26th Oct 2011 11:23
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong KongLimited take no responsibility for the contents of this announcement, make norepresentation as to its accuracy or completeness and expressly disclaim anyliability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. DATANG INTERNATIONAL POWER GENERATION CO., LTD. (a sino-foreign joint stock limited company incorporated in the People's Republic of China) (Stock Code: 00991) PRICE-SENSITIVE INFORMATION/ OVERSEAS REGULATORY ANNOUNCEMENT THIRD QUARTERLY REPORT OF 2011 In accordance with the requirements of the China 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 information contained in this quarterly report is unaudited, and was prepared in accordance with the China Accounting Standards for Business Enterprises ("PRC GAAP").
This announcement is made pursuant to Rules 13.09(1) and (2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
1. IMPORTANT NOTICE
1.1 The board of directors (the "Board"), the supervisory committee, the
directors, the supervisors and senior management members of the Company
warrant that there are no false representations and misleading statements
contained in, or material omissions from, this report, and severally and
jointly accept the responsibility for the truthfulness, accuracy and
completeness of the content hereof.
1.2 Any directors who failed to attend the Board meeting should be disclosed separately. Name of director Post of director Explanation of Name of proxy not attending not attending director not attending Li Gengsheng Director Business engagement Ye Yonghui Guan Tiangang Director Business engagement Liu Haixia Su Tiegang Director Business engagement Ye Yonghui Zhao Zunlian Independent Business engagement Li Yanmeng director
1.3 The third quarterly financial report of the Company is unaudited.
1.4 Mr. Liu Shunda, the person-in-charge of the Company and Mr. Wang Xianzhou,
the person-in-charge of accounting operations and of the accounting
department (head of the accounting function), hereby make representation in
respect of the truthfulness and completeness of the financial statements
contained in this quarterly report.
2. BASIC INFORMATION OF THE COMPANY
2.1 Major accounting data and financial indicators
Currency: RMB At the end of At the end of the Increase/decrease the reporting previous year at the end of the period reporting period as compared to the end of the previous year (%) Total assets(RMB'000) 235,161,473 210,755,870 11.58 Interests ofequity holders (or Interests of shareholders) 39,032,218 30,737,256 26.99 (RMB'000) Beginning of the year Increase/decrease to the end of as compared to the the reporting period corresponding (Jan - Sep) period of the previous year (%) Net cash flows generated from operating activities (RMB'000) 9,987,837.00 -6.44 Net cash flows per share generated from operating activities (RMB/share) 0.7831 -9.70 The reporting Beginning of the Increase/decrease of period year to the end the reporting (Jul - Sep) of the reporting period as period compared to the (Jan - Sep) corresponding period of the previous year (%) Net profit attributable to shareholders of the Company (RMB'000) 354,710 1,208,842 -53.74 Basic earnings per share (RMB/per share) 0.0266 0.0948 -57.30 Basic earnings per share excluding non-recurring profit/loss (RMB/per share) 0.0205 0.0841 -63.39 Diluted earnings per share (RMB/per share) 0.0266 0.0948 -57.30 Weighted a decrease ofaverage 1.68 percentage return on net 0.92 3.52 pointsassets (%) Weighted average return on net assets excluding a decrease ofnon-recurring 1.63 percentageprofit/loss (%) 0.71 3.13 points
Excluding non-recurring profit/loss items and amounts:
RMB'000Item Amount from the Explanation beginning of the year to the end of the reporting period (Jan-Sep) Gains and losses -8,751 Gain from disposal from disposal of of non-current assets non-current assets Government's grants 123,609 Government's grantsaccounted for in the for the reporting profit and loss period account for the reporting period (except for the grants that are closely related to the Company's ordinary course of business; and that are continuously enjoyed in compliance with the State's policies and regulations in an amount or quantity specified by certain standards) Profit/loss from 25 Profit gained from liabilities restructuring of restructuring liabilities Profit/loss gained 4,480 Profit gained from from loans entrusted loans entrusted to to external entities associates (joint ventures) Other non-operating 18,343 Net amount of otherincome and expenses non-operating excluding the income and expenses above-mentioned items Other profit/loss 58,239 Gain from disposal items conforming of long-term with the definition investment in of non-recurring equity profit or loss Impact of income tax -30,423 Impact of above items on income tax expenses Effects of minority -28,967 Impact of above shareholders' items on minority interests (after shareholders' tax) interests Total 136,555
