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 October, 2005
(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 announced results for the first three quarters of 2005
of Huaneng Power International, Inc. (the "Registrant") and its appendix, made
by the Registrant in English on October 18, 2005.
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: Director
Date: October 18, 2005
[GRAPHIC OMITTED]
To: Business Editor
[For Immediate Release]
HUANENG POWER INTERNATIONAL, INC.
Announces Results for the First Three Quarters of 2005
(Beijing, China, October 18, 2005) Huaneng Power International, Inc. (the
"Company") [NYSE: HNP; HKEx: 902; SSE: 600011] today announced its unaudited
results for the nine months ended September 30, 2005.
Under the PRC Accounting Standards, for the first three quarters of 2005, the
Company realised operating revenues of RMB29.126 billion, representing an
increase of 35.97% over the same period last year. Net profit amounted to
RMB3.050 billion, representing a decrease of 20.97% over the same period last
year. The Company's total power generation on a consolidated basis for the
first three quarters of 2005 amounted to 110.956 billion kWh, an increase of
37.3% over the same period last year.
Compared to the same period last year, newly acquired power plants and newly
operated generating units brought an expansion of the overall operating scale
of the Company as well as a significant increase in the Company's power
generation during the first three quarters of 2005. The tariff hike under the
coal-electricity price linkage mechanism during the year coupled with lower
tariff rates for newly added generating units has resulted in commensurate
growth of the Company's revenues and power generation. As the price of coal
remained at a high level, the unit fuel cost amounted to RMB158.63/MWh,
representing an increase of 15.61% over the same period last year. The increase
in revenues could not fully offset the impact of fuel costs upon profits, and
as a result, the Company's net profit decreased compared to the same period
last year. Compared to the second quarter, the coal price was relatively lower
in the third quarter, thus resulting in an increase of the Company's gross
profit.
Huaneng Power International, Inc. develops, constructs, operates and manages
power plants in China nationwide, with a total generation capacity of 21,653MW
on an equity basis. The Company wholly owns sixteen operating power plants, and
has controlling interests in ten 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
nine months ended September 30, 2005. 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. Christy Lai / Ms. Edith Lui
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 30TH SEPTEMBER, 2005 Amounts: In Rmb Yuan
30th September, 31st December, 30th September, 31st December,
2005 2004 2005 2004
ASSETS Consolidated Consolidated The Company The Company
-------------------- -------------------- -------------------- ---------------------
CURRENT ASSETS
Cash 3,928,387,538 2,510,859,390 1,750,692,003 1,381,509,573
Including: Cash and cash
equivalents 3,726,906,201 2,295,530,972 1,584,876,015 1,211,178,016
Short-term investments 13,200 13,200 13,200 13,200
Notes receivable 575,717,688 1,242,671,845 70,363,546 682,937,156
Interest receivable 2,467,634 1,734,452 2,467,634 1,734,452
Accounts receivable 4,905,453,047 3,730,431,156 3,196,510,117 2,407,133,652
Other receivables 371,711,252 292,845,939 167,987,051 126,090,716
Advance to suppliers 427,613,526 441,370,775 192,240,300 233,095,644
Inventories 2,365,460,997 1,431,403,605 1,383,688,705 822,343,887
Deferred expenses 29,870,480 2,319,162 23,042,846 2,155,328
Current portion of
long-term debt investments 4,000 5,000 4,000 5,000
Other current assets 40,130 - 40,130 -
-------------------- -------------------- -------------------- ---------------------
Total current assets 12,606,739,492 9,653,654,524 6,787,049,532 5,657,018,608
-------------------- -------------------- -------------------- ---------------------
LONG-TERM INVESTMENTS
Long-term equity investments 6,332,327,252 5,886,238,518 13,583,898,137 10,382,796,256
Long-term debt investments 5,275,870 53,700 6,124,673 53,700
-------------------- -------------------- -------------------- ---------------------
Total long-term investments 6,337,603,122 5,886,292,218 13,590,022,810 10,382,849,956
-------------------- -------------------- -------------------- ---------------------
Including: Consolidated
difference in value 1,867,406,946 1,331,850,487 - -
