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s-oil

Performance Review

Key Sustainability Management Performances

S-OIL is committed to creating stakeholder value through sustainable growth, contributing to the happiness of mankind as well as the development of society and economy. To this end, we dedicate not only to promoting bold innovation in entire business areas for enhancing our quality competitiveness and brand value but also to practicing shared growth with business partners and local communities based on the management philosophy centered on co-prosperity, fulfilling our responsibility as a corporate citizen

Treatment of Crude Oil

(Unit : thousand barrels)

Treatment of Crude Oil : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Crude oil treatment volume 231,185 241,019 239,780 230,575

Difficult to calculate renewable materials used.

Production

(Unit : thousand barrels, KRW in million)

Production : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Fuel products Volume 199,631 210,055 206,139 195,917
Amount 10,862,778 14,527,496 17,914,773 17,799,338
Lube products Volume 13,576 14,060 13,625 12,990
Amount 870,560 1,140,721 1,387,078 1,255,515
Petrochemical products Volume 21,298 20,726 22,778 26,211
Amount 2,321,020 2,681,459 3,443,818 3,350,265
Total Volume 234,505 244,841 242,542 235,118
Amount 14,054,358 18,349,676 22,745,669 22,405,118
Profit Improvement Performance

(Unit : KRW in million)

Profit Improvement : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Profit Improvement 190,499 204,972 113,781 66,234
Employee Suggestion Program

(Unit : cases, persons)

Employee Suggestion Program : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
No. of suggestions received 2,816 2,496 1,323 1,921
No. of participants 954 782 587 598
Summarized Financial Positions

(Unit : KRW in million)

Summarized Financial Positions : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Current assets 7,973,051 6,769,402 5,850,562 5,623,541
Non-current assets 5,977,625 8,308,161 10,230,950 10,831,892
Total assets 13,950,676 15,077,563 16,081,512 16,455,433
Current liabilities 4,832,781 4,543,391 5,790,228 5,758,293
Non-current liabilities 2,732,648 3,695,073 3,829,695 4,211,020
Total liabilities 7,565,429 8,238,464 9,619,923 9,969,313
Capital stock 291,512 291,512 291,512 291,512
Capital surplus 379,190 379,190 379,190 379,190
Reserves 977,313 975,772 977,438 979,709
Treasury stocks (1,876) (1,876) (1,876) (1,876)
Retained earnings 4,739,108 5,194,501 4,815,325 4,837,585
Total equity 6,385,247 6,839,099 6,461,589 6,486,120
Total liabilities and equity 13,950,676 15,077,563 16,081,512 16,455,433

Based on separate financial statements prepared in accordance with K-IFRS.

Summarized Income Statement

(Unit : KRW in million)

Summarized Income Statement : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Revenue 16,321,843 20,891,340 25,463,122 24,393,980
Cost of sales (14,020,892) (18,783,141) (24,210,490) (23,360,274)
Gross profit 2,300,951 2,108,199 1,252,632 1,033,706
Selling expenses (576,645) (620,744) (510,557) (507,461)
Administrative expenses (107,417) (112,806) (105,227) (106,195)
Operating profit 1,616,889 1,374,649 636,848 420,050
Financial income 184,999 330,250 116,579 163,317
Financial expenses (244,830) (126,834) (242,037) (410,076)
Other income 495,344 383,189 264,896 373,971
Other expenses (475,037) (313,094) (452,897) (441,021)
Profit before income tax 1,577,365 1,648,160 323,389 106,241
Corporate tax expense (370,282) (399,004) (69,612) (43,639)
Net profit 1,207,083 1,249,156 253,777 62,602
Other comprehensive income 5,926 8,095 (14,162) (8,870)
Total comprehensive income 1,213,009 1,257,251 239,615 53,732
  • Based on separate financial statements prepared in accordance with K-IFRS.
Key Financial Indicators

(Unit : %, multiples)

Key Financial Indicators : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Stability Current ratio 165.0 149.0 101.0 97.7
Total liabilities to equity 118.5 120.5 148.9 153.7
Borrowings to total assets 73.8 70.8 98.0 98.4
Times interest earned 28.7 23.6 8.3 2.2
Profitability Operating profit to sales 9.9 6.6 2.5 1.7
Net profit to sales 7.4 6.0 1.0 0.3
Return on equity 18.9 18.3 3.9 1.0
Growth & Activity Sales growth (8.8) 28.0 21.9 (4.2)
Operating profit growth 97.8 (15.0) (53.7) (34.0)
Net profit growth 92.2 3.5 (79.7) (75.3)
Total asset growth 29.4 8.1 6.7 2.3

Based on separate financial statements prepared in accordance with K-IFRS.

