SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(A joint stock limited company incorporated in the People's Republic of China)
(Stock Code: 00338)This announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance (Cap.
571) of the Laws of Hong Kong and Rules 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The Board of Directors of the Company and all the members of the Board warrant that the information in this announcement does not contain any false representations, misleading statements or material omissions, and jointly and severally accept responsibility for the true, accurate and complete information contained herein.
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Estimated results during the period
Period of estimated results: 1 January 2015 to 31 December 2015.
Estimated results: based on preliminary estimates by the finance department of Sinopec Shanghai Petrochemical Company Limited (the "Company"), the Company and its subsidiaries (the "Group") are expected to record a profit for the year ended 31 December 2015, which stands in contrast to the loss recorded for the same period of the last year. Under the China Accounting Standards for Business Enterprises, net profit attributable to equity shareholders of the Company is expected to be between RMB3.14 billion and RMB3.34 billion.
The estimated results have not been audited or reviewed by certified public accountants.
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Results for the corresponding period of the previous year
Under the China Accounting Standards for Business Enterprises
Net profit attributable to equity shareholders of the Company ("-" to indicate loss) (RMB'000)
-716,427
Basic earnings per share ("-" to indicate loss) (RMB per share)
-0.066
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Major reasons for turning losses into profits in the results for the period
The international oil price declined in 2015 on account of several factors, including oversupply, a stronger US dollar and geopolitical reasons, etc., so that the average price of oil for the year experienced a substantial drop compared to 2014. The Group further tweaked its internal management, concentrating on product optimization, cost control and efficiency enhancements. Compared to the same period of last year, the Group saw a marked decrease in the cost of crude oil processing. The slide in average prices of products was smaller than the slide in the cost of raw materials, leading to a rise in the gross profit margin of products. In addition, the Group's investment income from its associates soared.
Other information
The forecasts above represent preliminary estimates. Specific and accurate financial figures will be disclosed in the audited 2015 annual report to be officially announced by the Company. Investors are advised to pay attention to investment risks.
Shanghai, the PRC, 15 January 2016
As at the date of this announcement, the Executive Directors of the Company are Wang Zhiqing, Wu Haijun, Gao Jinping, Ye Guohua, Jin Qiang and Guo Xiaojun; the Non-executive Directors of the Company are Lei Dianwu and Mo Zhenglin, and the Independent Non-executive Directors of the Company are Cai Tingji, Zhang Yimin, Liu Yunhong and Du Weifeng
Sinopec Shanghai Petrochemical Company Limited issued this content on 2016-01-15 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-15 10:57:03 UTC
Original Document: http://www.spc-ir.com.hk/download/announcement/1298/eng/E_338_Estimated Profit in 2015_final.pdf