2.2 Total number of shareholders as at the end of the reporting period and tabl e of shareholding of the top ten holders of shares free from selling restrictions
Unit:
share
Total number of shareholders at the end of the reporting period 226,007
Shareholdingo fthe topten holderso fcirculating sharesfre efromselling
restrictions Name of shareholder Number of Type of shares (Full name) circulating shares held not subject to selling restrictions as at the end of the reporting period China Datang 4,038,977,414 RMB-denominated ordinary share Corporation 4,038,977,414 HKSCC Nominees 3,262,369,081 Overseas-listed foreign shares Limited 3,262,369,081 Hebei Construction 1,281,872,927 RMB-denominated ordinary share & Investment Group 1,281,872,927 Co., Ltd Beijing Energy 1,260,988,672 RMB-denominated ordinary share Investment 1,260,988,672 (Group) Company Limited Tianjin Jinneng 1,197,012,600 RMB-denominated ordinary share Investment 1,197,012,600 Company Zhongrong Hui 160,000,000 RMB-denominated ordinary share Investment 160,000,000 Guarantee Co., Ltd. China Dongfang 139,960,000 RMB-denominated ordinary share Electric 139,960,000 Group Co., Ltd. Aerospace Science & 69,097,023 RMB-denominated ordinary share Technology Finance 69,097,023 Co., Ltd CCCC Investment 59,900,000 RMB-denominated ordinary share Co., Ltd. 59,900,000 Account No.1 of the 33,000,000 RMB-denominated ordinary share National Council 33,000,000 for Social Security Fund
CDC Overseas Investment Co., Ltd., China Datang Corporation's wholly-ownedsubsidiary, holds 480,680,000 H shares of the Company as at the end of thereporting period, representing approximately 3.61% of the Company's total sharecapital, which are included in the shareholding of HKSCC Nominees Limited.Hence China Datang Corporation and its subsidiary hold a total of 4,619,657,414issued shares of the Company, representing approximately 34.71% of theCompany's total issued shares as at the end of the reporting period.
3. SIGNIFICANT MATTERS
3.1 The details of and the reasons for the material changes in the major financial statement items and financial indicators of the Company
/ Applicable 0 Not applicable
(1) Cash balance of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 202% over the beginning of the
reporting period. This was mainly because of the non-public issue of A
shares, the public issue of corporate bonds and an increase in borrowings.
(2) Prepayments of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 308% over the beginning of the
reporting period. This was mainly because of increases in prepayments for
fuel coal made by the Company's coal-fired power plants and Beijing Datang
Fuel Co., Ltd.
(3) Inventories of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 32% over the beginning of the
reporting period. This was mainly because of increases in coal inventories
of the Company's coal-fired power plants and Beijing Datang Fuel Co., Ltd.
(4) Taxes payable of the Company and its subsidiaries as at the end of the
reporting period decreased by approximately 146% over the beginning of the
reporting period. This was mainly because of increases in input value-added
taxes not yet deducted from the Company's subsidiaries.
(5) Debentures payable of the Company as at the end of the reporting period
increased by approximately 50% over the beginning of the reporting period.
This was mainly because the Company has publicly issued corporate bonds of
RMB3 billion during the reporting period.
(6) Long-term payables of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 58% over the beginning of the
reporting period. This was mainly because of the growth in the financial
leasing business of the Company's subsidiaries.
(7) Capital reserve of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 148% over the beginning of the
reporting period. This was mainly because of the capital premium arisen
from the Company's issue of shares.
