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4/30/2020 - Sinopec Shanghai Petrochemical Company Limited Files 2019 Annual Report on Form 20-F
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Sinopec Shanghai Petrochemical Company Limited Files 2019 Annual Report on Form 20-F
Source: PR Newswire
NEW YORK, April 30, 2020 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited (the "Company") (HKEx: 338; SSE: 600688;NYSE: SHI) announced today that its Form 20-F for the fiscal year ended December 31, 2019, filed with the United States Securities and Exchange Commission on April 29, 2020, has been posted to the Company's website at http://www.spc-ir.com.hk/eng/report.asp. The soft copy of the Company's annual report on Form 20-F could also be downloaded through its website.
The Company will deliver within a reasonable time after request a hard copy of its 2019 annual report on Form 20-F, including its complete audited consolidated financial statements, free of charge, to any shareholder upon request.
To request a hard copy of the annual report, please write to:
Sinopec Shanghai Petrochemical Company Limited
48 Jinyi Road, Jinshan District, Shanghai, PRC
Postal Code: 200540
Attention to: the Secretariat to the Board of Directors
Related Links
http://www.spc-ir.com.hk/eng/report.asp
View original content:http://www.prnewswire.com/news-releases/sinopec-shanghai-petrochemical-company-limited-files-2019-annual-report-on-form-20-f-301049990.html
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
4/30/2020
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3/26/2020 - Shanghai Petrochemical Announces 2019 Annual Results
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Shanghai Petrochemical Announces 2019 Annual Results
Source: PR Newswire
HONG KONG, March 26, 2020 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company", together with its subsidiaries known as the "Group") (HKEX: 00338; SSE: 600688; NYSE: SHI) today announced the annual results for the twelve months ended 31 December 2019 (the "Period").
Under the influences of frequent security accidents, industrial zone closures and enterprises' suspension and rectification, China's petrochemical industry faced greater pressure on economic operation. The performance of enterprises declined significantly as the market continued to be weak. The Group actively responded to the complex and severe domestic and international economic and industry situations, and attached great importance to safety and environmental protection, operation optimization, cost reduction, transformation and development, further reform in difficult areas, and team building. All work processed in an orderly manner. Under IFRS, net sales of the Group in 2019 amounted to RMB88,056 million, a decrease of 7.90% from the previous year's RMB95,614 million. Net profit attributable to owners of the Company amounted to RMB 2,216 million, a decrease of 58.47% from the previous year's RMB5,336 million. Basic earnings per share amounted to RMB0.205, and the Board proposed to distribute a dividend of RMB0.12 per share (including tax).
Price of the products fell under weak oil and petrochemical markets
Under the severe and complicated domestic and international economic situations, oil and petrochemical industries faced great pressure.  Price of petrochemical products fell under the sluggish market. As the demand for refined oil products slowed down and supplies increased, product competition became increasingly fierce. As of 31 December 2019, the weighted average prices (excluding tax) of synthetic fibers, resins and plastics, intermediate petrochemical products and petroleum products of the Group decreased by 13.24%, 11.48%, 17.48% and 4.28% year-on-year respectively.
In 2019, the Group processed 15,199,400 tons of crude oil (including 1,064,600 tons of crude oil processing on given materials), up by 5.71% or 820,400 tons year-on-year. The average unit cost of crude oil processed by the Group (proprietary part) was RMB3,330.63/ton, down by 1.53%. The total cost of the Group's crude oil processing was RMB47,077 million, an increase of 1.97% over the previous year's RMB46,168 million, accounting for 54.54% of the total cost of sales.
Further optimized operation and improved the ability to increase efficiency
In 2019, the Group actively promoted the optimization of structure of crude oil, controlled crude oil stock and reduced costs of crude oil procurement. The Group optimized the structure of oil products, increased the output of gasoline, jet fuel and petrochemicals and raised the proportion of high value-added products with a growth rate of 7.41% in gasoline production and 27.95% in jet fuel production as well as a decrease of 0.05 in diesel to gasoline ratio. In addition, the Group encouraged market expansion and boosted sales with the annual exports of heavy low-sulfur marine fuel oil reaching 37,800 tons. The black polyethylene pipe plastic products successfully entered China Gas Holdings with sales increasing by 13.55% year-on-year. Moreover, the Group arranged field visits for technical experts and carried out the establishment of intelligent marketing service system to improve service quality. The Group implemented costs reduction by cutting the annual finance expenses by RMB363 million, a fall of RMB25.6 million year-on-year, strengthened the management of cash flow with a year-on-year decrease of 16.71% in the inventory balance, and controlled the key expenses including repairs, reducing nearly RMB100 million in the actual expenses compared to the goal.
