Earnings Call: Q3 2007

Oct 24, 2007

Earnings release

Good morning, ladies and gentlemen. Welcome to Huaneng Power International 2007 third quarter earnings conference call. Yesterday, the company convened a board meeting and subsequently released its operating results. Today, through this conference call, we would like to discuss with investors and analysts both at home and abroad over the company's operating results in the first three quarters of 2007 and the future business development. 按照中国会计准则计算，2007年前三季度公司实现营业收入359.28亿元人民币，同比增长13.8%，全利净利润44.65亿元人民币，同比增长25.03%。董事会对公司前三季度的生产经营情况表示满意。 Under Chinese accounting standards, in the first three quarters of 2007, the company realized operating revenues of CNY 35.98 billion, representing an increase of 13.8% over the same period of last year. Net profit attributable to equity holders was CNY 4.465 billion, an increase of 25.03% compared with the same period of last year. The board of directors is pleased with the company's operating performance in the first three quarters of this year. 2007年1到9月份，由于社会用电需求的持续增长，公司新投产机组获得了市场空间。按照可比口径，计入四川水电公司各运营电厂累计完成发电量1245.21亿千瓦时，同比增长11.24%。电价方面，由于受上轮煤电联动效果影响，公司平均结算电价比上年同期提高，每千瓦时提高20.81元，每千千瓦时为357.92元。受电煤价格上涨影响，公司单位售电燃料成本比上年平均增长8.82%，较去年同期增长9.20%。公司在燃料价格控制方面仍然面临较大的经营压力。 During the first nine months of 2007, continued increase in demand for electricity provided the company's newly commissioned units with market share. On a comparable basis, that is by figuring out the contribution of Sichuan hydropower, the company's operating power plants cumulatively completed total power generation of 124.521 billion kWh, representing an increase of 11.24% over a year ago. On tariff front, due to the effect of the implementation of the coal-electricity price linkage mechanism, the average standard tariff of the company increased by CNY 20.81 per megawatt hour over a year ago to reach CNY 357.92 per megawatt hour. Due to the increase in thermal coal price, unit fuel cost increased by 8.82% in the first three quarters compared with the full year of 2006. Year-on-year, unit fuel cost increased by 9.24%. The company continued to face the enormous pressure with respect to fuel cost control. 进入四季度，全国电力供需形势将进一步缓和，市场煤价仍会在高位徘徊。面对这一形势，公司管理层将把握机遇，克服困难，努力完成全年的生产经营任务。接下来，我和我的同事愿意回答各位提的问题，谢谢大家。 Moving to the fourth quarter, the nationwide demand and supply for electricity will continue to ease. Spot market price for coal will continue to be hovering at a high level. In face of such a situation, the management of the company will try to capture every opportunity that comes our way and overcome various difficulties and try hard to accomplish various operating targets set for the full year. With that, we are ready to take your questions. Thank you, Mr. Huang. 谢谢黄副董事长。Now it's time for questions. If you have a question, please push one on your telephone pad. And if you need any assistance from the operator, you may push star and zero. 现在是需要大家提问的时间了，如果要提问的话，请您在电话机上按1，如果需要电话公司协助的话，请按星加0。按1是提问，按星加0是要求协助的。我们马上就有一个提问。