Earnings Call: Q3 2012

Oct 23, 2012

Earnings release

Good afternoon, ladies and gentlemen. On behalf of the Huaneng Power International, Inc., I would like to welcome you all to the conference call regarding to the third quarter results announcement of 2012 of the company. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] They are [Foreign language] the Vice President and Secretary to the Board of the company Mr. Du Daming. [Foreign language] 嗨，大家好，欢迎大家参加发布会。 [Foreign language] the Vice President of the company Mr. Li Shuqing. [Foreign language] 李小姐你好，大家下午好。 [Foreign language] the Vice President of the company Mr. Li Jianmin. [Foreign language] 好，大家好。 The General Managers for the Department of Budget, Engineering, Marketing, Fuel, Finance and Capital Market, as well as the Office for the Tuas Business are also joining us in the meeting. First of all, Mr. Du will review the business performance for the third quarter results of the 2012 with us, followed by the Q&A session. May we have the honor to invite the Vice President and Secretary to the board of the company, Mr. Du Daming, to review the business performance and Mr. Zhou Biao will conduct the English interpretation. Mr. Du. 好的。女士们、先生们，大家好，欢迎大家参加华能国际2012年三季度业绩电话会议。公司已经公布了三季度业绩，今天希望通过电话会议能与境内外的投资者和分析师就公司2012年前三季度经营情况和今后业务发展进行交流。 Ladies and gentlemen, welcome to attend the conference call. Yesterday the company released its first three quarters results in 2012. Today, through the conference call, we are going to introduce the operations of our company for the first three quarters of this year and the business outlook in the future. 按照中国会计准则计算，公司前三季度的合并营业收入为人民币1,001.17亿元，比上年同期增长0.31%。合并报表归属于本公司股东的净利润为人民币41.95亿元，同比增长197.4%，每股盈利为人民币0.3元。 For the first three quarters of 2012, under the PRC Accounting Standards, the company realized consolidated operating revenue of RMB 100.117 billion, increasing by 0.31% year-on-year. Net profit attributable to the shareholders of the company was RMB 4.195 billion, increasing by 197.40% year-on-year. The earnings per share were RMB 0.30. 公司净利润的大幅增长，主要是由于去年电价调整翘尾影响和市场煤价有所下降，以及公司管理的不断改进和有效的成本控制。 The big increase of company's net profit was mainly attributable to the carryover effect of the tariff adjustments last year, the drop in the spot market coal price and the efficiency improvement in company's management and cost controls. 进入四季度，公司将继续在安全生产、市场营销、成本控制、项目开发等方面强化管理，确保公司持续健康稳定发展。 Coming to the fourth quarter of this year, the company will enhance safe production management and marketing efforts, strengthen cost controls and project development so as to lay a sound ground for the sustainable, healthy and stable development of the company. 下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 In the following time, my colleagues and I will answer your questions. Thank you. 好，谢谢杜总的介绍，接下来是问答的时间。Thank you, Mr. Du. Here we come to the Q&A session. 非常感谢大家。下面是问答环节，如需提问，请大家在话机上按星一键等候。先按星号键，再按一，谢谢。大家好，第一位提问者是来自北京CITICS的吴飞，您好。各位观众大家好，我是中信证券的吴飞，想请教两个问题，一个是关于煤炭的，请介绍一下我们三季度标煤价格情况，包括七、八、九三个月的变动情况。另外一个点的话，就是最近因为煤价又出现了一轮下跌，这样的话，想请问一下我们目前的进口煤的比例，以及我们后续对进口煤采购的态度。第二个问题是关于电量的，能否请管理层介绍一下我们七、八、九三个月电量变化情况，以及对后续的展望。谢谢。 Well, I have three questions. First is about the standard coal price. Could you please provide us the standard coal price for July, August, and September, and also the first three quarters average price? The second one is, we noticed that recently the imported coal price has decreased. Could you please provide us your imported coal percentage and also the outlook in the future? The third question is, could you please talk about the power generation for the separate month of July, August, and September, and also the outlook in the following quarters? 好，第一个问题，请我们李建民副总经理回答。那么公司第三季度原煤的采购价格是CNY 610.94，同比降低了CNY 23.29。刚才提到了进口煤价格正在和国内的内贸煤有一个相反的变化的趋势。从公司整体来讲，依然会保持或进一步加大进口煤的比例。从三季度看，公司的进口煤炭总体的占比在27%到30%。那么公司里边下一步将基本上遵循这个比例做进口煤。 Well, for the first three quarters, our average net coal purchase price was CNY 610.94 per ton and decreased by CNY 23.29 per ton. For the imported coal, we have noticed that the different change in the price of the imported coal and domestic coal. For the imported coal, our company will maintain the stable trend for the imported policy. For the first three quarters, the percentage of the imported coal for our company was between 27%-30%. In future, we think that this percentage will be maintained. 