Sinopec Corp.(00386)2023-03-26 10:15Financial Performance - Total operating revenue for 2022 reached RMB 3,318,168 million, an increase of 21.06% compared to RMB 2,740,884 million in 2021[5] - Net profit attributable to shareholders of the parent company was RMB 66,302 million, a decrease of 6.89% from RMB 71,208 million in the previous year[5] - The operating profit for 2022 was RMB 96,414 million, a decrease of 14.23% from RMB 112,414 million in 2021[5] - The net profit after deducting non-recurring gains and losses was RMB 57,182 million, down 20.82% from RMB 72,220 million in the previous year[5] - Basic earnings per share for 2022 decreased by 6.80% to RMB 0.548 from RMB 0.588 in 2021[6] - The company reported a significant increase of 70.8% in cash received from operating activities, totaling RMB 269,895 million compared to RMB 158,049 million in 2021[10] - Operating profit for the year was RMB 75.8 billion, a decrease of 19.9% compared to the previous year[47] - Profit attributable to shareholders was RMB 66.2 billion, reflecting a year-on-year decline of 8.1%[53] Cash Flow and Assets - The net cash flow from operating activities was RMB 116,269 million, down 48.36% from RMB 225,174 million in 2021[5] - The company's cash and cash equivalents decreased by 34.7% to RMB 145,052 million from RMB 221,989 million in 2021[10] - The total assets as of December 31, 2022, amounted to RMB 1,948,640 million, reflecting a 3.1% increase from RMB 1,889,255 million in 2021[5] - The company's total liabilities increased by RMB 38.22 billion to RMB 1,012.40 billion, with current liabilities rising by RMB 26.11 billion[73] Dividends and Shareholder Returns - The company proposed a final cash dividend of RMB 0.195 per share, in addition to an interim dividend of RMB 0.16 per share, totaling RMB 0.355 per share for the year[3] - The company plans to distribute a final cash dividend of RMB 0.195 per share, leading to a total cash dividend of RMB 0.355 per share for the year, with a payout ratio of approximately 71%[16] Production and Operations - The company reported a domestic oil and gas equivalent production reaching a historical high, achieving the best profit level since the 13th Five-Year Plan[17] - The company’s total non-current assets increased to RMB 1,425,500 million in 2022 from RMB 1,331,231 million in 2021, showing a growth of approximately 7%[13] - The company's oil and gas equivalent production was 488.99 million barrels in 2022, a year-on-year increase of 1.9%[25] - The crude oil processing volume for 2022 was 242.27 million tons, down 5.1% from 255.28 million tons in 2021[33] - The total sales volume of refined oil reached 207 million tons, with domestic sales accounting for 163 million tons[34] Market and Pricing - In 2022, the average Brent crude oil price was $101.2 per barrel, an increase of 43.1% year-on-year[21] - The average realized price for crude oil increased by 45.9% to RMB 4,449 per ton in 2022, while the sales volume rose by 14.1% to 8,171 thousand tons[49] - The revenue from the refining and marketing and distribution segments reached RMB 1,855.8 billion, accounting for 55.9% of total revenue, with a year-on-year growth of 20.9% due to significant increases in refined oil sales prices[51] Research and Development - Research and development expenses for 2022 amounted to RMB 22.51 billion, with RMB 12.77 billion classified as expenses and RMB 9.74 billion as capitalized[78] - The company applied for 8,687 patents in 2022, receiving 6,289 patent grants[39] Environmental and Social Responsibility - The company achieved an 8.3% year-on-year reduction in COD emissions and a 4.0% decrease in sulfur dioxide emissions[158] - A total of 2.46 million tons of greenhouse gas emissions were reduced, equivalent to 12.5 million tons of CO2 equivalent[159] - The company invested RMB 2.11 billion in poverty alleviation and rural revitalization efforts, with a 10% increase in various support measures[172] Governance and Compliance - Sinopec's board approved the "14th Five-Year Plan" and 2035 vision goals, focusing on high-quality development and value creation for stakeholders[98] - The company emphasizes the importance of ESG integration into its development strategy to enhance governance and risk management[18] - Sinopec's internal control system has been continuously improved, with effective implementation and evaluation reported[94] - The company adheres to anti-corruption laws and actively promotes a culture of integrity and compliance within its operations[115] Future Outlook and Investments - The company plans to invest RMB 165.8 billion in capital expenditures in 2023[18] - The company plans to produce 280.23 million barrels of crude oil in 2023, including 29.03 million barrels from overseas[43] - The company anticipates rapid growth in domestic demand for natural gas, refined oil, and chemical products in 2023[42]