Annual Report 2012

Recommendations

Info

Financial Statements (International) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 4 OTHER OPERATING REVENUES 150 Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION The Group 2012 2011 RMB millions RMB millions Sale of materials, service and others 51,918 41,479 Rental income 509 437 52,427 41,916 5 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES The following items are included in selling, general and administrative expenses: The Group 2012 2011 RMB millions RMB millions Operating lease charges 11,646 11,231 Auditors’ remuneration – audit services 84 81 Impairment losses: – trade accounts receivable 44 51 – other receivables 47 212 6 PERSONNEL EXPENSES The Group 2012 2011 RMB millions RMB millions Salaries, wages and other benefits 45,164 40,034 Contributions to retirement schemes (Note 37) 6,603 5,394 51,767 45,428 7 TAXES OTHER THAN INCOME TAX The Group 2012 2011 RMB millions RMB millions Consumption tax (i) 129,044 126,023 Special oil income levy (ii) 29,319 37,600 City construction tax (iii) 12,443 13,018 Education surcharge 9,436 9,441 Resources tax 7,610 3,185 Business tax 631 682 188,483 189,949 Note: (i) The consumption tax rates on gasoline, diesel, naphtha, solvent oil, lubricant oil, fuel oil and jet fuel oil are RMB 1,388.0 per tonne, RMB 940.8 per tonne, RMB 1,385.0 per tonne, RMB 1,282.0 per tonne, RMB 1,126.0 per tonne, RMB 812.0 per tonne and RMB 996.8 per tonne, respectively. (ii) Before 1 November 2011, special oil income levy is levied on oil exploration and production entities based on the progressive rates ranging from 20% to 40% on the portion of the monthly weighted average sales price of the crude oil produced in the PRC exceeding USD 40 per barrel. Effective from 1 November 2011, special oil income levy is levied on oil exploration and production entities based on the progressive rates ranging from 20% to 40% on the portion of the monthly weighted average sales price of the crude oil produced in the PRC exceeding USD 55 per barrel. (iii) City construction tax is levied on an entity based on its total amount of value-added tax, consumption tax and business tax.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2012 8 OTHER OPERATING INCOME/(EXPENSES), NET The Group 2012 2011 RMB millions RMB millions Fines, penalties and compensations (181) (236) Donations (231) (90) Gain on disposal of property, plant and equipment, net 133 754 Impairment losses on long-lived assets (i) (1,014) (2,809) Net realised and unrealised losses on derivative financial instruments not qualified as hedging (68) (132) Ineffective portion of change in fair value of cash flow hedges 1 134 Government grants (ii) 2,926 1,497 Others (337) (131) 1,229 (1,013) Note: (i) Impairment losses on long-lived assets for the year ended 31 December 2012 primarily represent impairment losses recognised for the exploration and production (“E&P”) segment of RMB 1,006 million (2011: RMB 2,153 million) of property, plant and equipment (Note 17). The primary factor resulting in the E&P segment impairment losses for the year ended 31 December 2012 was unsuccessful development drilling and high operating and development costs for certain small oil fields. The carrying values of these E&P properties were written down to respective recoverable amounts which were determined based on the present values of the expected future cash flows of the assets using a pre-tax discount rate 12.5% (2011: 12.0%). The oil and gas pricing was a factor used in the determination of the present values of the expected future cash flows of the assets and had an impact on the recognition of the asset impairment. (ii) Government grants for the years ended 31 December 2011 and 2012 primarily represent financial appropriation income and non-income tax refunds received from respective government agencies without conditions or other contingencies attached to the receipts of these grants. 9 INTEREST EXPENSE The Group 2012 2011 RMB millions RMB millions Interest expense incurred 12,069 9,398 Less: Interest expense capitalised* (1,708) (898) 10,361 8,500 Accretion expenses (Note 32) 856 741 Interest expense 11,217 9,241 * Interest rates per annum at which borrowing costs were capitalised for construction in progress 2.6% to 6.2% 3.1% to 6.9% 151 CHINA PETROLEUM & CHEMICAL CORPORATION Annual Report 2012 Financial Statements (International)
Page 3 and 4:
CONTENTS 2 Company Profile 3 Princi
Page 5 and 6:
PRINCIPAL FINANCIAL DATA AND INDICA
Page 7 and 8:
2 FINANCIAL INFORMATION EXTRACTED F
Page 9 and 10:
(2) Information disclosed by the sh
Page 11:
Sinopec Corp.’s development accel
Page 14 and 15:
Business Review and Prospects BUSIN
Page 16 and 17:
Page 18 and 19:
Page 21 and 22:
MANAGEMENT’S DISCUSSION AND ANALY
Page 23 and 24:
The following table shows the opera
Page 25 and 26:
In 2012, refining margin was RMB 15
Page 27 and 28:
As at 31 December 2012, the Company
Page 29:
(2) Financial data prepared under A
Page 33 and 34:
(2) THE PROPOSED ISSUANCE OF A SHAR
Page 36 and 37:
Significant Events SIGNIFICANT EVEN
Page 39 and 40:
CONNECTED TRANSACTIONS 1 AGREEMENTS
Page 41:
Decision-making procedures: The maj
Page 44 and 45:
Corporate Governance CORPORATE GOVE
Page 46 and 47:
Page 48 and 49:
Page 51 and 52:
REPORT OF THE BOARD OF DIRECTORS Th
Page 53 and 54:
6 DIVIDEND During this report perio
Page 55 and 56:
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 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102: 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
Page 151: NOTES TO THE FINANCIAL STATEMENTS (
Page 175 and 176: NOTES TO THE FINANCIAL STATEMENTS f
Page 193 and 194: (C) DIFFERENCES BETWEEN FINANCIAL S
Page 195 and 196: (D) SUPPLEMENTAL INFORMATION ON OIL
Page 198 and 199: Corporate Information CORPORATE INF
Page 200: Confirmation from fhe Directors and
show all

Annual Report 2012

Create successful ePaper yourself

Delete template?

Save as template?