Earnings Call: Q1 2013

Apr 24, 2013

Earnings release

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International, I would like to welcome you all to the conference call regarding the first quarter results announcement of 2013 of the company. [Foreign language] First of all, please allow me to introduce the management of the company on the call today. [Foreign language] They are. [Foreign language] Vice President and Chief Accountant of the company, Mrs. Zhou Hui. [Foreign language] 您好，大家好。 [Foreign language] Vice President and Secretary to the Board of the company, Mr. Du Daming. [Foreign language] 您好，大家好。 [Foreign language] Vice President of the company, Mr. Li Shuqing. [Foreign language] 您好，大家下午好。 [Foreign language] Vice President of the company, Mr. Li Jianmin. [Foreign language] 大家好。出席这次会议的还有公司预算部、工程部、生产部、营销部、燃料部、财务部、证券部和大士办的负责人。 The general managers for the departments of budget, engineering, production, marketing, fuel, finance and capital market, as well as the office for Tuas business are also joining us in this meeting. Du Daming will first review the 2013 first quarter performance for us, followed by the Q&A session. Now, 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 English interpretation for us. 女士们、先生们，大家好。 Ladies and gentlemen. 欢迎各位参加华能国际一季度业绩推介电话会议。 Welcome to attend the conference call for the first quarter results. 昨天公司召开了董事会，并公布了今年第一季度的经营业绩。按照中国会计准则计算，2013年第一季度公司实现合并营业收入321.36亿元人民币，同比下降6.2%。归属于本公司股东的净利润25.54亿人民币，同比增长177.77%。 Yesterday, the company convened the board meeting and also released its first quarter results in 2013. Under the PRC accounting standard for the first quarter of this year, the company realized consolidated operating revenue of CNY 32.136 billion, decreasing by 6.20% year-on-year. Net profit attributable to the shareholders of the company was CNY 2.554 billion, increasing by 177.77% year-on-year. 公司净利润增长的主要原因是，一季度燃料成本同比上年同期下降，但由于受到全国用电形势整体不乐观及各区域增长不均衡等因素的影响，一季度公司境内运行电厂总发电量同比下降2.44%。 The profit increase was mainly attributable to the decrease of fuel cost compared with the same period last year. But with the lower national power consumption situation and imbalanced growth in different regions, the total domestic power generation of the company for the first quarter decreased by 2.44%. 进入二季度，公司将继续以巩固和提升盈利能力为中心，不断提高公司发展质量，将重点抓好电力市场营销工作，进一步落实区域市场营销主体责任，调动各发电厂的积极性，努力提高机组利用小时。同时，积极应对燃料市场变化带来的机遇和挑战，严格控制燃料成本，为股东创造稳定增长的回报。 For the second quarter, the company will continue focusing on consolidating and enhancing profitability and further improving growth quality. The company will increase efforts on marketing, further clarify marketing responsibilities and encourage power plants to lift the utilization hours of our generation units. Meanwhile, we are active to cope with the opportunities and the challenges from the coal market change, strictly control coal cost to create stable and increasing returns to our shareholders. 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 are glad to answer your questions. Thank you. 感谢管理层。大家好，下面是问答环节，如需提问，请在话机上按星号键等候。先按星号键，再按数字键1。谢谢。管理层好。第一位提问者是来自花旗银行的刘显达，你好。管理层你们好。我是花旗银行的刘显达。首先恭喜你们一季度业绩非常良好。我有三个问题：第一个问题是，看一季度业绩，公司单位燃料成本有一个比较大幅度的下滑。我想请教管理层，对于我们全年单位燃料成本下降5%这个目标，现在会不会觉得应该可以下降更多了，如果下降更多的话，应该是多少？第二个问题是有关公司资本开支的，想请教公司一季度的资本开支是多少？还有好像一季度的资本开支比全年目标211相对比较小，那我们全年这个数据会不会有些下调的机会？第三个问题是有关大士能源的，想请教大士能源一季度两个数字，分别是一季度的税后盈利，还有购电成本是多少。谢谢。 I am coming from Citibank. First, congratulations, you have made a great achievement in the first quarter results. I have three questions. First, could you talk about your unit fuel cost for the first quarter? We have seen that you achieved a great decrease of the unit fuel cost year-on-year. Also, we say that you mentioned that the whole year's target for the unit fuel cost will decrease about 5%. So is there any chance to change this guidance for the whole year? The second question is about the CapEx. We see that the first quarter CapEx is very small compared to the whole year's CNY 21.1 billion. So is it possible to decrease the whole year's plan for the CapEx? The third question is about the Tuas Power's operation. Could you please provide us its profit and also the electricity purchase cost for the first quarter? 好，谢谢。第一个问题请我们李总回答，后面两个问题请周总回答一下。好，我来回答这个煤炭采购成本预期的问题。那么公司判断，沿海下水煤的煤价会继续保持相对低位的运行，但是持续下跌和大幅下跌的可能性是不大的，但是也缺乏上涨的动力。由于国内内贸煤价格的下降，进口煤与内贸煤的差价正在逐步地缩小，但是还仍然存在。内陆地区受沿海下水煤及进口煤煤价的影响，这种影响也在逐步地传导。所以说内陆煤还有一定的下降空间。从前三个月变化的情况看，这种变化也符合公司的预期。对于煤炭采购成本降低5%的目标，是考虑到全年煤炭采购价格的影响。去年一季度煤炭价格相对较高，所以大家看到一季度同比煤价下降得比较多，但是对于全年的采购成本，我们判断5%的目标还是保持不变。 