Earnings Call: Q1 2015

Apr 22, 2015

Earnings release

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Incorporated, I would like to welcome you all to the conference call regarding the first quarter results announcement of 2015. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] The Vice President and Chief Accountant of the company, Ms. Zhou Hui. [Foreign language] The Vice President and Board Secretary of the company, Mr. Du Daming. [Foreign language] 你好，大家好。 [Foreign language] The general managers for the Department of the Budget, Corporate Management, Engineering, Production, Marketing, Fuel, Finance and Capital Market, as well as the Office for Tuas Business are also joined us in this meeting. [Foreign language] First of all, Mr. Du will review the business performance for the first quarter results, followed by the Q&A session. [Foreign language] May I have the honor to invite Mr. Du to review the business performance? Mr. Zhou Biao will conduct the English interpretation. 好，谢谢陶女士。女士们，先生们，大家好，欢迎各位参加华能国际第一季度业绩推介会讲话会议。 Ladies and Gentlemen, welcome to attend the conference call for the first quarter results of this year. 昨天公司刚刚公布了今年第一季度的经营业绩，按照中国会计准则计算，2015年第一季度实现合并营业收入342.78亿元人民币，同比下降6.82%；归属本公司股东的净利润50.34亿元人民币，同比增长21.02%；不考虑中国会计准则对收购母公司资产上年同期数重述的影响，归属于本公司股东的净利润同比增长36.69%。公司净利润增长的原因主要是境内燃料成本同比下降，以及来自于去年收购母公司资产带来的盈利贡献。 Yesterday the company released its first quarter results this year. Under the PRC GAAP for the first quarter of this year, the company realized consolidated operating revenue of RMB 34.278 billion, increasing by 6.42% year-on-year. Net profit attributable to the shareholders of the company was RMB 5.034 billion, increasing by 21.03% year-on-year. Without regard to the financial restatement of former asset acquisition from a parent company last year required under the PRC GAAP, the net profit attributable to the shareholders of the company increased by 36.69% over the same period last year. The profit increase was mainly attributable to the year-on-year decrease of domestic fuel costs and acquisition of generation assets from parent company last year. 展望全年，公司将积极应对电力市场新形势和新变化，进一步强化市场意识、改革意识、创新意识和风险意识，重点抓好电力市场营销工作，努力提高机组利用小时，积极把握燃料市场变化带来的机遇，严格控制燃料成本，为股东创造长期稳定增长的回报。 For the following quarters of this year, the company will actively respond to the new trends and changes in the power market. Further enhance its awareness in the area of market reform, innovation and risks. The company will increase efforts on marketing to lift utilization hours of generation units. Meanwhile, we actively grasp the opportunities from the coal market change to strictly control coal cost to create long-term, 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。 Well, in the following time, my colleagues and I will answer your questions. Thank you. 感谢主持人。大家好，下面是问答环节，有提问请在话机上按星号键等候，星号键再按1。谢谢。大家好，有提问请在话机上按星号键等候，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选达。你好，你可以提问了。你好，管理层。首先恭喜你们第一季度获得良好的业绩。我是刘选达，花旗银行的。我有三个问题，第一个问题是有关15年公司发电量的目标的。那之前公司讲今年的发电量的目标是375个million megawatt hour。但看今年一季度发电量不是太理想。我想问，公司现在估计今年的发电量跟利用小时有没有去改进？第二个问题是电价调整吧。想了解公司在4月20号那个电价下调，平均下调的幅度大概是多少？估计对我们今年、15年的利用影响是多少？第三个问题是有关单位燃料成本的。看了一季度单位燃料成本下降比较多，想了解现在公司有没有更改今年单位燃料成本最小下降3%到5%那个整年的目标。谢谢。 I am from Citi. First, congratulations for your good results for the first quarter this year. For three questions. First is, you have a guideline for the whole years of your power generation about 345 billion kWh. But for the first quarter, we noticed that it was not that so good. Do you have a plan to change your guidelines in the power generation target of the whole year? The second question is about the tariff adjustments. We noticed that the government has issued the tariff adjustments notifications, could you please provide us your average tariff cost magnitude for the company and also provide the impact on the company's operational results. The third question is about the unit fuel cost. We noticed that in the first quarter, the unit fuel cost has decreased a lot year-on-year. Do you have any plans to change the guidelines, which was made at 3% year-on-year decrease at the earliest day of this year? 