FINANCIAL REPORT

Consolidated Statement of Financial Position

at 31 December 2023 (Amounts in millions)

31 December
2023

31 December
2022

Notes

RMB

RMB

ASSETS

Non-current assets

Property, plant and equipment, net

4

409,943

413,963

Construction in progress

5

72,238

58,443

Right-of-use assets

6

76,908

87,055

Goodwill

7

29,923

29,922

Intangible assets

8

22,702

20,780

Interests in associates and joint ventures

10

43,158

42,220

Financial assets at fair value through profit or loss

397

402

Equity instruments at fair value through
other comprehensive income

11

1,426

885

Deferred tax assets

12

1,347

3,821

Other assets

13

9,909

9,135

Total non-current assets

667,951

666,626

Current assets

Inventories

15

3,417

3,513

Income tax recoverable

140

154

Accounts receivable, net

16

32,210

24,312

Contract assets

17

4,665

3,042

Prepayments and other current assets

18

35,580

33,751

Short-term bank deposits and restricted cash

10,805

3,835

Cash and cash equivalents

19

81,046

72,465

Total current assets

167,863

141,072

Total assets

835,814

807,698

LIABILITIES AND EQUITY

Current liabilities

Short-term debts

20

2,867

2,840

Current portion of long-term debts

20

1,133

3,160

Accounts payable

21

145,872

127,260

Accrued expenses and other payables

22

74,260

65,229

Contract liabilities

23

65,417

67,841

Income tax payable

488

919

Current portion of lease liabilities

24

13,399

14,488

Total current liabilities

303,436

281,737

Net current liabilities

(135,573)

(140,665)

Total assets less current liabilities

532,378

525,961

Non-current liabilities

Long-term debts

20

5,142

4,484

Lease liabilities

24

42,650

52,408

Deferred tax liabilities

12

31,025

27,945

Other non-current liabilities

6,394

4,697

Total non-current liabilities

85,211

89,534

Total liabilities

388,647

371,271

Equity

Share capital

25

91,507

91,507

Reserves

26

351,419

340,582

Total equity attributable to equity holders of the
Company

442,926

432,089

Non-controlling interests

4,241

4,338

Total equity

447,167

436,427

Total liabilities and equity

835,814

807,698

Approved and authorised for issue by the Board of Directors on 26 March 2024 and are signed on its behalf by:

Ke Ruiwen

Li Yinghui

Executive Director,
Chairman and Chief Executive Officer

Executive Director, Executive Vice President,
Chief Financial Officer and Secretary of the Board

The notes on pages 170 to 252 form part of these consolidated financial statements.