Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity Registrant Name | Sinopec Shanghai Petrochemical Company Limited | |
Entity Central Index Key | 0000908732 | |
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 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity File Number | 1-12158 | |
Auditor Name | KPMG Huazhen LLP | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1186 | 1424 |
Auditor Location | Shanghai, China | Shanghai, the People’s Republic of China |
Entity Incorporation, State or Country Code | F4 | |
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 | |
City Area Code | +86 | |
Local Phone Number | 57943143 | |
Contact Personnel Fax Number | 57940050 | |
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 statement of profi
Consolidated statement of profit or loss and other comprehensive income - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Revenue | ¥ 89,198,492 | ¥ 74,623,575 | ¥ 100,269,667 |
Taxes and surcharges | (13,309,688) | (13,062,710) | (12,213,927) |
Net sales | 75,888,804 | 61,560,865 | 88,055,740 |
Cost of sales | (74,298,048) | (61,901,114) | (86,467,995) |
Gross profit/(loss) | 1,590,756 | (340,249) | 1,587,745 |
Selling and administrative expenses | (368,243) | (486,323) | (549,885) |
Reversal/(provision) of impairment losses on financial assets | (1,355) | 120,916 | 59 |
Other operating income | 125,305 | 148,676 | 150,714 |
Other operating expenses | (44,712) | (24,686) | (21,925) |
Other gains - net | 130,481 | 115,430 | 153,864 |
Profit/(loss) from operations | 1,432,232 | (466,236) | 1,320,572 |
Finance income | 508,755 | 431,228 | 416,747 |
Finance expenses | (94,186) | (98,954) | (53,784) |
Finance income – net | 414,569 | 332,274 | 362,963 |
Share of net profits of associates and joint ventures accounted for using the equity method | 874,285 | 724,740 | 972,593 |
Profit before taxation | 2,721,086 | 590,778 | 2,656,128 |
Income tax (expenses)/ benefits | (644,480) | 65,620 | (428,963) |
Profit for the year | 2,076,606 | 656,398 | 2,227,165 |
Profit attributable to: | |||
Equity shareholders of the Company | 2,073,431 | 645,072 | 2,215,728 |
Non-controlling interests | 3,175 | 11,326 | 11,437 |
Profit for the year | ¥ 2,076,606 | ¥ 656,398 | ¥ 2,227,165 |
Earnings per share attributable to equity shareholders of the Company for the year (expressed in RMB per share) | |||
Basic earnings per share | ¥ 0.192 | ¥ 0.060 | ¥ 0.205 |
Diluted earnings per share | ¥ 0.192 | ¥ 0.060 | ¥ 0.205 |
Profit for the year | ¥ 2,076,606 | ¥ 656,398 | ¥ 2,227,165 |
Other comprehensive income | |||
Share of other comprehensive income of associates accounted for using the equity method | 16,639 | (11,512) | 7,449 |
Cash flow hedges: net movement in hedging reserve | 125,159 | 0 | 0 |
Other comprehensive income for the year, net of tax | 141,798 | (11,512) | 7,449 |
Total comprehensive income for the year | 2,218,404 | 644,886 | 2,234,614 |
Attributable to: | |||
Equity shareholders of the Company | 2,215,229 | 633,560 | 2,223,177 |
Non-controlling interests | 3,175 | 11,326 | 11,437 |
Total comprehensive income for the year | ¥ 2,218,404 | ¥ 644,886 | ¥ 2,234,614 |
Consolidated statement of finan
Consolidated statement of financial position - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Property, plant and equipment | ¥ 11,310,032 | ¥ 11,713,022 |
Right-of-use assets | 385,643 | 410,801 |
Investment properties | 352,188 | 367,586 |
Construction in progress | 3,293,177 | 1,710,124 |
Investments accounted for using the equity method | 4,088,888 | 5,387,834 |
Financial assets at fair value through other comprehensive income | 5,000 | 5,000 |
Time deposits with banks | 5,581,435 | 7,042,840 |
Deferred tax assets | 184,143 | 252,121 |
Other non-current assets | 787,807 | 424,959 |
Non-current assets | 25,988,313 | 27,314,287 |
Current assets | ||
Inventories | 5,923,525 | 3,888,746 |
Financial assets at fair value through other comprehensive income | 1,047,690 | 1,207,114 |
Derivative financial instruments | 81,405 | 0 |
Trade receivables | 77,425 | 113,163 |
Other receivables | 47,597 | 18,101 |
Prepayments | 43,686 | 19,552 |
Amounts due from related parties | 1,212,331 | 1,092,316 |
Cash and cash equivalents | 5,112,010 | 6,916,408 |
Time deposits with banks | 7,386,607 | 4,049,443 |
Current assets | 20,932,276 | 17,304,843 |
Total assets | 46,920,589 | 44,619,130 |
Equity and liabilities | ||
Share capital | 10,823,814 | 10,823,814 |
Reserves | 19,418,325 | 18,374,176 |
Equity attributable to owners of the Company | 30,242,139 | 29,197,990 |
Non-controlling interests | 135,259 | 136,985 |
Total equity | 30,377,398 | 29,334,975 |
Non-current liabilities | ||
Borrowings | 700,000 | 0 |
Lease liabilities | 1,384 | 3,119 |
Deferred tax liabilities | 33,344 | 35,357 |
Deferred income | 12,720 | 13,433 |
Non-current liabilities | 747,448 | 51,909 |
Current liabilities | ||
Borrowings | 1,559,800 | 1,548,000 |
Short-term bonds | 0 | 3,017,811 |
Lease liabilities | 3,229 | 9,352 |
Derivative financial instruments | 23,804 | 0 |
Contract liabilities | 424,607 | 495,404 |
Trade and other payables | 3,095,694 | 2,820,083 |
Amounts due to related parties | 6,304,816 | 3,656,841 |
Current tax liabilities | 3,865,231 | 3,420,824 |
Staff salaries and welfares payable | 260,096 | 244,506 |
Income tax payable | 258,466 | 19,425 |
Current liabilities | 15,795,743 | 15,232,246 |
Total liabilities | 16,543,191 | 15,284,155 |
Total equity and liabilities | ¥ 46,920,589 | ¥ 44,619,130 |
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, 2018 | ¥ 30,462,441 | ¥ 10,823,814 | ¥ 4,361,940 | ¥ 15,160,309 | ¥ 30,346,063 | ¥ 116,378 | |
Profit for the year | 2,227,165 | 0 | 0 | 2,215,728 | 2,215,728 | 11,437 | |
Other comprehensive income | 7,449 | 0 | 7,449 | 0 | 7,449 | 0 | |
Total comprehensive 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) | |
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 | |
Profit for the year | 656,398 | 0 | 0 | 645,072 | 645,072 | 11,326 | |
Other comprehensive income | (11,512) | 0 | (11,512) | 0 | (11,512) | 0 | |
Total comprehensive income for the year | 644,886 | 0 | (11,512) | 645,072 | 633,560 | 11,326 | |
Dividends proposed and approved | (1,298,858) | 0 | 0 | (1,298,858) | (1,298,858) | 0 | |
Dividends paid by subsidiaries to non-controlling interests | (4,901) | 0 | 0 | 0 | 0 | (4,901) | |
Appropriation of safety production fund | 0 | 0 | 88,460 | (88,460) | [1] | 0 | 0 |
Ending Balance at Dec. 31, 2020 | 29,334,975 | 10,823,814 | 4,446,339 | 13,927,837 | 29,197,990 | 136,985 | |
Profit for the year | 2,076,606 | 0 | 0 | 2,073,431 | 2,073,431 | 3,175 | |
Other comprehensive income | 141,798 | 0 | 141,798 | 0 | 141,798 | 0 | |
Total comprehensive income for the year | 2,218,404 | 0 | 141,798 | 2,073,431 | 2,215,229 | 3,175 | |
Dividends proposed and approved | (1,082,381) | 0 | 0 | (1,082,381) | (1,082,381) | 0 | |
Transfer to other reserves | 0 | 0 | 2,498,808 | (2,498,808) | 0 | 0 | |
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | 0 | (88,699) | 0 | (88,699) | 0 | |
Dividends paid by subsidiaries to non-controlling interests | (4,901) | 0 | 0 | 0 | 0 | (4,901) | |
Appropriation of safety production fund | 0 | 0 | 40,729 | (40,729) | [1] | 0 | 0 |
Ending Balance at Dec. 31, 2021 | ¥ 30,377,398 | ¥ 10,823,814 | ¥ 7,038,975 | ¥ 12,379,350 | ¥ 30,242,139 | ¥ 135,259 | |
[1] | According to the Company’s Articles of Association, the reserve available for distribution is the lower of the amount determined under China Accounting Standards for Business Enterprises and the amount determined under IFRS. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Cash generated from operations | ¥ 4,411,653 | ¥ 1,995,087 | ¥ 5,655,676 |
Interest paid | (110,070) | (71,369) | (63,430) |
Income tax paid | (351,627) | (243,870) | (534,467) |
Net cash generated from operating activities | 3,949,956 | 1,679,848 | 5,057,779 |
Cash flows from investing activities | |||
Dividends received from joint ventures and associates | 777,220 | 561,755 | 594,868 |
Interest received from structured deposits | 97,921 | 132,690 | 86,848 |
Interest received from related parties | 0 | 2,088 | 1,295 |
Interest received from banks excluded structured deposits | 398,937 | 275,626 | 445,105 |
(Payments)/proceeds from settlement of derivative financial instruments | 5,674 | (912) | (15,316) |
Payment for the purchase of property, plant and equipment and other long-term assets | (3,224,000) | (1,840,986) | (1,430,411) |
Net proceeds from disposal of property, plant and equipment | 55,254 | 59,642 | 67,503 |
Cash received from time deposits with maturity less than one year | 3,800,000 | 500,000 | 4,100,000 |
Cash received from maturity of structured deposits | 8,150,000 | 10,900,000 | 3,200,000 |
Cash payment for investment in structured deposits | (8,150,000) | (7,600,000) | (3,800,000) |
Cash payment for investment in time deposits with maturity less than one year | (2,000,000) | (3,500,000) | (3,500,000) |
Cash payment for investment in time deposits with maturity more than one year | (3,650,000) | (3,000,000) | (4,100,000) |
Acquisition of a subsidiary, net of cash acquired | 0 | (340,315) | 0 |
Payment for set up of an associate | (26,000) | (27,603) | (248,184) |
Payment for set up of a joint venture | (50,000) | 0 | 0 |
Payment for equity instruments | 0 | 0 | (5,000) |
Cash held by the subsidiary before disposal | 0 | 0 | (404) |
Proceeds from capital reduction of an associate | 1,460,258 | 0 | 0 |
Payment for sales of financial assets at fair value through other comprehensive income | (4,685) | (9,513) | (19,513) |
Net cash used in investing activities | (2,359,421) | (3,887,528) | (4,623,209) |
Cash flows from financing activities | |||
Proceeds from borrowings | 14,163,132 | 3,458,100 | 4,755,100 |
Proceeds from short-term bonds | 5,998,899 | 2,998,469 | 0 |
Repayments of short-term bonds | (9,000,000) | 0 | 0 |
Repayments of borrowings | (13,451,332) | (3,460,556) | (3,695,208) |
Dividends paid to the Company's shareholders | (1,081,326) | (1,293,736) | (2,704,864) |
Dividends paid by subsidiaries to non-controlling interests | (4,901) | (4,901) | (3,266) |
Principal elements of lease payments | (17,544) | (15,586) | (89,124) |
Net cash (used in)/generated from financing activities | (3,393,072) | 1,681,790 | (1,737,362) |
Net decrease in cash and cash equivalents | (1,802,537) | (525,890) | (1,302,792) |
Cash and cash equivalents at the beginning of the year | 6,916,408 | 7,449,699 | 8,741,893 |
Exchange gains/(losses) on cash and cash equivalents | (1,861) | (7,401) | 10,598 |
Cash and cash equivalents at end of the year | ¥ 5,112,010 | ¥ 6,916,408 | ¥ 7,449,699 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2021 | |
General information [abstract] | |
General information | 1 General Information Sinopec Shanghai Petrochemical Company Limited (“the Company”), formerly Shanghai Petrochemical Company Limited, was established in the People’s Republic of China (“the PRC”) on 29 June 1993 with registered capital of RMB4,000,000 thousand, invested by its holding company-China National Petrochemical Corporation (“Sinopec Group”); these shares were converted from assets of former Shanghai Petrochemical Complex. H shares were listed on the Hong Kong Stock Exchange on 26 July 1993, and listed on the New York Stock Exchange in the form of American Depositary Shares at the same time; the A shares were listed on the Shanghai Stock Exchange 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 Company’s state-owned legal shares, which represented 55.56 percent of the issued share capital of the Company, to Sinopec Corp.. Sinopec Corp. became the largest shareholder of the Company. The Company changed its name to Sinopec Shanghai Petrochemical Company Limited on 12 October 2000. Ordinary A shares of RMB14,177 thousand and RMB9,637 thousand were registered on 27 September 2017 and 12 January 2018. As at 31 December 2021, total share capital of the Company were RMB10,823,814 thousand, 1 The Company and its subsidiaries (“the Group”) is a highly integrated entity which processes crude oil into synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products. Details of the Company’s principal subsidiaries are set out in note 19. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies [abstract] | |
Summary of significant accounting policies | 2 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 Statement of compliance and basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with all applicable International Financial Reporting Standards (IFRSs), which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards (IASs) and related Interpretations, promulgated by the International Accounting Standards Board (IASB ) . The IASB has issued certain amendments to IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2.1 (c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting period reflected in these financial statements. (b) Basis of preparation The consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associates and a joint venture. The measurement basis used in the preparation of the financial statements is the historical cost basis except for certain financial assets and liabilities measured at fair value, including: • derivative financial instruments (see note 2.13); and • investment in debt and equity securities (see note 2.11). The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 4. (c) Changes in accounting policies New and amended standards adopted by the Group The Group has applied the following amendments to IFRSs issued by the IASB to these financial statements for the current accounting period: • Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest rate benchmark reform — phase 2 • Amendments to IFRS 16, Covid-19-related None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. 2.2 Subsidiaries 2.2.1 Consolidation Subsidiaries are all entities 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 to direct the activities of the entity. Subsidiaries are fully 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 acquisition method of accounting is used to account for all business combinations by the Group, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owners of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement, and • fair value of any pre-existing Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition-related costs are expensed as incurred. The excess of the: • consideration transferred • amount of any non-controlling • acquisition-date fair value of any previous equity interest in the acquired entity Over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in the statement of profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. If the business combination is achieved in stages, the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the statement of profit or loss. Inter-company 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. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling (b) Changes in ownership interests The Group treats transactions with non-controlling non-controlling non-controlling When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in the statement of profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to profit or loss. 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. Investments in joint ventures and associates are accounted for using the equity method of accounting. 2.3 Associates Associates are all entities over which the Group has significant influence but not control or joint control. 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 investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investments in associates include goodwill identified on acquisition. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group’s share of the net fair value of the associate’s identifiable assets and liabilities is accounted for as goodwill. The Group’s share of post-acquisition profit or loss is recognized in the statement of profit or loss, 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 Group’s 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 in the statement of profit or loss. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognized in the Group’s financial statements only to the extent of unrelated investor’s 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 loss on dilution of equity interest in associates are recognized in the statement of profit or loss. 2.4 Joint arrangements Under IFRS 11 ‘Joint Arrangements’ investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. 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 Group’s share of the post-acquisition profits or losses and movements in other comprehensive income. The Group’s 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 Group’s share of the net fair value of the joint venture’s identifiable assets and liabilities is accounted for as goodwill. When the Group’s 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 Group’s 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. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 2.12. 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 Group’s 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 Company’s functional and the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in the statement of profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges. 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 asset’s 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 statement of profit or loss 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 to 40 years - Plant and machinery 5 to 20 years - Vehicles and other equipment 4 to 20 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.12 (b)). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within Other gains – net in the statement of profit or loss. 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 statement of financial position at cost less accumulated depreciation and impairment losses (note 2.12(b)). 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 Group’s investment properties are 30-40 2.10 Other non-current Other non-current non-current Intangible assets 10 to 28 years Long-term prepaid expense 1.5 to 10 years 2.11 Other investments in debt and equity securities The Group’s policies for investments in debt and equity securities, other than investments in subsidiaries, associates and joint ventures, are set out below. Investments in debt and equity securities are recognized/derecognized on the date the Group commits to purchase/sell the investment. The investments are initially stated at fair value plus directly attributable transaction costs, except for those investments measured at fair value through profit or loss (FVPL) for which transaction costs are recognized directly in profit or loss. For an explanation of how the Group determines fair value of financial instruments, see note 3.3. These investments are subsequently accounted for as follows, depending on their classification. (a) Investments other than equity investments Non-equity • amortized cost, if the investment is held for the collection of contractual cash flows which represent solely payments of principal and interest. Interest income from the investment is calculated using the effective interest method (see note 2.27). • fair value through other comprehensive income (FVOCI) - recycling, if the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale. Changes in fair value are recognized in other comprehensive income, except for the recognition in profit or loss of expected credit losses, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognized, the amount accumulated in other comprehensive income is recycled from equity to profit or loss. • fair value through profit or loss (FVPL) if the investment does not meet the criteria for being measured at amortized cost or FVOCI (recycling). Changes in the fair value of the investment (including interest) are recognized in profit or loss. (b) Equity investments An investment in equity securities is classified as FVPL unless the equity investment is not held for trading purposes and on initial recognition of the investment the Group makes an irrevocable election to designate the investment at FVOCI (non-recycling) instrument-by-instrument (non-recycling) (non-recycling) 2.12 Credit losses and impairment of assets (a) Credit losses from financial instruments The Group recognizes a loss allowance for expected credit losses (ECLs) on the following items: • financial assets measured at amortized cost (including cash and cash equivalents, time deposits with banks, trade receivables and other receivables); and • debt securities measured at FVOCI (recycling); Other financial assets measured at fair value, including equity securities designated at FVOCI (non-recycling) Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material: • fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof; • variable-rate financial assets: current effective interest rate. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. ECLs are measured on either of the following bases: • 12-month • lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. For all other financial instruments, the Group recognizes a loss allowance equal to 12-month Significant increases in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 90 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: • failure to make payments of principal or interest on their contractually due dates; • an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); • an actual or expected significant deterioration in the operating results of the debtor; and • existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group. Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings. ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt securities that are measured at FVOCI (recycling), for which the loss allowance is recognized in other comprehensive income and accumulated in the fair value reserve (recycling). Basis of calculation of interest income Interest income recognized in accordance with note 2.27 is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset. At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable events: • significant financial difficulties of the debtor; • a breach of contract, such as a default or past due event; • it is becoming probable that the borrower will enter into bankruptcy or other financial reorganization; • significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or • the disappearance of an active market for a security because of financial difficulties of the issuer. Write-off The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs. (b) Impairment of other non-current Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognized no longer exists or may have decreased: • property, plant and equipment; • right-of-use • investment properties; • construction in progress • other non-current • investments in subsidiaries, associates and joint ventures in the Company’s statement of financial position. At the end of each reporting period, if any indication of impairment exists, the Company estimates the recoverable amount of an asset, or a cash-generating unit, at the higher of its fair value less costs of disposal and its value in use, to determine the impairment losses. • Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax • Recognition of impairment losses An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). • Reversals of impairment losses An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized. (c) Interim financial reporting and impairment Under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, the Group is required to prepare an interim financial report in compliance with IAS 34, Interim financial reporting, in respect of the first six months of the financial year. At the end of the interim period, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year (see notes 2.12(a) and (b)). 2.13 Derivative and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges). At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The fair values of derivative financial instruments designated in hedge relationships are disclosed in note 3.1(a). Movements in the hedging reserve in shareholders’ equity are shown in note 32. The full fair value of a hedging derivative is classified as a non-current Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in the statement of profit or loss, within Other gains – net. When swap contracts are used to hedge forecast transactions the Group may designate the full change in fair value of the swap contract as the hedging instrument. The gains or losses relating to the effective portion of the change in fair value of the entire swap contract are recognized in the cash flow hedge reserve within equity. Amounts accumulated in equity are reclassified in the periods when the hedged item affects the statement of profit or loss as follows: Where the hedged item subsequently results in the recognition of a non-financial When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition of a non-financial Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the statement of profit or loss and are included in Other gains – net. 2.14 Inventories Inventories are valued 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. The net realizable value is determined based on the estimated selling price in the ordinary course of business less the estimated costs to completion, and other costs necessary to make the sale. 2.15 Contract liabilities A contract liability is recognized when the customer pays non-refundable non-refundable When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see note 2.27). 2.16 Trade and other receivables A receivable is recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Group has an unconditional right to receive consideration, the amount is presented as a contract asset. Trade receivables that do not contain a significant financing component are initially measured at their transaction price. Receivables are subsequently stated at amortized cost using the effective interest method less allowance for credit losses (see note 2.12(a)). 2.17 Cash and cash equivalents In the consolidated cash flow statement, 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 statement of financial position. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in note 2.12(a). 2.18 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. 2.19 Safety production fund Under China’s 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. 2.20 Trade and other payables Trade and other payables are obligations |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Financial risk management | 3 Financial risk management 3.1 Financial risk factors The Group’s 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 Group’s overall risk management programmer focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. (a) Derivatives The Group has the following derivative financial instruments in the following line items in the statement of financial position: As at 31 December 2020 2021 RMB’000 RMB’000 Current derivative financial instrument assets Commodity swaps contracts applied hedge accounting — 48,614 Commodity swaps contracts at fair value through profit or loss — 32,791 Total derivative financial assets — 81,405 Current derivative financial instrument liabilities Commodity swaps contracts at fair value through profit or loss — (23,804 ) Total derivative financial liabilities — (23,804 ) (i) Classification of derivatives Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as ‘held for trading’ for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Group’s accounting policy for its cash flow hedges is set out in note 2.13. (ii) Fair value measurement For information about the methods and assumptions used in determining the fair value of derivatives refer to note 3.3. (iii) Hedging reserves The following table provides a reconciliation of the hedging reserve in respect of commodity price risk and shows the effectiveness of the hedging relationships: RMB’000 Balance at 1 January 2021 — Effective portion of the cash flow hedge recognized in other comprehensive income 165,576 Amounts reclassified to profit or loss 1,303 Reclassified to the cost of inventory (88,699 ) Related tax (41,720 ) Balance at 31 December 2021 36,460 (iv) Amounts recognized in the statement of profit or loss In addition to the amounts disclosed in the reconciliation of hedging reserves above, the following amounts were recognized in the statement of profit or loss in relation to derivatives: 2020 2021 RMB’000 RMB’000 Net gains on commodity swaps contracts not qualifying as hedges included in other gains - net — 18,997 Net losses on foreign exchange option contracts not qualifying as hedges included in other gains - net (376 ) (151 ) Total (376 ) 18,846 Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into commodity swaps contracts that have similar critical terms as the hedged item, such as reference rate, payment dates, transaction price, crude oil variety and crude oil quantity. Hedge ineffectiveness for commodity swaps contracts may occur due to the changes in the timing of the hedged transactions. There was no recognized ineffectiveness during the year ended 31 December 2021 in relation to the commodity swaps. As at 31 December 2021, the Group had certain commodity contracts of crude oil designed as qualified cash flow hedges, which will be matured over the next 10 months. The fair value of such cash flow hedges is RMB 48,614 thousand recognized as derivative financial assets in the consolidated statement of financial position. (b) Market risk (i) Foreign exchange risk The Group’s 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, and future transactions denominated in foreign currencies, primarily with respect to US dollar. The Group’s 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 2020 and 31 December 2021, the Group used foreign exchange option contracts to mitigate its exposure to foreign exchange risk respect to US dollar. As at 31 December 2021, there were no foreign exchange options that had not been matured (31 December 2020: Nil). As at 31 December 2021, if US dollar had weakened/strengthened by 5% against RMB with all other variables held constant, the Group’s net profit for the year ended 31 December 2021 would have been RMB2,292 thousand decreased/increased (31 December 2020: RMB 2,401 thousand decreased/increased in net profit) before considering the impact of forward and option contracts as a result of foreign exchange gains/losses which is mainly resulted from the translation of US dollar denominated trade receivables and payables. The aggregate net foreign exchange (losses) / gains recognized in the statement of profit or loss were: 2020 2021 RMB’000 RMB’000 Net foreign exchange gains/(losses) included in other gains – net (note 8) 12,248 (1,861 ) Net foreign exchange (losses) included in finance income (note 9) (5,514 ) — Total net foreign exchange recognized in profit before taxation 6,734 (1,861 ) (ii) Cash flow and fair value interest rate risk The Group’s interest rate risk arises from interest-bearing borrowings and short-term bonds. 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. The Group’s 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 Group’s outstanding floating rate borrowings, and therefore could have a material adverse effect on the Group’s 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 2020 and 31 December 2021, the Group did not enter into any interest rate swap agreements. At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was as follows. 2020 2021 RMB’000 RMB’000 Fixed rate: Cash and cash equivalents 1,501,330 — Time deposits with maturity less than one year 4,000,000 7,350,000 Time deposits with maturity more than one year 7,000,000 5,500,000 Borrowings (1,548,000 ) (1,500,000 ) Short-term bonds (3,000,000 ) — Lease liabilities (12,473 ) (4,613 ) 7,940,857 11,345,387 Variable rate: Cash and cash equivalents 5,415,078 5,112,010 Borrowings — (759,800 ) 5,415,078 4,352,210 As at 31 December 2021, if interest rates on the floating rate financial instruments had risen/fallen by 50 (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 the government department based on the market price adjustment mechanism, and generally in connection with the crude oil price. The fluctuations in prices of crude oil, refined oil products and intermediate petrochemicals and petroleum products could have significant impact on the Group. The Group uses commodity swaps contracts to manage a portion of this risk. As at 31 December 2021, the Group had certain unexpired commodity contracts of crude oil and refined oil designated as qualified cash flow hedges, balances of which have been disclosed in note 3.1 (a) (31 December 2020: Nil). (c) Credit risk (i) Risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit risk is managed on group basis. It mainly arises from cash and cash equivalents, time deposits with banks, bills receivable, derivative financial assets, trade receivables measured at amortized cost and FVOCI, other receivables etc. The Group expects that there is no significant credit risk associated with cash at bank (including time deposits and structured deposits), bills receivable and derivative financial assets because the counterparties are banks and financial institutions with a relatively higher credit rating, which the Group considers to represent low credit risk. 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. 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 behaviour 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 believes that there is no material credit risk inherent in the Group’s 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 amortized 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 financial assets at fair value through other comprehensive income. 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 2020 and 31 December 2021 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. Impairment losses on trade receivables are presented as (provision)/ reversal of impairment losses on financial assets within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Other financial assets at amortized cost Other financial assets at amortized cost include other receivables. As at 31 December 2020 and 31 December 2021, the internal credit rating of other receivables was all performing. The Group has assessed that the expected credit losses for these receivables are not material under the 12 months expected losses method. Management considered that there was no significant increase in credit risk for other receivables including receivables from related parties by taking into account of their past history of making payments when due and current ability to pay, and thus the impairment provision recognized during the period was limited to 12 months expected losses. The provision/(reversal) for loss allowance was recognized in the statement of profit or loss in (provision)/ reversal of impairment losses on financial assets. Trade and other receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade and other receivables are presented as (provision)/ reversal of impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. 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 the statement of profit or loss and reduces the fair value loss otherwise recognized in OCI. As at 31 December 2020 and 31 December 2021, no loss allowance was provided for financial assets at FVOCI. (iii) (Provision)/ reversal of impairment losses on financial assets recognized in the statement of profit or loss During the year, the following (losses) /recoveries were recognized in (provision)/reversal of impairment losses on financial assets in relation to impaired financial assets: 2020 2021 RMB’000 RMB’000 Impairment losses - provision in loss allowance for trade receivables (634 ) (1,354 ) - provision in loss allowance for other receivables — (1 ) Recoveries on previously written off receivables (note) 121,550 — Reversal/(Provision) of impairment losses on financial assets 120,916 (1,355 ) Note: For the year ended 31 December 2020, the Group recovered previously written off receivables amounted to RMB121,550 thousand due to the liquidation of Zhejiang Jin Yong Acrylic Fiber Company Limited, a former subsidiary of the Group. (iv) Financial assets at fair value through profit or loss The Group is also exposed to credit risk in relation to investments such as 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. (d) 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 Group’s 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 institutions 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. Surplus cash held by the operating entities over and above balance required for working capital management is transferred to the Group treasury. As at 31 December 2021, the Group held cash and cash equivalents of RMB 5,112,010 thousand (31 December 2020: RMB 6,916,408 thousand) (note 23), time deposits with banks - current of RMB 7,386,607 thousand (31 December 2020: RMB 4,049,443 thousand) (note 24) and trade receivables (including trade receivables with related parties and those carried at fair value through other comprehensive income (“FVOCI”) of RMB 1,568,800 thousand (31 December 2020: RMB 1,469,431 thousand), that are expected to readily generate cash inflows for managing liquidity risk. The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. As at 31 December 2020 Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-derivatives Borrowings 1,558,702 — — — 1,558,702 Short-term bonds 3,023,614 — — — 3,023,614 Lease liabilities 9,373 2,136 1,090 103 12,702 Bills payables 26,196 — — — 26,196 Trade payables 1,294,138 — — — 1,294,138 Other payables 1,498,503 — — — 1,498,503 Amounts due to related parties 3,655,724 — — — 3,655,724 11,066,250 2,136 1,090 103 11,069,579 Derivatives Derivative financial liabilities — — — — — As at 31 December 2021 Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-derivatives Borrowings 1,578,817 7,665 704,914 — 2,291,396 Lease liabilities 3,814 730 814 — 5,358 Bills payables 562,593 — — — 562,593 Trade payables 1,527,706 — — — 1,527,706 Other payables 1,003,860 — — — 1,003,860 Amounts due to related parties excluded non-financial 4,910,255 — — — 4,910,255 9,587,045 8,395 705,728 — 10,301,168 Derivatives Derivative financial liabilities 23,804 — — — 23,804 3.2 Capital management The Group’s objectives when managing capital are to safeguard the Group’s 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 and short-term bonds less cash and cash equivalents. Total capital is calculated as equity as shown in the consolidated statement of financial position plus net debt. As cash and cash equivalents exceed total borrowings and short-term bonds, which was resulted primarily from profitability, there was no net debt as at 31 December 2020 and 31 December 2021. 3.3 Fair value estimation The table below analyzes the Group’s financial instruments carried at fair value as at 31 December 2020 and 2021 by the 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 derivatives) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. • 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. As at 31 December 2020 Level 1 Level 2 Level 3 Total Note RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurements Financial assets Financial assets at fair value through other comprehensive income - Trade and bills receivable 25 — 1,217,114 — 1,217,114 -Equity investments 25 — — 5,000 5,000 — 1,217,114 5,000 1,222,114 As at 31 December 2021 Level 1 Level 2 Level 3 Total Note RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurements Financial assets Financial assets measured at fair value through profit or loss - Commodity swaps contracts 3.1 (a) — 32,791 — 32,791 Financial assets measured at fair value through other comprehensive income - Trade and bills receivable 25 — 1,072,690 — 1,072,690 - Equity investments 25 — — 5,000 5,000 - Commodity swaps contracts 3.1 (a) — 48,614 — 48,614 — 1,154,095 5,000 1,159,095 Financial liabilities Financial liabilities measured at fair value through profit or loss - Commodity swaps contracts 3.1 (a) — 23,804 — 23,804 — 23,804 — 23,804 Amounts due to related parties – measured at fair value through profit or loss (FVPL) 28 — 1,388,286 — 1,388,286 Valuation techniques and inputs used in Level 2 fair value measurements The fair value of commodity swaps contract is the estimated amount that the Group would receive or pay to terminate the swap at the end of the reporting period, taking into account the current interest rates and the current creditworthiness of the swap counterparties. The fair value of trade and bills receivable is estimated as the present value of the future cash flows, discounted at the market interest rates at the balance sheet date. The fair value of amounts due to related parties is the estimated amount that the Group would settle the liability by returning certain quantity of crude oil at the end of the reporting period, referring to market price of the related crude oil. As at 31 December 2021, if market price of crude oil had risen/fallen by 10% while all other variables had been held constant, the Group’s net profit would have decreased / increased by approximately RMB 89,787 thousand (2020: Nil). During the year ended 31 December 2021, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognize transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. The following table presents the changes in level 3 items for the periods ended 31 December 2021: Equity Structured Total As at 31 December 2019 5,000 3,318,407 3,323,407 Acquisitions — 7,600,000 7,600,000 Disposals — (10,900,000 ) (10,900,000 ) Fair value change — (18,407 ) (18,407 ) As at 31 December 2020 5,000 — 5,000 Acquisitions — 8,150,000 8,150,000 Disposals — (8,150,000 ) (8,150,000 ) As at 31 December 2021 5,000 — 5,000 Financial assets and financial liabilities not measured at fair value mainly represent trade receivables, other receivables, amounts due from related parties excluded prepayments, trade payables, amounts due to related parties, other payables (except for the staff salaries and welfare payables and taxes payables), borrowings and short-term bonds. The carrying amounts of these financial assets and liabilities not measured at fair value are a reasonable approximation of their fair value. |
Critical accounting judgement a
Critical accounting judgement and estimates | 12 Months Ended |
Dec. 31, 2021 | |
CriticalAccountingEstimatesAndAssumptionsAbstract [Abstract] | |
Critical accounting judgement and estimates | 4 Critical accounting judgement and estimates 4.1 Critical accounting judgements in applying the Group’s accounting policies In the process of applying the Group’s accounting policies, management has made the following accounting judgement: (a) Classification of financial assets The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. The Group determines the business model for managing financial assets at the level of the financial asset portfolio. The factors considered include the way to evaluate and report the performance of financial assets to key management personnel, the risks affecting the performance of financial assets and their management methods, and the way for relevant business management personnel to obtain remuneration, etc. When evaluating whether the contractual cash flow of financial assets is consistent with the basic lending arrangements, the Group has the following main judgments: whether the time distribution or amount of the principal may change in the duration due to prepayment and other reasons; whether the interest only includes the time value of money, credit risk, other basic lending risks and the consideration of cost and profit. For example, does the amount of prepayment only reflect the outstanding principal and the interest based on the outstanding principal, as well as the reasonable compensation paid for the early termination of the contract. 4.2 Sources of estimation uncertainty Significant sources of estimation uncertainty are as follows: (a) Net realizable value (“NRV”) of inventories As described in note 2.14, inventories are valued at the lower of cost and net realizable value. The net realizable value is determined based on the estimated selling prices in the ordinary course of business less the estimated costs to completion, and other costs necessary to make the sale. These estimates are based on the current market condition and historical experience of selling products of similar nature. It could change significantly as a result of competitor actions in response to changes in market conditions. Management reassesses these estimations at the end of each reporting period to ensure inventory is shown at the lower of cost and net realizable value. (b) Impairments for non-current As discussed in note 2.12, at the end of each reporting period, the Group estimates the recoverable amount of an asset or a cash-generating unit (“CGU”) (a portion of which related to certain production facilities), at the higher of its fair value less costs of disposal and its value in use, to determine the impairment losses. If circumstances indicate that the carrying amount of the asset or CGU may not be recoverable, the asset or CGU may be considered “impaired”, and an impairment loss may be recognized. The recoverable amount of assets or CGUs is the higher of the fair value less costs of disposal and value in use. As the fair value of certain assets or CGUs may not be publicly available, the Group uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount, including estimates based on reasonable and supportable assumptions for projections of product sales and operating costs and discount rate. In particular, in determining the value in use of the Group’s specific CGUs, significant judgements are required on the accounting estimates which are based on the assumptions relating to product sales growth rates, related costs growth rates and discount rate applied. (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 and estimated residual value 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 Group’s 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 and Revenue
