China Petroleum & Chemical Corp 6-K, filed Nov 1, 2021

China Petroleum & Chemical Corp (SNPMF)

6-K 2021-11-01 For: 2021-10-29

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Added on April 06, 2026

About this 6-K

China Petroleum & Chemical Corp filed this 6-K on November 1, 2021.

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	By Order of the Board
	China Petroleum & Chemical Corporation
	Huang Wensheng
	Vice President and Secretary to the Board of Directors

	As of 30 September 2021		As of 31 December 2020 (adjusted)		As of 31 December 2020 (before adjustment)		Changes from the end of last year （%）
Total assets		1,887,282		1,734,445		1,733,805		8.8
Total equity attributable to equity shareholders of the Company		769,346		742,885		742,463		3.6

	Nine-month period ended 30 September
	2021		2020 (adjusted)			2020 (before adjustment)			Changes over the same period of the preceding year （%）
Net cash flow from operating activities		115,723		84,230			83,639			37.4
Operating income		2,003,350		1,552,536			1,554,617			29.0
Net profit attributable to equity shareholders of the Company		59,892		23,492			23,507			154.9
Net profit/(losses) attributable to equity shareholders of the Company excludingextraordinary gains and losses		58,720		(10,243	)		(10,257	)		-
Weighted average return on net assets (%)		7.92		3.20			3.18		4.72 percentage points
Basic earnings per share(RMB)		0.495		0.194			0.194			155.2
Diluted earnings per share(RMB)		0.495		0.194			0.194			155.2

Extraordinary items	Third Quarter of 2021 (gain)/loss RMB million			Nine-months period ended 30 September 2021 (gain)/loss
Net gain on disposal of non-current assets		(152	)		(433	)
Donations		64			72
Government grants		(445	)		(1,994	)
Gains on holding and disposal of various investments		(52	)		(218	)
Other extraordinary income and expenses, net		127			817
Net gain and loss of acquiree before business combination under common control		-			(103	)
Subtotal		(458	)		(1,859	)
Tax effect		38			455
Total		(420	)		(1,404	)
Attributable to:
Equity shareholders of the Company		(365	)		(1,172	)
Minority interests		(55	)		(232	)

Items	As of 30 September 2021		As of 31 December 2020 (adjusted)		As of 31 December 2020 (before adjustment)		Changes from the end of the last year (%)
Total assets		1,887,282		1,734,445		1,733,805		8.8
Total equity attributable to shareholders of the Company		768,412		741,916		741,494		3.6

					Increase/(Decrease)
	As of 30 September 2021		As of 31 December 2020		Amount		Percentage
Items of Consolidated Balance Sheet	RMB million		RMB million		RMB million		（%）		Main reasons for changes
Financial assets held for trading		3,492		1		3,491		349,100	Increase in structured deposits of the subsidiaries of the Company
Derivative financial assets		32,464		12,528		19,936		159	Increase in profit position of derivative hedging financial instruments
Derivative financial liabilities		8,949		4,826		4,123		85
Accounts receivable		73,568		35,584		37,984		107	Due to the increase in prices of crude

							Increase/(Decrease)
	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020			Amount			Percentage
Items of Consolidated Income Statement	RMB Million			RMB Million			RMB Million			(%)			Main reasons for changes
Other income		1,671			4,458			(2,787	)		(63	)	Decrease in VAT refund of imported LNG
Credit impairment losses		(140	)		(842	)		702			-		Decrease in losses of doubtful accounts
Investment income		9,520			42,057			(32,537	)		(77	)	Received income of pipeline transaction in the same period of2020 and no such item in 2021; meanwhile margin of refined oil products recovered and profitsof associates and joint ventures significantly increased
Income tax expense		20,948			6,045			14,903			247		Increase in income tax as a result of significant increase in profit before taxation

Total number of shareholders at the end of the reporting period	Total number of shareholders was 497,430, including 491,832 holders of domestic A shares and 5,598 holders of overseas H shares.
Top ten shareholders
Name of shareholder	Total number of shares held		Percentage (%)		Number of shares subject to pledge or lock-ups		Nature of shareholder
China PetrochemicalCorporation		82,709,227,393		68.31		0	State-owned share
HKSCC (Nominees) Limited		25,386,239,460		20.97	Unknown		H share
中国证券金融股份有限公司		2,325,374,407		1.92		0	A share
香港中央结算有限公司		1,072,676,699		0.89		0	A share
中国人寿保险股份有限公司－传统－普通保险产品－005L－ CT001 沪		813,500,331		0.67		0	A share
中央汇金资产管理有限责任公司		322,037,900		0.27		0	A share
国信证券股份有限公司		211,476,986		0.17		0	A share

