FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2004 (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F __X__ Form 40-F _____ (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. ) Yes ____ No __X__ (If "Yes" is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-__________. ) N/A Huaneng Power International, Inc. West Wing, Building C, Tianyin Mansion No. 2C Fuxingmennan Street Xicheng District Beijing, 100031 PRC This Form 6-K consists of: An announcement on the first quarterly report of 2004, made on April 16, 2004, in English by Huaneng Power International Inc. The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HUANENG POWER INTERNATIONAL, INC. (a Sino-foreign joint stock limited company incorporated in the People's Republic of China) (Stock code : 902) First Quarterly Report of 2004 Pursuant to the regulations of the China Securities Regulatory Commission, Huaneng Power International, Inc. (the "Company") is required to publish quarterly report for each of the first and third quarters. All financial information set out in the first quarterly report is unaudited and prepared in accordance with the PRC Accounting Standards ("PRC GAAP"). This announcement is made pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. 1. IMPORTANT NOTICE 1.1 The Directors of the Company guarantee that the information contained in this report does not contain any false statements, misleading representations or material omissions. The Directors collectively and individually accept responsibility as to the authenticity, accuracy and completeness of the content of this report. 1.2 Mr. Shan Qunying, Mr. Xu Zujian, Mr. Zheng Jianchao and Mr. Xia Donglin (Directors) did not attend the sixth Directors' meeting of the fourth session of the Board of Directors and appointed Mr. Li Xiaopeng (Chairman) to exercise their respective voting powers. 1.3 All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC Accounting Standards. 1.4 This announcement is made pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. 2. COMPANY PROFILE 2.1 Corporate Information Stock Abbreviation at [Chinese characters omitted] Shanghai Stock Exchange Stock Code Shanghai Stock The Stock Exchange of New York Stock Exchange: 600011 Hong Kong Limited: 902 Exchange: HNP COMPANY SECRETARY SECURITIES REPRESENTATIVE Name Huang Long Gu Biquan Correspondence Address West Wing, Building C, West Wing, Building C, Tianyin Mansion, 2C Tianyin Mansion, 2C Fuxingmennan Street, Fuxingmennan Street, Xicheng District, Beijing Xicheng District, Beijing Telephone Number 8610-66491999 8610-66491851 Fax Number 8610-66491888 8610-66491860 E-mail huangl @hpi.com.cn gbq @hpi.com.cn 2.2 Financial Information (PRC GAAP) 2.2.1 Major Unaudited Financial Information and Financial Indicators (Amounts: in Rmb Yuan) Variance from End of current End of last end of last year reporting period year (%) Total Assets 55,126,198,673 53,276,965,016 3.47 Shareholders' equity (excluding: minority 36,191,064,338 34,787,100,203 4.04 interests) Net assets per share 6.00 5.77 3.99 Adjusted net assets per share 5.99 5.76 3.99 From the beginning of the year to the end of Variance from Current current equivalent reporting reporting period of period period last year (%) Net cash inflow from operating activities 2,184,913,874 2,184,913,874 8.13 Earnings per share 0.23 0.23 21.05 Return on net assets 3.88% 3.88% 4.30 Return on net assets after deducting non-recurring items 3.87% 3.87% 4.03 Note: Non-recurring items of the Company and its subsidiaries included: Non-recurring items Amounts Gains from disposal of fixed assets 258,946 Non-operating income 4,718,441 Non-operating expense (1,225,135) Tax impact on non-recurring items (610,632) Total 3,141,620 2.2.2 Profit and Loss Accounts UNAUDITED PROFIT AND LOSS ACCOUNTS FOR THE FIRST QUARTER ENDED 31ST MARCH, 2004 Amounts: In Rmb