REG - China Pet &Chem Corp - 3rd Quarter Results <Origin Href="QuoteRef">600028.SS</Origin> - Part 2
30/10/2017 10:40
- Part 2: For the preceding part double click ID:nRSd9635Ua
Cash repayments of borrowings (371,045) (453,475)
Cash paid for dividends, profits distribution or interest (41,494) (26,352)
Including: Subsidiaries' cash payments for distribution of dividends or profits to minority shareholders (4,476) (4,726)
Sub-total of cash outflows (412,539) (479,827)
Net cash flow from financing activities (50,216) (78,568)
IV.Effects of changes in foreign exchange rate (188) 303
V.Net increase in cash and cash equivalents (9,316) 12,216
Add:Cash and cash equivalents at 1 January 124,468 68,933
VI.Cash and cash equivalents at 30 September 115,152 81,149
Dai Houliang Wang Dehua
Vice Chairman, President Chief Financial
Officer
Cash Flow Statement
for the nine-month periods ended 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
I.Cash flows from operating activities：
Cash received from sale of goods and rendering of services 726,478 605,835
Refund of taxes and levies 917 999
Other cash received relating to operating activities 33,412 46,776
Sub-total of cash inflows 760,807 653,610
Cash paid for goods and services (478,741) (350,443)
Cash paid to and for employees (24,467) (23,498)
Payments of taxes and levies (168,152) (155,934)
Other cash paid relating to operating activities (25,730) (47,308)
Sub-total of cash outflows (697,090) (577,183)
Net cash flow from operating activities 63,717 76,427
II.Cash flows from investing activities：
Cash received from disposal of investments 9,022 24,733
Cash received from returns on investments 14,025 14,696
Net cash received from disposal of fixed assets, intangible assets and other long-term assets 706 621
Net cash received from disposal of subsidiaries and other business entities 1 2,027
Other cash received relating to investing activities 20,370 949
Sub-total of cash inflows 44,124 43,026
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (23,811) (26,515)
Cash paid for acquisition of investments (10,128) (32,755)
Other cash paid relating to investing activities (25,040) (130)
Sub-total of cash outflows (58,979) (59,400)
Net cash flow from investing activities (14,855) (16,374)
III.Cash flows from financing activities：
Cash received from borrowings 85,212 152,920
Sub-total of cash inflows 85,212 152,920
Cash repayments of borrowings (103,768) (185,420)
Cash paid for dividends, profits distribution or interest (36,164) (19,681)
Sub-total of cash outflows (139,932) (205,101)
Net cash flow from financing activities (54,720) (52,181)
IV.Net increase in cash and cash equivalents (5,858) 7,872
Add:Cash and cash equivalents at 1 January 88,120 46,453
V. Cash and cash equivalents at 30 September 82,262 54,325
Dai Houliang Wang Dehua
Vice Chairman, President Chief Financial
Officer
SegmentReporting
for the nine-month periods ended 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Income from principal operations
Exploration and production
External sales 48,701 34,544
Inter-segment sales 55,769 40,829
Subtotal 104,470 75,373
Refining
External sales 96,041 73,012
Inter-segment sales 636,726 537,839
Subtotal 732,767 610,851
Marketing and distribution
External sales 886,263 748,387
Inter-segment sales 2,567 2,185
Subtotal 888,830 750,572
Chemicals
External sales 272,418 197,109
Inter-segment sales 36,418 27,034
Subtotal 308,836 224,143
Corporate and others
External sales 398,780 275,824
Inter-segment sales 320,750 221,609
Subtotal 719,530 497,433
Elimination of inter-segment sales (1,052,230) (829,496)
Consolidated income from principal operations 1,702,203 1,328,876
Income from other operations
Exploration and production 5,707 5,111
Refining 3,454 4,023
Marketing and distribution 22,309 16,558
Chemicals 10,336 8,502
Corporate and others 946 875
Consolidated income from other operations 42,752 35,069
Consolidated operating income 1,744,955 1,363,945
Operating profit/(loss)
By segment
Exploration and production (26,258) (30,900)
Refining 43,098 41,607
Marketing and distribution 23,221 23,690