Speed up development and promoted technological innovation
In 2019, the Group started the 400,000 tons/year oil cleaning project, achieved mid-term delivery of the precursor part of the second stage of PAN (Polyacrylonitrile) based carbon fiber project with annual production of 1,500 tons, and completed the Sinopec's demonstration of 48K large tow carbon fiber. The Group vigorously promoted regional cooperation with neighboring SCIP and Zhejiang Dushan Port Economic Development Zone to reach a development consensus on new materials. The Group strengthened technical researches in the field of new energy, made technical improvements on carbon fiber equipment technologies, deepened the updated technology applications of the whole process of refineries, and strived to promote researches on key technologies for low-sulfur marine fuel oil production and fuel cell-level hydrogen supply.
Business plans in 2020
In 2020, the Group will continue to adhere to the market-oriented and efficiency-centered strategy, constantly improve the level of safety and environmental protection, further strengthen system optimization and cost reduction and promote industrial restructuring, reform and innovation as well as the establishment of leader teams to strive to overcome the impact caused by COVID-19, the pressure of the sharp decline of crude oil prices on the Company's short-term performance and maintain stable production and operation. The Company plans to process a total of 15.30 million tons of crude oil and produce a total of 9.27 million tons of refined oil, 0.82 million tons of ethylene, 0.66 million tons of paraxylene, 0.92 million tons of plastic resin, 0.65 million tons of raw materials of synthetic fibers, 0.44 million tons of synthetic fiber polymers and 0.20 million tons of synthetic fibers.
Wu Haijun, Chairman of Sinopec Shanghai, said: "In order to realize the business targets in 2020, the Group will improve the level of safety and environmental protection, keep smooth operation of production devices, improve system optimization, tap the potential for cost reduction and efficiency improvement, accelerate the adjustment of industrial structure, make breakthroughs in core technologies, further strengthen corporate management and advance the reform of management system.
The Group will fully launch the establishment work of "14th Five-Year Plan", actively promote the implementation of refining clean-up transformation and initiate the construction of 48K large tow carbon fiber and third circuit 220KV power line project, ensuring oil cleaning project, the second phase of the carbon fiber project and other projects can be put into production on time. Meanwhile, the Group will build an innovative R&D center for new materials and promote the R&D of carbon fiber composite and industrial cultivation to accelerate the formation of industrial cluster superiority and make more breakthroughs in domestication of key equipment including oxidation furnaces and carbonization furnaces."
About Sinopec Shanghai Petrochemical Company Limited
Sinopec Shanghai Petrochemical Company Limited is one of the largest comprehensive petrochemical enterprises integrated refinery and petrochemical capacity in the People's Republic of China. It is also one of the largest domestic producers of ethylene. Ethylene is one of the most important intermediate petrochemical products used in the production of synthetic fibres, resins and plastics. Located at Jinshanwei in the southwest of Shanghai, the Company is a highly integrated petrochemical enterprise which processes crude oil into a broad range of petroleum products, intermediate petrochemical products, resins and plastics, and synthetic fibres. The Company sells most of its products within the PRC market and derives most of its revenues from customers in Eastern China, one of the fastest growing regions in the PRC. Relying on the competitive advantage of its high degree of integration, the Company is optimizing its product mix, improving the quality and variety of its existing products, upgrading technology and increasing the capacity of its key upstream plants. In 1993, the Company became the first company incorporated under the laws of the PRC to make a global equity offering, and its shares were listed on the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the New York Stock Exchange. Since the listing of its shares, the Company has strived to continuously improve and enhance its operation and management efficiency with an aim to build itself into a "leading domestically, first-class globally" energy and chemical and new material enterprise.