(8) Undistributed profits of the Company and its subsidiaries as at the end of
the reporting period increased by approximately 45% over the beginning of
the reporting period. This was mainly because of the profit realised for
the nine months ended 30 September 2011.
(9) Business tax and surcharges of the Company and its subsidiaries for the
nine months ended 30 September 2011 increased by approximately 37% over the
corresponding period of the previous year. This was mainly because of an
increase in tax as a result of an increase in operating revenues during the
reporting period.
(10) Financial expenses of the Company and its subsidiaries for the nine months
ended 30 September 2011 increased by approximately 30% over the corresponding period of the previous year. This was mainly because of an increase in interest expenses as a result of an increase in borrowings of the Company and its subsidiaries.
(11) Investment income of the Company and its subsidiaries for the nine months
ended 30 September 2011 increased by approximately 64% over the corresponding period of the previous year. This was mainly because the invested entities recorded growth in results performance, resulting in an
increase in investment income as recognised in accordance with the equity
method.
(12) Other comprehensive income of the Company and its subsidiaries for the nine
months ended 30 September 2011 decreased by approximately 326% over the
corresponding period of the previous year. This was mainly because of
decreases in other comprehensive incomes at the Company's invested entities
during the reporting period.
(13) Net cash flows generated from investing activities of the Company and its
subsidiaries for the nine months ended 30 September 2011 decreased by
approximately 39% over the corresponding period of the previous year. This
was mainly because of an increase in capital expenditure during the
reporting period.
(14) Net cash flows generated from financing activities of the Company and its
subsidiaries for the nine months ended 30 September 2011 increased by
approximately 290% over the corresponding period of the previous year. This
was mainly because of an increase in cash inflow as a result of the
non-public issue of A shares and the public issue of corporate bonds.
3.2 The analysis and explanation of progress and impact of major events and solutions
0 Applicable / Not applicable
3.3 The performance of the undertakings made by the Company, shareholders and the de facto controller
0 Applicable / Not applicable3.4 The 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 over the corresponding period of theprevious year
0 Applicable / Not applicable
3.5 Status of the implementation of the cash dividend policy during the reporting period
On 26 August 2011, the 2011 Second Extraordinary General Meeting of the Companyconsidered and approved the dividend distribution plan for 2010 of the Company.Based on the total share capital of 13,310,037,578 shares as at 30 May 2011,the Company will distribute 2010 cash dividends of RMB0.07 per share (taxinclusive) to all shareholders. The relevant dividend distribution plan will becompleted before 26 October 2011. By Order of the Board Zhou Gang Secretary to the Board
Beijing, the PRC, 25 October 2011
As at the date of this announcement, the directors of the Company are:
Liu Shunda, Hu Shengmu, Cao Jingshan, Fang Qinghai, Zhou Gang, Liu Haixia, GuanTiangang, Su Tiegang, Ye Yonghui, Li Gengsheng, Li Yanmeng*, Zhao Zunlian*, LiHengyuan*, Zhao Jie*, Jiang Guohua*
* Independent non-executive directors
4 APPENDIX
4.1 Datang International Power Generation Co., Ltd. Consolidated and the Company Balance Sheet as at 30 September 2011 (unaudited) (Amounts expressed in thousands of Renminbi unless otherwise stated)