好，前两个问题，请我们营销部的同志回答一下。最后一个，请韩总回答。我先说第一个问题，就是发电量目标。刚才各位先生也说到了，我们全年的发电量目标是3450亿千瓦时，那么测算的利用小时数是4460小时。大家也注意到了，一季度发电量同比确实有所下降，同口径同比有所下降。但是因为是一季度，我们现在的目标没有调整，我们也是在争取这些我们叫正贡献的，叫边际贡献的，我也跟着这个发电量，他们还是努力完成年度目标，这是第一个发电量目标问题。第二个这个电价调整情况。这个我要表达的意思，国家调整电价应该是经过比较充分的讨论，充分的决策。而且这个媒体我们也知道的比较多比较早。那么目前来说，这个文件在13号就下发，4月20号实施调整电价。主要的内容就是我们叫燃煤的发电上网平均电价每千瓦时下调2分钱。用电，这就是我们叫商用电吧，下调1.8分钱。这是第二个。第三个主要是利用这个降价空间，推动这个天然气发电价格以及环保电价这个情况。那么这样调整以后，在我们公司，因为现在这个调价的文件也各个地，我们叫省区，各个地区出来下发文件，文件还没有完全下发。但是我们也进行了测算，公司这个下调的电价跟全国的平均水平也是相当。大概这个情况。 Sure, we have made the power generation target of the whole year, which was 345 billion kWh and 4,460 hours for the utilization hours for the whole year. Of course, for the first quarter with the famous power plants, it has kept the place of its power generation. But for our company, we are trying effort to achieve the whole year's goal and currently we have no plan to change the guidelines. For the tariff adjustment, sure, the government has issued the notifications and this time because the different provinces, maybe in the different times they release their own tariff adjustment notifications. So currently we are compiling and estimating the calculations for the average tariff adjustment for our company. Once we have the figure, we will give the announcement in time. For the tariff adjustment, the difference in the file released by the government that the average level for the magnitude of tariff cost is about CNY 0.02. For our company currently, it may be roughly similar to that level for our company. 我再补充一下这个电价调整。按照我们目前所掌握的情况测算，那么公司这个煤机上网电价大概下调就是2.06分，全国平均下降了2分。我们现在的测算情况是2.06分，还是说相当吧。 Well, specifically for our coal-fired tariff level, currently the cost magnitude is roughly CNY 0.0206, which is roughly the same level with the national average level. 下面我回答一下第三个问题，关于单位燃料成本，目前我们还没有调整的安排。目前煤炭行业依旧是产能过剩，国内的煤炭市场仍将处于供大于求这样一个局面。那么我们预计下一步煤炭市场仍将维持一个低位运行。那么下一步我们将密切关注煤炭市场的变化，尽量地降低单位燃料的成本。谢谢。 Well, for the unit fuel cost guidelines, currently we don't have plans to change the guidelines for the whole year for our company. For us, we see currently for the fuel market, currently the supply is exceeding the demand of the market. So we believe that maybe in the following quarters, the coal price will still in a very weak trend. For our company, we are going to keep a close eye on the market change to strictly control the coal cost. 好，谢谢管理层。感谢管理层耐心解答。大家好，如需提问，请在话机上按星一键等候，加信号键加一。谢谢。If anyone wishes to ask questions, please press star one on your telephone keypad, thank you。下面一位提问者是来自德意志银行的董莹莹。你好，董莹莹，你好，你可以提问了。管理层你们好。我想问一下，一是第一季度的单位燃料成本能不能按月份拆分一下，一二三月份分别是什么样的情况，跟去年平均相比的话下降了多少？然后第二个是想看一下我们一季度还收到了差不多5亿左右的政府补助，不知道这是不是跟去年一样，是跟大士能源相关的，是不是今年也是一次性在一季度确认，全年就没有更多的了。然后最后想问一下，主营业务成本的拆分，大概燃料、折旧、人工分别是多少，因为这一块下降的都比较多。谢谢。 I am from Deutsche Bank. I have three questions. First is, could you provide us the unit fuel cost breakdown for the first three months, month by month and also the year-on-year change? The second question is about the government grants for the first quarter. We noticed that you have about CNY 500 million government grants in the first quarter. Could you please provide the detail of that? Is it also related with the Tuas Power business? Also, this was kind of one of government grants. Is there any other expectations in the whole year? The third question is, could you please provide us your breakdown for the operational cost? For example, the fuel cost, the labor cost and the depreciation, etc. 