Earnings Call: Q2 2010

Aug 11, 2010

开始。大家好！谨代表华能国际电力股份有限公司欢迎各位出席公司 2010 年中期业绩电话会议。Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International, Inc., I would like to welcome you all to the conference call regarding the interim results announcement of 2010 of the company. 在发布会在发布会开始前，请允许我简单地介绍一下出席该次会议的公司管理层。Now, may I introduce the management representing the company today. They are. 他们分别是公司董事总经理刘国跃先生。大家下午好。 The President of the company, Mr Liu Guoyue。公司副总经理兼董事会秘书谷碧泉先生。大家下午好。 Of the company and the secretary of support, Mr. Gu Biquan. 谷总好。公司副总经理林伟杰先生。各位下午好。 The company Mr. Lin Weijie. 林总好。你好。公司副总经理林刚先生。The Vice President。下午好。 Mr Lin Gang。公司总会计师周辉女士。大家好。 The Chief Accountant of the company, Miss Zhou Hui. 公司副总经理杜大明先生。下午好。 The Vice President of the company, Mr. Du Daming. [Foreign language] Mr. Zhu Feng. 大家好。 The Deputy Chief Economist of the company, Mr. Zhu Feng. [Foreign language] The representatives of the Department of Budget, Engineering, Marketing, Fuel, Finance and Capital Markets are also going with us in this meeting. [Foreign language] Mr. Liu Guoyue. 女士们，先生们，大家下午好。 Ladies and gentlemen. 欢迎大家参加华能国际2010年中期业绩电话会议。公司的中期业绩已公布，今天通过电话会议，希望能与国内外投资者和分析师的朋友们就公司2010年中期经营情况和今后业务发展情况进行交流。 Welcome to attend our conference call. As our interim results has been released, we are going to communicate with you today on the operation of the company during the first half of this year and the business development outlook in future. 今年上半年，公司抓住国内国民经济稳步上升、社会用电量持续增长的有利时机，克服了燃料价格上涨带来的成本压力和资本市场震荡的影响，应对了极端气候变化带来的经营困难，突出绩效领先理念，巩固提升盈利能力，坚持不懈抓企业管理，在安全生产、成本控制、节能环保、资本运营等方面取得了新的进展。 During the first half of this year, the company overcame the pressure on fuel cost increase and the adverse effects arising from the downward adjustment of capital markets and addressed the difficulties for its operation due to extreme climate changes. By grasping the growth trend of the national economy and the favorable conditions where national electricity consumption continues to increase, the company strives to attain its productivity excellencies, strengthen its profitability and enhance its corporate management. As a result, the company achieves new developments in various aspects including production safety, cost control, energy saving, environmental protection and operations in capital markets. 2010年上半年，按国际财务报告准则计算，公司的合并经营收入为人民币488.54亿元，比上年同期增长了45.36%。归属于本公司股东的净利润为人民币19.32亿元，同比增长3.32%，每股盈利为人民币0.16元。 For the first half of this year, under the IFRS, the company recorded consolidated operating revenue of 48.854 billion RMB, increasing by 45.36% year-on-year. The profit attributable to every holder of the company was 1.932 billion RMB, increasing by 3.32% year-on-year. The earnings per share was 0.15 RMB. 按照中国会计准则计算，2010年上半年公司合并经营收入为人民币488.54亿元，比上年同期增长37.25%。归属于本公司股东的净利润为人民币20.26亿元，同比增长2.71%，每股盈利为人民币0.17元。 Under the China accounting standards for the first half of this year, the company recorded consolidated operating revenue of 48.854 billion RMB, increasing by 37.25% year-on-year. The profit attributable to shareholders of the company was 2.026 billion RMB, increasing by 2.71% year-on-year, and the earnings per share was 0.17 RMB. 下半年，公司将继续加强公司治理，完善内控管理，实现股东利益最大化，加强安全生产管理，确保机组稳定运行，超额完成国内机组全年2,300亿千瓦时的发电量目标。力争燃煤机组全年利用小时超过5,200小时。拓宽供应渠道，优化采购结构，以提高煤炭自供能力，控制燃料采购价格。继续推进节能减排工作，保证能耗指标行业领先。继续推进项目前期工作，以建立十二五发展规划为主线，进一步优化结构，调整布局，实现有效、有序发展，进一步提高公司盈利能力，强化基本建设管理，投产一批百万、六十万千瓦超超临界大型燃煤机组，风电投产30万千瓦。同时积极扩展融资渠道，年内完成非公开发行A股和H股股票，进一步改善公司资本结构。 During the second half of this year, the company will continue to strengthen corporate governance, improve internal control, and maximize the shareholders' interest, and strengthen safe production and management and ensure stable operation of our generating units. Our sales of power exceeds the annual power generation target of 230 billion kWh for the domestic energy units to achieve more than 5,200 hours of planning utilization of our coal-fired generating units. To enlarge supply channels, optimize the purchase structure, enhance coal sales efficiency capacity, and to control fuel purchase prices, continue to promote energy saving and emissions reduction work, and to secure our leading position in energy consumption intensity among the industry peers. To actively push forward the preliminary work of projects, further optimize power plant structure and adjust their deployment by making use of the 12th Five-Year Plan of power development, actualize effective, proper, and orderly development, and further enhance the company's profitability. To strengthen the management of infrastructure construction, commence the operation of a batch of 1,000 MW and a 600 MW ultra-supercritical coal-fired units, and to achieve a wind power operating capacity of 300 MW. Also to actively explore financing channels, complete the non-public offering of A-shares and H-shares within this year, and further improve the company's capital structure. 