GS

46
2012 01 01
2012 12 31

45
2011 01 01
2011 12 31

I.

- - - - - - - - - - - - - - - - - - - - - - - 1

II.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 4

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 6

- - - - - - - - - - - - - - - - - - - - - - - - - 7

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 9

- - - - - - - - - - - - - - - - - - - - - -

12

GS

2013 2 1

GS 2012 12 31
2011 12 31
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2012 2011 12 31

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46
2012 01 01
2012 12 31

45
2011 01 01
2011 12 31

" ."

GS

-3-


46() 2012 12 31
45() 2011 12 31
GS

( : )

46()

45()

7,8,29

663,278

374,593

8,25,29

3,585,634

5,244,041

8,29

825,169

1,163,688

5,061,025

5,559,168

22

149

706,087

611,261

10,841,215

12,952,900

27,28

8,29

2,601

8,29

491,986

613,554

15

300,965

453,014

4,10,14,27

10,775,339

11,338,926

4,11

35,658

35,992

4,12,13

63,856

104,298

19

1,402

1,462

4,28

33,708

35,811

11,702,914

12,585,658

22,544,129

25,538,558

8,25,29

2,993,137

4,057,116

8,10,25,29,30

4,102,177

6,124,343

98,632

132,633

162,435

158,529

7,356,381

10,472,621

28

8,10,27,29,30

5,581,027

5,471,164

17

71,897

57,516

19

294,088

285,490

-4-

46()

16,18,28

112,758

319,585

6,059,770

6,133,755

13,416,151

16,606,376

260,000

260,000

66,270

66,270

20

(58,639)

(51,128)

8,20

15,581

28,738

20

8,844,737

8,625,884

9,127,949

8,929,764

29

2,418

9,127,978

8,932,182

22,544,129

25,538,558

1,20

45()

" ."

-5-

46() 2012 1 1 2012 12 31

45() 2011 1 1 2011 12 31
GS

( : )

46()

45()

4,21,25

47,872,746

46,456,382

17,24,25

(46,468,646)

(43,529,692)

17,22,24,25

(893,174)

(977,691)

2,4

510,926

1,948,999

15

(1,953)

38,372

8,25

1,358,141

1,545,579

(1,448,970)

(1,916,778)

8,11,23

233,044

225,689

8,11,23

(304,199)

(325,821)

346,989

1,516,040

(7,318)

(381,730)

339,671

1,134,310

391,753

101,701

731,424

1,236,011

734,090

1,241,892

(2,666)

(5,881)

19

5,6

" ."

-6-

46() 2012 1 1 2012 12 31

45() 2011 1 1 2011 12 31
GS

( : )

46()

45()

731,424

( ):

1,236,011

1,173

(20,515)

()

(2,847)

13,421

(1,559)

2,248

19,932

17

(16,678)

(11,674)

(13,731)

3,130

700,030

1,240,305

702,696

1,246,186

(2,666)

(5,881)

" ."

-7-

46() 2012 1 1 2012 12 31

45() 2011 1 1 2011 12 31
GS

2011 1 1()

( : )

260,000

66,270

(49,249)

12,770

7,779,401

8,069,192

4,725

8,073,917

1,241,892

1,241,892

(5,881)

1,236,011

(20,515)

(20,515)

(20,515)

13,421

13,421

13,421

19,932

19,932

19,932

(11,674)

(11,674)

(11,674)

3,130

3,130

3,130

15,968

(11,674)

4,294

4,294

15,968

1,230,218

1,246,186

(5,881)

1,240,305

(346,000)

(346,000)

(346,000)

(1,466)

(1,466)

3,574

2,108

(413)

(37,735)

(38,148)

(38,148)

(1,879)

(383,735)

(385,614)

3,574

(382,040)

2011 12 31()

260,000

66,270

(51,128)

28,738

8,625,884

8,929,764

2,418

8,932,182

2012 1 1()

260,000

66,270

(51,128)

28,738

8,625,884

8,929,764

2,418

8,932,182

734,090

734,090

(2,666)

731,424

1,173

1,173

1,173

(2,847)

(2,847)

(2,847)

(1,559)

(1,559)

(1,559)

2,248

2,248

2,248

(16,678)

(16,678)

(16,678)

(13,731)

(13,731)

(13,731)

(13,157)

(18,237)

(31,394)

(31,394)

(13,157)

715,853

702,696

(2,666)

700,030

(497,000)

(497,000)

(497,000)

(6,832)

(6,832)

1,235

(5,597)

(958)

(958)

(679)

(679)

(679)

2012 12 31()

(7,511)

(497,000)

(504,511)

277

(504,234)

260,000

66,270

(58,639)

15,581

8,844,737

9,127,949

29

9,127,978

" ."

