Earnings Call: Q2 2011

Aug 10, 2011

Ladies and gentlemen, welcome to attend our conference call on interim results of 2011, which was released yesterday. Here, we want to talk about the operation profile for the first half of 2011 and also the business prospect in future. 今年上半年，公司克服了燃料价格高位运行、资金供应普遍趋紧和资本市场震荡下行的不利影响，以提高经济效益为中心，积极应对经营环境的变化，在安全生产、成本控制、项目开发、节能环保、资本运营等方面取得了新的进展。 During the first half of 2011, the company overcame the adverse effects arising from high fuel prices, tight money supply, and the downward movement of the capital market. The company focused on enhancing economic efficiency, actively addressed the changes in the operating environment, and achieved new developments in various aspects, including production safety, cost control, project development, energy saving and environmental protection, and capital operation. 2011年上半年，按国际财务报告准则计算，公司的合并营业收入为人民币640.54亿元，比上年同期增长31.11%。归属于本公司股东的净利润为人民币11.31亿元，同比下降41.48%，每股盈利为人民币0.08元。 Under the International Financial Reporting Standards for the first half of this year, the company realized consolidated operating revenue of RMB 64.054 billion, increasing by 31.11% year-on-year, and the consolidated net profits attributable to shareholders of the company amounted to RMB 1.131 billion, decreasing by 41.48% year-on-year, and earnings per share was RMB 0.08. 按照中国会计准则计算，公司的合并营业收入为人民币640.54亿元，比上年同期增长31.11%。归属于本公司股东的净利润为人民币11.79亿元，同比下降41.82%，每股盈利为人民币0.08元。公司净利润下降的主要原因是由于煤炭价格上涨和人民币贷款利率上升。 Under China accounting standards, for the first half of this year, the company realized consolidated operating revenue of RMB 64.054 billion, increasing by 31.11% year-on-year, and the consolidated net profits attributable to shareholders of the company amounted to RMB 1.179 billion, decreasing by 41.82% year-on-year, and earnings per share was RMB 0.08. The decrease in net profit was mainly due to the increase of fuel prices and the increase of interest rates of RMB borrowings. 下半年，公司将继续加强安全生产管理，确保机组安全稳定经济运行，加大营销工作力度，在确保发电效益最大化的前提下，力争超额完成公司全年发电量任务；深化燃料管理工作，千方百计保证燃料安全、稳定、有效供应；进一步提高重点合同兑现率，加大煤炭掺烧掺配力度，有效控制燃料采购成本。积极开展能耗指标的精细化管理和机组优化运行，进一步提高能耗指标水平；加大减排力度，不断提高环保设备的投运率和综合效率；积极应对严峻的融资环境，努力拓宽融资渠道，为公司经营发展提供资金保障；积极推进项目前期工作，以电力十二五发展规划为主线，进一步优化发展结构，调整布局，强化基本建设管理，确保新投产机组安全稳定经济运行，达到节能环保型机组的要求，为公司增加新的效益。 For the second half of this year, the company will continue to strengthen safe production and management and ensure the safe, stable, and economical operation of generation units, and to enforce marketing efforts to exceed the whole year's power generation target on the basis of ensuring maximization of the benefits of power generation to improve fuel management work and make every effort to ensure a safe, stable, and effective fuel supply to reach the key contract fulfillment rate. Strengthen blending and mixed burning and effectively control fuel purchase costs. To strengthen the management of energy consumption indicators, actively promote refined management of energy consumption indicators and optimize the operation of generating units and further raise the level of energy consumption indicators to strengthen emissions reduction and continuously enhance the commissioning rate and overall efficiency of the environmental protection facilities to actively cope with the severe financing environment and strive to explore financing channels in order to ensure capital sufficiency for the operation and development of the company. To actively push forward preliminary work of projects to further optimize power structure and adjust the development by making use of the 12th five-year plan of power development and strengthen infrastructure management and ensure the safe, stable, and economical operation of new generating units. In order to attain the requirement for energy saving and environmental friendly generating units. 下面的时间我和我的同事愿意回答各位的提问。谢谢大家再次参加，再次感谢大家参加今天的业绩电话会。 Next we come to the Q&A. We are glad to answer your questions. Thanks for attending the conference call. 大家好，下面是问答环节。有请提问，请在话机上按星1键等候。先按星号键，再按1，谢谢。另一位提问者是Daniel Huang，来自SWS Research。你好，您可以提问了，谢谢。喂，管理层可以听得到吗？听得到，说吧。你好，你好，我是申银万国的黄哲，这边有几个问题可能需要跟管理层请教一下。这边我们看到新加坡大士能源今年上半年它的整个revenue非常的高，所以想请问一下管理层，大士能源的售电的价格和它的燃料成本能不能稍微披露一下？然后再谈谈我们国内电厂的标煤单价和合同的兑现率，是否方便透露一下？第三个问题主要是，我们今年4月份其实是进行了一个电价调整，还有包括了整个10年的电价的小幅上调。