SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE13a-16 OR15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2020
Commission File Number: 1-12158
Sinopec Shanghai Petrochemical Company Limited
(Translation of registrant’s name into English)
No. 48 Jinyi Road, Jinshan District, Shanghai, 200540
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form20-F or Form40-F.
Form20-F ☒ Form40-F ☐
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7): ☐
EXHIBITS
Exhibit Number | ||
99.1 | Major Operating Data of the 2020 First Quarter. | |
99.2 | 2020 First Quarterly Report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED | ||||||
Date: April 29, 2020 | By: | /s/ Wu Haijun | ||||
Name: | Wu Haijun | |||||
Title: | Chairman of the Board of Directors |
(A joint stock limited company incorporated in the People’s Republic of China)
(Stock Code: 00338)
Major Operating Data of the 2020 First Quarter
According to Rule 18 of the Guidelines of the Shanghai Stock Exchange for Industry Information Disclosure No.18 – Chemical Industry, Sinopec Shanghai Petrochemical Company Limited (the “Company”) announced the major operating data for the three months ended 31 March 2020:
I. | Major operating data of 2020 first quarter |
Product | Production volume (10,000 tons) | Sales volume (10,000 tons) | Sales revenue (1,000 RMB) | |||||||||
Petroleum products | ||||||||||||
Diesel | 82.25 | 81.54 | 3,406,732 | |||||||||
Gasoline | 70.28 | 73.21 | 5,039,654 | |||||||||
Jet Fuelnote 1 | 40.11 | 32.43 | 1,256,714 | |||||||||
Intermediate petrochemicals | ||||||||||||
PXnote 2 | 15.72 | 9.31 | 477,655 | |||||||||
Benzenenote 1 | 9.01 | 7.78 | 361,764 | |||||||||
Ethylene Glycolnote 2 | 8.88 | 5.76 | 230,305 | |||||||||
Ethylene Oxide | 5.59 | 5.43 | 339,723 | |||||||||
Ethylenenote2 | 20.26 | 0.00 | 0 | |||||||||
Resins and plastics | ||||||||||||
PE | 12.69 | 11.42 | 780,421 | |||||||||
PP | 11.52 | 10.04 | 759,547 | |||||||||
Polyester chipsnote 1 note 2 | 8.73 | 6.19 | 319,284 | |||||||||
Synthetic fibres | ||||||||||||
Acrylics | 2.83 | 2.54 | 294,098 | |||||||||
Polyesternote 1 | 0.63 | 0.61 | 38,854 |
Note 1: Sales exclude materials processed on asub-contract basis.
Note 2: Part of the difference between the production volume and sales volume is internal use.
The above data for sales volume and sales revenue does not include the data for the Company’s trading of petrochemical products.
II. | Change in prices of major products and raw materials in the 2020 first quarter |
Unit: RMB yuan /ton
Product | The average price in the 2020 first quarter | The average price in the 2019 first quarter | Change | |||||||||
Diesel | 4,178 | 4,893 | -14.62 | % | ||||||||
Gasoline | 6,884 | 6,915 | -0.44 | % | ||||||||
Jet Fuel | 3,875 | 3,962 | -2.20 | % | ||||||||
Ethylene | — | 7,054 | — | |||||||||
PX | 5,131 | 7,334 | -30.04 | % | ||||||||
Benzene | 4,648 | 4,013 | 15.82 | % | ||||||||
Ethylene Glycol | 4,001 | 4,477 | -10.63 | % | ||||||||
Ethylene Oxide | 6,262 | 6,762 | -7.40 | % | ||||||||
PE | 6,832 | 8,417 | -18.83 | % | ||||||||
PP | 7,567 | 8,510 | -11.08 | % | ||||||||
Polyester chips | 5,156 | 6,933 | -25.62 | % | ||||||||
Acrylics | 11,599 | 13,750 | -15.64 | % | ||||||||
Polyester | 6,419 | 8,513 | -24.59 | % | ||||||||
Raw material | The average processing cost in the 2020 first quarter | The average processing cost in the 2019 first quarter | Change | |||||||||
Crude oil | 3,427.69 | 3,155.35 | 8.63 | % |
III. | Other Matters |
The above-mentioned operating data was calculated based on the internal statistics of the Company and is intended to provide an overview of the production and operation of the Company to the investors on a timely basis. The operating data is unaudited and does not make any express or implied forecasts or guarantees in respect of the Company’s future operating conditions. Investors are advised to exercise caution when using such information.