Well, I talk about the coal price guidance for the whole year. For our company, we believe that currently the coal price from the shipping side is currently hovering the lower level, and we don't think there will be a great increase in the future. For the inland coal price, we see that there is still a room to decrease in the future. Also, the gap between the domestic coal price and the overseas coal price is decreasing, but there is still an amount of difference. For the first quarter's coal price, we see that this is in line with our expectations. For the whole year's 5% decrease of the coal price for us guidance, we see that because of the higher level of the first quarter last year, the coal price, we see that this is why we have seen the great decrease for the first quarter of this year. But the whole year's 5% decrease of the unit fuel cost will not change. 一季度公司的资本支出是34.06亿，其中基本建设24.5亿，更新改造9.56亿。 For first quarter CapEx totally CNY 3.406 billion. Amount is for the infrastructure construction CapEx about CNY 2.45 billion. For the maintenance and improvement of the units of CNY 856 million. 大士能源今年一季度税前利润是CNY 1.64亿，同比减少的幅度比较大，达到了64%。 For Tuas Power, the first quarter's profit before tax was CNY 164 million, decreasing by 64% year-on-year. 利润下降主要原因有两个，一个是从2012年年底到2013年的一季度，整个新加坡的市场增加了138万千瓦的容量，所以新机投产对于我们的市场占有力带来了一定的冲击。 Well, the reason for the decrease of our profit for Tuas Power in the first quarter is because along with the newly added capacity about totally 1,380 megawatts since the end of last year and for the first quarter, our market share in Tuas Power in Singapore has decreased. 第二原因，由于容量增加，竞争也开始加剧。新加坡的政府调低了固定合同电量部分的毛利率，边际贡献调了每千千瓦时调低了将近6新元，调低了6新元。目前是每千千瓦时43新元，也就是说折人民币每度电5分新币。两毛或5分，两毛5分。 Well, since the fierce competition for the power market in Singapore, the Singapore government has decreased the gross profit for the fixed contract for the electricity for the power producers with the amount about SGD 6 per megawatt hour. 所以这样结果使得一季度大士能源的税前利润降低幅度比较大。另外刚才问的是一个购电成本，是吧？购电成本今年由于电量下降，那么这个成本也有所下降，今年是CNY 12.94亿。 Well, for the electricity purchasing cost, because of the power generation is decreased, the cost meanwhile decreased to CNY 1.294 billion. 好，谢谢管理层。周总，我想请教的是，大士能源税前利润是1亿6400万，那税后是多少呢？ 3100。 For Tuas Power, its profit after tax was CNY 131 million. 好，谢谢。谢谢管理层的耐心解答。下面一位提问者是来自CICC的陈君华，你好。你好，谢谢管理层，谢谢主持人。我是来自中金的陈君华。我有两个问题，第一个是关于成本这一块的，因为我们可以看到我们一季度的主营成本，不论是环比还是同比都有大幅度的下降，所以我想了解一下，我们一季度的成本和四季度相比，材料成本有没有太大的变化，各自的水平是多少？然后我们其他的成本是否也发生了一些下降？第二个问题是关于我们的电量计划的，因为我们现在一季度的时候电量是同比增长2.4%。我记得我们在年报的时候跟大家交流，在全年的电量计划仍然是保持5%到6%的一个增长，目前这个电量计划是否会发生变化？就这两个问题，谢谢管理层。 I am from CICC. I have two questions. First about the cost. We see that the cost for your company has decreased a lot, no matter quarter-on-quarter or year-on-year. Could you please talk about your cost breakdown for the comparison between the first quarter and the fourth quarter of last year? The second question is about the power generation plan of the whole year. In the annual results presentation, you have mentioned that your whole year target for the power generation increase rate is about 5%-6% year-on-year. But for the first quarter, we see that your increase rate is only 2.4%. Could you please talk about whether you will change the guidance? 我先来回答第一个问题，关于成本，由于煤价的下降、电量的下降，所以燃料总成本下降的幅度也大。由于价格下调，对于燃料这一块影响达到了31亿，就少支出了31亿。同时由于电量下降，使得燃料少支出了8亿5。另外维修基本持平，但折旧有9,400万的下降，这个主要是一些老的机组报废导致的。 Well, for the cost, we see, sure, we have undertaken a great decrease year-on-year because of two factors. First is the coal price and also the power generation decrease. The coal price decrease brings us a cut of our fuel cost about CNY 3.1 billion. The power generation decrease brings us a cut of our cost of CNY 850 million. For our maintenance, it is in line with that of last year. Also, the depreciation fees decreased about CNY 94 million. 周总，不好意思，我想再问一下，我们有没有统计说我们去年四季度和今年一季度标煤单价是不是有一些变化？今年我们的标煤单价一季度是734块5毛一吨，那么去年的四季度149。 For the standard coal price for the first quarter of this year, our standard coal price is RMB 734.5 per ton. For the fourth quarter of last year, the standard coal price was RMB 749 per ton. 我来回答你第二个问题，正如你刚刚所说的，一季度我们的整个的发电量跟去年同比是负的2.44%。那么我们来判断全年的整个发电量的这个形势，我们感觉还是可能会出现一前低后高的这种趋势。因为一季度有过年的因素，还有一个因为供热期。随着四五月份的来临以后，电量会有所恢复，到迎峰度夏期间电量增幅可能会更大一些。所以我们判断是全年来看，前低后高。所以我们在目前没有调整全年发电量目标的这个打算，全年的发电目标还是按照年初所规划的，发电量是3,200亿。 For the first quarter, our power generation decreased 2.44% year-on-year. For the whole year, we say generally the power generation growth rate is lower for the early part. For the first half and the second half, the power generation growth rate will be higher. For the whole year's target, currently, we don't have a plan to adjust. The power generation is still 320 billion kilowatt hours for the whole year. 