REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
* |
t for trading, but only in connection with the registration of American Depositary Shares. The H Shares are also listed and traded on The Stock Exchange of Hong Kong Limited. |
☒ |
Accelerated Filer |
☐ | ||||||
Non-Accelerated Filer |
☐ |
Emerging growth company |
U.S. GAAP ☐ |
Other ☐ | |||||
by the International Accounting Standards Board |
☒ |
* |
This requirement does not apply to the registrant in respect of this filing. |
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80 | ||||
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80 | ||||
80 | ||||
80 |
• | amount and nature of future development; |
• | future prices of and demand for our products; |
• | future earnings and cash flow; |
• | capital expansion programs; |
• | future plans and capital expenditures; |
• | expansion and other development trends of the petrochemical industry; |
• | expected production or processing capacities, including expected Rated Capacities and primary distillation capacities, of units or facilities not yet in operation; |
• | expansion and growth of our business and operations; and |
• | our prospective operational and financial information. |
• | fluctuations in crude oil and natural gas prices; |
• | fluctuations in prices of our products; |
• | failures or delays in achieving production from development projects; |
• | potential acquisitions and other business opportunities; |
• | continued availability of capital and financing; |
• | changes to environmental and economic regulations; |
• | general economic, market and business conditions, including volatility in interest rates, changes in foreign exchange rates and volatility in commodity markets; and |
• | other risks and factors beyond our control. |
A. |
Capitalization and Indebtedness. |
B. |
Reasons for the Offer and Use of Proceeds. |
C. |
Risk Factors. |
• | has reduced tariffs on imported petrochemicals products that compete with ours; |
• | increased levels of permitted foreign investment in the domestic petrochemicals industry, allowing foreign investors to own 100% of a domestic petrochemicals company from December 11, 2004; |
• | has gradually relaxed restrictions on the import of crude oil by non-state-owned companies; |
• | has granted foreign-owned companies the right to import petrochemical products; and |
• | has permitted foreign-owned companies to distribute and market fuel products in both retail and wholesale markets in China. |
• | the imposition of environmental protection tax for the discharge of waste substances; |
• | the levy of payments and fines for damages for serious environmental offenses; |
• | the government to close down or suspend any facility which has caused or may cause environmental damages and require it to correct or stop operations causing environmental damages; and |
• | lawsuits and liabilities arising from pollutions and damages to the environment and public interests. |
• | debt service costs on foreign currency-denominated debt; |
• | purchases of imported equipment; |
• | payment of any cash dividends declared in respect of the H Shares and the ADSs; and |
• | import of crude oil and other materials. |
• | mandating distribution channels for our fuel products; |
• | setting the allocations and pricing of certain resources, products and services; |
• | assessing taxes and fees payable; |
• | setting import and export quotas and procedures; and |
• | setting safety, environmental and quality standards. |
• | actual or anticipated fluctuations in our quarterly results of operations; |
• | changes in financial estimates by securities research analysts; |
• | conditions in petroleum and petrochemical markets; |
• | changes in the operating performance or market valuations of other petroleum and petrochemical companies; |
• | announcements by us or our competitors of new products, acquisitions, strategic partnerships, joint ventures or capital commitments; |
• | fluctuations of exchange rates between RMB and the U.S. Dollar; and |
• | general economic or political conditions in China or elsewhere in the world. |
• | synthetic fibers, |
• | resins and plastics, |
• | intermediate petrochemicals, and |
• | petroleum products. |
Synthetic fibers |
2.45 | % | ||
Resins and plastics |
11.33 | % | ||
Intermediate petrochemicals |
11.71 | % | ||
Petroleum products |
48.98 | % | ||
Trading of petrochemical products |
24.63 | % | ||
Others |
0.90 | % | ||
|
|
|||
Total |
100.00 | % | ||
|
|
Synthetic fibers |
2.39 | % | ||
Resins and plastics |
15.30 | % | ||
Intermediate petrochemicals |
13.33 | % | ||
Petroleum products |
48.96 | % | ||
Trading of petrochemical products |
18.81 | % | ||
Others |
1.21 | % | ||
|
|
|||
Total |
100.00 | % | ||
|
|
Synthetic fibers |
1.81 | % | ||
Resins and plastics |
13.13 | % | ||
Intermediate petrochemicals |
14.21 | % | ||
Petroleum products |
55.19 | % | ||
Trading of petrochemical products |
14.56 | % | ||
Others |
1.10 | % | ||
|
|
|||
Total |
100.00 | % | ||
|
|
Eastern China |
Other parts of China |
Exports |
||||||||||
Synthetic fibers |
89.32 | 10.68 | 0.00 | |||||||||
Resins and plastics |
83.40 | 16.60 | 0.00 | |||||||||
Intermediate petrochemicals |
93.88 | 5.42 | 0.70 | |||||||||
Petroleum products |
85.40 | 0.55 | 14.05 | |||||||||
Trading of petrochemical products |
48.48 | 48.26 | 3.26 | |||||||||
Total net sales |
78.36 | 3.36 | 18.28 |
Eastern China |
Other parts of China |
Exports |
||||||||||
Synthetic fibers |
89.85 | 10.15 | 0.00 | |||||||||
Resins and plastics |
91.93 | 8.07 | 0.00 | |||||||||
Intermediate petrochemicals |
94.72 | 4.06 | 1.22 | |||||||||
Petroleum products |
91.35 | 0.24 | 8.41 | |||||||||
Trading of petrochemical products |
61.08 | 5.61 | 33.31 | |||||||||
Total net sales |
86.92 | 2.64 | 10.45 |
Eastern China |
Other parts of China |
Exports |
||||||||||
Synthetic fibers |
91.68 | 8.32 | 0.00 | |||||||||
Resins and plastics |
94.99 | 5.01 | 0.00 | |||||||||
Intermediate petrochemicals |
97.12 | 1.18 | 1.70 | |||||||||
Petroleum products |
91.80 | 0.39 | 7.81 | |||||||||
Trading of petrochemical products |
64.54 | 3.11 | 32.35 | |||||||||
Total net sales |
89.28 | 1.43 | 9.29 |
• | Focus on green and clean energy for consolidating environmental protection |
• | Focus on improving quality and efficiency through the continuous optimization of production and operation |
• | Advance reformations further and raise efficiencies in corporate governance |
• | Focus on creativity-driven development so as to realize high-quality corporate development |
• | Focus on team building and cementing solid foundation for development |
Products |
Production |
Sales |
||||||||||||||||||||||
2021 (10,000 tons) |
2020 (10,000 tons) |
Year-on-year change |
2021 (10,000 tons) |
2020 (10,000 tons) |
Year-on-year change |
|||||||||||||||||||
Diesel Note1 |
338.80 | 398.21 | -14.92 | % | 338.10 | 398.61 | -15.18 | % | ||||||||||||||||
Gasoline |
339.64 | 327.30 | 3.77 | % | 340.23 | 328.18 | 3.67 | % | ||||||||||||||||
Jet Fuel Note1 |
118.45 | 112.45 | 5.34 | % | 99.57 | 99.43 | 0.14 | % | ||||||||||||||||
Paraxylene |
49.63 | 66.24 | -25.08 | % | 46.53 | 45.64 | 1.95 | % | ||||||||||||||||
Benzene Note2 |
30.67 | 37.21 | -17.58 | % | 29.99 | 33.14 | -9.51 | % | ||||||||||||||||
Ethylene Glycol |
15.07 | 23.67 | -36.33 | % | 4.14 | 12.73 | -67.48 | % | ||||||||||||||||
Ethylene Oxide |
33.56 | 31.30 | 7.22 | % | 32.78 | 30.53 | 7.37 | % | ||||||||||||||||
Ethylene Note2 |
71.28 | 82.52 | -13.62 | % | — | — | — | |||||||||||||||||
Polyethylene |
49.62 | 58.12 | -14.62 | % | 49.63 | 57.85 | -14.21 | % | ||||||||||||||||
Polypropylene |
45.59 | 49.29 | -7.51 | % | 42.26 | 45.16 | -6.42 | % | ||||||||||||||||
Polyester Pellet Note2 |
34.34 | 33.99 | 1.03 | % | 30.24 | 29.33 | 3.10 | % | ||||||||||||||||
Acrylic |
7.10 | 11.55 | -38.53 | % | 7.32 | 11.69 | -37.38 | % | ||||||||||||||||
Polyester Staple |
2.62 | 3.37 | -22.26 | % | 2.73 | 3.40 | -19.71 | % | ||||||||||||||||
Product |
% of net sales |
Typical Use | ||
SYNTHETIC FIBERS |
||||
Polyester staple fiber |
0.22 | Textiles and apparel | ||
Acrylic staple fiber |
1.52 | Cotton type fabrics, wool type fabrics | ||
Others |
0.07 | |||
Sub-total |
1.81 |
|||
RESINS AND PLASTICS |
||||
Polyester chips |
2.22 | Polyester fibers, films and containers | ||
Polypropylene pellets |
4.80 | Films, ground sheeting, wire and | ||
cable compound and otherinjection molding products such as housewares and toys Polyethylene pellets |
4.19 | Films or sheets, injection molding | ||
products such as housewares, toys and household electrical appliances and automobile parts Polyvinyl alcohol (“PVA”) |
0.01 | PVA fibers, building coating materials and textile starch | ||
Others |
1.91 | |||
Sub-total |
13.13 |
|||
INTERMEDIATE PETROCHEMICALS |
||||
Ethylene |
0.00 | Feedstock for polyethylene, ethylene glycol, polyvinyl chloride and other | ||
intermediate petrochemicals which can be further processed into resins, plastics and synthetic fiber. |
||||
Ethylene oxide |
2.91 | Intermediate products for the chemical and pharmaceutical | ||
industry, including dyes, detergents and adjuvant |
Product |
% of net sales |
Typical Use | ||
Benzene |
2.42 | Intermediate petrochemical products, styrene, plastics, explosives, dyes, detergents, epoxies and polyamide fiber | ||
Paraxylene |
3.44 | Intermediate petrochemicals and polyester | ||
Butadiene |
0.82 | Synthetic rubber and plastics | ||
Ethylene glycol |
0.25 | Fine chemicals | ||
Others |
4.37 | |||
Sub-total |
14.21 |
|||
PETROLEUM PRODUCTS |
||||
Gasoline |
22.70 | Transportation fuels | ||
Diesel |
18.13 | Transportation fuels and agricultural machinery fuels | ||
Jet Fuel |
4.83 | Transportation fuels | ||
Others |
9.53 | |||
Sub-total |
55.19 |
|||
Trading of petrochemical products |
14.56 | Import and export trade of petrochemical products (purchased from domestic and overseas suppliers) | ||
Others |
1.10 | |||
Total |
100.00 |
Product |
Industry segment |
Primary upstream raw material |
Transport/storage method |
Primary downstream application fields |
Key price-influencing factors | |||||
Diesel |
Petroleum products | Petroleum | Pipeline transportation and shipping/ storage tank | Transportation fuel, agricultural machinery fuel | International crude oil price, government control | |||||
Gasoline |
Petroleum products | Petroleum | Pipeline transportation and shipping/ storage tank | Transportation fuel | International crude oil price, government control | |||||
Jet Fuel |
Petroleum products | Petroleum | Pipeline transportation and shipping/ storage tank | Transportation fuel | International crude oil price, supply- demand balance | |||||
Paraxylene |
Intermediate petrochemicals | Naphtha | Road transportation/ storage tank | Intermediate petrochemical products and polyester | Raw material price, supply-demand balance | |||||
Benzene |
Intermediate petrochemicals | Naphtha | Road transportation, shipping, rail transportation/ storage tank | Intermediate petrochemical products, styrene, plastic, explosive, dye, detergent, epoxy resin, chinlon | International crude oil price, market supply- demand condition | |||||
Ethylene Glycol |
Intermediate petrochemicals | Naphtha | Road transportation/ storage tank | Fine Chemicals engineering | International crude oil price, market supply- demand condition |
Product |
Industry segment |
Primary upstream raw material |
Transport/storage method |
Primary downstream application fields |
Key price-influencing factors | |||||
Ethylene Oxide |
Intermediate petrochemicals | Naphtha | Road transportation, pipeline transportation/ storage tank | Chemical and medical industry intermediate products, including dyes, detergents and auxiliary | International crude oil price, market supply- demand condition | |||||
Ethylene |
Intermediate petrochemicals | Naphtha | Road transportation, pipeline transportation, shipping/storage tank | PE, EG, PVC and other raw material for further processing of intermediate petrochemical products such as resins, plastics and synthetic fibres | International crude oil price, supply- demand balance | |||||
Polyethylene |
Resins and plastics | Ethylene | Road transportation, shipping and rail transportation/ warehousing | Film, mulching film, cable insulation material and housewares, toys injection moulding products | Raw material price and market supply- demand condition | |||||
Polypropylene |
Resins and plastics | Propylene | Road transportation, shipping and rail transportation/ warehousing | Film, mulching film, housewares, toys, household appliances and auto parts injection moulding products | Raw material price and market supply- demand condition | |||||
Polyester chips |
Resins and plastics | PTA, EG | Road transportation, shipping and rail transportation/ warehousing | Polyester fibre or film, container | Raw material price and market supply- demand condition | |||||
Acrylics |
Synthetic fibres | Acrylonitrile | Road transportation, shipping and rail transportation/ warehousing | Simple spinning or blend with other material for texture or acrylic top | Raw material price and market supply- demand condition | |||||
Polyester | Synthetic fibres | Polyester | Road transportation, shipping and rail transportation/warehousing | Texture, apparel | Raw material price and market supply- demand condition |
Domestic offshore crude oil |
1.05 | % | ||
Imported crude oil |
98.95 | % | ||
|
|
|||
Total: |
100.00 | % | ||
|
|
• | has reduced tariffs on imported petrochemicals products that compete with ours; |
• | increased levels of permitted foreign investment in the domestic petrochemicals industry, allowing foreign investors to own 100% of a domestic petrochemicals company from December 11, 2004; |
• | has gradually relaxed restrictions on the import of crude oil by non-state owned companies; |
• | has granted foreign-owned companies the right to import petrochemical products; and |
• | has permitted foreign-owned companies to distribute and market fuel products in both retail and wholesale markets in China. |
Product |
Our share of domestic consumption |
Our competitive ranking |
Location of principal domestic competitor |
Principal domestic competitor’s share of consumption |
Imports’ share of consumption |
|||||||||||||
(%) |
(%) |
(%) |
||||||||||||||||
Acrylic |
13.85 | 2 | Jilin Province | 36.12 | 14.62 |
Product |
Our share of domestic consumption |
Our competitive ranking |
Location of principal domestic competitor |
Principal Domestic competitor’s Share of consumption |
Imports’ share of consumption |
|||||||||||||
(%) |
(%) |
(%) |
||||||||||||||||
Polyester chips |
1.78 | 4 | Jiangsu Province | 4.86 | 2.14 | |||||||||||||
Polyethylene |
1.34 | 24 | Guangdong Province | 2.04 | 39.45 | |||||||||||||
Polypropylene |
1.49 | 31 | Zhejiang Province | 3.40 | 10.43 |
Product |
Our share of domestic consumption |
Our competitive ranking |
Location of principal domestic competitor |
Principal Domestic competitor’s Share of consumption |
Imports’ share of consumption |
|||||||||||||||
(%) |
(%) |
(%) |
||||||||||||||||||
Ethylene glycol |
0.73 | 8 | Zhejiang Province | 5.85 | 41.06 | |||||||||||||||
Paraxylene |
1.42 | 13 | Zhejiang Province | 11.32 | 39.04 | |||||||||||||||
Benzene |
1.75 | 5 | Zhejiang Province | 7.41 | 16.87 | |||||||||||||||
Butadiene |
2.34 | 27 | Jiangsu Province | 2.50 | 6.21 |
C. |
Organizational Structure. |
Subsidiary Name |
Our ownership interest (%) |
Our voting power (%) |
||||||
Shanghai Petrochemical Investment Development Company Limited |
100.00 | 100.00 | ||||||
China Jinshan Associated Trading Corporation |
67.33 | 67.33 | ||||||
Shanghai Jinchang Engineering Plastics Company Limited |
74.25 | 71.43 | ||||||
Shanghai Golden Phillips Petrochemical Company Limited |
100.00 | 100.00 | ||||||
Shanghai Jinshan Trading Corporation |
67.33 | 67.33 | ||||||
Zhejiang Jinlian Petrochemical Storage and Transportation Company Limited |
100.00 | 100.00 |
Name of Company |
Particulars of issued capital |
Type of legal entity |
Percentage of equity held by Sinopec Corp. and its subsidiary |
Principal activities | ||||||||||
(millions) |
(%) |
|||||||||||||
Sinopec International Petroleum Exploration and Production Company Limited |
RMB8,250 | Limited company | 100.00 | Investment in exploration, development, production, sales of petroleum and natural gas and other areas | ||||||||||
Sinopec Great Wall Energy and Chemical Company Limited |
RMB22,761 | Limited company | 100.00 | Coal chemical industry investment management, production and sale of coal chemical products | ||||||||||
Sinopec Yangzi Petrochemical Company Limited |
RMB15,651 | Limited company | 100.00 | Manufacturing of intermediate petrochemical products and petroleum products | ||||||||||
Sinopec Yizheng Chemical Fiber Limited Liability Company |
RMB4,000 | Limited company | 100.00 | Production and sale of polyester chips and polyester fibers | ||||||||||
Sinopec Lubricant Company Limited |
RMB3,374 | Limited company | 100.00 | Production and sale of lubricant products, lubricant base oil, and petrochemical materials | ||||||||||
Sinopec Qingdao Petrochemical Company Limited |
RMB1,595 | Limited company | 100.00 | Manufacturing of intermediate petrochemical products and petroleum products | ||||||||||
Sinopec Chemical Sales Company Limited |
RMB1,000 | Limited company | 100.00 | Marketing and distribution of petrochemical products | ||||||||||
China International United Petroleum & Chemical Company Limited |
RMB5,000 | Limited company | 100.00 | Trading of crude oil and petrochemical products | ||||||||||
Sinopec Overseas Investment Holding Limited |
U.S.$3,009 | Limited company | 100.00 | Investment of overseas business and equity interests management | ||||||||||
Sinopec Catalyst Company Limited |
RMB1,500 | Limited company | 100.00 | Production and sale of catalyst products | ||||||||||
China Petrochemical International Company Limited |
RMB1,400 | Limited company | 100.00 | Trading of petrochemical products | ||||||||||
Sinopec Beihai Refining and Chemical Limited Liability Company |
RMB5,294 | Limited company | 98.98 | Import and processing of crude oil, production, storage and sales of petroleum and petrochemical products | ||||||||||
Sinopec Qingdao Refining and Chemical Company Limited |
RMB5,000 | Limited company | 85.00 | Manufacturing of intermediate petrochemical products and petroleum products | ||||||||||
Sinopec Hainan Refining & Chemical Company Limited |
RMB9,606 | Limited company | 100.00 | Manufacturing of intermediate petrochemical products and petroleum products | ||||||||||
Sinopec Marketing Co. |
RMB28,403 | Limited company | 70.42 | Marketing and distribution of refined petroleum products | ||||||||||
Shanghai SECCO Petrochemical Company Limited |
RMB500 | Limited company | 67.59 | Manufacturing and sales of petrochemical products | ||||||||||
Sinopec-SK (Wuhan) Petrochemical Company Ltd. |
RMB7,193 | Limited company | 59.00 | Production, sale, research and development of petroleum products, petrochemical products, ethylene and downstream derivatives | ||||||||||
Sinopec Kantons Holdings Limited |
|
HK$248 |
|
Limited company | 60.33 | Provision of crude oil jetty services and natural gas pipeline transmission services | ||||||||
Sinopec Shanghai Gaoqiao Petrochemical Company Limited |
RMB10,000 | Limited company | 55.00 | Manufacturing of intermediate petrochemical products and petroleum products | ||||||||||
Sinopec Shanghai Petrochemical Company Limited |
RMB10,824 | Limited company | 50.44 | Manufacturing of synthetic fibers, Resin and plastics, intermediate petrochemical products and petroleum products | ||||||||||
Fujian Petrochemical Company Limited |
RMB10,492 | Limited company | 50.00 | Manufacturing of plastics, intermediate petrochemical products and petroleum products |
Production Unit (number of units) |
Rated Capacity (tons) |
Utilization Rate (%) |
||||||
Crude oil distillation units (2) |
14,000,000 | 95.32 | ||||||
Hydrocracker (2) |
3,000,000 | 89.14 | ||||||
Ethylene unit |
700,000 | 105.97 | ||||||
*Aromatics units (2) |
835,000 | 100.15 | ||||||
PTA unit |
400,000 | 80.32 | ||||||
Ethylene oxide / ethylene glycol units (2) |
525,000 | 86.26 | ||||||
Cracking and catalyzing |
3,500,000 | 104.87 | ||||||
Delayed coking (2) |
2,200,000 | 88.90 | ||||||
Diesel oil hydrogenation units (2) |
3,850,000 | 90.87 | ||||||
**Acrylonitrile unit |
650,000 | 93.23 | ||||||
C5 segregation units (2) |
205,000 | 139.51 |
* | The No. 1 paraxylene unit (235,000 tons/year) was suspended for the whole year. |
** | No. 2 Diesel hydrogenation facility (1,200,000 tons/year) was revamped into acrylonitrile facility by the end of 2016. Annual production is 650,000 tons/year. |
Production Unit (number of units) |
Rated Capacity (tons) |
Utilization Rate (%) |
||||||
*Polyester units (3) |
550,000 | 88.53 | ||||||
**Polyester staple units (2) |
158,000 | 88.27 | ||||||
Polyester filament unit |
21,000 | — | ||||||
Acrylic staple fiber units (3) |
141,000 | 107.19 | ||||||
Polypropylene units (3) |
408,000 | 88.56 | ||||||
Polypropylene units (3) |
400,000 | 96.41 | ||||||
Vinyl acetate unit |
86,000 | 105.22 |
* | No. 3 polyester fibre facility (100,000 tons/year) was discontinued on 1 September 2013. |
** | No. 1 Polyester staple fibre facility (4,000 tons/year) was suspended for the whole year. |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS. |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS. |
Year ended December 31, |
||||||||||||||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||||||||||||||
Sales Volume (‘000 tons) |
Net Sales (RMB million) |
% of Total Net Sales |
Sales Volume (‘000 tons) |
Net Sales (RMB million) |
% of Total Net Sales |
Sales Volume (‘000 tons) |
Net Sales (RMB million) |
% of Total Net Sales |
||||||||||||||||||||||||||||
Synthetic fibers |
177.9 | 2,158.9 | 2.5 | 151.4 | 1,472.4 | 2.4 | 101.9 | 1,374.8 | 1.8 | |||||||||||||||||||||||||||
Resins and plastics |
1,292.4 | 9,979.9 | 11.3 | 1,365.4 | 9,419.7 | 15.3 | 1,254.9 | 9,962.7 | 13.1 | |||||||||||||||||||||||||||
Intermediate petrochemicals |
2,193.7 | 10,313.6 | 11.7 | 2,168.0 | 8,205.8 | 13.3 | 1,989.1 | 10,780.5 | 14.2 | |||||||||||||||||||||||||||
Petroleum products |
10,294.6 | 43,125.9 | 49.0 | 10,347.7 | 30,139.6 | 49.0 | 10,065.0 | 41,884.4 | 55.2 | |||||||||||||||||||||||||||
Trading of petrochemical products |
— | 21,690.7 | 24.6 | — | 11,577.3 | 18.8 | — | 11,051.4 | 14.6 | |||||||||||||||||||||||||||
Others |
— | 786.7 | 0.9 | — | 746.1 | 1.2 | — | 835.0 | 1.1 | |||||||||||||||||||||||||||
Total |
13,958.6 | 88,055.7 | 100.0 | 14,032.5 | 61,560.9 | 100.0 | 13,410.9 | 75,888.8 | 100.0 | |||||||||||||||||||||||||||
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Year ended December 31, |
||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||
RMB million |
% of Net sales |
RMB million |
% of Net sales |
RMB million |
% of Net sales |
|||||||||||||||||||
Synthetic fibers |
||||||||||||||||||||||||
Net sales |
2,158.9 | 2.5 | 1,472.4 | 2.4 | 1,374.8 | 1.8 | ||||||||||||||||||
Operating expenses |
(2,699.2 | ) | (3.1 | ) | (1,836.6 | ) | (3.0 | ) | (2,228.9 | ) | (2.9 | ) | ||||||||||||
Segment loss |
(540.3 | ) | (0.6 | ) | (364.2 | ) | (0.6 | ) | (854.1 | ) | (1.1 | ) |
Year ended December 31, |
||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||
RMB million |
% of Net sales |
RMB million |
% of Net sales |
RMB million |
% of Net sales |
|||||||||||||||||||
Resins and plastics |
||||||||||||||||||||||||
Net sales |
9,979.9 | 11.3 | 9,419.7 | 15.3 | 9,962.7 | 13.1 | ||||||||||||||||||
Operating expenses |
(9,578.5 | ) | (10.9 | ) | (8,157.6 | ) | (13.3 | ) | (9,910.5 | ) | (13.1 | ) | ||||||||||||
Segment profit |
401.4 | 0.4 | 1,262.1 | 2.0 | 52.2 | 0.1 | ||||||||||||||||||
Intermediate petrochemicals |
||||||||||||||||||||||||
Net sales |
10,313.6 | 11.7 | 8,205.8 | 13.3 | 10,780.5 | 14.2 | ||||||||||||||||||
Operating expenses |
(9,899.6 | ) | (11.2 | ) | (7,624.2 | ) | (12.4 | ) | (11,415.6 | ) | (15.0 | ) | ||||||||||||
Segment profit/(loss) |
414.0 | 0.5 | 581.6 | 0.9 | (635.1 | ) | (0.8 | ) | ||||||||||||||||
Petroleum products |
||||||||||||||||||||||||
Net sales |
43,125.9 | 49.0 | 30,139.6 | 49.0 | 41,884.4 | 55.2 | ||||||||||||||||||
Operating expenses |
(42,420.4 | ) | (48.2 | ) | (32,338.3 | ) | (52.5 | ) | (38,917.4 | ) | (51.3 | ) | ||||||||||||
Segment profit/(loss) |
705.5 | 0.8 | (2,198.7 | ) | (3.5 | ) | 2,967.0 | 3.9 | ||||||||||||||||
Trading of petrochemical products |
||||||||||||||||||||||||
Net sales |
21,690.7 | 24.6 | 11,577.3 | 18.8 | 11,051.4 | 14.6 | ||||||||||||||||||
Operating expenses |
(21,637.5 | ) | (24.5 | ) | (11,535.3 | ) | (18.7 | ) | (11,007.7 | ) | (14.5 | ) | ||||||||||||
Segment profit |
53.2 | 0.1 | 42.0 | 0.1 | 43.7 | 0.1 | ||||||||||||||||||
Others |
||||||||||||||||||||||||
Net sales |
786.7 | 0.9 | 746.1 | 1.2 | 835.0 | 1.1 | ||||||||||||||||||
Operating expenses |
(500.0 | ) | (0.6 | ) | (535.1 | ) | (0.9 | ) | (976.5 | ) | (1.3 | ) | ||||||||||||
Segment profit/(loss) |
286.7 | 0.3 | 211.0 | 0.3 | (141.5 | ) | (0.2 | ) | ||||||||||||||||
Total |
||||||||||||||||||||||||
Net sales |
88,055.7 | 100.0 | 61,560.9 | 100.0 | 75,888.8 | 100.0 | ||||||||||||||||||
Operating expenses |
(86,735.2 | ) | (98.5 | ) | (62,027.1 | ) | (100.8 | ) | (74,456.6 | ) | (98.1 | ) | ||||||||||||
Profit/(loss) from operations |
1,320.5 | 1.5 | (466.2 | ) | (0.8 | ) | 1,432.2 | 1.9 | ||||||||||||||||
Net finance income |
363.0 | 0.4 | 332.3 | 0.5 | 414.6 | 0.5 | ||||||||||||||||||
Investment income |
— | — | — | — | ||||||||||||||||||||
Share of profit of associates and jointly controlled entities |
972.6 | 1.1 | 724.7 | 1.2 | 874.3 | 1.2 | ||||||||||||||||||
Profit before income tax |
2,656.1 | 3.0 | 590.8 | 0.9 | 2,721.1 | 3.6 | ||||||||||||||||||
Income tax |
(429.0 | ) | (0.5 | ) | 65.6 | 0.1 | (644.5 | ) | (0.9 | ) | ||||||||||||||
Net profit |
2,227.1 | 2.5 | 656.4 | 1.0 | 2,076.6 | 2.7 | ||||||||||||||||||
Attributable to: |
||||||||||||||||||||||||
Equity shareholders of the Company |
2,215.7 | 2.5 | 645.1 | 1.0 | 2,073.4 | 2.7 | ||||||||||||||||||
Non-controlling interests |
11.4 | 0.0 | 11.3 | 0.0 | 3.2 | 0.0 | ||||||||||||||||||
Net profit |
2,227.1 | 2.5 | 656.4 | 1.0 | 2,076.6 | 2.7 |
• | Cost of sales |
• | Selling and administrative expenses |
• | Other operating income |
• | Other operating expenses |
Year Ended December 31, |
||||||||||||
2019 |
2020 |
2021 |
||||||||||
(RMB million) |
||||||||||||
Net cash generated from operating activities |
5,057.8 | 1,679.9 | 3,950.0 | |||||||||
Net cash used in investing activities |
(4,623.2 | ) | (3,997.5 | ) | (2,359.4 | ) | ||||||
Net cash (used in)/generated from financing activities |
(1,737.4 | ) | 1,681.8 | (3,393.1 | ) | |||||||
Net increase/(decrease) in cash and cash equivalents |
(1,302.8 | ) | (525.9 | ) | (1,802.5 | ) |
Debt instruments |
Year Ended December 31, |
|||||||
2020 |
2021 |
|||||||
(RMB million) |
||||||||
Short term bank loans (1) |
1,548.0 | 1,559.8 | ||||||
Long term bank loans |
— | 700.0 | ||||||
|
|
|
|
|||||
1,548.0 | 2,259.8 | |||||||
|
|
|
|
(1) | As of December 31, 2021, no borrowings were secured by the way of property, plant and equipment. We obtained a credit rating of AAA for financing loans, assessed by Shanghai Huajie Credit Rating & Investors Service Co., Ltd., a credit rating agency authorized by the Shanghai Branch of the People’s Bank of China. As of December 31, 2021, the current assets exceeded current liabilities by RMB 5,136.5 million. The liquidity of the Company is primarily dependent on the ability to maintain adequate cash inflow from operations, the renewal of its short-term bank loans and on its ability to obtain adequate external financing to support its working capital and meet its debt obligation when they become due. We assessed that all the facilities could be renewed upon their expiration dates. We have carried out a detailed review of the cash flow forecast for the 12 months ending December 31, 2021. Based on such forecast, we believe that we will be able to renew these facilities when they expire based on our well-established relationships with various lenders and adequate sources of liquidity exist to fund our working capital and capital expenditure requirements. |
Major Project |
Total amount of project investment RMB million |
Amount of project Investment in 2021 RMB million |
Project progress as of December 31, 2021 | |||||||
Shanghai Jinshan baling New Material Co., Ltd |
400.0 | 50.0 | Paid in RMB50 million | |||||||
Sinopec Shanghai raw silks (24,000 ton/year) and 48K large-tow carbon fiber (12,000 ton/year) project |
3,489.6 | 1,000.0 | Under construction | |||||||
Oil cleaning project 400,000 tons/year clean gasoline components units |
781.7 | 40.0 | Put into operation | |||||||
Second stage of PAN (Polyacrylonitrile) based carbon fiber project with annual production of 1,500 tons |
847.8 | 8.4 | Put into operation | |||||||
Security risk rectification project of the central control room of the olefin section |
99.9 | 32.5 | Under construction | |||||||
Shanghai Petrochemical third circuit 220kV power incoming line project |
507.1 | 250.0 | Under construction | |||||||
Energy saving transformation of three GK-VI cracking furnaces in the old area of No. 2 olefin unit of olefin Department |
92.3 | 70.9 | Put into operation | |||||||
Seawall safety hazard treatment project |
256.1 | 150.1 | Under construction |
C. |
Research and Development, Patents and Licenses, etc. |
D. |
Trend Information |
E. |
Critical Accounting Estimates |
F. |
Other Information |
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES. |
A. |
Directors and Senior Management. |
Name |
Age |
Position | ||
Directors |
||||
Wu Haijun | 60 | Executive Director, Chairman of the Board of Directors, Chairman of Strategy Committee, and Member of Nomination Committee | ||
Guan Zemin | 58 | Executive Director, Vice-Chairman of the Board of Directors, Vice-Chairman of Strategy Committee, and President | ||
Du Jun | 52 | Executive Director, Vice President and Chief Finance Officer | ||
Huang Xiangyu | 54 | Executive Director and Vice President | ||
Xie Zhenglin | 57 | Non-executive Director and Member of Strategy Committee | ||
Peng Kun | 56 | Non-executive Director | ||
Li Yuanqin | 49 | Independent Director, and Chairman of Audit Committee | ||
Tang Song | 42 | Independent Director, and Member of Audit Committee | ||
Chen Haifeng | 48 | Independent Director, Member of Audit Committee and Member of Nomination Committee | ||
Yang Jun | 65 | Independent Director, Chairman of Remuneration and Appraisal Committee and Chairman of Nomination Committee | ||
Gao Song | 52 | Independent Director, Member of Remuneration and Appraisal Committee and Member of Strategy Committee | ||
Supervisory Committee |
||||
Ma Yanhui | 51 | Chairman of the Supervisory Committee | ||
Zhang Feng | 53 | Employee Supervisor | ||
Chen Hongjun | 51 | Employee Supervisor | ||
Zhang Xiaofeng | 52 | Supervisor | ||
Zheng Yunrui | 57 | Independent Supervisor | ||
Choi Tingki | 68 | Independent Supervisor | ||
Senior Management |
||||
Jin Qiang* | 57 | Vice President | ||
Jin Wenmin* | 57 | Vice President | ||
Huang Fei* | 45 | Vice President | ||
Liu Gang | 50 | Secretary of the Board of Directors |
* | Mr. Jin Qiang, Mr. Jin Wenmin and Mr. Huang Fei requested to the Board of Directors on February 15, 2022 to cease to serve as executive directors and directors due to changes in their work. Mr. Jin Qiang, Mr. Jin Wenmin and Mr. Huang Fei resigned from their positions and their resignation reports were delivered to the Board of Directors on February 15, 2022. |
Name |
Position with the Company |
Salaries and other benefits |
Retirement scheme contributions* |
Discretionary bonus |
Fees |
Total Remuneration in 2021 (excluding share options) |
||||||||||||||||
(RMB’000) |
(RMB’000) |
(RMB’000) |
(RMB’000) |
(RMB’000) |
||||||||||||||||||
(before tax) |
(before tax) |
(before tax) |
(before tax) |
(before tax) |
||||||||||||||||||
Wu Haijun |
Chairman & Executive Director | 324 | 49 | 768 | — | 1,141 | ||||||||||||||||
Guan Zemin |
Executive Director, Vice Chairman & President | 407 | 49 | 767 | — | 1,223 | ||||||||||||||||
Du Jun |
Executive Director Vice President & Chief Financial Officer | 373 | 49 | 617 | — | 1,039 | ||||||||||||||||
Huang Xiangyu |
Executive Director & Vice President | 276 | 48 | 684 | — | 1,008 | ||||||||||||||||
Xie Zhenglin |
Independent Director | — | — | — | — | — | ||||||||||||||||
Peng Kun |
Independent Director | 186 | 46 | 631 | — | 863 | ||||||||||||||||
Li Yuanqin |
Independent Director | — | — | — | 150 | 150 | ||||||||||||||||
Tang Song |
Independent Director | — | — | — | 150 | 150 | ||||||||||||||||
Chen Haifeng |
Independent Director | — | — | — | 150 | 150 | ||||||||||||||||
Yang Jun |
Independent Director | — | — | — | 150 | 150 | ||||||||||||||||
Gao Song |
Independent Director | — | — | — | 150 | 150 | ||||||||||||||||
Ma Yanhui |
Chairman of Supervisory Committee | 350 | 49 | 682 | — | 1,081 | ||||||||||||||||
Zhang Feng |
Supervisor | 169 | 42 | 584 | — | 795 | ||||||||||||||||
Chen Hongjun |
Supervisor | 178 | 41 | 603 | — | 822 | ||||||||||||||||
Zheng Yunrui |
Independent Supervisor | 100 | — | — | — | 100 | ||||||||||||||||
Choi Tingki |
Independent Supervisor | 100 | — | — | — | 100 | ||||||||||||||||
Jin Qiang* |
Vice President | 378 | 49 | 682 | — | 1,109 | ||||||||||||||||
Jin Wenmin* |
Vice President | 265 | 49 | 684 | — | 998 | ||||||||||||||||
Huangfei* |
Vice President | 251 | 46 | 683 | — | 980 |
* | On February 15, 2022, Mr. Jin Qiang, Mr. Jin Wenmin and Mr. Huang Fei proposed request to the board of directors that they would no longer serve as executive directors and directors due to job change. Mr. Jin Qiang, Mr. Jin Wenmin and Mr. Huang Fei’s resignation took effect when the resignation report were delivered to the board of directors of the Company on February 15, 2022. |
C. |
Board Practices. |
December 31, |
||||||||||||
2019 |
2020 |
2021 |
||||||||||
Management |
1081 | 1066 | 1044 | |||||||||
Engineers, technicians and factory personnel |
5430 | 5094 | 5070 | |||||||||
Accounting, marketing and others |
2367 | 2306 | 2116 | |||||||||
|
|
|
|
|
|
|||||||
Total |
8878 | 8466 | 8230 | |||||||||
|
|
|
|
|
|
Name |
Position held |
Number of Shares held (shares) |
Percentage of total issued shares of the Company (%) |
Percentage of total issued A shares (%) |
||||||||||
Jin Qiang |
Vice President | 301,000 A shares | (L) | 0.002781 | 0.00411 | |||||||||
Jin Wenmin |
Vice President | 175,000 A shares | (L) | 0.001617 | 0.00239 | |||||||||
Huang Xiangyu |
Executive Director and Vice President | 140,000 A shares | (L) | 0.001293 | 0.00190 | |||||||||
Zhang Feng |
Supervisor | 10,000 A shares | (L) | 0.000092 | 0.00014 | |||||||||
Chen Hongjun |
Supervisor | 31,400 A shares | (L) | 0.000290 | 0.00043 |
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS. |
Name of shareholders |
Interests held (shares) |
Percentage of total issued shares of the Company (%) |
Percentage of total issued shares for this category (%) | |||
Sinopec Corp. |
5,460,000,000 A Shares(L) Shares of legal person |
50.44(L) | 74.50(L) | |||
The Bank of New York Mellon Corporation |
313,748,444 H Shares (L) | 2.90 | 8.98 | |||
287,320,400 H Shares (S) | 2.65 | 8.22 | ||||
25,929,544 H Shares (P) | 0.24 | 0.74 | ||||
Hung Hin Fai(1) |
211,008,000 H Shares (L) | 1.95 | 6.04 | |||
Chan Kin Sun(2) |
200,020,000 H Shares (S) | 1.85 | 5.72 | |||
200,020,000 H Shares (L) | 1.85 | 5.72 |
(1) | These shares were held by Corn Capital Company Limited. Hung Hin Fai held 100% interests in Corn Capital Company Limited, and was deemed to be interested in the shares held by Corn Capital Company Limited. |
(2) | These shares were held by Yardley Finance Limited. Chan Kin Sun held 100% interests in Yardley Finance Limited, and was deemed to be interested in the shares held by Yardley Finance Limited. |
Type of major transactions |
Connected parties |
Annual cap for 2021 |
Transaction Amount during the reporting Period |
Unit: RMB’000 Percentage Of the total Amount of the same type of transaction (%) |
||||||||||
Mutual Product Supply and Sales Services Framework Agreement |
||||||||||||||
Purchases of raw materials |
Sinopec Corp., Sinopec Group and their associates | 74,111,000 | 51,521,921 | 74.21 | % | |||||||||
Sales of petroleum and petrochemical products |
Sinopec Group, Sinopec Corp. and their associates | 66,021,000 | 60,926,642 | 68.30 | % | |||||||||
Property leasing |
Sinopec Group, Sinopec Corp. and their associates | 37,000 | 35,403 | 43.21 | % | |||||||||
Agency sales of petrochemical |
Sinopec Corp. and its associates | 168,000 | 110,552 | 100.00 | % | |||||||||
Comprehensive Services Framework Agreement |
| |||||||||||||
Construction, installation and engineering design services |
Sinopec Group, Sinopec Corp. and their associates | 1,074,000 | 785,216 | 50.89 | % | |||||||||
Petrochemical industry insurance services |
Sinopec Group and its associates | 130,000 | 108,850 | 100.00 | % | |||||||||
Financial services |
Associate of Sinopec Group (Sinopec Finance) | 200,000 | 824 | 0.16 | % | |||||||||
Storage services agreement |
| |||||||||||||
Storage services |
Associate of Sinopec Group (Baishawan Branch) | 114,000 | 114,000 | 83.01 | % |
ITEM 8. |
FINANCIAL INFORMATION. |
ITEM 9. |
THE OFFER AND LISTING. |
ITEM 10. |
ADDITIONAL INFORMATION. |
• | to build and operate a diversified industrial company which will be one of the world’s leading petrochemical companies; |
• | to promote the development of the petrochemical industry in China through the production of a broad variety of outstanding products; and |
• | to practice advanced, scientific management and apply flexible business principles, and to develop overseas markets for our products so that we and our shareholders receive reasonable economic benefits. |
• | between a holder of H Shares and us; |
• | between a holder of H Shares and any of our directors, supervisors, manager or other senior officers; or |
• | between a holder of H Shares and a holder of A Shares, |
• | all relevant transfer fees and stamp duties are paid; |
• | the instrument of transfer is accompanied by the share certificates to which it relates and any other evidence reasonably required by our board to prove the transferor’s right to make the transfer; |
• | there are no more than four joint holders as transferees; and |
• | the H Shares are free from any lien of ours. |
• | recovery of losses, if any; |
• | allocations to the statutory common reserve fund; and |
• | allocations to a discretionary common reserve fund. |
• | where the number of directors is less than five as required by the PRC Company Law or two-thirds of the number specified in our Articles of Association; |
• | where our unrecovered losses reach one-third of the total amount of our share capital; |
• | where shareholder(s) holding 10% or more of our issued and outstanding voting shares request(s) in writing; or |
• | whenever our board deems necessary or our Supervisory Committee so requests. |
• | increasing or decreasing the number of shares of a class or of a class having voting or distribution rights or privileges equal or superior to that class; |
• | removing or reducing rights to receive dividends in a particular currency; |
• | creating shares with voting or distribution rights superior to shares of that class; |
• | restricting or adding restrictions to the transfer of ownership of shares of that class; |
• | allotting and issuing rights to subscribe for, or to convert into, shares of that class or another class; |
