Earnings Call: Q3 2009

Oct 21, 2009

Earnings release

Day 7 conference on the company's 2009 third quarterly results. I'm Raymond Steele from RightSquare in London, and I'll be your moderator for this conference. 我首先代表华能国际电力股份有限公司，感谢大家参加今天有关公司2009年三季度业绩的电话会议。我是委思委达企业全新的谢伟明，为大家主持今天的会议。 We are very pleased to have a number of senior management members of the company joining us today. Let me introduce them one by one to you. 今天我们很高兴华能国际好几位领导跟我们在一起。我先介绍他们一下：Vice President Mr. Lin Weijie，副总经理林伟杰先生，林总你好。你好，大家好。 Chief Accountant Ms. 周慧，总会计师周慧女士，周总你好。你好，大家好。 And we also have representatives from the Planning Department, the Production Department, the Marketing and Sales Department, the Fuel Department, the Finance Department, the Tuas Power Beijing office, and the Capital Market Department. 我们还有公司好几个部门：计划部、生产部、营销部、燃料部、财务部、大士办及证券部的负责人参加这次会议。我们还很谢谢公司的翻译周先生为大家服务。 In a minute, we will first have Vice President Mr. Lin Weijie to walk you through the third quarterly results, then it will be the Q&A session for all of us to raise questions. 等一下的副总经理林伟杰先生先跟大家总会上季度的情况，然后我们欢迎大家提问。 Now I would like to call upon Mr. Lin. 现在我就有请林总。大家好。女士们，先生们，大家好。欢迎大家参加华能国际2009年前三季度业绩的电话会议。公司的前三季度业绩已经公布，今天通过电话会议希望能与境内外的投资者和分析师就公司2009年前三季度经营情况和今后业务发展进行交流。 Ladies and gentlemen, good afternoon. Welcome to the telephone conference call. The first three quarters results of 2009 of the company have been released last night. Today we're going to talk with you around the results and also the business development in the future. 按照中国会计准则计算，2009年前三季度公司及其子公司的合并营业收入为人民币566.78亿元，比上年同期增长6.46%。归属于本公司股东的净利润为人民币41.31亿元，每股盈利为人民币0.34元。 Under the PRC accounting standards for the first three quarters of 2009, the company and its subsidiaries realized consolidated operating revenue of RMB 56.678 billion, an increase of 6.46% over the same period of last year. The profit attributable to equity holders of the company was RMB 4.131 billion, and the EPS was RMB 0.34. 公司净利润的增长主要原因是新机的投产和2008年下半年电价调整的翘尾影响，使得营业收入增加。同时，市场采购的燃料价格有所回落，使得燃料成本下降。 The profit increase was mainly due to the revenue increase upon the newly added capacity, carried over the effect of tariff adjustments in China in the second half of 2008, combined with a decrease in fuel costs resulted from a decrease in spot coal prices. 前三季度公司在收购和开发方面也取得一定的进展。公司完成了天津杨柳青热电厂、北京热电厂、启东风电的收购，并已经支付了对价。公司全资拥有的海门电厂一号机组也投入了商业运行，公司可控装机容量共增加了3173兆瓦，全域装机容量增加了2102兆瓦。 In the first three quarters of this year, the company made certain progress in both acquisitions and development. The company has completed the acquisitions of Tianjin Huaneng Yangliuqing Co-Generation, Huaneng Beijing Co-generation, and Huaneng Qidong Wind Power Generation Company, and also has fully paid the considerations. Also, the number one generating unit of our wholly owned Haimen Power Plant has commenced commercial operation. The company's controlling generation capacity and equity-based generation capacity were then increased by 3,173 megawatts and 2,102 megawatts respectively. 另外，济宁电厂的四号机组110兆瓦，淮阴电厂的二号机组220兆瓦已经关停。目前公司在中国境内全资拥有18家营运的电厂，控股了16家营运的电力公司及参股了5家运营的电力公司。公司电厂广泛分布在中国12个省份和4个直辖市。公司在新加坡全资拥有1家营运的电力公司。公司的可控发电装机容量已经达到43,782兆瓦，全域发电装机容量达到40,975兆瓦。 In addition, the number four generating unit with capacity of 110 megawatts at Jining Power Plant and the number two generating unit with capacity of 220 megawatts at Huaiyin Power Plant ceased operation. Currently, the company wholly owns 18 operating power plants and has controlling interests in 16 operating power plants and a minority interest in 5 operating power companies within China. Such power plants are located in 12 provinces and 4 provincial-level municipalities in China. The company also has a wholly owned generation company in Singapore. Up to now, the company has controlled generation capacity of 43,782 megawatts and equity-based generation capacity of 40,975 megawatts. 进入今年四季度，公司管理层将继续把握机遇，克服困难，努力完成今年的生产经营任务。 