Earnings Call: Q1 2011

Apr 21, 2011

Earnings release

Ladies and gentlemen, on behalf of Huaneng Power International, I would like to welcome you all to the conference call regarding the first quarter result announcement of 2011 of the company. [Foreign language] Now may I introduce the management representing the company today. [Foreign language] The Vice President of the company, Mr. Fan Xiaxia. [Foreign language] 大家好。大家好。公司副总经理兼董事会秘书谷碧泉先生。The Vice President of the company and Secretary to the Board, Mr. 谷碧泉。谷总，您好。大家好。公司副总经理林伟杰先生。The Vice President of the company, Mr. 林伟杰。林总，您好。大家好。公司总会计师周辉女士。The Chief Accountant of the company, Ms. 周辉。周总，您好。你好，大家好。公司总工程师赵勤先生。Chief Engineer of the company, Mr. 赵勤。赵总，您好。你好，大家好。 [Foreign language] The Chief Economist of the company, Mr. Gao Shulin. [Foreign language] [Foreign language] Deputy Chief Engineer of the company, Mr. He Yong. [Foreign language] First of all, Mr. Fan will review the business performance for the first quarter of 2011 with us, followed by Q&A session. [Foreign language] May we have the honor to invite the Vice President of the company, Mr. Fan Xiaxia to present the business review. [Foreign language] 女士们、先生们，大家好。 Ladies and gentlemen, good afternoon. 欢迎大家参加华能国际的电话会议。 Welcome to attend our conference call. 昨天公司刚刚公布了今年第一季度的经营业绩。按照中国会计准则计算，2011年第一季度，公司实现合并营业收入304亿元人民币，同比增长24.9%。 Yesterday we released our first quarter results of 2011. Under the PRC accounting principles, the company realized consolidated operating revenues of CNY 30.4 billion, increasing by 24.9% year-on-year. 归属于本公司股东的净利润226亿元人民币，同比下降76.25%。 The associated net profits attributable to shareholders of the company amounted to CNY 226 million, decreasing by 76.25% year-on-year. 公司境内各运行电厂累计完成发电量754.3亿千瓦时。 The total domestic power generation of the company was 75.431 billion kilowatt hours. 同比增加28.77%。 Increasing by 28.77% year-on-year. 今年第一季度，公司电量收入均比2015年同期有不同程度的增长，但由于燃料价格的上涨，使得公司净利润同比大幅下降。 For the first quarter this year, the power generation and operating revenue of the company increased over the same period last year. While the net profit decreased a lot due to the increase of fuel price. 二季度以来，我们看到电力市场继续保持较高的增长水平。 Since the second quarter of this year, we can see that the power market is in a good kind of growth. 煤炭价格也趋于稳定。 The coal price tends to be in a stable way. 电价也将得到一定幅度的提升。 The tariff level is going to be adjusted up. 公司将加强市场营销。 The company is going to focus and work on the marketing. 努力提高发电量水平。 Trying to increase our power generation. 巩固和扩大市场份额。 Consolidate and expand our market share. 同时，我们将针对资金面持续收紧的形势。 Also according to the tight situation of the money market. 公司将一方面控制投资规模。 The company will on the one hand control the investment scale. 另一方面，我们还要重点地积极推进一些效益好的项目，能够有序地发展。 On the other hand, we are going to develop some good projects with a considerable return level. 我简短先讲这些。下面时间我和我的同事们愿意来回答各位的提问。谢谢大家。 This is a brief introduction to our first quarter results. Next, we will come to the Q&A and we will answer your questions. Thank you. [Foreign language] Thank you, Mr. Fan. Here we come to the Q&A session. Please state your name and your organization before question raised. May I have the first question, please? 大家好，下面是提问环节。如需提问，请在话机上按星号键再按1，等候。谢谢。大家好，下面是提问环节。如需提问，请在话机上按星号键再按1，等候。谢谢。第一位提问的是来自中信证券的吴飞。吴飞，您可以提问了，谢谢。各位管理层大家好，我是中信证券的吴飞。想请教一下，还是关于煤炭的一些问题。介绍一下，第一个我们煤炭的同比增长的情况，以及我们整个煤炭的占领情况，包括合同煤和市场煤的情况。另外，前一阶段来讲，发改委对于整个煤价的上涨，还有合同煤做了一些政府的指导。从这方面来讲，因为我记得在10年的会上，管理层介绍过，我们的合同煤大概涨了20块钱每吨，对吗？如果发改委这个政策被执行的话，那么能否这20块钱每吨的价格会在后续的一些季度里面得到一个缓解？谢谢。 I come from CITICS. I have two questions. The first is, can you provide us information about the coal price increase rate for the first quarter of this year? Also the contract and spot coal percentage. The second one is, we know that the NDRC has released some restriction measures on the coal price, especially on the contract coal price. Also the management of the company has talked about the situation of the contract coal in 2011. We know that you have a CNY 20 per ton increase for the contract coal price for the whole year of 2010. If the NDRC restriction measures could be implemented strictly, is there any possible for your company to have some kind of release of this increase in the coal price? 