Formosa Petrochemical Corporation 2006 Q3 Financial Results

Transcription

1 Formosa Petrochemical Corporation 26 Q3 Financial Results November 26

2 Index Our Company 2 Financials 3 Refinery Division 4 Olefins Division 5 Capital Expansion 2

3 Our Company: Leading Private Integrated Producer in Asia Principal Shareholders Formosa Plastics 29.4% Nan Nan Ya Ya Plastics 23.8% Formosa Chemicals & Fibre Fibre 25.2% Formosa Taffeta 4.% 4.%. Shareholding percentage as of April 26. Taiwan Ratings on FPCC OUTLOOK Long term credit Short term credit Long term outlook RATINGS twaa- twa- Stable Formosa Formosa Petrochemical % 88% Formosa Oil Oil (Asia (Asia Pacific) Formosa Petrochemical Transportation Founded by Formosa Plastics Group companies in 992 Taiwan Stock Exchange IPO on December 26, 23 One refinery, two naphtha cracker plants and three co-generation plants in the integrated No.6 Naphtha Cracker Complex site Refinery Refinery Olefins Olefins Utilities Utilities Source: Company data. As of H26, total refining capacity is 5, bpd, ethylene capacity is.735 million tpa and electricity generation is 2,72 MW 3

4 Our Company: Our Track Record for Growth Operating Revenue (NT$ million) 347,42 443,32 397,375 5,56 28,6 69,39 236,52 Source: Company data Q26 Nameplate Capacity Start-Up Rapid Rapid Growth Growth Consolidating the the Lead Lead Refinery Refinery (bpd) (bpd) CDU I CDU II (5,) (5,) CDU III (5,) CDU III Debottleneck (8,) CDU I De- bottleneck (8,) CDU II De- bottleneck (8,) Olefins Olefins (tpa) (tpa) Plant I (45,) Plant II (9,) Plant I Debottleneck (7,) Utilities Utilities (MW) (MW) CoGen CoGen 3CoGen 2- CFB CoGen 2-2 UPC (3) (32) (6) (3) (6) (6). For olefins and utilities, capacity indicators are for ethylene and electricity, respectively. 4

5 Financials: Sales Revenue Note : Others includes internal transaction, maintenance center, storage, and jetty services. Sales Sales by by Division Division Unit: NT$ billion 3Q'5 Jan-Sep 25 3Q'6 Jan-Sep 26 3Q'6-3Q'5 Change Refinery % Olefins % Utilities % Others (3) (38) (5) (44) (2.) 5% Total % Gasoline 2% Jan-Sep Jan-Sep Sales Sales Breakdown Breakdown by by Products Products Gasoil 23% 2 Note 2: Other Products includes PFO, Butadiene, LPG, MTBE, Asphalt, Sulfur and etc. Jet Fuel/Kero 7% Naphtha 6% Source: Company data. Electricity & Steam 5% Other Products 8% BTX 4% Propylene 9% Ethylene 3% Fuel Oil 4% 5

6 Financials: Operating Profit Note : Others includes internal transaction, maintenance center, storage, and jetty services. Operating Operating Profit Profit by by Division Division Unit: NT$ billion 3Q'5 Jan-Sep 25 3Q'6 Jan-Sep 26 3Q'6-3Q'5 Change Refinery % Olefins % Utilities % Others Total % (NT$ billion) Jan-Sep Jan-Sep Operating Operating Profit Profit by by Division Division Jan-Sep 24 Jan-Sep 25 Jan-Sep 26 Source: Company data. Refinery Olefins Utilities Others 6

7 More Financials Category Category 3Q25 3Q25 3Q26 3Q26 Change Change (%) (%) Total Assets (NT$ million) Shareholders Equity (NT$ million) Basic EPS (NT$/Share) Expense/ Revenue(%) Interest Coverage Debt Gearing (%) 396,65 429, ,632 2, Source: Company data. 7

8 Refining Division: Macro Environment (US$/bbl) (US$/bbl) (2) (4) NYMEX IPE Brent Dubai Mo J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6 J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6 Source: Reuters, Industry Sources. Crude Crude Price Price Index Index Singapore Singapore Refining Refining Margin Margin SNG Simple SNG Complex (US$/bbl) Dubai Dubai Crude Crude Oil Oil Product Product Cracks Cracks J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6 Gasoline Gasoil Naphtha-MOPJ Jet Fuel/Kero MF8 8

9 Refining Division: Plant Operations Refinery Refinery Sales Sales and and Utilization Utilization Rate Rate Schedule Schedule Maintenance Maintenance (NT$ million) Refinery Sales Rev Utilization Rate 87% 7% 83% 3% 84% 3Q'5 4Q'5 Q'6 2Q'6 3Q'6 Note: Utilization rate based upon 45kbpd capacity. Source: Company data. % % 9% 8% 7% 6% 5% 4% 3% 2% % % -CDU# (5Kbpd): revamped 2% -RDS# (7Kbpd): revamped 7~3% -RCC# (73Kbpd): revamped % -CDU#2 (5Kbpd): revamped 2% -RDS#2 (7kbpd): August ~ September Upgraded Upgraded Facilities Facilities Period: June th ~August 8 th -CDU#3 (5Kbpd): revamped 2% -RDS#2 (7Kbpd): revamped 7~3% -RCC#2 (73Kbpd): revamped % 9

