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 August, 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 announced unaudited operating results for the six months
period ended June 30, 2005 of Huaneng Power International, Inc. (the
"Registrant"), made by the Registrant in English on August 9, 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: August 9, 2005
[GRAPHIC OMITTED]
To: Business Editor
[For Immediate Release]
HUANENG POWER INTERNATIONAL, INC.
Announces 2005 Interim Results
(Beijing, China, August 9, 2005) Huaneng Power International, Inc. (the
Company) [NYSE: HNP; HKEx: 902; SSE: 600011] today announced its unaudited
operating results for the six months period ended June 30, 2005.
Net operating revenues of the Company and its subsidiaries for the first half
of 2005 were RMB18.800 billion (equivalent to approximately US$2.272 billion),
representing an increase of 45.02% compared to the same period last year. The
net profit attributable to the equity holders of the Company was RMB1.679
billion (equivalent to approximately US$0.203 billion), representing a decrease
of 32.32% compared to the same period last year. Earnings per share was
RMB0.14, or RMB5.60 (equivalent to US$0.68) for each American Depositary Share.
The board of directors does not recommend any interim dividends for year 2005.
The increase in the Companys net operating revenues was mainly attributable to
the increase in power generation. In the first half of 2005, the Companys
total power generation based on a consolidated basis amounted to 71.843 billion
kWh, an increase of 47.1% over the same period last year, with such increase
mainly attributable to the newly acquired power plants and newly operated
generating units. The increase of settlement tariff rates of existing power
plants also contributed to the revenues increase.
The decrease of the net profit attributable to the equity holders of the
Company was mainly due to the substantial increase in fuel costs. The unit fuel
cost of the Company for the first half of the year increased by 22% when
compared to the same period last year. The increase in fuel costs was mainly
attributable to the substantial increase in natural coal prices, increase in
transportation costs and declining thermal coal quality.
In the first half of 2005, the Company continued to expand its operation scale.
During the first half of the year, 2 x 330MW coal-fired generating units of
Jiangsu Huaiyin Power Plant Phase II and two hydroelectric power stations of
Jialingjiang Qingju and Fujiang Ziyili under Sichuan Hydro Power commenced
commercial operation, bringing an additional generation capacity of 539MW on an
equity basis. In addition, the Company entered into a transfer agreement with
Jiangsu Yueda Investment Company Limited, pursuant to which the Company agreed
to acquire the latters 26.36% equity interest in Huaiyin Power Plant Phase I
(2 x 220MW coal-fired generating units). The equity interest of Huaiyin Power
Plant Phase I owned by the Company was then increased to 90% and the generation
capacity on an equity basis of the Company was then increased by 116MW. As at
June 30, 2005, the Companys power generation capacity on an equity basis
amounted to 21,653MW.
In the second half of year 2005, the national economy will continue to maintain
steady and rapid development which will bring about stable and rapid growth in
electricity demand, thus providing favourable market conditions for the Company
to undertake steady increase in power generation. The coal-electricity price
linkage mechanism adopted by the State brought about an increase in the
settlement tariff levels, which could minimize the negative impact on the
generation and operation of the Company brought about by the rise in coal
prices. The Company is confident about coping with the changes in the coal
market and is determined that under the premises of ensuring an effective and
timely supply of fuel, it will endeavour to reduce fuel costs and to complete
various tasks set for the year.
Huaneng Power International, Inc. develops, constructs, operates and manages
large 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.
UANENG POWER INTERNATIONAL, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET (UNAUDITED)
AS AT 30TH JUNE, 2005
(Amounts expressed in thousands)
As of As of
30th June,2005 31st December, 2004
--------------------------- -------------------------
Rmb US$ Rmb
ASSETS
Non-current assets
Property, plant and equipment, net 72,457,443 8,754,600 57,780,410
Investment in associates 4,297,427 519,232 4,328,307
Available-for-sale investment 254,990 30,809 254,990
Land use rights 1,698,673 205,241 1,546,026
Other non-current assets 357,750 43,225 225,890
Deferred income tax assets 133,298 16,106 97,539
Goodwill 671,293 81,108 376,726
Less: Negative goodwill - - (1,483,670)
------------- ------------ -------------------------
Total non-current assets 79,870,874 9,650,321 63,126,218
------------- ------------ -------------------------
Current assets
Inventories, net 2,538,944 306,765 1,431,404
Other receivables and assets, net 1,161,587 140,348 723,316
Accounts receivable,net 5,897,415 712,549 4,973,103
Due from Huaneng Group 8,461 1,022 -
Due from other related parties 16,357 1,976 14,970
Restricted cash 200,281 24,199 202,688
Temporary cash investments 7,641 923 12,641
Cash and cash equivalents 2,724,723 329,212 2,295,531
------------- ------------ -------------------------
Total current assets 12,555,409 1,516,994 9,653,653
------------- ------------ -------------------------
Total assets 92,426,283 11,167,315 72,779,871
============= ============ =========================
EQUITY AND LIABILITIES
Capital and reserves attributable to the Company's equity holders
8,500,000,000 (2004: 8,500,000,000) Domestic Shares,
par value Rmb1.00 each, in form of legal person
shares 8,500,000 1,027,004 8,500,000
500,000,000 (2004: 500,000,000) A Shares, par
value Rmb1.00 each 500,000 60,412 500,000
3,055,383,440 (2004: 3,055,383,440) Overseas
Listed Foreign Shares, par value Rmb1.00
each 3,055,383 369,164 3,055,383
Additional paid-in capital 8,972,184 1,084,055 8,972,184
Dedicated capital 4,065,970 491,267 4,065,970
