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Case study on financial statement analysis

Financial statements of Huaneng International (6000 1 1) and Guodian Power (600795)

Analysis and comparison report

First, the research object and the reasons for choosing

(A) the research object

This report selects Huaneng International (6000 1 1) and Guodian Power (600795), two listed companies in the energy and power industry, as the research objects, and makes a simple analysis and comparison of the financial statements published by these two listed companies for three consecutive years from 2000/KLOC-0 to 2003, with a view to drawing a brief conclusion on their financial status and operating conditions.

(2) Industry overview

In the past two or three years, the energy and power industry has attracted much attention, and its assets and profits have increased substantially for a long time. In 2003 and 2004, the market performance was excellent, especially in 2003, the income of main business of most companies increased, and the operating cash flow increased greatly, indicating that on the whole, the benefits of listed companies in the energy and electric power industry improved to a great extent in 2003. In 2003, the average earnings per share of listed companies in energy and electric power were 0.37 yuan, which was about 95% higher than the market average. In 2003, both the fundamentals and the market performance of the energy and power industry were very good.

And the future growth expectation is very good. Electricity is a basic energy source in China. With the arrival of a new round of high economic growth stage, the gap of power demand is getting bigger and bigger. Although the investment scale of the electric power industry has increased greatly at present, the improvement speed of power supply capacity still lags behind the growth speed of demand, and the contradiction between power supply and demand will be further aggravated, especially in economically developed areas. Due to the sharp rise in coal prices, it will inevitably affect the profitability of those thermal power generation companies, but the increase in electricity prices will also become a trend. In this context, the power industry will show a good growth trend for a long time.

Therefore, we chose this key industry as the research object for analysis.

(III) Company Profile

1, Huaneng International

Huaneng Guodian, the parent company and controlling shareholder of Huaneng International, is a Sino-foreign joint venture established in 1985. In June 1994, together with many government investment companies where the power plant is located, it initiated the registration and establishment of a joint stock limited company in Beijing. The total share capital is 6 billion shares. On 200 1, 350 million A shares were issued in China, including 250 million tradable shares, and then listed in Hongkong and new york respectively.

In the past few years, Huaneng International has continuously expanded its business scale through project development and asset acquisition, and maintained steady profit growth. The total installed power generation capacity has increased from 2,900 MW to the current 15936 MW. Huaneng International now has 65,438+04 power plants, 5 power plants and shares in 3 power companies. Its power plant equipment is advanced, efficient and stable, and it is widely distributed in areas with developed economy and strong power demand. At present, Huaneng International has become one of the largest independent power generation companies in China.

Huaneng International's quarterly financial report for 2004 1 shows that the operating income is 64.61100 million yuan, and the net profit is140.4 million yuan, up by 24.97% and 24.58% respectively. It can be seen that Huaneng International has achieved healthy and rapid growth in power generation, operating income and profit. Of course, all this is related to the large-scale power shortage in China at the beginning of this year.

In terms of development strategy, Huaneng International stepped up its acquisition and expansion. The rapid economic growth in China has caused a serious shortage of energy such as electricity. With China government paying more and more attention to this, and Huaneng International stepping onto the road of rapid development and continuous expansion, it can be predicted that Huaneng International will stand out in the electric power industry in China in the near future. Finally, by the way, Mr. Li, the chairman of Huaneng International, is the son of the former Premier of China, which may provide investors with more space for daydreaming.

2. Guodian Power

Guodian Electric Power Development Co., Ltd. (stock code 600795) is a national listed power generation company controlled by China Guodian Corporation. It was listed on the Shanghai Stock Exchange on March 1997, with a total share capital of14.02 million shares and 352 million shares in circulation.

