Earnings Call: Q1 2012

Apr 24, 2012

Earnings release

Friends, and dear gentlemen and friends from the investors community. On behalf of Huaneng Power International, I would like to welcome you all to the conference call regarding the first quarter results announcement of 2012 of HPI. [Foreign language] Before we officially begin, may I introduce to you members of the senior management who are with us today. We have with us the Chief Economist of the company, Mr. Gao Shuling. [Foreign language] 大家好。 The Vice President of the company, Mr. Li Shuqing. [Foreign language] 你好，大家好。 [Foreign language] We have also with us the General Managers for the Department of Budget, Engineering, Marketing, Fuel, Finance and the Capital Market, as well as the office for Tuas business with us today in the meeting. [Foreign language] First of all, Mr. Gao will review for us the business performance of the company for the first quarter of 2012, followed by a QA session. [Foreign language] Now we have the honor to invite the Chief Economist of the company, Mr. Gao Shuling, to review the business performance of HPI for the reporting period, and Mr. Zhou Biao from the company will conduct the consecutive English interpretation. [Foreign language] Mr. Gao, you have the floor. 女士们、先生们，大家好，欢迎大家参加华能国际电话会议。 Ladies and gentlemen, welcome to attend the 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，2012年第一季度公司实现合并营业收入342.61亿元人民币，同比增长12.7%。 Yesterday, the company released its results for the first quarter in 2012. Under the PRC Accounting Standards, the company realized consolidated operating revenue of CNY 34.261 billion for the first quarter of 2012, increasing by 12.7% year-on-year. 归属于本公司股东的净利润919亿元人民币，同比增长306.33%。 Net profit attributable to the shareholders of the company was CNY 919 million, increasing by 306.33% year-on-year. 公司净利润大幅度增长的原因是，境内业务受惠于电价调整，使得境内发电业务亏损面有所下降。同时，一季度公司有效控制成本，为盈利增长奠定了基础。境外业务，公司抓住了新加坡电力市场良好机遇，新加坡发电业务盈利同比有所增加。 The huge increase in profit is mainly due to the following reasons: On-grid tariff adjustments within China reduced the loss coverage from the company's domestic power plants. Meanwhile, the company had effectively controlled the costs, thereby laying a foundation for growth in profits. For overseas business, the company seized the favorable opportunities of the power market in Singapore, and its profit from power generation business in Singapore recorded an increase year-on-year. 由于受到公司发电装机分布以及各地发电增速不均的影响，一季度公司境内各运行电厂发电量同比增长0.97%。 Also, due to our power plants location and the difference of national power generation growth rates in different regions, the company's power generation within China for first quarter in 2012 increased by 0.97%. 进入二季度，公司将抢抓市场机遇，继续巩固和扩大市场份额，积极拓宽燃料供应渠道，加强燃料成本管理，继续推进节能减排，加强在建项目管理，巩固和优化区域布局，努力完成全年生产经营任务。 Coming to the second quarter, the company will continue grasping market opportunities to consolidate and enlarge market share, proactively exploring new channels of fuel supply to control the fuel cost. The company will also continue working on energy saving and emission reduction, enhancing the construction management, consolidating and optimizing power plants location, and to realize the whole year's operation targets. 下面的时间，我和我的同事愿意回答各位提的问题。谢谢大家。 In the following time, my colleagues and I will answer your questions. Thank you. [Foreign language] Thank you, Mr. Gao, for your introduction. The floor is now open for questions. Do kindly state your name and the organization you represent before you raise the question. First question, please. 大家好，下面是问答环节，如需提问，请在话机上按星一键等候。先按信号键，再按一，谢谢。Hello, everyone. If anyone wants to ask the questions, please press star 1 on your telephone keypad. Thank you. 大家好，如需提问，请在话机上按星号键等候。先按星号键，再按1，谢谢。主持人您好，大家好，目前会议当中没有提问者，谢谢。大家好，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。主持人好，大家好，第一位提问者是来自Citibank的Pierre Lau。您好，您可以提问了，谢谢。管理层你们好，我是刘显达，花旗银行的。我有三个问题。第一个问题是有关公司一季度煤价、煤的来源等等的问题。首先就是一季度我们用煤量是多少？从合同跟现货来的比例分别是多少？另外就是一季度我们合同跟现货煤价分别是多少钱每一吨，跟去年同比是怎么样的？还有就是一季度的合同兑现率。这个是第一个问题。第二个问题是有关我们大士能源的，想了解大士能源一季度的收入、原料成本、结构，还有购电的支出分别有多少。第三个问题是整个公司一季度的原料成本跟结构。谢谢。Well, I come from Citibank. I have three questions. First is could you talk about the coal side issues in the first quarter, including the coal purchase percentage for this contract and the spot market, and also the price for the contract coal and the spot market coal, and also the honor rate for the contract coal? The second question is about Tuas Power. Could you talk about its revenue, the fuel cost, the depreciation, and also the expenditures for the first quarter of 2012? The third question is could you talk about the company's fuel cost of the first quarter? 