3rd Apr 2006 07:05
China Petroleum & Chemical Corp02 April 2006 CHINA PETROLEUM & CHEMICAL CORPORATION (a joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code : 0386) Results for the Year Ended 31 December 2005 1. Important Notice 1.1 The Board of Directors of China Petroleum & Chemical Corporation ("Sinopec Corp.") and the Directors, Supervisors and Senior Managementwarrant that there are no material omissions from, or misrepresentations ormisleading statements contained in this announcement, and jointly and severallyaccept full responsibility for the authenticity, accuracy and completeness ofthe information contained in this announcement. This announcement is a summary of the annual report. The entire reportcan be downloaded from the websites of the Shanghai Stock Exchange(www.sse.com.cn) and Sinopec Corp. (www.sinopec.com). Investors should read theannual report for the year 2005 for more details. 1.2 The annual report for this year has been approved unanimously at thetwenty-fifth meeting of the Second Session of the Board. No Director has anydoubt as to, or the inability to warrant, the truthfulness, accuracy andcompleteness of the annual report. 1.3 Messrs., Gao Jian, Fan Yifei, Ho Tsu Kwok, Charles and Zhang Youcai,Directors of Sinopec Corp., could not attend the twenty-fifth meeting of theSecond Session of the Board for reasons of official duties. Mr. Gao Jian and HoTsu Kwok, Charles, Directors of Sinopec Corp., authorised Mr. Cao Xianghong, Mr.Fan Yifei, Director of Sinopec Corp., authorised Mr. Wang Jiming, Vice Chairmanand Mr. Zhang Youcai, Directors of Sinopec Corp., authorised Mr. Shi Wanpeng, tovote on their behalf in respect of the resolutions put forward in thetwenty-fifth meeting of the Second Session of the Board. 1.4 The financial statements for the year ended 31 December 2005 of SinopecCorp. and its subsidiaries ("the Company") prepared in accordance withthe PRC Accounting Rules and Regulations and International Financial ReportingStandards ("IFRS") have been audited by KPMG Huazhen and KPMG,respectively, and both firms have issued unqualified opinions on the financialstatements. 1.5 Mr. Chen Tonghai (Chairman of the Board), Mr. Wang Tianpu (President),Mr. Zhang Jiaren (Director and Chief Financial Officer) and Mr. Liu Yun (Head ofthe Accounting Department) warrant the authenticity and completeness of thefinancial statements contained in the annual report for the year ended 31December 2005. 2. Basic Information about Sinopec Corp. 2.1 Basic information Stock name SINOPEC CORP SINOPEC CORP SINOPEC CORP SINOPEC CORP Stock code 0386 SNP SNP 600028Place of listing Hong Kong New York London Shanghai Stock Exchange Stock Exchange Stock Exchange Stock Exchange Registered address 6A Huixindong Street, Chaoyang District, Beijing, China and office address Postcode 100029Website http://www.sinopec.comE-mail [email protected] / [email protected] 2.2 Contact persons of Sinopec Corp. and means of communication Secretary Representative on to the Board Securities Matters Authorised representatives Name Mr. Chen Ge Mr. Huang Wensheng Mr.Wang Jiming Mr. Chen GeAddress 6A Huixindong Street, Chaoyang District, Beijing, ChinaTel 86-10-6499 0060 86-10-6499 0060 86-10-6499 0060 86-10-6499 0060Fax 86-10-6499 0022 86-10-6499 0022 86-10-6499 0022 86-10-6499 0022E-mail [email protected] / [email protected] 3. SUMMARY OF ACCOUNTING DATA AND FINANCIAL INDICATORS 3.1 Principal accounting data and financial indicators prepared under the PRCAccounting Rules and Regulations for the year 2005 3.1.1 Principal accounting data For the For the For the year year year ended ended ended 31 December 31 December Increase/ 31 DecemberItem 2005 2004 decrease (%) 2003 Income from principaloperations(RMB million) 799,115 590,632 35.30 417,191Profit