Earnings Call: Q3 2016

Oct 25, 2016

Earnings release

May I introduce the management of the company today. [Foreign language] They are, [Foreign language] the Vice President of the company, Mr. Li Jianmin. [Foreign language] 好，大家好。 [Foreign language] the Vice President of the company, Mr. Liu Ranxing. [Foreign language] 好，大家好。 [Foreign language] The general managers for the Departments of Budget, Corporate Management, Engineering, Production, Marketing, Fuel, Finance and the Capital Markets, as well as the Office for Trust Business, are also joining us in this meeting. [Foreign language] First of all, Mr. Li will review the business performance for the third quarterly results of 2016, followed by Q&A session. [Foreign language] May we have the honor to invite Mr. Li 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三季度业绩推介电话会议。 Ladies and gentlemen, welcome to attend the conference call for the third quarters results of Huaneng Power International. 公司刚刚公布了今年前三季度的经营业绩。公司2016年前三季度实现合并营业收入人民币832.21亿元，比上年同期下降14.43%。合并报表归属于本公司股东的净利润为人民币93.89亿元，比上年同期下降29.06%。公司净利润减少的原因主要是国家发改委下调了燃煤电厂上网电价，公司电量同比下降，以及市场交易电量同比增加。 The company released its results for the first three quarters of this year. The company realized consolidated operating revenue of CNY 83.221 billion, decreasing by 14.43% year-on-year. Net profit attributable to the shareholders of the company was CNY 9.389 billion, decreasing by 29.06% year-on-year. The profit decrease was mainly due to the on-grid tariff cut for coal-fired power by NDRC, the year-on-year decrease of our power generation and the increase of unplanned electricity sold in market. 四季度，公司将继续以巩固和提升经济效益为中心，不断提高公司的发展质量，积极参与电力体制改革，主动适应市场变化，坚持增发效益电量，严格控制各项成本费用，努力降低燃料成本，力争实现全年的经营目标，持续为公司股东创造长期稳定增长的回报。 For the fourth quarter of this year, the company will continue to focus on consolidating and enhancing economic efficiency and improving growth quality of the company. The company also will proactively participate in the reform of power system, cope with market changes and increase power generation with higher margin. Meanwhile, strictly control costs and expenses and reduce our fuel cost. Try effort to realize the whole year's operational targets and to create long term stable and increasing returns to our shareholders. 下面的时间，我和我的同事们愿意回答各位的提问。谢谢大家。 Well, next my colleagues and I are glad to answer your questions. Thanks. 谢谢。 [Foreign language] Thank you, Mr. Li. Here we come to the Q&A session. 谢谢主持人。大家好，下面是问答环节，有需要提问，请在话机上按星一键排队等候，先星号键再一。大家好，第一位提问者是来自瑞士信贷的周天宇，你好。管理层你们好，我有三个问题想请教一下。第一个想问一下，我们公司第三季度的单位燃料成本，然后还可不可以介绍一下，燃煤和燃机机组的单位燃料成本以及它同比的变化。然后可不可以介绍一下我们10月初，或者是最近的煤价，或者是单位燃料成本大概在怎样一个水平？然后第二个想问一下，公司有没有大概统计过我们三季度，或者是有没有更新一点，比如说9月份的一个亏损电厂的比例。然后最后一个问题想请问一下，就是说公司有没有大概算过，公司以目前的经营状况的话，大概多少的煤价可能是在我们的盈亏平衡点左右？谢谢。 I am from Credit Suisse. I have three questions. First is about your unit fuel cost. Could you please provide us your unit fuel cost for the third quarter of this year? Also the breakdown for the unit fuel cost for coal-fired and gas-fired respectively, and its year-on-year change. Also, do you have the number for the unit fuel cost or the purchasing price for coal in October? The second question is about the third quarter's performance. Could you please provide us your loss-making power plants by September this year? The third question is, up to now, according to the current operational performance, do you have the calculations or the breakeven level for your company? 我来回答这三个问题。第一个是关于单燃季度和累计的情况。分季度就是第三季度，这个综合单燃成本是169.62元/MWh，其中燃煤的是156.89元/MWh，燃气的是385.70元/MWh。这是三季度的情况。然后1到9月和累计的情况是，综合的是155.02元/MWh，这个同比下降了13.42%。燃煤的是142.32元/MWh，同比下降了13.93%，燃气的是378.83元/MWh，同比下降了21.75%。这是三季度合计到9月份总体当然了成本的变化情况和分燃煤、燃气的情况。第二个问题是你问的是亏损面的情况。目前总共华能国际是85家运营电厂，其中1到9月份亏损的大概目前有14家，占比大概10%多。第三个关于盈亏平衡点，目前我们按照今年公布的预测的数据，电量和电量的情况，我们初步的测算，单燃的盈亏平衡点是251.11元/MWh，达到251的时候，就是公司的盈亏平衡点。 