Sinopec Corp.(600028)2024-03-24 16:00Financial Performance - Total revenue for 2023 was RMB 3,212,215 million, a decrease of 3.2% compared to RMB 3,318,168 million in 2022[6]. - Net profit attributable to shareholders of the parent company for 2023 was RMB 60,463 million, down 9.9% from RMB 67,082 million in 2022[6]. - Basic earnings per share for 2023 were RMB 0.505, a decrease of 9.0% compared to RMB 0.555 in 2022[6]. - The company reported a net profit after deducting non-recurring gains and losses of RMB 60,692 million, an increase of 4.7% from RMB 57,962 million in 2022[6]. - The company's profit attributable to shareholders for 2023 was RMB 58,310 million, a decrease of 12.9% from RMB 66,933 million in 2022[40]. - The company's net profit attributable to shareholders for 2023 was RMB 60.463 billion, a decrease from RMB 67.082 billion in 2022 and RMB 71.716 billion in 2021[172]. Dividends and Shareholder Returns - The company plans to distribute a final cash dividend of RMB 0.2 per share for 2023, in addition to the interim dividend of RMB 0.145 per share, totaling RMB 0.345 per share for the year[3]. - The company plans to distribute a total cash dividend of 0.345 RMB per share for 2023, resulting in a payout ratio of 75%[14]. - The cash dividend amount for 2023 is RMB 0.345 per share, down from RMB 0.355 in 2022 and RMB 0.47 in 2021[172]. - Total cash dividends, including other methods like share buybacks, amounted to RMB 43.575 billion in 2023, compared to RMB 46.93 billion in 2022 and RMB 56.903 billion in 2021[172]. - The dividend payout ratio for 2023 was 72.1%, an increase from 70.0% in 2022 but a decrease from 79.3% in 2021[172]. Cash Flow and Investments - Operating cash flow for 2023 increased by 38.9% to RMB 161,475 million from RMB 116,269 million in 2022[6]. - Cash received from operating activities decreased by 38.9% to RMB 165,002 million from RMB 269,895 million[11]. - The company's net cash flow from operating activities for 2023 was RMB 161.5 billion, a year-on-year increase of 45.2 billion[64]. - The company's net cash outflow from investing activities in 2023 was RMB 155.9 billion, an increase of 60.9 billion compared to 2022[65]. - The company's net cash flow from financing activities in 2023 was RMB 22.7 billion, an increase of 62.4 billion year-on-year[65]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 2,026,674 million, reflecting a 3.9% increase from RMB 1,951,121 million in 2022[6]. - Total liabilities increased by 5.7% to RMB 1,068,019 million in 2023 from RMB 1,010,664 million in 2022[6]. - The asset-liability ratio increased to 52.70%, up 0.90 percentage points from 51.80%[7]. - The company's total liabilities as of December 31, 2023, amounted to RMB 1,068.9 billion, an increase of RMB 57.3 billion from the previous year[63]. - The company's total equity attributable to shareholders of the parent company was RMB 805,794 million, up 2.2% from RMB 788,471 million in 2022[6]. Operational Highlights - The company achieved an operating revenue of 3.2 trillion RMB in 2023, with a net profit attributable to shareholders of 58.3 billion RMB[14]. - The company reported a significant increase in oil and gas exploration, achieving historical highs in oil equivalent production and crude oil processing volume[15]. - In 2023, the company's oil and gas equivalent production reached 504.09 million barrels, a year-on-year increase of 3.1%[22]. - The company processed a record 257.52 million tons of crude oil in 2023, reflecting a year-on-year increase of 6.3%[27]. - The total sales volume of refined oil products reached 239 million tons in 2023, marking a 15.6% increase compared to the previous year[28]. Research and Development - The company applied for 9,601 patents in 2023, receiving 5,483 patent authorizations[33]. - Research and development expenses for 2023 totaled RMB 23.2 billion, with RMB 14.0 billion in expenses and RMB 9.2 billion in investments[67]. - The company has established a comprehensive technology system with five major technology platforms, achieving world-leading levels in certain technologies[186]. Environmental and Social Responsibility - The company is committed to enhancing its ESG management and advancing carbon peak and carbon neutrality initiatives[18]. - The company has established a comprehensive HSE management system since 2001, with 16 environmental management regulations in place[118]. - During the reporting period, Sinopec reduced greenhouse gas emissions by 2.24 million tons of CO2 equivalent[118]. - The company recycled 1.749 million tons of CO2 and injected 847,000 tons of CO2 for enhanced oil recovery[118]. - The company has implemented measures to mitigate environmental risks but may incur additional costs due to stricter environmental regulations[189]. Governance and Management - The board of directors is focused on strategic planning and execution to drive high-quality development and create value for stakeholders[79]. - The company has established a transparent performance evaluation and incentive mechanism for senior management to enhance governance[77]. - The company has implemented a comprehensive internal control manual for 2023 to enhance governance and operational efficiency[165]. - The company's internal control systems are deemed effective, with no significant deficiencies reported, ensuring compliance and safeguarding shareholder interests[193]. - The company has established effective pollution prevention facilities that are operating stably, in compliance with national and local environmental protection standards[123]. Future Outlook - The company plans to invest 5 billion RMB in new technology development over the next year, focusing on sustainable energy solutions[101]. - Future outlook includes a projected revenue growth of 10% for the next quarter, driven by increased demand in the petrochemical sector[101]. - The company is considering strategic acquisitions in the renewable energy sector to diversify its portfolio[101]. - The company aims to enhance value creation and achieve effective qualitative improvements across all business segments[18]. - The company plans to issue A-shares to specific investors as part of its capital raising strategy, with detailed proposals and feasibility analyses presented[161].