Earnings Call: Q2 2009

Aug 12, 2009

On behalf of Huaneng Power International Inc., I would like to thank you for joining today's telephone conference on the company's year 2009 interim results. [Foreign language] I'm Raymond Siu from Raine Street and I will be your moderator for this conference. [Foreign language] We are very pleased to have a number of senior management members of the company joining us today. Let me introduce them to you one by one. [Foreign language] Company Secretary and Vice President Mr. Gu Biquan. [Foreign language] 你好，各位下午好。 Vice President Mr. Lin Weijie，副总经理林伟杰先生。林总，你好。你好，下午好。 Chief Accountant Miss Zhou Hui，总会计师周慧女士。周总，你好。你好，大家好。 We also have representatives coming from the company's planning department, production department, marketing and sales department, fuel department, finance department, Tuas Power Beijing office and capital markets department. [Foreign language] And we are very pleased to have the company's interpreter, Mr. Zhou Hui, to help us at this conference. [Foreign language] In a minute, we will first have Company Secretary cum Vice President Mr. Gu Biquan to walk you through the results. Then it will be the Q&A session for you to raise questions. [Foreign language] Now I would like to call upon Mr. Gu. [Foreign language] 女士们、先生们，大家下午好。 Ladies and gentlemen, good afternoon. 欢迎大家参加华能国际2009年中期业绩电话会议。公司的中期业绩已经公布，今天通过电话会议的这个形式，希望能与境内外的投资者和分析师，就公司2009年中期经营情况和今后业务发展进行交流。 Welcome to attend our conference call. The interim results of 2009 of the company has been released last night. They were going to talk with you about our operational results of the first half of this year and the strategic development in the future. 2009年上半年，按国际财务报告准则计算，公司及其子公司的合并经营收入为人民币336.10亿元，比上年同期增长9.07%。归属于本公司股东的净利润为人民币18.70亿元，每股盈利为人民币0.16亿元。 Under the international financial reporting standards for the first half of 2009, the company and its subsidiaries realized consolidated operating revenue of CNY 33.61 billion, increasing by 9.07% year on year. The profit attributable to equity holders of the company was CNY 1.87 billion, and the EPS was CNY 0.15. 按照中国会计准则计算，2009年上半年，公司及其子公司的合并经营收入为人民币336.10亿元，比上年同期增长9.16%。归属于本公司股东的净利润为人民币19.59亿元，每股盈利为人民币0.16元。 Under the PRC accounting standards for the first half of this year, the company and its subsidiaries realized consolidated operating revenue of CNY 33.61 billion, increasing by 9.15% year on year. The profit attributable to equity holders of the company was CNY 1.96 billion, and the EPS was CNY 0.16. 公司净利润增长的主要原因是新机投产，收购中新电力的效果影响，以及2008年下半年电价调整的效果影响，使得营业收入增加。同时，市场采购燃料价格有所回落，使得燃料成本下降。公司上半年单位燃料成本为每兆瓦时220.82元，与去年同期相比下降2.63%。 The profit increase was mainly due to the revenue increase upon the newly expanded capacity, positive impact by the acquisition of SinoSing Power last year, and upward tariff adjustments in China in the second half of 2008. Also, the fuel cost decreased, down trend of the spot price of coal market. The mean fuel cost for the domestic business of the company for the first half of this year was CNY 220.82 per megawatt hours, representing a decrease of 53% compared to the same period of last year. 下半年公司的工作重点是加强安全生产管理，确保机组稳定运行，加大营销力度，努力提高公司发电量水平，千方百计保证燃料稳健有效供应，努力拓宽燃料供应渠道，有效控制燃料采购价格。深入推进节能减排工作，积极开展能耗指标的精细化管理和机组优化运行。