First Quarterly Report of 2011
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation
as to its accuracy or completeness and expressly disclaim any liability 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: 991)
PRICE-SENSITIVE INFORMATION/
OVERSEAS REGULATORY ANNOUNCEMENT
FIRST QUARTERLY REPORT OF 2011
In accordance with the requirements of the China Securities Regulatory
Commission, Datang International Power Generation Co., Ltd. (the "Company") is
required to publish quarterly reports for the first and third quarters of the year.
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 All directors of the Company attended the Board meeting.
1.3 The first quarterly financial report of the Company is unaudited.
1.4 Mr. Liu Shunda, the person-in-charge of the Company, Mr. Wang Xianzhou, the
person-in-charge of accounting matters, and Mr. Liu Heping, the
person-in-charge of the accounting institution (head of 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
Increase/decrease
at the end of
the reporting
At the end of At the end of period as
the reporting the previous compared to the
period reporting period end of the
previous year
(%)
Total assets
(RMB'000) 217,465,787 210,755,870 3.18
Interests of equity
holders (or Interests
of shareholders)
(RMB'000) 30,843,884 30,737,256 0.35
Net assets per share
attributable to
shareholders of the
Company (RMB/per
share) 2.51 2.50 0.40
Increase/decrease as
compared to the
Beginning of the corresponding
year to the end of period of the
the reporting period previous year(%)
Net cash flows generated from
operating activities (RMB'000) 4,445,031 30.59
Net cash flows per share
generated from operating
activities (RMB/per share) 0.36 28.57
Increase/decrease
of the reporting
period as
Beginning of the compared to the
year to the end corresponding
The reporting of the reporting period of the
period period previous year
(%)
Net profit
attributable to
shareholders of
the Company
(RMB'000) 87,197 87,197 461.26
Basic earnings per
share (RMB/per
share) 0.0071 0.0071 446.15
Basic earnings per
share excluding
non-recurring profit/
loss
(RMB/per share) 0.0060 0.0060 757.14
Diluted earnings per
share (RMB/per
share) 0.0071 0.0071 446.15
Return on net assets an increase of
(weighted average) 0.22 percentage
(%) 0.28 0.28 point
Return on net assets
excluding
non-recurring an increase of
profit/loss (weighted 0.21 percentage
average) (%) 0.24 0.24 point
Excluding non-recurring profit/loss items and amounts:
Amount
Non-recurring profit/loss items (RMB'000)
Government's grants accounted for in the profit and
loss 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) 8,057
Write-back of provision for receivables subject to
individual impairment test 56
Profit/loss gained from loans entrusted to external
entities 1,251
Other non-operating income and expenses excluding
the above-mentioned items 10,391
Impact of income tax 5,026
Effects of minority shareholders' profit/loss (after
tax) 1,275
Total 13,454
2.2 Total number of shareholders as at the end of the reporting period and table
of share holding of the top ten holders of shares free from selling
restrictions
Unit: share
Total number of shareholders at the end of the
reporting period 238,998
Shareholding of the top ten holders of circulating shares free from selling
restrictions
Number of
circulating
shares
held not subject
to selling
restrictions as at
Name of shareholder the end of the
(Full name) reporting period Type of share
RMB-denominated
China Datang Corporation 3,959,241,160 ordinary share 3,959,241,160
Overseas-listed
HKSCC Nominees Limited 2,501,071,100 foreign shares 2,501,071,100
Hebei Construction & RMB-denominated
Investment Group Co., Ltd 1,281,872,927 ordinary share 1,281,872,927
Beijing Energy Investment RMB-denominated
(Group) Company Limited 1,278,988,672 ordinary share 1,278,988,672
Tianjin Jinneng Investment RMB-denominated
Company 1,212,012,600 ordinary share 1,212,012,600
Zhongrong Hui Investment RMB-denominated
Guarantee Co., Ltd. 160,000,000 ordinary share 160,000,000
China Dongfang Electric RMB-denominated
Group Co., Ltd. 140,000,000 ordinary share 140,000,000
Aerospace Science & RMB-denominated
Technology Finance Co., Ltd 70,000,000 ordinary share 70,000,000
CCCC Investment Co., Ltd. RMB-denominated
70,000,000 ordinary share 70,000,000
China Life Insurance
Company Limited - Bonus-
Personal bonus - 005L- RMB-denominated
FH002 Shanghai 37,704,800 ordinary share 37,704,800
CDC Overseas Investment Co., Ltd., China Datang Corporation's wholly-owned
subsidiary, holds 480,680,000 H shares of the Company, representing
approximately 3.90% of the Company's total share capital, which are included in
the shareholding of HKSCC Nominees Limited. Hence China Datang Corporation and
its subsidiary hold a total of 4,439,921,160 issued shares of the Company,
representing approximately 36.07% of the Company's total issued shares.
