SECURITIES AND EXCHANGE COMMISSION

Form 20-F     ✓              Form 40-F _____

Yes ____                          No    ✓    

1.          A copy of 2018 annual report filed with the Hong Kong Stock Exchange  by China Petroleum & Chemical Corporation  (the “Registrant”);

2.          An announcement regarding 2018 annual results of the Registrant, made by the Registrant on March 22, 2019;

3.          A circular and a notice regarding annual general meeting for the year 2018 of the Registrant, each made by the Registrant on March 24, 2019; and

4.          An announcement regarding Proposed Amendments to the Articles of Association of the Registrant, made by the Registrant on March 22, 2019.

Document 1

	For the year ended 31 December
	2018	2017	Change	2016
Items	RMB million	RMB million	%	RMB million
Operating income	2,891,179	2,360,193	22.5	1,930,911
Operating profit	101,474	86,965	16.7	77,389
Profit before taxation	100,502	86,573	16.1	79,877
Net profit attributable to equity shareholders of the Company	63,089	51,119	23.4	46,416
Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses	59,630	45,582	30.8	29,713
Net cash flow from operating activities	175,868	190,935	(7.9)	214,543

	For the year of 2018
Items	First Quarter RMB million	Second Quarter RMB million	Third Quarter RMB million	Fourth Quarter RMB million	Total RMB million
Operating income	621,251	679,001	772,718	818,209	2,891,179
Net profit attributable to equity shareholders of the Company	18,770	22,830	18,380	3,109	63,089
Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses	17,982	21,809	17,359	2,480	59,630
Net cash flow from operating activities	12,052	59,568	66,299	37,949	175,868

	As of 31 December
	2018	2017	Change	2016
Items	RMB million	RMB million	%	RMB million
Total assets	1,592,308	1,595,504	(0.2)	1,498,609
Total liabilities	734,649	741,434	(0.9)	666,084
Total equity attributable to equity shareholders of the Company	718,355	727,244	(1.2)	712,232
Total number of shares (1,000 shares)	121,071,210	121,071,210	—	121,071,210

	For the year ended 31 December
	2018	2017	Change	2016
Items	RMB	RMB	%	RMB
Basic earnings per share	0.521	0.422	23.4	0.383
Diluted earnings per share	0.521	0.422	23.4	0.383
Basic earnings per share (excluding extraordinary gains and losses)	0.493	0.376	31.1	0.245
Weighted average return on net assets (%)	8.67	7.14	1.53	6.68
			percentage points
Weighted average return (excluding extraordinary gains and losses) on net assets (%)	8.20	6.37	1.83 percentage	4.33
			points
Net cash flow from operating activities per share	1.453	1.577	(7.9)	1.772

	As of 31 December
	2018	2017	Change	2016
Items	RMB	RMB	%	RMB
Net assets attributable to equity shareholders of the Company per share	5.933	6.007	(1.2)	5.883
Liabilities to assets ratio (%)	46.14	46.47	(0.33)	44.45
			percentage points

	For the year ended 31 December (Income)/expenses
	2018	2017	2016
Items	RMB million	RMB million	RMB million
Net loss on disposal of non-current assets	742	1,518	1,489
Donations	180	152	133
Government grants	(7,482)	(4,783)	(3,987)
Gain on holding and disposal of various investments	(1,023)	(148)	(518)
Investment income on loss of control and remeasuring interests in pipeline company	—	—	(20,562)
Gain on remeasurement of interests in Shanghai SECCO	—	(3,941)	—
Other non-operating expenses, net	1,613	690	1,367
Net gain of business combination under common control from beginning of the year to the consolidation date	—	—	(86)
Subtotal	(5,970)	(6,512)	(22,164)
Tax effect	2,312	976	5,578
Total	(3,658)	(5,536)	(16,586)
Attributable to:   Equity shareholders of the Company	(3,459)	(5,537)	(16,703)
Minority interests	(199)	1	117

				Influence
Items	Beginning of the year	End of the year	Changes	on the profit of the year
Other equity instruments	1,676	1,450	(226)	515
Derivative financial instruments	(522)	1,584	2,106	191
Cash flow hedging	(1,617)	(7,268)	(5,651)	(9,069)
Financial assets held for trading	51,196	25,732	(25,464)	878
Total	50,733	21,498	(29,235)	(7,485)

	As of 31 December		Increase/(decrease)
	2018	2017	Amount	Percentage
Items	RMB million	RMB million	RMB million	(%)	Reasons for change
Financial assets held for trading	25,732	51,196	(25,464)	(49.7)	Decrease of structured deposit
Non-current liabilities due	17,450	26,681	(9,231)	(34.6)	Bond repayment at maturity
within one year
Financial expenses	(1,001)	1,560	(2,561)	(164.2)	Optimisation of capital operation and increase of interest income
Impairment losses	11,605	21,791	(10,186)	(46.7)	Decrease of impairment losses in current year
Non-operating income	2,070	1,317	753	57.2	Relocation compensation entitled by susidiaries
Non-operating expenses	3,042	1,709	1,333	78.0	Retirement of underground oil tanks in service station and other assets
Cash received from disposal	56,546	4,729	51,817	1,095.7	Receipt of the structured deposits at maturity
of investments
Other cash paid relating to	87,696	52,304	35,392	67.7	Receipt of time deposits at maturity
investing activities
Cash paid for acquisition of fixed	(103,014)	(70,948)	(32,066)	45.2	Increase of capital expenditure
assets, intangible assets and
other long-term assets
Cash paid for dividends, profit  distribution or interest	(87,483)	(45,763)	(41,720)	91.2	Increase of dividend declared

	For the year ended 31 December
Items	2018	2017	2016	2015	2014
Turnover and other operating revenues	2,891,179	2,360,193	1,930,911	2,020,375	2,827,566
Operating profit	82,264	71,470	77,193	56,822	73,439
Profit before taxation	99,110	86,697	80,151	56,411	65,818
Profit attributable to shareholders of the Company	61,618	51,244	46,672	32,512	46,639
Basic earnings per share (RMB)	0.509	0.423	0.385	0.269	0.399
Diluted earnings per share (RMB)	0.509	0.423	0.385	0.269	0.399
Return on capital employed (%)	9.25	8.26	7.30	5.23	6.06
Return on net assets (%)	8.59	7.06	6.56	4.81	7.84
Net cash generated from operating activities per share (RMB)	1.453	1.577	1.772	1.371	1.267

	As of 31 December
Items	2018	2017	2016	2015	2014
Non-current assets	1,088,188	1,066,455	1,086,348	1,113,611	1,094,035
Net current liabilities	60,978	50,397	73,282	129,175	242,892
Non-current liabilities	170,675	163,168	181,831	196,275	201,540
Non-controlling interests	139,251	126,770	120,241	111,964	54,348
Total equity attributable to shareholders of the Company	717,284	726,120	710,994	676,197	595,255
Net assets per share (RMB)	5.924	5.997	5.873	5.585	5.033
Adjusted net assets per share (RMB)	5.741	5.868	5.808	5.517	4.969

Name of shareholders	Nature of Shareholders	Percentage of shareholdings %	Total number of shares held	Changes of shareholding1	Number of shares subject to pledges or lock-up
China Petrochemical Corporation	State-owned Share	68.31	82,709,227,393	(3,083,443,708)	0
HKSCC Nominees Limited2	H Share	20.97	25,390,660,438	10,853,566	Unknown
中國證券金融股份有限公司	A Share	2.16	2,609,312,057	(722,418,086)	0
國新投資有限公司	A Share	1.04	1,253,177,754	1,253,177,754	0
香港中央結算有限公司	A Share	0.84	1,021,782,160	620,799,215	0
北京誠通金控投資有限公司	A Share	0.78	947,604,254	947,604,254	0
招商銀行股份有限公司－博時中證央企結構調整交易型開放式指數證券投資基金3	A Share	0.33	397,446,193	397,446,193	0
中央匯金資產管理有限責任公司	A Share	0.27	322,037,900	0	0
中國人壽保險股份有限公司-分紅-個人分紅-005L-FH002滬	A Share	0.15	181,957,660	128,785,037	0
中國農業銀行股份有限公司－華夏中證央企結構調整交易型開放式指數證券投資基金3	A Share	0.13	154,958,200	154,958,200	0

Name of shareholders	Status of shareholders	Number of shares interested	% of Sinopec Corp.’s issued voting shares (H Share)
BlackRock, Inc.	Interest of corporation controlled by the substantial shareholder	2,320,644,807(L) 1,244,000(S)	9.10(L) 0.00(S)
Citigroup Inc.	Person having a security interest in shares	618,800(L)	0.00(L)
	Interest of corporation controlled by the substantial shareholder	152,698,359(L)  101,037,238(S)	0.60(L) 0.40(S)
	Approved lending agent	1,736,184,160(L)	6.80(L)
JPMorgan Chase & Co.	Beneficial owner	478,700,855(L)	1.88(L)
		157,452,151(S)	0.62(S)
	Investment manager	103,077,862(L)	0.40(L)
	Trustee (exclusive of passive trustee)	1,006,400(L)	0.00(L)
	Approved lending agent	956,876,795(L)	3.75(L)
Schroders Plc.	Investment manager	1,516,334,573(L)	5.94(L)

Name of Company	Number of Shares Held	Shareholding Percentage
Sinopec Engineering (Group) Co. Ltd	2,907,856,000	65.67%
Sinopec Oilfield Service Corporation	10,727,896,364	56.51%
Sinopec Oilfield Equipment Corporation	351,351,000	58.74%
China Merchants Energy Shipping Co., Ltd	912,886,426	15.05%

		2018	2017	2016	Change from 2017 to 2018(%)
Oil and gas production (mmboe)		451.46	448.79	431.29	0.6
Crude oil production (mmbbls)		288.51	293.66	303.51	(1.8)
	China	248.93	248.88	253.15	0.02
	Overseas	39.58	44.78	50.36	(11.6)
Natural gas production (bcf)		977.32	912.50	766.12	7.1

				Crude oil reserves (mmbbls)
Items				31 December 18	31 December 17
Proved reserves				1,666	1,599
Proved developed reserves				1,533	1,429
	China			1,244	1,124
		Consolidated subsidiaries		1,244	1,124
			Shengli	910	811
			Others	334	313
	Overseas			289	305
		Consolidated subsidiaries		27	32
		Equity accounted entities		261	273
Proved undeveloped reserves				134	170
	China			96	137
		Consolidated subsidiaries		96	137
			Shengli	16	49
			Others	80	88
	Overseas			38	33
		Consolidated subsidiaries		0	0
		Equity accounted entities		38	33

				Natural gas reserves (bcf)
Items				31 December 18	31 December 17
Proved reserves				6,807	6,997
Proved developed reserves				5,835	6,012
	China			5,822	6,000
		Consolidated subsidiaries		5,822	6,000
			Puguang	1,904	2,127
			Fuling	1,149	1,121
			Others	2,769	2,752
	Overseas			13	12
		Consolidated subsidiaries		0	0
		Equity accounted entities		13	12
Proved undeveloped reserves				972	985
	China			972	985
		Consolidated subsidiaries		972	985
			Fuling	195	187
			Others	777	798

			Wells drilled (as of 31 December)
			2018				2017
			Exploratory		Development		Exploratory		Development
			Productive	Dry	Productive	Dry	Productive	Dry	Productive	Dry
China			286	131	1,941	6	266	149	1,442	9
	Consolidated subsidiaries		286	131	1,941	6	266	149	1,442	9
		Shengli	149	71	1,201	5	151	71	845	1
		Others	137	60	740	1	115	78	597	8
Overseas			0	0	70	0	2	1	119	0
	Consolidated subsidiaries		0	0	0	0	0	0	0	0
	Equity accounted entities		0	0	70	0	2	1	119	0
Total			286	131	2,011	6	268	150	1,561	9

			Wells drilling (as of 31 December)
			2018				2017
			Gross		Net		Gross		Net
			Exploratory	Development	Exploratory	Development	Exploratory	Development	Exploratory	Development
China			69	277	69	277	62	147	62	147
	Consolidated subsidiaries		69	277	69	277	62	147	62	147
		Shengli	25	72	25	72	19	0	19	0
		Others	44	205	44	205	43	147	43	147
Overseas			0	10	0	10	0	5	0	5
	Consolidated subsidiaries		0	0	0	0	0	0	0	0
	Equity accounted entities		0	10	0	10	0	5	0	5
Total			69	287	69	287	62	152	62	152

			Oil productive wells (as of 31 December)
			2018		2017
			Gross	Net	Gross	Net
China			51,030	51,030	50,121	50,121
	Consolidated subsidiaries		51,030	51,030	50,121	50,121
		Shengli	32,805	32,805	32,105	32,105
		Others	18,225	18,225	18,016	18,016
Overseas			7,293	3,939	7,350	3,968
	Consolidated subsidiaries		28	14	28	14
	Equity accounted entities		7,265	3,925	7,322	3,954
Total			58,323	54,969	57,471	54,089

			Natural gas productive wells (as of 31 December)
			2018		2017
Region			Gross	Net	Gross	Net
China			5,068	5,028	4,800	4,762
	Consolidated subsidiaries		5,068	5,028	4,800	4,762
		Puguang	58	58	57	57
		Fuling	368	368	266	266
		Others	4,642	4,602	4,477	4,439
Total			5,068	5,028	4,800	4,762

		Area under license (as of 31 December)
		2018	2017
Acreage with exploration licenses		525,269	621,529
	China	525,269	621,529
Acreage with development licenses		36,748	36,604
	China	31,643	31,498
	Overseas	5,106	5,106

					Change from
		2018	2017	2016	2017 to 2018 (%)
Refinery throughput		244.01	238.50	235.53	2.3
Gasoline, diesel and kerosene production		154.79	150.67	149.17	2.7
	Gasoline	61.16	57.03	56.36	7.2
	Diesel	64.72	66.76	67.34	(3.1)
	Kerosene	28.91	26.88	25.47	7.6
Light chemical feedstock production		38.52	38.60	38.54	(0.2)
Light product yield (%)		76.00	75.85	76.33	0.15 percentage points
Refinery yield (%)		94.93	94.88	94.70	0.05 percentage points

		2018	2017	2016	Change from 2017 to 2018 (%)
Total sales volume of oil products (million tonnes)		198.32	198.75	194.84	(0.2)
Total domestic sales volume of oil products (million tonnes)		180.24	177.76	172.70	1.4
	Retail sales (million tonnes)	121.64	121.56	120.14	0.1
	Direct sales and distribution (million tonnes).	58.61	56.20	52.56	4.3
Annual average throughput per station (tonne/station)		3,979	3,969	3,926	0.3

		31 December2018	31 December2017	31 December2016	Change from the end of the previous year to the end of the reporting period(%)
Total number of service stations under the Sinopec brand		30,661	30,633	30,603	0.1
	Number of company-operated stations	30,655	30,627	30,597	0.1

				Change from
	2018	2017	2016	2017 to 2018 (%)
Ethylene	11,512	11,610	11,059	(0.8)
Synthetic resin	15,923	15,938	15,201	(0.1)
Synthetic rubber	896	848	857	5.7
Synthetic fiber monomer and polymer	9,343	9,439	9,275	(1.0)
Synthetic fiber	1,218	1,220	1,242	(0.2)

		Year ended 31 December
		2018	2017	Change (%)
		RMB million	RMB million
Turnover and other operating revenues		2,891,179	2,360,193	22.5
	Turnover	2,825,613	2,300,470	22.8
	Other operating revenues	65,566	59,723	9.8
Operating expenses		(2,808,915)	(2,288,723)	22.7
	Purchased crude oil, product and operating supplies and expenses	(2,292,983)	(1,770,651)	29.5
	Selling, general and administrative expenses	(65,642)	(64,973)	1.0
	Depreciation, depletion and amortisation	(109,967)	(115,310)	(4.6)
	Exploration expenses, including dry holes	(10,744)	(11,089)	(3.1)
	Personnel expenses	(77,721)	(74,854)	3.8
	Taxes other than income tax	(246,498)	(235,292)	4.8
	Other operating expense, net	(5,360)	(16,554)	(67.6)
Operating profit		82,264	71,470	15.1
Net finance costs		1,001	(1,560)	(164.2)
Investment income and share of profits less losses from associates and joint ventures		15,845	16,787	(5.6)
Profit before taxation		99,110	86,697	14.3
Income tax expense		(20,213)	(16,279)	24.2
Profit for the year		78,897	70,418	12.0
Attributable to:
	Shareholders of the Company	61,618	51,244	20.2
	Non-controlling interests	17,279	19,174	(9.9)

				Average realised price
	Sales volume (thousand tonnes)			(RMB/tonne, RMB/thousand cubic meters
	Year ended 31 December			Year ended 31 December
	2018	2017	Change (%)	2018	2017	Change (%)
Crude oil	6,595	6,567	0.4	3,100	2,390	29.7
Natural gas (million cubic meters)	24,197	22,529	7.4	1,400	1,290	8.5
Gasoline	88,057	83,933	4.9	7,870	6,941	13.4
Diesel	84,630	88,848	(4.7)	5,996	5,038	19.0
Kerosene	25,787	25,557	0.9	4,562	3,531	29.2
Basic chemical feedstock	40,520	35,964	12.7	5,488	4,855	13.0
Monomer and polymer for synthetic fibre	11,127	10,267	8.4	6,971	6,038	15.5
Synthetic resin	14,433	13,199	9.3	8,634	8,155	5.9
Synthetic fibre	1,314	1,304	0.8	9,712	8,556	13.5
Synthetic rubber	1,114	1,128	(1.2)	10,619	11,913	(10.9)
Chemical fertiliser	794	698	13.8	2,096	2,010	4.3

		Operating revenues Year ended 31 December		As a percentage of consolidated operating revenue before elimination of inter-segment sales Year ended 31 December		As a percentage of consolidated operating revenue after elimination of inter-segment sales Year ended 31 December
		2018	2017	2018	2017	2018	2017
		RMB million	RMB million	(%)	(%)	(%)	(%)
Exploration and Production Segment
	External sales*	104,237	79,701	2.2	2.1	3.6	3.4
	Inter-segment sales	95,954	77,804	2.0	2.0
	Operating revenues	200,191	157,505	4.2	4.1
Refining Segment
	External sales*	154,319	137,582	3.2	3.6	5.3	5.8
	Inter-segment sales	1,109,088	874,271	22.9	23.0
	Operating revenues	1,263,407	1,011,853	26.1	26.6
Marketing and Distribution Segment
	External sales*	1,441,413	1,220,235	29.9	32.1	49.9	51.7
	Inter-segment sales	5,224	3,962	0.1	0.1
	Operating revenues	1,446,637	1,224,197	30.0	32.2
Chemicals Segment
	External sales*	472,898	388,128	9.8	10.2	16.4	16.5
	Inter-segment sales	73,835	49,615	1.5	1.3
	Operating revenues	546,733	437,743	11.3	11.5
Corporate and Others
	External sales*	718,312	534,547	14.9	14.0	24.8	22.6
	Inter-segment sales	650,271	440,303	13.5	11.6
	Operating revenues	1,368,583	974,850	28.4	25.6
Operating revenue before elimination of inter-segment sales		4,825,551	3,806,148	100.0	100.0
Elimination of inter-segment sales		(1,934,372)	(1,445,955)
Turnover and other operating revenues		2,891,179	2,360,193			100.0	100.0

		Year ended 31 December
		2018	2017	Change
		RMB million	RMB million	(%)
Exploration and Production Segment
	Operating revenues	200,191	157,505	27.1
	Operating expenses	210,298	203,449	3.4
	Operating loss	(10,107)	(45,944)	—
Refining Segment
	Operating revenues	1,263,407	1,011,853	24.9
	Operating expenses	1,208,580	946,846	27.6
	Operating profit	54,827	65,007	(15.7)
Marketing and Distribution Segment
	Operating revenues	1,446,637	1,224,197	18.2
	Operating expenses	1,423,173	1,192,628	19.3
	Operating profit	23,464	31,569	(25.7)
Chemicals Segment
	Operating revenues	546,733	437,743	24.9
	Operating expenses	519,726	410,766	26.5
	Operating profit	27,007	26,977	0.1
Corporate and Others
	Operating revenues	1,368,583	974,850	40.4
	Operating expenses	1,377,876	979,334	40.7
	Operating loss	(9,293)	(4,484)	—
Elimination of inter-segment (loss)/profit		(3,634)	(1,655)	—

	Sales Volume (thousand tonnes)			Average realised price (RMB/tonne)
	Year ended 31 December			Year ended 31 December
	2018	2017	Change (%)	2018	2017	Change (%)
Gasoline	59,746	54,273	10.1	7,386	6,538	13.0
Diesel	62,676	60,680	3.3	5,766	4,962	16.2
Kerosene	22,418	17,080	31.3	4,515	3,527	28.0
Chemical feedstock	38,524	36,951	4.3	3,910	3,204	22.0
Other refined petroleum products	61,439	58,801	4.5	3,312	2,929	13.1

		Sales Volume (Thousand tonnes)			Average realised price (RMB/tonne)
		Year ended 31 December			Year ended 31 December
		2018	2017	Change (%)	2018	2017	Change (%)
Gasoline		88,076	83,980	4.9	7,870	6,941	13.4
	Retail	66,855	66,364	0.7	8,296	7,346	12.9
	Direct sales and wholesale	21,221	17,616	20.5	6,524	5,412	20.6
Diesel		84,865	89,146	(4.8)	5,998	5,039	19.0
	Retail	43,327	44,736	(3.1)	6,435	5,588	15.2
	Direct sales and wholesale	41,537	44,410	(6.5)	5,541	4,486	23.5
Kerosene		25,787	25,555	0.9	4,562	3,531	29.2
Fuel		23,372	23,299	0.3	2,974	2,251	32.1

	Sales Volume (Thousand tonnes)			Average realised price (RMB/tonne)
	Year ended 31 December			Year ended 31 December
	2018	2017	Change (%)	2018	2017	Change (%)
Basic organic chemicals	52,450	46,351	13.2	5,281	4,684	12.7
Synthetic fibre monomer and polymer	11,252	10,332	8.9	6,978	6,047	15.4
Synthetic resin	15,325	13,215	16.0	8,646	8,153	6.0
Synthetic fibre	1,314	1,304	0.8	9,712	8,556	13.5
Synthetic rubber	1,278	1,138	12.3	10,750	11,957	(10.1)
Chemical fertiliser	796	700	13.7	2,093	2,008	4.2

		As of	As of
		31 December 2018	31 December 2017	Change
Total assets		1,592,308	1,595,504	(3,196)
	Current assets	504,120	529,049	(24,929)
	Non-current assets	1,088,188	1,066,455	21,733
Total liabilities		735,773	742,614	(6,841)
	Current liabilities	565,098	579,446	(14,348)
	Non-current liabilities	170,675	163,168	7,507
Total equity attributable to shareholders of the Company		717,284	726,120	(8,836)
	Share capital	121,071	121,071	—
	Reserves	596,213	605,049	(8,836)
Non-controlling interests		139,251	126,770	12,481
Total equity		856,535	852,890	3,645

Major items of cash flows	Year ended 31 December
	2018	2017
Net cash generated from operating activities	175,868	190,935
Net cash used in investing activities	(66,422)	(145,323)
Net cash used in financing activities	(111,260)	(56,509)

Items		End of last year	Beginning of the year	End of the year	Profits and losses from variation of fair values in the current year	Accumulated variation of fair values recorded as equity	Impairment loss provision of the current year	Funding source
Financial assets at fair value through profit or loss of the reporting period		51,196	51,196	25,732	885	—	—	Self-owned fund
	Structured Deposit	51,196	51,196	25,550	880	—	—	—
	Stock	—	—	182	5	—	—	—
Available for sale financial assets		178	—	—	—	—	—	—
	Stock	178	—	—	—	—	—	—
Derivative financial instruments		(522)	(522)	1,584	191	—	—	Self-owned fund
Cash flow hedges		(1,617)	(1,617)	(7,268)	(1,978)	(12,500)	—	Self-owned fund
Other equity instruments investment		—	1,676	1,450	—	(53)	—	Self-owned fund
Total		49,235	50,733	21,498	(902)	(12,553)	—	—

		Year ended 31 December
		2018	2017
		RMB million	RMB million
Operating income
	Exploration and Production Segment	200,191	157,505
	Refining Segment	1,263,407	1,011,853
	Marketing and Distribution Segment	1,446,637	1,224,197
	Chemicals Segment	546,733	437,743
	Corporate and Others	1,368,583	974,850
	Elimination of inter-segment sales	(1,934,372)	(1,445,955)
	Consolidated operating income	2,891,179	2,360,193
Operating (loss)/profit
	Exploration and Production Segment	(11,557)	(47,399)
	Refining Segment	53,703	64,047
	Marketing and Distribution Segment	24,106	32,011
	Chemicals Segment	25,970	22,796
	Corporate and Others	(8,151)	(3,160)
	Elimination of inter-segment sales	(3,634)	(1,655)
	Financial expenses, investment income, gains/(losses) from changes in fair value, asset disposal expense and other income	21,037	20,325
	Consolidated operating profit	101,474	86,965
Net profit attributable to equity shareholders of the Company		63,089	51,119

	As of 31	As of 31
	December 2018	December 2017	Change
	RMB million	RMB million
Total assets	1,592,308	1,595,504	(3,196)
Non-current liabilities	169,551	161,988	7,563
Shareholders’ equity	857,659	854,070	3,589

Segments	Operation income RMB million	Operation cost RMB million	Gross profit margin* (%)	Increase (decrease) of operation income on a year-on-year basis (%)	Increase/ (decrease) of operation cost on a year-on- year basis (%)	Increase (decrease) of gross profit margin on a year-on-year basis (%)
Exploration and Production	200,191	165,444	11.6	27.1	7.3	15.1
Refining	1,263,407	952,577	6.4	24.9	35.4	(2.2)
Marketing and Distribution	1,446,637	1,355,391	6.1	18.2	20.2	(1.5)
Chemicals	546,733	492,991	9.4	24.9	27.7	(1.7)
Corporate and Others	1,368,583	1,365,348	0.2	40.4	41.7	(1.0)
Elimination of inter-segment sales	(1,934,372)	(1,930,738)	N/A	N/A	N/A	N/A
Total	2,891,179	2,401,013	8.4	22.5	27.0	(1.5)

