Creating Value Pursuing Excellence CONTENTS
ABOUT SINOCHEM 02
PRESIDENT’S MESSAGE 04
MANAGEMENT REPORT 06
BUSINESS OVERVIEW 10
CORPORATE CITIZENSHIP 44
KEY EVENTS 50
FINANCIAL STATEMENTS 54
DIRECTORY 64 ABOUT SINOCHEM China’s fourth largest national petroleum company China’s largest integrated operator of agricultural inputs (fertilizer, seed and pesticide)
China’s leading comprehensive service provider of chemical products
China’s earliest qualifier for the Fortune Global 500
Sinochem Group was founded in 1950. Its predecessor was Franshion Properties (HK, 00817) and Far East Horizon (HK, China National Chemicals Import and Export Corporation, which 03360). In June 2009, Sinochem Group established Sinochem was then China’s largest trading firm. Sinochem, headquartered Corporation as the vehicle for potential group IPO. in Beijing, is a key state-owned enterprise under the supervision of State Owned Assets Supervision and Administration Sinochem is China’s earliest entrant in Fortune Global 500 Commission (SASAC) under the State Council. Sinochem’s and has entered the list for 22 times, ranking 113th in 2012. core businesses span over energy, agriculture, chemical, real Sinochem has also been awarded as “the World’s Most estate and financial service. It is one of China’s four largest Admirable Company” in 2013 by Fortune Magazine, ranking state-owned oil companies, China’s biggest agricultural input 1st among world trading companies. Through years of strategic company (including fertilizer, seed and pesticide), and China’s transformation and management overhaul, Sinochem has leading chemical service company. It also exerts strong influence maintained a sustainable, healthy and rapid development. It has in real estate and non-banking financial service sectors. As been rated as “Grade A Corporate” in SASAC’s performance a global conglomerate with market orientation, Sinochem’s assessment for 8 years in a row. quality product and service are relevant to many aspects of Sinochem’s vision is to become a respectable company with mass economy and people’s well being. Its brand enjoys high global status, bringing fortune to all the stakeholders and the reputation and acknowledgement around the world. society. Our 50,000 employees will follow the doctrine of “Creating Sinochem currently owns more than 300 subsidiaries inside and Value, Pursuing Excellence”, shoulder social responsibility as outside China. It controls several listed companies, including corporate citizen, and adopt scientific development approach to Sinochem International (SH, 600500), Sinofert (HK, 00297), realize sustainable business potency.
2008-2012 Financial Highlights Unit: million USD
2012 2011 2010 2009 2008
Revenue From Operations 72007.66 71025.61 50632.94 36509 45207.54
Net Profit 1198.95 1655.47 1109.03 813.99 943.94
Current Assets 19592.90 18582.67 13394.14 9527.34 9006.1
Total Assets 45600.80 40976.48 31928.94 25073.11 19825.36
Current Liabilities 18482.00 16478.36 11531.19 8963.68 7814.09
Equity 15498.98 13859.39 11532.96 9806.99 7002.44
2012 Annual Report 03 PRESIDENT'S MESSAGE
Today, the adjustment of world economic structure and “the Third Industrial Revolution” are remolding the world industrial and corporate landscape. China is accelerating its economic upgrading and a new round of development and reform is in gestation. A good chess player always looks at the whole situation to make each move. In the process of great transformation, the enterprise shall follow the mega-trend, take enhancing the value as its theme, make proactive moves to catch up the business opportunities, and pursue breakthroughs by innovation. It is only by these means that we can enjoy the upper-hand and keep the long-lasting vitality of the company.
In 2012, encountering great challenges from grim macro-economic situation, Sinochem Group followed the requirement of “getting stronger to become the world’s first class enterprise” by SASAC, sticking to the major missions of “the Third Long March”. By exploring business opportunities, averting risks, streamlining management and promoting business transformation, we have achieved fairly good business performance, maintained stable business development momentum and enhanced the company’s overall strength and competitiveness. Hereby, I would like to express my sincere gratitude to Sinochem’s friends around the globe for your great care and wonderful supports.
The Year 2013 is the crucial year for our “Third Long March”. We will continue to take the road as a new state-owned enterprise featuring market orientation and pursuing advancement with stable posture. We will take quality and profitability as priority, lean management as safeguard, reform and innovation as the propelling power. By accelerating the strategic transformation and promoting “the Third Long March”, we will make our utmost efforts to ensure the stable, healthy and sustainable development. In parallel, Sinochem will reassert its commitment as a corporate citizen, ratcheting up its own value by creating value from the nation, society and the clients. Our quest for the goal of becoming highly reputable company with global status will never end.
Dreams merge power, partnership creates value. We would like to join hands with our friends from all walks of life to build a better future together.
Liu Deshu President and CEO
2012 Annual Report 05 MANAGEMENT REPORT
Our Vision
To become a great company with world-wide status and respect
Our Mission
To become a role model in technological advancement, resource conservation and environment protection
To become a strong force propping up the national energy security, agriculture security and chemical industry’s upgrading
To become a responsible corporate citizen with world-wide status and respect
Our Development Strategy (One-Two-Three-Four-Five Strategy)
One Capability: the capability of sustainable development
Two Pillars: internal management, external expansion
Three Links: resources, technology, market
Four Approaches: innovation, consolidation, M&A, cooperation
Five Businesses: energy, agriculture, chemical, real estate, financial service
2012 Annual Report 07 In 2012, the global economic growth is losing its steam. China’s economic growth also slowed down. Facing with stringent operational environment and depressed market demand, Sinochem has followed SASAC’s requirement as “making itself stronger to become a world-class enterprise”, pursuing progress while keeping a stable business posture. Circling around the target and mission of “the Third Long March”, we have employed proactive stance, fighting adversity with perseverance, and have achieved a fairly good operational performance and sustained a stable and healthy development momentum.
vegetables etc. We have acquired 40.53% equity of Jiangsu Business Performance Keeps Stable 2012, our R&D expenses reached RMB 1.18 billion. We have risk management accreditation to ensure the stability of the Yangnong, strengthening our capacity in specialty chemical altogether launched 249 new science and technology projects company’s business operation. As a result, there is no major In 2012, Sinochem has maintained a stable business sector. By winning the majority share of Sinorgchem and with 20 project achievements awarded by government operational accident happened in 2012. In parallel, given the performance and operational quality, with total sales revenue 35% of Belgium’s SIAT, we have significantly reinforced our authority. Shenyang Chemical Research Institute’s safety situation that the work safety issue has become more and reaching RMB 453.2 billion and total profit of RMB 10.7 billion. rubber business presence. Our fluorine chemical business has evaluation center has become China’s first facility eligible for more complex, we have taken drastic measures, which are The profit was still well above the major threshold of RMB 10 increased its fluorspar reserves by 3.44 million MT. OECD’s Good Lab Practice standard. China Seed, a subsidiary called “the iron fists”, to tackle safety hazards. By adopting billion, which enables us to keep the leading position among Our major construction projects have achieved major of Sinochem, has completed the world’s first rice whole various anti-delinquency activities, we have maintained our Chinese industrial peers. Our total assets have reached breakthroughs. Sinochem Quanzhou Refinery, which enjoys genome breeding chip. Sinochem Lantian’s growth regulator a stable situation for Sinochem’s HSE (health, safty and RMB 286.6 billion, with solid leverage ratio and quality assets the total processing capacity of 12 million tons per year and is has been widely applied in Xinjiang Autonomous Region’s environment protection ) work. base. a key project for our strategic transformation, has won the final cotton fields. Several key national-level scientific research We have further contained our cost and expenditures. Through For the purpose of tackling difficult situation, Sinochem has approval from National Development and Reform Commission schemes led by Sinochem Group have been progressing the means of management improvement, we have managed to reinforced its operation surveillance, making pre-emptive in August 2012 and has entered into full construction. Besides, smoothly. We have further strengthened international R&D eliminate the excessive cost to enhance the profitability. Our analysis and judgment, strengthening business budget’s other major projects also made big progress: our oil business partnerships with academic and corporate institutions. We business units have identified the cost loopholes and turned enforcement. Our business units have taken the challenges has accelerated the construction of a group of oil logistic also have made positive advancement in terms of the talents those problems into room of improvement. By enforcing 2821 upfront, exploring new clients and markets, saving the cost projects including Nantong Oil Tanking (phase II); a major cultivation, the construction of central science and technology lean management projects, we have retrenched RMB 351 while expanding the revenue to attain its annual budget at expansion project for urea fertilizer production was launched academy, and the buildup of R&D platform. million of cost. their utmost effort. In the meantime, thanks for the company’s in Sinochem Changshan. The 12,000 MT/y HFC-245fa project, dozen years’ of strategic transformation and management which is jointly held by Sinochem and Honeywell has kicked Management Enhancement We have devised a measurement system gauging the quality overhaul, we have cultivated strong industrial value chain for off its construction. The 20,000 MT/y HFC-125 project has of headquarters’ work. Starting from the second half of 2012, commissioned and started trial production in our Taicang our core businesses to form a balanced business portfolio Responding to the appeal of SASAC, Sinochem has adopted we have been building the head offices’ quality management Chemical Zone. Franshion Properties has implemented its upholding each other, which enables Sinochem to enhance its lean management mindset and corporate culture to build an system. By streamlining the working process, standard and Green Strategy with its Changsha Meixi Lake Project granted profitability’s stability and sustainability. enterprise with lean management fashion. We have launched benchmark, a traceable, measurable and accessible and the title of “National Green Ecology Model Case”. Franshion a series of activities to reinforce our basis management effective working mechanism has come into form, helping Properties has developed a series of successful projects Promoting Strategic Transition and to optimize our management system. By all these us to fulfill the target of “clear responsibility, clear work flow, which registered strong sales revenue. means, We have improved the operational and production standard maneuvering, and measurable performance.” In 2012, Sinochem has continued to uphold its “One-Two- safety, controlled the cost, elevate the level of headquarter Three-Four-Five Strategy”, focusing on the key links of its core Our science and technology innovation bears new fruits. In We have accelerated our IT network construction and management and IT management. business, making steady steps of its core projects to enhance improvement. By following the company’s IT strategy, we its core businesses’ competitive edge. Operational and production risks have been well contained. have sped up the establishment of general business IT system Facing with grim external situation, we have initiated the including trading, marketing and E-commerce, along with a We have successfully acquired new business resources. Our general requirement of “strong awareness, risk control and group of application system. In the meantime, we have been energy business has acquired a fraction of equity interests Total sales revenue Total assets quality enhancement”. We have reinforced the surveillance focusing on the existing system’s promotion and adoption to of Cusiana oil field and some crude oil pipeline assets in of those businesses with high risk exposure like real-estate further enhance the IT application level. Columbia and 10% equity interest of Brazil’s Perenco offshore 286.6 453.2 trust, futures and financial derivatives; actively promote oilfields. We have also signed several new contracts to billion RMB billion RMB build up new oil warehousing and terminal facilities in China to further strengthen our business presence. Our fertilizer business has acquired Xundian Longmang (has been renamed Total profit The year 2013 is a crucial year for Sinochem’s strategic transformation. We will keep the stance of “seeking improvement as “Sinochem Yunlong”), having the access of more than in stability”, taking quality and profitability as core, and lean management as the safeguard. We will continue to push 300 million MT of quality phosphate resources. Our seeds 10.7 billion RMB business has developed and acquired 103 new varieties of forward reform and innovation to speed up our strategic transformation and to enforce “the Third Long March”, seed products covering major crops as rice, corn, wheat and promoting Sinochem's business development on a stable, healthy and sustainable track.
08 2012 Annual Report 2012 Annual Report 09 BUSINESS Upholding our core philosophy of “Creating Value, Pursuing Excellence”, we make the most of our strength in the international operation, keep extending our industrial chain to the upstream and OVERVIEW downstream sectors, and sharpen our edge in the key links. By doing so, we see our five major business segments including energy, agriculture, chemical, real estate and financial service, grow stronger and better, our corporate value increase and our presence in related industries notably enhanced. We have become an important driving force for China’s industrial upgrading as well as social and economic development.
ENERGY AgriculturAL Chemical real Estate financial BUSINESS BUSINESS Business Business Business
Exploration and Fertilizer Business Fluorine Chemical Property Development Financial Leasing Production Business
Oil Refining Seed Business Natural Rubber and Property Leasing Trust Business Rubber Chemical Business
Marketing Pesticide Business Fine Chemical Hotel Operation Securities Investment Fund Management Business
Pharmaceutical Finance Company Storage and Logistics Chemical Business
Chemical Logistics Life Insurance Business
Petrochemical Feedstock Distribution
2012 Annual Report 11 As the world is facing the increasingly keen energy and industrial chain backward and forward to strengthen the environment constraints, we set the goal of “building sustainability of our oil business. At present, our energy a world-class energy company”, and is devoted to business covers the complete industrial chain, from oil producing and supplying oil and gas in a safe, energy- and gas exploration and production, through oil refining, conservative and environmentally-friendly way, trying to oil trade, warehousing and logistics, to oil distribution make our contributions to protecting the Mother Earth and retailing. We have become a large energy company and serving people’s livelihood. with robust international operation, complete industrial chain and outstanding market service capacity. We As a national oil company, we draw on our more than are playing an increasingly important role in both the sixty years of abundant experiences in oil business, and Chinese and international energy markets. fully leverage our resources, channels and operation strength in the domestic and international markets. We In 2012, we pressed ahead with our strategy, enhanced are supplying the oil and gas resources for social and the synergy created across our industrial chain and economic development, vigorously participating in the ensured a steady business operation. We witnessed construction of the national strategic oil reserve bases our oil and gas as well as our asset base have a and the research for the national energy development steady growth; our new refinery project receive the planning, and have become an indispensible government approval and the construction work component in China’s secure oil supply network. progress smoothly; our oil trade structure is further In the past decade, when we solidified our competitive optimized; our warehousing business run stably with position in the international oil trade and petrochemical new projects speeding up; and our capacity for refined warehousing and logistics, we also extended our oil distribution and retailing remarkably strengthened.
Exploration and Production
Oil Refining
ENERGY BUSINESS
Marketing Management
Storage and Logistics
ENERGY BUSINESS
12 2012 Annual Report 2012 Annual Report 13 Oil Refining
On August 20, 2012, Sinochem Quanzhou’s 12 million MT/ At the same time, we are the largest shareholder of Dalian a refining project was officially approved by NDRC. This West Pacific Petrochemical Co., Ltd. (WEPEC). WEPEC is project was located in Quanhui Petrochemical Industrial Park China’s first sino-foreign joint venture refinery. It has a crude of Quanzhou city, Fujian province. It is listed among the key oil processing capacity of 10 million MT/a, and is installed with projects constructed and in operation during the “Twelfth a 10 million MT/a atmospheric and vacuum distillation unit, a 3 Our oil and gas output hit record high and exploration Exploration and Production Five Years Planning” period for China’s oil industry. The million MT/a heavy oil catalytic cracking unit, a 2 million MT/a achieved new breakthrough. In 2012, our equity output project is designed to produce high quality gasoline (Europe heavy oil hydrogenation and desulphurization unit, a 2 million For more than a decade, we have implemented the strategy reached over 23.27 million barrels, up by 7% year on year. V standard), diesel (all reaching Europe V by 2015), kerosene, MT/a diesel hydra-treating unit, a 1.5 million MT/a hydrogen of “going to the upstream sector”. The strategy helps us In the two blocks in Colombia where we work as operator, BTX, polypropylene and sulfur. Upon its completion, it will rank cracking unit and a 100,000 MT/a sulfur recovery unit. Every to expand our oil and gas assets, increase our profitability, and the southern part of our Brazil project, we made new among the most competitive refineries in the Chinese market. one of these units is among the largest of its kind in China. rationalize our asset structure, build up a professional discovery, and thus expanded our asset base. technology and management team and become an important The Quanzhou project will further improve China’s energy Sinochem Hongrun Petrochemical Co., Ltd. controlled by us player in the international market. By the end of 2012, we have New projects progressed well and we also enhanced the industry landscape, and propel the economic growth of West possesses a crude oil processing capacity of 5 million MT/ had 33 contractual oil and gas blocks in Brazil, Colombia, recovery rate for existing projects. We acquired partial Taiwan Strait Economic District. It will also further complete Sinochem’s oil industrial chain and strengthen the company’s a. In 2012, the construction for its 1 million MT/a catalytic Ecuador, Peru, UAE, Yemen, Syria, Tunisia, Indonesia and equity of the Cusiana oilfield in Colombia and the pipeline market presence. The construction of the project is currently cracking project was progressing smoothly. In addition, its China’s Bohai Bay area, and owned 2P (Proved and Probable) transporting the crude oil from its southern oilfield to the in full swing, and expected to be put into operation by the end 4 million cubic meters of storage tank farm and Huangdao- equity recoverable reserve of 380 million barrels. northern port, as well as 10% equity of Brazil Perenco offshore of 2013. Weifang pipeline project were both ready for use. oilfield. Our Block 16 in Ecuador and Block 10 in Yemen both In 2012, we strengthened the production and operation of our registered the highest daily output for a single well. The drilling currently existing projects, enhanced the recovery rate and cost for our Colombia project greatly declined, while our Brazil increased the projects’ cost effectiveness, and sped up resource project also cut its cost by purchasing the FPSO (Floating acquisition, which contributed to a continuous growth of our oil Production Storage and Offloading) facility ahead of schedule. reserve, output and profitability.
2008-2012 Equity Oil Production of Sinochem Unit: million barrels (Oil Equivalent) 23.27 22.01
17.74
13.74 9.82
14 2012 Annual Report 2012 Annual Report 15 Marketing Management refined oil amounted to 52 million MT, making up by 1:1.1 ration of import and entrepot trade. Oil trade is where our traditional strength lies. We have maintained good cooperation with the governments of many oil We are actively building our refined oil distribution network in producing countries and major oil companies, which guarantees North China, East China and South China, and our supporting our oil acquisition ability overseas. Our long-term crude oil distribution oil depots are constructed and gradually put into contract exceeds 30 million MT per annum. With a strong operation. The gas stations network we roll out together with credibility, vast operation channel and technological advantage, Total Group around Bohai Bay and East China region is on an we manage to provide premium crude oil and professional expansion. In Fujian, Shandong and Guangdong provinces, service for our domestic and international customers, becoming the construction of our own gas stations is in full swing. By Storage and Logistics warehousing and transportation service to Bohai Bay area, an important oil supplier for many countries and regions. the end of 2012, we opened and constructed totally around Yangtze River Delta and Pearl River Delta, which are the 500 gas stations. At present, we are operating, constructing and managing most developed regions with the largest oil consumption in Our key indicators for the crude oil import and transportation approximately 25 million cubic meters of petrochemical storage China. By doing so, we also ensure the stable operation of the
take the lead in the industry, demonstrating our contribution Total operation volume of crude oil and refined oil Gas station space, which formed a storage and logistics network covering refined oil market and refineries in those regions. In addition, to lowering China’s crude oil cost and stabilizing the Chinese Yangtze River Delta, Pearl River Delta and Bohai Bay area. We we are also entrusted by the government to build the national energy market. At the same time, we are active in doing also have a series of jetties, ranging from 3,000 MT class to strategic crude oil reserve base and refined oil reserve base, entrepot trade to Southeast Asia, Europe and North America, 300,000 MT class, to support the logistics network. We are the making contribution to China’s oil security. with our entrepot trade volume surpassing 20 million MT every million 52 MT 500 largest third-party petrochemical storage and logistics service year. In order to support the international oil trade, we have provider with the strongest service capacity in China. In 2012, the development and construction of our petrochemical consolidated our partnership with large global ship owners. Long-term crude oil contract storage and logistics facility were progressing well. Our storage We provide convenient and efficient ship chartering service Relying on our complete petrochemical storage and logistics facility handled over 35 million MT of products, which contributed for Chinese oil importers and entrepot trade dealers, and network, we supply crude and refined oil as well as chemical to record-high throughput and profitability. expand our own ship fleet through such measures as tanker million time charter. In 2012, our total operation volume of crude and 30 MT a In the future, we will continue to create more synergy across of our oil industrial chain, expand our business size and enhance our competitiveness. Our aim is to realize a synchronized growth among oil and gas production, economic return, and social benefit. We are endeavoring to become a world-renowned oil company with premium assets, international-leading refineries, strong operation capacity and sustainable development, making our contribution to the energy industry of China and the world at large.