In the fourth quarter, the management will continue to take opportunities and overcome difficulties to reach the whole year's operational targets. 下面的时间我和周总会我们跟有关部门的同事们愿意回答各位提出的问题。谢谢大家。 Next, we come to the Q&A section, and we'll gladly answer your questions. Thank you. 好，谢谢林总的介绍。 Mr. Lin, thank you for your time. Now it's time for questions. If you would like to ask a question, please push one on your telephone pad, and you may also push star and zero for operator assistance. 现在是大家提问的时间。要提问的话，请在你的电话机上按1。如果需要电话公司协助的话，请按星加0。按1是提问，星加0是需要协助。我们等一等啊，第一个问题马上就来。第一个提问是来自国泰君安的王先生。王先生有请。你好，可以听见吗？听得见，听得见。你讲。我想希望管理层能给我们介绍一下公司三季度的沿海的电厂和内陆地区的电厂各自的这种盈利情况，包括亏损面，还有亏损的这个幅度。 I want the company to make the introduction about how the coastal power plants and also the inland power plants, the operational results for the first three quarters. 好，下面请周总来回答你的这个问题。这个沿海电厂，我还是按区域来说吧，按个的也太多了。从三季度的情况来看呢，我们这个亏损的电厂呢，还有11家。那么这个全域的亏损金额呢，是RMB 6.8亿。 In the first three quarters, I will give you the regional figures about that. The power plants with loss about 11 power plants with the amount of RMB 680 million. 东北地区的电厂呢，这个前三季度是盈利2亿4千5。华北地区呢，是亏损1亿1千2。 For the northeastern region of our company, they make a profit of RMB 245 million. For the northern part of the company, we have made a loss of about RMB 112 million. 华东是盈利2亿8千7，华东是盈利28亿7千4。 For Shandong province, the profit is RMB 287 million, and for the eastern part of our company, the profit was RMB 2.874 billion. 华东地区是盈利3千万，这个广东是盈利5亿1千5。 For the central part of our company, the profit was RMB 30 million, and for the Guangdong province, the profit was RMB 515 million. 西北平凉是亏损2亿2千5。 For the Pingliang Power Plant in the western part of China, it makes a loss of about RMB225 million. 好，谢谢周总。谢谢周总。王先生你有其他提问吗？你好，那个刚才有一个数字没太听清楚啊，就是刚才周总说华东是盈利28.74亿，然后后面又说了一个华东盈利3千万，这个是不是听错了？华东，华东。华东、华中3千万是吧？华中。好的好的。 OK。还有一个小问题，看看是不是公司能给回答一下，就是前几天那个第一家直供电试点里面有一个华能是我们集团公司的那个伊敏电厂，能不能给我们介绍一下这个直供电试点的那个情况，还有伊敏电厂之前向东北地区送电的那个电价情况。可以。 OK. Also, I have another question about the direct electricity purchase in the northeastern part of China, that the China Huaneng Group has power plants for Yimin Power Plants make the transactions with some factories. So could you please make the simple introduction about that? 关于这个问题，这是昨天国家发改委、国家电监会联合批准了这个大用户直供的第一个试点，就是由伊敏向这个辽宁的抚顺铝业进行这个直供电的方案。那么伊敏电厂是华能集团公司的电厂，这个目前的交易方案已经批准出来，在外面已经公布了。所以，这个可以到外面去看这个公布的数据。 OK. Just yesterday, the NDRC and the State Electricity Regulatory Commission have approved the pilot for the Yimin Power Plant and the Fushun Aluminum Company with the direct electricity purchase. And the detail of the plan and the announcement has been released, so the data can be available in this announcement. OK，王先生还没有其他的更新问题。没有问题了，谢谢。好，谢谢你，谢谢你参与。 The next question comes from Mr. Wu of CITIC Securities. 下个提问是中信证券的吴飞先生。您先说一下。可以，能听见吗？听得见，听得见。你说，你说。各位管理层大家好。首先祝贺管理层公司取得这么好的一个经营业绩，然后想问两个问题，一个是关于煤价的，就是能否介绍一下我们前三季度的综合标煤的均价，以及一、二、三季度各季的煤炭价格情况。另外就是说我们在去年的年报里面提出的这个6千万的装机目标，包括昨天也公布了我们要参股石岛湾的核电，能否就如何实现这6千万的目标做一些详细的说明，包括能否介绍一下石岛湾核电的一些具体情况。谢谢。好，下面请。 We can say that the company has made a very good result. Could you please make an introduction to the coal price, especially for the first three quarters, the standard coal price for the first three quarters and the separate quarters respectively. Also, the second question is about your capacity target of 60,000 megawatts in 2010 and also the joint venture with your related parties about the Shidaowan nuclear companies. Could you make a brief introduction to that? 好，下面呢第一个问题关于前三季度的标煤单价的情况，请这个周总回答你的问题。这个前三季度呢标煤单价是663块3毛3。那么这个这是一个平均数，其中第一季度是676块5毛6，第二季度是688块4毛7，第三季度是651块6毛2。 For the first three quarters, the average standard coal price is RMB663.33 per ton. For the first quarter, this figure is RMB676.56. For the second quarter, it is RMB688.47. For the third quarter, it is RMB651.62. 好，第二个问题关于去年提到的这个6千万装机在2010年作为一个目标要实现的这个问题呢，从去年以来呢公司一直按照这个目标继续在努力，像今年也有大量的这个机组在增加。这个公司呢还是按照这个目标在继续沿着在结构调整的基础上来努力达到这个目标。