Exhibit 99.2
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Sinopec Shanghai Petrochemical Company Limited
中國石化上海石油化工股份有限公司
(A joint stock limited company incorporated in the People’s Republic of China)
(Stock Code: 00338)
2023 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. This announcement is published 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”, together with its subsidiaries, the “Group”) as well as its directors, supervisors and senior management warrant the truthfulness, accuracy and completeness of the information contained in the 2023 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 | Mr. Wan Tao, Chairman of the Company, Mr. Du Jun, executive director, deputy president and CFO, overseeing the accounting operations, and Ms. Yang Yating, person in charge of Accounting Department (Accounting Chief) and Director of Finance Department warrant the truthfulness, accuracy and completeness of the financial information contained in this first quarterly report. |
1.3 | The financial report of the Company’s 2023 first quarterly report was prepared under the China Accounting Standards for Business Enterprises and was unaudited. |
- 1 -
2. | MAJOR ACCOUNTING DATA |
2.1 | Major Financial Report Items and Financial Indicators |
Unit: RMB’000
The reporting period | The corresponding period of the previous year | Increase/decrease during the reporting period as compared to the corresponding period of the previous year (%) | ||||||||||||||
Item | Before adjustment | After adjustment | After adjustment | |||||||||||||
Revenue | 21,978,009 | 26,006,070 | 26,006,070 | -15.49 | % | |||||||||||
Net profit attributable to equity shareholders of the Company | -163,142 | 213,510 | 213,906 | -176.27 | % | |||||||||||
Net profit attributable to equity shareholders of the Company excluding non-recurring items | -159,041 | 241,668 | 242,064 | -165.70 | % | |||||||||||
Net cash flows generated from operating activities | -29,479 | -1,785,568 | -1,785,568 | Not Applicable | ||||||||||||
Basic earnings per share (RMB/share) | -0.015 | 0.020 | 0.020 | Not Applicable | ||||||||||||
Diluted earnings per share (RMB/share) | -0.015 | 0.020 | 0.020 | Not Applicable | ||||||||||||
Return on net assets (weighted average) (%) | -0.623 | 0.700 | 0.702 | | Decreased by 1.33 percentage points | |
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 (%) | ||||||||||||||
Before adjustment | After adjustment | After adjustment | ||||||||||||||
Total assets | 40,637,918 | 41,242,740 | 41,242,782 | -1.47 | % | |||||||||||
Total equity attributable to equity shareholders of the Company | 26,097,552 | 26,243,705 | 26,243,746 | -0.56 | % |
- 2 -
Reasons for retroactive adjustment or restatement
Since 1 January 2023, the Group has implemented the requirement of the “Accounting of deferred income tax related to assets and liabilities arising from an individual transaction not applicable to initial recognition exemption” under the “Interpretation of Accounting Standards for Business Enterprises No. 16” promulgated by the Ministry of Finance.
According to the provisions of Interpretation No. 16, if the individual transaction of the Group is not a business combination, or its occurrence does not affect the accounting profit nor taxable income (or deductible loss), and the initially recognized assets and liabilities result in equal taxable temporary difference and deductible temporary difference, the provisions of “Accounting Standards for Business Enterprises No. 18-Income Tax” on the exemption from the initial recognition of deferred income tax liabilities and deferred income tax assets are not applicable. According to the “Accounting Standards for Business Enterprises No. 18-Income Tax” and other relevant regulations, as for the taxable temporary difference and deductible temporary difference arising from the initial recognition of assets and liabilities, the Group recognizes the corresponding deferred income tax liabilities and deferred income tax assets respectively when the transaction occurs.
The above regulations have come into effect on 1 January 2023. The Group has made retrospective adjustments to the individual transactions that occurred between 1 January 2022 and the date of initial implementation to which the regulations apply. For the lease liabilities and right-of-use assets recognized on 1 January 2022 due to the individual transactions subject to the regulations resulting in taxable temporary difference and deductible temporary difference, the Group adjusted the cumulative impact amount to the opening retained earnings and other related financial statement items of the earliest period presented in the financial statements in accordance with the regulations and the “Accounting Standards for Business Enterprises No. 18-Income Tax”.
