SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF
FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October 2015
Commission File Number: 001-15006
PETROCHINA
COMPANY LIMITED
9 Dongzhimen North Street, Dongcheng District
Beijing, The People’s Republic of China, 100007
(Address of Principal Executive Offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No
x
(If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- )
EXHIBITS
Exhibit Number
| 99.1 |
Announcement dated October 29, 2015 relating to the quarterly report of the Company. |
FORWARD-LOOKING STATEMENTS
This
announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements
reflect our current views with respect to future events and are not a guarantee of future performance. Actual results may differ materially from information contained in these forward-looking statements as a result of a number of factors.
We do not intend to update or otherwise revise the forward-looking statements in this announcement, whether as a result of new information,
future events or otherwise. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this announcement might not occur in the way we expect, or at all.
You should not place undue reliance on any of these forward-looking statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this announcement to be signed on its
behalf by the undersigned, thereunto duly authorized.
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PetroChina Company Limited |
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| Dated: October 29, 2015 |
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By: |
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/s/ Wu Enlai |
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Name: |
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Wu Enlai |
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Title: |
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Secretary to the Board |
Exhibit 99.1
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
PETROCHINA COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Hong Kong Stock Exchange Stock Code: 857; Shanghai Stock Exchange Stock Code: 601857)
ANNOUNCEMENT
Third
Quarterly Report of 2015
| 1.1 |
The Board of Directors of PetroChina Company Limited (the “Company”), the Supervisory Committee and the Directors, Supervisors and Senior Management of the Company warrant that there are no material omissions
from, or misrepresentation or misleading statements contained in this quarterly report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this quarterly report.
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| 1.2 |
This quarterly report has been approved at an extraordinary meeting of the Board of Directors of the Company (the “Board”). All Directors warrant, and have no doubt as to, the truthfulness, accuracy and
completeness of the contents of this quarterly report. |
| 1.3 |
The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with the China Accounting Standards (“CAS”) and the International Financial Reporting
Standards (“IFRS”), respectively. The financial statements set out in this quarterly report are unaudited. |
| 1.4 |
Mr. Wang Yilin, Chairman of the Board of the Company, Mr. Wang Dongjin, Vice Chairman of the Board of the Company and President of the Company and Mr. Yu Yibo, Chief Financial Officer of the Company,
warrant the truthfulness, accuracy and completeness of the financial statements set out in this quarterly report. |
1
| 2 |
Basic Information of the Company |
| 2.1 |
Key Financial Data and Financial Indicators |
| 2.1.1 |
Key Financial Data and Financial Indicators Prepared under IFRS |
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| Unit: RMB Million |
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| Items |
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As at the end of
the reporting
period |
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As at the end of
the preceding
year |
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Changes from the end of the
preceding year to the end of
the reporting period (%) |
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| Total assets |
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2,372,443 |
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2,405,473 |
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(1.4 |
) |
| Equity attributable to owners of the Company |
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1,169,353 |
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1,175,894 |
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(0.6 |
) |
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| Items |
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From the beginning of the
year to the end of the
reporting period |
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Changes over the same
period of the preceding
year (%) |
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| Net cash flows from operating activities |
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199,341 |
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(21.7 |
) |
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| Unit: RMB Million |
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For the three months ended
September 30
(July-September) |
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For the nine months ended
September 30
(January-September) |
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| Items |
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2015 |
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2014 |
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Changes over
the same
period of the
preceding
year (%) |
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2015 |
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2014 |
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Changes over
the same
period of the
preceding
year (%) |
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| Turnover |
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427,481 |
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600,580 |
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(28.8 |
) |
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1,305,105 |
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1,754,548 |
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(25.6 |
) |
| Profit attributable to owners of the Company |
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5,195 |
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27,923 |
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(81.4 |
) |
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30,601 |
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96,047 |
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(68.1 |
) |
| Return on net assets (%) |
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0.4 |
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2.4 |
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(2.0
Percentage
points |
)
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2.6 |
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8.2 |
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(5.6
Percentage
points |
)
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| Basic earnings per share (RMB) |
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0.03 |
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0.15 |
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(81.4 |
) |
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0.17 |
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0.52 |
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(68.1 |
) |
| Diluted earnings per share (RMB) |
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0.03 |
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0.15 |
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(81.4 |
) |
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0.17 |
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0.52 |
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(68.1 |
) |
2
| 2.1.2 |
Key Financial Data and Financial Indicators Prepared under CAS |
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| Unit: RMB Million |
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| Items |
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As at the end of
the reporting
period |
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As at the end of
the preceding
year |
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Changes from the end of the
preceding year to the end of the
reporting period
(%) |
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| Total assets |
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2,372,342 |
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2,405,376 |
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(1.4 |
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| Equity attributable to equity holders of the Company |
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1,169,466 |
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1,176,010 |
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(0.6 |
) |
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| Items |
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From the beginning of the year to
the end of the reporting period |
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Changes over the same period of
the preceding year (%) |
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| Net cash flows from operating activities |
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199,341 |
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(21.7 |
) |
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| Unit: RMB Million |
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For the three months ended
September 30
(July-September) |
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For the nine months ended
September 30
(January-September) |
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| Items |
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2015 |
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2014 |
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Changes
over the
same period
of the
preceding
year (%) |
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2015 |
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2014 |
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Changes
over the
same period
of the
preceding
year (%) |
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| Operating income |
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427,481 |
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600,580 |
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(28.8 |
) |
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1,305,105 |
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1,754,548 |
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(25.6 |
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| Net profit attributable to equity holders of the Company |
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5,194 |
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27,922 |
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(81.4 |
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30,598 |
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96,044 |
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(68.1 |
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| Net profit after deducting non-recurring profit/loss items attributable to equity holders of the Company |
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5,462 |
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28,734 |
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(81.0 |
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31,310 |
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97,307 |
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(67.8 |
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| Weighted average return on net assets (%) |
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0.4 |
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2.4 |
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(2.0
Percentage
points |
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2.6 |
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8.2 |
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(5.6
Percentage
points |
)
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| Basic earnings per share (RMB) |
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0.03 |
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0.15 |
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(81.4 |
) |
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0.17 |
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0.52 |
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(68.1 |
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| Diluted earnings per share (RMB) |
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0.03 |
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0.15 |
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(81.4 |
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0.17 |
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0.52 |
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(68.1 |
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3
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| Unit: RMB Million |
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| Non-recurring profit/loss items |
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For the nine months ended
September 30, 2015 profit/(loss) |
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| Net loss on disposal of non-current assets |
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(190 |
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| Government grants recognised in the income statement |
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2,488 |
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| Net gain on disposal of available-for-sale financial assets |
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160 |
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| Reversal of provisions for bad debts against receivables |
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73 |
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| Other non-operating income and expenses |
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(3,300 |
) |
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| Sub-total |
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(769 |
) |
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| Tax impact of non-recurring profit/loss items |
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66 |
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| Impact of non-controlling interests |
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(9 |
) |
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| Total |
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(712 |
) |
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| 2.1.3 |
Differences between CAS and IFRS |
ü Applicable
¨ Inapplicable
The consolidated net profit for the reporting period under IFRS
and CAS were RMB35,892 million and RMB35,889 million respectively, with a difference of RMB3 million; the consolidated shareholders’ equity as at the end of the reporting period under IFRS and CAS were RMB1,311,108 million and RMB1,311,084
million respectively, with a difference of RMB24 million, which was primarily due to the revaluation for assets other than fixed assets and oil and gas properties revalued in 1999. During the restructuring in 1999, a valuation was carried out for
assets and liabilities injected by China National Petroleum Corporation (“CNPC”). The valuation results on assets other than fixed assets and oil and gas properties were not recognised in the financial statements prepared under IFRS.