Sinopec Shanghai Petrochemical Company Limited
2019 Annual Results
(Prepared under International Financial Reporting Standards)
Consolidated Income Statement
	For the year ended 31 December
	2019		2018
	RMB'000		RMB'000
Revenue	100,269,667		107,688,907
Taxes and surcharges	(12,213,927)		(12,075,424)
Net sales	88,055,740		95,613,483
Cost of sales	(86,467,995)		(89,838,977)
Gross profit	1,587,745		5,774,506
Selling and administrative expenses	(549,885)		(536,114)
Net impairment losses on financial assets	59		(39)
Other operating income	150,714		202,617
Other operating expenses	(21,925)		(32,548)
Other gains - net	153,864		176,690
Operating profit	1,320,572		5,585,112
Finance income	416,747		443,661
Finance expenses	(53,784)		(106,249)
Finance income - net	362,963		337,412
Share of net profit of associates and joint ventures   accounted for using the equity method	972,593		885,597
Profit before income tax	2,656,128		6,808,121
Income tax expense	(428,963)		(1,471,903)
Profit for the year	2,227,165		5,336,218
Profit attributable to:
-              Owners of the Company	2,215,728		5,336,331
-              Non-controlling interests	11,437		(113)
	2,227,165		5,336,218
Earnings per share attributable to owners of   the Company for the year (expressed in   RMB per share)
Basic earnings per share	RMB 0.205		RMB 0.493
Diluted earnings per share	RMB 0.205		RMB 0.493
 
 
View original content:http://www.prnewswire.com/news-releases/shanghai-petrochemical-announces-2019-annual-results-301030177.html
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
3/26/2020
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5/4/2018 - Sinopec Shanghai Petrochemical Files Form 20-F
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Sinopec Shanghai Petrochemical Files Form 20-F
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW YORK, May 4, 2018 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited (the "Company") (HKEx: 338; SSE: 600688; NYSE: SHI) announced today that its Form 20-F for the fiscal year ended December 31, 2017, filed with the United States Securities and Exchange Commission on April 27, 2018, has been posted to the Company's website at http://www.spc-ir.com.hk/eng/report.asp. The soft copy of the Company's annual report on Form 20-F could also be downloaded through its website.
The Company will deliver within a reasonable time after request a hard copy of its 2017 annual report on Form 20-F, including its complete audited consolidated financial statements, free of charge, to any shareholder upon request.
To request a hard copy of the annual report, please write to:
Sinopec Shanghai Petrochemical Company Limited
48 Jinyi Road, Jinshan District, Shanghai, PRC
Postal Code: 200540
Attention to: the Secretariat to the Board of Directors
View original content:http://www.prnewswire.com/news-releases/sinopec-shanghai-petrochemical-files-form-20-f-300642706.html
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
5/4/2018
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3/15/2017 - Shanghai Petrochemical Announces 2016 Annual Results; Net Profit Surges by 82.28% to RMB 5,969 million
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Shanghai Petrochemical Announces 2016 Annual Results; Net Profit Surges by 82.28% to RMB 5,969 million
Source: PR Newswire
HONG KONG, March 15, 2017 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the audited operating results of the Company and its subsidiaries (the "Group") prepared under International Financial Reporting Standards ("IFRS") for the year ended 31 December 2016 (the "Year").
According to IFRS, revenue of the Group for the Year amounted to RMB 77,842.9 million. The net profit attributable to owners of the Company amounting to RMB 5,968.5 million, representing a surge of 82.28% compared to the same period last year. Basic earnings per share amounted to RMB 0.553 (2015: basic earnings per share was RMB 0.303). The Board of Directors recommended the distribution of cash dividend in respect of the year ended 31 December 2016 of RMB 2.50 (VAT inclusive) for every 10 shares to all shareholders for the Year (2015: annual dividend was RMB 1.00 for every 10 shares).
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In 2016, the global economy continued its recovery, growing at a rate higher than that in 2015. Growth in developed economies was more subdued than expected while a positive recovery was seen in emerging markets and developing economies. The Chinese economy encountered a slower growth rate, with an annual GDP growth at 6.7%, down by 0.2 percentage point from 2015. Structural problems associated with the overcapacity of refining and petrochemical production remained overwhelming and restrictions on resources, environmental protection and safety became more stringent. However, as compared with the significant drop of international oil prices during the year, the decline in prices for downstream refining and petrochemical products was less remarkable, which resulted in an increase in the gross profit of such products and a rise in the corporate returns. The Group actively responded to the complex market conditions in 2016. Focusing on overall efficiency, the Group made great efforts in safety production and environmental protection standards, optimizing operations, exploring new markets as well as cutting costs and expenses. As a result, a good performance was achieved in production and operations, and there was a significant increase in economic efficiency as compared to the previous year."