16 2012 Annual Report 2012 Annual Report 17 Sinochem Group is the largest central SOE operating for short) under Sinochem Group is the only national all the three important agro-inputs, including fertilizer, seed company that runs breeding, production and seed and pesticide. With advanced technology, premium sales business for crop seeds. Its overall strength products and professional services, we are committed takes the lead in the domestic market. It is devoted to to becoming the world-leading comprehensive service becoming “the top player in China and leading player provider for agro-inputs, and making contribution to the in the world”, and thus promoting China’s seed industry grain security and agricultural development in China and upgrading. worldwide. Our pesticide business integrates R&D, production, Our fertilizer flagship Sinofert Holdings Limited (Sinofert sales and technology service, with our overall for short) is the largest fertilizer supplier and distributor in competitiveness ranking among top players in the China, with its business covering the complete industrial industry. While solidifying our advantageous position chain of resource development, R&D, production, in trade, we keep enhancing the key links on the distribution and agronomic services. It is playing a pesticide industrial chain, and supplying the market significant role in stabilizing the domestic fertilizer supply with highly-efficient, low-toxic, and environmentally- and facilitating China’s agricultural development. friendly products and professional services. By doing so, we are becoming an important force to support China’s China National Seed Group Corporation (China Seed pesticide industrial upgrading.
Fertilizer Business
Agricultural Seed Business BUSINESS
Pesticide Business
AGRICULTURAL BUSINESS
18 2012 Annual Report 2012 Annual Report 19 The Locations of the Fertilizer Companies that We Control or Have Equity Investment
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Fertilizer Business which made us one of the companies with the largest phosphorite deposits, and the only producer in China able to manufacture 300,000 MT/a feed-grade MDCP and MCP of the With the vision of “becoming the globally leading supplier international standard. built up an embracive agro-knowledge dissemination system. development projects and 1 MOA industrial research project, for agro-inputs and agronomic services”, we are obtaining applied for 22 patents, and were granted for 9 of them. In new premium fertilizer resources from the global perspective, and We continue our cooperation with China National Radio to air As to the import business, we keep strengthening our technology development, we developed refining technology rolling out seven strategies related to marketing, industry, a program called “Sinochem Agriculture Square” to spread overseas procurement ability, and maintain to be the largest for wet-process phosphoric acid. In terms of new product resource, technology, information, HR and HSE (health, information on scientific fertilization and pests control, which fertilizer importer and major importing channel for China, development, we invigoratively cooperate with leading safety and environment protection). Our operation tactic accumulatively had 1.6 billion people tune in. We worked playing a constructive role in stabilizing the supply for industrial players and research institutes at home and abroad. combines mineral resources development with fertilizer fertilizers in shortage as well as balancing overall market together with Ministry of Agriculture (MOA for short) to print production, combines fertilizer with chemicals, combines supply and demand. Meanwhile, we are one of the major 50,000 copies of North China Spring Corn Planting Manual, production with sales and combines products with services. participants in China’s annual potash import negotiation, and 100,000 copies of Corn High Yield Technology wall chart, Our business covers resources, R&D, production, distribution, making a significant contribution to protecting China’s grain which were well received by farmers. We also joined hands and agronomic services. In 2012, our fertilizer sales volume security. with related agricultural authorities to organize such activities reached over 17 million MT, and achieved revenue of RMB as “Bringing Agricultural Technology to Farming Households”, over 41 billion, further consolidating our position as the largest In the areas of distribution, storage and logistics, we have “Establishing Technology Pilot Villages”, “Farmers’ Field fertilizer distributor in China. further completed our distribution network as well as the School”, and “Technology in Action—Increasing Yield and storage and logistics system. By the end of 2012, we have Income for North China Corn Planters”. We cooperated with In terms of fertilizer production and upstream resource set up a comprehensive service network made up of 17 MOA to set up Service Stations for soil testing and formula development, by the end of 2012 we controlled and had a stake provincial branches and over 2100 distribution centers, fertilization instruction in Wen County of Henan, Baoding of in 14 fertilizer production companies. With our production covering 95% of China’s arable land. In order to support our Heibei, and Dashiqiao of Liaoning, exploring the new model capacity exceeding 10 million MT/a, we maintain our position distribution business, we have built up a team consisting of of technology service station and innovating the way to do as China’s largest fertilizer producer. We also have the most 700 professionals to manage logistic services. We also own business. complete range and varieties of fertilizers in China. Our 600 distribution hubs, and form a multi-tier storage system products span over macro-element fertilizers, micro-element with over 4 million MT of fertilizer storage capacity. We have For technology innovation, we have improved our innovation fertilizers, specialty fertilizers, slow release fertilizers and bio- established a “safe, convenient and cost-effective” agricultural system under the guidance of “Technology Innovation Strategy fertilizers. In 2012, we kept improving our industrial layout material logistics system to ensure an expedite flow of goods. for Serving the Industry”. We set up Phosphate Compound and enhanced resource acquisition. We invested around RMB Fertilizer Engineering Technology Research Center, Nitrogen 1.2 billion into Sinochem Changshan to renovate its urea In terms of agronomic services, we have set up an Engineering Technology Research Center, Crop Nutrition and production unit to expand capacity and make it more energy agronomists service system that consists of agronomic Plant Protection Research Center. Our annual investment for conservative; introduced strategic investors for Sinochem knowledge dissemination, onsite service and instruction, and technology innovation surpasses RMB 100 million, majorly Pingyuan to guarantee its coal supply; acquired 100% interest soil testing fertilization service. In 2012, the 17 branches of for production process improvement for energy conservation, of Yunnan Xundian Longmang Phosphate Chemical Co., Ltd. Sinofert hired 17 chief agronomists and 85 senior agronomists critical technology research, new fertilizer development, (now changed to Sinochem Yunlong Chemical Co., Ltd.) to to render service in the field. By hotline service, radio technology service and promotion. In 2012, we were entrusted secure 300 million MT high-quality phosphorite resource, broadcast and agricultural technology popularization, we have by the government to carry out 2 national technology
20 2012 Annual Report 2012 Annual Report 21 Pesticide Business to go global. Zhejiang Institute’s GLP physical and chemical analysis lab and pesticide GLP toxicology lab also passed Our pesticide business covers R&D on home-grown and the MOA assessment, and gained the qualification of MOA generic products, AI production, formulation processing Pesticide AI Full Composition Analysis Unit, and Grade-B and packaging, product registration and brand marketing Toxicology Testing Unit for Pesticide Registration. In 2012, domestically and internationally. We are leading the industry in Shenyang Institute and Zhejiang Institute totally applied for 76 China for proprietary pesticide products development. patents, with 28 of them granted with patents, and received 1 provincial level award. Shenyang Institute’s National Pesticide In 2012, our pesticide business generated revenue of RMB Engineering Research Center received“National Engineering 8 billion, ranking among the top players in China. Sinochem Research Center Outstanding Contribution Award" granted by International, a listed company controlled by Sinochem Group, NDRC. completed 40.53% interest acquisition of Jiangsu Yangnong Chemical Group. The esbiothrin and imidacloprid produced In terms of production, we have formed four major bases in by Yannong Group have strong competitiveness in China, Shenyang, Nantong, Lianyungang and Yangzhou, with AI total and their production capacity ranks at 2nd in the world. This production capacity at 180,000 MT/a. Our products span over acquisition has further enhanced Sinochem International’s pesticide, fungicide, herbicide and plant regulator, including industrial presence in pesticide development and production. totally over 40 active ingredients. Our production size and We also consolidated Sinochem Shanghai, Shenyang technique for pymetrozine and mesotrione are internationally Kechuang, and Nantong Technology into one single platform leading and rank 1st in China. named Sinochem Agro Co., Ltd., laying a solid foundation for Seed Business were kicked off one by another in 2012. the future restructuring of our pesticide business. As for marketing, we set up branches as operation or registration We have formed seed manufacturing belts covering platform in Brazil, Mexico and Australia. Currently, we own As a national seed company and the only central SOE taking In the aspect of R&D, we own two national level pesticide Northeast, Northwest, Southwest and South of China, as “Sinochem Agro”, “Sinochem Crop”, “Jiangshan”, and “Hetian” crop seeds operation as the major business, we are actively R&D platforms, namely Shenyang Research Institute of well as Huanghuai region and the middle and lower reaches pesticide products, and operate such world-known brands as promoting China’s seed industry upgrading through home-grown Chemical Industry (Shenyang Institute for short) and Zhejiang of Yangtze River. Those manufacturing bases are large in “Roundup”, “Machete”, “Harness”, and “Alachlor”. Our key innovation, external cooperation and value chain extension. scale, standardized in operation, efficient in resource use, Research Institute of Chemical Industry (Zhejiang Institute products penetrate the domestic and Southeast Asian markets In 2012, China Seed was accredited as one of the first seed and mechanized in production, which increased the seed for short), and have 6 proprietary pesticides registered and and have steady growth. Among these products, glyphosate company in China integrating breeding, production and sales, productivity and risk resistance, and boosted farmers’ crop sold in market, among which Aike and Flumorph series of takes up 20% of the Chinese market. which further solidifies its industrial position and competitive yield and household income. We have built 12 modern and products enjoy high recognition and influence in the Chinese strength. internationally-advanced seed production and storage centers market. Shenyang Institute’s Safety Evaluation Center and While maintaining the rapid growth of the traditional channels, Pesticide Testing Lab passed the GLP certification by the we also try to explore and expand the unconventional In 2012, we achieved breakthroughs in our technology and are able to produce over 250 million kilograms of high OECD member country Netherlands in 2012, paving the way channels, providing a package of products and technology development and innovation. In May, we worked together with quality seeds (including companies we have a majority and for Chinese home-grown pesticides and chemical products service solutions for major planters and farms. our partners to invent the first rice whole genome breeding minority stake in). chip in the world and applied patent for it. This technology In terms of sales service, we have built up 22 provincial sales can help to increase the variety selection accuracy and service centers. In 2012, we had demonstration fields planting efficiency in rice breeding. The Phase 1 complex building of good varieties in key agricultural counties across the country ,we China Seed Life Science and Technology Center was put into also cooperated with regional research institutes and large operation, which added to improve our R&D hardware. In crop planters to promote new varieties and good planting addition, we are commissioned by MOA to build a “Corn and technology. Rice Genetic Breeding Lab”, becoming the first seed company to participate in the building of both corn and rice discipline clusters. Modern seed production Provincial sales and storage centers service centers We continue to enhance our strategic cooperation with seed research universities and institutes. In 2012, we launched “Wutong 12 22 Plan” and “Sanjiangyuan Plan”, which showcased our strategic partnership with leading research institutes. China Seed also led to
establish the Crop Seed Industrial Technology Innovation Strategic High quality seeds Alliance, receiving MOST (Ministry of Science and Technology) production Pilot Qualification. The “Crop Seed Technology Project”, “Bio- In the future, we will continue to take it as our responsibility to protect the grain safety and to facilitate the agricultural Breeding Capacity Building and Industrialization”, and “Agricultural 250 million kilograms/a Technology Commercialization Project”, led by us and listed in the development of China as well as the world, we also continue to enhance the key links on the agricultural industry national “Twelfth Five Years Plan for Technology Development”, chain and make our best efforts to become a leading agro-input service provider in the world.
22 2012 Annual Report 2012 Annual Report 23 Our chemical business is majorly involved in chemical production, circulation and international trade. We own competitive edge in fluorine chemical, natural rubber and rubber chemical, fine chemical, pharmaceutical chemical, chemical logistics and petrochemical feedstock distribution. We have developed into the leading comprehensive service provider for chemical products in China, and play a constructive role in facilitating the chemical technology upgrading and the safe, green, harmonious growth of chemical industry.
In 2012, centering on these chemical sub-sectors, we continued to extend our industrial chain and strengthen our core competitiveness, which further solidified our market position.
Fluorine Chemical Business
Natural Rubber and Rubber Chemical Business
Fine Chemical Business Chemical Business Pharmaceutical Chemical Business
Chemical Logistics Business
Petrochemical Feedstock Distribution
CHEMICAL BUSINESS
24 2012 Annual Report 2012 Annual Report 25 Fluorine Chemical Business distribution channels and customer network, we are marching As for rubber chemical products, Sinochem International towards the goal of becoming a leading and comprehensive became the controlling shareholder of Jiangsu Sinorgchem Technology Co., Ltd. (Jiangsu Sinorgchem for short). As an important fluorine chemical company in China that has rubber chemical service provider. Sinorgchem is the top player in the world speaking of the integrated research, production and sales, we are designated by In 2012, we continued to stride on the industrialization path, production capacity and market share of 6PPD and the key the Ministry of Environment Protection as the Chinese company made hard efforts to realize a whole industrial chain operation intermediate RT base, while the market share for these two that enjoys the sponsorship according to Montreal Accord. for rubber business, and pressed ahead with the strategy of products in Chinese market exceeds 60%. We also provide We are vigorously developing and producing environmentally- extending to the upstream sector that takes natural rubber support for our clients for their new products development friendly and highly-efficient green products to protect the resources as the core as well as the strategy of creating value and products upgrading, and become an important partner for atmospheric environment. Through many years of sustainable for our clients. While expanding our plantation resources, many domestically and internationally famous companies in development, we have owned 17 companies that are involved in we sped up developing our own processing capacity and terms of halogenated butyl rubber, nitrile rubber, EPDM rubber, fluorine chemical development and manufacturing, and formed a completing our global industrial layout. By doing so, our SBR rubber and BR rubber. In addition, we own developed complete industrial chain covering resource development (fluorite competitiveness and sustainability have been remarkably distribution channels for SBR and BR rubbers in South Korea, and hydrofluoric acid), R&D, production and sales. Our products Indonesia, Thailand and East Europe. national standards and 5 industrial standards, had 6 patents enhanced. blanket fluorocarbon chemical, fluoropolymers, fluorine- granted, and led to formulate the National Fluorine Chemical containing chemicals and inorganic fluoride salt, with many of In terms of resource expansion, after acquired EUROMA Fine Chemical Business Industry Policy, which demonstrated the enhancement of these products taking up the largest share in the international RUBBER of Malaysia, GMG and TBH of Thailand, we our R&D capacity and industrial presence. In recent years, market. Among these products, “Jinleng” HFC-134a and R4 obtained 35% interest of SIAT of Belgium and expanded our We have strategic cooperation with international and domestic we independently developed another brand “Fengleng” for series of products have realized cooperation with over 80% of plantation and manufacturing resources. For acquiring long- leading players on WPU, water-based functional material, our new series of refrigerator agent products, among which the domestic automobile, refrigerators and central air-conditioner term supply contracts, in addition to our traditional resources polyether raw material, PU products, and build up strong HFC-161’s ODP is 0 and GWP is 12, blazing a new trail for manufacturers, becoming the No. 1 brand in the domestic from Thailand and Malaysia, now we also became the largest presence in the fine chemical sub-sectors. developing environmentally-friendly refrigerant agents around automobile refrigerant as well as household and commercial air- Indonesian rubber supplier in China. the world. conditioner refrigerant market. HFC-134a takes up 55% of the In 2012, Sinochem International acquired 40.53% equity In the areas of manufacturing and processing, we have of Jiangsu Yangnong Chemical Group Co., Ltd. (Yangnong Chinese market, and our “Kehua” TFA series of products occupy For production, we have established four major production formed a global layout blanketing West Africa, Southeast Asia Group for short). Yangnong Group takes the lead and exerts 60% of the domestic market. bases in Shangyu, Taicang, Xi’an and Chenzhou. In addition, as well as Yunnan and Hainan in China. Hainan Sinochem global influence in the markets of chlorination and nitration we built two special bases in Quzhou and Ganzhou, which have When the domestic fluorine chemical industry was depressed Rubber Co., Ltd., Xishuangbanna Sinochem Rubber Co., Ltd., of benzene, ECH, agro-used and sanitation-used dimethrin. fluorocarbon capacity of 150,000 MT, HFC-134a capacity of in 2012, we drew on our integrated industrial chain, kept a and Hainan Baoting Sinochem Rubber Co., Ltd. controlled by The capacity for chlorination, nitration, and hydrogenation of nearly 40,000 MT/a, and fluoropolymer and fluorine-containing healthy and steady development, and further intensified our Sinochem International are majorly producing and supplying benzene tops the list in the world. It adopts bio-tech glycerol chemical capacity of 20,000 MT. Besides that, we cooperate corporate competitiveness. premium products for the Chinese branches of the world- method for producing ethoxyline resin and its capacity ranks with such global fluorine players as Solvay and Honeywell to renown tire producers. At the same time, we also fully leverage first in China. Currently it has 4 fully-equipped fine chemical In terms of resource development, Sinochem Lantian held by make inroad into the high-end fluorine chemical field. In 2012, our independent R&D center for natural rubber to improve our industrial bases, and owns 10,000 MT class of phosgene units us owns nearly 30 million MT of fluorite reserve, ranking first Sinochem Lantian's 20,000 MT/a HFC-125 production line was manufacturing and processing technique and develop new rarely found in the market. among its industrial peers. In 2012, Sinochem Lantian had the built up and put into operation, becoming the largest single products. exploration rights for another 3.44 million MT of fluorite. At set of production units of its kind in China. Its joint venture Yangnong Group is the key national high-tech company, the same time, we are able to supply 80,000 MT of anhydrous with Honeywell for manufacturing 12,000 MT/a of HFC-245fa For distribution and services, we draw upon our distribution and has built a national company technology center, a post- hydrogen fluoride and 30,000 MT of trichloroethylene annually, witnessed the foundation laying in 2012. The 80,000 MT/a outlets, storage hubs and logistic facilities spreading across doctoral research station, a chemical research institute and laying a solid resource foundation for our fluorine chemical aluminum fluoride project in Chenzhou Base was completed and China and our overseas distribution platform in Singapore an engineering technology company. It owns a technology business’ long-term development. helped to strengthen our production capacity. to strengthen our service capacity for downstream clients. application center for developing PU products and water- By conducting strategic cooperation with top ten tire based PUD products, and is specialized in the R&D of As for R&D, we serve as the national key fluorine chemical manufacturers like Bridgestone and Michelin, we kept pharmaceutical intermediates, pesticide intermediates and research unit and the National ODS Substitute Engineering Natural Rubber and Rubber Chemical Business expanding our distribution scale. high polymer chemical materials. Technology Research Center. We have independently developed over 40 ODS substitutes, with the production We have been operating natural rubber and rubber chemical capacity taking up 30% of the domestic market. We are also for over 60 years. At present, our business is involved in the winner for more than 10 national technology progress natural rubber planting, manufacturing, processing, marketing awards. The production technology for highly reactive and value-added services. We are the largest and strongest fluorination catalyst developed by us broke the international natural rubber service provider in China, and an influential technological monopoly. It is applied in the large-scale player with core competitiveness in the international market. production of many products, and helps to reduce tens of Through many years of exploring, we have owned 73,000 thousands of ODS emission. We are also entrusted by the hectares of plantation, 273,000 hectares of land bank, 22 government to build several critical labs, including “Zhejiang processing plants in 8 rubber producing countries, and Provincial Fluorine Materials and Application Technology 630,000 MT of annual production capacity. In 2012, our global Research Lab”. In 2012, we led to launch 2 projects in the sales reached 770,000 MT, occupying 8% of the global market National 863 Plan, took charge of or participated in drafting 5 and 16% of the domestic market. By virtue of our global
26 2012 Annual Report 2012 Annual Report 27 Pharmaceutical Chemical Business pharmaceutical logistics, and e-commerce in Zhejiang province. In 2012, Intmedic ranks among the top ten players Our pharmaceutical chemical business covers R&D, in China’s pharmaceutical circulation sector. manufacturing and distribution, and has had competitive edge in technology innovation, large-scale production, international Chemical Logistics Business operation and market distribution.