好，第二个问题，请李树青副总经理。我来回答你第二个问题。公司七、八、九三个月的发电量分别为261.97亿、251.72亿、221.21亿。我们预计第四季度发电量是760亿。 Well, for the power generation for the separate month as follows. For July, it was 26.197 billion kilowatt hours, and 25.172 billion kilowatt hours for August, 22.121 billion kilowatt hours for September. The estimated power generation for the fourth quarter will be 76 billion kilowatt hour. Sorry for the correction of the fourth quarter, the estimated power generation for the fourth quarter was 26 billion kilowatt hour. 好的，谢谢。然后请问一下，能否追问一下，我们标煤的话，三季度大概是什么样的水平？谢谢。 For the first three quarters, could you please talk about the standard coal price? 那么除税的综合标煤单价在832块8毛2，同比降低了26.66元。 For the first three quarters, the standard coal price excluding the tax was CNY 832.82 per ton, decreasing by CNY 26.66 per ton. 谢谢管理层。好，谢谢。那么我们现在有请下一条问题。Next question please。非常感谢大家。下面一个问题是来自Morgan Stanley的侯静，您好。管理层你们好。我有三个问题。第一个问题就是想问一下，刚才管理层也提到了，我们第四季度的发电量的目标是760亿度电，如果这样子看的话，我们其实环比比三季度会有提升，如果是比去年同期的话也是微降1%。我想问一下，管理层对于实现这个发电量的目标的信心有多大？第二个问题，我想问一下，我们对于全年的资本开支的一个指引，还有明年的一个资本开支的指引。第三个问题，我想问一下，现在在集团层面的话，会不会有什么资产注入我们上市公司这个机会？谢谢。我有三个问题。第一个是，你提到第四季度的发电量估计约为760亿千瓦时，这意味着较第三季度发电量有所增加，但相比去年同期仅有很小的增长。请问公司是否对完成今年的发电量目标有信心？第二个问题是，请介绍一下全年的CapEx计划，以及明年的计划。第三个问题是，华能集团是否有计划向上市公司注入任何资产？第一个问题，请公司副总经理李树青先生回答。刚刚我说了，我们预测第四季度发电量是760亿。正如您所说的，我们跟去年的发电量基本持平。要完成这个电量，应该是基于目前从9月份的整个国家的经济运行数据来看，经济趋稳，再加上中央保增长的一些措施，目前来看也将发挥作用。所以我们预计随着冬季取暖的开始，用电负荷会有所提升，所以我们预计今年第四季度的760亿这个目标还是能够实现。关于发电量目标的问题，我们有信心实现这个目标，因为我们看到9月份宏观经济出现复苏的迹象。此外，基于中央政府的宏观经济政策和冬季供暖需求的增加，我们相信第四季度发电单位的loading rate会高于此前季节。所以我们有信心实现这个目标。第二个问题，请我们预算部的经理姚继琴女士回答一下。关于公司今年2012年的投资计划，资本支出的计划目前还没有变化。2013年也目前没有变化，要根据我们预算编制的情况来。我说说2012年的投资计划仍然是CNY208.03亿。2013年的计划目前初步安排是CNY185.35亿，目前还没有变化。就这些。 For the CapEx for this year and the next year separately, CNY 20.8 billion and CNY 18.5 billion. This has no change for the plan originally made in the interim results release. 第三个问题，由我来回答一下。目前公司没有可以披露的资本的注入计划。 Currently, for the assets injection, there is no information disclosure for this issue. 不好意思，王先生，我再追问一下，因为我们看到历史上第四季度的发电量都比第三季度会低8%到10%，除了09年是一个持平的。想问一下，如果公司基于这样的预计，可能跟09年的情况一样，在实际情况中，公司觉得跟10年、11年历史上会有什么样的变化或者相似呢？然后能做到第四季度和第三季度持平。 Actually, historically, the fourth quarter power generation is lower than that in the third quarter, about 8%-10%. If you can obtain the fourth quarter's power generation target, could you please talk about whether there are some trends for the operation environment? 关于我们预测的第四季度的760亿电量，主要基于以下几个方面的考虑。正如你所说的，第四季度跟第三季度相比，还是有些因素发生一些变化。主要应该是今年的第三季度的时候，水电占了整个的发电的比例还是比较大的。第二个就是第四季度水电会逐步开始减少。第三个就是进入冬季以后，随着取暖负荷的增加，不管是北方还是南方，取暖负荷增加也会增加一些用电量。第四个就是我们基于国家在保增长这一块，随着政策的一些出台，经济会企稳。我觉得从这四个方面考虑，我们觉得第四季度完成760亿电量的目标还是比较客观的。 For this, we have the following changes compared to the previous years. The first is, this year for the first three quarters, the power generation coming from the hydropower, this percentage is very high. In the fourth quarter, we believe that the hydropower generation percentage will be down. The other reason is coming to the winter season, the heating demand will push the loading rate for the generation units. We believe that in this winter season, the power generation will quarter-on-quarter coming up. Also the last reason for the fourth quarter power generation up is the support coming from national macro economy policy to maintain the recovery of the national economy. 下面的一位提问者是来自Citigroup的Pia Lao，你好。管委会，你们好。杜总，你好。恭喜管委会三季度业绩不错啊。我有三个问题，第一个问题是我们三季度的煤炭供应从现货跟合同来煤的比例是怎么样？还有合同兑现率，三季度是百分之几？第二个问题是合同跟现货煤价三季度分别是多少？第三个问题是我们三季度的平均贷款利率是多少，还有四季度的展望。谢谢。 Well, I have three questions. The first is could you please talk about your contract coal percentage and also the spot coal percentage and also the contract honoring rate for the first three quarters. The second question is could you please talk about your contract coal price and also the spot market coal price for the first three quarters. The third question is could you please provide us the average loan rate for the first three quarters and also the outlook for the future. 