关于石岛湾的参股问题呢，今年也是公司这个作为调整公司的这个产业结构的一个方面，公司已经这个跟集团内部的这个资产进行这个跟集团联合起来再来投资这个项目，已经在前几天在发布了公告。 As for the capacity target for 2010, we are always striving to reach this target. Also, in this year, we have some newly added capacity. And we believe that on the basis of the structural adjustment, we will get that target. For the joint venture with the related parties such as Huaneng Group and HIPDC, we are going to make the combination with these two companies and to realize the structural adjustment. Also, the details have been released yesterday. 好，吴先生你还有没有其他的提问？我就想最后两个问题，就一个是从刚才那个周总那边说的话，就发现我们三季度的煤价在下降，能否解释一下原因。然后另外就是说从昨天公布的这个石岛湾的情况来看的话，整个总投资大概是约是50个亿，这个可能感觉和这个四台AP1000那个总投资有点对不上，是不是意味着我们这个石岛湾核电仅仅是作为这个四台AP1000的其中的一个股东来投资。谢谢。我先来解释你的第一个问题。关于这个煤价下降的问题呢，事实上呢是因为你知道我们这个在二季度的时候，这个重点合同都还没有签订，那么这个价格呢是一个估算的价格。那么到三季度的时候呢，现在基本的重点合同都已经签订完了，所以这是一个实际结算的价格。 For the reason of the decrease of the coal price, in the second quarter we have not signed any kind of contract, but in the third quarter we have signed. So this price is actually a settled price. 这个关于石岛湾的这个投资问题呢是这样的，就是整个公司目前的注册的资本金呢是按照10个亿来计算的。那么我们呢是按照我们的投资占30%来拥有这个公司的股权，目前呢测算出来就是50亿的这个资金啊，就是30%对应50亿，所以目前呢按照这样一个安排来进行的。 The joint venture's registered capital was RMB 1 billion. Our equity interest in this company is 30%. Accordingly, the calculation about the total investment will be RMB 5 billion. 就是补充一下，这个是一个项目的注册资金用了10个亿。 In addition, the registered capital for this project is RMB 1 billion. 但是呢这个项目的总投资目前还没有最终确定，需要在下一步的进一步论证，完成了试剂以后才能够确定。 The total investment for this project is not certain. This will be available after the completion of the study and the design. 好，吴先生可以了吗？可以了，谢谢。谢谢，谢谢。The next question comes from Mr. Pia Lao from Citigroup. 下个提问是花旗的刘先生。管理层你们好，我是刘显达，华兴银行的。我有两个问题。第一个问题是我想知道我们那些营运支出的breakdown，比如说第三季度来讲呢，我们营运支出是9,152,000万，那里头那个原料啊、维修、折旧、人工等等，大概每一个项目是多少？还有9个月1,529,500万，那个营运支出也是分为每一个项目是多少？这个是第一个问题。第二个问题是我想知道第三季度我们那个资本化的利息支出有多少？还有前9个月的数据又是多少？谢谢。你好，请重复一下第二个问题好吗？第二个问题是想知道那个资本化的利息在第三季度还有前9个月分别是多少。 I have two questions. The first one is could you please make an introduction to the breakdown of your expenditures, such as the depreciation and also the maintenance, etc. The second one is that could you please make an introduction to the capitalized interest expenditures in the first three quarters and also in the third quarter? 这两个问题请周总来回答你的这个问题。刚才我听着他是要前三季度的还是要第三季度的？两个我都希望要。都要。这样吧，我告诉你一个前三季度的这个成本的分项，然后你再对着这个二中期的报表你就出来第三季度，好吧？明白。这个维修是129,300，这个折旧676,400，人工成本是171,080，其他费用是46,400。 OK. First I give you the first nine months the figure, the breakdown of the expenditures. Then you can compare to the mid-term results. Then you can get the third quarter's figure. For the maintenance, it is RMB 1.293 billion. And the depreciation. Depreciation is RMB 6.764 billion. And for the compensation and welfare expenditures, it is RMB 1.708 billion. And other expenditures is RMB 4.64 billion. 那原料是多少啊？什么？原料是多少啊？燃料，燃料成本。燃料是328.77。 The fuel cost is RMB 33.877 billion. 资本化利息？资本化利息是8.07亿。 1到9月。 1到9月8.07亿。 For the first three quarters, the capitalized interest expenditures is RMB 807 million. 2009年是5.54亿。 For the first half, this figure is RMB 554 million. 好，谢谢管理层。好，谢谢刘先生，谢谢李川宇。 The next question comes from BOCI, Mr. Peter Yao. 下个提问是中银国际的姚先生。管理层你们好，我想问两个问题。第一个比较简单，就是能否介绍一下三季度的这个单位燃料成本的情况。那第二个问题就是我们现在关注到新闻上说就是那个沿海某些电厂的上网电价有所下调，那我想知道一下我们公司最近有没有遇到这样的情况，还有哪些电厂以及下调的幅度各是多少。谢谢。 I have two questions. The first is could you please introduce the unit fuel cost of the first three quarters? The second is that there was a release that said that the coastal power plants, the tariffs will be cut. And could you please talk about the company's situation? 前三季度的单位燃料成本是每千千瓦时214块3毛7，跟去年同期比较下降了13.88%。 For the first three quarters, our unit fuel cost was RMB214.37 per megawatt, decreased 13.889%. 关于沿海电厂上网电价这个问题呢，据我们了解，目前部分地方政府的物价管理部门正在对这个电价调整的方案正在进行测算。那么各地的电价调整情况呢，可能会有所不同。那么具体的调价的方案现在还没有出台，所以呢我们也正在密切的跟踪进展情况。 