Earnings Call: Q2 2015

Aug 26, 2015

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 first half results announcement of 2015. [Foreign language] Now, may I introduce the management of the company. [Foreign language] They are, [Foreign language] the Vice President and the Chief Accountant of the company, Ms. Zhou Hui. Ms. Zhou, hello. [Foreign language] The Vice President and the Board Secretary of the company, Mr. Du Daming. Mr. Du, hello. 你好，大家好。 [Foreign language] The Vice President of the company, Mr. Li Jian Min. Mr. Li, hello. 李总你好，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 trust business are also join us in this meeting. Mr. Du will first review the business performance for the first half results of 2015, followed by the Q&A session. [Foreign language] May I have the honor to invite Mr. Du to review the business performance, and Mr. Zhou Biao will conduct the English interpretation. 女士们、先生们，大家好，欢迎各位参加华能国际中期业绩推介电话会议。 Ladies and gentlemen, welcome to attend the conference call for the interim results. 昨天公司刚刚公布了今年上半年的经营业绩。综合准则下，公司及其子公司取得了合并营业收入653.05亿元人民币，同比下降9.53%。归属于本公司股东的净利润90.59亿元人民币，同比增长19.48%，每股盈利为0.63元。国际准则下，公司及其子公司取得合并营业收入653.05亿元人民币，同比增长1.08%。归属于本公司股东的净利润89.51亿元人民币，同比增长31.47%，每股盈利为0.62元。公司净利润增长的主要原因是境内原料成本同比下降，以及新收购电厂和投产机组的利润贡献。 Yesterday, the company released its results for the first half of 2015. Under the PRC Accounting Standards, the company and its subsidiaries realized a consolidated operating revenue of CNY 65.305 billion, decreasing by 9.53% year-on-year. Net profit attributable to the shareholders of the company was CNY 9.059 billion, increasing by 19.48% year-on-year. EPS was 0.63. Under the International Financial Reporting Standards, the company and its subsidiaries realized consolidated operating revenue of CNY 665.305 billion, increasing by 1.08% year-on-year, and net profit attributable to the shareholders of the company was CNY 8.951 billion, increasing by 31.47% year-on-year, and the EPS was 0.62. The profit increase was mainly due to reduced domestic fuel costs and the profit contribution from the newly acquired power plants and the operation of new generation units. 进入到三季度，七八月是中国电力市场的迎峰度夏电量高峰期，公司在机组安全运行、基本建设和项目发展等方面均进展顺利，符合预期。 Entering the third quarter, during the peaking period of power consumption in July and August, the company's operation was smoothly in terms of safety production, general construction and project development, with all aspects in line with our expectations. 展望全年，公司将继续注重安全生产，努力加强经营管理和提升运营效率，加大结构调整力度，积极关注和参与电力体制改革，继续为公司股东创造长期稳定增长的回报。下面的时间，我和我的同事愿意回答各位提出的问题。谢谢大家。 For the whole year, the company will continue to focus on safety production, strive to strengthen the management and improve its operation efficiency, reinforce the adjustment in structure, proactively respond to and participate in the reform of power system, and persistently create a long-term, stable and growing return to the shareholders of the company. In the following time, we'll be glad to answer your questions. Thanks. 谢谢杜总的介绍。接下来是问答时间。Thank you, Mr. Du. Here we come to the Q&A section. 大家好，有提问，请您在会议上按星键等候，然后按星号键再输入1键。谢谢。The question and answer session will now begin. If anyone wish to ask questions, please press star and then 1 on your telephone keypad. Thank you. 大家好，第一位提问者是来自花旗银行的刘显达。你可以提问了。你们好，我是刘显达，花旗银行的。恭喜管理层上半年的好的业绩。我有三个问题。第一个问题是我想请教的就是现在管理层有没有更改2015年我们单位能耗成本下降百分比的目标，还有就是今年售电量的目标。第二个问题是我们上半年在提供电方面，我们卖电量是多少，还有平均的电价比标杆电价差额是多少。第三个问题是，我想有点公司不知道有没有做一些敏感度的分析，就是比如说人民币如果是贬值1%的话，那对公司利润影响有多少？另外就是，人民币汇率下降25个点的话，那对公司利润的影响又是多少？谢谢。 From Citi, first congratulations on the very good results for the first half. Questions are, the first is do you have any plan to change your guidance for the whole year's unit fuel cost and its power generation? The second is, could you please provide us your amount for the direct electricity purchase for the first half of this year? How about its current level comparing to the standard price? The third question is about the sensitivity analysis. Did you have any analysis on the change of the foreign exchange rate of the RMB? For example, the 1% change will result to the change of the profit change. Also, the sensitivity analysis for the interest rate change. For example, about 25 basis point change will result to the change of their profit. 