	Sinopec Corp.	Sinopec Corp.	Sinopec Corp
Bond name	2010 Corporate bond	2012 Corporate bond	2015 Corporate bond (first issue)
Abbreviation	10石化02	12石化02	15石化01	15石化02
Code	122052	122150	136039	136040
Issuance date	21 May 2010	1 June 2012	19 November 2015
Maturity date	21 May 2020	1 June 2022	19 November 2018	19 November 2018
Amount issued (RMB billion)	9	7	16	4
Outstanding balance (RMB billion)	9	7	0	4
Interest rate (%)	4.05	4.90	3.30	3.70
Principal and interest repayment	Simple interest is calculated and paid on an annual basis without compounding interests. The principal will be paid at maturity with last installment of interest.
Payment of interests	Sinopec Corp. had paid in full the interest accrued for the current period interest payment year and ｢15石化01｣ had been repaid and delisted from the Shanghai Stock Exchange.
Investor Qualification Arrangement	15石化01 and 15石化02 were publicly offered to qualified investors in accordance with Administration of the Issuance and Trading of Corporate Bonds
Listing exchange	Shanghai Stock Exchange
Corporate bonds trustee	China International Capital Corporation Limited 27th-28th Floor, China World Office 2, 1 Jianguomenwai Avenue, Chaoyang District, Beijing Huang Xu, Zhai Ying (010) 6505 1166
Credit rating agency	United Credit Ratings Co., Ltd. 12th Floor, PICC building, No.2 Jianguomenwai Avenue, Chaoyang District, Beijing
Use of proceeds	Proceeds from the above-mentioned corporate bonds have been used for their designated purpose as disclosed. All the proceeds have been completely used.
Credit rating	During the reporting period, United Credit ratings Co., Ltd. provided continuing credit rating for 10石化02, 12石化02, 15石化01 and 15石化02 and reaffirmed AAA credit rating. The long term credit rating and outlook of the Company remained at AAA and stable respectively. Pursuant to relevant regulations, the Company will publish its latest credit rating results through medias designated by regulators within two months commencing from the announcement date of annual report.
Credit addition mechanism, repayment scheme and other relative events for corporate bonds during the reporting period	During the reporting period, there is no credit addition mechanism and change of the repayment arrangement for the above-mentioned corporate bonds. The Company strictly followed the provisions in the corporate bond prospectus to repay principals and interests of the corporate bonds. The guarantor of 10石化02 and 12石化02 is China Petrochemical Corporation. For more information of the guarantor, please refer to the annual report of corporate bonds which will be published on website of Shanghai Stock Exchange by China Petrochemical Corporation.
Convening of corporate bond holders’ meeting	During the reporting period, the bondholders’ meeting has not been convened.
Performance of corporate bonds trustee	During the durations of the above-mentioned bonds, the bond trustee, China International Capital Corporation Limited, has strictly followed the Bond Trustee Management Agreement and continuously tracked the Company’s credit status, the use of bond proceeds and repayment of principals and interests of the bond. The bond trustee has also advised the Company to satisfy obligations as described in the corporate bond prospects and exercised its duty to protect the bondholders’ legitimate rights and interests. The bond trustee is expected to disclose the Trustee Management Affairs Report after the publish of the Company’s annual report. The details of such report will be available on the website of Shanghai Stock Exchange (http://www.sse.com.cn)

Principal data	2018	2017	Change	Reasons for change
EBITDA (RMB million)	216,352	207,528	8,824	Mainly due to the increase of earnings compared with last year
Current ratio	0.89	0.91	(0.02)	Mainly due to the decrease of account receivable and inventories compared with last year
Quick ratio	0.57	0.59	(0.02)	Mainly due to the decrease of account receivable, and cash caused by the increase of dividend compared with last year
Liability-to-asset ratio (%)	46.14	46.47	(0.33) Percentage points	Mainly due to the decrease of financial leverage by lowering debts compared with last year
EBITDA to total debt ratio	1.33	1.11	0.22	Mainly due to the increase of EBITDA
Interest coverage ratio	16.76	14.60	2.16	Mainly due to the increase of EBIT compared with last year
Cash flow interest coverage ratio	35.92	39.11	(3.19)	Mainly due to the decrease of cash caused by the
				increase of dividend compared with last year
EBITDA-to-interest coverage ratio	33.93	32.59	1.34	Mainly due to the increase of EBITDA
Loan repayment rate (%)	100	100	—
Interest payment rate (%)	100	100	—

Background	Type of Undertaking	Party		Contents	Term for performance	Whether bears deadline or not	Whether strictly performed or not
Undertakings related to Initial Public Offerings (IPOs)	IPOs	China Petrochemical Corporation	1	Compliance with the connected transaction agreements;	From 22 June 2001	No	Yes
			2	Solving the issues regarding the legality of land-use rights certificates and property ownership rights certificates within a specified period of time;
			3	Implementation of the Reorganisation Agreement (please refer to the definition of Reorganisation Agreement in the H share prospectus of Sinopec Corp.);
			4	Granting licenses for intellectual property rights;
			5	Avoiding competition within the same industry;
			6	Abandonment of business competition and conflicts of interest with Sinopec Corp.
Other undertakings	Other	China Petrochemical Corporation	Given that China Petrochemical Corporation engages in the same or similar businesses as Sinopec Corp. with regard to the exploration and production of overseas petroleum and natural gas, China Petrochemical Corporation hereby grants a 10-year option to Sinopec Corp. with the following provisions: (i) after a thorough analysis from political, economic and other perspectives, Sinopec Corp. is entitled to require China Petrochemical Corporation to sell its overseas oil and gas assets owned as of the date of the undertaking and still in its possession upon Sinopec Corp.’s exercise of the option to Sinopec Corp.; (ii) in relation to the overseas oil and gas assets acquired by China Petrochemical Corporation after the issuance of the undertaking, within 10 years of the completion of such acquisition, after a thorough analysis from political, economic and other perspectives, Sinopec Corp. is entitled to require China Petrochemical Corporation to sell these assets to Sinopec Corp. China Petrochemical Corporation undertakes to transfer the assets as required by Sinopec Corp. under aforesaid items (i) and (ii) to Sinopec Corp., provided that the exercise of such option complies with applicable laws and regulations, contractual obligations and other procedural requirements.		Within 10 years after 29 April 2014 or the date when China Petrochemical Corporation acquires the assets	Yes	Yes

Guarantor	Relationship with the Company	Name of guaranteed company	Amount	Transaction date (date of signing)	Period of guarantee	Type	Whether completed or not	Whether overdue or not	Amount of overdue guarantee	Counter- guaranteed	Whether guaranteed for connected parties yes or no)*1
Sinopec Corp.	The listed company itself	Zhongtian Hechuang Energy Co., Ltd	12,168	25-May-16	25 May 2016 -31 December 2023 (the mature date is estimated)	Joint liability guarantee	No	No	—	No	Yes
Sinopec Corp.	The listed company itself	Zhong An United Coal Chemical Co., Ltd.	5,033	18-Apr-18	18 April 2018-31 December 2031	Joint liability guarantee	No	No	—	No	No
Sinopec Corp.	The listed company itself	Yanbu Aramco Sinopec Refining Company(YASREF) Limited	No specific amount agreed, guarantee on contract performance	31-Dec-14	30 years from the date YASRFE requires supply of hydrogen from Air Liquide Arabia LLC.	Joint liability guarantee	No	No	—	No	No
SSI	Controlled subsidiary	New Bright International Development Ltd./ Sonangol E.P./SSI15	7,197			Joint liability guarantee	No	No	—	Yes	No
Total amount of guarantees provided during the reporting period*2											5,033
Total amount of guarantees outstanding at the end of reporting period*2 (A)											21,159
Guarantees by the Company to the controlled subsidiaries
Total amount of guarantee provided to controlled subsidiaries during the reporting period											—
Total amount of guarantee for controlled subsidiaries outstanding at the end of the reporting period (B)											11,951
Total amount of guarantees for the Company (including those provided for controlled subsidiaries)
Total amount of guarantees(A+B)											33,110
The proportion of the total amount of guarantees to the Sinopec Corp.’s net assets											4.61%
Guarantees provided for shareholder, de facto controller and its related parties (C)											—
Amount of debt guarantees provided directly or indirectly to the companies with liabilities to assets ratio over 70% (D)											2,771
The amount of guarantees in excess of 50% of the net assets (E)											None
Total amount of the above three guarantee items (C+D+E)											2,771
Statement of guarantee undue that might be involved in any joint and several liabilities											None
Statement of guarantee status											None

Categories	Source of fund	Amount	Outstanding Balance	Overdue and uncollected amount
Used for project construction.	Self-owned fund	0.1244	0.5744	None
Used for working capital	Self-owned fund	0.154	0.381	None

Index				Data
I.	Overview
	1.	Funds		228.47
	2.	Number of people lifted out of poverty		32,250
II.	Input breakdowns
	1.	Poverty elimination through industrial development
		1.1	Categories of poverty alleviation programs through industrial development	☑ Poverty alleviation through agriculture and forestry development
				☑ Poverty alleviation through tourism development
				☑ Poverty alleviation through e-commerce
				☑ Poverty alleviation through assets income
				☐ Poverty alleviation through science and technology development
				☑ Others
		1.2	Number of poverty alleviation programs	1,500
		1.3	Input in poverty alleviation projects through industrial development	110
	2.	Poverty elimination through provision of employment
		2.1	Input in professional skill training	4.09
		2.2	Participants of professional skill trainings (person time)	3,149
	3.	Poverty elimination through relocation
		3.1	Number of relocated people	545
		3.2	Input in relocation	6
	4.	Poverty elimination through education
		4.1	Input in students funding	3.5
		4.2	Number of students who received funding assistance	1,374
		4.3	Input in education resources in poverty-stricken areas	22.33
	5.	Poverty alleviation through healthcare
		5.1	Input in medical and health care resources in poverty- stricken areas	2.31
	6.	Emergency relief
		6.1	Input in emergency relief	8.1
		6.2	Number of people get assistance	6,198
	7.	Other input		18.25
III.	Consumption assistance
	1.	Procurement Agriculture products from impoverish areas		17.7
	2.	Assistance on sales of agriculture products from impoverish areas		146

		Funds to related parties			Funds from related parties
Related Parties	Relations	Balance at the beginning of the year	Amount incurred	Balance at the end of the year	Balance at the beginning of the year	Amount incurred	Balance at the end of the year
Sinopec Group	Parent company and affiliated companies*	24,038	5,377	29,415	28,268	1,964	30,232
Other related parties	Associates and joint ventures	1,678	(247)	1,431	38	295	333
Total		25,716	5,130	30,846	28,306	2,259	30,565
Reason for provision of funds between related parties		Loans and other accounts receivable and payable
Impacts on the Company		No material negative impact

Director Titles	Names	Board Meetings					General Meetings.
		No. of meeting held	Actual Attendance	Attended By communication	Attended by proxy	Absent	No. of meeting held	Actual Attendance
Vice Chairman	Dai Houliang	3	1	2	0	0	1	1
Director	Li Yunpeng	3	1	2	0	0	1	1
Director	Wang Zhigang	0	0	0	0	0	0	0
Director	Zhang Haichao	0	0	0	0	0	0	0
Director	Jiao Fangzheng	3	0	2	1	0	1	1
Director	Ma Yongsheng	3	0	2	1	0	1	0
Independent Director	Jiang Xiaoming	3	1	2	0	0	1	0
Independent Director	Andrew Y. Yan	3	1	2	0	0	1	0
Independent Director	Tang Min	3	1	2	0	0	1	1
Independent Director	Fan Gang	3	0	2	1	0	1	0

Director Titles	Names	Board Meetings					General Meetings.
		No. of meeting held	Actual Attendance	Attended By communication	Attended by proxy	Absent	No. of meeting held	Actual Attendance
Chairman	Dai Houliang	4	2	2	0	0	1	1
Director	Li Yunpeng	4	2	2	0	0	1	0
Director	Yu Baocai	1	0	1	0	0	0	0
Director	Jiao Fangzheng	1	1	0	0	0	0	0
Director	Ma Yongsheng	4	0	2	2	0	1	0
Director	Ling Yiqun	4	1	2	1	0	1	1
Director	Liu Zhongyun	4	1	2	1	0	1	0
Director	Li Yong	4	1	2	1	0	1	1
Independent Director	Tang Min	4	1	2	1	0	1	1
Independent Director	Fan Gang	4	2	2	0	0	1	0
Independent Director	Cai Hongbin	4	1	2	1	0	1	0
Independent Director	Ng, Kar Ling Johnny	4	2	2	0	0	1	0

	2018	2017	2016
Cash dividends (RMB/Share, tax inclusive)	0.42	0.50	0.249
Total amount of cash dividends (RMB billion, tax inclusive)	50.85	60.54	30.15
Net profits attributed to the shareholders of the listed company shown in the consolidated statement for the dividend year (RMB billion)	61.618	51.12	46.42
Ratio between the dividends and the net profit attributed to the shareholders of the listed company in the consolidated statement (%)	82.52	118.42	64.95

Name	Gender	Age	Position in Sinopec Corp.	Tenure	Remuneration paid by in 2018 (RMB 1,000, before tax)	Whether paid by the holding Company	Equity interests in Sinopec Corp.
							(as at 31 December)
							2018	2017
Dai Houliang	Male	55	Chairman	2009.05-2021.05	467.8	No	0	0
Li Yunpeng	Male	59	Board Director	2017.06-2021.05	—	Yes	0	0
Yu Baocai	Male	53	Board Director	2018.10-2021.05	—	Yes	0	0
Ma Yongsheng	Male	57	Board Director, President	2016.02-2021.05	394.6	No	0	0
Ling Yiqun	Male	56	Board Director, Senior Vice President	2018.05-2021.05	—	Yes	13,000	13,000
Liu Zhongyun	Male	55	Board Director, Senior Vice President	2018.05-2021.05	—	Yes	0	0
Li Yong	Male	55	Board Director	2018.05-2021.05	—	Yes	0	0
Tang Min	Male	65	Independent Director	2015.05-2021.05	333.3	No	0	0
Fan Gang	Male	65	Independent Director	2015.05-2021.05	333.3	No	0	0
Cai Hongbin	Male	51	Independent Director	2018.05-2021.05	233.3	No	0	0
Ng, Kar Ling Johnny	Male	58	Independent Director	2018.05-2021.05	233.3	No	0	0

Name	Gender	Age	Position in Sinopec Corp.	Tenure	Remuneration paid by in 2018 (RMB 1,000, before tax)	Whether paid by the holding Company	Equity interests in Sinopec Corp.
							(as at 31 December)
							2018	2017
Wang Zhigang	Male	61	Former Director and Senior Vice President	2006.05-2018.01	48.29	No	0	0
Zhang Haichao	Male	61	Former Director and Senior Vice President	2015.05-2018.01	—	Yes	0	0
Jiao Fangzheng	Male	56	Former Director and Senior Vice President	2015.05-2018.06	—	Yes	0	0
Jiang Xiaoming	Male	65	Former Independent Director	2012.05-2018.05	12.50	No	0	0
Yan Yan	Male	61	Former Independent Director	2012.05-2018.05	12.50	No	0	0

Name	Gender	Age	Position in Sinopec Corp.	Tenure	Remuneration paid by in 2018 (RMB 1,000, before tax)	Whether paid by the holding Company	Equity interests in Sinopec Corp.
							(as at 31 December)
							2018	2017
Zhao Dong	Male	48	Chairman of the Board of Supervisors	2017.06-2021.05	—	Yes	0	0
Jiang Zhenying	Male	54	Supervisor	2018.05-2021.05	—	Yes	0	0
Yang Changjiang	Male	58	Supervisor	2018.05-2021.05	—	Yes	0	0
Zhang Baolong	Male	59	Supervisor	2018.05-2021.05	—	Yes	0	0
Zou Huiping	Male	58	Supervisor	2006.05-2021.05	1,034.7	No	0	0
Zhou Hengyou	Male	55	Employee’s Representative Supervisor	2018.05-2021.05	340.8	No	0	0
Yu Xizhi	Male	56	Employee’s Representative Supervisor	2017.06-2021.05	1,008.6	No	0	0
Yu Renming	Male	55	Employee’s Representative Supervisor	2010.12-2021.05	984.1	No	0	0

Name	Gender	Age	Position in Sinopec Corp.	Tenure	Remuneration paid by in 2018 (RMB 1,000, before tax)	Whether paid by the holding Company	Equity interests in Sinopec Corp.
							(as at 31 December)
							2018	2017
Liu Zhongyun	Male	55	Former Supervisors	2015.05-2018.02	—	Yes	0	0
Zhou Hengyou	Male	55	Former Supervisors	2015.05-2018.05	—	Yes
Jiang Zhenying	Male	54	Former Employee’s Representative Supervisor	2010.12-2018.05	—	Yes	0	0

			Position in	Remuneration paid by Sinopec Corp. in 2018 (RMB 1,000,	Whether paid by the holding	Equity interests in Sinopec Corp. (as of 31 December)
Name	Gender	Age	Sinopec Corp.	before tax)	Company	2018	2017
Lei Dianwu	Male	56	Senior Vice President	1,155.6	No	0	0
Chen Ge	Male	56	Senior Vice President	129.7	No	0	0
Wang Dehua	Male	52	CFO	1,130.0	No	0	0
Zhao Rifeng	Male	56	Vice President	606.6	No	0	0
Huang Wensheng	Male	52	Vice President, Board Secretary	1,130.0	No	0	0

			Position in	Remuneration paid by Sinopec Corp. in 2018 (RMB 1,000,	Whether paid by the holding	Equity interests in Sinopec Corp. (as of 31 December)
Name	Gender	Age	Sinopec Corp.	before tax)	Company	2018	2017
Chang Zhenyong	Male	60	Former Vice President	749	No	0	0

Name of Company	Registered Capital RMB million	Percentage of shares held by Sinopec Corp. (%)	Total Assets RMB million	Net Assets RMB million	Net Profit/(Net Loss) RMB million	Principal Activities
Sinopec International Petroleum Exploration and Production Limited	8,000	100	54,751	23,218	3,272	Investment in exploration, production and sale of petroleum and natural gas
Sinopec Great Wall Energy & Chemical Company Limited	22,761	100	32,972	14,997	(1,574)	Coal chemical industry investment management, production and sale of coal chemical products
Sinopec Yangzi Petrochemical Company Limited	15,651	100	30,453	18,919	3,692	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Pipeline Storage & Transportation Company Limited	12,000	100	39,182	22,648	2,685	Pipeline storage and transportation of crude oil
Sinopec Yizheng Chemical Fibre Limited Liability Company	4,000	100	8,041	5,459	101	Production and sale of polyester chips and polyester fibres
Sinopec Lubricant Company Limited	3,374	100	9,247	3,926	382	Production and sale of refined petroleum products, lubricant base oil, and petrochemical materials
Sinopec Qingdao Petrochemical Company Limited	1,595	100	3,640	549	319	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Chemical Sales Company Limited	1,000	100	17,773	3,248	1,279	Marketing and distribution of petrochemical products
China International United Petroleum and Chemical Company Limited	3,000	100	176,748	22,749	(4,024)	Trading of crude oil and petrochemical products
Sinopec Overseas Investment Holding Limited	USD 1,662 million	100	26,832	12,802	245	Overseas investment holding
Sinopec Catalyst Company Limited	1,500	100	9,694	4,712	683	Production and sale of catalyst products
China Petrochemical International Company Limited	1,400	100	14,533	4,104	712	Trading of petrochemical products
Sinopec Beihai Refining and Chemical Limited Liability Company	5,294	98.98	17,173	11,657	2,433	Import and processing of crude oil, production, storage and sale of petroleum products and petrochemical products
Sinopec Qingdao Refining and Chemical Company Limited	5,000	85	20,174	12,066	3,564	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Hainan Refining and Chemical Company Limited	3,986	75	21,239	10,329	2,619	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Marketing Co., Limited	28,403	70.42	391,923	208,071	21,995	Marketing and distribution of refined petroleum products
Sinopec Shanghai SECCO Petrochemical Company Limited	7,801	67.6	21,839	17,908	3,099	Production and sale of petrochemical products
Sinopec-SK(Wuhan) Petrochemical Company Limited	6,270	65	15,363	13,029	1,879	Production, sale, research and development of ethylene and downstream by-products
Sinopec Kantons Holdings Limited	HKD 248 million	60.33	14,104	10,250	1,065	Oil jetty and nature gas pipeline transportation service
Sinopec Shanghai Gaoqiao Petroleum and Chemical Limited	10,000	55	31,710	15,225	3,282	Manufacturing of intermediate petrochemical products and petroleum products
Sinopec Shanghai Petrochemical Company Limited	10,824	50.44	44,540	30,487	5,277	Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products
Fujian Petrochemical Company Limited	8,140	50	12,260	11,523	1,595	Manufacturing of plastics, intermediate petrochemical products and petroleum products

Key Audit Matter	How our audit addressed the Key Audit Matter
Recoverability of the carrying amount of fixed assets relating to oil and gas producing activities   Refer to Note 13 “Fixed assets”, Note 42 “Impairment losses”, and Note 53 “Principal accounting estimates and judgements” to the consolidated financial statements.   Decrease in prices of international crude oil in the fourth quarter of the year ended 31 December 2018 gave rise to possible indication that the carrying amount of fixed assets relating to oil and gas producing activities as at 31 December 2018 might be impaired. The Group has adopted discounted future cash flow to determine the respective recoverable amounts of fixed assets relating to oil and gas producing activities, which involved key estimations or assumptions including:   –          Future crude oil prices; –          Future production profiles; –          Future cost profiles; and –          Discount rates.   Because of the significance of the carrying amount of fixed assets relating to oil and gas producing activities as at 31 December 2018, together with the use of significant estimations or assumptions in determining their respective discounted cash flow, we had placed our audit emphasis on this matter.	In auditing the respective discounted cash flow of fixed assets relating to oil and gas producing activities, we performed the following key procedures on the relevant discounted cash flow projections prepared by management:   ●          Evaluated and tested the key controls in respect of the preparation of the discounted cash flow projections of fixed assets relating to oil and gas producing activities.   ●          Assessed the methodology adopted in, and tested mathematical accuracy of the discounted cash flow projections.   ●          Compared estimates of future crude oil prices adopted by the Group against a range of reputable published crude oil price forecasts.   ●          Compared the future production profiles against the oil and gas reserve estimation report approved by the management. Evaluated the competence, capability and objectivity of the management’s experts engaged in estimating the oil and gas reserves. Assessed key estimations or assumptions used in the reserve estimation, by reference to historical data, management plans and/or reputable external data.   ●          Compared the future cost profiles against historical costs and relevant budgets of the Group.   ●          Tested selected other key data inputs, such as natural gas prices and production profiles in the projections by reference to historical data and/or relevant budgets of the Group.   ●          Independently estimated a range of relevant discount rates, and found that the discount rates adopted by management were within the range.   ●          Evaluated the sensitivity analyses prepared by the Group, and assessed the potential impacts of a range of possible outcomes.   Based on our work, we found the key assumptions and input data adopted were supported by the evidence we obtained.

Key Audit Matter	How our audit addressed the Key Audit Matter
Net realisable value (NRV) of crude oil, finished goods and work in progress of refined oil products   Refer to Note 3(4) “Inventories”, Note 11 “Inventories” and Note 53 “Principal accounting estimates and judgements” to the consolidated financial statements.   Decrease in prices of international crude oil along with its highly-correlated products, such as refined oil products in the fourth quarter of the year ended 31 December 2018 gave rise to the risk that net realisable values of crude oil, finished goods and work in progress of refined oil products were lower than their respective book values as at 31 December 2018.   Management has determined the NRVs of crude oil, finished goods and work in progress of refined oil products based on the respective estimated selling prices less the estimated costs to completion, other necessary costs of sales and the related taxes, which involved key estimations or assumptions including:   –          Estimated selling prices;   –          Estimated costs to completion, other necessary costs of sales and related taxes.   Because of the significance of the book value of crude oil, finished goods and work in progress of refined oil products as at 31 December 2018, together with the use of significant estimations or assumptions in determining their respective NRVs, we had placed our audit emphasis on this matter.	In auditing the NRVs of crude oil, finished goods and work in progress of refined oil products, we performed the following key procedures on the inventory NRV models prepared by the management.   ●          Evaluated and tested the key controls, relating to the preparation of the NRV models of crude oil, finished goods and work in progress of refined oil products.   ●          Assessed the methodology adopted in, and tested mathematical accuracy of the NRV models.   ●          On a sampling basis, compared the estimated selling prices of inventories used in the NRV models against the recently realised selling prices, and the prices available on domestic and international markets.   ●          On a sampling basis, compared the costs to completion, other necessary costs of sales and related taxes against historical data of the Group.   Based on the work, we found that the key assumptions and data adopted in the NRV models were supported by the evidence we obtained.

