FINANCIAL REPORT

Financial Summary

(Amounts in millions, except per share data)

Year ended 31 December

2023

2022

2021

2020

2019

RMB

RMB

RMB

RMB

RMB

(restated)

Results of operation

Operating revenues

513,551

481,448

439,553

393,561

375,734

Depreciation and amortisation

(99,702)

(96,932)

(92,966)

(90,240)

(88,145)

Network operations and support

(160,411)

(147,589)

(133,340)

(119,517)

(109,799)

Selling, general and administrative

(66,804)

(64,277)

(61,154)

(55,059)

(57,361)

Personnel expenses

(92,805)

(84,772)

(76,057)

(65,989)

(63,567)

Other operating expenses

(56,701)

(54,451)

(45,088)

(29,074)

(27,792)

Impairment loss on property, plant
and equipment

(5,042)

Operating expenses

(476,423)

(448,021)

(408,605)

(364,921)

(346,664)

Operating profit

37,128

33,427

30,948

28,640

29,070

Net finance costs

(332)

(7)

(1,293)

(3,014)

(3,639)

Investment income and others

292

243

2,244

60

30

Share of profits of associates and joint
ventures

2,116

2,051

1,966

1,701

1,573

Profit before taxation

39,204

35,714

33,865

27,387

27,034

Income tax

(8,776)

(8,038)

(7,716)

(6,307)

(6,322)

Profit for the year

30,428

27,676

26,149

21,080

20,712

Other comprehensive income for
the year

Items that will not be reclassified
subsequently to profit or loss:

Change in fair value of investments
in equity instruments at fair value
through other comprehensive
income

511

(222)

20

(385)

604

Deferred tax on change in fair value
of investments in equity
instruments at fair value through
other comprehensive income

(135)

50

(15)

97

(147)

Items that may be reclassified
subsequently to profit or loss:

Exchange difference on translation of
financial statements of
subsidiaries outside mainland
China

63

712

(233)

(312)

102

Share of other comprehensive
income of associates and joint
ventures

2

(4)

(2)

Other comprehensive income for
the year, net of tax

441

540

(228)

(604)

557

Total comprehensive income for
the year

30,869

28,216

25,921

20,476

21,269

Profit attributable to

Equity holders of the Company

30,446

27,593

25,949

20,850

20,517

Non-controlling interests

(18)

83

200

230

195

Profit for the year

30,428

27,676

26,149

21,080

20,712

Total comprehensive income
attributable to

Equity shareholders of the Company

30,887

28,133

25,721

20,244

21,074

Non-controlling interests

(18)

83

200

232

195

Total comprehensive income for
the year

30,869

28,216

25,921

20,476

21,269

Basic earnings per share (RMB)

0.33

0.30

0.31

0.26

0.25

Diluted earnings per share (RMB)

0.33

0.30

0.31

0.26

0.25

As at 31 December of the year

2023

2022

2021

2020

2019

RMB

RMB

RMB

RMB

RMB

(restated)

Financial condition

Property, plant and equipment, net

409,943

413,963

415,981

418,605

410,008

Construction in progress

72,238

58,443

51,457

48,425

59,206

Other non-current assets

185,770

194,220

167,438

164,050

160,735

Cash and bank deposits

91,851

76,300

75,213

33,092

24,419

Other current assets

76,012

64,772

52,150

50,924

48,763

Total assets

835,814

807,698

762,239

715,096

703,131

Current liabilities

303,436

281,737

265,071

271,142

264,661

Non-current liabilities

85,211

89,534

65,995

77,779

83,430

Total liabilities

388,647

371,271

331,066

348,921

348,091

Total equity attributable to equity
holders of the Company

442,926

432,089

428,678

363,456

352,510

Non-controlling interests

4,241

4,338

2,495

2,719

2,530

Total equity

447,167

436,427

431,173

366,175

355,040

Total liabilities and equity

835,814

807,698

762,239

715,096

703,131