By Order of the Board | ||
Sinopec Shanghai Petrochemical Company Limited | ||
Wu Haijun | ||
Chairman | ||
Shanghai, the PRC, 28 April 2020 |
(A joint stock limited company incorporated in the People’s Republic of China)
(Stock Code: 00338)
2020 First Quarterly Report
This announcement is published simultaneously in Shanghai and Hong Kong. This announcement is published pursuant to the Rules Governing Listing of Stocks on Shanghai Stock Exchange in the People’s Republic of China and pursuant to the disclosure obligations under Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
|
1. Important Message
1.1 | The Board of Directors (the “Board”) and the Supervisory Committee of Sinopec Shanghai Petrochemical Company Limited (the “Company” or “SPC”) as well as its directors, supervisors and senior management warrant the truthfulness, accuracy and completeness of the information contained in the 2020 first quarterly report, and warrant that there are no false representations or misleading statements contained in or material omissions from this report and severally and jointly accept responsibility pursuant to such information. |
1.2 | All directors attended the twenty-second meeting of the ninth session of the Board, and have considered and adopted the 2020 first quarterly report at the meeting. |
1.3 | Mr. Wu Haijun, person in charge of the Company, Mr. Zhou Meiyun, (person in charge of accounting affairs and overseeing the accounting operations, and Ms. Yang Yating,person-in-charge of Accounting Department (Accounting Chief) warrant the truthfulness, accuracy and completeness of the financial report contained in this first quarterly report. |
1.4 | The financial report of the Company’s 2020 first quarterly report was prepared under the China Accounting Standards for Business Enterprises and was unaudited. |
1
2. Basic Information
2.1 | Major Accounting Data |
Unit: RMB’000
As at the end of the Reporting Period | As at the end of the previous year | Increase/decrease at the end of the Reporting Period as compared to the end of the previous year (%) | ||||||||||
Total assets | 41,465,657 | 45,636,128 | -9.14 | |||||||||
Total equity attributable to equity shareholders of the Company | 28,613,180 | 29,885,341 | -4.26 | |||||||||
From the beginning of the year to the end of the Reporting Period (January to March) | From the beginning of the year to the end of the Reporting Period last year (January to March) | Increase/decrease as compared to the corresponding period of the previous year (%) (January to March) | ||||||||||
Net cash flows used in operating activities | -3,880,619 | -1,089,708 | -256.12 | |||||||||
From the beginning of the year to the end of the Reporting Period (January to March) | From the beginning of the year to the end of the Reporting Period last year (January to March) | Increase/decrease as compared to the corresponding period of the previous year (%) (January to March) | ||||||||||
Revenue | 17,926,384 | 25,136,233 | -28.68 | |||||||||
Net profit attributable to equity shareholders of the Company | -1,202,367 | 610,653 | -296.90 | |||||||||
Net profit attributable to equity shareholders of the Company excluding non-recurring items | -1,218,292 | 624,529 | -295.07 | |||||||||
Return on net assets (weighted average) (%) | -4.292 | 1.992 | | Decreased by 315.46 percentage points | | |||||||
Basic earnings per share (RMB/share) | -0.111 | 0.056 | -298.21 | |||||||||
Diluted earnings per share (RMB/share) | -0.111 | 0.056 | -298.21 |
2
Excludednon-recurring items and amount:
Unit: RMB’000
Item | Amount for the Reporting Period (January to March) | |||
Government grants recognized through profit and loss except for government grants under the State’s unified standards on quota and amount entitlements and closely related to corporate business | 20,203 | |||