Our chemical logistics business involves shipping, IOS tank In terms of R&D, we enhance our R&D capacity through containers multimodal transport, freight forwarding and independent development and international cooperation. In terminal storage tanks. We are providing customized, highly- addition, we expand our strategic cooperation with world- efficient and low-cost logistic solution package. We currently known pharmaceutical multinational companies through operate 59 ships with shipping capacity of 620,000 MT, and outsourcing our R&D lab and providing tailored processing own RMB 5 billion of shipping assets. Our shipping capacity services of special intermediates for our clients. DSM- and scale for liquid chemicals rank first in China, while the Sinochem Pharmaceuticals (DSP for short), our joint venture tank container transportation capacity and scale position at with Royal DSM N.V., owns rich bacteria strains resources No. 1 in Asia. for pharmaceutical development and plentiful international patents, has proprietary intellectual property in key In shipping area, we are providing shipping service for technologies, and has developed an integrated application all kinds of bulk liquid chemicals, highly hazardous liquid and development platform of highly-efficient bio-catalytic chemicals, acids, refined oil, eatable oil, animal and plant oil, technology. Shenyang Research Institute for Chemical Industry tank containers of various types. It is mainly engaged our customers. In 2012, our total sales volume reached 1.52 and other specialty chemicals, and is the only domestic ship is the first safety assessment institute in China receiving the in transportation of liquid and gas chemicals, food and million MT and collected revenue of RMB 13 billion. owner that is able to ship TDI, MDI and other high-end liquid GLP certification granted by the OECD country, and is able to household chemicals, with its network all over China, Europe, chemicals. Sinochem International’s wholly-owned subsidiary Through long-time of operation model innovation, we have conduct safety assessment and testing for pharmaceuticals, America, Asia and Middle East. Hainan Sinochem Shipping Limited is one of the largest pesticides and other chemical products. set up a steady model that takes customers as core and has professional operators for liquid chemical ships in China. It As for terminal storage tanks business, Sinochem set up resource acquisition, production marketing and risk control as owns 59 bulk liquid chemical ships, providing transportation two joint ventures with Lianyungang Port Group , namely In the area of manufacturing, DSP’s manufacturing facilities the foundations. services on Chinese seas and rivers, as well as the long- Lianyungang Port International Petrochemical Storage spread across the globe. All of these facilities adopt its haul or near sea routes internationally. In 2012, Sinochem Company and Lianyungang Port International Petrochemical proprietary bio-catalytic technology and process, not only We regard sales service as our strategic core, keep long- International partnered up with Dorval SC Tankers Inc. to set Harbor Service Company. It will build three 50,000 MT class of supplying high quality products, but also realizing green term strategic cooperation with world-known petrochemical up a joint venture Sinochem Dorval, making inroad into the terminals to handle liquid bulk chemicals, with around 800,000 production. Zhejiang Xinhua Pharmaceutical base owned companies, and make our best efforts to secure long-term Far East-Australia and America-Australia routes, taking up cubic meters of storage space and handling capacity of 5 by Sinochem passed US FDA’s certification, and parts of its resource supply. In 2012, our long-term contractual volume 40% of the market share, and rendering first-class service for million MT to render chemical warehousing, customs bond, products also passed the WHO’s certification. was 800,000 MT, accounting for 54% of the total procurement. the global clients. As one of the first ship owners permitted cargo loading and unloading services. We gradually sped up the distribution network layout in China In terms of the international distribution, we are providing to directly ship liquid chemicals across Taiwan Strait, In the area of freight forwarding, Sinochem International’s and made our service closer to our end customers. We had our customers with such value-added services as tailored Sinochem International’s 26 ships received the direct shipping wholly-owned subsidiary Sinochem International Storage and 5 new distribution branches in 2012. Through our distribution processing and manufacturing, registration and auditing. We qualification, becoming the major force for transporting liquid Transportation Co., Ltd. is one of the first national Grade-1 network, we had sales volume of 947,000 MT, up by 23.1% also try to introduce high-quality AI and new, special and chemicals across the Strait. International Freight Forwarding Qualification holders. year on year; sales revenue of RMB 8.15 billion, taking up premium formulations into the Chinese market. In terms of ISO tank containers logistics, Sinochem 62.7% of the total sales. At the meantime, we also have fully qualified chemical International’s wholly-owned subsidiary Shanghai Siboer As for pharmaceutical circulation, we indirectly control warehouses in Shanghai and Guangzhou, providing chemical Chemical Logistics Co., Ltd. is the largest specialized We dig deep to find more added values for our services; Zhejiang Intmedic Group Co., Ltd., which has become the storage and logistics service including tank container-carried tank containers operator in Asia, and owns nearly 6,196 through consolidating upstream and downstream resources core company for provincial pharmaceutical reserve, modern hazardous chemicals for our clients. and by virtue of our own or third-party R&D capacity, we have Petrochemical Feedstock Distribution re-processing on the raw materials, and provide clients with cost-effective and tailored procurement services. We keep We are one of the largest comprehensive distributors and developing big and end customers, cooperating strategically services providers for petrochemical feedstock in China, and with many manufacturers, increasing the customer committed to providing distribution services of petrochemical concentration and end customer proportion, which help us to commodities in China and rendering “one stop” service for become the close partner for our customers.
In the future, centering on fluorine chemical, natural rubber and rubber chemical, fine chemical, pharmaceutical chemical, chemical logistics and petrochemical feedstock distribution business, we will further enhance our capacity on resource acquisition, technology development and market exploration, consolidate our industrial position, and facilitate the chemical business’ sustainable development.
28 2012 Annual Report 2012 Annual Report 29 As one of the central SOEs approved by SASAC to run into the gene of “Jin Mao” series of products, and property development and hotel operation as the main becomes a green real estate development benchmark business, Frashion Properties (China) Co., Ltd. (Franshion highly recognized by the industry in China. In 2012, Properties for short), controlled by Sinochem and listed we cooperated with China Green Architecture and in Hong Kong, sticks to the high-end orientation and Energy Conservation Committee to co-found China premium products strategy. It has become the leading Green Hotel Study Group, participated in formulating upscale property developer and operator in China. the national Green Architecture Evaluation Standards, We focus on the first-tier cities and the second-tier cities took part in the Ministry of Science and Technology’s that serve as the regional hubs, as well as famous tourist “Twelfth Five-Year Plan” supporting projects, and spots, and stick to the “sales plus holding” business carried out “Green Campus” program. Changsha Meixi model. With our business covering high-end property Lake New International City project has become one development, commercial leasing, hotel investment of the first “National Green Ecological Pilot Districts”. and operation, we have developed “Jin Mao” series of Shanghai International Shipping Service Center, Beijing products, and enhanced our presence in upscale office Chemsunny World Trade Center, Beijing Jin Mao space, high-quality residential buildings and luxurious Mansion Elementary School, Qingdao Shinan Jin Mao hotels market. By the end of 2012, we have gained Harbour, and Shanghai Dongtan Jin Mao Noble Manor a foothold in Beijing, Shanghai, Shenzhen, Zhuhai, have received China Green Architecture Identification, Sanya, Lijiang, Changsha, Qingdao, Chongqing, Suzhou US LEED Certification, National Green Architecture and Nanjing, and our land bank (including Level 1 Innovation Award and Outstanding Architecture development) is planned to have total floor area of Technology Award. approximately 15.83 million square meters. In 2012, Franshion Properties was elected as the We have integrated “green low-carbon building component stock of the Hang Seng HK Freefloat Index development” into our real estate business strategy. Our as well as Morgan Stanly Capital International China business guideline called “Green Technology, Jin Mao Index. “Jin Mao” brand has appeared on the “China Top Quality” embraces five aspects including “philosophy, 500 Most Valuable Brands” for 8 years in a row. In 2012, its model, standard, life and attitude”, has be embedded brand value was RMB 5.96 billion.
Locations of Our Properties and Hotel Development Projects
1 Beijing 5 Sanya Beijing Chemsunny World Trade Center The Ritz-Carlton, Sanya Sinochem Tower Hilton Sanya Resort & Spa Beijing Guangqu Jin Mao Mansion Sanya Yazhou Bay project Beijing Wangjing Jin Mao Palace Lijiang Beijing Ya’ao Jin Mao Yue 6 Westin Beijing Chaoyang Hyatt Lijiang Hotel Project 1 Wangfujing Grand Hotel Lijiang Snow Mountain Whisper Beijing Eastern Garden International Conference Center 8 Beijing Yi Zhuang Project 7 Changsha Shanghai Changsha Meixi Lake New International Town 2 Changsha Yuelu Jin Mao Landscape Metropolis 11 2 Shanghai Jin Mao Tower Grand Hyatt Shanghai Qingdao 10 8 9 Shanghai Port International Cruise Terminal Qingdao Shinan Jin Mao Bay 7 Shanghai International Shipping Service Center Jin Mao Hyatt Resort Hotel Project Chongqing 6 9 Shanghai Dongtan Jin Mao Noble Manor Chongqing Daping Jin Mao Delicate Residence Shanghai Haimen Road No.55 Project 3 Suzhou 4 Shenzhen 10 3 Suzhou Jinmen Road project JW Marriott Shenzhen Nanjing 5 Zhuhai 11 REAL ESTATE 4 Nanjing International Square Center Zhuhai Every Garden BUSINESS
30 2012 Annual Report 2012 Annual Report 31 Project Development centers, and technology and innovation centers. Upon the is a distinctive modern commercial district. Adjacent to those construction completion, it would be the most competitive projects is Haimen Road No. 55 land plot. We acquired the Focusing on the development of high end projects, we high-end international commercial and innovation center land use rights of this land plot in 2012, and will develop it have developed many landmark buildings, including Beijing and low-carbon new town in the central region of China, and into the most renowned office space in Shanghai. Chemsunny World Trade Center, Shanghai Jin Mao Tower, would also be a pilot project for building an environmentally- Shanghai Port International Passengers Center and Shanghai friendly and resource-economical society. We are responsible International Shipping Service Center. We also developed many for the level 1 development and the following construction of residential building projects, including Beijing Guangqu Jin Mao the project. In 2012, Jin Mao Meixi Lake residential buildings Mansion, Chongqing Jin Mao Longyue Dwelling, Shanghai East witnessed a successful opening for sales, while seven of the Bund Jin Mao Noble Manor, Lijiang Jin Mao Snow Mountain nine office buildings of the Research Center Phase 1 had the Whisper, Changsha Jin Mao Meixi Lake and Qingdao Jin Mao lease or sales contracts signed. Bay , which add up to the upscale “Jin Mao” series of residential Beijing Guangqu Jin Mao Mansion project sits at the central products represented by the six concepts of “Mansion, Dwelling, business district of Beijing. It combines ArtDeco classic Manor, Mountain, Lake and Bay”. architectures and ecological terrace garden with green Based on its high-end market orientation, Franshion Properties’ technological human setting, advanced education resources level 2 development projects totally sold 200,900 square meters and hotel-style services. As the benchmark product in Beijing in 2012. The four projects in Beijing, Changsha and Chongqing all luxurious real estate industry, it kept its position as the sales kicked off sales 10 to 12 months after the land was granted, which champion for single project in 2012. Beijing Wangjing Jin Mao is among the shortest time record in the industry. Right after those Mansion and Ya'ao Jin Mao Yue integrated the concepts of projects were put into the market, they were sought after by home green, ecology and technology into the project development, buyers and became sales champions in these regions. Meanwhile, and achieved outstanding sales record as well. Franshion Properties also successfully stepped into the Suzhou The Shanghai Port International Cruise Terminal we have market, and acquired new land plots in Shanghai. developed and the Shanghai International Shipping Service Changsha Meixi Lake International New Town Project Center currently under construction are both located along is located at the core area of Changsha Dahexi Pioneer North Bund of Huangpu River. The two centers are adjacent to Zone, and covers an area of 763.47 hectares. It is an urban each other, and form a riverside premium commercial region complex including upscale residential buildings, super-5-star twice the length of the Shanghai Bund. hotels, 5A office buildings, hotel apartments, culture and art Shanghai Port International Passengers Center is a commercial complex that integrates tanker wharf and commercial office space. In 2012, its eleven office buildings were delivered and put into use. In the near future, it will become a shipping transportation hub of Shanghai. Shanghai International Shipping Service Center focuses on the commercial and supporting function for shipping service, and
32 2012 Annual Report 2012 Annual Report 33 Property Leasing
The three high-end office buildings we hold or operate in Beijing and Shanghai are all the landmarks in the core political administration area or central commercial district; therefore, they have attracted many well-known companies to settle there. In 2012, we kept strengthening our professional property service to meet various demands of our clients, which contributed to our leasing business growth.
Beijing Chemsunny World Trade Center and Sinochem Tower are located at the intersection area between Chang’an Avenue and Financial Street commercial district. In 2012, the two buildings kept their records of 100% occupancy rate, with their rental ranking at the top level in this region. Shanghai Jin Mao Tower sits at the financial trade district of Pudong Lujiazui area. It is an outstanding example of the perfect combination between the traditional Chinese architectural style and advanced international building technology. In 2012, Jin Mao Tower realized a steady growth and continued to take the lead in terms of occupancy rate and rental revenue. Hotel Operation
Our hotel projects target at luxurious 5-star brands operation. politicians. Wangfujing Grand Hotel overlooking the entire We own several world-class hotels at the prime locations in Forbidden City has successfully completed the reception first-tier cities or at famous tourist spots. We are planning work for many international events. Beijing Eastern Garden to build Hyatt Lijiang Hotel and Jin Mao Lijiang Grant Hyatt International Conference Center sitting at the Shunyi District is Resort Hotel and Jin Mao Shanghai Hyatt Resort Hotel. In having its service and market presence enhanced. 2012, we maintained our position as market leader with our many years of experience in hotel operation. In Shenzhen, JW Marriot is one of the super-5-star commercial hotels in the region, and its market influence and business Grand Hyatt Shanghai located in the 88-storeyed Jin Mao performance are on a rise year by year. Tower at Shanghai Lujiazui central district has held many big international events, including Fortune Forum, APEC conference, Forbes Global CEO Forum and Shanghai World Expo. It is crowned as the most classic international hotel at Lujiazui Commercial District.
In Hainan Sanya Yalong Bay national-class tourist and resort area, we have two 5-star hotels. Namely The Ritz-Carlton Sanya and Hilton Sanya Resort & Spa. In 2012, these two hotels’ business performance took the first two spots in the regional hotel competition.
Westin Beijing Chaoyang located at Yansha Commercial District has become the first choice for many important foreign
In the future, our real estate business will stick to the high-end market orientation and the “sales plus holding” business model, innovate our city development mode, create more value through our “Green Strategy”, and consolidate our distinctive position as the “national green ecological city developer”, so as to enhance our status as China’s leading developer and operator for high-end real estate development.
34 2012 Annual Report 2012 Annual Report 35 Our financial business covers financial leasing, trust, securities investment fund, finance company, life insurance and financial futures, which have formed a fully-qualified non-bank financial business framework. We have cultivated several competitive and influential brands, including “Far East Horizon”, “FOTIC”, “Lion Fund” and “Manulife-Sinochem Life Insurance”. While strengthening the risk control capacity and profitability, we are enhancing the synergy between our financial business and other business segments.
Financial Leasing
Trust Business
financial Securities Investment Fund Business
Finance Company
Life Insurance
FINANCIAL BUSINESS
36 2012 Annual Report 2012 Annual Report 37 Financial Leasing
In 2012, our financial leasing business continues its “serving construction, industrial equipment, education, textile and the industrial development” strategy. Our financial leasing e-information, we focus on the different needs of different flagship Far East Horizon Co., Ltd. (Far East Horizon for short) clients at different development stages, and render an is upholding the “finance plus industry” business philosophy. integrated industrial service including financing, trade, Through innovating products and services, we are providing consulting and investment, cultivating the strength in matching clients with one-stop service solution, and have become financial resources with industrial development, and boosting forerunner in China’s innovative financial service sector. finance and industry together. In 2012, we had leasing assets total over RMB 60 billion, up by 28% year on year; net profit While consolidating our traditional strength in leasing RMB 1.5 billion, up by 40%; capital equity over RMB 13 billion business, we keep exploring new industry and market with zero actual loss for five years in a row, maintaining our segments. In such areas as medical care, printing, shipping, leading position in China’s financial leasing industry.
Total leasing assets Net profit 60 1.5 billion RMB billion RMB Trust Business In 2012, FOTIC realized sales revenue of RMB 1.65 billion, up by 35%. Trust business contributed for 70% of its total revenue. It managed trust assets of over RMB 210 billion, and Capital equity The entity running Sinochem’s trust business is China Foreign Economy and Trade Trust Co., Ltd (FOTIC for short). It was created more than RMB 10.2 billion of earnings for clients. 13 founded in 1987 and is one of the few trust companies directly billion RMB supervised by China Bank Regulatory Commission and holds the Vice President chair in China Trustee Association. Headquartered at Beijing, the company has registered capital of RMB 2.20 billion, and set up regional headquarters in East, South, Southwest and Northwest of China. After 25 years of development, FOTIC has owned great brand recognition and strong operation strength in the trust industry. It has won “Credible Trust-Excellent Company Award” for six consecutive years, and has been entitled “China Outstanding Trust Company”, “Annual Best Risk Control Trust Company” and “Annual Best Wealth Management Trust Company”.
FOTIC sticks to the business philosophy of steady operation and growing through innovation, making its best efforts to provide all-round financial service for the society. At present, FOTIC is involved in bank and trust cooperation, Sales revenue Trust assets government and trust cooperation, real estate trust, mineral 1.65 210 energy trust, infrastructure trust, private placement trust, billion RMB billion RMB customer financial trust, and industrial and commercial trust. It took the lead in the industry to issue “Five Elements Wealth Management” products s to provide high net worth clients with wealth management and value added services, becoming Trust income a pioneer among trust companies to run wealth management 10.2 business. In 2012, FOTIC became the second trust company billion RMB and first in Beijing to have the stock market index futures exchange qualification, which marked the company’s securities investment trust business stepped into the financial derivatives sector.