好，我是林伟杰，我回答你这个问题。一季度煤炭跟去年一季度同比的涨幅是在9.4%。合同煤和市场煤的比例是这样的，重点合同煤占整个采购煤量的69%。刚才讲到10年发布业绩时候说到的涨20块，目前这个数是没有错的，这个数是对的。 For the first quarter of this year, our coal price increased totally 9.4% year-on-year. About 69% of our coal purchased from the contract. For your question of CNY 20 per ton increase set by the whole year of 2010, in that figure, currently there is no change. 关于发改委今年年初对于加强煤炭行业的价格管理，对重点合同要求不涨价这个说法，发改委一直在强调。 For the NDRC's restrictions that started this year that the coal price should not increase, especially for the contract coal, currently there is no change in this policy. 目前国家发改委也正在检查和落实他们的意见的执行情况。 Currently, the NDRC is also checking the implementation for these restriction measures. 但是目前由于市场的煤价跟重点合同煤价相比，还是差价比较大。 Currently, because of the big gap difference between the spot market price and the contract coal price. 所以供煤方有更大的动力去销售市场的煤，造成重点合同的兑现率偏低。 The suppliers plan to sell their coal product in the spot market. Currently the contract coal delivery rate is decreased. 后续的重点煤的兑现情况会执行到怎么样，我们现在还难以估计。 Currently there is uncertainty in the contract coal fulfillment rate. 我们希望后续在执行国家政策以后，有个比较好的前景。 We hope that the national policy in terms of this could be implemented strictly. 我回答完毕。能具体介绍一下我们市场煤和合同煤以及标煤现在的一季情况，谢谢。 Could you provide the details of your pricing in terms of the contract and also the standard coal price? 一到三月份的重点合同煤价格，我们是569.28。 For the contract coal price for the first quarter of this year, it was CNY 569.28/ton. 而市场煤价是672.42。 CNY 672.42/ton for spot market price. 上述讲的全是原煤的价格。 This price is in terms of the raw coal. 好，谢谢管理层。下一位提问者是来自招商证券的彭玄刚。彭玄刚，您可以提问了，谢谢。能听到吗？喂？喂，能听到。各位领导你们好，我是招商证券的彭玄刚。还想跟进问一下刚才有关煤价的问题。就是咱们刚才介绍说煤价今年涨的是9.4%，重点合同煤是涨了20块钱，那么市场煤其实20块钱一吨，这个其实应该也就是4%左右吧，那么市场煤涨得就非常大了。我不知道这样理解对不对？刚才有一句话信号不太好，听不太清楚，你再说一遍。就是刚才管理层介绍了，我们的一季度的煤价是涨了9.4%，然后重点合同煤是说涨了20块钱每吨，是吗？重点合同煤这个20块钱每吨相当于就是3%-4%这种水平，是吧？那么相当于是市场煤涨的幅度很大，如果按照占50%的话，那个就是要涨10%几了，就市场煤要涨10%几，我不知道这样理解对不对？ Well, I have a following question about the coal price. Just right now you talked about your coal price the first quarter increased 9.4% year-on-year, and also your contract coal price increased CNY 29/ton. That means your spot market price increased a lot. Is that possible or is there any reason? 这个理解是市场煤的涨幅，重点煤它是涨了20块钱的，是标煤的价格，所以它对应的是9.4%。首先确认这个数是对的。那么刚才讲到市场煤跟重点煤是50对50，我们刚才已经说了，这个比重是69%和31%。重点合同的兑现的情况是这样的。 For your question about the coal price, that is, the contract price surely increased to CNY 29/ton. The increasing rate is 9.4% year-on-year. This is in terms of the standard coal. 但是我们的全口径的采购煤量来看，重点煤只占了41.9%。 The average our contract coal is only amounted about 41% of our total consumption. 好。林总，刚才您介绍的是煤价是涨了20块钱每吨标煤，是吧？对。那这个标煤20块钱每吨对应的应该不是9.4%。你说的是，这是重点合同，不是9.4。重点合同的6.4，我刚才说的20块钱是总体整个涨的是6.4。 6.4，刚才说是9.4吧。 In terms of our standard coal price, in average, the total rate is increased about 6.4% year-on-year. 好，谢谢林总。我想问一下，咱们去年一季度的合同煤的价格是多少？然后市场煤的价格是多少？因为您刚才把今年的已经说了，然后您给我们介绍一下去年的那个状况就行了。去年的—— Could you please provide us information about the contract coal price in 2010 and in the first quarter of 2010? 去年的重点煤的合同价格，一季度是568.03，市场煤是648.67。 For the first quarter of 2010, our contract coal price was CNY 568.03 a ton, and the market price was CNY 648.67 a ton. 好，谢谢林总。然后还有另外一个问题，从区域来看，哪个区域的煤价涨的幅度更大一些，哪个区域相对来讲比较稳定？ Also, the question in terms of the coal price. Could you provide us information about in which region your coal price increased a lot, and in which region coal price in a stable way? 从目前的一季度情况看，从区域来看，应该是跟去年一季度同口来对比，是华东地区和山东地区涨得比较高一些。 For the first quarter of this year compared to that of last year, currently we can see that in the central part of China and in the Shandong province, the coal price increased a lot. 好，谢谢林总。然后还有一个有关电价的问题，就是我们最近看到有些报道，说从4月10号开始，已经有一些地区电价是上调了，那么从对咱们公司的影响来看，对于提高收入、提升业绩影响明显不明显？