Guodian Power has a wholly-owned and holding power generation enterprise 10, and a shareholding power generation enterprise 1 0, with excellent and reasonable asset structure. Over the past few years, the company has adhered to the development strategy of "combining mergers and acquisitions with infrastructure" and achieved two major leaps. At present, the installed capacity invested by the company is 65,438+0,465,438+10,000 kilowatts. At the same time, the company holds and shares in 12 high-tech companies including communication, network and e-commerce, holding 24 patents and 68 proprietary technologies. There are three key scientific and technological projects listed by the state and ministries, and many technologies have reached the international leading level.

In 20001year, the company's stock entered the ranks of "Dow Jones China Index", and the comprehensive performance of domestic A-share listed companies ranked fourth in 20001year. In July 2002, it was selected into the Shanghai Stock Exchange 180 index, and it was rated as one of the top 50 listed companies in China for three consecutive years, maintaining its position as an excellent blue chip in the domestic A-share securities market.

In 2003, the operating income was 654.38+08 billion, and the net profit was 670 million, an increase of 24.79% over the previous year.

It is precisely because these two enterprises are relatively large in scale, the corporate governance structure and management are relatively formal, and the financial system is relatively perfect. Huaneng is a leading enterprise in the industry, and Guodian Power has similarities, but their scales are quite different, so they have the conditions for comparative analysis, so they are specially selected as the analysis objects.

The following will analyze the financial statements of the two companies respectively.

Second, Huaneng International Financial Statement Analysis

(a) Huaneng International 200 1-2003 annual report summary

Table1◇ 20065438+0 —— Summary of assets and liabilities in 2003 ◇ Unit: 10,000 yuan.

——————————————————————————————————————————

Project \ Year 2003-12-312002-12-3120065438+0-1

——————————————————————————————————————— ——

1. Balance of accounts receivable 235683188908125494

2. Inventory balance 808 16 94072 73946

3. The total current assets are 830287 770282 1078438.

4. Total fixed assets are 38400884021516 3342351.

5. Total assets 5327696 4809875 4722970

6. Accounts payable 653 10 47 160 36504

7. Total current liabilities are 824,657,875,9441004212.

8. Total long-term liabilities 915360918480957576.

9. Total liabilities are1740017181kloc-0/0741961788.

10. Share capital 602767 600027 600000

1 1. Undistributed profit1398153 948870 816085.

12. Total shareholders' equity is 3478710 2916947 2712556.

————————————————————————————————————————

Table 2 ◇ 20065438+0 —— Summary of profit distribution in 2003 ◇ Unit: 10,000 yuan.

————————————————————————————————————————

Project \ Year 2003-12-312002-12-3120065438+0-1

————————————————————————————————————————

1. Main business income is 234796418725341581665.

2. Main business cost15690191252862103392.

3. Profit from main business is 77441115860545743.

4. Other business profits 3057 1682 -52

5. Management expenses 441543271817583

6. Financial expenses 55963 5627 1 84277

7. Operating profit 677350 52855 1 443828

8. Total profit 677408521207442251

9. Net profit operation 5457 14 408235 363606

10. Undistributed profit1398153 948870 816085.

———————————————————————————————————————————

Table 3 ◇ 20065438+0 —— Summary of cash flow in 2003 ◇ Unit: 10,000 yuan.

——————————————————————————————————————————

Project \ Year 2003-12-312002-12-3120065438+0-1

———————————————————————————————————————————

1 Cash inflow from operating activities 2727752 21653851874132

2 Cash outflow from operating activities17120541384899117

3 Net cash flow from operating activities1015697 780486 7114

4 Cash inflow from investment activities149463 572870 313316

5 Cash outflow from investment activities 670038 46298 1 808990

6 Net cash flow from investment activities -520574 109888 -495673

7 cash inflow from financing activities 22128617337551415.

8 Cash outflow from financing activities 603866 824765 748680

9 Net cash flow from financing activities -382579 -807427-197264

10 increase in cash and equivalents1126048274618476

—————————————————————————————————————————————,

(2) Analysis of items in financial statements

Based on the latest report data in 2003.