For the first question is the unit fuel costs for third quarter of our company averagely CNY 169.62 per megawatt hour. Among this, CNY 156.89 per megawatt hour for the coal-fired business and CNY 385.70 per megawatt hour for the gas-fired business. This is the third quarter. For the first nine months, the unit fuel cost for us was CNY 155.02 per megawatt hour, decreasing by 13.42% year-on-year. For the coal, it was CNY 142.32 per megawatt hour, decreasing by 13.93% year-on-year. For gas, it was CNY 373.83 per megawatt hour, decreasing by 21.75% year-on-year. For the second question is, currently we totally have 85 power plants. Among these, about 14 power plants making loss, that is roughly more than 10% for the loss-making power plants. The third question is for the breakeven unit fuel cost. According to the current disclosed operational results, it will be CNY 251.11 per megawatt hour for our unit fuel cost. 郭律师你好，我想再追问一下，刚才提到的我们第三季度的单季度的单位燃料成本的话，可不可以给一下分别是整个单位燃料成本同比的变化，还有煤机的单位燃料成本同比的变化。然后第二个想问一下，我们亏损面的话，亏损电厂的数量有没有关于单季度的一个统计？谢谢。 Following questions about the unit fuel cost. Could you please provide us the third quarter year-on-year change in your unit fuel cost, especially for the average and the coal-fired? Also, could you please provide us your loss-making power plants in third quarter? 关于单燃的单季度跟去年同比的情况是这样，去年就是2015年三季度，这个综合的单燃是168.61元/MWh，其中燃煤的是152.77元/MWh，燃气的是492.27元/MWh。这是去年，就是2015年三季度的。刚刚我报告的2016年三季度的情况，分别是169.62和156.89和358.70。跟去年的从综合单燃来说是稍微涨了大概169.62减掉168.61，有一个稍微有所增长的变化。但是从当年的季度环比来看，就是2016年的三季度比二季度，我们二季度145.01，这个季度环比上升了16.97%，反映了一个二季度以后，进入三季度来煤价一直上升的这么一个状况。 For the energy fuel cost, actually, we can give the last year's third quarter result figures. For the average energy fuel cost for us in last third quarter, it was CNY 168.61 per megawatt hour. For the coal, it was CNY 152.77 per megawatt hour. For gas, it was CNY 492.27 per megawatt hour. We can say that in the third quarter, the year-on-year change is a little bit higher than that of the third quarter of last year. According to the second quarter of this year, we say the quarter-on-quarter change for energy fuel cost has increased by 16.97% quarter-on-quarter. That implies that the coal purchasing price has increased a lot. 关于追问的第二个亏损电厂的情况，我们有一个数据我给你报，就是说今年1到9月份的14家电厂总体亏损是13亿，去年呢，1到9月份是亏了8个亿，比去年呢，相对于是这个亏损电厂的亏损情况是多亏了5个亿。 In terms of the loss-making amount for the 14 power plants this 9 months, totally it was 1.3 billion RMB, which is higher than that in last year's about 800 million RMB. 不好意思，就想问一下，有没有第三季度单季度的亏损的情况？这个目前我们没有统计，如果你需要的话，我们底下再整理一下。好的，没关系，没关系。好的，谢谢您，饶总。那我没有其他问题了。 This is for the 9 months figures. If you need, we can give the third quarter figures. 感谢您的提问和领导层的解答。大家好，如有需要提问，请在话机上按星键排队等候，先按星号键再按1。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花旗银行的朱俊。你好，你可以提问了。管理层好。我也有三个问题。首先第一个问题还是想追问一下关于煤价，不知道管理层对四季度的煤价现在怎么看？有没有一个四季度或者全年的单位燃料成本的预期？包括最近发改委也提出了，对于明年签长协好像有更多的鼓励，不知道这块我们公司是怎么样去谈的。然后第二个问题是关于利用小时，因为三季度利用小时好像比较好，不知道我们公司具体的火电的，或者是燃煤机组的利用小时是怎么样，同比是怎么样，那么全年的指引又是如何？第三个问题是关于我们的直购电，或者说是市场交易电量，不知道我们前9个月完成了多少，然后目前为止看全年总共将要完成多少，然后这个电价折让又是如何？谢谢。 I am from Citi. I have three questions. First is about coal price. Could you please provide your outlook for the coal price in the fourth quarter of this year and also the energy fuel cost change for the whole year? We have noticed that the NDRC has some policy that will encourage the suppliers and the purchaser to sign the long-term agreement. So what is the company's opinion about this? The second question is about the utilization hours. Could you please give us your utilization hours for the thermal power business and also the coal-fired business and also the year-on-year change, and also the guidelines for the whole year's utilization hours? Third question is about the unplanned electricity sold amount and its percentage, and also its tariff discount rate and also the guideline for the whole year. 好的，我先回答一下第一个问题。这个关于煤价的问题，大家也都知道，今年以来，前三季度，国家对煤炭行业去产能的力度应该是远远超过了市场的预期，煤炭价格确实在持续地回升，特别是三季度，煤价应该说是一个加速上涨的趋势。那么截止到9月30号，环渤海指数是561，那么较年初的371上涨了190元，涨幅达到了51.2%。那么四季度，应该说国家发改委近期也连续召开了几个会议，对煤炭的供应工作也做了一些安排，也放开了部分产能，按照330天进行生产。那么我想这会在很大程度上缓解煤炭供应的压力。但是由于四季度正好是一个迎峰度冬的时期，受迎峰度冬的影响，我们预计煤价仍然还会保持一个高位的运行，这存在一定的上涨的压力。所以我们预计，四季度如果继续按照10月份这样一个价格水平持平的话，我们预计我们2016年全年的采购的原料价格，我们预计会同比上涨2%。至于关于长协的签订，目前我们已经在做积极的安排，按照国家的有关要求，我们也会把长协的工作作为我们当下的一项重点工作来抓好。这是关于这个。 