4
| 2.2 |
Number of Shareholders, Shareholdings of Top Ten Shareholders of Shares without Selling Restrictions and Shareholdings of Top Ten Shareholders as at the end of the Reporting Period |
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| Number of shareholders as at the end of the reporting period |
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676,617 shareholders including 669,355 holders of A shares and 7,262 holders of H shares (including 243 holders of the American Depository Shares) |
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| Shareholdings of the top ten shareholders of shares without selling
restrictions |
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| Name of shareholders |
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Number of shares
held |
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Type of
shares |
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| 1 |
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CNPC |
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158,033,693,528 |
(1) |
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A shares |
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| 2 |
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HKSCC Nominees Limited(2) |
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20,845,941,762 |
(3) |
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H shares |
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| 3 |
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China Securities Finance Corporation Limited |
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1,010,364,410 |
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A shares |
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| 4 |
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Central Huijin Investment Ltd. |
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206,109,200 |
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A shares |
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| 5 |
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Hong Kong Securities Clearing Company Limited(4) |
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40,271,754 |
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A shares |
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| 6 |
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Industrial and Commercial Bank of China - Shanghai 50 Index ETF Securities Investment Fund |
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37,746,328 |
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A shares |
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| 7 |
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June Life Insurance Co., Ltd. - Universal Insurance |
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25,056,197 |
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A shares |
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| 8 |
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China Construction Bank - Yinhua Core Value Prime Equity Securities Investment Fund |
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20,999,841 |
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A shares |
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| 9 |
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China Construction Bank - Shanghai 180 Index ETF Securities Investment Fund |
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14,393,156 |
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A shares |
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| 10 |
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Quanzheng (Shanghai) Investment Management Centre (Limited Partnership) - Quanzheng No.1 Fund |
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12,515,328 |
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A shares |
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| Shareholdings of the top ten shareholders |
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| Name of shareholders |
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Number of shares
held |
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Type of
shares |
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| 1 |
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CNPC |
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158,033,693,528 |
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A shares |
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| 2 |
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HKSCC Nominees Limited |
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20,845,941,762 |
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|
H shares |
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| 3 |
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China Securities Finance Corporation Limited |
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1,010,364,410 |
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A shares |
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| 4 |
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Central Huijin Investment Ltd. |
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206,109,200 |
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|
A shares |
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| 5 |
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Hong Kong Securities Clearing Company Limited |
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40,271,754 |
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|
A shares |
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| 6 |
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Industrial and Commercial Bank of China - Shanghai 50 Index ETF Securities Investment Fund |
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37,746,328 |
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|
A shares |
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| 7 |
|
June Life Insurance Co., Ltd. - Universal Insurance |
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25,056,197 |
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|
A shares |
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| 8 |
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China Construction Bank - Yinhua Core Value Prime Equity Securities Investment Fund |
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20,999,841 |
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|
A shares |
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| 9 |
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China Construction Bank - Shanghai 180 Index ETF Securities Investment Fund |
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14,393,156 |
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|
A shares |
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| 10 |
|
Quanzheng (Shanghai) Investment Management Centre (Limited Partnership) - Quanzheng No.1 Fund |
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12,515,328 |
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|
A shares |
|
Statement on the
connection or activities acting in concert among the above-mentioned shareholders:
Except for HKSCC Nominees Limited and Hong Kong
Securities Clearing Company Limited, both of which are wholly-owned subsidiaries of Hong Kong Exchanges and Clearing Limited, and China Construction Bank-Yinhua Core Value Prime Equity Securities Investment Fund and China Construction Bank-Shanghai
180 Index ETF Securities Investment Fund, both of which are under the common management of China Construction Bank Corporation, the Company is not aware of any connection among or between the other top ten shareholders or that they are persons
acting in concert as provided for in the Measures for the Administration of Acquisitions by Listed Companies.
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| Notes: |
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(1) |
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Such figure excludes the H shares indirectly held by CNPC through Fairy King Investments Limited, an overseas wholly-owned subsidiary of CNPC. |
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(2) |
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HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and its principal business is to act as nominee on behalf of other corporate or individual shareholders. |
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(3) |
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291,518,000 H shares were held by CNPC through Fairy King Investments Limited, an overseas wholly-owned subsidiary of CNPC, representing 0.16% of the total share capital of the Company. These shares were held in the name of HKSCC
Nominees Limited. |
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(4) |
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Hong Kong Securities Clearing Company Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and it holds the A Shares of the Company listed on the Shanghai Stock Exchange and invested by investors
through The Hong Kong Stock Exchange as a nominal holder. |
5
| 2.3 |
Number of Shareholders of Preferred Shares, Shareholdings of Top Ten Shareholders of Preferred Shares and Shareholdings of Top Ten Shareholders of Preferred Shares without Selling Restrictions as at the end of the
Reporting Period |
¨ Applicable ü Inapplicable
In the first three quarters of 2015, the world economy recovered slowly in an
unbalanced way; the growth of China’s economy remained slow; the international crude oil prices continued to fluctuate at a low level like waves; and competition in the domestic market of refined products became fiercer with ample supply.
Facing the complicated and grim operating environment, the Group focused on the development guidelines of “quality, profitability and sustainability”, achieved stable and controllable production and operation, and the operation results met
the expectations.
In respect of exploration and production, the exploration and development of oil and gas progressed at a steady pace,
resulting in stable increase in output of oil and gas. In the first three quarters of 2015, crude oil output of the Group amounted to 722.9 million barrels, representing an increase of 3.3% as compared with the same period last year, of which
the domestic crude oil output was 606.2 million barrels, representing a decrease of 1.5% as compared with the same period last year. Marketable natural gas output of the Group amounted to 2,289 billion cubic feet, representing an increase of
4.3% as compared with the same period last year. The oil and gas equivalent output was 1,104.5 million barrels, representing an increase of 3.6% as compared with the same period last year, of which the overseas oil and gas equivalent output was
143.6 million barrels, representing an increase of 41.2% as compared with the same period last year. In the first three quarters of 2015, facing the significant drop in crude oil prices as compared with the same period of last year, the
exploration and production segment focused on lowing costs and enhancing efficiency and the operating cost per unit is US$12.83 per barrel, representing a decrease of 3.3% as compared with the same period last year. The Group achieved an operating
profit of RMB46,513 million for the first three quarters of 2015, representing a decrease of 68.1% from RMB145,954 million for the same period last year.
In respect of refining and chemicals, the Group adhered to the principle of market-orientation and profitability, reasonably arranged its
processing load, optimized the product structure and strengthened its control of costs and expenses, and kept to make profits and improve efficiency. In the first three quarters of 2015, the Group processed 741.7 million barrels of crude oil,
representing a decrease of 0.6% as compared with the same period last year. The Group produced 68.802 million tons of gasoline, diesel and kerosene, representing an increase of 1.2% over the same period last year. In the first three quarters of
2015, the refining and chemicals segment achieved an operating profit of RMB3,059 million, representing an increase of RMB11,814 million in operating profit as compared with the operating loss of RMB8,755 million in the same period last year. The
refining operations realised an operating profit of RMB1,661 million, representing a decrease of 35.3% as compared with the operating profit of RMB2,567 million in the same period last year. In respect of chemicals, the Group achieved an operating
profit of RMB1,398 million, representing an increase in operating profit of RMB12,720 million as compared with the operating loss of RMB11,322 million in the same period last year.
In respect of marketing, the Group adjusted the marketing strategy flexibly and endeavored to expand sales and reduce inventories, optimized
its marketing structure actively, put emphasis on high-efficient marketing resources allocation, and fully performed its resource allocation function in respect of international trading business. In the first three quarters of 2015, the Group sold
119.298 million tons of gasoline, diesel and kerosene, representing an increase of 1.5% as compared with the same period last year. In the first three quarters of 2015, due to the significant drop in the prices of refined products and the slow
demand growth, the marketing segment incurred an operating loss of RMB978 million, and the operating profit for the same period of last year was RMB10,567 million.
6
In respect of natural gas and pipeline, the Group coordinated and optimized the utilization of
domestically produced gas and imported gas, implemented an active sales strategy, developed high-efficiency and high-end markets, thus elevating sales profitability continuously. In the first three quarters of 2015, the operating profit of the
natural gas and pipeline segment amounted to RMB25,384 million, representing an increase of 174.9% as compared with RMB9,234 million for the same period last year. In the first three quarters of 2015, the net loss incurred from sales of imported gas
and LNG in the natural gas and pipeline segment amounted to RMB11,771 million, representing a decrease in loss of RMB16,616 million as compared with the same period last year.
In the first three quarters of 2015, the average realised price for crude oil of the Group was US$51.16 per barrel, representing a drop of
48.8% as compared with the same period last year, of which the domestic realised price was US$51.49 per barrel; the average realised price for natural gas was US$6.40 per thousand cubic feet, keeping same as the same period last year, of which the
domestic realised price was US$7.09 per thousand cubic feet.
