Cash flow China Petroleum & Chemical Corporation

Equities

386 CNE1000002Q2

Oil & Gas Refining and Marketing

Market Closed - Hong Kong S.E. Other stock markets 03:08:03 2024-12-06 am EST			5-day change	1st Jan Change
4.310 ^HKD	+1.17%		+3.61%	+5.38%

Dec. 03	After decades, China sputters as engine of global oil demand growth	RE
Nov. 23	Tranche Update on China Petroleum & Chemical Corporation's Equity Buyback Plan announced on September 19, 2024.	CI

da3934944057664730a3516d1fd91e.3dwUJ6vN2KHs9dB4MFupfohh8-EOyzM8yKuv3r28jLE.lO5WcuSpisOAzLc-URraNcQVwZV2kVYRrOfhsNyL_tSLmSMXxayNy4qZ4A

Published financial data: CHINA PETROLEUM & CHEMICAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2,900B	2,049B	2,680B	3,257B	3,147B
Other Revenues, Total	64.49B	55.44B	59.99B	59.59B	63.99B
Total Revenues	2,965B	2,105B	2,739B	3,317B	3,211B
Cost of Goods Sold, Total	2,381B	1,594B	2,077B	2,685B	2,569B
Gross Profit	584B	511B	663B	632B	641B
Selling General & Admin Expenses, Total	137B	141B	158B	159B	168B
Exploration / Drilling Costs, Total	10.51B	9.72B	12.38B	10.59B	11.06B
Provision for Bad Debts	-	-	2.31B	-1.08B	-243M
Depreciation & Amortization - (IS)	109B	107B	116B	110B	114B
Impairment of Oil, Gas & Mineral Properties - (IS)	-	4.74B	-	-	775M
Other Operating Expenses	246B	234B	266B	271B	263B
Other Operating Expenses, Total	502B	496B	555B	550B	556B
Operating Income	81.81B	14.31B	108B	82.23B	85.69B
Interest Expense, Total	-17B	-15.19B	-15.02B	-16.77B	-18.07B
Interest And Investment Income	8.12B	42.55B	6.03B	20.33B	7.66B
Net Interest Expenses	-8.88B	27.35B	-8.99B	3.56B	-10.41B
Income (Loss) On Equity Invest.	12.78B	6.71B	23.25B	14.48B	6.2B
Currency Exchange Gains (Loss)	-170M	885M	276M	529M	1.32B
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	85.54B	49.26B	122B	101B	82.8B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-1.96B	-	-	-
Gain (Loss) On Sale Of Assets	-1.92B	398M	-3.06B	-722M	3B
Asset Writedown	-345M	-7.87B	-10.04B	-5.67B	-1.86B
Other Unusual Items	6.65B	8.3B	-	-	-
EBT, Incl. Unusual Items	89.93B	48.14B	109B	94.4B	83.93B
Income Tax Expense	17.89B	6.22B	23.32B	18.76B	16.07B
Earnings From Continuing Operations	72.03B	41.92B	85.85B	75.64B	67.86B
Net Income to Company	72.03B	41.92B	85.85B	75.64B	67.86B
Minority Interest	-14.57B	-8.83B	-13.88B	-9.49B	-9.55B
Net Income - (IS)	57.46B	33.1B	71.98B	66.15B	58.31B
Net Income to Common Incl Extra Items	57.46B	33.1B	71.98B	66.15B	58.31B
Net Income to Common Excl. Extra Items	57.46B	33.1B	71.98B	66.15B	58.31B
Per Share Items
Net EPS - Basic	0.47	0.27	0.59	0.55	0.49
Basic EPS - Continuing Operations	0.47	0.27	0.59	0.55	0.49
Basic Weighted Average Shares Outstanding	121B	121B	121B	121B	120B
Net EPS - Diluted	0.47	0.27	0.59	0.55	0.49
Diluted EPS - Continuing Operations	0.47	0.27	0.59	0.55	0.49
Diluted Weighted Average Shares Outstanding	121B	121B	121B	121B	120B
Normalized Basic EPS	0.32	0.18	0.52	0.44	0.35
