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FORMOSA PLASTICS CORPORATION

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Formosa Plastics : Announcement of FPC unaudited consolidated results in Q4 and year of 2021

01/10/2022 | 12:58am EDT
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Provided by: Formosa Plastics Corporation
SEQ_NO 2 Date of announcement 2022/01/10 Time of announcement 13:47:57
Subject
 Announcement of FPC unaudited consolidated
results in Q4 and year of 2021
Date of events 2022/01/10 To which item it meets paragraph 51
Statement
1.Date of occurrence of the event:2022/01/10
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 Q4 and year of 2021
6.Countermeasures:None
7.Any other matters that need to be specified:
1. Compared unaudited consolidated sales in Q4 and Q3 2021:
(1). The consolidated sales of NTD 74.4bn in Q4 2021, which reached the
quarterly historical high, increased by NTD 7.4bn and was up 11.2% from
Q3 2021. The sales price and volume were both raised, and the reasons were
as follows:
A. The sales spread of price increased by NTD 6.28bn.
The prices of PVC, caustic soda and EVA of the Company in Q4 2021 was up
16~40% from Q3 2021, given (1) the production of peers declined because of
the increased price of coal and calcium carbide affected by energy policy
in China, and (2) the demand of solar cell encapsulation film market was
over the supply.
B. The sales spread of volume increased by NTD 1.19bn.
The total sales volume of PE, SAP and NBA in Q4 2021 increased by 56,000 MT
from Q3 2021, given there were only 6 plants in turnaround in Q4 2021
compared to 11 plants in Q3 2021, and the operating rate of 92% in Q4 2021
was higher than 89% in Q3 2021.
(2). The operating income of NTD 16.1bn in Q4 2021, which was the second
quarterly high level in the past years, increased by NTD 3.3bn and was up
26.3% from Q3 2021. The consolidated pre-tax income of NTD 20.8bn in Q4 2021
decreased by NTD 1.7bn and was down 7.6% from Q3 2021. The pre-tax EPS was
NTD 3.26. The consolidated after-tax income of NTD 16.8bn in Q4 2021
decreased by NTD 2.4bn and was down 12.6% from Q3 2021. The after-tax EPS
was NTD 2.65. The reasons were as follows:
A. The sales and production increased because the plants of the Company in
turnaround in Q4 2021 were fewer than Q3 2021, and also the profit spread
widened due to the price of petrochemical products pushed up by energy
policy in China.
B. Investment income of NTD 4.75bn in Q4 2021 decreased by NTD 2.07bn from
6.82bn in Q3 2021, given:
a. Investment income from Formosa Petrochemical Corporation was NTD 2.15bn
decreased by NTD 0.82bn from Q3 2021.
b. Investment income from Formosa Plastics Corporation, U.S.A. was
NTD 1.97bn decreased by NTD 0.52bn from Q3 2021 because the decreased
product price made profit spread narrowed affected by the price of gas
increased and peers, affected by hurricane, restarted production gradually.
c. Investment income from Formosa Olefins, L.L.C. was NTD 0.51bn decreased
by NTD 0.55bn from Q3 2021 because the price of gas increased.
C. Cash dividends were NTD 3bn in Q3 2021.
D. The FX loss of NTD 0.01bn in Q4 2021 decreased by NTD 0.11bn from the
FX profit of NTD 0.1bn in Q3 2021.
2. Compared unaudited consolidated sales in 2021 and 2020:
(1). The consolidated sales of NTD 273.5bn in 2021 increased by NTD 87.7bn
and was up 47.2% from 2020. The sales price and volume were both raised,
and the reasons were as follows:
A. The sales spread of price increased by NTD 85.35bn.
The prices of each product of the Company in 2021 was up 10~117% from
2020, given (1) demand increased as Covid-19 pandemic situation became
smoother and global economic recovered strongly, and (2) supply decreased
due to the abnormal weather in the USA, the frequently unplanned shutdown
from global peers, and energy policy in China.
B. The sales spread of volume increased by NTD 2.42bn.
a. The total sales volume of PVC, caustic soda and AE in 2021 increased
by 261,000 MT from 2020 and sales increased NTD 4.42bn, because the
customer in Europe and the U.S. made the order to the Asia producer given
(1) the U.S. was attacked by the heavy snow in February and the hurricane
in August, (2) the peers in Europe and the U.S. announced force majeure
due @to the unplanned shutdown.
b. The sales volume of PE in 2021 decreased by 94,000 MT from 2020 and
sales decreased NTD 1.98bn, because sales and production of Formosa
Industries Corporation in 2021 decreased due to the lack of ethylene and
delivery trucks.
(2). The operating income of NTD 60.1bn in 2021 increased by NTD 43bn and
was up 251.9% from 2020. The consolidated pre-tax income of NTD 85.9bn in
2021 increased by NTD 61.8bn and was up 255.7% from 2020. The pre-tax EPS
was NTD 13.5. The consolidated after-tax income of NTD 71.3bn in 2021
increased by NTD 51.3bn and was up 256.3% from 2020. The after-tax EPS was
NTD 11.21. The reasons were as follows:
A. The increased prices of each product widened the profit spread and the
consolidated operating income in 2021 from 2020.
B. Investment income was NTD 23.46bn in 2021 increased by NTD 18.25bn from
2020, given:
a. Investment income from Formosa Petrochemical Corporation was NTD 13.97bn
increased by NTD 11.76bn from 2020.
b. Investment income from Formosa Plastics Corporation, U.S.A. was
NTD 6.11bn increased by NTD 5.74bn from 2020, because the plants in
inspection by API in 2021 less than in 2020 made the sales and production
grow up and the increased price of product widened the profit spread.
c. Investment loss from Fujian Fuxin Special Steel Co. Ltd. was NTD 0.15bn
in 2021 increased by NTD 0.68bn from the loss of NTD 0.83 in 2020.
C. The FX loss of NTD 0.46bn in 2021 increased by NTD 0.62bn from the FX
loss of NTD 1.08bn in 2020.

Disclaimer

Formosa Plastics Corporation published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 05:57:09 UTC.


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Number of Analysts 10
Last Close Price 105,00 TWD
Average target price 127,40 TWD
Spread / Average Target 21,3%
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Chien Nan Lin Chairman & General Manager
Chen Hsiao Lei Chief Financial Officer
Chi-Lin Wei Independent Executive Director
Ching Chi Wu Independent Director
Yen-Shiang Shih Independent Director
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