Retained earnings
Proposed dividend - - 3,013,846
Others 11,098,508 1,340,966 8,158,136
------------- ------------ -------------------------
36,192,045 4,372,868 36,265,519
Minority interests 5,434,898 656,666 3,266,393
------------- ------------ -------------------------
Total equity 41,626,943 5,029,534 39,531,912
------------- ------------ -------------------------
Non-current liabilities
Long-term loans from a shareholder 800,000 96,659 800,000
Long-term bank loans 24,986,539 3,018,974 14,761,271
Other long-term loans 767,143 92,689 394,018
Deferred income tax liabilities 1,124,071 135,815 546,717
Other non-current liabilities 14,500 1,752 13,000
------------- ------------ -------------------------
Total non-current liabilities 27,692,253 3,345,889 16,515,006
------------- ------------ -------------------------
Current liabilities
Accounts payable and other liabilities 6,028,188 728,351 4,551,158
Dividends payable to shareholders of the Company - - 8,250
Taxes payable 748,430 90,428 999,792
Due to Huaneng Group 63,939 7,725 -
Due to HIPDC 51,044 6,167 1,258,799
Due to an associate 3,655 442 3,799
Due to other related parties 78,535 9,489 9,627
Staff welfare and bonus payables 210,613 25,447 259,291
Short-term bonds 4,856,433 586,774 -
Short-term loans 8,675,300 1,048,185 8,099,000
Current portion of long-term bank loans 1,964,677 237,380 1,225,476
Current portion of other long-term loans 426,273 51,504 317,761
------------- ------------ -------------------------
Total current liabilities 23,107,087 2,791,892 16,732,953
------------- ------------ -------------------------
Total equity and liabilities 92,426,283 11,167,315 72,779,871
============= ============ =========================
For the convenience of the reader, translation of amounts from Renminbi (Rmb)
into United States dollars (US$) has been made at the rate of US$1.00=
Rmb8.2765 announced by the People's Bank of China on 30th June, 2005. No
representation is made that Renminbi amounts could have been, or could be,
converted into United States dollars at that rate as of 30th June 2005, or at
any other certain rate.
HUANENG POWER INTERNATIONAL, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 30TH JUNE, 2005
(Amounts expressed in thousands, except per
share data)
For the six months ended
30th June,
---------------------------------------------
2005 2004
--------------------------- ----------------
Rmb US$ Rmb
Operating revenue, net 18,800,474 2,271,549 12,963,871
------------- ------------ ----------------
Operating expenses:
Fuel (10,353,644) (1,250,969) (6,026,598)
Maintenance (606,883) (73,326) (410,573)
Depreciation (3,174,402) (383,544) (2,124,463)
Labor (1,129,565) (136,479) (799,292)
Service fees to HIPDC (70,493) (8,517) (105,038)
Others (797,341) (96,338) (305,036)
------------- ------------ ----------------
Total operating expenses (16,132,328) (1,949,173) (9,771,000)
------------- ------------ ----------------
Profit from operation 2,668,146 322,376 3,192,871
------------- ------------ ----------------
Interest income 25,196 3,044 27,893
Interest expense (723,260) (87,387) (244,085)
Bank charges and exchange losses, net 93,144 11,254 (10,500)
------------- ------------ ----------------
Total financial expenses (604,920) (73,089) (226,692)
------------- ------------ ----------------
Share of profit of associates 238,741 28,846 81,080
Gain from disposal of investments - - 4
Other income, net 38,311 4,629 28,577
------------- ------------ ----------------
Profit before tax 2,340,278 282,762 3,075,840
Income tax expenses (348,774) (42,140) (502,686)
------------- ------------ ----------------
Profit for the period 1,991,504 240,622 2,573,154
------------- ------------ ----------------
Attributable to:
Equity holders of the Company 1,679,253 202,895 2,481,127
Minority interests 312,251 37,727 92,027
------------- ------------ ----------------
1,991,504 240,622 2,573,154
============= ============ ================
Earnings per share for profit attributable to
the equity holders of the Company during the period
- basic 0.14 0.02 0.21
============= ============ ================
- diluted N/A N/A 0.21
============= ============ ================
For the convenience of the reader, translation of amounts from Renminbi (Rmb)
into United States dollars (US$) has been made at the rate of
US$1.00=Rmb8.2765 announced by the People's Bank of China on 30th June, 2005.
No representation is made that Renminbi amounts could have been, or could be,
converted into United States dollars at that rate as of 30th June, 2005, or at
any other certain rate.
Forward-looking Statement
In this press release, our use of the words "expect", "anticipate", "estimate",
"project", "forecast", "plan", and similar expressions is intended to identify
forward-looking statements. While these statements represent our current
judgment on what the future may hold, and we believe these judgments are
reasonable, actual results may differ materially due to numerous important
factors that are described in the Companys most recent report on SEC Form 20-F
which may be revised or supplemented in subsequent reports on SEC Form 20-F.
Such factors include, among others, the following: changes in economic
conditions; currency-exchange rates or political stability; shortages of fuel
supplies, changes in the competitive environment; changes in laws, regulations
and tax rates; and, the ability of the corporation to achieve reductions in
cost levels to realize production efficiencies and implement capital
expenditures at levels and times planned by management.
~ End ~
For any details regarding the interim results, please refer to the
announcements published on Wen Wei Po and South China Morning Post dated August
10, 2005. The soft copy of the announcement will also be made available at the
following websites: Hong Kong Stock Exchange: http://www.hkex.com.hk The
Company: http://www.hpi.com.cn
Encl: The unaudited condensed consolidated balance sheet and condensed
consolidated income statement of the Company and its subsidiary for the
six months period ended June 30, 2005, prepared under International
Financial Reporting Standards.
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