HONG KONG, March 23, 2021 /PRNewswire/ -- Huaneng Power
International, INC (hereinafter referred to as "Huaneng
International" or the "Company") (NYSE: HNP; HKEx: 902; SSE:
600011) is pleased to announce the audited operating results of the
Company for the year ended 31 December
2020 prepared in accordance with IFRS(International
Financial Reporting Standards): the Company realized consolidated
operating revenue of RMB169.446
billion (calculated based on the conversion price of USD to
RMB on December 31, 2020,
1 US dollar to RMB6.5249, equivalent to approximately US
$25.969 billion), representing a
decrease of 2.62% compared to the same period last year, and net
profit attributable to equity holders of the Company amounted to
RMB2.378 billion (equivalent to
approximately US $0.364 billion),
representing an increase of 210.28% as compared with the same
period last year. Earnings per share amounted to RMB0.04 (equivalent to approximately US
$0.006). Earnings per American
Depositary Share (ADS) amounted to RMB1.55 (equivalent to approximately US$0.237). The main reason for the increase of
the Company's net profit was the year-on-year decrease in domestic
coal purchase prices and financial expenses. The Board is satisfied
with the Company's results last year.
The Board proposed to declare a 2020 cash dividend of
RMB0.18 (inclusive of tax) for each
ordinary share of the Company held by shareholders.
In 2020, facing up to the impacts and challenges of the
COVID-19 pandemic, the Company
fully coordinated the work of epidemic prevention and control,
production and operation, reform and development. Through the
efforts of overcoming difficulties and fighting courageously, the
pandemic prevention and control made major progress, safety
production and business performance maintained steady,
restructuring continued to optimize, new energy construction
achieved significant results, scientific innovation achieved new
progress and enterprise reform was deeply promoted. We have
successfully completed the major objectives of the year.
In 2020, total power generated by the Company's domestic
operating power plants on consolidated statements basis amounted to
404.016 billion kWh, representing a year-on-year decrease of 0.24%.
The electricity sold amounted to 379.894 billion KWh, representing
a year-on-year decrease of 2.14%. The annual average utilization
hours of the Company's domestic power plants reached 3,744 hours,
representing a year-on-year decrease of 171 hours. The utilization
hours of coal-fired power generating units was 4,059 hours,
representing a year-on -year decrease of 163 hours. In most of the
areas where the Company's coal-fired power plants are located, the
utilization hours of the Company were in a leading position. Total
heat supplied by the Company amounted to 263 million GJ,
representing a year-on-year increase of 11.18%.
In 2020, the Company procured an aggregate of 171 million tons
of coal. By accurately judging coal market trends, optimizing
procurement strategy and regional supply structure, reinforcing
cooperation with major coal enterprises, targeting high-quality
low-cost resources on an advanced basis, the Company lowered the
unit price of standard coal purchase effectively and relatively
well control the fuel procurement cost of the Company. The unit
fuel cost of our domestic power plants throughout the year incurred
for sales of power was RMB209.07/MWh,
representing a year-on-year decrease of 6.34%.
In 2020, the Company maintained a leading position among major
domestic thermal power producers, with the average equivalent
availability ratio of the domestic thermal generating units of the
Company of 94.92%, coal consumption of production power supply of
291.08g/kWh and the house consumption rate of plants of 4.33%. With
respect to air pollution emissions, the power generation companies
affiliated to the Company have carried out ultra-low-emissions
transformation as planned with marked results. All of them have met
or outperformed the national emission standards. With respect to
treatment of wastewater discharge and coal yards and ash yards, the
Company has allocated funds to carry out environmental
technological transformation projects such as wastewater treatment,
coal yard closure, and ash yard transformation in power plants in
key regions. All power plants have accelerated environmental
protection transformation projects to ensure that pollutant
emissions meet the requirements under pollution discharge permits
and other ecological and environmental protection policies.
The Company progressed smoothly in the construction of power
supply projects. During the year, the controlled generation
capacity of the newly commissioned thermal generating units, wind
generating units, photovoltaic units and biomass units was 1,925.04
MW, 2,177.9 MW, 771.93 MW and 65 MW respectively. As of
December 31, 2020, the Company's
controlled and equity-based generation capacity was 113,357 MW and
98,948 MW, respectively.
