BEIJING, March 26, 2017 /PRNewswire/ -- China Petroleum
& Chemical Corporation ("Sinopec Corp." or the "Company")
(HKEX: 386; SSE: 600028; NYSE: SNP) today announced its annual
results for the twelve months ended 31
December 2016.
Financial Highlights
- In accordance with IFRS, the Company's total turnover and other
operating revenue was RMB 1.93
trillion. Its operating profit was RMB 77.2 billion, representing an increase of
35.9% from the previous year. Profit attributable to shareholders
of the Company was RMB 46.7 billion,
up by 43.6% year-on-year. Basic earnings per share were
RMB 0.385.
- In accordance with ASBE, the Company's operating profit was
RMB 78.9 billion, representing a
51.0% increase as compared with 2015. Profit attributable to
shareholders of the Company was RMB 46.4
billion, up 43.8% year-on-year. Basic earnings per share
were RMB 0.383.
- In the face of the challenges from low oil prices, the
Company's fully utilized its integrated business model and achieved
strong profit growth of downstream operations. Robust growth in
refining profit and steady growth in the profit of marketing and
chemicals segments enabled the Company to withstand the impacts of
low oil prices. Operating profit of the refining segment surged by
168.5% year-on-year to the record high of RMB 56.3 billion. This segment became a key
driver of the Company's profit growth.
- In accordance with IFRS, the Company's liability-to-asset ratio
as at the end of 2016 was 44.5%, which represented a decrease of
0.9 percentage points compared with the end of the previous year
and was the lowest annual figure since its listing. Meanwhile, the
Company maintained a sound financial position. It possessed
abundant cash flow, with its cash and cash equivalents amounted to
RMB124.5 billion as at 31 December 2016.
- The Board of Directors proposed a final dividend of
RMB 0.17 per share. Together with the
interim dividend of RMB 0.079 per
share, the total annual cash dividend for 2016 is RMB 0.249 per share. Its dividend payout ratio
trended upwards and increased to 64.6% in 2016. Total cash dividend
to be paid for the full year was RMB 30.1
billion, the highest since its listing.
- Based on preliminary calculations by the financial department
of the Company and in accordance with the ASBE, it is estimated
that the net profit attributable to shareholders of the Company for
the first quarter of 2017 will increase by approximately 150%
year-on-year. The main reasons for the increase in estimated
results include: the price of international crude oil increased
significantly, which helped the upstream segment to reduce its
losses as compared with the corresponding period last year; market
demand for middle and downstream products remained stable, and
profitability increased as compared with the corresponding period
of last year.
Business Highlights
In 2016, global economic recovery remained weak. Meanwhile,
China's economy maintained stable
growth, with its gross domestic product (GDP) grew by 6.7%. As
international oil prices hovered at low levels and trended upwards,
domestic oil products supply remained abundant, leading to fierce
competition in the market. Demand for chemicals grew steadily while
China's environmental regulations
became more stringent. The Company proactively addressed the
changing market by focusing on improving its product quality,
operating efficiency and business upgrade. It accelerated the
business restructuring and pressed ahead with measures to address
market development, optimisation, cost reduction and risk control,
coordinating all aspects of its work. As a result, the Company
delivered o better-than-expected operating results.
- Exploration and Production segment: In the face of low oil
prices and harsh conditions in the upstream sector, the Company
stepped up efforts to rein in costs and address its weaknesses. At
the same time, it gave priority to high-efficiency exploration
activities and sustained exploration efforts. As to resources
development, it adopted a profit-oriented approach and adjusted the
development structure. While enhancing cost discipline, it cut
low-efficiency oil production and high-cost EOR operations. The
Company carried out the development of the Phase Two of Fuling
Shale Gas project to increase its natural gas production.
- Refining segment: The Company further upgraded oil products
quality as scheduled. Through superior feedstock optimization by
its international trading business, it further cut crude
procurement costs and achieved moderate increase in product
exports. It brought centralized marketing advantages into full play
to further improve the margins for LPG, asphalt and other
products.
- Marketing and Distribution segment: The Company leveraged its
advantages of integrated business model and distribution network to
achieve solid operating results. It made timely adjustments to its
marketing strategies, improved its marketing network and promoted
effective supply. Its non-fuel business maintained rapid growth
with scale increased and margins strengthened.