我来回答你的三个问题。第一，这个问题关于单位燃料成本。单位燃料成本就是说，一季度的总体是186.67元每千瓦时，这是季度的。比去年同期是降了24.34元每千瓦时。你刚才说分月的，我现在手头没有数据，但是我可以告诉你，从季度环比来看，就去年一季度单位燃料成本的23，一直到今年季度，每个季度都是有下降的趋势。这是第一个问题。 For the unit fuel cost, for the first three months, our average unit fuel cost was CNY 186.67 per MWh, decreasing by CNY 24.34 per MWh. I would not have the detail of the month by month figure for the unit fuel cost, but we can see that on the quarter-on-quarter basis, the unit fuel cost has achieved a decreasing trend. We see maybe this trend will be continuing in the following quarters. 第二个问题你理解得非常正确，今年营业外收入5个多亿，主要是4.38亿的，跟新疆布达市相关的这种财政所得收入以后，跟去年一样，就是一个确认计入一二三四季度，目前为止就没有了。 For the government grant, actually you are right, it was related to the Tuas Power business, and also it was one of government grants, which was roughly about CNY 438 million. 你的第三个问题，关于主营业务成本的构成。今年一到三月份，全口径的主营业务成本是CNY 236.65亿。其中的燃料是CNY 169.66亿，占73.26%；维修是CNY 5.7亿，占2.53%；折旧是CNY 34.29亿，占15.36%。然后还有新投的，CNY 4.46亿，占3.42%，以及还有一些其他的占4%。 In terms of the cost breakdown, totally for the first three months, the total operational cost was CNY 23.665 billion. Among these, for the fuel cost CNY 16.966 billion, and for the maintenance CNY 579 million, and the depreciation was CNY 3.429 billion, and the labor cost CNY 1.049 billion. The others are CNY 0.7 billion. 感谢管理层。大家好，有需提问请在话机上按星一键等候，先星号键再按1。谢谢。Hello, everyone, if anyone wishes to ask questions, please press star 1 on your telephone keypad. Thank you. 下面一位提问者是来自法国巴黎银行的Daisy Zhang。你好，你可以提问了。管理层你们好。我想问利用小时在一季度的话，能不能给我们一个数，然后同比下降的比例是多少？第二个的话，刚刚除了管理层说到的单位燃料成本，我再想知道一季度的标煤单价和去年同比下降又是多少。第三的话，我想问一下新加坡大士能源它的一季度的收入的贡献以及净利润的贡献是多少？谢谢。 I'm from BNP Paribas. Three questions. First is, could you please provide us your first quarter utilization hours and also the year-on-year change? The second is about the standard coal price and also its year-on-year change. The third question is about the Tuas Power business, could you please provide us its revenue and net profit contribution in the first quarter? 利用小时数情况，一季度煤机利用小时数是1155小时，同比下降了93小时。总的利用小时数是1091小时，同比下降了118小时。 Well, for the utilization hours, the first quarter, our average utilization hours was 1,091 hours, decreasing by 118 hours year-on-year. Among these, for the coal-fired units, the utilization hours was 1,155 hours, decreasing by 93 hours year-on-year. 第二个问题关于除税的标煤单价的情况，今年一季度是621.97元/吨，比去年一季度是701.34元/吨，下降了11.32%。 For the standard coal price, the first quarter was CNY 621.97/tonne, comparing to the last year's level of CNY 701.34/tonne. 第三个问题关于新加坡大士的收入跟利润的情况，我简单给大家介绍一下。今年一季度，大士的发电量是25.79亿千瓦时，比去年同期的24.61亿增加了1.18亿千瓦时，增加了4.8%。 Well, for the Tuas Power business, in the first quarter, total power generation was 2.579 billion kWh, increasing by 4.8% year-on-year. 因为供过于求受电价下降的影响，一季度实现收入24.98亿元人民币，较去年同期34.69亿元减少了9.71亿，降幅28%。 For the revenue, because of its lower average charge level during the fuel completion, the total revenue for Tuas Power in the first quarter was CNY 2.498 billion, decreasing by 3.8% year-on-year. 今年一季度，受资金的影响，大士能源亏损6,600万，相当于是一个略有盈利，减少了7,000万。 For the net profit for Tuas Power in the first quarter, it was making a loss of about CNY 66 million, decreasing by CNY 17 million from last year. 感谢领导层。大家好，有需提问请在话机上按星一键等候，先星号键再按1。谢谢。大家好，下面一位提问者是来自国泰君安的王龙。你好，你可以提问了。管理层好。我想问一下度电燃料成本，刚刚说的是不是全公司所有电厂的，我想再细化到具体的我们煤机组的度电燃料成本一季度是多少钱？然后能不能给我们提供一下去年一到四季度每个季度的这个数据？然后第二个问题就是刚刚提到了我们2015年的一季度的主营业务成本的拆分情况，能不能帮我们把那年之后的2014年的一季度的情况再分拆一下？谢谢。 Well, I'm from Securities. First, could you please provide us the unit fuel costs for your coal-fired generating units, and also the breakdowns quarter-on-quarter for last year? The second is, you have mentioned the cost breakdown for the first quarter of this year. Could you please provide us the cost breakdown for last year after the restatement? 