SNP.L Regulatory News (SNP)

31 Oct 2006 01:10

China Petroleum & Chemical Corporation ("Sinopec Corp." or "theCompany") (HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028) today announcedits results for the third quarter ending 30 September, 2006. £ In the third quarter of 2006, according to PRC Accounting Rulesand Regulations, the Company's income from principal operations wasRMB 273.2 billion, representing an increase of 25.48% over the sameperiod of the preceding year. Net profit was RMB 13.1 billion,representing an increase of 55.78% over the same period of last year. £ According to IFRS, the Company's business turnover and otheroperating revenues were RMB 280.8 billion, representing an increase of25.27% over the same period of the preceding year. Profit attributableto shareholders was RMB 13 billion, representing an increase of 51.36%over the same period of the preceding year. £ Commenting on the encouraging results, Sinopec Chairman Mr. ChenTong Hai said, "In the first three quarters of 2006, China's economycontinued to grow at a relatively rapid pace and domestic demand forboth petroleum and petrochemical products maintained a steady rate ofgrowth. Crude Oil prices in the world market dropped remarkably afterreaching a record high in July. Despite of the fluctuation, we wereable to steady some of the margin pressures that have faced in ourrefining segment. Overall, we recorded satisfactory growth in thethird quarter. We attempted to expand resources and the market,improve production and operational performance, reinforce competitiveforces in the market, and maintain our growth momentum in crude oiland natural gas production, crude oil processing. Additionally, wealso concentrated on increasing the sales volume of oil products andexpanding the output of ethylene and synthetic resins. " £ Operating Highlights £ Financial Highlights in Accordance with PRC Accounting Rules andRegulations \* T Changes At 30 compared September At 31 December with last 2006 2005 year-end---------------------------------------------------------------------- (%)---------------------------------------------------------------------- ----------------------------------------------------------------------Total assets (RMB millions) 582,597 520,572 11.91----------------------------------------------------------------------Shareholders' funds (excluding minority interests) (RMB millions) 237,468 215,623 10.13----------------------------------------------------------------------Net assets per share (RMB) 2.739 2.487 10.13----------------------------------------------------------------------Adjusted net assets per share (RMB) 2.674 2.426 10.22---------------------------------------------------------------------- ---------------------------------------------------------------------- Three-month period ended Nine-month period ended 30 September 30 September (July to September) (January to September)---------------------------------------------------------------------- Changes Changes compared compared with the with the same same period of period of 2006 2005 last year 2006 2005 last year---------------------------------------------------------------------- (%) (%)---------------------------------------------------------------------- ---------------------------------------------------------------------- Net cash flow from operating activities (RMB millions) 24,953 22,201 12.40 50,119 47,245 6.08---------------------------------------------------------------------- Earnings per share (RMB) 0.151 0.097 55.78 0.390 0.305 27.72---------------------------------------------------------------------- 1.37 1.17 Return on net percentage percentage assets (%) 5.53 4.16 point 14.24 13.07 point---------------------------------------------------------------------- Return on net assets before non-operating profits/losses 0.96 0.69 (Fully diluted) percentage percentage (%) 5.61 4.65 point 14.36 13.67 point---------------------------------------------------------------------- 1.01 0.96 (Weighted percentage percentage average) (%) 5.67 4.66 point 14.99 14.03 point----------------------------------------------------------------------\* T \* T Nine-month period endedNon operating profits/losses 30 September 2006---------------------------------------------------------------------- (RMB millions)---------------------------------------------------------------------- ----------------------------------------------------------------------Gain on disposal of long-term equity investments (24)----------------------------------------------------------------------Written back of provisions on assets provided in previous years (346)----------------------------------------------------------------------Non-operating expenses (excluding normal provisions on assets provided in accordance with the Accounting Regulation for Business Enterprises) 981----------------------------------------------------------------------Of which: Loss on disposal of fixed assets 50----------------------------------------------------------------------Donations 75----------------------------------------------------------------------Employee reduction expenses 72----------------------------------------------------------------------Non-operating income (191)----------------------------------------------------------------------Tax effect (139)----------------------------------------------------------------------Total 281----------------------------------------------------------------------\* T £ Income statements for the three-month period ended 30 September(July to September) \* T Three-month period ended Three-month period ended 30 30 September 2006 September 2005 (July to September) (July to September)---------------------------------------------------------------------- The Group The Company The Group The Company (Note 1) (Note 1) (Note 1) (Note 1)---------------------------------------------------------------------- RMB millions RMB millions RMB millions RMB millions---------------------------------------------------------------------- ----------------------------------------------------------------------1. Income from principal operations 273,231 199,805 217,742 155,331----------------------------------------------------------------------Less: Cost of sales 230,221 167,481 186,433 144,342---------------------------------------------------------------------- Sales taxes and surcharges 8,815 7,412 4,505 2,916----------------------------------------------------------------------2. Profit from principal operations 34,195 24,912 26,804 8,073----------------------------------------------------------------------Add: Profit/(loss) from other operations 35 6 159 77----------------------------------------------------------------------Less: Selling expenses 6,059 3,956 5,368 3,461---------------------------------------------------------------------- Administrative expenses 6,330 5,163 6,341 4,508---------------------------------------------------------------------- Financial expenses 1,705 1,410 1,064 801---------------------------------------------------------------------- Exploration expenses, including dry holes 1,803 1,807 1,229 923----------------------------------------------------------------------3. Operating profit/(loss) 18,333 12,582 12,961 (1,543)----------------------------------------------------------------------Add: Investment (loss)/income (157) 6,102 218 14,029---------------------------------------------------------------------- Non-operating income 59 29 117 40----------------------------------------------------------------------Less: Non- operating expenses 341 242 796 302----------------------------------------------------------------------4. Profit before taxation 17,894 18,471 12,500 12,224----------------------------------------------------------------------Less: Taxation 5,375 5,343 3,759 3,798---------------------------------------------------------------------- Minority interests 93 - 262 -----------------------------------------------------------------------Add: Unrecognised investment losses (Note 2) 709 - (47) -----------------------------------------------------------------------5. Net profit 13,135 13,128 8,432 8,426----------------------------------------------------------------------\* T \* T Note: 1. The "Company" means China Petroleum & Chemical Corporation. The "Group" means China Petroleum & Chemical Corporation and its subsidiaries on a consolidated basis. 2. This item represents the written back of unrecognised investment losses exceeding the investment costs of long-term investments.\* T £ Income statements for the nine-month period ended 30 September(January to September) \* T Nine-month period ended Nine-month period ended 30 September 2006 30 September 2005 (January to September) (January to September)---------------------------------------------------------------------- The Group The Company The Group The Company (Note 1) (Note 1) (Note 1) (Note 1)---------------------------------------------------------------------- RMB millions RMB millions RMB millions RMB millions---------------------------------------------------------------------- ----------------------------------------------------------------------1. Income from principaloperations 755,219 530,826 576,990 396,671----------------------------------------------------------------------Less: Cost of sales 639,519 442,164 479,614 357,068---------------------------------------------------------------------- Sales taxes and surcharges 21,733 18,038 12,709 8,302----------------------------------------------------------------------2. Profit from principaloperations 93,967 70,624 84,667 31,301----------------------------------------------------------------------Add: Profit/(loss) from otheroperations 525 173 606 252----------------------------------------------------------------------Less: Selling expenses 16,770 10,513 15,727 10,070---------------------------------------------------------------------- Administrative expenses 18,101 14,693 16,941 10,649---------------------------------------------------------------------- Financial expenses 5,227 3,952 3,916 2,653---------------------------------------------------------------------- Exploration expenses,including dry holes 4,888 4,870 4,584 3,601----------------------------------------------------------------------3. Operating profit 49,506 36,769 44,105 4,580----------------------------------------------------------------------Add: Investment income / (loss) 27 12,947 (524) 34,963---------------------------------------------------------------------- Non-operating income 191 83 250 139----------------------------------------------------------------------Less: Non- operating expenses 1,015 710 1,905 734----------------------------------------------------------------------4. Profit before taxation 48,709 49,089 41,926 38,948----------------------------------------------------------------------Less: Taxation 15,339 15,295 12,927 12,492---------------------------------------------------------------------- Minority interests 254 - 2,363 -----------------------------------------------------------------------Add: Unrecognised investment losses (Note 2) 698 - (160) -----------------------------------------------------------------------5. Net profit 33,814 33,794 26,476 26,456----------------------------------------------------------------------\* T \* T Note: 1. The "Company" means China Petroleum & Chemical Corporation. The "Group" means China Petroleum & Chemical Corporation and its subsidiaries on a consolidated basis. 