Sinopec Shanghai Petrochemical Co Ltd 6-K, filed Oct 20, 2021
Sinopec Shanghai Petrochemical Co Ltd (SPTJF)
About this 6-K
Sinopec Shanghai Petrochemical Co Ltd filed this 6-K on October 20, 2021.
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2021
Commission File Number: 1-12158
Sinopec Shanghai Petrochemical Company Limited
(Translation of registrant’s name into English)
No. 48 Jinyi Road, Jinshan District, Shanghai, 200540
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ 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): ☐
EXHIBITS
| Exhibit |
||
| 99.1 | Announcement Regarding Estimated Positive Profit in the First Three Quarters of 2021 | |
| 99.2 | Major Operating Data of the 2021 First three Quarters | |
Disclaimer - Forward-looking statements
We may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments and business strategies. Words such as “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavor”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialize, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors and others are discussed more fully under the section titled “Item 3. Key Information—D. Risk Factors” in our most recent annual report on Form 20-F filed on April 28, 2021 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED | ||||||
| Date: October 18, 2021 | By: | /s/ Wu Haijun | ||||
| Name: | Wu Haijun | |||||
| Title: | Chairman of the Board of Directors | |||||
Exhibit 99.1
(A joint stock limited company incorporated in the People’s Republic of China)
(Stock Code: 00338)
Announcement Regarding Estimated Positive Profit
in the First Three Quarters of 2021
This announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Important Notice:
| • | Net profit attributable to shareholders of the Company for the first three quarters of 2021 is estimated to be between RMB1.769 billion and RMB2.162 billion. |
| • | Net profit attributable to shareholders of the Company excluding extraordinary gains and losses for the first three quarters of 2021 is estimated to be between RMB1.699 billion and RMB2.077 billion. |
| 1. | Estimated results during the period |
| (1) | Period of estimated results: 1 January 2021 to 30 September 2021 |
| (2) | Estimated results: based on preliminary estimates by the finance department of Sinopec Shanghai Petrochemical Company Limited (the “Company”), according to the calculation under the China Accounting Standards for Business Enterprises, the net profit attributable to equity shareholders of the company and its subsidiaries (the “Group”) as of 30 September 2021 is estimated to be between RMB1.769 billion to RMB2.162 billion and is expected to achieve a turnaround from loss to profit as compared with the corresponding period in 2020, representing an estimated increase between RMB2.411 billion to RMB2.804 billion. The net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses is estimated to be between RMB1.699 billion to RMB2.077 billion, and is expected to achieve a turnaround from loss to profit as compared with the corresponding period in 2020, representing an estimated increase between RMB2.522 billion to RMB2.900 billion. |
| (3) | The estimated results have not been reviewed or audited by certified public accountants. |
1
| 2. | Results for the corresponding period of the previous year |
| Under the China Accounting Standards for Business Enterprises |
||||
| Net profit attributable to equity shareholders of the Company (RMB’000) |
-642,219 | |||
| Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses (RMB’000) |
-823,377 | |||
| Basic earnings per share (RMB) |
-0.059 | |||
| 3. | Major reasons for a turnaround from loss to profit in the results for the period |
The main reasons for the turnaround from loss to profit of the Group in the first three quarters of 2021 as compared with the same period of last year are as follows:
In 2020, due to the dual impact of the COVID-19 pandemic and the plunge in oil prices, the gross profit of the Company’s products suffered significant shrinks and resulting in losses in the first three quarters of 2020. Since 2021, the demand for petroleum and petrochemical products significantly improved, which resulted in a rise in the prices of major products. The Company seized the opportunity to optimize its operation, took effective measures to improve performance, and persisted in lowering cost and reducing fees. As a result, the operating performance has been improved significantly.
| 4. | Risk Disclosure |
The Company has no major uncertain factors affecting the accuracy of the results forecast.
| 5. | Other Information |
The forecasts above represent preliminary estimates. Specific and accurate financial figures will be disclosed in the 2021 third quarterly report to be officially published by the Company. Investors are advised to pay attention to investment risks.