Chemicals 16,616 15,129
Corporate and others (904) 1,395
Elimination (1,212) (1,428)
Total segment operating profit 54,561 49,493
Investment income/(loss)
Exploration and production 1,494 (449)
Refining 546 1,112
Marketing and distribution 2,208 2,091
Chemicals 6,634 3,683
Corporate and others 1,138 816
Total segment investment income 12,020 7,253
Financial expenses (1,790) (5,447)
Gain/(loss) from changes in fair value 531 (117)
Operating profit 65,322 51,182
Add: Non-operating income 1,206 2,276
Less: Non-operating expenses 1,703 1,523
Profit before taxation 64,825 51,935
4.2 Quarterly financial statements prepared under International Financial
Reporting
Standards ("IFRS")
Consolidated Income Statement
for the nine-month periods ended 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Three-month periods ended 30 September 2017 Three-month periods ended 30 September 2016 Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Turnover and other operating revenues
Turnover 564,375 472,080 1,702,203 1,328,876
Other operating revenues 14,743 12,645 42,752 35,069
Subtotal 579,118 484,725 1,744,955 1,363,945
Operating expenses
Purchased crude oil, products and operating supplies and expenses (434,997) (352,524) (1,322,025) (967,943)
Selling, general and administrative expenses (18,104) (15,605) (48,235) (48,661)
Depreciation, depletion and amortization (27,454) (24,344) (82,671) (73,449)
Exploration expenses, including dry holes (2,373) (2,487) (6,915) (7,217)
Personnel expenses (17,446) (14,720) (48,774) (43,783)
Taxes other than income tax (60,032) (58,242) (176,329) (171,073)
Other operating expense, net (2,264) (481) (4,249) (389)
Total operating expenses (562,670) (468,403) (1,689,198) (1,312,515)
Operating profit 16,448 16,322 55,757 51,430
Finance costs
Interest expense (1,870) (2,614) (5,849) (7,778)
Interest income 1,437 1,150 3,894 2,508
Foreign currency exchange (losses)/gains, net (68) 301 165 (177)
Net finance costs (501) (1,163) (1,790) (5,447)
Investment income 130 108 416 206
Share of profits from associates and joint ventures 3,960 2,204 11,611 6,803
Profit before taxation 20,037 17,471 65,994 52,992
Tax expense (4,081) (3,486) (12,996) (11,865)
Profit for the period 15,956 13,985 52,998 41,127
Attributable to：
Owners of the Company 11,489 10,188 39,404 30,107
Non-controlling interests 4,467 3,797 13,594 11,020
Profit for the period 15,956 13,985 52,998 41,127
Earnings per share
Basic earnings per share (RMB Yuan) 0.094 0.084 0.325 0.249
Diluted earnings per share (RMB Yuan) 0.094 0.084 0.325 0.249
Consolidated Statement of Comprehensive Income
for the nine-month periods ended 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Three-month periods ended 30 September 2017 Three-month periods ended 30 September 2016 Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Profit for the period 15,956 13,985 52,998 41,127
Total other comprehensive income (2,083) (627) (3,193) 2,193
Items that may be reclassified subsequently to profit or loss(after tax and reclassification adjustments):
Cash flow hedges (766) (1,011) (604) 756
Available-for-sale securities 0 (8) (7) (41)
Share of other comprehensive (loss)/ income of associates and joint ventures (12) 89 265 188
Foreign currency translation differences (1,305) 303 (2,847) 1,290
Total comprehensive income 13,873 13,358 49,805 43,320
Attributable to:
Owners of the Company 9,816 9,389 37,089 34,291
Non-controlling interests 4,057 3,969 12,716 9,029
Consolidated Balance Sheet
as at 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items As at 30 September 2017 As at 31 December 2016
Non-current assets：
Property, plant and equipment, net 639,889 690,594
Construction in progress 113,293 129,581
Goodwill 6,326 6,353
Interest in associates 70,300 66,116
Interest in joint ventures 55,671 50,696
Available-for-sale financial assets 11,227 11,408
Deferred tax assets 11,107 7,214
Lease prepayments 54,834 54,241
Long-term prepayments and other non-current assets 76,881 70,145
Total non-current assets 1,039,528 1,086,348
Current assets:
Cash and cash equivalents 115,152 124,468
