Earnings Call: Q2 2013

Jul 31, 2013

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Inc., I would like to welcome you all to the conference call regarding the interim results announcement of 2013 of the company. [Foreign language] Now may I introduce the management of the company today. [Foreign language] The Executive Director and President of the company, Mr. 刘国跃. [Foreign language] 你好，大家下午好。 [Foreign language] The Vice President and Chief Accountant of the company, Ms. 周辉. [Foreign language] 你好，大家好。公司副总经理李建民先生。The Vice President of the company, Mr. 李建民。李总您好。主持人好，大家好。 The General Managers for the Department of Budget, Engineering, Production, Marketing, Fuel, Finance and Capital Market, as well as the Office for Tuas Business are also joining us today. [Foreign language] First of all, Mr. Liu will review the business performance for the interim results of 2013 with us, followed by Q&A session. [Foreign language] May we have the honor to invite Mr. Liu to review the business performance and Mr. 周彪 will conduct the English interpretation. 各位女士，各位先生，大家下午好。欢迎各位参加华能国际中期业绩推介电话会议。昨天公司刚刚公布了今年上半年的经营业绩，公司及其子公司取得合并营业收入640.62亿人民币，同比下降4.64%。中国准则下，归属于本公司股东的净利润58.95亿人民币，同比增长166.9%，每股盈利0.42元，比去年同期增长了0.26元。国际准则下，归属于本公司股东的净利润56.23亿人民币，同比增长164.98%，每股盈利0.40元，比去年同期同比增长0.25元。 Ladies and gentlemen, welcome to the standard conference call for the interim results. Yesterday, the company released its results for the first half of 2013. The company and its subsidiaries realized consolidated operating revenue of CNY 64.062 billion, decreasing by 4.64% year-on-year. Under the PRC accounting standards, net profit attributable to the shareholders of the company was CNY 5.895 billion, increasing by 166.9% year-on-year. The EPS was CNY 0.42, increasing by CNY 0.26 year-on-year. Under the international accounting standards, the net profit attributable to the shareholders of the company was CNY 5.623 billion, increasing by 164.98% year-on-year. The EPS was CNY 0.40, increasing by CNY 0.25 year-on-year. 2013年上半年，公司在面临国家经济结构转型、全社会用电量增幅同比下降的宏观经济形势下，抓住煤炭市场持续走低的有利局面，引导电厂在抢发电、控煤价的同时，有效控制其他成本费用，较好地完成了2013年上半年各项经营计划，公司整体盈利水平大幅提升。 For the first half of this year, in spite of the national economic restructuring and the decrease of total electricity consumption growth nationwide compared to the same period of last year, the company took advantage of the continuing decline of coal market prices by encouraging power generation and coal price controls by its power plants, effectively controlled other expenditures and costs, accomplished each of its business plans for the first half of this year, and substantially improved its overall profitability. 下半年公司将继续以巩固和提升经济效益为中心，不断提高公司发展质量。下半年公司还将继续加快发展方式转变，进一步巩固优化区域布局，加大结构调整力度，加强清洁能源投资和布局，有效推动产业协同，力争实现全年经营目标。 For the second half of this year, the company will continue to focus on consolidating and enhancing economy efficiency and improving development quality of the company. During the second half of this year, the company will also accelerate transformation of its development modes, further consolidates and optimize its geographical coverage, redouble efforts for structural adjustments, strengthen its investments and presence in clean energy, and effectively promote synergy in the sector so as to accomplish the targets for the whole year. 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. [Foreign language] Thank you, Mr. Liu. Now we will open the forum for Q&A. 感谢管理层。大家好，下面是问答环节，如需提问，请您在话机上按星一键等候，先按星号键，再按数字键1，谢谢。大家好，第一位提问者是来自花旗银行的刘显达。你好，您可以提问了。你好，恭喜管理层上半年良好的业绩。我是刘显达，花旗银行的。我有三个问题想请教。第一个问题是我们看见今年上半年单位燃料成本下降比较多，想了解公司会不会把公司原来三月份那个单位燃料成本今年下降5%这个目标去改，如果是改的话，可以下降多少？这个第一个问题。第二个问题是公司上半年发电量完成了整年大概47%那个目标，大概是1,210亿度电那个目标。想请教发电这个目标有没有改变？第三个问题是看今年上半年公司的资本开支，大概按现金流去看是72亿。想理解这个好像跟我们整年目标是相对比较小，会不会把整年的资本开支目标下调了？谢谢。 I'm from Citi. Firstly, congratulations on your first half year's good results. I have three questions. First is, we noticed that in the first half, your unit fuel cost decreased a lot compared to that of last year. Also, we noticed that at the earlier state of this year, you have a full year forecast of the unit fuel cost decreasing rate of 5%. Do you have any idea of changing this target? The second question is that for the first half, your power generation amounted to about 47% of your whole year's power generation target of 320 billion kWh. Do you have any idea to change this target? The third question is, in the first half, we noticed that your CapEx was around CNY 7.2 billion, and this is comparatively lower than that of the whole year's target. Do you have any plan to change this target of CapEx? 好，非常感谢你的肯定和鼓励。前两个问题我回答一下，最后一个问题一会请周辉总会计师给你回答一下。今年上半年确实单位燃料成本有了比较大幅度的下降，按照公司公告的情况下降了16.7%。我们结合当前这个情况，特别是七月份的情况看，如果按照这个情况持续下去的话，全年大概能达到将近13%左右的一个降幅。 