| By Order of the Board Sinopec Shanghai Petrochemical Company Limited Liu Gang Joint Company Secretary |
Shanghai, the PRC, 18 October 2021
2
Exhibit 99.2
(A joint stock limited company incorporated in the People’s Republic of China)
(Stock Code: 00338)
Major Operating Data of the 2021 First three Quarters
According to Rule 15 of the Guidelines of the Shanghai Stock Exchange for Industry Information Disclosure No.14—Chemical Industry, Sinopec Shanghai Petrochemical Company Limited (the “Company”) announced the major operating data for the three months ended 30 September 2021 as follows:
I. Operating data of major products in the 2021 first three quarters
| Product |
Production volume (10,000 tons) |
Sales volume (10,000 tons) |
Sales revenue (RMB’000) |
|||||||||
| Petroleum products |
| |||||||||||
| Diesel |
243.24 | 242.64 | 12,498,740 | |||||||||
| Gasoline |
244.13 | 244.49 | 17,454,279 | |||||||||
| Jet Fuel note 1 |
92.66 | 76.72 | 2,696,514 | |||||||||
| Intermediate petrochemicals |
| |||||||||||
| PX note 2 |
31.79 | 28.25 | 1,575,282 | |||||||||
| Benzene note 1 |
20.87 | 20.00 | 1,194,742 | |||||||||
| Ethylene Glycol note 2 |
12.18 | 3.60 | 167,428 | |||||||||
| Ethylene Oxide |
22.37 | 21.80 | 1,432,082 | |||||||||
| Ethylene note 2 |
50.18 | — | — | |||||||||
| Resins and plastics |
| |||||||||||
| PE |
37.31 | 37.01 | 3,153,299 | |||||||||
| PP |
32.96 | 30.40 | 2,661,105 | |||||||||
| Polyester chips note 1 note 2 |
24.10 | 22.51 | 1,228,383 | |||||||||
| Synthetic fibres |
| |||||||||||
| Acrylics |
6.24 | 6.20 | 968,882 | |||||||||
| Polyester note 1 |
2.24 | 2.21 | 137,826 | |||||||||
Note 1: Sales volume excludes materials processed on a sub-contract basis.
Note 2: Part of the difference between the production volume and sales volume is for internal use.
The above data for sales volume and sales revenue does not include the data for the Company’s trading of petrochemical products.
II. Change in prices of major products and raw materials in the 2021 first three quarters
Unit: RMB yuan /ton
| Product |
The average price in the 2021 first three quarters |
The average price in the 2020 first three quarters |
Change | |||||||||
| Diesel |
5,151 | 4,045 | 27.36 | % | ||||||||
| Gasoline |
7,139 | 6,025 | 18.48 | % | ||||||||
| Jet Fuel |
3,515 | 2,887 | 21.76 | % | ||||||||
| Ethylene |
— | — | — | |||||||||
| PX |
5,576 | 4,082 | 36.60 | % | ||||||||
| Benzene |
5,973 | 3,379 | 76.74 | % | ||||||||
| Ethylene Glycol |
4,652 | 3,595 | 29.39 | % | ||||||||
| Ethylene Oxide |
6,570 | 6,030 | 8.95 | % | ||||||||
| PE |
8,521 | 7,132 | 19.46 | % | ||||||||
| PP |
8,754 | 7,598 | 15.21 | % | ||||||||
| Polyester chips |
5,457 | 4,457 | 22.45 | % | ||||||||
| Acrylics |
15,626 | 10,580 | 47.69 | % | ||||||||
| Polyester |
6,227 | 5,686 | 9.52 | % | ||||||||
| Raw material |
The average processing cost in the 2021 first three quarters |
The average processing cost in the 2020 first three quarters |
Change | |||||||||
| Crude oil |
3,048 | 2,490 | 22.41 | % | ||||||||
III. Other matters
The above-mentioned production and operating data were calculated based on the internal statistics of the Company and are intended to provide an overview of the production and operation of the Company to the investors on a timely basis. The operating data are unaudited and do not make any express or implied forecasts or guarantees in respect of the Company’s future operating conditions. Investors are advised to exercise caution when using such information.
| By Order of the Board Sinopec Shanghai Petrochemical Company Limited Liu Gang Joint Company Secretary |
Shanghai, the PRC, 18 October 2021