BEIJING, March 25, 2018
/PRNewswire/ -- China Petroleum & Chemical
Corporation ("Sinopec Corp." or the "Company") (HKEX: 386; SSE:
600028; NYSE: SNP) today announced its annual results for the
twelve months ended 31 December
2017.
Financial Highlights
- In accordance with IFRS, the Company's turnover and other
operating revenues reached RMB 2.36
trillion in 2017, up 22.2% from the previous year. Profit
attributable to equity shareholders of the Company was RMB 51.24 billion, up 9.8% year-on-year. Basic
earnings per share were RMB
0.423.
- In accordance with ASBE, the Company's operating profit was
RMB 87.0 billion, representing a
12.4% increase as compared with 2016. Profit attributable to
shareholders of the Company was RMB 51.1
billion, up 10.1% year-on-year. Basic earnings per share
were RMB 0.422.
- In accordance with IFRS, the Company's liability-to-asset ratio
as at the end of 2017 was 46.54%, which represented an increase of
2.01 percentage points compared with the end of the previous year.
Meanwhile, the Company maintained a sound financial position. Cash
and cash equivalents amounted to RMB113.2
billion as at 31 December
2017, maintaining at a healthy level.
- The Company focused on quality and efficiency of its
development, optimised product and feedstock mix, increased
high-value-added products production based on the customer demand.
Refining and chemicals segments results both achieved record high.
Operating profit of the refining segment totaled RMB 65.0 billion, an increase of 15.5%
year-on-year. Operating profit of the chemicals segment was
RMB 27.0 billion, up 30.8%
year-on-year.
- Taking into account the Company's profitability, cash position,
shareholder return and future business development, the Board
proposed a final dividend of RMB 0.40
per share, which combined with the interim dividend of RMB 0.10 per share, brought the full-year
dividend to RMB 0.50 per share, up
100.8% from the previous year. Dividend payout ratio reached 118%.
Total cash dividend to be paid for the full year was RMB 60.5 billion, highest since its listing.
- In accordance with IFRS, the Company's total assets increased
by 9.9% and shareholders' equity increased by 22.4% compared with
the levels in 2014. During the three years of the sixth session of
the Board, the Company's turnover and total assets have grown
steadily. The Company's businesses have expanded rapidly, and
overall performance has continued to improve. In addition, the
Company delivered good returns to shareholders, with total
dividends declared for the three-year period amounting to
RMB 108.8 billion.
Business Highlights
In 2017, global economy recovered gradually, while China maintained stable and favourable
economic growth with gross domestic product (GDP) up by 6.9%. As
the Company made major decisions, the Board of Directors focused on
steady and firm improvement, continued to focus on supply-side
structural reform and stepped up efforts to enhance the Company's
efficiency, profitability and corporate governance with an emphasis
on delivering returns to shareholders.
- Exploration and Production segment: implemented a low-cost
strategy to address the challenge of low oil prices, focused on
high-efficiency exploration and development, and enlarged proved
reserves to lay a stronger foundation for sustainable development.
The Company also developed its natural gas business as a new driver
for profit growth. The Company built up the production capacity of
the Fuling shale gas field to 10 billion cubic meters per
year.
- Refining segment: optimised product mix and the production
volume of high-value-added products have been further improved. The
Company actively promoted refined oil products quality upgrading
and optimised its production plans along with market changes. The
advantages of centralised marketing took full play and the Company
developed this business into its profit growth drivers
- Marketing and Distribution segment: innovated operational
models, optimized layout of service stations and brought he
Company's advantages in integrated business and distribution
network into full play, achieving sustained growth in both total
sales volume and retail scale. In addition, the Company proactively
promoted and cultivated vehicle natural gas business. Non-fuel
business maintained its rapid growth.
- Chemicals segment: adopted a customer-focused approach and
enhanced the adjustments in our product and feedstock mix. The
Company intensified its efforts to enhance research and
development, production, marketing and sales of new
high-value-added products and implemented precision marketing. Both
the sales volume and profitability of the chemicals segment reached
record highs.