Well, first, thank you for your support and encouragement. For the unit fuel cost, actually, for the first half of this year, it decreased 16.7% year-on-year. Also, if the coal cost may same with the level same as the level in July, maybe the whole year's unit fuel cost decreasing rate may be around 13%. 单位发电量的情况，上半年完成了时间过半，发电量的任务没有过半。应该说这个跟当前整个大的电力增速下滑的形势还是一致的。因为鉴于下半年的一些情况看，我们公司对发电量的目标，全年的目标没有做调整。但是我们也认为，可能会完成这个电量任务会有一定的困难，但是我们现在还没有做调整，我们会继续地努力，继续抢抓机遇，力争完成全年的发电量。 Well, in terms of the power generation for the first half, actually, the power generation for the first half of this year is less than half of the whole year's target of power generation. This is because of the industry environment with the lower power generation growth rate. For the whole year's target, currently, we don't have plans to change this target. Of course, it's hard for us to reach the target, but we're going to try our best to complete the target of the whole year. 资本支出今年上半年是将近57亿。年初我们预算全年的210亿，这个目标也没有改变。 Well, for the CapEx, actually for the first half of this year, it was CNY 5.7 billion. We have no plan to change the whole year target of CNY 21 billion. 好，谢谢管理层。感谢管理层的耐心解答。大家好，如需提问，请您在话机上按星一键等候，先按星号键，再按数字键1，谢谢。大家好，下面一位提问者是来自Morgan Stanley的侯静，您好。您好，侯静，您这边的声音是放开的，您可以提问了。喂，你好，管理层你好，侯静。我这边有三个问题。第一个问题我想问一下，刚刚也提到了单位燃料成本的下降，可不可以把上半年单位燃料成本的数据和二季度的单位燃料成本的具体数据讲一下？然后有没有上半年和二季度的标煤单价的数，还有我们在7月份的标煤单价是什么样一个水平。第二个问题，我想问一下管理层对调整电价的预期，包括调整电价的预期时间还有幅度，是这样一个预期。第三个问题，我想问一下，看我们单季的季报，二季度和一季度相比，我们投资收益有一个挺大幅的提高，就想问一下这个具体是什么样的原因，谢谢。 Coming from Morgan Stanley, I have three questions. First is, we noticed that your unit fuel cost has changed for a whole year target. Could you please provide us with the unit fuel cost for the first half and the second quarter separately? Could you please provide us the data for the standard coal price for the second quarter and the first half and also the price for July? The second question is, could you talk about the tariff adjustment expectation and also how and when this adjustment will be done? The third question is, we noticed that your investment gains for the second quarter is more than the first quarter. Could you please make the outlook and the reason why this has happened? 非常感谢你的提问。下面我想这个问题呢，分三个方面。第一个问题，请公司李建民副总经理回答。第二个问题，请公司营销部的傅起洋经理做一个回答。第三个问题，还是请周慧总会计师给回答。我回答一下第一个问题。公司的上半年原煤采购的价格是544.71元。那么分月的价格的变化，一月份是559.14元，二月份556.08元，三月份543.84元，四月份536.39元，五月份537.87元，六月份534.53元。七月份的数据到现在还没有统计出来。从六月份看，环比价格六个月下降了21.28元，这是原煤价格。 Well, for the raw coal price for the first half, it is averagely CNY 544.71 per ton. For the month by month, in January the price was CNY 559.14 per ton, in February CNY 556.08 per ton, in March it was CNY 543.84 per ton, in April CNY 536.39 per ton, in May CNY 537.87 per ton, in June CNY 534.53 per ton. For the first half of the year, the raw coal price decreased by CNY 21.38 per ton. 好，下面我回答一下第二个问题。到目前为止，我们还没有得到国家有关部门关于11年的电价调整的具体的时间和幅度，但是我们也会密切关注这个事情。所以在国家没有明确电价下调的方案的情况下来，我想我们的电价可能还是会继续保持一个平稳的态势，不会有较大的波动。 Well, currently, the company has not received any formal government notice on how this tariff adjustment will be done and when this will be done. We are going to maintain a close eye on this issue. Currently, we see that our tariff price is going to maintain a stable level. 投资收益今年上半年是4亿9千1，去年同期4亿6千7，增长了这个2,400万，主要是三能源的投资收益增加。 Well, the investment gain for this half of this year, there was CNY 491 million comparing to that of last year of CNY 467 million, increasing by CNY 24 million. The increase was mainly coming from the investment gain coming from Shenzhen Energy. 谢谢管理层。感谢管理层的耐心解答。大家好，下面一位提问者是来自中金的陈君华，你好。谢谢，谢谢管理层。首先恭喜公司取得这么好的业绩。那我有几个问题，第一个是接着前面问的投资收益那一部分，就是我们分季度来看的话，二季度的投资收益增加，我们理解是参股的电厂的收益增加。那我想问一下，分季度来看，为什么二季度的少数股东损益这部分是减少的？因为这部分我理解，就是咱们控股企业分给那些小股东的，就是说利润按照分成来进行计算，可是我们主营这部分利润也是增加的，为什么二季度少数股东损益这一块是减少了？那第二个问题就是我想问一下，我们新加坡这部分电量减少了，那从上半年来看，我们新加坡电厂的盈利状况是怎么样的？第三个问题就是前面我们给大家交流了上半年煤价的原煤的价格信息，我想问一下，去年上下半年的原煤采购的平均价格各自是多少？谢谢。 First, congratulations on your first half year's good results. I have three questions. First is also the investment gains for the first half this year. We noticed that in the second quarter, your investment gains is increasing. We understand this kind of increase may coming from the gains from the associates and the commonly joint control entities. But we see that part of the gains in the second quarter is decreasing. How do you explain this situation? The second question is about the Singapore business. For the first half of this year, the power generation decreased year-on-year. How do you see the outlook in the second half of this year? The third question is also the raw coal price. Could you please provide us the raw coal price for the first half and the second half for last year? 