Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | SINOPEC SHANGHAI PETROCHEMICAL CO LTD |
Entity Central Index Key | 0000908732 |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Address, Country | CN |
Entity Address, Address Line One | No. 48 Jinyi Road, Jinshan District, Shanghai, PRC 200540 |
Entity Address, City or Town | Shanghai |
Entity Address, Postal Zip Code | 200540 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | CN |
Entity Address, Address Line One | No. 48 Jinyi Road, Jinshan District, Shanghai, 200540 |
Entity Address, City or Town | Shanghai |
Entity Address, Postal Zip Code | 200540 |
Contact Personnel Name | Mr. Wu Haijun |
American Depositary Shares [member] | |
Document Information [Line Items] | |
Trading Symbol | SHI |
Title of 12(b) Security | American Depositary Shares, each representing 100 H Shares, par value RMB1.00 per Share |
Security Exchange Name | NYSE |
H shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | H Shares, par value RMB1.00 per Share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 3,495,000,000 |
A shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,328,813,500 |
Consolidated Income Statement
Consolidated Income Statement - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Income Statement [abstract] | |||
Revenue | ¥ 100,269,667 | ¥ 107,688,907 | ¥ 91,962,415 |
Taxes and surcharges | (12,213,927) | (12,075,424) | (12,744,088) |
Net sales | 88,055,740 | 95,613,483 | 79,218,327 |
Cost of sales | (86,467,995) | (89,838,977) | (72,398,288) |
Gross profit | 1,587,745 | 5,774,506 | 6,820,039 |
Selling and administrative expenses | (549,885) | (536,114) | (535,259) |
Net impairment losses on financial assets | 59 | (39) | 0 |
Other operating income | 150,714 | 202,617 | 119,010 |
Other operating expenses | (21,925) | (32,548) | (21,379) |
Other gains - net | 153,864 | 176,690 | 19,462 |
Operating profit | 1,320,572 | 5,585,112 | 6,401,873 |
Finance income | 416,747 | 443,661 | 268,379 |
Finance expenses | (53,784) | (106,249) | (61,047) |
Finance income - net | 362,963 | 337,412 | 207,332 |
Share of net profit of associates and joint ventures accounted for using the equity method | 972,593 | 885,597 | 1,243,693 |
Profit before income tax | 2,656,128 | 6,808,121 | 7,852,898 |
Income tax expense | (428,963) | (1,471,903) | (1,698,739) |
Profit for the year | 2,227,165 | 5,336,218 | 6,154,159 |
Profit attributable to: | |||
Owners of the Company | 2,215,728 | 5,336,331 | 6,143,222 |
Non-controlling interests | 11,437 | (113) | 10,937 |
Profit for the year | ¥ 2,227,165 | ¥ 5,336,218 | ¥ 6,154,159 |
Earnings per share attributable to owners of the Company for the year (expressed in RMB per share) | |||
Basic earnings per share | ¥ 0.205 | ¥ 0.493 | ¥ 0.569 |
Diluted earnings per share | 0.205 | 0.493 | 0.568 |
Earnings per ADS attributable to owners of the Company for the year (expressed in RMB per ADS) | |||
Basic earnings per ADS | 20.452 | 49.303 | 56.862 |
Diluted earnings per ADS | ¥ 20.452 | ¥ 49.303 | ¥ 56.830 |
Profit for the year | ¥ 2,227,165 | ¥ 5,336,218 | ¥ 6,154,159 |
Other comprehensive (loss)/income | |||
Share of other comprehensive (loss)/income of associates and joint ventures accounted for using the equity method | 7,449 | (7,014) | (810) |
Other comprehensive income/(loss) | 7,449 | (7,014) | (810) |
Total comprehensive income for the year | 2,234,614 | 5,329,204 | 6,153,349 |
Attributable to: | |||
Owners of the Company | 2,223,177 | 5,329,317 | 6,142,412 |
Non-controlling interests | 11,437 | (113) | 10,937 |
Total comprehensive income for the year | ¥ 2,234,614 | ¥ 5,329,204 | ¥ 6,153,349 |
Consolidated Balance Sheet
Consolidated Balance Sheet - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Lease prepayments and other non-current assets | ¥ 481,414 | ¥ 858,283 |
Property, plant and equipment | 11,300,797 | 11,646,390 |
Right-of-use assets | 343,860 | 0 |
Investment properties | 367,468 | 376,739 |
Construction in progress | 1,815,549 | 1,559,401 |
Investments accounted for using the equity method | 5,208,758 | 4,527,133 |
Deferred income tax assets | 150,832 | 119,075 |
Financial assets at fair value through other comprehensive income | 5,000 | 0 |
Time deposits with banks | 3,511,234 | 0 |
Non-current assets | 23,184,912 | 19,087,021 |
Current assets | ||
Inventories | 6,754,434 | 8,120,875 |
Financial assets at fair value through other comprehensive income | 1,540,921 | 1,672,431 |
Financial assets at fair value through profit or loss | 3,318,670 | 2,727,279 |
Trade receivables | 120,739 | 81,990 |
Other receivables | 26,101 | 105,803 |
Prepayments | 23,767 | 38,025 |
Amounts due from related parties | 1,565,993 | 2,286,249 |
Cash and cash equivalents | 7,449,699 | 8,741,893 |
Time deposits with banks | 1,508,839 | 1,500,000 |
Assets classified as held for sale | 0 | 24,331 |
Current assets | 22,309,163 | 25,298,876 |
Total assets | 45,494,075 | 44,385,897 |
Equity and liabilities | ||
Share capital | 10,823,814 | 10,823,814 |
Reserves | 19,039,474 | 19,522,249 |
Equity attributable to owners of the Company | 29,863,288 | 30,346,063 |
Non-controlling interests | 130,560 | 116,378 |
Total equity | 29,993,848 | 30,462,441 |
Non-current liabilities | ||
Lease liabilities | 10,593 | 0 |
Deferred income | 10,005 | 10,442 |
Non-current liabilities | 20,598 | 10,442 |
Current liabilities | ||
Borrowings | 1,547,600 | 497,249 |
Lease liabilities | 11,450 | 0 |
Financial liabilities at fair value through profit or loss | 799 | 11,005 |
Contract liabilities | 655,117 | 446,702 |
Trade and other payables | 7,330,000 | 8,090,228 |
Amounts due to related parties | 5,708,394 | 4,567,814 |
Income tax payable | 226,269 | 300,016 |
Current liabilities | 15,479,629 | 13,913,014 |
Total liabilities | 15,500,227 | 13,923,456 |
Total equity and liabilities | ¥ 45,494,075 | ¥ 44,385,897 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CNY (¥) ¥ in Thousands | Total | Share capital [member] | Other reserves [member] | Retained earnings [member] | Total [member] | Non-controlling interests [member] |
Beginning Balance at Dec. 31, 2016 | ¥ 25,003,235 | ¥ 10,800,000 | ¥ 4,237,276 | ¥ 9,684,689 | ¥ 24,721,965 | ¥ 281,270 |
Profit/(loss) for the year | 6,154,159 | 0 | 0 | 6,143,222 | 6,143,222 | 10,937 |
Other comprehensive income/(loss) | (810) | 0 | (810) | 0 | (810) | 0 |
Total comprehensive (loss)/ income for the year | 6,153,349 | 0 | (810) | 6,143,222 | 6,142,412 | 10,937 |
Dividends proposed and approved | (2,700,000) | 0 | 0 | (2,700,000) | (2,700,000) | 0 |
Employees share option scheme | (10,640) | 0 | (10,640) | 0 | (10,640) | 0 |
Exercise of share option | 76,496 | 14,177 | 62,319 | 0 | 76,496 | 0 |
Dividends paid by subsidiaries to non-controlling interests | (6,900) | 0 | 0 | 0 | 0 | (6,900) |
Utilization of safety production fund/Appropriation of safety production fund | 0 | 0 | (346) | 346 | 0 | 0 |
Ending Balance at Dec. 31, 2017 | 28,515,540 | 10,814,177 | 4,287,799 | 13,128,257 | 28,230,233 | 285,307 |
Profit/(loss) for the year | 5,336,218 | 0 | 0 | 5,336,331 | 5,336,331 | (113) |
Other comprehensive income/(loss) | (7,014) | 0 | (7,014) | 0 | (7,014) | 0 |
Total comprehensive (loss)/ income for the year | 5,329,204 | 0 | (7,014) | 5,336,331 | 5,329,317 | (113) |
Dividends proposed and approved | (3,247,144) | 0 | 0 | (3,247,144) | (3,247,144) | 0 |
Forfeit of share option scheme | (13,004) | 0 | (13,004) | 0 | (13,004) | 0 |
Exercise of share option | 37,102 | 9,637 | 27,465 | 0 | 37,102 | 0 |
Dividends paid by subsidiaries to non-controlling interests | (6,457) | 0 | 0 | 0 | 0 | (6,457) |
Utilization of safety production fund/Appropriation of safety production fund | 0 | 0 | 57,135 | (57,135) | 0 | 0 |
Transactions with non-controlling interests | (152,800) | 0 | 9,559 | 0 | 9,559 | (162,359) |
Ending Balance at Dec. 31, 2018 | 30,462,441 | 10,823,814 | 4,361,940 | 15,160,309 | 30,346,063 | 116,378 |
Profit/(loss) for the year | 2,227,165 | 0 | 0 | 2,215,728 | 2,215,728 | 11,437 |
Other comprehensive income/(loss) | 7,449 | 0 | 7,449 | 0 | 7,449 | 0 |
Total comprehensive (loss)/ income for the year | 2,234,614 | 0 | 7,449 | 2,215,728 | 2,223,177 | 11,437 |
Dividends proposed and approved | (2,705,952) | 0 | 0 | (2,705,952) | (2,705,952) | 0 |
Dividends paid by subsidiaries to non-controlling interests | (3,266) | 0 | 0 | 0 | 0 | (3,266) |
Utilization of safety production fund/Appropriation of safety production fund | 0 | 0 | 2 | (2) | 0 | 0 |
Non-controlling interests of disposed subsidiary | 6,011 | 0 | 0 | 0 | 0 | 6,011 |
Ending Balance at Dec. 31, 2019 | ¥ 29,993,848 | ¥ 10,823,814 | ¥ 4,369,391 | ¥ 14,670,083 | ¥ 29,863,288 | ¥ 130,560 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Cash generated from operations | ¥ 5,655,676 | ¥ 8,501,499 | ¥ 8,784,496 |
Interest paid to related parties | (2,126) | (1,326) | 0 |
Interest paid | (61,304) | (34,339) | (17,664) |
Income tax paid | (534,467) | (1,806,400) | (1,706,014) |
Net cash generated from operating activities | 5,057,779 | 6,659,434 | 7,060,818 |
Cash flows from investing activities | |||
Dividends received from joint ventures and associates | 594,868 | 811,473 | 479,633 |
Interest received from related parties | 1,295 | 610 | 5,147 |
Interest received from banks excluded structured deposits | 445,105 | 393,671 | 221,835 |
Interest received from structured deposits | 86,848 | 23,149 | 0 |
Net proceeds/(losses) from settlement of derivative financial instrument | (15,316) | 16,540 | 0 |
Net proceeds from disposal of property, plant and equipment | 67,503 | 210,122 | 3,407 |
Net proceeds from disposal of joint ventures | 0 | 0 | 10,339 |
Proceeds from disposal of a subsidiary | 0 | 9,600 | 0 |
Cash received from entrusted lending | 0 | 12,000 | 88,000 |
Cash received from structured deposits | 3,200,000 | 0 | 0 |
Cash received from time deposits within one year | 4,100,000 | 4,000,000 | 500,000 |
Cash payment for time deposits above one year | (3,500,000) | 0 | 0 |
Cash payment for time deposits within one year | (4,100,000) | (3,500,000) | (2,500,000) |
Cash payment for structured deposits | (3,800,000) | (2,700,000) | 0 |
Cash payment for acquisition of associate | (248,184) | 0 | 0 |
Cash payment of entrusted lending | 0 | 0 | (12,000) |
Cash payment for equity instruments | (5,000) | 0 | 0 |
Payments for sale of financial assets at fair value through other comprehensive income | (19,513) | 0 | 0 |
Cash held by the subsidiary before disposal | (404) | (18,529) | 0 |
Purchases of property, plant and equipment and other long-term assets from related parties | (83,447) | (143,554) | (172,154) |
Purchases of property, plant and equipment and other long-term assets from third parties | (1,346,964) | (1,043,451) | (1,024,909) |
Net cash used in investing activities | (4,623,209) | (1,928,369) | (2,400,702) |
Cash flows from financing activities | |||
Proceeds from borrowings from related parties | 0 | 50,000 | 0 |
Proceeds from borrowings from banks | 4,755,100 | 2,486,759 | 2,119,147 |
Proceeds from exercising share option scheme | 0 | 37,102 | 54,580 |
Repayments of borrowings to related parties | 0 | (50,000) | 0 |
Repayments of borrowings to banks | (3,695,208) | (2,596,157) | (2,059,422) |
Cash payment of acquisition of non-controlling interests | 0 | (152,800) | 0 |
Dividends paid to the Company's shareholders | (2,704,864) | (3,275,656) | (2,697,188) |
Dividends paid by subsidiaries to non-controlling interests | (3,266) | (6,457) | (6,900) |
Principal elements of lease payments | (89,124) | 0 | 0 |
Net cash used in financing activities | (1,737,362) | (3,507,209) | (2,589,783) |
Net increase/(decrease) in cash and cash equivalents | (1,302,792) | 1,223,856 | 2,070,333 |
Cash and cash equivalents at beginning of the year | 8,741,893 | 7,504,266 | 5,440,623 |
Exchange gains on cash and cash equivalents | 10,598 | 13,771 | (6,690) |
Cash and cash equivalents at end of the year | ¥ 7,449,699 | ¥ 8,741,893 | ¥ 7,504,266 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2019 | |
General information [abstract] | |
General information | 1 General information Sinopec Shanghai Petrochemical Company Limited (the Company), formerly known as Shanghai Petrochemical Company Limited, was established in the Peoples Republic of China (the PRC) on 29 June 1993 as a joint stock limited company to hold the assets and liabilities of the production divisions and certain other units of Shanghai Petrochemical Complex (SPC), a state-owned enterprise. The Company was under the direct supervision of China Petrochemical Corporation (Sinopec Group) at that time. The Company completed its initial public offerings in 1993. Its shares were listed on the Stock Exchange of Hong Kong Limited (H shares) and the New York Stock Exchange in the form of American Depositary Shares (ADS) on 26 July 1993, and were also listed on the Shanghai Stock Exchange (ordinary A shares) on 8 November 1993. Sinopec Group completed its reorganization on 25 February 2000. After the reorganization, China Petroleum & Chemical Corporation (Sinopec Corp.) was established. As part of the reorganization, Sinopec Group transferred its 4,000,000,000 of the Companys state-owned legal shares, which represented 55.56 percent of the issued share capital of the Company, to Sinopec Corp. The Company changed its name to Sinopec Shanghai Petrochemical Company Limited on 12 October 2000, and Sinopec Corp. was the largest shareholder of the Company. Pursuant to the Approval on matters relating to the Share Segregation Reform of Sinopec Shanghai Petrochemical Company Limited issued by the State-owned Assets Supervision and Administration Commission of the State Council (State Owned Property [2013] No.443), a General Meeting of A share shareholders was held on 8 July 2013 and passed the resolution of Share Segregation Reform of Sinopec Shanghai Petrochemical Company Limited (Amendment) (the Share Segregation Reform Resolution) which was published by the Company on Shanghai Stock Exchange (SSE) website on 20 June 2013. According to the Share Segregation Reform Resolution, the controlling shareholder of the Company, Sinopec Corp., offered shareholders of circulating A shares 5 shares for every 10 circulating A shares they held on 16 August 2013, aggregating 360,000,000 A shares, for the purpose of obtaining the listing rights of its non-circulating non-circulating non-circulating The 15th meeting of the 7th term of Board of Directors was held on 28 August 2013 and the Company proposed and passed a resolution regarding interim cash dividend for the first half of 2013 and the conversion of share premium and surplus reserve to share capital. The resolution included a distribution of 5 shares and a cash dividend distribution of RMB 0.5 (tax included) for every 10 shares based on the 7,200,000 thousands ordinary shares as at 30 June 2013. Among the 5 shares distributed, 3.36 shares were converted from share premium of RMB 2,420,841 thousands and 1.64 shares were converted from surplus reserves of RMB 1,179,159 thousands. The resolution was approved by the extraordinary general meeting of shareholders, A share class shareholders meeting and H share class shareholders meeting on 22 October 2013, respectively. The first tranche of the Share Option Incentive Scheme was exercised on 29 August 2017, and the Company received cash payment of RMB 54,580 thousands from 199 grantees. As a result, ordinary A shares of 14,177 thousands were registered on 27 September 2017. The second tranche of the Share Option Incentive Scheme was exercised on 12 January 2018, and the Company received cash payment of RMB 37,102 thousands from 185 grantees, led to an increase of RMB 9,637 thousands in share capital. According to the board resolution of the Company on 28 December 2018, the third tranche was not exercised due to the failure on satisfying the non-market As at 31 December 2019, total shares of the Company were 10,823,814 thousands (31 December 2018: 10,823,814 thousands). The Company and its subsidiaries (the Group) are principally engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. These consolidated financial statements are presented in thousands of Renminbi Yuan (RMB), unless otherwise stated. These financial statements have been approved for issue by the Board of Directors on 28 April 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies [abstract] | |
Summary of significant accounting policies | 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with all applicable International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Groups accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. 2.1.1 Changes in accounting policy and disclosures (a) New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2019: IFRS 16 Leases IFRIC 23 Uncertainty over Income Tax Treatments Annual Improvements to IFRS Standards 2015-2017 cycle Amendments to IFRS 9 Prepayment Features with Negative Compensation Amendments to IAS 28 Long-team interests in Associates and Joint Ventures, and Amendments to IAS 19 Plan Amendment, Curtailment or Settlement. The Group had to change its accounting policies as a result of adopting IFRS 16. The Group elected to adopt the new rules retrospectively but recognized the cumulative effect of initially applying the new standard on 1 January 2019, which was disclosed in Note 3. The other amendments listed above did not have any significant impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (b) Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2019 reporting periods and have not been early adopted by the Group: Amendments to IFRS 3 Business Combinations, effective for the accounting period beginning on or after 1 January 2020; Amendments to conceptual Framework of IASB, effective for the accounting period beginning on or after 1 January 2020; Amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, effective for the accounting period beginning on or after 1 January 2020; IFRS 17 Insurance Contracts, effective for the accounting period beginning on or after 1 January 2021; Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture. The new standards and interpretations that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. 2.2 Subsidiaries 2.2.1 Consolidation A subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. (a) Business combinations The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition Non-controlling non-controlling Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirers previously held equity interest in the acquiree is re-measured re-measurement Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired, is recorded as goodwill. If the total consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the income statement. Intra-Group transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Groups accounting policies. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling non-controlling (c) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured 2.2.2 Separate financial statements Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investees net assets including goodwill. Investments in joint ventures and associates are accounted for using the equity method of accounting. 2.3 Associates An associate is an entity over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors share of the profit or loss of the investee after the date of acquisition. The Groups investments in associates include goodwill identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The Groups share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Groups share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of net profit of associates and joint ventures accounted for using the equity method in the income statement. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognized in the Groups financial statements only to the extent of unrelated investors interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Gain or losses on dilution of equity interest in associates are recognized in the income statement. 2.4 Joint arrangements The Group has applied IFRS 11 to all joint arrangements. Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Groups share of the post-acquisition profits or losses and movements in other comprehensive income. The Groups investments in joint ventures include goodwill identified on acquisition. Upon the acquisition of the ownership interest in a joint venture, any difference between the cost of the joint venture and the Groups share of the net fair value of the joint ventures identifiable assets and liabilities is accounted for as goodwill. When the Groups share of losses in a joint venture equals or exceeds its interests in the joint ventures, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Groups interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. 2.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions. 2.6 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Groups entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in RMB, which is the Companys functional and the Groups presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within finance income or expenses. All other foreign exchange gains and losses are presented in the income statement within Other gains net. 2.7 Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Buildings 12-40 years Plant and machinery 12-20 Vehicles and other equipment 4-20 The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount (Note 2.11). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within Other gains net in the income statement. 2.8 Construction in progress Construction in progress represents buildings, various plant and equipment under construction and pending installation, and is stated at cost less government grants that compensate the Company for the cost of construction, and impairment losses. Cost comprises direct costs of construction as well as interest charges, and foreign exchange differences on related borrowed funds to the extent that they are regarded as an adjustment to interest charges, during the period of construction. Construction in progress is transferred to property, plant and equipment when the asset is substantially ready for its intended use. No depreciation is provided in respect of construction in progress. 2.9 Investment properties Investment properties are properties which are owned either to earn rental income and/or for capital appreciation. Investment properties are stated in the balance sheet at cost less accumulated depreciation and impairment losses (Note 2.11). Depreciation is provided over their estimated useful lives on a straight-line basis, after taking into account their estimated residual values. Estimated useful lives of the Groups investment properties are 30-40 2.10 Lease prepayments and other non-current From 1 January 2019, lease prepayments and other non-current non-current Patents 10-28 years Catalyst 2-5 Accounting polices applied until 1 January 2019 Lease prepayments and other non-current non-current Land use rights 30-50 years Patents 10-28 Catalyst 2-5 2.11 Impairment of non-financial Intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial 2.12 Investments and financial assets 2.12.1 Classification From 1 January 2018, the Group classifies its financial assets in the following measurement categories: those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss), and those to be measured at amortized cost. The classification depends on the Groups business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. 2.12.2 Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 2.12.3 Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Debt instruments Subsequent measurement of debt instruments depends on the Groups business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Other gainsnet, together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated income statement. FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gains or losses previously recognized in OCI is reclassified from equity to profit or loss and recognized in Other gainsnet. Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in Other gainsnet and impairment expenses are presented as separate line item in the consolidated income statement. FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within Other gainsnet in the period in which it arises. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Groups management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss when the Groups right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in Other gainsnet in the consolidated income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. 2.12.4 Impairment From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For financial instruments that have low credit risk at the balance sheet date, except for receivables related to revenue, the Group assumes that there is no significant increase in credit risk since the initial recognition, on first stage, and measures the loss allowance at an amount equal to 12-month For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 4.1(b) for further details. 2.12.5 Accounting policies applied until 31 December 2017 Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Loans and receivables Loans and receivables are non-derivative non-current (c) Available-for-sale Available-for-sale non-derivatives non-current Recognition and measurement Regular way purchases and sales of financial assets are recognized on the trade-date the date on which the Group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available-for-sale Gains or losses arising from changes in the fair value of the financial liabilities at fair value through profit or loss category are presented in the income statement within Other (losses)/gains net in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other income when the Groups right to receive payments is established. Changes in the fair value of monetary and non-monetary When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognized in equity are included in the income statement as gains and losses from investment securities. 2.13 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. 2.14 Derivative financial instruments Derivative financial instruments of the Group are foreign exchange forward contracts, which are not designated as hedges. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and through the use of valuation techniques, including discounted cash flow models and options pricing models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e., the fair value of the consideration given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable markets. When such evidence exists, the Group recognizes profits (losses) on that day. 2.15 Assets classified as held for sale Assets, including non-current An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the asset that is classified as held for sale (or disposal group) is recognized at the date of derecognition. The assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Assets classified as held for sale are presented separately in current assets of the balance sheet. 2.16 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion, the estimated costs necessary to make the sale and the related taxes. 2.17 Trade receivables, bills receivable and other receivables Trade receivables and bills receivable are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade receivables, bills receivable and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current Trade receivables, bills receivable and other receivables are recognized initially at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest method, less allowance for impairment. See Note 2.12.4 for a description of the Groups impairment policies. 2.18 Cash and cash equivalents In the consolidated statement of cash flows, cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are presented within borrowings in current liabilities in the balance sheet. 2.19 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. 2.20 Safety production fund Under Chinas law and regulation, the Group is required to accrue safety production fund at a certain percentage of the sales of dangerous goods. The fund is earmarked for improving the safety of production. The fund is accrued from retained earnings to other reserves and converted back to retained earnings when used. 2.21 Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current Trade and other payables are recognized initially at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest method. 2.22 Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. 2.23 Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Borrowing costs include interest expense, finance charges in respect of exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. The exchange gains and losses that are an adjustment to interest costs include the interest rate differential between borrowing costs that would be incurred if the entity had borrowed funds in its functional currency, and the borrowing costs actually incurred on foreign currency borrowings. 2.24 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. (a) The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Companys subsidiaries, associates and joint ventures operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. (b) Deferred incom |
Changes in Accounting Policies
Changes in Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Changes in accounting policies [abstract] | |
Changes in accounting policies | 3 Changes in accounting policies This note explains the impact of the adoption of IFRS 16 Leases on the Groups financial statements. As indicated in Note 2.1.1(a) above, the Group has adopted IFRS 16 Leases retrospectively from 1 January 2019, but has not restated comparatives for the 2018 reporting period, as permitted under the specific transition provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on 1 January 2019. The new accounting policies are disclosed in Note 3.3 below. 3.1 Impact of adoption On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as operating leases under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessees incremental borrowing rate as of 1 January 2019. The lessees incremental borrowing rate applied to the lease liabilities on 1 January 2019 was from 4.35% to 4.90%. (a) Measurement of lease liabilities RMB000 Operating lease commitments disclosed as at 31 December 2018 84,746 Discounted using the lessees incremental borrowing rate of at the date of initial application 77,046 (Less): short-term leases recognized on a straight-line basis as expense (315 ) Lease liability recognized as at 1 January 2019 76,731 Of which are: Current lease liabilities 74,093 Non-current 2,638 (b) Measurement of right-of-use Right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as at 31 December 2018. There were no onerous lease contracts that would have required an adjustment to the right-of-use (c) Adjustments recognized in the balance sheet on 1 January 2019 right-of-use lease prepayment and other non-current prepayments decrease by RMB 121 thousands lease liabilities increase by RMB 76,731 thousands (d) Impact on segment disclosures As at 31 December 2019, allocated assets and allocated liabilities increased as a result of the change in accounting policy. Right-of-use Addition to RMB000 Addition to RMB000 Synthetic fibres 9,047 536 Resins and plastics 50,006 5,177 Intermediate petrochemicals 46,320 2,738 Petroleum products 236,531 13,371 Trading of petrochemical products 13 - Others 1,943 221 343,860 22,043 (e) Practical expedients applied In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard: applying a single discount rate to a portfolio of leases with reasonably similar characteristics, and accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases. The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying IAS 17 and IFRIC 4 Determining whether an Arrangement contains a Lease. 3.2 Lessor accounting The Group did not need to make any adjustments to the accounting for assets held as lessor under operating leases as a result of the adoption of IFRS 16. 3.3 The Groups leasing activities and how these are accounted for The Group leases various land, buildings, equipment, vehicles and others. Rental contracts of buildings, equipment, vehicles and others are typically made for fixed periods of 1 to 30 years. Rental contracts of land use rights are typically made for fixed periods of 30 to 50 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Until the 2018 financial year, leases were classified as either finance leases or operating leases. From 1 January 2019, leases are recognized as a right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: fixed payments (including in-substance variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date, amounts expected to be payable by the Group under residual value guarantees, the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessees incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use To determine the incremental borrowing rate, the Group: where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received uses a build-up makes adjustments specific to the lease, eg term, country, currency and security. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. Right-of-use Land use rights 30-50 years Buildings 1-30 Equipment 1-2 Vehicles and others 1-5 Payments associated with short-term leases of equipment and vehicles are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Financial risk management [abstract] | |
Financial risk management | 4 Financial risk management 4.1 Financial risk factors The Groups activities exposed it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and commodity price risk), credit risk and liquidity risk. The Groups overall risk management programmer focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Groups financial performance. (a) Market risk (i) Foreign exchange risk The Groups major operational activities are carried out in Mainland China and a majority of the transactions are denominated in RMB. Nevertheless the Group is exposed to foreign exchange risk arising from the recognized assets and liabilities (mainly trade payables), and future transactions denominated in foreign currencies, primarily with respect to US dollar. The Groups finance department at its headquarter is responsible for monitoring the amount of assets and liabilities, and transactions denominated in foreign currencies to minimize the foreign exchange risk. For the year ended 31 December 2019, 31 December 2018 and 31 December 2017, the Group uses forward foreign exchange contracts and foreign exchange option contracts to mitigate its exposure to foreign exchange risk respect to US dollar. The forward and option contracts the Group used are not designed as hedging instrument. As at 31 December 2019, the nominal amount of US dollar foreign exchange options were amounted to RMB 40,754 thousands (31 December 2018: RMB 571,476 thousands), which would be matured within six months. As at 31 December 2019, if the foreign currencies had weakened/strengthened by 5% against RMB with all other variables held constant, the Groups net profit for the year would have been RMB 13,699 thousands increased/decreased before considering the impact of forward and option contracts as a result of foreign exchange gains/losses on translation of foreign currencies denominated trade payables and borrowings (31 December 2018: RMB 30,713 thousands). (ii) Cash flow and fair value interest rate risk The Groups interest rate risk arises from short-term interest bearing borrowings. Borrowings obtained at variable rates expose the Group to cash flow interest rate risk. Borrowings obtained at fixed rates expose the Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and floating rate contracts depending on the prevailing market conditions. As at 31 December 2019, the Groups short-term borrowings denominated with floating rates amounted to RMB 47,600 thousands, which represented 3% of total borrowing balance (31 December 2018: RMB 497,249 thousands, representing 100% of total borrowing balance). The Groups finance department at its headquarter continuously monitors the interest rate position of the Group. Increases in interest rates will increase the cost of new borrowing and the interest expenses with respect to the Groups outstanding floating rate borrowings, and therefore could have a material adverse effect on the Groups financial position. The Group makes adjustments timely with reference to the latest market conditions and may enter into interest rate swap agreements to mitigate its exposure to interest rate risk. For the years ended 31 December 2019 and 31 December 2018, the Group did not enter into any interest rate swap agreements. As at 31 December 2019, if interest rates on the floating rate borrowings had risen/fallen by 50 basis points while all other variables had been held constant, the Groups net profit would have decreased/increased by approximately RMB 179 thousands (31 December 2018: RMB 1,865 thousands), mainly as a result of higher/lower interest expense on floating rate borrowings. (iii) Commodity price risk The Group principally engages in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The selling price of petroleum products is periodically adjusted by government department based on the market price adjustment mechanism, and generally in connection with the crude oil price. The selling prices of synthetic fibers, resins and plastics and intermediate petrochemicals are market prices. The Group didnt have any derivative financial instrument such as commodity futures and swaps, therefore the fluctuation of crude oil price could have significant impact on the Group. (b) Credit risk (i) Risk management Credit risk is managed on group basis. It mainly arises from cash and cash equivalents, time deposits with banks, structured deposits, trade receivables, other receivables, bills receivable, etc. Group expects that there is no significant credit risk associated with cash at bank (including time deposits and structured deposits) and bills receivable since they are deposits and bank acceptance bills at state-owned banks and other medium or large size listed banks. Management does not expect that there will be any significant losses from non-performance In addition, the Group has policies to limit the credit exposure on trade receivables, other receivables and bills receivable. The Group assesses the credit quality of and sets credit limits on its customers by taking into account their financial position, the availability of guarantee from third parties, their credit history and other factors such as current market conditions. The credit history of the customers is regularly monitored by the Group. In respect of customers with a poor credit history, the Group will use written payment reminders, or shorten or cancel credit periods, to ensure the overall credit risk of the Group is limited to a controllable extent. The Group considers the probability of default upon initial recognition of a financial asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forward-looking information. Especially the following indicators are incorporated: internal credit rating; external credit rating (as far as available); actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtors ability to meet its obligations; actual or expected significant changes in the operating results of the debtors; significant increases in credit risk on other financial instruments of the same debtors; significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements; significant changes in the expected performance and behavior of the debtors, including changes in the payment status of debtors, etc. Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. It has other monitoring procedures to ensure that follow-up For other receivables, management makes periodic collective assessment as well as individual assessment on the recoverability of other receivables based on historical settlement records and forward-looking information. The management believe that there is no material credit risk inherent in the Groups outstanding balance of other receivable. (ii) Impairment of financial assets The Group has three types of financial assets that are subject to the expected credit loss model: Trade receivables for sales of goods and from the providing services, Other financial assets carried at amortised cost, and Debt instruments carried at FVOCI While cash and cash equivalents, time deposits with banks and bills receivable are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial. Trade receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables (including trade receivables with related parties and those carried at FVOCI). To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected credit loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2019 and 31 December 2018 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The loss allowances for trade receivables as at 31 December 2019 and 31 December 2018 reconcile to the opening loss allowances as follows: Trade receivables (including 2018 2019 RMB000 RMB000 Opening loss allowance as at 1 January 37 54 Provision for loss allowance recognized in profit or loss 17 - Reversal of previous impairment losses - (54 ) Closing loss allowance at 31 December 54 - For the year ended 31 December 2019 and 31 December 2018, the (reversal)/provision for loss allowance were recognized in profit or loss in net impairment losses on financial assets. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Other financial assets at amortised cost Other financial assets at amortized cost include other receivables. As at 31 December 2019 and 31 December 2018, the internal credit rating of other receivables were performing. The Group has assessed that the expected credit losses for these receivables are not material under the 12 months expected losses method. The loss allowance provision for other receivables as at 31 December 2019 and 31 December 2018 Other receivables (including 2018 2019 RMB000 RMB000 Opening loss allowance as at 1 January 1016 144 Provision for loss allowance recognized in profit or loss 56 - Reversal of previous impairment losses (34 ) (5 ) Receivables written off during the year as uncollectible (894 ) - Closing loss allowance at 31 December 144 139 Management considered the internal credit risk of other receivable including receivables from related parties were performing as they have a low risk of default and the counterparties have a strong capacity to meet its contractual cash flow obligations in the near term, and thus the impairment provision recognized during the period was limited to 12 months expected losses. For year ended 31 December 2019, the (reversal)/provision for loss allowance were recognized in profit or loss in net impairment losses on financial assets in relation to the impaired other receivables. Debt instruments carried at FVOCI Debt instruments carried at FVOCI include trade receivables and bills receivable with a business model which is achieved both by collecting contractual cash flows and selling of these assets. The loss allowance for debt instruments is recognized in profit or loss and reduces the fair value loss otherwise recognized in OCI. While bills receivable carried at FVOCI are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial. The above Note 4(b)(ii) provides the details about the loss allowance for trade receivables carried at FVOCI. As at 31 December 2019 and 31 December 2018, no loss allowance was provided for financial assets at FVOCI. (iii) During the year, the following gains/(losses) were recognized in profit or loss in relation to impaired financial assets: 2018 2019 RMB000 RMB000 Impairment losses - movement in loss allowance for trade and other receivables (73 ) - Reversal of previous impairment losses 34 59 Net impairment losses on financial assets (39 ) 59 (iv) Financial assets at fair value through profit or loss The Group is also exposed to credit risk in relation to investments such as structured deposits and derivative financial instruments, which are measured at fair value through profit or loss. The maximum exposure at the end of the reporting period is the carrying amount of these investments. (c) Liquidity risk Cash flow forecast is performed by the operating entities of the Group and aggregated by Group finance. Group finance monitors rolling forecasts of the Groups liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities from major financial institution so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities to meet the short-term and long-term liquidity requirements. The liquidity of the Group is primarily dependent on its ability to maintain adequate cash inflow from operations, the renewal of its short-term bank loans and its ability to obtain adequate external financing to support its working capital and meet its debt obligation when they become due. As at 31 December 2019, the Group had credit facilities with several PRC financial institutions which provided the Group to draw down or to guarantee the issuance of the bills of lading to RMB 21,258,288 thousands, within which amounted to RMB 17,601,233 thousands were unused. The maturity dates of the unused facility amounted to RMB 15,101,233 thousands will be after 31 December 2020 as disclosed in Note 23(f). Management assessed that all the facilities could be renewed upon the expiration dates. Surplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group treasury. As at 31 December 2019, the Group held cash and cash equivalents of RMB 7,449,699 thousands (31 December 2018: RMB 8,741,893 thousands) (Note 23(b)) and trade receivables (including trade receivables with related parties and those carried at FVOCI) of RMB 2,376,098 thousands (31 December 2018: RMB 3,181,196 thousands), that are expected to readily generate cash inflows for managing liquidity risk. The table below analyses the Groups financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 Between 2 and 5 Over 5 years Total 31 December 2018 RMB000 RMB000 RMB000 RMB000 RMB000 Non-derivatives Borrowings 606,157 - - - 606,157 Trade payables 1,908,457 - - - 1,908,457 Other payables 789,567 - - - 789,567 Amounts due to related parties 3,725,278 - - - 3,725,278 7,029,459 - - - 7,029,459 Derivatives - - - Derivative financial instruments 1,516 - - - 1,516 Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 Between 2 and 5 Over 5 years Total 31 December 2019 RMB000 RMB000 RMB000 RMB000 RMB000 Non-derivatives Borrowings 1,575,176 - - - 1,575,176 Lease liabilities 11,700 8,846 2,435 495 23,476 Bills payables 673,900 - - - 673,900 Trade payables 2,142,402 - - - 2,142,402 Other payables 747,133 - - - 747,133 Amounts due to related parties 5,702,728 - - - 5,702,728 10,853,039 8,846 2,435 495 10,864,815 Derivatives Derivative financial instruments 799 - - - 799 4.2 Capital management The Groups objectives when managing capital are to safeguard the Groups ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current As cash and cash equivalents exceed total borrowings, which was resulted primarily from profitability, there was no net debt as at 31 December 2019 and 31 December 2018. 4.3 Fair value estimation The table below analyses the Groups financial instruments carried at fair value as at 31 December 2019 and 31 December 2018 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within a fair value hierarchy as follows: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities. Recurring fair value measurements As at 31 December 2018 Level 1 RMB000 Level 2 RMB000 Level 3 RMB000 Total RMB000 Financial assets Financial assets at fair value through other comprehensive income - 1,672,431 - 1,672,431 Structured deposits - - 2,719,811 2,719,811 Foreign exchange options - 7,468 - 7,468 - 1,679,899 2,719,811 4,399,710 Financial liabilities Foreign exchange options - 11,005 - 11,005 Recurring fair value measurements As at 31 December 2019 Level 1 RMB000 Level 2 RMB000 Level 3 RMB000 Total RMB000 Financial assets Financial assets at fair value through other comprehensive income Trade and bill receivables - 1,540,921 - 1,540,921 Equity investments - - 5,000 5,000 Structured deposits - - 3,318,407 3,318,407 Foreign exchange options - 263 - 263 - 1,541,184 3,323,407 4,864,591 Financial liabilities Foreign exchange options - 799 - 799 The Group uses discounted cash flow model with inputted interest rate, which were influenced by historical fluctuation and the probability of market fluctuation, to evaluate the fair value of the structured deposits classified as Level 3 financial assets. Fair value measurements using significant unobservable inputs (level 3). The following table presents the changes in level 3 items for the periods ended 31 December 2019: Equity Structured RMB000 Total Closing balance 31 December 2018 - 2,719,811 2,719,811 Acquisitions 5,000 3,800,000 3,805,000 Disposals - (3,200,000 ) (3,000,000 ) Fair value change - (1,404 ) (1,404 ) Closing balance 31 December 2019 5,000 3,318,407 3,323,407 Financial assets and financial liabilities not measured at fair value mainly represent time deposits, trade receivables and other receivables, trade and other payables (except for the staff salaries and welfare payables and taxes payables) and borrowings. As at 31 December 2019 and 31 December 2018, these financial assets are expected to be collected in one year or less and these financial liabilities are due within one year or less. As a result, the carrying amounts of these financial assets and liabilities not measured at fair value are a reasonable approximation of their fair value. |