Normalized Diluted EPS	0.32	0.18	0.52	0.44	0.35
Dividend Per Share	0.31	0.13	0.47	0.36	0.34
Payout Ratio	80.06	69.51	48.78	86.02	69.9
American Depositary Receipts Ratio (ADR)	100	100	100	100	100
Supplemental Items
EBITDA	176B	110B	207B	175B	182B
EBITA	84.17B	16.68B	110B	84.53B	87.94B
EBIT	81.81B	14.31B	108B	82.23B	85.69B
EBITDAR	180B	116B	209B	180B	184B
Total Revenues (As Reported)	2,966B	2,106B	2,741B	3,318B	3,212B
Effective Tax Rate - (Ratio)	19.9	12.92	21.36	19.87	19.15
Total Current Taxes	14.51B	14.09B	17.06B	17.04B	13.63B
Total Deferred Taxes	3.38B	-7.87B	6.26B	1.72B	2.44B
Normalized Net Income	38.9B	21.96B	62.54B	53.5B	42.2B
Interest Capitalized	1.02B	2.01B	996M	1.31B	1.79B
Interest on Long-Term Debt	9.65B	9.35B	10.2B	10.4B	10.74B
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	9.68B	10.34B	11.48B	13B	13.97B
Exploration/Drilling Costs	4.68B	3.79B	4.68B	4.18B	4.33B
Net Rental Expense, Total	4.52B	5.44B	2.39B	5.79B	2.34B
Imputed Operating Lease Interest Expense	2.66B	2.36B	995M	2.49B	934M
Imputed Operating Lease Depreciation	1.86B	3.09B	1.4B	3.3B	1.41B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	60.31B	87.56B	109B	93.44B	122B
Short Term Investments	67.61B	100B	113B	51.61B	41.78B
Trading Asset Securities, Total	3.32B	1M	-	2M	3M
Total Cash And Short Term Investments	131B	188B	222B	145B	164B
Accounts Receivable, Total	63.49B	44.32B	40.8B	49.87B	50.87B
Other Receivables	25.59B	34.97B	55.06B	52.67B	50.43B
Total Receivables	89.07B	79.3B	95.86B	103B	101B
Inventory	192B	152B	207B	244B	251B
Other Current Assets, Total	33.1B	36.15B	32.75B	31.31B	18.69B
Total Current Assets	446B	455B	558B	523B	534B
Gross Property Plant And Equipment	2,243B	2,299B	2,451B	2,615B	2,638B
Accumulated Depreciation	-1,179B	-1,319B	-1,428B	-1,524B	-1,503B
Net Property Plant And Equipment	1,064B	980B	1,023B	1,092B	1,135B
Long-term Investments	154B	190B	210B	235B	233B
Goodwill	8.7B	8.62B	8.59B	6.46B	6.47B
Other Intangibles, Total	34.01B	31.86B	29.71B	28.01B	26.18B
Deferred Tax Assets Long-Term	17.62B	25.05B	19.39B	19.95B	20.11B
Other Long-Term Assets, Total	31.41B	42.63B	40.32B	44.8B	69.21B
Total Assets	1,755B	1,734B	1,889B	1,949B	2,025B
Liabilities
Accounts Payable, Total	200B	162B	216B	269B	259B
Accrued Expenses, Total	71.46B	78B	91.33B	37.82B	52.64B
Short-term Borrowings	31.2B	23.77B	27.37B	21.31B	59.82B
Current Portion of Long-Term Debt	52.61B	5.26B	10.76B	45.02B	11.16B
Current Portion of Leases	15.2B	15.29B	15.17B	16B	17.54B
Current Income Taxes Payable	3.26B	6.59B	4.81B	4.72B	1.45B
Unearned Revenue Current, Total	127B	126B	125B	125B	127B
Other Current Liabilities	76.12B	105B	152B	148B	118B
Total Current Liabilities	576B	522B	641B	667B	647B
Long-Term Debt	58.78B	83.82B	91.99B	108B	188B
Long-Term Leases	178B	172B	170B	166B	164B
Deferred Tax Liability Non Current	6.81B	8.12B	7.91B	8.08B	7.82B
Other Non Current Liabilities	59.6B	64.51B	62.77B	62.57B	62.27B
