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 announcement for performance in the first three quarters of 2005 of Huaneng
Power International, Inc. (the "Registrant"), 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
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Name: Huang Long
Title: Director
Date: October 18, 2005
[GRAPHIC OMITTED]
(a Sino-foreign joint stock limited company incorporated in the People's
Republic of China) (Stock code : 902)
Overseas Regulatory Announcement
Performance in the First Three Quarters of 2005
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Pursuant to the regulations of the China Securities Regulatory Commission,
Huaneng Power International, Inc. (the "Company") is required to publish a
quarterly report for each of the first and third quarters.
All financial information set out in this 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.
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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 For other business reasons, Mr. Huang Yongda (Executive Director), Mr. Wu
Yusheng and Mr. Xia Donglin (both Independent Non-executive Directors)
did not attend the meeting of the Board of Directors and appointed Mr. Li
Xiaopeng (Chairman) to exercise their voting rights.
1.3 Each of Mr. Li Xiaopeng (Chairman), Mr. Huang Jian (Chief Accountant) and
Ms. Zhou Hui (person in charge of Financial Department) declared to
guarantee the accuracy and completeness of the content of the third
quarterly report of 2005.
1.4 All financial information set out in this third quarterly report is
unaudited and prepared in accordance with the PRC Accounting Standards.
1.5 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
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Stock Abbreviation at [GRAPHIC OMITTED]
Shanghai Stock Exchange
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Stock Code Shanghai Stock Exchange: The Stock Exchange of New York Stock Exchange: HNP
600011 HongKong Limited: 902
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Company Secretary Securities Representative
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Name Huang Long Gu Biquan
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Correspondence Address West Wing, Building C, Tianyin West Wing, Building C, Tianyin
Mansion, 2C Fuxingmennan Street, Mansion, 2C Fuxingmennan Street,
Xicheng District, Beijing Xicheng District, Beijing
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Telephone Number 8610-66491999 8610-66491021
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Fax Number 8610-66491888 8610-66491860
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E-mail huangl @hpi.com.cn gbq @hpi.com.cn
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2.2 Financial Information (PRC GAAP)
2.2.1 Major Unaudited Financial Information and Financial Indicators (Amounts: In Rmb Yuan)
End of current End of last year Variance from
end of last
reporting period year
(%)
Total Assets 90,916,575,350 71,324,978,078 27.47
Shareholders' equity (excluding: minority interests) 37,220,057,181 37,183,402,535 0.10
Net assets per share 3.09 3.08 0.32
Adjusted net assets per share 3.05 3.02 0.99
From the
beginning of Variance from
Current the year to the equivalent
reporting end of current period of last
period reporting period year
(%)
Net cash inflow from operating activities 4,472,073,632 7,347,737,272 77.55
Earnings per share 0.12 0.25 9.09
Return on net assets (%) 3.84 8.20 Increased by
0.11 percent
Return on net assets after deducting non-recurring items (%) 3.83 8.26 Increased by
0.10 percent
Non-recurring items Amounts
Gains/(Losses) from disposal of assets other than the products of the Company 849,890
Non-operating income/(expense), net, after deducting impairment provisions for assets (28,963,685)
Reversal for asset impairment 16,468,053
Other non-recurring items recognized by CSRC (7,420,441)
Tax impact on non-recurring items (3,618,503)
Total (22,684,686)
2.2.2 Profit and Loss Accounts
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 quarter quarter quarter
ended 30th ended 30th ended 30th ended 30th
September, September, September, 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
2.2.2 Profit and Loss Accounts (Cont'd)
UNAUDITED PROFIT AND LOSS ACCOUNTS (PRC GAAP) FOR THE NINE MONTHS ENDED 30TH SEPTEMBER, 2005
Item For the nine For the nine For the nine For the nine
months ended months ended months ended months ended
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 (84,694,084) (4,745,129) (43,514,761) (4,776,526)
operations
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 (627,786,410) (446,150,999) (381,739,618) (282,861,267)
expenses
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 4,386,639,344 3,446,413,954 4,812,402,945 4,399,004,339
interests
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
2.3 Total number of shareholders and shareholding of the ten largest
holders of shares in circulation as at the end of the reporting period
(Non G-share companies)
Total number of shareholders as at the end of the reporting period:
37,801 (including 37,231 holders of A shares and 570 registered overseas
holders)
Ten largest holders of shares in circulation
Number of shares
in circulation
as at the end of
the reporting Type of
Name period shares
Horizon Asset Management, Inc. 38,312,560 H shares
The Bank of China - Jiashi Services Value Added Industry Securities Investment 23,734,442 A shares
Fund
Nanjing Municipal Investment Company 17,400,000 A shares
Industrial and Commercial Bank of China - Kaiyuan Securities Investment Fund 15,500,000 A shares
Kinetics Asset Management, Inc. 14,881,040 H shares
Xinghe Securities Investment Fund 13,291,992 A shares
Industrial and Commercial Bank of China - Tianyuan Securities Investment Fund 11,958,401 A shares
Yinfeng Securities Investment Fund 10,858,515 A shares
Industrial and Commercial Bank of China - Shanghai Stock Exchange 50 Open 10,100,716 A shares
Trading Index Securities Investment Fund
State Social Welfare Fund No.103 10,073,439 A shares
3. MANAGEMENT'S DISCUSSION AND ANALYSIS
3.1 Brief analysis on the overall situation of the operating activities of
the Company during the reporting period
In the first three quarters of 2005, the Company's management and all the
staff worked hard together in seizing the opportunities of rapid growth
in power consumption brought about by the rapid and steady growth of the
national economy. The challenges from the rise of coal prices and the
decline of coal quality were dealt with in a conscientious manner. Facing
increasing competition in the power market, the management and all staff
of the Company strived to do their utmost, thereby having overcome the
difficulties and completed the tasks. The Company achieved good progress
in terms of safe generation, project construction, operation management
and preparation work of projects.
