35. PRINCIPAL SUBSIDIARIES
As of December 31, 2017, the following list contains the particulars of subsidiaries which principally affected the results, assets and liabilities of the Group.
|
Name of Company |
|
Particulars |
|
Interests |
|
Interests held |
|
Principal activities |
|
|
Sinopec International Petroleum Exploration and Production Limited (“SIPL”) |
|
RMB |
8,000 |
|
100.00 |
|
— |
|
Investment in exploration, production and sale of petroleum and natural gas |
|
Sinopec Great Wall Energy & Chemical Company Limited |
|
RMB |
22,761 |
|
100.00 |
|
— |
|
Coal chemical industry investment management, production and sale of coal chemical products |
|
Sinopec Yangzi Petrochemical Company Limited |
|
RMB |
13,203 |
|
100.00 |
|
— |
|
Manufacturing of intermediate petrochemical products and petroleum products |
|
Sinopec Pipeline Storage & Transportation Company Limited |
|
RMB |
12,000 |
|
100.00 |
|
— |
|
Pipeline storage and transportation of crude oil |
|
Sinopec Yizheng Chemical Fibre Limited Liability Company |
|
RMB |
4,000 |
|
100.00 |
|
— |
|
Production and sale of polyester chips and polyester fibres |
|
Sinopec Lubricant Company Limited |
|
RMB |
3,374 |
|
100.00 |
|
— |
|
Production and sale of refined petroleum products, lubricant base oil, and petrochemical materials |
|
Sinopec Qingdao Petrochemical Company Limited |
|
RMB |
1,595 |
|
100.00 |
|
— |
|
Manufacturing of intermediate petrochemical products and petroleum products |
|
Sinopec Chemical Sales Company Limited |
|
RMB |
1,000 |
|
100.00 |
|
— |
|
Marketing and distribution of petrochemical products |
|
China International United Petroleum and Chemical Company Limited |
|
RMB |
3,000 |
|
100.00 |
|
— |
|
Trading of crude oil and petrochemical products |
|
Sinopec Overseas Investment Holding Limited (“SOIH”) |
|
US Dollar |
1,638 |
|
100.00 |
|
— |
|
Investment holding |
|
Sinopec Catalyst Company Limited |
|
RMB |
1,500 |
|
100.00 |
|
— |
|
Production and sale of catalyst products |
|
China Petrochemical International Company Limited |
|
RMB |
1,400 |
|
100.00 |
|
— |
|
Trading of petrochemical products |
|
Sinopec Beihai Refining and Chemical Limited Liability Company |
|
RMB |
5,294 |
|
98.98 |
|
1.02 |
|
Import and processing of crude oil, production, storage and sale of petroleum products and petrochemical products |
|
Sinopec Qingdao Refining and Chemical Company Limited |
|
RMB |
5,000 |
|
85.00 |
|
15.00 |
|
Manufacturing of intermediate petrochemical products and petroleum products |
|
Sinopec Zhanjiang Dongxing Petrochemical Company Limited |
|
RMB |
4,397 |
|
75.00 |
|
25.00 |
|
Manufacturing of intermediate petrochemical products and petroleum products |
|
Sinopec Hainan Refining and Chemical Company Limited |
|
RMB |
3,986 |
|
75.00 |
|
25.00 |
|
Manufacturing of intermediate petrochemical products and petroleum products |
|
Sinopec Marketing Company Limited (“Marketing Company”) |
|
RMB |
28,403 |
|
70.42 |
|
29.58 |
|
Marketing and distribution of refined petroleum products |
|
Shanghai SECCO Petrochemical Company Limited (“Shanghai SECCO”) (Note 31) |
|
RMB |
7,801 |
|
67.60 |
|
32.40 |
|
Production and sale of petrochemical products |
|
Sinopec—SK (Wuhan) Petrochemical Company Limited (“Zhonghan Wuhan”) |
|
RMB |
6,270 |
|
65.00 |
|
35.00 |
|
Production, sale, research and development of ethylene and downstream byproducts |
|
Sinopec Kantons Holdings Limited (“Sinopec Kantons”) |
|
HKD |
248 |
|
60.34 |
|
39.66 |
|
Trading of crude oil and petroleum products |
|
Gaoqiao Petrochemical Company Limited (Note 31) |
|
RMB |
10,000 |
|
55.00 |
|
45.00 |
|
Manufacturing of intermediate petrochemical products and petroleum products |
|
Sinopec Shanghai Petrochemical Company Limited (“Shanghai Petrochemical”) |
|
RMB |
10,814 |
|
50.49 |
|
49.51 |
|
Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products |
|
Fujian Petrochemical Company Limited (“Fujian Petrochemical”) (i) |
|
RMB |
6,898 |
|
50.00 |
|
50.00 |
|
Manufacturing of plastics, intermediate petrochemical products and petroleum products |
Except for Sinopec Kantons and SOIH, which are incorporated in Bermuda and Hong Kong respectively, all of the above principal subsidiaries are incorporated and operate their businesses principally in the PRC. All of the above principal subsidiaries are limited companies.