强化内部管理，有效控制生产成本费用，积极推进项目前期工作，抓住国家能源交通战略布局调整的机遇，进一步优化结构，调整布局。强化基本建设管理，确保新投产机组安全、稳定、经济运行，达到节能环保型机组的要求。积极拓展融资渠道，为公司的规模发展提供资金保障。 Major tasks of the company for the second half of this year include: strengthening safe production and management, and ensuring stable operation of generation units; to strengthen the sales force, and to endeavor to increase the power of company; use the best endeavors to ensure safe, stable, efficient fuel supply; construct enlarged fuel supply channels and effectively control fuel purchase prices; promote energy saving and emission reduction work in full course; to actively carry out detailed management of energy consumption indicators and optimize the operation of production units; to strengthen internal management and to effectively control production costs; to actively push forward relevant renewable projects; to seize the opportunities of the state's adjustment of energy and transport strategy deployment by further optimizing power plant structure and adjusting their deployment; strengthen the management of infrastructure construction and to ensure safe, stable and economical operation of newly operated units while meeting the requirements of energy saving and environmentally friendly generating units; to actively explore financing channels so as to ensure concrete support for the development of the company. 下面我和我的同事们愿意回答各位的提问，也希望听到大家对公司的一些看法。谢谢大家。 We'll next return to the Q&A, and we're glad to answer your questions and welcome your opinion for our company. Thank you. [Foreign language] Thank you, Mr. Gu. We welcome questions and comments. If you like to ask the questions, please push 1 on your telephone pad. You also may push star and 0 for operator assistance at any time. 我们现在欢迎大家的提问，如果要提问的话，请在这个电话机上按1，如果需要这个电话公司协助的话，请按星加0。按1是提问，星加0是要求协助。Please push one for question, star and zero for operator assistance at any time. One for question. 按1是提问的。我们马上就有第一个提问了。请等一等。好，第一个提问是JP Morgan，摩根大通的李先生。Mr. Edmund Li from JP Morgan. Please go ahead, Mr. Li. 对，管理层你们好，谢谢今天的电话会议。我有两个问题，第一个是关于新加坡的业务，特别是想了解一下上半年的汇率的收益大概有多少。还有也注意到好像第二季度的利润状况改善了很多，比第一季度，也想了解一下这个其中的原因是什么？这个那么好的利润的情况在下半年是否可以维持下去？这个是第一个问题。第二个问题是想问一下，关于特别是玉环的电厂，想问一下上半年的净利润的情况是多少，还有就是如果有其他的1000兆瓦的那一些机组或者项目，也想了解一下是否这个利润的贡献也是比较多这样的。 Actually, I have two questions. The first one is about the Singapore business. What is the storage and the Tuas Power in the first half of this year? We also see that the second quarter, the profit improved a lot. What is the reason for this? How about the second half of this year? Does this profit level can maintain the level of the first half of this year? The second one is about the Yuhuan power plant. How about the profit level for this power plant? Also, I want to know about the other 1000MW units of the project. 好，感谢李先生的提问。关于第一个新加坡大士能源的情况，我想请我们总会计师周辉女士给你做一个回答。新加坡上半年的情况应该说是非常好。今年上半年实现了销售收入是CNY 46.72亿。从合并口径来看，上半年实现的盈利最后是CNY 3.5亿。 For first power, the first half of this year, the revenue realized about CNY 4.672 billion. The consolidated net profit after tax is about CNY 0.38 billion. 刚才说到了有个汇兑损失是吧？汇兑收益。汇兑收益。新加坡从大多数电厂来说，因为套期保值公允价值的变化，那么上半年有汇兑收益4,700万。那么从中新电力来看，由于经济和美元汇率的变化，发生了汇兑损失2,200万。所以合并考量，上半年新加坡有2,500万的汇兑收益。 