COMMON CONTROL AND DEPRECIATION, AMORTISATION, DISPOSAL AND IMPAIRMENT OF ASSETS ACQUIRED IN
BUSINESS COMBINATION UNDER COMMON CONTROL
|
(A) |
DIFFERENCES IN ACCOUNTING TREATMENT ON BUSINESS COMBINATIONS UNDER COMMON CONTROL AND DEPRECIATION, AMORTISATION, DISPOSAL AND IMPAIRMENT OF ASSETS ACQUIRED IN
BUSINESS COMBINATION UNDER COMMON CONTROL (CONT’D)
|
(B) |
EFFECT OF DEPRECIATION ON THE CAPITALISATION OF BORROWING COSTS IN PREVIOUS YEARS
|
(C) |
DEFERRED INCOME TAX IMPACT ON GAAP DIFFERENCES
|
HUANENG POWER INTERNATIONAL, INC.
|
|
By /s/ Huang Chaoquan
|
|
Name: Huang Chaoquan
|
|
Title: Company Secretary
|
1 Year Huaneng Power Chart |
1 Month Huaneng Power Chart |
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