SP Chemicals Posts 3Q FY2008 Net Profit of RMB44.2 Million

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SP Chemicals Posts 3Q FY2008 Net Profit of RMB44.2 Million FOR IMMEDIATE RELEASE CONTACT INFORMATION August Consulting Tel: (65) 6733 8873 CHIN May Nah, [email protected] Melissa YEE, [email protected] SP Chemicals posts 3Q FY2008 net profit of RMB44.2 million • 3Q FY2008 revenue surges 168% due to increased output and product prices • Bottom line impacted by a write-down in inventory due to recent decline in oil prices Financial Highlights 3 months ended 30 September 9 months ended 30 September 2008 2007 % Change 2008 2007 % Change Revenue (RMB’m) 1,003.7 374.3 + 168 2,738.4 1,264.2 + 117 Gross Profit (RMB’m) 56.1 88.7 - 37 405.3 312.6 + 30 Operating Profit (RMB’m) 38.5 68.1 - 43 323.5 259.3 + 25 Net Profit (RMB’m) 44.2 56.6 - 22 264.9 225.3 + 18 EPS (RMB cents) 8.1 10.3 - 22 48.3 41.1 + 18 (RMB 1 = S$0.2174 as at 31 October 2008) SINGAPORE – 11 November 2008 – Against a backdrop of volatile oil prices, Main-Board listed SP Chemicals Ltd. (“SP Chemicals”, the “Company” or the “Group”), the fourth largest ion-membrane chlor-alkali producer and the fifth largest aniline producer in the PRC as at 31 March 2007, today reported a 22% year-on-year decline in its net profit for the three months ended 30 September 2008 (“3Q FY2008”), to RMB44.2 million, on the back of a 168% hike in revenue in the same quarter, to RMB1.0 billion. The Group’s bottom line in 3Q FY2008 was mainly impacted by a write-down in its inventory of raw materials such as ethylene and ethylene dichloride (“EDC”), due to the recent fall in crude oil prices. SP Chemicals 3Q FY2008 Financial Results Page 2 of 5 “During 3Q FY2008, we were hit by the global financial crisis and the post-Beijing Olympics slowdown, which resulted in a steep decline in crude oil prices. Oil prices have dropped by more than 60% from its record highs in July. Correspondingly, the prices of our raw materials, in particular ethylene and EDC, fell steeply, and we were required to write-down our inventory to their net realizable values,” explained Mr Chan Hian Siang, Chief Executive Officer of SP Chemicals. During the quarter under review, the Group also stopped production for 10 days to conduct its annual maintenance and repair, so as to coincide with the plant shut down of its customers during the Beijing Olympics. The Group typically conducts maintenance during the fourth quarter of each year. In terms of revenue, the Group recorded substantial growth due to the increased output from its Production Phase 5 (“PP5”) capacity expansion since March 2008, as well as additional revenue stream from its new product, vinyl chloride monomer. Export sales accounted for 29% of its sales in 3Q FY2008. On a year-to-date basis, the Group’s revenue was up 117% to RMB2.7 billion, while net profit grew 18% to RMB264.9 million. The Group’s operating EBITDA for the 9 months ended 30 September 2008 was RMB526.7 million, compared to RMB372.1 million in the same period last year. Operating EBITDA margin, however, dipped from 29% to 19%. Based on the Group’s 3Q FY2008 net profit, earnings per share decreased to 8.1 RMB cents from 10.3 RMB cents a year ago. Net asset value per share rose from RMB2.08 as at 31 December 2007, to RMB2.52 as at 30 September 2008. “During this current global credit squeeze, the Group continues to be able to settle and to refinance our debts as and when they fall due. We are very appreciative of the support provided by our long list of top tier banks in Singapore and the PRC. The Group is confident that our banks will continue to provide the Group with the necessary bank financings as usual,” added Mr Chan. SP Chemicals 3Q FY2008 Financial Results Page 3 of 5 3Q FY2008 Business Review RMB million 3Q FY2008 3Q FY2007 % Change Aniline - Revenue 328.0 167.1 + 96 - Gross Profit (3.9) 4.9 - 180 Caustic soda - Revenue 315.4 118.0 + 167 - Gross Profit 172.6 64.5 + 168 Chlorine - Revenue 82.0 75.7 + 8 - Gross Profit (30.7) 21.1 - 245 VCM - Revenue 253.2 - N/M - Gross Profit (83.8) - N/M Others - Revenue 25.1 13.5 + 86 - Gross Profit 1.9 (1.8) N/M N/M: Not meaningful Note: Commercial production of VCM commenced at the end of FY2007. In 3Q FY2008, the average selling prices of caustic soda and aniline increased by 49% and 25%, respectively, while the average selling price of chlorine fell 16%. The volatile crude oil prices and the corresponding fall in raw material prices caused a mismatch between our product prices (such as aniline and VCM), which were sold on a spot basis, and the higher costs of raw materials (such as benzene, ethylene, and EDC) which were purchased earlier at higher prices. With the continued volatility in oil prices, the prices of the Group’s products and raw materials are expected to be volatile. “Because our products are sold on a spot basis, we are unable to pass the higher