For the tariff cut, we have heard in the news release that currently the details of the plan was calculated by the different local government and the plan for the different region is different. So currently there is no exact plan to be available. 姚先生你有其他的提问吗？姚先生？好的，谢谢。好，谢谢你啊，谢谢李川宇。The next question comes from Mr. David Pyle of UBS. 下个提问是瑞银证券的鲍先生。鲍先生有请。对，你好。想请问一下你们那个单位燃料成本，就是你们对于那个四季度有怎样的一个展望，然后想请问可不可以就介绍一下你们的煤炭，那个你们说那些主要的一些合同都已经签订的价格，那我想请问一下签订的价格是多少，然后签订的情况比如说占的比例占的是多少，然后那个合同的兑现率三季度还有一到三季度总的那个情况是怎样？ I have two questions. The first is do you make the forecast about the unit fuel cost in the fourth quarter? And the second is you said that your coal contract has been signed, so could you please introduce the contract ratio and also the contract honor rate for the first three quarters? 关于四季度的单位燃料成本呢，我们觉得可能会比第三季度这个数字呢有所提高，因为刚才我解释了这个我们上半年的时候呢重点合同有点高估，那么三季度的时候呢这个是一个这个实际上是余额的结算数，有差额的结算数。那么总体来说呢会维持在我们这个前两次这个业绩公告时候所做的预测，就全年的单位成本大概跟08年相比呢是这个下降10%这么一个水平，这个数字我们并没有这个预测数并没有改变。 Because we have overestimated the coal contract price for the first half, in the third quarter we made some correction in the contract coal price. Overall in the whole year's forecast we have not changed the original forecast about 10% decrease against that of last year. 这个重点合同呢，我们目前已经基本上都已经签订完毕，那么这个加上我们新收购的北京热电厂和杨柳青电厂的话，全年的煤炭需求量呢是9,100万吨，目前签订的重点合同是4,783万吨，所以重点合同呢是在53%。那么估计呢这个兑现率呢，这个还是维持在80%至85%左右。 For the contract coal, we have basically finished signing the contracts, and combined with the newly acquired Beijing and Tianjin co-generation plants, totally for 2009 we will assume that the consumption of coal is about 91 million tons, and among these about 47.83 million tons was signed by contract. This is about 53% of the total coal consumption, and the honor rate is about 85%. 各矿的平均价格呢在466块钱一吨，那么去年年初我们公告过382块钱一吨，所以呢这个跟去年相比，跟去年年初相比呢每吨增加84块钱。 The average contract price is RMB466 per ton, and this is an increase of about RMB84 per ton against the RMB382 in the last year. 请问你们当时预估的那个价格是多少？就是跟你们最后落实的那个平均的价格的价差有没有一个大概的讲法呢？ How about the difference between the estimated price and the real settled price? 这个从我刚才给大家的这个标煤单价里头你们实际上就可以比较出来，因为我们有单个的这个煤矿的一个一个比较。还有一个更近的问题，刚才你说那个兑现率85%，那个是不是就是说有没有一个改善的趋势呢？就是是不是比以前要高呢？基本上都差不多。好的。往年也是差不多这个85%的一个水平，80%到85%。好，鲍先生可以了吗？还有最后一个问题，请问你们那个平均的利率现在是多少呢？头三个季度平均，就是跟去年。 4.72%。 4.72%。然后去年头三个季度的比较有没有一个大概的数呢？请问。去年前三季度应该是在5点多，我找一下。 The average interest for the company for the first three quarters is 4.72. 这个5.6。好的，请问完了。好，谢谢。好，谢谢鲍先生。The next question comes from JP Morgan's Mr. Edmund Lee. 下个提问是摩根大通的李先生。管理层你们好。这次有一些更新的问题，其中第一是关于刚才提供的营运成本里头的各个的那个数据。首先那个燃料成本的刚才其实想先确定一下是否338.77，那其中新加坡的有多少？还有就是维修跟折旧人工也是，是想问一下那个来自新加坡的那边的有关的那个成本相对是多少？这个是第一问题。第二问题就是具体的想了解一下关于三个电厂的在第三季度的净利润的贡献，包括新收购的北京电厂、天津杨柳青的电厂，还有最后就是玉环这个电厂各个的净利润的贡献。谢谢。 I have two questions. The first is right now you mentioned the breakdown of your expenditures. Could you please introduce how about the Tuas Power in terms of the fuel cost, maintenance, and depreciation, and also the compensation and welfare expenditures? The second one is could you please introduce about the profit contribution made by the Beijing co-generation, Tianjin co-generation, and the Yuhuan power plant respectively? 首先我更正一下，刚才我讲的这个燃料成本总数不是338.77，是328.77。 Make the correction that the fuel cost we just mentioned is RMB32.877 billion. 这个大士的燃料是33.95亿。 Among these, about RMB 3.395 billion for Tuas Power. 大数的折旧是3亿2,900。 For the depreciation, it is RMB 329 million for Tuas Power. 其他业务支出大数占了25亿4,200。 The others expenditures is RMB 2.542 billion for Tuas Power. 关于北京和杨柳青的这个贡献呢，因为今年杨柳青的这个供应的煤呢，原来是这个重点合同的煤量比较多，那么因为重点合同刚才我介绍了涨了84块钱一吨，所以杨柳青呢这个前三季度呢出现了亏损，这个全溢亏损是6,200万。北京电厂呢全溢的利润是4,300万。玉环电厂这个前三季度是12亿9。 Especially I mentioned the Tianjin Co-generation because of in this power plant the key contract has a larger percentage in the total coal consumption. So the increase in the coal contract price made it loss about RMB 62 million for the first three quarters. For Beijing Co-generation we have profit about RMB 43 million. For Yuhuan power plant in the first three quarters it has achieved about RMB 1.29 billion. 