Mr. Dai Houliang, Vice Chairman & President of Sinopec Corp.
said, "In 2017, The Company actively addressed market changes
through a focus on the improvement of assets quality and
profitability, as well as operation upgrades. We pressed ahead with
measures for specialised business development, market-oriented
operation and overall coordination. With a focused supply-side
structural reform, we coordinated all aspects of our work and
delivered solid operating results. In 2018, the global economy will
continue to recover. While China's
economic development model will shift from high-speed growth to
high- quality development, domestic demand for oil and chemical
products will remain robust. In view of the new requirements in the
new era, the Company will adhere to an underlying principle of
progressing at a steady pace and under a new development model that
makes quality and efficiency our top priorities. We will continue
to implement our set strategies and enhance our corporate
governance with China's
characteristics. We will also strive diligently to improve our
production and operational standards, reinforce our reform,
innovation and management to enable sustainable development."
Business Review
Exploration and Production
In 2017, faced with low oil prices, we constantly strengthened
measures to increase proved reserves and rein in development costs,
which helped achieving better results. We gave priority to
high-efficiency exploration activities and made new discoveries in
the Xinjiang Tahe Basin and the Sichuan Basin. The Company's newly added
proved reserve reached 462.73 million barrels of oil equivalent,
with crude oil reserve replacement ratio reaching 116.0%. In crude
oil development, we constantly adopted a profit-oriented approach,
deepened structural adjustment, focused on cost control, reduced
natural decline rate and ensured steady production. In natural gas
development, we actively pushed forward capacity building in
Hangjinqi of Nei Mongol and Dongpo of west Sichuan, and completed 10 bcm(billion cubic
meter) per year shale gas capacity building in Fuling. The
Company's production of oil and gas was 448.79 million barrels of
oil equivalent, with domestic crude production down by 3.2% from
the previous year and natural gas production up by 19.1%.
In 2017, the operating revenues of this segment were
RMB 157.5 billion, representing an
increase of 35.9% over 2016. This was mainly attributed to the rise
of realised price of crude oil and natural gas as well as expansion
of LNG business. The operating loss of the exploration and
production segment were RMB 45.9
billion, representing an expanded loss by RMB 9.3 billion as compared with 2016. By
deducting the non-operating income from capital injection of
Sichuan-to-East China Pipeline Co.
in 2016, the Company realized a significant reduction in loss by
RMB 11.3 billion in 2017.
In 2017, the oil and gas lifting cost was RMB 788.3 per tonne, representing a year on year
increase of 0.3%.
Exploration and
Production: Summary of Operations
|
|
|
Twelve-month periods
ended 31 December
|
Changes
|
2017
|
2016
|
%
|
Oil and gas
production (mmboe)
|
448.79
|
431.29
|
4.1
|
Crude oil production
(mmbbls)
|
293.66
|
303.51
|
(3.2)
|
China
|
248.88
|
253.15
|
(1.7)
|
Overseas
|
44.78
|
50.36
|
(11.1)
|
Natural gas
production (bcf)
|
912.50
|
766.12
|
19.1
|
Refining
In 2017, with the market-oriented approach, we optimised product
mix to produce more gasoline and jet fuel, and the production
volume of high-value-added products have been further improved,
with the diesel-to-gasoline ratio further declined to 1.17. The
Company actively promoted refined oil products quality upgrading,
the GB V standard diesel quality upgrading completed, and advanced
the refined oil products quality upgrading of GB VI standard. We
adapted to market changes by took full advantages of our integrated
business, and moderately increased export volume of refined oil
products. We comprehensively optimised our production plans to
ensure safe and reliable operations. The advantages of centralised
marketing took full play, and profitability of LPG, asphalt and
other products were further improved. In 2017, the Company
processed 239 million tonnes of crude, up by 1.3% from the previous
year, and produced 151 million tonnes of refined oil products, with
gasoline up by 1.2% and kerosene up by 5.5% from the previous
year.
In 2017, the operating revenues of this segment were
RMB 1011.9 billion, representing an
increase of 18.2% over 2016. This was mainly attributed to the
increase in products prices. In 2017, the operating profit of the
segment totaled RMB 65.0 billion,
representing an increase of RMB 8.7
billion or 15.5% as compared with 2016.