我先来回答一下第一个关于发电量的变化。从今年上半年的年报来看，今年上半年的单位的成本是183.39，比去年同期降了12.59%。从目前的情况、最近的情况来预测，全年同比下降是12%左右，跟上半年的同比的基本持平。 Well, for the unit fuel cost, actually for the first half, it was CNY 183.39 per megawatt hour, decreasing by 12.59% year-on-year, after restatement. For the whole year's guidance, we have changed that to around 12% year-on-year. 关于公司发电量、售电量目标情况。公司预计全年完成发电量3450亿千瓦时。公司在年初预计发电量以及利用小时数目标时，已经考虑了国家的宏观经济形势，包括这些天气情况，包括基数以及电价调整因素，包括电力供需这个契约的受理情况。那么到上半年底，上述因素来的基本符合预期。那么同时，公司还是继续加强这个营销工作，分析所有的电机供需这份的发电量。所以这个发电量、售电量，包括利用小时数目标会做调整。 In terms of the power generation, currently we don't have any change of that guidance, which is still 345 billion kilowatt hours. This has considered the factors including the macro and the power market trends, and also the last year's space for the power generation, and also the tariff adjustment this year. Currently, this target can be meeting with our expectations and we're trying effort to reach that target. 关于自供电量交易情况，上半年整个交易达到了139亿千瓦时。那么跟去年就是新合同的，都是去年的。就是说没有，刚才您没说。您挑您想要的，您计划里的，您来实际执行的是您说的。就是说上期上的。对，就是说上半年签订的合同是139亿，已经结算的是70亿。合同的量跟去年同比增加了58%，那么这个价格跟标杆价格比，就是降低了，比标杆电价低了24.77元每千瓦时。 Well, for the power direct purchase. Actually, for the first half, we have signed totally the contract amount about 13.9 billion kilowatt hours, increasing by 58% year-on-year. The actual transaction for this part was 7 billion kilowatt hours. The tariff level for this part is about CNY 0.0471 per kilowatt hour lower than the standard tariff. 那下面我来说一下关于利率跟汇率发生的问题。我们最近也非常关注国内货币市场利率跟汇率的变化，以及对利率跟汇率的风险管理。从华能国际的债务结构来看，我们现在签的这个利率，因为大概是我们第一期债务1700亿，扣除一些直接融资的债券之后，跟我们海外企业新加坡大股东公司以外第一线的债务以外，大概不到1000亿元级的债务，可能就是目前受利率变化的影响。最新的这一季是25个基点。如果按一年期来算，因为这个贷款合同，我们有的是按季结息，有的是按季调，有的是按年调，有的是按季度调。综合来看，如果从一年，其实一年来，因为它利率的调整的好处是逐步显现，从一年来看，25个基点大概会影响减少财务费用2亿左右。这是从利率角度来看。汇率来看，目前华能国际的债务，就是国内这块与美元计价的不到USD 5亿。我们关注到从8月11号到14号期间，人民币进行了大概从汇率进行了2毛钱左右的贬值，对我们的影响比较小，大概就是1亿左右。 In terms of the interest rates and the Forex impact on the debt of the company. Currently, we have total debt about CNY 170 billion. Excluding the debts from the direct financing, the total amount for this part was about CNY 100 billion. In that way, actually every 25 basis point change in interest rates will lower the financial fees for us about CNY 200 million. For the Forex impact, currently we totally have $500 million debts denominated in the US dollars. We see that during the 11 to 14 August, the RMB depreciation about CNY 0.2. This has a negative impact for us about CNY 100 million. 好，谢谢。刚才就是讲那个直购电那个卖电这个结构，我想重复一下，是44还是4块钱人民币每一个MWh，可以重复那个数字吗？ Actually, the amount was CNY 44.78 per megawatt hour. OK, thank you. [Foreign language]. Also, the impact of the Forex is for the whole year's analysis. OK, thank you. 大家好，有提问请在话机上按星号键，然后先信号键再数字1键。As a reminder, if you would like to ask a question, please press star and then one on your telephone keypad. Thank you。下面一位提问者是来自国泰君安的吴一昌。你好。你好，管理层我想问几个关于数据的问题。第一个是想问一下大士能源上半年它的燃料成本、维修费用和人工费各是多少？然后我们看到，因为它上半年也是录了一个税后亏损，公司预计它全年会继续录了一个税后亏损吗？然后这个亏损额有没有一个指引？然后第二个我想问一下，可不可以拆分一下上半年的我们国内的煤电跟气电的利用小时各是多少？然后我还想问一下，我们上半年实现的一个平均上网电价是多少？然后刚刚也说了售电燃料成本，我想问一下煤电、气电的一个售电端燃料成本是多少？好，谢谢。 I'm from DDGS and I have two questions. First is about Tuas Power business. Could you please provide us the fuel cost, and the labor, and the maintenance cost for the first half of this year? Also, we noticed that Tuas Power is continuously making loss for the first half. Could you please provide us with guidance for the whole year? The second is, could you please give us the utilization hours for your domestic coal-fired and the gas-fired power plants for the first half of this year, and also the average price level for the first half? Also, could you please provide the detail about the unit fuel cost for the coal-fired and the gas-fired power generation business? 我来测分析一下大士的收入跟成本的情况。大士今年公司一到六月份的收入总共是51.76亿元，成本是50.81亿元，其中主要是零售电成本16.89亿元，原料成本28.31亿元，职工薪酬0.8亿元，折旧3.61亿元，维修0.64亿元，还有财务费用1亿元，还有管理费用0.88亿元。 