还有最后一个跟进的，新加坡的利润贡献有多少？比前三季度5亿3 RMB。 For the Tuas Power, it has achieved a profit about RMB530 million. 谢谢，谢谢。好，谢谢你，谢谢你，李先生。The next question comes from BNP Paribas's Ms. Daisy Zhang. 下个提问是法国巴黎证券的张小姐。那个管理层你们好，我想问一下一到三季度那个有多少 percentage 就是来自那个合同煤，合同煤价值多少，然后那个多少 percentage 来自市场煤，市场煤的那个标煤代价又是多少？谢谢。 Could we talk about the contract price and the amount, also the spot coal price and its also the structure of the contract and the spot market spot coal? 这个一到三季度呢，这个一到9月份呢，这个有57%的煤量来自于重点合同，价格是497块7毛3。 For the first nine months the contract amounted about 57% and the average contract coal price is RMB497.73 per ton. 那么这个国内市场采购占了30%，价格是538块8毛5。 538.15。 538块1毛5。 OK. For the domestic spot market purchase, it is amounted 30% of the total coal consumption and the average price is RMB538.15 per ton. 有13%是进口来的，价格呢比这个我们市场采购价低，这个60到70块钱一吨。 Also, the other 13% comes from imported coal, the price for which is about RMB 60 to 70 per ton lower than the domestic price. 所以前三季度这个原煤的价格呢是515块2毛3。 The average price for the coal is RMB 515.23 per ton. 好，张小姐还有其他的提问吗？没有，谢谢。好，谢谢你，谢谢你。Then we have Mr. Michael Tong from Deutsche Bank. 下个提问是德意志银行的汤先生。哎，管理层你们好，我有三个问题。第一个问题是你们一到九月份你们华能集团的盈利大概多少？第二个就是说你们这次关掉的这个小机组，你们这个账务处理是怎么做的？就是它的一些资产的一些原值是挂账了还是说直接核销掉了？第三个就是刚才周总讲的这个全年的煤价是在10%左右的下降，我想问一下这个10%是一个大的概念还是比较靠近10%？因为如果按照你一到九月份的煤价的话是下降了13.9%，那全年如果下降10%的话，就意味着第四季度煤价要比前三个季度要高得多。想请您澄清一下。 I have three questions. The first is how about the profit for the Huaneng Group for the first nine months? The second is how do you deal with the shut-down small units in the accounting principles? The third one is you mentioned the 10% decrease of your average coal cost for this whole year, and we have seen that the first three quarters you have achieved about 13.9% decrease. In this way, in the fourth quarter the coal cost will have a bigger increase. 关于这个单位燃料成本的问题，我刚才讲了我们年初预测是跟08年相比下降10%。那我们现在没有对这个数字进行调整，因为公司一般我们是不太对外进行盈利预测。所以就是说这个并不意味着第四季度这个水平就一定要高于前三个季度。我们对于公司来说我们会尽力控制，但是我们对于这个10%的数据不做重新进行调整。这是我想说明的一点。另一个就是目前市场的实际情况，由于小煤窑的整顿，产能受到一定的影响。从目前来看，确实市场供应的煤炭价格比上个月有所提高，大概十几块钱。 For the 10% decrease for the whole year's forecast, we have not changed and we are not going to change. That does not mean that we will not undertake that the fourth quarter's coal price will be higher than the fifth quarter's price. We will try to control the price increase. Also there are some kind of fluctuations in the small coal mines that will influence the coal production, so that will be reflected in the coal price in the spot market. In the recent months that will be about more than ¥10 increase per ton. 关于小机组的账务处理的事情，我想请我们的会计处处长给你做个回答。小机组这个会计处理问题，我们公司的小机组不是太多。最近两年后来是江苏淮阴有一台小机组关停，然后后来是山东济宁有两台小机组关停。 For the small unit shutdown, because we don't have lots of small units in our company, recently we only have in Jiangsu Huaiyin Power Plant and also in Shandong Jining Power Plant shut some small units. 那么在会计上，是在关停和在处置、处置或者是拆除或者是转让之前，是做减值测试。那么淮阴，我们去年年底做减值测试的时候，商誉当时是从地方其他投资者手里边收购的，有产生的商誉。那么商誉我们是核销掉了，大概是一亿多一点。那么它的资产这一块的话，我们当时测算了一下，考虑它处置的这个收益和政府有可能的补偿，那么是没有损失，所以账上是没有减值的。 About the way of the accounting for these small units, before the dealing with these small units, there will be an impairment test. For the Huaiyin Power Plant, the goodwill was consolidated about more than RMB100 million. In terms of the assets dealing, because there is no income and loss, we are not giving the impairment. 山东济宁电厂的小机组关停的情况，会计处理的情况，因为它的账面上的净值很少，只有几千万的数量级。我们做了一个减值测试，如果考虑到这些它的处置收益的话，应该说是可能有点损失，可能不会太大。所以今年这个季度的时候没有做减值。 For the small units in Jining Power Plant, because the net assets was relatively small, so after the impairment test, they undertake some small loss, so we don't have the impairment. Mr. Tong, is that okay? 我还有一个刚才说的问题，就是关于集团一到九月份的盈利。还有我想跟进一个问题，现在公司最新的电厂的平均存煤天数是多少？关于这个其他公司的盈利呢，最好你还是去问其他公司，他们自己来回答比较好。这个存煤呢，我们目前是22天。 For the profit of Huaneng Group you can come to Huaneng Group and for our inventories the average currently the average inventory day is about 22. It's okay, Mr. Tong. 