In 2017, refining gross margin was RMB
510.7 per tonne, representing an increase of RMB 38.8 per tonne compared with 2016. This is
mainly due to the increased proportion of high value added
products, the promotion of quality upgrading of refined oil
products, enlarged total refinery throughput by increasing the
export volume, and further improved margins for LPG, asphalt and
other refined oil products by our centralized marketing advantages
brought fully into play. In 2017, the unit refining cash operating
cost was RMB 175.2 per tonne, an
increase of RMB 9.5 per tonne over
2016, mainly because of increased operating expenses resulting from
newly operated facilities related to quality upgrading of refined
oil products as well as safety enhancement and environment
protection.
Refining: Summary of
Operations
|
|
|
For the twelve
months
ended 31 December
|
Changes
|
2017
|
2016
|
(%)
|
Refinery throughput
(million tonnes)
|
238.50
|
235.53
|
1.3
|
Gasoline, diesel and
kerosene production (million tonnes)
|
150.67
|
149.17
|
1.0
|
Gasoline (million
tonnes)
|
57.03
|
56.36
|
1.2
|
Diesel (million
tonnes)
|
66.76
|
67.34
|
(0.9)
|
Kerosene (million
tonnes)
|
26.88
|
25.47
|
5.5
|
Light chemical
feedstock production (million tonnes)
|
38.60
|
38.54
|
0.2
|
Light yield
(%)
|
75.85
|
76.33
|
(0.48) percentage
points
|
Refining yield
(%)
|
94.88
|
94.70
|
0.18 percentage
points
|
|
Note: Includes 100%
of the production of domestic joint ventures.
|
Marketing and Distribution
In 2017, confronted with stronger competition, the Company
brought our advantages in integrated business and distribution
network into full play, optimised internal and external resources,
intensified market efforts and achieved sustained growth in both
total sales volume and retail scale. We innovated operational
models and optimised layout of service stations, and expedited
revamping of storage and transportation facilities of refined oil
products to further improve our distribution network. In addition,
we proactively promote and cultivate vehicle natural gas business.
In 2017, the total sales volume of oil products was 199 million
tonnes, of which domestic sales accounted for 178 million tonnes,
up by 2.9% year on year. We strengthened self-owned brand
development and marketing, and non-fuel business maintained its
rapid growth with increased scale and profits.
In 2017, the operating revenues of this segment were
RMB 1,224.2 billion, representing an
increase of 16.3% over 2016. In 2017, the operating profit of this
segment was RMB 31.6 billion,
representing a decrease of 1.8% compared with 2016. Among which,
the operating revenues of non- fuel business was RMB 27.6 billion, representing an increase of
RMB 6.2 billion compared with 2016;
the profit of non-fuel business was RMB 2.2
billion, representing an increase of RMB 0.7 billion compared with 2016.
Marketing and
Distribution: Summary of Operations
|
|
|
For twelve months
ended 31 December
|
Changes
|
2017
|
2016
|
%
|
Total sales volume of
refined oil products (million tonnes)
|
198.75
|
194.84
|
2.0
|
Total domestic sales
volume of refined oil products (million tonnes)
|
177.76
|
172.70
|
2.9
|
Retail (million
tonnes)
|
121.56
|
120.14
|
1.2
|
Direct sales and
Wholesale
(million tonnes)
|
56.20
|
52.56
|
6.9
|
Annualised average
throughput per station (tonne/station)
|
3,969
|
3,926
|
1.1
|
|
As of 31 December
2017
|
As of 31 December
2016
|
Changes
from the end of previous
year(%)
|
Total number of
Sinopec-branded service stations
|
30,633
|
30,603
|
0.1
|
Company-operated
|
30,627
|
30,597
|
0.1
|
Chemicals
In 2017, the Company continued the "basic and high-end" chemical
business development concept to promote effective supply. We
fine-tuned chemical feedstock mix to lower costs, optimised product
mix and increased high-value-added products production based on the
customer demand. We optimised production and operation based on
market conditions and intensified dynamic modelling and monitoring
of profit to increase profitability. Ethylene output was 11.61
million tonnes, up by 5.0% from the previous year. The Company
intensified its efforts to enhance research and development,
production, marketing and sales of new high-value-added products.