我没有问题了，谢谢管理层。谢谢管理层。下一位提问者是来自Morgan Stanley的侯静。您好，您可以提问了。管理层你们好，我是侯静，Morgan Stanley的。我有几个问题，第一个我想问一下，我看到我们公司的财务费用的话，今年一季度比去年2012年的四季度有一个大概10%的一个下降，想问一下这个主要是什么原因？就这个问题，谢谢。 I'm from Morgan Stanley. I have one question. We noticed that your financial fees for Q1 this year decreased about 10% compared with that in the fourth quarter of last year. Could you please provide the reason for this? 这个财务费用，如果我们刨掉手续费、汇兑收益这一部分的话，单纯就利息支出来看，应该说比去年同期下降了12%。主要的原因是因为综合的融资成本的降低。 Excluding the intermediate fees for the bank and also for exchange factors, our interest expenses decreased 12% year-on-year. This is because of our comprehensive financial cost decrease. 邹总不好意思，想问一下，有没有一个就是我们今年一季度的一个综合的融资成本和去年2012年全年的平均的融资成本，然后有没有对2013年全年的一个融资成本的指引呢？平均的。 Could you please provide us your comprehensive financial cost for the first quarter of this year and also the average cost for last year and also the guidance for this year? 刚才我讲的这个12%降低是跟去年一季度同期相比，那么去年一季度同期的这个偿款是5.88%，那么今年一季度是5.14%。 For the 12% decrease, this is the year-on-year change. For the first quarter of last year, the comprehensive financing cost for us is 5.88%. This year in the first quarter, this cost is 5.14%. 去年全年平均是5.68%。 For last year, the average cost for us 5.68%. 谢谢邹总，没有问题了。谢谢管理层。下一位提问者是来自申银万国的黄哲。你好，管理层，我想问两个问题，一个就是有没有关于大士能源的它的折旧成本、燃料成本这些比较细的成本，然后还有它的大士的这个利息费用。那另外一个就是我想问一下，咱们今年一季度的这个外购煤当中，市场煤当中来自于国际煤的这个比例大概是多少？或者说我们采购了多少万吨的这个国际煤炭，然后它主要运用的这个电厂大概是在哪一片区域？就这两个问题，谢谢。 I come from Xingye Securities. I have two questions. The first is, could you please provide us the Tuas Power depreciation fees and the fuel costs and also the interest fees for the first quarter? The second is, could you please provide us the imported coal percentage and also the amount of the imported coal, and also which region will use this imported coal? 这个大士能源的一季度燃料成本17.97亿，维修1700万，折旧1亿4600万，这个薪酬是4000万，其他13亿1400万。 Well, for Tuas Power, its fuel cost of CNY 1.797 billion, and depreciation CNY 146 million, for maintenance CNY 17 million, and for the compensation CNY 4 million, and the others CNY 300 million. 好，下面我把这个进口煤的情况给各位做一个介绍。那么公司一季度进口煤的总量是953万吨，占到了公司整个供煤量的30%。那么这些煤主要供应在沿海沿江地区的电厂，也包括江西的井冈山和瑞金，通过铁路运输用一部分进口煤。 Well, totally for the first quarter, we imported 9.53 million tons from the overseas market. This is about 30% of our total purchase of coal. This imported coal was used in the coastal regions and also the riverside regions, also includes the power plants located in Jiangxi Province and also some power plants which use railway transportation. 好，谢谢管理层。谢谢。下一位提问者是来自中信证券的吴飞。您好，您可以提问了。管理层大家好，想提两个问题。一个是，因为我们一季度投资收益是同期下降的，想问一下我们具体结构，一季度主要是哪些电厂贡献了我们的投资收益？和去年比大概是什么样一个情况？那另外第二个问题，想问一下我们目前一季度整个电厂核准的情况，包括海门二期这边核准的进展情况，谢谢。 Well, I am from CITIC Securities. I have two questions. First is about your investment gains for the first quarter. We have seen decrees for your company. Could you please provide us with the detail about the power plant contribution for the investment gains? The second is about your approval condition for the power plant. For example, the two power plants in Hainan power plant. 先回答第一个问题。第一个关于投资收益，13年是1亿06，去年同期是2亿6400。同期相比下降幅度比较多，降了1亿5800。那么主要的原因是由于我们投资的一个煤矿晋兴能源，去年有一个分红1亿2，那么今年目前还没有分红。 Well, for the investment gains for the first quarter, the amount for this year is CNY 106 million compared with the CNY 264 million for the first quarter of last year. This means a decrease of CNY 158 million. The reason for this decrease is for the first quarter of last year, we have received a dividend paid from the Jin Xing Energy Company, about CNY 120 million. But this year we do not receive this dividend. 你刚才讲到海门二期的两台机组，单机是103.6万，这两台机组近期核准。 You mentioned the Hainan power plant with two 1,036 megawatts. These two power generating units have got the approval from the government. 想追问一下，一个是能否再介绍一下我们剩余的几个火电企业一季度的投资收益的贡献情况？另外的话，海门二期在一季度里边有没有发电量的贡献？谢谢。 Could you please further provide the detail about other power plants' contribution of the investment gain and also the approval condition for other projects? 海门二期在一季度没有发电量的贡献。下一个问题就请周总回答一下。 For the Hainan power plant for the first quarter, the second phase of this power plant has not produced the power generation. 我想问一下，你刚才问的第一个问题，是不是我们投资收益里面关于投资的火电几个电厂的情况，是吗？对，没错。就是这个。这个深圳能源3,000万收益，日照是5,200万，邯峰1,300万。 Well, for the investment gains, CNY 30 million coming from Shenzhen Energy, and CNY 52 million coming from Rizhao Power Plant, and CNY 13 million coming from Hanfeng Power Plant. 这块能否和去年做个比较？就是这三个电厂的，谢谢。这三个电厂和去年相比，去年深能源是3,600万，下降了700万。日照去年是2,200万，增加了3,000万。邯峰去年是600万，增加了700万。谢谢。 