FIRST QUARTERLY REPORT OF 2012
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 2012
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 and Mr. Wang Xianzhou,
the person-in-charge of accounting matters and 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 period
as compared to the
At the end of At the end of end of the
the reporting the previous previous year
period reporting period (%)
Total assets (RMB'000) 256,559,074 244,070,076 5.12
Interests of equity
holders (or Interests of
shareholders)
(RMB'000) 39,218,012 38,787,864 1.11
Net assets per share
attributable to equity
holders of the Company
(RMB/per share) 2.95 2.91 1.37
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) 4,500,335 1.24
Net cash flows per share
generated from operating
activities (RMB/per share) 0.34 -5.56
Increase/
decrease of
the reporting
period as
compared to the
Beginning of the corresponding
year to the end period of the
The reporting of the reporting previous year
period period (%)
Net profit
attributable
to equity holders of
the Company
(RMB'000) 387,453 387,453 344.34
Basic earnings
per share
(RMB/per share) 0.0291 0.0291 309.86
Basic earnings
per share excluding
non-recurring
profit/loss
(RMB/per share) 0.0222 0.0222 270.00
Diluted earnings
per share
(RMB/per share) 0.0291 0.0291 309.86
Return on net an increase of
assets (weighted 0.71 percentage
average) (%) 0.99 0.99 point
Return on net
assets excluding
non-recurring
profit/loss an increase of
(weighted average) 0.52 percentage
(%) 0.76 0.76 point
Excluding non-recurring profit/loss items and amounts:
Unit: RMB'000 Currency: RMB
Non-recurring profit/loss items Amount
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) 16,800
Profit/loss gained from debt restructuring 6
Profit/loss gained from loans entrusted
to external entities 6,216
Other non-operating income and expenses
excluding the above-mentioned items 8,680
Other extraordinary items 90,000
Impact of income tax -28,167
Effects of minority shareholders' profit/loss
(after tax) -1,535
Total 92,000
2.2 Total number of shareholders as at the end of the reporting period and
table 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 209,153
Shareholding of the top ten holders of circulating shares free from selling
restrictions
Number of
circulating shares
held not subject
to selling
restrictions as
Name of shareholder at the end of the
(Full name) reporting period Type of share
China Datang Corporation 4,038,977,414 RMB-denominated ordinary share
HKSCC Nominees Limited 3,267,174,861 Overseas-listed foreign shares
Hebei Construction &
Investment Group Co., Ltd 1,281,872,927 RMB-denominated ordinary share
Beijing Energy Investment
(Group) Company Limited 1,260,988,672 RMB-denominated ordinary share
Tianjin Jinneng
Investment Company 1,197,012,600 RMB-denominated ordinary share
Zhongrong Hui Investment
Guarantee Co., Ltd. 160,000,000 RMB-denominated ordinary share
China Dongfang Electric
Group Co., Ltd. 139,960,000 RMB-denominated ordinary share
Aerospace Science &
Technology Finance Co., Ltd. 69,097,023 RMB-denominated ordinary share
CCCC Investment Co., Ltd. 59,900,000 RMB-denominated ordinary share
Citic Securities Company
Limited 39,012,815 RMB-denominated ordinary share
China Datang Overseas (Hong Kong) Co., Limited., China Datang Corporation's
wholly-owned subsidiary, held 480,680,000 H shares of the Company as at the end
of the reporting period, which were included in the shareholding of the Company
held by HKSCC Nominees Limited, representing approximately 3.61% of the
Company's total share capital. Hence China Datang Corporation and its
subsidiary held a total of 4,619,657,414 issued shares of the Company,
representing approximately 34.71% 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
Applicable Not applicable
1. Cash balance of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 89% over the beginning of the
reporting period. This was mainly because of the increase in the borrowings
of the Company and its subsidiaries;
2. Notes receivables of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 39% over the beginning of the
reporting period. This was mainly because of the increase in volume of
notes receivables used by customers for settlement;
3. Prepayments of the Company and its subsidiaries as at the end of the
reporting period increased by approximately 47% over the beginning of the
reporting period. This was mainly because of an increase in prepayments for
purchase of 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 32% over the beginning of the