第一个提问是花旗的刘先生。The first question comes from Mr. Pierre Lau from Citigroup. 刘先生，有请。刘先生。Pierre, are you there? 我们听得到吗？听到，你说，Pierre，welcome。你好，管先生，我是刘显达。我有两个问题，第一个问题是我想了解第三季度我们公司标煤还有原煤单价分别是多少？第二个问题是第三季度我们的煤有多少比例是从合同来的，还有合同的兑现比例怎么样？谢谢。I have two questions. The first question is, I'd like to know that the coal price in third quarter, specifically the price for standard coal and the price for raw coal. Second question is that, can you give us the number of how much of coal in terms come from contracts and the contract fulfillment rates in the quarter. [Foreign language] Madam Zhou Hui will answer these two questions. 标煤单价为CNY 533每一吨。这个原煤的单价是每吨CNY 413.12。采购的比例是重点合同采购比例达到了62.6%，市场采购37.4%。那么合同的兑现率为34.5%。 In the third quarter of this year, the standard coal price was CNY 533 per ton, and the price of natural coal was CNY 413.12 per ton. 62.6% of coal supply came from key contracts, while the remaining 37.4% of coal supply was via spot market purchase. On average, coal contract fulfillment rates in the third quarter was at 84.5%. [Foreign language] The next question comes from China Everbright, Vivian Zhang. Miss Zhang, please go ahead. 管总你好，请问你能听到吗？听到，你说。欢迎你，张小姐。你好。其实我知道你们手上还有一些长城证券，请问在未来几年大概会兑现的吗？ I know that the company still has some shares in Yangtze Power. In the next couple years, will the company consider sell these shares? [Foreign language] Mr. Huang Jian. [Foreign language] The company has no plan to sell the shares in Yangtze Power. 谢谢。好，谢谢你。下一个提问是美林证券的Mr.。Next question comes from Merrill Lynch, Mr. 嗨，大家好，我是美林证券的叶皮。我有两个小问题，第一个就是像Pierre刚刚问的那个问题一样，关于你们煤价刚刚提到了在第三季度标煤价是533，可不可以跟我们说第二季度跟第一季度平均大概的价格是多少？第二个就是今年第一季度、第二季度、第三季度总共公司的资本投资大概是多少钱，然后你们全年的目标是多少，这个目标是否不变？谢谢。I have two questions. The first question is a follow-up on coal price. You mentioned that in the third quarter, standard coal price was CNY 533. Could you provide the standard coal price in the second quarter or the average standard coal price in second, third quarters? Second question is that, could you provide the CapEx numbers for the first three quarters of this year and your full year expectation? Is there any change to the guidance you provided previously? [Foreign language] 好，我先回答第一个问题，第一季度的标煤单价是每吨CNY 506.64元，第二季度是每吨CNY 508.76元。是506.64。 06.64。The standard coal price in the first quarter was CNY506.64, and in the second quarter, it was CNY508.76。第二个问题是关于我们的资本支出。资本支出前三个季度的一共是104.65亿。其中的基建是86.14亿，其余的18.5亿为资本支出。 In the first three quarters of this year, we spent a total of CNY 10.465 billion CapEx, whereas CNY 8.614 billion was spent on construction projects. CNY 1.85 billion was spent on renovation. 然后请问一下全年的目标大概是多少呢？这个目标是不是有变化？是不是有增加了一些？我们计划是175亿。 Our full year target is CNY 17.5 billion. No change. 谢谢。 [Foreign language] Mr. Jeff Berlin. [Foreign language] [Foreign language] Operator, if she is not there, can we go to the next question? [Foreign language] Miss Helen Wang. 诶。王小姐。你们好，各位媒体朋友们好。我有几个问题。第一个是我想，能不能告诉我一下营业成本里面燃料的成本，还有折旧的成本分别是多少？这是第一个问题。第二个问题就是，我看到最近有报道说是公司会参与新加坡淡马锡旗下一个能源公司的收购，不知道有没有一些情况可以披露一下。