About the coal price, actually, according to the NDRC and the government's policy for the first three quarters, the government's capacity cut policy is very effective, and the coal price has increased about 51% year-on-year to currently about 561 RMB per ton. Also for the fourth quarter, we say the NDRC has considered all of these factors and they are going to use the capacity for the coal suppliers from maybe these production days to the 330 days. This may be some kind of easy way for the coal price. But actually because of during the peaking period in the winter every year, we say that there was some coal price high pressure. So we say that the coal price will be hovering in a relatively higher level in the fourth quarter. So we have to make assumptions that if the fourth quarter coal price maintains the price in the October level, then for our company, the whole year's coal purchasing price will be increasing about 2% year-on-year. In terms of the long-term agreements with the coal suppliers, we are considering and will do the arrangements according to the government's policy and the encouragement. 刚才这位女士提问的后两个问题，我来回答一下。关于利用小时，刚才这位女士也提到了，我们三季度确实完成的比去年要好。电量的话，也是比去年三季度相比，增加了6.6%。那么利用小时具体的数，是2015年的三季度完成的是1043，2016年完成的是1082，这是合计的利用小时。要是具体到煤机的话，那么2015年完成的三季度是1082小时，2016年是1136小时，就同比增加了54小时。关于利用小时的预期，我们觉得可能跟我们全年的治理差不太多。 Well, in terms of the utilization hours, actually we say the utilization hour for the third quarter of our company is relatively better, and we can say this through our power generation. It has increased about 6.6% year-on-year in the third quarter. The utilization hours for this third quarter was 1,082 hours, comparing to last three third quarters, 1,043 hours. This is for the average utilization hours. For coal, this year it was 1,136 hours, comparing to that of last third quarter, 1,082 hours. For the whole year's guidelines for the utilization hours, currently we say it's very close to our guidelines as earlier stated we have made. 关于第三个问题，就是关于我们的交易电量所占的比例这个问题。我就不分直接交易、大用户交易、跨地区还有替代这些品种了，就是说看看这个总的量，就交易电量与基准电量的比例。我们1-9月份，交易电量比率占到了26%。上网的电量是514亿。这个电价，交易电价综合降幅的话，就是5分钱左右。那么预计全年我们交易电量的比例和占比基本上还是保持在20%左右这个水平，电价的降幅也基本上是这个降幅。 Regarding the unplanned electricity selling market, actually for the first 9 months, we have about 26% of our power generation completed through this unplanned transaction. The amount for this was 51.4 billion kilowatt hours, with this tariff discount about CNY 0.05 per kilowatt hour. For the whole year's guideline, it is roughly very similar to the first 9 months. 想最后追问一下。您觉得明年的话会到什么程度？是比现在更高的话，30%还是40%，或者是没有封顶，这样看。 The following question is about the next year's guideline for the unplanned electricity. So the percentage will be higher, such as maybe 30% or 40%, or much more. 交易电量这个事儿，也确实我们也是比较关心。我们也多次到国家的发改委、能源局去了解一些情况。另外一个，我们各个省也在不断地在当地政府的层面了解情况。现在看，明年的这个交易比例肯定要增加。因为按照国家即将出台的有关逐步放开、有序放开计划电量的这么一个指引，按照这个规则，今年应该是全部工业电量的30%。实际上就是说规电量的30%，也就是说总电量的20%左右。基本上现在看差不多。我们现在前三个季度26%，就基本差不多的。那么明年的话，按照国家的要求，它要把所有的工业电量全部放开。可能工业电量全部放开的话，就占到总电量的比例就比较大了。但是我们一直在跟国家的发改委、能源局在反映这个问题，我们想为了维持这个行业的健康稳定的发展，希望它们有序放开。 Well, actually, we are trying to learn the policy change by this area. Actually, the government will release some policy in terms of the releasing of the planned power generation policy. That may be by next year or the year of 2018, the power generation for the industrial side will be opened totally. That means a very high percentage of the unplanned electricity is served. We have made some feedback to the government to maybe slow down this kind of open policy to maintain the stable operation of this market. 谢谢这位提问者。刚才我说这个可能不是太准确。其实按照国家的指引里头，是18年工业电量要全部放开。这工业电量占到现在的比例的话，就是将近70%吧。不是17年。 Well, actually, maybe the policy will be made that by the year of 2018, all of the power generation for the secondary industry will be opened. That means about 70% of the total power consumption will be the unplanned electricity served. It's very high. 感谢这位提问者提问。Felina做的解答。大家好，下面一位提问者是来自中金公司的徐王阳。你好，你可以提问了。贵司你们好，这边是中金的王阳，然后有几个小问题想请教一下。一个是关于刚才说到的单燃成本的问题，就是刚才公司说四季度按照现在的煤价水平，预计全年是跟去年大概涨2%。然后就想问一下，一个是说是不是意味着四季度的单燃成本就大概达到2毛5左右了，达到我们盈亏平衡点。然后另外一个就是明年的煤电联动的话，您觉得会执行吗？这样看的话。然后另外一个就是关于电价折扣。其实我看到三季度电价折扣好像比上半年电价折扣要小一点。就想问一下，我们有没有看到一个随着煤价上涨，所以电价折扣其实现在逐步在缩小的一个情况。然后当前我们签直购电的电价折扣大概是多少钱？就是按照现在的煤价去签的话。主要这两个问题，谢谢。 