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
(V) Applicable ( ) Not applicable
(1) Cash balance of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 77% over the beginning of
the reporting period. This was mainly because of the collection of
electricity settlement fee and increase in borrowings of the Company
and its subsidiaries.
(2) Notes receivable of the Company and its subsidiaries as at the end of
the reporting period increased by approximately 33% over the beginning
of the reporting period. This was mainly because of the increase in
promissory notes as a result of the expansion of sales scale during the
reporting period.
(3) Prepayments of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 194% over the beginning of
the reporting period. This was mainly because of an increase in
prepayments for fuel coal made by the Company and its subsidiaries.
(4) Other receivables of the Company and its subsidiaries as at the end of
the reporting period increased by approximately 109% over the beginning
of the reporting period. This was mainly because of the prepayment made
by the Company for the acquisition of Sichuan Jinkang Electricity
Development Company Limited during the reporting period.
(5) Advances received by the Company and its subsidiaries as at the end of
the reporting period increased by approximately 35% over the beginning
of the reporting period. This was because of the increases in advances
received by the subsidiaries from coal sales.
(6) Business tax and surcharges of the Company and its subsidiaries for the
reporting period increased by approximately 82% over the corresponding
period of the previous year. This was mainly because of the increase in
tax as a result of the increase in revenue of the Company and its
subsidiaries.
(7) General and administrative expenses of the Company and its subsidiaries
for the reporting period decreased by approximately 32% over the
corresponding period of the previous year. This was mainly because the
Company and its subsidiaries have paid the accrued insurance fees and
rentals in the previous period.
(8) Non-operating income of the Company and its subsidiaries for the
reporting period increased by approximately 151% over the corresponding
period of the previous year. This was mainly because the subsidiaries of
the Company received heating supply subsidies during the reporting period.
(9) Income tax expense of the Company and its subsidiaries for the reporting
period increased by approximately 34% over the corresponding period of the
previous year. This was mainly because of the increase in income tax
expense as a result of the increase in profits of the Company and its
subsidiaries.
(10) Net cash flows generated from operating activities of the Company and its
subsidiaries for the reporting period increased by approximately 31% over
the corresponding period of the previous year. This was mainly because of
the sound sales payment as a result of the expansion of revenue scale.
(11) Net profit attributable to shareholders of the Company for the reporting
period increased by approximately 461% over the corresponding period of
the previous year. This was mainly because of the increase in installed
capacity and on-grid electricity of subsidiaries during the reporting
period which led to an increase in revenue over the corresponding period of
the previous year; as well as an increase in profits of non-power
businesses.
3.2 The analysis and explanation of progress and impact of major events and solutions
( ) Applicable (V) Not applicable
3.3 The performance of the undertakings made by the Company, shareholders and the de
facto controller
( ) Applicable (V) Not applicable
3.4 The warning and explanation in the forecast of the possible aggregate net profits
from the beginning of the year to the end of the next reporting period becoming
a loss or significant changes over the corresponding period of the previous year
( ) Applicable (V) Not applicable
3.5 Status of the Implementation of the Cash Dividend Policy during the Reporting
Period
The Board has formulated the profit distribution proposal for 2010. The said
proposal will be submitted to the 2010 annual general meeting of the Company
for consideration and approval.
