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, 2007

 

(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 o

 

(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 o 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 regarding the first quarterly report of 2007 and the unaudited financial information attached thereto of Huaneng Power International, Inc. (the “Registrant”), made by the Registrant in English on April 24, 2007.

 


 

 


 

To: Business Editor

[For Immediate Release]

 

HUANENG POWER INTERNATIONAL, INC.

 

Announces Results for the First Quarter of 2007

Net profit attributable to shareholders of the Company amounted to RMB1.205 billion,

an increase of 5.73%

 

(Beijing, China, April 24, 2007) Huaneng Power International, Inc. (the “Company”) [NYSE: HNP; HKEx: 902; SSE: 600011] today announced its unaudited results for the three months ended March 31, 2007.

 

Under the PRC Accounting Standards, for the first quarter of 2007, the Company realized consolidated operating revenues of RMB11.183 billion, representing an increase of 10.32% over the same period last year. Net profit attributable to shareholders of the Company amounted to RMB1.205 billion, representing an increase of 5.73% over the same period last year. The Company’s total power generation on a consolidated basis amounted to 38.867 billion kWh, an increase of 7.61% over the same period last year.

 

Effective from the first quarter of 2007, the statutory financial statements of the Company are compiled in accordance with the “Accounting Standards for Enterprises” issued by the PRC Ministry of Finance in 2006. According to the stipulations under “Question and Answer No.7 Regarding the Rules on Information Disclosure for Companies That Publicly Offer Securities – Compilation and Disclosure of Comparative Financial and Accounting Information During the Transition Period between the New and Old Accounting Standards” [Chinese hieroglyphics omitted] adjustments were made on the profit and loss statement for the same period last year and the comparative balance sheet as at the end of last year as well as stating the adjusted profit and loss statement as the comparative profit and loss statement of the reporting period. In addition, after 4 January 2007, the shareholding of the Company in Huaneng Sichuan Hydropower Company Limited (“Sichuan Hydropower”) decreased from 60% to 49% and the scope of consolidation for the financial statements for the first quarter of 2007 did not include Sichuan Hydropower anymore.

 

 


 

 

.../2

HUANENG POWER INTERNATIONAL, INC.

Announces Results for the First Quarter of 2007.../P.2

 

During the first quarter of 2007, the power generation, revenues, net profit attributable to shareholders of the Company and earnings per share of the Company and its subsidiaries increased to various extents when compared with the first quarter of 2006. Regarding power output, owing to a 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 and its subsidiaries increased by 7.47% when compared with the same period of last year (excluding Sichuan Hydropwoer). However, the Company’s power generation growth was below the national average. The unit fuel cost for power output of the Company increased by 9.22% compared with the same period last year. The Company faced relatively substantial operating pressure in terms of power output and fuel cost control.

 

Huaneng Power International, Inc. develops, constructs, operates and manages large-scale power plants in China nationwide, with a total generation capacity of 28,187MW on an equity basis and a total controlling generation capacity of 32,224MW. The Company wholly owns seventeen operating power plants, and has controlling interests in twelve operating power companies and minority interests in five operating power companies. Currently, it is the largest listed power producer in China.

 

Encl:

The unaudited summary financial information of the Company for the three months ended March 31, 2007. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance “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, 2007

 

 

Amounts: In Rmb Yuan

 

 

 

31st March

2007

 

31st December

2006

 

31st March

2007

 

31st December

2006

ASSETS

 

Consolidated

 

Consolidated

 

The Company

 

The Company

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash

 

3,281,473,736

 

3,411,054,724

 

1,969,715,712

 

1,623,357,667

Financial assets at fair value through profit and loss

 

212,739,874

 

100,179,545

 

212,739,874

 

100,179,545

Notes receivable

 

1,273,021,192

 

1,133,980,632

 

327,889,279

 

358,225,876

Accounts receivable

 

5,516,306,352

 

6,181,701,887

 

3,142,179,190

 

3,757,011,387

Advance to suppliers

 

3,661,405,542

 

3,957,213,746

 

2,770,728,937

 

2,913,893,470

Interest receivable

 

2,169,134

 

1,552,634

 

2,169,134

 

1,552,634

Dividend receivable

 

-

 

12,844

 

-

 

-

Other receivables

 

240,197,495

 

206,037,788

 

162,854,047

 

226,431,421

Inventories

 

2,589,816,287

 

2,133,534,601

 

1,612,044,557

 