Well, comparing all these of last year, the investment gain coming from Shenzhen Energy decreased to CNY 7 million, and the investment gain coming from Rizhao Power Plant increased CNY 30 million, and the investment gain coming from Hanfeng Power Plant increased CNY 7 million. 谢谢。下一位提问者是来自BNP的Daisy Zhang。您好，您可以提问了。管理层你们好，我想问一下，一季度的单位燃料成本是多少？另外想问一下，公司一季度属下的国内的火电厂还有没有亏损的电厂？第三个想问一下合同煤的签订的情况和一季度那些合同煤签了量、没有定价的执行情况是怎么样的？谢谢。 I come from BNP Paribas. I have three questions. First is, will you please provide your unit fuel cost for the first quarter? The second is, could you please talk about how much power plants in the first quarter making a loss. The third question is about the coal contract. How about the implementation of the contract and also the contract signing process for your company? Will you please talk about the first quarter's contract, which has not determined the price. 一季度的单位燃料成本为222.52元，同比下降了17.27%。 For unit fuel cost for the first quarter, it was CNY 222.52 per megawatt-hour, decreasing by 17.27% year-on-year. 亏损的电厂，就火电电厂来说，我们37个核算单位有三个亏损。 For power plants making a loss, totally 37 thermal power plants. Among this, about 3 power plants making a loss. 好，下一个问题请李总回答一下。那么今年煤炭订货的情况和年初回答问题的时候基本上没有太大的变化。那么下水煤总体煤量基本上是保持了去年的量，下水煤定价的方式是随着环渤海指数进行浮动这样一种方式。大部分的路运合同已经签订，但是安徽、河南、甘肃和陕西地区由于煤价在变化的过程当中，所以说这些省份的煤炭供应合同到现在还没有完全定下来。这是合同签订的情况。但是从现在的煤炭供应情况看，综合看，今年的煤炭采购价格会低于去年。 For our coal contract signing process, we see that currently this is not completely over. For our coal coming from the shipping side, the amount of this contract is along with that of last year, and the price for this contract is fluctuated with the Bohai Rim Coal Price Index. For the inland coal contract, we have signed most of these. But in some regions, we still to be pending for this contract to sign. For the coal price for the whole year, we believe that the comprehensive natural coal purchasing price will be lower than that of last year. 那么对于合同煤执行的情况，因为合同煤都要按照发电计划，按月平衡安排它的量。到目前为止，兑现率基本上在65%左右。 For the contract fulfillment condition, because this will be adjusted monthly and currently, we see that 65% fulfillment rate for the contract coal. 周总，我能不能再加问那个三个电厂亏损最主要是集中在哪些区域啊？谢谢。一个是山东的沾化，另外两个都是云南滇东的，一个是滇东能源，一个是滇东雨汪。 The 3 loss-making power plants are located in Shandong province, which is Zhanhua Power Plant, and the other 2 are located in Yunnan province, the Diandong Energy and Yuwang Energy. 好，谢谢。大家好，下一位提问者是来自安信证券的邵林立。您好，您可以提问了。管理层您好。我想请教一个问题，就是我看之前有制定的目标，关于近两三年的投产计划，想问一下这个和年度当时制定的计划之间有没有差异？当时是说可能今年主要就是四台100万千瓦的火电，可能明后两年的话主要是一些天然气的发电。我想问一下这一块。然后第二个问题可能稍微大一点，关于煤电联动，如果说即使煤炭价格维持在现在的水平上面的话，可能我们看到的就是13年的煤价比12年同比还是有一个比较大的下降。那么从这个角度，您看这个观点的话，会不会14年的话有没有一个下调电价的这样一个风险？就这样两个问题，谢谢。 Well, I am from Essence Securities. I have two questions. First is about the capacity plan for the future 2 or 3 years. You have mentioned that this year you will add about 4 1,000 megawatts generating units. Also maybe next year, you will add some gas-fired generating units. Could you please talk about whether you will change or have changed the capacity adding plan? The second is about the coal price and electricity price linkage mechanism. Currently, we see that the coal price for this year has decreased a lot compared to that of last year. If the coal price remains at the current level, could you please talk about whether it is possible for the government to cut the tariff level in 2014? 公司披露年度业绩的时候，13年和14年的投产目标没有做调整。2013年预计新增容量459.2万千瓦，2014年预计新增装机容量316万千瓦。 We do not change the capacity adding plan for the following 2 years. This year, we are going to add totally 4,592 megawatts. For next year, we are going to add totally 3,160 megawatts. 关于电价的问题，请李总回答一下。就您刚刚关心的第二个问题，关于煤电联动的事情，因为整个煤价的变动是从去年的下半年开始，随着煤炭市场的走势、价格的走势，应该说到现在为止逐步趋于稳定。但是火电企业根据国家煤电联动的有关政策，应该说这么几年来，由于煤炭上涨，而且电力企业亏损，目前煤炭下降，应该说多年来的亏损还不至于能够弥补。那么从国家的联动政策来看，到今年还没有看到关于电价方面的调整政策的一些出台，或者是从政策的电价研究的这个角度讲，应该说也没有这方面的信息，所以我们判断呢，今年煤电联动是不太可能。那么明年，我们还是要密切关注国家关于这方面的一些情况，一些研究、一些走势的情况。所以说明年2014年关于电价是否跟煤电联动或者说有所调整，还得取决于今年整个的经济形势的走势和煤炭市场的今年整个的运营的情况，再看国家组合来定，我们再来关注。好的，谢谢管理层。 Well, for the coal price, we see that the market coal price has changed since the second half of last year. To date, the current coal price is in a stable level. We see that this coal price decrease has not covered the coal price increase for the past few years. So for this year, we do not think the government will adjust the tariff level. For next year, we see that whether this mechanism will be implemented is determined to the national economic situation and also the coal market situation. 谢谢。大家好，下一位提问者是来自中邮基金的张鹏。您好，您可以提问了。喂，管理层你好。喂。你好，你好了。我是来自中邮基金的张鹏，有两个问题想请教一下。