下面的时间，我要和我的同事们回答各位的提问，谢谢大家。 We will next come to the Q&A session, and I will be glad to answer your questions. Thank you. [Foreign language] Thank you, Mr. Liu. [Foreign language] Here we come to the Q&A session. Please state your name, your representing company before your question. [Foreign language] May I invite the first question, please. We will now begin our question and answer session. If you have a question for today's speaker, please press 01 on your telephone keypad and you will enter through. After you are unanswered, please ask your question. If you find that your question has been answered before it is your turn to speak, please press 02 to cancel the question. Now the first question is PLR, Citi Group, please begin. 管理层你们好，我是刘简单，花旗银行的。我有三个问题。第一个问题是：我看今年上半年，我们从国内的收入增长是45%，但是今年上半年在国内的发电量只是增长38%。所以我想了解为什么有这个差距。第二个问题是有关煤价的，今年上半年原煤单价是多少？还有第二季度的合同跟签后的原煤单价分别是多少？第三个问题是，今年上半年我们用煤量是多少？还有从合同跟签后来的比例是怎么样？最后就是今年上半年的合同兑现率，谢谢。 Well, I come from Citibank. I am Liu Simple. I have three questions. First is, we noticed that in the first half of this year, your revenue increased 45%, but your power generation increased only 38%. What is the reason for this difference? The second one is about the coal price. Please talk about the coal price for the first half of this year, in terms of the natural coal and also the contract price and the stock price for the second quarter. The third one is, what is your coal consumption for the first half of this year and also the honor rate for the contract coal? 第一个问题，请公司财务部的朱大庆副主任来回答一下。第二个问题和第三个问题，请公司的副总经理林伟杰先生来回答。大家好，我是财务部的。刚才这位先生提出来收入和电量的增长率有点差距，主要的原因是这样的：现在公司按照会计的原则，我们是分为了两块，一块是主营业务收入，一块是其他业务收入。主营业务收入我们现在是有三个板块，一个是电力，一个是热力，一个是港口。其他业务收入主要是一些民营的一些销售。电力这一块，我们今年上半年的并表收入是447.5亿，去年同期是349亿。 Well, I talk about the revenue for us. In terms of our revenue, it is divided by majorly two parts. First is the major operating revenue and the other part is the other revenue. The major operating revenue includes the revenue from the power business and also the heating supply business and the port business. For the power generation business, the revenue from this part amounted to CNY 44.75 billion for the first half of this year, compared to CNY 34.9 billion for that of last year. 还有就是其他收入，刚才讲的是主营收入里边，主要的是电力。其他业务收入里边的话，有一块是对外出售燃料和蒸汽的。今年上半年的话是35.7亿，去年同期的话是15.4亿。 In terms of the revenue from other parts, mainly coming from the fuel selling and fuel and gas selling, that amounted to CNY 357 million for the first half of this year, compared to 154 for that of first half of last year. 还有一个原因就是我们的并表范围还包括我们持有50%股份，然后我们有投票权超过50%的这种企业。 We also consolidate the revenue from the companies that we hold 50%, in which we have the voting right in this kind of company. 不好意思，副经理，把今年上半年447，去年上半年349亿，那这样的话就是增长28%，那这样的话，比发电量增长38%也有比较大的差距啊。 Well, we can see that from your statement of the revenue that we can calculate about the 28% increase in terms of the revenue from the first half. We can see there is still a difference between the growth rate in the revenue and the power generation. 你刚才提到的电力收入这一块，我是讲的是包括新卖的。 Well, this revenue I mentioned right now is including the revenue from the overseas business revenue. OK。好，回答关于煤价的问题。今年上半年的采购的原煤价格在——听见吗？听见。回答关于煤价的问题。今年上半年的原煤的采购价格，到厂的价格是600块钱。那么二季度的煤价在594。上半年的合同兑现率是78.7%。然后合同煤的比例占了53%。这是几个数，看是不是还有。 For the coal price for the first half of this year, our net coal price averagely is 600 RMB per ton. For the second quarter of this year, this price was 594 RMB per ton. The honor rate for the contract coal is around 78.7%. In terms of the structure for the contract, for the first half of this year, we realized the 53% for the contract coal. 不好意思，那第二季度的合同跟现货煤价有吗？ Let's talk about the contract price and spot price for the second quarter of this year. 二季度的重点合同的价格是571.23，市场煤的价格是618.16。 For the contract of 2Q, it was CNY 571.23 per ton, and for the spot market price, it was CNY 618.16 per ton. 好，谢谢管先生。 [Foreign language] The next question, Peter Yao from BOCI, [Foreign language]. 管理层，我有几个问题想问。第一，对于火电厂的电价的上调，现在这方面大家的判断是怎么样的？这是第一个问题。那么第二个问题想问一下新加坡那边今年上半年的利润情况和发电量的具体的数字是多少？然后第三个问题就是关于我们玉环电厂的利润情况，谢谢。不好意思，第二个问题是什么？新加坡的利润和发电量。 Actually, I have 3 questions. The first is, what is your judgment about the tariff hike for the coal-fired industry? The second is, could you talk about the profitability and the power generation for half of this year there in the Tuas Power Ltd? The third one, could you talk about the operational situation for the Yuhuan power plant? 好，第一个问题请我们公司营销部的经理傅启阳先生来回答，第二个和第三个问题还是由财务部的朱大庆经理来回答。好，我先来把具体的电价这个问题做个回答。关于电价上调，目前我们还没有得到来自国家层面有关调价的一个信息。但是根据了解，国家已经要求各地物价部门高度关注煤炭价格上涨和火电企业经营情况。