Financial Highlights

Operating revenues (RMB millions) 331,517 352,534 366,229
EBITDA1 (RMB millions) 94,113 95,162 102,171
EBITDA margin2 32.1% 30.7% 30.9%
Net profit3 (RMB millions) 20,058 18,018 18,617
Capital expenditure (RMB millions) 109,094 96,817 88,712
Free cash flow4 (RMB millions) (21,533) (7,648) 7,267
Total debt/Equity5 38.4% 35.7% 32.0%
Earnings per share (RMB) 0.2478 0.2226 0.2300
Dividend per share (HK$) 0.095 0.105 0.115
1EBITDA was calculated based on operating revenues minus operating expenses plus depreciation and amortisation.
2EBITDA margin was calculated based on EBITDA divided by service revenues.
3Net profit represented profit attributable to equity holders of the Company.
4Free cash flow was calculated from EBITDA minus capital expenditure and income tax.
5Equity represented equity attributable to equity holders of the Company.
6Certain prior years figures were retrospectively restated due to the acquisition of satellite communications
business and Shaanxi Zhonghe Hengtai Insurance Agent Limited. Please refer to note 1 to the audited
consolidated financial statements in this annual report for details.

My Annual Report

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