Yuan For the first For the first For the first For the first quarter ended quarter ended quarter ended quarter ended 31st March, 31st March, 31st March, 31st March, Item 2004 2004 2003 2003 Consolidated The Company Consolidated The Company 1. Revenues from principal operations 6,461,086,326 5,527,481,650 5,170,147,366 4,442,295,944 Less: Cost of principal operations (4,492,816,339) (3,877,943,009) (3,480,207,293) (3,024,424,717) Tax and levies on principal operations (13,570,586) (1,691,125) (14,584,834) (5,213,438) 2. Profit from principal operations 1,954,699,401 1,647,847,516 1,675,355,239 1,412,657,789 Add: Profit from other operations 6,366,400 6,033,797 8,387,757 8,307,813 Less: General and administrative expenses (112,726,124) (88,303,142) (92,263,701) (71,114,522) Financial expenses, net (129,185,641) (93,536,201) (138,949,354) (106,363,347) 3. Operating profit 1,719,154,036 1,472,041,970 1,452,529,941 1,243,487,733 Add/(less): Income/(Loss) from investment 23,290,862 133,153,650 (7,153,554) 90,941,492 Non-operating income 5,029,909 5,032,909 1,221,767 601,084 Less: Non-operating expenses (1,277,657) (1,108,657) (1,547,991) (1,399,576) 4. Profit before taxation and minority interests 1,746,197,150 1,609,119,872 1,445,050,163 1,333,630,733 Less: Income tax (286,370,533) (205,155,737) (272,841,449) (206,675,476) Minority interests (55,862,482) - (45,253,457) - 5. Net profit 1,403,964,135 1,403,964,135 1,126,955,257 1,126,955,257 2.3 Number of shareholders as at the end of the reporting period As at the end of the reporting period, the Company has a total of 21,678 shareholders, of whom 21,474 were shareholders holding A shares. 3. MANAGEMENT'S DISCUSSION AND ANALYSIS 3.1 Summary of overall operating performance of the Company during the reporting period [X] Applicable [ ] Not applicable For the first quarter of 2004, the operating revenues, net profit and earnings per share of the Company and its subsidiaries were Rmb6,461 million, Rmb1,404 million and Rmb0.23, representing increases of 24.97%, 24.58% and 21.05%, respectively, compared with the same period of last year. The significant increase in operating revenue of the Company and its subsidiaries was mainly due to the significant increase in power generation. The electricity generation reached 24.56 billion kWh for the first quarter of 2004, representing an increase of 24.04% over the same period of last year. The increase was mainly attributable to the following reasons: 1) continuous increase in the national economy that stimulated the demand for power consumption in the regions where the Company and its subsidiaries' power plants operate; 2) appropriate arrangement on repair and maintenance of generation units and a series of measures taken to ensure stable supply of coal; 3) enlarged market share through enhanced marketing strategy; 4) increase of generation capacity as a result of putting the generation units 5 and 6 of the Jining Power Plant into stable operation in 2003; 5) power generation contributed by the Yushe Power Plant and the Xindian Power Plant, both of which were acquired in 2003. 3.1.1 Principal operations or products contributing more than 10% of revenue or profit from principal operations (unaudited) [X] Applicable [ ] Not applicable Cost of principal Revenue from operations and tax principal and levies on Gross Industries/products operations principal operations margin (Rmb) (Rmb) (%) Sales of electric power 6,461,086,326 4,506,386,925 30.25 Including: sales to related parties - - - 3.1.2 Seasonal or periodic characteristics of the Company's operations [ ] Applicable [X] Not applicable 3.1.3 Composition of profit for the reporting period (disclosure as to any material changes in the percentage of profit from principal operations, profit from other business, expenses for the period, investment income, subsidy income and