PDF《中国海洋石油有限公司 （00883.HK）》

6 of

7 Company Report Appendix: Financial summary Statement of financial position Statement of comprehensive income RMB million

2010 2011 2012E 2013E 2014E RMB million

2010 2011 2012E 2013E 2014E Current Assets

100653 131923

162531 181902

203582 Revenues

183053 240944

217016 221150

225364 Cash &

equivalents

39571 48154

90856 102449

107321 Cost of sales (92381) (129219) (103913) (105773) (107788) Trading investments

18940 27576

18940 18940

18940 Gross Profit

90672 111725

113103 115378

117576 Trade notes

0 0

0 0

0 Op expenses (16204) (18264) (20725) (20125) (20508) Trade receivables

20235 20662

23630 23184

22747 Admin exp (3063) (2854) (3635) (3704) (3775) Other receivables

0 0

0 0

0 Financial costs (1222) (1707) (1489) (1519) (1548) Inventories

4076 4380

4770 4951

5140 Impairments

0 0

0 0

0 Other current assets

17831 31151

24335 32378

49435 FV changes

0 0

0 0

0 Non-current assets

227273 252341

262124 272743

283792 Inv income

3 1828

1828 1828

1828 AFS Investment

8704 7365

8704 8704

8704 Op Profit

71405 90607

88743 91549

93293 PPE

212331 220567

241201 255825

270252 Non-op inc 0.0 0.0 0.0 0.0 0.0 Intangible assets

3022 1033

3022 3022

3022 Non-op exp 0.0 0.0 0.0 0.0 0.0 Other non-current assets

3217 23376

9197 5192

1814 PBT

72650 92565

90289 92508

94271 Total assets

327926 384264

424655 454645

487374 Taxes (18240) (22310) (22572) (23127) (23568) Liquid Liabilities

69410 70216

81773 87237

93067 Net Profit

54410 70255

67717 69381

70703 Bank loans

21631 19919

25076 26492

27987 NCI

0 0

0 0

0 Trade payables

18550 20424

19991 19602

19221 Parents

54410 70255

67717 69381

70703 Prepaid Accounts

0 0

0 0

0 EPS (yuan) 1.22 1.57 1.52 1.55 1.58 Other liquid liabilities

29229 29873

36706 41144

45859 Long term Liabilities

42750 51192

48315 51334

54542 Ratios Loans

11716 18076

11716 11716

11716 2010

2011 2012E 2013E 2014E Others

31034 33116

36599 39618

42825 YoY growth rate Total Liabilities

112160 121408

130088 138571

147608 Revenue 74% 32% -10% 2% 2% Issued capital

949 949

949 949

949 Op profit 77% 27% -2% 3% 2% Retained Earnings

155574 211439

242654 286888

331965 Net profit 85% 29% -4% 2% 2% Reserves

59243 50468

50964 28237

6852 Profitability NCI

0 0

0 0

0 Gross margin 50% 46% 52% 52% 52% Parents

215766 262856

294567 316074

339766 NP margin 30% 29% 31% 31% 31% Total equity and liabilities

327926 384264

424655 454645

487374 ROE 25% 27% 23% 22% 21% ROIC 29% 31% 27% 26% 25% Statement of cash flows Liquidity RMB million

2010 2011 2012E 2013E 2014E D/A 10% 10% 9% 8% 8% CF from OA

83498 116171

103492 96543

90061 ND/A -2% -2% -13% -14% -14% Net profit

72650 92565

90289 92,508 94,271 Liquid ratio 1.5 1.5 2.0 2.1 2.2 D&

A

27687 30521

34010 37836

42092 Quick ratio 1.4 1.4 1.9 2.0 2.1 Finance costs

1214 1707

1489 1519

1548 Operating efficiency Investment income (427) (1828) (427) (427) (427) Asset turnover 0.6 0.6 0.5 0.5 0.5 Changes of WC (2351) (2468) (2421) (2454) (2487) Inventory turnover 16.1 16.1 16.8 17.1 17.4 Others (15273) (4326) (19449) (32,439) (44,936) ARturnover 40........