BEIJING, March 22, 2015 /PRNewswire/ -- China
Petroleum & Chemical Corporation ("Sinopec" or "the Company")
(HKEX: 386; CH: 600028; NYSE: SNP) today announced its annual
results for the year ended 31 December
2014.
Financial Highlights:
- In accordance with the International Financial Reporting
Standards (IFRS), in 2014, the Company's turnover, other operating
revenues and other income was RMB2,825.9
billion, down 1.9% year-on-year, mainly due to the price
decline of crude oil and petrochemical products. Operating profit
was RMB73.5 billion, down 24.1%
year-on-year. Profit attributable to equity shareholders of the
Company was RMB 46.5 billion, down
29.7%. Basic earnings per share were RMB0.398.
- In accordance with the PRC Accounting Standards for Business
Enterprises ("ASBE"), in 2014, the Company's operating income was
RMB2,825.9 billion, down 1.9%
year-on-year. Operating profit was RMB65.5
billion, down 32.1%. Net profit attributable to equity
shareholders of the Company was RMB47.4
billion, down 29.4% year-on-year. Basic earnings per share
were RMB0.406.
- The Board of Directors proposed a final cash dividend of
RMB0.11 per share. Combined with the
interim dividend of RMB0.09 per
share, the total annual cash dividend for 2014 is RMB0.20 per share. The Company has gradually
increased its dividend payout ratio in recent years, with dividend
payout ratio reaching over 50% in 2014 (by IFRS). Total cash
dividend paid for the full year was RMB23.8
billion.
Operations Highlights:
In 2014, the global economic recovery remained weak while
China's economic growth was 7.4%.
International crude oil prices fluctuated at a high level in the
first half of the year before plunging in the second half, with a
precipitous drop in the fourth quarter. In the second half of 2014,
domestic refined oil products experienced 11 consecutive cuts.
Through enhanced analysis and evaluation of macroeconomic and
market trends, we actively responded to the significant change in
international crude oil prices while accelerating structural
adjustments, expanding our markets and improving management and
cost controls. The Company maintained stable production and
operations in general.
- Production of oil and gas grew steadily. Domestic crude oil
production remained stable, while overseas production increased
significantly. Fuling shale gas proceeded smoothly with its first
phase capacity construction. Natural gas production and sales
volume both increased significantly. Average unit all-in-cost has
been well controlled;
- In the refinery business, crude oil processing and refined oil
production recorded solid growth. The Company adjusted its product
mix in response to the market, increasing production of oil
products with strong demand and high-value-added products.
Production of gasoline (especially high-octane gasoline) and jet
fuel grew substantially, further lowering the diesel to gasoline
ratio. The Company accelerated the quality upgrade of oil products.
We also improved our resource allocation and strengthened inventory
management and cost control;
- Marketing and distribution segment progressed smoothly with its
reform plan, laying the foundation for us to further transform the
operational systems and mechanisms of the marketing business,
explore multiple business models, and develop through innovation.
In light of the extremely competitive refined oil product market,
we adjusted our marketing strategies and improved our sales
structure to increase total sales volume. Service-driven non-fuel
business recorded significant growth compared to last year.
- Chemical segment proactively responded to severe market
conditions by adjusting its feedstock mix and lowering raw material
costs. We continued to adjust our product mix, increase the
proportion of high-value-added products, and also strengthened
R&D, production and sales of our new products. We optimised
operations of our manufacturing facilities, adjusted utilization
rates, and shut down facilities with unsatisfactory marginal
costs.
Fu Chengyu, Chairman of Sinopec said: "Under the severe market
conditions of 2014, Sinopec focused on growth quality and
efficiency, achieving safe and stable production. We effectively
controlled the cost of each segment and maintained favourable
growth momentum through adjustment and improvement in our business
and product structure. The Company continued to fulfil its social
responsibilities across all aspects. We focused on the effects of
climate change and worked to achieve growth in a low-carbon and
green manner, promoting win-win development between Sinopec and its
various stakeholders. In 2015, China will enter a new normal phase of slower
growth while international crude oil prices are likely to stay low.