net non-operating income/expenses to the profit before taxation and minority interests, when compared with those of the previous reporting period) and the reasons therefor [ ] Applicable [X] Not applicable 3.1.4 Significant changes of the principal operations and its structure when compared with those of the previous reporting period and the reasons therefor [ ] Applicable [X] Not applicable 3.1.5 Significant change in profitability (gross margins) of principal operations when compared with that of the previous reporting period and the reasons therefor [ ] Applicable [X] Not applicable 3.2 Significant events and analysis on their impact and solutions [ ] Applicable [X] Not applicable 3.3 Disclosure as to and reasons for changes in accounting policies, accounting estimates, consolidations and significant accounting errors [ ] Applicable [X] Not applicable 3.4 Relevant explanations by the Board of Directors and the Supervisory Committee in respect of "qualified" audit opinion [ ] Applicable [X] Not applicable 3.5 Forecast of a probable loss in respect of the accumulated net profit from the beginning of the financial year to the end of the next reporting period or warning in respect of any significant changes in profit as compared with that of the corresponding period of last year and the reasons therefor [ ] Applicable [X] Not applicable 3.6 Cumulative adjustments to the annual operating plan or budget previously disclosed by the Company [ ] Applicable [X] Not applicable APPENDIX BALANCE SHEETS (UNAUDITED) AS AT 31ST MARCH, 2004 Amounts: In Rmb Yuan 31st December, 31st March, 31st December, 31st March, 2003 2004 2003 ASSETS 2004 Consolidated Consolidated The Company The Company CURRENT ASSETS Cash 5,242,328,000 4,433,604,438 4,073,857,164 3,520,203,732 Including: cash and cash equivalents 4,982,992,477 4,128,648,014 3,884,644,295 3,291,922,217 Short-term investments 13,200 13,200 13,200 13,200 Notes receivable 276,200,000 447,200,000 165,180,000 336,180,000 Interest receivable 1,424,293 3,291,154 1,424,293 2,387,688 Accounts receivable 2,700,602,569 2,356,825,998 2,305,244,377 2,005,023,640 Other receivables 222,548,508 160,720,886 122,021,042 87,489,711 Advance to suppliers 410,625,169 88,194,813 338,502,612 54,736,358 Inventories 717,872,865 808,159,276 589,925,460 632,641,423 Deferred expenses 37,146,226 4,779,340 36,763,881 4,594,883 Current portion of long-term investments 59,060 83,060 340,722,016 470,746,016 Total current assets 9,608,819,890 8,302,872,165 7,973,654,045 7,114,016,651 LONG-TERM INVESTMENTS Long-term equity investments 3,436,203,476 3,407,034,531 5,751,145,336 5,472,475,440 Including: consolidation difference 1,108,206,005 1,133,262,633 - - Long-term debt investments 12,500 12,500 12,500 12,500 Total long-term investments 3,436,215,976 3,407,047,031 5,751,157,836 5,472,487,940 FIXED ASSETS Fixed assets - cost 60,792,494,191 60,731,810,047 52,159,826,508 52,100,413,665 Less: Accumulated depreciation (23,383,096,588) (22,330,922,497) (19,483,302,785) (18,556,962,398) Fixed assets - net book value 37,409,397,603 38,400,887,550 32,676,523,723 33,543,451,267 Project materials 2,047,802,617 1,111,654,804 588,809,739 325,349,997 Construction-in- progress 3,597,459,981 3,090,960,181 713,136,920 618,045,031 Total fixed assets 43,054,660,201 42,603,502,535 33,978,470,382 34,486,846,295 INTANGIBLE AND OTHER ASSETS Intangible assets (995,820,786) (1,057,406,729) (1,065,271,992) (1,127,369,140) Long-term deferred expenses 22,323,392 20,950,014 7,929,593 8,374,230 Total intangible and other assets (973,497,394) (1,036,456,715) (1,057,342,399) (1,118,994,910) TOTAL ASSETS 55,126,198,673 53,276,965,016 46,645,939,864 45,954,355,976 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short-term loans 1,590,000,000 1,600,000,000 280,000,000 280,000,000 Accounts payable 714,394,092 653,100,248 