inventory costs of our raw materials to our consumers. As a result, aniline and VCM suffered losses. Caustic soda, on the other hand, experienced better gross profits because of economies of scale and it is least affected by crude oil prices,” added Mr Chan. Update on Medium Term Strategic Business Plan II In light of the current global financial crisis and unfavourable product prices, the Group has decided to delay its construction of the styrene monomer project – an intermediate chemicals used in making polystyrene plastics, protective coatings, polyesters and resins – by at least two years. SP Chemicals 3Q FY2008 Financial Results Page 4 of 5 The Group’s original plan was to start construction of its styrene monomer facilities in 3Q FY2008, with an aim of commencing trial production by 1Q FY2010. “We will continue to monitor prices and the demand-supply situation of styrene monomer, before embarking on the project. Meanwhile, the Group is also continuing to assess the viability of our petrochemical complex and ethylene cracker project in Vietnam. With the global credit crunch, we are adopting a more measured approach towards the Vietnam project,” said Mr Chan. “In view of the current difficult economic situation, we will continue to take appropriate measures to meet the challenges ahead,” said Mr Chan. # # # About SP Chemicals SP Chemicals, a Singapore-based company listed on the Main-Board of SGX-ST on 6 August 2003, is the fourth largest ion-membrane chlor-alkali producer in the PRC, and the fifth largest aniline producer in the PRC as at 31 March 2007. Backed by a 15-year track record in the PRC, SP Chemicals manufactures and sells chlor-alkali products and related downstream products to PRC- based and export customers. SP Chemicals’ customer base in the PRC spans the Jiangsu, Zhejiang and Shandong provinces, as well as Shanghai. In 2004, the Company also started exporting its products to the US, Japan, Korea and Taiwan. SP Chemicals’ customers include established multinational corporations and state- owned enterprises such as Basic Chemical Solutions, L.L.C., BASF, The Dow Chemical Company, Tomen Corporation Ltd, Flexsys N.V., Akzo Nobel Chemicals MCA (Taixing) Co, Ltd (part of the Dutch Fortune 500 company Akzo Nobel N.V.), and Yantai Wanhua Polyurethanes Co., Ltd, the largest domestic MDI producer in the PRC. The Group’s Taixing production facilities is certified by Lloyd’s Register Quality Assurance to ISO 9001:2000 and ISO 14001:1996, the internationally recognized standard for environmental management systems. In a strategic thrust to expand its chemical raw materials business, SP Chemicals had, in August 2004, unveiled its Medium-Term Strategic Business Plan (“MTSBP”). The core of the plan was a commitment to achieve further growth and profitability pursued through an estimated US$216 million investment in a series of initiatives, which included the creation of new capabilities for the production of Vinyl Chloride Monomer (“VCM”), doubling of its chlor-alkali and aniline production capacities, and the development of its Co-generation plant. SP Chemicals 3Q FY2008 Financial Results Page 5 of 5 Since 3Q 2006, the Company has doubled its Chlor-alkali and aniline production capacities in its Production Phase Four Expansion Plans (“PP4”). Its Co-generation plant has also been operating since May 2006, and commercial operation of the VCM plant commenced in 4Q 2007. With the successful implementation of its MTSBP, the Group is embarking on Phase 2 of its growth plans (“MTSBP II”). Initiatives under MTSBP II include: (i) Production Phase Five Expansion Plans (“PP5”) to expand its annual production capacities for caustic soda, chlorine, and aniline to 450,000 tonnes (from 300,000 tonnes), 396,000 tonnes (from 264,000 tonnes), and 135,000 tonnes (from 90,000 tonnes), respectively. PP5 started commercial operation in March 2008. (ii) Production of 320,000 tonnes per annum of styrene monomer, an intermediate raw chemical used in making polystyrene plastics, protective coatings, polyesters and resins. (iii) Embarking on a feasibility study to assess the viability of investing in the construction of a petrochemical complex and an ethylene cracker in Hoa Tam, Phu Yen Province in Vietnam. Part of the contemplated project is to produce 800,000 tonnes of ethylene per annum by 2014. SP Chemicals has won a number of accolades over the years, such as: • October 2005 – Most Transparent Company Award (Manufacturing Category) by Securities Investors Association (Singapore) Investors’ Choice Awards 2005 • September 2006 – “2003-2005 PRC Top 100 Overseas Chinese Enterprise Award” (“2003 – 2005年度全国百家明星侨资企业”), presented by the Economy and Technology Department of the State Council’s Office of Overseas Chinese Affairs Office, for its accomplishments and contributions to China’s economic and social growth.
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