第一个是你刚才提到用电量的情况是下滑了2.44%，我想请教一下这有没有区域的分布，就比如说沿海的一些电厂，它是不是会因为西电东送的原因，电量下滑得更严重一些？然后第二个问题是你刚才提到煤价现在是处于未来的一个预期，也是一个低位稳定。然后我想请问一下，您做出这样判断的主要原因是什么？您觉得影响煤价走势的主要因素是哪些方面？如果未来电量持续低于预期的话，煤价是否还会进一步下降？或者说如果电量的增速要低到什么样一个程度，可能触动煤价继续大幅度下降？谢谢。 All right. Coming from the China Post Fund. I have two questions. First is about the first quarter's power generation, which decreased about 2.44%. Could you please talk about in the different regions for the power generation growth rate, especially for the coastal regions, whether this is exaggerated by the power generation coming from the western part? The second question is about just right now you mentioned that the coal price will be in a very lower level and will maintain a stable way. Please talk about your assumptions base for these explanations. Also if the power generation continue to stay in a lower level, what is the possibility for the coal price to decrease in the future? 您的问题问得很好，正好可以请我们两位李总分别回答一下。第一个问题我在前面实际上有一些涉及到了。今年一季度全国的电力增长是0.44%，但全国的火电增长并没有这么高，火电增长是0.47%。在0.47%的增长幅度下，确实就像你所说，我们确实有一个区域分布的涨幅和下降的幅度不一样。我们在沿海和沿江地区，比如东南沿海、华北地区以及东北地区、甘肃地区，电量的增长比较乏力，都是同比是负增长的。个别地区，比如华中地区和云南地区，电量增长幅度达到4.9和4.3。但是由于这两个地区的水电所占的比重比较大，也就挤占了火电的这个空间。所以说总体来说，应该说我们全国的火电在0.47%的增长幅度下，由于区域之间确实存在很大的一些不平衡。 Well, for the power generation for the first quarter, which is at the nationwide level for the first quarter, the power generation increased 5.44% year-on-year. But for the thermal power generation, it is only increasing by 0.47% year-on-year. This is also due to the different regions have different performance, especially for the coastal regions, northern part of China, northeastern part and also the Gansu Province, the power generation decreased a lot. For the central part of China and also Yunnan Province, the power generation increased 4.9%, 4.3% respectively. But because of in these two regions, the hydropower generation increased a lot. So this has impact on the thermal power generation. So, in the comprehensive basis, the thermal power generation only increased 0.47% for the first quarter. 那么从现在看，国际形势也继续低迷，没有明显复苏的迹象，国内经济结构也正在调整，保持中速增长将成为一个常态。我们一季度的GDP是增长7.7%，那么火电的增长率是0.47%，所以说煤炭需求难以有很大的提高。那么这是需求方面。煤炭产能也将进一步的释放，进口煤仍然会大量地涌入。一季度，全国的进口煤增长了30%。所以在这种供需形势下，我们预计13年全年的电煤市场总体是宽松的，煤炭价格没有大幅上涨的动力。如果电量继续下滑，煤炭的需求将会进一步下降，市场也会进一步地疲软。 Well, for the coal market, we see that the international economy is in a very weak situation. Also the domestic economy will be maintained in a medium rate speed. For the first quarter, the GDP growth rate for China only increased 7.7% year-on-year. Also, as mentioned by our colleague, the first quarter's thermal power generation only increased 0.47%. So, the demand is very weak for the coal market. For the output of the coal, for the first quarter, we see that China imported coal increased 30% year-on-year. So we expect that for the whole year, the supply of the coal market is very ease and there is no driving factors for the coal price to increase. If the power generation continues to decrease, we see that the coal demand will continue to decrease and the coal price has no reason to grow. 谢谢您。再补充问个问题，就是您刚才提到，如果煤价下行的话，向下的空间大概有多少？您觉得。 And a supplementary question, if the coal price will decrease, how much will this coal price will decrease? 目前国际煤炭20%亏损，国内的也。现在煤炭价格是根据市场的供需形势而确定。当然煤炭价格进一步下降也受到煤矿企业生产成本的限制。从现在情况看，国际煤炭市场上煤矿亏损的企业和国内煤矿亏损的企业大概都占到了20%。 Well, actually the coal price will be determined by the supply and demand. Also the coal price decrease has to be determined by the coal production cost. Currently we see that for the coal suppliers, no matter in the domestic and in the international market, about 20% of the coal suppliers are making a loss. 也就是说，以往的话，最大的一个亏损的比例是多少的时候，煤价会处于一个稳定的状态，然后现在来看的话，就对应多少的一个价位。 Well, for the question, could you please talk about in which percentage of the loss making coal suppliers can see the coal price will be in a stable level? 那么简单说吧，从现在这个沿海的市场煤炭的价格看，下降的空间已经不是太大了。 Simply for the coastal regions, the coal price has no big driving factor to decrease. 好，谢谢您呢。谢谢管理层。大家好，下一位提问者是来自招商证券的侯鹏。你好，你可以提问了。各位管理层下午好。我有两个问题想请教一下。一个是咱们一季度的财务费用，我看到咱们一季度由于负债率下降大概3个百分点，咱们财务结构主要做了哪些调整？是不是有一些短期融资券或者是一些债券方面的一些调整？第二个就是咱们这个财务费用里面有没有包含一些汇兑的损益，这块的汇兑损益大概是多大？第三个是咱们进口煤与国内煤，像沿海地区这些进口煤、国内煤的差价目前保持在什么样的一个水平？是否分高热值的煤和低热值的煤，详细地分解一下。谢谢。 Well, coming from China Merchants Securities, I have three questions. First is about the financial fees for the first quarter. We see that the debt ratio for Huaneng has decreased 3 percentage points for the first quarter. Could you please talk about why this has changed? Is that because of the adjustment of the structure of short-term debentures and also some bonds? The second question is also for the financial fees. Could you please talk about whether this figure include the foreign exchange gains? The third question is about the coal price gap between the domestic and the international market coal price. Also, could you please provide the breakdown for the gap respectively for the higher heat value and also the lower heat value? 