The Company still faces a challenging operating environment.
Sinopec will seize the opportunities and tackle the challenges. We
are committed to development through the improvement of internal
quality and efficiency. We will maintain our strategy with
innovation at the core in order to transform Sinopec to a
scientific and services based company, and gradually shift the
industry structure from 'petrol and chemicals' to 'energy and
materials'."
Business Segment Operations Analysis
Exploration and production
In 2014, driven by management and technology innovation, we
implemented exploration and development programs efficiently and
made a number of new findings, some of which were commercial
discoveries. With 106.75 billion cubic meters of proven reserves
added to the Fuling shale gas project, Fuling became the first
large scale shale gas field in China. In 2014, newly added proven oil and gas
reserves amounted to 431 million barrels. In crude oil development,
we focused on improving returns through the optimal development of
new blocks, refined development in mature fields, and continuously
enhancing recovery rates. In natural gas development, we
accelerated the capacity construction of major projects,
strengthened management of the Puguang gas field and other mature
fields, adjusted marketing strategies, expanded sales volume, and
achieved better economic returns. In shale gas development, the
Fuling project's Phase I construction, with capacity of 5 billion
cubic meters per year, progressed smoothly. Daily output of all
producing wells exceeded design targets, laying a good foundation
for future development. In 2014, production of oil and gas rose by
8.4% to 480.22 million barrels of oil equivalent, among which
domestic crude oil production remained flat, while overseas
production increased significantly. The Company acquired some
upstream assets at the end of last year. Natural gas production
rose by 8.5% to 716.4 billion cubic feet. Average unit all-in-cost
has been well controlled.
In 2014, the operating revenues of this segment were
RMB 227.6 billion, representing a
decrease of 6.0% over 2013, mainly attributable to the decrease in
crude oil price. Operating profit was RMB47.1 billion, down 14.1% year-on-year.
Summary of Operations for the Exploration and Production
Segment
|
2014
|
2013
|
2012
|
Change from
2013 to 2014
|
Oil and gas
production (mmboe)
|
480.22
|
442.84
|
427.95
|
8.44
|
Crude oil production
(mmbbls)
|
360.73
|
332.54
|
328.28
|
8.48
|
China
|
310.87
|
310.84
|
306.60
|
0.01
|
Overseas
|
49.86
|
21.70
|
21.68
|
129.77
|
Natural gas
production (bcf)
|
716.35
|
660.18
|
598.01
|
8.51
|
Summary of Proved Reserves of Crude Oil and Natural Gas
|
Reserve of Crude Oil
(mmbbls)
|
31 December
2014
|
Proved
Reserves
|
3,048
|
Proved Developed
Reserves
|
2,782
|
Shengli
|
1,917
|
Others
|
548
|
China
|
2,465
|
Overseas
|
317
|
Proved Undeveloped
Reserves
|
266
|
Shengli
|
105
|
Others
|
130
|
China
|
235
|
Overseas
|
31
|
|
Reserves of Natural
Gas (bcf)
|
31 December
2014
|
Proved
Reserves
|
6,741
|
Proved Developed
Reserves
|
6,011
|
Puguang
|
2,663
|
Others
|
3,324
|
China
|
5,987
|
Overseas
|
24
|
Proved Undeveloped
Reserves
|
730
|
China
|
728
|
Overseas
|
2
|
Refining
In 2014, the Company adjusted its product mix in response to the
market, increasing production of oil products with strong demand
and high-value-added products, such as gasoline (especially
high-octane gasoline) and jet fuel. We further decreased the diesel
to gasoline ratio. We also accelerated the quality upgrade of oil
products and, for some regions, gasoline and diesel have already
been upgraded to China V standard. We effectively controlled costs
through improving resource allocation, optimizing selection of oil
to be processed, as well as enhancing inventory management. Through
tapping our well established advantages in product specialization,
margins of lubricants, liquefied petroleum gas (LPG) and asphalt
further improved with good economic returns. In 2014, we processed
235 million tonnes of crude oil, up by 1.5% from the previous year,
and produced 146 million tonnes of refined oil products, up by 4.2%
from the previous year.