Note:
(i) The Group consolidated the financial statements of the entity because it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Summarized financial information on subsidiaries with material non-controlling interests
Set out below are the summarized financial information which the amount before inter-company eliminations for each subsidiary that has non-controlling interests that are material to the Group.
Summarized consolidated balance sheet
|
|
|
Marketing Company |
|
SIPL |
|
Shanghai |
|
Fujian Petrochemical |
|
Sinopec Kantons |
|
Shanghai |
|
Zhonghan Wuhan |
|
||||||||||||
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
||||||||||||
|
|
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
Current assets |
|
121,260 |
|
156,494 |
|
18,116 |
|
19,555 |
|
14,876 |
|
19,866 |
|
926 |
|
992 |
|
1,352 |
|
1,196 |
|
11,602 |
|
1,489 |
|
1,636 |
|
|
Current liabilities |
|
(168,366 |
) |
(212,620 |
) |
(824 |
) |
(7,118 |
) |
(8,942 |
) |
(10,922 |
) |
(812 |
) |
(376 |
) |
(2,891 |
) |
(2,351 |
) |
(4,174 |
) |
(7,521 |
) |
(3,975 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current (liabilities)/assets |
|
(47,106 |
) |
(56,126 |
) |
17,292 |
|
12,437 |
|
5,934 |
|
8,944 |
|
114 |
|
616 |
|
(1,539 |
) |
(1,155 |
) |
7,428 |
|
(6,032 |
) |
(2,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non—current assets |
|
246,514 |
|
253,455 |
|
40,067 |
|
34,769 |
|
19,070 |
|
19,577 |
|
7,845 |
|
9,925 |
|
13,228 |
|
13,089 |
|
12,797 |
|
14,686 |
|
13,598 |
|
|
Non—current liabilities |
|
(1,460 |
) |
(1,774 |
) |
(39,322 |
) |
(28,523 |
) |
— |
|
(6 |
) |
(721 |
) |
(681 |
) |
(3,101 |
) |
(2,430 |
) |
(1,740 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non—current assets |
|
245,054 |
|
251,681 |
|
745 |
|
6,246 |
|
19,070 |
|
19,571 |
|
7,124 |
|
9,244 |
|
10,127 |
|
10,659 |
|
11,057 |
|
14,686 |
|
13,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
197,948 |
|
195,555 |
|
18,037 |
|
18,683 |
|
25,004 |
|
28,515 |
|
7,238 |
|
9,860 |
|
8,588 |
|
9,504 |
|
18,485 |
|
8,654 |
|
11,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the Company |
|
134,393 |
|
132,549 |
|
2,784 |
|
3,468 |
|
12,500 |
|
14,253 |
|
3,619 |
|
4,930 |
|
5,162 |
|
5,716 |
|
12,496 |
|
5,625 |
|
7,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to non—controlling interests |
|
63,555 |
|
63,006 |
|
15,253 |
|
15,215 |
|
12,504 |
|
14,262 |
|
3,619 |
|
4,930 |
|
3,426 |
|
3,788 |
|
5,989 |
|
3,029 |
|
3,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summarized consolidated statement of comprehensive income
|
Year ended |
|
Marketing Company |
|
SIPL |
|
Shanghai Petrochemical |
|
Fujian Petrochemical |
|
Sinopec Kantons |
|
Shanghai |
|
Zhonghan Wuhan |
|
||||||||||||||||||||||||
|
December 31, |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
Operating revenues |
|
1,103,934 |
|
1,050,294 |
|
1,221,530 |
|
6,557 |
|
4,016 |
|
6,136 |
|
80,748 |
|
77,843 |
|
91,962 |
|
5,532 |
|
4,968 |
|
6,068 |
|
1,642 |
|
1,512 |
|
1,498 |
|
5,222 |
|
14,077 |
|
11,703 |
|
16,139 |
|
|
Net income/ (loss) for the year |
|
23,684 |
|
26,461 |
|
27,520 |
|
(222 |
) |
(4,604 |
) |
1,075 |
|
