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ESG Performance

Key ESG 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.

Summarized Financial Positions

(Unit : KRW in million)

Summarized Financial Positions : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Current assets 5,628,862 4,996,549 8,377,423 9,205,981
Non-current assets 10,704,539 10,693,961 10,315,812 10,407,154
Total assets 16,333,401 15,690,510 18,693,235 19,613,135
Current liabilities 5,748,660 6,565,111 8,505,027 8,213,158
Non-current liabilities 4,088,115 3,442,922 3,200,166 2,916,508
Total liabilities 9,836,775 10,008,033 11,705,193 11,129,666
Capital stock 291,512 291,512 291,512 291,512
Capital surplus 379,190 379,190 379,190 379,190
Reserves 979,629 977,944 985,474 986,123
Treasury stocks (1,876) (1,876) (1,876) (1,876)
Retained earnings 4,848,171 4,035,707 5,333,742 6,828,520
Total equity 6,496,626 5,682,477 6,988,042 8,483,469
Total liabilities and equity 16,333,401 15,690,510 18,693,235 19,613,135

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

Summarized Income Statement

(Unit : KRW in million)

Summarized Income Statement : Item, 2019, 2020, 2021, 2022 Table.
Item 2019 2020 2021 2022
Sales 24,394,173 16,829,681 27,463,918 42,446,028
Cost of sales (23,346,806) (17,366,204) (24,695,192) (38,291,440)
Gross profit 1,047,367 (536,523) 2,768,726 4,154,588
Selling & administrative expenses (627,290) (562,623) (627,784) (749,422)
Operating profit 420,077 (1,099,146) 2,140,942 3,405,166
Other income 370,423 394,473 459,981 1,147,592
Other expenses (440,571) (430,609) (494,023) (1,329,905)
Financial income 163,408 416,394 129,059 432,487
Financial expenses (405,536) (452,615) (359,726) (756,627)
Share of net profit of joint venture 2,550 3,706 1,787 (171)
Profit before income tax 110,351 (1,167,797) 1,878,020 2,898,542
Corporate tax (44,922) 371,689 (499,479) (794,155)
Net profit 65,429 (796,108) 1,378,541 2,104,387
Other comprehensive income (8,836) (6,303) 43,541 8,165
Total comprehensive income 56,593 (802,411) 1,422,082 2,112,552

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

Economic Value Created

(Unit : KRW in million)

Economic Value Created : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Economic value created 805,094 (529,847) 2,675,434 3,801,879
Sales 24,394,173 16,829,681 27,463,918 42,446,028
Cost of sales (22,909,569) (16,895,224) (24,062,245) (37,709,401)
Other income 536,381 814,573 590,827 1,579,908
Other expenses (643,945 (707,404) (726,203) (1,928,330)
Depreciation cost (571,946) (571,473) (590,863) (586,326)

Based on consolidate financial statements prepared in accordance with K-IFRS (separate financial statements used until 2020)

Economic Value Distributed

(Unit : KRW in million)

Economic Value Distributed : Stakeholder, Item, 2019, 2020, 2021, 2022 Table.
Stakeholder Item 2019 2020 2021 2022
Economic value distributed 805,094 (529,847) 2,675,434 3,801,879
Employees Salary & pension 470,554 438,755 639,614 718,797
Government Tax & dues 66,949 (348,314) 529,732 820,493
Local communities Social contribution expenditure 19,346 17,757 17,733 7,053
Creditors Interest costs 182,816 158,063 109,813 151,149
Shareholders & company Dividend & reserves 65,429 (796,108) 1,378,541 2,104,387
  • Based on consolidated financial statements prepared in accordance with K-IFRS (separate financial statements used until 2020)
  • Social contribution expenditure calculated as donations on the financial statements
Procurement of Crude Oil

(Unit : KRW in million)

Procurement of Crude Oil : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Crude oil 14,040,070 9,605,427 16,147,536 25,860,588
Treatment of Crude Oil

(Unit : thousand barrels)

Treatment of Crude Oil : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Crude oil treatment volume 230,575 233,109 235,928 228,698

Difficult to calculate renewable materials used.

Production Performance

(Unit : thousand barrels, KRW in million)

Production Performance : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Total Qty 265,019 264,886 271,556 266,452
Amount 24,523,574 18,053,808 26,370,021 39,965,979
Fuel Qty 228,561 228,043 231,420 228,961
Amount 19,909,719 14,394,525 20,868,495 33,605,843
Lube Oil Qty 12,990 12,541 14,770 13,701
Amount 1,255,515 789,481 1,389,874 1,925,713
Petrochemical Qty 23,468 24,302 25,366 23,790
Amount 3,358,340 2,869,802 4,111,652 4,434,423
Sales Performance

(Unit : KRW in million)