I'm from CICC. I have three questions. First is about the fuel cost. You have mentioned that according to the fourth quarter's coal price and the whole year's guidance, the fuel cost will be increasing about 2% year-on-year. That means the fuel cost for the fourth quarter may be around CNY 250 per MWh. That it is reaching to your break even. Is it right to understand? The second question is about do you think that next year the government will implement the coal price and electricity pass-through mechanism? The third question is about the tariff discount. We noticed that your third quarter's tariff discount is lower than the first half of this year. Does that mean that the tariff discount will be maybe narrower along with the coal pricing trace? Also, could you please explain whether the following contracts with the consumers will be narrower in terms of the tariff discount, just because of the coal pricing trace? 对，同一个问题，根据刚才燃料部的同事介绍的煤价的情况，换算成单燃，如果是全年的话，煤价是同比上升2%的话，单燃因为去年是15年，前年是173.67。今年按照通过后的测算，相应的来说，今年按照煤价的测算，单燃就会达到1毛7分6，大概比去年全年等于是会涨个3分钱。所以从这个来看，因为1月到9月份的情况是1毛5分5。从四季度情况来看，会比三季度环比，三季度我刚才说的是16.62，再涨两到三分钱。这样的话，全年是个1毛7分6的水平。跟那个盈亏平衡点还是差距比较大的，两毛5。 In terms of the coal price, actually the 2% increase is just for our average coal purchasing price increase for the whole year. According to this assumption, we have made the calculations about the energy cost change. For the third quarter, it was CNY 1,690.02 and the fourth quarter may be about roughly CNY 20 per megawatt-hour higher than the third quarter. So, for the whole year, it will be around CNY 176 per megawatt-hour. So it is far lower than the break-even level. 营销部回答一下后两个问题。第二个问题是关于煤电联动的。按照国家的现有的政策，煤电联动是以年为周期，那么联动的时间窗口是在每年的1月1号，那么下一次煤电联动预计如果要执行的话，是在17年的1月1号。但是是否会联动，联动的幅度，这个与四季度的电煤价格走势是相关的。 In terms of the pass-through policy, actually this policy is based on the annual base. That means that the next pass-through may be triggered on January 1 next year if the coal price meets the requirements of this policy. 最后一个问题就是关于目前的市场交易的价格。因为我们全年的交易合同大部分是在上半年已经签订完毕的，所以这部分在三季度执行的价格跟上半年的价格是基本稳定的。对于新签的合同，要考虑当前的燃料价格的波动情况，可能会有一定的幅度波动。 In terms of the tariff discounts, actually most of these contracts we have signed with the consumers in the first half of this year. So this part, its tariff discount is fixed. For the newly signed contract, we will comprehensively consider the coal price change and the actual situations. So the tariff discount may be fluctuated. 感谢这位提问者的提问和李老师的解答。大家好，有需要提问，请在话机上按星号键排队等候，星号键再按1。If you would like to ask any question, please press star 1 on your telephone keypad. Thank you. 下面一位提问者是来自德意志银行的朱欣研。您好，您可以提问。德意志银行的，你们好。我这边也是有三个小问题想再追问一下。第一个就是你们刚才提到的两毛五盈亏平衡的单位燃料成本，想问一下是在什么样的利用小时的情况下测算的？那这个对应的点火价差是多少？然后这个对应的我们测算的煤价是多少的一个水平？那么第二个追问的问题就是关于直购电，咱们全年指引的是20%的一个guidance，那上半年前九个月已经26%了，是不是说四季度的占比的量会下来很多？这个有什么特别原因？然后第三个问题就是说留意到咱们资本开支前九个月也是下降很多，三季度还是同比有一定的下降。那全年我们装机和资本开支，包括未来两年有没有调整的一个考虑？那还有就是关于国家最近出了一个关于煤电严控的一个计划通知，就是说今年新开工的，包括去年已经核准还没开工的，都要全部停下来。那公司有没有测算过，这两部分对于我们公司是有多少装机的影响？谢谢。 I am from DB. Actually, I have four questions. First is, you have mentioned the break-even main fuel cost was about CNY 250 per megawatt-hour. Could you please provide your basis for this kind of calculation in terms of its utilization hours, spark spreads and also the coal price? Second question is about the unplanned electricity percentage, you have mentioned that for the nine months you have realized about 26% for this part. Actually the earlier guideline for the whole year was 20%. So that means in the fourth quarter, this part will be reduced? Or the reason for that? The third question is about your third quarter's CapEx decreased year-on-year, and could you please provide your guideline in the fourth quarter and the next two years for this CapEx, and whether you will adjust the CapEx plan? The fourth is about the government's newly released announcement that it will strictly control the construction of the coal-fired projects. About the impact of your company's current projects construction. 我说一下我们盈亏平衡测算情况，可能跟现在有一定的误差。我们这个小时是按照4,144小时，然后售电量是3,019，这主要是参照的就是去年的实际的水平。然后这个耗用计算下来之后，包括其他的折旧、成本，基本上还是参照15年的实际数，计算出来是两毛五分之一。但是就考虑到一些电价的下降的影响，可能盈亏平衡点可能会稍微有所变化。 