这三个问题还是分两部分来回答。第一个问题、第二个问题还是请周辉总快点时间给回答一下。第三个问题还是请李总来回答一下。二季度少数股东权益减少主要的原因是对盈利结构的影响，也就是说二季度公司全资的电厂盈利比一季度要增加，所以这样使得二季度的少数股东的这一部分就比一季度要减少。 For the investment gains in the second quarter, this change is just because of the structures reason, because for the second quarter, our gains from the wholly owned power plants increased. Also against that, the gains from the minority gains is increasing. 新加坡今年由于发电市场的影响，从去年下半年到今年上半年，市场的装机容量增加了200万千瓦。这个对于我们的发电造成了一定的影响。 For Singapore, because of the power generation capacity in Singapore market has increased by 2,000 megawatts since the end of last year. This has a great impact on the market share for the Singapore business. 另外一个原因，因为7月份新加坡LNG的接收站已经投产，打破了原来市场供求平衡的这么一个关系。所以总体来看，新加坡今年的经营业绩比前几年有所回落。 Well, also the other reason is that in July of this year, in Singapore, the LNG project went into operation. That brings a lot of supply of gas. This has a negative impact on the result for the Singapore business. 上半年新加坡大士能源完成发电量是7.9亿kWh，同比减少了20%。 For the first half of this year, Singapore Tuas Power has accomplished 4.79 billion kWh, decreasing by 20% year-on-year. 税前利润3亿5700万，同比减少60%。 The profit before tax was CNY 357 million, decreasing by 60% year-on-year. 谢谢周总，我想追问一下玉环电厂上半年的盈利状况怎么样呀？玉环电厂是非常不错的，上半年13亿7200万是税前，税后12亿9000万。 Also another following question about the Yuhuan's profits. For the first half of this year, Yuhuan Power Plant realized CNY 1.372 billion profit before tax and CNY 1.029 for net profit. 好，下面我回答第三个问题。那么2012年上半年的原煤价格是626.39元，2012年全年的原煤价格是598.27元。那么今年上半年和去年上半年同比降低了是81.68元。 Well, also for the raw coal price for last year, the first half of last year, the raw coal price was CNY 626.39 per ton, and the whole year of last year was CNY 598.27 per ton. For the first half of this year, the raw coal price year on year decreased by CNY 81.60 per ton. 我没有问题了，谢谢管理层。感谢管理层。下面一位提问者是来自招商证券的梁伟，你好。你好，管理层，我是来自招商证券的梁伟，我有两个问题想请教一下。第一个问题是中报中提到了公司将加强清洁能源的投资。那么在这一战略方面，请具体说一下公司年初在清洁能源部分的资本开支计划是多少，目前已经完成了多少，下半年在这方面的资本开支计划是否有变化？那么第二个问题是想请教一下，大概是哪些区域的电厂出现了发电量负增长的情况，中报也有提及下半年将进一步优化区域布局，请问公司在这方面具体有什么计划呢？谢谢。 I am from CMS, I have 2 questions. First is, in your interim report, you have mentioned that in the second half of this year, the company will be enhancing the investment in the clean energy sector. Could you please provide us with your CapEx in this sector for the first half of this year and also that in the second half of this year? The second is, could you please provide us the locations for the power plants making loss. Also, you have mentioned that you are going to optimize your locations in the future. Could you please talk about detail about that? 很好，这两个问题呢，第一个问题还是请周辉总会计师回答，第二个问题请公司营销部的付启阳经理做回答。年初我们在清洁能源的资本开支方面安排了风电是CNY 14.6亿，那么上半年的实际完成是将近CNY 3亿，比例是20%多一点。那么到目前为止我们这个计划也没有调整。 Well, actually for the first half of the year, we have a plan of the wind CapEx of about CNY 1.46 billion. For the first half of year, it is realized CNY 300 million. This is about 20% of the whole year's plan. Currently, we have no plan to change that. 上半年我们公司管理的属地区域大概有9个区域的电量出现了同比负增长，分别是辽宁、河北、甘肃、山西、山东、江苏、湖北、江西和云南这九个地方。 Well, in the first half of this year, we have power plants located in 9 provinces, that have experienced the negative power generation growth, which were Liaoning Province, Henan, Gansu, Shandong, Shanxi, Jiangxi, Hubei, Jiangsu and Yunnan. 你好，我想追问一下，公司对于进一步优化区域布局这方面具体有什么计划呢？根据今年上半年的情况，我已经解释了，我们也没有调整今年的电量。我们考虑一方面，特别是结合7月份的发电形势看，在公司电量负增长的地区，因为我们陆续后面今年新投产的新机组还会发挥作用，像河南，像江苏，都会有一些新的机组发挥作用。另外最近在7月份，两湖一江，湖南、湖北和江西这些地区，应该说电量都在水电增幅下去以后，火电有了一个比较大的增长，所以我们对完成全年电量，我们一感觉有压力，另外我们也感觉还是有信心，这是一个方面。第二方面，在公司调整布局的情况下，我们一方面还是考虑继续在我们有优势的沿海的发达地区，还是继续来推进大型煤电的建设。公司现在也在积极推进玉环的三期、海门的二期，同时也在加快像浙江长兴电厂的建设，继续巩固公司在沿海方面的优势。第二个，公司也在积极地调整在沿海发达地区大中型城市的燃机的一些项目。最近按照公司的发展计划的安排，我们在股份公司，在天津、在重庆、在浙江、在江苏也在陆续地开工天然气的一些电站的项目。同时我们也结合公司的分布，也在推动一些风电的发展的项目。好的，谢谢管理层。 Well, actually, for the whole year's power generation target, we do not have plan to adjust that because of the following reasons. First is in the second half, we have the newly added capacity will be in service. Also in the Henan, Hubei, and Jiangxi provinces, when the hydropower generation growth rate is not so big as that before, the thermal power has the room to make the power generation. For the whole year's power generation target, we have kind of a pressure, but we are confident to complete the targets. The second is, we are going to continue to develop the large coal-fired base in the coastal regions. For example, currently we have some projects under early study for the Yuhuan power plant and the Changxing power plant. Also, we are going to put some gas-fired projects in the coastal regions and also the big cities. For example, currently we have projects in Tianjin, Chongqing, Zhejiang, and Jiangsu provinces. Also, we are going to put some wind power project development. 