谢谢。好，谢谢你。 OK. Next question comes from Shenyin Wanguo. Mr. Yi, Yi先生，申银万国的。喂？对，是于先生吗？哎，请你。好，请你发问。我想请问几个问题，一个就是说那个跟进的刚才一个问题呢，提到存煤天数有22天，可不可以介绍一下咱们不同区域的电厂平均的一个存煤天数大概是多久？这是一个。第二个我想了解一下就是咱们那个一到九月份的一个投资收益啊，能不能分解一下，就是包括那个四川水电啊，华能财务啊，各占多少？最后一个呢，就是说我想了解一下咱们整个一个前三季度啊，就是抵扣的这个递延税这块的一个情况是怎么样？谢谢啊。 I have three questions. The first one is you mentioned that you have 22 days inventory. How about the different regions for that? The second is please introduce the investment gains for the first nine months. And the third is to talk about the deferred tax in the first three quarters. 目前呢，这个关于存煤的情况呢，公司整体的存煤比较均匀。那么22天呢，最低的天数有12天，最高的也就二十五六天，大概是这个范围内。 For the inventories in different regions, the inventory days amounted to 12 to 26 days. 关于这个投资收益分解呢，这个深能集团，这个深能源，深能集团和深能股份加起来，也就深能源是4亿4千7百万。 For the investment gain for Shenzhen Energy, the gain was RMB447 million. 就是到1,300万。 For Rizhao is RMB13 million. 华能财务公司6,600万，四川水电1亿1,700万。 For Huaneng Finance Company it is RMB 66 million and for Sichuan Hydropower it is RMB 117 million. 长江电力3,700万。 For Yangtze Power Company it is RMB 37 million. 关于递延税项抵扣的是呢，去年我们一共是29亿多，将近30亿。那么到一到三个季度呢，这个全资电厂已经抵扣完了16亿8千4。那么现在呢，还有一些这个控股的电厂，这个将近14亿吧，还是是一个。 For the deferred tax, the total is about 2.9 to 3 billion RMB. For the first three quarters there were deducted totally about RMB 1.684 billion. Also the remainder for the controlled power plant is about RMB 1.4 billion. 于先生还有其他的提问吗？好，没了。好，谢谢你。下个提问来自新加坡。The next question comes from Mr. Gary Tang of Oaktree Capital Singapore. Mr. Tang, please. 哦，谢谢，谢谢管理层。管理层想向你们请教一下，就是你们对于明年的那个煤价，你们有开始谈了没有？还是有什么小合同，有没有签订比较区域性的小合同？ My question is how about the coal price in next year? Do you sign any kind of this contract? 关于明年煤炭定价格的事情呢，目前政府还没有出面来组织开煤炭订货的这么一个信号，现在没说。 Currently there is no sign of the government to hold such kind of coal contract negotiation convened. 公司目前已经做了一些准备的工作，对需求做了一些预测。 Currently the company has made some preparations to make some calculation of the forecast of the coal consumption in next year. 目前也正在积极地跟这个煤矿方面供应方在做一些沟通。 Currently we are also communicating with our suppliers. 没有了。 Yes, Mr. Tang, 你有其他提问吗？是想问一下，你觉得明年的，就是现在你看煤价的情况，你觉得你们会像今年这样就是比较延迟一点签你们的合同，还是你们觉得要尽早签订，就是对你们那个盈利就是会比较明朗一点。 Do you mean that the contract coal contract in next year will be signed like this year, will it be delayed, or will you want the contract coal signed as soon as possible so that the profit will be clear for next year? 我们认为呢，应该是尽早签订有利于双方对明年工作的安排。 We believe that the contract should be signed as soon as possible. That will be beneficial for both parties. 但是呢，目前对于未来的这个价格怎么样安排和这个整个的供应结构怎么样安排，还需要做进一步的工作和商谈。 As for the price and the structure, it will be negotiated by both parties. 好，谢谢。好，谢谢你，Mr. Tang。下个提问是瑞银证券另位同事彭先生。Mr. Peng Yixiao? 管理层你们好。好，对不起。有一个问题是想问一下北京热电和那个杨柳青电厂以及启东风电，他们是从什么时候开始会计并表？然后国际会计准则和中国内地的会计准则有没有什么不同？就这个问题。 I have a question: when will the Beijing Co-generation, Tianjin Yangliuqing Co-generation, and the Qidong wind power be consolidated into your account, and does it make a difference between the international financial standards and the China accounting standards? 你刚才提到这三个收购都在中国的会计准则下属于同一控制下的收购，因为都是从集团公司的这个成员公司或者从集团公司收购的。 For the three power plants, these all belong to the acquisition under the same related rule. 那么它的利润表呢，是从这个1月1号，从这个期初就开始合并，同时要调整这个去年同期数字。 These three power plants will be consolidated starting from January and the corresponding figures will be adjusted. 从目前来看的话，国际准则现在尤其这一块同一控制下收购的话，财政部和这个国际会计准则我现在正在谈。那么这一块的话到底是怎么个去统，我们现在还在关注。 For the international financial standards, the government related government is now under the negotiation and we are keeping closely look at that. 彭小姐还有其他提问吗？还有一个问题就想问一下公司对全年的发电小时的一个预测或者一个指引是怎么样的？谢谢。 Another question is how do you forecast the whole year's utilization hours? 对发电小时的预测呢，公司没有改变我们年初的预测，目前正在按照年初的利用小时数的方向在继续努力，取决于后市的这个发展。 