Critical Accounting Estimates a
Critical Accounting Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2019 | |
Critical accounting estimates and assumptions [abstract] | |
Critical accounting estimates and assumptions | 5 Critical accounting estimates and assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (a) Net realizable value (NRV) of inventories The NRV is determined based on the estimated selling prices less the estimated costs to completion, if relevant, other costs necessary to make the sale, and the related taxes. Determination of estimated selling prices requires significant management judgement, taking into consideration of historical selling prices and future market trend. If the actual selling prices were to be lower or the costs of completion were to be higher than estimated, the actual allowance for diminution in value of inventories could be higher than the estimate. (b) Impairments for non-financial In determining the value in use, expected cash flows generated by the non-financial (c) Useful life and residual value of property, plant and equipment Property, plant and equipment, are depreciated on a straight-line basis over the estimated useful lives of the assets, after taking into account the estimated residual value. Management reviews the estimated useful lives of the assets annually in order to determine the amount of depreciation expense to be recorded during any reporting period. The useful lives are based on the Groups historical experience with similar assets, taking into account anticipated technological changes. The depreciation expense for future periods is adjusted if there are significant changes from previous estimates. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment information [abstract] | |
Segment information | 6 Segment information The Group manages its business by divisions, which are organized by business lines. In view of the fact that the Company and its subsidiaries operate mainly in the PRC, no geographical segment information is presented. In a manner consistent with the way in which information is reported internally to the Groups chief operating decision maker, Board of Directors, for the purposes of resource allocation and performance assessment, the Group has identified the following five reportable segments. No operating segments have been aggregated to form the following reportable segments. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise investments accounted for using the equity method, deferred income tax assets, cash and cash equivalents, time deposits, structured deposits, entrusted lending and incomes relating to these assets (such as share of profit of investments accounted for using equity method and interest income) and borrowings and interest expenses. The Group principally operates in five operating segments: synthetic fibers, resins and plastics, intermediate petrochemicals, petroleum products and trading of petrochemical products. Synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products are produced through intermediate steps from the principal raw material of crude oil. The specific products of each segment are as follows: (i) The synthetic fibers segment produces primarily polyester, acrylic fibers and carbon fibers, which are mainly used in the textile and apparel industries. (ii) The resins and plastics segment produces primarily polyester chips, polyethylene resins, polypropylene resins and PVA granules. The polyester chips are used to produce polyester fibers, coating and containers. Polyethylene resins and plastics are used to produce insulated cable, mulching films and molded products such as housewares and toys. Polypropylene resins are used for films, sheets and molded products such as housewares, toys, consumer electronics and automobile parts. (iii) The intermediate petrochemicals segment primarily produces p-xylene, (iv) The petroleum products segment is equipped with crude oil refinery facilities used to produce qualified refined gasoline, fuel, diesel oil, heavy oil and liquefied petroleum gas, and provide raw materials for the Groups downstream petrochemical processing facilities. (v) The trading of petrochemical products segment is primarily engaged in importing and exporting of petrochemical products. The products are sourced from international and domestic suppliers. (vi) Other operating segments represent the operating segments which do not meet the quantitative threshold for determining reportable segments. These include investment property leasing, service provision and a variety of other commercial activities. 2017 Synthetic Resins and Intermediate petrochemicals Petroleum Trading of Other Total RMB000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB000 Total segment revenue 2,061,765 10,596,844 23,302,939 53,259,378 24,953,285 1,364,977 115,539,188 Inter segment revenue - (123,824 ) (12,949,321 ) (8,737,935 ) (1,240,250 ) (525,443 ) (23,576,773 ) Revenue from external customers 2,061,765 10,473,020 10,353,618 44,521,443 23,713,035 839,534 91,962,415 Total gross (loss)/profit (440,925 ) 1,539,196 2,378,581 3,147,627 162,801 32,759 6,820,039 2018 Synthetic Resins and Intermediate petrochemicals Petroleum Trading of Other Total RMB000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB000 Total segment revenue 2,225,594 10,868,758 26,327,039 66,009,608 27,650,410 1,488,856 134,570,265 Intersegment revenue - (138,481 ) (13,923,959 ) (11,037,010 ) (1,090,056 ) (691,852 ) (26,881,358 ) Revenue from external customers 2,225,594 10,730,277 12,403,080 54,972,598 26,560,354 797,004 107,688,907 Timing of revenue recognition At a point in time 2,225,594 10,730,277 12,403,080 54,972,598 26,537,983 797,004 107,666,536 Over time - - - - 22,371 - 22,371 2,225,594 10,730,277 12,403,080 54,972,598 26,560,354 797,004 107,688,907 Total gross (loss)/profit (537,590 ) 1,081,206 2,135,060 2,936,678 149,236 9,916 5,774,506 2019 Synthetic Resins and Intermediate petrochemicals Petroleum Trading of Other Total RMB000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB000 Total segment revenue 2,200,229 10,304,812 24,698,643 66,754,731 21,881,214 1,502,840 127,342,469 Inter segment revenue - (141,101 ) (14,187,500 ) (11,868,026 ) (175,200 ) (700,975 ) (27,072,802 ) Revenue from external customers 2,200,229 10,163,711 10,511,143 54,886,705 21,706,014 801,865 100,269,667 Timing of revenue recognition At a point in time 2,200,229 10,163,711 10,511,143 54,886,705 21,695,864 801,865 100,259,517 Over time - - - - 10,150 - 10,150 2,200,229 10,163,711 10,511,143 54,886,705 21,706,014 801,865 100,269,667 Total gross (loss)/profit (501,062 ) 542,015 649,435 750,850 121,193 25,314 1,587,745 2017 2018 2019 RMB000 RMB000 RMB000 Segment resultprofit/(loss) from operations Petroleum products 3,120,024 2,910,063 705,469 Resins and plastics 1,355,908 900,440 401,454 Intermediate petrochemicals 2,206,128 1,934,926 413,914 Trading of petrochemical products 60,583 104,900 53,214 Synthetic fibers (475,266 ) (573,503 ) (540,280 ) Others 134,496 308,286 286,801 Profit from operations 6,401,873 5,585,112 1,320,572 Net finance income 207,332 337,412 362,963 Share of profit of investments accounted for using the equity method 1,243,693 885,597 972,593 Profit before income tax 7,852,898 6,808,121 2,656,128 Other profit and loss disclosures 2017 2018 2019 Depreciation Impairment Inventory Depreciation Impairment Inventory Depreciation Impairment Inventory write- RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 Synthetic fibers (79,658 ) (49,107 ) (38,287 ) (68,428 ) (47,937 ) (35,945 ) (68,589 ) 7 (48,844 ) Resins and plastics (163,618 ) (9 ) (5,177 ) (139,447 ) (9 ) (19,219 ) (125,464 ) 6 (12,073 ) Intermediate petrochemicals (538,435 ) (50,210 ) (4,487 ) (575,025 ) (34,695 ) (8,630 ) (497,469 ) (478 ) (9,094 ) Petroleum products (922,670 ) (44 ) (12,399 ) (862,659 ) (50 ) (22,209 ) (972,688 ) 38 (167 ) Trading of petrochemical products (171 ) - - (111 ) - - (211 ) - - Others (129,577 ) (18,875 ) (111 ) (161,943 ) - - (174,367 ) - - (1,834,129 ) (118,245 ) (60,461 ) (1,807,613 ) (82,691 ) (86,003 ) (1,838,788 ) (427 ) (70,178 ) As at 31 December 2018 Total assets 2019 Total assets Allocated assets Synthetic fibers 1,114,911 997,650 Resins and plastics 1,924,863 1,802,681 Intermediate petrochemicals 4,176,850 3,721,337 Petroleum products 15,567,239 14,014,403 Trading of petrochemical products 1,807,433 1,492,405 Others 2,067,698 2,294,668 Allocated assets 26,658,994 24,323,144 Unallocated assets Investments accounted for using the equity method 4,527,133 5,208,758 Cash and cash equivalents 8,741,893 7,449,699 Time deposits with banks 1,500,000 5,020,073 Deferred income tax assets 119,075 150,832 Financial assets at fair value through profit or loss 2,727,279 3,318,670 Others 111,523 22,899 Unallocated assets 17,726,903 21,170,931 Total assets 44,385,897 45,494,075 As at 31 December 2018 Total liabilities 2019 Total liabilities Allocated liabilities Synthetic fibers 427,005 340,034 Resins and plastics 1,404,499 1,372,574 Intermediate petrochemicals 1,767,232 1,736,967 Petroleum products 7,813,381 8,482,596 Trading of petrochemical products 1,923,373 1,946,530 Others 79,712 73,127 Allocated liabilities 13,415,202 13,951,828 Unallocated liabilities Borrowings 497,249 1,547,600 Financial liabilities at fair value through profit or loss 11,005 799 Unallocated liabilities 508,254 1,548,399 Total liabilities 13,923,456 15,500,227 2017 2018 2019 Additions to property, plant and equipment, construction in progress, right-of-use non-current Synthetic fibers 130,908 124,188 294,515 Resins and plastics 156,189 112,638 74,633 Intermediate petrochemicals 525,828 246,857 204,021 Petroleum products 1,076,212 806,833 1,024,626 Trading of petrochemical products - - 89 Others 20,738 98,737 103,418 1,909,875 1,389,253 1,701,302 Entity-wide information The Groups revenue from external customers are mainly within Mainland China in 2019, 2018 and 2017. As at 31 December 2018 and 31 December 2019, assets are also mainly within Mainland China. Revenue of approximate RMB 42,657,975 thousands (2018: RMB 42,492,816 thousands, 2017: RMB 39,804,025 thousands) are derived from a single customer. These revenues are attributable to the petroleum products and others segments. |
Other Operating Income
Other Operating Income | 12 Months Ended |
Dec. 31, 2019 | |
Other operating income [abstract] | |
Other operating income | 7 Other operating income 2017 2018 2019 Government grants (i) 65,703 116,330 69,678 Rental income from investment property (Note 18) 46,700 76,001 76,381 Others 6,607 10,286 4,655 119,010 202,617 150,714 (i) Government grants Grants related to R&D, other tax refund and subsidies of RMB 69,241 thousands (2018: RMB 115,893 thousands, 2017: RMB 65,266 thousands) are included in the government grants line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The Group did not benefit directly from any other forms of government assistance. Deferral and presentation of government grants Government grants relating to the purchase of property, plant and equipment are included in non-current |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other operating expenses [abstract] | |
Other operating expenses | 8 Other operating expenses 2017 2018 2019 Cost related to lease of investment properties (13,738 ) (19,367 ) (16,199 ) Others (7,641 ) (13,181 ) (5,726 ) (21,379 ) (32,548 ) (21,925 ) |
Other (losses)_gains - net
Other (losses)/gains - net | 12 Months Ended |
Dec. 31, 2019 | |
Other (losses)/gains - net [abstract] | |
Other (losses)/gains - net | 9 Other gains net 2017 2018 2019 Net (losses)/gains on disposal of land, property, plant and equipment (i) (13,017 ) 172,508 158,551 Income from structured deposits - 19,811 85,444 Fair value (losses)/gains on foreign exchange option and forward exchange contracts (1,516 ) (2,021 ) 3,001 Gains/(losses) from disposal of subsidiaries (Note 20) - 1,622 (60,951 ) Net foreign exchange gains/(losses) 23,656 (31,770 ) 2,648 Net gains/(losses) on settlement of foreign exchange option and forward foreign exchange contracts - 16,540 (15,316 ) Gains from disposal of joint venture 10,339 - - Others - - (19,513 ) 19,462 176,690 153,864 (i) |
Finance Income and Expenses
Finance Income and Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Finance income and expenses [abstract] | |
Finance income and expenses | 10 Finance income and expenses 2017 2018 2019 Net foreign exchange gains - - 18,571 Interest income 268,379 443,661 398,176 Finance income 268,379 443,661 416,747 Interest on bank and other borrowings (55,188 ) (84,425 ) (59,378 ) Less: amounts capitalized on qualifying assets 804 5,179 5,594 Net interest expense (54,384 ) (79,246 ) (53,784 ) Net foreign exchange loss (6,663 ) (27,003 ) - Finance expenses (61,047 ) (106,249 ) (53,784 ) Finance income - net 207,332 337,412 362,963 |
Expense by Nature
Expense by Nature | 12 Months Ended |
Dec. 31, 2019 | |
Expense by nature [abstract] | |
Expense by nature | 11 Expense by nature 2017 2018 2019 Cost of raw material 42,075,096 56,601,977 57,101,961 Cost of trading products 23,531,983 26,392,366 21,566,364 Employee benefit expenses (Note 12) 2,752,996 2,888,572 3,147,372 Depreciation and amortization (Note 15, 17, 18) 1,834,129 1,807,613 1,736,790 Repairs and maintenance expenses 1,136,379 1,265,919 1,089,829 Change of goods in process and finished goods (58,784 ) (277,403 ) 446,779 Transportation costs 306,654 326,553 297,416 External processing fee 193,757 185,164 215,288 Sales commissions (Note 30) 116,616 139,954 125,641 Depreciation charge of right-of-use 101,998 Inventory write-down (Note 22) 60,461 86,003 70,178 Auditors remuneration - audit services 7,800 7,800 7,800 Leasing expenses 79,438 96,520 2,961 Impairment loss (Note 19) 118,245 82,652 486 Other expenses 778,777 771,401 1,107,017 Total cost of sales, selling and administrative expenses 72,933,547 90,375,091 87,017,880 |
Employee Benefit Expenses
Employee Benefit Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Employee benefit expenses [abstract] | |
Employee benefit expenses | 12 Employee benefit expenses 2017 2018 2019 Wages and salaries 1,769,535 1,814,991 1,931,121 Social welfare costs 622,854 712,556 782,789 Others 349,331 374,029 433,462 Share-based payments granted to directors and employees (Note 28, 29) 11,276 (13,004 ) - Total employee benefit expense 2,752,996 2,888,572 3,147,372 (i) Five highest paid individuals For the years ended 31 December 2017, 2018 and 2019, all 5 individuals with the highest emoluments are directors and supervisors whose emoluments are disclosed in Note 36(i). |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Income tax [abstract] | |
Income tax | 13 Income tax 2017 2018 2019 - Current income tax 1,714,955 1,471,671 460,720 - Deferred taxation (16,216 ) 232 (31,757 ) Income tax expense 1,698,739 1,471,903 428,963 A reconciliation of the expected income tax calculated at the applicable tax rate and total profit, with the actual income tax is as follows: 2017 2018 2019 Profit before income tax 7,852,898 6,808,121 2,656,128 Expected PRC income tax at the statutory tax rate of 25% 1,963,225 1,702,032 664,032 Tax effect of share of profit of investments accounted for using the equity method (307,547 ) (218,024 ) (239,562 ) Tax effect of other non-taxable (8,733 ) (17,270 ) (14,959 ) Tax effect of non-deductible 7,268 20,123 42,906 True up for final settlement of enterprise income taxes in respect of previous years (15,121 ) 12,678 (2,618 ) Tax losses for which no deferred income tax asset was recognized 60,832 10,017 9,578 Utilization of previously unrecognized tax losses (1,185 ) (37,653 ) (30,414 ) Actual income tax 1,698,739 1,471,903 428,963 The provision for PRC income tax is calculated at the rate of 25% (2018 and 2017: 25%) on the estimated taxable income of the year ended 31 December 2019 determined in accordance with relevant income tax rules and regulations. The Group did not carry out business overseas and therefore does not incur overseas income taxes. (i) The analysis of deferred tax assets and deferred tax liabilities is as follows: As at 31 December 2018 2019 Deferred tax assets: Deferred tax asset to be recovered after more than 12 months 72,875 25,195 Deferred tax asset to be recovered within 12 months 50,049 133,187 122,924 158,382 Deferred tax liabilities: Deferred tax liabilities to be recovered after more than 12 months (2,611 ) (2,946 ) Deferred tax liabilities to be recovered within 12 months (1,238 ) (4,604 ) (3,849 ) (7,550 ) Deferred tax assets - net 119,075 150,832 (ii) Movements in deferred tax assets and liabilities are as follows: Balance as at 1 January 2018 Deducted/(charged) Balance as at 31 December 2018 Deferred tax assets Impairment for bad and doubtful debts and provision for inventories 24,507 15,099 39,606 Provision for impairment losses in fixed assets and construction in progress 202,988 16,622 219,610 Difference in depreciation (115,495 ) (30,214 ) (145,709 ) Share-based payments 3,816 (3,816 ) - Others 8,578 839 9,417 124,394 (1,470 ) 122,924 Deferred tax liabilities Capitalization of borrowing costs and others (5,087 ) 1,238 (3,849 ) Deferred tax assets - net 119,307 (232 ) 119,075 Balance as at 1 January 2019 (Charged)/deducted Balance as at 31 December 2019 RMB000 RMB000 RMB000 Deferred tax assets Impairment for bad and doubtful debts and provision for inventories 39,606 (705 ) 38,901 Provision for impairment losses in fixed assets and construction in progress 219,610 (11,978 ) 207,632 Difference in depreciation (145,709 ) (33,091 ) (178,800 ) Others 9,417 81,232 90,649 122,924 35,458 158,382 Deferred tax liabilities Gains of financial assets at fair value - (4,604 ) (4,604 ) Capitalization of borrowing costs and others (3,849 ) 903 (2,946 ) Deferred tax assets - net 119,075 31,757 150,832 The Group recognizes deferred tax assets only to the extent that it is probable that future taxable income will be available against which the assets can be utilized. Based on the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets will be utilized, management believes that it is probable the Group will realize the benefits of these temporary differences for which deferred tax assets have been recognized. (iii) Deferred tax assets not recognized As at 31 December 2019, certain subsidiaries of the Company did not recognize the deferred tax assets in respect of the impairment losses on property, plant and equipment amounting to RMB 29,969 thousands (31 December 2018: RMB 29,969 thousands), because it was not probable that the related tax benefit would be realized. As at 31 December 2019, certain subsidiaries of the Company did not recognize the deferred tax assets in respect of unused tax losses of RMB 121,723 thousands (31 December 2018: RMB 89,713 thousands) carried forward for PRC income tax purpose because it was not probable that the related tax benefit would be realized. Tax losses carried forward that are not recognized as deferred tax assets will expire in the following years: 2018 2019 2019 6,132 - 2020 17,945 17,775 2021 12,880 12,880 2022 12,687 12,687 2023 40,069 40,069 2024 - 38,312 89,713 121,723 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Earnings per share | 14 Earnings per share (a) Basic Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year. 2017 RMB000 2018 RMB000 2019 RMB000 Net profit attributable to owners of the Company 6,143,222 5,336,331 2,215,728 Weighted average number of ordinary shares in issue (thousands of shares) 10,803,690 10,823,497 10,823,814 Basic earnings per share (RMB per share) RMB 0.569 RMB 0.493 RMB 0.205 Basic earnings per ADS (RMB per ADS) RMB 56.862 RMB 49.303 RMB 20.452 (b) Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. As at 31 December 2017, The Company has dilutive potential ordinary shares from share options. The number of shares that would have been issued assuming the exercise of the share options less the number of shares that could have been issued at fair value (determined as the average market price per the Companys A share for year ended 31 December 2017) for the same total proceeds is the number of shares issued for no consideration. The resulting number of shares issued for no consideration is included in the weighted average number of ordinary shares as the denominator for calculating diluted earnings per share. As at 31 December 2019 and 31 December 2018, there was no potential dilutive ordinary share from share options due to the forfeit of the third tranche of share option incentive scheme. The calculation of the diluted earnings per share for the years ended 31 December 2017, 2018 and 2019 was shown as: 2017 RMB000 2018 RMB000 2019 RMB000 Earnings Profit attributable to owners of the Company 6,143,222 5,336,331 2,215,728 Weighted average number of ordinary shares in issue (thousands of shares) 10,803,690 10,823,497 10,823,814 Adjustments for share options granted (thousands of shares) 6,179 - - Weighted average number of ordinary shares for diluted earnings per share (thousands of shares) 10,809,869 10,823,497 10,823,814 Diluted earnings per share (RMB per share) RMB 0.568 RMB 0.493 RMB 0.205 Diluted earnings per ADS (RMB per ADS)(i) RMB 56.830 RMB 49.303 RMB 20.452 (i) ADSs are references to our American Depositary Shares, which are listed and traded on the New York Stock Exchange. Each ADS represents 100 H Shares. |
Lease Prepayments and Other Non
Lease Prepayments and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Lease prepayments and other non-current assets [abstract] | |
Lease prepayments and other non-current assets | 15 Lease prepayments and other non-current Land use Other Long-term Total As at 1 January 2018 Cost 725,152 81,085 349,588 1,155,825 Accumulated amortization (350,980 ) (57,596 ) (408,576 ) Net book amount 374,172 23,489 349,588 747,249 Year ended 31 December 2018 Opening net book amount 374,172 23,489 349,588 747,249 Additions - 3,008 374,519 377,527 Charge for the year (14,815 ) (5,929 ) (221,418 ) (242,162 ) Transferred to assets classified as held for sale (24,331 ) - - (24,331 ) Closing net book amount 335,026 20,568 502,689 858,283 As at 31 December 2018 335,026 20,568 502,689 858,283 Change in accounting policy (Note 3) (335,026 ) - - (335,026 ) Restated opening amount as at 1 January 2019 - 20,568 502,689 523,257 Cost - 84,093 502,689 586,782 Accumulated amortization - (63,525 ) (63,525 ) Net book amount - 20,568 502,689 523,257 Year ended 31 December 2019 Opening net book amount - 20,568 502,689 523,257 Additions - 1,762 170,687 172,449 Charge for the year - (4,695 ) (209,597 ) (214,292 ) Closing net book amount - 17,635 463,779 481,414 As at 31 December 2019 Cost - 85,855 463,779 549,634 Accumulated amortization - (68,220 ) - (68,220 ) Net book amount - 17,635 463,779 481,414 For the year ended 31 December 2019, the amortization of RMB 214,292 thousands (2018: RMB 242,162 thousands, 2017: RMB 245,635 thousands) has been charged in Cost of sales. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 16 Leases (a) Amounts recognized in the balance sheet The balance sheet shows the following amounts relating to leases: As at 31 December 2019 RMB000 As at 1 January 2019 RMB000 Right-of-use Land use rights 320,212 335,026 Buildings 22,205 12,233 Equipment 168 63,471 Others 1,275 1,148 343,860 411,878 Lease liabilities Current 11,450 74,093 Non-current 10,593 2,638 22,043 76,731 For the year ended 31 December 2019, additions to the right-of-use (b) Amounts recognized in the income statement The income statement shows the following amounts relating to leases: 2019 RMB000 Depreciation charge of right-of-use Land use rights (14,814 ) Buildings (12,541 ) Equipment (74,025 ) Others (618 ) (101,998 ) Interest expense (included in finance cost) (2,570 ) Expense relating to short-term leases (included in Cost of sales) (2,961 ) The total cash outflow for leases in 2019 was RMB 94,441 thousands. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 17 Property, plant and equipment Buildings Plant and Vehicles and Total RMB000 RMB000 RMB000 RMB000 As at 1 January 2018 Cost 3,641,220 41,661,819 1,907,177 47,210,216 Accumulated depreciation (2,239,728 ) (29,299,129 ) (1,516,564 ) (33,055,421 ) Impairment loss (279,099 ) (948,041 ) (61,227 ) (1,288,367 ) Net book amount 1,122,393 11,414,649 329,386 12,866,428 Year ended 31 December 2018 Opening net book amount 1,122,393 11,414,649 329,386 12,866,428 Additions - 58,906 25,602 84,508 Disposals (10,069 ) (25,141 ) (2,404 ) (37,614 ) Disposal of subsidiaries - - (2,291 ) (2,291 ) Reclassification 775 (13,904 ) 13,129 - Transferred from construction in progress (Note 19) 7,260 309,346 28,329 344,935 Charge for the year (87,129 ) (1,398,681 ) (65,114 ) (1,550,924 ) Impairment loss - (58,652 ) - (58,652 ) Closing net book amount 1,033,230 10,286,523 326,637 11,646,390 As at 31 December 2018 Cost 3,229,642 41,007,229 1,785,889 46,022,760 Accumulated depreciation (2,142,540 ) (29,905,377 ) (1,451,131 ) (33,499,048 ) Impairment loss (53,872 ) (815,329 ) (8,121 ) (877,322 ) Net book amount 1,033,230 10,286,523 326,637 11,646,390 Year ended 31 December 2019 Opening net book amount 1,033,230 10,286,523 326,637 11,646,390 Additions - 99,041 15,578 114,619 Disposals (4,114 ) (60,503 ) (5,988 ) (70,605 ) Reclassification 16,395 (82,604 ) 66,209 - Transferred from construction in progress (Note 19) 26,655 999,412 97,553 1,123,620 Transferred from investment properties (Note 18) 6,924 - - 6,924 Transferred to investment properties (Note 18) (12,347 ) - - (12,347 ) Charge for the year (92,123 ) (1,346,725 ) (68,956 ) (1,507,804 ) Closing net book amount 974,620 9,895,144 431,033 11,300,797 As at 31 December 2019 Cost 3,336,375 41,455,159 1,871,684 46,663,218 Accumulated depreciation (2,310,970 ) (30,793,083 ) (1,432,530 ) (34,536,583 ) Impairment loss (50,785 ) (766,932 ) (8,121 ) (825,838 ) Net book amount 974,620 9,895,144 431,033 11,300,797 For the year ended 31 December 2019, the amount of depreciation expense charged to cost of sales and selling and administrative expense were RMB 1,498,625 thousands and RMB 9,179 thousands, respectively (2018: RMB 1,541,799 thousands and RMB 9,125 thousands, respectively; 2017: RMB 1,565,465 thousands and RMB 9,377 thousands, respectively). For the year ended 31 December 2019, the written off of impairment loss of the Group amounted to RMB 51,484 thousands due to the disposal of property, plant and equipment. For the year ended 31 December 2018, the Group made impairment provision of RMB 58,652 thousands against these property, plant and equipment with schemes of technology upgrades and replacement in the coming years (2017: RMB 118,179 thousands). |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2019 | |
Investment properties [abstract] | |
Investment properties | 18 Investment properties RMB000 As at 1 January 2018 Cost 594,135 Accumulated depreciation (202,869 ) Net book amount 391,266 Year ended 31 December 2018 Opening net book amount 391,266 Charge for the year (14,527 ) Closing net book amount 376,739 As at 31 December 2018 Cost 594,135 Accumulated depreciation (217,396 ) Net book amount 376,739 Year ended 31 December 2019 Opening net book amount 376,739 Transferred from property plant and equipment (Note 17) 12,347 Transferred to property plant and equipment (Note 17) (6,924 ) Charge for the year (14,694 ) Closing net book amount 367,468 As at 31 December 2019 Cost 602,659 Accumulated depreciation (235,191 ) Net book amount 367,468 As at 31 December 2019, the Group had no contractual obligations for future repairs and maintenance (31 December 2018: Nil). Investment properties represent certain floors of an office building leased to other entities including related parties. (a) The fair value of the investment properties of the Group as at 31 December 2019 was estimated by the directors to be approximately RMB 1,230,191 thousands by reference to market values of similar properties in the nearby area (31 December 2018: RMB 1,436,852 thousands). This fair value estimation was at level 3 of fair value hierarchy by using market observable inputs. The investment properties have not been valued by external independent appraisers. (b) Rental income of RMB 76,381 thousands was recognized by the Group for the year ended 31 December 2019 (2018: RMB 76,001 thousands, 2017: RMB 46,700 thousands). (c) The investment properties are leased to tenants under operating leases with rentals payable monthly. There are no variable lease payments that depend on an index or rate. Where considered necessary to reduce credit risk, the Group may obtain bank guarantees for the term of the lease. Although the Group is exposed to changes in the residual value at the end of the current leases, the Group typically enters into new operating leases and therefore will not immediately realize any reduction in residual value at the end of these leases. Expectations about the future residual values are reflected in the fair value of the properties. Minimum lease payments receivable on leases of investment properties are as follows: As at 31 December 2018 2019 Within 1 year 48,386 43,322 Between 1 and 2 years 3,715 1,517 Above 2 years - - |
Construction in Progress
Construction in Progress | 12 Months Ended |
Dec. 31, 2019 | |
Construction in progress [abstract] | |
Construction in progress | 19 Construction in progress As at 31 December 2018 2019 As at 1 January 1,001,118 1,559,401 Additions 927,218 1,380,254 Transferred to property plant and equipment (Note 17) (344,935 ) (1,123,620 ) Impairment loss (24,000 ) (486 ) As at 31 December 1,559,401 1,815,549 As at 31 December 2019, the impairment loss in construction in progress were RMB 34,661 thousands (31 December 2018: RMB 34,175 thousands). For the year ended 31 December 2019, the Group capitalized borrowing costs amounting to RMB 5,594 thousands (2018: RMB 5,179 thousands, 2017: RMB 804 thousands) on qualifying assets. Borrowing costs were capitalized at the weighted average rate of its general borrowings of 3.35% (2018: 3.63%, 2017: 2.93%). |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Subsidiaries [abstract] | |
Subsidiaries | 20 Subsidiaries The following list contains the particulars of major subsidiaries of the Group, all of which are limited companies established and operated in the PRC. Company Registered 000 Percentage held by the Percentage Percentage of non-controlling Principal activities As at 31 December 2019 Shanghai Petrochemical Investment Development Company Limited RMB 1,000,000 100.00 100.00 - Investment management China Jinshan Associated Trading Corporation RMB 25,000 67.33 67.33 32.67 Import and export of petrochemical products and equipment Shanghai Jinchang Engineering Plastics Company Limited USD 9,154 - 74.25 25.75 Production of polypropylene compound products Shanghai Golden Phillips Petrochemical Company Limited USD 50,000 - 100.00 - Production of polyethylene products Shanghai Jinshan Trading Corporation RMB 100,000 - 67.33 32.67 Import and export of petrochemical products Company Registered 000 Percentage held by the Percentage Percentage of non-controlling Principal activities As at 31 December 2018 Shanghai Petrochemical Investment Development Company Limited RMB 1,000,000 100.00 100.00 - Investment management China Jinshan Associated Trading Corporation RMB 25,000 67.33 67.33 32.67 Import and export of petrochemical products and equipment Shanghai Jinchang Engineering Plastics Company Limited USD 9,154 - 74.25 25.75 Production of polypropylene compound products Shanghai Golden Phillips Petrochemical Company Limited (b) USD 50,000 - 100.00 - Production of polyethylene products Jinyong (a) RMB 250,000 75.00 75.00 25.00 Production of acrylic fibre products Shanghai Jinshan Trading Corporation RMB 100,000 - 67.33 32.67 Import and export of petrochemical products The total comprehensive income attributable to non-controlling (a) On 23 August 2019, the Group disposed 75% share of Jinyong, a former subsidiary of the Group, due to its bankruptcy and liquidation. The disposal loss amounted RMB 60,951 thousands was included in Other gains net (Note 9). 2019 Carrying amount of net assets at the date of disposal 54,940 Non-controlling 6,011 Loss on disposal of subsidiary 60,951 The carrying amounts of total assets and liabilities as at the date of disposal were: As at 23 August 2019 Total assets 141,121 Total liabilities (86,181 ) Net assets 54,940 (b) In July 2018, the Companys subsidiary, Shanghai Petrochemical Investment Development Company Limited (Toufa), reached an agreement with the other investor, Philips Petroleum International Investment Company (Philips Petroleum), to acquire the remaining 40% share from Philips Petroleum in Shanghai Golden Phillips Petrochemical Company Limited (Golden Phillips), at a cash consideration of RMB 152,800 thousands. The transaction was approved and completed in October 2018. Upon completion, Golden Phillips became a wholly owned subsidiary of Toufa. 2018 Carrying amount of non-controlling 162,359 Consideration paid to non-controlling (152,800 ) Gains recognized in the transactions with non-controlling 9,559 |
Investments Accounted for Using
Investments Accounted for Using the Equity Method | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using the equity method [abstract] | |
Investments accounted for using the equity method | 21 Investments accounted for using the equity method The amounts recognized in the balance sheet are as follows: As at 31 December 2018 2019 Associates -Share of net assets 4,297,265 4,973,464 Joint ventures -Share of net assets 229,868 235,294 4,527,133 5,208,758 The amounts recognized in the share of profit of investments accounted for using the equity method are as follows: 2017 2018 2019 Associates 1,200,141 839,425 927,814 Joint ventures 43,552 46,172 44,779 1,243,693 885,597 972,593 Investment in associates 2018 2019 RMB000 RMB000 As at 1 January 4,239,795 4,297,265 Additions (Note 30) - 320,000 Share of profit 839,425 904,265 Other comprehensive income/(loss) (7,014 ) 7,449 Cash dividends distribution (774,941 ) (555,515 ) As at 31 December 4,297,265 4,973,464 Set out below are the material associates of the Group as at 31 December 2019. The associates as listed below have share capital consisting solely of ordinary shares, which are held directly by the Group; the country of incorporation or registration is also their principal place of business. Principal activities of material associates as at 31 December 2019. Name of entity Place of % of ownership Principal activities Measure -ment Shanghai Secco Petrochemical Company Limited (Shanghai Secco) PRC 20.00 Manufacturing and chemical products Equity Shanghai Chemical Industry Park Development Company Limited (Chemical Industry) PRC 38.26 Planning, development and operation of the Park in Shanghai, PRC Equity Shanghai Jinsen Hydrocarbon Resins Company Limited (Jinsen) PRC 40.00 Production of resins Equity Shanghai Azbil Automation Company Limited (Azbil) PRC 40.00 Service and Equity Shanghai Shidian Energy Company Limited (Shidian Energy) (i) PRC 40.00 Electric power supply Equity Principal activities of material associates as at 31 December 2018. Name of entity Place of % of Principal activities Measure -ment Shanghai Secco PRC 20.00 Manufacturing and Equity Chemical Industry PRC 38.26 Planning, and operation of the Equity Jinsen PRC 40.00 Production of resins Equity Azbil PRC 40.00 Service and Equity Shanghai Secco, Chemical Industry, Jinsen, Azbil and Shidian Energy are private companies and there are no quoted market prices available for their shares. There are no contingent liabilities relating to the Groups interest in the associates. (i) In 2019, Toufa invested RMB 320,000 thousands to acquire 40% share of Shidian Energy, of which RMB 71,816 thousands was contributed by property, plant and equipment at fair market price. Summarized financial information for material associates Set out below are the summarized financial information for the above associates. Summarized balance sheet for material associates As at 31 December 2018 Shanghai Chemical Jinsen Azbil Current - Current assets 9,537,354 3,785,819 100,065 189,514 - Current liabilities (2,232,583 ) (1,433,001 ) (14,855 ) (68,106 ) Non-current - Non-current 5,517,999 3,219,257 68,128 2,586 - Non-current - (514,254 ) - - Net Assets 12,822,770 5,057,821 153,338 123,994 As at 31 December 2019 Shanghai Chemical Jinsen Azbil Shidian Current - Current assets 11,858,124 4,356,339 85,302 204,965 745,425 - Current liabilities (3,196,334 ) (1,468,162 ) (18,114 ) (75,572 ) (9,849 ) Non-current - Non-current 5,020,292 3,153,858 69,154 3,049 69,588 - Non-current (12,730 ) (485,735 ) - - - Net Assets 13,669,352 5,556,300 136,342 132,442 805,164 Summarized statement of comprehensive income for material associates 2017 Shanghai Secco Chemical Jinsen Azbil Revenue 29,186,371 2,664,866 193,007 234,852 Post-tax 5,179,254 407,709 (17,069 ) 26,182 Other comprehensive loss - (2,116 ) - - Total comprehensive income/(loss) 5,179,254 405,593 (17,069 ) 26,182 Dividends declared by associate 2,105,600 53,001 - 17,000 2018 Shanghai Secco Chemical Jinsen Azbil Revenue 26,319,957 1,880,004 208,901 255,554 Post-tax 3,228,682 472,804 (12,845 ) 30,119 Other comprehensive loss - (18,331 ) - - Total comprehensive income/(loss) 3,228,682 454,473 (12,845 ) 30,119 Dividends declared by associate 3,675,840 61,001 - 25,900 2019 Shanghai Chemical Jinsen Azbil Shidian Revenue 28,341,032 1,936,537 197,199 297,694 112,143 Post-tax 3,383,582 609,540 (16,996 ) 38,448 5,166 Other comprehensive income - 19,470 - - - Total comprehensive income/(loss) 3,383,582 629,010 (16,996 ) 38,448 5,166 Dividends declared by associate 2,537,000 79,000 - 30,000 - The information above reflects the amounts presented in the financial statements of the associates (and not the Groups share of those amounts) adjusted for differences in accounting policies between the Group and the associates. Reconciliation of summarized financial information Reconciliation of the summarized financial information presented to the carrying amount of its interest in material associates 2018 Shanghai Chemical Jinsen Azbil Opening net assets 1 January 13,269,928 4,664,349 166,183 119,775 Profit/(loss) for the year 3,228,682 472,804 (12,845 ) 30,119 Other comprehensive loss - (18,331 ) - - Declared dividends (3,675,840 ) (61,001 ) - (25,900 ) Closing net assets 12,822,770 5,057,821 153,338 123,994 % of ownership interest 20.00 % 38.26 % 40.00 % 40.00 % Interest in associates 2,564,556 1,935,122 61,335 49,598 Unrealized upstream and downstream transaction (9,512 ) - - - Unentitled portion (Note a) - (348,346 ) - - Carrying value 2,555,044 1,586,776 61,335 49,598 2019 Shanghai Chemical Jinsen Azbil Shidian Opening net assets 1 January 12,822,770 5,057,821 153,338 123,994 Profit/(loss) for the year 3,383,582 609,540 (16,996 ) 38,448 5,166 Increase in share capital - - - - 800,000 Other comprehensive Income - 19,470 - - - Decrease in reserves - (51,535 ) - - - Declared dividends (2,537,000 ) (79,000 ) - (30,000 ) - Closing net assets 13,669,352 5,556,296 136,342 132,442 805,166 % of ownership interest 20.00 % 38.26 % 40.00 % 40.00 % 40.00 % Interest in associates 2,733,872 2,125,839 54,537 52,977 322,066 Unrealized upstream and downstream transaction (9,512 ) - - - (22,708 ) Unentitled portion (Note a) - (328,629 ) - - - Carrying value 2,724,360 1,797,210 54,537 52,977 299,358 Note a: Unentitled portion represented the earnings from sales of the lands injected by Government in Chemical Industry that cannot be shared by other shareholders. Summarized financial information for other associates 2018 2019 Aggregate carrying value of investments at 31 December 44,512 45,022 Aggregate amounts of the groups share of: Profit for the year 5,884 6,400 Total comprehensive income 5,884 6,400 Investment in joint ventures 2018 2019 As at 1 January 212,249 229,868 Investment addition 7,979 - Share of profit 46,172 44,779 Cash dividends distribution (36,532 ) (39,353 ) As at 31 December 229,868 235,294 The joint venture listed below has share capital consisting solely of ordinary shares, which is held directly by the Group as at 31 December 2019 and 31 December 2018. As at 31 December 2019 and 31 December 2018 Place of % of Principal activities Measure -ment BOC PRC 50.00 Production and sales Equity Shanghai Petrochemical Pressure Vessel Testing Center(JYJC) PRC 50.00 Provide inspection Equity Shanghai Petrochemical Yangu Gas Development Company Limited (Yangu Gas) PRC 50.00 Production and sales Equity BOC, JYJC and Yangu Gas are private companies and there are no quoted market prices available for their shares. Summarized financial information for joint ventures Set out below are the summarized financial information for joint ventures which are accounted for using the equity method. Summarized balance sheet for joint ventures As at 31 December 2018 BOC JYJC Yangu Gas Current Cash and cash equivalents 137,505 8,086 42,415 Other current assets (excluding cash) 68,454 11,441 14,164 Total current assets 205,959 19,527 56,579 Total current liabilities (41,962 ) (4,607 ) (3,745 ) Non-current Total non-current 198,555 2,357 44,589 Total non-current - - - Net assets 362,552 17,277 97,423 As at 31 December 2019 BOC JYJC Yangu Gas Current Cash and cash equivalents 182,548 11,200 51,386 Other current assets (excluding cash) 64,837 9,557 12,565 Total current assets 247,385 20,757 63,951 Total current liabilities (37,444 ) (3,993 ) (3,460 ) Non-current Total non-current 181,372 1,937 36,972 Total non-current (26,378 ) - - Net assets 364,935 18,701 97,463 Summarized statement of comprehensive income for joint ventures 2017 BOC Jinpu Yangu Gas Revenue 410,254 13,848 59,883 Depreciation and amortization (45,680 ) (7,452 ) (9,829 ) Interest income 503 - 360 Interest expense (190 ) (533 ) - Profit/(loss) from continuing operations 108,072 (6,605 ) (1,172 ) Income tax expense (26,803 ) - - Post-tax 81,269 (6,605 ) (1,172 ) Other comprehensive income - - - Total comprehensive income/(loss) 81,269 (6,605 ) (1,172 ) Dividends declared by joint venture 44,000 - - 2018 BOC JYJC Yangu Gas Revenue 423,160 21,542 58,679 Depreciation and amortization (46,456 ) - (2,245 ) Interest income 1,154 27 541 Interest expense - - - Profit/(loss) from continuing operations 114,275 1,833 (2,518 ) Income tax expense (27,799 ) (450 ) - Post-tax 86,476 1,383 (2,518 ) Other comprehensive income - - - Total comprehensive income/(loss) 86,476 1,383 (2,518 ) Dividends declared by joint venture 73,000 64 - 2019 BOC JYJC Yangu Gas Revenue 414,374 29,290 55,302 Depreciation and amortization (50,199 ) - (11,272 ) Interest income 636 308 1,119 Interest expense - - - Profit from continuing operations 108,565 3,107 40 Income tax expense (28,382 ) (777 ) - Post-tax 80,183 2,330 40 Other comprehensive income - - - Total comprehensive income 80,183 2,330 40 Dividends declared by joint venture 77,800 906 - The information above reflects the amounts presented in the financial statements of the joint ventures (and not the Groups share of those amounts) adjusted for differences in accounting policies between the Group and the joint ventures. Reconciliation of summarized financial information Reconciliation of the summarized financial information presented to the carrying amount of its interest in material joint ventures 2018 BOC JYJC Yangu Gas Opening net assets 1 January 349,076 99,941 Net assets as at 31 March 15,958 Profit/(loss) for the year 86,476 1,383 (2,518 ) Other comprehensive income - - - Declared dividends (73,000 ) (64 ) - Closing net assets (a) 362,552 17,277 97,423 % of ownership interest 50.00 % 50.00 % 50.00 % Interest in joint ventures 181,276 8,638 48,713 Unrealized downstream transactions (8,759 ) - - Carrying value 172,517 8,638 48,713 2019 BOC JYJC Yangu Gas Opening net assets 1 January 362,552 17,277 97,423 Profit for the year 80,183 2,330 40 Other comprehensive income - - - Declared dividends (77,800 ) (906 ) - Closing net assets 364,935 18,701 97,463 % of ownership interest 50.00 % 50.00 % 50.00 % Interest in joint ventures 182,467 9,350 48,733 Unrealized downstream transactions (5,256 ) - - Carrying value 177,211 9,350 48,733 (a) JYJC was a former wholly owned subsidiary of Toufa. On 31 March 2018, a third party investor injected RMB 9,600 thousands to acquire 50% share of JYJC, and JYJC became a joint venture of Toufa upon completion. For the year ended 31 December 2018, the related disposal gain of RMB 1,622 thousands was included in Other gains net. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [abstract] | |
