Earnings Call: Q3 2018

Oct 23, 2018

Earnings release

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 third quarterly results announcement of 2018. [Foreign language] Now may I introduce the management of the company today. [Foreign language] The Vice President of the company, Mr. 李坚民. [Foreign language] 主持人好，大家好。公司副总经理刘软馨先生。The Vice President of the company, Mr. 刘软馨。刘总，你好。主持人好，大家好。公司总会计师黄立心先生。The Chief Accountant of the company, Mr. 黄立心。黄总，你好。你好，大家好。公司董事会秘书黄朝泉先生。The Board Secretary to the company, Mr. 黄朝泉。黄总，你好。主持人好，大家好。 [Foreign language] People in charge of the related departments are also joining us in this meeting. The Chief Accountant of the company, Mr. 黄立心 will review the business performance for the third quarterly results of 2018, followed by the Q&A session. [Foreign language] May we have the honor to invite Mr. 黄 to review the business performance, and Mr. 周彪 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 quarter results. 公司刚刚公布了今年前三季度的经营业绩。按照中国会计准则，公司2018年前三季度实现合并营业收入人民币1,259.89亿元，比上年经重述的同期上升13.08%。合并报表归属于本公司股东的净利润为人民币19.89亿元，比上年同期下降29.33%，每股盈利为0.12元。公司净利润下降的主要原因是燃料价格上升和投资收益下降。 The company released its results the first three quarters of 2018. According to PRC GAAP, the company realized consolidated operating revenue of CNY 125.989 billion, increasing by 13.08% year-on-year with restated. Net profit attributable to the shareholders of the company was CNY 1.989 billion, decreasing by 29.33% year-on-year. The EPS was CNY 0.12, and the profit decrease was mainly due to the rise of fuel price and the decrease of investment income. 四季度公司将继续在创新发展、安全生产、提质增效、深化改革等方面狠下功夫，认真分析市场，采取有效措施，防范经营风险，努力提升经营业绩，为国家、社会、股东创造更多的价值。下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 For the fourth quarter of this year, the company will continue to make efforts on creative development, safety production, enhancing efficiency and growth quality, and deepening the reform of the company. Also, the company will make elaborate analyses with market changes, take effective measures to control operational risks, trying to improve operational performance of the company to create more value for the country and our shareholders. Next, my colleagues and I are glad to answer your questions. Thanks. 谢谢黄总的介绍。接下来是问答的时间。Thank you, Mr. 黄. Here we come to the Q&A session. 大家好，下面是问答环节，如需提问，请在话机上按星1键，排着队后先星号键再数字1。谢谢。Thank you. We are now going to the Q&A section. If you would like to ask any questions, please press star 1 on your telephone keypad. Press star followed by 1. Thank you. 大家好，第一位提问的是来自花旗银行的刘显达。你好，你的声音放开了。请提问，谢谢。华能集团你们好，我是刘显达，花旗银行的。我有三个问题。第一个问题是有关煤炭的，我想知道咱们公司前九个月用煤量是多少，比去年同期增加的百分比是怎么样？还有那些买煤的合同，还有现货市场分别这个量是多少，比去年改变是怎么样？另外就是那个合同的兑现率是怎么样？第二个问题是有关电价的，想知道就今年前九个月卖电量里头，从标杆电价还有市场竞价卖电，分别电价是怎么样？竞价的结构是怎么样？还有电量分别是多少？因为听说有一些电厂从今年9月1号有电价下调，想知道华能的情况是怎么样。第三个问题是有关电厂利用小时，想知道咱们前九个月还有三季度利用小时分别是多少，与去年同期改变是怎么样？谢谢。 From Citi. I have three questions. First is about the coal purchase. Could you please talk about the coal purchase amount for the first nine months of this year and also the year-on-year change? Also the structure for the coal purchase, including the coal contract percentage and also the spot market purchase percentage, and also the year-on-year change, and also the honor rate for the coal contract for the first nine months. The second question is about the tariff. Could you please talk about the tariff for the market-based power sales electricity and also the traditional plant power sales, and also the discount rates for the market-based electricity sale and its percentage in the first nine months? Also, we heard that there are some tariff adjustments since the first September. Does this impact the Huaneng Power's power plant? The third question is about the utilization hours for the first nine months and also the third quarter, the utilization hours level for Huaneng Power and also the year-on-year change. 下面我来回答这位先生的第一个问题。直到9月，前三个季度总共采购煤量是14,814万吨，同比增加18.36%。其中，长协合同是8,228万吨，同比增加了367万吨。 For the first nine months, we totally purchased 148 million tons, increasing by 18.36% year-on-year. Among this we have 82.28 million tons from the contract purchase, increasing by 3.67 million tons. 市场煤6,586万吨，同比增加1,931万吨。 We have 65.86 million tons from the spot market purchase, increasing by 19.31 million tons. 年度合同的兑现率前三个季度是94.4%。 The honor rate for the contract purchase for the first three quarters was 94.4%. 