1,246,903,789

Current portion of non-current assets

 

-

 

-

 

-

 

-

Other current assets

 

14,390,569

 

2,200,338

 

6,797,778

 

137,319

Total current assets

 

16,791,520,181

 

17,127,468,739

 

10,207,118,508

 

10,227,693,108

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

 

Available-for-sale financial assets

 

1,947,002,400

 

1,458,758,700

 

1,947,002,400

 

1,458,758,700

Held-to-maturity investment

 

-

 

-

 

-

 

-

Long-term receivables

 

-

 

-

 

-

 

-

Long-term equity investments

 

6,511,049,008

 

5,177,040,904

 

14,969,108,515

 

14,680,259,555

Investment properties

 

-

 

-

 

-

 

-

Fixed assets

 

66,857,305,321

 

75,096,255,786

 

34,583,788,636

 

35,644,252,152

Construction-in-progress

 

7,095,192,604

 

8,271,679,768

 

6,426,484,095

 

4,747,432,486

Construction materials

 

867,159,573

 

531,086,222

 

744,916,532

 

350,736,780

Fixed asset disposals

 

516,670

 

-

 

(23,119)

 

-

Production-related biological assets

 

-

 

-

 

-

 

-

Oil-gas properties

 

-

 

-

 

-

 

-

Intangible assets

 

1,912,049,790

 

1,848,960,731

 

1,265,971,355

 

1,271,731,865

Research and development

 

-

 

-

 

-

 

-

Goodwill

 

140,442,016

 

144,341,787

 

1,528,308

 

1,528,308

Long-term deferred expenses

 

21,845,556

 

43,958,341

 

2,461,902

 

2,969,283

Deferred income tax assets

 

121,743,381

 

173,464,942

 

63,419,521

 

58,267,494

Other non-current assets

 

-

 

68,943,706

 

-

 

-

Total non-current assets

 

85,474,306,319

 

92,814,490,887

 

60,004,658,145

 

58,215,936,623

TOTAL ASSETS

 

102,265,826,500

 

109,941,959,626

 

70,211,776,653

 

68,443,629,731

 

 


 

 

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED BALANCE SHEETS (PRC GAAP) (CONTINUED)

AS AT 31ST March, 2007

 

 

Amounts: In Rmb Yuan

 

 

 

31st March

2007

 

31st December

2006

 

31st March

2007

 

31st December

2006

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Consolidated

 

Consolidated

 

The Company

 

The Company

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Short-term loans

 

8,308,506,814

 

8,161,909,781

 

3,473,000,000

 

3,422,750,000

Held-for-trading financial liability

 

-

 

-

 

-

 

-

Notes payable

 

419,416,400

 

751,507,699

 

416,176,400

 

542,494,600

Accounts payable

 

1,741,042,781

 

1,276,992,234

 

1,140,864,358

 

765,329,899

Advance from customers

 

-

 

-

 

-

 

-

Salary and welfare payables

 

401,487,181

 

584,043,125

 

283,782,209

 

372,238,817

Taxes payables

 

683,445,189

 

1,191,782,771

 

323,713,216

 

666,037,521

Interest payable

 

189,613,828

 

195,642,558

 

136,466,456

 

119,863,967

Dividends payable

 

-

 

-

 

-

 

-

Other payables

 

3,945,189,416

 

4,912,104,399

 

2,200,509,036

 

2,078,292,827

Current portion of non-current liabilities

 

2,849,183,156

 

3,331,954,866

 

1,059,718,583

 

1,085,447,233

Provisions

 

4,416,483

 

4,416,483

 

-

 

-

Other current liabilities

 

5,342,269,187

 

5,233,590,021

 

5,257,470,336

 

5,177,272,291

Total current liabilities

 

23,884,570,435

 

25,643,943,937

 

14,291,700,594

 

14,229,727,155

 

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Long-term loans

 

29,083,297,869

 

35,098,618,749

 

11,346,038,509

 

11,182,454,295

Long-term bonds

 

-

 

-

 

-

 

-

Long-term payables

 

-

 

-

 

-

 

-

Specific payable

 

216,254,292

 

203,480,035

 

169,374,292

 

157,600,035

Deferred income tax liabilities

 

433,618,914

 

378,585,382

 

429,983,518

 

347,024,298

Other non-current
liabilities

 

 

-

 

37,847,158

 

-

 

-

Total non-current
liabilities

 

29,733,171,075

 

35,718,531,324

 

11,945,396,319

 