7
Summary of Key Operating Data for the First Three Quarters of 2015
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| Operating Data |
|
Unit |
|
For the nine months
ended September 30 |
|
|
Changes over the
same period of
the preceding
year (%) |
|
| |
|
2015 |
|
|
2014 |
|
|
| Crude oil output |
|
Million barrels |
|
|
722.9 |
|
|
|
700.0 |
|
|
|
3.3 |
|
| of which: domestic |
|
Million barrels |
|
|
606.2 |
|
|
|
615.4 |
|
|
|
(1.5 |
) |
| overseas |
|
Million barrels |
|
|
116.7 |
|
|
|
84.6 |
|
|
|
38.0 |
|
| Marketable natural gas output |
|
Billion cubic feet |
|
|
2,289.0 |
|
|
|
2,193.9 |
|
|
|
4.3 |
|
| of which: domestic |
|
Billion cubic feet |
|
|
2,128.1 |
|
|
|
2,091.5 |
|
|
|
1.7 |
|
| overseas |
|
Billion cubic feet |
|
|
160.9 |
|
|
|
102.4 |
|
|
|
57.1 |
|
| Oil and natural gas equivalent output |
|
Million barrels |
|
|
1,104.5 |
|
|
|
1,065.8 |
|
|
|
3.6 |
|
| of which: domestic |
|
Million barrels |
|
|
960.9 |
|
|
|
964.1 |
|
|
|
(0.3 |
) |
| overseas |
|
Million barrels |
|
|
143.6 |
|
|
|
101.7 |
|
|
|
41.2 |
|
| Processed crude oil |
|
Million barrels |
|
|
741.7 |
|
|
|
746.4 |
|
|
|
(0.6 |
) |
| Gasoline, kerosene and diesel output |
|
Thousand tons |
|
|
68,802 |
|
|
|
68,008 |
|
|
|
1.2 |
|
| of which: Gasoline |
|
Thousand tons |
|
|
23,827 |
|
|
|
22,541 |
|
|
|
5.7 |
|
| Kerosene |
|
Thousand tons |
|
|
4,035 |
|
|
|
3,213 |
|
|
|
25.6 |
|
| Diesel |
|
Thousand tons |
|
|
40,940 |
|
|
|
42,254 |
|
|
|
(3.1 |
) |
| Gasoline, kerosene and diesel sales |
|
Thousand tons |
|
|
119,298 |
|
|
|
117,573 |
|
|
|
1.5 |
|
| of which: Gasoline |
|
Thousand tons |
|
|
45,854 |
|
|
|
42,648 |
|
|
|
7.5 |
|
| Kerosene |
|
Thousand tons |
|
|
10,710 |
|
|
|
10,210 |
|
|
|
4.9 |
|
| Diesel |
|
Thousand tons |
|
|
62,734 |
|
|
|
64,715 |
|
|
|
(3.1 |
) |
| Output of key chemical products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethylene |
|
Thousand tons |
|
|
3,595 |
|
|
|
3,688 |
|
|
|
(2.5 |
) |
| Synthetic resin |
|
Thousand tons |
|
|
5,898 |
|
|
|
5,885 |
|
|
|
0.2 |
|
| Synthetic fiber raw materials and polymer |
|
Thousand tons |
|
|
989 |
|
|
|
943 |
|
|
|
4.9 |
|
| Synthetic rubber |
|
Thousand tons |
|
|
512 |
|
|
|
555 |
|
|
|
(7.7 |
) |
| Urea |
|
Thousand tons |
|
|
1,788 |
|
|
|
2,143 |
|
|
|
(16.6 |
) |
|
|
|
|
|
| Notes: |
|
(1) |
|
Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels and 1 cubic metre of natural gas = 35.315 cubic feet. |
8
| 3.1 |
Significant changes in key accounting items and financial indicators under CAS and explanation of such changes |
ü Applicable
¨ Inapplicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Unit: RMB Million |
| Items |
|
September 30,
2015 |
|
|
December 31,
2014 |
|
|
Changes
(%) |
|
|
Key explanation of the changes |
| Notes receivable |
|
|
8,918 |
|
|
|
12,827 |
|
|
|
(30.5 |
) |
|
Mainly due to decrease in the use of bank notes in settling the receivable |
| Employee compensation payable |
|
|
10,964 |
|
|
|
5,903 |
|
|
|
85.7 |
|
|
Mainly due to the increase in the outstanding amount of compensation payable as compared with the end of last year |
| Other current liabilities |
|
|
5,545 |
|
|
|
3,652 |
|
|
|
51.8 |
|
|
Mainly due to the provision for 2015 interim dividend during the period |
| Special reserve |
|
|
14,089 |
|
|
|
10,345 |
|
|
|
36.2 |
|
|
Mainly due to the net increase in the amount of safety fund provision |
| Other comprehensive income |
|
|
(31,585 |
) |
|
|
(19,725 |
) |
|
|
60.1 |
|
|
Mainly due to the increase in the translation differences arising on translation of foreign currency financial statements as a result of depreciations of currencies of certain overseas resources
countries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Items |
|
For the nine
months
ended September 30 |
|
|
Changes
(%) |
|
|
Key explanation of the changes |
| |
2015 |
|
|
2014 |
|
|
|
| Asset impairment losses |
|
|
39 |
|
|
|
(9 |
) |
|
|
— |
|
|
Mainly due to the provision for writing down in part of inventories |
| Investment income |
|
|
3,525 |
|
|
|
9,746 |
|
|
|
(63.8 |
) |
|
Mainly due to the significant drop of prices of crude oil and refined products which resulted in the decrease in investment income from joint ventures during the reporting period |
| Operating profit |
|
|
46,673 |
|
|
|
132,373 |
|
|
|
(64.7 |
) |
|
Mainly due to the significant drop of prices of crude oil and refined products which resulted in a significant decrease in revenue as compared with the same period last year |
| Non-operating income |
|
|
6,021 |
|
|
|
9,181 |
|
|
|
(34.4 |
) |
|
Mainly due to the decrease in the refunding of VAT recognised for imported gas during the reporting period |
| Profit before taxation |
|
|
47,858 |
|
|
|
136,293 |
|
|
|
(64.9 |
) |
|
Mainly due to the significant drop of prices of crude oil and refined products which resulted in a significant decrease in revenue as compared with the same period last year |
| Income tax expense |
|
|
11,969 |
|
|
|
30,273 |
|
|
|
(60.5 |
) |
|
Mainly due to the decrease of taxable profit |
| Net profit |
|
|
35,889 |
|
|
|
106,020 |
|
|
|
(66.1 |
) |
|
Mainly due to the significant drop of prices of crude oil and refined products which resulted in a significant decrease in revenue as compared with the same period last year |
| Net profit attributable to
equity holders of the Company |
|
|
30,598 |
|
|
|
96,044 |
|
|
|
(68.1 |
) |
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Items |
|
For the nine
months
ended September 30 |
|
|
Changes
(%) |
|
|
Key explanation of the changes |
| |
2015 |
|
|
2014 |
|
|
|
| Net profit attributable to non-controlling interests |
|
|
5,291 |
|
|
|
9,976 |
|
|
|
(47.0 |
) |
|
Mainly due to the drop of international crude oil price which resulted in the decrease in the net profits from overseas subsidiaries |
| Basic earnings per share (RMB Yuan) |
|
|
0.17 |
|
|
|
0.52 |
|
|
|
(68.1 |
) |
|
Mainly due to the significant drop of prices of crude oil and refined products which resulted in a significant decrease in revenue as compared with the same period last year |
| Diluted earnings per share (RMB
Yuan) |
|
|
0.17 |
|
|
|
0.52 |
|
|
|
(68.1 |
) |
|
| Other comprehensive loss |
|
|
14,999 |
|
|
|
3,137 |
|
|
|
378.1 |
|
|
Mainly due the increase of translation differences arising on translation of foreign currency financial statements caused by depreciation of currencies of certain overseas resources countries |
| Share of other comprehensive income of equity-accounted investee |
|
|
(35 |
) |
|
|
99 |
|
|
|
— |
|
|
Mainly due to decrease in the market value of available-for-sale financial assets held by associates and joint ventures |
| Translation differences arising on translation of foreign currency financial statements |
|
|
11,881 |
|
|
|
1,873 |
|
|
|
534.3 |
|
|
Mainly due to the increase of translation differences arising on translation of foreign currency financial statements of overseas subsidiaries resulting from the depreciation of currencies of certain overseas resources
countries |
| Other comprehensive loss attributable to non-controlling interests of the Company, net of tax |
|
|
3,139 |
|
|
|
1,427 |
|
|
|
120.0 |
|
|
Mainly due to the increase of translation differences arising on translation of foreign currency financial statements of overseas subsidiaries resulting from the depreciation of currencies of certain overseas resources
countries |
| Total comprehensive income |
|
|
20,890 |
|
|
|
102,883 |
|
|
|
(79.7 |
) |
|
Mainly due to the combined impacts of the significant drop of the prices of crude oil and refined products and the depreciation of currencies of certain overseas resources countries |
| Total comprehensive income
attributable to equity holders of the Company |
|
|
18,738 |
|
|
|
94,334 |
|
|
|
(80.1 |
) |
|
| Total comprehensive income attributable to non-controlling interests |
|
|
2,152 |
|
|
|
8,549 |
|
|
|
(74.8 |
) |
|
Mainly due to the combined impacts of the significant drop of the price of international crude oil and the depreciation of currencies of certain overseas resources countries |
| Net cash flows from financing activities |
|
|
37,643 |
|
|
|
58,393 |
|
|
|
(35.5 |
) |
|
Mainly due to the decrease in borrowings and distribution of dividends during the period |
10
| 3.2 |
Developments and impacts of significant events as well as the analysis of and explanation for the solutions |
ü Applicable
¨ Inapplicable
Regarding the previously disclosed class action proceedings
brought by individual overseas shareholders before the United States District Court for the Southern District of New York (the “District Court”) against the Company and certain individuals based on the fact that certain former directors
and former senior management were subject to an investigation conducted by the relevant PRC authorities, the notice of such action had been served to the Company. Details of such notice are further provided in the Company’s announcements in
connection with the disclosure of the proceedings (No. Lin 2013-025 and Lin 2013-031 respectively) posted on the websites of Shanghai Stock Exchange and on China Securities Journal, Shanghai Securities News and Securities Times dated
September 6, 2013 and November 26, 2013 and on the website of the Hong Kong Stock Exchange. On April 4, 2014, the District Court entered an order consolidating the related actions and appointing lead plaintiff and lead counsel.
On June 6, 2014, the lead plaintiff filed an Amended Class Action Complaint (the “Amended Complaint”), whereby the individual
defendants were changed to three former directors and former senior management members including Jiang Jiemin, Ran Xinquan and Li Hualin. The Amended Complaint alleges substantially the same securities law violations as were alleged in the
complaints in the original related actions.
On August 5, 2014, the Company filed a motion to dismiss the Amended Complaint.
In November 2014, upon approval by the court, the U.S. plaintiff further submitted a Revised Joinder Indictment. In view of the indictment,
the Company filed another motion to dismiss with the court in February 2015. In April 2015, the court convened a pre-motion meeting attended by both parties and entered an order dismiss the plaintiff’s request for submission of supplemental
documents.
In early May 2015, plaintiffs filed a Memorandum of Law in Opposition to Motion with the District Court. In late May 2015, the
Company filed a Reply Memorandum of Law in Support of Motion with the District Court. On August 3, 2015, the District Court issued an Opinion and Order, granting the Company’s motion to dismiss, and directing termination of the motion and
the closing of the case. On August 10, 2015, pursuant to the U.S. federal court procedure rules, plaintiffs filed notice of appeal to the United States Court of Appeals for the Second Circuit from the judgment entered by the District Court. On
October 15, 2015, the plaintiff filed its Appeal Brief with the Second Circuit. The Company is scheduled to file its Opposition Brief on November 19, 2015.