Credit Ratings
Credit Ratings : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Overseas Credit Ratings Moody's Baa2 Baa2 Baa2 Baa2
S&P BBB BBB BBB BBB
Domestic Credit Ratings Korea Ratings AA+ AA+ AA+ AA+
NICE Investors Service AA+ AA+ AA+ AA+
Korea Investors Service AA+ AA+ AA+ AA+
Tax, Revenue, and Operating Profit by Nations

(Unit : KRW in million)

Tax, Revenue, and Operating Profit by Nations : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Domestic Revenue 16,321,843 20,891,374 25,463,295 24,394,173
Operating profit 1,616,889 1,373,265 639,460 420,077
Corporate tax expense 369,732 398,380 73,754 44,922
Tax paid by cash 375,508 363,199 52,153 0
Overseas Revenue 0 0 0 0
Operating profit 0 0 0 0
Corporate tax expense 0 0 0 0
Tax paid by cash 0 0 0 0

Based on consolidated financial statements prepared in accordance with K-IFRS.

Dividend Payments

(Unit : KRW, %)

Dividend Payments : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Total dividends paid (KRW in million) 721,904 686,978 87,411 23,380
Cash dividend payout ratio 59.8 55.0 34.4 37.3
Cash dividends per share Common 6,200 5,900 750 200
Preferred 6,225 5,925 775 225
Cash dividend yield Common 7.3 4.7 0.7 0.2
Preferred 10.9 5.7 1.0 0.4

Based on separate financial statements prepared in accordance with K-IFRS.

Economic Value Created

(Unit : KRW in million)

Economic Value Created : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Revenue 16,321,843 20,891,340 25,463,122 24,393,980
Cost of sales (13,921,262) (18,566,739) (23,956,318) (22,918,982)
Other income 680,343 713,439 381,475 537,288
Other expenses (640,774) (367,534) (598,468) (644,395)
Depreciation cost (286,746) (293,588) (350,482) (565,414)
Economic value created 2,153,404 2,376,918 939,329 802,477

Based on separate financial statements prepared in accordance with K-IFRS.

Economic Value Distributed

(Unit : KRW in million)

Economic Value Distributed : Stakeholder, Item, 2015, 2016, 2017, 2018 Table.
Stakeholder Item 2016 2017 2018 2019
Employees Salary & pension 478,906 637,569 499,419 467,820
Government Tax & dues 388,322 417,799 89,667 65,353
Local communities Social contribution
expenditure
22,787 14,140 19,455 19,346
Creditors Interest costs 56,306 58,254 77,011 187,356
Shareholders & company Dividend & reserves 1,207,083 1,249,156 253,777 62,602
Economic value distributed 2,153,404 2,376,918 939,329 802,477
  • Based on separate financial statements prepared in accordance with K-IFRS.
  • Social contribution expenditure included only donations on the financial statements.
Violation of Disclosure Regulations

(Unit : cases)

Violation of Disclosure Regulations : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
No. of violations 0 0 0 0
Procurement of Crude Oil

(Unit : KRW in million)

Procurement of Crude Oil : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Crude oil 10,350,775 13,714,906 17,428,059 14,040,070
Procurement by Item

(Unit : KRW in million)

Procurement by Item : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Total 3,013,515 1,167,443 842,921 863,888
Construction & maintenance 1,320,550 626,124 388,006 178,231
General service 137,137 47,915 79,304 290,787
Materials 1,555,828 493,404 375,610 394,870
  • Excluding crude oil & products.
Procurement by Region

(Unit : KRW in million, suppliers)

Procurement by Region : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Amount Korea 2,709,144 954,859 608,958 603,173
Asia 123,967 54,053 81,785 23,035
Middle East 144 100 207 0
Europe 101,477 99,596 57,690 26,134
Americas 74,123 58,734 94,233 211,546
Others 4,661 100 47 0
No. of Suppliers Korea 1,279 1,181 1,110 1,060
Asia 65 75 46 19
Middle East 4 2 2 0
Europe 56 41 41 25
Americas 50 46 36 62
Others 4 2 1 0
Total 1,458 1,347 1,236 1,166

Excluded crude oil & products.