2. This item represents the written back of unrecognised investment losses exceeding the investment costs of long-term investments.\* T £ Financial Highlights (IFRS) £ Principal accounting data and financial indicators prepared inaccordance with IFRS \* T Changes compared At 31 December with last At 30 September 2006 2005 year-end---------------------------------------------------------------------- (%)---------------------------------------------------------------------- ----------------------------------------------------------------------Total assets(RMB millions) 601,255 537,321 11.90----------------------------------------------------------------------Total equity attributable to equity shareholders of the Company (RMB millions) 246,702 223,556 10.35----------------------------------------------------------------------Net assets per share (RMB) 2.845 2.578 10.35----------------------------------------------------------------------Adjusted net assetsper share (RMB) 2.782 2.518 10.48---------------------------------------------------------------------- Three-month period ended Nine-month period ended 30 September 30 September (July to September) (January to September)---------------------------------------------------------------------- Changes Changes compared compared with the with the same same period of period of last 2006 2005 last year 2006 2005 year---------------------------------------------------------------------- (%) (%)---------------------------------------------------------------------- ----------------------------------------------------------------------Net cash flow from operating activities (RMB millions) 22,742 19,677 15.58 44,220 40,759 8.49----------------------------------------------------------------------Earnings per share (RMB) 0.150 0.099 51.36 0.397 0.326 21.83----------------------------------------------------------------------Return on net 1.19 0.55 assets (%) percentage percentage 5.27 4.08 point 13.95 13.40 point----------------------------------------------------------------------\* T £ Consolidated income statements prepared in accordance with IFRS \* TItem Three-month period ended Nine-month period ended 30 September 30 September (July to September) (January to September)---------------------------------------------------------------------- RMB RMB RMB RMB millions millions millions millions---------------------------------------------------------------------- 2006 2005 2006 2005---------------------------------------------------------------------- ----------------------------------------------------------------------1. Turnover and other operating revenues 280,782 224,134 773,910 592,588---------------------------------------------------------------------- Including: Turnover 273,231 217,742 755,219 576,990---------------------------------------------------------------------- Other operating revenues 7,551 6,392 18,691 15,598----------------------------------------------------------------------2. Operating expenses (260,852) (210,640) (719,742) (545,412)---------------------------------------------------------------------- Including: Expenses on purchase of crude oil, products and operating supplies (228,488) (183,618) (628,703) (466,654)---------------------------------------------------------------------- Selling, general and administrative expenses (8,801) (8,745) (25,230) (24,255)---------------------------------------------------------------------- Depreciation, depletion and amortisation (8,236) (7,686) (24,740) (22,841)---------------------------------------------------------------------- Exploration expenses, including dry holes (1,803) (1,229) (4,888) (4,584)---------------------------------------------------------------------- Personnel expenses (4,427) (4,178) (13,624) (12,714)---------------------------------------------------------------------- Employee reduction expenses (24) (6) (72) (106)---------------------------------------------------------------------- Taxes other than income tax (8,815) (4,505) (21,733) (12,709)---------------------------------------------------------------------- Other operating expenses, net (258) (673) (752) (1,549)----------------------------------------------------------------------3. Operating profit 19,930 13,494 54,168 47,176----------------------------------------------------------------------4. Net finance costs (1,523) (867) (4,665) (3,433)---------------------------------------------------------------------- Including: Interest expense (1,981) (1,523) (5,523) (4,368)---------------------------------------------------------------------- Interest income 112 107 362 275---------------------------------------------------------------------- Foreign exchange losses (17) (138) (69) (178)---------------------------------------------------------------------- Foreign exchange gains 