38 2012 Annual Report 2012 Annual Report 39 Securities Investment Fund
We have a stake in two fund management companies, namely Lion Fund and Baoying Fund. Lion Fund, where we are the major fundraiser, manages 24 open-end fund products and more than RMB 46 billion of assets.
Lion Fund’s products include stock-based, mixed, index-based, QDII-based, bond-based and currency-based products. In May 2008, it was granted with qualification for running QDII business, and allowed to do overseas securities investment. It is managing 3 QDII products at present. In addition, Lion Fund is one of the first fund companies permitted to manage insurance capital and separately managed account.
Total assets Open-end funds 46 billion RMB 24
strength and risk resistance ability. It also achieved a series of breakthrough and development in 2012, and brought more high-efficient financial services for Sinochem Group and its QDII funds member companies.
3 Life Insurance
Manulife-Sinochem Life Insurance Co., Ltd. (Manulife- Sinochem for short), the first Sino-foreign life insurance joint Finance Company venture in China, was co-founded by Sinochem Group and the Canada-based Manulife Financial Corporation back in Established in 2008, Sinochem Finance Co., Ltd. (Sinochem November 1996. The company has over 17,000 employees Finance for short) is one of the finance companies that and insurance agents serving over 720,000 clients. are directly supervised by CBRC. It upholds the guideline of “relying on and serving the Group, standard operation, assets management and financial agent business. Manulife-Sinochem has tapped the China insurance market expanding through innovation”, provides financial service for for more than a decade, and is steadily developing in 50 cities, Sinochem throughout its industrial chain and value chain. It In 2012, Sinochem Finance received capital injection from including Shanghai, Beijing, Guangdong and Zhejiang. Its Employees and Serving clients has developed into a comprehensive financial service platform the Group, and had its registered capital expanded from business performance has kept a leading position among life insurance agents that is involved in capital pool building, financing service, RMB 1 billion to RMB 3 billion, which enhanced its financial insurance joint ventures in China. 17,000 720,000
Steadily developing in 50 cities
In the future, we will continue to carry forward our financial products and services innovation, enhance our risk control ability, and build a high-caliber professional team. Our aim is to strengthen our leading position in various financial sectors, facilitate the sustainable development of the financial industry, and create more value for our clients and for the society.
40 2012 Annual Report 2012 Annual Report 41 Tendering Business and Reform Commission and Ministry of Finance, a “Zhongguancun High-tech Company”, a company holding We are providing tendering service for such important deputy director chair in Energy Conservation Service Industry economic sectors as railway transportation, aviation and Committee of China Energy Conservation Association, and aerospace, metallurgy, and petrochemicals. We are specialized a consulting agency for Beijing NDRC’s energy auditing in whole-process high-quality domestic and international work. By setting up strategic partnership with designing tendering services, technology and equipment import agent institutes and equipment suppliers, we are able to provide services, procurement management, and international services throughout the industrial chain, and build an energy commercial consulting services. conservation and environment protection service company Sinochem International Tendering Co., Ltd. owns the with core competitiveness. qualifications as a “Class-A International Tendering Agency”, In terms of energy conservation, we focus on petrochemical, a “Class-A Tendering Agency for Central Government’s power generation, non-ferrous metallurgy, construction, Investment Projects”, a “Class-A Government Procurement coking and manufacturing industries. Through the ways of Tendering Agency”, and a “Class-C Engineering Consulting building technology supporting platform, energy management Agency”. It is also one of the first AA-Class Management contracting, financial leasing and project contracting, we Companies granted by Beijing Customs. It took part in are providing energy saving consulting, technology analysis, many large domestic projects, including the tendering for project design and comprehensive energy conservation Commercial Aircraft Corporate of China’s C919 airliner project, service throughout the project construction, for example and possesses a relatively strong influence in the industry. industrial boiler renovation, motor system renovation for In 2012, we seized the opportunity of aerospace and petrochemical energy saving, waste heat and pressure recycling, co- industrial development, developed premium clients resource, made generation and etc. best efforts to understand clients’ need, improved service quality In the area of environment protection, we consolidated and maintained a sustainable development. the design consulting, investment and financing, project Energy Conservation and Environment construction, operation service, and equipment manufacturing Protection Business business units; developed industrial and life waste water treatment and general project contracting by using our Sinochem Energy Conservation and Environment Protection advanced waste water treatment technology; and explored (Holdings) Beijing Co., Ltd. is our high-tech subsidiary waste incineration treatment and soil remediation business specialized in energy conservation and environment protection by providing a package solution covering equipment services. It has been entitled as an “Energy Conservation manufacturing, sludge treatment, air pollution treatment and OTHER Service Company” co-granted by National Development incinerator manufacturing. BUSINESS
42 2012 Annual Report 2012 Annual Report 43 CORPORATE CITIZENSHIP
As the Fortune Global 500 qualifier and the key SOE in China, Sinochem Group is committed to the sustainable development of the economy, society and environment, as well as the improvement of people’s livelihood. We regard the corporate citizenship as our corporate gene and core competitiveness. We have integrated the corporate citizenship into the philosophy, mission and vision of our company, and make it guidance in our day-to-day business operation. We are trying to realize a green, harmonious and scientific development, and create value for the society, for our shareholders and for all stakeholders.
In 2012, Sinochem was named the leading company in “Golden Bee Excellent CSR Report” ranking, and won “Best Chinese Practice Award” granted by UNGC.
Sinochem’s Goals as a Corporate Citizen
To provide good returns and generate capital value for its shareholders and the state
To win the trust of clients by conducting mutually-beneficial cooperation
To achieve sustainable development by protecting environment and conserving energy
To become a company that people love to work for by caring its employees and growing with them
To command respect from the society by adhering to laws, valuing ethics and working for the greater good
2012 Annual Report 45 environmentally-friendly pesticides. In August 2012, when and improved our emergency response system and facility. By armyworm damage broke out in Northeast and North China, doing so, we were able to maintain a stable HSE condition, and we immediately organized the production and transportation had no major production accident, environmental accident and of preventive pesticides to protect farmers’ interest. occupational hazard outbreak in 2012.
In the field of petrochemicals distribution, we set up distribution In terms of safe production, we took the chance of our “Anti- outlets close to the end users, and provide them with a package Three Againsts” Program to solidify our line of defense on of supply chain service and customized low-cost procurement safe production. We also conducted hazard identification and assessment lab, and the National Key Lab for New Pesticide service, becoming the close partner to our clients. risk assessment targeting at different posts to standardize Serving the Development of the National Economy Development, we focus on pesticide development, supply the operation; searched for hidden perils to ensure the safety Our real estate business created the concept of “Jin Mao and the Improvement of People’s Livelihood market with high-efficient and green pesticides, and protect of field operation; carried out different levels of trainings to Service Quality”, adopted one-stop service management, people’s health and the environmental safety. enhance all staff’s awareness on safety regulation compliance We connect our corporate development with the bigger picture uniform property service, and professional service teams, and and their protection skills. of national development strategy and general public’s need, Our main business is closely related to people’s livelihood. By continuously enhanced our service quality. focus on our major business segments that are closely related drawing on our business potency, we are trying to provide the best For the environmental protection, we advocated for clean We also render customized financial services through our to the national economy and people’s livelihood, live up to products and services for the society to enrich people’s lives. production, developed circular economy, increased energy financial leasing, trust products and other value-added SOE’s role as “the national team”, and make contribution to conservation and emission reduction investment, sped up services, meeting the demand for corporate growth and energy and agricultural security as well as chemical industrial Clients Service technology upgrading, and eradicated obsolete process individual wealth management. upgrading and improvement of people’s lives. or energy-intensive facilities. By doing so, we made efforts Upholding the business philosophy of “creating more value for to reduce the impact from production activities upon the As one of the four largest national oil companies, we further clients through value-added services, and creating more value environment, provide green products and technologies to complete our oil industrial chain, provide oil and gas products for the company through satisfying our clients”, we take clients society, and realize a coordinated development between needed by the economic development, and endeavor to build service as core, keep exploring more service ways and improving production and environment protection. a diverse and safe oil supply system. in 2012, we continued service quality, and try to develop together with our clients. our task to construct and manage the national strategic oil As for the protection on occupational health, we conducted reserve base, and kept reserve of commercial crude oil and In terms of energy business, we make best efforts to expand check and review on those subsidiaries involved in refined oil for the country. our oil trade in China and overseas, becoming a significant oil manufacturing of fertilizers, pesticides and specialty supplier for many refineries in China, Southeast Asia, Europe and chemicals, as well as mining activities. In order to protect As the largest SOE operating the three major agro-inputs, America. By enhancing credit management and measurement our employees’ occupational health, we had professional namely fertilizer, seed and pesticide, we are committed to facility, we protect clients’ rights, and provide trustworthy and investigation on those companies’ occupational health protecting the agricultural development and grain security high-efficient services. We improve the terminal sales service management, including laws and regulations awareness, of China and the world at large. In 2012, even though the network for refined oil, make service standards, and provide occupational hazards identification, protection devices international potash price was soaring, we leveraged China’s convenient and satisfactory gasoline service. Health, Safty and Environment Protection distribution, and occupational health training. potash import negotiation mechanism, and managed to maintain the lowest global potash import price for China and In terms of agro-inputs business, we are promoting an We regard occupational health, safe production and In the area of emergency management, we set up many levels reduce farmers’ economic burden. agronomic service system that is made up of agricultural environment protection very important components in of emergency response structure, clarified the institutional knowledge dissemination, onsite service and instruction, fulfilling our social responsibility, and integrate them into our and personnel standards, and enhanced the response team Centering on the target of building the national class seed and balanced fertilization service through our distribution sustainable development strategy. We are endeavoring to building. We intensified our whole emergency response company, we enhanced our breeding and R&D capacity, network across China. By organizing a thousand sessions build a safe, green and energy-conservative company, and system, and strengthened the Group level response procedure cooperated with research institutes and universities, ramped up of field educational tour, good farming methods training, realize harmony among human, nature and environment. as well as the applicability and operability of Emergency merger and acquisition, and stepped up the industrial layout, and education on harvest, we helped farmers to choose the Disposal Card at the shop floor. We also enhanced the which contributed to promote China’s modern crop seed industry right seeds and harvest at the right time. By establishing and In 2012, we rolled out a program called “Iron Fist Ensuring Safety”, preparation for emergency response resources and materials, development and protect the national seed security.Making use improving the pesticide R&D system that is closely linked created “two systems”, “four requirements” and “ten prohibitions” and organized response drills to strengthen our actual of our strength in pesticide R&D, the GLP system-certified safety to production and sales, we are supplying farmers with for our HSE management, practiced a whole-life-cycle HSE control, response capacity.
46 2012 Annual Report 2012 Annual Report 47 for education improvement and poverty alleviation. Through such projects as “Far East Horizon Scholarship”, “Longdian Employees’ Value Since we assisted Tibet in poverty alleviation in 2002, we Education Aide”, “Qinghai Nangqian County Jiqu District have been upholding the guideline of “combining intellectual Milk Donation”, and “Qinghai Yushu Chengdu County Grain We always regard human resource as our first resource, and investment with physical project investment”, and invested Assistance”, we assisted talented kids and students to get try to grow with our employees. Through institutional and more than RMB 100 million to assist Gangba County of Tibet, better education, and helped poor and vulnerable groups to cultural building, we have created “fair, endeavoring and Dachaidan Region of Qinghai, Helingeer County and Qingshuihe improve living condition. harmonious” company environment, protected employees’ County of Inner Mongolia with a series of social welfare projects rights, respected employees’ value and grew together with carried out locally to help local farmers improve their life and Global Responsibility our employees. In 2012, we totally recruited 2099 university propel local economic and social development. graduates. By the end of 2012, our total headcount was As a member of UNGC, we have integrated CSR into our “Go 48,414, with average age at 33. In 2012, Sinochem International continued to cooperate with Global” process, made hard efforts to promote local social China Red Cross to set up Sinochem International Universal and economic development, built harmonious overseas We pay attention to enhancing employees’ professional Love Stations, and organized free clinic activities at the remote community, protected environment, and built a great image of skills and overall capacity, and set up different levels and and backward areas in 9 provinces, including Hubei, Guizhou “Responsible Sinochem, Responsible Chinese Corporate”. different types of training to help them grow. We also improve and Fujian, which helped to improve the healthcare condition our career development system to provide our employees for local farmers. We always uphold the philosophy of “being friendly with with various development pipelines, including management and being partner of the neighbors” and “achieving win-win and engineering technology pipeline, trade and marketing In 2012, Far East Horizon drew on its charity fund and development” during our “Go Global” process, and have pipeline, and skilled production pipeline. We make employees invested totally RMB 2.44 million to carry out 9 major projects explored a distinctive model to develop together with the local assistance plans to aide those in need, trying to create a good community where our projects are located. Through cultural and caring working environment. exchange, having local recruitment, developing local sourcing, engaging in local social welfare activities, and protecting local As a highly internationalized company, we strictly abide environment, we strongly promote the local economic and by the international codes of conduct and the laws of the social progress. host countries of our projects. In terms of recruitment, compensation scheme and promotion opportunities, we fairly and equally treat every member of our company, regardless of their nationalities, colors, races, genders, religious belief and cultural background, pooling their efforts together for the company’s development.
Social Welfare
Bearing in mind the goal to become a respectable company, we not only promote the economic development through production and business growth, but also actively engaged in social welfare project, making contribution to the social harmony and progress.
48 2012 Annual Report 2012 Annual Report 49 2012 KEY EVENTS
On Jan. 8th, Sinofert signed the equity interest transfer contract with Longmang Group and Tibet Longsheng Company On Apr. 10th, Sinochem International and Japan Dorval SC Tankers Inc. announced to set up a joint venture called Sinochem to acquire 100% interest of Xundian Longmang Phosphate Chemical Limited and its 300 million MT of phosphorite Dorval Tankers Co., Ltd., a company involved in international chemical transportation business. resource. On Apr. 12th, Sinochem signed strategic cooperation framework agreement with Jiangxi Provincial Government to deepen On Jan. 15th, Sinochem Group 2012 Working Conference convened and made the requirements to accelerate the strategic cooperation on oil, fertilizer, pesticide, seed, fluorine chemical, real estate and finance. the strategic transformation, grow stronger and better, and promote a steady, healthy and sustainable business 01 th On Apr. 12 , Sinochem Corporation issued RMB 3 billion of 5 year mid-term notes and RMB 3 billion of 1 year short-term 04 January development. April financing bond, which marked the largest single direct financing of Sinochem Corporation from the domestic market. On Jan. 18th, Sinochem signed Strategic Cooperation Framework Agreement with Royal DSM N.V. to deepen On Apr. 18th, Sinochem held Management Improvement Project Launching Conference to arrange the project activities. cooperation on bio-technology. On Apr. 25th, Franshion Properties signed strategic cooperation agreement with Lanhai Group to increase the capital of the On Jan. 19th, Sinochem signed acquisition agreement with TOTAL to acquire 100% interest of TEPMA B.V. and obtain latter’s wholly-owned subsidiary Sanya Yazhou Bay Economic Development Co., Ltd. by RMB 150 million, and acquire the Colombia Cusiana oilfield and partial interest of OAM and ODC pipelines, which increased our oil upstream assets in company’s 51% interest and the Level 1 development rights of the 100 hectares of land at Sanya Yazhou Bay. South America. On Apr. 28th, FOTIC was granted stock index-based futures exchange qualification, and became the second in China and first in Beijing to receive this credential, marking FOTIC setting its foot in financial derivatives investment business.
On May 9th, Sinochem signed cooperation agreement with Ecopetrol. Chinese President Hu Jintao and Colombian President Juan Manuel Santos attended the signing ceremony.
rd On Feb. 3 , Ministry of Agriculture released “2012 Major Seed Varieties and Technologies”. China National Seed On May 11th, Sinochem President Liu Deshu was listed in the “2011-2012 China Excellent Entrepreneur” selection co-organized Group Corporation’s 5 rice varieties, 2 corn varieties and 3 wheat varieties entered the list. by China Association of Enterprises, China Entrepreneur Association and China Enterprise Management Science Foundation.
On Feb. 7th, SYRICI’s Safety Assessment Center and Pesticide Testing Lab passed GLP certification of the th 05 May 17 witnessed the launch of “Heavy Pollution Chemical Industry Clean Production Technology and Demonstration” May 02 Netherland, a member of OECD. SYRICI’s Safety Assessment Center became the first unit of its kind to obtain such project which was in the National 863 Plan and led by SYRICI. February a credential, and put an end to China’s reliance on foreign institutes to do the safety assessment in order to get our th chemicals exported to other countries. On May 18 , Sinochem signed strategic cooperation agreement with Hunan Provincial Government to deepen cooperation on petrochemical storage, fertilizer, seed, fluorine chemicals, real estate, financial leasing, energy conservation nd On Feb. 22 , Sinochem International announced that it would acquire 40.53% interest of Jiangsu Yangnong and environment protection. Chemicals Group Co., Ltd. through acquisition and capital increase of no more than RMB 1.634 billion. Singapore- th based GMG Company controlled by Sinochem International contributed 192.56 million euros (or RMB 1.6 billion) to On May 25 , Sinochem held 2012 Corporate-Bank Communication Conference, with 53 banks and other financial acquire 35% of Belgium-based SIAT. institutes at home and abroad present.
China Seed cooperated with related research institutes to develop the first rice whole genome breeding chip in the world, which will increase the rice seed breeding efficiency and propel China’s agricultural development.
On Jun. 8th, Far East Horizon was approved by MOFCOM to add “commercial factoring and related consulting service” into its business scope. On Mar. 2nd, Sinochem signed strategic cooperation agreement with Hainan Provincial Government, and would make investment On Jun. 12th, Sinochem was approved by China’s National Association of Financial Market Institutional Investors to be to build South Seed Breeding Research and Production Center, agricultural material operation and logistics system, tourism-based one of the first AAA-class companies to register RMB 20 billion of super-short-term financing bond. real estate, and financial leasing project. 06 On Jun. 13th, Sinochem International announced that it acquired 60.976% equity of Jiangsu Sinorgchem Chemical June On Mar. 29th, Fortune magazine (Chinese version) published “Top 50 Business Leader in China”, and President of Technology Co., Ltd. through the former’s wholly-owned subsidiary Sinochem International (Singapore) Co., Ltd. with no 03 Sinochem Liu Deshu ranked 10th on the list. March more than RMB 2.82 billion. On Mar. 29th, FOTIC’s “Five Elements Wealth Management” brand officially entered Shanxi market. Jun. 21st saw the opening ceremony of DSM-Sinochem Biochemical Intermediate (Changchun) Co., Ltd., the pharmaceutical intermediate base of DSM-Sinochem Pharmaceutical Co., Ltd in Changchun Yushu, Jilin Province.
On Jun. 25th, Sinochem Group’s Sustainable Development Report 2011 was issued, which was the sixth sustainable development report of the company.
On Jun. 28th, World Brand Lab published “2012 China Top 500 Valuable Brands”, in which “SINOCHEM” and “Jin Mao” ranked 7th and 255th, respectively.
50 2012 Annual Report 2012 Annual Report 51 On Jul. 9th, Fortune magazine published Fortune Global 500 list 2012. Sinochem appeared on the list 22 times and Oct. 14th saw the kick-off of the “New Type Energy Algae Cultivation and Energy Products Transformation Technology” ranked 113th in 2012. which was list in the National 863 Plan and led by Shenyang Institute.
