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, 2006
(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:
The press release on the results for the first quarters of 2006 of Huaneng Power
International Inc. (the "Registrant") , made by the Registrant in English on
April 25, 2006.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
under-signed, thereunto duly authorized.
HUANENG POWER INTERNATIONAL, INC.
By /s/ Huang Long
--------------
Name: Huang Long
Title: Company Secretary
Date: April 29, 2006
[HUANENG LOGO OMITTED]
To: Business Editor
[For Immediate Release]
HUANENG POWER INTERNATIONAL, INC.
Announces Results for the First Quarters of 2006
Net Profit Rises 38.66% to RMB 1.094 billion
(Beijing, China, April 25, 2006) Huaneng Power International, Inc. (the
"Company") [NYSE: HNP; HKEx: 902; SSE: 600011] today announced its unaudited
results for the three months ended March 31, 2006.
Under the PRC Accounting Standards, for the first quarter of 2006, the Company
realized operating revenues of RMB10.108 billion, representing an increase of
8.49% over the same period last year. Net profit amounted to RMB1.094 billion,
representing an increase of 38.66 % over the same period last year. The
Company's total power generation on a consolidated basis amounted to 37.096
billion kWh, an increase of 2.79% over the same period last year. The Board of
Directors was satisfied with the Company's first quarter production and
operation results.
During the first quarter of 2006, the power output, revenues, net profit and
earnings per share of the Company increased to various extents when compared to
the first quarter of 2005. As regards power output, due to continued growth in
social power demand, the new generating units of the Company have obtained a
share in the market and the power output of the Company increased by 2.79% when
compared to the same period of last year. However, as a result of an increasing
number of new generating units and intensified market competition, the average
utilization hours of the Company's generating units have declined when compared
to the same period of last year. As regards profitability, the profit margin of
power sale for the first quarter of 2006 has risen when compared to the same
period of last year mainly because of the period-end upswing effect of the
"Coal-Electricity Price Linkage Mechanism" policy implemented in May 2005. As
regards the costs of coal for power generation, the unit fuel cost during the
first quarter of 2006 was basically the same as that of the same period of last
year. Accordingly, the revenues, net profit and earnings per share of the
Company for the first quarter of 2006 increased by 8.49%, 38.66% and 28.57%
respectively when compared to the first quarter of 2005.
Huaneng Power International, Inc. develops, constructs, operates and manages
power plants in China nationwide, with a total generation capacity of 23,549MW
on an equity basis. The Company wholly owns sixteen operating power plants, and
has controlling interests in twelve operating power companies and minority
interests in four operating power companies. Today, it is one of the largest
independent power producers in China.
Encl: The unaudited summary financial information of the Company for the
three months ended March 31, 2006. 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.
~ End ~
For further information, please contact:
Ms. Meng Jing / Ms. Zhao Lin Ms. Sally Wong / Ms. Christy Lai
Huaneng Power International, Inc. Rikes Communications Limited
Tel: (8610) 6649 1856 / 1866 Tel: (852) 2520 2201
Fax: (8610) 6649 1860 Fax: (852) 2520 2241
Email: ir@hpi.com.cn
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS (PRC GAAP)
AS AT 31ST MARCH, 2006 Amounts: In Rmb Yuan
31st March, 31st December, 31st March, 31st December,
2006 2005 2006 2005
ASSETS Consolidated Consolidated The Company The Company
------------------- ------------------- -------------------- ----------------
CURRENT ASSETS
Cash 3,154,959,987 2,851,592,978 1,747,926,507 889,902,906