By Order of the Board
Zhou Gang
Secretary to the Board
Beijing, the PRC, 26 April 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, Guan Tiangang,
Su Tiegang, Ye Yonghui, Li Gengsheng, Li Yanmeng*, Zhao Zunlian*, Li Hengyuan*, Zhao Jie*,
Jiang Guohua*
* Independent non-executive Directors
4. APPENDIX
4.1 Consolidated and the Company Balance Sheet as at 31 March 2011 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
31 March 31 December 31 March 31 December
2011 2010 2011 2010
Assets Consolidated Consolidated The Company The Company
Current assets
Cash balance 6,089,717 3,442,976 3,106,016 2,145,796
Notes receivable 252,984 190,185 -- --
Accounts receivable 7,726,320 7,968,437 1,019,474 1,047,934
Prepayments 2,150,821 732,711 256,778 64,961
Dividend receivable -- -- 51,906 51,906
Other receivables 2,992,735 1,430,769 4,054,216 2,891,606
Inventories 4,330,863 4,011,713 404,831 350,202
Other current assets 120,371 92,223 -- --
Total current assets 23,663,811 17,869,014 8,893,221 6,552,405
Non-current assets
Available-for-sale
financial assets 93,086 91,043 -- --
Long-term receivables 116,769 122,085 6,201,213 6,086,841
Long-term equity
investments 9,494,617 9,372,636 30,454,923 29,870,872
Investment properties 210,141 211,866 -- --
Fixed assets 119,208,663 120,206,915 7,514,589 7,670,850
Construction-in
-progress 50,957,347 49,643,216 2,132,846 2,030,300
Construction materials 7,582,497 7,446,226 -- --
Disposal of fixed
assets 147 147 -- --
Intangible assets 3,907,237 3,918,803 536,333 534,383
Goodwill 570,515 570,515 33,561 33,561
Long-term deferred
expenses 306,981 297,487 9,403 12,042
Deferred income tax
assets 1,082,509 944,269 107,596 66,096
Other non-current
assets 271,467 61,648 -- --
Total non-current
assets 193,801,976 192,886,856 46,990,464 46,304,945
Total assets 217,465,787 210,755,870 55,883,685 52,857,350
4.1 Consolidated and the Company Balance Sheet as at 31 March 2011 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
31 March 31 December 31 March 31 December
Liabilities and 2011 2010 2011 2010
shareholders' equity Consolidated Consolidated The Company The Company
Current liabilities:
Short-term loans 17,669,554 19,374,828 880,000 880,000
Notes payable 840,699 980,127 -- --
Accounts payable 16,550,392 15,480,360 1,141,012 1,272,843
Advances from
customers 839,665 622,516 -- 2,500
Salary payable 48,531 51,444 5,023 8,574
Taxes payable -999,904 -857,120 110,692 154,329
Interests payable 349,339 390,087 130,284 180,439
Dividends payable -- 2,336 -- --
Other payables 1,603,086 1,405,532 285,146 227,150
Non-current
liabilities due
within one year 13,094,697 14,810,183 503,400 463,400
Other current
liabilities -- -- -- --
Total current
liabilities 49,996,059 52,260,293 3,055,557 3,189,235
Non-current liabilities:
Long-term loans 117,556,731 109,585,377 14,595,200 12,135,200
Debentures payable 5,951,660 5,949,018 5,951,660 5,949,018
Long-term payable 4,304,279 3,722,782 9,000 18,000
Specific payable 400 400 -- --
Accrued liabilities 41,603 41,603 -- --
Deferred income tax
liabilities 405,465 414,377 -- --
Other non-current
liabilities 474,935 460,989 310,207 316,317
Total non-current
liabilities 128,735,073 120,174,546 20,866,067 18,418,535
Total liabilities 178,731,132 172,434,839 23,921,624 21,607,770
Shareholders' equity:
Share capital 12,310,038 12,310,038 12,310,038 12,310,038
Capital surplus 4,057,574 4,056,119 4,321,900 4,321,900
Specific reserve 505,054 491,856 450,948 450,948
Surplus reserve 11,145,646 11,145,646 11,183,080 11,183,080
Undistributed profits 2,785,493 2,698,296 3,696,095 2,983,614
Currency translation
differences 40,079 35,301 -- --
Total equity attributable
to equity holders of the
Company 30,843,884 30,737,256 31,962,061 31,249,580
Minority interests 7,890,771 7,583,775 -- --
Total shareholders'
equity 38,734,655 38,321,031 31,962,061 31,249,580
Total liabilities and
shareholders' equity 217,465,787 210,755,870 55,883,685 52,857,350
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. Liu Heping
4.2 Consolidated and the Company Profit and Loss Account for the three months
ended 31 March 2011 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
For the three months ended 31 March
2011 2010 2011 2010
Item Consolidated Consolidated The Company The Company
1. Operating revenue 15,641,999 14,705,407 2,232,800 2,076,326
Less: Operating cost 13,351,691 12,742,675 2,162,941 1,926,712
Business tax and surcharges 107,356 58,892 22,906 80
Selling expenses 51,521 75,090 -- --
General and administrative
expenses 357,145 523,214 101,719 138,900
Financial expenses - net 1,531,778 1,223,576 213,997 151,893
Impairment loss of assets -56 -863 -- --
Add: Investment income 123,246 153,815 931,758 420,701
Including: Investment
income from associates
and jointly controlled
entities 121,982 148,265 121,982 148,265
