Petrochina Co., Ltd. Class A · SSE:601857
Petrochina Co., Ltd. Class A — FY2002 Earnings Presentation
28 slides from Petrochina Co., Ltd. Class A's earnings presentation, Dec 9, 2003
Slide 1: 2002 Annual Results
2002 Annual Results
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or other similar words that expres
Slide 3: Agenda
Agenda 2002 Annual Results Highlights 2002 Financial Performance Strategies and Targets
Slide 4: 2002 Results Highlights
Mr. Ma Fucai, Chairman 2002 Results Highlights
Slide 5: Profits Kept Increasing
Profits Kept Increasing Key Financial Data MM RMB (except for EPS, Realized Oil Price and Natural Gas Gate Price) 2001* 2002 Change % Revenue 241,320 244,424 1.29 EBITDA 104,754 111,244 6.20 Profit from Operations 71,139 72,341 1.69 Net Income 45,469 46,910 3.17 EPS 0.26 0.27 3.17 Realized Oil Price
Slide 6: Sound Production and Operational Results
Sound Production and Operational Results Key Production and Operational Targets Achieved 2001 2002 Change % * Crude oil production (MMbbl) 763.50 769.81 0.83 Marketable natural gas (bcf) 563.46 605.00 7.36 * Oil and gas production (MMboe) 857.41 870.64 1.54 Remaining recoverable oil and gas reserve
Slide 7: Major Exploration Discoveries Achieved
Major Exploration Discoveries Achieved Newly added oil/gas fields with reserves over 100 million tons each Junggar Basin Ordos Basin Xifeng Oilfield Tarim Basin Junggar Basin Shinan Oilfield Ordos Basin Chaidam Basin Sichuan Basin Luojiazhai Oilfield Tarim Basin Dina-2 Oilfield Sichuan Basin Sebei O
Slide 8: Profitability of Refining & Marketing Strengthened
Profitability of Refining & Marketing Strengthened Overall turnaround realized with Marketing network profitability strengthened developed rapidly Billion RMB 4.0 15,000 13,160 2.8 12,102 12,000 11,350 10,961 2.0 9,000 6,820 6,000 6,524 0.0 4,683 2001 2002 3,000 1,879 -2.0 0 1999 2000 2001 2002 -3.3
Slide 9: Operation of Chemicals & Marketing Improved with Prominent Loss Reduction
Operation of Chemicals & Marketing Improved with Prominent Loss Reduction Structural adjustment accelerated Enhanced internal management and obtained significant results in cost reduction Good results achieved by integrated marketing Improved operation and achieved prominent results in loss reductio
Slide 10: Significant Progress in Natural Gas Pipeline Construction and Market Development
Significant Progress Achieved in Construction and Market Development of Natural Gas Pipeline Daqing Kelamayi Urumuchi Shanshan Jinzhou Shenyang Lunnnan Kuerle Beijing Dalian Tazhong Wuwei Sebei Xining Jingbian Zhengzhou Shanghai Lanzhou Zhongba Zhongxian Chengdu Wuhan Chongqing Taiwan Existing pipel
Slide 11: Dividend
Dividend ： Our dividend policy remains unchanged： – Target dividend payout ratio at 40%-50% – Dividend to be paid semi-annually 2002 final dividend of RMB 0.069951 per share proposed 2002 full year dividend of RMB 0.120064 per share
Slide 12: 2002 Financial Performance
Mr. Wang Guoliang, CFO 2002 Financial Performance
Slide 13: Key Financial Data
Key Financial Data Key Financial Data MM RMB (except for EPS) 2001* 2002 Change % Revenue 241,320 244,424 1.29 EBITDA 104,754 111,244 6.20 Profit from operations 71,139 72,341 1.69 Net income 45,469 46,910 3.17 EPS** 0.26 0.27 3.17 ROACE 12.6% 12.3% -0.3% ROAE 16.2% 15.4% -0.8% * Reflect the impact
Slide 14: Profit from Operations
Profit from Operations Billion RMB 75 0.7 0.2 72.3 71.1 2.7 70 1.9 -4.3 65 2001 Special Change of Increase Cost Other 2002 items price in sales reduction factors volumes
