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Interim Report 2017 2017 2017 半年度報告 Interim Report 半年度報告 Contents SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED COMPANY SINOPEC SHANGHAI PETROCHEMICAL ( 於中華人民共和國註冊成立的股份有限公司 ) ( A joint stock limited company incorporated in the People's Republic of China ) 股份代號: 00338 香港 600688 上海 SHI 紐約 Stock code: 00338 Hong Kong 600688 Shanghai SHI New York 中國石化上海石油化工股份有限公司 INTERIM REPORT 2017 INTERIM REPORT 2017 2017 半年度報告 INTERIM REPORT 半年度報告 CONTENTS 2 Important Message 3 Definitions 4 Major Financial Data and Indicators 7 Report of the Directors 25 Major Events 35 Change in Share Capital of Ordinary Shares and Shareholders Status 39 Directors, Supervisors, Senior Management and Others 45 Documents for Inspection 46 Report on Review of Interim Financial Information A. Condensed Consolidated Interim Financial Information Prepared under International Financial Reporting Standards (unaudited) 47 Interim Condensed Consolidated Income Statement 48 Interim Condensed Consolidated Statement of Comprehensive Income 49 Interim Condensed Consolidated Balance Sheet 51 Interim Condensed Consolidated Statement of Changes in Equity 52 Interim Condensed Consolidated Statement of Cash Flows 53 Notes to the Condensed Consolidated Interim Financial Information B. Interim Financial Statements Prepared under China Accounting Standards for Business Enterprises (unaudited) 78 Consolidated and Company Balance Sheets 80 Consolidated and Company Income Statements 82 Consolidated and Company Cash Flow Statements 84 Consolidated Statement of Changes in Shareholders’ Equity 85 Statement of Changes in Shareholders’ Equity 86 Notes to the Financial Statements 198 Supplementary Information to the Financial Statements 201 Written Confirmation on the 2017 Interim Report Issued by Directors, Supervisors and Senior Management 202 Corporate Information 2017 Interim Report 11 IMPORTANT MESSAGE (1) The Board, the Supervisory Committee of Sinopec Shanghai Petrochemical Company Limited and its Directors, Supervisors and senior management warrant the truthfulness, accuracy and completeness of the information contained in this 2017 interim report, and warrant that there are no false representations or misleading statements contained in, or material omissions from, the interim report of the Company, and severally and jointly accept responsibility. (2) Directors who have not attended the Board meeting for considering and approving the 2017 interim report of the Company: Name of Director Position Reason for Absence Name of Proxy Lei Dianwu Director Business Engagement Zhang Yimin Mo Zhenglin Director Business Engagement Zhang Yimin (3) The interim financial report for the six months ended 30 June 2017 is unaudited. (4) Mr. Wang Zhiqing, Chairman and President, Mr. Zhou Meiyun, Executive Director and Chief Financial Officer overseeing the accounting operations; and Mr. Zhang Feng, Financial Officer, person in charge of Accounting Department (Accounting Chief), hereby warrant the truthfulness, accuracy and completeness of the financial report contained in the 2017 interim report. (5) The Company did not distribute the half-year profit for 2017 nor was there any capitalisation of capital reserves. (6) The statements regarding the Company’s plans for future development and operations are forward-looking statements and do not constitute any commitments to investors. Investors should pay attention to the relevant investment risks. (7) There was no incident of appropriation of funds by the controlling shareholder of the Company and its connected parties for non-operational purposes. (8) The Company did not provide external guarantees in violation of the required decision-making procedures. (9) Reminder of Major Risks Potential risks are elaborated in this interim report. Please refer to “Management Discussion and Analysis” in “Report of the Directors” for details of the potential risks arising from the future development of the Company. (10) The 2017 interim report is published in both Chinese and English. In the event of any discrepancy between the English and Chinese versions, the Chinese version shall prevail. 