Financial Statements. Consolidated Balance Sheet million RMB yuan. Financial Statements Annual Report

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1 2013 Annual Report Financial Statements Financial Statements Consolidated Balance Sheet million RMB yuan Current assets Cash and cash equivalent 278, , , Tradable financial assets 3, , , Bills and accounts receivable 101, , , Prepayments 51, , , Other accounts receivables 55, , , Inventories 314, , , Other current assets 81, , , Total current assets 887, , ,041, Fixed assets Available-for-sale financial assets 45, , , Held-to-maturity investments 138, , , Long-term equity investments 71, , , Fixed assets-net value 619, , , Construction in progress 319, , , Oil and gas assets 699, , , Intangible assets 60, , , Other fixed assets (other long-term assets) 185, , , Total fixed assets 2,140, ,427, ,715, Total Assets 3,027, ,409, ,757, Current liabilities Short-term loans 92, , , Bills and accounts payable 327, , , Prepayments 73, , , Employee pay payable 23, , , Taxes payable 132, , , Other payables 92, , , Other current liabilities 241, , , Total current liabilities 982, , ,131, Non-current liabilities Long-term loans 29, , , Estimated liabilities 73, , , Deferred income tax liabilities 25, , , Other non-current liabilities 216, , , Total non-current liabilities 344, , , Total liabilities 1,327, ,545, ,701,

2 Financial Statements 2013 Annual Report Consolidated Balance Sheet (continued) Owners equity Paid-in capital 379, , , Capital reserves 261, , , Special reserves 32, , , Surplus reserves 841, , ,035, General risk preparation 1, , , Retained profits 14, , , Converted difference in Foreign Currency Statements -17, , , Total owners' equity attributable to parent company 1,513, ,636, ,787, Minority interests 186, , , Total owners' equity 1,700, ,864, ,055, Total liabilities and owners' equity 3,027, ,409, ,757, Consolidated Profit Statement million RMB yuan million RMB yuan Operating income 2,381, ,683, ,759, Income from core businesses 2,376, ,678, ,753, Income from other businesses 4, , , Less: Operating cost 1,716, ,026, ,101, Cost of core businesses 1,712, ,022, ,096, Cost of other businesses 3, , , Business tax and supertax 268, , , Sales expenses 61, , , Management expenses 120, , , Financial expenses 14, , , Loss on depreciation of assets 13, , , Others 26, , , Plus: Income from change in fair value (Loss is presented with "-") Income from investments (Loss is presented with "-") 21, , , Operating profit (Loss is presented with "-") 181, , , Plus: Non-operating income 14, , , Less: Non-operating expense 14, , , Total profit (Loss is presented with "-") 181, , , Less: Income tax expense 51, , , Net profit 130, , , Net profit attributable to owners' equity of the parent company 105, , , Loss and gain from minority 25, , ,

