(All amounts in RMB millions)

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	Note	31 Dec 2019	31 Dec 2020
ASSETS
Non-current assets
Property, plant and equipment	15	367,401	364,187
Right-of-use assets	16	43,073	37,960
Goodwill	17	2,771	2,771
Interest in associates	19	36,445	38,802
Interest in joint ventures	20	4,771	5,656
Deferred income tax assets	13	1,226	745
Contract assets	21	595	103
Contract costs	22	4,923	3,672
Financial assets measured at fair value	23	3,891	3,493
Other assets	25	13,808	14,591
		478,904	471,980
Current assets
Inventories and consumables	26	2,359	1,951
Contract assets	21	1,308	823
Accounts receivable	27	17,233	16,287
Prepayments and other current assets	28	12,456	15,882
Amounts due from ultimate holding company	45	7,688	10,570
Amounts due from related parties	45	240	195
Amounts due from domestic carriers		3,448	3,665
Financial assets measured at fair value	23	202	24,189
Short-term bank deposits and restricted deposits	24	3,716	11,989
Cash and cash equivalents	29	34,945	23,085
		83,595	108,636
Total assets		562,499	580,616
EQUITY
Equity attributable to equity shareholders of the Company
Share capital	30	254,056	254,056
Reserves	31	(18,803)	(18,821)
Retained profits
– Proposed final dividend	32	4,529	5,018
– Others		80,265	86,334
		320,047	326,587
Non-controlling interests		708	933
Total equity		320,755	327,520

	Note	31 Dec 2019	31 Dec 2020
LIABILITIES
Non-current liabilities
Long-term bank loans	33	2,869	2,482
Promissory notes	34	998	998
Corporate bonds	35	2,998	1,999
Lease liabilities	36	21,535	16,458
Deferred income tax liabilities	13	87	64
Deferred revenue	37	4,851	5,927
Amounts due to related parties	45	3,042	3,042
Other obligations	38	174	98
		36,554	31,068
Current liabilities
Short-term bank loans	39	5,564	740
Commercial papers	40	8,995	7,000
Current portion of long-term bank loans	33	437	418
Current portion of corporate bonds	35	–	1,000
Lease liabilities	36	10,790	11,503
Accounts payable and accrued liabilities	41	117,525	134,437
Bills payable		4,039	5,482
Taxes payable		1,534	2,805
Amounts due to ultimate holding company	45	1,779	1,640
Amounts due to related parties	45	7,851	9,183
Amounts due to domestic carriers		2,174	2,291
Dividend payable		920	–
Current portion of other obligations	38	2,604	2,529
Contract liabilities	21	40,648	42,641
Advances from customers		330	359
		205,190	222,028
Total liabilities		241,744	253,096
Total equity and liabilities		562,499	580,616
Net current liabilities		(121,595)	(113,392)
Total assets less current liabilities		357,309	358,588

The notes on pages 102 to 185 are an integral part of these consolidated financial statements.