The normal course of business of the Company has not been affected during the current reporting period. The Company will use its best
endeavour to proactively defense against such action so as to protect its lawful interests.
| 3.3 |
Status of fulfillment of undertaking given by the Company and shareholders holding 5% or more of the Company’s shares |
ü Applicable
¨ Inapplicable
During the reporting period, the undertaking given by CNPC, the
controlling shareholder of the Company, and the fulfillment thereof were consistent with the information disclosed in the section headed “Significant Events” of the 2015 Interim Report of the Company. There have been no events affecting
the performance of these undertakings.
11
| 3.4 |
Caution and explanation as to the anticipated accumulated losses or significant changes over the same period of the preceding year |
ü Applicable
¨ Inapplicable
Since the second half of 2014, the international crude oil
prices dropped significantly. In the first three quarters of 2015, the international crude oil prices continued to fluctuate at a low level. If the prices in the fourth quarter of 2015 still remain at a low level, the realised price for crude oil of
the Company is expected to decrease a lot as compared with the same period last year, and the net profit attributable to equity holders of the Company in 2015 is also expected to decrease substantially as compared with last year.
The situation mentioned above was only preliminary estimation, please refer to 2015 Annual Report to be officially disclosed by the Company
for specific and accurate financial information.
By Order of the Board of Directors
PetroChina Company Limited
Wang
Yilin
Chairman
Beijing, the PRC
October 29, 2015
As at the date of
this announcement, the board of directors of the Company comprises Mr Wang Yilin as the Chairman; Mr Wang Dongjin as the Vice Chairman and executive Director; Mr Yu Baocai, Mr Shen Diancheng and Mr Liu Yuezhen as non-executive Directors; Mr Liu
Hongbin and Mr Zhao Zhengzhang as executive Directors; and Mr Chen Zhiwu, Mr Richard H. Matzke, Mr Lin Boqiang and Mr Zhang Biyi as independent non-executive Directors.
This announcement is published in English and Chinese. In the event of any inconsistency between the two versions, the Chinese version shall prevail.
12
A. Financial statements for the third quarter of 2015 prepared in accordance with IFRS
| 1-1. |
Consolidated Statement of Comprehensive Income |
|
|
|
|
|
|
|
|
|
| |
|
Three months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
RMB million |
|
|
RMB million |
|
|
|
|
| TURNOVER |
|
|
427,481 |
|
|
|
600,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
| Purchases, services and other |
|
|
(265,706 |
) |
|
|
(400,196 |
) |
| Employee compensation costs |
|
|
(28,289 |
) |
|
|
(29,130 |
) |
| Exploration expenses, including exploratory dry holes |
|
|
(4,616 |
) |
|
|
(5,172 |
) |
| Depreciation, depletion and amortisation |
|
|
(45,664 |
) |
|
|
(46,514 |
) |
| Selling, general and administrative expenses |
|
|
(17,224 |
) |
|
|
(18,620 |
) |
| Taxes other than income taxes |
|
|
(50,045 |
) |
|
|
(59,313 |
) |
| Other income, net |
|
|
269 |
|
|
|
820 |
|
|
|
|
|
|
|
|
|
|
| TOTAL OPERATING EXPENSES |
|
|
(411,275 |
) |
|
|
(558,125 |
) |
|
|
|
|
|
|
|
|
|
| PROFIT FROM OPERATIONS |
|
|
16,206 |
|
|
|
42,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCE COSTS |
|
|
|
|
|
|
|
|
| Exchange gain |
|
|
4,238 |
|
|
|
643 |
|
| Exchange loss |
|
|
(5,291 |
) |
|
|
(1,391 |
) |
| Interest income |
|
|
344 |
|
|
|
963 |
|
| Interest expense |
|
|
(5,787 |
) |
|
|
(5,519 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL NET FINANCE COSTS |
|
|
(6,496 |
) |
|
|
(5,304 |
) |
|
|
|
|
|
|
|
|
|
| SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES |
|
|
(285 |
) |
|
|
3,429 |
|
|
|
|
|
|
|
|
|
|
| PROFIT BEFORE INCOME TAX EXPENSE |
|
|
9,425 |
|
|
|
40,580 |
|
| INCOME TAX EXPENSE |
|
|
(2,124 |
) |
|
|
(8,611 |
) |
|
|
|
|
|
|
|
|
|
| PROFIT FOR THE PERIOD |
|
|
7,301 |
|
|
|
31,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
| RECLASSIFIABLE TO PROFIT OR LOSS: |
|
|
|
|
|
|
|
|
| Currency translation differences |
|
|
(10,458 |
) |
|
|
(2,282 |
) |
| Fair value gain from available-for-sale financial assets, net of tax |
|
|
22 |
|
|
|
74 |
|
| Share of the other comprehensive income of associates and joint ventures accounted for using the equity method |
|
|
224 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE LOSS, NET OF TAX |
|
|
(10,212 |
) |
|
|
(2,152 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
|
|
(2,911 |
) |
|
|
29,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROFIT FOR THE PERIOD ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
| Owners of the Company |
|
|
5,195 |
|
|
|
27,923 |
|
| Non-controlling interests |
|
|
2,106 |
|
|
|
4,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,301 |
|
|
|
31,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
| Owners of the Company |
|
|
(2,312 |
) |
|
|
25,712 |
|
| Non-controlling interests |
|
|
(599 |
) |
|
|
4,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,911 |
) |
|
|
29,817 |
|
|
|
|
|
|
|
|
|
|
| BASIC AND DILUTED EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB) |
|
|
0.03 |
|
|
|
0.15 |
|
|
|
|
|
|
|
|
|
|
13
| 1-2. |
Consolidated Statement of Comprehensive Income |
|
|
|
|
|
|
|
|
|
| |
|
Nine months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
RMB million |
|
|
RMB million |
|
|
|
|
| TURNOVER |
|
|
1,305,105 |
|
|
|
1,754,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
| Purchases, services and other |
|
|
(793,728 |
) |
|
|
(1,141,825 |
) |
| Employee compensation costs |
|
|
(85,579 |
) |
|
|
(86,644 |
) |
| Exploration expenses, including exploratory dry holes |
|
|
(17,015 |
) |
|
|
(19,206 |
) |
| Depreciation, depletion and amortisation |
|
|
(137,547 |
) |
|
|
(131,263 |
) |
| Selling, general and administrative expenses |
|
|
(54,716 |
) |
|
|
(54,938 |
) |
| Taxes other than income taxes |
|
|
(155,327 |
) |
|
|
(179,433 |
) |
| Other income, net |
|
|
2,128 |
|
|
|
4,296 |
|
|
|
|
|
|
|
|
|
|
| TOTAL OPERATING EXPENSES |
|
|
(1,241,784 |
) |
|
|
(1,609,013 |
) |
|
|
|
|
|
|
|
|
|
| PROFIT FROM OPERATIONS |
|
|
63,321 |
|
|
|
145,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCE COSTS |
|
|
|
|
|
|
|
|
| Exchange gain |
|
|
6,329 |
|
|
|
3,595 |
|
| Exchange loss |
|
|
(7,649 |
) |
|
|
(6,254 |
) |
| Interest income |
|
|
1,219 |
|
|
|
2,003 |
|
| Interest expense |
|
|
(18,352 |
) |
|
|
(18,073 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL NET FINANCE COSTS |
|
|
(18,453 |
) |
|
|
(18,729 |
) |
|
|
|
|
|
|
|
|
|
| SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES |
|
|
2,994 |
|
|
|
9,491 |
|
|
|
|
|
|
|
|
|
|
| PROFIT BEFORE INCOME TAX EXPENSE |
|
|
47,862 |
|
|
|
136,297 |
|
| INCOME TAX EXPENSE |
|
|
(11,970 |
) |
|
|
(30,273 |
) |
|
|
|
|
|
|
|
|
|
| PROFIT FOR THE PERIOD |
|
|
35,892 |
|
|
|
106,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
| RECLASSIFIABLE TO PROFIT OR LOSS: |
|
|
|
|
|
|
|
|
| Currency translation differences |
|
|
(15,012 |
) |
|
|
(3,298 |
) |
| Fair value gain from available-for-sale financial assets, net of tax |
|
|
56 |
|
|
|
62 |
|
| Share of the other comprehensive (loss) / income of associates and joint ventures accounted for using the equity method |
|
|
(43 |
) |
|
|
99 |
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE LOSS, NET OF TAX |
|
|
(14,999 |
) |
|
|
(3,137 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
|
|
20,893 |
|
|
|
102,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROFIT FOR THE PERIOD ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
| Owners of the Company |
|
|
30,601 |
|
|
|
96,047 |
|
| Non-controlling interests |
|
|
5,291 |
|
|
|
9,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
35,892 |
|
|
|
106,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
| Owners of the Company |
|
|
18,741 |
|
|
|
94,337 |
|
| Non-controlling interests |
|
|
2,152 |
|
|
|
8,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,893 |
|
|
|
102,887 |