Inventories | 22 Inventories As at 31 December 2018 As at 31 December 2019 Gross Provision for declines in the value of inventories Carrying Gross Provision for declines in the value of inventories Carrying Raw materials 5,529,241 - 5,529,241 4,567,648 - 4,567,648 Work in progress 1,099,235 (55,098 ) 1,044,137 1,072,040 (78,981 ) 993,059 Finished goods 1,440,721 (56,448 ) 1,384,273 1,022,335 (33,763 ) 988,572 Spare parts and consumables 209,907 (46,683 ) 163,224 247,873 (42,718 ) 205,155 8,279,104 (158,229 ) 8,120,875 6,909,896 (155,462 ) 6,754,434 The cost of inventories recognized in Cost of sales amounted to RMB 78,595,380 thousands for the year ended 31 December 2019 (2018: RMB 82,981,590 thousands, 2017: RMB 65,607,079 thousands) which excluded an inventory provision of RMB 70,178 thousands (2018: RMB 86,003 thousands, 2017: RMB 60,461 thousands). As at 31 December 2019, the provision for inventory write-down was RMB 155,462 thousands (31 December 2018: RMB 158,229 thousands). For the year ended 31 December 2019, the Group sold certain finished goods and utilized certain spare parts and consumables which were previously provided for. The related provision of RMB 72,945 thousands was reversed and included in Cost of sales in the consolidated income statement (2018: RMB 73,266 thousands, 2017: RMB 44,591 thousands). |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets and financial liabilities [abstract] | |
Financial assets and financial liabilities | 23 Financial assets and financial liabilities The Group holds the following financial instruments: As at 31 December Financial assets Note 2018 2019 Financial assets at amortized cost Trade receivables (a) 81,990 120,739 Other receivables (a) 105,803 26,101 Amounts due from related parties excluded prepayments (a), 30(c) 2,219,007 1,521,187 Cash and cash equivalents (b) 8,741,893 7,449,699 Time deposits with financial banks (c) 1,500,000 5,020,073 Financial assets at fair value through other comprehensive income (d) 1,672,431 1,545,921 Financial assets at fair value through profit or loss (e) 2,727,279 3,318,670 17,048,403 19,002,390 As at 31 December Financial liabilities Note 2018 2019 Financial liabilities at amortized cost Borrowings (f) 497,249 1,547,600 Trade payables (g) 2,922,998 2,142,402 Other payables (g) 5,167,230 4,513,698 Bills payables (g) - 673,900 Amounts due to related parties (g), 30(c) 4,567,814 5,708,394 Lease liabilities 16 22,043 Financial liabilities at fair value through profit or loss 11,005 799 13,166,296 14,608,836 The Companys exposure to various risks associated with the financial instruments is discussed in Note 4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. (a) Trade and other receivables As at 31 December 2018 2019 Trade receivables 82,044 120,739 Less: impairment provision (54 ) - 81,990 120,739 Amounts due from related parties excluded prepayments 2,219,007 1,521,187 2,300,997 1,641,926 Other receivables 105,803 26,101 2,406,800 1,668,027 For the year ended 31 December 2019, certain associates and joint ventures of the Group declared dividends with total amount of RMB 594,868 thousands to the Group (2018: RMB 811,473 thousands, 2017: RMB 479,633 thousands). As at 31 December 2019 and 31 December 2018, all these declared dividends had been received by the Group. As at 31 December 2019, interest receivable amounted RMB 10,927 thousands was included in the balance of other receivables (31 December 2018: RMB 79,224 thousands). Amounts due from related parties mainly represent trade-related balances, unsecured in nature and bear no interest. The aging analysis based on invoice date of trade receivables and amounts due from related parties excluded prepayments (net of allowance for doubtful debts) is as follows: As at 31 December 2018 2019 Within 1 year 2,300,957 1,641,926 1-2 29 - 2-3 11 - 2,300,997 1,641,926 Movements of the Groups impairment provision for trade and other receivables are as follows: 2018 2019 RMB000 RMB000 As at 1 January 1,053 198 Provision/(reversal) for receivables impairment 39 (59 ) Receivables written off during the year as uncollectible (894 ) - As at 31 December 198 139 As at 31 December 2019 and 31 December 2018, no trade receivable was pledged as collateral. Sales to third parties are generally on cash basis or on letter of credit. Subject to negotiation, credit is generally only available for major customers with well-established trading records. (b) Cash and cash equivalents As at 31 December 2018 2019 Cash deposits with a related party (i) 22,082 67,015 Cash at bank and on hand 8,719,811 7,382,684 8,741,893 7,449,699 (i) Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (Sinopec Finance), which is a financial institution. (c) Time deposits with banks As at 31 December 2018 2019 Time deposits with banks within one year 1,500,000 1,508,839 Time deposits with banks above one year - 3,511,234 1,500,000 5,020,073 As at 31 December 2019, time deposits with banks within one year were time deposits within six months with the interest rates from 3.95% to 4.10% per annum (31 December 2018: 4.5% per annum), which were presented as current assets. Time deposits with banks above one year were time deposits of three years with the interest rates from 4.13% to 4.18% per annum, which were presented as non-current (d) Financial assets at fair value through other comprehensive income As at 31 December 2018 2019 Trade and bill receivables (i) 1,672,431 1,540,921 Equity investments (ii) - 5,000 1,672,431 1,545,921 (i) As at 31 December 2019, certain trade receivables and bills receivable were classified as financial assets at FVOCI, as the Groups business model is achieved both by collecting contractual cash flows and selling of these assets. (ii) In July 2019, Toufa invested RMB 5,000 thousands in Shanghai Carbon Fiber Composites Innovation Research Institute Co. Ltd to acquire 16.67% of its share. (e) Financial assets at fair value through profit or loss As at 31 December 2018 2019 Structured deposits 2,719,811 3,318,407 Foreign exchange options 7,468 263 2,727,279 3,318,670 As at 31 December 2019, financial assets at fair value through profit or loss are mainly structured deposits with banks, which are presented as current assets since they are expected to be collected within six months from the end of the reporting period. (f) Borrowings As at 31 December 2018 2019 RMB000 RMB000 Credit loans due within one year - Short term bank loans 497,249 1,547,600 The weighted average interest rate for the Groups borrowings was 3.35% for the year ended 31 December 2019 (2018: 3.63%). As at 31 December 2019, no borrowings were secured by property, plant and equipment (31 December 2018: Nil). (g) Trade and other payables As at 31 December 2018 2019 RMB000 RMB000 Trade payables 2,922,998 2,142,402 Bills payables - 673,900 Amounts due to related parties 4,567,814 5,708,394 7,490,812 8,524,696 Staff salaries and welfares payable 128,861 189,547 Taxes payable (exclude income tax payable) 4,342,676 3,577,018 Interest payable 5,952 1,686 Dividends payable 26,488 29,144 Construction payable 334,249 277,184 Other liabilities 329,004 439,119 5,167,230 4,513,698 12,658,042 13,038,394 As at 31 December 2019 and 31 December 2018, all trade and other payables of the Group were non-interest Majority of amount due to related parties were trade payable for purchasing crude oil from related parties. As at 31 December 2019 and 2018, the aging analysis of the trade payables (including bills payables and amounts due to related parties with trading nature) based on invoice date was as follows: As at 31 December 2018 2019 RMB000 RMB000 Within one year 7,451,168 8,509,327 Between one and two years 25,231 11,209 Over two years 14,413 4,160 7,490,812 8,524,696 |
Other assets and assets classif
Other assets and assets classified as held for sale | 12 Months Ended |
Dec. 31, 2019 | |
Other assets and assets classified as held for sale [abstract] | |
Other assets and assets classified as held for sale | 24 Other assets and assets classified as held for sale As at 31 December 2018 2019 RMB000 RMB000 Other current assets Prepayments 38,025 23,767 Prepayments to related parties 67,242 44,806 105,267 68,573 Assets classified as held for sale 24,331 - |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Contract liabilities [abstract] | |
Contract liabilities | 25 Contract liabilities As at 31 December 2018 2019 RMB000 RMB000 Contract liabilities 446,702 655,117 The contract liabilities of the Group are advance for goods from customers. Revenue amounted to RMB 446,702 thousands has been recognized in the current year relates to carried forward contract liabilities (2018: RMB 465,706 thousands). |
Deferred Income
Deferred Income | 12 Months Ended |
Dec. 31, 2019 | |
Deferred income [abstract] | |
Deferred income | 26 Deferred income 2018 2019 RMB000 RMB000 As at 1 January 5,679 10,442 Government grants received during the year to compensate the cost related to the project of energy efficiency renovations of thermoelectric unit 5,200 - Amortization (437 ) (437 ) As at 31 December 10,442 10,005 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Share capital [abstract] | |
Share capital | 27 Share capital Ordinary A shares Foreign invested H shares listed Total As at 1 January 2018 7,319,177 3,495,000 10,814,177 Exercise of employee share optionsproceeds received (Note 29) 9,637 - 9,637 As at 31 December 2018 7,328,814 3,495,000 10,823,814 As at 1 January 2019 and 31 December 2019 7,328,814 3,495,000 10,823,814 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2019 | |
Reserves [abstract] | |
Reserves | 28 Reserves Legal surplus Capital Surplus Other Share Safety Retained Total Balance at 1 January 2018 4,072,476 4,180 101,355 47,469 62,319 - 13,128,257 17,416,056 Net profit attributable to shareholders of the Company - - - - - - 5,336,331 5,336,331 Dividends proposed and approved - - - - - - (3,247,144 ) (3,247,144 ) Appropriation of safety production fund - - - - - 57,135 (57,135 ) - Forfeit of share option scheme (Note 29) - - - (13,004 ) - - - (13,004 ) Exercise of share option - - - (17,062 ) 44,527 - - 27,465 Share of other comprehensive loss of investments accounted for using the equity method - - - (7,014 ) - - - (7,014 ) Transactions with non-controlling - 9,559 - - - - - 9,559 Balance at 31 December 2018 4,072,476 13,739 101,355 10,389 106,846 57,135 15,160,309 19,522,249 Net profit attributable to shareholders of the Company - - - - - - 2,215,728 2,215,728 Dividends proposed and approved - - - - - - (2,705,952 ) (2,705,952 ) Appropriation of safety production fund - - - - - 2 (2 ) - Share of other comprehensive income of investments accounted for using the equity method - - - 7,449 - - - 7,449 Balance at 31 December 2019 4,072,476 13,739 101,355 17,838 106,846 57,137 14,670,083 19,039,474 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2019 | |
Share-based payments [abstract] | |
Share-based payments | 29 Share-based payments Pursuant to the resolution of the fifth meeting of the eighth session of the Board of Directors of the Company on 6 January 2015, the proposal regarding the list of participants and the number of share options under the share option incentive scheme was approved. According to the Companys share option incentive scheme, the grant date of share options was 6 January 2015, and there were a total of 38,760 thousand share options granted to 214 participants (0.359% of the total ordinary share capital issued). Each share option has a right to purchase an ordinary A share listed in PRC on vesting date at the exercise price under vesting conditions. The options were divided by three tranches of 40%, 30% and 30% of the total share options granted, respectively. Each tranche had independent vesting conditions relevant to year 2015, 2016 and 2017, respectively, which were listed as following: weighted average rate of return on equity of the Group should be no less than 9% for 2015, 9.5% for 2016 and 10% for 2017 in respect to the three tranche; for each year of 2015, 2016 and 2017, the compound annual growth rate in net profit based on the net profit of 2013 should achieve 5%; for each year of 2015, 2016 and 2017, proportion of the main business revenue in the total revenue should be no less than 99%; for each year of 2015, 2016 and 2017, each of the above three conditions should be no lower than the 75% level of peer companies; and achieving the target budget set by the Sinopec Corp. in 2015, 2016 and 2017, respectively. The participant should serve the Group at the required position from the grant date. Exercisable amount of each tranche depended on the time for which the participant served the Group during each year of 2015, 2016 and 2017. Upon the fulfilment of relevant vesting conditions, the share options of each tranche shall become exercisable at its exercisable date. The fair value of the employee services received in exchange for the grant of this equity-settled, share-based compensation plan is recognized as an expense on a straight-line basis over the vesting period of each tranche. The total amount to be expensed is determined by reference to the fair value of the options granted excluding the impact of any service and non-market As at the grand date, the exercise price of each option was RMB 4.2. During the vesting period, the exercise price would be adjusted according to the declaration of dividends or any changes of total shares. The total fair value of share options at the grant date was RMB 65,412 thousands, which has been estimated by the Company using Black-Scholes valuation model with the support from an external valuation expert. The significant inputs into the model were as follows: Granting date Spot share price RMB 4.51 Exercise price RMB 4.20 Expected volatility 41.20% Maturity (years) 5.00 Risk-free interest rate 3.39%~3.67% Dividend yield 1.00% The options of first tranche and second tranche were exercised at RMB 3.85 in August 2017 and January 2018. According to the Groups board resolution on 28 December 2018, the third tranche was not exercised due to the failure on satisfying the non-market Set out below are summaries of options granted under the plan: Number of share options As at 1 January 19,104,500 Exercised during the year (9,636,900 ) Forfeited during the year (9,467,600 ) As at 31 December - The first tranche of the Share Option Incentive Scheme was exercised at RMB 3.85 per share option on 29 August 2017, and the Company received cash payment of RMB 54,580 thousands from 199 grantees, out of which, RMB 14,177 thousands were in share capital and RMB 40,403 thousands were in reserve as share premium. The second tranche of the Share Option Incentive Scheme was exercised at RMB 3.85 per share option on 12 January 2018, and the Company received cash payment of RMB 37,102 thousands from 185 grantees, out of which, RMB 9,637 thousands were in share capital (Note 27) and RMB 27,465 thousands were in reserve as share premium (Note 28). Due to the forfeit of the third tranche of Share Option Incentive Scheme, share option expenses of RMB 13,004 thousands was reversed in Selling and administrative expenses of the consolidated income statement for the year ended 31 December 2018. As at 31 December 2019 and 31 December 2018, there were no outstanding share options. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Related party transactions | 30 Related party transactions The following is a list of the Groups major related parties: Names of related parties Relationship with the Company Sinopec Group Ultimate parent company JYJC Joint venture of the Group BOC Joint venture of the Group Jinpu Joint venture of the Group Yangu Gas Joint venture of the Group Azbil Associate of the Group Chemical Industry Associate of the Group Jinsen Associate of the Group Secco Associate of the Group Shanghai Carbon Fiber Composites Innovation Research Institute Energy Associate of the Group Shanghai Chemical Industry Park Logistics Company Limited Associate of the Group Shanghai Jinhuan Petroleum Naphthalene Development Company Limited Associate of the Group Shanghai Nam Kwong Petro-Chemical Company Limited Associate of the Group Shidian Energy Associate of the Group Anqing Refinery Shuguang Oxo Company Limited Subsidiary of the immediate parent company BASF Gao-Qiao Subsidiary of the immediate parent company China International United Petroleum and Chemical Company Limited Subsidiary of the immediate parent company China Petrochemical International (Nanjing) Company Limited Subsidiary of the immediate parent company China Petrochemical International Beijing Company Limited Subsidiary of the immediate parent company China Petrochemical International Ningbo Company Limited Subsidiary of the immediate parent company China Petrochemical International Tianjin Company Limited Subsidiary of the immediate parent company China Petrochemical International Wuhan Company Limited Subsidiary of the immediate parent company China Petrochemical Technology Company Limited Subsidiary of the immediate parent company Dalian Frip Science and Technology Company Limited Subsidiary of the immediate parent company Epec Commercial Factoring Company Limited Subsidiary of the immediate parent company Fujian Gulei Petrochemical Company Limited Subsidiary of the immediate parent company Fujian Refining & Petrochemical Company Limited (FREP) Subsidiary of the immediate parent company Nanjing Yangzi Petrochemical Rubber Company Limited Subsidiary of the immediate parent company Ningbo Eastsea Linefan Technology Company Limited Subsidiary of the immediate parent company PetroChina International (Singapore) Pte. Ltd Subsidiary of the immediate parent company Petro-CyberWorks Information Technology Company Limited Subsidiary of the immediate parent company Qingdao Sinosun Management System Certification Center Company Limited Subsidiary of the immediate parent company Shanghai Jinshan Trading Corporation Subsidiary of the immediate parent company Shanghai KSD Bulk Solids Engineering Company Limited Subsidiary of the immediate parent company Shanghai Leader Catalyst Company Limited Subsidiary of the immediate parent company Shengli Oil Field Exploration And Development Research Institute Subsidiary of the immediate parent company Sinopec Beijing Research Institute of Chemical Industry Subsidiary of the immediate parent company Sinopec Catalyst Company Limited Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding (Hong Kong) Company Limited Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding Company Limited Subsidiary of the immediate parent company Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals Subsidiary of the immediate parent company Sinopec Europe Company Limited Subsidiary of the immediate parent company Sinopec Group Beijing Yanshan Petrochemical Company Limited Subsidiary of the immediate parent company Sinopec Honeywell(Tianjin) Company Limited Subsidiary of the immediate parent company Sinopec Japan Company Limited Subsidiary of the immediate parent company Sinopec Lubricating Oil Shanghai Research Institute Company Limited Subsidiary of the immediate parent company Sinopec Materials & Equipment (East China) Company Limited Subsidiary of the immediate parent company Sinopec Refinery Product Sales Company Limited Subsidiary of the immediate parent company Sinopec Research Institute of Petroleum Processing Subsidiary of the immediate parent company Sinopec Safety Engineering Institute Subsidiary of the immediate parent company Sinopec Shanghai Research Institute of Petrochemical Technology Subsidiary of the immediate parent company Sinopec Shanghai Gaoqiao Petrochemical Company Limited Subsidiary of the immediate parent company Sinopec Yangzi Petrochemical Company Limited Subsidiary of the immediate parent company Sinopec Yizheng Chemical Fibre Company Limited Subsidiary of the immediate parent company Sinopec International Company Limited Subsidiary of the immediate parent company Sinopec Nanjing valve supply reserve centers Subsidiary of the immediate parent company Sinopec Qingdao Refining&Chemical Company Limited Subsidiary of the immediate parent company Storage And Transportation Installation Company of Ningbo Engineering Company Limited Subsidiary of the immediate parent company Unipec (Ningbo) International Logistics Company Limited Subsidiary of the immediate parent company Unipec America, Inc Subsidiary of the immediate parent company Unipec Singapore Subsidiary of the immediate parent company Zhoushan Shihua Crude Oil Terminal Company Limited Subsidiary of the immediate parent company BASF-YPC Joint venture of the immediate parent company Zhejiang Baling Hengyi Caprolactam Limited Company Joint venture of the immediate parent company Beijing Petrochemical Engineering Consulting Company Limited Subsidiary of the ultimate parent company Beijing Shihua Hotel Subsidiary of the ultimate parent company Beijing Victory Hotel Company Limited Subsidiary of the ultimate parent company China Petrochemical Press Company Limited Subsidiary of the ultimate parent company Jiangsu Jinling Opta Polymer Company Limited Subsidiary of the ultimate parent company National Petrochemical Project Risk Assessment Technology Center Subsidiary of the ultimate parent company Petrochemical Engineering Quality Supervision Centre Subsidiary of the ultimate parent company Shanghai Petrochemical Machinery Manufacture Limited Company Subsidiary of the ultimate parent company Shanghai Petrochemical Seawall Management Office Subsidiary of the ultimate parent company Shanghai Sanopec Company Limited Subsidiary of the ultimate parent company Sinopec Assets Management Corporation Subsidiary of the ultimate parent company Sinopec Consulting Company Limited Subsidiary of the ultimate parent company Sinopec Economics & Development Research Institute Subsidiary of the ultimate parent company Sinopec Energy Saving Technology Service Company Limited Subsidiary of the ultimate parent company Sinopec Engineering Incorporation Subsidiary of the ultimate parent company Sinopec Finance Subsidiary of the ultimate parent company Sinopec Group Shanghai Training Center Subsidiary of the ultimate parent company Sinopec International Travel Service Company Limited Subsidiary of the ultimate parent company Sinopec Luoyang Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Management Institute Subsidiary of the ultimate parent company Sinopec Nanjing Chemical Industries Company Limited Subsidiary of the ultimate parent company Sinopec Nanjing Engineering Company Limited Subsidiary of the ultimate parent company Sinopec News Subsidiary of the ultimate parent company Sinopec Ningbo Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Petroleum Commercial Reserve Company Limited Subsidiary of the ultimate parent company Sinopec Shanghai Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Shared Services Company Limited Subsidiary of the ultimate parent company Sinopec Tendering Company Limited Subsidiary of the ultimate parent company Sinopec Zhongyuan Oilfield Subsidiary of the ultimate parent company Sinopec (Shenzhen) E-Commerce Subsidiary of the ultimate parent company The Fifth Construction Company of Sinopec Subsidiary of the ultimate parent company The Fourth Construction Company of Sinopec Subsidiary of the ultimate parent company The Tenth Construction Company of Sinopec Subsidiary of the ultimate parent company Yihua Tory Polyester Film Company Limited Subsidiary of the ultimate parent company The following is a summary of significant balances and transactions between the Group and its related parties except for the dividends received as disclosed in the forgoing Note 23. (a) Most of the transactions undertaken by the Group during the year ended 31 December 2019 have been affected on such terms as determined by Sinopec Corp. and relevant PRC authorities. Sinopec Corp. negotiates and agrees the terms of crude oil supply with suppliers on a group basis, which is then allocated among its subsidiaries, including the Group, on a discretionary basis. Sinopec Corp. also owns a widespread petroleum products sales network and possesses a fairly high market share in domestic petroleum products market, which is subject to extensive regulation by the PRC government. The Group has entered into a mutual product supply and sales services framework agreement with Sinopec Corp. Pursuant to the agreement, Sinopec Corp. provides the Group with crude oil, other petrochemical raw materials and agent services. On the other hand, the Group provides Sinopec Corp. with petroleum products, petrochemical products and property leasing services. The pricing policy for these services and products provided under the agreement is as follows: If there are applicable State (central and local government) tariffs, the pricing shall follow the State tariffs; If there are no State tariffs, but there are applicable States guidance prices, the pricing shall follow the States guidance prices; or If there are no State tariffs or States guidance prices, the pricing shall be determined in accordance with the prevailing market prices (including any bidding prices). Transactions between the Group and Sinopec Corp., its subsidiaries and joint ventures were as follows: 2017 2018 2019 RMB000 RMB000 RMB000 Sales of petroleum products 39,992,682 49,209,765 50,354,162 Sales other than petroleum products 6,708,955 7,112,332 8,642,514 Purchases of crude oil 34,819,936 44,175,644 43,886,966 Purchases other than crude oil 4,987,955 8,996,814 9,579,239 Sales commissions 116,616 139,837 125,619 Rental income 28,368 29,551 31,972 (b) Other transactions between the Group and Sinopec Group and its subsidiaries, associates and joint ventures of the Group were as follows: 2017 2018 2019 RMB000 RMB000 RMB000 Sales of goods and service fee income - Sinopec Group and its subsidiaries 10,531 11,486 7,724 - Associates and joint ventures of the Group 3,043,689 4,130,295 2,843,909 3,054,220 4,141,781 2,851,633 Purchase - Sinopec Group and its subsidiaries 378,111 2,253,446 1,918,873 - Associates and joint ventures of the Group 4,034,448 3,982,729 4,579,969 4,412,559 6,236,175 6,498,842 Insurance premiums expenses - Sinopec Group and its subsidiaries 126,405 121,329 108,223 Lease expenses - Sinopec Group and its subsidiaries 53,960 59,160 - Depreciation of right-of-use - Sinopec Group and its subsidiaries 80,552 - Joint ventures of the Group 88 80,640 Interest expense of lease liabilities - Sinopec Group and its subsidiaries 2,285 - Joint ventures of the Group 19 2,304 Loans borrowed - Sinopec Finance - 50,000 - Interest income - Sinopec Finance 5,147 610 1,295 Loans repayment - Sinopec Finance - 50,000 - Interest expense - Sinopec Finance - 1,326 - Construction and installation cost - Sinopec Group and its subsidiaries 172,404 109,146 143,560 Rental income - Associates and joint ventures of the Group - - 11,370 - Sinopec Group and its subsidiaries - - 461 - - 11,831 The directors of the Company are of the opinion that the transactions with Sinopec Corp., its subsidiaries and joint ventures, Sinopec Group and its subsidiaries, associates and joint ventures of the Group as disclosed in Note 30(a) and 30(b) were conducted in the ordinary course of business, on normal commercial terms and in accordance with the agreements governing such transactions. (c) The relevant amounts due from/to Sinopec Corp., its subsidiaries and joint venture, Sinopec Group and its subsidiaries, associates and joint ventures of the Group, arising from purchases, sales and other transactions as disclosed in Note 30(a) and 30(b), are summarized as follows: As at 31 December 2018 2019 RMB000 RMB000 Amounts due from related parties - Sinopec Corp., its subsidiaries and joint ventures 2,142,731 1,505,836 - Sinopec Group and its subsidiaries 457 - - Associates and joint ventures of the Group 143,061 60,157 2,286,249 1,565,993 Amounts due to related parties - Sinopec Corp., its subsidiaries and joint ventures 4,238,963 4,756,382 - Associates and joint ventures of the Group 283,717 749,459 - Sinopec Group and its subsidiaries 45,134 202,553 4,567,814 5,708,394 Lease liabilities - Sinopec Group and its subsidiaries 15,571 - Joint ventures of the Group 698 16,269 Cash deposits, maturing within 3 months - Sinopec Finance 22,082 67,015 (d) As at 31 December 2019 and 31 December 2018, cash deposits with Sinopec Finance were at an interest rate of 0.35% per annum. (e) Key management personnel compensation and post-employment benefit plans Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including directors and supervisors of the Group. The key personnel compensations are as follows: Year ended 31 December 2017 2018 2019 RMB000 RMB000 RMB000 Short-term employee benefits 5,926 7,561 9,120 Post-employment benefits 143 159 225 Share-based payments 505 - - 6,574 7,720 9,345 (f) Contributions to defined contribution retirement plans The Group participates in defined contribution retirement plans organized by municipal governments for its staff. The contributions to defined contribution retirement plans are as follows: Year ended 31 December 2017 2018 2019 RMB000 RMB000 RMB000 Municipal retirement scheme costs 249,578 262,728 258,328 Supplementary retirement scheme costs 66,546 75,312 125,370 As at 31 December 2019 and 31 December 2018, there was no material outstanding contribution to the above defined contribution retirement plans. (g) Transactions with other state-owned entities in the PRC The Group is a state-controlled enterprise and operates in an economic regime currently dominated by entities directly or indirectly controlled by the PRC government (collectively referred to as state-controlled entities) through its government authorities, agencies, affiliations and other organizations. Apart from transactions with related parties, the Group has transactions with other state-controlled entities which include, but are not limited to, the following: sales and purchases of goods and ancillary materials; rendering and receiving services; lease of assets, purchase of property, plant and equipment; placing deposits and obtaining finance; and use of public utilities These transactions are conducted in the ordinary course of the Groups business on terms comparable to those with other entities that are not state controlled. The Group has established its procurement policies, pricing strategy and approval process for purchases and sales of products and services which do not depend on whether the counterparties are state-controlled entities or not. (h) Commitments with related parties Construction and installation cost As at 31 December 2018 2019 RMB000 RMB000 Sinopec Group and its subsidiaries 16,011 156,309 (i) Investment commitments with related parties As at 31 December 2018 2019 RMB000 RMB000 Capital contribution to Shanghai Secco (i) 111,263 111,263 Capital contribution to Shidian Energy (ii) - 80,000 111,263 191,263 (i) Pursuant to the resolution of the 18th meeting of the 7th term of Board of Directors on 5 December 2013, the Group was approved to make capital contribution of USD 30,017 thousands (RMB 182,804 thousands equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2019, the Company has contributed RMB 71,541 thousands to Shanghai Secco. According to the approval by Shanghai Municipal Commission of Commerce as issued on 19 October 2015, the rest of the capital contribution to Shanghai Secco should be within 50 years starting from its registration date. (ii) Pursuant to the articles of association of Shidian Energy in August 2019, Toufa agreed to make capital contribution of RMB 400,000 thousands to acquire 40% share of Shidian Energy. As at 31 December 2019, Toufa has contributed RMB 320,000 thousands to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement. Except for the above disclosed in Note 30(h) and 30(i), the Group had no other material commitments with related parties as at 31 December 2019, which are contracted, but not included in the financial statements. |
Dividend
Dividend | 12 Months Ended |
Dec. 31, 2019 | |
Dividend [abstract] | |
Dividend | 31 Dividend An annual dividend in respect of the year ended 31 December 2019 of RMB 0.12 per share, amounting to a total dividend of RMB 1,298,858 thousands, was approved by the Board of Directors on 25 March 2020. This financial statement has not reflected such dividend payable. An annual dividend in respect of the year ended 31 December 2018 of RMB 0.25 per share, amounting to a total dividend of RMB 2,705,952 thousands, was approved by the Board of Directors on 19 March 2019. |
Cash Generated from Operations
Cash Generated from Operations | 12 Months Ended |
Dec. 31, 2019 | |
Cash generated from operations [abstract] | |
Cash generated from operations | 32 Cash generated from operations Reconciliation of profit before income tax to cash used in operation: Year ended 31 December 2017 2018 2019 RMB000 RMB000 RMB000 Profit before income tax 7,852,898 6,808,121 2,656,128 Adjustment items: Interest income (268,379 ) (443,661 ) (398,176 ) Share of profit of investments accounted for using the equity method (1,243,693 ) (885,597 ) (972,593 ) Gains on disposal of joint venture (10,339 ) - - (Gains)/losses on disposal of subsidiary - (1,622 ) 60,951 Fair value losses/(gains) of foreign exchange option and forward exchange contracts 1,516 2,021 (3,001 ) Gains from structured deposits - (19,811 ) (85,444 ) Payments for sale of financial assets at fair value through other comprehensive income - - 19,513 Interest expense 17,259 35,574 53,784 Foreign exchange losses/(gains) 7,091 18,034 (18,571 ) Depreciation of property, plant and equipment 1,574,842 1,550,924 1,507,804 Depreciation of investment property 13,652 14,527 14,694 Depreciation of right-of-use 101,998 Amortization of lease prepayments and other non-current 245,635 242,162 214,292 Impairment loss on property, plant, equipment and construction in progress 118,179 82,652 486 Losses/(gains) on disposal of property, plant and equipment and other long-term assetsnet 13,017 (172,508 ) (158,551 ) Gains on exercise of foreign exchange option - (6,411 ) (1,155 ) Net (losses)/gains on settlement of foreign exchange contracts - (10,129 ) 16,471 Share-based payment 11,276 (13,004 ) - Profit on operation before change of working capital 8,332,954 7,201,272 3,008,630 (Increase)/decrease in inventories (438,125 ) (1,523,277 ) 1,366,441 Increase in operation receivables (116,580 ) (469,339 ) (92,354 ) Increase/(decrease) in operation payables 1,003,653 2,767,557 (487,877 ) Increase in balances to related partiesnet 2,594 525,286 1,860,836 Cash generated from operating activities 8,784,496 8,501,499 5,655,676 (a) Reconciliation of liabilities arising from financing activities As at 1 January 2018 Financing cash flows Foreign As at 31 December RMB000 RMB000 RMB000 RMB000 Bank loans 606,157 (109,398 ) 490 497,249 As at 1 January Financing cash flows Addition Foreign As at 31 December RMB000 RMB000 RMB000 RMB000 RMB000 Bank loans 497,249 1,059,892 - (9,541 ) 1,547,600 Lease liabilities 76,731 (89,124 ) 34,436 - 22,043 (b) In the statement of cash flows, proceeds from sale of property, plant and equipment comprise: 2017 2018 2019 RMB000 RMB000 RMB000 Net book amount 16,424 37,614 23,113 (Losses)/gains on disposal of property, plant and equipment net (13,017 ) 172,508 44,390 Net proceeds from disposal of property, plant and equipment 3,407 210,122 67,503 (c) Non-cash 2017 2018 2019 RMB000 RMB000 RMB000 Purchase of non-current - 50,110 73,812 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments [abstract] | |
Commitments | 33 Commitments Capital commitments As at 31 December 2018 2019 RMB000 RMB000 Property, plant and equipment Contracted but not provided for 69,210 247,220 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent event [abstract] | |
Subsequent event | 34 Subsequent event A dividend in respect of the year ended 31 December 2019 of RMB 0.12 per share, amounting to a total dividend of RMB 1,298,858 thousands, was proposed by the Board of Directors on 25 March 2020. Following the outbreak of Coronavirus Disease 2019 (the COVID-19 outbreak) in early 2020, a series of precautionary and control measures have been and continued to be implemented across the country, including extension of the Chinese New Year holiday nationwide, postponement of work resumption after the Chinese New Year holiday in some regions, certain level of restrictions and controls over the travelling of people and traffic arrangements, quarantine of certain residents, heightening of hygiene and epidemic prevention requirements in factories and offices and encouraged social distancing. Due to the outbreak of COVID-19 and the relevant precautionary and control measures taken place, the resumption of business by the Groups customers has been delayed, which has resulted in the refinery processing volumes of the Group up to date of this report dropped compared with same period of prior year. Due to the failure to reach an agreement to reduce production by Petroleum Production Reduction Alliance, coupled with the unfavorable outlook of the world economy affected by the COVID-19, international crude oil prices have fallen sharply. The decline in international crude oil prices has adversely affected the Groups revenue and profits, resulted in the Group making losses for the three-month period ended 31 March 2020. The Group will pay sustained attention to the follow-up status of COVID-19 outbreak and future fluctuation of global crude oil price, and take corresponding measures to further assess the impact on financial position and operating result. |
Balance Sheet and Reserve Movem
Balance Sheet and Reserve Movement of the Company | 12 Months Ended |
Dec. 31, 2019 | |
Balance sheet and reserve movement of the Company [abstract] | |
Balance sheet and reserve movement of the Company | 35 Balance sheet and reserve movement of the Company As at 31 December 2018 2019 RMB000 RMB000 Assets Non-current Lease prepayments and other non-current 813,119 455,391 Property, plant and equipment 11,435,270 11,101,389 Right-of-use 319,434 Investment properties 408,366 397,573 Construction in progress 1,559,401 1,814,985 Investments in subsidiaries 1,718,007 1,848,328 Investments in associates 3,869,433 4,476,683 Deferred income tax assets 109,137 138,648 Time deposits with banks - 3,511,234 19,912,733 24,063,665 Current assets Inventories 7,500,683 6,368,389 Financial assets at fair value through other comprehensive income 714,599 669,889 Financial assets at fair value through profit or loss 2,526,053 3,318,407 Trade receivables 170,205 2,114 Other receivables 92,999 12,627 Prepayments 1,862 3,099 Amounts due from related parties 1,953,459 1,354,793 Cash and cash equivalents 7,619,013 5,754,440 Time deposits with banks 1,500,000 1,508,839 22,078,873 18,992,597 Total assets 41,991,606 43,056,262 Equity and liabilities Equity attributable to owners of the Company Share capital 10,823,814 10,823,814 Reserves (a) 19,318,245 18,620,152 Total equity 30,142,059 29,443,966 As at 31 December 2018 2019 RMB000 RMB000 Liabilities Non-current Deferred income 10,442 10,005 Lease liabilities 8,860 10,442 18,865 Current liabilities Borrowings 431,649 1,500,000 Lease liabilities 10,059 Financial liabilities at fair value through profit or loss 9,799 - Contract liabilities 403,967 597,688 Bills payables - 655,000 Trade payables and other payables 6,388,081 5,508,265 Amounts due to related parties 4,310,659 5,104,639 Income tax payable 294,950 217,780 11,839,105 13,593,431 Total liabilities 11,849,547 13,612,296 Total equity and liabilities 41,991,606 43,056,262 The balance sheet of the Company was approved by the Board of Directors on 28 April 2020 and were signed on its behalf. Wu Haijun Zhou Meiyun Chairman Director, Vice General Manager and Chief Financial Officer (a) Legal Surplus Capital Surplus Other Share Safety Retained Total Balance at 1 January 2018 4,072,476 4,180 101,355 47,469 62,319 - 13,115,540 17,403,339 Net profit attributable to shareholders of the Company - - - - - - 5,154,603 5,154,603 Dividends proposed and approved - - - - - - (3,247,144 ) (3,247,144 ) Appropriation of safety production fund - - - - - 57,135 (57,135 ) - Forfeit of share option scheme (Note 29) - - - (13,004 ) - - - (13,004 ) Exercise of share option - - - (17,062 ) 44,527 - - 27,465 Share of other comprehensive loss of investments accounted for using the equity method - - - (7,014 ) - - - (7,014 ) Balance at 31 December 2018 4,072,476 4,180 101,355 10,389 106,846 57,135 14,965,864 19,318,245 Net profit attributable to shareholders of the Company - - - - - - 2,000,410 2,000,410 Dividends proposed and approved - - - - - - (2,705,952 ) (2,705,952 ) Share of other comprehensive income of investments accounted for using the equity method - - - 7,449 - - - 7,449 Balance at 31 December 2019 4,072,476 4,180 101,355 17,838 106,846 57,135 14,260,322 18,620,152 |
Benefits and Interests of Direc
Benefits and Interests of Directors and Supervisors | 12 Months Ended |
Dec. 31, 2019 | |
Benefits and interests of directors and Supervisors [abstract] | |
Benefits and interests of directors and Supervisors | 36 Benefits and interests of directors and supervisors (i) Directors and supervisors emoluments: 2017 Salaries Retirement Discretionary Share Total RMB000 RMB000 RMB000 RMB000 RMB000 Executive Directors Gao Jinping 201 18 540 157 916 Jin Qiang 241 18 470 135 864 Guo Xiaojun 177 18 465 135 795 Wang Zhiqing (a) 184 16 525 - 725 Zhou Meiyun (b) 148 15 125 - 288 Ye Guohua (c) 15 2 13 - 30 Independent non- Zhang Yimin 150 - - - 150 Liu Yunhong 150 - - - 150 Du Weifeng 150 - - - 150 Cai Tingji (d) 75 - - - 75 Li Yuanqin (e) 63 - - - 63 Pan Fei (f) 19 - - - 19 Supervisors Zuo Qiang 128 15 348 - 491 Li Xiaoxia 127 14 313 - 454 Ma Yanhui (g) 63 3 43 - 109 Zheng Yunrui (h) 100 - - - 100 Pan Fei(i) 50 - - - 50 Cai Tingji (j) 50 - - - 50 2,091 119 2,842 427 5,479 (a) Resigned in November 2017. (b) Appointed in March 2017. (c) Resigned in January 2017. (d) Resigned in June 2017. (e) Appointed in July 2017. (f) Appointed in July 2017 and resigned in August 2017. (g) Appointed in October 2017. (h) Appointed in January 2017. (i) Appointed in January 2017 and resigned in June 2017. (j) Appointed in July 2017. 2018 Salaries Retirement Discretionary Fees Total RMB000 RMB000 RMB000 RMB000 RMB000 Executive Directors Wu Haijun (a) 393 19 910 - 1,322 Shi Wei (b) 84 6 58 - 148 Jin Qiang 226 19 523 - 768 Guo Xiaojun 216 19 518 - 753 Zhou Meiyun 185 19 498 - 702 Jin Wenmin (c) 187 19 528 - 734 Gao Jinping (d) 215 12 549 - 776 Independent non- Zhang Yimin - - - 150 150 Liu Yunhong - - - 150 150 Du Weifeng - - - 150 150 Li Yuanqin - - - 150 150 Supervisors Ma Yanhui 274 14 288 - 576 Zuo Qiang 135 17 411 - 563 Li Xiaoxia 143 16 418 - 577 Zheng Yunrui 100 - - - 100 Cai Tingji 100 - - - 100 2,258 160 4,701 600 7,719 (a) Resigned general manager in September 2018 while other titles remained. (b) Appointed in September 2018. (c) Appointed in June 2018. (d) Resigned in September 2018. 2019 Salaries Retirement Discretionary Fees Total RMB000 RMB000 RMB000 RMB000 RMB000 Executive Directors Wu Haijun 343 26 557 - 926 Shi Wei (a) 329 26 797 - 1,152 Jin Qiang 289 26 745 - 1,060 Guo Xiaojun (b) 283 26 751 - 1,060 Zhou Meiyun 248 26 709 - 983 Jin Wenmin 260 26 721 - 1,007 Independent non- Zhang Yimin - - - 150 150 Liu Yunhong - - - 150 150 Du Weifeng - - - 150 150 Li Yuanqin - - - 150 150 Supervisors Ma Yanhui 267 22 685 - 974 Zuo Qiang (c) 102 15 324 - 441 Li Xiaoxia (d) 102 14 529 - 645 Zhang Feng (e) 31 9 107 - 147 Chen Hongjun (f) 34 9 110 - 153 Zheng Yunrui 100 - - - 100 Cai Yanji 100 - - - 100 2,488 225 6,035 600 9,348 (a) Resigned in December 2019. (b) Resigned in December 2019. (c) Resigned in September 2019. (d) Resigned in September 2019. (e) Appointed in October 2019. (f) Appointed in October 2019. (ii) Directors retirement benefits No specific retirement benefits were paid to directors in respect of services in connection with the management of the affairs of the company or its subsidiary undertaking (2018 and 2017: Nil). (iii) Directors material interests in transactions, arrangements or contracts No significant transactions, arrangements and contracts in relation to the Groups business to which the Company was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies [abstract] | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with all applicable International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Groups accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. 2.1.1 Changes in accounting policy and disclosures (a) New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2019: IFRS 16 Leases IFRIC 23 Uncertainty over Income Tax Treatments Annual Improvements to IFRS Standards 2015-2017 cycle Amendments to IFRS 9 Prepayment Features with Negative Compensation Amendments to IAS 28 Long-team interests in Associates and Joint Ventures, and Amendments to IAS 19 Plan Amendment, Curtailment or Settlement. The Group had to change its accounting policies as a result of adopting IFRS 16. The Group elected to adopt the new rules retrospectively but recognized the cumulative effect of initially applying the new standard on 1 January 2019, which was disclosed in Note 3. The other amendments listed above did not have any significant impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (b) Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2019 reporting periods and have not been early adopted by the Group: Amendments to IFRS 3 Business Combinations, effective for the accounting period beginning on or after 1 January 2020; Amendments to conceptual Framework of IASB, effective for the accounting period beginning on or after 1 January 2020; Amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, effective for the accounting period beginning on or after 1 January 2020; IFRS 17 Insurance Contracts, effective for the accounting period beginning on or after 1 January 2021; Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture. The new standards and interpretations that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. |
Subsidiaries | 2.2 Subsidiaries 2.2.1 Consolidation A subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. (a) Business combinations The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition Non-controlling non-controlling Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirers previously held equity interest in the acquiree is re-measured re-measurement Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired, is recorded as goodwill. If the total consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the income statement. Intra-Group transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Groups accounting policies. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling non-controlling (c) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured 2.2.2 Separate financial statements Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investees net assets including goodwill. Investments in joint ventures and associates are accounted for using the equity method of accounting. |
Associates | 2.3 Associates An associate is an entity over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors share of the profit or loss of the investee after the date of acquisition. The Groups investments in associates include goodwill identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The Groups share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Groups share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of net profit of associates and joint ventures accounted for using the equity method in the income statement. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognized in the Groups financial statements only to the extent of unrelated investors interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Gain or losses on dilution of equity interest in associates are recognized in the income statement. |