部分火电企业普遍亏损的、煤电价格矛盾比较突出的地区，还是存在电价上调的可能性。但是电价上调的时间和调整的幅度暂时还无法估计。 Well, I will talk about the tariff hike. Actually, currently we have no such kind of file or information in terms of the tariff hike from the government. But according to the official statement that currently zero some local price office is closely looking at the coal pricing situation. So maybe in the regions which have the power company making loss, we have the possibility to have the tariff hike. But we do not know and I am not sure about the time and the magnitude for this tariff hike. 关于玉环的利润的话，上半年是5.25亿元净利润。新加坡这个境外电量的话，上半年是54.46亿千瓦时，产生利润的话是3.85亿。 Well, for Yuhuan power plant, in the first half this year it realized net profit around 525 million RMB. For the overseas business of the first half of this year, the power generation amounted to 5.446 billion kWh, and the net profit was 385 million RMB. 好的，谢谢。 [Foreign language] The next question is Haoping from Zhaoshang Securities, [Foreign language]. 喂，管理层你们好。我是招商证券研究员浩平。我有一个问题，我看公司今年下半年的任务是全年实现2300亿千瓦时的电量和利用小时5200小时。但是我感觉现在宏观经济层面上，一个是经济增速的放缓，用电需求下降，另外一个是近期来水比较好，水电出力挤占了火电的空间。还有一个，下半年节能减排的压力比较大，很多地区的高耗能产业基本上限产，用电需求会下降。我就想问一下，我们下半年实现这个发电量的目标和利用小时的目标有没有压力？好，这个问题还是请我们营销部的傅启阳先生来回答。 Well, I'm coming from Merchants Securities. I'm wondering, last week I noticed that your target of this year, that whole year's power generation will be 230 billion kWh and with utilization hours of more than 5,200 hours. But we can see along with the slowdown of the national economic growth rate and also the pressure from the hydropower and also the limits on the higher energy consumption industries, maybe this will lead to the decreasing of the power demand. Do you have any idea of whether you can reach this target of this year? 好，我来做回答。由于公司确定的目标是今年确保完成2300亿的发电量，那么利用小时超过5200小时。那么从这个目标来看，根据国家有关部门以及中电联的预测，尽管国家出台了一系列宏观调控的措施，但是下半年这个全社会的用电增速能够维持到5%左右，所以前年的电力消费增长大概能够达到12%。那么根据这个增长幅度的话，我们实现5200亿度应该是可以做到的。 Well, we have made the target of 230 billion kWh for power generation and 5,200 hours for the utilization hours. According to the forecast from China Electricity Council Committee, although there is control from the government in the macro economy, we can see that the power consumption rate in the second half is estimated to increase about 5%. That means the whole year's increase growth rate of power consumption will be around 12%. In this way, we see there is no difficulty to realize the target of 5,200 hours in terms of the utilization hours. 谢谢。 [Foreign language] If you have a question, please press 01 on your telephone keypad now to enter a queue. The next question is Daisy Zhang from BNP Paribas. Please begin. 管理层你们好，我是法国巴黎银行的张琴。我有两个问题，第一个是关于煤价的，我想知道一下今年上半年还有今年二季度的标煤单价以及单位燃料成本。然后第二个是关于红利分配的，因为公司非常例外地今年上半年没有宣布有任何红利，我不知道到今年年底公司还是不配任何红利呢，还是维持以往的红利的分配方案，谢谢。 From BNP, I'm Zhang Qin. I have two questions. First is about the coal price. Please talk about the standard coal price and the unit fuel cost for the first half this year and for the second quarter of this year. The second one is about the dividend policy. Do you want to maintain the dividend policy as before, or will it have some change? 第一个问题请公司的副总经理林伟杰先生来回答，第二个问题由我来回答。上半年的标煤采购单价是770.51，二季度的标煤采购单价是756.14。上半年的单位燃料成本是243.38，二季度的单位燃料成本是239.24。 For the standard coal price of the first half of this year, it is CNY 770.51 per ton, and CNY 756.14 per ton for the second quarter. The unit fuel cost for the first half of this year is CNY 243.38 per megawatt hour, and CNY 239.24 per megawatt hour for the second quarter. 关于分红的事情，我们华能国际成立以来，自从开始分红以后，就从来没有分过半年的红。 Well, since our foundation, we have never made dividends in the interim period. 每年分配一次，而且我们的政策是很连续的。 Well, traditionally, we make dividend pays once every year, and this policy will be maintained as before. 可能有数据的人应该知道，我们在08年公司面临亏损的情况下，也照样是给股东分红。 Maybe some will notice that in 2008, we had made a loss, but we still paid out dividends. 谢谢。下一个提问是Dave Dai，Capital Markets Hong Kong。下一个提问，请开始。管理层你好，我有两个问题。第一个问题就是，在这个国家限制合同价涨价之后，你有没有看到你的合同兑现率有提高？也就是说，8月份的单位燃料成本在您看来，是不是有跟二季度平均比的话，有一定的下降？第二个问题就是，您的在建的核电项目，我觉得时间还是比较长一点，但是公司有没有对这个项目的回报率做一些预测，大概是百分之多少？谢谢。 Well, I have two questions. First is about the government control on the coal price and on their contract. Do you see any kind of improvement in the honoring of contract? For example, in August, do you have any kind of unit fuel cost decreasing compared to that of the second quarter? The second one is, do you have a dispatch in the project in the nuclear area? Do you have any kind of benchmark or any guidelines for the return on this area? 还是由林伟杰先生来回答。这个从合同现价的一些，就是送给合同煤的这个价格，受到国家的限制增长以后，应该说整个市场在供应方面维持了稳定。从我们公司的实际兑现合同的量来看，在7月和8月份的供电情况上有提高的，按计划单月计划的供应率是有提高的。那么8月份的预计单位燃料成本，估计跟二季度平或者略有下降。 