Operating revenues of refining segment totalled RMB1,273.1 billion, down 2.9% year-on-year,
mainly attributable to a decline in refined oil products. As
international crude oil price plunged in the second half of 2014,
refining gross margin was significantly reduced as the Company
digested the high cost inventory. Operating loss of the segment was
RMB2.0 billion.
Summary of Operations for the Refining Segment
|
|
|
|
Unit: million
tonnes
|
|
2014
|
2013
|
2012
|
Change from 2013 to
2014
(%)
|
Refinery
throughput
|
235.38
|
231.95
|
221.31
|
1.48
|
Gasoline, diesel and
kerosene production
|
146.23
|
140.40
|
132.96
|
4.15
|
Gasoline
|
51.22
|
45.56
|
40.55
|
12.42
|
Diesel
|
74.26
|
77.40
|
77.39
|
(4.06)
|
Kerosene
|
20.75
|
17.43
|
15.01
|
19.05
|
Light chemical
feedstock
|
39.17
|
37.97
|
36.33
|
3.16
|
Light products yield
(%)
|
76.52
|
76.19
|
76.75
|
0.33 percentage
points
|
Refinery yield
(%)
|
94.66
|
94.82
|
95.15
|
(0.16) percentage
points
|
Note: Includes 100%
of production of joint ventures
|
Marketing and distribution
In 2014, the Company initiated business restructuring in the
marketing segment by introducing private capital. Sinopec Corp.
entered into capital issuance agreements with 25 investors, laying
the foundation for us to further transform the operational systems
and mechanisms of the marketing business, explore multiple business
models, and develop through innovation. Currently, the Company has
received around RMB105 billion of
equity financing according to the plan.
In 2014, in light of the slower growth of domestic demand for
oil products and the particularly weak demand for diesel, we
adjusted our marketing strategies by strengthening marketing
efforts on high-octane gasoline and jet fuel to increase total
sales volume. We expanded our retail volume by using our network
and brand advantages and improved customer service at service
stations. At the same time, we further developed our non-fuel
businesses, improved the customer experience, and provided one-stop
services through our online fuel-card services, and self-service
mobile apps and equipment. Revenue of non-fuel business increased
by 28% over 2013, to RMB17.1 billion.
In 2014, total sales volume of refined oil products was 189 million
tonnes, up by 5.1% from the previous year, with domestic sales
rising by 3.4% to 171 million tonnes and retail rising by 3.6%.
In 2014, the operating revenues of this segment were
RMB1,476.6 billion, down 1.7% over
2013, of which the sales revenues of gasoline totalled RMB 535.2 billion, up 5.8% year-on-year; sales
revenues of diesel were RMB 686.4
billion, down 3.1% over 2013, and the sales revenues of
kerosene were RMB 124.7 billion, up
0.8% over 2013. The operating profit of this segment was
RMB29.4 billion, representing a
decrease of 16.2% compared with 2013, mainly attributable to
digestions of high cost inventory.