- Chemicals segment: The Company strengthened the operations of
its manufacturing facilities, fine-tuned chemical feedstock mix to
lower costs, maximised production of high value-added products
customized to meet market demands, and enhanced its research and
development, production, marketing and sales of high value-added
new products. As a result, satisfactory results were made.
Mr. Wang Yupu, Chairman of Sinopec Corp. said, "Over the past
year, we focused on the transformation of our growth mode and
structural adjustments, which enabled us to improve the quality and
efficiency of our assets as well as to upgrade our operations.
Under the management's leadership, the entire staff worked together
to advance these goals. We achieved significant improvement in our
operating results through relentless joint efforts to explore new
markets, optimise our operations, reduce costs and improve risk
management. All these achievements marked a good start to our 13th
Five-Year Plan. In our efforts to implement supply-side structural
reform, the Company benefited from an integrated value chain, which
allowed our businesses to complement each other. As we increased
the effective supply of petroleum and petrochemical products and
related services to the community, we reaped economic benefits and
improved our asset utilisation. Looking ahead into 2017, the
Company will adhere to the development strategies of value-oriented
growth, innovation-driven development, integrated resource
allocation, openness to cooperation, and green low-carbon
development. In accordance with our objective of progressing at a
steady pace, we will drive upgrades in our businesses and drive new
breakthroughs."
Business Review
Exploration and Production
In 2016, confronting low oil prices environment and harsh
conditions in the upstream sector, the Company strengthened
measures to rein in costs and address its weaknesses. At the same
time, it gave priority to high-efficiency exploration activities,
sustained exploration efforts and made a number of important new
discoveries in the Xinjiang Tahe Basin, the Beibu Gulf in
Guangxi and the Yin-E Basin in
Neimongol respectively, along with new shale gas findings in the
Yongchuan block in Sichuan. As to
resources development, the Company adopted a profit-oriented
approach, adjusted the development structure, enhanced cost
discipline, and cut low-efficiency oil production and high-cost EOR
operations. It implemented Phase Two of Fuling Shale Gas
development project to increase natural gas production. It also
completed the mixed ownership reform of Sichuan-to-East China Pipeline Co., leading to
the improvement in its asset utilisation. The Company's oil and gas
production declined by 8.6% year-on-year to 431.29 million barrels
of oil equivalent. Its domestic crude production dropped by 13.2%
from the previous year, while natural gas production went up by
4.3% from a year ago.
In 2016, the operating revenue of this segment was RMB 115.9 billion, representing a decrease of
16.4% over 2015. The decrease was mainly attributable to the
decline of realised price of crude oil and natural gas as well as
the decrease in sales volume of crude oil. Despite a loss of
approximately RMB 36.6 billion was
made, this segment still generated positive free cash flow.
In 2016, the Company proactively controlled its expenses. The
oil and gas lifting cost was USD
16.65 per tonne, representing a decrease of 5.5% from the
previous year amid a 13.2% decrease in crude oil price.
Exploration and
Production: Summary of Operations
|
|
Twelve-month periods
ended 31
December
|
Changes
|
2016
|
2015
|
%
|
Oil and gas
production (mmboe)
|
431.29
|
471.91
|
(8.6)
|
Crude oil production
(mmbbls)
|
303.51
|
349.47
|
(13.2)
|
China
|
253.15
|
296.34
|
(14.6)
|
Overseas
|
50.36
|
53.13
|
(5.2)
|
Natural gas
production (bcf)
|
766.12
|
734.79
|
4.3
|
Refining
In 2016, the Company completed the upgrading of vehicle gasoline
and diesel to National V standards before the schedule and actively
promoted the upgrading of oil products to Beijing VI standards. It
advanced the adjustment of its product structure and increased
output of gasoline (especially premium gasoline) and kerosene, with
the diesel-to-gasoline ratio further declining to 1.19. Moreover,
the Company actively responded to the challenges of abundant market
supply, and succeeded in maintaining the utilisation rate at a high
level. Meanwhile, through superior feedstock optimization by its
international trading business, the Company further cut crude
procurement costs and achieved moderate increase in product
exports. It brought its centralized marketing advantages into full
play to further improve the margins for LPG, asphalt and other
products. In 2016, the Company processed 236 million tonnes of
crude and produced 149 million tonnes of refined oil products, up
by 0.53% from the previous year. Gasoline production and kerosene
production increased by 4.4% and 4.6% respectively.