Our differential ratio of synthetic fibre reached 89.0% and the
specialty and new products as a percentage of synthetic resin
reached 63%. By fully exerting our network advantage, implementing
precision marketing and further expanding the market, our full-
year chemical sales volume increased by 12.2% from the previous
year to 78.5 million tonnes, marking a historic record.
In 2017, the operating revenues of the chemicals segment were
RMB 437.7 billion, representing an
increase of 30.6% as compared with that of 2016, This was mainly
due to increase in sales volume and price of chemical products as
compared with 2016. In 2017, the segment seized the opportunities
of the improving market conditions, coordinated production with
sales, intensified structural adjustment, increased the production
of synthetic resin, rubber and some organic products which were
more profitable, positively expanded the market, strictly
controlled costs and expenses, thus, resulting in remarkable
profits. In 2017, the operating profit of this segment was
RMB 27.0 billion, representing an
increase of RMB 6.4 billion or 30.8%
as compared with 2016.
Major Chemical
Products: Summary of Operations
|
|
Unit of production:
1,000 tonne
|
|
For twelve months
ended 31 December
|
Changes
|
2017
|
2016
|
(%)
|
Ethylene
|
11,610
|
11,059
|
5.0
|
Synthetic
resin
|
15,938
|
15,201
|
4.8
|
Synthetic fiber
monomer and polymer
|
848
|
857
|
(1.1)
|
Synthetic
fiber
|
9,439
|
9,275
|
1.8
|
Synthetic
rubber
|
1,220
|
1,242
|
(1.8)
|
|
|
|
|
Note: Includes 100%
of the production of domestic joint ventures.
|
Research and Development
In 2017, the Company pushed ahead with its innovation-driven
strategy, deepened reform of R&D mechanism, and accomplished
notable results driven by R&D progresses. In upstream business,
further breakthroughs in geological evaluation and exploration
technologies of deep carbonate and deep shale gas reservoirs
underpinned the growing resources base of Shunbei oilfield and
south Sichuan as well as
discoveries of new formations in Sichuan Basin. We improved development
technologies for Tahe fractured-vuggy carbonate reservoir, bringing
down the natural decline rate. In refining, our demonstration unit
of fluidised bed residue hydro-treating achieved long-cycle
operation at its full capacity, and we completed the industrial
test of super solid-acid C5 and C6 isomerisation technology. In
chemicals, the syngas to ethylene glycol demonstration unit ran
smoothly, and we accomplished commercial production of
low-volatility polypropylene for automobile use and
high-transparency & low-extraction polypropylene. Our on-line
trading platform developed rapidly, as a result of the integration
of IT application and industrialisation. In 2017, the Company filed
5,876 patent applications at home and abroad, 3,640 patents
granted. The Company also won two first prises and one second prise
in the National Scientific and Technological Progress Awards, two
second prises in the National Technology and Innovation Awards, and
eight excellent patent awards in China's Patent Award competition.
Health, Safety and the Environment
In 2017, the Company pressed ahead the formation of a long-term
safe production scheme, strengthened safety measures at basic
levels to control risks and remove potential hazards in all
aspects. We promoted on-site safety supervision and management to
continuously improve our safety management level. The Company
actively implemented its green and low- carbon strategy to
integrate energy conservation, emissions cutting and carbon
reduction. We comprehensively strengthened environmental risk and
air pollution control, steadily pushed forward our "Efficiency
Doubling Plan", continuously consolidated our carbon asset
management, and accomplished all emissions reduction targets. For
more detailed information, please refer to our Communication on
Progress for Sustainable Development.
Capital Expenditures
In 2017, focusing on quality and profitability of investment,
the Company continuously optimised its investment projects. Total
capital expenditures were RMB 99.384
billion. Capital expenditures for the exploration and
production segment were RMB 31.344
billion, mainly for Fuling shale gas and Hangjinqi natural
gas field development projects, Shengli and Northwest crude
development projects, LNG terminals in Tianjin, Wen-23 gas storage and phase I of
Xinjiang gas pipeline, as well as overseas projects. Capital
expenditures for the refining segment were RMB 21.075 billion, mainly for Zhongke Refining
and Petrochemical project, adjustments in the product mix of
Zhenhai and Maoming refineries, and gasoline and diesel GB VI
quality upgrading projects. Capital expenditures for the marketing
and distribution segment were RMB 21.539
billion, mainly for construction of service stations and
refined oil product pipelines, depots and storage facilities.