Well, for the purchasing calculations, actually these 250 MWh coming from the base, from the official figures for the year of 2015, that is the utilization hours was 4,144 hours, and the power sales was 301.9 billion kilowatt hours, and also the other operational figures for 2015. But actually, this is just maybe the fixed assumptions. There will be some fluctuations just basing on the change of the tariff level and also the other indicators. 追问一下，那对应的这个电价水平是按照今年比如说三毛三分七的这样一个水平吗？电价。或者说咱们用点火价差，就是说—— 对。我们这个电价应该是往下减一部分，我们是按照4毛3分4，是去年。统计到九月份的情况来看，现在已经是3毛9分4，下降了是5分钱。 But the assumption is based in the 434 RMB per megawatt hour in the tariff for last years. Actually, we say that this has changed and lower to the 394 for the first 9 months of this year. 我回答一下甄女士的第二个问题。其实9月，你刚才已经说了，我们的交易电量比例占到26%，主要有几个方面的因素。第一个因素就是说，我们这个26%跟我们年初的20%的预计有偏差。这个偏差就是电力改革，今年看来它推动的力度在不断地加大，整个全国的交易电量的比例也是放大了。所以说这个是比我们年初预计的高一些，这一个。第二个就是我们争取，因为基础电量大家都知道，基础电量基本是不变的。我们争取了一些有效一点的交易电量。这样的话，通过多发电，提高我们的利用小时，使我们的技术指标都有一些好转。预计全年可能跟我们年初的预期有些差异，可能对全年的交易电量的比例，可能占在25%、26%的水平。 Well, sure about the 26% is higher than the whole year guideline 20% as we give in the earlier stage of this year. But actually, because of the government pushing forward this reform and the national percentage also has increased. This is in line with the national percentage. The second is that we say just because of the planned power generation was concerned and the fixed, we are trying effort to increase our power generation with the marginal contributions so that we can improve our operational indicators and to realize the utilization hours increase. Also we say for the whole year, just because of these factors, we say the percentage for this part will be higher than the 20%, maybe roughly the similar to kind of 25%-26%. 我来回答一下第三个问题，就是公司的装机的资本支出情况，就是在明年、后年会考虑国家关于煤电限制发展的这样一个政策，做相应的调整。我们的资本支出的重点可能主要放在清洁能源的一些基础上。有燃机、风电、光伏这些项目。关于国家今年9月13号下发的一个《关于取消一批不具备核准建设条件煤电项目的通知》，这里面一共有15个项目，1240万千瓦。我们公司没有被取消的煤电项目。 In terms of the CapEx, actually, we'll make the adjustment according to the policy change. Maybe the future CapEx will be put into the clean energy sector, such as the gas fires, under the wind, and maybe the solar projects. Also, according to the recent announcement by government in September, the government will cancel about 15 projects totally with capacity about 12,400 MW. But we don't have projects among these. 谢谢管理层。那我再追问一下，有没有一个最新的、今年全年和未来两年资本总开支的一个新的指引，包括每一年的新增的装机，分燃气、煤电和清洁能源的装机的一个指引。那另外就是，因为我刚刚说的是关于煤电建设的一个新的政策，是说16年新开工的可能要进行缓建。那就这一部分，咱们今年有没有新开工的项目，大概在一个什么规模？谢谢。 The following question is also, could you please provide your CapEx guideline in the fourth quarter this year and the next 2 years? Do you have any plan to change that? The second is also, the government has released some new announcement to maybe stop or cancel some projects, which has started this year. So, does the company has some projects among these? 好，我把这个问题再做一个答复。关于今年我们公司投产的情况，我给大家做一个介绍。今年的煤机投产是950兆瓦，燃机是210兆瓦，风电744兆瓦，光伏149。其中我把煤机的情况说一下。今年公司投产的煤机都是热电联产机组，其中绵阳两台35万，南京化工园区两台5万机组，仙人岛是一台投产，还有我们湖北的应城一台投产。因此今年整个的投产，这是煤机的情况。第二个，清洁能源的燃机，我们在广西有两台分布式能源项目，总的容量是210兆瓦。这个项目特点是冷热电三联供的一个项目，今年年底预计投产。这是第一个，就是今年的公司投产的项目的结构应该是非常合理的。关于明年，公司总的投产规模大致在350万千瓦，具体就不展开讲了。关于公司对于国家能源局新近颁布的《关于进一步调控煤电规划建设的通知》，10月10号发布的275号文件，涉及到我们公司的，应该说这次的调控主要范围是红色预警区域，而我们公司有四个省份，包括海南、安徽、江西，都绿色省份，还有橙色省份湖北，应该不受这个限制。另外这个文件中还有很重要一个解读，就是承接民生的民用采购符合这一块，且采暖期供热的热电比不小于8，这样的项目也作为一个不受调控的项目。这一点我们在明年和后年的项目中，比例还是比较高。应该说从明年到包括十三五规划，其实整体还是往这个方向发展。好，谢谢。好，谢谢管理层。 I will give the capacity expansion plan. Actually, this year we're going to add is 950 MW for coal, 210 MW for gas, 744 MW for wind, and 149 MW for solar. For this year's coal fire projects, most of them are the cogeneration power projects. So, according to the National Energy Bureau's new announcement in the 10th October, they are mainly to restrict the coal fire projects in the red alert area, in which we don't have any projects in these areas. Also, for the following years restriction, because they have policies that allow some of the cogeneration projects to be constructed. So we are trying to develop in line with the government's policy to develop some cogeneration projects. 非常感谢领导层的详细解答。大家好，下面一位提问者是来自JP Morgan的简振华。你好，你可以提问了。管理层你好，我是简振华，JP Morgan大中华区的。我有三个问题。第一个问题想请教一下，咱们公司的煤的供应的协议，大概平均来说，多少时间之后要再重新调整煤的价格，是不是立即跟市场的价格，还是说可能是平均一两个月、两三个月的情况？