Company Announcements

1st Quarter Results

Source: RNS
RNS Number : 4074X
China Petroleum & Chemical Corp
29 April 2019
 

 

 

 

 

China Petroleum & Chemical Corporation

The First Quarterly Report for 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29 April 2019

Beijing, China

 

 

 

1 Important notice

 

1.1 The Board of Directors, the Supervisory Board of China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") and its directors, supervisors and senior management warrant that there are no material omissions, misrepresentations or misleading statements contained in this report and severally and jointly accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report.

 

1.2 The first quarterly report for 2019 was approved at the 6th meeting of the Seventh Session of the Board of Directors of Sinopec Corp. All directors attended this meeting.

 

1.3 Mr. Dai Houliang, Chairman, Mr. Ma Yongsheng, President, Mr. Wang Dehua, Chief Financial Officer and Head of the Corporate Finance Department of Sinopec Corp. warrant the authenticity, accuracy and completeness of the financial statements contained in this quarterly report.

 

1.4 The financial statements in this quarterly report were not audited.

 

 

 

 

 

 

2 Basic information of Sinopec Corp.

2.1 Principal financial data and indicators

2.1.1 Principal financial data and indicators prepared in accordance with China Accounting Standards for Business Enterprises (CASs)

RMB million

 

Items

As of 31 March 2019

As of 31 December 2018

Changes from the end of the preceding year to the end of the reporting period (%)

 

Total assets

1,813,445

1,592,308

13.9

 

Total equity attributable to equity shareholders of the Company

739,653

718,355

3.0

 

RMB million

 

Items

Three-month period ended 31 March

Changes over the same period of the preceding year (%)

2019

2018

Net cash flow from operating activities

(14,609)

12,052

-

 

Operating income

717,579

621,251

15.5

Net profit attributable to equity shareholders of the Company

14,763

18,770

(21.3)

Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses

14,370

17,982

(20.1)

Weighted average return on net assets (%)

2.03

 2.55

(0.52) percentage points

Basic earnings per share (RMB)

0.122

0.155

(21.3)

Diluted earnings per share (RMB)

0.122

0.155

(21.3)

RMB million

 

Extraordinary items

During the reporting period

(income)/expensesRMB million

Net loss on disposal of non-current assets

                            64

Donations

                              3

Government grants

                        (870)

Gains on holding and disposal of various investments

                            20

Other extraordinary income and expenses, net

                          285

Subtotal

                        (498)

Tax effect

                          126

Total

                        (372)

Attributable to:

 

Equity shareholders of the Company

                        (393)

Minority interests

                            21

           

2.1.2 Principal financial data and indicators prepared in accordance with International Financial Reporting Standards (IFRS)

RMB million

 

Items

As of 31 March

 2019

As of 31 December

 2018

Changes from the end of the preceding year to the end of the reporting period (%)

 

Total assets

1,813,445

1,592,308

13.9

 

Total equity attributable to owners of the Company

738,578

717,284

3.0

 

 

RMB million

 

Items

Three-month period ended 31 March

Changes over the same period of the preceding year (%)

2019

2018

Net cash generated from operating activities

(14,609)

12,052

-

 

Operating profit

24,841

29,218

(15.0)

Net profit attributable to owners of the Company

15,468

19,306

(19.9)

Basic earnings per share (RMB)

0.128

0.159

(19.5)

Diluted earnings per share (RMB)

0.128

0.159

(19.5)

Return on net assets (%)

2.09

2.59

(0.50) percentage points

 

 

 

 

2.2 Total number of shareholders and top ten shareholders at the end of the reporting period

Total number of shareholders at the end of the reporting period

Total number of shareholders was 486,896, including 481,107 holders of domestic A shares and 5,789 holders of overseas H shares.

Top ten shareholders

Name of shareholder

Total number of shares held

Percentage

(%)

Number of shares subject to pledge or lock-ups

Nature of shareholder

China Petrochemical Corporation

82,709,227,393

68.31

0

State-owned share

HKSCC (Nominees) Limited 1

25,392,285,486

20.97

Unknown

H share

中国证券金融股份有限公司

2,609,312,057

2.16

0

A share

国新投资有限公司

1,252,427,354

1.03

0

A share

香港中央结算有限公司

999,101,462

0.83

0

A share

北京诚通金控投资有限公司

947,604,254

0.78

0

A share

中央汇金资产管理有限责任公司

322,037,900

0.27

0

A share

中国人寿保险股份有限公司-传统-普通保险产品-005LCT001

259,205,354

0.21

0

A share

中国人寿保险股份有限公司-分红-个人分红-005LFH002

240,956,971

0.20

0

A share

国泰君安证券股份有限公司

143,442,801

0.12

0

A share

 

Note1 Sinopec Century Bright Capital Investment Limited, overseas wholly-owned subsidiary of China Petrochemical Corporation, holds 553,150,000 H shares, which is included in the total number of the shares held by HKSCC (Nominees) Limited.

 

Statement on the connected relationship or acting in concert among the aforementioned shareholders:

 

Apart from中国人寿保险股份有限公司-传统-普通保险产品-005LCT001 and 中国人寿保险股份有限公司-分红-个人分红-005LFH002 which were both administrated by 中国人寿保险股份有限公司, Sinopec Corp. is not aware of any connected relationship or acting in concert among or between the above-mentioned shareholders.

 

 

2.3 Review of operating results

In the first quarter of 2019, the global economy experienced weak growth momentum while China's economy maintained stable growth with gross domestic product (GDP) up by 6.4%. International oil prices recovered from low level at the end of last year, domestic refined oil products prices were adjusted in a timely manner. Domestic demand for natural gas grew rapidly with apparent consumption up by 11%. Refined oil products market, with ample supply, witnessed strong competition. Demand for chemicals increased steadily.

Adhering to the general principle of making progress while maintaining stability and the requirements for high-quality development, we will accelerate the strategic plan of our phased goals for year 2020 through year 2050. Guided by "reform, management, innovation and development", we stick to the operating principles of "specialised development, market-based operation, international layout and overall coordination" and make great efforts in optimising operation, expanding market, reducing costs, controling risks, deepening reform and reinforcing management.

In accordance with CASs, net profit attributable to equity shareholders of the Company was RMB 14.763 billion in the first quarter, down by 21.3% over the same period of last year. In accordance with IFRS, net profit attributable to equity shareholders of the Company was RMB 15.468 billion, down by 19.9% compared with the same period of last year.