大家好，下面一位提问者是来自建信基金的邵琳琳。邵琳琳你好。喂，喂，你好。喂，能听到吗？你好，你的声音是放开的，你可以提问了。你好，我是来自安信证券的邵琳琳。我刚刚想问的问题，就是前面已经有人问过，我就想问一下管理层，咱们对于未来这几年的装机容量增长这一块的一个规划是怎么样？然后第二个问题是，7月份咱们公司具体的一个电量的情况是一个什么样子的？最后一个问题，就是咱们目前这个时点的煤炭的价格大概是个什么水平？谢谢。 Well, from Anxin Securities, I have three questions. First is, could you please talk about your future capacity expansion plan? The second question is, could you please talk about the power generation situation in July? The third question is, could you please provide us the coal price at the current time? 公司的发展的规划，我们在年度的路演里也已经多次讲过，我们的目标还是到15年，公司的装机容量达到8000万千瓦，继续保持国内最大上市发电公司的地位。应该说结合公司的发展情况，结合当前的形势看，公司对整个大的发展的目标没有做大的调整，但是在结构上，在这个工作的进度上，还是要和实际来进一步地结合。按照今年的计划，我们应该在投在200万以上的产能。从目前开工的情况看，应该说明年公司在建的规模，应该在接近400万的情况。公司也是结合我们一贯的开发和收购并重，另外再进一步大力地加快清洁能源的建设、开发，和一些资本运作的机会，我们还是坚持到2015年8000万千瓦的一个目标。 Well, for the capacity plan, actually, we have released our 2015 plan at the earliest date of this year, which was 80 gigawatts by the end of 2015. We are going to maintain this, the biggest in terms of the capacity in the domestic market. Currently we have no plans to change this target. According to the current operation plan for this year, we are going to add more than 2 gigawatts. Also, the projects under construction currently are about 4 gigawatts. So in the future, we are going to also focus on the development and acquisition in the future, and also make great investments in clean energy to try our effort to reach the goal by 2015. 7月份的电量，应该说随着天气的变化，温度越高，电量越好，7月份电量很好。详细的多少数还没出来，是吧？煤价的事，李总你回答一下。 Well, for the power generation in July, because we have no exact data for that, but we can see that the power generation is very high because of the higher temperature. 我回答一下煤价的问题。从7月份最新一期的环渤海指数，煤炭价格已经下降到了570点，是吧？从下水煤这个7月份价格一直是一个下降的趋势，陆运的煤也是一种下降的趋势。那么可以肯定地说，7月份公司的煤价水平将低于6月份的水平。 Well, in terms of the coal price, currently we say the newest Bohai Rim index price was CNY 579 per ton. Also, we can see the trend for the shipping coal price and also the landing coal price is also tracing. We can see it for the whole month of July, the coal price is averagely lower than that in June. 电量的情况，因为到今天24点才能最后结算，从目前情况看，应该环比接近10%，同比应该超过10%。 Well, for the power generation in July, because the data will be available at midnight tonight. Currently, we say roughly maybe a 10% month-on-month increase and maybe more than 10% year-on-year change. 好的，谢谢管理层。大家好，下面一位提问者是来自美林证券的王小兵。您好，您可以提问了。管理层你们好，感谢管理层今天花时间跟我们做这个电话会议。我有三个问题，第一个问题是，可不可以提供一下上半年大士能源它的收入及各项费用，然后怎么从我们的财务报表当中拆分出来？就是国内的一个收入和费用，还有一个大士能源的收入和各项费用，一个拆分。第二个问题就是我留意到公司上半年折旧费用好像有下降，比去年同期，可以解释一下大概原因是什么吗？然后最后一个问题就是刚才那个七月份电量一个跟进问题，可不可以提供一下六月份单月一个发电量的数据？谢谢管理层。 Well, I'm coming from Merrill Lynch and I have three questions. First is could you please provide us the detail and breakdown for the revenue and the cost, for example, the source power and also the domestic business separately. The second question is, we noticed that the depreciation for the first half is decreasing compared to that of last year. Could you please talk about why is that? The third question is also following question about the power generation in July. Could you please provide us the power generation in June? 我非常感谢对华能国际的关心。这个六月份的电量是248亿。关于剩下的就是财务的一些专业性的数据。 Well, for the power generation in June, it was 24.8 billion kWh. 这个数据呢，还请周总会计师给您回答一下。我先回答您第一个问题，上半年大士能源的一些数据。上半年大士能源发电量是790亿千瓦时，营业收入是74.86亿。营业成本68.62亿，燃料36.66亿，职工薪酬9,000万，折旧3.04亿，维修3,300万，零售电的成本27.42亿，其他业务支出2,800万，财务费用1.89亿，管理费用9,300万。 Well, first talk about the breakdown for Tuas Power. The power for the first half year, power generation was 4.79 billion kWh, and the operating revenue was 7.486 billion. The operating cost was 6.862 billion. The fuel cost was CNY 3.666 billion. The labor cost was CNY 90 million. Also the depreciation was CNY 304 million. The maintenance and renovation was CNY 33 million. The electricity purchase cost was CNY 2.742 billion. The financial fees was CNY 189 million. The management fees was CNY 93 million. 折旧减少了700万，主要是有一些老机报废。 For the depreciation decrease, it was mainly due to the ending of the life of the old generation units. 好的，行，谢谢管理层。大家好，下面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，想请问几个问题。第一是关于这个资本支出的，我想管理层介绍一下我们下半年资本支出和完了年度计划，大概是差不多150亿左右，具体的分布是大概是什么样？然后另外能否介绍一下14和15年的资本支出的情况？同时想请问一下，我们目前的资金成本大概是在什么样一个水平？和去年全年比大概是降幅是在多少？第三个问题是想请管理层展望一下公司在新加坡市场未来竞争的一个情况，以及我们未来发展的情况，谢谢。新加坡大士能源那边。 Well, I am from CITIC. I have three questions. First, could you please talk about your CapEx in the second half in detail and also the CapEx plan for 2015 and 2014? The second question is could you please provide us your average funding cost and also the year-on-year change? The third question is could you please talk about the market competition situation in Singapore and also the outlook and development plan for Tuas Power? 