Transcript 季度业绩发布 - Sinopec

China Petroleum & Chemical Corporation
Q1 2008 Results Announcement
28 April 2008
Disclaimer
This presentation and the presentation materials distributed herein include forwardlooking statements. All statements, other than statements of historical facts, that address
activities, events or developments that Sinopec Corp. expects or anticipates will or may
occur in the future (including but not limited to projections, targets, estimates and
business plans) are forward-looking statements. Sinopec Corp.'s actual results or
developments may differ materially from those indicated by these forward-looking
statements as a result of various factors and uncertainties, including but not limited to
price fluctuations, actual demand, exchange rate fluctuations, exploration and
development outcomes, estimates of proven reserves, competition, environmental risks,
changes in legal, financial and regulatory frameworks, international economic and
financial market conditions, political risks, project delay, project approval, cost estimates
and other risks and factors beyond our control. In addition, Sinopec Corp. makes the
forward-looking statements referred to herein as of today and undertakes no obligation to
update these statements.
2008-4-28
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Market Environment in Q1 2008

China’s economy maintained rapid growth

Domestic consumption of refined oil products and chemicals
increased steadily

International crude oil prices kept increasing

Domestic refined oil product prices still tightly controlled

Chemical product prices remained high
2008-4-28
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Financial Data
Q1 2007
Q1 2008
Change %
277,149
339,284
22.4
EBITDA
38,304
14,374
(62.5)
EBIT
28,635
3,031
(89.4)
Net profit attributable to shareholders of the
company
19,609
6,062
(69.1)
0.226
0.070
(69.1)
RMB million
Turnover, other revenues and other income
EPS (RMB)
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Financial Position
31 Dec 2007
31 Mar 2008
Short-term debts
44,654
60,777
Long-term debts
83,134
99,467
307,433
320,374
RMB million
Equity attributable to shareholders of
the company
RMB million
Q1 2008
Net cash flow from operating activities
2,663
Net cash flow from investing activities
(15,474)
Net cash flow from financing activities
32,663
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E&P—Operational Summary & Performance
Q1 2007
Q1 2008
Change %
Crude oil production (mm bbls)
70.96
73.36
3.4
Natural gas production (bcf)
70.48
72.63
3.1
2,582.70
3,943.01
52.7
Realized price of natural gas
(RMB/thousand cubic meter)
799.27
916.79
14.7
Lift cost (RMB/tonne)
505.29
601.70
19.1
EBIT（RMB million）
11,654
11,540
(1.0)
Realized price of crude oil (RMB/tonne)
Note: 1 tonne=7.1 barrels, 1 cubic meter=35.31 cubic feet
2008-4-28
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Refining—Operational Summary
Q1 2007
Q1 2008
Change %
Refinery throughput (mm tonnes)
38.23
41.89
9.6
Gasoline production (mm tonnes)
6.19
6.93
12.0
14.39
16.61
15.4
Kerosene incl. jet fuel production (mm
tonnes)
1.87
2.00
7.0
Light chemical feedstock production
(mm tonnes)
6.15
6.29
2.3
Light stream yield(%)
73.72
74.45
73 bps
Refining yield(%)
93.45
93.81
36 bps
Diesel production (mm tonnes)
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Refining—Performance
Refining Margin / Cash
Operating Cost
Refining margin
RMB/tonne
EBIT of Refining Segment
Cash operating cost
RMB/tonne
500
RMB million
10,000
500
339
400
400
300
300
200
200
147
121
100
100
0
0
5,000
0
-5,000
-10,000
(100)
-100
(200)
-200
-15,000
(300)
-300
-20,000
(400)
-400
(500)
Q1 07
Refining Margin
2008-4-28
(454)
Q1 08
-500
4,379
(20,636)
-25,000
Q1 07
Q1 08
Cash Operating Cost
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Marketing—Operational Summary
Q1 2007
Q1 2008
Change %
Domestic sales of refined oil products
(mm tonnes)
27.47
30.18
9.9
Incl. Retail (mm tonnes)
17.24
20.28
17.6
4.70
4.89
4.0
5.52
5.01
(9.2)
Total number of service stations (unit)
28,885
29,130
0.8
Incl. Company-operated
28,075
28,477
1.4
810
653
(19.4 )
2,457
2,848
15.9
Distribution (mm tonnes)
Wholesale (mm tonnes)
Franchised
Annualized average pump volume per
station (tonnes)
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Marketing—Performance
RON #90 Gasoline Retail Guidance Price
RMB/tonne
7,000
6,000
5,000
4,000
3,000
2,000
Jan
EBIT of Marketing Segment
RMB million
12,000
10,762
10,000
Mar
2005
May
Jul
2006
Sep
2007
Nov
8,000
7,741
2008
#0 Diesel Retail Guidance Price
RMB/tonne
6,000
6,000
4,000
5,000
2,000
4,000
3,000
0
Q1 07
2,000
Jan
2008-4-28
Mar
2005
May
2006
Jul
Sep
2007
Q1 08
Nov
2008
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Chemicals—Operational Summary
thousand tonnes
Q1 2007
Q1 2008
Change %
Ethylene
1,632
1,695
3.9
Synthetic resins
2,364
2,482
5.0
189
226
19.6
1,910
1,994
4.4
Synthetic fibers
355
355
-
Urea
366
283
(22.7)
Synthetic rubbers
Monomers & Polymers for synthetic fibers
Note: Includes 100% production from BASF-YPC and Shanghai-Secco
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Chemicals—Performance
EBIT of Chemicals Segment
Chemicals Price Spread (2002-Mar. 2008)
RMB million
USD/tonne
6,000
5,172
1,200
5,000
1,000
4,000
800
3,000
600
2,000
400
1,000
200
LDPE-Naphtha
PP-Naphtha
0
Jan-2002 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008
2008-4-28
1,549
0
Q1 07
Q1 08
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Capital Expenditure
Total Capex in Q1 2008: RMB 15.034 bn

E&P: RMB7.698 billion. Sichuan-East
China Gas Project progressed smoothly

Refining: RMB 1.773 billion. Qingdao 10
million tpa refinery project, Wuhan and
other oil products quality upgrading
projects progressed smoothly

Chemicals: RMB 2.097billion. Mainly
used for Tianjin 1 million tpa ethylene
project, Zhenhai 1 million tpa ethylene
project and Jinling 0.6 million tpa PX
project

Marketing: RMB 3.092 billion.
Remarkable progress in building and
purchasing service stations in key
regions; added 100 new stations

Corporate and others: RMB 0.374 billion
RMB billion
140
120
100
80
60
40
20
0
2008 Plan
E&P
Marketing
Corporate & others
2008-4-28
Q1 2008 Actural
Refining
Chemicals
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For Further Information
http://www.sinopec.com
Investor Inquiries
Media Inquires
Beijing:
Tel: (8610) 64990092
Fax: (8610) 64990093
Email: [email protected]
Tel: (8610) 64990060 Fax: (8610) 64990022
Email: [email protected]
Hong Kong: Tel: (852) 28242638 Fax: (852) 28243669
Email: [email protected]
New York:
2008-4-28
Tel: (212) 759 5085 Fax: (212) 759 6882
Email: [email protected]
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