Annual Report 2012

(2) Financial data prepared under ASBE
As at 31 As at 31
December of 2012 December of 2011 Changes
RMB millions RMB millions
Total assets 1,247,271 1,130,053 117,218
Long-term liabilities 203,561 191,455 12,106
Shareholders’ equity 550,601 509,525 41,076
Analysis of changes:
Total assets: at the end of 2012, the Company’s total assets were RMB 1,247.3 billion, representing an increase of RMB 117.2 billion compared
with that at the end of 2011. This was mainly due to the facts that : a) inventory increased by RMB 14.8 billion because of the increase in the
prices of crude oil and other raw materials; b) net accounts receivable increased by RMB 22.7 billion resulting from the expansion of operation
scale and increased product prices; c) as a result of the implementation of each planned investment, fixed asset increased by RMB 23.0 billion,
construction in progress increased by RMB 57.7 billion and long term equity investment increased by RMB 4.6 billion.
Long-term liabilities: at the end of 2012, the Company’s long-term liabilities were RMB 203.6 billion, representing an increase of RMB 12.1
billion compared with that at the end of 2011. This was mainly attributable the facts that: a) the long-term debts and debentures payable were
increased by 7.7 billion as the issuance of corporate bonds and the transferred amount due within one year were less as compared with that of
2011; b) the provisions increased by RMB 3.2 billion due to the future dismantlement cost of oil and gas properties provided during the year.
Shareholders’ equity: At the end of 2012, the shareholders’ equity of the Company was RMB 550.6 billion, representing an increase of RMB 41.1
billion as compared with that at the end of 2011. This was mainly attributable to the income achieved by the Company.
(3) The results of the principal operations by segments
Segment
Operation
income
(RMB millions)
Operation
cost
(RMB millions)
Gross profit
margin
(%) (Note)
Increase/ Increase/
(decrease) of
operation
income on a
year-on-year
basis (%)
Increase of
operation cost
on a
year-on-year
basis (%)
(decrease) of
gross profit
margin on a
year-on-year
basis (%)
Exploration and Production 257,185 115,178 39.7 6.3 19.5 (2.4)
Refining 1,270,912 1,113,327 1.0 4.9 2.5 2.4
Marketing and Distribution 1,471,882 1,380,666 6.0 9.2 9.8 (0.5)
Chemicals 411,964 394,037 4.1 (2.0) 5.1 (6.3)
Others 1,312,970 1,306,560 0.5 15.8 15.7 0.1
Elimination of inter-segment sales (1,938,868) (1,937,533) Not applicable Not applicable Not applicable Not applicable
Total 2,786,045 2,372,235 8.1 11.2 13.3 (0.8)
Note: Gross profit margin = (operation income – operation cost, tax and surcharges)/operation income.
27
CHINA PETROLEUM & CHEMICAL CORPORATION Annual Report 2012
Management’s Discussion
and Analysis