(All amounts in RMB millions)

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	Note	As at 31 Dec 2018	As at 31 Dec 2019
		Note
ASSETS
Non-current assets
Property, plant and equipment	15	384,475	367,401
Lease prepayments	16	9,290	–
Right-of-use assets	17	–	43,073
Goodwill	18	2,771	2,771
Interest in associates	20	35,758	36,445
Interest in joint ventures	21	3,966	4,771
Deferred income tax assets	13	3,401	1,226
Contract assets	22	570	595
Contract costs	23	5,632	4,923
Financial assets at fair value through other comprehensive income	24	3,903	3,323
Financial assets at fair value through profit and loss		–	568
Other assets	25	14,645	13,808
		464,411	478,904
Current assets
Inventories and consumables	26	2,388	2,359
Contract assets	22	1,254	1,308
Accounts receivable	27	14,433	17,233
Prepayments and other current assets	28	11,106	12,456
Amounts due from ultimate holding company	46	7,431	7,688
Amounts due from related parties	46	935	240
Amounts due from domestic carriers		3,812	3,448
Financial assets at fair value through profit and loss		770	202
Short-term bank deposits and restricted deposits	29	3,720	3,716
Cash and cash equivalents	30	30,060	34,945
		75,909	83,595
Total assets		540,320	562,499
EQUITY
Equity attributable to equity shareholders of the Company
Share capital	31	254,056	254,056
Reserves	32	(20,154)	(18,803)
Retained profits
– Proposed final dividend	33	4,100	4,529
– Others		75,920	80,265
		313,922	320,047
Non-controlling interests		364	708
Total equity		314,286	320,755

	Note	As at 31 Dec 2018	As at 31 Dec 2019
		Note
LIABILITIES
Non-current liabilities
Long-term bank loans	34	3,173	2,869
Promissory notes	35	–	998
Corporate bonds	36	999	2,998
Lease liabilities	37	–	21,535
Deferred income tax liabilities	13	111	87
Deferred revenue	38	3,609	4,851
Amounts due to related parties	46	3,042	3,042
Other obligations	39	190	174
		11,124	36,554
Current liabilities
Short-term bank loans	40	15,085	5,564
Commercial papers	41	–	8,995
Current portion of long-term bank loans	34	441	437
Current portion of corporate bonds	36	16,994	–
Lease liabilities	37	–	10,790
Accounts payable and accrued liabilities	42	122,458	121,564
Taxes payable		911	1,534
Amounts due to ultimate holding company	46	1,214	1,779
Amounts due to related parties	46	8,843	7,851
Amounts due to domestic carriers		2,144	2,174
Dividend payable		920	920
Current portion of deferred revenue	38	78	–
Current portion of other obligations	39	2,844	2,604
Contract liabilities	22	42,650	40,648
Advances from customers		328	330
		214,910	205,190
Total liabilities		226,034	241,744
Total equity and liabilities		540,320	562,499
Net current liabilities		(139,001)	(121,595)
Total assets less current liabilities		325,410	357,309

Note: The Group has initially applied IFRS/HKFRS 16 at 1 January 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See Note 2.

The notes on pages 102 to 197 are an integral part of these consolidated financial statements.