For the first half of this year, the total operation revenue was CNY 5.176 billion, and its operational cost was CNY 5.081 billion. Among this, about CNY 1.8 billion for the electricity purchase cost, and CNY 2.83 billion for the fuel cost, CNY 80 million for the labor cost, and CNY 361 million for the depreciation, and CNY 64 million for the maintenance, and CNY 100 million for the financial fees, and CNY 1 million for the management fees. 我来给大家下半年大士经营情况的一个分析。目前新加坡电力市场的装机和LNG供应都存在着相当的过剩情况，发电市场竞争激烈，预期短期内大士很难回到以前的高盈利状态。公司与大士将积极应对市场变化挑战，对外优化市场竞争策略，重点加强电力零售市场的开拓，提升零售合同比重，并应对固定合同下降的风险。同时对内提升生产经营管理，合理调整LNG合同的供应安排，充分发挥新机组低成本的竞争优势，努力保持市场竞争力和盈利水平。回答完毕。 For the future of Tuas Power, actually we see there are difficulties in this market because of the oversupply of its capacity and also the adequate flow of the gas. But for us, we are still trying our best to cooperate with the difficult market, and also to proactively develop the retail business, and also to cooperate with the risk in terms of the ratio deduction of the fixed contracts for the electricity. Also, we are trying to reinforce the management internally and also to maintain the competency in this market. So we are confident maybe in the future the operation will be stable for the business. 基于煤电跟气电利用小时数情况，上半年煤机的利用小时数是2203小时，气电就是后面的燃机，利用小时数1119小时。 For the utilization hours for the first half of this year, it was 2,203 hours for the coal-fired power plants, and 1,119 hours for the gas-fired power plants. 关于售电价。电价今年上半年是450.16元/MWh，去年同期的是455.54元/MWh。 In terms of the average price for this year, it was CNY 450.16 per megawatt hour, comparing to CNY 455.54 per megawatt hour last year. 下面我来分解一下今年上半年的成本的数字。今年上半年刚才说过了，是183.39元/MWh，其中煤机是171.65元/MWh，燃机是478.52元/MWh。 For the unit fuel cost, the average was CNY 183.39 per megawatt hour, and for coal, it was CNY 171.65 per megawatt hour, and for gas, it was CNY 478.52 per megawatt hour. 好的，谢谢管理层。感谢管理层的耐心解答。大家好，如您需要提问，请在话机上按星键等候，先信号键再数字1键，谢谢。As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Press star and then 1. Thank you。下面一位提问者是来自摩根士丹利的张修。你好，你可以提问了。喂，管理层你们好，我有几个问题想询问一下。我先想确认一下，刚才是煤电的利用率是2203吗？我没有太听清，是2203吗？是的，是2203。好的，谢谢。你好，我有几个问题想请教一下。第一个就是关于公司也承诺了要在16年之前要注入山东的火电资产，所以我们就想请问一下管理层，现在来看一下火电资产注入的情况，有没有具体的时间表？这是第一个问题。第二个问题就是想请问一下，因为上半年公司的财务成本也下降了很多，所以我想请教一下，那上半年平均的财务成本是多少？然后相比于去年下降了多少？因为现在也在不断地有一个降息的政策，那管理层有没有预计，就是一个全年的目标是多少，或者说明年会不会更低一点。然后第三个问题就是想请问一下，因为现在火电装机也很多，然后电力需求不好，利用小时也很低，所以公司有没有看到政府在批火电项目的时候有放慢火电的进度。然后另外还有个问题，我就想请教一下，上半年公司也做了一个长期股权的资产减值，所以我想请问一下这一块减值是什么比较相关的，然后之后还会继续做这个减值吗？谢谢。 From Morgan Stanley. I have four questions. First is about your undertakings about the asset injections by the parent company, which is located in the Shandong province by 2016. Could you please provide a timetable in terms of the asset injections? The second is, we noticed that in the first half, your financial fee has decreased a lot. Could you please provide us your average financing cost for the first half? Also, we noticed that the government is continuously to reduce the interest rate. Could you please give us your target or guideline for the whole year's financing cost and also the outlook for next year? The third question is about the utilization hours. We see that the current under the lower utilization hours and also the oversupply of the capacity in terms of the thermal power plants. Is there any intention or case that the government is intentionally lowering the approval process in this part? The fourth question is about the impairment. We noticed that you have amounts of the long-term equity investment impairment for the first half. Could you please talk about the detail about that, also the outlook for the future? 好，我先回答一下第一个问题，剩下其他几个问题由我同事来回答。关于集团公司对上市公司的支持，我们对市场做出了多次的承诺，这个支持也在上市公司历史发展上也得到了体现。但是目前我们没有可以披露的具体的时间表，我们会严格按照三地监管的要求进行及时的信息披露。 In terms of the asset injections, our parent company has given us several times undertakings in terms of the asset injection, and we can see this through the historical development of our business. Currently, we see there is no detailed timetable for this asset injection, and we will do the timely information disclosure according to the regulations. 关于第二个财务成本的问题，就是公司受国家货币政策金融市场影响，从2014年的上半年开始，我们每一季度的平均财务成本基本上维持一个下降的态势。