In addition to the effective hedging business related to the company’s normal business operations, the fair value gains and losses arising from the holding of transactional financial assets, derivative financial assets, transactional financial liabilities and derivative financial liabilities, as well as the investment gains from the disposal of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities and other creditor’s rights investments. | 14,049 | |||
Other profit and loss items that meet the definition of non-recurring items | -13,019 | |||
Effect on minority interests (after tax) | — | |||
Tax effect for the items above | -5,308 | |||
Total | 15,925 |
3
2.2 | Total Number of Shareholders as at the End of the Reporting Period, Top Ten Shareholders and Shareholdings of the Top Ten Shareholders of Shares in Circulation (or Unrestricted Shares) |
Unit: Share
Total number of shareholders |
| 96,508 | ||||||||||||||||||||||
Shareholdings of the top ten shareholders | ||||||||||||||||||||||||
Name of shareholder (in full) | Number of shares held at the end of the Reporting Period | Percentage of total shareholding (%) | Number of shares with selling restrictions | Number of shares pledged or frozen | Type of shareholder | |||||||||||||||||||
Situation of the shares | Number | |||||||||||||||||||||||
China Petroleum & Chemical Corporation | 5,460,000,000 | 50.44 | 0 | None | 0 | | State-owned legal person | | ||||||||||||||||
HKSCC (Nominees) Limited | 3,454,683,747 | 31.92 | 0 | Unknown | 0 | | Overseas legal person | | ||||||||||||||||
China Securities Finance Corporation Limited | 324,111,018 | 2.99 | 0 | None | 0 | Others | ||||||||||||||||||
Central Huijin Investment Ltd. | 67,655,800 | 0.63 | 0 | None | 0 | Others | ||||||||||||||||||
HKSCC Limited | 59,952,427 | 0.55 | 0 | None | 0 | Others | ||||||||||||||||||
China Universal Asset Management Company Limited- Social Security Fund 1103 portfolio | 50,000,620 | 0.46 | ||||||||||||||||||||||
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan | 45,222,300 | 0.42 | 0 | None | 0 | Others | ||||||||||||||||||
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan | 43,531,469 | 0.40 | 0 | None | 0 | Others | ||||||||||||||||||
China Asset Fund – Agricultural Bank of China – China Asset CSI Financial Asset Management Plan | 43,083,750 | 0.40 | 0 | None | 0 | Others | ||||||||||||||||||
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan | 43,083,700 | 0.40 | 0 | None | 0 | Others |
4
Shareholdings of the Top Ten Shareholders with Unlimited Conditions of Sale | ||||||||||||
Name of shareholder | Number of Liquidity Shares Holding Unlimited Conditions of Sale | Type and quantity of shares | ||||||||||
Type | Quantity | |||||||||||
China Petroleum & Chemical Corporation | 5,460,000,000 | RMB common stocks | 5,460,000,000 | |||||||||
HKSCC (Nominees) Limited | 3,454,683,747 | | Overseas listed foreign share | | 3,454,683,747 | |||||||
China Securities Finance Corporation Limited | 324,111,018 | RMB common stocks | 324,111,018 | |||||||||
Central Huijin Investment Ltd. | 67,655,800 | RMB common stocks | 67,655,800 | |||||||||
HKSCC Limited | 59,952,427 | RMB common stocks | 59,952,427 | |||||||||
China Universal Asset Management Company Limited- Social Security Fund 1103 portfolio | 50,000,620 | RMB common stocks | 50,000,620 | |||||||||
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan | 45,222,300 | RMB common stocks | 45,222,300 | |||||||||
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan | 43,531,469 | RMB common stocks | 43,531,469 | |||||||||
China Asset Fund – Agricultural Bank of China – China Asset CSI Financial Asset Management Plan | 43,083,750 | RMB common stocks | 43,083,750 | |||||||||
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan | 43,083,700 | RMB common stocks | 43,083,700 |