On Jul. 17th, Singapore-listed GMG controlled by Sinochem International completed the equity delivery with Belgium- On Oct. 18th, Sino Agro Co. Ltd. was founded in Shanghai, which marked Sinochem’s internal consolidation for our 07 based SIAT, which was the largest project to date for Chinese companies to directly invest in Belgium. agrochemical business entered the material stage. 10October July On Jul. 19th to 21st, Sinochem signed strategic cooperation agreement with Qingdao Municipal Government to deepen On Oct. 24th, Sinofert signed capital increase and share expansion agreement with Yangmei Chemical to reduce cooperation on petrochemical, rubber and real estate. Sinochem Pingyuan’s share holding to 36.75%, which helped to improve Sinofert’s business structure.
On Jul. 25th, SASAC published 2011 performance assessment result on central SOE managers. Sinochem Oct. 25th witnessed the launching of the “High Performance Polyvinylidene Fluoride Material Development and Its ranked among the 12 central SOEs entitled Class-A Enterprises for eight years in a row. Application in City Waste Water Treatment” project, which was listed in the National 863 Plan and led by Sinochem Lantian.
On Oct. 26th, Sinochem Lantian Honeywell New Material Co., Ltd. held the HFC-245fa project foundation-laying ceremony at Taicang, Jiangsu.
th Aug. 15 witnessed the kick-off of the expansion and renovation project for Sinochem Changshan urea production facility. On Oct. 30th, Far East Horizon signed cooperation agreement with Taiwan Zhanghua Christian Hospital to set up The project had an investment totaling at RMB 1.198 billion and was aimed to lower energy consumption of the facility. Far East Medical Management Co., Ltd. and enhanced the service capacity for the medial care industry.
th On Aug. 20 , NDRC officially approved Sinochem Quanzhou’s 12 million MT/a refining project. On Oct. 31st, Franshion Properties’ Changsha Meixi Lake International New Town Project was approved by Ministry of Housing and Urban-Rural Construction and became one of the first national-class “Green Ecological Pilot Urban Districts”. 08 On Aug. 20th, Sinochem successfully issued the first super-short-term financing bond in the inter-bank market in 2012, August which helped to raise RMB 3 billion and marked the first super-short-term financing bond issuance of Sinochem. On Nov. 5th, Shenyang Institute was listed among “2012 National Technology Innovation Pilot Companies” published nd On Aug. 23 , China Association of Enterprises and China Entrepreneur Association co-issued “2012 China Top 100 by Ministry of Industry and Information and Ministry of Finance. Multinationals and Cross-border Index”, on which Sinochem ranked 5th on the Multinational list and 2nd on the Index th list with 56.2% cross border rate. On Nov. 19 , Tangshan Caofeidian Crude Oil Commercial Reserve project was approved by the Group. Counting in Guangdong Maoming project and Zhongshan Petrochemical Storage Terminal project, Sinochem Oil Center totally On Aug. 29th, Sinochem convened the Mobilization Conference for Quality Management System Building Project had three new storage projects entering the material development stage in 2012, which further improved the domestic 11November among the supporting departments. The project was aimed to improve the work flow, efficiency and quality of the operation layout of the Center. supporting departments. On Nov. 19th to 20th, Sinochem signed strategic cooperation agreement with Quanzhou Municipal Government to Sinochem Lantian’s new cotton topping agent flumetralin was successful tested on large scale in the field of push forward the Sinochem Quanzhou Petrochemical project and deepen the cooperation between the two sides. Xinjiang region. On Nov. 28th, 2012 UNGC Network China Annual Meeting was held, on which Sinochem won the “Best China Practice Award” for 2012.
Sinochem held “Assistance to Tibet” exhibition. In the past decade, Sinochem has totally invested RMB 100 On Sep. 15th, Sinochem launched the first “Touching Sinochem” outstanding employees selection activity to advocate million to Tibet, Inner Mongolia and Qinghai, and carried out more than 100 assistance and poverty alleviation Sinochem’s corporate culture and enterprising spirit. projects, which have been spoken highly by the local government and farmers. On Sep. 25th, Sinochem signed strategic cooperation agreement with Tangshan Municipal Government to deepen 09 cooperation on oil storage, supporting jetty construction, iron ore logistics, agriculture, finance and energy conservation. On Dec. 1st, as the one of the first multinational companies with qualification to have centralized operation and September management of foreign exchange, Sinochem successfully completed the first transfer of overseas capital. On Sep. 25th, Ministry of Agriculture approved China Seed be one of the first companies to get the certification for integrating seed “production, breeding and sales” operation. On Dec. 4th, the 20,000 MT/a HFC-125 project of Sinochem Lantian’s Taicang Base was put into operation.
On Sep. 25th, Franshion Properties signed investment framework agreement with Lijiang Municipal Government for th On Dec. 6 , Franshion Properties acquired Jinmen Road project located at central part of Suzhou City by RMB 2.32 12December Lijiang high-end resort complex development project. billion and made the first stride into the Suzhou market.
On Dec. 19th, Sinochem was positioned at 387 on the “2012 World Top 500 Brands” list.
On Dec. 26th, Franshion Properties and Shanghai International Port Company formed a co-bidder and won the bid for Shanghai Haimen Road No. 55 commercial land plot.
Sinochem’s 11 technology achievements, involved in pesticide, dyestuff and fluorine chemical sectors, won the “Technology Progress Award” granted by China Petroleum and Chemical Industry Association.
52 2012 Annual Report 2012 Annual Report 53 FINANCIAL Auditor’s Report STATEMENTS Baker Tilly China SJ[2013]1369-7 To Sinochem Group:
We are engaged to audit the attached financial statements of Sinochem Group (hereinafter referred to as “The Company”), which includes the consolidated balance sheet as at 31 December 2012, and consolidate income statement and consolidated cash flow statement for the year then ended, and the notes to these financial statements.
1. The Management’s Responsibility for the Financial Statement
Management of The Company is responsible for the preparation and fair presentation of these financial statements. This responsibility includes: (1) preparing the financial statements in accordance with Accounting Standards for Business Enterprises to achieve fair presentation of the financial statements; (2) designing, implementing and maintaining internal control which is necessary to enable that the financial statements are free from material misstatement, whether due to fraud or error. 2. Auditor’s Responsibility
Our responsibility is to express an audit opinion on the financial statement based on the implemented audit. We conduct the audit work in accordance with China Standards on Auditing. China Standards on Auditing require us to comply with Code of Ethics for Chinese Certified Public Accountants, and plan and perform the audit in order to obtain a reasonable assurance about whether the financial statements are free from material misstatements.
The audit work involves implementing audit process to acquire the amount and disclosed audit evidence related to the financial statements. The selected audit process relies on the auditor’s judgment, including the evaluation for the risk of materially misstatement of the financial statements.. During the process of evaluation, the auditor considers the internal control relevant to the preparation and fair presentation of the financial statements to frame proper audit process, but not for the purpose to issue any opinion on the effectiveness of the internal control. An audit also includes the evaluation for the appropriateness of the accounting policies adopted by the management and the reasonableness of the accounting estimates as well as evaluating the overall presentation of the financial statement.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
3. Audit Opinion
In our opinion, the financial statements of The Company have been properly prepared in accordance with the Accounting Standards for Business Enterprises, and present fairly, in all material respects, the consolidated financial position as at 31 December 2012 as well as the consolidated results of operations and cash flows for the year of 2012.
CICPA
CICPA
CICPA
2012 Annual Report 55 CONSOLIDATED BALANCE SHEET
Items 2012.12.31 2011.12.31 Items 2012.12.31 2011.12.31 RMB'0000 USD'000 RMB'0000 USD'000 RMB'0000 USD'000 RMB'0000 USD'000 Current assets Current lialilites Cash at bank and on hand 2,819,510.39 4,485,737.63 3,699,692.40 5,871,688.80 Short-term borrowings 3,206,181.31 5,100,916.89 3,501,106.27 5,556,517.74
Deposit reservation for balance 1.02 1.62 0.36 0.58 Accept money deposits and call loans from banks 21,851.04 34,764.20 92,888.55 147,421.08
Transaction monetary assets 254,668.04 405,167.52 141,245.28 224,166.84 Borrowings from banks and other financial institutions 150,000.00 238,644.50 - -
Notes receivable 236,265.61 375,889.92 315,519.94 500,753.77 Transaction financial liabilities 2,296.41 3,653.50 3,666.74 5,819.39 Accounts receivable 3,423,701.77 5,446,983.97 3,154,503.12 5,006,432.60 Notes payable 271,204.78 431,476.86 177,814.78 282,205.36 Advances to suppliers 1,128,260.99 1,795,021.86 645,158.87 1,023,915.43 Accounts payable 3,906,654.46 6,215,343.99 3,777,963.95 5,995,911.62 Interest receivable 6,200.44 9,864.68 1,926.47 3,057.44 Advances from customers 1,245,737.95 1,981,923.39 1,143,029.23 1,814,072.96 Dividend receivable 1,695.22 2,697.03 3,458.51 5,488.91 Taxes and dues payable 201,576.56 320,700.92 173,555.49 275,445.56 Other receivables 430,264.36 684,534.82 367,990.41 584,028.33 Interest payable 70,400.83 112,005.14 61,308.75 97,301.58 Inventories 3,584,444.91 5,702,720.41 2,978,929.41 4,727,783.98 Dividend payable 50,609.48 80,517.82 33,532.22 53,218.14 Current portion of non-current assets 60,221.09 95,809.54 85,668.51 135,962.34 Other payables 849,562.99 1,351,623.56 484,026.89 768,186.92 Other current assets 369,881.60 588,468.06 314,659.86 499,388.76 Current portion of non-current liabilities 736,423.07 1,171,622.09 616,160.03 977,892.10 Total current assets 12,315,115.44 19,592,897.05 11,708,753.14 18,582,667.78 Other current liabilities 904,359.92 1,438,803.47 317,799.99 504,372.38 Non-current assets Total current liabilities 11,616,858.79 18,481,996.32 10,382,852.89 16,478,364.82 Loans and advances 111,706.58 177,721.08 449,875.63 713,986.30 Non-current liabilities Available-for-sale financial assets 839,470.83 1,335,567.30 704,456.59 1,118,025.34 Long-term borrowings 2,770,162.48 4,407,226.93 2,900,159.32 4,602,769.96 Held-to-maturity investments 59,396.42 94,497.53 84,567.49 134,214.94 Debentures payable 3,918,956.55 6,234,916.15 3,315,435.08 5,261,843.68 Long-term account receivable 1,642.70 2,613.47 2,988.88 4,743.57 Long-term payables 4,107.03 6,534.14 5,009.12 7,949.85 Long-term equity investments 4,704,888.13 7,485,304.49 3,722,373.25 5,907,685.01 Grants payable Investment real eastate 284,710.47 452,963.92 284,420.38 451,396.44 22,535.62 35,853.34 22,083.60 35,048.32
Fixed assets-cost 3,612,547.13 5,747,430.00 3,564,913.32 5,657,784.32 Provisions 248,125.74 394,758.96 213,315.79 338,548.12
Less: Accumulated depreciation 1,070,216.35 1,702,674.96 961,548.10 1,526,048.82 Deferred tax liabilities 303,149.05 482,299.02 212,969.16 337,998.01
Fixed assets-net value 2,542,330.78 4,044,755.04 2,603,365.22 4,131,735.50 Other non-current liabilities 36,603.24 58,234.41 34,383.78 54,569.63
Less: Fixed assets depreciation reserves 21,356.80 33,977.89 40,623.23 64,472.11 Total non-current liabilities 7,303,639.72 11,619,822.95 6,703,355.85 10,638,727.56
Fixed assets-net value after fixed assets depreciation reserves 2,520,973.98 4,010,777.15 2,562,741.99 4,067,263.39 Total liabilities 18,920,498.51 30,101,819.28 17,086,208.74 27,117,092.38 Construction in process 2,668,780.74 4,245,932.29 2,033,100.59 3,226,682.83 Shareholders’ equity
Construction materials 54,063.42 86,012.91 44,030.40 69,879.55 Paid-in capital 1,324,965.17 2,105,391.80 1,184,540.17 1,833,142.73 Fixed assets pending disposal 1.69 2.68 - - Capital surplus 1,910,318.30 3,035,527.71 1,796,403.35 2,780,035.52 Productive living assets 46,390.30 73,805.27 40,212.54 63,820.32 Less: Treasury stock - - - - Oil and gas assets 3,277,956.48 5,215,108.55 3,022,918.67 4,797,598.23 Special reserve funds 7,565.84 12,022.24 3,723.38 5,762.13 Intangible assets 1,169,694.96 1,860,941.79 782,906.98 1,242,531.98 Surplus reserves 124,257.07 197,446.56 113,166.68 175,131.82 Development expenditures 166.28 264.55 136.28 216.29 Retained earnings 3,201,877.21 5,087,836.41 2,769,556.10 4,286,044.29 Goodwill 348,547.49 554,526.27 152,764.44 242,448.61 Converted difference in foreign currency statements -135,987.12 -197,122.13 -131,497.31 141,601.87 Long-term prepaid expenses 71,687.21 114,051.72 58,159.86 92,304.04 Equity attributable to equity holders of the Company 6,432,996.47 10,241,102.59 5,735,892.36 9,221,718.36 Deferred tax assets 181,724.97 289,117.76 159,462.70 253,079.25 Minority interests 3,308,888.76 5,257,879.56 2,996,771.62 4,637,673.12 Other non-current assets 5,465.65 8,695.66 5,002.90 7,939.98 Total shareholders' equity 9,741,885.23 15,498,982.15 8,732,663.98 13,859,391.48 Total non-current assets 16,347,268.30 26,007,904.38 14,110,119.57 22,393,816.07
Total assets 28,662,383.73 45,600,801.42 25,818,872.72 40,976,483.86 Total liabilities and shareholders' equity 28,662,383.73 45,600,801.42 25,818,872.72 40,976,483.86
56 2012 Annual Report 2012 Annual Report 57 CONSOLIDATED INCOME STATEMENT
Items 2012 年 2011 Items 2012 2011 RMB'0000 USD'000 RMB'0000 USD'000 RMB'0000 USD'000 RMB'0000 USD'000 1. Total operating income 45,315,859.76 72,007,658.68 45,895,329.18 71,025,610.79 4. Total profit 1,067,060.91 1,695,577.62 1,341,467.17 2,075,996.11
Including: Operating income 45,159,138.57 71,758,626.09 45,749,263.29 70,799,565.58 Less: Income tax 312,537.85 496,627.86 271,733.48 420,522.89
Including: Prime operating income 45,090,720.53 71,649,908.69 45,692,464.48 70,711,666.23