-8-

46() 2012 1 1 2012 12 31

45() 2011 1 1 2011 12 31
GS

( : )

46()

45()

1,609,405

590,518

731,424

1,236,011

1,389,804

1,689,396

()

(36,228)

8,144

544,033

577,638

20,779

21,469

30,766

32,065

83,374

209,142

343,631

364,165

134,633

11,658

4,173

11,283

11,675

187,072

414,770

66,742

3,719

34,497

(925,089)

(286,994)

2,820

42,429

248,288

86,920

70,638

79,971

721

1,511

13,243

26,514

7,475

31,311

27,159

7,283

551,602

3,143

11,055

413,266

(2,047,895)

1,313,482

(1,207,057)

63,444

(121,427)

477,729

(1,148,094)

()

(102,111)

(193,552)

()

777

(31,042)

(1)
(2)

(3)

(4)
()
()
()

-9-

46()

()

45()
197

1,594

(742,958)

1,047,340

()

(25,636)

81,352

()

6,863

110,503

()

(28,746)

9,263

(4,939)

5,598

(15,482)

(5,782)

(18,495)

(20,252)

(301)

27

41,149

45,185

(377,360)

(392,842)

5,881

33,393

(180,228)

(262,102)

543,748

(836,783)

1,792,226

264,482

224,897

168,122

64,494

58,501

112,575

168,531

21,479

1,213,499

8,230

16,380

(1,248,478)

(1,101,265)

96,132

89,407

87,740

140,171

23,837

1,061,309

841,302

2,609

2,491

688

4,057

(1,854,588)

(142,257)

1,486,297

1,646,217

30,126

391,568

1,456,171

1,252,283

2,366

(3,340,885)

(1,788,474)

2,822,698

1,440,023

13,837

2,283

()

()

.
(1)

(2)

.
(1)

(2)

- 10 -

46()

45()

497,000

346,000

6,671

168

679

. ()

298,565

(388,522)

374,593

760,976

. ()

(9,880)

2,139

663,278

374,593

" ."

- 11 -


46() 2012 12 31
45() 2011 12 31

GS

1.
(1)
GS( "") ,
Caltex Petroleum Corporation () 1967
, GS() 50%, Chevron(Overseas) Holding
s Ltd. 40%, Chevron Global Energy Inc. 10% .
.

, Chevron Global Energy Inc.

,
.


.

(2)
.

GS() (*)
GS() (, GS())
() (*)

46()

45()

100.00%

99.90%

99.69%

100.00%

100.00%

100.00%

100.00%

95.01%

GS()

100.00%

100.00%

GS()

100.00%

100.00%

GS()

100.00%

100.00%

100.00%

100.00%

() (*)
GS Caltex Singapore Pte., Ltd.
GS() (*)

()

- 12 -


GS()
GS()

46()

45()

100.00%

100.00%

100.00%

100.00%

90.09%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

()

100.00%

100.00%

GS()

100.00%

50.00%

GS() (*)

61.24%

GS()

GS() (*)
()
GS()
() (*)
GS Caltex India Pte., Ltd.

100.00%

50.00%

GS Caltex (Suzhou) Plastics Co., Ltd.

100.00%

100.00%

GS Caltex Czech s.r.o.

100.00%

100.00%

GS Caltex China Co., Ltd.

100.00%

(*) GS(), (), (),

GS(), GS(), (), GS() GS
() ,
.

.
( : )

GS() (, GS())

96,326

69,154

316,720

806

2,535,364

2,399,493

35,896,593

26,820

GS()

96,254

69,129

179,118

4,447

GS()

11,747

1,127

2,174

(252)

GS()

15,401

7,022

18,714

(2,098)

()

11,933

8,261

94,664

404

()

17,334

5,840

24,808

2,020

GS()

29,303

18,872

123,065

918

GS Caltex India Pte., Ltd.

14,888

12,049

28,624

(1,376)

GS()

55,952

48,926

97,966

5,240

GS()

27,071

29,843

12,721

(8,071)

GS Caltex (Suzhou) Plastics Co., Ltd.

54,057

44,894

67,869

3,028

GS Caltex Czech s.r.o.

28,670

23,919

11,689

169

GS Caltex Singapore Pte., Ltd.

- 13 -

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2012 12 31
1001 ' ' ,
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39,465 73,827
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(1)
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(2)
4 (, , , )
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( : )

74,582,761

1,780,900

6,570,980

133,438

83,068,079

(34,935,412)

(12,937)

(159,514)

(87,470)

(35,195,333)

39,647,349

1,767,963

6,411,466

45,968

47,872,746

()

(508,470)

256,216

761,604

1,576

510,926

.
( : )

()

71,286,574

1,660,681

5,930,412

50,067

78,927,734

(32,286,094)

(17,785)

(124,659)

(42,814)

(32,471,352)

39,000,480

1,642,896

5,805,753

7,253

46,456,382

805,241

412,637

767,411

(36,290)

1,948,999

- 38 -

(4)
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46()

45()

34,545,182

10,845,670

33,415,886

11,466,999

13,327,564

62,891

13,040,496

48,028

47,872,746

10,908,561

46,456,382

11,515,027

- 39 -

5.
(1)
GS(), ()
, () (),
() GS() ,
.
.
( : )

46()

45()

1.