In 2016, the operating revenues of this segment were
RMB 855.8 billion, representing a
decrease of 7.6% from 2015. This was mainly attributable to the
decrease in refined oil products prices. In 2016, this segment
seized the favorable opportunities arising from the bottoming out
of crude oil prices to reinforce management in crude oil
procurement, adjusted product mix based on market needs, increased
export volume, and made great efforts to improve the profitability
of self-distributed products. As a result, the operating
performance of this segment significantly improved. In 2016, the
operating profit of this segment totaled RMB
56.3 billion, representing an increase of RMB 35.3 billion as compared with 2015.
In 2016, refining gross margin was RMB
471.9 per tonne, representing an increase of RMB 153.8 per tonne as compared with 2015. The
unit refining cash operating cost was RMB
165.7 per tonne, representing a decrease of RMB 1.9 per tonne when compared with 2015. The
decrease was mainly because the Company enforced strict cost
control, improved operating efficiency, as well as decreased
operational costs in fuel, power and other auxiliaries
facilities.
Refining: Summary of
Operations
|
|
For the twelve
months
ended 31 December
|
Changes
|
2016
|
2015
|
(%)
|
Refinery throughput
(million tonnes)
|
235.53
|
236.49
|
(0.4)
|
Gasoline, diesel and
kerosene production (million tonnes)
|
149.17
|
148.38
|
0.5
|
Gasoline (million
tonnes)
|
56.36
|
53.98
|
4.4
|
Diesel (million
tonnes)
|
67.34
|
70.05
|
(3.9)
|
Kerosene (million
tonnes)
|
25.47
|
24.35
|
4.6
|
Light chemical
feedstock production (million tonnes)
|
38.54
|
38.81
|
(0.7)
|
Light yield
(%)
|
76.33
|
76.50
|
(0.17) percentage
points
|
Refining yield
(%)
|
94.70
|
94.75
|
(0.05) percentage
points
|
Note: Includes 100%
of production of joint ventures.
|
Marketing and Distribution
In 2016, the Company actively responded to changes in the market
environment. It made the advantages of its integrated business
model and distribution network into full play and achieved solid
operating results. It optimised internal and external resources and
achieved growth both in total sales volume and retail scale. It
made timely adjustments to its marketing strategies, promoted
effective supply and further expanded the retail volume of premium
gasoline. It also improved its marketing network by accelerating
the planning and construction of service stations and refined oil
product pipelines. The Company increased the focus on vehicle-used
natural gas business and expedited the construction and operation
of CNG/LNG stations, achieving 25% growth in sales volume of
vehicle-used natural gas. In 2016, the total sales volume of oil
products was 195 million tonnes, of which domestic sales accounted
for 173 million tonnes. Its non-fuel business maintained rapid
growth with business scale increased and margins strengthened. The
non-fuel business transaction volume reached RMB 35.1 billion, up by 41.4% from the previous
year.
In 2016, the operating profit of this segment was RMB 32.2 billion, representing an increase of
11.4% when compared with 2015. The increase was mainly because the
segment made full use of the advantages of end user marketing
network, actively expanded the gasoline market, increased the sales
volume of high octane number gasoline, made efforts to improve
total sales volume, coordinate internal and external resources,
increased the spread between sales and procurement prices as
compared with 2015, and achieved better performance.
