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Provided by: Formosa Plastics Corporation | |||||
SEQ_NO | 2 | Date of announcement | 2022/04/11 | Time of announcement | 13:38:02 |
Subject | Announcement of FPC unaudited consolidated results in Q1 2022 | ||||
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 Plastics Corporation 3.Relationship to the Company (please enter "head office" or "subsidiaries"):head office 4.Reciprocal shareholding ratios:N/A 5.Cause of occurrence: Announcement of FPC unaudited consolidated results in Q1 2022 6.Countermeasures:None 7.Any other matters that need to be specified: 1. Compared unaudited consolidated sales in Q1 2022 and Q4 2021: (1). The consolidated sales of NTD 71bn in Q1 2022 decreased by NTD 3.4bn and was down by 4.6% from Q4 2021 mainly due to decreased sales spread of price. The reasons were as follows: A. The price of PVC of the Company was down by 9.7% from Q4 2021 and sales decreased by 1.68bn, given (1) the demand of PVC was lower in winter season, (2) the sales of real estate in China was weak continuously, and (3) the downstream processing customers shut down gradually from the middle of January 2022 because of the Beijing Olympic Winter Games starting from February. B. The price of EVA of the Company was down by 19.9 % from Q4 2021 and sales decreased by 1.48bn, given (1) the historical high price of EVA in October 2021 weakened the customer's buying, which led to the price went down continuously, and (2) the demand of EVA decreased due to Chinese New Year holiday in Q1 2022. (2). The operating income of NTD 13.3bn in Q1 2022 decreased by NTD 2.7bn and was down by 17.2% from Q4 2021. The consolidated pre-tax income of NTD 19.7bn in Q1 2022 decreased by NTD 1bn and was down by 5.2% from Q4 2021. The pre-tax EPS was NTD 3.1. The consolidated after-tax income of NTD 16.5bn in Q1 2022 decreased by NTD 0.2bn and was down by 1.6% from Q4 2021. The after-tax EPS was NTD 2.6. The reasons were as follows: A. The consolidated operation income was down by 17.2% from Q4 2021, because the margin of ethylene and propylene exceeds which of petrochemical products and narrowed down the spread, due to higher crude oil price given the war between Russia and Ukraine. B. Investment income of NTD 5.4bn in Q1 2022 increased by NTD 0.7bn from Q4 2021, given: a. Investment income from Formosa Petrochemical Corporation was NTD 3.91bn increased by NTD 1.75bn. b. Investment income from Formosa Plastics Corporation, U.S.A. was NTD 1.78bn decreased by NTD 0.15bn. c. Investment income from Formosa Olefins, L.L.C. was NTD 0.07bn decreased by NTD 0.44bn because of the planned turnaround during January 15 to March 17, 2022. d. Investment income from Fujian Fuxin Special Steel Co., Ltd. was NTD -0.14bn decrease by 0.25bn. e. Investment income from Mailiao Power Corporation was NTD -0.3bn decreased by NTD 0.16bn. C. The FX profit of NTD 0.87bn in Q1 2022 increased by NTD 0.88bn from the FX loss of NTD 0.01bn in Q4 2021. 2. Compared unaudited consolidated sales in Q1 2022 and 2021: (1). The consolidated sales of NTD 71bn in Q1 2022 increased by NTD 10.4bn and was up by 17.2% from Q1 2021 mainly due to increased sales spread of price. The reasons were as follows: The price of each main product of the Company in Q1 2022 was up by 13~124% from Q1 2021, given (1) demand increased as more people vaccinated and the global pandemic was slowing down, and also global economic recovered gradually, and (2) the conflict between Russia and Ukraine pushed up the price of crude oil and commodities. (2). The operating income of NTD 13.3bn in Q1 2022 increased by NTD 0.4bn and was up by 3.5% from Q1 2021. The consolidated pre-tax income of NTD 19.7bn in Q1 2022 increased by NTD 1.6bn and was up by 9.2% from Q1 2021. The consolidated after-tax income of NTD 16.5bn in Q1 2022 increased by NTD 1.6bn and was up by 10.8% from Q1 2021. After-tax EPS was NTD 2.6. The reasons were as follows: A. The consolidated operation income in Q1 2022 was up by 3.5% from Q1 2021, as the global economic recovery stimulated the demand and each petrochemical product price, and the conflict between Russia and Ukraine pushed up the material price of ethylene and propylene. B. Investment income was NTD 5.4bn in Q1 2022 increased by NTD 0.2bn from Q1 2021, given: a. Investment income from Formosa Petrochemical Corporation decreased by NTD 1.02bn. b. Investment income from Formosa Plastics Corporation, U.S.A. increased by NTD 1.6bn. c. Investment income from Mailiao Power Corporation decreased by NTD 0.3bn. C. The FX profit of NTD 0.87bn in Q1 2022 increased by NTD 0.96bn from the FX loss of NTD 0.09bn in Q1 2021. |
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Formosa Plastics Corporation published this content on 11 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2022 05:48:10 UTC.