PETROCHINA<00857> - Results Announcement
Petrochina Company Limited announced on 27/08/2003:
(stock code: 00857 )
Year end date: 31/12/2003
Currency: RMB
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
Note ('Million ) ('Million )
Turnover : 147,960 108,143
Profit/(Loss) from Operations : 54,995 30,971
Finance cost : (1,187) (2,047)
Share of Profit/(Loss) of
Associates : 308 105
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 38,619 19,076
% Change over Last Period : +102.45 %
EPS/(LPS)-Basic (in dollars) : 0.22 0.11
-Diluted (in dollars) : 0.22 0.11
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 38,619 19,076
Interim Dividend : RMB 0.098841 RMB 0.050113
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 11/09/2003 to 16/09/2003bdi.
Payable Date : 08/10/2003
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Basic and diluted earnings per share for the six months ended June 30,
2003 have been computed by dividing net profit by the number of 175,824
million shares issued and outstanding for the period.
Basic and diluted earnings per share for the six months ended June 30,
2002 have been computed by dividing net profit by the number of 175,824
million shares issued and outstanding for the period. There are no
dilutive potential ordinary shares.
In accordance with the acquisition agreement between the Company and China
National Petroleum Corporation ("CNPC") dated September 26, 2002, the
Company acquired from CNPC the assets, liabilities and interests related
to CNPC's refined products marketing enterprises comprising primarily of
service stations and related facilities for RMB3,200 million. The
acquisition price was determined on the basis of independent valuation
and appraisals of the assets and liabilities of these marketing
enterprises under applicable rules and regulations promulgated in PRC. Of
the RMB3,200 million purchase price, RMB430 million was paid in cash,
RMB1,124 million was set off against receivables from CNPC, and the
remaining balance of RMB1,646 million was included as payables to CNPC at
June 30, 2003.
The acquisition is a combination of entities under common control since
the Company and the CNPC's refined products marketing enterprises are
under the common control of CNPC. As a result, the Company has accounted
for the acquisition in a manner similar to a uniting of interests, whereby
the assets and liabilities of the marketing enterprises acquired are
accounted for at historical cost to CNPC (net liabilities of RMB2,956
million and RMB2,516 million at the effective date and at January 1, 2002
respectively). The consolidated financial statements have been restated
to give effect to the acquisition with all periods presented as if the
operations of the Company and these marketing enterprises have always been
combined. The difference between RMB3,200 million paid and the net
liabilities transferred from CNPC has been adjusted against equity.
The summarised results of operations of the Group and such marketing
enterprises as separate entities and on a consolidated basis for the six
months ended June 30, 2002 are set out below:
PetroChina Marketing Enterprises Consolidated
RMB million RMB million RMB million
Results of Operations
Turnover 107,928 1,171 108,143
Net profit/(loss)
19,579 (503) 19,076
Basic and diluted earnings per share (RMB)
0.11 (0.00) 0.11
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