For the first gain loss, from the head, we have got gain about CNY 47 million. Because of the valuation of the Singapore dollar versus the US dollar, there is loss about CNY 22 million. So in total, we have CNY 25 million. 刚才问的玉环电厂的利润，我们税后的净利润是6.87亿。 For Yuhuan power plant, the profit for it is CNY 687 million. 我其实还有一个担心的问题，从公告里头也看到，刚才也提到下半年可能有一点担心，竞争的情况可能会变得更加的激烈。那其实这方面想问一下，在电价方面，你们是否会担心可能有一点下降的压力？还有就是关于直购电的改革，你们注意到的、看到的进展，或者预期会对公司的影响会是什么样的？首先说电价，下半年的电价我们确实是感到有一些压力的，现在还没有任何迹象要变化。 There are two questions. The second half, is there any pressure on the third half? The second one is, how about the direct electricity purchase reform and what is the impact to the company? For the third, yes, sure, there is a pressure for the third, but currently we have no signs of this. 关于你说的大用户直购的试点，现在还没有开展实质性的工作，都在测算。直购电的实质性工作还没有正式开展，我们还会密切跟踪。 For the direct electricity purchase reform, there is no essential start. We are keeping close eye on this report. 就像你刚才关心的，下半年确实还是存在着很多的不确定性，所以我们还是要努力跟踪市场的任何变化，来做好我们的工作。 As you said that, in the second half this year, there is a lot of concern. So we are keeping close on the market trend. Okay, thank you Gu Biquan. Mr. Li, is that okay? Yes, that's right. Thank you. Thank you. Thank you for your attention. [Foreign language] The second question comes from BOCI, Mr. Peter Yao. Mr. Yao, please. 黄立峰，你们好。我有三个小问题想请教。上半年我们的原煤税后的单价我看到是469.7，能不能给一个一季度和二季度的原煤的税后的单价？第二个问题是，上半年的资本开支是100亿，那么今年和明年的资本开支的预测是多少？然后第三个问题是对于今年的利用小时的公司是怎么样的预测？谢谢。 I have three questions. The first is, we see that in the first half this year, your net coal price is CNY 469.7. What is it about in the fourth quarter and the second quarter separately? The second is, we see that in the first half of this year, your capital expenditures are CNY 10. What is about this year and next year? The third one is what you would say the whole year utilization hours of your company. 我先来回答你第一个问题。第一个问题，除税的标煤单价，第一季度的时候，我们是按照去年年底做的重点合同，是按照去年年底326天的价格来估算，所以一季度是676块5毛6。那么到下半年，我们又重新进行了估算，是按照目前的预付款的价格估算，所以下半年平均是682块6毛6。 In the first quarter, because of the key contract price, is estimated based upon the price at the end of December of last year. So the standard price is about CNY 646.56. In the first half of this year, because we have newly approached to estimating the key contract coal price upon the prepaid price. So the first half of this year, the standard coal price is CNY 682.66. 资本支出我们年初的计划到现在为止没有调整。09年年初总的预计的资本支出是331亿，10年318亿。 There is no adjustment for the capital expenditure plan. This year is focused about CNY 33.1 billion, and for next year it is about CNY 31.8 billion. 关于你第三个问题，利用小时的这个指标，我们请林伟杰副总经理给你做回答。这个公司年初预测的前年公司的发电利用小时在4900小时，到目前为止，我们公司的预计没有做调整。但是最近国家随着经济环境的变化，中电联最新发布的预测是全国的火电的利用小时可能是在4550小时。但是公司考虑到所在地区跟全国的地区政策还有一点区别，所以我们目前还是维持原来的预测，没变化。 We have no adjustment for our forecast of the full year utilization hours, that is 4,900 hours. Recently, the CEC released that the whole year forecast for the national coal-fired power plant utilization hours will be 4,550. For our company, there is difference between the national level and the regional level, so we do not have a plan to adjust it for sure. 好，谢谢周总。谢谢林总。Mr. Yao, is it OK? Yeah, thank you. 好，谢谢你。下一个提问是侯先生，他来自Pacific Eagle Asset Management。Mr. Aaron Hou。 OK，公司欢迎能接受你们的这样一个发布会。我就想有两个问题，也是在你们的那个中报的第3页提到过。第一个就是公司的对于供需这方面的觉得下半年有很多不确定因素，但是写的话就是比较笼统一点，能不能详细地说明一下？