11,687,078,628

TOTAL LIABILITIES

 

53,617,741,510

 

61,362,475,261

 

26,237,096,913

 

25,916,805,783

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Share capital

 

12,055,383,440

 

12,055,383,440

 

12,055,383,440

 

12,055,383,440

Capital surplus

 

10,436,102,918

 

9,929,681,615

 

10,435,502,918

 

9,929,681,615

Less: Treasury stock

 

-

 

-

 

-

 

-

Surplus reserves

 

5,470,468,342

 

5,470,468,342

 

5,470,468,342

 

5,470,468,342

Undistributed profits

 

16,229,324,087

 

15,024,443,205

 

16,013,325,040

 

15,071,290,551

Minority interests

 

4,456,806,203

 

6,099,507,763

 

-

 

-

Total shareholders’ equity

 

48,648,084,990

 

48,579,484,365

 

43,974,679,740

 

42,526,823,948

TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY

 

102,265,826,500

 

109,941,959,626

 

70,211,776,653

 

68,443,629,731

 

 

 

Legal

representative:

 

 

Person in charge of accounting

function:

 

 

Person in charge of accounting

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, 2007

 

 

Amounts: In Rmb Yuan

 

 

 

 

 

For the first

quarter ended

31st March,

2007

 

For the first

quarter ended

31st March, 2006

 

For the first

quarter ended

31st March, 2007

 

For the first

quarter ended

31st March,

2006

 

 

 

 

Consolidated

 

Consolidated

 

The Company

 

The Company

1. Revenues from operations

 

11,183,347,938

 

10,136,761,657

 

7,131,046,613

 

6,499,581,414

Less:

 

Cost of operations

 

(8,992,805,016)

 

(7,805,042,141)

 

(5,942,337,111)

 

(5,280,070,179)

 

 

Tax and levies on
operations

 

(35,764,284)

 

(34,683,597)

 

(2,967,540)

 

(1,458,550)

 

 

Selling and distribution
expenses

 

-

 

-

 

-

 

-

 

 

General and
administrative
expenses

 

(358,812,486)

 

(331,205,795)

 

(265,411,690)

 

(247,562,408)

 

 

Financial expenses

 

(423,591,036)

 

(376,018,251)

 

(124,608,439)

 

(118,977,268)

 

 

Loss on assets
impairment

 

112,716

 

(456,527)

 

134,414

 

(392,234)

Add:

 

Gains on the change of
fair value

 

112,560,330

 

-

 

112,560,330

 

-

 

 

Investment income

 

132,695,899

 

111,106,246

 

132,284,805

 

111,077,459

 

 

Including: Investment
income in
associates and
jointly controlled entities

 

132,695,899

 

111,055,120

 

132,284,805

 

111,026,333

2. Operating profit

 

1,617,744,061

 

1,700,461,592

 

1,040,701,382

 

962,198,234

Add:

 

Non-operating income

 

1,803,861

 

3,628,863

 

1,576,977

 

3,405,107

Less:

 

Non-operating
expenses

 

(1,876,248)

 

(2,665,595)

 

(1,635,961)

 

(1,576,694)

 

 

Including: gain/(loss)
on disposal of non- current assets

 

-

 

(73,300)

 

-

 

(73,300)

3. Profit before taxation and
minority interests

 

1,617,671,674

 

1,701,424,860

 

1,040,642,398

 

964,026,647

Less:

 

Income tax

 

(262,752,597)

 

(305,778,730)

 

(98,607,909)

 

(147,325,322)

4. Net profit

 

1,354,919,077

 

1,395,646,130

 

942,034,489

 

816,701,325

Attributable to:

 

 

 

 

 

 

 

 

Equity holders of the Company

 

1,204,880,882

 

1,139,532,706

 

942,034,489

 

816,701,325

Minority interests

 

150,038,195

 

256,113,424

 

-

 

-

5. Earnings per share

 

 

 

 

 

 

 

 

- Basic

 

0.10

 

0.09

 

0.08

 

0.07

- Diluted

 

0.10

 

0.09

 

0.08

 

0.07

 

 

 

Legal

representative:

 

 

Person in charge of accounting

function:

 

 

Person in charge of accounting

department:

 

Li Xiaopeng

 

 

Zhou Hui

 

 

Huang Lixin

 

 

 

 


 

 

 

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 Jian

 

               

 

Name:

Huang Jian

 

 

Title:

Company Secretary

 

Date:

April 26, 2007