我先回答你第一个问题，关于负债率下降，我们跟去年年底比，下降了一个多的百分点。那么这个主要原因是由于一季度随着经营环境的好转、利润的增加，我们贷款相应地有所减少。 Well, for the debt ratio, actually for the first quarter, our debt ratio decreased more than 1 percentage. This is because of our improving conditions for the generation, for the operation and also the profit increase. Thus it would bring our decrease of our bank loans. 第二个问题，就报表里面的财务费用指的是净额，所以这里头是扣除了利息收入和汇兑收益，那么今年一季度的汇兑收益是3,000万。 For the financial fees in the balance sheet, this is the net figure. That means this is excluding the foreign exchange, which is about 30 million CNY for the first quarter. 好，我来回答第二个问题。那么对于公司的进口煤，不同的区域，不同的电厂，因为港口运输条件的不同，所以进口煤的煤种、煤质和煤价也不同。那么从公司综合总体算下来，进口煤和内贸煤的差价是在25块钱。 For the imported coal, because of the different regions, also the coal types and the coal quality, the price is different. For the average calculation, the gap between the domestic and the international coal price is about 25 CNY per ton. 好的，谢谢。谢谢管理层。大家好，下一位提问者是来自大和证券的戴维。您好，您可以提问了。管理层您好，我有几个问题，很快。首先就是刚才我们说过大士能源一季度在新加坡市场竞争比较激烈，那我们对于全年的盈利有没有一个预测？我记得我们去年应该是10个亿人民币，今年有没有全年会不会一个很大下降？然后第二个就是，您刚才对今年单位燃煤成本保持原来的一个看法，就是5%下降，那我看一季度的这个223的话，基本跟去年全年比的话，基本就是下降了应该是10%以上，那是不是代表下半年，我们觉得今年下半年的单位燃煤成本要比今年上半年要高很多，才能达到这个5%预期，就是为什么维持5%？是因为我们比较保守呢，还是因为如果我们觉得今年电量如果出现前低后高的情况下，煤价也会随着季节性或者其他因素会上涨。然后最后一个问题，我想请教一下，如果比较沿海电厂和内陆电厂的收益情况，假如我们用股本回报率来看的话，大概是个百分之几和百分之几的感觉，谢谢。 I am from Daiwa. I have three questions. The first is about Tuas Power's operation for the first quarter. You mentioned that in the first quarter Tuas Power has undertaken a very fierce competition. Could you please talk about your whole year's guidance for Tuas Power's operation, especially for the profit, because Tuas Power has made 1 billion CNY in profit in 2012. The second question is about your unit fuel cost. You have mentioned the guidance of the whole year for this cost, which is a 5% year-on-year decrease. But we see that for the first quarter, the 223 CNY per megawatt hour, this level has decreased more than 10% year-on-year. That means if the whole year's guidance of 5% decrease rate will bring the higher level for the unit fuel cost in the second half of this year. Could you please provide the detail about this change? The third question is, could you please talk about the profitability for the different regions, especially for the coastal regions and the inland regions, the return level for your power plants? 关于大士能源全年的盈利，作为公司来说，我们肯定是有一个预算的目标的。但是为了避免误导投资者，所以我们从来不对具体的数字来进行披露，只能是告诉大家一个趋势。前几年大士能源效益非常好，最高的时候税前利润达到整整16亿。那么这些都是一些特殊的、例外的情况。那我觉得作为一个电力企业来说，你不可能指望长期有一个很高的利润，应该说今年这个情况也是回归到了一个正常的水平。 Well, for Tuas Power's profit expectation for this year, actually, we have internal plan for this, but there is no specific figure to disclose. Actually, for Tuas Power for the past few years, maybe the highest profit for Tuas before tax was CNY 1.6 billion, but this is very special. Currently, we see that the Tuas Power's profitability has returned to the normal level. 关于第三个问题，各个不同区域的电厂的回报率的比较，我觉得应该每一个厂，即便是在同一个区域里头，由于它经营各个方面条件的不同，它的回报也是不一定是一样的。所以如果按区域来算，没法这么笼统地来比较。那我可以告诉你的呢，我们在去年12年底，公司平均的ROE的水平是10%。 Well, because of the different regions and also the different conditions for the power plants, the return level is different. So, it is difficult to make the comparison in terms of the return level. We can give you the figure for the ROE level of 2012. For our average, ROE is 10%. 那么我就把煤炭采购价格的情况变化给各位做一介绍。那么今年一季度看起来和去年的同比下降幅度比较大，这主要是因为去年一季度煤炭价格是一直在保持高位，真正煤炭价格下降是从5月份开始，煤炭价格才开始下降。大家应该能够看得到，今年公司一季度的煤炭价格基本上和去年四季度是持平的。所以说后期的变化幅度按百分比算下来会变小。那么再一个，我们会随着煤炭市场的变化，这种采购结构也会变化调整。煤炭价格因为今年采用了环渤海指数定价这么一种方式，所以煤炭价格具有一定的不确定性。 Well, for the coal price guidance, you see that the first quarter unit fuel cost decreased a lot compared to that of last year. This is because of the higher base for the first quarter of 2012. We see that the coal price has undertaken the decrease just since May in 2012. Also, we see that the first quarter's net coal price is basically in line with that of fourth quarter of last year. So, in the second half, in the following quarters of this year, the decreasing rate year-on-year will be a bit smaller. Also, for the coal price, because this year we have taken a different form of the contract signing mechanism and some of our coal contract price determined based on the Bohai Rim Coal Price Index. So, there is some uncertainties for the coal price in the following quarters. 