- 3 -
2.2 | Excluded non-recurring items and amount |
Unit: RMB’000
Item | Amount for the reporting period | Note | ||||
Earnings or losses on disposal of non-current assets | 38 | — | ||||
Government grants recognized in current profits and losses, except for those closely related to the regular operating of the Company in compliance with national policies and regulations, and continuously satisfying quotas or quantities according to certain standards | 7,679 | — | ||||
Other non-operating income and expenses other than those mentioned above | -5,695 | — | ||||
Other earnings or losses meeting the definition of non-recurring earnings or losses | -5,417 | -4,765 for dismissal welfare; -652 for discount loss of receivables | ||||
Less: Tax effect for the items above | -470 | — | ||||
Effect on non-controlling interests (after tax) | -236 | — | ||||
Total | -4,101 | — |
Explanations on defining the non-recurring earnings or losses items set out in the Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public – Non-Recurring Earnings or Losses as recurring earnings or losses items
☐ Applicable ☒ Not applicable
- 4 -
2.3 | Description of Substantial Changes in Major Financial Report Items and Financial Indicators |
☒ Applicable ☐ Not applicable
Item | Change (%) | Major reason | ||
Net profit attributable to ordinary equity shareholders of the Company | -176.27% | During the reporting period, the sales volume of products decreased year-on-year and the investment income decreased. | ||
Net profit attributable to ordinary equity shareholders of the Company excluding non-recurring items | -165.70% | |||
Basic earnings per share (RMB/share) | Not Applicable | |||
Diluted earnings per share (RMB/share) | Not Applicable | |||
Net cash flows generated from operating activities | Not Applicable | — |
- 5 -
3. | SHAREHOLDERS’ INFORMATION |
3.1 | Total Number of Shareholders and the Number of Preferred Shareholders with Voting Rights Restored and Shareholdings of the Top Ten Shareholders |
Unit: Share
Number of shareholders as at the end of the reporting period | 95,286 | Total number of preferred shareholders with voting rights restored as at the end of the reporting period (if any) | 0 |
Shareholdings of the top ten shareholders | ||||||||||||||||||||||
Number of shares | ||||||||||||||||||||||
Percentage | Number | pledged, marked or frozen | ||||||||||||||||||||
of total | of shares | Situation | ||||||||||||||||||||
Type of | Number of | shareholding | with selling | of the | ||||||||||||||||||
Name of shareholder | shareholder | shares held | (%) | restrictions | shares | Number | ||||||||||||||||
China Petroleum & Chemical Corporation | State-owned legal person | 5,459,455,000 | 50.55 | % | 0 | None | 0 | |||||||||||||||
HKSCC (Nominees) Limited | Overseas legal person | 3,426,998,030 | 31.73 | % | 0 | None | 0 | |||||||||||||||
HKSCC Limited | Overseas legal person | 100,240,095 | 0.93 | % | 0 | Unknown | — | |||||||||||||||
Wang Lei | Domestic natural person | 46,120,300 | 0.43 | % | 0 | None | 0 | |||||||||||||||
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan | Others | 45,222,300 | 0.42 | % | 0 | None | 0 | |||||||||||||||
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan | Others | 43,531,469 | 0.40 | % | 0 | None | 0 | |||||||||||||||
Southern Fund– Agricultural Bank of China – Southern CSI Financial Asset Management Plan | Others | 43,083,700 | 0.40 | % | 0 | None | 0 | |||||||||||||||
Yinhua Fund– Agricultural Bank of China – Yinhua CSI Financial Asset Management Plan | Others | 42,858,416 | 0.40 | % | 0 | None | 0 | |||||||||||||||
ICBC Credit Suisse Fund– Agricultural Bank of China – ICBC Credit Suisse CSI Financial Asset Management Plan | Others | 41,906,900 | 0.39 | % | 0 | None | 0 | |||||||||||||||
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan | Others | 40,714,400 | 0.38 | % | 0 | None | 0 |
- 6 -
Shareholdings of the top ten shareholders with unlimited conditions of sale | ||||||||
Name of shareholder | Number of | Type and quantity of shares | ||||||
Type of shares | Quantity | |||||||
China Petroleum & Chemical Corporation | 5,459,455,000 | RMB common stocks | 5,459,455,000 | |||||
HKSCC (Nominees) Limited | 3,426,998,030 | Overseas listed foreign share | 3,426,998,030 | |||||
HKSCC Limited | 100,240,095 | RMB common stocks | 100,240,095 | |||||
Wang Lei | 46,120,300 | RMB common stocks | 46,120,300 | |||||
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 | |||||
Southern Fund– Agricultural Bank of China – Southern CSI Financial Asset Management Plan | 43,083,700 | RMB common stocks | 43,083,700 | |||||
Yinhua Fund– Agricultural Bank of China – Yinhua CSI Financial Asset Management Plan | 42,858,416 | RMB common stocks | 42,858,416 | |||||
ICBC Credit Suisse Fund– Agricultural Bank of China – ICBC Credit Suisse CSI Financial Asset Management Plan | 41,906,900 | RMB common stocks | 41,906,900 | |||||
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan | 40,714,400 | RMB common stocks | 40,714,400 | |||||
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 an act-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 an act-in-concert party under the Administrative Measures on Acquisition of Listed Companies. |
| ||||||
Explanation of the top ten shareholders and the top ten shareholders of unrestricted shares engaging in margin financing and securities lending as well as margin and securities refinancing business (if any) | None |
|
- 7 -
4. | OTHER REMINDERS |
Other important information about the operation of the Company during the reporting period that investors should be reminded of
☒ Applicable ☐ Not Applicable
On 25 March 2023, Shanghai Municipal People’s Government issued an approval for the “Investigation Report on the Explosion Accident on the No.1 Ethylene Glycol Plant of Shanghai Petrochemical Company Limited on 18 June”. According to the investigation, the No.1 ethylene glycol plant explosion general accident was a production safety liability accident in the Company on 18 June caused one death, one injury, and resulted in a direct economic loss of approximately RMB9,714,800. Please refer to the website of Shanghai Emergency Management Bureau for details.