下面我来回答你这两个问题。第一个问题关于单位的成本，分节到煤电来说，我就从这个四年季度开始，就是季度一二三四，一直到今年的季度。去年的一季度，煤电是206.07元每千瓦时，二季度是195.58元每千瓦时，三季度是189.68元每千瓦时，四季度是179.40元每千瓦时。15年一季度是178.46元每千瓦时，所以是一个逐步下降的趋势。 For the breakdown of quarterly unit fuel costs. For last year, the first quarter unit fuel cost was CNY 206.07 per MWh. For the second quarter, it was CNY 195.58 per MWh. For third quarter, it was CNY 189.68 per MWh. For fourth quarter, it was CNY 179.4 per MWh. For the first quarter of this year, it was CNY 178.46 per MWh. 你的第二个问题是不是问14年的一季度的重述后的营业成本的营业构成？分摊情况。分摊，对。然后270是总共去年一季度总计的营业成本，跟今年236.65亿对应的是274.07亿，这是总计的去年一季度的。其中燃料是203.11亿，维修是7.31亿，营运是31.66亿，职工薪酬是9.99亿，其他加在一起是21.34亿。 For the cost breakdown for the fourth quarter last year as restatement, the total cost for that was 27.407 billion CNY. Among this, for the fuel cost it was 20.31 billion CNY; for the maintenance, it was 7 billion CNY; for the depreciation, it was 3.166 billion CNY; the labor cost, 999 million CNY; the other cost was 2.134 billion CNY. 好的，感谢管理层，然后我再追加一个问题，就是我们去年一到四季度的所有电厂的单位燃料成本，能不能再告诉我一下，谢谢。去年一到四季度的所有电厂，我记得是201.54。一季度是211.05。然后原电的去年是200.19。 For the unit fuel cost, for last year it was 201.9 CNY per MWh. After the restatement last year, the unit fuel cost was 211 CNY per MWh. 这是一季度的还是全年的？一季度的是211.05，就是去年一季度的。嗯，对。今年燃电的是200.19。那能告诉我一下二、三、四季度的数据吗？第二季度，这个是全算起来的，还没分燃料。第二季度是204.07，第三季度是197.13，四季度是186.90。跟煤电的趋势差不多。好的，谢谢。 The average unit fuel cost for the three quarters for last year separately. For the second quarter, it was 204.07 CNY per MWh. For third quarter, it was 197.13 CNY per MWh. For the fourth quarter, it was 186.90 CNY per MWh. 感谢您的提问和管理层的耐心解答。大家好，如需提问，请在话机上按星号键等候。先按星号键再按1。If anyone wishes to ask questions, please press star 1 on your telephone keypad. Thank you。大家好，下面一位提问者来自于Morgan Stanley的张琴，你好，你可以提问了。管理层你们好，我有几个小问题。第一个我就想请问一下，管理层能不能在一季度的话，分析一下各省的煤机利用小时的情况。因为好像我计算之后发现华能的利用小时下降幅度会比较小。然后另外第二个，我就想请教一下关于直购电这个方面的话，第一季度的一些情况，直购电的量有没有比去年有所增加？谢谢。 I am from Morgan Stanley. I have two questions. Could you please provide us your utilization hours for your thermal power plants in different provinces in the first quarter? We know that for the Huaneng power, it is relatively lower decrease in magnitudes compared to your decreasing rates. The second question is, could you please provide us the direct electricity purchase amount in the first quarter, also did it have increased compared to last year? 我先说第一个问题，一季度全国的各个地区利用小时数。全国的利用小时数，一季度是954小时，同比是下降了84小时。那么如果要分地区的话，我们按照这个排的话，北京地区是下降了216小时，天津下降了231小时，河北下降了76小时，山西下降了250小时，内蒙古下降了90小时，辽宁下降95小时，上海下降48小时，江苏下降146小时，浙江下降79小时。因为这个数字比较多，刚刚念的这个全国的数字，基本上就涵盖这些地区的平均数，我想不一一报了。如果你是了解某一个地区的话，可以再提问这些问题。 Well, for the utilization hours for the first quarter, the net average was 954 hours, decreasing by 84 hours year-on-year. Specifically for Beijing, it has decreased about 216 hours. For Tianjin, it decreased to 231 hours, and for Shanxi, it decreased 250 hours. This is maybe the biggest decline in provinces in China. 第二个问题，就是直购电。我们讲直购电，交易电量今年应该说整个已经一季度签订的合同已经到了110亿千瓦时，已经超过了去年全年的累计数。那么我想你也会关心电价，这个电价，应该说比较干电价低了0.56分的情况。 Well, for the grid power purchase, for the first quarter, we have signed a contract with amounts totaling about 11 billion kWh, which is higher than the whole year amount for last year. For this tariff rate, the average tariff for this power generation is about 5.6 and lower than the approved end of the tariff level. 喂，不好意思，我就是再想确认一下，第一个刚才管理层说了很多利用小时是一个全国的，对吧？不是华能的一个利用小时变化。是全国的，我们华能所在地区的利用小时数，不是华能的。另外一个关于第二个，就是关于一季度它是签订的这个合同，就是说这110亿可能不光是在第一季度是卖出的，然后这110亿也可能是在第二季度、第三季度，是这个意思吗？是这样的，有可能它会是全年的，但是到二季度、三季度、四季度，它会继续签订，继续交易。明白，谢谢。另外一个，不好意思，刚才那个关于大士，就是一季度亏损是6,900万还是6,600万？不好意思，我这个没有听清楚。 6,600万。好的，谢谢。 