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
May, 2003
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:
A announcement on the unaudited results for the first quarter of 2003
made on April 28, 2003, in English by Huaneng Power International Inc.
[GRAPHIC OMITTED]
To: Business Editor
[For Immediate Release]
HUANENG POWER INTERNATIONAL, INC.
Achieved Net Profit of RMB 1.127 billion for the First Quarter of 2003,
Representing an Increase of 41.87% over the Same Period Last Year
(Beijing, China, April 28, 2003) Huaneng Power International, Inc. (the
"Company") [NYSE: HNP; HKEx: 902; SSE: 600011] today announced its unaudited
results for the three months ended March 31, 2003.
Under the PRC Accounting Standards, for the three months ended March 31, 2003,
the Company realised consolidated operating revenues of RMB 5.170 billion and
consolidated net profit of RMB 1.127 billion, representing an increase of
34.20% and 41.87% respectively over the same period last year.
In the first quarter of 2003, the Company completed its operating objectives
as a result of its focus on efficiency, strengthening internal management as
well as enhancing sales and marketing efforts. The Company's total power
generation for the first quarter was 19.8 billion kWh on a combined basis, an
increase of 42.86% over the same period last year. The Board of Directors of
the Company was satisfied with the operating results obtained in the first
quarter of 2003.
Huaneng Power International, Inc. develops, constructs, operates and manages
large thermal power plants in China nationwide. It currently owns a total
generation capacity of 14,363MW on an equity basis, with another 10,629MW on
an equity basis under the Company's entrusted management. The Company wholly
owns thirteen power plants, and has controlling interests in three power
plants and minority interests in one power plant. To date, it is one of the
largest independent power producers in China.
- End -
Encl: The unaudited summary financial information of the Company for the
three months ended March 31, 2003. [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.]
For further information, please contact:
Ms. Meng Jing / Ms. Zhao Lin Ms. Christy Lai / Ms. Edith Lui / Ms. Elaine Leung
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.
BALANCE SHEETS
AS AT 31ST March, 2003 (UNAUDITED)
Amounts: In Rmb Yuan
==================================================================================================
31st March, 31st December, 31st March, 31st December,
ASSETS 2003 2002 2003 2002
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Consolidated Consolidated The Company The Company
--------------------------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------------------------
Cash on hand and cash in bank 5,320,914,852 4,157,362,535 4,914,367,130 3,853,281,582
--------------------------------------------------------------------------------------------------
Including: cash and cash 4,652,647,076 3,002,601,470 4,254,423,147 2,660,474,096
equivalents
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Short-term investments - - - -
--------------------------------------------------------------------------------------------------
Notes receivable 480,969,516 472,750,000 391,199,516 440,080,000
--------------------------------------------------------------------------------------------------
Dividend receivable - - - -
--------------------------------------------------------------------------------------------------
Interest receivable 4,329,502 3,792,434 4,329,502 3,792,434
--------------------------------------------------------------------------------------------------
Accounts receivable 2,276,681,476 1,889,082,774 1,952,803,922 1,545,294,232
--------------------------------------------------------------------------------------------------
Other receivables 408,854,575 102,595,147 355,911,403 81,195,078
--------------------------------------------------------------------------------------------------
Advance to suppliers 131,426,642 54,040,826 47,729,304 39,068,231
--------------------------------------------------------------------------------------------------
Inventories 809,596,857 940,723,848 676,048,592 765,649,739
--------------------------------------------------------------------------------------------------
Deferred expenses 33,744,258 12,451,202 30,910,100 9,659,052
--------------------------------------------------------------------------------------------------
Current portion of long-term 182,950 25,160 287,182,950 256,325,160
investments
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Other current assets - 70,000,000 - 70,000,000
--------------------------------------------------------------------------------------------------
Total current assets 9,466,700,628 7,702,823,926 8,660,482,419 7,064,345,508
--------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS
--------------------------------------------------------------------------------------------------
Long-term equity investments 768,753,181 776,151,596 2,386,134,375 2,324,449,270
--------------------------------------------------------------------------------------------------
Including: Equity
investment 313,862,886 313,862,886
difference 305,719,856 305,719,856
--------------------------------------------------------------------------------------------------