• | increasing the rights or privileges of any other class; or |
• | modifying the provision of our Articles of Association that specifies which amendments would be deemed a variation or abrogation of the rights of a class of shareholder. |
• | If the proposal is for us to repurchase our shares from a shareholder by a private contract, an “Interested Shareholder” is the shareholder whose shares would be repurchased; |
• | If the proposal is for our restructuring, an “Interested Shareholder” is any shareholder that has an interest in the restructuring different from the other shareholders of the class or who bears a burden under the proposed restructuring that is less than proportionate to his shareholdings of the class. |
• | an increase or reduction of our share capital or the issue of shares of any class, warrants and other similar securities; |
• | the issue of our debentures; |
• | our division, merger, dissolution and liquidation; |
• | amendments to our Articles of Association; |
• | significant acquisition or disposal of material assets or provision of guarantees conducted within the period of one year with a value exceeding 30% of our latest audited total assets; |
• | share incentive schemes; and |
• | any other matters considered by the shareholders in a general meeting and which they have resolved by way of an ordinary resolution to be material and should be adopted by special resolution. |
• | not to cause us to exceed the scope of business stipulated in our business license; |
• | to act honestly in what he considers our best interests; |
• | not to expropriate our assets in any way, including (without limitation) usurpation of opportunities which may benefit us; and |
• | not to expropriate the individual rights of shareholders, including (without limitation) rights to distributions and voting rights, except according to a restructuring which has been submitted to the shareholders for their approval in accordance with the Articles of Association. |
• | a duty, in the exercise of their powers and discharge of their duties, to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances; |
• | a fiduciary obligation, in the discharge of his duties, not to place himself or herself in a position where his or her interests may conflict with his or her duty to us; and |
• | a duty not to cause a person or an organization related or connected to him or her in specified relationships to do what they are prohibited from doing. |
• | immediate family members of persons who work for us or our associated entities; |
• | persons or their immediate family who hold one percent or more of our shares or are among our ten largest shareholders; |
• | any persons that satisfied the foregoing conditions within the past one year; |
• | persons providing financial, legal, consultation or other services to us or our associated entities; |
• | persons who already serve as Independent Director for five other listed companies; and |
• | anyone identified by the CSRC as unsuitable for serving as an Independent Director. |
• | proposals for our financial policies; |
• | the increase or reduction of our registered capital; |
• | the issue of securities of any kind and their listing; |
• | any repurchase of our shares; |
• | significant acquisitions or disposals; |
• | our merger, division or dissolution; and |
• | any amendment to our Articles of Association. |
• | any company that, directly or indirectly, controls us or is under common control with us; |
• | any shareholders owning 5% or more of our shares; |
• | our directors, supervisors and other senior management; |
• | any of our key technical personnel or key technology suppliers; and |
• | any close relative or associate of any of the above. |
• | the nomination, removal and remuneration of directors or senior management; |
• | any major loans or financial transactions with our shareholders or related enterprises and whether we have taken adequate steps to ensure repayment; |
• | matters that the Independent Director believes may harm the rights and interests of minority shareholders; and |
• | any other matter that they are required to opine on by applicable law or rules. |
• | attend the meetings of our Board of Directors; |
• | inspect our financial affairs; |
• | supervise and evaluate the conduct of our directors, general manager and other senior officers in order to determine whether they violate any laws, regulations or the Articles of Association in performing their duties; |
• | require our directors, general manager or other senior officers to correct any act harmful to our interests and those of our shareholders and employees; |
• | verify financial reports, accounting reports, business reports, profit distribution plans and other financial information proposed to be tabled at the shareholders’ general meeting, and entrust registered accountants and practicing accountants to re-review such documents upon its discovery of any problems; |
• | require the Board of Directors to convene an extraordinary general meeting of shareholders; |
• | represent us in negotiations with directors or in initiating legal proceedings against a director on our company’s behalf; |
• | conduct investigation into any identified irregularities in our operations, and where necessary, to engage accountants, legal advisers or other professionals to assist in the investigation; and |
• | any other matters authorized by the Articles of Association. |
• | to relieve a director or supervisor from his or her duty to act honestly in our best interest; |
• | to approve the expropriation by a director or supervisor (for his or her own benefit or for the benefit of another person) of our assets in any way, including, without limitation, opportunities which may benefit us; or |
• | to approve the expropriation by a director or supervisor (for his or her own benefit or for the benefit of another person) of the individual rights of other shareholders, including, without limitation, rights to distributions and voting rights (but not according to a restructuring of our company which has been submitted for approval by the shareholders in a general meeting in accordance with our Articles of Association). |
• | has the power to elect more than one-half of the Board of Directors; |
• | has the power to exercise, or to control the exercise of, 30% or more of our voting rights; |
• | holds 30% or more of our issued and outstanding shares; or |
• | has de facto |
• | a citizen or resident of the United States or someone treated as a U.S. citizen or resident for U.S. federal income tax purposes; |
• | a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; or |
• | a trust or estate, the income of which is subject to U.S. federal income taxation regardless of its source. |
• | any “excess distribution” paid on ordinary shares, which means the excess (if any) of the total distributions received by you during the current taxable year over 125% of the average distributions received by you during the three preceding taxable years (or during the portion of your holding period for the ordinary shares prior to the current taxable year, if shorter); and |
• | any gain recognized on the sale or other taxable disposition (including a pledge) of ordinary shares. |
• | any excess distribution or gain will be allocated ratably over your holding period for the ordinary shares, |
• | the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC will be treated as ordinary income in the current year, |
• | the amount allocated to each of the other years will be treated as ordinary income and taxed at the highest applicable tax rate in effect for that year, and |
• | the resulting tax liability from any such prior years will be subject to the interest charge applicable to underpayments of tax. |
ITEM 11. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
As of December 31, 2021 | ||||||||||||||||||||||||||||
2022 |
2023 |
2024 |
2025 |
2026 |
Total Recorded Amount |
Fair Value |
||||||||||||||||||||||
(RMB equivalent in thousands, except interest rates) | ||||||||||||||||||||||||||||
Fixed rate bank and other loans |
||||||||||||||||||||||||||||
In U.S. Dollars |
— | — | — | — | — | — | — | |||||||||||||||||||||
Average interest rate |
— | — | — | — | — | — | — | |||||||||||||||||||||
In RMB |
1,500,000 | — | 1,500,000 | 1,500,000 | ||||||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | 2.70 | % | 2.70 | % | |||||||||||||||||||
Variable rate bank and other loans |
||||||||||||||||||||||||||||
In U.S. Dollars |
— | — | — | — | — | — | — | |||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | — | — | |||||||||||||||||||||
In RMB |
59,800 | — | 700,000 | — | — | 759,800 | 759,800 | |||||||||||||||||||||
Average interest rate (1) |
3.70 | % | — | 1.08 % | — | — | 1.29 | % | 1.29 | % |
(1) | The average interest rates for variable rate bank and other loans are calculated based on the year end indices. |
As of December 31, 2020 |
||||||||||||||||||||||||||||
2021 |
2022 |
2023 |
2024 |
2025 |
Total Recorded Amount |
Fair Value |
||||||||||||||||||||||
(RMB equivalent in thousands, except interest rates) |
||||||||||||||||||||||||||||
Fixed rate bank and other loans |
||||||||||||||||||||||||||||
In U.S. Dollars |
— | — | — | — | — | — | — | |||||||||||||||||||||
Average interest rate |
— | — | — | — | — | — | — | |||||||||||||||||||||
In RMB |
1,500,000 | — | — | — | — | 1,500,000 | 1,500,000 | |||||||||||||||||||||
Average interest rate (1) |
2.60 | % | — | — | — | — | 2.60 | % | 2.60 | % | ||||||||||||||||||
Variable rate bank and other loans |
||||||||||||||||||||||||||||
In U.S. Dollars |
— | — | — | — | — | — | — | |||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | — | — | |||||||||||||||||||||
In RMB |
48,000 | — | — | — | — | 48,000 | 48,000 | |||||||||||||||||||||
Average interest rate (1) |
3.70 | % | — | — | — | — | 3.70 | % | 3.70 | % |
(1) | The average interest rates for variable rate bank and other loans are calculated based on the year end indices. |
Exchange |
Rate Risk |
As of December 31, 2021 |
||||||||||||||||||||||||||||||||
2022 |
2023 |
2024 |
2025 |
2026 |
Thereafter |
Total Recorded Amount |
Fair Value |
|||||||||||||||||||||||||
(RMB equivalent in thousands, except interest rates) |
||||||||||||||||||||||||||||||||
On-balance sheet financial instruments |
||||||||||||||||||||||||||||||||
Cash and cash equivalents: |
||||||||||||||||||||||||||||||||
In Hong Kong Dollars |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
In U.S. Dollars |
165,864 | — | — | — | — | — | 165,864 | 165,864 | ||||||||||||||||||||||||
In Euro |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
In Japanese Yen |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
In Swiss Frank |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Debt: |
||||||||||||||||||||||||||||||||
Fixed rate bank and other loans in U.S. Dollars |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Variable rate bank and other loans in U.S. Dollars |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | — | — | — |
(1) | The average interest rates for variable rate bank and other loans are calculated based on the year end indices. |
As of December 31, 2020 |
||||||||||||||||||||||||||||||||
2021 |
2022 |
2023 |
2024 |
2025 |
Thereafter |
Total Recorded Amount |
Fair Value |
|||||||||||||||||||||||||
(RMB equivalent in thousands, except interest rates) |
||||||||||||||||||||||||||||||||
On-balance sheet financial instruments |
||||||||||||||||||||||||||||||||
Cash and cash equivalents: |
||||||||||||||||||||||||||||||||
In Hong Kong Dollars |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
In U.S. Dollars |
207,727 | — | — | — | — | — | 207,727 | 207,727 | ||||||||||||||||||||||||
In Euro |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
In Japanese Yen |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
In Swiss Frank |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Debt: |
||||||||||||||||||||||||||||||||
Fixed rate bank and other loans in U.S. Dollars |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Variable rate bank and other loans in U.S. Dollars |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Average interest rate (1) |
— | — | — | — | — | — | — | — |
(1) | The average interest rates for variable rate bank and other loans are calculated based on the year end indices. |
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES. |
C. |
Other Securities. |
D. |
American Depositary Shares. |
12.D.3 |
Fees and Charges that a holder of our ADSs May Have to Pay |
Persons depositing or withdrawing shares must pay: |
For: | |
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance and withdrawal of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs |
Distribution of securities distributed to holders of deposited securities which are distributed by The Bank of New York Mellon to ADS registered holders | |
A fee of $.05 (or less) per ADS (or portion thereof) Registration or transfer fees |
Any cash distribution made pursuant to the Deposit Agreement Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of The Bank of New York Mellon | Cable, telex and facsimile transmissions (when expressly provided in the Deposit Agreement); Converting foreign currency to U.S. Dollars | |
Taxes and other governmental charges The Bank of New York Mellon or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes |
As necessary | |
Any charges incurred by The Bank of New York Mellon or its agents for servicing the deposited securities |
As necessary |
12.D.4 |
Fees and Other Payments Made by the Bank of New York Mellon |
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES. |
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS. |
ITEM 15. |
CONTROLS AND PROCEDURES. |
(a). |
Disclosure Controls And Procedures. |
(b). |
Management’s Report on Internal Control over Financial Reporting. |
(c). |
Report of Independent Registered Public Accounting Firm. |
(d). |
Changes in Internal Control over Financial Reporting. |
ITEM 16A. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
ITEM 16B. |
CODE OF ETHICS. |
ITEM 16C. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
For the year ended December 31, |
||||||||
(in thousands of RMB) |
||||||||
2020 |
2021 |
|||||||
Audit fees (1) |
7,800 | 6,837 | ||||||
Audit-Related fees (2) |
— | — | ||||||
Tax fees (3) |
— | — | ||||||
All other fees (4) |
— | — | ||||||
Total |
7,800 | 6,837 |
(1) | “Audit fees” means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal auditors for the audit of our annual financial statements. |
(2) | “Audit-Related fees” means the aggregate fees billed in each of the fiscal years listed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under audit fees. |
(3) | “Tax fees” means the aggregate fees billed in each of the fiscal years listed for professional services rendered by the principal accountant for tax |
(4) | “All other fees” means the aggregate fees billed in each of the fiscal years listed for products and services provided by the our principal accountant, other than the services reported under audit fees, audit-related fees and tax fees. |
• | Any audit or non-audit service to be provided to us by the independent accountant must be (i) pre-approved by the audit committee; or (ii) pre-approved by one or several committee members designated by the committee and rectified by the audit committee. |
ITEM 16D. |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. |
ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. |
ITEM 16F. |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT. |
ITEM 16G. |
CORPORATE GOVERNANCE. |
NYSE Corporate Governance Rules |
The Company’s Corporate Governance Practices (which conform with the corporate governance rules for companies organized and listed in the People’s Republic of China) | |||
Director Independence | A listed company must have a majority of independent directors on its board of directors. The board of directors needs to affirmatively determine that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). In addition, a director must meet certain standards to be deemed independent. | |||
The non-management directors of each listed company must meet at regularly scheduled executive sessions without management. |
It is required in China that no less than 1/3rd of the board members of any listed company must be independent directors, and the listed company must set forth specific requirements for the qualification and election of independent directors in compliance with PRC laws. For example, an independent director shall not hold any other position in the listed company other than being a director and shall not be influenced by the main shareholders or the controlling persons of the listed company, or by any other entities or persons with whom the listed company has a significant relationship. The Company has complied with the relevant Chinese corporate governance rules and has implemented internal rules governing the independence and responsibilities of independent directors. The Company determines the independence of independent directors every year. No similar requirements. |
Nominating/Corporate Governance Committee | Listed companies must have a nominating/corporate governance committee composed entirely of independent directors. The nominating/corporate governance committee must have a written charter that addresses: (i) the committee’s purpose and responsibilities—which, at minimum, must be to: identify individuals qualified to become board members, consistent with criteria approved by the board, and to select, or to recommend that the board select, the director nominees for the next annual meeting of shareholders; develop and recommend to the board a set of corporate governance guidelines applicable to the corporation; and oversee the evaluation of the board and management; and (i) an annual performance evaluation of the committee. |
The board of directors can establish a nominating committee if the shareholders pass resolutions to establish such a committee. A majority of the directors on the committee shall be independent directors, who shall act as the convener. The board of directors, which formulates relevant written guidelines with respect to the nomination of directors, has established a nominating committee with a majority of the members being independent directors. Relevant responsibilities of the nominating committee are similar to those stipulated by the NYSE rules, but the main responsibilities do not include the research and recommendation of corporate governance guidelines, the supervision of the evaluation of the board of directors and management, or the annual evaluation of the committee. | ||
Compensation Committee | Listed companies must have a compensation committee composed entirely of independent directors. | The board of directors can establish a compensation and assessment committee if the shareholders pass resolutions to establish such a committee. A majority of the directors on the committee shall be independent directors, who shall act as the convener. |
The purposes and responsibilities of the compensation committee stated in its charter must include: (1) reviewing and approving the corporate goals and objectives associated the with the CEO’s compensation, evaluate the performance of the CEO in fulfilling these goals and objectives, and, either as a committee or together with the other independent directors (as directed by the board), determine and approve the CEO’s compensation level based on such evaluation; (2) making recommendations to the board with respect to non-CEO executive officer compensation, and incentive-compensation and equity-based plans that are subject to board approval; and(3) producing a committee report on executive compensation as required by the SEC to be included in the annual proxy statement or annual report filed with the SEC. The charter must also include the requirement for an annual performance evaluation of the compensation committee. |
The responsibilities of the compensation and assessment committee include: (1) reviewing the standards for the evaluation of directors and management, evaluate directors and management and report the results of such evaluation to the board of directors; and (2) reviewing compensation policies and benefit plans for directors and executive officers. Unlike the NYSE rules, the PRC rules do not require the committee to produce a report on the executive compensation or make an annual performance evaluation of the committee. In addition, the compensation committee evaluates and reviews the compensation of directors as well as executive officers. The board of directors of the Company has established a compensation evaluation committee with a majority of the members being independent directors who act as the convener, and the committee has established a written charter complying with the domestic corporate governance rules. | |||
Audit Committee | Listed companies must have an audit committee that satisfies the requirements of Rule 10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). It must have a minimum of three members, and all audit committee members must satisfy the requirements for independence set forth in Section 303A.02 of the NYSE Corporate Governance Rules and , in the absence of an applicable exemption, Rule 10A-3b(1) of the Exchange Act.The written charter of the audit committee must specify that the purpose of the audit committee is to assist the board oversight of the integrity of financial statements, the company’s compliance with legal and regulatory requirements, the qualifications and independence of the independent auditors, the performance of the listed company’s internal audit function and independent auditors. The written charter must also require the audit committee to prepare an audit committee report as required by the SEC to be included in the listed company’s annual proxy statement as well as an annual performance evaluation of the audit committee. The written charter must also address the duties and responsibilities of the audit committee as required under Section 303A.07 of the NYSE Corporate Governance Rules. |
The board of directors of a listed company must, through the resolution of the shareholders’ meeting, establish an audit committee composed entirely of directors, of which the independent directors are the majority and act as the convener, and, at minimum, one independent director is an accounting professional. The purpose, authority and responsibilities of the audit committee are similar to those stipulated by the NYSE rules, but according to customary practices in China, the Company is not required to make an annual performance evaluation of the audit committee, and the audit committee is not required to prepare an audit report to be included in the Company’s annual proxy statement. The board of directors of the Company has established an audit committee that satisfies Rule 10A-3 under the Securities Exchange Act of 1934, as amended and relevant domestic requirements. The audit committee has a written charter. |
Strategy Committee | N/A Each listed company must maintain an internal audit function to provide management and the audit committee with ongoing assessments of the listed company’s risk management processes and system of internal controls. |
The board of directors of a listed company can, through the resolution of the shareholders’ meeting, establish a strategy committee composed entirely of directors. We formed a strategy committee on June 15, 2017. The key responsibility of the Strategy Committee is to conduct researches and give recommendations to the Board on major investment decisions, projects and major issues that affect our development, and monitor our long-term development strategic plan. China has a similar regulatory provision, and the Company has an internal audit department. | ||
Equity Compensation | Shareholders must be given the opportunity to vote on all equity compensation plans and material revisions thereto, except for employment inducement awards, certain grants, plans and amendments in the context of mergers and acquisitions, and certain specific types of plans as described under Section 303A.08 of the NYSE Corporate Governance Rules. | The relevant regulations of China require the board of directors propose plans on the amount and types of director compensation for the shareholders’ meeting to approve. The compensation plan of executive officers shall be approved by the board and announced at the shareholders’ meeting and disclosed to the public upon the approval of the board of directors. | ||
Corporate Governance Guidelines | Listed companies must adopt and disclose corporate governance guidelines involving director qualification standards, director responsibilities, director compensation, director access to management and, as necessary and appropriate, independent advisors, director orientation and continuing education and management succession. The board should conduct a self-evaluation at least annually to determine whether it and its committees are functioning effectively. A listed company must make its corporate governance guidelines available on or through its website. | The CSRC has issued the Corporate Governance Rules, prescribing detailed guidelines on directors of the listed companies, including director selection, the structure of the board of directors and director performance evaluation. The Company has complied with the above mentioned rules. | ||
Code of Ethics for Directors, Officers and Employees | Listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. Each listed company may determine its own policies, but all listed companies should address the most important topics, including, among others, conflicts of interest, corporate opportunities, confidentiality, fair dealing, protection and proper use of listed company assets, compliance with laws, rules and regulations (including insider trading laws), and encouraging the reporting of any illegal or unethical behavior. | There is no such requirement for a code for ethics in China. As the directors and officers of the Company have all signed a Director Service Agreement, however, they are bound by their fiduciary duties to the Company. In addition, the directors and officers must perform their legal duties in accordance with the PRC Company Law, relevant requirements of CSRC and Mandatory Provisions to the Charter of Companies Listed Overseas. | ||
Each listed company CEO must certify to the NYSE each year that he or she is not aware of any violation by the company of NYSE corporate governance listing standards and he or she must promptly notify the NYSE in writing of any non-compliance with any applicable provisions of Section 303A. |
No similar requirements. |
ITEM 16H. |
MINE SAFETY DISCLOSURE. |
ITEM 16I. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 17. |
FINANCIAL STATEMENTS. |
ITEM 18. |
FINANCIAL STATEMENTS. |
ITEM 19. |
EXHIBITS. |
101.DEF * | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) |
* | Filed with this annual report on Form 20-F |
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED | ||||||
Date: April 27, 2022 | /s/ DU JUN | |||||
Du Jun, Chief Financial Officer |
Page |
||||
Report of independent registered public accounting firm (KPMG Huazhen LLP, Shanghai, China, Auditor Firm ID: |
F - 2 |
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F - 5 |
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F - 6 |
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F - 8 |
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F - 9 |
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F - 1 2 |
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F - 1 5 |
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F - 1 7 |
Year ended 31 December |
||||||||||||||||
2019 |
2020 | 2021 |
||||||||||||||
Note | RMB’000 |
RMB’000 | RMB’000 |
|||||||||||||
Revenue |
5 | |||||||||||||||
Taxes and surcharges |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net sales |
||||||||||||||||
Cost of sales |
10 | ( |
) | ( |
) | ( |
) | |||||||||
|
|
|
|
|
|
|||||||||||
Gross profit/(loss) |
( |
) | ||||||||||||||
Selling and administrative expenses |
10 | ( |
) | ( |
) | ( |
) | |||||||||
Reversal/(provision) of impairment losses on financial assets |
3.1 (c) | ( |
) | |||||||||||||
Other operating income |
6 | |||||||||||||||
Other operating expenses |
7 | ( |
) | ( |
) | ( |
) | |||||||||
Other gains - net |
8 | |||||||||||||||
|
|
|
|
|
|
|||||||||||
Profit/(loss) from operations |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Finance income |
9 | |||||||||||||||
Finance expenses |
9 | ( |
) | ( |
) | ( |
) | |||||||||
|
|
|
|
|
|
|||||||||||
Finance income – net |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Share of net profits of associates and joint ventures accounted for using the equity method |
20 | |||||||||||||||
|
|
|
|
|
|
|||||||||||
Profit before taxation |
||||||||||||||||
Income tax (expenses)/ benefits |
12 | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|||||||||||
Profit for the year |
||||||||||||||||
|
|
|
|
|
|
Year ended 31 December |
||||||||||||||||
Note | 2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
|||||||||||||
Profit attributable to: |
||||||||||||||||
– Equity shareholders of the Company |
||||||||||||||||
– Non-controlling interests |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Profit for the year |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Earnings per share attributable to equity shareholders of the Company for the year (expressed in RMB per share) |
||||||||||||||||
Basic earnings per share |
13(a) | RMB | RMB | RMB | ||||||||||||
|
|
|
|
|
|
|||||||||||
Diluted earnings per share |
13(b) | RMB | RMB | RMB | ||||||||||||
|
|
|
|
|
|
Year ended 31 December |
||||||||||||||||
Note | 2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
|||||||||||||
Profit for the year |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Other comprehensive income |
||||||||||||||||
Items that are or may be reclassified subsequently to profit or loss: |
||||||||||||||||
Share of other comprehensive income of associates accounted for using the equity method |
32 | ( |
) | |||||||||||||
Cash flow hedges: net movement in hedging reserve |
32 | |||||||||||||||
|
|
|
|
|
|
|||||||||||
Other comprehensive income for the year, net of tax |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Total comprehensive income for the year |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Attributable to: |
||||||||||||||||
– Equity shareholders of the Company |
||||||||||||||||
– Non-controlling interests |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total comprehensive income for the year |
||||||||||||||||
|
|
|
|
|
|
As at 31 December |
||||||||||||
2020 |
2021 | |||||||||||
Note | RMB’000 |
RMB’000 | ||||||||||
Non-current assets |
||||||||||||
Property, plant and equipment |
16 | |||||||||||
Right-of-use |
15 | |||||||||||
Investment properties |
17 | |||||||||||
Construction in progress |
18 | |||||||||||
Investments accounted for using the equity method |
20 | |||||||||||
Financial assets at fair value through other comprehensive income |
25 | |||||||||||
Time deposits with banks |
24 | |||||||||||
Deferred tax assets |
12 | |||||||||||
Other non-current assets |
14 | |||||||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
Current assets |
||||||||||||
Inventories |
21 | |||||||||||
Financial assets at fair value through other comprehensive income |
25 | |||||||||||
Derivative financial instruments |
3.1 (a) | |||||||||||
Trade receivables |
22 | |||||||||||
Other receivables |
22 | |||||||||||
Prepayments |
||||||||||||
Amounts due from related parties |
22 | |||||||||||
Cash and cash equivalents |
23 | |||||||||||
Time deposits with banks |
24 | |||||||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
Total assets |
||||||||||||
|
|
|
|
As at 31 December |
||||||||||||
Note | 2020 RMB’000 |
2021 RMB’000 |
||||||||||
Equity and liabilities |
||||||||||||
Equity attributable to equity shareholders of the Company |
|
|||||||||||
Share capital |
31 | |||||||||||
Reserves |
32 | |||||||||||
|
|
|
|
|||||||||
Non-controlling interests |
||||||||||||
|
|
|
|
|||||||||
Total equity |
||||||||||||
|
|
|
|
|||||||||
Liabilities |
||||||||||||
Non-current liabilities |
||||||||||||
Borrowings |
26 | |||||||||||
Lease liabilities |
15 | |||||||||||
Deferred tax liabilities |
12 | |||||||||||
Deferred income |
30 | |||||||||||
|
|
|
|
|||||||||
|
|
|
|
As at 31 December |
||||||||||||
Note | 2020 RMB’000 |
2021 RMB’000 |
||||||||||
Current liabilities |
||||||||||||
Borrowings |
26 | |||||||||||
Short-term bonds |
27 | |||||||||||
Lease liabilities |
15 | |||||||||||
Derivative financial instruments |
3.1 (a) | |||||||||||
Contract liabilities |
29 | |||||||||||
Trade and other payables |
28 | |||||||||||
Amounts due to related parties |
28 | |||||||||||
Current tax liabilities |
||||||||||||
Staff salaries and welfares payable |
||||||||||||
Income tax payable |
12 | |||||||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
Total liabilities |
||||||||||||
|
|
|
|
|||||||||
Total equity and liabilities |
||||||||||||
|
|
|
|
) |
||||
) |
||||
Wu Haijun |
) |
|||
) |
||||
) |
Directors | |||
) |
||||
Du Jun |
) |
|||
) |
||||
) |
Attributable to equity shareholders of the Company | ||||||||||||||||||||||||||||
Share capital | Other reserves | Retained earnings | Non-controlling |
Total | ||||||||||||||||||||||||
RMB’000 | RMB’000 | RMB’000 | Total | interests | equity | |||||||||||||||||||||||
Note | (note 31) | (note 32) | (note 32) | RMB’000 | RMB’000 | RMB’000 | ||||||||||||||||||||||
Balance at 1 January 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Changes in equity for 2019 |
||||||||||||||||||||||||||||
Profit for the year |
||||||||||||||||||||||||||||
Other comprehensive income |
32 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income for the year |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Dividends proposed and approved |
34 | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Dividend paid by subsidiaries to non-controlling interests |
( |
) | ( |
) | ||||||||||||||||||||||||
Appropriation of safety production fund |
32 | ( |
) | |||||||||||||||||||||||||
Non-controlling interests of disposed subsidiary |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at 31 December 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity shareholders of the Company | ||||||||||||||||||||||||||||
Note | Share capital RMB’000 (note 31) |
Other reserves RMB’000 (note 32) |
Retained earnings RMB’000 (note 32) |
Total RMB’000 |
Non-controlling interests RMB’000 |
Total equity RMB’000 |
||||||||||||||||||||||
Balance at 1 January 2020 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Changes in equity for 2020: |
||||||||||||||||||||||||||||
Profit for the year |
||||||||||||||||||||||||||||
Other comprehensive income |
32 | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income for the year |
( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Dividends proposed and approved |
34 | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Dividend paid by subsidiaries to non-controlling interests |
( |
) | ( |
) | ||||||||||||||||||||||||
Appropriation of safety production fund |
32 | ( |
) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at 31 December 2020 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity shareholders of the Company | ||||||||||||||||||||||||||||
Note | Share capital RMB’000 (note 31) |
Other reserves RMB’000 (note 32) |
Retained earnings RMB’000 (note 32) |
Total RMB’000 |
Non-controlling interests RMB’000 |
Total equity RMB’000 |
||||||||||||||||||||||
Balance at 1 January 2021 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Changes in equity for 2021 |
||||||||||||||||||||||||||||
Profit for the year |
||||||||||||||||||||||||||||
Other comprehensive income |
32 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total comprehensive income for the year |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Transfer to other reserves |
32 | ( |
) | |||||||||||||||||||||||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items |
3.1a | (iii) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Dividends proposed and approved |
34 | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Dividends paid by subsidiaries to non-controlling interests |
( |
) | ( |
) | ||||||||||||||||||||||||
Appropriation of safety production fund |
32 | ( |
) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at 31 December 2021 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 December |
||||||||||||||||
Note | 2019 |
2020 | 2021 |
|||||||||||||
RMB’000 |
RMB’000 | RMB’000 |
||||||||||||||
Operating activities |
||||||||||||||||
Cash generated from operations |
23 | (b) | ||||||||||||||
Interest paid |
( |
) | ( |
) | ( |
) | ||||||||||
Income tax paid |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash generated from operating activities |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Cash flows from investing activities |
||||||||||||||||
Dividends received from joint ventures and associates |
||||||||||||||||
Interest received from structured deposits |
||||||||||||||||
Interest received from related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest received from banks excluded structured deposits |
||||||||||||||||
(Payments)/proceeds from settlement of derivative financial instruments |
( |
) | ( |
) | ||||||||||||
Payment for the purchase of property, plant and equipment and other long-term assets |
( |
) | ( |
) | ( |
) | ||||||||||
Net proceeds from disposal of property, plant and equipment |
||||||||||||||||
Cash received from time deposits with maturity less than one year |
||||||||||||||||
Cash received from maturity of structured deposits |
||||||||||||||||
Cash payment for investment in structured deposits |
( |
) | ( |
) | ( |
) | ||||||||||
Cash payment for investment in time deposits with maturity less than one year |
( |
) | ( |
) | ( |
) | ||||||||||
Cash payment for investment in time deposits with maturity more than one year |
( |
) | ( |
) | ( |
) | ||||||||||
Acquisition of a subsidiary, net of cash acquired |
( |
) | ||||||||||||||
Payment for set up of an associate |
20 | ( |
) | ( |
) | ( |
) | |||||||||
Payment for set up of a joint venture |
20 | ( |
) | |||||||||||||
Payment for equity instruments |
( |
) | ||||||||||||||
Cash held by the subsidiary before disposal |
( |
) | ||||||||||||||
Proceeds from capital reduction of an associate |
||||||||||||||||
Payment for sales of financial assets at fair value through other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
Year ended 31 December |
||||||||||||||||
Note | 2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
|||||||||||||
Financing activities |
||||||||||||||||
Proceeds from borrowings |
||||||||||||||||
Proceeds from short-term bonds |
||||||||||||||||
Repayments of borrowings |
( |
) | ( |
) | ( |
) | ||||||||||
Repayments of short-term bonds |
( |
) | ||||||||||||||
Principal elements of lease payments |
( |
) | ( |
) | ( |
) | ||||||||||
Dividends paid by subsidiaries to non-controlling interests |
( |
) | ( |
) | ( |
) | ||||||||||
Dividends paid to the Company’s shareholders |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash (used in) / generated from financing activities |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|||||||||||
Net decrease in cash and cash equivalents |
( |
) | ( |
) | ( |
) | ||||||||||
Cash and cash equivalents at the beginning of the year |