从今年上半年来看，已经由一季度的5.28%降到上半年现在是5.22%。对于未来来说，主要受国家减息后后续的金融市场的变化。刚才我也提到了，我们有一个敏感性的分析，大概降25个点，可能全年来说影响2亿左右，就是如果全部落实到位的话，就有这么一个影响。 Actually, we noticed that since the first half of 2014, our financing cost has continuously decreased, and our average financing cost has decreased from the first quarter 5.28% to the currently 5.22%. We mentioned that based on the current debt level, we see that every 25 basis points interest rate cuts will result about CNY 200 million change in the financial fees. This is for the whole year's analysis. 我来回答一下今年的建设发展情况。目前还没有其他的就是你说的政府批复情况的可以公开的这个说吧，我们目前的投产的情况，建设发展情况，三季度又有758兆瓦的投产，按照我们原先公布的计划表逐期投产。目前到年底，今年我们的发展计划还仍然是4229.5兆瓦。从今年还有剩下的1400兆瓦的，大约集中在几个项目，像我们山西的一个燃机项目，东山项目，还有其他的基本都是风电项目，新的环保项目。预计年底能实现我们的预期的发展的目标。 For the approval process by the government, currently there is no public or formal notifications in terms of the approval regulations. For us, in the third quarter, we still have 758 megawatts to be put into operation. For all years, the target for the new added capacity will be around 4,229 megawatts. In the following quarters, major projects are covering the gas and the wind, et cetera, the clean energy sectors. We are confident to reach the capacity goal. 关于今年上半年半年报中资产减值损失2.78亿，主要是我们有一个长期股权投资，对一个煤矿，山西五岳的34%的股权的长期投资的减值。去年我们曾经提了对这个项目0.2亿的减值，今年受煤炭市场继续恶化的影响，我们这个投资项目亏损继续有下行的趋势，因此按照会计准则，我们进行了减值测试，进行了0.178亿的减值。从全年来看，按照会计准则的规定，我们到年底还会进行，对所有的项目明显低于预期，或者是有减值迹象的，我们还会进行减值测试，根据情况再判断是否进行减值。 In terms of the impairments, sure, we did the asset impairments for the minor investment in the coal mining Shanxi province, which we have about 34% stake in these coal mines, with a total impairment about CNY 178 million, and comparing to CNY 20 million for last year. This has been done based on our test according to its operational performance for the first half of this year. In the end of this year, we will also do the test to make the judgment whether there were any further impairments for the company. 谢谢。然后我还有一个小问题，就是想问一下，因为刚才说了煤炭上半年的单位燃料成本是1.65，那有一个相比去年的下降幅度吗？还有就是公司管理层有没有对全年这个燃煤机的单位燃料成本的下降的预测。然后另外一个还是想请问一下，就去年同期的话，我们财务成本平均是多少？谢谢。 Following two questions. First is the unit fuel cost. Please provide us your year-on-year change in terms of the unit fuel cost for the coal segment, and also the whole year's guidance for this. The second is about the average cost of the capital for the first half of last year. 关于刚才单位燃料成本，跟去年同比的情况是，燃机的单位燃料成本是比去年同期下降了15.06%，这是第一个数。 Well, for the gas, for the first half, the unit fuel cost decreased by 15.06% year-on-year. 然后关于今年的全年预测，我刚才说过了，这个预测单位燃料成本总体是下降12%，其中燃煤的是下降15%左右。所以刚才您说的下降15.06%也是指煤机的燃料成本，对吧？上半年。 The question, actually, for the first half, 15.06% interest rate is for the coal sector's unit fuel cost. Also for the whole year target, about 12% of the unit fuel cost, about 15% year-on-year decrease for the coal sector. 再一个，你问到去年的这个实际成本是5.29。去年上半年，去年同期5.29，前年是5.34。 First half of last year, the average cost for capital was 5.29%, and for the whole year, 5.34%. 谢谢管理层，没有问题了。感谢您的提问及管理层的耐心解答。下面一位提问者是来自国泰君安的王龙。你好，请问。管理层好。我有一个问题，我们可不可以分解一下，我们一季度跟二季度的标煤单价以及固体燃料成本，包括分董的，还有分煤机和燃机的一个数据，目前是一个什么样的数据？谢谢。 For the question about the standard coal price for the first quarter and the second quarter, also the cost for the coal-fired and the gas-fired. 从2015年上半年分季度来看，刚才说过了，上半年总体是含燃机和煤机的183.39元每千瓦时，是单位燃料成本。其中一季度是186.67元每千瓦时，二季度是179.85元每千瓦时。然后其中煤机的单位燃料成本，一季度煤机刚才说过了，这整个上半年是171.65元每千瓦时，其中一季度是178.46元每千瓦时，二季度是164.19元每千瓦时。 For the unit fuel cost. The first quarter, the average was CNY 183.39 per megawatt hour. For the first quarter, it was CNY 186.67 per megawatt hour. The second quarter, it was CNY 179.85 per megawatt hour. Among these, for the coal sector, the average unit fuel cost was CNY 171.65 per megawatt hour. For the first quarter, it was CNY 178.46 per megawatt hour. The second quarter it was CNY 164.19 per megawatt hour. 我刚刚大概算了一下，你们煤机的单位燃料成本的话是二季度比一季度环比下降了大概8%左右。但我们看环渤海指数的话是下降14%，然后进口的这一块的纽卡斯尔的均价也是下降了9%左右，那为什么你们的固体燃料成本环比的降幅是小于市场煤价的降幅呢？ We have calculations in terms of the unit fuel cost. We see that for your second quarter's unit fuel cost decreased by 8% quarter-on-quarter. We notice that the market change is different for the Bohai Index has declined by 14% quarter-on-quarter. Also the imported coal, the Newcastle coal price, has declined by 9% quarter-on-quarter. Could you please talk about the difference in this? 