你提的这几个问题呢，请朱辉总会计师给回答一下。这个资本支出呢，刚才我已经讲了，我们年初的时候这个计划13年是210亿，那么这个火电是105亿，水电3个亿，风电15亿，港口26亿，煤矿18亿，技术改造43亿。 Well, actually we have released our CapEx for the whole year at the earliest date of this year, which is totally CNY 21 billion for this year. For thermal power, the CapEx was CNY 10.5 billion, CNY 3 billion for hydro, CNY 15 billion for wind, CNY 26 billion for the maintenance, and CNY 43 billion for the renovation. 上半年的实际的资本支出，基本建设这一块将近40亿，更改支出是将近17亿，剩下都是下半年要完成。 In second half of this year, the construction will be around CNY 4 million and the renovation will be CNY 1.7 billion. 2014年目前的计划是165亿，其中火电是100亿，水电是1个亿，风电20个亿，港口9个亿，技术改造36亿。 For 2014, the whole year target of the CapEx will be CNY 16.5 billion. Among this, about CNY 10 billion for thermal power, CNY 100 million for hydro, CNY 2 billion for wind, CNY 900 million for port, and CNY 3.6 billion for the renovation. 2015年目前计划是140亿，火电68亿，风电36亿，港口是5个亿，技术改造31亿。 For 2015, the CapEx target will be around CNY 14 billion. Among this, CNY 6.8 billion for thermal power, CNY 3.6 billion for wind, CNY 500 million for port, and CNY 3.1 billion for the renovation. 第二个问题，对不起，我刚才没听清，你问的是我们的什么成本来着？资金成本。资金成本我们目前综合的是5.08%。 Currently, our average funding cost was 5.8%. 去年它是多少？包括比如说6月份有没有单月的一个变化，谢谢。 6月份跟上半年基本上目前是差不多，变化不大。 Actually the funding cost in June is very similar to that in the first half of this year. 今年跟去年同期相比，利率水平下降了大概有12%，降了0.64个百分点。 This year's funding cost is driven by 12% year on year, that accounted 0.64 percentage points. 新加坡的，刚才我已经讲了，一个方面由于市场装机容量的增加，再一个，是LNG供应紧张的局面得以缓解。所以总的来看，我们的市场的占有量有所减少，从原来的25%降到目前19%、20%的水平。从下半年的情况来看，既有有利的因素，也有不利的因素。从不利的因素来看，下半年大概还有160万千瓦要投产，这涨的是新加坡市场，装机容量还会继续增加。另外一个，下半年新加坡电力市场，它的固定合同的比例将从原来的55%下调到50%。这样零售市场上对我们来说竞争的压力又会加大。有利的是因为下半年我们的油机改造在10月份能够投产。另外我们Tampines的这个一期项目在10月底也能够完工。所以这在一定程度上又可以增加我们的发电能力。所以面对这样的一个市场形势，从公司来说，我们会积极应对目前的这个形势，继续坚持盈利优先的这么一个理念，做好方方面面的工作，主要是优化机组的运行方式，保持强劲的盈利能力。 Well, for the Singapore market competition, we see that actually its competition is just coming from the increasing capacity plan expansion. Also, it is coming from the gas supply by the Singapore government. So, for our power, its market share is decreasing actually from 25% to around 19%-20% currently. Also in the second half, we see that we are facing both the difficulties and the advantages. First is, the difficulties that in second half of this year, the Singapore market will have a newly added capacity around 1,600 megawatts. Also that the Singapore government is going to reduce the fixed contract about 55% down to 50%. Also, we can see that the opportunities for us is that we have a restructuring of our oil-fired generated units will be done by October of this year. Also, we see that our project in Tuas will also be done by October this year. This will be our advantage in terms of the power generation increase. We are going to, in the second half of this year, proactively face the difficulties and also to continue to focusing on the profitability improvement and also the power generation units optimization. 好的，感谢郭律师。谢谢。大家好，下面一位提问者是来自第一上海证券的周云飞，您好。你好，听得见吗？喂？我有个问题，关于大士能源那边，能不能讲一下大士能源那边的燃气的采购价格是怎样形成的，燃气采购的价格、成本，还有电价形成的一个机制，以及大士能源那边燃气发电的运营效率是一个什么样的情况，能不能跟我们分享一下？然后另外，这一块的话，大士能源那边有没有CDM的收入的确认？第二个问题是，刚刚郭律师也讲到了关于我们清洁能源发展的一个规划，也讲到了一些资本开支的一个计划。能不能谈一谈未来两三年我们的清洁能源，尤其是燃气发电和风电这一块的具体的一个计划，双期的增长的一个水平。谢谢，我就这两个问题。 First is about the Tuas Power related business. Could you please talk about the mechanism for the gas pricing and also the tariff pricing? What is the return level for the gas-fired units in Tuas Power? Also, does Tuas Power receive any kind of revenue from the CDM? The second question is about the clean energy plan for the future. Could you please talk about your capacity expansion plan for gas and also the wind project? 这个第一个问题，请公司大士Power的陈曦主任做一个回答。关于清洁能源的事，一会我做个补充。大士电厂使用的天然气现在包括两种，一种是从印尼和马来西亚过来的管道天然气，管道天然气的价格是和全球高硫燃料油的价格挂钩的，所以管道天然气的成本应该说是随市浮动。然后今年新加坡投产的LNG接收站，LNG的价格是和布伦特的原油挂钩的。所以大士能源发电的这两种天然气都是和全球能源市场的价格同步变动，属于变动的一个价格。新加坡的电价机制总的来说是属于一个全电量现货竞价的一个机制，所以在这个物理的层面上来说，都要通过竞价才能拿到相应的电量。在这个现货竞价的基础上，新加坡有这种差价合约的一个方式，就是一个金融合同的方式，来实现对于电厂锁定风险的一个操作。这是这个燃料和电价机制。大士能源的天然气发电基础效率基本上是在48%左右的，48到49这样的一个水平，今年以来。今年最高的是在一月份，是在48.8%，我们六月份的水平是在47.2%，这和电量水平也有关系了。到目前为止，新加坡还没有CDM的机制，我理解新加坡应该不在CDM的适用范围之内。 First is the pipeline gas price and also the LNG price. Both of these two parts gas price is closely located with the global index. For example, the Dated Brent gas price. So it's just floated with the global gas price and oil price. The second about the tariff level. The tariff is determined by the bidding process in Singapore mostly. Also it has some security arrangements to hedge the risk of the power plant. For the efficiency for the gas-fired units, it's between about 48%-49% based on the power generation change. Currently, there is no CDM revenue for Tuas Power. We believe that this may not apply for the Singapore market. 