Financial Highlights

2017 2018 2019
Operating revenues (RMB millions) 366,229 377,124 375,734
EBITDA1 (RMB millions) 102,171 104,207 117,215
EBITDA margin2 30.9% 29.7% 32.8%
Net profit3 (RMB millions) 18,617 21,210 20,517
Capital expenditure (RMB millions) 88,712 74,940 77,557
Free cash flow4 (RMB millions) 7,267 22,457 21,725
Total debt/Equity5 32.0% 27.9% 22.4%
Earnings per share (RMB) 0.2300 0.2621 0.2535
Dividend per share (HK$) 0.115 0.125 0.125
  1. EBITDA is calculated based on operating revenues minus operating expenses plus depreciation and amortisation.
  2. EBITDA margin is calculated based on EBITDA divided by service revenues.
  3. Net profit represents profit attributable to equity holders of the Company.
  4. In order to more objectively reflect the Company’s free cash flow, enable a comparable basis to free cash flow of prior years and avoid incomparability of free cash flow resulting from the application of IFRS 16, the original free cash flow calculation “free cash flow = EBITDA minus capital expenditure and income tax” has been changed to “free cash flow = EBITDA minus capital expenditure, income tax and depreciation charge for right-of-use assets other than land-use-rights”.
  5. Total indebtedness refers to interest-bearing debts excluding lease liabilities. Total equity represented equity attributable to equity holders of the Company.
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