我解释一下。我们刚才说的是我们的单位燃料成本，我们的煤价，我们上半年的含税的标煤采购单价是611.9元每吨。我们同比是降低了15.98%，也就是比联煤的基本上就是这个数据，也就是这个数。我们这个降幅大于环渤海的降幅的。 Actually, the standard coal price for the first half of this year of the company, which was about CNY 611.9 per ton. Decreasing by 15.98%, which is higher than the market change. 感谢。然后我还想问一下，最新的有没有7月份或者8月份的煤价的数据，我们这边实现的，还有固体的量上的数据。 Do you have any update on the coal cost and the coal price for the 2 months of July and August? 7月份、8月份的煤价还是延续下降的这样一个趋势。 We see that the coal market continues its decreasing situation. 好的，谢谢。谢谢您的提问，和管理层的耐心解答。大家好，主席提问，请在话题时按星键等候，先星号键，再数字1键。As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Thank you。下面一位提问者是来自申万宏源的徐海峰。你好。你好，管理层。我是申万宏源的徐海峰。我想问一下，公司对直购电以及电力销售、电力体制改革有什么样的预期和措施？谢谢。 I am from and the question is about your measures and your expectations in terms of the direct power sales and also the power reform. Do you have any kind of predictions in the measures in terms of that? 电力体制改革的情况，公司一个是不光是紧盯着，而且一个是积极参与了国家的电力体制改革有关出炉的政策的制定。关于直购电跟电力销售公司，直购电是电力体制改革的一个小部分的一个试验，我们也是积极参与直购电的市场交易，也是借助直购电这种交易接来我们市场的客户资源。刚才说了，上半年我们签订的各种直购电协议比last year同比增加了58%，这个增长量比较大。关于现在电力销售公司，最近我们也披露了，公司有三个地区成立了电力能源销售公司，已经在当地有一些区域获得了工商注册。这些公司也是跟国家电力体制的改革密不可分的。我们也积极参与，提早布局，从公司发展的角度来看，要从公司的生产经营这个企业，向生产经营服务型企业转变。总的来说就是要提高电力行业的运营效率。 Actually, we are keeping close eyes on the reform process, and also we have participated in the regulations making with the government. In terms of the power direct sales, actually currently there is kind of a pilot one in China. We are proactively participating into this pilot in order to accumulate our experiences and also the resources of the customers. I do say that for the first half, the contract we have signed has increased about 58% year-on-year. Also you notice that we have established some kind of sales companies, and this is for the preparation for future business expansions and to transform our business roles in this market. 好的，谢谢。大家好，出题请在话机上按星号键等候，先星号键再数字1键。As a reminder, if you would like to ask a question, please press star one on your telephone keypad. 下面一位提问的是来自德意志银行的董莹，你好。王总，你们好。我有几个数字想再确认一下。首先是去年14年前年它煤机和燃机的单位燃料成本是怎么样的？因为我们注记以后，这个数字我估计都有些改变。然后第二个是刚才提到今年上半年燃机是478.52，不知道它的同比变化是怎么样的。然后因为今年上半年燃机基价调整了以后，对于下半年燃机单位燃料成本的展望是怎样的？然后第二个我是想问一下，你前面说了利用小时数，有没有一个同比的变化？然后对于七八月份现在电量情况怎么样，有没有一些好转？谢谢。 I'm from Deutsche Bank. We have following questions. First, could you please provide us the unit fuel cost respectively for the coal sector and the gas sector for the year of 2014? Also, could you please give us the unit fuel cost of the gas sector year-on-year change for the first half of this year? Also, we noticed that the government has adjusted the gas price. So, do you have any expectations in the second half in terms of the unit fuel cost of the gas sector? The third question is about the utilization hours. Could you please give us the year-on-year change in terms of these hours and also the situation of that in July and August? Is there any signs of recovery? 去年全年的总体单位燃料成本，我刚才说过是CNY 201.19/MWh。其中煤机的前年是CNY 192.24/MWh。你是还要上半年了吗？去年是分季度的吗？你是说上半年分季度吗？对啊，14年。好的，谢谢。还有一个就是你刚才提到燃机的去年，燃机去年的单位成本是457.03。从这种趋势来看，它今年上半年是478.52，还是一种上涨的趋势。燃机单位成本主要是受国家政策的影响比较大，气价的影响比较大。 I'll just give you the unit fuel cost for last year. The average unit fuel cost was 201.19 CNY per megawatt hour. Among it, 192.24 CNY per megawatt hour for the coal sector, and 457.03 CNY per megawatt hour for the gas. Comparing to the 478.52 CNY per megawatt hour for the first half of this year for the gas sector. Actually, this has been impacted by the government policy in terms of the gas price. 关于利用小时数变化情况，总的利用小时数刚才说了，上半年是2,101，同比是下降了273小时。如果分类的话，煤机利用小时数是2,203，同比是下降了236。那么燃机，就是气电，气电的小时数，前面也说过了，是1,119小时，同比下降的幅度大，下降了510小时。 For the utilization hours, for the first half, it was 2,101 hours, decreasing by 273 hours year-on-year. Specifically for the coal, its utilization hours was 2,203 hours, decreasing by 236 hours year-on-year. For the gas, it was 1,119 hours, decreasing by 510 hours. 