第二个就是，到现在为止，我们看到全国的重点煤的这样一个谈判还没有定下来，但是今年的这个时间比往年的谈判时间都还要长。那公司对于最近的煤的市场状况有什么样的这样一个说法，或者说有什么样的一个判断？好，谢谢，两个问题。 I have two questions. The first is, in your interim results report the demand and the supply is uncertain. Could you please provide detailed information about this? The second one is about the key contracts. We see that there is no contract signed in the first half this year. Please about the contract and the whole market. 好，这两个问题都请林伟杰副总经理回答。关于电力供需的下半年情况，最近据中电联最新发布的一个情况来看，他们是这么讲的：根据近几年风月度的电量增长情况，考虑到今年以来国家经济和电量的增长趋势，综合运用多种方法进行科学判断。 In the demand of power in the second half of this year, we can see that report in that, according to the recent several years about the monthly electricity power growth rate combined with the economic growth rate to make decisions. 在经济不出现大的波动的情况下，即09年全年的发电增长率大概在3%左右。利用小时，含水电和火电综合以后的大约在4350小时。那么其中我们直接相关的火电大概在4550小时。 If there is no in the market, it is focused that in 2009, the power generation will grow about 3%. For the utilization hours, combining the hydropower and the coal-fired power, the utilization hours will be 4,350 hours. Specifically, coal-fired power utilization hours will be 4,550 hours. 考虑到公司所在的区域的情况，经济上半年的实际情况好于全国的。所以公司预期的情况会比全国的火电平均水平要好一些。 Considering the location of our company, in the first half of this year, the utilization hours is a little better than the national level. We have the focus that in the full year of 2009, our company is a little better than the nationals. 关于煤炭的问题，今年以来，因为重点合同的煤炭价格谈判一直在持续着。最近国家加快推进关于煤炭协调的有关问题的解决。我们公司也积极向国家有关部门反映企业的情况，如果国家的煤长效合同的政策上出台，我们会加快地进行签订合同的工作。 Luckily that the contract is not signed yet. Recently the government is involved into the negotiation. The company also to communicate this situation with the relevant government authorities. If there is a new round of negotiations, the company will sign the contract. 目前协调的结果取得积极的进展，有望在近期进一步明朗。 Currently we stay very signed the contract for the decontract negotiation. 关于全年的市场，我们总体的判断是平稳、小幅波动，价格平稳、小幅波动。总体的供应和需求是平衡，局部地区会在峰谷时间，有时候会有小范围的波动。 For the government for the market, we see that the supply and demand will keep in a stable trend. In certain regions, may be fluctuations. 好，谢谢林总。侯先生。好，谢谢。好，谢谢李书记、侯先生。下一个提问是瑞银证券的包先生。Yes, Mr. David Bao, please go ahead. 你好，李总。四个大问题。首先第一个就是想询问一下公司在所得税方面，因为我们知道公司是可以抵减以前的那些deferred的亏损，现在看一下这方面的情况，可不可以讨论一下，比如说这个递延税项方面的怎样的改造，然后全年有没有一个概念，就是那个有效税率是在什么样的水平。第二个问题是公司在华能开发公司的输电线的费用，我们看08年已经没有了，但不知道为什么08年的上半年这一块又出现，就想看一下这一块是什么原因。第三个问题是想问一下那些少数的股东，那方面的盈利我们发现还是在亏钱的，想请问一下这个来源是什么？比如说是哪一个电厂，然后在什么时候可以回到盈利，不再亏损。第四个问题就是公司的上半年的维护费，我们看见有一个比较大幅度的下降，就不知道为什么，因为我们觉得公司在上半年应该也有蛮多的电厂是有做维修。然后在人工成本方面，另外我们也觉得上半年的幅度比较小，就想可不可以就讨论一下，谢谢。你好，那个第三个问题请重复一下。少数股东的利润。 Okay, I have four questions. The first one is about the income tax. We noticed that before the company loss can be deducted before the profit. What is about the deferred income tax? What is the effective tax rate? The second one is about the transmission fees. We noticed that last year there is no kind of personal phase, but now we have this phase. What is the reason? The third one is about the minority shareholders loss. What is the details? The last one is in the first half, the maintenance fees declined and for the employee cost increased a little. What is the reason? 我发现你这个还是看得非常非常仔细的，你那几个问题都是请周辉总会计师给你做回答。