不好意思，其实我问的只是三季度，不是前九个月。谢谢。 Specifically, could you please provide the third quarter's figure for the specific contract coal price and also the contract percentage. 好，前两个问题呢，请李建民副总经理回答一下。前三个月重点合同和市场煤采购的比例：7月份重点合同是33%，市场采购占66%；8月份重点合同32.7%，市场采购67.1%；9月份重点合同32.38%，市场采购67.62%。这是比例的情况。价格：7月份重点合同是599块，市场采购597块；8月份重点合同价格582块，市场采购567块；9月份重点合同价格584块，市场采购552块钱。 Well, I give you the percentage for the contract for July, August, and September separately. We purchased 33% for the contract for July and 32.7% for August and 32.38% for September. The remaining part was the spot coal percentage. For the price, CNY 599 per ton for the contract of July, and CNY 597 per ton for the spot in July, and CNY 582 per ton for the contract in August, CNY 567 per ton for the spot market in August, and CNY 584 per ton for the contract in September, CNY 552 per ton for the spot market in September. 那么刚才说到的价格都是原煤的价格。一到三个月，七八九重点合同的兑现率：7月份是87.3%，8月份是73.44%，9月份72.98%。 Well, the mentioned coal price is for the raw coal. Also the contract honoring rate for July 87.3%, 73.44% for August, 72.98% for September. 好，第三个问题，请我们财务部经理黄立清先生回答一下。关于三季度利率，我做个解释。实际上，我们从整个三季度末和二季度末来比，我们继续债务的总额是在降低的。但是我们在三季度内主要是做了一些贷款的置换，也就是说借低利率的来归还高利率的，做了一些这样的操作。那么我们在三季度内，现在银行的借款基本上都是执行的基准利率及下浮利率，我们已经没有上浮利率，是执行同期的基准利率的下浮水平。那么另外，我们在三季度内连续发行了超短期融资券，有150亿，这个资金成本是比较低的，4%左右。所以综合来看，三季度的利率的水平在全年能够拉低全年的综合的资金成本。到三季度末，公司的综合的资金成本是5.77%，这个水平比二季度末的5.81%又有所下降。我就做这些解释。 Well, explanation about the interest rate for our company. Actually, for the debt scale for the third quarter is a little bit lower than that of the second quarter. Because we have replacing some debts and we bought new debts with a lower interest rate and repaying the debts with higher interest rates. Also currently our borrowing interest rate is based on the benchmark of the bank and also have some discounted in terms of their benchmark. Also in the third quarter, we have issued some super short-term debentures with the amount around CNY 15 billion, with the average cost about 4%. For the above, we can see that the whole year's average interest rate will be lower than that of last year. But the end of the third quarter, our average interest rate was 5.77%. This is lower than that of 5.81% in the second quarter. 好，谢谢管理层。有一个跟进的问题就是我看重点合同价格从8月份的582比7月份599，有一个比较明显的下浮，这个下浮是结构改变，还是因为有些重点合同价格有些下调了？谢谢。 Also have following questions about the contract coal price. We noticed that its contract coal price for August was CNY 582, and for July it was CNY 599. This difference is the reason for the structure or any other reason? 这个主要是两个方面因素影响，就是部分的煤矿重点合同的价格做了一些调整，这是一个影响因素。第二个影响因素就是在煤炭的采购结构上做了一些调整。两个因素共同的影响。好，谢谢管理层。 Well, this is just due to two parts reason. First is we have seen some price adjustments in some mines from the suppliers. The second reason is we have made some adjustment in the cooperative structure. 谢谢管理层的解答。下面一位提问者是来自CLSA的Alex吴，你好。你好，管理层你们好，我是梁证券的吴嘉欣。我有三个问题想问一下，一个就是能不能给我们介绍一下，大士能源在三季度它的收入、燃料费用以及它的最终利润的情况。第二个想问一下我们的有效税率，还有少数股东权益部分，就是在我们的损益表上面，就发现三季度好像比二季度还有上升，尤其是有效税率，因为感觉是比我们国内适用的25%还是要高不少。就想问一下主要原因是什么？四季度会不会这一个会下降？第三个问题就是看到我们balance sheet上面负债这一块，有个其他流动负债，感觉这一块从二季度末是CNY158亿，三季度末一下子上升到了CNY256亿，这个变化比较大，想问一下这个是什么内容，为什么会一下子上升那么多？谢谢。 I have three questions. First is, could you please talk about the revenue and the fuel costs and also the net profit for the first three quarters of Tuas Power in Singapore? The second question is, we noticed that your effective tax rate for the first three quarters was more than 25%. Could you please talk about the reason of that? Also, in the fourth quarter, is there any possibility that this effective tax rate will be decreased? The third question is about the debt. We noticed that in the balance sheet, we noticed that their account called the other current debts, that the number for the third quarter is CNY 25.6 billion, coming from the 15.8% in the second quarter. Could you please talk about the reason of this increase? 有关大士公司的这个提问，请我们大士办的陈洪明先生回答一下。关于大士能源前三季度的情况，收入是CNY 158亿。 For the first three quarters, the revenue for the Tuas Power was CNY 15.8 billion. 