23 | |||||||||||||||
Exchange gains/(losses) on cash and cash equivalents |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents at the end of the year |
23 | |||||||||||||||
|
|
|
|
|
|
1 |
General Information |
2 |
Significant accounting policies |
2.1 |
Statement of compliance and basis of preparation |
(a) |
Statement of compliance |
(b) |
Basis of preparation |
• | derivative financial instruments (see note 2.13); and |
• | investment in debt and equity securities (see note 2.11). |
2 |
Significant accounting policies (continued) |
(c) |
Changes in accounting policies |
• | 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 |
2.2 |
Subsidiaries |
2.2.1 |
Consolidation |
(a) |
Business combinations |
• | 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 equity interest in the subsidiary. |
2 |
Significant accounting policies (continued) |
2.2 |
Subsidiaries (continued) |
2.2.1 |
Consolidation (continued) |
(a) |
Business combinations (continued) |
• | consideration transferred |
• | amount of any non-controlling interest in the acquired entity, and |
• | acquisition-date fair value of any previous equity interest in the acquired entity |
2 |
Significant accounting policies (continued) |
2.2 |
Subsidiaries (continued) |
2.2.1 |
Consolidation (continued) |
(b) |
Changes in ownership interests |
2.2.2 |
Separate financial statements |
2 |
Significant accounting policies (continued) |
2.3 |
Associates |
2 |
Significant accounting policies (continued) |
2.4 |
Joint arrangements |
2.5 |
Segment reporting |
2 |
Significant accounting policies (continued) |
2.6 |
Foreign currency translation |
(a) |
Functional and presentation currency |
(b) |
Transactions and balances |
2.7 |
Property, plant and equipment |
- Buildings |
||||
- Plant and machinery |
||||
- Vehicles and other equipment |
2 |
Significant accounting policies (continued) |
2.8 |
Construction in progress |
2.9 |
Investment properties |
2.10 |
Other non-current assets |
Intangible assets |
||
Long-term prepaid expense |
2.11 |
Other investments in debt and equity securities |
2 |
Significant accounting policies (continued) |
2.11 |
Other investments in debt and equity securities (continued) |
(a) |
Investments other than equity investments |
• | 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 |
2.12 |
Credit losses and impairment of assets |
(a) |
Credit losses from financial instruments |
• | 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); |
2 |
Significant accounting policies (continued) |
2.12 |
Credit losses and impairment of assets (continued) |
(a) |
Credit losses from financial instruments (continued) |
• | 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. |
• | 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and |
• | 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. |
2 |
Significant accounting policies (continued) |
2.12 |
Credit losses and impairment of assets (continued) |
(a) |
Credit losses from financial instruments (continued) |
• | 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. |
2 |
Significant accounting policies (continued) |
2.12 |
Credit losses and impairment of assets (continued) |
(a) |
Credit losses from financial instruments (continued) |
• | 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. |
2 |
Significant accounting policies (continued) |
2.12 |
Credit losses and impairment of assets (continued) |
(b) |
Impairment of other non-current assets |
• | property, plant and equipment; |
• | right-of-use |
• | investment properties; |
• | construction in progress |
• | other non-current assets; and |
• | investments in subsidiaries, associates and joint ventures in the Company’s statement of financial position. |
• | Calculation of recoverable amount |
• | Recognition of impairment losses |
• | Reversals of impairment losses |
2 |
Significant accounting policies (continued) |
2.12 |
Credit losses and impairment of assets (continued) |
(c) |
Interim financial reporting and impairment |
2.13 |
Derivative and hedging activities |
2 |
Significant accounting policies (continued) |
2.13 |
Derivative and hedging activities (continued) |
2.14 |
Inventories |
2.15 |
Contract liabilities |
2 |
Significant accounting policies (continued) |
2.16 |
Trade and other receivables |
2.17 |
Cash and cash equivalents |
2.18 |
Share capital |
2.19 |
Safety production fund |
2.20 |
Trade and other payables |
2 |
Significant accounting policies (continued) |
2.21 |
Borrowings |
2.22 |
Borrowings costs |
2.23 |
Current and deferred income tax |
(a) |
Current income tax |
2 |
Significant accounting policies (continued) |
2.23 |
Current and deferred income tax (continued) |
(b) |
Deferred income tax |
(c) |
Offsetting |
2 |
Significant accounting policies (continued) |
2.24 |
Employee benefits |
(a) |
Short-term employee benefits |
(b) |
Pension obligations |
(c) |
Termination benefits |
2.25 |
Provisions and contingent liabilities |
2 |
Significant accounting policies (continued) |
2.25 |
Provisions and contingent liabilities (continued) |
2.26 |
Revenue recognition |
(a) |
Sales of petroleum and chemical products |
(b) |
Overseas shipping services |
2 |
Significant accounting policies (continued) |
2.27 |
Interest income |
2.28 |
Dividend income |
2.29 |
Government grants |
2.30 |
Leases |
2 |
Significant accounting policies (continued) |
2.30 |
Leases (continued) |
• | fixed payments (including in-substance fixed payments), less any lease incentives receivable, |
• | 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. |
• | 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 approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party financing, and |
• | makes adjustments specific to the lease, e.g., term, country, currency and security. |
• | 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. |
2 |
Significant accounting policies (continued) |
2.30 |
Leases (continued) |
Land use rights | |
| ||
Buildings | |
| ||
Equipment | |
| ||
Others | |
|
2.31 |
Dividend distribution |
2.32 |
Research and development costs |
• | 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. |
2 |
Significant accounting policies (continued) |
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. |
2.34 |
Rounding of amounts |
3 |
Financial risk management |
3.1 |
Financial risk factors |
(a) |
Derivatives |
As at 31 December | ||||||||
2020 |
2021 |
|||||||
RMB’000 |
RMB’000 |
|||||||
Current derivative financial instrument assets |
||||||||
Commodity swaps contracts applied hedge accounting |
— | |||||||
Commodity swaps contracts at fair value through profit or loss |
— | |||||||
|
|
|
|
|||||
Total derivative financial assets |
— | |||||||
|
|
|
|
|||||
Current derivative financial instrument liabilities |
||||||||
Commodity swaps contracts at fair value through profit or loss |
— | ( |
) | |||||
|
|
|
|
|||||
Total derivative financial liabilities |
— | ( |
) | |||||
|
|
|
|
(i) |
Classification of derivatives |
(ii) |
Fair value measurement |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(a) |
Derivatives (continued) |
(iii) |
Hedging reserves |
RMB’000 | ||||
Balance at 1 January 2021 |
||||
Effective portion of the cash flow hedge recognized in other comprehensive income |
||||
Amounts reclassified to profit or loss |
||||
Reclassified to the cost of inventory |
( |
) | ||
Related tax |
( |
) | ||
|
|
|||
Balance at 31 December 2021 |
||||
|
|
(iv) |
Amounts recognized in the 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 |
||||||||
Net losses on foreign exchange option contracts not qualifying as hedges included in other gains - net |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total |
( |
) | ||||||
|
|
|
|
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(a) |
Derivatives (continued) |
(iv) |
Amounts recognized in the statement of profit or loss (continued) |
(b) |
Market risk |
(i) |
Foreign exchange risk |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(b) |
Market risk (continued) |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Net foreign exchange gains/(losses) included in other gains – net (note 8) |
( |
) | ||||||
Net foreign exchange (losses) included in finance income (note 9) |
( |
) | ||||||
|
|
|
|
|||||
Total net foreign exchange recognized in profit before taxation |
( |
) | ||||||
|
|
|
|
(ii) |
Cash flow and fair value interest rate risk |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(b) |
Market risk (continued) |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Fixed rate: |
||||||||
Cash and cash equivalents |
||||||||
Time deposits with maturity less than one year |
||||||||
Time deposits with maturity more than one year |
||||||||
Borrowings |
( |
) | ( |
) | ||||
Short-term bonds |
( |
) | ||||||
Lease liabilities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
|
|
|
|
|||||
Variable rate: |
||||||||
Cash and cash equivalents |
||||||||
Borrowings |
( |
) | ||||||
|
|
|
|
|||||
|
|
|
|
(iii) |
Commodity price risk |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(c) |
Credit risk |
(i) |
Risk management |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(c) |
Credit risk (continued) |
(i) |
Risk management (continued) |
• |
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. |
(ii) |
Impairment of financial assets |
• | Trade receivables for sales of goods and from the providing services, |
• | Other financial assets carried at amortized cost, and |
• | Debt instruments carried at FVOCI. |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(c) |
Credit risk (continued) |
(ii) |
Impairment of financial assets (continued) |
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(c) |
Credit risk (continued) |
(ii) |
Impairment of financial assets (continued) |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Impairment losses |
||||||||
- provision in loss allowance for trade receivables |
( |
) | ( |
) | ||||
- provision in loss allowance for other receivables |
( |
) | ||||||
Recoveries on previously written off receivables (note) |
||||||||
|
|
|
|
|||||
Reversal/(Provision) of impairment losses on financial assets |
( |
) | ||||||
|
|
|
|
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(d) |
Liquidity risk |
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 |
||||||||||||||||||||
Short-term bonds |
||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||
Bills payables |
||||||||||||||||||||
Trade payables |
||||||||||||||||||||
Other payables |
||||||||||||||||||||
Amounts due to related parties |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivatives |
||||||||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
3 |
Financial risk management (continued) |
3.1 |
Financial risk factors (continued) |
(d) |
Liquidity risk (continued) |
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 |
||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||
Bills payables |
||||||||||||||||||||
Trade payables |
||||||||||||||||||||
Other payables |
||||||||||||||||||||
Amounts due to related parties excluded non-financial liabilities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivatives |
||||||||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
3.2 |
Capital management |
3 |
Financial risk management (continued) |
3.3 |
Fair value estimation |
• | 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 | |||||||||||||||||||
-Equity investments |
25 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
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) | ||||||||||||||||||
Financial assets measured at fair value through other comprehensive income |
||||||||||||||||||||
- Trade and bills receivable |
25 | |||||||||||||||||||
- Equity investments |
25 | |||||||||||||||||||
- Commodity swaps contracts |
3.1 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Financial liabilities |
||||||||||||||||||||
Financial liabilities measured at fair value through profit or loss |
||||||||||||||||||||
- Commodity swaps contracts |
3.1 | (a) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) |
28 | |||||||||||||||||||
|
|
|
|
|
|
|
|
3 |
Financial risk management (continued) |
3.3 |
Fair value estimation (continued) |
Equity investments RMB’000 |
Structured deposits RMB’000 |
Total RMB’000 |
||||||||||
As at 31 December 2019 |
||||||||||||
|
|
|
|
|
|
|||||||
Acquisitions |
||||||||||||
Disposals |
( |
) | ( |
) | ||||||||
Fair value change |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
As at 31 December 2020 |
||||||||||||
|
|
|
|
|
|
|||||||
Acquisitions |
||||||||||||
Disposals |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
As at 31 December 2021 |
||||||||||||
|
|
|
|
|
|
4 |
Critical accounting judgement and estimates |
4.1 |
Critical accounting judgements in applying the Group’s accounting policies |
(a) |
Classification of financial assets |
4 |
Critical accounting judgement and estimates (continued) |
4.1 |
Critical accounting judgements in applying the Group’s accounting policies (continued) |
(a) |
Classification of financial assets (continued) |
4.2 |
Sources of estimation uncertainty |
(a) |
Net realizable value (“NRV”) of inventories |
4 |
Critical accounting judgement and estimates (continued) |
4.2 |
Sources of estimation uncertainty (continued) |
(b) |
Impairments for non-current assets |
(c) |
Useful life and residual value of property, plant and equipment |
5 |
Segment information and revenue |
5.1 |
Segment information |
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
(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, benzene and ethylene oxide. The intermediate petrochemicals produced by the Group are both served as raw materials in the production of other petrochemicals, resins, plastics and synthetic fibres, and sold to external customers. |
(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. |
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
2019 |
Petroleum products RMB’000 |
Intermediate petrochemicals RMB’000 |
Resins and plastics RMB’000 |
Synthetic fibres RMB’000 |
Trading of petrochemical products RMB’000 |
Others RMB’000 |
Total RMB’000 |
|||||||||||||||||||||
Total segment revenue |
||||||||||||||||||||||||||||
Inter segment revenue |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from external customers |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Timing of revenue recognition |
||||||||||||||||||||||||||||
- At a point in time |
||||||||||||||||||||||||||||
- Over time |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Segment result – profit/(loss) from operations |
( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
2020 |
Petroleum products RMB’000 |
Intermediate petrochemicals RMB’000 |
Resins and plastics RMB’000 |
Synthetic fibres RMB’000 |
Trading of petrochemical products RMB’000 |
Others RMB’000 |
Total RMB’000 |
|||||||||||||||||||||
Total segment revenue |
||||||||||||||||||||||||||||
Inter segment revenue |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from external customers |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Timing of revenue recognition |
||||||||||||||||||||||||||||
- At a point in time |
||||||||||||||||||||||||||||
- Over time |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Segment result – (loss)/profit from operations |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
2021 |
Petroleum products RMB’000 |
Intermediate petrochemicals RMB’000 |
Resins and plastics RMB’000 |
Synthetic fibres RMB’000 |
Trading of petrochemical products RMB’000 |
Others RMB’000 |
Total RMB’000 |
|||||||||||||||||||||
Total segment revenue |
||||||||||||||||||||||||||||
Inter segment revenue |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue from external customers |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Timing of revenue recognition |
||||||||||||||||||||||||||||
- At a point in time |
||||||||||||||||||||||||||||
- Over time |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Segment result – profit/(loss) from operations |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
||||||||||
Segment result – profit/(loss) from operations |
||||||||||||
Petroleum products |
( |
) | ||||||||||
Intermediate petrochemicals |
( |
) | ||||||||||
Resins and plastics |
||||||||||||
Synthetic fibres |
( |
) | ( |
) | ( |
) | ||||||
Trading of petrochemical products |
||||||||||||
Others |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Profit/(loss) from operations |
( |
) | ||||||||||
Finance income – net |
||||||||||||
Share of profit of investments accounted for using the equity method |
||||||||||||
|
|
|
|
|
|
|||||||
Profit before taxation |
||||||||||||
|
|
|
|
|
|
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization |
Impairment loss and credit loss |
Inventory write-down |
Depreciation and amortization |
Impairment loss and credit loss |
Inventory write-down |
Depreciation and amortization |
Impairment loss and credit loss |
Inventory write-down |
||||||||||||||||||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | ||||||||||||||||||||||||||||
Petroleum products |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Intermediate petrochemicals |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Resins and plastics |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Synthetic fibres |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Trading of petrochemical products |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
As at 31 December | ||||||||
2020 Total assets RMB’000 |
2021 Total assets RMB’000 |
|||||||
Allocated assets |
||||||||
Petroleum products |
||||||||
Intermediate petrochemicals |
||||||||
Resins and plastics |
||||||||
Synthetic fibres |
||||||||
Trading of petrochemical products |
||||||||
Others |
||||||||
|
|
|
|
|||||
Allocated assets |
||||||||
|
|
|
|
|||||
Unallocated assets |
||||||||
Investments accounted for using the equity method |
||||||||
Cash and cash equivalents |
||||||||
Time deposits with banks |
||||||||
Deferred tax assets |
||||||||
Derivative financial assets |
||||||||
Others |
||||||||
|
|
|
|
|||||
Unallocated assets |
||||||||
|
|
|
|
|||||
Total assets |
||||||||
|
|
|
|
5 |
Segment information and revenue (continued) |
5.1 |
Segment information (continued) |
As at 31 December | ||||||||
2020 Total liabilities RMB’000 |
2021 Total liabilities RMB’000 |
|||||||
Allocated liabilities |
||||||||
Petroleum products |
||||||||
Intermediate petrochemicals |
||||||||
Resins and plastics |
||||||||
Synthetic fibres |
||||||||
Trading of petrochemical products |
||||||||
Others |
||||||||
|
|
|
|
|||||
Allocated liabilities |
||||||||
|
|
|
|
|||||
Unallocated liabilities |
||||||||
Borrowings |
||||||||
Short-term bonds |
||||||||
Deferred tax liabilities |
||||||||
Derivative financial liabilities |
||||||||
Others |
||||||||
|
|
|
|
|||||
Unallocated liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
|
|
|
|
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Additions to property, plant and equipment, construction in progress, right-of-use non-current assets |
||||||||||||
Petroleum products |
||||||||||||
Intermediate petrochemicals |
||||||||||||
Resins and plastics |
||||||||||||
Synthetic fibres |
||||||||||||
Trading of petrochemical products |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
5 |
Segment information and revenue (continued) |
5.2 |
Revenue |
6 |
Other operating income |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Government grants (a) |
||||||||||||
Rental income from investment property (note 17) |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
(a) |
Government grants |
7 |
Other operating expenses |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Cost related to lease of investment properties |
( |
) | ( |
) | ( |
) | ||||||
Others |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
( |
) | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
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 |
( |
) | ||||||||||
Gains from structured deposits (note a) |
||||||||||||
Net losses on foreign exchange option contracts |
( |
) | ( |
) | ( |
) | ||||||
Net gains on commodity swaps contracts not qualified for hedging accounting |
||||||||||||
Losses from disposal of a subsidiary |
( |
) | ||||||||||
Impairment losses for investment in an associate |
( |
) | ||||||||||
Net foreign exchange gains / (losses) |
( |
) | ||||||||||
Losses on sale of FVOCI |
( |
) | ( |
) | ( |
) | ||||||
Net losses on disposal of inventory |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
(a) |
Gains from structured deposits |
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 |
||||||||||||
Interest income from time deposits with maturity less than 3 months |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Finance income |
||||||||||||
|
|
|
|
|
|
|||||||
Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss |
( |
) | ( |
) | ( |
) | ||||||
Less: interest expense capitalized into construction in progress |
||||||||||||
|
|
|
|
|
|
|||||||
Net interest expenses |
( |
) | ( |
) | ( |
) | ||||||
Net foreign exchange losses |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Finance expenses |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Finance income – net |
||||||||||||
|
|
|
|
|
|
10 |
Expense by nature |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Cost of raw materials |
||||||||||||
Cost of trading products |
||||||||||||
Employee benefit expenses (note 11) |
||||||||||||
Depreciation and amortization: |
||||||||||||
Property, plant and equipment (note 16) |
||||||||||||
Investment properties (note 17) |
||||||||||||
Other non-current assets (note 14) |
||||||||||||
Right-of-use |
||||||||||||
Repairs and maintenance expenses |
||||||||||||
Changes of work in progress and finished goods |
( |
) | ||||||||||
Transportation costs |
||||||||||||
Inventory write-down (note 21) |
||||||||||||
External processing fee |
||||||||||||
Commission expense (note 33) |
||||||||||||
Impairment loss of property, plant and equipment (note 16) |
||||||||||||
Impairment loss of investments accounted for using equity method (note 20) |
||||||||||||
Auditors’ remuneration – audit services |
||||||||||||
Expenses relating to short-term leases |
11 |
Employee benefit expenses |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Wages and salaries |
||||||||||||
Social welfare costs |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total employee benefit expense |
||||||||||||
|
|
|
|
|
|
(a) |
Five highest paid individuals |
(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. |
11 |
Employee benefit expenses (continued) |
(c) |
As at 31 December 2019, 31 December 2020 and 31 December 2021, there was |
12 |
Income tax (expenses)/ benefits |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Current income tax |
( |
) | ( |
) | ( |
) | ||||||
Deferred taxation |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Income tax (expenses)/ benefits |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
Year ended 31 December | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Profit before income tax |
||||||||||||
|
|
|
|
|
|
|||||||
Expected PRC income tax at the statutory tax rate of 25% |
( |
) | ( |
) | ( |
) | ||||||
Tax effect of share of profit of investments accounted for using the equity method |
||||||||||||
Tax effect of other non-taxable income |
||||||||||||
Tax effect of additional deductions for R&D expenses |
||||||||||||
Tax effect of non-deductible loss, expenses and costs |
( |
) | ( |
) | ( |
) | ||||||
True up for final settlement of enterprise income taxes in respect of previous years |
||||||||||||
Tax losses for which no deferred income tax asset was recognized |
( |
) | ( |
) | ( |
) | ||||||
Utilization of previously unrecognized tax losses |
||||||||||||
Tax effect of additional deduction for purchasing environmental protection equipment |
||||||||||||
Derecognition of previously recognized tax losses |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Actual income tax (expenses)/ benefits |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
12 |
Income tax (expenses) / benefits (continued) |
(a) |
Current taxation in the consolidated statement of financial position represents: |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Income tax payable balance at 1 January |
||||||||
Provision for current income tax for the year |
||||||||
Payment during the year |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Income tax payable balance at 31 December |
||||||||
|
|
|
|
(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 |
||||||||||||
Provision for impairment losses in property, plant and equipment and construction in progress |
||||||||||||
Tax losses |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Deferred tax liabilities: |
||||||||||||
Gains of financial assets at fair value |
( |
) | ||||||||||
Difference in depreciation |
( |
) | ( |
) | ( |
) | ||||||
Capitalization of borrowing costs |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
( |
) | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Deferred tax assets – net |
||||||||||||
Deferred tax liabilities – net |
( |
) | ( |
) |
12 |
Income tax (expenses)/ benefits (continued) |
(b) |
Movements in deferred tax assets and liabilities are as follows (continued): |
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 |
( |
) | — | |||||||||||||
Provision for impairment losses in property, plant and equipment and construction in progress |
— | |||||||||||||||
Tax losses |
( |
) | — | |||||||||||||
Acc rua ls and others |
( |
) | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
( |
) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Deferred tax liabilities: |
||||||||||||||||
Difference in depreciation |
( |
) | ( |
) | — | ( |
) | |||||||||
Capitalization of borrowing costs |
( |
) | — | ( |
) | |||||||||||
Derivative financial instruments |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
( |
) | ( |
) | ( |
) | ( |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Deferred tax assets – net |
( |
) | ( |
) | ||||||||||||
Deferred tax liabilities – net |
( |
) | — | ( |
) |
12 |
Income tax (expenses)/ benefits (continued) |
(c) |
Deferred tax assets not recognized: |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
|
|
|
|
|||||
|
|
|
|
13 |
Earnings per share |
(a) |
Basic earnings per share |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Net profit attributable to equity shareholders of the Company |
||||||||||||
Weighted average number of ordinary shares in issue (thousand of shares) |
||||||||||||
Basic earnings per share (RMB per share) |
RMB |
RMB |
RMB |
|||||||||
|
|
|
|
|
|
(b) |
Diluted earnings per share |
14 |
Other non-current assets |
Intangible assets |
Long-term prepaid expense |
Total | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
As at 1 January 2020 |
||||||||||||
Cost |
||||||||||||
Accumulated amortization |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net book amount |
||||||||||||
|
|
|
|
|
|
|||||||
Year ended 31 December 2020 |
||||||||||||
Opening net book amount |
||||||||||||
Additions |
||||||||||||
Charge for the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Closing net book amount |
||||||||||||
As at 31 December 2020 |
||||||||||||
Cost |
||||||||||||
Accumulated amortization |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net book amount |
||||||||||||
|
|
|
|
|
|
|||||||
Year ended 31 December 2021 |
||||||||||||
Opening net book amount |
||||||||||||
Additions |
||||||||||||
Charge for the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Closing net book amount |
||||||||||||
|
|
|
|
|
|
|||||||
As at 31 December 2021 |
||||||||||||
Cost |
||||||||||||
Accumulated amortization |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net book amount |
||||||||||||
|
|
|
|
|
|
15 |
Leases |
(a) |
Amounts recognized in the statement of financial position |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Right-of-use |
||||||||
Land use rights |
||||||||
Buildings |
||||||||
Equipment |
||||||||
Others |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Lease liabilities |
||||||||
Current |
||||||||
Non-current |
||||||||
|
|
|
|
|||||
|
|
|
|
2021 | ||||
RMB’000 | ||||
Within 1 year |
||||
After 1 year but within 2 years |
||||
After 2 years but within 5 years |
||||
|
|
|||
|
|
15 |
Leases (continued) |
(b) |
Amounts recognized in the statement of profit or loss |
2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
||||||||||
Depreciation charge of right-of-use |
||||||||||||
Land use rights |
( |
) | ( |
) | ( |
) | ||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||
Equipment |
( |
) | ( |
) | ( |
) | ||||||
Others |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
( |
) | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Interest expense (included in Finance expenses) |
( |
) | ( |
) | ( |
) | ||||||
Expense relating to short-term leases (included in Cost of sales) |
( |
) | ( |
) | ( |
) |
16 |
Property, plant and equipment |
Buildings | Plant and machinery |
Vehicles and other equipment |
Total | |||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||
Cost: |
||||||||||||||||
At 1 January 2020 |
||||||||||||||||
Additions |
||||||||||||||||
Transferred from construction in progress (note 18) |
||||||||||||||||
Acquisition of subsidiary |
||||||||||||||||
Reclassification |
( |
) | ||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Transferred to investment properties (note 17) |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2020 and 1 January 2021 |
||||||||||||||||
Additions |
||||||||||||||||
Transferred from construction in progress (note 18) |
||||||||||||||||
Reclassification |
( |
) | ||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Transferred from investment properties (note 17) |
||||||||||||||||
Transferred to construction in progress (note 18) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Transferred to investment properties (note 17) |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Accumulated depreciation: |
||||||||||||||||
At 1 January 2020 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Charge for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Reclassification |
( |
) | ||||||||||||||
Written back on disposals |
||||||||||||||||
Transferred to investment properties (note 17) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2020 and 1 January 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Charge for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Reclassification |
( |
) | ( |
) | ||||||||||||
Written back on disposals |
||||||||||||||||
Transferred from investment properties (note 17) |
( |
) | ( |
) | ||||||||||||
Transfer to construction in progress (note 18) |
||||||||||||||||
Transferred to investment properties (note 17) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
16 |
Property, plant and equipment (continued) |
Buildings | Plant and machinery |
Vehicles and other equipment |
Total | |||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||
Impairment losses: |
||||||||||||||||
At 1 January 2020 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Charge for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2020 and 1 January 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Charge for the year |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Written back on disposals |
||||||||||||||||
Reclassification |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net book value: |
||||||||||||||||
At 31 December 2020 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
(i) | The Group recognized impairment loss on property, plant and equipment in relation to certain production facilities of RMB |
16 |
Property, plant and equipment (continued) |
(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 RMB |
17 |
Investment properties |
RMB’000 | ||||
Cost: |
||||
As at 1 January 2020 |
||||
Transferred from property plant and equipment (note 16) |
||||
|
|
|||
At 31 December 2020 and 1 January 2021 |
||||
|
|
|||
Transferred from property plant and equipment (note 16) |
||||
Transferred to property plant and equipment (note 16) |
( |
) | ||
|
|
|||
At 31 December 2021 |
||||
|
|
|||
Accumulated depreciation: |
||||
At 1 January 2020 |
( |
) | ||
Charge for the year |
( |
) | ||
Transferred from property plant and equipment (note 16) |
( |
) | ||
|
|
|||
At 31 December 2020 and 1 January 2021 |
( |
) | ||
|
|
|||
Charge for the year |
( |
) | ||
Transferred from property plant and equipment (note 16) |
( |
) | ||
Transferred to property plant and equipment (note 16) |
||||
|
|
|||
At 31 December 2021 |
( |
) | ||
|
|
|||
Net book value: |
||||
At 31 December 2020 |
||||
|
|
|||
At 31 December 2021 |
||||
|
|
17 |
Investment properties (continued) |
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 |
b. | Rental income of RMB |
c. | Leasing arrangements |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Within 1 year |
||||||||
Between 1 and 2 years |
||||||||
Above 2 years |
||||||||
|
|
|
|
|||||
|
|
|
|
18 |
Construction in progress |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
As at 1 January |
||||||||
Additions |
||||||||
Transferred to property plant and equipment (note 16) |
( |
) | ( |
) | ||||
Transferred from property plant and equipment (note 16) |
||||||||
|
|
|
|
|||||
As at 31 December |
||||||||
|
|
|
|
19 |
Subsidiaries |
Proportion of ownership interest |
||||||||||||||||||||
Name of company |
Place of incorporation and business |
Particulars of paid-up capital ’000 |
Group’s effective interest |
Held by the Company |
Held by a subsidiary |
Principal activity | ||||||||||||||
China |
RMB | — | ||||||||||||||||||
China |
RMB | — | petrochemical products and equipment | |||||||||||||||||
China |
USD | — | polypropylene compound products | |||||||||||||||||
China |
RMB | — | polyethylene products | |||||||||||||||||
China |
RMB | — | ||||||||||||||||||
China |
RMB | — | petrochemical products |
19 |
Subsidiaries (continued) |
20 |
Investments accounted for using the equity method |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Associates |
||||||||
– Share of net assets |
||||||||
Joint ventures |
||||||||
– Share of net assets |
||||||||
|
|
|
|
|||||
As at 31 December |
||||||||
|
|
|
|
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Associates |
||||||||||||
Joint ventures |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
As at 1 January |
||||||||
Additions (note i) |
||||||||
Decrease caused by associate’s capital reduction (note ii) |
( |
) | ||||||
Share of profit |
||||||||
Other comprehensive income |
( |
) | ||||||
Cash dividends distribution |
( |
) | ( |
) | ||||
Impairment (note iii) |
( |
) | ||||||
|
|
|
|
|||||
As at 31 December |
||||||||
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
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 subsidiary |
Principal activity | |||||||||||||||
Company Limited (“Shanghai Secco”) |
China |
RMB |
% | % | distribution of chemical products | |||||||||||||||||
Development Company Limited (“Chemical Industry”) |
China |
RMB | % | % | development and operation of the Chemical Industry Park in Shanghai, PRC | |||||||||||||||||
China |
RMB | % | % | resins products | ||||||||||||||||||
China |
RMB | % | % | maintenance of building automation systems and products | ||||||||||||||||||
China |
RMB | % | % | supply |
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
i. | In 2019, Toufa invested RMB |
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 capital in Shanghai Secco, an associate of the Company, by a total amount of RMB |
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 |
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
As at 31 December 2020 |
Shanghai Secco RMB’000 |
Chemical Industry RMB’000 |
Jinsen RMB’000 |
Azbil RMB’000 |
Shidian Energy RMB’000 |
|||||||||||||||
Current |
||||||||||||||||||||
– Current assets |
||||||||||||||||||||
– Current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Non-current |
||||||||||||||||||||
– Non-current assets |
||||||||||||||||||||
– Non-current liabilities |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net assets |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Group’s effective interest |
% | % | % | % | % | |||||||||||||||
Group’s share of net assets |
||||||||||||||||||||
Unrealized upstream and downstream transaction |
( |
) | ( |
) | ||||||||||||||||
Unentitled portion (note i) |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Carrying value |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
As at 31 December 2021 |
Shanghai Secco RMB’000 |
Chemical Industry RMB’000 |
Jinsen RMB’000 |
Azbil RMB’000 |
Shidian Energy RMB’000 |
|||||||||||||||
Current |
||||||||||||||||||||
– Current assets |
||||||||||||||||||||
– Current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Non-current |
||||||||||||||||||||
– Non-current assets |
||||||||||||||||||||
– Non-current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net assets |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Group’s effective interest |
% | % | % | % | % | |||||||||||||||
Group’s share of net assets |
||||||||||||||||||||
Unrealized upstream and downstream transaction |
( |
) | ( |
) | ||||||||||||||||
Unentitled portion (note i) |
( |
) | ||||||||||||||||||
Impairment loss |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Carrying value |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
Shanghai Secco | Chemical Industry |
Jinsen | Azbil | Shidian Energy | ||||||||||||||||
2019 |
RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||||
Revenue |
||||||||||||||||||||
Post-tax profit/(loss) from continuing operations |
( |
) | ||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total comprehensive income |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividend received from the associate |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shanghai Secco | Chemical Industry |
Jinsen | Azbil | Shidian Energy | ||||||||||||||||
2020 |
RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||||
Revenue |
||||||||||||||||||||
Post-tax profit/(loss) from continuing operations |
( |
) | ||||||||||||||||||
Other comprehensive income |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total comprehensive income |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividend received from the associate |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
Shanghai Secco | Chemical Industry |
Jinsen | Azbil | Shidian Energy | ||||||||||||||||
2021 |
RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||||
Revenue |
||||||||||||||||||||
Post-tax profit/(loss) from continuing operations |
( |
) | ||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total comprehensive income |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividend received from the associate |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(a) |
Investment in associates (continued) |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Aggregate carrying value of investments at 31 December |
||||||||
Aggregate amounts of the Group’s share of those associates: |
||||||||
Profit for the year |
||||||||
Total comprehensive income |
||||||||
Dividend received from the associate |
(b) |
Investment in joint ventures |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
As at 1 January |
||||||||
Addition (note i) |
||||||||
Share of profit |
||||||||
Cash dividends distribution |
( |
) | ( |
) | ||||
As at 31 December |
||||||||
20 |
Investments accounted for using the equity method (continued) |
(b) |
Investment in joint ventures (continued) |
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”), formerly known as “BOC-SPC Gases Company Limited”) |