|
|
|
|
|
|
|
|
|
|
| BASIC AND DILUTED EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB) |
|
|
0.17 |
|
|
|
0.52 |
|
|
|
|
|
|
|
|
|
|
14
| 2. |
Consolidated Statement of Financial Position |
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| |
|
RMB million |
|
|
RMB million |
|
|
|
|
| NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
1,699,221 |
|
|
|
1,747,691 |
|
| Investments in associates and joint ventures |
|
|
112,383 |
|
|
|
116,947 |
|
| Available-for-sale financial assets |
|
|
2,077 |
|
|
|
2,170 |
|
| Advance operating lease payments |
|
|
67,615 |
|
|
|
66,341 |
|
| Intangible and other non-current assets |
|
|
66,786 |
|
|
|
62,962 |
|
| Deferred tax assets |
|
|
14,527 |
|
|
|
14,995 |
|
| Time deposits with maturities over one year |
|
|
— |
|
|
|
3,059 |
|
|
|
|
|
|
|
|
|
|
| TOTAL NON-CURRENT ASSETS |
|
|
1,962,609 |
|
|
|
2,014,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
|
|
| Inventories |
|
|
140,785 |
|
|
|
165,977 |
|
| Accounts receivable |
|
|
68,548 |
|
|
|
53,104 |
|
| Prepaid expenses and other current assets |
|
|
94,810 |
|
|
|
83,379 |
|
| Notes receivable |
|
|
8,918 |
|
|
|
12,827 |
|
| Time deposits with maturities over three months but within one year |
|
|
1,332 |
|
|
|
2,243 |
|
| Cash and cash equivalents |
|
|
95,441 |
|
|
|
73,778 |
|
|
|
|
|
|
|
|
|
|
| TOTAL CURRENT ASSETS |
|
|
409,834 |
|
|
|
391,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilities |
|
|
327,347 |
|
|
|
364,060 |
|
| Income taxes payable |
|
|
5,386 |
|
|
|
6,917 |
|
| Other taxes payable |
|
|
31,148 |
|
|
|
39,724 |
|
| Short-term borrowings |
|
|
167,272 |
|
|
|
169,128 |
|
|
|
|
|
|
|
|
|
|
| TOTAL CURRENT LIABILITIES |
|
|
531,153 |
|
|
|
579,829 |
|
|
|
|
|
|
|
|
|
|
| NET CURRENT LIABILITIES |
|
|
(121,319 |
) |
|
|
(188,521 |
) |
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
1,841,290 |
|
|
|
1,825,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
|
|
|
| EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: |
|
|
|
|
|
|
|
|
| Share capital |
|
|
183,021 |
|
|
|
183,021 |
|
| Retained earnings |
|
|
708,894 |
|
|
|
707,303 |
|
| Reserves |
|
|
277,438 |
|
|
|
285,570 |
|
|
|
|
|
|
|
|
|
|
| TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
|
|
1,169,353 |
|
|
|
1,175,894 |
|
| NON-CONTROLLING INTERESTS |
|
|
141,755 |
|
|
|
141,887 |
|
|
|
|
|
|
|
|
|
|
| TOTAL EQUITY |
|
|
1,311,108 |
|
|
|
1,317,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
| Long-term borrowings |
|
|
391,078 |
|
|
|
370,301 |
|
| Asset retirement obligations |
|
|
115,189 |
|
|
|
109,154 |
|
| Deferred tax liabilities |
|
|
13,120 |
|
|
|
15,900 |
|
| Other long-term obligations |
|
|
10,795 |
|
|
|
12,508 |
|
|
|
|
|
|
|
|
|
|
| TOTAL NON-CURRENT LIABILITIES |
|
|
530,182 |
|
|
|
507,863 |
|
|
|
|
|
|
|
|
|
|
| TOTAL EQUITY AND NON-CURRENT LIABILITIES |
|
|
1,841,290 |
|
|
|
1,825,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chairman |
|
Vice Chairman and
President |
|
Chief Financial
Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
15
| 3. |
Consolidated Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
| |
|
Nine months ended September 30 |
|
| |
2015 |
|
|
2014 |
|
| |
RMB million |
|
|
RMB million |
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
|
|
35,892 |
|
|
|
106,024 |
|
| Adjustments for: |
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
11,970 |
|
|
|
30,273 |
|
| Depreciation, depletion and amortisation |
|
|
137,547 |
|
|
|
131,263 |
|
| Capitalised exploratory costs charged to expense |
|
|
9,855 |
|
|
|
10,093 |
|
| Safety fund reserve |
|
|
4,717 |
|
|
|
4,607 |
|
| Share of profit of associates and joint ventures |
|
|
(2,994 |
) |
|
|
(9,491 |
) |
| Reversal of provision for impairment of receivables, net |
|
|
(73 |
) |
|
|
(50 |
) |
| Write down in inventories, net |
|
|
131 |
|
|
|
35 |
|
| Loss on disposal of property, plant and equipment |
|
|
314 |
|
|
|
694 |
|
| Gain on disposal of other non-current assets |
|
|
(15 |
) |
|
|
(15 |
) |
| Gain on disposal of available-for-sale financial assets |
|
|
(268 |
) |
|
|
— |
|
| Dividend income |
|
|
(263 |
) |
|
|
(264 |
) |
| Interest income |
|
|
(1,219 |
) |
|
|
(2,003 |
) |
| Interest expense |
|
|
18,352 |
|
|
|
18,073 |
|
| Changes in working capital: |
|
|
|
|
|
|
|
|
| Accounts receivable, prepaid expenses and other current assets |
|
|
(19,885 |
) |
|
|
(35,731 |
) |
| Inventories |
|
|
25,074 |
|
|
|
17,931 |
|
| Accounts payable and accrued liabilities |
|
|
(8,792 |
) |
|
|
23,347 |
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS GENERATED FROM OPERATIONS |
|
|
210,343 |
|
|
|
294,786 |
|
| Income taxes paid |
|
|
(11,002 |
) |
|
|
(40,076 |
) |
|
|
|
|
|
|
|
|
|
| NET CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
199,341 |
|
|
|
254,710 |
|
|
|
|
|
|
|
|
|
|
16
| 3. |
Consolidated Statement of Cash Flows (Continued) |
|
|
|
|
|
|
|
|
|
| |
|
Nine months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
RMB million |
|
|
RMB million |
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
(147,864 |
) |
|
|
(188,934 |
) |
| Acquisition of investments in associates and joint ventures |
|
|
(1,217 |
) |
|
|
(1,267 |
) |
| Acquisition of available-for-sale financial assets |
|
|
(272 |
) |
|
|
(321 |
) |
| Advance payments on long-term operating leases |
|
|
(1,729 |
) |
|
|
(3,687 |
) |
| Acquisition of intangible assets and other non-current assets |
|
|
(1,357 |
) |
|
|
(1,610 |
) |
| Proceeds from disposal of property, plant and equipment |
|
|
344 |
|
|
|
6,208 |
|
| Proceeds from disposal of subsidiaries |
|
|
343 |
|
|
|
— |
|
| Proceeds from disposal of associates and joint ventures |
|
|
56 |
|
|
|
— |
|
| Proceeds from disposal of other non-current assets |
|
|
31 |
|
|
|
122 |
|
| Proceeds from disposal of available-for-sale financial assets |
|
|
247 |
|
|
|
— |
|
| Interest received |
|
|
1,277 |
|
|
|
943 |
|
| Dividends received |
|
|
6,869 |
|
|
|
7,792 |
|
| Decrease in time deposits with maturities over three months |
|
|
4,002 |
|
|
|
3,350 |
|
|
|
|
|
|
|
|
|
|
| NET CASH FLOWS USED FOR INVESTING ACTIVITIES |
|
|
(139,270 |
) |
|
|
(177,404 |
) |
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| Repayments of short-term borrowings |
|
|
(382,176 |
) |
|
|
(348,118 |
) |
| Repayments of long-term borrowings |
|
|
(175,052 |
) |
|
|
(139,250 |
) |
| Interest paid |
|
|
(15,400 |
) |
|
|
(18,979 |
) |
| Dividends paid to non-controlling interests |
|
|
(3,641 |
) |
|
|
(5,514 |
) |
| Dividends paid to owners of the Company |
|
|
(27,452 |
) |
|
|
(59,445 |
) |
| Increase in short-term borrowings |
|
|
374,286 |
|
|
|
382,881 |
|
| Increase in long-term borrowings |
|
|
195,230 |
|
|
|
129,492 |
|
| Capital contribution from non-controlling interests |
|
|
289 |
|
|
|
1,338 |
|
| Capital reduction of subsidiaries |
|
|
(290 |
) |
|
|
— |
|
| Decrease in other long-term obligations |
|
|
(3,437 |
) |
|
|
(798 |
) |
|
|
|
|
|
|
|
|
|
| NET CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
(37,643 |
) |
|
|
(58,393 |
) |
|
|
|
|
|
|
|
|
|
| TRANSLATION OF FOREIGN CURRENCY |
|
|
(765 |
) |
|
|
1,444 |
|
|
|
|
|
|
|
|
|
|
| Increase in cash and cash equivalents |
|
|
21,663 |
|
|
|
20,357 |
|
| Cash and cash equivalents at beginning of the period |
|
|
73,778 |
|
|
|
51,407 |
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at end of the period |
|
|
95,441 |
|
|
|
71,764 |
|
|
|
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
| |
|
Nine months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
RMB million |
|
|
RMB million |
|
|
|
|
| Turnover |
|
|
|
|
|
|
|
|
| Exploration and Production |
|
|
|
|
|
|
|
|
| Intersegment sales |
|
|
293,672 |
|
|
|
468,029 |
|
| Turnover from external customers |
|
|
69,950 |
|
|
|
123,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
363,622 |
|
|
|
591,736 |
|
|
|
|
| Refining and Chemicals |
|
|
|
|
|
|
|
|
| Intersegment sales |
|
|
386,569 |
|
|
|
506,021 |
|
| Turnover from external customers |
|
|
105,853 |
|
|
|
135,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
492,422 |
|
|
|
641,186 |
|
|
|
|
| Marketing |