燃料成本是CNY 77亿，利润总额是CNY 11.95亿。 For the fuel cost, it was CNY 7.7 billion, and the net profit was CNY 1.195 billion. 好，后边两个问题请财务部经理黄立心先生回答一下。有效税率的事儿我再解释一下，因为每次机构都涉及到这个问题。实际上公司不管是合并纳税的，还是法人在当地纳税的，咱们的法定或者名义的税率就是25%。有部分极少数的单位现在目前仍然有一些优惠的税率，这个在我们的定期报告里头也都有披露。 Well, actually this issue, every time the investor asks about the effective rate. Actually our tax rates for no matter the wholly owned also the controlled company, the tax rate was 25%. Maybe some of the companies has some discount for the tax rate we have disclosed in the report. 那么如果直接从我们的报表中来看，比方说前三季度的所得税费用和我们的税前利润总额直接去做一个计算，感觉我们的比例好像很高。其实这里面我觉得有一些因素，在你们计算的时候应该给予考虑的。一个就是说刚才我们公司纳税的情况，是以法人来纳税的话，有一部分是在汇总纳税的。也就是说我们的这种全资分支机构，盈亏相抵以后，在总部汇总纳税，当然也会分税给地方。另外一部分的法人是在就地纳税。它是这样的，亏损它不会去计算一个负的税务费用，但是盈利的要交税，亏损的没交税。这样反映到报表来看，利润总额里头有一个盈亏抵消的问题，所以这样会使得你直接计算就显得不合理。另外，当然还有一个调整因素，就是我们投资收益实际上是在计算所得税的时候，它是不用重复交税的，这个也要剔除掉。 Well, actually, if you make the direct calculation of the net tax expenditures and to the net profit, maybe you can reach a very high standard for the effective tax rates. Actually, there are following reasons for our company. Some of our subsidiaries pay the taxes separately. If the loss-making company, they do not have to pay the tax. The profit-making company, they separately pay the tax. But after consolidated these two loss-making and profit-making companies, maybe there are some kind of deductible considerations. So actually it is not reasonable to make the direct calculation for the effective tax rate. Also the other factors for this is some of the investment gain is not pay the tax again. 当然按照税法规定，企业纳税年度发生亏损的，可以向以后年度去结转，用以后年度的所得税去弥补。但是从会计上来认定，我们还有一个标准，是不是可以确认为亏损的递延税金，我们要有一个判断。从目前来看，我们记录表内的进行亏损递延税处理的是很少的，你们可以不用考虑。 Actually, according to the tax principles, some of the loss can be deferred in the future period. But in the accounting principles, whether this will be deferred in the future has to be confirmed. But for our company, this part of the current is very few, can be neglected. 最后一个问题，其他流动负债增加大概150亿，就是我们新发行券以及超短期融资券。 The other question for the other current for the trade of this year is we have issued some super short-term debentures and short-term debentures. 刚才关于那个有效税率，想再问一下，因为我们三季度的税率比我们25%高，所以是不是主要原因还是因为有一些我们下面的一些电厂还是处于亏损状态的。那想问一下，这一部分对我们有效税率，如果按照报表上面直接计算的话，这个影响大概会维持到什么时候？ Well, also following question about the effective tax rate. When you said that third quarter's tax rate is more than 25%, does this mean that some of the power plants making loss for the first three quarters? Also, could you please talk about whether this impact will continue? 你这个原因是对的，咱们还有亏损电厂。我们现在大概有接近12家的电厂亏损，总的亏损金额有18个亿。这些恰恰还是比较多的是作为法人有限责任公司存在的。所以这个负18个亿就没有计算在我们应该交税的基数里头去。这种影响，只要作为法人的单位亏损存在，这种影响就会存在。至于这些亏损单位的亏损额度，可以在以后年度，一旦盈利以后再去抵扣。我刚才也按照税法已经做了一个解释，只要它盈利以后，在五年以内，这些亏损是可以用来抵的。 Yes, currently, for the first three quarters, we have 12 power plants making a loss. Totally, they are making a loss of about CNY 1.8 billion. This loss is not calculated into the base for the calculation of the effective tax rate. Also, if these power plants continue to make a loss in the future, then the impact of this will continue in the future. But also, according to the tax principles, this loss will be deferred in the future. When these power plants are making a profit, this can be deducted. 不好意思，再补充问一下，关于这12家亏损的电厂，我们是不是可以这样理解，基于现在这12个电厂的一个上网电价，以及他们这边的一个煤价，他们可能还是比较难去扭亏为盈呢？ Also, I have a following question about your 12 loss-making power plants. According to the current tariff level and also the coal price level, do these power plants make a profit in the future? Is there a possibility? Is there any possibility? 应该是这样，每个电厂都有每个电厂的具体情况。这些厂从目前来看，应该是都有边际贡献的，也就是单位边际利润是存在的。如果将来经营的环境有所改善的话，我们觉得他们盈利的希望还是有的。特别是我们看好的，像我们的滇东能源和雨汪。随着它的煤炭问题的解决的话，将来很可能是有公司的比较盈利的增长的一个电厂。 Well, they have different situations. But all these power plants, they can obtain the marginal contribution. If the operation environment is improved, it is very likely that these power plants can make a profit. For example, the most important, the power plant in Yunnan Province, the two power plants, if the coal supply problem can be solved, these two power plants can make a profit in the future. 