22 Sinopec Shanghai Petrochemical Company Limited DEFINITIONS In this report, unless the context otherwise specifies, the following terms shall have the following meanings: “Company” or “Sinopec Shanghai” Sinopec Shanghai Petrochemical Company Limited “Board” the board of directors of the Company “Director(s)” the Director(s) of the Company “Supervisory Committee” the Supervisory Committee of the Company “Supervisor” the Supervisor(s) of the Company “PRC” or “China” the People’s Republic of China “Reporting Period” the six months ended 30 June 2017 “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “Shanghai Stock Exchange” The Shanghai Stock Exchange “Group” the Company and its subsidiaries “Sinopec Group” China Petrochemical Corporation “Sinopec Corp.” China Petroleum & Chemical Company “Hong Kong Listing Rules” The Rules Governing the Listing of Securities on the Hong Kong Stock Exchange “Shanghai Listing Rules” The Rules Governing the Listing of Securities on the Shanghai Stock Exchange “Model Code for Securities the Model Code for Securities Transactions by Directors of Transactions” Listed Issuers set out in Appendix 10 to the Hong Kong Listing Rules “Securities Law” the PRC Securities Law “Company Law” the PRC Company Law “CSRC” China Securities Regulatory Commission “Articles of Association” the articles of association of the Company “Hong Kong Stock Exchange website” www.hkexnews.hk “Shanghai Stock Exchange website” www.sse.com.cn “Website of the Company” www.spc.com.cn “HSE” Health, Safety, and Environment “COD” Chemical Oxygen Demand “EVA” Ethylene Vinyl Acetate “SFO” the Securities and Futures Ordinance of Hong Kong (Chapter 571 of the Laws of Hong Kong) “Corporate Governance Code” the Corporate Governance Code set out in Appendix 14 to the Hong Kong Listing Rules “Share Option Incentive Scheme” the A Shares Share Option Incentive Scheme of the Company 2017 Interim Report 33 MAJOR FINANCIAL DATA AND INDICATORS Prepared under China Accounting Standards for Business Enterprises (“CAS”) (1) Major Accounting Data and Financial Indicators 1. Major Accounting Data Unit : RMB’000 Increase/decrease as compared to The Reporting Corresponding the corresponding Period period of period of the Major accounting data (January to June) the previous year previous year (%) Operating income 43,106,950 36,993,191 16.53 Total profit 3,251,226 4,050,004 -19.72 Net profit attributable to equity 2,575,479 3,096,675 -16.83 shareholders of the Company Net profit attributable to equity shareholders of the Company 2,571,583 3,117,585 -17.52 excluding non-recurring items Net cash generated from 2,358,780 4,645,024 -49.22 operating activities Increase/decrease at the end of the Reporting Period As at the end As at the end as compared to of the Reporting of the previous the end of the Period year previous year (%) Net assets attributable to equity 24,655,092 24,750,048 -0.38 shareholders of the Company Total assets 37,301,664 34,123,693 9.31 44 Sinopec Shanghai Petrochemical Company Limited MAJOR FINANCIAL DATA AND INDICATORS (continued) Prepared under CAS 2. Major Financial Indicators Increase/decrease as compared to The Reporting Corresponding the corresponding Period period of the period of the Major financial indicators (January to June) previous year previous year (%) Basic earnings per share (RMB/Share) 0.238 0.287 -17.07 Diluted earnings per share (RMB/Share) 0.238 0.287 -17.07 Basic earnings per share excluding 0.238 0.289 -17.65 non-recurring items (RMB/Share) Decreased by Return on net assets 9.821 14.465 4.644 (weighted average) (%)* percentage points Return on net assets excluding Decreased by non-recurring items (weighted average) 9.805 14.555 4.75 (%)* percentage points * The above-mentioned net assets do not include minority shareholders’ interests. (2) Differences between Financial Statements Prepared under CAS and International Financial Reporting Standards (“IFRS”) Unit: RMB’000 Net profit attributable to Net assets attributable to equity shareholders of equity shareholders of the Company the Company At the Corresponding At the end of beginning of The Reporting period of the the Reporting the Reporting Period previous year Period Period Prepared under CAS 2,575,479 3,096,675 24,655,092 24,750,048 Prepared under IFRS 2,598,499 3,148,609 24,628,014 24,721,965 For a detailed description of the differences between financial statements prepared under CAS and IFRS, please refer to the Supplementary Information to the Financial Statements prepared under CAS. 2017 Interim Report 55 MAJOR FINANCIAL DATA AND INDICATORS (continued) Prepared under CAS (3) Non-recurring Profit and Loss Items Unit: RMB’000 Non-recurring profit and loss items Amount Net loss from disposal of non-current assets -5,130 Employee reduction expenses -8,806 Government grants recorded in current period’s profit and loss (excluding government grants pursuant to the State’s unified standard sum or quota to closely related 30,548 corporate business) Income from external entrusted loans 694 Other non-operating income and expenses other than those mentioned above -10,830 Effect attributable to minority interests (after tax) -1,041 Income tax effect -1,539 Total 3,896 66 Sinopec Shanghai Petrochemical Company Limited REPORT OF THE DIRECTORS (1) Management Discussion and Analysis of the Overall Operations during the Reporting Period (The following discussion and analysis should be read in conjunction with the unaudited financial report of the Group and the notes in
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