|
|
|
|
|
|
|
|
| Intersegment sales |
|
|
113,033 |
|
|
|
189,821 |
|
| Turnover from external customers |
|
|
943,184 |
|
|
|
1,312,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,056,217 |
|
|
|
1,502,083 |
|
|
|
|
| Natural Gas and Pipeline |
|
|
|
|
|
|
|
|
| Intersegment sales |
|
|
19,859 |
|
|
|
17,242 |
|
| Turnover from external customers |
|
|
185,166 |
|
|
|
182,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
205,025 |
|
|
|
199,439 |
|
|
|
|
| Head Office and Other |
|
|
|
|
|
|
|
|
| Intersegment sales |
|
|
252 |
|
|
|
282 |
|
| Turnover from external customers |
|
|
952 |
|
|
|
1,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,204 |
|
|
|
1,499 |
|
|
|
|
| Total turnover from external customers |
|
|
1,305,105 |
|
|
|
1,754,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit/ (loss) from operations |
|
|
|
|
|
|
|
|
| Exploration and Production |
|
|
46,513 |
|
|
|
145,954 |
|
| Refining and Chemicals |
|
|
3,059 |
|
|
|
(8,755 |
) |
| Marketing |
|
|
(978 |
) |
|
|
10,567 |
|
| Natural Gas and Pipeline |
|
|
25,384 |
|
|
|
9,234 |
|
| Head Office and Other |
|
|
(10,657 |
) |
|
|
(11,465 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
63,321 |
|
|
|
145,535 |
|
|
|
|
|
|
|
|
|
|
18
B. Financial statements for the third quarter of 2015 prepared in accordance with CAS
| 1. |
Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| |
RMB million |
|
|
RMB million |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash at bank and on hand |
|
|
96,773 |
|
|
|
76,021 |
|
| Notes receivable |
|
|
8,918 |
|
|
|
12,827 |
|
| Accounts receivable |
|
|
68,548 |
|
|
|
53,104 |
|
| Advances to suppliers |
|
|
29,201 |
|
|
|
22,959 |
|
| Other receivables |
|
|
20,519 |
|
|
|
17,094 |
|
| Inventories |
|
|
140,785 |
|
|
|
165,977 |
|
| Other current assets |
|
|
45,090 |
|
|
|
43,326 |
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
409,834 |
|
|
|
391,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Available-for-sale financial assets |
|
|
2,040 |
|
|
|
2,133 |
|
| Long-term equity investments |
|
|
112,026 |
|
|
|
116,570 |
|
| Fixed assets |
|
|
601,399 |
|
|
|
621,264 |
|
| Oil and gas properties |
|
|
846,058 |
|
|
|
880,482 |
|
| Construction in progress |
|
|
246,002 |
|
|
|
240,340 |
|
| Construction materials |
|
|
5,227 |
|
|
|
5,200 |
|
| Intangible assets |
|
|
68,111 |
|
|
|
67,489 |
|
| Goodwill |
|
|
7,490 |
|
|
|
7,233 |
|
| Long-term prepaid expenses |
|
|
28,520 |
|
|
|
28,727 |
|
| Deferred tax assets |
|
|
14,527 |
|
|
|
14,995 |
|
| Other non-current assets |
|
|
31,108 |
|
|
|
29,635 |
|
|
|
|
|
|
|
|
|
|
| Total non-current assets |
|
|
1,962,508 |
|
|
|
2,014,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
|
2,372,342 |
|
|
|
2,405,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chairman |
|
Vice Chairman and
President |
|
Chief Financial
Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
19
| 1. |
Consolidated Balance Sheet (Continued) |
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| |
RMB million |
|
|
RMB million |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Short-term borrowings |
|
|
110,220 |
|
|
|
115,333 |
|
| Notes payable |
|
|
4,193 |
|
|
|
5,769 |
|
| Accounts payable |
|
|
182,157 |
|
|
|
240,253 |
|
| Advances from customers |
|
|
54,304 |
|
|
|
54,007 |
|
| Employee compensation payable |
|
|
10,964 |
|
|
|
5,903 |
|
| Taxes payable |
|
|
36,534 |
|
|
|
46,641 |
|
| Other payables |
|
|
70,184 |
|
|
|
54,476 |
|
| Current portion of non-current liabilities |
|
|
57,052 |
|
|
|
53,795 |
|
| Other current liabilities |
|
|
5,545 |
|
|
|
3,652 |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
531,153 |
|
|
|
579,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Long-term borrowings |
|
|
306,163 |
|
|
|
298,803 |
|
| Debentures payable |
|
|
84,915 |
|
|
|
71,498 |
|
| Provisions |
|
|
115,189 |
|
|
|
109,154 |
|
| Deferred tax liabilities |
|
|
13,043 |
|
|
|
15,824 |
|
| Other non-current liabilities |
|
|
10,795 |
|
|
|
12,508 |
|
|
|
|
|
|
|
|
|
|
| Total non-current liabilities |
|
|
530,105 |
|
|
|
507,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,061,258 |
|
|
|
1,087,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
|
|
|
|
| Share capital |
|
|
183,021 |
|
|
|
183,021 |
|
| Capital surplus |
|
|
115,476 |
|
|
|
115,492 |
|
| Special reserve |
|
|
14,089 |
|
|
|
10,345 |
|
| Other comprehensive income |
|
|
(31,585 |
) |
|
|
(19,725 |
) |
| Surplus reserves |
|
|
184,737 |
|
|
|
184,737 |
|
| Undistributed profits |
|
|
703,728 |
|
|
|
702,140 |
|
|
|
|
|
|
|
|
|
|
| Equity attributable to equity holders of the Company |
|
|
1,169,466 |
|
|
|
1,176,010 |
|
| Non-controlling interests |
|
|
141,618 |
|
|
|
141,750 |
|
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
1,311,084 |
|
|
|
1,317,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
2,372,342 |
|
|
|
2,405,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
20
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| |
RMB million |
|
|
RMB million |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash at bank and on hand |
|
|
45,494 |
|
|
|
38,507 |
|
| Notes receivable |
|
|
7,194 |
|
|
|
9,743 |
|
| Accounts receivable |
|
|
12,524 |
|
|
|
6,405 |
|
| Advances to suppliers |
|
|
13,286 |
|
|
|
4,979 |
|
| Other receivables |
|
|
91,188 |
|
|
|
98,644 |
|
| Inventories |
|
|
96,558 |
|
|
|
124,046 |
|
| Other current assets |
|
|
36,138 |
|
|
|
30,244 |
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
302,382 |
|
|
|
312,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Available-for-sale financial assets |
|
|
1,299 |
|
|
|
1,449 |
|
| Long-term equity investments |
|
|
378,344 |
|
|
|
365,681 |
|
| Fixed assets |
|
|
343,358 |
|
|
|
365,366 |
|
| Oil and gas properties |
|
|
568,930 |
|
|
|
586,889 |
|
| Construction in progress |
|
|
131,962 |
|
|
|
123,608 |
|
| Construction materials |
|
|
3,103 |
|
|
|
3,070 |
|
| Intangible assets |
|
|
52,166 |
|
|
|
52,186 |
|
| Long-term prepaid expenses |
|
|
22,669 |
|
|
|
23,131 |
|
| Deferred tax assets |
|
|
8,873 |
|
|
|
10,331 |
|
| Other non-current assets |
|
|
16,661 |
|
|
|
14,286 |
|
|
|
|
|
|
|
|
|
|
| Total non-current assets |
|
|
1,527,365 |
|
|
|
1,545,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
|
1,829,747 |
|
|
|
1,858,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
21
| 2. |
Company Balance Sheet (Continued) |
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| |
RMB million |
|
|
RMB million |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Short-term borrowings |
|
|
107,637 |
|
|
|
107,541 |
|
| Notes payable |
|
|
4,001 |
|
|
|
5,348 |
|
| Accounts payable |
|
|
111,807 |
|
|
|
142,903 |
|
| Advances from customers |
|
|
36,611 |
|
|
|
38,306 |
|
| Employee compensation payable |
|
|
8,321 |
|
|
|
3,980 |
|
| Taxes payable |
|
|
25,150 |
|
|
|
31,036 |
|
| Other payables |
|
|
42,731 |
|
|
|
24,532 |
|
| Current portion of non-current liabilities |
|
|
23,049 |
|
|
|
40,048 |
|
| Other current liabilities |
|
|
4,363 |
|
|
|
2,406 |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
363,670 |
|
|
|
396,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Long-term borrowings |
|
|
212,204 |
|
|
|
212,830 |
|
| Debentures payable |
|
|
78,630 |
|
|
|
71,000 |
|
| Provisions |
|
|
77,546 |
|
|
|
72,999 |
|
| Other non-current liabilities |
|
|
5,496 |
|
|
|
5,230 |
|
|
|
|
|
|
|
|
|
|
| Total non-current liabilities |
|
|
373,876 |
|
|
|
362,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
737,546 |
|
|
|
758,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
|
|
|
|
| Share capital |
|
|
183,021 |
|
|
|
183,021 |
|
| Capital surplus |
|
|
127,837 |
|
|
|
127,830 |
|
| Special reserve |
|
|
9,764 |
|
|
|
7,027 |
|
| Other comprehensive income |
|
|
289 |
|
|
|
460 |
|
| Surplus reserves |
|
|
173,645 |
|
|
|
173,645 |
|
| Undistributed profits |
|
|
597,645 |
|
|
|
608,423 |
|
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
1,092,201 |
|
|
|
1,100,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
1,829,747 |
|
|
|
1,858,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