before taxation(RMB million) 61,482 53,535 14.84 30,015Net Profit (RMB million) 39,558 32,275 22.57 19,011Net profit beforenon-operatingprofits/losses (RMBmillion) 34,999 35,996 -2.77 22,307 At At At 31 December 31 December Increase/ 31 DecemberItem 2005 2004 decrease (%) 2003 Total assets (RMBmillion) 520,572 460,081 13.15 390,213Shareholders' funds(excluding minorityinterests)(RMB million) 215,623 186,350 15.71 162,946Net cash flow fromoperatingactivities (RMB million) 84,963 70,139 21.14 64,448 3.1.2 Principal financial indicators For the For the For the year year year ended ended ended 31 December 31 December Increase/ 31 DecemberItem 2005 2004 decrease (%) 2003 Earnings per share (RMB)(Fully diluted) 0.456 0.372 22.57 0.219Return on net assets (%)(Fully diluted) 18.346 17.320 1.026 11.667 percentage pointReturn (adjusted fornon-operating profits/(losses) on net assets(%) -3.084(Fully diluted) 16.232 19.316 prcentage 13.690 points(Weighted average) 17.414 20.524 -3.110 14.137 percentage pointsNet cash flow fromoperating activities pershare(RMB) 0.980 0.809 21.14 0.743 For the For the For the year year year ended ended ended 31 December 31 December Increase/ 31 DecemberItem 2005 2004 decrease (%) 2003 Net assets per share (RMB)(Fully diluted) 2.487 2.149 15.71 1.879Adjusted net assets per share (RMB) 2.426 2.102 15.41 1.850 Notes:(i) The Company adopted the revised "Accounting Standard for Business Enterprises - Events occurring after the balance sheet date" thatresulted in a change in accounting policy which has been appliedretrospectively. Please refer to Note 2 of the financial statements preparedunder the PRC Accounting Rules and Regulations for details. 3.1.3 Items under non-operating profits/losses: For the year ended 31 December 2005 (Income)/expense (RMB million) Loss on disposal of long-term equity investments (25) Written back of provisions on assets provided in previous years (1,115) Non-operating expenses (excluding normal provisions on assets provided in accordance with the Accounting Regulations for Business Enterprises) 4,118of which: loss on disposal of fixed assets 2,422employee reduction expenses 369donations 203Non-operating income (367)Subsidy income (9,415)Tax effect 2,245 Total (4,559) 3.2 Principal accounting data and financial indicators prepared underInternational Financial Reporting Standards ("IFRS") for the year 2005 For the For the For the year year year ended ended ended 31 December 31 December Increase/ 31 DecemberItem 2005 2004 decrease (%) 2003 Operating profit (RMBmillion) 66,814 63,069 5.94 38,883Profit attributable toshareholders(RMB million) 40,920 36,019 13.61 22,424Return on capitalemployed* (%) -0.85 percentage 11.99 12.84 points 9.01Basic earnings per share(RMB) 0.472 0.415 13.61 0.259Net cash flow fromoperatingactivities per share(RMB) 0.882 0.797 10.66 0.716 * Return on capital employed = operating profit x (1-income tax rate)/capital employed At At At 31 December 31 December Increase/ 31 DecemberItem 2005 2004 decrease (%) 2003 Current assets (RMBmillion) 145,291 120,271 20.80 103,039 Current liabilities (RMBmillion) 170,649 146,277 16.66 129,272Total Assets (RMBmillion) 537,321 474,594 13.22 420,184Equity attributable toequity shareholdersof the Company (RMBmillion) 223,556 193,040 15.81 171,515Net assets per share(RMB) 2.578 2.226 15.81 1.978Adjusted net assets pershare (RMB) 2.518 2.187 15.13 1.950 3.3 Material differences between the PRC Accounting Rules and Regulations andIFRS X Applicable Not applicable The PRC Accounting Rules and Regulations IFRS Net profit (RMB million) 39,558 40,920 Explanation on the differences See Subsection 9.2.3 Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/8308a_-2006-4-3.pdf This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SNP.L