USD |
|
| |||||||||||||||
RMB |
|
Providing inspection and testing service |
| |||||||||||||||
Development Company Limited (“Yangu Gas”) |
USD |
|
| |||||||||||||||
Mainland China |
RMB |
|
|
20 |
Investments accounted for using the equity method (continued) |
(b) |
Investment in joint ventures (continued) |
i. | In September 2021, Sinopec Baling Petrochemical Co., Ltd . and the Company jointly established Baling Materials, the Company agreed to make cash contribution of RMB |
Linde | JYJC | Yangu Gas | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Current |
||||||||||||
Cash and cash equivalents |
||||||||||||
Other current assets (excluding cash) |
||||||||||||
|
|
|
|
|
|
|||||||
Total current assets |
||||||||||||
Total current liabilities |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Non-current |
||||||||||||
Total non-current assets |
||||||||||||
Total non-current liabilities |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net assets |
||||||||||||
|
|
|
|
|
|
|||||||
Group’s effective interest |
||||||||||||
Interest in joint ventures |
||||||||||||
Unrealized downstream transactions |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Carrying value |
||||||||||||
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(b) |
Investment in joint ventures (continued) |
Linde | JYJC | Yangu Gas | Baling Materials |
|||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||
Current |
||||||||||||||||
Cash and cash equivalents |
||||||||||||||||
Other current assets (excluding cash) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total current assets |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total current liabilities |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-current |
||||||||||||||||
Total non-current assets |
||||||||||||||||
Total non-current liabilities |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Group’s effective interest |
||||||||||||||||
Interest in joint ventures |
||||||||||||||||
Unrealized downstream transactions |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Carrying value |
||||||||||||||||
|
|
|
|
|
|
|
|
Linde | JYJC | Yangu Gas | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Revenue |
||||||||||||
Depreciation and amortization |
( |
) | ( |
) | ||||||||
Interest income |
||||||||||||
Interest expense |
||||||||||||
Profit from continuing operations |
||||||||||||
Income tax expenses |
( |
) | ( |
) | ||||||||
Post-tax profit from continuing operations |
||||||||||||
Other comprehensive income |
||||||||||||
|
|
|
|
|
|
|||||||
Total comprehensive income |
||||||||||||
|
|
|
|
|
|
|||||||
Dividend received from joint venture |
||||||||||||
|
|
|
|
|
|
20 |
Investments accounted for using the equity method (continued) |
(b) |
Investment in joint ventures (continued) |
Linde | JYJC | Yangu Gas | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Revenue |
||||||||||||
Depreciation and amortization |
( |
) | ( |
) | ( |
) | ||||||
Interest income |
||||||||||||
Interest expense |
||||||||||||
Profit from continuing operations |
||||||||||||
Income tax expenses |
( |
) | ( |
) | ||||||||
Post-tax profit from continuing operations |
||||||||||||
Other comprehensive income |
||||||||||||
|
|
|
|
|
|
|||||||
Total comprehensive income |
||||||||||||
|
|
|
|
|
|
|||||||
Dividend received from joint venture |
||||||||||||
|
|
|
|
|
|
Linde | JYJC | Yangu Gas | Baling Materials |
|||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||
Revenue |
||||||||||||||||
Depreciation and amortization |
( |
) | ( |
) | ( |
) | ||||||||||
Interest income |
||||||||||||||||
Profit from continuing operations |
||||||||||||||||
Income tax benefits/ (expenses) |
( |
) | ||||||||||||||
Post-tax profit from continuing operations |
||||||||||||||||
Other comprehensive income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total comprehensive income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Dividend received from joint venture |
||||||||||||||||
|
|
|
|
|
|
|
|
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 diminution in value of inventories |
Carrying amount |
Gross carrying amount |
Provision for diminution in value of inventories |
Carrying amount | |||||||||||||||||||||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||||||||||||||||||||
Raw materials |
( |
) | ||||||||||||||||||||||||||||||||||
Work in progress |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Finished goods |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Spare parts and consumables |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
The analysis of the amount of inventories recognized as expenses and included in profit or loss is as follows: |
22 |
Trade and other receivables |
As at 31 December 2020 |
As at 31 December 2021 |
|||||||
RMB’000 | RMB’000 | |||||||
Trade receivables |
||||||||
Less: loss allowance |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Amounts due from related parties excluded prepayments and bills receivable |
||||||||
|
|
|
|
|||||
Total trade receivables |
||||||||
|
|
|
|
|||||
Other receivables |
||||||||
Less: loss allowance |
( |
) | ( |
) | ||||
|
|
|
|
|||||
|
|
|
|
|||||
Financial assets measured at amortized cost |
||||||||
|
|
|
|
|||||
Amounts due from related parties - prepayments |
||||||||
Amounts due from related parties - bills receivables (note 25) |
||||||||
|
|
|
|
|||||
|
|
|
|
As at 31 December 2020 |
As at 31 December 2021 |
|||||||
RMB’000 | RMB’000 | |||||||
Within one year |
||||||||
Over one year within two years |
||||||||
Over two years |
— | |||||||
|
|
|
|
|||||
|
|
|
|
22 |
Trade and other receivables (continued) |
Year ended 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Balance at 1 January |
||||||||
Impairment losses recognized during the year |
||||||||
|
|
|
|
|||||
Balance at 31 December |
||||||||
|
|
|
|
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) |
||||||||
Cash at bank and on hand |
||||||||
|
|
|
|
|||||
Cash and cash equivalents in the consolidated statement of financial position |
||||||||
|
|
|
|
i. | Cash deposits with a related party were cash deposits at Sinopec Finance Company Limited (“Sinopec Finance”). |
23 |
Cash and cash equivalents (continued) |
(b) |
Cash generated from operations |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Profit before taxation |
||||||||||||
Adjustments items: |
||||||||||||
Interest income from time deposits with maturity more than 3 months |
( |
) | ( |
) | ( |
) | ||||||
Share of profit of investments accounted for using the equity method |
( |
) | ( |
) | ( |
) | ||||||
Losses on disposal of subsidiary |
— | — | ||||||||||
Net losses/(gains) on foreign exchange option contracts and commodity swaps contracts not qualifying as hedges |
( |
) | ||||||||||
Gains from structured deposits |
( |
) | ( |
) | ( |
) | ||||||
Losses on sale of FVOCI |
||||||||||||
Interest expense |
||||||||||||
Foreign exchange (gains)/losses |
( |
) | ||||||||||
Depreciation of property, plant and equipment |
||||||||||||
Depreciation of investment property |
||||||||||||
Depreciation of right-of-use |
||||||||||||
Amortization of other non-current assets |
||||||||||||
Impairment loss on property, plant and equipment |
||||||||||||
Impairment loss on investment accounted for using the equity method |
||||||||||||
(Gains)/ lassets-net |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Profit on operation before change of working capital |
||||||||||||
Decrease/(increase) in inventories |
( |
) | ||||||||||
(Increase) / decrease in operation receivables |
( |
) | ||||||||||
Decrease in operation payables |
( |
) | ( |
) | ( |
) | ||||||
Increase/(decrease) in balances to related parties – net |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Cash generated from operations |
||||||||||||
|
|
|
|
|
|
23 |
Cash and cash equivalents (continued) |
(c) |
|
Borrowings | Lease liabilities |
Short-term bonds |
Total | |||||||||||||
RMB’000 | RMB’000 | RMB’000 | RMB’000 | |||||||||||||
As at 31 December 2019 and 1 January 2020 |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes from financing cash flows: |
||||||||||||||||
Proceeds from borrowings |
— | — | ||||||||||||||
Proceeds from short-term bonds |
— | — | ||||||||||||||
Repayments of borrowings |
( |
) | — | — | ( |
) | ||||||||||
Principal elements of lease payments |
— | ( |
) | — | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total changes from financing cash flows |
( |
) | ( |
) | ||||||||||||
Other changes: |
||||||||||||||||
Addition of lease liabilities |
— | — | ||||||||||||||
Foreign exchange movements |
— | — | ||||||||||||||
Issuance costs on short-term bonds |
— | — | ||||||||||||||
Interest expense |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other changes |
||||||||||||||||
As at 31 December 2020 and 1 January 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes from financing cash flows: |
||||||||||||||||
Proceeds from new bank loans |
— | — | ||||||||||||||
Repayment of bank loans |
( |
) | — | — | ( |
) | ||||||||||
Proceeds from short-term bonds |
— | — | ||||||||||||||
Repayments of short-term bonds |
— | — | ( |
) | ( |
) | ||||||||||
Principal elements of lease payments |
— | ( |
) | — | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total changes from financing cash flows |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other changes: |
||||||||||||||||
Addition of lease liabilities |
— | — | ||||||||||||||
Issuance costs on short-term bonds |
— | — | ||||||||||||||
Interest expense |
— | — | ||||||||||||||
Others |
— | — | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other changes |
— | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
As at 31 December 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
23 |
Cash and cash equivalents (continued) |
(d) |
Total cash outflow for leases |
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Within operating cash flows |
( |
) | ( |
) | ( |
) | ||||||
Within financing cash flows |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
( |
) | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
2019 | 2020 | 2021 | ||||||||||
RMB’000 | RMB’000 | RMB’000 | ||||||||||
Lease rentals paid |
( |
) | ( |
) | ( |
) |
24 |
Time deposits with banks |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Time deposits with maturity less than one year |
||||||||
Time deposits with maturity more than one year |
||||||||
|
|
|
|
|||||
|
|
|
|
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) |
||||||||
- Others |
||||||||
|
|
|
|
|||||
Equity investments |
||||||||
|
|
|
|
|||||
|
|
|
|
(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 of these bills by the issuing banks on maturity is not probable. |
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 |
||||||||
Credit loans due over one year but within three years |
||||||||
- Long-term borrowing from a related party (note 33(c)) |
— | |||||||
|
|
|
|
|||||
|
|
|
|
(a) |
The analysis of the repayment schedule of borrowings are as follows: |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Within 1 year or on demand |
||||||||
Over one year but within two years |
||||||||
Over two years but within three years |
||||||||
|
|
|
|
|||||
|
|
|
|
27 |
Short-term bonds |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Short-term bonds |
||||||||
|
|
|
|
28 |
Trade and other payables |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Trade payables |
||||||||
Bills payable |
||||||||
Amounts due to related parties exclude advances received |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Dividends payable |
||||||||
Construction payable |
||||||||
Oil price risk reserve |
||||||||
Accrued expenses |
||||||||
Other liabilities |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
|
|
|
|
|||||
Financial liabilities measured at amortized cost |
||||||||
Amounts due to related parties – advances received |
||||||||
Amounts due to related parties – measured at fair value through profit or loss (FVPL) (i) |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Total amount due to related parties |
28 |
Trade and other payables (continued) |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Within one year |
||||||||
Over one year within two years |
||||||||
Over two years |
||||||||
|
|
|
|
|||||
|
|
|
|
29 |
Contract liabilities |
As at 31 December | ||||||||
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
Contract liabilities |
||||||||
|
|
|
|
30 |
Deferred income |
2020 | 2021 | |||||||
RMB’000 | RMB’000 | |||||||
As at 1 January |
||||||||
Additions |
||||||||
Amortization |
( |
) | ( |
) | ||||
|
|
|
|
|||||
As at 31 December |
||||||||
|
|
|
|
31 |
Share capital |
Number of shares |
Amount |
|||||||
’000 | RMB’000 | |||||||
As at 31 December 2020, 1 January 2021 and 31 December 2021 |
||||||||
Registered, issued and fully paid: |
||||||||
Ordinary A shares listed in PRC |
||||||||
Foreign invested H shares listed overseas |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
32 |
Reserves |
Legal surplus |
Capital surplus |
Surplus reserve |
Other reserve |
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 |
||||||||||||||||||||||||||||||||||||
Total comprehensive income for the year attributable to shareholders of the Company |
( |
) | ||||||||||||||||||||||||||||||||||
Change in fair value of hedging instruments |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Reclassified to cost of inventory |
||||||||||||||||||||||||||||||||||||
Dividends declared and approved in respect of previous year |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Appropriation of safety production fund |
( |
) |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at 31 December 2020 and 1 January 2021 |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total comprehensive income for the year attributable to shareholders of the Company |
||||||||||||||||||||||||||||||||||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends declared and approved in respect of previous year |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Transfer to legal surplus |
( |
) | ||||||||||||||||||||||||||||||||||
Appropriation of safety production fund |
( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at 31 December 2021 |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
Reserves (continued) |
33 |
Related-party transactions |
Names of related parties | Relationship with the Company | ||||||
China International United Petroleum & Chemicals Co., Ltd. | |||||||
Sinopec Chemical Sales Company Limited | |||||||
Sinopec Chemical Commercial Holding Company Limited | |||||||
Petro-cyberworks Information Technology Co., Ltd. | |||||||
Lianhua (Ningbo) International Logistics Co., Ltd. | |||||||
Zhongke (Guangdong) Refining & Chemical Co., Ltd. | |||||||
Sinopec Marketing Co., Ltd. | |||||||
Sinopec Fuel Oil Sales Co., Ltd. | |||||||
Sinopec Lubricant Co., Ltd. | |||||||
Sinopec Yangzi Petrochemical Co., Ltd. | |||||||
China Petrochemical International (Beijing) Company Limited | |||||||
Sinopec Catalysts Co., Ltd. | |||||||
China Petrochemical International (Shanghai) Co., Ltd. | |||||||
Sinopec Beijing Research Institute of Chemical Industry |
33 |
Related-party transactions (continued) |
Names of related parties | Relationship with the Company | ||||||
China Petrochemical International (Ningbo) Co., Ltd. | |||||||
Zhoushan Shihua Crude Oil Terminal Co., Ltd. | |||||||
Dalian Sinopec Material Equip Company | |||||||
Sinopec Material & Equipment (East China) Co., Ltd. | |||||||
China Petrochemical International (Nanjing) Co., Ltd. | |||||||
Sinopec Honeywell (Tianjin) Company Limited | |||||||
China Petrochemical International (Wuhan) Co., Ltd. | |||||||
China Petrochemical International Co., Ltd. | |||||||
China Petrochemical Refinery Sales Co., Ltd. | |||||||
Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. | |||||||
China Petrochemical International (Tianjin) Co., Ltd. | |||||||
Ningbo East sea Line fan Technology Company Limited | |||||||
Sinopec Petroleum & Chemical Scientific Research Institute Dadi Company | |||||||
Sinopec Shanghai Research Institute of Petrochemical Technology | |||||||
Sinopec Lubricating Oil Shanghai Research Institute Company Limited | |||||||
Dalian Furuipu Technology Co., Ltd. | |||||||
Nantong Donghai Petrochemical Co., Ltd. | |||||||
China Petroleum and Chemical Corporation Qingdao Security Engineering Research Institute | |||||||
Sinopec (Shanghai) Energy Trade Co., Ltd. | |||||||
Storage and Transportation Installation Company of Ningbo Engineering Company Limited | |||||||
Sinopec Chemical Commercial Holding (Hong Kong) Company Limited | |||||||
Sinopec Yizheng Chemical Fibre Limited Liability Company | |||||||
Fujian Gulei Petrochemical Company Limited | |||||||
Sinopec China East Chemical Sales Co., Ltd. |
33 |
Related-party transactions (continued) |
Names of related parties | Relationship with the Company | |
Unipec Singapore | ||
China Yanshan United Foreign Trade Co., Ltd. | ||
Sinopec Chemical Commercial Holding (Wuhan) Company Limited | ||
Nanjing Yangzi Petrol-chemical Industry Co., Ltd. | ||
Sinopec Baling Petrochemical Co., Ltd. | ||
Shengli Oil Field Exploration and Development Research Institute | ||
Shanghai Lide Catalyst Co., Ltd. | ||
Ypc-gpro (Nanjing) Rubber Co., Ltd. |
||
Fujian Refining & Petrochemical Company Limited | ||
Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals | ||
Sinopec Jianghan Salt Chemical Hubei Co., Ltd. | ||
Yipaike Business Factoring Co., Ltd. | ||
Sinopec Great Wall Energy and Chemical Co., Ltd. | ||
Sinopec (Shenzhen) E-Commerce Company Limited |
||
Sinopec Research Institute of Safety Engineering | ||
Ningbo Minggang Gas Company Limited | ||
Sinopec Zhongyuan Petrol-Chemical Industry Co., Ltd. | ||
Epec E-commerce Co., Ltd. |
||
Sinopec Oil Refining and Marketing (Shanghai) Co., Ltd. | ||
Sinopec Chemical Sales (Guangdong) Co., Ltd. | ||
Sinopec Nanguang (Shanghai) Industrial Co., Ltd. | ||
Unipec (Qingdao) International Logistics Company Limited |
33 |
Related-party transactions (continued) |
Names of related parties | Relationship with the Company | |
Qingdao Zhonghua Sunshine Management System Certification Center | ||
Zhejiang Baling Hengyi Caprolactam Limited Company | ||
Shanghai Sinopec Mitsui Chemicals, Co., Ltd. | ||
Basf-ypc Company Limited |
||
Shanghai Changshi Shipping Co., Ltd. | ||
Shanghai KSD Bulk Solids Engineering Co., Ltd. | ||
Basf Gao-Qiao Performance Chemicals (Shanghai) Company Limited |
||
Sinopec Chemical Commercial Holding (Singapore) Pte. Ltd. | ||
Sinopec Finance Co., Ltd. | ||
Sinopec Chemical Commercial Holding Company Limited | ||
Zhongshi Huananjing Chemical Research Institute Co., Ltd. | ||
China Economy Phulishing House Co., Ltd. | ||
Sinopec Publishing House Co., Ltd. | ||
Sinopec Group International Travel Agency Agricultural Bank of China | ||
Sinopec Assets Management Co., Ltd. | ||
Ningbo Engineering Company of Sinopec | ||
Sinopec Shared Service Co., Ltd. | ||
Sinopec Petroleum Engineering Geophysics Ltd. | ||
Sinopec Baichuan Economic and Trade Company | ||
Sinopec Group Jiangsu Petroleum Exploration Bureau Co., Ltd. | ||
Sinopec Newspaper Office | ||
Sinopec Energy Saving Technology Service Co., Ltd. | ||
Sinopec Group Economic and Technology Research Institute Co., Ltd. |
33 |
Related-party transactions (continued) |
Names of related parties | Relationship with the Company | |
Beijing Petro-Chemical Construction Consulting Co., Ltd. | ||
China Economicbooks Co., Ltd. | ||
Petrol-Chemical Industry Management Cadre College | ||
Sinopec Engineering Quality Supervision Terminal | ||
Sinopec Group Shanghai Training Center Ltd. | ||
Sinopec Beijing Yanshan Petrochemical Co., Ltd. | ||
Sinopec Zhongyuan Petroleum Exploration Bureau Co., Ltd. | ||
Sinopec Shengli Petroleum Administration Co., Ltd. | ||
The Fourth Construction Company of Sinopec | ||
Sinopec Tending Co., Ltd. | ||
Sinopec Shanghai Engineering Co., Ltd. | ||
Sinopec Engineering Incorporation | ||
Sinopec Engineering Quality Monitoring Co., Ltd. | ||
National Petrochemical Project Risk Assessment Technology Center | ||
The Tenth Construction Company of Sinopec | ||
The Fifth Construction Company of Sinopec | ||
Shanghai Petrochemical Machinery Manufacturing Co., Ltd. | ||
Sinopec Nanjing Engineering Company Limited | ||
Sinopec Luoyang Engineering Company Limited | ||
Jiangsu Jinling Opta Polymer Company Limited | ||
Shanghai Petro-Chemical Haidi Administration Co., Ltd. | ||
Sinopec Sichuan Uinylon Works | ||
China Petrochemical Corp. Nanjing Chemistry Industrial Co., Ltd. |
33 |
Related-party transactions (continued) |
Names of related parties | Relationship with the Company | |
Sinopec Group International Petroleum Exploration And Production Limited | ||
Sinopec Consulting Company Limited | ||
Sinopec Guangzhou Engineering Co., Ltd. | ||
Beijing Yanshan Petrochemical Special Equipment Inspection Co., Ltd. | ||
China Petrochemical Corp. Engineering Ration Management Station | ||
Beijing Victory Hotel Company Limited | ||
Maoming Shihua Dongcheng Chemical Co., Ltd. | ||
Yihua Tory Polyester Film Company Limited | ||
China Sinopec Pipeline Storage and Transportation Co., Ltd. | ||
Yihua Bonar Yarns and Fabrics Co., Ltd. | ||
Unipec Singapore | ||
Unipec America, Inc | ||
Sinopec Japan Company Limited | ||
Rizhao Shihua Crude Oil Terminal Co., Ltd. | ||
Sinopec Europe Company Limited | ||
Sinopec Chemical Commercial Holding (North America), Inc. | ||
Sinopec International (Australia) Pty. Ltd. |
33 |
Related-party transactions (continued) |
(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. |
• | 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). |
2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
||||||||||
Sales of petroleum products |
||||||||||||
Sales other than petroleum products |
||||||||||||
Purchases of crude oil |
||||||||||||
Purchases other than crude oil |
||||||||||||
Commission expense |
||||||||||||
Rental income |
33 |
Related-party transactions (continued) |
(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 |
||||||||||||
- Associates and joint ventures of the Group |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Purchases |
||||||||||||
- Sinopec Group and its subsidiaries |
||||||||||||
- Associates and joint ventures of the Group |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Insurance premium expenses |
||||||||||||
- Sinopec Group and its subsidiaries |
||||||||||||
|
|
|
|
|
|
|||||||
Addition to right-of-use |
||||||||||||
- Sinopec Group and its subsidiaries |
||||||||||||
- Joint ventures of the Group |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Interest expense of lease liabilities |
||||||||||||
- Sinopec Group and its subsidiaries |
||||||||||||
- Joint ventures of the Group |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Interest income |
||||||||||||
- Sinopec Finance |
||||||||||||
|
|
|
|
|
|
|||||||
Construction and installation cost |
||||||||||||
- Sinopec Group and its subsidiaries |
||||||||||||
|
|
|
|
|
|
|||||||
Rental income |
||||||||||||
- Associates and joint ventures of the Group |
||||||||||||
- Sinopec Group and its subsidiaries |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Long-term borrowings |
||||||||||||
- Sinopec Finance |
||||||||||||
|
|
|
|
|
|
33 |
Related-party transactions (continued) |
(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 RMB’000 |
As at 31 December 2021 RMB’000 |
|||||||
Amounts due from related parties |
||||||||
- Sinopec Corp., its subsidiaries and joint ventures |
||||||||
- Associates and joint ventures of the Group |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Amounts due to related parties |
||||||||
- Sinopec Corp., its subsidiaries and joint ventures |
||||||||
- Sinopec Group and its subsidiaries |
||||||||
- Associates and joint ventures of the Group |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Lease liabilities |
||||||||
- Sinopec Group and its subsidiaries |
||||||||
- Joint ventures of the Group |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Cash deposits, maturing within three months |
||||||||
- Sinopec Finance (note d) |
||||||||
|
|
|
|
|||||
Long-term borrowings |
||||||||
- Sinopec Finance |
||||||||
|
|
|
|
(d) | As at 31 December 2020 and 31 December 2021, cash deposits at Sinopec Finance were charged at an interest rate of |
33 |
Related-party transactions (continued) |
(e) |
Key management personnel compensation, post-employment benefit plans and share options |
Year ended 31 December | ||||||||||||
2019 RMB’000 |
2020 RMB’000 |
2021 RMB’000 |
||||||||||
Short-term employee benefits |
||||||||||||
Post-employment benefits |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
(f) |
Transactions with other state-owned entities in the PRC |
• | 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 |
(g) |
Commitments with related parties |
(i) | Construction and installation cost |
As at 31 December 2020 RMB’000 |
As at 31 December 2021 RMB’000 |
|||||||
Sinopec Group and its subsidiaries |
||||||||
|
|
|
|
33 |
Related-party transactions (continued) |
(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) |
||||||||
Capital contribution to Shanghai Shidian Energy Company Limited (“Shidian Energy”) (ii) |
||||||||
Capital contribution to Baling Materials (iii) |
||||||||
|
|
|
|
|||||
|
|
|
|
(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 |
(ii) | Pursuant to the articles of association of Shidian Energy in August 2019, Toufa agreed to make a capital contribution of RMB |
(iii) | Sinopec Baling Petrochemical Co., Ltd . and the Company jointly established Baling Materials on 7 September 2021, each with a cash contribution of RMB paid-up capital contribution of RMB |
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 |
||||||||
|
|
|
|
34 |
Dividend (continued) |
(b) |
Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year |
2020 RMB’000 |
2021 RMB’000 |
|||||||
Final dividend in respect of the previous financial year, approved and paid during the year, of RMB |
||||||||
|
|
|
|
35 |
Commitments |
As at 31 December 2020 RMB’000 |
As at 31 December 2021 RMB’000 |
|||||||
Property, plant and equipment contracted for |
||||||||
|
|
|
|
36 |
Subsequent event |
(a) | A dividend in respect of the year ended 31 December 2021 of RMB |
(b) | Pursuant to [2020] Scp471 approved by China interbank market dealers association, the Company issued a super short-term bonds of RMB |
37 |
Statement of financial position and equity movement of the Company |
As at 31 December 2020 RMB’000 |
As at 31 December 2021 RMB’000 |
|||||||
Non-current assets |
||||||||
Property, plant and equipment |
||||||||
Investment properties |
||||||||
Right-of-use |
||||||||
Construction in progress |
||||||||
Investments in subsidiaries |
||||||||
Investments accounted for using the equity method |
||||||||
Time deposits with banks |
||||||||
Deferred tax assets |
||||||||
Other non-current assets |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Current assets |
||||||||
Derivative financial instruments |
||||||||
Inventories |
||||||||
Trade receivables |
||||||||
Other receivables |
||||||||
Amounts due from related parties |
||||||||
Prepayments |
||||||||
Financial assets at fair value through other comprehensive income (FVOCI) |
||||||||
Time deposits with banks |
||||||||
Cash and cash equivalents |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Current liabilities |
||||||||
Trade and other payables |
||||||||
Contract liabilities |
||||||||
Amounts due to related parties |
||||||||
Staff salaries and welfares payable |
||||||||
Borrowings |
||||||||
Short-term bonds |
||||||||
Lease liabilities |
||||||||
Derivative financial instruments |
||||||||
Income tax payable |
||||||||
Current tax liabilities |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Net current assets |
||||||||
|
|
|
|
37 |
Statement of financial position and equity movement of the Company (continued) |
As at 31 December 2020 RMB’000 |
As at 31 December 2021 RMB’000 |
|||||||
Total assets less current liabilities |
||||||||
|
|
|
|
|||||
Non-current liabilities |
||||||||
Interest-bearing borrowings |
||||||||
Lease liabilities |
||||||||
Deferred income |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
NET ASSETS |
||||||||
|
|
|
|
|||||
CAPITAL AND RESERVES |
||||||||
Share capital |
||||||||
Reserves |
||||||||
|
|
|
|
|||||
TOTAL EQUITY |
||||||||
|
|
|
|
) | ||||
) | ||||
Wu Haijun | ) | |||
) | ||||
) | Directors | |||
) | ||||
Du Jun | ) | |||
) | ||||
) |
37 |
Statement of financial position and equity movement of the Company (continued) |
(a) |
Movements in components of equity of the Company |
Share capital RMB’000 |
Legal surplus RMB’000 |
Capital surplus RMB’000 |
Surplus reserve RMB’000 |
Other reserve RMB’000 |
Hedging RMB’000 |
Share premium RMB’000 |
Safety production fund RMB’000 |
Retained earnings RMB’000 |
Total RMB’000 |
|||||||||||||||||||||||||||||||
Balance at 1 January 2020 |
||||||||||||||||||||||||||||||||||||||||
Net profit attributable to shareholders of the Company |
||||||||||||||||||||||||||||||||||||||||
Dividends proposed and approved |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Appropriation of safety production fund |
( |
) | ||||||||||||||||||||||||||||||||||||||
Change in fair value of hedging instruments |
||||||||||||||||||||||||||||||||||||||||
Reclassified to cost of inventory |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Share of other comprehensive income of investments accounted for using the equity method |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at 31 December 2020 and 1 January 2021 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total comprehensive income for the year |
||||||||||||||||||||||||||||||||||||||||
Amounts transferred from hedging reserve to initial carrying amount of hedged items |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Dividends declared and approved in respect of previous year |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Transfer to legal surplus |
( |
) | ||||||||||||||||||||||||||||||||||||||
Appropriation of safety production fund |
( |
) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at 31 December 2021 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 |
Benefits and interests of directors and supervisors |
(a) |
Directors’ and supervisors’ emoluments: |
2019 | ||||||||||||||||||||
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 |
— | |||||||||||||||||||
Shi Wei ( Resigned in December 2019 |
— | |||||||||||||||||||
Jin Qiang |
— | |||||||||||||||||||
Guo Xiaojun (Resigned in December 2019) |
— | |||||||||||||||||||
Zhou Meiyun |
— | |||||||||||||||||||
Jin Wenmin |
— | |||||||||||||||||||
Independent non-executive directors |
||||||||||||||||||||
Zhang Yimin |
— | — | — | |||||||||||||||||
Liu Yunhong |
— | — | — | |||||||||||||||||
Du Weifeng |
— | — | — | |||||||||||||||||
Li Yuanqin |
— | — | — | |||||||||||||||||
Supervisors |
||||||||||||||||||||
Ma Yanhui |
— | |||||||||||||||||||
Zuo Qiang (Resigned in September 2019) |
— | |||||||||||||||||||
Li Xiaoxia (Resigned in September 2019) |
— | |||||||||||||||||||
Zhang Feng (Appointed in October 2019) |
— | |||||||||||||||||||
Chen Hongjun (Appointed in October 2019) |
— | |||||||||||||||||||
Zheng Yunrui |
— | — | — | |||||||||||||||||
Cai Tingji |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
38 |
Benefits and interests of directors and supervisors (continued) |
(a) |
Directors’ and supervisors’ emoluments (continued): |
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 |
— | |||||||||||||||||||
Guan Zemin (appointed in February 2020) |
— | |||||||||||||||||||
Jin Qiang |
— | |||||||||||||||||||
Jin Wenmin |
— | |||||||||||||||||||
Huang Xiangyu (appointed in June 2020) |
— | |||||||||||||||||||
Huang Fei (appointed in June 2020) |
— | |||||||||||||||||||
Zhou Meiyun (resigned in September 2020) |
— | |||||||||||||||||||
Non-executive directors |
||||||||||||||||||||
Xie Zhenglin (appointed in June 2020) |
— | — | — | — | — | |||||||||||||||
Peng Kun (appointed in June 2020) |
— | |||||||||||||||||||
Independent non-executive directors |
||||||||||||||||||||
Li Yuanqin |
— | — | — | |||||||||||||||||
Tang Song (appointed in June 2020) |
— | — | — | |||||||||||||||||
Chen Haifeng (appointed in June 2020) |
— | — | — | |||||||||||||||||
Yang Jun (appointed in June 2020) |
— | — | — | |||||||||||||||||
Gao Song (appointed in June 2020) |
— | — | — | |||||||||||||||||
Zhang Yimin (resigned in June 2020) |
— | — | — | |||||||||||||||||
Liu Yunhong (resigned in June 2020) |
— | — | — | |||||||||||||||||
Du Weifeng (resigned in June 2020) |
— | — | — | |||||||||||||||||
Supervisors |
||||||||||||||||||||
Ma Yanhui |
— | |||||||||||||||||||
Zhang Feng |
— | |||||||||||||||||||
Chen Hongjun |
— | |||||||||||||||||||
Zheng Yunrui |
— | — | — | |||||||||||||||||
Cai Tingji |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
38 |
Benefits and interests of directors and supervisors (continued) |
(a) |
Directors’ and supervisors’ emoluments (continued): |
2021 | ||||||||||||||||||||
Salaries and other benefits RMB’000 |
Retirement scheme contributions RMB’000 |
Discretionary bonuses RMB’000 |
Directors’ fees RMB’000 |
Total RMB’000 |
||||||||||||||||
Executive directors |
||||||||||||||||||||
Wu Haijun |
— | |||||||||||||||||||
Guan Zemin |
— | |||||||||||||||||||
Jin Qiang (resigned in February 2022) |
— | |||||||||||||||||||
Du Jun (appointed in June 2021) |
— | |||||||||||||||||||
Jin Wenmin (resigned in February 2022) |
— | |||||||||||||||||||
Huang Xiangyu |
— | |||||||||||||||||||
Huang Fei (resigned in February 2022) |
— | |||||||||||||||||||
Non-executive directors |
||||||||||||||||||||
Xie Zhenglin |
— | — | — | — | — | |||||||||||||||
Peng Kun |
— | |||||||||||||||||||
Independent non-executive directors |
||||||||||||||||||||
Li Yuanqin |
— | — | — | |||||||||||||||||
Tang Song |
— | — | — | |||||||||||||||||
Chen Haifeng |
— | — | — | |||||||||||||||||
Yang Jun |
— | — | — | |||||||||||||||||
Gao Song |
— | — | — | |||||||||||||||||
Supervisors |
||||||||||||||||||||
Ma Yanhui |
— | |||||||||||||||||||
Zhang Feng |
— | |||||||||||||||||||
Chen Hongjun |
— | |||||||||||||||||||
Zheng Yunrui |
— | — | — | |||||||||||||||||
Cai Tingji |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
38 |
Benefits and interests of directors and supervisors (continued) |
(b) |
Directors’ retirement benefits |
39 |
Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2021 |
Effective for accounting periods beginning on or after | ||
Annual Improvements to IFRS Standards 2018-2020 |
||
Amendments to IFRS 3, Reference to the Conceptual Framework |
||
Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use |
||
Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract |
||
Amendments to IAS 1, Classification of Liabilities as Current or Non-current |
||
IFRS 17, Insurance contracts |
||
Basis for conclusions on IFRS 17 |
||
Illustrative examples on IFRS 17 |
||
Amendments to IFRS 17 |
||
Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS 9 - Comparative Information |
||
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies |
||
Amendments to IAS 8, Definition of Accounting Estimates |
||
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
39 |
Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2021 (continued) |
Exhibit 8
List of Principal Subsidiaries of Sinopec Shanghai Petrochemical Company Limited
Subsidiary Name |
Place of Incorporation | Our ownership interest (%) | ||||||
Shanghai Petrochemical Investment Development Company Limited |
PRC | 100.00 | ||||||
China Jinshan Associated Trading Corporation |
PRC | 67.33 | ||||||
Shanghai Jinchang Engineering Plastics Company Limited |
PRC | 74.25 | ||||||
Shanghai Golden Phillips Petrochemical Company Limited |
PRC | 100.00 | ||||||
Shanghai Jinshan Trading Corporation |
PRC | 67.33 | ||||||
Zhejiang Jinlian Petrochemical Storage and Transportation Company Limited |
PRC | 100.00 |
Exhibit 12.1
CERTIFICATION
I, Guan Zemin, certify that:
1. I have reviewed this annual report on Form 20-F of Sinopec Shanghai Petrochemical Company Limited.
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report.
4. The companys other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting. |
5. The companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions):
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
Date: April 27, 2022
By: | /s/ Guan Zemin | |
Guan Zemin | ||
President |
Exhibit 12.2
CERTIFICATION
I, Du Jun, certify that:
1. I have reviewed this annual report on Form 20-F of Sinopec Shanghai Petrochemical Company Limited.
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report.
4. The companys other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting. |
5. The companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions):
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
Date: April 27, 2022
By: | /s/ Du Jun | |
Du Jun | ||
Chief Financial Officer |
Exhibit 13.1
906 CERTIFICATION
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Ladies and Gentlemen:
In connection with the Annual Report of Sinopec Shanghai Petrochemical Company Limited (the Company) on Form 20-F for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the Report), I, Guan Zemin, the President of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:
1. | the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated. |
This Certification has not been, and shall not be deemed filed with the Securities and Exchange Commission.
Date: April 27, 2022
By: | /s/ Guan Zemin | |
Name: | Guan Zemin | |
Title: | President |
Exhibit 13.2
906 CERTIFICATION
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Ladies and Gentlemen:
In connection with the Annual Report of Sinopec Shanghai Petrochemical Company Limited (the Company) on Form 20-F for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the Report), I, Du Jun, the Chief Financial Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:
1. | the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated. |
This Certification has not been, and shall not be deemed filed with the Securities and Exchange Commission.
Date: April 27, 2022
By: | /s/ Du Jun | |
Name: | Du Jun | |
Title: | Chief Financial Officer |
Exhibit 99.1
Report of independent registered public accounting firm (PCAOB ID 1424) |
2 | |||
Financial statements of SECCO |
3 |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Shanghai Secco Petrochemical Company Limited
We have audited the accompanying financial statements of Shanghai Secco Petrochemical Company Limited (the Company), which comprise the balance sheet as of December 31, 2020, and the related income statements, statements of changes in owners equity and cash flows for the each of the two years in the period ended December 31, 2020.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the requirements of Accounting Standards for Business Enterprises in the Peoples Republic of China; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Companys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2020 in accordance with the requirements of Accounting Standards for Business Enterprises in the Peoples Republic of China.
Other Matter
The accompanying balance sheet of the Company as of December 31, 2021, and the related income statement, statements of changes in owners equity and cash flows for the year then ended are presented for purposes of complying with Rule 3-09 of SEC Regulation S-X; however, Rule 3-09 does not require the 2021 financial statements to be audited and they are therefore not covered by this report.