我来回答一下关于电价的问题，首先说一下这个下半年电价下调的情况。下半年公司在天津、河北、黑龙江、山东、山西、福建这些地区的物价部门下发了文件，对部分超过标杆电价基础的上网电价进行了调整，下调的幅度从4厘钱到5分钱不等。这是关于电价下调的情况。 First, I am talking about the tariff adjustment in September after the government issued the notification covering the several provinces, for example, in Tianjin, Zhejiang, Heilongjiang, Shanxi, Fujian. For these provinces, they cut the tariff for the units with the tariff higher than the standard tariff. The cuts ranging from CNY 0.004 to CNY 0.05. 然后再介绍一下前三季度市场交易的电量和结算价格的情况。前三季度公司结算了交易电量1,248亿，这个交易电量的比重是40.4%，同比上升了10个百分点，交易电价是370元每千千瓦时，同比上升15.5元每千千瓦时，降价幅度大约是4分钱。 For the first nine months for the market-based power volume, we have realized 124.8 billion kilowatt hours, which accounted about 40.4% of our total power sale, increasing by 10 percentage points compared to that of last year with the tariff price for this part CNY 370 per MWh, increasing by CNY 15.5 per MWh. The tariff discount for this part was CNY 0.04. 关于利用小时的这个问题，前三季度公司全口径利用小时是3,180小时，同比上升105小时，其中火电的利用小时3,281小时，同比上升129小时。第三季度公司全口径利用小时1,129小时，同比上升53小时，其中火电利用小时1,170小时，同比上升59小时。 For the first nine months, the utilization hours for the company was 3,180 hours, increasing by 105 hours year-on-year. Among these, the utilization hours for the thermal business was 3,281 hours, increasing by 129 hours year-on-year. In the third quarter, our average utilization hours was 1,129 hours, increasing by 53 hours. Among these, for the thermal business, our utilization hours was 1,170 hours, increasing by 59 hours. 喂？喂？你好。你好，我想追加一个问题，前九个月我们合同煤价跟现货煤价分别是多少？ Also the question about the coal price. Could you please talk about the contract coal price and the spot market purchase price for the first nine months? 前九个月的长协煤价是542.4元每吨，这是原煤价。现货煤价是570.7元每吨。 For the first nine months, for the natural coal purchase price, the contract price was CNY 542.4 per ton, and the spot market purchase price was CNY 570.7 per ton. 好，谢谢管理层。感谢您的提问，也感谢管理层的解答。大家好，如需提问，请在话机上按星1，稍等候，千星号键再按数字1。下面一位提问者是来自华泰证券的吴敬鹏。你好，你的声音放开了，请提问。谢谢。管理层你好，我这边是华泰证券环保公用组的分析师吴敬鹏。是这样，我们有注意到公司三季度这边，主营业务成本这边的增速似乎跟电量跟不上。我们这边判断可能是不是因为公司这边入炉煤价涨了很多，我们就想问三季度的时候入炉煤价相比于去年是增长多少，现在是多少数？以及为什么在现在市场现货价走低的情况下，这部分的煤价还会走高？谢谢。 I am from 华泰 Securities. I am wondering of the operating cost for the company in the third quarter, could you please provide us your standard coal price for the coal consumption for the third quarter? Also the year-on-year change? Because currently we say the spot market price is declining in the market. Why did you realize the increase for the coal price in the third quarter? 我给你说一下，除税的煤机的三季度的标煤单价是744.76元每吨，去年三季度是698.37元每吨。 For the standard coal price excluding the tax, for the third quarter of this year, it was CNY 744.76 per ton, comparing to CNY 698.37 per ton in the third quarter of last year. 我说一下三季度煤价，刚才这位先生提到的现货走低，为什么煤价要高呢？三季度其实从采购价来说，同比上涨的幅度并不是很大，我这边统计数据是同比上涨了14块5。这里面是一个结构上的变化。因为三季度从保供的角度来说，长协的采购相对占比下降了一些，现货的采购占比提高了。所以这样的话，整个煤价略微上涨了一部分。 Well, in terms of the coal purchase price in the third quarter, our coal price purchase in the third quarter increased by CNY 14.5 per ton year-on-year. Maybe this is due to the structure factor. In the third quarter, the contract ratio was down and the spot market percentage was increased. 谢谢冠宇总。我还可以再追加一个问题。喂？请讲。好，不好意思。我想请问一下三季度咱们这边单纯就三季度它具体的一个长协煤的占比，以及在四季度的时候长协煤的比例大概是会有一个什么样的指引？ Also the question for the coal contract. Could you please provide the contract percentage in the third quarter and also the guideline for the fourth quarter? 我回答一下。三季度长协煤的占比是53%。这个占比比去年应该是略有所提高。然后四季度因为主要还是看消耗情况，长协因为年初定好的量基本上是一个均衡兑现。现货这边就看到消耗的情况，然后总量里面再算比例。我现在不太好说这个数。 For the contract ratio for the third quarter, it was 53% for us, and this is a little bit higher than the last third quarter last year. For the fourth quarter, we say it may be up to the demand and the consumption for the coal purchase, according to our arrangement for the coal purchase. 请问这位参会者还有其他的问题吗？好的，谢谢。我再追加最后一个小问题，就一个，就是在四季度的时候，参考过去往年四季度的时候都会计提比较大的资产减值的损失，而在今年四季度的时候，相比于去年，是否会有一个更加明显的增加？因为今年毕竟前三季度这边似乎营业也不是特别好。 Well, last question is about the impairment. Traditionally, the company made a lot of asset impairment in the fourth quarter every year. For this year, in the third quarter, it is not so good. Could you please talk about the fourth quarter of this year? Is there any potential to make a lot of asset impairment? 