Explanation of the connected relationship or acting in concert relationship of the above shareholders | Among the above-mentioned shareholders, China Petroleum & Chemical Corporation, a state-owned legal person, does not have any connected relationship with the other shareholders, and does not constitute anact-in-concert party under the Administration Measures on Acquisition of Listed Companies. Among the above-mentioned shareholders, HKSCC (Nominees) Limited is a nominee and HKSCC Limited is the nominal holder of the Company’s Shanghai-Hong Kong Stock Connect. Apart from the above, the Company is not aware of any other connected relationships among the other shareholders, or whether any other shareholder constitutes anact-in-concert party under the Administrative Measures on Acquisition of Listed Companies. |
5
3. Major Events
3.1 Description of Substantial Changes in Major Financial Report Items and Financial Indicators of the Company
Unit: RMB’000
Item | As at 31 March 2020 | As at 31 December 2019 | Increase/ decrease amount | Change (%) | Major reason for change | |||||||||||||
Monetary Funds | 5,651,324 | 8,958,538 | -3,307,214 | -36.92 | % | The decrease of sales gross profit in the first quarter, the decrease of operating balance payables such as accounts payable and taxes payable, and the net cash outflow from operating activities led to the falling of the balance of monetary | ||||||||||||
Inventory | 4,969,938 | 6,754,434 | -1,784,496 | -26.42 | % | Affected by novel coronavirus pneumonia(COVID-19 for short) and significantly drop of crude oil price, the inventory and unit cost of main raw materials such as crude oil of the Company decreased at the end of the period | ||||||||||||
Short-term borrowings | 3,037,187 | 1,547,600 | 1,489,587 | 96.25 | % | The company’s new borrowings with lower financing costs were used to supplement daily operating funds | ||||||||||||
Accounts payable | 4,383,186 | 7,664,296 | -3,281,110 | -42.81 | % | Affected byCOVID-19 and international crude oil market, the procurement and price of raw materials decreased, resulting in a substantial decline in the payable balance | ||||||||||||
Unit: RMB’000 | ||||||||||||||||||
Item | For the three-month period ended 31 March | Increase/ decrease amount | Change (%) | Major reason for change | ||||||||||||||
2020 | 2019 | |||||||||||||||||
Operating income | 17,926,384 | 25,136,233 | -7,209,849 | -28.68 | % | Affected byCOVID-19, the consumption needs of downstream market decreased, product price and sales declined | ||||||||||||
Investment income | 77,983 | 195,291 | -117,308 | -60.07 | % | Affected byCOVID-19 and chemical market price fluctuations, the operating conditions of associates during the Reporting Period were weaker than the same period of last year, and investment income decreased | ||||||||||||
Operating (loss)/profit | -1,629,144 | 747,350 | -2,376,494 | -317.99 | % | During the period, sales price of products decreased, the existing expensive inventory was consumed, resulting in a significant decrease in gross profit |
6
4. Appendix
4.1 | CONSOLIDATED BALANCE SHEETS |
AS AT 31 MARCH 2020
Unit: RMB’000
Items | As at the end of the Reporting Period | As at the beginning of the year | ||||||
(unaudited) | (audited) | |||||||
Current assets | ||||||||
Cash at bank and on hand | 5,651,324 | 8,958,538 | ||||||
Trading financial assets | 3,919,266 | 3,318,407 | ||||||
Derivative financial assets | 2,248 | 263 | ||||||
Account receivable | 1,942,207 | 1,639,916 | ||||||
Financing receivable | 1,059,483 | 1,540,921 | ||||||
Interests receivable | 80,012 | 56,602 | ||||||
Other receivables | 39,419 | 28,111 | ||||||
Interest receivable | 10,365 | 10,927 | ||||||
Inventories | 4,969,938 | 6,754,434 | ||||||
Other current assets | 152,706 | 11,971 | ||||||
|
|
|
| |||||
Total current assets | 17,816,603 | 22,309,163 | ||||||
|
|
|
| |||||
Non-current assets | ||||||||
Long-term equity investments | 5,395,706 | 5,328,758 | ||||||
Other equity instrument investment | 5,000 | 5,000 | ||||||
Investment properties | 379,085 | 367,468 | ||||||
Fixed assets | 10,987,805 | 11,322,850 | ||||||
Construction in progress | 1,993,598 | 1,815,549 | ||||||
Right-of-use assets | 22,040 | 23,648 | ||||||
