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Huaneng Power International, Inc. Net Profit Attributable To Shareholders Decreased by 74.30% for the First Three Quarters of 2017

BEIJING, Oct. 25, 2017 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the nine months ended September 30, 2017.

For the first three quarters of 2017, the Company and its subsidiaries recorded consolidated operating revenue of RMB 111.074 billion (equivalent to approximately USD 16.736 billion, based on the exchange rate of USD 1 to RMB 6.6369 as of September 29, 2017), representing an increase of 10.79% compared to the same period last year. The net profit attributable to equity holders of the Company was RMB 2.860 billion (equivalent to approximately USD 0.431 billion), representing a decrease of 74.30% compared to the same period of last year. The earnings per share was RMB 0.19 (equivalent to approximately USD 0.029) and earnings per ADS amounted to RMB 7.60 (equivalent to approximately USD 1.15). The main reason for the decrease of the net profit is the rise of fuel prices.

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2017. 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 the 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.

About Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 102,502 MW and an equity-based generation capacity of 91,138 MW. Its power plants are located in 25 provinces, municipalities and autonomous regions in China. It also has a wholly-owned power company in Singapore.

For Enquires, Please Contact
Huaneng Power International, Inc.
Ms. MENG Jing / Ms. ZHAO Lin
Tel: (86 10) 6608 6765 / 6322 6596
Fax: (86 10) 6322 6888
E-mail: zqb@hpi.com.cn

Wonderful Sky Financial Group Limited
Wonderful Sky Financial Group Limited
Ms. Iris OUYANG / Ms. Crystal RUAN
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: po@wsfg.hk / Crystalruans@wsfg.hk

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(PRC GAAP)

AS AT 30 SEPTEMBER, 2017


(Amounts expressed in thousands)


As at
30 September, 2017


As at
31 December, 2016
(Restated)


