Annual Report 2012

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Financial Statements (PRC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 50 PRINCIPAL SUBSIDIARIES The Company’s principal subsidiaries have been consolidated into the Group’s financial statements for the year ended 31 December 2012. The following list contains only the particulars of subsidiaries which principally affected the results, assets and liabilities of the Group: Actual Percentage of Minority Registered investment equity interest/ interests capital/ at 31 voting right at 31 paid-up December held by the December Full name of enterprise Principal activities capital 2012 Group 2012 RMB RMB RMB millions millions % millions (a) Subsidiaries acquired through group restructuring: China Petrochemical International Company Limited Trading of petrochemical products 1,400 1,856 100.00 — Sinopec Sales Company Limited Marketing and distribution of 1,700 1,700 100.00 — refined petroleum products Sinopec Yangzi Petrochemical Company Limited Manufacturing of intermediate petrochemical 13,203 15,904 100.00 — products and petroleum products Fujian Petrochemical Company Limited (Note) Manufacturing of plastics, intermediate 5,019 2,410 50.00 1,999 petrochemical products and petroleum products Sinopec Shanghai Petrochemical Manufacturing of synthetic fibres, resin and 7,200 7,258 55.56 7,462 Company Limited plastics, intermediate petrochemical products and petroleum products Sinopec Kantons Holdings Limited Trading of crude oil and petroleum products HKD 207 HKD 2,822 72.34 1,519 Sinopec Yizheng Chemical Fibre Production and sale of polyester 4,000 3,509 42.00 4,959 Company Limited (Note) chips and polyester fibres China International United Petroleum Trading of crude oil and petrochemical products 3,000 4,585 100.00 — and Chemical Company Limited Sinopec (Hong Kong) Limited Trading of crude oil and petrochemical products HKD 5,477 5,370 100.00 — (b) Subsidiaries established by the Group: Sinopec Shell (Jiangsu) Petroleu Marketing and distribution of 830 498 60.00 434 Marketing Company Limited refined petroleum products BP Sinopec (Zhejiang) Petroleum Marketing and distribution of 800 480 60.00 427 Company Limited refined petroleum products Sinopec Qingdao Refining and Manufacturing of intermediate petrochemical 5,000 4,250 85.00 475 Chemical Company Limited products and petroleum products Sinopec Senmei (Fujian) Petroleum Limited Marketing and distribution of refined petroleum products 1,840 1,012 55.00 1,368 Sinopec Chemical Sales Company Limited Marketing of petrochemical products 1,000 1,165 100.00 — Sinopec International Petroleum Investment in exploration, production Exploration and Production Limited and sales of petroleum and natural gas 8,000 8,000 100.00 — Sinopec Fuel Oil Sales Company Limited Marketing and distribution of refined petroleum products 2,200 2,771 100.00 — (c) Subsidiaries acquired through business combination under common control: Sinopec Zhongyuan Petrochemical Company Limited Manufacturing of petrochemical products 2,400 2,246 93.51 17 Sinopec Hainan Refining and Manufacturing of intermediate petrochemical Chemical Company Limited products and petroleum products 3,986 2,990 75.00 1,534 Sinopec Qingdao Petrochemical Company Limited Manufacturing of intermediate petrochemical products and petroleum products 1,595 5,357 100.00 — Except for Sinopec Kantons Holdings Limited and Sinopec (Hong Kong) Limited, which are incorporated in Bermuda and Hong Kong, respectively, all of the above principal subsidiaries are incorporated in the PRC. Note: The Company consolidated the financial statements of the entity because the Company controlled the board of this entity and had the power to govern its financial and operating policies. 122 Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 51 COMMITMENTS Operating lease commitments The Group and the Company lease land and buildings, service stations and other equipment through non-cancellable operating leases. These operating leases do not contain provisions for contingent lease rentals. None of the rental agreements contain escalation provisions that may require higher future rental payments. At 31 December 2012 and 2011, the future minimum lease payments of the Group and the Company under operating leases are as follows: The Group The Company 2012 2011 2012 2011 RMB millions RMB millions RMB millions RMB millions Within one year 15,844 10,414 15,400 9,830 Between one and two years 14,983 9,764 14,678 9,503 Between two and three years 14,844 9,668 14,546 9,443 Between three and four years 14,745 9,585 14,480 9,319 Between four and five years 14,598 9,465 14,421 9,297 After five years 326,234 215,810 320,713 210,277 Total 401,248 264,706 394,238 257,669 Capital commitments At 31 December 2012 and 2011, the capital commitments are as follows: The Group The Company 2012 2011 2012 2011 RMB millions RMB millions RMB millions RMB millions Authorised and contracted for 202,745 192,792 176,105 170,698 Authorised but not contracted for 16,803 32,178 14,613 24,358 Total 219,548 224,970 190,718 195,056 These capital commitments relate to oil and gas exploration and development, refining and petrochemical production capacity expansion projects and the construction of service stations and oil depots. Exploration and production licenses Exploration licenses for exploration activities are registered with the Ministry of Land and Resources. The maximum term of the Group’s exploration licenses is 7 years, and may be renewed twice within 30 days prior to expiration of the original term with each renewal being for a two-year term. The Group is obligated to make progressive annual exploration investment relating to the exploration blocks in respect of which the license is issued. The Ministry of Land and Resources also issues production licenses to the Group on the basis of the reserve reports approved by relevant authorities. The maximum term of a full production license is 30 years unless a special dispensation is given by the State Council. The maximum term of the production licenses issued to the Group is 80 years as a special dispensation was given to the Group by the State Council. The Group’s production license is renewable upon application by the Group 30 days prior to expiration. The Group is required to make payments of exploration license fees and production right usage fees to the Ministry of Land and Resources annually which are expensed as incurred. Payments incurred were approximately RMB 424 million for the year ended 31 December 2012 (2011: RMB 438 million). Estimated future annual payments are as follows: The Group and Company 2012 2011 RMB millions RMB millions Within one year 325 335 Between one and two years 163 105 Between two and three years 28 25 Between three and four years 27 26 Between four and five years 24 28 After five years 699 730 Total 1,266 1,249 The implementation of commitments in previous year and the Group’s commitments did not have material discrepancy. 123 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
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Firstly, the Board of Directors dil
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DIRECTORS, SUPERVISORS, SENIOR MANA
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Li Chunguang Dai Houliang Liu Yun L
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The Members of the Fourth Session o
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Zou Huiping Zou Huiping, aged 52, S
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The Members of the Fourth Session o
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Lei Dianwu Ling Yiqun Lei Dianwu, a
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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 123: 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 f
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NOTES TO THE FINANCIAL STATEMENTS (
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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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