Segment Information and Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segment information | 5 Segment information and revenue 5.1 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 substantially all in the PRC, no geographical segment information is presented. In a manner consistent with the way in which information is reported internally to the Group’s 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 interests in associates and joint ventures, deferred tax assets, cash and cash equivalents, time deposits, and incomes relating to these assets (such as share of net profits of associates and joint ventures accounted for using the equity method and interest income), derivative financial assets, borrowings, short-term bonds and interest expenses, derivative financial liabilities, and deferred tax liabilities. The Group principally operates in five operating segments: synthetic fibres, resins and plastics, intermediate petrochemicals, petroleum products and trading of petrochemical products. Synthetic fibres, 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 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 Group’s downstream petrochemical processing facilities. (ii) The intermediate petrochemicals segment primarily produces p-xylene, (iii) The resins and plastics segment produces primarily polyester chips, polyethylene resins, polypropylene resins and PVA granules. The polyester chips are used to produce polyester fibres, coating and containers. Polyethylene resins and plastics are used to produce insulated cable, mulching films and moulded products such as housewares and toys. Polypropylene resins are used for films, sheets and moulded products such as housewares, toys, consumer electronics and automobile parts. (iv) The synthetic fibres segment produces primarily polyester, acrylic fibres and carbon fibres, which are mainly used in the textile and apparel industries. (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 that do not meet the quantitative threshold for determining reportable segments. These include investment property leasing, service provision and a variety of other commercial activities. 2019 Petroleum Intermediate Resins and Synthetic fibres Trading of Others Total Total segment revenue 66,754,731 24,698,643 10,304,812 2,200,229 21,881,214 1,502,840 127,342,469 Inter segment revenue (11,868,026 ) (14,187,500 ) (141,101 ) — (175,200 ) (700,975 ) (27,072,802 ) Revenue from external customers 54,886,705 10,511,143 10,163,711 2,200,229 21,706,014 801,865 100,269,667 Timing of revenue recognition - At a point in time 54,886,705 10,511,143 10,163,711 2,200,229 21,695,864 801,865 100,259,517 - Over time — — — — 10,150 — 10,150 54,886,705 10,511,143 10,163,711 2,200,229 21,706,014 801,865 100,269,667 Segment result – profit/(loss) from operations 705,469 413,914 401,454 (540,280 ) 53,214 286,801 1,320,572 2020 Petroleum Intermediate Resins and Synthetic fibres Trading of Others Total Total segment revenue 49,711,547 19,777,574 9,576,944 1,480,576 12,023,744 1,583,236 94,153,621 Inter segment revenue (6,631,343 ) (11,526,322 ) (101,057 ) — (438,634 ) (832,690 ) (19,530,046 ) Revenue from external customers 43,080,204 8,251,252 9,475,887 1,480,576 11,585,110 750,546 74,623,575 Timing of revenue recognition - At a point in time 43,080,204 8,251,252 9,475,887 1,480,576 11,583,709 750,546 74,622,174 - Over time — — — — 1,401 — 1,401 43,080,204 8,251,252 9,475,887 1,480,576 11,585,110 750,546 74,623,575 Segment result – (loss)/profit from operations (2,198,705 ) 581,597 1,262,029 (364,211 ) 42,039 211,015 (466,236 ) 2021 Petroleum Intermediate Resins and Synthetic fibres Trading of Others Total Total segment revenue 65,528,687 26,454,844 10,176,285 1,381,443 12,972,922 1,625,705 118,139,886 Inter segment revenue (10,454,529 ) (15,619,770 ) (170,255 ) (445 ) (1,912,789 ) (783,606 ) (28,941,394 ) Revenue from external customers 55,074,158 10,835,074 10,006,030 1,380,998 11,060,133 842,099 89,198,492 Timing of revenue recognition - At a point in time 55,074,158 10,835,074 10,006,030 1,380,998 11,020,323 842,099 89,158,682 - Over time — — — — 39,810 — 39,810 55,074,158 10,835,074 10,006,030 1,380,998 11,060,133 842,099 89,198,492 Segment result – profit/(loss) from operations 2,967,030 (635,155 ) 52,215 (854,077 ) 43,729 (141,510 ) 1,432,232 2019 2020 2021 Segment result – profit/(loss) from operations Petroleum products 705,469 (2,198,705 ) 2,967,030 Intermediate petrochemicals 413,914 581,597 (635,155 ) Resins and plastics 401,454 1,262,029 52,215 Synthetic fibres (540,280 ) (364,211 ) (854,077 ) Trading of petrochemical products 53,214 42,039 43,729 Others 286,801 211,015 (141,510 ) Profit/(loss) from operations 1,320,572 (466,236 ) 1,432,232 Finance income – net 362,963 332,274 414,569 Share of profit of investments accounted for using the equity method 972,593 724,740 874,285 Profit before taxation 2,656,128 590,778 2,721,086 Other profit and loss disclosures 2019 2020 2021 Depreciation and Impairment loss and Inventory write-down Depreciation and Impairment loss and Inventory write-down Depreciation and Impairment loss and Inventory write-down RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Petroleum products (972,688 ) 38 (167 ) (917,637 ) — (138,537 ) (975,492 ) (94,420 ) (782 ) Intermediate petrochemicals (497,469 ) (478 ) (9,094 ) (465,425 ) (55,204 ) (15,418 ) (523,484 ) (297,632 ) (136,694 ) Resins and plastics (125,464 ) 6 (12,073 ) (138,204 ) — (26,382 ) (86,183 ) (61,242 ) (168 ) Synthetic fibres (68,589 ) 7 (48,844 ) (78,030 ) 88,550 (39,657 ) (132,091 ) (135,683 ) (13,239 ) Trading of petrochemical products (211 ) — — (19,938 ) — (788 ) (39,125 ) — — Others (174,367 ) — — (207,905 ) — (106 ) (209,333 ) (28,392 ) — (1,838,788 ) (427 ) (70,178 ) (1,827,139 ) 33,346 (220,888 ) (1,965,708 ) (617,369 ) (150,883 ) As at 31 December 2020 Total assets 2021 Total assets Allocated assets Petroleum products 11,344,760 13,317,338 Intermediate petrochemicals 3,176,092 3,781,785 Resins and plastics 1,654,920 1,395,867 Synthetic fibres 986,391 1,919,194 Trading of petrochemical products 1,357,884 1,348,751 Others 2,432,339 2,700,327 Allocated assets 20,952,386 24,463,262 Unallocated assets Investments accounted for using the equity method 5,387,834 4,088,888 Cash and cash equivalents 6,916,408 5,112,010 Time deposits with banks 11,092,283 12,968,042 Deferred tax assets 252,121 184,143 Derivative financial assets — 81,405 Others 18,098 22,839 Unallocated assets 23,666,744 22,457,327 Total assets 44,619,130 46,920,589 As at 31 December 2020 2021 Allocated liabilities Petroleum products 6,669,419 9,749,806 Intermediate petrochemicals 1,267,313 1,257,436 Resins and plastics 1,233,286 1,327,587 Synthetic fibres 209,621 490,211 Trading of petrochemical products 1,224,420 1,257,750 Others 78,928 112,876 Allocated liabilities 10,682,987 14,195,666 Unallocated liabilities Borrowings 1,548,000 2,259,800 Short-term bonds 3,017,811 — Deferred tax liabilities 35,357 33,344 Derivative financial liabilities — 23,804 Others — 30,577 Unallocated liabilities 4,601,168 2,347,525 Total liabilities 15,284,155 16,543,191 2019 2020 2021 RMB’000 RMB’000 RMB’000 Additions to property, plant and equipment, construction in progress, right-of-use non-current Petroleum products 1,024,626 779,392 708,342 Intermediate petrochemicals 204,021 278,788 1,306,813 Resins and plastics 74,633 139,212 44,495 Synthetic fibres 294,515 496,125 1,748,868 Trading of petrochemical products 89 378,292 71,917 Others 103,418 222,080 234,023 1,701,302 2,293,889 4,114,458 5.2 Revenue The Group’s revenue from external customers are substantially all within Mainland China in 2019, 2020 and 2021. As at 31 December 2020 and 31 December 2021, assets are also substantially all within Mainland China. Revenue of approximate RMB thousand (2019: RMB42,657,975 , 20 thousand) are derived from a single customer. These revenues are attributable to the petroleum products and others segments. Details of concentrations of credit risk arising from these customers are set out in note 3.1(c). |
Other Operating Income
Other Operating Income | 12 Months Ended |
Dec. 31, 2021 | |
Other operating income [abstract] | |
Other operating income | 6 Other operating income 2019 2020 2021 RMB’000 RMB’000 RMB’000 Government grants (a) 69,678 61,296 35,944 Rental income from investment property (note 17) 76,381 81,608 81,923 Others 4,655 5,772 7,438 150,714 148,676 125,305 (a) Government grants Grants related to R&D, other tax refund and subsidies are included in the government grants line item. There are no unfulfilled conditions or other contingencies attaching to these grants. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Other operating expenses [abstract] | |
Other operating expenses | 7 Other operating expenses 2019 2020 2021 RMB’000 RMB’000 RMB’000 Cost related to lease of investment properties (16,199 ) (15,625 ) (13,439 ) Others (5,726 ) (9,061 ) (31,273 ) (21,925 ) (24,686 ) (44,712 ) |
Other gains - net
Other gains - net | 12 Months Ended |
Dec. 31, 2021 | |
Other gains - net [abstract] | |
Other gains - net | 8 Other gains – net 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net gains /(losses) on disposal of property, plant and equipment and other long-term assets 158,551 (1,212 ) 48,671 Gains from structured deposits (note a) 85,444 114,283 97,921 Net losses on foreign exchange option contracts (12,315 ) (376 ) (151 ) Net gains on commodity swaps contracts not qualified for hedging accounting — — 18,997 Losses from disposal of a subsidiary (60,951 ) — — Impairment losses for investment in an associate — — (28,392 ) Net foreign exchange gains / (losses) 2,648 12,248 (1,861 ) Losses on sale of FVOCI (19,513 ) (9,513 ) (4,685 ) Net losses on disposal of inventory — — (19 ) 153,864 115,430 130,481 (a) Gains from structured deposits Structured deposits are financial products issued by banks, return of which are linked to the performance of the embedded index, like foreign exchange rate, interest rate and etc.. |
Finance Income and Expenses
Finance Income and Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Finance income and expenses [abstract] | |
Finance income and expenses | 9 Finance income and expenses 2019 2020 2021 RMB’000 RMB’000 RMB’000 Interest income from time deposits with maturity more than 3 months 398,176 339,595 424,696 Interest income from time deposits with maturity less than 3 months — 83,812 71,402 Others 18,571 7,821 12,657 Finance income 416,747 431,228 508,755 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (59,378 ) (101,732 ) (106,827 ) Less: interest expense capitalized into construction in progress 5,594 8,292 12,641 Net interest expenses (53,784 ) (93,440 ) (94,186 ) Net foreign exchange losses — (5,514 ) — Finance expenses (53,784 ) (98,954 ) (94,186 ) Finance income – net 362,963 332,274 414,569 |
Expense by Nature
Expense by Nature | 12 Months Ended |
Dec. 31, 2021 | |
Expenses by nature [abstract] | |
Expense by nature | 10 Expense by nature 2019 2020 2021 RMB’000 RMB’000 RMB’000 Cost of raw materials 57,101,961 42,082,307 54,457,558 Cost of trading products 21,566,364 11,467,420 10,929,127 Employee benefit expenses (note 11) 3,147,372 3,143,219 3,456,765 Depreciation and amortization: Property, plant and equipment (note 16) 1,507,804 1,553,039 1,621,459 Investment properties (note 17) 14,694 15,184 15,325 Other non-current 214,292 226,263 294,617 Right-of-use 101,998 32,653 34,307 Repairs and maintenance expenses 1,089,829 1,060,624 1,587,955 Changes of work in progress and finished goods 446,779 862,652 (235,402 ) Transportation costs 297,416 274,002 238,405 Inventory write-down (note 21) 70,178 220,888 150,883 External processing fee 215,288 215,467 213,691 Commission expense (note 33) 125,641 104,598 110,552 Impairment loss of property, plant and equipment (note 16) 486 87,570 587,622 Impairment loss of investments accounted for using equity method (note 20) — — 28,392 Auditors’ remuneration – audit services 7,800 7,800 6,837 Expenses relating to short-term leases 2,961 3,731 6,938 |
Employee Benefit Expenses
Employee Benefit Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |
Employee benefit expenses | 11 Employee benefit expenses 2019 2020 2021 RMB’000 RMB’000 RMB’000 Wages and salaries 1,931,121 2,009,645 2,142,959 Social welfare costs 782,789 714,484 861,375 Others 433,462 419,090 452,431 Total employee benefit expense 3,147,372 3,143,219 3,456,765 (a) Five highest paid individuals For the years ended 31 December 2019, 2020 and 2021, all (b) Employees of the Group’s subsidiaries in the PRC are required to participate in a defined contribution retirement scheme administered and operated by the local municipal government. The Group’s subsidiaries in the PRC contribute funds which are calculated on certain percentages of the average employee salary as stipulated by the local municipal government to the scheme to fund the retirement benefits of the employees. In addition, the Group provides a supplementary retirement plan for its staff at rates not exceeding 8% of the salaries. The Group has no other material obligation for the payment of pension benefits associated with these plans beyond the annual contributions described above. For the year ended 31 December 2021, the Group’s total contributions to defined contribution retirement plans was RMB 431,818 thousand. (2019: RMB 383,698 thousand, 2020: RMB 342,073 thousand) (c) As at 31 December 2019, 31 December 2020 and 31 December 2021, there was no material outstanding contribution to the above defined contribution retirement plans. |
Income Tax (Expenses)_ Benefits
Income Tax (Expenses)/ Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Income tax [abstract] | |
Income Tax (expenses)/ benefits | 12 Income tax (expenses)/ benefits 2019 2020 2021 RMB’000 RMB’000 RMB’000 Current income tax (460,720 ) (37,027 ) (590,668 ) Deferred taxation 31,757 102,647 (53,812 ) Income tax (expenses)/ benefits (428,963 ) 65,620 (644,480 ) A reconciliation of the expected income tax calculated at the applicable tax rate and profit before taxation, with the actual income tax is as follows: Year ended 31 December 2019 2020 2021 RMB’000 RMB’000 RMB’000 Profit before income tax 2,656,128 590,778 2,721,086 Expected PRC income tax at the statutory tax rate of 25% (664,032 ) (147,695 ) (680,272 ) Tax effect of share of profit of investments accounted for using the equity method 239,562 178,685 214,750 Tax effect of other non-taxable 7,459 54,379 10,782 Tax effect of additional deductions for R&D expenses 7,500 11,863 12,168 Tax effect of non-deductible (42,906 ) (51,543 ) (185,945 ) True up for final settlement of enterprise income taxes in respect of previous years 2,618 9,188 — Tax losses for which no deferred income tax asset was recognized (9,578 ) (2,821 ) (21,225 ) Utilization of previously unrecognized tax losses 30,414 13,564 157 Tax effect of additional deduction for purchasing environmental protection equipment — — 12,446 Derecognition of previously recognized tax losses — — (7,341 ) Actual income tax (expenses)/ benefits (428,963 ) 65,620 (644,480 ) The provision for PRC income tax is calculated at the rate of 25% (2019 and 2020: 25%) on the estimated taxable income of the year ended 31 December 2021 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 . (a) Current taxation in the consolidated statement of financial position represents: 2020 2021 RMB’000 RMB’000 Income tax payable balance at 1 January 226,269 19,425 Provision for current income tax for the year 37,027 590,668 Payment during the year (243,871 ) (351,627 ) Income tax payable balance at 31 December 19,425 258,466 (b) Movements in deferred tax assets and liabilities are as follows: Balance as at 1 January 2020 Deducted/ (charged) to profit or loss Balance as at 31 December 2020 RMB’000 RMB’000 RMB’000 Deferred tax assets: Impairment for bad and doubtful debts and provision for inventories 38,901 18,425 57,326 Provision for impairment losses in property, plant and equipment and construction in progress 207,632 18,803 226,435 Tax losses 1,986 85,813 87,799 Others 88,663 42,323 130,986 337,182 165,364 502,546 Deferred tax liabilities: Gains of financial assets at fair value (4,604 ) 4,604 — Difference in depreciation (178,800 ) (104,939 ) (283,739 ) Capitalization of borrowing costs (2,946 ) 903 (2,043 ) (186,350 ) (99,432 ) (285,782 ) Deferred tax assets – net 150,832 101,289 252,121 Deferred tax liabilities – net — (35,357 ) (35,357 ) Balance as at 1 January 2021 Deducted/ (Charged) to profit or loss Deducted/ (Charged) to reserves Balance as at 31 December 2021 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets: Impairment for bad and doubtful debts and provision for inventories 57,326 (977 ) — 56,349 Provision for impairment losses in property, plant and equipment and construction in progress 226,435 131,776 — 358,211 Tax losses 87,799 (87,799 ) — — Acc rua 130,986 (48,808 ) — 82,178 502,546 (5,808 ) — 496,738 Deferred tax liabilities: Difference in depreciation (283,739 ) (46,332 ) — (330,071 ) Capitalization of borrowing costs (2,043 ) 575 — (1,468 ) Derivative financial instruments — (2,247 ) (12,153 ) (14,400 ) (285,782 ) (48,004 ) (12,153 ) (345,939 ) Deferred tax assets – net 252,121 (55,825 ) (12,153 ) 184,143 Deferred tax liabilities – net (35,357 ) 2,013 — (33,344 ) 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. (c) Deferred tax assets not recognized: As at 31 December 2021, 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 RMB29,969 thousand (31 December 2020: RMB29,969 thousand), because it was not probable that the related tax benefit would be realized. As at 31 December 2021, certain subsidiaries of the Company did not recognize the deferred tax assets in respect of tax losses of RMB350,574 thousand (31 December 2020: RMB72,699 thousand) 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: 2020 2021 RMB’000 RMB’000 2022 12,687 65,331 2023 10,415 66,965 2024 38,312 91,901 2025 11,285 41,475 2026 — 84,902 72,699 350,574 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per share | 13 Earnings per share (a) Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of ordinary shares in issue during the year. 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net profit attributable to equity shareholders of the Company 2,215,728 645,072 2,073,431 Weighted average number of ordinary shares in issue (thousand of shares) 10,823,814 10,823,814 10,823,814 Basic earnings per share (RMB per share) RMB 0.205 RMB 0.060 RMB (b) Diluted earnings per share There were no dilutive potential ordinary shares for the years ended 31 December 2019, 2020 and 2021, therefore diluted earnings per share is the same as basic earnings per share. |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current assets [abstract] | |
Other non-current assets | 14 Other non-current Intangible Long-term prepaid expense Total RMB’000 RMB’000 RMB’000 As at 1 January 2020 Cost 85,855 463,779 549,634 Accumulated amortization (68,220 ) — (68,220 ) Net book amount 17,635 463,779 481,414 Year ended 31 December 2020 Opening net book amount 17,635 463,779 481,414 Additions 53 169,755 169,808 Charge for the year (2,919 ) (223,344 ) (226,263 ) Closing net book amount 14,769 410,190 424,959 As at 31 December 2020 Cost 85,908 410,190 496,098 Accumulated amortization (71,139 ) — (71,139 ) Net book amount 14,769 410,190 424,959 Year ended 31 December 2021 Opening net book amount 14,769 410,190 424,959 Additions — 657,465 657,465 Charge for the year (2,925 ) (291,692 ) (294,617 ) Closing net book amount 11,844 775,963 787,807 As at 31 December 2021 Cost 85,908 775,963 861,871 Accumulated amortization (74,064 ) — (74,064 ) Net book amount 11,844 775,963 787,807 For the year ended 31 December 2021, the amortization of RMB 294,617 thousand (2019: RMB 214,292 thousand, 2020: RMB226,263 thousand) has been charged in Cost of sales. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 15 Leases (a) Amounts recognized in the statement of financial position The statement of financial position shows the following amounts relating to leases: As at 31 December 2020 2021 RMB’000 RMB’000 Right-of-use Land use rights 397,808 380,764 Buildings 11,221 3,288 Equipment 879 625 Others 893 966 410,801 385,643 Lease liabilities Current 9,352 3,229 Non-current 3,119 1,384 12,471 4,613 For the year ended 31 December 2021, additions to the right-of-use At 31 December 2021, the lease liabilities were repayable as follows: 2021 RMB’000 Within 1 year 3,229 After 1 year but within 2 years 672 After 2 years but within 5 years 712 4,613 (b) Amounts recognized in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases: 2019 RMB’000 2020 RMB’000 2021 RMB’000 Depreciation charge of right-of-use Land use rights (14,814 ) (15,965 ) (17,044 ) Buildings (12,541 ) (15,481 ) (15,677 ) Equipment (74,025 ) (449 ) (399 ) Others (618 ) (758 ) (1,187 ) (101,998 ) (32,653 ) (34,307 ) Interest expense (included in Finance expenses) (2,570 ) (887 ) (537 ) Expense relating to short-term leases (included in Cost of sales) (2,961 ) (3,731 ) (6,938 ) The total cash outflow for leases in 2021 was RMB24,482 thousand (2019: RMB94,441 thousand, 2020: RMB20,204 thousand). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 16 Property, plant and equipment Buildings Plant and machinery Vehicles and other Total RMB’000 RMB’000 RMB’000 RMB’000 Cost: At 1 January 2020 3,336,375 41,455,159 1,871,684 46,663,218 Additions 707 228,153 65,380 294,240 Transferred from construction in progress (note 18) 24,199 1,440,695 85,419 1,550,313 Acquisition of subsidiary 124,849 146,172 4,694 275,715 Reclassification 52,599 (55,206 ) 2,607 — Disposals (32,690 ) (472,643 ) (71,564 ) (576,897 ) Transferred to investment properties (note 17) (24,829 ) — — (24,829 ) At 31 December 2020 and 1 January 2021 3,481,210 42,742,330 1,958,220 48,181,760 Additions — 161,118 15,646 176,764 Transferred from construction in progress (note 18) 130,947 1,476,065 92,962 1,699,974 Reclassification 267,662 (275,880 ) 8,218 — Disposals (4,717 ) (737,634 ) (62,782 ) (805,133 ) Transferred from investment properties (note 17) 1,164 — — 1,164 Transferred to construction in progress (note 18) (2,091 ) (1,260 ) (15,404 ) (18,755 ) Transferred to investment properties (note 17) (83 ) (7 ) — (90 ) At 31 December 2021 3,874,092 43,364,732 1,996,860 49,235,684 Accumulated depreciation: At 1 January 2020 (2,310,970 ) (30,793,083 ) (1,432,530 ) (34,536,583 ) Charge for the year (91,070 ) (1,367,861 ) (94,108 ) (1,553,039 ) Reclassification (29,721 ) 29,635 86 — Written back on disposals 25,670 430,397 68,698 524,765 Transferred to investment properties (note 17) 9,527 — — 9,527 At 31 December 2020 and 1 January 2021 (2,396,564 ) (31,700,912 ) (1,457,854 ) (35,555,330 ) Charge for the year (88,234 ) (1,419,669 ) (113,556 ) (1,621,459 ) Reclassification (214,041 ) 216,706 (2,665 ) — Written back on disposals 3,652 626,865 55,709 686,226 Transferred from investment properties (note 17) (1,088 ) — — (1,088 ) Transfer to construction in progress (note 18) 46 735 5,642 6,423 Transferred to investment properties (note 17) 80 7 — 87 At 31 December 2021 (2,696,149 ) (32,276,268 ) (1,512,724 ) (36,485,141 ) Buildings Plant and machinery Vehicles and other Total RMB’000 RMB’000 RMB’000 RMB’000 Impairment losses: At 1 January 2020 (50,785 ) (766,932 ) (8,121 ) (825,838 ) Charge for the year (3,007 ) (84,035 ) (528 ) (87,570 ) At 31 December 2020 and 1 January 2021 (53,792 ) (850,967 ) (8,649 ) (913,408 ) Charge for the year (793 ) (586,147 ) (682 ) (587,622 ) Written back on disposals — 60,018 501 60,519 Reclassification (26,133 ) 26,270 (137 ) — At 31 December 2021 (80,718 ) (1,350,826 ) (8,967 ) (1,440,511 ) Net book value: At 31 December 2020 1,030,854 10,190,451 491,717 11,713,022 At 31 December 2021 1,097,225 9,737,638 475,169 11,310,032 (i) The Group recognized impairment loss on property, plant and equipment in relation to certain production facilities of RMB 259,850 thousand for the year ended 31 December 2021. Due to deteriorating market conditions, the increasing production cost is not expected to be covered by the estimated selling price of the products, the Group identified an impairment indicator for property, plant and equipment in relation to certain production facilities, including 4# aromatic joint unit and 3# aromatic joint unit under intermediate petrochemicals segment, and performed an impairment assessment of these assets based on their estimated recoverable amounts, as a result the carrying amount of these assets were written down to their recoverable amount of RMB 519,877 thousand. The recoverable amounts of above production facilities are estimated using the present value of future cash flows based on the financial budgets approved by management covering a five-year period. Forecasted cash flows are developed using several key assumptions, including the product sales growth rates, related costs growth rates (“forecasted growth rates”) and discount rate. The forecasted growth rates are based on past business performance and market participants’ expectations for market development, which are consistent with the forecasts included in industry reports. The discount rate used is a pre-tax (ii) During the year ended 31 December 2021, a number of production facilities were idle or backward production technology. The Group does not expect to have future economic benefits recoverable from the use of those production facilities. There is no alternative use of those production facilities which is specifically designed. The recoverable amounts of property, plant and equipment related to those production facilities are estimated to be their residual value. As a result, impairment loss of RMB327,772 thousand was made against the carrying amounts of those assets. As a result of these assessments, an impairment loss of RMB 587,622 thousand on property, plant and equipment was recognized in “cost of sales” for the year ended 31 December 2021. For the year ended 31 December 2020, impairment loss of RMB 87,570 thousands has been recognized in Cost of sales for the excess of carrying amount over its recoverable amount. 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. |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
Investment properties | 17 Investment properties RMB’000 Cost: As at 1 January 2020 602,659 Transferred from property plant and equipment (note 16) 24,829 At 31 December 2020 and 1 January 2021 627,488 Transferred from property plant and equipment (note 16) 90 Transferred to property plant and equipment (note 16) (1,164 ) At 31 December 2021 626,414 Accumulated depreciation: At 1 January 2020 (235,191 ) Charge for the year (15,184 ) Transferred from property plant and equipment (note 16) (9,527 ) At 31 December 2020 and 1 January 2021 (259,902 ) Charge for the year (15,325 ) Transferred from property plant and equipment (note 16) (87 ) Transferred to property plant and equipment (note 16) 1,088 At 31 December 2021 (274,226 ) Net book value: At 31 December 2020 367,586 At 31 December 2021 352,188 As at 31 December 2021, the Group has no contractual obligations for future repairs and maintenance (31 December 2020: 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 2021 was estimated by the directors to be approximately RMB 1,217,987 thousand by reference to market values of similar properties in the nearby area (31 December 2020: RMB 1,202,626 thousand). 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 RMB81,923 thousand was recognized in other operating income by the Group for the year ended 31 December 2021 (2019: RMB76,381 thousand, 2020: RMB81,608 thousand). c. Leasing arrangements The investment properties are leased out under operating leases. The leases typically run for an initial period of 1 to 3 years, with an option to renew the lease after that date at which time all terms are renegotiated. Lease payments are usually renegotiated every year to reflect market rentals. Undiscounted lease payments under non-cancellable 2020 2021 RMB’000 RMB’000 Within 1 year 51,396 49,420 Between 1 and 2 years 4,343 39,137 Above 2 years 629 — 56,368 88,557 |
Construction in Progress
Construction in Progress | 12 Months Ended |
Dec. 31, 2021 | |
Construction in progress [abstract] | |
Construction in progress | 18 Construction in progress 2020 2021 RMB’000 RMB’000 As at 1 January 1,815,549 1,710,124 Additions 1,444,888 3,270,695 Transferred to property plant and equipment (note 16) (1,550,313 ) (1,699,974 ) Transferred from property plant and equipment (note 16) — 12,332 As at 31 December 1,710,124 3,293,177 As at 31 December 2021, the impairment loss in construction in progress was RMB24,486 thousand (2019: RMB34,661 thousand, 31 December 2020: RMB24,486 thousand). For the year ended 31 December 2021, the group had no impairment write-off due to the disposal of construction in progress (2019: Nil, 2020: RMB 10,175 thousand). For the year ended 31 December 2021, the Group capitalized borrowing costs amounting to RMB12,641 thousand (2019: RMB5,594 thousand, 2020: |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries | 19 Subsidiaries The following list contains only the particulars of subsidiaries which principally affected the results, assets or liabilities of the Group. The class of shares held is ordinary unless otherwise stated. Proportion of ownership interest Name of company Place of and business Particulars of paid-up Group’s effective interest Held by the Held by a subsidiary Principal activity Shanghai Petrochemical Investment Development Company Limited (“Toufa”) Mainland China RMB 1,000,000 100.00 100.00 — Investment management China Jinshan Associated Trading Corporation (“Jinmao”) Mainland China RMB 25,000 67.33 67.33 — Import and export of Shanghai Jinchang Engineering Plastics Company Limited (“Jinchang”) Mainland China USD 9,154 74.25 — 74.25 Production of Shanghai Golden Phillips Petrochemical Company Limited (“Jinfei”) Mainland China RMB 415,623 100.00 — 100.00 Production of Shanghai Jinshan Trading Corporation (“JMGJ”) Mainland China RMB 100,000 67.33 — 67.33 Import and export of petrochemical products Zhejiang Jinlian Petrochemical Storage and Transportation Co., Ltd. (“Jinlian”) Mainland China RMB 400,000 100.00 — 100.00 Trading of a. The total comprehensive income attributable to non-controlling b. On 23 August 2019, the Group disposed 75% share of Zhejiang Jin Yong Acrylic Fiber Company Limited, 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 8) for the year ended 31 December 2019. c. On 30 June 2020, one of the Company’s subsidiaries, Toufa acquired 100% share of Zhejiang Zhonghang Oil Petrochemical Storage and Transportation Co., Ltd., renamed as Jinlian, from China Aviation Oil Group Logistics Co., Ltd., with the total purchase consideration of RMB340,369 thousand. |
Investments Accounted for Using
Investments Accounted for Using the Equity Method | 12 Months Ended |
Dec. 31, 2021 | |
Investments accounted for using equity method [abstract] | |
Investments accounted for using the equity method | 20 Investments accounted for using the equity method The amounts recognized in the statement of financial position are as follows: As at 31 December 2020 2021 RMB’000 RMB’000 Associates – Share of net assets 5,146,160 3,812,845 Joint ventures – Share of net assets 241,674 276,043 As at 31 December 5,387,834 4,088,888 The amounts recognized in the share of net profits of associates and joint ventures accounted for using the equity method are as follows: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Associates 927,814 678,077 825,132 Joint ventures 44,779 46,663 49,153 972,593 724,740 874,285 (a) Investment in associates 2020 2021 RMB’000 RMB’000 As at 1 January 4,973,464 5,146,160 Additions (note i) 27,603 26,000 Decrease caused by associate’s capital reduction (note ii) — (1,460,258 ) Share of profit 678,077 825,132 Other comprehensive income (11,512 ) 16,639 Cash dividends distribution (521,472 ) (712,436 ) Impairment (note iii) — (28,392 ) As at 31 December 5,146,160 3,812,845 Set out below are the material associates of the Group as at 31 December 2021. 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. The following list contains only the particulars of material associates, all of which are unlisted corporate entities whose quoted market price is not available: Proportion of ownership interest Name of company Form of business structure Place of incorporation and business Particulars of paid- up capital ‘000 Group’s effective interest Held by the Company Held by a Principal activity Shanghai Secco Petrochemical Incorporated Mainland China RMB 500,000 20.00 % 20.00 % — Manufacturing and Shanghai Chemical Industry Park Incorporated Mainland China RMB 2,372,439 38.26 % 38.26 % — Planning, Shanghai Jinsen Hydrocarbon Resins Company Limited (“Jinsen”) Incorporated Mainland China RMB 193,695 40.00 % — 40.00 % Production of Shanghai Azbil Automation Company Limited (“Azbil”) Incorporated Mainland China RMB 24,440 40.00 % — 40.00 % Service and Shanghai Shidian Energy Company Limited (“Shidian Energy”) Incorporated Mainland China RMB 800,000 40.00 % — 40.00 % Electric power There are no contingent liabilities relating to the Group’s 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. In 2020, Toufa invested RMB27,603 thousand to acquire 29% share of Pinghu China Aviation Oil Port Co., Ltd. In 2021, Toufa invested RMB 26,000 thousand to acquire 13% shares of CRRC Materials Qin Dao Company Limited. ii. According to the resolution of the Board of Directors on 9 July 2021, the Company, Sinopec Corp., and Sinopec Shanghai Gaoqiao Petrochemical Company Limited (“Gaoqiao Company”) approved to reduce their paid-in iii. During the year ended 31 December 2021, the directors of the Company reviewed the carrying value of the Group’s associate and joint ventures. The entire carrying amount of the interests in an associate is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount with its carrying amount. Since the recoverable amount of investment in an associate Jinsen is lower when compared with its carrying amount, impairment loss amounting to RMB 28,392 thousand (2020: Nil) is recognized during the year ended 31 December 2021.The recoverable amount of the investment in an associate was based on its fair value less costs to sell. The fair value was estimated with reference to the transaction price of a recent share transaction of the associate. All of the above associates are accounted for using the equity method in the consolidated financial statements. Summarized financial information of the material associates, adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: Summarized financial information for material associates Set out below are the summarized financial information for the above associates. Summarized statement of financial position for material associates As at 31 December 2020 Shanghai Secco Chemical Jinsen Azbil Shidian Energy Current – Current assets 10,430,726 4,618,722 74,170 227,172 790,069 – Current liabilities (2,783,216 ) (1,761,431 ) (10,481 ) (73,450 ) (20,650 ) Non-current – Non-current 6,099,126 3,523,528 64,421 3,984 72,441 – Non-current (32,482 ) (528,237 ) — — — Net assets 13,714,154 5,852,582 128,110 157,706 841,860 Group’s effective interest 20.00 % 38.26 % 40.00 % 40.00 % 40.00 % Group’s share of net assets 2,742,832 2,239,198 51,244 63,083 336,744 Unrealized upstream and downstream transaction (11,285 ) — — — (19,343 ) Unentitled portion (note i) — (331,407 ) — — — Carrying value 2,731,547 1,907,791 51,244 63,083 317,401 As at 31 December 2021 Shanghai Secco Chemical Jinsen Azbil Shidian Energy Current – Current assets 6,066,119 4,133,397 63,192 274,697 804,470 – Current liabilities (5,433,872 ) (1,789,223 ) (10,476 ) (111,472 ) (34,565 ) Non-current – Non-current 5,735,360 4,431,463 58,737 15,698 121,051 – Non-current (66 ) (619,306 ) — (7,506 ) (15,827 ) Net assets 6,367,541 6,156,331 111,453 171,417 875,129 Group’s effective interest 20.00 % 38.26 % 40.00 % 40.00 % 40.00 % Group’s share of net assets 1,273,508 2,355,412 44,581 68,567 350,052 Unrealized upstream and downstream transaction (3,157 ) — — — (15,979 ) Unentitled portion (note i) — (331,826 ) — — — Impairment loss — — (28,392 ) — — Carrying value 1,270,351 2,023,586 16,189 68,567 334,073 Note i: Unentitled portion represented the earnings from sales of the lands injected by Government in Chemical Industry that cannot be shared by other shareholders. Summarized statement of comprehensive income for material associates Shanghai Secco Chemical Industry Jinsen Azbil Shidian Energy 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 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 3,383,582 629,010 (16,996 ) 38,448 5,166 Dividend received from the associate 507,400 30,225 — 12,000 — Shanghai Secco Chemical Jinsen Azbil Shidian Energy 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 21,626,059 1,683,096 187,580 340,905 472,640 Post-tax 2,412,802 404,117 (8,232 ) 48,264 36,696 Other comprehensive income — (30,089 ) — — — Total comprehensive income 2,412,802 374,028 (8,232 ) 48,264 36,696 Dividend received from the associate 473,600 32,522 — 9,200 — Shanghai Secco Chemical Industry Jinsen Azbil Shidian Energy 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 29,723,223 1,709,110 165,499 427,378 489,490 Post-tax 3,125,904 396,761 (16,657 ) 61,711 33,269 Other comprehensive income — 43,488 — — — Total comprehensive income 3,125,904 440,249 (16,657 ) 61,711 33,269 Dividend received from the associate 634,341 52,225 — 19,200 — Aggregate information of associates that are not individually material: 2020 2021 RMB’000 RMB’000 Aggregate carrying value of investments at 31 December 75,094 100,079 Aggregate amounts of the Group’s share of those associates: Profit for the year 8,619 5,655 Total comprehensive income 8,619 5,655 Dividend received from the associate — 6,670 (b) Investment in joint ventures 2020 2021 RMB’000 RMB’000 As at 1 January 235,294 241,674 Addition (note i) — 50,000 Share of profit 46,663 49,153 Cash dividends distribution (40,283 ) (64,784 ) As at 31 December 241,674 276,043 Details of the Group’s interest in the joint venture, which is accounted for using the equity method in the consolidated financial statements, are as follows: The following list contains only the particulars of material joint ventures, all of the Group’s joint ventures are unlisted corporate entities whose quoted market price is not available: Name of joint venture Form of business structure Place of incorporation and business Particulars of paid-up capital ’000 Proportion of ownership interest Principal activity Group’s effective interest Held by the Company Held by a subsidiary Linde-SPC Gases Company Limited Incorporated Mainland China USD 32,000 50.00% — 50.00% Production and sales of industrial gases Shanghai Petrochemical Pressure Vessel Testing Center (“JYJC”) Incorporated Mainland China RMB 10,000 50.00% — 50.00% Providing inspection and testing service Shanghai Petrochemical Yangu Gas Incorporated Mainland China USD 10,560 50.00% — 50.00% Production and sales of industrial gases Shanghai Jinshan Baling New Materials Co., Ltd. (“Baling Materials”) (Note i) Incorporated Mainland China RMB 100,000 50.00% — 50.00% Production and sales of new styrene thermoplastic elastomer materials i. In September 2021, Sinopec Baling Petrochemical Co., Ltd . 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 statement of financial position for joint ventures As at 31 December 2020 Linde JYJC Yangu Gas RMB’000 RMB’000 RMB’000 Current Cash and cash equivalents 233,898 13,281 62,878 Other current assets (excluding cash) 67,809 6,077 11,812 Total current assets 301,707 19,358 74,690 Total current liabilities (57,153 ) (2,453 ) (3,463 ) Non-current Total non-current 147,717 1,800 26,066 Total non-current (21,417 ) — — Net assets 370,854 18,705 97,293 Group’s effective interest 50.00% 50.00% 50.00% Interest in joint ventures 185,427 9,352 48,648 Unrealized downstream transactions (1,753 ) — — Carrying value 183,674 9,352 48,648 As at 31 December 2021 Linde JYJC Yangu Gas Baling Materials RMB’000 RMB’000 RMB’000 RMB’000 Current Cash and cash equivalents 226,860 16,914 72,916 6,062 Other current assets (excluding cash) 74,652 5,065 11,149 28,418 Total current assets 301,512 21,979 84,065 34,480 Total current liabilities (62,356 ) (3,356 ) (3,262 ) — Non-current Total non-current 109,366 1,577 19,034 65,520 Total non-current (16,303 ) — — — Net assets 332,219 20,200 99,837 100,000 Group’s effective interest 50% 50% 50% 50% Interest in joint ventures 166,110 10,100 49,919 50,000 Unrealized downstream transactions (86 ) — — — Carrying value 166,024 10,100 49,919 50,000 Summarized statement of comprehensive income for joint ventures The information above reflects the amounts presented in the financial statements of the joint ventures (and not the Group’s share of those amounts) adjusted for differences in accounting policies between the Group and the joint ventures. 2019 Linde JYJC Yangu Gas RMB’000 RMB’000 RMB’000 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 expenses (28,382 ) (777 ) — Post-tax 80,183 2,330 40 Other comprehensive income — — — Total comprehensive income 80,183 2,330 40 Dividend received from joint venture 38,900 453 — Summarized statement of comprehensive income for joint ventures (continued) 2020 Linde JYJC Yangu Gas RMB’000 RMB’000 RMB’000 Revenue 420,160 21,674 58,463 Depreciation and amortization (45,756 ) (350 ) (8,313 ) Interest income 2,246 304 1,483 Interest expense — — — Profit from continuing operations 108,677 2,279 1,830 Income tax expenses (26,290 ) (177 ) — Post-tax 82,387 2,102 1,830 Other comprehensive income — — — Total comprehensive income 82,387 2,102 1,830 Dividend received from joint venture 38,234 1,049 1,000 2021 Linde JYJC Yangu Gas Baling RMB’000 RMB’000 RMB’000 RMB’000 Revenue 428,971 27,190 60,222 — Depreciation and amortization (44,307 ) (386 ) (5,162 ) — Interest income 3,489 304 1,516 — Profit from continuing operations 116,768 2,250 4,144 — Income tax benefits/ (expenses) 29,316 (1,125 ) — — Post-tax 87,452 3,375 4,144 — Other comprehensive income — — — — Total comprehensive income 87,452 3,375 4,144 — Dividend received from joint venture 63,044 940 800 — |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Inventories | 21 Inventories (a) Inventories in the consolidated statements of financial position comprise: As at 31 December 2020 As at 31 December 2021 Gross carrying amount Provision for Carrying Gross carrying amount Provision for Carrying amount RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Raw materials 2,569,136 — 2,569,136 4,391,555 (13,406 ) 4,378,149 Work in progress 696,227 (122,081 ) 574,146 795,791 (105,450 ) 690,341 Finished goods 591,485 (46,652 ) 544,833 709,990 (45,950 ) 664,040 Spare parts and consumables 260,431 (59,800 ) 200,631 249,456 (58,461 ) 190,995 4,117,279 (228,533 ) 3,888,746 6,146,792 (223,267 ) 5,923,525 (b) The analysis of the amount of inventories recognized as expenses and included in profit or loss is as follows: The cost of inventories recognized in Cost of sales amounted to RMB 70,704,868 thousand for the year ended 31 December 2021 (2019: RMB78,595,380 thousand, 2020: RMB53,622,798 thousand) which excluded an inventory provision of RMB 150,883 thousand (2019: RMB70,178 thousand, 2020: RMB220,888 thousand). For the year ended 31 December 2021, the Group sold certain finished goods and utilized certain spare parts and consumables which were previously provided for. The related provision of RMB156,149 thousand was reversed and included in cost of sales in the consolidated statement of profit or loss (2019: RMB72,945 thousand, 2020: RMB147,817 thousand). |
Trade And Other Receivables
Trade And Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Trade and other receivables | 22 Trade and other receivables As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Trade receivables 113,797 79,413 Less: loss allowance (634 ) (1,988 ) 113,163 77,425 Amounts due from related parties excluded prepayments and bills receivable 1,055,539 1,153,111 Total trade receivables 1,168,702 1,230,536 Other receivables 18,240 47,737 Less: loss allowance (139 ) (140 ) 18,101 47,597 Financial assets measured at amortized cost 1,186,803 1,278,133 Amounts due from related parties - prepayments 26,777 34,220 Amounts due from related parties - bills receivables (note 25) 10,000 25,000 1,223,580 1,337,353 All of the trade and other receivables are expected to be recovered or recognized as expense within one year. 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 and bills receivable (net of allowance for doubtful debts) is as follows: As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Within one year 1,167,222 1,230,360 Over one year within two years 1,480 27 Over two years — 149 1,168,702 1,230,536 Movements in the loss allowance account in respect of trade and other receivables during the period is as follows: Year ended 31 December 2020 2021 RMB’000 RMB’000 Balance at 1 January 139 773 Impairment losses recognized during the year 634 1,355 Balance at 31 December 773 2,128 As at 31 December 2020 and 31 December 2021, no trade receivable was pledged as collateral. Sale to third parties is 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. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 23 Cash and cash equivalents (a) Cash and cash equivalents comprise: As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Cash deposits with a related party (note i) 5,667 3,243 Cash at bank and on hand 6,910,741 5,108,767 Cash and cash equivalents in the consolidated statement of financial position 6,916,408 5,112,010 i. Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (“Sinopec Finance”). (b) Cash generated from operations Reconciliation of profit before taxation to cash generated from operations 2019 2020 2021 RMB’000 RMB’000 RMB’000 Profit before taxation 2,656,128 590,778 2,721,086 Adjustments items: Interest income from time deposits with maturity more than 3 months (398,176 ) (339,505 ) (424,696 ) Share of profit of investments accounted for using the equity method (972,593 ) (724,740 ) (874,285 ) Losses on disposal of subsidiary 60,951 — — Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges 12,315 376 (18,846 ) Gains from structured deposits (85,444 ) (114,283 ) (97,921 ) Losses on sale of FVOCI 19,513 9,513 4,685 Interest expense 53,784 64,169 94,186 Foreign exchange (gains)/losses (18,571 ) 5,514 1,861 Depreciation of property, plant and equipment 1,507,804 1,553,039 1,621,459 Depreciation of investment property 14,694 15,184 15,325 Depreciation of right-of-use 101,998 32,653 34,307 Amortization of other non-current 214,292 226,263 294,617 Impairment loss on property, plant and equipment 486 87,570 587,622 Impairment loss on investment accounted for using the equity method — — 28,392 (Gains)/ assets-net (158,551 ) 1,212 (48,671 ) Profit on operation before change of working capital 3,008,630 1,407,743 3,939,121 Decrease/(increase) in inventories 1,366,441 2,865,687 (2,034,779 ) (Increase) / decrease in operation receivables (92,354 ) 308,333 49,586 Decrease in operation payables (487,877 ) (1,008,800 ) (70,235 ) Increase/(decrease) in balances to related parties – net 1,860,836 (1,577,876 ) 2,527,960 Cash generated from operations 5,655,676 1,995,087 4,411,653 (c) Reconciliation of liabilities arising from financing activities Borrowings Lease Short-term Total RMB’000 RMB’000 RMB’000 RMB’000 As at 31 December 2019 and 1 January 2020 1,547,600 22,043 — 1,569,643 Changes from financing cash flows: Proceeds from borrowings 3,458,100 — — 3,458,100 Proceeds from short-term bonds — — 2,998,469 2,998,469 Repayments of borrowings (3,460,556 ) — — (3,460,556 ) Principal elements of lease payments — (15,586 ) — (15,586 ) Total changes from financing cash flows (2,456 ) (15,586 ) 2,998,469 2,980,427 Other changes: Addition of lease liabilities — 6,014 — 6,014 Foreign exchange movements 2,856 — — 2,856 Issuance costs on short-term bonds — — 1,531 1,531 Interest expense — — 17,811 17,811 Total other changes 2,856 6,014 19,342 28,212 As at 31 December 2020 and 1 January 2021 1,548,000 12,471 3,017,811 4,578,282 Changes from financing cash flows: Proceeds from new bank loans 14,163,132 — — 14,163,132 Repayment of bank loans (13,451,332 ) — — (13,451,332 ) Proceeds from short-term bonds — — 5,998,899 5,998,899 Repayments of short-term bonds — — (9,000,000 ) (9,000,000 ) Principal elements of lease payments — (17,544 ) — (17,544 ) Total changes from financing cash flows 711,800 (17,544 ) (3,001,101 ) (2,306,845 ) Other changes: Addition of lease liabilities — 9,686 — 9,686 Issuance costs on short-term bonds — — 1,101 1,101 Interest expense — — 28,340 28,340 Others — — (46,151 ) (46,151 ) Total other changes — 9,686 (16,710 ) (7,024 ) As at 31 December 2021 2,259,800 4,613 — 2,264,413 (d) Total cash outflow for leases Amounts included in the cash flow statement for leases comprise the following: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Within operating cash flows (5,317 ) (4,618 ) (6,938 ) Within financing cash flows (89,124 ) (15,586 ) (17,544 ) (94,441 ) (20,204 ) (24,482 ) These amounts relate to the following: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Lease rentals paid (94,441 ) (20,204 ) (24,482 ) |
