Annual Report 2012

Financial Statements (International)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2012
15 OTHER COMPREHENSIVE INCOME
(a) Tax effects relating to each component of other comprehensive income
156
Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
The Group
2012 2011
Before-tax Net-of-tax Before-tax Net-of-tax
amount Tax effect amount amount Tax effect amount
RMB millions RMB millions RMB millions RMB millions RMB millions RMB millions
Cash flow hedges (180) 29 (151) 166 (24) 142
Available-for-sale securities 26 — 26 (16) 1 (15)
Share of other comprehensive income of associates 80 — 80 (179) — (179)
Foreign currency translation differences (44) — (44) (676) — (676)
Other comprehensive income (118) 29 (89) (705) (23) (728)
(b) Reclassification adjustments relating to components of other comprehensive income
The Group
2012 2011
RMB millions RMB millions
Cash flow hedges:
Effective portion of changes in fair value of hedging instruments recognised during the year (438) (2,926)
Amounts transferred to initial carrying amount of hedged items — (14)
Reclassification adjustments for amounts transferred to the cost of inventories for the year 258 3,106
Net deferred tax benefit /(expense) recognised in other comprehensive income 29 (24)
Net movement during the year recognised in other comprehensive income (151) 142
Available-for-sale securities:
Changes in fair value recognised during the year 26 (16)
Net deferred tax benefit recognised in other comprehensive income — 1
Net movement during the year recognised in other comprehensive income 26 (15)
Share of other comprehensive income of associates:
Net movement during the year recognised in other comprehensive income 80 (179)
Foreign currency translation differences:
Net movement during the year recognised in other comprehensive income (44) (676)
16 BASIC AND DILUTED EARNINGS PER SHARE
The calculation of basic earnings per share for the year ended 31 December 2012 is based on the profit attributable to ordinary equity shareholders
of the Company of RMB 63,879 million (2011: RMB 73,225 million) and the weighted average number of shares of 86,810,557,493 (2011:
86,702,538,041) during the year.
The calculation of diluted earnings per share for the year ended 31 December 2012 is based on the profit attributable to ordinary equity
shareholders of the Company of RMB 64,482 million (2011: RMB 72,938 million) and the weighted average number of the shares of 91,086,256,256
(2011: 89,795,334,781) calculated as follows:
(i) Profit attributable to ordinary equity shareholders of the Company (diluted)
2012 2011
RMB millions RMB millions
Profit attributable to ordinary equity shareholders of the Company 63,879 73,225
After tax effect of interest expense (net of exchange gain) of the convertible bonds 556 657
After tax effect of unrealised loss/(gain) on embedded derivative components of the convertible bonds 47 (944)
Profit attributable to ordinary equity shareholders of the Company (diluted) 64,482 72,938
(ii) Weighted average number of shares (diluted)
2012 2011
Number of Number of
Shares Shares
Weighted average number of shares at 31 December 86,810,557,493 86,702,538,041
Effect of conversion of the 2007 Convertible Bonds 1,093,640,860 1,084,859,551
Effect of conversion of the 2011 Convertible Bonds 3,182,057,903 2,007,937,189
Weighted average number of shares (diluted) at 31 December 91,086,256,256 89,795,334,781