Slide 15: Operating Profit of E & P
Operating Profit of E & P Billion RMB 80.0 77.5 76.9 75.0 2.4 0.4 72.5 72.1 -0.9 70.0 -6.7 67.5 65.0 2001 Decrease in Increase in Reduction Other 2002 oil price sales of cost factors volume
Slide 16: Operating Profit in R&M
Operating Profit in R&M Billion RMB 4 0.2 0.3 2.8 0.6 2 7.6 0 -2 -4 -3.3 -6 -2.6 -8 2001 Special Increase in Increase in Cost Other 2002 items margin sales reduction factors volumes
Slide 17: Operating Profit of C&M
Operating Profit of C&M Billion RMB 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -2.4 -3.0 0.3 0.2 -3.5 0.4 -3.2 -4.0 -1.7 -4.5 2001 Special Change of Cost Other 2002 items price reduction factors
Slide 18: Operating Profit of Natural Gas & Pipeline
Operating Profit of Natural Gas & Pipeline Billion RMB 2.0 1.6 0.19 1.55 0.14 0.5 1.2 0.8 0.72 0.4 0.0 2001 Increase in Increase in Other factors 2002 profit margin sales volume
Slide 19: Financial Results
Financial Results Cash Flow Leverage Ratio Billion RMB 30.54x 120 30 80% 98.341 70% 100 25 23.76x 84.439 60% 80 71.662 20 50% 61.491 60 15 40% 23.8% 30% 40 10 20.4% 20% 20 5 10% 0 0 0% 2001 2002 2001 2002 Cash inflow from operating activities EBITDA interest cover Cash outflow from investing activit
Slide 20: Capital Expenditure
Capital Expenditure 2002 Capex Breakdown Capex Comparison Billion RMB Overseas 80 73.7 E& P Others 0.2% 70 Natural Gas 0.8% 61.5 60 & Pipeline 17.6% 50 40 Chem ical & Marketing 30 4.3% 20 10 Refining & 0 Marketing 15.4% E& P 2001 2002 61.7% Others Natural Gas & Pipeline Chemical& Marketing Refining
Slide 21: Strategies and Targets
Mr. Cheng Geng, Executive Director and President Strategies and Targets
Slide 22: Future Business Strategies
Future Business Strategies Strengthen Accelerate core structural businesses adjustment & optimization Continue corporate value enhancement Improve innovation in Expand technology & international management operation
Slide 23: Major Targets for 2003-2005
Major Targets for 2003-2005 Stabilize crude oil production with increase Increase natural gas production and sales volume rapidly Raise profitability of refining and marketing continuously Turn chemicals segment around and increase efficiency gradually Proactively expand the overseas oil and gas exp
Slide 24: Exploration and Production
Exploration and Production Strengthen exploration in new areas and refine exploration in the mature regions, continuously increase oil and gas reserves Adopt advanced and leading E&P technology to raise the oil fields development standard Accelerate overseas oil and gas exploration and development S
Slide 25: Refining & Marketing
Refining & Marketing Implement structural adjustment and accelerate technological innovation Optimize resource allocation, adjust product structure and increase high value-added products Strengthen internal management and reduce various costs Improve marketing management, expand market share and imp
Slide 26: Chemicals & Marketing
Chemicals & Marketing Continue structural adjustment and promote industry upgrade Strengthen management, reduce cost, and enhance efficiency Improve centralized and professional marketing, and expand market share Achieve turnaround and improve profitability
Slide 27: Natural Gas & Pipeline
Natural Gas & Pipeline Reinforce the development of natural gas market to realize steady growth of sales Accelerate pipeline construction and improve stability of gas supply
Slide 28: Slide 28