Total Liabilities	879B	851B	974B	1,012B	1,069B
Common Stock, Total	121B	121B	121B	120B	119B
Additional Paid In Capital	55.85B	55.85B	82.91B	81.6B	80B
Retained Earnings	530B	532B	568B	577B	597B
Comprehensive Income and Other	30.93B	32.93B	2.5B	6.41B	6.18B
Total Common Equity	738B	741B	774B	785B	803B
Minority Interest	138B	141B	141B	152B	153B
Total Equity	876B	883B	915B	936B	956B
Total Liabilities And Equity	1,755B	1,734B	1,889B	1,949B	2,025B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	121B	121B	121B	120B	119B
ECS Total Common Shares Outstanding	121B	121B	121B	120B	119B
Book Value / Share	6.1	6.12	6.39	6.54	6.73
Tangible Book Value	695B	701B	736B	750B	770B
Tangible Book Value Per Share	5.74	5.79	6.08	6.26	6.45
Total Debt	335B	300B	316B	357B	440B
Net Debt	204B	112B	93.53B	212B	277B
Debt Equivalent Oper. Leases	36.18B	43.55B	19.14B	46.34B	18.75B
Minority Interest, Total (Incl. Fin. Div)	138B	141B	141B	152B	153B
Equity Method Investments, Total	152B	188B	209B	234B	233B
Account Code - Inventory Valuation	6	6	-	6	6
Inventories - Raw Materials, Total	88.46B	60.16B	110B	139B	138B
Inventories - Work In Process, Total	12.62B	13.05B	15.7B	14.54B	20.38B
Inventories - Finished Goods, Total	91.37B	78.42B	84.17B	93.99B	95.23B
Inventories - Others	2.58B	3.37B	2.52B	2.99B	2.99B
Machinery, Total	1,103B	1,123B	1,191B	1,258B	1,283B
Full Time Employees	402K	384K	-	375K	368K
Accumulated Allowance for Doubtful Accounts (Supple)	1.85B	3.86B	4.03B	4.08B	4.02B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	57.46B	33.1B	71.98B	66.15B	58.31B
Depreciation & Amortization - CF	106B	105B	113B	108B	112B
Amortization of Goodwill and Intangible Assets - (CF)	2.36B	2.36B	2.7B	2.3B	2.25B
Impairment of Oil, Gas & Mineral Properties - (CF)	-	4.74B	-	-	775M
Depreciation & Amortization, Total	109B	112B	116B	110B	115B
Amortization of Deferred Charges, Total - (CF)	30M	97M	-	-	-
(Gain) Loss From Sale Of Asset	1.92B	-398M	3.06B	722M	-3B
(Gain) Loss on Sale of Investments - (CF)	-	1.96B	206M	2M	2M
Asset Writedown & Restructuring Costs	332M	7.87B	9.87B	5.68B	1.86B
Provision for Credit Losses	1.26B	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-12.78B	-6.71B	-23.25B	-14.48B	-6.2B
Provision and Write-off of Bad Debts	-	2.07B	2.31B	-1.08B	-243M
Other Operating Activities, Total	32.7B	-1.41B	29.46B	23.18B	34.45B
Change In Accounts Receivable	-11.8B	-17.62B	-8.18B	1.97B	3.97B
Change In Inventories	-9.28B	22.7B	-58.37B	-45.42B	-12.73B
Change In Accounts Payable	-15.24B	14.18B	82.41B	-30.36B	-29.49B
Cash from Operations	153B	168B	225B	116B	161B
Capital Expenditure	-141B	-131B	-145B	-173B	-171B
Sale of Property, Plant, and Equipment	703M	2.66B	1.48B	212M	5.36B
Cash Acquisitions	-1.03B	-340M	-1.11B	-7.88B	-110M
Investment in Marketable and Equity Securities, Total	7.14B	19.04B	-14.61B	63.35B	-7.92B
Other Investing Activities, Total	13.87B	7.63B	13.96B	21.84B	18.3B