这部分的资金是从电网返回的这部分资金，我们什么时候是计入到会计账目当中，是否已经在今年的上半年业绩当中已经体现出来了？最后一个问题就是，我们发现今年我们的贷款规模增长得还是比较快的，管理层这边是否能稍微披露一下，这部分贷款增长主要是长期还是短期的，以及它的贷款的利率大概是多少？就是这几个问题，谢谢。 I have four questions. First is I noticed that for the first half year, for Tuas Power, you have a very higher growth rate of the revenue. Could you please provide the detail about the tariff level for Tuas Power and also the fuel cost of Tuas Power for the first half of this year? The second one is, could you please provide us the fulfillment rate on the contract coal for the first half of the year? The third question is, we know that in April, the NDRC has adjusted the tariff up, and also this policy is applied to the whole year of 2010. So how do you handle this in the accounting policy? The fourth question is, we noticed that your loan scale is increased a lot for the first half of this year. Could you please provide the detail of the structure of the loan and also the interest rate for this loan? Thank you. 你提的这四个问题，下面请公司的周辉总会计师做一个回答。我先回答你的第一个问题，关于大士的上半年的经营业绩。新加坡上半年，应该说电力市场的需求跟去年同期基本相近，增长的幅度很小，只有0.09%。但是大士我们的收入增长了40.67%。主要的原因是因为，第一个是我们大士电厂的基础性能比较好，保持了安全稳定的发电。那么另外一个就是优化了市场的竞价策略。在其他的电厂检修的时候，我们争取多发电，而且因为竞价策略好，所以电价比较高。那么你刚才问到的综合电价，我们是1104.31元每千千瓦时，比去年同期增长了17.2%。 For the first question, talk about the Tuas Power. For Singapore, the market demand is stable, similar to that of last year, and the demand increased year on year about 0.09%. For the Tuas Power's revenue, it increased about 40.67% year on year. This is mainly due to our good quality of our generation units in the Tuas Power plant. Also, we optimize our bidding policy during the first half of this year, and to achieve the higher tariff level to about RMB 1,104.31 per megawatt hours, and increased about 17.7% year on year. 那么大士的单位燃料成本是737块9毛4每千千瓦时，比去年同期增长了11.9%。那么电价减掉单位燃料成本以后的边际贡献，一年上半年是294块1毛2，同比去年增长了33%。 The unit fuel cost for Tuas Power in the first half of this year was RMB737.94 per megawatt hour, and increased about 11.9% year on year. The margin for this is around RMB294.2 per megawatt hour, and this has increased about 33%. 第二个问题，关于2010年的追溯电价。追溯电价今年一共取得了2010年是4.87亿，这个已经全部计入了半年的业绩。 For the retrospective tariff hike for the whole year of 2010, this brings us net revenue of about RMB487 million. This is also accounted into the first half of this year. 第三个问题，您问的是关于贷款规模。我们目前贷款在去年的基础上有所增长，目前的贷款总额是1,648亿人民币，其中人民币贷款是1,424亿。目前的贷款我们基本上也是有一个期限的匹配的，有一部分是一年期，大概占了30%，三到五年，目前是占到了40%的水平，五年期以上的就是30%。 About the loan for this year. For the first half, our loan scale is increased, and our total loan scale for the first half of this year is around RMB 164.8 billion. Among this, about RMB 142.4 billion for the RMB loans. For the term of the loan, the structure for the first half of this year is about 30% for the one-year loan and 40% for three to five years, and 30% for five and more than five years. 喂，周总。喂，您说。还有一个问题是国内的一个标煤单价和我们一个合同的兑现率，能不能也方便透露一下？ about the- 重点合同兑现率。 about the contract fulfillment rate and also the standard coal price. 上半年重点合同的兑现率是84%。除税标煤单价是844块1毛1，同比去年增长了9.55%。 About the fulfillment rate for the first half of this year, it is 84%. The standard coal price excluding the tax is RMB 844.11 per ton and increased about 9.55%. 单位燃料成本263块7毛，同比增长8.35%。 The unit fuel cost for the domestic is RMB 263.7 per megawatt hour, and increased 8.35%. 好，谢谢管理层。下一位提问者是来自招商证券的彭全刚。您好，您可以问答了，谢谢。喂，各位领导，我请问一下，因为刚才有一段 operator 在跟我说话，我没听清楚。就是电价追溯调整这部分，在二季度贡献的收入能有多少啊？ 4.87亿。 4.87亿。那我想问一下，咱们上半年归属的净利润是11.8亿，然后扣除非经常性损益的这个是10.6亿，这中间这个非经常损益不是电价调整这块的收入，是吧？不是。啊。扣掉的是我们有一块燃料，有一块账务补贴。哦，我想了解的就是，其实这个二季度向电价追溯调整4.87亿，然后深圳能源贡献的投资收益1.24亿，水电1.4亿，然后大士能源贡献的净利润能有多少啊？ 7.06亿。就是说，是不是扣除掉这些收入之后，总体上我们火电的经营上面实际上还是亏损的，是吧？ As to your questions. For the whole year of 2010 tariff adjustment, the revenue is accounting in the first half of this year's revenue. Also, the non-recurring operating revenue is excluding the subsidy from the government and not including the retrospective of the tariff hike for the whole year of 2010. Also, the latest question from China Merchants Securities, about Tuas Power's net profit contribution to the company. Could you please talk about whether the domestic coal-fired business is still making a loss, excluding Tuas Power's contribution? 我可以继续问了，是吧？