Sk Innovation Co., Ltd · KRX:096770
Sk Innovation — FY2005 Earnings Presentation
33 slides from Sk Innovation's earnings presentation, Jan 24, 2006
Slide 1: Si em
2005 2006. 1. 24. i Si em
Slide 2: 2005 · . ,
2005 · . , 1
Slide 3: Agenda
1. 2005 2. 2005 3. 2006 4. Appendix 2
Slide 4: 1. 2005 results
1. 2005 SK
Slide 5: Income summary 4Q and FY
(%) 4Q ’04 2004 4Q ’05 2005 yoy (4Q) yoy (FY) 49,680 174,061 62,200 219,205 25 26 4,563 16,205 2,537 12,076 - 44 - 25 3,756 6,654 3,342 9,952 - 11 50 8,319 22,859 5,879 22,028 - 29 -4 4
Slide 6: Revenue by segment
2004 ( ) 2005 ( ) (%) 118,539 (68.1) 157,433 (71.8) 38,894 (33) 44,054 (25.3) 48,266 (22.0) 4,212 (10) 5,369 (3.1) 6,806 (3.1) 1,437 (27) 2,758 (1.6) 3,354 (1.6) 596 (22) 3,341 (1.9) 3,346 (1.5) 5 (0) 174,061 (100) 219,205 (100) 45,144 (26) 5
Slide 7: Operating profit by segment
2004 ( ) 2005 ( ) (%) 7,235 (6.1) 4,591 (2.9) - 2,644 (-37) 6,310 (14.3) 4,287 (8.9) - 2,023 (-32) 743 (13.8) 1,027 (15.1) 284 (38) 1,983 (71.9) 2,096 (62.5) 113 (6) - 66 (-2.0) 75 (2.2) 141 (N/A) 16,205 (9.3) 12,076 (5.5) - 4,129 (-25) 6
Slide 8: Non-operating items and cash flow
2004 2005 - 2,241 - 2,031 210 2,549 528 - 2,021 8,045 7,272 - 773 - 1,699 4,183 5,882 6,654 9,952 3,298 1) ’05 : (-) 30.8/US$ (2004 1,043.8/US$ 2005 1,013.0/US$ ) 2) ’05 : SK (3,725 ), SK (706 ) 3) : EB 3,798 , 1,029 7
Slide 9: Balance sheet
’04.12 ’05.12 148,600 176,155 27,555 81,753 94,069 12,316 (45,446) (55,728) (10,282) 66,847 82,086 15,239 ( 6,506 ) (6,534) (28) 122.3 % 114.6 % - 7.7 % P 73.6 % 53.7 % - 19.9 % P 8
Slide 10: Debt and net debt
’04.12 ’05.12 11,977 9,828 -2,149 33,469 45,900 12,431 (a) 45,446 55,728 10,282 ( b)* 7,231 2,500 - 4,731 (a+b) 52,677 58,228 5,551 (c) 3,505 14,111 10,606 (a+b-c) 49,172 44,117 - 5,055 * ’05. 12 : ABS (2,000 ) (500 ) 9
Slide 11: : +
: + 50 10
Slide 12: 2. 2005 business review
2. 2005 SK 11
Slide 13: Cracking margins
( ) (US$/B) : 8 - 55 - B-C crack 64% , Naph crack 73% 7 50 6 Cracking : 5 - B-C Gasoline/B-C, Diesel/B-C 45 cracking 4 40 3 * , , crack (US$/B) 35 2 30 1 0 25 -1 20 -2 15 -3 10 -4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 2006 ( ) US$0.50/B ’04. ’05. Source : Company 12
Slide 14: B-C, naphtha and diesel cracks
( ) / (crack) Crack (US$/B) 25 Diesel/ Dubai B-C/Dubai Naph/ Dubai B-C crack: 23 21 - 19 - 17 - B-C 15 13 11 Naphtha crack: 2 9 7 - 2 5 -8 3 - 11 1 (1) (3) Diesel crack: (5) (7) - / 3~4 (9) - 9~10 (11) (13) - (15) Source : Company 13
Slide 15: ( ) 11% 5% ( , ) ( : )
( ) 11% 5% ( , ) ( : ) 14
Slide 16: Utilization and maintenance
( ) 45%, 43% 2%P, 4%P - Maintenance - , - , 15
Slide 17: Olefin spread