Joint arrangements | 2.4 Joint arrangements The Group has applied IFRS 11 to all joint arrangements. Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Groups share of the post-acquisition profits or losses and movements in other comprehensive income. The Groups investments in joint ventures include goodwill identified on acquisition. Upon the acquisition of the ownership interest in a joint venture, any difference between the cost of the joint venture and the Groups share of the net fair value of the joint ventures identifiable assets and liabilities is accounted for as goodwill. When the Groups share of losses in a joint venture equals or exceeds its interests in the joint ventures, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Groups interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Segment reporting | 2.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions. |
Foreign currency translation | 2.6 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Groups entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in RMB, which is the Companys functional and the Groups presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within finance income or expenses. All other foreign exchange gains and losses are presented in the income statement within Other gains net. |
Property, plant and equipment | 2.7 Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Buildings 12-40 years Plant and machinery 12-20 Vehicles and other equipment 4-20 The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount (Note 2.11). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within Other gains net in the income statement. |
Construction in progress | 2.8 Construction in progress Construction in progress represents buildings, various plant and equipment under construction and pending installation, and is stated at cost less government grants that compensate the Company for the cost of construction, and impairment losses. Cost comprises direct costs of construction as well as interest charges, and foreign exchange differences on related borrowed funds to the extent that they are regarded as an adjustment to interest charges, during the period of construction. Construction in progress is transferred to property, plant and equipment when the asset is substantially ready for its intended use. No depreciation is provided in respect of construction in progress. |
Investment properties | 2.9 Investment properties Investment properties are properties which are owned either to earn rental income and/or for capital appreciation. Investment properties are stated in the balance sheet at cost less accumulated depreciation and impairment losses (Note 2.11). Depreciation is provided over their estimated useful lives on a straight-line basis, after taking into account their estimated residual values. Estimated useful lives of the Groups investment properties are 30-40 |
Lease prepayments and other non-current assets | 2.10 Lease prepayments and other non-current From 1 January 2019, lease prepayments and other non-current non-current Patents 10-28 years Catalyst 2-5 Accounting polices applied until 1 January 2019 Lease prepayments and other non-current non-current Land use rights 30-50 years Patents 10-28 Catalyst 2-5 |
Impairment of non-financial assets | 2.11 Impairment of non-financial Intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial |
Investments and financial assets | 2.12 Investments and financial assets 2.12.1 Classification From 1 January 2018, the Group classifies its financial assets in the following measurement categories: those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss), and those to be measured at amortized cost. The classification depends on the Groups business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. 2.12.2 Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 2.12.3 Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Debt instruments Subsequent measurement of debt instruments depends on the Groups business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Other gainsnet, together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated income statement. FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gains or losses previously recognized in OCI is reclassified from equity to profit or loss and recognized in Other gainsnet. Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in Other gainsnet and impairment expenses are presented as separate line item in the consolidated income statement. FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within Other gainsnet in the period in which it arises. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Groups management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss when the Groups right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in Other gainsnet in the consolidated income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. 2.12.4 Impairment From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For financial instruments that have low credit risk at the balance sheet date, except for receivables related to revenue, the Group assumes that there is no significant increase in credit risk since the initial recognition, on first stage, and measures the loss allowance at an amount equal to 12-month For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 4.1(b) for further details. 2.12.5 Accounting policies applied until 31 December 2017 Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Loans and receivables Loans and receivables are non-derivative non-current (c) Available-for-sale Available-for-sale non-derivatives non-current Recognition and measurement Regular way purchases and sales of financial assets are recognized on the trade-date the date on which the Group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available-for-sale Gains or losses arising from changes in the fair value of the financial liabilities at fair value through profit or loss category are presented in the income statement within Other (losses)/gains net in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other income when the Groups right to receive payments is established. Changes in the fair value of monetary and non-monetary When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognized in equity are included in the income statement as gains and losses from investment securities. |
Offsetting financial instruments | 2.13 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. |
Derivative financial instruments | 2.14 Derivative financial instruments Derivative financial instruments of the Group are foreign exchange forward contracts, which are not designated as hedges. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and through the use of valuation techniques, including discounted cash flow models and options pricing models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e., the fair value of the consideration given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable markets. When such evidence exists, the Group recognizes profits (losses) on that day. |
Assets classified as held for sale | 2.15 Assets classified as held for sale Assets, including non-current An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the asset that is classified as held for sale (or disposal group) is recognized at the date of derecognition. The assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Assets classified as held for sale are presented separately in current assets of the balance sheet. |
Inventories | 2.16 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion, the estimated costs necessary to make the sale and the related taxes. |
Trade receivables, bills receivable and other receivables | 2.17 Trade receivables, bills receivable and other receivables Trade receivables and bills receivable are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade receivables, bills receivable and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current Trade receivables, bills receivable and other receivables are recognized initially at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest method, less allowance for impairment. See Note 2.12.4 for a description of the Groups impairment policies. |
Cash and cash equivalents | 2.18 Cash and cash equivalents In the consolidated statement of cash flows, cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are presented within borrowings in current liabilities in the balance sheet. |
Share capital | 2.19 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. |
Safety production fund | 2.20 Safety production fund Under Chinas law and regulation, the Group is required to accrue safety production fund at a certain percentage of the sales of dangerous goods. The fund is earmarked for improving the safety of production. The fund is accrued from retained earnings to other reserves and converted back to retained earnings when used. |
Trade and other payables | 2.21 Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current Trade and other payables are recognized initially at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest method. |
Borrowings | 2.22 Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. |
Borrowing costs | 2.23 Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Borrowing costs include interest expense, finance charges in respect of exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. The exchange gains and losses that are an adjustment to interest costs include the interest rate differential between borrowing costs that would be incurred if the entity had borrowed funds in its functional currency, and the borrowing costs actually incurred on foreign currency borrowings. |
Current and deferred income tax | 2.24 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. (a) The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Companys subsidiaries, associates and joint ventures operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. (b) Deferred income tax Inside basis differences Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Outside basis differences Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Generally the Group is unable to control the reversal of the temporary difference for associates. Only when there is an agreement in place that gives the Group the ability to control the reversal of the temporary difference in the foreseeable future, deferred tax liability in relation to taxable temporary differences arising from the associates undistributed profits is not recognized. Deferred income tax assets are recognized on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilized. (c) Offsetting Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Employee benefits | 2.25 Employee benefits (a) Pension obligations The PRC employees of the Group are covered by various PRC government-sponsored defined-contribution pension plans under which the employees are entitled to a monthly pension based on certain formulas. The relevant government agencies are responsible for the pension liability to these employees when they retire. The Group contributes on a monthly basis to these pension plans for the employees which are determined at a certain percentage of their salaries. Under these plans, the Group has no obligation for post-retirement benefits beyond the contribution made. Contributions to these plans are expensed as incurred and contributions paid to the defined contribution pension plans for a staff are not available to reduce the Groups future obligations to such defined-contribution pension plans even if the staff leaves the Group. (b) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: when Group demonstrably commits itself to terminate employment or to provide benefits as a result of voluntary redundancy by having a detailed formal plan which is without realistic possibility of withdrawal. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value. |
Share-based payment | 2.26 Share-based payment (a) Equity-settled share-based payment transactions The Group operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: including any market performance conditions such as an entitys share price; excluding the impact of any service and non-market including the impact of any non-vesting At the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-marketing In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognizing the expense during the period between service commencement period and grant date. When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital. (b) Share-based payment transactions among Group entities The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. |
Provisions | 2.27 Provisions Provisions for environmental restoration, restructuring costs and legal claims are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax |
Revenue recognition | 2.28 Revenue recognition (a) Accounting policies applied by the Group has been modified according to the adoption of IFRS 15Revenue from Contracts with Customers from 1 January 2018 as follows: (i) Sales of petroleum and chemical products The Group manufactures and sells petroleum and chemical products. Sales are recognized when control of the products has transferred, being when the products are delivered to and accepted by the customer. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, or the Group has objective evidence that all criteria for acceptance have been satisfied. Advance from customers but goods not yet delivered is recorded as contract liabilities and is recognized as revenues when a customer obtains control over the relevant goods. Revenue excludes value added tax and is after deduction of any estimated trade discounts. The Group has elected to apply the practical expedient that contract costs incurred related to contracts with an amortization period of less than one year have been expensed as incurred. The Group also applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. (ii) Rental income Rental income from investment property is recognized in the income statement on a straight-line basis over the term of the lease. (iii) Overseas shipping services The Group arranges overseas shipping services for the customer and revenue is recognized over time and based on the actual shipping service provided to the end of the reporting period as a proportion of the total services to be provided, because the customer receives and uses the benefits simultaneously. This is determined based on the actual passages of time (days) relative to the total expected shipping days. (b) Accounting policies applied until 31 December 2017 Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts and value added taxes. The Group recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Groups activities, as described below. (i) Sales of petroleum and chemical products Revenues associated with the sale of petroleum and chemical products are recognized in the income statement when the significant risks and rewards of ownership have been transferred to the buyer. Revenue excludes value added tax and is after deduction of any trade discounts and returns. No revenue is recognized if there are significant uncertainties regarding recovery of the consideration due to the possible return of goods, or when the amount of revenue and the costs incurred or to be incurred in respect of the transaction cannot be measured reliably. (ii) Pipeline transportation services Revenues associated with pipeline transportation services are recognized by reference to the stage of completion (that is, when the services are rendered) of the transaction at the end of the reporting period and when the outcome of the transaction can be estimated reliably. The outcome of the transaction can be estimated reliably when the amount of revenue, the costs incurred and the stage of completion can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. (iii) Rental income Rental income from investment property is recognized in the income statement on a straight-line basis over the term of the lease. |
Interest income | 2.29 Interest income Interest income from financial assets at FVPL is included in Other gainsnet, see Note 9 below. Interest income on financial assets at amortized cost and financial assets at FVOCI calculated using the effective interest method is recognized in the consolidated income statement as part of other income. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes, see Note 10 below. |
Dividend income | 2.30 Dividend income Dividend income is recognized when the right to receive payment is established. |
Government grants | 2.31 Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs that they are intended to compensate. Grants that compensate the Group for the cost of an asset are deducted from the carrying amount of the asset and consequently are effectively recognized in the income statement over the useful life of the asset by way of reduced depreciation expense. |
Leases | 2.32 Leases As explained in Note 2.1.1(a) above, the Group has changed its accounting policy for leases. The new policy and the impact of the change are described in Note 3. Until 31 December 2018, leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to the income statement on a straight-line basis over the period of the lease. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. The respective leased assets are included in the balance sheet bases on their nature. |
Dividend distribution | 2.33 Dividend distribution Dividend distribution to the Companys shareholders is recognized as a liability in the Groups financial statements in the period in which the dividends are approved by the Companys shareholders. |
Research and development costs | 2.34 Research and development costs Research and development costs comprise all costs that are directly attributable to research and development activities or that can be allocated on a reasonable basis to such activities. Research and development costs are recognized as intangible assets when the following criteria are met: it is technically feasible to complete the research and development project so that it will be available for use or sale; management intends to complete the research and development project, and use or sell it; it can be demonstrated how the research and development project will generate economic benefits; there are adequate technical, financial and other resources to complete the development and the ability to use or sell the research and development project; and the expenditure attributable to the research and development project during its development phase can be reliably measured. Other research and development expenditure that do not meet these criteria are recognized as an expense as incurred. Research and development costs previously recognized as an expense are not recognized as an asset in a subsequent period. |
Related parties | 2.35 Related parties (a) A person, or a close member of that persons family, is related to the Group if that person: (1) has control or joint control over the Group; (2) has significant influence over the Group; or (3) is a member of the key management personnel of the Group or the Groups parent. (b) An entity is related to the Group if any of the following conditions applies: (1) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (2) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (3) Both entities are joint ventures of the same third party. (4) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (5) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (6) The entity is controlled or jointly controlled by a person identified in (i). (7) A person identified in (i)(1) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |
Summary of estimated useful lives of property, plant and equipment | Buildings 12-40 years Plant and machinery 12-20 Vehicles and other equipment 4-20 |
Summary of estimated useful lives of lease prepayments and other non-current assets | Patents 10-28 years Catalyst 2-5 |
Previously stated [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Summary of estimated useful lives of lease prepayments and other non-current assets | Land use rights 30-50 years Patents 10-28 Catalyst 2-5 |
Changes in Accounting Policies
Changes in Accounting Policies (Tables) - IFRS 16 [member] | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | |
Measurement of lease liabilities | RMB000 Operating lease commitments disclosed as at 31 December 2018 84,746 Discounted using the lessees incremental borrowing rate of at the date of initial application 77,046 (Less): short-term leases recognized on a straight-line basis as expense (315 ) Lease liability recognized as at 1 January 2019 76,731 Of which are: Current lease liabilities 74,093 Non-current 2,638 |
Impact on segment disclosures | Addition to RMB000 Addition to RMB000 Synthetic fibres 9,047 536 Resins and plastics 50,006 5,177 Intermediate petrochemicals 46,320 2,738 Petroleum products 236,531 13,371 Trading of petrochemical products 13 - Others 1,943 221 343,860 22,043 |
Estimated useful lives of right-of-use assets | Land use rights 30-50 years Buildings 1-30 Equipment 1-2 Vehicles and others 1-5 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |
Net impairment losses on financial assets recognized in profit or loss | 2018 2019 RMB000 RMB000 Impairment losses - movement in loss allowance for trade and other receivables (73 ) - Reversal of previous impairment losses 34 59 Net impairment losses on financial assets (39 ) 59 |
Maturity analysis for financial liabilities | Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 Between 2 and 5 Over 5 years Total 31 December 2018 RMB000 RMB000 RMB000 RMB000 RMB000 Non-derivatives Borrowings 606,157 - - - 606,157 Trade payables 1,908,457 - - - 1,908,457 Other payables 789,567 - - - 789,567 Amounts due to related parties 3,725,278 - - - 3,725,278 7,029,459 - - - 7,029,459 Derivatives - - - Derivative financial instruments 1,516 - - - 1,516 Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 Between 2 and 5 Over 5 years Total 31 December 2019 RMB000 RMB000 RMB000 RMB000 RMB000 Non-derivatives Borrowings 1,575,176 - - - 1,575,176 Lease liabilities 11,700 8,846 2,435 495 23,476 Bills payables 673,900 - - - 673,900 Trade payables 2,142,402 - - - 2,142,402 Other payables 747,133 - - - 747,133 Amounts due to related parties 5,702,728 - - - 5,702,728 10,853,039 8,846 2,435 495 10,864,815 Derivatives Derivative financial instruments 799 - - - 799 |
Finanical instruments at fair value | Recurring fair value measurements As at 31 December 2018 Level 1 RMB000 Level 2 RMB000 Level 3 RMB000 Total RMB000 Financial assets Financial assets at fair value through other comprehensive income - 1,672,431 - 1,672,431 Structured deposits - - 2,719,811 2,719,811 Foreign exchange options - 7,468 - 7,468 - 1,679,899 2,719,811 4,399,710 Financial liabilities Foreign exchange options - 11,005 - 11,005 Recurring fair value measurements As at 31 December 2019 Level 1 RMB000 Level 2 RMB000 Level 3 RMB000 Total RMB000 Financial assets Financial assets at fair value through other comprehensive income Trade and bill receivables - 1,540,921 - 1,540,921 Equity investments - - 5,000 5,000 Structured deposits - - 3,318,407 3,318,407 Foreign exchange options - 263 - 263 - 1,541,184 3,323,407 4,864,591 Financial liabilities Foreign exchange options - 799 - 799 |
Changes in level 3 items | Equity Structured RMB000 Total Closing balance 31 December 2018 - 2,719,811 2,719,811 Acquisitions 5,000 3,800,000 3,805,000 Disposals - (3,200,000 ) (3,000,000 ) Fair value change - (1,404 ) (1,404 ) Closing balance 31 December 2019 5,000 3,318,407 3,323,407 |
Trade receivables (including receivables from related parties) [member] | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |
Reconciliation of loss allowance | Trade receivables (including 2018 2019 RMB000 RMB000 Opening loss allowance as at 1 January 37 54 Provision for loss allowance recognized in profit or loss 17 - Reversal of previous impairment losses - (54 ) Closing loss allowance at 31 December 54 - |
Other receivables (including receivables from related parties) [member] | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |
Reconciliation of loss allowance | Other receivables (including 2018 2019 RMB000 RMB000 Opening loss allowance as at 1 January 1016 144 Provision for loss allowance recognized in profit or loss 56 - Reversal of previous impairment losses (34 ) (5 ) Receivables written off during the year as uncollectible (894 ) - Closing loss allowance at 31 December 144 139 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment information [abstract] | |
Segment information | 2017 Synthetic Resins and Intermediate petrochemicals Petroleum Trading of Other Total RMB000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB000 Total segment revenue 2,061,765 10,596,844 23,302,939 53,259,378 24,953,285 1,364,977 115,539,188 Inter segment revenue - (123,824 ) (12,949,321 ) (8,737,935 ) (1,240,250 ) (525,443 ) (23,576,773 ) Revenue from external customers 2,061,765 10,473,020 10,353,618 44,521,443 23,713,035 839,534 91,962,415 Total gross (loss)/profit (440,925 ) 1,539,196 2,378,581 3,147,627 162,801 32,759 6,820,039 2018 Synthetic Resins and Intermediate petrochemicals Petroleum Trading of Other Total RMB000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB000 Total segment revenue 2,225,594 10,868,758 26,327,039 66,009,608 27,650,410 1,488,856 134,570,265 Intersegment revenue - (138,481 ) (13,923,959 ) (11,037,010 ) (1,090,056 ) (691,852 ) (26,881,358 ) Revenue from external customers 2,225,594 10,730,277 12,403,080 54,972,598 26,560,354 797,004 107,688,907 Timing of revenue recognition At a point in time 2,225,594 10,730,277 12,403,080 54,972,598 26,537,983 797,004 107,666,536 Over time - - - - 22,371 - 22,371 2,225,594 10,730,277 12,403,080 54,972,598 26,560,354 797,004 107,688,907 Total gross (loss)/profit (537,590 ) 1,081,206 2,135,060 2,936,678 149,236 9,916 5,774,506 2019 Synthetic Resins and Intermediate petrochemicals Petroleum Trading of Other Total RMB000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB000 Total segment revenue 2,200,229 10,304,812 24,698,643 66,754,731 21,881,214 1,502,840 127,342,469 Inter segment revenue - (141,101 ) (14,187,500 ) (11,868,026 ) (175,200 ) (700,975 ) (27,072,802 ) Revenue from external customers 2,200,229 10,163,711 10,511,143 54,886,705 21,706,014 801,865 100,269,667 Timing of revenue recognition At a point in time 2,200,229 10,163,711 10,511,143 54,886,705 21,695,864 801,865 100,259,517 Over time - - - - 10,150 - 10,150 2,200,229 10,163,711 10,511,143 54,886,705 21,706,014 801,865 100,269,667 Total gross (loss)/profit (501,062 ) 542,015 649,435 750,850 121,193 25,314 1,587,745 2017 2018 2019 RMB000 RMB000 RMB000 Segment resultprofit/(loss) from operations Petroleum products 3,120,024 2,910,063 705,469 Resins and plastics 1,355,908 900,440 401,454 Intermediate petrochemicals 2,206,128 1,934,926 413,914 Trading of petrochemical products 60,583 104,900 53,214 Synthetic fibers (475,266 ) (573,503 ) (540,280 ) Others 134,496 308,286 286,801 Profit from operations 6,401,873 5,585,112 1,320,572 Net finance income 207,332 337,412 362,963 Share of profit of investments accounted for using the equity method 1,243,693 885,597 972,593 Profit before income tax 7,852,898 6,808,121 2,656,128 Other profit and loss disclosures 2017 2018 2019 Depreciation Impairment Inventory Depreciation Impairment Inventory Depreciation Impairment Inventory write- RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 RMB000 Synthetic fibers (79,658 ) (49,107 ) (38,287 ) (68,428 ) (47,937 ) (35,945 ) (68,589 ) 7 (48,844 ) Resins and plastics (163,618 ) (9 ) (5,177 ) (139,447 ) (9 ) (19,219 ) (125,464 ) 6 (12,073 ) Intermediate petrochemicals (538,435 ) (50,210 ) (4,487 ) (575,025 ) (34,695 ) (8,630 ) (497,469 ) (478 ) (9,094 ) Petroleum products (922,670 ) (44 ) (12,399 ) (862,659 ) (50 ) (22,209 ) (972,688 ) 38 (167 ) Trading of petrochemical products (171 ) - - (111 ) - - (211 ) - - Others (129,577 ) (18,875 ) (111 ) (161,943 ) - - (174,367 ) - - (1,834,129 ) (118,245 ) (60,461 ) (1,807,613 ) (82,691 ) (86,003 ) (1,838,788 ) (427 ) (70,178 ) As at 31 December 2018 Total assets 2019 Total assets Allocated assets Synthetic fibers 1,114,911 997,650 Resins and plastics 1,924,863 1,802,681 Intermediate petrochemicals 4,176,850 3,721,337 Petroleum products 15,567,239 14,014,403 Trading of petrochemical products 1,807,433 1,492,405 Others 2,067,698 2,294,668 Allocated assets 26,658,994 24,323,144 Unallocated assets Investments accounted for using the equity method 4,527,133 5,208,758 Cash and cash equivalents 8,741,893 7,449,699 Time deposits with banks 1,500,000 5,020,073 Deferred income tax assets 119,075 150,832 Financial assets at fair value through profit or loss 2,727,279 3,318,670 Others 111,523 22,899 Unallocated assets 17,726,903 21,170,931 Total assets 44,385,897 45,494,075 As at 31 December 2018 Total liabilities 2019 Total liabilities Allocated liabilities Synthetic fibers 427,005 340,034 Resins and plastics 1,404,499 1,372,574 Intermediate petrochemicals 1,767,232 1,736,967 Petroleum products 7,813,381 8,482,596 Trading of petrochemical products 1,923,373 1,946,530 Others 79,712 73,127 Allocated liabilities 13,415,202 13,951,828 Unallocated liabilities Borrowings 497,249 1,547,600 Financial liabilities at fair value through profit or loss 11,005 799 Unallocated liabilities 508,254 1,548,399 Total liabilities 13,923,456 15,500,227 2017 2018 2019 Additions to property, plant and equipment, construction in progress, right-of-use non-current Synthetic fibers 130,908 124,188 294,515 Resins and plastics 156,189 112,638 74,633 Intermediate petrochemicals 525,828 246,857 204,021 Petroleum products 1,076,212 806,833 1,024,626 Trading of petrochemical products - - 89 Others 20,738 98,737 103,418 1,909,875 1,389,253 1,701,302 |
Other Operating Income (Tables)
Other Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other operating income [abstract] | |
Other operating income | 2017 2018 2019 Government grants (i) 65,703 116,330 69,678 Rental income from investment property (Note 18) 46,700 76,001 76,381 Others 6,607 10,286 4,655 119,010 202,617 150,714 (i) Government grants Grants related to R&D, other tax refund and subsidies of RMB 69,241 thousands (2018: RMB 115,893 thousands, 2017: RMB 65,266 thousands) are included in the government grants line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The Group did not benefit directly from any other forms of government assistance. Deferral and presentation of government grants Government grants relating to the purchase of property, plant and equipment are included in non-current |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other operating expenses [abstract] | |
Other operating expenses | 2017 2018 2019 Cost related to lease of investment properties (13,738 ) (19,367 ) (16,199 ) Others (7,641 ) (13,181 ) (5,726 ) (21,379 ) (32,548 ) (21,925 ) |
Other (losses)_gains - net (Tab
Other (losses)/gains - net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other (losses)/gains - net [abstract] | |
Other (losses)/gains - net | 2017 2018 2019 Net (losses)/gains on disposal of land, property, plant and equipment (i) (13,017 ) 172,508 158,551 Income from structured deposits - 19,811 85,444 Fair value (losses)/gains on foreign exchange option and forward exchange contracts (1,516 ) (2,021 ) 3,001 Gains/(losses) from disposal of subsidiaries (Note 20) - 1,622 (60,951 ) Net foreign exchange gains/(losses) 23,656 (31,770 ) 2,648 Net gains/(losses) on settlement of foreign exchange option and forward foreign exchange contracts - 16,540 (15,316 ) Gains from disposal of joint venture 10,339 - - Others - - (19,513 ) 19,462 176,690 153,864 (i) |
Finance Income and Expenses (Ta
Finance Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance income and expenses [abstract] | |
Finance income and expenses | 2017 2018 2019 Net foreign exchange gains - - 18,571 Interest income 268,379 443,661 398,176 Finance income 268,379 443,661 416,747 Interest on bank and other borrowings (55,188 ) (84,425 ) (59,378 ) Less: amounts capitalized on qualifying assets 804 5,179 5,594 Net interest expense (54,384 ) (79,246 ) (53,784 ) Net foreign exchange loss (6,663 ) (27,003 ) - Finance expenses (61,047 ) (106,249 ) (53,784 ) Finance income - net 207,332 337,412 362,963 |
Expense by Nature (Tables)
Expense by Nature (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Expense by nature [abstract] | |
Expense by nature | 2017 2018 2019 Cost of raw material 42,075,096 56,601,977 57,101,961 Cost of trading products 23,531,983 26,392,366 21,566,364 Employee benefit expenses (Note 12) 2,752,996 2,888,572 3,147,372 Depreciation and amortization (Note 15, 17, 18) 1,834,129 1,807,613 1,736,790 Repairs and maintenance expenses 1,136,379 1,265,919 1,089,829 Change of goods in process and finished goods (58,784 ) (277,403 ) 446,779 Transportation costs 306,654 326,553 297,416 External processing fee 193,757 185,164 215,288 Sales commissions (Note 30) 116,616 139,954 125,641 Depreciation charge of right-of-use 101,998 Inventory write-down (Note 22) 60,461 86,003 70,178 Auditors remuneration - audit services 7,800 7,800 7,800 Leasing expenses 79,438 96,520 2,961 Impairment loss (Note 19) 118,245 82,652 486 Other expenses 778,777 771,401 1,107,017 Total cost of sales, selling and administrative expenses 72,933,547 90,375,091 87,017,880 |
Employee Benefit Expenses (Tabl
Employee Benefit Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee benefit expenses [abstract] | |
Employee benefit expenses | 2017 2018 2019 Wages and salaries 1,769,535 1,814,991 1,931,121 Social welfare costs 622,854 712,556 782,789 Others 349,331 374,029 433,462 Share-based payments granted to directors and employees (Note 28, 29) 11,276 (13,004 ) - Total employee benefit expense 2,752,996 2,888,572 3,147,372 (i) Five highest paid individuals For the years ended 31 December 2017, 2018 and 2019, all 5 individuals with the highest emoluments are directors and supervisors whose emoluments are disclosed in Note 36(i). |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income tax [abstract] | |
Summary of major components of income tax expense | 2017 2018 2019 - Current income tax 1,714,955 1,471,671 460,720 - Deferred taxation (16,216 ) 232 (31,757 ) Income tax expense 1,698,739 1,471,903 428,963 |
Summary of reconciliation of expected income tax and actual income tax | 2017 2018 2019 Profit before income tax 7,852,898 6,808,121 2,656,128 Expected PRC income tax at the statutory tax rate of 25% 1,963,225 1,702,032 664,032 Tax effect of share of profit of investments accounted for using the equity method (307,547 ) (218,024 ) (239,562 ) Tax effect of other non-taxable (8,733 ) (17,270 ) (14,959 ) Tax effect of non-deductible 7,268 20,123 42,906 True up for final settlement of enterprise income taxes in respect of previous years (15,121 ) 12,678 (2,618 ) Tax losses for which no deferred income tax asset was recognized 60,832 10,017 9,578 Utilization of previously unrecognized tax losses (1,185 ) (37,653 ) (30,414 ) Actual income tax 1,698,739 1,471,903 428,963 |
Summary of deferred tax assets and deferred tax liabilities | As at 31 December 2018 2019 Deferred tax assets: Deferred tax asset to be recovered after more than 12 months 72,875 25,195 Deferred tax asset to be recovered within 12 months 50,049 133,187 122,924 158,382 Deferred tax liabilities: Deferred tax liabilities to be recovered after more than 12 months (2,611 ) (2,946 ) Deferred tax liabilities to be recovered within 12 months (1,238 ) (4,604 ) (3,849 ) (7,550 ) Deferred tax assets - net 119,075 150,832 |
Summary of movements in deferred tax assets and liabilities | Balance as at 1 January 2018 Deducted/(charged) Balance as at 31 December 2018 Deferred tax assets Impairment for bad and doubtful debts and provision for inventories 24,507 15,099 39,606 Provision for impairment losses in fixed assets and construction in progress 202,988 16,622 219,610 Difference in depreciation (115,495 ) (30,214 ) (145,709 ) Share-based payments 3,816 (3,816 ) - Others 8,578 839 9,417 124,394 (1,470 ) 122,924 Deferred tax liabilities Capitalization of borrowing costs and others (5,087 ) 1,238 (3,849 ) Deferred tax assets - net 119,307 (232 ) 119,075 Balance as at 1 January 2019 (Charged)/deducted Balance as at 31 December 2019 RMB000 RMB000 RMB000 Deferred tax assets Impairment for bad and doubtful debts and provision for inventories 39,606 (705 ) 38,901 Provision for impairment losses in fixed assets and construction in progress 219,610 (11,978 ) 207,632 Difference in depreciation (145,709 ) (33,091 ) (178,800 ) Others 9,417 81,232 90,649 122,924 35,458 158,382 Deferred tax liabilities Gains of financial assets at fair value - (4,604 ) (4,604 ) Capitalization of borrowing costs and others (3,849 ) 903 (2,946 ) Deferred tax assets - net 119,075 31,757 150,832 |
Summary of tax losses carried forward and not recognised as deferred tax assets | 2018 2019 2019 6,132 - 2020 17,945 17,775 2021 12,880 12,880 2022 12,687 12,687 2023 40,069 40,069 2024 - 38,312 89,713 121,723 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Summary of earnings per share, basic | 2017 RMB000 2018 RMB000 2019 RMB000 Net profit attributable to owners of the Company 6,143,222 5,336,331 2,215,728 Weighted average number of ordinary shares in issue (thousands of shares) 10,803,690 10,823,497 10,823,814 Basic earnings per share (RMB per share) RMB 0.569 RMB 0.493 RMB 0.205 Basic earnings per ADS (RMB per ADS) RMB 56.862 RMB 49.303 RMB 20.452 |
Summary of earnings per share, diluted | 2017 RMB000 2018 RMB000 2019 RMB000 Earnings Profit attributable to owners of the Company 6,143,222 5,336,331 2,215,728 Weighted average number of ordinary shares in issue (thousands of shares) 10,803,690 10,823,497 10,823,814 Adjustments for share options granted (thousands of shares) 6,179 - - Weighted average number of ordinary shares for diluted earnings per share (thousands of shares) 10,809,869 10,823,497 10,823,814 Diluted earnings per share (RMB per share) RMB 0.568 RMB 0.493 RMB 0.205 Diluted earnings per ADS (RMB per ADS)(i) RMB 56.830 RMB 49.303 RMB 20.452 (i) ADSs are references to our American Depositary Shares, which are listed and traded on the New York Stock Exchange. Each ADS represents 100 H Shares. |
Lease Prepayments and Other N_2
Lease Prepayments and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease prepayments and other non-current assets [abstract] | |
Summary of lease prepayments and other non-current assets | Land use Other Long-term Total As at 1 January 2018 Cost 725,152 81,085 349,588 1,155,825 Accumulated amortization (350,980 ) (57,596 ) (408,576 ) Net book amount 374,172 23,489 349,588 747,249 Year ended 31 December 2018 Opening net book amount 374,172 23,489 349,588 747,249 Additions - 3,008 374,519 377,527 Charge for the year (14,815 ) (5,929 ) (221,418 ) (242,162 ) Transferred to assets classified as held for sale (24,331 ) - - (24,331 ) Closing net book amount 335,026 20,568 502,689 858,283 As at 31 December 2018 335,026 20,568 502,689 858,283 Change in accounting policy (Note 3) (335,026 ) - - (335,026 ) Restated opening amount as at 1 January 2019 - 20,568 502,689 523,257 Cost - 84,093 502,689 586,782 Accumulated amortization - (63,525 ) (63,525 ) Net book amount - 20,568 502,689 523,257 Year ended 31 December 2019 Opening net book amount - 20,568 502,689 523,257 Additions - 1,762 170,687 172,449 Charge for the year - (4,695 ) (209,597 ) (214,292 ) Closing net book amount - 17,635 463,779 481,414 As at 31 December 2019 Cost - 85,855 463,779 549,634 Accumulated amortization - (68,220 ) - (68,220 ) Net book amount - 17,635 463,779 481,414 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Balance sheet amounts relating to leases | As at 31 December 2019 RMB000 As at 1 January 2019 RMB000 Right-of-use Land use rights 320,212 335,026 Buildings 22,205 12,233 Equipment 168 63,471 Others 1,275 1,148 343,860 411,878 Lease liabilities Current 11,450 74,093 Non-current 10,593 2,638 22,043 76,731 |
Income statement amounts relating to leases | 2019 RMB000 Depreciation charge of right-of-use Land use rights (14,814 ) Buildings (12,541 ) Equipment (74,025 ) Others (618 ) (101,998 ) Interest expense (included in finance cost) (2,570 ) Expense relating to short-term leases (included in Cost of sales) (2,961 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Summary of property, plant and equipment | Buildings Plant and Vehicles and Total RMB000 RMB000 RMB000 RMB000 As at 1 January 2018 Cost 3,641,220 41,661,819 1,907,177 47,210,216 Accumulated depreciation (2,239,728 ) (29,299,129 ) (1,516,564 ) (33,055,421 ) Impairment loss (279,099 ) (948,041 ) (61,227 ) (1,288,367 ) Net book amount 1,122,393 11,414,649 329,386 12,866,428 Year ended 31 December 2018 Opening net book amount 1,122,393 11,414,649 329,386 12,866,428 Additions - 58,906 25,602 84,508 Disposals (10,069 ) (25,141 ) (2,404 ) (37,614 ) Disposal of subsidiaries - - (2,291 ) (2,291 ) Reclassification 775 (13,904 ) 13,129 - Transferred from construction in progress (Note 19) 7,260 309,346 28,329 344,935 Charge for the year (87,129 ) (1,398,681 ) (65,114 ) (1,550,924 ) Impairment loss - (58,652 ) - (58,652 ) Closing net book amount 1,033,230 10,286,523 326,637 11,646,390 As at 31 December 2018 Cost 3,229,642 41,007,229 1,785,889 46,022,760 Accumulated depreciation (2,142,540 ) (29,905,377 ) (1,451,131 ) (33,499,048 ) Impairment loss (53,872 ) (815,329 ) (8,121 ) (877,322 ) Net book amount 1,033,230 10,286,523 326,637 11,646,390 Year ended 31 December 2019 Opening net book amount 1,033,230 10,286,523 326,637 11,646,390 Additions - 99,041 15,578 114,619 Disposals (4,114 ) (60,503 ) (5,988 ) (70,605 ) Reclassification 16,395 (82,604 ) 66,209 - Transferred from construction in progress (Note 19) 26,655 999,412 97,553 1,123,620 Transferred from investment properties (Note 18) 6,924 - - 6,924 Transferred to investment properties (Note 18) (12,347 ) - - (12,347 ) Charge for the year (92,123 ) (1,346,725 ) (68,956 ) (1,507,804 ) Closing net book amount 974,620 9,895,144 431,033 11,300,797 As at 31 December 2019 Cost 3,336,375 41,455,159 1,871,684 46,663,218 Accumulated depreciation (2,310,970 ) (30,793,083 ) (1,432,530 ) (34,536,583 ) Impairment loss (50,785 ) (766,932 ) (8,121 ) (825,838 ) Net book amount 974,620 9,895,144 431,033 11,300,797 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment properties [abstract] | |
Summary of investment properties | RMB000 As at 1 January 2018 Cost 594,135 Accumulated depreciation (202,869 ) Net book amount 391,266 Year ended 31 December 2018 Opening net book amount 391,266 Charge for the year (14,527 ) Closing net book amount 376,739 As at 31 December 2018 Cost 594,135 Accumulated depreciation (217,396 ) Net book amount 376,739 Year ended 31 December 2019 Opening net book amount 376,739 Transferred from property plant and equipment (Note 17) 12,347 Transferred to property plant and equipment (Note 17) (6,924 ) Charge for the year (14,694 ) Closing net book amount 367,468 As at 31 December 2019 Cost 602,659 Accumulated depreciation (235,191 ) Net book amount 367,468 |
Summary of minimum lease payments receivable on leases of investment properties | As at 31 December 2018 2019 Within 1 year 48,386 43,322 Between 1 and 2 years 3,715 1,517 Above 2 years - - |
Construction in Progress (Table
Construction in Progress (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Construction in progress [abstract] | |
Construction in progress | As at 31 December 2018 2019 As at 1 January 1,001,118 1,559,401 Additions 927,218 1,380,254 Transferred to property plant and equipment (Note 17) (344,935 ) (1,123,620 ) Impairment loss (24,000 ) (486 ) As at 31 December 1,559,401 1,815,549 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subsidiaries [abstract] | |
Summary of major subsidiaries | Company Registered 000 Percentage held by the Percentage Percentage of non-controlling Principal activities As at 31 December 2019 Shanghai Petrochemical Investment Development Company Limited RMB 1,000,000 100.00 100.00 - Investment management China Jinshan Associated Trading Corporation RMB 25,000 67.33 67.33 32.67 Import and export of petrochemical products and equipment Shanghai Jinchang Engineering Plastics Company Limited USD 9,154 - 74.25 25.75 Production of polypropylene compound products Shanghai Golden Phillips Petrochemical Company Limited USD 50,000 - 100.00 - Production of polyethylene products Shanghai Jinshan Trading Corporation RMB 100,000 - 67.33 32.67 Import and export of petrochemical products Company Registered 000 Percentage held by the Percentage Percentage of non-controlling Principal activities As at 31 December 2018 Shanghai Petrochemical Investment Development Company Limited RMB 1,000,000 100.00 100.00 - Investment management China Jinshan Associated Trading Corporation RMB 25,000 67.33 67.33 32.67 Import and export of petrochemical products and equipment Shanghai Jinchang Engineering Plastics Company Limited USD 9,154 - 74.25 25.75 Production of polypropylene compound products Shanghai Golden Phillips Petrochemical Company Limited (b) USD 50,000 - 100.00 - Production of polyethylene products Jinyong (a) RMB 250,000 75.00 75.00 25.00 Production of acrylic fibre products Shanghai Jinshan Trading Corporation RMB 100,000 - 67.33 32.67 Import and export of petrochemical products |
Carrying amounts of total assets and liabilities as at the date of disposal of Jingyong | 2019 Carrying amount of net assets at the date of disposal 54,940 Non-controlling 6,011 Loss on disposal of subsidiary 60,951 As at 23 August 2019 Total assets 141,121 Total liabilities (86,181 ) Net assets 54,940 |
Transaction in acquisition of Golden Phillips | 2018 Carrying amount of non-controlling 162,359 Consideration paid to non-controlling (152,800 ) Gains recognized in the transactions with non-controlling 9,559 |
Investments Accounted for Usi_2
Investments Accounted for Using the Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of amounts recognized in balance sheet | As at 31 December 2018 2019 Associates -Share of net assets 4,297,265 4,973,464 Joint ventures -Share of net assets 229,868 235,294 4,527,133 5,208,758 |
Summary of amounts recognized in share of profit of investments accounted for using the equity method | 2017 2018 2019 Associates 1,200,141 839,425 927,814 Joint ventures 43,552 46,172 44,779 1,243,693 885,597 972,593 |
Joint ventures [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of investments in associates/joint ventures | 2018 2019 As at 1 January 212,249 229,868 Investment addition 7,979 - Share of profit 46,172 44,779 Cash dividends distribution (36,532 ) (39,353 ) As at 31 December 229,868 235,294 |
Summary of principal activities of material associates/joint ventures | As at 31 December 2019 and 31 December 2018 Place of % of Principal activities Measure -ment BOC PRC 50.00 Production and sales Equity Shanghai Petrochemical Pressure Vessel Testing Center(JYJC) PRC 50.00 Provide inspection Equity Shanghai Petrochemical Yangu Gas Development Company Limited (Yangu Gas) PRC 50.00 Production and sales Equity |