你问吧，问问题。就是说我们大概算一下，如果扣除掉上面我说的这些，包括深圳能源、四川水电、大士能源，还有追溯调整的电价这块，那么其实把我们的火电总体算在一起来讲，应该是亏损的，是吧？ My question is, excluding the investment gain and also the Tuas Power's contribution of net profit and also the one-off gain from the tariff hike. So in this way, the company is making a loss, is that right? 这个数字你已经算得很清楚了，但是我要告诉你的是，我们有38家电厂，有盈利的电厂，有亏损的电厂，亏损面还是比较大，42%。 You can make the calculation by the financial statements. We have 38 total power plants and about 42% of power plants making a loss. 好，我想问一下，像玉环电厂，它净利润能有多少？它煤价多少？然后还有上海石洞口电厂，有石洞口一厂和二厂，它是不是盈利，煤价是多少？ Could you talk about the profitability and also the coal price for the Zhejiang 玉环 power plant, also the two 石洞口 power plants in Shanghai? 玉环电厂我们的盈利是5亿8。 For 玉环 power plant, its profit for the first half of year is RMB 580 million. 石洞口一厂、二厂加起来盈利是3亿5。 For Shidongkou One and Shidongkou Two, the total net profit was RMB 350 million. 它们的煤价现在是多高？ What about the coal price? 我告诉你一个除税标煤单价。好，谢谢。石洞口二厂830。石洞口一厂908。玉环电厂926。 The standard coal price for 玉环 was RMB 926 per ton. For Shidongkou One, RMB 908 per ton, and Shidongkou Two, RMB 830 per ton. 这个是不含税的标煤单价。 This is not including the tax. 好，请问一下，因为现在咱们利润同比还是下降的，但是收入还有发电量都是大幅增长的。在这种情况下，我们从主观上还是希望比较快地发展，还是为了满足用电、国家的需求，这种被动地在发展？因为去年年底的时候也增发了，增发价5块5毛7，如果扣掉分红之后，也还是5块3毛7，那么现在的价格差不多是4块5。那么，我们有哪些方式来提高盈利，让投资者能够有正的收益呢？ We noticed that for last year and the first half of this year, we noticed that your total revenue increased a lot, but the net profit decreased. Could you please explain this, whether this is due to the company's initiative development or it is the passive, the company is forced by the government to satisfy the power demand? We also noticed that currently the capital market is not so good and your stock price is only around RMB 5.5 per share, and this is lower than the new share issue price, about RMB 5.57 per share. So we want to know that the company, how to improve the profitability in the coming years. 我回答一下这个问题。从这个公司的发展角度来讲，电力作为没有差异化的一个产品，应该说市场份额是非常重要的。所以公司还是坚持继续做好我们的火电主业的发展。发展的思路还是在公司沿海、沿江，公司有区域优势的地区，建设一些大型化的、低能耗的、环保高效的火电机组，以便发挥公司规模化的、专业化的经营的优势。但是发展的前提，一是公司的发展的战略，另外还是国家有关部门的核准，特别是在经济发达地区，现在再进一步的发展火电，可能受方方面面的一些限制。 For company's policy, we know that the power industry is no difference between the different companies. For the first consideration, we are going to focusing on the power market share in China, and also we are going to focusing on our coal-fired business, because we have advantage in this sector. Also, we want to continue to optimize our advantage in the coastal region of China to develop the coal-fired projects. Also, we are going to develop the large scale, low energy consumption power generating units to show our advantage in this area. Of course, this has a premise about two aspects: first is the development strategy for the future of the company; and also, we have to get the approval from the government. We may know that currently in the developed regions, especially in the coastal regions, there is restrictions from the government about the new projects approval. 今年公司从运营层面讲，公司今年上半年应该说机组安全稳定运行，收入也同比增长了31.1%，应该说生产的能力是得到了充分的发挥。效益下降的主要原因还是煤炭价格的上涨。虽然部分地区电价做了一些补偿性的一些调整，但是远远低于燃料上涨的这个幅度。所以说公司为了进一步改善运营效率的目前的措施，还是一是多发电量，二是尽可能地控制煤价，第三能够争取一些提高效益的一些政策。 For the first half of this year, we noted that our generating unit is operated in a stable and safety way, and this is the full show of our capacity and the advantage of our unit. But we can see that the net profit decreased, this is just due to the coal price increased. Although there is a tariff hike for the first half of this year and the whole year of 2010, but it is not enough to cover the coal price increased. Currently we are taking some measures: first is to increase our power generation for the whole year, and also to take some efforts and measures to control the coal price, and also find some other measures to improve our profitability. 好，我没有问题了。谢谢各位领导。大家好，由于时间关系，请每位参会者只提三个问题，如需提问，请在话机上按星1键等候。先按星号键再按1。谢谢。下一位提问者是来自花旗银行的刘显达。您好，您可以提问了。谢谢。你好，管理层，我是刘显达，花旗银行的。我想请教管理层，我们上半年用原煤量用了多少？有多少是从合同，多少从现货来的？第二个问题是上半年的合同、现货煤价跟市场煤价分别是多少？好，谢谢。 