Other operating income 68,418.03 108,717.40 56,798.80 87,899.35 5. Net profit 754,523.06 1,198,949.76 1,069,733.69 1,655,473.23
Interest revenue 35,583.72 56,543.12 64,688.62 100,109.29 Net profit attributed to equity holders of the Company 513,151.21 815,405.85 761,274.16 1,178,114.71
Fee and commission income 121,137.47 192,489.47 81,377.28 125,935.93 Minority shareholders' profit and loss 241,371.85 383,543.91 308,459.53 477,358.51
2. Total cost of sales 44,831,724.59 71,238,359.80 45,272,821.57 70,062,245.15
Including: Cost of sales 43,070,776.25 68,440,183.45 44,013,802.96 68,113,842.83 6. Earning per share - - - -
Including: Prime operating cost 43,022,560.10 68,363,567.19 43,980,038.31 68,061,590.13 Basic earning per share - - - - Diluted earning per share - - - - Other operating cost 48,216.15 76,616.27 33,764.65 52,252.70
Interest expense 1,891.11 3,005.00 1,362.66 2,108.79 7. Other comprehensive income 117,870.61 187,298.36 -166,964.04 -258,386.27 Fee and commission expense 376.02 597.51 283.97 439.47
Tax and levies on operations 231,805.69 368,343.11 126,223.53 195,338.04 8. Total comprehensive income 872,393.67 1,386,248.12 902,769.65 1,397,086.95 Selling expenses 382,369.97 607,592.27 314,945.46 487,395.86 Total comprehensive income attributed to equity holders of the Company 628,204.81 998,227.94 630,272.84 975,382.77 General and administrative expenses 537,547.51 854,171.97 490,537.82 759,134.95 Total comprehensive income attributed to minority shareholders 244,188.86 388,020.18 272,496.81 421,704.19 Including: Research and development expense 37,119.11 58,982.89 25,999.84 40,236.21
Finance expenses 358,675.80 569,941.84 208,561.53 322,760.73
Including: Interest expense 417,495.44 663,407.24 418,869.25 648,223.79
Interest revenue 92,205.29 146.515.75 98,978.27 153,174.45
Exchange net loss 9,181.46 14,589.50 -140,316.66 -217,147.95
Asset impairment losses 107,943.89 171,524.65 117,103.64 181,224.49
Other 140,338.36 223,000.00 - -
Add: Profit and loss from fair value changes 40,299.48 64,036.55 -575.87 -891.19
Investment income 462,017.40 734,153.38 658,464.05 1,019,010.26
Including: Share of profit of associates and jointly controlled entities 357,105.51 567,446.62 176,932.68 273,813.31
Exchange gains 1,321.74 2,100.27 1,188.49 1,839.25
3. Operating profit 987,773.80 1,569,589.08 1,281,584.29 1,983,323.98
Add: Non-operating income 116,054.72 184,412.88 73,023.17 113,007.48
Including: Net income on disposal of fixed assets 29,592.29 47,022.64 1,555.56 2,407.31
Non-cash deal income - - - -
Government subsidies 52,326.47 83,147.64 37,281.45 57,695.15
Debt restructuring income - - - -
Less: Non-operating expenses 36,767.61 58,424.34 13,140.29 20,335.34
Including: Net loss on disposal of fixed assets 25,042.33 39,792.67 3,200.71 4,953.27
Non-cash deal loss - - - -
Debt restructuring loss 15.00 23.84 - -
58 2012 Annual Report 2012 Annual Report 59 CONSOLIDATED CASH FLOW STATEMENT
Items 2012 2011 Items 2012 2011 RMB'0000 USD'000 RMB'0000 USD'000 RMB'0000 USD'000 RMB'0000 USD'000 1.Cash flows from operating activities 3.Cash flows from financing activities
Cash received from sales of goods or rendering of services 45,800,770.57 72,778,190.06 46,334,214.76 71,704,810.98 Cash received from capital contributions 225,277.60 357,969.87 304,276.81 470,885.53
Net increase in deposits and due from banks -98,123.92 -155,920.55 75,942.54 117,525.37 Cash received from borrowings 17,036,439.12 27,071,186.55 18,968,183.88 29,354,334.53
Net increase in inter-bank borrowing 150,000.00 238,352.51 -100,000.00 -154,755.64 Cash received from bond issuance - - - -
Net increase in disposal of transaction monetary assets - - - - Cash received relating to other financing activities 6,273.17 9,968.18 295,908.40 457,934.95
Receipt from interest, fee and commission 149,119.48 236,953.34 138,498.61 214,334.41 Sub-total of cash inflows 17,267,989.89 27,439,124.60 19,568,369.10 30,283,155.01
Refund of taxes and levies 96,500.33 153,340.64 91,987.70 142,356.16 Cash repayments of borrowings 16,090,318.00 25,567,784.27 14,883,796.09 23,033,514.02
Cash received relating to other operating activities 838,477,61 1,332,354.94 366,403.41 567,029.94 Cash payments for interest expenses and distribution of dividends or profits 627,902.28 997,747.22 627,364.18 970,881.46
Sub-total of cash inflows 46,936,744.06 74,583,270.92 46,907,047.01 72,591,301.20 Cash payments relating to other financing activities 58,989.71 93,735.64 424,626.23 657,133.05
Cash paid for goods and services 43,581,773.57 69,252,166.74 45,392,708.89 70,247,777.54 Sub-total of cash outflows 16,777,209.99 26,659,267.13 15,935,786.51 24,661,528.53
Net increase in loans and advances -295,587.06 -469,692.79 127,457.50 197,247.67 Net cash flows from financing activities 490,779.90 779,857.47 3,632,582.60 5,621,626.48
Net increase in due from central bank and others -55,775.95 -88,628.92 51,226.16 79,275.38
Payments for interest, fee and commissions 2,618.03 4,160.09 1,613.03 2,496.26 4.Effect of foreign exchange rate changes on cash and cash equivalents -3,831.76 4,907.76 -85,462.88 102,619.25
Cash paid to and on behalf of employees 481,943.60 765,816.43 414,713.37 641,792.33
Payments of taxes and levies 706,295.48 1,122,315.33 703,306.64 1,088,406.70 5.Net increase / (decrease) in cash and cash equivalents -745,020.06 -1,172,852.85 318,312.10 727,483.80
Cash paid relating to other operating activities 1,401,285.67 2,226,666.35 165,944.32 256,808.20 Add: Cash and cash equivalents at beginning of the year 3,200,939.41 5,080,130.47 2,882,627.31 4,352,646.66
Sub-total of cash outflows 45,822,553.33 72,812,803.23 46,856,969.92 72,513,804.08
Net cash flows from operating activities 1,114,190.73 1,770,467.69 50,077.09 77,497.12 6.Cash and cash equivalents at end of the year 2,455,919.35 3,907,277.62 3,200,939.41 5,080,130.47
2.Cash flows from investing activities - - - -
Cash received from disposal of investments 690,959.78 1,097,946.65 272,288.96 421,382.52
Cash received from returns on investments 193,846.95 308,026.04 146,560.63 226,810.84 Net cash received from disposal of fixed assets,oil and gas properties, 32,142.70 51,075.28 11,731.88 18,155.75 intangible assets and other long-term assets Net cash received from selling subsidiary company 47,578.84 75,603.57 74,287.18 114,963.60
Other cash received relating to investing activities 19,554.52 31,072.46 20,078.80 31,073.08
Sub-total of cash inflows 984,082.79 1,563,724.00 524,947.45 812,385.79
Cash paid to acquire fixed assets, oil and gas properties, 1,391,121.57 2,210,515.43 2,731,527.87 4,227,193.46 intangible assets and other long-term assets
Cash paid to acquire investments 1,353,370.91 2,150,529.00 1,048,537.49 1,622,670.92
Net cash paid to purchase subsidiary company 539,912.03 857,929.24 -40,071.73 -62,013.26
Other cash paid relating to investing activities 45,837.21 72,836.09 63,838.53 98,793.72
Sub-total of cash outflows 3,330,241.72 5,291,809.76 3,803,832.16 5,886,644.83
Net cash flows from investing activities -2,346,158.93 -3,728,085.76 -3,278,884.71 -5,074,259.04
60 2012 Annual Report 2012 Annual Report 61 NOTES TO THE FINANCIAL STATEMENTS
Basis of Preparation Significant Accounting Policies 7. Accounts receivable Notes to Material Items
Provisions were made to accounts of the Company and its The consolidated financial statements of Sinochem Group (the 1. Accounting system 1. Taxes subsidiaries for losses on bad and doubtful debts. Accounts “Company”) include the financial statements of the Company receivable are stated at value net of provisions for bad and and its subsidiaries which including 8 wholly-owned and 4 The Company adopts the Accounting Standards for Business Taxes were calculated at the rates applicable under the doubtful debts. non-wholly owned subsidiary companies. All significant inter- Enterprises and other relevant regulations issued by the respective jurisdictions. company transactions and balances have been eliminated on Ministry of Finance of the People’s Republic of China (“PRC”). 8. Inventories 2. Related party transactions consolidation. Financial statements of overseas subsidiaries prepared on basis of the relevant local accounting standards have been Inventories, which mainly comprise of raw materials, work- On January 1, 2008 the Company adopted the Basic adjusted accordingly. Related party transactions were carried out on terms in-progress and finished goods, are stated at cost when Standard and 38 specific standards of Accounting Standards approximating normal market conditions. purchased, and valued at the lower of cost and net realizable for Business Enterprises issued by the Ministry of Finance 2. Accounting year value at the balance sheet date. (the “MOF”) on February 15, 2006, Application Guidance of The accounting year of the Company is from 1 January to 31 Accounting Standard for Business Enterprises, Interpretation 9. Fixed assets and depreciation of Accounting Standards for Business Enterprises and other December of each calendar year. regulations issued thereafter (hereafter referred to as the 3. Reporting currency Fixed assets are recorded at historical cost when acquired. “Accounting Standards for Business Enterprises”, “China Depreciation is calculated using the straight-line method over Accounting Standards” or “CAS”). The reporting currency of domestic companies is the the respective estimated useful lives and estimated residual values of fixed assets. Statement of Compliance with the Accounting Renminbi (“RMB”), and that of overseas companies is its foreign currency. Standards for Business Enterprises 10. Long-term investments 4. Basis of accounting The Company’s consolidated financial statements for the The equity method is applied for long-term equity investments when an investor can control, jointly control or has significant year ended December 31, 2012 truly and completely present Accounts have been prepared on an accrual basis. Assets are influence over the invested enterprise. Otherwise, the the consolidated financial position as of December 31, 2012 recorded at historical cost. and the consolidated financial performance and consolidated investments are stated at cost. cash flows for the year then ended in compliance with the 5. Currency translation 11. Revenue recognition Accounting Standards for Business Enterprises. Foreign currency (currency other than the reporting currency) Revenue from the sale of goods is recognized when: transactions are translated into the reporting currency at the exchange rates prevailing on the transaction dates. Monetary (1) the significant risks and rewards in relation to ownership of assets and liabilities and accounts of overseas subsidiaries the goods have been transferred to the buyer; denominated in foreign currencies at the balance sheet date are translated into the reporting currency using the exchange (2) the Company retains neither continuing management nor rates at that date. effective control over the goods sold;
6. Cash equivalents (3) it is probable that the economic benefits associated with the transaction will flow to the Company; and Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts (4) the relevant amounts of revenue costs can be measured of cash, and which are subject to an insignificant risk of reliably. changes in value.
62 2012 Annual Report 2012 Annual Report 63 DIRECTORY OF DOMESTIC INSTITUTIONS
SINOCHEM CORPORATION ZHOUSHAN ZHONGWEI OILSTORE CO., LTD. SINOPEC-SINOCHEM OIL PRODUCTS SALES CO., LTD. SINOCHEM OIL JIANGXI CO., LTD. 11TH FLOOR , CENTRAL TOWER, CHEMSUNNY WORLD TRADE NO.1 XINGZHONG ROAD, ZHOUSHAN 316000, ZHEJIANG, CHINA ROOM 1008, TIANCHUANGKEJI TOWER, NO.8 CAIHEFANG 26F, UNIT C, DINGFENG BUSINESS CENTER, NO.1368 CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA TEL: 0086-580-2061860 ROAD, HAIDIAN DISTRICT, BEIJING 100080, CHINA HONGGUZHONG ROAD, NANCHANG 330038, JIANGXI, CHINA TEL: 0086-10-59568888 FAX: 0086-580-2027654 TEL: 0086-10-62698718 TEL: 0086-791-86719500 FAX: 0086-10-59568890 FAX: 0086-10-62698991 FAX: 0086-791-86669992 SINOCHEM SINOPEC SHANGHAI ORIENT PETROCHEMICAL TERMINAL CO., LTD. SINOCHEM INTERNATIONAL OIL (TIANJIN) CO., LTD. SINOCHEM OIL ANHUI CO., LTD. SINOCHEM PETROLEUM EXPLORATION AND PRODUCTION CO., LTD. NO.918 LINGHAI ROAD, WAIGAOQIAO, PUDONG NEW AREA, HUANBOHAI DEVELOPMENT CENTER, NO.+9, BINSHUI ROOM 1412-1421, TOWER A, BLUE BUSINESS PORT, NO.188 8TH FLOOR, CENTRAL TOWER, CHEMSUNNY WORLD TRADE SHANGHAI 200137, CHINA ROAD, HEXI DISTRICT, TIANJIN 300061, CHINA SOUTH QIANSHAN ROAD, HEFEI 230031, ANHUI, CHINA CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA TEL: 0086-21-58649568 TEL: 0086-22-28208680 TEL: 0086-551-3712555 TEL: 0086-10-59568800 FAX: 0086-21-58644051 FAX: 0086-22-28208660 FAX: 0086-551-3712558 FAX: 0086-10-59569564 E-MAIL: [email protected] SINOCHEM OIL LIAONING CO., LTD. E-MAIL: [email protected] HTTP: // zhdf.sinochemoil.com/main.php SINOCHEM OIL FUJIAN CO., LTD. FLOOR 4, SHANGDU BLOCK, NO.478 ZHONGSHAN ROAD, 26/F, XIAMEN CONSTRUCTION BANK BUILDING, SINOCHEM NANTONG TERMINAL CO., LTD. SHAHEKOU DISTRICT, DALIAN 116021, LIAONING, CHINA SINOCHEM QUANZHOU PETROCHEMICAL CO., LTD. NO.98 LUJIANG ROAD, SIMING DISTRICT, XIAMEN 361001, NO.1 TONGSHENG SOUTH ROAD, NANTONG 226017, JIANGSU, TEL: 0086-411-84990705 FUJIAN , CHINA QUANHUI PETROCHEMICAL DISTRICT, QUANZHOU 362103, FUJIAN, CHINA FAX: 0086-411-84990466 TEL: 0086-592-8129069 CHINA TEL: 0086-513-85996915, 85996910 FAX: 0086-592-8129155 Tel: 0086-595-27570001 FAX: 0086-513-85996900 Fax: 0086-595-27570567 SINOCHEM OIL LIAONING (CHAOYANG) CO., LTD. SINOCHEM YANGZHOU PETROCHEMICAL TERMINAL CO., LTD. SINOCHEM OIL GUANGDONG CO., LTD. —BEIJING REPRESENTATIVE OFFICE ZHANGFUDIAN VILLAGE, FUSHANG STREET, JIANPING COUNTY, ROOM 1702, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, NO.1 ZHONGHUA ROAD, YANGZHOU CHEMICAL INDUSTRY PARK, CHAOYANG 122400, LIAONING, CHINA ROOM 1204-1212, NO.28 HUAXIA ROAD, ZHUJIANG BEIJING 100045, CHINA YIZHENG 211900, JIANGSU, CHINA TEL: 0086-421-7417388 CITY,GUANGZHOU 510623, GUANGDONG, CHINA Tel: 0086-10-59369500 TEL: 0086-514-89185050 FAX: 0086-421-7417388 TEL: 0086-20-85601000 Fax: 0086-10-59368701 FAX: 0086-514-83299958 FAX: 0086-20-85608600