Summary of Operations, Marketing and Distribution Segment
|
2014
|
2013
|
2012
|
Change from
2013 to 2014
(%)
|
Total sales volume of
refined oil products (million tonnes)
|
189.17
|
179.99
|
173.15
|
5.10
|
Total domestic sales
volume of refined oil products (million tonnes)
|
170.97
|
165.42
|
158.99
|
3.36
|
Retail sales (million
tonnes)
|
117.84
|
113.73
|
107.85
|
3.61
|
Direct sales &
Distribution
(million tonnes)
|
53.13
|
51.69
|
51.14
|
2.79
|
Annual average
throughput per station (tonne/station)
|
3,858
|
3,707
|
3,498
|
4.07
|
|
As of 31 Dec
2014
|
As of 31 Dec
2013
|
As of 31 Dec
2012
|
Previous
year
to the end of the
reporting period
(%)
|
Total number of
service stations under Sinopec brand
|
30,551
|
30,536
|
30,836
|
0.05
|
Number of
company-operated stations
|
30,538
|
30,523
|
30,823
|
0.05
|
Chemicals
In 2014, confronted by severe market conditions with low prices
of chemical products, the Company cut its feedstock costs by
increasing the light feedstock ratio, adjusted its product mix, and
also strengthened efforts in R&D, production, and sales of new
products. Sales of new polyolefin products and specialty materials
accounted for 54.7% of total sales, and high-value-added rubber
accounted for 17.4%. The synthetic fibre differentiation rate was
76.7%. In addition, we optimised operations of our manufacturing
facilities, adjusted utilization rates, and shut down facilities
with unsatisfactory marginal costs. Ethylene output was up by 7.2%
from 2013 to 10.7 million tonnes. Meanwhile, by keeping inventories
at a low level, and by implementing a differentiated marketing
strategy, our full-year chemical sales volume increased by 4.4% to
60.79 million tonnes, with all manufactured chemicals sold.
In 2014, the operating revenue of the chemicals segment was
RMB427.5 billion, down 2.3%
year-on-year, mainly attributable to the drop in chemical product
prices. The operating loss of this segment was RMB2.2 billion. The segment has been profitable
since the third quarter of 2014.
Summary of Operations, Chemicals
Segment
Unit: thousand
tonnes
|
|
2014
|
2013
|
2012
|
Change from 2013
to 2014 (%)
|
Ethylene
|
10,698
|
9,980
|
9,452
|
7.19
|
Synthetic
resin
|
14,639
|
13,726
|
13,343
|
6.65
|
Synthetic
rubber
|
939
|
960
|
936
|
(2.19)
|
Synthetic fibre
monomer and polymer
|
8,383
|
9,227
|
8,950
|
(9.15)
|
Synthetic
fibre
|
1,315
|
1,392
|
1,339
|
(5.53)
|
Note: Includes 100%
production of joint ventures
|
Research and development
In 2014, the Company fully utilised the role of research and
development in supporting and leading its business operations,
stepping up its R&D efforts with remarkable results. In
upstream, we successfully completed the well pad drilling test for
shale gas development, achieving substantial improvements in
efficiency of construction. We developed offshore well safety
control technologies to enhance the safety and efficiency of
production in offshore oilfields. In refining, we commercialised
technologies for high-aromatics-content catalytic diesel
hydrogenation, countercurrent continuous reforming, and diesel
ultra-deep hydrogenation for sulphur removal. In chemicals, we
brought online a demonstration plant for converting syngas to
ethylene glycol, marking a breakthrough in coal chemical
technologies. We successfully commissioned a demonstration plant
for super-imitation-cotton fibre technologies. We also developed
bacteria-resistant polypropylene and polypropylene for
low-temperature packaging. We applied for a total of 4,968 patents
at home and abroad in 2014, with 3,011 approved. During the year,
we won one National Patent Gold Award and five Awards of
Excellence, four first-place awards and eight second-place awards
for National Science and Technology Advancement.
Health, safety and the environment
In 2014, the Company vigorously implemented its green and
low-carbon development strategy and its Clear Water, Blue Sky
environmental protection plan. We officially launched the Energy
Efficiency Doubling initiative, continuously advancing carbon asset
management. By further integrating efforts in energy conservation,
emissions control and carbon reduction, the effectiveness of our
energy saving and environmental protection activities improved
continuously. Compared with last year, our energy intensity was
down by 0.6%; industrial water consumption was down by 1.1%;
chemical oxygen demand in waste water discharge was down by 2.5%;
NHx emissions were down by 4.2%; sulphur dioxide emissions were
down by 8.1%; NOx emissions were down by 3.9%; and all hazardous
chemicals, discharged water, gas, and solid waste were properly
treated.
In 2014, the Company improved its work safety and accountability
mechanism, and conducted safety checks, with a focus on
identification and elimination of potential hazards. We stepped up
the construction of our emergency response capabilities and IT
applications for safety management. We also standardised worker
protection, and safeguarded the health of our employees. For more
detailed information, please refer to our corporate report,
Communication on Progress for Sustainable Development.