关于清洁能源发展的事，正好今天公司的工程部的程阳副主任也参加了这个会议，下面请他给大家通报一下情况。这清洁能源的发展包括燃机。从今年我们上半年投产了金陵燃机以后，我们的所有在役的机组项目已经达到4个。计划我们在14年，我们准备还有3个项目准备投产，分别是天津的一个项目，天津的燃机，还有重庆的桐乡的燃机。这一块的话，燃机投产14年可能要到达236万的这么一个水平。另外，我们在15年还延续这个势头，可能仍然还有江苏的燃机，苏州的燃机，还有一些其他的分布式能源可能要投，加起来的燃机的总的容量可能要到50到60万这么一个份额，就是在建的可能要有4个。另外，我们在这两年也努力在拓展清洁能源燃机的一些项目的前期工作，比如北京的，还有在广东的，包括在江苏，包括在山东，还有包括一些在广西的一些分布式能源，我们都有往前推进。所以加起来的话，我们到15年的话，我们估计应该有连在役的机组，加起来应该是在15个左右，燃机项目。 Well, in terms of the clean energy expansion plan, in the first half of this year, we have put into operation the Jiangsu Jinling Cogeneration power plant. Also, currently, we have three power plants under construction in Tianjin, Chongqing and Zhejiang Tongxiang. By 2014, our plan of expansion of capacity will be around 2,360 megawatts for clean energy. By 2015, also we have some power plants in Jiangsu and other areas, which is around 500-600 megawatts, will be put into operation. Currently, we are trying our best to explore the potential areas and the projects. For example, in Beijing, Jiangsu, Shandong and Guangxi. In these areas, we are going to make the investment in terms of clean energy. So by 2015, our total clean energy project will be around 15. 好的，谢谢。不好意思，我再问一个问题。刚刚管理层你有讲到大士能源基础平均效率在48到49这个水平，这个对应到我们一立方气大概能发多少度电？ Another following question about the Tuas Power's unit. You see that your efficiency units will be around 48%-49%. How this makes the explanation about the power generation for 1 cubic meter? [Foreign language] 好的，谢谢你。 This means about 4-5 kWh per cubic meter. 谢谢管理层的耐心解答。大家好，下面一位提问者是来自中金的李寻，你好。你好，你的声音是放开的。副总经理，大家好，我是中金公司的周硕君。我有两个问题想问一下，第一个，刚才我们说到燃机，我想能不能介绍一下我们现在的一些燃机，比方说金陵，还有上海燃机，它目前的盈利情况和利用率情况是怎么样？另外一个，我想问一下，我看到报表里面，今年上半年还有提起了一点资产减值损失，那同比来看的话，和去年是差不多。然后我想问一下，这块资产减值损失主要是哪些电厂？因为从电厂的盈利情况来看的话，是有一个比较明显的恢复，所以我想问一下这一块的情况，谢谢。 I am from CICC. I have two questions. The first is about your gas-fired business. Could you please talk about your operational gas-fired power plants, for example, Jiangsu Jinling Cogeneration and Shanghai CCGT, and could you please talk about its profitability and also the utilization hours? The second question is: in the first half, we noticed that the asset impairment is roughly similar to that of last year. Because we see that the profitability is improved for the first half this year. Could you please talk about which power plant make the impairment? 上半年从几个燃机电厂情况来看，应该还是不错的。金陵燃机实现了税前利润是7,000万，上海燃机7,400万。 Well, for the first half of this year, Jiangsu Jinling Cogeneration realized profit for tax CNY 70 million and Shanghai CCGT CNY 74 million. 北京燃机因为电价还在协商当中，所以目前来看是亏损的。但是如果价格到位以后，应该是能够盈利的。 For our Beijing CCGT, because currently its tariff level is not determined yet, currently it is making a loss. But after its tariff is determined, we believe that this power plant can make profit. 上半年的资产减值主要是机组关停，长兴的因为新项目上来，原有的机组就关停了。那么榆社也是，以大代小，两台小机组关停。 The impairment for the first half of this year is because of the shutdown of the small generic units, for example, in Changxing power plant, also the Yushe power plants. 谢谢。我再补一个问题，我们现在公司目前来说还有没有亏损的电厂？如果有的话，它大概分布在哪些地区？ Also, the following question is whether the company currently has the power plant making a loss, and what about the locations? 亏损我们目前还有四个电厂，两个是在云南，一个就是滇东能源，亏了1亿5,900万，一个是滇东雨汪，亏了1亿06。另外一个就是山东的三华，亏了3,700万。再一个，我们苏子河有一个小水电，亏了1,800万。 Well, currently we have four power plants making a loss. Two in Yunnan province, totally about CNY 260 million, and the Shandong power plant is making a loss of about CNY 37 million. Also, a very small hydropower plant, Suzihe, making a loss of about CNY 18 million. 我再补一个问题，不好意思。咱们那些燃机电厂的话，现在平均每年的利用小时大概在多少？利用小时各厂的情况都不一样，如果公司总体平均的话，应该是有，这个那就是半年。像北京来说就是2,440小时，上海是将近700小时，南京就是1,750小时。 It's very different between the different power companies for the utilization hours. For the first half, Beijing was 2,440, Shanghai 700 hours, and Nanjing 1,350 hours. 谢谢管理层，我们没有其他问题了。谢谢。下面一位提问者是来自UBS的彭玉霄。您好，您可以提问了。管理层您好，我有三个问题。第一个问题想问一下管理层对煤电联动这个新的机制的理解，就是说我们现在的下属电厂有没有说政府已经开始摸底，说调电价了，还有盈利情况了？还有就是我们有没有区域碰到过地方政府变相降价的一个情况？第二个问题是想问一下，这次全国燃气价格上调，我们现有的几个燃气项目的就是气价涨幅怎么样？然后电价调整的情况怎么样？这个会不会影响我们的盈利情况？我们未来还有这么多燃气项目要投产的话，会不会影响我们未来的计划和回报情况？最后一个问题，想问一下公司对未来的，就是在股票市场融资的一个考虑，在集团公司层面上还有哪一些资产，比如盈利比较好，我们公司可能考虑会注入，谢谢。 