2. Operating profit 365,810 236,638 662,995 279,442
Add: Non-operating income 42,280 16,820 7,985 6,610
Less: Non-operating expenses 2,453 772 -- 660
3. Total profit 405,637 252,686 670,980 285,392
Less: Income tax 134,796 100,735 -41,501 --
4. Net profit 270,841 151,951 712,481 285,392
Net profit attributable to
equity holders of the Company 87,197 15,536 712,481 285,392
Minority interests 183,644 136,415 N/A N/A
5. Earnings per share
Basic earnings per share 0.0071 0.0013 N/A N/A
Diluted earnings per share 0.0071 0.0013 N/A N/A
6. Other comprehensive income 6,311 -6,785 -- -7,744
7. Total comprehensive income 277,152 145,166 712,481 277,648
Total comprehensive income
attributable to equity holders
of the Company 93,431 8,751 712,481 277,648
Total comprehensive income
attributable to minority
shareholders 183,721 136,415 N/A N/A
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. Liu Heping
4.3 Consolidated and the Company Cash Flow Statement for the three months ended
31 March 2011 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
For the three months ended 31 March
2011 2010 2011 2010
Item Consolidated Consolidated The Company The Company
1. Cash flows generated from
operating activities:
Cash received from sales of
goods and services rendered 18,901,198 13,524,158 2,623,339 2,494,270
Refund of taxes and levies -- 1,727 -- --
Other cash received relating
to operating activities 295,656 159,059 103,555 63,193
Sub-total of cash inflows
generating from operating
activities 19,196,854 13,684,944 2,726,894 2,557,463
Cash paid for goods and services
received 12,328,751 8,532,175 2,373,229 1,519,502
Cash paid to and on behalf of
employees 518,586 501,595 219,690 253,601
Payments of all types of taxes 1,364,292 849,102 285,808 116,162
Other cash paid relating to
operating activities 540,194 398,322 210,151 128,593
Sub-total of cash outflows
from operating activities 14,751,823 10,281,194 3,088,878 2,017,858
Net cash flows generated from
operating activities 4,445,031 3,403,750 -361,984 539,605
2. Cash flows generated from
investing activities:
Cash received on disposals of
investment 138,000 314,600 267,816 309,138
Cash received on investment
income 2,626 1,660 673,131 270,547
Net cash received from disposals
of fixed assets, intangible
assets and other long-term assets 10 200 -- --
Net cash received on disposals
of subsidiaries and
other operating units -- 7,896 -- --
Other cash received relating to
investing activities 72,504 573,014 63,275 5,642,372
Sub-total of cash inflows
from investing activities 213,140 897,370 1,004,222 6,222,057
Cash paid to acquire fixed
assets, intangible assets and
other long-term assets 3,675,923 4,725,239 242,823 199,038
Cash paid to acquire investments 927,828 423,458 1,731,380 4,577,230
Including: Net cash received
(paid) from acquisition of
subsidiaries -- -- -- --
Other cash paid relating to
investing activities 373,594 205,925 56,278 91,594
Sub-total of cash outflows
generated from investing
activities 4,977,345 5,354,622 2,030,481 4,867,862
Net cash flow generated from
investing activities -4,764,205 -4,457,252 -1,026,259 1,354,195
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. Liu Heping
For the three months ended 31 March
2011 2010 2011 2010
Item Consolidated Consolidated The Company The Company
3. Cash flows generated from
financing activities:
Cash received from investment 15,000 3,756,253 -- 3,249,175
Including: Cash received from
minority shareholders' equity
investment in subsidiaries 15,000 458,910 -- --
Cash received from borrowings 17,120,259 21,350,551 2,500,000 1,000,000
Other cash received relating to
financing activities 608,297 44,195 -1,018 172,334
Sub-total of cash inflows
generated from financing
activities 17,743,556 25,150,999 2,498,982 4,421,509
Cash paid on repayments of
borrowings 12,540,153 18,992,216 -- 3,970,000
Cash paid for dividends, profit
appropriation or interest
expenses 2,023,688 1,816,459 123,000 257,971
Including: Dividends and profits
paid to minority shareholders
by subsidiaries -- 36,909 -- --
Other cash paid relating to
financing activities 210,901 241,448 25,570 10,075
Sub-total of cash outflows
generated from financing
activities 14,774,742 21,050,123 148,570 4,238,046
Net cash flows generated from
financing activities 2,968,814 4,100,876 2,350,412 183,463
4. Effect of foreign exchange rate
changes on cash and cash
equivalents -2,899 -100 -1,949 -111
5. Net increase (decrease) in cash
and cash equivalents 2,646,741 3,047,274 960,220 2,077,152
Add: Cash and cash equivalents
at the beginning of the
reporting period 3,442,976 1,506,435 2,145,796 291,589
6. Cash and cash equivalents at
the end of the reporting period 6,089,717 4,553,709 3,106,016 2,368,741
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. Liu Heping
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