541,098,661 486,384,541 Salary payable 1,407,747 10,157,597 - 7,209,340 Welfare payable 193,506,470 214,006,684 183,102,581 203,101,081 Dividends payable 14,780,096 14,780,096 - - Interest payable 82,426,684 94,083,122 81,166,684 92,823,122 Taxes payable 752,550,914 917,362,692 451,170,899 601,337,983 Other levies payable 11,587,435 2,955,512 6,032,286 12,748,584 Other payables 1,516,574,365 1,670,941,617 1,305,524,527 1,418,213,280 Accrued expenses 26,846,345 26,733,205 21,127,586 26,733,205 Current portion of long-term loans 3,010,887,589 3,041,501,169 2,170,765,251 2,144,948,831 Convertible notes 951,867 951,821 951,867 951,821 Total current liabilities 7,915,913,604 8,246,573,763 5,040,940,342 5,274,451,788 LONG-TERM LIABILITIES Long-term loans 9,867,735,407 9,153,604,209 5,413,935,184 5,892,803,985 Total long-term liabilities 9,867,735,407 9,153,604,209 5,413,935,184 5,892,803,985 TOTAL LIABILITIES 17,783,649,011 17,400,177,972 10,454,875,526 11,167,255,773 MINORITY INTERESTS 1,151,485,324 1,089,686,841 - - SHAREHOLDERS' EQUITY Share capital 6,027,671,200 6,027,671,200 6,027,671,200 6,027,671,200 Capital surplus 10,403,229,361 10,403,229,361 10,403,229,361 10,403,229,361 Surplus reserves 4,374,668,188 4,374,668,188 4,374,668,188 4,374,668,188 Including: Statutory public welfare fund 1,460,700,799 1,460,700,799 1,460,700,799 1,460,700,799 Undistributed profits 15,385,495,589 13,981,531,454 15,385,495,589 13,981,531,454 Total shareholders' equity 36,191,064,338 34,787,100,203 36,191,064,338 34,787,100,203 TOTAL LIABILITIES AND 55,126,198,673 53,276,965,016 46,645,939,864 45,954,355,976 SHAREHOLDERS' EQUITY Legal Person in charge of Person in charge of representative: accounting function: accounting department: LI XIAOPENG HUANG JIAN ZHOU HUI PROFIT AND LOSS ACCOUNTS (UNAUDITED) FOR THE FIRST QUARTER ENDED 31ST MARCH, 2004 Amounts: In Rmb Yuan For the first For the first quarter ended For the first For the first quarter ended 31st March, quarter ended quarter ended Item 31st March, 2004 2003 31st March, 2004 31st March, 2003 Consolidated Consolidated The Company The Company 1. Revenues from 6,461,086,326 5,170,147,366 5,527,481,650 4,442,295,944 principal operations Less: Cost of (4,492,816,339) (3,480,207,293) (3,877,943,009) (3,024,424,717) principal operations Tax and levies on (13,570,586) (14,584,834) (1,691,125) (5,213,438) principal operations 2. Profit from 1,954,699,401 1,675,355,239 1,647,847,516 1,412,657,789 principal operations Add: Profit from 6,366,400 8,387,757 6,033,797 8,307,813 other operations Less: General and (112,726,124) (92,263,701) (88,303,142) (71,114,522) administrative expenses Financial expenses, (129,185,641) (138,949,354) (93,536,201) (106,363,347) net 3. Operating profit 1,719,154,036 1,452,529,941 1,472,041,970 1,243,487,733 Add/(Less): 23,290,862 (7,153,554) 133,153,650 90,941,492 Income/(Loss) from investment Non-operating income 5,029,909 1,221,767 5,032,909 601,084 Less: (1,277,657) (1,547,991) (1,108,657) (1,399,576) Non-operating expenses 4. Profit before 1,746,197,150 1,445,050,163 1,609,119,872 1,333,630,733 taxation and minority interests Less: Income tax (286,370,533) (272,841,449) (205,155,737) (206,675,476) Minority interests (55,862,482) (45,253,457) - - 5. Net profit 1,403,964,135 1,126,955,257 1,403,964,135 1,126,955,257 Legal Person in charge of Person in charge of representative: accounting function: accounting department: LI XIAOPENG HUANG JIAN ZHOU HUI CASH FLOW STATEMENTS (UNAUDITED) FOR THE FIRST QUARTER ENDED 31ST MARCH, 2004 Amounts: In Rmb Yuan Item Consolidated The Company 1. Cash flows from operating activities Cash received from sale of goods and services 7,389,433,651 6,340,527,279 Other cash received relating to operating activities 25,092,024 22,873,183 Sub-total of cash inflows 7,414,525,675 6,363,400,462 Cash paid for goods and services (3,147,694,672) (2,706,355,272) Cash paid to and on behalf of employees (308,086,592) (257,874,766) Payment of all types of taxes (1,241,477,951) (1,014,247,817) Other cash paid relating to operating activities (532,352,586) (506,701,608) Sub-total of cash outflows (5,229,611,801) (4,485,179,463) Net cash flows from operating activities 2,184,913,874 1,878,220,999 2. Cash flows from investing activities Cash received on disposal of investments 64,947,159 189,734,200 Cash received on investments income 7,920 4,433,754 Net cash received from disposals of fixed assets, intangible 404,131 404,131 assets and other long-term assets Sub-total of cash inflows 65,359,210 194,572,085 Cash paid to acquire fixed assets, intangible assets and other (1,907,502,622) (760,679,183) long-term assets Cash paid to acquire investments - (150,000,000) Sub-total of cash outflows (1,907,502,622) (910,679,183) Net cash flows from investing activities (1,842,143,412) (716,107,098) 3. Cash flows from financing activities Cash received from borrowings 1,593,000,000 200,000,000 Sub-total of cash inflows 1,593,000,000 200,000,000 Cash paid on repayment of borrowings (919,975,060) (653,545,060) Cash payments of interest expenses and appropriation of (161,466,799) (115,862,623) dividends or profit Including: Dividends paid to minority shareholders of - - subsidiaries Sub-total of cash outflows (1,081,441,859) (769,407,683) Net cash flows used in financing activities 511,558,141 (569,407,683) 4. Effect of foreign exchange rate changes on cash 15,860 15,860 5. Net increase in cash and cash equivalents 854,344,463 592,722,078 Amounts: In Rmb Yuan Supplementary Information Consolidated The Company 1. Reconciliation of net profit to cash flows from operating activities Net profit 1,403,964,135 1,403,964,135 Add: Minority interests 55,862,482 - Depreciation of fixed assets 1,051,731,527 926,807,266 Amortization of intangible assets (57,039,624) (57,550,829) Amortization of long-term deferred expenses 444,637 444,637 Decrease in deferred expenses 3,322,728 5,140,743 Increase in accrued expenses (less: decrease) 113,142 (5,605,617) Income on disposal of fixed assets, intangible assets and other (258,946) (258,946) long-term assets Financial expenses 142,221,729 104,683,051 Gains from investments (23,290,862) (133,153,650) Decrease of inventory 90,464,770 42,889,971 Increase in operating receivables items (360,258,481) (310,846,629) Decrease in operating payables items (122,363,363) (98,293,133) Net cash flows from operating activities 2,184,913,874 1,878,220,999 2. Investing and financing activities that do not involve cash receipts and payments Conversion of debt into capital - - Convertible notes maturing within one year 951,867 951,867 Fixed assets acquired under finance leases - - 3. Net increase in cash and cash equivalents Cash at end of period 4,982,992,477 3,884,644,295 Less: cash at beginning of period (4,128,648,014) (3,291,922,217) Cash equivalents at end of period - - Less: cash equivalents at beginning of period - - Net increase in cash and cash equivalents 854,344,463 592,722,078 Legal Person in charge of Person in charge of representative: accounting function: accounting department: LI XIAOPENG HUANG JIAN ZHOU HUI Huaneng Power International, Inc. LI XIAOPENG Chairman The Board comprises of: Li Xiaopeng (Non-executive director) Gao Zongze (Independent director) Wang Xiaosong (Non-executive director) Zheng Jianchao (Independent director) Ye Daji (Executive director) Qian Zhongwei (Independent director) Huang Jinkai (Non-executive director) Xia Donglin (Independent director) Liu Jinlong (Non-executive director) Shan Qunying (Non-executive director) Yang Shengming (Non-executive director) Xu Zujian (Non-executive director) 16th April, 2004 Beijing, the PRC 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: April 16, 2004