363 687 565 838----------------------------------------------------------------------5. Investment income 87 14 218 76----------------------------------------------------------------------6. Share of profits less losses from associates 116 209 563 745----------------------------------------------------------------------7. Profit before taxation 18,610 12,850 50,284 44,564---------------------------------------------------------------------- Taxation (5,507) (3,984) (15,617) (13,929)----------------------------------------------------------------------9. Profit for the period 13,103 8,866 34,667 30,635---------------------------------------------------------------------- Attributable to:----------------------------------------------------------------------10. Equity holders of the parent 13,011 8,596 34,417 28,249----------------------------------------------------------------------11. Minority interests 92 270 250 2,386----------------------------------------------------------------------12. Profit for the period 13,103 8,866 34,667 30,635----------------------------------------------------------------------\* T £ Operating Profit by Segment £ The following table sets out the segment-based informationcompiled in accordance with the PRC Accounting Rules and Regulations: \* T Income from Cost of Profit from Gross principal principal principal profit Segment operations operations operations margin (RMB (RMB (RMB (Note) millions) millions) millions) (%)----------------------------------------------------------------------Exploration and production 35,917 10,668 20,902 58.20----------------------------------------------------------------------Refining 151,042 158,580 (11,120) (7.36)----------------------------------------------------------------------Marketing and distribution 158,675 142,069 16,325 10.29----------------------------------------------------------------------Chemicals 56,658 49,263 6,791 11.99----------------------------------------------------------------------Others 71,987 70,690 1,297 1.80----------------------------------------------------------------------Elimination of inter- segment sales (201,048) (201,048) N/A N/A----------------------------------------------------------------------Total 273,231 230,222 34,195 12.52----------------------------------------------------------------------Of which:connected transactions 19,659 14,403 1,943 9.88----------------------------------------------------------------------\* T £ Note: Gross profit margin = profit from principal operations /income from principal operations £ The following table sets out the segment-based informationcompiled in accordance with the IFRS: \* T Percentage of operating Segment Operating Operating profit/(loss) revenues expenses Operating over (RMB (RMB profit/(loss) operating millions) millions) (RMB millions) revenues (%)----------------------------------------------------------------------Exploration and production 39,303 20,325 17,585 44.74----------------------------------------------------------------------Refining 152,605 165,906 (12,583) (8.25)----------------------------------------------------------------------Marketing and distribution 158,840 149,025 9,815 6.18----------------------------------------------------------------------Chemicals 58,931 54,069 4,862 8.25----------------------------------------------------------------------Others 72,151 71,900 251 0.35----------------------------------------------------------------------Elimination of inter-segment sales (201,048) (201,048) N/A N/A----------------------------------------------------------------------Total 280,782 260,177 19,930 7.10----------------------------------------------------------------------\* T £ Market Environment and Business Review £ In the first three quarters of 2006, China's economy continued togrow at a relatively rapid pace, with a GDP growth rate of 10.7%,while the domestic demand for both petroleum and petrochemicalproducts maintained rational growth rates. Crude Oil prices in theworld market dropped remarkably after reaching a new record high overthe summer. The Company has taken advantage of its integratedoperations and attempted to expand resources, improve production andoperational performance, reinforce competitive forces in the market,and maintain growth momentum in the production of crude oil andnatural gas, crude oil processing volume, oil product sales volume, aswell as ethylene and synthetic resin output. £ Business Review £ Exploration & Production: The Company carefully implemented itsresource strategy, with a combined focus on both crude oil and naturalgas. Additionally, Sinopec accelerated its efforts to build productioncapacities and realize stable oil and natural gas production.Production of crude oil and natural gas grew by 2.84% and 18.08%respectively on a year-on-year basis. Lifting cost was RMB 470.35 pertonne. Moreover, the Company has proactively proceeded with itsdevelopment activities in Puguang Gas Field. \* T Nine-month period Changes ended 30 September compared (January - September) withOperational Results Unit ----------------------- the same period of last year 2006 2005 (%)----------------------------------------------------------------------Exploration and Production----------------------------------------------------------------------Crude oil production '0000 tonnes 3,002 2,919 2.84----------------------------------------------------------------------Natural gas production