Tuas Power Ltd. ("Tuas Power"), a wholly-owned subsidiary of the
Company in Singapore, maintained
safe and stable operation of the generation units throughout the
year. The total market share of Tuas Power in the power generation
market for the whole year was 21.4%, representing a year-on-year
increase of 0.7 percentage point. The Singapore project (SinoSing Power and Tuas
Power combined) recorded a pre-tax profit of RMB131 million, representing a turnaround of
RMB700 million compared with the loss
of RMB569 million at the same period
of last year. The Company invests in a power enterprise located in
Pakistan. Sahiwal coal-fired power
plant recorded a pre-tax profit of RMB738
million for 2020, representing a decrease of RMB1 million compared to the same period of last
year.
In 2021, the Company will regard intrinsic safety as the
foundation with a clean and low-carbon direction, focusing on
quality and efficiency, taking scientific and technological
innovation as the guide and intensifying reform as a means to
prevent and control risks, transform and develop, and improve
operational efficiency. The power generation is expected to reach
410 billion kWh, with a goal to build a world-class listed power
generation company so as to further enhance its competitiveness and
create more value for its shareholders.
Appendix: Consolidated financial information of the Company and
its subsidiaries for 2020 prepared in accordance with the
International Financial Reporting Standards.
About Huaneng Power International, Inc.
Huaneng Power
International, Inc. is one of China's largest listed power producers with
controlled generation capacity of 113,357 MW and equity-based
generation capacity of 98,948 MW. The power plants of the Company
are located in 26 provinces, autonomous regions and municipalities
in China. The Company also has a
wholly-owned power company in Singapore, and an invested power company in
Pakistan.
For enquiries, please contact:
Huaneng Power
International, Inc.
Ms. ZHU Tao / Ms. ZHAO Lin / Mr.
CHEN Zhelu
Tel: (8610) 6608 6750 / 6322 6596 / 6322
6554
Fax: (8610) 6322 6888
Email: zqb@hpi.com.cn
Wonderful Sky Financial Group Limited
Ms. Peri
Yang / Ms. Karly Lai
Tel:
(852) 3641 1332 / (852) 3970 2286
Fax: (852) 3102 0210
Email: hpi@wsfg.hk
|
As
at December 31, 2020
|
|
As
at December 31, 2019
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
300,171,142
|
|
46,003,945
|
|
285,622,907
|
Right-of-use
assets
|
18,292,074
|
|
2,803,426
|
|
17,168,072
|
Investments in
associates and joint ventures
|
22,375,377
|
|
3,429,229
|
|
20,783,259
|
Investment
property
|
647,471
|
|
99,231
|
|
671,710
|
Other equity instrument
investments
|
664,946
|
|
101,909
|
|
779,218
|
Land use
rights
|
-
|
|
-
|
|
-
|
Power generation
licenses
|
3,954,983
|
|
606,137
|
|
4,149,468
|
Mining
rights
|
1,611,486
|
|
246,975
|
|
1,577,505
|
Deferred income tax
assets
|
2,699,395
|
|
413,707
|
|
2,160,187
|
Derivative financial
assets
|
74,554
|
|
11,426
|
|
16,376
|
Goodwill
|
14,738,016
|
|
2,258,734
|
|
15,934,955
|
Other non-current
assets
|
18,537,583
|
|
2,841,052
|
|
18,605,005
|
|
|
|
|
|
|
Total non-current
assets
|
383,767,027
|
|
58,815,771
|
|
367,468,662
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
6,602,459
|
|
1,011,887