PricewaterhouseCoopers Zhong Tian LLP	Signing CPA	Zhao Jianrong
Shanghai, the People’s Republic of China		(Engagement Partner)
22 March 2019	Signing CPA	Xu Xia

		Notes	At 31 December	At 31 December	At 1 January
			2018	2017	2017
			RMB million	RMB million	RMB million
Assets
Current assets
	Cash at bank and on hand	5	167,015	165,004	142,497
	Financial assets held for trading	6	25,732	51,196	—
	Derivative financial assets	7	7,887	526	762
	Bills receivable and accounts receivable	8	64,879	84,701	63,486
	Prepayments	9	5,937	4,901	3,749
	Other receivables	10	25,312	15,941	24,834
	Inventories	11	184,584	186,693	156,511
	Other current assets		22,774	20,087	20,422
Total current assets			504,120	529,049	412,261
Non-current assets
	Available-for-sale financial assets		—	1,676	11,408
	Long-term equity investments	12	145,721	131,087	116,812
	Other equity instrument investments		1,450	—	—
	Fixed assets	13	617,812	650,920	690,594
	Construction in progress	14	136,963	118,645	129,581
	Intangible assets	15	103,855	97,126	85,023
	Goodwill	16	8,676	8,634	6,353
	Long-term deferred expenses	17	15,659	14,720	13,537
	Deferred tax assets	18	21,694	15,131	7,214
	Other non-current assets	19	36,358	28,516	25,826
Total non-current assets			1,088,188	1,066,455	1,086,348
Total assets			1,592,308	1,595,504	1,498,609
Liabilities and shareholders’ equity
Current liabilities
	Short-term loans	21	44,692	54,701	30,374
	Derivative financial liabilties	7	13,571	2,665	4,472
	Bills payable and accounts payable	22	192,757	206,535	180,129
	Advances from customers	3(26)	—	120,734	95,928
	Contract liabilities	23	124,793	—	—
	Employee benefits payable	24	7,312	7,162	1,618
	Taxes payable	25	87,060	71,940	52,886
	Other payables	26	77,463	89,028	75,164
	Short-term debentures payable		—	—	6,000
	Non-current liabilities due within one year	27	17,450	26,681	38,972
Total current liabilities			565,098	579,446	485,543
Non-current liabilities
	Long-term loans	28	61,576	67,754	62,461
	Debentures payable	29	31,951	31,370	54,985
	Provisions	30	42,800	39,958	39,298
	Deferred tax liabilities	18	5,948	6,466	7,661
	Other non-current liabilities	31	27,276	16,440	16,136
Total non-current liabilities			169,551	161,988	180,541
Total liabilities			734,649	741,434	666,084
Shareholders’ equity
	Share capital	32	121,071	121,071	121,071
	Capital reserve	33	119,192	119,557	119,525
	Other comprehensive income	34	(6,774)	(4,413)	(932)
	Specific reserve		1,706	888	765
	Surplus reserves	35	203,678	199,682	196,640
	Retained earnings		279,482	290,459	275,163
Total equity attributable to shareholders of the Company			718,355	727,244	712,232
Minority interests			139,304	126,826	120,293
Total shareholders’ equity			857,659	854,070	832,525
Total liabilities and shareholders’ equity			1,592,308	1,595,504	1,498,609

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Notes	At 31 December	At 31 December	At 1 January
			2018	2017	2017
			RMB million	RMB million	RMB million
Assets
Current assets
	Cash at bank and on hand		82,879	92,545	98,250
	Financial assets held for trading		22,500	48,179	—
	Bills receivable and accounts receivable	8	30,145	37,766	38,803
	Prepayments	9	2,488	4,429	3,454
	Other receivables	10	57,432	63,820	45,643
	Inventories		45,825	44,933	46,942
	Other current assets		15,835	27,189	32,743
Total current assets			257,104	318,861	265,835
Non-current assets
	Available-for-sale financial assets		—	395	297
	Long-term equity investments	12	289,207	275,557	268,451
	Other equity instrument investments		395	—	—
	Fixed assets	13	302,082	329,814	373,020
	Construction in progress	14	51,598	50,046	49,277
	Intangible assets		8,571	8,340	7,913
	Long-term deferred expenses		2,480	1,958	1,980
	Deferred tax assets		11,021	6,834	—
	Other non-current assets		9,145	10,690	10,952
Total non-current assets			674,499	683,634	711,890
Total assets			931,603	1,002,495	977,725
Liabilities and shareholders’ equity
Current liabilities
	Short-term loans		3,961	17,330	9,256
	Derivative financial liabilties		967	—	—
	Bills payable and accounts payable		84,418	86,604	78,548
	Advances from customers	3(26)	—	3,413	2,360
	Contract liabilities		4,230	—	—
	Employee benefits payable		4,294	4,854	312
	Taxes payable		54,764	42,549	32,423
	Other payables		119,514	143,274	113,841
	Short-term debentures payable		—	—	6,000
	Non-current liabilities due within one year		16,729	19,539	38,082
Total current liabilities			288,877	317,563	280,822
Non-current liabilities
	Long-term loans		48,104	63,667	58,448
	Debentures payable		20,000	20,000	36,000
	Provisions		33,094	31,405	29,767
	Deferred tax liabilities		—	—	505
	Other non-current liabilities		4,332	2,591	2,607
Total non-current liabilities			105,530	117,663	127,327
Total liabilities			394,407	435,226	408,149
Shareholders’ equity
	Share capital		121,071	121,071	121,071
	Capital reserve		68,795	68,789	68,769
	Other comprehensive income		(485)	196	263
	Specific reserve		989	482	393
	Surplus reserves		203,678	199,682	196,640
	Retained earnings		143,148	177,049	182,440
Total shareholders’ equity			537,196	567,269	569,576
Total liabilities and shareholders’ equity			931,603	1,002,495	977,725

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Notes	2018	2017
			RMB million	RMB million
Operating income		36	2,891,179	2,360,193
Less:	Operating costs	36/39	2,401,012	1,890,398
	Taxes and surcharges	37	246,498	235,292
	Selling and distribution expenses	39	59,396	56,055
	General and administrative expenses	39	73,390	72,505
	Research and development expenses	39/40	7,956	6,423
	Financial expenses	38	(1,001)	1,560
	Exploration expenses, including dry holes	39/41	10,744	11,089
	Impairment losses	42	11,605	21,791
	Credit impairment losses		141	—
Add:	Other income	43	6,694	4,356
	Investment income	44	11,428	19,060
	Gains/(losses) from changes in fair value	45	2,656	(13)
	Asset disposal expense		(742)	(1,518)
Operating profit			101,474	86,965
Add:	Non-operating income	46	2,070	1,317
Less:	Non-operating expenses	47	3,042	1,709
Profit before taxation			100,502	86,573
Less:	Income tax expense	48	20,213	16,279
Net profit			80,289	70,294
Classification by going concern:
	Continuous operating net profit		80,289	70,294
	Termination of net profit		—	—
Classification by ownership:
	Equity shareholders of the Company		63,089	51,119
	Minority interests		17,200	19,175
Basic earnings per share		60	0.521	0.422
Diluted earnings per share		60	0.521	0.422
Other comprehensive income		34
Items that may not be reclassified subsequently to profit or loss
	Changes in fair value of other equity instrument investments		(53)	—
Items that may be reclassified subsequently to profit or loss
	Other comprehensive income that can be converted into profit or loss under the equity method		(229)	1,053
	Changes in fair value of available-for-sale financial assets		—	(57)
	Cash flow hedges		(9,741)	(1,580)
	Foreign currency translation differences		3,399	(3,792)
Total other comprehensive income			(6,624)	(4,376)
Total comprehensive income			73,665	65,918
Attributable to:
	Equity shareholders of the Company		55,471	47,638
	Minority interests		18,194	18,280

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Note	2018	2017
			RMB million	RMB million
Operating income		36	1,058,493	857,478
Less:	Operating costs	36	812,355	633,114
	Taxes and surcharges		168,905	158,480
	Selling and distribution expenses		3,078	2,670
	General and administrative expenses		36,169	39,537
	Research and development expenses		7,453	5,445
	Financial expenses		1,029	2,642
	Exploration expenses, including dry holes		9,796	10,614
	Impairment losses		6,766	14,372
	Credit impairment losses		42	—
Add:	Other income		2,777	1,784
	Investment income	44	28,336	38,058
	(Losses)/gains from changes in fair value		(20)	179
	Asset disposal income/(expense)		12	(887)
Operating profit			44,005	29,738
Add: Non-operating income			599	474
Less: Non-operating expenses			1,687	725
Profit before taxation			42,917	29,487
Less: Income tax expense			2,960	(928)
Net profit			39,957	30,415
Classification by going concern:
	Continuous operating net profit		39,957	30,415
	Termination of net profit		—	—
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
	Other comprehensive loss that can be converted into profit or loss under the equity method		(64)	(120)
	Cash flow hedges		(617)	53
Total other comprehensive income			(681)	(67)
Total comprehensive income			39,276	30,348

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Note	2018	2017
			RMB million	RMB million
Cash flows from operating activities:
	Cash received from sale of goods and rendering of services		3,189,004	2,644,126
	Refund of taxes and levies		1,681	2,158
	Other cash received relating to operating activities		90,625	57,287
	Sub-total of cash inflows		3,281,310	2,703,571
	Cash paid for goods and services		(2,565,392)	(2,041,977)
	Cash paid to and for employees		(77,048)	(68,260)
	Payments of taxes and levies		(329,387)	(328,304)
	Other cash paid relating to operating activities		(133,615)	(74,095)
	Sub-total of cash outflows		(3,105,442)	(2,512,636)
Net cash flow from operating activities		50(a)	175,868	190,935
Cash flows from investing activities:
	Cash received from disposal of investments		56,546	4,729
	Cash received from returns on investments		10,720	8,506
	Net cash received from disposal of fixed assets, intangible assets and other long-term assets		9,666	1,313
	Other cash received relating to investing activities		87,696	52,304
	Net cash received from disposal of subsidiaries and other business entities		11	80
	Sub-total of cash inflows		164,639	66,932
	Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(103,014)	(70,948)
	Cash paid for acquisition of investments		(39,666)	(57,627)
	Other cash paid relating to investing activities		(85,193)	(82,392)
	Net cash paid for the acquisition of subsidiaries and other business entities		(3,188)	(1,288)
	Sub-total of cash outflows		(231,061)	(212,255)
Net cash flow from investing activities			(66,422)	(145,323)
Cash flows from financing activities:
	Cash received from capital contributions		1,886	946
	Including: Cash received from minority shareholders’ capital contributions to subsidiaries		1,886	946
	Cash received from borrowings		746,655	524,843
	Other cash received relating to financing activities		190	—
	Sub-total of cash inflows		748,731	525,789
	Cash repayments of borrowings		(772,072)	(536,380)
	Cash paid for dividends, profits distribution or interest		(87,483)	(45,763)
	Including: Subsidiaries’ cash payments for distribution of dividends or profits to minority shareholders		(13,700)	(7,539)
	Other cash paid relating to financing activities		(436)	(155)
	Sub-total of cash outflows		(859,991)	(582,298)
Net cash flow from financing activities			(111,260)	(56,509)
Effects of changes in foreign exchange rate			518	(353)
Net decrease in cash and cash equivalents		50(b)	(1,296)	(11,250)

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Note	2018	2017
			RMB million	RMB million
Cash flows from operating activities:
	Cash received from sale of goods and rendering of services		1,228,816	1,000,467
	Refund of taxes and levies		1,481	1,304
	Other cash received relating to operating activities		19,380	42,913
	Sub-total of cash inflows		1,249,677	1,044,684
	Cash paid for goods and services		(867,259)	(653,412)
	Cash paid to and for employees		(41,770)	(37,054)
	Payments of taxes and levies		(206,305)	(200,995)
	Other cash paid relating to operating activities		(26,211)	(35,502)
	Sub-total of cash outflows		(1,141,545)	(926,963)
Net cash flow from operating activities			108,132	117,721
Cash flows from investing activities:
	Cash received from disposal of investments		65,930	18,919
	Cash received from returns on investments		43,693	23,842
	Net cash received from disposal of fixed assets, intangible assets and other long-term assets		2,838	252
	Other cash received relating to investing activities		28,724	23,270
	Net cash received from disposal of subsidiaries and other business entities		—	1
	Sub-total of cash inflows		141,185	66,284
	Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(54,792)	(37,139)
	Cash paid for acquisition of investments		(40,169)	(66,913)
	Other cash paid relating to investing activities		(28,759)	(30,116)
	Sub-total of cash outflows		(123,720)	(134,168)
Net cash flow from investing activities			17,465	(67,884)
Cash flows from financing activities:
	Cash received from borrowings		109,915	106,407
	Sub-total of cash inflows		109,915	106,407
	Cash repayments of borrowings		(176,757)	(133,663)
	Cash paid for dividends or interest		(71,944)	(38,392)
	Sub-total of cash outflows		(248,701)	(172,055)
Net cash flow from financing activities			(138,786)	(65,648)
Net decrease in cash and cash equivalents			(13,189)	(15,811)

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Share capital	Capital reserve	Other comprehensive income	Specific reserve	Surplus reserves	Retained earnings	Total shareholders’ equity attributable to equity shareholders of the Company	Minority interests	Total shareholders’ equity
		RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Balance at 1 January 2017		121,071	119,525	(932)	765	196,640	275,163	712,232	120,293	832,525
Change for the year
1.	Net profit	—	—	—	—	—	51,119	51,119	19,175	70,294
2.	Other comprehensive income (Note 34)	—	—	(3,481)	—	—	—	(3,481)	(895)	(4,376)
Total comprehensive income		—	—	(3,481)	—	—	51,119	47,638	18,280	65,918
Transactions with owners, recorded directly in shareholders’ equity:
3.	Appropriations of profits:
	– Appropriations for surplus reserves	—	—	—	—	3,042	(3,042)	—	—	—
	– Distributions to shareholders (Note 49)	—	—	—	—	—	(32,689)	(32,689)	—	(32,689)
4.	Transaction with minority interests	—	(13)	—	—	—	—	(13)	724	711
5.	Distributions to minority interests	—	—	—	—	—	—	—	(12,501)	(12,501)
Total transactions with owners, recorded directly in shareholders’ equity		—	(13)	—	—	3,042	(35,731)	(32,702)	(11,777)	(44,479)
6.	Net increase in specific reserve for the year	—	—	—	123	—	—	123	3	126
7.	Others	—	45	—	—	—	(92)	(47)	27	(20)
Balance at 31 December 2017		121,071	119,557	(4,413)	888	199,682	290,459	727,244	126,826	854,070
Balance at 31 December 2017		121,071	119,557	(4,413)	888	199,682	290,459	727,244	126,826	854,070
Change in accounting policy (Note 3(26))		—	—	(12)	—	—	12	—	—	—
Balance at 1 January 2018		121,071	119,557	(4,425)	888	199,682	290,471	727,244	126,826	854,070
Change for the year
1.	Net profit	—	—	—	—	—	63,089	63,089	17,200	80,289
2.	Other comprehensive income (Note 34)	—	—	(7,618)	—	—	—	(7,618)	994	(6,624)
	Total comprehensive income	—	—	(7,618)	—	—	63,089	55,471	18,194	73,665
Amounts transferred to cash flow hedge reserves initially recognised by hedged items		—	—	5,269	—	—	—	5,269	—	5,269
Transactions with owners, recorded directly in shareholders’ equity:
3.	Appropriations of profits:
	– Appropriations for surplus reserves	—	—	—	—	3,996	(3,996)	—	—	—
	– Distributions to shareholders (Note 49)	—	—	—	—	—	(67,799)	(67,799)	—	(67,799)
4.	Transaction with minority interests	—	—	—	—	—	—	—	2,060	2,060
5.	Contributions to subsidiaries from non-controlling interests	—	(12)	—	—	—	—	(12)	(299)	(311)
6.	Distributions to minority interests	—	—	—	—	—	—	—	(7,476)	(7,476)
Total transactions with owners, recorded directly in shareholders’ equity		—	(12)	—	—	3,996	(71,795)	(67,811)	(5,715)	(73,526)
7.	Net increase in specific reserve for the year	—	—	—	818	—	—	818	91	909
8.	Others	—	(353)	—	—	—	(2,283)	(2,636)	(92)	(2,728)
Balance at 31 December 2018		121,071	119,192	(6,774)	1,706	203,678	279,482	718,355	139,304	857,659

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

		Share capital	Capital reserve	Other comprehensive income	Specific reserve	Surplus reserves	Retained earnings	Total shareholders’ equity
		RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Balance at 1 January 2017		121,071	68,769	263	393	196,640	182,440	569,576
Change for the year
1.	Net profit	—	—	—	—	—	30,415	30,415
2.	Other comprehensive income	—	—	(67)	—	—	—	(67)
Total comprehensive income		—	—	(67)	—	—	30,415	30,348
Transactions with owners, recorded directly in shareholders’ equity:
3.	Appropriations of profits:
	– Appropriation for surplus reserves	—	—	—	—	3,042	(3,042)	—
	–Distributions to shareholders (Note 49)	—	—	—	—	—	(32,689)	(32,689)
Total transactions with owners, recorded directly in shareholders’ equity		—	—	—	—	3,042	(35,731)	(32,689)
4.	Net increase in specific reserve for the year	—	—	—	89	—	—	89
5.	Others	—	20	—	—	—	(75)	(55)
Balance at 31 December 2017		121,071	68,789	196	482	199,682	177,049	567,269
Balance at 31 December 2017		121,071	68,789	196	482	199,682	177,049	567,269
Change in accounting policy (Note 3(26))		—	—	—	—	—	—	—
Balance at 1 January 2018		121,071	68,789	196	482	199,682	177,049	567,269
Change for the year
1.	Net profit	—	—	—	—	—	39,957	39,957
2.	Other comprehensive income	—	—	(681)	—	—	—	(681)
Total comprehensive income		—	—	(681)	—	—	39,957	39,276
Transactions with owners, recorded directly in shareholders’ equity:
3.	Appropriations of profits:
	– Appropriation for surplus reserves	—	—	—	—	3,996	(3,996)	—
	– Distributions to shareholders (Note 49)	—	—	—	—	—	(67,799)	(67,799)
Total transactions with owners, recorded directly in shareholders’ equity		—	—	—	—	3,996	(71,795)	(67,799)
4.	Net increase in specific reserve for the year	—	—	—	507	—	—	507
5.	Others	—	6	—	—	—	(2,063)	(2,057)
Balance at 31 December 2018		121,071	68,795	(485)	989	203,678	143,148	537,196

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

	Estimated useful life	Estimated rate of residual value
Plants and buildings	12-50 years	3%
Equipment, machinery and others	4-30 years	3%

		31 December 2017	1 January 2017
Contents and reasons of the changes	Item	RMB million	RMB million
The Group combined presents bills receivable	Bills receivable and accounts receivable	84,701	63,486
and accounts receivable into bills	Accounts receivable	(68,494)	(50,289)
and accounts receivable	Bills receivable	(16,207)	(13,197)
The Group combined presents fixed assets	Fixed assets	146	—
and fixed assets pending for disposal into fixed assets	Other non-current assets	(146)	—
The Group combined presents bills payable	Bills payable and accounts payable	206,535	180,129
and accounts payable into bills and accounts payable	Accounts payable	(200,073)	(174,301)
	Bills payable	(6,462)	(5,828)
The Group combined presents interests payable,	Other payables	6,843	2,006
dividends payable and other payables	Dividends payable	(6,843)	(2,006)
into other payables

		Year of 2017
Contents and reasons of the changes	Item	RMB million
The research and development expenses originally included	Research and development expenses	6,423
in the general and administrative expenses were separately	General and administrative expenses	(6,423)
presented as the research and development
expenses in income statements

		31 December 2017	1 January 2017
Contents and reasons of the changes	Item	RMB million	RMB million
The Company combined presents bills receivable	Bills receivable and accounts receivable	37,766	38,803
and accounts receivable into bills and	Accounts receivable	(37,609)	(38,332)
accounts receivable	Bills receivable	(157)	(471)
The Company combined presents dividends receivable	Other receivables	16,327	5,454
and other receivables into other receivables	Dividends receivable	(16,327)	(5,454)
The Company combined presents bills payable	Bills payable and accounts payable	86,604	78,548
and accounts payable into bills and accounts payable	Accounts payable	(83,449)	(75,787)
	Bills payable	(3,155)	(2,761)

		Year of 2017
Contents and reasons of the changes	Item	RMB million
The research and development expenses originally included	Research and development expenses	5,445
in the general and administrative expenses were separately	General and administrative expenses	(5,445)
presented as the research and development expenses
in income statements

		At 1 January 2018 (RMB million)
Contents and reasons of the changes	Item	The Group	The Company
Advances from customers were reclassified as contract liabilities	Contract liabilities	120,734	3,413
by implementation of the New Revenue Standard	Advances from customers	(120,734)	(3,413)

	At 31 December 2018 (RMB million)
Item	The Group	The Company
Contract liabilities	124,793	4,230
Advances from customers	(124,793)	(4,230)

	Financial Instruments Standards before revision			New Financial Instruments Standards
Item	Measurement	RMB million	Item	Measurement	RMB million
Financial assets at fair value through profit or loss	Measured at fair value through profit or loss	51,196	Financial assets held for trading	Measured at fair value through profit or loss	51,196
Available-for-sale financial assets	Measured at fair value through other comprehensive income (equity instruments)	178	Other equity instrument investments	Measured at fair value through other comprehensive income	1,676
	Measured at cost (equity instruments)	1,498

Financial Instruments Standards before revision				New Financial Instruments Standards
Item	Measurement	RMB million		Item	Measurement	RMB million
Financial assets at fair value through profit or loss	Measured at fair value through profit or loss	48,179		Financial assets held for trading	Measured at fair value through profit or loss	48,179
Available-for-sale financial assets	Measured at cost (equity instruments)	395		Other equity instrument investments	Measured at fair value through other comprehensive income	395

Products	Effective from 13 January 2015 (RMB/Ton)
Gasoline	2,109.76
Diesel	1,411.20
Naphtha	2,105.20
Solvent oil	1,948.64
Lubricant oil	1,711.52
Fuel oil	1,218.00
Jet fuel oil	1,495.20

		At 31 December 2018			At 31 December 2017
		Original currency million	Exchange rates	RMB million	Original currency million	Exchange rates	RMB million
Cash on hand
	Renminbi			82			14
Cash at bank
	Renminbi			102,572			92,711
	US Dollars	3,377	6.8632	23,179	3,760	6.5342	24,561
	Hong Kong Dollars	39	0.8762	35	98	0.8359	82
	EUR	1	7.8473	11	1	7.8023	10
	Others			79			112
				125,958			117,490
Deposits at related parities
	Renminbi			24,625			32,117
	US Dollars	2,389	6.8632	16,374	2,336	6.5342	15,256
	EUR	4	7.8473	33	16	7.8023	126
	Others			25			15
				41,057			47,514
Total				167,015			165,004

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Structured deposit	25,550	51,196
Equity investments, listed and at quoted market price	182	—
Total	25,732	51,196

	The Group		The Company
	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Bills receivable (a)	7,886	16,207	156	157
Accounts receivable (b)	56,993	68,494	29,989	37,609
Total	64,879	84,701	30,145	37,766

	The Group		The Company
	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Accounts receivable	57,599	69,106	30,120	37,756
Less: Allowance for doubtful accounts	606	612	131	147
Total	56,993	68,494	29,989	37,609

	The Group
	At 31 December 2018				At 31 December 2017
	Amount	Percentage to total accounts receivable	Allowance	Percentage of allowance to accounts receivable balance	Amount	Percentage to total accounts receivable	Allowance	Percentage of allowance to accounts receivable balance
	RMB million	%	RMB million	%	RMB million	%	RMB million	%
Within one year	56,431	97.9	—	—	67,777	98.1	—	—
Between one and two years	436	0.8	83	19.0	715	1.0	142	19.9
Between two and three years	289	0.5	165	57.1	87	0.1	44	50.6
Over three years	443	0.8	358	80.8	527	0.8	426	80.8
Total	57,599	100.0	606		69,106	100.0	612

	The Company
	At 31 December 2018				At 31 December 2017
	Amount	Percentage to total accounts receivable	Allowance	Percentage of allowance to accounts receivable balance	Amount	Percentage to total accounts receivable	Allowance	Percentage of allowance to accounts receivable balance
	RMB million	%	RMB million	%	RMB million	%	RMB million	%
Within one year	29,797	98.9	—	—	37,331	98.8	—	—
Between one and two years	125	0.4	15	12.0	134	0.4	17	12.7
Between two and three years	54	0.2	10	18.5	154	0.4	29	18.8
Over three years	144	0.5	106	73.6	137	0.4	101	73.7
Total	30,120	100.0	131		37,756	100.0	147

	At 31 December	At 31 December
	2018	2017
Total amount (RMB million)	15,699	17,920
Percentage to the total balance of accounts receivable	27.3%	25.9%
Allowance for doubtful accounts	—	—

	The Group		The Company
	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Prepayments	5,990	4,926	2,493	4,433
Less: Allowance for doubtful accounts	53	25	5	4
Total	5,937	4,901	2,488	4,429

	The Group
	At 31 December 2018				At 31 December 2017
	Amount	Percentage  to total  prepayments	Allowance	Percentage of  allowance to  prepayments  balance	Amount	Percentage  to total  prepayments	Allowance	Percentage of  allowance to  prepayments  balance
	RMB million	%	RMB million	%	RMB million	%	RMB million	%
Within one year	5,683	94.9	—	—	4,605	93.5	—	—
Between one and two years	169	2.8	38	22.5	173	3.5	14	8.1
Between two and three years	60	1.0	5	8.3	85	1.7	4	4.7
Over three years	78	1.3	10	12.8	63	1.3	7	11.1
Total	5,990	100.0	53		4,926	100.0	25

	The Company
	At 31 December 2018				At 31 December 2017
	Amount	Percentage  to total  prepayments	Allowance	Percentage of  allowance to  prepayments  balance	Amount	Percentage  to total  prepayments	Allowance	Percentage of  allowance to  prepayments  balance
	RMB million	%	RMB million	%	RMB million	%	RMB million	%
Within one year	2,306	92.6	—	—	4,227	95.3	—	—
Between one and two years	70	2.8	1	1.4	101	2.3	1	1.0
Between two and three years	36	1.4	1	2.8	25	0.6	—	—
Over three years	81	3.2	3	3.7	80	1.8	3	3.8
Total	2,493	100.0	5		4,433	100.0	4

	At 31 December	At 31 December
	2018	2017
Total amount (RMB million)	2,009	1,472
Percentage to the total balance of prepayments	33.5%	29.9%

	The Group		The Company
	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Other receivables	26,793	17,427	58,549	64,982
Less: Allowance for doubtful accounts	1,481	1,486	1,117	1,162
Total	25,312	15,941	57,432	63,820