中国人寿保险股份有限公司－分红－个人分红－005L－FH002 沪	98,846,027	0.08	A share
中国工商银行－上证 50 交易型开放式指数证券投资基金	94,764,676	0.08	A share
全国社保基金一一三组合	88,106,057	0.07	A share

		Nine-month period ended 30 September				Changes
Exploration and Production	Unit	2021		2020		(%)
Oil and gas production	million boe		355.01		339.39		4.6
Crude oil production	million barrels		208.65		210.65		(0.9	)
China	million barrels		186.59		186.69		(0.1	)
Overseas	million barrels		22.06		23.96		(7.9	)
Natural gas production	billion cubic feet		877.85		772.14		13.7
Realised crude oil price	USD/barrel		60.94		38.24		59.4
Realised natural gas price	USD/thousand cubic feet		6.74		5.32		26.7

		Nine-month period ended 30 September				Changes
Refining	Unit	2021		2020		(%)
Refinery throughput	million tonnes		190.73		174.46		9.3
Gasoline, diesel and kerosene production	million tonnes		108.60		105.19		3.2
Gasoline	million tonnes		49.07		42.46		15.6
Diesel	million tonnes		42.92		47.86		(10.3	)
Kerosene	million tonnes		16.60		14.87		11.6
Light chemical feedstock production	million tonnes		33.71		29.54		14.1
Light product yield	%		73.72		74.63	(0.91) percentage points
Refining yield	%		94.71		94.89	(0.18) percentage points

		Nine-month period ended 30 September				Changes
Marketing and Distribution	Unit	2021		2020		(%)
Total sales volume of refined oil products	million tonnes		166.59		162.25		2.7
Total domestic sales volume of refined oil products	million tonnes		127.88		123.19		3.8
Retail	million tonnes		83.70		83.06		0.8
Direct sales & Distribution	million tonnes		44.18		40.13		10.1
Annualised average throughput per station	tonnes/station		3,633		3,605		0.8

		Nine-month period ended 30 September				Changes
Chemicals	Unit	2021		2020		(%)
Ethylene	thousand tonnes		9,752		8,850		10.2
Synthetic resin	thousand tonnes		14,002		12,773		9.6
Monomers and polymers for synthetic fibre	thousand tonnes		6,820		6,711		1.6
Synthetic fibre	thousand tonnes		1,032		935		10.4
Synthetic rubber	thousand tonnes		891		790		12.8

	By Order of the Board
	Ma Yongsheng
	Director and President
	28 October, 2021

Items	At 30 September 2021		At 31 December 2020
Current assets:
Cash at bank and on hand		203,955		184,412
Financial assets held for trading		3,492		1
Derivative financial assets		32,464		12,528
Accounts receivable		73,568		35,584
Receivables financing		10,281		8,735
Prepayments		13,782		4,857
Other receivables		30,868		33,603
Inventories		198,109		151,951
Other current assets		18,143		23,773
Total current assets		584,662		455,444
Non-current assets:
Long-term equity investments		203,791		188,342
Other equity instrument investments		1,665		1,525
Fixed assets		580,641		589,730
Construction in progress		143,454		124,864
Right-of-use assets		187,027		189,583
Intangible assets		115,763		114,066
Goodwill		8,610		8,620
Long-term deferred expenses		9,793		9,580
Deferred tax assets		27,045		25,054
Other non-current assets		24,831		27,637
Total non-current assets		1,302,620		1,279,001
Total assets		1,887,282		1,734,445

