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1 China Petroleum & Chemical Corporation Q1 2003 Results Announcement April 29, 2003.

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Presentation on theme: "1 China Petroleum & Chemical Corporation Q1 2003 Results Announcement April 29, 2003."— Presentation transcript:

1 1 China Petroleum & Chemical Corporation Q Results Announcement April 29, 2003

2 2 Disclaimer As required by the CSRC, financial statements of the first quarter of Sinopec Corp.(the “Company”) are prepared under PRC Accounting Rules and Regulations. The Company has adjusted part of financial data in accordance with the International Financial Reporting Standards hereby for the reference of international investors. Financial data of the first quarter contained in the presentation and presentation materials are unaudited. The presentation and presentation materials hereby include forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects or anticipates will or may occur in the future (including but not limited to projections, targets, estimates and business plans) are forward-looking statements. The Company's actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to price fluctuations, actual demand, exchange rate fluctuations, exploration and development outcomes, estimates of proved reserves, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions, political risks, project delay, project approval, cost estimates and other risks and factors beyond the Company’s control. In addition, the Company makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

3 3 Agenda Performance Review of Q Operational Plan for Q2 2003

4 4 Performance Review of Q1 2003

5 5 Market Environment in Q GDP growth rate of 9.9% Prices of crude oil and refined oil products remain relatively high Significant increase in chemical prices on yoy basis Market environment of domestic refined oil products further improved

6 6 Results of Operation- Significant Earnings Growth RMB Bn Revenue EBITDA EBIT Net Profit EPS (RMB) Q1 ’03 Q1 ’02Q4 ’02 Q1’03/Q1’02 V ariance(%)

7 7 Cash and Cash Equivalent – Ending Balance Net Cash Flow from Financing Activities Net Cash Flow from Investing Activities Net Cash Flow from Operating Activities 4.1Shareholders’ Equity 7.7Long-term Debt Short-term Debt As of Dec RMB Bn Sound Financial Position and Strong Cash flow V ariance (%) As of Mar. 31, 2003 Q1 ’

8 8 E & P - Production Increase Crude Realized Price (USD / bbl) Gas Realized Price (USD/kcf) Crude Production (MM bbl) Gas Production (bcf) Q1 ’ Q1 ’ Q4 ’02 Q1’03/Q1’02 variance(%)

9 Q1 02Q4 02Q CrudeGas E & P – Significant Earnings Growth Realized Prices of Crude and Gas (RMB MM) E & P Segment EBIT Crude (USD/bbl)Gas (USD/kcf)

10 10 Refining - Adjust Product Mix, Rationalize throughput Crude Oil throughput (kt) 23,94028,030 Gasoline Production (kt) 4,2405,348 Diesel Production (kt) 8,8299,732 Kerosene Production (kt) 1,0301,442 Light Yield (%) Refining Yield (%) Chemical Feedstock Production (kt) 3,4663,702 27,540 5,120 9,871 1, ,200 Q1 ’03 Q1 ’02Q4 ’02 Q1’03/Q1’02 variance(%) bps 85 bps 21.2

11 11 Refining – Earnings Increased Yoy Refining Margin (USD/bbl) Refining Segment EBIT (RMB MM) 1, ,506 -1, ,000 1,500 2,000 2,500 3,000 Q1 02Q4 02Q1 03

12 12 Maketing – Increased Volume, Optimized Structure Owned and Operated Franchised Annual Throughput Per Station (tonne/site) Wholesale (kt) Distribution (kt) Retail (kt) Domestic Sale of Refined Product (kt) Total No. of Gas Stations 6,010 3,380 7,940 17,340 24,107 4,184 1,485 28,291 5,912 3,049 9,011 17,972 24, 000 4,127 1,605 28,127 5,579 3,283 8,952 17,814 28,894 24,065 4,829 1,628 Q1 ’03 Q1 ’02Q4 ’02 Q1’03/Q1’02 variance(%)

13 13 Domestic RON 90# Gasoline Guidance Price Marketing – Sustainable Earnings Growth Marketing Segment EBIT (RMB MM) (RMB/Tonne) Domestic 0# Diesel Guidance Price

14 14 Chemical – Increased Volume In kt Q1 ’03 Q1 ’02Q4 ’02 Q1’03/Q1’02 variance(%) Synthetic Fiber Monomer & Polymer ,010.91, Ethylene Synthetic Rubber Urea Synthetic Resin881.51,165.71, Synthetic Fiber

15 15 Chemical – Increased Profitability Chemical Segment EBIT (RMB MM) Chemicals Price Spread (2000 through Mar 2003) US$/t

16 16 Capital Expenditure Total: RMB 9.36 Bn RMB Bn E & P – RMB 4,820MM, exploration breakthrough in the Eastern China area and significant discovery in the Western China. Newly added crude capacity 830 M tonnes/year Refining – RMB 1,220MM, some revamped facilities were put on stream. Crude oil pipeline construction on schedule Marketing – RMB 470MM, constructing and upgrading of sales network are progressing smoothly Chemicals – RMB 2,850MM, some revamped facilities were put on stream, the other projects are progressing smoothly

17 17 Operational Plan of for Q2 2003

18 18 Market Outlook for Q2 Chinese economy will continue to maintain relatively high growth rate amid sluggish world economy, resulting in high domestic demand for oil and chemical products and provide favorable external environment for the Company’s operations Along with the end of Iraq War, international prices of crude oil, refined products and chemical products decline Market of Refined oil products shall sustain at fairly good condition Chemicals shall experience upturn at cyclical recovery in the long run Global economy will be in uncertainty, which bring about challenges to the operations of the Company

19 19 Operational Plan of for 2Q Crude ProductionMM Tonne Gas Productionbcm Refining ThroughputMM Tonne Ethylene Productionkt Domestic Sale of Refined ProductsMM Tonne RetailMM Tonne Q1 ’03 Actual Q2 ’03 Plan Distribution

20 20 For Further Information Investor Relations Beijing:Tel: (8610) Fax: (8610) Hong Kong:Tel: (852) Fax: (852) New York:Tel: (212) Fax: (212) Media Inquiries Tel: (8610) Fax: (8610)


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