	The Group
	At 31 December 2018				At 31 December 2017
	Amount	Percentage  to total other  receivables	Allowance	Percentage  of allowance  to other  receivables  balance	Amount	Percentage  to total other  receivables	Allowance	Percentage  of allowance  to other  receivables  balance
	RMB million	%	RMB million	%	RMB million	%	RMB million	%
Within one year	24,301	90.7	—	—	14,665	84.2	—	—
Between one and two years	329	1.2	53	16.1	509	2.9	82	16.1
Between two and three years	320	1.2	21	6.6	433	2.5	44	10.2
Over three years	1,843	6.9	1,407	76.3	1,820	10.4	1,360	74.7
Total	26,793	100.0	1,481		17,427	100.0	1,486

	The Company
	At 31 December 2018				At 31 December 2017
	Amount	Percentage  to total other  receivables	Allowance	Percentage  of allowance  to other  receivables  balance	Amount	Percentage  to total other  receivables	Allowance	Percentage of  allowance to other  receivables  balance
	RMB million	%	RMB million	%	RMB million	%	RMB million	%
Within one year	27,088	46.3	—	—	40,273	61.9	—	—
Between one and two years	13,233	22.6	1	—	12,920	19.9	1	—
Between two and three years	9,747	16.6	—	—	2,570	4.0	2	0.1
Over three years	8,481	14.5	1,116	13.2	9,219	14.2	1,159	12.6
Total	58,549	100.0	1,117		64,982	100.0	1,162

	At 31 December	At 31 December
	2018	2017
Total amount (RMB million)	6,837	5,947
Ageing	Within one year	Within one year
Percentage to the total balance of other receivables	25.5%	34.1%
Allowance for doubtful accounts	—	—

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Raw materials	85,469	85,975
Work in progress	13,690	14,774
Finished goods	88,929	84,448
Spare parts and consumables	2,872	2,651
	190,960	187,848
Less: Provision for diminution in value of inventories	6,376	1,155
Total	184,584	186,693

	Investments in joint ventures	Investments in associates	Provision for impairment losses	Total
	RMB million	RMB million	RMB million	RMB million
Balance at 1 January 2018	52,272	80,429	(1,614)	131,087
Additions for the year	2,900	6,413	—	9,313
Share of profits less losses under the equity method	6,723	7,251	—	13,974
Change of other comprehensive loss under the equity method	(7)	(222)	—	(229)
Other equity movements under the equity method	(2)	—	—	(2)
Dividends declared	(5,164)	(4,108)	—	(9,272)
Disposals for the year	(444)	(247)	—	(691)
Foreign currency translation differences	805	757	(78)	1,484
Other movements	51	—	—	51
Movement of provision for impairment	—	—	6	6
Balance at 31 December 2018	57,134	90,273	(1,686)	145,721

	Investments in subsidiaries	Investments in Joint ventures	Investments in associates	Provision for impairment losses	Total
	RMB million	RMB million	RMB million	RMB million	RMB million
Balance at 1 January 2018	253,011	14,822	15,579	(7,855)	275,557
Additions for the year	8,351	699	5,014	—	14,064
Share of profits less losses under the equity method	—	3,047	1,212	—	4,259
Change of other comprehensive loss under the equity method	—	—	(64)	—	(64)
Other equity movements under the equity method	—	—	1	—	1
Dividends declared	—	(2,204)	(637)	—	(2,841)
Disposals for the year	(1,432)	(327)	—	—	(1,759)
Other movements	4	56	58	—	118
Movement of provision for impairment	—	—	—	(128)	(128)
Balance at 31 December 2018	259,934	16,093	21,163	(7,983)	289,207

Name of investees	Principal place of business	Register location	Legal representative	Principal activities	Registered Capital RMB million	Percentage of equity/voting right directly or indirectly held by the Company
1.Joint ventures
Fujian Refining & Petrochemical Company Limited (“FREP”)	PRC	PRC	Gu Yuefeng	Manufacturing refining oil products	14,758	50.00%
BASF-YPC Company Limited (“BASF-YPC”)	PRC	PRC	Wang Jingyi	Manufacturing and distribution of petrochemical products	12,547	40.00%
Taihu Limited (“Taihu”)	Russia	Cyprus	NA	Crude oil and natural gas extraction	25,000 USD	49.00%
Yanbu Aramco Sinopec Refining Company Ltd. (“YASREF”)	Saudi Arabia	Saudi Arabia	NA	Petroleum refining and processing	1,560 million USD	37.50%
Sinopec SABIC Tianjin Petrochemical Company Limited (“Sinopec SABIC Tianjin”)	PRC	PRC	UWAIDH AL‧HARETHI	Manufacturing and distribution of petrochemical products	9,796	50.00%
2.Associates
Sinopec Sichuan to East China Gas Pipeline Co., Ltd. (“Pipeline Ltd”)	PRC	PRC	Quan Kai	Operation of natural gas pipelines and auxiliary facilities	200	50.00%
Sinopec Finance Company Limited (“Sinopec Finance”)	PRC	PRC	Zhao Dong	Provision of non- banking financial services	18,000	49.00%
PAO SIBUR Holding (“SIBUR”)	Russia	Russia	NA	Processing natural gas and manufacturing petrochemical products	21,784 million RUB	10.00%
Zhongtian Synergetic Energy Company Limited (“Zhongtian Synergetic Energy”)	PRC	PRC	Peng Yi	Mining coal and manufacturing of coal-chemical products	17,516	38.75%
Caspian Investments Resources Ltd. (“CIR”)	The Republic of Kazakhstan	British Virgin Islands	NA	Crude oil and natural gas extraction	10,000 USD	50.00%

		FREP		BASF-YPC		Taihu		YASREF		Sinopec SABIC Tianjin
		At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017
		RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Current assets
	Cash and cash equivalents	7,388	5,772	1,582	1,800	3,406	2,352	930	4,916	5,110	6,524
	Other current assets	9,248	11,013	5,795	5,335	3,689	2,462	10,267	10,816	4,007	2,709
Total current assets		16,636	16,785	7,377	7,135	7,095	4,814	11,197	15,732	9,117	9,233
Non-current assets		19,271	19,740	11,086	12,075	9,216	7,978	51,873	51,553	13,990	13,248
Current liabilities
	Current financial liabilities	(1,200)	(1,135)	(725)	(233)	(59)	(20)	(4,806)	(5,407)	(500)	(1,236)
	Other current liabilities	(4,939)	(5,049)	(1,822)	(1,982)	(2,124)	(1,914)	(12,217)	(11,864)	(2,507)	(4,546)
Total current liabilities		(6,139)	(6,184)	(2,547)	(2,215)	(2,183)	(1,934)	(17,023)	(17,271)	(3,007)	(5,782)
Non-current liabilities
	Non-current financial liabilities	(12,454)	(13,654)	(218)	(955)	(72)	(72)	(32,364)	(35,619)	(3,651)	(4,101)
	Other non-current liabilities	(279)	(236)	(17)	(19)	(2,271)	(2,686)	(937)	(890)	(331)	(41)
Total non-current liabilities		(12,733)	(13,890)	(235)	(974)	(2,343)	(2,758)	(33,301)	(36,509)	(3,982)	(4,142)
Net assets		17,035	16,451	15,681	16,021	11,785	8,100	12,746	13,505	16,118	12,557
	Net assets attributable to owners of the company	17,035	16,451	15,681	16,021	11,373	7,818	12,746	13,505	16,118	12,557
	Net assets attributable to minority interests	—	—	—	—	412	282	—	—	—	—
Share of net assets from joint ventures		8,518	8,226	6,272	6,409	5,573	3,831	4,780	5,064	8,059	6,279
Carrying Amounts		8,518	8,226	6,272	6,409	5,573	3,831	4,780	5,064	8,059	6,279

Year ended 31 December	FREP		BASF-YPC		Taihu		YASREF		Sinopec SABIC Tianjin
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Turnover	52,469	49,356	21,574	21,020	14,944	12,520	77,561	61,587	23,501	22,286
Interest income	157	208	41	36	141	142	101	45	169	104
Interest expense	(647)	(857)	(43)	(71)	(151)	(142)	(1,382)	(1,382)	(167)	(223)
Profit/(loss) before taxation	3,920	6,977	3,625	4,565	3,493	1,697	(1,569)	548	3,916	5,113
Tax expense	(935)	(1,699)	(897)	(1,151)	(729)	(553)	(249)	57	(993)	(1,279)
Profit/(loss) for the year	2,985	5,278	2,728	3,414	2,764	1,144	(1,818)	605	2,923	3,834
Other comprehensive income/(loss)	—	—	—	—	921	25	1,059	(554)	—	—
Total comprehensive income/(loss)	2,985	5,278	2,728	3,414	3,685	1,169	(759)	51	2,923	3,834
Dividends from joint ventures	1,200	1,250	1,226	1,109	—	—	—	—	—	1,375
Share of net profit/(loss) from joint ventures	1,493	2,639	1,091	1,366	1,307	541	(682)	227	1,462	1,917
Share of other comprehensive income/(loss) from joint ventures (ii)	—	—	—	—	435	12	397	(208)	—	—

		Pipeline Ltd		Sinopec Finance		SIBUR (i)		Zhongtian Synergetic Energy		CIR
		At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017
		RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Current assets		12,498	11,317	209,837	161,187	22,502	20,719	7,477	8,232	6,712	5,612
Non-current assets		39,320	40,972	16,359	17,782	170,796	158,938	49,961	51,553	1,828	1,673
Current liabilities		(1,020)	(933)	(200,402)	(154,212)	(23,293)	(20,554)	(7,252)	(10,668)	(961)	(908)
Non-current liabilities		(3,026)	(3,176)	(332)	(6)	(58,628)	(61,771)	(31,436)	(31,494)	(673)	(170)
Net assets		47,772	48,180	25,462	24,751	111,377	97,332	18,750	17,623	6,906	6,207
	Net assets attributable to owners of the Company	47,772	48,180	25,462	24,751	110,860	96,761	18,750	17,623	6,906	6,207
	Net assets attributable to minority interests	—	—	—	—	517	571	—	—	—	—
Share of net assets from associates		23,886	24,090	12,476	12,128	11,086	9,676	7,266	6,829	3,453	3,104
Carrying Amounts		23,886	24,090	12,476	12,128	11,086	9,676	7,266	6,829	3,453	3,104

Year ended 31 December	Pipeline Ltd		Sinopec Finance		SIBUR (i)		Zhongtian Synergetic Energy		CIR
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Turnover	4,746	5,644	4,536	3,542	59,927	52,496	12,235	3,569	2,856	2,563
Profit/(loss) for the year	2,022	2,543	1,868	1,536	10,400	9,601	1,142	123	583	(610)
Other comprehensive (loss)/income	—	—	(157)	(246)	6,410	(260)	—	—	116	(334)
Total comprehensive income/(loss)	2,022	2,543	1,711	1,290	16,810	9,341	1,142	123	699	(944)
Dividends declared by associates	1,207	—	490	—	271	221	—	—	—	—
Share of profit/(loss) from associates	1,011	1,272	915	753	1,040	960	443	48	292	(305)
Share of other comprehensive  (loss)/income from associates (ii)	—	—	(77)	(121)	641	(26)	—	—	58	(167)

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Fixed assets (a)	617,762	650,774
Fixed assets pending for disposal	50	146
Total	617,812	650,920

	Plants and buildings	Oil and gas properties	Equipment, machinery and others	Total
	RMB million	RMB million	RMB million	RMB million
Cost:
Balance at 1 January 2018	120,013	667,657	940,312	1,727,982
Additions for the year	221	1,567	3,856	5,644
Transferred from construction in progress	3,741	24,366	45,103	73,210
Reclassifications	1,634	138	(1,772)	—
Decreases for the year	(3,666)	(146)	(22,151)	(25,963)
Exchange adjustments	98	2,142	147	2,387
Balance at 31 December 2018	122,041	695,724	965,495	1,783,260
Accumulated depreciation:
Balance at 1 January 2018	48,368	456,459	498,246	1,003,073
Additions for the year	4,038	48,616	47,250	99,904
Reclassifications	494	76	(570)	—
Decreases for the year	(1,738)	(124)	(16,543)	(18,405)
Exchange adjustments	43	1,744	76	1,863
Balance at 31 December 2018	51,205	506,771	528,459	1,086,435
Provision for impairment losses:
Balance at 1 January 2018	3,832	39,358	30,945	74,135
Additions for the year	274	4,027	1,848	6,149
Decreases for the year	(177)	(1)	(1,178)	(1,356)
Exchange adjustments	—	133	2	135
Balance at 31 December 2018	3,929	43,517	31,617	79,063
Net book value:
Balance at 31 December 2018	66,907	145,436	405,419	617,762
Balance at 31 December 2017	67,813	171,840	411,121	650,774

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Fixed assets (a)	302,048	329,814
Fixed assets pending for disposal	34	—
Total	302,082	329,814

	Plants and buildings	Oil and gas properties	Equipment, machinery and others	Total
	RMB million	RMB million	RMB million	RMB million
Cost:
Balance at 1 January 2018	49,022	555,133	456,939	1,061,094
Additions for the year	—	1,292	347	1,639
Transferred from construction in progress	825	19,482	19,344	39,651
Reclassifications	1,092	(3)	(1,089)	—
Transferred from subsidiaries	5	132	542	679
Transferred to subsidiaries	(133)	(876)	(71)	(1,080)
Decreases for the year	(1,984)	(223)	(8,655)	(10,862)
Balance at 31 December 2018	48,827	574,937	467,357	1,091,121
Accumulated depreciation:
Balance at 1 January 2018	22,402	379,137	271,849	673,388
Additions for the year	1,624	38,728	21,391	61,743
Reclassifications	202	(2)	(200)	—
Transferred from subsidiaries	3	115	299	417
Transferred to subsidiaries	(64)	(249)	(23)	(336)
Decreases for the year	(998)	(156)	(7,278)	(8,432)
Balance at 31 December 2018	23,169	417,573	286,038	726,780
Provision for impairment losses:
Balance at 1 January 2018	1,797	34,271	21,824	57,892
Additions for the year	107	4,027	575	4,709
Reclassifications	—	—	—	—
Transferred from subsidiaries	—	—	31	31
Decreases for the year	(24)	(1)	(314)	(339)
Balance at 31 December 2018	1,880	38,297	22,116	62,293
Net book value:
Balance at 31 December 2018	23,778	119,067	159,203	302,048
Balance at 31 December 2017	24,823	141,725	163,266	329,814

	The Group	The Company
	RMB million	RMB million
Cost:
Balance at 1 January 2018	120,425	50,459
Additions for the year	108,555	49,426
Disposals for the year	(20)	(4)
Transferred to subsidiaries	—	(378)
Dry hole costs written off	(6,921)	(6,527)
Transferred to fixed assets	(73,210)	(39,651)
Reclassification to other assets	(10,066)	(1,314)
Exchange adjustments	54	—
Balance at 31 December 2018	138,817	52,011
Provision for impairment losses:
Balance at 1 January 2018	1,780	413
Additions for the year	28	—
Decreases for the year	(1)	—
Exchange adjustments	47	—
Balance at 31 December 2018	1,854	413
Net book value:
Balance at 31 December 2018	136,963	51,598
Balance at 31 December 2017	118,645	50,046

					Percentage		Accumulated
					of project		interest
		Balance at		Balance at	investment		capitalised at
	Budgeted	1 January	Net change	31 December	to budgeted	Source of	31 December
Project name	amount	2018	for the year	2018	amount	funding	2018
	RMB million	RMB million	RMB million	RMB million			RMB million
Zhongke Refine Integration Project	34,667	6,990	10,789	17,779	51%	Bank loans & self-financing	184
Wen 23 Gas Storage Project (First-stage)	13,865	1,329	2,099	3,428	25%	Bank loans & self-financing	51
Tianjin LNG Project	13,639	3,154	(1,116)	2,038	86%	Bank loans & self-financing	180
Xinjiang Coal-based Substitute Natural Gas (SNG) Export Pipeline Construction Project (First-stage)	11,589	1,692	3,990	5,682	49%	Bank loans & self-financing	50
Hainan Refine Paraxylene plant and supporting project	3,680	794	1,800	2,594	70%	Bank loans & self-financing	6

	Land use rights	Patents	Non-patent technology	Operation rights	Others	Total
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Cost:
Balance at 1 January 2018	75,728	5,160	3,845	48,613	4,662	138,008
Additions for the year	9,699	88	228	3,948	710	14,673
Decreases for the year	(696)	(18)	(44)	(345)	(107)	(1,210)
Balance at 31 December 2018	84,731	5,230	4,029	52,216	5,265	151,471
Accumulated amortisation:
Balance at 1 January 2018	16,978	3,168	2,774	14,206	2,870	39,996
Additions for the year	3,191	230	268	3,010	426	7,125
Decreases for the year	(183)	(1)	(45)	(79)	(96)	(404)
Balance at 31 December 2018	19,986	3,397	2,997	17,137	3,200	46,717
Provision for impairment losses:
Balance at 1 January 2018	224	482	24	139	17	886
Additions for the year	9	—	—	9	—	18
Decreases for the year	(2)	—	—	(3)	—	(5)
Balance at 31 December 2018	231	482	24	145	17	899
Net book value:
Balance at 31 December 2018	64,514	1,351	1,008	34,934	2,048	103,855
Balance at 31 December 2017	58,526	1,510	1,047	34,268	1,775	97,126

Name of investees	Principal activities	At 31 December	At 31 December
		2018	2017
		RMB million	RMB million
Sinopec Beijing Yanshan Petrochemical Branch (“Sinopec Yanshan”)	Manufacturing of intermediate petrochemical products and petroleum products	1,004	1,004
Sinopec Zhenhai Refining and Chemical Branch (“Sinopec Zhenhai”)	Manufacturing of intermediate petrochemical products and petroleum products	4,043	4,043
Shanghai SECCO Petrochemical Company Limited (“Shanghai SECCO”) (Note 51)	Production and sale of petrochemical products	2,541	2,541
Sinopec (Hong Kong) Limited	Trading of petrochemical products	921	879
Other units without individual significant goodwill		167	167
Total		8,676	8,634

	Deferred tax assets		Deferred tax liabilities
	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Receivables and inventories	2,563	381	—	—
Payables	1,808	1,925	—	—
Cash flow hedges	1,131	165	(27)	(50)
Fixed assets	15,427	14,150	(8,666)	(9,928)
Tax value of losses carried forward	3,709	2,325	—	—
Available-for-sale securities	—	117	—	—
Other equity instrument investments	117	—	(1)	—
Intangible assets	474	227	(535)	(563)
Others	174	180	(428)	(264)
Deferred tax assets/(liabilities)	25,403	19,470	(9,657)	(10,805)

	At 31 December 2018	At 31 December 2017
	RMB million	RMB million
Deferred tax assets	3,709	4,339
Deferred tax liabilities	3,709	4,339

	At 31 December 2018	At 31 December 2017
	RMB million	RMB million
Deferred tax assets	21,694	15,131
Deferred tax liabilities	5,948	6,466

		Note	Balance at 31 December 2017	Changes in significant accounting policies (Note 3(26))	Balance at 1 January 2018	Provision for the year	Written back for the year	Written off for the year	Other increase/ (decrease)	Balance at 31 December 2018
			RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Allowance for doubtful accounts
Included: Bills receivable and accounts receivable		8	612	—	612	83	(77)	(19)	7	606
	Prepayments	9	25	—	25	31	(2)	(1)	—	53
	Other receivables	10	1,486	—	1,486	78	(69)	(18)	4	1,481
			2,123	—	2,123	192	(148)	(38)	11	2,140
Inventories		11	1,155	—	1,155	5,535	(114)	(217)	17	6,376
Long-term equity investments		12	1,614	—	1,614	7	—	(13)	78	1,686
Fixed assets		13	74,135	—	74,135	6,149	—	(1,195)	(26)	79,063
Construction in progress		14	1,780	—	1,780	28	—	(1)	47	1,854
Intangible assets		15	886	—	886	—	—	(2)	15	899
Goodwill		16	7,861	—	7,861	—	—	—	—	7,861
Others			49	(16)	33	97	—	—	(28)	102
Total			89,603	(16)	89,587	12,008	(262)	(1,466)	114	99,981

		At 31 December 2018			At 31 December 2017
		Original currency million	Exchange rates	RMB million	Original currency million	Exchange rates	RMB million
Short-term bank loans				17,088			31,105
	–Renminbi loans			13,201			23,685
	–US Dollar loans	566	6.8632	3,887	1,136	6.5342	7,420
Short-term other loans				300			299
	–Renminbi loans			300			299
Short-term loans from Sinopec Group Company  and fellow subsidiaries				27,304			23,297
	–Renminbi loans			3,061			1,706
	–US Dollar loans	3,319	6.8632	22,780	3,010	6.5342	19,668
	–HK Dollar loans	1,645	0.8762	1,441	2,277	0.8359	1,903
	–Singapore Dollar loans	—	—	—	4	4.8831	20
	–Euro loans	3	7.8473	22	—	7.8023	—
Total				44,692			54,701

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Bills payable (a)	6,416	6,462
Accounts payable (b)	186,341	200,073
Total	192,757	206,535

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Value-added tax payable	9,810	8,899
Consumption tax payable	59,944	39,623
Income tax payable	6,699	13,015
Mineral resources compensation fee payable	138	175
Other taxes	10,469	10,228
Total	87,060	71,940

		At 31 December 2018			At 31 December 2017
		Original currency million	Exchange rates	RMB million	Original currency million	Exchange rates	RMB million
Long-term bank loans
	– Renminbi loans			12,039			1,379
	– US Dollar loans	5	6.8632	35	4	6.5342	23
				12,074			1,402
Long-term loans from Sinopec Group Company and  fellow subsidiaries
	– Renminbi loans			4,361			2,014
				4,361			2,014
Long-term loans due within one year				16,435			3,416
Debentures payable due within one year
	– Renminbi debentures			—			16,000
	– US Dollar debentures	—	—	—	1,000	6.5342	6,532
				—			22,532
Others				1,015			733
Non-current liabilities due within one year				17,450			26,681

			At 31 December 2018			At 31 December 2017
		Interest rate and final maturity	Original currency million	Exchange rates	RMB million	Original currency million	Exchange rates	RMB million
Long-term bank loans
	– Renminbi loans	Interest rates ranging from interest 1.08% to 4.66% per annum at 31 December 2018 with maturities through 2033			31,025			25,644
	– US Dollar loans	Interest rates ranging from interest 1.55% to 4.29% per annum at 31 December 2018 with maturities through 2031	16	6.8632	109	29	6.5342	192
Less: Current portion					(12,074)			(1,402)
Long-term bank loans					19,060			24,434
Long-term loans from Sinopec Group Company and fellow subsidiaries
	– Renminbi loans	Interest rates ranging from interest free to 4.99% per annum at 31 December 2018 with maturities through 2030			46,877			45,334
Less: Current portion					(4,361)			(2,014)
Long-term loans from Sinopec Group Company and fellow subsidiaries					42,516			43,320
Total					61,576			67,754

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Between one and two years	40,004	16,822
Between two and five years	11,999	48,238
After five years	9,573	2,694
Total	61,576	67,754

		At 31 December 2018 RMB million	At 31 December 2017 RMB million
Debentures payable:
	– Corporate Bonds (i)	31,951	53,902
Less: Current portion		—	(22,532)
Total		31,951	31,370

	The Group
	RMB million
Balance at 1 January 2018	39,407
Provision for the year	1,567
Accretion expenses	1,438
Utilised for the year	(598)
Exchange adjustments	193
Balance at 31 December 2018	42,007

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Registered, issued and fully paid:
95,557,771,046 domestic listed A shares (2017: 95,557,771,046) of RMB 1.00 each	95,558	95,558
25,513,438,600 overseas listed H shares (2017: 25,513,438,600) of RMB 1.00 each	25,513	25,513
Total	121,071	121,071

	RMB million
Balance at 1 January 2018	119,557
Transaction with minority interests	(12)
Others	(353)
Balance at 31 December 2018	119,192

		Year ended 31 December 2018
		Before-tax amount	Tax effect	Net-of-tax amount
		RMB million	RMB million	RMB million
Cash flow hedges:
Effective portion of changes in fair value of hedging instruments  recognised during the year		(12,500)	2,159	(10,341)
(Less)/Add: Reclassification adjustments for amounts transferred to the  consolidated income statement		(730)	130	(600)
	Subtotal	(11,770)	2,029	(9,741)
Changes in fair value of other equity instrument investments		(41)	(12)	(53)
	Subtotal	(41)	(12)	(53)
Other comprehensive income that can be converted into profit or loss  under the equity method		(240)	11	(229)
	Subtotal	(240)	11	(229)
Foreign currency translation differencess		3,399	—	3,399
	Subtotal	3,399	—	3,399
Other comprehensive income		(8,652)	2,028	(6,624)

		Year ended 31 December 2017
		Before-tax amount	Tax effect	Net-of-tax amount
		RMB million	RMB million	RMB million
Cash flow hedges:
Effective portion of changes in fair value of hedging instruments recognised during the year		(1,314)	240	(1,074)
Less/(Add): Adjustments of amounts transferred to initial carrying amount of hedged items		4	(1)	3
Reclassification adjustments for amounts transferred to the consolidated income statement		575	(72)	503
	Subtotal	(1,893)	313	(1,580)
Changes in fair value of available-for-sale financial assets recognised during the year		(57)	—	(57)
	Subtotal	(57)	—	(57)
Share of other comprehensive loss in associates and joint ventures		1,053	—	1,053
	Subtotal	1,053	—	1,053
Foreign currency translation differences		(3,792)	—	(3,792)
	Subtotal	(3,792)	—	(3,792)
Other comprehensive income		(4,689)	313	(4,376)

	Equity Attributable to shareholders of the company						Minority interests	Total other comprehensive income
	Other comprehensive income that can be converted into profit or loss under the equity method	Changes in fair value of available-for-sale financial assets	Changes in fair value of other equity instrument investments	Cash flow hedges	Foreign currency translation differences	Subtotal
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
31 December 2016	(4,161)	97	—	1,132	2,000	(932)	(1,888)	(2,820)
Changes in 2017	680	(40)	—	(1,642)	(2,479)	(3,481)	(895)	(4,376)
31 December 2017	(3,481)	57	—	(510)	(479)	(4,413)	(2,783)	(7,196)
Change in accounting policy	—	(57)	45	—	—	(12)	—	(12)
1 January 2018	(3,481)	—	45	(510)	(479)	(4,425)	(2,783)	(7,208)
Changes in 2018	(183)	—	(41)	(4,407)	2,282	(2,349)	994	(1,355)
31 December 2018	(3,664)	—	4	(4,917)	1,803	(6,774)	(1,789)	(8,563)