22
| 3-1. |
Consolidated Income Statement |
|
|
|
|
|
|
|
|
|
| |
|
Three months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| Items |
|
RMB million |
|
|
RMB million |
|
|
|
|
| Operating income |
|
|
427,481 |
|
|
|
600,580 |
|
| Less: Cost of sales |
|
|
(328,410 |
) |
|
|
(465,368 |
) |
| Taxes and levies on operations |
|
|
(48,864 |
) |
|
|
(56,992 |
) |
| Selling expenses |
|
|
(15,813 |
) |
|
|
(15,480 |
) |
| General and administrative expenses |
|
|
(18,126 |
) |
|
|
(20,770 |
) |
| Finance expenses |
|
|
(6,737 |
) |
|
|
(5,601 |
) |
| Asset impairment losses |
|
|
43 |
|
|
|
11 |
|
| Add: Investment income |
|
|
(264 |
) |
|
|
3,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit |
|
|
9,310 |
|
|
|
39,830 |
|
|
|
|
|
|
|
|
|
|
| Add: Non-operating income |
|
|
1,773 |
|
|
|
3,317 |
|
| Less: Non-operating expenses |
|
|
(1,659 |
) |
|
|
(2,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
9,424 |
|
|
|
40,579 |
|
|
|
|
|
|
|
|
|
|
| Less: Taxation |
|
|
(2,124 |
) |
|
|
(8,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net profit |
|
|
7,300 |
|
|
|
31,967 |
|
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
| Equity holders of the Company |
|
|
5,194 |
|
|
|
27,922 |
|
| Non-controlling interests |
|
|
2,106 |
|
|
|
4,045 |
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
| Basic earnings per share (RMB Yuan) |
|
|
0.03 |
|
|
|
0.15 |
|
| Diluted earnings per share (RMB Yuan) |
|
|
0.03 |
|
|
|
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive loss |
|
|
(10,212 |
) |
|
|
(2,152 |
) |
|
|
|
|
|
|
|
|
|
| Other comprehensive loss attributable to equity holders of the Company, net of tax |
|
|
(7,507 |
) |
|
|
(2,211 |
) |
|
|
|
|
|
|
|
|
|
| Other comprehensive loss would be reclassified to profit or loss |
|
|
|
|
|
|
|
|
| Including: |
|
|
|
|
|
|
|
|
| Share of other comprehensive income of equity-accounted investee |
|
|
222 |
|
|
|
56 |
|
| Gains or losses arising from changes in fair value of available-for-sale financial assets |
|
|
22 |
|
|
|
74 |
|
| Translation differences arising on translation of foreign currency financial statements |
|
|
(7,751 |
) |
|
|
(2,341 |
) |
| Other comprehensive (loss)/income attributable to non-controlling interests of the Company, net of tax |
|
|
(2,705 |
) |
|
|
59 |
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
|
(2,912 |
) |
|
|
29,815 |
|
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
| Equity holders of the Company |
|
|
(2,313 |
) |
|
|
25,711 |
|
| Non-controlling interests |
|
|
(599 |
) |
|
|
4,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
23
| 3-2. |
Consolidated Income Statement |
|
|
|
|
|
|
|
|
|
| |
|
Nine months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| Items |
|
RMB million |
|
|
RMB million |
|
|
|
|
| Operating income |
|
|
1,305,105 |
|
|
|
1,754,548 |
|
| Less: Cost of sales |
|
|
(984,100 |
) |
|
|
(1,331,682 |
) |
| Taxes and levies on operations |
|
|
(151,825 |
) |
|
|
(172,346 |
) |
| Selling expenses |
|
|
(46,268 |
) |
|
|
(45,174 |
) |
| General and administrative expenses |
|
|
(60,517 |
) |
|
|
(63,035 |
) |
| Finance expenses |
|
|
(19,208 |
) |
|
|
(19,693 |
) |
| Asset impairment losses |
|
|
(39 |
) |
|
|
9 |
|
| Add: Investment income |
|
|
3,525 |
|
|
|
9,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit |
|
|
46,673 |
|
|
|
132,373 |
|
|
|
|
|
|
|
|
|
|
| Add: Non-operating income |
|
|
6,021 |
|
|
|
9,181 |
|
| Less: Non-operating expenses |
|
|
(4,836 |
) |
|
|
(5,261 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
47,858 |
|
|
|
136,293 |
|
|
|
|
|
|
|
|
|
|
| Less: Taxation |
|
|
(11,969 |
) |
|
|
(30,273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net profit |
|
|
35,889 |
|
|
|
106,020 |
|
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
| Equity holders of the Company |
|
|
30,598 |
|
|
|
96,044 |
|
| Non-controlling interests |
|
|
5,291 |
|
|
|
9,976 |
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
| Basic earnings per share (RMB Yuan) |
|
|
0.17 |
|
|
|
0.52 |
|
| Diluted earnings per share (RMB Yuan) |
|
|
0.17 |
|
|
|
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive loss |
|
|
(14,999 |
) |
|
|
(3,137 |
) |
|
|
|
|
|
|
|
|
|
| Other comprehensive loss attributable to equity holders of the Company, net of tax |
|
|
(11,860 |
) |
|
|
(1,710 |
) |
|
|
|
|
|
|
|
|
|
| Other comprehensive loss would be reclassified to profit or loss |
|
|
|
|
|
|
|
|
| Including: |
|
|
|
|
|
|
|
|
| Share of other comprehensive (loss)/income of equity-accounted investee |
|
|
(35 |
) |
|
|
99 |
|
| Gains or losses arising from changes in fair value of available-for-sale financial assets |
|
|
56 |
|
|
|
64 |
|
| Translation differences arising on translation of foreign currency financial statements |
|
|
(11,881 |
) |
|
|
(1,873 |
) |
| Other comprehensive loss attributable to non-controlling interests of the Company, net of tax |
|
|
(3,139 |
) |
|
|
(1,427 |
) |
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
|
20,890 |
|
|
|
102,883 |
|
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
| Equity holders of the Company |
|
|
18,738 |
|
|
|
94,334 |
|
| Non-controlling interests |
|
|
2,152 |
|
|
|
8,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
24
|
|
|
|
|
|
|
|
|
| |
|
Three months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| Items |
|
RMB million |
|
|
RMB million |
|
|
|
|
| Operating income |
|
|
271,403 |
|
|
|
356,593 |
|
| Less: Cost of sales |
|
|
(203,675 |
) |
|
|
(271,796 |
) |
| Taxes and levies on operations |
|
|
(42,395 |
) |
|
|
(42,987 |
) |
| Selling expenses |
|
|
(11,200 |
) |
|
|
(11,384 |
) |
| General and administrative expenses |
|
|
(12,444 |
) |
|
|
(14,520 |
) |
| Finance expenses |
|
|
(5,567 |
) |
|
|
(4,511 |
) |
| Asset impairment losses |
|
|
(1 |
) |
|
|
10 |
|
| Add: Investment income |
|
|
6,031 |
|
|
|
13,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit |
|
|
2,152 |
|
|
|
24,934 |
|
|
|
|
|
|
|
|
|
|
| Add: Non-operating income |
|
|
1,368 |
|
|
|
3,001 |
|
| Less: Non-operating expenses |
|
|
(1,536 |
) |
|
|
(2,049 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
1,984 |
|
|
|
25,886 |
|
|
|
|
|
|
|
|
|
|
| Less: Taxation |
|
|
(558 |
) |
|
|
(2,330 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net profit |
|
|
1,426 |
|
|
|
23,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
| Basic earnings per share (RMB Yuan) |
|
|
0.01 |
|
|
|
0.13 |
|
| Diluted earnings per share (RMB Yuan) |
|
|
0.01 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income |
|
|
98 |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income attributable to equity holders of the Company, net of tax |
|
|
98 |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income would be reclassified to profit or loss |
|
|
|
|
|
|
|
|
| Including: |
|
|
|
|
|
|
|
|
| Share of other comprehensive income of equity-accounted investee |
|
|
212 |
|
|
|
51 |
|
| Losses or gains arising from changes in fair value of available-for-sale financial assets |
|
|
(114 |
) |
|
|
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
|
1,524 |
|
|
|
23,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
25
|
|
|
|
|
|
|
|
|
| |
|
Nine months ended September 30 |
|
| |
|
2015 |
|
|
2014 |
|
| Items |
|
RMB million |
|
|
RMB million |
|
|
|
|
| Operating income |
|
|
817,653 |
|
|
|
1,046,947 |
|
| Less: Cost of sales |
|
|
(594,995 |
) |
|
|
(778,290 |
) |
| Taxes and levies on operations |
|
|
(134,163 |
) |
|
|
(129,154 |
) |
| Selling expenses |
|
|
(31,836 |
) |
|
|
(33,538 |
) |
| General and administrative expenses |
|
|
(43,864 |
) |
|
|
(45,966 |
) |
| Finance expenses |
|
|
(16,152 |
) |
|
|
(16,819 |
) |
| Asset impairment losses |
|
|
14 |
|
|
|
52 |
|
| Add: Investment income |
|
|
19,993 |
|
|
|
47,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit |
|
|
16,650 |
|
|
|
91,125 |
|
|
|
|
|
|
|
|
|
|
| Add: Non-operating income |
|
|
7,635 |
|
|
|
17,830 |
|
| Less: Non-operating expenses |
|
|
(4,250 |
) |
|
|
(4,514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
20,035 |
|
|
|
104,441 |
|
|
|
|
