FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
October, 2003
Huaneng Power International, Inc.
West Wing, Building C, Tianyin Mansion
No. 2C Fuxingmennan Street
Xicheng District
Beijing, 100031 PRC
This Form 6-K consists of:
An announcement on 2003 first three quarter results by Huaneng Power
International Inc. made on October 21, 2003, in English by Huaneng Power
International Inc.
To: Business Editor
[For Immediate Release]
HUANENG POWER INTERNATIONAL, INC.
Announces 2003 First Three Quarters Results
Net Profit Increases 30.52% to RMB 3.971 Billion
(Beijing, China, October 21, 2003) Huaneng Power International, Inc. (the
"Company") [NYSE: HNP; HKEx: 902; SSE: 600011] today announced its unaudited
results for the nine months ended September 30, 2003.
Under the PRC Accounting Standards, for the first three quarters of 2003, the
Company realised operating revenues of RMB 16.830 billion and net profit of RMB
3.971 billion, representing increases of 27.11% and 30.52%, respectively, over
the same period last year. For the third quarter of 2003, the operating
revenues, net profit and earnings per share of the Company were RMB 6.211
billion, RMB 1.615 billion and RMB0.27, respectively, representing increases of
17.75%, 32.23% and 35.00%, respectively, over the same period last year. The
increase in operating revenues of the Company for the first three quarters of
2003 was due to substantial increase in power generation of the Company's power
plants, which was mainly attributable to the following reasons:
1. Significant increase in power demand in the regions where the Company's
power plants operate due to a steady growth of the national economy;
2. Residential power consumption increased due to hot weather in many
regions during spring and summer this year;
3. Increase in power generating capacity as a result of stable operation of
the generating units 5 and 6 of Dezhou Power Plant which commenced
operations in 2002 and the newly operated generating units 5 and 6 of
Jining Power Plant;
4. Improved availability and reliability of the Company's generating units
through technical innovation, thereby assuring growth in the Company's
power generation.
The Board of Directors of the Company was satisfied with the operating results
obtained in the first three quarters of 2003.
.../2
Huaneng Power Int'l, Inc. Announces 2003 First Three Quarters Results
Net Profit Increases 30.52% to RMB 3.971 Billion ... P.2
Huaneng Power International, Inc. develops, constructs, operates and manages
large thermal power plants in China nationwide, with a total generation
capacity of 15,166MW on an equity basis. The Company wholly owns 13 power
plants, and has controlling interests in three power plants and minority
interests in three power companies. Today, it is one of the largest independent
power producers in China.
~ End ~
Encl: The unaudited summary financial information of the Company for the nine
months ended September 30, 2003.
[The summary financial information is published under the listing
regulations of the China Securities Regulatory Commission. The summary
financial information was prepared in accordance with "Accounting System
for Business Enterprises" and "Accounting Standards for Business
Enterprises" of the People's Republic of China ("PRC GAAP"), which
differs from the International Financial Reporting Standards ("IFRS") and
the accounting principles generally accepted in the United States of
America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made
in the presentation of the summary financial information.]
For further information, please contact:
Ms. Meng Jing / Ms. Zhao Lin
Huaneng Power International, Inc.
Tel: (8610) 6649 1856 / 1866
Fax: (8610) 6649 1860
Email: ir@hpi.com.cn
Ms. Christy Lai / Ms. Edith Lui
Rikes Communications Limited
Tel: (852) 2520 2201
Fax: (852) 2520 2241
HUANENG POWER INTERNATIONAL, INC.