Time deposits with financial institutions 46,751 18,029
Trade accounts receivable 54,284 50,289
Bills receivable 12,663 13,197
Inventories 160,871 156,511
Prepaid expenses and other current assets 47,406 49,767
Total current assets 437,127 412,261
Current liabilities：
Short-term debts 43,196 56,239
Loans from Sinopec Group Company and fellow subsidiaries 24,441 18,580
Trade accounts payable 156,655 174,301
Bills payable 5,879 5,828
Accrued expenses and other payables 214,786 224,544
Income tax payable 6,619 6,051
Total current liabilities 451,576 485,543
Net current liabilities (14,449) (73,282)
Total assets less current liabilities 1,025,079 1,013,066
Non-current liabilities：
Long-term debts 71,649 72,674
Loans from Sinopec Group Company and fellow subsidiaries 44,832 44,772
Deferred tax liabilities 5,375 7,661
Provisions 40,533 39,298
Other long-term liabilities 18,472 17,426
Total non-current liabilities 180,861 181,831
Total net assets 844,218 831,235
Equity：
Share capital 121,071 121,071
Reserves 594,276 589,923
Total equity attributable to owners of the Company 715,347 710,994
Non-controlling interests 128,871 120,241
Total equity 844,218 831,235
Consolidated Statement of Cash Flow
for the nine-month periods ended 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Net cash generated from operating activities(a) 111,193 131,700
Investing activities
Capital expenditure (40,238) (44,642)
Exploratory wells expenditure (3,754) (1,267)
Purchase of investments, investments in fellow subsidiaries, investments in associates and investments in joint ventures (4,958) (15,197)
Proceeds from disposal of investments and investments in associates 895 19,957
Proceeds from disposal of property, plant, equipment and other non-current assets 530 375
Increase in time deposits with maturities over three months (58,841) (4,501)
Decrease in time deposits with maturities over three months 30,119 -
Interest received 1,220 1,250
Investment and dividend income received 4,922 2,806
Net cash used in investing activities (70,105) (41,219)
Financing activities
Proceeds from bank and other loans 361,470 401,057
Repayments of bank and other loans (371,045) (453,475)
Contributions to subsidiaries from non-controlling interests 853 202
Dividends paid by the Company (32,693) (16,876)
Distributions by subsidiaries to non-controlling interests (4,476) (4,726)
Interest paid (4,325) (4,750)
Net cash used in financing activities (50,216) (78,568)
Net (decrease)/increase in cash and cash equivalents (9,128) 11,913
Cash and cash equivalents at 1 January 124,468 68,933
Effect of foreign currency exchange rate changes (188) 303
Cash and cash equivalents at 30 September 115,152 81,149
Note to consolidated statement of Cash Flow
(a) Reconciliation of profit before taxation to net cash generated from
operating activities
Items Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Operating activities
Profit before taxation 65,994 52,992
Adjustments for:
Depreciation, depletion and amortisation 82,671 73,449
Dry hole costs written off 5,953 5,615
Share of profits from associates and joint ventures (11,611) (6,803)
Investment income (416) (206)
Interest income (3,894) (2,508)
Interest expense 5,849 7,778
(Gain)/loss from foreign currency exchange rate changes and derivative financial instruments (1,131) 1,820
Loss on disposal of property, plant, equipment and other non-currents assets, net 219 105
Impairment losses on assets 7,090 1,528
Operating profit before change of operating capital 150,724 133,770
Accounts receivable and other current assets (3,608) 487
Inventories (4,561) 3,553
Accounts payable and other current liabilities (13,609) 10,255
Subtotal 128,946 148,065
Income tax paid (17,753) (16,365)
Net cash generated from operating activities 111,193 131,700
Segment Reporting
for the nine-month periods ended 30 September 2017
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Turnover
Exploration and production
External sales 48,701 34,544
Inter-segment sales 55,769 40,829
Subtotal 104,470 75,373
Refining
External sales 96,041 73,012