谢谢。 We also have a question in terms of the tariffs. Currently, according to some media reports that since the 10th in April, some regions' tariff level has been adjusted up. Could you provide us the impact in terms of the tariff adjustment? 这个问题由我来回答，我是高树林。根据国家电价的主管部门有关电价调整的意见，电价的上调分为两个时间段，一部分是在2010年1月1号，还有一部分从2011年的4月10号，两部分来执行。这次的电价调整的幅度不是很多，是特别省，在亏损面超过70%的这样的火电。另外，就是利用小时高于5000小时以上的这样的部分地区做了部分调整。所以对公司的影响，公司有六个地区进行了这样的一些调整。应该说对公司的整体的经营还是有一定向好的作用。但是具体的影响，因为现在还在和各省的电价主管部门和有关的电网公司进行具体落实，所以具体的数字目前还没有测出。 According to the regulatory fact that since there are 2 parts of the tariff adjustments, one is tariff adjusted since January 1, 2010, and the second is the tariff will be adjusted since April 10, 2011. This time the tariff adjustment magnitude is small, and also the tariff adjustment is done in some provinces which have 70% power plant making loss, and also have utilization hours more than 5,000 hours. In terms of the impact on our company, we have our power plant in 6 provinces in terms of the tariff adjustment, and in total, we believe that this is good for us. But currently there is no detail for this impact. 好，谢谢高总。然后还有一个问题，我们最近了解到像江苏、浙江这些地方利用小时提升得还是挺高的。那么从咱们公司的这些电厂分布来看，中部沿海地区分布的电厂相对来讲也比较多。其实利用小时提升对咱们公司的业绩应该是有比较明显的提升作用的。那么为什么咱们的业绩还是下降得比较多呢？主要是因为煤价的原因吗？还是有其他的原因？谢谢。 Also, we can say that in Jiangsu and Zhejiang province, there was a great increase in the utilization hours for the first quarter of this year. Also, we know that your power plants are mostly located in the coastal regions. So we believe that the utilization hours increase will improve your profitability. But why is it that your profit has decreased in the first quarter? Is that the storage reason for coal or is there any other reason? 公司在这个上述提出的问题，这几个地区，像浙江、上海、广东、江苏，公司主要的一些发电厂也是分布在这些地区。从利用小时数和发电量增长看，这些地区都是高出全国平均水平。在当地，利用小时和发电量的增长也都保持了正常的增长速度。从电价的水平来看是稳中有所升。也就是说我们在结算电价的时候，交易电量的部分比例在继续降低。那么从这样的一个结果看，经营业绩受到的影响主要是煤价也上升的幅度影响比较大。 Well, just as you talk about, most of our power plants are located in the coastal regions such as Zhejiang, Jiangsu and Guangdong provinces. Also in these regions, the utilization hours and power generation is larger than the national average level. Also for this power plant, the tariff level is to be adjusted up. Also for our power plant, the tradable power generation, the percentage is going to be down. So in this way, we can see that the profit decrease for our company in the first quarter is mainly due to the coal pricing increase. 补充一点就是，公司在2月份由于节日的影响，使得电量有比较大幅度的下降，这也是影响公司业绩的一个负面的影响。 Also I add some reason is that in February, because of the festival impact on our power generation, our power generation decreased a lot compared to that of last year. So this may be another reason for the profit decrease. 那么在这些地区，是不是这些火电虽然我们基数比较优势，然后盈亏基本上也就处在差不多盈亏平衡的这个位置了，没有太多的利润空间？ In this way, that means that these coal power plants are just in a pretty stable level. 我是秋辉，我来回答这个问题。你所说的这些经济比较发达的地区，利用小时也是比较高的，它的盈利状况也是比较好的。 For your question, we see that in this power plant, the utilization hours and the power generation and also the profitability is comparatively good compared to those in other regions. 那周总，我们公司主要的拖累我们业绩的是哪些电厂？能不能给我们介绍，比如三个电厂，他们亏损比较多的，都亏多少？ Can you provide us the details about which power plants are making a lot of loss and which power plants making a profit? 我们目前就地区来说，山东地区是亏损的。 In terms of the re- 山东、山西都是亏损的。 In terms of the regions, our power plants located in Shandong and Shanxi provinces making a loss. 好，谢谢。我没有问题了。下一位提问的是来自Narrow Wing的王小兵。王小兵您可以提问了，谢谢。管理层您好，我是联讯证券的小兵。我有两个问题：第一个就是我看到公司今年虽然经营业绩下降比较多，但是好像经营现金流增长还是挺多的，这个原因是什么？是不是因为我们有很多，我看好像有一个应付账款的大幅增加，是因为这个原因吗？然后第二个问题是，我最近看到国家开发银行的预计，说是今年全年可能全国的电力供需可能会比较偏紧，又是一个用电高峰的时候，所以想问一下，就管理层来讲，您觉得这个原因是什么？谢谢。 I have two questions. First is, we know that your profits the first quarter decreased a lot, but your cash from the operating activities increased a lot. Is that because of the increase in the debt to be paid? The second question is, the NDRC has kind of expectation and forecast for the whole year's power generation and power demand. They say that maybe in some peaking periods, there will become a shortage in 2011. Could you talk about the reasons for this? 