Time Deposits With Banks
Time Deposits With Banks | 12 Months Ended |
Dec. 31, 2021 | |
Debt instruments held [abstract] | |
Time deposits with banks | 24 Time deposits with banks As at 31 December 2020 2021 RMB’000 RMB’000 Time deposits with maturity less than one year 4,049,443 7,386,607 Time deposits with maturity more than one year 7,042,840 5,581,435 11,092,283 12,968,042 As at 31 December 2021, interest rates of time deposits with maturity less than one year ranged from 3.40% to 3.50% per annum (31 December 2020: 3.15% to 4.10% per annum), which were presented as current assets. Time deposits with maturity of more than one year were time deposits of three or five years with the interest rates from 3.45% to 4.20% per annum, which were presented as non-current |
Financial Assets at Fair Value
Financial Assets at Fair Value Through Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Financial assets at fair value through other comprehensive income [abstract] | |
Financial assets at fair value through other comprehensive income | 25 Financial assets at fair value through other comprehensive income As at 31 December 2020 2021 RMB’000 RMB’000 Trade and bills receivable (i) - Amounts due from related parties (note 22) 10,000 25,000 - Others 1,207,114 1,047,690 1,217,114 1,072,690 Equity investments 5,000 5,000 1,222,114 1,077,690 (i) As at 31 December 2020 and 2021, certain trade receivables and bills receivable were classified as financial assets at FVOCI, as the Group’s business model is achieved both by collecting contractual cash flows and selling of these assets. (ii) As at 31 December 2021, the Group discounted certain bank acceptance bills to banks for cash proceeds and endorsed certain bank acceptance bills to suppliers for settling trade payables of the same amount on a full recourse basis. The Group has derecognized these bills receivable and the payables to suppliers in their entirety. These derecognized bank acceptance bills had a maturity date less than twelve months from the end of the reporting period. In the opinion of the directors, the Group has transferred substantially all the risks and rewards of ownership of these bills to its suppliers, and the Group has limited exposure in respect of the settlement obligation of these bills receivable under the relevant PRC rules and regulations should the issuing banks fail to settle the bills on maturity date. The Group considered the issuing banks of the bills are of good credit rating and the non-settlement As at 31 December 2021, the Group’s maximum exposure to loss and undiscounted cash outflow, which is the same as the amounts payable by the Group to banks or suppliers in respect of the discounted bills and endorsed bills, should the issuing banks fail to settle the bills on maturity date, amounted to RMB thousand and RMB thousand respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Borrowings | 26 Borrowings As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Credit loans due within one year - Short term bank loan 1,548,000 1,559,800 Credit loans due over one year but within three years - Long-term borrowing from a related party (note 33(c)) — 700,000 1,548,000 2,259,800 (a) The analysis of the repayment schedule of borrowings are as follows: 2020 2021 RMB’000 RMB’000 Within 1 year or on demand 1,548,000 1,559,800 Over one year but within two years — — Over two years but within three years — 700,000 1,548,000 2,259,800 The weighted average interest rate for the Group’s short-term bank loan was 2.74% as at 31 December 2021 (2019: 3.35%, 2020: 2.79%,). The interest rate of the Group’s long-term borrowings was 1.08% as at 31 December 2021 ( 2019: Nil, 2020: Nil). As at 31 December 2020 and 31 December 2021, no borrowings were secured by property, plant and equipment. |
Short-Term Bonds
Short-Term Bonds | 12 Months Ended |
Dec. 31, 2021 | |
Short term bonds [Abstract] | |
Short-term bonds | 27 Short-term bonds As at 31 December 2020 2021 RMB’000 RMB’000 Short-term bonds 3,017,811 — In August 2020, the Company issued 169-day |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Trade and other payables | 28 Trade and other payables As at 31 December 2020 2021 RMB’000 RMB’000 Trade payables 1,294,138 1,527,706 Bills payable 26,196 562,593 Amounts due to related parties exclude advances received 3,655,724 4,910,255 4,976,058 7,000,554 Dividends payable 29,522 30,577 Construction payable 299,205 487,283 Oil price risk reserve 546,055 — Accrued expenses 518,333 400,391 Other liabilities 106,634 87,144 1,499,749 1,005,395 Financial liabilities measured at 6,475,807 8,005,949 Amounts due to related parties – advances received 1,117 6,275 Amounts due to related parties – measured at fair value through profit or loss (FVPL) (i) — 1,388,286 6,476,924 9,400,510 Total amount due to related parties 3,656,841 6,304,816 All trade and other payables (including amounts due to related parties) are expected to be settled or recognized as income within one year or are repayable on demand. (i) Amounts due to related parties – measured at FVPL represents the obligation that the Company needs to return the crude oil to its related party with maturity of less than 1 year, which is measured at fair value through profit or loss. As at 31 December 2020 and 31 December 2021, 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 2020 and 31 December 2021, the ageing analysis of the trade payables (including amounts due to related parties of trading in nature) and bills payable based on invoice date were as follows: As at 31 December 2020 2021 RMB’000 RMB’000 Within one year 4,973,711 6,990,653 Over one year within two years 1,973 9,527 Over two years 374 374 4,976,058 7,000,554 |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities [abstract] | |
Contract liabilities | 29 Contract liabilities As at 31 December 2020 2021 RMB’000 RMB’000 Contract liabilities 495,404 424,607 The contract liabilities of the Group are advance for goods from customers. Related performance obligations are expected to be satisfied and revenue is recognized within one year. Revenue amounted to RMB495,404 thousand has been recognized in the current year relates to carried-forward contract liabilities (2019: RMB446,702 thousand, 2020: RMB 579,750 thousand). |
Deferred Income
Deferred Income | 12 Months Ended |
Dec. 31, 2021 | |
Accruals and deferred income including contract liabilities [abstract] | |
Deferred income | 30 Deferred income 2020 2021 RMB’000 RMB’000 As at 1 January 10,005 13,433 Additions 3,865 — Amortization (437 ) (713 ) As at 31 December 13,433 12,720 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Share capital | 31 Share capital Number Amount ’000 RMB’000 As at 31 December 2020, 1 January 2021 and Registered, issued and fully paid: Ordinary A shares listed in PRC 7,328,814 7,328,814 Foreign invested H shares listed overseas 3,495,000 3,495,000 Total 10,823,814 10,823,814 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Reserves | 32 Reserves Legal surplus Capital Surplus reserve Other Hedging Share premium Safety production fund Retained earnings Total (note(a)) (note(b)) (note(c)) (note(d)) (note 3.1(a)) (note(e)) (note(f)) (note(g)) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Balance at 1 January 2020 4,072,476 13,739 101,355 17,838 — 106,846 57,137 14,670,083 19,039,474 Total comprehensive income for the year attributable to shareholders of the Company — — — (11,512 ) — — — 645,072 633,560 Change in fair value of hedging instruments — — — — (63,840 ) — — — (63,840 ) Reclassified to cost of inventory — — — — 63,840 — — — 63,840 Dividends declared and approved in respect of previous year — — — — — — — (1,298,858 ) (1,298,858 ) Appropriation of safety production fund — — — — — — 88,460 (88,460 ) — Balance at 31 December 2020 and 1 January 2021 4,072,476 13,739 101,355 6,326 — 106,846 145,597 13,927,837 18,374,176 Total comprehensive income for the year attributable to shareholders of the Company — — — 16,639 125,159 — — 2,073,431 2,215,229 Amounts transferred from hedging reserve to initial carrying amount of hedged items — — — — (88,699 ) — — — (88,699 ) Dividends declared and approved in respect of previous year — — — — — — — (1,082,381 ) (1,082,381 ) Transfer to legal surplus 2,498,808 — — — — — — (2,498,808 ) — Appropriation of safety production fund — — — — — — 40,729 (40,729 ) — Balance at 31 December 2021 6,571,284 13,739 101,355 22,965 36,460 106,846 186,326 12,379,350 19,418,325 Notes: (a) Under PRC rules and regulations, the Company and its PRC subsidiaries are required to set aside 10% of the net income determined in accordance with the PRC accounting rules and regulations to a legal surplus reserve. The transfer to this reserve must be made before distribution of any dividend to shareholders. The legal surplus reserve is non-distributable In accordance with PRC rules and regulations, the Company has set aside RMB6,571,284 thousand of legal surplus as of 31 December 2021. (b) This reserve represents gifts or grants received from China Petrochemical Corporation, the ultimate parent company and which are required to be included in this reserve fund by PRC regulations. (c) The transfer to this reserve from the retained profits is subject to the approval by shareholders at general meetings. Its usage is similar to that of the legal surplus reserve. (d) Other reserve comprises share of post-acquisition movements in other comprehensive income from associates and joint ventures using the equity methods of accounting with a corresponding adjustment to the carrying amount of the investment. (e) The application of the share premium account is governed by Sections 167 and 168 of the PRC Company Law. (f) According to the relevant PRC regulations, the Group is required to transfer an amount to specific reserve for the safety production fund based on the turnover of certain refining and chemicals products. This reserve represents unutilized safety production fund. (g) According to the Company’s Articles of Association, the reserve available for distribution is the lower of the amount determined under China Accounting Standards for Business Enterprises and the amount determined under IFRS. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related-party transactions | 33 Related-party transactions The following is a list of the Group’s major related parties: Names of related parties Relationship with the Company China International United Petroleum & Chemicals Co., Ltd. Subsidiary of the ultimate parent company Sinopec Chemical Sales Company Limited Subsidiary of the ultimate parent company Sinopec Chemical Commercial Holding Company Limited Subsidiary of the ultimate parent company Petro-cyberworks Information Technology Co., Ltd. Subsidiary of the ultimate parent company Lianhua (Ningbo) International Logistics Co., Ltd. Subsidiary of the ultimate parent company Zhongke (Guangdong) Refining & Chemical Co., Ltd. Subsidiary of the ultimate parent company Sinopec Marketing Co., Ltd. Subsidiary of the ultimate parent company Sinopec Fuel Oil Sales Co., Ltd. Subsidiary of the ultimate parent company Sinopec Lubricant Co., Ltd. Subsidiary of the ultimate parent company Sinopec Yangzi Petrochemical Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Beijing) Company Limited Subsidiary of the ultimate parent company Sinopec Catalysts Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Shanghai) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Beijing Research Institute of Chemical Industry Subsidiary of the ultimate parent company Names of related parties Relationship with the Company China Petrochemical International (Ningbo) Co., Ltd. Subsidiary of the ultimate parent company Zhoushan Shihua Crude Oil Terminal Co., Ltd. Subsidiary of the ultimate parent company Dalian Sinopec Material Equip Company Subsidiary of the ultimate parent company Sinopec Material & Equipment (East China) Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Nanjing) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Honeywell (Tianjin) Company Limited Subsidiary of the ultimate parent company China Petrochemical International (Wuhan) Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical Refinery Sales Co., Ltd. Subsidiary of the ultimate parent company Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Tianjin) Co., Ltd. Subsidiary of the ultimate parent company Ningbo East sea Line fan Technology Company Limited Subsidiary of the ultimate parent company Sinopec Petroleum & Chemical Scientific Research Institute Dadi Company Subsidiary of the ultimate parent company Sinopec Shanghai Research Institute of Petrochemical Technology Subsidiary of the ultimate parent company Sinopec Lubricating Oil Shanghai Research Institute Company Limited Subsidiary of the ultimate parent company Dalian Furuipu Technology Co., Ltd. Subsidiary of the ultimate parent company Nantong Donghai Petrochemical Co., Ltd. Subsidiary of the ultimate parent company China Petroleum and Chemical Corporation Qingdao Security Engineering Research Institute Subsidiary of the ultimate parent company Sinopec (Shanghai) Energy Trade Co., Ltd. Subsidiary of the ultimate parent company Storage and Transportation Installation Company of Ningbo Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Chemical Commercial Holding (Hong Kong) Company Limited Subsidiary of the ultimate parent company Sinopec Yizheng Chemical Fibre Limited Liability Company Subsidiary of the ultimate parent company Fujian Gulei Petrochemical Company Limited Subsidiary of the ultimate parent company Sinopec China East Chemical Sales Co., Ltd. Subsidiary of the ultimate parent company Names of related parties Relationship with the Company Unipec Singapore Subsidiary of the ultimate parent company China Yanshan United Foreign Trade Co., Ltd. Subsidiary of the ultimate parent company Sinopec Chemical Commercial Holding (Wuhan) Company Limited Subsidiary of the ultimate parent company Nanjing Yangzi Petrol-chemical Industry Co., Ltd. Subsidiary of the ultimate parent company Sinopec Baling Petrochemical Co., Ltd. Subsidiary of the ultimate parent company Shengli Oil Field Exploration and Development Research Institute Subsidiary of the ultimate parent company Shanghai Lide Catalyst Co., Ltd. Subsidiary of the ultimate parent company Ypc-gpro Subsidiary of the ultimate parent company Fujian Refining & Petrochemical Company Limited Subsidiary of the ultimate parent company Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals Subsidiary of the ultimate parent company Sinopec Jianghan Salt Chemical Hubei Co., Ltd. Subsidiary of the ultimate parent company Yipaike Business Factoring Co., Ltd. Subsidiary of the ultimate parent company Sinopec Great Wall Energy and Chemical Co., Ltd. Subsidiary of the ultimate parent company Sinopec (Shenzhen) E-Commerce Subsidiary of the ultimate parent company Sinopec Research Institute of Safety Engineering Subsidiary of the ultimate parent company Ningbo Minggang Gas Company Limited Subsidiary of the ultimate parent company Sinopec Zhongyuan Petrol-Chemical Industry Co., Ltd. Subsidiary of the ultimate parent company Epec E-commerce Subsidiary of the ultimate parent company Sinopec Oil Refining and Marketing (Shanghai) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Chemical Sales (Guangdong) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Nanguang (Shanghai) Industrial Co., Ltd. Subsidiary of the ultimate parent company Unipec (Qingdao) International Logistics Company Limited Subsidiary of the ultimate parent company Names of related parties Relationship with the Company Qingdao Zhonghua Sunshine Management System Certification Center Subsidiary of the ultimate parent company Zhejiang Baling Hengyi Caprolactam Limited Company Joint venture of the ultimate parent company Shanghai Sinopec Mitsui Chemicals, Co., Ltd. Joint venture of the ultimate parent company Basf-ypc Joint venture of the ultimate parent company Shanghai Changshi Shipping Co., Ltd. Associate of the ultimate parent company Shanghai KSD Bulk Solids Engineering Co., Ltd. Associate of the ultimate parent company Basf Gao-Qiao Associate of the ultimate parent company Sinopec Chemical Commercial Holding (Singapore) Pte. Ltd. Subsidiary of the immediate parent company Sinopec Finance Co., Ltd. Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding Company Limited Subsidiary of the immediate parent company Zhongshi Huananjing Chemical Research Institute Co., Ltd. Subsidiary of the immediate parent company China Economy Phulishing House Co., Ltd. Subsidiary of the immediate parent company Sinopec Publishing House Co., Ltd. Subsidiary of the immediate parent company Sinopec Group International Travel Agency Agricultural Bank of China Subsidiary of the immediate parent company Sinopec Assets Management Co., Ltd. Subsidiary of the immediate parent company Ningbo Engineering Company of Sinopec Subsidiary of the immediate parent company Sinopec Shared Service Co., Ltd. Subsidiary of the immediate parent company Sinopec Petroleum Engineering Geophysics Ltd. Subsidiary of the immediate parent company Sinopec Baichuan Economic and Trade Company Subsidiary of the immediate parent company Sinopec Group Jiangsu Petroleum Exploration Bureau Co., Ltd. Subsidiary of the immediate parent company Sinopec Newspaper Office Subsidiary of the immediate parent company Sinopec Energy Saving Technology Service Co., Ltd. Subsidiary of the immediate parent company Sinopec Group Economic and Technology Research Institute Co., Ltd. Subsidiary of the immediate parent company Names of related parties Relationship with the Company Beijing Petro-Chemical Construction Consulting Co., Ltd. Subsidiary of the immediate parent company China Economicbooks Co., Ltd. Subsidiary of the immediate parent company Petrol-Chemical Industry Management Cadre College Subsidiary of the immediate parent company Sinopec Engineering Quality Supervision Terminal Subsidiary of the immediate parent company Sinopec Group Shanghai Training Center Ltd. Subsidiary of the immediate parent company Sinopec Beijing Yanshan Petrochemical Co., Ltd. Subsidiary of the immediate parent company Sinopec Zhongyuan Petroleum Exploration Bureau Co., Ltd. Subsidiary of the immediate parent company Sinopec Shengli Petroleum Administration Co., Ltd. Subsidiary of the immediate parent company The Fourth Construction Company of Sinopec Subsidiary of the immediate parent company Sinopec Tending Co., Ltd. Subsidiary of the immediate parent company Sinopec Shanghai Engineering Co., Ltd. Subsidiary of the immediate parent company Sinopec Engineering Incorporation Subsidiary of the immediate parent company Sinopec Engineering Quality Monitoring Co., Ltd. Subsidiary of the immediate parent company National Petrochemical Project Risk Assessment Technology Center Subsidiary of the immediate parent company The Tenth Construction Company of Sinopec Subsidiary of the immediate parent company The Fifth Construction Company of Sinopec Subsidiary of the immediate parent company Shanghai Petrochemical Machinery Manufacturing Co., Ltd. Subsidiary of the immediate parent company Sinopec Nanjing Engineering Company Limited Subsidiary of the immediate parent company Sinopec Luoyang Engineering Company Limited Subsidiary of the immediate parent company Jiangsu Jinling Opta Polymer Company Limited Subsidiary of the immediate parent company Shanghai Petro-Chemical Haidi Administration Co., Ltd. Subsidiary of the immediate parent company Sinopec Sichuan Uinylon Works Subsidiary of the immediate parent company China Petrochemical Corp. Nanjing Chemistry Industrial Co., Ltd. Subsidiary of the immediate parent company Names of related parties Relationship with the Company Sinopec Group International Petroleum Exploration And Production Limited Subsidiary of the immediate parent company Sinopec Consulting Company Limited Subsidiary of the immediate parent company Sinopec Guangzhou Engineering Co., Ltd. Subsidiary of the immediate parent company Beijing Yanshan Petrochemical Special Equipment Inspection Co., Ltd. Subsidiary of the immediate parent company China Petrochemical Corp. Engineering Ration Management Station Subsidiary of the immediate parent company Beijing Victory Hotel Company Limited Subsidiary of the immediate parent company Maoming Shihua Dongcheng Chemical Co., Ltd. Subsidiary of the immediate parent company Yihua Tory Polyester Film Company Limited Joint venture of the immediate parent company China Sinopec Pipeline Storage and Transportation Co., Ltd. Associate of the immediate parent Yihua Bonar Yarns and Fabrics Co., Ltd. Associate of the immediate parent Unipec Singapore Subsidiary of the immediate parent company Unipec America, Inc Subsidiary of the immediate parent company Sinopec Japan Company Limited Subsidiary of the immediate parent company Rizhao Shihua Crude Oil Terminal Co., Ltd. Joint venture of the ultimate parent company Sinopec Europe Company Limited Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding (North America), Inc. Subsidiary of the immediate parent company Sinopec International (Australia) Pty. Ltd. Subsidiary of the immediate parent company The following is a summary of significant balances and transactions between the Group and its related parties except for the dividends payable as disclosed in note 34. (a) Most of the transactions undertaken by the Group during the year ended 31 December 2021 have been affected on such terms as determined by Sinopec Corp. and relevant PRC authorities. Sinopec Corp. negotiates and agrees with 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 the 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 Company 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 State guidance prices, the pricing shall follow the State’s guidance prices; or • if there are no State tariffs or State’s 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 during the years ended 31 December 2019, 2020 and 2021 were as follows: 2019 2020 2021 Sales of petroleum products 50,354,162 39,879,549 47,201,755 Sales other than petroleum products 8,642,514 6,790,568 9,439,546 Purchases of crude oil 43,886,966 27,934,926 35,371,820 Purchases other than crude oil 9,579,239 9,937,862 9,008,147 Commission expense 125,619 104,598 110,552 Rental income 31,972 32,829 34,475 (b) Other transactions between the Group and Sinopec Group and its subsidiaries, associates and joint ventures of the Group during the years ended 31 December 2019, 2020 and 2021 were as follows: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Sales of goods and service fee income - Sinopec Group and its subsidiaries 7,724 14,870 36,683 - Associates and joint ventures of the Group 2,843,909 2,019,997 4,248,658 2,851,633 2,034,867 4,285,341 Purchases - Sinopec Group and its subsidiaries 1,918,873 832,617 2,830,256 - Associates and joint ventures of the Group 4,579,969 3,648,664 4,425,698 6,498,842 4,481,281 7,255,954 Insurance premium expenses - Sinopec Group and its subsidiaries 108,223 107,495 108,850 Addition to right-of-use - Sinopec Group and its subsidiaries 25,935 2,267 1,388 - Joint ventures of the Group 702 — — 26,637 2,267 1,388 Interest expense of lease liabilities - Sinopec Group and its subsidiaries 2,285 205 247 - Joint ventures of the Group 19 8 24 2,304 213 271 Interest income - Sinopec Finance 1,295 2,088 824 Construction and installation cost - Sinopec Group and its subsidiaries 143,560 233,591 785,216 Rental income - Associates and joint ventures of the Group 11,370 15,577 14,930 - Sinopec Group and its subsidiaries 461 464 464 11,831 16,041 15,394 Long-term borrowings - Sinopec Finance — — 700,000 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 notes 33(a) and 33(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 ventures, Sinopec Group and its subsidiaries, associates and joint ventures of the Group, arising from purchases, sales and other transactions as disclosed in notes 33(a) and 33(b), are summarized as follows: As at 31 December 2020 As at 31 December 2021 Amounts due from related parties - Sinopec Corp., its subsidiaries and joint ventures 1,054,127 1,184,117 - Associates and joint ventures of the Group 38,189 28,214 1,092,316 1,212,331 Amounts due to related parties - Sinopec Corp., its subsidiaries and joint ventures 2,505,532 4,475,992 - Sinopec Group and its subsidiaries 889,035 1,672,439 - Associates and joint ventures of the Group 262,274 156,385 3,656,841 6,304,816 Lease liabilities - Sinopec Group and its subsidiaries 8,453 992 - Joint ventures of the Group 574 435 9,027 1,427 Cash deposits, maturing within three months - Sinopec Finance (note d) 5,667 3,243 Long-term borrowings - Sinopec Finance — 700,000 (d) As at 31 December 2020 and 31 December 2021, cash deposits at Sinopec Finance were charged at an interest rate of 0.35% per annum. Except for cash deposits at Sinopec Finance and long-term borrowings from Sinopec Finance, the balances with related parties as above are unsecured, interest-free and repayable on demand. (e) Key management personnel compensation, post-employment benefit plans and share options 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 2019 2020 2021 Short-term employee benefits 9,120 9,859 11,866 Post-employment benefits 225 441 551 9,345 10,300 12,417 (f) 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 Group’s 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. (g) Commitments with related parties (i) Construction and installation cost As at 31 December 2020 As at 31 December 2021 Sinopec Group and its subsidiaries 145,959 775,007 (h) Investment commitments with related parties As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Capital contribution to Shanghai Secco (i) 111,263 111,263 Capital contribution to Shanghai Shidian Energy Company Limited (“Shidian Energy”) (ii) 80,000 80,000 Capital contribution to Baling Materials (iii) — 350,000 191,263 541,263 (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 a capital contribution of USD 30,017,000 (RMB 182,804 thousand equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2021, the Company has contributed RMB 71,541 thousand 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 a capital contribution of RMB 400,000 thousand to acquire 40% share of Shidian Energy. As at 31 December 2021, Toufa has contributed RMB 320,000 thousand to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement. (iii) Sinopec Baling Petrochemical Co., Ltd . paid-up Except for the above disclosed in notes 33 (g) and 33 (h), the Group had no other material commitments with related parties as at 31 December 2021, which are contracted, but not included in the financial statements. |
Dividend
Dividend | 12 Months Ended |
Dec. 31, 2021 | |
Dividend [abstract] | |
Dividend | 34 Dividend (a) Dividends payable to equity shareholders of the Company attributable to the year: 2020 2021 RMB’000 RMB’000 Final dividend proposed after the end of the reporting period of RMB 0.10 per ordinary share (2020: RMB 0.10 per ordinary share) 1,082,381 1,082,381 The final dividend proposed after the end of the reporting period has not been recognized as a liability at the end of the reporting period. (b) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year 2020 2021 RMB’000 Final dividend in respect of the previous financial year, approved and paid during the year, of RMB 0.10 per share (2020: RMB 0.12) 1,298,858 1,082,381 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments [abstract] | |
Commitments | 35 Commitments Capital commitments outstanding at 31 December 2021 not provided for in the financial statements were as follows: As at 31 December 2020 As at 31 December 2021 Property, plant and equipment contracted for 585,870 1,176,168 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent event [abstract] | |
Subsequent event | 36 Subsequent event (a) A dividend in respect of the year ended 31 December 2021 of RMB 0.1 per share, amounting to a total dividend of RMB1,082,381 thousands, was proposed by the Board of Directors on 23 March 2022. (b) Pursuant to [2020] Scp471 approved by China interbank market dealers association, the Company issued a super short-term bonds of RMB1.50 billion to Chinese institutional investors with interest rate of 2.35% per year in January 2022, and will repay the principal and interest upon maturity on 18 May 2022. Pursuant to [2020] Scp471 approved by China interbank market dealers association, the Company issued another super short-term bonds of RMB1.50 billion to Chinese institutional investors with interest rate of 2.01% per year in March 2022, and will repay the principal and interest upon maturity on 5 July 2022. |
Statement of Financial Position
Statement of Financial Position and Equity Movement of the Company | 12 Months Ended |
Dec. 31, 2021 | |
Balance sheet and reserve movement of the Company [abstract] | |
Statement of financial position and equity movement of the Company | 37 Statement of financial position and equity movement of the Company As at 31 December 2020 RMB’000 As at 31 December RMB’000 Non-current Property, plant and equipment 11,279,484 10,914,990 Investment properties 396,676 381,540 Right-of-use 296,371 275,924 Construction in progress 1,694,937 3,201,111 Investments in subsidiaries 2,048,328 2,048,328 Investments accounted for using the equity method 4,594,451 3,299,050 Time deposits with banks 7,042,840 5,381,149 Deferred tax assets 238,040 178,084 Other non-current 402,304 769,492 27,993,431 26,449,668 Current assets Derivative financial instruments — 81,405 Inventories 3,685,456 5,726,264 Trade receivables 1,484 149 Other receivables 6,447 8,276 Amounts due from related parties 975,952 1,116,553 Prepayments 6,559 13,790 Financial assets at fair value through other comprehensive income (FVOCI) 735,262 615,689 Time deposits with banks 4,049,441 7,386,605 Cash and cash equivalents 5,460,067 4,927,519 14,920,668 19,876,250 Current liabilities Trade and other payables 2,287,762 2,389,508 Contract liabilities 423,838 376,834 Amounts due to related parties 3,507,497 7,423,883 Staff salaries and welfares payable 239,537 253,800 Borrowings 1,500,000 1,500,000 Short-term bonds 3,017,811 — Lease liabilities 7,897 1,604 Derivative financial instruments — 23,804 Income tax payable — 249,332 Current tax liabilities 3,392,922 3,843,541 14,377,264 16,062,306 Net current assets 543,404 3,813,944 As at 31 December RMB’000 As at 31 December 2021 RMB’000 Total assets less current liabilities 28,536,835 30,263,612 Non-current Interest-bearing borrowings — 700,000 Lease liabilities 1,911 399 Deferred income 13,433 12,720 15,344 713,119 NET ASSETS 28,521,491 29,550,493 CAPITAL AND RESERVES Share capital 10,823,814 10,823,814 Reserves 17,697,677 18,726,679 TOTAL EQUITY 28,521,491 29,550,493 Approved and authorized for issue by the Board of Directors on 27 April 2022. ) ) Wu Haijun ) ) ) Directors ) Du Jun ) ) ) (a) Movements in components of equity of the Company Share capital Legal surplus Capital surplus Surplus reserve Other reserve Hedging Share premium Safety production fund Retained earnings Total Balance at 1 January 2020 10,823,814 4,072,476 4,180 101,355 17,838 — 106,846 57,135 14,260,322 29,443,966 Net profit attributable to shareholders of the Company — — — — — — — — 387,895 387,895 Dividends proposed and approved — — — — — — — — (1,298,858 ) (1,298,858 ) Appropriation of safety production fund — — — — — — — 88,462 (88,462 ) — Change in fair value of hedging instruments — — — — — 63,840 — — — 63,840 Reclassified to cost of inventory — — — — — (63,840 ) — — — (63,840 ) Share of other comprehensive income of investments accounted for using the equity method — — — — (11,512 ) — — — — (11,512 ) Balance at 31 December 2020 and 1 January 2021 10,823,814 4,072,476 4,180 101,355 6,326 — 106,846 145,597 13,260,897 28,521,491 Total comprehensive income for the year — — — — 16,639 125,159 — — 2,058,284 2,200,082 Amounts transferred from hedging reserve to initial carrying amount of hedged items — — — — — (88,699 ) — — — (88,699 ) Dividends declared and approved in respect of previous year — — — — — — — — (1,082,381 ) (1,082,381 ) Transfer to legal surplus — 2,498,808 — — — — — — (2,498,808 ) — Appropriation of safety production fund — — — — — — — 32,310 (32,310 ) — Balance at 31 December 2021 10,823,814 6,571,284 4,180 101,355 22,965 36,460 106,846 177,907 11,705,682 29,550,493 |
Benefits and Interests of Direc
Benefits and Interests of Directors and Supervisors | 12 Months Ended |
Dec. 31, 2021 | |
Benefits and interests of directors and supervisors [abstract] | |
Benefits and interests of directors and Supervisors | 38 Benefits and interests of directors and supervisors (a) Directors’ and supervisors’ emoluments: 2019 Salaries and Retirement Discretionary Directors’ fees Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Executive directors Wu Haijun 343 26 557 — 926 Shi Wei ( Resigned in December 2019 329 26 797 — 1,152 Jin Qiang 289 26 745 — 1,060 Guo Xiaojun (Resigned in December 2019) 283 26 751 — 1,060 Zhou Meiyun 248 26 709 — 983 Jin Wenmin 260 26 721 — 1,007 Independent non-executive 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 (Resigned in September 2019) 102 15 324 — 441 Li Xiaoxia (Resigned in September 2019) 102 14 529 — 645 Zhang Feng (Appointed in October 2019) 31 9 107 — 147 Chen Hongjun (Appointed in October 2019) 34 9 110 — 153 Zheng Yunrui 100 — — — 100 Cai Tingji 100 — — — 100 2,488 225 6,035 600 9,348 2020 Salaries and other benefits Retirement scheme contributions Discretionary bonuses Directors’ fees Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Executive directors Wu Haijun 359 44 799 — 1,202 Guan Zemin (appointed in February 2020) 367 41 397 — 805 Jin Qiang 354 44 716 — 1,114 Jin Wenmin 250 44 721 — 1,015 Huang Xiangyu (appointed in June 2020) 275 39 440 — 754 Huang Fei (appointed in June 2020) 217 39 426 — 682 Zhou Meiyun (resigned in September 2020) 181 33 668 — 882 Non-executive Xie Zhenglin (appointed in June 2020) — — — — — Peng Kun (appointed in June 2020) 96 25 246 — 367 Independent non-executive Li Yuanqin — — — 150 150 Tang Song (appointed in June 2020) — — — 75 75 Chen Haifeng (appointed in June 2020) — — — 75 75 Yang Jun (appointed in June 2020) — — — 75 75 Gao Song (appointed in June 2020) — — — 75 75 Zhang Yimin (resigned in June 2020) — — — 75 75 Liu Yunhong (resigned in June 2020) — — — 75 75 Du Weifeng (resigned in June 2020) — — — 75 75 Supervisors Ma Yanhui 332 42 720 — 1,094 Zhang Feng 148 40 485 — 673 Chen Hongjun 159 38 485 — 682 Zheng Yunrui 100 — — — 100 Cai Tingji 100 — — — 100 2,938 429 6,103 675 10,145 2021 Salaries and other benefits RMB’000 Retirement Discretionary Directors’ fees Total Executive directors Wu Haijun 324 49 768 — 1,141 Guan Zemin 407 49 767 — 1,223 Jin Qiang (resigned in February 2022) 378 49 682 — 1,109 Du Jun (appointed in June 2021) 373 49 617 — 1,039 Jin Wenmin (resigned in February 2022) 265 49 684 — 998 Huang Xiangyu 276 48 684 — 1,008 Huang Fei (resigned in February 2022) 251 46 683 — 980 Non-executive Xie Zhenglin — — — — — Peng Kun 186 46 631 — 863 Independent non-executive Li Yuanqin — — — 150 150 Tang Song — — — 150 150 Chen Haifeng — — — 150 150 Yang Jun — — — 150 150 Gao Song — — — 150 150 Supervisors Ma Yanhui 350 49 682 — 1,081 Zhang Feng 169 42 584 — 795 Chen Hongjun 178 41 603 — 822 Zheng Yunrui 100 — — — 100 Cai Tingji 100 — — — 100 3,357 517 7,385 750 12,009 (b) 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 (2019 and 2020:Nil). |
Possible Impact of Amendments,
Possible Impact of Amendments, New Standards and Interpretations Issued But Not Yet Effective for the Year Ended 31 December 2021 | 12 Months Ended |
Dec. 31, 2021 | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Abstract] | |
Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2021 | 39 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2021 Up to the date of issue of these financial statements, the IASB has issued a number of a number of amendments, new standards and interpretations, which are not yet effective for the year ended 31 December 2021 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group. Effective for accounting periods beginning on or Annual Improvements to IFRS Standards 2018-2020 1 January 2022 Amendments to IFRS 3, Reference to the Conceptual Framework 1 January 2022 Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use 1 January 2022 Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract 1 January 2022 Amendments to IAS 1, Classification of Liabilities as Current or Non-current 1 January 2023 IFRS 17, Insurance contracts 1 January 2023 Basis for conclusions on IFRS 17 1 January 2023 Illustrative examples on IFRS 17 1 January 2023 Amendments to IFRS 17 1 January 2023 Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS 9 - Comparative Information 1 January 2023 Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies 1 January 2023 Amendments to IAS 8, Definition of Accounting Estimates 1 January 2023 Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 The Group is in the process of making an assessment of what the impact of these amendments, new standards and interpretations are expected to be in the period of initial application. So far, the Group has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies [abstract] | |
Basis of preparation | 2.1 Statement of compliance and basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with all applicable International Financial Reporting Standards (IFRSs), which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards (IASs) and related Interpretations, promulgated by the International Accounting Standards Board (IASB ) . The IASB has issued certain amendments to IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2.1 (c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting period reflected in these financial statements. (b) Basis of preparation The consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associates and a joint venture. The measurement basis used in the preparation of the financial statements is the historical cost basis except for certain financial assets and liabilities measured at fair value, including: • derivative financial instruments (see note 2.13); and • investment in debt and equity securities (see note 2.11). The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 4. (c) Changes in accounting policies New and amended standards adopted by the Group The Group has applied the following amendments to IFRSs issued by the IASB to these financial statements for the current accounting period: • Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest rate benchmark reform — phase 2 • Amendments to IFRS 16, Covid-19-related None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. |
Subsidiaries | 2.2 Subsidiaries 2.2.1 Consolidation Subsidiaries are all entities 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 to direct the activities of the entity. Subsidiaries are fully 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 acquisition method of accounting is used to account for all business combinations by the Group, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owners of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement, and • fair value of any pre-existing Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition-related costs are expensed as incurred. The excess of the: • consideration transferred • amount of any non-controlling • acquisition-date fair value of any previous equity interest in the acquired entity Over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in the statement of profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. If the business combination is achieved in stages, the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the statement of profit or loss. Inter-company 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. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling (b) Changes in ownership interests The Group treats transactions with non-controlling non-controlling non-controlling When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in the statement of profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to profit or loss. 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. Investments in joint ventures and associates are accounted for using the equity method of accounting. |
Associates | 2.3 Associates Associates are all entities over which the Group has significant influence but not control or joint control. 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 investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investments in associates include goodwill identified on acquisition. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group’s share of the net fair value of the associate’s identifiable assets and liabilities is accounted for as goodwill. The Group’s share of post-acquisition profit or loss is recognized in the statement of profit or loss, 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 Group’s 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 in the statement of profit or loss. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognized in the Group’s financial statements only to the extent of unrelated investor’s 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 loss on dilution of equity interest in associates are recognized in the statement of profit or loss. |
Joint arrangements | 2.4 Joint arrangements Under IFRS 11 ‘Joint Arrangements’ investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. 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 Group’s share of the post-acquisition profits or losses and movements in other comprehensive income. The Group’s 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 Group’s share of the net fair value of the joint venture’s identifiable assets and liabilities is accounted for as goodwill. When the Group’s 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 Group’s 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. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 2.12. |
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 Group’s 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 Company’s functional and the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in the statement of profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges. |
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 asset’s 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 statement of profit or loss 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 to 40 years - Plant and machinery 5 to 20 years - Vehicles and other equipment 4 to 20 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.12 (b)). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within Other gains – net in the statement of profit or loss. |
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 statement of financial position at cost less accumulated depreciation and impairment losses (note 2.12(b)). 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 Group’s investment properties are 30-40 |
Other non-current assets | 2.10 Other non-current Other non-current non-current Intangible assets 10 to 28 years Long-term prepaid expense 1.5 to 10 years |
Other investments in debt and equity securities | 2.11 Other investments in debt and equity securities The Group’s policies for investments in debt and equity securities, other than investments in subsidiaries, associates and joint ventures, are set out below. Investments in debt and equity securities are recognized/derecognized on the date the Group commits to purchase/sell the investment. The investments are initially stated at fair value plus directly attributable transaction costs, except for those investments measured at fair value through profit or loss (FVPL) for which transaction costs are recognized directly in profit or loss. For an explanation of how the Group determines fair value of financial instruments, see note 3.3. These investments are subsequently accounted for as follows, depending on their classification. (a) Investments other than equity investments Non-equity • amortized cost, if the investment is held for the collection of contractual cash flows which represent solely payments of principal and interest. Interest income from the investment is calculated using the effective interest method (see note 2.27). • fair value through other comprehensive income (FVOCI) - recycling, if the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale. Changes in fair value are recognized in other comprehensive income, except for the recognition in profit or loss of expected credit losses, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognized, the amount accumulated in other comprehensive income is recycled from equity to profit or loss. • fair value through profit or loss (FVPL) if the investment does not meet the criteria for being measured at amortized cost or FVOCI (recycling). Changes in the fair value of the investment (including interest) are recognized in profit or loss. (b) Equity investments An investment in equity securities is classified as FVPL unless the equity investment is not held for trading purposes and on initial recognition of the investment the Group makes an irrevocable election to designate the investment at FVOCI (non-recycling) instrument-by-instrument (non-recycling) (non-recycling) |