Assets 30 September 31 December 30 September 31 December 2011 2010 2011 2010 Consolidated Consolidated The Company The Company Current assets Cash balance 10,382,610 3,442,976 4,804,317 2,145,796 Notes receivable 319,499 190,185 100 - Accounts receivable 7,666,029 7,968,437 1,078,106 1,047,934 Prepayments 2,989,662 732,711 39,558 64,961 Dividends receivable - - 347,855 51,906 Other receivables 1,866,144 1,430,769 4,092,006 2,891,606 Inventories 5,293,297 4,011,713 370,312 350,202 Other current assets 122,423 92,223 - - Total current assets 28,639,664 17,869,014 10,732,254 6,552,405 Non-current assets Available-for-sale 82,396 91,043 - -financial assets Long-term receivables 114,029 122,085 8,475,397 6,086,841 Long-term equity 10,461,580 9,372,636 35,105,208 29,870,872investments Investment properties 239,775 211,866 - - Fixed assets 122,603,763 120,206,915 7,219,202 7,670,850 Construction-in-progress 58,063,667 49,643,216 2,803,313 2,030,300 Construction materials 8,441,344 7,446,226 - - Disposal of fixed assets 1,320 147 - - Intangible assets 3,931,206 3,918,803 530,137 534,383 Goodwill 696,952 570,515 33,561 33,561 Long-term deferred 294,055 297,487 4,125 12,042expenses Deferred income tax 1,317,711 944,269 167,119 66,096assets Other non-current assets 274,011 61,648 - - Total non-current assets 206,521,809 192,886,856 54,338,062 46,304,945 Total assets 235,161,473 210,755,870 65,070,316 52,857,350Datang International Power Generation Co., Ltd.Consolidated and the Company Balance Sheet as at 30 September 2011 (unaudited)(Amounts expressed in thousands of Renminbi unless otherwise stated)Liabilities 30 September 31 December 30 September 31 Decemberand shareholders' 2011 2010 2011 2010equity Consolidated Consolidated The Company The Company Current liabilities Short-term 17,617,729 19,374,828 - 880,000loans Notes payable 1,569,056 980,127 - - Accounts 15,817,837 15,480,360 849,122 1,272,843payable Advances from 1,174,300 622,516 - 2,500customers Salary 72,058 51,444 5,132 8,574payable Taxes payable -2,110,334 -857,120 -6,976 154,329 Interest 388,938 390,087 184,150 180,439payable Dividends 701,810 2,336 - -payable Other 1,807,184 1,405,532 373,874 227,150payables Non-current 12,511,857 14,810,183 3,533,400 463,400liabilities due within one year Total current 49,550,435 52,260,293 4,938,702 3,189,235liabilities Non-current liabilities Long-term 121,521,464 109,585,377 10,838,000 12,135,200loans Debentures 8,934,013 5,949,018 8,934,013 5,949,018payable Long-term 5,881,636 3,722,782 9,000 18,000payable Specific 400 400 - -payable Accrued 41,603 41,603 - -liabilities Deferred 584,590 414,377 - -income tax liabilities Other 466,195 460,989 299,826 316,317non-current liabilities Total 137,429,901 120,174,546 20,080,839 18,418,535non-current liabilities Total 186,980,336 172,434,839 25,019,541 21,607,770liabilities Shareholders' equity Share capital 13,310,038 12,310,038 13,310,038 12,310,038 Capital 10,059,340 4,056,119 9,927,842 4,321,900surplus Specific 554,958 491,856 478,424 450,948reserve Surplus 11,145,646 11,145,646 11,183,080 11,183,080reserve Undistributed 3,907,138 2,698,296 5,151,391 2,983,614profits Foreign 55,098 35,301 - -currency conversion differences Total equity 39,032,218 30,737,256 40,050,775 31,249,580attributable to equity holders of the Company Minority 9,148,919 7,583,775 - -interests Total 48,181,137 38,321,031 40,050,775 31,249,580shareholders' equity Total 235,161,473 210,755,870 65,070,316 52,857,350liabilities and shareholders' equity Person-in-charge of the Company: Mr. Liu Shunda
Person-in-charge of accounting matters: Mr. Wang Xianzhou Person-in-charge of the accounting institution: Mr. Wang Xianzhou
4.2 Datang International Power Generation Co., Ltd. Consolidated Profit and Loss Account for the nine months ended 30 September