我先来回答你的第一个问题。关于这个经营现金流增加、这个利润下降这个事，我想首先这个利润和经营现金流是两个不同的概念，因为在经营现金流当中是包含了折旧和利息的。 For your first question, I have to say that the two concepts are different because for the cash from the operating activities including the depreciation and interest. 那么我们盈利下降的主要原因，刚才高总也已经做了介绍，主要就是由这个燃料成本提高引起的。那么除了这之外，当然还有一个就是从去年10月份以来，四次利率的提高，这对我们公司来说影响也比较大，增加了6亿多的财务费用。另外，随着去年新机组的投产，折旧费用也同比增加了3亿的折旧。 Also, the profit decrease, besides Mr. Lin has mentioned the reason, since October 2010, the interest rate has increased and bringing us a cost of interest rate base around 600 million RMB. Also we have some newly added projects, so our depreciation increased about 300 million RMB. 刚刚你提到的关于电力供需形势的问题，我们认为，其实今年从整个火电的利用小时的水平来看，我觉得和去年综合的水平来看，有一个增加。从一季度角度来看，我们大概增加了12%到13%左右这个水平。但是实际上从综合的情况来看，如果讲缺电的话，我们认为实际上是时段性和局部的缺电，这不是一个全国范围的整体性的缺电，因为利用小时数大概在5200小时左右，所以它还不是一个全局性的缺电，而是一种局部性的、区域性，带有季节性这样的一个形势。 For your second question, I want to say that for this year's forecast of utilization hours, we believe that this may be a little bit higher than that of last year. For the first quarter, this figure increased around 12%-13%. We can see in totally, there will be no shortage in the whole year for the power generation. And maybe there are some periods in some regions, there will be some shortage. 好，下一位，请。大家好，下一位提问的是来自JP Group的Charles Wang。Charles Wang，您可以提问了。谢谢。下一位提问的是来自Mutual Holder。Please go. 大家好，下一位提问的是来自香港的Hacken。Hacken，您可以提问了，谢谢。大家好，如需提问，请在话机上按星键等候，见信号键按1。谢谢。下一位提问的是来自里昂证券的Julian。Julian，您可以提问了。谢谢。 Nick，你好，我是里昂证券的朱丽阳。我有几个问题，第一个是想问一下，因为我看到今年一季度长兴这边是没有发电的，我想问一下这个电厂是不是已经关掉了，那还有没有其他的一些关掉的计划在今年？另外，我想问一下我们的周总，今年一季度的感觉上税收和赋税的比例特别高，相对以往来看，不知道这个是什么原因，还有对今年以后的税率的情况，大概是一个什么样的估算？那另外，我想请教一下，因为刚才管理层也提到过关于电价调整的问题，有说到其实1月1号已经有一部分调整了，那我想问一下1月1号的这个调整是什么样的情况？那既然已经有过这样的调整，那对今后的后续的电价调整的展望和预期是怎么样的？谢谢。 I have three questions. First is, we know that your Changxing power plant has no power generation in the first quarter of this year. Could you please provide us with the reason this power plant has been shut down? Do you have any plan to shut down any other power generation units? The second is, we know that your tax rate for the first quarter is very high. Could you please provide us with the reason for this and also the trend of the tax rate in the future? The third one is in terms of the tariff hike. You mentioned that some part of the tariff hike has been made since January 1, 2010. Please talk about the detail of this and also the outlook in the future. 我先回答一下你的长兴电厂的问题。长兴的这个项目，因为公司有新的发展的计划，所以长兴项目现在已经关停了，所以它今年没有产生电量。关于电价问题，刚才高总其实已经向大家介绍了，我们现在其实电价问题还要和政府的有关部门进行进一步的具体的对接，所以对今后有关电价调整这些情况还很难预测。 For the Changxing power plant, this power plant has been shut down because we have some new development plans in this site. It does not have any kind of power generation in the first quarter. In terms of the tariff, Mr. Gao has talked about right now that currently we are communicating at a great length with the government. Currently, it is hard for us to make the forecast. 对于税率的问题，可能是你是拿报表上的所得税去除以营业的总额得出来的。那这样算实际上是跟我们实际的所交的情况是有差异的。因为营业的电厂，尤其是有限责任公司，都是按每个电厂来交。那么到公司报表以后，报表上的营业是总体的营业的汇总，这样的话基数就变了。所以这是一个营业结构的影响。从税率上来讲，应该是有限责任公司现在是25%，那么全资的公司今年是22%，没有什么变化。谢谢。那还有一个后续的问题，因为之前也说过，我们现在可能亏损的地区就是山东和山西，那从我们整个电厂的分布来看，现在的亏损面的情况大致上是什么样？还有单位燃料成本这边的话，大概同比的增幅大概是在什么水平？谢谢。 Well, just for the second question, in terms of the tax rate, maybe your tax rate is very high because maybe you just simply calculate as the tax calculated with the tax rate and divided by the profit. This is different from that, because for our company, the power plant just pay the tax separately, and the statement will conclude and convert all of this from the different power plants. So we have different rates. For our company, currently the limited company tax rate is 25% and the fully owned power plant also is 22%. There is no change for this. Also the following question is about the loss-making power plant. You talked about that you have a power plant in Shandong and this plant is making a loss. Could you provide us the loss-making power plant in terms of your total power plant, and also the unit fuel cost for your power plant in the first quarter? 