好，谢谢。有请下一条问题。下面有请来自工银国际的Helen Wang，你好。管理层你们好，我是工银国际的王虹。有一个很简单的问题想问一下，关于单位燃料成本，记得中报的时候有提过说全年大概是会下降3%左右，想问一下这个指引有没有一个变化，这是第一个问题。第二个问题，想再听一听管理层关于明年煤价的一个判断。谢谢，就这两问题。 Well, I have 2 questions. First is, in the interim announcement conference, you said that your whole year's unit fuel cost will decrease by 3%. Is there any change for this guideline for the whole year? The second question is, could you please provide us your guideline and judgment for the coal price in the next year? 好，第一个问题，请我们财务部经理黄利青先生回答一下。目前的单位燃料成本确实是同比降了4.3%，1到9月份是257.45。当然这个是一个判断，我们有一些感觉，如果能够维持9月份的煤价的水平，或者略有小幅波动的话，单位燃料成本的降幅我们感觉能降5%还是很有可能的。 Well, sure. For the first 9 months, our unit fuel cost decreased year-on-year 4.3% to 257.45 RMB per megawatt hour. We believe that if the coal price in the following quarter can be maintained at the level in September, the whole year's unit fuel cost decrease rate is very likely to be around 5%. 好，第二个问题，请我们李建民副总经理回答一下。我们认为13年整体煤价的走势主要受几个因素的影响。一个是从国际方面看，世界范围内经济快速复苏的可能性不大。国际煤炭市场仍然处于一个相对宽松的局面。那么相应的进口煤炭的价格在13年仍然会具有优势。这是从国际方面。从国内方面看，国内经济可能会出现平稳增长的局面。那么同时在煤炭供应上，受前几年煤企兼并和改造升级，将面临着一个产能释放的影响。所以对13年煤炭市场，我们认为应该延续今年下半年的态势。我们的判断基本情况就这样。谢谢。 Well, for the next year's coal price, we believe maybe it is determined by following reasons. First, for the international market, currently we can see there is no sign for the world economy recovery. Also the coal supply is very loose. So currently we have the imported coal price advantage. For the domestic market, we see that along with the recovery of the economy, also the coal output is eased by the suppliers. We also see the loose environment for the coal supply for the domestic suppliers. So generally, we see that in next year, the coal supply trend is just like that in the second half of this year. 好，谢谢。有请下一条问题。下面一位提问者是来自汇丰的黄圆圆，你好。你好，管理层。我就有两个问题，第一个问题是关于新增装机容量的，咱们截止到九月份为止，公司的新增装机容量跟年前的预计大概完成了多少%？这是第一个问题。然后第二个问题就是刚刚管理层说到还有12家电厂处于亏损状态，那这个亏损面大概是多少？就是说我们整个的电厂一共多少家，多少%还是处于亏损状态？好，谢谢。 I have 2 questions. First, could you please talk about your newly added capacity? For example, for the first 9 months, your newly added capacity, its percentage comparing to the original plan for the whole year's newly added capacity. The second question is, you told that you have 12 power plants making a loss. Could you please provide us the percentage in terms of the power plant numbers? 好，你说的第一个问题，请我们工程部经理程阳先生回答一下。从12年新增的装机容量，今年计划的6736兆瓦的这么一个任务，我们今年到现在为止已经都完成了，所以没有别的。 Well, for the newly added capacity for the whole year, target was 6,736 megawatts. Currently, we have completed the project operation. 这个我修正一下，已投产的小计341万千瓦，我们计划的因为有一些是属于没有核准，所以暂时不在统计之内。341万，也就是3414.5兆瓦。 Currently commercial operations, the power plants for this year has been 3,400 megawatts. There are also some power plants have not get the approval from government. 好，第二个问题，请财务部经理黄立青先生回答。亏损面大概是26%。 In terms of the power plants numbers, currently 26% of power plants making a loss. 谢谢黄院长，我还有一个问题，想问一下资本开支，我们的200亿年初定的，那现在大概用了多少？ Well, also the following question about the CapEx. Your plan for the whole year's CapEx was CNY 1 billion. Could you please talk about your actual CapEx for the first nine months? 103亿。 For the first nine months, the actual CapEx was CNY 10.3 billion. 好，谢谢。好，谢谢。有请下一条问题。下面一位提问者是来自渣打银行的Lee，你好。你好，管理层，我是渣打银行的李明翰。想问一下，第一个问题，你刚才说的资本开支的200亿的那个数额，那个口径是用合并报表的口径去算的，对吗？这个是第一个问题。第二个问题就是想问一下，公司对12年跟13年的利用小时的数额跟下降的幅度大概是百分之多少？这是第二个问题。第三个问题就是想问一下，公司能不能分享一下，大概在10月份头一两个星期的发电量，跟单位燃料成本的走势大概是怎么样？是有上升还有下降的趋势吗？谢谢。 I have three questions. First is also talk about the CapEx, your CNY 20 billion CapEx for this year. This is based upon the consolidated balance sheet. The second question is could you please talk about your utilization hours forecast for this whole year and also 2013? The third question is could you please share with us the power generation and unit fuel cost for the first two weeks in October? 第一个问题，请财务部经理黄立清先生回答。这个资本开支是这样，境内的统计口径，就不包括大士的。包括大士的资本支出。那就是，对不起，跟全部统计口径的，合并报表。 Yes, for the CapEx, this is based on the consolidated basis. 好，后边两个问题，请李树青副总经理回答一下。你问的关于今年的整个利用小时数，我们的预测，今年利用小时数会达到5170小时。这是一个。关于10月份的前两周的整个发电量的情况是，第一周发电量是43.5亿，环比增加了0.48%；第二周是50.56亿，环比增加了16.24%。 