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

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Provided by: Formosa Petrochemical Corp
SEQ_NO	2	Date of announcement	2022/04/11	Time of announcement	13:32:42
Subject	Q1 2022 Formosa Petrochemical Corp. (FPCC) Unaudited Consolidated Income Statement Report
Date of events	2022/04/11	To which item it meets	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.