关于七八月份电量情况，刚才郭总也说了，七八月份情况，即使电量方面，数量方面是好转。从我们电量方面来说，也是我们应该叫处于回暖的状态。那么7月份，发电量同比增长已经到了8.77%。1到7月份电同比增长是6.01%，也就是说比上半年的数字又有很好的进展。好的，谢谢。 In terms of the power generation in July and August, we say there is some kind of recovery in terms of the generation. We say for July, the power generation has decreased in a positive way about 8% year-on-year. 感谢您的提问和主持人的耐心解答。大家好，如需提问，请在话机上按星号键导航后，先信号键，再数字1键，谢谢。As a reminder, if you would like to ask any questions, please press star 1 on your telephone keypad. Press star and then 1. Thank you. 大家好，下面一位提问者是来自巴克莱银行的吴阳，你好。哎，管理层你好。我有这样一个问题，就是我想知道今年上半年我们这个标准煤燃耗大概是一个什么情况？谢谢。 Well, I am from Barclays. The question is about your coal consumption rate for the first half this year. Could you please provide the data for the coal consumption in terms of the standard coal? 今年上半年标准煤耗是304.33克/千瓦时。 For the first half of this year, the coal consumption for the power sold was 304.33 grams per kilowatt hour. 好的，谢谢。大家好，如需提问，请在话机上按星号键，导后先信号键，再数字1。As a reminder, if you would like to ask any questions, please press star 1 on your telephone keypad. Thank you. 下面一位提问者是来自CLSA的Johnny Lo。你好，你可以提问了。管理层你们好，我是中信的，请问一下，我们下半年维护费用跟员工成本的变化是增加、减少还是可以给我们一个指引吗？谢谢。 From CLSA, could you please provide your guidance in terms of the second half maintenance and the labor cost change? 我说一下上半年的维修跟员工成本。在中国准则下，上半年1到6月份，维修费是CNY15.67亿元，比去年经重述后的同期减少CNY1.93亿元。然后员工薪酬是CNY20.97亿元，比去年CNY20.02亿元增加了CNY0.95亿元。 Let's give you the first half figures for the maintenance and labor cost. Under the China accounting standards, the maintenance for the first half was CNY 1.567 billion, decreasing by CNY 193 million on the restatement basis. For labor cost, it was CNY 3.097 billion, increasing by CNY 95 million. 那下半年的情况是？下半年的情况，总体上进行还是平稳的。具体的费用，我们支出也是一个平稳的状态，具体费用可能还要看市场的情况，随着电力市场情况的变化，可能会存在一定的变化。好，了解。还有追加一个问题，请问我看你们的公告说，你们改造了一点点超低排放的机组，请问有没有未来几年的计划，改造的机组的数量是多少？ Actually, for the second half, it will be stable, but it is up to the actual operational performance. The follow-up question is about your announcement that you have mentioned that you have participated in the reform in the super low emission plan for your power generation units. Could you please talk about your future plans? 公司安排了2015年一共是24台机组的改造。整个的装机容量是11,423兆瓦。投资大概在21亿左右，这是2015年的一个计划。 In terms of the reform for the super low emission plan for this year, we are going to reform a total of about 24 units with a total capacity of about 11,423 megawatts, with a total investment of about CNY 3.1 billion. 然后根据国家和相关的政策的要求，公司会按照国家的要求，将公司的投运机组都达到国家的要求标准。 Of course, for this kind of units, all of these units are meeting the requirements given by the government. 是在发提前，我没有问题了。感谢您的提问，希望管理层的耐心解答。大家好，如需提问，请在话机上按星键号后，先信号键再一。Also reminder, if you would like to ask any questions, please press star one on your telephone keypad. Thank you。下面一位提问的是来自申万宏源研究部的黄哲。你好，你可以提问了。好，管理层好。我这边就一两个小问题，一个我想问一下，就是刚刚我们说的这些煤机的单位燃料成本和这些利用小时数的同比数据，那同比的基数，就去年的这些数字是包括我们去年底到今年初收购的母公司的这大约8个GW的机组吗？这是第一个问题。第二个问题是，我们的这边脱硫脱硝的这些机组的改造的进度能稍微再提醒我们一下吗？就是说是不是已经基本都已经完成了，然后今年上半年的这一部分的资本开支大概是多少，以及下半年的资本开支会在技改方面投入多少？做一个展望，谢谢。 I am from SWS. Two questions. First is about the year-on-year change, for example, the unit fuel cost and its utilization hours for the coal sector. I was wondering whether this year-on-year change base has included the 8 gigawatts acquired from the parent company last year. The second question is, could you please talk about the process for your reform in the desulfurization and the denitration program? Have you finished all of this reform? Also the corresponding CapEx for this part. Also could you please give us the outlook for the second half for this? 我们刚才提到，上半年的跟去年上半年同期比较，这些财务指标、燃料成本相关指标，去年是经过重述的，都含了收购的这个进程下面的所有的机组的情况。 All of these year-on-year change base have included the acquired assets from the parent company. 利用小时呢，是去年的数据，是没有含这次收购电厂机组的，就是分别计算的这个情况。 But for the utilization hours, we have not included the acquired assets. 今年上半年，我们公司资本性支出总共是CNY 113亿。其中环保改造是CNY 4.7亿。就是技改部分是CNY 16亿。 Actually, for the first half, the total CapEx for us was RMB 11.3 billion, among this, about RMB 1.6 billion for the technical improvement. 我想问一下，咱们现在技改的程度是怎么样的？就是说脱硫脱硝及除尘这块各自的完工比例。