第一个问题，请公司的李总给大家回答。我来回答您提出来的第一个问题。我们一季度总的采购煤量是3,600万吨，其中的重点合同占了935万吨，占的比例是26%。煤价含税的标煤采购单价是951块6毛8。一季度的整个兑现率是72%，重点合同兑现率72%。 I talk about the coal. For the first quarter, we purchased about 36 million tons, and among this about 9.35 million from the contract, about 26% of the total. The coal price for the standard coal including the tax is CNY 951 per ton. The honor rate for the contract coal is 72% for the first quarter. 好，第二个问题和第三个问题，请公司财务部的副经理朱大庆先生来回答。我先来回答第二个问题，大士的财务数据。大士公司今年第一季度销售收入是51.24亿元，营业成本45.06亿元，其中燃料成本是24.81亿元，折旧1.34亿元。 I talk about the trust business for the first quarter. The revenue for Tuas Power is CNY 5.124 billion. The cost for the first quarter is CNY 4.506 billion. Among this about CNY 2.481 billion for the fuel cost and CNY 134 million for depreciation. 大士公司的零售电业务，采购成本是18.10亿元。 For the electricity purchase cost for Tuas Power in the first quarter is CNY 1.81 billion. 第三个问题就是关于燃料和折旧，我只给出国内的。国内的燃料成本是CNY 191亿元。 For the fuel cost in the first quarter, the total is CNY 19.1 billion. 这就是CNY 27.29亿元。对不起，刚才这个燃料应该是CNY 200亿。 Sorry, make some corrections for the fuel cost of the first quarter. The number is CNY 20 billion. For depreciation, it was CNY 2.729 billion. 好，谢谢。我想确定刚才讲的CNY 200亿，其实国内应该是没有包括大士能源，对吗？对，是的。还有刚才第一个问题是，可以讲一下，一季度我们的合同跟现货煤价分别是多少？跟去年同期改变是怎么样？ Well, also the CNY 20 billion fuel cost, this is for the domestic business, not including the Tuas Power. Also, could you please provide the coal price for the contractual and the spot market coal and also the change year-on-year? 一季度的重点煤价是590.08，市场煤价是650.76。 For the first quarter, our contract coal price was CNY 590.08 per ton, and the spot market price was CNY 650.76 per ton. 跟去年同比，我们重点的煤价涨幅同比是5.75%。 The contract coal price increased 5.75% year-on-year. 市场煤价跟去年同比是负的1.78%。 The spot market purchasing price decreased 1.78%. 好，谢谢管理层。谢谢。下一位提问者是来自美林证券的王潇斌。你好，您可以提问了，谢谢。管理层你们好。大多数问题刚才Peter已经问过了，我这边只有一个跟进的问题，想问一下一季度单位燃料成本大概是多少钱，同比大概涨了百分之多少？谢谢。 I come from Merrill Lynch. I believe you have covered most of the questions. I have the following questions. Could you please talk about your unit fuel cost in the first quarter and also the change year-on-year? 单位燃料成本境内业务的今年的是268.96，去年第一季度是260.27，涨幅是3.34%。 Well, for domestic business, the unit fuel cost was CNY 268.96 per megawatt hour. Comparing to that of the last year's first quarter, it was CNY 260.27 per megawatt hours. This means increasing about 3.34%. 管理层，不好意思，我还有跟进的一个问题。就是想问一下，一季度这样过完之后，你们是不是还维持以前全年单位燃料成本上涨3%这样一个基本假设，还是这个会有所调整？ Well, I have following question about the unit fuel cost. After the first quarter's operating results, would you still remain the 3% increase in the unit fuel cost for the whole year's forecast? 我理解你这个问题。我们一季度预测全年燃料价格的涨幅大概在3%，这是全年的。那么一季度的虽然说我们有一些变化，但是从我们对全年走势的判断来说，我们的预测还维持在3%。 Well, I understand what you mean about the 3%. Sure, we have a 3% increase forecast for the whole year's unit fuel cost growth. After the first quarter's results, we believe that in the whole year we still remain the forecast of 3% increase in the unit fuel cost. 好的，谢谢管理层。好的，谢谢。下面一位提问者是来自Macquarie证券的李奕嘉。你好，你可以提问了，谢谢。管理层你好，我想请教一下三个问题。第一个是净利润中中国业务和新加坡业务的细分。第二个是新加坡第一季度的高电价是不是能够持续？第三个是国内部分，2012年电价水平的展望，谢谢。 Well, I'm coming from Macquarie. I have three questions. First is, could you please talk about the breakdown for the net profits of the domestic business and overseas business? The second is, does the higher tariff level in Tuas Power remain in the following quarters? The third is, could you provide us the outlook of the tariff adjustments in the following quarters of this year? 利润的细分是这样的，权益净利润境内第一季度是CNY5.55亿元，新加坡是CNY3.64亿元。 For net profit. Among net profits, the domestic business contributed CNY 555 million and Singapore business contributed SGD 364 million. 关于新加坡的电价问题，我来解释一下。新加坡是一个竞价市场，整个市场主要的电量是由天然气来发电的。它天然气的价格是和高硫燃料油的价格挂钩的，高硫燃料油实际上是和全球石油的价格来挂钩的。所以新加坡在未来的时间里，电价如何走受多方面的因素影响，最主要的是燃料的价格，此外这种供给、需求，包括天气和监管方面的因素都会产生一定的作用。 For the tariff level in Singapore, because in Singapore the tariff level is determined by the bidding market. So the tariff will be in line with the market potential trends in terms of the gas and oil price in the international market. In the future, the tariff will be determined by the international oil price and also the supply and demand factors. 