3 2013 Annual Report Financial Statements Notes to the Financial Statements A. Description of Principal Accounting Policies and Accounting Estimates 1. Accounting standard and accounting system Since January 1, 2007, CNPC (hereinafter referred to as the Company) started to follow the Accounting Standard for Business Enterprises issued by the Ministry of Finance in Fiscal year The fiscal year starts on January 1 and ends on December 31 each calendar year. 3. Standard accounting currency The Company and most of its subsidiaries adopt RMB yuan as currency used in bookkeeping. The combined financial statement of the Company is listed in RMB yuan. 4. Accounting basis and valuation Accounting is based on the accrual system. Unless otherwise specified, all assets are measured at historical cost. 5. Foreign currency accounting and conversion (1) Foreign currency transaction Our foreign currency transactions are converted into RMB yuan at the spot exchange rate on the days the transactions occurred; the monetary foreign currency assets and liabilities on the balance sheet date are converted into RMB yuan at the spot exchange rate on the balance sheet date. The exchange gains and losses arising from these translations that occurred in construction preparation, production and operation are taken into financial expenses; those related to the acquisition and construction of fixed asset, oil and gas asset and other assets in line with the capitalization condition are handled according to relevant provisions about borrowing costs; and those occurred in the period of liquidation are taken into liquidation gain or loss. A non-monetary foreign currency asset measured at historical cost is converted into RMB yuan at the spot exchange rate on the trading day, with its amount in RMB yuan unchanged. A non-monetary foreign currency asset measured at fair value is converted into RMB yuan at the spot exchange rate for the date when the faire value was determined, with the difference thus caused taken into the current profits and losses as a change in fair value. (2) Conversion of financial statement in foreign currency All asset and liability items presented in Foreign Currency Balance Sheet are converted into RMB yuan at spot exchange rate on the balance sheet date; the owner s equity other than undistributed profit is converted at spot exchange rate when occurred. Foreign incomes and expenses presented in the Income Statement are converted in a systematic approach at the reference rates for RMB announced by PBC on a daily basis over the period of time covered by the income statement. The exchange difference of Foreign Currency Balance Sheet arising from the conversions mentioned above is presented separately in Converted Difference in Foreign Currency Statement under owner s equity. The exchange difference arising from monetary foreign currency items materially invested in foreign business due to the change in exchange rate is also presented separately in owner s equity when preparing consolidated financial statements. When disposing foreign business, the related exchange difference is carried, in proportion, to the gains/losses of the period the business is disposed. The opening balances of cash and cash equivalents in the Foreign Currency Cash Flow Statement are converted at statement s initial exchange rate; and the closing balances are converted at the spot exchange rate on the balance sheet date. And other items are converted in a systematic approach at reference rates for RMB announced by PBC on a daily basis over the period of time covered by the cash flow statement. The converted difference of cash flow statement arising from the conversions mentioned above is presented separately in Effect of the Change of Exchange Rate on Cash. 6. Recognition of cash and cash equivalents The cash presented in the Cash Flow Statement comprises cash in hand and the deposits available for payment from time to time. Cash equivalents presented in the Cash Flow Statement are short-term (mature within three months), highly liquid investments that are readily convertible into cash and almost have no risk of change in value. 7. Financial assets (1) Financial assets are classified upon initial recognition into four categories: financial assets at fair values through profit or loss, heldto-maturity investments, loans, receivables, and available-for-sale financial assets. 44

4 Financial Statements 2013 Annual Report (2) Recognition and measurement of financial assets Financial assets are initially recognized at fair value. For financial assets at fair value through profit or loss, the costs of acquisition are directly stated in profit and loss accounts. Transaction costs of other financial assets are initially recognized at fair value. Financial assets at fair value through profit or loss and available-for-sale financial assets are subsequently measured at fair value; the investments in equity instruments that are not quoted in active market and its fair value cannot be measured reliably are measured at costs; loans, receivables and held-to-maturity investments are measured at amortized cost using the effective interest method. Changes in fair value of financial assets at fair value through profit or loss are recorded in profit/loss on changes in fair value; interests or cash dividends from the assets held are recognized as income from investment; when disposed, the difference between its fair value and initially recognized amount is recognized as gain/loss on investment, and its gain/ loss on changes in fair value are adjusted accordingly. The held-to-maturity investments during the period of holding shall be determined using the effective interest method and shall be recognized as income from investment. The effective interest rate shall be determined upon obtaining such investment and remain unchanged in the following period. When disposed, the difference between the price of obtaining such investment and its book value shall be determined as income from investment. When recovering the loans and receivables or disposing of the loans, the difference between the prices of obtaining such investment and loan book value shall be determined as the income statement. Changes in fair value of available-for-sale financial assets are recorded in owner's equity; interests are recorded in gains on investment using the effective interest method; cash dividends of available-for-sale investment in equity instruments are recorded in gains on investment when invested enterprises announce to distribute dividends; when disposed, the difference between acquisition cost and the carrying value is recorded in gains from investment; meanwhile, the accumulative amount of the changes in fair value originally recorded in owner s equity and corresponding to the disposition is carried into gains from investment. (3) Impairment of financial assets An assessment of carrying value of financial assets, except for financial assets at fair value through profit or loss, is made at each term end to determine whether there is objective evidence of impairment. If there is an objective evidence of impairment of a financial asset, a provision for impairment is recognized. For an impairment of financial assets held at amortized cost, a provision for impairment is made at the difference between the estimated discounted future cash flows from the asset and the book value thereof. If there is any objective evidence proving that the value of the said financial asset has been restored, and it is objectively related to the events occurring after such loss is recognized, the impairment-related losses as originally recognized shall be reversed and be recorded into profits and losses of the current period. Where there is a substantial or non-temporary decrease in fair value of available-forsale financial assets, the accumulated losses on decrease of fair value that are directly recorded in owner s equity before are recorded in losses on impairment. For available-for-sale investment in debt instruments with recognized loss on impairment, if its fair value is increased in a subsequent period and the increase can be related objectively to an event occurring after the impairment was recognized, the previously recognized loss on impairment is reversed and recognized in the income statement. For available-for-sale investment in equity instruments with recognized loss on impairment, if its fair value is increased in a subsequent period and the increase can be related objectively to an event occurring after the impairment was recognized, the previously recognized loss on impairment is reversed and recognized directly in the shareholder s equity. 8. Inventories (1) Categories of inventory: raw materials, work in progress and semifinished goods, finished goods, packing materials, low-value consumption goods, goods sold, materials for consigned processing, engineering construction (outstanding payment) etc. (2) Inventories are carried at the actual cost when acquired, using perpetual inventory method; actual cost of delivered or sold inventories are carried at weighted average. (3) Low-value consumption goods and packing materials are amortized using one-off amortization method when they are put into use. 45