Inter-segment sales 636,726 537,839
Subtotal 732,767 610,851
Marketing and distribution
External sales 886,263 748,387
Inter-segment sales 2,567 2,185
Subtotal 888,830 750,572
Chemicals
External sales 272,418 197,109
Inter-segment sales 36,418 27,034
Subtotal 308,836 224,143
Corporate and others
External sales 398,780 275,824
Inter-segment sales 320,750 221,609
Subtotal 719,530 497,433
Elimination of inter-segment sales (1,052,230) (829,496)
Turnover 1,702,203 1,328,876
Other operating revenues
Exploration and production 5,707 5,111
Refining 3,454 4,023
Marketing and distribution 22,309 16,558
Chemicals 10,336 8,502
Corporate and others 946 875
Other operating revenues 42,752 35,069
Turnover and other operating revenues 1,744,955 1,363,945
Result
Operating profit/(loss)
By segment
Exploration and production (26,523) (30,416)
Refining 43,854 42,392
Marketing and distribution 23,482 24,273
Chemicals 16,727 15,452
Corporate and others (571) 1,157
Elimination (1,212) (1,428)
Total segment operating profit 55,757 51,430
Share of profits from associates and joint ventures
Exploration and production 1,446 (472)
Refining 525 1,119
Marketing and distribution 2,068 1,496
Chemicals 6,430 3,656
Corporate and others 1,142 1,003
Aggregate share of profits from associates and joint ventures 11,611 6,802
Investment income
Exploration and production 48 23
Refining 21 (7)
Marketing and distribution 108 70
Chemicals 204 27
Corporate and others 35 94
Aggregate investment income 416 207
Net finance costs (1,790) (5,447)
Profit before taxation 65,994 52,992
4.3 Differences between Financial Statements prepared in accordance with the
accounting policies complying with ASBE and IFRS(unaudited)
Other than the differences in the classifications of certain financial
statements captions and the accounting for the items described below, there
are no material differences between the Group's consolidated financial
statements prepared in accordance with the accounting policies complying with
ASBE and IFRS. The reconciliation presented below is included as supplemental
information, is not required as part of the basic financial statements and
does not include differences related to classification, presentation or
disclosures. Such information has not been subject to independent audit or
review. The major differences are:
(i) Government Grants
Under ASBE, grants from the government are credited to capital reserve if
required by relevant governmental regulations. Under IFRS, government grants
relating to the purchase of fixed assets are recognised as deferred income and
are transferred to the income statement over the useful life
of these assets.
(ii) Safety Production Fund
Under ASBE, safety production fund should be recognised in profit or loss with
a corresponding increase in reserve according to PRC regulations. Such reserve
is reduced for expenses incurred for safety production purposes or, when
safety production related fixed assets are purchased, is reduced by the
purchased cost with a corresponding increase in the accumulated depreciation.
Such fixed assets are not depreciated thereafter. Under IFRS, payments are
expensed as incurred, or capitalised as fixed assets and depreciated according
to applicable depreciation methods.
Effects of major differences between the net profit under ASBE and the profit
for the period under IFRS are analysed as follows:
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items Nine-month periods ended 30 September 2017 Nine-month periods ended 30 September 2016
Net profit under ASBE 51,829 40,070
Adjustments:
Government grants (i) 83 85
Safety production fund (ii) 1,086 972
Profit for the period under IFRS 52,998 41,127
Effects of major differences between the shareholders' equity under ASBE and
the total equity
under IFRS are analysed as follows:
Items At 30 September 2017 At 31 December 2016
Shareholders' equity under ASBE 845,425 832,525
Adjustments:
Government grants(i) (1,207) (1,290)
Total equity under IFRS 844,218 831,235
This information is provided by RNS
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