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.
The Company's total power generation on a consolidated basis in the first
three quarters of 2005 amounted to 110.956 billion kWh, an increase of
37.3% over the same period last year.
The power generation of each of the Company's power plants in the first
three quarters of 2005 was listed below (in billion kWh):
Dalian 6.700 Changxing 1.443
Fuzhou 6.378 Taicang 3.061
Nantong 6.756 Huaiyin 4.289
Shangan 6.177 Yushe 3.851
Shanghai Shidongkou Second 6.238 Qinbei 5.610
Shantou Coal-fired 3.409 Xindian 2.032
Shantou Oil-fired 0.004 Yingkou 3.400
Dandong 3.197 Jinggangshan 2.506
Nanjing 3.208 Yueyang 3.266
Dezhou 10.997 Luohuang 6.122
Jining 2.512 Pingliang 6.026
Weihai 3.734 Sichuan Hydro Power 4.458
Shanghai Shidongkou First 5.582
3.1.1 Principal operations or products contributing more than 10% of revenue
or profit from principal operations (unaudited)
|X| Applicable |_|Not applicable
Unit: RMB
Sector Revenues from Cost of Gross profit
principal principal margin
operations operations
(%)
Power 10,264,947,517 7,906,533,310 22.98
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 ratios of profit from principal operations,
profit from other businesses, expenses for the period, investment income,
subsidy income and net non-operating income/expenses to 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 in 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 matters and analysis on their impact and solutions
||X|Applicable |_| Not applicable
I. Regular Related Transactions During the Reporting Period:
Classification
by reference % of same
to products Basis of Transaction Transaction type of
Related Party or services pricing amount amount transaction Settlement
(RMB/ton) (RMB'000)
Hueneng International Coal purchase market price 420 340,000 cash
Trading
Time Shipping Maritime contract 38.96 390,000 3.91 cash
transportation price
1. General information of related persons
1) Huaneng International Economic Trading Corporation ("Huaneng
International Trading")
Legal Representative: Xu Fangjie; Registered Capital: RMB30
million; Principal Scope of Business: Import and export, foreign
economic co-operation, domestic trade, international tendering;
Address: Huaneng Tower, No.23A, Fuxing Road, Haidian District,
Beijing.
2) Shanghai Time Shipping Co. Ltd. ("Time Shipping")
Legal Representative: Jin Langchuan; Registered Capital: RMB200
million; Principal Scope of Business: maritime transportation along
coastal regions and the middle and lower streams of Yangtze River ;
Address: 16/F., No.139 Yincheng Road East, Pudong District,
Shanghai.
2. Relationship
China Huaneng Group is the controlling shareholder of the Company.
Huaneng International Trading and Time Shipping are controlled by China
Huaneng Group. China Huaneng Group is regarded as a "related party" under
item II of Rule 10.1.3 of the Listing Rules of the Shanghai Stock
Exchange.
3. Ability of performance
The aforesaid related parties have strong ability to perform the relevant
contracts. Throughout the past years, they have not failed to perform the
relevant contracts. According to experience and based on reasonable
judgement, such related parties will continue to perform their respective
obligations under the relevant contracts.
4. The related transactions occurred during the reporting period are the
same kind of transactions as estimated for the year of 2005.
5. Reasons of the transactions and impact on the Company
(1) Purchasing coal from Huaneng International Trading will enable the
Company to take advantage of the scale and expertise of China
Huaneng Group, and will help the Company to reduce purchase costs.
(2) Time Shipping is a company owned by China Huaneng Group
specialising in maritime transportation. Compared with other
similar companies, it has strengths in management and service
qualities and enjoys good reputation. Therefore, transportation of
part of the Company's coal was undertaken by Time Shipping.
(3) Such related transactions will be conducted in strict compliance
with the aforesaid pricing policy and basis of pricing. Such
transactions will not have any adverse impact on the financial
position and operating results of the reporting period as well as
those in future.
II. Other Significant Related Transactions
As at 30th September, 2005, the Company and its subsidiaries deposited an
amount of RMB1,756.4087 million at China Huaneng Finance Limited Company.
As at 30th September, 2005, China Huaneng Finance Limited Company
provided an aggregate of RMB1,804 million long-term and short-term loans
to the Company and its subsidiaries.
3.3 Disclosure as to and reasons for changes in accounting policies,
accounting estimates, consolidation scope 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
3.7 (For G share companies) Special undertaking given by the holders of
non-tradable shares regarding the share sale plan and the performance
thereof
|_| Applicable |X| Not applicable
For details of the unaudited balance sheets (PRC GAAP) as at 30th
September, 2005, and the unaudited cash flow statements (PRC GAAP) for
the nine months ended 30th September, 2005, please visit www.sse.com.cn.
By Order of the Board
Huaneng Power International, Inc.
Li Xiaopeng
Chairman
As at the date of this announcement, the Board comprises:
Li Xiaopeng Qian Zhongwei
(Executive director) (Independent non-executive director)
Huang Yongda Xia Donglin
(Executive director) (Independent non-executive director)
Wang Xiaosong Liu Jipeng
(Non-executive director) (Independent non-executive director)
\Na Xizhi Wu Yusheng
(Executive director) (Independent non-executive director)
Huang Long Yu Ning
(Executive director) (Independent non-executive director)
Wu Dawei
(Non-executive director)
Shan Qunying
(Non-executive director)
Xu Zujian
(Non-executive director)
Liu Shuyuan
(Non-executive director)
18th October, 2005
Beijing, the PRC