关于国内的电价的问题，我来回答。今年的一季度，煤价的价格是在国家调控的范围之内。对于煤价的调控应该说是得到了有效的控制。如果在今后几个季度当中，煤的价格还是在一季度这样的一个范围之内的话，那么国家变化电价的可能性不大，或者说是没有这个变化的因素。 Well, in terms of the domestic tariff outlook, currently we can see that the coal price in the domestic market is strictly under control by the government. We believe in the future, if this policy can be implemented strictly, we don't think there will be a potential tariff hike in the future. 谢谢。主持人好，大家好。下面一位提问者是来自德意志银行的王凯婷。你好，王凯婷，你好，您可以提问了，谢谢。喂，你好。管理层你好，我是德银的王凯婷，我有三个问题。第一个问题想问一下，你们一季度的发电量好像有点弱，那全年的230度电的发电量目标有没有改变？第二个问题就是问你们财务费在一季度的时候是同比比四季度是高的20%，那么现在全年的话，贷款利率是否已经是到最高位，还是贷款利率还会继续上升？最后一个问题是你们现在是哪几个电厂是赚最多钱，海门电厂跟玉环电厂的一季度的贡献大概多少？谢谢。 Well, coming from Deutsche Bank. I have three questions. First is we notice that the power generation for your first quarter have a very little increase in growth rate. Does your company will change the target of the power generation for the whole year? The second question is, we noticed that your financial expenses for the first quarter is about 20% higher than that of fourth quarter last year. Does the average cash cost is in the highest way or is there any potential room for this to increase in the future? The third one is could you please provide your power plant profitability especially for the Haimen power plant and Yuhuan power plant profitability. 好，第一个问题我来回答一下。关于一季度国内的电厂的发电量增长幅度比较小，对于完成全年的发电量的目标差距是加大了。但是我们认为国内的经济走势是前低后高这样一个走势，所以我们继续观望后几个季度的电量增长幅度能够上来。电量的目标我们还没有调整。 Well, for your first question. Our first quarter power generation is increased just in a very small percentage and this is far away from our target of the whole year. But we believe for the whole year, the national economy will have the potential increase based in the lower level in the first half of this year. We believe the whole year's target of power generation will be reached. 关于第二个问题，这个财务费用和这个资金成本这一块，是今年第一季度跟去年第一季度比的话，财务费用确实有一个比较大的增加。原因大家也都知道，就是去年第一季度结束以后，央行对于人民币的贷款利率有三次上浮，到今年的话有一个比较大的翘尾影响。然后这个资金成本，去年第一季度全公司平均接近5%，就是4.99%。今年第一季度应该是综合成本的话是5.88%。 Well Well, from the financial expenses, yes, it increased for the first quarter against that of last year. This is just because of the three times CNY-denominated loans interest rate increase in last year. This is impacted by the carryover effect of the interest rate adjustments. For the cash cost for our company, for the first quarter of 2011, it was 4.99%. For this year, the first quarter it was 5.88%. 5.88%这个资金成本在国内的发电行业应该说仍然保持在一个比较先进的水平。那么公司为了控制这个资金成本，为了降低这个财务费用，也采取了很多措施，包括控制贷款的占用，控制资金占用。今年第一季度的继续债务余额和年初是基本相当。还有公司采用拓宽融资渠道的方式，也采用一些低成本的融资来降低整个的资金成本。比方说4月份，我们续发了50亿的短期融资券，综合的资金成本只有4.81%。 Well, this 5.88% average cost for the first quarter of this year is relatively lower among our peers. Also we have taken some measures to control our cash cost, including exploring the finance channels. For example, we have issued the short-term debentures about CNY 5 billion with the interest rate of 4.81%. 关于第三个问题，分厂利润。我这里边有几个盈利比较大幅的数字，我念一下。一个是刚才也提到了，是新加坡，第一季度盈利是3.63亿元。那么第二位的是玉环，盈利是2.15亿元。第三位的是北京热电，2.08亿元。第四位的是德州电厂，1.55亿元。第五位的是海门电厂，1.41亿元。 For the power plants profit in the first quarter, I give you the list of the power plants. First, Singapore business, CNY 363 million. For Yuhuan Power Plant, the profits was CNY 215 million. For Beijing cogeneration, its profit was CNY 208 million. For Dezhou Power Plant, the profit was CNY 155 million. The Haimen Power Plant's profit was CNY 141 million. 好，谢谢管总。还有一个更具体的问题，5.88%这个贷款利率在未来二季度、三季度会不会继续调上去？因为你们一些债券是去年调了那几次基础利率之后，现在是到期要再调整上去，还是5.88%已经是最高的一个贷款利率？ Also a following question is about the average cost of cash, 5.88%, will not change in the following quarters? Or is there any kind of chance to increase or adjust the cash cost? 你也刚才提到了，去年三次加息的翘尾的影响。我们来判断的话，是今年第一季度比去年第四季度的实际的资金成本是有所增加。那么会不会再进一步增加呢？可能还主要取决于下一步我们的接续的融资的成本，还看到时候市场的情况。好的，那谢谢。想问四季度贷款利率是多少？谢谢。 Well, as we mentioned that this carry effect from the three times the interest rates adjustment in last year surely have impact the average cost for our company. Whether this cash cost will continue to change, it is up to the following financing instruments we will take. 去年第四季度是5.57%。 For the fourth quarter of last year, the average cash cost was 5.57%. 好，谢谢。没有问题了。谢谢管总。主持人：好，大家好，下面一位提问者是来自CICC的周硕君。你好，您可以提问了。谢谢。管总，你好。