In 2016, the Group's net sales amounted to RMB 65,936.5 million, representing a slight decrease of 1.64% year-on-year. Of which, net sales of synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products decreased by 20.30%、1.95%、5.41%、and 22.07% respectively. Net sales of trading of petrochemical products increased by 50.06%.
For the year under review, the Group recorded a decline in total processing capacity due to maintenance of major refining plants. The deduction of total processing capacity resulted in a decrease in actual production volume of the Group, which amounted to 12,830,600 tons, down 7.47% from the previous year. In 2016, the Group processed 14,302,800 tons of crude oil (including 2,588,000 tons of crude oil processed on a sub-contract basis), representing a year-on-year decrease of 3.33%. Total production output of refined oil products amounted to 8,359,200 tons, down by 6.87%, among which the Group produced 2,878,700 tons of gasoline, down by 7.07%; 3,882,200 tons of diesel, down by 8.98%, and 1,598,300 tons of jet fuel, down by 0.91%. The Group produced 825,600 tons of ethylene, down by 1.3%; 670,600 paraxylene, up by 1.65%. Its output-to-sales ratio and receivable recovery ratio were 100.27% and 100%, respectively.
During 2016, international crude oil prices showed a rebound after a period of fluctuation. The average unit cost of crude oil processed by the Group (for its own account) was RMB 1,979.58 per ton, down by 21.86% over the previous year. The Group's cost of processing crude oil in 2016 accounted for 41.60% of the total cost of sales.
The Group thoroughly analyzed and implemented a safety and production accountability system, stringently managed contractor qualifications, personnel training as well as the assessment irregularities. Moreover, the Group actively promoted the hazard and operability study (HAZOP) analysis, and conducted in-depth investigations and the elimination of hidden safety hazards. On top of that, there was an optimization and adjustment in facilities and inspection plan to strengthen on-site maintenance management. The overall production and operation was continuously improved; efforts to intensify optimization and cost/expenditure reduction. The Group continued to implement its dynamic optimization mechanism and thoroughly improved the crude oil structure, equipment workload, raw materials, as well as product structure and processing procedures; continued to carry out various measures in energy conservation and emission reduction in compliance with the relevant state requirements, thereby achieve all targets set by the government. In terms of marketing, the Group continued to focus on the development of sales through Internet+, export expansion, advanced technical services and improvement in incentive mechanisms achieved in significant outcome in market development; facilitated project construction, R&D and IT projects steadily and implemented enhancement and transformation for multiple projects. The Group further optimized its organizational structure and work standards, revised the management requirements, improved appraisal methods and incentivized its departments so as to maximize the overall efficiency of the Company.
Looking forward, Mr. Wang Zhiqing said, "The outlook for growth in the global economy is pessimistic in 2017. Problems including the decline in the global potential growth rate, fragile financial market, weakened trade and investment, an increasingly obvious anti-globalization trend, coupled with the impact of uncertainties, such as geopolitics risk, refugee crisis, political cycles of the major countries and terrorism will have a great effect on the stability and development of the global economy and intensify the challenges for the global economic recovery. The Chinese economy has been experiencing a new normal and at the same time will maintain an L-shaped developing trend for a prolonged period. In 2017, China will accelerate its supply-side structural economic reform and will also endeavor to revitalize the real economy which further stimulates the market dynamism. However, at the same time, the gross demand is facing a downturn trend as the structural conflicts in China's economy remain prominent for a long period of time. The domestic growth momentum is greatly hindered by various challenges regarding economic development which poses a great downward pressure on the economic growth. In 2017, under the sustained yet complex market and operations environment, the Group will continue to adhere to the enhancement of development quality and effectiveness, enhance safety and environmental protection, strengthen production and operation standards, maximize system optimization, lower costs and enhance efficiency to promote further development of the company."
