Sinopec Shanghai Petrochemical Co Ltd 6-K, filed Jan 27, 2022
Sinopec Shanghai Petrochemical Co Ltd (SPTJF)
About this 6-K
Sinopec Shanghai Petrochemical Co Ltd filed this 6-K on January 27, 2022.
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 January 2022
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
Number
| 99.1 | Positive Profit Warning Announcement on Estimated Increase in Annual Results of 2021 |
| 99.2 |
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: January 26, 2022 | By: | /s/ Wu Haijun | ||||
| Name: | Wu Haijun | |||||
| Title: | Chairman of the Board of Directors | |||||
Exhibit 99.1
POSITIVE PROFIT WARNING
ANNOUNCEMENT ON ESTIMATED INCREASE IN ANNUAL RESULTS OF 2021
This announcement is made by Sinopec Shanghai Petrochemical Company Limited (the “Company”) 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.
The board of directors of the Company (the “Board”) and all the members of the Board warrant that there are no false representation, misleading statements or material omissions, and jointly and severally accept responsibilities for the truthfulness, accuracy and completeness of its contents
Important Notice:
| • | Under the China Accounting Standards for Business Enterprises, the Group expects that the net profit attributable to the equity shareholders of the Company in 2021 will increase by approximately RMB1.3 billion to RMB1.5 billion as compared with the same period of the previous year (statutory disclosure data), representing a year-on-year increase of 207% to 251%. |
| • | Under the China Accounting Standards for Business Enterprises, the Group estimates that the net profit attributable to the equity shareholders of the Company after deducting non-recurring items in 2021 will increase by approximately RMB1.35 billion to RMB1.55 billion as compared with the corresponding period of the previous year (statutory disclosure data), representing a year-on-year increase of 270% to 310%. |
| 1. | Estimated results of 2021 |
| (1) | Period of estimated results: 1 January 2021 to 31 December 2021 (the “Period”). |
| (2) | Estimated results: based on preliminary estimates by the finance department of the Company, the Company and its subsidiaries (the “Group”) are expected to record a net profit attributable to the equity shareholders of the Company of approximately RMB1.928 billion to RMB2.128 billion for the year ended 31 December 2021, representing an increase of 207% to 251% over the corresponding period of the previous year (statutory disclosure data). Specific financial figures will be disclosed in the 2021 annual report of the Company. |
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| (3) | The Group estimates that the net profit attributable to the equity shareholders of the Company after deducting non-recurring items for the year ended 31 December 2021 will be approximately RMB1.844 billion to RMB2.044 billion, representing a year-on-year increase of 270% to 310% (statutory disclosure data). Specific financial figures will be disclosed in the 2021 annual report of the Company. |
| (4) | The estimated results have not been reviewed or audited by certified public accountants. |
| 2. | Results for the corresponding period of the previous year |
| Under the China Accounting Standards for Business Enterprises |
||||
| Net profit attributable to the equity shareholders of the Company (RMB’000) |
628,110 | |||
| Net profit attributable to the equity shareholders of the Company after deducting non-recurring items (RMB’000) |
493,350 | |||
| Earnings per share (RMB per share) |
0.058 | |||
| 3. | Major reasons for estimated increase in the results for the Period |
The major reasons for the substantial increase in the annual results of the Group in 2021 compared to the corresponding period of the previous year are: In early 2020, due to the dual impact of the COVID-19 pandemic and the plunge in oil prices, the consumption of petroleum and petrochemical products has shrunk, and the production and operation of the Company have been greatly affected. Since 2021, the demand for petroleum and petrochemical products has 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 Warning |
The Company does not have any significant uncertainties that will affect the accuracy of the contents of this estimated results.
| 5. | Other information |
The estimated figures above are based on preliminary assessment only. Specific and accurate financial figures will be disclosed in the 2021 annual report to be officially published by the Company. Investors are advised to pay attention to the investment risk.
