Annual Report 2012

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Financial Statements (PRC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 10 INVENTORIES 98 Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION The Group The Company 2012 2011 2012 2011 RMB millions RMB millions RMB millions RMB millions Raw materials 115,025 113,918 80,247 81,472 Work in progress 20,734 14,989 15,079 10,093 Finished goods 79,494 71,853 50,969 50,299 Spare parts and consumables 3,500 4,039 2,778 2,999 218,753 204,799 149,073 144,863 Less: Provision for diminution in value of inventories 491 1,382 229 715 218,262 203,417 148,844 144,148 Provision for diminution in value of inventories is mainly against raw materials and finished goods. As at and for the year ended 31 December 2012, the provision for diminution in value of inventories of the Group and the Company was primarily due to the costs of raw materials and finished goods of the refining and chemicals segments were higher than their net realisable value. 11 LONG-TERM EQUITY INVESTMENTS The Group Investments Provision in jointly Investments Other for controlled in equity impairment entities associates investments losses Total RMB millions RMB millions RMB millions RMB millions RMB millions Balance at 1 January 2012 19,992 25,692 1,952 (178) 47,458 Additions for the year 3,923 2,591 1,427 — 7,941 Share of profits less losses under the equity method (1,404) 2,430 — — 1,026 Change of capital reserve under the equity method — 80 — — 80 Dividends receivable/received (1,123) (1,231) — — (2,354) Disposals for the year — (750) (1,352) 12 (2,090) Balance at 31 December 2012 21,388 28,812 2,027 (166) 52,061 The Company Investments Provision Investments in jointly Investments Other for in controlled in equity impairment subsidiaries entities associates investments losses Total RMB millions RMB millions RMB millions RMB millions RMB millions RMB millions Balance at 1 January 2012 76,630 11,523 19,290 1,056 (6,398) 102,101 Additions for the year 11,800 316 2,397 1,394 — 15,907 Share of profits less losses under the equity method — (408) 1,390 — — 982 Change of capital reserve under the equity method — — 79 — — 79 Dividends receivable/received — (828) (476) — — (1,304) Disposals for the year — — (5,306) (998) 6 (6,298) Balance at 31 December 2012 88,430 10,603 17,374 1,452 (6,392) 111,467 Details of the Company’s principal subsidiaries are set out in Note 50.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 11 LONG-TERM EQUITY INVESTMENTS (Continued) Principal jointly controlled entities and associates are as follows: Percentage of equity/voting right directly or indirectly Total assets Total liability Operating Register Legal Registered held by the at the year at the year revenue for Name of investees location representative capital Company end end the year RMB millions RMB millions RMB millions RMB millions 1. Jointly controlled entities Shanghai Secco Petrochemical Company Limited Shanghai Wang Zhiqing USD 901 50% 14,291 7,021 27,158 BASF-YPC Company Limited Jiangsu Province Ma Qiulin 11,505 40% 25,488 10,419 22,938 Fujian Refining and Petrochemical Company Limited Fujian Province Lu Dong 13,306 50% 44,863 36,083 69,237 SINOPEC SABIC Tianjin Petrochemical Khaled A. Company Limited Tianjin Almana 6,120 50% 22,745 16,042 23,756 State Power-Sinopec (Ningxia) Ningxia Hui Energy Chemical Autonomous Company Limited Region Yang Dong 4,600 50% 11,145 7,599 — 2. Associates Sinopec Finance Company Limited Beijing Liu Yun 10,000 49% 124,544 108,761 3,329 China Aviation Oil Supply Company Limited Beijing Sun Li 3,800 29% 18,607 11,158 102,467 Zhongtian Synergetic Energy Company Limited Inner Mongolia Cao Zumin 5,404 38.75% 8,007 215 — Shanghai Chemical Industry Park Development Company Limited Shanghai Rong Guangdao 2,372 38.26% 6,402 2,580 6 Shanghai Petroleum Company Limited Shanghai Xu Guobao 900 30% 3,535 511 1,069 All the jointly controlled entities and associates above are limited companies. The Group’s effective share of interest in the jointly controlled entities’ net assets, operating income and net (loss)/profit are as follows: 2012 2011 RMB millions RMB millions Net assets 21,388 19,992 Operating