Formosa Petrochemical

Transcription

1 Formosa Petrochemical 1Q 2010 Results For the Months Ended in March 30 th

2 Index 1 2 Our Company Financials 3 4 Refinery Division Olefins Division 5 Capital Expansion 2

3 Our Company: Leading Private Integrated Producer in Asia Principal Shareholders 1 Formosa Plastics 29.3% Nan Ya Plastics 23.8% Formosa Chemicals & Fibre 24.9% Formosa Taffeta 3.7% Taiwan Ratings on FPCC OUTLOOK RATINGS Long term credit twaa- 2 Formosa Petrochemical Refinery Short term credit Long term outlook twa-1+ Stable Note 1: Shareholding percentage as of July Note 2: Taiwan Ratings on FPCC as of Nov % 88% Formosa Oil (Asia Pacific) Formosa Petrochemical Transportation Taiwan Stock Exchange IPO on December 26, Founded by Formosa Plastics Group companies in 1992 Olefins Utilities One refinery, three naphtha crackers and three co-generation plants vertically integrated in No.6 Naphtha Cracker Complex site As of May 2009, total refining capacity is 540,000 bpd, ethylene capacity is million MTY and electricity generation is 2,820 MW 3

4 Our Company: Track Record Source: Company data. Sales Revenue (NT$ billion) Aggregated Capacity Start-Up Rapid Growth Consolidating the Lead Refinery (bpd) CDU I (150,000) CDU II (150,000) CDU III (150,00) CDU III Debottle neck (180,00) CDU I Debottle neck (180,00) CDU II Debottle neck (180,00) Cracker (tpa) Plant I (450,000) Plant II (900,000) Plant I Debottleneck (700,000) Plant II Revised (1,035, 000) Plant III (1,200,000) Co-Gen (MW) Co- Gen I (300) Co-Gen III (320) Co-Gen II-UPA (600) CFB (300) Co-Gen II-UPB (600) Co-Gen II-UPC (600) Co-GenIII Revised (420) 4

5 Financials-Sales Revenue YoY Sales Revenue by Division Unit: NT$ billion 1Q2009 (%) 1Q2010 (%) Change Growth Refinery % % % Olefins % % % Utilities 9.4 8% % % Others % % % TOTAL % % % QoQ Sales Revenue by Division Unit: NT$ billion 4Q2009 (%) 1Q2010 (%) Change Growth Refinery % % % Olefins % % % Utilities % % % Others % % % TOTAL % % % 5

6 Sales Revenue (Con t) 20101Q Sales Revenue by Products Gasoil 21% Gasoline 16% Ethylene 13% Propylene 11% Note 1: Other Products includes Butadiene, LPG, MTBE, Asphalt, Sulfur and etc. 6

7 Operating Profit YoY Operating Profit by Division Category Units 1Q2009 1Q2010 Change Unit: NT$ billion 1Q2009 (%) 1Q2010 (%) Change Growth Refinery % % 0.1 4% Total Assets NT$ bn % Olefins 0.3 3% % % Utilities % % % Others % 0.1 1% % Shareholders Equity NT$ bn % TOTAL % % % QoQ Operating Profit by Division Unit: NT$ billion 4Q2009 (%) 1Q2010 (%) Change Growth Refinery % % % Olefins % % % Utilities % % 0.0-2% Others 0.0 0% 0.1 1% % TOTAL % % % Basic EPS Expense /Revenue Interest Coverage Debt Gearing NT$ /sh % % X % % % 7

8 Refining Division: Macro Environment Source: Reuters, industry sources. Dubai Crude vs. Oil Product Differentials Singapore VS FPCC Refining Margins (US$/bbl) (US$/bbl) Jet Fuel/Kero Gasoil Gasoline FPCC Export Raw Materil Margin Singapore Complex Margin Naphtha-MOPJ MF Singapore Simple Margin S-08 O-08 N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 8

9 Global Refining Capacity Addition Estimates Europe Source: Company Data North & South America Middle East Asia Global Capacity Additions Year (kb/d) , , , , ,341 Global Demand Growth Year (kb/d) 2008 (300) -0.3% 2009 (1,280) -1.5% , % Africa Unit: Kb/d China Index India Other Asian Countries 9

10 Global Demand Growth: Source: IEA data 10

11 Refining Division: Operations Source: Company data. (NT$ Billion) Quarterly Sales and Throughput Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 Sales Revenue Throughput (KB/D) Schedule Maintenance RDS I (80.5kbpd): March ~ April RDS II (80.5kbpd): Oct~ Nov CDU III (180kpd) : Oct~ Nov RDS I (80.5kbpd): March ~ April RCC II (84kbpd) : March~ April RDS II (80.5kbpd) : Sep~ Oct 11

12 Refining Division: Capacity & Yield Rate Source: Company data. Base Oil Plant was completed in Oct.2009 CDU Capacity Change in FPCC Refinery Capacity and Yield Rate 540kbpd 520kbpd 510kbpd 450kbpd 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% LPG Naphtha JetFuel Gasoline Gasoil Fuel Oil Propylene Others Base oil 12

13 Olefins Division: Macro Environment Source: CMAI Global Ethylene Utilization Estimates NE Asia Ethylene Utilization Estimates 13

14 Olefins Division: Macro Environment (Con t) Cracker Capacity Addition Estimates Source: CMAI Other Asian Countries Unit: KMT 3,195 1,747 1,365 4,083 Middle East 2,900 1,058 14

15 Olefins Division: Macro Environment (Con t) Source:, Reuters, industry sources. (US$/MT Ethylene) (US$/MT) 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1, Olefins Export Margin FPCC Olefin Prices Ethylene (WCP) Propylene Butadiene N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 (US$/MT) 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1, Regional Petrochemical Prices HDPE (inject) N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 EG PP ABS 15

16 Olefins Division: Plant Operation Source: Company data. (NT$ billion) % Quarterly Sales and Utilization Rate 111% 102% 102% 115% 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2009 Schedule Maintenance OL#1 (0.7m tpa): Sept ~ Oct 2010 OL#2 (1.03m tpa): Sept ~ Oct Olefins Sales Rev Utilization Rate 16

17 Expansion Plan: Phase 4.5 Source: Company data. 1 Refinery Expansion Project Major Product Current Capacity (bpd) Expansion (bpd) Aggregated Capacity Completion Date MTBE/ ETBE II MTBE 4,500 8,100 (MTBE) 12, Q4 Delayed Coker II Coke, Gasoil 36,000 65,000 65, Q4 CDU Debottleneck Gasoil 540,000 50, , Q4 Olefins 1 Expansion Project C 5 Major Product Current Capacity (KTY) Expansion (KTY) Aggregated Capacity (KTY) Completion Date Isoprene new 60,000 60, Q4 Dicyclopentaidene new 67,000 67, Q4 Piperylene new 50,000 50, Q4 Total Capital Expenditure: NTD 24.6 Billion Note 1: Schedule subject to change without prior notice. 17

18 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 18

19 Formosa Petrochemical ~ ~ Thank you ~ ~ 19