2008 3 2008 4 1
I. 08.3.309.3 ROA,ROEEPS BPS EPS BPS 2
08.3 LNG (P5,17) 320 455 +1.7% (P4) 08.3LNG (P6,35,37) IPP (P10) 08.3 3 08.3 LNG 636 ( 5.4 ) 1 2,381 LNG (2006 11 ) 181 ( 19.3 ) 756 137 ( 15.3 ) 758 126 ( 23.9 ) 402 63.5$/bbl08.378.5$/bblLNG LNG 08.3 08.3 LNG 320 1.7% 08.3LNG 07.3 IPP
08.3 45MJ/m3 08.3 07.3 1(m3/ ) 6,881 120 33.5 2,310 1,021 6,820 127 33.5 2,303 1,036 +61-7 -0.1 +7-15 +0.9% -- -0.3% +0.3% -1.5% 636 628 +8 +1.3% 4,458 4,354 +104 +2.4% 6,115 6,018 +97 +1.6% 462 416 +45 +10.9% (5,130) (4,618) (+512) +11.1% m3 8,887 8,738 +149 +1.7% 8,917 8,764 +153 +1.7% 17.2 17.5-0.3 4 08.307.3+1.7% 1-24-5 2.4 12 67 1.5 121.3 2007 450 m3/ 10 m3/
08.3 I 08.3 07.3 12,381 (1.41) (1.38) +636 +5.4% (1.77) (1.51) (1.23) 756 758 402 SVA 268-143 -53.3% 125 (1.47) (1.31) (1.20) 11,744 937 895 529-181 -280-19.3% -137 +19-15.3% -126-23.9% 08.3 07.3 m3 8,917 8,764 +153 /$ 114.3 117.0-2.7 $/bbl 78.5 63.5 +15.1 133 132 +1 08.32,3 SVA(Shareholders value added)=nopat WACC 5 3 08.3 181 137 8 9 1334
08.3 FCF LNG 551 155 270 670 512 LNG IPP LNG 155 204 299 267 0 200 400 600 800 1,000 1,200 FCF= - 6 08.3551 830 724 38 LNG 670 LNG IPP 204 Design2008EPS ROE 08.3300 08.3 Design200840% D( )/E()1D/E(E) 07.3 0.73 08.3 0.8708.3
08.3 II 08.3 07.3 14,679 14,056 +622 6,485 5,664 1,110 952 512 16,682 6,688 4,878 952 840 275 16,435-202 +786 +158 +112 +236 +247-334 OG+653 +399 CP+150 +81 +168 ROA 2.8% 3.8% -1.0% ROE 6.1% 8.1% -2.0% 44.2% 47.6% -3.4% EPS / 18.3 23.8-5.5 BPS/ 300.8 300.6 +0.1 7 LPG +238 FCF= + - 5 6 BS ROA ROE 08.3 LPG 08.3 07.3 247
09.3 - -: : 8 09.3 09.3 1 2 CO 3 2009 IPP LNG 4
09.3 08.3 45MJ/m3 09.3 08.3 6,932 6,881 +51 +0.7% 1(m3/ ) 128 33.8 120 33.5 +8 +0.3 -- -- 2,346 996 2,310 1,021 +35-25 +1.5% -2.4% 621 636-15 -2.4% 4,503 6,120 479 (5,223) 4,458 6,115 462 (5,130) +45 +5 +17 (+94) +1.0% +0.1% +3.8% +1.8% m3 8,944 8,978 8,887 8,917 +58 +61 +0.6% +0.7% 09.3 9 09.3 08.307.3 09.3 08.3 +1.5% 08.3 07.3 09.3 08.3 2.4% 08.3 08.3+1.0% 08.3+0.6%
05.3 120 100 80 60 910 40 20 IPP 0 FY06.3/R FY07.3/R FY08.3/R FY09.3/E 10 08.3 IPP 08.3LNG09.3 09.3 09.3 08.3 IPP 08.3 IPP IPP 09.3 IPP
09.3 I 08.3 90$08.3 160 IPP 08.3 09.3/ 08.3/ (1.40) 13,730 (1.41) 12,381 +1,348 +10.9% (1.57) (1.51) (1.35) (1.77) 700 700 (1.51) 405 (1.23) 756 758 402-56 -58 +2-7.4% -7.7% +0.5% SVA 80 125-45 -36.3% m3 8,978 8,917 +61 /$ 105 114.3-9.3 $/bbl 90 78.5 +11.5 08.32 SVA(Shareholders value added)=nopat WACC 09.308.3 11 90$/bbl 10508.3 11.5$/bbl 9.3 /$ 9 08.3 1,348+10.9% IPP 08.3 567.4%700 587.7%700 08.3 2+0.5%405
Design2008 09.3 Design2008 SVA() 80 260-180 () () () 700 700 405 1,020 1,000 560 EPS( / ) 18.8 / 25 / -320-300 -155-6.2 / ROE(%) 6.1% 8.7% -2.6% m3 89.4 87.8 +1.6 (TTM, /$) 105 115-10 (JCC, $/bbl) 90 45 +45 12 09.3 2005 1007.309.3 Design2008 09.389.4 m3 87.8 m3 1.6 m3 45$/bbl 90$/bbl
09.3 FCF 09.3FCF 356156 LNG 08.37 / 156 151 474 766 0 200 400 600 800 1,000 1,200 1,400 FCF= - 09.3 13 09.3 08.3356156 LNG5 6 474 766 08.3467 1,240 08.3 Design2008