Summarized financial information for associates/joint ventures | Summarized balance sheet for joint ventures As at 31 December 2018 BOC JYJC Yangu Gas Current Cash and cash equivalents 137,505 8,086 42,415 Other current assets (excluding cash) 68,454 11,441 14,164 Total current assets 205,959 19,527 56,579 Total current liabilities (41,962 ) (4,607 ) (3,745 ) Non-current Total non-current 198,555 2,357 44,589 Total non-current - - - Net assets 362,552 17,277 97,423 As at 31 December 2019 BOC JYJC Yangu Gas Current Cash and cash equivalents 182,548 11,200 51,386 Other current assets (excluding cash) 64,837 9,557 12,565 Total current assets 247,385 20,757 63,951 Total current liabilities (37,444 ) (3,993 ) (3,460 ) Non-current Total non-current 181,372 1,937 36,972 Total non-current (26,378 ) - - Net assets 364,935 18,701 97,463 Summarized statement of comprehensive income for joint ventures 2017 BOC Jinpu Yangu Gas Revenue 410,254 13,848 59,883 Depreciation and amortization (45,680 ) (7,452 ) (9,829 ) Interest income 503 - 360 Interest expense (190 ) (533 ) - Profit/(loss) from continuing operations 108,072 (6,605 ) (1,172 ) Income tax expense (26,803 ) - - Post-tax 81,269 (6,605 ) (1,172 ) Other comprehensive income - - - Total comprehensive income/(loss) 81,269 (6,605 ) (1,172 ) Dividends declared by joint venture 44,000 - - 2018 BOC JYJC Yangu Gas Revenue 423,160 21,542 58,679 Depreciation and amortization (46,456 ) - (2,245 ) Interest income 1,154 27 541 Interest expense - - - Profit/(loss) from continuing operations 114,275 1,833 (2,518 ) Income tax expense (27,799 ) (450 ) - Post-tax 86,476 1,383 (2,518 ) Other comprehensive income - - - Total comprehensive income/(loss) 86,476 1,383 (2,518 ) Dividends declared by joint venture 73,000 64 - 2019 BOC JYJC Yangu Gas Revenue 414,374 29,290 55,302 Depreciation and amortization (50,199 ) - (11,272 ) Interest income 636 308 1,119 Interest expense - - - Profit from continuing operations 108,565 3,107 40 Income tax expense (28,382 ) (777 ) - Post-tax 80,183 2,330 40 Other comprehensive income - - - Total comprehensive income 80,183 2,330 40 Dividends declared by joint venture 77,800 906 - |
Reconciliation of summarized financial information for joint ventures | 2018 BOC JYJC Yangu Gas Opening net assets 1 January 349,076 99,941 Net assets as at 31 March 15,958 Profit/(loss) for the year 86,476 1,383 (2,518 ) Other comprehensive income - - - Declared dividends (73,000 ) (64 ) - Closing net assets (a) 362,552 17,277 97,423 % of ownership interest 50.00 % 50.00 % 50.00 % Interest in joint ventures 181,276 8,638 48,713 Unrealized downstream transactions (8,759 ) - - Carrying value 172,517 8,638 48,713 2019 BOC JYJC Yangu Gas Opening net assets 1 January 362,552 17,277 97,423 Profit for the year 80,183 2,330 40 Other comprehensive income - - - Declared dividends (77,800 ) (906 ) - Closing net assets 364,935 18,701 97,463 % of ownership interest 50.00 % 50.00 % 50.00 % Interest in joint ventures 182,467 9,350 48,733 Unrealized downstream transactions (5,256 ) - - Carrying value 177,211 9,350 48,733 (a) JYJC was a former wholly owned subsidiary of Toufa. On 31 March 2018, a third party investor injected RMB 9,600 thousands to acquire 50% share of JYJC, and JYJC became a joint venture of Toufa upon completion. For the year ended 31 December 2018, the related disposal gain of RMB 1,622 thousands was included in Other gains net. |
Associates [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of investments in associates/joint ventures | 2018 2019 RMB000 RMB000 As at 1 January 4,239,795 4,297,265 Additions (Note 30) - 320,000 Share of profit 839,425 904,265 Other comprehensive income/(loss) (7,014 ) 7,449 Cash dividends distribution (774,941 ) (555,515 ) As at 31 December 4,297,265 4,973,464 |
Material associates [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of principal activities of material associates/joint ventures | Name of entity Place of % of ownership Principal activities Measure -ment Shanghai Secco Petrochemical Company Limited (Shanghai Secco) PRC 20.00 Manufacturing and chemical products Equity Shanghai Chemical Industry Park Development Company Limited (Chemical Industry) PRC 38.26 Planning, development and operation of the Park in Shanghai, PRC Equity Shanghai Jinsen Hydrocarbon Resins Company Limited (Jinsen) PRC 40.00 Production of resins Equity Shanghai Azbil Automation Company Limited (Azbil) PRC 40.00 Service and Equity Shanghai Shidian Energy Company Limited (Shidian Energy) (i) PRC 40.00 Electric power supply Equity Name of entity Place of % of Principal activities Measure -ment Shanghai Secco PRC 20.00 Manufacturing and Equity Chemical Industry PRC 38.26 Planning, and operation of the Equity Jinsen PRC 40.00 Production of resins Equity Azbil PRC 40.00 Service and Equity (i) In 2019, Toufa invested RMB 320,000 thousands to acquire 40% share of Shidian Energy, of which RMB 71,816 thousands was contributed by property, plant and equipment at fair market price. |
Summarized financial information for associates/joint ventures | Summarized balance sheet for material associates As at 31 December 2018 Shanghai Chemical Jinsen Azbil Current - Current assets 9,537,354 3,785,819 100,065 189,514 - Current liabilities (2,232,583 ) (1,433,001 ) (14,855 ) (68,106 ) Non-current - Non-current 5,517,999 3,219,257 68,128 2,586 - Non-current - (514,254 ) - - Net Assets 12,822,770 5,057,821 153,338 123,994 As at 31 December 2019 Shanghai Chemical Jinsen Azbil Shidian Current - Current assets 11,858,124 4,356,339 85,302 204,965 745,425 - Current liabilities (3,196,334 ) (1,468,162 ) (18,114 ) (75,572 ) (9,849 ) Non-current - Non-current 5,020,292 3,153,858 69,154 3,049 69,588 - Non-current (12,730 ) (485,735 ) - - - Net Assets 13,669,352 5,556,300 136,342 132,442 805,164 Summarized statement of comprehensive income for material associates 2017 Shanghai Secco Chemical Jinsen Azbil Revenue 29,186,371 2,664,866 193,007 234,852 Post-tax 5,179,254 407,709 (17,069 ) 26,182 Other comprehensive loss - (2,116 ) - - Total comprehensive income/(loss) 5,179,254 405,593 (17,069 ) 26,182 Dividends declared by associate 2,105,600 53,001 - 17,000 2018 Shanghai Secco Chemical Jinsen Azbil Revenue 26,319,957 1,880,004 208,901 255,554 Post-tax 3,228,682 472,804 (12,845 ) 30,119 Other comprehensive loss - (18,331 ) - - Total comprehensive income/(loss) 3,228,682 454,473 (12,845 ) 30,119 Dividends declared by associate 3,675,840 61,001 - 25,900 2019 Shanghai Chemical Jinsen Azbil Shidian Revenue 28,341,032 1,936,537 197,199 297,694 112,143 Post-tax 3,383,582 609,540 (16,996 ) 38,448 5,166 Other comprehensive income - 19,470 - - - Total comprehensive income/(loss) 3,383,582 629,010 (16,996 ) 38,448 5,166 Dividends declared by associate 2,537,000 79,000 - 30,000 - |
Reconciliation of summarized financial information for material associates | 2018 Shanghai Chemical Jinsen Azbil Opening net assets 1 January 13,269,928 4,664,349 166,183 119,775 Profit/(loss) for the year 3,228,682 472,804 (12,845 ) 30,119 Other comprehensive loss - (18,331 ) - - Declared dividends (3,675,840 ) (61,001 ) - (25,900 ) Closing net assets 12,822,770 5,057,821 153,338 123,994 % of ownership interest 20.00 % 38.26 % 40.00 % 40.00 % Interest in associates 2,564,556 1,935,122 61,335 49,598 Unrealized upstream and downstream transaction (9,512 ) - - - Unentitled portion (Note a) - (348,346 ) - - Carrying value 2,555,044 1,586,776 61,335 49,598 2019 Shanghai Chemical Jinsen Azbil Shidian Opening net assets 1 January 12,822,770 5,057,821 153,338 123,994 Profit/(loss) for the year 3,383,582 609,540 (16,996 ) 38,448 5,166 Increase in share capital - - - - 800,000 Other comprehensive Income - 19,470 - - - Decrease in reserves - (51,535 ) - - - Declared dividends (2,537,000 ) (79,000 ) - (30,000 ) - Closing net assets 13,669,352 5,556,296 136,342 132,442 805,166 % of ownership interest 20.00 % 38.26 % 40.00 % 40.00 % 40.00 % Interest in associates 2,733,872 2,125,839 54,537 52,977 322,066 Unrealized upstream and downstream transaction (9,512 ) - - - (22,708 ) Unentitled portion (Note a) - (328,629 ) - - - Carrying value 2,724,360 1,797,210 54,537 52,977 299,358 Note a: Unentitled portion represented the earnings from sales of the lands injected by Government in Chemical Industry that cannot be shared by other shareholders. |
Other associates [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summarized financial information for associates/joint ventures | 2018 2019 Aggregate carrying value of investments at 31 December 44,512 45,022 Aggregate amounts of the groups share of: Profit for the year 5,884 6,400 Total comprehensive income 5,884 6,400 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [abstract] | |
Inventories | As at 31 December 2018 As at 31 December 2019 Gross Provision for declines in the value of inventories Carrying Gross Provision for declines in the value of inventories Carrying Raw materials 5,529,241 - 5,529,241 4,567,648 - 4,567,648 Work in progress 1,099,235 (55,098 ) 1,044,137 1,072,040 (78,981 ) 993,059 Finished goods 1,440,721 (56,448 ) 1,384,273 1,022,335 (33,763 ) 988,572 Spare parts and consumables 209,907 (46,683 ) 163,224 247,873 (42,718 ) 205,155 8,279,104 (158,229 ) 8,120,875 6,909,896 (155,462 ) 6,754,434 |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets and financial liabilities [abstract] | |
Financial assets and financial liabilities | As at 31 December Financial assets Note 2018 2019 Financial assets at amortized cost Trade receivables (a) 81,990 120,739 Other receivables (a) 105,803 26,101 Amounts due from related parties excluded prepayments (a), 30(c) 2,219,007 1,521,187 Cash and cash equivalents (b) 8,741,893 7,449,699 Time deposits with financial banks (c) 1,500,000 5,020,073 Financial assets at fair value through other comprehensive income (d) 1,672,431 1,545,921 Financial assets at fair value through profit or loss (e) 2,727,279 3,318,670 17,048,403 19,002,390 As at 31 December Financial liabilities Note 2018 2019 Financial liabilities at amortized cost Borrowings (f) 497,249 1,547,600 Trade payables (g) 2,922,998 2,142,402 Other payables (g) 5,167,230 4,513,698 Bills payables (g) - 673,900 Amounts due to related parties (g), 30(c) 4,567,814 5,708,394 Lease liabilities 16 22,043 Financial liabilities at fair value through profit or loss 11,005 799 13,166,296 14,608,836 |
Summary of trade and other receivables | As at 31 December 2018 2019 Trade receivables 82,044 120,739 Less: impairment provision (54 ) - 81,990 120,739 Amounts due from related parties excluded prepayments 2,219,007 1,521,187 2,300,997 1,641,926 Other receivables 105,803 26,101 2,406,800 1,668,027 |
Summary of aging analysis in trade and other receivables | As at 31 December 2018 2019 Within 1 year 2,300,957 1,641,926 1-2 29 - 2-3 11 - 2,300,997 1,641,926 |
Summary of movements in the Group's impairment provision for trade and other receivables | 2018 2019 RMB000 RMB000 As at 1 January 1,053 198 Provision/(reversal) for receivables impairment 39 (59 ) Receivables written off during the year as uncollectible (894 ) - As at 31 December 198 139 |
Cash and cash equivalents | As at 31 December 2018 2019 Cash deposits with a related party (i) 22,082 67,015 Cash at bank and on hand 8,719,811 7,382,684 8,741,893 7,449,699 (i) Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (Sinopec Finance), which is a financial institution. |
Time deposits with banks | As at 31 December 2018 2019 Time deposits with banks within one year 1,500,000 1,508,839 Time deposits with banks above one year - 3,511,234 1,500,000 5,020,073 |
Financial assets at fair value through other comprehensive income | As at 31 December 2018 2019 Trade and bill receivables (i) 1,672,431 1,540,921 Equity investments (ii) - 5,000 1,672,431 1,545,921 (i) As at 31 December 2019, certain trade receivables and bills receivable were classified as financial assets at FVOCI, as the Groups business model is achieved both by collecting contractual cash flows and selling of these assets. (ii) In July 2019, Toufa invested RMB 5,000 thousands in Shanghai Carbon Fiber Composites Innovation Research Institute Co. Ltd to acquire 16.67% of its share. |
Financial assets at fair value through profit or loss | As at 31 December 2018 2019 Structured deposits 2,719,811 3,318,407 Foreign exchange options 7,468 263 2,727,279 3,318,670 |
Borrowings | As at 31 December 2018 2019 RMB000 RMB000 Credit loans due within one year - Short term bank loans 497,249 1,547,600 |
Trade and other payables | As at 31 December 2018 2019 RMB000 RMB000 Trade payables 2,922,998 2,142,402 Bills payables - 673,900 Amounts due to related parties 4,567,814 5,708,394 7,490,812 8,524,696 Staff salaries and welfares payable 128,861 189,547 Taxes payable (exclude income tax payable) 4,342,676 3,577,018 Interest payable 5,952 1,686 Dividends payable 26,488 29,144 Construction payable 334,249 277,184 Other liabilities 329,004 439,119 5,167,230 4,513,698 12,658,042 13,038,394 |
Aging analysis of trade payables (including bills payable and amounts due to related parties with trading nature) | As at 31 December 2018 2019 RMB000 RMB000 Within one year 7,451,168 8,509,327 Between one and two years 25,231 11,209 Over two years 14,413 4,160 7,490,812 8,524,696 |
Other Assets and Assets Class_2
Other Assets and Assets Classified as Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other assets and assets classified as held for sale [abstract] | |
Other assets and assets classified as held for sale | As at 31 December 2018 2019 RMB000 RMB000 Other current assets Prepayments 38,025 23,767 Prepayments to related parties 67,242 44,806 105,267 68,573 Assets classified as held for sale 24,331 - |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contract liabilities [abstract] | |
Contract liabilities | As at 31 December 2018 2019 RMB000 RMB000 Contract liabilities 446,702 655,117 |
Deferred Income (Tables)
Deferred Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred income [abstract] | |
Deferred income | 2018 2019 RMB000 RMB000 As at 1 January 5,679 10,442 Government grants received during the year to compensate the cost related to the project of energy efficiency renovations of thermoelectric unit 5,200 - Amortization (437 ) (437 ) As at 31 December 10,442 10,005 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share capital [abstract] | |
Share capital | Ordinary A shares Foreign invested H shares listed Total As at 1 January 2018 7,319,177 3,495,000 10,814,177 Exercise of employee share optionsproceeds received (Note 29) 9,637 - 9,637 As at 31 December 2018 7,328,814 3,495,000 10,823,814 As at 1 January 2019 and 31 December 2019 7,328,814 3,495,000 10,823,814 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reserves [abstract] | |
Reserves | Legal surplus Capital Surplus Other Share Safety Retained Total Balance at 1 January 2018 4,072,476 4,180 101,355 47,469 62,319 - 13,128,257 17,416,056 Net profit attributable to shareholders of the Company - - - - - - 5,336,331 5,336,331 Dividends proposed and approved - - - - - - (3,247,144 ) (3,247,144 ) Appropriation of safety production fund - - - - - 57,135 (57,135 ) - Forfeit of share option scheme (Note 29) - - - (13,004 ) - - - (13,004 ) Exercise of share option - - - (17,062 ) 44,527 - - 27,465 Share of other comprehensive loss of investments accounted for using the equity method - - - (7,014 ) - - - (7,014 ) Transactions with non-controlling - 9,559 - - - - - 9,559 Balance at 31 December 2018 4,072,476 13,739 101,355 10,389 106,846 57,135 15,160,309 19,522,249 Net profit attributable to shareholders of the Company - - - - - - 2,215,728 2,215,728 Dividends proposed and approved - - - - - - (2,705,952 ) (2,705,952 ) Appropriation of safety production fund - - - - - 2 (2 ) - Share of other comprehensive income of investments accounted for using the equity method - - - 7,449 - - - 7,449 Balance at 31 December 2019 4,072,476 13,739 101,355 17,838 106,846 57,137 14,670,083 19,039,474 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based payments [abstract] | |
Significant inputs into option pricing model | Granting date Spot share price RMB 4.51 Exercise price RMB 4.20 Expected volatility 41.20% Maturity (years) 5.00 Risk-free interest rate 3.39%~3.67% Dividend yield 1.00% |
Summaries of options granted | Number of share options As at 1 January 19,104,500 Exercised during the year (9,636,900 ) Forfeited during the year (9,467,600 ) As at 31 December - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Summary of major related parties | Names of related parties Relationship with the Company Sinopec Group Ultimate parent company JYJC Joint venture of the Group BOC Joint venture of the Group Jinpu Joint venture of the Group Yangu Gas Joint venture of the Group Azbil Associate of the Group Chemical Industry Associate of the Group Jinsen Associate of the Group Secco Associate of the Group Shanghai Carbon Fiber Composites Innovation Research Institute Energy Associate of the Group Shanghai Chemical Industry Park Logistics Company Limited Associate of the Group Shanghai Jinhuan Petroleum Naphthalene Development Company Limited Associate of the Group Shanghai Nam Kwong Petro-Chemical Company Limited Associate of the Group Shidian Energy Associate of the Group Anqing Refinery Shuguang Oxo Company Limited Subsidiary of the immediate parent company BASF Gao-Qiao Subsidiary of the immediate parent company China International United Petroleum and Chemical Company Limited Subsidiary of the immediate parent company China Petrochemical International (Nanjing) Company Limited Subsidiary of the immediate parent company China Petrochemical International Beijing Company Limited Subsidiary of the immediate parent company China Petrochemical International Ningbo Company Limited Subsidiary of the immediate parent company China Petrochemical International Tianjin Company Limited Subsidiary of the immediate parent company China Petrochemical International Wuhan Company Limited Subsidiary of the immediate parent company China Petrochemical Technology Company Limited Subsidiary of the immediate parent company Dalian Frip Science and Technology Company Limited Subsidiary of the immediate parent company Epec Commercial Factoring Company Limited Subsidiary of the immediate parent company Fujian Gulei Petrochemical Company Limited Subsidiary of the immediate parent company Fujian Refining & Petrochemical Company Limited (FREP) Subsidiary of the immediate parent company Nanjing Yangzi Petrochemical Rubber Company Limited Subsidiary of the immediate parent company Ningbo Eastsea Linefan Technology Company Limited Subsidiary of the immediate parent company PetroChina International (Singapore) Pte. Ltd Subsidiary of the immediate parent company Petro-CyberWorks Information Technology Company Limited Subsidiary of the immediate parent company Qingdao Sinosun Management System Certification Center Company Limited Subsidiary of the immediate parent company Shanghai Jinshan Trading Corporation Subsidiary of the immediate parent company Shanghai KSD Bulk Solids Engineering Company Limited Subsidiary of the immediate parent company Shanghai Leader Catalyst Company Limited Subsidiary of the immediate parent company Shengli Oil Field Exploration And Development Research Institute Subsidiary of the immediate parent company Sinopec Beijing Research Institute of Chemical Industry Subsidiary of the immediate parent company Sinopec Catalyst Company Limited Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding (Hong Kong) Company Limited Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding Company Limited Subsidiary of the immediate parent company Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals Subsidiary of the immediate parent company Sinopec Europe Company Limited Subsidiary of the immediate parent company Sinopec Group Beijing Yanshan Petrochemical Company Limited Subsidiary of the immediate parent company Sinopec Honeywell(Tianjin) Company Limited Subsidiary of the immediate parent company Sinopec Japan Company Limited Subsidiary of the immediate parent company Sinopec Lubricating Oil Shanghai Research Institute Company Limited Subsidiary of the immediate parent company Sinopec Materials & Equipment (East China) Company Limited Subsidiary of the immediate parent company Sinopec Refinery Product Sales Company Limited Subsidiary of the immediate parent company Sinopec Research Institute of Petroleum Processing Subsidiary of the immediate parent company Sinopec Safety Engineering Institute Subsidiary of the immediate parent company Sinopec Shanghai Research Institute of Petrochemical Technology Subsidiary of the immediate parent company Sinopec Shanghai Gaoqiao Petrochemical Company Limited Subsidiary of the immediate parent company Sinopec Yangzi Petrochemical Company Limited Subsidiary of the immediate parent company Sinopec Yizheng Chemical Fibre Company Limited Subsidiary of the immediate parent company Sinopec International Company Limited Subsidiary of the immediate parent company Sinopec Nanjing valve supply reserve centers Subsidiary of the immediate parent company Sinopec Qingdao Refining&Chemical Company Limited Subsidiary of the immediate parent company Storage And Transportation Installation Company of Ningbo Engineering Company Limited Subsidiary of the immediate parent company Unipec (Ningbo) International Logistics Company Limited Subsidiary of the immediate parent company Unipec America, Inc Subsidiary of the immediate parent company Unipec Singapore Subsidiary of the immediate parent company Zhoushan Shihua Crude Oil Terminal Company Limited Subsidiary of the immediate parent company BASF-YPC Joint venture of the immediate parent company Zhejiang Baling Hengyi Caprolactam Limited Company Joint venture of the immediate parent company Beijing Petrochemical Engineering Consulting Company Limited Subsidiary of the ultimate parent company Beijing Shihua Hotel Subsidiary of the ultimate parent company Beijing Victory Hotel Company Limited Subsidiary of the ultimate parent company China Petrochemical Press Company Limited Subsidiary of the ultimate parent company Jiangsu Jinling Opta Polymer Company Limited Subsidiary of the ultimate parent company National Petrochemical Project Risk Assessment Technology Center Subsidiary of the ultimate parent company Petrochemical Engineering Quality Supervision Centre Subsidiary of the ultimate parent company Shanghai Petrochemical Machinery Manufacture Limited Company Subsidiary of the ultimate parent company Shanghai Petrochemical Seawall Management Office Subsidiary of the ultimate parent company Shanghai Sanopec Company Limited Subsidiary of the ultimate parent company Sinopec Assets Management Corporation Subsidiary of the ultimate parent company Sinopec Consulting Company Limited Subsidiary of the ultimate parent company Sinopec Economics & Development Research Institute Subsidiary of the ultimate parent company Sinopec Energy Saving Technology Service Company Limited Subsidiary of the ultimate parent company Sinopec Engineering Incorporation Subsidiary of the ultimate parent company Sinopec Finance Subsidiary of the ultimate parent company Sinopec Group Shanghai Training Center Subsidiary of the ultimate parent company Sinopec International Travel Service Company Limited Subsidiary of the ultimate parent company Sinopec Luoyang Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Management Institute Subsidiary of the ultimate parent company Sinopec Nanjing Chemical Industries Company Limited Subsidiary of the ultimate parent company Sinopec Nanjing Engineering Company Limited Subsidiary of the ultimate parent company Sinopec News Subsidiary of the ultimate parent company Sinopec Ningbo Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Petroleum Commercial Reserve Company Limited Subsidiary of the ultimate parent company Sinopec Shanghai Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Shared Services Company Limited Subsidiary of the ultimate parent company Sinopec Tendering Company Limited Subsidiary of the ultimate parent company Sinopec Zhongyuan Oilfield Subsidiary of the ultimate parent company Sinopec (Shenzhen) E-Commerce Subsidiary of the ultimate parent company The Fifth Construction Company of Sinopec Subsidiary of the ultimate parent company The Fourth Construction Company of Sinopec Subsidiary of the ultimate parent company The Tenth Construction Company of Sinopec Subsidiary of the ultimate parent company Yihua Tory Polyester Film Company Limited Subsidiary of the ultimate parent company |
Transactions between the Group and Sinopec Corp., its subsidiaries and joint ventures | 2017 2018 2019 RMB000 RMB000 RMB000 Sales of petroleum products 39,992,682 49,209,765 50,354,162 Sales other than petroleum products 6,708,955 7,112,332 8,642,514 Purchases of crude oil 34,819,936 44,175,644 43,886,966 Purchases other than crude oil 4,987,955 8,996,814 9,579,239 Sales commissions 116,616 139,837 125,619 Rental income 28,368 29,551 31,972 |
Other transactions between the Group and Sinopec Group and its subsidiaries, associates and joint ventures of the Group | 2017 2018 2019 RMB000 RMB000 RMB000 Sales of goods and service fee income - Sinopec Group and its subsidiaries 10,531 11,486 7,724 - Associates and joint ventures of the Group 3,043,689 4,130,295 2,843,909 3,054,220 4,141,781 2,851,633 Purchase - Sinopec Group and its subsidiaries 378,111 2,253,446 1,918,873 - Associates and joint ventures of the Group 4,034,448 3,982,729 4,579,969 4,412,559 6,236,175 6,498,842 Insurance premiums expenses - Sinopec Group and its subsidiaries 126,405 121,329 108,223 Lease expenses - Sinopec Group and its subsidiaries 53,960 59,160 - Depreciation of right-of-use - Sinopec Group and its subsidiaries 80,552 - Joint ventures of the Group 88 80,640 Interest expense of lease liabilities - Sinopec Group and its subsidiaries 2,285 - Joint ventures of the Group 19 2,304 Loans borrowed - Sinopec Finance - 50,000 - Interest income - Sinopec Finance 5,147 610 1,295 Loans repayment - Sinopec Finance - 50,000 - Interest expense - Sinopec Finance - 1,326 - Construction and installation cost - Sinopec Group and its subsidiaries 172,404 109,146 143,560 Rental income - Associates and joint ventures of the Group - - 11,370 - Sinopec Group and its subsidiaries - - 461 - - 11,831 |
The relevant amounts due from/to related parties | As at 31 December 2018 2019 RMB000 RMB000 Amounts due from related parties - Sinopec Corp., its subsidiaries and joint ventures 2,142,731 1,505,836 - Sinopec Group and its subsidiaries 457 - - Associates and joint ventures of the Group 143,061 60,157 2,286,249 1,565,993 Amounts due to related parties - Sinopec Corp., its subsidiaries and joint ventures 4,238,963 4,756,382 - Associates and joint ventures of the Group 283,717 749,459 - Sinopec Group and its subsidiaries 45,134 202,553 4,567,814 5,708,394 Lease liabilities - Sinopec Group and its subsidiaries 15,571 - Joint ventures of the Group 698 16,269 Cash deposits, maturing within 3 months - Sinopec Finance 22,082 67,015 |
Key personnel compensations | Year ended 31 December 2017 2018 2019 RMB000 RMB000 RMB000 Short-term employee benefits 5,926 7,561 9,120 Post-employment benefits 143 159 225 Share-based payments 505 - - 6,574 7,720 9,345 |
Contributions to defined contribution retirement plans | Year ended 31 December 2017 2018 2019 RMB000 RMB000 RMB000 Municipal retirement scheme costs 249,578 262,728 258,328 Supplementary retirement scheme costs 66,546 75,312 125,370 |
Commitments with related parties | As at 31 December 2018 2019 RMB000 RMB000 Sinopec Group and its subsidiaries 16,011 156,309 |
Investment commitments with related parties | As at 31 December 2018 2019 RMB000 RMB000 Capital contribution to Shanghai Secco (i) 111,263 111,263 Capital contribution to Shidian Energy (ii) - 80,000 111,263 191,263 (i) Pursuant to the resolution of the 18th meeting of the 7th term of Board of Directors on 5 December 2013, the Group was approved to make capital contribution of USD 30,017 thousands (RMB 182,804 thousands equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2019, the Company has contributed RMB 71,541 thousands to Shanghai Secco. According to the approval by Shanghai Municipal Commission of Commerce as issued on 19 October 2015, the rest of the capital contribution to Shanghai Secco should be within 50 years starting from its registration date. (ii) Pursuant to the articles of association of Shidian Energy in August 2019, Toufa agreed to make capital contribution of RMB 400,000 thousands to acquire 40% share of Shidian Energy. As at 31 December 2019, Toufa has contributed RMB 320,000 thousands to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement. |
Cash Generated from Operations
Cash Generated from Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash generated from operations [abstract] | |
Reconciliation of profit before taxation to cash used in operation | Year ended 31 December 2017 2018 2019 RMB000 RMB000 RMB000 Profit before income tax 7,852,898 6,808,121 2,656,128 Adjustment items: Interest income (268,379 ) (443,661 ) (398,176 ) Share of profit of investments accounted for using the equity method (1,243,693 ) (885,597 ) (972,593 ) Gains on disposal of joint venture (10,339 ) - - (Gains)/losses on disposal of subsidiary - (1,622 ) 60,951 Fair value losses/(gains) of foreign exchange option and forward exchange contracts 1,516 2,021 (3,001 ) Gains from structured deposits - (19,811 ) (85,444 ) Payments for sale of financial assets at fair value through other comprehensive income - - 19,513 Interest expense 17,259 35,574 53,784 Foreign exchange losses/(gains) 7,091 18,034 (18,571 ) Depreciation of property, plant and equipment 1,574,842 1,550,924 1,507,804 Depreciation of investment property 13,652 14,527 14,694 Depreciation of right-of-use 101,998 Amortization of lease prepayments and other non-current 245,635 242,162 214,292 Impairment loss on property, plant, equipment and construction in progress 118,179 82,652 486 Losses/(gains) on disposal of property, plant and equipment and other long-term assetsnet 13,017 (172,508 ) (158,551 ) Gains on exercise of foreign exchange option - (6,411 ) (1,155 ) Net (losses)/gains on settlement of foreign exchange contracts - (10,129 ) 16,471 Share-based payment 11,276 (13,004 ) - Profit on operation before change of working capital 8,332,954 7,201,272 3,008,630 (Increase)/decrease in inventories (438,125 ) (1,523,277 ) 1,366,441 Increase in operation receivables (116,580 ) (469,339 ) (92,354 ) Increase/(decrease) in operation payables 1,003,653 2,767,557 (487,877 ) Increase in balances to related partiesnet 2,594 525,286 1,860,836 Cash generated from operating activities 8,784,496 8,501,499 5,655,676 |
Reconciliation of liabilities arising from financing activities | As at 1 January 2018 Financing cash flows Foreign As at 31 December RMB000 RMB000 RMB000 RMB000 Bank loans 606,157 (109,398 ) 490 497,249 As at 1 January Financing cash flows Addition Foreign As at 31 December RMB000 RMB000 RMB000 RMB000 RMB000 Bank loans 497,249 1,059,892 - (9,541 ) 1,547,600 Lease liabilities 76,731 (89,124 ) 34,436 - 22,043 |
Proceeds from sale of property, plant and equipment | 2017 2018 2019 RMB000 RMB000 RMB000 Net book amount 16,424 37,614 23,113 (Losses)/gains on disposal of property, plant and equipment net (13,017 ) 172,508 44,390 Net proceeds from disposal of property, plant and equipment 3,407 210,122 67,503 |
Non-cash investing activities | 2017 2018 2019 RMB000 RMB000 RMB000 Purchase of non-current - 50,110 73,812 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments [abstract] | |
Capital Commitments | As at 31 December 2018 2019 RMB000 RMB000 Property, plant and equipment Contracted but not provided for 69,210 247,220 |
Balance Sheet and Reserve Mov_2
Balance Sheet and Reserve Movement of the Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance sheet and reserve movement of the Company [abstract] | |
Balance sheet of the Company | As at 31 December 2018 2019 RMB000 RMB000 Assets Non-current Lease prepayments and other non-current 813,119 455,391 Property, plant and equipment 11,435,270 11,101,389 Right-of-use 319,434 Investment properties 408,366 397,573 Construction in progress 1,559,401 1,814,985 Investments in subsidiaries 1,718,007 1,848,328 Investments in associates 3,869,433 4,476,683 Deferred income tax assets 109,137 138,648 Time deposits with banks - 3,511,234 19,912,733 24,063,665 Current assets Inventories 7,500,683 6,368,389 Financial assets at fair value through other comprehensive income 714,599 669,889 Financial assets at fair value through profit or loss 2,526,053 3,318,407 Trade receivables 170,205 2,114 Other receivables 92,999 12,627 Prepayments 1,862 3,099 Amounts due from related parties 1,953,459 1,354,793 Cash and cash equivalents 7,619,013 5,754,440 Time deposits with banks 1,500,000 1,508,839 22,078,873 18,992,597 Total assets 41,991,606 43,056,262 Equity and liabilities Equity attributable to owners of the Company Share capital 10,823,814 10,823,814 Reserves (a) 19,318,245 18,620,152 Total equity 30,142,059 29,443,966 As at 31 December 2018 2019 RMB000 RMB000 Liabilities Non-current Deferred income 10,442 10,005 Lease liabilities 8,860 10,442 18,865 Current liabilities Borrowings 431,649 1,500,000 Lease liabilities 10,059 Financial liabilities at fair value through profit or loss 9,799 - Contract liabilities 403,967 597,688 Bills payables - 655,000 Trade payables and other payables 6,388,081 5,508,265 Amounts due to related parties 4,310,659 5,104,639 Income tax payable 294,950 217,780 11,839,105 13,593,431 Total liabilities 11,849,547 13,612,296 Total equity and liabilities 41,991,606 43,056,262 |
Reserve movement of the Company | Legal Surplus Capital Surplus Other Share Safety Retained Total Balance at 1 January 2018 4,072,476 4,180 101,355 47,469 62,319 - 13,115,540 17,403,339 Net profit attributable to shareholders of the Company - - - - - - 5,154,603 5,154,603 Dividends proposed and approved - - - - - - (3,247,144 ) (3,247,144 ) Appropriation of safety production fund - - - - - 57,135 (57,135 ) - Forfeit of share option scheme (Note 29) - - - (13,004 ) - - - (13,004 ) Exercise of share option - - - (17,062 ) 44,527 - - 27,465 Share of other comprehensive loss of investments accounted for using the equity method - - - (7,014 ) - - - (7,014 ) Balance at 31 December 2018 4,072,476 4,180 101,355 10,389 106,846 57,135 14,965,864 19,318,245 Net profit attributable to shareholders of the Company - - - - - - 2,000,410 2,000,410 Dividends proposed and approved - - - - - - (2,705,952 ) (2,705,952 ) Share of other comprehensive income of investments accounted for using the equity method - - - 7,449 - - - 7,449 Balance at 31 December 2019 4,072,476 4,180 101,355 17,838 106,846 57,135 14,260,322 18,620,152 |
Benefits and Interests of Dir_2
Benefits and Interests of Directors and Supervisors (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Benefits and interests of directors and Supervisors [abstract] | |
Directors' and supervisors' emoluments | 2017 Salaries Retirement Discretionary Share Total RMB000 RMB000 RMB000 RMB000 RMB000 Executive Directors Gao Jinping 201 18 540 157 916 Jin Qiang 241 18 470 135 864 Guo Xiaojun 177 18 465 135 795 Wang Zhiqing (a) 184 16 525 - 725 Zhou Meiyun (b) 148 15 125 - 288 Ye Guohua (c) 15 2 13 - 30 Independent non- Zhang Yimin 150 - - - 150 Liu Yunhong 150 - - - 150 Du Weifeng 150 - - - 150 Cai Tingji (d) 75 - - - 75 Li Yuanqin (e) 63 - - - 63 Pan Fei (f) 19 - - - 19 Supervisors Zuo Qiang 128 15 348 - 491 Li Xiaoxia 127 14 313 - 454 Ma Yanhui (g) 63 3 43 - 109 Zheng Yunrui (h) 100 - - - 100 Pan Fei(i) 50 - - - 50 Cai Tingji (j) 50 - - - 50 2,091 119 2,842 427 5,479 (a) Resigned in November 2017. (b) Appointed in March 2017. (c) Resigned in January 2017. (d) Resigned in June 2017. (e) Appointed in July 2017. (f) Appointed in July 2017 and resigned in August 2017. (g) Appointed in October 2017. (h) Appointed in January 2017. (i) Appointed in January 2017 and resigned in June 2017. (j) Appointed in July 2017. 2018 Salaries Retirement Discretionary Fees Total RMB000 RMB000 RMB000 RMB000 RMB000 Executive Directors Wu Haijun (a) 393 19 910 - 1,322 Shi Wei (b) 84 6 58 - 148 Jin Qiang 226 19 523 - 768 Guo Xiaojun 216 19 518 - 753 Zhou Meiyun 185 19 498 - 702 Jin Wenmin (c) 187 19 528 - 734 Gao Jinping (d) 215 12 549 - 776 Independent non- Zhang Yimin - - - 150 150 Liu Yunhong - - - 150 150 Du Weifeng - - - 150 150 Li Yuanqin - - - 150 150 Supervisors Ma Yanhui 274 14 288 - 576 Zuo Qiang 135 17 411 - 563 Li Xiaoxia 143 16 418 - 577 Zheng Yunrui 100 - - - 100 Cai Tingji 100 - - - 100 2,258 160 4,701 600 7,719 (a) Resigned general manager in September 2018 while other titles remained. (b) Appointed in September 2018. (c) Appointed in June 2018. (d) Resigned in September 2018. 2019 Salaries Retirement Discretionary Fees Total RMB000 RMB000 RMB000 RMB000 RMB000 Executive Directors Wu Haijun 343 26 557 - 926 Shi Wei (a) 329 26 797 - 1,152 Jin Qiang 289 26 745 - 1,060 Guo Xiaojun (b) 283 26 751 - 1,060 Zhou Meiyun 248 26 709 - 983 Jin Wenmin 260 26 721 - 1,007 Independent non- Zhang Yimin - - - 150 150 Liu Yunhong - - - 150 150 Du Weifeng - - - 150 150 Li Yuanqin - - - 150 150 Supervisors Ma Yanhui 267 22 685 - 974 Zuo Qiang (c) 102 15 324 - 441 Li Xiaoxia (d) 102 14 529 - 645 Zhang Feng (e) 31 9 107 - 147 Chen Hongjun (f) 34 9 110 - 153 Zheng Yunrui 100 - - - 100 Cai Yanji 100 - - - 100 2,488 225 6,035 600 9,348 (a) Resigned in December 2019. (b) Resigned in December 2019. (c) Resigned in September 2019. (d) Resigned in September 2019. (e) Appointed in October 2019. (f) Appointed in October 2019. |
General Information (Reorganisa
General Information (Reorganisation) (Details) - China Petrochemical Corporation ("Sinopec Group") [member] - Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] - China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Feb. 25, 2000shares |
General information [line items] | |
State-owned legal shares transferred | 4,000,000,000 |
Percentage of issued share capital, state-owned legal shares transferred | 55.56% |
General Information (Share Segr
General Information (Share Segregation Reform Resolution) (Details) - shares | Aug. 20, 2013 | Aug. 16, 2013 | Dec. 31, 2019 |
General information [line items] | |||
The circulation date | Aug. 20, 2013 | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | |||
General information [line items] | |||
Description of scheme of converting surplus to share capital | No less than 4 shares for every 10 shares | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Restricted condition one [member] | |||
General information [line items] | |||
Description of restricted conditions | All the 3,640,000,000 A shares held were not allowed to be traded on SSE or transferred within 12 months from the circulation date ("the restriction period"). | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Restricted condition two [member] | |||
General information [line items] | |||
Description of restricted conditions | After the restriction period, Sinopec Corp. can only sell no more than 5 and 10 percent of its total shares within 12 and 24 months, respectively. | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Restricted condition two, part one [member] | |||
General information [line items] | |||
Restriction period under restricted conditions | 12 months | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Restricted condition two, part one [member] | Top of range [member] | |||
General information [line items] | |||
Percentage of shares can be sold | 5.00% | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Restricted condition two, part two [member] | |||
General information [line items] | |||
Restriction period under restricted conditions | 24 months | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | Restricted condition two, part two [member] | Top of range [member] | |||
General information [line items] | |||
Percentage of shares can be sold | 10.00% | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | A shares [member] | |||
General information [line items] | |||
Description of shares offered by controlling shareholder | 5 shares for every 10 circulating A shares held by shareholders of circulating A shares | ||
Aggregate shares offered by controlling shareholder | 360,000,000 | ||
China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | A shares [member] | Restricted condition one [member] | |||
General information [line items] | |||
Number of shares not allowed to be traded on SSE or transferred within restriction period | 3,640,000,000 | ||
Restriction period under restricted conditions | 12 months | ||
Social legal person [member] | Restricted condition three [member] | |||
General information [line items] | |||
Description of restricted conditions | The former 150,000,000 non-circulating A shares held by social legal persons were also prohibited to be traded on SSE or transferred within 12 months from the circulation date. | ||
Social legal person [member] | Non-circulating A shares [member] | Restricted condition three [member] | |||
General information [line items] | |||
Number of shares not allowed to be traded on SSE or transferred within restriction period | 150,000,000 | ||
Restriction period under restricted conditions | 12 months |
General Information (The Fiftee
General Information (The Fifteenth Meeting of the Seventh Term of Board of Directors) (Details) ¥ in Thousands | Jan. 12, 2018CNY (¥)Grantees | Sep. 27, 2017shares | Aug. 29, 2017CNY (¥)Grantees | Aug. 28, 2013CNY (¥)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥) |
General information [line items] | |||||||
Cash payment received by the company | ¥ 0 | ¥ 37,102 | ¥ 54,580 | ||||
Exercise of share option | ¥ 37,102 | ¥ 76,496 | |||||
Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | |||||||
General information [line items] | |||||||
Distribution plan of the resolution | A distribution of 5 shares and a cash dividend distribution of RMB 0.5 (tax included) for every 10 shares based on the 7,200,000 thousands ordinary shares as at 30 June 2013. | ||||||
Number of shares distributed | shares | 5 | ||||||
Number of shares distributed, converted from share premium | shares | 3.36 | ||||||
Share premium converted to distribution shares | ¥ 2,420,841 | ||||||
Number of shares distributed, converted from surplus reserves | shares | 1.64 | ||||||
Surplus reserves converted to distribution shares | ¥ 1,179,159 | ||||||
Total shares of the Company | shares | 10,823,814,000 | 10,823,814,000 | |||||
Tranche 1 [member] | |||||||
General information [line items] | |||||||
Cash payment received by the company | ¥ 54,580 | ||||||
Number of grantees | Grantees | 199 | ||||||
Tranche 1 [member] | Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | |||||||
General information [line items] | |||||||
Cash payment received by the company | ¥ 54,580 | ||||||
Number of grantees | Grantees | 199 | ||||||
Tranche 1 [member] | Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | A shares [member] | |||||||
General information [line items] | |||||||
Ordinary A shares registered | shares | 14,177,000 | ||||||
Tranche 2 [member] | |||||||
General information [line items] | |||||||
Cash payment received by the company | ¥ 37,102 | ||||||
Number of grantees | Grantees | 185 | ||||||
Tranche 2 [member] | Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | |||||||
General information [line items] | |||||||
Cash payment received by the company | ¥ 37,102 | ||||||
Number of grantees | Grantees | 185 | ||||||
Exercise of share option | ¥ 9,637 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 12-40 years |
Plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 12-20 years |
Vehicles and other equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 4-20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Investment Properties) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Investment properties [abstract] | |
Estimated useful lives of investment properties | 30-40 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Lease Prepayments and Other Non-current Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Patents [member] | |
Disclosure of information about lease prepayments and other non-current assets [line items] | |
Estimated useful lives of lease prepayments and other non-current assets | 10-28 years |
Catalyst [member] | |
Disclosure of information about lease prepayments and other non-current assets [line items] | |
Estimated useful lives of lease prepayments and other non-current assets | 2-5 years |
Previously stated [member] | Land use rights [member] | |
Disclosure of information about lease prepayments and other non-current assets [line items] | |
Estimated useful lives of lease prepayments and other non-current assets | 30-50 years |
Previously stated [member] | Patents [member] | |
Disclosure of information about lease prepayments and other non-current assets [line items] | |
Estimated useful lives of lease prepayments and other non-current assets | 10-28 years |
Previously stated [member] | Catalyst [member] | |
Disclosure of information about lease prepayments and other non-current assets [line items] | |
Estimated useful lives of lease prepayments and other non-current assets | 2-5 years |
Changes in Accounting Policie_2
Changes in Accounting Policies (Impact of Adoption, Narrative) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | ¥ 343,860 | ¥ 411,878 | ¥ 0 |
Lease prepayments and other non-current assets | 481,414 | 858,283 | |
Lease liabilities | 22,043 | ¥ 76,731 | ¥ 0 |
IFRS 16 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
The lessee's incremental borrowing rate | 4.90% | ||
Right-of-use assets | ¥ 411,878 | ||
Lease prepayments and other non-current assets | (335,026) | ||
Prepayment | (121) | ||
Lease liabilities | ¥ 76,731 | ||
IFRS 16 [member] | Previously stated [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
The lessee's incremental borrowing rate | 4.35% | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | 343,860 | ||
Lease liabilities | ¥ 22,043 |
Changes in Accounting Policie_3
Changes in Accounting Policies (Impact of Adoption, Measurement of Lease Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||
Lease liability recognized as at 1 January 2019 | ¥ 22,043 | ¥ 76,731 | ¥ 0 |
Of which are: | |||
Current lease liabilities | 11,450 | 74,093 | 0 |
Non-current lease liabilities | ¥ 10,593 | 2,638 | 0 |
IFRS 16 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Operating lease commitments disclosed as at 31 December 2018 | 84,746 | ||
Discounted using the lessee's incremental borrowing rate of at the date of initial application | 77,046 | ||
(Less): short-term leases recognized on a straight-line basis as expense | ¥ (315) | ||
Lease liability recognized as at 1 January 2019 | 76,731 | ||
Of which are: | |||
Current lease liabilities | 74,093 | ||
Non-current lease liabilities | ¥ 2,638 |
Changes in Accounting Policie_4
Changes in Accounting Policies (Impact of Adoption, Impact on Segment Disclosures) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | ¥ 343,860 | ¥ 411,878 | ¥ 0 |
Addition to allocated liabilities | 22,043 | 76,731 | ¥ 0 |
IFRS 16 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 411,878 | ||
Addition to allocated liabilities | ¥ 76,731 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 343,860 | ||