这个是第一条问题。第二条问题想请问一下，咱们公司可不可以披露一下单月的，比如9月或是10月的一个单位燃料成本的资料。第三个问题也想请教一下，回到刚才讲的交易电的情况。我没记错的话，大概在8月的时候，咱们公司说大概可能是20%的电量，大概加价可能是7分到8分左右。那现在的话，如果是26%的电量是交易电，但加价变成了5分的话，好像看起来就是说新签的那些合同，加价可能比本身的标杆电价还要高。不知道可不可以披露一下，在新签的合同当中的加价，其实大概是什么样的一个情况呢？主要是这几个问题。谢谢。 From JPMorgan, I have three questions. Firstly, about the coal price adjustment cycle. Does it the monthly adjusted or just mark to the market price? The second question is, could you please provide us your unit fuel cost month by month and for the third quarter? The third question is, you have mentioned that for the first 9 months, you have realized a 26% in the unplanned electricity sold and with CNY 0.05 tariff discounts. This seems really better than the first half that is 20% and the 7%-8% tariff discounts. So please talk about whether the new discount contracts to be signed with the narrower tariff discounts or the other arrangements. 好，第一个问题，我们公司的煤价，煤炭的合同主要是有两种情况，一个是年度的长协，另外一部分是现货合同。那么我们年度的长协，我们合同的约定是年度约定合同总量，季度定价，必要的时候进行月度修订的这样一个定价的方式。具体我们是由双方签订一个补充协议来进行确定。最近的几个月由于煤价上涨过快，我们的长协基本上是每个月都要进行修订的，就是按照煤炭企业提供的价格，我们基本上是每个月都要进行一个修订，基本上是这样一个情况。 In terms of the coal agreements, we have two parts for this. One is the long-term agreement with the coal suppliers, and one is the spot market purchase. For the long-term agreements, actually this monthly update is the one-year agreement with the fixed amount into the agreement, but its price is quarterly adjusted according to the agreement. Sometimes if the coal spot market price fluctuates a lot, both parties will sign maybe the complementary agreement, allow these coal prices to be adjusted maybe monthly. 关于单燃的数据，很抱歉，我们准备的是按季度的材料，没有月度的数据。但是从5月份开始，6、7、8三个月，环比每个月单燃都是上升的。即季度环比，三季度比二季度达到了16.97%。 By the terms of the unit fuel cost, currently, we don't have the monthly figure on hand, but we say that for the quarterly basis, the third quarter's unit fuel cost has increased by 16.97% compared to that in the second quarter of this year. We say that the unit fuel cost is increasing month by month. 我回答一下简先生的第三个问题。刚才可能是我没有说清楚。我说这个5分2，是我们交易电量中直供，直接交易，这个电量的价格是降了5分2。我们平均的交易电量的价格，就像你说的是降了7分1。这跟我们8月份当时公布的数据，给大家做的解释基本一致。估计今年全年也基本上是控制在这个水平。 Maybe make a clarification on these tariff discounts. Actually, the 5.20 cents tariff discount is just for the power direct sales part. For the average, that is the totally unplanned electricity sold, the tariff discount was 7.10 cents. This is roughly very similar to the first half of this year for our company. Also, the whole year's guideline is maintain this level. 好，谢谢。关心成我们没有其他问题。感谢您的提问。大家好，下面一位提问者是来自汇丰银行的黄元燕。你好，你可以提问了。你好，关心成。我想确认一下，刚才说的我们交易电量的折价是五分，我记得在上半年好像是九分，所以五分的话如果折算成百分比的话，这个折让比是多少？那这个趋势的话，就是交易电量的这个价差在缩减，是不是未来的一个趋势呢？然后第二个问题，我想确认一下，领导说16年的煤价全年上升2%，那我们对于单元的燃料成本，16年的指引也是上升2%吗？还是多少呢？然后第三个问题是想询问一下我们最近做的资产注入。这个资产注入的话，公司预计它能够给我们带来每年的增长大概是多少？然后这个如果通过的话，它是从17年开始并表吗？好，谢谢。 I'm from HSBC. I have three questions. First is about the tariff discounts. Actually, you mentioned that the tariff discounts was 5 cents, and this is lower than the previously provided figures. Could you please provide the 5 tariff discounts means how much percentage comparing to maybe the benchmark tariff levels? Also we say this tariff discount is narrowed comparing to the first half. We can say that this is the trend for the futures tariff discounts. The second question is about the forecast of the unit fuel cost. You mentioned that the whole year's coal purchasing price will be increasing about the 2% year-on-year. Does that mean that the unit fuel cost will also be increasing by 2% or other figures? Third question is about the asset injection by your parent company. Could you please provide us maybe the following year's contribution to the company based on this asset injection? Also, when this kind of asset injection will be effective and consolidated to your balance sheet? 我回答一下第一个问题。刚才说到这个五分钱对应的折扣大约是13%，但实际上我们交易电目前的平均的降价水平是七分钱，这个折扣大约是18%。按照现在的煤价走势，如果我们新签交易合同的话，预计这个折扣会有所降低。 Well, for the five tariff discounts, this is equally about 13% discount based on the benchmark tariff level. But actually, we say that for the first 9 months, the average unplanned electricity tariff discount was 7 cents. That means about 18% discount based on the benchmark tariff level. So according to the current coal price, we say in the new contracts we have signed, this kind of tariff discount will be narrowed. 