我们今年的一到九月份跟去年相比，大家注意到的是有一个1.7亿元的减值损失，这主要是新加坡大士能源的燃料油存货的一个跌价准备，主要是受新加坡电力政策和燃油储备政策的一些变化的影响，我们根据账面上的价值跟市场的价值进行了一个孰低的一个会计的处理。刚才你问到全年来看，每年根据中国会计准则的要求，我们都是在年底会对一些有减值迹象的，比如说有重大的不利因素，对一些项目进行这种测试，根据测试的结果，会在年底进行相应的这种财务处理。 For the first nine months, we have made asset impairment totaling about CNY 170 million. This was mainly coming from the provision for the inventory devaluation for the fuel oil in our subsidiary, Singapore Tuas Power. According to the government's policy in the oil and power sale policy. By the end of this year, we are going to make the asset impairment test to make decision whether to take the asset impairment. 感谢这位参会者的提问。下面一位提问者是来自中信证券的周大阳。你好，你的声音放开了，请提问。谢谢。你好，中信证券的周大阳，你的声音是放开的，你可以提问了。谢谢。喂，是我吗？喂喂，听得到吗？能听得到，把—— 你好，请讲。你好你好，我是中信证券的牛家阳。我有两个问题，第一个问题是我们上季度的分开煤机跟燃机的单位成本是多少，还有同比的变化。第二个问题就是说公司有没有看到最近电力的需求有所放缓，还是说其实还是平稳的发展下去？谢谢。 I am from CITIC Securities. I have two questions. First is, you talk about the unit fuel cost for the coal-fired business and the gas-fired business in the third quarter and also the year-on-year trend figures. The second question is about the power demand. Did you see any signs of slowdown of the power demand growth or any guidelines for the following quarters? 今年1到9月份的综合的单位燃料成本是239.43元每千瓦时，比去年1到9月份的225.13元每千瓦时上升了6.25%。 For the unit fuel cost, averagely it was CNY 239.43 per MWh, increasing by 6.25% year-on-year. 其中的燃煤的单位燃料成本是1到9月份，今年是231.53元每千瓦时，比去年的1到9月份的216.99元每千瓦时上升了6.7%。 Among this, for the unit fuel cost of our coal-fired business, it was CNY 231.53 per MWh, comparing to last year's CNY 216.99 per MWh, increasing by 6.7% year-on-year. All of these figures for the first nine months. 燃气的发电厂，今年1到9月份的单位燃料成本是373.01元每千瓦时，比去年的同期的373.50元每千瓦时微降了0.13%。 For the gas-fired unit fuel cost was CNY 373.01 per MWh, comparing to last year's CNY 373.50 per MWh, decreasing by 0.13% year-on-year. 我来回答第二个问题。根据中电联的预测，四季度考虑到中美贸易摩擦加剧带来的外部环境的不确定性，以及国家高耗能企业继续受到落后产能和环保政策影响，我们预计经济增长和电力需求较前三季度会略有回落，但是总体应该还是保持平稳的。 According to the China Electricity Council's forecast, in the fourth quarter, impacting by the conflict between the trades of the China and America's trade conflict, and the uncertainties in terms of the capacity release and also the environmental protection policies, it was forecast that the economic growth rate will be slowed down a little bit, but will run in a relatively stable level. 管理层，我可以追加一个问题吗？就是说因为刚刚提到用电需求可能就会有点变化，那会不会说我们季度煤价或者明年煤价会有所的变化，比较低一点。谢谢。 Also for the demand, if the demand will be slowed down, does that mean that the coal price will be slowed down also? Or is there any factors impacting the coal price? 明年的煤价取决于供需关系和国家的大的政策。这里面就是现在我们一些省有控煤的措施，就是降低煤炭的消耗量，这对需求这一块是一个减少。 Coal price is really up to the balance between the demand and the supply and also the policies in terms of the coal arrangements. Currently, the measures to curb the usage of the coal consumption will lower the coal demand. 谢谢管理层。我还没回答完这个问题。从供给方面，随着去产能这个过程的推进，现在优质产能在陆续地释放。而且从近期这个产量来看，月产量已经达到了3亿吨。这样的话，这些优质产能在明年也会持续下去，所以供给这块应该是有保障的。这样的话，整体上明年的供需形势应该相对比较乐观。这样的话，煤价我感觉应该会有个比较好的结果。 In terms of the supply side, under the capacity cuts policy, currently we say there is potential for the advance in the good quality capacity to be released. Currently, we say the monthly production of the coal is around 300 million tons. We can say that in the following quarters and the next year, the coal supply will be secured. We are optimistic about the coal price next year. 感谢这位参会者的提问。大家好，有需提问请在话机上按星1排队等候。请先按井号键再按数字1。下面一位提问者是来自中信建投的高先生。你好，你的声音放开了，请提问。谢谢。喂，你好，请问管理层你能听到吗？可以，请讲。好的，谢谢管理层。其实我有两个小问题，首先我想请教一下，因为咱们今年上半年咱们的长协煤占比是57%，然后咱们三季度的话长协煤占比是53%。其实相对来讲的话，感觉这个长协煤占比也没有发生一个根本性的逆转。但是为什么我们三季度的燃料成本有一个比较明显的上升？那么第二个问题就是我们53%的长协煤，它是包含了年度长协和月度长协吗？ I have two questions. First is about the contract ratio. We noticed that in the first half, your contract ratio was 57% and in the third quarter it was 53%. There is no big difference between the contract ratio. Could you please provide or talk about the reason why your fuel cost increased obviously compared to that last year? The second question is about also the contract ratio, 53% in the third quarter. Is this including the contracts based on the annually and also the quarterly contract? 我来回答一下这个问题。长协的比例在三季度是53%，这个数是准确的。这个比例比二季度或者是上半年有所下降。下降的比例不是很大，主要原因还是现货采购的量比较多，因为三季度是一个耗煤的高峰，所以现货的采购还是比较多。再一个长协，就我刚才也说过，它全年相对是一个量固定的，这样的话它有一个均衡兑现，每月兑现下来，它这个比例就取决于现货的比例，长协比例会有个变化。 