1, asset analysis

(1) First of all, the total assets of the company reached more than 53 billion, which is very huge, increasing by about 1 1% compared with 2002, and increasing by about 2% compared with 200 1 in 2002. This is related to a series of acquisition activities of Huaneng in 2003, from which we can also see that the company.

Most of the assets are fixed assets, which is related to the characteristics of the industry: as can be seen from the notes to the accounting statements, the proportion of power generation facilities in the fixed assets is quite high, accounting for about 92.67% of the fixed assets.

(2) The balance of accounts receivable is large, but no provision for bad debts has been made, which does not conform to the principle of prudence.

It is stated in the notes to the accounting statements that the company's provision for bad debts of other receivables is accrued at 3% of the balance of other receivables. The aging analysis shows that 42% of other receivables belong to accounts that have not been recovered for more than two years. According to the provisions of China's tax law, accounts receivable that have not been recovered by foreign-invested enterprises for more than two years can be treated as bad debt losses, and the recoverability of this part of accounts receivable is questionable. 3% of bad debts are still not in line with the company's asset status. Other receivables whose recovery time exceeds two years *.

(3) Intangible assets are negative. The notes to the statement show that Huaneng International made a large-scale acquisition of power plants from the parent company Huaneng Group, and included a large number of high-quality assets in the bag, mainly because the goodwill was negative. Huaneng International has gained a lot from these acquisitions. When Huaneng International 1994 10 10 was listed in new york in October, it only owned five power plants, namely Dalian Power Plant, Shang 'an Power Plant, Nantong Power Plant, Fuzhou Power Plant and Shantou Gas Turbine Power Plant. After nine years of development, Huaneng International has expanded its scale by acquiring the power plant of Huaneng Group. However, due to the influence of related party transactions in the acquisition, Huaneng International can acquire the assets of Huaneng Group at a price lower than the fair value, resulting in negative goodwill, which is caused by related party transactions. Therefore, the influence of this factor should be eliminated when analyzing financial statements.

(4) Long-term investment. We noticed that the company's long-term equity investment increased significantly in 2003, mainly due to Huaneng's acquisition of 25% equity of Shenneng in April 2003, and the increase in investment income of Shenzhen Energy Group and Rizhao Power Plant.

2, debt and equity analysis

The current liabilities of Huaneng International decreased significantly compared with the end of 2002, mainly due to the repayment of some loans due.

Huaneng International's long-term loans are mainly due in 2004 and after 20 1 1 year. In the past two years or so, the repayment pressure of the company is great, and it is necessary to raise a large amount of funds and maintain a high liquidity to meet the debts due, which requires the company to make timely arrangements for raising funds. Among them, the long-term loan due within one year is 2799487209 yuan, and the company's existing monetary fund is 1957970492 yuan, which has certain repayment pressure.

Huaneng International, a listed company in the three places, issued 350 million A shares in China, including 6,543.8+billion legal person shares to major shareholders, which were allocated to Huaneng Guodian at the market price, although there is a sentence in the letter of intent: "Huaneng International Power Development Company has promised in writing to subscribe in full at the price determined in this public offering, and this part of the shares shall not be listed and circulated until the state promulgates new regulations on the circulation of state-owned shares and legal person shares." However, considering the particularity of these shares, the possibility of circulation is still great. This financing model of Huaneng International was also used when issuing foreign shares in March. 1998. In this mode, on the one hand, Huaneng International buys power plants from major shareholders, on the other hand, major shareholders buy shares from Huaneng International. In fact, neither side paid too much. Only in this way, Huaneng International completed the task of asset restructuring, and at the same time ensured that the controlling position of the major shareholder remained unshakable.