|
|
8,883,183
|
Other receivables and
assets
|
7,308,077
|
|
1,120,029
|
|
6,217,763
|
Accounts
receivables
|
38,215,715
|
|
5,856,904
|
|
32,268,939
|
Contract
assets
|
29,678
|
|
4,548
|
|
30,466
|
Derivative financial
assets
|
110,179
|
|
16,886
|
|
74,911
|
Bank balances and
cash
|
13,871,523
|
|
2,125,936
|
|
13,306,139
|
Assets held for
sale
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Total current
assets
|
66,137,631
|
|
10,136,191
|
|
60,781,401
|
|
|
|
|
|
|
Total
assets
|
449,904,658
|
|
68,951,962
|
|
428,250,063
|
|
As at
December 31, 2020
|
|
As
at December 31, 2019
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Capital and
reserves attributable to equity holders of the Company
|
|
|
|
|
|
Share
capital
|
15,698,093
|
|
2,405,875
|
|
15,698,093
|
Other equity
instruments
|
48,419,779
|
|
7,420,770
|
|
25,127,821
|
Capital
surplus
|
26,162,550
|
|
4,009,648
|
|
26,215,137
|
Surplus
reserves
|
8,140,030
|
|
1,247,533
|
|
8,140,030
|
Currency translation
differences
|
(738,927)
|
|
(113,248)
|
|
(54,812)
|
Retained
earnings
|
32,164,398
|
|
4,929,485
|
|
33,677,466
|
|
|
|
|
|
|
|
129,845,923
|
|
19,900,063
|
|
108,803,735
|
|
|
|
|
|
|
Non-controlling
interests
|
21,770,275
|
|
3,336,492
|
|
21,575,311
|
|
|
|
|
|
|
Total
equity
|
151,616,198
|
|
23,236,555
|
|
130,379,046
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Long-term
loans
|
112,077,395
|
|
17,176,876
|
|
115,364,598
|
Long-term
bonds
|
20,382,405
|
|
3,123,788
|
|
28,487,115
|
Lease
liabilities
|
3,805,635
|
|
583,248
|
|
4,279,925
|
Deferred income tax
liabilities
|
3,002,527
|
|
460,164
|
|
3,137,791
|
Derivative financial
liabilities
|
188,139
|
|
28,834
|
|
200,408
|
Other non-current
liabilities
|
4,784,268
|
|
733,232
|
|
4,780,770
|
|
|
|
|
|
|
Total non-current
liabilities
|
144,240,369
|
|
22,106,142
|
|
156,250,607
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable and
other liabilities
|
42,755,361
|
|
6,552,646
|
|
37,270,081
|
Contract
liabilities
|
2,903,296
|
|
444,956
|
|
2,706,529
|
Taxes
payable
|
2,044,869
|
|
313,395
|
|
2,101,617
|
Dividends
payable
|
694,854
|
|
106,493
|
|
1,191,036
|
Derivative financial
liabilities
|
106,862
|
|
16,378
|
|
250,300
|
Short-term
bonds
|
5,002,877
|
|
766,736
|
|
9,025,535
|
Short-term
loans
|
66,311,160
|
|
10,162,786
|
|
67,119,368
|
Current portion of
long-term loans
|
19,808,313
|
|
3,035,803
|
|
18,658,114
|
Current portion of
long-term bonds
|
12,678,511
|
|
1,943,097
|
|
2,799,808
|
Current portion of
lease liabilities
|
1,676,711
|
|
256,971
|
|
432,745
|
Current portion of
other non-current liabilities
|
65,277
|
|
10,004
|
|
65,277
|
Liabilities held for
sale
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Total current
liabilities
|
154,048,091
|
|
23,609,265
|
|
141,620,410
|
|
|
|
|
|
|
Total
liabilities
|
298,288,460
|
|
45,715,407
|
|
297,871,017
|
|
|
|
|
|
|
Total equity and
liabilities
|
449,904,658
|
|
68,951,962
|
|
428,250,063
|
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$1.00=RMB6.5249
announced by the People's Bank of China on Dec 31,
2020. No representation is made that Renminbi amounts could
have been, or could be, converted into United States dollars at that rate as at
Dec 31, 2020, or at any other certain
rate.