Regular Risk Evaluation on Suppliers

(Unit : %)

Regular Risk Evaluation on Suppliers : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Regular evaluation rate (including sustainability risk) 100 100 100 100
Suppliers Satisfaction Survey

(Unit : points)

Suppliers Satisfaction Survey : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Satisfaction score 9.39 9.37 9.41 9.46
ESG Training for Procurement-related Teams

(Unit : %)

ESG Training for Procurement-related Teams : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Participation rate 100 100 100 100
Environmental Performance

(Unit : KRW in million)

Environmental Performance : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Environmental investments 16,148 15,640 20,206 17,371
Environmental operating costs 151,499 159,748 172,531 230,471
Environmental benefits 64,373 37,808 58,783 60,984
Environmental Investments

(Unit : KRW in million)

Environmental Investments : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Air quality, malodor, HAPs 7,193 8,094 14,496 4,967
Water quality 1,045 2,053 1,206 2,194
Support for energy saving technology 1,386 5,276 136 8,513
Soil, hazardous chemicals, waste, & others 6,524 217 4,368 1,697
Total 16,148 15,640 20,206 17,371
Major investments made in 2019
Air quality, malodor, HAPs
Heater improvement for NOx emission reduction, odor removal facilities improvement, etc.
Water quality, marine
Blowdown System improvement, water quality TMS improvement, etc.
Support for energy saving technology
Facilities improvement for reduction of vent steam and recovery of waste heat, etc.
Others
Replacement of obsolete Hume pipes for preventing soil pollution, etc.
Air Pollutant Emissions Intensity at Onsan Refinery
Air Pollutant Emissions Intensity at Onsan Refinery : Classification, 2016, 2017, 2018, 2019 Table.
Classification Legal standards 2016 2017 2018 2019
SOx 120 ppm 86.9 82.0 29.6 4.5
NOx 130 ppm 82.6 84.8 72.3 52.7
Dust 15 mg/S㎥ 2.9 2.9 2.0 0.0
  • Legal standards are the standard on heaters, which have the largest share among S-OIL's facilities.
  • Simple average of emissions intensity from heaters and boilers where TMS is installed.
Air Pollutant Emissions Volume at Onsan Refinery

(Unit : tons)

Air Pollutant Emissions Volume at Onsan Refinery : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Total 8,547 7,601 5,263 3,499
SOx 4,959 3,817 1,655 425
NOx 3,518 3,705 3,548 3,040
Dust 71 79 60 34
  • Total volume of emissions from outlets where TMS is installed.
HAPs Leak Rate at Onsan Refinery

(Unit : %)

HAPs Leak Rate at Onsan Refinery : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
HAPs leak rate 0.13 0.08 0.06 0.03
Water Pollutant Emissions Intensity at Onsan Refinery
Water Pollutant Emissions Intensity at Onsan Refinery : Classification, Legal standards, 2015, 2016, 2017, 2018 Table.
Classification Legal standards 2016 2017 2018 2019
BOD 10 ppm 3.8 2.6 3.1 3.0
COD 40 ppm 8.0 8.5 7.4 6.9
SS 10 ppm 2.6 2.3 2.2 1.6
BOD
Simple average of emissions concentration analyzed by the Refinery
COD, SS
Simple average of emissions concentration from outlets where TMS is installed
Water Consumption, Recycling, & Wastewater Volume at Onsan Refinery

(Unit : thousand tons)

Water Consumption, Recycling, & Wastewater Volume at Onsan Refinery : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Water consumed Municipal water supplies 21,268 21,409 27,497 29,048
Fresh surface water 0 0 0 0
Fresh ground water 0 0 0 0
Total 21,268 21,409 27,497 29,048
Water recycled 1,887 (8.9%) 2,396 (11.2%) 2,450 (8.9%) 2,410 (9.8%)
Wastewater generated 9,584 9,161 12,143 13,733
Waste Generation & Recycling at Onsan Refinery

(Unit : tons)

Waste Generation & Recycling at Onsan Refinery : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Generation Designated waste 8,859 8,818 8,613 13,490
General waste 17,515 16,732 25,198 36,645
Total 26,374 25,550 33,811 50,135
Recycling Designated waste 6,166 6,998 6,410 11,267
General waste 8,564 9,596 17,641 28,871
Total 14,730 16,594 24,051 40,138
Emissions of Hazardous Chemical Substances

(Unit : tons)

Emissions of Hazardous Chemical Substances : Classification, 2015, 2016, 2017, 2018 Table.
Classification 2015 2016 2017 2018
S-OIL 116 86 88 -
Average of domestic competitors 222 204 165 -

Data for 2018 is not announced by the Ministry of Environment.