reporting period. This was mainly because of the increase in subsidies
receivable due to the inclusion of Shenzhen Datang Baochang Gas Power
Generation Co., Ltd. in the consolidated financial statements;
5. Construction materials of the Company and its subsidiaries as at the end of
the reporting period increased by approximately 41% over the beginning of
the reporting period. This was mainly because of an increase in the
fundamental infrastructure materials purchased by the Company and its
subsidiaries for the implementation of the development strategies;
6. Other non-current assets of the Company and its subsidiaries as at the end
of the reporting period increased by approximately 27 times over the
beginning of the reporting period. This was mainly because of an investment
of RMB2,000 million as a result of the implementation of a trust plan by
the Company;
7. Advances from customers of the Company and its subsidiaries as at the end
of the reporting period increased by approximately 87% over the beginning
of the reporting period. This was because of the increases in advances from
customers received by the Company's coal mining enterprises from coal
sales;
8. Dividends payables of the Company and its subsidiaries as at the end of the
reporting period decreased by approximately 47% over the beginning of the
reporting period. This was mainly because some of the dividends were paid
during the current period;
9. Operating costs of the Company and its subsidiaries for the current
reporting period increased by approximately 234% over the corresponding
reporting period of the previous year. This was mainly because of increased
freight charges for railway transport borne by the Company's coal mining
enterprises during the sales process;
10. Finance costs of the Company and its subsidiaries for the current reporting
period increased by approximately 37% over the corresponding reporting
period of the previous year. This was mainly because of the combined
effects of an increase in borrowings and a rise in interest rates;
11. Investment income of the Company and its subsidiaries for the current
reporting period increased by approximately 170% over the corresponding
reporting period of the previous year. This was mainly because of the
profit growth from the Company's associates (jointly-controlled entities),
and the trust income received during the current reporting period;
12. Non-operating income of the Company and its subsidiaries for the current
reporting period increased by approximately 183% over the corresponding
reporting period of the previous year. This was mainly because of an
increase in government subsidies received during the current reporting
period;
13. Income tax expense of the Company and its subsidiaries for the reporting
period increased by approximately 107% 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;
14. Consolidated net profit attributable to equity holders of the Company
increased by approximately 344.34% over the corresponding reporting period
of the previous year. This was mainly due to the increases in average
tariff of on-grid power and on-grid power generation;
15. Net cash flows generated from investing activities of the Company and its
subsidiaries for the current reporting period decreased by approximately
87% over the corresponding reporting period of the previous year. This was
mainly because of an increase in capital expenditures for the current
reporting period over the corresponding period of the previous year;
16. Net cash flows generated from financing activities of the Company and its
subsidiaries for the current reporting period increased by approximately
183% over the corresponding reporting period of the previous year. This was
mainly because of an increase in bank loans.
3.2 The analysis and explanation of progress and impact of major events and
solutions
Applicable Not applicable
3.3 The performance of the undertakings made by the Company, shareholders and
the de facto controller
Applicable 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 pr
evious year
Applicable Not applicable
3.5 Status of the implementation of the cash dividend policy during the
reporting period
The payment of cash dividends to the shareholders of the Company on the basis
of RMB0.11/share (including tax) for 2011 was considered and approved at the
twenty-third meeting of the seventh session of the Board of the Company. The
relevant profit distribution plan has yet to be submitted for shareholders'
consideration and approval at the 2011 annual general meeting of the Company.