SINOCHEM ZHUHAI PETROCHEMICAL TERMINAL CO., LTD. SINOCHEM OIL SHANXI CO., LTD. TOTAL-SINOCHEM FUELS CO., LTD. SINOCHEM OIL CO., LTD. GAOLAN PORT ECONOMIC ZONE, ZHUHAI 519050, F33, INTERNATIONAL ENERGY CENTER, NO.100 YINGZE ROOM 1201-1203, 12/F, CHENGJIAN PLAZA, NO.18 GUANGDONG, CHINA 9TH/4TH FLOOR, CENTRAL TOWER, CHEMSUNNY WORLD TRADE WEST STREET, TAIYUAN 030024, SHANXI, CHINA BEITAIPINGZHUANG ROAD, BEIJING 100088, CHINA TEL: 0086-756-7228000 CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA TEL: 0086-351-6198500 TEL: 0086-10-82255525 FAX: 0086-756-7228111 TEL: 0086-10-59569575, 59569585, 59569338 FAX: 0086-351-6198975 FAX: 0086-10-82255518 FAX: 0086-10-59568180 SINOCHEM TIANJIN PORT PETROCHEMICAL TERMINAL CO., LTD. HTTP: // www.sinochemoil.com SINOCHEM OIL SHANDONG CO., LTD. TOTAL-SINOCHEM OIL CO., LTD. NO.99 SOUTH 1 ROAD, XIN GANG AREA, TANG GU DISTRICT, ROOM 2006-2010, 20/F, HUAXIN INTERNATIONAL BUSINESS PLAZA, TIANJIN 300452, CHINA C+D PART OF 14/F, XINMEI UNION SQUARE, NO.999 NO.28 CHANGJIANG ROAD, YANTAI ECONOMY TECHNOLOGY TEL: 0086-22-25607010, 25607024 SOUTH PUDONG ROAD, SHANGHAI 200120, CHINA SINOCHEM INDUSTRIES CO., LTD. DEVELOPMENT ZONE, YANTAI 264006, SHANDONG , CHINA FAX: 0086-22-25607089 TEL: 0086-21-68885788 TEL: 0086-535-6109300 9TH/4TH FLOOR, CENTRAL TOWER, CHEMSUNNY WORLD TRADE FAX: 0086-21-68885755 FAX: 0086-535-6109393 CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA SINOCHEM (ZHOUSHAN) XINGHAI CONSTRUCTION CO., LTD. TEL: 0086-10-59569575, 59569585, 59569338 AOSHAN ISLAND, LINCHENG DISTRICT, ZHOUSHAN 316021, FAX: 0086-10-59568180 SINOCHEM OIL SHANGHAI CO., LTD. SINOCHEM (FUJIAN) FUELS DISTRIBUTION CO., LTD. ZHEJIANG, CHINA HTTP: // www.sinochemoil.com ROOM 2606B, ZENDAI WUDAOKOU PLAZA, NO.1199 MINSHENG ROOM A-C, 15/F, INTERNATIONAL PLAZA, NO.8 LUJIANG TEL: 0086-580-2061790 ROAD, PUDONG NEW AREA, SHANGHAI 200135, CHINA ROAD, XIAMEN 361001, FUJIAN, CHINA FAX: 0086-580-2056984 TEL: 0086-21-50475118 TEL: 0086-592-8129250 FAX: 0086-21-50477666 BEIJING PETROLEUM CHEMICAL PRODUCTS DEVELOPMENT & FAX: 0086-592-8129199 SINOCHEM HONGRUN PETROCHEMICAL CO., LTD. SUPPLY CO., LTD. MIDDLE PART OF FUSHOU EAST STREET,NEW&HIGH SINOCHEM OIL JIANGSU CO., LTD. SINOCHEM OIL HUNAN CO.,LTD. ROOM 902, TIANCHUANG TECHNOLOGY PLAZA, NO.8 CAIHEFANG TECHNOLOGY INDUSTRY DEVELOPMENT ZONE, WEIFANG 261061, ROAD, HAIDIAN DISTRICT, BEIJING 100080, CHINA 32F, NANJING SUNNY WORLD CENTER, NO.188 LUSHAN 2F, TIANXIN VENTURE BUILDING, NO.318 XINSHAO EAST SHANDONG, CHINA TEL: 0086-10-62698781 ROAD,JIANYE DISTRICT, NANJING 210019, JIANGSU, CHINA ROAD,TIANXIN DISTRICT, CHANGSHA 410004, HUNAN, CHINA TEL: 0086-536-8875915 FAX: 0086-10-62698923 TEL: 0086-25-86308300 TEL: 0086-731-88738117 FAX: 0086-536-8886638 FAX: 0086-25-83204797 FAX: 0086-731-88735888 BEIJING JILI OIL PRODUCTS SERVICE CO., LTD. SINOCHEM OIL ZHEJIANG CO., LTD. SINOCHEM OIL HEILONGJIANG CO., LTD. OIL WAREHOUSE OFFICE BUILDING IN THE PUBLIC DRIVING SINOCHEM XINGZHONG OIL STAGING (ZHOUSHAN) CO., LTD. SCHOOL YARD, LANGFA VILLAGE, HUANGCUN COUNTY, DAXING F39, WINNING TOWER, NO.100 MINXIN ROAD, QIANJIANG CBD, ROOM 205, NO.699 CHUANGXINYI ROAD, SONGBEI, HAERBIN NO.1 XINGZHONG ROAD, ZHOUSHAN 316000, ZHEJIANG, CHINA DISTRICT, BEIJING 102613, CHINA JIANGGAN DISTRICT, HANGZHOU 310016, ZHEJIANG,CHINA 150028, HEILONGJIANG, CHINA TEL: 0086-580-2061860 TEL: 0086-10-83702373 TEL: 0086-571-28135060 TEL:0086-451-51901900 FAX: 0086-580-2027654 FAX: 0086-10-83702372 FAX: 0086-571-28110080 FAX:0086-451-51901988
64 2012 Annual Report 2012 Annual Report 65 SINOCHEM OIL (ZHUHAI) CO., LTD. SINOCHEM SHANDONG FERTILIZERS CO., LTD. CHINA NATIONAL SEED GROUP CO., LTD. China National Seed Group Co., Ltd. Guangxi offices F4 ROOM 304, 3/F, INTERNATIONAL SCIENCE AND TECHNOLOGY DONGZONG ROAD, ECONOMY DEVELOPMENT ZONE, LINYI 276008, 15/F, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, ROOM A821\A822, CAIZHISHIDAI, NO.31, KEYUAN ROAD, GAOXIN BUILDING, NO.288 HONGSHAN ROAD, ZHUHAI 519000, SHANDONG, CHINA BEIJING 100045, CHINA DISTRICT, NANNING 530003, GUANGXI, CHINA GUANGDONG, CHINA TEL: 0086-539-6016138 TEL: 0086-10-59369999 TEL: 0086-771-2275051 TEL: 0086-756-2533175 FAX: 0086-539-6016555 FAX: 0086-10-59369998 FAX: 0086-771-2275051 FAX: 0086-756-2681552 HTTP: // www.sinochemsdfy.com HTTP: // www.chinaseeds.com.cn
HUBEI SINOCHEM ORIENT FERTILIZER CO., LTD. SINOCHEM REPRESENTATIVE OFFICE IN DALIAN WEST PACIFIC CHINA NATIONAL SEED GROUP CO., LTD., SANYA BRANCH CHINA NATIONAL SEED GROUP CO., LTD, MIANYANG SEED PETROCHEMICAL CO.,LTD. 9 RAILWAY STATION ROAD WULONGQUAN STREET, ROOM 16C BIHAILANTIANHAIYUEGE, NO. 90 SANYAWAN ROAD, COMPANY LTD. JIANGXIA DISTRICT, WUHAN 430213, HUBEI, CHINA SANYA 572000, HAINAN, CHINA NO.1 ROAD, SONGYA CITY, MIANYANG 621000, SICHUAN BUILDING 1, WEPEC, HAIQINGDAO, ECONOMIC&TECHNICAL TEL: 0086-27-58908512 TEL: 0086-898-88298456 TEL: 0086-816-2240776 DEVELOPMENT ZONE, DALIAN 116600, LIAONING, CHINA FAX: 0086-27-58908510 FAX: 0086-898-88898678 FAX: 0086-816-2222521 TEL: 0086-411-87514200 HTTP: // www.sinochem-df.com FAX: 0086-411-87514197 CHINA NATIONAL SEED GROUP CO., LTD., JIANGXI BRANCH SINOCHEM OIL CO., LTD.REPRESENTATIVE OFFICE IN SINOCHEM FUJIAN SINOCHEM ZHISHENG FERTILIZER CO., LTD. ROOM 2703 ZONGHE BUILDING JINSESHUIAN, NO. 55 CHINA NATIONAL SEED GROUP CO., LTD, FUJIAN NONGJIA SEED HONGRUN PETROCHEMICAL CO., LTD. NO.188 BANWEI, YONGAN 366013, FUJIAN, CHINA HUBINDONGLU DONGHU DISTRICT, NANCHANG 330046, CORP., LTD. TEL: 0086-598-3699383 JIANGXI,CHINA ROOM 908, 9TH FLOOR, TIMES INTERNATIOAL PLAZA, NO.89 FUXIN MIDDLE PART OF FUSHOU EAST STREET, NEW&HIGH FAX: 0086-598-3636543 TEL: 0086-791-6374996 MIDDLE ROAD, FUZHOU 350011 , FUJIAN, CHINA TECHNOLOGY INDUSTRY DEVELOPMENT ZONE, WEIFANG HTTP: // www.sinochem-zs.com FAX: 0086-791-6374996 TEL: 0086-591-87321966 261061,SHANDONG,CHINA FAX: 0086-591-87327000 TEL: 0086-536-8875895 FAX: 0086-536-8875895 YUNNAN THREE CIRCLES-SINOCHEM-MOSAIC FERTILIZERS CO., LTD. CHINA NATIONAL SEED GROUP CO., LTD., ZHANGYE BRANCH HAIKOU TOWN, XISHAN DISTRICT, KUNMING 650113, SECTION 2, NORTHEAST INDUSTRIAL PARK, ZHANGYE 734000, CHINA NATIONAL SEED GROUP CO., LTD, YUNNAN SEED COMPANY LTD. GANSU, CHINA YUNNAN,CHINA NO. YI-4-2 NANYUAN SUBSTRICT, LUYI, SHILIN COUNTY 652200, SINOCHEM OIL CO. LTD. COMPANY DANDONG OFFICE TEL: 0086-936-8436128 TEL: 0086-871- 8596688 YUNNAN, CHINA FAX: 0086-936-8436116 ROOM 2306, SUN PLAZA A, BINJIANG ZHONG ROAD, DANDONG FAX: 0086-871- 8583121 TEL: 0086-871-7781008 118000,LIAONING,CHINA FAX: 0086-871-7786936 TEL: 0086-415-3191328 FAX: 0086-415-3195253 CHINA NATIONAL SEED GROUP CO., LTD., HENAN BRANCH GUIYANG SINOCHEM KAILIN FERTILIZER CO., LTD. CHINA NATIONAL SEED GROUP CO., LTD, JIUQUAN SEED COMPANY LTD. ROOM 1401, NO.9 CUIZHUROAD, 863 COUNTRY SOFTWARE XIAOZHAIBA TOWN, XIFENG COUNTY, GUIYANG GARDEN GAOXIN DISTRICT, ZHENGZHOU 450001, HENAN, CHINA NO.19 JIUYIN ROAD, SUZHOU DISTRICT, JIUQUAN 735000, GANSU ZHOUSHAN NATIONAL OIL RESERVE BASE CO., LTD. 551109,GUIZHOU, CHINA TEL: 0086-371-55638026 CHINA AOSHAN ISLAND, LINCHENG DISTRICT, ZHOUSHAN TEL: 0086-851-7714004 FAX: 0086-371-55638026 TEL: 0086-937-2627983 316021, ZHEJIANG, CHINA FAX: 0086-851-7714006 FAX: 0086-937-2627983 TEL: 0086-580-2310162 FAX: 0086-580-2310100 CHINA NATIONAL SEED GROUP CO., LTD., CHENGDE BRANCH YUNNAN THREE CIRCLES-SINOCHEM FERTILIZERS CO., LTD. CNSGC-DEKALB SEED CO., LTD. ROOM 703 SHUNCHENG BUILDING CHEZHAN ROAD HAIKOU COUNTY, XISHAN DISTRICT, KUNMING 650113, WEST PACIFIC PETROCHEMICAL COMPANY LTD.DALIAN SHUANGQIAO DISTRICT CHENGDE 067000, HEBEI, CHINA 7/F, TOWER F, PHOENIX PLACE 5A, SHUGUANG XILI, YUNNAN,CHINA TEL: 0086-314-2525660 CHAOYANG DISTRICT, BEIJING 100028, CHINA HAIQING DAO ECONOMIC & TECHNICAL DEVELOPMENT TEL: 0086-871-8596930 FAX: 0086-314-2525661 TEL: 0086-10-57350800 ZONE,DALIAN 116600, LIAONING, CHINA FAX: 0086-871-8596927 FAX: 0086-10-57350789 TEL: 0086-411-87506666 HTTP: // www.cndkseeds.com FAX: 0086-411-87510033 SINOCHEM (YANTAI) CROP NUTRITION CO., LTD. China National Seed Group Co., Ltd. Hubei branch HTTP: // www.wepec.com 119 HONGFU STREET, FUSHAN DISTRICT, YANTAI ROOM 102-106, REGION A, AOXIN COLLEGE, LUOSHINAN ROAD, HUNAN DONGTING HI-TECH SEED CO., LTD. 265500,SHANDONG, CHINA HONGSHAN DISTRICT, WUHAN 130072, CHINA HAINAN PACIFIC OIL CO., LTD. HUABANQIAO ROAD NO.542 YUEYANG 414000, HUNAN, CHINA TEL: 0086-535-6367995 TEL: 0086-27-87207338 TEL: 0086-730-8613270 NO.47 7 LANE, SHANG PIN JIE, SANYA 572000, HAINAN, CHINA FAX: 0086-535-6633090 FAX: 0086-27-87207398 FAX: 0086-730-8626622 TEL: 0086-898-88289510 HTTP: // www.sinochemyt.com FAX: 0086-898-88289521 CHINA NATIONAL SEED GROUP CO., LTD. SHANDONG SICHUAN CHUANZHONG SEEDS CO., LTD. SINOCHEM FERTILIZER COMPANY LIMITED SINOCHEM JILIN CHANGSHAN CHEMICALS CO., LTD. MARKETING AND SERVICE BRANCH NO.6 HUANZHAN ROAD, YUTANG TOWN, LONGMATAN DISTRICT, LUZHOU 646100, SICHUAN, CHINA 10TH FLOOR, CENTRAL TOWER, CHEMSUNNY WORLD TRADE CHANGSHAN, QIANGUO COUNTY, SONGYUAN 131109, JILIN, NO.11 SANGYUAN ROAD, LICHENG DISTRICT, JINAN 250100, TEL: 0086-830-2666169 CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA CHINA SHANGDONG, CHINA FAX: 0086-830-2666158 TEL: 0086-10-59569601, 59569604 TEL: 0086-438-5197017 TEL: 0086-531-88963462 HTTP: // www.czseed.com FAX: 0086-10-59569627 FAX: 0086-438-5196248 FAX: 0086-531-88963462 HTTP: // www.sinofert.com E-MAIL: [email protected] HUALE SEEDS COMPANY LTD. SINOCHEM CHONGQING FULING CHEMICALS CO., LTD. China National Seed Group Co., Ltd. Northeast Office NO.1 4TH STREET, QINGHE NANZHEN,HAIDIAN SINOCHEM YUNLONG CO.,LTD NO.2 LIMING ROAD, FULING DISTRICT, CHONGQING 408000,CHINA ROOM 712, UNIT A, BUILDING 9, MENGKESHIJIE, NANZHI ROAD, DISTRICT, BEIJING 100085, CHINA TEL: 0086-23-72884018 JINSUO INDUSTRIAL PARK, KUNMING 655204, YUNNAN, CHINA HARBIN 150090, CHINA TEL: 0086-10-62912968 FAX: 0086-23-72884100 TEL: 0086-871-62731168 TEL: 0086-451-51956266 FAX: 0086-10-62912663 HTTP: // www.sinochem-zhfl.com FAX: 0086-871-62731598 FAX: 0086-451-51956266 HTTP: // www.hualeseeds.cn
66 2012 Annual Report 2012 Annual Report 67 HENAN CHINASEED-LIANFENG SEED CO., LTD. SINOCHEM INTERNATIONAL CORP. GUANGDONG BRANCH ZHEJIANG HETIAN CHEMICAL CO., LTD. SINOCHEM PLASTICS CO., LTD. WEST OF RENMIN ROAD, WEISHI 475000, HENAN, CHINA 12F, YINGXIN BUILDING, 28 HUAXIA ROAD, ZHUJIANGXINCHENG NO.926 XIXI RD., HANGZHOU 310023, ZHEJIANG, CHINA 7F, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, BEIJING TEL: 0086-378-7586702 TIANHE DISTRICT, GUANGZHOU 510623, GUANGDONG, CHINA TEL: 0086-571-85224541 100045, CHINA FAX: 0086-378-7586705 TEL: 0086-20-85608200 FAX: 0086-571-85221760 TEL: 0086-10-59368520 FAX: 0086-20-85608230 E-MAIL: [email protected] FAX: 0086-10-59368578, 59368561 HTTP: // www.ht-chem.com E-MAIL: [email protected] HTTP: // www.sinochemplastics.com HUBEI WULIN SEED CORP., LTD. SINOCHEM INTERNATIONAL CORP. TIANJIN BRANCH NO.126 ROAD, XUEYUAN, ENSHI 445000, HUBEI, CHINA RM. 3701, 3702 & 3715, XINDA SQUARE, 188 NORTH JIEFANG RD., ZHEJIANG TITAN DESIGN & ENGINEERING CO., LTD. TEL: 0086-718-8431092 HEPING DISTRICT, TIANJIN 300042, CHINA NO.2 WULIN LANE MOGANSHAN RD., HANGZHOU 310012, SINOCHEM PLASTICS CO., LTD. SHANGHAI BRANCH FAX: 0086-718-8431092 TEL: 0086-22-58909759 ZHEJIANG, CHINA 29F, LUJIAZUI BUSINESS PLAZA, NO.1600 CENTURY BOULEVARD, FAX: 0086-22-58909764 TEL: 0086-571-88362888 PUDONG NEW AREA, SHANGHAI 200122, CHINA FAX: 0086-571-88362900 TEL: 0086-21-50812631 GOLDEN RICE SEEDS CO., LTD. OF GUANGDONG E-MAIL: [email protected] FAX: 0086-21-50816335, 50815825 SINOCHEM INTERNATIONAL CROP CARE CO., LTD. GUANGDONG ACADEMY OF AGRICULTURAL SCIENCES IN RICE HTTP: // www.zpcdi.com E-MAIL: [email protected] RESEARCH INSTITUTE, WUSHAN ROAD, TIANHE DISTRICT, ROOM 2506, JIN MAO TOWER, NO.88 CENTURY BOULEVARD, HTTP: // www.sinochemplastics.com GUANGZHOU 510640, GUANGDONG, CHINA PUDONG NEW AREA, SHANGHAI 200121, CHINA TEL: 0086-20-85266580 TEL: 0086-21-61048666 ZHEJIANG INT’L GROUP CO., LTD. FAX: 0086-20-87587739 FAX: 0086-21-50477405 HTTP: // www.goldenrice.com.cn NO.96 JIANGNAN AVENUE, BINJIANG DISTRICT, HANGZHOU SINOCHEM PLASTICS CO., LTD. SHENZHEN BRANCH 310051, ZHEJIANG, CHINA RM.2506, RONGCHAO ECONOMIC TRADE CENTER, 4028 JIN TEL: 0086-571-85068752 TIAN ROAD, FUTIAN CENTRAL DISTRICT, SHENZHEN 518035, SAFE-TRANSPORT CHEMICAL LOGISTICS CO., LTD. FAX: 0086-571-85068752 NUNHEMS BEIJING SEEDS CO., LTD. GUANGDONG, CHINA E-MAIL: [email protected] ROOM 2603, JIN MAO TOWER, NO.88 CENTURY BOULEVARD, TEL: 0086-755-83551893 NO.16 OF THE 4TH JINGHAI ROAD, BEIJING ECONOMICS & HTTP: // www.intmedic.com PUDONG NEW AREA, SHANGHAI 200121, CHINA FAX: 0086-755-83551982 TECHNOLOGY DEVELOPMENT DISTRICT, BEIJING 100107, CHINA TEL: 0086-21-61048666 E-MAIL: [email protected] TEL: 0086-10-62912968 FAX: 0086-21-50470051 HTTP: // www.sinochemplastics.com FAX: 0086-10-62912663 ZHEJIANG INT' L MEDICINE CO., LTD. NO.96 JIANGNAN AVENUE, BINJIANG DISTRICT, HANGZHOU 310051, ZHEJIANG, CHINA SHENYANG RESEARCH INSTITUTE OF CHEMICAL INDUSTRY SINOCHEM SHIPPING CO., LTD. (HAINAN) SINOCHEM PLASTICS CO., LTD. JIANGSU BRANCH TEL: 0086-571-85063052 ROOM 2601, JIN MAO TOWER, NO.88 CENTURY BOULEVARD, CO., LTD. FAX: 0086-571-85057018 19F, JINCHENG TOWER, 216 LONGPAN MIDDLE ROAD, BAIXIA PUDONG NEW AREA, SHANGHAI 200121, CHINA E-MAIL: [email protected] DISTRICT, NANJING 210002, JIANGSU, CHINA NO.8 SHENLIAODONG ROAD, SHENYANG 110021, LIAONING, CHINA TEL: 0086-21-61048666 HTTP: // www.intmedic.com TEL: 0086-25-51817777 TEL: 0086-24-85869252 FAX: 0086-21-50470166 FAX: 0086-25-51817788 FAX: 0086-24-25873080 E-MAIL: [email protected] HTTP: // www.syrici.com.cn HTTP: // www.sinochemplastics.com ZHEJIANG HUALONG INDUSTRIAL GROUP CO., LTD. SINOCHEM LANTIAN CO., LTD. NO.96 JIANGNAN AVENUE, BINJIANG DISTRICT, HANGZHOU SINOCHEM AGRO CO., LTD. NO.96 JIANGNAN AVENUE, BINGJIANG DISTRICT, HANGZHOU 310051, ZHEJIANG, CHINA 310051, ZHEJIANG, CHINA TEL: 0086-571-87011929 SINOCHEM LIAONING CO. 17TH-19TH FLOORS, NO.33 HENAN ROAD(S), SHANGHAI 200002, TEL: 0086-571-85216718 FAX: 0086-571-87033623 32/F, RAINBOW BUILDING, NO.23 RENMIN ROAD, DALIAN 116001, CHINA FAX: 0086-571-87110800 E-MAIL: [email protected] LIAONING, CHINA TEL: 0086-21-63289888 E-MAIL: [email protected] TEL: 0086-411-82821888, 82820643 FAX: 0086-21-63283968 HTTP: // www.sinochemlt.com FAX: 0086-411-82820646 E-MAIL: [email protected] SINOCHEM TAICANG CHEMICAL INDUSTRIAL PARK E-MAIL: [email protected] HTTP: // www.sinochemagro.com HTTP: // www.sinochemliaoning.com NO.18 SOUTH BINJIANG RD., PETROCHEMICAL INDUSTRIAL ZHEJIANG RESEARCH INSTITUTE OF CHEMICAL INDUSTRY, LTD. SECTION, TAICANG PORT DEVELOPMENT ZONE, TAICANG 215433, JIANGSU, CHINA SINOCHEM INTERNATIONAL CORP. NO.387 TIANMUSHAN RD., HANGZHOU 310023, ZHEJIANG, CHINA TEL: 0086-512-53713100 TEL: 0086-571-85226855 SINOCHEM TIANJIN CO., LTD. STOCK CODE: 600500.SH FAX: 0086-512-53713199 FAX: 0086-571-85229858 NO.58 NANJING ROAD, HEXI DISTRICT, TIANJIN 300042, CHINA 18/F, JIN MAO TOWER, NO.88 CENTURY BOULEVARD, E-MAIL: [email protected] E-MAIL: [email protected] TEL: 0086-22-23146216, 23146392 PUDONG NEW AREA, SHANGHAI 200121, CHINA HTTP: // www.sinochemtc.com HTTP: // www.zciri.com TEL: 0086-21-61048666 FAX: 0086-22-23146215 FAX: 0086-21-50490909 E-MAIL: [email protected] E-MAIL: [email protected] HTTP: // www.sinochemtianjin.com SINOCHEM MODERN ENVIRONMENTAL PROTECTION HTTP: // www.sinochemintl.com ZHEJIANG LANTIAN ENVIRONMENTAL PROTECTION HI-TECH CHEMICALS (XI’AN) CO., LTD. CO., LTD. JINGHE INDUSTRIAL AREA, XI'AN ECONOMIC & TECHNICAL SINOCHEM HEBEI CO. SINOCHEM INTERNATIONAL CORP. BEIJING BRANCH NO.96 JIANGNAN AVENUE, BINJIANG DISTRICT, HANGZHOU DEVELOPMENT ZONE, XI'AN 710201, SHAANXI, CHINA NO.707 LIANMENG ROAD, SHIJIAZHUANG 050061, HEBEI, CHINA ROOM 1801, SINOCHEM TOWER, A2 FUXINGMENWAI 310051, ZHEJIANG, CHINA TEL: 0086-29-86033368 TEL: 0086-311-85028888 STREET, BEIJING 100045, CHINA TEL: 0086-571-87110832 FAX: 0086-29-86030181 FAX: 0086-311-85028899 TEL: 0086-10-59369667 FAX: 0086-571-87110800-0832 E-MAIL: [email protected] E-MAIL: [email protected] FAX: 0086-10-59368569 E-MAIL: [email protected] HTTP: // www.jincool.com HTTP: // www.sinochemhebei.com