BALANCE SHEETS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
AS AT 30THSEPTEMBER, 2003
Amounts: In Rmb Yuan
==================================================================================================================
30th September, 31st December, 2002 30th September, 31st December, 2002
2003 Consolidated 2003 The Company
ASSETS Consolidated The Company
------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
------------------------------------------------------------------------------------------------------------------
Cash 3,926,791,348 4,157,362,535 3,710,248,718 3,853,281,582
------------------------------------------------------------------------------------------------------------------
Including: cash and cash
equivalents 3,685,685,280 3,002,601,470 3,478,204,792 2,660,474,096
------------------------------------------------------------------------------------------------------------------
Short-term investments - - - -
------------------------------------------------------------------------------------------------------------------
Notes receivable 165,700,000 472,750,000 138,500,000 440,080,000
------------------------------------------------------------------------------------------------------------------
Dividend receivable - - - -
------------------------------------------------------------------------------------------------------------------
Interest receivable 3,337,813 3,792,434 3,337,813 3,792,434
------------------------------------------------------------------------------------------------------------------
Accounts receivable 2,219,537,424 1,889,082,774 1,848,280,889 1,545,294,232
------------------------------------------------------------------------------------------------------------------
Other receivables 201,804,380 102,595,147 128,377,517 81,195,078
------------------------------------------------------------------------------------------------------------------
Advance to suppliers 54,484,028 54,040,826 29,844,979 39,068,231
------------------------------------------------------------------------------------------------------------------
Inventories 863,723,299 940,723,848 700,898,823 765,649,739
------------------------------------------------------------------------------------------------------------------
Deferred expenses 16,181,574 12,451,202 15,483,537 9,659,052
------------------------------------------------------------------------------------------------------------------
Current portion of long-term
investments 102,760 25,160 347,102,760 256,325,160
------------------------------------------------------------------------------------------------------------------
Other current assets - 70,000,000 - 70,000,000
------------------------------------------------------------------------------------------------------------------
Total current assets 7,451,662,626 7,702,823,926 6,922,075,036 7,064,345,508
------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS
------------------------------------------------------------------------------------------------------------------
Long-term equity investments 3,303,046,972 776,151,596 4,556,733,022 2,324,449,270
------------------------------------------------------------------------------------------------------------------
Including: consolidation difference 1,064,582,987 313,862,886 - -
------------------------------------------------------------------------------------------------------------------
Long-term debt investments 10,000,330 10,137,770 520,663,286 450,800,726
------------------------------------------------------------------------------------------------------------------
Total long-term investments 3,313,047,302 786,289,366 5,077,396,308 2,775,249,996
------------------------------------------------------------------------------------------------------------------
FIXED ASSETS
------------------------------------------------------------------------------------------------------------------
Fixed assets - cost 59,689,190,928 58,940,239,645 52,080,955,481 51,331,689,101
------------------------------------------------------------------------------------------------------------------
Less: Accumulated depreciation (21,750,046,731) (18,725,078,726) (18,580,233,181) (15,884,329,113)
------------------------------------------------------------------------------------------------------------------
Fixed assets - net book value 37,939,144,197 40,215,160,919 33,500,722,300 35,447,359,988
------------------------------------------------------------------------------------------------------------------
Construction in progress 1,111,111,253 685,761,557 658,538,436 626,225,572
------------------------------------------------------------------------------------------------------------------
Total fixed assets 39,050,255,450 40,900,922,476 34,159,260,736 36,073,585,560
------------------------------------------------------------------------------------------------------------------
INTANGIBLE AND OTHER ASSETS
------------------------------------------------------------------------------------------------------------------
Intangible assets (1,117,243,101) (1,306,167,496) (1,187,859,749) (1,373,182,297)
------------------------------------------------------------------------------------------------------------------
Long-term deferred expenses 14,136,554 14,886,880 14,136,554 14,886,880
------------------------------------------------------------------------------------------------------------------
Other long-term assets - - - -
------------------------------------------------------------------------------------------------------------------
Total intangible and other assets (1,103,106,547) (1,291,280,616) (1,173,723,195) (1,358,295,417)
------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 48,711,858,831 48,098,755,152 44,985,008,885 44,554,885,647
==================================================================================================================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Huang Jian Zhou Hui
HUANENG POWER INTERNATIONAL, INC.