FIXED ASSETS
Fixed assets, cost 95,894,966,930 80,565,305,102 56,986,542,449 56,178,137,905
Less: Accumulated
depreciation (41,128,526,298) (33,246,132,232) (25,632,392,935) (22,322,890,662)
-------------------- -------------------- -------------------- ---------------------
Fixed assets, net book value 54,766,440,632 47,319,172,870 31,354,149,514 33,855,247,243
Construction materials 5,522,124,864 3,876,065,407 2,455,073,399 1,367,377,823
Construction-in-progress 11,764,809,848 5,128,225,240 4,168,244,838 1,928,434,464
-------------------- -------------------- -------------------- ---------------------
Total fixed assets 72,053,375,344 56,323,463,517 37,977,467,751 37,151,059,530
-------------------- -------------------- -------------------- ---------------------
INTANGIBLE AND OTHER ASSETS
Intangible assets (238,402,655) (551,009,877) (430,472,562) (665,167,689)
Long-term deferred expenses 33,881,563 12,577,696 6,200,324 6,227,106
Other long-term asset 123,378,484 - - -
-------------------- -------------------- -------------------- ---------------------
Total intangible and other
assets (81,142,608) (538,432,181) (424,272,238) (658,940,583)
-------------------- -------------------- -------------------- ---------------------
TOTAL ASSETS 90,916,575,350 71,324,978,078 57,930,267,855 52,531,987,511
==================== ==================== ==================== =====================
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS (PRC GAAP) (CONTINUED)
AS AT 30TH SEPTEMBER, 2005 Amounts: In Rmb Yuan
LIABILITIES AND 30th September, 31st December, 30th September, 31st December,
SHAREHOLDERS' 2005 2004 Consolidated 2005 2004
EQUITY Consolidated The Company The Company
-------------------- -------------------- -------------------- ----------------
CURRENT LIABILITIES
Short-term loans 7,157,300,000 8,099,000,000 2,900,000,000 4,330,000,000
Short-term bonds 4,911,268,847 - 4,911,268,847 -
Notes payable 31,500,000 29,000,000 - -
Accounts payable 1,485,846,330 738,762,443 922,937,799 523,267,513
Salary payable 49,001,176 39,736,104 1,326,309 19,024,218
Welfare payable 160,352,710 219,555,237 78,753,578 156,331,795
Interest payable 106,987,707 121,270,836 98,347,896 88,192,171
Dividends payable 43,833,846 21,668,696 - 8,250,000
Taxes payable 949,374,771 999,792,185 396,946,702 547,544,918
Other levies payable 45,108,827 37,477,764 18,628,775 18,123,901
Other payables 3,060,109,755 3,706,812,746 1,325,042,369 2,303,996,599
Accrued expenses 175,355,247 43,572,392 87,723,788 43,502,856
Current portion of
long-term loans 2,431,075,915 1,543,237,546 908,804,625 825,142,210
Provisions 4,416,483 - - -
-------------------- -------------------- -------------------- ----------------
Total current liabilities 20,611,531,614 15,599,885,949 11,649,780,688 8,863,376,181
-------------------- -------------------- -------------------- ----------------
LONG-TERM LIABILITIES
Long-term loans 28,335,808,718 15,955,289,378 9,060,429,986 6,485,208,795
Other non-current liabilities 14,500,000 13,000,000 - -
-------------------- -------------------- -------------------- ----------------
Total long-term liabilities 28,350,308,718 15,968,289,378 9,060,429,986 6,485,208,795
-------------------- -------------------- -------------------- ----------------
TOTAL LIABILITIES 48,961,840,332 31,568,175,327 20,710,210,674 15,348,584,976
-------------------- -------------------- -------------------- ----------------
MINORITY INTERESTS 4,734,677,837 2,573,400,216 - -
-------------------- -------------------- -------------------- ----------------
SHAREHOLDERS' EQUITY
Share capital 12,055,383,440 12,055,383,440 12,055,383,440 12,055,383,440
Capital surplus 8,616,086,160 8,615,982,210 8,616,086,160 8,615,982,210
Surplus reserves 4,112,214,826 4,112,214,828 4,112,214,826 4,112,214,828
Including: Statutory
public welfare fund 1,863,280,308 1,863,280,308 1,863,280,308 1,863,280,308
Undistributed profits 12,436,372,755 12,399,822,057 12,436,372,755 12,399,822,057
-------------------- -------------------- -------------------- ----------------
Total shareholders' equity 37,220,057,181 37,183,402,535 37,220,057,181 37,183,402,535
-------------------- -------------------- -------------------- ----------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 90,916,575,350 71,324,978,078 57,930,267,855 52,531,987,511
==================== ==================== ==================== ================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Huang Jian Zhou Hui