这个当然根据刚才原来的同事介绍的情况，煤基是煤价上升2%，所以煤基的当然基本上也是上升2%，但是考虑到这个燃气机组当然的同比下降，综合的当然的同比上升，全年来看是1.4%，达到这个一毛七分六。 Well, for the unit fuel cost, because of the coal price assumption will be 2% increase, and also the gas will be decreased year-on-year. So in average, we say that the whole year unit fuel cost will be increasing by 1.4% to RMB 176 per megawatt hour. 关于第三个问题，这个分项项目根据目前公开披露的信息，如果股东大会通过之后，我们明年初完成，叫做并表时间是2017年的1月1号。根据目前的四家公司的15年的审计项目，测算会增厚我们的每股收益一毛二。 Well, if this asset injection transaction will be passed by the extraordinary general meeting, this will be consolidated to the company on 1st January in 2017. And according to the operational figures for the year of 2015, this kind of asset injection will increase our EPS by RMB 0.12 per share. 谢谢。谢谢。感谢您的提问。大家好，下面一位提问者是来自瑞信的戴维。你好，你可以提问了。管理层你好，不好意思，我打进来晚了，可能之前没有完全听完整。我想确认一下，我有听到，现在盈亏平衡点是按2015年的数字，就是4144小时，还有4毛3的电价。然后您刚才说现在的平均电价大概是3毛9。那是不是可以说不考虑利用小时的变化的话，现在简单点算，盈亏平衡点应该是减4毛，现在大概是2毛1左右。那刚才您说今年全年估计单位燃料成本大概是176。我看前九个月是155，那四季度您刚才说是比三季度大概加20左右，大概就是190。那我们简单算的话，190有点保守，是不是会高一些？就假设四季度电量大概是25%左右。这是第一个问题。 From Credit Suisse. Actually, you have mentioned the forecast and the breakeven figures based on 2015 figure with the utilization hours 4,144 hours and the tariff level was 430 RMB per megawatt hour. But actually, we say for the first 9 months, the tariff level has decreased to roughly 390. Also, the unit fuel cost for the whole year, you assume that it will increase to 176. We say in the fourth quarter, the unit fuel cost for your company will be around 190 RMB per megawatt hour. Is it relatively conservative or it will be higher than this figure? 对，按照你的逻辑，我觉得理解的基本是跟我估算的一样。因为一到九月份，今年电价比去年已经是降了含税的实际上5分钱，不含税的大概是4分多。因此，按照一到九月份如果估算四季度的单季的盈亏平衡点的话，大概是2毛1分多。因此，你刚才算根据燃料的变化的情况，四季度单季的数字应该跟这个差不多，比这个略低一点点。如果是全年176的话。这个比较粗略的估算，因为它也受其他一些相关的好多固定因素的影响。 Well, actually, your logic is right that for the first 9 months, the tariff for us has decreased by 5 cents year-on-year. Based on this tariff level, in the fourth quarter's breakeven, unit fuel cost will be around 210 RMB per megawatt hour. For the whole year's unit fuel cost, we say it should be a little bit higher, that it will be 176 RMB per megawatt hour. 然后第二个问题再多一个，我想知道，因为之前我们股息的派息政策都是按照全年盈利的一个固定的百分比，我记得大概应该是60%以上。那我在想，假如说极端情况，当然我们也不希望这样发生，假如说明年，2017年真的是煤价继续涨，然后进入一个亏损的话，那华能会不会考虑改变股息的派息的一些方法，比如说按绝对值，而不是按盈利的一个百分比。因为我记得我们2008年在亏损的时候也有派股息出来。谢谢。 Also, the question is about your dividend payout policy. Actually, for the past years, you have maintained relatively stable and roughly, I remember it should be higher than 60% of your attributable profits every year. If there were some extreme case that CCF coal price continued to increase in the next year or in the following years, and your company will be making loss. Do you have a plan to change your dividend payout policy that you will just pay absolute figures for the dividends, just like in the year 2008 when you paid dividends based on your loss-making that year? 关于派息政策，公司在章程里也是有明确的规定，我们是有一个明确的现金分红政策，每年的现金方式是分配利润，原则上是不少于当年实现的合并报表可分配利润的50%，这个是已经在章程里明确的。公司过去一直都是秉承着这样一个政策，未来也仍然是会坚持这样一个积极平衡稳定的派息政策。 Well, actually, we have written this dividend payout policy into our articles of association that every year our dividend payout ratio will be no less than 50% of our consolidated distributable profits every year. For past years, we have maintained this dividend policy. Also, in the future, we are going to maintain this level unchanged and try to maintain a proactive balance and a stable dividend payout policy. 好，谢谢。非常感谢各位的积极提问和领导层的详细解答。由于时间的关系，我们有请最后一位提问者。最后一位提问者是来自上海鸿鹄投资的兴达。您好，您可以提问了。管理层你好，能听到吗？能听到。你好，我想请问一下，从煤价上涨的情况，包括公司刚才给Q4的淡然的展望来看，现在看的话，因为咱们算是行业里面数一数二的公司，现在看的话，盈利已经开始出现压力。那就是说，展望明年的话，咱们行业从自身来看，会不会对政府有一些积极的争取，从自身的这个角度来看，争取一些电价，或者是对煤炭的这样一个政策。像前一段时间，钢厂不是联名觉得煤价涨太多，他们受不了了。咱们电力行业协会有没有组织这样的一些行为呢？ One question is basing on your assumptions of your calls and the coal price for the whole year. As maybe the largest power users in this industry, do you have any forecast outlook for the performance of next year? Do you have any plan or try to maybe persuade or appeal to the government in terms of the tariff policy and also the coal price mechanisms, such as some steel makers trying to appeal to the government to maybe control this cost? 