In terms of the contract ratio for the 53%, it is a little bit lower than that in the first half of this year. The reason is that given the total amount of the contract signed with the suppliers. If the demand and consumption increase, then the spot market purchase percentage will be increasing. That will make the result of lower contract ratio. 这个53%的长协里面是包含年度长协和月度长协的。 The 53% has included the contract based on the annual and the monthly contract. 从这个结构上，就刚才说长协和现货，导致它的结构上的变化，导致三季度燃料采购价格有所上升。长协的价格三季度基本上是持平的，它的价格基本上是稳定的。现货的价格相比二季度环比，它是上涨了大概20块钱。 Well, the structure change results the coal price increase specifically for the price for the contract is relatively stable comparing to the second quarter. For the spot market purchase price, it is increasing about CNY 20 per ton comparing to the second quarter. 管理层您好，我还有一个小问题想请教一下，我们简单算了一下，咱们三季度单季的毛利率相较于咱们的上半年，其实大概下降了两个百分点左右。但是我们之前半年度业绩发布会的时候说，咱们上半年的入炉除税标煤价大概是750块钱，那么相较于咱们三季度的这个744.76，其实相差也就是5块钱。所以我想请教一下，5块钱这个入炉标煤价会导致我们毛利率出现两个点这么大的一个波动吗？ Questions about the gross margin rates. We say that the third quarter gross margin rate has decreased about 2 percentage points comparing to the first half of this year. We noticed that in the first half your standard coal price was CNY 750 per ton, versus the third quarter standard coal price CNY 745 per ton. The difference is only CNY 5 per ton for the standard coal price. Does that mean that the CNY 5 per ton difference for the standard coal price will result the 2 percentage points decline for the gross margin rate? 我们三季度的毛利今年是10.88%，二季度是12.44%，相差大概不到两个百分点。这个毛利率，因为它是由收入减掉主要业务成本，再减掉税金及附加之后的，除以收入这么一个比率。跟这个淡然的减少只是其中的毛利扣减项的一部分。你可能反正我们这个几个数应该都是没问题，你再仔细算算。如果需要一些明细的数据，我们可以进一步地提供。 Well, from our gross margin rate in the third quarter, it was 10.88%. The second quarter was 12.44%. There are nearly 2 percentage points difference between these two quarters. The gross margin rate was calculated based on the operating revenue, less the operating cost, and also less the taxes and the surplus. Maybe the coal cost is only the part of this. Maybe we can make further calculations to figure this out. 你好，我再有一个最后一个小问题，我想请教一下，在咱们三季报业绩出来以后，咱们管理层包括考虑到四季度的情况，包括考虑到用电需求和燃料成本的情况，对于我们全年的业绩还是有一个指引的吗？ Well, last question is about the guideline. After the report of the third quarter results, did you have the guidelines for the whole year based on the current demand and also the fuel cost? 我们目前可披露的信息是在我们业务层面，包括发电量、利用小时、煤价，没有新的调整。我们按照PPO要求，也不做全年业绩的预测。 Well, according to the regulation, we don't make the forecast for the whole year's results, but actually, we say the guidelines for our power sale utilization hours and also the fuel cost guideline has not changed. 感谢这位参会者的提问，也感谢管理层的解答。下面一位提问者是来自长江证券的金陵。你好，你的声音放开了，请提问。喂，你好，请问可以听到吗？哎，请讲。你好，我这边有几个问题想问一下，是一些细节方面的问题。第一个问题是收入层面的，想请教一下，咱们公司三季度境内的电力收入、新加坡的电力收入以及热力收入分别是多少？这是收入方面的。第二个问题是咱们成本方面的问题，想请教一下三季度的供电煤耗以及大士能源的燃料成本，以及咱们供热的燃料成本大概分别是多少？成本方面还有一个追加问题，咱们公司在年报和半年报中会把营业成本拆分为燃料成本、折旧以及电力采购成本、人工成本、维修支出等很多一系列成本。这些信息三季报没有，不知道公司能够提供一下这个数据。第四个问题是想请教一下，为什么咱们三季度的投资收益出现了大幅度的收缩，想请教一下其中的一个原因。第五个问题是想请教一下公司三季度在利润总额相对偏少的情况下，综合所得税以及咱们的少数股东损益偏高，导致最后我们这边计算出来，三季度公司整体呈现一个亏损的状态。不知道咱们公司所得税这一块的情况，主要的一个原因是为什么？我的最后一个问题是公司7月份收购了泰山电力的资产，请问这个收购对业绩的影响有多大？谢谢。 I have six questions. First is about the revenue. Could you please talk about the third quarter's revenue for the power sale and the heat sale respectively for the domestic business and the Singapore business? Second question is about the cost. Could you please talk about the third quarter's power consumption rate for the power sale, and also the fuel cost and other costs for the Tuas Power in Singapore. Third question is about the operational cost. The company has provided the whole year's cost spend down for the operational cost. Could you please provide us the depreciation, the labor cost, maintenance, and other costs for the third quarter? The fourth question is, we notice that in the third quarter, the investment income decreased a lot. Could you please talk about the reason for that? The fifth question is about the income decrease. We see that maybe it caused the higher tax rates and also the higher proportion from the non-controlling interest shareholders. Could you please talk about the reason for the higher tax rates, which may result in the loss in the third quarter? The last question is about the acquisition. Could you please talk about the contribution from the acquisition of Taishan Power assets in July this year? 