	The Group
	Statutory surplus reserve	Discretionary surplus reserves	Total
	RMB million	RMB million	RMB million
Balance at 1 January 2018	82,682	117,000	199,682
Appropriation	3,996	—	3,996
Balance at 31 December 2018	86,678	117,000	203,678

	The Group		The Company
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Income from principal operations	2,825,613	2,300,470	1,022,195	824,100
Income from other operations	65,566	59,723	36,298	33,378
Total	2,891,179	2,360,193	1,058,493	857,478
Operating costs	2,401,012	1,890,398	812,355	633,114

	2018	2017
	RMB million	RMB million
Income from principal operations	2,825,613	2,300,470
Crude oil	519,910	421,585
Gasoline	711,236	600,113
Diesel	594,008	503,406
Basic chemical feedstock	250,884	205,722
Kerosene	168,823	115,739
Synthetic resin	124,618	107,633
Natural gas	43,205	34,277
Synthetic fiber monomers and polymers	77,572	61,998
Others (i)	335,357	249,997
Income from other operations	65,566	59,723
Sale of materials and others	64,503	58,930
Rental income	1,063	793
Total	2,891,179	2,360,193

	2018	2017
	RMB million	RMB million
Consumption tax	201,901	192,907
City construction tax	18,237	18,274
Education surcharge	13,187	13,811
Resources tax	6,021	4,841
Others	7,152	5,459
Total	246,498	235,292

	2018	2017
	RMB million	RMB million
Interest expenses incurred	6,376	6,368
Less: Capitalised interest expenses	493	723
Net interest expenses	5,883	5,645
Accretion expenses (Note 30)	1,438	1,501
Interest income	(7,726)	(5,254)
Net foreign exchange gain	(596)	(332)
Total	(1,001)	1,560

	2018	2017
	RMB million	RMB million
Purchased crude oil, products and operating supplies and expenses	2,292,983	1,770,651
Personnel expenses	77,721	74,854
Depreciation, depletion and amortisation	109,967	115,310
Exploration expenses (including dry holes)	10,744	11,089
Other expenses	61,083	64,566
Total	2,552,498	2,036,470

	2018	2017
	RMB million	RMB million
Receivables	—	110
Inventories	5,421	423
Long-term equity investment	7	936
Fixed assets	6,149	19,836
Construciton in Progress	28	252
Intangible assets	—	19
Others	—	215
Total	11,605	21,791

	The Group		The Company
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Income from investment of subsidiaries accounted for under cost method	—	—	25,390	31,118
Income from investment accounted for under equity method	13,974	16,525	4,259	5,774
Investment income/(loss) from disposal of long-term equity investments	397	(26)	(2,768)	(21)
Dividend income from holding of other equity instruments	515	—	14	—
Investment income from holding/disposal of available-for sale financial assets	—	199	—	13
Investment (loss)/income from disposal of financial assets and liabilities and derivative financial instruments at fair value through profit or loss	(1,940)	(752)	692	—
(Loss)/gain from ineffective portion of cash flow hedges	(1,604)	(916)	7	(88)
Gain on remeasurement of interests in Shanghai SECCO	—	3,941	—	—
Others	86	89	742	1,262
Total	11,428	19,060	28,336	38,058

	2018	2017
	RMB million	RMB million
Changes in fair value of financial assets and financial liabilities at fair value through gain/(loss), net	3,008	(157)
Unrealised (losses)/gains from ineffective portion cash flow hedges, net	(374)	103
Others	22	41
Total	2,656	(13)

	2018	2017
	RMB million	RMB million
Government grants	788	427
Others	1,282	890
Total	2,070	1,317

	2018	2017
	RMB million	RMB million
Fines, penalties and compensation	276	89
Donations	180	152
Others	2,586	1,468
Total	3,042	1,709

	2018	2017
	RMB million	RMB million
Provision for income tax for the year	27,176	26,668
Deferred taxation	(6,244)	(10,317)
Under-provision for income tax in respect of preceding year	(719)	(72)
Total	20,213	16,279

	2018	2017
	RMB million	RMB million
Profit before taxation	100,502	86,573
Expected income tax expense at a tax rate of 25%	25,126	21,643
Tax effect of non-deductible expenses	1,989	1,936
Tax effect of non-taxable income	(5,019)	(5,939)
Tax effect of preferential tax rate (i)	(1,259)	(793)
Effect of income taxes at foreign operations	77	(1,394)
Tax effect of utilisation of previously unrecognised tax losses and temporary differences	(779)	(613)
Tax effect of tax losses not recognised	609	1,485
Write-down of deferred tax assets	188	26
Adjustment for under provision for income tax in respect of preceding years	(719)	(72)
Actual income tax expense	20,213	16,279

		2018	2017
		RMB million	RMB million
Net profit		80,289	70,294
Add:	Impairment losses on assets	11,605	21,791
	Credit impairment losses	141	—
	Depreciation of fixed assets	99,462	106,149
	Amortisation of intangible assets and long-term deferred expenses	10,505	9,161
	Dry hole costs written off	6,921	6,876
	Net loss on disposal of non-current assets	1,526	1,518
	Fair value (gain)/loss	(2,656)	13
	Financial expenses	(359)	676
	Investment income	(11,428)	(19,060)
	Increase in deferred tax assets	(5,079)	(4,707)
	Decrease in deferred tax liabilities	(1,165)	(5,610)
	Increase in inventories	(3,312)	(28,903)
	Safety fund reserve	909	126
	Increase in operating receivables	(1,043)	(31,151)
	(Decrease)/increase in operating payables	(10,448)	63,762
Net cash flow from operating activities		175,868	190,935

	2018	2017
	RMB million	RMB million
Cash balance at the end of the year	111,922	113,218
Less: Cash at the beginning of the year	113,218	124,468
Net decrease of cash	(1,296)	(11,250)

		2018	2017
		RMB million	RMB million
Cash at bank and on hand
	– Cash on hand	82	14
	– Demand deposits	111,840	113,204
Cash at the end of the year		111,922	113,218

Acquiree	Time of acquisition	Costof acquisition	Share of Acquired equity	Acquisition method	Acquisition date	Basis of determination on acquisition date	Income of the acquiree from acquisition date to end of year	Net profits of the acquiree from acquisition date to end of year	Operating cash flow of the acquiree from acquisition date to end of year	Net cash flow of the acquiree from acquisition date to end of year
Shanghai SECCO	26/10/2017	RMB 10,135 million	50%	Cash	26/10/2017	Acquirer gaining actual control over acquiree	RMB 5,222 million	RMB 726 million	RMB 1,639 million	RMB 7,205 million

	Shanghai SECCO RMB million
Purchase consideration
– Cash consideration for the purchase of 50% equity interest acquired	10,135
– Acquisition-date fair value of the 50% equity interest held before the acquisition	10,135
Total purchase consideration	20,270
Less: Net assets acquired	17,729
Goodwill (Note 16)	2,541

	Fair value at the Acquisition Date	Book value at the Acquisition Date	Book value At December 31 2016
Cash and cash equivalents	5,653	5,653	2,343
Bills receivable	641	641	621
Accounts and other receivables	558	558	251
Inventories	1,702	1,558	1,643
Prepayments	1,349	1,349	354
Other current assets	761	791	386
Total current assets	10,664	10,550	5,598
Fixed assets	9,587	4,860	5,665
Construction in progress	231	229	117
Intangible assets	2,937	662	613
Long-term deferred expenses	117	117	168
Deferred tax assets	11	12	19
Other non-current assets	—	7	—
Total non-current assets	12,883	5,887	6,582
Total assets	23,547	16,437	12,180
Accounts and other payables	(2,115)	(2,115)	(936)
Bills payable	—	—	(35)
Advances from customers	(383)	(383)	(376)
Employee benefits payable	(96)	(96)	(99)
Taxes payable	(1,438)	(1,438)	(538)
Total current liabilities	(4,032)	(4,032)	(1,984)
Deferred tax liabilities	(1,786)	—	—
Net assets acquired	17,729	12,405	10,196

The name of the company	:	China Petrochemical Corporation
Unified social credit identifier	:	9111000010169286X1
Registered address	:	No. 22, Chaoyangmen North Street, Chaoyang District, Beijing
Principal activities	:	Exploration, production, storage and transportation (including pipeline transportation), sales and utilisation of crude oil and natural gas; refining; wholesale and retail of gasoline, kerosene and diesel; production, sales, storage and transportation of petrochemical and other chemical products; industrial investment and investment management; exploration, construction, installation and maintenance of petroleum and petrochemical constructions and equipments; manufacturing electrical equipment; research, development, application and consulting services of information technology and alternative energy products; import & export of goods and technology.
Relationship with the Group	:	Ultimate holding company
Types of legal entity	:	State-owned
Authorised representative	:	Dai Houliang
Registered capital	:	RMB 274,900 million

		The Group
	Note	2018	2017
		RMB million	RMB million
Sales of goods	(i)	272,789	244,211
Purchases	(ii)	192,224	165,993
Transportation and storage	(iii)	7,319	7,716
Exploration and development services	(iv)	23,489	21,210
Production related services	(v)	28,472	20,824
Ancillary and social services	(vi)	6,664	6,653
Operating lease charges for land	(vii)	7,765	8,015
Operating lease charges for buildings	(vii)	521	510
Other operating lease charges	(vii)	869	626
Agency commission income	(viii)	113	127
Interest income	(ix)	848	807
Interest expense	(x)	1,110	554
Net deposits withdrawn from/(placed with) related parties	(ix)	6,457	(7,441)
Net funds obtained from related parties	(xi)	31,684	19,661

	The ultimate holding company		Other related companies
	At 31 December 2018	At 31 December 2017	At 31 December 2018	At 31 December 2017
	RMB million	RMB million	RMB million	RMB million
Cash and cash equivalents	—	—	41,057	47,514
Bills receivable and accounts receivable	11	19	7,544	13,155
Other receivables	33	33	6,901	5,411
Prepayments and other current assets	—	—	731	189
Other non-current assets	—	—	23,482	20,726
Bills payable and accounts payable	19	43	17,511	24,061
Advances from customers	—	12	—	2,763
Contract liabilities	25	—	3,248	—
Other payables	2	104	18,158	18,111
Other non-current liabilities	—	—	12,470	10,165
Short-term loans	—	—	27,304	23,297
Long-term loans (including current portion) (Note)	—	—	46,877	45,334

	2018	2017
	RMB thousand	RMB thousand
Short-term employee benefits	5,745	5,344
Retirement scheme contributions	351	424
Total	6,096	5,768

Full name of enterprise		Principal activities	Registered capital/ paid-up capital	Actual investment at 31 December 2018	Percentage of equity interest/ voting right held by the Group	Minority Interests at 31 December 2018
			million	million	%	RMB million
(a)	Subsidiaries acquired through group restructuring:
	China Petrochemical International Company Limited	Trading of petrochemical products	RMB 1,400	RMB 1,856	100.00	27
	China International United Petroleum and Chemical Company Limited	Trading of crude oil and petrochemical products	RMB 3,000	RMB 4,585	100.00	4,355
	Sinopec Catalyst Company Limited	Production and sale of catalyst products	RMB 1,500	RMB 1,562	100.00	271
	Sinopec Yangzi Petrochemical Company Limited	Manufacturing of intermediate petrochemical products and petroleum products	RMB 15,651	RMB 15,651	100.00	—
	Sinopec Pipeline Storage & Transportation Company Limited	Pipeline storage and transportation of crude oil	RMB 12,000	RMB 12,000	100.00	—
	Sinopec Lubricant Company Limited	Production and sale of refined petroleum products, lubricant base oil, and petrochemical materials	RMB 3,374	RMB 3,374	100.00	65
	Sinopec Yizheng Chemical Fibre Limited Liability Company	Production and sale of polyester chips and polyester fibres	RMB 4,000	RMB 6,713	100.00	—
	Sinopec Marketing Co. Limited (“Marketing Company”)	Marketing and distribution of refined petroleum products	RMB 28,403	RMB 20,000	70.42	66,827
	Sinopec Kantons Holdings Limited (“Sinopec Kantons”)	Provision of crude oil jetty services and natural gas pipeline transmission services	HKD 248	HKD 3,952	60.33	4,085
	Sinopec Shanghai Petrochemical Company Limited (“Shanghai Petrochemical”)	Manufacturing of synthetic fibres, resin and plastics, intermediate petrochemical products and petroleum products	RMB 10,824	RMB 5,820	50.44	15,168
	Fujian Petrochemical Company Limited (“Fujian Petrochemical”) (i)	Manufacturing of plastics, intermediate petrochemical products and petroleum products	RMB 8,140	RMB 4,070	50.00	5,761
(b)	Subsidiaries established by the Group:
	Sinopec International Petroleum Exploration and Production Limited (“SIPL”)	Investment in exploration, production and sale of petroleum and natural gas	RMB 8,000	RMB 8,000	100.00	17,952
	Sinopec Overseas Investment Holding Limited (“SOIH”)	Investment holding of overseas business	USD 1,662	USD 1,662	100.00	—
	Sinopec Chemical Sales Company Limited	Marketing and distribution of petrochemical products	RMB 1,000	RMB 1,165	100.00	70
	Sinopec Great Wall Energy & Chemical Company Limited	Coal chemical industry investment management, production and sale of coal chemical products	RMB 22,761	RMB 22,795	100.00	(28)
	Sinopec Beihai Refining and Chemical Limited Liability Company	Import and processing of crude oil, production, storage and sale of petroleum products and petrochemical products	RMB 5,294	RMB 5,240	98.98	119
	Sinopec Qingdao Refining and Chemical Company Limited	Manufacturing of intermediate petrochemical products and petroleum products	RMB 5,000	RMB 4,250	85.00	1,810
	Sinopec-SK (Wuhan) Petrochemical Company Limited (“Zhonghan Wuhan”)	Production, sale, research and development of ethylene and downstream byproducts	RMB 6,270	RMB 4,076	65.00	4,560
(c)	Subsidiaries acquired through business combination under common control:
	Sinopec Hainan Refining and Chemical Company Limited	Manufacturing of intermediate petrochemical products and petroleum products	RMB 3,986	RMB 2,990	75.00	2,582
	Sinopec Qingdao Petrochemical Company Limited	Manufacturing of intermediate petrochemical products and petroleum products	RMB 1,595	RMB 7,233	100.00	—
	Gaoqiao Petrochemical Company Limited	Manufacturing of intermediate petrochemical products and petroleum products	RMB 10,000	RMB 4,804	55.00	6,851
(d)	Subsidiaries acquired through business combination not under common control:
	Shanghai SECCO Petrochemical Company Limited (“Shanghai SECCO”) (note 51)	Production and sale of petrochemical products	RMB 7,801	RMB 7,801	67.60	5,802

	Marketing Company		SIPL		Shanghai Petrochemical		Fujian Petrochemical		Sinopec Kantons		Shanghai SECCO		Zhonghan Wuhan
	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Current assets	130,861	156,494	16,731	19,555	25,299	19,866	816	992	1,209	1,196	9,537	11,602	2,750	1,636
Current liabilities	(181,766)	(212,620)	(483)	(7,118)	(13,913)	(10,922)	(50)	(376)	(3,722)	(2,351)	(2,233)	(4,174)	(2,333)	(3,975)
Net current (liabilities)/assets	(50,905)	(56,126)	16,248	12,437	11,386	8,944	766	616	(2,513)	(1,155)	7,304	7,428	417	(2,339)
Non-current assets	261,062	253,455	38,020	34,769	19,241	19,743	11,444	9,925	12,895	13,089	12,301	12,797	12,612	13,598
Non-current liabilities	(2,086)	(1,774)	(31,050)	(28,523)	(140)	(146)	(688)	(681)	(132)	(2,430)	(1,698)	(1,740)	—	—
Net non-current assets	258,976	251,681	6,970	6,246	19,101	19,597	10,756	9,244	12,763	10,659	10,603	11,057	12,612	13,598

Year ended 31 December	Marketing Company		SIPL		Shanghai Petrochemical		Fujian Petrochemical		Sinopec Kantons		Shanghai SECCO (ii)		Zhonghan Wuhan
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Turnover	1,443,698	1,221,530	5,037	6,136	107,765	92,014	5,261	6,068	1,398	1,498	26,320	5,222	17,134	16,139
Profit for the year	21,995	27,517	3,272	1,075	5,277	6,152	1,595	2,757	1,065	1,046	3,099	726	1,879	2,733
Total comprehensive income	22,538	26,983	4,536	396	5,270	6,152	1,595	2,757	1,067	1,146	3,099	726	1,879	2,733
Comprehensive income/ (loss) attributable to minority interests	7,780	9,033	2,737	(38)	2,612	3,081	798	1,378	399	433	1,004	235	658	957
Dividends paid to minority interests	3,964	9,544	—	—	1,616	1,344	600	625	104	70	1,191	—	—	—
Net cash generated from/ (used in) operating activities	24,825	51,038	3,467	2,758	6,695	7,078	38	(558)	738	968	3,766	1,639	3,308	2,976

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Within one year	15,625	11,114
Between one and two years	14,668	11,492
Between two and three years	13,986	10,730
Between three and four years	13,734	10,552
Between four and five years	13,494	10,428
Thereafter	281,287	202,806
Total	352,794	257,122

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Authorised and contracted for (i)	141,045	120,386
Authorised but not contracted for	54,392	57,997
Total	195,437	178,383

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Within one year	380	205
Between one and two years	79	83
Between two and three years	33	32
Between three and four years	28	28
Between four and five years	28	28
Thereafter	852	882
Total	1,400	1,258

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Joint ventures	5,033	940
Associates (i)	12,168	13,520
Others	7,197	9,732
Total	24,398	24,192

	2018	2017
	RMB million	RMB million
Income from principal operations
Exploration and production
External sales	93,499	69,168
Inter-segment sales	95,954	77,804
	189,453	146,972
Refining
External sales	148,930	132,478
Inter-segment sales	1,109,088	874,271
	1,258,018	1,006,749
Marketing and distribution
External sales	1,408,989	1,191,902
Inter-segment sales	5,224	3,962
	1,414,213	1,195,864
Chemicals
External sales	457,406	373,814
Inter-segment sales	73,835	49,615
	531,241	423,429
Corporate and others
External sales	716,789	533,108
Inter-segment sales	650,271	440,303
	1,367,060	973,411
Elimination of inter-segment sales	(1,934,372)	(1,445,955)
Consolidated income from principal operations	2,825,613	2,300,470
Income from other operations
Exploration and production	10,738	10,533
Refining	5,389	5,104
Marketing and distribution	32,424	28,333
Chemicals	15,492	14,314
Corporate and others	1,523	1,439
Consolidated income from other operations	65,566	59,723
Consolidated operating income	2,891,179	2,360,193

	2018	2017
	RMB million	RMB million
Operating (loss)/profit
By segment
Exploration and production	(11,557)	(47,399)
Refining	53,703	64,047
Marketing and distribution	24,106	32,011
Chemicals	25,970	22,796
Corporate and others	(8,151)	(3,160)
Elimination	(3,634)	(1,655)
Total segment operating profit	80,437	66,640
Investment income
Exploration and production	2,595	1,401
Refining	429	1,017
Marketing and distribution	2,676	2,951
Chemicals	6,905	13,648
Corporate and others	(1,177)	43
Total segment investment income	11,428	19,060
Less: Financial expenses	(1,001)	1,560
Add: Other income	6,694	4,356
Gain/(loss) from changes in fair value	2,656	(13)
Loss from asset disposal	(742)	(1,518)
Operating profit	101,474	86,965
Add: Non-operating income	2,070	1,317
Less: Non-operating expenses	3,042	1,709
Profit before taxation	100,502	86,573

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Assets
Segment assets
Exploration and production	321,686	343,404
Refining	271,356	273,123
Marketing and distribution	317,641	309,727
Chemicals	156,865	158,472
Corporate and others	152,799	170,045
Total segment assets	1,220,347	1,254,771
Cash at bank and on hand	167,015	165,004
Long-term equity investments	145,721	131,087
Deferred tax assets	21,694	15,131
Other unallocated assets	37,531	29,511
Total assets	1,592,308	1,595,504
Liabilities
Segment liabilities
Exploration and production	93,874	99,367
Refining	103,709	101,429
Marketing and distribution	159,028	163,680
Chemicals	37,380	35,207
Corporate and others	144,138	117,756
Total segment liabilities	538,129	517,439
Short-term loans	44,692	54,701
Non-current liabilities due within one year	17,450	26,681
Long-term loans	61,576	67,754
Debentures payable	31,951	31,370
Deferred tax liabilities	5,948	6,466
Other non-current liabilities	27,276	16,440
Other unallocated liabilities	7,627	20,583
Total liabilities	734,649	741,434

	2018	2017
	RMB million	RMB million
Capital expenditure
Exploration and production	42,155	31,344
Refining	27,908	21,075
Marketing and distribution	21,429	21,539
Chemicals	19,578	23,028
Corporate and others	6,906	2,398
	117,976	99,384
Depreciation, depletion and amortisation
Exploration and production	60,331	66,843
Refining	18,164	18,408
Marketing and distribution	16,296	15,463
Chemicals	13,379	12,873
Corporate and others	1,797	1,723
	109,967	115,310
Impairment losses on long-lived assets
Exploration and production	4,274	13,556
Refining	353	1,894
Marketing and distribution	264	675
Chemicals	1,374	4,922
Corporate and others	16	211
	6,281	21,258

	2018	2017
	RMB million	RMB million
External sales
Mainland China	2,119,580	1,758,365
Singapore	395,129	269,349
Others	376,470	332,479
	2,891,179	2,360,193

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Non-current assets
Mainland China	989,668	979,329
Others	50,892	48,572
	1,040,560	1,027,901

	At 31 December 2018
	Carrying amount	Total contractual undiscounted cash flow	Within one year or  on demand	More than one year but less than two years	More than two years but less than five years	More than five years
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Short-term loans	44,692	45,040	45,040	—	—	—
Non-current liabilities due within one year	17,450	18,053	18,053	—	—	—
Long-term loans	61,576	66,387	792	40,885	13,807	10,903
Debentures payable	31,951	38,674	1,269	14,030	17,124	6,251
Derivative financial liabilties	13,571	13,571	13,571	—	—	—
Bills payable and accounts payable	192,757	192,757	192,757	—	—	—
Other payables and employee benefits payable	84,775	84,775	84,775	—	—	—
Total	446,772	459,257	356,257	54,915	30,931	17,154

	At 31 December 2017
	Carrying amount	Total contractual undiscounted cash flow	Within one year or on demand	More than one year but less than two years	More than two years but less than five years	More than five years
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Short-term loans	54,701	55,451	55,451	—	—	—
Non-current liabilities due within one year	26,681	27,261	27,261	—	—	—
Long-term loans	67,754	70,613	1,003	17,666	49,038	2,906
Debentures payable	31,370	39,122	1,250	1,250	22,285	14,337
Derivative financial liabilties	2,665	2,665	2,665	—	—	—
Bills payable and accounts payable	206,535	206,535	206,535	—	—	—
Other payables and employee benefits payable	96,190	96,190	96,190	—	—	—
Total	485,896	497,837	390,355	18,916	71,323	17,243

	At 31 December	At 31 December
	2018	2017
	million	million
Gross exposure arising from loans and borrowings
US Dollars	668	204

	At 31 December	At 31 December
	2018	2017
	million	million
US Dollars	172	50

	Level 1	Level 2	Level 3	Total
	RMB million	RMB million	RMB million	RMB million
Assets
Financial assets held for trading
– Structured deposits	—	—	25,550	25,550
– Equity investments, listed and at quoted market price	182	—	—	182
Derivative financial assets:
– Derivative financial assets	874	7,013	—	7,887
Other equity security investments:
– Other Investments	127	—	1,323	1,450
	1,183	7,013	26,873	35,069
Liabilities
Derivative financial liabilities:
– Derivative financial liabilities	5,500	8,071	—	13,571
	5,500	8,071	—	13,571

	Level 1	Level 2	Level 3	Total
	RMB million	RMB million	RMB million	RMB million
Assets
Financial assets held for trading
– Structured deposits	—	—	51,196	51,196
Derivative financial assets:
– Derivative financial assets	343	183	—	526
Available-for-sale financial assets:
– Listed	178	—	—	178
	521	183	51,196	51,900
Liabilities
Derivative financial liabilities:
– Derivative financial liabilities	1,277	1,388	—	2,665
	1,277	1,388	—	2,665

	At 31 December	At 31 December
	2018	2017
	RMB million	RMB million
Carrying amount	63,085	79,738
Fair value	62,656	78,040

	2018	2017
	RMB million	RMB million
Extraordinary (gains)/losses for the year:
Net loss on disposal of non-current assets	742	1,518
Donations	180	152
Government grants	(7,482)	(4,783)
Gain on holding and disposal of various investments	(1,023)	(148)
Gain on remeasurement of interests in the Shanghai SECCO (Note 51)	—	(3,941)
Other non-operating loss, net	1,613	690
	(5,970)	(6,512)
Tax effect	2,312	976
Total	(3,658)	(5,536)
Attributable to:
Equity shareholders of the Company	(3,459)	(5,537)
Minority interests	(199)	1

	2018	2017
Net profit attributable to equity shareholders of the Company (RMB million)	63,089	51,119
Weighted average number of outstanding ordinary shares of the Company (million)	121,071	121,071
Basic earnings per share (RMB/share)	0.521	0.422

	2018	2017
Weighted average number of outstanding ordinary shares of the Company at 1 January (million)	121,071	121,071
Weighted average number of outstanding ordinary shares of the Company at 31 December (million)	121,071	121,071

	2018	2017
Net profit attributable to equity shareholders of the Company (diluted) (RMB million)	63,089	51,117
Weighted average number of outstanding ordinary shares of the Company (diluted) (million)	121,071	121,071
Diluted earnings per share (RMB/share)	0.521	0.422

	2018	2017
Weighted average number of the ordinary shares issued at 31 December (million)	121,071	121,071
Weighted average number of the ordinary shares issued at 31 December (diluted) (million)	121,071	121,071

	2018			2017
	Weighted average return on net assets	Basic earnings per share	Diluted earnings per share	Weighted average return on net assets	Basic earnings per share	Diluted earnings per share
	(%)	(RMB/Share)	(RMB/Share)	(%)	(RMB/Share)	(RMB/Share)
Net profit attributable to the Company’s ordinary equity shareholders	8.67	0.521	0.521	7.14	0.422	0.422
Net profit deducted extraordinary gains and losses attributable to the Company’s ordinary equity shareholders	8.20	0.493	0.493	6.37	0.376	0.376

	PricewaterhouseCoopers, 22/F, Prince’s Building, Central, Hong Kong
	T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com

Key Audit Matter	How our audit addressed the Key Audit Matter
Recoverability of the carrying amount of property, plant and equipment relating to oil and gas producing activities   Refer to note 8 “Other operating expense, net”, note 16 “Property, plant and equipment” and note 42 “Accounting estimates and judgements” to the consolidated financial statements.   Decrease in prices of international crude oil in the fourth quarter of the year ended 31 December 2018 gave rise to possible indication that the carrying amount of property, plant and equipment relating to oil and gas producing activities as at 31 December 2018 might be impaired. The Group has adopted value in use as the respective recoverable amounts of property, plant and equipment relating to oil and gas producing activities, which involved key estimations or assumptions including:   –          Future crude oil prices;   –          Future production profiles;   –          Future cost profiles; and   –          Discount rates.   Because of the significance of the carrying amount of property, plant and equipment relating to oil and gas producing activities as at 31 December 2018, together with the use of significant estimations or assumptions in determining their respective value in use, we had placed our audit emphasis on this matter.	In auditing the respective value in use calculations of property, plant and equipment relating to oil and gas producing activities, we performed the following key procedures on the relevant discounted cash flow projections prepared by management:   ●          Evaluated and tested the key controls in respect of the preparation of the discounted cash flow projections of property, plant and equipment relating to oil and gas producing activities.   ●          Assessed the methodology adopted in, and tested mathematical accuracy of the discounted cash flow projections.   ●          Compared estimates of future crude oil prices adopted by the Group against a range of reputable published crude oil price forecasts.   ●          Compared the future production profiles against the oil and gas reserve estimation report approved by the management. Evaluated the competence, capability and objectivity of the management’s experts engaged in estimating the oil and gas reserves. Assessed key estimations or assumptions used in the reserve estimation, by reference to historical data, management plans and/or reputable external data.   ●          Compared the future cost profiles against historical costs and relevant budgets of the Group.   ●          Tested selected other key data inputs, such as natural gas prices and production profiles in the projections by reference to historical data and/or relevant budgets of the Group.   ●          Independently estimated a range of relevant discount rates, and found that the discount rates adopted by management were within the range.   ●          Evaluated the sensitivity analyses prepared by the Group, and assessed the potential impacts of a range of possible outcomes.   Based on our work, we found the key assumptions and input data adopted were supported by the evidence we obtained.