3. Income and cost analysis

(1) Huaneng International's main income comes from the electricity fee income after deducting the value-added tax from the production and transmission of electricity for end users by local or provincial power companies. At the end of each month, according to the actual online electricity consumption or electricity sales records, when transmitting electricity to the power grid controlled and owned by various power companies, bills are issued and income is confirmed. Therefore, the level of electricity price directly affects the income of Huaneng International. With the full-scale reform of China's power system, the electricity price has gradually shifted from the original planned price to "separation of power plants and networks and bidding for online access", and the monopoly position of the power industry will also be broken, making it difficult to obtain monopoly profits. At present, the domestic power industry has formed a new pattern of SERC, five major power generation groups and two major power grids. The five major power generation groups divided the power generation assets of the former State Power Company into five parts and held them equally in all regions. Now, the market share of the five major groups in every region of the country is around 20%. Huaneng International, as the flagship of Huaneng International, one of the five power generation groups, has continuously acquired power plants owned by its parent company, increased its power generation, seized market share and formed a scale advantage.

(2) As Huaneng International is a foreign-invested enterprise and enjoys the preferential tax policies of the state, its tax revenue is about 400 million yuan.

(3) Compared with 2002, the income and cost in 2003 increased significantly, mainly because the above-mentioned power plants were included in the merger scope of Huaneng International. However, from the vertical analysis, although the income increased by 26% compared with last year, the main business cost increased by 25%, the main business tax and surcharge increased by 27.34%, and the management expenses increased by 35%, all of which were higher than the income growth rate, indicating that Huaneng International's cost still has room for decline.

(3) Ratio analysis

Financial ratio analysis table

Indicator 2003-12-312002-12-3120065438+0-12-31.

liquidity ratio

Current ratio1.01.881.07

Quick action ratio is 0.9 1 0.77 1

Long-term solvency

Asset-liability ratio 0.33 0.38 0.42

Debt-to-equity ratio 0.26 0.3 1 0.35

Interest guarantee multiple 12.5 9.09 5.26

service ability

Accounts receivable turnover rate 9.96 9.9 1 12.6

Inventory turnover rate is19.45438+0.13.3213.97.

Total assets turnover rate 0.46 0.39 0.34

Income-generating capacity

Return on assets (%) 12.75438+0 8.56 9.35

Return on net assets (%)15.8710.112.5438+0

Gross profit margin of sales 28.85 27.83 27.96

The net profit rate of sales is 23.24 2 1.8 22.99.

ROE 18.56 14 15 438+0

1. Liquidity ratio.

(1) current ratio = current assets/current liabilities

(2) Quick ratio = quick assets/current liabilities = (current assets-inventory)/. current liabilities

Company 200 1? —In 2003, the current ratio first decreased and then increased, but it was far from the absolute standard of 2: 1 and the industry average of around 1.35, so it is worthy of vigilance. Especially in 2004, Huaneng's repayment was a small peak, and there were many loans due, so we should make preparations in advance. The company's quick ratio is similar to its current ratio. And the value of 0.9 1 in 2003 is close to 1, which is close to the industry standard, indicating that there is less inventory, which is also related to the characteristics of the power industry.

Asset management ratio.

(1) Inventory turnover rate = cost of goods sold/average inventory.

(2) Accounts receivable turnover rate = net sales revenue/average accounts receivable.

B Average collection period (average collection period) =360/ accounts receivable turnover rate.

(3) Asset turnover rate = net sales revenue/average total assets

The asset management ratio of the company decreased slightly in 2002 compared with 200 1, and reached the highest in 2003. Among them, the inventory turnover rate in 2003 exceeded the industry average, indicating that the ability to manage inventory was enhanced, the material flow was accelerated, and there was not much inventory. The turnover rate of accounts receivable is much higher than the industry average, which shows that the capital recovery speed is fast and the sales operation is smooth. In 2003, the company's total assets grew rapidly, and its net sales revenue also increased rapidly, so the asset turnover rate showed a rapid upward trend, which was at the leading level in the industry, indicating that the company's asset use efficiency was high, and the scale expansion brought higher scale income, showing a benign development.