Credit losses and impairment of assets | 2.12 Credit losses and impairment of assets (a) Credit losses from financial instruments The Group recognizes a loss allowance for expected credit losses (ECLs) on the following items: • financial assets measured at amortized cost (including cash and cash equivalents, time deposits with banks, trade receivables and other receivables); and • debt securities measured at FVOCI (recycling); Other financial assets measured at fair value, including equity securities designated at FVOCI (non-recycling) Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material: • fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof; • variable-rate financial assets: current effective interest rate. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. ECLs are measured on either of the following bases: • 12-month • lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date. For all other financial instruments, the Group recognizes a loss allowance equal to 12-month Significant increases in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or (ii) the financial asset is 90 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: • failure to make payments of principal or interest on their contractually due dates; • an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); • an actual or expected significant deterioration in the operating results of the debtor; and • existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group. Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings. ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt securities that are measured at FVOCI (recycling), for which the loss allowance is recognized in other comprehensive income and accumulated in the fair value reserve (recycling). Basis of calculation of interest income Interest income recognized in accordance with note 2.27 is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset. At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable events: • significant financial difficulties of the debtor; • a breach of contract, such as a default or past due event; • it is becoming probable that the borrower will enter into bankruptcy or other financial reorganization; • significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or • the disappearance of an active market for a security because of financial difficulties of the issuer. Write-off The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs. (b) Impairment of other non-current Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognized no longer exists or may have decreased: • property, plant and equipment; • right-of-use • investment properties; • construction in progress • other non-current • investments in subsidiaries, associates and joint ventures in the Company’s statement of financial position. At the end of each reporting period, if any indication of impairment exists, the Company estimates the recoverable amount of an asset, or a cash-generating unit, at the higher of its fair value less costs of disposal and its value in use, to determine the impairment losses. • Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax • Recognition of impairment losses An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). • Reversals of impairment losses An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized. (c) Interim financial reporting and impairment Under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, the Group is required to prepare an interim financial report in compliance with IAS 34, Interim financial reporting, in respect of the first six months of the financial year. At the end of the interim period, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year (see notes 2.12(a) and (b)). |
Derivative and hedging activities | 2.13 Derivative and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges). At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The fair values of derivative financial instruments designated in hedge relationships are disclosed in note 3.1(a). Movements in the hedging reserve in shareholders’ equity are shown in note 32. The full fair value of a hedging derivative is classified as a non-current Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in the statement of profit or loss, within Other gains – net. When swap contracts are used to hedge forecast transactions the Group may designate the full change in fair value of the swap contract as the hedging instrument. The gains or losses relating to the effective portion of the change in fair value of the entire swap contract are recognized in the cash flow hedge reserve within equity. Amounts accumulated in equity are reclassified in the periods when the hedged item affects the statement of profit or loss as follows: Where the hedged item subsequently results in the recognition of a non-financial When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition of a non-financial Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the statement of profit or loss and are included in Other gains – net. |
Inventories | 2.14 Inventories Inventories are valued 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. The net realizable value is determined based on the estimated selling price in the ordinary course of business less the estimated costs to completion, and other costs necessary to make the sale. |
Contract liabilities | 2.15 Contract liabilities A contract liability is recognized when the customer pays non-refundable non-refundable When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see note 2.27). |
Trade and other receivables | 2.16 Trade and other receivables A receivable is recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Group has an unconditional right to receive consideration, the amount is presented as a contract asset. Trade receivables that do not contain a significant financing component are initially measured at their transaction price. Receivables are subsequently stated at amortized cost using the effective interest method less allowance for credit losses (see note 2.12(a)). |
Cash and cash equivalents | 2.17 Cash and cash equivalents In the consolidated cash flow statement, 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 statement of financial position. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in note 2.12(a). |
Share capital | 2.18 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 | 2.19 Safety production fund Under China’s 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 | 2.20 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 generally are financial liabilities and are recognized initially at fair value plus transaction costs and subsequently measured at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at invoice amounts. |
Borrowings | 2.21 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 statement of profit or loss 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 | 2.22 Borrowings 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. Other borrowing costs are expensed in the period in which they are incurred. |
Current and deferred income tax | 2.23 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the statement of profit or loss, 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) Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the countries where the Company’s 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 statement of financial position 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 associate’s 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 | 2.24 Employee benefits (a) Short-term employee benefits Salaries, annual bonuses, paid annual leave and the cost of non-monetary (b) 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 Group’s future obligations to such defined-contribution pension plans even if the staff leaves the Group. (c) 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: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. |
Provisions and contingent liabilities | 2.25 Provisions and contingent liabilities 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 Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence |
Revenue recognition | 2.26 Revenue recognition (a) 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 or 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 revenue 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. (b) 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. |
Interest income | 2.27 Interest income Interest income from financial assets at FVPL is included in Other gains – net, see note 8 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 statement of profit or loss 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 9 below. |
Dividend income | 2.28 Dividend income Dividend income is recognized when the right to receive payment is established. |
Government grants | 2.29 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 statement of profit or loss 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 statement of profit or loss over the useful life of the asset by way of reduced depreciation expense. |
Leases | 2.30 Leases 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. 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 lessee’s 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, e.g., 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 2 - 8 years Equipment 2 - 3 years Others 2 - 4 years Payments associated with short-term leases of equipment and vehicles are recognized on a straight-line basis as an expense in the statement of profit or loss. Short-term leases are leases with a lease term of 12 months or less. A single discount rate was applied to the portfolio of the leases with reasonably similar characteristics. Lease income from operating leases where the Group is a lessor is recognized as 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 statement of financial position based on their nature. |
Dividend distribution | 2.31 Dividend distribution Dividend distribution to the Company’s shareholders is recognized as a liability in the Group’s financial statements in the period in which the dividends are approved by the Company’s shareholders. |
Research and development costs | 2.32 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 expenditures 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 | 2.33 Related parties (a) A person, or a close member of that person’s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group’s parent. (b) An entity is related to the Group if any of the following conditions applies: (iv) 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). (v) 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). (vi) Both entities are joint ventures of the same third party. (vii) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (viii) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (ix) The entity is controlled or jointly controlled by a person identified in (i). (x) A person identified in (a)(i) 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). (xi) The entity, or any member of a Group of which it is a part, provides key management personnel services to the Group or to the Group’s parent. 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. |
Rounding of amounts | 2.34 Rounding of amounts All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Line Items] | |
Summary of estimated useful lives of property, plant and equipment | - Buildings 12 to 40 years - Plant and machinery 5 to 20 years - Vehicles and other equipment 4 to 20 years |
Summary of estimated useful lives of other non-current assets | Intangible assets 10 to 28 years Long-term prepaid expense 1.5 to 10 years |
Previously stated [member] | |
Summary of Significant Accounting Policies [Line Items] | |
Summary of estimated useful lives of other non-current assets | Land use rights 30 - 50 years Buildings 2 - 8 years Equipment 2 - 3 years Others 2 - 4 years |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Derivative financial instruments | As at 31 December 2020 2021 RMB’000 RMB’000 Current derivative financial instrument assets Commodity swaps contracts applied hedge accounting — 48,614 Commodity swaps contracts at fair value through profit or loss — 32,791 Total derivative financial assets — 81,405 Current derivative financial instrument liabilities Commodity swaps contracts at fair value through profit or loss — (23,804 ) Total derivative financial liabilities — (23,804 ) |
Reconciliation of hedging reserve in respect of commodity price risk and effectiveness of hedging relationships | RMB’000 Balance at 1 January 2021 — Effective portion of the cash flow hedge recognized in other comprehensive income 165,576 Amounts reclassified to profit or loss 1,303 Reclassified to the cost of inventory (88,699 ) Related tax (41,720 ) Balance at 31 December 2021 36,460 |
Reconciliation of hedging reserves in statement of profit or loss | 2020 2021 RMB’000 RMB’000 Net gains on commodity swaps contracts not qualifying as hedges included in other gains - net — 18,997 Net losses on foreign exchange option contracts not qualifying as hedges included in other gains - net (376 ) (151 ) Total (376 ) 18,846 |
The aggregate net foreign exchange gains/(losses) recognized in the income statement | The aggregate net foreign exchange (losses) / gains recognized in the statement of profit or loss were: 2020 2021 RMB’000 RMB’000 Net foreign exchange gains/(losses) included in other gains – net (note 8) 12,248 (1,861 ) Net foreign exchange (losses) included in finance income (note 9) (5,514 ) — Total net foreign exchange recognized in profit before taxation 6,734 (1,861 ) |
Net reversal of impairment losses on financial assets recognized in income statement | 2020 2021 RMB’000 RMB’000 Impairment losses - provision in loss allowance for trade receivables (634 ) (1,354 ) - provision in loss allowance for other receivables — (1 ) Recoveries on previously written off receivables (note) 121,550 — Reversal/(Provision) of impairment losses on financial assets 120,916 (1,355 ) |
Maturity analysis for financial liabilities | As at 31 December 2020 Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-derivatives Borrowings 1,558,702 — — — 1,558,702 Short-term bonds 3,023,614 — — — 3,023,614 Lease liabilities 9,373 2,136 1,090 103 12,702 Bills payables 26,196 — — — 26,196 Trade payables 1,294,138 — — — 1,294,138 Other payables 1,498,503 — — — 1,498,503 Amounts due to related parties 3,655,724 — — — 3,655,724 11,066,250 2,136 1,090 103 11,069,579 Derivatives Derivative financial liabilities — — — — — As at 31 December 2021 Contractual maturities of financial liabilities Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-derivatives Borrowings 1,578,817 7,665 704,914 — 2,291,396 Lease liabilities 3,814 730 814 — 5,358 Bills payables 562,593 — — — 562,593 Trade payables 1,527,706 — — — 1,527,706 Other payables 1,003,860 — — — 1,003,860 Amounts due to related parties excluded non-financial 4,910,255 — — — 4,910,255 9,587,045 8,395 705,728 — 10,301,168 Derivatives Derivative financial liabilities 23,804 — — — 23,804 |
Recurring fair value measurements | As at 31 December 2020 Level 1 Level 2 Level 3 Total Note RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurements Financial assets Financial assets at fair value through other comprehensive income - Trade and bills receivable 25 — 1,217,114 — 1,217,114 -Equity investments 25 — — 5,000 5,000 — 1,217,114 5,000 1,222,114 As at 31 December 2021 Level 1 Level 2 Level 3 Total Note RMB’000 RMB’000 RMB’000 RMB’000 Recurring fair value measurements Financial assets Financial assets measured at fair value through profit or loss - Commodity swaps contracts 3.1 (a) — 32,791 — 32,791 Financial assets measured at fair value through other comprehensive income - Trade and bills receivable 25 — 1,072,690 — 1,072,690 - Equity investments 25 — — 5,000 5,000 - Commodity swaps contracts 3.1 (a) — 48,614 — 48,614 — 1,154,095 5,000 1,159,095 Financial liabilities Financial liabilities measured at fair value through profit or loss - Commodity swaps contracts 3.1 (a) — 23,804 — 23,804 — 23,804 — 23,804 Amounts due to related parties – measured at fair value through profit or loss (FVPL) 28 — 1,388,286 — 1,388,286 |
Changes in level 3 items | Equity Structured Total As at 31 December 2019 5,000 3,318,407 3,323,407 Acquisitions — 7,600,000 7,600,000 Disposals — (10,900,000 ) (10,900,000 ) Fair value change — (18,407 ) (18,407 ) As at 31 December 2020 5,000 — 5,000 Acquisitions — 8,150,000 8,150,000 Disposals — (8,150,000 ) (8,150,000 ) As at 31 December 2021 5,000 — 5,000 |
Schedule Of Interest Rate Financial Instruments | 2020 2021 RMB’000 RMB’000 Fixed rate: Cash and cash equivalents 1,501,330 — Time deposits with maturity less than one year 4,000,000 7,350,000 Time deposits with maturity more than one year 7,000,000 5,500,000 Borrowings (1,548,000 ) (1,500,000 ) Short-term bonds (3,000,000 ) — Lease liabilities (12,473 ) (4,613 ) 7,940,857 11,345,387 Variable rate: Cash and cash equivalents 5,415,078 5,112,010 Borrowings — (759,800 ) 5,415,078 4,352,210 |
Segment Information and Reven_2
Segment Information and Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segment information | 2019 Petroleum Intermediate Resins and Synthetic fibres Trading of Others Total Total segment revenue 66,754,731 24,698,643 10,304,812 2,200,229 21,881,214 1,502,840 127,342,469 Inter segment revenue (11,868,026 ) (14,187,500 ) (141,101 ) — (175,200 ) (700,975 ) (27,072,802 ) Revenue from external customers 54,886,705 10,511,143 10,163,711 2,200,229 21,706,014 801,865 100,269,667 Timing of revenue recognition - At a point in time 54,886,705 10,511,143 10,163,711 2,200,229 21,695,864 801,865 100,259,517 - Over time — — — — 10,150 — 10,150 54,886,705 10,511,143 10,163,711 2,200,229 21,706,014 801,865 100,269,667 Segment result – profit/(loss) from operations 705,469 413,914 401,454 (540,280 ) 53,214 286,801 1,320,572 2020 Petroleum Intermediate Resins and Synthetic fibres Trading of Others Total Total segment revenue 49,711,547 19,777,574 9,576,944 1,480,576 12,023,744 1,583,236 94,153,621 Inter segment revenue (6,631,343 ) (11,526,322 ) (101,057 ) — (438,634 ) (832,690 ) (19,530,046 ) Revenue from external customers 43,080,204 8,251,252 9,475,887 1,480,576 11,585,110 750,546 74,623,575 Timing of revenue recognition - At a point in time 43,080,204 8,251,252 9,475,887 1,480,576 11,583,709 750,546 74,622,174 - Over time — — — — 1,401 — 1,401 43,080,204 8,251,252 9,475,887 1,480,576 11,585,110 750,546 74,623,575 Segment result – (loss)/profit from operations (2,198,705 ) 581,597 1,262,029 (364,211 ) 42,039 211,015 (466,236 ) 2021 Petroleum Intermediate Resins and Synthetic fibres Trading of Others Total Total segment revenue 65,528,687 26,454,844 10,176,285 1,381,443 12,972,922 1,625,705 118,139,886 Inter segment revenue (10,454,529 ) (15,619,770 ) (170,255 ) (445 ) (1,912,789 ) (783,606 ) (28,941,394 ) Revenue from external customers 55,074,158 10,835,074 10,006,030 1,380,998 11,060,133 842,099 89,198,492 Timing of revenue recognition - At a point in time 55,074,158 10,835,074 10,006,030 1,380,998 11,020,323 842,099 89,158,682 - Over time — — — — 39,810 — 39,810 55,074,158 10,835,074 10,006,030 1,380,998 11,060,133 842,099 89,198,492 Segment result – profit/(loss) from operations 2,967,030 (635,155 ) 52,215 (854,077 ) 43,729 (141,510 ) 1,432,232 2019 2020 2021 Segment result – profit/(loss) from operations Petroleum products 705,469 (2,198,705 ) 2,967,030 Intermediate petrochemicals 413,914 581,597 (635,155 ) Resins and plastics 401,454 1,262,029 52,215 Synthetic fibres (540,280 ) (364,211 ) (854,077 ) Trading of petrochemical products 53,214 42,039 43,729 Others 286,801 211,015 (141,510 ) Profit/(loss) from operations 1,320,572 (466,236 ) 1,432,232 Finance income – net 362,963 332,274 414,569 Share of profit of investments accounted for using the equity method 972,593 724,740 874,285 Profit before taxation 2,656,128 590,778 2,721,086 Other profit and loss disclosures 2019 2020 2021 Depreciation and Impairment loss and Inventory write-down Depreciation and Impairment loss and Inventory write-down Depreciation and Impairment loss and Inventory write-down RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Petroleum products (972,688 ) 38 (167 ) (917,637 ) — (138,537 ) (975,492 ) (94,420 ) (782 ) Intermediate petrochemicals (497,469 ) (478 ) (9,094 ) (465,425 ) (55,204 ) (15,418 ) (523,484 ) (297,632 ) (136,694 ) Resins and plastics (125,464 ) 6 (12,073 ) (138,204 ) — (26,382 ) (86,183 ) (61,242 ) (168 ) Synthetic fibres (68,589 ) 7 (48,844 ) (78,030 ) 88,550 (39,657 ) (132,091 ) (135,683 ) (13,239 ) Trading of petrochemical products (211 ) — — (19,938 ) — (788 ) (39,125 ) — — Others (174,367 ) — — (207,905 ) — (106 ) (209,333 ) (28,392 ) — (1,838,788 ) (427 ) (70,178 ) (1,827,139 ) 33,346 (220,888 ) (1,965,708 ) (617,369 ) (150,883 ) As at 31 December 2020 Total assets 2021 Total assets Allocated assets Petroleum products 11,344,760 13,317,338 Intermediate petrochemicals 3,176,092 3,781,785 Resins and plastics 1,654,920 1,395,867 Synthetic fibres 986,391 1,919,194 Trading of petrochemical products 1,357,884 1,348,751 Others 2,432,339 2,700,327 Allocated assets 20,952,386 24,463,262 Unallocated assets Investments accounted for using the equity method 5,387,834 4,088,888 Cash and cash equivalents 6,916,408 5,112,010 Time deposits with banks 11,092,283 12,968,042 Deferred tax assets 252,121 184,143 Derivative financial assets — 81,405 Others 18,098 22,839 Unallocated assets 23,666,744 22,457,327 Total assets 44,619,130 46,920,589 As at 31 December 2020 2021 Allocated liabilities Petroleum products 6,669,419 9,749,806 Intermediate petrochemicals 1,267,313 1,257,436 Resins and plastics 1,233,286 1,327,587 Synthetic fibres 209,621 490,211 Trading of petrochemical products 1,224,420 1,257,750 Others 78,928 112,876 Allocated liabilities 10,682,987 14,195,666 Unallocated liabilities Borrowings 1,548,000 2,259,800 Short-term bonds 3,017,811 — Deferred tax liabilities 35,357 33,344 Derivative financial liabilities — 23,804 Others — 30,577 Unallocated liabilities 4,601,168 2,347,525 Total liabilities 15,284,155 16,543,191 2019 2020 2021 RMB’000 RMB’000 RMB’000 Additions to property, plant and equipment, construction in progress, right-of-use non-current Petroleum products 1,024,626 779,392 708,342 Intermediate petrochemicals 204,021 278,788 1,306,813 Resins and plastics 74,633 139,212 44,495 Synthetic fibres 294,515 496,125 1,748,868 Trading of petrochemical products 89 378,292 71,917 Others 103,418 222,080 234,023 1,701,302 2,293,889 4,114,458 |
Other Operating Income (Tables)
Other Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other operating income [abstract] | |
Other operating income | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Government grants (a) 69,678 61,296 35,944 Rental income from investment property (note 17) 76,381 81,608 81,923 Others 4,655 5,772 7,438 150,714 148,676 125,305 (a) Government grants Grants related to R&D, other tax refund and subsidies are included in the government grants line item. There are no unfulfilled conditions or other contingencies attaching to these grants. |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other operating expenses [abstract] | |
Other operating expenses | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Cost related to lease of investment properties (16,199 ) (15,625 ) (13,439 ) Others (5,726 ) (9,061 ) (31,273 ) (21,925 ) (24,686 ) (44,712 ) |
Other gains - net (Tables)
Other gains - net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other gains - net [abstract] | |
Other gains - net | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net gains /(losses) on disposal of property, plant and equipment and other long-term assets 158,551 (1,212 ) 48,671 Gains from structured deposits (note a) 85,444 114,283 97,921 Net losses on foreign exchange option contracts (12,315 ) (376 ) (151 ) Net gains on commodity swaps contracts not qualified for hedging accounting — — 18,997 Losses from disposal of a subsidiary (60,951 ) — — Impairment losses for investment in an associate — — (28,392 ) Net foreign exchange gains / (losses) 2,648 12,248 (1,861 ) Losses on sale of FVOCI (19,513 ) (9,513 ) (4,685 ) Net losses on disposal of inventory — — (19 ) 153,864 115,430 130,481 |
Finance Income and Expenses (Ta
Finance Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance income and expenses [abstract] | |
Finance income and expenses | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Interest income from time deposits with maturity more than 3 months 398,176 339,595 424,696 Interest income from time deposits with maturity less than 3 months — 83,812 71,402 Others 18,571 7,821 12,657 Finance income 416,747 431,228 508,755 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (59,378 ) (101,732 ) (106,827 ) Less: interest expense capitalized into construction in progress 5,594 8,292 12,641 Net interest expenses (53,784 ) (93,440 ) (94,186 ) Net foreign exchange losses — (5,514 ) — Finance expenses (53,784 ) (98,954 ) (94,186 ) Finance income – net 362,963 332,274 414,569 |
Expense by Nature (Tables)
Expense by Nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Expenses by nature [abstract] | |
Expense by nature | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Cost of raw materials 57,101,961 42,082,307 54,457,558 Cost of trading products 21,566,364 11,467,420 10,929,127 Employee benefit expenses (note 11) 3,147,372 3,143,219 3,456,765 Depreciation and amortization: Property, plant and equipment (note 16) 1,507,804 1,553,039 1,621,459 Investment properties (note 17) 14,694 15,184 15,325 Other non-current 214,292 226,263 294,617 Right-of-use 101,998 32,653 34,307 Repairs and maintenance expenses 1,089,829 1,060,624 1,587,955 Changes of work in progress and finished goods 446,779 862,652 (235,402 ) Transportation costs 297,416 274,002 238,405 Inventory write-down (note 21) 70,178 220,888 150,883 External processing fee 215,288 215,467 213,691 Commission expense (note 33) 125,641 104,598 110,552 Impairment loss of property, plant and equipment (note 16) 486 87,570 587,622 Impairment loss of investments accounted for using equity method (note 20) — — 28,392 Auditors’ remuneration – audit services 7,800 7,800 6,837 Expenses relating to short-term leases 2,961 3,731 6,938 |
Employee Benefit Expenses (Tabl
Employee Benefit Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |
Employee benefit expenses | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Wages and salaries 1,931,121 2,009,645 2,142,959 Social welfare costs 782,789 714,484 861,375 Others 433,462 419,090 452,431 Total employee benefit expense 3,147,372 3,143,219 3,456,765 |
Income Tax (Expenses)_ Benefi_2
Income Tax (Expenses)/ Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income tax [abstract] | |
Summary of major components of income tax expense | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Current income tax (460,720 ) (37,027 ) (590,668 ) Deferred taxation 31,757 102,647 (53,812 ) Income tax (expenses)/ benefits (428,963 ) 65,620 (644,480 ) |
Summary of reconciliation of expected income tax and actual income tax | Year ended 31 December 2019 2020 2021 RMB’000 RMB’000 RMB’000 Profit before income tax 2,656,128 590,778 2,721,086 Expected PRC income tax at the statutory tax rate of 25% (664,032 ) (147,695 ) (680,272 ) Tax effect of share of profit of investments accounted for using the equity method 239,562 178,685 214,750 Tax effect of other non-taxable 7,459 54,379 10,782 Tax effect of additional deductions for R&D expenses 7,500 11,863 12,168 Tax effect of non-deductible (42,906 ) (51,543 ) (185,945 ) True up for final settlement of enterprise income taxes in respect of previous years 2,618 9,188 — Tax losses for which no deferred income tax asset was recognized (9,578 ) (2,821 ) (21,225 ) Utilization of previously unrecognized tax losses 30,414 13,564 157 Tax effect of additional deduction for purchasing environmental protection equipment — — 12,446 Derecognition of previously recognized tax losses — — (7,341 ) Actual income tax (expenses)/ benefits (428,963 ) 65,620 (644,480 ) |
Summary of current taxation in the consolidated statement of financial position | 2020 2021 RMB’000 RMB’000 Income tax payable balance at 1 January 226,269 19,425 Provision for current income tax for the year 37,027 590,668 Payment during the year (243,871 ) (351,627 ) Income tax payable balance at 31 December 19,425 258,466 |
Summary of movements in deferred tax assets and liabilities | Balance as at 1 January 2020 Deducted/ (charged) to profit or loss Balance as at 31 December 2020 RMB’000 RMB’000 RMB’000 Deferred tax assets: Impairment for bad and doubtful debts and provision for inventories 38,901 18,425 57,326 Provision for impairment losses in property, plant and equipment and construction in progress 207,632 18,803 226,435 Tax losses 1,986 85,813 87,799 Others 88,663 42,323 130,986 337,182 165,364 502,546 Deferred tax liabilities: Gains of financial assets at fair value (4,604 ) 4,604 — Difference in depreciation (178,800 ) (104,939 ) (283,739 ) Capitalization of borrowing costs (2,946 ) 903 (2,043 ) (186,350 ) (99,432 ) (285,782 ) Deferred tax assets – net 150,832 101,289 252,121 Deferred tax liabilities – net — (35,357 ) (35,357 ) Balance as at 1 January 2021 Deducted/ (Charged) to profit or loss Deducted/ (Charged) to reserves Balance as at 31 December 2021 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets: Impairment for bad and doubtful debts and provision for inventories 57,326 (977 ) — 56,349 Provision for impairment losses in property, plant and equipment and construction in progress 226,435 131,776 — 358,211 Tax losses 87,799 (87,799 ) — — Acc rua 130,986 (48,808 ) — 82,178 502,546 (5,808 ) — 496,738 Deferred tax liabilities: Difference in depreciation (283,739 ) (46,332 ) — (330,071 ) Capitalization of borrowing costs (2,043 ) 575 — (1,468 ) Derivative financial instruments — (2,247 ) (12,153 ) (14,400 ) (285,782 ) (48,004 ) (12,153 ) (345,939 ) Deferred tax assets – net 252,121 (55,825 ) (12,153 ) 184,143 Deferred tax liabilities – net (35,357 ) 2,013 — (33,344 ) |
Summary of tax losses carried forward and not recognised as deferred tax assets | 2020 2021 RMB’000 RMB’000 2022 12,687 65,331 2023 10,415 66,965 2024 38,312 91,901 2025 11,285 41,475 2026 — 84,902 72,699 350,574 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary of earnings per share, basic | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Net profit attributable to equity shareholders of the Company 2,215,728 645,072 2,073,431 Weighted average number of ordinary shares in issue (thousand of shares) 10,823,814 10,823,814 10,823,814 Basic earnings per share (RMB per share) RMB 0.205 RMB 0.060 RMB |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current assets [abstract] | |
Summary of other non-current assets | Intangible Long-term prepaid expense Total RMB’000 RMB’000 RMB’000 As at 1 January 2020 Cost 85,855 463,779 549,634 Accumulated amortization (68,220 ) — (68,220 ) Net book amount 17,635 463,779 481,414 Year ended 31 December 2020 Opening net book amount 17,635 463,779 481,414 Additions 53 169,755 169,808 Charge for the year (2,919 ) (223,344 ) (226,263 ) Closing net book amount 14,769 410,190 424,959 As at 31 December 2020 Cost 85,908 410,190 496,098 Accumulated amortization (71,139 ) — (71,139 ) Net book amount 14,769 410,190 424,959 Year ended 31 December 2021 Opening net book amount 14,769 410,190 424,959 Additions — 657,465 657,465 Charge for the year (2,925 ) (291,692 ) (294,617 ) Closing net book amount 11,844 775,963 787,807 As at 31 December 2021 Cost 85,908 775,963 861,871 Accumulated amortization (74,064 ) — (74,064 ) Net book amount 11,844 775,963 787,807 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Disclosure of Balance sheet amounts relating to leases | As at 31 December 2020 2021 RMB’000 RMB’000 Right-of-use Land use rights 397,808 380,764 Buildings 11,221 3,288 Equipment 879 625 Others 893 966 410,801 385,643 Lease liabilities Current 9,352 3,229 Non-current 3,119 1,384 12,471 4,613 |
Disclosure of Maturity analysis for lease liabilities | At 31 December 2021, the lease liabilities were repayable as follows: 2021 RMB’000 Within 1 year 3,229 After 1 year but within 2 years 672 After 2 years but within 5 years 712 4,613 |
Disclosure of Income statement amounts relating to leases | 2019 RMB’000 2020 RMB’000 2021 RMB’000 Depreciation charge of right-of-use Land use rights (14,814 ) (15,965 ) (17,044 ) Buildings (12,541 ) (15,481 ) (15,677 ) Equipment (74,025 ) (449 ) (399 ) Others (618 ) (758 ) (1,187 ) (101,998 ) (32,653 ) (34,307 ) Interest expense (included in Finance expenses) (2,570 ) (887 ) (537 ) Expense relating to short-term leases (included in Cost of sales) (2,961 ) (3,731 ) (6,938 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Summary of property, plant and equipment | Buildings Plant and machinery Vehicles and other Total RMB’000 RMB’000 RMB’000 RMB’000 Cost: At 1 January 2020 3,336,375 41,455,159 1,871,684 46,663,218 Additions 707 228,153 65,380 294,240 Transferred from construction in progress (note 18) 24,199 1,440,695 85,419 1,550,313 Acquisition of subsidiary 124,849 146,172 4,694 275,715 Reclassification 52,599 (55,206 ) 2,607 — Disposals (32,690 ) (472,643 ) (71,564 ) (576,897 ) Transferred to investment properties (note 17) (24,829 ) — — (24,829 ) At 31 December 2020 and 1 January 2021 3,481,210 42,742,330 1,958,220 48,181,760 Additions — 161,118 15,646 176,764 Transferred from construction in progress (note 18) 130,947 1,476,065 92,962 1,699,974 Reclassification 267,662 (275,880 ) 8,218 — Disposals (4,717 ) (737,634 ) (62,782 ) (805,133 ) Transferred from investment properties (note 17) 1,164 — — 1,164 Transferred to construction in progress (note 18) (2,091 ) (1,260 ) (15,404 ) (18,755 ) Transferred to investment properties (note 17) (83 ) (7 ) — (90 ) At 31 December 2021 3,874,092 43,364,732 1,996,860 49,235,684 Accumulated depreciation: At 1 January 2020 (2,310,970 ) (30,793,083 ) (1,432,530 ) (34,536,583 ) Charge for the year (91,070 ) (1,367,861 ) (94,108 ) (1,553,039 ) Reclassification (29,721 ) 29,635 86 — Written back on disposals 25,670 430,397 68,698 524,765 Transferred to investment properties (note 17) 9,527 — — 9,527 At 31 December 2020 and 1 January 2021 (2,396,564 ) (31,700,912 ) (1,457,854 ) (35,555,330 ) Charge for the year (88,234 ) (1,419,669 ) (113,556 ) (1,621,459 ) Reclassification (214,041 ) 216,706 (2,665 ) — Written back on disposals 3,652 626,865 55,709 686,226 Transferred from investment properties (note 17) (1,088 ) — — (1,088 ) Transfer to construction in progress (note 18) 46 735 5,642 6,423 Transferred to investment properties (note 17) 80 7 — 87 At 31 December 2021 (2,696,149 ) (32,276,268 ) (1,512,724 ) (36,485,141 ) Buildings Plant and machinery Vehicles and other Total RMB’000 RMB’000 RMB’000 RMB’000 Impairment losses: At 1 January 2020 (50,785 ) (766,932 ) (8,121 ) (825,838 ) Charge for the year (3,007 ) (84,035 ) (528 ) (87,570 ) At 31 December 2020 and 1 January 2021 (53,792 ) (850,967 ) (8,649 ) (913,408 ) Charge for the year (793 ) (586,147 ) (682 ) (587,622 ) Written back on disposals — 60,018 501 60,519 Reclassification (26,133 ) 26,270 (137 ) — At 31 December 2021 (80,718 ) (1,350,826 ) (8,967 ) (1,440,511 ) Net book value: At 31 December 2020 1,030,854 10,190,451 491,717 11,713,022 At 31 December 2021 1,097,225 9,737,638 475,169 11,310,032 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
Summary of investment properties | RMB’000 Cost: As at 1 January 2020 602,659 Transferred from property plant and equipment (note 16) 24,829 At 31 December 2020 and 1 January 2021 627,488 Transferred from property plant and equipment (note 16) 90 Transferred to property plant and equipment (note 16) (1,164 ) At 31 December 2021 626,414 Accumulated depreciation: At 1 January 2020 (235,191 ) Charge for the year (15,184 ) Transferred from property plant and equipment (note 16) (9,527 ) At 31 December 2020 and 1 January 2021 (259,902 ) Charge for the year (15,325 ) Transferred from property plant and equipment (note 16) (87 ) Transferred to property plant and equipment (note 16) 1,088 At 31 December 2021 (274,226 ) Net book value: At 31 December 2020 367,586 At 31 December 2021 352,188 |
Disclosure of maturity analysis of operating lease payments | Undiscounted lease payments under non-cancellable 2020 2021 RMB’000 RMB’000 Within 1 year 51,396 49,420 Between 1 and 2 years 4,343 39,137 Above 2 years 629 — 56,368 88,557 |
Construction in Progress (Table
Construction in Progress (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Construction in progress [abstract] | |
Construction in progress | 2020 2021 RMB’000 RMB’000 As at 1 January 1,815,549 1,710,124 Additions 1,444,888 3,270,695 Transferred to property plant and equipment (note 16) (1,550,313 ) (1,699,974 ) Transferred from property plant and equipment (note 16) — 12,332 As at 31 December 1,710,124 3,293,177 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Summary of major subsidiaries | Proportion of ownership interest Name of company Place of and business Particulars of paid-up Group’s effective interest Held by the Held by a subsidiary Principal activity Shanghai Petrochemical Investment Development Company Limited (“Toufa”) Mainland China RMB 1,000,000 100.00 100.00 — Investment management China Jinshan Associated Trading Corporation (“Jinmao”) Mainland China RMB 25,000 67.33 67.33 — Import and export of Shanghai Jinchang Engineering Plastics Company Limited (“Jinchang”) Mainland China USD 9,154 74.25 — 74.25 Production of Shanghai Golden Phillips Petrochemical Company Limited (“Jinfei”) Mainland China RMB 415,623 100.00 — 100.00 Production of Shanghai Jinshan Trading Corporation (“JMGJ”) Mainland China RMB 100,000 67.33 — 67.33 Import and export of petrochemical products Zhejiang Jinlian Petrochemical Storage and Transportation Co., Ltd. (“Jinlian”) Mainland China RMB 400,000 100.00 — 100.00 Trading of |
Investments Accounted for Usi_2
Investments Accounted for Using the Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of amounts recognized in balance sheet | As at 31 December 2020 2021 RMB’000 RMB’000 Associates – Share of net assets 5,146,160 3,812,845 Joint ventures – Share of net assets 241,674 276,043 As at 31 December 5,387,834 4,088,888 |
Summary of amounts recognized in share of profit of investments accounted for using the equity method | The amounts recognized in the share of net profits of associates and joint ventures accounted for using the equity method are as follows: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Associates 927,814 678,077 825,132 Joint ventures 44,779 46,663 49,153 972,593 724,740 874,285 |
Joint ventures [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of investments in associates/joint ventures | 2020 2021 RMB’000 RMB’000 As at 1 January 235,294 241,674 Addition (note i) — 50,000 Share of profit 46,663 49,153 Cash dividends distribution (40,283 ) (64,784 ) As at 31 December 241,674 276,043 |
Summary of principal activities of material associates/joint ventures | Name of joint venture Form of business structure Place of incorporation and business Particulars of paid-up capital ’000 Proportion of ownership interest Principal activity Group’s effective interest Held by the Company Held by a subsidiary Linde-SPC Gases Company Limited Incorporated Mainland China USD 32,000 50.00% — 50.00% Production and sales of industrial gases Shanghai Petrochemical Pressure Vessel Testing Center (“JYJC”) Incorporated Mainland China RMB 10,000 50.00% — 50.00% Providing inspection and testing service Shanghai Petrochemical Yangu Gas Incorporated Mainland China USD 10,560 50.00% — 50.00% Production and sales of industrial gases Shanghai Jinshan Baling New Materials Co., Ltd. (“Baling Materials”) (Note i) Incorporated Mainland China RMB 100,000 50.00% — 50.00% Production and sales of new styrene thermoplastic elastomer materials |
Summarized statement of financial position | As at 31 December 2020 Linde JYJC Yangu Gas RMB’000 RMB’000 RMB’000 Current Cash and cash equivalents 233,898 13,281 62,878 Other current assets (excluding cash) 67,809 6,077 11,812 Total current assets 301,707 19,358 74,690 Total current liabilities (57,153 ) (2,453 ) (3,463 ) Non-current Total non-current 147,717 1,800 26,066 Total non-current (21,417 ) — — Net assets 370,854 18,705 97,293 Group’s effective interest 50.00% 50.00% 50.00% Interest in joint ventures 185,427 9,352 48,648 Unrealized downstream transactions (1,753 ) — — Carrying value 183,674 9,352 48,648 As at 31 December 2021 Linde JYJC Yangu Gas Baling Materials RMB’000 RMB’000 RMB’000 RMB’000 Current Cash and cash equivalents 226,860 16,914 72,916 6,062 Other current assets (excluding cash) 74,652 5,065 11,149 28,418 Total current assets 301,512 21,979 84,065 34,480 Total current liabilities (62,356 ) (3,356 ) (3,262 ) — Non-current Total non-current 109,366 1,577 19,034 65,520 Total non-current (16,303 ) — — — Net assets 332,219 20,200 99,837 100,000 Group’s effective interest 50% 50% 50% 50% Interest in joint ventures 166,110 10,100 49,919 50,000 Unrealized downstream transactions (86 ) — — — Carrying value 166,024 10,100 49,919 50,000 |
Summarized statement of comprehensive income | Summarized statement of comprehensive income for joint ventures The information above reflects the amounts presented in the financial statements of the joint ventures (and not the Group’s share of those amounts) adjusted for differences in accounting policies between the Group and the joint ventures. 2019 Linde JYJC Yangu Gas RMB’000 RMB’000 RMB’000 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 expenses (28,382 ) (777 ) — Post-tax 80,183 2,330 40 Other comprehensive income — — — Total comprehensive income 80,183 2,330 40 Dividend received from joint venture 38,900 453 — Summarized statement of comprehensive income for joint ventures (continued) 2020 Linde JYJC Yangu Gas RMB’000 RMB’000 RMB’000 Revenue 420,160 21,674 58,463 Depreciation and amortization (45,756 ) (350 ) (8,313 ) Interest income 2,246 304 1,483 Interest expense — — — Profit from continuing operations 108,677 2,279 1,830 Income tax expenses (26,290 ) (177 ) — Post-tax 82,387 2,102 1,830 Other comprehensive income — — — Total comprehensive income 82,387 2,102 1,830 Dividend received from joint venture 38,234 1,049 1,000 2021 Linde JYJC Yangu Gas Baling RMB’000 RMB’000 RMB’000 RMB’000 Revenue 428,971 27,190 60,222 — Depreciation and amortization (44,307 ) (386 ) (5,162 ) — Interest income 3,489 304 1,516 — Profit from continuing operations 116,768 2,250 4,144 — Income tax benefits/ (expenses) 29,316 (1,125 ) — — Post-tax 87,452 3,375 4,144 — Other comprehensive income — — — — Total comprehensive income 87,452 3,375 4,144 — Dividend received from joint venture 63,044 940 800 — |
Associates [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of investments in associates/joint ventures | 2020 2021 RMB’000 RMB’000 As at 1 January 4,973,464 5,146,160 Additions (note i) 27,603 26,000 Decrease caused by associate’s capital reduction (note ii) — (1,460,258 ) Share of profit 678,077 825,132 Other comprehensive income (11,512 ) 16,639 Cash dividends distribution (521,472 ) (712,436 ) Impairment (note iii) — (28,392 ) As at 31 December 5,146,160 3,812,845 |
Summarized financial information for associates/joint ventures | Aggregate information of associates that are not individually material: 2020 2021 RMB’000 RMB’000 Aggregate carrying value of investments at 31 December 75,094 100,079 Aggregate amounts of the Group’s share of those associates: Profit for the year 8,619 5,655 Total comprehensive income 8,619 5,655 Dividend received from the associate — 6,670 |
Material associates [member] | |
Disclosure of significant investments in associates and joint ventures [line items] | |
Summary of principal activities of material associates/joint ventures | Proportion of ownership interest Name of company Form of business structure Place of incorporation and business Particulars of paid- up capital ‘000 Group’s effective interest Held by the Company Held by a Principal activity Shanghai Secco Petrochemical Incorporated Mainland China RMB 500,000 20.00 % 20.00 % — Manufacturing and Shanghai Chemical Industry Park Incorporated Mainland China RMB 2,372,439 38.26 % 38.26 % — Planning, Shanghai Jinsen Hydrocarbon Resins Company Limited (“Jinsen”) Incorporated Mainland China RMB 193,695 40.00 % — 40.00 % Production of Shanghai Azbil Automation Company Limited (“Azbil”) Incorporated Mainland China RMB 24,440 40.00 % — 40.00 % Service and Shanghai Shidian Energy Company Limited (“Shidian Energy”) Incorporated Mainland China RMB 800,000 40.00 % — 40.00 % Electric power |
Summarized statement of financial position | Summarized statement of financial position for material associates As at 31 December 2020 Shanghai Secco Chemical Jinsen Azbil Shidian Energy Current – Current assets 10,430,726 4,618,722 74,170 227,172 790,069 – Current liabilities (2,783,216 ) (1,761,431 ) (10,481 ) (73,450 ) (20,650 ) Non-current – Non-current 6,099,126 3,523,528 64,421 3,984 72,441 – Non-current (32,482 ) (528,237 ) — — — Net assets 13,714,154 5,852,582 128,110 157,706 841,860 Group’s effective interest 20.00 % 38.26 % 40.00 % 40.00 % 40.00 % Group’s share of net assets 2,742,832 2,239,198 51,244 63,083 336,744 Unrealized upstream and downstream transaction (11,285 ) — — — (19,343 ) Unentitled portion (note i) — (331,407 ) — — — Carrying value 2,731,547 1,907,791 51,244 63,083 317,401 As at 31 December 2021 Shanghai Secco Chemical Jinsen Azbil Shidian Energy Current – Current assets 6,066,119 4,133,397 63,192 274,697 804,470 – Current liabilities (5,433,872 ) (1,789,223 ) (10,476 ) (111,472 ) (34,565 ) Non-current – Non-current 5,735,360 4,431,463 58,737 15,698 121,051 – Non-current (66 ) (619,306 ) — (7,506 ) (15,827 ) Net assets 6,367,541 6,156,331 111,453 171,417 875,129 Group’s effective interest 20.00 % 38.26 % 40.00 % 40.00 % 40.00 % Group’s share of net assets 1,273,508 2,355,412 44,581 68,567 350,052 Unrealized upstream and downstream transaction (3,157 ) — — — (15,979 ) Unentitled portion (note i) — (331,826 ) — — — Impairment loss — — (28,392 ) — — Carrying value 1,270,351 2,023,586 16,189 68,567 334,073 |
Summarized statement of comprehensive income | Summarized statement of comprehensive income for material associates Shanghai Secco Chemical Industry Jinsen Azbil Shidian Energy 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 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 3,383,582 629,010 (16,996 ) 38,448 5,166 Dividend received from the associate 507,400 30,225 — 12,000 — Shanghai Secco Chemical Jinsen Azbil Shidian Energy 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 21,626,059 1,683,096 187,580 340,905 472,640 Post-tax 2,412,802 404,117 (8,232 ) 48,264 36,696 Other comprehensive income — (30,089 ) — — — Total comprehensive income 2,412,802 374,028 (8,232 ) 48,264 36,696 Dividend received from the associate 473,600 32,522 — 9,200 — Shanghai Secco Chemical Industry Jinsen Azbil Shidian Energy 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 29,723,223 1,709,110 165,499 427,378 489,490 Post-tax 3,125,904 396,761 (16,657 ) 61,711 33,269 Other comprehensive income — 43,488 — — — Total comprehensive income 3,125,904 440,249 (16,657 ) 61,711 33,269 Dividend received from the associate 634,341 52,225 — 19,200 — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Inventories | As at 31 December 2020 As at 31 December 2021 Gross carrying amount Provision for Carrying Gross carrying amount Provision for Carrying amount RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Raw materials 2,569,136 — 2,569,136 4,391,555 (13,406 ) 4,378,149 Work in progress 696,227 (122,081 ) 574,146 795,791 (105,450 ) 690,341 Finished goods 591,485 (46,652 ) 544,833 709,990 (45,950 ) 664,040 Spare parts and consumables 260,431 (59,800 ) 200,631 249,456 (58,461 ) 190,995 4,117,279 (228,533 ) 3,888,746 6,146,792 (223,267 ) 5,923,525 |