谢谢郭林总。谢谢管理层。大家好，下一位提问者是来自HSBC的黄媛媛。嗨，管理层你们好，两个很快的问题。第一个问题是想问一下第一季度公司的平均的利用小时数大概是多少？然后第二个问题是关于煤炭价格的，咱们的进口煤的价格同国内的煤炭价格相比是不是便宜一些？那大概便宜的比例是多少？好，谢谢。 Well, I'm coming from HSBC. I have two questions. The first is what is your utilization hours for the first quarter? The second is, could you please talk about how much cheaper of your imported coal price compared to that of the domestic coal price? 您刚刚第一个问题是公司的平均的利用小时，一季度是1,219小时。 For first quarter, our utilization hours was 1,219 hours. 那么第二个问题刚才已经回答过了，进口煤和国内的内贸市场煤价格差价是25块钱。 For the imported coal price, actually we have answered this question that the imported coal price have CNY 25 per ton lower than that of domestic coal price. 谢谢。谢谢管理层。下一位提问者是来自里昂证券的李媛。管理层你好，我有四个小问题。第一个是现在4月份的用电需求怎样？就是我看到整体用电需求，3月份的时候居民用电和第三产业突然出现一个下滑，不知道4月份这一块有没有反弹？第二个问题是，管理层能不能披露一下一季度大唐能源在赞比亚市场的市场份额，未来几个季度是否会维持在这个水平上？那另外，我想问一下那个一季度大唐能源的净利润率，以及全年的话，还有哪一些因素可能会影响它呢？第三个问题是我看到公司在今年一季度做了资产负债表的一个调整，在减少负债。那公司在未来两年有没有一个目标，要把这个资产负债率降到一个怎样的水平？第四个问题是刚才管理层说一季度合同煤的兑现率只有65%，我想问一下，剩下没有兑现的那一部分主要是什么原因？谢谢。 I come from Leon Securities. I have following questions. The first is could you please talk about the power demand in April? We see that the power consumption in the residents and the tertiary sector has undertaken a decreasing in March, and whether this power consumption rate will be recovery in April. The second question is about power's market share in first quarter. Could you please talk about what percentage of market share for power in the first quarter and whether this market share will be maintained in the following quarters? The third is, also could you please talk about the net profit margin for power in the first quarter? Also, what kind of factors will impact the net profit margin? The fourth question is we noticed that in first quarter you have reduced your liabilities. Could you please talk about whether you will in the future continue to reduce your liabilities? What level will this direction be? The last question is you have mentioned that your contract fulfillment rate for the first quarter is only 65%. Could you please provide the reason for this change? 关于您提到4月份的整个电量的一个趋势，我们判断应该从历史情况来看，因为3月份以前，一季度都属于全国都处在一个冬季，大部分到3月中旬的时候供暖才结束。所以整个从天气情况，从水电的枯水期的情况来看，应该说一季度，特别是3月份和1月份，剔除春节因素的话，一季度的用电量应该好于4月份和5月份。因为四五月份是即将进入迎峰度夏之前的一个季度，一个是天气逐步回暖，还有一个就是为了做好迎峰度夏前期的一些设备健康的一些准备，所以我们安排的检修基础和今年的托修改造的项目相对来说多一些。所以从整个的发电情况来看，4月份的发电量应该说没有3月份好。 Well, for the power generation historical for the first quarter, because of the heating period also in winter and also the hydropower generation is not so high, the first quarter's power generation is better than the April and May, which is just before the peak period in the following months. Also, because in May and April, the weather is recovering and warmer, and also the power plants have to make the equipment maintenance and also to make some improvement in the technical conditions. So the power generation in April generally is lower than the first quarter. 关于大士的市场占有率，我们往年都是在26%、27%这么一个水平，那么今年一季度是20%，下降了5个多百分点。从后三个季度的情况来看，我们努力提高市场占有率。那么影响大士的主要的因素，还是电量的问题和电价的问题。那么电价目前因为在新加坡的电价是三个月发布一次，由新加坡政府来定。那么在电价一定的情况下，最主要的因素就是看电量。从我们目前的情况来看，应该说我们在新加坡的利润水平还是可以的，所以EBITDA margin一季度还是达到了10%。 Well, for Tuas Power market share, actually for the past years, our market share is accounting 26%-27% for us. But for this year's first quarter, its market share is only 20%. This means about five percentage points decrease compared to that of last year. In the following month, we will continue to try best to increase the market share. For the Tuas Power's net profit margin, we believe that in this market, the profitability is determined by the power generation and also the tariff level. For tariff in Singapore, because most of the fixed contract for tariff level is determined by the government and it will adjust it quarterly. Assuming the fixed tariff level, the margin is determined by the power generation. For Tuas Power, for the first quarter, the EBITDA margin of this year is 12%. 关于这个资产负债率，应该说电力行业是一个资金密集型的行业，所以它的负债率也不会太低。目前我们73%的负债率水平，在电力行业来说，也是在国内的电力行业来说，应该是处于一个比较低位的水平。为了充分发挥财务杠杆的作用，从长期的财务目标来说，我们也就保持在70%，没有想再进一步地去降低。 Well, for the power generation sector, we see that because this is a capital-intensified industry, the debt ratio will not be too low. For our company, for the first quarter, the 73% of debt ratio is very low comparing to our competitors in the domestic market. Also, to fully use the gearing function, we will not lower the debt ratio too much. For example, less than 70%. 刚才我要回答年度合同兑现率的问题。