我回答一下你这六个问题。第一个关于收入层面的，今年1到9月份，全口径的营业收入是1259.89亿元，其中境内的是1175.7亿元，然后境外的是84.19亿元。 For the revenue, for the first nine months, the total revenue for us was RMB 125.989 billion. Among this, we have RMB 115.97 billion from the domestic business, and RMB 8.419 billion from the Singapore business. 有关于成本方面的，今年1到9月份合并的总成本是1102.38亿元，其中境内的是1019.35亿元，境外的是83.03亿元。 For the first nine months, our total operating cost was RMB 110.238 billion. Among this, we have RMB 101.935 billion from the domestic business and RMB 8.3031 billion for the Singapore business. 其中燃料成本的合并总体是800.89亿元，其中境内的是760.17亿元，新加坡是40.72亿元。 In terms of the fuel cost, the total fuel cost for us for the first nine months was RMB 80.089 billion. Among this, we have RMB 76.017 billion for the domestic, and RMB 4.072 billion for Singapore. 这两个问题里头，你还提到境内供热的，1到9月份总体热力收入是62.78亿元。然后热力的燃料费是47.85亿元。 Also, for the heating sale revenue for us for the first nine months, was RMB 6.278 billion. Also, the fuel cost for the heat supply was RMB 4.705 billion. 你提到的第三个问题，就是说成本的劣势。一般是这样，我们按照披露的要求，在半年报跟年报的时候，有你刚才提到的那些按照国际准则向下的一些成本分类。季报就只公布按照中国会计准则向下的分类。因此，我们今年这个季报就没有同等分类的成本劣势。 In terms of the breakdown for the operating cost, actually, basing on the international financial standards, we will prepare the detail and breakdown for the operating cost for the first half year report and the annual report. But basing on the China's GAAP principles, we do not prepare the breakdown for the operating cost. 你提到的第四个问题是有关投资收益的。今年1到9月份比去年减少了14.5亿的投资收益，也是我们今年利润同比下降的一个主要原因。 For the investment gain, for the first nine months, the investment income decreased by CNY 1.45 billion, which was one of the main reasons for our profit decrease. 这个同比的原因的分析，主要是因为去年我们有一个处置长江电力股票，有一个投资收益增加了10.27亿。同时，加上今年投资收益的减少，共同影响了这个14.5亿。 The decrease of the investment gain was majorly due to the last year that we have disposal of the Yangtze Power stock, which gave us about CNY 1.027 billion investment gain. Also combining with this year's decline of our investment gain, result the huge decrease of the investment income. 从季度环比来看，三季度我们这个投资收益是负的2.29亿，环比二季度减少了4亿。这个主要是这个公司所控股的山东电力公司80%的股份，投资的巴基斯坦萨希瓦尔电厂的一些汇兑损失，按投资比例折算进入投资收益。 Specifically, for the third quarter, the investment loss was CNY 229 million, decreasing by CNY 400 million comparing to that of last year. This was mainly coming from the forex loss from the Pakistan business, which was controlled by our subsidiary, Shandong Power. 这块的汇兑损失总共是负的3.59亿，但是按照我们巴基斯坦电厂跟当地巴基斯坦政府的协商，这块汇兑损失我们会通过电价的补偿机制进行一些补偿。目前正在跟巴基斯坦政府进行一些具体的模型的计算的达成一致的协商。 For the Forex loss for the Pakistan business, which was totally about RMB 359 million. Currently, we are under discussion with the local government. Maybe there is potential to get some repayment for this Forex loss. 你提到的第五个问题，我们也是进行一些分析。三季度来看，在利润总额跟扣减所得税之后的净利润的比例，相对来说，第二季度所得税率显得偏高，主要是因为中国所得税法是按照法人独立纳税。相当于三季度来说，我们盈利贡献比较高的电厂，都是一些控股的企业为主。然后相对来说，一些全资的可能亏损相对来多一些，就引起横比较的角度，你看总体的所得税，感觉到比例偏高。 In terms of the lower profit and also the higher tax rate, we say that in China, according to the tax regulations, the independent entities will be levied tax. But for the wholly owned power plants, this will be combined, making the tax rate. For the third quarter, we may say that most of our profitable power plants are the controlled power plants, and the wholly owned power plants making loss but cannot be deductible. 同样的，这种影响了净利润在权益利润和少数股东权益利润之间的分配，相当于这种盈利的电厂，我们基本上是以控股的为主。相应的，如果是从数字角度来说，相当于权益利润的比重相对于二季度来说是有所下降。 This difference may result the lower of the profit in the third quarter compared to that of the second quarter. It will also impact the balance between the tax and also the profit attributable to the non-controlling interest shareholders. 对你提到的最后一个问题，我们今年也公告过了，从8月1号开始，我们并入了几家新收购的电厂。按照中国的会计准则的统一控制下的收购，我们把1到9月份的相关的电厂的利润，也计入了我们的重述之后的利润表。这块影响的是这几个电厂，1到9月份总共是亏损了5,000万。因此，我们业绩里头，1到9月份含了总体这几家新电厂的亏损5,000万。如果扣除这个5,000万，同比来说，通过口径来比，还会有5,000万的增长。 In terms of the acquisition of the Taishan Power assets, because this is the under common control acquisition. The relative figures will be combined for the whole nine months. For the first nine months, this power asset will contribute a loss about totally RMB 50 million for the profits. Excluding this loss from this acquisition projects, our profit will be a little bit higher than current figure. 感谢管理层的耐心解答。大家好，下面一位提问者是来自日信证券的戴维。你好，你的声音放开了，请提问。管理层你好。