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China Petroleum & Chemical Corporation Q1-Q3 2008 Results Announcement
October 30, 2008
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Market Environment in Q1-Q3
China’s GDP grew by 9.9% in the first 3 quarters Crude oil price surged to historical high and then declined sharply Domestic refined oil product prices remained tightly controlled Chemical Prices also surged and retreated
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Financial Results 1-9’08 1-9’07 Change%
RMB million 1-9’08 1-9’07 Change% Turnover, other operating revenue and other revenue 1,192,503 871,843 36.8 EBITDA 51,686 103,261 (49.9) EBIT 18,091 74,027 (75.6) Net profit attributable to shareholders of the Company 16,423 49,785 (67.0) EPS (RMB) 0.189 0.574
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Financial Position As of 30 Sep. 2008 As of 31 Dec. 2007
RMB million As of 30 Sep. 2008 As of 31 Dec. 2007 Short-term debt 120,671 44,654 Long-term debt 129,716 83,134 Equity attributable to equity shareholders of the Company 316,087 307,433 1-9’08 Cash flow from operating activities (10,166) Cash flow used in investing activities (72,388) Cash flow from financing activities 85,415 Cash & cash equivalents - ending balance 10,461
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E&P – Operational Summary
1-9’08 1-9’07 Change% Crude production (million tonnes) 31.33 30.69 2.1 Gas production (billion cubic meters) 61.05 59.76 2.2 Crude realized Price (RMB/tonne) 4,698.73 2,955.57 59.0 Gas realized Price (RMB/’000 cubic meters) 934.38 809.94 15.4 Oil & gas lifting cost (RMB/tonne) 617.18 557.91 10.6 EBIT (RMB million) 52,397 37,265 40.6 Note: 1 tonne = 7.1 barrels,1 cubic meter = cubic feet
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Refining – Operational Summary
(million tonnes) 1-9’08 1-9’07 Change% Refinery Throughput 128.77 120.07 7.2 Gasoline production 21.35 19.36 10.3 Diesel production 52.51 45.75 14.8 Kerosene incl. jet fuel production 5.95 6.31 (5.7) Light chemical feedstock production 18.09 18.10 (0.1) Light yield (%) 74.64 73.93 71bps Refining yield (%) 93.76 93.80 (4bps)
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EBIT of Refining Segment
Refining – Segment Performance Refining Margin / Cash Operating Cost EBIT of Refining Segment RMB million
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Marketing – Operational Summary
1-9’08 1-9’07 Change% Domestic sales of refined oil products (million tonnes) 94.81 88.57 7.0 Incl. Retail (million tonnes) 63.60 55.82 13.9 Distribution (million tonnes) 15.17 15.46 (1.9) Total number of gas stations (# sites) 29,220 28,976 0.8 Incl. Self-operated stations (# sites) 28,578 28,280 1.1 Franchised stations (# sites) 642 696 (7.8) Annualized throughput of self-operated stations (tonnes/station) 2,967 2,632 12.7
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Marketing – Segment Performance
RON 90# Gasoline Guidance Price EBIT of Marketing Segment RMB/Tonne RMB million 0# Diesel Guidance Price RMB/Tonne
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Chemicals – Operational Summary
Unit: 1,000 tonnes 1-9’08 1-9’07 Change% Ethylene 4,850 4,887 (0.8) Synthetic resin 7,294 7,218 1.1 Monomer & polymer for synthetic fiber 5,691 5,921 (3.9) Synthetic fiber 982 1,078 (8.9) Synthetic rubber 653 546 19.6 Urea 1,198 1,229 (2.5) Note: 100% production from YPC-BASF and Shanghai-Secco included.
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Chemicals – Segment Performance
EBIT of Chemicals Segment RMB million
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Capital Expenditure Q1-Q Capex: RMB bn E&P: RMB bn, newly added 3.68 million tonne/year crude capacity and 699 million m3/year gas capacity Refining: RMB bn, Qingdao refinery, upgrading of Wuhan and Luoyang refinery and Caofeidian oil jetty were put into operation Marketing: RMB bn, progress made in construction and acquisition of stations with 369 stations added Chemicals: RMB bn, YPC’s 100 kpa butadiene project completed. Tianjin and Zhenhai ethylene project proceeding on schedule Corporate & Others: RMB bn RMB million * Adjusted Capex plan
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For Further Information
Investor Relations Beijing: Tel: (8610) Fax: (8610) Hong Kong: Tel: (852) Fax: (852) New York: Tel: (212) Fax: (212) Media Inquiry Tel: (8610) Fax: (8610)
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