2023-03-26 16:00Financial Performance - In 2022, the total revenue reached RMB 3,318,168 million, an increase of 21.06% compared to RMB 2,740,884 million in 2021[7] - The net profit attributable to shareholders of the parent company was RMB 66,302 million, a decrease of 6.89% from RMB 71,208 million in 2021[7] - The operating profit for 2022 was RMB 96,414 million, down 14.23% from RMB 112,414 million in 2021[7] - The net cash flow from operating activities was RMB 116,269 million, a significant decrease of 48.36% compared to RMB 225,174 million in 2021[7] - The basic earnings per share for 2022 were RMB 0.548, a decrease of 6.80% from RMB 0.588 in 2021[7] - The company reported a decrease in net profit after deducting non-recurring gains and losses to RMB 57,182 million, down 20.82% from RMB 72,220 million in 2021[7] - Basic earnings per share (EPS) after excluding non-recurring gains and losses decreased by 20.77% to 0.473 from 0.597[8] - Weighted average return on equity (ROE) fell by 0.85 percentage points to 8.50% from 9.35%[8] - The company's profit attributable to shareholders was RMB 66,153 million, down 8.1% from the previous year[44] - The company's pre-tax profit was RMB 94,400 million, reflecting a decrease of 13.5% compared to the previous year[44] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 1,948,640 million, reflecting a 3.1% increase from RMB 1,889,255 million in 2021[7] - The total liabilities increased by 3.9% to RMB 1,011,487 million in 2022 from RMB 973,214 million in 2021[7] - The asset-liability ratio increased by 0.40 percentage points to 51.91% from 51.51%[8] - The company's total liabilities increased by RMB 38.22 billion year-on-year to RMB 1,012.40 billion, with current liabilities rising by RMB 26.11 billion[60] - The company's non-current liabilities at the end of 2022 were RMB 344.1 billion, an increase of RMB 12.17 billion from the previous year[69] Cash Flow and Investments - Cash and cash equivalents decreased by 34.7% to RMB 145,052 million from RMB 221,989 million[10] - The company plans to invest RMB 165.8 billion in capital expenditures for 2023[20] - The company plans to produce 280.23 million barrels of crude oil and 12,918 billion cubic feet of natural gas in 2023[36] - Capital expenditure for 2023 is planned at RMB 165.8 billion, with RMB 74.4 billion for exploration and development projects[37] - The company achieved a net operating income of RMB 1.79 billion in 2022, a year-on-year increase of RMB 4.5 billion, primarily due to improved procurement strategies[59] Market and Production - The company achieved a total revenue of RMB 3.32 trillion in 2022, with a net profit attributable to shareholders of RMB 66.15 billion[13] - The company reported a historical high in domestic oil and gas equivalent production, achieving the best profit level since the 13th Five-Year Plan[13] - In 2022, the company's oil equivalent production reached 488.99 million barrels, a year-on-year increase of 1.9%[20] - Domestic crude oil production was 250.79 million barrels, up 0.5% compared to 2021[20] - The total processed crude oil volume in 2022 was 242.27 million tons, a decrease of 5.1% compared to 255.28 million tons in 2021[27] Dividends and Shareholder Returns - The company proposed a final cash dividend of RMB 0.195 per share for 2022, in addition to the interim dividend of RMB 0.16 per share[3] - The proposed final cash dividend is RMB 0.195 per share, resulting in a total dividend payout ratio of approximately 71% for the year[13] - The cash dividend amount for 2022 was RMB 0.355 per share, down from RMB 0.47 in 2021[171] - Total cash dividends, including other methods like share buybacks, amounted to RMB 46.93 billion in 2022, a decrease of 17.5% from RMB 56.90 billion in 2021[171] Governance and Compliance - China Petroleum & Chemical Corporation (Sinopec) has implemented a comprehensive governance structure, aligning with the latest regulatory requirements and enhancing internal control systems[72] - Sinopec has received an A-level rating for information disclosure from the Shanghai Stock Exchange, reflecting its commitment to transparency and investor relations[72] - The company has established a performance evaluation and incentive mechanism for senior management, ensuring fair and transparent assessments[76] - The board of directors evaluated its performance and confirmed effective execution of diversity policies, ensuring a mix of backgrounds and expertise among board members[165] - The company has established a whistleblower mechanism for reporting concerns related to accounting and internal controls, ensuring confidentiality for reporters[92] Environmental and Social Responsibility - The company achieved an 8.3% year-on-year reduction in wastewater COD emissions and a 4.0% decrease in sulfur dioxide emissions, with a solid waste disposal rate of 100%[120] - Sinopec reduced greenhouse gas emissions by 2.46 million tons of CO2 equivalent and recovered 1.534 million tons of CO2 during the reporting period[121] - The company implemented a comprehensive environmental management system, including the construction of pollution prevention facilities that operated effectively throughout the reporting period[125] - The company invested RMB 2.11 billion in assistance programs, with a 10% year-on-year increase, and trained 65,300 individuals[129] Strategic Initiatives and Future Plans - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[101] - New product development initiatives are underway, with an investment of $1 billion allocated for R&D in clean energy technologies over the next three years[102] - The company aims to reduce operational costs by 5% through digital transformation initiatives by the end of 2024[102] - The company is committed to sustainability, with a goal to reduce carbon emissions by 30% by 2030[102] Related Party Transactions - The actual amount of related party transactions for the year was RMB 244.36 billion, accounting for 7.31% of similar transactions, including RMB 231.83 billion for products and services[155] - The independent directors confirmed that the related transactions are part of the company's daily operations and are conducted on normal commercial terms[156] - The company has engaged external auditors to report on the related party transactions, which received an unqualified opinion[156] Employee and Management Structure - As of December 31, 2022, Sinopec had a total of 374,791 employees, with 288,138 retirees[114] - The gender ratio among all employees at Sinopec is 2.2:1, while the ratio among senior management is 14.1:1[114] - The company has a diverse supervisory board with members holding various professional qualifications, including senior accountants and engineers[106] - The total remuneration for the chairman and executive directors in 2022 amounted to RMB 170.48 million and RMB 141.68 million respectively[104]