Annual Report 2012

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2012
46 DIVIDENDS
(a) Dividends of ordinary shares declared after the balance sheet date
Pursuant to the resolution passed at the Directors’ meeting on 22 March 2013, final dividends for the year ending 31 December 2012 were
proposed for shareholder’s approval at the Annual General Meeting, including a cash dividend of RMB 0.20 per share and a bonus shares
dividend in the proportion of 2 for every 10 shares.
(b) Dividends of ordinary shares declared during the year
Pursuant to the Company’s Articles of Association and a resolution passed at the Directors’ meeting on 24 August 2012, the directors authorised
to declare the interim dividends for the year ending 31 December 2012 of RMB 0.10, per share totalling RMB 8,682 million.
Pursuant to the shareholders’ approval at the Annual General Meeting on 11 May 2012, a final dividend of RMB 0.20 per share totalling RMB
17,364 million in respect of the year ended 31 December 2011 was declared.
Pursuant to the Company’s Articles of Association and a resolution passed at the Directors’ meeting on 26 August 2011, the directors authorised
to declare the interim dividends for the year ending 31 December 2011 of RMB 0.10, per share totalling RMB 8,670 million.
Pursuant to the shareholders’ approval at the Annual General Meeting on 13 May 2011, a final dividend of RMB 0.13 per share totalling RMB
11,271 million in respect of the year ended 31 December 2010 was declared.
47 SUPPLEMENTAL INFORMATION TO THE CASH FLOW STATEMENT
(a) Reconciliation of net profit to cash flows from operating activities:
The Group The Company
2012 2011 2012 2011
RMB millions RMB millions RMB millions RMB millions
Net profit 66,411 76,864 63,400 65,521
Add: Impairment losses on assets 7,906 5,811 7,002 5,045
Depreciation of fixed assets 68,180 62,255 55,296 50,361
Amortisation of intangible assets 2,276 1,561 1,904 1,220
Dry hole costs written off 7,988 5,979 7,988 5,979
Net gain on disposal of non-current assets (16) (754) (93) (870)
Fair value gain (206) (1,423) (90) (1,328)
Financial expenses 9,819 6,544 9,000 6,622
Investment income (1,540) (4,186) (16,826) (19,210)
(Increase)/decrease in deferred tax assets (1,732) 2,430 103 1,833
Increase/(decrease) in deferred tax liabilities 906 246 1,210 (850)
Increase in inventories (21,886) (50,013) (10,830) (43,485)
(Increase)/decrease in operating receivables (19,732) (26,479) 9,225 (7,851)
Increase in operating payables 25,088 72,346 16,468 61,503
Net cash flow from operating activities 143,462 151,181 143,757 124,490
(b) Net change in cash and cash equivalents:
The Group The Company
2012 2011 2012 2011
RMB millions RMB millions RMB millions RMB millions
Cash balance at the end of the year 209 247 167 235
Less: Cash balance at the beginning of the year 247 130 235 110
Add: Cash equivalents at the end of the year 10,247 24,400 5,300 20,617
Less: Cash equivalents at the beginning of the year 24,400 16,878 20,617 11,771
Net (decrease)/increase of cash and cash equivalents (14,191) 7,639 (15,385) 8,971
(c) The analysis of cash and cash equivalents held by the Group and the Company is as follows:
The Group The Company
2012 2011 2012 2011
RMB millions RMB millions RMB millions RMB millions
Cash at bank and on hand
– Cash on hand 209 247 167 235
– Demand deposits 10,247 24,400 5,300 20,617
Cash and cash equivalents at the end of the year 10,456 24,647 5,467 20,852
117
CHINA PETROLEUM & CHEMICAL CORPORATION Annual Report 2012
Financial Statements (PRC)