27th Apr 2007 07:00
Datang Intl Power Generation Co Ld27 April 2007 Datang International Power Generation Co., Ltd. (a sino-foreign joint stock limited company incorporated in the People's Republic of China) (Stock Code: 991) OVERSEAS REGULATORY ANNOUNCEMENT FIRST QUARTERLY REPORT OF 2007 In accordance with the requirement of the Chinese Securities RegulatoryCommission, Datang International Power Generation Co., Ltd. (the "Company") isrequired to publish quarterly reports for the first and third quarters of theyear. The financial statements in this quarterly report are unaudited and wereprepared in accordance with the PRC GAAP. This announcement is made pursuant to Rule 13.09(2) of the Rules Governing theListing of Securities on The Stock Exchange of Hong Kong Limited. 1. IMPORTANT NOTICE 1.1 The board of directors (the "Board"), supervisory committee and directors,supervisors and senior management of the Company confirm that there are no falserepresentations and misleading statements contained in, or material omissionsfrom, this report, and jointly and severally accept responsibility for thetruthfulness, accuracy and completeness of the content of this report. 1.2 All directors of the Company convened the twenty-second meeting of thefifth session of the Board by way of written correspondence. 1.3 The financial statements in this 2007 first quarterly report of the Companyare unaudited. 1.4 Mr. Zhai Ruoyu, Chairman of the Company, Mr. Wang Xianzhou, theperson-in-charge of accounting matters, and Mr. Liu Heping, person-in-charge ofthe accounting institution (chief accountant), warrant the truthfulness andcompleteness of the financial statements in this quarterly report. 1.5 This announcement is made pursuant to Rule 13.09(2) of the Rules Governingthe Listing of Securities on The Stock Exchange of Hong Kong Limited. 2. BASIC INFORMATION OF THE COMPANY 2.1 Major accounting data and financial indicators % increase/ (decrease) at the end of the reporting period At the end At the end compared to of the of last the end of last reporting period reporting year reporting yearTotal assets (RMB'000) 93,255,341 90,111,134 3.49Interests of equity holders (excluding minority interests) (RMB'000) 25,640,275 23,714,625 8.12Net assets per share (RMB yuan) 4.46 4.19 6.44 % increase (decrease) compared to Beginning of the year the corresponding to the end of the period of the reporting period previous yearNet cash flow from operating activities (RMB'000) 3,095,351 N/ANet cash flow per share from operating activities (RMB yuan) 0.54 N/A % increase (decrease) for the reporting period Beginning of compared to the the year to corresponding The reporting the end of the period of the period reporting period previous yearNet profit (excluding profit/loss attributable to minority shareholders) (RMB'000) 868,471 868,471 N/ABasic earnings per share (RMB yuan) 0.15 0.15 N/ADiluted earnings per share (RMB yuan) 0.15 0.15 N/AReturn on net assets (%) 3.55% 3.55% N/AReturn on net assets after deduction of non-recurring profit/loss (%) 3.55% 3.55% N/A Amount from the beginning of the year to the end ofNon-recurring profit/loss items the reporting period (RMB'000)Net non-operating revenue/expense (811 )Impact of income tax 268Total (543 ) 2.2 Total number of shareholders as at the end of the reporting period and thetop ten holders of circulating shares not subject to selling restrictions Unit: shareTotal number of 56,732 shareholders at the end of the reporting period Top ten holders of circulating shares not subject to selling restrictions Number of circulating shares held not subject to selling restriction as atName of shareholder the end of the(Full title) reporting period Type of sharesHKSCC Nominees Limited 1,493,767,413 Overseas-listed foreign sharesHSBC Nominees 7,575,547 Overseas-listed (Hong Kong) Limited foreign sharesCITIC Securities Co., Ltd. 3,958,980 RMB-denominated ordinary sharesHSBC Nominees 3,000,000 Overseas-listed (Hong Kong) Limited foreign shares < A/C B R-148 >HSBC Nominees 3,000,000 Overseas-listed (Hong Kong) Limited foreign shares < A/C B R-149 >HSBC Nominees 3,000,000 Overseas-listed (Hong Kong) Limited foreign shares < A/C B R-150 >Zhao Feng (Chinese Word) 2,710,000 RMB-denominated ordinary sharesBaosteel Group 2,536,000 RMB-denominated Corporation Limited ordinary sharesChina Pacific Property 2,100,000 RMB-denominated Insurance Co., Ltd. ordinary shares - conventional - ordinary insurance productsLi Suqin(Chinese Word) 2,056,600 RMB-denominated ordinary shares 3. SIGNIFICANT MATTERS 3.1 Details and reasons for material changes in the major financial statementitems and financial indicators of the Company (X)Applicable Not applicable Unit: RMB'000Consolidated As at As at 31 March 31 December Change Change 2007 2006 amount (%) NoteOther receivables 489,116 330,031 159,085 48% 1Inventories 1,130,180 804,386 325,794 41% 2Available-for-sale financial assets 2,151,463 1,356,175 795,288 59% 3Notes payable 137,846 233,267 (95,421 ) -41% 4Dividends payable 82,083 - 82,083 100% 5Non-current liabilities due within 1 year 1,785,683 2,942,804 (1,157,121 ) -39% 6Convertible bonds 666,197 1,111,810 (445,613 ) -40% 7Deferred income tax liabilities 667,454 418,186 249,268 60% 8 1. The increase in other receivables was mainly due to the investment amountsadvanced by the parent company to Datang International Hydrpower DevelopmentCompany Limited(Chinese Word)and Inner Mongolia Datang International TuoketuoNo. 2 Power Generation Company Limited (Chinese Word). 2. The increase in inventories was mainly due to the mitigation in fuel coalsupply in the first quarter of 2007 as compared to the end of 2006, which led toan increase in coal inventory for power plants; in addition, the increase infuel coal prices also led to an increase in the balance of inventories. 