Exploration and Production: With the recovery of oil price, the Company fully implemented the action plan of redoubling efforts in oil and gas exploration and production. Measures were taken to accelerate the formation of an integrated value chain of natural gas business including production, supply, storage and marketing and continuously reduce cost and expenditure on all fronts. Tangible results were achieved in maintaining oil production and increasing gas output. In exploration, we reinforced preliminary exploration in new areas and strengthened integrated detailed evaluation in mature fields, which led to new discoveries in Jiyang Depression and Sichuan basins. In crude oil development, we made a full-fledged push to build profitable production capacity, deepen the structural adjustment of mature fields, reduce natural decline rate and ensure steady production. In natural gas development, we constantly pushed forward capacity building in Hangjinqi of Neimongol, west Sichuan Depression and Weirong gas fields. We accelerated construction of natural gas production, supply, storage and marketing system and promoted a coordinated growth along the value chain.

In the first quarter, the oil and gas production of the Company was 113.46 million barrels of oil equivalent, up by 1.9% over the same period of last year, among which domestic crude oil increased by 0.2% while natural gas increased by 6.7%, compared with the same period of last year. Exploration and Production Segment realised an operating profit of RMB 2.143 billion from previous loss.

Exploration and Production

Unit

Three-month period ended 31 March

Changes

(%)

2019

2018

Oil and gas production2

million boe

113.46

111.33

1.9

Crude oil production

million barrels

70.81

71.35

(0.8)

China

million barrels

61.55

61.43

0.2

Overseas

million barrels

9.26

9.92

(6.7)

Natural gas production

billion cubic feet

255.79

239.83

6.7

Realised crude oil price

USD/barrel

57.66

59.8

(3.6)

Realised natural gas price

USD/thousand cubic feet

7.07

6.28

12.6

Note2  Conversion: for domestic production of crude oil, 1 tonne = 7.10 barrels; for overseas production of crude oil, 1 tonne=7.21 barrels; for production of natural gas, 1 cubic meter = 35.31 cubic feet.

Refining: The Company adjusted the product mix in response to market demand by increasing production of gasoline and jet fuel. Diesel-to-gasoline ratio further declined to 1.01. We comprehensively optimised our production plans, moderately increased the export of oil products and realized stable operation at high utilisation rate. At the meantime, we implemented bunker fuel quality upgrading plan. In the first quarter, refinery throughput grew by 2.7% and refined oil products production grew by 3.8%, among which gasoline up by 5.9% and kerosene up by 6.6% over the same period of last year. Refining Segment realised an operating profit of RMB 11.963 billion.

 

 

Refining3

Three-month period ended 31 March

Changes

(%)

2019

2018

Refinery throughput

million tonnes

61.78

60.16

2.7

Gasoline, diesel and kerosene production

million tonnes

39.44

37.98

3.8

Gasoline

million tonnes

15.87

14.98

5.9

Diesel

million tonnes

16.03

15.93

0.6

Kerosene

million tonnes

7.54

7.07

6.6

Light chemical feedstock

million tonnes

10.07

9.94

1.3

Light product yield

%

76.14

76.22

(0.08) Percentage points

Refining yield

%

94.76

95.23

(0.47) Percentage points

Note3 Including 100% production of domestic joint ventures.

Marketing and Distribution: We brought our advantages of integrated business and distribution network into full play. Through increasing marketing efforts and a flexible and targeted marketing strategy to maintain sustained growth in total domestic sales volume and retail business scale. The Company upgraded distribution network to further strengthen our existing advantages. Vehicle natural gas market was further expanded. Self-owned brands development ensured steady development of non-fuel business. In the first quarter, total sales volume of refined oil products was 49.74 million tonnes with an increase of 5.4%, among which domestic sales volume up by 5.2% and retail business scale up by 2.5% over the same period of last year. The Marketing and Distribution Segment realised an operating profit of RMB 7.866 billion.

Marketing and Distribution

Unit

Three-month period ended 31 March

Changes

(%)

 

2019

2018

 

Total sales volume of refined oil products

million tonnes

49.74

47.21

5.4

 

Total domestic sales of refined oil products

million tonnes

45.61

43.35

5.2

 

Retail

million tonnes

30.20

29.46

2.5

 

Direct sales & Distribution

million tonnes

15.41

13.89

10.9

 

Throughput per station4

tonnes

3,939

3,846 

2.4

 

 

 

 

 

Unit: stations

As of 31 March

2019

As of 31 December

2018

Changes from the end of last year to the end of the reporting period (%)

Total number of Sinopec-branded service stations

30,671

30,648

0.1

Number of company-operated stations

30,665

30,642

0.1

                 

Note4 Throughput per station was annualised.

 

Chemicals: The Company followed the development philosophy of "basic plus high-end" to enhance effective supply. We persistently fine-tuned chemical feedstock mix to lower cost. The Company strengthened the links among R&D, production, marketing and customer, and maximised production of high-end products output tailored to market demands. The ratio of new and specialty products in synthetic resin reached 63.6% and differential ratio of synthetic fibre reached 90.3%. We enhanced the dynamic optimisation of facilities and product chain, and improved the utilisation and production scheduling based on market demand. We reinforced the capacity structural adjustment by constructing several key projects actively. The Company promoted targeted marketing and servicing to further expand our business. In the first quarter, ethylene production reached 3.049 million tonnes, up by 1.8% and chemical sales volume was 23.373 million tonnes, up by 14.3% over the same period of last year. The Chemicals Segment realised an operating profit of RMB 6.953 billion.

Chemicals5

Unit

Three-month

period ended 31 March

Changes

(%)

2019

2018

Ethylene

thousand tonnes

3,049

2,995

1.8

Synthetic resin

thousand tonnes

4,178

4,117

1.5

Synthetic rubber

thousand tonnes

271

199

36.2

Monomers and polymers for synthetic fiber

thousand tonnes

2,575

2,246

14.6

Synthetic fiber

thousand tonnes

322

296

8.8

Note5 Including 100% production of domestic joint ventures.