Net realisable value (NRV) of crude oil, finished goods and work in progress of refined oil products   Refer to note 2(e) “Inventories”, note 26 “Inventories” and note 42 “Accounting estimates and judgements” to the consolidated financial statements.   Decrease in prices of international crude oil along with its highly-correlated products, such as refined oil products, in the fourth quarter of the year ended 31 December 2018 gave rise to the risk that net realisable values of crude oil, finished goods and work in progress of refined oil products were lower than their respective book values as at 31 December 2018.   Management has determined the NRVs of crude oil, finished goods and work in progress of refined oil products based on the respective estimated selling prices less the estimated costs to completion, other necessary costs of sales and the related taxes, which involved key estimations or assumptions including:   –          Estimated selling prices;   –          Estimated costs to completion, other necessary costs of sales and related taxes.   Because of the significance of the book value of crude oil, finished goods and work in progress of refined oil products as at 31 December 2018, together with the use of significant estimations or assumptions in determining their respective NRVs, we had placed our audit emphasis on this matter.

In auditing the NRVs of crude oil, finished goods and work in progress of refined oil products, we performed the following key procedures on the inventory NRV models prepared by the management.   ●          Evaluated and tested the key controls relating to the preparation of the NRV models of crude oil, finished goods and work in progress of refined oil products.   ●          Assessed the methodology adopted in, and tested mathematical accuracy of the NRV models.   ●          On a sampling basis, compared the estimated selling prices of inventories used in the NRV models against the recently realised selling prices, and the prices available on domestic and international markets.   ●          On a sampling basis, compared the costs to completion, other necessary costs of sales and related taxes against historical data of the Group.   Based on the work, we found that the key assumptions and data adopted in the NRV models were supported by the evidence we obtained.

	Note	Year ended 31 December
		2018	2017
		RMB	RMB
Turnover and other operating revenues
Turnover	3	2,825,613	2,300,470
Other operating revenues	4	65,566	59,723
		2,891,179	2,360,193
Operating expenses
Purchased crude oil, products and operating supplies and expenses		(2,292,983)	(1,770,651)
Selling, general and administrative expenses	5	(65,642)	(64,973)
Depreciation, depletion and amortisation		(109,967)	(115,310)
Exploration expenses, including dry holes		(10,744)	(11,089)
Personnel expenses	6	(77,721)	(74,854)
Taxes other than income tax	7	(246,498)	(235,292)
Other operating expense, net	8	(5,360)	(16,554)
Total operating expenses		(2,808,915)	(2,288,723)
Operating profit		82,264	71,470
Finance costs
Interest expense	9	(7,321)	(7,146)
Interest income		7,726	5,254
Foreign currency exchange gains, net		596	332
Net finance costs		1,001	(1,560)
Investment income		1,871	262
Share of profits less losses from associates and joint ventures	19, 20	13,974	16,525
Profit before taxation		99,110	86,697
Income tax expense	10	(20,213)	(16,279)
Profit for the year		78,897	70,418
Attributable to:
Shareholders of the Company		61,618	51,244
Non-controlling interests		17,279	19,174
Profit for the year		78,897	70,418
Earnings per share:	15
Basic		0.509	0.423
Diluted		0.509	0.423

	Note	Year ended 31 December
		2018	2017
		RMB	RMB
Profit for the year		78,897	70,418
Other comprehensive income:	14
Items that maynot be reclassified subsequently to profit or loss
Equity investments at fair value through other comprehensive income		(53)	—
Total items that maynot be reclassified subsequently to profit or loss		(53)	—
Items that may be reclassified subsequently to profit or loss
Share of other comprehensive (income)/loss of associates and joint ventures		(229)	1,053
Available-for-sale securities		—	(57)
Cash flow hedges		(9,741)	(1,580)
Foreign currency translation differences		3,399	(3,792)
Total items that may be reclassified subsequently to profit or loss		(6,571)	(4,376)
Total other comprehensive income		(6,624)	(4,376)
Total comprehensive income for the year		72,273	66,042
Attributable to:
Shareholders of the Company		54,000	47,763
Non-controlling interests		18,273	18,279
Total comprehensive income for the year		72,273	66,042

	Notes	31 December	31 December
		2018	2017
		RMB	RMB
Non–current assets
Property, plant and equipment, net	16	617,762	650,774
Construction in progress	17	136,963	118,645
Goodwill	18	8,676	8,634
Interest in associates	19	89,537	79,726
Interest in joint ventures	20	56,184	51,361
Available–for–sale financial assets	1(a)	—	1,676
Financial assets at fair value through other comprehensive income	1(a)	1,450	—
Deferred tax assets	28	21,694	15,131
Lease prepayments	21	64,514	58,526
Long–term prepayments and other assets	22	91,408	81,982
Total non–current assets		1,088,188	1,066,455
Current assets
Cash and cash equivalents		111,922	113,218
Time deposits with financial institutions		55,093	51,786
Financial assets at fair value through profit or loss	23	25,732	51,196
Derivatives financial assets	24	7,887	526
Trade accounts receivable and bills receivable	25	64,879	84,701
Inventories	26	184,584	186,693
Prepaid expenses and other current assets	27	54,023	40,929
Total current assets		504,120	529,049
Current liabilities
Short–term debts	29	29,462	55,338
Loans from Sinopec Group Company and fellow subsidiaries	29	31,665	25,311
Derivatives financial liabilities	24	13,571	2,665
Trade accounts payable and bills payable	30	192,757	206,535
Contract liabilities	31,1(a)	124,793	—
Other payables	32,1(a)	166,151	276,582
Income tax payable		6,699	13,015
Total current liabilities		565,098	579,446
Net current liabilities		60,978	50,397
Total assets less current liabilities		1,027,210	1,016,058
Non–current liabilities
Long–term debts	29	51,011	55,804
Loans from Sinopec Group Company and fellow subsidiaries	29	42,516	43,320
Deferred tax liabilities	28	5,948	6,466
Provisions	33	42,800	39,958
Other long–term liabilities		28,400	17,620
Total non–current liabilities		170,675	163,168
		856,535	852,890
Equity
Share capital	34	121,071	121,071
Reserves		596,213	605,049
Total equity attributable to shareholders of the Company		717,284	726,120
Non–controlling interests		139,251	126,770
Total equity		856,535	852,890

Dai Houliang	Ma Yongsheng	Wang Dehua
Chairman	President	Chief Financial Officer
(Legal representative)

	Share capital	Capital reserve	Share premium	Statutory surplus reserve	Discretionary surplus reserve	Other reserves	Retained earnings	Total equity attributable to shareholders of the Company	Non- controlling interests	Total equity
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Balance at 1 January 2017	121,071	26,290	55,850	79,640	117,000	424	310,719	710,994	120,241	831,235
Profit for the year	—	—	—	—	—	—	51,244	51,244	19,174	70,418
Other comprehensive income (Note 14)	—	—	—	—	—	(3,481)	—	(3,481)	(895)	(4,376)
Total comprehensive income for the year	—	—	—	—	—	(3,481)	51,244	47,763	18,279	66,042
Transactions with owners, recorded directly in equity:
Contributions by and distributions to owners:
Final dividend for 2016 (Note 13)	—	—	—	—	—	—	(20,582)	(20,582)	—	(20,582)
Interim dividend for 2017 (Note 13)	—	—	—	—	—	—	(12,107)	(12,107)	—	(12,107)
Appropriation (Note (a))	—	—	—	3,042	—	—	(3,042)	—	—	—
Distributions to non-controlling interests	—	—	—	—	—	—	—	—	(12,501)	(12,501)
Total contributions by and distributions to owners	—	—	—	3,042	—	—	(35,731)	(32,689)	(12,501)	(45,190)
Transaction with non-controlling interests	—	(13)	—	—	—	—	—	(13)	724	711
Total transactions with owners	—	(13)	—	3,042	—	—	(35,731)	(32,702)	(11,777)	(44,479)
Others	—	49	—	—	—	123	(107)	65	27	92
Balance at 31 December 2017	121,071	26,326	55,850	82,682	117,000	(2,934)	326,125	726,120	126,770	852,890

	Share capital	Capital reserve	Share premium	Statutory surplus reserve	Discretionary surplus reserve	Other reserves	Retained earnings	Total equity attributable to shareholders of the Company	Non- controlling interests	Total equity
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Balance at 31 December 2017	121,071	26,326	55,850	82,682	117,000	(2,934)	326,125	726,120	126,770	852,890
Change in accounting policy (Note 1(a))	—	—	—	—	—	(12)	12	—	—	—
Balance at 1 January 2018	121,071	26,326	55,850	82,682	117,000	(2,946)	326,137	726,120	126,770	852,890
Profit for the year	—	—	—	—	—	—	61,618	61,618	17,279	78,897
Other comprehensive income (Note 14)	—	—	—	—	—	(7,618)	—	(7,618)	994	(6,624)
Total comprehensive income for the year	—	—	—	—	—	(7,618)	61,618	54,000	18,273	72,273
Amounts transferred to cash flow hedge reserves initially recognised by hedged items	—	—	—	—	—	5,269	—	5,269	—	5,269
Transactions with owners, recorded directly in equity:
Contributions by and distributions to owners:
Final dividend for 2017 (Note 13)	—	—	—	—	—	—	(48,428)	(48,428)	—	(48,428)
Interim dividend for 2018 (Note 13)	—	—	—	—	—	—	(19,371)	(19,371)	—	(19,371)
Appropriation (Note (a))	—	—	—	3,996	—	—	(3,996)	—	—	—
Distributions to non-controlling interests	—	—	—	—	—	—	—	—	(7,476)	(7,476)
Contributions to subsidiaries from non-controlling interests	—	—	—	—	—	—	—	—	2,060	2,060
Total contributions by and distributions to owners	—	—	—	3,996	—	—	(71,795)	(67,799)	(5,416)	(73,215)
Transaction with non-controlling interests	—	(12)	—	—	—	—	—	(12)	(299)	(311)
Total transactions with owners	—	(12)	—	3,996	—	—	(71,795)	(67,811)	(5,715)	(73,526)
Others	—	(261)	—	—	—	818	(851)	(294)	(77)	(371)
Balance at 31 December 2018	121,071	26,053	55,850	86,678	117,000	(4,477)	315,109	717,284	139,251	856,535

	Note	Year ended 31 December
		2018	2017
		RMB	RMB
Net cash generated from operating activities	(a)	175,868	190,935
Investing activities
Capital expenditure		(94,753)	(63,541)
Exploratory wells expenditure		(8,261)	(7,407)
Purchase of investments, investments in associates and investments in joint ventures		(10,116)	(6,431)
Payment for financial assets at fair value through profit or loss		(29,550)	(51,196)
Proceeds from sale of financial assets at fair value through profit or loss		55,000	—
Payment for acquisition of subsidiary, net of cash acquired		(3,188)	(1,288)
Proceeds from disposal of investments and investments in associates		1,557	4,809
Proceeds from disposal of property, plant, equipment and other non-current assets		9,666	1,313
Increase in time deposits with maturities over three months		(81,708)	(82,577)
Decrease in time deposits with maturities over three months		78,401	48,820
Interest received		5,810	3,669
Investment and dividend income received		10,720	8,506
Net cash used in investing activities		(66,422)	(145,323)
Financing activities
Proceeds from bank and other loans		746,655	524,843
Repayments of bank and other loans		(772,072)	(536,380)
Contributions to subsidiaries from non-controlling interests		1,886	946
Dividends paid by the Company		(67,799)	(32,689)
Distributions by subsidiaries to non-controlling interests		(13,700)	(7,539)
Interest paid		(5,984)	(5,535)
Payments made to acquire non-controlling interests		(160)	—
Finance lease payment		(86)	(155)
Net cash used in financing activities		(111,260)	(56,509)
Net decrease in cash and cash equivalents		(1,814)	(10,897)
Cash and cash equivalents at 1 January		113,218	124,468
Effect of foreign currency exchange rate changes		518	(353)
Cash and cash equivalents at 31 December		111,922	113,218

	Year ended 31 December
	2018	2017
	RMB	RMB
Operating activities
Profit before taxation	99,110	86,697
Adjustments for:
Depreciation, depletion and amortisation	109,967	115,310
Dry hole costs written off	6,921	6,876
Share of profits from associates and joint ventures	(13,974)	(16,525)
Investment income	(1,871)	(262)
Gain on remeasurement of interests in the Shanghai SECCO (Note 36)	—	(3,941)
Interest income	(7,726)	(5,254)
Interest expense	7,321	7,146
Gain on foreign currency exchange rate changes and derivative financial instruments	(1,835)	(1,547)
Loss on disposal of property, plant, equipment and other non-currents assets, net	1,526	1,518
Impairment losses on assets	11,605	21,791
Credit impairment losses	141	—
	211,185	211,809
Net changes from:
Accounts receivable and other current assets	(1,043)	(31,151)
Inventories	(3,312)	(28,903)
Accounts payable and other current liabilities	2,111	59,210
	208,941	210,965
Income tax paid	(33,073)	(20,030)
Net cash generated from operating activities	175,868	190,935

Consolidated balance sheet (extract)	31 December 2017	Adjustment from Adoption of IFRS 9	Adjustment from Adoption of IFRS 15	1 January 2018
	RMB million	RMB million	RMB million	RMB million
Non-current assets
Financial assets at fair value through other comprehensive income	—	1,676	—	1,676
Available-for-sale financial assets	1,676	(1,676)	—	—
Total non-current assets	1,066,455	—	—	1,066,455
Current assets
Total current assets	529,049	—	—	529,049
Current liabilities
Contract liabilities(i)	—	—	120,734	120,734
Other payables(i)	276,582	—	(120,734)	155,848
Total current liabilities	579,446	—	—	579,446
Non-current liabilities
Total non-current liabilities	163,168	—	—	163,168
	852,890	—	—	852,890
Equity
Other reserves	(2,934)	(12)	—	(2,946)
Retained earnings	326,125	12	—	326,137
Total equity	852,890	—	—	852,890

	Estimated usage period	Estimated residuals rate
Buildings	12 to 50 years	3%
Equipment, machinery and others	4 to 30 years	3%

	2018	2017
	RMB million	RMB million
Crude oil	519,910	421,585
Gasoline	711,236	600,113
Diesel	594,008	503,406
Basic chemical feedstock	250,884	205,722
Kerosene	168,823	115,739
Synthetic resin	124,618	107,633
Natural gas	43,205	34,277
Synthetic fiber monomers and polymers	77,572	61,998
Others(i)	335,357	249,997
	2,825,613	2,300,470

	2018	2017
	RMB million	RMB million
Sale of materials and others	64,503	58,930
Rental income	1,063	793
	65,566	59,723

	2018	2017
	RMB million	RMB million
Operating lease charges	12,297	12,104
Auditor’s remuneration:
– audit services	94	72
– others	9	5
Impairment losses:
– trade accounts receivable	6	(51)
– other receivables	9	159
– accounts prepayments	29	2

	2018	2017
	RMB million	RMB million
Salaries, wages and other benefits	68,425	65,873
Contributions to retirement schemes (Note 38)	9,296	8,981
	77,721	74,854

	2018	2017
	RMB million	RMB million
Consumption tax (i)	201,901	192,907
City construction tax (ii)	18,237	18,274
Education surcharge	13,187	13,811
Resources tax	6,021	4,841
Others	7,152	5,459
	246,498	235,292

	Effective from
Products	13 January 2015
	RMB/Ton
Gasoline	2,109.76
Diesel	1,411.20
Naphtha	2,105.20
Solvent oil	1,948.64
Lubricant oil	1,711.52
Fuel oil	1,218.00
Jet fuel oil	1,495.20

	2018	2017
	RMB million	RMB million
Government grant (i)	7,539	4,893
Ineffective portion of change in fair value of cash flow hedges	(1,978)	(813)
Net realised and unrealised gain/(loss) on derivative financial instruments not qualified as hedging	191	(909)
Impairment losses on long-lived assets (ii)	(6,281)	(21,258)
Loss on disposal of property, plant, equipment and other non-currents assets, net	(1,526)	(1,518)
Fines, penalties and compensations	(276)	(89)
Donations	(180)	(152)
Gain on remeasurement of interests in the Shanghai SECCO (Note 36)	—	3,941
Others	(2,849)	(649)
	(5,360)	(16,554)

	2018	2017
	RMB million	RMB million
Interest expense incurred	6,376	6,368
Less: Interest expense capitalised*	(493)	(723)
	5,883	5,645
Accretion expenses (Note 33)	1,438	1,501
Interest expense	7,321	7,146
* Interest rates per annum at which borrowing costs were capitalised for construction in progress	2.37% to 4.66%	2.37% to 4.41%

	2018	2017
	RMB million	RMB million
Current tax
– Provision for the year	27,176	26,668
– Adjustment of prior years	(719)	(72)
Deferred taxation (Note 28)	(6,244)	(10,317)
	20,213	16,279

	2018	2017
	RMB million	RMB million
Profit before taxation	99,110	86,697
Expected PRC income tax expense at a statutory tax rate of 25%	24,778	21,674
Tax effect of non-deductible expenses	2,351	1,905
Tax effect of non-taxable income	(5,033)	(5,939)
Tax effect of preferential tax rate (i)	(1,259)	(793)
Effect of income taxes at foreign operations	77	(1,394)
Tax effect of utilisation of previously unrecognised tax losses and temporary differences	(779)	(613)
Tax effect of tax losses not recognised	609	1,485
Write-down of deferred tax assets	188	26
Adjustment of prior years	(719)	(72)
Actual income tax expense	20,213	16,279

	Emoluments paid or receivable in respect of director’s other services in connection with the management of the affairs of the Company or its subsidiary undertaking			Emoluments paid or receivable in respect of a person’s services as a director, whether of the Company or its subsidiary undertaking
	2018
Name	Salaries, allowances and benefits in kind	Bonuses	Retirement scheme contributions	Directors’/ Supervisors’ fee	Total
	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
Directors
Dai Houliang (i)	224	179	65	—	468
Li Yunpeng	—	—	—	—	—
Yu Baocai (ii)	—	—	—	—	—
Ma Yongsheng (i)	53	328	14	—	395
Ling Yiqun (iii)	—	—	—	—	—
Liu Zhongyun (iii)	—	—	—	—	—
Li Yong (iii)	—	—	—	—	—
Wang Zhigang (iv)	21	456	6	—	483
Zhang Haichao (iv)	—	—	—	—	—
Jiao Fangzheng (v)	—	—	—	—	—
Independent non-executive directors
Tang Min	—	—	—	333	333
Fan Gang	—	—	—	333	333
Cai Hongbin (iii)	—	—	—	233	233
Johnny Karling Ng (iii)	—	—	—	233	233
Jiang Xiaoming (vi)	—	—	—	125	125
Andrew Y. Yan (vi)	—	—	—	125	125
Supervisors
Zhao Dong	—	—	—	—	—
Jiang Zhenying	—	—	—	—	—
Yang Changjiang (iii)	—	—	—	—	—
Zhang Baolong (iii)	—	—	—	—	—
Zou Huiping	298	663	74	—	1,035
Zhou Hengyou	174	122	44	—	340
Yu Renming	298	613	74	—	985
Yu Xizhi	298	636	74	—	1,008
Total	1,366	2,997	351	1,382	6,096

	Emoluments paid or receivable in respect of director’s other services in connection with the management of the affairs of the Company or its subsidiary undertaking			Emoluments paid or receivable in respect of a person’s services as a director, whether of the Company or its subsidiary undertaking
	2017
Name	Salaries, allowances and benefits in kind	Bonuses	Retirement scheme contributions	Directors’/ Supervisors’ fee	Total
	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
Directors
Wang Yupu(vii)	—	—	—	—	—
Dai Houliang	227	537	76	—	840
Li Yunpeng	—	—	—	—	—
Wang Zhigang	207	487	76	—	770
Zhang Haichao	—	—	—	—	—
Jiao Fangzheng	—	—	—	—	—
Ma Yongsheng	—	—	—	—	—
Independent non-executive directors
Jiang Xiaoming	—	—	—	300	300
Andrew Y. Yan	—	—	—	300	300
Tang Min	—	—	—	300	300
Fan Gang	—	—	—	300	300
Supervisors
Zhao Dong	—	—	—	—	—
Liu Zhongyun	—	—	—	—	—
Zhou Hengyou	—	—	—	—	—
Zou Huiping	207	480	71	—	758
Jiang Zhenying	207	480	71	—	758
Yu Renming	207	480	71	—	758
Yu Xizhi	122	103	42	—	267
Liu Yun(vii)	—	—	—	—	—
Wang Yajun(vii)	51	349	17	—	417
Total	1,228	2,916	424	1,200	5,768

	2018	2017
	RMB million	RMB million
Dividends declared and paid during the year of RMB 0.16 per share (2017: RMB 0.10 per share)	19,371	12,107
Dividends declared after the balance sheet date of RMB 0.26 per share (2017: RMB 0.40 per share)	31,479	48,428
	50,850	60,535

	2018	2017
	RMB million	RMB million
Final cash dividends in respect of the previous financial year, approved during the year of RMB 0.40 per share (2017: RMB 0.17 per share)	48,428	20,582

	2018			2017
	Before tax	Tax	Net of tax	Before tax	Tax	Net of tax
	amount	effect	amount	amount	effect	amount
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Cash flow hedges:
Effective portion of changes in fair value of hedging instruments recognised during the year	(12,500)	2,159	(10,341)	(1,314)	240	(1,074)
Amounts transferred to initial carrying amount of hedged items	—	—	—	(4)	1	(3)
Reclassification adjustments for amounts transferred to the consolidated income statement	730	(130)	600	(575)	72	(503)
Net movement during the year recognised in other comprehensive income(i)	(11,770)	2,029	(9,741)	(1,893)	313	(1,580)
Available-for-sale financial assets:
Changes in fair value recognised during the year	—	—	—	(57)	—	(57)
Changes in the fair value of instruments at fair value through other comprehensive income	(41)	(12)	(53)	—	—	—
Net movement during the year recognised in other comprehensive income	(41)	(12)	(53)	(57)	—	(57)
Share of other comprehensive profit of associates and joint ventures	(240)	11	(229)	1,053	—	1,053
Foreign currency translation differences	3,399	—	3,399	(3,792)	—	(3,792)
Other comprehensive income	(8,652)	2,028	(6,624)	(4,689)	313	(4,376)

	2018	2017
	RMB million	RMB million
Profit attributable to ordinary shareholders of the Company	61,618	51,244
After tax effect of employee share option scheme of Shanghai Petrochemical	—	(2)
Profit attributable to ordinary shareholders of the Company (diluted)	61,618	51,242

	2018	2017
	Number of shares	Number of shares
Weighted average number of shares at 31 December	121,071,209,646	121,071,209,646
Weighted average number of shares (diluted) at 31 December	121,071,209,646	121,071,209,646