09.3 II 09.3 08.3 16,588 14,679 +1,908 6,752 6,485 +266 6,985 5,664 +1,320 1,156 1,110 +46 850 952-102 156 512-356 18,518 16,682 +1,836 ROA 2.6% 2.8% -0.2% ROE 6.1% 6.1% 0% 40.7% 44.2% -3.5% EPS / 18.8 18.3 +0.5 BPS/ 313.1 300.8 +12.3 FCF= + - 14 11 13 BS 09.308.3 1,300 08.3 08.3
07.3-09.3 3FCF 3 1,580 IPP LNG M&A 2 09.3 944 0 500 1,000 1,500 2,000 2,500 3,000 FCF= - 15 07.309.307.308.3 09.3 3 1,580 3 944 LNG IPPM&A M&A 1,000 09.3 09.3 Design2008 10.3
II. 16
+636 +339 (+230) -45+154 +373 LP +217-818 -619-341 -181 +43 31 +19-18 17
14,000 12,000 10,000 8,000 6,000 4,000 +25 +37 +347 +14 +343 +305 +44 117 122 LPG LP+217 OGEA+43 2,000 'FY07.3/R OGEA: (IPP) 'FY08.3/R 18
1,000 900 800 700 600 500 400 300 +1 LPG 193 +4 191 5 +10 5 OGEA+20 22 +8 200 100 0 'FY07.3/R OGEA: (IPP) 'FY08.3/R 19
3 09.3 08.3 09.3 08.3 09.3 1,481 +15 1,497 88-38 50 IPP IPP IPP OSR 358 +57 415 10 +1 11 LPG NIPG 1,581-74 1,506 8 +0 9 CP 3 LPG3 NIPG:LP OSR:CP: LPG() 20
2 09.3 08.3 09.3 08.3 09.3 300 363 322 874 +62 362 37 +245 608 15 +18 +48 341 13 922 21 22JEC: 21-0 +9-0 +19 37 25 13 40 JEC
08.3 +0.6 +0.2 17.2-0.3-0.5 +0.3 09.3 +1.5 35m32,346m3 22
m3/ 09.3 +0.1m3 08.3 17.2 09.3 17.1-0.01 / -0.4m3 09.3 33.8m3 08.3 33.5m3 1918 +0.6m3 23
ECOWILL FY06.3 FY07.3 FY08.3 FY09.3 11 13 12 12 197 31 91 94 184 53 104 91 181 53 99 82 180 53 115 83 24
08.3 +2.3 +1.3-4.0-0.4 09.3 2.4%40m31,617m3 25
08.3 +4.0-1.6 +2.4 09.3 +1.0% 45m34,503m3 26
CGS CGS CGS GHP 27
2,000 1,800 1,600 1,400 1,200 1,000 800 600 1kW1.32 m3 1m3=45MJ=12.5kWhIPP CTS 08 3 1,204MW 1,589m3 300MW 396m3 1,034 1,088 1,084 1,165 1,113 1,353 1,203 1,483 1,277 MW 1,809 1,768 1,672 1,385 1,479 1,504 400 200 0 '01.3 '02.3 '03.3 '04.3 '05.3 '06.3 '07.3 '08.3/R 28
4,000 3,500 3,000 2,500 2,000 RT 2,564 2,744 2,909 3,082 3,688 3,563 3,410 3,231 08 3 885m3 1,500 1,000 500 0 '01.3 '02.3 '03.3 '04.3 '05.3 '06.3 '07.3 '08.3/R GHP RT=3.516kW 240m3/ 29
CGS 8 07.3 10.3 3,500 3,000 2,500 2,000 1,500 1,000 500 0 (GWh) IPP '06.3 '07.3 '08.3/R '09.3/E 30
PEFC SOFC IT 31
1 5% 6%4% LNG 1$/bbl 28 LNG 1 /$ 35 LNG 1%9 32
45MJ, m3 10,000 9,000 8,000 7,000 6,000 462 479 480 480 481 481 FY08.3 FY13.3 4,458 4,503 4,535 4,579 4,645 4,733 +0.8% +1.2% 5,000 4,000 3,000 2,000 1,000 636 621 622 624 625 627 1,021 996 997 998 999 1000 2,310 2,346 2,356 2,366 2,374 2380-0.2% -0.4% +0.6% 0 FY08.3/R FY09.3/E FY10.3 FY11.3 FY12.3 FY13.3 8,887 8,944 8,990 9,047 9,124 9,221 +0.7% 33
1400 1200 1000 800 600 1,174 1,156 1,110 952 478 302 472 239 400 200 696 713 808 684 0 FY06.3/R FY07.3/R FY08.3/R FY09.3/E FY07.3 FY08.3/R FY09.3/E FY10.3 FY11.3 FY12.3 FY13.3 435 429 455 417 419 395 385 180 163 223 114 24 0 0 616 592 678 531 443 395 385 34
08.3 I AC/P23 15 Nexus Energy Limited (07 8 ) 2008 6 2 3 FPSO: 35
08.3 II 07 10 7,1003.2% 300 07 10 3008 3 31 67,2863.0% 29,999 445 / 07 10 3008 2 20 7708 3 36
08.3 III Freeport LNG FreeportFreeport LNG 10% (08 1 30 ) 6,80075 1,300 /08 4-6 325 Freeport LNG 37