然后第三个就是，能不能说一下今年三季度的单位燃料成本，就是单位发电成本是多少，单位发电成本的绝对数是多少？谢谢。 I have a few questions. First, in your operating expense, could you provide the specific numbers regarding depreciation expense and fuel expense? Second, there has been some reports that the company is involved in acquisition of certain power assets from Temasek. Is there anything you can disclose at this time? Third, could you provide the unit fuel cost number for the third quarter? 第一个问题和第三个问题请周女士回答，第二个问题请黄健先生回答。请周女士先回答。第三季度的单位燃料成本是每千千瓦时171块1毛8。嗯。 Third quarter unit fuel cost was CNY 171.18 per megawatt hour. 这个营业成本当中的燃料占了200亿，折旧51.59亿。 50。 51.59。 51.59。好，谢谢。 In our operating expense, depreciation was CNY 5.159 billion and fuel was CNY 20 billion. 冯小姐。三季度单位成本。是的。这个三季度是CNY 171.18每千千瓦时，这个三季度quarter同比有没有这个数据，是多少？同比9.24%。这是第三个季度同比是吗？我是问1到3季度同比。跟去年1到3季度同比。那您这个171是1到3季度的是吗？ 3季度的。你要的是三季度本身的，是吗？对。三季度本身是175块7毛2。好的。同比有没有？同比，同比我得查一下。好的，随后再告诉我们。随后再告诉我们，谢谢。 The unit fuel cost in the first three quarters of this year was CNY 171.18 per megawatt hour. The third quarter unit fuel cost was CNY 175.72 per megawatt hour. 请黄总回答第二个问题。公司一直按照开发与收购并重、扩建与新建并重、煤电、水电与其他可再生能源并重、国内与国外资源并重的方针，拓展发展空间，关注和考虑所有合适的投资与收购的机会。但是公司目前没有需要披露和未予披露的信息。 It has been our strategy to seek to expand our operation through organic growth, as well as mergers and acquisitions, and to place equal emphasis on coal-based generation and other types of alternative energy sources utilizing international and domestic capital and resources. We always follow and consider potential acquisition opportunities. But at this stage, we have nothing to disclose. 好，下一个问题。下一个提问是雷曼兄弟的李先生。The next question comes from Lehman Brothers, Evan Li. 李先生，您请。你好，王总你们好。首先我想有两个问题，一个问题是关于你们的利用小时，第三个季度的利用小时怎么样？第二个问题就是未来电价，你们怎么看？就是上面有没有机会下调电价，谢谢。 I have a couple questions. First question is that could you provide the third quarter utilization hours? Second question is how you look at the tariff trend? [Foreign language] 公司1到9月份，燃煤机组的利用小时是4,178个小时，比去年同期下降了280个小时。 In the first nine months of this year, average utilization hours of our coal-fired units were 4,178 hours, which were 280 hours less than the same period of last year. 尽管利用小时下降幅度不小，但是我们的电厂在所在地的电网里面，利用小时基本上都是超过当地的，都是处于比较前列的。 Although this in sheer numbers, this looks like a steep decline. In various service regions, our utilization level are mostly above the grid average. 那么关于电价呢，应该说今年肯定是没有煤电联动的机会了。发改委前一段时间也公布了消息，说今年不再考虑这方面的调价。那么明年除了要考虑燃料价格上涨的因素以外，政府还要考虑其他一些宏观的指标，特别是消费指数上涨的水平。我们也一直在关注这方面的信息。 On the question of tariff, we think there is no chance for any tariff hike under the capacity mechanism for this year. I think NDRC has already indicated earlier that the implementation of this mechanism is not on their working agenda for this year. As to whether there will be any tariff hike next year, I think in addition to the effect of coal price, the government will also consider a number of other factors, especially some macro numbers including CPI. Therefore, we are still following the development. 王总，可能一个问题关于利用小时，在08年你们怎么估算的？