3,310 |
|
5,981 |
|
6,154 |
|
1,456 |
|
2,513 |
|
2,726 |
|
825 |
|
860 |
|
1,046 |
|
726 |
|
1,738 |
|
1,558 |
|
2,730 |
|
|
Total Comprehensive income/ (loss) |
|
24,391 |
|
27,385 |
|
26,986 |
|
(4,257 |
) |
(2,481 |
) |
396 |
|
3,310 |
|
6,000 |
|
6,153 |
|
1,456 |
|
2,513 |
|
2,726 |
|
302 |
|
879 |
|
1,146 |
|
726 |
|
1,738 |
|
1,558 |
|
2,730 |
|
|
Comprehensive income/(loss) attributable to non-controlling interests |
|
7,755 |
|
9,028 |
|
9,033 |
|
(1,218 |
) |
(3,279 |
) |
(38 |
) |
1,655 |
|
2,964 |
|
3,052 |
|
728 |
|
1,256 |
|
1,363 |
|
120 |
|
349 |
|
433 |
|
235 |
|
608 |
|
545 |
|
956 |
|
|
Dividends paid to non-controlling interests |
|
7,356 |
|
4,932 |
|
9,544 |
|
— |
|
— |
|
— |
|
10 |
|
563 |
|
1,344 |
|
— |
|
— |
|
625 |
|
40 |
|
51 |
|
70 |
|
— |
|
— |
|
— |
|
— |
|
Summarized statement of cash flows
|
Year ended |
|
Marketing Company |
|
SIPL |
|
Shanghai Petrochemical |
|
Fujian Petrochemical |
|
Sinopec Kantons |
|
Shanghai |
|
Zhonghan Wuhan |
|
||||||||||||||||||||||||
|
December 31, |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
2017 |
|
2015 |
|
2016 |
|
2017 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
Net cash generated from/(used in) operating activities |
|
33,196 |
|
50,840 |
|
51,038 |
|
4,059 |
|
2,576 |
|
2,758 |
|
4,933 |
|
7,182 |
|
7,061 |
|
(179 |
) |
617 |
|
(558 |
) |
1,185 |
|
505 |
|
968 |
|
1,639 |
|
4,223 |
|
3,636 |
|
2,976 |
|
|
Net cash generated from/(used in) investing activities |
|
21,180 |
|
(31,573 |
) |
(35,738 |
) |
(4,052 |
) |
2,729 |
|
(2,211 |
) |
(439 |
) |
(190 |
) |
(2,401 |
) |
76 |
|
54 |
|
225 |
|
(504 |
) |
261 |
|
193 |
|
5,567 |
|
(4,869 |
) |
(3,080 |
) |
(2,415 |
) |
|
Net cash (used in)/generated from financing activities |
|
(42,777 |
) |
(20,424 |
) |
(16,499 |
) |
637 |
|
(4,414 |
) |
243 |
|
(3,696 |
) |
(2,637 |
) |
(2,590 |
) |
(176 |
) |
(55 |
) |
(158 |
) |
(443 |
) |
(1,338 |
) |
(1,093 |
) |
— |
|
588 |
|
(682 |
) |
(631 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase /(decrease) in cash and cash equivalents |
|
11,599 |
|
(1,157 |
) |
(1,199 |
) |
644 |
|
891 |
|
790 |
|
798 |
|
4,355 |
|
2,070 |
|
(279 |
) |
616 |
|
(491 |
) |
238 |
|
(572 |
) |
68 |
|
7,206 |
|
(58 |
) |
(126 |
) |
(70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents as of January 1 |
|
2,682 |
|
14,914 |
|
14,373 |
|
1,327 |
|
2,042 |
|
3,045 |
|
279 |
|
1,077 |
|
5,441 |
|
380 |
|
101 |
|
717 |
|
630 |
|
886 |
|
289 |
|
— |
|
337 |
|
260 |
|
134 |
|
|
Effect of foreign currency exchange rate changes |
|
633 |
|
616 |
|
(253 |
) |
71 |
|
112 |
|
(230 |
) |
— |
|
9 |
|
(7 |
) |
— |
|
— |
|
— |
|
18 |
|
(25 |
) |
(14 |
) |
(1 |
) |
(19 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents as of December 31 |
|
14,914 |
|
14,373 |
|
12,921 |
|
2,042 |
|
3,045 |
|
3,605 |
|
1,077 |
|
5,441 |
|
7,504 |
|
101 |
|
717 |
|
226 |
|
886 |
|
289 |
|
343 |
|
7,205 |
|
260 |
|
134 |
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) The summarized consolidated statement of comprehensive income and the summarized statement of cash flow of Shanghai SECCO present the results from the acquisition date to December 31, 2017.