Shanghai Petrochemical is one of the largest petrochemical companies in China in terms of sales revenue and was one of the first Chinese companies to complete a global securities offering. Located at Jinshanwei in southwest Shanghai, the Group is a highly integrated petrochemicals enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, due to the PRC government's implementation of macro-economic control measures to curb over-heating of the PRC economy; the risk of uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase, the Company may not be able to raise the prices of its products as appropriate, which would adversely affect the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by the management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of the management; the risk of competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable laws.
Encl: Consolidated Income Statement
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
3/15/2017
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10/27/2016 - Shanghai Petrochemical Announces Results for the Third Quarter of 2016
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Shanghai Petrochemical Announces Results for the Third Quarter of 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Oct. 27, 2016 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the unaudited operating results of the Company and its subsidiaries (the "Group") for the nine-month period ended September 30, 2016 (the "Period").
Under the China Accounting Standards for Business Enterprises, the Group's revenue for the Period amounted to RMB54.585 billion (corresponding period of 2015: RMB61.558 billion). It recorded an operating profit of RMB5.309 billion (corresponding period of 2015: RMB2.919 billion). Net profit attributable to equity shareholders of the Company was RMB4.130 billion (corresponding period of 2015: RMB2.246 billion). Basic earnings per share amounted to RMB0.382 (corresponding period of 2015: RMB0.208).  
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In the first three quarters of 2016, the decrease in prices of the Company's products was smaller when compared with the decrease in the costs of the raw materials it procured, which led to an increase in gross profit. Of which, in the first quarter of 2016, the policy of "floor price" for domestic refined oil and the rebound of international crude oil prices provided support to the profit of the Company. Adhering to the foundation of safe and environmental-friendly production, the Group will continue to optimize the production and operation process, enhance the development quality and efficiency, adjust the product structure swiftly and strive for better profitability."
Shanghai Petrochemical is one of the largest petrochemical companies in China in terms of sales revenue and was one of the first Chinese companies to complete a global securities offering. Located at Jinshanwei in southwest Shanghai, the Group is a highly integrated petrochemicals enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
***
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, due to the PRC government's implementation of macro-economic control measures to curb over-heating of the economy; the risk of uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase, the Company may not be able to raise the prices of its products as appropriate, which would adversely affect the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by the management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of the management; the risk of competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable laws.
Encl: Consolidated Income Statement
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
10/27/2016
Close
8/23/2016 - Shanghai Petrochemical Announces 2016 Interim Results
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Shanghai Petrochemical Announces 2016 Interim Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Aug. 23, 2016 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the unaudited operating results of the Company and its subsidiaries (the "Group"), prepared under International Financial Reporting Standards ("IFRS"), for the six months ended 30 June, 2016 (the "Period").
According to IFRS, turnover for the Group for the Period reached RMB36,968.5 million, representing a decrease of 12.24% year-on-year. The Group recorded profit after income tax and non-controlling shareholder interests of RMB3,148.6 million, representing an increase of 77.80% year-on-year. Basic earnings per share amounted to RMB0.292 (2015 interim: basic earnings per share of RMB0.164). The Board of Directors did not recommend the distribution of 2016 interim dividend (2015 interim: Nil).
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In the first half of 2016, China's economy faced the complicated domestic and international environment and the increased downward pressure on its growth. China accelerated its supply-side structural reform and supported the start-up business and innovation, which enabled the economy to achieve an overall steady development and recorded a GDP growth of 6.7% for the first half of 2016, representing a decrease of 0.3 percentage points as compared to the same period last year. The petrochemical industry in China was steady for the first half of 2016 in general as consumption of major products increased steadily, profitability of refined oil products improved while profit from the petrochemical business grew more rapidly. However, downward pressure affecting the development of the industry remains. While investment decreased and a new growth driver had yet to come, the industry was in the process of bottoming out and regaining confidence. The Group endeavoured to achieve progress in safety and environmental protection, operation optimization, market exploration, as well as cost and expenses reduction while facing the adversity and intensive market competition."
In the first half of 2016, the Group's net sales amounted to RMB30,782.3 million, representing a decrease of 12.21% year-on-year. Among which, net sales of synthetic fibers, resins and plastics, intermediate petrochemical products and petroleum products declined by 22.17%, 12.10%, 16.30% and 29.06%, respectively. Net sales from the trading of petrochemical products increased by 32.00%.