/s/PricewaterhouseCoopers Zhong Tian LLP
Shanghai, the Peoples Republic of China
April 28, 2021
2
Shanghai Secco Petrochemical Company Limited
Balance sheets as at 31 December 2020 and 2021*
(Expressed in Renminbi Yuan)
Note | 31 December 2020 | 31 December 2021* | ||||||||
Assets |
||||||||||
Current assets |
||||||||||
Cash at bank and on hand |
6 | 5,220,636,789 | 3,282,751,042 | |||||||
Accounts receivable |
7 | 311,442,789 | 251,529,912 | |||||||
Financial assets at fair value through other comprehensive income |
8 | 501,351,308 | 260,065,209 | |||||||
Advances to suppliers |
9 | 14,331,782 | 22,771,842 | |||||||
Other receivables |
10 | 2,159,178 | 41,376,432 | |||||||
Inventories |
11 | 1,491,289,838 | 2,205,453,196 | |||||||
Current portion of non-current assets |
12 | 100,000,000 | | |||||||
Other current assets |
13 | 2,789,514,813 | 2,171,547 | |||||||
|
|
|
|
|||||||
Total current assets |
10,430,726,497 | 6,066,119,180 | ||||||||
|
|
|
|
|||||||
Non-current assets |
||||||||||
Fixed assets |
14 | 3,518,620,901 | 3,166,903,848 | |||||||
Construction in progress |
15 | 366,781,634 | 203,497,772 | |||||||
Right-of-use assets |
16 | 5,836,350 | 367,711 | |||||||
Intangible assets |
17 | 636,781,767 | 627,505,136 | |||||||
Long term prepaid expenses |
18 | 171,104,899 | 135,014,349 | |||||||
Deferred tax assets |
19 | | 48,291,526 | |||||||
Other non-current assets |
20 | 1,400,000,000 | 1,553,779,369 | |||||||
|
|
|
|
|||||||
Total non-current assets |
6,099,125,551 | 5,735,359,711 | ||||||||
|
|
|
|
|||||||
Total assets |
16,529,852,048 | 11,801,478,891 | ||||||||
|
|
|
|
|||||||
Liabilities and owners equity |
||||||||||
Current liabilities |
||||||||||
Accounts payable |
1,289,854,156 | 1,787,137,217 | ||||||||
Contract liabilities |
21 | 499,509,916 | 415,450,821 | |||||||
Employee benefits payable |
22 | 112,141,221 | 105,573,340 | |||||||
Taxes payable |
5(3) | 801,649,672 | 316,126,213 | |||||||
Other payables |
23 | 9,800,936 | 2,755,463,900 | |||||||
Non-current liabilities maturing within one year |
24 | 5,324,226 | 111,639 | |||||||
Other current liabilities |
25 | 64,936,289 | 54,008,607 | |||||||
|
|
|
|
|||||||
Total current liabilities |
2,783,216,416 | 5,433,871,737 | ||||||||
|
|
|
|
|||||||
Non-current liabilities |
||||||||||
Lease liabilities |
26 | 177,384 | 65,747 | |||||||
Deferred tax liabilities |
19 | 32,303,370 | | |||||||
|
|
|
|
|||||||
Total non-current liabilities |
32,480,754 | 65,747 | ||||||||
|
|
|
|
|||||||
Total liabilities |
2,815,697,170 | 5,433,937,484 | ||||||||
|
|
|
|
|||||||
Owners equity |
||||||||||
Paid-in capital |
27 | 7,800,811,272 | 500,000,000 | |||||||
Capital surplus |
28 | 1,454,646 | 1,454,646 | |||||||
Specific reserve |
29 | | | |||||||
Surplus reserve |
30 | 2,740,182,899 | 3,052,773,285 | |||||||
Undistributed profits |
3,171,706,061 | 2,813,313,476 | ||||||||
|
|
|
|
|||||||
Total owners equity |
13,714,154,878 | 6,367,541,407 | ||||||||
|
|
|
|
|||||||
Total liabilities and owners equity |
16,529,852,048 | 11,801,478,891 | ||||||||
|
|
|
|
* | Not covered by the independent auditors report included herein |
The accompanying notes form an integral part of these financial statements.
Legal representative | General manager | Head of accounting department | (Company stamp) | |||
Zhang Minglong | Zhang Minglong | Lu Daoqing |
3
Shanghai Secco Petrochemical Company Limited
Income statements for the year ended 31 December 2019, 2020 and 2021*
(Expressed in Renminbi Yuan)
Note | 2019 | 2020 | 2021* | |||||||||||||
Revenue |
32 | 28,341,032,354 | 21,626,059,244 | 29,723,223,208 | ||||||||||||
Less: Cost of sales |
22,754,564,625 | 17,269,274,588 | 25,170,369,009 | |||||||||||||
Taxes and surcharges |
33 | 127,686,385 | 47,163,147 | 68,615,664 | ||||||||||||
Selling and distribution expenses |
579,571,851 | 545,058,651 | 171,618,022 | |||||||||||||
General and administrative expenses |
654,455,677 | 778,238,133 | 384,640,241 | |||||||||||||
R&D expenses |
4,254,778 | 10,829,389 | 15,954,174 | |||||||||||||
Financial income - net |
34 | (292,922,019 | ) | (162,465,492 | ) | (228,367,775 | ) | |||||||||
Including: Interest expenses |
11,596,955 | 6,019,753 | 2,682,042 | |||||||||||||
Interest income |
304,332,698 | 172,009,089 | 232,479,017 | |||||||||||||
Add: Other income | 35 | 23,025,485 | 10,958,322 | 16,387,830 | ||||||||||||
Investment income |
36 | | 58,535,901 | 46,328,616 | ||||||||||||
Net reversal of impairment losses on financial assets |
| 1,040,393 | | |||||||||||||
Asset impairment losses |
37 | (25,475,861 | ) | (6,787,522 | ) | (127,513,762 | ) | |||||||||
Losses on disposal of assets |
(4,973,598 | ) | | | ||||||||||||
|
|
|
|
|
|
|||||||||||
Operating profit |
4,505,997,083 | 3,201,707,922 | 4,075,596,557 | |||||||||||||
Add: Non-operating income |
38 | 2,928,815 | 15,062,370 | 4,305,837 | ||||||||||||
Less: Non-operating expenses |
38 | 1,880,328 | 8,546,265 | 13,581,464 | ||||||||||||
|
|
|
|
|
|
|||||||||||
Total profit |
4,507,045,570 | 3,208,224,027 | 4,066,320,930 | |||||||||||||
Less: Income tax expenses |
39 | 1,123,459,835 | 795,424,371 | 940,417,068 | ||||||||||||
|
|
|
|
|
|
|||||||||||
Net profit |
3,383,585,735 | 2,412,799,656 | 3,125,903,862 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Including: Net profit from continuing operations |
3,383,585,735 | 2,412,799,656 | 3,125,903,862 | |||||||||||||
Net profit from discontinued operations |
| | | |||||||||||||
|
|
|
|
|
|
|||||||||||
Other comprehensive income |
| | | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total comprehensive income |
3,383,585,735 | 2,412,799,656 | 3,125,903,862 | |||||||||||||
|
|
|
|
|
|
* | Not covered by the independent auditors report included herein |
The accompanying notes form an integral part of these financial statements.
Legal representative | General manager | Head of accounting department | (Company stamp) | |||
Zhang Minglong | Zhang Minglong | Lu Daoqing |
4
Shanghai Secco Petrochemical Company Limited
Cash flow statements for the year ended 31 December 2019, 2020 and 2021*
(Expressed in Renminbi Yuan)
Note | 2019 | 2020 | 2021* | |||||||||||||
Cash flows generated from operating activities: |
||||||||||||||||
Cash received from sales of goods or rendering of services |
28,004,355,856 | 21,427,685,227 | 28,606,446,224 | |||||||||||||
Refund of taxes and surcharges |
| 53,504 | 374,419 | |||||||||||||
Cash received from other operating activities |
41,945,698 | 181,540,815 | 151,007,619 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Sub-total of cash inflows |
28,046,301,554 | 21,609,279,546 | 28,757,828,262 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Cash paid for goods and services |
(21,227,092,727 | ) | (16,695,409,936 | ) | (22,606,453,710 | ) | ||||||||||
Cash paid to and on behalf of employees |
(483,492,318 | ) | (506,833,430 | ) | (577,421,410 | ) | ||||||||||
Payments of taxes and surcharges |
(1,658,917,753 | ) | (1,209,305,980 | ) | (2,035,109,503 | ) | ||||||||||
Cash paid to other operating activities |
(75,470,234 | ) | (78,693,377 | ) | (90,970,900 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Sub-total of cash outflows |
(23,444,973,032 | ) | (18,490,242,723 | ) | (25,309,955,523 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash flows generated from operating activities |
41(1) | 4,601,328,522 | 3,119,036,823 | 3,447,872,739 | ||||||||||||
|
|
|
|
|
|
|||||||||||
Cash flows (used in) / generated from investing activities: |
||||||||||||||||
Cash received from entrusted loans |
| 2,000,000,000 | 2,000,000,000 | |||||||||||||
Cash received from returns on investments |
| 62,048,056 | 49,108,333 | |||||||||||||
Cash received from disposal of fixed assets |
1,265,183 | 1,314,386 | | |||||||||||||
Cash received from other investing activities |
304,332,698 | 120,834,086 | 1,252,602,486 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Sub-total of cash inflows |
305,597,881 | 2,184,196,528 | 3,301,710,819 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Cash paid to acquire fixed assets, intangible assets and other long-term assets |
(306,686,064 | ) | (378,975,254 | ) | (318,538,272 | ) | ||||||||||
Cash paid for entrusted loans |
| (4,000,000,000 | ) | | ||||||||||||
Cash paid to other investing activities |
(90,000,000 | ) | (2,140,000,000 | ) | (1,450,000,000 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Sub-total of cash outflows |
(396,686,064 | ) | (6,518,975,254 | ) | (1,768,538,272 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash flows (used in) / generated from investing activities |
(91,088,183 | ) | (4,334,778,726 | ) | 1,533,172,547 | |||||||||||
|
|
|
|
|
|
|||||||||||
Cash flows used in financing activities: |
||||||||||||||||
Cash received from borrowings |
500,000,000 | | | |||||||||||||
|
|
|
|
|
|
|||||||||||
Sub total of cash inflows |
500,000,000 | | | |||||||||||||
Cash repayments of borrowings |
| (500,000,000 | ) | | ||||||||||||
Cash payments for distribution of profits |
(2,537,000,000 | ) | (2,368,000,000 | ) | (3,171,706,061 | ) | ||||||||||
Payment for capital reduction |
| | (4,650,645,401 | ) | ||||||||||||
Cash payments for interest expenses |
(6,550,592 | ) | (5,222,150 | ) | | |||||||||||
Cash paid to other financing activities |
(6,123,689 | ) | (6,378,698 | ) | (5,746,724 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Sub-total of cash outflows |
(2,549,674,281 | ) | (2,879,600,848 | ) | (7,828,098,186 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash flows used in financing activities |
(2,049,674,281 | ) | (2,879,600,848 | ) | (7,828,098,186 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents |
620,568 | (2,504,130 | ) | (832,847 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||
Net increase / (decrease) in cash and cash equivalents |
41(2) | 2,461,186,626 | (4,097,846,881 | ) | (2,847,885,747 | ) | ||||||||||
Add: Cash and cash equivalents at beginning of year |
6,817,297,044 | 9,278,483,670 | 5,180,636,789 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents at end of year |
41(3) | 9,278,483,670 | 5,180,636,789 | 2,332,751,042 | ||||||||||||
|
|
|
|
|
|
* | Not covered by the independent auditors report included herein |
The accompanying notes form an integral part of these financial statements.
Legal representative | General manager | Head of accounting department | (Company stamp) | |||
Zhang Minglong | Zhang Minglong | Lu Daoqing |
5
Shanghai Secco Petrochemical Company Limited
Statements of changes in owners equity for the years ended 31 December 2019, 2020 and 2021*
(Expressed in Renminbi Yuan)
Note | Paid-in capital | Capital surplus | Specific reserve | Surplus reserve | Undistributed profits |
Total owners equity | ||||||||||||||||||||
Balance at 1 January 2019 |
7,800,811,272 | 1,454,646 | | 2,160,544,360 | 2,859,959,209 | 12,822,769,487 | ||||||||||||||||||||
Movements for the year ended 31 December 2019 |
||||||||||||||||||||||||||
Net profit |
| | | | 3,383,585,735 | 3,383,585,735 | ||||||||||||||||||||
Profit distribution |
||||||||||||||||||||||||||
- Appropriation to surplus reserve |
| | | 338,358,573 | (338,358,573 | ) | | |||||||||||||||||||
- Distribution for owners |
| | | | (2,537,000,000 | ) | (2,537,000,000 | ) | ||||||||||||||||||
Specific reserve |
||||||||||||||||||||||||||
- Accrued |
| | 37,018,671 | | | 37,018,671 | ||||||||||||||||||||
- Utilized |
| | (37,018,671 | ) | | | (37,018,671 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 31 December 2019 |
7,800,811,272 | 1,454,646 | | 2,498,902,933 | 3,368,186,371 | 13,669,355,222 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 1 January 2020 |
7,800,811,272 | 1,454,646 | | 2,498,902,933 | 3,368,186,371 | 13,669,355,222 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Movements for the year ended 31 December 2020 |
||||||||||||||||||||||||||
Net profit |
| | | | 2,412,799,656 | 2,412,799,656 | ||||||||||||||||||||
Profit distribution |
31 | |||||||||||||||||||||||||
- Appropriation to surplus reserve |
| | | 241,279,966 | (241,279,966 | ) | | |||||||||||||||||||
- Distribution for owners |
| | | | (2,368,000,000 | ) | (2,368,000,000 | ) | ||||||||||||||||||
Specific reserve |
29 | |||||||||||||||||||||||||
- Accrued |
| | 39,036,294 | | | 39,036,294 | ||||||||||||||||||||
- Utilized |
| | (39,036,294 | ) | | | (39,036,294 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 31 December 2020 |
7,800,811,272 | 1,454,646 | | 2,740,182,899 | 3,171,706,061 | 13,714,154,878 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 1 January 2021 | 7,800,811,272 | 1,454,646 | | 2,740,182,899 | 3,171,706,061 | 13,714,154,878 | ||||||||||||||||||||
Movements for the year ended 31 December 2021* |
||||||||||||||||||||||||||
Net profit |
| | | | 3,125,903,862 | 3,125,903,862 | ||||||||||||||||||||
Owners contributions |
||||||||||||||||||||||||||
- Capital reduction |
(7,300,811,272 | ) | | | | | (7,300,811,272 | ) | ||||||||||||||||||
Profit distribution |
31 | |||||||||||||||||||||||||
- Appropriation to surplus reserve |
| | | 312,590,386 | (312,590,386 | ) | | |||||||||||||||||||
- Distribution for owners |
| | | | (3,171,706,061 | ) | (3,171,706,061 | ) | ||||||||||||||||||
Specific reserve |
29 | |||||||||||||||||||||||||
- Accrued |
| | 28,523,706 | | | 28,523,706 | ||||||||||||||||||||
- Utilized |
| | (28,523,706 | ) | | | (28,523,706 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 31 December 2021* |
500,000,000 | 1,454,646 | | 3,052,773,285 | 2,813,313,476 | 6,367,541,407 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Not covered by the independent auditors report included herein |
The accompanying notes form an integral part of these financial statements.
Legal representative | General manager | Head of accounting department | (Company stamp) | |||
Zhang Minglong | Zhang Minglong | Lu Daoqing |
6
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
1 | Company status |
Shanghai Secco Petrochemical Company Limited (the Company) was a Sino-foreign equity joint venture established in Shanghai, the Peoples Republic of China (the PRC) in 2001 by China Petroleum and Chemical Corporation (Sinopec Corp.), Sinopec Shanghai Petrochemical Company Limited (SPC) and BP Chemicals East China Investments Limited (BPCECIL). The original registered capital and paid-in capital of the Company both were USD 901,440,964. Sinopec Corp., SPC and BPCECIL held 30%, 20% and 50% equity interest in the Company, respectively. The Company commenced its active operation on 31 March 2005, and the approved period of operation is 50 years.
On 24 October 2013 and 25 November 2013, Sinopec Corp., SPC and BPCECIL amended the Equity Joint Venture Contract and Articles of Association to progressively increase the registered capital of the Company from USD 901,440,964 to USD 1,051,526,582. The total increased registered capital would be contributed by Sinopec Corp., SPC and BPCECIL in proportion to their respective shareholding in the Company by instalments. In 2013 and 2014, the Company received paid-in capital contributed by Sinopec Corp., SPC and BPCECIL in proportion to their respective shareholding in the Company by instalments, totalling to USD 58,430,374 (equivalent to RMB 357,226,095). The capital has been verified by PricewaterhouseCoopers Zhong Tian LLP and Shanghai Huayi Accountant Office Co., Ltd. with verification reports PricewaterhouseCoopers Zhongtian Yanzi (2013) No. 872 and Hua Yanzi (2014) No. 002 issued, respectively.
On 27 April 2017, Sinopec Corp. and Sinopec Shanghai Gaoqiao Petrochemical Company Limited (Gaoqiao Petrochemical) (subsidiary of Sinopec Corp.) entered into an agreement with BPCECIL, according to which Gaoqiao Petrochemical purchased 50% equity in the Company from BPCECIL. On 26 October 2017, the Company was transformed from a Sino-foreign joint venture to an other limited liability corporation.
According to the resolution of the Board of Directors on 9 July 2021, the Companys paid-in capital has reduced from RMB 7,800,811,272 to RMB 500,000,000, all owners of the Company has reduced their capital in proportion to their shareholding ratios.
7
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
The Companys approved scope of business operations mainly comprises the production of ethylene, polyethylene, styrene, polystyrene, propylene, acrylonitrile, polypropylene, butadiene, aromatic hydrocarbons and by-products; sales of these products and purchased raw materials; as well as provision of related after-sales services and technical consultation with respect to such main petrochemical products and by-products; it is also engaged in polymers application development and providing ancillary utilities engineering services to suppliers and processors.
These financial statements were approved for issue by the Companys responsible persons on 23 March 2022.
2 | Basis of preparation |
The financial statements are prepared in accordance with the Accounting Standards for Business EnterprisesBasic Standard, the specific accounting standards and other relevant regulations issued by the Ministry of Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as the Accounting Standards for Business Enterprises or CAS).
The financial statements have been prepared on the going concern basis.
(1) | Statement of compliance |
The financial statements have been prepared in accordance with the requirements of Accounting Standards for Business Enterprises or referred to as China Accounting Standards (CAS) issued by the Ministry of Finance (MOF). These financial statements present truly and completely the financial position of the Company as at 31 December 2021, 2020 and 2019, and the financial performance and the cash flows of the Company for the years then ended.
(2) | Accounting year |
The accounting year of the Company is from 1 January to 31 December.
(3) | Functional currency and presentation currency |
The Companys functional currency is Renminbi and these financial statements are presented in Renminbi.
8
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
3 | Significant accounting policies and accounting estimates |
(1) | Translation of foreign currencies |
When the Company receives capital in foreign currencies from investors, the capital is translated to Renminbi at the spot exchange rate at the date of the receipt. Other foreign currency transactions are, on initial recognition, translated to Renminbi at the spot exchange rates on the dates of the transactions.
Monetary items denominated in foreign currencies are translated to Renminbi at the spot exchange rate at the balance sheet date. The resulting exchange differences are generally recognized in profit or loss, unless they arise from the re-translation of the principal and interest of specific borrowings for the acquisition, construction or production of qualifying assets. Non-monetary items that are measured at historical cost in foreign currencies are translated to Renminbi using the exchange rate at the transaction date.
(2) | Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand, deposits that can be readily withdrawn on demand, and short-term, highly liquid investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of change in value.
(3) | Inventories |
Inventories include raw materials, work in progress and finished goods, and are measured at the lower of cost and net realizable value.
Cost is determined using the weighted average method. The cost of finished goods and semi-finished products comprise raw materials, direct labor and systematically allocated production overhead based on the normal production capacity. Turnover materials include low value consumables and packaging materials, and are expensed when issued.
Provision for decline in the value of inventories is determined at the excess amount of the carrying amounts of the inventories over their net realizable value. Net realizable value is determined based on the estimated selling price in the ordinary course of business, less the estimated costs to completion and estimated costs necessary to make the sale and related taxes.
The Company adopts the perpetual inventory system.
(4) | Fixed assets |
Fixed assets comprise buildings, specialized machinery and equipment, general machinery and equipment, office and other equipment. Fixed assets purchased or constructed by the Company are initially measured at cost at the time of acquisition.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable that the associated economic benefits will flow to the Company and the related cost can be reliably measured. The carrying amount of the replaced part is derecognized. All the other subsequent expenditures are recognized in profit or loss for the period in which they are incurred.
9
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated residual values over their estimated useful lives. For the fixed assets that have been provided for asset impairment loss, the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.
The estimated useful lives, the estimated net residual values expressed as a percentage of cost and the annual depreciation rates of fixed assets are as follows:
Estimated useful life |
Residual value rate |
Depreciation rate | ||||||
Plant and buildings |
12 to 40 years | 3 | % | 2.43% to 8.08% | ||||
Specialized machinery and equipment |
5 to 30 years | 3 | % | 3.23% to 19.40% | ||||
General machinery and equipment |
4 to 20 years | 3 | % | 4.85% to 24.25% | ||||
Office and other equipment |
5 years | 0 | % | 20.00% | ||||
Motor vehicles |
8 to 10 years | 3 | % | 9.70% to 12.13% | ||||
Machinery and equipment |
4 to 14 years | 3 | % | 6.93% to 24.25% |
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method applied to the asset are reviewed, and adjusted as appropriate at each year-end.
A fixed asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The amount of proceeds from disposals on sale, transfer, retirement or damage of a fixed asset net of its carrying amount and related taxes and expenses is recognized in profit or loss for the current period.
(5) | Construction in progress |
Construction in progress is measured at actual cost. Actual cost comprises construction costs, installation costs, borrowing costs that are eligible for capitalization and other costs necessary to bring the fixed assets ready for their intended use. Construction in progress is transferred to fixed assets when the assets are ready for their intended use, and depreciation is charged starting from the following month.
(6) | Leases |
Lease is a kind of contract whereby, within a certain period of time, the lessor transfers the right-of-use of assets to lessee in order to obtain benefits.
(a) | The Company as the lessee |
The Company recognize the right-of-use assets at the beginning of the lease period and the lease liabilities at the present value of the outstanding lease payments. Lease payments include fixed payments and payments to be made if it is reasonably determined that the option to buy or to terminate the lease option will be exercized. The variable rent, which is determined by a certain percentage of sales, is not included in the lease payment and is recorded into the current profit and loss when it actually occurs. The Company will be paid from the balance sheet date within one year (including one year) of the lease liabilities, as a non-current liabilities maturing within one year.
10
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
The right-of-use assets of the Company including leased houses and buildings, plant and machinery equipment, means of transport and others. The right-of-use assets are initially measured at cost, which includes the initial measurement of the lease liability, the lease payment paid on or before the lease period, the initial direct expenses, etc., and deducts the lease incentive received. Where the Company is able to reasonably determine the ownership of the leased assets upon the expiration of the lease term, depreciation of the leased assets shall be calculated and withdrawn within the remaining service life of the leased assets; If it is not reasonable to determine whether the ownership of the leased asset can be acquired at the end of the lease term, the depreciation shall be calculated within the shorter period between the lease term and the remaining useful life of the leased asset. When the recoverable amount is lower than the book value of the asset, the Company writes down the book value to the recoverable amount.
For short-term leases with a lease term of no more than 12 months, the Company chooses not to recognize the right-of-use assets and lease liabilities, and records the relevant rental expenses into the current profits and losses or related asset costs according to the straight-line method during each period of the lease term.
(7) | Intangible assets |
Intangible assets are stated in the balance sheet at cost less accumulated amortization (where the estimated useful life is finite) and asset impairment losses (see Note 3(11)(b)).
For an intangible asset with finite useful life, its cost less estimated residual value and accumulated asset impairment losses is amortized using the straight-line method over its estimated useful life. The respective amortization periods for such intangible assets are as follows:
Amortization period | ||||
Land use rights |
47 years | |||
Patents |
10 years | |||
Software |
2 to 10 years |
Useful lives and amortization methods of intangible asset with finite useful life are reviewed at least at each year-end.
If the acquisition costs of the land use rights and the buildings located thereon cannot be reasonably allocated between the land use rights and the buildings, all of the acquisition costs are recognized as fixed assets.
11
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(8) | Research and development |
The expenditure on an internal research and development project is classified into expenditure on the research phase and expenditure on the development phase based on its nature and whether there is material uncertainty that the research and development activities can form an intangible asset at the end of the project.
Expenditure on the research phase is recognized in profit or loss in the period in which it is incurred. Expenditure on the development phase is capitalized only if all of the following conditions are satisfied:
| it is technically feasible to complete the intangible asset so that it will be available for use or sale; |
| management intends to complete the intangible asset, and use or sell it; |
| it can be demonstrated how the intangible asset will generate economic benefits; |
| there are adequate technical, financial and other resources to complete the development and the ability to use or sell the intangible asset; and |
| the expenditure attributable to the intangible asset |
Other development expenditures that do not meet the conditions above are recognized in profit or loss in the period in which they are incurred. Development costs previously recognized as expenses are not recognized as an asset in a subsequent period. Capitalized expenditure on the development phase is presented as development costs in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.
(9) | Long-term prepaid expenses |
Long-term prepaid expenses mainly include the catalyst expenditures that have been incurred but should be recognized as expenses over more than one year in the current and subsequent periods. Long-term prepaid expenses are amortized on the straight-line basis over the expected beneficial period and are presented at actual expenditure net of accumulated amortization.
Catalysts are amortized on the straight-line basis over their useful lives of 1.5 to 10 years.
12
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(10) | Financial instruments |
Financial instruments include cash at bank and on hand, receivables, payables, paid-in capital and etc.
(a) | Recognition and initial measurement of financial assets and financial liabilities |
A financial asset or financial liability is recognized in the balance sheet when the Company becomes a party to the contractual provisions of a financial instrument.
A financial asset or financial liability is measured initially at fair value. For financial assets and financial liabilities at fair value through profit or loss, any related directly attributable transaction costs are charged to profit or loss; for other categories of financial assets and financial liabilities, any related directly attributable transaction costs are included in their initial costs. A trade receivable, without significant financing component or practical expedient applied for one year or less contracts, is initially measured at the transaction price in accordance with Note 3(16).
(b) | Classification and subsequent measurement of financial assets |
(i) | Classification of financial assets |
The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI), or at fair value through profit or loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:
| it is held within a business model whose objective is to hold assets to collect contractual cash flows; and |
| its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
| it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and |
| its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
13
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investments fair value in other comprehensive income. This election is made on an investment-by-investment basis. The instrument meets the definition of equity from the perspective of the issuer.
All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
The business model refers to how the Company manages its financial assets in order to generate cash flows. That is, the Companys business model determines whether cash flows will result from collecting contractual cash flows, selling financial assets or both. The Company determines the business model for managing the financial assets according to the facts and based on the specific business objective for managing the financial assets determined by the Companys key management personnel.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. For the purposes of this assessment, principal is defined as the fair value of the financial asset on initial recognition. Interest is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs, as well as a profit margin. The Company also assesses whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.
(ii) | Subsequent measurement of financial assets |
| Financial assets at FVTPL |
These financial assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss unless the financial assets are part of a hedging relationship.
14
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
| Financial assets at amortized cost |
These assets are subsequently measured at amortized cost using the effective interest method. A gain or loss on a financial asset that is measured at amortized cost and is not part of a hedging relationship shall be recognized in profit or loss when the financial asset is derecognized, reclassified, through the amortization process or in order to recognize impairment gains or losses.
| Debt investments at FVOCI |
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, impairment and foreign exchange gains and losses are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.
| Equity investments at FVOCI |
These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to undistributed profits.
(c) | Classification and subsequent measurement of financial liabilities |
Financial liabilities are classified as measured at FVTPL or amortized cost.
| Financial liabilities at FVTPL |
A financial liability is classified as at FVTPL if it is classified as held-for-trading (including derivative financial liability) or it is designated as such on initial recognition.
Financial liabilities at FVTPL are subsequently measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss, unless the financial liabilities are part of a hedging relationship.
| Financial liabilities at amortized cost |
These financial liabilities are subsequently measured at amortized cost using the effective interest method.
15
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(d) | Offsetting |
Financial assets and financial liabilities are generally presented separately in the balance sheet, and are not offset. However, a financial asset and a financial liability are offset and the net amount is presented in the balance sheet when both of the following conditions are satisfied:
| the Company currently has a legally enforceable right to set off the recognized amounts; |
| the Company intends either to settle on a net basis, or to realize the financial asset and settle the financial liability simultaneously. |
(e) | Derecognition of financial assets and financial liabilities |
Financial asset is derecognized when one of the following conditions is met:
| the Companys contractual rights to the cash flows from the financial asset expire; |
| the financial asset has been transferred and the Company transfers substantially all of the risks and rewards of ownership of the financial asset; or |
| the financial asset has been transferred, although the Company neither transfers nor retains substantially all of the risks and rewards of ownership of the financial asset, it does not retain control over the transferred asset. |
Where a transfer of a financial asset in its entirety meets the criteria for derecognition, the difference between the two amounts below is recognized in profit or loss:
| the carrying amount of the financial asset transferred measured at the date of derecognition; |
| the sum of the consideration received from the transfer and, when the transferred financial asset is a debt investment at FVOCI, any cumulative gain or loss that has been recognized directly in other comprehensive income for the part derecognized. |
The Company derecognizes a financial liability (or part of it) only when its contractual obligation (or part of it) is extinguished.
(f) | Equity instrument |
The consideration received from the issuance of equity instruments net of transaction costs is recognized in shareholders equity. Consideration and transaction costs paid by the Company for repurchasing self-issued equity instruments are deducted from shareholders equity.
16
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(11) | Impairment of assets |
Except for impairment of assets set out in Notes 3(3) and (15), impairment of assets is accounted for using the following principles:
(a) | Impairment of financial instruments |
The Company recognizes loss allowances for expected credit loss (ECL) on:
| financial assets measured at amortized cost; |
| debt investments measured at FVOCI. |
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive).
The maximum period considered when estimating ECLs is the maximum contractual period (including extension options) over which the Company is exposed to credit risk.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the balance sheet date (or a shorter period if the expected life of the instrument is less than 12 months).
Loss allowances for trade receivables are always measured at an amount equal to lifetime ECL. ECLs on these financial assets are estimated using a provision matrix based on the Companys 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 balance sheet date.
17
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Except for trade receivables, the Company measures loss allowance at an amount equal to 12-month ECL for the following financial instruments, and at an amount equal to lifetime ECL for all other financial instruments.
| If the financial instrument is determined to have low credit risk at the balance sheet date; |
| If the credit risk on a financial instrument has not increased significantly since initial recognition. |
Financial instruments that have low credit risk
The credit risk on a financial instrument is considered low if the financial instrument has a low risk of default, the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations.
Significant increases in credit risk
In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Company compares the risk of default occurring on the financial instrument assessed at the balance sheet date with that assessed at the date of initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort, including forward-looking information. In particular, the following information is taken into account:
| failure to make payments of principal or interest on their contractually due dates; |
| an actual or expected significant deterioration in a financial instruments 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 debtors ability to meet its obligation to the Company. |
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.
18
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.
The Company considers a financial asset to be in default when:
| the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or |
| the financial asset is more than 90 days past due. |
Credit-impaired financial assets
At each balance sheet date, the Company assesses whether financial assets carried at amortized cost and debt investments at FVOCI are 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 data:
| significant financial difficulty of the borrower or issuer; |
| a breach of contract, such as a default in interest or principal payments; |
| for economic or contractual reasons relating to the borrowers financial difficulty, the Company having granted to the borrower a concession that would not otherwise consider; |
| it is probable that the borrower will enter bankruptcy or other financial reorganization; or |
| the disappearance of an active market for that financial asset because of financial difficulties. |
Presentation of allowance for ECL
ECLs are remeasured at each balance sheet date to reflect changes in the financial instruments credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Company 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 debt investments that are measured at FVOCI, for which the loss allowance is recognized in other comprehensive income.
19
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
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. A write-off constitutes a derecognition event. This is generally the case when the Company 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. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Companys procedures for recovery of amounts due.
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 assets |
The carrying amounts of the following assets are reviewed at each balance sheet date based on internal and external sources of information to determine whether there is any indication of impairment:
| fixed assets |
| construction in progress |
| right-of-use assets |
| intangible assets |
| long-term prepaid expenses. |
If any indication exists, the recoverable amount of the asset is estimated.
An asset group is composed of assets directly related to cash generation and is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or asset groups.
The recoverable amount of an asset (or asset group, set of asset groups) is the higher of its fair value (see Note 3(12)) less costs to sell and its present value of expected future cash flows.
The present value of expected future cash flows of an asset is determined by discounting the future cash flows, estimated to be derived from continuing use of the asset and from its ultimate disposal, to their present value using an appropriate pre-tax discount rate.
An asset impairment loss is recognized in profit or loss when the recoverable amount of an asset is less than its carrying amount. A provision for impairment of the asset is recognized accordingly. Asset impairment losses related to an asset group or a set of asset groups are to reduce the carrying amount of the other assets in the asset group or set of asset groups on a pro rata basis. However, such allocation would not reduce the carrying amount of an asset below the highest of its fair value less costs to sell (if measurable), its present value of expected future cash flows (if determinable) and zero.
Once an asset impairment loss is recognized, it is not reversed in a subsequent period.
20
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(12) | Fair value measurement |
Unless otherwise specified, the Company measures fair value as follows:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When measuring fair value, the Company takes into account the characteristics of the particular asset or liability (including the condition and location of the asset and restrictions, if any, on the sale or use of the asset) that market participants would consider when pricing the asset or liability at the measurement date, and uses valuation techniques that are appropriate in the circumstances and for which sufficient data and other information are available to measure fair value. Valuation techniques mainly include the market approach, the income approach and the cost approach.
(13) | Employee benefits |
Employee benefits refer to all forms of consideration or compensation given by the Company in exchange for service rendered by employees or for termination of employment relationship, which include short-term employee benefits, post-employment benefits, termination benefits and other long-term employee benefits.
(a) | Short-term employee benefits |
Short-term employee benefits include employee wages or salaries, bonus, allowances and subsidies, staff welfare, premiums or contributions on medical insurance, work injury insurance and maternity insurance, housing funds, union running costs and employee education costs. The short term employee benefits actually occurred are recognized as a liability in the accounting period in which the service is rendered by the employees, with a corresponding charge to the profit or loss for the current period or the cost of relevant assets. Non-monetary benefits are measured at fair value.
(b) | Post-employment benefits |
The Company classifies post-employment benefit plans as either defined contribution plans or defined benefit plans. Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into a separate fund and will have no obligation to pay further contributions; and defined benefit plans are post-employment benefit plans other than defined contribution plans. During the reporting period, the Companys post-employment benefits mainly include the premiums or contributions on basic pensions and unemployment insurance, both of which belong to defined contribution plans.
Basic pensions
The Companys employees participate in the basic pension plan set up and administered by local authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on the basic pensions are calculated according to prescribed bases and percentages by relevant local authorities. When employees retire, the relevant local authorities are obliged to pay the basic pensions to them. The amounts based on the above calculations are recognized as liabilities in the accounting period in which the service has been rendered by the employees, with a corresponding charge to the profit or loss for the current period or the cost of relevant assets.
21
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(c) | Termination benefits |
The Company provides compensation for terminating the employment relationship with employees before the end of the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of the employment contracts. The Company recognizes a liability arising from compensation for termination of the employment relationship with employees, with a corresponding charge to profit or loss for the current period at the earlier of the following dates: 1) when the Company cannot unilaterally withdraw an employment termination plan or a curtailment proposal; 2) when the Company recognizes costs or expenses for a restructuring that involves the payment of termination benefits.
The termination benefits expected to be settled within one year since the balance sheet date are classified as current liabilities.
(14) | Provisions |
Provisions for product warranties and onerous contracts, are recognized when the Company has a present obligation, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related present obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, are taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of money is material, the best estimate is determined by discounting the related future cash outflows. The increase in the discounted amount of the provision arising from passage of time is recognized as interest expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate.
The provisions expected to be settled within one year since the balance sheet date are classified as current liabilities.
(15) | Income tax |
Current tax and deferred tax are recognized in profit or loss.
Current tax is the expected tax payable calculated at the applicable tax rate on taxable income for the year, plus any adjustment to tax payable in respect of previous years.
At the balance sheet date, current tax assets and liabilities are offset only if the Company has a legally enforceable right to set them off and also intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases, which include the deductible tax losses and
22
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
tax credits carried forward to subsequent periods. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilized.