是下降还是怎么样？我们预计08年的利用小时可能会跟今年持平，大幅度上升或大幅下降的可能性都不大，可能是小幅度的，因为维持。所以应该说07、08年是应该利用小时的一个锅底吧。好，谢谢。 We expect utilization hours in 2008 to be roughly in line with that of 2007. We do not believe there will be any dramatic increase or decrease. Generally speaking, we believe utilization rate will bottom out in 2008. 好，谢谢王总，谢谢李先生。下一个提问是秦小姐。秦小姐。哎。不好意思，刚才那个故障，你提问吧。好的。我这边有三个问题，首先是我想问一下公司，目前来说，从06、07年投产的规模来看，我看07年的前三季度投产的权益装机只有1,560万千瓦，06年全年是545万千瓦。那么我想了解的是目前在建的规模是一个什么水平？还有就是公司计划中十一五的后两年，就是08、09、10年后三年的投产水平是怎么样的？这是第一个问题。再有就是我们注意到集团投资的一些煤炭项目，陆续在07、08年会逐渐投产。那么根据公司集团的原来有一个计划，是在07年达到煤炭产能是3,000万吨，10年达到8,000万吨。我关注了一下公司具体的一些煤炭项目，似乎跟计划的数量有一定的差距，我想请黄总做一个解答。再有第三个问题，我们看到很多的A股公司陆续都在逐步收购集团的一些资产，那么华能这么多年以来，收购这方面进展得比较少，我们想问一下是否未来在这方面有一定的动作，谢谢。这是三个问题。 I have three questions. In the first three quarters this year, company only adds up to 1,560 MW of new capacity. For the full year of 2006, company only added 5,400 MW of capacity. Could you provide some idea as to the capacity additions in 2008 and 2009? Second question is that the group has invested in some coal mines, and those coal mines will gradually start production between 2007 and 2008. I understand that coal production will be ramped up to 13 million tons in 2007 and 18 million tons in 2010. But it seems that there has been some discrepancy as to the actual numbers. Could you shed some light on that? The third question is that recently, a lot of A-share companies have acquired assets from parents. But for Huaneng, there have not been any assets injection from parents for some time. Could you comment on that and on the prospect of injection from parents? 第一个问题请黄健先生来回答一下。今年到目前为止，公司投了三台60万的机组，珞璜以及营口的两台60万的机组。那么今年我们投产的计划是440万。那么目前还有240万没投，就是玉环的3、4号机各100万，还有就是沁北的60万，还有260万没有投。那么今年要投的权益装机容量是392万。08年预计投产280万，09年投产220万。那么目前公司另外还有规划的项目，大概有1000万左右的正在做前期工作。 In the first three quarters of this year, we put three by 600MW units into operation, including one unit at Luohuang and two units at Yingkou. For the full year, we expect to add 4,400 MW of capacity. Therefore, for the remainder of the year, we still need to put 2,400 MW into operation. That includes unit 3 and 4 of- 还有260万。 unit 3 and unit 4 of Zhejiang Yuhuan Power Plant, each has installed capacity of 1,000 MW and one 600 MW unit at Qinbei Power Plant. Therefore, the full year, the increase in install capacity of the company will be around 3,920 MW. For 2008, the expected capacity addition should be 2,800 MW. For 2009, it will be about 2,200 MW. In addition to these projects, at present, we have another 10,000 MW of projects under study. 关于集团投资煤矿的情况，情况应该是这样子的：2007年集团将完成煤炭产能1800万吨，新增煤炭的产能是1140万吨，新开工的煤炭项目是2463吨。到2010年，集团控股煤矿产能将超过5000万吨。随着集团公司煤炭产业的发展，将会对这个股份公司的煤炭供应提供有力的支持。同时，股份公司自己也出资了1000万，投资了山西晋能能源有限公司。这个项目2007年已经有400万吨的生产。到2010年打采后，也可以每年向公司提供1000万吨的煤。 