Marketing and
Distribution: Summary of Operations
|
|
For twelve months
ended 31 December
|
Changes
|
2016
|
2015
|
%
|
Total sales volume of
refined oil products (million tonnes)
|
194.84
|
189.33
|
2.9
|
Total domestic sales
volume of refined oil products (million tonnes)
|
172.70
|
171.37
|
0.8
|
Retail (million
tonnes)
|
120.14
|
119.03
|
0.9
|
Direct sales and
Wholesale
(million tonnes)
|
52.56
|
52.34
|
0.4
|
Annualised average
throughput per station (tonne/station)
|
3,926
|
3,896
|
0.8
|
|
|
|
|
|
As of 31
December
2016
|
As of 31
December
2015
|
Changes
from the end
of previous
year(%)
|
Total number of
Sinopec-branded service stations
|
30,603
|
30,560
|
0.1
|
Company-operated
|
30,597
|
30,547
|
0.2
|
Chemicals
In 2016, the Company accelerated the development of basic and
high-end chemicals to promote effective supply, and strengthened
the operations of its manufacturing facilities by adjusting
production slate and utilisation rates to achieve solid profit
margins. It fine-tuned its chemical feedstock mix to lower costs,
maximised production of high value-added products customized to
meet market demands, and intensified its efforts to enhance
research and development, production, marketing and sales of high
value added new products, achieving good results. Ethylene output
was 11.059 million tonnes, with the differential ratio of synthetic
fiber reaching 86.5% and the specialty and new products as a
percentage of synthetic resins reaching 61.4%. By implementing
low-inventory and differentiated marketing strategies, its
full-year chemical sales volume increased by 11.3% from the
previous year to 69.96 million tonnes, with all produced chemicals
sold.
In 2016, the operating revenue of the chemicals segment was
RMB 335.1 billion, representing an
increase of 1.9% as compared with that of 2015. This was mainly due
to the increase in sales volume of chemical products as compared
with 2015. In 2016, the operating profit of this segment was
RMB 20.6 billion, representing an
increase of RMB 1.1 billion as
compared with 2015.
In 2016, this segment seized the favorable opportunities of the
low price of feedstocks, further adjusted feedstock and product
mix, integrated production with sales, strictly controlled costs
and expenses. As a result, the chemical all-in costs further
declined and the segment maintained robust profit margins.
Major Chemical
Products: Summary of
Operations
Unit of production: 1,000 tonne
|
|
For twelve months
ended 31 December
|
Changes
|
2016
|
2015
|
(%)
|
Ethylene
|
11,059
|
11,118
|
(0.5)
|
Synthetic
resin
|
15,201
|
15,065
|
0.9
|
Synthetic fiber
monomer and polymer
|
857
|
843
|
1.7
|
Synthetic
fiber
|
9,275
|
8,994
|
3.1
|
Synthetic
rubber
|
1,242
|
1,282
|
(3.1)
|
Note: Includes 100%
of production of joint ventures.
|
R&D
In 2016, the Company pushed ahead with innovation-driven
strategy, continuing to advance R&D activities with notable
results. In upstream business, its development in shale gas
exploration technologies enabled it to make breakthroughs in shale
gas exploration in Yongchuan, Chongqing. The breakthroughs in Ordovician oil
and gas reservoir formation theory and exploration technologies led
us to the discovery of the Shunbei field. In refining segment, the
Company applied technologies such as those for production of
high-octane gasoline from FCC diesel. In chemicals segment, the
Company commercialised the production of ethylene glycol from
syngas, adopted butadiene tail-gas selective hydrogenation
technologies, employed technologies to produce light olefins from
coal as well as olefin catalytic cracking technologies, and
developed new products including environmentally friendly
polypropylene resin with high stiffness and tenacity, and a
specialty resin used in high performance medical spun-bond nonwoven
fabrics. In 2016, the Company filed 5,612 patent applications at
home and abroad, of which 3,942 were granted. The Company also won
four second prizes in the National Technology and Innovation Awards
and one golden award and nine excellent patent awards in
China's Patent Award
competition.
Capital Expenditures
In 2016, the Company focused on investment quality and
efficiency, and continuously optimised its investment portfolio.
Total capital expenditures for the year were RMB 76.456 billion. Capital expenditures for the
exploration and production segment were RMB
32.187 billion, mainly for Fuling shale gas and Yuanba gas
field development projects and the LNG terminal projects in
Guangxi and Tianjin, as well as overseas projects. Capital
expenditures for the refining segment were RMB 14.347 billion, mainly for gasoline and
diesel quality upgrading projects, adjustments in the product mix
and refinery revamping projects. Capital expenditures for the
marketing and distribution segment were RMB
18.493 billion, mainly for constructing and renovating
service stations and building refined oil product pipelines, depots
and storage facilities, as well as for rectification of safety
hazards. Capital expenditures for the chemicals segment were
RMB 8.849 billion, mainly for
adjustment of the feedstock and product structure, the Ningdong
coal chemical project and the Zhongtianhechuang coal-to-chemical
project. Capital expenditures for the corporate and others segment
were RMB 2.58 billion, mainly for
R&D facilities and information technology application
projects.