			Equipment,
	Plants and	Oil and gas,	machinery
	buildings	properties	and others	Total
	RMB million	RMB million	RMB million	RMB million
Cost:
Balance at 1 January 2017	114,920	650,685	892,936	1,658,541
Additions	854	1,627	11,983	14,464
Transferred from construction in progress	6,789	19,881	54,605	81,275
Reclassifications	(673)	(50)	723	—
Reclassification to lease prepayments and other long-term assets	(859)	(1,702)	(8,751)	(11,312)
Disposals	(878)	(211)	(10,985)	(12,074)
Exchange adjustments	(140)	(2,573)	(199)	(2,912)
Balance at 31 December 2017	120,013	667,657	940,312	1,727,982
Balance at 1 January 2018	120,013	667,657	940,312	1,727,982
Additions	221	1,567	3,856	5,644
Transferred from construction in progress	3,741	24,366	45,103	73,210
Reclassifications	1,634	138	(1,772)	—
Reclassification to lease prepayments and other long-term assets	(483)	—	(3,828)	(4,311)
Disposals	(3,183)	(146)	(18,323)	(21,652)
Exchange adjustments	98	2,142	147	2,387
Balance at 31 December 2018	122,041	695,724	965,495	1,783,260
Accumulated depreciation:
Balance at 1 January 2017	48,572	435,561	483,814	967,947
Depreciation for the year	4,075	55,057	46,585	105,717
Impairment losses for the year	554	8,832	10,450	19,836
Reclassifications	(122)	(77)	199	—
Reclassification to lease prepayments and other long-term assets	(238)	(1,305)	(2,682)	(4,225)
Disposals	(584)	(195)	(9,079)	(9,858)
Exchange adjustments	(57)	(2,056)	(96)	(2,209)
Balance at 31 December 2017	52,200	495,817	529,191	1,077,208
Balance at 1 January 2018	52,200	495,817	529,191	1,077,208
Depreciation for the year	4,038	48,616	47,250	99,904
Impairment losses for the year	274	4,027	1,848	6,149
Reclassifications	494	76	(570)	—
Reclassification to lease prepayments and other long-term assets	(120)	—	(1,390)	(1,510)
Disposals	(1,795)	(125)	(16,331)	(18,251)
Exchange adjustments	43	1,877	78	1,998
Balance at 31 December 2018	55,134	550,288	560,076	1,165,498
Net book value:
Balance at 1 January 2017	66,348	215,124	409,122	690,594
Balance at 31 December 2017	67,813	171,840	411,121	650,774
Balance at 31 December 2018	66,907	145,436	405,419	617,762

	2018	2017
	RMB million	RMB million
Balance at 1 January	118,645	129,581
Additions	108,555	85,552
Dry hole costs written off	(6,921)	(6,876)
Transferred to property, plant and equipment	(73,210)	(81,229)
Reclassification to lease prepayments and other long-term assets	(10,066)	(7,773)
Impairment losses for the year	(28)	(252)
Disposals	(19)	(315)
Exchange adjustments	7	(43)
Balance at 31 December	136,963	118,645

	31 December	31 December
	2018	2017
	RMB million	RMB million
Cost	16,537	16,495
Less: Accumulated impairment losses	(7,861)	(7,861)
	8,676	8,634

		Principal activities	31 December	31 December
			2018	2017
			RMB million	RMB million
Sinopec Beijing Yanshan Petrochemical Branch (“Sinopec Yanshan”)		Manufacturing of intermediate petrochemical products and petroleum products	1,004	1,004
Sinopec Zhenhai Refining and Chemical Branch (“Sinopec Zhenhai”)		Manufacturing of intermediate petrochemical products and petroleum products	4,043	4,043
Shanghai SECCO Petrochemical Company Limited (“Shanghai SECCO”) (Note36)		Production and sale of petrochemical products	2,541	2,541
Sinopec (Hong Kong) Limited		Trading of petrochemical products	921	879
Other units without individually significant goodwill			167	167
			8,676	8,634

Name of company	% of ownership interests	Principal activities	Measurement method	Country of incorporation	Principal place of business
Sinopec Sichuan To East China Gas Pipeline Co., Ltd. (“Pipeline Ltd”)	50.00	Operation of natural gas pipelines and auxiliary facilities	Equity method	PRC	PRC
Sinopec Finance Company Limited (“Sinopec Finance”)	49.00	Provision of non-banking financial services	Equity method	PRC	PRC
PAO SIBUR Holding (“SIBUR”)	10.00	Processing natural gas and manufacturing petrochemical products	Equity method	Russia	Russia
Zhongtian Synergetic Energy Company Limited (“Zhongtian Synergetic Energy”)	38.75	Mining coal and manufacturing of coal-chemical products	Equity method	PRC	PRC
Caspian Investments Resources Ltd. (“CIR”) extraction	50.00	Crude oil and natural gas extraction	Equity method	British Virgin Islands	The Republic of Kazakhstan

	Pipeline Ltd		Sinopec Finance		SIBUR(i)		Zhongtian Synergetic Energy		CIR
	31 December	31 December	31 December	31 December	31 December	31 December	31 December	31 December	31 December	31 December
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Current assets	12,498	11,317	209,837	161,187	22,502	20,719	7,477	8,232	6,712	5,612
Non-current assets	39,320	40,972	16,359	17,782	170,796	158,938	49,961	51,553	1,828	1,673
Current liabilities	(1,020)	(933)	(200,402)	(154,212)	(23,293)	(20,554)	(7,252)	(10,668)	(961)	(908)
Non-current liabilities	(3,026)	(3,176)	(332)	(6)	(58,628)	(61,771)	(31,436)	(31,494)	(673)	(170)
Net assets	47,772	48,180	25,462	24,751	111,377	97,332	18,750	17,623	6,906	6,207
Net assets attributable to owners of the Company	47,772	48,180	25,462	24,751	110,860	96,761	18,750	17,623	6,906	6,207
Net assets attributable to non-controlling interests	—	—	—	—	517	571	—	—	—	—
Share of net assets from associates	23,886	24,090	12,476	12,128	11,086	9,676	7,266	6,829	3,453	3,104
Carrying Amounts	23,886	24,090	12,476	12,128	11,086	9,676	7,266	6,829	3,453	3,104

Year ended 31 December	Pipeline Ltd		Sinopec Finance		SIBUR(i)		Zhongtian Synergetic Energy		CIR
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Turnover	4,746	5,644	4,536	3,542	59,927	52,496	12,235	3,569	2,856	2,563
Profit/(loss) for the year	2,022	2,543	1,868	1,536	10,400	9,601	1,142	123	583	(610)
Other comprehensive (loss)/income	—	—	(157)	(246)	6,410	(260)	—	—	116	(334)
Total comprehensive income/(loss)	2,022	2,543	1,711	1,290	16,810	9,341	1,142	123	699	(944)
Dividends declared by associates	1,207	—	490	—	271	221	—	—	—	—
Share of profit/(loss) from associates	1,011	1,272	915	753	1,040	960	443	48	292	(305)
Share of other comprehensive (loss) /  income from associates (ii)	—	—	(77)	(121)	641	(26)	—	—	58	(167)

Name of entity	% of ownership interests	Principal activities	Measurement method	Country of incorporation	Principal place of business
Fujian Refining & Petrochemical Company Limited (“FREP”)	50.00	Manufacturing refining oil products	Equity method	PRC	PRC
BASF-YPC Company Limited (“BASF-YPC”)	40.00	Manufacturing and distribution of petrochemical products	Equity method	PRC	PRC
Taihu Limited (“Taihu”)	49.00	Crude oil and natural gas extraction	Equity method	Cyprus	Russia
Yanbu Aramco Sinopec Refining Company Ltd. (“YASREF”)	37.50	Petroleum refining and processing business	Equity method	Saudi Arabia	Saudi Arabia
Sinopec SABIC Tianjin Petrochemical Company Limited (“Sinopec SABIC Tianjin”)	50.00	Manufacturing and distribution of petrochemical products	Equity method	PRC	PRC

	FREP		BASF–YPC		Taihu		YASREF		Sinopec SABIC Tianjin
	31 December	31 December	31 December	31 December	31 December	31 December	31 December	31 December	31 December	31 December
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Current assets
Cash and cash equivalents	7,388	5,772	1,582	1,800	3,406	2,352	930	4,916	5,110	6,524
Other current assets	9,248	11,013	5,795	5,335	3,689	2,462	10,267	10,816	4,007	2,709
Total current assets	16,636	16,785	7,377	7,135	7,095	4,814	11,197	15,732	9,117	9,233
Non-current assets	19,271	19,740	11,086	12,075	9,216	7,978	51,873	51,553	13,990	13,248
Current liabilities
Current financial liabilities	(1,200)	(1,135)	(725)	(233)	(59)	(20)	(4,806)	(5,407)	(500)	(1,236)
Other current liabilities	(4,939)	(5,049)	(1,822)	(1,982)	(2,124)	(1,914)	(12,217)	(11,864)	(2,507)	(4,546)
Total current liabilities	(6,139)	(6,184)	(2,547)	(2,215)	(2,183)	(1,934)	(17,023)	(17,271)	(3,007)	(5,782)
Non-current liabilities
Non-current financial liabilities	(12,454)	(13,654)	(218)	(955)	(72)	(72)	(32,364)	(35,619)	(3,651)	(4,101)
Other non-current liabilities	(279)	(236)	(17)	(19)	(2,271)	(2,686)	(937)	(890)	(331)	(41)
Total non-current liabilities	(12,733)	(13,890)	(235)	(974)	(2,343)	(2,758)	(33,301)	(36,509)	(3,982)	(4,142)
Net assets	17,035	16,451	15,681	16,021	11,785	8,100	12,746	13,505	16,118	12,557
Net assets attributable to owners of the company	17,035	16,451	15,681	16,021	11,373	7,818	12,746	13,505	16,118	12,557
Net assets attributable to non-controlling interests	—	—	—	—	412	282	—	—	—	—
Share of net assets from joint ventures	8,518	8,226	6,272	6,409	5,573	3,831	4,780	5,064	8,059	6,279
Carrying Amounts	8,518	8,226	6,272	6,409	5,573	3,831	4,780	5,064	8,059	6,279

Year ended 31 December	FREP		BASF-YPC		Taihu		YASREF		Sinopec SABIC Tianjin
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Turnover	52,469	49,356	21,574	21,020	14,944	12,520	77,561	61,587	23,501	22,286
Depreciation, depletion and amortisation	(2,250)	(16)	(1,521)	(1,793)	(664)	(715)	(2,823)	(2,763)	(1,104)	(36)
Interest income	157	208	41	36	141	142	101	45	169	104
Interest expense	(647)	(857)	(43)	(71)	(151)	(142)	(1,382)	(1,382)	(167)	(223)
Profit/(loss) before taxation	3,920	6,977	3,625	4,565	3,493	1,697	(1,569)	548	3,916	5,113
Tax expense	(935)	(1,699)	(897)	(1,151)	(729)	(553)	(249)	57	(993)	(1,279)
Profit/(loss) for the year	2,985	5,278	2,728	3,414	2,764	1,144	(1,818)	605	2,923	3,834
Other comprehensive income/(loss)	—	—	—	—	921	25	1,059	(554)	—	—
Total comprehensive income/(loss)	2,985	5,278	2,728	3,414	3,685	1,169	(759)	51	2,923	3,834
Dividends declared by joint ventures	1,200	1,250	1,226	1,109	—	—	—	—	—	1,375
Share of net profit/(loss) from joint ventures	1,493	2,639	1,091	1,366	1,307	541	(682)	227	1,462	1,917
Share of other comprehensive income/ (loss) from joint ventures	—	—	—	—	435	12	397	(208)	—	—

	2018	2017
	RMB million	RMB million
Cost:
Balance at 1 January	75,728	68,467
Additions	249	2,614
Transferred from construction in progress	7,829	4,151
Transferred from other long-term assets	1,402	3,987
Reclassification to other assets	(544)	(2,603)
Disposals	(152)	(531)
Exchange adjustments	219	(357)
Balance at 31 December	84,731	75,728
Accumulated amortisation:
Balance at 1 January	17,202	14,226
Amortisation charge for the year	2,519	2,076
Transferred from other long-term assets	617	2,027
Reclassification to other assets	(154)	(770)
Disposals	(31)	(266)
Exchange adjustments	64	(91)
Balance at 31 December	20,217	17,202
Net book value:	64,514	58,526

	31 December	31 December
	2018	2017
	RMB million	RMB million
Operating rights of service stations	34,934	34,268
Long-term receivables from and prepayment to Sinopec Group Company and fellow subsidiaries	26,513	20,726
Prepayments for construction projects to third parties	5,502	4,999
Others (i)	24,459	21,989
Balance at 31 December	91,408	81,982

	2018	2017
	RMB million	RMB million
Operating rights of service stations
Cost:
Balance at 1 January	48,613	36,908
Additions	3,948	11,837
Decreases	(345)	(132)
Balance at 31 December	52,216	48,613
Accumulated amortisation:
Balance at 1 January	14,345	10,012
Additions	3,019	4,361
Decreases	(82)	(28)
Balance at 31 December	17,282	14,345
Net book value at 31 December	34,934	34,268

	31 December	31 December
	2018	2017
	RMB million	RMB million
Structured deposit	25,550	51,196
Equity investments, listed and at quoted market price	182	—
	25,732	51,196

	31 December	31 December
	2018	2017
	RMB million	RMB million
Amounts due from third parties	50,108	56,203
Amounts due from Sinopec Group Company and fellow subsidiaries	3,170	7,941
Amounts due from associates and joint ventures	4,321	4,962
	57,599	69,106
Less: Impairment losses for bad and doubtful debts	(606)	(612)
Trade accounts receivable, net	56,993	68,494
Bills receivable	7,886	16,207
	64,879	84,701

	31 December	31 December
	2018	2017
	RMB million	RMB million
Within one year	64,317	83,984
Between one and two years	353	573
Between two and three years	124	43
Over three years	85	101
	64,879	84,701

	2018	2017
	RMB million	RMB million
Balance at 1 January	612	683
Provision for the year	83	49
Written back for the year	(77)	(100)
Written off for the year	(19)	(21)
Others	7	1
Balance at 31 December	606	612

	31 December	31 December
	2018	2017
	RMB million	RMB million
Crude oil and other raw materials	85,469	85,975
Work in progress	13,690	14,774
Finished goods	88,929	84,448
Spare parts and consumables	2,872	2,651
	190,960	187,848
Less: Allowance for diminution in value of inventories	(6,376)	(1,155)
	184,584	186,693

	31 December	31 December
	2018	2017
	RMB million	RMB million
Other receivables	26,455	17,704
Advances to suppliers	5,937	4,901
Value-added input tax to be deducted	21,331	17,926
Prepaid income tax	300	398
	54,023	40,929

	Deferred tax assets		Deferred tax liabilities
	31 December	31 December	31 December	31 December
	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million
Receivables and inventories	2,563	381	—	—
Payables	1,808	1,925	—	—
Cash flow hedges	1,131	165	(27)	(50)
Property, plant and equipment	15,427	14,150	(8,666)	(9,928)
Tax losses carried forward	3,709	2,325	—	—
Available-for-sale financial assets	—	117	—	—
Financial assets at fair value through other comprehensive income	117	—	(1)	—
Intangible assets	474	227	(535)	(563)
Others	174	180	(428)	(264)
Deferred tax assets/(liabilities)	25,403	19,470	(9,657)	(10,805)

		Recognised in	Recognised
	Balance at	consolidated	in other		Acquisition of	Balance at
	1 January 2017	income statement	comprehensive income	Others	Shanghai SECCO	31 December 2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Receivables and inventories	87	300	(5)	(1)	—	381
Payables	391	1,534	—	—	—	1,925
Cash flow hedges	(215)	9	313	8	—	115
Property, plant and equipment	(3,351)	8,475	287	(8)	(1,181)	4,222
Tax losses carried forward	2,477	(135)	(17)	—	—	2,325
Available-for-sale financial assets	—	117	—	—	—	117
Intangible assets	260	(27)	—	—	(569)	(336)
Others	(96)	44	4	—	(36)	(84)
Net deferred tax (liabilities)/assets	(447)	10,317	582	(1)	(1,786)	8,665

		Recognised in	Recognised
	Balance at	consolidated	in other		Transferred	Balance at
	1 January 2018	income statement	comprehensive income	Others	from reserve	31 December 2018
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Receivables and inventories	381	2,176	3	3	—	2,563
Payables	1,925	(117)	—	—	—	1,808
Cash flow hedges	115	(10)	2,029	1	(1,031)	1,104
Property, plant and equipment	4,222	2,650	(130)	19	—	6,761
Tax losses carried forward	2,325	1,414	6	(36)	—	3,709
Available-for-sale financial assets	117	—	—	(117)	—	—
Financial assets at fair value through  other comprehensive income	—	—	(1)	117	—	116
Intangible assets	(336)	273	—	2	—	(61)
Others	(84)	(142)	(2)	(26)	—	(254)
Net deferred tax assets/(liabilities)	8,665	6,244	1,905	(37)	(1,031)	15,746

	31 December	31 December
	2018	2017
	RMB million	RMB million
Third parties’ debts
Short-term bank loans	17,088	31,105
RMB denominated	13,201	23,685
US Dollar (“USD”) denominated	3,887	7,420
Short-term other loans	300	299
RMB denominated	300	299
Current portion of long-term bank loans	12,074	1,402
RMB denominated	12,039	1,379
USD denominated	35	23
Current portion of long-term corporate bonds	—	22,532
RMB denominated	—	16,000
USD denominated	—	6,532
	12,074	23,934
	29,462	55,338
Loans from Sinopec Group Company and fellow subsidiaries
Short-term loans	27,304	23,297
RMB denominated	3,061	1,706
USD denominated	22,780	19,668
Hong Kong Dollar (“HKD”) denominated	1,441	1,903
EUR denominated	22	—
Singapore Dollar (“SGD”) denominated	—	20
Current portion of long-term loans	4,361	2,014
RMB denominated	4,361	2,014
	31,665	25,311
	61,127	80,649

		31 December	31 December
	Interest rate and final maturity	2018	2017
		RMB million	RMB million
Third parties’ debts
Long-term bank loans
RMB denominated	Interest rates ranging from 1.08% to 4.66% per annum at 31 December 2018 with maturities through 2033	31,025	25,644
USD denominated	Interest rates ranging from 1.55% to 4.29% per annum at 31 December 2018 with maturities through 2031	109	192
		31,134	25,836
Corporate bonds (i)
RMB denominated	IFixed interest rates ranging from 3.70% to 4.90% per annum at 31 December 2018 with maturity through 2022	20,000	36,000
USD denominated	Fixed interest rates ranging from 3.13% to 4.25% per annum at 31 December 2018 with maturities through 2043	11,951	17,902
		31,951	53,902
Total third parties’ long-term debts		63,085	79,738
Less: Current portion		(12,074)	(23,934)
		51,011	55,804
Long-term loans from Sinopec Group Company  and fellow subsidiaries
RMB denominated	Interest rates ranging from interest free to 4.99% per annum at 31 December 2018 with maturities through 2030	46,877	45,334
Less: Current portion		(4,361)	(2,014)
		42,516	43,320
		93,527	99,124

	31 December	31 December
	2018	2017
	RMB million	RMB million
Amounts due to third parties	170,818	177,224
Amounts due to Sinopec Group Company and fellow subsidiaries	9,142	13,350
Amounts due to associates and joint ventures	6,381	9,499
	186,341	200,073
Bills payable	6,416	6,462
Trade accounts and bills payables measured at amortised cost	192,757	206,535

	31 December	31 December
	2018	2017
	RMB million	RMB million
Within 1 month or on demand	182,763	195,189
Between 1 month and 6 months	6,670	8,076
Over 6 months	3,324	3,270
	192,757	206,535

	31 December	31 December
	2018	2017
	RMB million	RMB million
Salaries and welfare payable	7,312	7,162
Interest payable	634	723
Payables for constructions	54,992	60,010
Other payables	22,852	29,028
Financial liabilities carried at amortised costs	85,790	96,923
Taxes other than income tax	80,361	58,925
Receipts in advance (Note 1 (a))	—	120,734
	166,151	276,582

	2018	2017
	RMB million	RMB million
Balance at 1 January	39,407	36,918
Provision for the year	1,567	1,627
Accretion expenses	1,438	1,501
Utilised for the year	(598)	(467)
Exchange adjustments	193	(172)
Balance at 31 December	42,007	39,407

	31 December	31 December
	2018	2017
	RMB million	RMB million
Registered, issued and fully paid
95,557,771,046 listed A shares (2017: 95,557,771,046) of RMB 1.00 each	95,558	95,558
25,513,438,600 listed H shares (2017: 25,513,438,600) of RMB 1.00 each	25,513	25,513
	121,071	121,071

	31 December	31 December
	2018	2017
	RMB million	RMB million
Within one year	15,625	11,114
Between one and two years	14,668	11,492
Between two and three years	13,986	10,730
Between three and four years	13,734	10,552
Between four and five years	13,494	10,428
Thereafter	281,287	202,806
	352,794	257,122

	31 December	31 December
	2018	2017
	RMB million	RMB million
Authorised and contracted for (i)	141,045	120,386
Authorised but not contracted for	54,392	57,997
	195,437	178,383

	31 December	31 December
	2018	2017
	RMB million	RMB million
Within one year	380	205
Between one and two years	79	83
Between two and three years	33	32
Between three and four years	28	28
Between four and five years	28	28
Thereafter	852	882
	1,400	1,258

	31 December	31 December
	2018	2017
	RMB million	RMB million
Joint ventures	5,033	940
Associates(ii)	12,168	13,520
Others	7,197	9,732
	24,398	24,192

	RMB million
Purchase consideration:
Acquisition Date (26 October 2017)
– Cash consideration for the purchase of 50% equity interest acquired	10,135
– Acquisition-date fair value of the 50% equity interest held before the acquisition	10,135
Total purchase consideration	20,270

	Fair value at the Acquisition Date
	RMB million
The assets and liabilities recognised as a result of the acquisition are as follows:
Cash and cash equivalents	5,653
Bills receivable	641
Inventories	1,702
Trade and other receivables	558
Prepayments	1,349
Other current assets	761
Total current assets	10,664
Property, plant and equipment, net	9,587
Lease prepayments	1,920
Intangible assets	1,017
Construction in progress	231
Long-term prepaid expenses	117
Deferred tax assets	11
Total non-current assets	12,883
Total assets	23,547
Trade and other payables	(2,115)
Advances received	(383)
Employee benefits payable	(96)
Tax payable	(1,438)
Total current liabilities	(4,032)
Deferred tax liabilities (Note 28)	(1,786)
Net assets acquired	17,729
Goodwill	2,541

	Note	2018	2017
		RMB million	RMB million
Sales of goods	(i)	272,789	244,211
Purchases	(ii)	192,224	165,993
Transportation and storage	(iii)	7,319	7,716
Exploration and development services	(iv)	23,489	21,210
Production related services	(v)	28,472	20,824
Ancillary and social services	(vi)	6,664	6,653
Operating lease charges for land	(vii)	7,765	8,015
Operating lease charges for buildings	(vii)	521	510
Other operating lease charges	(vii)	869	626
Agency commission income	(viii)	113	127
Interest income	(ix)	848	807
Interest expense	(x)	1,110	554
Net deposits withdrawn from/(placed with) related parties	(ix)	6,457	(7,441)
Net funds obtained from related parties	(xi)	31,684	19,661

	31 December	31 December
	2018	2017
	RMB million	RMB million
Trade accounts receivable and bills receivable	7,555	13,174
Prepaid expenses and other current assets	7,665	5,633
Long-term prepayments and other assets	23,482	20,726
Total	38,702	39,533
Trade accounts payable and bills payable	17,530	24,104
Contract liabilities	3,273	—
Other payables	18,160	20,990
Other long-term liabilities	12,470	10,165
Short-term loans and current portion of long-term loans from Sinopec Group Company  and fellow subsidiaries	31,665	25,311
Long-term loans excluding current portion from Sinopec Group Company and fellow subsidiaries	42,516	43,320
Total	125,614	123,890

	2018	2017
	RMB’000	RMB’000
Short-term employee benefits	5,745	5,344
Retirement scheme contributions	351	424
	6,096	5,768

	2018	2017
	RMB million	RMB million
Turnover
Exploration and production
External sales	93,499	69,168
Inter–segment sales	95,954	77,804
	189,453	146,972
Refining
External sales	148,930	132,478
Inter–segment sales	1,109,088	874,271
	1,258,018	1,006,749
Marketing and distribution
External sales	1,408,989	1,191,902
Inter–segment sales	5,224	3,962
	1,414,213	1,195,864
Chemicals
External sales	457,406	373,814
Inter–segment sales	73,835	49,615
	531,241	423,429
Corporate and others
External sales	716,789	533,108
Inter–segment sales	650,271	440,303
	1,367,060	973,411
Elimination of inter–segment sales	(1,934,372)	(1,445,955)
Turnover	2,825,613	2,300,470
Other operating revenues
Exploration and production	10,738	10,533
Refining	5,389	5,104
Marketing and distribution	32,424	28,333
Chemicals	15,492	14,314
Corporate and others	1,523	1,439
Other operating revenues	65,566	59,723
Turnover and other operating revenues	2,891,179	2,360,193

	2018	2017
	RMB million	RMB million
Result
Operating (loss)/profit
By segment
– Exploration and production	(10,107)	(45,944)
– Refining	54,827	65,007
– Marketing and distribution	23,464	31,569
– Chemicals	27,007	26,977
– Corporate and others	(9,293)	(4,484)
– Elimination	(3,634)	(1,655)
Total segment operating profit	82,264	71,470
Share of profits from associates and joint ventures
– Exploration and production	2,598	1,449
– Refining	109	989
– Marketing and distribution	3,155	2,945
– Chemicals	6,298	9,621
– Corporate and others	1,814	1,521
Aggregate share of profits from associates and joint ventures	13,974	16,525
Investment (losses)/income
– Exploration and production	(3)	40
– Refining	315	28
– Marketing and distribution	43	90
– Chemicals	596	86
– Corporate and others	920	18
Aggregate investment income	1,871	262
Net finance costs	1,001	(1,560)
Profit before taxation	99,110	86,697

