Sinopec Corp.(00386)2023-04-27 09:40Financial Performance - Revenue increased by 2.59% to RMB 791,331 million compared to the same period last year[4] - Net profit attributable to parent company shareholders decreased by 11.83% to RMB 20,102 million compared to the same period last year[4] - Basic earnings per share decreased by 10.64% to RMB 0.168 compared to the same period last year[4] - Weighted average return on equity decreased by 0.38 percentage points to 2.52% compared to the same period last year[4] - Net profit attributable to parent company shareholders in Q1 2023 was RMB 20.102 billion under Chinese accounting standards and RMB 20.740 billion under international financial reporting standards[11] - Total revenue for the first quarter of 2023 reached RMB 791.331 billion, an increase from RMB 771.386 billion in the same period last year[24] - Net profit attributable to parent company shareholders was RMB 20.102 billion, down from RMB 22.8 billion in the first quarter of 2022[24] - Operating profit for the first quarter of 2023 was RMB 29.404 billion, compared to RMB 33.777 billion in the same period last year[24] - Basic earnings per share (EPS) for the first quarter of 2023 were RMB 0.168, down from RMB 0.188 in the first quarter of 2022[25] - Total comprehensive income for the first quarter of 2023 was RMB 21.645 billion, compared to RMB 29.19 billion in the same period last year[25] - Revenue for the first quarter of 2023 was 791,331 million RMB, up from 771,386 million RMB in the same period last year[33] - Net profit attributable to shareholders of the company was 20,740 million RMB, down from 23,533 million RMB in the same period last year[33] - Basic earnings per share decreased to 0.173 RMB from 0.194 RMB[33] - Net profit under Chinese Accounting Standards was RMB 22,864 million, compared to RMB 26,690 million in the same period last year[46] - Adjusted net profit for the 3 months ended March 31, 2022 increased by RMB 214 million to RMB 26,690 million[50] - Adjusted net profit for the 3 months ended March 31, 2022 was RMB 27,543 million, an increase of RMB 214 million compared to the unadjusted figure[59] - Total comprehensive income for the 3 months ended March 31, 2022 was RMB 30,043 million, up RMB 214 million from the unadjusted amount[60] - Basic and diluted earnings per share for the 3 months ended March 31, 2022 were both RMB 0.194, an increase of RMB 0.001 from the unadjusted figures[59] Assets and Liabilities - Total assets increased by 3.08% to RMB 2,011,153 million compared to the end of the previous year[4] - Accounts receivable increased by 51.24% to RMB 70,122 million due to increased receivables from crude oil trade[8] - Short-term borrowings increased by 298.74% to RMB 84,983 million to supplement working capital[8] - Long-term borrowings increased by 36.83% to RMB 129,943 million to meet capital expenditure needs[8] - Total assets increased to RMB 2,011.153 billion as of March 31, 2023, up from RMB 1,951.121 billion at the end of 2022[19] - Total liabilities rose to RMB 1,050.940 billion as of March 31, 2023, compared to RMB 1,010.664 billion at the end of 2022[20] - Shareholders' equity increased to RMB 960.213 billion as of March 31, 2023, from RMB 940.457 billion at the end of 2022[20] - Total liabilities amounted to RMB 649.979 billion, slightly higher than RMB 636.793 billion in the previous year[22] - Total equity of shareholders increased to RMB 514.585 billion from RMB 506.627 billion[22] - The company's total assets and liabilities combined amounted to RMB 1.164564 trillion, up from RMB 1.14342 trillion in the previous year[22] - Total assets as of March 31, 2023, were 1,426,384 million RMB, slightly down from 1,427,981 million RMB at the end of 2022[35] - Total equity attributable to shareholders of the company increased to 806,099 million RMB from 787,600 million RMB[37] - Shareholders' equity under Chinese accounting standards increased from RMB 940,457 million to RMB 960,213 million as of March 31, 2023[47] - Equity under international financial reporting standards increased from RMB 939,542 million to RMB 959,305 million as of March 31, 2023[47] - Total equity increased by RMB 3,304 million to RMB 940,457 million as of December 31, 2022[52] - Net assets as of December 31, 2022 were RMB 939,542 million, an increase of RMB 3,304 million compared to the unadjusted amount[61] - Total non-current assets as of December 31, 2022 were RMB 1,427,981 million, an increase of RMB 2,481 million compared to the unadjusted amount[61] - Total equity attributable to the company's shareholders as of December 31, 2022 was RMB 787,600 million, up RMB 2,894 million from the unadjusted figure[61] - Equity attributable to non-controlling interests as of December 31, 2022 was RMB 151,942 million, an increase of RMB 410 million compared to the unadjusted amount[61] Cash Flow and Financing - Cash received from borrowings in Q1 2023 increased by 65.44% to RMB 228.36 billion[9] - Operating cash flow from activities was RMB 878.252 billion, a 4.5% increase compared to RMB 840.175 billion in the same period last year[27] - Net cash used in operating activities was RMB 18.397 billion, a significant improvement from RMB 46.781 billion in the previous year[27] - Net cash used in investing activities increased to RMB 54.289 billion from RMB 38.080 billion, reflecting higher capital expenditures[27] - Net cash from financing activities rose to RMB 82.285 billion, up from RMB 58.780 billion, driven by increased borrowing[27] - The company's cash and cash equivalents at the end of the period stood at RMB 101.935 billion, compared to RMB 82.152 billion in the previous year[28] - Parent company's operating cash