好，我先回答你第一个关于递延税项的问题。2008年因为公司出现了亏损，所以2008年当年我们确认的递延税项是13亿8，那么有29亿2000万未确认的递延税项。那么因为现在是合并纳税，所以合并纳税以后，和解以后，未确认的递延税项是24亿1600万。可以确认的，第一个可以确认的是可抵扣亏损。可抵扣的亏损，当年确认是13亿8，未确认的和解以后是24亿1600万。 The first answer your question about the deferred tax. In 2008, we have an attainment loss. The deferred tax 是 about CNY 1.38 billion, confirmed, and CNY 2.45 billion unconfirmed, according to the consolidated basis. 那么这个24.56亿呢，其中全资电厂可以抵扣的亏损是16.58亿，控股电厂是7.98亿。 Among the CNY 2.45 billion, there is CNY 1.658 billion for the wholly owned power plant and CNY 798 million for the controlled power plant. 那么上半年全资电厂应纳的所得税额是CNY 19.9亿。所以上半年已经把可抵扣的亏损全部抵扣完了，所以下半年对全资电厂来说，这个税率肯定要提高。 For the first half of this year, the income tax for the wholly owned power plant is CNY 1.99 billion. This is just wholly deducted. In the second half, the effective rate will be higher. 那么控股电厂因为今年上半年还是亏损，所以它也就无法做抵扣。 For the power controlling and power plant, they still taking the loss, there is no way for the deduction. 那么关于你刚才提的少数股东亏损的问题，也正是因为上半年我们这个控股电厂总体是亏损的，一共有五家电厂是亏损的，所以它会出现一个少数股东亏损的情况。 For the third question, the reason is because there are five power plants that controlled by us is undertake a loss. The minor shareholder power plant is undertaking a kind of loss. 关于第三个问题是这个输电费的事情。输电费因为去年这个特殊的一个经营的环境，那么我们的母公司，开发公司出于对上市公司的支持，把这个输电费用给减免了。那么今年随着这个经营环境的逐步好转，所以就按原有的协议继续执行。 For the transmission fees, because last year there is a very bad environment for the power industry. Our parent company, HIPDC, exempt this kind of fees. But this year, according to the improved operational environment, this fee was charged. 第四个问题你提的关于维修费用。确实，维修费用跟去年同期比较，今年下半年下降了11.6%，将近有1个亿的减少。 For the fourth question, the maintenance fee declined about 11.6%, equally CNY 100 million. 这个主要的原因是因为老机维修费用减少，这个检修可能安排上有调整。那么下半年老的机组维修费用减少了1.53亿，新的机组增加了3800万，大致是1500万。 For the old generation units, the maintenance declined CNY 153 million. For the newly capacity, the maintenance increased about CNY 38 million. For Tuas Power, it increased about CNY 15 million. 最后一个问题，你问的是人工成本。人工成本同期比较下降了4点几个。这个主要的原因，因为我们的薪酬是我们跟经营的业绩挂钩，因为去年发生亏损，所以这个薪酬自然就下了。 For the employment cost in the first half of this year, it declined around 4% because this level is linked to the operational performance. You know that in 2008, we had a loss. This is the reason for the decline. 好，谢谢周总回答这几个问题。方先生可以了吗？不好意思，想跟这个疑问再问一下。刚才你提到那个控股的电厂会亏损，那有没有一个预期，比如说下半年会不会有一个变动的情况，就不会再有亏损的情况。还有就是你刚才也提到那些旧的电厂有一个维护，有一个比较多的减少，就不知道有没有一个可以再仔细地讲一下，有什么原因呢？谢谢。 Also, I have a follow-up question. You have five controlling power plants that take the loss. What about the second half of this year? Also, the second is about the old generation units, the maintenance declined. What is the reason? 我先回答你第一个问题，关于这个控股的五家电厂亏损，下半年能不能有回转。这个呢，第一，因为我们是从来不做盈利预测，所以我没法告诉你具体的我们的预测的情况。那么第二个呢，我觉得这也是要根据下半年的电力市场和煤炭市场的情况来分析。好，谢谢陈总。谢谢鲍先生。好，谢谢。下一个提问是野村国际的李先生。Next question comes from Nomura International, Evan Li。关先生你好，想问一下，如果是公司还有五个电厂亏损的话，可以说一下在4月份、5月份、6月份分别有多少个电厂是亏损？如果可以的话，就分享一下他们的亏损的金额大概是多少。第二个问题想问一下，公司是不是还维持要到2010年把装机容量达到60GW的那个目标，这个目标觉得可能性还可以吗？第三个问题就是，公司会在考虑，比方说发A股，还是去收购煤炭资产的那一方面？三个问题，谢谢你。 