1,009,899

1,443,705

(884,370)

(1,225,745)

(41,430)

(82,928)

84,099

135,032

5,137

6,958

(4,315)

(13,140)

5,119

12,323

90,040

141,173

(17,339)

(32,933)

72,701

108,240

488,513

(170,231)

2.

3. (1+2)

318,282

390,983

108,240

390,983

108,240

.
( : )

46()

45()

74,349

219,692

(26,895)

(132,149)

(6,758)

(54,147)

( )

1,343,119

1,383,815

33,396

- 40 -

(2) Green Growth

Green Growth GS
() GS() ,

.

.
( : )

46()

45()

1.

6,673

46,175

(6,886)

(41,654)

(2,264)

(7,467)

(2,477)

(2,946)

(364)

(2,901)

(537)

(1,028)

(15)

443

(3,393)

(6,432)

(36)

(107)

(3,429)

(6,539)

(3,653)

7,852

4,199

770

(6,539)

1,844

(4,444)

(1,074)

(2,095)

2.

3. ()(1+2)

.
( : )

46()

45()

(14,767)

(11,780)

(3,051)

(2,250)

4,123

5,957

( )

133,735

120,040

(8,073)

- 41 -

(3)
.
( : )

46()

45()

341,263

1,138,096

6.
(1) GS(), (), (),
GS(), GS(), (), GS() GS
() . 544,829
19,004 ,
.

(2) .
( : )

1,224,584

(11,085)

1,213,499

7.
.
( : )

46()

8,800

7,139

654,478

367,454

663,278

374,593

- 42 -

45()

8.
(1)
.
( : )

663,278

3,609,388

(23,754)

13,243

36,457

46,072

7,929

594,799

16,368

328

112,057

13,243

767,938

46,072

(965)

()

(1,119)

663,278

13,243

4,351,488

46,072

37,620

65,333

297,785

129,889

6,501

30,235

464,410

37,620

65,333

()

(35,551)

(1,565)

(38,261)

390,598

36,055

65,333

663,278

13,243

4,742,086

82,127

65,333

- 43 -

 .
( : )

374,593

5,301,546

(57,505)

30,412

235,839

37,801

14,204

66,468

635,540

16,614

363

130,650

30,412

1,033,210

37,801

66,468

(2,788)

()

(1,415)

374,593

30,412

6,273,048

37,801

66,468

2,601

76,611

107

121,681

320,134

140,927

11,800

30,535

503,503

76,611

121,681

()

(39,206)

(1,565)

(47,470)

419,428

75,046

121,681

374,593

30,412

6,692,476

112,847

188,149

.
( : )

()

() 8

1,620
33
1,653

- 44 -

(2)
.
( : )

2,993,137

22,326

162,271

936,348

3,955

80

1,873,382

74,406

878,440

151,784

22,326

4,076,711

3,955

(815)

22,326

7,069,033

3,955

5,349,540

71,458

98,779

47,770

8,510

23,792

1,405

5,553,484

47,770

(20,227)

5,533,257

47,770

22,326

12,602,290

51,725

()

()

- 45 -

 .
( : )

4,057,116

16,375

354,135

2,561,818

1,207

2,017,199

97,564

651,000

425,396

16,375

6,108,319

(351)

16,375

10,165,084

5,026,940

280,983

152,493

1,127

9,310

21,698

1,614

5,493,038

1,127

(23,001)

5,470,037

1,127

16,375

15,635,121

1,127

()

()

- 46 -

(3)
.
( : )

46()

45()

(*)

65,723

71,468

721

1,506

7,475

30,983

3,357

127,898

209,815

908,036

1,141,532

248,288

86,918

1,358,141

1,545,579

(*)
27,187 27,123.

(4)
.
( : )

46()

(*)

45()
333,703

340,978

4,173

125,415

7,948

153,157

266,575

747,428

1,085,703

83,374

209,141

5,893

2,260

1,448,970

1,916,778

(*)
6,975 7,726.

- 47 -

(5)
.
( : )

()

7,791

47,509

10,423

65,723

(333,703)

(333,703)

721

721

(1,010)

(1,010)

165,924

165,924

(36,990)

(36,990)

(13,108)

(75,317)

(88,425)

(6)
1)
() .
( : )

(*)

4,025

4,025

(13,102)

(13,102)

(6)

(6)

13,738

4,099

(112,307)

(129)

(1,850)

(2)

(1)

(*)
,
2,248( ).

2)
,
, 3
(: USD 200) 14 (: USD 970
) .