On the question of coal. In 2007, Huaneng Group will achieve a total coal production of 18.09 million tons and increase the coal production capacity by 11.4 million tons. In 2007, the Huaneng Group will launch 24.6 million tons of new coal mine projects. Therefore, by the year of 2010, the coal producing capacity of Huaneng Group will exceed 15 million tons per year, and the development of the coal investments of Huaneng Group will provide strong support to HPI in terms of securing coal supply. In addition to the coal investments made by Huaneng Group, HPI has invested CNY 110 million in Shanxi Jinneng Coal Limited. This year, the production of Shanxi Jinneng will be about 3 million tons, and their capacity will be ramped up to 10 million tons by 2010. 关于上市公司投资，集团现在有一些已运营的电力资产，同时也有一些在建的项目向股份公司注资的话，这个运营的电力资产要达到一定的注资标准才能够注。在项目建好以后，也会适时地向股份公司注资。向股份公司注资是华能集团一贯的做法，今后也会继续这样做。 On question of asset injection from the parents, at present, Huaneng Group has some operating power plants and also some projects under construction. For them to be injected into the listed company, they have to reach certain criteria. The injection of generating assets or construction projects into HPI is a long-term policy of Huaneng Group. Over the long run, those assets that meet our criteria will be gradually injected into HPI. 好，谢谢。下一个提问是申银万国的于海先生，于先生。喂，你好，是我吗？于先生吗？喂，是我吗？对，赵颖。你好，管理层好。我有三个问题想要问一下。第一个，我想了解公司前三季度的机组检修情况。第二个问题，我想了解一下公司目前的小机组的关停以及对应的大机组的上网电量情况是怎样的。最后，我想了解一下公司燃料成本上升的构成，有多少是因为用煤地的结构变化，多少是运输瓶颈的变化所导致？谢谢。 I have three questions. First question is that could you elaborate a bit on the maintenance of the generating units in the first three quarters of this year? Second question concerns the shutting down of small units. Could you give some color as to the shutting down of small units and retiring those small units with larger ones? The third question is the coal price increase, how much is due to the sourcing of coal from different regions and how much has to do with the transportation bottlenecks? 前两个问题请赵斌先生回答一下，第三个问题请邹慧女士回答。赵总, answer your first two questions. 关于1到9月机组检修情况，我们公司前三季度共完成或开工C级以上检修项目，检修机组是35万千瓦，检修时间为1621.4天，比06年同期多修4台次，检修时间只增加了371.4天。主要是06年比07年增加了4个A修、5个B修。另外，1到9月检修6万以上机组是比去年同期多了3台。谢谢。 In the first nine months of this year, we completed or started C class above maintenance on 69 units. That is equivalent to 1,621.4 day maintenance on 350 MW units. That represents an increase of 371.4 days compared with that of same period of 2006. The major reason was we had four more A class maintenance and 5 B class maintenance. In the first five months of this year, we conducted maintenance on 10 units. 管理小计。管理小计是这样的，公司07年1到9月份已经关了31万千瓦，全年预计关42万千瓦。 On the shutting down of small units in the first nine months of this year, we have shut down 310 MW of small units. Our full year plan was 420 MW. 单位燃料成本上涨的主要原因还是煤炭价格的上涨，运费上涨得很少。与去年全三季度跟去年同期相比上涨了，运费上涨2.8%，但是运费在总的煤炭的价格里只是占了14%，所以基本上影响很小。好，谢谢。 The major reason for coal price increase or unit fuel cost increase was due to the increase in coal price. Transportation cost only increased by 2.8%. It accounts for only 14% in overall fuel cost. Therefore, the increase in transportation costs has very little impact on unit fuel costs. 好，谢谢，谢谢李先生的参与。好，谢谢。好，谢谢。