Annual Report 2012 CNPC Finance (HK) Limited

Annual Report 2012 CNPC Finance (HK) Limited

Contents 1 2 3 4 2 Company Profile 6 Chairmans Statement 8 Business Review 10 Board of Directors and Senior Executives 14 Corporate Governance, Internal Control and Risk Management 20 Organizational Structure 2012 21 Financial Position and Operating Results of 2012 2012 29 Independent Auditors Report for the Year Ended 31 December 2012 2012 40 Notes to the Consolidated Financial Statements 76 Contact Information

1

2008 2009 2010 20083 199512 140 2

2011 18.530 2012 11.5 2012 233.104.862.05 24.7%20.9%21.1% 3

5 20092011 A1/P1 A+/A-1 4

5

6 2012 201212233.10 10.24% 20,493 17.60% 2012 50 42012100 2012 5,938 60.9717.94%33.43% 140 11.5 20 2013

7 7

2012 2012233.10 21.6510.24% 48,5646,884 16.52%20,493 3,06717.60% 197.89 138.8412.85 10.20% 53.9928.85% 32,9051,774.82 16.66%90% 8

11.5 20 23 121 155.22 95.7159.51 3.711,284 Finance and Treasury CenterFTC 9

30 199510199711 19991120072 20085 20112 10

3019995 200422008320084 20114 40199912 2001320031120031120083 2008420083 3020001020084 2008420098 20098 20114 11

2019992007 200720098 2019992012 20129 201211 30200132005 82008320083 20114 12

2019992008 20107 20083 13

2012 8 2012 3 11 14

15

2012 16

17 17 20 17

18

19

51% 49% 100% 100% 100% 20

2 2012 21

2012 2012 2011 2010 2009 2008 20,493 17,426 8,731 5,799 840 19,236 15,927 8,250 5,202 738 45,517 40,642 18,686 8,509 4,098 2,228 17 327 1,821 534 27,485 23,872 10,906 4,503 3,878 573 387 135 19 23 2,330,982 2,114,451 1,328,033 817,311 452,832 1,388,397 1,259,899 882,004 579,146 222,228 2,240,303 2,044,582 1,293,584 790,777 451,118 90,679 69,870 34,448 26,525 1,712 61.70% 37.23% 27.37% 28.23% 23.96% 7.82% 7.32% 10.27% 14.28% 0.23% 0.82% 0.80% 1.03% 1.08% 1.22% $ () $ () 486 23,310 417 21,145 907 13,280 699 47 103 52 198 83 159 192 4,528 8,173 265 344 7 2008 2009 2010 2011 2012 17 2008 2009 2010 2011 2012 22

2012 201220,4933,06717.6%2012233.10 57.6821.6510.24%1.08% 23.96%14.28% 2012233.1021.6510.24% 201289.209.2611.59% 2012.12.31 2011.12.31 787,660 294,808 104,322 504,555 891,982 799,363 2012138.8412.8510.20% 2012.12.31 2011.12.31 811,624 942,807 576,773 317,092 1,388,397 1,259,899 20123.710.071.85% 23

2012 2012.12.31 2011.12.31 34,899 999 2,241 2,215 0 34,625 37,140 37,839 2012224.0319.579.57%166.35 6.403.70% 201250.9610.2816.79% 2012.12.31 2011.12.31 195,174 251,560 314,407 360,826 509,580 612,385 2012172.6130.3221.31%11.50 2018.3 24

2012.12.31 2011.12.31 671,838 789,569 20,000 80,167 351,266 236,061 182,901 0 576,773 317,092 1,726,092 1,422,888 20129.072.0829.78%2012 201248,5646,88416.52%45,517 4,87511.99% 2012 2011 29,834 25,059 14,436 12,594 1,247 1,387 0 1,602 45,517 40,642 27411471.86% 25

2012 2012 2011 256 160 18 0 274 160 2,2282,2112012 2,216 2012 2011 12 17 2,216 0 2,228 17 66010619.13% 2012 2011 660 554 660 554 26

201228,0733,80515.68%27,485 3,61315.14% 2012 2011 1,819 1,322 13,158 14,704 1,110 1,443 11,399 6,046 0 357 27,485 23,872 57318648.06%2011 2012 27

2012 2012 2011 573 387 573 387 20124.02% 2012.12.31 2011.12.31 90,679 69,870 (%) 14.28% 10.27% 28

