Sk Innovation Co., Ltd · KRX:096770
Sk Innovation — SK — H1 2004 Earnings Presentation
34 slides from Sk Innovation's earnings presentation, Jul 28, 2004
Slide 1: 2004 H1 Earnings Results, July 28, 2004
2004 2004. 7. 28. SK
Slide 2: 2004 · . ,
2004 · . , 1
Slide 3: Agenda
1. 2004 2. 2004 3. 4. Appendix 2
Slide 4: 1. 2004 H1 Results
1. 2004 3
Slide 5: H1 2004 income summary
’03 1H ’04 1H (%) 71,417 79,653 8,236 (11.5) 1,322 7,486 6,164 (466.3) (5,998)* (1,488)* - 537 2,683 3,220 (n.a) 785 10,169 9,384 (1,195.4) * ( ) : SK Networks 4
Slide 6: Sales by segment
’03 1H ( ) ’04 1H ( ) (%) 52,719 (73.8) 55,284 (69.4) 2,565 (4.9) 14,861 (20.8) 19,398 (24.4) 4,537 (30.5) 2,044 (2.9) 2,345 (2.9) 301 (14.7) 496 (0.7) 1,005 (1.3) 509 (102.6) 1,297 (1.8) 1,621 (2.0) 324 (25.0) 71,417 (100.0) 79,653 (100.0) 8,236 (11.5) 5
Slide 7: Operating income by segment
’03 1H ( ) ’04 1H ( ) (%) 3,121 (5.9 ) 3,688 (6.7) 567 (18.2) 2,115 (14.2) 2,619 (13.5) 504 (23.8) 362 (17.7) 351 (15.0) -11 (-3.0) 352 (71.0) 806 (80.2) 454 (129.0) 48 (3.7) 22 (1.4) -26 (-54.2) 5,998 (8.4) 7,486 (9.4) 1,488 (24.8) * ’03 1H SK Networks 6
Slide 8: Cash flow
’03 1H ’04 1H -1,423 - 1,204 219 40 790 750 1,030 3,630 2,600 - 184 - 533 -349 - 537 2,683 3,220 * ’04 :- 45.3/U$ ( 1,197.8/U$ 1,152.5/U$ ) ** ’04 : SK (1,554 ), SK (935 ), SK (483 ) 7
Slide 9: Balance sheet
’03.12 ’04. 3 ’04 6 150,303 160,438 151,028 97,824 104,627 91,977 (57,091) (59,114) (53,053) 52,479 55,683 59,051 (6,449) (6,449) ( 6,470 ) 186.4 % 187.9 % 155.8 % 110.6 % 98.2 % 92.5 % 8
Slide 10: Debt
’03.12 ’04. 3 ’04. 6 27,837 30,137 22,220 29,254 28,977 30,833 (a) 57,091 59,114 53,053 10,144 9,076 7,921 67,235 68,190 60,974 (c) 9,167 13,489 6,353 (a+b-c) 58,068 54,701 54,621 * ABS( 6,050 ) (1,871 ) 9
Slide 11: 2. 2004 Business Outlook
2. 2004 10
Slide 12: Crude oil and refining
, 4% ( bbl) 40,000 29,783 29,985 30,000 27,465 25,258 20,000 - : 12,256 11,935 11,913 8,790 - : , 10,000 18% -B–C: , 0 B-C ’03 1H ’03 1H ’04 1H ’04 1H 11
Slide 13: Refining spread
( ) , (US$/bbl) 35 - 9 - : , 28 - · Spread 7 21 - 5 14 - 3 7 - O/I 0 - 1 '02 9 '03 1 5 9 '04 1 5 - Source: Company 12
Slide 14: Trading
Trading 6.7% ( Ton) 391 400 379 366 357 - Polymers, Aromatic - Spot 300 185 200 166 - : Tight 100 -P X: - PE/PP: 0 Ethylene PX PE/PP ’03 1H ’03 1H ’04 1H ’04 1H 13
Slide 15: Petrochemical spreads
