According to the Chinese Accounting Standards for Business Enterprises, the company achieved operating income of RMB1,345.05 billion in 2009, a year-on-year decrease of 6.9%; net profit was RMB61.26 billion, an increase of 109% from the same period last year. In accordance with the International Financial Reporting Standards, the company realized turnover, other operating income and other income of RMB1,345.05 billion in 2009, a year-on-year decrease of 10%; profit attributable to shareholders was RMB61.76 billion, an increase of 116.5% year-on-year, and the company’s board of directors approved a final dividend payment. RMB0.11 per share, annual dividend of RMB0.18 per share
Reporter Ning Bin reported: On March 29, Sinopec Corp. held its 2009 annual report in Hong Kong. Su Shulin, chairman of the company, Wang Tianpu, president, Wang Zhigang, senior vice president, Wang Xinhua, chief financial officer, and Chen Ge, secretary of the board of directors, attended the meeting and answered questions that are of concern to securities analysts, investors, and the media. The good performance of Sinopec has been fully recognized by international securities analysts, investors and the media.
Su Shulin announced the company's major issues. Wang Tianpu introduced the company's overall performance in 2009. Wang Xinhua introduced the production and operation of each sector in 2009 and the production and business plan for 2010.
In accordance with the Chinese Accounting Standards for Business Enterprises, Sinopec Corp. achieved revenue of RMB1,345.05 billion in 2009, a year-on-year decrease of 6.9%; net profit was RMB61.26 billion, an increase of 109% year-on-year. In accordance with the International Financial Reporting Standards, Sinopec Corp. achieved revenues, other operating income and other income of RMB1,345.05 billion in 2009, a year-on-year decrease of 10%. Profit attributable to shareholders was RMB61.76 billion, an increase of 116.5% over the same period last year.
The board of directors of the company resolved to approve the payment of a final dividend of RMB 0.11 per share for a full-year dividend of RMB 0.18 per share. The company's annual capital expenditure is 110 billion yuan.
It is reported that in 2009, affected by the international financial crisis, the market competition was extremely fierce, and Sinopec's production and operation encountered severe challenges. In particular, the demand for and prices of petroleum and petrochemical products both fell sharply at the beginning of last year, the profitability of the oil field segment fell sharply, and the inventory of refining and sales companies increased. Faced with the severe situation, Sinopec has spared no effort in exploring the market, strengthening fine management, strengthening structural adjustment, and adopting a series of measures to respond positively and achieved good results.
In the oil and gas exploration and development sector, when crude oil prices are in the doldrums, cost reductions and fee reductions do not reduce production; investment in exploration is increased, traps are strengthened; and research and development efforts for tertiary oil recovery and hard-to-recovery reserves are increased. With the gradual recovery of international oil prices, The upstream has achieved better economic benefits and improved sustainable development capabilities. In 2009, the company produced 42.42 million tons of crude oil and 8.5 billion cubic meters of natural gas, which was a year-on-year increase of 1.5% and 2% respectively; the Sichuan-to-East China gas transmission project began trial operation, and Songnan's annual output of 1 billion cubic meters of gas field was completed and put into production.
The oil refining sector has made use of the advantages of crude oil adaptability upgrades in recent years and strived to expand the amount of processing. Since the second quarter, the refinery unit has been operating at full capacity; the product structure has been adjusted in time according to market changes, increasing the production of gasoline and aviation kerosene, and increasing the amount of asphalt. The marketing of LPG, petroleum coke and other products has been actively promoted; the processing business of imported materials has been actively expanded; the refinery projects in the integrated refinery projects in Fujian and Tianjin and a number of refined oil product quality upgrade projects have been successfully put into operation. In 2009, it processed 183 million tons of crude oil, a year-on-year increase of 6.7%, and produced 11.369 million tons of refined oil, a year-on-year increase of 5.9%.
The marketing and distribution segment actively responded to the fierce competitive environment of the domestic refined oil market, gave full play to the marketing network, logistics system and brand advantages, adopted advanced marketing methods, flexible marketing strategies and good after-sales services, and achieved good operating results; 419 new gas stations were added, bringing the total number of gas stations to 29,698. At the same time, the company extensively promoted fuel card, non-oil business to achieve substantial growth, Express convenient stores reached 12,000, cumulative issued 37.13 million refueling cards. The total domestic sales of refined oil products reached 124 million tons for the year, a slight increase from the same period last year.
The Chemicals Division vigorously explored the market, strengthened the integration of production, sales and research, improved customer service, and strengthened strategic alliances with key customers; Fujian Ethylene was put into production, and Tianjin Ethylene Engineering was handed in. In 2009, the company produced 6.713 million tons of ethylene, a year-on-year increase of 6.7%, and the total operating volume of chemical products was 40.8 million tons.
In addition, Sinopec's safety production in 2009 remained generally stable, and significant achievements have been made in energy conservation and emission reduction. Compared with 2008, the comprehensive energy consumption per million output decreased by 1.14%; the industrial water withdrawal decreased by 3.3%; the amount of COD discharged from the effluent decreased by 3.6%; the sulphur dioxide emission decreased by 14%; the industrial water reuse rate remained at about 9.5%.
“Over the past year, as the company has responded to the market crisis measures and gradually played a role in China's macroeconomic progress and the implementation of new domestic oil product price and taxation reform policies, the company’s integration advantages in the midstream and downstream have continued to emerge. The business segments achieved good business performance, and the company’s asset structure and quality continued to increase, net assets increased by 14.6% year-on-year, and various taxes and fees were paid to the central and local governments for a total of 179.05 billion yuan, fulfilling corporate economic responsibilities and social responsibilities. "Shu Shulin stressed.
Looking ahead, Su Shulin said that as the world economy recovers, the demand in the international oil market will resume growth. It is expected that the overall level of oil prices in 2010 may be higher than in 2009. China's economic recovery has further consolidated its good foundation, and the policy effect of expanding domestic demand and improving people's livelihood continues to show signs of a steady increase in demand for oil, natural gas and chemical products within the territory. However, due to the successive production of new oil refining and chemical production capacity, the market competition is still fierce. In 2010, the company plans to produce 42.55 million tons of crude oil, 12 billion cubic meters of natural gas, 121 million tons of refined oil products, 129 million tons of refined oil products, and 8.69 million tons of ethylene.
The company’s leaders answered questions such as crude oil trading, overseas acquisitions, refining margins, refined oil sales, non-oil business development, and chemical sector demand.
More than 100 financial and securities analysts and fund managers from institutions such as Goldman Sachs, JP Morgan Chase, Morgan Stanley, and China International Capital Corporation participated in the Capital Markets Analyst Conference. More than 30 media reporters from Wen Wei Po, Ta Kung Pao, Reuters, Dow Jones, Bloomberg, etc. participated in the performance press conference.
During Hong Kong, company leaders and relevant department heads held "one-on-one" talks with institutional investors.
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