BALANCE SHEETS (CONTINUED)
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
AS AT 30THSEPTEMBER, 2003
Amounts: In Rmb Yuan
==================================================================================================================
30th September, 31st December, 30th September, 31st December,
LIABILITIES AND 2003 2002 2003 2002
SHAREHOLDERS' EQUITY Consolidated Consolidated The Company The Company
------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
------------------------------------------------------------------------------------------------------------------
Short-term loans 620,000,000 550,000,000 200,000,000 550,000,000
------------------------------------------------------------------------------------------------------------------
Notes payable - - - -
------------------------------------------------------------------------------------------------------------------
Accounts payable 633,303,794 471,608,936 543,846,323 409,500,258
------------------------------------------------------------------------------------------------------------------
Salary payable 186,102 9,276,290 - 9,077,965
------------------------------------------------------------------------------------------------------------------
Welfare payable 225,683,107 224,289,622 218,401,068 222,648,524
------------------------------------------------------------------------------------------------------------------
Dividends payable 42,083,526 2,049,408,208 15,810,000 2,049,408,208
------------------------------------------------------------------------------------------------------------------
Interest payable 109,570,539 115,860,824 107,600,539 113,370,824
------------------------------------------------------------------------------------------------------------------
Taxes payable 638,155,507 620,188,900 422,757,662 395,661,112
------------------------------------------------------------------------------------------------------------------
Other levies payable 7,485,613 7,805,368 2,622,286 2,713,031
------------------------------------------------------------------------------------------------------------------
Other payables 1,921,513,422 2,280,414,185 1,846,075,796 2,199,243,434
------------------------------------------------------------------------------------------------------------------
Accrued expenses 56,735,203 26,273,238 52,379,369 26,273,238
------------------------------------------------------------------------------------------------------------------
Current portion of long-term
loans 2,873,278,951 2,413,636,557 2,268,988,420 2,172,623,070
------------------------------------------------------------------------------------------------------------------
Convertible notes 951,855 - 951,855 -
------------------------------------------------------------------------------------------------------------------
Total current liabilities 7,128,947,619 8,768,762,128 5,679,433,318 8,150,519,664
------------------------------------------------------------------------------------------------------------------
LONG-TERM LIABILITIES
------------------------------------------------------------------------------------------------------------------
Long-term loans 7,453,360,909 9,184,800,869 6,005,603,371 7,077,706,287
------------------------------------------------------------------------------------------------------------------
Convertible notes - 166,497,890 - 166,497,890
------------------------------------------------------------------------------------------------------------------
Total long-term liabilities 7,453,360,909 9,351,298,759 6,005,603,371 7,244,204,177
------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 14,582,308,528 18,120,060,887 11,685,036,689 15,394,723,841
------------------------------------------------------------------------------------------------------------------
MINORITY INTERESTS 829,578,107 818,532,459 - -
------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
------------------------------------------------------------------------------------------------------------------
Share capital 6,027,671,200 6,000,273,960 6,027,671,200 6,000,273,960
------------------------------------------------------------------------------------------------------------------
Capital surplus 10,402,586,515 10,260,830,755 10,402,586,515 10,260,830,755
------------------------------------------------------------------------------------------------------------------
Surplus reserves 3,419,668,242 3,419,668,242 3,419,668,242 3,419,668,242
------------------------------------------------------------------------------------------------------------------
Including: Statutory public
welfare fund 1,053,519,606 1,053,519,606 1,053,519,606 1,053,519,606
------------------------------------------------------------------------------------------------------------------
Undistributed profits 13,450,046,239 9,479,388,849 13,450,046,239 9,479,388,849
------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 33,299,972,196 29,160,161,806 33,299,972,196 29,160,161,806
------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 48,711,858,831 48,098,755,152 44,985,008,885 44,554,885,647
==================================================================================================================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Huang Jian Zhou Hui
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
=======================================================================================================================
CONSOLIDATED
---------------------------------------------------------------------------------
For the third For the third For the nine For the nine
quarter ended quarter ended months period months period
30th September, 30th September, ended ended
Item 2003 2002 30th September, 30th September,
2003 2002
-----------------------------------------------------------------------------------------------------------------------
1. REVENUES FROM PRINCIPAL OPERATIONS 6,211,483,173 5,275,021,808 16,829,569,182 13,240,542,838
-----------------------------------------------------------------------------------------------------------------------
Less: Cost of principal operations (4,120,278,001) (3,457,845,261) (11,324,191,332) (8,824,145,966)
-----------------------------------------------------------------------------------------------------------------------
Tax and levies on principal
operations (4,016,373) (14,034,854) (31,485,938) (26,118,100)
-----------------------------------------------------------------------------------------------------------------------