5 2013 Annual Report Financial Statements (4) Year-end inventories are carried at the lower of cost and net realizable value. Based on wall-to-wall inventory at the end of the period, provision for inventory write-down is retained at the difference between cost and net realizable value of inventory on the individual item basis in the following circumstances, where the net realizable value is lower than the cost. For inventory of large quantity and low unit price, provision for inventory writedown may be recognized by category. The net realizable value is expected selling price less estimated complete cost, selling cost and related tax. a. The market price of inventory continues to fall with no hope of recovery in the foreseeable future; b. The product using the raw material is manufactured at a cost higher than the selling price thereof; c. The existing raw material fails to meet the needs of new products as a result of product upgrading and the market price of such raw material is lower than its carrying cost; d. The goods or services are obsolete or there is a preference-driven change in market needs, resulting in a gradual decline in the market price thereof; e. Other circumstances demonstrating a substantial impairment of inventory. 9. Long-term equity investment (1) Initial measurement of long-term equity investment The assets paid, liabilities occurred or assumed and the fair value of the equity securities issued on the purchase day for acquiring the control of the purchased business are recognized as cost on combination. And the cost on combination is recognized on the purchase day as initial cost of investment in the long-term equity investment. Except for the long-term equity investment obtained from combination of business mentioned above, if a long-term equity investment is obtained through payment of cash, payment of non-monetary assets or issue of equity securities, its fair value is recognized as initial cost of long-term equity investment; if a long-term equity investment is obtained from debt reorganization, the fair value of the shares converted from financial claim is recognized as the initial cost of investment to the debtor; if a long-term equity investment is invested directly, the value agreed in investment contract is recognized as initial cost of the investment, in the event that the value agreed is unfair, the fair value of the equity invested is recognized as initial cost of investment. (2) Subsequent measurement of long-term equity investment Investment in subsidiary is the equity investment in a business practically controlled by the Company. The investment in subsidiary is recognized using cost method, and is adjusted using equity method for the purpose of consolidated financial statements. Investment in joint venture is the equity investment in a mutual control on a contracted commercial activity in which the sharing party agrees to share the control on the significant financial, production and operating decisions with the Company. The investment in joint venture is recognized using equity method. Investment in subsidiary is the equity investment in a business on which the Company does significant influence. The investment in associate is recognized using equity method. Long-term equity investment that is not quoted in active market and with undeterminable fair value and insignificant influence are recognized using cost method. For the long-term equity investment quoted in active market and with determinable fair value, if it is not quite influential, its fair value is reported in available-for-sale financial assets, and the change in fair value is taken into owner s equity. (3) Provision for depreciation of long-term equity investment At the end of the year, the long-term equity investment is reviewed and the provision for the depreciation of the long-term equity investment is retained against the difference between the recoverable amount and the carrying value. Once the provision for the depreciation of the long-term equity investment is retained, it should not be reversed during subsequent accounting periods. For non-marketable long-term equity investment, depreciation is likely in the following circumstances: a. There is a change in the political or legal environment of the invested business, such as an enactment of or amendment to the tax and trade regulations, that may result in huge losses of the invested business; b. The goods or services of the invested business are obsolete or there is a change in market needs, resulting in a serious deterioration in the financial conditions of the invested business; c. The invested business has lost its competitive edge due to a major technological change etc. in the sector, resulting in a serious deterioration in the financial conditions of the invested business such as clean-up or liquidation; 46