下一个提问者是摩根大通的李先生. The next question comes from J.P. Morgan's Mr. Edmund Lee. 喂。喂，李先生。管理层你们好。你好。我有三个问题，第一是原来我们的成年的单位燃料成本，原来的目标好像是大概8%这样，但是现在为止，头九个月的增幅已经超越这个幅度，那会不会有一个新的目标？这个是第一个问题。第二个问题是关于只是看第三季度标煤的单价好像增加了很多，但是跟上半年比较也是增加了很多，其中有没有具体有什么原因，或者其中有一部分也是发电的结构也发生了一些的变化。最后是一个具体的问题，关于玉环新投产的，它的今年为止的利润贡献大概是多少？单位燃料成本我们目前公司还是按8%来控制，没有新的这个标准的目标。那么刚才的第二个问题，就是燃料成本上涨的原因，主要还是因为现在市场煤涨价的幅度也超过了我们的预期。因为按照一般的规律，一、四季度煤炭的价格会上涨，二、三季度在上涨情况下应该有回落。但是今年二季度回落的幅度和回落的时间比我们预期的都要小。三季度基本上比二季度有所上升。因为公司也有新机陆续投产，那么新机的煤基本上都是从市场上采购，所以对整体的价格也有一定的影响。第三个问题是玉环的利润，我们前三季度玉环的税前利润是8亿左右。好，谢谢。李先生，听见吗？听见，谢谢。好，谢谢李先生的参与。下个提问是瑞士信贷的陈先生。The next question comes from Credit Suisse, Mr. Angelo Chan. 陈先生。陈先生。好，可以了。文小姐，摩根士丹利的。文小姐你好，我另外还有两个小问题想问一下，第一个是能不能说一下三季度投资收益的构成；第二个是我想问一下，不知道集团公司现在在建项目的规模大概能有多少？谢谢。 I have two minor questions. First question is could you provide the composition of invest income for the first quarter of this year? Second question is regarding the capacity under construction in Huaneng Group. 请各位领导回答这一问题。对，前三季度的投资收益主要由两部分组成，一部分是联营公司的投资收益，主要包括森林原、航运电站、华能财务公司以及水电投资收益。这部分的投资收益跟去年同期相比是增加了5%点。另外一部分就是长江电力股票出售的收益，以及权证的价值变化所引起的。这个是5亿2700。好，谢谢. The invest income in the first three quarters of this year comprises two parts. One is a share of associates, including Shenzhen Energy, Hanfeng Power Plant, Huaneng Finance, and Sichuan Hydropower. The sale of associates increased by 5.5% year-on-year. Second part was the mark to market gains from the warrant of Yangtze Power and also the sale of the shares of Yangtze Power. That part amounted to CNY 527 million. 关于集团的在建项目，目前我们有2006年底的在建项目，大概是21.8 million kW. 到目前为止的在建项目，我们还在统计，这里面包括水电、火电、风电。准确的数据暂时还没有。好，谢谢. Regarding projects being constructed by Huaneng Group. The number we have was the capacity under construction by Huaneng Group at the end of 2006. It was 21,800 MW. For the current number, we do not have the exact number because we still need to do some calculations because it includes hydropower, wind power and other power sources. [Foreign language] Mr. Wu. [Foreign language] Mr. from Merrill Lynch has a follow-up question. You there? 对，你好，我是美林的。两个追问的问题，第一个是关于玉环的效率，你们前九个月在玉环的煤耗大概是多少？因为原来计划是284克的标煤，但是当然这个是可能电站运营了一段时间之后，就算不知道前九个月大概是达到多少标准的煤耗。第二个问题，是不是去年集团本身说它的装机容量的2010年的目标是80GW，是否有这类的事情？ There is one question regarding the efficiency of Yuhuan Power Plant. Could you provide the coal rate for Yuhuan Power Plant in the first 9 months of this year? We understand that Yuhuan reached a coal consumption rate of 2,484 grams per kilowatt hour after some years of operation. Could you provide the exact number for the first 9 months of this year? Second question, we heard that the group's target for capacity is to reach 80 GW by 2010. Can you confirm that? [Foreign language] Mr. Zhao Ping, please answer. 目前玉环的煤耗应该效率还是比较好。另外，公司目前在大量做经过很多进一步发挥它的效率。目前的1到9月份发电煤耗是在285克/千瓦时。目前玉环在四季都随着大气条件、水冷条件、温度条件变化，煤耗是会不断变化。 