3. Debt ratio.

(1) Asset-liability ratio (debt ratio) = total liabilities/total assets.

(2) Earned interest multiple = pre-tax profit/interest = (net profit+interest+tax paid)/interest

(3) The ratio of long-term liabilities to equity = long-term liabilities/owners' equity

The debt ratio of the company decreased year by year mainly because the company borrowed a lot of loans and foreign debts for the construction of power plants in the early days of its establishment. With the power plants put into production one after another, the company's debt ratio has gradually declined, which is also related to the continuous capital increase and share expansion of enterprises. And the development trend of interest multiple index is good, and the company has sufficient ability to repay the principal and interest. Long-term solvency is in the leading position in the industry.

4. profitability.

(1) Net interest rate on sales = net profit/net sales revenue.

(2) Gross sales margin = gross profit/net sales revenue

(3) Return on assets = pre-tax profit/average total assets

(4) Earnings per share = return on net assets = (net profit-preferred stock dividend)/average common equity.

(5) Net interest rate of assets = (net profit-preferred stock dividend)/average assets

The company's profit index is basically higher than the industry average, and it is in a leading position, especially the return on assets has a considerable leading edge. All the indicators show that there was a slight decrease in 2002 compared with 200 1, which may be related to the sharp increase in the prices of coal and other resources. There was a substantial increase in 2003, which shows that the company's merger and acquisition measures in 2003 have achieved good results and benefits.

From the horizontal comparison of listed power plants under the former State Power Company, the profit rate of Huaneng International's main business is second only to Guiguan Power, while the profit rate of Guiguan Power's main business is much higher than the industry average, which is doubtful. However, from the horizontal comparison of Huaneng International's short-term solvency, the short-term solvency is weak, and there is no way for enterprises to guarantee that they can repay their loans in the short term. In addition, Huaneng International's inventory turnover rate is also lower than that of several other enterprises in the same industry, indicating that Huaneng International still has some problems in inventory management.

Attached below is the financial ratio comparison table of listed power generation companies affiliated to the former State Power Company on June 30, 2003, which can be used as a reference for comparison.

Zhangze Electric Power Changyuan Electric Power Huaneng International Guiguan Electric Power Jiulong Electric Power Longdian Stock Huayin Electric Power Guodian Electric Power

Date: June 30th, 2003 June 30th, 2003 June 30th, 2003 June 30th, 2003 June 30th, 2003 June 30th.

Profitable sales

Gross profit margin is 30.5815.532.1559.1231.7 26.3.98 30.4338+0.

The profit rate of main business is 29.514.23 31.9 57.67 30.68 26.3 2.73 29.39.

total assets

The yield is 3.121.26 5.23 2.74 2.95 2.69-0.491.82.

Earnings per share 0.26 0.08 0.39 0.19 0.24 0.1-0.04 0.26

per share

Net assets 3.02 2.27 5.26 4.06 4.95 2.79 4 3.64

The net cash flow per share is-0.030.01.33-0.02-1.170.73-0.140.27.

Growth ability of main business income

Growth rate 36.77 26.24 33.3-4.22 4.761.1810.25 40.54.

The growth rate of net assets is 8.77 2.719.46 3.83-0.05 3.58-3.361.14.

The growth rate of operating profit is182.23 73.85 29.2-10.98-8.47 28.38-176.438+017.42.

The after-tax profit growth rate is170.0897.0129.37-9.99-8.89-21.04-16317.5.

The growth rate of total profit is178.08 84.03 32.82-9.75-5.95-15.6-145.54 31.88.

Interest guarantee multiple is 4.622.4811.18 40.97-515.18.140.024.

Fixed assets ratio 75.88 64.72 83.78 82.97 58.3 45.53 55.36 79.66

The current ratio of short-term solvency is1.671.020.861.061.194.561.70.37.

Quick ratio1.51.01.71.61.134.51.