Health, Safety and the Environment
The Company fully implemented its work safe production and
accountability scheme, strengthened the identification and control
of risks, completed the reduction of potential hazards from oil and
gas pipelines, further pushed forward management on potential
hazards from oil storage tanks, reinforced onsite supervision and
management, and achieved overall safe production and operations. It
standardised measures to enhance worker protection and improved
occupational health safeguards for our employees. The Company
advanced its green low-carbon strategy, established a more
stringent environmental protection management system, completed the
"Clear Water, Blue Sky" environmental protection project, and met
emission reduction targets for major pollutants. Compared with the
previous year, energy intensity was down by 1.59%, industrial water
consumption was down by 1.1%, COD in discharged water was down by
3.86%, sulfur dioxide emissions were down by 4.84%, and all
hazardous chemicals, discharged water, gas and solid wastes were
properly treated.
Business Prospects
Looking ahead into 2017, the Company expects increasing
uncertainties in the global economy. Meanwhile, China's economy is expected to maintain steady
growth. International oil prices are expected to fluctuate at low
levels, with domestic demand for refined oil products continuing to
grow as the consumption structure undergoes further adjustments.
Domestic demand for petrochemical products will increase steadily
as the consumption structure gradually shifts towards the high end.
In 2017, the Company will focus mainly on structural reforms on the
supply side. It will advance quality and efficiency of its assets,
lower costs, expand markets, make structural adjustments, deepen
reforms, and consolidate the basis for further growth. The Company
will undertake the following work during the year:
Exploration and Production: The Company will sustain its
exploration activities, optimising its plans to achieve high
efficiency exploration. It will step up efforts to look for
low-cost discoveries and expand large-scale reserves to increase
its resources. In oil development, the Company will fine-tune plans
based on oil price trends and promote oilfield development by
increasing the volume and profitability of both incremental and
existing reserves. In gas development, it will advance key projects
for capacity construction, refine the management of developed gas
fields and optimise gas production and marketing plans. In 2017,
the Company plans to produce 294 million barrels of crude oil, of
which overseas production will account for 46 million barrels. It
plans to produce 879.9 billion cubic feet of natural gas.
Refining: The Company will further promote the
market-oriented, profitability driven strategy to optimise crude
oil outsourcing and resources allocation and to lower purchasing
costs. It will comprehensively adjust its production plans to
ensure safe and reliable operations. Besides, it will enhance
product structure by increasing the production of jet fuel and
gasoline (especially premium gasoline) and further lowering the
diesel-to-gasoline ratio. It will accelerate the quality upgrades
and supply of Beijing VI vehicle-used gasoline and diesel and
National V standards regular diesel. In 2017, the Company plans to
process 240 million tonnes of crude and produce 150 million tonnes
of oil products.
Marketing and Distribution: The Company will intensify
marketing strategy of balancing profits and volume, with the
priority on profits. It will undertake measures to fully explore
markets, expand its retail volume and increase its market share. It
will further improve the layout of end market network to reinforce
its strengths in the development of network. It will accelerate
construction of gas stations to strengthen its presence in the
CNG/LNG market. Moreover, it will step up the promotion of key
merchandise and proprietary brands and boost the growth of its
non-fuel business. The Company will explore to build a new type of
customer service center, employ techniques of Big Data analysis to
conduct precision marketing and further its transformation into a
modern integrated services provider. In 2017, the Company plans to
sell 175 million tonnes of oil products in domestic market.
Chemicals: The Company will continue to adjust our
feedstock mix to lower costs, fine tune its product slate to
deliver more popular, profitable and high-value-added products,
optimise its facility utilization rate, shut down facilities that
contribute little to margins. It will deepen the adjustment on
sector structure, through advancing the development of fine
chemicals and biochemicals, and improving operations of our
coal-chemical projects. Meanwhile, it will enhance the strategies
of product differentiation and precision marketing, and provide
customers with integrated solutions and value-added services. In
2017, the Company plans to produce 11.66 million tonnes of
ethylene.