我有两个问题，第一个问题就是，我们最刚开始提到9月1号之后有一些局部的地区、局部电厂有下降，我想我们有没有测算一下，如果年化的话，对我们整个公司的平均电价的影响大概是几分钱，或者是百分之多少，或者是收入影响多少，有没有这种测算？第二个就是刚才提到长协煤和市场煤的比例和兑现情况，我们有没有发现9月份有没有一些好转，就比如说长协的比例上涨，意思就是说整个三季度虽然说没有想象那么好，但是七八九这三个月的变化有没有一个明显的按月的变化，有没有发现这一点？就这样，谢谢。 From Credit Suisse, I have two questions. First is, we mentioned that since September, some provinces will cut the tariff. Did you have the calculations, what kind of impact will have on our power plants? Also, could you please talk about the percentage for the revenue change? The second is about the contracts and the spot market purchase ratio and also the honor rate for the contract. Did you see any recovery in September or in the following month about this contract and also the honor rate? 回答一下第一个问题，刚才提到了公司的部分电厂在六个省份的电价有了一个下调，下调幅度在4厘到5分钱不等。去测算影响公司全年的利润大约在2亿元左右。 Just as mentioned right now that the tariff cuts in the six provinces and in the municipalities will result about CNY 0.004 to CNY 0.05 tariff cuts. For our company, based on our calculations, the whole year's impact will be about CNY 200 million for our profits. 不好意思，我想问你确认一下，这个2亿元指的是9月份到12月份的一个预测，还是说年化的，就把它变成全年化？ Is this CNY 200 million impact on the profit the whole year's impact or just the three months' impact? 就是调价之后到12月底的一个影响。哦，谢谢。 This is just the following months impact for our profit. 七八九三个月，长协煤和现货煤的比例是有变化的。我说几个数，7月份的时候，长协煤是886万吨，占总采购量的比例是48%。8月份的时候，长协煤的量是918万吨，占到总采购量的比例是51.6%。9月份的时候，长协煤数量是910万吨，占总采购量的比例是61%，逐月长协的占比是提高的。 For the third quarter, we can see improving figures for our contract purchase. For example, in July, the contract purchase amount was 8.86 million tons, accounted 48% of our total purchase. In August, this amount was 9.18 million tons, accounted 51.6%. In September, the co-purchase amount was 9.10 million tons, accounting 61%. We can see the improving of purchasing ratio from the contract. 因为我记得前六个月好像是60多。所以按你刚才给的七八九月的比例，是不是可以就是说前九个月，其实煤价合同比例最小，或者是整个平均成本比较高，就是7月份，那是比较艰难的一个月，对吧？那你有没有看到10月份有没有进一步的改善？ We can see that maybe the difficult month is July. Did you see any improvement in October? 10月份从计划安排上，长协的量我们还是就按照逐月这种均衡的对接来安排。总体上因为现在还没有执行完，所以这个数我现在还不太好说。好，谢谢。 Because it's just in the middle of this month, we cannot give the whole month figure, but we believe it will be stable in terms of the contract purchase amount. 请问这位传媒者还有其他的问题吗？没有了，谢谢。非常感谢您的提问。大家好，下面一位提问者是来自广发证券的蒋新浩。你好，你的声音放开了，请提问。各位领导好，我想问一下，前三季度单季的燃料成本分别具体是多少？希望再看一下这几个数。 From GF Securities, could you please talk about the first three quarters fuel costs based on the contract base? 我先给你报一下这个综合的，就是含煤机的跟燃气的。一季度是238.40元/MWh，二季度是235.70元/MWh，三季度是243.95元/MWh。 For the average unit fuel cost for the first quarter, it was CNY 238.4 per MWh, and in the second quarter it was CNY 235.7 per MWh. In the third quarter it was CNY 243.95 per MWh. 这里面其中的燃煤的一季度是232.53元/MWh，二季度是226.88元/MWh，三季度是234.74元/MWh。好 Among is for the coal-fired business unit fuel cost. In the first quarter, it was CNY 232.53 per MWh. In the second quarter, it was CNY 226.88 per MWh. In the third quarter, it was CNY 234.74 per MWh. 这个燃气的1、2、3季度分别是337.21元每千千瓦时，394.37元每千千瓦时和385.66元每千千瓦时。 Also for the gas fire business unit fuel cost. In the first quarter it was CNY 337.21 per MWh. In the second quarter it was CNY 394.37 per MWh. In the third quarter, it was CNY 385.61 per MWh. 谢谢领导，然后后面还有两个问题是关于刚才说7月份的长协比例下降是因为保供的原因，那么去年四个季度的长协的比例分布是多少？分布也是前高后低吗？然后还有一个就是年度和月度的，就是三季度的长协比例里面，年度和月度的结构是不是相较之前也发生了一个比较大的变化呢？ Also, you mentioned that the contract ratio in the July is the lowest one. Could you please talk about the contract ratio for the four quarters last year and also the percentage? Also could you talk about the structure of the third quarter's contract ratio, including the contract for the annual based and the monthly based? 去年全年的长协的占比是63.69%，其中一季度是61%，二季度是64.3%，三季度是63%，四季度是66.26%。 The contract ratio last year it was 63.69%, and for the first quarter of last year it was 61%, second quarter it was 64.3%, third quarter it was 63%, fourth quarter it was 66.26%. 还有关于刚才说的年度和月度的结构的问题，麻烦领导回答一下，谢谢。这也行，你想不想说就说吧。因为年度长协和月度长协我们在这个统计的过程中没有分那么细，因为我们像有些月度长协，它是跟你年度长协基本上是一半一半这种比例，但是我们都是把它统计到长协比例里面去了。明白。然后最后一个问题就是，现在公司在财务上计算燃料成本的时候，就在报告期内是计算的入炉煤炭的成本，还是说是在采购的一个成本，就是它具体地计算的时点周期是什么样的？又或者说三季度这一次的燃料成本的波动，库存周期在里面是不是对业绩也有影响，对季度间的成本也会有影响。 