Capital expenditures
In 2014, the Company optimised its asset portfolio and
investment activities. Total capital expenditure was RMB154.640 billion, down by 4.2% compared with
the plan made at the beginning of the year. Capital expenditure for
exploration and production segment was RMB
80.196 billion, mainly for exploration and production in
Jiyang trough, Sichuan Basin, Tahe
oilfield, and Ordos Basin; liquefied natural gas (LNG) projects in
Shandong and Guangxi; construction of long-distance oil and
gas pipeline projects, and the overseas projects. We added crude
oil capacity of 4.36 million tonnes per year and natural gas
capacity of 5.9 billion cubic meters per year. Capital expenditure
for refining segment was RMB27.957
billion, mainly for refinery revamping and gasoline and
diesel quality upgrading projects by subsidiaries in Shijiazhuang, Yangtze, Tahe and Jiujiang. We
added refining capacity of 9.5 million tonnes per year, and
acquired 37.5% shares of Yanbu Refinery. Capital expenditure for
marketing and distribution segment was RMB26.989 billion, mainly for developing and
renovating service stations and for building oil product pipelines
and oil depots. We added 556 service stations for the year. Capital
expenditure for chemicals segment was RMB15.85 billion, mainly for the coal chemical
plant at Sinopec Great Wall Energy and Chemical Industry (Ningxia)
Company Ltd. and the Qilu acrylonitrile project. We added ethylene
capacity of 190,000 tonnes per year and synthetic resin capacity of
600,000 tonnes per year. Capital expenditure for corporate and
others was RMB 3.648 billion, mainly
for R&D facilities and IT application projects.
Business Prospects
The 2015 world economy is expected to continue its slow recovery
while we expect the global crude oil price to remain weak for the
foreseeable future. Consequently, the crude oil price realised by
the Company will continue to experience decline in the first
quarter of 2015, and the Company is digesting high inventory cost.
It is expected that net profit attributable to shareholders of the
Company will be in the vicinity of breakeven point for the first
quarter of 2015.
In 2015, China's economy will
enter a "new normal" phase of slower growth. China's domestic oil products market will see
steady growth along with the upgrading of oil products. The demand
for major chemical products will grow steadily.
The Company will focus on enhancing its management quality and
efficiency while deepening reforms, transforming the development
models and implementing rigorous management principles. We will put
more emphasis on restructuring, resource optimisation, innovation
and risk control. Key measures are as follows:
Exploration and development: In response to the lower oil
prices, the Company will ensure it takes reserves, output,
investment, costs and earnings all into consideration, while also
optimising exploration arrangements, reducing development costs,
and increasing commercial yields for oil and gas products. In
exploration, we will focus on making commercial discoveries by
exploiting reserve potential in frontier areas and other key
promising regions, aiming to improve the success rate of
exploration. In development, we will make educated decisions on
selective projects and production targets based on the oil price
level; we will also further develop mature fields and put
technologies that will significantly enhance recovery into wider
usage; in addition, we will continue the development of shale gas
to achieve fast-track growth and expedite capacity-building
projects for natural gas; we will also enhance the sophistication
of the planning and management in our developed gas fields. In
2015, we plan to produce 300 million barrels of crude oil
domestically and 48 million barrels overseas; we also plan to
produce 886.3 billion cubic feet of natural gas in 2015.
Refining: We will optimise our crude procurement
processes, reallocate our resources and take better advantage of
our economies of scale to control unit costs. We will continue
upgrading oil product quality to supply the market with clean
fuels. We will also strengthen the integration of production and
sales, adjust our product mix and utilisation rates, and increase
the output of high value-added products which are well received by
the market. In addition, we will seek to unlock the potential value
of operation specialisation, improve our sales networks, and
enhance our market share of lubricants, LPG, asphalt and other
products. In 2015, we plan to refine 243 million tonnes of crude
oil and produce 152 million tonnes of oil products.