At the balance sheet date, deferred tax is measured based on the tax consequences that would follow from the expected manner of recovery or settlement of the carrying amount of the assets and liabilities, using tax rates enacted at the balance sheet date that are expected to be applied in the period when the asset is recovered or the liability is settled.
The carrying amount of a deferred tax asset is reviewed at each balance sheet date, and is reduced to the extent that it is no longer probable that the related tax benefits will be utilized. Such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.
At the balance sheet date, deferred tax assets and liabilities are offset if all of the following conditions are met:
| the taxable entity has a legally enforceable right to offset current tax liabilities and assets, and |
| they relate to income taxes levied by the same tax authority on either: |
| the same taxable entity; or |
| different taxable entities which intend either to settle the current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
(16) | Revenue recognition |
The Company shall, when the customer acquires control over the relevant goods or services, recognize the income at the amount of consideration to which it is expected to be entitled.
The following is the description of accounting policies regarding revenue from the Companys principal activities:
(a) | Sales of goods |
The Company manufactures and sells ethylene, polyethylene, styrene, polystyrene, propylene, acrylonitrile, polypropylene, butadiene, aromatic hydrocarbons and other chemical products and plastic raw materials to distributors. Sales are recognized when control of the products has transferred, being when the products are delivered to and accepted by the customer. The Company delivers the products to the specific location in accordance with the sales contract, and recognized as revenues when the customer confirms receipt of the products. Revenue excludes value added tax and is after deduction of any estimated trade discounts.
23
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(17) | Government grants |
Government grants refer to the monetary or non-monetary assets obtained by the Company from the government, including tax return and financial subsidy.
Government grants are recognized when the grants can be received and the Company can comply with all attached conditions. If a government grant is a monetary asset, it will be measured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measured at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.
Government grants related to assets refer to government grants which are obtained by the Company for the purposes of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the government grants other than those related to assets.
Government grants related to assets are either deducted against the carrying amount of the assets, or recorded as deferred income and recognized in profit or loss on a systemic basis over the useful lives of the assets. Government grants related to income that compensate the future costs, expenses or losses are recorded as deferred income and recognized in profit or loss, or deducted against related costs, expenses or losses in reporting the related expenses; government grants related to income that compensate the incurred costs, expenses or losses are recognized in profit or loss, or deducted against related costs, expenses or losses directly in current period. The Company applies the presentation method consistently to the similar government grants in the financial statements.
Government grants that are related to ordinary activities are included in operating profit, otherwise, they are recorded in non-operating income or expenses.
(18) | Safety production costs |
According to the decision of the State Council on Further Strengthening the work of production safety (Guofa No.2 2004), Shanghai Municipal Government to implement the State Council on Further Strengthening corporate safety work notice (Hufufa No.35 2010) and Safe production costs extraction and use of management practices (Caiqi No.16 2012) issued by the Ministry of Finance and the national production safety supervision administration on 2 February 2012, The Company extracted safety production costs in a certain percentage of sales revenue from the dangerous goods in previous year, which is used for safety costs.
The safety production costs, accrued in accordance with the above regulations, shall be charged in relevant costs or profit and loss, and in the specific reserve. Safety production costs, which belong to expenses, directly offset the special reserves. If the costs formed into fixed assets, the special reserves shall be offset according to the cost forming into fixed assets, and recognize the same amount of accumulated depreciation. This fixed asset shall no longer accrue depreciation in the following period.
24
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(19) | Profit distributions to owners |
Distributions of profit proposed in the profit appropriation plan to be approved after the balance sheet date are not recognized as a liability at the balance sheet date but are disclosed in the notes separately.
(20) | Related parties |
If a party has the power to control, jointly control or exercize significant influence over another party, or vice versa, or where two or more parties are subject to common control or joint control from another party, they are considered to be related parties. Related parties may be individuals or enterprises. Enterprises with which the Company is under common control only from the State and that have no other related party relationships are not regarded as related parties.
(21) | Significant accounting estimates and judgements |
The Company continually evaluates the critical accounting estimates and key judgements applied based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) | Critical judgments in applying the accounting policies |
Classification of financial assets
The Company in determining the classification of financial assets involved in the major judgments including business model and contract cash flow characteristics of the analysis.
The Company determines the business model of managing financial assets at the level of financial asset portfolio, taking into account such factors as the way of evaluating and reporting the performance of financial assets to key managers, the risk and management methods that affect the performance of financial assets, and the ways in which relevant business managers are paid, etc.
When the Company evaluates whether the contract cash flow of financial assets is consistent with the basic loan arrangement, there are the following main judgments: whether the time distribution or amount of principal may change within the duration due to prepayment or other reasons; whether interest include only the time value of money, credit risk, other basic lending risks, and consideration of costs and profits. For example, whether the prepayment amount reflect only the principal outstanding and the interest based on the principal outstanding, as well as the reasonable compensation paid for the early termination of the contract.
25
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(b) | Critical accounting estimates and key assumptions |
The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below:
(i) | Estimated useful lives and net residual values of fixed assets and other long-term assets |
The Company assessed the estimated useful lives of fixed assets and other long-term assets in line with historical experience based on the actual useful lives of assets with similar nature or function. If there are significant changes in estimated useful lives and net residual values, depreciation or amortization expenses for future periods are adjusted.
(ii) | Provision for decline in the value of inventories |
Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for decline in the value of inventories. Net realizable value is determined based on the estimated selling price in the ordinary course of business, less the estimated costs to completion and estimated costs necessary to make the sale and related taxes. Management bases the estimates on all available information, including the current market prices of the finished goods and raw materials, costs to completion, costs necessary to make the sale and related taxes. If the actual selling prices are lower or the costs to completion are higher than estimated, the actual allowance for decline in the value of inventories would be higher than estimated.
(iii) | Income taxes |
As there are some transactions and events for which the ultimate tax determination is uncertain during the ordinary course of business, significant judgement is required from the Company in determining the provision for income taxes. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
(iv) | Impairments for non-current assets |
At the end of each reporting period, the Company tests for impairment for non-current assets for which certain events or changes in circumstances indicate that the carrying amount may not be recoverable. If circumstances indicate that the carrying amount of non-current assets may not be recoverable, an impairment loss may be recognized in profit or loss for the excess of the carrying amounts over the recoverable amounts.
The recoverable amount of assets or CGUs are 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 The recoverable amount of an asset or a cash-generating unit (CGU) (a portion of which related to certain production facilities) are the higher of the fair value less costs of disposal and value in use. In estimating the present value of future cash flows, significant judgments are required regarding the volume of production, selling price,
26
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
related operating costs and discount rate to be used in calculating the present value of the asset or CGUs. In estimating recoverable amounts, the Company uses all relevant information available, including projections of production volumes, selling prices and related operating costs based on reasonable and supportable assumptions.
4 | Changes in accounting policies |
In 2021, the Company has adopted the following newly revised accounting standards and implementation guidance and illustrative examples issued by the MOF, mainly include:
| The Accounting Treatment of COVID-19-Related Rent Concessions (Caikuai [2020] No.10) and Notice of Extending the Applicable Period of Accounting Treatment of COVID-19 Related Rent Concessions (Caikuai [2021] No.9) |
| CAS Bulletin No.14 (Caikuai [2021] No.1) (Bulletin No.14) |
(1) | Caikuai [2020] No.10 and Caikuai [2021] No.9 |
The Accounting Treatment of COVID-19 Related Rent Concessions (Caikuai [2020] No.10) provides practical expedient under certain conditions for rent concessions occurring as a direct consequence of the COVID-19 pandemic. If the company choose to adopt the practical expedient, then there is no need to assess whether there is a lease change or reassess the lease classification. In combination of the requirements of Caikuai [2021] No.9, such practical expedient is only applicable to any reduction in lease payments due before 30 June 2022. Cumulative effects of adopting the above regulations are adjusted to the opening undistributed profits or other comprehensive income for the year 2021. Comparative information is not restated.
The adoption of the above regulations does not have significant effect on the financial position and financial performance of the Company.
(2) | Bulletin No.14 |
Bulletin No.14 takes effect on 26 January 2021 (implementation date).
Benchmark interest rate reform
Bulletin No.14 introduces the accounting and disclosure requirements for the modification of financial instruments and lease liabilities resulting from the benchmark interest rate reform. Transactions related to the benchmark interest rate reform that occurred before 31 December 2020 and during 1 January 2021 to the implementation date are subject to retrospective adjustments. Cumulative effects are adjusted to the opening undistributed profits or other comprehensive income for the year 2021. Comparative information is not restated.
The adoption of Bulletin No.14 does not have significant effect on the financial position and financial performance of the Company.
27
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
5 | Taxation |
(1) | The types of taxes applicable to the Companys include |
Tax Name |
Tax basis and applicable rate | |
Value added tax (VAT) | Output VAT is 6% or 9% or 13% of product sales and taxable services revenue, based on tax laws. The basis for VAT payable is to deduct input VAT from the output VAT for the period | |
City maintenance and construction tax | Before 1 September 2021, 1% of VAT paid; After 1 September 2021, 5% of VAT paid. | |
Educational surcharge | 3% of VAT paid | |
Local educational surcharge | 2% of VAT paid |
(2) | Income tax |
The statutory income tax rate of the Company is 25%. The applicable income tax rate for the year is the statutory rate (2019 and 2020: 25%).
Pursuant to the Circular on Enterprise Income Tax Policy concerning Deductions for Equipment and Appliances(Cai Shui [2018] 54) issued by the State Administration of Taxation, during the period from 1 January 2018 to 31 December 2020, the cost of newly purchased equipment with the original cost less than RMB 5 million can be fully deducted against taxable profit in the next month after the asset is put into use, instead of being depreciated annually for tax filing.
(3) | Taxes payable |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Unpaid VAT |
189,015,795 | 63,240,335 | ||||||
Enterprise income tax payable |
529,076,676 | 173,463,260 | ||||||
Environmental tax payable |
65,488,100 | 65,275,459 | ||||||
Educational surcharge payable |
9,196,156 | 3,162,017 | ||||||
Individual income tax payable |
4,661,466 | 5,008,019 | ||||||
City maintenance and construction tax payable |
1,839,231 | 3,162,016 | ||||||
Unpaid stamp tax |
1,622,265 | 2,065,124 | ||||||
Unpaid land use tax |
749,983 | 749,983 | ||||||
|
|
|
|
|||||
Total |
801,649,672 | 316,126,213 | ||||||
|
|
|
|
|||||
|
|
|
|
28
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
6 | Cash at bank and on hand |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Deposits with banks |
||||||||
- RMB |
5,144,434,008 | 3,246,711,253 | ||||||
- USD (translated into RMB) |
36,202,781 | 36,039,789 | ||||||
Other cash balances (a) |
40,000,000 | | ||||||
|
|
|
|
|||||
Total |
5,220,636,789 | 3,282,751,042 | ||||||
|
|
|
|
(a) | As at 31 December 2020, other cash balances RMB 40,000,000 is deposit for unconditional irrevocable Letter of Guarantee of RMB 400,000,000. |
Cash and cash equivalents listed in the cash flow statement:
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Cash at bank |
5,180,636,789 | 3,282,751,042 | ||||||
Less: Time deposit (b) |
| 950,000,000 | ||||||
|
|
|
|
|||||
Cash and cash equivalents |
5,180,636,789 | 2,332,751,042 | ||||||
|
|
|
|
(b) | As at 31 December 2021, time deposits represent time deposit at bank of 18 months to three years of maturity which will expire within one year, and the annual interest rates are from 3.192% to 3.784% (31 December 2020: Nil). |
7 | Accounts receivable |
(1) | Accounts receivable by customer type: |
31 December 2020 |
31 December 2021 | |||||||
RMB | RMB | |||||||
Receivables due from related parties |
154,044,971 | 33,850,641 | ||||||
Accounts receivable from third parties |
165,154,703 | 225,436,156 | ||||||
|
|
|
|
|||||
Sub-total |
319,199,674 | 259,286,797 | ||||||
Less: Provision for bad debts |
7,756,885 | 7,756,885 | ||||||
|
|
|
|
|||||
Total |
311,442,789 | 251,529,912 | ||||||
|
|
|
|
29
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(2) | The ageing analysis of accounts receivable is as follows: |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Within 1 year (inclusive) |
311,442,789 | 251,529,912 | ||||||
Over 1 year but within 2 years (inclusive) |
| | ||||||
Over 2 years but within 3 years (inclusive) |
| | ||||||
Over 3 years |
7,756,885 | 7,756,885 | ||||||
|
|
|
|
|||||
Sub-total |
319,199,674 | 259,286,797 | ||||||
Less: Provision for bad debts |
7,756,885 | 7,756,885 | ||||||
|
|
|
|
|||||
Total |
311,442,789 | 251,529,912 | ||||||
|
|
|
|
The ageing is counted starting from the date when accounts receivable are recognized.
(3) | Assessment of ECLs on accounts receivable: |
For accounts receivables, regardless of whether exists the significant financing component, the Company measures the loss provision according to the lifetime expected credit losses.
(4) | Movements of provisions for bad debts: |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Balance at the beginning of the year |
8,797,278 | 8,797,278 | 7,756,885 | |||||||||
Additions during the year |
| | | |||||||||
Recoveries or reversals during the year |
| (1,040,393 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Balance at the end of the year |
8,797,278 | 7,756,885 | 7,756,885 | |||||||||
|
|
|
|
|
|
30
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
8 | Financial assets at fair value through other comprehensive income |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Financial assets at fair value through other comprehensive income |
501,351,308 | 260,065,209 | ||||||
|
|
|
|
(1) | Due to the requirement of cash management, the Company discounted and endorsed part of the bank acceptance notes. The business model of bank acceptance notes management is for the purpose of collecting cash flow of contracts and sales. Therefore, the Company classified all notes receivable to financial assets measured at fair value and whose changes are included in other comprehensive income. |
(2) | The Company has no single provision for impairment of the bank acceptance notes, with all provision was accrued by their expected credit loss. As at 31 December 2020 and 2021, the Company considers that no bank acceptance notes has significant credit risk, and will not suffer significant loss due to the violation of banks. |
(3) | As at 31 December 2020 and 31 December 2021, the Company had no unmatured notes receivable that have been endorsed or discounted. |
9 | Advances to suppliers |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Advances to suppliers |
14,331,782 | 22,771,842 | ||||||
|
|
|
|
As at 31 December 2020 and 31 December 2021, the Companys prepayment mainly refers to the prepayment of goods purchase, the aging of which is within one year.
31
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
10 | Other receivables |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Refund of consumption tax payable (a) |
| 28,448,944 | ||||||
Property rental deposits |
1,472,346 | 12,911,288 | ||||||
Others |
686,832 | 16,200 | ||||||
|
|
|
|
|||||
Total |
2,159,178 | 41,376,432 | ||||||
|
|
|
|
As at 31 December 2020 and 2021, all other receivables were aged within one year except for property rental deposits. No other receivables were past due but unimpaired. Provision for bad debts was not required as assessed by management of the Company.
(a) | According to regulations of the Interim Measures for Consumption Tax Refunding (Exempting) on Naphtha and Fuel Used in Production of Ethylene and Arene Chemical Products issued by the State Administration of Taxation, eligible enterprises, which use naphtha and fuel to produce ethylene and arene chemical products, can enjoy tax rebate for consumption tax. As at 31 December 2021, the Company had made a tax refund application to the local tax bureau and confirmed that the consumption tax refund of RMB 28,448,944 would be received (31 December 2020: RMB 187,343,266). As at 31 December 2020, the balance was presented in the account of Other current assets. |
11 | Inventories |
(1) | An analysis of inventories by category for the year is as follows: |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Raw materials |
868,768,228 | 1,321,363,602 | ||||||
Semi-finished products |
272,934,389 | 555,997,481 | ||||||
Finished goods |
426,167,130 | 333,877,632 | ||||||
Goods in transit |
| 130,226,977 | ||||||
|
|
|
|
|||||
Sub-total |
1,567,869,747 | 2,341,465,692 | ||||||
Less: Provision for decline in the value of inventories |
(76,579,909 | ) | (136,012,496 | ) | ||||
|
|
|
|
|||||
Total |
1,491,289,838 | 2,205,453,196 | ||||||
|
|
|
|
32
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(2) | An analysis of provision for decline in the value of inventories of the Company is as follows: |
Balance at 1 January 2019 |
Provision made for the year |
Written back during the year |
Balance at 31 December 2019 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Raw materials |
77,265,513 | 2,042,798 | (3,915,674 | ) | 75,392,637 | |||||||||||
Semi-finished products |
12,046,489 | 4,834,980 | (12,046,490 | ) | 4,834,979 | |||||||||||
Finished goods |
19,375,177 | 2,423,291 | (19,375,176 | ) | 2,423,292 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
108,687,179 | 9,301,069 | (35,337,340 | ) | 82,650,908 | |||||||||||
|
|
|
|
|
|
|
|
Balance at 1 January 2020 |
Provision made for the year |
Written back during the year Transferred out |
Balance at 31 December 2020 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Raw materials |
75,392,637 | 2,508,089 | (5,600,250 | ) | 72,300,476 | |||||||||||
Semi-finished products |
4,834,979 | 2,752,574 | (4,834,980 | ) | 2,752,573 | |||||||||||
Finished goods |
2,423,292 | 1,526,859 | (2,423,291 | ) | 1,526,860 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
82,650,908 | 6,787,522 | (12,858,521 | ) | 76,579,909 | |||||||||||
|
|
|
|
|
|
|
|
Balance at 1 January 2021 |
Provision made for the year |
Written back during the year |
Balance at 31 December 2021 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Raw materials |
72,300,476 | 26,762,508 | (1,996,635 | ) | 97,066,349 | |||||||||||
Semi-finished products |
2,752,573 | 26,554,107 | (2,752,574 | ) | 26,554,106 | |||||||||||
Finished goods |
1,526,860 | 12,392,039 | (1,526,858 | ) | 12,392,041 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
76,579,909 | 65,708,654 | (6,276,067 | ) | 136,012,496 | |||||||||||
|
|
|
|
|
|
|
|
12 | Current portion of non-current assets |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Bank deposits |
100,000,000 | | ||||||
|
|
|
|
As at 31 December 2020, the other non-current assets within one year of RMB 100,000,000 was 18-month bank deposits with the annual rate of 3.192% in Shanghai Rural Commercial Bank, Jinshan branch, which will be due in October 2021.
33
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
13 | Other current assets |
Note | 31 December 2020 |
31 December 2021 |
||||||||||
RMB | RMB | |||||||||||
Entrusted loans |
(1) | 2,000,000,000 | | |||||||||
Time deposits |
(2) | 600,000,000 | | |||||||||
Refund of consumption tax payable |
Note 10(a) | 187,343,266 | | |||||||||
Others |
2,171,547 | 2,171,547 | ||||||||||
|
|
|
|
|||||||||
Total |
2,789,514,813 | 2,171,547 | ||||||||||
|
|
|
|
(1) | As at 31 December 2020, the entrusted loan of RMB 2,000,000,000 was the entrusted loan lent to Sinopec Corp. through China Merchants Bank, Shanghai branch, with an annual interest rate of 3.55% from 28 August 2020 to 27 August 2021. |
(2) | As at 31 December 2020, time deposit of RMB 600,000,000 was one-year time deposit with an annual interest rate of 2.25% in Minsheng Bank of China, Jinshan branch, which will be due on 12 August 2021. |
34
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
14 | Fixed assets |
Plant and buildings |
Machinery and equipment |
Motor vehicles | Office and other equipment |
Total | ||||||||||||||||
RMB | RMB | RMB | RMB | RMB | ||||||||||||||||
Cost |
||||||||||||||||||||
Balance at 31 December 2019 |
1,356,895,824 | 19,888,882,481 | 11,963,804 | 215,862,397 | 21,473,604,506 | |||||||||||||||
Transfers from construction in progress (Note 15) |
3,020,477 | 71,344,872 | 953,321 | 17,506,521 | 92,825,191 | |||||||||||||||
Other increases during the year |
2,484,547 | 33,023,075 | 1,038,226 | 25,877,835 | 62,423,683 | |||||||||||||||
Disposals during the year |
| (64,550,631 | ) | (2,357,084 | ) | (8,488,360 | ) | (75,396,075 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at 31 December 2020 |
1,362,400,848 | 19,928,699,797 | 11,598,267 | 250,758,393 | 21,553,457,305 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: Accumulated depreciation |
||||||||||||||||||||
Balance at 31 December 2019 |
(919,042,418 | ) | (16,426,310,546 | ) | (5,020,144 | ) | (128,305,819 | ) | (17,478,678,927 | ) | ||||||||||
Charge for the year |
(50,592,366 | ) | (547,935,231 | ) | (1,098,077 | ) | (24,523,504 | ) | (624,149,178 | ) | ||||||||||
Decrease during the year |
| 57,886,029 | 1,909,838 | 8,195,834 | 67,991,701 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at 31 December 2020 |
(969,634,784 | ) | (16,916,359,748 | ) | (4,208,383 | ) | (144,633,489 | ) | (18,034,836,404 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Carrying amounts |
||||||||||||||||||||
At 31 December 2020 |
392,766,064 | 3,012,340,049 | 7,389,884 | 106,124,904 | 3,518,620,901 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
At 31 December 2019 |
437,853,406 | 3,462,571,935 | 6,943,660 | 87,556,578 | 3,994,925,579 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Plant and buildings |
Specialized machinery and equipment |
General machinery and equipment |
Office and other equipment |
Motor vehicles | Machinery and equipment |
Total | ||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||||
Cost |
||||||||||||||||||||||||||||
Balance at 31 December 2020 |
1,362,400,848 | 19,928,699,797 | | | 11,598,267 | 250,758,393 | 21,553,457,305 | |||||||||||||||||||||
Transfers from construction in progress (Note 15) |
7,354,242 | 229,893,477 | 24,174,512 | | | | 261,422,231 | |||||||||||||||||||||
Other increases during the year |
1,303,787 | 29,177,331 | 10,941,680 | 3,924,580 | | | 45,347,378 | |||||||||||||||||||||
Reclassification during the year |
104,437,291 | (188,982,524 | ) | 325,549,776 | 21,352,117 | (11,598,267 | ) | (250,758,393 | ) | | ||||||||||||||||||
Disposals during the year |
(991,050 | ) | (50,030,703 | ) | (7,908,577 | ) | (119,347 | ) | | | (59,049,677 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 31 December 2021 |
1,474,505,118 | 19,948,757,378 | 352,757,391 | 25,157,350 | | | 21,801,177,237 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Less: Accumulated depreciation |
||||||||||||||||||||||||||||
Balance at 31 December 2020 |
(969,634,784 | ) | (16,916,359,748 | ) | | | (4,208,383 | ) | (144,633,489 | ) | (18,034,836,404 | ) | ||||||||||||||||
Charge for the year |
(45,718,875 | ) | (561,948,667 | ) | (33,774,586 | ) | (4,269,835 | ) | | | (645,711,963 | ) | ||||||||||||||||
Decrease during the year |
329,819 | 38,258,737 | 7,569,715 | 116,707 | | | 46,274,978 | |||||||||||||||||||||
Reclassification during the year |
(77,210,951 | ) | 127,193,874 | (183,732,050 | ) | (15,092,745 | ) | 4,208,383 | 144,633,489 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at 31 December 2021 |
(1,092,234,791 | ) | (17,312,855,804 | ) | (209,936,921 | ) | (19,245,873 | ) | | | (18,634,273,389 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Carrying amounts |
||||||||||||||||||||||||||||
At 31 December 2021 |
382,270,327 | 2,635,901,574 | 142,820,470 | 5,911,477 | | | 3,166,903,848 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
At 31 December 2020 |
392,766,064 | 3,012,340,049 | | | 7,389,884 | 106,124,904 | 3,518,620,901 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In 2021, the amounts of depreciation expenses charged cost of sales, selling and distribution expenses, general and administrative expenses and research and development expenses were RMB 624,184,556, RMB 235,451, RMB20,778,324 and RMB513,632 (2019: RMB 609,665,198, RMB 1,067,539, RMB 12,461,713 and RMB 25,511; 2020: RMB 610,002,606, RMB 1,120,980, RMB 12,881,160 and RMB 144,432), respectively.
35
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
15 | Construction in progress |
RMB | ||||
Cost |
||||
Balance at 1 January 2020 |
264,025,605 | |||
Additions during the year |
216,939,987 | |||
Transferred to fixed assets (note 14) |
(92,825,191 | ) | ||
Transferred to intangible assets (note 17) |
(21,358,767 | ) | ||
|
|
|||
Balance at 31 December 2020 |
366,781,634 | |||
|
|
|||
Less: Provision for impairment |
||||
Balance at 1 January 2020 and 31 December 2019 |
| |||
Charge for the year |
| |||
|
|
|||
Balance at 31 December 2020 |
| |||
|
|
|||
Carrying amounts |
||||
At 31 December 2020 |
366,781,634 | |||
|
|
|||
At 31 December 2019 |
264,025,605 | |||
|
|
RMB | ||||
Cost |
||||
Balance at 1 January 2021 |
366,781,634 | |||
Additions during the year |
220,463,538 | |||
Transferred to fixed assets (note 14) |
(261,422,231 | ) | ||
Decrease due to other reasons |
(19,425,759 | ) | ||
Transferred to intangible assets (note 17) |
(41,094,302 | ) | ||
|
|
|||
Balance at 31 December 2021 |
265,302,880 | |||
|
|
|||
Less: Provision for impairment |
||||
Balance at 1 January and 31 December 2020 |
| |||
Charge for the year |
(61,805,108 | ) | ||
|
|
|||
Balance at 31 December 2021 |
(61,805,108 | ) | ||
|
|
|||
Carrying amounts |
||||
At 31 December 2021 |
203,497,772 | |||
|
|
|||
At 31 December 2020 |
366,781,634 | |||
|
|
36
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
The construction in progress balance of the Company is mainly production and environmental protection equipment installation programs.
16 | Right-of-use assets |
(1) | As a lessee |
Buildings | Vehicles and other equipments |
Total | ||||||||||
RMB | RMB | RMB | ||||||||||
Cost |
||||||||||||
Balance at 1 January 2020 |
4,750,391 | 341,021 | 5,091,412 | |||||||||
Increase during the year |
10,704,710 | 323,880 | 11,028,590 | |||||||||
Decrease during the year |
(4,750,391 | ) | (341,021 | ) | (5,091,412 | ) | ||||||
|
|
|
|
|
|
|||||||
Balance at 31 December 2020 |
10,704,710 | 323,880 | 11,028,590 | |||||||||
|
|
|
|
|
|
|||||||
Less: Accumulated depreciation |
||||||||||||
Balance at 1 January 2020 |
(4,344,038 | ) | (227,347 | ) | (4,571,385 | ) | ||||||
Amortization during the year |
(5,544,613 | ) | (167,654 | ) | (5,712,267 | ) | ||||||
Decrease during the year |
4,750,391 | 341,021 | 5,091,412 | |||||||||
|
|
|
|
|
|
|||||||
Balance at 31 December 2020 |
(5,138,260 | ) | (53,980 | ) | (5,192,240 | ) | ||||||
|
|
|
|
|
|
|||||||
Carrying amounts |
||||||||||||
At 31 December 2020 |
5,566,450 | 269,900 | 5,836,350 | |||||||||
|
|
|
|
|
|
|||||||
At 31 December 2019 |
406,353 | 113,674 | 520,027 | |||||||||
|
|
|
|
|
|
Buildings | Vehicles and other equipments |
Total | ||||||||||
RMB | RMB | RMB | ||||||||||
Cost |
||||||||||||
Balance at 1 January 2021 |
10,704,710 | 323,880 | 11,028,590 | |||||||||
Decrease during the year |
(5,994,638 | ) | (71,973 | ) | (6,066,611 | ) | ||||||
|
|
|
|
|
|
|||||||
Balance at 31 December 2021 |
4,710,072 | 251,907 | 4,961,979 | |||||||||
|
|
|
|
|
|
|||||||
Less: Accumulated depreciation |
||||||||||||
Balance at 1 January 2021 |
(5,138,260 | ) | (53,980 | ) | (5,192,240 | ) | ||||||
Amortization during the year |
(5,360,384 | ) | (108,255 | ) | (5,468,639 | ) | ||||||
Decrease during the year |
5,994,638 | 71,973 | 6,066,611 | |||||||||
|
|
|
|
|
|
|||||||
Balance at 31 December 2021 |
(4,504,006 | ) | (90,262 | ) | (4,594,268 | ) | ||||||
|
|
|
|
|
|
|||||||
Carrying amounts |
||||||||||||
At 31 December 2021 |
206,066 | 161,645 | 367,711 | |||||||||
|
|
|
|
|
|
|||||||
At 31 December 2020 |
5,566,450 | 269,900 | 5,836,350 | |||||||||
|
|
|
|
|
|
37
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
17 | Intangible assets |
Land use rights | Patents | Software | Total | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Cost |
||||||||||||||||
Balance at 31 December 2019 |
770,966,668 | 1,023,538,065 | 185,704,494 | 1,980,209,227 | ||||||||||||
- Additions during the year |
| | 2,404,471 | 2,404,471 | ||||||||||||
- Transferred from construction in progress (Note 15) |
| 1,415,094 | 19,943,673 | 21,358,767 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2020 |
770,966,668 | 1,024,953,159 | 208,052,638 | 2,003,972,465 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Accumulated amortization |
||||||||||||||||
Balance at 31 December 2019 |
(245,211,653 | ) | (962,302,623 | ) | (105,984,636 | ) | (1,313,498,912 | ) | ||||||||
Provision during the year |
(16,429,844 | ) | (11,550,210 | ) | (25,711,732 | ) | (53,691,786 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2020 |
(261,641,497 | ) | (973,852,833 | ) | (131,696,368 | ) | (1,367,190,698 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Carrying amounts |
||||||||||||||||
At 31 December 2020 |
509,325,171 | 51,100,326 | 76,356,270 | 636,781,767 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2019 |
525,755,015 | 61,235,442 | 79,719,858 | 666,710,315 | ||||||||||||
|
|
|
|
|
|
|
|
Land use rights | Patents | Software | Total | |||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Cost |
||||||||||||||||
Balance at 31 December 2020 |
770,966,668 | 1,024,953,159 | 208,052,638 | 2,003,972,465 | ||||||||||||
- Additions during the year |
| | 3,065,615 | 3,065,615 | ||||||||||||
- Transferred from construction in progress (Note 15) |
| | 41,094,302 | 41,094,302 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2021 |
770,966,668 | 1,024,953,159 | 252,212,555 | 2,048,132,382 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Accumulated amortization |
||||||||||||||||
Balance at 31 December 2020 |
(261,641,497 | ) | (973,852,833 | ) | (131,696,368 | ) | (1,367,190,698 | ) | ||||||||
Provision during the year |
(16,429,844 | ) | (11,201,198 | ) | (25,805,506 | ) | (53,436,548 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2021 |
(278,071,341 | ) | (985,054,031 | ) | (157,501,874 | ) | (1,420,627,246 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Carrying amounts |
||||||||||||||||
At 31 December 2021 |
492,895,327 | 39,899,128 | 94,710,681 | 627,505,136 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
At 31 December 2020 |
509,325,171 | 51,100,326 | 76,356,270 | 636,781,767 | ||||||||||||
|
|
|
|
|
|
|
|
In 2021, the amortization of intangible assets was RMB 53,436,548 (2019: RMB 48,746,949, 2020: RMB 53,691,786).
38
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
18 | Long-term prepaid expenses |
Balance at 31 December 2019 |
Additions during the year |
Amortization during the year |
Balance at 31 December 2020 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Catalyst |
92,032,651 | 120,303,190 | (42,269,451 | ) | 170,066,390 | |||||||||||
Improvements to fixed assets held under operating leases |
2,077,018 | | (1,038,509 | ) | 1,038,509 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
94,109,669 | 120,303,190 | (43,307,960 | ) | 171,104,899 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at 31 December 2020 |
Additions during the year |
Amortization during the year |
Balance at 31 December 2021 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Catalyst |
170,066,390 | 18,596,307 | (53,648,348 | ) | 135,014,349 | |||||||||||
Improvements to fixed assets held under operating leases |
1,038,509 | | (1,038,509 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
171,104,899 | 18,596,307 | (54,686,857 | ) | 135,014,349 | ||||||||||||
|
|
|
|
|
|
|
|
39
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
19 | Deferred tax assets and liabilities |
Deferred tax assets/(liabilities) | ||||||||||||
Balance at the beginning of 2020 |
Current year increase/ decrease charged to profit or loss |
Balance at the end of 2020 |
||||||||||
RMB | RMB | RMB | ||||||||||
Provision for decline in the value of inventories |
20,662,727 | (1,517,749 | ) | 19,144,978 | ||||||||
Bad debt provision for accounts receivables |
2,199,320 | (260,099 | ) | 1,939,221 | ||||||||
Accrued environmental tax |
15,909,685 | | 15,909,685 | |||||||||
Sales cut-off adjustments |
2,673,234 | 6,867,039 | 9,540,273 | |||||||||
Difference in depreciation of fixed assets (deferred tax assets) |
3,212,605 | 76,992 | 3,289,597 | |||||||||
Undeclared assets disposals |
1,572,249 | 1,669,511 | 3,241,760 | |||||||||
Differences in amortization of long - term prepaid expenses |
1,075,218 | 473,879 | 1,549,097 | |||||||||
Differences in amortization of intangible assets |
45,857 | (45,857 | ) | | ||||||||
Difference in depreciation of fixed assets (deferred tax liabilities) |
(60,076,596 | ) | (26,841,385 | ) | (86,917,981 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
(12,725,701 | ) | (19,577,669 | ) | (32,303,370 | ) | ||||||
|
|
|
|
|
|
Deferred tax assets/(liabilities) | ||||||||||||
Balance at the beginning of 2021 |
Current year increase/ decrease charged to profit or loss |
Balance at the end of 2021 |
||||||||||
RMB | RMB | RMB | ||||||||||
Provision for decline in the value of inventories |
19,144,978 | 14,858,147 | 34,003,125 | |||||||||
Provision for impairment of fixed assets and construction in progress |
| 15,451,277 | 15,451,277 | |||||||||
Bad debt provision for accounts receivables |
1,939,221 | | 1,939,221 | |||||||||
Accrued environmental tax |
15,909,685 | | 15,909,685 | |||||||||
Sales cut-off adjustments |
9,540,273 | (9,540,273 | ) | | ||||||||
Difference in depreciation of fixed assets (deferred tax assets) |
3,289,597 | 66,809,389 | 70,098,986 | |||||||||
Undeclared assets disposals |
3,241,760 | 1,998,953 | 5,240,713 | |||||||||
Differences in amortization of long - term prepaid expenses |
1,549,097 | (1,531,005 | ) | 18,092 | ||||||||
Difference in depreciation of fixed assets (deferred tax liabilities) |
(86,917,981 | ) | (7,451,592 | ) | (94,369,573 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
(32,303,370 | ) | 80,594,896 | 48,291,526 | ||||||||
|
|
|
|
|
|
40
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
At the balance sheet date, the deferred tax assets and liabilities on the balance sheet, after offsetting each other, were as follows:
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Deferred tax assets, net |
| 48,291,526 | ||||||
Deferred tax liabilities, net |
(32,303,370 | ) | | |||||
|
|
|
|
|||||
Total |
(32,303,370 | ) | 48,291,526 | |||||
|
|
|
|
As at 31 December 2020 and 2021, the Companys deferred tax assets were recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized in the next year.
