At 31 December 2021
(All amounts in RMB millions)

Download

		As at 31 December
	Note	2020	2021
ASSETS
Non-current assets
Property, plant and equipment	15	364,187	355,031
Right-of-use assets	16	37,960	32,866
Goodwill	17	2,771	2,771
Interest in associates	19	38,802	41,278
Interest in joint ventures	20	5,656	7,138
Deferred income tax assets	13	745	271
Contract assets	21	103	71
Contract costs	22	3,672	4,025
Financial assets measured at fair value	23	3,493	3,715
Other assets	25	14,591	17,682
		471,980	464,848
Current assets
Inventories	26	1,951	1,846
Contract assets	21	823	406
Accounts receivable	27	16,287	17,957
Prepayments and other current assets	28	15,882	17,925
Amounts due from ultimate holding company	45	10,570	10,558
Amounts due from related parties	45	195	270
Amounts due from domestic carriers		3,665	2,007
Financial assets measured at fair value	23	24,189	29,011
Short-term bank deposits and restricted deposits	24	11,989	11,968
Cash and cash equivalents	29	23,085	34,280
		108,636	126,228
Total assets		580,616	591,076
EQUITY
Equity attributable to equity shareholders of the Company
Share capital	30	254,056	254,056
Reserves	31	(18,821)	(17,228)
Retained profits
–— Proposed final dividend	32	5,018	2,937
– Others		86,334	92,572
		326,587	332,337
Non-controlling interests		933	1,096
Total equity		327,520	333,433

	Note	2020	2021
LIABILITIES
Non-current liabilities
Long-term bank loans	33	2,482	1,835
Promissory notes	34	998	–
Corporate bonds	35	1,999	–
Lease liabilities	36	16,458	10,415
Deferred income tax liabilities	13	64	417
Deferred revenue	37	5,927	6,951
Amounts due to related parties	45	3,042	742
Other obligations	38	98	1,098
		31,068	21,458
Current liabilities
Short-term bank loans	39	740	385
Commercial papers	40	7,000	6,875
Current portion of long-term bank loans	33	418	372
Current portion of promissory notes	34	–	1,004
Current portion of corporate bonds	35	1,000	2,039
Lease liabilities	36	11,503	12,144
Accounts payable and accrued liabilities	41	134,437	140,124
Bills payable		5,482	4,246
Taxes payable		2,805	1,435
Amounts due to ultimate holding company	45	1,640	4,028
Amounts due to related parties	45	9,183	12,926
Amounts due to domestic carriers		2,291	2,262
Current portion of other obligations	38	2,529	2,519
Contract liabilities	21	42,641	45,704
Advances from customers		359	122
		222,028	236,185
Total liabilities		253,096	257,643
Total equity and liabilities		580,616	591,076
Net current liabilities		(113,392)	(109,957)
Total assets less current liabilities		358,588	354,891

The notes on pages 106 to 199 are an integral part of these consolidated financial statements.
Approved and authorised for issue by the Board of Directors on 11 March 2022 and signed on behalf of the Board by:

Liu Liehong	Li Yuzhuo
Director	Director