I'm coming from Citi. I have two questions. First is, could you please provide us your coal consumption amount for the first half of this year? And also the structure of the consumption about the contract and also the spot. The second question is, for the first half of this year, could you please talk about the price of the contract coal and the spot market coal? 这个问题关于煤炭的总量，还有合同煤计划外的比例，还有从华能系统内供应煤炭的情况。这个问题请公司的李树清副总经理来回答。我来回答这个问题。今年上半年，公司整个的原煤进口采购量是7,010万吨，总体的比例是重点合同占了42%，市场采购占了58%。 For the first half of this year, we totally purchased about 70.1 million ton, and among this, 42% coming from contract coal and 58% from the spot market. 其中重点合同的价格是583块，市场采购的价格是662块。 The price is about RMB 583 per ton for the contract and RMB 662 per ton for the spot market. 管理层，我有一个跟进的问题就是，下半年我们来煤的情况，这个合同跟现货42%跟58%上半年那个比例，下半年你们预期也是差不多还是会有些变化呢？ The following question is about the structure of your coal purchase. Could you please talk about the trend of the second half of this year, about whether this structure will maintain or it will change? 我们的预期就是下半年就看整个国家的整个电力发电的整个的形势。从燃料这个比来看呢，基本上是按照这个水平。 We think according to the current situation in the power market and also the fuel market, we believe in the second half of this year, this structure can be maintained. 好，谢谢关心。下一位提问者是来自CICC的陈君华。您好，您可以提问了。谢谢。谢谢管理层。管理层您好，我是来自中金的陈君华。我想有两个问题。第一个就是前面我们提到的，我们把上半年的利润报表拆开之后发现二季度的盈利利润率的情况比一季度显著改善了。我想问一下这个情况，利润率改善的主要原因就是因为前面周总提到的是因为电价的追溯的返还给我们的原因造成的，还是说一二季度的标煤单价发生了一个比较大的变化，所以我想知道一二季度标煤单价的情况是怎么样。还有就是这个电价的追溯调整，那么是不是全部都已经，就是说这个追溯调整的部分全部都计算在二季度了，今后我们就没有了。然后第二个问题就是说我们上半年的燃料总费用大概是429亿元，那么有多少是来自于国内的，多少是新加坡大士能源的？那第三个问题就是说我们的电量的情况，因为我们现在二季度的话，电量输出表现不错，我想问一下管理层对于三季度整个的电量发电趋势是怎么看待的？谢谢。再问一下那个第二个问题是什么？具体的第二个问题。第二个就是我们的燃料。因为我看到我们在利润报表当中，燃料是记了一个总的费用，我就想问一下这个燃料的总费用多少是来自于国内的这些电厂的，那新加坡大士能源的这一部分又是多少？ I'm coming from CICC. I have three questions. First, could you please talk about the first half year? We notice that your net profit in the second quarter is greatly increased more than the first quarter. Could you please talk about the reason for this? Is it due to the retrospective of the tariff hike or any other reasons such as the standard coal price difference between the two quarters? Also, could you please talk about whether this retrospective tariff hike is wholly accounted in the first half of this year, or is there any room in the future to be accounted in the future? The second question is, we noticed that your total fuel is more than RMB 40 billion in the first half of this year. Could you talk about the detail about the breakdown about the domestic and the Tuas Power's fuel cost? The third question is, we notice that in the first half of this year, your power generation is increased a lot. Could you please talk about the trend for the third quarter of power generation? 你这样，你提的这三个问题，我想关于前面的利润、电价这些财务问题，请周辉总会计师回答一下。关于这个电量的情况呢，下面请树林总经理来回答一下。这个二季度业绩好于一季度的主要原因，就是因为刚才讲的4亿8,770万，这个10年的追溯电价全部记录了二季度的利润。第二个问题呢，关于你问的这个11年一二季度的标煤单价，一季度是835块5毛9，二季度是862块4毛2。 The reason for the great performance of the second quarter's net profit is mainly due to the retrospective tariff hike for the whole year of 2010. This brings the net revenue about RMB487 million. The standard coal price for the first quarter is RMB835.59 per ton, and for the second quarter it was RMB862.42 per ton. 这个上半年总的燃料成本428.85亿，其中国内的是385.96亿，大士能源42.9亿。 The total fuel cost for the first half of this year is RMB42.885 billion, among this about RMB38.556 billion for the domestic and RMB4.29 billion for Tuas Power. 关于三季度电量的这种情况，我来回答一下。这个公司在上半年，应该说在电力市场的整个电力需求比较旺盛的情况下，发电量增长比较快，达到了28.5%。那么进入到三季度以后，应该说我们从目前的需求和走势上看，这个增率有可能要下降，但是实际上总量还是要增加的。我们判断三季度的发电量要比二季度从总量上讲还要有所增加。 For the power generation, for the first half of this year, our power generation increased a lot, about 28.5% year on year. For the third quarter, according to the current situation of the power market, maybe the growth rate will slow down, but the exact amount of the power generation will increase compared to that of the second quarter. 谢谢梁程，我的问题问完了。下一位提问者是来自美林证券的王小斌。您好，您可以提问了，谢谢。广里程，你们好。我这里有三个问题。第一个问题是可不可以把你们总的收入给我一个明细，就比如说有多少是来自条件收入，多少是电力，多少是热力的，这样给我一个明细可以吗？另外还想问一下新加坡大士能源，它在上半年的总的经营现金流是多少？第二个问题是想问一下，有关你们上半年 effective tax rate 好像挺高的，差不多是31%。所以想问一下主要是什么原因造成的？还有就是，今年全年差不多你们预测全年所得税率大概有多少？第三个问题想问一下，就是你们今年的分红比例大概有多少呀？谢谢。第四个问题是什么？就是 dividend payout ratio。 