Trade And Other Receivables (Ta
Trade And Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Disclosure of Component of Trade and Other Receivables Explanatory | As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Trade receivables 113,797 79,413 Less: loss allowance (634 ) (1,988 ) 113,163 77,425 Amounts due from related parties excluded prepayments and bills receivable 1,055,539 1,153,111 Total trade receivables 1,168,702 1,230,536 Other receivables 18,240 47,737 Less: loss allowance (139 ) (140 ) 18,101 47,597 Financial assets measured at amortized cost 1,186,803 1,278,133 Amounts due from related parties - prepayments 26,777 34,220 Amounts due from related parties - bills receivables (note 25) 10,000 25,000 1,223,580 1,337,353 |
Disclosure of Aging Analysis in Trade and Other Receivables Explanatory | The aging analysis based on invoice date of trade receivables and amounts due from related parties excluded prepayments and bills receivable (net of allowance for doubtful debts) is as follows: As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Within one year 1,167,222 1,230,360 Over one year within two years 1,480 27 Over two years — 149 1,168,702 1,230,536 |
Schedule of Movements in the Loss Allowance AccountIng Respect of Trade and Other Receivables Explanatory | Movements in the loss allowance account in respect of trade and other receivables during the period is as follows: Year ended 31 December 2020 2021 RMB’000 RMB’000 Balance at 1 January 139 773 Impairment losses recognized during the year 634 1,355 Balance at 31 December 773 2,128 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and cash equivalents | As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Cash deposits with a related party (note i) 5,667 3,243 Cash at bank and on hand 6,910,741 5,108,767 Cash and cash equivalents in the consolidated statement of financial position 6,916,408 5,112,010 i. Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (“Sinopec Finance”). |
Reconciliation of profit before taxation to cash used in operation | Reconciliation of profit before taxation to cash generated from operations 2019 2020 2021 RMB’000 RMB’000 RMB’000 Profit before taxation 2,656,128 590,778 2,721,086 Adjustments items: Interest income from time deposits with maturity more than 3 months (398,176 ) (339,505 ) (424,696 ) Share of profit of investments accounted for using the equity method (972,593 ) (724,740 ) (874,285 ) Losses on disposal of subsidiary 60,951 — — Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges 12,315 376 (18,846 ) Gains from structured deposits (85,444 ) (114,283 ) (97,921 ) Losses on sale of FVOCI 19,513 9,513 4,685 Interest expense 53,784 64,169 94,186 Foreign exchange (gains)/losses (18,571 ) 5,514 1,861 Depreciation of property, plant and equipment 1,507,804 1,553,039 1,621,459 Depreciation of investment property 14,694 15,184 15,325 Depreciation of right-of-use 101,998 32,653 34,307 Amortization of other non-current 214,292 226,263 294,617 Impairment loss on property, plant and equipment 486 87,570 587,622 Impairment loss on investment accounted for using the equity method — — 28,392 (Gains)/ assets-net (158,551 ) 1,212 (48,671 ) Profit on operation before change of working capital 3,008,630 1,407,743 3,939,121 Decrease/(increase) in inventories 1,366,441 2,865,687 (2,034,779 ) (Increase) / decrease in operation receivables (92,354 ) 308,333 49,586 Decrease in operation payables (487,877 ) (1,008,800 ) (70,235 ) Increase/(decrease) in balances to related parties – net 1,860,836 (1,577,876 ) 2,527,960 Cash generated from operations 5,655,676 1,995,087 4,411,653 |
Reconciliation of liabilities arising from financing activities | Reconciliation of liabilities arising from financing activities Borrowings Lease Short-term Total RMB’000 RMB’000 RMB’000 RMB’000 As at 31 December 2019 and 1 January 2020 1,547,600 22,043 — 1,569,643 Changes from financing cash flows: Proceeds from borrowings 3,458,100 — — 3,458,100 Proceeds from short-term bonds — — 2,998,469 2,998,469 Repayments of borrowings (3,460,556 ) — — (3,460,556 ) Principal elements of lease payments — (15,586 ) — (15,586 ) Total changes from financing cash flows (2,456 ) (15,586 ) 2,998,469 2,980,427 Other changes: Addition of lease liabilities — 6,014 — 6,014 Foreign exchange movements 2,856 — — 2,856 Issuance costs on short-term bonds — — 1,531 1,531 Interest expense — — 17,811 17,811 Total other changes 2,856 6,014 19,342 28,212 As at 31 December 2020 and 1 January 2021 1,548,000 12,471 3,017,811 4,578,282 Changes from financing cash flows: Proceeds from new bank loans 14,163,132 — — 14,163,132 Repayment of bank loans (13,451,332 ) — — (13,451,332 ) Proceeds from short-term bonds — — 5,998,899 5,998,899 Repayments of short-term bonds — — (9,000,000 ) (9,000,000 ) Principal elements of lease payments — (17,544 ) — (17,544 ) Total changes from financing cash flows 711,800 (17,544 ) (3,001,101 ) (2,306,845 ) Other changes: Addition of lease liabilities — 9,686 — 9,686 Issuance costs on short-term bonds — — 1,101 1,101 Interest expense — — 28,340 28,340 Others — — (46,151 ) (46,151 ) Total other changes — 9,686 (16,710 ) (7,024 ) As at 31 December 2021 2,259,800 4,613 — 2,264,413 |
Summary of Cash flow Statement for Leases | Amounts included in the cash flow statement for leases comprise the following: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Within operating cash flows (5,317 ) (4,618 ) (6,938 ) Within financing cash flows (89,124 ) (15,586 ) (17,544 ) (94,441 ) (20,204 ) (24,482 ) |
Summary of Lease Rentals | These amounts relate to the following: 2019 2020 2021 RMB’000 RMB’000 RMB’000 Lease rentals paid (94,441 ) (20,204 ) (24,482 ) |
Time Deposits With Banks (Table
Time Deposits With Banks (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Time Deposits With Banks [Abstract] | |
Summary Of Time Deposits With Banks | As at 31 December 2020 2021 RMB’000 RMB’000 Time deposits with maturity less than one year 4,049,443 7,386,607 Time deposits with maturity more than one year 7,042,840 5,581,435 11,092,283 12,968,042 |
Financial Assets At Fair Valu_2
Financial Assets At Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial assets at fair value through other comprehensive income [abstract] | |
Financial assets at fair value through other comprehensive income | As at 31 December 2020 2021 RMB’000 RMB’000 Trade and bills receivable (i) - Amounts due from related parties (note 22) 10,000 25,000 - Others 1,207,114 1,047,690 1,217,114 1,072,690 Equity investments 5,000 5,000 1,222,114 1,077,690 (i) As at 31 December 2020 and 2021, certain trade receivables and bills receivable were classified as financial assets at FVOCI, as the Group’s business model is achieved both by collecting contractual cash flows and selling of these assets. (ii) As at 31 December 2021, the Group discounted certain bank acceptance bills to banks for cash proceeds and endorsed certain bank acceptance bills to suppliers for settling trade payables of the same amount on a full recourse basis. The Group has derecognized these bills receivable and the payables to suppliers in their entirety. These derecognized bank acceptance bills had a maturity date less than twelve months from the end of the reporting period. In the opinion of the directors, the Group has transferred substantially all the risks and rewards of ownership of these bills to its suppliers, and the Group has limited exposure in respect of the settlement obligation of these bills receivable under the relevant PRC rules and regulations should the issuing banks fail to settle the bills on maturity date. The Group considered the issuing banks of the bills are of good credit rating and the non-settlement As at 31 December 2021, the Group’s maximum exposure to loss and undiscounted cash outflow, which is the same as the amounts payable by the Group to banks or suppliers in respect of the discounted bills and endorsed bills, should the issuing banks fail to settle the bills on maturity date, amounted to RMB thousand and RMB thousand respectively. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Summary of borrowings | As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Credit loans due within one year - Short term bank loan 1,548,000 1,559,800 Credit loans due over one year but within three years - Long-term borrowing from a related party (note 33(c)) — 700,000 1,548,000 2,259,800 |
Summary of analysis of the repayment schedule of borrowings | 2020 2021 RMB’000 RMB’000 Within 1 year or on demand 1,548,000 1,559,800 Over one year but within two years — — Over two years but within three years — 700,000 1,548,000 2,259,800 |
Short-Term Bonds (Tables)
Short-Term Bonds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short term bonds [Abstract] | |
Summary of short-term bonds | As at 31 December 2020 2021 RMB’000 RMB’000 Short-term bonds 3,017,811 — |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Disclosure of summary of trade and other payables | As at 31 December 2020 2021 RMB’000 RMB’000 Trade payables 1,294,138 1,527,706 Bills payable 26,196 562,593 Amounts due to related parties exclude advances received 3,655,724 4,910,255 4,976,058 7,000,554 Dividends payable 29,522 30,577 Construction payable 299,205 487,283 Oil price risk reserve 546,055 — Accrued expenses 518,333 400,391 Other liabilities 106,634 87,144 1,499,749 1,005,395 Financial liabilities measured at 6,475,807 8,005,949 Amounts due to related parties – advances received 1,117 6,275 Amounts due to related parties – measured at fair value through profit or loss (FVPL) (i) — 1,388,286 6,476,924 9,400,510 Total amount due to related parties 3,656,841 6,304,816 (i) Amounts due to related parties – measured at FVPL represents the obligation that the Company needs to return the crude oil to its related party with maturity of less than 1 year, which is measured at fair value through profit or loss. |
Disclosure of summary of aging analysis of trade payables | As at 31 December 2020 2021 RMB’000 RMB’000 Within one year 4,973,711 6,990,653 Over one year within two years 1,973 9,527 Over two years 374 374 4,976,058 7,000,554 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities [abstract] | |
Disclosure of detailed information about contracts liabilities [Text Block] | As at 31 December 2020 2021 RMB’000 RMB’000 Contract liabilities 495,404 424,607 |
Deferred Income (Tables)
Deferred Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accruals and deferred income including contract liabilities [abstract] | |
Deferred income | 2020 2021 RMB’000 RMB’000 As at 1 January 10,005 13,433 Additions 3,865 — Amortization (437 ) (713 ) As at 31 December 13,433 12,720 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Share capital | Number Amount ’000 RMB’000 As at 31 December 2020, 1 January 2021 and Registered, issued and fully paid: Ordinary A shares listed in PRC 7,328,814 7,328,814 Foreign invested H shares listed overseas 3,495,000 3,495,000 Total 10,823,814 10,823,814 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Reserves | Legal surplus Capital Surplus reserve Other Hedging Share premium Safety production fund Retained earnings Total (note(a)) (note(b)) (note(c)) (note(d)) (note 3.1(a)) (note(e)) (note(f)) (note(g)) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Balance at 1 January 2020 4,072,476 13,739 101,355 17,838 — 106,846 57,137 14,670,083 19,039,474 Total comprehensive income for the year attributable to shareholders of the Company — — — (11,512 ) — — — 645,072 633,560 Change in fair value of hedging instruments — — — — (63,840 ) — — — (63,840 ) Reclassified to cost of inventory — — — — 63,840 — — — 63,840 Dividends declared and approved in respect of previous year — — — — — — — (1,298,858 ) (1,298,858 ) Appropriation of safety production fund — — — — — — 88,460 (88,460 ) — Balance at 31 December 2020 and 1 January 2021 4,072,476 13,739 101,355 6,326 — 106,846 145,597 13,927,837 18,374,176 Total comprehensive income for the year attributable to shareholders of the Company — — — 16,639 125,159 — — 2,073,431 2,215,229 Amounts transferred from hedging reserve to initial carrying amount of hedged items — — — — (88,699 ) — — — (88,699 ) Dividends declared and approved in respect of previous year — — — — — — — (1,082,381 ) (1,082,381 ) Transfer to legal surplus 2,498,808 — — — — — — (2,498,808 ) — Appropriation of safety production fund — — — — — — 40,729 (40,729 ) — Balance at 31 December 2021 6,571,284 13,739 101,355 22,965 36,460 106,846 186,326 12,379,350 19,418,325 Notes: (a) Under PRC rules and regulations, the Company and its PRC subsidiaries are required to set aside 10% of the net income determined in accordance with the PRC accounting rules and regulations to a legal surplus reserve. The transfer to this reserve must be made before distribution of any dividend to shareholders. The legal surplus reserve is non-distributable In accordance with PRC rules and regulations, the Company has set aside RMB6,571,284 thousand of legal surplus as of 31 December 2021. (b) This reserve represents gifts or grants received from China Petrochemical Corporation, the ultimate parent company and which are required to be included in this reserve fund by PRC regulations. (c) The transfer to this reserve from the retained profits is subject to the approval by shareholders at general meetings. Its usage is similar to that of the legal surplus reserve. (d) Other reserve comprises share of post-acquisition movements in other comprehensive income from associates and joint ventures using the equity methods of accounting with a corresponding adjustment to the carrying amount of the investment. (e) The application of the share premium account is governed by Sections 167 and 168 of the PRC Company Law. (f) According to the relevant PRC regulations, the Group is required to transfer an amount to specific reserve for the safety production fund based on the turnover of certain refining and chemicals products. This reserve represents unutilized safety production fund. (g) According to the Company’s Articles of Association, the reserve available for distribution is the lower of the amount determined under China Accounting Standards for Business Enterprises and the amount determined under IFRS. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Summary of major related parties | The following is a list of the Group’s major related parties: Names of related parties Relationship with the Company China International United Petroleum & Chemicals Co., Ltd. Subsidiary of the ultimate parent company Sinopec Chemical Sales Company Limited Subsidiary of the ultimate parent company Sinopec Chemical Commercial Holding Company Limited Subsidiary of the ultimate parent company Petro-cyberworks Information Technology Co., Ltd. Subsidiary of the ultimate parent company Lianhua (Ningbo) International Logistics Co., Ltd. Subsidiary of the ultimate parent company Zhongke (Guangdong) Refining & Chemical Co., Ltd. Subsidiary of the ultimate parent company Sinopec Marketing Co., Ltd. Subsidiary of the ultimate parent company Sinopec Fuel Oil Sales Co., Ltd. Subsidiary of the ultimate parent company Sinopec Lubricant Co., Ltd. Subsidiary of the ultimate parent company Sinopec Yangzi Petrochemical Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Beijing) Company Limited Subsidiary of the ultimate parent company Sinopec Catalysts Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Shanghai) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Beijing Research Institute of Chemical Industry Subsidiary of the ultimate parent company Names of related parties Relationship with the Company China Petrochemical International (Ningbo) Co., Ltd. Subsidiary of the ultimate parent company Zhoushan Shihua Crude Oil Terminal Co., Ltd. Subsidiary of the ultimate parent company Dalian Sinopec Material Equip Company Subsidiary of the ultimate parent company Sinopec Material & Equipment (East China) Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Nanjing) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Honeywell (Tianjin) Company Limited Subsidiary of the ultimate parent company China Petrochemical International (Wuhan) Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical Refinery Sales Co., Ltd. Subsidiary of the ultimate parent company Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. Subsidiary of the ultimate parent company China Petrochemical International (Tianjin) Co., Ltd. Subsidiary of the ultimate parent company Ningbo East sea Line fan Technology Company Limited Subsidiary of the ultimate parent company Sinopec Petroleum & Chemical Scientific Research Institute Dadi Company Subsidiary of the ultimate parent company Sinopec Shanghai Research Institute of Petrochemical Technology Subsidiary of the ultimate parent company Sinopec Lubricating Oil Shanghai Research Institute Company Limited Subsidiary of the ultimate parent company Dalian Furuipu Technology Co., Ltd. Subsidiary of the ultimate parent company Nantong Donghai Petrochemical Co., Ltd. Subsidiary of the ultimate parent company China Petroleum and Chemical Corporation Qingdao Security Engineering Research Institute Subsidiary of the ultimate parent company Sinopec (Shanghai) Energy Trade Co., Ltd. Subsidiary of the ultimate parent company Storage and Transportation Installation Company of Ningbo Engineering Company Limited Subsidiary of the ultimate parent company Sinopec Chemical Commercial Holding (Hong Kong) Company Limited Subsidiary of the ultimate parent company Sinopec Yizheng Chemical Fibre Limited Liability Company Subsidiary of the ultimate parent company Fujian Gulei Petrochemical Company Limited Subsidiary of the ultimate parent company Sinopec China East Chemical Sales Co., Ltd. Subsidiary of the ultimate parent company Names of related parties Relationship with the Company Unipec Singapore Subsidiary of the ultimate parent company China Yanshan United Foreign Trade Co., Ltd. Subsidiary of the ultimate parent company Sinopec Chemical Commercial Holding (Wuhan) Company Limited Subsidiary of the ultimate parent company Nanjing Yangzi Petrol-chemical Industry Co., Ltd. Subsidiary of the ultimate parent company Sinopec Baling Petrochemical Co., Ltd. Subsidiary of the ultimate parent company Shengli Oil Field Exploration and Development Research Institute Subsidiary of the ultimate parent company Shanghai Lide Catalyst Co., Ltd. Subsidiary of the ultimate parent company Ypc-gpro Subsidiary of the ultimate parent company Fujian Refining & Petrochemical Company Limited Subsidiary of the ultimate parent company Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals Subsidiary of the ultimate parent company Sinopec Jianghan Salt Chemical Hubei Co., Ltd. Subsidiary of the ultimate parent company Yipaike Business Factoring Co., Ltd. Subsidiary of the ultimate parent company Sinopec Great Wall Energy and Chemical Co., Ltd. Subsidiary of the ultimate parent company Sinopec (Shenzhen) E-Commerce Subsidiary of the ultimate parent company Sinopec Research Institute of Safety Engineering Subsidiary of the ultimate parent company Ningbo Minggang Gas Company Limited Subsidiary of the ultimate parent company Sinopec Zhongyuan Petrol-Chemical Industry Co., Ltd. Subsidiary of the ultimate parent company Epec E-commerce Subsidiary of the ultimate parent company Sinopec Oil Refining and Marketing (Shanghai) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Chemical Sales (Guangdong) Co., Ltd. Subsidiary of the ultimate parent company Sinopec Nanguang (Shanghai) Industrial Co., Ltd. Subsidiary of the ultimate parent company Unipec (Qingdao) International Logistics Company Limited Subsidiary of the ultimate parent company Names of related parties Relationship with the Company Qingdao Zhonghua Sunshine Management System Certification Center Subsidiary of the ultimate parent company Zhejiang Baling Hengyi Caprolactam Limited Company Joint venture of the ultimate parent company Shanghai Sinopec Mitsui Chemicals, Co., Ltd. Joint venture of the ultimate parent company Basf-ypc Joint venture of the ultimate parent company Shanghai Changshi Shipping Co., Ltd. Associate of the ultimate parent company Shanghai KSD Bulk Solids Engineering Co., Ltd. Associate of the ultimate parent company Basf Gao-Qiao Associate of the ultimate parent company Sinopec Chemical Commercial Holding (Singapore) Pte. Ltd. Subsidiary of the immediate parent company Sinopec Finance Co., Ltd. Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding Company Limited Subsidiary of the immediate parent company Zhongshi Huananjing Chemical Research Institute Co., Ltd. Subsidiary of the immediate parent company China Economy Phulishing House Co., Ltd. Subsidiary of the immediate parent company Sinopec Publishing House Co., Ltd. Subsidiary of the immediate parent company Sinopec Group International Travel Agency Agricultural Bank of China Subsidiary of the immediate parent company Sinopec Assets Management Co., Ltd. Subsidiary of the immediate parent company Ningbo Engineering Company of Sinopec Subsidiary of the immediate parent company Sinopec Shared Service Co., Ltd. Subsidiary of the immediate parent company Sinopec Petroleum Engineering Geophysics Ltd. Subsidiary of the immediate parent company Sinopec Baichuan Economic and Trade Company Subsidiary of the immediate parent company Sinopec Group Jiangsu Petroleum Exploration Bureau Co., Ltd. Subsidiary of the immediate parent company Sinopec Newspaper Office Subsidiary of the immediate parent company Sinopec Energy Saving Technology Service Co., Ltd. Subsidiary of the immediate parent company Sinopec Group Economic and Technology Research Institute Co., Ltd. Subsidiary of the immediate parent company Names of related parties Relationship with the Company Beijing Petro-Chemical Construction Consulting Co., Ltd. Subsidiary of the immediate parent company China Economicbooks Co., Ltd. Subsidiary of the immediate parent company Petrol-Chemical Industry Management Cadre College Subsidiary of the immediate parent company Sinopec Engineering Quality Supervision Terminal Subsidiary of the immediate parent company Sinopec Group Shanghai Training Center Ltd. Subsidiary of the immediate parent company Sinopec Beijing Yanshan Petrochemical Co., Ltd. Subsidiary of the immediate parent company Sinopec Zhongyuan Petroleum Exploration Bureau Co., Ltd. Subsidiary of the immediate parent company Sinopec Shengli Petroleum Administration Co., Ltd. Subsidiary of the immediate parent company The Fourth Construction Company of Sinopec Subsidiary of the immediate parent company Sinopec Tending Co., Ltd. Subsidiary of the immediate parent company Sinopec Shanghai Engineering Co., Ltd. Subsidiary of the immediate parent company Sinopec Engineering Incorporation Subsidiary of the immediate parent company Sinopec Engineering Quality Monitoring Co., Ltd. Subsidiary of the immediate parent company National Petrochemical Project Risk Assessment Technology Center Subsidiary of the immediate parent company The Tenth Construction Company of Sinopec Subsidiary of the immediate parent company The Fifth Construction Company of Sinopec Subsidiary of the immediate parent company Shanghai Petrochemical Machinery Manufacturing Co., Ltd. Subsidiary of the immediate parent company Sinopec Nanjing Engineering Company Limited Subsidiary of the immediate parent company Sinopec Luoyang Engineering Company Limited Subsidiary of the immediate parent company Jiangsu Jinling Opta Polymer Company Limited Subsidiary of the immediate parent company Shanghai Petro-Chemical Haidi Administration Co., Ltd. Subsidiary of the immediate parent company Sinopec Sichuan Uinylon Works Subsidiary of the immediate parent company China Petrochemical Corp. Nanjing Chemistry Industrial Co., Ltd. Subsidiary of the immediate parent company Names of related parties Relationship with the Company Sinopec Group International Petroleum Exploration And Production Limited Subsidiary of the immediate parent company Sinopec Consulting Company Limited Subsidiary of the immediate parent company Sinopec Guangzhou Engineering Co., Ltd. Subsidiary of the immediate parent company Beijing Yanshan Petrochemical Special Equipment Inspection Co., Ltd. Subsidiary of the immediate parent company China Petrochemical Corp. Engineering Ration Management Station Subsidiary of the immediate parent company Beijing Victory Hotel Company Limited Subsidiary of the immediate parent company Maoming Shihua Dongcheng Chemical Co., Ltd. Subsidiary of the immediate parent company Yihua Tory Polyester Film Company Limited Joint venture of the immediate parent company China Sinopec Pipeline Storage and Transportation Co., Ltd. Associate of the immediate parent Yihua Bonar Yarns and Fabrics Co., Ltd. Associate of the immediate parent Unipec Singapore Subsidiary of the immediate parent company Unipec America, Inc Subsidiary of the immediate parent company Sinopec Japan Company Limited Subsidiary of the immediate parent company Rizhao Shihua Crude Oil Terminal Co., Ltd. Joint venture of the ultimate parent company Sinopec Europe Company Limited Subsidiary of the immediate parent company Sinopec Chemical Commercial Holding (North America), Inc. Subsidiary of the immediate parent company Sinopec International (Australia) Pty. Ltd. Subsidiary of the immediate parent company |
Transactions between the Group and Sinopec Corp., its subsidiaries and joint ventures | Transactions between the Group and Sinopec Corp., its subsidiaries and joint ventures during the years ended 31 December 2019, 2020 and 2021 were as follows: 2019 2020 2021 Sales of petroleum products 50,354,162 39,879,549 47,201,755 Sales other than petroleum products 8,642,514 6,790,568 9,439,546 Purchases of crude oil 43,886,966 27,934,926 35,371,820 Purchases other than crude oil 9,579,239 9,937,862 9,008,147 Commission expense 125,619 104,598 110,552 Rental income 31,972 32,829 34,475 |
Other transactions between the Group and Sinopec Group and its subsidiaries, associates and joint ventures of the Group | 2019 2020 2021 RMB’000 RMB’000 RMB’000 Sales of goods and service fee income - Sinopec Group and its subsidiaries 7,724 14,870 36,683 - Associates and joint ventures of the Group 2,843,909 2,019,997 4,248,658 2,851,633 2,034,867 4,285,341 Purchases - Sinopec Group and its subsidiaries 1,918,873 832,617 2,830,256 - Associates and joint ventures of the Group 4,579,969 3,648,664 4,425,698 6,498,842 4,481,281 7,255,954 Insurance premium expenses - Sinopec Group and its subsidiaries 108,223 107,495 108,850 Addition to right-of-use - Sinopec Group and its subsidiaries 25,935 2,267 1,388 - Joint ventures of the Group 702 — — 26,637 2,267 1,388 Interest expense of lease liabilities - Sinopec Group and its subsidiaries 2,285 205 247 - Joint ventures of the Group 19 8 24 2,304 213 271 Interest income - Sinopec Finance 1,295 2,088 824 Construction and installation cost - Sinopec Group and its subsidiaries 143,560 233,591 785,216 Rental income - Associates and joint ventures of the Group 11,370 15,577 14,930 - Sinopec Group and its subsidiaries 461 464 464 11,831 16,041 15,394 Long-term borrowings - Sinopec Finance — — 700,000 |
Summary of amounts due from/to related parties | As at 31 December 2020 As at 31 December 2021 Amounts due from related parties - Sinopec Corp., its subsidiaries and joint ventures 1,054,127 1,184,117 - Associates and joint ventures of the Group 38,189 28,214 1,092,316 1,212,331 Amounts due to related parties - Sinopec Corp., its subsidiaries and joint ventures 2,505,532 4,475,992 - Sinopec Group and its subsidiaries 889,035 1,672,439 - Associates and joint ventures of the Group 262,274 156,385 3,656,841 6,304,816 Lease liabilities - Sinopec Group and its subsidiaries 8,453 992 - Joint ventures of the Group 574 435 9,027 1,427 Cash deposits, maturing within three months - Sinopec Finance (note d) 5,667 3,243 Long-term borrowings - Sinopec Finance — 700,000 |
Summary of key personnel compensations | Year ended 31 December 2019 2020 2021 Short-term employee benefits 9,120 9,859 11,866 Post-employment benefits 225 441 551 9,345 10,300 12,417 |
Commitments with related parties | As at 31 December 2020 As at 31 December 2021 Sinopec Group and its subsidiaries 145,959 775,007 |
Investment commitments with related parties | As at 31 December 2020 As at 31 December 2021 RMB’000 RMB’000 Capital contribution to Shanghai Secco (i) 111,263 111,263 Capital contribution to Shanghai Shidian Energy Company Limited (“Shidian Energy”) (ii) 80,000 80,000 Capital contribution to Baling Materials (iii) — 350,000 191,263 541,263 (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 a capital contribution of USD 30,017,000 (RMB 182,804 thousand equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2021, the Company has contributed RMB 71,541 thousand 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 a capital contribution of RMB 400,000 thousand to acquire 40% share of Shidian Energy. As at 31 December 2021, Toufa has contributed RMB 320,000 thousand to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement. (iii) Sinopec Baling Petrochemical Co., Ltd . paid-up |
Dividend (Tables)
Dividend (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Dividend [abstract] | |
Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Year | (a) Dividends payable to equity shareholders of the Company attributable to the year: 2020 2021 RMB’000 RMB’000 Final dividend proposed after the end of the reporting period of RMB 0.10 per ordinary share (2020: RMB 0.10 per ordinary share) 1,082,381 1,082,381 |
Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Previous Financial Year | (b) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year 2020 2021 RMB’000 Final dividend in respect of the previous financial year, approved and paid during the year, of RMB 0.10 per share (2020: RMB 0.12) 1,298,858 1,082,381 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments [abstract] | |
Capital Commitments | Capital commitments outstanding at 31 December 2021 not provided for in the financial statements were as follows: As at 31 December 2020 As at 31 December 2021 Property, plant and equipment contracted for 585,870 1,176,168 |
Statement of Financial Positi_2
Statement of Financial Position and Equity Movement of the Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance sheet and reserve movement of the Company [abstract] | |
Statement of financial position of the Company | As at 31 December 2020 RMB’000 As at 31 December RMB’000 Non-current Property, plant and equipment 11,279,484 10,914,990 Investment properties 396,676 381,540 Right-of-use 296,371 275,924 Construction in progress 1,694,937 3,201,111 Investments in subsidiaries 2,048,328 2,048,328 Investments accounted for using the equity method 4,594,451 3,299,050 Time deposits with banks 7,042,840 5,381,149 Deferred tax assets 238,040 178,084 Other non-current 402,304 769,492 27,993,431 26,449,668 Current assets Derivative financial instruments — 81,405 Inventories 3,685,456 5,726,264 Trade receivables 1,484 149 Other receivables 6,447 8,276 Amounts due from related parties 975,952 1,116,553 Prepayments 6,559 13,790 Financial assets at fair value through other comprehensive income (FVOCI) 735,262 615,689 Time deposits with banks 4,049,441 7,386,605 Cash and cash equivalents 5,460,067 4,927,519 14,920,668 19,876,250 Current liabilities Trade and other payables 2,287,762 2,389,508 Contract liabilities 423,838 376,834 Amounts due to related parties 3,507,497 7,423,883 Staff salaries and welfares payable 239,537 253,800 Borrowings 1,500,000 1,500,000 Short-term bonds 3,017,811 — Lease liabilities 7,897 1,604 Derivative financial instruments — 23,804 Income tax payable — 249,332 Current tax liabilities 3,392,922 3,843,541 14,377,264 16,062,306 Net current assets 543,404 3,813,944 As at 31 December RMB’000 As at 31 December 2021 RMB’000 Total assets less current liabilities 28,536,835 30,263,612 Non-current Interest-bearing borrowings — 700,000 Lease liabilities 1,911 399 Deferred income 13,433 12,720 15,344 713,119 NET ASSETS 28,521,491 29,550,493 CAPITAL AND RESERVES Share capital 10,823,814 10,823,814 Reserves 17,697,677 18,726,679 TOTAL EQUITY 28,521,491 29,550,493 |
Statement of equity movement of the Company | Share capital Legal surplus Capital surplus Surplus reserve Other reserve Hedging Share premium Safety production fund Retained earnings Total Balance at 1 January 2020 10,823,814 4,072,476 4,180 101,355 17,838 — 106,846 57,135 14,260,322 29,443,966 Net profit attributable to shareholders of the Company — — — — — — — — 387,895 387,895 Dividends proposed and approved — — — — — — — — (1,298,858 ) (1,298,858 ) Appropriation of safety production fund — — — — — — — 88,462 (88,462 ) — Change in fair value of hedging instruments — — — — — 63,840 — — — 63,840 Reclassified to cost of inventory — — — — — (63,840 ) — — — (63,840 ) Share of other comprehensive income of investments accounted for using the equity method — — — — (11,512 ) — — — — (11,512 ) Balance at 31 December 2020 and 1 January 2021 10,823,814 4,072,476 4,180 101,355 6,326 — 106,846 145,597 13,260,897 28,521,491 Total comprehensive income for the year — — — — 16,639 125,159 — — 2,058,284 2,200,082 Amounts transferred from hedging reserve to initial carrying amount of hedged items — — — — — (88,699 ) — — — (88,699 ) Dividends declared and approved in respect of previous year — — — — — — — — (1,082,381 ) (1,082,381 ) Transfer to legal surplus — 2,498,808 — — — — — — (2,498,808 ) — Appropriation of safety production fund — — — — — — — 32,310 (32,310 ) — Balance at 31 December 2021 10,823,814 6,571,284 4,180 101,355 22,965 36,460 106,846 177,907 11,705,682 29,550,493 |
Benefits and Interests of Dir_2
Benefits and Interests of Directors and Supervisors (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Benefits and interests of directors and supervisors [abstract] | |
Summary of directors' and supervisors' emoluments | 2019 Salaries and Retirement Discretionary Directors’ fees Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Executive directors Wu Haijun 343 26 557 — 926 Shi Wei ( Resigned in December 2019 329 26 797 — 1,152 Jin Qiang 289 26 745 — 1,060 Guo Xiaojun (Resigned in December 2019) 283 26 751 — 1,060 Zhou Meiyun 248 26 709 — 983 Jin Wenmin 260 26 721 — 1,007 Independent non-executive 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 (Resigned in September 2019) 102 15 324 — 441 Li Xiaoxia (Resigned in September 2019) 102 14 529 — 645 Zhang Feng (Appointed in October 2019) 31 9 107 — 147 Chen Hongjun (Appointed in October 2019) 34 9 110 — 153 Zheng Yunrui 100 — — — 100 Cai Tingji 100 — — — 100 2,488 225 6,035 600 9,348 2020 Salaries and other benefits Retirement scheme contributions Discretionary bonuses Directors’ fees Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Executive directors Wu Haijun 359 44 799 — 1,202 Guan Zemin (appointed in February 2020) 367 41 397 — 805 Jin Qiang 354 44 716 — 1,114 Jin Wenmin 250 44 721 — 1,015 Huang Xiangyu (appointed in June 2020) 275 39 440 — 754 Huang Fei (appointed in June 2020) 217 39 426 — 682 Zhou Meiyun (resigned in September 2020) 181 33 668 — 882 Non-executive Xie Zhenglin (appointed in June 2020) — — — — — Peng Kun (appointed in June 2020) 96 25 246 — 367 Independent non-executive Li Yuanqin — — — 150 150 Tang Song (appointed in June 2020) — — — 75 75 Chen Haifeng (appointed in June 2020) — — — 75 75 Yang Jun (appointed in June 2020) — — — 75 75 Gao Song (appointed in June 2020) — — — 75 75 Zhang Yimin (resigned in June 2020) — — — 75 75 Liu Yunhong (resigned in June 2020) — — — 75 75 Du Weifeng (resigned in June 2020) — — — 75 75 Supervisors Ma Yanhui 332 42 720 — 1,094 Zhang Feng 148 40 485 — 673 Chen Hongjun 159 38 485 — 682 Zheng Yunrui 100 — — — 100 Cai Tingji 100 — — — 100 2,938 429 6,103 675 10,145 2021 Salaries and other benefits RMB’000 Retirement Discretionary Directors’ fees Total Executive directors Wu Haijun 324 49 768 — 1,141 Guan Zemin 407 49 767 — 1,223 Jin Qiang (resigned in February 2022) 378 49 682 — 1,109 Du Jun (appointed in June 2021) 373 49 617 — 1,039 Jin Wenmin (resigned in February 2022) 265 49 684 — 998 Huang Xiangyu 276 48 684 — 1,008 Huang Fei (resigned in February 2022) 251 46 683 — 980 Non-executive Xie Zhenglin — — — — — Peng Kun 186 46 631 — 863 Independent non-executive Li Yuanqin — — — 150 150 Tang Song — — — 150 150 Chen Haifeng — — — 150 150 Yang Jun — — — 150 150 Gao Song — — — 150 150 Supervisors Ma Yanhui 350 49 682 — 1,081 Zhang Feng 169 42 584 — 795 Chen Hongjun 178 41 603 — 822 Zheng Yunrui 100 — — — 100 Cai Tingji 100 — — — 100 3,357 517 7,385 750 12,009 |
Possible Impact of Amendments_2
Possible Impact of Amendments, New Standards and Interpretations Issued But Not Yet Effective for the Year Ended 31 December 2021 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Abstract] | |
Summary of Number of Amendments, New Standards and Interpretations Which are Not Yet Effective | Effective for accounting periods beginning on or Annual Improvements to IFRS Standards 2018-2020 1 January 2022 Amendments to IFRS 3, Reference to the Conceptual Framework 1 January 2022 Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use 1 January 2022 Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract 1 January 2022 Amendments to IAS 1, Classification of Liabilities as Current or Non-current 1 January 2023 IFRS 17, Insurance contracts 1 January 2023 Basis for conclusions on IFRS 17 1 January 2023 Illustrative examples on IFRS 17 1 January 2023 Amendments to IFRS 17 1 January 2023 Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS 9 - Comparative Information 1 January 2023 Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies 1 January 2023 Amendments to IAS 8, Definition of Accounting Estimates 1 January 2023 Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 |
General Information (Reorganisa
General Information (Reorganisation) (Details) - CNY (¥) ¥ in Thousands | Feb. 25, 2000 | Jan. 12, 2018 | Sep. 27, 2017 | Nov. 08, 1993 |
General information [line items] | ||||
Capital registered | ¥ 9,637 | ¥ 14,177 | ¥ 4,000,000 | |
China Petrochemical Corporation ("Sinopec Group") [member] | Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | China Petroleum & Chemical Corporation ("Sinopec Corp.") [member] | ||||
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 (The Fiftee
General Information (The Fifteenth Meeting of the Seventh Term of Board of Directors) (Details) shares in Thousands | Dec. 31, 2021shares |
Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | |
General information [line items] | |
Total shares of the Company | 10,823,814 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property, plant and equipment | 12 to 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 | 5 to 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 to 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Investment Properties) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
Estimated useful lives of investment properties | 30-40 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Other Non-current Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | |
Disclosure of information about other non-current assets [line items] | |
Estimated useful lives of other non-current assets | 10 to 28 years |
Long-term prepaid expense | |
Disclosure of information about other non-current assets [line items] | |
Estimated useful lives of other non-current assets | 1.5 to 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Leases) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Land use rights [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives of right-of-use assets | 30 - 50 years |
Buildings [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives of right-of-use assets | 2 - 8 years |
Equipment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives of right-of-use assets | 2 - 3 years |
Other assets [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives of right-of-use assets | 2 - 4 years |
Financial Risk Management (Fina
Financial Risk Management (Financial Risk Factors, Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | ¥ 5,112,010 | ¥ 6,916,408 | ¥ 7,449,699 | ¥ 8,741,893 |
Receivables write down | 121,550 | |||
Increase decrease percentage in market price of crude oil | 10.00% | |||
Increase decrease in net profit loss | ¥ 89,787 | ¥ 0 | ||
One Largest Customer [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Percentage of trade receivables due | 69.50% | 49.79% | ||
Five Largest Customer [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Percentage of trade receivables due | 81.80% | 85.28% | ||
Commodity Swap Contracts [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Maturity period of cash flow hedge | 10 months | |||
Derivative financial assets held for hedging | ¥ 48,614 | |||
Floating interest rate [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | ¥ 5,112,010 | ¥ 5,415,078 | ||
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 US dollar had weakened/strengthened by 5% against RMB with all other variables held constant | |||
Description of change in net profit | the Group’s net profit for the year ended 31 December 2021 would have been RMB2,292 thousand decreased/increased (31 December 2020: RMB 2,401 thousand decreased/increased in net profit) before considering the impact of forward and option contracts as a result of foreign exchange gains/losses which is mainly resulted from the translation of US dollar denominated trade receivables and payables. | |||
Foreign currencies weakened/strengthened rate against RMB | 5.00% | |||
Estimated change in net profit due to sensitivity analysis | ¥ 2,292 | 2,401 | ||
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 financial instruments had risen/fallen by 50 basis points while all other variables had been held constant | |||
Description of change in net profit | the Group’s net profit would have increased / decreased by approximately RMB 16,252 thousand (2020: RMB 20,365 thousand), mainly as a result of higher/lower interest on floating rate cash and cash equivalents | |||
Estimated change in net profit due to sensitivity analysis | ¥ 16,252 | 20,365 | ||
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] | ||||
Cash and cash equivalents | ¥ 5,112,010 | 6,916,408 | ||
Trade receivables (including trade receivables with related parties and those carried at FVOCI) | 1,568,800 | 1,469,431 | ||
Time Deposits Current | ¥ 7,386,607 | ¥ 4,049,443 |
Financial Risk Management (Fi_2
Financial Risk Management (Financial Risk Factors, Derivatives, Derivative Financial Instruments) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total derivative financial assets | ¥ 81,405 | ¥ 0 |
Total derivative financial liabilities | 23,804 | ¥ 0 |
Current derivative financial instrument assets [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Commodity swaps contracts applied hedge accounting | 48,614 | |
Commodity swaps contracts at fair value through profit or loss | 32,791 | |
Total derivative financial assets | 81,405 | |
Current derivative financial instrument liabilities [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Commodity swaps contracts at fair value through profit or loss | (23,804) | |
Total derivative financial liabilities | ¥ (23,804) |
Financial Risk Management (Reco
Financial Risk Management (Reconciliation of Hedging Reserve In Respect of Commodity Price Risk and Effectiveness of Hedging Relationships) (Details) - Swap contract [member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Balance at 1 January 2021 | ¥ 0 |
Reclassified to the cost of inventory | (88,699) |
Effective portion of the cash flow hedge recognized in other comprehensive income | 165,576 |
Amounts reclassified to profit or loss | 1,303 |
Related tax | (41,720) |
Balance at 31 December 2021 | ¥ 36,460 |
Financial Risk Management (Fi_3
Financial Risk Management (Financial Risk Factors, Derivatives, Reconciliation Of Hedging Reserves In Statement Of Profit Or Loss) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets [line items] | |||
Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges | ¥ 18,846 | ¥ (376) | ¥ (12,315) |
Commodity Swap Contracts [Member] | |||
Disclosure of financial assets [line items] | |||
Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges | 18,997 | 0 | |
Foreign Exchange Option Contract [Member] | |||
Disclosure of financial assets [line items] | |||
Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges | ¥ (151) | ¥ (376) |
Financial Risk Management (Fi_4
Financial Risk Management (Financial Risk Factors, Foreign Exchange Risk , Foreign Exchange Risk) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |||
Net foreign exchange gains/(losses) included in other gains – net | ¥ (1,861) | ¥ 12,248 | ¥ 2,648 |
Net foreign exchange (losses) included in finance income | 0 | (5,514) | |
Total net foreign exchange recognized in profit before taxation | ¥ (1,861) | ¥ 6,734 |
Financial Risk Management (Fi_5
Financial Risk Management (Financial Risk Factors, Schedule Of Interest Rate Financial Instruments) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial instruments by type of interest rate [line items] | ||||
Cash and cash equivalents | ¥ 5,112,010 | ¥ 6,916,408 | ¥ 7,449,699 | ¥ 8,741,893 |
Borrowings | (2,259,800) | (1,548,000) | ||
Short-term bonds | 0 | (3,017,811) | ||
Lease liabilities | (4,613) | (12,471) | ||
Not later than one year [member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Borrowings | (1,559,800) | (1,548,000) | ||
Fixed interest rate [member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Cash and cash equivalents | 0 | 1,501,330 | ||
Borrowings | (1,500,000) | (1,548,000) | ||
Short-term bonds | 0 | (3,000,000) | ||
Lease liabilities | (4,613) | (12,473) | ||
Financial instruments fixed interest rate bearing value | 11,345,387 | 7,940,857 | ||
Fixed interest rate [member] | Not later than one year [member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Time deposits with maturity less than one year | 7,350,000 | 4,000,000 | ||
Fixed interest rate [member] | Later than one year [member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Time deposits with maturity more than one year | 5,500,000 | 7,000,000 | ||
Floating interest rate [member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Cash and cash equivalents | 5,112,010 | 5,415,078 | ||
Borrowings | (759,800) | 0 | ||
Financial instruments variable interest rate bearing value | ¥ 4,352,210 | ¥ 5,415,078 |
Financial Risk Management (Fi_6
Financial Risk Management (Financial Risk Factors, Net Reversal of Impairment Losses on Financial Assets Recognized in Income Statement) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |||
Impairment losses - provision in loss allowance for trade receivables | ¥ (1,354) | ¥ (634) | |
Impairment losses - provision in loss allowance for other receivables | (1) | 0 | |
Recoveries on previously written off receivables | 0 | 121,550 | |
Reversal/(Provision) of impairment losses on financial assets | ¥ (1,355) | ¥ 120,916 | ¥ 59 |