 

Capital expenditure: In the first quarter, the total capital expenditure was RMB 11.914 billion. Capital expenditures for Exploration and Production Segment were RMB 5.562 billion, mainly for Fuling and Weirong shale gas development projects, Hangjinqi natural gas development project, Shengli and Northwest crude oil development projects, phase I of Xinjiang gas pipeline, phase I of Erdos-Anping-Cangzhou gas pipeline, Wen 23 and Jintan gas storages, as well as overseas projects. Capital expenditure for the refining segment was RMB 1.995 billion, mainly for Zhongke Refining and Petrochemical project, Zhenhai, Tianjin, Maoming and Luoyang refineries and the construction of Rizhao-Puyang-Luoyang crude oil pipeline. Capital expenditure for the marketing and distribution segment was RMB 2.521 billion, mainly for construction of refined oil products depots, pipelines, service stations, non-fuel business and the renovation of underground oil tanks etc. Capital expenditure for the chemicals segment was RMB 1.799 billion, mainly for ethylene projects in Zhongke, Zhenhai and Phase II of Hainan high-efficiency and environment-friendly aromatics project. Capital expenditure for corporate and others was RMB 37 million, mainly for R&D facilities and information technology projects.

 

 

3 Significant events

3.1 Significant changes in major items contained in the consolidated financial statements prepared in accordance with CASs and the reasons for such changes.

Items of Consolidated Balance Sheet

As of 31 March

 2019

As of 31 December

2018 

Increase/(Decrease)

Main reasons for changes

Amount

Percentage

RMB million

RMB million

RMB million

%

Financial assets held for trading

16,872

25,732

(8,860)

(34.4)

Receipt of the structured deposits at maturity

Derivative financial assets

4,977

7,887

(2,910)

(36.9)

Decrease in loss position and increase in profitable position of derivative hedging financial instruments

Derivative financial liabilities

3,078

13,571

(10,493)

(77.3)

Long-term deferred expenses

7,489

15,659

(8,170)

(52.2)

Decrease in long-term deferred expenses under New Leases Standard

Right-of-use assets

206,743

-  

206,743

- 

New item under New Leases Standard

Lease liabilities

182,765

-  

182,765 

- 

Short-term loans

72,757

44,692

28,065

62.8

Increase in short-term loans

Taxes payable

35,875

87,060

(51,185)

(58.8)

Due to the time difference of tax payment, part of the unpaid tax from the end of last year had been paid during this reporting period

Other comprehensive income

 (930)

 (6,774)

5,844

(86.3)

Cash flow hedging and foreign currency translation differences

 

Items of Consolidated Income Statement

Three-month period ended 31 March

Increase/(Decrease)

Main reasons for changes

2019

2018

Amount

Percentage

RMB Million

RMB Million

RMB Million

%

Financial Expense

2,330

455

1,875

412.1

Increase in Financial Expense under New Leases Standard

Investment income

1,285

3,355

(2,070)

(61.7)

Decrease in profit  of associates and joint ventures

Minority interests

3,708

5,752

(2,044)

(35.5)

Decrease in profit of some subsidiaries

(Losses)/gains from changes in fair value

(2,226)

126

(2,352)

-

Increase in fair value loss on derivative financial instruments not qualified as hedging

Asset disposal income/(loss)

(64)

227

(291)

-

Income in 2018 is mainly due to gain from the disposal of land  from subsidiary

 

Items of consolidated cash flow statement

Three-month period ended 31 March

Increase/(Decrease)

Main reasons for changes

2019

2018

Amount

Percentage

RMB

million

RMB

million

RMB million

%

Other cash received relating to operational activities

31,379

16,695

14,684

88.0

Decrease in Margin deposit in financial derivatives business

Other cash paid relating to operational activities

(39,806)

(25,234)

14,572

57.7

Increase in Margin deposit in financial derivatives business

Other cash received relating to investing activities

13,165

21,325

(8,160)

(38.3)

Decrease in value of certificate of deposit, over three months, expired and recovered

Cash paid for acquisition of fixed assets, intangible assets and other long-term assets

(23,514)

(17,901)

5,613

31.4

Investment cash outflow during this reporting period

Net cash paid for the acquisition of subsidiaries and other business entities

-

(3,188)

(3,188)

-

Net cash paid for the acquisition of SECCO

Other cash paid relating to investing activities

(24,388)

(13,499)

10,889

80.7

Increase in the value of certificate of deposit, over three months

 

3.2 This quarterly results announcement is published in both Chinese and English languages. In the event of any inconsistency between the two versions, the Chinese version shall prevail.

 

 

 

 

By Order of the Board

Chairman

Dai Houliang 

29 April, 2019

 

4 Appendix

4.1 Quarterly financial statements prepared under China Accounting Standards for Business Enterprises ("CASs")

 

Consolidated Balance Sheet

as at 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

 

RMB million, unaudited

Items

At 31 March 2019

At 31 December 2018

Current assets:

  

 

    Cash at bank and on hand

168,386

167,015

    Financial assets held for trading

16,872

25,732

Derivative financial assets

4,977

7,887

    Bills receivable and accounts receivable

80,464

64,879

    Prepayments

8,231

5,937

    Other receivables

19,682

25,312

    Inventories

219,830

184,584

    Other current assets

20,671

22,774

Total current assets

539,113

504,120

Non-current assets:

 

 

Long-term equity investments

147,471

145,721

Other equity instrument investments

1,447

1,450

Fixed assets

605,388

617,812

Construction in progress

138,584

136,963

Right-of-use assets

206,743

-

Intangible assets

102,913

103,855

Goodwill

8,657

8,676

Long-term deferred expenses

7,489

15,659

Deferred tax assets

19,451

21,694

Other non-current assets

36,189

36,358

Total non-current assets

1,274,332

1,088,188

Total assets

1,813,445

1,592,308

Current liability:

 

 

Short-term loans

72,757

44,692

Derivative financial liabilties

3,078

13,571

Bills payable and accounts payable

218,170

192,757

Contract liabilities

129,199

124,793

Employee benefits payable

7,948

7,312

Taxes payable

35,875

87,060

Other payables

73,293

77,463

    Non-current liabilities due within one year

35,284

17,450

Total current liabilities

575,604

565,098

Non-current liabilities:

 

 

Long-term loans

63,763

61,576

Debentures payable

31,727

31,951

Lease liabilities

182,765

-

Provisions

43,256

42,800

Deferred tax liabilities

6,520

5,948

Other non-current liabilities

27,716

27,276

Total non-current liabilities

355,747

169,551

Total liabilities

931,351

734,649

Shareholders' equity:

 

 

Share capital

121,071

121,071

Capital reserve

119,192

119,192

Other comprehensive income

(930)

(6,774)