Well, for the whole year's utilization hour target of this year, it will be 5,170 hours. For the first two weeks in October, our power generation for the first week was 4.35 billion kilowatt hours, increasing by 0.48% week on week. 5.056 billion kilowatt hours for the second week, increasing by 16.24% week on week. 不好意思，管理层，可以问一下刚才说的全年的5170个小时，如果按同比来说，百分比大概是多少呢？谢谢。 Well, for the 5,170 hours, could you please provide us the percentage of comparing to that of last year? 同比下降了490小时。 Well, this figure is decreasing about 490 hours year-on-year. 下面一位提问者是来自国泰君安的吴逸超，请讲。你好，管理层，我有三个问题。第一个还是想问一下，就是三季度公司的单位燃料成本，还有供电煤耗分别是多少？第二个问题想问三季度的上网电价含税，跟国内的燃煤机组的利用小时是多少？第三个问题是想问一下大士那边三季度的发电量、平均上网电价跟单位燃料成本是多少？谢谢。 Well, I have three questions. First is about could you please provide us your third quarter unit fuel cost and also the coal consumption rate for the power generation sold. The second question is could you please provide us the on-grid tariff level and the utilization hours for the coal-fired generating units in the third quarter? The third question is could you please provide us your Tuas Power's power generation, the on-grid tariff level, and also the unit fuel cost for the third quarter? 请财务部经理黄立清先生回答一下第一和第三个问题。刚才我理解应该是问的是第三季度的单位燃料成本。对，第三季度。对。是CNY 244.25元每千瓦时。 Well, for the third quarter unit fuel cost for us was 244.25 RMB per megawatt hour. 大士的发电量，这个是前三季度，是89.85亿千瓦时。电价，综合含税电价CNY 1,239.41元每千瓦时，这是人民币。 Well, for the first 9 months, the Tuas Power's power generation was 8.985 billion kilowatt hours. The on-grid tariff, the average on-grid tariff including the tax, was CNY 1,239.41 per megawatt hour. 好，第二个问题，请我们副总经理李树青先生回答一下。您刚说了这个三季度的全国的利用小时，全国的是1,205小时，其中火电呢是1,218小时。不好意思，我应该问的是公司的境内燃煤电厂的三季度的利用小时。那个公司的境内的是1,214小时，火电是1,226小时。 Well, for our utilization hours for the third quarter, it was 1,214 hours and 1,226 hours for our thermal generate units. 好，谢谢。谢谢管理层的解答。下一个问题，有请。下面一位提问者是来自招商银行的彭全刚，你好。喂，管理层你们好。我是招商证券的研究员侯鹏，我有几个问题想请教一下。我们注意到了最近市场上有三个变化，一个是电厂的库存都在增加，第二个是国际的煤价在持续的下跌，而且创了新低，但是秦皇岛的煤价这一个多月却有所反弹。就是想了解一下，我们这边是怎么分析的。第二个问题是这样的，在目前的全国电厂的库存大概在30天左右，这个是否就意味着我们在冬储煤已经实质性的完成了？我们公司现在的库存大概是怎么样一个情况？还需不需要再增加库存？这是第二个问题。第三个问题是这样的，我看到我们的采购价格，就是市场煤已经跟重点合同煤出现了倒挂。在这样的情况下，年底我们国家要出台合同煤和市场煤并轨的政策，这个并轨对公司有什么影响，还有对这个并轨这个政策有怎样的一个看法？谢谢管理层。 I have 2 questions. First is recently we can see some changes in 3 aspects. First is we can see the coal inventory increase. Second is the international coal price decrease. But the coal price in the QHD is a little bit higher. The third aspect is currently national average coal inventory stays about 30 days. Does this mean that the power plants have finished the storage of the winter use coal? Does the company want to increase the coal inventory in the future? The second question is currently we can see that some of the spot coal market is lower than the contract coal price. Could you please talk about the influence and your judgment about the unity of the contract coal and the spot market coal price? 好，您的这三个问题，请我们李建民副总经理回答一下。进入11月以来，我们大家看到了国内的市场煤价有小幅上涨的这样一个趋势。但是近期，国际市场的煤价有一定程度的下降，这个变化的趋势呈现相反的这样一个变化趋势，也就使得进口煤的优势变得越来越大。我们相信接下来会对内贸的市场煤价的变化会有一定程度的影响。那么从整个四季度看，从经济上看，国内的经济形势没有明显的上升的趋势，所以说拉动煤炭需求的基本动力依然总体是偏弱的。那么进入四季度，实际上主要是气候因素的影响，一个是对水电出力的下降，再一个是北方进入冬储煤、迎峰度冬，煤炭需求会有一定程度的提高。但是从国际形势看，国际形势在短期之内不会有根本性的改变，煤炭的需求仍然显得比较疲软。那么这一段时间的国际的煤价变化和我们的判断基本是相一致的。所以说我们综合判断，四季度的煤价走势，总体供求关系上将呈现一种宽松的状态，但是受到冬季因素的影响，可能会有小幅的波动，价格水平也基本上延续目前的态势。这是对这个四季度煤价的判断。 Well, for our judgment of the fourth quarter coal price, we see that coming to October, there are some pricing trends in the domestic coal price. But for the international coal price, we have seen the reverse trend. The international coal price decreased a little bit. Currently, we can see the advantage of the imported coal. This may have some positive impact on the domestic coal price. Also, we can see that for the economy, there is no obvious sign of the recovery. So there is no driving factors for the coal price to increase. So for the fourth quarter, we see that combining the decrease of the hydropower generation and also the winter season demand of the coal, we see that the general supply and demand situation is ease. In some times, there will be some very small fluctuations in terms of the coal price. But in general, the coal price is in a stable way, and this is our judgment of the coal price. 