Including: Cash and cash
equivalents 2,953,363,638 2,647,665,997 1,571,757,581 713,396,158
Short-term investments 13,200 13,200 13,200 13,200
Notes receivable 652,456,262 1,117,533,416 103,250,578 622,462,278
Interest receivable 2,022,134 3,086,294 2,022,134 3,052,633
Accounts receivable 5,405,627,533 4,904,892,612 3,029,255,262 3,180,096,467
Other receivables 321,656,054 597,773,628 137,398,604 420,624,141
Advance to suppliers 239,409,715 268,606,059 134,692,651 148,818,016
Inventories 2,336,576,898 2,311,356,766 1,414,045,857 1,380,845,041
Deferred expenses 82,493,241 8,319,695 67,392,532 7,451,902
Current portion of long-term
debt investments - - - -
------------------- ------------------- -------------------- ----------------
Total current assets 12,195,215,024 12,063,174,648 6,635,997,325 6,653,266,584
------------------- ------------------- -------------------- ----------------
LONG-TERM INVESTMENTS
Long-term equity investments 6,699,930,909 6,479,002,579 15,010,101,686 14,454,590,885
Long-term debt investments 53,700 53,700 53,700 53,700
------------------- ------------------- -------------------- ----------------
Total long-term investments 6,699,984,609 6,479,056,279 15,010,155,386 14,454,644,585
------------------- ------------------- -------------------- ----------------
Including: Consolidated
difference in value 1,749,110,881 1,810,484,726 - -
FIXED ASSETS
Fixed assets, cost 103,262,334,115 97,895,004,782 58,474,986,357 58,299,821,850
Less: Accumulated
depreciation (43,202,872,695) (41,694,498,618) (26,973,802,834) (25,971,327,299)
------------------- ------------------- -------------------- ----------------
Fixed assets, net 60,059,461,420 56,200,506,164 31,501,183,523 32,328,494,551
Less: Provision for impairment
of fixed assets (30,080,000) (30,080,000) (30,080,000) (30,080,000)
Fixed assets, net book value 60,029,381,420 56,170,426,164 31,471,103,523 32,298,414,551
Construction materials 6,054,663,860 6,289,151,847 3,250,044,416 2,841,684,052
Construction-in-progress 12,394,937,107 13,907,010,486 4,991,682,681 3,988,534,167
------------------- ------------------- -------------------- ----------------
Total fixed assets 78,478,982,387 76,366,588,497 39,712,830,620 39,128,632,770
------------------- ------------------- -------------------- ----------------
INTANGIBLE AND OTHER ASSETS
Intangible assets (124,074,560) (177,780,256) (314,164,834) (368,916,945)
Long-term deferred expenses 59,531,601 61,386,622 4,620,093 5,468,353
Share Floating Right 63,636,790 63,636,790 63,636,790 63,636,790
Other long-term asset 91,875,899 91,875,899 - -
------------------- ------------------- -------------------- ----------------
Total intangible and other
assets 90,969,730 39,119,055 (245,907,951) (299,811,802)
------------------- ------------------- -------------------- ----------------
TOTAL ASSETS 97,465,151,750 94,947,938,479 61,113,075,380 59,936,732,137
=================== =================== ==================== ================
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS (PRC GAAP) (CONTINUED)
AS AT 31ST MARCH, 2006 Amounts: In Rmb Yuan
LIABILITIES AND 31st March, 31st December, 31st March, 31st December,
SHAREHOLDERS' 2006 2005 2006 2005
EQUITY Consolidated Consolidated The Company The Company
CURRENT LIABILITIES
Short-term loans 7,062,589,370 6,580,869,370 2,602,000,000 2,200,000,000
Short-term bonds 4,480,441,644 4,946,814,783 4,480,441,644 4,946,814,783
Notes payable 205,383,194 87,239,523 - -
Accounts payable 1,355,642,934 1,151,850,940 961,496,645 708,685,787
Salary payable 105,949,942 98,338,245 78,158,406 60,992,291
Welfare payable 132,237,325 153,610,803 44,763,373 68,214,318
Interest payable 193,418,115 197,637,488 144,128,851 123,936,169
Dividends payable 90,995,207 138,279,959 - -
Taxes payable 952,322,055 1,131,284,360 404,769,874 506,983,238
Other levies payable 31,814,897 42,350,052 17,182,392 18,756,496
Other payables 4,248,284,973 4,129,346,099 1,702,999,323 1,609,893,354
Accrued expenses 193,240,739 90,859,085 90,910,979 50,617,043
Current portion of