这个我简单地说一下，针对当前煤价过快的上涨，给电力企业带来的经营压力，我们已经跟国家的有关部门也专门做了一些汇报，包括发改委，包括国资委。那么中国电力企业联合会也专门给发改委打了一个报告，反映了当前煤价过快上涨，电力企业所面临的这种压力，也专门打了一个报告。 In terms of the coal industry, actually along with the coal price, there are great pressure on the power producers. Basing on the current situation, actually the company has some communications with the related authorities such as the NDRC and the National Energy Bureau. Also the China Electricity Council has some communications in terms of the difficulties in the power sectors with the related authorities. 那么经过这种反应，大家也知道，9月27号，国家发改委也是专门紧急召开了保障冬季煤炭稳定供应的一个全国的电视电话会议。这个会议上也确定了要释放一些先进产能的煤矿，释放一部分产能。另外，10月21号，我们国家发改委也主持召开了煤电油气运保障工作布局一个协调的会议，在这个会议上也对煤炭的产能的释放和稳煤价工作做了一些安排。那么10月25号，国家也是紧急召开了煤炭企业的一个座谈会，也是研究煤炭的保供应、稳煤价的一些工作。应该说这也是国家根据当前这种形势做出的一些安排。 Actually, the related authorities have arranged several meetings to secure the supply of the coal for the peaking period in the winter, and through the easing of the coal production capacity, and also to require the coal supplier to maintain the stable coal supply in terms of this peaking period. 就想咨询一下，这个定性上看的话，从过去几年来看，电力企业对煤炭企业是有比较强的议价能力，谈判优势。现在起码从最近两个月来看，煤价上涨非常快，现在应该是呈现弱势的一个态度。咱们管理层能不能从行业的发展角度来，或者是从两个上下游的对比来看，这种情况从目前看，到底是因为旺季或者是低库存，需求过高，导致短期的这样一个谈判能力失衡呢？还是说能够反映长期的一些东西，包括明年旺季需求过了之后，咱们觉得煤价会自发的重新掉下来。因为如果说相当于是自己的盈亏平衡的这个点，就被上游客户掌握了，这样的话，相当于对于咱们行业来说，自己应该是属于比较被动地位。咱们是怎么看的？这个是一个长期的问题，还是一个短期的季度性的问题？ Following question is about your bargaining power in this industry. Actually, for the past few years, you as the power producers has the strong bargaining power compared to the suppliers. But currently, we say this kind of power has been diminished. Does the company say this is kind of a short term situation, or it will be lasting long to maybe next year or in the following years that you cannot retain this kind of bargaining power? 我简要回答回答这个问题。从今年4月份之后，国家煤炭去产能的力度是不断加大，使得煤炭的产量有了一个比较大的幅度的下降，整体的社会的煤炭库存下降。随着三季度迎峰度夏的到来，和国家经济形势的部分行业的一些转变，现在煤炭市场的需求是有所增加的。 First, we say that since April this year, along with the government's collective policy, the coal production has been cut in a lot of magnitude, and the coal inventory has decreased a lot. Especially in the summer peak period in the first quarter, and also along with some industry recovery, we can say that the demand increased. 这种需求的增加，除了迎峰度夏这个期间造成的库存的下降，大家从电力行业也好，钢铁行业也好，大家都有一个补库存的这样一个需求。所以说，包括产能释放没有达到当时的预期的量，因为煤炭企业释放产能需要一个周期。 Well, also just because of the demand recovery and also the decrease of the inventory, the power producers lead demand to increase its inventory. Also, the ease of the coal production is less than the original expectations. 关于市场话语权的问题，市场的价格最终是由供需的关系来决定的。 In terms of the bargaining power, actually, this is really determined by the market supply and its demand situation. 煤炭价格过快上涨也不利于煤炭企业很好地去产能，当然也对电力企业的经营造成了很大的压力。从国家发改委总体政策要求看，都希望煤价稳定在一个合理的水平上。 Of course, the huge price hike for the coal is no good for the coal suppliers or the power producers. Also, the government wishes that the coal price can be maintained at a relatively stable level. 所以说我们相信，在国家发改委宏观调控的这种措施的落实上，煤炭价格会稳定下来的。 We believe, based on the NDRC policy to stabilize the coal price, this kind of policy will be effective and the coal price will be running in a stable way. 好，谢谢管理层，没有问题了。谢谢。谢谢各位，也感谢各位管理层的解答。Thank you so much for all of the questions and participation today。最后请李总为我们今天的电话会议做个简单的总结。Finally, Mr. Li would like to give us a summary。有请李总。好，感谢各位参加华能国际三季度业绩推介会，也感谢各位一直以来给予公司的大力支持和持续的关注。今天的电话会议到此结束，如有进一步需要了解交流的问题，欢迎大家会后与公司投资者关系处联系。谢谢大家。 Thanks for attending Huaneng's third-quarter results conference call today, and thanks for your long-term support and lasting attention to the company. Please contact our IR department after the conference if you have any further questions. Thank you. [Foreign language] Thanks again for your attendance of the conference call regarding the third quarterly results announcement of 2016. We are looking forward to meeting with all of you in our next results announcement. Thank you.