10 Refining Division: Product Market (KL) 6,, 5,, Domestic Domestic vs. vs. Export Export Sales Sales Volume Volume Gasoil Gasoline Domestic Export Jan-Sep Jan-Sep Gasoline Gasoline & Gasoil Gasoil Sales Sales Volume Volume by by Region Region 4,, 3,, 8% 86% 5% 5% S. America N. America 2% Others New Zealand 4% 3% % Australia 3% Africa 6% Taiwan 3% 2,, Philippines 9% Indonesia 4% Vietnam 2% Singapore 25% Korea %,, 49% 5% 9% 4% - JanSep25 Jan-Sep26 Jan-Sep25 Source: Company data. Jan-Sep26

11 Olefins Division: Macro Environment Global Global Ethylene Ethylene Utilization Utilization Estimates Estimates (KMT) (%) Global Capacity 4, Global Operating Rate 2, 9 8 (US$/MT),4,2 Naphtha Naphtha vs vs Ethylene Ethylene Spread Spread, 7, 8, , 4 6 4, , 2 Naphtha-MOPJ Ethylene CFR TW E Source:IEA, Industry sources, Reuters, Company data. J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6

12 Olefins Division: Macro Environment FPCC FPCC Olefins Olefins Contract Contract Prices Prices Regional Regional Petrochemical Petrochemical Prices Prices (US$/MT),7 (US$/MT),7,6,6,5,5,4,4,3,3,2,2,,,, Ethylene (WCP) Propylene Butadiene J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6 Source: Reuters, Company data HDPE (inject) J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6 EG PP ABS 2

13 Olefins Division: Macro Environment 6 US$/MT Naphtha-MOPJ Ethylene (WCP) HDPE (inject) J-6 F-6 M-6 A-6 M-6 J-6 J-6 A-6 S-6 O-6 Source: Reuters, Company data. 3

14 Olefins Division: Plant Operation Quarterly Quarterly Sales Sales and and Utilization Utilization Rate Rate Schedule Schedule Maintenance Maintenance (NT$ million) Olefins Sales Rev Utilization Rate 5% 7% 7% 5% 8% 2% % % 9% -OL# (7ktpa): Sep ~ Oct 25 8% 7% 2 6% Schedule Schedule Maintenance Maintenance 5 5% 4% 3% -OL#2 (.35mtpa): March st ~ April 5th 5 2% % % 3Q'5 4Q'5 Q'6 2Q'6 3Q'6 Note: Utilization rate based upon.7mtpa capacity. Source: Company data. 4

15 Expansion Plan: Refinery FPCC Refinery Expansion Division Refinery Project Upgrade Product Quality Major Products Gasoline, Gasoil Current Capacity OCT and PRU2 Propylene 4 KTY Base-oil Plant Capacity Revamping Baseoil, Whiteoil Gasoil, Naphtha - New 45, bpd Exapnsion Aggregated Capacity Completion Date Upgrade - 26 Q-4 68 KTY,8 KTY 26 Q4, bpd, bpd 28 Q 9, bpd 54, bpd 28 Q Change in FPCC Refinery Capacity and Yield Rate kbpd Vol% LPG Naphtha Jetfuel Gasoline Gasoil Fuel Oil Propylene Lube Base Oil 45 3.% 22.% 8.% 22.9% 29.7% 7.5% 2.9%.% 48 4.% 22.% 8.5% 22.9% 3.% 5.2% 2.9%.% % 22.% 8.5% 9.7% 3.% 4.4% 6.8%.% % 2.% 9.% 8.5% 3.% 4.2% 6.%.9% Note : Schedule subject to change. 5

16 Expansion Plan: Olefins Note : Schedule subject to change. Division FPCC Olefins Expansion Olefins Project Major Products Current Capacity OL3 Ethylene.7mn MTY Propylene from OL3 Propylene 85 KTY Exapnsion.2mn MTY Aggregated Capacity 2.9mn MTY Completion Date 27 Q 6 KTY.45 KTY 27 Q Formosa Group Companies Downstream Expansion Company Project Major Products Current Capacity Exapnsion FPC AE#2 AE 8 KTY 6 KTY Butanol Butanol New 25 KTY AE (Ningbo) AE New 6 KTY PP (Ningbo) PP New 5 KTY NYPC EG#4 EG,44 KTY 72 KTY PO PO New KTY.4BG#2 BG 44 KTY 6 KTY FCFC SM#3 SM 6 KTY 72 KTY Raw Material Completion Date Propylene 2 KTY 28 Q3 Propylene 58 KTY 28 Q Propylene 2 KTY 26 Q Propylene 55 KTY 27 Q2 Ethylene 468 KTY 26 Q4 Propylene 8 KTY 29 Butadiene 6 KTY 26 Q4 Ethylene 29 KTY 26 Q3 6

17 Disclaimer This document has been prepared by Formosa Petrochemical Corporation ( FPCC or the Company ) solely for meetings with potential investors The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document This document does not constitute an offer or invitation to purchase or subscribe for any securities in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in the offering should be made solely on the basis of the information contained in the Offering Circular included in this document contain forward-looking statements and information relating to the Company. The Company has generally identified forward-looking statements by the use of terms such as may, might, will, expect, intend, plan, estimate, anticipate, believe or similar words or phrases. The Company bases these statements and financial information on its beliefs as well as its assumptions made using information currently available to it. Because these statements and financial information reflect the Company s current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. The Company does not undertake to release the results of any revisions of forward-looking statements and financial information to reflect future events or circumstances. The Company cautions investors not to place undue reliance on these forward-looking statements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company s behalf are qualified in their entirety by these cautionary statements No part of this document may be distributed, reproduced or transmitted to any third party 7