Sales Performance : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Total Domestic 10,804,483
(44.3%)		 7,667,555
(45.8%)		 12,379,125
(45.5%)		 19,075,141
(45.4%)
Export 13,589,497
(55.7%)		 9,067,949
(54.2%)		 14,824,714
(54.5%)		 22,941,938
(54.6%)
Total 24,393,980 16,735,504 27,203,839 42,017,079
Fuel Domestic 8,936,175 6,355,088 9,979,639 16,057,885
Export 10,072,340 6,279,904 10,211,131 17,947,044
Sub-total 19,008,515 12,634,992 20,190,770 34,004,929
Lube Oil Domestic 274,018 235,925 515,937 566,302
Export 1,242,028 1,002,456 1,839,772 2,420,312
Sub-total 1,516,046 1,238,381 2,355,709 2,986,614
Petrochemical Domestic 1,594,290 1,076,542 1,883,549 2,450,954
Export 2,275,129 1,785,589 2,773,811 2,574,582
Sub-total 3,869,419 2,862,131 4,657,360 5,025,536
BOD Composition

(Unit : persons)

BOD Composition : Category, 2020, 2021, 2022, 2023 Table.
Category 2020 2021 2022 2023
Total 11 11 11 11
Type Inside 1 1 1 1
Non-standing 4 4 4 4
Outside 6 6 6 6
Gender Male 9 9 9 9
Female 2 2 2 2
Age 50 or above 10 10 11 10
30 ∼ 50 1 1 0 1
Under 30 0 0 0 0
BOD Meeting Participation Rate

(Unit : %)

BOD Meeting Participation Rate : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Average participation rate 92.2% 97.2% 99.3% 100.0%
BOD Evaluation

(Unit : points, 5-point scale)

BOD Evaluation : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Overall 4.7 4.8 4.9 4.8
Composition 4.9 4.9 4.9 4.8
Roles 4.6 4.6 4.8 4.7
Operation 4.7 4.9 5.0 4.7
Total Number of Shares

(Unit : shares)

Total Number of Shares : Category, Voting rights, 2019, 2020, 2021, 2022 Table.
Category Voting rights 2019 2020 2021 2022
Total 116,604,719 (100.0%) 116,604,719 (100.0%) 116,604,719 (100.0%) 116,604,719 (100.0%)
Common stock 1 vote 112,582,792 (96.6%) 112,582,792 (96.6%) 112,582,792 (96.6%) 112,582,792 (96.6%)
Preferred stock none 4,021,927 (3.4%) 4,021,927 (3.4%) 4,021,927 (3.4%) 4,021,927 (3.4%)

There are no golden shares issued holding special voting or veto rights.

Status of Shareholders : based on Common Stocks

(Unit : shares)

Status of Shareholders : based on Common Stocks : Shareholder Name, 2019, 2020, 2021, 2022 Table.
Shareholder Name 2019 2020 2021 2022
Total 112,582,792 (100.0%) 112,582,792 (100.0%) 112,582,792 (100.0%) 112,582,792 (100.0%)
Aramco Overseas Company B.V. (AOC)1) 71,387,560 (63.4%) 71,387,560 (63.4%) 71,387,560 (63.4%) 71,387,560 (63.4%)
National Pension Service (NPS)2) 7,781,702 (6.9%) 6,396,916 (5.7%) 8,997,198 (8.0%) 7,777,670 (6.9%)
Institutional investors ∧ individuals 33,413,530 (29.7%) 34,798,316 (30.9%) 32,198,034 (28.6%) 33,417,562 (29.7%)
  • 1) AOC became the largest shareholder by acquiring 35% of S-OIL's shares in 1991. In 1999, the Company purchased 28.4% of its shares as treasury stocks from Ssangyong Group, and changed its name from Ssangyong Oil Refining Co. to S-OIL in 2000. In 2015, AOC acquired these 28.4% of S-OIL's shares additionally.
  • 2) Shares owned by NPS included consignment accounts.

Shares held by governmental institutions : none

Shareholding Status of MC Members

(Unit : shares)

Shareholding Status of MC Members : Name, 2019, 2020, 2021, 2022 Table.
Name 2019 2020 2021 2022
Anwar A. Al-Hejazi / CEO - - - -
Bong Soo Park / President 8,360 8,360 8,360 8,360
Yul Ryu / President 4,550 0 4,550 4,550
Jong Bum Ahn / President 9,140 9,140 9,140 9,140
Ju Wan Bang / CFO - - 9,500 10,000
Min Ho Lee / CSO - - 0 0
Won Ki Cha / Head of HQ - - - 0
  • Anwar A. Al-Hejazi was newly appointed as the CEO on May 9, 2023.
  • Hussain A. Al-Qahtani, the outgoing CEO who served until May 9, 2023, held 1,000 shares worth 0.15 times of his annual fixed salary.
  • MC members except the CEO held S-OIL's share worth 100% of their average salary as of the end of 2022.
Corporate Governance Rating by Korea Corporate Governance Service (KCGS)
Corporate Governance Rating by Korea Corporate Governance Service (KCGS) : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Corporate governance rating A+ A+ A+ A+
Spending in Business Association