income 72,495 70,026 Net (loss)/profit (804) 1,564 The Group’s effective share of interest in the above-mentioned principal associates’ net assets, operating income and net profit are as follows: 2012 2011 RMB millions RMB millions Net assets 15,283 13,512 Operating income 31,670 27,185 Net profit 1,292 1,290 Other equity investments represent the Group’s interests in PRC privately owned enterprises which are mainly engaged in non-oil and natural gas and chemical activities and operations. This includes non-consolidated investments which the Group has over 50% equity interest but the Group has no control on the entities. For the year ended 31 December 2012, the Group and the Company had no individually significant long-term investments which had been provided for impairment losses. 99 CHINA PETROLEUM & CHEMICAL CORPORATION Annual Report 2012 Financial Statements (PRC)
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CONTENTS 2 Company Profile 3 Princi
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PRINCIPAL FINANCIAL DATA AND INDICA
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2 FINANCIAL INFORMATION EXTRACTED F
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(2) Information disclosed by the sh
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Sinopec Corp.’s development accel
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Business Review and Prospects BUSIN
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MANAGEMENT’S DISCUSSION AND ANALY
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The following table shows the opera
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In 2012, refining margin was RMB 15
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As at 31 December 2012, the Company
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(2) Financial data prepared under A
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(2) THE PROPOSED ISSUANCE OF A SHAR
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Significant Events SIGNIFICANT EVEN
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CONNECTED TRANSACTIONS 1 AGREEMENTS
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Decision-making procedures: The maj
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Corporate Governance CORPORATE GOVE
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Page 51 and 52: REPORT OF THE BOARD OF DIRECTORS Th
Page 53 and 54: 6 DIVIDEND During this report perio
Page 55 and 56: 16 RISK FACTORS In the course of it
Page 57 and 58: Firstly, the Board of Directors dil
Page 59 and 60: DIRECTORS, SUPERVISORS, SENIOR MANA
Page 61 and 62: Li Chunguang Dai Houliang Liu Yun L
Page 63 and 64: The Members of the Fourth Session o
Page 65 and 66: Zou Huiping Zou Huiping, aged 52, S
Page 67 and 68: The Members of the Fourth Session o
Page 69 and 70: Lei Dianwu Ling Yiqun Lei Dianwu, a
Page 71 and 72: THE BREAKDOWN ACCORDING TO THE MEMB
Page 73 and 74: REPORT OF THE PRC AUDITOR All Share
Page 75 and 76: BALANCE SHEET as at 31 December 201
Page 77 and 78: INCOME STATEMENT for the year ended
Page 79 and 80: CASH FLOW STATEMENT for the year en
Page 81 and 82: STATEMENT OF CHANGES IN EQUITY for
Page 83 and 84: NOTES TO THE FINANCIAL STATEMENTS (
Page 99: NOTES TO THE FINANCIAL STATEMENTS (
Page 137 and 138: (B) FINANCIAL STATEMENTS PREPARED U
Page 139 and 140: CONSOLIDATED BALANCE SHEET as at 31
Page 141 and 142: CONSOLIDATED STATEMENT OF CHANGES I
Page 143 and 144: CONSOLIDATED STATEMENT OF CASH FLOW
Page 145 and 146: NOTES TO THE FINANCIAL STATEMENTS f
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NOTES TO THE FINANCIAL STATEMENTS (
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NOTES TO THE FINANCIAL STATEMENTS f
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(C) DIFFERENCES BETWEEN FINANCIAL S
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(D) SUPPLEMENTAL INFORMATION ON OIL
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Corporate Information CORPORATE INF
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Confirmation from fhe Directors and
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Annual Report 2012

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