I have three questions. The first one, you mentioned that you have five power plants going to take the floor in the first half of this year. I want to know, what about the power plant numbers and the specific amount for this power plant, specifically in March, April, and in May? The second one is, you have mentioned that in 2010, your capacity will be 60 GW. Is that possible right now? The third one is, do you have a plan to issue A shares to buyers from? 第一个问题还是请朱辉总经理去回答，第三个以后我给你做回答。好。我先回答你关于控股电厂亏损的情况，这五家电厂分别是平凉、骆驼、岳阳、宁边二、于涉。那么这五家电厂总的亏损额度是309。对于具体的每一家的亏损情况，我们为了方便关系，你下来以后再打电话，我们再具体告诉你。 The first one, the five power plants are Luohuang, Pingliang, the second is Yueyang, and 于涉 power plant. The total amount of the loss is CNY 309 million. Yes. This is the accurate profit. 你刚才问到2010年能不能达到6000万千瓦小时规模的这个事情，我们公司现在没有做变化，这是我们的一个目标。 Well, the capacity target in 2010 was not changed right now. 你刚才说到发A股，我们现在没有具体的情况。 For the issuing of A shares, there is no plan. 李先生，你有其他针对的问题吗？还有，有没有计划去收购那些煤炭公司？谢谢。 Is there any plan to acquire some mining assets? 这个工作我们一直没停止。你也知道，像你们搞分析研究的都知道，收购这个事情一厢情愿是做不到的，我们不会放弃任何机会。 We are keeping in touch with the suppliers to keep some investment on the coal mines. You know that this kind of negotiation is involved in both buyers, both layers in two parties. We are proactively take that kind of approach. 公司在这方面还是本着一贯的原则，我们要跟一些大的专业化的煤炭公司建立纽带关系，并不是我们自己去做煤矿。 Our principle is use some capital links with the big companies, not for ourselves to deploy the coal mines. 我们的目的是很明确，为了保障我们的资源供应，控制资源。 The purpose is that is to secure the source. 好。谢谢顾总。你先上车吧。谢谢你，谢谢。谢谢。下个提问者是国泰君安的王卫先生。Next question comes from 国泰君安，Mr. Wang Wei。王先生，有请。关云松，你们好。这边有三个小问题。第一个是我看到二季度的公司的财务费用比一季度出现了一个环比的明显的下降，希望能够对这个下降的原因做一些说明。第二个问题是想让公司介绍一下我们对几个重点合同煤的预估价的原则和方法，也就是怎么去做这个预估的价格。第三个是顺便介绍一下一、二季度的各自的标煤价格，就是综合标煤价格。 I have three questions. The first is, we see that in the second quarter, the financial fees declined against the first quarter. What is the reason? The second one is, what is your estimation for the first half year coal price for the key contract. The third one is, talk about your first quarter and the second quarter standard coal price. 好，还是请朱总给你做回答。我先回答你第一个问题，关于财务费用两个季度比较下降了将近三个亿。主要的原因是因为一季度我们的汇兑损失有一个CNY1.2亿，那么二季度出现的汇兑收益也是差不多有CNY1.2亿的水平。 For the financial fees, you see the decline about RMB 300 million. The first quarter, we have forex loss about RMB 120 million. The second quarter, we have forex gain about also about RMB 120 million. 第二个问题，关于煤价的估计情况。因为我们上半年的市场采购的价格是按照市场的价格来。那么重点合同是按照预估来的。刚才我已经回答了，在第一季度的时候，我们对重点合同是按各个矿2008年12月份的当时的水平来预估的。那么到了下半年，按照现有的情况，我们对下半年总体情况进行了一次预估，按照目前的双方确定的一个期货的价格来进行结算。 For the coal price, the port part is settled in usually according to the spot market price. For the key contracts in the first quarter, the contract price is estimated upon the price at the end of December of 2008. For the first half of this year, right now we mentioned that we made a whole evaluation of the whole market and the quarter on the coal price is estimated according to the both parties' pre-paid price. 手机上的提问是吧？标煤的。对。标煤单价。是上半年的标煤单价682.66。刚才我讲我们没有对二季度单独来预估，是对上半年总体的情况预估，预估的结果上半年682.66。 OK, no question. The standard coal price the first quarter is RMB 676.56, and for the first half of this year, the standard coal price is RMB 682.66, and we have no separate evaluation for the second quarter. 好，谢谢周总。王先生，可以了吗？好的，谢谢。好，谢谢你的参与。下一位提问者是渤海证券的崔建先生，崔先生有请。