6 Financial Statements 2013 Annual Report d. Other circumstances demonstrating a substantial failure of the invested business to generate economic benefits for the company. 10. Government subsidies (1) Types of government subsidies Government subsidies comprise mainly of treasury funding, interest subsidies, tax rebates and free allocation of non-monetary assets etc. (2) Acknowledgment of government subsidies The company has acknowledged government subsidies that it is eligible for and granted. Asset-related governmental subsidies are recognized as asset and deferred income when received, and contributed averagely to gains/losses of the period against the expected useful life of such asset. For a disposal upon or before end of the useful life of such asset, the un-contributed deferred income is carried into gains/losses of the period. Income-related governmental subsidy used to recover related expenses or losses in the subsequent period is recognized upon receiving as deferred income, and is taken into the income statement of the period in which the related expenses is recognized; those used to recover related expenses and losses occurred in this period are directly recognized upon receiving as the gains/ losses of the current period. For those that are confirmed to be returned by governmental subsidy, involve with related deferred income or write down the book balance of deferred income, and the exceeding portion is taken into the gains/losses of the current period; those that do not involve with related deferred income are directly recognized upon receiving as the gains/losses of the current period. 11. Income tax Income tax expenses are recognized using balance sheet debt method. Asset and liability of the deferred income tax is based on the (temporary) difference between the tax base of asset and liability and the carrying value thereof. B. Main Taxes 1. Income tax The applicable tax rate for business income taxes of the Company is 25%. 2. Value added tax Value added tax is set at 17% for petroleum and petrochemical products and 13% for natural gas and LPG. 3. Operating tax Operating tax is set at 3% for transportation (The reform program to replace the business tax with a value-added tax was expanded nationwide on Aug 1 in pilot sectors including the transport industry and modern service sectors. The added value tax rate in the transport industry is 11%) and construction, and at 5% for finance and insurance, service operations, transfer of intangible assets and real estate sales. 4. Supertax Urban tax is calculated and paid at 1% of turnover tax. Maintenance tax is calculated and paid at 5% of turnover tax. Construction tax is calculated and paid at 7% of turnover tax. Educational surtax is calculated and paid at 3% of turnover tax. 5. Excise tax Tax payable is calculated at the rate of 1.0 yuan per liter for lead-free gasoline, 0.8 yuan per liter for diesel, 1.0 yuan per liter for naphtha, solvent, and lubricant, and 0.8 yuan per liter for fuel oil. 6. Personal income tax The employees are responsible for their own income tax, which is withheld and remitted by the Company. 7. Royalties A value-based resource tax is imposed on crude oil and natural gas at a rate of 5%. According to the Circular on Some Issues in the Reform of Resource Tax on Crude Oil and Natural Gas (CS [2011] No.114), crude oil and natural gas used for heating in on-site heavy oil transmission are exempt from the resource tax; heavy oil, high pour point oil and acid gas enjoy 40% tax reduction; EOR operations enjoy 30% tax reduction; low-abundance fields enjoy 20% tax reduction on a temporary basis; and deepwater fields enjoy 30% tax reduction. 47

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