Research and Development: The Company will continue to
implement the development strategy driven by innovation, improving
mechanisms for technological innovation and fast-tracking key
technical breakthroughs. In exploration and production, it will
focus on increasing reserves and production volume and pushing
ahead with breakthroughs in enhanced oil recovery technologies and
development of difficult-to-tap reserves. In refining segment,
R&D initiatives will address processing of heavy crude oil,
quality upgrades of its oil products and adjustments in its product
slate. In chemicals segment, the Company will focus on adjustments
in product mix along with further progress in R&D for basic
chemicals, synthetic materials, coal-chemicals, fine chemicals and
bio-chemicals. The Company also expects to make progress in safety,
environmental and energy-conserving technologies as well as
prospective basic research to enhance its capabilities for
innovation and to achieve new R&D breakthroughs.
Capital Expenditures: In 2017, the Company will devote
attention to the quality and efficiency of investments, and
optimize its investment projects. Capital expenditures for the year
are budgeted at RMB 110.2 billion.
The exploration and production segment will account for
expenditures of RMB 50.5 billion,
mainly for Phase Two of Fuling shale gas development project,
Tianjin LNG and gas storage project, and overseas oil and gas
projects development. The refining segment will account for
RMB 22.8 billion, mainly for the
building of refining bases, structural adjustments in the refining
business, and revamping of refineries as well as the upgrading of
oil products to National VI standards. The marketing and
distribution segment will account for RMB 18
billion, mainly for revamping service stations, improving
pipeline network, building oil tank farms and removing safety
hazards. The chemicals segment will account for RMB 15.1 billion, mainly for the integrated
refining and chemical project in Zhanjiang of Guangdong Province, the integrated refining
and chemical project in Gulei of Fujian
Province and the high-efficiency and environmentally
friendly aromatics project in Hainan refinery. The corporate and others
segment will account for RMB 3.8
billion, mainly for R&D and information technology
projects.
Appendix: Key financial data and
indicators
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH
ASBE
Principal accounting
data
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2016 (RMB
million)
|
2015 (RMB
million)
|
Operating
income
|
1,930,911
|
2,020,375
|
(4.4)
|
Net profit
attributable to equity shareholders of the Company
|
46,416
|
32,281
|
43.8
|
Net profit
attributable to equity shareholders of the Company
after deducting
extraordinary gain/loss items
|
29,713
|
28,901
|
2.8
|
Net cash flows from
operating activities
|
214,543
|
165,740
|
29.4
|
|
At 31 December
2016
(RMB
million)
|
At 31 December
2015
(RMB
million)
|
Change from the
end of last year
(%)
|
Total equity
attributable to equity shareholders of the Company
|
712,232
|
677,538
|
5.1
|
Total
assets
|
1,498,609
|
1,447,268
|
3.5
|
Principal financial
indicators
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2016
(RMB)
|
2015
(RMB)
|
Basic earnings per
share
|
0.383
|
0.267
|
43.4
|
Diluted earnings per
share
|
0.383
|
0.267
|
43.4
|
Basic earnings per
share after deducting extraordinary gain/loss items
|
0.245
|
0.239
|
2.5
|
Weighted average
return on net assets (%)
|
6.68
|
5.07
|
1.61 percentage
points
|
Weighted average
return on net assets after deducting extraordinary gain/loss items
(%)
|
4.33
|
4.52
|
(0.19) percentage
points
|
Net cash flow from
operating activities per share
|
1.772
|
1.371
|
29.2
|
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH
IFRS
Principal accounting
data
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2016
(RMB
million)
|
2015
(RMB
million)
|
Operating
Profit
|
77,193
|
56,822
|
35.9
|
Net profit
attributable to owners of the Company
|
46,672
|
32,512
|
43.6
|
Net cash generated
from operating activities
|
1.772
|
1.371
|
29.2
|
|
At 31 December
2016
(RMB
million)
|
At 31 December
2015
(RMB
million)
|
Change from the
end of last year
(%)
|
Equity attributable
to owners of the Company
|
710,994
|
676,197
|
5.1
|
Total
assets
|
1,498,609
|
1,447,268
|
3.5
|
Principal financial
indicators
|
Items
|
For twelve months
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2016
(RMB)
|
2015
(RMB)
|
Basic earnings per
share
|
0.385
|
0.268
|
43.7
|
Diluted earnings per
share
|
0.385
|
0.268
|
43.7
|
Return on capital
employed (%)
|
7.30
|
5.23
|
2.07 percentage
points
|
The following table sets forth the operating revenues, operating
expenses and operating profit / (loss) by each segment before
elimination of the inter-segment transactions for the periods
indicated, and the percentage changes between 2016 and 2015.