Intangible assets | 333,194 | 337,846 | ||||||
Long-term prepaid expenses | 420,963 | 463,780 | ||||||
Deferred tax assets | 600,429 | 150,832 | ||||||
Othernon-current assets | 3,511,234 | 3,511,234 | ||||||
|
|
|
| |||||
Totalnon-current assets | 23,649,054 | 23,326,965 | ||||||
|
|
|
| |||||
Total assets | 41,465,657 | 45,636,128 | ||||||
|
|
|
|
7
CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS AT 31 MARCH 2020
Unit: RMB’000
Items | As at the end of the Reporting Period | As at the beginning of the year | ||||||
(unaudited) | (audited) | |||||||
Current liabilities | ||||||||
Short-term borrowings | 3,037,187 | 1,547,600 | ||||||
Derivative financial liabilities | 872 | 799 | ||||||
Notes payable | 937,150 | 733,900 | ||||||
Accounts payable | 4,383,186 | 7,664,296 | ||||||
Contract Liabilities | 413,120 | 660,783 | ||||||
Employee benefits payable | 373,913 | 189,547 | ||||||
Taxes payable | 2,538,830 | 3,803,287 | ||||||
Other payables | 888,183 | 867,967 | ||||||
Including: Interest payable | 2,443 | 1,686 | ||||||
Dividends payable | 29,144 | 29,144 | ||||||
Non-current liabilities due within one year | 10,928 | 11,450 | ||||||
|
|
|
| |||||
Total current liabilities | 12,583,369 | 15,479,629 | ||||||
|
|
|
| |||||
Non-current liabilities | ||||||||
Lease liabilities | 9,501 | 10,593 | ||||||
Deferred revenue | 127,701 | 130,005 | ||||||
Deferred tax liabilities | 365 | — | ||||||
Totalnon-current liabilities | 137,567 | 140,598 | ||||||
|
|
|
| |||||
Total liabilities | 12,720,936 | 15,620,227 | ||||||
|
|
|
| |||||
Shareholders’ equity | ||||||||
Share capital | 10,823,814 | 10,823,814 | ||||||
Capital surplus | 610,327 | 610,327 | ||||||
Other comprehensive income | -77,419 | 17,838 | ||||||
Specific reserve | 82,600 | 57,137 | ||||||
Surplus reserve | 6,437,010 | 6,437,010 | ||||||
Undistributed profits | 10,736,848 | 11,939,215 | ||||||
|
|
|
| |||||
Total equity attributable to equity shareholders of the Company | 28,613,180 | 29,885,341 | ||||||
|
|
|
| |||||
Minority interests | 131,541 | 130,560 | ||||||
|
|
|
| |||||
Total shareholders’ equity | 28,744,721 | 30,015,901 | ||||||
|
|
|
| |||||
Total liabilities and shareholders’ equity | 41,465,657 | 45,636,128 | ||||||
|
|
|
|
8
COMPANY BALANCE SHEETS
AS AT 31 MARCH 2020
Unit: RMB’000
Items | As at the end of the Reporting Period | As at the beginning of the year | ||||||
(unaudited) | (audited) | |||||||
Current assets | ||||||||
Cash at bank and on hand | 4,734,256 | 7,263,279 | ||||||
Trading financial assets | 3,518,464 | 3,318,407 | ||||||
Accounts receivables | 1,450,695 | 1,310,449 | ||||||
Financial assets at fair value through other comprehensive income | 518,769 | 669,889 | ||||||
Advances to suppliers | 74,400 | 47,547 | ||||||
Other receivables | 17,031 | 14,637 | ||||||
Including: Interests receivables | 10,153 | 10,617 | ||||||
Inventories | 4,764,370 | 6,368,389 | ||||||
Other current assets | 134,701 | — | ||||||
|
|
|
| |||||
Total current assets | 15,212,686 | 18,992,597 | ||||||
|
|
|
| |||||
Non-current assets | ||||||||
Long-term equity investments | 6,548,843 | 6,489,898 | ||||||
Investment properties | 408,936 | 397,573 | ||||||
Fixed assets | 10,792,609 | 11,123,442 | ||||||
Construction in progress | 1,992,016 | 1,814,985 | ||||||
Right-of-use assets | 19,627 | 20,520 | ||||||
Intangible assets | 295,618 | 298,914 | ||||||
Long-term prepaid expenses | 412,887 | 455,391 | ||||||
Deferred tax assets | 586,920 | 138,648 | ||||||
Othernon-current assets | 3,511,234 | 3,511,234 | ||||||
|
|
|
| |||||
Totalnon-current assets | 24,568,690 | 24,250,605 | ||||||
|
|
|
| |||||
Total assets | 39,781,376 | 43,243,202 | ||||||
|
|
|
|
9
COMPANY BALANCE SHEETS (CONTINUED)
AS AT 31 MARCH 2020
Unit: RMB’000
Items | As at the end of the Reporting Period | As at the beginning of the year | ||||||
(unaudited) | (audited) | |||||||
Current liabilities | ||||||||
Short-term borrowings | 3,000,000 | 1,500,000 | ||||||