Financial Risk Management (Fi_7
Financial Risk Management (Financial Risk Factors, Maturity Analysis for Financial Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-derivatives | ||
Borrowings | ¥ 2,259,800 | ¥ 1,548,000 |
Short-term bonds | 0 | 3,017,811 |
Lease liabilities | 4,613 | 12,471 |
Bills payables | 562,593 | 26,196 |
Trade payables | 1,527,706 | 1,294,138 |
Amounts due to related parties excluded non-financial liabilities | 4,910,255 | 3,655,724 |
Derivatives | ||
Derivative financial liabilities | 23,804 | 0 |
Not later than one year [member] | ||
Non-derivatives | ||
Borrowings | 1,559,800 | 1,548,000 |
Later than one year and not later than two years [member] | ||
Non-derivatives | ||
Borrowings | 0 | 0 |
Liquidity risk [member] | Undiscounted cash flow [member] | ||
Non-derivatives | ||
Borrowings | 2,291,396 | 1,558,702 |
Short-term bonds | 3,023,614 | |
Lease liabilities | 5,358 | 12,702 |
Bills payables | 562,593 | 26,196 |
Trade payables | 1,527,706 | 1,294,138 |
Other payables | 1,003,860 | 1,498,503 |
Amounts due to related parties excluded non-financial liabilities | 4,910,255 | 3,655,724 |
Total non-derivatives | 10,301,168 | 11,069,579 |
Derivatives | ||
Derivative financial liabilities | 23,804 | 0 |
Liquidity risk [member] | Undiscounted cash flow [member] | Not later than one year [member] | ||
Non-derivatives | ||
Borrowings | 1,578,817 | 1,558,702 |
Short-term bonds | 3,023,614 | |
Lease liabilities | 3,814 | 9,373 |
Bills payables | 562,593 | 26,196 |
Trade payables | 1,527,706 | 1,294,138 |
Other payables | 1,003,860 | 1,498,503 |
Amounts due to related parties excluded non-financial liabilities | 4,910,255 | 3,655,724 |
Total non-derivatives | 9,587,045 | 11,066,250 |
Derivatives | ||
Derivative financial liabilities | 23,804 | 0 |
Liquidity risk [member] | Undiscounted cash flow [member] | Later than one year and not later than two years [member] | ||
Non-derivatives | ||
Borrowings | 7,665 | 0 |
Short-term bonds | 0 | |
Lease liabilities | 730 | 2,136 |
Bills payables | 0 | 0 |
Trade payables | 0 | 0 |
Other payables | 0 | 0 |
Amounts due to related parties excluded non-financial liabilities | 0 | 0 |
Total non-derivatives | 8,395 | 2,136 |
Derivatives | ||
Derivative financial liabilities | 0 | 0 |
Liquidity risk [member] | Undiscounted cash flow [member] | Later than two years and not later than five years [member] | ||
Non-derivatives | ||
Borrowings | 704,914 | 0 |
Short-term bonds | 0 | |
Lease liabilities | 814 | 1,090 |
Bills payables | 0 | 0 |
Trade payables | 0 | 0 |
Other payables | 0 | 0 |
Amounts due to related parties excluded non-financial liabilities | 0 | 0 |
Total non-derivatives | 705,728 | 1,090 |
Derivatives | ||
Derivative financial liabilities | 0 | 0 |
Liquidity risk [member] | Undiscounted cash flow [member] | Later than five years [member] | ||
Non-derivatives | ||
Borrowings | 0 | 0 |
Short-term bonds | 0 | |
Lease liabilities | 0 | 103 |
Bills payables | 0 | 0 |
Trade payables | 0 | 0 |
Other payables | 0 | 0 |
Amounts due to related parties excluded non-financial liabilities | 0 | 0 |
Total non-derivatives | 0 | 103 |
Derivatives | ||
Derivative financial liabilities | ¥ 0 | ¥ 0 |
Financial Risk Management (Fair
Financial Risk Management (Fair Value Estimation, Recurring Fair Value Measurements) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial assets | ||||
Trade and bill receivables | ¥ 1,047,690 | ¥ 1,207,114 | ||
Finanical liabilities | ||||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) | [1] | 1,388,286 | 0 | |
Recurring fair value measurements [member] | ||||
Financial assets | ||||
Trade and bill receivables | 1,072,690 | 1,217,114 | ||
Equity investments | 5,000 | 5,000 | ||
Total finanical assets | 1,159,095 | 1,222,114 | ||
Finanical liabilities | ||||
Commodity swaps contracts | 23,804 | |||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) | 1,388,286 | |||
Recurring fair value measurements [member] | Commodity Swap Contracts [Member] | ||||
Financial assets | ||||
Trade and bill receivables | 48,614 | |||
Commodity swaps contracts | 32,791 | |||
Finanical liabilities | ||||
Commodity swaps contracts | 23,804 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurements [member] | ||||
Financial assets | ||||
Trade and bill receivables | 0 | 0 | ||
Equity investments | 0 | 0 | ||
Total finanical assets | 0 | 0 | ||
Finanical liabilities | ||||
Commodity swaps contracts | 0 | |||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurements [member] | Commodity Swap Contracts [Member] | ||||
Financial assets | ||||
Trade and bill receivables | 0 | |||
Commodity swaps contracts | 0 | |||
Finanical liabilities | ||||
Commodity swaps contracts | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurements [member] | ||||
Financial assets | ||||
Trade and bill receivables | 1,072,690 | 1,217,114 | ||
Equity investments | 0 | 0 | ||
Total finanical assets | 1,154,095 | 1,217,114 | ||
Finanical liabilities | ||||
Commodity swaps contracts | 23,804 | |||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) | 1,388,286 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurements [member] | Commodity Swap Contracts [Member] | ||||
Financial assets | ||||
Trade and bill receivables | 48,614 | |||
Commodity swaps contracts | 32,791 | |||
Finanical liabilities | ||||
Commodity swaps contracts | 23,804 | |||
Level 3 of fair value hierarchy [member] | ||||
Financial assets | ||||
Total finanical assets | 5,000 | 5,000 | ¥ 3,323,407 | |
Level 3 of fair value hierarchy [member] | Recurring fair value measurements [member] | ||||
Financial assets | ||||
Trade and bill receivables | 0 | 0 | ||
Equity investments | 5,000 | 5,000 | ||
Total finanical assets | 5,000 | ¥ 5,000 | ||
Finanical liabilities | ||||
Commodity swaps contracts | 0 | |||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurements [member] | Commodity Swap Contracts [Member] | ||||
Financial assets | ||||
Trade and bill receivables | 0 | |||
Commodity swaps contracts | 0 | |||
Finanical liabilities | ||||
Commodity swaps contracts | ¥ 0 | |||
[1] | Amounts due to related parties – measured at FVPL represents the obligation that the Company needs to return the crude oil to its related party with maturity of less than 1 year, which is measured at fair value through profit or loss. |
Financial Risk Management (Fa_2
Financial Risk Management (Fair Value Estimation, Changes in level 3 items) (Details) - Level 3 of fair value hierarchy [member] - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial instruments, fair value measurement [line items] | ||
Beginning Balance | ¥ 5,000 | ¥ 3,323,407 |
Acquisitions | 8,150,000 | 7,600,000 |
Disposals | (8,150,000) | (10,900,000) |
Fair value change | (18,407) | |
Ending Balance | 5,000 | 5,000 |
Equity investments [member] | ||
Financial instruments, fair value measurement [line items] | ||
Beginning Balance | 5,000 | 5,000 |
Acquisitions | 0 | 0 |
Disposals | 0 | 0 |
Fair value change | 0 | |
Ending Balance | 5,000 | 5,000 |
Structured deposits [member] | ||
Financial instruments, fair value measurement [line items] | ||
Beginning Balance | 0 | 3,318,407 |
Acquisitions | 8,150,000 | 7,600,000 |
Disposals | (8,150,000) | (10,900,000) |
Fair value change | (18,407) | |
Ending Balance | ¥ 0 | ¥ 0 |
Segment information and reven_3
Segment information and revenue (Revenue) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Segment revenue | ¥ 89,198,492 | ¥ 74,623,575 | ¥ 100,269,667 |
Profit/(loss) from operations | 1,432,232 | (466,236) | 1,320,572 |
At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 89,158,682 | 74,622,174 | 100,259,517 |
Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 39,810 | 1,401 | 10,150 |
Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 1,380,998 | 1,480,576 | 2,200,229 |
Profit/(loss) from operations | (854,077) | (364,211) | (540,280) |
Synthetic fibers [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 1,380,998 | 1,480,576 | 2,200,229 |
Synthetic fibers [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | 0 |
Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,006,030 | 9,475,887 | 10,163,711 |
Profit/(loss) from operations | 52,215 | 1,262,029 | 401,454 |
Resins and plastics [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,006,030 | 9,475,887 | 10,163,711 |
Resins and plastics [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | 0 |
Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,835,074 | 8,251,252 | 10,511,143 |
Profit/(loss) from operations | (635,155) | 581,597 | 413,914 |
Intermediate petrochemicals [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,835,074 | 8,251,252 | 10,511,143 |
Intermediate petrochemicals [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | 0 |
Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 55,074,158 | 43,080,204 | 54,886,705 |
Profit/(loss) from operations | 2,967,030 | (2,198,705) | 705,469 |
Petroleum products [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 55,074,158 | 43,080,204 | 54,886,705 |
Petroleum products [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | 0 |
Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 11,060,133 | 11,585,110 | 21,706,014 |
Profit/(loss) from operations | 43,729 | 42,039 | 53,214 |
Trading of petrochemical products [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 11,020,323 | 11,583,709 | 21,695,864 |
Trading of petrochemical products [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 39,810 | 1,401 | 10,150 |
Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 842,099 | 750,546 | 801,865 |
Profit/(loss) from operations | (141,510) | 211,015 | 286,801 |
Other Segments [member] | At a point in time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 842,099 | 750,546 | 801,865 |
Other Segments [member] | Over time [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 0 | 0 | 0 |
Total segment revenue [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 118,139,886 | 94,153,621 | 127,342,469 |
Total segment revenue [member] | Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 1,381,443 | 1,480,576 | 2,200,229 |
Total segment revenue [member] | Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 10,176,285 | 9,576,944 | 10,304,812 |
Total segment revenue [member] | Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 26,454,844 | 19,777,574 | 24,698,643 |
Total segment revenue [member] | Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 65,528,687 | 49,711,547 | 66,754,731 |
Total segment revenue [member] | Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 12,972,922 | 12,023,744 | 21,881,214 |
Total segment revenue [member] | Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 1,625,705 | 1,583,236 | 1,502,840 |
Inter - segment revenue [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (28,941,394) | (19,530,046) | (27,072,802) |
Inter - segment revenue [member] | Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (445) | 0 | 0 |
Inter - segment revenue [member] | Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (170,255) | (101,057) | (141,101) |
Inter - segment revenue [member] | Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (15,619,770) | (11,526,322) | (14,187,500) |
Inter - segment revenue [member] | Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (10,454,529) | (6,631,343) | (11,868,026) |
Inter - segment revenue [member] | Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | (1,912,789) | (438,634) | (175,200) |
Inter - segment revenue [member] | Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Segment revenue | ¥ (783,606) | ¥ (832,690) | ¥ (700,975) |
Segment information and reven_4
Segment information and revenue (Segment Result - Profit/(Loss) from Operations) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | ¥ 1,432,232 | ¥ (466,236) | ¥ 1,320,572 |
Finance income – net | 414,569 | 332,274 | 362,963 |
Share of profit of investments accounted for using the equity method | 874,285 | 724,740 | 972,593 |
Profit before taxation | 2,721,086 | 590,778 | 2,656,128 |
Petroleum products [member] | |||
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | 2,967,030 | (2,198,705) | 705,469 |
Intermediate petrochemicals [member] | |||
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | (635,155) | 581,597 | 413,914 |
Resins and plastics [member] | |||
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | 52,215 | 1,262,029 | 401,454 |
Synthetic fibers [member] | |||
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | (854,077) | (364,211) | (540,280) |
Trading of petrochemical products [member] | |||
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | 43,729 | 42,039 | 53,214 |
Others [member] | |||
Segment result - (loss)/profit from operations | |||
Profit/(loss) from operations | ¥ (141,510) | ¥ 211,015 | ¥ 286,801 |
Segment information and reven_5
Segment information and revenue (Other Profit and Loss Disclosures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | ¥ (1,965,708) | ¥ (1,827,139) | ¥ (1,838,788) |
Impairment loss | (617,369) | 33,346 | (427) |
Inventory write-down | (150,883) | (220,888) | (70,178) |
Petroleum products [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (975,492) | (917,637) | (972,688) |
Impairment loss | (94,420) | 0 | 38 |
Inventory write-down | (782) | (138,537) | (167) |
Intermediate petrochemicals [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (523,484) | (465,425) | (497,469) |
Impairment loss | (297,632) | (55,204) | (478) |
Inventory write-down | (136,694) | (15,418) | (9,094) |
Resins and plastics [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (86,183) | (138,204) | (125,464) |
Impairment loss | (61,242) | 0 | 6 |
Inventory write-down | (168) | (26,382) | (12,073) |
Synthetic fibers [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (132,091) | (78,030) | (68,589) |
Impairment loss | (135,683) | 88,550 | 7 |
Inventory write-down | (13,239) | (39,657) | (48,844) |
Trading of petrochemical products [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (39,125) | (19,938) | (211) |
Impairment loss | 0 | 0 | 0 |
Inventory write-down | 0 | (788) | 0 |
Others [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (209,333) | (207,905) | (174,367) |
Impairment loss | (28,392) | 0 | 0 |
Inventory write-down | ¥ 0 | ¥ (106) | ¥ 0 |
Segment information and reven_6
Segment information and revenue (Assets) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | ||||
Investments accounted for using the equity method | ¥ 4,088,888 | ¥ 5,387,834 | ||
Cash and cash equivalents | 5,112,010 | 6,916,408 | ¥ 7,449,699 | ¥ 8,741,893 |
Derivative financial assets | 81,405 | 0 | ||
Assets | 46,920,589 | 44,619,130 | ||
Allocated amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 24,463,262 | 20,952,386 | ||
Allocated amounts [member] | Synthetic fibers [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,919,194 | 986,391 | ||
Allocated amounts [member] | Resins and plastics [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,395,867 | 1,654,920 | ||
Allocated amounts [member] | Intermediate petrochemicals [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 3,781,785 | 3,176,092 | ||
Allocated amounts [member] | Petroleum products [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 13,317,338 | 11,344,760 | ||
Allocated amounts [member] | Trading of petrochemical products [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,348,751 | 1,357,884 | ||
Allocated amounts [member] | Others [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 2,700,327 | 2,432,339 | ||
Unallocated amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Investments accounted for using the equity method | 4,088,888 | 5,387,834 | ||
Cash and cash equivalents | 5,112,010 | 6,916,408 | ||
Time deposits with banks | 12,968,042 | 11,092,283 | ||
Deferred tax assets | 184,143 | 252,121 | ||
Derivative financial assets | 81,405 | 0 | ||
Others | 22,839 | 18,098 | ||
Assets | ¥ 22,457,327 | ¥ 23,666,744 |
Segment information and reven_7
Segment information and revenue (Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | ||
Borrowings | ¥ 1,559,800 | ¥ 1,548,000 |
Short-term bonds | 0 | 3,017,811 |
Derivative financial liabilities | 23,804 | 0 |
Liabilities | 16,543,191 | 15,284,155 |
Allocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Others | 112,876 | 78,928 |
Liabilities | 14,195,666 | 10,682,987 |
Allocated amounts [member] | Petroleum products [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 9,749,806 | 6,669,419 |
Allocated amounts [member] | Intermediate petrochemicals [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 1,257,436 | 1,267,313 |
Allocated amounts [member] | Resins and plastics [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 1,327,587 | 1,233,286 |
Allocated amounts [member] | Synthetic fibers [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 490,211 | 209,621 |
Allocated amounts [member] | Trading of petrochemical products [member] | ||
Disclosure of operating segments [line items] | ||
Liabilities | 1,257,750 | 1,224,420 |
Unallocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Borrowings | 2,259,800 | 1,548,000 |
Short-term bonds | 0 | 3,017,811 |
Deferred tax liabilities | 33,344 | 35,357 |
Derivative financial liabilities | 23,804 | 0 |
Others | 30,577 | 0 |
Liabilities | ¥ 2,347,525 | ¥ 4,601,168 |
Segment information and reven_8
Segment information and revenue (Additions to Property, Plant and Equipment, Construction in Progress, Right-of-Use Assets and Other Non-current Assets) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | ¥ 4,114,458 | ¥ 2,293,889 | ¥ 1,701,302 |
Petroleum products [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | 708,342 | 779,392 | 1,024,626 |
Intermediate petrochemicals [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | 1,306,813 | 278,788 | 204,021 |
Resins and plastics [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | 44,495 | 139,212 | 74,633 |
Synthetic fibers [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | 1,748,868 | 496,125 | 294,515 |
Trading of petrochemical products [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | 71,917 | 378,292 | 89 |
Others [member] | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | |||
Additions to property, plant and equipment, construction in progress, right-of-use assets and other non-current assets | ¥ 234,023 | ¥ 222,080 | ¥ 103,418 |
Segment information and reven_9
Segment information and revenue (Entity-wide information) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue derived from a single customer | ¥ 89,198,492 | ¥ 74,623,575 | ¥ 100,269,667 |
Single customer [member] | |||
Disclosure of operating segments [line items] | |||
Revenue derived from a single customer | ¥ 59,766,489 | ¥ 38,651,385 | ¥ 42,657,975 |
Other Operating Income (Details
Other Operating Income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Other operating income [abstract] | ||||
Government grants | [1] | ¥ 35,944 | ¥ 61,296 | ¥ 69,678 |
Rental income from investment property | 81,923 | 81,608 | 76,381 | |
Others | 7,438 | 5,772 | 4,655 | |
Other operating income | ¥ 125,305 | ¥ 148,676 | ¥ 150,714 | |
[1] | Government grants. Grants related to R&D, other tax refund and subsidies are included in the government grants line item. There are no unfulfilled conditions or other contingencies attaching to these grants. |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other operating expenses [abstract] | |||
Cost related to lease of investment properties | ¥ (13,439) | ¥ (15,625) | ¥ (16,199) |
Others | (31,273) | (9,061) | (5,726) |
Other operating expenses | ¥ (44,712) | ¥ (24,686) | ¥ (21,925) |
Other gains - net (Details)
Other gains - net (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Other gains - net [abstract] | ||||
Net gains /(losses) on disposal of property, plant and equipment and other long-term assets | ¥ 48,671 | ¥ (1,212) | ¥ 158,551 | |
Gains from structured deposits | [1] | 97,921 | 114,283 | 85,444 |
Net gains/(losses) on foreign exchange option contracts | (151) | (376) | (12,315) | |
Net gains on commodity swaps contracts not qualified for hedging accounting | 18,997 | 0 | 0 | |
Losses from disposal of a subsidiary | 0 | 0 | (60,951) | |
Impairment losses for investment in an associate | (28,392) | 0 | 0 | |
Net foreign exchange gains / (losses) | (1,861) | 12,248 | 2,648 | |
Losses on sale of FVOCI | (4,685) | (9,513) | (19,513) | |
Net losses on disposal of inventory | (19) | 0 | 0 | |
Other gains - net | ¥ 130,481 | ¥ 115,430 | ¥ 153,864 | |
[1] | Structured deposits are financial products issued by banks, return of which are linked to the performance of the embedded index, like foreign exchange rate, interest rate and etc.. |
Finance Income and Expenses (De
Finance Income and Expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Income and Expenses [Line Items] | |||
Others | ¥ 12,657 | ¥ 7,821 | ¥ 18,571 |
Finance income | 508,755 | 431,228 | 416,747 |
Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss | (106,827) | (101,732) | (59,378) |
Less: interest expense capitalized into construction in progress | 12,641 | 8,292 | 5,594 |
Net interest expense | (94,186) | (93,440) | (53,784) |
Net foreign exchange loss | 0 | (5,514) | 0 |
Finance expenses | (94,186) | (98,954) | (53,784) |
Finance income – net | 414,569 | 332,274 | 362,963 |
Later than three months [member] | |||
Finance Income and Expenses [Line Items] | |||
Interest income from time deposits | 424,696 | 339,595 | 398,176 |
Not later than three months [member] | |||
Finance Income and Expenses [Line Items] | |||
Interest income from time deposits | ¥ 71,402 | ¥ 83,812 | ¥ 0 |
Expense by Nature (Details)
Expense by Nature (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Cost of raw material | ¥ 54,457,558 | ¥ 42,082,307 | ¥ 57,101,961 |
Cost of trading products | 10,929,127 | 11,467,420 | 21,566,364 |
Employee benefit expenses | 3,456,765 | 3,143,219 | 3,147,372 |
Depreciation and amortization: Property, plant and equipment (note 16) | 1,621,459 | 1,553,039 | 1,507,804 |
Depreciation and amortization: Investment properties (note 17) | 15,325 | 15,184 | 14,694 |
Depreciation and amortization: Other non-current assets (note 14) | 294,617 | 226,263 | 214,292 |
Depreciation and amortization: Right-of-use assets (note 15) | 34,307 | 32,653 | 101,998 |
Repairs and maintenance expenses | 1,587,955 | 1,060,624 | 1,089,829 |
Changes of work in progress and finished goods | (235,402) | 862,652 | 446,779 |
Transportation costs | 238,405 | 274,002 | 297,416 |
Inventory write-down | 150,883 | 220,888 | 70,178 |
External processing fee | 213,691 | 215,467 | 215,288 |
Commission expense | 110,552 | 104,598 | 125,641 |
Impairment loss of property, plant and equipment (note 16) | 587,622 | 87,570 | 486 |
Impairment loss of investments accounted for using equity method (note 20) | 28,392 | 0 | 0 |
Auditors' remuneration - audit services | 6,837 | 7,800 | 7,800 |
Expenses relating to short-term leases | ¥ 6,938 | ¥ 3,731 | ¥ 2,961 |
Employee Benefit Expenses (Deta
Employee Benefit Expenses (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Classes of employee benefits expense [abstract] | |||
Wages and salaries | ¥ 2,142,959 | ¥ 2,009,645 | ¥ 1,931,121 |
Social welfare costs | 861,375 | 714,484 | 782,789 |
Others | 452,431 | 419,090 | 433,462 |
Total employee benefit expense | ¥ 3,456,765 | ¥ 3,143,219 | ¥ 3,147,372 |
Number of individuals with the highest emoluments disclosed | 5 | 5 | 5 |
Maximum percentage of employee gross pay the employee may contribute to a defined contribution plan. | 8.00% | ||
Contributions to defined contribution retirement plans | ¥ 431,818 | ¥ 342,073 | ¥ 383,698 |
Defined contribution retirement plans outstanding contribution | ¥ 0 | ¥ 0 | ¥ 0 |
Income tax (expenses) _ benefit
Income tax (expenses) / benefits Major Components of Income Tax (Expense)/Benefits (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current income tax | ¥ (590,668) | ¥ (37,027) | ¥ (460,720) |
Deferred taxation | (53,812) | 102,647 | 31,757 |
Income tax (expenses)/ benefits | ¥ (644,480) | ¥ 65,620 | ¥ (428,963) |
Income tax (expenses) _ benef_2
Income tax (expenses) / benefits (Reconciliation of Income Tax) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax | ¥ 2,721,086 | ¥ 590,778 | ¥ 2,656,128 |
Expected PRC income tax at the statutory tax rate of 25% | (680,272) | (147,695) | (664,032) |
Tax effect of share of profit of investments accounted for using the equity method | 214,750 | 178,685 | 239,562 |
Tax effect of other non-taxable income | 10,782 | 54,379 | 7,459 |
Tax effect of additional deductions for R&D expenses | 12,168 | 11,863 | 7,500 |
Tax effect of non-deductible loss, expenses and costs | (185,945) | (51,543) | (42,906) |
True up for final settlement of enterprise income taxes in respect of previous years | 0 | 9,188 | 2,618 |
Tax losses for which no deferred income tax asset was recognized | (21,225) | (2,821) | (9,578) |
Utilization of previously unrecognized tax losses | 157 | 13,564 | 30,414 |
Tax effect of additional deduction for purchasing environmental protection equipment | 12,446 | 0 | 0 |
Derecognition of previously recognized tax losses | (7,341) | 0 | 0 |
Income tax (expenses)/ benefits | ¥ (644,480) | ¥ 65,620 | ¥ (428,963) |
PRC income tax rate | 25.00% | 25.00% | 25.00% |
Income tax (expenses) _ benef_3
Income tax (expenses) / benefits (Summary of Current Taxation in the Consolidated Statement) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Income tax payable balance at 1 January | ¥ 19,425 | ¥ 226,269 | |
Provision for current income tax for the year | 590,668 | 37,027 | ¥ 460,720 |
Payment during the year | (351,627) | (243,871) | |
Income tax payable balance at 31 December | ¥ 258,466 | ¥ 19,425 | ¥ 226,269 |
Income tax (expenses) _ benef_4
Income tax (expenses) / benefits (Movements in Deferred Tax Assets and Liabilities) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | ¥ 502,546 | ¥ 337,182 |
Deducted/ (charged) to profit or loss | (5,808) | 165,364 |
Balance at 31 December | 496,738 | 502,546 |
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 | 57,326 | 38,901 |
Deducted/ (charged) to profit or loss | (977) | 18,425 |
Balance at 31 December | 56,349 | 57,326 |
Deferred tax assets [member] | Provision for impairment losses in property, plant and equipment and construction in progress [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 226,435 | 207,632 |
Deducted/ (charged) to profit or loss | 131,776 | 18,803 |
Balance at 31 December | 358,211 | 226,435 |
Deferred tax assets [member] | Tax losses [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 87,799 | 1,986 |
Deducted/ (charged) to profit or loss | (87,799) | 85,813 |
Balance at 31 December | 0 | 87,799 |
Deferred tax assets [member] | Others [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 130,986 | 88,663 |
Deducted/ (charged) to profit or loss | 42,323 | |
Balance at 31 December | 130,986 | |
Deferred tax assets [member] | Accruals and Others [Member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 130,986 | |
Deducted/ (charged) to profit or loss | (48,808) | |
Balance at 31 December | 82,178 | 130,986 |
Deferred tax liabilities [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | (285,782) | (186,350) |
Deducted/ (charged) to profit or loss | (48,004) | (99,432) |
Deducted/ (Charged) to reserves | (12,153) | |
Balance at 31 December | (345,939) | (285,782) |
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 | (4,604) |
Deducted/ (charged) to profit or loss | 4,604 | |
Balance at 31 December | 0 | |
Deferred tax liabilities [member] | Difference in depreciation [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | (283,739) | (178,800) |
Deducted/ (charged) to profit or loss | (46,332) | (104,939) |
Balance at 31 December | (330,071) | (283,739) |
Deferred tax liabilities [member] | Capitalization of borrowing costs [Member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | (2,043) | (2,946) |
Deducted/ (charged) to profit or loss | 575 | 903 |
Balance at 31 December | (1,468) | (2,043) |
Deferred tax liabilities [member] | Derivative financial instruments [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 0 | |
Deducted/ (charged) to profit or loss | (2,247) | |
Deducted/ (Charged) to reserves | (12,153) | |
Balance at 31 December | (14,400) | 0 |
Deferred tax assets - net [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | 252,121 | 150,832 |
Deducted/ (charged) to profit or loss | (55,825) | 101,289 |
Deducted/ (Charged) to reserves | (12,153) | |
Balance at 31 December | 184,143 | 252,121 |
Deferred tax liabilities - net [member] | ||
Movements in deferred tax assets and liabilities [line items] | ||
Balance at 1 January | (35,357) | 0 |
Deducted/ (charged) to profit or loss | 2,013 | (35,357) |
Balance at 31 December | ¥ (33,344) | ¥ (35,357) |
Income tax (expenses) _ benef_5
Income tax (expenses) / benefits (Deferred Tax Assets Not Recognized) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | ¥ 350,574 | ¥ 72,699 |
2022 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 65,331 | 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 | 66,965 | 10,415 |
2024 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 91,901 | 38,312 |
2025 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 41,475 | 11,285 |
2026 [member] | ||
Disclosure of deferred tax assets not recognized [line items] | ||
Deferred tax assets not recognized in respect of unused tax losses carried forward | 84,902 | 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 | ¥ 350,574 | ¥ 72,699 |
Earnings per Share (Details)
Earnings per Share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic earnings per share [abstract] | |||
Net profit attributable to shareholders of the Company | ¥ 2,073,431 | ¥ 645,072 | ¥ 2,215,728 |
Weighted average number of ordinary shares in issue (thousands of shares) | 10,823,814 | 10,823,814 | 10,823,814 |
Basic earnings per share (RMB per share) | ¥ 0.192 | ¥ 0.060 | ¥ 0.205 |
Other Non-current Assets (Detai
Other Non-current Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | ¥ 787,807 | ¥ 424,959 | |
Intangible assets [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 11,844 | 14,769 | ¥ 17,635 |
Intangible assets [member] | Cost [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 85,908 | 85,908 | 85,855 |
Intangible assets [member] | Accumulated amortization [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | (74,064) | (71,139) | (68,220) |
Long-term prepaid expense [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 775,963 | 410,190 | 463,779 |
Long-term prepaid expense [member] | Cost [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 775,963 | 410,190 | 463,779 |
Long-term prepaid expense [member] | Accumulated amortization [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 0 | 0 | 0 |
Total [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 787,807 | 424,959 | 481,414 |
Total [member] | Cost [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | 861,871 | 496,098 | 549,634 |
Total [member] | Accumulated amortization [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Other non-current assets | ¥ (74,064) | ¥ (71,139) | ¥ (68,220) |
Other Non-current Assets (Movem
Other Non-current Assets (Movement in Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information about other non-current assets [line items] | ||
Opening net book amount | ¥ 424,959 | |
Closing net book amount | 787,807 | ¥ 424,959 |
Intangible assets [member] | ||
Disclosure of information about other non-current assets [line items] | ||
Opening net book amount | 14,769 | 17,635 |
Additions | 0 | 53 |
Charge for the year | (2,925) | (2,919) |
Closing net book amount | 11,844 | 14,769 |
Long-term prepaid expense [member] | ||
Disclosure of information about other non-current assets [line items] | ||
Opening net book amount | 410,190 | 463,779 |
Additions | 657,465 | 169,755 |
Charge for the year | (291,692) | (223,344) |
Closing net book amount | 775,963 | 410,190 |
Total [member] | ||
Disclosure of information about other non-current assets [line items] | ||
Opening net book amount | 424,959 | 481,414 |
Additions | 657,465 | 169,808 |
Charge for the year | (294,617) | (226,263) |
Closing net book amount | ¥ 787,807 | ¥ 424,959 |
Other Non-current Assets (Narra
Other Non-current Assets (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other non-current assets [member] | |||
Disclosure of information about other non-current assets [line items] | |||
Amortization charged in cost of sales | ¥ 294,617 | ¥ 226,263 | ¥ 214,292 |
Leases - (Statement of Financia
Leases - (Statement of Financial Position Relating to Leases) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use assets | |||
Right-of-use assets | ¥ 385,643 | ¥ 410,801 | |
Lease liabilities | |||
Current | 3,229 | 9,352 | |
Non-current | 1,384 | 3,119 | |
Lease liabilities | 4,613 | 12,471 | |
Additions to right-of-use assets | 9,534 | 109,238 | ¥ 33,980 |
Right-of-use assets generated by the acquisition of a subsidiary | 102,283 | ||
Land use rights [member] | |||
Right-of-use assets | |||
Right-of-use assets | 380,764 | 397,808 | |
Buildings [member] | |||
Right-of-use assets | |||
Right-of-use assets | 3,288 | 11,221 | |
Equipment [member] | |||
Right-of-use assets | |||
Right-of-use assets | 625 | 879 | |
Others [member] | |||
Right-of-use assets | |||
Right-of-use assets | ¥ 966 | ¥ 893 |
Lease - (Maturity Analysis for
Lease - (Maturity Analysis for Lease Liabilities) (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Gross lease liabilities | ¥ 4,613 |
Within 1 year [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Gross lease liabilities | 3,229 |
After 1 year but within 2 years [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Gross lease liabilities | 672 |
After 2 years but within 5 years [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Gross lease liabilities | ¥ 712 |
Leases - (Statement of Profit L
Leases - (Statement of Profit Loss Amount Relating to Leases) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | ¥ (34,307) | ¥ (32,653) | ¥ (101,998) |
Interest expense (included in Finance expenses) | (537) | (887) | (2,570) |
Expense relating to short-term leases (included in Cost of sales) | (6,938) | (3,731) | (2,961) |
Total cash outflow for leases | 24,482 | 20,204 | 94,441 |
Land use rights [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | (17,044) | (15,965) | (14,814) |
Buildings [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | (15,677) | (15,481) | (12,541) |
Equipment [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | (399) | (449) | (74,025) |
Others [member] | |||
Income statement amount relating to leases [line items] | |||
Depreciation of right-of-use assets | ¥ (1,187) | ¥ (758) | ¥ (618) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Movement in Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | ¥ 11,713,022 | ||
Charge for the year | (1,621,459) | ¥ (1,553,039) | ¥ (1,507,804) |
Closing net book amount | 11,310,032 | 11,713,022 | |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 48,181,760 | 46,663,218 | |
Additions | 176,764 | 294,240 | |
Transferred from construction in progress | 1,699,974 | 1,550,313 | |
Reclassification | 0 | 0 | |
Disposals | (805,133) | (576,897) | |
Transferred from investment properties | 1,164 | (24,829) | |
Transferred to construction in progres | (18,755) | ||
Transferred to investment properties | (90) | ||
Acquisition of subsidiary | 275,715 | ||
Closing net book amount | 49,235,684 | 48,181,760 | 46,663,218 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (35,555,330) | (34,536,583) | |
Reclassification | 0 | 0 | |
Transferred from investment properties | (1,088) | ||
Transferred to construction in progres | 6,423 | ||
Transferred to investment properties | 87 | 9,527 | |
Charge for the year | (1,621,459) | (1,553,039) | |
Written back on disposals | 686,226 | 524,765 | |
Closing net book amount | (36,485,141) | (35,555,330) | (34,536,583) |
Impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (913,408) | (825,838) | |
Reclassification | 0 | ||
Charge for the year | (587,622) | (87,570) | |
Written back on disposals | 60,519 | ||
Closing net book amount | (1,440,511) | (913,408) | (825,838) |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 1,030,854 | ||
Closing net book amount | 1,097,225 | 1,030,854 | |
Buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 3,481,210 | 3,336,375 | |
Additions | 0 | 707 | |
Transferred from construction in progress | 130,947 | 24,199 | |
Reclassification | 267,662 | 52,599 | |
Disposals | (4,717) | (32,690) | |
Transferred from investment properties | 1,164 | (24,829) | |
Transferred to construction in progres | (2,091) | ||
Transferred to investment properties | (83) | ||
Acquisition of subsidiary | 124,849 | ||
Closing net book amount | 3,874,092 | 3,481,210 | 3,336,375 |
Buildings [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (2,396,564) | (2,310,970) | |
Reclassification | (214,041) | (29,721) | |
Transferred from investment properties | (1,088) | ||
Transferred to construction in progres | 46 | ||
Transferred to investment properties | 80 | 9,527 | |
Charge for the year | (88,234) | (91,070) | |
Written back on disposals | 3,652 | 25,670 | |
Closing net book amount | (2,696,149) | (2,396,564) | (2,310,970) |
Buildings [member] | Impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (53,792) | (50,785) | |
Reclassification | (26,133) | ||
Charge for the year | (793) | (3,007) | |
Written back on disposals | 0 | ||
Closing net book amount | (80,718) | (53,792) | (50,785) |
Plant and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 10,190,451 | ||
Closing net book amount | 9,737,638 | 10,190,451 | |
Plant and machinery [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 42,742,330 | 41,455,159 | |
Additions | 161,118 | 228,153 | |
Transferred from construction in progress | 1,476,065 | 1,440,695 | |
Reclassification | (275,880) | (55,206) | |
Disposals | (737,634) | (472,643) | |
Transferred from investment properties | 0 | 0 | |
Transferred to construction in progres | (1,260) | ||
Transferred to investment properties | (7) | ||
Acquisition of subsidiary | 146,172 | ||
Closing net book amount | 43,364,732 | 42,742,330 | 41,455,159 |
Plant and machinery [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (31,700,912) | (30,793,083) | |
Reclassification | 216,706 | 29,635 | |
Transferred from investment properties | 0 | ||
Transferred to construction in progres | 735 | ||
Transferred to investment properties | 7 | 0 | |
Charge for the year | (1,419,669) | (1,367,861) | |
Written back on disposals | 626,865 | 430,397 | |
Closing net book amount | (32,276,268) | (31,700,912) | (30,793,083) |
Plant and machinery [member] | Impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (850,967) | (766,932) | |
Reclassification | 26,270 | ||
Charge for the year | (586,147) | (84,035) | |
Written back on disposals | 60,018 | ||
Closing net book amount | (1,350,826) | (850,967) | (766,932) |
Vehicles and other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 491,717 | ||
Closing net book amount | 475,169 | 491,717 | |
Vehicles and other equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | 1,958,220 | 1,871,684 | |
Additions | 15,646 | 65,380 | |
Transferred from construction in progress | 92,962 | 85,419 | |
Reclassification | 8,218 | 2,607 | |
Disposals | (62,782) | (71,564) | |
Transferred from investment properties | 0 | 0 | |
Transferred to construction in progres | (15,404) | ||
Transferred to investment properties | 0 | ||
Acquisition of subsidiary | 4,694 | ||
Closing net book amount | 1,996,860 | 1,958,220 | 1,871,684 |
Vehicles and other equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (1,457,854) | (1,432,530) | |
Reclassification | (2,665) | 86 | |
Transferred from investment properties | 0 | ||
Transferred to construction in progres | 5,642 | ||
Transferred to investment properties | 0 | 0 | |
Charge for the year | (113,556) | (94,108) | |
Written back on disposals | 55,709 | 68,698 | |
Closing net book amount | (1,512,724) | (1,457,854) | (1,432,530) |
Vehicles and other equipment [member] | Impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening net book amount | (8,649) | (8,121) | |
Reclassification | (137) | ||
Charge for the year | (682) | (528) | |
Written back on disposals | 501 | ||
Closing net book amount | ¥ (8,967) | ¥ (8,649) | ¥ (8,121) |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | ¥ 587,622 | ¥ 87,570 | ¥ 486 |
Written off of impairment loss due to disposal of property, plant and equipment | ¥ 51,484 | ||
Idle or obsolete production technology facilities [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | 327,772 | ||
Certain production facilities [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Recoverable amount of asset | ¥ 519,877 | ||
Pre tax discount rate | 10.00% | ||
Impairment loss | ¥ 259,850 |
Investment Properties (Movement
Investment Properties (Movement in Net Book Amount) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | |||
Opening net book amount | ¥ 367,586 | ||
Charge for the year | (15,325) | ¥ (15,184) | ¥ (14,694) |
Closing net book amount | 352,188 | 367,586 | |
Cost [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Opening net book amount | 627,488 | 602,659 | |
Transferred from property plant and equipment | 90 | 24,829 | |
Transferred to property plant and equipment | (1,164) | ||
Closing net book amount | 626,414 | 627,488 | 602,659 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Opening net book amount | (259,902) | (235,191) | |
Transferred from property plant and equipment | (87) | (9,527) | |
Transferred to property plant and equipment | 1,088 | ||
Charge for the year | (15,325) | (15,184) | |
Closing net book amount | ¥ (274,226) | ¥ (259,902) | ¥ (235,191) |
Investment Properties (Narrativ
Investment Properties (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about investment properties [line items] | |||
Estimated fair value of the investment properties | ¥ 352,188 | ¥ 367,586 | |
Rental income | ¥ 81,923 | 81,608 | ¥ 76,381 |
Bottom of range [member] | |||
Disclosure of detailed information about investment properties [line items] | |||
Leased investment properties, Lease term | 1 year | ||
Top of range [member] | |||
Disclosure of detailed information about investment properties [line items] | |||
Leased investment properties, Lease term | 3 years | ||
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 | ¥ 1,217,987 | ¥ 1,202,626 |
Investment Properties (Minimum
Investment Properties (Minimum Lease Payments Receivable on Leases of Investment Properties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | ¥ 88,557 | ¥ 56,368 |
Within 1 year [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 49,420 | 51,396 |
Between one and two years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | 39,137 | 4,343 |
Above 2 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | ¥ 0 | ¥ 629 |
Construction in Progress (Detai
Construction in Progress (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Construction in progress [line items] | |||
As at 1 January | ¥ 1,710,124,000 | ||
As at 31 December | 3,293,177,000 | ¥ 1,710,124,000 | |
Construction in progress [member] | |||
Construction in progress [line items] | |||
As at 1 January | 1,710,124,000 | 1,815,549,000 | |
Additions | 3,270,695,000 | 1,444,888,000 | |
Transferred to property plant and equipment | (1,699,974,000) | (1,550,313,000) | |
Transferred from property plant and equipment | 12,332,000 | 0 | |
As at 31 December | 3,293,177,000 | 1,710,124,000 | ¥ 1,815,549,000 |
Impairment loss in construction in progress | 24,486,000 | 24,486,000 | 34,661,000 |
Impairment write-off due to the disposal of construction in progress | 0 | 10,175,000 | 0 |
Capitalized borrowing costs | ¥ 12,641,000 | ¥ 8,292,000 | ¥ 5,594,000 |
Weighted average rate of capitalized borrowing costs | 2.85% | 2.79% | 3.35% |
Subsidiaries (Major Subsidiarie
Subsidiaries (Major Subsidiaries of the Group) (Details) ¥ in Thousands, $ in Thousands | Aug. 23, 2019CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Disclosure of subsidiaries [line items] | |||||
Total comprehensive loss/income attributable to non-controlling interests | ¥ 3,175 | ¥ 11,326 | ¥ 11,437 | ||
Losses on disposal of subsidiaries | ¥ 0 | ¥ 0 | ¥ 60,951 | ||
Shanghai Petrochemical Investment Development Company Limited ("Toufa") [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Name of company | Shanghai Petrochemical Investment Development Company Limited (“Toufa”) | Shanghai Petrochemical Investment Development Company Limited (“Toufa”) | |||
Place of incorporation and business | Mainland China | Mainland China | |||
Particulars of paid-up capital | ¥ 1,000,000 | ||||
Proportion of ownership interest Group's effective interest | 100.00% | 100.00% | |||
Proportion of ownership interest Held by the Company | 100.00% | 100.00% | |||
Principal activity | Investment management | Investment management | |||
China Jinshan Associated Trading Corporation ("Jinmao") [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Name of company | China Jinshan Associated Trading Corporation (“Jinmao”) | China Jinshan Associated Trading Corporation (“Jinmao”) | |||
Place of incorporation and business | Mainland China | Mainland China | |||
Particulars of paid-up capital | ¥ 25,000 | ||||
Proportion of ownership interest Group's effective interest | 67.33% | 67.33% | |||
Proportion of ownership interest Held by the Company | 67.33% | 67.33% | |||
Principal activity | Import and export of petrochemical products and equipment | Import and export of petrochemical products and equipment | |||
Shanghai Jinchang Engineering Plastics Company Limited ("Jinchang") [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Name of company | Shanghai Jinchang Engineering Plastics Company Limited (“Jinchang”) | Shanghai Jinchang Engineering Plastics Company Limited (“Jinchang”) | |||
Place of incorporation and business | Mainland China | Mainland China | |||
Particulars of paid-up capital | $ | $ 9,154 | ||||
Proportion of ownership interest Group's effective interest | 74.25% | 74.25% | |||
Proportion of ownership interest Held by a subsidiary | 74.25% | 74.25% | |||
Principal activity | Production of polypropylene compound products | Production of polypropylene compound products | |||
Shanghai Golden Phillips Petrochemical Company Limited ("Jinfei") [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Name of company | Shanghai Golden Phillips Petrochemical Company Limited (“Jinfei”) | Shanghai Golden Phillips Petrochemical Company Limited (“Jinfei”) | |||
Place of incorporation and business | Mainland China | Mainland China | |||
Particulars of paid-up capital | ¥ 415,623 | ||||
Proportion of ownership interest Group's effective interest | 100.00% | 100.00% | |||
Proportion of ownership interest Held by a subsidiary | 100.00% | 100.00% | |||
Principal activity | Production of polyethylene products | Production of polyethylene products | |||