20 | Other non-current assets |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Bank deposits |
||||||||
- Agricultural bank of China (1) |
500,000,000 | 500,000,000 | ||||||
- China Merchants bank (2) |
300,000,000 | | ||||||
- Rural Commercial bank (3) |
100,000,000 | | ||||||
Time deposits |
||||||||
- Bank of Communication (4) |
500,000,000 | | ||||||
- China Everbright Bank (5) |
| 500,000,000 | ||||||
- China Industrial Bank (6) |
| 500,000,000 | ||||||
Construction materials |
| 34,874,025 | ||||||
Prepayment for machineries |
| 18,905,344 | ||||||
|
|
|
|
|||||
Total |
1,400,000,000 | 1,553,779,369 | ||||||
|
|
|
|
(1) | As at 31 December 2020, bank deposits included three-year deposit of RMB 500,000,000 in Agricultural Bank of China, Shanghai Jinshan branch, with an annual interest rate of 3.784%, which will be due on 28 December 2023. |
(2) | As at 31 December 2020, bank deposits included three-year deposit of RMB 300,000,000 in China Merchants bank, Shanghai Jinshan branch, with an annual interest rate of 3.7%, which will be due on 27 December 2022. As at 31 December 2021, the balance was presented in the account of Cash at bank in current asset as it will be due within one year. |
(3) | As at 31 December 2020, bank deposits included 18-month deposit of RMB 100,000,000 in Rural Commercial bank, Shanghai Jinshan branch, with an annual interest rate of 3.192%, which will be due on 7 February 2022. As at 31 December 2021, the balance was presented in the account of Cash at bank in current asset as it will be due within one year. |
41
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(4) | As at 31 December 2020, time deposits of RMB 500,000,000 was three-year deposit in Bank of Communications, Shanghai branch, with an annual interest rate of 3.3%, which will be due on 18 January 2022. As at 31 December 2021, the balance was presented in the account of Cash at bank in current asset as it will be due within one year. |
(5) | As at 31 December 2021, time deposits of RMB 500,000,000 (31 December 2020:Nil) was three-year deposit in China Everbright Bank, Shanghai Nanshi branch, with an annual interest rate of 3.700%, which will be due on 1 February 2024. |
(6) | As at 31 December 2021, time deposits of RMB 500,000,000 (31 December 2020:Nil) was three-year deposit in China Industrial Bank, Shanghai branch, with an annual interest rate of 3.650%, which will be due on 5 January 2024. |
21 | Contract liabilities |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Advances from customers |
499,509,916 | 415,450,821 | ||||||
|
|
|
|
22 | Employee benefits payable |
Note | 31 December 2020 |
31 December 2021 |
||||||||||
RMB | RMB | |||||||||||
Short-term employee benefits |
(1) | 101,769,050 | 99,965,532 | |||||||||
Defined contribution plans payable |
(2) | 10,372,171 | 5,607,808 | |||||||||
|
|
|
|
|||||||||
Total |
112,141,221 | 105,573,340 | ||||||||||
|
|
|
|
(1) | Short-term employee benefits |
Balance at 31 December 2019 |
Accrued during the year |
Paid during the year |
Balance at 31 December |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Wages and salaries, bonus, allowances and subsidies |
20,000,000 | 365,791,386 | (365,791,386 | ) | 20,000,000 | |||||||||||
Staff welfare |
| 15,851,789 | (15,851,789 | ) | | |||||||||||
Social security contributions |
3,248,212 | 25,912,421 | (24,507,531 | ) | 4,653,102 | |||||||||||
- Medical insurance |
2,329,992 | 23,961,308 | (22,595,827 | ) | 3,695,473 | |||||||||||
- Work injury insurance |
417,008 | 219,128 | (214,702 | ) | 421,434 | |||||||||||
- Maternity insurance |
501,212 | 1,731,985 | (1,697,002 | ) | 536,195 | |||||||||||
Housing fund |
| 30,918,864 | (30,918,864 | ) | | |||||||||||
Labour union fee |
504,160 | 7,183,139 | (6,855,073 | ) | 832,226 | |||||||||||
Employee education funds |
| 4,586,266 | (4,586,266 | ) | | |||||||||||
Employees bonus and welfare fund |
76,431,821 | | (148,099 | ) | 76,283,722 | |||||||||||
Termination benefits |
| 708,684 | (708,684 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
100,184,193 | 450,952,549 | (449,367,692 | ) | 101,769,050 | |||||||||||
|
|
|
|
|
|
|
|
42
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Balance at 1 January 2021 |
Accrued during the year |
Paid during the year |
Balance at 31 December 2021 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Wages and salaries, bonus, allowances and subsidies |
20,000,000 | 404,673,606 | (404,673,606 | ) | 20,000,000 | |||||||||||
Staff welfare |
| 17,329,504 | (17,329,504 | ) | | |||||||||||
Social security contributions |
4,653,102 | 33,831,726 | (35,632,799 | ) | 2,852,029 | |||||||||||
- Medical insurance |
3,695,473 | 29,375,245 | (30,679,767 | ) | 2,390,951 | |||||||||||
- Work injury insurance |
421,434 | 2,027,544 | (2,239,580 | ) | 209,398 | |||||||||||
- Maternity insurance |
536,195 | 2,428,937 | (2,713,452 | ) | 251,680 | |||||||||||
Housing fund |
| 34,551,223 | (34,551,223 | ) | | |||||||||||
Labour union fee |
832,226 | 7,924,676 | (7,927,121 | ) | 829,781 | |||||||||||
Employee education funds |
| 5,467,918 | (5,467,918 | ) | | |||||||||||
Employees bonus and welfare fund |
76,283,722 | | | 76,283,722 | ||||||||||||
Termination benefits |
| 501,130 | (501,130 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
101,769,050 | 504,279,783 | (506,083,301 | ) | 99,965,532 | |||||||||||
|
|
|
|
|
|
|
|
(2) | Defined contribution plans payable |
Balance at 1 January 2020 |
Accrued during the year |
Paid during the year |
Balance at 31 December 2020 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Basic pensions |
8,019,397 | 33,307,409 | (32,634,662 | ) | 8,692,144 | |||||||||||
Unemployment insurance |
199,431 | 1,042,063 | (1,016,570 | ) | 224,924 | |||||||||||
Supplementary pensions |
1,455,103 | 24,584,068 | (24,584,068 | ) | 1,455,103 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
9,673,931 | 58,933,540 | (58,235,300 | ) | 10,372,171 | |||||||||||
|
|
|
|
|
|
|
|
Balance at 1 January 2021 |
Accrued during the year |
Paid during the year |
Balance at 31 December 2021 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Basic pensions |
8,692,144 | 48,071,927 | (52,737,206 | ) | 4,026,865 | |||||||||||
Unemployment insurance |
224,924 | 714,459 | (813,543 | ) | 125,840 | |||||||||||
Supplementary pensions |
1,455,103 | 27,589,451 | (27,589,451 | ) | 1,455,103 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
10,372,171 | 76,375,837 | (81,140,200 | ) | 5,607,808 | |||||||||||
|
|
|
|
|
|
|
|
23 | Other payables |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Deposits |
9,700,000 | 9,500,000 | ||||||
Capital reduction payable |
| 2,650,165,871 | ||||||
Construction payable |
| 92,861,068 | ||||||
Others |
100,936 | 2,936,961 | ||||||
|
|
|
|
|||||
Total |
9,800,936 | 2,755,463,900 | ||||||
|
|
|
|
43
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
24 | Non-current liabilities maturing within one year |
Note | 31 December 2020 |
31 December 2021 |
||||||||
RMB | RMB | |||||||||
Lease liabilities maturing within one year |
26 | 5,324,226 | 111,639 | |||||||
|
|
|
|
25 | Other current liabilities |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Output VAT to be recognized |
64,936,289 | 54,008,607 | ||||||
|
|
|
|
44
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
26 | Lease liabilities |
31 December 2020 |
31 December 2021 |
|||||||
RMB | RMB | |||||||
Lease liabilities |
5,501,610 | 177,386 | ||||||
Less: current portion of non-current liabilities (Note 24) |
(5,324,226 | ) | (111,639 | ) | ||||
|
|
|
|
|||||
Total |
177,384 | 65,747 | ||||||
|
|
|
|
As at 31 December 2021, the Company had no lease payments related to lease contracts which had been signed but not been executed (31 December 2020: Nil).
27 | Paid-in capital |
The Companys paid-in capital and registered capital structure at 31 December is as follows:
2020 | 2021 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
RMB | RMB | |||||||||||||||
Sinopec Corp |
2,340,387,239 | 30 | 150,000,000 | 30 | ||||||||||||
BPCECI |
3,900,165,871 | 50 | 250,000,000 | 50 | ||||||||||||
SPC |
1,560,258,162 | 20 | 100,000,000 | 20 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
7,800,811,272 | 100 | 500,000,000 | 100 | ||||||||||||
|
|
|
|
|
|
|
|
According to the resolution of board of directors held on 12 July 2021, the Companys shareholders Sinopec Corp, BPCECI and SPC reduced the capital of the Company by RMB 7,300,811,272 according to their shareholding ratio of 30%,50% and 20%, respectively. As of 31 December 2021, Sinopec Corp, BPCECI and SPC held the Companys registered capital and paid-in capital of RMB 150,000,000, RMB 250,000,000 and RMB 100,000,000 respectively, with a shareholding ratio of 30%, 50% and 20% respectively.
45
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
28 | Capital surplus |
31 December 2020 and 2021 |
||||
RMB | ||||
Other capital surplus |
||||
- Transferred from special payable |
1,964,000 | |||
Foreign currency capital translation difference |
(509,354 | ) | ||
|
|
|||
Total |
1,454,646 | |||
|
|
29 | Specific reserve |
2020 | 2021 | |||||||
RMB | RMB | |||||||
Balance at the beginning of the year |
| | ||||||
Increase during the year |
39,036,294 | 28,523,706 | ||||||
Decrease during the year |
(39,036,294 | ) | (28,523,706 | ) | ||||
|
|
|
|
|||||
Balance at the end of the year |
| | ||||||
|
|
|
|
30 | Surplus reserve |
31 December 2019 |
Increase during the year |
Decrease during the year |
31 December 2020 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Reserve fund |
133,718,997 | | | 133,718,997 | ||||||||||||
Enterprise expansion fund |
133,718,996 | | | 133,718,996 | ||||||||||||
Statutory surplus reserve |
1,181,242,859 | 241,279,966 | | 1,422,522,825 | ||||||||||||
Discretionary surplus reserve |
1,050,222,081 | | | 1,050,222,081 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
2,498,902,933 | 241,279,966 | | 2,740,182,899 | |||||||||||||
|
|
|
|
|
|
|
|
31 December 2020 |
Increase during the year |
Decrease during the year |
31 December 2021 |
|||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||
Reserve fund |
133,718,997 | | | 133,718,997 | ||||||||||||
Enterprise expansion fund |
133,718,996 | | | 133,718,996 | ||||||||||||
Statutory surplus reserve |
1,422,522,825 | 312,590,386 | | 1,735,113,211 | ||||||||||||
Discretionary surplus reserve |
1,050,222,081 | | | 1,050,222,081 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
2,740,182,899 | 312,590,386 | | 3,052,773,285 | |||||||||||||
|
|
|
|
|
|
|
|
In accordance with the Company Law and the Companys Articles of Association, the Company should appropriate 10% of net profit for the year to the statutory surplus reserve, and the Company can cease appropriation when the statutory surplus reserve accumulated to more than 50% of the registered capital. The statutory surplus reserve can be used to make up for the loss or increase the share capital after approval from the appropriate authorities. The Company appropriate RMB 312,590,386 according to 10% of the net profit of 2021 (2019: RMB 338,358,573 to the statutory surplus reserve, 2020: RMB 241,279,966 to the statutory surplus reserve).
46
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
31 | Undistributed profits |
2020 | 2021 | |||||||
RMB | RMB | |||||||
Undistributed profits at beginning of year |
3,368,186,371 | 3,171,706,061 | ||||||
Add: Net profit for the current year |
2,412,799,656 | 3,125,903,862 | ||||||
Less: Profit distribution |
||||||||
Profit distribution to equity owners |
(2,368,000,000 | ) | (3,171,706,061 | ) | ||||
Appropriation to free surplus reserves |
(241,279,966 | ) | (312,590,386 | ) | ||||
|
|
|
|
|||||
Undistributed profits at end of year |
3,171,706,061 | 2,813,313,476 | ||||||
|
|
|
|
Pursuant to the resolution at the first meeting of the 24th Meeting of the Board of Directors dated 28 June 2021, the Company made profit distribution to shareholders amounting to RMB 3,171,706,061 for the current year (2019: RMB 2,537,000,000, 2020: RMB 2,368,000,000).
32 | Revenue and cost of sales |
2019 | 2020 | 2021 | ||||||||||||||||||||||
Revenue | Cost of sales | Revenue | Cost of sales | Revenue | Cost of sales | |||||||||||||||||||
Main operations |
||||||||||||||||||||||||
- Sales of olefin |
6,841,570,930 | (5,681,433,226 | ) | 5,098,976,996 | (4,246,257,694 | ) | 7,113,735,587 | (6,326,093,477 | ) | |||||||||||||||
- Sales of polyethylene |
5,573,911,137 | (4,915,433,797 | ) | 4,994,277,463 | (3,803,906,817 | ) | 5,741,835,673 | (5,429,556,673 | ) | |||||||||||||||
- Sales of acrylonitrile |
6,655,183,631 | (4,884,698,483 | ) | 4,418,734,626 | (3,676,021,011 | ) | 7,476,126,532 | (5,536,514,979 | ) | |||||||||||||||
- Sales of styrene |
3,671,395,008 | (2,935,667,971 | ) | 2,394,141,160 | (2,178,378,109 | ) | 3,407,790,936 | (2,933,607,175 | ) | |||||||||||||||
- Sales of polystyrene |
3,058,814,520 | (2,229,600,357 | ) | 2,382,513,536 | (1,699,238,708 | ) | 3,520,810,677 | (2,740,722,490 | ) | |||||||||||||||
- Sales of polypropylene |
2,360,998,975 | (1,956,936,950 | ) | 2,186,126,691 | (1,531,787,415 | ) | 2,273,269,124 | (2,067,997,433 | ) | |||||||||||||||
Other operations |
179,158,153 | (150,793,841 | ) | 151,288,772 | (133,684,834 | ) | 189,654,679 | (135,876,782 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
28,341,032,354 | (22,754,564,625 | ) | 21,626,059,244 | (17,269,274,588 | ) | 29,723,223,208 | (25,170,369,009 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The Companys revenue is recognized at a certain point of time.
47
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
33 | Taxes and surcharges |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Educational surcharge |
31,297,279 | 20,293,244 | 30,855,712 | |||||||||
Stamp tax |
11,977,922 | 9,931,997 | 11,779,005 | |||||||||
Environmental protection tax |
74,468,532 | 9,877,785 | 9,253,559 | |||||||||
City maintenance and construction tax |
6,941,519 | 4,058,649 | 13,725,651 | |||||||||
Urban land utilization tax |
2,999,933 | 2,999,933 | 2,999,933 | |||||||||
Others |
1,200 | 1,539 | 1,804 | |||||||||
|
|
|
|
|
|
|||||||
Total |
127,686,385 | 47,163,147 | 68,615,664 | |||||||||
|
|
|
|
|
|
34 | Financial income - net |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Interest expenses |
11,596,955 | 6,019,753 | 2,682,042 | |||||||||
Less: interest income |
(304,332,698 | ) | (172,009,089 | ) | (232,479,017 | ) | ||||||
Exchange (gains) / losses net |
(616,344 | ) | 3,049,923 | 1,030,046 | ||||||||
Others |
430,068 | 473,921 | 399,154 | |||||||||
|
|
|
|
|
|
|||||||
Total |
(292,922,019 | ) | (162,465,492 | ) | (228,367,775 | ) | ||||||
|
|
|
|
|
|
35 | Other income |
2019 RMB |
2020 RMB |
2021 RMB |
Asset- related/ Income- related |
|||||||||||||
Refund for unemployment insurance |
| | 3,195,900 | Income-related | ||||||||||||
Government subsidies for port construction |
| 1,769,194 | 118,083 | Income-related | ||||||||||||
Government subsidies for chemical industry zone |
9,959,000 | 6,142,800 | 12,600,000 | Income-related | ||||||||||||
Government subsidies for R&D project |
12,294,000 | 2,623,000 | | Income-related | ||||||||||||
Others |
772,485 | 423,328 | 473,847 | Income-related | ||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
23,025,485 | 10,958,322 | 16,387,830 | |||||||||||||
|
|
|
|
|
|
36 | Investment income |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Income from entrusted loans |
| 58,535,901 | 46,328,616 | |||||||||
|
|
|
|
|
|
48
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
37 | Asset impairment losses |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Losses on decline in the value of inventories |
(9,301,069 | ) | (6,787,522 | ) | (65,708,654 | ) | ||||||
Impairment loss of construction in progress |
(16,174,792 | ) | | (61,805,108 | ) | |||||||
|
|
|
|
|
|
|||||||
Total |
(25,475,861 | ) | (6,787,522 | ) | (127,513,762 | ) | ||||||
|
|
|
|
|
|
38 | Non-operating income and expenses |
(1) | Non-operating income |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Long aging payables not to be paid |
| 2,509,172 | 2,461,634 | |||||||||
Suppliers penalty for breach of contracts |
1,815,136 | 11,098,500 | | |||||||||
Gains on retirement of assets |
| | 281,442 | |||||||||
Others |
1,113,679 | 1,454,698 | 1,562,761 | |||||||||
|
|
|
|
|
|
|||||||
Total |
2,928,815 | 15,062,370 | 4,305,837 | |||||||||
|
|
|
|
|
|
(2) | Non-operating expenses |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Losses on retirement of assets |
| 6,071,562 | 11,930,452 | |||||||||
Donation expenses |
203,583 | 2,016,652 | 200,000 | |||||||||
Penalty expenses |
1,660,000 | 450,000 | | |||||||||
Others |
16,745 | 8,051 | 1,451,012 | |||||||||
|
|
|
|
|
|
|||||||
Total |
1,880,328 | 8,546,265 | 13,581,464 | |||||||||
|
|
|
|
|
|
39 | Income tax expenses |
(1) | Income tax expenses for the year represents |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Current tax expenses for the year |
1,078,923,279 | 775,846,702 | 1,021,011,964 | |||||||||
Changes in deferred tax assets/liabilities |
44,536,556 | 19,577,669 | (80,594,896 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total |
1,123,459,835 | 795,424,371 | 940,417,068 | |||||||||
|
|
|
|
|
|
49
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(2) | Reconciliation between income tax expense and accounting profit: |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Total profit |
4,507,045,570 | 3,208,224,027 | 4,066,320,930 | |||||||||
Income tax expenses calculated at applicable tax rates |
1,126,761,393 | 802,056,007 | 1,016,580,232 | |||||||||
Costs, expenses and losses not deductible for tax purposes |
1,581,459 | 143,450 | 2,114,316 | |||||||||
Super deduction of R&D expenses |
| | (3,890,000 | ) | ||||||||
Identify discrepancies arising from unregulated deferred income tax assets in previous years |
(2,375,101 | ) | | (74,148,775 | ) | |||||||
Deductible temporary differences for which no deferred tax asset was recognized |
(2,896,147 | ) | (3,300,003 | ) | | |||||||
True up for final settlement of enterprise income tax in respect of previous year |
388,231 | (3,475,083 | ) | (238,705 | ) | |||||||
|
|
|
|
|
|
|||||||
Income tax expenses |
1,123,459,835 | 795,424,371 | 940,417,068 | |||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
40 | Supplement to income statement |
The cost of sales, selling and administrative expenses, general and administrative expenses and R&D expenses in the income statements are listed as follows by nature:
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Changes in inventories of finished goods and semi-finished products |
63,787,119 | 19,142,488 | (195,053,026 | ) | ||||||||
Consumed raw materials and low value consumables, etc. |
21,582,322,285 | 16,117,811,082 | 23,345,177,320 | |||||||||
Employee benefits |
484,452,626 | 509,886,089 | 580,655,620 | |||||||||
Depreciation and amortization expenses |
740,171,099 | 726,861,191 | 759,304,007 | |||||||||
Transportation costs |
434,826,733 | 410,720,367 | 453,194,590 | |||||||||
Repairs and maintenance expenses |
257,022,582 | 385,416,604 | 405,370,162 | |||||||||
Environment related cost |
85,668,630 | 83,888,263 | 73,927,998 | |||||||||
Commodity storage fees |
24,999,282 | 33,037,958 | 34,245,243 | |||||||||
Insurance expense |
29,031,272 | 22,588,996 | 22,048,801 | |||||||||
Vehicle usage fees |
16,022,232 | 16,144,814 | 16,172,557 | |||||||||
Others |
274,543,071 | 277,902,909 | 247,538,174 | |||||||||
|
|
|
|
|
|
|||||||
23,992,846,931 | 18,603,400,761 | 25,742,581,446 | ||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
50
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
41 | Supplement to cash flow statement |
(1) | Reconciliation of net profit to cash flows from operating activities: |
2019 | 2020 | 2021 | ||||||||||||
RMB | RMB | RMB | ||||||||||||
Net profit |
3,383,585,735 | 2,412,799,656 | 3,125,903,862 | |||||||||||
Add: |
Losses on provision for decline in the value of inventories |
9,301,069 | 6,787,522 | 65,708,654 | ||||||||||
Impairment loss of construction in progress |
16,174,792 | | 61,805108 | |||||||||||
Net reversal of impairment losses on financial assets |
| (1,040,393 | ) | | ||||||||||
Depreciation of fixed assets |
623,219,961 | 624,149,178 | 645,711,963 | |||||||||||
Amortization of intangible assets |
48,746,949 | 53,691,786 | 53,436,548 | |||||||||||
Amortization of long-term prepaid expenses |
62,912,839 | 43,307,960 | 54,686,857 | |||||||||||
Depreciation of right-of-use assets |
5,291,350 | 5,712,267 | 5,468,639 | |||||||||||
Losses on disposal of fixed assets |
4,973,598 | 6,071,562 | 11,649,010 | |||||||||||
Financial income |
(297,898,782 | ) | (23,611,698 | ) | (111,432,469 | ) | ||||||||
Investment income |
| (58,535,901 | ) | (46,328,616 | ) | |||||||||
Decrease / (increase) in deferred tax assets |
32,744,412 | | (48,291,526 | ) | ||||||||||
Increase / (decrease) in deferred tax liabilities |
11,792,144 | 19,577,669 | (32,303,370 | ) | ||||||||||
Decrease / (increase) in inventories |
285,221,405 | 91,046,499 | (779,872,012 | ) | ||||||||||
(Increase) / decrease in operating receivables |
(65,067,135 | ) | (117,243,028 | ) | 440,884,928 | |||||||||
Increase in operating payables |
480,330,185 | 56,323,744 | 845,163 | |||||||||||
|
|
|
|
|
|
|||||||||
Net cash flows generated from operating activities |
4,601,328,522 | 3,119,036,823 | 3,447,872,739 | |||||||||||
|
|
|
|
|
|
(2) | Change in cash and cash equivalents: |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Cash and cash equivalents at the end of the year |
9,278,483,670 | 5,180,636,789 | 2,332,751,042 | |||||||||
Less: Cash and cash equivalents at the beginning of the year |
(6,817,297,044 | ) | (9,278,483,670 | ) | (5,180,636,789 | ) | ||||||
|
|
|
|
|
|
|||||||
Net increase/ (decrease) in cash and cash equivalents |
2,461,186,626 | (4,097,846,881 | ) | (2,847,885,747 | ) | |||||||
|
|
|
|
|
|
(3) | Cash and cash equivalents held by the Company are as follows: |
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
(a) Cash at bank and on hand |
||||||||||||
- Bank deposits available on demand |
9,278,483,670 | 5,180,636,789 | 2,332,751,042 | |||||||||
|
|
|
|
|
|
|||||||
(b) Closing balance of cash and cash equivalents available on demand |
9,278,483,670 | 5,180,636,789 | 2,332,751,042 | |||||||||
|
|
|
|
|
|
51
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
42 | Risk analysis for financial instruments |
Financial instruments and risks
The Companys activities expose it to a variety of financial risks: market risk (primarily foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Companys overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Companys financial performance.
(1) | Market risk |
(a) | Foreign exchange risk |
The Companys major operational activities are carried out in Mainland China. Sales transactions are mainly denominated in RMB while purchase transactions are mainly denominated in USD and RMB. The Company 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 dollars. The Companys finance department is responsible for monitoring the amount of assets and liabilities, and transactions denominated in foreign currencies to minimize the foreign exchange risk. Therefore, the Company may consider entering into forward exchange contracts or currency swap contracts to mitigate the foreign exchange risk. During 2020 and 2021, the Company did not enter into any forward exchange contracts or currency swap contracts.
The financial assets and the financial liabilities denominated in foreign currencies, which are held by the Company, whose recording currencies are RMB, are expressed in RMB as at 31 December 2020 and 2021 as follows:
31 December 2020 | ||||||||||||
USD | EUR | Total | ||||||||||
Financial assets denominated in foreign currency - Cash at bank and on hand |
36,202,781 | | 36,202,781 | |||||||||
Financial liabilities denominated in foreign currency - Payables |
(159,470,892 | ) | (2,789,010 | ) | (162,259,902 | ) | ||||||
|
|
|
|
|
|
|||||||
Net balance sheet exposure |
(123,268,111 | ) | (2,789,010 | ) | (126,057,121 | ) | ||||||
|
|
|
|
|
|
31 December 2021 | ||||||||||||
USD | EUR | Total | ||||||||||
Financial assets denominated in foreign currency - Cash at bank and on hand |
36,039,789 | | 36,039,789 | |||||||||
Financial liabilities denominated in foreign currency - Payables |
(214,584,414 | ) | (724,528 | ) | (215,308,942 | ) | ||||||
|
|
|
|
|
|
|||||||
Net balance sheet exposure |
(178,544,625 | ) | (724,528 | ) | (179,269,153 | ) | ||||||
|
|
|
|
|
|
52
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
As at 31 December 2021, if the RMB had strengthened/weakened by 10% against the USD while all other variables had been held constant, the Companys net profit for the year would have been approximately RMB 13,390,847 (31 December 2020: approximately RMB 9,245,108 lower/higher) lower/higher for various financial assets and liabilities denominated in USD.
(b) | Interest rate risk |
The interest rate risk of the Company is mainly generated by short-term loan. Financial liabilities with floating interest rate make the Company face interest rate risk of cash flow, while financial liabilities with fixed interest rate make the Company face interest rate risk of fair value. The Company determines the relative proportions of fixed and floating rate contracts in accordance with prevailing market conditions. As at 31 December 2021, the Company had no interest bearing borrowing (31 December 2020: Nil).
The financial department of the Company headquarters continuously monitors the interest rate level of the Company. Higher interest rates would increase the cost of the new interest-bearing debt and the Company has not yet been paid to the floating interest at a pre-determined rate of interest-bearing debt payments, and our Companys financial performance have a significant adverse impact, management is on the basis of the latest market situation to adjust in time, the adjustment of interest rate swap arrangements may be carried out to reduce the interest rate risk. There is no interest rate swap arrangement for the Company in 2019, 2020 and 2021.
(2) | Credit risk |
Credit risk is managed on the grouping basis. Credit risk mainly arises from cash at bank, accounts receivable, other receivables and notes receivable.
The Company expects that there is no significant credit risk associated with cash at bank since they are deposited at state-owned banks and other medium or large size listed banks. Management does not expect that there will be any significant losses from non-performance by these counterparties.
In addition, the Company has policies to limit the credit exposure on accounts receivable, other receivables and notes receivable. The Company 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 Company. In respect of customers with a poor credit history, the Company will use written payment reminders, or shorten or cancel credit periods, to ensure the overall credit risk of the Company is limited to a controllable extent.
As at 31 December 2020 and 2021, the Company has no collateral or other credit enhancement held as a result of a material debtors mortgage.
53
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(3) | Liquidity risk |
Cash flow forecasting is performed by the Company. The Company monitors the Companys short-term and long-term liquidity requirements to ensure it has sufficient cash and securities that are readily convertible to cash to meet operational needs, while maintaining sufficient headroom on its undrawn committed borrowing facilities from major financial institutions so that the Company does not breach borrowing limits or covenants on any of its borrowing facilities to meet the short-term and long-term liquidity requirements.
The financial liabilities of the Company at the balance sheet date are analyzed by their maturity dates below at their undiscounted contractual cash flows:
31 December 2020 | ||||||||||||||||||||
Within 1 year | 1 to 2 years | 1 to 2 years | Over 5 years | Total | ||||||||||||||||
RMB | RMB | RMB | RMB | RMB | ||||||||||||||||
Accounts payable |
1,289,854,156 | | | | 1,289,854,156 | |||||||||||||||
Other payables |
9,800,936 | | | | 9,800,936 | |||||||||||||||
Lease liabilities |
5,464,195 | 116,496 | 67,956 | | 5,648,647 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,305,119,287 | 116,496 | 67,956 | | 1,305,303,739 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
31 December 2021 | ||||||||||||||||||||
Within 1 year | 1 to 2 years | 1 to 2 years | Over 5 years | Total | ||||||||||||||||
RMB | RMB | RMB | RMB | RMB | ||||||||||||||||
Accounts payable |
1,787,137,217 | | | | 1,787,137,217 | |||||||||||||||
Other payables |
2,755,463,900 | | | | 2,755,463,900 | |||||||||||||||
Lease liabilities |
116,496 | 67,956 | | | 184,452 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
4,542,717,613 | 67,956 | | | 4,542,785,569 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
As at 31 December 2021, the Company had no lease payments related to lease contracts which had been signed but not been executed (as at 31 December 2020: Nil).
43 | Fair value estimation |
(1) | Assets and liabilities measured at fair value |
The following table presents the fair value information and the fair value hierarchy, at the end of the current reporting period, of the Companys assets and liabilities which are measured at fair value at each balance sheet date on a recurring or non-recurring basis. The level in which fair value measurement is categorized is determined by the level of the fair value hierarchy of the lowest level input that is significant to the entire fair value measurement. The levels of inputs are defined as follows:
Level 1 inputs: | unadjusted quoted prices in active markets that are observable at the measurement date for identical assets or liabilities; | |
Level 2 inputs: | inputs other than Level 1 inputs that are either directly or indirectly observable for underlying assets or liabilities; |
54
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Level 3 inputs: | inputs that are unobservable for underlying assets or liabilities. |
31 December 2020 | ||||||||||||||||||||
Note | Level 1 fair value measurements |
Level 2 fair value measurements |
Level 3 fair value measurements |
Total | ||||||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||||||
Financial assets |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income-Notes receivable |
8 | | 501,351,308 | | 501,351,308 | |||||||||||||||
|
|
|
|
|
|
|
|
31 December 2021 | ||||||||||||||||||||
Note | Level 1 fair value measurements |
Level 2 fair value measurements |
Level 3 fair value measurements |
Total | ||||||||||||||||
RMB | RMB | RMB | RMB | |||||||||||||||||
Financial assets |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income-Notes receivable |
8 | | 260,065,209 | | 260,065,209 | |||||||||||||||
|
|
|
|
|
|
|
|
(2) | Fair value of other financial instruments (items not measured at fair value at the end of the year) |
The Companys financial assets and liabilities measured at amortized cost mainly include notes receivable, receivables, other current assets and payables.
As at 31 December 2020 and 2021, the carrying amount of the financial assets and liabilities not measured at fair value is a reasonable approximation of their fair value.
44 | Capital management |
The Companys capital management policies aim to safeguard the Companys 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 Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, or sell assets to reduce debts.
The Companys total capital is calculated as owners equity as shown in the balance sheet. The Company is not subject to external mandatory capital requirements, and monitors capital on the basis of gearing ratio.
As at 31 December 2020 and 2021, the gearing ratios of the Company were as follows:
31 December 2020 |
31 December 2021 |
|||||||
Gearing ratio |
17.03 | % | 46.04 | % |
55
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
45 | Commitments |
As at 31 December, the capital commitments of the Company are summarized as follows:
Item | 2020 | 2021 | ||||||
RMB | RMB | |||||||
Contracts for acquisition of fixed assets being or to be executed |
90,326,308 | 47,874,261 | ||||||
|
|
|
|
46 | Subsequent event |
(1) | Distributions of profit in cash approved after the balance sheet date |
The Board of Directors approved on 28 February 2022 a distribution of profit in cash totalling RMB 2,772,190,652, including distribution of profit in cash to Sinopec Corp. of RMB 831,657,196, distribution of profit in cash to Sinopec Shanghai Petrochemical Company Limited of RMB 554,438,130, and distribution of profit in cash to Sinopec Shanghai Gaoqiao Petrochemical Company Limited of RMB 1,386,095,326. This distribution of profit in cash has not been recognised as a liability at the balance sheet date. The above profit distributions to owners are in accordance with their actual ratios of contribution to the registered capital.
47 | Related parties and related party transactions |
(1) | Information about the investor of the Company is listed as follows: |
Investor name | Registered place |
Business nature |
31 December 2020 and 2021 Shareholding percentage |
|||||
Sinopec Corp. |
Beijing, the PRC | Oil and gas exploration, development, production and marketing, crude oil processing, oil products production, trading and distribution | 30 | % | ||||
Sinopec Shanghai Petrochemical Company Limited |
Shanghai, the PRC | Crude oil processing, petroleum products, chemical products and synthetic fibres, etc. | 20 | % | ||||
Sinopec Shanghai Gaoqiao Petrochemical Company Limited |
Shanghai, the PRC | Crude oil processing, petroleum products, chemical products and storage, etc. | 50 | % |
(2) | Nature of related parties that do not control or are not controlled by the Company |
Name of entity |
Relationship with the Company | |
China Petroleum and Chemical Corporation Zhenhai Refining Branch | Branch of Sinopec Corp. | |
China International United Petroleum and Chemical Company Limited | Subsidiary of Sinopec Corp. | |
China Petroleum and Chemical Corporation Jinling Branch | Branch of Sinopec Corp. | |
Sinopec Qingdao Refining&Chemical Company Limited | Subsidiary of Sinopec Corp. | |
China Petroleum and Chemical Corporation Guangzhou Branch | Branch of Sinopec Corp. | |
China Jinshan Associated Trading Corporation | Subsidiary of SPC | |
Shanghai Jinshan Hotel Co., Ltd. | Subsidiary of SPCL | |
Sinopec Chemical Commercial Holding Company Limited Huadong Branch | Subsidiary of Sinopec Corp. |
56
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Name of entity |
Relationship with the Company | |
Shanghai Leader Catalyst Company Limited | Subsidiary of Sinopec Corp. | |
Sinopec Catalyst Company Limited Shanghai Branch | Subsidiary of Sinopec Corp. | |
China Petroleum and Chemical Corporation Beijing Yanshan Branch | Branch of Sinopec Corp. | |
Nanjing Yangzi Petrochemical Refining Company Limited | Subsidiary of Sinopec Corp. | |
Sinopec Catalyst Company Limited Beijing AUDA Branch | Subsidiary of Sinopec Corp. | |
China Petroleum and Chemical Corporation Shanghai Petrol-Chemical Industry Institute | Subsidiary of Sinopec Corp. | |
BASF-YPC. Shanghai Company Limited | Joint venture of Gaoqiao Petrochemical | |
Petro-Cyber Works Information Technology Company Limited | Subsidiary of Sinopec Corp. | |
Sinopec Hainan Petrochemical Co., Ltd. | Subsidiary of Sinopec Corp. | |
Sinopec Catalyst Company Limited Nanjing Branch | Subsidiary of Sinopec Corp. | |
Sinopec Beijing Catalyst Company Limited | Subsidiary of Sinopec Corp. | |
BASF Gaoqiao Specialty Chemicals (Shanghai) Company Limited | Associated Company of Gaoqiao Petrochemical | |
Shanghai Sinopec Mitsui Elastomers Company Limited | Associated Company of Gaoqiao Petrochemical |
(2) | Nature of related parties that do not control or are not controlled by the Company (continued) |
Name of entity |
Relationship with the Company | |
Sinopec Shanghai Sales Company Limited | Subsidiary of Sinopec Corp. | |
Shanghai Jinchang Engineering Plastics Company Limited | Subsidiary of SPC | |
China Petrochemical International Tianjin Company Limited | Subsidiary of Sinopec Corp. | |
Yihua Bona Fabric Company Limited | Joint venture of Sinopec Corp. | |
Petrochemical Engineering Quality Supervision Station | Subsidiary of Sinopec Corp. | |
Sinopec Ningbo Engineering Company Limited Shanghai Branch | Subsidiary of Sinopec Corp. | |
China Petroleum and Chemical Co., Ltd., QILU Branch | Subsidiary of Sinopec Corp. | |
China Sinopec Corporation Qingdao Institute of Safety Engineering | Subsidiary of Sinopec Corp. | |
China Petroleum and Chemical Corporation Beijing Research Institute of Chemical Industries | Subsidiary of Sinopec Corp. | |
Information Technology Branch of Sinopec Refining and Chemical Engineering (Group) Co., Ltd. | Subsidiary of Sinopec Corp. | |
Sinopec Tendering Company Limited | Subsidiary of Sinopec Corp. | |
Sinopec Consulting Company Limited | Subsidiary of Sinopec Corp. | |
Shanghai Petrochemical Machinery Manufacturing Company Limited |
Subsidiary of Sinopec Corp. | |
Sinopec Publishing House Co., Ltd. | Subsidiary of Sinopec Corp. | |
Sinopec Europa Gmbh | Subsidiary of Sinopec Corp. | |
China petrochemical International Enterprise Company Limited Ningbo Bidding Center | Subsidiary of Sinopec Corp. | |
Shanghai Chemical Industry Park Logistics Company Limited | Joint venture of SPC | |
Sinopec Nanjing Engineering Company Limited | Subsidiary of Sinopec Corp. | |
Shanghai Dongfang Engineering Consultants Co., Ltd. | Subsidiary of Sinopec Corp. | |
Shanghai Huayi Information Technology Company Limited | Joint venture of Sinopec Corp. |
57
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
(3) | Significant related party transactions |
The Companys pricing on products sold to related parties and raw materials purchased from related parties is negotiated by both parties.