Well, for the question is about the breakdown for the monthly and the annual based contract. Actually, we have no breakdown for this. Roughly it's 50% to 50%. The third question is about the fuel cost. Actually, the fuel cost in your balance is income statement is basing on the consumption base or the coal purchase base. Does that mean that the fuel cost trade in the third quarter is impacted by the inventory of coal? 我们单燃料成本的这种计算是从采购一直到运输，最后到入炉的一个综合的成本。然后最后它这个煤是EPP运过来的，是会计上那个叫移动加权平均，一段时期的，最后算的是燃料成本，所以说肯定是有一定的滞后期。 Well, in the accounting, actually we make the calculation basing on the comprehensive cost for our unit fuel cost through the purchase to the transportation to the consumption of the coal. So this cost is basing on the weighted average cost in some periods. 谢谢领导。感谢您的提问。大家好，下面一位提问者是来自国融资管的孟建。你好，你的声音放开了，请提问。你好你好，我想先问一下浙江的玉环电厂的发电量为什么三季度比二季度下降了？然后还有二、三季度这个电厂的盈利情况。 Actually my question is focusing on the power plant in Yuhuan. We noticed that the power generation in the third quarter for Yuhuan power plant decreased comparing to the second quarter. Could you please talk about the reason for that decrease? Also, could you please provide the profit for Yuhuan power plant in the second quarter and the third quarter of this year? 先说一下玉环电厂这个电量下降的原因，主要是受到浙江省控煤政策的一个影响。 For the power generation decrease in the Yuhuan power plant in the third quarter, we say it may be majorly impacted by the policy given by the Zhejiang province that they will control the consumption of coal. 你刚才说到的这个玉环的利润，因为我们厂确实比较多，总共150家，我们准备的数字就有一个一到九月份的，玉环的是盈利了7.04亿，在我们这150家电厂里是排名头一位。 For Yuhuan power plants, because there are lots of power plants, totally maybe 150 power plants for us, we only have the first nine months profit for Yuhuan. The profit for first nine months was CNY 704 million, which was the most profitable power plant among our subsidiaries. 好，谢谢。我还想问一下，咱们的存货是后进先出还是先进先出？然后这个会计准则今年有没有过调整？ The accounting policies for the inventory, they only change for this inventory policy. 我刚才说到我们的存货主要都是燃料的存货。所以说刚才这个存货跟燃料成本的计算方法是一样的，我们成本的计算是移动加权平均，在这个成本之间剩余的就是存货。好的，谢谢。 As David stated that this is the similar calculation with our cost, and the inventory will be based on the moving weighted average method. 感谢管理层的回答。下面一位提问者是来自阳光保险的李成。你好，你的声音放开了，请提问。你好，管理层。我想问几个问题，首先是关于营业成本这一块的话，管理层能不能具体给我们说一下上半年燃料成本总共是多少亿？就是帮我们拆分一下，营业成本里面燃料成本是多少亿，折旧是多少亿，其他的成本是多少亿，然后单三季度的燃料成本里面是多少亿，包括其他的折旧是多少亿。这个是第一个问题。然后第二个问题就是长协煤的话，今年分季度的长协煤占比分别是多少？意思就是说一季度长协煤是多少，二季度长协煤和三季度长协煤分别占比是多少。然后第三个问题就是刚才说的，我还想问一下存货会计准则的问题，就是刚才说移动加权平均，然后刚才那位同行提到是先进先出还是后进先出，其实就想问一下公司的话，对于存煤，就比如说我们是购了煤之后，在消耗的时候马上把它计入到成本，还是说按照这个时间的准则，就是比如说7月的煤，我就是把7月的煤计入到的营业成本。这是第三个问题。然后最后想请教一下资产减值损失的问题，就是我们刚才提到说大士能源的资产减值损失，主要是因为燃油的价格计提了跌价准备，但是我们看的情况是，其实不管是燃油还是燃气的价格都是在上涨的，为什么公司在这个地方要计存货跌价准备？对，就是这几个问题。 First is about the operating cost. Could you please provide us the operating cost breakdown for the first half and also the third quarter, including the fuel cost, depreciation and other costs? The second question is about the contract coal purchase. Could you please provide the contract coal purchase ratio quarter on quarter for the first three quarters this year. The third question is about the inventory policy. First, the other methods mentioned that whether it is the first in first out inventory policy or other policy, the company mentioned that there will be a moving weighted average method for this. Does that mean that this coal cost will be prepared based on the consumption or based on the purchasing time? The last question is about the oil devaluation. Actually, we see that no matter the oil or the gas price, it is increasing. Could you please provide the reason for that devaluation? 我回答一下你头一个问题，就是你问的这个1到9月份的成本的一些分拆。1到9月份和三季度，营业成本分别是110.238亿元和385.85亿元。 For the operating cost for the first nine months, it was RMB 110.832 billion, and for the third quarter, it was RMB 38.5 billion. 其中燃料1到9月份是800.9亿元，然后三季度是284.9亿元。 For the fuel, the cost was RMB 80.09 billion, and for the third quarter, the fuel cost was RMB 23.4 billion. 然后维修成本，1到9月份是28.1亿元，三季度是10.88亿元。 For the maintenance cost, for the first nine months, it was CNY 2.81 billion, and for the third quarter, it was CNY 1.088 billion. 折旧成本，1到9月份是144.86亿元，三季度是49.82亿元。 For the depreciation, it was CNY 14.486 billion for the first nine months and CNY 4.982 billion for the third quarter. 还有一个比较重要的是职工薪酬，1到9月份是52.76亿元，三季度是19.45亿元。 Also for the labor cost, for the first nine months, it was CNY 5.276 billion, and for the third quarter was CNY 1.945 billion. 我来回答一下前三季度每个季度长协的占比。