Management efficiency list

The turnover rate is 9.62 44.32 8.3 43.07 6.2816.351.24 7.95.

The turnover rate of accounts receivable is 5.43.615.761.33.31-kloc-0/.913.06.

The turnover rate of fixed assets is 0.28 0.33 0.26 0.09-0.160.15.

The turnover rate of shareholders' equity is 0.620.620.350.11.240.190.170.46.

total assets

The turnover rate is 0.220.23 0.24 0.070.150.140.090.12.

Shareholding ratio of capital structure shareholders is 36.83 34.89 67.37 59.0551.29 71.13 50.18 25.58.

Asset-liability ratio 63.17 55.95 30.98 30.69 44.69 28.86 48.78 65.1

Huaneng International Power Co., Ltd.-Assets and liabilities (consolidated) Unit: 10,000 yuan

Data Item Name \ Deadline 2003-12-312002-12-3120065438+0-1

Monetary fund+0,000.50000.000000000005

Short-term investment1.320 622517.1786

Notes receivable 44720 47275 15223

Dividend receivable 0 0 0

Interest receivable 329.1154 379.2434 0

Accounts receivable: 23000.999999998995

Bad debt reserve 0 0 0 0

Net accounts receivable: 251754.6884188908 77438+05498+00738.

Advance payment: 88 19+03. 58654.88888888869

Other receivables16072.08610439+04715438+0838+03.

Prepaid expenses: 477.9341245.438+02021436.

Stock+

Inventory change reserve 0 0 0

Net inventory: 808438+05. 58866 . 88888888686

Other business expenses to be transferred 0 0 0 0

Loss of current assets to be processed 0 0 0

Long-term bond investment due within one year 8.306 2.438+06 0

other current assetslities

The total current assets are 830,287,265,438+0650.200888888886

Long-term equity investment is 340,703.438+0,7738+05,338+05960.

Long-term debt investment1.251013.777 0

Long-term investment impairment reserve 0 0 0

Long-term investment +0.5. 56860.6886868866 1

Consolidated spread113326.438+0386.866 0

Original price of the fixed assets: 6073181.00047+06+0.50000.000000000006

Accumulated depreciation: 22. 36338+08.30089.00080000006

The net value of fixed assets is 3840088.7554021516.0919 3342351.4927.

Engineering materials111165.40400 0

Construction in progress+

Liquidation of fixed assets 0 0 0

Pending net loss of fixed assets 0 0 0

Other 0 0 0

Total fixed assets: 42,600.4566661

Intangible assets-105740.6729-130616.7496-1455465

Deferred assets 0 0

Long-term deferred expenses +04 14 504865467

Total intangible assets and deferred assets-103645.3338+05-19438+028+06-65005

Other long-term investments 0 0 7000

Deferred tax debit 0 0 0 0

Total assets: 50000.00000000505

Short-term loan 160000 55000 4000

Accounts payable+00.50000.00000000005

Notes payable 0 0 2277.0473

Payable salary1015.7597 927.629 0

Payable welfare expenses: 21400.688+400088.40088888086

Prepaid account 0 0 0

Other payables 00136812.147

Internal payables 0 0 0 0 0

Unpaid tax 91736.2692 62018.89 521kloc-0/9.2667

Dividends not paid:1478.00096+046+18046.10089.000000000806

Other unpaid amount 295.555438+02 780.568 0

Prepaid expenses:18960/6616

Tax to be deducted 0 0 0

Long-term liabilities due within one year 304150.1kloc-0/69+10656

Other current liabilities+0438+0886+038891

Total current liabilities: 824,657.3763,875,944.7066104212.20036.

Long-term liabilities: 915360.4209+338+36366.19989898986

Bond payable 0000

Long-term accounts payable 0 0 0

Other long-term liabilities 0 16649.789 0

Foreign exchange tax revenue to be written off 0 0 0

Total long-term liabilities: 915360.4209+02938+029686.