Marketing and distribution: The Company will proactively
explore new operational systems and mechanisms with an aim to
transform Sinopec from an oil products supplier into an integrated
services provider. To maximise efficiency, the Company will improve
its market analysis based on fundamental changes in the supply and
demand in the market, as well as keeping a low inventory level to
mitigate risks. In terms of our marketing business, we will
continue to carry out adjustments to optimise the marketing systems
in order to expand our retail sales both in total and per station.
We will accelerate the planning and construction of our oil product
pipelines, carry out differentiated marketing strategies, and
increase customer loyalty by providing tailor-made services. We
will also develop our non-fuel businesses on the basis of
specialisation and market orientation to enhance the growth and
profitability of the non-fuel business. In 2015, we plan to sell
173 million tonnes of oil products in the domestic market.
Chemicals: The Company will further adjust its feedstock
mix to reduce costs, accelerate adjustments in its product mix, and
strengthen the integration of manufacturing, marketing and R&D.
We will increase the production of high value-added products which
are well received by the market and at the same time enhance the
development, production, and promotion of new products. We will
adjust facilities operations and control utilisation rates based on
the marginal utility of the industry supply chain. We will take
advantage of the strength of our marketing network and improve our
sales performance. In 2015, we plan to produce 10.9 million tonnes
of ethylene.
R&D: We will continue to implement development
strategies driven by innovation. Areas of focus for R&D include
shale oil and gas exploration and development, and recovery rate
enhancement to boost production and reserve. We will also enhance
R&D activities in biofuels, heavy oil refining and clean fuels
to facilitate the upgrade of oil product quality. We will develop
new catalytic materials, high-performance synthetic chemicals and
fine chemicals to promote the restructuring of the product mix.
Moreover, we will develop and apply technologies that are more
environmentally friendly and less carbon-intensive. We will
continue to emphasise fundamental and forward-looking R&D
activities to improve the Company's innovation capability in
further supporting and driving its transformative growth.
Capital expenditure: In 2015, the Company will
look at improving its investment and project portfolios based on
market conditions. Our capital expenditure budget for the year of
2015 is RMB135.9 billion, of which
the exploration and production segment accounts for RMB68.2 billion, mainly for the construction of
Fuling shale gas project, exploration and development projects in
Shengli oilfield, Sichuan Basin,
Tahe oilfield, Junggar Basin, and Ordos Basin as well as
Guangxi and Tianjin LNG projects,
construction of gas pipelines and overseas projects. Expenditure
for the refining segment accounts for RMB24.0 billion, mainly for the revamp of Qilu
and Jiujiang refineries, as well as product quality upgrade
projects such as gasoline adsorbent desulfurization and diesel
hydrogenation. Expenditure for the marketing and distribution
segment accounts for RMB22.6 billion,
mainly for revamping service stations, constructing the product
pipeline networks, optimising the distribution of tank farms,
improving facilities in service stations and promoting non-fuel
businesses to develop an integrated service. Expenditure for the
chemicals segment accounts for RMB15.1
billion, mainly for Jinling propylene oxide and LPG
utilisation projects and Hainan PX phase II project. Expenditure
for corporate and others is RMB6.0
billion, mainly for R&D facilities and IT
projects.