Specific reserve

2,397

1,706

Surplus reserves

203,678

203,678

Retained earnings

294,245

279,482

Total equity attributable to shareholders of the Company

739,653

718,355

Minority interests

142,441

139,304

Total shareholders' equity

882,094

857,659

Total liabilities and shareholders' equity

1,813,445

1,592,308

 

Dai Houliang                             Ma Yongsheng

Wang Dehua

 

Chairman                        President                                      Chief Financial Officer 

 

 

       

 

 

 

 

Balance Sheet

as at 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

 

   RMB million, unaudited

Items

At 31 March 2019

At 31 December 2018

Current assets

 

 

    Cash at bank and on hand

72,019

82,879

    Financial assets held for trading

14,500

22,500

  Bills receivable and accounts receivable

37,788

30,145

  Prepayments

3,541

2,488

  Other receivables

54,463

57,432

  Inventories

50,273

45,825

  Other current assets

17,174

15,835

Total current assets

249,758

257,104

Non-current assets

 

 

  Long-term equity investments

290,891

289,207

  Other equity instrument investments

395

395

  Fixed assets

294,743

302,082

  Construction in progress

50,708

51,598

  Right-of-use assets

118,892

-

  Intangible assets

8,492

8,571

  Long-term deferred expenses

2,492

2,480

  Deferred tax assets

9,634

11,021

  Other non-current assets

7,591

9,145

Total non-current assets

783,838

674,499

Total assets

1,033,596

931,603

Current liabilities

 

 

Short-term loans

22,701

3,961

  Derivative financial liabilties

-

967

  Bills payable and accounts payable

85,760

84,418

  Contract liabilities

4,239

4,230

  Employee benefits payable

4,245

4,294

  Taxes payable

23,681

54,764

  Other payables

107,667

119,514

  Non-current liabilities due within one year

25,941

16,729

Total current liabilities

274,234

288,877

Non-current liabilities

 

 

Long-term loans

47,161

48,104

  Debentures payable

20,000

20,000

  Lease liabilities

111,260

-

  Provisions

33,422

33,094

  Other non-current liabilities

4,311

4,332

Total non-current liabilities

216,154

105,530

Total liabilities

490,388

394,407

Shareholders' equity

 

 

Share capital

121,071

121,071

  Capital reserve

68,801

68,795

  Other comprehensive income

332

(485)

  Specific reserve

1,309

989

  Surplus reserves

203,678

203,678

  Retained earnings

148,017

143,148

Total shareholders' equity

543,208

537,196

Total liabilities and shareholders' equity

1,033,596

931,603

 

Dai Houliang                              Ma Yongsheng                        Wang Dehua     

Chairman                        President                              Chief Financial Officer

 

 

 

Consolidated Income Statement

for the three-month periods ended 31 March 2019

 

Prepared by: China Petroleum & Chemical Corporation

 

 

 

 

                                                                                          RMB million, unaudited

Items

Three-month periods

ended 31 March 2019

 

Three-month periods

ended 31 March 2018

I. Operating income

717,579

621,251

II. Total Operating costs

693,152

594,063

Including: Operating costs

596,412

501,278

Taxes and surcharges

60,459

57,719

Selling and distribution          

expenses

14,748

13,688

General and

administrative expenses

15,485

16,708

Research and

development costs

1,292

1,998

Financial expenses

2,330

455

Exploration expenses,

including dry holes

2,543

2,230

Impairment losses

(136)

(13)

Credit impairment losses

19

-

    Add: Other income

761

594

Investment income

1,285

3,355

(Losses)/gains from

changes in fair value

(2,226)

126

Asset disposal

(expense)/income

(64)

227

III. Operating profit

24,183

31,490

  Add: Non-operating

  income

243

378

  Less: Non-operating

  expenses

416

353

IV. Profit before taxation

24,010

31,515

  Less: Income tax expense

5,539

6,993

V. Net profit

18,471

24,522

Classification by going concern:

 

 

(i) Continuous operating net

   profit

18,471

24,522

(ii) Termination of net profit

-

-

Classification by ownership:

 

 

(i)Equity shareholders of the

Company

14,763

18,770

(ii) Minority interests

3,708

5,752

VI. Other comprehensive

    income

3,759

(1,485)

Items that may not be reclassified subsequently to profit or loss:

1

-

Changes in fair value of other equity instrument investments

1

-

Items that may be reclassified subsequently to profit or loss:

3,758

(1,485)

Other comprehensive income that can be converted into profit or loss under the equity method

66

148

Cash flow hedges reserve

4,853

785

Foreign currency translation differences

(1,161)

(2,418)

VII. Total comprehensive income

22,230

23,037

Attributable to:

 

 

Equity shareholders of the Company

19,029

17,990

Minority interests

3,201

5,047

VIII. Earnings per share:

 

 

(i) Basic earnings per share

(RMB/Share)

0.122

0.155

  (ii) Diluted earnings per

  share (RMB/Share)

0.122

0.155

 

Dai Houliang                           Ma Yongsheng                      Wang Dehua     

 

Chairman                        President                              Chief Financial Officer

 

 

       

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

RMB million, unaudited

Items

Three-month periods

ended 31 March 2019

Three-month periods

ended 31 March 2018

I.Operating income

249,978

241,136

 Less: Operating costs

191,844

184,696

Taxes and surcharges

40,952

40,067

Selling and distribution

expenses

754

693

General and

administrative expenses

7,612

8,585

Research and

development costs

1,197

1,782

Financial expenses

1,635

1,008

Exploration expenses,

including dry holes

2,429

2,213

Impairment losses

-

4

Credit impairment

losses

(5)

-

 Add: Other income

631

300

Investment income

1,777

2,931

Gains/(losses) from changes in

fair value

20

(18)

Asset disposal (expense)/income

(1)

237

II. Operating profit

5,987

5,538

Add: Non-operating income

34

122

Less: Non-operating expenses

147

155

III. Profit before taxation

5,874

5,505

Less: Income tax expense

1,003

791

IV. Net profit

4,871

4,714

(i) Continuous operating net profit

4,871

4,714

(ii) Termination of net profit

-

-

V. Other comprehensive income

817

(53)

Items that may be reclassified subsequently to profit or loss

817

(53)

Other comprehensive loss that can be converted into profit or loss under the equity method

(33)

(53)

Cash flow hedges

850

-

VI. Total comprehensive income

5,688

4,661

 

Dai Houliang                               Ma Yongsheng                      Wang Dehua     