关于亏损面的问题，如果按照我们核算单位来算的话，注册的一个电厂，一个核算单位的亏损面是52%。单位来料成本，一季度是每千瓦时260块2毛7，同比增长了5.12%。 In terms of the loss-making power plant, currently about 52% are making a loss for the first quarter, and the unit fuel cost for the first quarter was CNY 260.27 per megawatt hour, and increased by 5.12% year-on-year. 非常感谢。大家好，下一位提问的是来自UBS的李小鹏。李小鹏您可以提问了，谢谢。你好，UBS的李小鹏。我有五个问题。第一个问题是想问一下，如果说电价从去年1月1号开始上涨，那么我们在会计处理上是会把多的这些利润都计到今年，还是要做一个重述呢？包括今年一季度也是这样。第二个问题是我想问一下，第一季度我们的资金成本大概在什么水平，同比涨了多少？第三个问题是想问一下我们北京热电扩建的燃气机组大概什么时候会投产？第四个问题是想问一下我们的标煤单价一季度的具体数据是多少？然后刚才提到的那个全口径41.9%的重点煤比例和前一位说的69%的比例，这个有什么区别？我不太明白。最后一个问题想请周总介绍一下新加坡和国内的各项成本对比是多少，然后新加坡对我们一季度的利润贡献是多少，其中有没有什么汇兑损益之类的数据？谢谢。 I have five questions. First is the tariff adjustment. You talked about that some part of tariffs has been adjusted since January 1, 2010. So in the accounting, in the account statements, how do you deal with this? Will you restate this or you just make this in this year's profit? The second question is, what is the cash cost for the first quarter of this year? The third question is, when will the Beijing cogeneration, the new project, will put into operation? The fourth question is, you talk about the standard coal price for the first quarter of this year. Also you mentioned right now that the 41.9% for the coal contract and 59%, what is the difference between the two figures? The fifth question is, you talked about the cost breakdown for the Singapore business and the domestic business. What is the contribution in terms of the profits for the Singapore business? Is there any kind of exchange gain? 我先来回答你前四个问题。第一个你问的是关于电费电价从2010年1月1号调整是不是追溯的问题，这是不追溯调整，追溯在2011年。第二个问题是资金成本。我们去年年到年底，全年的资金成本是4.2%，那么今年一季度目前是5.03%。第三个是标煤单价，标煤单价一季度是835块5毛9，这个同比的话是涨了6.42%。关于新加坡的业绩，新加坡今年第一季度电量同比增长了3%，收入同比增长了23%，利润同比增长了26%，最后利润是2亿7100万，这就是它对我们一季度业绩的一个贡献。那么这个具体的关于成本的数据。 I could give you the tariff adjustment. For the tariff adjustment since January 1, 2010, this will bring us profit which will be made in the total profit in 2011. The second one is, our cash cost for the whole year of 2010 was 4.73% and 5.43% for the first quarter of this year. Also the standard coal price the first quarter was 835.59 RMB/ton, increasing by 6.43%. For the Singapore business, in the first quarter, the power generation increased 3% and the revenue increased 23%. The net profit was 241 million RMB, increasing by 26%. 您刚才问境内外的具体的成本数据，我给你报一下数。这个燃料，境内是191亿，这个大数18亿1600万。 For the cost, the fuel cost for domestic was 19.1 billion RMB and 1.816 billion RMB for Singapore. 维护境内3亿6000万，新加坡是2600万。 For maintenance, 364 million RMB for domestic and 26 million RMB for Singapore. 时工薪酬的话，境内27亿，这个大数13200万。 For the wages cost, 2.7 billion RMB for domestic and 133 million for Singapore. 其他的话，境内是——错，刚才这个是折旧，折旧是CNY 27亿境内，这个境外是CNY 1亿3200万；时工薪酬境内是CNY 7亿，境外是CNY 3400万。 Sorry, I make some correction on the figures that our wages cost was 2.7 billion CNY for the domestic and 132 million CNY for Singapore. This was for the depreciation and the credit cost for domestic was 700 million CNY and 34 million CNY for Singapore. 其他费用境内是CNY 1亿7000万，新加坡是CNY 18亿2000万。 The others, it was 970 million CNY for domestic and 1.82 billion CNY for Singapore. 还有两个问题给你介绍一下。第一个是你关心北京工程的建设，北京工程建设现在很顺利，我们公司正在努力争取，在今年北京工程要投入生产。这是一个。第二个，刚刚林总所说的42%和69%有两个数据，42%讲的是今年一季度的重点合同的比例，69%讲的是今年一季度的重点合同的兑现率。 I have two questions. First is about the Beijing cogeneration. Currently this project is under construction and the progress is in a smooth way. We are trying to put this project into operation by the end of this year. The second is you talk about two figures, 42% and 69%. The 42%, this was the contract coal tended for the first quarter of this year, and the 69% it was the fulfillment rate of the contract coal in the first quarter. 