$SNPMF

CHINA PETROLEUM & CHEMICAL CORP

CIK:0001123658|SEC Filings

CONSOLIDATED INCOME STATEMENTS - CNY (¥) ¥ in Millions	12 Months Ended
CONSOLIDATED INCOME STATEMENTS - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue
Revenue from primary business	¥ 3,257,356	¥ 2,679,500	¥ 2,048,654
Other operating revenues	60,812	61,384	56,070
Sales of goods and other operating revenues	3,318,168	2,740,884	2,104,724
Operating expenses
Purchased crude oil, products and operating supplies and expenses	(2,684,756)	(2,076,665)	(1,589,821)
Selling, general and administrative expenses	(55,809)	(54,978)	(53,668)
Depreciation, depletion and amortization	(109,906)	(115,680)	(107,461)
Exploration expenses, including dry holes	(10,591)	(12,382)	(9,716)
Personnel expenses	(103,585)	(103,492)	(87,525)
Taxes other than income tax	(263,991)	(259,032)	(235,018)
Impairment (losses)/reversals on trade and other receivables	1,084	(2,311)	(2,066)
Other operating income/(expenses), net	(14,779)	(21,716)	(5,780)
Total operating expenses	(3,242,333)	(2,646,256)	(2,091,055)
Operating income	75,835	94,628	13,669
Finance costs
Interest expense	(16,769)	(15,018)	(15,198)
Interest income	6,266	5,732	4,803
Foreign currency exchange gains, net	529	276	885
Net finance costs	(9,974)	(9,010)	(9,510)
Investment income	14,060	298	37,744
Share of profits less losses from associates and joint ventures	14,479	23,253	6,712
Earnings before income tax	94,400	109,169	48,615
Income tax expense	(18,757)	(23,318)	(6,344)
Net income	75,643	85,851	42,271
Attributable to:
Owners of the Company	66,153	71,975	33,443
Non-controlling interests	9,490	13,876	8,828
Net income	¥ 75,643	¥ 85,851	¥ 42,271
Earnings per share:
Basic	¥ 0.55	¥ 0.59	¥ 0.28
Diluted	¥ 0.55	¥ 0.59	¥ 0.28

