Annual Report 2012

Financial Statements (PRC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2012
7 ACCOUNTS RECEIVABLE
96
Annual Report 2012 CHINA PETROLEUM & CHEMICAL CORPORATION
The Group The Company
2012 2011 2012 2011
RMB RMB RMB RMB
millions millions millions millions
Amounts due from subsidiaries — — 14,885 11,168
Amounts due from Sinopec Group Company and fellow subsidiaries 7,207 6,185 668 474
Amounts due from associates and jointly controlled entities 11,576 9,204 3,400 3,101
Amounts due from others 63,311 44,344 2,634 2,943
82,094 59,733 21,587 17,686
Less: Allowance for doubtful accounts 699 1,012 546 857
Total 81,395 58,721 21,041 16,829
Ageing analysis on accounts receivable is as follows:
The Group
2012 2011
Percentage Percentage
Percentage of allowance Percentage of allowance
to total to accounts to total to accounts
Amount accounts Allowance receivable Amount accounts Allowance receivable
RMB receivable RMB balance RMB receivable RMB balance
millions % millions % millions % millions %
Within one year 81,250 99.0 — 0.0 58,619 98.1 — 0.0
Between one and two years 101 0.1 16 15.8 92 0.2 26 28.3
Between two and three years 69 0.1 17 24.6 23 0.0 7 30.4
Over three years 674 0.8 666 98.8 999 1.7 979 98.0
Total 82,094 100.0 699 59,733 100.0 1,012
The Company
2012 2011
Percentage Percentage
Percentage of allowance Percentage of allowance
to total to accounts to total to accounts
Amount accounts Allowance receivable Amount accounts Allowance receivable
RMB receivable RMB balance RMB receivable RMB balance
millions % millions % millions % millions %
Within one year 20,982 97.2 — 0.0 16,770 94.8 — 0.0
Between one and two years 56 0.3 11 19.6 72 0.4 26 36.1
Between two and three years 25 0.1 15 60.0 8 0.1 3 37.5
Over three years 524 2.4 520 99.2 836 4.7 828 99.0
Total 21,587 100.0 546 17,686 100.0 857
At 31 December 2012 and 2011, the total amounts of the top five accounts receivable of the Group are set out below:
2012 2011
Total amount (RMB millions) 26,645 20,412
Ageing Within 1 year Within 1 year
Percentage to the total balance of accounts receivable 32.5% 34.2%
At 31 December 2012, the Group’s and the Company’s accounts receivable due from related parties amounted to RMB 18,783 million and RMB
18,953 million (2011: RMB 15,389 million and RMB 14,743 million), representing 22.9% and 87.8% (2011: 25.8% and 83.4%) of the total
accounts receivable.
Except for the balances disclosed in Note 48, there is no amount due from shareholders who hold 5% or more voting right of the Company included
in the balance of accounts receivable.
During the year ended 31 December 2012 and 2011, the Group and the Company had no individually significant accounts receivable been fully or
substantially provided allowance for doubtful accounts.
During the year ended 31 December 2012 and 2011, the Group and the Company had no individually significant write-off or recovery of doubtful
debts which had been fully or substantially provided for in prior years.
At 31 December 2012 and 2011, the Group and the Company had no individually significant accounts receivable that aged over three years.