那么公司到目前为止，存煤可用21天，这是公司煤炭短期库存的情况。 For the coal inventory of our company, currently our average coal inventory days is 21 days. 那么也提到了，市场煤价和重点合同价格有部分倒挂的现象，这个影响的因素主要是两个方面。一个是在部分地区，现在重点合同价格与市场价格倒挂。再一个就是公司进口煤现在做的比例是比较大的，具有一定的价格的竞争优势。 Well, actually, currently, you see that some of the contract coal prices are higher than spot coal price. This is in some power plants. Also, we should explain that we have a very huge percentage coming from the imported coal which has the price advantage. 那么针对提到的市场煤和重点合同煤价格并轨，这个肯定会对公司有一定的影响。我们目前也在密切关注国家发改委的有关政策的动态。 In terms of the unity of the contract coal and the spot market coal price, sure. If this was the case, it has to have some impact on our company. But currently, we are just focusing on the move and the situations coming from the NDRC. 管理层，刚才说到咱们的库存是21天，咱们这个21天是不是就意味着咱们冬储煤就结束了，还是后面还会再提高这个库存天数？这是第二个问题，是我的一个补充。还有第三个问题，刚才说到进口煤对公司的市场煤或者合同煤有一定的优势，这个价格优势目前大概有多大？再追问这两个问题，谢谢。 I have following two questions. First, you have mentioned that your current inventory days was 21 days. Does that mean that you have finished your inventory increase for the winter season? Is there any possible for your company to increase the days in the future? The second question is, you said that the imported coal prices has some advantage comparing to the domestic price. Can you please provide us the gap between the imported coal price and the domestic coal price? 那么公司的库存的调整总体就要保持这种状态。对于个别的不同的电厂将会对库存做一些调整，以满足这个迎峰度冬的要求。 Well, actually, for the inventory days, we will maintain the current situation, current inventory days. Maybe for the different power plants, there will be some change in terms of the inventory. 到目前现货进口煤比内贸市场煤大概低每吨CNY 50元左右。 Currently, the imported coal price average is CNY 50 per ton lower than that of the domestic market. 好的，谢谢。好，谢谢。有请下一条问题。谢谢。下面一位提问者是来自国金通用基金的魏来，你好。管理层好，我有两个问题。第一个就是我们每年从集团那边采购的煤炭的量有多少，然后现在价格是多少？第二个问题就是想问一下，因为我们看到前段时间公司咱们公布了各个省份不同电厂的一个利用小时数，那么浙江、重庆、甘肃、云南、福建和湖南的这些利用小时数今年的同比变化下降幅度都比较大，那不知道这些省份的利用小时数下降是跟当地的经济需求下降有关，还是跟另外的因素有关？谢谢。 I have two questions. First is, could you please provide us what percentage of your coal purchase from Huaneng Group and also the coal purchase price? The second question is, we noticed that your utilization hours in different provinces has changed in a different way. Also, in some coastal regions, the utilization hours decreased a lot. Could you please talk about the reason of this decrease? 好，您问的第一个问题，还请李建民副总经理回答一下。那么1到9月份，来自集团的煤炭主要是来自扎赉诺尔煤和华亭煤，一共供应559万吨。价格都按当地的市场价格来结算。 Well, for the first 9 months, we purchased coal from Huaneng Group's two mines, two coal companies, called Zhalainuoer and Huating Coal companies. Totally about 5.59 million tons, and the price is the spot market price. 预计全年能够供应到800万吨。 The estimated whole year purchase from Huaneng Group was 8 million tons. 您问的第二个问题，请公司的副总经理李树青先生回答一下。您刚刚问的这个问题，我在前面回答问题的时候有部分已经给大家做了一些解释。因为你刚刚说这几个地区，我想主要还是以下这几个因素的影响。一个还是今年的整个经济运营的情况，应该说跟我们年初的预期有一个很大的偏差。整个的经济形势没有达到我们年初预想的那个效果，这是一个。第二个还是主要是当地装机的影响，就我们今年在当地的新增，个别几个区域当地装机的新增机组相对来比较少。第三个是受水电的影响，特别是云南、江西、重庆，包括甘肃、福建，都受水电的影响比较大。所以说我们今年在这几个地区的运行小时数跟去年同比落后。 Well, for the bigger decrease of the utilization hours for some regions, actually, there are some reasons for this. First is, in these regions, the economic operation situation has some big difference with our expectations. The second reason is, we have very fewer newly added capacity in these regions. The third reason is the impact coming from the hydropower, especially in Yunnan, Jiangxi, Chongqing, Gansu, and Fujian provinces. In these regions, the hydropower generation has a very few increase. 好，谢谢。我们有请下一条问题。下面一位提问者是来自交银施罗德基金的吴波，你好。各位，喂？各位总经理你们好。我有两个小问题。就是刚才公司的管理层也有提到说现在的存煤天数在21天，但是我们看到全国直供电厂的数据大概是30天左右的水平，就是我们这个存煤天数低于全国平均水平，这个原因是什么？是我们公司历来的这样一个策略形成的，还是说有什么特别的原因？还有一个问题就是您刚才也说过，进口煤的价格比市场煤的价格还是有低50块钱，但是我们看前三季度的话，我们进口煤的比例都维持在30%多的这样一个水平。就是为什么我们不能在这个基础上加大进口煤的比例，大概有什么样的障碍？ Well, I have two questions. The first is, you mentioned your current inventory days are 21 days. Also, we noticed that the national average inventory is 30 days. Could you please talk about why your inventory days are lower than the national average? Is there any special reason for this? The second question is, you mentioned that you have a CNY 50 per ton advantage in terms of the imported coal price. But for the first 9 months, your imported coal percentage is only about 30%. Can you increase this percentage in the future? Or are there any obstacles for this imported coal increase? 好，您的这两个问题，请公司李建民副总经理回答一下。好，两个问题，一个是公司的存煤的量，是吧？存煤天数的问题，再一个进口煤的情况。那么主要是考虑几个方面的因素的影响。一个是公司的电厂区域结构，就确定了煤炭的存量要适应于市场的需求。第二个就是煤炭的供应结构。内陆直达电厂和下水的电厂，以及能够采购进口煤的电厂，它的供应渠道和煤炭市场的影响。第三个提到了就是进口煤比例的问题，这里边受到了一个是价格因素的影响，再一个执行重点合同的这方面的要求。 Well, for your question, the first is the inventory days. Our 21 inventory days may be determined by several reasons. First is the different locations or different power plants have the restrictions and also the demand of the coal require the different inventory days. The second is there are considerations in terms of the structure. For example, we have the shipping coal and also the coal by the railway and also the imported coal. The different structures determine the different inventory days. For the imported coal percentage, we think we consider the imported coal price and also we have to fulfill the coal contracts. This may limited the imported coal percentage. 谢谢管雨桐。我还想补充问一句，就是我们这个存煤天数平均21天，在我们公司历史水平来看，或者说就现在这个库存的这个能力来看，是不是已经算是达到最高的一个水平？就是如果说还可以再存的话，这个21天有可能再升高吗？ Well, also, this 21 inventory days is historically the highest level or is there any capacity for this inventory increase? 好，那我就补充两点。一个是这个存煤21天，在公司整个存煤的这个数据上讲，应该是一个比较高的水平。那么第二个就是刚才提到了进口煤量，是吧？加大进口煤的比例。那么这个进口煤对不同的区域，它的优势程度是不一样的。所以说受到公司这种区域结构的影响，也同样地对进口煤比例再进一步的增加构成了一些限制。 Well, actually the 21 inventory days is not the highest one but in a higher level. Also a complimentary explanation about the imported coal percentage. There are other restrictions for the imported coal percentage is the different locations of our power plants has the restriction in terms of the imported coal price. This maybe have some impact on the increase of the imported coal percentage. 那请问一下，是不是可以这么理解，就是说有可以满足进口条件的这样电厂的话，在进口煤的使用量上其实都已经达到了相对比较高的水平，未来这些电厂再增加进口煤比例的话是比较困难的，而剩余一些其实可能因为在内陆的原因就不适合进口了，所以在造成说33%左右这样一个水平是一个相对合理的一个水平。 Is that this case that for currently your power plants which use the imported coal has the highest level of the usage of the imported coal and it is difficult for these power plants to increase the percentage of the imported coal? Is that right? Also for some inland power plants, maybe they don't have some the conditions for the imported coal. So currently the 33% of the percentage is reasonable. Is that right? 基本上可以这样理解。但是随着公司这个新投机组的变化，会对这个进口煤的需求量有所变化。随着这个价格的差异，那么对于我们供应的区域也会有小幅的调整。 Basically, it was this case, but along with our newly added capacity and also the coal price change, the location of the power plants which use the imported coal will be changed. 明白了，谢谢你。好，谢谢各位。因为时间的关系，我们今天的Q&A的环节就到一段落了。也谢谢各位的问题和杜总以及各位管理层的解答。最后我们要请杜总为我们的这个电话会议做一个简单的总结。Thank you so much for all the questions and answers. Finally, we would like to invite Mr. Du to give us a summary of the issues discussed in this conference call. 杜总，有请。好，谢谢大家参加华能国际三季度业绩的电话会，也非常感谢大家对华能国际的持续关注与支持，也感谢皓天财经同事的组织会议工作。 Thanks to attending the conference call and also your long-term support to the company, and also thanks the support for by the Wonderful Sky Financial Group. 作为发电企业，我们看好中国市场持续增长的需求，我们也看好经营环境的不断改善。公司管理层将一如既往地以股东利益最大化为我们的重要责任，努力工作。 As a power generation company, we are take a bright look in power market growth in the future and also the continuous improvement in the market environment. The company will always focus on maximization of our shareholders' interests. 我们也有信心实现公司的稳定、健康、持续发展，为明天增添动力。再次感谢大家。 We are confidence realize the goal of stable, healthy and sustainable development of the company, and also the goal of parent company. Thank you again. 谢谢。谢谢，再次感谢各位出席华能国际电力股份有限公司2012年第三季度业绩发布会，我们期待下一次业绩再见。Thanks again for attending the conference call, we are looking forward to discuss with all of you in our next results announcement. Thank you.