|
For twelve months
ended 31 December
|
Changes
|
2016
|
2015
|
(RMB
million)
|
(%)
|
Exploration and
Production Segment
|
|
|
|
Operating revenues
|
115,939
|
138,653
|
(16.4)
|
Operating expenses
|
152,580
|
156,071
|
(2.2)
|
Operating (loss)/profit
|
(36,641)
|
(17,418)
|
-
|
Refining
Segment
|
|
|
|
Operating revenues
|
855,786
|
926,616
|
(7.6)
|
Operating expenses
|
799,521
|
905,657
|
(11.7)
|
Operating (loss)/profit
|
56,265
|
20,959
|
168.5
|
Marketing and
Distribution Segment
|
|
|
|
Operating revenues
|
1,052,857
|
1,106,666
|
(4.9)
|
Operating expenses
|
1,020,704
|
1,077,811
|
(5.3)
|
Operating (loss)/profit
|
32,153
|
28,855
|
11.4
|
Chemicals
Segment
|
|
|
|
Operating revenues
|
335,114
|
328,871
|
1.9
|
Operating expenses
|
314,491
|
309,395
|
1.6
|
Operating (loss)/profit
|
20,623
|
19,476
|
5.9
|
Corporate and
others
|
|
|
|
Operating revenues
|
739,947
|
783,874
|
(5.6)
|
Operating expenses
|
736,735
|
783,490
|
(6.0)
|
Operating (loss)/profit
|
3,212
|
384
|
736.5
|
Elimination of
inter-segment
profit/(loss)
|
1,581
|
4,566
|
-
|
About Sinopec Corp.
Sinopec Corp. is one of the
largest integrated energy and chemical companies in China. Its principal operations include the
exploration and production, pipeline transportation and sale of
petroleum and natural gas; the sale, storage and transportation of
petroleum products, petrochemical products, coal chemical products,
synthetic fibre, fertiliser and other chemical products; the import
and export, including an import and export agency business, of
petroleum, natural gas, petroleum products, petrochemical and
chemical products, and other commodities and technologies; and
research, development and application of technologies and
information.
Sinopec sets 'fueling beautiful life' as its corporate mission,
puts 'people, responsibility, integrity, precision, innovation and
win-win' as its corporate core values, pursues strategies of
value-orientation, innovation-driven development, integrated
resource allocation, open cooperation, and green and low-carbon
growth, and strives to achieve its corporate vision of building a
world leading energy and chemical company.
Disclaimer
This press release includes
"forward-looking statements". All statements, other than statements
of historical facts that address activities, events or developments
that Sinopec Corp. expects or anticipates will or may occur in the
future (including but not limited to projections, targets, reserve
volume, other estimates and business plans) are forward-looking
statements. Sinopec Corp.'s actual results or developments may
differ materially from those indicated by these forward-looking
statements as a result of various factors and uncertainties,
including but not limited to the price fluctuation, possible
changes in actual demand, foreign exchange rate, results of oil
exploration, estimates of oil and gas reserves, market shares,
competition, environmental risks, possible changes to laws, finance
and regulations, conditions of the global economy and financial
markets, political risks, possible delay of projects, government
approval of projects, cost estimates and other factors beyond
Sinopec Corp.'s control. In addition, Sinopec Corp. makes the
forward-looking statements referred to herein as of today and
undertakes no obligation to update these statements.
Investor
Inquiries:
|
Media
Inquiries:
|
Beijing
|
|
Tel:(86 10) 5996
0028
|
Tel:(86 10) 5996
0028
|
Fax:(86 10) 5996
0386
|
Fax:(8610) 5996
0386
|
Email:ir@sinopec.com
|
Email:ir@sinopec.com
|
|
|
Hong
Kong
|
|
Tel:(852) 2824
2638
|
Tel:(852) 2522
1838
|
Fax:(852) 2824
3669
|
Fax:(852) 2521
9955
|
Email:ir@sinopechk.com
|
Email:sinopec@prchina.com.hk
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sinopecs-net-profit-surged-44-yoy-to-rmb-467-billion-in-2016-300429439.html
SOURCE China Petroleum & Chemical Corporation