Chairman                        President                            Chief Financial Officer

 

 

Consolidated Cash Flow Statement

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

 

RMB million, unaudited

Items

Three-month

periods ended 31

March 2019

Three-month

periods ended 31

March 2018

I. Cash flows from operating activities:

 

 

  Cash received from sale of goods and     

  rendering of services

760,693

707,017

  Refund of taxes and levies

760

593

  Other cash received relating to operating

  activities

31,379

16,695

  Sub-total of cash inflows

792,832

724,305

  Cash paid for goods and services

(625,310)

(561,416)

  Cash paid to and for employees

(17,224)

(16,056)

  Payments of taxes and levies

(125,101)

(109,547)

  Other cash paid relating to operating

  activities

(39,806)

(25,234)

  Sub-total of cash outflows

(807,441)

(712,253)

Net cash flow from operating activities

(14,609)

12,052

II.Cash flows from investing activities:

 

 

Cash received from disposal of    

investments

9,636

13,342

  Cash received from returns on

  investments

1,288

674

  Net cash received from disposal of fixed assets, intangible assets and other long-term assets

24

-

  Other cash received relating to investing

  activities

13,165

21,325

  Sub-total of cash inflows

24,113

35,341

  Cash paid for acquisition of fixed assets, intangible assets and other long-term assets

(23,514)

(17,901)

  Cash paid for acquisition of investments

(1,793)

(2,241)

  Net cash paid for the acquisition of subsidiaries and other business entities

-

(3,188)

  Other cash paid relating to investing

  activities

(24,388)

(13,499)

  Sub-total of cash outflows

(49,695)

(36,829)

Net cash flow from investing activities

(25,582)

(1,488)

III.Cash flows from financing activities:

 

 

  Cash received from capital contributions

94

70

Including: Cash received from minority shareholders' capital contributions to subsidiaries

94

70

  Cash received from borrowings

149,622

126,432

Other cash received relating to financing   activities

190

-

  Sub-total of cash inflows

149,906

126,502

  Cash repayments of borrowings

(118,511)

(118,865)

  Cash paid for dividends, profits

  distribution or interest

(1,396)

(1,173)

Including: Subsidiaries' cash payments for distribution of dividends or profits to minority shareholders

(235)

(390)

  Other cash paid relating to financing

  activities

(630)

(3)

  Sub-total of cash outflows

(120,537)

(120,041)

Net cash flow from financing activities

29,369

6,461

IV. Effects of changes in foreign exchange rate

(340)

(455)

V. Net (decrease)/increase in cash and cash equivalents

(11,162)

16,570

AddInitial balance of cash and cash equivalents

111,922

113,218

VI. Ending balance of cash and cash equivalents

100,760

129,788

 

Dai Houliang                               Ma Yongsheng                      Wang Dehua     

Chairman                        President                            Chief Financial Officer

 

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Statement

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

 

RMB million, unaudited

Items

Three-month

periods ended 31

March 2019

Three-month

periods ended 31

March 2018

I.Cash flows from operating activities:

 

 

Cash received from sale of goods and rendering of services

280,152

285,228

  Refund of taxes and levies

519

445

Other cash received relating to operating activities

757

6,926

Sub-total of cash inflows

281,428

292,599

  Cash paid for goods and services

(208,261)

(192,802)

Cash paid to and for employees

(9,274)

(8,515)

Payments of taxes and levies

(76,898)

(75,254)

Other cash paid relating to operating activities

(2,939)

(31,161)

Sub-total of cash outflows

(297,372)

(307,732)

Net cash flow from operating activities

(15,944)

(15,133)

II.Cash flows from investing activities:

 

 

Cash received from disposal of investments

9,285

15,319

Cash received from returns on investments

1,270

2,116

Net cash received from disposal of fixed assets, intangible assets and other long-term assets

3

289

Other cash received relating to investing activities

9,933

12,428

Sub-total of cash inflows

20,491

30,152

Cash paid for acquisition of fixed assets, intangible assets and other long-term assets

(7,459)

(8,098)

Cash paid for acquisition of investments

(1,376)

(2,316)

Other cash paid relating to investing activities

(10,800)

-

Sub-total of cash outflows

(19,635)

(10,414)

Net cash flow from investing activities

856

19,738

III.Cash flows from financing activities:

 

 

Cash received from borrowings

39,186

25,723

Sub-total of cash inflows

39,186

25,723

Cash repayments of borrowings

(35,016)

(18,654)

Cash paid for dividends or interest

(1,476)

(1,161)

Other cash paid relating to financing activities

(266)

-

Sub-total of cash outflows

(36,758)

(19,815)

Net cash flow from financing activities

2,428

5,908

IV. Effects of changes in foreign exchange rate

-

-

V. Net (decrease)/increase in cash and cash equivalents

(12,660)

10,513

AddInitial balance of cash and cash equivalents

59,120

72,309

VI. Ending balance of cash and cash equivalents

46,460

82,822

 

Dai Houliang                            Ma Yongsheng                      Wang Dehua     

Chairman                        President                             Chief Financial Officer

 

 

 

 

 

Segement Reporting

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

 

RMB million, unaudited

Items

Three-month

periods ended 31 March 2019     

Three-month

periods ended 31 March 2018     

Income from principal operations

 

 

Exploration and production

 

 

External sales

29,367

20,933

Inter-segment sales

22,089

     20,269

Subtotal

     51,456

     41,202

Refining

 

 

External sales

     34,002

     33,933

Inter-segment sales

    255,752

    252,897

Subtotal

    289,754

    286,830

Marketing and distribution

 

 

External sales

    321,636

    310,117

Inter-segment sales

        965

      1,176

Subtotal

    322,601

    311,293

Chemicals

 

 

External sales

    110,990

    104,780

Inter-segment sales

     17,121

     15,980

Subtotal

    128,111

    120,760

Corporate and others

 

 

External sales

    205,504

    135,500

Inter-segment sales

    154,677

    131,516

Subtotal

    360,181

    267,016

Elimination of

inter-segment sales

   (450,604)

   (421,838)

Consolidated income from principal operations

    701,499

    605,263

Income from other operations

 

 

Exploration and

production

      1,821

      1,742

Refining

      1,251

      1,125

Marketing and distribution

      8,850

      8,892

Chemicals

      3,733

      3,738

Corporate and others

        425

        491

Consolidated income from other operations

16,080

     15,988

Consolidated operating income

    717,579

    621,251

Operating profit/(loss)