3. The increase in available-for-sale financial assets was owing to the rise inmarket price of the shares of Daqin Railway Co., Ltd ("Daqin Railway"). 4. The decrease in notes payable was due to the conversion of certain notespayable in the first quarter. 5. The increase in dividends payable was due to the dividends yet to be paid byTianjin Datang International Panshan Power Generation Company Limited and ShanxiDatang International Yungang Thermal Power Company Limited. 6. The decrease in non-current liabilities due within 1 year was a result ofthe power plants' repayment of loans due within the period. 7. The decrease in convertible bonds was due to the conversion of certain USDollar convertible bonds into overseas-listed foreign shares during the firstquarter of 2007. 8. The increase in deferred income tax liabilities was mainly due to theincrease in market price of the shares of Daqin Railway. Unit: RMB'000Parent company As at As at 31 March 31 December Change Change 2007 2006 amount (%) NoteDividends receivable 253,507 995 252,512 25,378% 1Inventories 404,537 277,653 126,884 46% 2Available-for-sale financial assets 2,151,463 1,356,175 795,288 59% 3Construction materials 121,210 244,747 (123,537 ) -50% 4Convertible bonds 666,197 1,111,810 (445,613 ) -40% 5Deferred income tax liabilities 637,181 387,129 250,052 65% 6 1. The increase in dividends receivable was due to the distribution of the 2006profit by the subsidiaries during the first quarter. 2. The increase in inventories was mainly due to the mitigation in fuel coalsupply at the beginning of 2007 as compared to the end of 2006, which led to anincrease in coal inventory for power plants; in addition, the increase in fuelcoal prices also led to an increase in the total balance of inventories. 3. The increase in available-for-sale financial assets was caused by the risein the market price of the shares of Daqin Railway. 4. The decrease in construction materials was mainly due to that part ofWushashan project's construction materials transferred into fixed assets duringthe first quarter. 5. The decrease in convertible bonds was due to the conversion of certain USDollar convertible bonds into overseas-listed foreign shares during the firstquarter of 2007. 6. The increase in deferred income tax liabilities was mainly due to theincrease in market price of the shares of Daqin Railway. 3.2 Analysis and explanation of progress and impact of major events andsolutions Applicable (X) Not applicable 3.3 Implementation of the undertakings made by the Company, shareholders andthe actual controller Applicable (X) Not applicable 3.4 Warning and explanation in the forecast of the possible aggregate netprofits from the beginning of the year to the end of the next reporting periodbecoming a loss or significant changes compared to the corresponding period ofthe previous year Applicable (X) Not applicable 3.5 Explanation in the difference between shareholders' equity as at thebeginning of 2007 as stated in the balance sheet of this quarterly report andthe shareholders' equity as at the beginning of 2007 as stated in the "Table ofReconciliation on Shareholders' Equity Differences Under the New and OldAccounting Standards" (X) Applicable Not applicable The difference between the consolidated shareholders' equity as at the beginningof 2007 as stated in the balance sheet of this quarterly report and theshareholders' equity as at the beginning of 2007 as stated in the "Table ofReconciliation on Shareholders' Equity Differences Under the New and OldAccounting Standards" was RMB61,804,000. The entire amount was the impact on theminority interests stated in the financial statement of Hebei Yuzhou EnergyMultiple Development Company Limited ("Yuzhou Energy"), a jointly controlledentity of the Company. Under the new accounting standards, jointly controlledentities are no more consolidated into the consolidated financial statements bythe proportionate consolidation method, but accounted for by the equity method.As this change is not included in articles 5 to 19 of "Accounting Standards forEnterprises No. 38 - First Adoption of Accounting Standards for Enterprises",it is not reflected as an adjusting item in the "Table of Reconciliation onShareholders' Equity Differences Under the New and Old Accounting Standards".Accordingly, in the "Table of Reconciliation on Shareholders' Equity DifferencesUnder the New and Old Accounting Standards", the minority interests of YuzhouEnergy was stated as part of the consolidated shareholders' equity; but in thebalance sheet as at the beginning of 2007 of this quarterly report, theconsolidated shareholders' equity does not include this portion of minorityinterests. This difference has no impact on the equity attributable to theshareholders' of the parent company. For the unaudited balance sheet as at 31 March 2007, the unaudited 2007 firstquarterly profit and loss account (under the PRC GAAP) and the unaudited 2007first quarterly cash flow statement (under the PRC GAAP), please refer to theShanghai Stock Exchange website (www.sse.com.cn). By Order of the Board Zhai Ruoyu Chairman Datang International Power Generation Co., Ltd. Beijing, the PRC, 26 April 2007 As at the date of this announcement, the directors of the Datang InternationalPower Generation Co., Ltd. are: Zhai Ruoyu, Zhang Yi, Hu Shengmu, Fang Qinghai, Yang Hongming, Liu Haixia, GuanTiangang, Su Tiegang, Ye Yonghui, Tong Yunshang, Xie Songlin*, Xu Daping*, LiuChaoan*, Yu Changchun* and Xia Qing* * independent non-executive Directors This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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