(a) | Significant related party transactions |
Sales of goods
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Sinopec Shanghai Petrochemical Company Limited |
3,264,999,401 | 2,469,008,549 | 3,096,709,578 | |||||||||
Sinopec Shanghai Gaoqiao Petrochemical Company Limited |
2,092,647,270 | 1,609,838,063 | 2,344,682,615 | |||||||||
Shanghai Sinopec Mitsui Elastomers Company Limited |
424,750,545 | 313,324,007 | 542,433,412 | |||||||||
China Jinshan Associated Trading Corporation |
369,403,703 | 300,543,910 | 395,108,984 | |||||||||
Sinopec Chemical Commercial Holding Company Limited Huadong Branch |
187,725,566 | 137,036,739 | 104,461,770 | |||||||||
Sinopec Shanghai Sales Company Limited |
| | 9,369,061 | |||||||||
Shanghai Jinchang Engineering Plastics Company Limited |
| 2,274,336 | 1,606,018 | |||||||||
China Petrochemical International Tianjin Company Limited |
68,242,405 | 11,467,671 | | |||||||||
Yihua Bona Fabric Company Limited |
19,537,977 | 1,428,761 | | |||||||||
|
|
|
|
|
|
|||||||
Total |
6,427,306,867 | 4,844,922,036 | 6,494,371,438 | |||||||||
|
|
|
|
|
|
Purchase of goods
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
China Petroleum and Chemical Corporation Zhenhai Refining Branch |
3,304,883,614 | 1,886,994,055 | 5,055,451,144 | |||||||||
Sinopec Shanghai Gaoqiao Petrochemical Company Limited |
2,910,396,011 | 2,416,640,786 | 3,500,853,274 | |||||||||
Sinopec Shanghai Petrochemical Company Limited |
1,907,624,450 | 1,214,059,295 | 2,806,216,204 | |||||||||
Shanghai Jinshan Hotel Co., Ltd. |
| | 143,386 | |||||||||
China International United Petroleum and Chemical Company Limited |
1,172,266,702 | 1,789,430,831 | 1,774,208,796 |
58
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
China Petroleum and Chemical Corporation Jinling Branch |
1,506,898,808 | 1,350,625,256 | 1,605,310,945 | |||||||||
Sinopec Qingdao Refining&Chemical Company Limited |
234,080,117 | 576,192,296 | 1,133,704,017 | |||||||||
China Petroleum and Chemical Corporation Guangzhou Branch |
1,025,342,177 | 431,135,789 | 992,405,630 | |||||||||
China Jinshan Associated Trading Corporation |
760,261,652 | 511,087,351 | 745,813,800 | |||||||||
Sinopec Chemical Commercial Holding Company Limited Huadong Branch |
1,458,417,305 | 1,285,275,149 | 611,974,256 | |||||||||
Shanghai Leader Catalyst Company Limited |
36,235,654 | 33,549,209 | 32,657,746 | |||||||||
Sinopec Catalyst Company Limited Shanghai Branch |
33,933,647 | 21,991,150 | 23,561,947 | |||||||||
China Petroleum and Chemical Corporation Beijing Yanshan Branch |
16,357,331 | 12,927,351 | 19,934,903 | |||||||||
Nanjing Yangzi Petrochemical Refining Company Limited |
13,018,804 | 13,123,737 | 13,593,346 | |||||||||
Sinopec Catalyst Company Limited Beijing AUDA Branch |
12,932,621 | 14,549,120 | 13,243,628 | |||||||||
China Petroleum and Chemical Corporation Shanghai Petrol-Chemical Industry Institute |
| | 1,979,555 | |||||||||
BASF-YPC. Shanghai Company Limited |
| | 1,506,970 | |||||||||
Petro-Cyber Works Information Technology Company Limited |
| 83,894 | 197,124 | |||||||||
Sinopec Hainan Petrochemical Co., Ltd. |
| 160,937,378 | | |||||||||
Sinopec Catalyst Company Limited Nanjing Branch |
| 2,653,805 | | |||||||||
Sinopec Beijing Catalyst Company Limited |
5,898,896 | 1,235,865 | | |||||||||
BASF Gaoqiao Specialty Chemicals (Shanghai) Company Limited |
7,814,924 | 157,678 | | |||||||||
Shanghai Jinshan Trading Corporation |
32,366,400 | |||||||||||
|
|
|
|
|
|
|||||||
Total |
14,438,729,113 | 11,722,649,995 | 18,332,756,671 | |||||||||
|
|
|
|
|
|
59
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Purchasing engineering construction and maintenance services
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Sinopec Engineering Incorporation |
9,435,934 | 3,481,030 | 30,735,660 | |||||||||
Sinopec Shanghai Engineering Company Limited |
70,204,357 | 3,614,528 | 8,913,236 | |||||||||
Sinopec Ningbo Engineering Company Limited |
329,079 | 6,531,069 | 3,570,813 | |||||||||
Sinopec Ningbo Engineering Company Limited Shanghai Jinshan Branch |
18,939,059 | 5,231,665 | 3,150,482 | |||||||||
Petrochemical Engineering Quality Supervision Station |
72,075 | 499,900 | 280,300 | |||||||||
Sinopec Ningbo Engineering Company Limited Shanghai Branch |
| | 244,268 | |||||||||
China Petroleum and Chemical Co., Ltd., QILU Branch |
| | 216,981 | |||||||||
Shanghai Chemical Industry Park Logistics Company Limited |
| 2,293,009 | | |||||||||
Sinopec Nanjing Engineering Company Limited |
1,220,197 | 441,742 | | |||||||||
Shanghai Dongfang Engineering Consultants Co., Ltd. |
| 299,444 | | |||||||||
Sinopec Consulting Company Limited |
754,717 | | | |||||||||
Shanghai Petrochemical Machinery Manufacturing Company Limited |
150,094 | | | |||||||||
|
|
|
|
|
|
|||||||
Total |
101,105,512 | 22,392,387 | 47,111,740 | |||||||||
|
|
|
|
|
|
60
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Rental expenses
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Sinopec Shanghai Petrochemical Company Limited |
2,050,914 | 2,050,914 | 2,038,814 | |||||||||
|
|
|
|
|
|
Issuing entrusted loan
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Sinopec Corp. |
| 4,000,000,000 | | |||||||||
|
|
|
|
|
|
Recovering entrusted loan
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Sinopec Corp. |
| 2,000,000,000 | 2,000,000,000 | |||||||||
|
|
|
|
|
|
Interest income from entrusted loans
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Sinopec Corp. |
| 58,535,901 | 46,328,616 | |||||||||
|
|
|
|
|
|
61
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Consulting service fee
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Petro-Cyber Works Information Technology Company Limited |
3,101,213 | 23,148,656 | 14,597,690 | |||||||||
China Sinopec Corporation Qingdao Institute of Safety Engineering |
2,800,853 | 3,468,491 | 2,076,967 | |||||||||
China Petroleum and Chemical Corporation Beijing Research Institute of Chemical Industries |
1,603,774 | 1,186,151 | 558,019 | |||||||||
Information Technology Branch of Sinopec Refining and Chemical Engineering (Group) Co., Ltd. |
| | 138,867 | |||||||||
Sinopec Tendering Company Limited |
| 189,761 | 94,340 | |||||||||
Sinopec Consulting Company Limited |
| | 87,264 | |||||||||
Shanghai Petrochemical Machinery Manufacturing Company Limited |
| | 84,528 | |||||||||
Sinopec Publishing House Co., Ltd. |
| | 45,871 | |||||||||
Sinopec Europa Gmbh |
| 576,088 | 17,369 | |||||||||
Shanghai Chemical Industry Park Logistics Company Limited |
939,881 | 1,309,586 | | |||||||||
Sinopec Ningbo Engineering Company Limited |
| 188,679 | | |||||||||
China petrochemical International Enterprise Company Limited Ningbo Bidding Center |
| 39,057 | | |||||||||
Shanghai Huayi Information Technology Company Limited |
7,390,272 | | | |||||||||
|
|
|
|
|
|
|||||||
Total |
15,835,993 | 30,106,469 | 17,700,915 | |||||||||
|
|
|
|
|
|
62
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Transportation service fee
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Shanghai Chemical Industry Park Logistics Company Limited |
109,660,856 | 114,227,900 | 115,224,861 | |||||||||
|
|
|
|
|
|
The above transactions with related parties were conducted under normal commercial terms or relevant agreements.
(b) | The balances of transactions with related parties as at 31 December are set out as follows: |
Accounts receivable
2020 | 2021 | |||||||
RMB | RMB | |||||||
Shanghai Sinopec Mitsui Elastomers Company Limited |
23,901,121 | 24,609,303 | ||||||
China Jinshan Associated Trading Corporation |
15,489,177 | 5,663,355 | ||||||
Sinopec Chemical Commercial Holding Company Limited Huadong Branch |
25,082,111 | 2,232,207 | ||||||
Sinopec Shanghai Sales Company Limited |
| 1,345,776 | ||||||
Sinopec Shanghai Petrochemical Company Limited |
89,572,562 | | ||||||
|
|
|
|
|||||
Total |
154,044,971 | 33,850,641 | ||||||
|
|
|
|
Financial assets at fair value through other comprehensive income
2020 | 2021 | |||||||
RMB | RMB | |||||||
China Jinshan Associated Trading Corporation |
| 24,480,000 | ||||||
Sinopec Chemical Commercial Holding Company Limited Huadong Branch |
33,000,000 | | ||||||
|
|
|
|
|||||
Total |
33,000,000 | 24,480,000 | ||||||
|
|
|
|
63
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Advances to suppliers
2020 | 2021 | |||||||
RMB | RMB | |||||||
Sinopec Beijing Catalyst Company Limited |
| 18,280,685 | ||||||
|
|
|
|
Other current assets-entrusted loans | ||||||||
2020 | 2021 | |||||||
RMB | RMB | |||||||
Sinopec Corp. |
2,000,000,000 | | ||||||
|
|
|
|
64
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Contract Liabilities
2020 | 2021 | |||||||
RMB | RMB | |||||||
China Jinshan Associated Trading Corporation |
| 1,374,802 | ||||||
Yihua Bona Fabric Company Limited |
80,387 | | ||||||
Shanghai Jinchang Engineering Plastics Company Limited |
6,240 | | ||||||
|
|
|
|
|||||
Total |
86,627 | 1,374,802 | ||||||
|
|
|
|
Accounts payable
2020 | 2021 | |||||||
RMB | RMB | |||||||
China Petroleum and Chemical Corporation Zhenhai Refining Branch |
121,567,901 | 410,286,919 | ||||||
China International United Petroleum and Chemical Company Limited |
124,320,184 | 164,575,394 | ||||||
Sinopec Shanghai Gaoqiao Petrochemical Company Limited |
41,432,579 | 130,646,973 | ||||||
Sinopec Qingdao Refining&Chemical Company Limited |
42,359,460 | 74,953,420 | ||||||
Sinopec Shanghai Petrochemical Company Limited |
12,675,237 | 22,363,326 | ||||||
Sinopec Catalyst Company Limited Shanghai Branch |
12,341,998 | 17,258,591 | ||||||
Sinopec Chemical Commercial Holding Company Limited Huadong Branch |
63,990,530 | 17,203,042 | ||||||
Shanghai Chemical Industry Park Logistics Company Limited |
17,033,990 | 16,564,103 | ||||||
China Petroleum and Chemical Corporation Jinling Branch |
77,117,560 | 8,361,978 | ||||||
Sinopec Catalyst Company Limited Beijing AUDA Branch |
4,849,699 | 5,160,796 | ||||||
Shanghai Leader Catalyst Company Limited |
9,028,567 | 3,515,961 | ||||||
Sinopec Engineering Incorporation |
3,481,030 | 3,481,030 | ||||||
Sinopec Ningbo Engineering Company Limited |
4,254,440 | 2,335,709 | ||||||
Sinopec Shanghai Engineering Company Limited |
2,483,579 | 1,874,373 | ||||||
China Jinshan Associated Trading Corporation |
23,089,682 | 1,585,234 |
65
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
Petro-Cyber Works Information Technology Company Limited |
18,593,553 | 1,518,474 | ||||||
Nanjing Yangzi Petrochemical Refining Company Limited |
1,257,138 | 1,456,195 | ||||||
Sinopec Beijing Catalyst Company Limited |
1,235,865 | 1,235,865 | ||||||
China Petroleum and Chemical Corporation Beijing Research Institute of Chemical Industries |
591,000 | 591,000 | ||||||
BASF-YPC. Shanghai Company Limited |
| 355,500 | ||||||
China Petroleum and Chemical Corporation Shanghai Petrol-Chemical Industry Insti Tute |
| 349,904 | ||||||
Sinopec Ningbo Engineering Company Limited Shanghai Jinshan Branch |
5,431,441 | 158,500 | ||||||
Sinopec Nanjing Engineering Company Limited |
751,454 | 77,403 | ||||||
Sinopec Publishing House Co., Ltd. |
| 45,871 | ||||||
China Petroleum and Chemical Corporation Guangzhou Branch |
11,479,100 | | ||||||
Sinopec Catalyst Company Limited Nanjing Branch |
2,653,805 | | ||||||
Shanghai Dongfang Engineering Consultants Co., Ltd. |
299,444 | | ||||||
China Sinopec Corporation Qingdao Institute of Safety Engineering |
271,321 | | ||||||
Shanghai Huayi Information Technology Company Limited |
241,662 | | ||||||
Basf Gaoqiao Specialty Chemicals (Shanghai) Company Limited |
157,678 | | ||||||
Petrochemical Engineering Quality Supervision Station |
156,000 | | ||||||
Sinopec Hainan Petrochemical Co., Ltd. |
76,838 | | ||||||
China Petroleum and Chemical Corporation Beijing Yanshan Branch |
3,790 | | ||||||
|
|
|
|
|||||
Total |
603,226,525 | 885,955,561 | ||||||
|
|
|
|
66
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
48 | Reconciliation to United States generally accepted accounting principles |
The financial statements have been prepared in accordance with Accounting Standards for Business Enterprises in the Peoples Republic of China (CAS), which differ in certain respects from accounting principles generally accepted in the United States of America (U.S. GAAP). The significant differences are described in the reconciliation tables below. Other differences do not have a significant effect on either net profit or owners equity. The effects of the significant adjustments to net profit for the years ended 31 December 2019, 2020 and 2021 which would be required if U.S. GAAP were to be applied instead of CAS are summarized as follows:
2019 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | ||||||||||
Net profit under CAS |
3,383,585,735 | 2,412,799,656 | 3,125,903,862 | |||||||||
Adjustments: |
||||||||||||
Employees bonus and welfare fund (a) |
(500,000 | ) | (148,099 | ) | | |||||||
|
|
|
|
|
|
|||||||
Net profit under U.S. GAAP |
3,383,085,735 | 2,412,651,557 | 3,125,903,862 | |||||||||
|
|
|
|
|
|
The effects of the significant adjustments to owners equity as at 31 December 2020 and 2021 which would be required if U.S. GAAP were to be applied instead of CAS are summarized as follows:
2020 | 2021 | |||||||
RMB | RMB | |||||||
Owners equity under CAS |
13,714,154,878 | 6,367,541,407 | ||||||
Adjustments: |
||||||||
Employees bonus and welfare fund (a) |
76,283,722 | 76,283,722 | ||||||
|
|
|
|
|||||
Owners equity under U.S. GAAP |
13,790,438,600 | 6,443,825,129 | ||||||
|
|
|
|
(a) | Employees bonus and welfare fund |
In accordance with the Law of the PRC on Chinese-Foreign Equity Joint Ventures and the Companys Articles of Association, the Company appropriated the employees bonus and welfare fund of net profit after setting off accumulated losses of previous years and before profit distributions to the investors.
67
SHANGHAI SECCO PETROCHEMICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2019, 2020 AND 2021 (AMOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ARE NOT COVERED BY THE INDEPENDENT AUDITORS REPORT INCLUDED HEREIN)
(EXPRESSED IN RENMINBI YUAN)
The employees bonus and welfare fund is restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of it is allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor can it be distributed except under liquidation.
Under CAS, appropriation of the employees bonus and welfare fund is a liability in nature and accounted for as a transfer from undistributed profits to employees bonus and welfare fund, a liability account. Subsequent payment is accounted for as a release of the Companys liability.
Under U.S. GAAP, appropriation to the employees bonus and welfare fund is accounted for as a transfer from undistributed profits to the statutory reserves. Subsequent payment is accounted for as expenses or assets based on the usage of the payment, and proportionate undistributed profits and the statutory reserves are reversed concurrently.
68
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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 | |||
|
General Information |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 | |||
General information [abstract] | |||
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 Yuan per share. Detailed changes to share capital refers to note 31. 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 Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of 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.
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 ) . Significant accounting policies adopted by the Group are disclosed below. 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.
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:
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.
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:
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 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.
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:
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 interest in the acquired entity on an acquisition-by-acquisition non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the:
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 interests in the results and equity of subsidiaries are shown separately in the consolidated statement of financial position, consolidated statement of profit or loss, statement of profit or loss and other comprehensive income and changes in equity respectively.
The Group treats transactions with non-controlling interests that do not result in loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Group. 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.
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 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.
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.
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.
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.
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 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:
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 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 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 years.
Other non-current assets mainly represent patents and catalysts used in production. These assets are carried at cost less accumulated amortization and impairment losses. Other non-current assets are amortized on a straight-line basis over the respective periods of the rights and the estimated useful lives of the catalysts, as follows:
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.
Non-equity investments held by the Group are classified into one of the following measurement categories:
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) such that subsequent changes in fair value are recognized in other comprehensive income. Such elections are made on an instrument-by-instrument (non-recycling) until the investment is disposed of. At the time of disposal, the amount accumulated in the fair value reserve (non-recycling) is transferred to retained earnings. It is not recycled through profit or loss. Dividends from an investment in equity securities, irrespective of whether classified as at FVPL or FVOCI, are recognized in profit or loss as other income in accordance with the policy set out in note 2.28.
The Group recognizes a loss allowance for expected credit losses (ECLs) on the following items:
Other financial assets measured at fair value, including equity securities designated at FVOCI (non-recycling) and derivative financial assets, are not subject to the ECL assessment. 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:
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:
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 ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs. 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:
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:
Write-off policy 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.
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:
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.
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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). A portion of the carrying amount of a corporate asset (for example, head office building) is allocated to an individual cash-generating unit if the allocation can be done on a reasonable and consistent basis, or to the smallest group of cash-generating units if otherwise.
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).
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.
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)).
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 asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. 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 asset (such as inventory), the deferred hedging gains and losses are included within the initial cost of the asset. The deferred amounts are ultimately recognized in the statement of profit or loss as the hedged item affects profit or loss (for example through cost of sales). 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 asset such as inventory. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to Other gains – net. 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 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.
A contract liability is recognized when the customer pays non-refundable consideration before the Group recognizes the related revenue (see note 2.26). A contract liability would also be recognized if the Group has an unconditional right to receive non-refundable consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized (see note 2.16). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see note 2.27).
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)).
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).
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.
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 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 liabilities. 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 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 for liquidity services and amortized over the period of the facility to which it relates. 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.
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.
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.
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.
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 .
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.
Salaries, annual bonuses, paid annual leave and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.
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.
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 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 rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense. 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 of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.
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.
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 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 is recognized when the right to receive payment is established.
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.
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:
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:
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
Right-of-use
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 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 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:
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.
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.
All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated. |
Financial Risk Management |
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Disclosure of nature and extent of risks arising from financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial risk management |
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.
The Group has the following derivative financial instruments in the following line items in the statement of financial position:
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.
For information about the methods and assumptions used in determining the fair value of derivatives refer to note 3.3.
The following table provides a reconciliation of the hedging reserve in respect of commodity price risk and shows the effectiveness of the hedging relationships:
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:
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.
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:
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.
As at 31 December 2021, if interest rates on the floating rate financial instruments had risen/fallen by basis points while all other variables had been held constant, 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.
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).
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 by these counterparties. 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:
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 action is taken to recover overdue debts. In addition, the Group reviews regularly the recoverable amount of each individual trade receivables to ensure that adequate impairment losses are made for irrecoverable amounts. Significant concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. As at 31 December 2021, 69.50% and 81.80% of the total trade receivables were due from the Group’s largest customer and the five largest customers respectively within the Group (31 December 2020: 49.79% and 85.28%). 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.
The Group has three types of financial assets that are subject to the expected credit loss model:
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:
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.
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.
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.
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:
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:
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 and estimates |
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CriticalAccountingEstimatesAndAssumptionsAbstract [Abstract] | |||||||||||||||
Critical accounting judgement and estimates |
In the process of applying the Group’s accounting policies, management has made the following accounting judgement:
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.
Significant sources of estimation uncertainty are as follows:
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.
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.
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 |
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Other profit and loss disclosures
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 59,766,489 thousand (2019: RMB42,657,975 thousand, 2020 : RMB38,651,385 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 |
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Other operating income |
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 |
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Other operating expenses |
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Other gains - net |
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Other gains - net |
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 |
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Finance income and expenses |
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Expense by Nature |
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Expense by nature |
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Employee Benefit Expenses |
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Employee benefit expenses |
For the years ended 31 December 2019, 2020 and 2021, all 5 individuals with the highest emoluments are directors and supervisors whose emoluments are disclosed in note 38.
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)
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Income Tax (Expenses)/ Benefits |
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Income tax [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax (expenses)/ benefits |
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:
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 .
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.
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:
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Earnings per Share |
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Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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 |
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Other non-current assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets |
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 |
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Disclosure of quantitative information about leases for lessee [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
The statement of financial position shows the following amounts relating to leases:
For the year ended 31 December 2021, additions to the right-of-use At 31 December 2021, the lease liabilities were repayable as follows:
The statement of profit or loss shows the following amounts relating to leases:
The total cash outflow for leases in 2021 was RMB24,482 thousand (2019: RMB94,441 thousand, 2020: RMB20,204 thousand). |
Property, Plant and Equipment |
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Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment |
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 ratio of 10% and reflects specific risks relating to the Group.
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 |
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Disclosure of detailed information about investment property [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment properties |
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.
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 operating leases in place at the reporting date will be receivable by the Group in future periods as follows :
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Construction in Progress |
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Construction in progress [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress |
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 |
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Disclosure of subsidiaries [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
a. The total comprehensive income attributable to non-controlling interests for the year ended 31 December 2021 is RMB3,175 thousand (2019: loss of RMB11,437 thousand, 2020: RMB11,326 thousand). 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 the Equity Method |
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Investments accounted for using equity method [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using the equity method |
The amounts recognized in the statement of financial position are as follows:
The amounts recognized in the share of net profits of associates and joint ventures accounted for using the equity method are as follows:
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:
There are no contingent liabilities relating to the Group’s interest in the associates.
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.
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
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
Aggregate information of associates that are not individually material:
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:
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
As at 31 December 2021
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
Summarized statement of comprehensive income for joint ventures (continued) 2020
2021
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Inventories |
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Inventories |
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 |
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Trade and other receivables |
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:
Movements in the loss allowance account in respect of trade and other receivables during the period is as follows:
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 |
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Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
Reconciliation of profit before taxation to cash generated from operations
Amounts included in the cash flow statement for leases comprise the following:
These amounts relate to the following:
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Time Deposits With Banks |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments held [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits with banks |
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 assets in the statement of financial position (31 December 2020: 3.85% to 4.20% per annum). |
Financial Assets at Fair Value Through Other Comprehensive Income |
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Financial assets at fair value through other comprehensive income [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
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 156,737 thousand and RMB 307,275 thousand respectively. |
Borrowings |
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Borrowings [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings |
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 |
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Short term bonds [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term bonds |
In August 2020, the Company issued 169-day short-term bonds of face value RMB3,000,000 thousand to institutional investors in inter-bank bond market. The effective yield of the short-term bonds is 1.70% per annum. The short-term bonds have been settled after their maturity in 2021. |
Trade and Other Payables |
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Trade and other payables [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables |
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 bearing, and their fair value, approximated their carrying amounts due to their short maturities. 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:
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Contract Liabilities |
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Contract liabilities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract liabilities |
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 |
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Accruals and deferred income including contract liabilities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income |
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Share Capital |
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Share capital |
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Reserves |
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Disclosure of reserves within equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves |
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 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. (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 |
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Disclosure of transactions between related parties [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-party transactions |
The following is a list of the Group’s major related parties:
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.
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:
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:
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.
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.
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:
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:
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.
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.
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 |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend |
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.
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Commitments |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Commitments [abstract] | |||||||||||||||||||||||||||||||||||||||
Commitments |
Capital commitments outstanding at 31 December 2021 not provided for in the financial statements were as follows:
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Subsequent Event |
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Dec. 31, 2021 | |||||||||
Subsequent event [abstract] | |||||||||
Subsequent event |
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 and Equity Movement of the Company |
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Balance sheet and reserve movement of the Company [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of financial position and equity movement of the Company |
Approved and authorized for issue by the Board of Directors on 27 April 2022.
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Benefits and Interests of Directors and Supervisors |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits and interests of directors and supervisors [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits and interests of directors and Supervisors |
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, New Standards and Interpretations Issued But Not Yet Effective for the Year Ended 31 December 2021 |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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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 |
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.
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 Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation |
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 ) . Significant accounting policies adopted by the Group are disclosed below. 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.
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:
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.
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:
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. |
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Subsidiaries |
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.
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:
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 interest in the acquired entity on an acquisition-by-acquisition non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the:
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 interests in the results and equity of subsidiaries are shown separately in the consolidated statement of financial position, consolidated statement of profit or loss, statement of profit or loss and other comprehensive income and changes in equity respectively.
The Group treats transactions with non-controlling interests that do not result in loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Group. 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.
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. |
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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. |
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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. |
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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. |
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Foreign currency translation |
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.
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. |
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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:
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. |
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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. |
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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 years. |
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Other non-current assets |
Other non-current assets mainly represent patents and catalysts used in production. These assets are carried at cost less accumulated amortization and impairment losses. Other non-current assets are amortized on a straight-line basis over the respective periods of the rights and the estimated useful lives of the catalysts, as follows:
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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.
Non-equity investments held by the Group are classified into one of the following measurement categories:
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) such that subsequent changes in fair value are recognized in other comprehensive income. Such elections are made on an instrument-by-instrument (non-recycling) until the investment is disposed of. At the time of disposal, the amount accumulated in the fair value reserve (non-recycling) is transferred to retained earnings. It is not recycled through profit or loss. Dividends from an investment in equity securities, irrespective of whether classified as at FVPL or FVOCI, are recognized in profit or loss as other income in accordance with the policy set out in note 2.28. |
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Credit losses and impairment of assets |
The Group recognizes a loss allowance for expected credit losses (ECLs) on the following items:
Other financial assets measured at fair value, including equity securities designated at FVOCI (non-recycling) and derivative financial assets, are not subject to the ECL assessment. 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:
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:
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 ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs. 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:
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:
Write-off policy 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.
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:
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.
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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). A portion of the carrying amount of a corporate asset (for example, head office building) is allocated to an individual cash-generating unit if the allocation can be done on a reasonable and consistent basis, or to the smallest group of cash-generating units if otherwise.
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).
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.
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)). |
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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 asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. 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 asset (such as inventory), the deferred hedging gains and losses are included within the initial cost of the asset. The deferred amounts are ultimately recognized in the statement of profit or loss as the hedged item affects profit or loss (for example through cost of sales). 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 asset such as inventory. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to Other gains – net. 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. |
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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. |
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Contract liabilities |
A contract liability is recognized when the customer pays non-refundable consideration before the Group recognizes the related revenue (see note 2.26). A contract liability would also be recognized if the Group has an unconditional right to receive non-refundable consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized (see note 2.16). When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see note 2.27). |
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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)). |
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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). |
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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. |
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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. |
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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 liabilities. 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. |
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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 for liquidity services and amortized over the period of the facility to which it relates. 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. |
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Borrowing 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. |
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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.
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.
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 .
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. |
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Employee benefits |
Salaries, annual bonuses, paid annual leave and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.
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.
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. |
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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 rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense. 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 of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. |
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Revenue recognition |
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.
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. |
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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. |
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Dividend income |
Dividend income is recognized when the right to receive payment is established. |
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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. |
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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:
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:
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
Right-of-use
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. |
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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. |
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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:
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. |
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Related parties |
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. |
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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 Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Summary of estimated useful lives of property, plant and equipment |
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Summary of estimated useful lives of other non-current assets |
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Previously stated [member] | ||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Summary of estimated useful lives of other non-current assets |
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Financial Risk Management (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments |
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Reconciliation of hedging reserve in respect of commodity price risk and effectiveness of hedging relationships |
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Reconciliation of hedging reserves in statement of profit or loss |
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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:
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Net reversal of impairment losses on financial assets recognized in income statement |
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Maturity analysis for financial liabilities |
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Recurring fair value measurements |
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Changes in level 3 items |
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Schedule Of Interest Rate Financial Instruments |
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Segment Information and Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information |
Other profit and loss disclosures
|
Other Operating Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income |
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 (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses |
|
Other gains - net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other gains - net [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other gains - net |
|
Finance Income and Expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income and expenses [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income and expenses |
|
Expense by Nature (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses by nature [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense by nature |
|
Employee Benefit Expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classes of employee benefits expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefit expenses |
|
Income Tax (Expenses)/ Benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of major components of income tax expense |
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Summary of reconciliation of expected income tax and actual income tax |
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Summary of current taxation in the consolidated statement of financial position |
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Summary of movements in deferred tax assets and liabilities |
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Summary of tax losses carried forward and not recognised as deferred tax assets |
|
Earnings per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of earnings per share, basic |
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Other Non-current Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other non-current assets |
|
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 |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Maturity analysis for lease liabilities | At 31 December 2021, the lease liabilities were repayable as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Income statement amounts relating to leases |
|
Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of property, plant and equipment |
|
Investment Properties (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about investment property [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of investment properties |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of maturity analysis of operating lease payments | Undiscounted lease payments under non-cancellable operating leases in place at the reporting date will be receivable by the Group in future periods as follows :
|
Construction in Progress (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress |
|
Subsidiaries (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of major subsidiaries |
|
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 |
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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:
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Joint ventures [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of investments in associates/joint ventures |
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Summary of principal activities of material associates/joint ventures |
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Summarized statement of financial position | As at 31 December 2020
As at 31 December 2021
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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
Summarized statement of comprehensive income for joint ventures (continued) 2020
2021
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Associates [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of investments in associates/joint ventures |
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Summarized financial information for associates/joint ventures | Aggregate information of associates that are not individually material:
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Material associates [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of principal activities of material associates/joint ventures |
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Summarized statement of financial position | Summarized statement of financial position for material associates
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Summarized statement of comprehensive income | Summarized statement of comprehensive income for material associates
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Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Classes of current inventories [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
|
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 |
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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:
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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:
|
Cash and cash equivalents (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Cash and cash equivalents [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash and cash equivalents |
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Reconciliation of profit before taxation to cash used in operation | Reconciliation of profit before taxation to cash generated from operations
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Reconciliation of liabilities arising from financing activities | Reconciliation of liabilities arising from financing activities
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Summary of Cash flow Statement for Leases | Amounts included in the cash flow statement for leases comprise the following:
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Summary of Lease Rentals | These amounts relate to the following:
|
Time Deposits With Banks (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time Deposits With Banks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Time Deposits With Banks |
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Financial Assets At Fair Value Through Other Comprehensive Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 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 156,737 thousand and RMB 307,275 thousand respectively. |
Borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of borrowings |
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Summary of analysis of the repayment schedule of borrowings |
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Short-Term Bonds (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term bonds [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of short-term bonds |
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Trade and Other Payables (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of summary of trade and other payables |
(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. |
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Disclosure of summary of aging analysis of trade payables |
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Contract Liabilities (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract liabilities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about contracts liabilities [Text Block] |
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Deferred Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruals and deferred income including contract liabilities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income |
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Share Capital (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share capital |
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Reserves (Tables) |
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Disclosure of reserves within equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves |
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 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. (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 (Tables) |
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Disclosure of transactions between related parties [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of major related parties | The following is a list of the Group’s major related parties:
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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:
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Other transactions between the Group and Sinopec Group and its subsidiaries, associates and joint ventures of the Group |
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Summary of amounts due from/to related parties |
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Summary of key personnel compensations |
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Commitments with related parties |
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Investment commitments with related parties |
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.
|
Dividend (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Year |
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|||||||||||||||||||||||||||||||||||||||||||||||
Summary of Dividends Payable to Equity Shareholders of the Company Attributable to the Previous Financial Year |
|
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:
|
Statement of Financial Position and Equity Movement of the Company (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet and reserve movement of the Company [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of financial position of the Company |
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Statement of equity movement of the Company |
|
Benefits and Interests of Directors and Supervisors (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits and interests of directors and supervisors [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of directors' and supervisors' emoluments |
|
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 |
|
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 Fifteenth Meeting of the Seventh Term of Board of Directors) (Details) shares in Thousands |
Dec. 31, 2021
shares
|
---|---|
Sinopec Shanghai Petrochemical Company Limited ("the Company") [member] | |
General information [line items] | |
Total shares of the Company | 10,823,814 |
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 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 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 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 (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 (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, 2021
CNY (¥)
| |
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 (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 (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 (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 (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 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 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 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 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 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 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 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) - 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 | ||
|
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) - 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 | ||
|
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) - 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 (Details) ¥ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
CNY (¥)
|
Dec. 31, 2020
CNY (¥)
|
Dec. 31, 2019
CNY (¥)
|
|
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) / 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) / 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) / 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) / 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) / 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) - 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 (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 (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 (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 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 Liabilities) (Detail) ¥ in Thousands |
Dec. 31, 2021
CNY (¥)
|
---|---|
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 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 (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 (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 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 (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 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 (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 Subsidiaries of the Group) (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Aug. 23, 2019
CNY (¥)
|
Dec. 31, 2021
CNY (¥)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
CNY (¥)
|
Dec. 31, 2019
CNY (¥)
|
|
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 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 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 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 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 Using the Equity Method (Principal Activities of Material Associates) (Details) - CNY (¥) |
12 Months Ended | ||||
---|---|---|---|---|---|
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 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 | |||
|
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 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 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 Using the Equity Method (Principal Activities in Joint Ventures) (Details) ¥ in Thousands, $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021
CNY (¥)
|
Dec. 31, 2021
CNY (¥)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
CNY (¥)
|
Dec. 31, 2019
CNY (¥)
|
|
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 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 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) - 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) (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 - 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 - 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 - 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 (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 | ||
|
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 -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 - 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 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 | ||
|
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 - 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 Value Through Other Comprehensive Income - Additional Information (Detail) ¥ in Thousands |
Dec. 31, 2021
CNY (¥)
|
---|---|
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 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 | ||
|
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 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 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 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 Information (Details) ¥ in Thousands |
1 Months Ended |
---|---|
Aug. 31, 2020
CNY (¥)
| |
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 - 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 | ||
|
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) - 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) - 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) - 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) - 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 | ||||||||||||||||
|
Reserves - Additional Information (Details) ¥ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2021
CNY (¥)
| |
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 (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 (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 (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 (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 | |||
|
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 (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 (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 | |||||
|
Related-Party Transactions (Investment Commitments with Related Parties, Narrative) (Details) ¥ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2021
CNY (¥)
|
Aug. 31, 2019
CNY (¥)
|
Dec. 31, 2021
CNY (¥)
|
Dec. 31, 2020
CNY (¥)
|
Sep. 07, 2021
CNY (¥)
|
Dec. 05, 2013
USD ($)
|
Dec. 05, 2013
CNY (¥)
|
|
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 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 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 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 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 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) - CNY (¥) ¥ / shares in Units, ¥ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
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 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 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 | ||||||||||||||||
|
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 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, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 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. 01, 2023 |
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