|
For the twelve
months ended Dec 31
|
|
2020
|
|
2019
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
169,446,338
|
|
25,969,185
|
|
174,009,401
|
Tax and levies on
operations
|
(1,794,004)
|
|
(274,947)
|
|
(1,832,975)
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Fuel
|
(88,966,304)
|
|
(13,634,892)
|
|
(97,686,799)
|
Maintenance
|
(5,001,982)
|
|
(766,599)
|
|
(4,606,171)
|
Depreciation
|
(22,146,316)
|
|
(3,394,123)
|
|
(21,864,903)
|
Labor
|
(14,503,290)
|
|
(2,222,761)
|
|
(13,514,752)
|
Service fees on
transmission and transformer
facilities of HIPDC
|
(95,894)
|
|
(14,697)
|
|
(95,067)
|
Purchase of
electricity
|
(4,720,261)
|
|
(723,423)
|
|
(5,151,578)
|
Others
|
(20,300,072)
|
|
(3,111,169)
|
|
(16,879,425)
|
|
|
|
|
|
|
Total operating
expenses
|
(155,734,119)
|
|
(23,867,664)
|
|
(159,798,695)
|
|
|
|
|
|
|
Profit from
operations
|
11,918,215
|
|
1,826,574
|
|
12,377,731
|
|
|
|
|
|
|
Interest
income
|
292,724
|
|
44,863
|
|
264,554
|
|
|
|
|
|
|
Financial
expenses, net
|
|
|
|
|
|
Interest
expense
|
(9,200,612)
|
|
(1,410,077)
|
|
(10,762,718)
|
Exchange loss and
bank charges, net
|
100,643
|
|
15,424
|
|
(210,422)
|
|
|
|
|
|
|
Total financial
expenses, net
|
(9,099,969)
|
|
(1,394,653)
|
|
(10,973,140)
|
|
|
|
|
|
|
Share of profits and
losses of associates
and joint ventures
|
1,774,322
|
|
271,931
|
|
1,185,622
|
Gain/(Loss) on fair
value changes of
financial assets/liabilities
|
(1,566)
|
|
(240)
|
|
36,667
|
Other investment
income
|
(109,990)
|
|
(16,857)
|
|
228,026
|
|
|
|
|
|
|
Profit before
income tax expense
|
4,773,736
|
|
731,618
|
|
3,119,460
|
|
|
|
|
|
|
Income tax
expense
|
(2,163,173)
|
|
(331,526)
|
|
(2,011,255)
|
|
|
|
|
|
|
Net
profit
|
2,610,563
|
|
400,092
|
|
1,108,205
|
|
For the 12 months
ended Dec 31
|
|
2020
|
|
2019
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
|
|
|
|
PROFIT FOR THE
PERIOD
|
2,610,563
|
|
400,092
|
|
1,108,205
|
|
|
|
|
|
|
Other
comprehensive income/(loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not
be reclassified to profit or loss:
|
|
|
|
|
|
Fair value changes of
other equity instrument
investments
|
(175,984)
|
|
(26,971)
|
|
(61,652)
|
Share of other
comprehensive income/(loss) of joint
ventures and associates
|
(178,501)
|
|
(27,357)
|
|
367,528
|
Income tax
effect
|
43,996
|
|
6,743
|
|
15,413
|
|
|
|
|
|
|
Items that may be
reclassified subsequently to profit
or loss:
|
|
|
|
|
|
Share of other
comprehensive income/(loss) of joint
ventures and associates
|
(4,348)
|
|
(666)
|
|
1,168
|
Cash flow hedges, net
of tax:
|
|
|
|
|
|
Effective portion of
changes in fair value of hedging instruments arising during the
year
|
(166,323)
|
|
(25,491)
|
|
264,691
|
Reclassification
adjustments for gains included in the consolidated statement of profit or loss
|
414,821
|
|
63,575
|
|
(119,793)
|
Exchange differences
on translation of foreign
operations
|
(862,454)
|
|
(132,179)
|
|
128,494
|
Income tax
effect
|
(42,245)
|
|
(6,474)
|
|
(24,962)
|
|
|
|
|
|
|
Other comprehensive
income/(loss), net of tax
|
(971,038)
|
|
(148,820)
|
|
570,887
|
|
|
|
|
|
|
Total
comprehensive income
|
1,639,525
|
|
251,272
|
|
1,679,092
|
|
|
|
|
|
|
Net profit
attributable to:
|
|
|
|
|
|
– Equity holders of
the Company
|
2,377,851
|
|
364,427
|
|
766,345
|
– Non-controlling
interests
|
232,712
|
|
35,665
|
|
341,860
|
|
|
|
|
|
|
Total
comprehensive income attributable to:
|
|
|
|
|
|
– Equity holders of
the Company
|
1,599,471
|
|
245,133
|
|
1,498,013
|
– Non-controlling
interests
|
40,054
|
|
6,139
|
|
181,079
|
|
|
|
|
|
|
Earnings per share
attributable to the ordinary
shareholders of the Company (expressed in RMB
per share)
|
|
|
|
|
|
– Basic and
diluted
|
0.04
|
|
0.01
|
|
0.01
|
|
|
|
|
|
|
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=RMB6.5249
announced by the People's Bank of China on Dec 31,
2020. No representation is made that Renminbi amounts could
have been, or could be, converted into United States dollars at that rate as at
Dec 31, 2020, or at any other certain
rate.
View original
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SOURCE Huaneng Power International, Inc.