Well, after the controlling measures by the government in terms of the contract coal price, we can see that the coal supply maintains in a stable level. For our company, for the honor rate for the July and the first half of the August, we can see the honor rate to some extent even increased a little. For the remaining due part for August, we can see this level is just equally the same with that of the second quarter. 关于第二个问题，我想问一下，你指的核电，你指的是哪个？什么核电？我没有听清楚。 Second one is, I want to clarify that, what is your point for the nuclear? 就是您跟母公司一起合作在建的那个项目，应该是石岛湾吧。石岛湾。所以那是我们参股。对。那这个项目的回报率有没有一个初步看法呢？这个项目并不是由我们主导吧，是我们参股。好。因为这个时间还会比较长。我们参与核电是为了给我们将来的发展打一些基础，因为参与核电建设是要有资质的。行，那我想进一步问一下，我知道中国现在是给出三张牌照，给核电运营权，那你觉得石岛湾项目之后，华能集团或者说上市公司有没有可能拿到第四张牌呢？ Well, actually, for the Shidaowan nuclear project, we just only have minor interest. This will take a long time. In terms of your question, currently, there is only totally 3 licenses in terms of the investment in the nuclear area. Is it possible that the China Huaneng Group or the listed company will have the fourth license? 我们只会是要积极争取，但是它发牌照，按照现在的规定，它是有一些硬性条件的。 Our guideline is to strive to get the license, but actually there is a very big condition for this license. 好，谢谢王总。下一个提问是陈静华，CICC。The next question is 陈静华，CICC。请开始。王总你们好。感谢主持人给我这个机会。我有个问题，主要想了解一下我们新加坡公司的盈利情况，因为我们可以看到上半年在中报当中提到新加坡电厂，国外的收入是增加了同比55.57%。但是我刚刚听到电量的话是54.46亿度电，所以我估计我大概初步算算可能是个位数的增长，不知道我算得对不对，然后我看我们净利润也是3.85个亿，所以我想知道新加坡电厂上半年是说它的净利润率大幅度地提升，还是说其他的原因造成它的利润大幅度地改善，那么这个改善的趋势是否能够在下半年能够继续持续，或者说有进一步的提升空间。第二个问题就是关于在我们中报后续当中有一个利润表的比较性的表格当中提到的一个电力采购成本，我想问一下这个电力采购成本主要是指哪些方面？谢谢。 For CICC, I have 2 questions in terms of the Singapore business. We can see from your interim report of this year that your revenue from this overseas business increased about 55.5%, and your total power generation was 5.446 billion kWh, and this main increase may be a single digit growth rate and also net profit around 385 million RMB. We can see there is a large improvement in terms of the margin rate. Do you think this kind of situation can be maintained in the second half of this year? Is there any kind of room for further improvement? The second one is, in your interim report we see a list. Could you please tell us about what is the power purchase cost? 这个问题还是请财务补充一下，谢谢。我先回答你的第二个问题，就是报表里边的电力采购成本。电力采购成本是公司的境外企业，它有电力贸易业务。 First I talk about the second. In terms of the power purchase cost, this means the power retail business in our overseas companies. 关于新加坡的盈利是比去年有改善，去年上半年的电量大概是47.23亿，今年的话是54.46亿，比去年有一个增长。 In terms of the profitability, there is some improvement. We can see that, for this first half of this year, we realized CNY 5.446 billion, compared to that of CNY 4.723 billion of last year. 谢谢。 [Foreign language] As a reminder, if you have a question, please press 01 on your telephone keypad now to enter queue. [Foreign language] The next question is Wu Fei, CITIC Securities. Please begin. 你好，我是中信证券的吴非，有两个问题想请教一下。一个是说我们年底的装机目标是6000万，目前应该是在5000万出头一点，能否介绍一下下一年我们计划投产的机组情况，以及我们去年收购的山东电力可能的一个资产过户完成时间。第二个问题是，从中期报表上来看的话，我们增到的少数股东损益要比一季度的要少一些，那么是否可以解释一下这个原因是不是因为我们部分的控股电厂二季度出现了亏损？最后想追加一个问题，能否介绍一下我们上半年标煤比去年同期变动的一个幅度？谢谢。 I have three questions. First is, you have mentioned that at the end of this year, your target of capacity will be 50 GW, but currently your total capacity is a little bit more than 50 GW. Could you talk about the unit capacity management plan for the second half of this year and the time? The second one is, from your statements, we can see that the gains from the minority interest reduced compared to that of last year. Does this mean the loss making of some of your controlling companies? Then the third one is you talk about the change of your standard coal cost. 第一个问题先由我来回答。我们公司很早以前定的就是今年年底装机容量要达到6000万千瓦，这个是我们的一个目标。 Well, actually this target of 60 GW by the end of this year was made very early. 我们今年按照已经公布的计划，2010年投产的这个总的装机容量是360、364万千瓦。 According to the We have released the plan for the new added capacity from the green field this year will be 3,640 MW. 这个也是年初定的投产计划。你可能也知道，我们今年年初的时候已经跟鲁能和山东电力做了一个收购项目，现在审计工作已经接近尾声，它会给我们带进来300多万、360万，可能不止。 Well, also, as you may know that at earlier of this stage, we have done acquisition agreement with the Shandong Luneng and Shandong Electric Power Corporation. The approval process is going to end. After that, we will have newly added capacity around 3,600 MW. 这个都是已经通过公开的渠道对外披露过的。 This capacity plan is publicly available. 还有一些工程，我们根据工程的进展情况有可能会提前。 Also there are some projects maybe put ahead of time. 所以我说我们6000万千瓦的这个目标，我们现在还没有变。 Currently there is no change in terms of this target. 好，第二，第二问题还是请财务部的朱大庆经理来回答。你的问题我理解是，你想知道报告上的少数股东损益这个科目季度的变化。我们也做了一下统计分析，第二季度的控股电厂的亏损是比季度的要多，所以导致第二季度的少数股东损益比第一季度要少。 