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash generated from operating activities	¥ 116,269	¥ 225,174	¥ 168,520
Investing activities
Capital expenditure	(153,744)	(127,965)	(118,321)
Exploratory wells expenditure	(18,783)	(16,956)	(13,315)
Purchase of investments	(9,234)	(4,935)	(6,040)
Payment for financial assets at fair value through profit or loss	(1,222)	(8,150)	(6,700)
Proceeds from settlement of financial assets at fair value through profit or loss	1,220	8,248	10,000
Payment for acquisition of subsidiary, net of cash acquired	(7,881)	(1,106)	(340)
Proceeds from disposal of investments	10,801	6,769	51,520
Proceeds from disposal of property, plant, equipment and other non-current assets	212	1,478	2,656
Increase in time deposits with maturities over three months	(31,670)	(50,844)	(84,689)
Decrease in time deposits with maturities over three months	93,455	34,298	54,950
Interest received	6,918	3,372	2,305
Investment and dividend income received	13,969	10,134	11,510
(Payments of) / proceeds from other investing activities	949	459	(6,186)
Net cash used in investing activities	(95,010)	(145,198)	(102,650)
Financing activities
Proceeds from bank and other loans	564,417	356,459	558,680
Repayments of bank and other loans	(514,275)	(338,232)	(540,015)
Contributions to subsidiaries from non-controlling interests	3,946	1,001	4,219
Dividends paid by the Company	(56,903)	(35,110)	(31,479)
Distributions by subsidiaries to non-controlling interests	(5,249)	(8,068)	(4,821)
Interest paid	(9,679)	(5,849)	(7,512)
Payments made to acquire non-controlling interests		(8,198)	(1,121)
Cash payments to purchase own shares	(4,179)
Repayments of lease liabilities	(18,672)	(19,412)	(15,327)
Proceeds from other financing activities	989	133	700
Repayments of other financing activities	(94)	(666)	(834)
Net cash used in financing activities	(39,699)	(57,942)	(37,510)
Net increase/(decrease) in cash and cash equivalents	(18,440)	22,034	28,360
Cash and cash equivalents as at January 1	108,590	87,559	60,438
Effect of foreign currency exchange rate changes	3,288	(1,003)	(1,239)
Cash and cash equivalents as at December 31	93,438	108,590	87,559
Operating activities
Earnings before income tax	94,400	109,169	48,615
Adjustment for:
Depreciation, depletion and amortization	109,906	115,680	107,461
Dry hole costs written off	6,416	7,702	5,928
Income from associates and joint ventures	(14,479)	(23,253)	(6,712)
Investment income	(14,060)	(298)	(37,744)
Interest income	(6,266)	(5,732)	(4,803)
Interest expense	16,769	15,018	15,198
Loss/(gain) on foreign currency exchange rate changes and derivative financial instruments	3,064	(3,723)	2,003
(Gain)/loss on disposal of property, plant, equipment and other non-current assets, net	722	3,062	(398)
Impairment losses on assets	12,009	13,165	26,087
Impairment losses/(reversals) on trade and other receivables	(1,084)	2,311	2,066
Cash flows from (used in) operations before changes in working capital	207,397	233,101	157,701
Net changes from:
Accounts receivable and other current assets	1,974	(8,177)	(17,610)
Inventories	(45,421)	(58,372)	22,407
Accounts payable and other current liabilities	(30,363)	82,408	15,169
Net charges from operating activities	133,587	248,960	177,667
Income tax paid	(17,318)	(23,786)	(9,147)
Net cash generated from operating activities	¥ 116,269	¥ 225,174	¥ 168,520

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	¥ 93,438	¥ 108,590
Time deposits with financial institutions	51,614	113,399
Financial assets at fair value through profit or loss	2
Derivative financial assets	19,335	18,371
Trade accounts receivable	46,364	34,861
Financial assets at fair value through other comprehensive income	3,507	5,939
Inventories	244,241	207,433
Prepaid expenses and other current assets	64,639	69,431
Total current assets	523,140	558,024
Non-current assets
Property, plant and equipment, net	630,700	598,925
Construction in progress	196,045	155,939
Right-of-use assets	264,856	268,408
Goodwill	6,464	8,594
Interest in associates	159,150	148,729
Interest in joint ventures	74,791	60,450
Financial assets at fair value through other comprehensive income	730	767
Deferred tax assets	19,952	19,389
Long-term prepayments and other assets	72,812	70,030
Total non-current assets	1,425,500	1,331,231
Total assets	1,948,640	1,889,255
Current liabilities
Short-term debts	59,037	35,252
Loans from Sinopec Group Company and fellow subsidiaries	7,292	2,873
Lease liabilities	16,004	15,173
Derivative financial liabilities	7,313	3,223
Trade accounts payable and bills payable	269,424	215,640
Contract liabilities	125,444	124,622
Other payables	178,146	239,688
Income tax payable	4,725	4,809
Total current liabilities	667,385	641,280
Non-current liabilities
Long-term debts	85,706	78,300
Loans from Sinopec Group Company and fellow subsidiaries	22,255	13,690
Lease liabilities	166,407	170,233
Deferred tax liabilities	8,079	7,910
Provisions	47,587	43,525
Other long-term liabilities	14,983	19,243
Total non-current liabilities	345,017	332,901
Total liabilities	1,012,402	974,181
Equity
Share capital	119,896	121,071
Reserves	664,810	653,111
Total equity attributable to owners of the Company	784,706	774,182
Non-controlling interests	151,532	140,892
Total equity	936,238	915,074
Total liabilities and equity	¥ 1,948,640	¥ 1,889,255