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED PROFIT AND LOSS ACCOUNTS (PRC GAAP)
FOR THE THIRD QUARTER ENDED 30TH SEPTEMBER, 2005
Amounts: In Rmb Yuan
For the third For the third For the third For the third
quarter ended quarter ended quarter ended quarter ended
Item 30th September, 30th September, 30th September, 30th September,
2005 2005 2004 2004
Consolidated The Company Consolidated The Company
---------------------- --------------------- -------------------- ---------------------
1. Revenues from principal
operations 10,264,947,517 6,967,583,382 8,379,835,197 6,748,422,263
Less: Cost of principal
operations (7,906,533,310) (5,520,126,664) (6,355,764,391) (5,179,136,748)
Tax and levies on
principal
operations (29,713,556) (1,351,227) (18,217,050) (1,637,434)
---------------------- --------------------- -------------------- ---------------------
2. Profit from principal
operations 2,328,700,651 1,446,105,491 2,005,853,756 1,567,648,081
Add: Profit from other
operations 16,194,602 11,249,557 25,578,436 24,800,605
Less: General and
administrative expenses (182,889,342) (154,694,935) (171,648,777) (125,952,560)
Financial expenses, net (245,064,876) (65,707,880) (258,228,164) (177,925,250)
---------------------- --------------------- -------------------- ---------------------
3. Operating profit 1,916,941,035 1,236,952,233 1,601,555,251 1,288,570,876
Add: Investment income 66,681,900 354,442,158 69,143,907 219,958,904
Subsidy income 16,933,538 16,933,538 - -
Non-operating income 3,934,989 908,374 3,867,849 611,949
Less: Non-operating expenses (9,865,930) (2,107,876) (2,836,953) (2,470,769)
---------------------- --------------------- -------------------- ---------------------
4. Profit before taxation and
minority interests 1,994,625,532 1,607,128,427 1,671,730,054 1,506,670,960
Less: Income tax (350,770,791) (177,020,018) (257,306,976) (177,705,975)
Minority interests (213,746,332) - (85,458,093) -
---------------------- --------------------- -------------------- ---------------------
5. Net profit 1,430,108,409 1,430,108,409 1,328,964,985 1,328,964,985
====================== ===================== ==================== =====================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Huang Jian Zhou Hui
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED PROFIT AND LOSS ACCOUNTS (PRC GAAP)
FOR THE NINE MONTHS ENDED 30TH SEPTEMBER, 2005
For the nine For the nine For the nine For the nine
months ended months ended months ended months ended
Item 30th September, 30th September, 30th September, 30th September,
2005 2005 2004 2004
Consolidated The Company Consolidated The Company
---------------------- --------------------- -------------------- ---------------------
1. Revenues from principal
operations 29,125,622,148 19,432,833,149 21,420,124,536 17,853,063,409
Less: Cost of principal
operations (23,287,828,606) (16,103,720,747) (15,854,404,984) (13,337,005,244)
Tax and levies on
principal
operations (84,694,084) (4,745,129) (43,514,761) (4,776,526)
---------------------- --------------------- -------------------- ---------------------
2. Profit from principal
operations 5,753,099,458 3,324,367,273 5,522,204,791 4,511,281,639
Add: Profit from other
operations 46,793,227 35,932,321 38,633,208 37,116,806
Less: General and
administrative expenses (627,786,410) (446,150,999) (381,739,618) (282,861,267)
Financial expenses, net (932,220,309) (407,871,582) (513,612,059) (364,522,410)
---------------------- --------------------- -------------------- ---------------------
3. Operating profit 4,239,885,966 2,506,277,013 4,665,486,322 3,901,014,768
Add: Investment income 165,354,074 915,170,311 149,002,379 501,609,133
Subsidy income 16,933,538 16,933,538 - -
Non-operating income 17,263,941 13,796,716 5,296,187 2,045,546
Less: Non-operating expenses (52,798,175) (5,763,624) (7,381,943) (5,665,108)
---------------------- --------------------- -------------------- ---------------------
4. Profit before taxation and
minority interests 4,386,639,344 3,446,413,954 4,812,402,945 4,399,004,339
Less: Income tax (751,231,119) (396,017,396) (767,510,754) (539,074,829)
Minority interests (585,011,667) - (184,962,681) -
---------------------- --------------------- -------------------- ---------------------
5. Net profit 3,050,396,558 3,050,396,558 3,859,929,510 3,859,929,510
====================== ===================== ==================== =====================
Legal Person in charge of accounting Person in charge of accounting
representative: function: department:
Li Xiaopeng Huang Jian Zhou Hui