Current liabilities:
Short-term loans	37,562	20,756
Derivative financial liabilities	8,949	4,826
Bills payable	15,560	10,394
Accounts payable	215,846	151,329
Contract liabilities	137,168	126,193
Employee benefits payable	21,039	7,083
Taxes payable	35,523	76,849
Other payables	104,116	84,705
Non-current liabilities due within one year	29,896	22,493
Other current liabilities	32,183	17,775
Total current liabilities	637,842	522,403
Non-current liabilities:
Long-term loans	49,167	45,459
Debentures payable	40,300	38,356
Lease liabilities	171,986	172,306
Provisions	46,570	45,552
Deferred tax liabilities	10,945	8,124
Other non-current liabilities	19,456	17,947
Total non-current liabilities	338,424	327,744
Total liabilities	976,266	850,147
Shareholders’ equity:
Share capital	121,071	121,071
Capital reserve	120,674	123,808
Other comprehensive income	4,269	1,038
Specific reserve	2,769	1,941
Surplus reserves	209,280	209,280
Retained earnings	311,283	285,747
Total equity attributable to shareholders of the Company	769,346	742,885
Minority interests	141,670	141,413
Total shareholders’ equity	911,016	884,298
Total liabilities and shareholders’ equity	1,887,282	1,734,445

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Items	At 30 September 2021		At 31 December 2020
Current assets：
Cash at bank and on hand		94,267		99,188
Derivative financial assets		19,876		7,776
Accounts receivable		24,380		21,763
Receivables financing		1,260		707
Prepayments		6,304		2,626
Other receivables		35,412		37,938
Inventories		49,593		39,034
Other current assets		19,347		14,048
Total current assets		250,439		223,080
Non-current assets：
Long-term equity investments		354,437		343,356
Other equity instrument investments		428		428
Fixed assets		278,330		283,695
Construction in progress		61,548		59,880
Right-of-use assets		107,119		108,737
Intangible assets		8,613		8,779
Long-term deferred expenses		2,714		2,499
Deferred tax assets		14,277		12,661
Other non-current assets		34,885		26,828
Total non-current assets		862,351		846,863
Total assets		1,112,790		1,069,943
Current liabilities：
Short-term loans		20,890		20,669
Derivative financial liabilities		7,070		362
Bills payable		7,745		6,061
Accounts payable		79,474		65,779
Contract liabilities		6,932		5,840
Employee benefits payable		10,347		1,673
Taxes payable		19,919		43,500
Other payables		199,554		188,568
Non-current liabilities due within one year		19,069		12,026
Other current liabilities		17,533		439
Total current liabilities		388,533		344,917

Non-current liabilities：
Long-term loans	33,983	30,413
Debentures payable	28,984	26,977
Lease liabilities	105,614	105,691
Provisions	37,142	36,089
Other non-current liabilities	3,484	3,581
Total non-current liabilities	209,207	202,751
Total liabilities	597,740	547,668
Shareholders’ equity：
Share capital	121,071	121,071
Capital reserve	68,514	68,976
Other comprehensive income	10,486	5,910
Specific reserve	1,473	1,189
Surplus reserves	209,280	209,280
Retained earnings	104,226	115,849
Total shareholders’ equity	515,050	522,275
Total liabilities and shareholders’ equity	1,112,790	1,069,943

Items	The third quarter of 2021 (July- September)			The third quarter of 2020 (July- September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
I. Operating income		741,638			519,420			2,003,350			1,552,536
II. Total Operating costs		714,981			493,877			1,918,388			1,551,429
Including: Operating costs		604,085			390,310			1,603,978			1,263,994
Taxes and surcharges		65,937			64,505			186,806			173,218
Selling and distribution expenses		16,611			15,926			48,330			45,451
General and administrative expenses		19,876			16,177			55,695			47,758
Research and development costs		2,952			3,159			8,311			7,478
Financial expenses		2,353			2,156			7,255			7,421
Including: Interest expenses		3,898			3,836			11,557			11,921
Interest income		1,459			1,357			4,121			3,624
Exploration expenses, including dry holes		3,167			1,644			8,013			6,109
Add: Other income		427			1,991			1,671			4,458
Investment income		4,630			36,423			9,520			42,057
Including: Income from investment in associates and joint ventures		5,903			1,716			17,036			1,724
Gains/(losses) from changes in fair value		(1,228	)		1,628			(1,112	)		1,738
Credit impairment losses		(195	)		(741	)		(140	)		(842	)
Impairment losses		(110	)		252			(1,036	)		(11,415	)
Asset disposal gains		152			479			433			583
III. Operating profit		30,333			65,575			94,298			37,686
Add: Non-operating income		500			498			1,196			1,182
Less: Non-operating expenses		670			906			1,751			1,883
IV. Profit before taxation		30,163			65,167			93,743			36,985
Less: Income tax expense		5,970			11,828			20,948			6,045
V. Net profit		24,193			53,339			72,795			30,940
Including: net gain/(loss) of acquiree before business combination under common control		-			115			74			(74	)
Classification by going concern:
(i) Continuous operating net profit		24,193			53,339			72,795			30,940
(ii) Termination of net profit		-			-			-			-