Well, actually, we have given the net utilization hours in different provinces right now. Also, we see that the direct electricity purchase amount for the first quarter we have signed is not the actual purchase amount. Maybe this will be settled in the following quarter. Also in the following quarter, maybe we have the further contract to be signed. 感谢您的提问，以及领导层的耐心解答。大家好，如需提问，请您在话机上按星1键等候，先按信号键再按1。谢谢。If anyone wishes to ask questions, please press star 1 on your telephone keypad. Thank you. 大家好，如需提问，请在话机上按星1键等候，听见信号键再按1。谢谢。大家好，下面一位提问者是来自瑞信的周天宇，你好，你可以提问了。瑞信的，你们好。我有四个小问题想请教一下。第一个想问一下，我们四月份以来的发电量怎么样？和一季度相比的话，有没有一些改善？第二个想问一下，我们大士能源一季度的亏损，按照目前的情况，在后面几个季度有没有可能进一步扩大的可能和迹象？第三个问题想请教一下，我看到我们一季度的每一度的单位燃料成本的下降，同比下降的幅度好像是比环渤海的煤价下降的幅度还要再大一些。在我看历史上的话，其实我们一般整个公司的同比的每度单位燃料成本下降幅度会比环渤海的幅度要小一些。那我就不知道是不是因为我们一季度在煤炭采购方面策略是不是有一些变化？最后一个小问题想请教一下，我们因为一季度以来煤价还是非常弱，那您觉得到年底的话，上网电价有没有进一步调整的可能？谢谢。 I am from Credit Suisse. I have four questions. First, could you please talk about the power generation situation in April? Did it have some kind of improvement comparing to the data for first quarter? The second question is, you have said the first quarter the Tuas Power has made loss, and do you expect that this kind of loss will be bigger than the first quarter? The third question is, we noticed that your unit fuel cost decrease rate for the coal-fired generation units for the first quarter is higher than the decrease magnitude of the Bohai-Rim pricing index. But historically, your figure is generally lower than that kind of decreasing rate. Could you please talk about the reason for that? You have changed your procurement in the first quarter. The fourth question is about the coal price. We noticed that first quarter the coal price is very low. You also believe that the coal price will be in a weak trend in the following quarters. Is it possible that in the future the government will further cut the tariff level? 第一个问题，从最近这个电量，确实是下降的势头也没有得到缓解。那么预计包括四月份，包括二季度，整个电力的需求也没有明显的改善。其他的人提问。 Well, for the April power generation, we did not see any improvement for the year-on-year change for the power generation. We can see that there is no obvious sign for the recovery of the national demand. 我来回答一下第二个问题。第一季度大士亏损接近CNY 6,619百万，那是有季节性因素的。一个是对于新加坡来讲，一季度是有元旦、春节这个季节；第二个是一季度我们进行了检修，大士发电有两台机器进行了检修；第三个是9万流华山机组进行了检修。第三个因素是，一季度因为我们的合同电量由去年的40%下降到30%，我们的零售合同有需要时间来填补这个。所以在供大于求的情况下，大士能源的电力电价相对比较低，所以说CNY 6,619百万亏损是有季节性因素的。随着新加坡电力市场的恢复，特别是新加坡经济发展，一季度是2.01，超出了预期的1.8的预测。我们相信二三四季度经济增长以及用电量会提升，电量价格也会提升，所以我们还是有期待咱们的大士的盈利情况会逐步变好。 Well, sure. For the first quarter we have made loss for the Tuas Power business. Maybe the reason for that loss is due to the following reasons. First is that maybe it is the holiday factor in the first quarters because of the Spring Festival and also the New Year's holiday. The second reason for that is we have two gas fired units and one of them, Bozhou TSP unit, has been put into maintenance status. The third question is, for the Singapore power market, the government has reduced its vesting contract percentage from the originally 40% to 30%. Obviously, it really takes time for retail sector to cover this kind of shortage for this reduction of the contracts. For the first quarter, we see that the GDP growth rate was Singapore was 2.1%, which is higher than expectation, which was 1.8% year-on-year growth. We believe in the following quarters, the macroeconomy will be recovering and also for the power market, the demand will be recovering. We do believe there will be some improvement for our operational business in Singapore. 我回答一下第三个问题。环渤海指数反映了国内下水的情况的一个价格。那么我们公司的价格是一个全球性的，包括了下水和陆地市场。但是这个趋势，下水的趋势应该基本上是一致的。这个年一季度，全国的电力市场总体上是供大于求，煤炭行业的竞争进一步加剧，煤炭价格是在不断的下滑。神华等一些大矿也在不断的出台一些优惠的政策。那么我们一季度，我们加大了市场的研判，研究各个矿推出的优惠的政策，争取拿到了各个矿的最大的优惠政策来进一步的降低定价。谢谢。 