	31 December	31 December
	2018	2017
	RMB million	RMB million
Assets
Segment assets
– Exploration and production	321,686	343,404
– Refining	271,356	273,123
– Marketing and distribution	317,641	309,727
– Chemicals	156,865	158,472
– Corporate and others	152,799	170,045
Total segment assets	1,220,347	1,254,771
Interest in associates and joint ventures	145,721	131,087
Available–for–sale financial assets	—	1,676
Financial assets at fair value through other comprehensive income	1,450	—
Deferred tax assets	21,694	15,131
Cash and cash equivalents, time deposits with financial institutions	167,015	165,004
Other unallocated assets	36,081	27,835
Total assets	1,592,308	1,595,504
Liabilities
Segment liabilities
– Exploration and production	94,170	99,568
– Refining	103,809	101,429
– Marketing and distribution	159,536	164,101
– Chemicals	37,413	35,293
– Corporate and others	144,216	117,781
Total segment liabilities	539,144	518,172
Short–term debts	29,462	55,338
Income tax payable	6,699	13,015
Long–term debts	51,011	55,804
Loans from Sinopec Group Company and fellow subsidiaries	74,181	68,631
Deferred tax liabilities	5,948	6,466
Other unallocated liabilities	29,328	25,188
Total liabilities	735,773	742,614

	2018	2017
	RMB million	RMB million
Capital expenditure
Exploration and production	42,155	31,344
Refining	27,908	21,075
Marketing and distribution	21,429	21,539
Chemicals	19,578	23,028
Corporate and others	6,906	2,398
	117,976	99,384
Depreciation, depletion and amortisation
Exploration and production	60,331	66,843
Refining	18,164	18,408
Marketing and distribution	16,296	15,463
Chemicals	13,379	12,873
Corporate and others	1,797	1,723
	109,967	115,310
Impairment losses on long-lived assets
Exploration and production	4,274	13,556
Refining	353	1,894
Marketing and distribution	264	675
Chemicals	1,374	4,922
Corporate and others	16	211
	6,281	21,258

	2018	2017
	RMB million	RMB million
External sales
Mainland China	2,119,580	1,758,365
Singapore	395,129	269,349
Others	376,470	332,479
	2,891,179	2,360,193

	31 December	31 December
	2018	2017
	RMB million	RMB million
Non-current assets
Mainland China	989,668	979,329
Others	50,892	48,572
	1,040,560	1,027,901

Name of company	Particulars of issued capital (million)	Interests held by the Company %	Interests held by non-controlling interests %	Principal activities
Sinopec Great Wall Energy & Chemical	RMB 22,761	100.00	—	Coal chemical industry investment
Company Limited				management, production and sale
				of coal chemical products
Sinopec Yangzi Petrochemical Company	RMB 15,651	100.00	—	Manufacturing of intermediate
Limited				petrochemical products and petroleum products
Sinopec Pipeline Storage & Transportation	RMB 12,000	100.00	—	Pipeline storage and transportation of crude oil
Company Limited
Sinopec Overseas Investment Holding	USD 1,662	100.00	—	Investment holding of overseas business
Limited (“SOIH”)
Sinopec International Petroleum Exploration	RMB 8,000	100.00	—	Investment in exploration, production
and Production Limited (“SIPL”)				and sale of petroleum and natural gas
Sinopec Yizheng Chemical Fibre Limited	RMB 4,000	100.00	—	Production and sale of polyester
Liability Company				chips and polyester fibres
Sinopec Lubricant Company Limited	RMB 3,374	100.00	—	Production and sale of refined
				petroleum products, lubricant base
				oil, and petrochemical materials
China International United Petroleum and	RMB 3,000	100.00	—	Trading of crude oil and
Chemical Company Limited				petrochemical products
Sinopec Qingdao Petrochemical Company	RMB 1,595	100.00	—	Manufacturing of intermediate petrochemical
Limited				products and petroleum products
Sinopec Catalyst Company Limited	RMB 1,500	100.00	—	Production and sale of catalyst products
China Petrochemical International Company	RMB 1,400	100.00	—	Trading of petrochemical products
Limited
Sinopec Chemical Sales Company Limited	RMB 1,000	100.00	—	Marketing and distribution of
				petrochemical products
Sinopec Beihai Refining and Chemical	RMB 5,294	98.98	1.02	Import and processing of crude oil, production,
Limited Liability Company				storage and sale of petroleum products and
				petrochemical products
Sinopec Qingdao Refining and Chemical	RMB 5,000	85.00	15.00	Manufacturing of intermediate petrochemical
Company Limited				products and petroleum products
Sinopec Hainan Refining and Chemical	RMB 3,986	75.00	25.00	Manufacturing of intermediate petrochemical
Company Limited				products and petroleum products
Sinopec Marketing Co. Limited	RMB 28,403	70.42	29.58	Marketing and distribution of refined petroleum
(“Marketing Company”)				products
Shanghai SECCO Petrochemical Company	RMB 7,801	67.60	32.40	Production and sale of petrochemical products
Limited (“Shanghai SECCO”) (Note 36)
Sinopec–SK (Wuhan) Petrochemical	RMB 6,270	65.00	35.00	Production, sale, research and development
Company Limited (“Zhonghan Wuhan”)				of ethylene and downstream byproducts
Sinopec Kantons Holdings Limited	HKD 248	60.33	39.67	Provision of crude oil jetty services and
(“Sinopec Kantons”)				natural gas pipeline transmission services
Gaoqiao Petrochemical Company Limited	RMB 10,000	55.00	45.00	Manufacturing of intermediate petrochemical
				products and petroleum products
Sinopec Shanghai Petrochemical Company	RMB 10,824	50.44	49.56	Manufacturing of synthetic fibres, resin
Limited (“Shanghai Petrochemical”)				and plastics, intermediate petrochemical
				products and petroleum products
Fujian Petrochemical Company Limited	RMB 8,140	50.00	50.00	Manufacturing of plastics,
(“Fujian Petrochemical”) (i)				intermediate petrochemical
				products and petroleum products

	Marketing Company		SIPL		Shanghai Petrochemical		Fujian Petrochemical		Sinopec Kantons		Shanghai SECCO		Zhonghan Wuhan
	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December	At 31 December
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Current assets	130,861	156,494	16,731	19,555	25,299	19,866	816	992	1,209	1,196	9,537	11,602	2,750	1,636
Current liabilities	(181,766)	(212,620)	(483)	(7,118)	(13,913)	(10,922)	(50)	(376)	(3,722)	(2,351)	(2,233)	(4,174)	(2,333)	(3,975)
Net current (liabilities)/ assets	(50,905)	(56,126)	16,248	12,437	11,386	8,944	766	616	(2,513)	(1,155)	7,304	7,428	417	(2,339)
Non-current assets	261,062	253,455	38,020	34,769	19,087	19,577	11,444	9,925	12,895	13,089	12,301	12,797	12,612	13,598
Non-current liabilities	(2,086)	(1,774)	(31,050)	(28,523)	(10)	(6)	(688)	(681)	(132)	(2,430)	(1,698)	(1,740)	—	—
Net non-current assets	258,976	251,681	6,970	6,246	19,077	19,571	10,756	9,244	12,763	10,659	10,603	11,057	12,612	13,598
Net assets	208,071	195,555	23,218	18,683	30,463	28,515	11,522	9,860	10,250	9,504	17,907	18,485	13,029	11,259
Attributable to owners of the Company	141,244	132,549	5,266	3,468	15,295	14,253	5,761	4,930	6,165	5,716	12,105	12,496	8,469	7,318
Attributable to non-controlling interests	66,827	63,006	17,952	15,215	15,168	14,262	5,761	4,930	4,085	3,788	5,802	5,989	4,560	3,941

	Marketing Company		SIPL		Shanghai Petrochemical		Fujian Petrochemical		Sinopec Kantons		Shanghai SECCO (ii)		Zhonghan Wuhan
Year ended 31 December	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Turnover	1,443,698	1,221,530	5,037	6,136	107,689	91,962	5,261	6,068	1,398	1,498	26,320	5,222	17,134	16,139
Profit for the year	22,046	27,520	3,272	1,075	5,336	6,154	1,576	2,726	1,065	1,046	3,099	726	1,879	2,730
Total comprehensive income	22,589	26,986	4,536	396	5,336	6,153	1,576	2,726	1,067	1,146	3,099	726	1,879	2,730
Comprehensive income/ (loss) attributable to  non-controlling interests	7,794	9,033	2,737	(38)	2,645	3,052	788	1,363	399	433	1,004	235	658	956
Dividends paid to non-controlling interests	3,964	9,544	—	—	1,616	1,344	600	625	104	70	1,191	—	—	—

	Marketing Company		SIPL		Shanghai Petrochemical		Fujian Petrochemical		Sinopec Kantons		Shanghai SECCO (ii)		Zhonghan Wuhan
Year ended 31 December	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Net cash generated from/ (used in)  operating activities	24,825	51,038	3,467	2,758	6,659	7,061	38	(558)	738	968	3,766	1,639	3,308	2,976
Net cash generated from/(used in)  investing activities	8,339	(35,738)	4,096	(2,211)	(1,928)	(2,401)	(215)	225	648	193	(480)	5,567	(3,099)	(2,415)
Net cash (used in)/generated from  financing activities	(32,084)	(16,499)	(5,419)	243	(3,507)	(2,590)	43	(158)	(1,551)	(1,093)	(3,676)	—	525	(631)
Net increase/(decrease) in cash and cash  equivalents	1,080	(1,199)	2,144	790	1,224	2,070	(134)	(491)	(165)	68	(390)	7,206	734	(70)
Cash and cash equivalents at 1 January	12,921	14,373	3,605	3,045	7,504	5,441	226	717	343	289	7,205	—	64	134
Effect of foreign currency exchange rate changes	141	(253)	244	(230)	14	(7)	—	—	20	(14)	2	(1)	—	—
Cash and cash equivalents at 31 December	14,142	12,921	5,993	3,605	8,742	7,504	92	226	198	343	6,817	7,205	798	64

	31 December 2018
		Total
		contractual	Within	More than 1	More than 2
	Carrying	undiscounted	1 year or	year but less	years but less	More than
	amount	cash flow	on demand	than 2 years	than 5 years	5 years
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Short-term debts	29,462	30,123	30,123	—	—	—
Long-term debts	51,011	61,809	1,889	16,938	27,190	15,792
Loans from Sinopec Group Company and  fellow subsidiaries	74,181	75,207	32,127	37,977	3,741	1,362
Derivatives financial liabilities	13,571	13,571	13,571	—	—	—
Trade accounts payable and bills payable	192,757	192,757	192,757	—	—	—
Other payables	85,790	85,790	85,790	—	—	—
	446,772	459,257	356,257	54,915	30,931	17,154

	31 December 2017
		Total
		contractual	Within	More than 1	More than 2
	Carrying	undiscounted	1 year or	year but less	years but less	More than
	amount	cash flow	on demand	than 2 years	than 5 years	5 years
	RMB million	RMB million	RMB million	RMB million	RMB million	RMB million
Short-term debts	55,338	56,562	56,562	—	—	—
Long-term debts	55,804	66,202	2,166	14,477	32,316	17,243
Loans from Sinopec Group Company and fellow  subsidiaries	68,631	68,950	25,504	4,439	39,007	—
Derivatives financial liabilities	2,665	2,665	2,665	—	—	—
Trade accounts payable and bills payable	206,535	206,535	206,535	—	—	—
Other payables	96,923	96,923	96,923	—	—	—
	485,896	497,837	390,355	18,916	71,323	17,243

	31 December	31 December
	2018	2017
	million	million
Gross exposure arising from loans
USD	668	204

	31 December	31 December
	2018	2017
	million	million
USD	172	50

	Level 1	Level 2	Level 3	Total
	RMB million	RMB million	RMB million	RMB million
Assets
Financial assets at fair value through profit or loss:
– Structured deposit	—	—	25,550	25,550
– Equity investments, listed and at quoted market price	182	—	—	182
Derivative financial assets:
– Derivative financial assets	874	7,013	—	7,887
Financial assets at fair value through other comprehensive income:
– Equity investments	127	—	1,323	1,450
	1,183	7,013	26,873	35,069
Liabilities
Derivative financial liabilities:
– Derivative financial liabilities	5,500	8,071	—	13,571
	5,500	8,071	—	13,571

	Level 1	Level 2	Level 3	Total
	RMB million	RMB million	RMB million	RMB million
Assets
Financial assets at fair value through profit or loss:
– Structured deposit	—	—	51,196	51,196
Available-for-sale financial assets:
– Listed	178	—	—	178
Derivative financial assets:
– Derivative financial assets	343	183	—	526
	521	183	51,196	51,900
Liabilities
Derivative financial liabilities:
– Derivative financial liabilities	1,277	1,388	—	2,665
	1,277	1,388	—	2,665

	31 December	31 December
	2018	2017
	RMB million	RMB million
Carrying amount	63,085	79,738
Fair value	62,656	78,040

BALANCE SHEET OF THE COMPANY (Amounts in million)	Note	31 December	31 December
		2018	2017
		RMB	RMB
Non-current assets
Property, plant and equipment, net		302,048	329,814
Construction in progress		51,598	50,046
Investment in subsidiaries		251,970	245,156
Interest in associates		21,143	15,579
Interest in joint ventures		16,094	14,822
Available-for-sale financial assets		—	395
Financial assets at fair value through other comprehensive income		395	—
Deferred tax assets		11,021	6,834
Lease prepayments		7,101	6,916
Long-term prepayments and other assets		13,129	14,072
Total non-current assets		674,499	683,634
Current assets
Cash and cash equivalents		59,120	72,309
Time deposits with financial institutions		23,759	20,236
Financial assets at fair value through profit or loss		22,500	48,179
Trade accounts receivable and bills receivable		30,145	37,766
Dividends receivable		2,313	16,327
Inventories		45,825	44,933
Prepaid expenses and other current assets		73,442	79,111
Total current assets		257,104	318,861
Current liabilities
Short-term debts		14,511	33,454
Loans from Sinopec Group Company and fellow subsidiaries		5,815	3,214
Derivative financial liabilities		967	—
Trade accounts payable and bills payable		84,418	86,604
Contract liabilities		4,230	—
Other payables		178,936	194,291
Total current liabilities		288,877	317,563
Net current (liabilities)/assets		(31,773)	1,298
Total assets less current liabilities		642,726	684,932
Non-current liabilities
Long-term debts		27,200	40,442
Loans from Sinopec Group Company and fellow subsidiaries		40,904	43,225
Provisions		33,094	31,405
Other long-term liabilities		5,310	3,613
Total non-current liabilities		106,508	118,685
		536,218	566,247
Equity
Share capital		121,071	121,071
Reserves	(a)	415,147	445,176
Total equity		536,218	566,247

	The Company
	2018	2017
	RMB million	RMB million
Capital reserve
Balance at 1 January	9,195	9,175
Others	6	20
Balance at 31 December	9,201	9,195
Share premium
Balance at 1 January	55,850	55,850
Balance at 31 December	55,850	55,850
Statutory surplus reserve
Balance at 1 January	82,682	79,640
Appropriation	3,996	3,042
Balance at 31 December	86,678	82,682
Discretionary surplus reserve
Balance at 1 January	117,000	117,000
Balance at 31 December	117,000	117,000
Other reserves
Balance at 1 January	2,460	2,438
Share of other comprehensive loss of associates and joint ventures, net of deferred tax	(64)	(120)
Cash flow hedges, net of deferred tax	(617)	53
Special reserve	507	89
Balance at 31 December	2,286	2,460
Retained earnings
Balance at 1 January	177,989	183,321
Profit for the year	38,460	30,488
Distribution to owners (Note 13)	(67,799)	(32,689)
Appropriation	(3,996)	(3,042)
Special reserve	(507)	(89)
Others	(15)	—
Balance at 31 December	144,132	177,989
	415,147	445,176

	Note	31 December	31 December
		2018	2017
		RMB million	RMB million
Shareholders’ equity under CASs		857,659	854,070
Adjustments:
Government grants	(i)	(1,124)	(1,180)
Total equity under IFRS*		856,535	852,890

	Note	2018	2017
		RMB million	RMB million
Net profit under CASs		80,289	70,294
Adjustments:
Government grants	(i)	56	110
Safety production fund	(ii)	909	126
Others		(2,357)	(112)
Profit for the year under IFRS*		78,897	70,418

			2018			2017
			RMB million			RMB million
			Other			Other
	Total	China	countries	Total	China	countries
The Group
Property cost, wells and related equipments    and facilities	695,724	651,531	44,193	667,657	625,621	42,036
Supporting equipments and facilities	199,321	199,304	17	210,711	210,694	17
Uncompleted wells, equipments and facilities	40,778	40,770	8	41,397	41,389	8
Total capitalised costs	935,823	891,605	44,218	919,765	877,704	42,061
Accumulated depreciation, depletion,    amortisation and impairment losses	(658,093)	(618,593)	(39,500)	(601,318)	(565,651)	(35,667)
Net capitalised costs	277,730	273,012	4,718	318,447	312,053	6,394
Equity method investments
Share of net capitalised costs of associates    and joint ventures	6,304	—	6,304	6,357	—	6,357
Total of the Group’s and its equity method  investments’ net capitalised costs	284,034	273,012	11,022	324,804	312,053	12,751

			2018			2017
			RMB million			RMB million
			Other			Other
	Total	China	countries	Total	China	countries
The Group
Exploration	12,108	12,108	—	11,589	11,589	—
Development	27,453	27,329	124	30,844	30,710	134
Total costs incurred	39,561	39,437	124	42,433	42,299	134
Equity method investments
Share of costs of exploration and development    of associates and joint ventures	793	—	793	724	—	724
Total of the Group’s and its equity method investments’  exploration and development costs	40,354	39,437	917	43,157	42,299	858

			2018			2017
			RMB million			RMB million
			Other			Other
	Total	China	countries	Total	China	countries
The Group
Revenues
Sales	57,860	57,860	—	43,644	43,644	—
Transfers	89,569	84,532	5,037	73,447	67,311	6,136
	147,429	142,392	5,037	117,091	110,955	6,136
Production costs excluding taxes	(47,227)	(45,953)	(1,274)	(46,311)	(44,977)	(1,334)
Exploration expenses	(10,744)	(10,744)	—	(11,089)	(11,089)	—
Depreciation, depletion, amortisation    and impairment losses	(62,832)	(60,877)	(1,955)	(80,399)	(74,856)	(5,543)
Taxes other than income tax	(11,400)	(11,400)	—	(8,726)	(8,726)	—
Profit before taxation	15,226	13,418	1,808	(29,434)	(28,693)	(741)
Income tax expense	709	—	709	1,188	—	1,188
Results of operation from producing activities	15,935	13,418	2,517	(28,246)	(28,693)	447
Equity method investments
Revenues
Sales	9,530	—	9,530	8,080	—	8,080
	9,530	—	9,530	8,080	—	8,080
Production costs excluding taxes	(2,455)	—	(2,455)	(2,748)	—	(2,748)
Exploration expenses	—	—	—	—	—	—
Depreciation, depletion, amortisation    and impairment losses	(1,163)	—	(1,163)	(1,243)	—	(1,243)
Taxes other than income tax	(4,075)	—	(4,075)	(3,628)	—	(3,628)
Profit before taxation	1,837	—	1,837	461	—	461
Income tax expense	(667)	—	(667)	(347)	—	(347)
Share of profit for producing activities of    associates and joint ventures	1,170	—	1,170	114	—	114
Total of the Group’s and its equity method investments’
results of operations for producing activities	17,105	13,418	3,687	(28,132)	(28,693)	561

	2018			2017
			Other			Other
	Total	China	countries	Total	China	countries
The Group
Proved developed and undeveloped reserves    (oil) (million barrels)
Beginning of year	1,293	1,261	32	1,256	1,216	40
Revisions of previous estimates	160	158	2	151	148	3
Improved recovery	95	90	5	90	86	4
Extensions and discoveries	79	79	—	60	60	—
Production	(260)	(249)	(11)	(264)	(249)	(15)
End of year	1,367	1,339	28	1,293	1,261	32
Non-controlling interest in proved developed and    undeveloped reserves at the end of year	12	—	12	14	—	14
Proved developed reserves
Beginning of year	1,156	1,124	32	1,120	1,080	40
End of year	1,271	1,244	27	1,156	1,124	32
Proved undeveloped reserves
Beginning of year	137	137	—	136	136	—
End of year	96	95	1	137	137	—
Proved developed and undeveloped    reserves (gas) (billion cubic feet)
Beginning of year	6,985	6,985	—	7,160	7,160	—
Revisions of previous estimates	(40)	(40)	—	(107)	(107)	—
Improved recovery	142	142	—	72	72	—
Extensions and discoveries	680	680	—	769	769	—
Production	(974)	(974)	—	(909)	(909)	—
End of year	6,793	6,793	—	6,985	6,985	—
Proved developed reserves
Beginning of year	6,000	6,000	—	6,436	6,436	—
End of year	5,822	5,822	—	6,000	6,000	—
Proved undeveloped reserves
Beginning of year	985	985	—	724	724	—
End of year	971	971	—	985	985	—

	2018			2017
			Other			Other
	Total	China	countries	Total	China	countries
Equity method investments
Proved developed and undeveloped reserves of    associates and joint ventures (oil) (million barrels)
Beginning of year	306	—	306	296	—	296
Revisions of previous estimates	12	—	12	12	—	12
Improved recovery	4	—	4	8	—	8
Extensions and discoveries	5	—	5	20	—	20
Production	(28)	—	(28)	(30)	—	(30)
End of year	299	—	299	306	—	306
Proved developed reserves
Beginning of year	273	—	273	273	—	273
End of year	261	—	261	273	—	273
Proved undeveloped reserves
Beginning of year	33	—	33	23	—	23
End of year	38	—	38	33	—	33
Proved developed and undeveloped reserves of    associates and joint ventures (gas)    (billion cubic feet)
Beginning of year	12	—	12	18	—	18
Revisions of previous estimates	2	—	2	(2)	—	(2)
Improved recovery	2	—	2	—	—	—
Extensions and discoveries	—	—	—	—	—	—
Production	(3)	—	(3)	(4)	—	(4)
End of year	13	—	13	12	—	12
Proved developed reserves
Beginning of year	12	—	12	18	—	18
End of year	13	—	13	12	—	12
Proved undeveloped reserves
Beginning of year	—	—	—	—	—	—
End of year	—	—	—	—	—	—
Total of the Group and its equity method investments
Proved developed and undeveloped reserves    (oil) (million barrels)
Beginning of year	1,599	1,261	338	1,552	1,216	336
End of year	1,666	1,339	327	1,599	1,261	338
Proved developed and undeveloped reserves    (gas) (billion cubic feet)
Beginning of year	6,997	6,985	12	7,178	7,160	18
End of year	6,806	6,793	13	6,997	6,985	12

			2018			2017
			RMB million			RMB million
			Other			Other
	Total	China	countries	Total	China	countries
The Group
Future cash flows	868,058	854,563	13,495	639,336	628,187	11,149
Future production costs	(381,893)	(376,532)	(5,361)	(292,789)	(287,914)	(4,875)
Future development costs	(22,310)	(19,300)	(3,010)	(24,999)	(20,314)	(4,685)
Future income tax expenses	(42,728)	(40,651)	(2,077)	(1,374)	—	(1,374)
Undiscounted future net cash flows	421,127	418,080	3,047	320,174	319,959	215
10% annual discount for estimated timing of cash flows	(126,910)	(126,617)	(293)	(97,082)	(97,115)	33
Standardised measure of discounted future net cash flows	294,217	291,463	2,754	223,092	222,844	248
Discounted future net cash flows attributable to non-controlling interests	1,239	—	1,239	112	—	112
Equity method investments
Future cash flows	48,778	—	48,778	43,587	—	43,587
Future production costs	(12,462)	—	(12,462)	(12,131)	—	(12,131)
Future development costs	(4,433)	—	(4,433)	(4,692)	—	(4,692)
Future income tax expenses	(5,632)	—	(5,632)	(4,406)	—	(4,406)
Undiscounted future net cash flows	26,251	—	26,251	22,358	—	22,358
10% annual discount for estimated timing of cash flows	(13,012)	—	(13,012)	(9,803)	—	(9,803)
Standardised measure of discounted future net cash flows	13,239	—	13,239	12,555	—	12,555
Total of the Group’s and its equity method investments’ results of standardised measure of discounted future net cash flows	307,456	291,463	15,993	235,647	222,844	12,803

	2018	2017
	RMB million	RMB million
The Group
Sales and transfers of oil and gas produced, net of production costs	(88,802)	(62,054)
Net changes in prices and production costs	98,952	7,487
Net changes in estimated future development cost	(5,468)	(7,320)
Net changes due to extensions, discoveries and improved recoveries	41,385	29,799
Revisions of previous quantity estimates	22,040	20,608
Previously estimated development costs incurred during the year	9,507	5,747
Accretion of discount	22,405	20,909
Net changes in income taxes	(28,894)	(231)
Net changes for the year	71,125	14,945
Equity method investments
Sales and transfers of oil and gas produced, net of production costs	(3,001)	(1,704)
Net changes in prices and production costs	1,620	2,479
Net changes in estimated future development cost	(196)	(856)
Net changes due to extensions, discoveries and improved recoveries	341	1,205
Revisions of previous quantity estimates	818	688
Previously estimated development costs incurred during the year	272	206
Accretion of discount	1,196	967
Net changes in income taxes	(366)	(621)
Net changes for the year	684	2,364
Total of the Group’s and its equity method investments’ results of net changes for the year	71,809	17,309

Postcode	:	100728
Tel.	:	86-10-59960028
Fax	:	86-10-59960386
Website	:	http://www.sinopec.com/listco/
E-mail addresses	:	ir@sinopec.com

Stock name	:	SINOPEC CORP
Stock code	:	600028

Stock code

:

00386

Stock code

:

SNP

Stock code

:

SNP

Domestic Auditors	:	PricewaterhouseCoopers
		Zhong Tian LLP
Address	:	11th Floor
		PricewaterhouseCoopers,
		2 Corporate Avenue,
		202 Hu Bin Road,
		Huangpu District,
		Shanghai, PRC 200021
Overseas Auditors	:	PricewaterhouseCoopers
Address	:	22nd Floor,
		Prince’s Building,
		Central, Hong Kong