Annual Report 2012

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Company Profile COMPANY PROFILE IMPORTANT NOTICE: THE BOARD OF DIRECTORS, THE BOARD OF SUPERVISORS, DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT OF CHINA PETROLEUM & CHEMICAL CORPORATION (“SINOPEC CORP.”) WARRANT THAT THERE ARE NO MISREPRESENTATIONS, MISLEADING STATEMENTS CONTAINED IN OR MATERIAL OMISSIONS FROM THIS ANNUAL REPORT, AND JOINTLY AND SEVERALLY ACCEPT FULL RESPONSIBILITY FOR THE AUTHENTICITY, ACCURACY AND COMPLETENESS OF THE INFORMATION CONTAINED IN THIS ANNUAL REPORT. THERE IS NO APPROPRIATION OF THE COMPANY’S FUNDS FOR NON- OPERATIONAL PURPOSE BY ANY CONTROLLING SHAREHOLDERS OR THEIR CONNECTED PERSONS, AND THERE IS NO VIOLATION OF DECISION-MAKING PROCEDURES IN PROVIDING EXTERNAL GUARANTEES. ALL DIRECTORS OF SINOPEC CORP. ATTENDED THE SIXTH MEETING OF THE FIFTH SESSION OF THE BOARD OF DIRECTORS OF SINOPEC CORP. MR. FU CHENGYU, CHAIRMAN OF THE BOARD, MR. WANG TIANPU, VICE CHAIRMAN AND PRESIDENT AND MR. WANG XINHUA, CHIEF FINANCIAL OFFICER AND HEAD OF THE FINANCIAL DEPARTMENT WARRANT THE AUTHENTICITY AND COMPLETENESS OF THE FINANCIAL STATEMENTS CONTAINED IN THIS ANNUAL REPORT. THE AUDIT COMMITTEE OF SINOPEC CORP. HAS REVIEWED THE ANNUAL RESULTS OF SINOPEC CORP. FOR THE YEAR ENDED 31 DECEMBER 2012. THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 OF SINOPEC CORP. AND ITS SUBSIDIARIES (THE “COMPANY”) PREPARED IN ACCORDANCE WITH THE PRC ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (“ASBE”) AND INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”) HAVE BEEN AUDITED BY KPMG HUAZHEN (SPECIAL GENERAL PARTNERSHIP) AND KPMG CERTIFIED PUBLIC ACCOUNTANTS (“KPMG”) RESPECTIVELY AND BOTH FIRMS HAVE ISSUED STANDARD UNQUALIFIED AUDITOR’S REPORT. AS APPROVED BY THE SIXTH MEETING OF THE FIFTH SESSION OF THE BOARD OF DIRECTORS, THE BOARD RECOMMENDED A FINAL CASH DIVIDEND OF RMB 0.20 PER SHARE FOR 2012, COMBINED WITH THE INTERIM CASH DIVIDEND OF RMB 0.10 PER SHARE, TOTAL CASH DIVIDEND FOR 2012 WILL BE RMB 0.30 PER SHARE. THE BOARD ALSO PROPOSED THAT, BASED ON THE TOTAL NUMBER OF SHARES ON THE RECORD DATE, 2 BONUS SHARES FROM RETAINED EARNINGS AND 1 BONUS SHARE FROM CAPITAL RESERVE BE DISTRIBUTED FOR EACH 10 EXISTING SHARES HELD BY ALL SHAREHOLDERS. THE PROPOSAL SUBJECTS TO THE SHAREHOLDER’S APPROVAL AT THE ANNUAL GENERAL MEETING. 2 Exploration and Production Refining Marketing and Distribution Chemicals COMPANY PROFILE Sinopec Corp. is one of the largest integrated energy and chemical companies with upstream, midstream and downstream operations in China. Its principal operations include: the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products; import and export, as well as import and export agency business of oil, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information. Adhering to its corporate mission of “Enterprise development, Contribution to the Country, Shareholder value creation, Social responsibility and Employee wellbeing”, Sinopec Corp. implements strategies for resources, markets, integration, internationalization, differentiation and green low-carbon development with a view to realize its vision of building a first class, global energy and petrochemical company. Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
PRINCIPAL FINANCIAL DATA AND INDICATORS 1 FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH CHINA ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (1) Principal financial data For the years ended 31 December 2012 2011 Change 2010 Items RMB millions RMB millions % RMB millions Operating income 2,786,045 2,505,683 11.2 1,913,182 Operating profit 87,926 100,966 (12.9) 101,352 Profit before taxation 90,107 102,638 (12.2) 102,178 Net profit attributable to equity shareholders of the Company 63,496 71,697 (11.4) 70,713 Net profit attributable to equity shareholders of the Company before extraordinary gain and loss 61,922 70,453 (12.1) 68,345 Net cash flow from operating activities 143,462 151,181 (5.1) 171,262 At 31 December 2012 2011 Change 2010 Items RMB millions RMB millions % RMB millions Total assets 1,247,271 1,130,053 10.4 985,389 Total liabilities 696,670 620,528 12.3 532,707 Total equity attributable to equity shareholders of the Company 513,374 474,399 8.2 421,127 Total shares (10,000 shares) 8,682,029 8,670,256 0.1 8,670,253 (2) Principal financial indicators For the years ended 31 December 2012 2011 Change 2010 Items RMB RMB % RMB Basic earnings per share 0.731 0.827 (11.6) 0.816 Diluted earnings per share 0.704 0.795 (11.4) 0.808 Basic earnings per share based on latest total shares (note) 0.708 0.826 (14.3) 0.816 Basic earnings per share (before extraordinary gain and loss) 0.713 0.813 (12.3) 0.788 Weighted average return on net assets (%) 12.80 15.93 (3.13) 17.43 percentage points Weighted average return (before extraordinary gain and loss) on net assets (%) 12.48 15.66 (3.18) 16.94 percentage points Net cash flow from operating activities per share 1.653 1.744 (5.2) 1.975 Note: Basic earnings per share based on the total shares in the last trading day before publication of annual results. At 31 December 2012 2011 Change 2010 Items RMB RMB % RMB Net assets attributable to equity shareholders of the Company per share 5.913 5.472 8.1 4.857 Liabilities to assets ratio (%) 55.86 54.91 0.95 54.06 percentage points CHINA PETROLEUM & CHEMICAL CORPORATION Annual Report 2012 3 Principal Financial Data and Indicators
Page 3: CONTENTS 2 Company Profile 3 Princi
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 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 51 and 52: REPORT OF THE BOARD OF DIRECTORS Th
Page 53 and 54: 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
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REPORT OF THE PRC AUDITOR All Share
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BALANCE SHEET as at 31 December 201
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INCOME STATEMENT for the year ended
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CASH FLOW STATEMENT for the year en
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STATEMENT OF CHANGES IN EQUITY for
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NOTES TO THE FINANCIAL STATEMENTS (
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(B) FINANCIAL STATEMENTS PREPARED U
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CONSOLIDATED BALANCE SHEET as at 31
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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NOTES TO THE FINANCIAL STATEMENTS f
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NOTES TO THE FINANCIAL STATEMENTS f
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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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