( ) Plant Trouble Tight Spread Spread (US$/Ton) 600 Spread - Asia/ 500 Trouble Tight 400 - Naphtha ( , BTX ) 300 200 - Sales Mix 100 (Product , / ) 0 ‘02.09 ‘03 - Feedstock ‘04.03 ‘04.06 Ethylene ( Ethy-Naph) PX ( PX-Xyl) (MX, BZ, Propylene ) SM ( SM- Bz) BZ ( BZ-Naph) - Source : ICIS 14
Slide 16: Lubricants
, ( ) / ( ) 14.7% 1,500 1,292 - 1,200 1,141 1,052 3.0% 904 - Time Lag 900 No2 (’04 7 ) 600 - : 1,250 362 351 - : 7,000 B/D 300 0 - Spray Oil, ZIC XQ - , , 15
Slide 17: E&P
/ / ( ) 1,005 1000 ( : MB/D) ‘03 ‘04 ’05(e) 800 14 30 21 806 - 50% 43% 600 534 496 - 11 16 / / 400 352 345 200 / 0 • Bangko '03 1H '03 2H '04 1H • BMC-8 • Defnin 16
Slide 18: 3. Management Plan
3. 17
Slide 19: Strategy: cash flow and product mix
EVA Plus Product Mix Cash Flow Resources Capability R&D 18
Slide 20: Business strategy: trading and marketing
- / O/I - Risk - Risk Management - : 1,410 (~’05 ) - Portfolio - New Reformer : 2,294 (~’06 ) Trading Marketing - Network : , , - PE-RT, Co-PP 19
Slide 21: E&P strategy
– E&P/ / - - E&P E&P - , - , Proven Reserve Acquisition - , - 2 (’04 7 ) : Synergy Business Model R&D : / 20
Slide 22: Credit Rating
Credit Rating - Credit Rating 2002 (AA-) (2004.6~7 ) < > 6 7 5.8 5.9 6 5.7 5.5 5.5 5.3 5 4.8 48.7% 50.9% 41.9% 4 41.1% 5 3 2 51.3% 49.1% 58.1% 58.9% 1 4 0 '03 4Q '04 1Q '04 2Q '04 4Q(e) '03 4Q '04 1Q '04 2Q '04 4Q(e) 21
Slide 23: Working BoD
Working BoD , Working Board of Directors BoD BoD - 8 (3 ~7 ) - : 96 % - - - - : - ( 17 ) - - : 16 - :5 - - :2 22
Slide 24: 23
23
Slide 25: Appendix 1
Appendix 1 : 24
Slide 26: A.
A. 25
Slide 27: B.
B. 26
Slide 28: Appendix 2
Appendix 2 : 27
Slide 29: Quarterly income statement
A. ( : ) ’03 2Q ’03 1H ’03 1Q ’03 2Q ( ) ’03 1H ( ) ’04 1Q 1Q ’04 2Q 2Q ’04 1H 41,044 30,373 30,373 71,417 71,417 41,790 37,863 79,653 34,454 26,938 26,938 61,392 61,392 35,013 67,283 6,590 3,435 3,435 10,025 10,025 6,777 12,370 3,829 4,874 1,947 8,703 4,027 2,393 4,884 2,761 1,439 1,488 1,322 5,998
Slide 30: B. Quarterly segment results
B. – ( : ) ’03 1Q ’03 2Q '03 1H 1H ’04 1Q ’04 2Q ’04 1H 1H 29
Slide 31: C. Quarterly segment results
C. – ( : ) ’03 1Q ’03 2Q '03 1H 1H ’04 1Q ’04 2Q ’04 1H 1H 30
Slide 32: D. E&P quarterly results
D. – /E&P/ ( : ) E&P ’03 2Q ’04 1Q ’04 2Q 2Q ’03 2Q ’04 1Q ’04 2Q 2Q ’03 2Q ’04 1Q ’04 2Q 2Q 31
Slide 33: Appendix 3
Appendix 3 : 32
Slide 34: New BOD
∼ New BOD 2004 , 2003 33