Classification by ownership:
(i) Equity shareholders of the Company	20,665		46,465		59,892		23,492
(ii) Minority interests	3,528		6,874		12,903		7,448
VI. Other comprehensive income	3,355		(976	)	11,463		(3,388	)
Items that may not be reclassified subsequently to profit or loss:	1		(1	)	9		(31	)
Changes in fair value of other equity instrument investments	1		(1	)	9		(31	)
Items that may be reclassified subsequently to profit or loss:	3,354		(975	)	11,454		(3,357	)
Other comprehensive income that can be converted into profit or loss under the equity method	87		(485	)	208		(2,266	)
Cost of hedging reserve	(20	)	-		(60	)	-
Cash flow hedges	3,066		2,000		11,706		340
Foreign currency translation differences	221		(2,490	)	(400	)	(1,431	)
VII. Total comprehensive income	27,548		52,363		84,258		27,552
Equity shareholders of the Company	24,094		45,912		71,305		20,726
Minority interests	3,454		6,451		12,953		6,826
VIII. Earnings per share
(i) Basic earnings per share (RMB/Share)	0.171		0.384		0.495		0.194
(ii) Diluted earnings per share (RMB/Share)	0.171		0.384		0.495		0.194

Cash received from borrowings	298,393		492,002
Other cash received relating to financing activities	115		812
Sub-total of cash inflows	299,112		496,209
Cash repayments of borrowings	(252,759	)	(407,406	)
Cash paid for dividends, profits distribution or interest	(44,039	)	(31,079	)
Including: Subsidiaries’ cash payments for distribution of dividends or profits to minority shareholders	(5,741	)	(3,482	)
Other cash paid relating to financing activities	(14,762	)	(11,080	)
Sub-total of cash outflows	(311,560	)	(449,565	)
Net cash flow (used in)/from financing activities	(12,448	)	46,644
IV. Effects of changes in foreign exchange rate	(177	)	(458	)
V. Net increase in cash and cash equivalents	3,267		26,844
Add: Initial balance of cash and cash equivalents	87,559		60,438
VI. Ending balance of cash and cash equivalents	90,826		87,282

IV. Net (decrease)/increase in cash and cash equivalents	(6,837	)	17,175
Add：Initial balance of cash and cash equivalents	28,082		38,616
V. Ending balance of cash and cash equivalents	21,245		55,791

Operating profit/(loss)
By segment
Exploration and production	7,673		(9,726	)
Refining	53,284		(15,866	)
Marketing and distribution	22,416		14,634
Chemicals	14,894		6,491
Corporate and others	4,609		(4,378	)
Elimination	(11,835	)	5,116
Total segment operating profit/(loss)	91,041		(3,729	)
Investment income
Exploration and production	2,698		14,413
Refining	785		13,251
Marketing and distribution	1,626		11,268
Chemicals	7,500		(28	)
Corporate and others	(3,089	)	3,153
Total segment investment income	9,520		42,057
Financial expenses	(7,255	)	(7,421	)
Gains/(losses) from changes in fair value	(1,112	)	1,738
Asset disposal gains	433		583
Other income	1,671		4,458
Operating profit	94,298		37,686
Add: Non-operating income	1,196		1,182
Less: Non-operating expenses	1,751		1,883
Profit before taxation	93,743		36,985