3 29

27 11 29 30

31 31 31

2012 141 32

P05309 33 33

2012 2011 6 480,042 408,094 6 455,167 406,420 7 (274,852) (238,722) 180,315 167,698 6 24,875 1,674 (1,155) 3,067 8 6,623 5,690 (5,728) (3,868) 9 204,930 174,261 10(a) (12,572) (14,990) 192,358 159,271 15,742 (5,059) 208,100 154,212 34

2012 2011 11 140 132 12 319,848 13 297,618 9,985 14 4,560,301 5,918,691 4,858,059 6,248,656 12 26,400 13 51,376 14 9,179,684 6,144,651 15 22,409 22,153 16 78,475 109,019 17 1,043,226 5,057,507 18 8,076,594 3,536,127 18,451,764 14,895,857 19 10,882,436 9,339,137 20 1,829,010 21 19,862 45,131 22 220,000 23 4,240,000 4,034,766 24 396,632 4,705 3,584 17,372,645 13,642,618 1,079,119 1,253,239 5,937,178 7,501,895 35

2012 2011 22 200,000 581,667 23 1,711,521 3,860,923 24 3,116,023 2,360,610 25 2,839 5,030,383 6,803,200 906,795 698,695 26 400,000 400,000 506,795 298,695 906,795 698,695 36

200,000 3,533 40,032 100,918 344,483 (5,059) 159,271 154,212 200,000 200,000 49,374 (49,374) 400,000 (1,526) 89,406 210,815 698,695 15,742 192,358 208,100 59,631 (59,631) 400,000 14,216 149,037 343,542 906,795 37

2012 2011 204,930 174,261 26 2 (121) (171) (22,160) 1,156 8,600 113,985 60,457 297,816 243,149 (1,677,051) (3,816,773) (1,652) 1,537,118 4,945,677 157,883 1,370,401 (97,458) (40,437) (11,451) (8,572) 48,974 1,321,392 4,014,281 (2,615,782) 22,160 121 171 26,400 9,158 (172,885) (34) (128) 4,062,928 (2,779,466) 38

2012 2011 6,921,609 8,774,552 1,144,400 2,281,467 2,000,000 200,000 (170,000) (8,865,777) (8,481,523) (601,667) (146,666) 428,565 2,627,830 4,540,467 1,169,756 3,536,127 2,366,371 8,076,594 3,536,127 39 39

1. 27 14343014306 2. (a) 7 12 (b) 2 1 1 32 3 7 3 9 4 10 2 12 2 13 2 27(2011) 2 1012 3 27 1 2 3 4 40

(i) 1 1.41-448 (ii) 16 (iii) 32 12 (iv) 34 41

1 1 32 32 7 732 32 101227 10 9 9 9 39 939 42

10 10 10 50% 10 2710 12 12 13 13 713 13 43

3. (a) (b) (c) 4. (a) 12 44

45 45 (i)(ii) 45

(b) (c) 20% 20% (d) (i) 46

(i) (ii) (iii) 47

(ii) 48

(iii) (i) (ii) (iii) 49

(iv) 80125% (v) (vi) 50

(vii) (viii) (ix) 39 51 51

(e) (f) 52

(g) (h) 53

(i) (j) (k) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) 54

(i) (ii) (iii) 5. (a) (i) (ii) 55

(iii) (b) 6. 2012 2011 375,828 363,321 79,339 43,099 455,167 406,420 22,160 2,594 1,503 121 171 24,875 1,674 480,042 408,094 56

7. 2012 2011 70,260 74,964 19,269 42,051 72,077 107,955 60,457 6,030 11,100 18,005 18,187 13,219 274,852 238,722 8. 2012 2011 6,602 5,540 21 150 6,623 5,690 9. 2012 2011 27 26 2 1,095 181 2 1 (18,930) (75,527) 18,930 75,527 57

10. (a) 2012 2011 12,511 10,946 (569) 4,044 11,942 14,990 630 12,572 14,990 (b) 2012 2011 204,930 174,261 16.5%201116.5% 33,813 28,753 4,826 4,663 (26,128) (22,361) (109) (569) 4,044 630 12,572 14,990 58

11. 1 8 9 75 53 128 76 61 137 20 14 34 96 75 171 3 3 1 1 2 1 4 5 14 12 26 15 16 31 81 59 140 75 57 132 59

