china petroleum & chemical corporation q1-q3 2005 results announcement
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China Petroleum & Chemical Corporation Q1-Q3 2005 Results Announcement. 28 October 2005. Market Environment in Q1-Q3. China’s economy maintained steady growth with GDP up 9.4% in Q3 Domestic demand for refined oil products and chemical products maintained growth - PowerPoint PPT PresentationTRANSCRIPT
China Petroleum & Chemical CorporationQ1-Q3 2005 Results Announcement
28 October 2005
32005-10-28
Market Environment in Q1-Q3
China’s economy maintained steady growth with GDP up 9.4% in Q3
Domestic demand for refined oil products and chemical products maintained growth
Crude oil price experienced a record high
Price control on refined oil products remained in effect
Prices of petrochemical products stayed at high level
42005-10-28
RMB million
Turnover and other operating revenues
592,588 439,652 34.79
EBITDA 70,017 69,749 0.38
EBIT 47,176 46,394 1.69
Profit for the period 30,635 31,145 -1.64
- Minority interests 2,386 3,605 -33.81
- Attributable to equity holders
of the parent 28,249 27,540 2.57
EPS (RMB) 0.326 0.318 2.57
Q1-Q3 ‘05 Q1-Q3 ‘04 Change %
-20000
-10000
0
10000
20000
30000
40000
50000
60000
Q1-Q3 '04 Q1-Q3 '05
E & P RefiningChemicals MarketingCorporate & Others
EBIT by Segment
(RMB million)
Operating Results
52005-10-28
Financial Highlights
RMB million
Short-term debt 36,103 32,307
Long-term debt 76,494 60,822
Equity attributable to equity holders of the parent 210,885 193,040
Cash flow from operating activities 40,759
Cash flow for investing activities -44,443
Cash flow from financing activities 2,546
Cash & cash equivalents - ending balance 15,228
As of 30 Sep. 2005 As of 31 Dec. 2004
Q1-Q3 ‘05
62005-10-28
E & P Operating Summary
Crude Production (million tonnes) 29.19 28.80 1.35
Gas Production (billion cubic meters) 4.53 4.31 5.10
Crude Realized Price (USD/bbl) 43.33 31.63 36.99
Gas Realized Price (USD/’000 cubic feet) 2.27 2.07 9.66
Lifting Cost (USD/bbl) 7.29 6.35 14.80
EBIT (RMB million) 31,836 17,432 82.63
Q1-Q3 ‘04 Change %Q1-Q3 ‘05
Note: 1 tonne = 7.1 barrel , 1 cubic meter = 35.31 cubic feet Prices for Q1-Q3 2004 were converted at USD 1=RMB 8.28, while for Q1-Q3 2005 were at weighted average rate.
72005-10-28
Refining Operating Summary
(million tonnes)
Crude Oil Throughput 104.07 98.68 5.46
Gasoline Production 17.23 17.48 -1.43
Diesel Production 40.49 37.76 7.23
Light Chemical Feedstock Production 15.50 13.02 19.05
Kerosene Production 5.18 4.64 11.64
Light Yield (%) 74.20 73.94 26 bps
Refining Yield (%) 93.23 92.93 30 bps
Q1-Q3 ‘04 Change %Q1-Q3 ‘05
82005-10-28
Refining Segment Performance
3.86
1.48
1.921.94
1
2
3
4
5
Q1-Q3 '04 Q1-Q3 '05
1.5
2.0
2.5
Refining Margin Cash Operating Cost
5,783
-7,926-10000
-8000
-6000
-4000
-2000
0
2000
4000
6000
8000
Q1-Q3 '04 Q1-Q3 '05
Refining Margin/Cash Operating Cost
Refining Segment EBIT
(RMB million)(USD/bbl) (USD/bbl)
92005-10-28
Marketing Operating Summary
Domestic sales of refined oil product (million tonnes)
77.50 70.19 10.41
Incl. Retail (million tonnes) 46.18 38.57 19.73
Distribution (million tonnes) 15.42 15.03 2.59
Total number of gas stations (site) 30,583 31,030 -1.44%
Incl. Self-operated stations (site) 27,048 25,654 5.43%
Franchised stations (site) 3,535 5,376 -34.24%
Annualized throughput of self-operated st
ations (tonnes/station)2,277 2,005 13.57%
Q1-Q3 ‘04 Change %Q1-Q3 ‘05
102005-10-28
Marketing Segment Performance
12,815
9,376
0
2000
4000
6000
8000
10000
12000
14000
Q1-Q3 '04 Q1-Q3 '05
2000
3000
4000
5000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2003 2004 2005
2000
3000
4000
5000
Jan Mar May Jul Sep Nov
2003 2004 2005
RON #90 Gasoline Guidance Price
#0 Diesel Guidance Price
RMB/Tonne
RMB/Tonne
(RMB million)
EBIT of Marketing Segment
112005-10-28
Chemicals Operating Summary
(thousand tonnes)
Ethylene 3,849 2,996 28.47
Synthetic Resins 5,547 4,504 23.16
Incl. Performance Compound 2,559 2,207 15.95
Synthetic Rubber 468 415 12.77
Synthetic Fiber Monomer & Polymer 4,929 4,465 10.39
Synthetic Fiber 1,161 1,239 -6.30
Incl. Differential Fiber 568 536 5.97
Urea 1,450 2,152 -32.62
Q1-Q3 ‘04 Change %Q1-Q3 ‘05
122005-10-28
Chemicals Segment Performance
11,639
14,647
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Q1-Q3 '04 Q1-Q3 '05
0
200
400
600
800
1000
1200
Jan-1990 Jan-1993 Jan-1996 Jan-1999 Jan-2002 Jan-2005
LDPE-Naphtha PP-Naphtha
EBIT of Chemicals Segment Chemicals Price Spread (1990 - Oct. 2005)RMB million
USD/tonne
132005-10-28
Capital Expenditure
E & P – RMB 15.013 bn, newly added crude production capacity of 2.98 million tonnes/year and gas production capacity of 570 million cubic meters/year
Refining – RMB 6.839 bn upgrading capacity expansion projects were on schedule some of which already in operation
Marketing – RMB 9.182 bn, construction of oil pipeline in south-western China is close to completion, newly added 742 self-owned stations
Chemicals – RMB 4.777 bn, revamping projects incl. Maoming ethylene progressing smoothly
Corporate & Others – RMB 0.672 bn
In addition, RMB 2.313 bn invested in Shanghai-Secco, BASF-YPC and other JV projects
E & P
Refining
Marketing
Chemicals
Corporate& Others
Q1-Q3 2005 Capex: RMB36.483 bn
Q1-Q3 2005 Capex Breakdown
142005-10-28
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]
http://www.sinopec.com