Addition to allocated liabilities | 22,043 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | Synthetic fibres [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 9,047 | ||
Addition to allocated liabilities | 536 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | Resins and plastics [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 50,006 | ||
Addition to allocated liabilities | 5,177 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | Intermediate petrochemicals [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 46,320 | ||
Addition to allocated liabilities | 2,738 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | Petroleum products [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 236,531 | ||
Addition to allocated liabilities | 13,371 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | Trading of petrochemical products [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 13 | ||
Addition to allocated liabilities | 0 | ||
IFRS 16 [member] | Increase (decrease) due to application of IFRS 16 [member] | Other Segments [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Addition to allocated assets | 1,943 | ||
Addition to allocated liabilities | ¥ 221 |
Changes in Accounting Policie_5
Changes in Accounting Policies (Estimated Useful Lives of Right-of-use assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land use rights [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of right-of-use assets | 30-50 years |
Buildings [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of right-of-use assets | 1-30 years |
Equipment [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of right-of-use assets | 1-2 years |
Vehicles and others [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of right-of-use assets | 1-5 years |
Financial Risk Management (Fina
Financial Risk Management (Financial Risk Factors, Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Borrowings | ¥ 1,547,600 | ¥ 497,249 | ||
Cash and cash equivalents | ¥ 7,449,699 | 8,741,893 | ¥ 7,504,266 | ¥ 5,440,623 |
Foreign exchange risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Description of change in foreign exchange risk/interest rate risk with all other variables held constant | If the foreign currencies had weakened/strengthened by 5% against RMB with all other variables held constant | |||
Description of change in net profit | As at 31 December 2019, the Group's net profit for the year would have been RMB 13,699 thousands increased/decreased before considering the impact of forward and option contracts as a result of foreign exchange gains/losses on translation of foreign currencies denominated trade payables and borrowings(31 December 2018: RMB 30,713 thousands) | |||
Foreign currencies weakened/strengthened rate against RMB | 5.00% | |||
Estimated change in net profit due to sensitivity analysis | ¥ 13,699 | 30,713 | ||
Foreign exchange risk [member] | US dollar foreign exchange options [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Nominal amount | ¥ 40,754 | 571,476 | ||
Maturity period of foreign exchange option contracts entered | 6 months | |||
Cash flow and fair value interest rate risk [member] | Floating interest rate [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Description of change in foreign exchange risk/interest rate risk with all other variables held constant | If interest rates on the floating rate borrowings had risen/fallen by 50 basis points while all other variables had been held constant | |||
Description of change in net profit | As at 31 December 2019, the Group's net profit would have decreased/increased by approximately RMB 179 thousands (31 December 2018: RMB 1,865 thousands), mainly as a result of higher/lower interest expense on floating rate borrowings | |||
Estimated change in net profit due to sensitivity analysis | ¥ 179 | 1,865 | ||
Borrowings | ¥ 47,600 | ¥ 497,249 | ||
Short-term borrowings, percentage of total borrowing balance | 3.00% | 100.00% | ||
Interest rates on the floating rate borrowings risen/fallen basis points | 0.50% | |||
Liquidity risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Credit facilities with several PRC financial institutions | ¥ 21,258,288 | |||
Unused facilities | 17,601,233 | |||
Cash and cash equivalents | 7,449,699 | ¥ 8,741,893 | ||
Trade receivables (including trade receivables with related parties and those carried at FVOCI) | 2,376,098 | ¥ 3,181,196 | ||
Liquidity risk [member] | Later than one year [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Unused facilities | ¥ 15,101,233 |
Financial Risk Management (Fi_2
Financial Risk Management (Financial Risk Factors, Impairment of Financial Assets) (Details) - Credit risk [member] - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade receivables (including receivables from related parties) [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Opening loss allowance as at 1 January | ¥ 54 | ¥ 37 |
Provision for loss allowance recognized in profit or loss | 0 | 17 |
Reversal of previous impairment losses | (54) | 0 |
Closing loss allowance at 31 December | 0 | 54 |
Other receivables (including receivables from related parties) [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Opening loss allowance as at 1 January | 144 | 1,016 |
Provision for loss allowance recognized in profit or loss | 0 | 56 |
Reversal of previous impairment losses | (5) | (34) |
Receivables written off during the year as uncollectible | 0 | (894) |
Closing loss allowance at 31 December | ¥ 139 | ¥ 144 |
Financial Risk Management (Fi_3
Financial Risk Management (Financial Risk Factors, Net impairment losses on financial assets recognized in profit or loss) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial risk management [abstract] | |||
Impairment losses - movement in loss allowance for trade and other receivables | ¥ 0 | ¥ (73) | |
Reversal of previous impairment losses | 59 | 34 | |
Net impairment losses on financial assets | ¥ 59 | ¥ (39) | ¥ 0 |
Financial Risk Management (Fi_4
Financial Risk Management (Financial Risk Factors, Maturity Analysis for Financial Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Non-derivatives | |||
Lease liabilities | ¥ 22,043 | ¥ 76,731 | ¥ 0 |
Bills payables | 673,900 | 0 | |
Liquidity risk [member] | Undiscounted cash flow [member] | |||
Non-derivatives | |||
Borrowings | 1,575,176 | 606,157 | |
Lease liabilities | 23,476 | ||
Bills payables | 673,900 | ||
Trade payables | 2,142,402 | 1,908,457 | |
Other payables | 747,133 | 789,567 | |
Amounts due to related parties | 5,702,728 | 3,725,278 | |
Total non-derivatives | 10,864,815 | 7,029,459 | |
Derivatives | |||
Derivative financial instruments | 799 | 1,516 | |
Liquidity risk [member] | Undiscounted cash flow [member] | Not later than one year [member] | |||
Non-derivatives | |||
Borrowings | 1,575,176 | 606,157 | |
Lease liabilities | 11,700 | ||
Bills payables | 673,900 | ||
Trade payables | 2,142,402 | 1,908,457 | |
Other payables | 747,133 | 789,567 | |
Amounts due to related parties | 5,702,728 | 3,725,278 | |
Total non-derivatives | 10,853,039 | 7,029,459 | |
Derivatives | |||
Derivative financial instruments | 799 | 1,516 | |
Liquidity risk [member] | Undiscounted cash flow [member] | Later than one year and not later than two years [member] | |||
Non-derivatives | |||
Borrowings | 0 | 0 | |
Lease liabilities | 8,846 | ||
Bills payables | 0 | ||
Trade payables | 0 | 0 | |
Other payables | 0 | 0 | |
Amounts due to related parties | 0 | 0 | |
Total non-derivatives | 8,846 | 0 | |
Derivatives | |||
Derivative financial instruments | 0 | 0 | |
Liquidity risk [member] | Undiscounted cash flow [member] | Later than two years and not later than five years [member] | |||
Non-derivatives | |||
Borrowings | 0 | 0 | |
Lease liabilities | 2,435 | ||
Bills payables | 0 | ||
Trade payables | 0 | 0 | |
Other payables | 0 | 0 | |
Amounts due to related parties | 0 | 0 | |
Total non-derivatives | 2,435 | 0 | |
Derivatives | |||
Derivative financial instruments | 0 | 0 | |
Liquidity risk [member] | Undiscounted cash flow [member] | Later than five years [member] | |||
Non-derivatives | |||
Borrowings | 0 | 0 | |
Lease liabilities | 495 | ||
Bills payables | 0 | ||
Trade payables | 0 | 0 | |
Other payables | 0 | 0 | |
Amounts due to related parties | 0 | 0 | |
Total non-derivatives | 495 | 0 | |
Derivatives | |||
Derivative financial instruments | ¥ 0 | ¥ 0 |
Financial Risk Management (Fair
Financial Risk Management (Fair Value Estimation, Recurring Fair Value Measurements) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial assets | |||
Financial assets at fair value through other comprehensive income | ¥ 1,540,921 | ¥ 1,672,431 | |
Equity investments | [1] | 5,000 | 0 |
Structured deposits | 3,318,407 | 2,719,811 | |
Foreign exchange options | 263 | 7,468 | |
Total finanical assets | 19,002,390 | 17,048,403 | |
Recurring fair value measurements [member] | |||
Financial assets | |||
Financial assets at fair value through other comprehensive income | 1,540,921 | 1,672,431 | |
Equity investments | 5,000 | ||
Structured deposits | 3,318,407 | 2,719,811 | |
Foreign exchange options | 263 | 7,468 | |
Total finanical assets | 4,864,591 | 4,399,710 | |
Finanical liabilities | |||
Foreign exchange options | 799 | 11,005 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurements [member] | |||
Financial assets | |||
Financial assets at fair value through other comprehensive income | 0 | 0 | |
Equity investments | 0 | ||
Structured deposits | 0 | 0 | |
Foreign exchange options | 0 | 0 | |
Total finanical assets | 0 | 0 | |
Finanical liabilities | |||
Foreign exchange options | 0 | 0 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurements [member] | |||
Financial assets | |||
Financial assets at fair value through other comprehensive income | 1,540,921 | 1,672,431 | |
Equity investments | 0 | ||
Structured deposits | 0 | 0 | |
Foreign exchange options | 263 | 7,468 | |
Total finanical assets | 1,541,184 | 1,679,899 | |
Finanical liabilities | |||
Foreign exchange options | 799 | 11,005 | |
Level 3 of fair value hierarchy [member] | |||
Financial assets | |||
Total finanical assets | 3,323,407 | 2,719,811 | |
Level 3 of fair value hierarchy [member] | Recurring fair value measurements [member] | |||
Financial assets | |||
Financial assets at fair value through other comprehensive income | 0 | 0 | |
Equity investments | 5,000 | ||
Structured deposits | 3,318,407 | 2,719,811 | |
Foreign exchange options | 0 | 0 | |
Total finanical assets | 3,323,407 | 2,719,811 | |
Finanical liabilities | |||
Foreign exchange options | ¥ 0 | ¥ 0 | |
[1] | In July 2019, Toufa invested RMB 5,000 thousands in Shanghai Carbon Fiber Composites Innovation Research Institute Co. Ltd to acquire 16.67% of its share. |
Financial Risk Management (Fa_2
Financial Risk Management (Fair Value Estimation, Changes in level 3 items) (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Financial instruments, fair value measurement [line items] | |
Beginning balance 31 December 2018 | ¥ 17,048,403 |
Closing balance 31 December 2019 | 19,002,390 |
Level 3 of fair value hierarchy [member] | |
Financial instruments, fair value measurement [line items] | |
Beginning balance 31 December 2018 | 2,719,811 |
Acquisitions | 3,805,000 |
Disposals | (3,000,000) |
Fair value change | (1,404) |
Closing balance 31 December 2019 | 3,323,407 |
Level 3 of fair value hierarchy [member] | Equity investments [member] | |
Financial instruments, fair value measurement [line items] | |
Beginning balance 31 December 2018 | 0 |
Acquisitions | 5,000 |
Disposals | 0 |
Fair value change | 0 |
Closing balance 31 December 2019 | 5,000 |
Level 3 of fair value hierarchy [member] | Structured deposits [member] | |
Financial instruments, fair value measurement [line items] | |
Beginning balance 31 December 2018 | 2,719,811 |
Acquisitions | 3,800,000 |
Disposals | (3,200,000) |
Fair value change | (1,404) |
Closing balance 31 December 2019 | ¥ 3,318,407 |
Segment Information (Operating
Segment Information (Operating Segments, Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016Segments | |
Segment information [abstract] | |
Number of operating segments | 5 |
Segment Information (Revenue) (
Segment Information (Revenue) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Segment revenue | ¥ 100,269,667 | ¥ 107,688,907 | ¥ 91,962,415 |
Total gross (loss)/profit | 1,587,745 | 5,774,506 | 6,820,039 |
At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 100,259,517 | 107,666,536 | |
Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,150 | 22,371 | |
Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 2,200,229 | 2,225,594 | 2,061,765 |
Total gross (loss)/profit | (501,062) | (537,590) | (440,925) |
Synthetic fibers [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 2,200,229 | 2,225,594 | |
Synthetic fibers [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | |
Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,163,711 | 10,730,277 | 10,473,020 |
Total gross (loss)/profit | 542,015 | 1,081,206 | 1,539,196 |
Resins and plastics [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,163,711 | 10,730,277 | |
Resins and plastics [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | |
Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,511,143 | 12,403,080 | 10,353,618 |
Total gross (loss)/profit | 649,435 | 2,135,060 | 2,378,581 |
Intermediate petrochemicals [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,511,143 | 12,403,080 | |
Intermediate petrochemicals [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | |
Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 54,886,705 | 54,972,598 | 44,521,443 |
Total gross (loss)/profit | 750,850 | 2,936,678 | 3,147,627 |
Petroleum products [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 54,886,705 | 54,972,598 | |
Petroleum products [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | |
Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 21,706,014 | 26,560,354 | 23,713,035 |
Total gross (loss)/profit | 121,193 | 149,236 | 162,801 |
Trading of petrochemical products [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 21,695,864 | 26,537,983 | |
Trading of petrochemical products [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,150 | 22,371 | |
Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 801,865 | 797,004 | 839,534 |
Total gross (loss)/profit | 25,314 | 9,916 | 32,759 |
Other Segments [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 801,865 | 797,004 | |
Other Segments [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | |
Total segment revenue [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 127,342,469 | 134,570,265 | 115,539,188 |
Total segment revenue [member] | Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 2,200,229 | 2,225,594 | 2,061,765 |
Total segment revenue [member] | Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,304,812 | 10,868,758 | 10,596,844 |
Total segment revenue [member] | Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 24,698,643 | 26,327,039 | 23,302,939 |
Total segment revenue [member] | Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 66,754,731 | 66,009,608 | 53,259,378 |
Total segment revenue [member] | Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 21,881,214 | 27,650,410 | 24,953,285 |
Total segment revenue [member] | Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 1,502,840 | 1,488,856 | 1,364,977 |
Inter-segment revenue [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (27,072,802) | (26,881,358) | (23,576,773) |
Inter-segment revenue [member] | Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | 0 |
Inter-segment revenue [member] | Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (141,101) | (138,481) | (123,824) |
Inter-segment revenue [member] | Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (14,187,500) | (13,923,959) | (12,949,321) |
Inter-segment revenue [member] | Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (11,868,026) | (11,037,010) | (8,737,935) |
Inter-segment revenue [member] | Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (175,200) | (1,090,056) | (1,240,250) |
Inter-segment revenue [member] | Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | ¥ (700,975) | ¥ (691,852) | ¥ (525,443) |
Segment Information (Segment Re
Segment Information (Segment Result - Profit/(Loss) from Operations) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment result - Profit/(loss) from operations | |||
Profit from operations | ¥ 1,320,572 | ¥ 5,585,112 | ¥ 6,401,873 |
Net finance income | 362,963 | 337,412 | 207,332 |
Share of profit of investments accounted for using the equity method | 972,593 | 885,597 | 1,243,693 |
Profit before income tax | 2,656,128 | 6,808,121 | 7,852,898 |
Petroleum products [member] | |||
Segment result - Profit/(loss) from operations | |||
Profit from operations | 705,469 | 2,910,063 | 3,120,024 |
Resins and plastics [member] | |||
Segment result - Profit/(loss) from operations | |||
Profit from operations | 401,454 | 900,440 | 1,355,908 |
Intermediate petrochemicals [member] | |||
Segment result - Profit/(loss) from operations | |||
Profit from operations | 413,914 | 1,934,926 | 2,206,128 |
Trading of petrochemical products [member] | |||
Segment result - Profit/(loss) from operations | |||
Profit from operations | 53,214 | 104,900 | 60,583 |
Synthetic fibers [member] | |||
Segment result - Profit/(loss) from operations | |||
Profit from operations | (540,280) | (573,503) | (475,266) |
Others [member] | |||
Segment result - Profit/(loss) from operations | |||
Profit from operations | ¥ 286,801 | ¥ 308,286 | ¥ 134,496 |
Segment Information (Other Prof
Segment Information (Other Profit and Loss Disclosures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Depreciation and amortization | ¥ (1,838,788) | ¥ (1,807,613) | ¥ (1,834,129) |
Impairment loss | (427) | (82,691) | (118,245) |
Inventory write-down | (70,178) | (86,003) | (60,461) |
Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortization | (68,589) | (68,428) | (79,658) |
Impairment loss | 7 | (47,937) | (49,107) |
Inventory write-down | (48,844) | (35,945) | (38,287) |
Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortization | (125,464) | (139,447) | (163,618) |
Impairment loss | 6 | (9) | (9) |
Inventory write-down | (12,073) | (19,219) | (5,177) |
Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortization | (497,469) | (575,025) | (538,435) |
Impairment loss | (478) | (34,695) | (50,210) |
Inventory write-down | (9,094) | (8,630) | (4,487) |
Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortization | (972,688) | (862,659) | (922,670) |
Impairment loss | 38 | (50) | (44) |
Inventory write-down | (167) | (22,209) | (12,399) |
Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortization | (211) | (111) | (171) |
Impairment loss | 0 | 0 | 0 |
Inventory write-down | 0 | 0 | 0 |
Others [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortization | (174,367) | (161,943) | (129,577) |
Impairment loss | 0 | 0 | (18,875) |
Inventory write-down | ¥ 0 | ¥ 0 | ¥ (111) |
Segment Information (Assets) (D
Segment Information (Assets) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of operating segments [line items] | ||||
Investments accounted for using the equity method | ¥ 5,208,758 | ¥ 4,527,133 | ||
Cash and cash equivalents | 7,449,699 | 8,741,893 | ¥ 7,504,266 | ¥ 5,440,623 |
Time deposits with banks | 5,020,073 | 1,500,000 | ||
Deferred income tax assets | 150,832 | 119,075 | ||
Financial assets at fair value through profit or loss | 3,318,670 | 2,727,279 | ||
Assets | 45,494,075 | 44,385,897 | ||
Allocated amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 24,323,144 | 26,658,994 | ||
Allocated amounts [member] | Synthetic fibers [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 997,650 | 1,114,911 | ||
Allocated amounts [member] | Resins and plastics [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,802,681 | 1,924,863 | ||
Allocated amounts [member] | Intermediate petrochemicals [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 3,721,337 | 4,176,850 | ||
Allocated amounts [member] | Petroleum products [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 14,014,403 | 15,567,239 | ||
Allocated amounts [member] | Trading of petrochemical products [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,492,405 | 1,807,433 | ||
Allocated amounts [member] | Others [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 2,294,668 | 2,067,698 | ||
Unallocated amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Investments accounted for using the equity method | 5,208,758 | 4,527,133 | ||
Cash and cash equivalents | 7,449,699 | 8,741,893 | ||
Time deposits with banks | 5,020,073 | 1,500,000 | ||
Deferred income tax assets | 150,832 | 119,075 | ||
Financial assets at fair value through profit or loss | 3,318,670 | 2,727,279 | ||
Others | 22,899 | 111,523 | ||
Assets | ¥ 21,170,931 | ¥ 17,726,903 |
Segment Information (Liabilitie
Segment Information (Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | ||
Borrowings | ¥ 1,547,600 | ¥ 497,249 |
Financial liabilities at fair value through profit or loss | 799 | 11,005 |
Liabilities | 15,500,227 | 13,923,456 |
Allocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 13,951,828 | 13,415,202 |
Allocated amounts [member] | Synthetic fibers [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 340,034 | 427,005 |
Allocated amounts [member] | Resins and plastics [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 1,372,574 | 1,404,499 |
Allocated amounts [member] | Intermediate petrochemicals [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 1,736,967 | 1,767,232 |
Allocated amounts [member] | Petroleum products [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 8,482,596 | 7,813,381 |
Allocated amounts [member] | Trading of petrochemical products [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 1,946,530 | 1,923,373 |
Allocated amounts [member] | Others [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 73,127 | 79,712 |
Unallocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Borrowings | 1,547,600 | 497,249 |
Financial liabilities at fair value through profit or loss | 799 | 11,005 |
Liabilities | ¥ 1,548,399 | ¥ 508,254 |
Segment Information (Additions
Segment Information (Additions to Property, Plant and Equipment, Construction in Progress, Right-of-Use Assets, Lease Prepayments and Other Assets) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | ¥ 1,701,302 | ¥ 1,389,253 | ¥ 1,909,875 |
Synthetic fibers [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | 294,515 | 124,188 | 130,908 |
Resins and plastics [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | 74,633 | 112,638 | 156,189 |
Intermediate petrochemicals [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | 204,021 | 246,857 | 525,828 |
Petroleum products [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | 1,024,626 | 806,833 | 1,076,212 |
Trading of petrochemical products [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | 89 | 0 | 0 |
Others [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets, lease prepayments and other assets | ¥ 103,418 | ¥ 98,737 | ¥ 20,738 |
Segment Information (Entity-wid
Segment Information (Entity-wide information) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Revenue derived from a single customer | ¥ 100,269,667 | ¥ 107,688,907 | ¥ 91,962,415 |
Single customer [member] | |||
Disclosure of operating segments [line items] | |||
Revenue derived from a single customer | ¥ 42,657,975 | ¥ 42,492,816 | ¥ 39,804,025 |
Other Operating Income (Details
Other Operating Income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Other operating income [abstract] | ||||
Government grants | [1] | ¥ 69,678 | ¥ 116,330 | ¥ 65,703 |
Rental income from investment property | 76,381 | 76,001 | 46,700 | |
Others | 4,655 | 10,286 | 6,607 | |
Other operating income | 150,714 | 202,617 | 119,010 | |
Grants related to R&D and other tax refund | 69,241 | 115,893 | 65,266 | |
Government grants relating to the purchase of property, plant and equipment | ¥ 437 | ¥ 437 | ¥ 437 | |
[1] | Government grants. Grants related to Research and Development, other tax refund and subsidies of RMB 69,241 thousands (2018: RMB 115,893 thousands, 2017: RMB 65,266 thousands) are included in the government grants line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The Group did not benefit directly from any other forms of government assistance. Deferral and presentation of government grants. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets. See Note 26 for further details. For the year ended 31 December 2019, RMB 437 thousands were included in the government grants line item (2018: RMB 437 thousands, 2017: RMB 437 thousands). |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other operating expenses [abstract] | |||
Cost related to lease of investment properties | ¥ (16,199) | ¥ (19,367) | ¥ (13,738) |
Others | (5,726) | (13,181) | (7,641) |
Other operating expenses | ¥ (21,925) | ¥ (32,548) | ¥ (21,379) |
Other gains - net (Details)
Other gains - net (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of other gains - net [line items] | ||||
Net (losses)/gains on disposal of land, property, plant and equipment | [1] | ¥ 158,551 | ¥ 172,508 | ¥ (13,017) |
Income from structured deposits | 85,444 | 19,811 | 0 | |
Fair value (losses)/gains on foreign exchange option and forward exchange contracts | 3,001 | (2,021) | (1,516) | |
Gains/(losses) from disposal of subsidiaries | (60,951) | 1,622 | 0 | |
Net foreign exchange gains/(losses) | 2,648 | (31,770) | 23,656 | |
Net gains/(losses) on settlement of foreign exchange option and forward foreign exchange contracts | (15,316) | 16,540 | 0 | |
Gains from disposal of joint venture | 0 | 0 | 10,339 | |
Others | (19,513) | 0 | 0 | |
Other gains - net | 153,864 | ¥ 176,690 | ¥ 19,462 | |
Zhejiang Jin Yong Acrylic Fibre Company Limited [member] | ||||
Disclosure of other gains - net [line items] | ||||
Net (losses)/gains on disposal of land, property, plant and equipment | 126,817 | |||
Gains/(losses) from disposal of subsidiaries | ¥ (60,951) | |||
[1] | The net gains on disposal of land, property, plant and equipment were mainly composed of gains on disposal of land of Zhejiang Jin Yong Acrylic Fiber Company Limited ("Jinyong") which amounted to RMB 126,817 thousands. |
Finance Income and Expenses (De
Finance Income and Expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance income and expenses [abstract] | |||
Net foreign exchange gains | ¥ 18,571 | ¥ 0 | ¥ 0 |
Interest income | 398,176 | 443,661 | 268,379 |
Finance income | 416,747 | 443,661 | 268,379 |
Interest on bank and other borrowings | (59,378) | (84,425) | (55,188) |
Less: amounts capitalized on qualifying assets | 5,594 | 5,179 | 804 |
Net interest expense | (53,784) | (79,246) | (54,384) |
Net foreign exchange loss | 0 | (27,003) | (6,663) |
Finance expenses | (53,784) | (106,249) | (61,047) |
Finance income - net | ¥ 362,963 | ¥ 337,412 | ¥ 207,332 |
Expense by Nature (Details)
Expense by Nature (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expense by nature [abstract] | |||
Cost of raw material | ¥ 57,101,961 | ¥ 56,601,977 | ¥ 42,075,096 |
Cost of trading products | 21,566,364 | 26,392,366 | 23,531,983 |
Employee benefit expenses | 3,147,372 | 2,888,572 | 2,752,996 |
Depreciation and amortization | 1,736,790 | 1,807,613 | 1,834,129 |
Repairs and maintenance expenses | 1,089,829 | 1,265,919 | 1,136,379 |
Change of goods in process and finished goods | 446,779 | (277,403) | (58,784) |
Transportation costs | 297,416 | 326,553 | 306,654 |
External processing fee | 215,288 | 185,164 | 193,757 |
Sales commissions | 125,641 | 139,954 | 116,616 |
Depreciation charge of right-of-use assets | 101,998 | 0 | 0 |
Inventory write-down | 70,178 | 86,003 | 60,461 |
Auditors' remuneration - audit services | 7,800 | 7,800 | 7,800 |
Leasing expenses | 2,961 | 96,520 | 79,438 |
Impairment loss | 486 | 82,652 | 118,245 |
Other expenses | 1,107,017 | 771,401 | 778,777 |
Total cost of sales, selling and administrative expenses | ¥ 87,017,880 | ¥ 90,375,091 | ¥ 72,933,547 |
Employee Benefit Expenses (Deta
Employee Benefit Expenses (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥)Individuals | Dec. 31, 2018CNY (¥)Individuals | Dec. 31, 2017CNY (¥)Individuals | |
Employee benefit expenses [abstract] | |||
Wages and salaries | ¥ 1,931,121 | ¥ 1,814,991 | ¥ 1,769,535 |
Social welfare costs | 782,789 | 712,556 | 622,854 |
Others | 433,462 | 374,029 | 349,331 |
Share-based payments granted to directors and employees | 0 | (13,004) | 11,276 |
Total employee benefit expense | ¥ 3,147,372 | ¥ 2,888,572 | ¥ 2,752,996 |
Number of individuals with the highest emoluments disclosed | Individuals | 5 | 5 | 5 |
Income Tax (Major Components of
Income Tax (Major Components of Income Tax Expense) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense [abstract] | |||
Current income tax | ¥ 460,720 | ¥ 1,471,671 | ¥ 1,714,955 |
Deferred taxation | (31,757) | 232 | (16,216) |
Income tax expense | ¥ 428,963 | ¥ 1,471,903 | ¥ 1,698,739 |
Income Tax (Reconciliation of I
Income Tax (Reconciliation of Income Tax) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of income tax [abstract] | |||
Profit before income tax | ¥ 2,656,128 | ¥ 6,808,121 | ¥ 7,852,898 |
Expected PRC income tax at the statutory tax rate of 25% | 664,032 | 1,702,032 | 1,963,225 |
Tax effect of share of profit of investments accounted for using the equity method | (239,562) | (218,024) | (307,547) |
Tax effect of other non-taxable income | (14,959) | (17,270) | (8,733) |
Tax effect of non-deductible loss, expenses and costs | 42,906 | 20,123 | 7,268 |
True up for final settlement of enterprise income taxes in respect of previous years | (2,618) | 12,678 | (15,121) |
Tax losses for which no deferred income tax asset was recognized | 9,578 | 10,017 | 60,832 |
Utilization of previously unrecognized tax losses | (30,414) | (37,653) | (1,185) |
Income tax expense | ¥ 428,963 | ¥ 1,471,903 | ¥ 1,698,739 |
PRC income tax rate | 25.00% | 25.00% | 25.00% |
Income Tax (Deferred Tax Assets
Income Tax (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | |||
Deferred tax asset to be recovered | ¥ 158,382 | ¥ 122,924 | |
Deferred tax liabilities: | |||
Deferred tax liabilities to be recovered | (7,550) | (3,849) | |
Deferred tax assets - net | 150,832 | 119,075 | ¥ 119,307 |
After more than 12 months [member] | |||
Deferred tax assets: | |||
Deferred tax asset to be recovered | 25,195 | 72,875 | |
Deferred tax liabilities: | |||
Deferred tax liabilities to be recovered | (2,946) | (2,611) | |
Within one year [member] | |||
Deferred tax assets: | |||
Deferred tax asset to be recovered | 133,187 | 50,049 | |
Deferred tax liabilities: | |||
Deferred tax liabilities to be recovered | ¥ (4,604) | ¥ (1,238) |
Income Tax (Movements in Deferr
Income Tax (Movements in Deferred Tax Assets and Liabilities) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | ¥ 119,075 | ¥ 119,307 |
(Charged)/deducted to profit or loss | 31,757 | (232) |
Balance at 31 December | 150,832 | 119,075 |
Deferred tax assets [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 122,924 | 124,394 |
(Charged)/deducted to profit or loss | 35,458 | (1,470) |
Balance at 31 December | 158,382 | 122,924 |
Deferred tax assets [member] | Impairment for bad and doubtful debts and provision for inventories [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 39,606 | 24,507 |
(Charged)/deducted to profit or loss | (705) | 15,099 |
Balance at 31 December | 38,901 | 39,606 |
Deferred tax assets [member] | Provision for impairment losses in fixed assets and construction in progress [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 219,610 | 202,988 |
(Charged)/deducted to profit or loss | (11,978) | 16,622 |
Balance at 31 December | 207,632 | 219,610 |
Deferred tax assets [member] | Difference in depreciation [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | (145,709) | (115,495) |
(Charged)/deducted to profit or loss | (33,091) | (30,214) |
Balance at 31 December | (178,800) | (145,709) |
Deferred tax assets [member] | Share-based payments [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 0 | 3,816 |
(Charged)/deducted to profit or loss | (3,816) | |
Balance at 31 December | 0 | |
Deferred tax assets [member] | Others [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 9,417 | 8,578 |
(Charged)/deducted to profit or loss | 81,232 | 839 |
Balance at 31 December | 90,649 | 9,417 |
Deferred tax liabilities [member] | Gains of financial assets at fair value [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 0 | |
(Charged)/deducted to profit or loss | (4,604) | |
Balance at 31 December | (4,604) | 0 |
Deferred tax liabilities [member] | Capitalization of borrowing costs and others [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | (3,849) | (5,087) |
(Charged)/deducted to profit or loss | 903 | 1,238 |
Balance at 31 December | ¥ (2,946) | ¥ (3,849) |
Income Tax (Deferred Tax Asse_2
Income Tax (Deferred Tax Assets Not Recognized) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | ¥ 121,723 | ¥ 89,713 |
2019 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 0 | 6,132 |
2020 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 17,775 | 17,945 |
2021 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 12,880 | 12,880 |
2022 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 12,687 | 12,687 |
2023 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 40,069 | 40,069 |
2024 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 38,312 | 0 |
Impairment losses on property, plant and equipment [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of temporary differences | 29,969 | 29,969 |
Unused tax losses carried forward [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of temporary differences | ¥ 121,723 | ¥ 89,713 |
Earnings per Share (Basic) (Det
Earnings per Share (Basic) (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic earnings per share [abstract] | |||
Net profit attributable to shareholders of the Company | ¥ 2,215,728 | ¥ 5,336,331 | ¥ 6,143,222 |
Weighted average number of ordinary shares in issue (thousands of shares) | 10,823,814 | 10,823,497 | 10,803,690 |
Basic earnings per share (RMB per share) | ¥ 0.205 | ¥ 0.493 | ¥ 0.569 |
Basic earnings per ADS(RMB per ADS) | ¥ 20.452 | ¥ 49.303 | ¥ 56.862 |
Earnings per Share (Diluted) (D
Earnings per Share (Diluted) (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Diluted earnings per share [abstract] | |||
Net profit attributable to shareholders of the Company | ¥ 2,215,728 | ¥ 5,336,331 | ¥ 6,143,222 |
Weighted average number of ordinary shares in issue (thousands of shares) | 10,823,814,000 | 10,823,497,000 | 10,803,690,000 |
Adjustments for share options granted (thousands of shares) | 0 | 0 | 6,179,000 |
Weighted average number of ordinary shares for diluted earnings per share (thousands of shares) | 10,823,814,000 | 10,823,497,000 | 10,809,869,000 |
Diluted earnings per share (RMB per share) | ¥ 0.205 | ¥ 0.493 | ¥ 0.568 |
Diluted earnings per ADS (RMB per ADS) | ¥ 20.452 | ¥ 49.303 | ¥ 56.830 |
Number of H shares represented by each ADS | 100 |
Lease Prepayments and Other N_3
Lease Prepayments and Other Non-current Assets (Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | ¥ 481,414 | ¥ 858,283 | |
Land use rights [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 0 | 0 | ¥ 374,172 |
Land use rights [member] | Previously stated ending amount [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 335,026 | ||
Land use rights [member] | Change in accounting policy [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | (335,026) | ||
Land use rights [member] | Cost [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 0 | 0 | 725,152 |
Land use rights [member] | Accumulated amortization [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 0 | 0 | (350,980) |
Other Intangible assets [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 17,635 | 20,568 | 23,489 |
Other Intangible assets [member] | Previously stated ending amount [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 20,568 | ||
Other Intangible assets [member] | Change in accounting policy [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 0 | ||
Other Intangible assets [member] | Cost [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 85,855 | 84,093 | 81,085 |
Other Intangible assets [member] | Accumulated amortization [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | (68,220) | (63,525) | (57,596) |
Long-term prepaid expense [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 463,779 | 502,689 | 349,588 |
Long-term prepaid expense [member] | Previously stated ending amount [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 502,689 | ||
Long-term prepaid expense [member] | Change in accounting policy [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 0 | ||
Long-term prepaid expense [member] | Cost [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 463,779 | 502,689 | 349,588 |
Long-term prepaid expense [member] | Accumulated amortization [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 0 | 0 | 0 |
Total [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 481,414 | 523,257 | 747,249 |
Total [member] | Previously stated ending amount [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 858,283 | ||
Total [member] | Change in accounting policy [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | (335,026) | ||
Total [member] | Cost [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | 549,634 | 586,782 | 1,155,825 |
Total [member] | Accumulated amortization [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Lease prepayments and other non-current assets | ¥ (68,220) | ¥ (63,525) | ¥ (408,576) |
Lease Prepayments and Other N_4
Lease Prepayments and Other Non-current Assets (Movement in Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | ¥ 858,283 | |
Closing net book amount | 481,414 | ¥ 858,283 |
Land use rights [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 0 | 374,172 |
Additions | 0 | 0 |
Charge for the year | 0 | (14,815) |
Transferred to assets classified as held for sale | (24,331) | |
Closing net book amount | 0 | 0 |
Land use rights [member] | Previously stated ending amount [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 335,026 | |
Closing net book amount | 335,026 | |
Other Intangible assets [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 20,568 | 23,489 |
Additions | 1,762 | 3,008 |
Charge for the year | (4,695) | (5,929) |
Transferred to assets classified as held for sale | 0 | |
Closing net book amount | 17,635 | 20,568 |
Other Intangible assets [member] | Previously stated ending amount [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 20,568 | |
Closing net book amount | 20,568 | |
Long-term prepaid expense [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 502,689 | 349,588 |
Additions | 170,687 | 374,519 |
Charge for the year | (209,597) | (221,418) |
Transferred to assets classified as held for sale | 0 | |
Closing net book amount | 463,779 | 502,689 |
Long-term prepaid expense [member] | Previously stated ending amount [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 502,689 | |
Closing net book amount | 502,689 | |
Total [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | 523,257 | 747,249 |
Additions | 172,449 | 377,527 |
Charge for the year | (214,292) | (242,162) |
Transferred to assets classified as held for sale | (24,331) | |
Closing net book amount | 481,414 | 523,257 |
Total [member] | Previously stated ending amount [member] | ||
Disclosure of information about lease prepayments and other non-current assets [line items] | ||
Opening net book amount | ¥ 858,283 | |
Closing net book amount | ¥ 858,283 |
Lease Prepayments and Other N_5
Lease Prepayments and Other Non-current Assets (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease prepayments and other non-current assets [member] | |||
Disclosure of information about lease prepayments and other non-current assets [line items] | |||
Amortization charged in cost of sales | ¥ 214,292 | ¥ 242,162 | ¥ 245,635 |
Leases - (Balance Sheet Amount
Leases - (Balance Sheet Amount Relating to Leases) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Right-of-use assets | |||
Right-of-use assets | ¥ 343,860 | ¥ 411,878 | ¥ 0 |
Lease liabilities | |||
Current | 11,450 | 74,093 | 0 |
Non-current | 10,593 | 2,638 | 0 |
Lease liabilities | 22,043 | 76,731 | ¥ 0 |
Additions to right-of-use assets | 33,980 | ||
Land use rights [member] | |||
Right-of-use assets | |||
Right-of-use assets | 320,212 | 335,026 | |
Buildings [member] | |||
Right-of-use assets | |||
Right-of-use assets | 22,205 | 12,233 | |
Equipment [member] | |||
Right-of-use assets | |||
Right-of-use assets | 168 | 63,471 | |
Others [member] | |||
Right-of-use assets | |||
Right-of-use assets | ¥ 1,275 | ¥ 1,148 |
Leases - (Income Statement Amou
Leases - (Income Statement Amount Relating to Leases) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | ¥ (101,998) | ¥ 0 | ¥ 0 |
Interest expense (included in finance cost) | (2,570) | ¥ 0 | ¥ 0 |
Expense relating to short-term leases (included in Cost of sales) | (2,961) | ||
Total cash outflow for leases | 94,441 | ||
Land use rights [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | (14,814) | ||
Buildings [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | (12,541) | ||
Equipment [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | (74,025) | ||
Others [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | ¥ (618) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ 11,300,797 | ¥ 11,646,390 | ¥ 12,866,428 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 46,663,218 | 46,022,760 | 47,210,216 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (34,536,583) | (33,499,048) | (33,055,421) |
Impairment loss [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (825,838) | (877,322) | (1,288,367) |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 974,620 | 1,033,230 | 1,122,393 |
Buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 3,336,375 | 3,229,642 | 3,641,220 |
Buildings [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (2,310,970) | (2,142,540) | (2,239,728) |
Buildings [member] | Impairment loss [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (50,785) | (53,872) | (279,099) |
Plant and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 9,895,144 | 10,286,523 | 11,414,649 |
Plant and machinery [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 41,455,159 | 41,007,229 | 41,661,819 |
Plant and machinery [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (30,793,083) | (29,905,377) | (29,299,129) |
Plant and machinery [member] | Impairment loss [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (766,932) | (815,329) | (948,041) |
Vehicles and other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 431,033 | 326,637 | 329,386 |
Vehicles and other equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 1,871,684 | 1,785,889 | 1,907,177 |
Vehicles and other equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (1,432,530) | (1,451,131) | (1,516,564) |
Vehicles and other equipment [member] | Impairment loss [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ (8,121) | ¥ (8,121) | ¥ (61,227) |
Property, Plant and Equipment_3
Property, Plant and Equipment (Movement in Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | ¥ 11,646,390 | ¥ 12,866,428 | |
Additions | 114,619 | 84,508 | |
Disposals | (70,605) | (37,614) | ¥ (16,424) |
Disposal of subsidiaries | (2,291) | ||
Reclassification | 0 | 0 | |
Transferred from construction in progress | 1,123,620 | 344,935 | |
Transferred from investment properties | 6,924 | ||
Transferred to investment properties | (12,347) | ||
Charge for the year | (1,507,804) | (1,550,924) | (1,574,842) |
Impairment loss | (58,652) | (118,179) | |
Closing net book amount | 11,300,797 | 11,646,390 | 12,866,428 |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 1,033,230 | 1,122,393 | |
Additions | 0 | 0 | |
Disposals | (4,114) | (10,069) | |
Disposal of subsidiaries | 0 | ||
Reclassification | 16,395 | 775 | |
Transferred from construction in progress | 26,655 | 7,260 | |
Transferred from investment properties | 6,924 | ||
Transferred to investment properties | (12,347) | ||
Charge for the year | (92,123) | (87,129) | |
Impairment loss | 0 | ||
Closing net book amount | 974,620 | 1,033,230 | 1,122,393 |
Plant and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 10,286,523 | 11,414,649 | |
Additions | 99,041 | 58,906 | |
Disposals | (60,503) | (25,141) | |
Disposal of subsidiaries | 0 | ||
Reclassification | (82,604) | (13,904) | |
Transferred from construction in progress | 999,412 | 309,346 | |
Transferred from investment properties | 0 | ||
Transferred to investment properties | 0 | ||
Charge for the year | (1,346,725) | (1,398,681) | |
Impairment loss | (58,652) | ||
Closing net book amount | 9,895,144 | 10,286,523 | 11,414,649 |
Vehicles and other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 326,637 | 329,386 | |
Additions | 15,578 | 25,602 | |
Disposals | (5,988) | (2,404) | |
Disposal of subsidiaries | (2,291) | ||
Reclassification | 66,209 | 13,129 | |
Transferred from construction in progress | 97,553 | 28,329 | |
Transferred from investment properties | 0 | ||
Transferred to investment properties | 0 | ||
Charge for the year | (68,956) | (65,114) | |
Impairment loss | 0 | ||
Closing net book amount | ¥ 431,033 | ¥ 326,637 | ¥ 329,386 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |||
Amount of depreciation expense charged to cost of sales | ¥ 1,498,625 | ¥ 1,541,799 | ¥ 1,565,465 |
Amount of depreciation expense charged to selling and administrative expense | 9,179 | 9,125 | 9,377 |
Written off of impairment loss due to disposal of property, plant and equipment | ¥ 51,484 | ||
Impairment provision on property, plant and equipment | ¥ 58,652 | ¥ 118,179 |
Investment Properties (Net Book
Investment Properties (Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about investment properties [line items] | |||
Investment properties | ¥ 367,468 | ¥ 376,739 | ¥ 391,266 |
Cost [member] | |||
Disclosure of detailed information about investment properties [line items] | |||
Investment properties | 602,659 | 594,135 | 594,135 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about investment properties [line items] | |||
Investment properties | ¥ (235,191) | ¥ (217,396) | ¥ (202,869) |
Investment Properties (Movement
Investment Properties (Movement in Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment properties [abstract] | |||
Opening net book amount | ¥ 376,739 | ¥ 391,266 | |
Transferred from property plant and equipment | 12,347 | ||
Transferred to property plant and equipment | (6,924) | ||
Charge for the year | (14,694) | (14,527) | ¥ (13,652) |
Closing net book amount | ¥ 367,468 | ¥ 376,739 | ¥ 391,266 |
Investment Properties (Narrativ
Investment Properties (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about investment properties [line items] | |||
Estimated fair value of the investment properties | ¥ 367,468 | ¥ 376,739 | ¥ 391,266 |
Rental income | 76,381 | 76,001 | ¥ 46,700 |
Fair value [member] | Level 3 of fair value hierarchy [member] | |||
Disclosure of detailed information about investment properties [line items] | |||
