Annual Report 2012

Financial Statements (International)
BALANCE SHEET
as at 31 December 2012
(Amounts in millions)
138
Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
Note 2012 2011
RMB RMB
Non-current assets
Property, plant and equipment, net 17 475,417 470,825
Construction in progress 18 152,199 101,641
Investments in subsidiaries 20 82,164 70,364
Interest in associates 21 10,933 13,686
Interest in jointly controlled entities 22 10,410 10,094
Investments 23 1,396 937
Deferred tax assets 28 9,406 9,614
Lease prepayments 30,524 19,598
Long-term prepayments and other assets 24 26,427 24,344
Total non-current assets 798,876 721,103
Current assets
Cash and cash equivalents 5,467 20,852
Time deposits with financial institutions 1 101
Trade accounts receivable, net 25 21,041 16,829
Bills receivable 25 1,333 17,802
Inventories 26 148,844 144,148
Prepaid expenses and other current assets 27 65,865 48,456
Total current assets 242,551 248,188
Current liabilities
Short-term debts 29 46,426 46,482
Loans from Sinopec Group Company and fellow subsidiaries 29 910 641
Trade accounts payable 30 121,184 128,138
Bills payable 30 4,000 3,052
Accrued expenses and other payables 31 209,226 182,996
Income tax payable 4,924 2,901
Total current liabilities 386,670 364,210
Net current liabilities (144,119) (116,022)
Total assets less current liabilities 654,757 605,081
Non-current liabilities
Long-term debts 29 123,064 116,602
Loans from Sinopec Group Company and fellow subsidiaries 29 37,345 37,318
Deferred tax liabilities 28 8,749 7,350
Provisions 32 19,598 17,114
Other liabilities 3,000 2,846
Total non-current liabilities 191,756 181,230
463,001 423,851
Equity
Share capital 33 86,820 86,702
Reserves 34 376,181 337,149
Total equity 463,001 423,851
Approved and authorised for issue by the board of directors on 22 March 2013.
Fu Chengyu Wang Tianpu Wang Xinhua
Chairman Vice Chairman, President Chief Financial Officer
The notes on pages 143 to 190 form part of these financial statements.