Well, I understand that your question is in terms of the quarterly change, in terms of the minority interest gains from minority interest investment, and this is because of the much more loss in the second quarter than that of the first quarter. 能否介绍一下上半年标煤的变动情况，谢谢。上半年的标煤采购单价不含税的是770.51，比去年同期增长12.87%。 For the standard coal cost for the first half of this year, it was 770.51 RMB per ton. This is not including the tax and increasing by 12.8% year-on-year. 好的，谢谢顾立刚。下一个提问是于小平，UBS。The next question 于小平，UBS，请开始。喂，顾立刚，你们好。我有四个问题。第一个是我们明年的自建项目的投产的规模大概是多少？然后我们在报表上提到风电大概今年下半年，在今年全年会装30万千瓦，那么今后我们几年装机容量增长大概是怎么样的一个情况，在风电这方面。然后第三个问题是我们的资本开支计划现在大概是怎么样，就今明两年跟年初公布的计划有没有什么变化？第四个问题是新加坡的燃料成本和内地的燃料成本分别是多少？然后最后还有一个问题是关于我们投资的北京的天然气发电厂，想知道这个项目的预计的投资回报率是多少，包括我们预计它的利用小时以及气价和电价大概会是怎么样的水平，政府会不会提供补贴？谢谢。 Actually, I have four questions. The first one is, please talk about the newly added capacity plan for next year. The second one is, you have mentioned in your interim report that you will put into operation around 300 MW in terms of the wind power this year. So please talk about your newly added capacity plan in the future in the wind power. The third one is please talk about the CapEx plan for this year and next year, and does it have any change compared to that you released at the earlier stage of this year? The fourth one is please talk about the fuel costs for your domestic business and overseas business respectively. Also, you have released an announcement in terms of your new project in Beijing gas cogeneration. Could you talk about the return level and the utilization hours and the profitability and also the gas price and whether it will get the subsidy from the government? 关于这个资金项目的安排，还有新加坡的成本问题，还是请财务部的朱大庆副主任来回答一下。这个资本开支，我们预计今年2011年是213.42亿。 For CapEx for this year, our plan is RMB 21.342 billion. 2012年预计是287.04亿。 For 2011, it will be RMB 28.704 billion. 2012年预计是346.54亿。 For 2012, it will be RMB 336.454 billion. 关于燃料成本，境外的是34.96亿元上半年。 For fuel costs for our overseas business, total cost for the first half this year amounted to RMB 3.496 billion. 因为是588.53亿元。 For our domestic business, the total fuel cost amounted to RMB 28.251 billion. 关于公司的风电发展项目，我们今年是争取投产30万的风电。另外在明后两年，应该说是不低于这个规模在上风电。公司现在也有大量的一些风电的前期的项目，我们也在进一步的优选，争取能够一同再多投一些风电，在效益可行的情况下，在接入系统有保障的条件下，多投一些风电。 Well, this year we are going to put into operation around 300 MW in the wind power area. For the next year and 2012, the capacity in wind power will be not less than that of this year. Also, we have a lot of wind power projects reserved. So in future, if it is appropriate and the grid is no problem, maybe there will be more capacity put into operation in the wind power. 北京天然气发电项目应该是北京市政府统一规划的北京东南热电中心的一部分。现在容量是两台31万的燃机，加上一台30万的余热的蒸汽轮机。 Well, for the Beijing gas cogeneration project, this was guided by the government as the cogeneration center in the southeastern part of Beijing. This project will be consisting of two 310 MW units and one 300 turbine unit. 因为它的目的是满足北京日益增长的供热的需要，所以从气量和热量来讲是有保障的。 The purpose of this project is to meet the increasing demands for heat supply in Beijing. In future, the price and the supply of the gas can be secured. 你还有其他提问吗？没有了，谢谢。下一个提问是唐先生，招商证券。The next question is 唐先生，招商证券，请开始。喂？各位领导你们好，我是招商证券的彭三八。首先我觉得上半年公司业绩还是非常好的，对你们表示祝贺。因为今年上半年煤价涨了十几%，咱们还是能够每股收益达到一毛七，我觉得还是非常难能可贵的。我想问一下，在下半年，二季度的煤价实际上比一季度还是有所下降的。我们看刚才给我们的数据，下半年的煤价是不是会出现一个明显的下跌，在业绩上再给我们一个比较大的惊喜？这是一个问题。另外第二个问题，咱们三月份海门电厂两台100万千瓦的机组也投产了，就不知道它那个盈利怎么样，是不是也能像玉环一样能够贡献比较多的利润？谢谢。 I come from Securities. I have two questions. Firstly, I have to say congratulations in terms of your good interim results for this year. We can see from the interim report that your coal price increased by 10% for the first half of this year. Also, the coal price for the second quarter is a little bit lower than that of the first quarter. Do you have the expectation that in the second half of this year, the coal price will get a very huge increase in order to make a great price in your annually results? The second one is, you talk about your profitability in the Haimen power plant as your Yuhuan power plant making a very great contribution to your total profit. 也谢谢哈。谢谢对我们的鼓励。应该说今年下半年，我们也考虑从整个的形势综合下来看，煤炭供应形势会进一步地缓解。我们也想了，如果说国家的节能环保的政策能够进一步地落实，加上这个电价大检查的成果能够进一步巩固，我们感觉应该能够做到比上半年的更好的营业。这是我们的一个奋斗的目标。另外，海门电厂我们从目前运行这两台机组看，还是有很好的效益。我们也希望能够今后继续在海门继续地发展。 Well, firstly, thanks for your encouragement. In terms of the second half of this year's situation in the coal supply, based on the current situation, in the future, we think that the coal supply situation will be eased compared to that of the first half of this year. Also, along with the implementation of the energy saving and environmental protection policy and also the enhancing of the national tariff inspection, we believe that we can make better results in the second half compared to that of the first half. This is also our target. In terms of the Haimen power plant, its profitability is better, and we also want to continue to invest in this power plant. 