Coming from UBS, I have three questions. First, could you please talk about your understanding of the coal price and the electricity price passing through mechanism given by the government for the end of last year? Currently, do you have experience the government's review about the power plants, the cost and the operational related issues? Also, do you have experience any kind of tariff cuts in some special locations? The second question is about the gas price, because the government has increased the national gas price level this year. So do you have any kind of review or is there any kind of impact on the company's gas-fired power plants? How does it impact the profitability? This will impact on the future gas-fired projects expansion plan. The third question is, do you have any plan to make the capital raising in the equity markets? Also, do you have any plan to acquire the assets from the parent company? 这个前两个问题呢，请营销部的傅启阳经理给做个回答。第三个问题，请证券部的贾文鑫经理做个回答。好，我来回答一下你前面两个问题吧。第一个就是关于是不是有些地方在进行调价的摸底。从目前我们了解的情况来说，目前还没有听说哪个地方在进行降价的一些摸底情况。但是定期地向当地价格部门报一些报表，这个是年度具有规定的，这是一个。第二个就是关于变相降价的，也不叫变相降价，就是有一些地方可能出台一些包括待遇、职工啊，或者交易啊，这个原来也有，一直都有这个政策。这是一个问题。第二个问题关于燃气涨价的问题。我们也知道，国家今年下发了一个文件，就是1246号文件，关于调整天然气价格。那么调整价格这个文件，执行时间是从7月10号开始执行。那么从目前我们了解的情况来看，北京这一块，目前执行的天然气价格仍然是2块2毛8，每个地方没有动，就暂时都没动，仍然是按照2块2毛8执行的。上海的燃气是调到4毛1分钱。4毛1分钱看来就是超过国家的4毛钱的标准，它主要是什么呢？就是上海有一个进口的LNG，它是加权平均的。再一个，江苏这一块大概也是调到4毛1分多一点，这个主要是税率变化的一些影响，原来是13%的税，现在统一改成17%。但是江苏天然气价格按照国家的文件是大概4毛1分钱，但是江苏政府还在跟中石油进行谈，还在进一步协商。那么天然气调价，应该说调价肯定是对于盈利是有影响的，每个地方调一毛钱的话，至少对我们的单位成本少了两分钱。但是这一块国家也有相应的政策，就是说调价的部分还有几个渠道，一个就是当地政府补贴一点，第二个可能下一步在电价里面，在气电价格方面也要进行联动。再有在气价的调整，还有一个政府和中石油还有一个协商的过程。对于你的第一个问题，关于政府对电力行业审查的问题。目前我们没有在不同地点建设发电厂时经历这种审查。至于关税削减，我们看到这是一个非常间接的影响，但这是过去几年常见的issue，因为这涉及通过直接电力采购实现大型消费。对于天然气价格上涨，我们看到政府发布了关于天然气价格上涨的通知，将在7月10日开始生效。对于我们公司，我们看到在北京，天然气价格保持不变，为CNY 2.28/立方米；在上海，天然气价格上涨CNY 0.41；在江苏，上涨CNY 0.41/立方米。目前，我们看到这种天然气价格上涨对天然气发电厂不利，但我们看到还有其他因素需要考虑。目前，我们正在等待政府的补贴，价格也可能通过地方层面进行调整。此外，我们还有与当地政府谈判天然气供应商，例如中国石油的机会。再一个，你刚刚还谈到一个问题，对未来公司燃气的影响。我想首先，公司发展的燃气都是在一些大的城市，也符合最近国家有关新的能源规划，就是在北京、天津、河北、长三角、珠三角这些地方。这些地方，国家也是鼓励发展燃气的。第二，就是说天然气调价，最终因为国家也在考虑要实行气电价格联动，所以我们认为，对于未来的燃气发展应该不会有太大的影响。 In terms of the future gas-fired business expansion, currently we see maybe there will be no substantial impact on the future business plan. For example, currently, we see that the government is encouraging the gas-fired business in several regions. For example, in Beijing, Tianjin and Hebei Province and also the Pearl River Delta areas. Also maybe in the future, it can be passing through with the tariff increase. Currently we see no worries and negative impact on the future plan. 第三个问题是关于股本融资和收购。大家都知道我们这个公司的盈利能力在回升，负债率在下降，所以对股本融资的压力应该是慢慢在减轻。目前还没有股本融资的计划，如果有比较好的、强烈的资金需求，我们会根据实际情况再做安排。那么关于收购，开发与收购并重一直是我们的发展方针。集团资产的盈利情况我们也一直在关注，但是目前也没有可以披露的具体的收购计划。管理层，我想追问一个问题，就是我们北京燃气的电价补贴其实还在谈吗？为什么这个一年多了还没有谈下来，有什么具体的原因吗？谢谢。 Well, actually, let's talk about the equity issue. For our company, currently, we see our profitability is improved. Also, the debt ratio is decreasing. Currently, there is no pressure for us to raise capital in the equity market. Currently, for our company, there is no plan for this. Maybe in the future, if there is a necessary, we will be considering on that. In terms of the acquisition from the parent company, actually, we are keeping eyes on the different projects, but currently there is nothing to be disclosable. 关于北京燃气电价的问题，因为北京市大家都知道，对排放的要求比较高，所以在北京市的规划当中，在东南西北建立了四大燃气中心，就是供热。这里面由于涉及到财政补贴，所以当时按照北京市的想法，是想在北京这个四大燃气中心统一制定一个燃气的标杆电价。但是由于各个燃气电厂的成本，包括投资成本不一样，所以他们这方面可能时间上协商过程可能比较长。从目前我们了解的情况来看，这个价格应该是差不多。北京市发改委也向市政府的主要领导做了汇报，市政府的主要领导也同意北京市发改委的方案。如果不出意外的话，应该是近期会有一个结果的。但这个不会再补我们去年这些没有发下来的补贴之类的吧？这个我跟你补充，这个批下来以后，去年和今年账面上都会一次性补齐。北京这个事情应该是三句话。第一句，北京这个起价，因为方案做了多次调整，因为原来北京没有规划这么大容量、这么大份额的天然气发电。按照现在新的规划，北京在2015年要再建4个天然气的大的热电基地。所以等于是规划一直在变化，这个方案就一直在跟着变。第二个，因为北京市的政府的一些领导进行了调整，中间也耽误了一些时间。第三句话，这个问题按照我们目前的研判，应该很快就能得到解决。好的，谢谢。 Well, in terms of the tariff level for the Beijing generation, this has three factors you should consider. The first is that because of the very big plan for the heat supply center in Beijing, the arrangement and the plan for this has taken a very long time. The second is because of the leadership change in Beijing's municipality, it will take time. The second is that from the current situation, we see that the tariff for the Beijing generation will soon be determined. Also, of course, this will be dated back to 2011 and 2012. 感谢管理层的耐心解答。下面一位提问者是来自汇丰银行的黄圆圆。您好，您可以提问了。你好，管理层。我有三个问题，第一个就是关于咱们这个脱硝改造，我看脱硝改造公司说60%的机组都完成了脱硝，所以我想知道，上半年脱硝这一块的资本开支大概是多少？然后第二个问题，刚刚好像也有说到，就是现在的咱们的资产负债率的水平，管理层是不是觉得比较满意，就是到了年底，13年整年的目标大概是什么样子的？然后最后一个问题还是关于燃气的，燃气提了价之后，对于我们新建的燃气项目有没有影响？有没有延后再建，或者是因为电价跟当地政府没有得到好的沟通，可能会有一些延迟。好，谢谢。 Coming from HSBC, I have three questions. First, about your denitrification facilities. We see in your interim report you have equipped about 60% of your total capacity. Could you please provide your CapEx on this? The second question is about your debt ratio. Does the company satisfy with current debt ratio? Also, could you please provide us your targets for the whole year? The third question is about the gas pricing trace. Does it impact your project under construction, and will this construction be delayed? 