I have four questions. First, could you please provide the breakdown of your total revenue? For example, the amount coming from the power sold and also the heat sold. The second question is, could you please provide us the total operating cash flow for Tuas Power? The third question is, we noticed that your effective tax rate for the first half of this year is around 31%. Could you please talk about the detail about this? Is this the trend for the whole year or is there any other change? The fourth question is, could you please talk about your dividend payout policy? 下面这个问题还是请公司的周辉总会计师来回答。关于营业收入，收入里头有一个电热收入是529亿，非电收入是9.37亿。 For the total revenue, about RMB 25.9 billion coming from the power and heat sold, and the others around RMB 937 million. 那么这个是境内这部分的比例，境外全部是售电收入。 This is for the domestic revenue, and the overseas for the Tuas Power operating revenue is coming from the power sold. 周总，请问您这529亿是包括了您刚才提到那笔条件下的收入了吗？就4.87亿那笔是吗？包括了。那这里边热力收入是多少呀？你要把电和热分开，是吧？这个我们要具体看一下账，我手上还没有这个数。好，那到账上去分取。 Sorry for correction about the revenue from the power sold and heat sold. Its total weight is about RMB 52.9 billion. 你的第二个问题是大士能源的现金流，大士能源EBITDA是15.34亿，同比去年增长了76%。 For the Tuas company, its EBITDA for the first half of this year is RMB 1.534 billion, increased by 64% year on year. 大士能源我们一般都是按照EBITDA来算，不按照国内的现金流量表算，如果你要算，我们还得重新再算一个。 If you want, we may make the calculation about the operating cash flow in the following days. 你的第三个问题问的是不是税率，是吧？对，有效所得税税率。有效的所得税税率现在都是按照法定的税率，全资电厂。那么我们今年是22%，明年就到了25%，因为津南电厂现在都是五年以后都统一，那么控股电厂目前就是25%。 For the tax rates, this year is 22% for the wholly owned and 25% for the subsidiaries. And also the 25% for next year's for the wholly owned power plants and 25% for the subsidiaries. 但是我看你公司好像今年有效所得税税率是31%。你这个可能只是简单地按照合并报表的所得税去除以一个盈利算出来的，是吧？对。但是实际上我们在交税的过程当中是按法定的税率来算。那么之所以在合并报表当中表现为这个形式，这是有一定的原因。一个是因为去年我们大士有一个新的投资，按照大士的税法，投资金额的30%可以抵税，抵掉了RMB 1,900万，那么今年就没有可抵的项目。另外一个，去年我们采购国产设备，然后抵扣所得税，在国内抵了RMB 1.4亿。那么今年因为利润少，交的所得税少，所以可抵扣的额度有限，只抵了400万。所以你可以看到2010年和2011年的东西报表税率相差很大，但是从交税的角度来看，法定的税率是一样的。如果按全年来看的话，您全年全公司有效所得税税率是会比这个水平稍微下降一点，还是维持在这个水平呢？我刚才讲了，都是按照法定税率来交，至于实际的情况，还要看下半年的经营情况。好，我打断一下，因为我还有一个其他会议要参加，所以下来的分析会就请周辉总会计师主持。也再次感谢大家参加今天的会议，也希望各位继续关注华能、支持华能。好，谢谢主持人，谢谢各位分析员。 Because Mr. Liu, the President of the company, has another meeting to go to. Thanks for attending the conference call, and we hope that you can continue to focus on our conference call in the future. Thank you. In the following meeting, Mr. Zhou, the Chief Accountant of the company, will host the meeting. Also, I will address the effective tax rate question coming from Merrill Lynch. Because for last year we had deduction items and this year we don't have as many deduction items, in the calculation this may result in a difference between the two years' effective tax rate. 最后一个问题是有关今年的股息政策的。 What about the dividend payout policy for this year? 公司一直采用积极、平稳、稳定的派息政策，这个政策没有变过。 Our dividend policy is always stable and corrective and balanced in the past few years, and we will maintain this policy in the future. 好的，谢谢管理层。下一位提问者是来自 Sanford Bernstein 的梁程。您好，您可以提问了，谢谢。你好，我是Sanford的梁程，我有三条问题。第一条问题就是想知道你们为什么还想提高你们下半年的发电量呢？因为现在的煤炭的价格还高的，提高你们的发电量不会恶化你们现在亏损的电厂吗？第二条问题就是想知道你们觉得这个发电行业的经营环境什么时候才会见到更明显的改善呢？要等有更多的电价的调整，还是要等煤炭的价格下跌才会改善？第三条问题就是，最近中国电力公司他们售卖了一些他们的电厂的股权，你们有没有考虑做一样的？谢谢。 I have three questions. First is according to the current situation of the power plant and why the company is still going to increase your investment in the power project. And the second question is, could you please talk about- 不是投资，是为什么要提高你们下半年的发电量。 Why do you want to increase your power generation in the second half of this year? The second question is, could you please talk about when the power market and the power sector can improve their profitability? Is it dependent on the tariff hike or the coal price decrease? The third question is, just recent days the China Huaneng Power International have sold their two power plants stake. Do you have any similar plan? 我先来回答你第一个问题和第三个问题，第二个问题一会由我们的总工程师高总来回答。关于为什么下半年还要多发电量，因为到目前为止，尽管煤价处在一个高位运行的状态，但是我们售电的边际贡献还是正的，那么这样多发电量就有利于提高我们的盈利能力。第三个问题，关于出售股权，公司目前还没有这个计划。 First, we increased our power generation because although currently the coal price is increasing, it's very high, but we have marginal profit. So increasing our power generation can improve our profit amount. About the selling of the power plant stake, we currently don't have any kind of plan. 