2011 (unaudited)(Amounts expressed in thousands of Renminbi unless otherwise stated)Item Amounts for Amounts for Amounts for Amounts for the the the period the period reporting corresponding from the from the period period of the beginning of beginning of (Jul - Sep) previous year the year to the previous (Jul - Sep) the end of year to the the end of the reporting corresponding period period of the (Jan - Sep) previous year (Jan - Sep) 1. Operating 18,438,030 15,002,503 51,759,594 43,948,509 revenue Less: Operating 15,643,323 11,859,008 43,449,421 35,967,838cost Business tax and 101,857 98,824 340,802 248,732surcharges Selling expenses 186,127 96,150 363,284 303,705 General and 438,455 389,712 1,229,899 1,084,604administrative expenses Financial 1,825,679 1,370,729 5,083,419 3,909,678expenses - net Impairment loss - -5,009 -56 -6,152of assets Add: Investment 378,197 134,741 739,458 451,504income Including: 318,309 111,478 660,994 405,953Investment income from associates and jointly controlled entities 2. Operating 620,786 1,327,830 2,032,283 2,891,608 profit Add: 38,151 59,221 176,536 154,421Non-operating income Less: 990 6,828 20,185 10,004Non-operating expenses 3. Total profit 657,947 1,380,223 2,188,634 3,036,025 Less: Income tax 130,534 217,728 410,336 523,116 4. Net profit 527,413 1,162,495 1,778,298 2,512,909 Net profit 354,710 766,718 1,208,842 1,596,464attributable to equity holders of the Company Minority 172,703 395,777 569,456 916,445interests 5. Earnings per share Basic earnings 0.0266 0.0623 0.0948 0.1316per share Diluted earnings 0.0266 0.0623 0.0948 0.1316per share 6. Other -2,085 5,293 -51,602 -12,103 comprehensive income 7. Total 525,328 1,167,788 1,726,696 2,500,806 comprehensive income Total 352,578 772,011 1,157,126 1,586,552comprehensive income attributable to equity holders of the Company Total 172,750 395,777 569,570 914,254comprehensive income attributable to minority shareholders
Person-in-charge of the Company: Mr. Liu Shunda Person-in-charge of accounting matters: Mr. Wang Xianzhou Person-in-charge of the accounting institution: Mr. Wang Xianzhou
Datang International Power Generation Co., Ltd.Profit and Loss Account of the Company for the nine months ended 30 September2011 (unaudited)(Amounts expressed in thousands of Renminbi unless otherwise stated)Item Amounts Amounts for Amounts for Amounts for the the period the period for the corresponding from the from the reporting period of the beginning of beginning of period previous year the year to the previous (Jul - Sep) (Jul - Sep) the end of year to the the end of the reporting corresponding period period of the (Jan - Sep) previous year (Jan - Sep) 1. Operating 2,467,008 2,021,666 7,022,898 6,370,952 revenue Less: Operating 2,398,260 1,814,588 6,631,175 5,767,319cost Business tax and 15,577 17,357 57,422 31,639surcharges General and 119,316 107,543 346,067 313,433administrative expenses Financial 253,604 178,694 727,143 458,219expenses - net Add: Investment 518,811 358,564 2,804,512 1,933,072income Including: 318,309 111,478 660,994 405,953Investment income from associates and jointly controlled entities 2. Operating 199,062 262,048 2,065,603 1,733,414 profit Add: 6,367 9,115 20,547 45,842Non-operating income Less: 363 3,642 12,464 4,662Non-operating expenses 3. Total profit 205,066 267,521 2,073,686 1,774,594 Less: Income tax -57,262 10,434 -94,091 31,001 4. Net profit 262,328 257,087 2,167,777 1,743,593 Net profit 262,328 257,087 2,167,777 1,743,593attributable to equity holders of the Company Minority interests / / / / 5. Earnings per share / / / / Basic earnings per share / / / / Diluted earnings / / / / per share 6. Other -2,685 - -65,008 -7,745 comprehensive income 7. Total 259,643 257,087 2,102,769 1,735,848 comprehensive income Total 259,643 257,087 2,102,769 1,735,848comprehensive income attributable to equity holders of the Company Total / / / / comprehensive income attributable to minority shareholders Person-in-charge of the Company: Mr. Liu Shunda
Person-in-charge of accounting matters: Mr. Wang Xianzhou Person-in-charge of the accounting institution: Mr. Wang Xianzhou