2. PROFIT FROM PRINCIPAL OPERATIONS 2,087,188,799 1,803,141,693 5,473,891,912 4,390,278,772
-----------------------------------------------------------------------------------------------------------------------
Add: Profit from other operations 9,638,735 823,530 32,475,406 2,414,079
-----------------------------------------------------------------------------------------------------------------------
Less: General and administrative
expenses (79,168,314) (68,490,904) (282,046,719) (148,685,760)
-----------------------------------------------------------------------------------------------------------------------
Financial expenses, net (143,645,565) (172,351,300) (434,645,435) (424,243,325)
-----------------------------------------------------------------------------------------------------------------------
3. OPERATING PROFIT 1,874,013,655 1,563,123,019 4,789,675,164 3,819,763,766
-----------------------------------------------------------------------------------------------------------------------
Add/(Less): Income /(Loss) from
investment 87,215,541 (11,956,475) 129,332,066 (28,077,737)
-----------------------------------------------------------------------------------------------------------------------
Non-operating income 90,938 16,702,715 10,702,363 25,616,360
-----------------------------------------------------------------------------------------------------------------------
Less: Non-operating expenses (3,610,576) (3,295,182) (8,906,392) (21,801,825)
-----------------------------------------------------------------------------------------------------------------------
4. PROFIT BEFORE TAXATION AND
MINORITY INTERESTS 1,957,709,558 1,564,574,077 4,920,803,201 3,795,500,564
-----------------------------------------------------------------------------------------------------------------------
Less: Income tax (293,682,210) (282,776,558) (815,564,396) (650,465,662)
-----------------------------------------------------------------------------------------------------------------------
Minority interests (49,041,952) (60,474,595) (134,581,415) (102,821,310)
-----------------------------------------------------------------------------------------------------------------------
5. NET PROFIT 1,614,985,396 1,221,322,924 3,970,657,390 3,042,213,592
=======================================================================================================================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
LI XIAOPENG HUANG JIAN ZHOU HUI
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
PREPARED IN ACCORDANCE WITH PRC ACCOUNTING STANDARDS
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2003
Amounts: In Rmb Yuan
=======================================================================================================================
CONSOLIDATED
---------------------------------------------------------------------------------
For the third For the third For the nine For the nine
quarter ended quarter ended months period months period
30th September, 30th September, ended ended
Item 2003 2002 30th September, 30th September,
2003 2002
-----------------------------------------------------------------------------------------------------------------------
1. REVENUES FROM PRINCIPAL OPERATIONS 5,404,489,368 4,225,161,894 14,597,900,412 11,356,365,130
------------------------------------------------------------------------------------------------------------------------
Less: Cost of principal operations (3,610,434,671) (2,753,736,338) (9,907,169,565) (7,528,751,987)
------------------------------------------------------------------------------------------------------------------------
Tax and levies on principal
operations 5,957,627 (1,924,313) (4,236,407) (4,475,401)
------------------------------------------------------------------------------------------------------------------------
2. PROFIT FROM PRINCIPAL OPERATIONS 1,800,012,324 1,469,501,243 4,686,494,440 3,823,137,742
------------------------------------------------------------------------------------------------------------------------
Add: Profit from other operations 9,232,130 730,325 31,813,649 1,342,778
------------------------------------------------------------------------------------------------------------------------
Less: General and administrative
expenses (56,545,585) (47,932,241) (215,361,790) (99,807,648)
------------------------------------------------------------------------------------------------------------------------
Financial expenses, net (112,131,963) (126,282,650) (337,835,716) (354,198,553)
------------------------------------------------------------------------------------------------------------------------
3. OPERATING PROFIT 1,640,566,906 1,296,016,677 4,165,110,583 3,370,474,319
------------------------------------------------------------------------------------------------------------------------
Add: Income from investment 196,619,455 112,222,240 426,642,144 181,765,824
------------------------------------------------------------------------------------------------------------------------
Non-operating income 63,343 1,813,553 1,387,873 2,836,547
------------------------------------------------------------------------------------------------------------------------
Less: Non-operating expenses (2,576,543) (2,882,213) (7,105,318) (14,971,713)
------------------------------------------------------------------------------------------------------------------------
4. PROFIT BEFORE TAXATION AND MINORITY
INTERESTS 1,834,673,161 1,407,170,257 4,586,035,282 3,540,104,977
------------------------------------------------------------------------------------------------------------------------
Less: Income tax (219,687,765) (185,847,333) (615,377,892) (497,891,385)
------------------------------------------------------------------------------------------------------------------------
Minority interests - - - -
------------------------------------------------------------------------------------------------------------------------
5. NET PROFIT 1,614,985,396 1,221,322,924 3,970,657,390 3,042,213,592
========================================================================================================================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
LI XIAOPENG HUANG JIAN ZHOU HUI
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
under- signed, thereunto duly authorized.
HUANENG POWER INTERNATIONAL, INC.
By /s/ Wang Xiaosong
------------------------------
Name: Wang Xiaosong
Title: Vice Chairman
Date: October 21, 2003