SNP.L Regulatory News (SNP)

29 Aug 2007 07:00

China Petroleum & Chemical Corp26 August 2007 (a joint stock limited company incorporated in the People's Republic of China with limited liability) Announcement of the 2007 Interim Results 1 Important Notice 1.1 The Board of Directors and the Supervisory Board of China Petroleum & Chemical Corporation ("Sinopec Corp.") and its directors, supervisors and senior management warrant that there are no material omissions, or misrepresentations or misleading statements contained in this announcement and severally and jointly accept full responsibility for the authenticity, accuracy and completeness of the information contained in this announcement. This announcement is a summary of the interim report. The entire report is also contained in the website of the Shanghai Stock Exchange (www.sse.com.cn) and Sinopec Corp. (www.sinopec.com). The investors should read the interim report for more details. 1.2 No Director, supervisors and senior management has any doubt as to, or the inability to warrant, the truthfulness, accuracy and completeness of the interim report. 1.3 Mr. Li Deshui, Mr. Yao Zhongmin and Mr. Fan Yifei, Directors of Sinopec Corp., did not attend the fourteenth meeting of the third session of the Board for reasons of official duties. Mr. Li Deshui, Director of Sinopec Corp., authorised Mr. Shi Wanpeng and Mr. Yao Zhongmin and Mr. Fan Yifei, Directors of Sinopec Corp., authorised Mr. Wang Tianpu to vote on their behalf in respect of the resolutions put forward in the meeting of the Board. 1.4 The financial statements for the six-month period ended 30 June 2007 of Sinopec Corp. and its subsidiaries ("the Company") prepared in accordance with the PRC Accounting Standards for Business Enterprises ("ASBE"), and International Financial Reporting Standards ("IFRS") have been audited by KPMG Huazhen and KPMG, respectively, and both firms have issued standard unqualified opinions on the financial statements. 1.5 Mr. Su Shulin, Chairman of the Board, Mr. Wang Tianpu, Director and President, Mr. Dai Houliang, Director, Senior Vice President and Chief Financial Officer and Mr. Liu Yun, Head of the Accounting Department warrant the authenticity and completeness of the financical statements contained in this announcement. 2 Basic Information of Sinopec Corp. 2.1 Basic Information of Sinopec Corp. SINOPEC SINOPEC SINOPEC Stock name CORP CORP CORP Stock code 0386 SNP SNP 600028 Place of listing Hong Kong New York Stock London Stock Shanghai Stock Stock Exchange Exchange Exchange Exchange Secretary to the Representative Authorized Representatives Board of on Securities Directors Matters Name Mr. Wang Tianpu Mr. Chen Ge Mr. Chen Ge Mr. Huang Wensheng Address 6A Huixindong Street, Chaoyang District, Beijing, PRC Tel 64990060 64990060 64990060 64990060 Fax 64990022 64990022 64990022 64990022 E-mail ir@sinopec.com/media@sinopec.com 2.2 Principal accounting data and financial indicators 2.2.1 Principal accounting data and financial indicators for the first half of 2007 prepared in accordance with ASBE. 2.2.1.1 Principal accounting data and financial indicators At 31 December 2006 Changes as from the At 30 June previously end of 2007 as restated* reported* last year Items RMB millions RMB millions RMB millions (%) Total assets 650,547 596,527 594,550 9.1 Shareholders' funds attributable to equity shareholders of the parent 283,451 257,893 254,875 9.9 Net assets per share (RMB/share) (Fully diluted) 3.269 2.975 2.940 9.9 Adjusted net assets per share (RMB/share) 3.210 2.901 2.865 10.7 Six-month periods ended 30 June 2006 Changes over the same period (as previously of the 2007 (as restated)* reported)* preceding year Items RMB millions RMB millions RMB millions (%) Operating profit 53,044 31,641 31,173 67.6 Profit before tax 52,464 31,182 30,815 68.3 Net profit attributable to equity shareholders of the parent 34,925 21,125 20,679 65.3 Net profit before extraordinary gains and losses 34,922 21,222 20,776 64.6 Return on net assets (%) 12.32 9.18 9.05 3.14 percentage points Return on net assets (%) (before extraordinary items) 12.32 9.23 9.09 3.09 percentage points Basic earnings per share (RMB/share) 0.403 0.244 0.239 65.3 Diluted earnings per share (RMB/share) 0.403 0.244 0.239 65.3 Net cash flow from operating activities 63,997 24,193 25,166 164.5 Net cash flow from operating activities per share 0.738 0.279 0.290 164.5 * Figures as previously reported are prepared in accordance with the PRC Accounting Rules and Regulations, whereas those as restated are prepared in accordance with ASBE. 2.2.1.2 Items and amounts under extraordinary gains and losses (X) applicable inapplicable Six-month period ended 30 June 2007 (Income)/Expense Items RMB millions Gain on disposal of investments (581) Written back of provisions for impairment losses in previous years (155) Employee reduction expenses 150 Non-operating expenses (Excluding impairment losses on assets provided in accordance with ASBE) 749 Of which: Loss on disposal of fixed assets 344 Donations 45 Non-operating income (168) Tax effect 2 Total (3) 2.2.2 Principal accounting data and financial indicators of the Company for the first half of 2007 from the financial statements prepared in accordance with IFRS Changes over Six-month periods the same ended 30 June period of the 2007 2006 preceding Items RMB millions RMB millions year (%) Operating profit 53,346 34,389 55.1 Profit attributable to equity shareholders of the Company 36,190 21,870 65.5 Return on capital employed (%) * 8.27 5.43 2.84 percentage points Basic earnings per share (RMB/share) 0.417 0.252 65.5 Net cash flow from operating activities 61,636 19,069 223.2 * Return on capital employed = operating profit x (1 - income tax rate)/capital employed At 30 June At 31 December Changes from 2007 2006 the end of last Items RMB millions RMB millions year (%) Total assets 662,267 603,077 9.8 Total equity attributable to equity shareholders of the Company 289,614 262,845 10.2 Net assets per share (RMB/share) 3.340 3.032 10.2 Adjusted net assets per share (RMB/share) 3.281 2.958 10.9 2.2.3 Differences between financial statements prepared under ASBE and IFRS. (X) applicable inapplicable 2.2.3.1 Analysis of effects of major differences between the net profit under ASBE and the profit for the period under IFRS: Six-month periods ended 30 June 2007 2006 Items RMB millions RMB millions Net profit under ASBE 36,357 21,290 Adjustments: Oil and gas properties 91 1,259 Reduced amortisation on revaluation of land use rights 15 15 Effects of the above adjustments on taxation and change in tax rate on deferred tax 1,162 (219) Profit for the period under IFRS 37,625 22,345 2.2.3.2 Analysis of effects of major differences between the shareholders' funds under ASBE and total equity under IFRS: At 30 June At 31 December 2007 2006 Items RMB millions RMB millions Shareholders' funds under ASBE 307,023 279,931 Adjustments: Oil and gas properties 10,907 10,816 Revaluation of land use rights (1,057) (1,072) Effects of the above adjustments on taxation and change in tax rate on deferred tax (3,761) (4,886) Total equity under IFRS 313,112 284,789 To view the full text of this press release, paste the following link into your web browser: http://english.sinopec.com/en-newsevent/en-announcement/download/Ann2007InterimResults-en.pdf This information is provided by RNS The company news service from the London Stock Exchange