Capital expenditures for the chemicals segment were RMB 23.028 billion, mainly for Zhongke Refining
and Petrochemical project, phase II of Hainan high-efficiency and environment-
friendly aromatics project, Gulei and Zhong'an projects,
acquisition of interest in Shanghai SECCO, as well as projects
regarding resource comprehensive utilisation and product structure
adjustments. Capital expenditures for the corporate and others
segment were RMB 2.398 billion,
mainly for R&D facilities and information technology
application projects.
Business Prospects
Looking ahead to 2018, we expect world economy continuing to
recover, and China's economy would
maintain steady growth. Meanwhile, the constant stream of reform
measures by Chinese government to revitalise its substantial
economy, the further development of the Belt and Road Initiative,
the synergic development of Beijing-Tianjin-Hebei
and the growth along Yangtze River Economic Zone will bring up
demand for refined oil products and petrochemicals. Natural gas as
clean energy will see rapid growth with structural adjustment of
domestic energy mix. International oil price in 2018 is expected to
maintain its stabilising momentum.
In 2018, the Company will persist with our objective of
progressing at a steady pace to continually focus on growth
stabilisation, adhere to the principle of quality first and
profitability prioritised. The Company will deepen the supply- side
structural reform as main direction to further implement the
operation objectives of reform, management, innovation and
development, to fully improve operational performance. We will
undertake the following work during the year:
Exploration and Production: We will maintain
high-efficiency exploration and profitable production activities to
continually increase proved reserve and expand resource base. In
oil development, we will enhance refined reservoir
characterisation, deepen the structural adjustments of mature
fields, control natural decline rate, lower operational cost and
improve economic recovery rate. In natural gas development, we will
keep advancing key projects for capacity construction, optimise
production and marketing operations, and promote the coordinated
development along the value chain. In 2018, we plan to produce 290
million barrels of crude oil, of which overseas production will
account for 41 million barrels. We plan to produce 974.1 billion
cubic feet of natural gas.
Refining: We will comprehensively optimise our production
plans along with market changes to consolidating the competitive
advantage of refining business. We will continue to adjust our
product structure by further lowering the diesel-to-gasoline ratio
and increasing the production of naphtha and jet fuel. The quality
upgrading of GB VI standard refined oil products will complete on
time with strengthened coordination. We will fine-tune crude oil
procurement and resource allocation to reduce procurement cost. We
will optimise our marketing mechanism to enlarge the trading volume
of other refined oil products. In 2018, we plan to process 239
million tonnes of crude and produce 152 million tonnes of refined
oil products.
Marketing and Distribution: We will intensify our
marketing strategy of balancing profits and volume by optimising
resources allocation and operational efficiency. We will put effort
to expand markets and our business scale. We will further improve
our marketing network to reinforce existing advantages. We will
accelerate the construction of oil products export infrastructure
and amplify the profitability of overseas oil products marketing.
We will deepen the integration of fuel and non-fuel business, so to
create a new mode of coordinating oil products retailing, non-fuel
products marketing and third-party vendors cooperation, and thus
step up the growth of non-fuel business. In 2018, we plan to sell
179 million tonnes of oil products in the domestic market.
Chemicals: We will further optimise feedstock mix and
product slate. The constant feedstock optimisation would further
lower feedstock costs. We will put more efforts on optimising
product mix, enhancing the dynamic evaluation and monitoring of
profitability of facilities and product chains, increasing more
popular and profitable products production and advancing the
R&D, production and sales of high-end chemicals. We will step
up research on the industrial chain and optimise the rapid response
mechanism combining production, marketing and research. Internal
and external resources will be fully tapped to actively expand
sales volume and market share. Meanwhile, refined marketing and
tailor- made services will be adopted to provide our customers with
full process solutions and value-added services. In 2018, we plan
to produce 11.6 million tonnes of ethylene.