5. | QUARTERLY FINANCIAL REPORT |
5.1 | Type of audit opinions |
☐ Applicable ☒ Not applicable
- 8 -
5.2 | The financial report |
CONSOLIDATED BALANCE SHEETS
31 March 2023
Prepared by: Sinopec Shanghai Petrochemical Company Limited
Unit: RMB’000 Audit type: unaudited
Items | As at 31 March 2023 | As at 31 December 2022 | ||||||
Current assets: | ||||||||
Cash at bank and on hand | 7,281,505 | 3,998,332 | ||||||
Account receivable | 1,578,194 | 2,512,362 | ||||||
Receivables under financing | 534,596 | 582,354 | ||||||
Prepayments | 97,853 | 67,008 | ||||||
Other receivables | 106,977 | 190,579 | ||||||
Inventories | 5,490,113 | 7,294,060 | ||||||
Other current assets | 675,132 | 1,121,187 | ||||||
Total current assets | 15,764,370 | 15,765,882 | ||||||
Non-current assets: | ||||||||
Long-term equity investments | 3,528,683 | 3,594,393 | ||||||
Other equity instrument investment | 5,000 | 5,000 | ||||||
Investment properties | 333,032 | 336,863 | ||||||
Fixed assets | 13,196,880 | 12,195,527 | ||||||
Construction in progress | 2,462,953 | 3,748,461 | ||||||
Right-of-use assets | 14,805 | 16,085 | ||||||
Intangible assets | 367,648 | 372,640 | ||||||
Long-term prepaid expenses | 703,313 | 776,480 | ||||||
Deferred tax assets | 998,600 | 991,892 | ||||||
Other non-current assets | 3,262,634 | 3,439,559 | ||||||
Total non-current assets | 24,873,548 | 25,476,900 | ||||||
Total assets | 40,637,918 | 41,242,782 |
- 9 -
Items | As at 31 March 2023 | As at 31 December 2022 | ||||||
Current liabilities: | ||||||||
Short-term borrowings | 5,048,000 | 1,550,000 | ||||||
Notes payable | 267,815 | 40,951 | ||||||
Accounts payable | 5,127,055 | 9,144,554 | ||||||
Contract liabilities | 342,451 | 383,246 | ||||||
Employee benefits payable | 584,476 | 317,891 | ||||||
Taxes payable | 1,043,953 | 889,856 | ||||||
Other payables | 1,074,350 | 1,618,352 | ||||||
Non-current liabilities due within one year | 9,677 | 8,738 | ||||||
Other current liabilities | 41,056 | 44,750 | ||||||
Total current liabilities | 13,538,833 | 13,998,338 | ||||||
Non-current liabilities: | ||||||||
Long-term borrowing | 700,000 | 700,000 | ||||||
Lease liabilities | 7,556 | 7,513 | ||||||
Deferred revenue | 133,113 | 134,608 | ||||||
Deferred tax liabilities | 32,389 | 30,898 | ||||||
Total non-current liabilities | 873,058 | 873,019 | ||||||
Total liabilities | 14,411,891 | 14,871,357 | ||||||
Owners’ equity (or shareholders’ equity): | ||||||||
Paid-in capital (or share capital) | 10,799,286 | 10,823,814 | ||||||
Capital surplus | 609,166 | 610,327 | ||||||
Less: Treasury stock | — | 25,689 | ||||||
Other comprehensive income | -806 | -806 | ||||||
Specific reserve | 257,366 | 240,418 | ||||||
Surplus reserve | 6,672,634 | 6,672,634 | ||||||
Undistributed profits | 7,759,906 | 7,923,048 | ||||||
Total equity attributable to owners (or shareholders) of the Company | 26,097,552 | 26,243,746 | ||||||
Non-controlling interests | 128,475 | 127,679 | ||||||
Total owners’ equity (or shareholders’ equity) | 26,226,027 | 26,371,425 | ||||||
Total liabilities and owners’ equity (or shareholders’ equity) | 40,637,918 | 41,242,782 |
Person in charge of the Company: Wan Tao | Person in charge of accounting: Du Jun | Person in charge of accounting department: Yang Yating |
- 10 -
CONSOLIDATED INCOME STATEMENTS
January to March 2023
Prepared by: Sinopec Shanghai Petrochemical Company Limited
Unit: RMB’000 Audit type: unaudited
Items | First Quarter of 2023 | First Quarter of 2022 | ||||||
1. Total revenue | 21,978,009 | 26,006,070 | ||||||
Including: Revenue | 21,978,009 | 26,006,070 | ||||||
2. Total operating cost | 22,029,839 | 25,599,241 | ||||||