Billion cubic meters 5.348 4.529 18.08----------------------------------------------------------------------Crude oil realized price RMB/ton 3,388.03 2,525.89 34.13----------------------------------------------------------------------Natural gas realized price RMB/'000 cubic meters 750.70 657.92 14.10----------------------------------------------------------------------\* T £ Refining: The Company closely tracked the international crude oilmarket and adhered to its multi-sourcing tactics for crude oilresources, and lowered costs in crude oil purchasing. Additionally,the Company adjusted the product mix and strived to meet marketdemand, as well. As a consequence, the processing volume of crude oiland the output of oil products grew by 4.45% and 2.93% on ayear-on-year basis, respectively; while the yield of light oil and thecommercialization ratio have both increased. Cash operating cost wasRMB 119 per tonne. \* T Nine-month period Changes ended 30 compared September with (January - the same September) periodOperational Results Unit ------------------ of last 2006 2005 year (%)----------------------------------------------------------------------Refining----------------------------------------------------------------------Refining throughput Million tonnes 108.70 104.07 4.45----------------------------------------------------------------------Production of gasoline, Million tonnes diesel oil and kerosene 64.74 62.90 2.93----------------------------------------------------------------------Of which: Gasoline Million tonnes 16.97 17.23 (1.51) ------------------------------------------------------------ Diesel Million tonnes 43.01 40.49 6.22 ------------------------------------------------------------ Kerosene Million tonnes 4.75 5.18 (8.30)----------------------------------------------------------------------Light Chemical feedstock Million tonnes 17.16 15.50 19.06%----------------------------------------------------------------------Light products yield 0.44 percentage % 74.64 74.20 point----------------------------------------------------------------------Refining yield 0.40 percentage % 93.63 93.23 point----------------------------------------------------------------------\* T £ Marketing and distribution: The Company actively deployedresources and managed to steadily increase the sales volume of oilproducts, as well as improve its marketing structure further. At thesame time, the Company implemented a modern logistics system, and noworganizes the dispatching and transportation of oil products. In theinitial three quarters of 2006, the sales volume and retail volume ofoil products, both at home, have grown by 7.17% and 17.52% on ayear-on-year basis, respectively. \* T Nine-month period Changes ended 30 compared September with (January - the same September) periodOperational Results Unit ------------------ of last year 2006 2005 (%)----------------------------------------------------------------------Marketing and Distribution----------------------------------------------------------------------Total domestic sales of Million tonnes refined oil products 83.06 77.50 7.17----------------------------------------------------------------------Of which: Retail Million tonnes 54.27 46.18 17.52 ------------------------------------------------------------ Distribution Million tonnes 14.49 15.42 (6.03) ------------------------------------------------------------ Wholesale Million tonnes 14.30 15.89 (10.01)----------------------------------------------------------------------Total number of petrol Station stations 28,546 30,583 (6.66)----------------------------------------------------------------------Of which: Self-operated Station 27,746 27,048 2.58 ------------------------------------------------------------ Franchised Station 800 3,535 (77.37)----------------------------------------------------------------------Annual Throughput per tonne/station station (Note ) 2,608 2,277 14.54----------------------------------------------------------------------\* T £ Note: Throughput per petrol station data was an annualizedaverage. £ Chemicals: Sinopec has continually worked towards having chemicalfacilities conduct production on a safe, stable and full-load basis.During the quarter, the Company increased the output of majorproducts, optimized the product mix, and steadily proceeded toconcentrate on sales of products. During the first three quarters of2006, the production of ethylene and synthetic resins increased by17.80% and 13.38% on a year-on-year basis, respectively. \* T Nine-month period ended Changes 30 September compared (January - September) withOperational Results Unit ----------------------- the same period of the preceding 2006 2005 year (%)----------------------------------------------------------------------Chemicals (Note )----------------------------------------------------------------------Ethylene '000 tonne 4534 3849 17.80----------------------------------------------------------------------Synthetic resins '000 tonne 6289 5547 13.38----------------------------------------------------------------------Synthetic rubber '000 tonne 490 468 4.70----------------------------------------------------------------------Synthetic fiber monomers'000 tonne and polymers 5401 4929 9.58----------------------------------------------------------------------Synthetic fibers '000 tonne 1137 1161 (2.07)----------------------------------------------------------------------Urea '000 tonne 1321 1450 (8.90)----------------------------------------------------------------------\* T £ Note: Operational data of 2005, 2006 includes the 100% productionof YPC-BASF and Shanghai Secco. £ Capital Expenditure £ In the first three quarters of 2006, Sinopec's capitalexpenditures totaled RMB 44.639 billion, of which RMB 18.081 billionwas spent in the Exploration & Production segment. , The Companyachieved an number of significant results in terms of oil and naturalgas exploration, by means of intensive and carpet-to-carpetprospecting and targeting of key areas in newly found reserve zones.During the quarter, the Company increased crude oil productioncapacity by 4.13 million tons per year and increased natural gasproduction capacity by 1.287 billion cubic meters per year; £ RMB 7.098 billion was spent in the Refining Segment. Within inthis segment, the Company built and implemented the "Yizheng-ChanglingCrude Oil Pipeline" project, and proceeded smoothly on the oilrefining projects located in Guangzhou, Yanshan and Qingdaorespectively. Additionally, Sinopec initiated the construction for theCrude Oil Wharf at Weizhou Island of Beihai City; £ RMB 9.328 billion was spent in the Chemical Segment. As a part ofthis, the Company finished the upgrading PX project in the YangtzePetrochemical Company, and introduced the second round of ethyleneexpansion in Maoming, excluding the LDPE project that has been putinto service. The projects, such as "Upgrading PTA Project in YangtzePetrochemical Co., Ltd." "Integrated Project in Fujian", " IntegratedRefining & Chemical Project in Tianjin" and "Coal to Liquid" projectsare progressing as planned. The Company also spent RMB 8.51 billion onthe Marketing & Distribution Segment, which has finalized preliminarysteps in building and acquiring petrol stations in strategic areassuch as along the highway, and increased the total number of petrolstations by 542, as well as consummating the marketing networkfurther; the remaining RMB 1.622 billion was spent on the Corporateand Others segments. £ Capital expenditure adjustments £ The Board of Directors approved the capital expenditureadjustments plan from RMB70 billion to RMB80.391 billion for the year2006. The increase is RMB10.391 billion. Of this, the increase in theExploration and Production segment was RMB1.59 billion, the increaseof Refining segment was RMB6.259 billion, the increase of Chemicalssegment was RMB3.013 billion, while the decrease of scientificresearch, information and others is RMB0.472 billion. £ Future Plan £ 'Given the cyclical fluctuation in the petrochemical sector, animportant mission for our Board is to capitalize on the opportunitiespresented by the steady growth in domestic demand for energy andchemical products and successfully address numerous challenges such asmarket fluctuation and intensified competition, in order to furtherimprove the overall competitiveness of Sinopec in the global arena.The Board will continue the policy of "reform, adjustment, innovationand development", with the ultimate goal of achieving the target of2006 and sustaining growth.' Concluded Chairman Chen. £ Notice: Sinopec Corp. will be hosting a teleconference to discussthe Company's 3Q2006 results on Tuesday, October 31, 2006, at 9:30a.m. Beijing time (2:30 a.m. London time and 8:30 p.m., Monday October30, 2005, New York time) at (852) 3006 8101; access code: Sinopec. A24-hour replay will be available at (852) 3012 8000; access code:428557. The teleconference will also be archived on www.sinopec.com. £ About Sinopec Corp. £ Sinopec Corp. is a Chinese company listed in Hong Kong, New York,London and Shanghai. The Company is an integrated energy and chemicalcompany with upstream, midstream and downstream operations. Theprincipal operations of Sinopec Corp. and its subsidiaries include:exploring, developing, producing and trading crude oil and naturalgas; processing crude oil into refined oil products; producing,trading, transporting, distributing and marketing refined oilproducts; and producing and distributing chemical products. Based on2005 turnover, Sinopec Corp. is one of the largest listed companies inChina. The Company is one of the largest crude oil and petrochemicalcompanies in China and Asia. It is also one of the largest gasoline,diesel and jet fuel and other major chemical products producers anddistributors in China and Asia. £ For additional information about Sinopec Corp., please visit theCompany's website at www.sinopec.com £ Disclaimer £ This press release includes "forward-looking statements". Allstatements, other than statements of historical facts that addressactivities, events or developments that Sinopec Corp. expects oranticipates will or may occur in the future (including but not limitedto projections, targets, reserve volume, other estimates and businessplans) are forward-looking statements. Sinopec Corp.'s actual resultsor developments may differ materially from those indicated by theseforward-looking statements as a result of various factors anduncertainties, including but not limited to the level of demand fortelecommunications services; competitive forces in more liberalizedmarkets; the effects of tariff reduction initiatives; changes in theregulatory policies and other risks and factors beyond Sinopec Corp.'scontrol. In addition, Sinopec Corp. makes the forward-lookingstatements referred to herein as of today and undertakes no obligationto update these statements. Copyright Business Wire 2006