Cash from Investing	-120B	-102B	-145B	-95.01B	-156B
Long-Term Debt Issued, Total	600B	559B	356B	564B	699B
Total Debt Issued	600B	559B	356B	564B	699B
Long-Term Debt Repaid, Total	-629B	-555B	-358B	-533B	-619B
Total Debt Repaid	-629B	-555B	-358B	-533B	-619B
Repurchase of Common Stock	-	-	-	-4.18B	-2.32B
Common Dividends Paid	-46.01B	-23B	-35.11B	-56.9B	-40.76B
Common & Preferred Stock Dividends Paid	-46.01B	-23B	-35.11B	-56.9B	-40.76B
Special Dividend Paid	-	-8.48B	-	-	-
Other Financing Activities, Total	-9.6B	-8.81B	-21.65B	-10.09B	-14.65B
Cash from Financing	-84.71B	-36.96B	-57.94B	-39.7B	22.73B
Foreign Exchange Rate Adjustments	147M	-1.24B	-1B	3.29B	-21M
Net Change in Cash	-51.61B	27.12B	21.03B	-15.15B	28.32B
Supplemental Items
Cash Interest Paid	6.16B	7.51B	5.85B	9.68B	8B
Cash Income Tax Paid (Refund)	19.52B	9.02B	23.79B	17.32B	14.19B
Levered Free Cash Flow	-21.64B	25.56B	70.12B	-66.69B	-33.99B
Unlevered Free Cash Flow	-11.01B	35.05B	79.51B	-56.21B	-22.7B
Change In Net Working Capital	29.84B	-45.5B	-41.42B	44.98B	19.29B
Net Debt Issued / Repaid	-29.1B	3.34B	-1.18B	31.47B	80.46B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.06	0.51	3.72	2.68	2.69
Return on Total Capital	4.6	0.75	5.58	4.07	3.98
Return On Equity %	8.32	4.76	9.55	8.17	7.16
Return on Common Equity	7.9	4.47	9.5	8.49	7.33
Margin Analysis
Gross Profit Margin %	19.7	24.27	24.2	19.06	19.98
SG&A Margin	4.61	6.71	5.78	4.81	5.22
EBITDA Margin %	5.92	5.25	7.54	5.26	5.66
EBITA Margin %	2.84	0.79	4.03	2.55	2.74
EBIT Margin %	2.76	0.68	3.93	2.48	2.67
Income From Continuing Operations Margin %	2.43	1.99	3.13	2.28	2.11
Net Income Margin %	1.94	1.57	2.63	1.99	1.82
Net Avail. For Common Margin %	1.94	1.57	2.63	1.99	1.82
Normalized Net Income Margin	1.31	1.04	2.28	1.61	1.31
Levered Free Cash Flow Margin	-0.73	1.21	2.56	-2.01	-1.06
Unlevered Free Cash Flow Margin	-0.37	1.67	2.9	-1.69	-0.71
Asset Turnover
Asset Turnover	1.77	1.2	1.51	1.73	1.62
Fixed Assets Turnover	3.26	2.06	2.73	3.14	2.88
Receivables Turnover (Average Receivables)	45.19	38.18	62.96	71.85	62.47
Inventory Turnover (Average Inventory)	12.63	9.21	11.56	11.89	10.38
Short Term Liquidity
Current Ratio	0.77	0.87	0.87	0.78	0.83
Quick Ratio	0.38	0.51	0.5	0.37	0.41
Operating Cash Flow to Current Liabilities	0.27	0.32	0.35	0.17	0.25
Days Sales Outstanding (Average Receivables)	8.08	9.59	5.8	5.08	5.84
Days Outstanding Inventory (Average Inventory)	28.9	39.72	31.58	30.7	35.17
Average Days Payable Outstanding	29.99	42.65	32.29	32.53	37.44
Cash Conversion Cycle (Average Days)	6.99	6.66	5.08	3.26	3.58
Long Term Solvency
Total Debt/Equity	38.3	34.03	34.48	38.1	46.06
Total Debt / Total Capital	27.69	25.39	25.64	27.59	31.53
LT Debt/Equity	27	29.01	28.66	29.31	36.8
Long-Term Debt / Total Capital	19.52	21.64	21.31	21.22	25.19
Total Liabilities / Total Assets	50.1	49.08	51.56	51.95	52.79
EBIT / Interest Expense	4.81	0.94	7.17	4.9	4.74
EBITDA / Interest Expense