4.3 Datang International Power Generation Co., Ltd.Consolidated and the Company Cash Flow Statement for the nine months ended 30September 2011 (unaudited)(Amounts expressed in thousands of Renminbi unless otherwise stated)Item For the nine months ended 30 September 2011 2010 2011 2010 Consolidated Consolidated The Company The Company 1. Cash flows generated from operating activities Cash received 60,385,258 47,337,318 8,124,654 7,750,339from sales of goods and services rendered Refund of taxes 59,046 7,506 - -and levies Other cash 836,502 149,786 240,007 228,687received relating to operating activities Sub-total of cash 61,280,806 47,494,610 8,364,661 7,979,026inflows Cash paid for 43,338,613 31,251,083 6,724,720 5,180,640goods and services received Cash paid to and 1,505,632 1,354,900 614,483 608,277on behalf of employees Payments of all 4,386,145 3,193,541 598,745 409,523types of taxes Other cash paid 2,062,579 1,020,280 509,210 398,739relating to operating activities Sub-total of cash 51,292,969 36,819,804 8,447,158 6,597,179outflows Net cash flows 9,987,837 10,674,806 -82,497 1,381,847generated from operating activities 2. Cash flows generated from investing activities Cash received on 569,074 1,268,553 2,493,003 1,845,530disposals of investment Cash received on 729,519 329,248 2,165,501 1,734,308investment income Net cash received 5,052 133,107 - -from disposals of fixed assets, intangible assets and other long-term assets Other cash 549,492 3,089,078 221,714 5,726,639received relating to investing activities Sub-total of cash 1,853,137 4,819,986 4,880,218 9,306,477inflows Cash paid to 14,338,799 13,757,418 607,732 548,181acquire fixed assets, intangible assets and other long-term assets Cash paid to 3,220,263 2,740,174 10,283,219 10,961,366acquire investments Other cash paid 819,447 175,172 1,074,887 282,129relating to investing activities Sub-total of cash 18,378,509 16,672,764 11,965,838 11,791,676outflows Net cash flow -16,525,372 -11,852,778 -7,085,620 -2,485,199generated from investing activities Datang International Power Generation Co., Ltd.Consolidated and the Company Cash Flow Statement for the nine months ended 30September 2011 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
3. Cash flows generated from financing activities Cash received from 8,790,169 3,967,364 6,670,950 3,341,763investment Including: Cash 1,411,303 633,257 - -received from minority shareholders' equity investments in subsidiaries
Cash received from 53,075,108 58,989,239 5,700,000 6,300,000 borrowings
Cash received from 2,976,000 - 2,976,000
-
the issue of debentures Other cash received 2,060,930 37,630 28,454 403,626relating to financing activities Sub-total of cash 66,902,207 62,994,233 15,375,404 10,045,389inflows Cash paid on 45,802,556 51,416,526 4,807,200 6,497,200repayments of borrowings Cash paid for 7,259,281 7,075,619 697,354 1,333,461dividends, profit appropriation or interest expenses Including: 205,954 287,206 - -Dividends paid to minority shareholders by subsidiaries Other cash paid 347,295 1,040,612 35,570 159,843relating to financing activities Sub-total of cash 53,409,132 59,532,757 5,540,124 7,990,504outflows Net cash flows 13,493,075 3,461,476 9,835,280 2,054,885generated from financing activities 4. Effect of -15,906 -2,894 -8,642 -3,181 foreign exchange rate changes on cash and cash equivalents 5. Net increase 6,939,634 2,280,610 2,658,521 948,352 (decrease)in cash and cash equivalents Add: balance of 3,442,976 1,506,435 2,145,796 291,589cash and cash equivalents at the beginning of the reporting period 6. Balance of cash 10,382,610 3,787,045 4,804,317 1,239,941 and cash equivalents at the end of the reporting period Person-in-charge of the Company: Mr. Liu Shunda
Person-in-charge of accounting matters: Mr. Wang Xianzhou Person-in-charge of the accounting institution: Mr. Wang Xianzhou
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