BEIJING YANHUA<00325> - Results Announcement

Sinopec Beijing Yanhua Petrochemical Company Limited announced on  11/4/2003:
(stock code: 00325 )
Year end date: 31/12/2002
Currency: RMB
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/1/2002      from 1/1/2001  
                                     to 31/12/2002      to 31/12/2001 
                               Note  ('000      )       ('000      )
Turnover                           : 9,443,061          5,975,255         
Profit/(Loss) from Operations      : 541,558            (350,644)         
Finance cost                       : (210,830)          (59,579)          
Share of Profit/(Loss) of 
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 209,099            (272,467)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.062              (0.081)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 209,099            (272,467)         
Final Dividend                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final Dividend                   : N/A          
Payable Date                       : N/A       
B/C Dates for Annual         
  General Meeting                  : 28/5/2003          to 27/6/2003 bdi.
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:


1. Turnover for the year ended 31 December 2001 was restated as follows:

                                                RMB'000

Turnover as previously reported                 5,954,526
Add: Business tax and surcharges reclassified from turnover into cost of 
sales                                           20,729
                                                ----------
Turnover as restated                            5,975,255
                                                ==========

                                                RMB'000
2.  Loss from operations as previously reported:    
        - Operating loss        (266,605)
        - Other expenses, net   (100,295)       (366,900)
				----------
Less: Reversal of the amortisation of land use rights in 2001     
                                                16,256
                                                ----------
Loss from operations as restated                (350,644)
                                                ==========

Effective 1 January 2002, the Company changed its accounting policy with 
respect to land use rights. Land use rights are now carried at historical 
cost less accumulated amortisation rather than at its revalued amount.  
This change has been accounted for retrospectively by restating 
comparatives and adjusting the opening balances of retained earnings and 
shareholders' equity at 1 January 2001. The effect of the change is a 
decrease in amortisation expense of RMB 16,256,000 for 2002 and RMB 
16,256,000 for 2001.

3. 

                                                RMB'000

Loss after taxation and minority interest as previously reported        
                                                (283,359)

Less: Reversal of the amortisation of land use rights in 2001     
                                                16,256

Add:  Deferred tax effect on the reversal of amortisation          
                                                (5,364)
                                                ---------
Loss after taxation and minority interest as restated   
                                                (272,467)
                                                ==========

4  The calculation of basic earnings/(loss) per share is based on the 
profit/(loss) attributable to shareholders of RMB 209,099,000 (2001 
(restated): Loss of RMB 272,467,000) and the weighted average number 
shares of 3,374,000,000 (2001: 3,374,000,000) during the year.

Diluted earnings per share is not presented as there were no dilutive 
potential ordinary shares in existence during the years ended 31 December 
2002 and 2001.