Deferred tax deduction 0 0 0

Total liabilities are1740017.7972181074.5538+091788+0.

Minority shareholders' rights and interests +00438+08 153+05838886

Share capital: 602,5438+0260.566661

Capital reserve10422.3338+0.10683.50883.000000000805

Surplus reserve +088. 5080808888 1

In which: public welfare fund146070.0799105351.96067438+0506.

To distribute profits,139153.1454938+0186438+06858+0.

Translation difference of foreign currency statements 0 0 0

The total shareholders' equity is 347,876,5438+00. 36867.86686866667

Total liabilities and shareholders' equity+06+06.18667.68616

Huaneng International Power Co., Ltd.-Profit Distribution Statement (Consolidated)

Data Item Name \ Deadline 2003-12-312002-12-312003-12-3/

Revenues from main business: 23000.000000100005

Sales returns, discounts and transfers 0 0 0

The net income from the main business is 23 pounds. 36860.8886888866 1

Less: operating cost156905438+09.33338+01655.50089.00000000605

Sales expense 0 0 0

Administrative expenses+

Financial expenses+0.9438+05+0.50000.00000000005

Purchase cost 0 0 0

Business tax and surcharges+05438+0.3338+0.3338.40089.00000000605

The main business profit is 774,465,438+065,438+0.295,438+08,665,438+05438. 54666.76666666667

Plus: profit from other businesses is 3057.46351682.6438+0913-52.902.

The operating profit is 77350+007+0. 58650.8886686866 1

Plus: investment income:13388.5686-413.50000.00000000805

Subsidy income 0000

Non-operating income+0.438+09.50000.000000000005

Less: non-operating expenses:15379.338+01.7438+0.43488+058886.

Plus: profit and loss adjustment of previous years 0 0 0

The total profit is 677408.0587521207.44438+01.445538+0. 54566.7656656667

Deduction: income tax111610.0498+0.0438+05436.

Minority shareholders' equity 20083.7538161.8539 7123 438+0207.

Net profit+04+038+0510000000001

Plus: undistributed profit at the beginning of the year:11538+0685438+06938+01038+09.20086

Transfer-in number of surplus reserve 0 0 0

Other 0 0 0

Profit available for distribution:1698593.96081224320.438+0105438+06.55666

Subtraction: withdrawal of statutory common reserve fund 5457438+0.50000.00000000605

Withdraw the statutory public welfare fund+0 3038+07+08.50000.000000000605

Employee incentive fund 0 0 0

Profits available for distribution to shareholders+06438+06093.9688+016438+0.50080.000000000605

Dividend of allocated preferred stock 0 0 0

Withdraw any provident fund 0 0 0

Dividend of common stock distributed 0 0 0

Common stock dividend payable is 204940.8208 204009.438+04610000.

Dividend of common stock converted into stock 0 000

Undistributed profit:139153.1454938+01.

Huaneng International Power Co., Ltd.-Cash Flow Statement

Data Item Name \ Deadline 2003-12-312002-12-3120065438+0-1

Data source annual report annual report

Cash received from the sale of goods and services+10000.000000000005

Rent received 0 0 0

VAT output tax received and VAT returned 0 0 0

Other taxes except VAT have been refunded to 0 0 0.

Other cash received related to business activities+04438+03+08+0.54867.66661

Subtotal of cash inflow from operating activities: 2727752.19522165385.5438+05438+0138+05438+096.

Cash payment for goods and services+083.38881

Cash paid for operating lease 0 0 0

Cash paid to and on behalf of employees+005438+09+00438+00438+0.500438.000000000006

Paid VAT 0 0 0

Paid income tax 0 0 0

Other taxes and fees paid except value-added tax and income tax. 39960.68668686667

Other cash paid related to business activities+0.36860.86661

Subtotal of cash outflow from operating activities1712054.72451384899.44791162765438.