For the whole year's forecast of utilization hours, we have not changed the targets made at the earliest date of this year and it is determined by the actual situation in the fourth quarter. 好，彭小姐。好的，谢谢。好，谢谢你。Next in line is Mr. Li from CICC. 下个提问是李先生，中国国际金融的。李先生，李杰先生。李先生在吗？好，哎。哎，你好，请发问。你好，首先恭喜管理公司今年三季度取得很好的业绩，然后我想提两个问题。一个问题是公司三季度的发电量环比二季度增长了32%，但是按照公司公布的三季度单季度的收入环比仅增长了20%，不知道这是什么原因。另一方面想了解一下大士能源三季度的电量及收入情况。谢谢管理层。请确认一下，就是问的三季度比二季度环比增长32%，然后后面的是什么问题？收入因为发电量增长了32%，但是收入仅增长了20%。然后另外一个就是关于大士能源三季度电量是多少，它的收入是多少，就这两个问题。谢谢。好的，清楚了。 I have two questions. Firstly, I will make the congratulations that you have a good result. The first one is we have seen that the power generation in the third quarter increased 32% again upon the second quarter, but your revenue in the third quarter is only increased 20% against the second quarter. The second one is could you please talk about the power generation and revenue for Tuas Power in the first three quarters? 你刚才所说的发电量呢，应该是含了机组调试电量。那么在销售收入对应的电量里头呢，是不含机组调试电量的。好，谢谢你。 Right now you talk about the power generation is including the trial power generation, but in the revenue there is excluding the power generation in such kind of trial power generation. 另外一个问题是，第二个问题是三季度的发电量是吧？嗯，三季度的发电量呢，这个今年一共发电是，三季度73亿5千9。那么这个一季度发电是20亿7千3，20亿7千7，第二季度26亿4千7，第三季度25亿5。所以这个合计是75.85，然后营业收入呢，总计是一季度是20亿7千3，二季度是25亿9千9，三季度是26亿8千7。对不起，我刚才看串行了。这个营业收入是总计73亿5千9，一季度是20亿7千3，二季度是25亿9千9，三季度是26亿8千7。 For the Tuas Power, the first nine months the power generation is 7.359 billion kilowatt hours. For the first quarter it is 2.037 billion kilowatt hours, and for the second quarter it is 2.647 billion kilowatt hours. For the third quarter it is 2.55 billion kilowatt hours. And for the revenue of the Tuas Power, for the first three quarters it is totally RMB 7.359 billion, and the first quarter is RMB 2.073 billion, and the second quarter is RMB 2.599 billion, and the third quarter is RMB 2.687 billion. 好，李先生还有其他提问吗？没有了，谢谢。好，谢谢你。 Next question comes from Mr. Hao. 下个提问是侯先生。 Aaron Hao from Pacific Eagle. 我也好，管理层恭喜你们这样的业绩。我就想问一下公司就是刚才所公布的一到三季度的合同煤月这个价格，您说到的是今年是相对去年有一个价格是382，我就想问一下这个382指的是哪一段时间，是指的去年全年呢，还是是某一个时段？第二个我就想问一下能不能把那个一到三季度分季度的这个合同煤月的价格给一下。刚才你们给了个497，但是我知道那个是一到三季度的一个平均值，就想一下分季度的一个价格合同煤月。 You have two questions. First one is you talk about the coal contract price. That the last year's the coal contract price was 382, and do you talk about the what is this price stand for? And the second one is could you please give the separately the separate quarter coal price? 这个382指的是去年年初签订的重点合同的车板价。但是我们知道去年年初因为执行情况不是不好，就是年中间也是一直在涨嘛。对。那就是去年，或者这样好不好，就是能不能从去年一季度、二季度、三季度、四季度一直到现在一共是七个季度，这样子给一个合同每月的、按季度的这样一个价格。我觉得今年的前三季度按季度来一份重点合同每月是没有任何意义的，因为你知道这重点合同都没签订也没有价格。所谓的价格都是我们来预估的。对对对，那这样好不好？那去年382，但是全年的平均值是多少呢？去年平均是RMB 504.05每吨。每吨是吧？ 05分。好，谢谢，好，谢谢。 Actually there is no separate quarter coal price because the contract coal price contract coal is not signed yet at that time. And for last year the average coal price for the whole year is RMB 504.05 per ton. Mr. Hao, do you have further questions? 侯先生你有其他提问吗？侯先生？好，可能他变了。我们下个提问是CLSA Miss Jasmine Zheng。郑小姐。你好。我只是想要澄清一下，刚刚有听到一个就是说前三季度的合同煤每吨是497块一吨，然后后来又听到有一个515的每吨的价钱，请问这两个是什么样的差别？对，515是所有的市场煤加上重点合同煤的原价格。那么我刚才说的466块钱呢，是重点合同的价格。对，签订的重点合同价格。 Okay, the first price you mentioned is— 497。497是含了运费的，466是车板价格。 The first price you mentioned is RMB 497 is the contract coal price including the shipment fees, and the RMB 466 per ton is the contract coal price excluding the shipment fees, and the RMB 515 per ton is the average coal price for the whole company. 郑小姐。嘿，那就这样吧，谢谢。好，谢谢你，谢谢你。下个提问呢是这个来自Southwest Investment Management Miss Morian Yau。各位老总你好，想请问一下这个对于利用小时，因为我们也没有测算过，就是如果明年我们出口的形势明显改善的话，其实对于我们总体的利用小时的帮助有多大？另外我想请问，刚才提到我们以后新增产能的组合可能近期会有改变，但是如果我们倾向于新能源或者是清洁能源那边，会不会代表我们以后的资本性开支就会要扩大？ I have two questions. First is about the utilization hour. Have you made some calculation about that if the exports improve next year, it will make some help to the utilization hour improvement? The second is you talk about your newly added capacity that the structure will be changed. If this change towards the new energy, does that mean that your capital expenditure will get larger and larger? 