- 48 -




.
.
( : USD, : )

2004.08.25 ~ 2014.08.25

USD 50,000

57,550

2004.08.25 ~ 2014.08.25

USD 100,000

110,800

2007.04.24 ~ 2017.04.24

USD 50,000

46,470

2007.04.24 ~ 2017.04.24

USD 50,000

46,470

2007.04.24 ~ 2017.04.24

USD 50,000

46,470

2007.04.24 ~ 2017.04.24

USD 50,000

46,460

2007.04.24 ~ 2017.04.24

USD 50,000

46,205

2007.04.24 ~ 2017.04.24

USD 50,000

46,205

2011.10.24 ~ 2017.04.24

USD 100,000

117,800

2008.07.02 ~ 2013.07.02

USD 100,000

115,200

2008.07.02 ~ 2013.07.02

USD 50,000

57,600

2008.07.02 ~ 2013.07.02

USD 50,000

57,750

2008.07.02 ~ 2013.07.02

USD 50,000

57,100

2008.07.02 ~ 2013.07.02

USD 50,000

56,500

MIZUHO

2010.11.09 ~ 2013.11.09

USD 100,000

112,000

BTMU

2011.03.08 ~ 2014.03.08

USD 100,000

113,120

2012.02.08 ~ 2016.08.08

USD 50,000

58,550

2012.02.08 ~ 2016.08.08

USD 50,000

58,750

Barclays Bank Plc.

Barclays Bank Plc. 6

Credit Agricole 2

Barclays Bank Plc. 1

3)
,

. 1,545 115
895 84 .

- 49 -

(6)
1)


.

.
. ,

.

, ,
.
, 1
.

2)
.

46()

45()

5.51% ~ 6.50%

6.50%

2.91% ~ 5.19%

2.91% ~ 5.19%

- 50 -

3)

.
( : )
(*)
1

13,243

13,243

41,590

4,482

46,072

5,513

8,712

14,225

65,333

65,333

47,103

91,770

138,873

22,320

22,320

51,731

51,731

74,051

74,051

(*)
.
1 :
2 :
3 :

- 51 -


.
( : )
(*)
1

30,412

30,412

35,094

2,707

37,801

13,870

10,189

24,059

188,149

188,149

48,964

231,457

280,421

16,375

16,375

1,127

1,127

17,502

17,502

(*)
.
1 :
2 :
3 :

- 52 -

9.
.
( : )

46()

45()

23,408

27,152

1,524,807

1,377,537

496,720

495,509

696,160

570,388

160,260

144,333

2,159,427

2,943,554

243

695

5,061,025

5,559,168

- 53 -

10.
(1) .
( : )

2,392,431

741,014

2,303,341

4,661,310

1,205,213

903,530

1,475,959

13,682,798

47

383

208

4,850

11,393

1,086,851

1,103,732

(96,512)

(28,017)

(5,818)

(49,705)

(53,740)

(507)

(234,299)

(12,360)

(79,993)

(9,902)

(15,548)

(1,228,720)

(168,914)

(24,079)

(1,539,516)

117,904

22,765

74,204

304,751

23,507

42,871

(597,973)

(11,971)

2,401,510

656,152

2,362,033

4,905,658

735,140

1,940,251

13,000,744

201,694

381,818

709,930

436,640

613,790

2,343,872

21,984

132,632

306,802

23,447

59,168

544,033

(8,434)

(2,902)

(19,955)

(35,903)

(67,194)

(23,775)

(1,325)

(6,012)

(453,905)

(116,478)

(601,495)

970

40

10,391

(6,182)

970

6,189

192,439

510,263

1,001,156

521,547

2,225,405

2,392,431

539,320

1,921,523

3,951,380

768,573

289,740

1,475,959

11,338,926

2,401,510

463,713

1,851,770

3,904,502

213,593

1,940,251

10,775,339

(2) .
( : )

2,369,280

714,665

2,255,058

4,381,765

1,156,643

831,256

1,208,118

225

10,281

383

14,081

43,044

808,241

876,255

(10,432)

(10,861)

(8,674)

(2,395)

(5,135)

(52,610)

(90,107)

5,855

30

520

116

6,521

12,916,785

27,503

26,899

56,054

267,859

53,705

81,724

(540,400)

(26,656)

2,392,431

741,014

2,303,341

4,661,310

1,205,213

903,530

1,475,959

13,682,798

184,289

250,064

417,561

390,577

585,804

1,828,295

22,334

137,110

292,846

47,905

77,443

577,638

(5,131)

(5,384)

(2,061)

(1,842)

(49,818)

(64,236)

18

28

90

136

184

1,584

271

2,039

201,694

381,818

709,930

436,640

613,790

2,343,872

2,369,280

530,376

2,004,994

3,964,204

766,066

245,452

1,208,118

11,088,490

2,392,431

539,320

1,921,523

3,951,380

768,573

289,740

1,475,959

11,338,926

- 54 -

(3)

