Financial Statement

Consolidated Statement of Financial Position

at 31 December 2020 (Amounts in millions)

31 December
2020

31 December
2019

Notes

RMB

RMB

ASSETS

Non-current assets

Property, plant and equipment, net

4

418,605

410,008

Construction in progress

5

48,425

59,206

Right-of-use assets

6

59,457

61,549

Goodwill

7

29,920

29,923

Intangible assets

8

18,508

16,349

Interests in associates

10

40,303

39,192

Financial assets at fair value through profit or loss

73

Equity instruments at fair value through other comprehensive income

11

1,073

1,458

Deferred tax assets

12

8,164

7,577

Other assets

13

6,552

4,687

Total non-current assets

631,080

629,949

Current assets

Inventories

15

3,317

2,880

Income tax recoverable

334

1,662

Accounts receivable, net

16

21,502

21,489

Contract assets

17

604

474

Prepayments and other current assets

18

25,167

22,219

Financial assets at fair value through profit or loss

39

Short-term bank deposits and restricted cash

9,408

3,628

Cash and cash equivalents

19

23,684

20,791

Total current assets

84,016

73,182

Total assets

715,096

703,131

LIABILITIES AND EQUITY

Current liabilities

Short-term debt

20

27,994

42,527

Current portion of long-term debt

20

1,126

4,444

Accounts payable

21

107,578

102,616

Accrued expenses and other payables

22

56,775

48,516

Contract liabilities

23

63,849

54,388

Income tax payable

350

243

Current portion of lease liabilities

24

13,192

11,569

Current portion of deferred revenues

25

278

358

Total current liabilities

271,142

264,661

Net current liabilities

(187,126)

(191,479)

Total assets less current liabilities

443,954

438,470

Non-current liabilities

Long-term debt

20

24,222

32,051

Lease liabilities

24

27,455

30,577

Deferred revenues

25

861

1,097

Deferred tax liabilities

12

24,208

19,078

Other non-current liabilities

1,033

627

Total non-current liabilities

77,779

83,430

Total liabilities

348,921

348,091

Equity

Share capital

26

80,932

80,932

Reserves

27

282,524

271,578

Total equity attributable to equity holders of the Company

363,456

352,510

Non-controlling interests

2,719

2,530

Total equity

366,175

355,040

Total liabilities and equity

715,096

703,131

Approved and authorised for issue by the Board of Directors on 9 March 2021 and are signed on its behalf by:

Ke Ruiwen

Zhu Min

Chairman and

Executive Director,

Chief Executive Officer

Executive Vice President and Chief Financial Officer

The notes on pages 171 to 244 form part of these consolidated financial statements.