现在是这样，刚才我说到了，从2015年，我们公司整体计划实施的是24台的超净排放的改造。其中按照计划已经完成了10台，还有14台在今年下半年或到明年上半年能够全部实施完成。那么刚才说技改的投入，脱硫脱硝的比例主要是在超净排放这。刚才说的绝大部分的费用，大概在八九亿的投资都在脱硫脱硝上。 Actually, as we mentioned, for the whole year's plan for the super low emission program, which we are going to reform about 24 units for this year. And actually we have finished about 10 units for this, and the remaining 14 units will be finished by the end of this year or the earliest of next year. And also the RMB 1.6 billion has included the desulfurization and the denitrification program CapEx. 谢谢管理层，我再跟进问一个小问题，那就是利用小时数的同比系数可能不是特别一样，那这个八吉瓦的机组从母公司收购的，那它去年的整体的利用小时数跟去年公司的机组未包含收购的部分的利用小时数，大概是一个什么样子的关系？是他们更好一些，还是咱们的机组会更高一些？ The following question about the acquired asset in terms of its utilization hours. Could you give us the comparison for the utilization hours between the acquired assets and your own assets? 刚刚说这个去年比，尽管不是一个基础，但下降速这个比是可以参照的。前面已经说过了，公司利用小时数上半年，从小时数单个来比的话是下降了273小时，这个数就是这两个不同基础的比，但是在事实上判断是低速的。 Well, we give the year-on-year change in terms of the utilization hours about decreasing of 273 hours, can basically reflect the power market situation. 好，谢谢管理层。感谢您的提问，及管理层耐心解答。大家好，如需提问，请在话机上按星键，待候，先信号键再按1。If you would like to ask any questions, please press star 1 on your telephone keypad。下面一位提问的是来自摩根士丹利的张欣。你好。管理层您好，我还有两个小问题。第一个我是想请问一下，因为公司已经在三个区域建立了售电公司，那我想请问一下，是不是集团在这三个地区就不会去建立售电公司？那如果像刚才也说了，在这些三个地区的话，那是不是公司成立售电公司之后，集团的机组也会由公司的售电公司一起来管理？这是第一个问题。第二个问题就是我想请问一下，因为去年的一季度和今年的一季度，我们同时都有收到一笔对外财政的补贴，因为大势所以收到4个多亿的补贴，所以我就想请问一下，这个补贴是不是持续的，就是说明年一季度是不是同样也会收到？谢谢。 From Morgan Stanley. I have two questions. First is, you have mentioned that you have established the sales companies in the three provinces. Is it possible that the parent company, Huaneng Group, will not involve into these three provinces? Also, is it possible that this kind of power company will manage together the parent company's power plants in these regions? The second question is, we noticed that in the first quarter of this year and last year, you have received the fiscal subsidy about CNY 400 million. Is there any possibility that in the first quarter of next year, you will receive this kind of fiscal subsidies? 目前公司成立售电公司的地方，集团公司不会再设立新的另外的售电公司。在这些地区的发电资产都是华能国际所属的资产。 Well, for the regions we have established the power sale companies, the parent company will not involve into these regions. Also in these regions, all of these power assets are owned by the listed company. 关于你提到的那个两级财政补贴，确实是去年和今年我们都收到，但这种财政补贴的性质它是年外的，是非经常性的，它要取决于财政部、国家政策对一些产业走出去的一些政策的变化，和对国家整体财政的影响。因此我们按政策该申请、先申请，最终能不能获得，这其实有很大的不确定因素。 Sure, we did receive two batches of the fiscal subsidies in the first quarter last year and the first quarter of this year. But it is uncertain that in the future we will receive any kind of fiscal subsidies from the government. 不好意思，我再问清楚一点，刚才第一个问题，管理层说在那个区域的所有电厂都已经是上市公司了，就是说你公司已经在你那三个地区，已经是没有任何发电厂了吗？那意思是公司以后会成立售电公司的区域，是那些所有发电厂都是公司的，然后公司才会去设立呢？ You have mentioned that in the three regions you have the power sale companies, that in these regions, the parent companies don't have any assets. So does that mean that in the future when you set the new power sale company, you would choose the regions which parent companies do not have the assets there? 目前公司是按照国家的九号文件的要求，我们积极地响应电力体制改革，在这些区域设立一些试点，设立一些售电公司。但是这些售电公司将来怎么运营，是不是会有变化，将来是一个什么样的情形呢？这个可能最终我们是期待着电力体制改革的核心文件的出台之后，我们根据政策的情况，可能会进行一些相应的调整。 Maybe that's not the case, because we set these power sales companies just according to the government's reform plan and also its expectations in these kind of areas. But currently it is uncertain that for this operation mode and also its regulations in this area. So we are waiting for the details and regulations on these supporting documents to the document No.9. 谢谢管理层。感谢您的提问，管理层耐心解答。大家好，有需提问请你在话机上按星键等候，先信号再一。谢谢。下一位提问者是来自GIC的Pei Yun Bo。