Shanghai Jinshan Trading Corporation ("JMGJ") [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Name of company | Shanghai Jinshan Trading Corporation (“JMGJ”) | Shanghai Jinshan Trading Corporation (“JMGJ”) | |||
Place of incorporation and business | Mainland China | Mainland China | |||
Particulars of paid-up capital | ¥ 100,000 | ||||
Proportion of ownership interest Group's effective interest | 67.33% | 67.33% | |||
Proportion of ownership interest Held by a subsidiary | 67.33% | 67.33% | |||
Principal activity | Import and export of petrochemical products | Import and export of petrochemical products | |||
Zhejiang Jinlian Petrochemical Storage and Transportation Co., Ltd. ("Jinlian") [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Name of company | Zhejiang Jinlian Petrochemical Storage and Transportation Co., Ltd. (“Jinlian”) | Zhejiang Jinlian Petrochemical Storage and Transportation Co., Ltd. (“Jinlian”) | |||
Place of incorporation and business | Mainland China | Mainland China | |||
Particulars of paid-up capital | ¥ 400,000 | ||||
Proportion of ownership interest Group's effective interest | 100.00% | 100.00% | |||
Proportion of ownership interest Held by a subsidiary | 100.00% | 100.00% | |||
Principal activity | Trading of petrochemical products | Trading of petrochemical products | |||
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% | ||||
Losses on disposal of subsidiaries | ¥ 60,951 |
Subsidiaries (Acquisition of Ji
Subsidiaries (Acquisition of Jinlian) (Details) - Zhejiang Jinlian Petrochemical Storage and Transportation Co., Ltd. ("Jinlian") [member] - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | ||
Percentage of equity held by the subsidiary | 100.00% | |
Shanghai Petrochemical Investment Development Company Limited ("Toufa") [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of equity held by the subsidiary | 100.00% | |
Purchase consideration | ¥ 340,369 |
Investments Accounted for Usi_3
Investments Accounted for Using the Equity Method (Investments Recognized in Balance Sheet) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of significant investments in associates and joint ventures [line items] | ||
Share of net assets | ¥ 4,088,888 | ¥ 5,387,834 |
Joint ventures [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Share of net assets | 276,043 | 241,674 |
Associates [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Share of net assets | ¥ 3,812,845 | ¥ 5,146,160 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share of profit (loss) of associates and joint ventures accounted for using equity method [abstract] | |||
Associates | ¥ 825,132 | ¥ 678,077 | ¥ 927,814 |
Joint ventures | 49,153 | 46,663 | 44,779 |
Total | ¥ 874,285 | ¥ 724,740 | ¥ 972,593 |
Investments Accounted for Usi_5
Investments Accounted for Using the Equity Method (Investment in Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | |||
Share of profit | ¥ 825,132 | ¥ 678,077 | ¥ 927,814 |
Associates [member] | |||
Disclosure of associates [line items] | |||
As at 1 January | 5,146,160 | 4,973,464 | |
Additions | 26,000 | 27,603 | |
Decrease caused by associate's capital reduction | (1,460,258) | 0 | |
Share of profit | 825,132 | 678,077 | |
Other comprehensive income/(loss) | 16,639 | (11,512) | |
Cash dividends distribution | (712,436) | (521,472) | |
Impairment | (28,392) | 0 | |
As at 31 December | ¥ 3,812,845 | ¥ 5,146,160 | ¥ 4,973,464 |
Investments Accounted for Usi_6
Investments Accounted for Using the Equity Method (Principal Activities of Material Associates) (Details) - CNY (¥) | Jul. 09, 2021 | Aug. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") [member] | |||||
Disclosure of associates [line items] | |||||
Name of entity | Shanghai Secco Petrochemical Company Limited (“Shanghai Secco”) | ||||
Place of business/country of incorporation | Mainland China | ||||
Percentage of ownership interest | 20.00% | 20.00% | |||
Principal activities | Manufacturing and distribution of chemical products | ||||
Investments in associates | ¥ 1,270,351,000 | ¥ 2,731,547,000 | |||
Paid Up Capital | ¥ 500,000,000 | ||||
Proportion Of Ownership Interests Held By A Subsidiary | 0.00% | ||||
Legal form of entity | Incorporated | ||||
Reduction of issued capital | ¥ 7,300,811,000 | ||||
Decrease caused by associates capital reduction investment in associates | ¥ 1,460,258,000 | ||||
Impairment loss on investment in associates | ¥ 0 | ||||
Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") [member] | The Company [Member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 20.00% | ||||
Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") [member] | SinopecCorp [Member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 30.00% | ||||
Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") [member] | Gaoqiao Company [Member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 50.00% | ||||
Shanghai Secco Petrochemical Company Limited ("Shanghai Secco") [member] | The Company [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 20.00% | ||||
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”) | ||||
Place of business/country of incorporation | Mainland China | ||||
Percentage of ownership interest | 38.26% | 38.26% | |||
Principal activities | Planning, development and operation of the Chemical Industry Park in Shanghai, PRC | ||||
Investments in associates | ¥ 2,023,586,000 | ¥ 1,907,791,000 | |||
Paid Up Capital | ¥ 2,372,439,000 | ||||
Proportion Of Ownership Interests Held By A Subsidiary | 0.00% | ||||
Legal form of entity | Incorporated | ||||
Impairment loss on investment in associates | ¥ 0 | ||||
Shanghai Chemical Industry Park Development Company Limited ("Chemical Industry") [member] | The Company [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 38.26% | ||||
Shanghai Jinsen Hydrocarbon Resins Company Limited ("Jinsen") [member] | |||||
Disclosure of associates [line items] | |||||
Name of entity | Shanghai Jinsen Hydrocarbon Resins Company Limited (“Jinsen”) | ||||
Place of business/country of incorporation | Mainland China | ||||
Percentage of ownership interest | 40.00% | 40.00% | |||
Principal activities | Production of resins products | ||||
Investments in associates | ¥ 16,189,000 | ¥ 51,244,000 | |||
Paid Up Capital | ¥ 193,695,000 | ||||
Proportion Of Ownership Interests Held By A Subsidiary | 40.00% | ||||
Legal form of entity | Incorporated | ||||
Impairment loss on investment in associates | ¥ 28,392,000 | ¥ 0 | |||
Shanghai Jinsen Hydrocarbon Resins Company Limited ("Jinsen") [member] | The Company [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 0.00% | ||||
Shanghai Azbil Automation Company Limited ("Azbil") [member] | |||||
Disclosure of associates [line items] | |||||
Name of entity | Shanghai Azbil Automation Company Limited (“Azbil”) | ||||
Place of business/country of incorporation | Mainland China | ||||
Percentage of ownership interest | 40.00% | 40.00% | |||
Principal activities | Service and maintenance of building automation systems and products | ||||
Investments in associates | ¥ 68,567,000 | ¥ 63,083,000 | |||
Paid Up Capital | ¥ 24,440,000 | ||||
Proportion Of Ownership Interests Held By A Subsidiary | 40.00% | ||||
Legal form of entity | Incorporated | ||||
Impairment loss on investment in associates | ¥ 0 | ||||
Shanghai Azbil Automation Company Limited ("Azbil") [member] | The Company [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 0.00% | ||||
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | |||||
Disclosure of associates [line items] | |||||
Name of entity | Shanghai Shidian Energy Company Limited (“Shidian Energy”) | ||||
Place of business/country of incorporation | Mainland China | ||||
Percentage of ownership interest | 40.00% | 40.00% | |||
Principal activities | Electric power supply | ||||
Investments in associates | ¥ 334,073,000 | ¥ 317,401,000 | |||
Paid Up Capital | ¥ 800,000,000 | ||||
Proportion Of Ownership Interests Held By A Subsidiary | 40.00% | ||||
Legal form of entity | Incorporated | ||||
Impairment loss on investment in associates | ¥ 0 | ||||
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | The Company [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 0.00% | ||||
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | Toufa [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 40.00% | ||||
Percentage of ownership interest acquired | 40.00% | ||||
Investments in associates | ¥ 320,000,000 | ||||
Shanghai Shidian Energy Company Limited ("Shidian Energy") [member] | Toufa [member] | Property, plant and equipment [member] | |||||
Disclosure of associates [line items] | |||||
Investments in associates | ¥ 71,816,000 | ||||
Pinghu China Aviation Oil Port Co., Ltd. ("Pinghu Port") [member] | Toufa [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 29.00% | ||||
Investments in associates | ¥ 27,603,000 | ||||
CRRC Materials Qin Dao Company Limited [Member] | Toufa [member] | |||||
Disclosure of associates [line items] | |||||
Percentage of ownership interest | 13.00% | ||||
Investments in associates | ¥ 26,000,000 |
Investments Accounted for Usi_7
Investments Accounted for Using the Equity Method (Summarized Balance Sheet for Material Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Current | |||
Current assets | ¥ 20,932,276 | ¥ 17,304,843 | |
Current liabilities | (15,795,743) | (15,232,246) | |
Non-current | |||
Non-current assets | 25,988,313 | 27,314,287 | |
Non-current liabilities | (747,448) | (51,909) | |
Shanghai Secco [member] | |||
Current | |||
Current assets | 6,066,119 | 10,430,726 | |
Current liabilities | (5,433,872) | (2,783,216) | |
Non-current | |||
Non-current assets | 5,735,360 | 6,099,126 | |
Non-current liabilities | (66) | (32,482) | |
Net assets | ¥ 6,367,541 | ¥ 13,714,154 | |
Proportion of ownership interest in associate | 20.00% | 20.00% | |
Interest in associates and joint ventures | ¥ 1,273,508 | ¥ 2,742,832 | |
Adjustments for unrealized upstream and downstream transaction | (3,157) | (11,285) | |
Adjustments for earnings not shared by other shareholders | [1] | 0 | 0 |
Investments in associates accounted for using equity method | 1,270,351 | 2,731,547 | |
Impairment Loss On Investment In Associates | 0 | ||
Chemical Industry [member] | |||
Current | |||
Current assets | 4,133,397 | 4,618,722 | |
Current liabilities | (1,789,223) | (1,761,431) | |
Non-current | |||
Non-current assets | 4,431,463 | 3,523,528 | |
Non-current liabilities | (619,306) | (528,237) | |
Net assets | ¥ 6,156,331 | ¥ 5,852,582 | |
Proportion of ownership interest in associate | 38.26% | 38.26% | |
Interest in associates and joint ventures | ¥ 2,355,412 | ¥ 2,239,198 | |
Adjustments for unrealized upstream and downstream transaction | 0 | 0 | |
Adjustments for earnings not shared by other shareholders | [1] | (331,826) | (331,407) |
Investments in associates accounted for using equity method | 2,023,586 | 1,907,791 | |
Impairment Loss On Investment In Associates | 0 | ||
Jinsen [member] | |||
Current | |||
Current assets | 63,192 | 74,170 | |
Current liabilities | (10,476) | (10,481) | |
Non-current | |||
Non-current assets | 58,737 | 64,421 | |
Non-current liabilities | 0 | 0 | |
Net assets | ¥ 111,453 | ¥ 128,110 | |
Proportion of ownership interest in associate | 40.00% | 40.00% | |
Interest in associates and joint ventures | ¥ 44,581 | ¥ 51,244 | |
Adjustments for unrealized upstream and downstream transaction | 0 | 0 | |
Adjustments for earnings not shared by other shareholders | [1] | 0 | 0 |
Investments in associates accounted for using equity method | 16,189 | 51,244 | |
Impairment Loss On Investment In Associates | (28,392) | 0 | |
Azbil [member] | |||
Current | |||
Current assets | 274,697 | 227,172 | |
Current liabilities | (111,472) | (73,450) | |
Non-current | |||
Non-current assets | 15,698 | 3,984 | |
Non-current liabilities | (7,506) | 0 | |
Net assets | ¥ 171,417 | ¥ 157,706 | |
Proportion of ownership interest in associate | 40.00% | 40.00% | |
Interest in associates and joint ventures | ¥ 68,567 | ¥ 63,083 | |
Adjustments for unrealized upstream and downstream transaction | 0 | 0 | |
Adjustments for earnings not shared by other shareholders | [1] | 0 | 0 |
Investments in associates accounted for using equity method | 68,567 | 63,083 | |
Impairment Loss On Investment In Associates | 0 | ||
Shidian Energy [member] | |||
Current | |||
Current assets | 804,470 | 790,069 | |
Current liabilities | (34,565) | (20,650) | |
Non-current | |||
Non-current assets | 121,051 | 72,441 | |
Non-current liabilities | (15,827) | 0 | |
Net assets | ¥ 875,129 | ¥ 841,860 | |
Proportion of ownership interest in associate | 40.00% | 40.00% | |
Interest in associates and joint ventures | ¥ 350,052 | ¥ 336,744 | |
Adjustments for unrealized upstream and downstream transaction | (15,979) | (19,343) | |
Adjustments for earnings not shared by other shareholders | [1] | 0 | 0 |
Investments in associates accounted for using equity method | 334,073 | ¥ 317,401 | |
Impairment Loss On Investment In Associates | ¥ 0 | ||
[1] | Unentitled portion represented the earnings from sales of the lands injected by Government in Chemical Industry that cannot be shared by other shareholders. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | |||
Revenue | ¥ 89,198,492 | ¥ 74,623,575 | ¥ 100,269,667 |
Other comprehensive income | 141,798 | (11,512) | 7,449 |
Total comprehensive income for the year | 2,218,404 | 644,886 | 2,234,614 |
Shanghai Secco [member] | |||
Disclosure of associates [line items] | |||
Revenue | 29,723,223 | 21,626,059 | 28,341,032 |
Post-tax profit/(loss) from continuing operations | 3,125,904 | 2,412,802 | 3,383,582 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income for the year | 3,125,904 | 2,412,802 | 3,383,582 |
Dividend received from the associate | 634,341 | 473,600 | 507,400 |
Chemical Industry [member] | |||
Disclosure of associates [line items] | |||
Revenue | 1,709,110 | 1,683,096 | 1,936,537 |
Post-tax profit/(loss) from continuing operations | 396,761 | 404,117 | 609,540 |
Other comprehensive income | 43,488 | (30,089) | 19,470 |
Total comprehensive income for the year | 440,249 | 374,028 | 629,010 |
Dividend received from the associate | 52,225 | 32,522 | 30,225 |
Jinsen [member] | |||
Disclosure of associates [line items] | |||
Revenue | 165,499 | 187,580 | 197,199 |
Post-tax profit/(loss) from continuing operations | (16,657) | (8,232) | (16,996) |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income for the year | (16,657) | (8,232) | (16,996) |
Dividend received from the associate | 0 | 0 | 0 |
Azbil [member] | |||
Disclosure of associates [line items] | |||
Revenue | 427,378 | 340,905 | 297,694 |
Post-tax profit/(loss) from continuing operations | 61,711 | 48,264 | 38,448 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income for the year | 61,711 | 48,264 | 38,448 |
Dividend received from the associate | 19,200 | 9,200 | 12,000 |
Shidian Energy [member] | |||
Disclosure of associates [line items] | |||
Revenue | 489,490 | 472,640 | 112,143 |
Post-tax profit/(loss) from continuing operations | 33,269 | 36,696 | 5,166 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income for the year | 33,269 | 36,696 | 5,166 |
Dividend received from the associate | ¥ 0 | ¥ 0 | ¥ 0 |
Investments Accounted for Usi_9
Investments Accounted for Using the Equity Method (Summarized Financial Information for Other Associates) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Aggregate amounts of the group's share of: | |||
Profit for the year | ¥ 2,076,606 | ¥ 656,398 | ¥ 2,227,165 |
Total comprehensive income | 2,218,404 | 644,886 | ¥ 2,234,614 |
Other associates [member] | |||
Disclosure of associates [line items] | |||
Aggregate carrying value of investments at 31 December | 100,079 | 75,094 | |
Aggregate amounts of the group's share of: | |||
Profit for the year | 5,655 | 8,619 | |
Total comprehensive income | 5,655 | 8,619 | |
Dividend received from the associate | ¥ 6,670 | ¥ 0 |
Investments Accounted for Us_10
Investments Accounted for Using the Equity Method (Investment in Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of joint ventures [line items] | |||
Share of profit | ¥ 49,153 | ¥ 46,663 | ¥ 44,779 |
Joint ventures [member] | |||
Disclosure of joint ventures [line items] | |||
As at 1 January | 241,674 | 235,294 | |
Addition (note i) | 50,000 | 0 | |
Share of profit | 49,153 | 46,663 | |
Cash dividends distribution | (64,784) | (40,283) | |
As at 31 December | ¥ 276,043 | ¥ 241,674 | ¥ 235,294 |
Investments Accounted for Us_11
Investments Accounted for Using the Equity Method (Principal Activities in Joint Ventures) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2021CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disclosure of joint ventures [line items] | |||||
Cash payments to acquire interests in joint ventures | ¥ 50,000 | ¥ 0 | ¥ 0 | ||
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 | Mainland China | Mainland China | |||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | ||
Principal activities | Production and sales of industrial gases | Production and sales of industrial gases | |||
Legal form of entity | Incorporated | Incorporated | |||
Paid up capital | ¥ 10,000 | ||||
Held by the Company | 50.00% | 50.00% | |||
Shanghai Petrochemical Pressure Vessel Testing Center ("JYJC") [member] | The Company [member] | |||||
Disclosure of joint ventures [line items] | |||||
Percentage of ownership interest | 0.00% | 0.00% | |||
Shanghai Petrochemical Yangu Gas Development Company Limited ("Yangu Gas") [member] | |||||
Disclosure of joint ventures [line items] | |||||
Name of entity | Shanghai Petrochemical Yangu GasDevelopment Company Limited (“YanguGas”) | Shanghai Petrochemical Yangu GasDevelopment Company Limited (“YanguGas”) | |||
Place of business/country of incorporation | Mainland China | Mainland China | |||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | ||
Principal activities | Providing inspection and testing service | Providing inspection and testing service | |||
Legal form of entity | Incorporated | Incorporated | |||
Paid up capital | $ | $ 10,560 | ||||
Held by the Company | 50.00% | 50.00% | |||
Shanghai Petrochemical Yangu Gas Development Company Limited ("Yangu Gas") [member] | The Company [member] | |||||
Disclosure of joint ventures [line items] | |||||
Percentage of ownership interest | 0.00% | 0.00% | |||
Linde SPC Gases Company Limited Formerly Known AsBOCSPC Gases Company Limited [Member] | |||||
Disclosure of joint ventures [line items] | |||||
Name of entity | Linde-SPC Gases Company Limited (“Linde”), formerly known as “BOC-SPCGases Company Limited”) | Linde-SPC Gases Company Limited (“Linde”), formerly known as “BOC-SPCGases Company Limited”) | |||
Place of business/country of incorporation | Mainland China | Mainland China | |||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | ||
Principal activities | Production and sales of industrial gases | Production and sales of industrial gases | |||
Legal form of entity | Incorporated | Incorporated | |||
Paid up capital | $ | $ 32,000 | ||||
Held by the Company | 50.00% | 50.00% | |||
Linde SPC Gases Company Limited Formerly Known AsBOCSPC Gases Company Limited [Member] | The Company [member] | |||||
Disclosure of joint ventures [line items] | |||||
Percentage of ownership interest | 0.00% | 0.00% | |||
Shanghai Jinshan Baling New Materials Co Ltd [Member] | |||||
Disclosure of joint ventures [line items] | |||||
Name of entity | Shanghai Jinshan Baling New Materials Co., Ltd. (“Baling Materials”) (Note i) | Shanghai Jinshan Baling New Materials Co., Ltd. (“Baling Materials”) (Note i) | |||
Place of business/country of incorporation | Mainland China | Mainland China | |||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | ||
Principal activities | Production and sales of new styrene thermoplastic elastomer materials | Production and sales of new styrene thermoplastic elastomer materials | |||
Legal form of entity | Incorporated | Incorporated | |||
Paid up capital | ¥ 100,000 | ||||
Held by the Company | 50.00% | 50.00% | |||
Cash payments to acquire interests in joint ventures | ¥ 400,000 | ||||
Shanghai Jinshan Baling New Materials Co Ltd [Member] | The Company [member] | |||||
Disclosure of joint ventures [line items] | |||||
Percentage of ownership interest | 0.00% | 0.00% |
Investments Accounted for Us_12
Investments Accounted for Using the Equity Method (Summarized Balance Sheet for Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||||
Cash and cash equivalents | ¥ 5,112,010 | ¥ 6,916,408 | ¥ 7,449,699 | ¥ 8,741,893 | |
Total current assets | 20,932,276 | 17,304,843 | |||
Total current liabilities | (15,795,743) | (15,232,246) | |||
Non-current | |||||
Total non-current assets | 25,988,313 | 27,314,287 | |||
Non-current liabilities | (747,448) | (51,909) | |||
JYJC [member] | |||||
Current | |||||
Cash and cash equivalents | 16,914 | 13,281 | |||
Other current assets (excluding cash) | 5,065 | 6,077 | |||
Total current assets | 21,979 | 19,358 | |||
Total current liabilities | (3,356) | (2,453) | |||
Non-current | |||||
Total non-current assets | 1,577 | 1,800 | |||
Non-current liabilities | 0 | 0 | |||
Net assets | ¥ 20,200 | ¥ 18,705 | |||
Group's effective interest | 50.00% | 50.00% | |||
Interest in joint ventures | ¥ 10,100 | ¥ 9,352 | |||
Unrealised downstream transactions | 0 | 0 | |||
Carrying value | 10,100 | 9,352 | |||
Yangu Gas [member] | |||||
Current | |||||
Cash and cash equivalents | 72,916 | 62,878 | |||
Other current assets (excluding cash) | 11,149 | 11,812 | |||
Total current assets | 84,065 | 74,690 | |||
Total current liabilities | (3,262) | (3,463) | |||
Non-current | |||||
Total non-current assets | 19,034 | 26,066 | |||
Non-current liabilities | 0 | 0 | |||
Net assets | ¥ 99,837 | ¥ 97,293 | |||
Group's effective interest | 50.00% | 50.00% | |||
Interest in joint ventures | ¥ 49,919 | ¥ 48,648 | |||
Unrealised downstream transactions | 0 | 0 | |||
Carrying value | 49,919 | 48,648 | |||
Linde [Member] | |||||
Current | |||||
Cash and cash equivalents | 226,860 | 233,898 | |||
Other current assets (excluding cash) | 74,652 | 67,809 | |||
Total current assets | 301,512 | 301,707 | |||
Total current liabilities | (62,356) | (57,153) | |||
Non-current | |||||
Total non-current assets | 109,366 | 147,717 | |||
Non-current liabilities | (16,303) | (21,417) | |||
Net assets | ¥ 332,219 | ¥ 370,854 | |||
Group's effective interest | 50.00% | 50.00% | |||
Interest in joint ventures | ¥ 166,110 | ¥ 185,427 | |||
Unrealised downstream transactions | (86) | (1,753) | |||
Carrying value | 166,024 | ¥ 183,674 | |||
Baling Materials [Member] | |||||
Current | |||||
Cash and cash equivalents | 6,062 | ||||
Other current assets (excluding cash) | 28,418 | ||||
Total current assets | 34,480 | ||||
Total current liabilities | 0 | ||||
Non-current | |||||
Total non-current assets | 65,520 | ||||
Non-current liabilities | 0 | ||||
Net assets | ¥ 100,000 | ||||
Group's effective interest | 50.00% | 50.00% | |||
Interest in joint ventures | ¥ 50,000 | ||||
Unrealised downstream transactions | 0 | ||||
Carrying value | ¥ 50,000 |
Investments Accounted for Us_13
Investments Accounted for Using the Equity Method (Summarized Statement of Comprehensive Income for Joint Ventures) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of joint ventures [line items] | |||
Revenue | ¥ 89,198,492 | ¥ 74,623,575 | ¥ 100,269,667 |
Depreciation and amortization | (1,965,708) | (1,827,139) | (1,838,788) |
Interest expense | (94,186) | (93,440) | (53,784) |
Profit/(loss) from continuing operations | 2,721,086 | 590,778 | 2,656,128 |
Income tax benefits/ (expenses) | (644,480) | 65,620 | (428,963) |
Other comprehensive income | 141,798 | (11,512) | 7,449 |
Total comprehensive income | 2,218,404 | 644,886 | 2,234,614 |
JYJC [member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 27,190 | 21,674 | 29,290 |
Depreciation and amortization | (386) | (350) | 0 |
Interest income | 304 | 304 | 308 |
Interest expense | 0 | 0 | |
Profit/(loss) from continuing operations | 2,250 | 2,279 | 3,107 |
Income tax benefits/ (expenses) | (1,125) | (177) | (777) |
Post-tax profit/(loss) from continuing operations | 3,375 | 2,102 | 2,330 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income | 3,375 | 2,102 | 2,330 |
Dividend received from joint venture | 940 | 1,049 | 453 |
Yangu Gas [member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 60,222 | 58,463 | 55,302 |
Depreciation and amortization | (5,162) | (8,313) | (11,272) |
Interest income | 1,516 | 1,483 | 1,119 |
Interest expense | 0 | 0 | |
Profit/(loss) from continuing operations | 4,144 | 1,830 | 40 |
Income tax benefits/ (expenses) | 0 | 0 | 0 |
Post-tax profit/(loss) from continuing operations | 4,144 | 1,830 | 40 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income | 4,144 | 1,830 | 40 |
Dividend received from joint venture | 800 | 1,000 | 0 |
Linde [Member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 428,971 | 420,160 | 414,374 |
Depreciation and amortization | (44,307) | (45,756) | (50,199) |
Interest income | 3,489 | 2,246 | 636 |
Interest expense | 0 | 0 | |
Profit/(loss) from continuing operations | 116,768 | 108,677 | 108,565 |
Income tax benefits/ (expenses) | 29,316 | (26,290) | (28,382) |
Post-tax profit/(loss) from continuing operations | 87,452 | 82,387 | 80,183 |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive income | 87,452 | 82,387 | 80,183 |
Dividend received from joint venture | 63,044 | ¥ 38,234 | ¥ 38,900 |
Baling Materials [Member] | |||
Disclosure of joint ventures [line items] | |||
Revenue | 0 | ||
Depreciation and amortization | 0 | ||
Interest income | 0 | ||
Profit/(loss) from continuing operations | 0 | ||
Income tax benefits/ (expenses) | 0 | ||
Post-tax profit/(loss) from continuing operations | 0 | ||
Other comprehensive income | 0 | ||
Total comprehensive income | 0 | ||
Dividend received from joint venture | ¥ 0 |
Inventories (Details)
Inventories (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about inventories [line items] | ||
Raw materials | ¥ 4,378,149 | ¥ 2,569,136 |
Work in progress | 690,341 | 574,146 |
Finished goods | 664,040 | 544,833 |
Spare parts and consumables | 190,995 | 200,631 |
Inventories | 5,923,525 | 3,888,746 |
Gross carrying amount [member] | ||
Disclosure of detailed information about inventories [line items] | ||
Raw materials | 4,391,555 | 2,569,136 |
Work in progress | 795,791 | 696,227 |
Finished goods | 709,990 | 591,485 |
Spare parts and consumables | 249,456 | 260,431 |
Inventories | 6,146,792 | 4,117,279 |
Provision for declines in the value of inventories [member] | ||
Disclosure of detailed information about inventories [line items] | ||
Raw materials | 13,406 | 0 |
Work in progress | (105,450) | (122,081) |
Finished goods | (45,950) | (46,652) |
Spare parts and consumables | (58,461) | (59,800) |
Inventories | ¥ 223,267 | ¥ 228,533 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Classes of current inventories [abstract] | |||
Cost of inventories recognized in Cost of Sales | ¥ 70,704,868 | ¥ 53,622,798 | ¥ 78,595,380 |
Inventory provision excluded in cost of sales | 150,883 | 220,888 | 70,178 |
Reversal of inventory write-down | ¥ 156,149 | ¥ 147,817 | ¥ 72,945 |
Trade And Other Receivable - Su
Trade And Other Receivable - Summary Of Movements In The Loss Allowance AccountIng Respect Of Trade And Other Receivables Explanatory (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movements in the loss allowance account in respect of trade and other receivables | ||
Balance at 1 January | ¥ 773 | ¥ 139 |
Impairment losses recognized during the year | 1,355 | 634 |
Balance at 31 December | ¥ 2,128 | ¥ 773 |
Trade And Other Receivables - S
Trade And Other Receivables - Summary Of Component Of Trade And Other Receivables Explanatory (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | |||
Trade receivables | ¥ 79,413 | ¥ 113,797 | |
Less: loss allowance | (2,128) | (773) | ¥ (139) |
Current trade receivables | 77,425 | 113,163 | |
Amounts due from related parties excluded prepayments and bills receivable | 1,153,111 | 1,055,539 | |
Total trade receivables | 1,230,536 | 1,168,702 | |
Other receivables | 47,737 | 18,240 | |
Less: loss allowance | (47,597) | (18,101) | |
Other receivables net | 47,597 | 18,101 | |
Amounts due from related parties - prepayments | 34,220 | 26,777 | |
Amounts due from related parties - bills receivables (note 25) | 25,000 | 10,000 | |
Trade and other current receivables | 1,337,353 | 1,223,580 | |
Trade receivables [member] | |||
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | |||
Less: loss allowance | (1,988) | (634) | |
Other Current Receivables [Member] | |||
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | |||
Less: loss allowance | (140) | (139) | |
Trade And Other Current Receivables And Amounts Due From Related Parties Net Of Prepayments And Bills Receivable [Member] | |||
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | |||
Financial assets measured at amortized cost | ¥ 1,278,133 | ¥ 1,186,803 |
Trade And Other Receivable - _2
Trade And Other Receivable - Summary Of Aging Analysis In Trade And Other Receivables Explanatory (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | ||
Trade receivables and amounts due from related parties net Of prepayments and bills receivable | ¥ 1,230,536 | ¥ 1,168,702 |
Within one year [member] | ||
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | ||
Trade receivables and amounts due from related parties net Of prepayments and bills receivable | 1,230,360 | 1,167,222 |
Over one year within two years [member] | ||
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | ||
Trade receivables and amounts due from related parties net Of prepayments and bills receivable | 27 | ¥ 1,480 |
Over two years [member] | ||
Disclosure Of Component Of Trade And Other Receivables Line Items [Line Items] | ||
Trade receivables and amounts due from related parties net Of prepayments and bills receivable | ¥ 149 |
Cash and cash equivalents (Reco
Cash and cash equivalents (Reconciliation of Profit before Taxation to Cash Used in Operation) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from (used in) operating activities [abstract] | ||||
Profit before taxation | ¥ 2,721,086 | ¥ 590,778 | ¥ 2,656,128 | |
Adjustment items: | ||||
Interest income from time deposits with maturity more than 3 months | (424,696) | (339,505) | (398,176) | |
Share of profit of investments accounted for using the equity method | (874,285) | (724,740) | (972,593) | |
Losses on disposal of subsidiaries | 0 | 0 | 60,951 | |
Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges | (18,846) | 376 | 12,315 | |
Gains from structured deposits | [1] | (97,921) | (114,283) | (85,444) |
Losses on sale of FVOCI | 4,685 | 9,513 | 19,513 | |
Interest expense | 94,186 | 64,169 | 53,784 | |
Foreign exchange (gains) /losses | 1,861 | 5,514 | (18,571) | |
Depreciation of property, plant and equipment | 1,621,459 | 1,553,039 | 1,507,804 | |
Depreciation of investment property | 15,325 | 15,184 | 14,694 | |
Depreciation of right-of-use assets | 34,307 | 32,653 | 101,998 | |
Amortization of other non-current assets | 294,617 | 226,263 | 214,292 | |
Impairment loss on property, plant and equipment | 587,622 | 87,570 | 486 | |
Impairment loss on investment accounted for using the equity method | 28,392 | 0 | 0 | |
(Gains)/losses on disposal of property, plant and equipment and other long-term assets-net | (48,671) | 1,212 | (158,551) | |
Profit on operation before change of working capital | 3,939,121 | 1,407,743 | 3,008,630 | |
Decrease/(Increase) in inventories | (2,034,779) | 2,865,687 | 1,366,441 | |
(Increase)/decrease in operation receivables | 49,586 | 308,333 | (92,354) | |
Decrease in operation payables | (70,235) | (1,008,800) | (487,877) | |
Increase/(decrease) in balances to related parties - net | 2,527,960 | (1,577,876) | 1,860,836 | |
Cash generated from operating activities | ¥ 4,411,653 | ¥ 1,995,087 | ¥ 5,655,676 | |
[1] | Structured deposits are financial products issued by banks, return of which are linked to the performance of the embedded index, like foreign exchange rate, interest rate and etc.. |
Cash and cash equivalents - Rec
Cash and cash equivalents - Reconciliation of liabilities arising from financing activities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | |||
Begining balance | ¥ 4,578,282 | ¥ 1,569,643 | |
Changes from financing cash flows: | |||
Proceeds from borrowings | 14,163,132 | 3,458,100 | ¥ 4,755,100 |
Proceeds from short-term bonds | 5,998,899 | 2,998,469 | 0 |
Repayments of borrowings to banks | (13,451,332) | (3,460,556) | (3,695,208) |
Repayments of short-term bonds | (9,000,000) | 0 | 0 |
Principal elements of lease payments | (17,544) | (15,586) | (89,124) |
Total changes from financing cash flows | (2,306,845) | 2,980,427 | |
Other changes: | |||
Addition of lease liabilities | 9,686 | 6,014 | |
Foreign exchange movements | 2,856 | ||
Issuance costs on short-term bonds | 1,101 | 1,531 | |
Interest expense | 28,340 | 17,811 | |
Others | (46,151) | ||
Total other changes | (7,024) | 28,212 | |
Ending balance | 2,264,413 | 4,578,282 | 1,569,643 |
Borrowings [member] | |||
Statement [Line Items] | |||
Begining balance | 1,548,000 | 1,547,600 | |
Changes from financing cash flows: | |||
Proceeds from borrowings | 14,163,132 | 3,458,100 | |
Repayments of borrowings to banks | (13,451,332) | (3,460,556) | |
Total changes from financing cash flows | 711,800 | (2,456) | |
Other changes: | |||
Foreign exchange movements | 2,856 | ||
Total other changes | 2,856 | ||
Ending balance | 2,259,800 | 1,548,000 | 1,547,600 |
Lease liabilities [member] | |||
Statement [Line Items] | |||
Begining balance | 12,471 | 22,043 | |
Changes from financing cash flows: | |||
Principal elements of lease payments | (17,544) | (15,586) | |
Total changes from financing cash flows | (17,544) | (15,586) | |
Other changes: | |||
Addition of lease liabilities | 9,686 | 6,014 | |
Total other changes | 9,686 | 6,014 | |
Ending balance | 4,613 | 12,471 | ¥ 22,043 |
Short-term bonds [member] | |||
Statement [Line Items] | |||
Begining balance | 3,017,811 | ||
Changes from financing cash flows: | |||
Proceeds from short-term bonds | 5,998,899 | 2,998,469 | |
Repayments of short-term bonds | (9,000,000) | ||
Total changes from financing cash flows | (3,001,101) | 2,998,469 | |
Other changes: | |||
Issuance costs on short-term bonds | 1,101 | 1,531 | |
Interest expense | 28,340 | 17,811 | |
Others | (46,151) | ||
Total other changes | (16,710) | 19,342 | |
Ending balance | ¥ 0 | ¥ 3,017,811 |
Cash and cash equivalents -Summ
Cash and cash equivalents -Summary of Cash flow Statement for Leases (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | |||
Within operating cash flows | ¥ (6,938) | ¥ (4,618) | ¥ (5,317) |
Within financing cash flows | (17,544) | (15,586) | (89,124) |
Total | ¥ (24,482) | ¥ (20,204) | ¥ (94,441) |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Lease Rentals (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |||
Lease rentals paid | ¥ (24,482) | ¥ (20,204) | ¥ (94,441) |
Cash and cash equivalents (Cash
Cash and cash equivalents (Cash and cash equivalents) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |||||
Cash deposits with a related party | [1] | ¥ 3,243 | ¥ 5,667 | ||
Cash at bank and on hand | 5,108,767 | 6,910,741 | |||
Cash and cash equivalents in the consolidated statement of financial position | ¥ 5,112,010 | ¥ 6,916,408 | ¥ 7,449,699 | ¥ 8,741,893 | |
[1] | Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (“Sinopec Finance”). |
Time Deposits With Banks - Summ
Time Deposits With Banks - Summary Of Time Deposits With Banks (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time deposits with banks [abstract] | ||
Time deposits with maturity less than one year | ¥ 7,386,607 | ¥ 4,049,443 |
Time deposits with maturity more than one year | 5,581,435 | 7,042,840 |
Time deposits with banks | ¥ 12,968,042 | ¥ 11,092,283 |
Time Deposits With Banks - Addi
Time Deposits With Banks - Additional Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Less than one year [member] | Bottom of range [member] | ||
Disclosure In Entirety Of Time Deposits Held With Banks [Line Items] | ||
Interest rate on time deposits with banks | 3.40% | 3.15% |
Less than one year [member] | Top of range [member] | ||
Disclosure In Entirety Of Time Deposits Held With Banks [Line Items] | ||
Interest rate on time deposits with banks | 3.50% | 4.10% |
More than three or five years [member] | Bottom of range [member] | ||
Disclosure In Entirety Of Time Deposits Held With Banks [Line Items] | ||
Interest rate on time deposits with banks | 3.45% | 3.85% |
More than three or five years [member] | Top of range [member] | ||
Disclosure In Entirety Of Time Deposits Held With Banks [Line Items] | ||
Interest rate on time deposits with banks | 4.20% | 4.20% |
Financial Assets At Fair Valu_3
Financial Assets At Fair Value Through Other Comprehensive Income - Additional Information (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Discounted Bills [Member] | |
Statement [Line Items] | |
Gross undiscounted cash flows discounted and endorsed bills | ¥ 156,737 |
Endorsed Bills [Member] | |
Statement [Line Items] | |
Gross undiscounted cash flows discounted and endorsed bills | ¥ 307,275 |
Financial Assets At Fair Valu_4
Financial Assets At Fair Value Through Other Comprehensive Income - Summary Of Financial Assets at Fair Value Through Other Comprehensive Income (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | |||
Trade and bill receivable | ¥ 1,047,690 | ¥ 1,207,114 | |
Total financial assets at fair value through other comprehensive income | 5,000 | 5,000 | |
At fair value [member] | |||
Disclosure of financial assets [line items] | |||
Trade and bill receivable | [1] | 25,000 | 10,000 |
- Amounts due from related parties | 1,047,690 | 1,207,114 | |
- Others | 1,072,690 | 1,217,114 | |
Total financial assets at fair value through other comprehensive income | 5,000 | 5,000 | |
Equity investments | ¥ 1,077,690 | ¥ 1,222,114 | |
[1] | As at 31 December 2020 and 2021, certain trade receivables and bills receivable were classified as financial assets at FVOCI, as the Group’s business model is achieved both by collecting contractual cash flows and selling of these assets. |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings [abstract] | ||
Credit loans due within one year - Short term bank loan | ¥ 1,559,800 | ¥ 1,548,000 |
Credit loans due over one year but within three years - Long-term borrowing from a related party | 700,000 | 0 |
Borrowings | ¥ 2,259,800 | ¥ 1,548,000 |
Borrowings - Summary of Analysi
Borrowings - Summary of Analysis of the Repayment Schedule of Borrowings (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure In Tabular Form Of Repayment Schedule Of Borrowings [Line Items] | ||
Borrowings | ¥ 2,259,800 | ¥ 1,548,000 |
Within 1 year or on demand [member] | ||
Disclosure In Tabular Form Of Repayment Schedule Of Borrowings [Line Items] | ||
Borrowings | 1,559,800 | 1,548,000 |
Over one year but within two years [member] | ||
Disclosure In Tabular Form Of Repayment Schedule Of Borrowings [Line Items] | ||
Borrowings | 0 | 0 |
Over two years but within three years [member] | ||
Disclosure In Tabular Form Of Repayment Schedule Of Borrowings [Line Items] | ||
Borrowings | ¥ 700,000 | ¥ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings secured by property, plant and equipment | ¥ 0 | ¥ 0 | |
Long-term borrowings [member] | Weighted average [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average interest rate for the Group's borrowings | 1.08% | 0.00% | 0.00% |
Short Term Bank Borrowings [Member] | Weighted average [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average interest rate for the Group's borrowings | 2.74% | 2.79% | 3.35% |
Short-Term Bonds - Summary of S
Short-Term Bonds - Summary of Short-Term Bonds (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short term bonds [Abstract] | ||
Short-term bonds | ¥ 0 | ¥ 3,017,811 |
Short-Term Bonds - Additional I
Short-Term Bonds - Additional Information (Details) ¥ in Thousands | 1 Months Ended |
Aug. 31, 2020CNY (¥) | |
Short term bonds [Abstract] | |
Short-term bonds, maturity | 169 days |
Face value of short-term bonds | ¥ 3,000,000 |
Effective yield of the short-term bonds | 1.70% |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and other payables [abstract] | |||
Trade payables | ¥ 1,527,706 | ¥ 1,294,138 | |
Bills payable | 562,593 | 26,196 | |
Amounts due to related parties exclude advances received | 4,910,255 | 3,655,724 | |
Subtotal | 7,000,554 | 4,976,058 | |
Dividends payable | 30,577 | 29,522 | |
Construction payable | 487,283 | 299,205 | |
Oil price risk reserve | 0 | 546,055 | |
Accrued expenses | 400,391 | 518,333 | |
Other liabilities | 87,144 | 106,634 | |
Subtotal of other payables | 1,005,395 | 1,499,749 | |
Financial liabilities measured at amortized cost | 8,005,949 | 6,475,807 | |
Amounts due to related parties – advances received | 6,275 | 1,117 | |
Amounts due to related parties – measured at fair value through profit or loss (FVPL) | [1] | 1,388,286 | 0 |
Sub Total | 9,400,510 | 6,476,924 | |
Total amount due to related parties | ¥ 6,304,816 | ¥ 3,656,841 | |
[1] | Amounts due to related parties – measured at FVPL represents the obligation that the Company needs to return the crude oil to its related party with maturity of less than 1 year, which is measured at fair value through profit or loss. |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Aging Analysis of Trade Payables (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
TradeAndOtherPayables [Line Items] | ||
Trade payables (including amounts due to related parties of trading in nature) | ¥ 7,000,554 | ¥ 4,976,058 |
Within 1 year [member] | ||
TradeAndOtherPayables [Line Items] | ||
Trade payables (including amounts due to related parties of trading in nature) | 6,990,653 | 4,973,711 |
Between one and two years [member] | ||
TradeAndOtherPayables [Line Items] | ||
Trade payables (including amounts due to related parties of trading in nature) | 9,527 | 1,973 |
Over two years [member] | ||
TradeAndOtherPayables [Line Items] | ||
Trade payables (including amounts due to related parties of trading in nature) | ¥ 374 | ¥ 374 |
Contract Liabilities (Details)
Contract Liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Contract liabilities [abstract] | |||
Contract liabilities | ¥ 424,607 | ¥ 495,404 | |
Carried-forward contract liabilities recognized in current year | ¥ 495,404 | ¥ 579,750 | ¥ 446,702 |
Deferred Income (Details)
Deferred Income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accruals and deferred income including contract liabilities [abstract] | ||
As at 1 January | ¥ 13,433 | ¥ 10,005 |
Additions | 0 | 3,865 |
Amortization | (713) | (437) |
As at 31 December | ¥ 12,720 | ¥ 13,433 |
Share Capital (Details)
Share Capital (Details) - CNY (¥) ¥ in Thousands, shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [line items] | ||
As at 31 December | ¥ 10,823,814 | ¥ 10,823,814 |
Ordinary A shares listed in PRC [member] | ||
Disclosure of classes of share capital [line items] | ||
As at 31 December | 7,328,814 | 3,495,000 |
As at 31 December | ¥ 7,328,814 | ¥ 3,495,000 |
Foreign invested H shares listed overseas [member] | ||
Disclosure of classes of share capital [line items] | ||
As at 31 December | 7,328,814 | 10,823,814 |
As at 31 December | ¥ 7,328,814 | ¥ 10,823,814 |
Total [member] | ||
Disclosure of classes of share capital [line items] | ||
As at 31 December | 3,495,000 | 10,823,814 |
As at 31 December | ¥ 3,495,000 | ¥ 10,823,814 |
Reserves (Details)
Reserves (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | ¥ 18,374,176 | |||||
Total comprehensive income for the year attributable to shareholders of the Company | 2,215,229 | ¥ 633,560 | ¥ 2,223,177 | |||
Dividends declared and approved in respect of previous year | 1,082,381 | 1,298,858 | ||||
Appropriation of safety production fund | 0 | 0 | 0 | |||
Balance at 31 December | 19,418,325 | 18,374,176 | ||||
Legal surplus [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [1] | 4,072,476 | 4,072,476 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [1] | 0 | 0 | |||
Change in fair value of hedging instruments | [1] | 0 | ||||
Reclassified to cost of inventory | [1] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [1] | 0 | ||||
Dividends declared and approved in respect of previous year | [1] | 0 | 0 | |||
Transfer to legal surplus | [1] | 2,498,808 | ||||
Appropriation of safety production fund | [1] | 0 | 0 | |||
Balance at 31 December | [1] | 6,571,284 | 4,072,476 | 4,072,476 | ||
Capital surplus [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [2] | 13,739 | 13,739 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [2] | 0 | 0 | |||
Change in fair value of hedging instruments | [2] | 0 | ||||
Reclassified to cost of inventory | [2] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [2] | 0 | ||||
Dividends declared and approved in respect of previous year | [2] | 0 | 0 | |||
Transfer to legal surplus | [2] | 0 | ||||
Appropriation of safety production fund | [2] | 0 | 0 | |||
Balance at 31 December | [2] | 13,739 | 13,739 | 13,739 | ||
Surplus reserve [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [3] | 101,355 | 101,355 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [3] | 0 | 0 | |||
Change in fair value of hedging instruments | [3] | 0 | ||||
Reclassified to cost of inventory | [3] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [3] | 0 | ||||
Dividends declared and approved in respect of previous year | [3] | 0 | 0 | |||
Transfer to legal surplus | [3] | 0 | ||||
Appropriation of safety production fund | [3] | 0 | 0 | |||
Balance at 31 December | [3] | 101,355 | 101,355 | 101,355 | ||
Other reserve [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [4] | 6,326 | 17,838 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [4] | 16,639 | (11,512) | |||
Change in fair value of hedging instruments | [4] | 0 | ||||
Reclassified to cost of inventory | [4] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [4] | 0 | ||||
Dividends declared and approved in respect of previous year | [4] | 0 | 0 | |||
Transfer to legal surplus | [4] | 0 | ||||
Appropriation of safety production fund | [4] | 0 | 0 | |||
Balance at 31 December | [4] | 22,965 | 6,326 | 17,838 | ||
Hedging [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | 0 | 0 | ||||
Total comprehensive income for the year attributable to shareholders of the Company | 125,159 | 0 | ||||
Change in fair value of hedging instruments | (63,840) | |||||
Reclassified to cost of inventory | 63,840 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | |||||
Dividends declared and approved in respect of previous year | 0 | 0 | ||||
Transfer to legal surplus | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Balance at 31 December | 36,460 | 0 | 0 | |||
Share premium [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [5] | 106,846 | 106,846 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [5] | 0 | 0 | |||
Change in fair value of hedging instruments | [5] | 0 | ||||