关于明年利用小时的预计问题，我们跟你同样都是非常关切的。目前进口有改善的这种趋势，那么这个改善能够多大？这个对GDP的拉动有多少？目前我们也很关注，但是还没有确切的数字，也没有权威机构做出比较明确的预计。 For the utilization hour for next year, we also keep close eye on this. Upon the improvement in the import figures, its influence on the utilization hour is unknown because there is no authority to release such kind of figures. 关于新增产能，从全国来看，明年仍然是有新的增长，就是发电装机，还是据目前的分析，还是有接近8%到10%的增长。 For the newly added capacity, at the national level, it is predicted that next year it will be increased about 8% to 10%. 关于我们公司目前的情况，是没有改变原来的投资计划。 For our company, we have not changed our investment plan. 在改善公司投资结构，进入了风电和水电和核电方面，公司也积极的采取了措施。那么目前的投资的资本性支出问题呢，还是按照我们原来的记录过的一些数字在按计划进行。 For the newly added capacity, we have made some adjustment in the structure such as in entering to the field of wind power, hydro power, and nuclear power. We are also taking positive measures to do the adjustment, but the capital expenditure is made according to the plan. 09年大概在330亿左右的资本性支出。 For this year, the total capital expenditures will be RMB 33 billion. 到2010年也大概在320亿左右的资本支出。 For next year, it is predicted that it will be RMB 32 billion. Miss Yao, is it okay? Yep, thank you. 好，谢谢。我们有一个跟进的提问，就是刚才摩根大通的李先生。Mr. Edmund Lee from JP Morgan again. 其实大部分的问题都已经问了，唯一想更新一下的是刚才另外一个分析师提到的关于伊敏的那个交易。其实我在网上看到的好像那个电量的价格是很低的，好像是一分左右。那想问一下你们了解的，第一就是是否这个一分的实质是那个发电的部分，还有就是如果真的是这个水平的话，你们对于这个改革的看法会是怎么样？ I have a follow-up question that's about the right. I mentioned about the Yimin power plants made the direct electricity purchase with the aluminum companies, but I have heard in the press that the tariff is very low, to RMB 0.01 per kilowatt hour. So what do you think about this low-level tariff? 关于伊敏，他们目前据我们了解到公布出来的这个电价，从伊敏电厂的上网大概是两毛钱一度电。 As we know, the on-grid tariff for Yimin power plants is RMB 0.2. 那么输送到补送的锂厂的电价是3毛9分68。 The sold price to the aluminum company is RMB 0.3968. 目前第一批的交易电量呢，是按照6.4亿这个量成交的。 The first transaction about the power is about 640 million kilowatt hours. 关于这一次的试点，我们总体认为是国家在电力体制改革电价改革上面加大了推进的力度。 This pilot may be the signal of the government's decision to push the electricity reform. 目前交易的量是在电厂原有的交易量，就是按照国家政策上网电量的基础上拿出一部分来进行交易的。 Currently, the transaction power was a part of the on-grid power. 交易的比例还是比较小的。 This is a small part of the total power generation. 目前它会带来的一个对于这个增长培养这个市场增加这个市场的电量方面，会起到一定的促进作用。 This may be a positive impact on the electricity market. 关于这个大用户直供的下一步的推进情况，我们还在密切的关注。 We'll keep a close eye on the reform progress. 我们也在积极的了解情况，想能够把这个机遇能够抓住，能够为公司能够增加业绩。 We are going to be a positive player to get to know about the real progress, to grasp the opportunities, to make it as a benefit to the company's results. 正如你所说，我们是非常注重这个效益的，所以呢我们也非常关注在推进过程中价格的变化。 As you said, we are focusing on the return, so we are also focusing on the price fluctuations on the reform progress. 一旦有机会，我们会积极地参与。 If we get opportunities, we will get involved. 谢谢，谢谢你详细的介绍。好，谢谢李先生。另外有一个补充的提问是刚才法国巴黎证券的张小姐。Please state yourself, Zhang. 管理层你好，我就有个跟进的问题，关于合同煤价，刚刚周总提到就是1到3季度是466块，然后去年年初是382块，这两个是不是都是车板价？然后刚刚周总又提到08年overall的话，平均的合同煤价是504块，这个是车板价还是到场价？ Okay, I have follow-up questions. You mentioned the two prices, 466 and 382. Are these two prices the contract coal price excluding the shipment fees? And also, you have mentioned that the average contract price for 2008 is 504. Is this the price excluding the shipment fees? 刚才你说的两个，一个466，一个是382，这个呢都是重点合同签订之后的车板价。那么这个504呢是08年全年重点合同实际执行的到场的价格，是含了运费。谢谢。 Okay, the first 466 and the 382 price are the contract coal prices excluding the shipment fees, and the 504 is the real settled price. 张小姐可以了吗？可以，谢谢。好，谢谢。各位领导，今天的提问差不多了。林总，你有没有补充，最后的补充？没有，没有。好。Ladies and gentlemen, that concludes today's telephone conference. On behalf of Huaneng Power International, thank you once again for joining us. 女士们先生们，您。