.
.
( : )

GS()
(, GS())

,
,
,
,

6,500

6,500

()

()

5,984

7,647

GS()

26,000

26,000

()

GS()

5,600

7,280

()

44,084

47,427

(4)
.
( : )

46()

45()
42,423

- 55 -

34,953

11.
(1) .
( : )

34,821

1,373

36,194

8,433

8,433

(969)

(969)

(6,855)

(6,855)

(167)

(393)

(560)

26,830

9,413

36,243

202

202

54

54

364

364

(35)

(35)

585

585

34,821

1,171

35,992

26,830

8,828

35,658

(2) .
( : )

23,919

1,373

25,292

15,722

15,722

(4,820)

(4,820)

34,821

1,373

36,194

157

157

45

45

202

202

23,919

1,216

25,135

34,821

1,171

35,992

- 56 -

(3)
.
( : )

46()

45()

1,652

786

(926)

(595)

726

191

96

780

(1,790)

(412)

(968)

559

(4) .
( : )

46()

45()

35,658

35,992

36,251

36,221

12.
(1) .
( : )

28,683

149,706

38,515

39,296

256,200

13,575

3,278

3,386

20,239

(547)

(457)

(1,973)

(2,977)

(26,599)

(7,255)

(14,212)

(48,066)

(41)

(370)

(411)

2,084

155,438

41,336

26,127

224,985

126,115

8,808

16,979

151,902

15,098

1,761

3,920

20,779

(452)

(457)

(219)

(1,128)

(5,474)

(4,901)

(10,375)

(13)

(36)

(49)

135,274

10,112

15,743

161,129

28,683

23,591

29,707

22,317

104,298

2,084

20,164

31,224

10,384

63,856

- 57 -

(2) .
( : )

27,079

141,054

32,478

37,966

238,577

9,247

6,037

3,871

19,155

1,628

1,628

(24)

(648)

(2,870)

(3,542)

53

329

382

28,683

149,706

38,515

39,296

256,200

111,074

7,277

12,813

131,164

15,633

1,531

4,305

21,469

(604)

(167)

(771)

12

28

40

126,115

8,808

16,979

151,902

27,079

29,980

25,201

25,153

107,413

28,683

23,591

29,707

22,317

104,298

(3)
43,420 48,937
.

13.

.
( : )

46()

45()

()

23,696

()

2,903

2,084

2,084

2,084

28,683

GS()

- 58 -

14.

.

Block A(*)

46()

45()

15.00%

30.00%

30.00%

Block 122

15.00%

15.00%

Block 7

45.00%

45.00%

TUNA Block

15.00%

15.00%

(*) Block A GS() ,

25,133 .

15.
(1)
.
( : )

46()

45()

()

35.00%

64,759

()

19.00%

54,974

()

28.62%

28.62%

210,317

205,697

()

20.00%

20.00%

81,312

91,153

()

29.01%

11,415

GS24()

50.00%

50.00%

9,016

9,080

50.00%

15,936

40.00%

320

300,965

453,014

()
()

- 59 -

46()

45()

(2) .
( : )

()
()

()

64,759

2,223

(*1)

(2,520)

(*2)

(290)

(64,172)

54,974

2,914

(708)

(130)

(57,050)

205,697

7,754

(1,931)

(1,203)

210,317

()

91,153

(9,658)

(183)

81,312

()

11,415

512

(10)

(11,917)

()

GS24()
()
()

9,080

(49)

(15)

9,016

15,936

(876)

(15,060)

320

320

453,014

2,820

(5,159)

(1,511)

(148,199)

300,965

(*1) .
(*2) (), (), () ()
GS() ,
5,507 42,695
.

(3) ()
.
( : )


()
()
GS24()
()

()

1,069,566

404,959

224,053

27,094

876,818

465,583

2,065,883

(47,876)

19,356

1,324

9,926

(97)

5,100

3,094

6,113

728

- 60 -

16.
(1)

, 2002 12 26
' ' , ,

.
52,960 .
(2)
,

5,689 .

17.

. , 58~60()

.
()
.
.
(1)
.
( : )

46()

45()

(*)

3.25%~4.75%

4.00% ~ 5.25%

3.25%~3.70%

3.70% ~ 4.90%

4.00%~8.00%

3.00% ~ 7.00%

(*) .

- 61 -

(2)
.
( : )

46()

45()

246,406

238,302

(174,509)

(180,786)

71,897

57,516

(3) .
( : )

46()

45()

238,302

197,258

(30,464)

(13,521)

26,485

27,344

9,950

10,769

22,580

17,801

(20,798)

351

(1,349)

246,406

238,302

(4) .
( : )

46()

45()
180,786

161,018

18,495

20,252

(14,982)

(7,739)

5,827

6,146

1,461

1,453

(17,078)

(344)

174,509

180,786

- 62 -

(5) .
( : )

46()

45()

26,696

27,656

46,497

48,169

85,893

88,983

15,423

15,978

174,509

180,786

. 12
.