Notes receivable | 916,000 | 715,000 | ||||||
Accounts receivable | 3,342,273 | 5,951,568 | ||||||
Contract Liabilities | 361,908 | 601,912 | ||||||
Employee benefits payable | 367,386 | 183,912 | ||||||
Taxes payable | 2,528,918 | 3,776,221 | ||||||
Other payables | 891,982 | 854,759 | ||||||
Including: Interest payable | 2,388 | 1,531 | ||||||
Dividends payable | 29,144 | 29,144 | ||||||
Non-current liabilities that due within one year | 10,154 | 10,059 | ||||||
|
|
|
| |||||
Total current liabilities | 11,418,621 | 13,593,431 | ||||||
|
|
|
| |||||
Non-current liabilities | ||||||||
Lease liabilities | 7,864 | 8,860 | ||||||
Deferred revenue | 127,505 | 130,005 | ||||||
|
|
|
| |||||
Totalnon-current liabilities | 135,369 | 138,865 | ||||||
|
|
|
| |||||
Total liabilities | 11,553,990 | 13,732,296 | ||||||
|
|
|
| |||||
Shareholders’ equity | ||||||||
Share capital | 10,823,814 | 10,823,814 | ||||||
Capital surplus | 600,768 | 600,768 | ||||||
Other comprehensive income | -77,419 | 17,838 | ||||||
Specific reserve | 82,600 | 57,135 | ||||||
Surplus reserve | 6,437,010 | 6,437,010 | ||||||
Undistributed profits | 10,360,613 | 11,574,341 | ||||||
|
|
|
| |||||
Total shareholders’ equity | 28,227,386 | 29,510,906 | ||||||
|
|
|
| |||||
Total liabilities and shareholders’ equity | 39,781,376 | 43,243,202 | ||||||
|
|
|
|
10
4.2 | CONSOLIDATED INCOME STATEMENTS |
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
Total revenue | 17,926,384 | 25,136,233 | ||||||
|
|
|
| |||||
Including:Revenue | 17,926,384 | 25,136,233 | ||||||
|
|
|
| |||||
Total operating cost | 19,537,181 | 24,583,829 | ||||||
|
|
|
| |||||
Including: Cost of sales | 16,461,522 | 20,831,769 | ||||||
Taxes and surcharges | 2,372,973 | 2,973,374 | ||||||
Selling and distribution expenses | 110,122 | 125,926 | ||||||
General and administrative expenses | 671,296 | 765,507 | ||||||
R&D expenses | 6,071 | 7,085 | ||||||
Financial expenses | -84,803 | -119,841 | ||||||
Including:Financial expense | 15,307 | 13,572 | ||||||
Financial income | 98,964 | 125,729 | ||||||
Add: Other income | 2,447 | 584 | ||||||
Investment income (“-” to indicate loss) | 77,983 | 195,291 | ||||||
Including: Share of income of associates and joint ventures | 71,887 | 209,225 | ||||||
Profit arising from changes in fair value (“-” for loss) | 21,363 | -139 | ||||||
Credit impairment losses (“-” for loss) | — | -9 | ||||||
Asset impairment losses (“-” for loss) | -120,140 | — | ||||||
Gains on disposal of assets (“-” for loss) | — | -790 | ||||||
|
|
|
| |||||
Operating profit (“-” to indicate loss) | -1,629,144 | 747,350 | ||||||
|
|
|
| |||||
Add:Non-operating income | 18,850 | 7,361 | ||||||
Add:Non-operating income | 7,028 | 7,032 | ||||||
|
|
|
| |||||
Total profit (“-” to indicate loss) | -1,617,322 | 747,679 | ||||||
|
|
|
| |||||
Less: Income tax expenses | -415,936 | 136,682 |
11
CONSOLIDATED INCOME STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
Net Profit (“-” to indicate loss) | -1,201,386 | 610,997 | ||||||
(1) Classification by business continuity | -1,201,386 | 610,997 | ||||||
1. Profit from continuing operations (“-” to indicate loss) | -1,201,386 | 610,997 | ||||||
(2) Classification by ownership | -1,201,386 | 610,997 | ||||||
1. Attributable to equity shareholders of the Company (“-” to indicate loss) | -1,202,367 | 610,653 | ||||||
2. Minority interests (“-” to indicate loss) | 981 | 344 | ||||||
Other comprehensive income, net of tax | -95,257 | — | ||||||
(1) Other comprehensive income, net of tax attributable to shareholders of the Company | -95,257 | — | ||||||
1. Items that cannot be reclassified to profit or loss | — | — | ||||||
2. Items that may be reclassified to profit or loss | -95,257 | — | ||||||
(a) Items that may be reclassified to profit or loss using the equity method | -3,288 | — | ||||||
(b) Cash flow hedging reserves | -91,969 | — | ||||||
(2) Other comprehensive income, net of tax attributable to non-controlling shareholders of the Company | — | — | ||||||