关于经营环境的改善情况。作为发电的企业来讲，一直是在和国家的一些相关部门提出我们经营方面的一些诉求，包括电价的调整，包括对煤价的控制。那么这些诉求也都得到国家相关主管部门的一些重视。对于煤价的控制，对于重点煤的合同兑现率，对于煤价的控制，发改委也有文件来要求和约束。对于电价方面，近期包括去年的下半年，也有一些关于规范电价、规范一些电网市场行为的要求。所以我们认为对于经营环境，目前来讲，国家是很重视的。而且对于真正改善经营环境，还是期望在电价调整和煤价控制上。 About improving the power sector situation, for the past few years, we also applying for the NDRC and the relevant authorities in terms of the tariff hike and the controlling of the coal price. And also, the government has responded to our application and also have corresponding measures to control the coal price and also some normative measures to normalize the power market. So in the future, we do believe that the tariff hike and also the coal price controlling is still the major measures to improve the power market situation. 好，谢谢。下一位提问者是来自国泰君安的吴奕昌。你好，您可以提问了。谢谢。好，谢谢。我有三个问题，第一个我想问一下，二季度与上半年公司的境内的平均上网电价是多少？然后第二个问题是想问一下，今年下半年与2012年的资本开支的计划是怎么样？其中关于收购以及自有项目的建设各是多少？然后第三个问题是想问一下关于脱硝的一些问题，公司目前的脱硝设备的安装率与投运率分别是多少？然后公司有没有测算过，如果要达到100%覆盖的话，还需要投入多少资金？然后脱硝的运营成本会在单位售电上增加多少成本？谢谢。 I have a few questions. Could you talk about your average on-grid tariff level for the second quarter and the first half of this year? The second question is, could you please talk about your CapEx level for the second half of this year and also that of 2012? Also, could you please provide the detail about this CapEx, including how much was assigned to the acquisition and how much will be assigned to the self-construction project? The third question is, could you talk about your denitrification facilities? If you equipped about 100% of your generate units with the denitrification equipment, how much investment will you have to make? And also, how much cost increase for the denitrification facilities? 我先回答你第一个问题，因为第二个问题由我们杜大明副总来回答，第三个关于脱硝设备，由我们林刚副总来回答。关于一季度、二季度的电价，一季度含税平均价是¥414.99，二季度是¥440.18，上半年平均是¥427.71。 For the average tariff, for the first quarter is RMB 414.99 per megawatt hour, and for the second quarter it was RMB 440.18 per megawatt hour. For the first half of this year it was RMB 427.71 per megawatt hour. 这个电价是含税电价，是吧？刚才没有听清楚。含税的。好。 This tariff level is including the tax. 我回答你第二个问题。下半年公司的基建和更改项目的资本支出预期是110亿元。2012年预计是200亿元。 For the CapEx, for the second half of this year, it will be around RMB 11 billion, and for 2012 it will be RMB 20 billion. 有没有收购的数字？收购的数字没有披露就没有。 Currently, there is no investment and CapEx for the acquisition. 关于脱硝的情况，我用两句话来解释，一个就是新机投产的机组都100%的脱硝都投运。另外，到2011年上半年为止，股份公司以投运的脱硝机组一共30台，是1859万的容量，占整个的容量的30%。另外，现在正在实施脱硝改造的机组还是有12台，公司预计在14年前全部完成其余机组的脱硝改造。 Currently, 100% of our newly generated units have to be equipped with the denitrification equipment. For the first half of this year, we already have 30 generated units equipped with these facilities, with a capacity totally around 18,590 megawatts. This is around 30% of our total capacity. Currently we have 12 units under construction. Our target is before 2014, 100% of our generated units will be equipped with these facilities. 有没有相关的金额，就是投入的资金的一个数，或者是每度电的运营成本的一个数。 Is there any unit cost for the denitrification equipment? 现在还没有特别确切的脱硝的成本，因为它这个机组根据容量，包括工艺脱硝的形式不一样，成本变化比较大。 Currently, there is no detail about the unit cost of these facilities because it varies a lot according to the capacities. 好的，谢谢。下一位提问者是来自大华的David Dai。您好，您可以提问了。谢谢。管理层您好，我想请教一下，我们可不可以提供一下四、五、六月，包括七月份如果可以的话，我们的月度的单位燃料成本。第二个问题就是，因为我们新加坡大士上半年表现非常好，按我们比如说七、八月的运行情况来看，下半年不知道管理层的展望是如何，谢谢。 I have two questions. First is could you provide us the monthly unit fuel cost for April, May, June, and July? And also the second question is, we notice in the first half of this year, Tuas Power made a great performance in terms of the operation. Could you please talk about the performance of Tuas Power in the second half of this year? 关于每月的单位燃料成本，公司肯定是有，但是作为我们披露来说，目前都是IG披露，没有按月披露过。尤其是七月份，因为现在还没有公告，更不能给你。如果你对四、五、六月三个月有需要的话，你下来以后我们再跟你沟通。 We didn't disclose the monthly unit fuel cost figure in the past year. If you want, in the coming days, we can email communication about these figures. 大士目前的半年的经营情况已经超过了我们原来预期的水平。那么从目前的情况来看，七八九这个三季度应该情况还是不错。那么四季度要到时候再看了。一般情况，电量可能会比三季度有所下降。 