|By PR Newswire||
|March 28, 2014 03:26 AM EDT||
HONG KONG, March 28, 2014 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the audited operating results of the Company and its subsidiaries (the "Group") for the year ended December 31, 2013 (the "Year").
Under the International Financial Reporting Standards ("IFRS"), revenue of the Group for the Year amounted to RMB115,490.3 million, representing an increase of 24.17% over the previous year. Net profit attributable to owners of the Company amounted to RMB2,055.3 million (2012: net loss attributable to owners of the Company of RMB1,528.4 million). Based on the Company's total issued share capital of 10.8 billion shares as of 31 December 2013, basic earnings per share was RMB0.190 (2012: basic loss per share of RMB0.142). The Company implemented the interim dividend distribution of five additional shares as well as an interim cash dividend of RMB0.50 (including tax) for every 10 shares last year. The Board proposed to distribute a dividend of RMB0.50 per 10 shares (including tax), based on a total number of 10.8 billion shares as at 31 December 2013.
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In 2013, the petroleum and petrochemical markets in China remained sluggish, complicated by factors such as increased downward pressure on the economy, a weak recovery in downstream demand and significant problems with overcapacity. Facing such complex market conditions, the Group focused on its target of establishing a refining and petrochemical enterprise which is 'Leading in China, First-class in the world' and improved the quality and efficiency of development. With its market-orientated approach, the Group took full advantage of its Refinery Revamping Expansion Project by working on aspects of production, operation and development so as to improve the safety and environmental-friendliness of its plants, maintain stable production and operations, and further develop its optimization programmes. The Company's major production facilities recorded stable and high volumes of through-put. Remarkable results were achieved through meticulous management, bring significant improvements to efficiency."
For the year ended December 31, 2013, the Group's net sales amounted to RMB105,503.2 million, representing an increase of 20.97% from RMB87,217.3 million over the previous year. Since the petrochemical market remained sluggish and the market prices of petrochemical products fell substantially, the weighted average prices (excluding tax) of the Group's synthetic fibres, intermediate petrochemical products, and petroleum products decreased by 1.83%, 11.08% and 0.15% from 2012, respectively. The weighted average price (excluding tax) of resins and plastics increased by 1.92% over that of 2012.
In 2013, physical production volumes experienced substantial growth after the completion and operation of the Refinery Revamping Expansion Project of the Company, with the total volume of goods produced amounting to 15,604,300 tons, an increase of 31.75% over the previous year. During the year, the Group processed 15,667,800 tons of crude oil (including 811,800 tons of crude oil processed on a sub-contract basis), representing an increase of 39.97%. Total production output of gasoline, diesel and jet fuel amounted to 9,072,600 tons, representing an increase of 54.33%, with the Group producing 2,871,500 tons of gasoline, 4,931,200 tons of diesel and 1,269,900 tons of jet fuel, representing increases of 181.44%, 22.43% and 52.89%, respectively. The Group produced 953,300 tons of ethylene and 611,800 tons of propylene, representing increases of 4.22% and 21.29%, respectively. The Group produced 939,200 tons of paraxylene, representing an increase of 8.43%. The Group also produced 1,129,900 tons of synthetic resins and copolymers (excluding polyesters and polyvinyl alcohol), representing an increase of 3.90%; 877,100 tons of synthetic fibre monomers, representing a decrease of 13.64%; 523,500 tons of synthetic fibre polymers, representing a decrease of 17.70%; and 252,800 tons of synthetic fibres, representing an increase of 0.48%. Meanwhile, the Group continued to maintain a premium level of quality in its products. Its output-to-sales ratio and receivable recovery ratio were 100.07% and 100.00%, respectively. The value of the Group's annual imports and exports amounted to US$11,256 million, representing an increase of 24.84%.
In 2013, supply and demand in the world petroleum market remained relatively strong throughout the year, and international crude oil prices experienced severe fluctuations at a high level. The Group's total costs of crude oil processing reached RMB71,593.0 million in 2013, representing an increase of 28.91% compared to RMB55,538.0 million for the previous year. The Group's profit from operations amounted to RMB2,192.3 million in 2013, representing an increase in profit of RMB3,964.7 million as compared to a loss from operations of RMB1,772.4 million in the previous year.
In 2013, the completion and operation of the Refinery Revamping Expansion Project, which boosted the Company's ability to process high-sulfur crude oil and the production capacity for refined oil. This has enhanced the Company's product structure, with more potential for raw material optimization, much greater improvement in the raw material quality of ethylene and aromatics, and a clear decrease in production costs. In addition, the Company continued its effort in optimization and rectification work under the Refinery Revamping Expansion Project. During the year, it implemented 3,000 tonnes/year n-amylene and 100,000 tonnes/year EVA projects with a total investment of RMB1,317 million. Meanwhile, new products featuring new technologies and energy and water saving equipment projects were certified. A total of RMB7,742,000 in subsidies was granted by the Shanghai municipal government.
In 2013, the Company proactively communicated with the non-circulating A-Shares shareholder to carry out the tasks related to the A-share reform. The Company was notified by the controlling shareholder, China Petroleum & Chemical Corporation on the proposed the commencement of planning and preparation of the A-share reform scheme on 30 May. The Company disclosed the A-share reform scheme on 8 June and disclosed the adjusted share reform scheme on 20 June. The Company committed the best efforts through numerous means to secure the support of and enhance communication with the holders of A-share circulating shares, such as through roadshows, online interaction, telephone discussion and so forth. Finally, the A-shares reform scheme was approved. This matter of share reform, which has been an unresolved issue for the Company for many years, has finally reached a satisfactory conclusion.
Looking forward, Mr. Wang Zhiqing said, "The world economy will remain complicated in 2014. The petrochemical industry in China is expected to remain sluggish and the weak market trend for petrochemical products will be similar to that of 2013. Under the challenging conditions in production and operations, the Group will continue its efforts into safety and environmental protection, as well as ensure the stable operation of our facilities. We will continue to exploit the potential in its refining and renovation projects and the integrated refining system to achieve sustainable development."
Shanghai Petrochemical is one of the largest petrochemical companies in China in terms of sales revenue and was one of the first Chinese companies to complete a global securities offering. Located at Jinshanwei in southwest Shanghai, the Group is a highly integrated petrochemicals enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, due to the PRC government's implementation of macro-economic control measures to curb over-heating of the PRC economy; the risk of uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase, the Company may not be able to raise the prices of its products as appropriate, which would adversely affect the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by the management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of the management; the risk of competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable laws.
Consolidated Income Statement: http://photos.prnasia.com/prnk/20140328/8521401819
SOURCE Sinopec Shanghai Petrochemical Company Limited
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