| By Order of the Board |
| Sinopec Shanghai Petrochemical Company Limited |
| Liu Gang |
| Joint Company Secretary |
Shanghai, the PRC, 25 January 2022
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Exhibit 99.2
Major Operating Data of the 2021 Financial Year
According to Rule 15 of the Guidelines of the Shanghai Stock Exchange for Self-regulatory Guidelines for Listed Companies No.3 - Industry Information Disclosure No.13 - Chemical Industry, Sinopec Shanghai Petrochemical Company Limited (the “Company”, together with its subsidiaries, the ‘‘Group’’) hereby announces the major operating data for the twelve months ended 31 December 2021 as follows:
| I. | Major operating data of the 2021 financial year |
| Product |
Production volume (10,000 tons) |
Sales volume (10,000 tons) |
Sales revenue (RMB1,000) |
|||||||||
| Petroleum products |
||||||||||||
| Diesel |
338.80 | 338.10 | 18,584,344 | |||||||||
| Gasoline |
339.64 | 340.23 | 24,910,586 | |||||||||
| Jet Fuel note 1 |
118.45 | 99.57 | 3,684,176 | |||||||||
| Intermediate petrochemicals |
||||||||||||
| PX note 2 |
49.63 | 46.53 | 2,625,490 | |||||||||
| Benzene note 1 |
30.67 | 29.99 | 1,841,914 | |||||||||
| Ethylene Glycol note 2 |
15.07 | 4.14 | 192,735 | |||||||||
| Ethylene Oxide |
33.56 | 32.78 | 2,222,021 | |||||||||
| Ethylene note 2 |
71.28 | — | — | |||||||||
| Resins and plastics |
||||||||||||
| PE |
49.62 | 49.63 | 4,324,291 | |||||||||
| PP |
45.59 | 42.26 | 3,660,279 | |||||||||
| Polyester chips note 1 note 2 |
31.72 | 30.24 | 1,690,993 | |||||||||
| Synthetic fibres |
||||||||||||
| Acrylics |
7.10 | 7.32 | 1,161,474 | |||||||||
| Polyester note 1 |
2.62 | 2.73 | 172,453 | |||||||||
Note 1: Sales volume excluded 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 Group’s trading of petrochemical products.
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| II. | Change in prices of major products and raw materials in the 2021 financial year |
Unit: RMB/ton
| Product |
The average price in the 2021 financial year |
The average price in the 2020 financial year |
Change | |||||||||
| Diesel |
5,497 | 4,035 | 36.21 | % | ||||||||
| Gasoline |
7,322 | 5,953 | 22.99 | % | ||||||||
| Jet Fuel |
3,700 | 2,754 | 34.33 | % | ||||||||
| Ethylene |
— | — | — | |||||||||
| PX |
5,643 | 3,999 | 41.09 | % | ||||||||
| Benzene |
6,141 | 3,383 | 81.52 | % | ||||||||
| Ethylene Glycol |
4,651 | 3,573 | 30.16 | % | ||||||||
| Ethylene Oxide |
6,778 | 6,121 | 10.74 | % | ||||||||
| PE |
8,713 | 7,370 | 18.23 | % | ||||||||
| PP |
8,660 | 7,755 | 11.68 | % | ||||||||
| Polyester chips |
5,593 | 4,338 | 28.93 | % | ||||||||
| Acrylics |
15,859 | 10,823 | 46.53 | % | ||||||||
| Polyester |
6,322 | 5,611 | 12.68 | % | ||||||||
| Raw material |
The average processing cost in the 2021 financial year |
The average processing cost in the 2020 financial year |
Change | |||||||||
| Crude oil |
3,232 | 2,380 | 35.81 | % | ||||||||
| III. | Miscellaneous |
The above-mentioned operating data was calculated based on the internal statistics of the Company and is intended to provide an overview of the production and operation of the Company to the investors on a timely basis. The operating data is unaudited and does 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, 25 January 2022
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