- , spread Olefin spread (US$/Ton) spread (US$/Ton) 900 800 700 600 2005 500 - 400 - downstream 300 ( ) 200 2006 100 - : ( $487/MT) - Naph -Naph PP-Naph - : / 0 '04.12 3 4 5 6 7 8 9 10 11 12'05.12 3 4 5 6 7 8 9 10 11 12 Source : ICIS 16
Slide 18: Aromatic spread
(Reformate) spread Aromatic Spread (US$/Ton) spread (US$/Ton) 1200 1000 800 * spread: 2005 600 - (Reformate) 400 - (US$/B) 200 PX-Naph SM-Naph BZ-Naph 1) Reformate- Naphtha 0 2006 '04.12 3 4 5 6 7 8 9 10 11 12'05.12 3 4 5 6 7 8 9 10 11 12 - BTX volatility Source : ICIS - balance 17
Slide 19: PE/PP, PX, SM
, ( ) ( ) ( ) '04 '05 800 700 600 - : (PE/PP) 500 - : 400 300 200 100 0 Ethylene PE/PP PX SM ) , Source: Company 18
Slide 20: Oil exploration and production
2004 , 4 2 Bbl / (US$/B) ( ) 4,000 49.3 50 3,500 3,000 40 2,500 33.6 30 2005 2,000 2,758 - 1.3 Bbl 1,500 1,983 20 3Q : 1 Bbl (YLNG ) 3,354 2,096 4Q : 0.2 Bbl (Brazil BMC-8) 1,000 10 0.1 Bbl ( 15-1) 500 - 05. 6 BMC-8 0 0 - 05. 9 YLNG/PLNG '04 '05 - 05. 10 North Iberia ( ) (LHS) (LHS) Dubai (RHS)
Slide 21: 2004 2005
2004 2005 20
Slide 22: 3. 2006 outlook
3. 2006 SK 21
Slide 23: bee
bee 1 ee SK 22
Slide 24: Appendix
Appendix : 1. ( ) 2. / PLANT 3. ( / ) 4. / 24
Slide 25: Product prices and trade
1. ( ) ( : / ) Diesel Diesel B-C Kero B-C Kero Gasoline Gasoline ’03. ’04. ’05. Source: KNOC 24
Slide 26: Plant
2. / Plant (SK Corp) Plant * CDU: 810,000 b/d, HOU 45,000 b/d, RFCC 57,000 b/d Plant ’ * (5 ~6 ) 25
Slide 27: 3-A
3- A. 26
Slide 28: 3-B
3- B. 27
Slide 29: 4-A Income statement
4-A. ( : ) 2004 2005 3Q 4Q 3Q 4Q 124,381 49,680 174,061 157,005 62,200 219,205 105,424 41,696 147,120 140,039 55,889 195,928 18,957 7,984 26,941 16,964 6,313 23,277 7,315 3,421 10,736 7,425 3,776 11,201 11,642 4,563 16,205 9,539 2,537 12,076 2,898 3,756 6,654 6,610 3,342 9,952 14,540 8,319 22,859 16
Slide 30: 4-B Refining segment
4-B. – ( : ) 2004 2005 3Q 4Q 3Q 4Q 85,023 33,516 118,539 112,413 45,020 157,433 75,499 28,819 104,318 105,005 40,953 145,958 9,524 4,697 14,221 7,408 4,067 11,475 4,679 2,307 6,986 4,617 2,267 6,884 4,845 2,390 7,235 2,791 1,800 4,591 29
Slide 31: 4-C Petrochemical segment
4-C. – ( : ) 2004 2005 3Q 4Q 3Q 4Q 31,221 12,833 44,054 34,841 13,425 48,266 25,512 10,748 36,260 29,764 12,505 42,269 5,709 2,085 7,794 5,077 920 5,997 980 504 1,484 1,100 610 1,710 4,729 1,581 6,310 3,977 310 4,287 30
Slide 32: 4-D Exploration segment
4-D. – ( : ) 2004 2005 3Q 4Q 3Q 4Q 1,762 996 2,758 2,575 779 3,354 347 279 626 685 443 1,128 1,415 717 2,132 1,890 336 2,226 81 68 149 79 51 130 1,334 649 1,983 1,811 285 2,096 31
Slide 33: 4-E Other segments
4-E. – / ( : ) 2004 2005 2004 2005 5,369 6,806 3,341 3,346 4,047 5,161 1,869 1,412 1,322 1,645 1,472 1,934 579 618 1,538 1,859 743 1,027 (66) 75 32