|
|
|
| |||||
Total comprehensive income | -1,296,643 | 610,997 | ||||||
|
|
|
| |||||
Attributable to equity shareholders of the Company | -1,297,624 | 610,653 | ||||||
Minority interests | 981 | 344 | ||||||
Earnings per share | ||||||||
Basic earnings per share (RMB) | -0.111 | 0.056 | ||||||
Diluted earnings per share (RMB) | -0.111 | 0.056 |
12
COMPANY INCOME STATEMENTS
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
Revenue | 15,192,662 | 19,013,327 | ||||||
Less: Cost of sales | 13,763,457 | 14,794,477 | ||||||
Taxes and surcharges | 2,369,980 | 2,967,040 | ||||||
Selling and distribution expenses | 92,404 | 107,155 | ||||||
General and administrative expenses | 648,148 | 741,310 | ||||||
R&D expenses | 4,301 | 5,252 | ||||||
Financial expenses | -72,978 | -117,357 | ||||||
Including: Financial expense | 14,798 | 7,787 | ||||||
Financial income | 89,421 | 118,221 | ||||||
Add: Other income | 1,623 | 574 | ||||||
Investment income (“-” to indicate loss) | 68,012 | 186,459 | ||||||
Including: Share of income of associates and joint ventures | 62,233 | 196,779 | ||||||
Profit arising from changes in fair value (“-” for loss) | 19,988 | — | ||||||
Credit impairment losses (“-” for loss) | — | -9 | ||||||
Asset impairment losses (“-” for loss) | -120,140 | — | ||||||
Asset disposal income (“-” to indicate loss) | — | -5,869 | ||||||
Operating profit (“-” to indicate loss) | -1,643,167 | 696,605 | ||||||
Add:Non-operating income | 18,850 | 1,946 | ||||||
Less:Non-operating expenses | 7,028 | 7,030 | ||||||
Total profit (“-” to indicate loss) | -1,631,345 | 691,521 | ||||||
Less: Income tax expenses | -417,616 | 125,401 | ||||||
Net Profit (“-” to indicate loss) | -1,213,729 | 566,120 | ||||||
Profit from continuing operations (“-” to indicate loss) | -1,213,729 | 566,120 | ||||||
Other comprehensive income, net of tax | -95,257 | — | ||||||
(—) Items that cannot be reclassified to profit or loss | — | — | ||||||
(—) Items that may be reclassified to profit or loss | -95,257 | — | ||||||
1. Items that may be reclassified to profit or loss using the equity method | -3,288 | — | ||||||
2. Cash flow hedging reserves | -91,969 | — | ||||||
|
|
|
| |||||
Total comprehensive income | -1,308,986 | 566,120 | ||||||
|
|
|
| |||||
Earnings per share | ||||||||
Basic earnings per share (RMB) | -0.112 | 0.052 | ||||||
Diluted earnings per share (RMB) | -0.112 | 0.052 |
13
4.3 | CONSOLIDATED CASH FLOW STATEMENTS |
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
1. Cash flows used in operating activities | ||||||||
Cash received from sales of goods or rendering of services | 19,228,821 | 27,306,858 | ||||||
Cash received relating to other operating activities | 62,569 | 6,015 | ||||||
|
|
|
| |||||
Sub-total of cash inflows | 19,291,390 | 27,312,873 | ||||||
|
|
|
| |||||
Cash paid for goods and services | 19,096,902 | 23,266,199 | ||||||
Cash paid to and on behalf of employees | 581,241 | 572,139 | ||||||
Payments of taxes and surcharges | 3,451,637 | 4,385,444 | ||||||
Cash paid relating to other operating activities | 42,229 | 178,799 | ||||||
|
|
|
| |||||
Sub-total of cash outflows | 23,172,009 | 28,402,581 | ||||||
|
|
|
| |||||
Net cash flows generated operating activities | -3,880,619 | -1,089,708 | ||||||
|
|
|
| |||||
2. Cash flows generated from investing activities | ||||||||
Cash received from entrusted lending | — | 200,000 | ||||||
Cash received from returns on investments | 1,650 | — | ||||||
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 126 | 4,815 | ||||||
Cash received relating to other investing activities | 2,875,698 | 800,215 | ||||||
|
|
|
| |||||
Sub-total of cash inflows | 2,877,474 | 1,005,030 | ||||||
|
|
|
| |||||
Cash paid to acquire fixed assets, intangible assets and other long-term assets | 380,901 | 293,828 | ||||||
Cash paid to other related investment activities | 3,401,282 | 504,396 | ||||||
|
|
|
| |||||
