Slide 1: 2005 1H Earnings Presentation
2005 2005. 7. 28 SK
Slide 2: 2005 · . ,
2005 · . , 1
Slide 3: Contents and Appendix
1. 2005 2. 2005 [ ] Appendix 2
Slide 4: 1. 2005 1H Results
1. 2005 3
Slide 5: ’04 1H ’05 1H (%) 79,653 99,456 19,803 (25) 7,487 6,208 -1,279 (-17) 2,574
’04 1H ’05 1H (%) 79,653 99,456 19,803 (25) 7,487 6,208 -1,279 (-17) 2,574 5,063 2,489 (97) 10,061 11,271 1,210 (12) 4
Slide 6: ’04 1H ( ) ’05 1H ( ) (%) 55,284 (70) 70,733 (71) 15,449
’04 1H ( ) ’05 1H ( ) (%) 55,284 (70) 70,733 (71) 15,449 (28) 19,398 (24) 22,553 (22) 3,155 (16) 1,005 (1) 1,584 (2) 579 (58) 2,345 (3) 2,988 (3) 643 (27) 1,621 (2) 1,598 (2) -23 (-1) 79,653 (100) 99,456 (100) 19,803 (25) 5
Slide 7: ’04 1H ( ) ’05 1H ( ) (%) 3,688 (6.7) 1,572 (2.2) -
’04 1H ( ) ’05 1H ( ) (%) 3,688 (6.7) 1,572 (2.2) - 2,116 (-57) 2,620 (13.5) 2,908 (12.9) 288 (11) 805 (80.2) 1,122 (70.8) 317 (39) 351 (15.0) 446 (14.9) 95 (27) 23 (1.4) 160 (10.0) 137 (596) 7,487 (9.4) 6,208 (6.2) - 1,279 (-17) 6
Slide 8: ’ 0 4 1H ’ 0 5 1H 19.4/U$ (
’04 1H ’05 1H -1,203 - 978 225 792 265 - 527 3,522 3,683 161 - 537 2,093 2,630 2,574 5,063 2,489 1) ’05 :- 19.4/U$ ( 1,043.8/U$ 1,024.4/U$ ) 2) ’05 : SK (1,790 ), SK (465 ), SK (517 ) 3) : 2,875 7
Slide 9: ’04.12 ’05. ’05. 148,600 159,125 158,694 81,753 90,747 6,140 (45,446) (45,907) (45,074) 66,847 68,378
’04.12 ’05. 3 ’05. 6 148,600 159,125 158,694 81,753 90,747 86,140 (45,446) (45,907) (45,074) 66,847 68,378 72,554 ( 6,506 ) (6,506) (6,526) 122 % 134 % 119 % 74 % 65 % 62 % 8
Slide 10: : ABS ( c) ( a+b - c )
’04.12 ’05. 3 ’05. 6 11,977 12,712 10,417 33,469 33,195 34,657 45,446 45,907 45,074 7,231 4,450 4,050 52,677 50,357 49,124 (c) 3,505 5,629 4,137 (a+b-c) 49,172 44,728 44,987 * ’05. 6 : ABS Factoring (4,050 ) 9
Slide 11: 2. 2005 Outlook
2. 2005 10
Slide 12: Crack spread trends
/ (Crack) Crack (US$/B) B-C Crack - - (Arbitrage cargo) - B-C Naphtha Crack Negative - - / - Diesel Crack - Source : Company 11
Slide 13: Crack spread outlook
( ) ( ) (US$/B) 8 - 7 - 6 - B-C Crack 5 - Naphtha Crack Negative 4 * , , Crack (US$/B) 3 2 1 0 -1 -2 -3 ’05 -4 - , , - Source : Company - Cracking 12
Slide 14: ( ) (10%) (24%) (15%) ( )
( ) (10%) (24%) (15%) ( ) 13
Slide 15: - Maintenance - Time-lag - Gasoline, Jet, Diesel, Naphtha
( ) 42%, 39% - Maintenance 8% - Time-lag - 2.6% - Gasoline, Jet, Diesel, Naphtha - Kerosene - , 14
