Formosa Petrochemical: Q1 2022 Formosa Petrochemical Corp. (FPCC) Report on the unaudited consolidated income statement

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Provided by: Formosa Petrochemical Corp

SEQ_NO

2

announcement date

2022/04/11

Announcement time

13:32:42

Matter

 Q1 2022 Formosa Petrochemical Corp. (FPCC)
Unaudited Consolidated Income Statement Report

Date of events

2022/04/11

What item it responds to

paragraph 51

Statement

1.Date of occurrence of the event:2022/04/11
2.Company name:Formosa Petrochemical Corp.(FPCC)
3.Relationship to the Company (please enter "head office" or
  "subsidiaries"):head office
4.Reciprocal shareholding ratios:NA
5.Cause of occurrence:Q1 2022 Formosa Petrochemical Corp. (FPCC)
Unaudited Consolidated Income Statement Report
6.Countermeasures:None
7.Any other matters that need to be specified:
1.Q1 2022 v. Q4 2021 Unaudited Consolidated Income Statement Comparison:
  Consolidated Operating Revenue Comparison
  a.The unaudited consolidated operating revenue in Q1 2022 was NT$185.6
    billion compared with NT$180.8 billion in Q4 2021, an increase of 2.6%
    totaled NT$4.8 billion. There was an increase of NT$19.3 billion in
    sales price and a decrease of NT$14.5 billion in sales volume therefrom.
  b.Operating revenue for refining business had increased by 2.6% comparing
    Q4 2021 resulting from the rising crude oil price.
  c.Operating revenue for naphtha cracking business had increased by 7.8%
    comparing Q4 2021 resulting from higher product price.
  d.Operating revenue for utilities business had decreased by 18.2%
    comparing Q4 2021 resulting from the scheduled maintenance in Q1 2022.
  Consolidated Operating Income Comparison
  a.The unaudited consolidated income before tax in Q1 2022 was NT$17.1
    billion compared with NT$9.3 billion in Q4 2021, an increase of 83.2%
    totaled NT$7.8 billion.
  b.The unaudited consolidated net income in Q1 2022 was NT$13.7 billion
    compared with NT$7.6 billion in Q4 2021, an increase of 79.6% totaled
    NT$6.1 billion; EPS was NT$1.43 in Q1 2022.
  c.The operating income had increased by NT$7.2 billion from Q4 2021 due
    to:
    In refining business, operating income had increased because of
    inventory gains caused by the rebound of crude oil price and higher
    product spread driven by stronger oil demand.
    In naphtha cracking business, operating income had increased because of
    higher product price and inventory gains caused by the rising of naphtha
    price.
    In utilities business, operating income had decreased because of higher
    coal cost.
    IFRSs have evaluated inventories in Q1 2022 and recognized NT$502
    million gain in inventories, an increase of NT$793 million compared with
    Q4 2021.
  d.Non-operating income had increased by NT$597 million compared with Q4
    2021 because of favorable impacts of NT$589 billion in currency exchange.
2.Q1 2022 v. Q1 2021 Unaudited Consolidated Income Statement Comparison:
  Consolidated Operating Revenue Comparison
  a.The unaudited consolidated operating revenue in Q1 2022 was NT$185.6
    billion compared with NT$130.3 billion in Q1 2021, an increase of 42.4%
    totaled NT$55.3 billion. There was an increase of NT$51.2 billion in
    sales price and NT$4.1 billion in sales volume therefrom.
  b.Operating revenue for refining business had increased by 60.6% comparing
    Q1 2021 resulting from the rising of crude oil price.
  c.Operating revenue for naphtha cracking business had increased by 24.4%
    resulting from higher product price.
  d.Operating revenue for utilities business had increased by 12.6%
    resulting from higher price of electricity and steam.
  Consolidated Operating Income Comparison
  a.The unaudited consolidated income before tax in Q1 2022 was NT$17.1
    billion compared with NT$22.3 billion in Q1 2021, a decrease of 23.5%
    totaled NT$5.2 billion.
  b.The unaudited consolidated net income in Q1 2022 was NT$13.7 billion
    compared with NT$17.9 billion in Q1 2021, a decrease of 23.7% totaled
    NT$4.2 billion; EPS was NT$1.43 in Q1 2022.
  c.The operating income had decreased by NT$5.2 billion due to:
    In refining business, operating income had increased because of higher
    product spread and inventory gains caused by rising crude oil price.
    In naphtha cracking business, operating income had decreased because of
    lower product spread.
    In utilities business, operating income had decreased because of higher
    coal cost.
    IFRSs have evaluated inventories in Q1 2022 and recognized  NT$502
    million gain in inventories, an increase of NT$459 million compared with
    Q1 2021.
  d.Non-operating income had decreased by NT$58 million compared with Q1
    2021 because of unfavorable impacts of NT$339 million in investment
    income and favorable impacts of NT$279 million in other income.

Warning

Formosa Petrochemical Corporation published this content on April 11, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on April 11, 2022 05:48:10 UTC.

Public now 2022

All news from FORMOSA PETROCHEMICAL CORPORATION

2022 sales 782B
27,007 million
27,007 million
2022 net income 48,811M
1,686 million
1,686 million
Net cash 2022 118B
4,093 million
4,093 million
PER 2022 ratio 18.3x
2022 return 4.00%
Capitalization 899B
31,069 million
31,069 million
EV / Sales 2022 1.00x
EV / Sales 2023 1.14x
# of employees 6,189
Floating 12.4%

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Medium consensus HOLD
Number of analysts 9
Last closing price TWD94.40
Average target price TWD107.00
Average Spread / Target 13.3%



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