In the first half of 2016, the total production volume of the Group reached 6,510,500 tons, which representing a year-on-year decrease of 8.53%. From January to June, the Group processed 7,354,000 tons of crude oil (including 1,316,800 tons of crude oil processed on a sub-contract basis), which remain the same level with last year. The production volume of refined oil products reached 4,437,200 tons, representing a year-on-year increase of 0.56%. Among which, the output of gasoline was 1,562,600 tons, representing a year-on-year increase of 4.79%; the output of diesel was 2,038,800 tons, representing a year-on-year decrease of 4.79%; and the output of jet fuel was 835,800 tons, representing a year-on-year increase of 7.20%. The Group produced 414,800 tons of ethylene and 330,800 tons of paraxylene, representing a year-on-year decrease of 2.05% and 2.96%, respectively. The Group also produced 527,200 tons of synthetic resins and plastic (excluding polyesters and polyvinyl alcohol), representing a year-on-year decrease of 0.88%; 333,300 tons of synthetic fiber monomers, representing a year-on-year decrease of 21.52%; 217,500 tons of synthetic fiber polymers, representing a year-on-year decrease of 0.09%; and 110,400 tons of synthetic fibers, representing a year-on-year decrease of 4.66%. During the Reporting Period, the output-to-sales ratio and receivable recovery ratio of the Group were 98.25% and 100.00%, respectively.
In the first half of 2016, the fundamentals of crude oil market gradually recovered, the global crude oil prices rebounded after touching the bottom in the beginning of the year and then showed a rising trend, with fluctuations. The average unit cost of crude oil processed (for the Group's own account) was RMB1,745.24 per ton, representing a decrease of 34.22% year-on-year. The Group's cost of crude oil accounted for 39.29% of the total cost of sales.
During the Period, the Group thoroughly broke down and implemented the responsibilities on safe production. The Group maintained the stable operation of production devices and strengthened the evaluation on production and operation performance with all technical and economic indicators effectively improved. The Group adhered to the dynamic optimization mechanism of "daily computation of gross profit margin and weekly exploration of plant potential". Meanwhile, the Group steadily implemented major emission reduction projects, such as the desulfurization and denitrification of boilers in thermal power division and the start-up boiler renovation for the Olefins Division. It also completed the "Clear Water, Blue Sky" environmental protection project. In terms of technology development, on top of designing high-value-added new products and implementing marketing initiatives, the Group actively endeavored to achieve an up-to-standard operation of carbon fiber equipment with a breakthrough in the industrial application of carbon fiber achieved. The Group developed and manufactured 117,300 tons of new products, and submitted 26 patent applications and obtained 28 patent authorizations. In addition, the Group actively optimized the management framework and further enhanced corporate management.
Looking ahead, Mr. Wang Zhiqing said, "In the second half of 2016, the global economy will be clouded with more uncertainties. Given low prices for staple commodity, lackluster growth of advanced economies, weak investment and trading, coupled with the impact of uncertainties such as geopolitics and Brexit (the United Kingdom leaving European Union), the global economy will continue to be in a stage of profound adjustments and the challenges to an economic recovery will still be severe. Despite the unchanged fundamental long-term positive trend of China's economic development, the downward pressure on the economy will remain enormous as the structural contradictions in the China's economy will continue to be obvious, new drivers for economic growth are yet to emerge, and it will take time to formulate solutions to the overcapacity problem. Facing the serious structural overcapacity of the petrochemical industry in China, as well as the reform of resource tax in China and fees imposed on pollutants emissions, costs of petrochemical enterprises will definitely increase. The increasingly stringent safety and environmental standards of the state and acceleration of oil products upgrade will also pose tremendous challenges to the industry. Facing a challenging market environment, the Group's approach will be more efficiency-oriented and market-oriented to ensure achievements in various aspects, including safety and environmental protection, optimization of system, reduction of cost and expenses, as well as corporate governance, which in turn will realize a continuous growth of benefits."
Shanghai Petrochemical is one of the largest petrochemical companies in China in terms of sales revenue, and was one of the first Chinese companies to complete a global securities offering. Located in the Jinshan District in southwest Shanghai, the Group is a highly-integrated petrochemicals enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
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This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, due to the PRC government's implementation of macro-economic control measures to curb over-heating of the PRC economy; uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase, the Company may not be able to raise the prices of its products as appropriate, thus adversely affecting the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by the management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of the management; the risk of competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable laws.