Sub-total of cash outflows | 3,782,183 | 798,224 | ||||||
|
|
|
| |||||
Net cash flows generated from operating activities. | -904,709 | 206,806 | ||||||
|
|
|
|
14
CONSOLIDATED CASH FLOW STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
3. Cash flows generated from financing activities | ||||||||
Cash received from borrowings | 3,167,187 | 1,897,500 | ||||||
|
|
|
| |||||
Sub-total of cash inflows | 3,167,187 | 1,897,500 | ||||||
|
|
|
| |||||
Cash repayments of borrowings | 1,677,600 | 972,825 | ||||||
Cash paid for distribution of dividends or profits and interest expenses | 11,976 | 10,812 | ||||||
Cash paid for other fund-raising activities | 9,547 | 89 | ||||||
|
|
|
| |||||
Sub-total of cash outflows | 1,699,123 | 983,726 | ||||||
|
|
|
| |||||
Net cash flows generated from financing activities | 1,468,064 | 913,774 | ||||||
|
|
|
| |||||
4. Effect of foreign exchange rate changes on cash and cash equivalents | 5,171 | -1,719 | ||||||
5. Net increase in cash and cash equivalents | -3,312,093 | 29,153 | ||||||
Add: Cash and cash equivalents at beginning of the Reporting Period | 7,449,699 | 8,241,893 | ||||||
6. Cash and cash equivalents at end of the Reporting Period | 4,137,606 | 8,271,046 |
15
CASH FLOW STATEMENTS
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
1. Cash flows generated operating activities | ||||||||
Cash received from sales of goods or rendering of services | 15,998,915 | 20,789,805 | ||||||
Cash received relating to other operating activities | 51,219 | 8,694 | ||||||
|
|
|
| |||||
Sub-total of cash inflows | 16,050,134 | 20,798,499 | ||||||
|
|
|
| |||||
Cash paid for goods and services | 15,600,585 | 16,812,058 | ||||||
Cash paid to and on behalf of employees | 545,350 | 535,445 | ||||||
Payments of taxes and surcharges | 3,428,735 | 4,311,964 | ||||||
Cash paid relating to other operating activities | 10,600 | 116,469 | ||||||
|
|
|
| |||||
Sub-total of cash outflows | 19,585,270 | 21,775,936 | ||||||
|
|
|
| |||||
Net cash flows generated operating activities | -3,535,136 | -977,437 | ||||||
|
|
|
| |||||
2. Cash flows generated investing activities | ||||||||
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 126 | 4,672 | ||||||
Cash received relating to other investing activities | 2,876,393 | 785,005 | ||||||
|
|
|
| |||||
Sub-total of cash inflows | 2,876,519 | 789,677 | ||||||
|
|
|
| |||||
Cash paid to acquire fixed assets, intangible assets and other long-term assets | 354,382 | 290,527 | ||||||
Cash paid to other related investment activities | 3,000,000 | 500,000 | ||||||
|
|
|
| |||||
Sub-total of cash outflows | 3,354,382 | 790,527 | ||||||
|
|
|
| |||||
Net cash flows used in investing activities | -477,863 | -850 | ||||||
|
|
|
|
16
CASH FLOW STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH 2020(Unaudited)
Unit: RMB’000
Three months ended 31 March | ||||||||
Items | 2020 | 2019 | ||||||
3. Cash flows generated from financing activities | ||||||||
Cash received from borrowings | 3,160,000 | 1,880,000 | ||||||
|
|
|
| |||||
Sub-total of cash inflows | 3,160,000 | 1,880,000 | ||||||
|
|
|
| |||||
Cash repayments of borrowings | 1,660,000 | 934,725 | ||||||
Cash paid for distribution of dividends or profits and interest expenses | 11,502 | 10,204 | ||||||
Cash paid for other financing activities | 9,400 | — | ||||||
|
|
|
| |||||
Sub-total of cash outflows | 1,680,902 | 944,929 | ||||||
|
|
|
| |||||
Net cash flows generated from financing activities | 1,479,098 | 935,071 | ||||||
|
|
|
| |||||
4. Effect of foreign exchange rate changes on cash and cash equivalents | — | — | ||||||
5. Net increase in cash and cash equivalents | -2,533,901 | -43,216 | ||||||
Add: Cash and cash equivalents at beginning of the Reporting Period | 5,754,440 | 7,119,013 | ||||||
6. Cash and cash equivalents at end of the Reporting Period | 3,220,539 | 7,075,797 |
By Order of the Board
Sinopec Shanghai Petrochemical Company Limited
Wu Haijun
Chairman
Shanghai, the PRC, 28 April 2020
17