Yuhuan Power Plant is performing quite well at present with coal consumption rate for power generated stands at 285g/kWh. As we move into the fourth quarter with the changes in the environmental parameters including the water temperature, we expect the efficiency of Yuhuan Power Plant to continue to improve. [Foreign language] Actually, capacity number for Huaneng Group, we believe the total capacity of Huaneng Group will certainly exceed 80 GW by 2010. 谢谢。谢谢。就这样可以吗？谢谢。好，谢谢你。下一个提问是中信的陈先生，CICC Mr. 陈静华先生。管总，大家好。对不起，陈总编辑，对不起。好。我想问一下，想跟管总沟通一下，尤其是税收优惠，我看到我们三季报当中提到的采购国产设备、税收返还款以及有环保返还。想问这个是一次性的还是今后在持续有优惠，或者说在明年会有。第二个就是说我们对于08年燃料成本的一个变化状况预期。第三个问题就是说我们关于少数股东权益这一块，我看比较去年相比有大降，除了是因为四川水电合并报表今年不合并原因之外，还有其他的原因吗？谢谢。 I have a few questions. First question is the tax rebate for the procurement of domestic equipment. Could you elaborate on that? Second question is the management of expectation for 2008 in terms of fuel cost. Third question is we noted that minority interest has decreased, partly due to the deconsolidation of Sichuan Hydro. Other than that, are there any other reasons? 请陈总回答。这个包括返还，是按照国家的政策来进行返还，所以这个不是一次性的，你只要有合法的支出就可以进行返还。那么采购国产设备的返还也不是一次性的，就是说你只要有国产设备采购，那么你就可以申请。 On the question of tax rebate for the environmental related tax rebate, it's not a one-off thing. As long as you have tax on environmental compliance, you can apply for a tax rebate. On the tax rebate for procuring domestic equipment, it also is not a one-off event. When you buy domestic equipment, you can apply for a tax rebate. We expect such rebates to continue well into the future. 08年的燃料成本。 08年的燃料成本，我们估计RV是在高位运行，那么重点合同的价格部分大家可以预期到。 As for the coal price in 2008, we expect coal price to remain high in 2008, and we may see further increase in key contract price. 四川的。对，四川水电现在在投资收益来计入核算。就是说除了这个原因之外，还有没有其他的，就是比如说少数股东权益下降。是。 Yes, the Sichuan Hydropower will be excluded from our consolidated income statement starting from this year. That is the major reason for the decline in minority interest as the income from Sichuan Hydropower will be accounted for as investment income. 陈女士好了吗？可以吗？嗯。好，谢谢你。我们今天晚上的最后一个提问是德意志银行的唐先生。The last question of this afternoon came from Michael Tang of Deutsche Bank. 唐先生请。管总您好。我这有一个问题，刚才你们也说到了，集团在2010年新增计划8000万千瓦的装机容量。其他上市公司一般都有一个单独的装机容量目标。我想知道华能国际2010年底装机容量的目标是多少。 Just now you mentioned that by year 2010, the corresponding capacity of Huaneng Group will exceed 18GW. Other listed companies have all provided their own targets. For Huaneng Power, what is the listed company's capacity growth target by year 2010? 这个按照规划，我们到2009年新增的装机容量会到达940万千瓦，是新增的，2009年。 2009年。从现在到2009年。是。 According to our plan, we will add 9,400 MW of capacity by the year 2009. 请问一下，这个包括07年已经投产的数据吗？包括07年的这个—— 包括07年的。这是三年投产的940万，加上已有的超过4000万，还有1000万是规划项目。这个投产时间现在还未出来。那10年有没有计划？有计划，有计划，但就是现在还没批，还不完全确定。 We do have a transition plan for 2010, but since we haven't received approval for the project, we are currently contemplating, therefore, we cannot provide a specific number. 好的，谢谢。 [Foreign language] Well, ladies and gentlemen, that concludes today's telephone conference. We apologize for the problems of the telephone lines today, and on behalf of Huaneng Power International, thank you once again for joining us.