一季度长协的占比是53%，二季度长协的占比是61%，三季度长协的占比是53%，前三季度综合下来，长协的占比是55.54%。 For the contract purchase ratio, for first quarter of this year it was 53%, in the second quarter it was 61%, and third quarter it was 53%. The first nine months totally, it was 55.54%. 对于你刚才有追问的，就准上这个存货，确实存货有三种计价方法，一个是先进先出，后进先出，还有移动加权平均。我们采取的就是移动加权平均的这种方法，跟先进先出跟后进先出的还是有差别的。 Actually, you mentioned the inventory policy in the accounting basis. Actually, the moving weighted average is one of the three accounting policies. So we take this as moving weighted average. There are differences from the other two policies. 我来回答一下您关于大士油的存货低价的一个问题。按照新加坡的能源管理局的要求，现场必须存有30天的用量的油。这个油是当时2010年是为了油机所准备的高硫燃料油，就是所谓的重油。按照国际海事组织新的规定，2020年1月起，这个油不允许使用含硫量高于3.5%的，含硫量的标准要下降到0.5%。所以说大士能源需要把这些油在合适的时机去处置掉。所以说这个是因为9.8万吨高硫燃料油的处置所引起的原来采购价值与现货的价格的一个价差，就是具体的准备金。 In terms of the inventory valuation, actually, according to the Singaporean government policy that the oil power plant has to maintain 30 days inventory of oil, and this oil, which is called the heavy oil. According to the International Maritime Organization, the heavy oil sulfur content must be less than 3.5. Currently, it's lowered to 0.5 for the sulfur content. So the Tuas Power has to dispose this oil inventory. But just because of the difference between the purchase price of this oil and the current realizable value of this oil, there will be the difference to be recorded to the inventory valuation. 明白。林总，我追问一个问题，就是营业成本这一块的话，能不能帮我们单拆一下Q2季度的营业成本？就像刚才燃料、维修、折旧和职工薪酬这样拆分的话，今年二季度分别是多少？ Could you please provide the breakdown for the operating cost in the second quarter? 这二季度的，他要的是一二季度还是二季度？二季度的燃料是240.53亿元，然后维修是10.57亿元，折旧是47.54亿元。 For the second quarter this year, among our operating costs, the fuel cost was CNY 24.053 billion, the maintenance cost was CNY 1.057 billion, and the depreciation cost was CNY 4.754 billion. 我再给你解释，你刚才问的移动加权平均，移动加权平均就相当于每次买一次煤，然后把那个总的成本的价格，再加这次买的总成本，再重新除一下总量，算一个数，每次有每次的变化，这样比较适合电力企业，也比较方便计算。所以说先进先出、后进先出都没法进行准确的计量。所以说整个行业都是采取这种移动加权平均，而且已经采用了这么多年，也没有任何的变化。领导刚才那个补充一下，就刚才Q2的话，刚刚最多只说到折旧，职工薪酬Q2是多少？职工薪酬我看刚才是16.9。明白。 For the labor cost for the second quarter of this year, it was CNY 1.69 billion. Also the explanation for the inventory policies. Actually for this power industry, most of the producers take similar accounting policy, which is the weighted average method. This method requires that we have to make the calculations every time we purchase the coal in order to make the average cost for the coal. The other two methods cannot realize this method. 非常感谢各位的积极提问以及管理层的耐心解答。由于时间的关系，我们将邀请最后一位提问者，最后一位提问者是来自方正证券的杨洋。你好，你的声音放开了，请提问。管理层你好。你好，请讲。就是我们看到三季度其他综合收益里面有0.6亿，想问一下这个产生的原因以及这个明细是什么？谢谢。 I have a question about this. In the third quarter's income statement, you have CNY 160 million recorded in the other comprehensive income. Could you please talk about the detail about that? 这个其他综合收益税后的金额是2.77亿，然后净的2.77亿，主要是受外币报表折算差额和现金流量套期准备的这两个增加因素的影响。 The other comprehensive income was totally CNY 277 million for the first three quarters, and this was rising from the translation of the forex currency and also the currency swap increase. 这个外币报表折算差额，主要是人民币对新加坡元升值，630的时候，1新元对人民币是4.8386，然后到930的时候是5.0315。 Forex translation difference was coming from the RMB and Singapore dollars forex rate change from the early of this year from 4.8386 to 5.0315 by the end of September. 你好，我追问一个问题，就是现在我看目前我们报表里其他权益工具里面还有20多亿，是以前从可供出售金融资产里调过来的，那这块的话会对我们的其他综合收益有影响吗？ Also a question about the other equities instruments. There are about 2 billion was transferred from the assets available for sale in financial instruments. Could you please talk about the detail about that? 你刚才问的是，跟你讲这个增加的部分都直接增加了权益了，这个综合收益是通过利润表的转到其他权益里面去的。 This is transferred from the income statement to the other financial assets instruments. 好的，谢谢。 [Foreign language] Thank you so much for all of the questions and participant today. [Foreign language] Finally, Mr. Wang would like to give us a summary. 好，感谢各位参加公司的电话会，也感谢各位一直以来给予公司的大力支持和持续关注。今天的会议到此结束，如果有进一步的问题，欢迎大家会后与公司的投资者关系处联系。再次谢谢大家。 Thanks for attending company's conference call today. 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. 再次感谢各位出席华能国际电力股份有限公司2018年第三季度的业绩发布会。我们期待下一次的业绩再见. Thanks again for your attendance of the conference call regarding the third quarterly results announcement of 2018. We are looking forward to meeting with all of you in our next results announcement. Thank you