Surely our Tuas Power performance is more than our expectations in the first half of this year. We also believe in the third quarter it will also make great performance. About the fourth quarter, generally, the power generation of the fourth quarter is lower than that of the third quarter. 下一位提问者是来自UBS的彭宇潇。您好，您可以提问了。谢谢。管理层你们好。我有两个问题，一个是关于新加坡大士能源，它上半年的电量大概是多少？我们市场份额增加了两个百分点左右，到26.7%。这个高的市场份额是不是说在下半年或者明后年可以维持这样高的市场份额的？另外，除了汇率的新加坡新币升值以外，还有没有其他原因导致我们边际利润能够同比上涨33%？这是一个问题。另外一个问题是关于我们在燃气发电方面的策略。想问一下公司上海CCGT和江苏金陵的气电现在的利润情况怎么样？然后我们在燃气发电这方面今后的发展策略又如何？而且我们北京的燃气电厂大概的投产时间有没有一个更新？谢谢。 Actually, I have three questions. First is could you please talk about the power generation for the first half of this year, about the Tuas Power? We also noticed that the power generation for the first half of this year for Tuas Power, its market share is about 26.7%. Is it will be maintained in the second half of this year and also in the next year? The second one is about your marginal profit, about 33%. Is this just because of the appreciation of the Singapore dollar, or are there any other reasons? The third question is about the CCGT in Shanghai and Jinling in Jiangsu province. Could you please provide us the profitability for these two power plants? And also, when the Beijing cogeneration power plants will be put into operation. And also, could you please talk about your strategy of the gas-fired power plants in the future? 新加坡上半年的电量是59.72亿千瓦时，同比增幅是9.7%。 For the first half of this year, Tuas Power's power generation was 5.972 billion kilowatt hours, an increase of 9.7% year on year. For the higher marginal profit contribution of Singapore's Tuas Power, just as I mentioned right now, that we have the advantage in the bidding policy in the first half of this year, and we get a better situation in the power tariff level. You know that 45% of power consumption is sold through the bidding in Singapore market. We have the advantage in this way, so as the higher marginal profit rate. For our gas-fired policy, in the future, we will enhance our investment in the gas-fired project. The reason is to improve our efficiency and profitability. The second is to reverse the risk of the fuel price volatility. For our Beijing's cogeneration, it will be put into operation by the end of this year. What about the profitability of the CCGT in the two power plants in Shanghai and Jilin? 这是去年的。 For the profit of Jilin for the first half of this year is RMB129 million. For Shanghai, the profit was RMB84 million. 所以还想问一下，去年天然气价上涨之后，这两个厂的电价是不是及时地能顺出去？它那个电价联动机制是不是比较成熟？另外一个是想问一下，大士电厂与其他的电厂相比的优势是在哪里？我们那个竞价策略为什么就能比其他的公司好呢？然后我们这个高一点的边际利润，在今后是一个可持续性的竞争优势吗？谢谢。 Regarding the gas-fired power plants, we know that for the first half of this year, the gas price increased, and whether the tariff for the gas-fired power plant is increased or if any subsidy for this. The second question is, could you please talk about Tuas Power's advantage? Why do we have the advantage in the bidding policy in the market? Will this higher marginal profit contribution be maintained in the future? 先由高总回答你第一个问题。关于天然气价格上涨之后，天然气发电的电价也同时做了相应的调整，那么上海和金陵两个厂的电价都调整了3角6分钱。 The tariff level for the gas-fired power plant is increased. When the gas price increased, for our power plants in Shanghai and Jinling, the tariff level increased RMB0.036 per kilowatt hour. 关于大士能源的效益的问题，之所以你刚才问它为什么竞价策略好，一个我刚才讲了，首先是我们的基础设备比较性能好，需要发电的时候能够发得出来。 For Tuas Power's advantage, the first is we have good quality equipment for Tuas Power Company. 我们大士能源的基础基本上是没有非停。 We don't have to stop our energy units by the accident. 另外一个，因为是在竞价的市场里头，所以你要报好价，首先要了解市场的需求情况，另外也需要对竞争对手的基础的情况有所了解。那么这方面大士能源都是做得非常好。 Also, because the market is in a bidding way, Tuas Power is always doing a good job in the power market demand investigation, and also the information about the competitors. 那我想问的就是去年我们为什么就没有出现这么好的一个情况。跟去年相比，我们今年的策略有什么变化，导致我们的优势有这么明显地凸显出来呢？ Is there any change compared to that of last year that is the reason for the good performance of Tuas Power for the first half of this year? 这个一个是因为今年其他几家电厂机组废停比较多，检修多，所以我们有增加发电量的条件。 First is that for the first half of this year, Tuas Power's competitors have stopped their capacities for maintenance, so we have the advantage to make more power generation. 另外一个原因，新加坡今年上半年的燃气供应比较紧张，那么我们有两台燃油机组，所以在这个时候能够多发电。 