Petrochina Co (OTC:PCCYF)

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Wednesday, April 29, 2015

Comments & Business Outlook

PETROCHINA COMPANY LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Years Ended December 31, 2014, 2013 and 2012

(Amounts in millions, except for the per share data)


	Notes		2014			2013			2012
			RMB			RMB			RMB
TURNOVER		6		2,282,962			2,258,124			2,195,296

OPERATING EXPENSES
Purchases, services and other				(1,486,225	)		(1,464,805	)		(1,411,036	)
Employee compensation costs		8		(120,822	)		(116,422	)		(106,189	)
Exploration expenses, including exploratory dry holes				(22,064	)		(25,301	)		(23,972	)
Depreciation, depletion and amortization				(177,463	)		(163,365	)		(151,975	)
Selling, general and administrative expenses				(73,413	)		(79,021	)		(74,692	)
Taxes other than income taxes		9		(237,997	)		(248,086	)		(254,921	)
Other income, net				4,855			27,518			2,008

TOTAL OPERATING EXPENSES				(2,113,129	)		(2,069,482	)		(2,020,777	)

PROFIT FROM OPERATIONS				169,833			188,642			174,519

FINANCE COSTS
Exchange gain				5,020			4,157			3,339
Exchange loss				(7,333	)		(4,105	)		(3,208	)
Interest income				1,596			2,222			2,063
Interest expense		10		(23,319	)		(23,081	)		(18,164	)

TOTAL NET FINANCE COSTS				(24,036	)		(20,807	)		(15,970	)

SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES		17		10,962			10,228			8,262

PROFIT BEFORE INCOME TAX EXPENSE		7		156,759			178,063			166,811
INCOME TAX EXPENSE		12		(37,731	)		(35,789	)		(36,191	)

PROFIT FOR THE YEAR				119,028			142,274			130,620

OTHER COMPREHENSIVE INCOME RECLASSIFIABLE TO PROFIT OR LOSS
Currency translation differences				(7,557	)		(11,432	)		(151	)
Fair value gain /(loss) from available-for-sale financial assets, net of tax				91			45			(18	)
Share of the other comprehensive income / (loss) of associates and joint ventures accounted for using the equity method				159			(218	)		127

OTHER COMPREHENSIVE LOSS, NET OF TAX				(7,307	)		(11,605	)		(42	)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR				111,721			130,669			130,578

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company				107,172			129,599			115,326
Non-controlling interests				11,856			12,675			15,294

				119,028			142,274			130,620

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Company				101,279			120,577			115,340
Non-controlling interests				10,442			10,092			15,238

				111,721			130,669			130,578

BASIC AND DILUTED EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY(RMB)		14		0.59			0.71			0.63

Management Discussion and Analysis

Our turnover was RMB2,282,962 million in 2014, representing an increase of 1.1% compared to the preceding year. Profit attributable to owners of the company in 2014 was RMB107,172 million, representing a decrease of 17.3% compared to the preceding year. The basic and diluted earnings per share attributable to owners of the company were RMB0.59 in 2014, representing a decrease of RMB0.12 compared to the preceding year.

Turnover Turnover increased by 1.1% from RMB2,258,124 million in 2013 to RMB2,282,962 million in 2014. This increase was primarily due to a combined effect of an increase in selling prices of natural gas coupled with an increase in the sales volume of crude oil, natural gas, gasoline and other products.

Profit Attributable to Owners of the Company Profit attributable to owners of the company decreased by 17.3% from RMB129,599 million in 2013 to RMB107,172 million in 2014. This decrease was primarily due to a decrease in the prices of crude oil and refined oil products, and a decrease in the income generated from the pipeline assets and operations.

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