Including: Cost of sales | 18,612,145 | 21,332,112 | ||||||
Taxes and surcharges | 2,855,798 | 3,699,011 | ||||||
Selling and distribution expenses | 71,089 | 92,808 | ||||||
General and administrative expenses | 521,335 | 610,339 | ||||||
R&D expenses | 30,776 | 11,867 | ||||||
Financial expenses | -61,304 | -146,896 | ||||||
Add: Other income | 5,179 | 2,828 | ||||||
Investment income (“-” to indicate loss) | -66,362 | -2,666 | ||||||
Profit arising from changes in fair value (“-” to indicate loss) | — | -17,101 | ||||||
Credit impairment losses (“-” to indicate loss) | 311 | 15 | ||||||
Asset impairment losses (“-” to indicate loss) | 47,801 | 76,919 | ||||||
Gains on disposal of assets (“-” to indicate loss) | — | -1,063 | ||||||
3. Operating profit (“-” to indicate loss) | -161,125 | 311,893 | ||||||
Add: Non-operating income | 2,926 | 8,268 | ||||||
Less: Non-operating expenses | 6,083 | 7,113 | ||||||
4. Total profit (“-” to indicate loss) | -164,282 | 313,048 | ||||||
Less: Income tax expenses | -1,936 | 97,826 | ||||||
5. Net Profit (“-” to indicate loss) | -162,346 | 215,222 | ||||||
(1) Classification by business continuity | ||||||||
1. Profit from continuing operations (“-” to indicate loss) | -162,346 | 215,222 | ||||||
(2) Classification by ownership | ||||||||
1. Attributable to equity shareholders of the Company (“-” to indicate loss) | -163,142 | 213,906 | ||||||
2. Non-controlling interests (“-” to indicate loss) | 796 | 1,316 |
- 11 -
Items | First Quarter of 2023 | First Quarter of 2022 | ||||||
6. Other comprehensive income, net of tax | — | 205,796 | ||||||
(1) Other comprehensive income, net of tax attributable to owners of the Company | — | 205,796 | ||||||
Items that may be reclassified to profit or loss | — | 205,796 | ||||||
(a) Items that may be reclassified to profit or loss using the equity method | — | -22,278 | ||||||
(b) Cash flow hedging reserves | — | 228,074 | ||||||
7. Total comprehensive income | -162,346 | 421,018 | ||||||
(1) Attributable to owners of the Company | -163,142 | 419,702 | ||||||
(2) Attributable to non-controlling interests | 796 | 1,316 | ||||||
8. Earnings per share: | ||||||||
(1) Basic earnings per share (RMB/share) | -0.015 | 0.020 | ||||||
(2) Diluted earnings per share (RMB/share) | -0.015 | 0.020 |
Person in charge of | Person in charge of | Person in charge of | ||
the Company: | accounting: | accounting department: | ||
Wan Tao | Du Jun | Yang Yating |
- 12 -
CONSOLIDATED CASH FLOW STATEMENTS
January to March 2023
Prepared by: Sinopec Shanghai Petrochemical Company Limited
Unit: RMB’000 Audit type: unaudited
Items | First Quarter of 2023 | First Quarter of | ||||||
1. Cash flows from operating activities: | ||||||||
Cash received from sales of goods or rendering of services | 24,882,513 | 27,392,826 | ||||||
Tax refund received | 46,508 | 22,555 | ||||||
Cash received relating to other operating activities | 45,587 | 52,527 | ||||||
Sub-total of cash inflows | 24,974,608 | 27,467,908 | ||||||
Cash paid for goods and services | 21,569,485 | 22,833,131 | ||||||
Cash paid to and on behalf of employees | 709,331 | 666,825 | ||||||
Payments of taxes and surcharges | 2,570,157 | 5,589,134 | ||||||
Cash paid relating to other operating activities | 155,114 | 164,386 | ||||||
Sub-total of cash outflows | 25,004,087 | 29,253,476 | ||||||
Net cash flows generated from operating activities | -29,479 | -1,785,568 | ||||||
2. Cash flows from investing activities: | ||||||||
Cash received from returns on investments | — | 550,375 | ||||||
Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 4,020 | 3,343 | ||||||
