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