(6) 7,288 7,599

.

(7) ( )
.
( : )

46()

45()

26,485

27,344

9,950

10,769

(5,827)

(6,146)

158

98

30,766

32,065

895

575

31,661

32,640

- 63 -

(8)
.
( : )

46()

45()

15,522

15,691

14,975

15,761

1,164

1,188

31,661

32,640

(9) .
( : )

46()

45()

(27,171)

(10,823)

(21,119)

(16,348)

11,546

(36,744)

(27,171)

- 64 -

18.
(1)
GS&
,

.
.
,
.
51,627.

(2)
2,3-
.
2010 4 1 2015 3 31 5
, 40%
. 2,482
.

- 65 -

19.
(1) .
( : )

46()

45()

186,504

(39,165)

20,400

36,552

205,139

3,181

(6,694)

187,072

414,770

(*)
()

195,925

(*) .
( : )

46()

45()
(1,260)

()

(7,649)

4,441

955

3,181

(6,694)

(2) .
( : )

46()

45()

( )

918,496

1,650,781

327,953

401,197

(57,129)

(9,171)

(43,085)

(23,051)

(39,165)

20,400

446

2,071

(1,948)

23,324

( )

187,072

414,770

20.37%

25.13%

- 66 -

(3) ()
.
46()
( : )

26,951

(8,022)

(1,452)

17,477

9,956

(5,518)

(232)

4,206

27,101

(6,566)

20,535

118,100

(77,133)

40,967

4,786

28,381

5,238

38,405

(27,455)

5,752

(199)

11,297

(10,605)

(3,952)

(243)

298

(3,897)

(5,052)

5,071

(19)

(80)

77

(3)

6,006

(5,182)

(374)

450

7,528

(2,552)

4,976

(396)

3,562

30

(21)

3,175

4,936

(8,441)

(3,505)

(19,535)

12,201

(717)

(8,051)

(305,256)

3,022

(302,234)

(41,581)

460

(41,121)

(4,056)

(446)

(4,502)

(27,489)

22,084

(5,405)

(283,182)

29,842

(253,340)

2,930

887

12,785

16,602

(509,740)

(2,764)

(1,260)

27,894

(485,870)

421

(44)

377

225,291

(32,484)

192,807

(284,028)

(35,292)

(1,260)

27,894

(292,686)

- 67 -

 45()
( : )

35,285

(8,334)

26,951

3,377

6,579

9,956

25,579

1,522

27,101

99,686

18,414

118,100

2,923

1,863

4,786

(31,955)

(19,394)

23,894

(27,455)

(1,782)

(2,170)

(3,952)

185

(5,237)

(5,052)

12

(92)

(80)

470

(470)

(5,367)

5,433

5,940

6,006

2,854

4,674

7,528

(546)

150

(396)

5,031

(95)

4,936

(857)

(12,201)

(6,477)

(19,535)

(298,612)

21,180

(27,824)

(305,256)

(38,296)

400

(3,685)

(41,581)

(1,986)

(2,070)

(4,056)

(27,489)

(27,489)

(157,495)

(125,687)

(283,182)

28,798

(21,697)

(4,171)

2,930

(360,185)

(141,906)

(7,649)

(509,740)

421

421

281,296

(56,005)

225,291

(78,889)

(197,490)

(7,649)

(284,028)

(4)
.
( : )

9,216

(2,818)

6,398

- 68 -

20.
(1)
, 1
27,000,000, 26,000,000 10,000 .

(2)
.
( : )

46()

45()
(1,587)

(3,134)

96

3,852

33,270

30,305

(8,508)

5,223

23,271

36,246

(7,690)

(7,508)

15,581

28,738

(3)

.

- 69 -

(4)
.

2012 1 1

2011 1

46()

45()
2012 12 31

2011 12 31

2013 2 14

2012 2 29

GS

( : )
46()

8,370,525

7,752,682

7,255,682

6,655,982

(16,194)

(7,520)

(31,508)

1,131,037

1,135,728

(():
:11,292 (112.92%)
:19,115 (191.15%))

45()

(293,600)
(293,600)

(497,000)
(497,000)

8,076,925

7,255,682

(5)
.
( : )

46()

26,000,000

26,000,000

10,000

10,000

112.92%

191.15%

293,600,000,000

497,000,000,000

11,292

19,115

45()

- 70 -

21.
.
( : )

46()

15,945,722

50,343
15,996,065

45()

31,876,681

47,822,403

16,223,755

30,198,014

46,421,769

50,343

34,613

34,613

31,876,681

47,872,746

16,258,368

30,198,014

46,456,382

22.
.
( : )

46()