我有两个问题想问一下，一个就是咱们刚才说了几个盈利的境内电厂，然后我想知道我们现在境内电厂的亏损面大概是一个什么样的情况？然后第二个问题就是，我看到一季度的投资收益有2.6亿，增长了40%多，然后它说原因是因为参股企业的分红，那我想知道大概是哪些参股企业进行了分红？谢谢。 Well, I am from CICC. I have two questions. The first is, could you please talk about the loss-making power plants in the first quarter? The second one is, we have noticed that your investment gains was about more than CNY 200 million. That is increase more than 40%. Your reason for this increase is up to the dividends distributed by your investees. Could you please talk about the detail of the dividends paid? 关于第一个亏损面的问题，我们是做了一个统计，就是国内的火电厂，第一季度仍然有十家在亏损。那么按照装机容量计算，亏损面是接近20%。 For the loss making power plants in the first quarter, for our domestic power plants, currently, for the first quarter, there totally were 10 power plants making loss. Based on the capacity that it means 20% making loss. 关于第二个问题，投资收益的。投资收益投资的对象的话，基本上还是以往的这些项目。那么今年的投资收益比去年增加，主要是我们在山西有一个参股煤矿的项目，股权比例虽然不高，它今年第一季度有一个分红，分红的金额是CNY1.20亿元。 For the investment gains, the investees is the same as before. The difference is that one of our investees in Shanxi coal business, we have CNY 120 million dividends. 好，谢谢管立成，我的问题完了。下面一位提问者是来自UBS的彭玉霄。你好，你可以提问了。谢谢。管立成你们好，我想接着问一下之前的煤价的问题，就是合同煤价同比上涨了5.75%。我想知道这个只是因为地域或者新建电厂的影响，还是说我们其实签合同的时候是超过了发改委规定那个5%的上限的。第二是想问一下，我们的进口煤价一季度是多少钱，然后进口煤的比例是多少？谢谢。 Well, I am from UBS. I have two questions. The first is you have said that the contract coal price increased 5.75% for the first quarter. Could you talk about the reason that this increasing rate is more than 5%? The second question is, could you talk about your import coal business in terms of the amount and the price? 应该说我们今年的整个合同价格的签订，应该是严格按照国家的发改委的要求来进行签订。之所以您看到这个数据是5.75%，主要是一季度我们进煤的一个结构的比例跟有些不一样，因为我们有些价格稍微贵一点的重点合同，我们进的量大一点，其他的可能少一些，这是因为结构因素的影响。第二问题，我们进口煤价一季度是CNY715。 Well, for the contract of this year, we signed this contract strictly according to the national policy in terms of the contract coal price. This 5.75% increase rate is due to the different structure of our purchase. That means that we have a higher percentage of contract coal with the higher price. For the import coal price for the first quarter, it was CNY 715 per ton. 进口煤的总量占我们一季度的整个的采购总量占了19.5%。 The percentage of our import coal amount to total was 19.5%. 好的，谢谢。管立成好，下一位提问者是来自巴黎银行的Daisy Zhang。你好，你可以提问了，谢谢。管立成你们好，就刚刚有个问到的，就是关于10家电厂亏损，我想问一下这个10家电厂的话，最主要是集中在哪个区域？谢谢。 I am from BNP Paribas. I have a question about your loss-making power plants. You have talked about the 10 loss-making plants in the first quarter. Could you please provide the detail about the location of these power plants? 亏损面的区域分布主要是在东部和西南部，还有包括西北。 These loss-making power plants mainly located in central parts, southwestern parts and northwestern part of China. 包括江西、山西、甘肃、云南。 In terms of the provinces, it is including Jiangxi, Shanxi, Gansu and Yunnan provinces. 管立成好。下面一位提问者是来自汇丰银行的黄圆圆。你好，您可以提问了。谢谢。你好，各位领导你们好。我就是有一个关于生产经营的问题，我想请问一下第一季度公司的平均利用小时数是多少，然后还有就是平均的电价是多少？谢谢。 I am from HSBC. I have a question in terms of your operational indicators. Could you please provide us your first quarter's average utilization hours and the average tariff? 公司的第一季度平均利用小时是1294小时，平均电价是CNY 453.79元。 Well, for the average utilization hours for the first quarter it was 1,294 hours and the average tariff was CNY 453.79 per megawatt hours. 不好意思，我还有一个问题。就是刚刚管理层提到的十家电厂的亏损主要集中在东部、西南部和西北部。我想请问这些亏损的原因是不是因为发电量不够？如果接下来的下半年发电量、用电量增加回升的话，那这些亏损有没有可能减少？谢谢。 I have a following question about your loss-making power plants in the central part. Is this loss-making power plants making losses due to the small amount of the power generation? Will it have the chance to get the recovery in the following quarters then making less loss? 刚才提到的这些十家电厂，这些亏损的电厂，它们最主要的原因应该是电价调整不到位，就是它们这些出电边际还是比较低。 Well, the main reason for the loss-making power plant is that the tariff adjustment is not enough to cover the cost increase. 好，谢谢。对不起，我还有一个跟进的问题，就是刚刚我问到的平均电价和我们的利用小时数，管理层可以提供一下跟去年同期相比的一个变化吗？ Also, a following question is about the utilization hours and the tariff level. Could you please provide us the year-on-year change compared to that of last year? 利用小时和去年同期比减少了68小时。电价和去年同期比提高了9.35%。 Well, for utilization hours, it reduced 68 hours comparing that of last year, and the tariff increased 9.25% compared to that of last year. 好，谢谢。我没有问题了。管理层好。下面一位提问者是来自法国巴黎资本的杨思亮。你好，您可以提问了，谢谢。我是大成基金的杨思亮，想问一下管理层，目前我们各个电厂的存煤天数大概有多少？和历年相比，是否处于一个正常的水平？就是我们今年的煤炭的补库存是否和往年一样，安排进度是不是和往年都一样，有没有什么变化？ I am from Dacheng Fund. I have one question. Could you please talk about your inventory days for the first quarter? Is it the same in terms of the inventory supplement compared to that of last year? 我们的库存截止到4月24号，我们整个公司的库存是766万吨，可用天数19天。应该说今年我们整个的库存的水平，结合今年因为有迎峰度夏、迎峰度冬的一些需求，可能在这个基础上会有一些波动。 Well, as of April 24, our inventory of coal was 7.66 million tons, and that means 19 days of inventory. For the inventory level, we think it is in the normal level compared to the previous years, and maybe there will be some fluctuations among the periods in the peaking time. 好的，没有问题。谢谢。管理层好，下面一位提问者是来自中信证券的马进芳。你好，您可以提问了。谢谢。马进芳你好，您这边的声音是放开的，您可以提问了，谢谢。喂，不好意思，倪怡刚。我第一个问题是咱们的市场煤一到三季度的月度情况怎么样？第二个问题是云南地区的两个电厂现在电量是否有所恢复？谢谢。对不起，第一个问题是？第一个问题是，1到3月份市场煤价的一个趋势，1到3月份，每个月的月度趋势。 I am from CITICS. I have two questions. First, could you talk about the spot market coal price trend for the first three months? The second question is, could you please talk about the power plant in Yunnan Province, the operation? 我们三个月的整个市场的价格，1月份是658.18，2月份是651.48，3月份是644.37。 For our coal price, in the first month it was CNY 658.18 per ton. For the second month it was CNY 651.48 per ton. The third month it was CNY 644.37 per ton. 关于云南的六台机组的事情，由于煤炭的影响，在3月中旬已经得到了缓解，目前是六台机组都具备运行的条件。 Well, for the power plants in Yunnan Province, currently the coal supply is easing since the mid of March, and currently our total is the six generation units is in normal generation. 不好意思，我想跟进一个问题，就是4月份的市场煤的煤价，不知道现在有没有一个最新的数据。 I have follow-up questions. Could you provide the spot market coal price for the April? 目前还没有完全统计出来。好，谢谢，没有问题了。 Currently, there's no coal price for April. 下面一位提问者是来自Daiwa Capital的Jerry Chow。你好，你可以提问了，谢谢。喂，你好，管理层你们好，我是来自大和证券的周天宇。关于新加坡的业务，有一个跟进的问题，想问一下，在2012年的话，新加坡业务的净利润的贡献有没有一个展望？ I am from Daiwa Asset. I have a question about the Singapore business. Could you please provide the outlook in terms of the net profits in 2012? 我来回答这个问题。今年新加坡政府方面预计它的GDP增长是1%到3%，一季度它的GDP增长是1.6%。但是前景看来，因为新加坡整体经济的结构，所以它的经济还是很大程度上受全球经济状况的一个影响。我们觉得总体看来，它的电力需求会比较稳定。好，关于全年的净利润贡献，可不可以给一个展望呢？新加坡这个业务，我们收购以后，我们运营好几年了，我们觉得这个市场长期来看的话，是一个比较稳定的、比较好的市场，这个项目长期回报应该是一个比较好的、比较稳定的收益。具体到每个季度来看，从过去来看，它因为是一个完全竞争性的市场环境，它每个季度的波动还是比较厉害。好的，谢谢管理层，没有问题了。 Well, for Singapore, we have noticed that the Singaporean government has made the estimates for the whole year of 2012, the GDP growth rate will be among 1%-3%. For the first quarter, the GDP growth increased 1.6%. We believe that the national economy in Singapore will be impacted by the global economic trends. For the outlook of the net profits, we believe that since our acquisition of this asset, we have maintained a very stable return. Currently we see that the competition in the Singapore market is very adequate. So quarter to quarter, there will be big fluctuations in terms of the profit. 下面一位提问者是来自华南的Edwin Tung。你好，你可以提问了，谢谢。我是瑞士信贷的Edwin，我有一个很快的问题想问你。你们的税率在第一季度是29个百分点，我就想知道，你们在今年在税率方面有没有一个展望，你们的税率会保持在什么样的水平？谢谢，就这个问题。 I am from Credit Suisse. My question is in terms of the tax rate. We noticed that the tax rate for the first quarter of the company was 29%. So could you please provide the whole year's outlook of the tax rate? 关于税率，你刚才也提到了，现在我们第一季度从这个报表来看，实际税率是29.47%，这并不是法律税率的变化，而是一个盈利结构的变化。那么实际上我们的法律税率的话，境内电厂过渡期结束以后，今年大部分都是25%，可能还有两家厂还在减免期，应该是在15%左右。至于下一步的展望的话，还真是不太好展望，因为还是取决于这些私家亏损电厂的运营情况。就是说你还是维持像去年这样，一部分的这些亏损电厂的亏损不能来抵消这些赚钱电厂的盈利吗？还是这样的状况吗？ Well, for the tax rate for the first quarter, it was 29.47% for the effective tax rate. But this is not the regulated tax rate. This is just because our profit structure is different. For the regulated tax rate, most of our power plants apply to the 25% tax rate, and some apply to the 15%. For the outlook, we believe that the tax rate level is up to the loss-making power plants operation. Also, your following question is that last year's loss-making power plants, the loss coming from these power plants cannot be deducted the tax for this year. Is that the same for the following quarters of this year? 这个亏损的抵税作用的效应来看的话，可能会比较滞后，因为我们也看到了，我们这个亏损电厂大部分都是独立纳税的，它是有限责任公司。好的，谢谢你。谢谢管理层。 Well, for the deduction tax effect is also like Hans. For our power plants, the power plants will distribute the tax for their own selves. 下面一位提问者是来自瑞士银行的梁其花。你好，您可以提问了，谢谢。喂，管理层你们好，我有一个问题关于燃气电厂的。我们看见北京热电的发电量好像同比下降了挺多的，我们想了解一下这个情况是为什么？然后第二个问题是想了解管理层会不会加大燃气电站的发展，还有原因是什么？然后第三个问题是关于电力供需的情况，想了解公司所在的地区会不会出现一个在迎峰期的大型的缺电的情况？谢谢。 