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Shanghai Petrochemical Announces 2013 Annual Results

Stocks in this article: SHI













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%.



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