那么今年煤炭价格并轨市场化之后，这是一个变化。再一个就是煤炭的供应相对地宽松，这是两种变化。所以说今年年度合同兑现这个方式是有所调整的。对于这个合同计划是按照发电用煤的需求来安排，在用煤量比较高的时候，就多安排一些用煤的计划。当用煤量比较低的时候，用煤的计划会安排得相对少一些。 Well, actually this year, there is a different form for the coal contract, because for this year, the coal contract is much more market-oriented, and also the supply is very adequate. Also, the contract fulfillment form is changed comparing to that of the previous years. For example, the contract fulfillment is determined by the coal demand. When the coal demand is higher, maybe the fulfillment will be higher; when the demand is lower, the fulfillment will be lower. 好，谢谢管理层。谢谢。下一位提问者是来自中银国际的辛成。管理层你们好，我有几个小问题。一个问题就是想问一下，在一季度咱们总的折旧是多少，一季度的一个平均电价是多少？还有就是去年四季度的时候，咱们的单位燃料成本是多少？第二个问题想问一下，一季度新加坡的大士能源的收入是多少？第三个问题就是问一下一季度咱们合同煤的一个平均价格是多少，跟去年同期相比是有什么变化？好，谢谢。 I am from BOCI. I have three questions. First is, could you please talk about your depreciation fees for the first quarter, and also the average settlement of tariff? Also the unit fuel cost for first quarter of last year. [Foreign language] could you please talk about your revenue in the fourth quarter in Tuas Power? [Foreign language] could you please talk about the average contract coal price in first quarter, and also the year-on-year change? For the depreciation in the first quarter, it was CNY 27.69 billion. 这个平均电价是CNY 452.64。 The average tariff level for the first quarter was CNY 452.64 per megawatt hour. 去年四季度的单位燃料成本是228.22。 The unit fuel cost for the fourth quarter of last year was CNY 228.22 per ton. 大士一季度的收入是36.45亿。 For first quarter, Tuas Power's revenue totaled CNY 3.645 billion. 那么一季度公司执行年度合同的煤炭的价格是553块7毛9。 For the fourth quarter, our annual contract coal price purchasing price was CNY 553.79 per ton. 对，这是原煤价格。 This is the natural coal price. 和去年同期比，大概有什么变化？就是同比大概增加还是减少了百分之多少？ Also the year-on-year change. 那么下降了6.2%。好，谢谢。 0.62。好，谢谢。 Well, the contract coal price decreased 0.62% year-on-year. 谢谢管理层。大家好，由于时间关系，下面有请最后一个提问者，是来自上海大朴资产管理的刘华。你好。管理层下午好，辛苦了。最后两个问题，第一个就是，因为咱们第一季度的发电量同比下滑2.44%，然后售电量下滑2.25%，但是收入是下滑6.2%，即使扣除境外电厂影响，母公司收入下滑是5.37%。我就想说，咱们的收入下滑幅度比较大，高于售电量和发电量的下滑幅度，这里是因为什么原因呢？是因为发电结构导致的平均电价的下滑吗？这是第一个问题。然后第二个问题就是，能不能把以下数据给到我们呢？因为大家刚才零零散散地问了一些，就是第一季度咱们的供电煤耗、原煤用量、综合用煤价格，然后其中合同煤价格刚才有了，就是合同煤的占比，然后市场煤的价格和占比。这是第二个问题。最后补充一个小问题，就是刚才有提到说4月份比3月份环比的发电量是差的。因为这是环比的情况，我想问同比的情况呢？好，谢谢。 Actually, last 3 questions. First is, we see that the first quarter power generation for your company decreased 2.44% year-over-year, the electricity sold decreased 2.25% year-over-year. We also see that the first quarter's revenue of your company decreased 6.2% year-over-year. Also for the parent company's revenue decreased 6.37% year-over-year. This is a big difference for the revenue and the power generation. Could you please provide the detail of this difference? Is that because of the structure difference or which is result the cost of the average tariff level? The second is about the figures for the first quarters, for example, the coal consumption rate for the power sold, the unit fuel cost, and the standard coal price. The third question is, you have mentioned that in April, the power generation is generally lower than the first quarter. Could you please talk about for this year, the April's power generation has changed comparing to that of last year? 我先回答你关于营业收入下降6.2%它的结构和原因。那么从总体来看，由于电量的下降，我们总的刚才讲了就是6.2%下降。那么从境内的电厂来看，营业收入实际上下降的幅度只是下降了2.22%。这主要原因就是由于售电量的下降，同时也有一定的电价下降的影响。电价刚才我讲了，我们今年一季度是452块6毛4，去年是453块8毛9，下降了0.3%不到一点，但这个影响并不是太大，所以这个2.22%主要还是售电量的影响。那么从境外来看，营业收入的下降是比较大的，下降了29%。这原因一个就是由于市场占有率的降低，那么发电量的下降。另外一个，刚才我也讲了，新加坡政府调低了固定合同部分的电价的水平。 Well, for the 6.2% decrease of the revenue for our company in the first quarter, this is mainly due to the following reasons. We see that for the revenue from the domestic business, it is only decreasing by 2.22% year-over-year. This is mainly due to the decrease for the electricity sold for the first quarter, also have a very small factor coming from the tariff level decrease about 0.3% year-over-year. The major reason for the decrease of the revenue is coming from the Tuas Power's revenue decrease about 29% year-over-year. This is because of the decrease coming from the market share and the power generation for the first quarter. Also, the Singapore government has adjusted down the fixed contract tariff level. Well, for the first quarter, our annual contract coal purchasing price was CNY 553.79 per tonne, the amount was 10.81 million tonnes, which accounted 33% of the total coal purchase. For the spot market price, it was CNY 552.47 per tonne, the amount for this part was 21.89 million tonnes, which accounted for 66.95%.