68 2012 Annual Report 2012 Annual Report 69 SINOCHEM QINGDAO CO., LTD. SINOCHEM FRANSHION REAL ESTATE (BEIJING) CO., LTD. INTERNATIONAL FAR EASTERN LEASING CO., LTD. CHINA FOREIGN ECONOMY AND TRADE TRUST CO., LTD. THE NORTH BUILDING, GOLDEN PLAZA, 20 XIANGGANGZHONG 10F, BLOCK D, YEQING BUILDING, 9 WANGJING NORTHERN ROAD, 32TH, 33TH, 35TH, 36TH ,40TH FLOOR, JIN MAO TOWER, NO.88 6F, CENTRAL TOWER, CHEMSUNNY WORLD TRADE CENTER, 28 ROAD, QINGDAO 266071, SHANDONG, CHINA CHAOYANG DISTRICT, BEIJING 100102, CHINA CENTURY AVENUE, PUDONG NEW AREA, SHANGHAI 200121, FUXINGMENNEI STREET, BEIJING 100031, CHINA TEL: 0086-532-85023555, 85021672 TEL: 0086-10-57681515 CHINA TEL: 0086-10-59568808 FAX: 0086-532-85021555 FAX: 0086-10-57681500 TEL: 0086-21-50490099 FAX: 0086-10-59568906 E-MAIL: [email protected] FAX: 0086-21-50490066 E-MAIL: [email protected] HTTP: // www.sinochemqingdao.com HTTP: // www.fehorizon.com HTTP: // www.fotic.com.cn JIN MAO INVESTMENT (CHANGSHA) CO., LTD. 3F, WUQIANG BUILDING, NO.2 LUTIAN RD, CHANGSHA NATIONAL SINOCHEM JIANGSU CO., LTD. HI-TECH PACK, CHANGSHA 410205, HUNAN, CHINA TEL: 0086-731-89806600 LION FUND MANAGEMENT CO., LTD. FLOORS 21-22, JINCHENG TOWER, NO.216 MIDDLE LONGPAN SHANGHAI DONGHONG CO., LTD. ROAD, NANJING 210002, JIANGSU, CHINA FAX: 0086-731-89806608 FLOORS 19-20, INDUSTRIAL BANK TOWER, NO.4013 SHENNAN TEL: 0086-25-51817890 07B 36TH FLOOR, JIN MAO TOWER, NO.88 CENTURY AVENUE, ROAD, SHENZHEN 518048, GUANGDONG, CHINA FAX: 0086-25-51817799 PUDONG NEW AREA, SHANGHAI 200121, CHINA TEL: 0086-755-83026688 E-MAIL: [email protected] SINOCHEM JINMAO PROPERTY MANAGEMENT(BEIJING) CO., LTD. TEL: 0086-21-50988880 FAX: 0086-755-83026677 FAX: 0086-21-50988890 HTTP: // www.sinochemjiangsu.com ROOM 104, CENTRAL TOWER F1, CHEMSUNNY WORLD TRADE E-MAIL: [email protected] CENTER, NO.28 FU XING MEN NEI STREET, BEIJING 100031, CHINA HTTP: // www.lionfund.com.cn TEL: 0086-10-66069000 SINOCHEM NINGBO LTD. FAX: 0086-10-66080308 NO.21 JIANGXIA STREET, NINGBO 315000, ZHEJIANG, CHINA TEL: 0086-574-87348868 SHANGHAI DOMIN MEDICAL ENGINEERING CO., LTD. SINOCHEM FINANCE CO., LTD. FAX: 0086-574-87366775 JIN MAO (SHANGHAI) DEVELOPMENT CO., LTD. ROOM 3202, CHINA MERCHANTS TOWER, NO.161 LU JIA ZUI DONG 3TH FLOOR, CENTRAL TOWER, CHEMSUNNY WORLD TRADE E-MAIL: [email protected] LU, PUDONG NEW AREA, SHANGHAI 200120, CHINA CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA 706A, JIN MAO TOWER, NO.88 SHIJI DADAO, PUDONG HTTP: // www.sinochem-nb.com TEL: 0086-21-20307999 TEL: 0086-10-59569332 NEW AREA, SHANGHAI 200121, CHINA FAX: 0086-21-20307888 FAX: 0086-10-59568943 TEL: 0086-21-50476688 HTTP: // www.sinochemfinance.com FAX: 0086-21-50470650 SINOCHEM GUANGDONG CO., LTD. 13/F, NO.28, HUA XIA ROAD, TIANHE DISTRICT, GUANGZHOU, CHINA QINGDAO LANHAI NEW HARBOUR CITY PROPERTIES LTD. TEL: 0086-20-38686329 MANULIFE-SINOCHEM LIFE INSURANCE CO., LTD. FAX: 0086-20-38686315 ROOM 1102, HUAYIN BUILDING, NO.5 DONGHAI WEST Horizon Healthcare Management(Shanghai) Co., Ltd 6/F, JIN MAO TOWER, NO.88 CENTURY BOULEVARD, PUDONG NEW E-MAIL: [email protected] ROAD, QINGDAO 266071, SHANDONG, CHINA 40TH FLOOR, JIN MAO TOWER, NO.88 CENTURY AVENUE, PUDONG AREA, SHANGHAI 200121, CHINA HTTP:// www.sinochem-guangdong.com TEL: 0086-532-66067979 NEW AREA, SHANGHAI 200121, CHINA TEL: 0086-21-50492288 TAX: 0086-532-68628966 TEL: 0086-21-50760690 FAX: 0086-21-50490042 FAX: 0086-21-50761290 HTTP: // www.manulife-sinochem.com CHINA JIN MAO GROUP CO., LTD. FRANSHION PROPERTIES (SUZHOU) CO., LTD. 26F, Coastal International Center, 1296 Ganjiang Road West 8/F, JIN MAO TOWER, NO.88 SHIJI DADAO, PUDONG Jinchang District, Suzhou 215004, Jiangsu, China NEW AREA, SHANGHAI 200121, CHINA SINOCHEM INTERNATIONAL TENDERING CO., LTD. Tel: 0086-512-68270100 TEL: 0086-21-50476688 SHANGHAI HORIZON EQUIPMENT & ENGINEERING CO., LTD. Fax: 0086-512-68620917 21/F, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, BEIJING FAX: 0086-21-50470088 ROOM 230, NO.5358 HU YI ROAD, JIA DING DISTRICT, SHANGHAI 100045, CHINA HTTP: // www.jinmao88.com 201806, CHINA TEL: 0086-10-59368001 TEL: 0086-21-59886508 FAX: 0086-10-59369738 Chongqing Xingtuo Real Estate CO.,LTD FAX: 0086-21-59886808 E-MAIL: [email protected] 21F, Bldg5, Neo-China Top City, Jiulongpo District, MAINTENANCE CENTER: NO.12, XUMINGDONGLU, XUJING TOWN, BEIJING CHEMSUNNY PROPERTY CO., LTD. HTTP: // www.sinochemitc.com Chongqing 400039, China QINGPU AREA, SHANGHAI 201702, CHINA ROOM C108, F1 CENTRAL TOWER, CHEMSUNNY WORLD TRADE Tel: 0086-23-65938887 CENTER, NO.28 FU XING MEN NEI STREET, BEIJING 100031, CHINA Fax: 0086-23-65938887 TEL: 0086-10-59566190 FAX: 0086-10-59566199 SINOCHEM ENEGY-SAVING AND ENVIONMENTAL SHANGHAI DOPONT INDUSTRIAL CO., LTD. PROTECTION HOLDING (BEIJING) CO., LTD. SHANGHAI JINMAO CONSTRUCTION&DECORATION CO.,LTD 07A 36TH FLOOR, JIN MAO TOWER, NO.88 CENTURY AVENUE, 21/F, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, BEIJING JIN MAO (LIJIANG) PROPERTY CO., LTD. 506-510 Green Center East Building, No.596 Longhua Road, PUDONG NEW AREA, SHANGHAI 200121, CHINA 100045, CHINA Xuhui District, Shanghai 200032, China TEL: 0086-21-50988880 NORTH OF XIANG JIANG ROAD, GUCHENG AREA, TEL: 0086-10-59368001 Tel: 0086-21-64731010 FAX: 0086-21-50988890 LIJIANG 674100, CHINA FAX: 0086-10-59369738 Fax: 0086-21-50473978 TEL: 0086-888-8886999 HTTP: // www.sinochemitc.com FAX: 0086-888-8893377
BEIJING EASTERN GARDEN INTERNATIONAL CONVENTION CENTER SHANGHAI INTERNATIONAL SHIPPING SERVICE CENTER FAR EAST HORIZON SHIPPING CONSULTING (SHANG HAI)CO.,LTD SINOCHEM INTERNATIONAL INFORMATION CO. NO.5 ZUODI RD., BEIXIAOYING TOWN, SHUNYI DISTRICT, BEIJING DEVELOPMENT CO., LTD. 101300, CHINA 33TH FLOOR, JIN MAO TOWER, NO.88 CENTURY AVENUE, RM.1701, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, NO.50 GONGPING RD, 200082, SHANGHAI, CHINA TEL: 0086-10-60485588 PUDONG NEW AREA, SHANGHAI 200121, CHINA BEIJING 100045, CHINA TEL: 0086-21-65853570 FAX: 0086-10-60486712 TEL: 0086-21-50490099 TEL: 0086-10-59369365 FAX: 0086-21-65853571 HTTP: // www.bjegicc.com FAX: 0086-21-50490099 FAX: 0086-10-59369888
70 2012 Annual Report 2012 Annual Report 71 DIRECTORY OF OVERSEAS INSTITUTIONS
SINOCHEM INTERNATIONAL OIL (LONDON)CO., LTD. SINOCHEM HONG KONG (GROUP) CO., LTD. SINOCHEM CORPORATION REPRESENTATIVE OFFICE (BRANCH) EMERALD ENERGY PLC. 11/F WESTMINSTER TOWER 3 ALBERT EMBANKMENT LONDON SE1 ROOM 4701, OFFICE TOWER, CONVENTION PLAZA, 1 OFFICE 4E-B 551 DUBAI AIRPORT FREE ZONE, 293662 17/F NEW ZEALAND HOUSE, 80 HAYMARKET, LONDON SW1Y 4TE 7SP UNITED KINGDOM HARBOUR ROAD, WANCHAI, HONG KONG DUBAI,UNITED ARAB EMIRATES TEL: 0044-20-79252442 TEL: 0044-20-77357878 TEL: 00852-28240100 TEL: 00971-4-2045245/6 FAX: 0044-20-79309613 FAX: 0044-20-77357121 FAX: 00852-25879480 FAX: 00971-4-2045247 E-MAIL: [email protected] E-MAIL: [email protected]
SINOCHEM ASIA HOLDINGS (CO.) LTD. SINOCHEM REPRESENTATIVE OFFICE IN TAIWAN EMERALD ENERGY PLC. SUCURSAL COLOMBIA 9 TEMASEK BOULEVARD #18-01/02/03, SUNTEC TOWER 29/F, NO.7, SEC.5, XINYI RD., XINYI DIST., TAIPEI CITY 110, TAIWAN SINOCHEM INTERNATIONAL OIL (SINGAPORE) PTE.LTD. CARRERA9A NO, 99-02, OF.603D EDIFICIO CITIBANK BOGOTA, D.C., TWO,SINGAPORE 038989 (R.O.C.) COLOMBIA 9 TEMASEK BOULEVARD #18-03, SUNTEC TOWER TWO, TEL: 0065-63370110 TEL: 00886-9-53835640 TEL: 0057-1-6513500 SINGAPORE 038989 FAX: 0065-63395615 FAX: 00886-2-81016055 FAX: 0057-1-6182807 TEL: 0065-63390110 E-MAIL: [email protected] E-MAIL: [email protected] FAX: 0065-63397037
SINOCHEM EUROPE HOLDINGS PLC. SINOCHEM REPRESENTATIVE OFFICE IN CUBA EMERALD ENERGY PERU S.A.C 17/F, NEW ZEALAND HOUSE, 80 HAYMARKET LONDON SW1Y 4TE SINOCHEM INTERNATIONAL PETROLEUM (BAHAMAS) CO., LTD. NO.7806 5TA AVENIDA, ESQ.CALLE 80, EDIF.RAFFAELLO APTO.113, ARIAS ARAGÜEZ 250, MIRAFLORES, LIMA 18, PERÚ UNITED KINGDOM P.O.BOX N-3029, EAST BAY STREET, NASSAU, BAHAMAS MIRAMAR, PLAYA, C.DE LA HABANA, REPUBLICA DE CUBA TEL: 0051-1-6106100 TEL: 0044-20-79307060 TEL: 0086-10-59568586 TEL: 0053-7-2049430 FAX: 0051-1-4451015, 2422403 FAX: 0044-20-79306611 FAX: 0086-10-59569401 E-MAIL: [email protected] E-MAIL: [email protected] E-MAIL: [email protected]
SINOCHEM AMERICAN HOLDINGS, INC. ATLANTIS HOLDING NORWAY AS SINOCHEM PETROLEO BRASIL LTDA SINOCHEM OIL (THAILAND) CO., LTD. 1330 POST OAK BOULEVARD, SUITE 2500, HOUSTON, TX API WORLD TOWER, SUITE 3002 SHEIKH, ZAYED ROAD, P.O. BOX PRAIA DE BOTAFOGO, 300-5 QUINTO ANDAR BOTAFOGO - RIO DE UNIT 6, 16/F, CRC TOWER, ALL SEASONS PLACE, 87/2 WIRELESS 77056, U.S.A. 24625 DUBAI, UNITED ARAB EMIRATES JANEIRO, RJ - BRAZIL ROAD, PHATUMWAN, BANGKOK 10330, THAILAND TEL: 001-713-2638880 TEL: 00971-4-3290777 TEL: 0055-21-94903243 TEL: 0066-2-6540948 FAX: 001-713-2120258 FAX: 00971-4-3290477 FAX: 0055-21-21581099 FAX: 0066-2-6542830 E-MAIL: [email protected]
SINOCHEM REPRESENTATIVE OFFICE IN THAILAND SINOCHEM RESOURCES UK LIMITED Sinochem Petroleum Netherlands Cooperatief U.A SINOCHEM OIL CO., LTD. JAPAN RRPRESENTATIVE OFFICE UNIT 6, 16/F, CRC TOWER, ALL SEASONS PLACE, 87/2 WIRELESS 17/F NEW ZEALAND HOUSE, 80 HAYMARKET, LONDON SW1Y 4TE Weena 723 Groothandelsgebouw IMC BLDG. SHINBASHI 6F, 5-5-1 SHINBASHI,MINATO-KU, TOKYO ROAD, PHATUMWAN, BANGKOK 10330, THAILAND TEL: 0044-20-79252442 Entrance C, Unit 055 3013 AM Rotterdam the Netherlands 105-0004, JAPAN TEL: 0066-2-6543066, 6540946 FAX: 0044-20-79309613 TEL: 0031-10-3032216 TEL: 0081-3-34347876 FAX: 0066-2-6543077 E-MAIL: [email protected] E-MAIL: [email protected] FAX: 0081-3-34348747
72 2012 Annual Report 2012 Annual Report 73 FAR EAST HORIZON LIMITED SINOCHEM OIL CO., LTD. REPRESENTATIVE OFFICE IN TAIWAN SINOCHEM INTERNATIONAL (OVERSEAS) PTE. LTD. SINOCHEM TRADING (SINGAPORE) PTE.LTD. 8 MARINA VIEW, #34-03 ASIA SQUARE TOWER 1,SINGAPORE 018960 #18-01/03,SUNTEC TOWER TWO 9 TEMASEKBOULEVARD, STOCK CODE: 03360. HK ROOM C, 29TH FLOOR , NO.7 SEC 5 XINYI RD, XINYI DIST., TAIPEI TEL: 0065-62309803 SINGAPORE 038989 ROOM 4706, OFFICE TOWER, CONVENTION PLAZA, 1 HARBOUR CITY 110, TAIWAN FAX: 0065-65389337 TEL: 0065-63380110 ROAD, WANCHAI, HONG KONG TEL: 00886-2-81016069 E-MAIL: [email protected] FAX: 0065-63341787, 63343216 TEL: 00852-25888688 FAX: 00886-2-81016055 E-MAIL: [email protected] FAX: 00852-25118660 HTTP: // www.fehorizon.com 35TH FLOOR, JIN MAO TOWER, NO.88 CENTURY AVENUE, PUDONG SINOCHEM INTERNATIONAL CHEMICALS (HONG KONG) LTD. NEW AREA, SHANGHAI 200121, CHINA BIG HORIZON SHIPPING AGENCIES LIMITED SINOCHEM FARM CARE (THAILAND) CO., LTD. 47/F., OFFICE TOWER, CONVENTION PLAZA, 1 HARBOUR ROAD, TEL: 0086-21-50490099 11/F WESTMINSTER TOWER 3 ALBERT EMBANKMENT LONDON 11TH FLOOR RASA TOWER II 555 PHAHOLYOTHIN ROAD WANCHAI, HONG KONG FAX: 0086-21-50490066 SE1 7SP UNITED KINGDOM CHATUCHAK BANGKOK 10900, THAILAND TEL: 00852-28240100 TEL: 0044-20-78400600 TEL: 0066-2-9371230-5 FAX: 00852-28029607, 28241233 FAX: 0044-20-77357121 FAX: 0066-2-9371235
SINOCHEM JAPAN CO., LTD. FAR EAST HORIZON SHIPPING HOLDINGS CO., LTD. IMC BLDG.SHINBASHI 6F, 5-5-1 SHINBASHI, MINATO-KU, TOKYO 30A TOWER 10 SOUTH HORIZONS HK 105-0004, JAPAN TEL: 00852-97702834 SINOFERT HOLDINGS LIMITED SINOCHEM INDIA COMPANY PVT. LTD. TEL: 0081-3-34347890 FAX: 00852-30075456 STOCK CODE: 00297.HK UNIT 2B, 2ND FLOOR, M6 PLAZA, JASOLA DISTRICT CENTRE, FAX: 0081-3-34348747 SUITES 4601-10, 46/F, OFFICE TOWER, CONVENTION PLAZA,1 JASOLA, NEW DELHI-110025, DELHI, INDIA HTTP: // www.sinochemplastics.com/sinochemjapan/ HARBOUR ROAD, WANCHAI, HONG KONG TEL: 0091-11-40658888 TEL: 00852-36561588 FAX: 0091-11-40658880 FAX: 00852-28507229 FRANSHION PROPERTIES (CHINA) LTD. 10TH FLOOR, CENTRAL TOWER, CHEMSUNNY WORLD TRADE GRAND LIGHT DEVELOPMENT LIMITED STOCK CODE: 00817. HK CENTER, 28 FUXINGMENNEI STREET, BEIJING 100031, CHINA ROOM 4706, OFFICE TOWER ,CONVENTION PLAZA, 1 ROOM 4702-03, 47/F OFFICE TOWER, CONVENTION PLAZA,1 TEL: 0086-10-59569601, 59569604 HARBOUR ROAD, WANCHAI, HONG KONG HARBOUR ROAD, WANCHAI, HONG KONG FAX: 0086-10-59569627 SINOCHEM CROP PROTECTION (PHILIPPINES) INC. TEL: 00852-25888688 TEL: 00852-28299668 FAX: 00852-25118660 22F TOWER II INSULAR LIFE CORPORATE CENTRE, INSULAR LIFE FAX: 00852-28240300 HTTP: // www.fehorizon.com DRIVE, FILINVEST CORPORATE CITY ALABANG, MUNTINLUPA HTTP: // www.franshion.com ROOM 3608, JIN MAO TOWER, NO.88 CENTURY AVENUE, CITY, PHILIPPINES 1781 22/F, SINOCHEM TOWER, A2 FUXINGMENWAI STREET, BEIJING PUDONG NEW AREA, SHANGHAI 200121, CHINA SINOCHEM (UNITED KINGDOM) LTD. TEL: 00632-8078125 100045, CHINA FAX: 00632-8078216 TEL: 0086-21-50988880 17/F, NEW ZEALAND HOUSE, 80 HAYMARKET, LONDON SW1Y 4TE, U.K. TEL: 0086-10-59369900 FAX: 0086-21-50988890 TEL: 0044-20-79307060 FAX: 0086-10-59369901 FAX: 0044-20-79304631 E-MAIL: [email protected]
SINOCHEM INTERNATIONAL CORPORATION REPRESENTATIVE OFFICE IN SEOUL SINOCHEM CORPORATION REPARESENTATIVE Office IN UZBEKISTAN 20TH F., ACE TOWER 1-170 SUNHA-DONG, JUNG-GU, SEOUL Abdurauf Fitrat street,1/2.Tashkent,Uzbekistan. KOREA 100-130 TEL: 00-998-983109883 TEL: 0082-2-7573993 FAX: 00-998-983109883 FAX: 0082-2-7579696 E-Mail: [email protected] E-MAIL: [email protected]
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