Cash received relating to other investing activities | 17,531 | 1,071,891 | ||||||
Sub-total of cash inflows | 21,551 | 1,625,609 | ||||||
Cash paid to acquire fixed assets, intangible assets and other long-term assets | 408,058 | 566,512 | ||||||
Cash paid for investment | — | 1,283,500 | ||||||
Cash paid to other related investment activities | — | 2,600,000 | ||||||
Sub-total of cash outflows | 408,058 | 4,450,012 | ||||||
Net cash flows generated from investment activities | -386,507 | -2,824,403 |
- 13 -
Items | First Quarter of 2023 | First Quarter of 2022 | ||||||
3. Cash flows from financing activities: | ||||||||
Cash received from borrowings | 10,518,000 | 3,455,000 | ||||||
Cash received from short-term bonds | — | 2,999,975 | ||||||
Sub-total of cash inflows | 10,518,000 | 6,454,975 | ||||||
Cash repayments of borrowings | 7,020,000 | 1,955,200 | ||||||
Cash paid for distribution of dividends or profits and interest expenses | 29,235 | 11,946 | ||||||
Cash and interest repaid for lease liabilities | — | — | ||||||
Cash paid for other financing activities | 4,107 | 2,660 | ||||||
Sub-total of cash outflows | 7,053,342 | 1,969,806 | ||||||
Net cash flows generated from financing activities | 3,464,658 | 4,485,169 | ||||||
4. Effect of foreign exchange rate changes on cash and cash equivalents | 15,320 | 168 | ||||||
5. Net increase in cash and cash equivalents | 3,063,992 | -124,634 | ||||||
Add: Cash and cash equivalents at beginning of the reporting period | 889,413 | 5,112,010 | ||||||
6. Cash and cash equivalents at end of the reporting period | 3,953,405 | 4,987,376 |
Person in charge of | Person in charge of | Person in charge of | ||
the Company: | accounting: | accounting department: | ||
Wan Tao | Du Jun | Yang Yating |
- 14 -
5.3 | Adjustments to financial report at the beginning of the year relating to the initial adoption of the new accounting standards or interpretation of standards since 2023 |
☒ Applicable ☐ Not applicable
Explanation of reasons for adjustments on the financial statements at the beginning of the year
In 2023, the Group has implemented the relevant requirements and guidelines of the Accounting Standards for Business Enterprises promulgated by the Ministry of Finance in recent years:
Requirement of the “Accounting of deferred income tax related to assets and liabilities arising from an individual transaction not applicable to initial recognition exemption” in Interpretation No. 16.
(a) | Requirement of the accounting of deferred income tax related to assets and liabilities arising from an individual transaction not applicable to initial recognition exemption |
According to the provisions of Interpretation No. 16, if the individual transaction of the Group is not a business combination, or its occurrence does not affect the accounting profit nor taxable income (or deductible loss), and the initially recognized assets and liabilities result in equal taxable temporary difference and deductible temporary difference, the provisions of “Accounting Standards for Business Enterprises No. 18-Income Tax” on the exemption from the initial recognition of deferred income tax liabilities and deferred income tax assets are not applicable. According to the “Accounting Standards for Business Enterprises No. 18-Income Tax” and other relevant regulations, as for the taxable temporary difference and deductible temporary difference arising from the initial recognition of assets and liabilities, the Group recognizes the corresponding deferred income tax liabilities and deferred income tax assets respectively when the transaction occurs.
