Annual Report 2019

Performance Highlights

Operating Revenue (RMB billions)290.51290.88-0.1%
  Of which: Service Revenue264.39263.680.3%
EBITDA1 (RMB billions)94.3684.9111.1%
  As % of Service Revenue35.7%32.2%3.5pp
Net Profit2 (RMB billions)11.3310.2011.1%
Basic EPS (RMB)0.3700.33311.1%
Free Cash Flow3 (RMB billions)26.447.5-44.5%

Note 1: EBITDA represents profit for the year before finance costs, interest income, share of net profit of associates, share of net profit of joint ventures, other income-net, income tax expenses, depreciation and amortisation. As the telecommunications business is a capital intensive industry, capital expenditure and finance costs may have a significant impact on the net profit of the companies with similar operating results. Therefore, the Company believes that EBITDA may be helpful in analysing the operating results of a telecommunications service operator like the Company. However, it is a non-GAAP financial measure which does not have a standardised meaning and therefore may not be comparable to similar measures presented by other companies.

Note 2: Net profit represented profit attributable to equity shareholders of the Company.

Note 3: Excluded the impact of adoption of IFRS/HKFRS 16 on free cash flow in 2019 (i.e. free cash flow = operating cash flow – CAPEX – capital element of lease rentals paid.)

Note 4: Calculated the cumulative free cash flow generated since 2017.


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