Long-term debt investments 9,904,820 10,137,770 370,567,776 450,800,726
--------------------------------------------------------------------------------------------------
Total long-term investments 778,658,001 786,289,366 2,756,702,151 2,775,249,996
--------------------------------------------------------------------------------------------------
FIXED ASSETS
--------------------------------------------------------------------------------------------------
Fixed assets, cost 58,947,012,088 58,940,239,645 51,337,678,091 51,331,689,101
--------------------------------------------------------------------------------------------------
Less: Accumulated (19,735,381,228)(18,725,078,726(16,782,713,291) (15,884,329,113)
depreciation
--------------------------------------------------------------------------------------------------
Fixed assets, net book value 39,211,630,860 40,215,160,919 34,554,964,800 35,447,359,988
--------------------------------------------------------------------------------------------------
Construction-in-progress 916,561,235 685,761,557 847,572,219 626,225,572
--------------------------------------------------------------------------------------------------
Total fixed assets 40,128,192,095 40,900,922,476 35,402,537,019 36,073,585,560
--------------------------------------------------------------------------------------------------
INTANGIBLE AND OTHER
ASSETS
--------------------------------------------------------------------------------------------------
Intangible assets (1,247,224,790)(1,306,167,496) (1,313,747,162) (1,373,182,297)
--------------------------------------------------------------------------------------------------
Long-term deferred expenses 15,064,426 14,886,880 15,064,426 14,886,880
--------------------------------------------------------------------------------------------------
Other long-term assets - - - -
--------------------------------------------------------------------------------------------------
Total intangible and other 1,291,280,616) 1,358,295,417)
assets (1,232,160,364)( (1,298,682,736) (
--------------------------------------------------------------------------------------------------
TOTAL ASSETS 49,141,390,360 48,098,755,152 45,521,038,853 44,554,885,647
==================================================================================================
HUANENG POWER INTERNATIONAL, INC.
BALANCE SHEETS (CONTINUED)
AS AT 31ST March, 2003 (UNAUDITED)
Amounts: In Rmb Yuan
================================================================================================
LIABILITIES AND 31st March, 31st December, 31st March, 31st December,
2003 2002 2003 2002
SHAREHOLDERS' EQUITY --------------------------------------------------------------
Consolidated Consolidated The Company The Company
------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
------------------------------------------------------------------------------------------------
Short-term loans 550,000,000 550,000,000 550,000,000 550,000,000
------------------------------------------------------------------------------------------------
Notes payable - - - -
------------------------------------------------------------------------------------------------
Accounts payable 508,005,083 471,608,936 439,758,831 409,500,258
------------------------------------------------------------------------------------------------
Salary payable 423,902 9,276,290 225,577 9,077,965
------------------------------------------------------------------------------------------------
Staff welfare payable 219,247,428 224,289,622 216,224,678 222,648,524
------------------------------------------------------------------------------------------------
Dividends payable 2,040,093,146 2,040,093,146 2,040,093,146 2,040,093,146
------------------------------------------------------------------------------------------------
Interest payable 120,027,652 115,860,824 115,871,442 113,370,824
------------------------------------------------------------------------------------------------
Taxes payable 720,474,926 620,188,900 511,721,977 395,661,112
------------------------------------------------------------------------------------------------
Other levies payable 7,426,506 7,805,368 2,639,539 2,713,031
------------------------------------------------------------------------------------------------
Other payables 2,455,094,290 2,280,414,185 2,341,191,716 2,199,243,434
------------------------------------------------------------------------------------------------
Accrued expenses 33,947,089 26,273,238 28,555,594 26,273,238
------------------------------------------------------------------------------------------------
Current portion of 2,427,722,699 2,413,636,557 2,176,709,212 2,172,623,070
long-term loans
------------------------------------------------------------------------------------------------
Total current liabilities 9,082,462,721 8,759,447,066 8,422,991,712 8,141,204,602
------------------------------------------------------------------------------------------------
LONG-TERM LIABILITIES
------------------------------------------------------------------------------------------------
Long-term loans 8,732,211,708 9,184,800,869 6,635,117,126 7,077,706,287
------------------------------------------------------------------------------------------------
Convertible notes 166,497,890 166,497,890 166,497,890 166,497,890