60 60 12. 2012 2011 221,851 48,078 BNP 26,400 RBS 49,919 346,248 BNP (26,400) 319,848 30%A1 70% 60

13. 2012 2011 a 12,818 9,985 b 284,800 b 51,376 336,176 348,994 9,985 (51,376) 297,618 9,985 (a) (b) 320,256,000 15,920,000 61

14. 2012 2011 7,916,239 8,828,068 5,823,746 3,235,274 13,739,985 12,063,342 (4,560,301) (5,918,691) 9,179,684 6,144,651 15. 2012 2011 22,409 22,153 16. 2012 2011 14,506 75,866 75,527 2,609 18,986 78,475 109,019 62

17. 0.01%0.236%20110.01% 0.16% 18. 4,427,112,00020111,606,778,649 0.188%2.7195%20110.15%3.325% 19. 2012 2011 5,095,803 6,123,854 5,786,633 3,215,283 10,882,436 9,339,137 0.03%0.55%20110.02%0.3% 5,767,726,00020113,170,918,000 20. 1,830,000,000 0.3%0.45% 63

21. 2012 2011 604 30,625 17,855 14,506 1,403 19,862 45,131 22. 2012 2011 200,000 801,667 220,000 200,000 220,000 361,667 200,000 581,667 200,000 801,667 14 0.62%20110.62% 2.3% 64

23. 2012 2011 5,184,661 6,233,888 29(b) 766,860 1,661,801 5,951,521 7,895,689 4,240,000 4,034,766 600,000 2,500,000 644,661 903,888 466,860 457,035 1,711,521 3,860,923 5,951,521 7,895,689 3%20110.6% 3% 5 65

24. 31.12.2012 31.12.2011 3.125% 7 2016 700,000 3.125% 707,217 705,026 2.75% 6.5 2017 650,000 2.75% 647,423 4.5% 6.5 2021 650,000 4.5% 697,527 694,663 3.95% 5 2022 500,000 3.95% 497,449 5.95% 5 2041 500,000 5.95% 487,127 486,743 2.55% 25 2013 396,769 2.55% 396,632 395,179 2.95% 5 2014 79,354 2.95% 79,280 78,999 3,512,655 2,360,610 2012 2011 396,632 79,280 395,179 1,354,640 784,025 1,682,103 1,181,406 3,116,023 2,360,610 3,512,655 2,360,610 66

25. 2,839 2,839 26. 20,000 200,000 20,000 200,000 40,000 400,000 10,000 20,000200,000,000 67

27. 2012 2011 5,800 5,800 CPF (Dubai) Limited 800,000 100% CNPC Treasury (Singapore) Pte Ltd 5,000,000 100% CNPC (HK) Overseas Capital Ltd 50,000 100% CNPC Golden Autumn Limited 50,000 100% CNPC (BVI) Limited 50,000 100% CNPC General Capital Limited 50,000 100% 68

28. 3,533 40,032 100,865 144,430 (5,059) 158,863 153,804 49,374 (49,374) (1,526) 89,406 210,354 298,234 15,761 192,034 207,795 59,631 (59,631) 14,235 149,037 342,757 506,029 (a) (b) (i)10% (ii)1% 50% 69

29. (a) 2012 2011 375,828 363,321 (71,338) (103,301) 304,490 260,020 (b) 2012 2011 7,916,239 8,828,068 5,812,820 3,222,517 (5,095,803) (6,123,854) (5,770,464) (3,178,506) (200,000) (801,667) 2,662,792 1,946,558 1,043,217 5,045,554 (766,860) (1,661,801) (6,028) (11,860) 270,329 3,371,893 (c) 24 70

(d) 30. 2012 2011 1,576 727 2012 2011 766 764 383 1,146 1,149 1,910 71 71

31. (a) 2012 2011 22,859,805 20,656,976 22,409 22,153 2,609 33,492 75,866 75,527 348,994 9,985 346,248 23,309,683 21,144,381 2012 2011 19,862 45,131 22,375,622 20,397,103 22,395,484 20,442,234 72

(b) (i) (ii) (iii) 73

(c) (i) 74

32. 2012 2011 11,493,186 11,057,966 (8,076,594) (3,536,127) 3,416,592 7,521,839 906,795 698,695 377% 1,077% 33. 243,476,123,0002011 2,326,123,000 34. 75

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CNPC Finance (HK) Limited