Formosa Petrochemical : Q2 and H1 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	2022/07/11	Time of announcement	13:33:39
Subject	Q2 and H1 2022 Formosa Petrochemical Corp.(FPCC) Unaudited Consolidated Income Statement Report
Date of events	2022/07/11	To which item it meets	paragraph 51
Statement	1.Date of occurrence of the event:2022/07/11 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:Q2 and H1 2022 Formosa Petrochemical Corp. (FPCC) Unaudited Consolidated Income Statement Report 6.Countermeasures:None 7.Any other matters that need to be specified: 1.Q2 2022 v. Q1 2022 Unaudited Consolidated Income Statement Comparison: Consolidated Operating Revenue Comparison a.The unaudited consolidated operating revenue in Q2 2022 was NT$239.3 billion compared with NT$185.6 billion in Q1 2022, an increase of 29.0% totaled NT$53.7 billion. There was an increase of NT$48.7 billion and NT$5.0 billion in sales price and sales volume respectively therefrom. b.Operating revenue for refining business had increased by 47.6% compared to Q1 2022 as a result of rising crude oil price, spread of petroleum products and sales volume. c.Operating revenue for naphtha cracking business had decreased by 7.4% compared to Q1 2022 as a result of lower sales volume. d.Operating revenue for utilities business had decreased by 0.9% compared to Q1 2022 as a result of lower steam sales volume and lower electricity sales volume, which caused by more maintenance days. Consolidated Operating Income Comparison a.The unaudited consolidated income before tax in Q2 2022 was NT$21.0 billion compared with NT$17.1 billion in Q1 2022, an increase of 23.1% totaled NT$3.9 billion. b.The unaudited consolidated net income in Q2 2022 was NT$16.9 billion compared with NT$13.7 billion in Q1 2022, an increase of 23.9% totaled NT$3.2 billion; EPS was NT$1.78 in Q2 2022. c.The operating income had increased by NT$2.1 billion from Q1 2022 due to: In refining business, operating income had increased because of higher product spread caused by the Russia-Ukraine war and tight supply. In naphtha cracking business, operating income had decreased because of lower product spread and higher inventory losses. In utilities business, operating income had decreased because of higher coal cost. IFRSs have evaluated inventories in Q2 2022 and recognized NT$1.1 billion loss in inventories, a decrease of NT$1.6 billion compared with Q1 2022. d.Non-operating income had increased by NT$1.8 billion compared with Q1 2022 because of favorable impacts of NT$1.5 billion in cash dividend, NT$789 million in currency exchange and unfavorable impacts of NT$316 million in investment income. 2.H1 2022 v. H1 2021 Unaudited Consolidated Income Statement Comparison: Consolidated Operating Revenue Comparison a.The unaudited consolidated operating revenue in H1 2022 was NT$424.8 billion compared with NT$275.3 billion in H1 2021, an increase of 54.3% totaled NT$149.5 billion. There was an increase of NT$139.9 billion and NT$9.6 billion in sales price and sales volume respectively therefrom. b.Operating revenue for refining business had increased by 79.4% compared to H1 2021 as a result of rising crude oil price and sales volume. c.Operating revenue for naphtha cracking business had increased by 23.0% as a result of higher product price. d.Operating revenue for utilities business had increased by 4.5% as a result of raising steam price. Consolidated Operating Income Comparison a.The unaudited consolidated income before tax in H1 2022 was NT$38.1 billion compared with NT$38.7 billion in H1 2021, a decrease of 1.6% totaled NT$608 million. b.The unaudited consolidated net income in H1 2022 was NT$30.6 billion compared with NT$31.5 billion in H1 2021, a decrease of 2.9% totaled NT$912 million; EPS was NT$3.21 in H1 2022. c.The operating income had decreased by NT$2.6 billion due to: In refining business, operating income had increased because of higher product spread and inventory gains, which was 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 soaring coal cost. IFRSs have evaluated inventories in H1 2022 and recognized NT$617 million loss in inventories, a decrease of NT$677 million compared with H1 2021. d.Non-operating income had increased by NT$2.0 billion compared with H1 2021 because of favorable impacts of NT$1.5 billion in cash dividend and NT$182 million in financial asset revaluation.