The above regulations have come into effect on 1 January 2023. The Group has made retrospective adjustments to the individual transactions that occurred between 1 January 2022 and the date of initial implementation to which the regulations apply. For the lease liabilities and right-of-use assets recognized on 1 January 2022 due to the individual transactions subject to the regulations resulting in taxable temporary difference and deductible temporary difference, the Group adjusted the cumulative impact amount to the opening retained earnings and other related financial statement items of the earliest period presented in the financial statements in accordance with the regulations and the “Accounting Standards for Business Enterprises No. 18-Income Tax”.
- 15 -
(b) | Impacts of the change on the comparative financial report |
The impacts of the above change in the accounting policy on net profit for the three months ended 31 March 2022 and owners’ equity at the beginning and the end of 2022 are summarized as follows:
Unit: RMB’000
Items | Net profit for the three months ended 31 March 2022 | Equity at the end of 2022 | Equity at the beginning of 2022 | |||||||||
Deferred income tax relating to assets and liabilities arising from an individual transaction does not apply to the impact of initial recognition exemptions | 372 | 39 | -67 | |||||||||
Adjusted net profit and equity | 215,222 | 26,371,425 | 30,395,364 |
- 16 -
The effects on the consolidated balance sheets as at 31 December 2022 are analysed as follows:
CONSOLIDATED BALANCE SHEETS
Unit: RMB’000
Items | Before adjustment as at 31 December 2022 | After adjustment as at 31 December 2022 | Adjustment | |||||||||
Non-current assets: | ||||||||||||
Deferred tax assets | 991,850 | 991,892 | 42 | |||||||||
Total non-current assets | 25,476,858 | 25,476,900 | 42 | |||||||||
Total assets | 41,242,740 | 41,242,782 | 42 | |||||||||
Non-current liabilities: | ||||||||||||
Deferred tax liabilities | 30,895 | 30,898 | 3 | |||||||||
Total non-current liabilities | 873,016 | 873,019 | 3 | |||||||||
Total liabilities | 14,871,354 | 14,871,357 | 3 | |||||||||
Shareholders’ equity: | ||||||||||||
Surplus reserve | 6,672,639 | 6,672,634 | -5 | |||||||||
Undistributed profits | 7,923,002 | 7,923,048 | 46 | |||||||||
Total equity attributable to owners (or shareholders) of the Company | 26,243,705 | 26,243,746 | 41 | |||||||||
Non-controlling interests | 127,681 | 127,679 | -2 | |||||||||
Total shareholders’ equity | 26,371,386 | 26,371,425 | 39 | |||||||||
Total liabilities and shareholders’ equity | 41,242,740 | 41,242,782 | 42 |
- 17 -
The effects on the consolidated income statements for the three months ended 31 March 2022 are analysed as follows:
CONSOLIDATED INCOME STATEMENTS
Unit: RMB’000
Items | Before adjustment for the three months ended 31 March 2022 | After adjustment for the three months ended 31 March 2022 | Adjustment | |||||||||
Income tax expenses | 98,198 | 97,826 | -372 | |||||||||
Net Profit | ||||||||||||
(1) Classification by business continuity | ||||||||||||
1. Net profit from continuing operations | 214,850 | 215,222 | 372 | |||||||||
(2) Classification by ownership | ||||||||||||
1. Attributable to equity shareholders of the Company | 213,510 | 213,906 | 396 | |||||||||
2. Non-controlling interests | 1,340 | 1,316 | -24 | |||||||||
Total comprehensive income | 420,646 | 421,018 | 372 | |||||||||
Attributable to equity owners of the Company | 419,306 | 419,702 | 396 | |||||||||
Attributable to non-controlling interests | 1,340 | 1,316 | -24 | |||||||||
Earnings per share | ||||||||||||
(1) Basic earnings per share (RMB) | 0.020 | 0.020 | — | |||||||||
(2) Diluted earnings per share (RMB) | 0.020 | 0.020 | — |
By Order of the Board | ||
Sinopec Shanghai Petrochemical Company Limited Liu Gang | ||
Joint Company Secretary |
Shanghai, the PRC, 26 April 2023
As at the date of this announcement, the executive directors of the Company are Wan Tao, Guan Zemin, Du Jun and Huang Xiangyu; the non-executive directors of the Company are Xie Zhenglin and Peng Kun; and the independent non- executive directors of the Company are Li Yuanqin, Tang Song, Chen Haifeng, Yang Jun and Gao Song.
- 18 -