Also, for the first half of this year in the Singapore market, gas supply is very tight. Because we have two oil-fired generator units, this is also our advantage. 好的，谢谢。下一位提问者是来自Morgan Stanley的侯金。你好，您可以提问了。谢谢。你好，管理层。我有三个问题。第一个问题是想问一下我们公司第二季度的单位燃料成本是多少，增长是多少，还有公司对全年的燃料成本增长比例的预期。第二个问题是想知道今明两年我们公司新增装机增长的目标是多少，其中火电、风电和水电各占多少。第三个问题想问一下，上半年的火电机组的利用小时以及第二季度火电机组利用小时及同期的增长比例，还有就是全年利用小时的预期。谢谢。 I have three questions. First, could you talk about the unit fuel cost for the second quarter, the growth rate, and also the whole year's target of the unit fuel cost and growth rate? The second one is, could you please talk about the newly added capacity plan for this year and next year, and also the breakdown of this new expansion? For example, how much for the coal-fired, and also the wind and also the hydro. The third question is, could you please talk about the utilization hours for the second quarter and the first half of this year, and also the whole year's target? 第二个问题一会有林总来回答，第三个问题由高总来回答。我先回答你第一个问题。一季度的单位燃料成本是260块2毛7，二季度单位燃料成本是267块05分，环比增加了2.61%。 For the unit fuel cost, the first quarter was RMB260.27 per megawatt hours, and for the second quarter, it was RMB267.05 per megawatt hours, increased 2.41% quarter on quarter. 今明两年，公司将保持一定规模的发展速度和规模。今年预计新增的装机容量大多数可能在700万左右，其中超过15%、接近20%是洁净能源，包括刚才我提到的北京高碑店二期的92万3的燃机，还有一些其他风电和水电项目。明年公司预计，初步估计新增装机的容量也会在500万上下，其中也有百分之十几到二十是天然气发电和水电及风电。 In the following years, we're going to maintain a stable development in terms of the new project. For this year, our whole year's target of newly added capacity is going to be 7,000 megawatts. Among this, about 15% to 20% will be clean energy. This is including the gas-fired in the Beijing cogeneration, about 923 megawatts, and also some gas and wind power, and hydropower. For next year, our whole year's target of the new capacity will be 5,000 megawatts. Also among this, about 10% to 20% will be clean energy, including the gas and wind and hydro. 公司的上半年的利用小时数是2752小时，第二季度是1390小时。 For the first half of the whole year, our utilization hours were 2,752 hours, and for the second quarter, it was 1,390 hours. 上半年同比去年同期是增加140小时，二季度是同比增加80小时。 Increased 140 hours compared to the first half year of last year, and increased 80 hours for the second quarter compared to that of last year. 全年的利用小时预期是要比年初的预算要有所增加。 Our whole year's target of utilization hours may be a little bit more than the original target of the whole year. 下一位提问者是来自 JP Morgan 的简征华。你好，您可以提问了。谢谢。管理层你们好，我是简征华，摩根大通证券的。有很多问题，其实其他的都已经问了，但我想请教两个问题。第一个问题是想请教一下，第一季度跟第二季度的，哪一个的市场煤跟哪个合同煤的价格分别是多少？另外一个想请教一下的是，上半年你们平均的贷款的 interest rate 大概是多少？跟上年比较，大概是增加了多少？最后一个问题想请教一下，刚才提到的很多的玉环、石洞口和哪些燃气的电厂，您说的那个利润是哪个净利润，还是说是哪个营业利润呢？谢谢。你好，那个第二个问题请您再重复一下好吗？第二个问题就是有关平均的贷款的利率，那个 interest rate，今年上半年跟去年来比，大概是增加多少？好，谢谢。We have three questions. The first is could you talk about the spot market price and the contract coal price for the first quarter and the second quarter separately? Second one is, could you please provide us the average interest rates for the first half of this year and also the comparison with that of last year? And the third question is, you just mentioned about the profit for the Yuhuan and Shidongkou power plant. Is this the net profit or it's the operating income? 这个第一问题由李总回答。我回答你的问题。关于第一个问题，就是第一季度我们这个燃料的合同价格是579块。对。上半年是583块。那么计划煤的价格，应该是我们全年的重点合同全年签订完了以后，应该说一季度和上半年没什么变化。嗯。 For the coal price, for the first quarter, our contract coal price was RMB 579 per ton. And for the first half of this year, it was RMB 583 per ton. 第二个问题就是上半市场煤的请问一下。我刚刚说过了。第二个问题就是关于海运的价格问题，1到6月份的海运价格是58块3，同比涨了3块1。 The shipping freight rate for the first half of this year was RMB 58.3 per ton, an increase of RMB 3.1 compared to that of last year. 不好意思，刚才提到的那个570，那个是合同煤的价格，那想请问一下，同时间，第一季度第二季度市场煤的价格大概是多少？市场煤的价格，一季度是672块，上半年是662块。哦。 For the spot market price, it was RMB 672.42 per ton for the first quarter and RMB 662 per ton for the first half of this year. 截至6月30号，公司的平均贷款利率是5.16%，年初是4.5%。 By the end of 30th June in this year, our average loan interest rate was 5.16% and compared to the 4.5% at the early of this year. 刚才你问的这几个电厂的利润都是税前利润。 The profit for the Yuhuan and Shidongkou power plant is the earnings before tax. 好，谢谢。大家好，由于时间关系，今天的问答环节已经结束。请大家有什么问题可以联系主办方进行解答。感谢大家参加今天的会议。谢谢。谢谢大家对公司的关注。谢谢。 Thank you very much for your attention on our company.