I am from UBS. I have three questions. First, could you please talk about your gas-fired power plant in Beijing? We notice that your power generation in the first quarter decreased a lot. Why is that? Second, will in the future the company enhance and enlarge the investment in the gas-fired power generation business? What is the reason? Third, could you please talk about whether there will be a big shortage of power generation during the peaking time in certain regions? 不好意思，刚刚说的北京热电不是下降，我的意思是说好像感觉比较低，情况是什么原因？谢谢。 Sorry, make some corrections about the Beijing cogeneration's power generation. The power generation amount is very small. Could you please talk about the reason? 关于北京热电的电量的事情。因为在去年年末的时候，北京投了燃气机组，它的热电部分就是煤机部分，今年的增长还在7.48%，这个增长率是高过北京当地的电量的增长量。由于燃气机组的利用小时按照4500小时给，所以它这个燃气机组的发电应该说是比煤机的利用小时要低的。如果分开看，两边都不低。 In terms of the Beijing cogeneration's power generation for the first quarter, this power plant put into operation at the end of 2011. The first quarter separately, the power generation from the gas-fired power plant was increased to 7.48%. This is higher than the average rate. For the whole year's utilization hours, the regulated maximum utilization hours was 4,500 hours, and this is lower than that of the coal-fired. 关于燃气效益，我们一共目前在境内有三个燃气电厂，两个投产比较早的上海和南京仍然是盈利的。北京这个它是新投产的，它这个效益也可以。 For the profitability, currently we have three gas-fired power plants which are located in Shanghai, Nanjing, and Beijing. Its profitability is relatively better. 大家好，下面一位提问者是来自东兴证券的吴飞。你好，您可以提问了，谢谢。喂，管理层大家好，想请教一下，刚才管理层介绍了我们大士能源今年是赚了CNY 3.6亿一季度，比去年同期应该差不多增长了150%，是否能分解一下大士能源业绩增长的一个原因？谢谢。 I am from CITICS. Could you please talk about the Tuas Power first quarter net profit of RMB 360B, which increased to 50%? Could you talk about the reason of that kind of increased growth rate? 新加坡电厂这个盈利比去年增长比较高的原因其实也比较简单。首先它是一个竞争性的市场，那么它这个电价的话来跟这个燃料成本是高度相关的，也就是通俗讲的是高来高去。那么它今年比去年效益好的主要原因就是电量比去年增长了7.5%。 Well, it is simple to understand the high interest rate for the Tuas Power, and we know that the Singapore market is full of competition, and the fuel price and the tariff level is closely linked. So for the first quarter, the power generation from Singapore business increased 7.5%. 能否介绍一下我们大士那边采购的燃料成本变动的情况和我们外购电的成本变动情况，谢谢。 Also could you please provide the fuel purchasing cost for the first quarter and also the electricity cost for the first quarter. 先说零售这一块，零售今年收入是18亿元。 For the retailing sales of the first quarter, the revenue from this was RMB 1.8 billion. 这个零售的成本刚才也讲过了，也是18亿元。 The pertaining cost for that was also RMB 1.8 billion. 燃料这一块，发电业务燃料这一块的话，它的单位燃料成本今年第一季度是870.21，比去年同期增长26.9%。 For the power generation, the unit fuel cost for the first quarter was RMB 870.21 per megawatt hours, increasing 26.9%. 那么它的发电业务的上网电价平均下来今年第一季度是¥1.2，比去年增加26.18%。 The on-grid tariff level for the first quarter was RMB 1,200 per megawatt hours, increasing 26.18%. 管理层想追问一下，就是说从刚才您介绍来看的话，好像我们的毛利率就是发电这块应该下降了，然后零售那边的话应该也是个0利润，那么我们收入增长主要来源到底是哪一块呢？谢谢。 Well, just based your statement that currently it seems that your margin rate is decreasing and also the profit coming from the retailing business is zero. Could you please provide where your profit coming from for the Tuas Power? 我讲过的数字跟你讲的数字可能有所区别。我这里边它的销售毛利率应该比去年第一季度是增加的。 Maybe we have different understanding. For the first quarter, our sales margin rate is increasing compared to that of last year. 因为您刚才介绍就说整个我们电价增长26.2%，然后燃料增长的是26.9%，那其他成本是基本上变动不大，是可以这么理解吗？然后想问一下我们整个发电的自发电收入的。基数不一样，电价的基数比那个燃料的基数要高。我们自发电收入在增长能有多少呢？能介绍一下。收入增长的话，整个的收入就是发电和零售增长18.87%。 Well, in the first quarter, the total revenue from Tuas business increased by 18.87%. 好，谢谢管理层。下面一位提问者是来自招商证券的侯鹏。你好，你可以提问了。谢谢。管理层你们好。我追问一下电量的问题，因为从咱们的电量增速不到1%来看，考虑到去年还有一些新投产的机组，我估计咱们的电量是下降的。这个跟全国一季度的电量增速6%到7%的增速好像有点差距，能不能详细介绍一下电量下降的一个原因？第二就是从三月份来看，如果一二月份因为节假日的原因，电量需求不行的话，三月份是否有恢复？第三个就是哪些区域的现在电力属于比较紧张的，哪些区域还比较过剩？我们对全年这个电量局势供需关系的一个判断大概是怎么样一个情况？谢谢。 Well, I am from China Merchants Securities. I have three questions. First is, we noticed that your first quarter's power generation just increased less than 1% year-on-year. Also, this added the newly added power generation units. Excluding this new capacity, maybe your power generation decreased compared to that of last year. This is very, very different from the national average increase about 6%-7%. Could you please talk about the reason of this difference? The second is, could you please talk about the power generation situation in March, based upon the lower increase for the first two months? The third question is, could you talk about the different regions power supply and demand? Also your judgment for the whole year. 