Research and Development: We will continue to deeply
implement our strategy of development driven by innovation and
reform of mechanisms for technological innovation. We will
accelerating key technical breakthroughs, reinforcing research on
leading technologies, and stepping up the commercial application of
technological achievements to highlight the prominent role of
technologies in supporting and leading. In key technical
breakthroughs, focus will be given to new discoveries of oil and
gas resources, low-cost development of oil and gas resources,
high-efficiency conversion of heavy crude, refined oil products
quality upgrading, cost reduction and efficiency enhancement of
chemical business, new products development of high-value- added
materials, energy conservation and environmental protection. In
leading technologies, priorities lie in the basic and prospective
research of ultra-deep and deepwater oil and gas exploration and
production, molecular-level intelligent refining and new energies.
In innovative development, the Company plans to establish a joint
R&D centre for cutting-edge technologies to facilitate the
innovation from basic research to commercialisation. Meanwhile, the
integration of information technologies and industrialisation will
carry on by further enhancing integration of information systems
and the application of intelligent pipeline management systems.
Capital Expenditures: In 2018, we will devote attention
to the quality and profitability of investments, and constantly
optimise our investment projects. Capital expenditures for the year
are budgeted at RMB 117 billion. The
exploration and production segment will account for expenditures of
RMB 48.5 billion, mainly for the
shale gas development in southwest China, the natural gas project in north
China and crude capacity building
in northwest China, as well as
natural gas pipelines and storage projects, and overseas oil and
gas projects. The refining segment will account for RMB 28.8 billion, mainly for Zhongke Refining and
Petrochemical Project, the structural adjustments of refining
business in Zhenhai, Maoming and Tianjin subsidiaries, and the quality
upgrading of GB VI standard gasoline and diesel. The marketing and
distribution segment will account for RMB
18.5 billion, mainly for construction of depots and storage
facilities, pipelines and service stations. The chemicals segment
will account for RMB 17.7 billion,
mainly for Zhongke Refining and Petrochemical Project, the
high-efficiency and phase II of Hainan high-efficiency and environmental-
friendly aromatics project, the integrated refining and
petrochemical project in Gulei and the resource utilisation and
structural adjustment projects in Zhenhai, Yangzi, Jinling, Maoming
and Wuhan subsidiaries. The
corporate and others segment will account for RMB 3.5 billion, mainly for R&D facilities
and information technology projects.
Appendix:
Key financial data and indicators
FINANCIAL DATA AND
INDICATORS PREPARED IN ACCORDANCE WITH ASBE
|
Principal accounting
data
|
|
|
|
|
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same period
of the preceding year (%)
|
2017
(RMB
million)
|
2016
(RMB
million)
|
Operating
income
|
2,360,193
|
1,930,911
|
22.2
|
Net profit
attributable to equity shareholders of the Company
|
51,119
|
46,416
|
10.1
|
Net profit
attributable to equity shareholders of the Company
after deducting
extraordinary gain/loss items
|
45,582
|
29,713
|
53.4
|
Net cash flows from
operating activities
|
190,935
|
214,543
|
(11.0)
|
|
At 31 December
2017
(RMB
million)
|
At 31 December
2016
(RMB
million)
|
Change from the end
of last year (%)
|
Total equity
attributable to equity shareholders of the Company
|
727,244
|
712,232
|
2.1
|
Total
assets
|
1,595,504
|
1,498,609
|
6.5
|
Principal financial
indicators
|
|
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same period
of the preceding year (%)
|
2017
(RMB)
|
2016
(RMB)
|