Estimated fair value of the investment properties | ¥ 1,230,191 | ¥ 1,436,852 |
Investment Properties (Minimum
Investment Properties (Minimum Lease Payments Receivable on Leases of Investment Properties) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Within one year [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Minimum lease payments receivable | ¥ 43,322 | ¥ 48,386 |
Between one and two years [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Minimum lease payments receivable | 1,517 | 3,715 |
Above 2 years [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Minimum lease payments receivable | ¥ 0 | ¥ 0 |
Construction in Progress (Detai
Construction in Progress (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Construction in progress [line items] | |||
As at 1 January | ¥ 1,559,401 | ||
As at 31 December | 1,815,549 | ¥ 1,559,401 | |
Construction in progress [member] | |||
Construction in progress [line items] | |||
As at 1 January | 1,559,401 | 1,001,118 | |
Additions | 1,380,254 | 927,218 | |
Transferred to property plant and equipment | (1,123,620) | (344,935) | |
Impairment loss | (486) | (24,000) | |
As at 31 December | 1,815,549 | 1,559,401 | ¥ 1,001,118 |
Impairment loss in construction in progress | 34,661 | 34,175 | |
Capitalized borrowing costs | ¥ 5,594 | ¥ 5,179 | ¥ 804 |
Weighted average rate of capitalized borrowing costs | 3.35% | 3.63% | 2.93% |
Subsidiaries (Major Subsidiarie
Subsidiaries (Major Subsidiaries of the Group) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |||
Disclosure of subsidiaries [line items] | |||||||
Total comprehensive loss/income attributable to non-controlling interests | ¥ 11,437 | ¥ (113) | ¥ 10,937 | ||||
Shanghai Petrochemical Investment Development Company Limited [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Company | Shanghai Petrochemical Investment Development Company Limited | Shanghai Petrochemical Investment Development Company Limited | Shanghai Petrochemical Investment Development Company Limited | Shanghai Petrochemical Investment Development Company Limited | |||
Registered capital | ¥ 1,000,000 | ¥ 1,000,000 | |||||
Percentage of equity directly held by the Company /held by the Group | 100.00% | 100.00% | 100.00% | 100.00% | |||
Principal activities | Investment management | Investment management | Investment management | Investment management | |||
Shanghai Petrochemical Investment Development Company Limited [member] | The Company [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of equity directly held by the Company /held by the Group | 100.00% | 100.00% | 100.00% | 100.00% | |||
China Jinshan Associated Trading Corporation [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Company | China Jinshan Associated Trading Corporation | China Jinshan Associated Trading Corporation | China Jinshan Associated Trading Corporation | China Jinshan Associated Trading Corporation | |||
Registered capital | ¥ 25,000 | ¥ 25,000 | |||||
Percentage of equity directly held by the Company /held by the Group | 67.33% | 67.33% | 67.33% | 67.33% | |||
Percentage of equity directly held by non-controlling interests | 32.67% | 32.67% | 32.67% | 32.67% | |||
Principal activities | Import and export of petrochemical products and equipment | Import and export of petrochemical products and equipment | Import and export of petrochemical products and equipment | Import and export of petrochemical products and equipment | |||
China Jinshan Associated Trading Corporation [member] | The Company [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of equity directly held by the Company /held by the Group | 67.33% | 67.33% | 67.33% | 67.33% | |||
Shanghai Jinchang Engineering Plastics Company Limited [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Company | Shanghai Jinchang Engineering Plastics Company Limited | Shanghai Jinchang Engineering Plastics Company Limited | Shanghai Jinchang Engineering Plastics Company Limited | Shanghai Jinchang Engineering Plastics Company Limited | |||
Registered capital | $ | $ 9,154 | $ 9,154 | |||||
Percentage of equity directly held by the Company /held by the Group | 74.25% | 74.25% | 74.25% | 74.25% | |||
Percentage of equity directly held by non-controlling interests | 25.75% | 25.75% | 25.75% | 25.75% | |||
Principal activities | Production of polypropylene compound products | Production of polypropylene compound products | Production of polypropylene compound products | Production of polypropylene compound products | |||
Shanghai Golden Phillips Petrochemical Company Limited [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Company | Shanghai Golden Phillips Petrochemical Company Limited | Shanghai Golden Phillips Petrochemical Company Limited | Shanghai Golden Phillips Petrochemical Company Limited | [1] | Shanghai Golden Phillips Petrochemical Company Limited | [1] | |
Registered capital | $ | $ 50,000 | $ 50,000 | [1] | ||||
Percentage of equity directly held by the Company /held by the Group | 100.00% | 100.00% | 100.00% | [1] | 100.00% | [1] | |
Principal activities | Production of polyethylene products | Production of polyethylene products | Production of polyethylene products | [1] | Production of polyethylene products | [1] | |
Jinyong [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Company | Zhejiang Jin Yong Acrylic Fibre Company Limited | [2] | Zhejiang Jin Yong Acrylic Fibre Company Limited | [2] | |||
Registered capital | ¥ 250,000 | [2] | |||||
Percentage of equity directly held by the Company /held by the Group | 75.00% | [2] | 75.00% | [2] | |||
Percentage of equity directly held by non-controlling interests | 25.00% | [2] | 25.00% | [2] | |||
Principal activities | Production of acrylic fibre products | [2] | Production of acrylic fibre products | [2] | |||
Jinyong [member] | The Company [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of equity directly held by the Company /held by the Group | 75.00% | [2] | 75.00% | [2] | |||
Shanghai Jinshan Trading Corporation [member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Company | Shanghai Jinshan Trading Corporation | Shanghai Jinshan Trading Corporation | Shanghai Jinshan Trading Corporation | Shanghai Jinshan Trading Corporation | |||
Registered capital | ¥ 100,000 | ¥ 100,000 | |||||
Percentage of equity directly held by the Company /held by the Group | 67.33% | 67.33% | 67.33% | 67.33% | |||
Percentage of equity directly held by non-controlling interests | 32.67% | 32.67% | 32.67% | 32.67% | |||
Principal activities | Import and export of petrochemical products | Import and export of petrochemical products | Import and export of petrochemical products | Import and export of petrochemical products | |||
[1] | In July 2018, the Company's subsidiary, Shanghai Petrochemical Investment Development Company Limited ("Toufa"), reached an agreement with the other investor, Philips Petroleum International Investment Company ("Philips Petroleum"), to acquire the remaining 40% share from Philips Petroleum in Shanghai Golden Phillips Petrochemical Company Limited ("Golden Phillips"), at a cash consideration of RMB 152,800 thousands. The transaction was approved and completed in October 2018. Upon completion, Golden Phillips became a wholly owned subsidiary of Toufa | ||||||
[2] | On 23 August 2019, the Group disposed 75% share of Jinyong, a former subsidiary of the Group, due to its bankruptcy and liquidation. The disposal loss amounted RMB 60,951 thousands was included in Other gains - net (Note 9). |
Subsidiaries (Disposal of Jingy
Subsidiaries (Disposal of Jingyong) (Details) - CNY (¥) ¥ in Thousands | Aug. 23, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests derecognized | ¥ 6,011 | |||
Gains/(losses) from disposal of subsidiaries | 60,951 | ¥ (1,622) | ¥ 0 | |
Jinyong [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Disposed of the proportion of ownership interest in a subsidiary attributable to the entity, due to bankruptcy and liquidation | 75.00% | |||
Carrying amount of net assets at the date of disposal | ¥ (54,940) | 54,940 | ||
Non-controlling interests derecognized | 6,011 | |||
Gains/(losses) from disposal of subsidiaries | ¥ 60,951 |
Subsidiaries (Carrying amounts
Subsidiaries (Carrying amounts of total assets and liabilities as at the date of disposal of Jingyong) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Aug. 23, 2019 | Dec. 31, 2018 |
Disclosure of subsidiaries [line items] | |||
Total assets | ¥ 45,494,075 | ¥ 44,385,897 | |
Total liabilities | (15,500,227) | ¥ (13,923,456) | |
Jinyong [member] | |||
Disclosure of subsidiaries [line items] | |||
Total assets | ¥ 141,121 | ||
Total liabilities | (86,181) | ||
Net assets | ¥ (54,940) | ¥ 54,940 |
Subsidiaries (Acquisition of Go
Subsidiaries (Acquisition of Golden Phillips) (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | ||||
Cash consideration paid in acquisition of Golden Phillips | ¥ 0 | ¥ 152,800 | ¥ 0 | |
Shanghai Petrochemical Investment Development Company Limited ("Toufa") [member] | Shanghai Golden Phillips Petrochemical Company Limited ("Golden Phillips") [member] | Philips Petroleum International Investment Company ("Philips Petroleum") [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Remaining percentage of equity held by Philips Petroleum prior to transaction | 40.00% | |||
Cash consideration paid in acquisition of Golden Phillips | ¥ 152,800 | |||
Carrying amount of non-controlling interests acquired | 162,359 | |||
Consideration paid to non-controlling interests | (152,800) | |||
Gains recognized in the transactions with non-controlling interests within equity - other reserves | ¥ 9,559 |
Investments Accounted for Usi_3
Investments Accounted for Using the Equity Method (Investments Recognized in Balance Sheet) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of significant investments in associates and joint ventures [line items] | |||
Share of net assets | ¥ 5,208,758 | ¥ 4,527,133 | |
Joint ventures [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Share of net assets | 235,294 | 229,868 | ¥ 212,249 |
Associates [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Share of net assets | ¥ 4,973,464 | ¥ 4,297,265 | ¥ 4,239,795 |
Investments Accounted for Usi_4
Investments Accounted for Using the Equity Method (Investments Recognized in Share of Profit/(Loss)) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments recognized in share of profit/(loss) [abstract] | |||
Associates | ¥ 927,814 | ¥ 839,425 | ¥ 1,200,141 |
Joint ventures | 44,779 | 46,172 | 43,552 |
Total | ¥ 972,593 | ¥ 885,597 | ¥ 1,243,693 |
Investments Accounted for Usi_5
Investments Accounted for Using the Equity Method (Investment in Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
As at 1 January | ¥ 4,527,133 | ||
Share of profit | 927,814 | ¥ 839,425 | ¥ 1,200,141 |
As at 31 December | 5,208,758 | 4,527,133 | |
Associates [member] | |||
Disclosure of associates [line items] | |||
As at 1 January | 4,297,265 | 4,239,795 | |
Additions | 320,000 | 0 | |
Share of profit | 904,265 | 839,425 | |
Other comprehensive income/(loss) | 7,449 | (7,014) | |
Cash dividends distribution | (555,515) | (774,941) | |
As at 31 December | ¥ 4,973,464 | ¥ 4,297,265 | ¥ 4,239,795 |
Investments Accounted for Usi_6
Investments Accounted for Using the Equity Method (Principal Activities of Material Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of associates [line items] | |||
Investments accounted for using the equity method | ¥ 5,208,758 | ¥ 4,527,133 | |
Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") [member] | |||
Disclosure of associates [line items] | |||
Name of entity | Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") | Shanghai Secco | |
Place of business/country of incorporation | PRC | PRC | |
Percentage of ownership interest | 20.00% | 20.00% | |
Principal activities | Manufacturing and distribution of chemical products | Manufacturing and distribution of chemical products | |
Measurement method | Equity | Equity | |
Investments accounted for using the equity method | ¥ 2,724,360 | ¥ 2,555,044 | |
Shanghai Chemical Industry Park Development Company Limited ("Chemical Industry") [member] | |||
Disclosure of associates [line items] | |||
Name of entity | Shanghai Chemical Industry Park Development Company Limited ("Chemical Industry") | Chemical Industry | |
Place of business/country of incorporation | PRC | PRC | |
Percentage of ownership interest | 38.26% | 38.26% | |
Principal activities | Planning, development and operation of the Chemical Industry Park in Shanghai, PRC | Planning, development and operation of the Chemical Industry Park in Shanghai, PRC | |
Measurement method | Equity | Equity | |
Investments accounted for using the equity method | ¥ 1,797,210 | ¥ 1,586,776 | |
Shanghai Jinsen Hydrocarbon Resins Company Limited ("Jinsen") [member] | |||
Disclosure of associates [line items] | |||
Name of entity | Shanghai Jinsen Hydrocarbon Resins Company Limited ("Jinsen") | Jinsen | |
Place of business/country of incorporation | PRC | PRC | |
Percentage of ownership interest | 40.00% | 40.00% | |
Principal activities | Production of resins products | Production of resins products | |
Measurement method | Equity | Equity | |
Investments accounted for using the equity method | ¥ 54,537 | ¥ 61,335 | |
Shanghai Azbil Automation Company Limited ("Azbil") [member] | |||
Disclosure of associates [line items] | |||
Name of entity | Shanghai Azbil Automation Company Limited ("Azbil") | Azbil | |
Place of business/country of incorporation | PRC | PRC | |
Percentage of ownership interest | 40.00% | 40.00% | |
Principal activities | Service and maintenance of building automation systems and products | Service and maintenance of building automation systems and products | |
Measurement method | Equity | Equity | |
Investments accounted for using the equity method | ¥ 52,977 | ¥ 49,598 | |
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | |||
Disclosure of associates [line items] | |||
Name of entity | [1] | Shanghai Shidian Energy Company Limited ("Shidian Energy") | |
Place of business/country of incorporation | [1] | PRC | |
Percentage of ownership interest | [1] | 40.00% | |
Principal activities | [1] | Electric power supply | |
Measurement method | [1] | Equity | |
Investments accounted for using the equity method | ¥ 299,358 | ||
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | Toufa [member] | |||
Disclosure of associates [line items] | |||
Percentage of ownership interest | 40.00% | ||
Investments accounted for using the equity method | ¥ 320,000 | ||
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | Toufa [member] | Property, plant and equipment [member] | |||
Disclosure of associates [line items] | |||
Investments accounted for using the equity method | ¥ 71,816 | ||
[1] | In 2019, Toufa invested RMB 320,000 thousands to acquire 40% share of Shidian Energy, of which RMB 71,816 thousands was contributed by property, plant and equipment at fair market price. |
Investments Accounted for Usi_7
Investments Accounted for Using the Equity Method (Summarized Balance Sheet for Material Associates) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Current assets | ¥ 22,309,163 | ¥ 25,298,876 | |
Current liabilities | (15,479,629) | (13,913,014) | |
Non-current | |||
Non-current assets | 23,184,912 | 19,087,021 | |
Non-current liabilities | (20,598) | (10,442) | |
Shanghai Secco [member] | |||
Current | |||
Current assets | 11,858,124 | 9,537,354 | |
Current liabilities | (3,196,334) | (2,232,583) | |
Non-current | |||
Non-current assets | 5,020,292 | 5,517,999 | |
Non-current liabilities | (12,730) | 0 | |
Net assets | 13,669,352 | 12,822,770 | ¥ 13,269,928 |
Chemical Industry [member] | |||
Current | |||
Current assets | 4,356,339 | 3,785,819 | |
Current liabilities | (1,468,162) | (1,433,001) | |
Non-current | |||
Non-current assets | 3,153,858 | 3,219,257 | |
Non-current liabilities | (485,735) | (514,254) | |
Net assets | 5,556,300 | 5,057,821 | 4,664,349 |
Jinsen [member] | |||
Current | |||
Current assets | 85,302 | 100,065 | |
Current liabilities | (18,114) | (14,855) | |
Non-current | |||
Non-current assets | 69,154 | 68,128 | |
Non-current liabilities | 0 | 0 | |
Net assets | 136,342 | 153,338 | 166,183 |
Azbil [member] | |||
Current | |||
Current assets | 204,965 | 189,514 | |
Current liabilities | (75,572) | (68,106) | |
Non-current | |||
Non-current assets | 3,049 | 2,586 | |
Non-current liabilities | 0 | 0 | |
Net assets | 132,442 | 123,994 | ¥ 119,775 |
Shidian Energy [member] | |||
Current | |||
Current assets | 745,425 | ||
Current liabilities | (9,849) | ||
Non-current | |||
Non-current assets | 69,588 | ||
Non-current liabilities | 0 | ||
Net assets | ¥ 805,164 | ¥ 0 |
Investments Accounted for Usi_8
Investments Accounted for Using the Equity Method (Summarized Statement of Comprehensive Income for Material Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Revenue | ¥ 100,269,667 | ¥ 107,688,907 | ¥ 91,962,415 |
Profit/(loss) for the year | 2,227,165 | 5,336,218 | 6,154,159 |
Other comprehensive income/(loss) | 7,449 | (7,014) | (810) |
Total comprehensive income for the year | 2,234,614 | 5,329,204 | 6,153,349 |
Shanghai Secco [member] | |||
Disclosure of associates [line items] | |||
Revenue | 28,341,032 | 26,319,957 | 29,186,371 |
Profit/(loss) for the year | 3,383,582 | 3,228,682 | 5,179,254 |
Other comprehensive income/(loss) | 0 | 0 | 0 |
Total comprehensive income for the year | 3,383,582 | 3,228,682 | 5,179,254 |
Dividends declared by associate | 2,537,000 | 3,675,840 | 2,105,600 |
Chemical Industry [member] | |||
Disclosure of associates [line items] | |||
Revenue | 1,936,537 | 1,880,004 | 2,664,866 |
Profit/(loss) for the year | 609,540 | 472,804 | 407,709 |
Other comprehensive income/(loss) | 19,470 | (18,331) | (2,116) |
Total comprehensive income for the year | 629,010 | 454,473 | 405,593 |
Dividends declared by associate | 79,000 | 61,001 | 53,001 |
Jinsen [member] | |||
Disclosure of associates [line items] | |||
Revenue | 197,199 | 208,901 | 193,007 |
Profit/(loss) for the year | (16,996) | (12,845) | (17,069) |
Other comprehensive income/(loss) | 0 | 0 | 0 |
Total comprehensive income for the year | (16,996) | (12,845) | (17,069) |
Dividends declared by associate | 0 | 0 | 0 |
Azbil [member] | |||
Disclosure of associates [line items] | |||
Revenue | 297,694 | 255,554 | 234,852 |
Profit/(loss) for the year | 38,448 | 30,119 | 26,182 |
Other comprehensive income/(loss) | 0 | 0 | 0 |
Total comprehensive income for the year | 38,448 | 30,119 | 26,182 |
Dividends declared by associate | 30,000 | ¥ 25,900 | ¥ 17,000 |
Shidian Energy [member] | |||
Disclosure of associates [line items] | |||
Revenue | 112,143 | ||
Profit/(loss) for the year | 5,166 | ||
Other comprehensive income/(loss) | 0 | ||
Total comprehensive income for the year | 5,166 | ||
Dividends declared by associate | ¥ 0 |
Investments Accounted for Usi_9
Investments Accounted for Using the Equity Method (Reconciliation of Summarized Financial Information for Material Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of associates [line items] | ||||
Profit/(loss) for the year | ¥ 2,227,165 | ¥ 5,336,218 | ¥ 6,154,159 | |
Other comprehensive income/(loss) | 7,449 | (7,014) | (810) | |
Carrying value | 5,208,758 | 4,527,133 | ||
Shanghai Secco [member] | ||||
Disclosure of associates [line items] | ||||
Opening net assets 1 January | 12,822,770 | 13,269,928 | ||
Profit/(loss) for the year | 3,383,582 | 3,228,682 | 5,179,254 | |
Increase in share capital | 0 | |||
Other comprehensive income/(loss) | 0 | 0 | 0 | |
Decrease in reserves | 0 | |||
Declared dividends | (2,537,000) | (3,675,840) | (2,105,600) | |
Closing net assets | ¥ 13,669,352 | ¥ 12,822,770 | 13,269,928 | |
Percentage of ownership interest | 20.00% | 20.00% | ||
Interest in associates | ¥ 2,733,872 | ¥ 2,564,556 | ||
Unrealised upstream and downstream transaction | (9,512) | (9,512) | ||
Unentitled portion | [1] | 0 | 0 | |
Carrying value | 2,724,360 | 2,555,044 | ||
Chemical Industry [member] | ||||
Disclosure of associates [line items] | ||||
Opening net assets 1 January | 5,057,821 | 4,664,349 | ||
Profit/(loss) for the year | 609,540 | 472,804 | 407,709 | |
Increase in share capital | 0 | |||
Other comprehensive income/(loss) | 19,470 | (18,331) | (2,116) | |
Decrease in reserves | (51,535) | |||
Declared dividends | (79,000) | (61,001) | (53,001) | |
Closing net assets | ¥ 5,556,300 | ¥ 5,057,821 | 4,664,349 | |
Percentage of ownership interest | 38.26% | 38.26% | ||
Interest in associates | ¥ 2,125,839 | ¥ 1,935,122 | ||
Unrealised upstream and downstream transaction | 0 | 0 | ||
Unentitled portion | [1] | (328,629) | (348,346) | |
Carrying value | 1,797,210 | 1,586,776 | ||
Jinsen [member] | ||||
Disclosure of associates [line items] | ||||
Opening net assets 1 January | 153,338 | 166,183 | ||
Profit/(loss) for the year | (16,996) | (12,845) | (17,069) | |
Increase in share capital | 0 | |||
Other comprehensive income/(loss) | 0 | 0 | 0 | |
Decrease in reserves | 0 | |||
Declared dividends | 0 | 0 | 0 | |
Closing net assets | ¥ 136,342 | ¥ 153,338 | 166,183 | |
Percentage of ownership interest | 40.00% | 40.00% | ||
Interest in associates | ¥ 54,537 | ¥ 61,335 | ||
Unrealised upstream and downstream transaction | 0 | 0 | ||
Unentitled portion | [1] | 0 | 0 | |
Carrying value | 54,537 | 61,335 | ||
Azbil [member] | ||||
Disclosure of associates [line items] | ||||
Opening net assets 1 January | 123,994 | 119,775 | ||
Profit/(loss) for the year | 38,448 | 30,119 | 26,182 | |
Increase in share capital | 0 | |||
Other comprehensive income/(loss) | 0 | 0 | 0 | |
Decrease in reserves | 0 | |||
Declared dividends | (30,000) | (25,900) | (17,000) | |
Closing net assets | ¥ 132,442 | ¥ 123,994 | ¥ 119,775 | |
Percentage of ownership interest | 40.00% | 40.00% | ||
Interest in associates | ¥ 52,977 | ¥ 49,598 | ||
Unrealised upstream and downstream transaction | 0 | 0 | ||
Unentitled portion | [1] | 0 | 0 | |
Carrying value | 52,977 | 49,598 | ||
Shidian Energy [member] | ||||
Disclosure of associates [line items] | ||||
Opening net assets 1 January | 0 | |||
Profit/(loss) for the year | 5,166 | |||
Increase in share capital | 800,000 | |||
Other comprehensive income/(loss) | 0 | |||
Decrease in reserves | 0 | |||
Declared dividends | 0 | |||
Closing net assets | ¥ 805,164 | ¥ 0 | ||
Percentage of ownership interest | [2] | 40.00% | ||
Interest in associates | ¥ 322,066 | |||
Unrealised upstream and downstream transaction | (22,708) | |||
Unentitled portion | [1] | 0 | ||
Carrying value | ¥ 299,358 | |||
[1] | Unentitled portion represented the earnings from sales of the lands injected by Government in Chemical Industry that cannot be shared by other shareholders. | |||
[2] | In 2019, Toufa invested RMB 320,000 thousands to acquire 40% share of Shidian Energy, of which RMB 71,816 thousands was contributed by property, plant and equipment at fair market price. |
Investments Accounted for Us_10
Investments Accounted for Using the Equity Method (Summarized Financial Information for Other Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Investments accounted for using the equity method | ¥ 5,208,758 | ¥ 4,527,133 | |
Aggregate amounts of the group's share of: | |||
Profit for the year | 2,227,165 | 5,336,218 | ¥ 6,154,159 |
Total comprehensive income | 2,234,614 | 5,329,204 | ¥ 6,153,349 |
Other associates [member] | |||
Disclosure of associates [line items] | |||
Investments accounted for using the equity method | 45,022 | 44,512 | |
Aggregate amounts of the group's share of: | |||
Profit for the year | 6,400 | 5,884 | |
Total comprehensive income | ¥ 6,400 | ¥ 5,884 |
Investments Accounted for Us_11
Investments Accounted for Using the Equity Method (Investment in Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [line items] | |||
As at 1 January | ¥ 4,527,133 | ||
Share of profit | 44,779 | ¥ 46,172 | ¥ 43,552 |
As at 31 December | 5,208,758 | 4,527,133 | |
Joint ventures [member] | |||
Disclosure of joint ventures [line items] | |||
As at 1 January | 229,868 | 212,249 | |
Investment addition | 0 | 7,979 | |
Share of profit | 44,779 | 46,172 | |
Cash dividends distribution | (39,353) | (36,532) | |
As at 31 December | ¥ 235,294 | ¥ 229,868 | ¥ 212,249 |
Investments Accounted for Us_12
Investments Accounted for Using the Equity Method (Principal Activities in Joint Ventures) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
BOC [member] | ||
Disclosure of joint ventures [line items] | ||
Name of entity | BOC | BOC |
Place of business/country of incorporation | PRC | PRC |
Percentage of ownership interest | 50.00% | 50.00% |
Principal activities | Production and sales of industrial gases | Production and sales of industrial gases |
Measurement method | Equity | Equity |
Shanghai Petrochemical Pressure Vessel Testing Center ("JYJC") [member] | ||
Disclosure of joint ventures [line items] | ||
Name of entity | Shanghai Petrochemical Pressure Vessel Testing Center("JYJC") | Shanghai Petrochemical Pressure Vessel Testing Center("JYJC") |
Place of business/country of incorporation | PRC | PRC |
Percentage of ownership interest | 50.00% | 50.00% |
Principal activities | Provide inspection and testing service | Provide inspection and testing service |
Measurement method | Equity | Equity |
Shanghai Petrochemical Yangu Gas Development Company Limited ("Yangu Gas") [member] | ||
Disclosure of joint ventures [line items] | ||
Name of entity | Shanghai Petrochemical Yangu Gas Development Company Limited ("Yangu Gas") | Shanghai Petrochemical Yangu Gas Development Company Limited ("Yangu Gas") |
Place of business/country of incorporation | PRC | PRC |
Percentage of ownership interest | 50.00% | 50.00% |
Principal activities | Production and sales of industrial gases | Production and sales of industrial gases |
Measurement method | Equity | Equity |
Investments Accounted for Us_13
Investments Accounted for Using the Equity Method (Summarized Balance Sheet for Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | ||||||
Cash and cash equivalents | ¥ 7,449,699 | ¥ 8,741,893 | ¥ 7,504,266 | ¥ 5,440,623 | ||
Current assets | 22,309,163 | 25,298,876 | ||||
Total current liabilities | (15,479,629) | (13,913,014) | ||||
Non-current | ||||||
Non-current assets | 23,184,912 | 19,087,021 | ||||
Non-current liabilities | (20,598) | (10,442) | ||||
BOC [member] | ||||||
Current | ||||||
Cash and cash equivalents | 182,548 | 137,505 | ||||
Other current assets (excluding cash) | 64,837 | 68,454 | ||||
Current assets | 247,385 | 205,959 | ||||
Total current liabilities | (37,444) | (41,962) | ||||
Non-current | ||||||
Non-current assets | 181,372 | 198,555 | ||||
Non-current liabilities | (26,378) | 0 | ||||
Net assets | 364,935 | 362,552 | [1] | ¥ 0 | 349,076 | |
JYJC [member] | ||||||
Current | ||||||
Cash and cash equivalents | 11,200 | 8,086 | ||||
Other current assets (excluding cash) | 9,557 | 11,441 | ||||
Current assets | 20,757 | 19,527 | ||||
Total current liabilities | (3,993) | (4,607) | ||||
Non-current | ||||||
Non-current assets | 1,937 | 2,357 | ||||
Non-current liabilities | 0 | 0 | ||||
Net assets | 18,701 | 17,277 | [1] | 15,958 | 0 | |
Yangu Gas [member] | ||||||
Current | ||||||
Cash and cash equivalents | 51,386 | 42,415 | ||||
Other current assets (excluding cash) | 12,565 | 14,164 | ||||
Current assets | 63,951 | 56,579 | ||||
Total current liabilities | (3,460) | (3,745) | ||||
Non-current | ||||||
Non-current assets | 36,972 | 44,589 | ||||
Non-current liabilities | 0 | 0 | ||||
Net assets | ¥ 97,463 | ¥ 97,423 | [1] | ¥ 0 | ¥ 99,941 | |
[1] | JYJC was a former wholly owned subsidiary of Toufa. On 31 March 2018, a third party investor injected RMB 9,600 thousands to acquire 50% share of JYJC, and JYJC became a joint venture of Toufa upon completion. For the year ended 31 December 2018, the related disposal gain of RMB 1,622 thousands was included in Other gains - net. |
Investments Accounted for Us_14
Investments Accounted for Using the Equity Method (Summarized Statement of Comprehensive Income for Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [line items] | |||
Revenue | ¥ 100,269,667 | ¥ 107,688,907 | ¥ 91,962,415 |
Depreciation and amortization | (1,838,788) | (1,807,613) | (1,834,129) |
Interest income | 398,176 | 443,661 | 268,379 |
Interest expense | (53,784) | (79,246) | (54,384) |
Profit from continuing operations | 2,656,128 | 6,808,121 | 7,852,898 |
Income tax expense | (428,963) | (1,471,903) | (1,698,739) |
Profit for the year | 2,227,165 | 5,336,218 | 6,154,159 |
Other comprehensive income | 7,449 | (7,014) | (810) |
Total comprehensive income for the year | 2,234,614 | 5,329,204 | 6,153,349 |
BOC [member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 414,374 | 423,160 | 410,254 |
Depreciation and amortization | (50,199) | (46,456) | (45,680) |
Interest income | 636 | 1,154 | 503 |
Interest expense | 0 | 0 | (190) |
Profit from continuing operations | 108,565 | 114,275 | 108,072 |
Income tax expense | (28,382) | (27,799) | (26,803) |
Profit for the year | 80,183 | 86,476 | 81,269 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income for the year | 80,183 | 86,476 | 81,269 |
Dividends declared by joint venture | 77,800 | 73,000 | 44,000 |
Jinpu [member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 13,848 | ||
Depreciation and amortization | (7,452) | ||
Interest income | 0 | ||
Interest expense | (533) | ||
Profit from continuing operations | (6,605) | ||
Income tax expense | 0 | ||
Profit for the year | (6,605) | ||
Other comprehensive income | 0 | ||
Total comprehensive income for the year | (6,605) | ||
Dividends declared by joint venture | 0 | ||
JYJC [member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 29,290 | 21,542 | |
Depreciation and amortization | 0 | 0 | |
Interest income | 308 | 27 | |
Interest expense | 0 | 0 | |
Profit from continuing operations | 3,107 | 1,833 | |
Income tax expense | (777) | (450) | |
Profit for the year | 2,330 | 1,383 | |
Other comprehensive income | 0 | 0 | |
Total comprehensive income for the year | 2,330 | 1,383 | |
Dividends declared by joint venture | 906 | 64 | |
Yangu Gas [member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 55,302 | 58,679 | 59,883 |
Depreciation and amortization | (11,272) | (2,245) | (9,829) |
Interest income | 1,119 | 541 | 360 |
Interest expense | 0 | 0 | 0 |
Profit from continuing operations | 40 | (2,518) | (1,172) |
Income tax expense | 0 | 0 | 0 |
Profit for the year | 40 | (2,518) | (1,172) |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income for the year | 40 | (2,518) | (1,172) |
Dividends declared by joint venture | ¥ 0 | ¥ 0 | ¥ 0 |
Investments Accounted for Us_15
Investments Accounted for Using the Equity Method (Reconciliation of Summarized Financial Information for Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | ||||
Disclosure of joint ventures [line items] | |||||||||
Profit for the year | ¥ 2,227,165 | ¥ 5,336,218 | ¥ 6,154,159 | ||||||
Other comprehensive income | 7,449 | (7,014) | (810) | ||||||
Carrying value | ¥ 5,208,758 | ¥ 4,527,133 | |||||||
BOC [member] | |||||||||
Disclosure of joint ventures [line items] | |||||||||
Opening net assets 1 January | 362,552 | [1] | 349,076 | ||||||
Net assets as at 31 March | 364,935 | 349,076 | 349,076 | 364,935 | 362,552 | [1] | ¥ 0 | ||
Profit for the year | 80,183 | 86,476 | 81,269 | ||||||
Other comprehensive income | 0 | 0 | 0 | ||||||
Declared dividends | (77,800) | (73,000) | (44,000) | ||||||
Closing net assets | ¥ 364,935 | ¥ 362,552 | [1] | 349,076 | |||||
Percentage of ownership interest | 50.00% | 50.00% | |||||||
Interest in joint ventures | 182,467 | 181,276 | |||||||
Unrealised downstream transaction | (5,256) | (8,759) | |||||||
Carrying value | 177,211 | 172,517 | |||||||
JYJC [member] | |||||||||
Disclosure of joint ventures [line items] | |||||||||
Opening net assets 1 January | ¥ 17,277 | [1] | ¥ 0 | ||||||
Net assets as at 31 March | 18,701 | 0 | 0 | 18,701 | 17,277 | [1] | 15,958 | ||
Profit for the year | 2,330 | 1,383 | |||||||
Other comprehensive income | 0 | 0 | |||||||
Declared dividends | (906) | (64) | |||||||
Closing net assets | ¥ 18,701 | ¥ 17,277 | [1] | 0 | |||||
Percentage of ownership interest | 50.00% | 50.00% | |||||||
Interest in joint ventures | 9,350 | 8,638 | |||||||
Unrealised downstream transaction | 0 | 0 | |||||||
Carrying value | 9,350 | 8,638 | |||||||
Yangu Gas [member] | |||||||||
Disclosure of joint ventures [line items] | |||||||||
Opening net assets 1 January | ¥ 97,423 | [1] | ¥ 99,941 | ||||||
Net assets as at 31 March | 97,463 | 99,941 | 99,941 | 97,463 | 97,423 | [1] | ¥ 0 | ||
Profit for the year | 40 | (2,518) | (1,172) | ||||||
Other comprehensive income | 0 | 0 | 0 | ||||||
Declared dividends | 0 | 0 | 0 | ||||||
Closing net assets | ¥ 97,463 | ¥ 97,423 | [1] | ¥ 99,941 | |||||
Percentage of ownership interest | 50.00% | 50.00% | |||||||
Interest in joint ventures | 48,733 | 48,713 | |||||||
Unrealised downstream transaction | 0 | 0 | |||||||
Carrying value | ¥ 48,733 | ¥ 48,713 | |||||||
[1] | JYJC was a former wholly owned subsidiary of Toufa. On 31 March 2018, a third party investor injected RMB 9,600 thousands to acquire 50% share of JYJC, and JYJC became a joint venture of Toufa upon completion. For the year ended 31 December 2018, the related disposal gain of RMB 1,622 thousands was included in Other gains - net. |
Investments Accounted for Us_16
Investments Accounted for Using the Equity Method (Reconciliation of Summarized Financial Information for Joint Ventures, Narrative) (Details) - CNY (¥) ¥ in Thousands | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of joint ventures [line items] | ||||
Gain related to disposal of JYJC | ¥ (60,951) | ¥ 1,622 | ¥ 0 | |
JYJC [member] | ||||
Disclosure of joint ventures [line items] | ||||
Investment injected from a third party | ¥ 9,600 | |||
Percentage share held by a third party | 50.00% | |||
Gain related to disposal of JYJC | ¥ 1,622 |
Inventories (Details)
Inventories (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about inventories [line items] | ||
Raw materials | ¥ 4,567,648 | ¥ 5,529,241 |
Work in progress | 993,059 | 1,044,137 |
Finished goods | 988,572 | 1,384,273 |
Spare parts and consumables | 205,155 | 163,224 |
Inventory | 6,754,434 | 8,120,875 |
Gross carrying amount [member] | ||
Disclosure of detailed information about inventories [line items] | ||
Raw materials | 4,567,648 | 5,529,241 |
Work in progress | 1,072,040 | 1,099,235 |
Finished goods | 1,022,335 | 1,440,721 |
Spare parts and consumables | 247,873 | 209,907 |
Inventory | 6,909,896 | 8,279,104 |
Provision for declines in the value of inventories [member] | ||
Disclosure of detailed information about inventories [line items] | ||
Raw materials | 0 | 0 |
Work in progress | (78,981) | (55,098) |
Finished goods | (33,763) | (56,448) |
Spare parts and consumables | (42,718) | (46,683) |
Inventory | ¥ (155,462) | ¥ (158,229) |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventories [abstract] | |||
Cost of inventories recognized in Cost of Sales | ¥ 78,595,380 | ¥ 82,981,590 | ¥ 65,607,079 |
Inventory provision excluded in cost of sales | 70,178 | 86,003 | 60,461 |
Provision for inventory write-down | 155,462 | 158,229 | |
Provision reversed for sales of certain finished goods and utilisation of certain spare parts and consumables | ¥ 72,945 | ¥ 73,266 | ¥ 44,591 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities (Summary of Financial Instruments) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets [abstract] | |||||
Trade receivables | ¥ 120,739 | ¥ 81,990 | |||
Other receivables | 26,101 | 105,803 | |||
Amounts due from related parties excluded prepayments | 1,521,187 | 2,219,007 | |||
Cash and cash equivalents | 7,449,699 | 8,741,893 | ¥ 7,504,266 | ¥ 5,440,623 | |
Time deposits with banks | 5,020,073 | 1,500,000 | |||
Financial assets at fair value through other comprehensive income | 1,545,921 | 1,672,431 | |||
Financial assets at fair value through profit or loss | 3,318,670 | 2,727,279 | |||
Total finanical assets | 19,002,390 | 17,048,403 | |||
Financial liabilities [abstract] | |||||
Borrowings | 1,547,600 | 497,249 | |||
Trade payables | 2,142,402 | 2,922,998 | |||
Other payables | 4,513,698 | 5,167,230 | |||
Bills payables | 673,900 | 0 | |||
Amounts due to related parties | 5,708,394 | 4,567,814 | |||
Lease liabilities | 22,043 | ¥ 76,731 | 0 | ||
Financial liabilities at fair value through profit or loss | 799 | 11,005 | |||
Total financial liabilities | ¥ 14,608,836 | ¥ 13,166,296 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities (Trade and Other Receivables) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade receivables | ¥ 120,739 | ¥ 82,044 |
Less: impairment provision | 0 | (54) |
Trade receivables | 120,739 | 81,990 |
Amounts due from related parties excluded prepayments | 1,521,187 | 2,219,007 |
Subtotal | 1,641,926 | 2,300,997 |
Other receivables | 26,101 | 105,803 |
Trade and other current receivables | ¥ 1,668,027 | ¥ 2,406,800 |
Financial Assets and Financia_5
Financial Assets and Financial Liabilities (Trade and Other Receivables, Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about trade and other receivable [line items] | |||
Dividends received | ¥ 594,868 | ¥ 811,473 | ¥ 479,633 |
Certain associates and joint ventures [member] | |||
Disclosure of detailed information about trade and other receivable [line items] | |||
Dividends declared | 594,868 | 811,473 | ¥ 479,633 |
Dividends received | 594,868 | 811,473 | |
Interest receivables | ¥ 10,927 | ¥ 79,224 |
Financial Assets and Financia_6
Financial Assets and Financial Liabilities (Trade and Other Receivables, Aging Analysis of Trade Receivables, Bills Receivable and Amounts Due from Related Parties Excluded Prepayments) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about trade and other receivable [line items] | ||
Trade receivables, bills receivable and amounts due from related parties excluded prepayments | ¥ 1,641,926 | ¥ 2,300,997 |
Within one year [member] | ||
Disclosure of detailed information about trade and other receivable [line items] | ||
Trade receivables, bills receivable and amounts due from related parties excluded prepayments | 1,641,926 | 2,300,957 |
Later than one year and not later than two years [member] | ||
Disclosure of detailed information about trade and other receivable [line items] | ||
Trade receivables, bills receivable and amounts due from related parties excluded prepayments | 0 | 29 |
Later than two years and not later than three years [member] | ||
Disclosure of detailed information about trade and other receivable [line items] | ||
Trade receivables, bills receivable and amounts due from related parties excluded prepayments | ¥ 0 | ¥ 11 |
Financial Assets and Financia_7
Financial Assets and Financial Liabilities (Trade and Other Receivables, Movements of Impairment Provision for Trade and Other Receivables) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and other receivables [abstract] | ||
As at 1 January | ¥ 198 | ¥ 1,053 |
Provision/(reversal) for receivables impairment | (59) | 39 |
Receivables written off during the year as uncollectible | 0 | (894) |
As at 31 December | ¥ 139 | ¥ 198 |
Financial Assets and Financia_8
Financial Assets and Financial Liabilities (Cash and Cash Equivalents) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents [abstract] | |||||
Cash deposits with a related party | [1] | ¥ 67,015 | ¥ 22,082 | ||
Cash at bank and on hand | 7,382,684 | 8,719,811 | |||
Cash and cash equivalents | ¥ 7,449,699 | ¥ 8,741,893 | ¥ 7,504,266 | ¥ 5,440,623 | |
[1] | Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited ("Sinopec Finance"), which is a financial institution. |
Financial Assets and Financia_9
Financial Assets and Financial Liabilities (Time Deposits with banks) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Time deposits with banks [line items] | ||
Time deposits with banks within one year | ¥ 1,508,839 | ¥ 1,500,000 |
Time deposits with banks above one year | 3,511,234 | 0 |
Total time deposits with banks | 5,020,073 | 1,500,000 |
Within six months [member] | ||
Time deposits with banks [line items] | ||
Time deposits with banks within one year | ¥ 1,508,839 | ¥ 1,500,000 |
Interest rate on time deposits with banks | 4.50% | |
Within six months [member] | Bottom of range [member] | ||
Time deposits with banks [line items] | ||
Interest rate on time deposits with banks | 3.95% | |
Within six months [member] | Top of range [member] | ||
Time deposits with banks [line items] | ||
Interest rate on time deposits with banks | 4.10% | |
Three years [member] | ||
Time deposits with banks [line items] | ||
Time deposits with banks above one year | ¥ 3,511,234 | ¥ 0 |
Interest rate on time deposits with banks | 0.00% | |
Three years [member] | Bottom of range [member] | ||
Time deposits with banks [line items] | ||
Interest rate on time deposits with banks | 4.13% | |
Three years [member] | Top of range [member] | ||
Time deposits with banks [line items] | ||
Interest rate on time deposits with banks | 4.18% |
Financial Assets and Financi_10
Financial Assets and Financial Liabilities (Financial Assets at Fair Value Through Other Comprehensive Income) (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | |||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of financial assets [line items] | ||||
Trade and bill receivables | ¥ 1,540,921 | ¥ 1,672,431 | ||
Equity investments | [1] | 5,000 | 0 | |
Total financial assets at fair value through other comprehensive income | ¥ 1,545,921 | ¥ 1,672,431 | ||
Toufa [member] | Shanghai Carbon Fiber Composites Innovation Research Institute Co. Ltd [member] | ||||
Disclosure of financial assets [line items] | ||||
Total financial assets at fair value through other comprehensive income | ¥ 5,000 | |||
Percentage of ownership interest | 16.67% | |||
[1] | In July 2019, Toufa invested RMB 5,000 thousands in Shanghai Carbon Fiber Composites Innovation Research Institute Co. Ltd to acquire 16.67% of its share. |
Financial Assets and Financi_11
Financial Assets and Financial Liabilities (Financial Assets at Fair Value Through Profit or Loss) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets at fair value through profit or loss [abstract] | ||
Structured deposits | ¥ 3,318,407 | ¥ 2,719,811 |
Foreign exchange options | 263 | 7,468 |
Financial assets at fair value through profit or loss | ¥ 3,318,670 | ¥ 2,727,279 |
Financial Assets and Financi_12
Financial Assets and Financial Liabilities (Borrowings) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings [abstract] | ||
Credit loans due within one year - Short term bank loans | ¥ 1,547,600 | ¥ 497,249 |
Financial Assets and Financi_13
Financial Assets and Financial Liabilities (Borrowings, Narrative) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Weighted average [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate for the Group's borrowings | 3.35% | 3.63% |
Financial Assets and Financi_14
Financial Assets and Financial Liabilities (Trade and Other Payables) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables [abstract] | ||
Trade payables | ¥ 2,142,402 | ¥ 2,922,998 |
Bills payables | 673,900 | 0 |
Amounts due to related parties | 5,708,394 | 4,567,814 |
Subtotal | 8,524,696 | 7,490,812 |
Staff salaries and welfares payable | 189,547 | 128,861 |
Taxes payable (exclude income tax payable) | 3,577,018 | 4,342,676 |
Interest payable | 1,686 | 5,952 |
Dividends payable | 29,144 | 26,488 |
Construction payable | 277,184 | 334,249 |
Other liabilities | 439,119 | 329,004 |
Subtotal of other payables | 4,513,698 | 5,167,230 |
Total trade and other payables | ¥ 13,038,394 | ¥ 12,658,042 |
Financial Assets and Financi_15
Financial Assets and Financial Liabilities (Trade and Other Payables, Aging Analysis of Trade Payables) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables [line items] | ||
Trade payables (including bills payable and amounts due to related parties with trading nature) | ¥ 8,524,696 | ¥ 7,490,812 |
Within one year [member] | ||
Trade and other payables [line items] | ||
Trade payables (including bills payable and amounts due to related parties with trading nature) | 8,509,327 | 7,451,168 |
Between one and two years [member] | ||
Trade and other payables [line items] | ||
Trade payables (including bills payable and amounts due to related parties with trading nature) | 11,209 | 25,231 |
Over two years [member] | ||
Trade and other payables [line items] | ||
Trade payables (including bills payable and amounts due to related parties with trading nature) | ¥ 4,160 | ¥ 14,413 |
Other assets and assets class_3
Other assets and assets classified as held for sale (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets and assets classified as held for sale [abstract] | ||
Prepayments | ¥ 23,767 | ¥ 38,025 |
Prepayments to related parties | 44,806 | 67,242 |
Total other current assets | 68,573 | 105,267 |
Assets classified as held for sale | ¥ 0 | ¥ 24,331 |
Contract liabilities (Details)
Contract liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract liabilities [abstract] | ||
Contract liabilities | ¥ 655,117 | ¥ 446,702 |
Carried-forward contract liabilities recognized in current year | ¥ 446,702 | ¥ 465,706 |
Deferred Income (Details)
Deferred Income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred income [line items] | ||
As at 1 January | ¥ 10,442 | ¥ 5,679 |
Amortization | (437) | (437) |
As at 31 December | 10,005 | 10,442 |
The project of energy efficiency renovations of thermoelectric unit [member] | ||
Deferred income [line items] | ||
Government grants received during the year to compensate the cost | ¥ 0 | ¥ 5,200 |
Share Capital (Details)
Share Capital (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
As at 1 January/31 December | ¥ 10,823,814 | ¥ 10,823,814 | |
Exercise of employee share options - proceeds received | 37,102 | ¥ 76,496 | |
Ordinary A shares listed in PRC [member] | |||
Disclosure of classes of share capital [line items] | |||
As at 1 January/31 December | 7,328,814 | 7,319,177 | 7,328,814 |
Exercise of employee share options - proceeds received | 9,637 | ||
Foreign invested H shares listed overseas [member] | |||
Disclosure of classes of share capital [line items] | |||
As at 1 January/31 December | 3,495,000 | 3,495,000 | 3,495,000 |
Exercise of employee share options - proceeds received | 0 | ||
Total [member] | |||
Disclosure of classes of share capital [line items] | |||
As at 1 January/31 December | 10,823,814 | 10,814,177 | ¥ 10,823,814 |
Exercise of employee share options - proceeds received | ¥ 9,637 | ¥ 14,177 |
Reserves (Details)
Reserves (Details) - CNY (¥) ¥ in Thousands | Mar. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | ¥ 19,522,249 | |||
Net profit attributable to shareholders of the Company | 2,215,728 | ¥ 5,336,331 | ¥ 6,143,222 | |
Dividends proposed and approved | ¥ (2,705,952) | (2,705,952) | (3,247,144) | (2,700,000) |
Appropriation of safety production fund | 0 | 0 | 0 | |
Forfeit of share option scheme | (13,004) | |||
Exercise of share option | 37,102 | 76,496 | ||
Transactions with non-controlling interests | (152,800) | |||
Balance at 31 December | 19,039,474 | 19,522,249 | ||