樊总您好，我想问一下，有一个问题就是咱们现在煤炭业务，现在的仓储一些情况能不能具体介绍一下，就是说各个仓储的公司的它的一个运转量，还有产能的一个情况。另外我对咱们的在建项目，还有获取的一些项目能不能给介绍一下？还有最后一个问题，就是咱们所得税之中，刚才说的是主要是由于抵扣去年亏损的一个原因，然后我看一年里头咱们有一个国产设备退税的问题，我不知道这个退税是否放到这个所得税里边抵扣了。就这些。谢谢。 I have three questions. The first one is about your investment. You talked about the capacity and the ratio of your coal assets. The second one is you talked about your construction, project new construction and expansion plans. The third one is you have talked about that the income tax deducted because of your loss of 2008. We also noticed that the state manufactured equipment will rebate the tax. What are the details? 好，第一个问题还是由林伟杰副总来回答。到目前为止，公司参与投资的煤矿项目只有两项：一项是跟山西的西山煤电集团合作的一个叫晋兴能源的斜沟矿；第二个是跟阳泉煤业集团的一个叫阳煤华能煤电有限公司。目前晋兴的斜沟矿一期预计在年底就能投产，目前已经正在试生产。初期的生产能力是500万吨每年。那么我们在这个项目上公司拥有的股权比例是10%。阳煤华能煤电投资公司的这个项目呢，它是在下一步根据地方的整合情况，逐步来参与煤炭整合的收购。目前已整合进来的有一个做煤矿，是70%的股权。这个煤矿预计在10年能够达到90万吨/年的产能。 For the coal mining investment, currently we have two parts. The first one is we have a joint venture with Shanxi Hu 能 Power, and this mine will be in line at the end of this year. The capacity will be 5 million tons per year. We have 10% equity in this company. The second one is the joint venture with Yangquan Electricity and Mines Company. For this project, we will see the process of the integration of the Shanxi province for the coal integration. Currently we have one coal mine integrated in this project. We have a 70% equity in this coal mine. By 2010, the capacity will be 900,000 tons per year. 目前阳煤华能煤电投资公司的业务在继续往前推进。已经正在谈的收购一个新的项目，准备要按照100%股权收购的新项目，也已经取得积极的进展。我们正加快跟阳煤公司一起，尽快地落实这个项目。 For the Yangquan Project, we are keeping going through the process for the integration. We have another 100% equity project into consideration. We are keeping progressively to the process of the project. 关于在建项目，我来给你做一个回答。那么现在我们公司的在建项目一共有8个，共611万千瓦。 For the project in construction, currently we have things totally about 6,110 MW. 这其中这8个在建项目，其中有2个风电，还有1个水电。 Among these eight projects, there are two wind projects and one hydro project. 大概就是这些情况。关于刚才退税，它属于那个国产设备，还是进口设备退税？关于税收这个问题，还是请朱副总裁来回答。关于国产设备退税，它不是在所得税底下来处理的。在中国制度下是作为递延收入，随着固定资产的折旧年限，是逐年摊销的。在国际制度下，是收到退税额，直接在当年的固定资产里头减掉的。 For the state manufactured equipment rebate is not stipulated in the income tax. It is stipulated in the deferred income in PRC accounting standard. In the International Financial Reporting Standards, it is deducted annually. 好，谢谢张伟老总。崔先生可以吗？好的，谢谢。 [Foreign language] The next question comes from Deutsche Bank, Mr. Michael Tang. Mr. Tang, please. 你好，我有这么几个问题。第一个问题是，刚才一直说到煤价，公司认为下半年会在某些地区会出现波动，能不能进一步解释一下，在公司所在的这个电厂区域，哪些区域的波动性的可能性比较大一点？第二个问题是，刚才给的标煤单价能不能给一下，跟市场和合同的两种价格分别给出来，其中合同里面对你们神华的预付的价格是按以什么价格的标准，上半年。第三个问题，我看到有关公司石洞口电厂准备安装碳捕获措施的消息，我想问一下，这部分新增的成本是将来谁承担？是由政府补贴还是由公司自己承担？谢谢。石洞口。 I have three questions. The first one is about the coal price. You say that in the second half of this year, the coal market will have some fluctuations. Could you talk about which regions of your company will undertake this kind of fluctuation? The second one is, please talk about the standard coal price separately for the spots and the contracts. Also, what is the prepaid price to the Shenhua Company? The third one is about the carbon capture technology. Could you talk about this, does this increase your cost? 