flow improved to RMB 23.881 billion from a negative RMB 5.161 billion in the same period last year[29] - The company's total debt repayment amounted to RMB 139.146 billion, compared to RMB 73.648 billion in the same period last year[28] - Net cash used in operating activities was RMB 18,397 million, a significant improvement compared to RMB 46,781 million in the same period last year[39] - Capital expenditures amounted to RMB 27,956 million, slightly lower than RMB 31,762 million in the previous year[39] - Net cash provided by financing activities was RMB 82,285 million, compared to RMB 58,780 million in the same period last year[39] - The company's cash and cash equivalents at the end of the period were RMB 101,935 million, up from RMB 82,152 million year-over-year[39] Segment Performance - Oil and gas equivalent production in Q1 2023 reached 124.6 million barrels, a year-on-year increase of 2.6%[12] - Natural gas production in Q1 2023 was 3,304.7 billion cubic feet, up 5.3% year-on-year[12] - Refining segment EBIT in Q1 2023 was RMB 10.459 billion with crude oil processing volume of 62.24 million tons[13] - Total refined oil product sales volume in Q1 2023 was 56.16 million tons, a 10.1% year-on-year increase[14] - Marketing and distribution segment EBIT in Q1 2023 reached RMB 8.475 billion[14] - Domestic refined oil product sales volume in Q1 2023 was 44.57 million tons, up 8.5% year-on-year[15] - Retail sales volume increased by 7.4% year-on-year to 29.36 million tons[16] - Direct sales and distribution volume rose by 10.9% year-on-year to 15.21 million tons[16] - Annual average refueling volume per station grew by 6.8% to 3,802 tons[16] - Ethylene production decreased by 7.2% year-on-year to 3,347 thousand tons[17] - Chemical product operating volume increased by 0.2% year-on-year to 2,069 million tons[16] - Operating profit for the Exploration and Production segment increased to 11,447 million RMB from 10,494 million RMB[32] - Refining segment operating profit decreased to 9,836 million RMB from 22,061 million RMB[32] - Marketing and Distribution segment operating profit decreased to 8,062 million RMB from 9,318 million RMB[32] - Chemical segment operating profit turned negative at (2,144) million RMB compared to 1,157 million RMB[32] - Total operating profit for the company decreased to 29,404 million RMB from 33,777 million RMB[32] - Revenue from the marketing and distribution segment increased to RMB 412,676 million, up from RMB 370,095 million year-over-year[42] - The chemical segment reported a loss of RMB 1,780 million, compared to a profit of RMB 1,325 million in the same period last year[43] - Consolidated operating income reached RMB 791,331 billion, up 2.6% from RMB 771,386 billion in the previous year[31] - The exploration and production segment generated a profit of RMB 12,847 million, up from RMB 10,429 million year-over-year[43] - Revenue from the refining segment decreased to RMB 367,382 million, down from RMB 384,300 million in the previous year[42] Capital Expenditure and Investments - Capital expenditure for Q1 2023 was RMB 23.4 billion, with RMB 14.98 billion allocated to exploration and development[18] - Capital expenditures amounted to RMB 27,956 million, slightly lower than RMB 31,762 million in the previous year[39] Taxes and Deferred Tax - Total taxes paid in Q1 2023 decreased by RMB 49.176 billion compared to the same period last year due to deferred tax payments in the previous year[9] - The impact of deferred tax adjustments on net profit for the 3 months ended March 31, 2022 was RMB 214 million[50] - Deferred tax assets increased by RMB 2,481 million to RMB 22,433 million as of December 31, 2022[52] - Deferred tax liabilities decreased by RMB 823 million to RMB 7,256 million as of December 31, 2022[52] - Deferred tax assets as of December 31, 2022 were RMB 22,433 million, up RMB 2,481 million from the unadjusted figure[61] Shareholders and Equity - The company's total number of shareholders at the end of the reporting period was 428,736, with China Petrochemical Corporation holding 67.20% of shares[10] - Total equity attributable to shareholders of the company increased to 806,099 million RMB from 787,600 million RMB[37] - Shareholders' equity under Chinese accounting standards increased from RMB 940,457 million to RMB 960,213 million as of March 31, 2023[47] - Equity under international financial reporting standards increased from RMB 939,542 million to RMB 959,305 million as of March 31, 2023[47] - Total equity increased by RMB 3,304 million to RMB 940,457 million as of December 31, 2022[52] - Net assets as of December 31, 2022 were RMB 939,542 million, an increase of RMB 3,304 million compared to the unadjusted amount[61] - Total equity attributable to the company's shareholders as of December 31, 2022 was RMB 787,600 million, up RMB 2,894 million from the unadjusted figure[61] - Equity attributable to non-controlling interests as of December 31, 2022 was RMB 151,942 million, an increase of RMB 410 million compared to the unadjusted amount[61] Other Comprehensive Income and Expenses - Other comprehensive income decreased by 73.99% to RMB 799 million due to changes in foreign currency translation differences and hedging business gains/losses[8] - Research and development expenses increased to RMB 2.841 billion from RMB 2.706 billion in the first quarter of 2022[24] - Interest expenses rose to RMB 5.604 billion from RMB 3.743 billion in the first quarter of 2022[24] - Government subsidies decreased from RMB 915 million to RMB 908 million as of March 31, 2023[47] - Net profit for the parent company increased by RMB 133 million to RMB 5,995 million for the 3 months ended March 31, 2022[55]