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Encl: Condensed Consolidated Income Statement (Unaudited): http://photos.prnasia.com/prnk/20160823/8521605335
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
8/23/2016
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4/29/2016 - Sinopec Shanghai Petrochemical Files Form 20-F
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Sinopec Shanghai Petrochemical Files Form 20-F
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, April 28, 2016 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited (the "Company") (HKEx: 338; SSE: 600688; NYSE: SHI) announced today that its Form 20-F for the fiscal year ended December 31, 2015, filed with the United States Securities and Exchange Commission on April 27, 2016, has been posted to the Company's website at http://www.spc-ir.com.hk/eng/report.asp. The soft copy of the Company's annual report on Form 20-F could also be downloaded through its website.
The Company will deliver within a reasonable time after request a hard copy of its 2015 annual report on Form 20-F, including its complete audited consolidated financial statements, free of charge, to any shareholder upon request.
To request a hard copy of the annual report, please write to: 
Sinopec Shanghai Petrochemical Company Limited
48 Jinyi Road, Jinshan District, Shanghai, PRC
Postal Code: 200540
Attention to: the Secretariat to the Board of Directors
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
4/29/2016
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3/16/2016 - Shanghai Petrochemical Announces 2015 Annual Results
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Shanghai Petrochemical Announces 2015 Annual Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, March 16, 2016 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the audited operating results of the Company and its subsidiaries (the "Group") prepared under International Financial Reporting Standards ("IFRS") for the year ended 31 December 2015 (the "Year").
According to IFRS, revenue of the Group for the Year amounted to RMB 80,748.1 million, representing a decrease of 20.93% over the previous year. The Company has achieved a successful turnaround from loss, with a net profit attributable to owners of the Company amounting to RMB 3,274.3 million (2014: net loss attributable to owners of the Company of RMB 692.2 million). Basic earnings per share amounted to RMB 0.303 (2014: basic loss per share of RMB 0.064 based on the Company's total issued share capital of 10.8 billion shares). The Board of Directors recommended the distribution of cash dividend in respect of the year ended 31 December 2015 of RMB 1.00 (VAT inclusive) for every 10 shares to all shareholders for the Year (2014: Nil).
Mr. Wang Zhiqing, Chairman of Shanghai Petrochemical, said, "In 2015, in view of the intensifying economic downward pressure and overwhelming problem of structural overcapacity, the Chinese government implemented a series of adjustment measures and reform initiatives to stabilize economic growth. Overall, the Chinese economy was stable, with an annual GDP growth of 6.9%, but the economic growth rate further slowed down. In terms of the petrochemical industry in China, the price of bulk petrochemical products remained weak in a low oil price environment, investments in the industry declined, and structural problems associated with the overcapacity of petrochemical products remained overwhelming and restrictions on resources, environmental protection and safety became tighter. However, compared with the significant drop in oil price, the decline in prices for downstream products was relatively small, there were increases in the profit on such products and the returns of the industry increased and stabilized. Amidst complicated and ever-changing market conditions in 2015, the Group focused on efficiency, and made great strides in safety and environmental protection standards, in optimizing production and operations as well as in cutting costs and expenses. It maintained smooth and stable production and operations, and significantly enhanced economic returns.
In 2015, the Group's net sales amounted to RMB 67,037.2 million, representing a decrease of 27.70% year-on-year. Of which, net sales of synthetic fibres, resins and plastics, intermediate petrochemicals, petroleum products and trading of petrochemical products decreased by 19.48%, 19.99%, 24.69%, 37.47% and 7.25% respectively.
In 2015, the Group achieved significant improvements in the stable operation of its production facilities. The expansion of total processing capacity resulted in an increase in actual production volume of the Group, which amounted to 13,866,200 tons, up 2.18% over the previous year. During the year, the Group processed 14,795,300 tons of crude oil (including 2,010,100 tons of crude oil processed on a sub-contract basis), representing an increase of 4.41% as compared with the previous year. Total production output of refined oil products amounted to 8,975,900 tons, up 6.55%, among which the Group produced 3,097,600 tons of gasoline, up 7.91%; 4,265,300 tons of diesel, up 4.92%, and 1,613,000 tons of jet fuel, up 8.36%. The Group produced 836,500 tons of ethylene, 533,000 tons of propylene and 112,300 tons of butadiene, up 3.99%, 4.47% and 6.34%, respectively. The Group produced 359,500 tons of benzene, up 3.45% and 659,700 tons of paraxylene, down 3.07%. The Group also produced 1,042,700 tons of synthetic resins and copolymers (excluding polyesters and polyvinyl alcohol), at par with the previous year; 801,600 tons of synthetic fiber monomers, up 13.56%; 416,600 tons of synthetic fiber polymers, at par with the previous year; and 223,800 tons of synthetic fibers, down 3.70%. Its output-to-sales ratio and receivable recovery ratio were 99.91% and 100%, respectively.