Legal surplus [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 4,072,476 | 4,072,476 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Transactions with non-controlling interests | 0 | |||
Balance at 31 December | 4,072,476 | 4,072,476 | 4,072,476 | |
Capital surplus [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 13,739 | 4,180 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Transactions with non-controlling interests | 9,559 | |||
Balance at 31 December | 13,739 | 13,739 | 4,180 | |
Surplus reserve [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 101,355 | 101,355 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Transactions with non-controlling interests | 0 | |||
Balance at 31 December | 101,355 | 101,355 | 101,355 | |
Other reserve [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 10,389 | 47,469 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | (13,004) | |||
Exercise of share option | (17,062) | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 7,449 | (7,014) | ||
Transactions with non-controlling interests | 0 | |||
Balance at 31 December | 17,838 | 10,389 | 47,469 | |
Share premium [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 106,846 | 62,319 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 44,527 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Transactions with non-controlling interests | 0 | |||
Balance at 31 December | 106,846 | 106,846 | 62,319 | |
Safety production fund [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 57,135 | 0 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 2 | 57,135 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Transactions with non-controlling interests | 0 | |||
Balance at 31 December | 57,137 | 57,135 | 0 | |
Retained earnings [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 15,160,309 | 13,128,257 | ||
Net profit attributable to shareholders of the Company | 2,215,728 | 5,336,331 | ||
Dividends proposed and approved | (2,705,952) | (3,247,144) | (2,700,000) | |
Appropriation of safety production fund | (2) | (57,135) | 346 | |
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | 0 | ||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Transactions with non-controlling interests | 0 | |||
Balance at 31 December | 14,670,083 | 15,160,309 | 13,128,257 | |
Total [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Balance at 1 January | 19,522,249 | 17,416,056 | ||
Net profit attributable to shareholders of the Company | 2,215,728 | 5,336,331 | ||
Dividends proposed and approved | (2,705,952) | (3,247,144) | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | (13,004) | |||
Exercise of share option | 27,465 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 7,449 | (7,014) | ||
Transactions with non-controlling interests | 9,559 | |||
Balance at 31 December | ¥ 19,039,474 | ¥ 19,522,249 | ¥ 17,416,056 |
Share-based Payments (General I
Share-based Payments (General Information and Conditions of Share-Based Payment Arrangement, Narrative) (Details) ¥ / shares in Units, ¥ in Thousands | Jan. 06, 2015CNY (¥)sharesIndividuals¥ / shares | Dec. 31, 2019 |
Share option incentive scheme [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date of share options | Jan. 6, 2015 | |
Number of share options granted | shares | 38,760,000 | |
Number of participants | Individuals | 214 | |
Percentage of ordinary shares granted to total ordinary share capital issued | 0.359% | |
Number of tranches of share options | 3 | |
Exercise price of each option at the grant date | ¥ / shares | ¥ 4.2 | |
Total fair value of share options at the grant date | ¥ | ¥ 65,412 | |
Share option incentive scheme [member] | Vesting condition one [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions of share options | Weighted average rate of return on equity of the Group should be no less than 9% for 2015, 9.5% for 2016 and 10% for 2017 in respect to the three tranche; | |
Share option incentive scheme [member] | Vesting condition two [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions of share options | For each year of 2015, 2016 and 2017, the compound annual growth rate in net profit based on the net profit of 2013 should achieve 5%; | |
Share option incentive scheme [member] | Vesting condition three [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions of share options | For each year of 2015, 2016 and 2017, proportion of the main business revenue in the total revenue should be no less than 99%; | |
Share option incentive scheme [member] | Vesting condition four [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions of share options | For each year of 2015, 2016 and 2017, each of the above three conditions should be no lower than the 75% level of peer companies; | |
Share option incentive scheme [member] | Vesting condition five [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions of share options | Achieving the target budget set by the Sinopec Corp. in 2015, 2016 and 2017, respectively. | |
Tranche 1 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of share options granted divided by three tranches | 40.00% | |
Tranche 2 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of share options granted divided by three tranches | 30.00% | |
Tranche 3 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of share options granted divided by three tranches | 30.00% |
Share-based Payments (Significa
Share-based Payments (Significant Inputs into Option Price Model) (Details) - Share option incentive scheme [member] | Jan. 06, 2015¥ / shares |
Disclosure of significant inputs into option price model [line items] | |
Spot share price | ¥ 4.51 |
Exercise price | ¥ 4.2 |
Expected volatility | 41.20% |
Maturity (years) | 5 |
Dividend yield | 1.00% |
Bottom of range [member] | |
Disclosure of significant inputs into option price model [line items] | |
Risk-free interest rate | 3.39% |
Top of range [member] | |
Disclosure of significant inputs into option price model [line items] | |
Risk-free interest rate | 3.67% |
Share-based Payments (Summary I
Share-based Payments (Summary Information of Outstanding Share Options, Narrative) (Details) ¥ / shares in Units, ¥ in Thousands | Jan. 12, 2018CNY (¥)Grantees¥ / shares | Aug. 29, 2017CNY (¥)Grantees¥ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Proceeds from exercising share option scheme | ¥ 0 | ¥ 37,102 | ¥ 54,580 | ||
Share option expenses reverse due to forfeit of share option scheme | ¥ 0 | ¥ 13,004 | ¥ (11,276) | ||
Share option incentive scheme [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |||
Tranche 1 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of each tranche option | ¥ / shares | ¥ 3.85 | ||||
Proceeds from exercising share option scheme | ¥ 54,580 | ||||
Number of grantees | Grantees | 199 | ||||
Tranche 1 [member] | Share capital [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Proceeds from exercising share option scheme | ¥ 14,177 | ||||
Tranche 1 [member] | Share premium [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Proceeds from exercising share option scheme | ¥ 40,403 | ||||
Tranche 2 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of each tranche option | ¥ / shares | ¥ 3.85 | ||||
Proceeds from exercising share option scheme | ¥ 37,102 | ||||
Number of grantees | Grantees | 185 | ||||
Tranche 2 [member] | Share capital [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Proceeds from exercising share option scheme | ¥ 9,637 | ||||
Tranche 2 [member] | Share premium [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Proceeds from exercising share option scheme | ¥ 27,465 | ||||
Tranche 3 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share option expenses reverse due to forfeit of share option scheme | ¥ 13,004 |
Share-based Payments (Summaries
Share-based Payments (Summaries of Options Granted) (Details) - Share option incentive scheme [member] | 12 Months Ended |
Dec. 31, 2018¥ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
As at 1 January | 19,104,500 |
Exercised during the year | (9,636,900) |
Forfeited during the year | (9,467,600) |
As at 31 December | 0 |
Related Party Transactions (Lis
Related Party Transactions (List of Major Related Parties) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Sinopec Group [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Ultimate parent company |
JYJC [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the Group |
BOC [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the Group |
Jinpu [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the Group |
Yangu Gas [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the Group |
Azbil [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Chemical Industry [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Jinsen [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Shanghai Secco [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Shanghai Carbon Fiber Composites Innovation Research Institute Energy [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Shanghai Chemical Industry Park Logistics Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Shanghai Jinhuan Petroleum Naphthalene Development Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Shanghai Nam Kwong Petro-Chemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Shidian Energy [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the Group |
Anqing Refinery Shuguang Oxo Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
BASF Gao-Qiao Performance Chemicals(Shanghai) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China International United Petroleum and Chemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical International (Nanjing) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical International Beijing Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical International Ningbo Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical International Tianjin Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical International Wuhan Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical Technology Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Dalian Frip Science and Technology Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Epec Commercial Factoring Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Fujian Gulei Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Fujian Refining & Petrochemical Company Limited (FREP) [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Nanjing Yangzi Petrochemical Rubber Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Ningbo Eastsea Linefan Technology Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
PetroChina International (Singapore) Pte. Ltd [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Petro-CyberWorks Information Technology Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Qingdao Sinosun Management System Certification Center Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Shanghai Jinshan Trading Corporation [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Shanghai KSD Bulk Solids Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Shanghai Leader Catalyst Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Shengli Oil Field Exploration And Development Research Institute [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Beijing Research Institute of Chemical Industry [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Catalyst Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Chemical Commercial Holding (Hong Kong) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Chemical Commercial Holding Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Europe Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Group Beijing Yanshan Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Honeywell(Tianjin) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Japan Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Lubricating Oil Shanghai Research Institute Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Materials & Equipment (East China) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Refinery Product Sales Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Research Institute of Petroleum Processing [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Safety Engineering Institute [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Shanghai Research Institute of Petrochemical Technology [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Shanghai Gaoqiao Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Yangzi Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Yizheng Chemical Fibre Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec International Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Nanjing valve supply reserve centers [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Qingdao Refining&Chemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Storage And Transportation Installation Company of Ningbo Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Unipec (Ningbo) International Logistics Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Unipec America, Inc [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Unipec Singapore [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Zhoushan Shihua Crude Oil Terminal Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
BASF-YPC Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the immediate parent company |
Zhejiang Baling Hengyi Caprolactam Limited Company [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the immediate parent company |
Beijing Petrochemical Engineering Consulting Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Beijing Shihua Hotel [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Beijing Victory Hotel Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical Press Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Jiangsu Jinling Opta Polymer Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
National Petrochemical Project Risk Assessment Technology Center [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Petrochemical Engineering Quality Supervision Centre [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Shanghai Petrochemical Machinery Manufacture Limited Company [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Shanghai Petrochemical Seawall Management Office [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Shanghai Sanopec Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Assets Management Corporation [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Consulting Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Economics & Development Research Institute [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Energy Saving Technology Service Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Engineering Incorporation [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Finance [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Group Shanghai Training Center [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec International Travel Service Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Luoyang Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Management Institute [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Nanjing Chemical Industries Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Nanjing Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec News [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Ningbo Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Petroleum Commercial Reserve Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Shanghai Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Shared Services Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Tendering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Zhongyuan Oilfield [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec (Shenzhen) E-Commerce Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
The Fifth Construction Company of Sinopec [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
The Fourth Construction Company of Sinopec [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
The Tenth Construction Company of Sinopec [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Yihua Tory Polyester Film Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Related Party Transactions (Tra
Related Party Transactions (Transactions between the Group and Sinopec Corp., Its Subsidiaries and Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | |||
Sales commissions | ¥ 125,641 | ¥ 139,954 | ¥ 116,616 |
Sinopec Corp., its subsidiaries and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of petroleum products | 50,354,162 | 49,209,765 | 39,992,682 |
Sales other than petroleum products | 8,642,514 | 7,112,332 | 6,708,955 |
Purchases of crude oil | 43,886,966 | 44,175,644 | 34,819,936 |
Purchases other than crude oil | 9,579,239 | 8,996,814 | 4,987,955 |
Sales commissions | 125,619 | 139,837 | 116,616 |
Rental income | ¥ 31,972 | ¥ 29,551 | ¥ 28,368 |
Related Party Transactions (Oth
Related Party Transactions (Other Transactions between the Group and Sinopec Group and Its Subsidiaries, Associates and Joint Ventures of the Group) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | |||
Depreciation of right-of-use assets | ¥ 101,998 | ¥ 0 | ¥ 0 |
Interest expense of lease liabilities | 2,570 | 0 | 0 |
Loans borrowed | 0 | 50,000 | 0 |
Interest income | 398,176 | 443,661 | 268,379 |
Loans repayment | 0 | 50,000 | 0 |
Interest expense | 53,784 | 79,246 | 54,384 |
The group and Sinopec group and subsidiaries associates and joint ventures of the group [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of goods and service fee income | 2,851,633 | 4,141,781 | 3,054,220 |
Purchase | 6,498,842 | 6,236,175 | 4,412,559 |
Depreciation of right-of-use assets | 80,640 | 0 | 0 |
Interest expense of lease liabilities | 2,304 | 0 | 0 |
Rental income | 11,831 | 0 | 0 |
Sinopec Group and its subsidiaries [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of goods and service fee income | 7,724 | 11,486 | 10,531 |
Purchase | 1,918,873 | 2,253,446 | 378,111 |
Insurance premiums expenses | 108,223 | 121,329 | 126,405 |
Lease expenses | 0 | 59,160 | 53,960 |
Depreciation of right-of-use assets | 80,552 | 0 | 0 |
Interest expense of lease liabilities | 2,285 | 0 | 0 |
Construction and installation cost | 143,560 | 109,146 | 172,404 |
Rental income | 461 | 0 | 0 |
Associates and joint ventures of the Group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of goods and service fee income | 2,843,909 | 4,130,295 | 3,043,689 |
Purchase | 4,579,969 | 3,982,729 | 4,034,448 |
Rental income | 11,370 | 0 | 0 |
Joint ventures of the Group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Depreciation of right-of-use assets | 88 | 0 | 0 |
Interest expense of lease liabilities | 19 | 0 | 0 |
Sinopec Finance [member] | |||
Disclosure of transactions between related parties [line items] | |||
Loans borrowed | 0 | 50,000 | 0 |
Interest income | 1,295 | 610 | 5,147 |
Loans repayment | 0 | 50,000 | 0 |
Interest expense | ¥ 0 | ¥ 1,326 | ¥ 0 |
Related Party Transactions (Rel
Related Party Transactions (Relevant Amounts Due from/to Related Parties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | ¥ 1,565,993 | ¥ 2,286,249 | ||
Amounts due to related parties | 5,708,394 | 4,567,814 | ||
Lease liabilities | 22,043 | ¥ 76,731 | 0 | |
Cash deposits, maturing within 3 months | [1] | 67,015 | 22,082 | |
The group and Sinopec group and subsidiaries associates and joint ventures of the group [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | 1,565,993 | 2,286,249 | ||
Amounts due to related parties | 5,708,394 | 4,567,814 | ||
Lease liabilities | 16,269 | 0 | ||
Sinopec Corp., its subsidiaries and joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | 1,505,836 | 2,142,731 | ||
Amounts due to related parties | 4,756,382 | 4,238,963 | ||
Sinopec Group and its subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | 0 | 457 | ||
Amounts due to related parties | 202,553 | 45,134 | ||
Lease liabilities | 15,571 | 0 | ||
Associates and joint ventures of the Group [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | 60,157 | 143,061 | ||
Amounts due to related parties | 749,459 | 283,717 | ||
Joint ventures of the Group [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Lease liabilities | ¥ 698 | ¥ 0 | ||
Sinopec Finance [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Cash deposits interest rate | 0.35% | 0.35% | ||
Sinopec Finance [member] | Not later than three months [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Cash deposits, maturing within 3 months | ¥ 67,015 | ¥ 22,082 | ||
[1] | Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited ("Sinopec Finance"), which is a financial institution. |
Related Party Transactions (Key
Related Party Transactions (Key Personnel Compensations) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related party transactions [abstract] | |||
Short-term employee benefits | ¥ 9,120 | ¥ 7,561 | ¥ 5,926 |
Post-employment benefits | 225 | 159 | 143 |
Share-based payments | 0 | 0 | 505 |
Total | ¥ 9,345 | ¥ 7,720 | ¥ 6,574 |
Related Party Transactions (Con
Related Party Transactions (Contributions to Defined Contribution Retirement Plans) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Municipal contribution plan [member] | |||
Disclosure of transactions between related parties [line items] | |||
Contributions to defined contribution retirement plans | ¥ 258,328 | ¥ 262,728 | ¥ 249,578 |
Supplementary retirement scheme costs [member] | |||
Disclosure of transactions between related parties [line items] | |||
Contributions to defined contribution retirement plans | ¥ 125,370 | ¥ 75,312 | ¥ 66,546 |
Related Party Transactions (Com
Related Party Transactions (Commitments with Related Parties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Sinopec Group and its subsidiaries [member] | ||
Disclosure of transactions between related parties [line items] | ||
Construction and installation cost | ¥ 156,309 | ¥ 16,011 |
Related Party Transactions (Inv
Related Party Transactions (Investment Commitments with Related Parties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Capital contribution to related parties | ¥ 191,263 | ¥ 111,263 | |
Shanghai Secco Petrochemical Company Limited [member] | |||
Disclosure of transactions between related parties [line items] | |||
Capital contribution to related parties | [1] | 111,263 | 111,263 |
Shanghai Shidian Energy Company Limited Shidian Energy [member] | |||
Disclosure of transactions between related parties [line items] | |||
Capital contribution to related parties | [2] | ¥ 80,000 | ¥ 0 |
[1] | Pursuant to the resolution of the 18th meeting of the 7th term of Board of Directors on 5 December 2013, the Group was approved to make capital contribution of USD 30,017 thousands (RMB 182,804 thousands equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2019, the Company has contributed RMB 71,541 thousands to Shanghai Secco. According to the approval by Shanghai Municipal Commission of Commerce as issued on 19 October 2015, the rest of the capital contribution to Shanghai Secco should be within 50 years starting from its registration date. | ||
[2] | Pursuant to the articles of association of Shidian Energy in August 2019, Toufa agreed to make capital contribution of RMB 400,000 thousands to acquire 40% share of Shidian Energy. As at 31 December 2019, Toufa has contributed RMB 320,000 thousands to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement. |
Related Party Transactions (I_2
Related Party Transactions (Investment Commitments with Related Parties, Narrative) (Details) ¥ in Thousands, $ in Thousands | Oct. 19, 2015 | Aug. 31, 2019CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 05, 2013CNY (¥) | Dec. 05, 2013USD ($) |
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to related parties | ¥ 247,220 | ¥ 69,210 | ||||
Shanghai Secco Petrochemical Company Limited [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to related parties | ¥ 182,804 | $ 30,017 | ||||
Shidian Energy [member] | Toufa [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to related parties | ¥ 400,000 | |||||
Capital contribution paid to related parties | 320,000 | |||||
Percentage of ownership interest | 40.00% | |||||
Parent [member] | Shanghai Secco Petrochemical Company Limited [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution paid to related parties | ¥ 71,541 | |||||
Expiration period of capital contribution plan | 50 years |
Dividend (Details)
Dividend (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | Mar. 25, 2020 | Mar. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividend [abstract] | |||||
Approved dividend not reflected in financial statement, per share | ¥ 0.12 | ||||
Approved dividend not reflected in financial statement, amount | ¥ 1,298,858 | ||||
Approved dividend, per share | ¥ 0.25 | ||||
Approved dividend, amount | ¥ 2,705,952 | ¥ 2,705,952 | ¥ 3,247,144 | ¥ 2,700,000 |
Cash Generated from Operation_2
Cash Generated from Operations (Reconciliation of Profit before Taxation to Cash Used in Operation) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash generated from operations [abstract] | ||||
Profit before income tax | ¥ 2,656,128 | ¥ 6,808,121 | ¥ 7,852,898 | |
Adjustment items: | ||||
Interest income | (398,176) | (443,661) | (268,379) | |
Share of profit of investments accounted for using the equity method | (972,593) | (885,597) | (1,243,693) | |
Gains on disposal of joint venture | 0 | 0 | (10,339) | |
Gains/(losses) from disposal of subsidiaries | 60,951 | (1,622) | 0 | |
Fair value losses/(gains) of foreign exchange option and forward exchange contracts | (3,001) | 2,021 | 1,516 | |
Gains from structured deposits | (85,444) | (19,811) | 0 | |
Payments for sale of financial assets at fair value through other comprehensive income | 19,513 | 0 | 0 | |
Interest expense | 53,784 | 35,574 | 17,259 | |
Foreign exchange losses/(gains) | (18,571) | 18,034 | 7,091 | |
Depreciation of property, plant and equipment | 1,507,804 | 1,550,924 | 1,574,842 | |
Depreciation of investment property | 14,694 | 14,527 | 13,652 | |
Depreciation of right-of-use assets | 101,998 | 0 | 0 | |
Amortization of lease prepayments and other non-current assets | 214,292 | 242,162 | 245,635 | |
Impairment loss on property, plant, equipment and construction in progress | 486 | 82,652 | 118,179 | |
Losses/(gains) on disposal of property, plant and equipment and other long-term assets-net | [1] | (158,551) | (172,508) | 13,017 |
Gains on exercise of foreign exchange option | (1,155) | (6,411) | 0 | |
Net (losses)/gains on settlement of foreign exchange contracts | 16,471 | (10,129) | 0 | |
Share-based payment | 0 | (13,004) | 11,276 | |
Profit on operation before change of working capital | 3,008,630 | 7,201,272 | 8,332,954 | |
(Increase)/decrease in inventories | 1,366,441 | (1,523,277) | (438,125) | |
Increase in operation receivables | (92,354) | (469,339) | (116,580) | |
Increase/(decrease) in operation payables | (487,877) | 2,767,557 | 1,003,653 | |
Increase in balances to related parties-net | 1,860,836 | 525,286 | 2,594 | |
Cash generated from operating activities | ¥ 5,655,676 | ¥ 8,501,499 | ¥ 8,784,496 | |
[1] | The net gains on disposal of land, property, plant and equipment were mainly composed of gains on disposal of land of Zhejiang Jin Yong Acrylic Fiber Company Limited ("Jinyong") which amounted to RMB 126,817 thousands. |
Cash Generated from Operation_3
Cash Generated from Operations (Reconciliation of Liabilities Arising from Financing Activities) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Bank loans [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Begining balance | ¥ 497,249 | ¥ 606,157 |
Financing cash flows | 1,059,892 | (109,398) |
Addition of lease liabilities | 0 | |
Foreign exchange movements | (9,541) | 490 |
Ending balance | 1,547,600 | 497,249 |
Lease liabilities [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Begining balance | 76,731 | |
Financing cash flows | (89,124) | |
Addition of lease liabilities | 34,436 | |
Foreign exchange movements | 0 | |
Ending balance | ¥ 22,043 | ¥ 76,731 |
Cash Generated from Operation_4
Cash Generated from Operations (Proceeds from Sale of Property, Plant and Equipment) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash generated from operations [abstract] | |||
Net book amount | ¥ 23,113 | ¥ 37,614 | ¥ 16,424 |
(Losses)/gains on disposal of property, plant and equipment-net | 44,390 | 172,508 | (13,017) |
Net proceeds from disposal of property, plant and equipment | ¥ 67,503 | ¥ 210,122 | ¥ 3,407 |
Cash Generated from Operation_5
Cash Generated from Operations (Non-cash Investing Activities) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash generated from operations [abstract] | |||
Purchase of non-current assets settled by bills | ¥ 73,812 | ¥ 50,110 | ¥ 0 |
Commitments (Capital Commitment
Commitments (Capital Commitments) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment | ||
Contracted but not provided for | ¥ 247,220 | ¥ 69,210 |
Subsequent Event (Details)
Subsequent Event (Details) ¥ / shares in Units, ¥ in Thousands | Mar. 25, 2020CNY (¥)¥ / shares |
Subsequent event [abstract] | |
Proposed dividend, per share | ¥ / shares | ¥ 0.12 |
Proposed dividend, amount | ¥ | ¥ 1,298,858 |
Balance Sheet and Reserve Mov_3
Balance Sheet and Reserve Movement of the Company (Balance Sheet) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | |||||
Lease prepayments and other non-current assets | ¥ 481,414 | ¥ 858,283 | |||
Property, plant and equipment | 11,300,797 | 11,646,390 | ¥ 12,866,428 | ||
Right-of-use assets | 343,860 | ¥ 411,878 | 0 | ||
Investment properties | 367,468 | 376,739 | 391,266 | ||
Construction in progress | 1,815,549 | 1,559,401 | |||
Deferred income tax assets | 150,832 | 119,075 | |||
Time deposits with banks | 3,511,234 | 0 | |||
Non-current assets | 23,184,912 | 19,087,021 | |||
Current assets | |||||
Inventory | 6,754,434 | 8,120,875 | |||
Financial assets at fair value through other comprehensive income | 1,540,921 | 1,672,431 | |||
Financial assets at fair value through profit or loss | 3,318,670 | 2,727,279 | |||
Trade receivables | 120,739 | 81,990 | |||
Other receivables | 26,101 | 105,803 | |||
Prepayments | 23,767 | 38,025 | |||
Amounts due from related parties | 1,565,993 | 2,286,249 | |||
Cash and cash equivalents | 7,449,699 | 8,741,893 | ¥ 7,504,266 | ¥ 5,440,623 | |
Time deposits with banks | 1,508,839 | 1,500,000 | |||
Current assets | 22,309,163 | 25,298,876 | |||
Total assets | 45,494,075 | 44,385,897 | |||
Equity and liabilities | |||||
Share capital | 10,823,814 | 10,823,814 | |||
Reserves | 19,039,474 | 19,522,249 | |||
Equity attributable to owners of the Company | 29,863,288 | 30,346,063 | |||
Non-current liabilities | |||||
Deferred income | 10,005 | 10,442 | |||
Lease liabilities | 10,593 | 2,638 | 0 | ||
Non-current liabilities | 20,598 | 10,442 | |||
Current liabilities | |||||
Borrowings | 1,547,600 | 497,249 | |||
Lease liabilities | 11,450 | ¥ 74,093 | 0 | ||
Financial liabilities at fair value through profit or loss | 799 | 11,005 | |||
Contract liabilities | 655,117 | 446,702 | |||
Bills payables | 673,900 | 0 | |||
Trade and other payables | 7,330,000 | 8,090,228 | |||
Amounts due to related parties | 5,708,394 | 4,567,814 | |||
Income tax payable | 226,269 | 300,016 | |||
Current liabilities | 15,479,629 | 13,913,014 | |||
Total liabilities | 15,500,227 | 13,923,456 | |||
Total equity and liabilities | 45,494,075 | 44,385,897 | |||
The Company [member] | |||||
Non-current assets | |||||
Lease prepayments and other non-current assets | 455,391 | 813,119 | |||
Property, plant and equipment | 11,101,389 | 11,435,270 | |||
Right-of-use assets | 319,434 | 0 | |||
Investment properties | 397,573 | 408,366 | |||
Construction in progress | 1,814,985 | 1,559,401 | |||
Investments in subsidiaries | 1,848,328 | 1,718,007 | |||
Investments in associates | 4,476,683 | 3,869,433 | |||
Deferred income tax assets | 138,648 | 109,137 | |||
Time deposits with banks | 3,511,234 | 0 | |||
Non-current assets | 24,063,665 | 19,912,733 | |||
Current assets | |||||
Inventory | 6,368,389 | 7,500,683 | |||
Financial assets at fair value through other comprehensive income | 669,889 | 714,599 | |||
Financial assets at fair value through profit or loss | 3,318,407 | 2,526,053 | |||
Trade receivables | 2,114 | 170,205 | |||
Other receivables | 12,627 | 92,999 | |||
Prepayments | 3,099 | 1,862 | |||
Amounts due from related parties | 1,354,793 | 1,953,459 | |||
Cash and cash equivalents | 5,754,440 | 7,619,013 | |||
Time deposits with banks | 1,508,839 | 1,500,000 | |||
Current assets | 18,992,597 | 22,078,873 | |||
Total assets | 43,056,262 | 41,991,606 | |||
Equity and liabilities | |||||
Share capital | 10,823,814 | 10,823,814 | |||
Reserves | 18,620,152 | 19,318,245 | |||
Equity attributable to owners of the Company | 29,443,966 | 30,142,059 | |||
Non-current liabilities | |||||
Deferred income | 10,005 | 10,442 | |||
Lease liabilities | 8,860 | 0 | |||
Non-current liabilities | 18,865 | 10,442 | |||
Current liabilities | |||||
Borrowings | 1,500,000 | 431,649 | |||
Lease liabilities | 10,059 | 0 | |||
Financial liabilities at fair value through profit or loss | 0 | 9,799 | |||
Contract liabilities | 597,688 | 403,967 | |||
Bills payables | 655,000 | 0 | |||
Trade and other payables | 5,508,265 | 6,388,081 | |||
Amounts due to related parties | 5,104,639 | 4,310,659 | |||
Income tax payable | 217,780 | 294,950 | |||
Current liabilities | 13,593,431 | 11,839,105 | |||
Total liabilities | 13,612,296 | 11,849,547 | |||
Total equity and liabilities | ¥ 43,056,262 | ¥ 41,991,606 |
Balance Sheet and Reserve Mov_4
Balance Sheet and Reserve Movement of the Company (Reserve Movement) (Details) - CNY (¥) ¥ in Thousands | Mar. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Balance at 1 January | ¥ 19,522,249 | |||
Net profit attributable to shareholders of the Company | 2,215,728 | ¥ 5,336,331 | ¥ 6,143,222 | |
Dividends proposed and approved | ¥ (2,705,952) | (2,705,952) | (3,247,144) | (2,700,000) |
Appropriation of safety production fund | 0 | 0 | 0 | |
Forfeit of share option scheme | 13,004 | |||
Exercise of share option | 37,102 | 76,496 | ||
Balance at 31 December | 19,039,474 | 19,522,249 | ||
Legal surplus [member] | ||||
Balance at 1 January | 4,072,476 | 4,072,476 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 4,072,476 | 4,072,476 | 4,072,476 | |
Capital surplus [member] | ||||
Balance at 1 January | 13,739 | 4,180 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 13,739 | 13,739 | 4,180 | |
Surplus reserve [member] | ||||
Balance at 1 January | 101,355 | 101,355 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 101,355 | 101,355 | 101,355 | |
Other reserve [member] | ||||
Balance at 1 January | 10,389 | 47,469 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 13,004 | |||
Exercise of share option | (17,062) | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 7,449 | (7,014) | ||
Balance at 31 December | 17,838 | 10,389 | 47,469 | |
Share premium [member] | ||||
Balance at 1 January | 106,846 | 62,319 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 44,527 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 106,846 | 106,846 | 62,319 | |
Safety production fund [member] | ||||
Balance at 1 January | 57,135 | 0 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 2 | 57,135 | ||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 57,137 | 57,135 | 0 | |
Retained earnings [member] | ||||
Balance at 1 January | 15,160,309 | 13,128,257 | ||
Net profit attributable to shareholders of the Company | 2,215,728 | 5,336,331 | ||
Dividends proposed and approved | (2,705,952) | (3,247,144) | (2,700,000) | |
Appropriation of safety production fund | (2) | (57,135) | 346 | |
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | 0 | ||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 14,670,083 | 15,160,309 | 13,128,257 | |
Total [member] | ||||
Balance at 1 January | 19,522,249 | 17,416,056 | ||
Net profit attributable to shareholders of the Company | 2,215,728 | 5,336,331 | ||
Dividends proposed and approved | (2,705,952) | (3,247,144) | ||
Appropriation of safety production fund | 0 | 0 | ||
Forfeit of share option scheme | 13,004 | |||
Exercise of share option | 27,465 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 7,449 | (7,014) | ||
Balance at 31 December | 19,039,474 | 19,522,249 | 17,416,056 | |
The Company [member] | ||||
Balance at 1 January | 19,318,245 | |||
Balance at 31 December | 18,620,152 | 19,318,245 | ||
The Company [member] | Legal surplus [member] | ||||
Balance at 1 January | 4,072,476 | 4,072,476 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | |||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 4,072,476 | 4,072,476 | 4,072,476 | |
The Company [member] | Capital surplus [member] | ||||
Balance at 1 January | 4,180 | 4,180 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | |||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 4,180 | 4,180 | 4,180 | |
The Company [member] | Surplus reserve [member] | ||||
Balance at 1 January | 101,355 | 101,355 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | |||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 101,355 | 101,355 | 101,355 | |
The Company [member] | Other reserve [member] | ||||
Balance at 1 January | 10,389 | 47,469 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | |||
Forfeit of share option scheme | (13,004) | |||
Exercise of share option | (17,062) | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 7,449 | (7,014) | ||
Balance at 31 December | 17,838 | 10,389 | 47,469 | |
The Company [member] | Share premium [member] | ||||
Balance at 1 January | 106,846 | 62,319 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 0 | |||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 44,527 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 106,846 | 106,846 | 62,319 | |
The Company [member] | Safety production fund [member] | ||||
Balance at 1 January | 57,135 | 0 | ||
Net profit attributable to shareholders of the Company | 0 | 0 | ||
Dividends proposed and approved | 0 | 0 | ||
Appropriation of safety production fund | 57,135 | |||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 57,135 | 57,135 | 0 | |
The Company [member] | Retained earnings [member] | ||||
Balance at 1 January | 14,965,864 | 13,115,540 | ||
Net profit attributable to shareholders of the Company | 2,000,410 | 5,154,603 | ||
Dividends proposed and approved | (2,705,952) | (3,247,144) | ||
Appropriation of safety production fund | (57,135) | |||
Forfeit of share option scheme | 0 | |||
Exercise of share option | 0 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 0 | 0 | ||
Balance at 31 December | 14,260,322 | 14,965,864 | 13,115,540 | |
The Company [member] | Total [member] | ||||
Balance at 1 January | 19,318,245 | 17,403,339 | ||
Net profit attributable to shareholders of the Company | 2,000,410 | 5,154,603 | ||
Dividends proposed and approved | (2,705,952) | (3,247,144) | ||
Appropriation of safety production fund | 0 | |||
Forfeit of share option scheme | (13,004) | |||
Exercise of share option | 27,465 | |||
Share of other comprehensive income/(loss) of investments accounted for using the equity method | 7,449 | (7,014) | ||
Balance at 31 December | ¥ 18,620,152 | ¥ 19,318,245 | ¥ 17,403,339 |
Benefits and Interests of Dir_3
Benefits and Interests of Directors (Directors' and Chief Executives' Emoluments) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | ¥ 9,120 | ¥ 7,561 | ¥ 5,926 | ||||
Retirement scheme contributions | 225 | 159 | 143 | ||||
Share option | 0 | 0 | 505 | ||||
Total | 9,345 | 7,720 | 6,574 | ||||
Directors and chief executives [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 2,488 | 2,258 | 2,091 | ||||
Retirement scheme contributions | 225 | 160 | 119 | ||||
Discretionary bonus | 6,035 | 4,701 | 2,842 | ||||
Share option | 427 | ||||||
Fees | 600 | 600 | |||||
Total | 9,348 | 7,719 | 5,479 | ||||
Gao Jinping [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 215 | [1] | 201 | ||||
Retirement scheme contributions | 12 | [1] | 18 | ||||
Discretionary bonus | 549 | [1] | 540 | ||||
Share option | 157 | ||||||
Fees | [1] | 0 | |||||
Total | 776 | [1] | 916 | ||||
Wu Haijun [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 343 | 393 | [2] | ||||
Retirement scheme contributions | 26 | 19 | [2] | ||||
Discretionary bonus | 557 | 910 | [2] | ||||
Fees | 0 | 0 | [2] | ||||
Total | 926 | 1,322 | [2] | ||||
Jin Qiang [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 289 | 226 | 241 | ||||
Retirement scheme contributions | 26 | 19 | 18 | ||||
Discretionary bonus | 745 | 523 | 470 | ||||
Share option | 135 | ||||||
Fees | 0 | 0 | |||||
Total | 1,060 | 768 | 864 | ||||
Shi Wei [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 329 | [3] | 84 | [4] | |||
Retirement scheme contributions | 26 | [3] | 6 | [4] | |||
Discretionary bonus | 797 | [3] | 58 | [4] | |||
Fees | 0 | [3] | 0 | [4] | |||
Total | 1,152 | [3] | 148 | [4] | |||
Guo Xiaojun [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 283 | [5] | 216 | 177 | |||
Retirement scheme contributions | 26 | [5] | 19 | 18 | |||
Discretionary bonus | 751 | [5] | 518 | 465 | |||
Share option | 135 | ||||||
Fees | 0 | [5] | 0 | ||||
Total | 1,060 | [5] | 753 | 795 | |||
Wang Zhiqing [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [6] | 184 | |||||
Retirement scheme contributions | [6] | 16 | |||||
Discretionary bonus | [6] | 525 | |||||
Share option | [6] | 0 | |||||
Total | [6] | 725 | |||||
Zhou Meiyun [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 248 | 185 | 148 | [7] | |||
Retirement scheme contributions | 26 | 19 | 15 | [7] | |||
Discretionary bonus | 709 | 498 | 125 | [7] | |||
Share option | [7] | 0 | |||||
Fees | 0 | 0 | |||||
Total | 983 | 702 | 288 | [7] | |||
Ye Guohua [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [8] | 15 | |||||
Retirement scheme contributions | [8] | 2 | |||||
Discretionary bonus | [8] | 13 | |||||
Share option | [8] | 0 | |||||
Total | [8] | 30 | |||||
Jin Wenmin [member] | Executive Directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 260 | 187 | [9] | ||||
Retirement scheme contributions | 26 | 19 | [9] | ||||
Discretionary bonus | 721 | 528 | [9] | ||||
Fees | 0 | 0 | [9] | ||||
Total | 1,007 | 734 | [9] | ||||
Zhang Yimin [member] | Independent non-executive directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 0 | 0 | 150 | ||||
Retirement scheme contributions | 0 | 0 | 0 | ||||
Discretionary bonus | 0 | 0 | 0 | ||||
Share option | 0 | ||||||
Fees | 150 | 150 | |||||
Total | 150 | 150 | 150 | ||||
Liu Yunhong [member] | Independent non-executive directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 0 | 0 | 150 | ||||
Retirement scheme contributions | 0 | 0 | 0 | ||||
Discretionary bonus | 0 | 0 | 0 | ||||
Share option | 0 | ||||||
Fees | 150 | 150 | |||||
Total | 150 | 150 | 150 | ||||
Du Weifeng [member] | Independent non-executive directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 0 | 0 | 150 | ||||
Retirement scheme contributions | 0 | 0 | 0 | ||||
Discretionary bonus | 0 | 0 | 0 | ||||
Share option | 0 | ||||||
Fees | 150 | 150 | |||||
Total | 150 | 150 | 150 | ||||
Li Yuanqin [member] | Independent non-executive directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 0 | 0 | 63 | [10] | |||
Retirement scheme contributions | 0 | 0 | 0 | [10] | |||
Discretionary bonus | 0 | 0 | 0 | [10] | |||
Share option | [10] | 0 | |||||
Fees | 150 | 150 | |||||
Total | 150 | 150 | 63 | [10] | |||
Pan Fei [member] | Independent non-executive directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [11] | 19 | |||||
Retirement scheme contributions | [11] | 0 | |||||
Discretionary bonus | [11] | 0 | |||||
Share option | [11] | 0 | |||||
Total | [11] | 19 | |||||
Pan Fei [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [12] | 50 | |||||
Retirement scheme contributions | [12] | 0 | |||||
Discretionary bonus | [12] | 0 | |||||
Share option | [12] | 0 | |||||
Total | [12] | 50 | |||||
Zuo Qiang [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 102 | [13] | 135 | 128 | |||
Retirement scheme contributions | 15 | [13] | 17 | 15 | |||
Discretionary bonus | 324 | [13] | 411 | 348 | |||
Share option | 0 | ||||||
Fees | 0 | [13] | 0 | ||||
Total | 441 | [13] | 563 | 491 | |||
Li Xiaoxia [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 102 | [14] | 143 | 127 | |||
Retirement scheme contributions | 14 | [14] | 16 | 14 | |||
Discretionary bonus | 529 | [14] | 418 | 313 | |||
Share option | 0 | ||||||
Fees | 0 | [14] | 0 | ||||
Total | 645 | [14] | 577 | 454 | |||
Ma Yanhui [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 267 | 274 | 63 | [15] | |||
Retirement scheme contributions | 22 | 14 | 3 | [15] | |||
Discretionary bonus | 685 | 288 | 43 | [15] | |||
Share option | [15] | 0 | |||||
Fees | 0 | 0 | |||||
Total | 974 | 576 | 109 | [15] | |||
Zhang Feng [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [16] | 31 | |||||
Retirement scheme contributions | [16] | 9 | |||||
Discretionary bonus | [16] | 107 | |||||
Fees | [16] | 0 | |||||
Total | [16] | 147 | |||||
Chen Hongjun [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [17] | 34 | |||||
Retirement scheme contributions | [17] | 9 | |||||
Discretionary bonus | [17] | 110 | |||||
Fees | [17] | 0 | |||||
Total | [17] | 153 | |||||
Zheng Yunrui [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 100 | 100 | 100 | [18] | |||
Retirement scheme contributions | 0 | 0 | 0 | [18] | |||
Discretionary bonus | 0 | 0 | 0 | [18] | |||
Share option | [18] | 0 | |||||
Fees | 0 | 0 | |||||
Total | 100 | 100 | 100 | [18] | |||
Cai Yanji [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 100 | ||||||
Retirement scheme contributions | 0 | ||||||
Discretionary bonus | 0 | ||||||
Fees | 0 | ||||||
Total | ¥ 100 | ||||||
Cai Tingji [member] | Independent non-executive directors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | [19] | 75 | |||||
Retirement scheme contributions | [19] | 0 | |||||
Discretionary bonus | [19] | 0 | |||||
Share option | [19] | 0 | |||||
Total | [19] | 75 | |||||
Cai Tingji [member] | Supervisors [member] | |||||||
Disclosure of benefits and interests of directors [line items] | |||||||
Salaries and other benefits | 100 | 50 | [10] | ||||
Retirement scheme contributions | 0 | 0 | [10] | ||||
Discretionary bonus | 0 | 0 | [10] | ||||
Share option | [10] | 0 | |||||
Fees | 0 | ||||||
Total | ¥ 100 | ¥ 50 | [10] | ||||
[1] | Resigned in September 2018. | ||||||
[2] | Resigned general manager in September 2018 while other titles remained. | ||||||
[3] | Resigned in December 2019. | ||||||
[4] | Appointed in September 2018. | ||||||
[5] | Resigned in December 2019. | ||||||
[6] | Resigned in November 2017. | ||||||
[7] | Appointed in March 2017. | ||||||
[8] | Resigned in January 2017. | ||||||
[9] | Appointed in June 2018. | ||||||
[10] | Appointed in July 2017. | ||||||
[11] | Appointed in July 2017 and resigned in August 2017. | ||||||
[12] | Appointed in January 2017 and resigned in June 2017. | ||||||
[13] | Resigned in September 2019. | ||||||
[14] | Resigned in September 2019. | ||||||
[15] | Appointed in October 2017. | ||||||
[16] | Appointed in October 2019. | ||||||
[17] | Appointed in October 2019. | ||||||
[18] | Appointed in January 2017. | ||||||
[19] | Resigned in June 2017. |