By Order of the Board
Zhou Gang
Secretary to the Board
Beijing, the People's Republic of China, 26 April 2012
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 2012 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
Item 31 March 31 December 31 March 31 December
2012 2011 2012 2011
Consolidated Consolidated The Company The Company
Current assets:
Cash balance 8,433,982 4,467,372 2,341,462 2,302,521
Notes receivables 366,150 262,818 18,900 9,400
Accounts receivables 9,751,348 9,945,728 1,122,667 1,080,734
Prepayments 4,849,504 3,302,427 260,436 168,407
Dividend receivable 18,166 18,167 198,568 198,568
Other receivables 2,747,097 2,083,908 3,037,870 3,172,424
Inventories 5,825,618 6,093,786 306,040 403,422
Non-current assets due
within one year 12,012 12,012 - -
Other current assets 469,260 460,514 - -
Total current assets 32,473,137 26,646,732 7,285,943 7,335,476
Non-current assets:
Available-for-sale financial
assets 87,001 67,531 - -
Long-term receivables 96,106 96,367 10,658,634 9,758,925
Long-term equity investments 12,405,280 11,342,341 41,658,749 38,795,052
Investment properties 498,143 502,302 262,514 264,677
Fixed assets 126,589,202 127,263,659 7,203,875 7,108,779
Construction-in-progress 67,462,704 65,922,554 3,403,156 3,320,569
Construction materials 8,068,213 5,711,846 538,808 287,615
Intangible assets 4,123,796 4,024,498 607,329 610,564
Goodwill 860,925 701,345 33,561 33,561
Long-term deferred expenses 290,931 291,013 1,346 1,485
Deferred income tax assets 1,525,859 1,425,210 174,962 147,169
Other non-current assets 2,077,777 74,678 2,000,000 -
Total non-current assets 224,085,937 217,423,344 66,542,934 60,328,396
Total assets 256,559,074 244,070,076 73,828,877 67,663,872
Consolidated and the Company Balance Sheet as at 31 March 2012 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
Item 31 March 31 December 31 March 31 December
2012 2011 2012 2011
Consolidated Consolidated The Company The Company
Current liabilities:
Short-term loans 23,877,250 21,523,709 3,908,000 2,450,000
Notes payables 1,641,696 1,685,269 - -
Accounts payables 17,657,434 19,193,475 729,177 485,698
Advances from customers 1,062,845 568,013 689 689
Salaries payables 58,097 64,346 7,200 9,787
Taxes payables -2,201,878 -2,655,382 139,962 65,840
Interests payables 659,217 580,359 294,304 300,205
Dividends payables 82,415 154,881 - -
Other payables 2,102,131 1,848,551 455,267 256,968
Non-current liabilities
due within one year 15,070,614 15,624,917 4,433,420 4,153,400
Other current liabilities 1,400,000 1,400,000 - -
Total current liabilities 61,409,821 59,988,138 9,968,019 7,722,587
Non-current liabilities:
Long-term loans 127,154,850 117,654,356 13,955,779 10,510,800
Debentures payables 8,940,513 8,937,277 8,940,512 8,937,277
Long-term payables 6,142,670 5,826,868 - 9,000
Specific payables 550 400 - -
Accrued liabilities 41,680 41,680 - -
Deferred income tax
liabilities 651,274 556,624 - -
Other non-current
liabilities 504,614 504,071 294,806 300,916
Total non-current
liabilities 143,436,151 133,521,276 23,191,097 19,757,993
Total liabilities 204,845,972 193,509,414 33,159,116 27,480,580
Shareholders' equity:
Share capital 13,310,038 13,310,038 13,310,038 13,310,038
Capital surplus 10,121,844 10,085,427 9,930,078 9,930,078
Specific reserve 522,137 512,934 472,889 480,979
Surplus reserve 12,806,171 12,806,171 12,843,606 12,843,605
Undistributed profits 2,403,632 2,016,179 4,113,150 3,618,592
Currency translation
differences 54,190 57,115 - -
Total equity attributable
to equity holders of the
Company 39,218,012 38,787,864 40,669,761 40,183,292
Minority interests 12,495,090 11,772,798 - -
Total shareholders'
equity 51,713,102 50,560,662 40,669,761 40,183,292
Total liabilities and
shareholders' equity 256,559,074 244,070,076 73,828,877 67,663,872
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 Consolidated and the Company Profit and Loss Account for the three months
ended 31 March 2012 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
Item For the three months ended 31 March
2012 2011 2012 2011
Consolidated Consolidated The Company The Company
1. Operating revenue 18,474,245 15,641,999 2,560,703 2,232,800
Including: Operating revenue 18,474,245 15,641,999 2,560,703 2,232,800
2. Operating costs 17,953,548 15,399,435 2,867,346 2,501,563
Including: Operating costs 15,129,649 13,351,691 2,353,535 2,162,941
Business tax and surcharges 126,238 107,356 30,116 22,906
Selling expenses 171,836 51,521 - -
General and administrative
expenses 420,307 357,145 126,180 101,719
Financial expenses 2,105,518 1,531,778 357,515 213,997
Impairment loss on assets - -56 - -
Add: Investment income 332,923 123,246 767,557 931,758