您好，郑总，我还想再询问一下，就是新加坡那边的电量收购的成本大概是多少？然后刚才说的CNY 2亿4100万的利润贡献里面，有没有汇兑损益这样的一次性项目？谢谢。 Also, could you please talk about whether your power purchase cost in Singapore and also you talk about the 241 million CNY in profit. Is this including the exchange gain? 这个2亿4100万已经把汇兑损失给刨掉了。 This net profit level has excluded the exchange gain. 另外一个问题，你问的是零售电的收购和成本，是不是？对，这是我们H股的报表里头电力收购什么的。这个零售电的成本是1.7亿1936万，收入是18亿8475万。 Well, for the power purchase cost for Singapore in the first quarter was CNY 1.77 billion and the revenue from this was CNY 1.8 billion. 好的，谢谢。大家好，由于时间关系，请每位参会者只提两个问题。如需提问，请在话机上按星键等候。下一位提问的是来自申银万国的于海。于海，您可以提问了。谢谢。我是申银万国证券的于海。我就想关注一下，4月份到目前为止的情况，咱们负荷率和3月份比是什么样的一个情况，以及咱们目前的库存情况，有哪些地区库存特别低的，到底是个什么样水平？谢谢。 I have two questions. First is please talk about your power generation loading rate currently since April, and the comparing ratio with that level in March. The second one is please talk about the inventory levels currently. 我是高总，您好，公司一季度应该说负荷率同比是有所增长的，那么进入4月份以后，应该说负荷率和一季度基本上还处在一个同等水平上，大约是在70%左右吧。 For the loading rate of the first quarter, our loading rate increased compared that of last year and in April, this rate is in a stable way around 70%. 关于库存的问题，现在公司的同比库存平均在18天，目前库存相对来讲低一点，但是以整个华东来讲，没有很低的电厂。 Well, in terms of the inventory levels, currently our inventory is around 18 days, which is comparatively lower than the average level. But for our power plants, there is no power plant which has a very low inventory level. 相对低的地区是在华东地区。 Comparatively, in central part of China, our power plant has a lower inventory level. Sorry，我在问的就是第一个问题，那个3月份的机组负荷率水平是在什么水平？ I have following question about loading rate. Please provide us the loading rate in March. 我们稍微查证一下以后给你一个准确的数字。好，谢谢。 I will give you the figure in the following. 大家好，下一位提问的是来自CICC的岳捷。岳捷，您可以提问了，谢谢。你好，我们听到吗？喂？喂？你好，我是金浪，请说。中金公司，李杰。我有两个问题想问一下管理层，关于玉环电厂的，就是说今年一季度浙江的用电形势比较好，然后我看玉环一季度的发电量也非常不错，而且在玉环一季度它的盈利情况是怎么样？然后第二个问题想问一下，玉环电厂对公司整体今年的利用小时有什么样的判断？ I have two questions. First is, we say that the utilization hours in Zhejiang province is very good. Could you talk about the full base level in Zhejiang Province, especially your Yuhuan power plant? The second is, could you talk about your expectation for the utilization hours in the central part of China? 我来回答你第一个问题，玉环电厂4,000万的2174，收入2134。 For the Yuhuan power plant profit in the first quarter, it was 236 million CNY for the before tax profit and 234 million CNY for the after tax profit. 好，我是高淑妮。先补充回答上面的一个问题，公司的一季度负荷率是70%。那么下面问的问题，关于玉环电厂的利用小时，我们一年的安排是6400小时，同比是提高的。 For the loading rate, our first quarter is around 70%. Also the utilization hours for our power plant in Zhejiang Yuhuan, we anticipate this will be around 6,400 hours in 2011. 好，谢谢管理层。我再问一下，就是觉得公司对三季度的业绩有怎样的判断，就是感觉会环比有所提升，因为电量上涨了，然后其实结货价差方面应该可能会有所改善，不知道判断是会这样，向管理层问一下。 Also, third quarter will be up. Could you talk about what is your profitability in the third quarter of this year? 你问的是对后三个季度的展望吗？对，尤其是三季度。几季度？三季度。三季度。对。对三季度的展望。对，第三季度。第三季度的展望。这事有点难。现在第二季度还没过。不过是这样，我们觉得从现在的情况来看，有三个情况我们可以共同关注。第一个情况就是现在的电量的增长还是比较强劲的。我们预计全年的电量增长还是会在两位数以上，或者达到12%或13%左右，这一点我觉得我们应该可以期待的。第二个就是现在来看，公司煤价的情况基本平稳。我想这是第二个。那么从这个角度来说，我们在现在这个时机里，为了在二季度末，或者说二季度中，这个季节的发电高峰，我们会加强一些煤炭的采购，这样的话可以比较有效地控制采购的成本。第三条就是刚刚大家提到的电价在调整。那么随着电价调整形势的明朗，以及最后的电价的整个测算的明朗，我相信会对公司的整个的收益会有正面的推动。所以我们结合这三点来看，如果你要展望三季度形势的话，我们觉得跟一季度相比，我们觉得是乐观的。好，谢谢。 