Reclassified to cost of inventory | [5] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [5] | 0 | ||||
Dividends declared and approved in respect of previous year | [5] | 0 | 0 | |||
Transfer to legal surplus | [5] | 0 | ||||
Appropriation of safety production fund | [5] | 0 | 0 | |||
Balance at 31 December | [5] | 106,846 | 106,846 | 106,846 | ||
Safety production fund [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [6] | 145,597 | 57,137 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [6] | 0 | 0 | |||
Change in fair value of hedging instruments | [6] | 0 | ||||
Reclassified to cost of inventory | [6] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [6] | 0 | ||||
Dividends declared and approved in respect of previous year | [6] | 0 | 0 | |||
Transfer to legal surplus | [6] | 0 | ||||
Appropriation of safety production fund | [6] | 40,729 | 88,460 | |||
Balance at 31 December | [6] | 186,326 | 145,597 | 57,137 | ||
Retained earnings [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | [7] | 13,927,837 | 14,670,083 | |||
Total comprehensive income for the year attributable to shareholders of the Company | [7] | 2,073,431 | 645,072 | |||
Change in fair value of hedging instruments | [7] | 0 | ||||
Reclassified to cost of inventory | [7] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [7] | 0 | ||||
Dividends declared and approved in respect of previous year | [7] | (1,082,381) | (1,298,858) | |||
Transfer to legal surplus | [7] | (2,498,808) | ||||
Appropriation of safety production fund | (40,729) | [7] | (88,460) | [7] | (2) | |
Balance at 31 December | [7] | 12,379,350 | 13,927,837 | 14,670,083 | ||
Total [member] | ||||||
Disclosure of reserves within equity [line items] | ||||||
Balance at 1 January | 18,374,176 | 19,039,474 | ||||
Total comprehensive income for the year attributable to shareholders of the Company | 2,215,229 | 633,560 | ||||
Change in fair value of hedging instruments | (63,840) | |||||
Reclassified to cost of inventory | 63,840 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | |||||
Dividends declared and approved in respect of previous year | (1,082,381) | (1,298,858) | ||||
Transfer to legal surplus | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Balance at 31 December | ¥ 19,418,325 | ¥ 18,374,176 | ¥ 19,039,474 | |||
[1] | Under PRC rules and regulations, the Company and its PRC subsidiaries are required to set aside 10% of the net income determined in accordance with the PRC accounting rules and regulations to a legal surplus reserve. The transfer to this reserve must be made before distribution of any dividend to shareholders. The legal surplus reserve is non-distributable other than in liquidation and can be used to make good of previous years’ losses, if any, and may be utilized for business expansion or converted into ordinary shares by the issuance of new shares to shareholders in proportion to their existing shareholdings or by increasing the par value of the shares currently held by the shareholders, provided that the balance after such issuance is not less than 25% of the registered capital. In accordance with PRC rules and regulations, the Company has set aside RMB6,571,284 thousand of legal surplus as of 31 December 2021. | |||||
[2] | This reserve represents gifts or grants received from China Petrochemical Corporation, the ultimate parent company and which are required to be included in this reserve fund by PRC regulations. | |||||
[3] | The transfer to this reserve from the retained profits is subject to the approval by shareholders at general meetings. Its usage is similar to that of the legal surplus reserve. | |||||
[4] | Other reserve comprises share of post-acquisition movements in other comprehensive income from associates and joint ventures using the equity methods of accounting with a corresponding adjustment to the carrying amount of the investment. | |||||
[5] | The application of the share premium account is governed by Sections 167 and 168 of the PRC Company Law. | |||||
[6] | According to the relevant PRC regulations, the Group is required to transfer an amount to specific reserve for the safety production fund based on the turnover of certain refining and chemicals products. This reserve represents unutilized safety production fund. | |||||
[7] | According to the Company’s Articles of Association, the reserve available for distribution is the lower of the amount determined under China Accounting Standards for Business Enterprises and the amount determined under IFRS. |
Reserves - Additional Informati
Reserves - Additional Information (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Disclosure of reserves within equity [line items] | |
Percentage of net income to be transferred to legal surplus reserve | 10.00% |
Legal reserve as a percentage of registered capital after issuance or conversion into ordinary shares if any | 25.00% |
Legal surplus | ¥ 6,571,284 |
Related-Party Transactions (Lis
Related-Party Transactions (List of Major Related Parties) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
China International United Petroleum and Chemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Chemical Sales Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Chemical Commercial Holding Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Petro-CyberWorks Information Technology Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Lianhua (Ningbo) International Logistics Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Zhongke Guangdong Refining And Chemical Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Marketing Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Fuel Oil Sales Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Lubricant Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Yangzi Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical International Beijing Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Catalyst Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical International Shanghai Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate parent company |
China Petrochemical International Ningbo Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate parent company |
Dalian Sinopec Material Equip Company [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate parent company |
China Petrochemical International (Nanjing) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Honeywell(Tianjin) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical International Wuhan Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical International Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical Refinery Sales Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Shanghai Gaoqiao Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petrochemical International Tianjin Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Ningbo Eastsea Linefan Technology Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Petroleum And Chemical Sceintific Research Institute Dadi Company [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate 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 ultimate parent company |
Dalian Furuipu Technology Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Nantong Donghai Petrochemical Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Petroleum And Chemical Corporation Qingdao Security Engineering And Research Institute [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Shanghai Energy Trade Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate 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 ultimate parent company |
Sinopec Yizheng Chemical Fibre Company Limited Liability Company [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Fujian Gulei Petrochemical Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec China East Chemical Sales Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Unipec Singapore [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
China Yanshan United Foreign Trade Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Chemical Commercial Holding Wuhan Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Nanjing Yangzhi Petrochemical Indutry Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Baling Petrochemical Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate parent company |
Shanghai Lide Catalyst Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
YPC Gpro Nanjing Rubber Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Fujian Refining & Petrochemical Company Limited (FREP) [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate parent company |
Sinopec Jianghan Salt Chemical Hubei Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Yipaike Business Factoring Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Great Wall Energy And Chemical Company Limited [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 |
Sinopec Research Institute of Safety Engineering [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Ningbo Minggang Gas Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Zhongyuan Petrol-Chemical Industry Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Epec E Commerce Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Oil Refining and Marketing (Shanghai) Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Chemical Sales (Guangdong) Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Sinopec Nanguang (Shanghai) Industrial Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Unipec (Qingdao) International Logistics Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate parent company |
Qingdao Zhonghua Sunshine Management System Certification Centre [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the ultimate 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 ultimate parent company |
Shanghai Sinopec Mitsui Chemicals Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the ultimate parent company |
BASF-YPC Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the ultimate parent company |
Shanghai Changshi Shipping Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the ultimate parent company |
Shanghai KSD Bulk Solids Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the ultimate parent company |
BASF Gao-Qiao Performance Chemicals (Shanghai) Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the ultimate parent company |
Sinopec Chemical Commercial Holding Singapore Pte Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Finance 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 |
Zhongshi Huananjing Chemical Research Institute Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Economy Phulishing House Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Publishing House Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Group International Travel Agency Agricultural Bank Of China [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Assets Management Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Ningbo Engineering Company of Sinopec [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Shared Services Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Petroleum Engineering Geophysics Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Baichuan Economic And Trade Company [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Group Jiangsu Petroleum Exploration Bureau Co., Ltd [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Newspaper Office [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate 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 immediate parent company |
Sinopec Group Economic and Technology Research Institute Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Beijing PetroChemical Construction Consulting Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Economicbooks Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Petrol Chemical Industry Management Cadre College [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Engineering Quality Supervision Terminal [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Group Shanghai Training Center [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Beijing Yanshan Petrochemical Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Zhongyuan Petroleum Exploration Bureau Co., Ltd [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Shengli Petroleum Administration Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
The Fourth Construction Company of Sinopec [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Tending Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Shanghai Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Engineering Incorporation [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Engineering Quality Monitoring Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate 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 immediate parent company |
The Tenth Construction Company of Sinopec [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
The Fifth Construction Company of Sinopec [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Shanghai Petrochemical Machinery Manufacture Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Nanjing Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Luoyang Engineering Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Jiangsu Jinling Opta Polymer Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Shanghai Petrochemical Haidi Administration Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Sichuan Uninylon Works [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical Corp Nanjing Chemical Industry Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Group International Petroleum Exploration And Production Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Consulting Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec Guangzhou Engineering Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Beijing Yanshan Petrochemical Special Equipment Inspection Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
China Petrochemical Corp. Engineering Ration Management Station [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Beijing Victory Hotel Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Maoming Shihua Dongcheng Chemical Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Yihua Tory Polyester Film Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the immediate parent company |
China Sinopec Pipeline Storage And Transportation Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the immediate parent |
Yihua Bonar Yarns And Fabrics Company Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Associate of the immediate parent |
Unipec Singapore [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 |
Sinopec Japan Company Limited [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Rizhao Shihua Crude Oil Terminal Co., Ltd. [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Joint venture of the ultimate 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 Chemical Commerical Holding North America Inc [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate parent company |
Sinopec International Austrailia Pty Limited [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Subsidiary of the immediate 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Commission expense | ¥ 110,552 | ¥ 104,598 | ¥ 125,641 |
Sinopec Corp., its subsidiaries and joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of petroleum products | 47,201,755 | 39,879,549 | 50,354,162 |
Sales other than petroleum products | 9,439,546 | 6,790,568 | 8,642,514 |
Purchases of crude oil | 35,371,820 | 27,934,926 | 43,886,966 |
Purchases other than crude oil | 9,008,147 | 9,937,862 | 9,579,239 |
Commission expense | 110,552 | 104,598 | 125,619 |
Rental income | ¥ 34,475 | ¥ 32,829 | ¥ 31,972 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Additions to right-of-use assets | ¥ 9,534 | ¥ 109,238 | ¥ 33,980 |
Interest expense of lease liabilities | 537 | 887 | 2,570 |
Long-term borrowings | 700,000 | 0 | |
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 | 4,285,341 | 2,034,867 | 2,851,633 |
Purchase | 7,255,954 | 4,481,281 | 6,498,842 |
Additions to right-of-use assets | 1,388 | 2,267 | 26,637 |
Interest expense of lease liabilities | 271 | 213 | 2,304 |
Rental income | 15,394 | 16,041 | 11,831 |
Sinopec Group and its subsidiaries [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of goods and service fee income | 36,683 | 14,870 | 7,724 |
Purchase | 2,830,256 | 832,617 | 1,918,873 |
Insurance premiums expenses | 108,850 | 107,495 | 108,223 |
Additions to right-of-use assets | 1,388 | 2,267 | 25,935 |
Interest expense of lease liabilities | 247 | 205 | 2,285 |
Construction and installation cost | 785,216 | 233,591 | 143,560 |
Rental income | 464 | 464 | 461 |
Associates and joint ventures of the Group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sales of goods and service fee income | 4,248,658 | 2,019,997 | 2,843,909 |
Purchase | 4,425,698 | 3,648,664 | 4,579,969 |
Rental income | 14,930 | 15,577 | 11,370 |
Joint ventures of the Group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Additions to right-of-use assets | 0 | 0 | 702 |
Interest expense of lease liabilities | 24 | 8 | 19 |
Sinopec Finance [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest income | 824 | 2,088 | 1,295 |
Long-term borrowings | ¥ 700,000 | ¥ 0 | ¥ 0 |
Related-Party Transactions (Rel
Related-Party Transactions (Relevant Amounts Due from/to Related Parties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | ¥ 1,212,331 | ¥ 1,092,316 | ||
Amounts due to related parties | 6,304,816 | 3,656,841 | ||
Lease liabilities | 4,613 | 12,471 | ||
Cash deposits, maturing within 3 months | [1] | 3,243 | 5,667 | |
Long-term borrowings | 700,000 | 0 | ||
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 | 1,212,331 | 1,092,316 | ||
Amounts due to related parties | 6,304,816 | 3,656,841 | ||
Lease liabilities | 1,427 | 9,027 | ||
Sinopec Corp., its subsidiaries and joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | 1,184,117 | 1,054,127 | ||
Amounts due to related parties | 4,475,992 | 2,505,532 | ||
Associates and joint ventures of the Group [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due from related parties | 28,214 | 38,189 | ||
Amounts due to related parties | 156,385 | 262,274 | ||
Sinopec Group and its subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts due to related parties | 1,672,439 | 889,035 | ||
Lease liabilities | 992 | 8,453 | ||
Joint ventures of the Group [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Lease liabilities | 435 | 574 | ||
Sinopec Finance [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Long-term borrowings | ¥ 700,000 | ¥ 0 | ¥ 0 | |
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 | ¥ 3,243 | ¥ 5,667 | ||
[1] | Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (“Sinopec Finance”). |
Related-Party Transactions (Key
Related-Party Transactions (Key Personnel Compensations) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | ¥ 11,866 | ¥ 9,859 | ¥ 9,120 |
Post-employment benefits | 551 | 441 | 225 |
Total | ¥ 12,417 | ¥ 10,300 | ¥ 9,345 |
Related-Party Transactions (Com
Related-Party Transactions (Commitments with Related Parties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Sinopec Group and its subsidiaries [member] | ||
Disclosure of transactions between related parties [line items] | ||
Construction and installation cost | ¥ 775,007 | ¥ 145,959 |
Related-Party Transactions (Inv
Related-Party Transactions (Investment Commitments with Related Parties) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Capital contribution to related parties | ¥ 541,263 | ¥ 191,263 | |
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 | 80,000 |
Baling Materials [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Capital contribution to related parties | [3] | ¥ 350,000 | ¥ 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 a capital contribution of USD 30,017,000 (RMB 182,804 thousand equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2021, the Company has contributed RMB 71,541 thousand 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 a capital contribution of RMB 400,000 thousand to acquire 40% share of Shidian Energy. As at 31 December 2021, Toufa has contributed RMB 320,000 thousand to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement. | ||
[3] | Sinopec Baling Petrochemical Co., Ltd and the Company jointly established Baling Materials on 7 September 2021, each with a cash contribution of RMB 400,000 thousand. As at 31 December 2021, the Company has made a paid-up capital contribution of RMB50,000 thousand. |
Related-Party Transactions (I_2
Related-Party Transactions (Investment Commitments with Related Parties, Narrative) (Details) ¥ in Thousands | Dec. 31, 2021CNY (¥) | Aug. 31, 2019CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Sep. 07, 2021CNY (¥) | Dec. 05, 2013USD ($) | Dec. 05, 2013CNY (¥) |
Disclosure of transactions between related parties [line items] | |||||||
Capital contribution to related parties | ¥ 1,176,168 | ¥ 1,176,168 | ¥ 585,870 | ||||
Shanghai Secco Petrochemical Company Limited [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage of ownership interest | 20.00% | 20.00% | |||||
Shidian Energy [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage of ownership interest | 40.00% | 40.00% | |||||
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% | ||||||
Baling Materials [Member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Capital contribution to related parties | ¥ 400,000 | ||||||
Capital contribution paid to related parties | 50,000 | ||||||
Baling Materials [Member] | Sinopec Baling Petrochemical Company Limited [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Capital contribution to related parties | ¥ 400,000 | ||||||
Parent [member] | Shanghai Secco Petrochemical Company Limited [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Capital contribution to related parties | ¥ 71,541 | ¥ 71,541 | $ 30,017,000 | ¥ 182,804 | |||
Expiration period of capital contribution plan | 50 years | ||||||
Percentage of ownership interest | 20.00% | ||||||
Parent [member] | Shidian Energy [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Percentage of ownership interest | 0.00% |
Dividend - Summary of Dividends
Dividend - Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Year (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend [abstract] | ||
Final dividend proposed after the end of the reporting period of RMB 0.10 per ordinary share (2020: RMB 0.10 per ordinary share) | ¥ 1,082,381 | ¥ 1,082,381 |
Dividend - Summary of Dividen_2
Dividend - Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Year (Parenthetical) (Details) - ¥ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend [abstract] | ||
Dividend per share proposed after the reporting period but not recognized as distribution to owners | ¥ 0.10 | ¥ 0.10 |
Dividend - Summary of Dividen_3
Dividend - Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Previous Financial Year (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend [abstract] | ||
Dividends recognised as distributions to owners of parent, relating to prior years | ¥ 1,082,381 | ¥ 1,298,858 |
Dividend - Summary of Dividen_4
Dividend - Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Previous Financial Year (Parenthetical) (Details) - ¥ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend [abstract] | ||
Dividend per share of previous financial years recognized as distribution to owners | ¥ 0.10 | ¥ 0.12 |
Commitments (Capital Commitment
Commitments (Capital Commitments) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment [abstract] | ||
Property, plant and equipment contracted for | ¥ 1,176,168 | ¥ 585,870 |
Subsequent Event (Details)
Subsequent Event (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | Mar. 23, 2022 | Mar. 01, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||||
Proposed dividend, per share | ¥ 0.10 | ¥ 0.10 | |||
Proposed dividend, amount | ¥ 1,082,381 | ¥ 1,082,381 | |||
Dividend Declared [Member] | |||||
Subsequent Event [Line Items] | |||||
Proposed dividend, per share | ¥ 0.1 | ||||
Proposed dividend, amount | ¥ 1,082,381 | ||||
Bonds Issued [Member] | One Point Five Billion Bonds Maturing On Eighteenth Of May Two Thousand And Twenty Two Issued To Institutional Investors [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | ¥ 1,500,000 | ||||
Borrowings Interest Rate | 2.35% | ||||
Borrowings maturity | 18 May 2022 | ||||
Bonds Issued [Member] | One Point Five Billion Bonds Maturing On Fifth Of July Two Thousand And Twenty Two Issued To Institutional Investors | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | ¥ 1,500,000 | ||||
Borrowings Interest Rate | 2.01% | ||||
Borrowings maturity | 5 July 2022 |
Statement of Financial Positi_3
Statement of Financial Position and Equity Movement of the Company (Balance Sheet) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||||
Property, plant and equipment | ¥ 11,310,032 | ¥ 11,713,022 | ||
Investment properties | 352,188 | 367,586 | ||
Right-of-use assets | 385,643 | 410,801 | ||
Construction in progress | 3,293,177 | 1,710,124 | ||
Investments accounted for using the equity method | 4,088,888 | 5,387,834 | ||
Time deposits with banks | 5,581,435 | 7,042,840 | ||
Other non-current assets | 787,807 | 424,959 | ||
Non-current assets | 25,988,313 | 27,314,287 | ||
Current assets | ||||
Derivative financial instruments | 81,405 | 0 | ||
Inventories | 5,923,525 | 3,888,746 | ||
Trade receivables | 77,425 | 113,163 | ||
Other receivables | 47,597 | 18,101 | ||
Amounts due from related parties | 1,212,331 | 1,092,316 | ||
Prepayments | 43,686 | 19,552 | ||
Financial assets at fair value through other comprehensive income (FVOCI) | 1,047,690 | 1,207,114 | ||
Time deposits with banks | 7,386,607 | 4,049,443 | ||
Cash and cash equivalents | 5,112,010 | 6,916,408 | ¥ 7,449,699 | ¥ 8,741,893 |
Current assets | 20,932,276 | 17,304,843 | ||
Current liabilities | ||||
Trade and other payables | 3,095,694 | 2,820,083 | ||
Contract liabilities | 424,607 | 495,404 | ||
Amounts due to related parties | 6,304,816 | 3,656,841 | ||
Staff salaries and welfares payable | 260,096 | 244,506 | ||
Borrowings | 1,559,800 | 1,548,000 | ||
Short-term bonds | 0 | 3,017,811 | ||
Lease liabilities | 3,229 | 9,352 | ||
Derivative financial instruments | 23,804 | 0 | ||
Income tax payable | 258,466 | 19,425 | 226,269 | |
Current tax liabilities | 3,865,231 | 3,420,824 | ||
Current liabilities | 15,795,743 | 15,232,246 | ||
Non-current liabilities | ||||
Lease liabilities | 1,384 | 3,119 | ||
Deferred income | 12,720 | 13,433 | ¥ 10,005 | |
Non-current liabilities | 747,448 | 51,909 | ||
CAPITAL AND RESERVES | ||||
Share capital | 10,823,814 | 10,823,814 | ||
Reserves | 19,418,325 | 18,374,176 | ||
Equity attributable to owners of the Company | 30,242,139 | 29,197,990 | ||
The Company [member] | ||||
Non-current assets | ||||
Property, plant and equipment | 10,914,990 | 11,279,484 | ||
Investment properties | 381,540 | 396,676 | ||
Right-of-use assets | 275,924 | 296,371 | ||
Construction in progress | 3,201,111 | 1,694,937 | ||
Investments in subsidiaries | 2,048,328 | 2,048,328 | ||
Investments accounted for using the equity method | 3,299,050 | 4,594,451 | ||
Time deposits with banks | 5,381,149 | 7,042,840 | ||
Deferred tax assets | 178,084 | 238,040 | ||
Other non-current assets | 769,492 | 402,304 | ||
Non-current assets | 26,449,668 | 27,993,431 | ||
Current assets | ||||
Derivative financial instruments | 81,405 | 0 | ||
Inventories | 5,726,264 | 3,685,456 | ||
Trade receivables | 149 | 1,484 | ||
Other receivables | 8,276 | 6,447 | ||
Amounts due from related parties | 1,116,553 | 975,952 | ||
Prepayments | 13,790 | 6,559 | ||
Financial assets at fair value through other comprehensive income (FVOCI) | 615,689 | 735,262 | ||
Time deposits with banks | 7,386,605 | 4,049,441 | ||
Cash and cash equivalents | 4,927,519 | 5,460,067 | ||
Current assets | 19,876,250 | 14,920,668 | ||
Current liabilities | ||||
Trade and other payables | 2,389,508 | 2,287,762 | ||
Contract liabilities | 376,834 | 423,838 | ||
Amounts due to related parties | 7,423,883 | 3,507,497 | ||
Staff salaries and welfares payable | 253,800 | 239,537 | ||
Borrowings | 1,500,000 | 1,500,000 | ||
Short-term bonds | 0 | 3,017,811 | ||
Lease liabilities | 1,604 | 7,897 | ||
Derivative financial instruments | 23,804 | 0 | ||
Income tax payable | 249,332 | 0 | ||
Current tax liabilities | 3,843,541 | 3,392,922 | ||
Current liabilities | 16,062,306 | 14,377,264 | ||
Net current assets | 3,813,944 | 543,404 | ||
Total assets less current liabilities | 30,263,612 | 28,536,835 | ||
Non-current liabilities | ||||
Interest-bearing borrowings | 700,000 | 0 | ||
Lease liabilities | 399 | 1,911 | ||
Deferred income | 12,720 | 13,433 | ||
Non-current liabilities | 713,119 | 15,344 | ||
NET ASSETS | 29,550,493 | 28,521,491 | ||
CAPITAL AND RESERVES | ||||
Share capital | 10,823,814 | 10,823,814 | ||
Reserves | 18,726,679 | 17,697,677 | ||
Equity attributable to owners of the Company | ¥ 29,550,493 | ¥ 28,521,491 |
Statement of Financial Positi_4
Statement of Financial Position and Equity Movement of the Company (Reserve Movement) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Balance at 1 January | ¥ 18,374,176 | |||||
Net profit attributable to shareholders of the Company | 2,073,431 | ¥ 645,072 | ¥ 2,215,728 | |||
Dividends proposed and approved | (1,082,381) | (1,298,858) | (2,705,952) | |||
Appropriation of safety production fund | 0 | 0 | 0 | |||
Total comprehensive income for the year | 2,218,404 | 644,886 | 2,234,614 | |||
Dividends declared and approved in respect of previous year | 1,082,381 | 1,298,858 | ||||
Balance at 31 December | 19,418,325 | 18,374,176 | ||||
Legal surplus [member] | ||||||
Balance at 1 January | [1] | 4,072,476 | 4,072,476 | |||
Appropriation of safety production fund | [1] | 0 | 0 | |||
Change in fair value of hedging instruments | [1] | 0 | ||||
Reclassified to cost of inventory | [1] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [1] | 0 | ||||
Dividends declared and approved in respect of previous year | [1] | 0 | 0 | |||
Transfer to legal surplus | [1] | 2,498,808 | ||||
Balance at 31 December | [1] | 6,571,284 | 4,072,476 | 4,072,476 | ||
Capital surplus [member] | ||||||
Balance at 1 January | [2] | 13,739 | 13,739 | |||
Appropriation of safety production fund | [2] | 0 | 0 | |||
Change in fair value of hedging instruments | [2] | 0 | ||||
Reclassified to cost of inventory | [2] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [2] | 0 | ||||
Dividends declared and approved in respect of previous year | [2] | 0 | 0 | |||
Transfer to legal surplus | [2] | 0 | ||||
Balance at 31 December | [2] | 13,739 | 13,739 | 13,739 | ||
Surplus reserve [member] | ||||||
Balance at 1 January | [3] | 101,355 | 101,355 | |||
Appropriation of safety production fund | [3] | 0 | 0 | |||
Change in fair value of hedging instruments | [3] | 0 | ||||
Reclassified to cost of inventory | [3] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [3] | 0 | ||||
Dividends declared and approved in respect of previous year | [3] | 0 | 0 | |||
Transfer to legal surplus | [3] | 0 | ||||
Balance at 31 December | [3] | 101,355 | 101,355 | 101,355 | ||
Other reserve [member] | ||||||
Balance at 1 January | [4] | 6,326 | 17,838 | |||
Appropriation of safety production fund | [4] | 0 | 0 | |||
Change in fair value of hedging instruments | [4] | 0 | ||||
Reclassified to cost of inventory | [4] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [4] | 0 | ||||
Dividends declared and approved in respect of previous year | [4] | 0 | 0 | |||
Transfer to legal surplus | [4] | 0 | ||||
Balance at 31 December | [4] | 22,965 | 6,326 | 17,838 | ||
Hedging [member] | ||||||
Balance at 1 January | 0 | 0 | ||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | (63,840) | |||||
Reclassified to cost of inventory | 63,840 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | |||||
Dividends declared and approved in respect of previous year | 0 | 0 | ||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 36,460 | 0 | 0 | |||
Share premium [member] | ||||||
Balance at 1 January | [5] | 106,846 | 106,846 | |||
Appropriation of safety production fund | [5] | 0 | 0 | |||
Change in fair value of hedging instruments | [5] | 0 | ||||
Reclassified to cost of inventory | [5] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [5] | 0 | ||||
Dividends declared and approved in respect of previous year | [5] | 0 | 0 | |||
Transfer to legal surplus | [5] | 0 | ||||
Balance at 31 December | [5] | 106,846 | 106,846 | 106,846 | ||
Safety production fund [member] | ||||||
Balance at 1 January | [6] | 145,597 | 57,137 | |||
Appropriation of safety production fund | [6] | 40,729 | 88,460 | |||
Change in fair value of hedging instruments | [6] | 0 | ||||
Reclassified to cost of inventory | [6] | 0 | ||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [6] | 0 | ||||
Dividends declared and approved in respect of previous year | [6] | 0 | 0 | |||
Transfer to legal surplus | [6] | 0 | ||||
Balance at 31 December | [6] | 186,326 | 145,597 | 57,137 | ||
Retained earnings [member] | ||||||
Balance at 1 January | [7] | 13,927,837 | 14,670,083 | |||
Dividends proposed and approved | (1,082,381) | (1,298,858) | (2,705,952) | |||
Appropriation of safety production fund | (40,729) | [7] | (88,460) | [7] | (2) | |
Change in fair value of hedging instruments | [7] | 0 | ||||
Reclassified to cost of inventory | [7] | 0 | ||||
Total comprehensive income for the year | 2,073,431 | 645,072 | 2,215,728 | |||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | [7] | 0 | ||||
Dividends declared and approved in respect of previous year | [7] | (1,082,381) | (1,298,858) | |||
Transfer to legal surplus | [7] | (2,498,808) | ||||
Balance at 31 December | [7] | 12,379,350 | 13,927,837 | 14,670,083 | ||
Total [member] | ||||||
Balance at 1 January | 18,374,176 | 19,039,474 | ||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | (63,840) | |||||
Reclassified to cost of inventory | 63,840 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | |||||
Dividends declared and approved in respect of previous year | (1,082,381) | (1,298,858) | ||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 19,418,325 | 18,374,176 | 19,039,474 | |||
The Company [member] | ||||||
Balance at 1 January | 17,697,677 | |||||
Balance at 31 December | 18,726,679 | 17,697,677 | ||||
The Company [member] | Share capital [member] | ||||||
Balance at 1 January | 10,823,814 | 10,823,814 | ||||
Net profit attributable to shareholders of the Company | 0 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 0 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 10,823,814 | 10,823,814 | 10,823,814 | |||
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 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 0 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 2,498,808 | |||||
Balance at 31 December | 6,571,284 | 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 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 0 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 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 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 0 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 101,355 | 101,355 | 101,355 | |||
The Company [member] | Other reserve [member] | ||||||
Balance at 1 January | 6,326 | 17,838 | ||||
Net profit attributable to shareholders of the Company | 0 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | (11,512) | |||||
Total comprehensive income for the year | 16,639 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 22,965 | 6,326 | 17,838 | |||
The Company [member] | Hedging [member] | ||||||
Balance at 1 January | 0 | 0 | ||||
Net profit attributable to shareholders of the Company | 0 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 63,840 | |||||
Reclassified to cost of inventory | (63,840) | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 125,159 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 36,460 | 0 | 0 | |||
The Company [member] | Share premium [member] | ||||||
Balance at 1 January | 106,846 | 106,846 | ||||
Net profit attributable to shareholders of the Company | 0 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 0 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 106,846 | 106,846 | 106,846 | |||
The Company [member] | Safety production fund [member] | ||||||
Balance at 1 January | 145,597 | 57,135 | ||||
Net profit attributable to shareholders of the Company | 0 | |||||
Dividends proposed and approved | 0 | |||||
Appropriation of safety production fund | 32,310 | 88,462 | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 0 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | 0 | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | 177,907 | 145,597 | 57,135 | |||
The Company [member] | Retained earnings [member] | ||||||
Balance at 1 January | 13,260,897 | 14,260,322 | ||||
Net profit attributable to shareholders of the Company | 387,895 | |||||
Dividends proposed and approved | (1,298,858) | |||||
Appropriation of safety production fund | (32,310) | (88,462) | ||||
Change in fair value of hedging instruments | 0 | |||||
Reclassified to cost of inventory | 0 | |||||
Share of other comprehensive income of investments accounted for using the equity method | 0 | |||||
Total comprehensive income for the year | 2,058,284 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | 0 | |||||
Dividends declared and approved in respect of previous year | (1,082,381) | |||||
Transfer to legal surplus | (2,498,808) | |||||
Balance at 31 December | 11,705,682 | 13,260,897 | 14,260,322 | |||
The Company [member] | Total [member] | ||||||
Balance at 1 January | 28,521,491 | 29,443,966 | ||||
Net profit attributable to shareholders of the Company | 387,895 | |||||
Dividends proposed and approved | (1,298,858) | |||||
Appropriation of safety production fund | 0 | 0 | ||||
Change in fair value of hedging instruments | 63,840 | |||||
Reclassified to cost of inventory | (63,840) | |||||
Share of other comprehensive income of investments accounted for using the equity method | (11,512) | |||||
Total comprehensive income for the year | 2,200,082 | |||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items | (88,699) | |||||
Dividends declared and approved in respect of previous year | (1,082,381) | |||||
Transfer to legal surplus | 0 | |||||
Balance at 31 December | ¥ 29,550,493 | ¥ 28,521,491 | ¥ 29,443,966 | |||
[1] | Under PRC rules and regulations, the Company and its PRC subsidiaries are required to set aside 10% of the net income determined in accordance with the PRC accounting rules and regulations to a legal surplus reserve. The transfer to this reserve must be made before distribution of any dividend to shareholders. The legal surplus reserve is non-distributable other than in liquidation and can be used to make good of previous years’ losses, if any, and may be utilized for business expansion or converted into ordinary shares by the issuance of new shares to shareholders in proportion to their existing shareholdings or by increasing the par value of the shares currently held by the shareholders, provided that the balance after such issuance is not less than 25% of the registered capital. In accordance with PRC rules and regulations, the Company has set aside RMB6,571,284 thousand of legal surplus as of 31 December 2021. | |||||
[2] | This reserve represents gifts or grants received from China Petrochemical Corporation, the ultimate parent company and which are required to be included in this reserve fund by PRC regulations. | |||||
[3] | The transfer to this reserve from the retained profits is subject to the approval by shareholders at general meetings. Its usage is similar to that of the legal surplus reserve. | |||||
[4] | Other reserve comprises share of post-acquisition movements in other comprehensive income from associates and joint ventures using the equity methods of accounting with a corresponding adjustment to the carrying amount of the investment. | |||||
[5] | The application of the share premium account is governed by Sections 167 and 168 of the PRC Company Law. | |||||
[6] | According to the relevant PRC regulations, the Group is required to transfer an amount to specific reserve for the safety production fund based on the turnover of certain refining and chemicals products. This reserve represents unutilized safety production fund. | |||||
[7] | According to the Company’s Articles of Association, the reserve available for distribution is the lower of the amount determined under China Accounting Standards for Business Enterprises and the amount determined under IFRS. |
Benefits and Interests of Dir_3
Benefits and Interests of Directors and Supervisors (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | ¥ 11,866 | ¥ 9,859 | ¥ 9,120 |
Retirement scheme contributions | 551 | 441 | 225 |
Total | 12,417 | 10,300 | 9,345 |
Directors and chief executives [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 3,357 | 2,938 | 2,488 |
Retirement scheme contributions | 517 | 429 | 225 |
Discretionary bonuses | 7,385 | 6,103 | 6,035 |
Directors' fees | 750 | 675 | 600 |
Total | 12,009 | 10,145 | 9,348 |
Wu Haijun [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 324 | 359 | 343 |
Retirement scheme contributions | 49 | 44 | 26 |
Discretionary bonuses | 768 | 799 | 557 |
Total | 1,141 | 1,202 | 926 |
Guan Zemin [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 407 | 367 | |
Retirement scheme contributions | 49 | 41 | |
Discretionary bonuses | 767 | 397 | |
Total | 1,223 | 805 | |
Shi Wei [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 329 | ||
Retirement scheme contributions | 26 | ||
Discretionary bonuses | 797 | ||
Total | 1,152 | ||
Jin Qiang [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 378 | 354 | 289 |
Retirement scheme contributions | 49 | 44 | 26 |
Discretionary bonuses | 682 | 716 | 745 |
Total | 1,109 | 1,114 | 1,060 |
Du Jun [Member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 373 | ||
Retirement scheme contributions | 49 | ||
Discretionary bonuses | 617 | ||
Total | 1,039 | ||
Guo Xiaojun [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 283 | ||
Retirement scheme contributions | 26 | ||
Discretionary bonuses | 751 | ||
Total | 1,060 | ||
Huang Xiangyu [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 276 | 275 | |
Retirement scheme contributions | 48 | 39 | |
Discretionary bonuses | 684 | 440 | |
Total | 1,008 | 754 | |
Huang Fei [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 251 | 217 | |
Retirement scheme contributions | 46 | 39 | |
Discretionary bonuses | 683 | 426 | |
Total | 980 | 682 | |
Zhou Meiyun [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 181 | 248 | |
Retirement scheme contributions | 33 | 26 | |
Discretionary bonuses | 668 | 709 | |
Total | 882 | 983 | |
Jin Wenmin [member] | Executive Directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 265 | 250 | 260 |
Retirement scheme contributions | 49 | 44 | 26 |
Discretionary bonuses | 684 | 721 | 721 |
Total | 998 | 1,015 | 1,007 |
Tang Song [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 150 | 75 | |
Total | 150 | 75 | |
Chen Haifeng [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 150 | 75 | |
Total | 150 | 75 | |
Yang Jun [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 150 | 75 | |
Total | 150 | 75 | |
Gao Song [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 150 | 75 | |
Total | 150 | 75 | |
Zhang Yimin [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 75 | 150 | |
Total | 75 | 150 | |
Liu Yunhong [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 75 | 150 | |
Total | 75 | 150 | |
Du Weifeng [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 75 | 150 | |
Total | 75 | 150 | |
Peng Kun [member] | Non- executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 186 | 96 | |
Retirement scheme contributions | 46 | 25 | |
Discretionary bonuses | 631 | 246 | |
Total | 863 | 367 | |
Li Yuanqin [member] | Independent non-executive directors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Directors' fees | 150 | 150 | 150 |
Total | 150 | 150 | 150 |
Ma Yanhui [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 350 | 332 | 267 |
Retirement scheme contributions | 49 | 42 | 22 |
Discretionary bonuses | 682 | 720 | 685 |
Total | 1,081 | 1,094 | 974 |
Zuo Qiang [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 102 | ||
Retirement scheme contributions | 15 | ||
Discretionary bonuses | 324 | ||
Total | 441 | ||
Li Xiaoxia [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 102 | ||
Retirement scheme contributions | 14 | ||
Discretionary bonuses | 529 | ||
Total | 645 | ||
Zhang Feng [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 169 | 148 | 31 |
Retirement scheme contributions | 42 | 40 | 9 |
Discretionary bonuses | 584 | 485 | 107 |
Total | 795 | 673 | 147 |
Chen Hongjun [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 178 | 159 | 34 |
Retirement scheme contributions | 41 | 38 | 9 |
Discretionary bonuses | 603 | 485 | 110 |
Total | 822 | 682 | 153 |
Zheng Yunrui [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 100 | 100 | 100 |
Total | 100 | 100 | 100 |
Cai Tingji [member] | Supervisors [member] | |||
Disclosure of benefits and interests of directors [line items] | |||
Salaries and other benefits | 100 | 100 | 100 |
Total | ¥ 100 | ¥ 100 | ¥ 100 |
Benefits and Interests of Dir_4
Benefits and Interests of Directors and Supervisors - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Director [Member] | ||
Disclosure of benefits and interests of directors [line items] | ||
Benefits Paid | ¥ 0 | ¥ 0 |
Possible Impact of Amendments_3
Possible Impact of Amendments, New Standards and Interpretations Issued But Not Yet Effective for the Year Ended 31 December 2021 - Summary of Number of Amendments, New Standards and Interpretations Which are Not Yet Effective (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Annual Improvements to IFRS Standards 2018-2020 [Memebr] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2022 |
Amendments to IFRS 3, Reference to the Conceptual Framework [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2022 |
Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2022 |
Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2022 |
Amendments to IAS 1, Classification of Liabilities as Current or Non-current [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
IFRS 17, Insurance contracts [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Basis for conclusions on IFRS 17 [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Illustrative examples on IFRS 17 [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Amendments to IFRS 17 [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS 9 - Comparative Information {Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Amendments to IAS 8, Definition of Accounting Estimates [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction [Member] | |
Possible Impact Of Amendments New Accounting Standards And Interpretations Issued But Not Yet Effective [Line Items] | |
Effective Date From Which Reporting Standard Is Applicable | Jan. 1, 2023 |