 

 

By segment

 

 

Exploration and

production

      1,581

       (573)

    Refining

     11,481

     18,549

    Marketing and distribution

      7,990

      8,646

    Chemicals

      6,827

      8,090

    Corporate and others

       (582)

     (1,069)

    Elimination

       (540)

     (6,000)

Total segment operating profit

     26,757

     27,643

Investment income

 

 

Exploration and

production

        777

        337

Refining

     (394)

        226

Marketing and distribution

        215

        646

Chemicals

      1,047

      1,490

Corporate and others

       (360)

                   656

Total segment investment income

      1,285

                 3,355

    Financial expenses

     (2,330)

                 (455)

(Loss)/gain from changes in fair value 

     (2,226)

               126

Loss from asset disposal

        (64)

227                          

    Other income

        761

                    594

Operating profit

     24,183

                 31,490

Add: Non-operating income

        243

                    378

Less: Non-operating expenses

        416

                   353

Profit before taxation

     24,010

                 31,515

       

 

 

4.2 Quarterly financial statements prepared under International Financial Reporting

Standards ("IFRS")

 

Consolidated Income Statement

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

RMB million, unaudited

Items

Three-month periods ended 31 March 2019

Three-month periods ended 31 March 2018

Turnover and other operating revenues

 

 

Turnover

  701,499

         605,263

Other operating revenues

16,080

15,988

Subtotal

717,579

621,251

Operating expenses

 

 

Purchased crude oil, products and operating

supplies and expenses

    (572,138)

                 (474,389)

Selling, general and administrative expenses

           (11,575)

           (16,708)

Depreciation, depletion and amortization

           (25,998)

             (25,111)

Exploration expenses, including dry holes

            (2,543)

              (2,230)

Personnel expenses

           (17,361)

(16,861)

Taxes other than income tax

            (60,459)

(57,719)

Other operating (expense)/income, net

             (2,664)

985

Total operating expenses

           (692,738)

           (592,033)

Operating profit

             24,841

             29,218

Finance costs

 

 

Interest expense

             (4,301)

            (1,989)

Interest income

               1,924

              1,288

Foreign currency exchange income, net

                47

              246

Net finance costs

             (2,330)

              (455)

Investment income

                55

               217

Share of profits less losses from associates and     joint ventures

                  2,232

3,140

Profit before taxation

             24,798

             32,120

Income tax expense

             (5,539)

             (6,993)

Profit for the period

             19,259

             25,127

Attributable to

 

 

 Owners of the Company

             15,468

             19,306

 Non-controlling interests

              3,791

              5,821

Profit for the period

             19,259

             25,127

Earnings per share

 

 

Basic earnings per share (RMB)

 0.128

0.159

Diluted earnings per share (RMB)

 0.128

 0.159

 

Consolidated Statement of Comprehensive Income

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

RMB million, unaudited

Items

Three-month periods ended 31 March 2019

Three-month periods ended 31 March 2018

Profit for the period

     19,259

             25,127

Other comprehensive income:

 

 

Items that may be reclassified subsequently to profit or loss (net of tax and after reclassification adjustments):

 

 

Financial assets at fair value through other comprehensive income

1

-

Total items that maynot be reclassifled subsequently to profit or loss

1

-

Items that may be reclassified subsequently to profit or loss:

 

 

Share of other comprehensive income of associates and joint ventures

66

148

Cash flow hedges

4,853

785

Foreign currency translation differences

(1,161)

(2,418)

Total items that may be reclassified subsequently to profit or loss

3,758

(1,485)

Total other comprehensive income

3,759

(1,485)

Total comprehensive income

23,018

23,642

Attributable to:

 

 

Shareholders of the Company

19,734

18,526

Non-controlling interests

3,284

5,116

Total comprehensive income

23,018

23,642

 

 

 

Consolidated Balance Sheet

as at 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

RMB million, unaudited

Items

At 31 March 2019

At 31 December 2018

Non-current assets

 

 

Property, plant and equipment, net

605,380

        617,762

Construction in progress

138,584

136,963

Right-of-use assets

206,743

-  

Goodwill

8,657

            8,676

Interest in associates

90,332

           89,537

Interest in joint ventures

57,139

56,184

Financial assets at fair value through other

 comprehensive income

1,447

           1,450

Deferred tax assets

19,451

          21,694

Lease prepayments

64,220

          64,514

Long-term prepayments and other non-current  assets

82,379

           91,408

Total non-current assets

1,274,332

       1,088,188

Current assets:

 

 

Cash and cash equivalents

100,760

         111,922

Time deposits with financial institutions

67,626

          55,093

Financial assets at fair value through profit and loss

16,872

         25,732

Derivatives financial assets

4,977

           7,887

Trade accounts receivable and bills receivable

80,464

    64,879

Inventories

219,830

   184,584

Prepaid expenses and other current assets

48,584

    54,023

Total current assets

539,113

  504,120

Current liabilities

 

 

Short-term debts

50,694

29,462

Loans from Sinopec Group Company and fellow subsidiaries

38,661

31,665

Derivatives financial liabilities

3,078

13,571

Trade accounts payable and bills payable

218,170

  192,757

Contract liabilities

129,199

  124,793

Other payables

131,929

  166,151

Income tax payable

3,873

    6,699

Total current liabilities

575,604

  565,098

Net current liabilities

36,491

   60,978

Total assets less current liabilities

1,237,841

1,027,210

Non-current liabilities

 

 

Long-term debts

52,631

51,011

Loans from Sinopec Group Company and fellow subsidiaries

42,859

42,516

Deferred tax liabilities

6,520

 5,948

Provisions

43,256

42,800

Lease liabilities

182,765

   -  

Other non-current liabilities

28,827

28,400

Total non-current liabilities

356,858 

  170,675

Total net assets

880,983

856,535

Equity

 

 

Share capital

121,071

  121,071

Reserves

617,507

  596,213

Total equity attributable to owners of the Company

738,578

  717,284

Non-controlling interests

142,405

            139,251

Total equity

880,983

  856,535

 

 

 

Consolidated Statement of Cash Flows

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

RMB million, unaudited

Items

Three-month periods ended 31 March 2019

Three-month periods ended 31 March 2018

Net cash generated from operating activities(a)

 (14,609)

        12,052

Investing activities

 

 

Capital expenditure

 (21,855)

(17,294)

Exploratory wells expenditure

 (1,659)