好，第一个问题请林伟杰副总经理回答，第二个问题请周飞副总经理回答，第三个问题我来回答。目前关于煤炭的价格，总体供需的基本平衡，价格在国内预期不会有大的变动。但是，一部分的波动是季节和区域的发电有一定的关系，那么局部波动会比较多的地区主要是华中地区和山西地区。因为这两个地区有这么一个特点，就是华中地区的水电很大，水电大小对地方的电力市场的变化比较大，导致这个地方对火电的波动比较大。所以电煤的需求也比较大，这是一个可能会波动的地方，因为电煤需求变化引起的价格上也会连着有一定的波动。 For the coal price, we can see that the supply and demand keep in balance right now, and will not fluctuate in the recent period. There will be some fluctuations seasonally and regionally. For Central China and Shanxi Province, the fluctuation will be a little bit larger, because in Central China, there is a large percentage of hydropower generation. This will impact the coal price patterns. 好，说完了。关于煤的价格，合同价上半年含税的是CNY 512.63，市场的价格是CNY 539。 For the contract price, it is CNY 512.53. For the spot price, it is CNY 539. 还有关于石洞口的。第三个问题，关于石洞口，这个跟我们华能国际没有关系，是华能集团做的一个项目。 As for the- 碳捕捉。 As for the Shidongkou power plant for the carbon capture technology, this is not our business. This is sponsored by the Huaneng Group. 唐先生，还有针对的问题吗？我的理解石洞口是上市公司的电厂。是石洞口地区。它在石洞口地区做了这么一个碳捕捉的项目，并不是说我们厂里去投资，去干的事情。 Shidongkou is not for the power plant. OK，好，唐先生可以吗？唐先生？可以，可以。好，谢谢你。谢谢刘尚羽。下一个提问者是来自麦格理的Carol Cao小姐，我相信。Macquarie, Miss. Carol Cao。对，刚才的问题我已经得到回答了，所以谢谢管理层。好，谢谢你，谢谢你。你没有其他问题了吗？没有了，谢谢。好好好。我们可以下个提问了。下一个提问是招商证券的彭先生，彭泉当先生。彭先生，有请。各位管理层，你们好，我想请教一下，现在我看西北，像酒泉那边已经在搞1000万千瓦这种风电基地了，那现在公司对这种风电的开发态度怎么样？是不是会积极参与这种？然后政策上是不是有些什么积极的变化？另外还有一个，就是现在太阳能好像成本下降得也很快，公司对这个怎么看？以后会不会在这方面加大投入？就这两个问题，谢谢。 The first one is, we have noticed that in the Western part of China, that in Jiuquan, right now, there is going a 1,000 MW wind power plant. What is your attitude towards this project? Will you participate in this? What will be the future policies? The second one is, we can see that the cost for solar power is decreasing. Do you have a plan to invest in this area? 关于风电，我们公司基本的一个策略是还是要积极参与的。刚才我在说到在线工程的时候，我们已经有两个风电项目正在建设。 Our basic principle for this is to actively participate in this area. Just as I said, right now, we have two wind power projects under construction. 就是在今后，如果有合适的项目，在合适的地区，我们还要积极地推动风电的发展。 If in the future there is an appropriate project, we will follow up the investment. 刚才你提到的酒泉，我们在那个地方就有项目。 Then we have some projects in that area. 关于你说的第二个太阳能，我们现在只是在密切关注。虽然成本下降得快，但是给我们的感觉是，能建太阳能的地方都是经济比较欠发达的地区。这是一个方面。另外一个方面，我们的实际控制人华能集团在做这个事情，我们也会密切关注。 For the solar power area, we are keeping our eyes on this area. For the cost decrease, you said that it decreased a lot because all of these are constructed in the undeveloped regions in China. Our parent company, Huaneng Group, currently is doing such studies, and we will keep a close eye on this area. 这两个方面的项目，跟国家的政策是有密切的关系的。比如说风电，现在国家又出台了一些新的东西，比如说自备地区，这就是个进步。但是对太阳能，现在我们还没有看到一个很明确的、比较有力的鼓励的措施出台。 These two areas are closely linked to the government policy. For wind power, we can see that recently the government released a kind of announcement, specifically talking about the different regions will adopt different terms. But for solar power, there is no such kind of encouraging announcement. 彭先生，你还有跟进的问题吗？没了，谢谢。好，谢谢彭先生。下一个提问者是中信证券的吴飞先生。中信证券的吴。吴先生，有请。喂？各位观众大家好，我有两个问题，一个是关于煤炭的，刚才我们也提到了，我们目前也加大了对煤炭的投资力度，但这个感觉还是和我们在2008年报里提出的，2010年我们的可控能力达到5000万吨每年，还是有比较大的差距。想问一下，公司后续有没有一些具体的措施，包括规划？另外进一步来讲，我们公司对于我们未来可控煤炭，在我们每年消耗量这个比例有没有一个大体的一个目标？第二个问题还是关于目前煤炭价格，我们看到上半年公司的标煤价