Items	Current Amount (July- September)			Amount of the previous period (July- September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Revenue
Revenue from primary business		725,543			503,988			1,957,674			1,510,851
Other operating revenues		16,095			15,432			45,676			41,685
		741,638			519,420			2,003,350			1,552,536
Operating expenses
Purchased crude oil, products and operating supplies and expenses		(577,122	)		(363,072	)		(1,524,194	)		(1,198,000	)
Selling, general and administrative expenses		(13,338	)		(14,455	)		(39,147	)		(38,850	)
Depreciation, depletion and amortisation		(28,191	)		(26,276	)		(82,495	)		(77,764	)
Exploration expenses, including dry holes		(3,167	)		(1,644	)		(8,013	)		(6,109	)
Personnel expenses		(24,808	)		(22,481	)		(69,892	)		(61,003	)
Taxes other than income tax		(65,937	)		(64,505	)		(186,806	)		(173,218	)
Impairment losses on trade and other receivables		(195	)		(741	)		(140	)		(842	)
Other operating (expense)/income, net		(2,287	)		428			(7,857	)		8,303
Total operating expenses		(715,045	)		(492,746	)		(1,918,544	)		(1,547,483
Operating profit		26,593			26,674			84,806			5,053
Finance costs
Interest expense		(3,898	)		(3,836	)		(11,557	)		(11,921	)
Interest income		1,459			1,357			4,121			3,624
Foreign currency exchange gain, net		86			323			181			876
Net finance costs		(2,353	)		(2,156	)		(7,255	)		(7,421	)
Investment income		79			38,721			193			38,790
Share of profits less losses from associates and joint ventures		5,903			1,716			17,036			1,724
Profit before taxation		30,222			64,955			94,780			38,146
Income tax expense		(5,970	)		(11,828	)		(20,948	)		(6,045	)
Profit for the period		24,252			53,127			73,832			32,101
Attributable to：
Shareholders of the Company		20,727			46,274			60,755			24,445
Non-controlling interests		3,525			6,853			13,077			7,656
Profit for the period		24,252			53,127			73,832			32,101
Earnings per share：
Basic earnings per share (RMB)		0.171			0.382			0.502			0.202
Diluted earnings per share (RMB)		0.171			0.382			0.502			0.202

Items	Current Amount (July- September)			Amount of the previous period (July-September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Profit for the period		24,252			53,127			73,832			32,101
Other comprehensive income:		3,355			(976	)		11,463			(3,388	)
Items that may not be reclassified subsequently to profit or loss:
Equity investments at fair value through other comprehensive income		1			(1	)		9			(31	)
Items that may be reclassified subsequently to profit or loss:
Share of other comprehensive income of associates and joint ventures		87			(485	)		208			(2,266	)
Cash flow hedges		3,066			2,000			11,706			340
Cost of hedging reserve		(20	)		-			(60	)		-
Foreign currency translation differences		221			(2,490	)		(400	)		(1,431	)
Total comprehensive income for the period		27,607			52,151			85,295			28,713
Attributable to:
Shareholders of the Company		24,153			45,721			72,165			21,679
Non-controlling interests		3,454			6,430			13,130			7,034

Net current liabilities	53,180	66,959
Total assets less current liabilities	1,249,440	1,212,042
Non-current liabilities：
Long-term debts	76,505	72,037
Loans from Sinopec Group Company and fellow subsidiaries	12,962	11,778
Lease liabilities	171,986	172,306
Deferred tax liabilities	10,945	8,124
Provisions	46,570	45,552
Other non-current liabilities	20,437	18,965
Total non-current liabilities	339,405	328,762
Total net assets	910,035	883,280
Equity：
Share capital	121,071	121,071
Reserves	647,341	620,845
Total equity attributable to shareholders of the Company	768,412	741,916
Non-controlling interests	141,623	141,364
Total equity	910,035	883,280

By segment
Exploration and production	8,708		(6,479	)
Refining	53,541		(15,080	)
Marketing and distribution	21,628		16,958
Chemicals	15,564		7,054
Corporate and others	(2,800	)	(2,516	)
Elimination	(11,835	)	5,116
Total segment operating profit	84,806		5,053
Share of profits from associates and joint ventures
Exploration and production	2,134		1,208
Refining	728		(2,177	)
Marketing and distribution	2,678		1,171
Chemicals	7,556		(40	)
Corporate and others	3,940		1,562
Aggregate share of profits from associates and joint ventures	17,036		1,724
Investment income
Exploration and production	62		13,205
Refining	(1	)	15,389
Marketing and distribution	10		9,092
Chemicals	(56	)	10
Corporate and others	178		1,094
Aggregate investment income	193		38,790
Net finance costs	(7,255	)	(7,421	)
Profit before taxation	94,780		38,146