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China Petroleum & Chemical Corporation Q1 2005 Results Announcement. April 29, 2005. Market Environment in Q1. Chinese economy maintained fast growth Domestic demand of oil and chemical products sustained growth momentum Crude oil prices were volatile - PowerPoint PPT Presentation
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April 29, 2005
China Petroleum & Chemical CorporationQ1 2005 Results Announcement
3
• Chinese economy maintained fast growth
• Domestic demand of oil and chemical products
sustained growth momentum
• Crude oil prices were volatile
• Prices of chemical products remained at high levels
Market Environment in Q1
4
Results of Operation- Significant Earnings Growth
(RMB million)
Revenue 174,127 129,608 34.35
EBITDA 24,970 21,526 16.00
EBIT 16,880 14,388 17.32
Profit after taxation 11,042 9,448 16.87
Minority Interests 1,405 1,142 23.03
Profit attributable to shareholders
of the parent9,637 8,306 16.02
EPS (RMB/share) 0.111 0.096 16.02
1Q05 1Q04 Change %
5
Sound Financial Position
(RMB million)
Short-term Debt 37,154 32,307
Long-term Debt 69,906 60,822
Shareholders’ funds attributable to shareholders of the parent
202,677 193,040
Net Cash Flow from Operating Activities 12,793
Net Cash Flow used in Investing Activities 13,112
Net Cash Flow from Financing Activities 2,101
Cash and Cash Equivalent – Ending Balance 18,165
At 31 March 2005 At 31 December 2004
1Q05
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E & P
Note: 1 tonne = 7.1 barrel , 1 cubic meter = 35.31 cubic feet
Crude Production (‘000 tonnes) 9,530.5 9,538.3 -0.08
Gas Production (billion cubic meters) 1.469 1.395 5.30
Crude Realized Price (RMB / tonne) 2,127.29 1,678.63 26.73
Gas Realized Price (RMB / ’000 cubic meters) 655.36 606.47 8.06
Lifting Cost (USD / bbl) 6.47 6.37 1.57
EBIT (RMB million) 6,394 4,545 40.68
1Q05 1Q04 Change %
7
(million tonnes)
Crude Oil Throughput 34.33 32.37 6.05
Gasoline Production 5.82 5.73 1.57
Diesel Production 13.11 12.04 8.89
Light Chemical Feedstock Production 4.99 4.53 10.15
Kerosene Production 1.68 1.48 13.51
Light Yield (%) 73.48 73.85 -37 bps
Refining Yield (%) 92.63 92.82 -19 bps
1Q05 1Q04 Change %
Refining - Adjusted Product Mix, Increased Throughput
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Refining Earnings
Refining Margin/Cash Operating Cost
(USD/bbl)
Refining Segment EBIT
(RMB million)
4.2
3.49
1.97
1.89
1
2
3
4
5
1Q04 1Q05
1.5
2.0
2.5
Refining Margin Cash Operating Cost
2,187
1,671
0
500
1,000
1,500
2,000
2,500
3,000
1Q04 1Q05
(USD/bbl)
9
Marketing –Increased Volume, Optimized Structure
Domestic sales of refined oilproduct (million tonnes)
24.13 21.70 11.20
Incl. Retail (million tonnes) 13.46 11.98 12.35
Distribution (million tonnes) 5.35 4.40 21.59
Total No. of gas stations (site) 30,164 30,416 -0.83
Incl. Owned and operated (site) 26,682 24,680 8.11
Franchised (site) 3,482 5,736 -39.30
Annual throughput per station (tonne/site) 2,018 1,757 14.85
1Q05 1Q04 Change %
10
Marketing Earnings
Domestic RON 90# Gasoline Guidance Price
(RMB/Tonne)
(RMB/Tonne)
Domestic 0# Diesel Guidance Price
Marketing Segment EBIT(RMB million)
4,118
3,542
0
1,000
2,000
3,000
4,000
5,000
1Q04 1Q05
2000
3000
4000
5000
Jan Mar May Jul Sep Nov
2003 2004 2005
2000
3000
4000
5000
Jan Mar May Jul Sep Nov
2003 2004 2005
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Chemicals – Increased Volume
(‘000 tonnes)
Ethylene 1,121.8 1,041.5 7.71
Synthetic Resins 1,683.1 1,544.9 8.95
Incl. Performance Compound 845.6 725.8 16.51
Synthetic Rubber 158.1 152.1 3.94
Synthetic Fiber Monomer & Polymer 1,595.6 1,515.2 5.31
Synthetic Fiber 400.0 407.1 -1.74
Incl. Differential Fiber 195.1 133.7 45.92
Urea 388.3 541.5 -28.29
1Q05 1Q04 Change %
12
Chemicals Earnings
Chemicals Price Spread(1990 through Mar 2005)
Chemicals Segment EBIT
(RMB MM)
USD/tonne
4,175
5,911
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1Q04 1Q05
0
200
400
600
800
1000
1200
Jan-1990
Jan-1992
Jan-1994
Jan-1996
Jan-1998
Jan-2000
Jan-2002
Jan-2004
LDPE-Naphtha PP-Naphtha
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Total: RMB11.359 billion
• E & P – Newly added crude production capacity of 600 thousand tonnes/year and newly added gas production capacity of 90 million cubic meters/year
• Refining – the 2nd phase of Ningbo-Shanghai-Nanjing crude pipeline is close to completion; crude pipeline along the Yangzi River is under construction; some revamping projects were on schedule
• Chemicals –major chemical revamping projects, incl. Maoming ethylene progressed smoothly
• Marketing – oil product pipeline in southwestern China is close to completion and upgrading of retail network progressed smoothly
• Corporate and Others –IT projects including ERP progressed smoothly
In addition, Capex for JV projects, incl. Shanghai-Secco and BASF-YPC was RMB 1.292 billion.
Capital Expenditure
RMB million
E&P 4,451
Refining1,256
Chemical804
Marketing4,719
Corporate& Others
129
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http://www.sinopec.com.cn
For Further Information
Investor Relations
Beijing: Tel: (8610) 64990060 Fax: (8610) 64990489Email: [email protected]
Hong Kong: Tel: (852) 28242638 Fax: (852) 28243669Email: [email protected]
New York: Tel: (212) 759 5085 Fax: (212) 759 6882Email: [email protected]
Media Relations
Tel: (8610) 64990092Fax: (8610) 64990093Email: [email protected]