Well, actually for the Bohai-Rim index, it is just for the seaborne coal price. But for our company, not only for the seaborne, but also we have included the inland coal price. But the general price decreasing rate and this trend is similar in the Bohai-Rim index. For the first quarter, actually, the coal price is decreasing step by step. Also some biggest coal suppliers just taking some favorable conditions for this in terms of the coal price. So we just enjoy this kind of favorable conditions for the coal price. 我来说一下第四个问题，关于电价今后的预期。目前这次电价的调整比去年和前年都有所提前，前两年都是在九月份进行的调整。但是对于下半年度的电价是否调整，我想现在很难做预期，这要根据电力改革推进的情况和市场的情况才能决定吧。 In terms of the price adjustment, actually, for this year, this time, this adjustment is getting ahead of the historical tariff adjustment, which was generally in September every year. In the second half, it is really hard for us to make the expectation whether the government will do that tariff adjustment. Maybe it is really up to the progress of the power sector reform and also the actual market operational situation. 感谢您的积极提问，及在现场耐心解答。大家好，如需提问，请您重新在话机上按星键等候，按星号键再一。谢谢。Hello, if you wish to ask questions, please press star one again on your telephone keypad. Thank you. 大家好，如需提问，请您在话机上按星键等候，再按号键再一。谢谢。下面一位提问者是来自国泰君安的黄龙。你好，你可以提问了。管理层好，我有一个问题想请教一下，就是未来几年的话，两到三年的时间之内的话，沿海地区那个西电东送的项目，还有那个核电的项目都是投产的高峰期，那么会不会造成我们在一定时间之内的沿海的那个发电利用小时持续低迷？谢谢。 I am from Guotai Junan Securities. I have the following questions. Actually, in the following 2 or 3 years, maybe there will be a smooth heating period for the operation of the transmission line from the west to the eastern part of China, and also the commercial operation of some nuclear power plants. Do you think that in the following 2 or 3 years, your utilization hours in the coastal regions will be continuously in a very weak trend? 你说的这个问题确实存在这种情况。但是我想，特别是西电东送，从去年开始大量的增长，那么西电东送，从输送量来说，有个容量的极限，可能在未来的两三年，这个速度会到一个极限。另外这个核电在沿海，我们确实已经受到影响。所以我想现在影响究竟有多大，我们现在也不是能够判断得很准确。但是我想这个发电量或者全社会用电量，主要还是取决于我们国民经济持续的增长，那么这个电量是肯定要增长的。这部分总是各种的打造一些平衡吧。 Sure. Right. For the impact coming from these 2 factors. Actually, since last year, the power generation from the western part of China has a great pressure to the coastal regions with power plants. But in the long term, maybe for 2 or 3 years later, there is a kind of gap for this kind of increase for the power transmission. Also we see that power generation has been negatively impacted by the operation of nuclear power plants. But in general, it is very hard for us to make the very accurate calculations of how much this will be impacted. But in the actual situation, we see that in the long term, the economy will continuously grow in some certain rates and the power demand will increase. So we think maybe in the future in some point, there will be some rebalance in terms of the power demand and supply. 感谢领导方，大家好，有提问请您重新在话机上按星一键等候，先按星号键再一。谢谢。Hello, if anyone wishes to ask a question, please press star one on your telephone keypad. Thank you. 大家好，下面一位提问者是来自广发证券的于林，你好，你可以提问了。喂喂，管理层你好，我这边有三个小问题想问一下，第一个问题是能不能披露一下每个月的入炉煤价和同比？第二个问题是能不能披露一下每个月的火电发电量和同比，以及有没有哪些地区是超过预期的？然后第三个小问题是想问一下我们本季度的利润里面，新注入的机组占比大约是多少？谢谢。 I have three questions. First is, could you please provide us your monthly coal price and obviously year-on-year change? The second is the monthly power generation and obviously year-on-year change. Is there any regions or power plants that exceeding your expectations in terms of power generation growth? The third question is, could you please provide us your net profit contribution coming from the newly acquired assets from the parent company? 先说电量吧。电量刚刚说这个，这个季度，按照我们叫收购以后的这一季度的增长6.81%，那么分月的话，1月份是增长8.62%，2月份是下降18.28%，3月份是下降2.8%，就是这趋势。 