long-term loans 3,220,670,692 3,165,979,238 1,101,513,927 1,005,555,185
Provisions 4,416,482 4,416,482 - -
--------------------- ----------------- ------------------ ---------------
Total current liabilities 22,277,407,569 21,918,876,427 11,628,365,414 11,300,448,664
--------------------- ----------------- ------------------ ---------------
LONG-TERM LIABILITIES
Long-term loans 29,570,301,286 28,862,263,799 9,185,022,965 9,475,460,000
Government Grant 101,942,662 86,457,662 78,412,662 61,427,662
Other non-current liabilities 60,730,746 64,139,628 - -
--------------------- ----------------- ------------------ ---------------
Total long-term liabilities 29,732,974,694 29,012,861,089 9,263,435,627 9,536,887,662
--------------------- ----------------- ------------------ ---------------
TOTAL LIABILITIES 52,010,382,263 50,931,737,516 20,891,801,041 20,837,336,326
--------------------- ----------------- ------------------ ---------------
MINORITY INTERESTS 5,255,599,829 4,934,649,003 - -
--------------------- ----------------- ------------------ ---------------
SHAREHOLDERS' EQUITY
Share capital 12,055,383,440 12,055,383,440 12,055,383,440 12,055,383,440
Capital surplus 8,789,358,331 8,765,352,464 8,789,358,331 8,765,352,464
Surplus reserves 4,945,674,209 4,945,674,209 4,945,674,209 4,945,674,209
Including: Statutory
public welfare fund 2,217,003,964 2,217,003,964 2,217,003,964 2,217,003,964
Undistributed profits 14,408,753,678 13,315,141,847 14,430,858,359 13,332,985,698
--------------------- ----------------- ------------------ ---------------
Total shareholders' equity 40,199,169,658 39,081,551,960 40,221,274,339 39,099,395,811
--------------------- ----------------- ------------------ ---------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 97,465,151,750 94,947,938,479 61,113,075,380 59,936,732,137
===================== ================= ================== ===============
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Zhou Hui Huang Lixin
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED PROFIT AND LOSS ACCOUNTS (PRC GAAP)
FOR THE FIRST QUARTER ENDED 31ST MARCH, 2006
Amounts: In Rmb Yuan
For the first For the first For the first For the first
Item quarter ended quarter ended quarter ended quarter ended
31st March, 2006 31st March, 2006 31st March, 2005 31st March, 2005
Consolidated The Company Consolidated The Company
1. Revenues from principal
operations 10,107,733,081 6,475,823,286 9,317,001,922 5,988,989,897
Less: Cost of principal
operations (7,794,634,567) (5,268,316,191) (7,544,915,698) (5,163,484,022)
Tax and levies on
principal
operations (34,683,597) (1,458,550) (29,960,349) (1,412,853)
-------------------- ------------------- ------------------- --------------------
2. Profit from principal
operations 2,278,414,917 1,206,048,545 1,742,125,875 824,093,022
Add: Profit from other
operations 14,396,131 9,760,375 13,136,715 12,526,996
Less: General and
administrative expenses (266,736,429) (185,009,854) (192,356,708) (117,598,207)
Financial expenses, net (376,018,251) (118,977,268) (331,114,801) (161,304,702)
-------------------- ------------------- ------------------- --------------------
3. Operating profit 1,650,056,368 911,821,798 1,231,791,081 557,717,109
Add: Investment income 18,395,322 344,917,796 1,114,166 315,248,367
Non-operating income 3,628,863 3,405,107 114,714 103,164
Less: Non-operating expenses (2,665,595) (1,576,694) (2,716,982) (2,115,234)
-------------------- ------------------- ------------------- --------------------
4. Profit before taxation and
minority interests 1,669,414,958 1,258,568,007 1,230,302,979 870,953,406
Less: Income tax (320,132,298) (160,695,346) (208,640,158) (82,259,155)
Minority interests (255,670,829) - (232,968,570) -
-------------------- ------------------- ------------------- --------------------
5. Net profit 1,093,611,831 1,097,872,661 788,694,251 788,694,251
==================== =================== =================== ====================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Zhou Hui Huang Lixin