Appendix
Principal financial data and indicators
Financial
data and indicators prepared in accordance with ASBE
Items
|
For the years ended
31 December
|
2014
|
2013
|
Change
|
2012
|
RMB
millions
|
RMB
millions
|
(%)
|
RMB
millions
|
Operating
income
|
2,825,914
|
2,880,311
|
(1.9)
|
2,786,045
|
Operating
profit
|
65,481
|
96,453
|
(32.1)
|
87,926
|
Profit before
taxation
|
66,481
|
96,982
|
(31.5)
|
90,107
|
Net profit
attributable
to equity shareholders
of the Company
|
47,430
|
67,179
|
(29.4)
|
63,496
|
Net profit
attributable
to equity shareholders
of the Company excluding
extraordinary gain and loss
|
43,238
|
66,658
|
(35.1)
|
61,922
|
Net cash flow
from
operating activities
|
148,347
|
151,893
|
(2.3)
|
143,462
|
Items
|
At 31
December
|
2014
|
2013
|
Change
|
2012
|
RMB
millions
|
RMB
millions
|
(%)
|
RMB
millions
|
Total
assets
|
1,451,368
|
1,382,916
|
4.9
|
1,238,522
|
Total
liabilities
|
804,273
|
759,656
|
5.9
|
687,921
|
Total equity
attributable
to equity shareholders
of the Company
|
594,483
|
570,346
|
4.2
|
513,374
|
Total shares
(1,000
shares)
|
118,280,396
|
116,565,314
|
1.5
|
86,820,287
|
Principal financial indicators
Items
|
At 31
December
|
2014
|
2013
|
Change
|
2012
|
RMB
|
RMB
|
(%)
|
RMB
|
Basic earnings per
share
|
0.406
|
0.579
|
(29.9)
|
0.562
|
Diluted earnings per
share
|
0.406
|
0.543
|
(25.2)
|
0.542
|
Basic earnings per
share
based on latest total shares *
|
0.404
|
0.578
|
(30.1)
|
-
|
Basic earnings per
share
(excluding extraordinary gain
and loss)
|
0.370
|
0.574
|
(35.5)
|
0.548
|
Weighted average
return on
net assets (%)
|
8.14
|
12.24
|
(4.10)
percentage
points
|
12.80
|
Weighted average
return
(excluding extraordinary gain
and loss) on net assets (%)
|
7.42
|
12.15
|
(4.73)
percentage
points
|
12.48
|
Net cash flow from
operating
activities per share
|
1.270
|
1.308
|
(2.9)
|
1.272
|
*:Calculated based on
the total shares on 13 March 2015
|
Financial information extracted from the financial statements
prepared in accordance with IFRS
Unit: RMB
millions
|
Items
|
For the years ended
31 December
|
2014
|
2013
|
2012
|
2011
|
2010
|
Turnover, other
operating
revenues and other income
|
2,825,914
|
2,880,311
|
2,786,045
|
2,505,683
|
1,913,182
|
Operating
profit
|
73,487
|
96,785
|
98,662
|
105,530
|
104,974
|
Profit before
taxation
|
65,504
|
95,052
|
90,642
|
104,565
|
103,663
|
Profit attributable
to equity
shareholders of the
Company
|
46,466
|
66,132
|
63,879
|
73,225
|
71,782
|
Basic earnings per
share
(RMB)
|
0.398
|
0.570
|
0.566
|
0.650
|
0.637
|
Diluted earnings per
share
(RMB)
|
0.397
|
0.534
|
0.545
|
0.625
|
0.631
|
Return on capital
employed (%)
|
6.05
|
8.02
|
9.09
|
11.49
|
12.95
|
Return on net assets
(%)
|
7.84
|
11.63
|
12.50
|
15.50
|
17.11
|
Net cash generated
from
operating activities per
share (RMB)
|
1.270
|
1.308
|
1.262
|
1.336
|
1.512
|
Unit: RMB
millions
|
Items
|
At 31
December
|
2014
|
2013
|
2012
|
2011
|
2010
|
Non-current
assets
|
1,091,224
|
1,009,906
|
892,929
|
794,423
|
727,642
|
Net current
liabilities
|
244,113
|
198,812
|
148,358
|
101,485
|
76,177
|
Non-current
liabilities
|
201,534
|
189,468
|
196,535
|
185,594
|
200,429
|
Minority
interests
|
52,536
|
52,823
|
37,122
|
35,016
|
31,432
|
Total equity
attributable to
equity shareholders of the
Company
|
593,041
|
568,803
|
510,914
|
472,328
|
419,604
|
Net assets per share
(RMB)
|
5.014
|
4.880
|
4.527
|
4.191
|
3.723
|
Adjusted net assets
per
share (RMB)
|
4.950
|
4.841
|
4.476
|
4.172
|
3.722
|
The following table sets forth the operating revenues, operating
expenses and operating profit/(loss) by each segment before
elimination of the intersegment transactions for the periods
indicated, and the percentage change of 2014 compared to 2013.