Slide 16: Olefin spread
spread (2Q), 6 Olefin spread (US$/Ton) spread (US$/ton) 900 ’04 1H ’05 1H 800 Ethylene 447 492 700 Propylene 364 518 600 * spread: 500 2 spread 400 - Cracker 300 - Downstream 200 6 spread 100 - Naph -Naph PP-Naph - 0 '04.1 2 3 4 5 6 7 8 9 10 11 12 '05.1 2 3 4 5 6 >>Ethylene :7 US$900/Ton -2 So
Slide 17: Aromatic spread
( ) downstream ,6 Aromatic Spread (US$/Ton) Spread (US$/ton) ’04 1H ’05 1H Benzene 282 504 PX 379 493 SM 540 693 * spread: : , : , ’05 spread PX-Naph SM-Naph BZ-Naph - - PX: 4Q PTA Source : ICIS 16
Slide 18: Shut-down impact
( ) Shut-Down ( 5%) ( ) : - : - PE/PP: : B/T/X, PX SM 5 ~6 5 ~6 Source: Company 17
Slide 19: Product
( ) ( ) ( ) Product 04 1H 05 1H 837 1,039 1,221 1,100 457 636 - ; >> (2Q) ’04.1Q ’04.2Q ’04.3Q ’04.4Q ’05.1Q ’05.2Q Source: Company 18
Slide 20: E&P and resource development
/ ( ) (US$/B) 55 49.9 45 - : 26,000 / - / : 8 33.8 35 - : 11 25 1,122 1,005 806 1,584 15 - 2 : HOA - 7 : BMC 8 5 2007 - YLNG, Sales Contract -5 Source: Company 19
Slide 21:
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Slide 22: 21
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Slide 23: Appendix
Appendix; 1. ( ) 2. / PLANT 3. ( / ) 4. / 22
Slide 24: Diesel, Kero, B-C price trends
1. ( ) ( : / ) Diesel Diesel Kero B-C Kero B-C Gasoline Gasoline Source: KNOC 23
Slide 25: Plant operating rates
2. / Plant (SK Corp) Plant – CDU 1Q 2Q 3Q 4Q Average 2003 93% 78 % 77 % 86 % 84 % 2004 95% 78 % 82 % 99 % 89 % 2005 94% 96 % - - 95 % * 810mb/d Plant ’04.1Q ’04.2Q ’04.3Q ’04.4Q ’05.1Q ’05.2Q NCC 100% 100% 100% 100% 100% 100% PX 96% 95% 95% 95% 95% * 64% PE 94% 89% 89% 83% 85% 94% PP 100% 100% 1
Slide 26: 3-A
3- A. 25
Slide 27: 3-B
3- B. 26
Slide 28: 4-A Income statement
4-A. ( : ) ’04 1Q ’04 2Q ’04 1H ’05 1Q ’05 2Q ’05 1H 41,790 37,863 79,653 47,639 51,817 99,456 35,013 67,282 67,282 41,608 88,310 6,777 12,371 12,371 6,030 11,146 2,393 4,884 2,197 4,938 4,384 3,103 7,487 7,487 3,834 2,374 6,208 3,753 3,034 6,787 6,787 3,849 5,622 9,471 2,253 1,960 4,213 1,913 2,495
Slide 29: 4-B
4-B. – ( : ) ’04 1Q ’04 2Q ’04 1H ’05 1Q ’05 2Q ’05 1H 28
Slide 30: 4-C
4-C. – ( : ) ’04 1Q ’04 2Q ’04 1H ’05 1Q ’05 2Q ’05 1H 29
Slide 31: 4-D E&P
4-D. – /E&P/ ( : ) E&P ’04 1H ’05 1Q ’05 1H ’04 1H ’05 1Q ’05 1H ’04 1H ’05 1Q ’05 1H 30