Oil Spill

(Unit : cases)

Oil Spill : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
No. of oil spill accidents (leakage to the outside of factory) 0 0 0 0
Violation of Environmental Laws

(Unit : cases, KRW in million)

VViolation of Environmental Laws : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Fine or over No. of violations 0 0 0 0
Amount 0 0 0 0
Penalty (Over $10,000) No. of violations 0 0 0 0
Amount 0 0 0 0
Environmental Impact Assessment
Oil Storage Facility Construction Project
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GHG Emissions

(Unit : thousand ton CO2eq)

GHG Emissions : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Scope I 6,537 6,550 7,150 7,292
Scope II 1,072 1,103 1,554 1,859
Total 7,609 (7,641) 7,653 (7,710) 8,704 (8,823) 9,150 (9,603)
Excluding RUC/ODC - - 7,512 7,093
Scope III 28 30 28 31
  • Figures in parenthesis mean emissions that include additional items in accordance with the amendment of the Target Management Scheme in 2014. Gaseous waste was included in 2017.
  • Scope III includes only vehicles in the downstream business.
Detailed GHG Emissions
Detailed GHG Emissions : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
CO2 (thousand tons) 7,596 7,642 8,694 9,142
CH4 (tons) 156 142 122 110
N2O (tons) 31 28 23 20
Detailed GHG Emissions

(Unit : thousand ton CO2eq)

Detailed GHG Emissions : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
CO2 7,596 7,642 8,694 9,142
CH4 3 3 3 2
N2O 10 9 7 6
Total 7,609 7,653 8,704 9,150

It is CO2 converted volume considering the Global Warming Potential (GWP) presented by IPCC Guideline in 2006. (GWP : CO2=1, CH4=21, N2O=310)

Energy Consumption

(Unit : TJ)

Energy Consumption : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Scope I 85,422 76,577 86,484 90,323
Scope II 23,024 23,591 33,132 39,178
Total 108,445 100,167 119,616 129,501
Scope III 378 400 377 405
Detailed Energy Consumption

(Unit : TJ)

Detailed Energy Consumption : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Fossil fuels 85,422 76,577 86,484 90,323
Electricity 21,419 21,926 31,037 37,431
Steam / heating / cooling and other energy 1,604 1,664 2,095 1,748
Total renewable energy 0.108 0.108 0.108 0.108
Energy Cost

(Unit : KRW in million)

Energy Cost : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Energy cost 973,994 1,133,442 1,374,753 1,455,932
Sales of Energy

(Unit : TJ)

Sales of Energy : Classification, 2015, 2016. 2017, 2018 Table.
Classification 2016 2017 2018 2019
Steam 1,356 3,016 3,073 2,675
Performance in Social Contribution Activities

(Unit : KRW in million)

Performance in Social Contribution Activities : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
Total 6,652 6,147 6,917 6,951
For Local Community 1,517 2,006 2,044 2,092
For the Environment 290 250 250 250
For Needy People 3,145 2,260 2,933 2,819
For Heroes 534 1,060 1,240 1,140
Others (S-OIL Science Prodigy & Culture Foundation, etc.) 1,166 571 450 650

The above performance includes donation as charity and local community contribution activities only. When social contribution activities for band identity enhancement and marketing purposes, community service hours of employees, and management cost are considered, the performance of 2019 amounts to KRW 12,009 million (cash KRW 4,145 million, non-cash asset KRW 6,847 million, community service hours KRW 667 million, management/labor cost KRW 350 million).

Green Purchasing

(Unit : cases, KRW in million)

Green Purchasing : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
No. of products 128 31 59 38
Amount of purchasing 16,158 15,650 32,541 15,539
Sunshine Sharing Campaign

(Unit : persons, hours, KRW in million)

Sunshine Sharing Campaign : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
S-OIL Public Service Corps No. of participants 2,129 2,321 2,047 1,863
Participation hours 24,154 24,593 22,264 18,686
Wage tail-cut contribution No. of participants 1,769 1,889 1,871 1,845
Amount of supports 104 170 180 145
1 employee & 1 donation account No. of participants 1,385 1,495 1,477 1,444
Amount of supports 58 58 58 60
Culture & Art Sharing Campaign

(Unit : times, persons)

Culture & Art Sharing Campaign : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
No. of events 12 12 12 12
No. of participants 3,330 3,230 3,340 3,450
Employment in Ulsan

(Unit : persons)

Employment in Ulsan : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
New employees graduated universities in Ulsan 87 (29.7%) 68 (28.2%) 2 (12.5%) 1 (4.0%)
Local Purchasing in Ulsan

(Unit : cases, KRW in million)

Local Purchasing in Ulsan : Classification, 2016, 2017, 2018, 2019 Table.
Classification 2016 2017 2018 2019
No. of purchasing in Ulsan 5,090 (55.1%) 5,085 (52.8%) 6,168 (60.1%) 5,718 (57.7%)
Amounts of purchasing
in Ulsan
General 172,746 196,552 194,186 187,431
RUC/ODC 640,158 202,386 0 0
Total 812,904 (27.0%) 398,938 (34.2%) 194,186 (23.0%) 187,431 (21.7%)

Excluding crude oil & products.

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