Actually, it's hard to make a forecast in terms of the operation situation in the third quarter of this year, but we can focus on the following three factors. The first is we can see that the power generation this year will be very strong compared to that of last year. We forget that the whole year's growth rate will be around 12%-13%. We believe that this figure can be achieved. The second is in terms of the coal price. We believe the whole year's coal price will be in a stable way. Maybe in the peaking period of the coal consumption, we will enhance our coal purchase and to control our Michael. Michael, come through. You may begin. Yeah, a couple of questions. First of all, the obvious follow-up to the last question is how the second and fourth quarters look. The next question I have is I wonder if you can go into the tax rate a little bit more. I'm getting an effective tax rate for the first quarter of 43% versus 18%-19% sequentially and year-on-year. I understand that you're rolling out your power stations, but certainly one or more of those power stations are paying at the high rate. I wonder if you could explain why. Thank you. Thank you. For you, is this now your first question? Oh, sure. You were giving guidance that you're expecting the third quarter to be better. I wonder if you could pop in on the second and the fourth quarter as well. I guess within that, obviously the monetary policy is attempting to slow the economy right now. Maybe you could comment on why you're not seeing power consumption growth slow down. 那么我有两个问题，首先第一个就是刚才管理层提到，我们综合一些因素以后，三季度这个经营情况可能会好于第一季度的情况。那么结合整体国家宏观经济的发展，还有经济增长的水平，公司二季度和四季度经营情况是什么样的？那么第二个问题，就是关于税率。还有就是可能一季度的税率非常高，计算下来差不多有40%多。那么这个是什么样的一个结构导致这么高的一个水平？那么和同比来讲也是比较高的一个。请管理层介绍一下今年和去年这个区别。我们觉得在二季度和四季度的经营状况也会比季度要好一些。 Considering the fact that we believe that the operational situation in the second quarter and the fourth quarter of this year will be also better than that in the first quarter. 实际交纳的税率并不是你计算的这么高，因为计算的我已经讲了，仅仅是按照我的报表的数据来计算。那么我们实际上在税收交纳的过程当中有两种方式，因为公司有两类电厂，一类是全资电厂，一类是控股电厂。控股电厂是按照每一个电厂就地纳税，也有几个电厂，只要你是盈利的就要交税。那么全资电厂是汇总到公司总部统一纳税。所以因为你在交的过程当中，有控股电厂是只要有盈利的要交，那么到报表合并以后，你看到的是盈利已经抵去了亏损以后的一个数字。所以说分母的基数就变得小了，使得税率高了。这是一个你做了电厂盈利结构造成的问题，不是实际税率提高。 Actually, for the effective tax rate, actually the actual rate for the effect is lower than the 43% because this figure is calculated just simply according to the statement. Actually, for our company, we have two kinds of power plants. The first kind is the wholly-owned power plants, and the second one kind is the power plant that we have controlling stakes. For the wholly-owned power plants, the tax will be paid after we conclude all these power plant profits. For the controlling power plants, these power plants will pay the tax separately by themselves. So in the total, after the consolidation of these power plants, maybe some of the loss will be excluded from their profit. So that makes the smaller base of this calculation. So the structure is different for calculating. So is the difference for the tax rate. So it's a timing difference you'd expect to smooth out over the course of the year? Sorry. Sorry, excuse me? Is this the tax rate, the timing difference you expect would smooth out over the course of the year? 那么就是公司预计接下来全年税率会有一个怎样的发展？法定的税率是不会变的，合并的子公司目前在25%纳税，全资的目前是22%纳税。那么刚才我已经讲了，你刚才讲的税率只是合并报表的一个计算结果的税率，跟我们实际交纳的情况是不一样的。之所以显得税率高，是因为亏损的电厂，刚才已经讲了，在到1952.3这么一个亏损面，把我们盈利电厂的利用率给抵减了。所以如果直接地拿所得税去除以盈利数，所得税率就掉了。 Well, actually, for lawful tax rates with definite and 25% for the limited company and for 23% for the wholly owned power plants. You may make the calculation according to the consolidated statement. This figure is different from our actual rates for the tax. Also, we talked about that we have 52.3% power plants making a loss. So these power plants have deducted our profitable power plants. According to this, you may make the calculation in a different way, and this figure will be different from our actual tax rate. Okay, thank you. Thank you. Thank you very much. 大家好，下一位提问者是来自SWS Research的姜永煌。关总好，能听得到吗？能听到，请讲。其实我要问的问题，前面的那些同行都已经帮我问过了，所以非常感谢关总的回答。Actually, the question I want to ask has been replied by your management. So thanks for your reply. 谢谢你，既然要参加，一定能回答。 Thanks for your attending the conference call. 大家好，最后一位提问者是来自Morgan Stanley的Eva Hou。Eva Hou，您可以提问了，谢谢。关总你好，我是Morgan Stanley的侯静，我有几个问题。第一个问题是我想知道一下我们第一季度机内电厂的利用小时，还有我们全年利用小时的目标和发电量的目标。第二个问题，就是在我们今年一季度的业绩里面，我看到财务费用同比10年的四季度的话上涨了25%。我想知道这个的主要原因，就是在现在银行里头现在挺多情况，就是说我们现在的新增贷款都可以享受10%的利率的折扣，然后老的贷款的话，在今年重新续的时候还能不能享受这个10%的价差？