中石化业绩报告(1)

1August29,2005HongKongChinaPetroleum&ChemicalCorporation1H2005ResultsAnnouncement22005-8-29Thispresentationandthepresentationmaterialsdistributedherewithincludeforward-lookingstatements.Allstatements,otherthanstatementsofhistoricalfacts,thataddressactivities,eventsordevelopmentsthatSinopecCorp.expectsoranticipateswillormayoccurinthefuture(includingbutnotlimitedtoprojections,targets,estimatesandbusinessplans)areforward-lookingstatements.SinopecCorp.'sactualresultsordevelopmentsmaydiffermateriallyfromthoseindicatedbytheseforward-lookingstatementsasaresultofvariousfactorsanduncertainties,includingbutnotlimitedtopricefluctuations,actualdemand,exchangeratefluctuations,explorationanddevelopmentoutcomes,estimatesofprovenreserves,competition,environmentalrisks,changesinlegal,financialandregulatoryframeworks,internationaleconomicandfinancialmarketconditions,politicalrisks,projectdelay,projectapproval,costestimatesandotherrisksandfactorsbeyondourcontrol.Inaddition,SinopecCorp.makestheforward-lookingstatementsreferredtohereinasoftodayandundertakesnoobligationtoupdatethesestatements.Disclaimer32005-8-29•1H2005BusinessReview•1H2005FinancialPerformance•2H2005BusinessProspectsAgenda41H2005BusinessReview52005-8-29MarketEnvironment•China’seconomymaintainedsteadygrowth,withGDPat9.5%–Domesticconsumptionofoilproductsincreasedby5.56%–Domesticconsumptionofpetrochemicals(ethyleneequivalent)increasedby5.70%•Crudeoilpriceclimbedtoarecordhigh•Petrochemicalpricesremainedhighalbeitsomewhatdownfrom4Q2004•Pricecontrolonrefinedoilproductsremainedineffect62005-8-297.2754.815.5831.9260.544EBITAnalysis1H20041H2005EBITTotal28.562EBITTotal33.682ProfitContinuestoGrowRefiningProfitChangeChemicalsProfitGrowthE&PProfitGrowthMarketingProfitChangeCorporate&OthersUnit:RMBbillion72005-8-29Crudeoilproduction(mmbbls)136.69135.850.62Naturalgasproduction(bcf)104.8100.064.746.98172.04Liftingcost(USD/bbl)6.2811.15Newlyaddedprovedoil&gasreserves(mmboe)269.86-36.25E&P–StableProduction1H051H04Change(%)Period-endprovedoilandgasreserves(mmboe)3,7913,7730.4830June200531Dec.2004Change(%)82005-8-29E&PSegmentPerformance29.6239.402.262.080510152025303540451H20041H200501234CrudeOilNaturalGas10,52017,79505,00010,00015,00020,0001H20041H2005RMBmillionCrudeOilandNaturalGasRealizedPriceEBITofE&PSegmentCrudeOilUSD/bblNaturalGasUSD/mcf92005-8-29Refining–EfficientOperationatFullUtilizationCrudeOilProcessed(mmtonnes)68.08-SourCrudeOilProcessed(mmtonnes)16.8713.3925.9911.3226.31KeroseneProduction(mmtonnes)3.393.0311.88LightChemicalFeedstockProduction(mmtonnes)10.168.9213.90LightYield(%)74.2474.0618bps93.1164.984.77GasolineProduction(mmtonnes)11.42-0.88DieselProduction(mmtonnes)24.726.43RefiningYield(%)93.101bp1H051H04Change(%)102005-8-29RefiningSegmentPerformance2.324.071.981.930.001.002.003.004.005.001H20041H20051.001.502.002.503.003.50RefiningMarginCashOperatingCost-1,2964,287-2,000-1,00001,0002,0003,0004,0005,0001H20041H2005RMBmillionEBITofRefiningSegmentRefiningMargin/CashOperatingCostUSD/bbl112005-8-29Marketing-OptimizedMarketingNetwork,ExpandedRetailandDistributionDomesticsalesofrefinedoilproducts(mmtonnes)50.7729.5610.3930,35226,870Franchisedstations3,4825,376-35.232,20045.4911.61Incl.Retail(mmtonnes)25.1217.68Distribution(mmtonnes)9.568.68Totalgasstations30,682-1.08Incl.Self-operatedstations25,3066.18Annualaveragethroughputofself-opeartedstations(tonnes/station)1,98610.781H051H04Change(%)122005-8-29MarketingSegmentPerformance8,5696,64301,0002,0003,0004,0005,0006,0007,0008,0009,00010,0001H20041H20052000300040005000JanMarMayJulSepNov2003200420052000300040005000JanMarMayJulSepNov200320042005149.93153.38Marketingcashoperatingcost(RMB/tonne)1H20051H2004EBITofMarketingSegmentRON#90GasolineGuidancePriceRMB/TonneRMB/TonneRMBmillion#0DieselGuidancePrice132005-8-29Chemicals—ProductionAlignedwithMarketDemandUnit:1,000tonnesEthylene2,4343,5281,689308Monomers&polymersforsyntheticfibers3,1523,0304.03756Incl.differentialfiber3843596.969982,08116.96Syntheticresin3,10213.73Incl.performancecompound1,5459.32Syntheticrubber2973.70Syntheticfiber824-8.25Urea1,322-24.51Dataabovefor1H2004and1H2005includeproductionfromthechemicalassetsacquiredfromSinopecGroupattheendof2004.100%productionfromYPC-BASFandShanghai-Seccowascalculatedintothestatisticsin2005.1H051H04Change(%)142005-8-29ChemicalsSegmentPerformance10,8156,00502,0004,0006,0008,00010,00012,0001H20041H2005148.87142.64Ethylenecashoperatingcost(USD/tonne)1H20051H2004EBITofChemicalsSegmentRMBmillionUSD/tonneChemicalsPriceSpread(1990-Jul.2005)020040060080010001200Jan-1990Jan-1993Jan-1996Jan-1999Jan-2002Jan-2005LDPE-NaphthaPP-Naphtha152005-8-29CostReductionTotalcostreductionreachedRMB1.282billionin1H2005RMBmillion05001,0001,5002,0002,5003,0002005Plan1H2005ActualE&PRefiningMarketingChemicals2,5001,282162005-8-29CapitalExpenditure1H2005Capex:RMB22.55bn•E&P–10.077bn,focusonprogressiveexplorationintheexistingblocksandpre-explorationinnewblocks•Refining–3.451bn,secondphaseofNingbo-Shanghai-Nanjingpipelineisclosetocompletion,andanumberofrevampingpro