Unit: RMB
millions
|
|
Year ended 31
December
|
Change
|
2014
|
2013
|
(%)
|
Exploration and
Production Segment
|
|
|
|
Operating
revenues
|
227,597
|
242,107
|
(6.0)
|
Operating
expenses
|
180,540
|
187,314
|
(3.6)
|
Operating
profit
|
47,057
|
54,793
|
(14.1)
|
Refining
Segment
|
|
|
|
Operating
revenues
|
1,273,095
|
1,311,269
|
(2.9)
|
Operating
expenses
|
1,275,049
|
1,302,670
|
(2.1)
|
Operating (loss) /
profit
|
(1,954)
|
8,599
|
-
|
Marketing and
Distribution Segment
|
|
|
|
Operating
revenues
|
1,476,606
|
1,502,414
|
(1.7)
|
Operating
expenses
|
1,447,157
|
1,467,271
|
(1.4)
|
Operating
profit
|
29,449
|
35,143
|
(16.2)
|
Chemicals
Segment
|
|
|
|
Operating
revenues
|
427,485
|
437,587
|
(2.3)
|
Operating
expenses
|
429,666
|
436,719
|
(1.6)
|
Operating (loss) /
profit
|
(2,181)
|
868
|
-
|
Corporate and
others
|
|
|
|
Operating
revenues
|
1,310,236
|
1,359,109
|
(3.6)
|
Operating
expenses
|
1,311,299
|
1,362,521
|
(3.8)
|
Operating
loss
|
(1,063)
|
(3,412)
|
(68.8)
|
Elimination of
inter-segment profits
|
2,179
|
794
|
-
|
About Sinopec:
Sinopec is one of the largest integrated energy and chemical
companies with upstream, midstream and downstream operations in
China. Its principal operations
include: the exploration and production, pipeline transportation
and sales of petroleum and natural gas; the sales, storage and
transportation of petroleum products, petrochemical products,
synthetic fibre, fertilizer and other chemical products; import
& export, as well as import and export agency business of oil,
natural gas, petroleum products, petrochemical and chemical
products, and other commodities and technologies; and research,
development and application of technologies and information.
Adhering to its corporate mission of "to provide energy for a
better living," Sinopec implements strategies of resources,
markets, integration, internationalization, differentiation and
green low-carbon development with a view to realize its vision of
building a people-oriented, world-leading energy and chemical
company.
Disclaimer:
This press release includes "forward-looking statements". All
statements, other than statements of historical facts that address
activities, events or developments that Sinopec Corp. expects or
anticipates will or may occur in the future (including but not
limited to projections, targets, reserve volume, other estimates
and business plans) are forward-looking statements. Sinopec Corp.'s
actual results or developments may differ materially from those
indicated by these forward-looking statements as a result of
various factors and uncertainties, including but not limited to the
price fluctuation, possible changes in actual demand, foreign
exchange rate, results of oil exploration, estimates of oil and gas
reserves, market shares, competition, environmental risks, possible
changes to laws, finance and regulations, conditions of the global
economy and financial markets, political risks, possible delay of
projects, government approval of projects, cost estimates and other
factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp.
makes the forward-looking statements referred to herein as of today
and undertakes no obligation to update these statements.
Investor
Inquiries:
|
Media
Inquiries:
|
Beijing
|
|
Tel: (86 10) 5996
0028
|
Tel: (86 10) 5996
0028
|
Fax: (86 10) 5996
0386
|
Fax: (86 10) 5996
0386
|
Email:
ir@sinopec.com
|
Email:
media@sinopec.com
|
|
|
Hong
Kong
|
|
Tel: (852) 2824
2638
|
Tel: (852) 3512
5000
|
Fax: (852) 2824
3669
|
Fax: (852) 2259
9008
|
Email:
ir@sinopechk.com
|
Email:
sinopec@brunswickgroup.com
|
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SOURCE China Petroleum & Chemical Corporation