RMB


US$


RMB

ASSETS












CURRENT ASSETS






Cash

16,364,790


2,465,728


10,214,185

Derivative financial assets

160,378


24,165


278,602

Notes receivable

3,062,304


461,406


2,639,366

Accounts receivable

17,355,173


2,614,952


17,157,638

Advances to suppliers

1,264,924


190,590


984,760

Interest receivables

22,508


3,391


22,130

Dividends receivable

195,000


29,381


724,453

Other receivables

2,764,450


416,527


5,252,967

Inventories

7,613,534


1,147,152


8,046,009

Current portion of non-current assets

154,813


23,326


136,304

Other current assets

2,876,476


433,407


3,203,043

Assets held for sale

2,121,610


319,668


-

Total current assets

53,955,960


8,129,693


48,659,457







NON-CURRENT ASSETS






Available-for-sale financial assets

2,514,809


378,913


3,560,928

Derivative financial assets

40,673


6,128


99,721

Long-term receivables

1,346,026


202,809


1,288,416

Long-term equity investment

19,975,321


3,009,737


19,715,293

Fixed assets

243,515,501


36,691,151


244,683,030

Fixed assets pending for disposal

82,237


12,391


84,253

Construction-in-progress

26,426,598


3,981,768


26,296,407

Construction materials

2,855,531


430,251


3,491,109

Intangible assets

13,579,954


2,046,129


14,146,114

Goodwill

12,175,666


1,834,541


11,975,592

Long-term deferred expenses

297,818


44,873


247,160

Deferred income tax assets

2,642,672


398,179


2,447,648

Other non-current assets

3,472,105


523,152


3,064,270

Total non-current assets

328,924,911


49,560,022


331,099,941

TOTAL ASSETS

382,880,871


57,689,715


379,759,398







LIABILITIES AND SHAREHOLDERS' EQUITY












CURRENT LIABILITIES






Short-term loans

78,506,038


11,828,721


68,271,074

Derivative financial liabilities

67,786


10,214


133,569

Notes payable

2,450,902


369,284


3,079,004

Accounts payable

12,241,376


1,844,442


12,075,281

Advances from customers

250,060


37,677


1,274,556

Salary and welfare payables

582,234


87,727


489,206

Taxes payable

1,198,922


180,645


1,424,669

Interest payables

715,269


107,772


761,842

Dividends payable

2,060,340


310,437


1,575,180

Other payables

20,163,438


3,038,081


20,609,473

Current portion of non-current liabilities

24,583,196


3,704,018


18,769,231

Provision

25,696


3,872


21,758

Short-term bonds payable

16,280,569


2,453,038


27,311,103

Other current liabilities

439,469


66,216


369,479

Liabilities held for sale

1,615,442


243,402


-

Total current liabilities

161,180,737


24,285,546


156,165,425







NON-CURRENT LIABILITIES






Long-term loans

107,385,031


16,179,998


96,911,236

Derivative financial liabilities

165,826


24,985


201,169

Bonds payable

13,690,986


2,062,859


12,182,971

Long-term payables

1,470,519


221,567


1,706,349

Long-term Salary and welfare payables

89,483


13,483


90,779

Specific accounts payable

38,624


5,820


48,136

Provision

52,444


7,902


52,444

Deferred income

3,827,082


576,637


3,780,307

Deferred income tax liabilities

1,358,726


204,722


1,429,859

Total non-current liabilities

128,078,721


19,297,973


116,403,250

TOTAL LIABILITIES

289,259,458


43,583,519


272,568,675







SHAREHOLDERS' EQUITY






Share capital

15,200,383


2,290,284


15,200,383

Other equity instruments

4,999,950


753,356


-

Capital surplus

14,058,131


2,118,177


29,530,847

Other comprehensive income (loss)

459,620


69,252


700,733

Including: Currency translation differences

(514,579)


(77,533)


(712,519)

Special reserves

60,867


9,171


51,427

Surplus reserves

8,186,275


1,233,449


8,186,275

Undistributed profits

33,110,200


4,988,805


34,691,364

Shareholder's equity attributable to
shareholders of the Company

76,075,426


11,462,494


88,361,029

Non-controlling interests

17,545,987


2,643,702


18,829,694

Total shareholders' equity

93,621,413


14,106,196


107,190,723

TOTAL LIABILITIES AND SHAREHOLDER'S
EQUITY

382,880,871


57,689,715


379,759,398







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=Rmb6.6369 announced by the People's Bank of China on September 29, 2017. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at September 29, 2017, or at any other certain rate.

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED INCOME STATEMENTS

(PRC GAAP)

FOR THE FIRST QUARTER ENDED 30 SEPTEMBER, 2017







(Amounts expressed in thousands, except per share data)








For the first quarter ended 30 September


2017


2016
(Restated)


RMB


US$


RMB







1. Operating revenue

111,074,351


16,735,878


100,260,296

Less: Operating cost

97,685,152


14,718,491


73,008,107

Tax and levies

1,038,208


156,430


822,433

Selling expenses

10,283


1,549


9,616

General and administrative expenses

2,761,247


416,045


3,234,177

Financial expenses

6,929,574


1,044,098


6,512,833

Assets impairment loss

39,718


5,984


360,601

Add: Loss on fair value changes of financial assets/liabilities

(3,339)


(503)


(17,747)

Investment income

1,661,382


250,325


2,346,166

Including: Investment income from
associates and joint ventures

477,493


71,945


900,223

Other income

249,838


37,644


-

2. Operating profit

4,518,050


680,747


18,640,948

Add: Non-operating income

135,044


20,347


616,064

Including: gain on disposals of
non-current assets

20,565


3,099


23,779

Less: Non-operating expenses

53,436


8,051


295,825

Including: Loss on disposals of
non-current assets

4,284


645


218,043

3. Profit before taxation

4,599,658


693,043


18,961,187

Less: Income tax expense

1,254,992


189,093


4,693,405

4. Net profit

3,344,666


503,950


14,267,782

Including: Net profit generated by acquiree before business
combination under common control

-


-


2,758,935

Attributable to:






Shareholders of the Company

2,860,339


430,975


11,130,915

Non-controlling interests

484,327


72,975


3,136,867

5. Earnings per share (based on the net profit
attributable to shareholders of the
Company)
(expressed in RMB per share)






- Basic earnings per share

0.19


-


0.73

- Diluted earnings per share

0.19


-


0.73

6. Other comprehensive income

(254,193)


(38,300)


1,158,883

7. Total comprehensive income

3,090,473


465,650


15,426,665

Attributable to:






Shareholders of the Company

2,619,226


394,646


12,287,665

Non-controlling interests

471,247


71,004


3,139,000







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=Rmb6.6369 announced by the People's Bank of China on September 29, 2017. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at September 29, 2017, or at any other certain rate.

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SOURCE Huaneng Power International, Inc.