(607)

Purchase of investments, investments in associates and

investments in joint ventures

 (1,793)

(2,241)

Payment for acquisition of subsidiary, net of cash acquired

 -

(3,188)

Proceeds from disposal of investments and investments in associates, net

 9,636

13,342

Proceeds from disposal of property, plant, equipment and other non-current assets

24

-

Increase in time deposits with maturities over three months

 (24,388)

(13,445)

Decrease in time deposits with maturities over three months

 11,855

21,379

Interest received

 1,310

(108)

Investment and dividend income received

 1,288

674

Net cash used in investing activities

 (25,582)

(1,488)

Financing activities

 

 

Proceeds from bank and other loans

 149,622

126,432

Repayments of bank and other loans

 (118,511)

(118,865)

Contributions to subsidiaries from non-controlling interests

 94

70

Distributions by subsidiaries to non-controlling interests

 (319)

(390)

Interest paid

 (1,077)

(783)

Cash payments for the principal portion of the lease liability

(440)

-

Finance lease payment

-

(3)

Net cash used in financing activities

 29,369

6,461

Net (decrease)/increase in cash and cash equivalents

 (10,822)

17,025

Cash and cash equivalents at 1 January

 111,922

113,218

Effect of foreign currency exchange rate changes

 (340)

(455)

Cash and cash equivalents at 31 March

 100,760

129,788

 

 

 

Note to consolidated statement of Cash Flows

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

                                                                                                                               RMB million, unaudited

(a)   Reconciliation of profit before taxation to net cash generated from operating activities

Items

Three-month periods ended 31 March 2019

Three-month periods ended 31 March 2018

Operating activities

 

 

Profit before taxation

    24,798

    32,120

Adjustments for:

 

 

Depreciation, depletion and amortization

    25,998

    26,336

Dry hole costs written off

     1,836

     1,974

Share of profits from associates and joint

ventures

    (2,232)

    (3,140)

Investment income

        (55)

       (217)

Interest income

    (1,924)

    (1,288)

Interest expense

     4,301

     1,989

Loss/(gain) on foreign currency exchange rate changes and derivative financial instruments

     1,295

       (604)

Loss on disposal of property, plant, equipment and other non-current assets, net

          85

-

Impairment reversal on assets

       (136)

        (13)

Credit impairment losses

          19

                 - 

Operating profit before change of operating capital

    53,985

    57,157

Net change

 

 

Accounts receivable and other current assets

 (7,199)

     7,815

Increase of inventories

  (30,127)

    (4,630)

Accounts payable and other current liabilities

  (24,314)

  (39,182)

Subtotal

    (7,655)

    21,160

Income tax paid

    (6,954)

    (9,108)

Net cash generated from operating activities

  (14,609)

    12,052

 

 

 

Segment Reporting

for the three-month periods ended 31 March 2019

Prepared by: China Petroleum & Chemical Corporation

RMB million, unaudited

Items

Three-month periods ended 31 March 2019

Three-month periods ended 31 March 2018

Turnover

 

 

Exploration and production

 

 

External sales

    29,367

    20,933

Inter-segment sales

    22,089

    20,269

Subtotal

    51,456

    41,202

Refining

 

 

External sales

    34,002

    33,933

Inter-segment sales

   255,752

   252,897

Subtotal

   289,754

   286,830

Marketing and distribution

 

 

External sales

   321,636

   310,117

Inter-segment sales

         965

      1,176

Subtotal

   322,601

   311,293

Chemicals

 

 

External sales

   110,990

   104,780

Inter-segment sales

    17,121

    15,980

Subtotal

   128,111

   120,760

Corporate and others

 

 

External sales

   205,504

   135,500

Inter-segment sales

   154,677

   131,516

Subtotal

   360,181

   267,016

Elimination of inter-segment sales

 (450,604)

 (421,838)

Turnover

   701,499

   605,263

Other operating revenues

 

 

Exploration and production

      1,821

      1,742

Refining

      1,251

      1,125

Marketing and distribution

      8,850

      8,892

Chemicals

      3,733

      3,738

Corporate and others

         425

         491

Other operating revenues

    16,080

    15,988

Turnover and other operating revenues

   717,579

   621,251

Result

 

 

Operating (loss)/profit

 

 

By segment

 

 

Exploration and production

      2,143

       (318)

Refining

    11,963

    19,007

Marketing and distribution

      7,866

      8,925

Chemicals

      6,953

      8,452

Corporate and others

     (3,544)

       (848)

Elimination

       (540)

     (6,000)

Total segment operating profit

    24,841

    29,218

Share of profits from associates and joint ventures

 

 

Exploration and production

         777

         276

Refining

       (404)

         223

Marketing and distribution

         247

         641

Chemicals

      1,061

      1,495

Corporate and others

         551

         505

Aggregate share of profits from associates and joint ventures

      2,232

      3,140

Investment income/(losses)

 

 

Exploration and production

           (1)

           61

Refining

           10

            3

Marketing and distribution

           45

            8

Chemicals

            1

           (6)

Corporate and others

 -

         151

Aggregate investment income

           55

         217

Net finance costs

      (2,330)

         (455)

Profit before taxation

    24,798

    32,120

 

 

 

4.3 Differences between Consolidated Financial Statements prepared in accordance with the accounting policies complying with CASs and IFRS (unaudited)

 

Other than the differences in the classifications of certain financial statements captions and the accounting for the items described below, there are no material differences between the Group's consolidated financial statements prepared in accordance with the accounting policies complying with CASs and IFRS. The reconciliation presented below is included as supplemental information, is not required as part of the basic financial statements and does not include differences related to classification, presentation or disclosures. Such information has not been subject to independent audit or review. The major differences are:

 

(i) Government Grants

 

Under CASs, grants from the government are credited to capital reserve if required by relevant governmental regulations. Under IFRS, government grants relating to the purchase of fixed assets are recognised as deferred income and are transferred to the income statement over the useful life of these assets.

 

(ii) Safety Production Fund

 

Under CASs, safety production fund should be recognised in profit or loss with a corresponding increase in reserve according to PRC regulations. Such reserve is reduced for expenses incurred for safety production purposes or, when safety production related fixed assets are purchased, is reduced by the purchased cost with a corresponding increase in the accumulated depreciation. Such fixed assets are not depreciated thereafter. Under IFRS, payments are expensed as incurred, or capitalised as fixed assets and depreciated according to applicable depreciation methods.