关于公司一季度电量增长比较低的问题，或者说低于全国的平均水平，这个我们也做了分析，主要有三个方面的原因。第一，就是公司的装机结构，由于公司大量的机组装机在东南沿海这样一些发达的地区，这样一些地区的电量增长或者是用电量的需求放缓的幅度比较多。第二个原因。 Well, for the first question, the difference between our increasing rate of the power generation, compared to the national level is due to the following reasons. First is maybe the structure is different, and most of our power plants located in the southeastern parts in the coastal region, which they have a slower growth rate in the power generation in the first quarter. 第二个原因，就是公司在一季度或者2012年，我们新增装机容量的比例低于全国的平均水平，大概影响公司的电量增长幅度，应该在3%左右。 The second reason for this difference is that for the first quarter, our newly added capacity, the rates of this is lower than the national average. This may have impact of 3 percentage points in terms of the power generation growth rate. 第三个原因，就是公司的个别地区，像刚才提到的云南，由于矿难的影响，供煤在一季度出现短缺，影响电量幅度也是比较大的。 The third reason for this difference is in some regions, for example, in Yunnan Province, just because of the coal mines accidents impacting the coal supply, this is also impact our power generation growth rate. 主要就是上面三个原因。尽管这样，公司的平均利用小时实际上还是超出统调利用小时的。 Mostly it is due to the three reasons. Although the fact of that, but we have higher average utilization hours than the national average. 那么从三四月份来看，电量是否有所恢复呢？ Is there any signs of the power generation recovery in the 2 months of March and April? 从三四月份的情况看，电量的增长率仍然不高。这个是全国性的这种需求呢，还是就是我们公司的基本情况？全国性的需求趋缓，这是一个趋势。我刚才说的这几个因素，除了滇东的煤炭供应已经恢复以后，其他的因素仍然是影响公司增长率的原因。 Well, currently, there's no signs of recovery in the power generation in March and April. This is partially the national trends. For our company, excluding the recovery in the coal mine, coal supply in Yunnan Province, the other 2 factors are still the same. 我看中电联它有一个预测，就是今年的电力缺口还是比较大，不知道从咱们下属的这些电厂来看，哪些区域可能还会出现比较紧张的情况？ Well, we noticed that CEC forecast that for this year, there will be a huge shortage of power. For our company, could you please talk about which regions will undertake the shortage of power? 中电联的预测电力缺口主要是指的是东南沿海这样一些地区。从一季度的实际用电量的增长情况看，这些地区是低于西部这样一些地区的，所以电量缺口的严重的程度会有所缓解。但是在迎峰度夏期间，电量缺口仍然还会有。 Well, the CEC's forecast of the shortage of power are mainly located in the power plants in the eastern and southeastern coastal regions. For the first quarter, the actual situation is that the growth rate for the coastal regions is lower than that of the western part, but the power supply shortage situation is large. In the peaking time, we believe the shortage will be very huge. 好的，谢谢管理层。下面一位提问者是来自中信证券的崔玉琳。你好，您可以提问了。谢谢。崔玉琳你好，您这边的声音是放开的，您现在可以提问了，谢谢。管理层好，因为崔玉琳这边没有声音，那我们有请下面的一位提问者，是来自Morgan的Eva。你好，您可以提问了，谢谢。管理层你们好，我是Morgan Stanley的侯静。我还有几个问题。刚刚管理层已经提到了，我们煤矿这一块有1.2亿的派息的一个收入，我想知道这个收入是来自于哪个煤矿？是不是和阳煤集团合作的？然后还想在煤矿这边多了解一下，我们之前在山西有三个或者投产或者还待建的一些煤炭的资产，可不可以介绍一下现在它们没有投产的一个投产的进度，预计今年的话会有多少权益的煤炭的产量？然后第二个问题，我想问一下，不知道管理层有没有我们前三个月，就一二三月单月的单位燃料成本，想看一下去年年底一些高价格的煤有没有反应出来？然后第三个问题，想问一下我们更改折旧计入的方法的时候，这部分节省的折旧有没有反映到一季度这个报表里？谢谢。 From Morgan Stanley. My question is, the first is, could you please talk about your dividends coming from the coal invest of coal mines? Could you please talk about which coal mines it is coming from? The second is, we know that currently you have three coal joint ventures in Shanxi province. Could you please talk about the progress of these projects and whether it will contribute to the equity capacity for 2012? The third question is, could you please talk about the first 3 months unit fuel cost separately? Is this unit fuel cost has put into consideration the higher price coal from the last year? The fourth question is, you have changed your accounting estimates policy, and is this accounted in the first quarter? 我来回答你第一个问题。我们在山西投资有三个煤矿，其中一个煤矿是斜沟煤矿，它的储量是22.45亿吨。矿井分两期工程建设，一期工程建设的设计能力为每年1,500万吨，已于2010年底投入试生产，于2011年实现了试设计生产能力。二期工程设计生产能力也是每年1,500万吨，预计2012年的5月投入试生产。2012年，公司与斜沟煤矿签订了280万吨。第二个是与阳泉煤业集团合作的一个煤矿。这个矿有两家煤矿企业，分别为平朔泰安煤矿和新大地煤矿，设计的生产能力为每年90万吨。新大地矿于2009年的6月份投产。第三个是山西的潞安集团，就是左权五里堠煤矿。这个煤矿它设计的能力为每年120万吨，预计2013年6月投入联合试运行。 