我想问一下，上半年海门电厂是不是已经盈利了？或者是今年全年的话，它能不能盈利，或者预计能有多少的利润？ Well, I also want to know whether Haimen power plant realized the profit in the first half of this year, or whether it will be profitable for the whole year of this year. 请财务部的朱总也给回答一下。海门电厂我们去年投产当年就盈利了，今年上半年盈利360，下半年的数字我们不做预测。 Actually, Haimen power plant realized profit at the same year when it put into operation last year. For the first half of this year, it realized 360 million RMB profit. For the second half and the whole year, we do not make the forecast. 好的，谢谢。 [Foreign language] The next question is Cosmo Jung, Taifook Research. The next question Cosmo Jung, Taifook Research, [Foreign language]. Thank you very much. Ladies and gentlemen, great job for the first half. It is Cosmo Jung from Taifook Research, Haitong Securities Hong Kong. I have three questions. The first question is according to your revised equity financing issue, if possible, you will get like HK$2.3 billion, and will allocate that capital to your Singapore subsidiary, SinoSing Power. I was wondering what you would use with that capital and what kind of capital allocation you plan on that. [Foreign language] 第一个问题,我是想请教一下,就是你们最近的这个 equity financing 计划, H股方面如果顺利的话,可能会集资 HKD 2.3 billion. 然后这一笔资金按照 guidance 是给新加坡公司,中新电力有限公司增资. 我想请问一下,你们对于这笔资金的计划是准备怎么安排的? The second question is about according to a news from Australian New South Wales government, your company has been invited along with China Shenhua and other Australian companies, Beach Energy and Origin Energy, to enter the privatization of USD 8 billion power assets sale. The due diligence is planned to end late October. I was wondering what kind of acquisition you are looking for such an option, under what price or the term you would go into this option? If you successfully bidding these assets, how would you plan to finance it? 第二个问题是，最近据我们了解，6月底澳大利亚新南威尔士政府邀请了贵公司和中国神华以及其他一些包括澳洲本地的AGL和Origin Energy公司去参与一个8亿美金的电力发电资产的私有化拍卖。那么我想请问一下，对于这个资产的拍卖，在什么条件下才会对你们有吸引力，为股东创造价值？如果可能的话，你们准备怎么样去financing它？然后第三个问题，the first question is about the latest announcement by Chinese government, there will be a cutting of capacity under outdated factories by 287 companies in 18 industries to lower the energy intensity. Some economists forecast that will decrease the industry production growth by 1.5% for the year and the GDP growth by 2% for the second half of the year. What assumed coal price stay constant status, what impact would that put on your net earnings for the second half? [Foreign language] 谢谢. 我翻译一下第三个问题，第三个问题就是说政府对高耗能企业限制问题和高耗能权力去政策，对公司未来的影响，对于煤炭成本的影响，以及对于经济。如果我分析我的第三个问题，就是如果在节能减排，因为有些经济学家预测可能这个节能减排计划可能会使中国的工业产值增长全年可能降低1.5个percentage，然后下半年的GDP growth可能会降低2个percentage。那么如果我们假设煤价维持现状不变的话，那么能不能请管理层分析一下，这个对贵公司下半年的盈利会有什么样的影响？好，谢谢。关于前两个问题，请公司的副总经理、董事会秘书顾全先生来回答一下。你第一个问题说到S股融资给新加坡，我们是有这个计划，而且这个计划是已经做过公告的。对。 For the first one, you mentioned that our capital raised from the H share listing will be used in the capital investment in Singapore. 因为我们新加坡大士能源公司现在不光是经营了一个电厂，它现在还有一个新开发的项目。 Because our wholly owned company in Singapore does not only have the power business, currently there is also a new project. 去年的11月11号正式开工，有公开的报道。 This project started on November 1 last year. It can be available in the public information. 好，谢谢。新南威尔士。新南威尔士要求华能和几个公司去访问，不是华能国际。据我们所知，应该是华能集团。没收到这个消息。 China Huaneng. 华能集团. You mentioned that the invitation from New South Wales from Australia. We do not receive this kind of invitation. Maybe it's China Huaneng Group. 关于刚才你讲的第三个问题，假设工业的增加值和GDP下半年因为节能环保政策如果下调的话，我们综合下来分析，对本公司的整体的经营业绩影响不大。因为从历年的统计数据看，下半年的电量一般要高出三个点左右。即使在08年，当时特殊情况下，下半年的电量比上半年也是有两个点的增长。所以我们就下半年电量，我们感觉还是能够完成电量的计划。如果节能减排政策和国家的电价大检查的政策能够得到落实的话，我们感觉对公司是有利的。因为我们公司的经营业绩看，我们对电价的敏感度远远高于对电量的影响。 Well, just as you talked about the impact from the slowdown of the industry and the GDP growth rate. Even though there were slowdowns in the second half of this year, we believe there is no big impact on our company. Actually, traditionally the power generation in the second half will be about 3% increase against that of the first half. Even in the very special year in 2008, our company has realized a 2% increase in the second half compared to that of the first half. We are confident to realize the target in terms of the power generation. Also, if the energy saving and environmental protection policy can be implemented strictly and the current investigation measures will be also implemented strictly, we believe this is helpful with our company. We are more sensitive to the tariffs and the coal price than that of the power generation. 而且我们公司的电力的布局，可能大部分都在沿海地区，受高耗能影响的地区，有可能影响地区不足公司资产的3%。所以我们感觉影响不是很大。 