第三个问题，我想问一下，刚才提到有一些电价可以追溯，有一小部分电价可以追溯到今年1月11日，然后我们现在的报表里面，利润表里面有没有反映追溯的这一小部分利润？最后一个问题，在今年的一年一度的业绩发布会上，你提到要收购一些煤矿的股权，我想问一下这个收购的进展怎么样？谢谢。 I have four questions. The first is please talk about your utilization hours for the first quarter of this year, and also your forecast for the utilization hours and power generation targets of this year. The second is that we can see that the financial case the first quarter of this year increased 25% compared to the fourth quarter of last year. Is there any reason in terms of the highs in the money markets in China? Currently for your company, do you have any kind of problems in terms of the interest rate discounts for the new loans? Also, do you have difficulties to maintain the level for your old loans to be maintained? The third question is for the current price level. You just mentioned that since January 1, 2011, the price has been adjusted. So the first quarter statement reflected this profit. The fourth question is, in your annual meeting of the 2010 results, you have talked about that you are going to acquire some interest in the coal mines. Please talk about the progress right now. 关于公司的发电量目标和利用小时，全年的发电量目标是3150亿千瓦时，全年的利用小时是5500小时。实际第一季度完成情况是1328小时，这是公司的平均利用小时，其中煤机是1369小时。 For our target of utilization hours this year, it was 5,500 hours, the power generation target for the whole year was 315 billion kilowatt hours. Our first quarter utilization hours averagely around 1,328 hours, 1,369 for our coal-fired power plants. 对于财务费用，确实同比增加了比较大的数字，增加了54%。这里头有两个原因，一个是因为去年我们有新机投产，那么在新机投产以后，原来资本化的利息全部转为了当期的财务费用，这一块就有3亿多。那么另一个原因就是国家宏观调控，利率调整引起的。总的财务费用里头，在6个亿里头，利息支出，新机加利率增加了起来5500万。那么剩下的1亿8，是因为汇兑损失，因为去年我们有一些汇兑收益，今年汇兑收益没了。另外上次在靠期房就方面上面有8300万的亏，再加上去年有一个将近8000万的收益，一比就出来了将近1亿7的汇兑损失，所以两个加起来就达到6亿。 In terms of financial expense, actually it increased 54% year-on-year. This may be due to the following three reasons. The first is the newly added power plants, because for these power plants, the original interest rate, which can be capitalized, can change to the financial expense. This will amount to around CNY 300 million. The second reason is, along with the tight measures in terms of interest rates, this brings the financial base increase around CNY 455 million. The third one is we have some exchange loss compared to last year's exchange gain, also the gas power has made some loss. Hopefully, we make exchange loss around CNY 170 million. 关于目前贷款的情况，由于目前银根收紧，贷款规模受控，所以资金成本也是在不断地上升。原来我们取得的下浮10%的优惠利率，现在基本上很难取得。除了个别好的项目，我们还有5%左右的下浮以外，基本上其他的一些项目，如果盈利状况不是很好的，基本都是基准利率。 In terms of the loan interest rate, along with the price moving in the money market, our interest rate increased a lot. Currently, it's hard for us to maintain the 10% discount in terms of interest rate. For some of our power plants, which have a higher profitability, can maintain about 5% discount in terms of the base rate. 关于基准利率，接下来不追逐调整。 For the third adjust of this year, the profit deriving from the adjustment will be included in this year's profit. It will not risk that. 另外关于刚刚问到的煤矿的收购方面的问题，暂时我们还没有可以公布的消息。 In terms of the coal mine acquisition, currently there is no detailed information to be disclosed. 还有关于公司有没有测算过执行这基点的利率的增长会影响利润有多少？ Please talk about the regulation that one basis point increase in the interest rate will have what kind of impact on the company's profit? 因为目前国内利率调整都是按25个基点来调，所以我们的测算也是按25个基点来测。假如说把这25个基点设定为是从1月1号开始调整的话，那么对我们全年的影响就是将近3个亿的盈利。 Well, because currently the central bank adjusted the interest rate according to 25 basis points. So we made the calculation according to this change that since if the 25 basis points interest rate will be adjusted since January the 1st this year, this will give impact in the profit around CNY 300 million. 谢谢管理层。谢谢。好，谢谢各位的提问。也感谢管理层，包括公司董事、副总经理范夏夏先生以及各位管理层的解答。再次感谢各位出席华能国际电力股份有限公司2011年第一季度业绩发布会。我们期待下季度及时再会。 Thank you so much for all the questions and participating today. We are looking forward to meeting you in our next result announcement of the company. Thank you all. Bye. [Foreign language] Thank you.