Basic earnings per
share
|
0.422
|
0.383
|
10.2
|
Diluted earnings per
share
|
0.422
|
0.383
|
10.2
|
Basic earnings per
share after deducting extraordinary gain/loss items
|
0.376
|
0.245
|
53.5
|
Weighted average
return on net assets (%)
|
7.14
|
6.68
|
0.46 percentage
points
|
Weighted average
return on net assets after deducting extraordinary gain/loss items
(%)
|
6.37
|
4.33
|
2.04 percentage
points
|
Net cash flow from
operating activities per share
|
1.577
|
1.772
|
(11.0)
|
FINANCIAL DATA AND
INDICATORS PREPARED IN ACCORDANCE WITH IFRS
|
Principal accounting
data
|
|
|
|
|
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same period
of the preceding year (%)
|
2017
(RMB
million)
|
2016
(RMB
million)
|
Operating
Profit
|
71,470
|
77,193
|
(7.4)
|
Net profit
attributable to owners of the Company
|
51,244
|
46,672
|
9.8
|
Net cash generated
from operating activities
|
1.577
|
1.772
|
(11.0)
|
|
At 31 December
2017
(RMB
million)
|
At 31 December
2016
(RMB
million)
|
Change from the end
of last year (%)
|
Equity attributable
to owners of the Company
|
726,120
|
710,994
|
2.1
|
Total
assets
|
1,595,504
|
1,498,609
|
6.5
|
Principal financial
indicators
|
|
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same period
of the
preceding year (%)
|
2017
(RMB)
|
2016
(RMB)
|
Basic earnings per
share
|
0.423
|
0.385
|
9.8
|
Diluted earnings per
share
|
0.423
|
0.385
|
9.8
|
Return on capital
employed (%)
|
8.26
|
7.30
|
0.96 percentage
points
|
The following table sets forth the operating revenues, operating
expenses and operating profit / (loss) by each segment before
elimination of the inter-segment transactions for the periods
indicated, and the percentage changes between 2017 and 2016.
|
For twelve months
ended 31 December
|
Changes
|
2017
|
2016
|
(RMB
million)
|
(%)
|
Exploration and
Production Segment
|
|
|
|
Operating
revenues
|
157,505
|
115,939
|
35.9
|
Operating
expenses
|
203,449
|
152,580
|
33.3
|
Operating
(loss)/profit
|
(45,944)
|
(36,641)
|
-
|
Refining
Segment
|
|
|
|
Operating
revenues
|
1,011,853
|
855,786
|
18.2
|
Operating
expenses
|
946,846
|
799,521
|
18.4
|
Operating
(loss)/profit
|
65,007
|
56,265
|
15.5
|
Marketing and
Distribution Segment
|
|
|
|
Operating
revenues
|
1,224,197
|
1,052,857
|
16.3
|
Operating
expenses
|
1,192,628
|
1,020,704
|
16.8
|
Operating
(loss)/profit
|
31,569
|
32,153
|
(1.8)
|
Chemicals
Segment
|
|
|
|
Operating
revenues
|
437,743
|
335,114
|
30.6
|
Operating
expenses
|
410,766
|
314,491
|
30.6
|
Operating
(loss)/profit
|
26,977
|
20,623
|
30.8
|
Corporate and
others
|
|
|
|
Operating
revenues
|
974,850
|
739,947
|
31.7
|
Operating
expenses
|
979,334
|
736,735
|
32.9
|
Operating
(loss)/profit
|
(4,484)
|
3,212
|
-
|
Elimination of
inter-segment
profit/(loss)
|
(1,655)
|
1,581
|
-
|
About Sinopec Corp.
Sinopec Corp. is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fibre,
fertiliser and other chemical products; the import and export,
including an import and export agency business, of petroleum,
natural gas, petroleum products, petrochemical and chemical
products, and other commodities and technologies; and research,
development and application of technologies and information.
Sinopec sets 'fueling beautiful life' as its corporate mission,
puts 'people, responsibility, integrity, precision, innovation and
win-win' as its corporate core values, pursues strategies of
value-orientation, innovation-driven development, integrated
resource allocation, open cooperation, and green and low-carbon
growth, and strives to achieve its corporate vision of building a
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:(8610) 5996
0386
|
Email:ir@sinopec.com
|
Email:ir@sinopec.com
|
|
|
Hong
Kong
|
|
Tel:(852) 2824
2638
|
Tel:(852) 2522
1838
|
Fax:(852) 2824
3669
|
Fax:(852) 2521
9955
|
Email:ir@sinopechk.com
|
Email:sinopec@prchina.com.hk
|
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SOURCE China Petroleum & Chemical Corporation