下面我们公司生产部的金华女士回答第一个问题。公司上半年完成的脱硝机组一共是9台。虽然指的是部分改造，其中已投运的机组和已经完成改造的机组，都已经在运行中进行了脱硝的运营。那么改造这一部分，由于工程虽然投入了钱，资金没有全部支付，大概支付的这9台机组，大概在4到5个亿资金。 Well, for the denitrification renovation for our new power plant and also the existing power generating units for the first half of this year are totally nine units, with about total CNY 400 million-CNY 500 million CapEx. 关于资产负债率，目前我们不到74%，73.93%。跟去年同期相比，就比年初已经下降了0.79个百分点。那么从长期来看，随着我们经营业绩的好转，经营现金流的增加，我们目前计息债务也在不断地减少。从上半年来看，比年初的时候已经减少了将近53亿。所以从趋势上来看，资产负债率还是会有所降低。作为一个电力行业，作为一个资金密集型的行业，为了充分运用好资金这个杠杆，我们设置的一个长期的目标也就70%左右。所以目前没有任何想法，一定要采取什么措施去降它。 Well, in terms of the debt ratio for first half of this year, our debt ratio was 73.93%. This means about 0.79 percentage points decrease compared to the level at the earlier of this year. Considering our improvement of our profitability and also the increasing of our cash, our interest-bearing debt decreased about CNY 5.3 billion. So we can see that our debt ratio will continue decrease. Actually, we have a relatively longer target of the debt ratio around 70%. Currently, we have no plan to gradually decrease this level. 关于发展天然气的项目，我想再补充两点。一个从公司的战略上看，我们也认为国家为了鼓励在长三角、Pearl River Delta、环京津地区发展清洁能源，对天然气发电一定会有符合各方利益要求的长远的一个政策和措施。从具体项目上看，我们目前还是注重以效益为重。一方面在项目的前期和工程的开工以前，我们就把外围的经营条件都进行了详细的落实。现在看，天然气发电的电价是两个部分，一个是所谓的天然气的标杆电价，就是比煤机要高一部分，另外一部分就是当地政府补贴的电价。我们目前的项目都是在这两部分电价基本落实的情况下才进行开工建设的。另外结合着现在的情况，在天然气发电上，因为大部分都是热电联产的项目，和市里的发电供热有更紧密的联系。所以现在我们也在和一些项目的所在的省市，一起在推进天然气的两部制电价，既有容量电价，又有电量电价，这样能够更合理地兼顾和分担天然气发电的特点，另外也能够兼顾各方面的利益，另外也能够使天然气发电能够有比较好的效益。现在我们也在力推两部制电价这种沟通方式。 Well, I want to add some explanation about the gas-fired business. Actually, currently we see the strategic planning by the government. Currently, the government is encouraging the players to make the gas-fired business expansion in the relevant areas. Also, the government will put out some encouraging policy to meet the different parties' interests. Also, in terms of projects, for our company, we actually have some very early feasible study before the project is under construction. This is under the consideration of the price mechanism and also the cost level. For our projects, actually currently we have fit in two parts of the tariff level. One is the standard price, tariff price, which is higher than the coal-fired tariff level. Also, the second part is coming from the government subsidy. Actually currently for our company, we have made development on the cogeneration projects. So we're going to try efforts to push forward the tariff mechanism based on the two parts pricing determination mechanism. 谢谢。感谢管理层的耐心解答。由于时间的关系，我们有请最后一条问题。最后一位提问者是来自国泰君安的吴奕超。你好，你可以提问了。你好，大家好，管理层你们好。我有几个小问题想问一下，我想知道上半年以及二季度的我们的境内的平均上网电价是多少？以及刚才可能公司提供的一个原煤的价格，我还是想问一下，标煤单价在上半年跟二季度分别是多少？然后第三个是关于单位售电煤耗，上半年跟二季度分别是多少？谢谢。 I'm from Guotai Junan Securities. I have following questions. The first is about group, please provide us the on-grid tariff level for the first half of this year and also the second quarter of this year. Also group, please provide us the standard coal price for the first half year and also the second quarter of this year. The second question is, could you please talk about the unit coal consumption rate? 上半年境内平均上网电价是454块8毛4每千瓦时。 For the first half of this year, our domestic average on-grid tariff level was CNY 454.84 per megawatt hour. 二季度是457块01分。 For the second quarter, it was CNY 457.01 per megawatt hour. 一季度是452块6毛4。 For the first quarter, it was CNY 452.64 per megawatt hour. 第二个问题关于标煤单价，上半年是每一吨CNY 720.50。一季度是CNY 734.31，二季度是CNY 706.81。 For the first half of this year, the standard coal price was CNY 720.5 per ton. For first quarter, CNY 741.31 per ton. The second quarter, CNY 706.81 per ton. 煤耗。单位煤耗。煤耗。这个上半年的话，供电煤耗是304.91克每kWh。 For the first half of this year, our coal consumption for the power sold was 304.91 grams. 好，谢谢各位。谢谢。 [Foreign language] Thank you so much for all the questions and participation today. [Foreign language] Finally, Mr. Liu will give us a summary of the call today. 大家辛苦了。我最后说的还是感谢。由于时间的问题，今天的电话会议就到此结束。感谢各位一直以来对于华能国际的关心、支持和鼓励。如果有进一步的问题，欢迎大家会后与公司的有关部门进一步的联系。也谢谢大家，谢谢主持人，也谢谢周彪翻译。 Well, because of the limits of the time, the conference call today is to the end. Thanks for your long time support and lasting attention and encouragement to the company. Please contact us after the conference if you have any further questions. Thank you and thanks for the invite. [Foreign language] Thanks again for your attendance today. We look forward to meeting you all in our next results announcement. Thank you and goodbye. Bye bye.