(Unit : KRW in million)

Spending in Business Association : Category, Alignment with the Paris Agreement, 2019, 2020, 2021, 2022 Table.
Category Alignment with
the Paris Agreement		 2019 2020 2021 2022
Total 1,550 1,747 1,769 1,921
Korea Petroleum Association O 1,239 1,316 1,346 1,495
Ulsan Chamber of Commerce & Industry O 13 129 130 130
Korea Petrochemical Industry Association O 130 130 120 119
Onsan Industrial Complex Association O 82 82 82 86
Korea Employers Federation O 33 33 33 34
Korea Listed Companies Association O 15 15 15 15
Korea Lubricating Oil Industries Association O 14 13 12 12
Others - 24 28 31 30

Through the Ethics Code, S-OIL strictly bans employees to use its organization, manpower, and assets for the purpose of providing political funds or for political purposes. The Company is only affiliated with associations aimed at promoting industries, which guarantee political neutrality, and joins the associations whose activities are aligned with the Paris Agreement to ensure a consistent response to climate change.

Spending on Business Issue-related Research

(Unit : KRW in million)

Spending on Business Issue-related Research : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Spending on research 142 158 158 184
  • Indirect spending for research through a payment to business associations
  • Key business issue studies conducted in 2022: Energy policy and tax (KRW 140 million), Reinforcement of refining industry's competitiveness (KRW 45 million)
Violations of Improper Solicitation & Graft Act

(Unit : cases)

Violations of the Improper Solicitation & Graft Act : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
No. of violations 0 0 0 0
Violation of Internal Regulations found by Compliance Monitoring

(Unit : cases)

Violation of Internal Regulations found by Compliance Monitoring : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
No. of violations 0 0 0 0
Deliberation of Ethics Committee

(Unit : times, cases, persons)

Deliberation of the Ethics Committee : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
No. of meetings 14 21 16 21
Deliberation Operation of sales networks 20 18 23 12
Purchasing of goods & services 42 31 6 12
Others 7 8 15 4
Total 69 57 44 28
No. of disciplines due to
violations of Ethics Code		 Corruption or bribery 0 0 0 0
Discrimination or harassment 1 2 2 1
Discrimination or harassment 0 0 0 0
Conflict of interest 0 0 0 0
Money laundering or insider trading 0 0 0 0
Other ethics Code violations 2 2 2 2
Total 3 4 4 3

Completed investigations and follow-up actions on all violations reported by 2022.

2019
1 case of procurement regulations violation (disciplinary dismissal to 2 persons), 1 case of monetary transaction between colleagues (reprimand to 1 person), 1 case of negligence (salary reduction to 1 person)
2020
1 case of procurement regulations violation (salary reduction to 2 persons), 1 case of inappropriate use of language and violence between colleagues (suspension to 1 person), 1 case of inappropriate action between colleagues (suspension to 1 person), 1 case of inappropriate claim for allowance (suspension to 1 person)
2021
1 case of procurement regulations violation (salary reduction to 2 persons, reprimand to 3 persons), 2 cases of inappropriate use of action and language between colleagues (suspension to 2 persons), 1 case of inappropriate claim for allowance (suspension to 3 persons, reprimand to 3 persons)
2022
1 case of drunk driving (salary reduction to 1 person), unauthorized hot work for personal purpose (suspension to 2 persons, warning to 1 person), use of violence between colleagues (suspension to 1 person, salary reduction to 1 person, warning to 1 person)
Ethics Management Training for Employees

(Unit : times, persons)

Ethics Management Training for Employees : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
No. of trainings 18 8 11 8
No. of participants 3,931 3,875 3,658 3,577
Participation rate 100% 100% 100% 100%
Ethics Management Training for Suppliers & Affiliates

(Unit : times, companies, persons)

Ethics Management Training for Suppliers & Affiliates : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Contractors No. of trainings 4 - - -
No. of companies 538 1,106 1,002 2,385
No. of participants 583 - - -
Affiliates No. of trainings - 1 1 1
No. of companies - 1 1 1
No. of participants - 6 6 7

According to the government's COVID-19 quarantine regulations, trainings were replaced to the distribution of training materials for 2020 ~ 2022.

Self-assessment on Ethics Management

(Unit : persons, points)

Self-assessment on Ethics Management : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
No. of participants 3,257 (100%) 3,224 (100%) 3,019 (100%) 3,201 (100%)
Average score 99.6 99.4 99.6 99.4
Ethics Management Evaluation by Stakeholders

(Unit : points)

Ethics Management Evaluation by Stakeholders : Category, 2019, 2020, 2021, 2022 Table.
Category 2019 2020 2021 2022
Average score 9.04 9.23 9.29 9.21
Employees 9.02 9.20 9.30 9.20
S/Ss & F/Ss 8.46 9.36 8.52 9.12
Corporate clients 9.52 9.43 9.40 9.48
Contractors 9.16 9.31 9.24 9.27
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