Well, I talk about the three coal mines in the Shanxi province. The first is the Xiegou coal mines. The total capacity of this coal mine is 2.245 billion tons. It total includes two phases. The first phase's capacity was 1.515 million tons, and this has put into operation by 2011. The second phase is also the capacity more than 10 million tons. This will be put into operation in May 2012. We have signed agreement of 2.8 million tons from these coal mines. The second coal mine is from the joint venture under Yangquan Coal Industry Company, and the capacity is 900,000 tons per year. This coal mine has been put into operation in June in 2009. The third coal mine is from the coal mine under Shanxi Lu'an Coal Group, and the capacity was 1.2 million tons. It will be put into operation by 2013. 谢谢。还想问一下，我们那个阳煤集团合作那个平朔的话，投产了吗？ Is the Pingshuo coal mines, with the joint venture with Yangquan coal mines, has put into operation? 目前还没有投产。计划什么时候？ Currently, the Pingshuo coal mine is not put into operation. 关于你提到的这个折旧调整的问题，我来解答一下。那么你可能也看到公司的公告了，我们第一季度的话是折旧做了一个微调。为什么讲是微调呢？其实我们在调整是根据资产，我们的折旧成本在整个成本里边占比的话，在境内大概是10%多一点，在新加坡是5%左右。 You have noticed about the announcement of the accounting estimates change in the first quarter. For the depreciation cost for domestic business, it is accounted for 10% and 5% for Singapore business. 再就是从资产本身来看，我们的这些固定资产，主要是这些发电资产，有两块来源，一块是自建，还有一块是从市场上或者从我们公司购置的。那么他们购置来以后，它这些运行方式，包括这些维护养的方式，现在基本上逐渐统一了。那么这些折旧的经济使用年限应该差不多是可以统一了。 Well, because our assets coming mainly from two parts, one is the self-construction and the other is from the acquisition and purchasing from the market. After this acquisition and construction, these assets, the operation mode is unifying. So the depreciation period should be unified. 在这个前提下，我们把境内的固定资产折旧了，为了提高这个数据的可比性，也是为了满足监管机构对于行业数据可比性的要求，我们做了一个微调。那么综合算下来，我们今年的全年折旧会减少7个亿。我们总的折旧的水平，境内的时间应该是108个亿左右。那么今年第一季报里边，折旧是减少1个亿。 Well, for the change of the accounting estimates policy is to improve the comparability of these domestic assets and also to meet the demand of the authorities of the five governments. For our company, for the whole year, the change will come to depreciation reduce of CNY 700 million. The total depreciation expense was CNY 10.8 billion. For the first quarter, this change of the accounting estimates policy reduced the depreciation expense about CNY 100 million. 书记，想问一下，我们相当于第一季度只计入了少的1个亿，是吧？就是这个7个亿不是平摊在每个季度里，是吗？ Well, I understand that in first quarter, the depreciation expense only decreased about CNY 100 million, not the match to the whole year's CNY 700 million. 因为公司的资产是分类的，我们折旧方法是分类的，我们分成12类资产。那么具体到折旧调整的时候，有的资产年限是延长，有的是缩短。在缩短的情况下，如果是没有按旧的折旧制度，它是没有提折旧，还没有折旧完，那么按照新的缩短的折旧年限的话，需要一次性计足，这样就会导致第一季度的净的折旧减少，只有1个亿，和全年的7个亿是不对比。在时间上，进度上是不对比的。 Well, because we have different types of the assets, totally 12 types of assets. After the change of the accounting estimated policies, some of the assets will prolong the depreciation period, and some of these will shorten the period. In terms of the assets shortening the depreciation periods, this has to be one of accounted for the depreciation expense for these assets. 谢谢管理层。我还有一些跟进的问题。不好意思，我还想问一下，我们这三个煤矿，我们持股的比例各是多少？然后想问一下12年的话，权益的煤炭的产量大概有多少？ I also have following questions about the three coal mines in Shanxi Province. Could you please provide us the equity ratio for these three mines and also the equity capacity in 2012? 我们三个煤矿，第一个煤矿，就按照我刚刚前面跟您讲的顺序，我们投资占的比重是10%；第二个是阳泉这个，我们占了49%；第三个我们占了34%。因为它的整个不是权益的产量，而是因为它这三家公司的整个的销售都是市场化运作。 Well, for the equity ratio, just as the orders we mentioned, the first we hold 10% equity, and the second we hold 49%, and the third we hold 34%. Because these coal mines just sell the coal in the spot market, so there's no difference between the equity or the controlling. 就想问一下，那我们现在有没有一个目标，在未来的几年内，我们的煤炭自给率要达到一个什么样的程度呢？ Well, does the company currently have the target of the coal self-supply ratio? 现在这个问题，我们集团自己的一些煤矿，今年我们签订了1,120万吨，其中我们华亭煤业620万吨，呼伦贝尔我们有500万吨。预计这两年我们都按照大概这么一个水平来运作。 For this year, we have some coal contract with China Huaneng Group of purchasing coal about 11.20 million tons. Among these, differently, 6.2 million from Huating and 5 million tons from Hulunbeier. In the following years, we will still remain this policy purchasing from the China Huaneng Group. 谢谢。 [Foreign language] Thank you so very much for joining us today and for your attention and participation at HPI's event today. Also thank you to Mr. Gao, Mr. Li and your colleagues at HPI. This concludes our first quarter results announcement, and we look forward to seeing all of you at our next meeting of Huaneng Power International. Thank you and goodbye.