------------------------------------------------------------------------------------------------
Total long-term liabilities 8,898,709,598 9,351,298,759 6,801,615,016 7,244,204,177
------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 17,981,172,319 18,110,745,825 15,224,606,728 15,385,408,779
------------------------------------------------------------------------------------------------
MINORITY INTERESTS 863,785,916 818,532,459 - -
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SHAREHOLDERS' EQUITY
------------------------------------------------------------------------------------------------
Share capital 6,000,273,960 6,000,273,960 6,000,273,960 6,000,273,960
------------------------------------------------------------------------------------------------
Capital surplus 10,260,830,755 10,260,830,755 10,260,830,755 10,260,830,755
------------------------------------------------------------------------------------------------
Surplus reserves 3,419,668,242 3,419,668,242 3,419,668,242 3,419,668,242
------------------------------------------------------------------------------------------------
Including: Statutory 1,053,519,606 1,053,519,606 1,053,519,606 1,053,519,606
public welfare fund
------------------------------------------------------------------------------------------------
Undistributed profits 10,615,659,168 9,488,703,911 10,615,659,168 9,488,703,911
------------------------------------------------------------------------------------------------
Total shareholders' equity 30,296,432,125 29,169,476,868 30,296,432,125 29,169,476,868
------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND 49,141,390,360 48,098,755,152 45,521,038,853 44,554,885,647
SHAREHOLDERS' EQUITY
================================================================================================
HUANENG POWER INTERNATIONAL, INC.
PROFIT AND LOSS ACCOUNTS
FOR THE FIRST QUARTER ENDED 31ST March, 2003 (UNAUDITED)
Amounts: In Rmb Yuan
============================================================================================================
For the first For the first For the first For the first
Item quarter ended For quarter ended For quarter ended For quarter ended For
31st March, 2003 31st March, 2002 31st March, 2003 31st March, 2002
------------------------------------------------------------------------------------------------------------
Consolidated Consolidated The Company The Company
------------------------------------------------------------------------------------------------------------
1. Revenues from principal
operations 5,170,147,366 3,852,625,867 4,442,295,944 3,453,961,138
------------------------------------------------------------------------------------------------------------
Less: Cost of principal
operations (3,480,207,293) (2,678,551,730) (3,024,424,717) (2,355,351,316)
------------------------------------------------------------------------------------------------------------
Tax and levies on
principal
operations (14,584,834) (5,116,491) (5,213,438) (631,251)
------------------------------------------------------------------------------------------------------------
2. Profit from principal
operations 1,675,355,239 1,168,957,646 1,412,657,789 1,097,978,571
------------------------------------------------------------------------------------------------------------
Add: Profit from other
operations 8,387,757 432,583 8,307,813 411,973
------------------------------------------------------------------------------------------------------------
Less: General and
administrative
expenses (92,263,701) (43,946,351) (71,114,522) (29,914,323)
------------------------------------------------------------------------------------------------------------
Financial expenses, net (138,949,354) (165,068,953) (106,363,347) (152,098,068)
------------------------------------------------------------------------------------------------------------
3. Operating profit 1,452,529,941 960,374,925 1,243,487,733 916,378,153
------------------------------------------------------------------------------------------------------------
Add: (Loss)/income
from
investment (7,153,554) (3,518,259) 90,941,492 20,105,470
------------------------------------------------------------------------------------------------------------
Non-operating income 1,221,767 591,609 601,084 591,469
------------------------------------------------------------------------------------------------------------
Less: Non-operating
expenses (1,547,991) (1,371,486) (1,399,576) (1,280,708)
------------------------------------------------------------------------------------------------------------
4. Profit before
taxation and minority
interests 1,445,050,163 956,076,789 1,333,630,733 935,794,384
------------------------------------------------------------------------------------------------------------
Less: Income tax (272,841,449) (152,565,070) (206,675,476) (141,431,170)
------------------------------------------------------------------------------------------------------------
Minority interests (45,253,457) (9,148,505) - -
------------------------------------------------------------------------------------------------------------
5. Net profit 1,126,955,257 794,363,214 1,126,955,257 794,363,214
============================================================================================================
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: May 20, 2003