高盛 中石油估值

2002E2002E Change (%) Rmb/USD8.309.1310.0 Income from Operations (EBIT)

Exploration & Production46,83253,18013.6 Refining & Marketing3,8615,91853.3 Chemicals4,0354,55712.9 Natural gas-66-66— Other-2,900-2,900— Total51,76160,68917.2

Financing costs

Net exchange gain/(loss)—-3,388— Interest income186163— Interest expense-4,612-4,796 4.0 Total-4,426-8,02181.2

Income from equity affiliates200200—

Pretax income47,53652,86711.2 Income taxes-15,687-18,51218.0 Income before minority interests31,84934,3557.9 (Income)/loss applicable to

minority interests-20-20—Net Income31,82934,3357.9 Cash flow75,76481,2787.3 EBITDA83,45492,38210.7 EBIDA78,73073,869-6.2