Annual Report 2012

Financial Statements (PRC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2012
26 OTHER PAYABLES
At 31 December 2012 and 2011, the Group’s and the Company’s other payables primarily represented payables for constructions.
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 other payables.
At 31 December 2012 and 2011, the Group and the Company had no individually significant other payables aged over three years.
As at 31 December 2011, the Group has entered into certain non-cancellable purchase contracts of crude oil for delivery in 2012. Due to the
high purchase costs of crude oil of these contracts, the Group determined that the economic benefits to be derived from processing the crude
oil under these purchase contracts would be lower than the unavoidable cost of meeting the Group’s obligations under these purchase contracts.
Consequently, a provision for onerous contracts of RMB 5,800 million was recognised as at 31 December 2011. The amount of provision for onerous
contracts as at 31 December 2011 approximated the actual losses incurred from these non-cancellable purchase commitment contracts during
the year ended 31 December 2012 and the provision has been utilised accordingly. Management expects the economic benefits to be derived from
non-cancellable purchase commitment contracts entered into by the Group as at 31 December 2012 would be higher than the unavoidable cost of
meeting the obligations under these contracts. Therefore, the Group did not recognise such a provision as at 31 December 2012.
27 NON-CURRENT LIABILITIES DUE WITHIN ONE YEAR
The Group’s and the Company’s non-current liabilities due within one year represent:
108
Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
The Group The Company
2012 2011 2012 2011
RMB millions RMB millions RMB millions RMB millions
Long-term bank loans
– Renminbi loans 15,260 4,248 15,255 4,248
– Japanese Yen loans 76 306 76 306
– US Dollar loans 51 55 23 25
15,387 4,609 15,354 4,579
Long-term other loans
– Renminbi loans 69 69 — —
– US Dollar loans 10 10 2 2
79 79 2 2
Long-term loans from Sinopec Group Company and fellow subsidiaries
– Renminbi loans 110 200 110 200
– US Dollar loans 178 — 178 —
288 200 288 200
Long-term loans due within one year 15,754 4,888 15,644 4,781
Debentures payable due within one year — 38,500 — 38,500
Non-current liabilities due within one year 15,754 43,388 15,644 43,281
At 31 December 2012 and 2011, the Group and the Company had no significant overdue long-term loans.