 

Effects of major differences between the net profit under CASs and the profit for the period under IFRS are analysed as follows:

 

Prepared by: China Petroleum & Chemical Corporation

 

RMB million, unaudited

Items

Three-month periods ended 31 March 2019

Three-month periods ended 31 March 2018

Net profit under CASs

18,471

24,522

Adjustments:

 

 

Government grants (i)

13

14

Safety production fund (ii)

775

591

 

 

 

Profit for the period under IFRS

19,259

25,127

 

 

 

Effects of major differences between the shareholders' equity under CASs and the total equity under IFRS are analysed as follows:

 

RMB million, unaudited

Items

At 31 March 2019

At 31 December 2018

Shareholders' equity under CASs

882,094

857,659

Adjustments:

 

 

Government grants(i)

(1,111)

(1,124)

Total equity under IFRS

880,983

856,535

 

 

 

4.4 Adjustments to financial statements related items due to initial implementation of the New Financial Instruments Standards, New Income Standards, New Lease Standards at the beginning of the year is as below:

Consolidated Balance Sheet

 

 

RMB million

 

Items

At 31 December 2018

At 1 January 2019

Adjustment

Current assets:

 

 

 

    Cash at bank and on hand

        167,015

167,015

 

    Financial assets held for trading

         25,732

25,732

 

Derivative financial assets

          7,887

7,887

 

    Bills receivable and accounts receivable

         64,879

64,879

 

    Prepayments

          5,937

5,171

(766)

    Other receivables

         25,312

25,312

 

    Inventories

        184,584

184,584

 

    Other current assets

         22,774

22,774

 

Total current assets

        504,120

503,354

(766)

Non-current assets:

 

 

 

Long-term equity investments

        145,721

145,721

 

Other equity instrument investments

          1,450

1,450

 

Fixed assets

        617,812

617,812

 

Construction in progress

        136,963

136,963

 

Right-of-use assets

207,455

207,455

Intangible assets

        103,855

103,855

 

Goodwill

          8,676

8,676

 

Long-term deferred expenses

         15,659

7,534

(8,125)

Deferred tax assets

         21,694

21,694

 

Other non-current assets

         36,358

36,358

 

Total non-current assets

      1,088,188

1,287,518

199,330

Total assets

      1,592,308

1,790,872

198,564

Current liability:

 

 

 

Short-term loans

         44,692

         44,692

 

Derivative financial liabilties

         13,571

         13,571

 

Bills payable and accounts payable

        192,757

        192,757

 

Contract liabilities

       124,793

       124,793

 

Employee benefits payable

7,312

7,312

 

Taxes payable

         87,060

         87,060

 

Other payables

        77,463

        77,463

 

    Non-current liabilities due within one year

         17,450

31,344

13,894 

Total current liabilities

        565,098

        578,992

13,894 

Non-current liabilities:

 

 

 

Long-term loans

         61,576

61,576

 

Debentures payable

         31,951

31,951

 

Lease liabilities

184,670

184,670

Provisions

         42,800

42,800

 

Deferred tax liabilities

          5,948

5,948

 

Other non-current liabilities

         27,276

27,276

 

Total non-current liabilities

        169,551

354,221

184,670

Total liabilities

        734,649

933,213

198,564

Shareholders' equity:

 

 

 

Share capital

        121,071

        121,071

 

Capital reserve

        119,192

        119,192

 

Other comprehensive income

         (6,774)

         (6,774)

 

Specific reserve

          1,706

          1,706

 

Surplus reserves

        203,678

        203,678

 

Retained earnings

        279,482

        279,482

 

Total equity attributable to shareholders of the Company

        718,355

        718,355

 

Minority interests

        139,304

        139,304

 

Total shareholders' equity

        857,659

        857,659

 

Total liabilities and shareholders' equity

      1,592,308

1,790,872

198,564

 

 

 

 

 

 

 

Balance Sheet

 

 

RMB million

 

Items

At 31 December 2018

At 1 January 2019

Adjustment

Current assets

 

 

 

    Cash at bank and on hand

         82,879

         82,879

 

    Financial assets held for trading

         22,500

         22,500

 

  Bills receivable and accounts receivable

         30,145

         30,145

 

  Prepayments

          2,488

          2,488

 

  Other receivables

         57,432

         57,432

 

  Inventories

         45,825

         45,825

 

  Other current assets

         15,835

         15,835

 

Total current assets

        257,104

        257,104

 

Non-current assets

 

 

 

  Long-term equity investments

        289,207

        289,207

 

  Other equity instrument investments

            395

            395

 

  Fixed assets

        302,082

        302,082

 

  Construction in progress

         51,598

         51,598

 

  Right-of-use assets

        119,776

      119,776

  Intangible assets

          8,571

          8,571

 

  Long-term deferred expenses

          2,480

          2,480

 

  Deferred tax assets

         11,021

         11,021

 

  Other non-current assets

          9,145

          9,145

 

Total non-current assets

        674,499

        794,275

      119,776

Total assets

                931,603

  1,051,379

      119,776

Current liabilities

 

 

 

Short-term loans

          3,961

          3,961

 

  Derivative financial liabilties

            967

            967

 

  Bills payable and accounts payable

         84,418

         84,418

 

  Contract liabilities

          4,230

          4,230

 

  Employee benefits payable

          4,294

          4,294

 

  Taxes payable

         54,764

         54,764

 

  Other payables

        119,514

        119,514

 

  Non-current liabilities due within one year

         16,729

24,183

7,454 

Total current liabilities

        288,877

        296,331

7,454 

Non-current liabilities

 

 

 

Long-term loans

         48,104

         48,104

 

  Debentures payable

         20,000

         20,000

 

  Lease liabilities

112,322

112,322

  Provisions

         33,094

         33,094

 

  Other non-current liabilities

          4,332

          4,332

 

Total non-current liabilities

        105,530

217,852

112,322

Total liabilities

        394,407

        514,183

      119,776

Shareholders' equity

 

 

 

Share capital

        121,071

        121,071

 

  Capital reserve

         68,795

         68,795

 

  Other comprehensive income

           (485)

           (485)

 

  Specific reserve

            989

            989

 

  Surplus reserves

        203,678

        203,678

 

  Retained earnings

        143,148

        143,148

 

Total shareholders' equity

        537,196

        537,196

 

Total liabilities and shareholders' equity

        931,603

      1,051,379

      119,776

 


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