Including: Investment income
from associates and
jointly controlled entities 331,041 121,982 327,935 121,982
3. Operating profit (loss) 853,620 365,810 460,914 662,995
Add: Non-operating income 119,766 42,280 6,352 7,985
Less: Non-operating expenses 655 2,453 500 -
4. Total profit (loss) 972,731 405,637 466,766 670,980
Less: Income tax 278,463 134,796 -27,792 -41,501
5. Net profit (loss) 694,268 270,841 494,558 712,481
Net profit attributable to
equity holders of the Company 387,453 87,197 494,558 712,481
Minority interests 306,815 183,644 - -
6. Earnings per share
Basic earnings per share 0.0291 0.0071 - -
Diluted earnings per share 0.0291 0.0071 - -
7. Other comprehensive income 11,677 6,311 - -
8. Total comprehensive income 705,945 277,152 494,558 712,481
Total comprehensive income
attributable to equity holders
of the Company 399,130 93,431 494,558 712,481
Total comprehensive income
attributable to minority
shareholders 306,815 183,721 - -
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 Consolidated and the Company Cash Flow Statement for the three months ended
31 March 2012 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
Item For the three months ended 31 March
2012 2011 2012 2011
Consolidated Consolidated The Company The Company
1. Cash flows generated from
operating activities:
Cash received from sales of
goods and services rendered 22,619,748 18,901,198 2,923,211 2,623,339
Other cash received relating to
operating activities 125,227 295,656 - 103,555
Sub-total of cash inflows
generating from
operating activities 22,744,975 19,196,854 2,923,211 2,726,894
Cash paid for goods and services
received 15,484,405 12,328,751 1,412,575 2,373,229
Cash paid to and on behalf of
employees 590,647 518,586 261,569 219,690
Payments of all types of taxes 1,218,718 1,364,292 144,758 285,808
Other cash paid relating to
operating activities 950,870 540,194 627,832 210,151
Sub-total of cash outflows from
operating activities 18,244,640 14,751,823 2,446,734 3,088,878
Net cash flows generated from
operating activities 4,500,335 4,445,031 476,477 -361,984
2. Cash flows generated from
investing activities:
Cash received on disposals of
investments 191,546 138,000 231,546 267,816
Cash received on investment
income 172,369 2,626 536,405 673,131
Net cash received from disposals
of fixed assets, intangible assets
and other long-term assets - 10 - -
Other cash received relating to
investing activities 381,912 72,504 221,020 63,275
Sub-total of cash inflows from
investing activities 745,827 213,140 988,971 1,004,222
Cash paid to acquire fixed
assets, intangible
assets and other long-term
assets 5,862,804 3,675,923 292,704 242,823
Cash paid to acquire investments 3,519,895 927,828 5,782,823 1,731,380
Other cash paid relating to
investing activities 285,267 373,594 196,779 56,278
Sub-total of cash outflows
generated from
investing activities 9,667,966 4,977,345 6,272,306 2,030,481
Net cash flows generated from
investing activities -8,922,139 -4,764,205 -5,283,335 -1,026,259
Consolidated and the Company Cash Flow Statement for the three months ended
31 March 2012 (unaudited)
(Amounts expressed in thousands of Renminbi unless otherwise stated)
Item For the three months ended 31 March
2012 2011 2012 2011
Consolidated Consolidated The Company The Company
3. Cash flows generated from
financing activities:
Cash received from investments 258,970 15,000 - -
Including: Cash received from
minority shareholders' equity
investment in subsidiaries 79,430 15,000 - -
Cash received from borrowings 25,201,885 17,120,259 6,032,999 2,500,000
Other cash received relating to
financing activities 739,900 608,297 102,258 -1,018
Sub-total of cash inflows
generated from financing
activities 26,200,755 17,743,556 6,135,257 2,498,982
Cash paid on repayments of
borrowings 14,443,224 12,540,153 850,000 -
Cash paid for dividends, profit
appropriation or
interest expenses 2,658,428 2,023,688 429,167 123,000
Other cash paid relating to
financing activities 709,283 210,901 9,956 25,570
Sub-total of cash outflows
generated from
financing activities 17,810,935 14,774,742 1,289,123 148,570
Net cash flows generated from
financing activities 8,389,820 2,968,814 4,846,134 2,350,412
4. Effect of foreign exchange
rate changes on cash and
cash equivalents -1,406 -2,899 -335 -1,949
5. Net increase in cash and cash
equivalents 3,966,610 2,646,741 38,941 960,220
Add: Cash and cash equivalents
at the beginning of the reporting
period 4,467,372 3,442,976 2,302,521 2,145,796
6. Cash and cash equivalents at
the end of the reporting period 8,433,982 6,089,717 2,341,462 3,106,016
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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