Annual Report 2012

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Financial Statements (PRC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 At 31 December 2012, impairment losses of the Group are analysed as follows: 106 Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION Balance at Provision Written Written Other Balance at 1 January for the back for off for increase/ 31 December Note 2012 year the year the year (decrease) 2012 RMB millions RMB millions RMB millions RMB millions RMB millions RMB millions Allowance for doubtful accounts Included: Accounts receivable 7 1,012 44 (155) (202) — 699 Other receivables 8 1,881 47 (117) (113) — 1,698 2,893 91 (272) (315) — 2,397 Inventories 10 1,382 7,419 (378) (7,943) 11 491 Long-term equity investments 11 178 — — (12) — 166 Fixed assets 12 31,326 1,014 — (984) (133) 31,223 Construction in progress 13 723 — — — — 723 Intangible assets 14 461 — — (62) 182 581 Goodwill 7,657 — — — — 7,657 Others 24 36 (4) — 3 59 Total 44,644 8,560 (654) (9,316) 63 43,297 At 31 December 2012, impairment losses of the Company are analysed as follows: Balance at Provision Written Written Other Balance at 1 January for the back for off for (decrease)/ 31 December Note 2012 year the year the year increase 2012 RMB millions RMB millions RMB millions RMB millions RMB millions RMB millions Allowance for doubtful accounts Included: Accounts receivable 7 857 31 (152) (190) — 546 Other receivables 8 1,999 46 (101) (110) — 1,834 2,856 77 (253) (300) — 2,380 Inventories 10 715 6,141 (7) (5,874) (746) 229 Long-term equity investments 11 6,398 — — (6) — 6,392 Fixed assets 12 26,032 1,014 — (835) (133) 26,078 Construction in progress 13 723 — — — — 723 Intangible assets 14 392 — — (1) 182 573 Others 22 33 (3) — 3 55 Total 37,138 7,265 (263) (7,016) (694) 36,430 The reasons for recognising impairment losses are set out in the respective notes of respective assets.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 20 SHORT-TERM LOANS The Group’s and the Company’s short-term loans represent: The Group The Company 2012 2011 2012 2011 RMB millions RMB millions RMB millions RMB millions Short-term bank loans 27,597 25,036 1,070 3,401 Loans from Sinopec Group Company and fellow subsidiaries 42,631 11,949 622 441 Total 70,228 36,985 1,692 3,842 At 31 December 2012, the Group’s and the Company’s weighted average interest rates per annum on short-term loans were 1.9% (2011: 3.5%) and 4.7% (2011: 5.9%), respectively. The majority of the above loans are by credit. Except for the balances disclosed in Note 48, there is no amount due to shareholders who hold 5% or more voting right of the Company included in the balance of short-term loans. At 31 December 2012 and 2011, the Group and the Company had no significant overdue short-term loan. 21 BILLS PAYABLE Bills payable primarily represented bank accepted bills for the purchase of material, goods and products. Bills payable were due within one year. 22 ACCOUNTS PAYABLE Except for the balances disclosed in Note 48, there is no amount due to shareholders who hold 5% or more voting right of the Company included in the balance of accounts payable. At 31 December 2012 and 2011, the Group and the Company had no individually significant accounts payable aged over one year. 23 ADVANCES FROM CUSTOMERS Except for the balances disclosed in Note 48, there is no amount due to shareholders who hold 5% or more voting right of the Company included in the balance of advances from customers. At 31 December 2012 and 2011, the Group and the Company had no individually significant advances from customers aged over one year. 24 EMPLOYEE BENEFITS PAYABLE At 31 December 2012 and 2011, the Group’s and the Company’s employee benefits payable primarily represented wages payable and social insurance payable. 25 TAXES PAYABLE The Group The Company 2012 2011 2012 2011 RMB millions RMB millions RMB millions RMB millions Recoverable value-added tax (16,494) (9,251) (14,592) (9,753) Consumption tax 16,572 18,455 12,991 14,090 Income tax 6,045 4,054 4,924 2,901 Special oil income levy 9,515 19,042 9,509 19,035 Resources tax 1,239 1,118 1,182 1,054 Other taxes 5,108 6,204 3,840 4,726 Total 21,985 39,622 17,854 32,053 107 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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REPORT OF THE BOARD OF DIRECTORS Th
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6 DIVIDEND During this report perio
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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 107: 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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