Also have to say that most of our power plants are located along with the coastal regions in China. Maybe around one third of this company will be influenced by this kind of policy. We don't think there will be a big impact on our company. Okay, thank you very much. See you. [Foreign language] As a reminder, if you have any question, please press 01 on your telephone keypad now. [Foreign language] The next question is Wenyuang, Sandalbank. [Foreign language] 国立先生，你们好。我有两个问题。第一个问题是想请教您刚才提到说今年全中国电力消费增速是在12%左右，而下半年用电量的增速是全社会在5%左右。那我们想请问一下，因为我们认为发电量和GDP有一个弹性系数，大约是在1.1和1.2左右。那如果说按照下半年全社会用电量增速为5%的话，那这样其实下半年GDP的增长速度就比较低了。那可能和市场上面其实下半年GDP增速在8%到9%，有点不太相符。那我们认为您做出下半年用电量增长5%这样一个判断，是不是意味着下半年有一些月用电量的增长其实是负的？那第二个问题还是关于煤价，我们想问一下，因为我们想在明年和后年的时候，一些国内整合的煤矿会集中地释放产能。那请问您是否会认为煤价在明年的时候会比较疲软？另外一个想问一下，您对于今年四季度煤价，在冬季用电高峰的时候，会不会有一个反弹？请问您的观点，谢谢。前面四季度煤价，前面那个问题是什么？您能重复一下吗？前面一个问题是，我想问一下您对于明年煤价的看法，就是明年的时候会有一些之前进行整合的煤矿开始释放产能，那到时候对于煤炭行业的供给和需求会发生一个转变，可能由原来的供给偏紧张，供给偏松。那你会不会认为在明年的时候，这样一个比较松的供给情况会对煤价造成一个疲软，那对于公司是一个利好呢？ Well, first question is, right now you mentioned that for the whole year of the power consumption rate for China will be at 12% this year. Also mentioned that in the second half of this year, the power consumption will be around 5%. We know that there may be the elasticity between the GDP growth rate and the power consumption rate around 1.1-1.2. From this view, we can calculate the GDP growth rate in the second half. Maybe this result is a little bit different from the expectation of 8%-9% growth rate in the second half in the GDP. Also you talk about your view on the coal price next year because maybe after the consolidation of the coal companies in 2020, maybe there are release of the coal supply. Do you think there will be coal price decrease in the next year? Also please talk about the coal price in the fourth quarter of this year. 这个第一个问题，还是请营销部的副总经理继续再把这个情况再进一步地解释。第二个问题，请公司的林伟杰副总经理来回答。刚刚提到的下半年的电量预测，这个电量预测是中电联的一个预测，预测的一个数据。因为下半年我们的电量，10年总的电力消费增长，它是出现了一个前高后低的基本走势。所以下半年呢，以两个因素吧，一个是去年的基数的问题，再一个，国家加大了节能减排的力度，限制一些高耗能企业盲目发展，所以下半年增速会放缓，但是增长速度还是按照中电联的预测，会降到5%左右。前年的电力消费增长大概是在12%。 Well, I want to explain about the power consumption rate in the second half of this year. This is based on the forecast by China Electricity Council that the power consumption rate will be 5% in the second half of this year. This is mainly probably due to the lower and higher use of that of last year and also the implementation of the energy saving and environmental protection policy and the limits of the high energy consumption industries. From this view, the CEC gave the forecast of 5% increase in the second half and the whole year, 12%. 关于明年的煤炭价格是否会疲软这个问题，我们还需要结合明年整体的供需情况和整个政策的变化来综合进行分析。但从目前的煤炭资源的稀缺性，或者说国家对资源管理的一些政策来看，重点煤炭的价格依然有涨价的动力。但是市场煤价部分将会受到政策和供需的影响比较大。但是整个受到重点煤炭有略微上涨的这种压力的带动，有可能会出现小幅上涨的这种可能。对于四季度是否会出现价格反弹，从目前国家的政策和最近对重点合同煤履行情况的检查，和8月6号国家在贵阳召开的重点煤炭合同的履约检查会议透出来的消息，下半年要求重点合同煤的兑现率要达到100%的目标。所以整体的平均价格在四季度仍然是在目前这种高位，但在个别时段还会有小幅下跌、下降波动的这种可能。但是否叫反弹，这个整条曲线还有待进一步观察。 Well, in terms of your view on the coal price, we have to say that the analysis should be compliant with the supply and demand situation next year and also the government policy on this. But currently, being on the resource scarcity and also the policy that maybe some of the major coal price will have the pressure to increase. But the coal price is decided by the supply and demand. So in this way, maybe in the whole year situation, the coal price may have a little bit higher than that of last year. For the fourth quarter, according to the current major contract implementation situation and also some coal industry meetings information that in the second half of this year, the major contracts have to be 100% honored by the coal suppliers. So in this way, maybe in the fourth quarter, the average price for coal will be keeping in a stable way. 下一题，要的是他的提问吗，Wendy？没有，谢谢。下一个提问是元哈，SYWG。The next question is 元哈，SYWG，请开始。喂，是我吗？请开始。你好，关总，我是申万宏源的余海。我有两个问题想请教一下。第一个问题就是关于咱们财报里的一些细的数据想沟通一下。一方面就是说咱们的财务报表提到今年上半年的汇兑收益这一块是在2.08个亿，去年只有0.68个亿。我想知道这一块具体的构成是怎么样？这是一个地方。另一个地方就是在营业外收入那一块，因为今年上半年在递延收益摊销和其他政府补贴这一块是达到2.11个亿，去年也同样只有不到4,000万这么一个水平。我也想了解这一块的一个构成是怎么样。还有一个数字就是关于咱们上半年的投资收益这一块，能不能有一个具体的分析。这是第一大问题。第二问题就是我们了解到国资委对咱们央企的一个考核逐步地往这种经济增加值方面来进行，我不知道咱们公司对此会有什么样的一个举措呢？谢谢。 Well, I am calling from Shenyin Wanguo Securities. Actually, I have three questions. The first is from your financial statement. Notice that among your financial expenses, the forex gains and loss for the first half of this year amounted to CNY 208 million, and compared to the CNY 68 million last year. So what is the details of this difference? The second is, we notice that your non-recurring revenue that is the deferred part for this year of the first half of this year amounted to CNY 211 million. But in the first half of last year, this part is only around CNY 3 million. So how to explain this difference? The third one is, we have heard that the SASAC want to implement the newly EVA evaluation initiative. So do you have any kind of idea of this newly evaluation method? 