|
|
|
|
|
|
| Less: Taxation |
|
|
(1,802 |
) |
|
|
(10,825 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net profit |
|
|
18,233 |
|
|
|
93,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
| Basic earnings per share (RMB Yuan) |
|
|
0.10 |
|
|
|
0.51 |
|
| Diluted earnings per share (RMB Yuan) |
|
|
0.10 |
|
|
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive (loss) / income |
|
|
(171 |
) |
|
|
175 |
|
|
|
|
|
|
|
|
|
|
| Other comprehensive (loss)/income attributable to equity holders of the Company, net of tax |
|
|
(171 |
) |
|
|
175 |
|
|
|
|
|
|
|
|
|
|
| Other comprehensive (loss) / income would be reclassified to profit or loss |
|
|
|
|
|
|
|
|
| Including: |
|
|
|
|
|
|
|
|
| Share of other comprehensive (loss)/ income of equity-accounted investee |
|
|
(38 |
) |
|
|
125 |
|
| Losses or gains arising from changes in fair value of available-for-sale financial assets |
|
|
(133 |
) |
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
|
18,062 |
|
|
|
93,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
26
| 5. |
Consolidated Cash Flow Statement |
|
|
|
|
|
|
|
|
|
| Items |
|
Nine months ended September 30 |
|
| |
2015 |
|
|
2014 |
|
| |
RMB million |
|
|
RMB million |
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
| Cash received from sales of goods and rendering of services |
|
|
1,508,443 |
|
|
|
2,039,046 |
|
| Refund of taxes and levies |
|
|
1,189 |
|
|
|
5,528 |
|
| Cash received relating to other operating activities |
|
|
1,620 |
|
|
|
2,981 |
|
|
|
|
|
|
|
|
|
|
| Sub-total of cash inflows |
|
|
1,511,252 |
|
|
|
2,047,555 |
|
|
|
|
|
|
|
|
|
|
| Cash paid for goods and services |
|
|
(927,457 |
) |
|
|
(1,352,326 |
) |
| Cash paid to and on behalf of employees |
|
|
(80,522 |
) |
|
|
(79,460 |
) |
| Payments of taxes and levies |
|
|
(264,066 |
) |
|
|
(317,403 |
) |
| Cash paid relating to other operating activities |
|
|
(39,866 |
) |
|
|
(43,656 |
) |
|
|
|
|
|
|
|
|
|
| Sub-total of cash outflows |
|
|
(1,311,911 |
) |
|
|
(1,792,845 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from operating activities |
|
|
199,341 |
|
|
|
254,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
| Cash received from disposal of investments |
|
|
5,741 |
|
|
|
5,995 |
|
| Cash received from returns on investments |
|
|
8,146 |
|
|
|
8,735 |
|
| Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets |
|
|
375 |
|
|
|
6,269 |
|
|
|
|
|
|
|
|
|
|
| Sub-total of cash inflows |
|
|
14,262 |
|
|
|
20,999 |
|
|
|
|
|
|
|
|
|
|
| Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets |
|
|
(150,950 |
) |
|
|
(194,231 |
) |
| Cash paid to acquire investments |
|
|
(2,582 |
) |
|
|
(4,172 |
) |
|
|
|
|
|
|
|
|
|
| Sub-total of cash outflows |
|
|
(153,532 |
) |
|
|
(198,403 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from investing activities |
|
|
(139,270 |
) |
|
|
(177,404 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
27
| 5. |
Consolidated Cash Flow Statement (Continued) |
|
|
|
|
|
|
|
|
|
| Items |
|
Nine months ended September 30 |
|
| |
2015 |
|
|
2014 |
|
| |
RMB million |
|
|
RMB million |
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
| Cash received from capital contributions |
|
|
289 |
|
|
|
1,338 |
|
| Including: Cash received from non-controlling interests’ capital contributions to subsidiaries |
|
|
289 |
|
|
|
1,338 |
|
| Cash received from borrowings |
|
|
569,516 |
|
|
|
512,373 |
|
| Cash received relating to other financing activities |
|
|
61 |
|
|
|
381 |
|
|
|
|
|
|
|
|
|
|
| Sub-total of cash inflows |
|
|
569,866 |
|
|
|
514,092 |
|
|
|
|
|
|
|
|
|
|
| Cash repayments of borrowings |
|
|
(557,228 |
) |
|
|
(487,368 |
) |
| Cash payments for interest expenses and distribution of dividends or profits |
|
|
(46,493 |
) |
|
|
(83,938 |
) |
| Including: Subsidiaries’ cash payments for distribution of dividends or profits to non-controlling interests |
|
|
(3,641 |
) |
|
|
(5,514 |
) |
| Capital reduction of subsidiaries |
|
|
(290 |
) |
|
|
(5 |
) |
| Cash payments relating to other financing activities |
|
|
(3,498 |
) |
|
|
(1,174 |
) |
|
|
|
|
|
|
|
|
|
| Sub-total of cash outflows |
|
|
(607,509 |
) |
|
|
(572,485 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from financing activities |
|
|
(37,643 |
) |
|
|
(58,393 |
) |
|
|
|
|
|
|
|
|
|
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
(765 |
) |
|
|
1,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
|
21,663 |
|
|
|
20,357 |
|
| Add: Cash and cash equivalents at beginning of the period |
|
|
73,778 |
|
|
|
51,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at end of the period |
|
|
95,441 |
|
|
|
71,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
28
| 6. |
Company Cash Flow Statement |
|
|
|
|
|
|
|
|
|
| Items |
|
Nine months ended September 30 |
|
| |
2015 |
|
|
2014 |
|
| |
RMB million |
|
|
RMB million |
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
| Cash received from sales of goods and rendering of services |
|
|
946,154 |
|
|
|
1,216,029 |
|
| Refund of taxes and levies |
|
|
374 |
|
|
|
5,375 |
|
| Cash received relating to other operating activities |
|
|
12,660 |
|
|
|
19,860 |
|
|
|
|
|
|
|
|
|
|
| Sub-total of cash inflows |
|
|
959,188 |
|
|
|
1,241,264 |
|
|
|
|
|
|
|
|
|
|
| Cash paid for goods and services |
|
|
(521,586 |
) |
|
|
(752,206 |
) |
| Cash paid to and on behalf of employees |
|
|
(56,999 |
) |
|
|
(57,503 |
) |
| Payments of taxes and levies |
|
|
(211,483 |
) |
|
|
(218,123 |
) |
| Cash paid relating to other operating activities |
|
|
(17,470 |
) |
|
|
(29,173 |
) |
|
|
|
|
|
|
|
|
|
| Sub-total of cash outflows |
|
|
(807,538 |
) |
|
|
(1,057,005 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from operating activities |
|
|
151,650 |
|
|
|
184,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
| Cash received from disposal of investments |
|
|
686 |
|
|
|
101 |
|
| Cash received from returns on investments |
|
|
26,740 |
|
|
|
45,844 |
|
| Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets |
|
|
261 |
|
|
|
6,079 |
|
|
|
|
|
|
|
|
|
|
| Sub-total of cash inflows |
|
|
27,687 |
|
|
|
52,024 |
|
|
|
|
|
|
|
|
|
|
| Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets |
|
|
(109,211 |
) |
|
|
(124,542 |
) |
| Cash paid to acquire investments |
|
|
(1,442 |
) |
|
|
(3,328 |
) |
|
|
|
|
|
|
|
|
|
| Sub-total of cash outflows |
|
|
(110,653 |
) |
|
|
(127,870 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from investing activities |
|
|
(82,966 |
) |
|
|
(75,846 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
29
| 6. |
Company Cash Flow Statement (Continued) |
|
|
|
|
|
|
|
|
|
| Items |
|
Nine months ended September 30 |
|
| |
2015 |
|
|
2014 |
|
| |
RMB million |
|
|
RMB million |
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
| Cash received from borrowings |
|
|
252,543 |
|
|
|
220,015 |
|
| Cash received relating to other financing activities |
|
|
40 |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
| Sub-total of cash inflows |
|
|
252,583 |
|
|
|
220,077 |
|
|
|
|
|
|
|
|
|
|
| Cash repayments of borrowings |
|
|
(263,471 |
) |
|
|
(239,600 |
) |
| Cash payments for interest expenses and distribution of dividends or profits |
|
|
(50,809 |
) |
|
|
(73,095 |
) |
| Cash payments relating to other financing activities |
|
|
— |
|
|
|
(43 |
) |
|
|
|
|
|
|
|
|
|
| Sub-total of cash outflows |
|
|
(314,280 |
) |
|
|
(312,738 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from financing activities |
|
|
(61,697 |
) |
|
|
(92,661 |
) |
|
|
|
|
|
|
|
|
|
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
|
6,987 |
|
|
|
15,752 |
|
| Add: Cash and cash equivalents at beginning of the period |
|
|
38,507 |
|
|
|
27,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at end of the period |
|
|
45,494 |
|
|
|
43,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Chairman |
|
Vice Chairman and President |
|
Chief Financial Officer |
| Wang Yilin |
|
Wang Dongjin |
|
Yu Yibo |
30
Petrochina (NYSE:PTR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Petrochina (NYSE:PTR)
Historical Stock Chart
From Sep 2023 to Sep 2024