In terms of the monthly power generation, for January, the power generation increased by 8.63%, for February, it decreased by 18.3% year-on-year, and for March, it decreased by 2.8% year-on-year. 你刚才问的这个项目新收购的，这个一季度的，就从利润总额来看，这个10.33亿占今年一季度总体82.5亿的12.5%。如果从这个全利润来看呢，16.39亿占5.34亿的22.7%，大概差不多。 For the newly acquired asset contribution, for its gross profit, it was 1.033 billion CNY, comparing to the total gross profit of 8.25 billion CNY, which accounted for about 12.5%. For the net profit, the newly acquired asset, it was 1.639 billion CNY, comparing to the total net profit, about 5.034 billion CNY, which also accounted for 12.7%. 关于这个煤价呢，我把这个一季度上个月的这个采购的煤价给你说一下。这个1月份呢，我们采购的煤价呢，481.9，这个是含税的；2月份呢，是479.99；3月份是461.44；一季度平均呢，是475.09，这是含税的煤价。 For coal price, in January it was CNY 481.9 per ton, February it was CNY 479.99 per ton. For March it was CNY 461.44 per ton, and the average for the first quarter it was CNY 475.09 per ton. All of these coal prices are including the tax and the net coal price. 感谢管理层耐心解答。大家好，有提问请在话机上按星键等候，先星号键再一，谢谢。下面一位提问者是来自申银万国的黄哲。你好，你可以提问了。你好，我想问一下管理层，前面有几个问题其实听得不是特别清楚，就麻烦管理层再给我重复一下。像一季度咱们的主营业务成本的明细，希望管理层再细分一点，刚刚没有听清楚，而且对比去年的这个数字也同样提供一下，就是去年一季度的这个主营业务成本具体明细的这个数字。还有一个就是我们的2014年全年的单位燃料成本，也希望管理层从一季度的四季度以及全年的数据再提供一遍。另外其他的问题大概就没有了，谢谢。 Actually, I have the following three questions. First is could you please provide us the operational cost for the first quarter of this year and its breakdown, and also the cost and its breakdown for the first quarter of last year? The second is could you please give us the unit fuel cost for the whole year of 2014 and also the quarterly unit fuel cost last year? 那我再重复一下，关于这个燃料成本里的这些明细，我给你两个口径，一个是2014年一季度的经重述后的，一个是2015年一季度的。2014年一季度总体这个营业成本是274.07亿元，其中燃料203.11亿元，维修费是7.31亿元，折旧费是31.66亿元，职工薪酬是9.99亿元，其他是21.34亿元。这是2014年一季度的情况。 Could you please restate its breakdown for last year? The total operational cost for last year was CNY 274.07 billion, CNY 203.11 billion for the fuel cost, CNY 731 million for the maintenance, CNY 3.1666 billion for the depreciation, CNY 999 million for the labor cost, and CNY 2.134 billion for the other cost. 关于2015年一季度的情况，营业成本总额是236.65亿元，其中燃料是169.66亿元，维修是5.11亿元，折旧是34.29亿元，职工薪酬是10.49亿元，其他是15.79亿元。 For the first quarter of this year, the total operational cost was CNY 23.665 billion, CNY 16.966 billion for the fuel cost, CNY 571 million for the maintenance, CNY 3.429 billion for the depreciation, CNY 1.049 billion for labor cost, and CNY 1.579 billion for the other cost. 你刚才说的那个重复的单位燃料成本，这是五个季度的，我给你重复一下。从2014年的一季度开始说，2014年的一季度是211.05元/MWh，二季度是204.07元/MWh，三季度是197.13元/MWh，四季度是186.90元/MWh。2015年一季度是186.67元/MWh。 For the quarterly unit fuel cost separated for the first quarter of last year, RMB 211.05/MWh. In the second quarter, it was RMB 204.07/MWh. For the third quarter, it was RMB 197.13/MWh, and the fourth quarter it was RMB 186.90/MWh. The first quarter of this year it was RMB 186.6/MWh. 感谢领导层的耐心解答。大家好，下面一位提问者是来自广发证券的郑思恩。你好，你可以提问了。管理层你们好，我想问一下，我们2015年一季度完成电量里边，同比增量的这一部分电量主要是靠新增电厂那边贡献的。我想问一下，新建的这些电厂和注入电厂从去口径的话，发电量大概是多少？ I have a following question for the power generation. Actually for the first quarter power generation increase, it was mostly coming from the newly acquired assets and also the new added capacity. Could you please provide for us for the power plants change for the power generation year-on-year? For the first quarter, the power generation coming from the newly acquired assets from different company was 9.7 billion kilowatt hours. 好，谢谢。感谢领导层的耐心解答。大家好，有需要提问，请在话机上按星键等候，加信号键再一。谢谢。我看了也是两个不一样，我也想了解。大家好，继续提问，请在话机上按星键等候，加信号键再一。谢谢。大家好，下面一位提问者是来自申银万国的黄哲，你好。管理层好，还想追加一个问题，想明确一下前面提到的我们一季度的直供电量超过了去年全年签订的量，那它的这个电价是比标杆电价低了0.56分还是说低了5.6%？刚刚可能就是在表述上面和翻译上面有些不同，想明确一下。标杆电价低了5.6分。 Well, I confirm the power purchase is the average price for this part, about 5.6 cents lower than the standard tariff level. 