45()
149,883

194,106

13,872

13,851

49,497

28,572

97,442

116,051

56,071

56,266

158,662

147,428

86,642

72,145

61,471

65,137

147,118

154,339

16,346

16,210

56,170

113,586

893,174

977,691

- 71 -

23.
(1) .
( : )

46()

45()
145,366

102,249

27,159

7,243

1,847

962

6,648

5,074

779

782

51,245

109,379

233,044

225,689

(2) .
( : )

46()

45()
224,112

201,553

11,283

7,515

1,790

412

926

584

34,092

46,502

31,996

69,255

304,199

325,821

- 72 -

24.
( )
.
( : )

46()

45()

45,934,941

43,363,872

460,875

518,581

564,812

599,107

243,765

229,615

87,714

72,591

404,808

425,378

158,874

168,969

40,803

40,087

400,178

446,977

48,296,770

45,865,177

- 73 -

25.
(1) .

46()

45()

()GS

()GS

GS()

Chevron (Overseas) Holdings Ltd.

Chevron (Overseas) Holdings Ltd.

Chevron Global Energy Inc.

Chevron Global Energy Inc.

()

()(*)

()

()

()

()

()(*)

GS24()

GS24()

()(*)

Block A

Block 122

Block 122

TUNA Block

TUNA Block

Chevron U.S.A Inc.

Chevron U.S.A Inc.

Chevron Global Marine Products LLC

Chevron Global Marine Products LLC

Chevron Singapore Pte., Ltd.

Chevron Singapore Pte., Ltd.

GS()

GS()

()GS

()GS

()

()

GS Aromatics Pte,. Ltd

GS Aromatics Pte,. Ltd

Qingdao Lindong Chemical Co., Ltd

Qingdao Lindong Chemical Co., Ltd

Chevron South Korea IP Holdings Ltd.

Chevron South Korea IP Holdings Ltd.

()GS

()GS

(*) GS() 9 GS()

.

- 74 -

(2) .
( : )

46()

45()

1,032,254

334

64,218

104,003

497,000

346,000

1,417,146

1,384,577

36,555

36,803

1,931

28,800

317

126

620

1,016

4,952,890

3,627,254

8,589,285

9,567,958

332,695

169,074

(3)
.
( : )

46()

38

10,176

103,969

4,395

354,044

3,992

37

46

35

394,848

199,158

441,481

887,800

45()

(4)
.
( : )

46()

45()

(102)

102

10

104

(3,436)

3,540

454

395

(4,467)

4,601

2,537

- 75 -

26.
(1) 17
7 .

(2) .
( : )

46,500

(*)

39,606

(*) 2007~2011
, 2012
9 ~ 11 .

(3) .
( : USD, : )

() 8

() 7

CP

46()
188,000
280,000
USD 1,000,000

(4) 34,080
.

(5)
GS()(, GS())
454 ,

.
1,636 1,799.

- 76 -

 GS()(, GS()) () 8,200

, (), () ()
10,000, 3,000 3,500
, () 2,200 .

27.
(1)
.
( : )

46()

()

45()
(343)

2,514

(2)
.
( : )

46()

()

45()
343

(2,514)

(2,745)

(32,879)

(2,402)

(35,393)

(3)
.
( : )

46()

45()

9,377

9,377

52,925

60,445

48,736

69,474

- 77 -

28.
(1) .
( : )

46()

45()

661,485

554,221

44,602

57,040

706,087

611,261

2,361

2,989

31,445

32,928

(98)

(106)

33,708

35,811

739,795

647,072

(2) .
( : )

46()

45()

161,075

157,188

1,251

1,117

109

224

162,435

158,529

54,109

253,215

58,649

66,370

112,758

319,585

275,193

478,114

- 78 -

29.
(1)
(, , ), ,
.

.

. , , , .
.
.
, .

,
.

(2)

.
,
.
.

,
. ,
.
.

. .

.

- 79 -

 .
( : )

46()

45()
3,454,519

4,917,921

504,425

708,305

1,241,642

1,476,962

396,061

337,035

5,596,647

7,440,223

,
.

4,841,736 4,781,603
.
( : )

30

30 90

90

13,492

23,419

23,222

60,133

(41)

(11,966)

(21,230)

(33,237)

13,451

11,453

1,992

26,896

(3)

.
.

- 80 -

 .
( : )

1 ~ 5

2,993,137

2,993,137

4,102,992

4,102,992

7,096,129

7,096,129

4,398,725

1,202,529

5,601,254

7,096,129

4,398,725

1,202,529

12,697,383

(4)
, ,
.

1)
, ,
.

.

.
.
.

- 81 -

2)


.
,
.

3)
1 ,

.
,
.

(5)
.
.
VaR(Value at Risk)
. VaR
.

, VaR .
VaR .
, VaR
VaR .

- 82 -

1)
VaR .
99% .
10 .
VaR 1 ,
.
VaR ,

.
USD JPY.
(Dubai), Mogas, Naph
tha, Kero, Gasoil, HSFO(180cst) .
MOPS(Mean of Platts Singapore Price) MOPJ(Mean of Platts'
Japan Price) .
(Calendar Spread)
. ("0")
.