The world economy experienced a weaker-than-expected economic growth in 2015 and slack demand for oil. At the same time, the reduction in production cost of crude oil helped to maintain a faster growth in production volume. Global crude oil prices fluctuated between mid to low levels. In 2015, the average unit cost of crude oil processed by the Group (for its own account) was RMB 2,533.46 per ton, down 45.15% over the previous year. The Group's cost of processing crude oil in 2015 accounted for 51.61% of the total cost of sales.
During the Year, the Group leveraged its competitive edge in the production integration of the refinery and petrochemical segments and upheld its concept of optimizing the entire production process. It maximized the returns by applying the optimization to individual links in the production chain, such as procurement and allocation of crude oil, product mix, production schedule and fuel mix. Meanwhile, the Group continued to carry out various measures in energy conservation and emission reduction in compliance with the relevant national requirements, thereby achieving all targets set by the government. The Group was committed to "further expand the refining business, take the lead in the petrochemical industry, and implement integration of refinery and petrochemical segments". It also finished the first draft of the plan to construct and develop the "Thirteenth Five-Year" project. The Group produced 281,400 tons of new products and submitted 53 patent applications, and obtained seven patent authorizations. It further accelerated the building of management system and persistently optimized the management duty and organization structure within the Company.
Looking forward, Mr. Wang Zhiqing said, "The global economy will remain complex and volatile in 2016. Amid the continuous moderate recovery in developed countries, the US economy is expected to enter into an expansionary cycle driven by re-industrialization, although emerging economies are still facing downward pressure. China's economic development faces uncertainties in the recovery of the global economy. Under the principle of upholding growth anchored in stability, China will advance its supply-side structural reform by focusing on reducing production capacity, inventories and leverage, lowering costs and replenishing laggards. Besides, efforts will be stepped up in enhancing the quality and effectiveness of development, and the GDP is anticipated to maintain a medium to high growth rate. In this context, the domestic petroleum and petrochemical markets is facing a tougher external business environment. China will accelerate the opening up of the competitive businesses of natural monopolies in the industry, such as oil and natural gas. During the "Thirteenth Five-Year" period, petrochemical projects of tens of millions of tons will commence production and intensify the competitive pressure in the petrochemical industry. The Central and Shanghai government have introduced a series of safety and environmental protection policies, which will increase the development pressure faced by petrochemical enterprises, while other factors will bring even greater challenges to the development and survival of traditional petrochemical enterprises, including the acceleration of quality upgrading for refined oil, new industrial technologies and extensive application of new materials. Under the complex and volatile market and a prolonged severe operating environment, the Group will continue to adhere to the enhancement of development quality and effectiveness. Such an approach will not only ensure the prevention of safety and environmental protection incidents and further enhance production and operation level, but will also deepen system optimization, lower costs and enhance efficiency, while realizing sustained promising operating results.
Shanghai Petrochemical is one of the largest petrochemical companies in China in terms of sales revenue and was one of the first Chinese companies to complete a global securities offering. Located at Jinshanwei in southwest Shanghai, the Group is a highly integrated petrochemicals enterprise which processes crude oil into a broad range of products such as synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks such as the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, due to the PRC government's implementation of macro-economic control measures to curb over-heating of the PRC economy; the risk of uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase, the Company may not be able to raise the prices of its products as appropriate, which would adversely affect the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in one or more of its four major product categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by the management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of the management; the risk of competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable laws.
Encl: Consolidated Income Statement (http://photos.prnasia.com/prnk/20160316/8521601743)
SOURCE Sinopec Shanghai Petrochemical Company Limited

Article Date
3/16/2016
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