The next question comes from GIC, Pei Yun Bo, please go ahead. Hi, thanks very much for the opportunity to ask a couple of questions. First question is just on your future expansion plans. Given the current lower utilization hours for coal-fired plants, does that have any effect on your long-term plans for coal capacity expansion? It used to be fairly aggressive. Going forward, have you reduced those plans? Second question, sorry if this has been asked before, but the outlook for coal-fired tariff cuts going forward, your expectations this year and next year. I think you did say that you expected the coal price to continue to be very weak. Would that imply a tariff cut in the second half? And third question, your expectations of an upstream gas cost cut. Are you expecting that in the second half as well? Thank you. 我是来自新加坡政府投资。那么有三个问题。第一个就是对于目前非常低的利用小时的情况和供应过剩的装机，那么公司未来在煤电扩张和新建项目方面有什么计划？是否降低煤电扩张这个进度？那么第二个问题是关于电价，那么公司怎么看目前煤价的走势？那么对于明年，对于全年和明年电价走势有什么预期？那么对于目前煤价的走势来看的话，今年下半年政府是不是有可能会再次调低这个电价？那么第三个问题呢，就是关于燃气这个成本，公司预期二季度还有没有机会降低。目前煤炭的基础，煤电的利用小时确实连续几年一直在进行向下调整，所以这个问题公司也是非常地重视，我们力争各地的机组都要按照超过当地的平均水平，作为一个基本的运营条件。同样地，我们对于新建的项目，我们采取了更加审慎的态度，我们对每一个项目都进行严格的审查。但是考虑中国资源富存的情况，我们并不是放弃煤电技术的发展。 Well, for the coal-fired project, sure we see that the utilization hours for this sector is continuously decreasing for the past few years. For our company, actually, we are not giving up the development of the coal-fired project, but just to quickly evaluate the new project. Also, we require our power plants to realize the utilization hours higher than the average utilization hours in its specific regions. 关于电价调整方面，我们是去年9月份进行了一次电价的调整，今年提前到4月份进行了电价的调整。目前我们还没有收到新的电价调整的指示。 In terms of the tariff adjustments, of course, we see that there were twice: last year, September, and also April this year, but currently we have not received any signed standard notifications in terms of the tariff adjustment. 我们基于目前这个燃机电厂大概成本来这个情况去测，去年全年这个燃电上成本是单位的成本是457.66元每千千瓦时。基于目前的情况，预测全年是481点，今年15年前年是481.98元每千千瓦时，会有5%左右的升幅。 In terms of the gas, actually the unit fuel cost for the gas sector for our company was CNY 457.66 per megawatt hour last year. For this year, we have a forecast for the whole year's unit fuel cost about CNY 481.98 per megawatt hour, which means this has an increasing rate of 5% year-on-year for the gas cost. 谢谢。大家好，有问请您在话机上按星键等候，按星号键再按数字1键，谢谢。大家好，最后一位提问者是来自彭博研究的叶提瑶。你好。你好，我是来自叶提瑶，我想咨询一下一个问题，有关于现在的直供电的合同。那么第一个问题就是，这些合同大部分的时候是什么样子的体检的合同，是几个月的，是一年的还是多年的？然后这些合同它里面有没有什么成本的指标？譬如说如果说是年的一个合同的话，里面有没有什么可以调整电价的条件等等。谢谢。 Actually, the question is involving the direct power sales contract. Could you please provide us the duration of this kind of contract? Also, among these contracts, is there any kind of regulations on the tariff or other regulations? 这个合同情况，目前来说我们基本上都还限于在本年度的。那么这个合同就是说，刚刚前面说了，到上半年签订的合同是139亿，每个月都会进行新的合同的增长量。那么电价来说，基本上是签订合同的时候，电价已经是确定了。那么刚刚说到的上半年签了139亿的电量的，我们叫市场交易电量，或者叫直供电量。那么电价的结果也出来了，就是跟那个标杆电价差别是44.78元每千千瓦时这个情况。 In terms of the contract, this is a kind of annual contract with the expiration by the end of this year. Actually, for the first half of this year, we have signed totally 13.9 billion kilowatt hours contracts. Also, every month we have signed a new contract in this area. Also, for the contracts, the tariff level is established. For the first half of this year, the contract we have signed with the tariff level about CNY 44.78 per megawatt hour lower than the standard tariff level. 谢谢。第二个问题是有关于资本支出，今年大概目标是多少？然后还有没有一个明年的目标？谢谢。 Another question about the CapEx. For the CapEx plan for this year and next year. 今年公司资本支出的计划是241亿，明年是252亿。我们一般我们的实际发生资本支出的数额会比这个计划支出略少一些。 For CapEx, it will be CNY 24.1 billion for this year, and CNY 25.2 billion for next year. But the actual CapEx in general is lower than the CapEx budget. 谢谢各位管理层，谢谢。 [Foreign language] Thank you so much for all of the questions and participation today. [Foreign language] Finally, Mr. Du Daming would like to give us a summary. 好，非常感谢大家，感谢皓天公司，感谢各位分析员。今天的电话会议到此结束，感谢大家对公司的持续关注。如果有进一步的问题呢，欢迎随时与公司联系。谢谢大家。 Thanks everyone, and thanks Wonderful Sky. Well, today's conference call is going to the end. Thanks for your long time support and attention to the company. Please contact us after the conference if you have any further questions. Thank you. [Foreign language] Thanks again for your attendance of the conference call regarding the first half results announcement of 2015. We are looking forward to meeting with all of you in our next results announcement. Thank you.