那其他要请公司财务部的朱总回答。投资收益的明细是这样的，今年中期的比较大的收益还是山东集团的，有1.4个亿。 In terms of the investment gains for the first half of this year, the major part coming from Shenzhen Energy totally CNY 140 million. 再过来的话就是四川水电，我们是有1.38亿的收益。 From the Sichuan Hydropower, CNY 138 million. 四川电力今年上半年的分红是6,400万。 Jiangxi for around CNY 64 million. 差不多是我们0.32亿的投资收益。 From the China Huaneng Finance Company, around CNY 332 million. 第二个问题就是应得收入这一块，今年上半年的话是有几个电厂拿到了这个新能源的奖励。 For your second question about the non-recurring revenue, this may be due to the rewards by the government in terms of the energy saving and environmental protection. 包括威海电厂收到财政补贴的话是0.56亿。 Specifically, for our Weihai power plant, it gets subsidy around RMB 56 million. 石洞口二厂也收到了1000多万。 For our Shidongkou second, we have more than 10 million. 今年上半年的汇兑收益主要是来自两个电厂的欧元贷款的汇兑收益，一个是天津杨柳青电厂，一个是重庆茂恒电厂。 For the first half of this year, our forex gains mainly come from the euro loans. This is coming from the two power plants in Tianjin and Chongqing. 这两个厂子加起来，欧元贷款现在还有€1亿。 As of now, the total euro loans for these two power plants amounted to EUR 100 million. 不好意思，我针对刚才最后这个问题想再多问一下，就是这两个厂在今年上半年平均的一个欧元贷款水平在什么样？因为你现在说到目前为止还有€1亿左右，那整个今年上半年是什么水平？ I want to further ask, what is the total loan level for these two power plants in the first half of this year? 整个上半年的话，年初和中期的欧元贷款余额变动很小，年初的时候是€1.05亿，中期正好是€1亿。 Maybe there's little difference between interim and the earliest of this year, which is CNY 105 million for the earliest date of this year, and CNY 100 million for the interim. 我想跟进一下，是不是还有一个EVA考核的问题？对，就是关于那方面。抱歉。 EVA考核的话，我们想这是国际上推出的一个新的考核指标，对于企业提高效益是很有好处的。 We noticed that this is new measure given by the SASAC in terms of the EVA evaluation. We also believe this is helpful with improving the efficiency of companies. 尽管是今年正式列入央企，包括央企子公司考核，但是公司一直是很重视这个指标的。 This is a newly started initiative in this year, and our company also make much more important in this industry. 公司的更新改造或者是新建项目对回报率的要求还是一贯的。 Also, we continue to get the reasonable and return level in terms of the maintenance and the newly built project. 公司对于资金成本的控制也是效益很明显的。 Also we see efficiency in our control of the cash flow. 目前我们的融资成本大概是在4.4%左右，在市场、在同行业是一个先进的水平。 Our average debt cost for our interest-bearing debt averages 4.4%, which is leading level in this industry. 我们在内部管理里面，我们对每个分企业都有EVA指标的考核。 Also, we will evaluate according to the EVA indicated in the specific operation. 好,谢谢。最后一个提问是 Howard Tu, Goldman Sachs. Last question is Goldman Sachs, Howard Tu,请开始。你好，谢谢你这么长时间回答这些问题。我主要有两个问题，一个是关于煤价。公司现在煤价旺季不旺，公司估计从你们数据来看，原因是因为煤炭的生产供应增加比较多，还是因为现在夏季水电的供应比较多，所以火电耗煤量比较少？另外就是说，年底的话，重点合同的谈判，大概是不是一对一的谈判，是不是还是大概从11月份开始？第二个问题就是，因为原来发改委说是很多地方煤矿擅自提高合同煤价，所以它需要把多提的钱退回来。我估计这部分钱如果有退回来的话，应该在下半年反映。那么公司有没有这部分的，就是说看到一些退款的现象，这部分大概可能会增加收入，或者说减少煤炭成本，在下半年会减少多少？好的，谢谢。 Actually, I have two questions. First is about the coal price. We may see that the coal price is not as high as that of the past few years in the vigorous demand period. Is this the reason of the much more supply or the reason from the pressure of hydropower generation? The second one is, what is your expectation about the coal contract negotiation at the end of this year? Does it start in November this year? The third one is, we see that the NDRC required the coal suppliers which have raised the contract coal price to refund these extra parts. So what is the specific details for this situation? 这个问题还是请公司的另一些部门经理来回答。关于煤价和下半年会是什么样的走势，刚才已经做了解读了。主要是谈到重点合同会在哪一个月份开谈。目前从政府来讲，没有明确的说法，供应商目前也没有提出来，所以我们从发电行业来讲，目前也没有一个明确的信息。关于地方矿提重点煤价，然后我们公司在下半年会退回多少，我们公司从采购的矿来看，下半年他们提价的要求都提得比较晚，大概在四五月份才提出来，真正开始供应到有点提价的量实际上是不多。我们初步测算影响大概在2000多万，在近期应该是会得到解决。 Actually, for the coal price second half this year, we have talked about in the previous section. Also, currently we don't have any kind of informed or the official statement about the contract coal negotiation for next year. In terms of the refund by the coal suppliers. Actually, for our company, our coal suppliers, their requirement of the contract coal price increase is a little bit later. So, the real increase of our coal contract is not so big. Our calculations may be there is only around more than 20 million RMB impact in our revenue. So, we believe that this problem will be solved recently. 好,非常感谢各位的提问,也感谢管理层的解答. Thank you so much for all of the questions and participation today. 再次感谢各位出席华能国际电力股份有限公司 2010 年中期业绩发布会,我们期待下次业绩时再见. We are looking forward to meet with all of you in the next result announcement of the company. Thank you, thank you, goodbye.