另外我想追加问一下，就是一季度咱们公司的每度的上网标杆电价是多少？还有就是全机组的标杆上网电价分别是多少，以及去年同期的数字。 Another following question is about the tariff level, especially for the coal-fired and also the average tariff level for the first quarter, and also the same figures for last year. 好像宋总这边分类出的这个数据当中没有什么效果可以补充。那么我全部合并了所有的电价，今年的电价是，按照每千瓦时的吧，是449.96。去年是450.97，就是每千瓦时。这是一季度的比较。 Well, actually we only have the average tariff level for our company this year, and for the first quarter, it was CNY 49.96 per kWh. For the first quarter of last year, the average tariff was CNY 450.97 per MWh. 我这边没有跟进的问题了，谢谢。主持人好，领导好。目前会议当中还有排队提问的，请问需要将他们这边声音放开进行提问吗？可以连接提问。好的，谢谢。下面一位提问者是来自法国巴黎银行的Daisy Zhang，你好。管理层，我就想确认一下，那个直购电的电价是比你们现在的电价是低了0.56分还是5.6分啊？因为管理层刚刚讲了两个不同的版本。我最后一点是5.6分。好，谢谢。 I confirm again for the direct power purchase tariff level, it is about 5.6 cents lower than the standard tariff level. 感谢领导。下面一位提问者是来自招商证券研究部的孙书刚。您好，您可以提问了。管理层您好，这边有两个小问题，麻烦您们可以解答一下。一个就是咱们2015年的全年的资金成本预计跟2014年相比，应该是有一个多大程度的一个下降或者是上升。那么第二个小问题就是关于咱们公司在2015年新能源项目，就是关于这个新能源的项目有什么进展，谢谢。 From China Merchants Securities. I have two questions. The first is please provide your expectation of capital costs for this year, for the whole year. The second is please talk about your progress in terms of the projects on the renewable sector in this year. 你刚刚问的是这个融资成本，就是我刚才前面问题回答，我当时的成本比照你前年的目标降大概是3%吧，3%到4%。你好，我的问题是关于咱们这个资金成本。对啊，资金成本要根据中国人民银行的利率调整水平来确定。所以我们现在在这个政策调整以前，我们无法确定，我只能给你一个大概的数据，每个0.5个点，对我们影响大概4个亿。好，谢谢。 Well, in terms of the capital cost, actually it is really up to the central bank's policy. So it is hard for us to make the exact calculations and expectations for that. I give you maybe the 50 figures every 50 basis points change will introduce about CNY 400 million change in our profit. 接下来到2015年。关于第二个问题，我答复一下。今年的整个公司有新投产的新能源项目，一共是13个项目，其中有一个光伏项目是20多瓦的，占今年我们公司投产规模的新能源比例是20.92%。今年整个新能源投的项目的能力是895.5兆瓦，对吧？ For this year, our renewable energy projects totally attending to as totally 895.5 MW, among it is about 20 MW for the PV projects. 感谢领导。下面一位提问者是来自招银证券的于多。你好。喂喂，关经理你好，我有一个小问题，就是我看了一下我们的各个季度的报表，发现2015年一季度的电量其实环比去年四季度大概提升了16%左右。但是我又看一下营业成本，去年四季度单季和今年一季度单季的话，其实营业成本变化不大的。我就想问一下，在电量这样大幅环比增长的前提下，我刚才听了一下，好像度电的燃料成本两个季度相比差距不大，我不知道是不是听错了。就是如何得以实现这么大电量增长的情况下，成本还能保持持平？ I'm from that your first quarter power generation has increased by 16% compared to that in the fourth quarter of last year. We notice that you are using a fuel costs for the first quarter of last year and first quarter of this year. Similarly, could you please explain the reason for that? 你刚才提到的这个第一季度跟去年四季度，与去年四季度对比的话，这个营业成本基本上是持平的总成本。其中燃料增长的是20个亿。哦。对，当然是下降，但是燃料总成本是增长20个亿。嗯。对吧？你理解的一样吧？那我想问一下，燃料增加20多个亿，那是什么东西下降20多个亿？这个我听了。像是维修。嗯。对，维修下降了，主要是新加坡的下降的。新加坡的下降了，是吧？嗯，对。那我请教一下，除了燃料成本，剩下的这个成本水平的话，在二季度是不是也能同样保持，还是说下降的这块二季度可能还会回来？现在我们这套数字，一季度是进行了除数，含那个经营继承项目，刚才我跟你说的这个数字，就是四季度签的少了一块，不是完全同口径是可比的。哦。稍微一点异常。我的意思就是，你环比看一季，一季度有20亿从成本里拆出来就比较奇怪，感觉上是一季度比去年四季度少了20亿的成本。如果从这个时间往后看，看二季度的话，是不是剩下的这个成本水平还能保持？现在从成本的比例来看，基本上大家差不多，占比三成左右，都是燃料成本。因为二季度成本的这种情况，我个人感觉可能还主要是取决于电量的变化，跟煤价的。您的意思是说一季度与去年季度节省的20个亿的成本，可能在二季度还能保持，不会回到和去年四季度一样的水平。今年你这个季度跟去年一季度的同比，我觉得还是有意义的，因为刚才数据都说过了，你跟这个一季度比，比较节约20亿，说白了就跟四季度的输出，它是居然少了一大块。我想请问一个问题，今年四月份看秦皇岛的煤价，一季度的均价其实下跌了不少。我想问一下我们现在四月份公司的煤价情况是不是也跟市场趋势一样，比一季度少很多均价？ I'll give this a try first. Actually for the fourth quarter last year and the first quarter, you recall this basically because there are some different trends for the fuel cost and also the cost coming from the Singapore business. In the future, maybe the structure is percentage for this kind of cost will be maintained in the following quarters. Also the following questions about the coal price that in April the coal price in the market, coal price just decreased a lot compared to that of last year. Could you talk about the company's situation in terms of coal price change?