. ("0")
.

2) Value at Risk(VaR) .
( : )

58,864

22,505

- 83 -

30.
(1) .
( : USD, : )

46()

45()

'04 (USD 300,000)

321,330

345,990

5.50%

2014.08.25

'05 (USD 300,000)

321,330

345,990

5.50%

2015.10.15

'06 (USD 200,000)

214,220

230,660

6.00%

2016.08.08

'07 (USD 500,000)

535,550

576,650

5.50%

2017.04.24

'08 (USD 300,000)

321,330

345,990

7.25%

2013.07.02

'10 (USD 100,000)

107,110

115,330

LIBOR+1.40%

2013.11.09

'11 (USD 100,000)

107,110

115,330

LIBOR+1.00%

2014.03.08

'00 (KRW 100,000)

50,000

10.60%

2012.08.14

'08 (KRW 100,000)

100,000

7.79%

2012.11.13

'09 (KRW 400,000)

400,000

5.19%

2012.03.04

'09 (KRW 100,000)

100,000

4.81%

2012.05.08

'09 (KRW 200,000)

200,000

200,000

5.47%

2014.05.08

'09 (KRW 300,000)

300,000

300,000

5.49%

2014.08.25

'09 (KRW 220,000)

220,000

220,000

5.48%

2013.10.23

'09 (KRW 180,000)

180,000

180,000

6.08%

2016.10.23

'09 (KRW 1,000)

1,000

1.00%

2012.05.17

'10 (KRW 230,000)

230,000

230,000

4.70%

2013.03.08

'10 (KRW 200,000)

200,000

200,000

5.03%

2015.03.08

'10 (KRW 150,000)

150,000

150,000

4.23%

2015.09.15

'10 (KRW 150,000)

150,000

150,000

4.47%

2017.09.15

'10 (KRW 150,000)

150,000

150,000

4.52%

2015.11.09

'10 (KRW 100,000)

100,000

100,000

4.73%

2017.11.09

'11 (KRW 1,000)

1,000

8.00%

2012.11.28

'11 (KRW 100,000)

100,000

100,000

4.27%

2014.01.28

'11 (KRW 200,000)

200,000

200,000

4.72%

2016.01.28

'11 (KRW 130,000)

130,000

130,000

4.68%

2016.03.08

'11 (KRW 90,000)

90,000

90,000

4.17%

2016.05.24

'11 (KRW 250,000)

250,000

250,000

4.14%

2016.09.26

'11 (KRW 300,000)

300,000

300,000

4.02%

2015.11.14

'12 (KRW 200,000)

200,000

3.96%

2017.01.25

'12 (KRW 150,000)

150,000

4.12%

2019.01.25

'12 (KRW 500,000)

500,000

4.26%

2019.03.30

'12 (KRW 300,000)

300,000

3.76%

2018.07.05

'12 (KRW 150,000)

150,000

3.22%

2018.11.29

'12 (KRW 50,000)

50,000

3.43%

2022.11.29

6,227,980

5,677,940

(878,440)

(651,000)

(19,723)

(22,063)

5,329,817

5,004,877

- 84 -

(2) .

( : )

()
()

()

5.04%

4,400

3M Libor+ 4.00% ~ 4.54%

3,241

989

5.05%

1,400

696

4.77% ~ 5.17%

10,000

146,000

2.45%, 3M Libor+4.0%

8,432

1,738

4.78% ~ 6.2%

()

()

()
JP

45()

1,800

()

46()

3,450

12,800

5,000

106,282

Libor+2.90%

8,643

22,829

5.17%

2,000

7,370

Libor+2.55%

8,427

5,750

4.65% ~ 4.90%

3,928

3,499

Libor + 1.65%

1,600

(USD)

0.55% ~ 0.74%

936,348

2,561,818

Deutsche Bank

CP

UFJ

2.89%

- 85 -

46,132

100,000

1,098,619

2,915,953


( : )

()

46()

45()
-

1,333

()

5.20%~6.24%

18,765

20,016

3.80%~3.85%

856

1,448

()

177,500

()

3.15%

100,000

180

()

1.50%~1.75%

72,371

120,593

2,116

191,992

323,186

(120,534)

(42,203)

71,458

280,983

( : USD, JPY, : )

1.00% ~ 3.75%

46()

48,736

USD 60,240

69,474

USD 300,000

345,990

JPY 5,009,994

62,500

JPY 7,514,994

111,610

8,119

USD 7,500

8,612

10,674

6M LIBOR+2.16%

USD 7,565

3M LIBOR+2.60%

EUR 7,522

USD 45,501

2.43%

45()

130,029

535,686

(31,250)

(383,193)

(464)

(812)

98,315

151,681

- 86 -