Business > Financial Highlights

Excluding amortisation of the upfront connection fees

2008

2009

2010

Operating revenues (RMB millions)

184,507

208,219

219,367

EBITDA1(RMB millions)

85,8892

82,133

88,495

EBITDA margin

46.6%2

39.4%

40.3%

Net profit3 (RMB millions)

20,0662

13,271

15,262

Capital expenditure (RMB millions)

48,410

38,042

43,037

Free cash flow4 (RMB millions)

36,768

31,159

27,107

Total debt/Equity5

57.9%

47.8%

31.8%

Earnings per share (RMB)

0.2482

0.164

0.189

Dividend per share (HK$)

0.085

0.085

0.085

Net asset value5 per share (RMB)

2.632

2.740

2.860

Including amortisation of the upfront connection fees

2008

2009

2010

Operating revenues (RMB millions)

186,529

209,370

219,864

Net profit3 (RMB millions)

884

14,422

15,759

1 For convenience of the investors’ analysis, EBITDA is calculated before CDMA network capacity lease fee.

2 Excluding the impact of impairment loss of the PAS assets and natural disasters in 2008.

3 Net profit represents profit attributable to equity holders of the Company.

4 Free cash flow is calculated from EBITDA minus CDMA network capacity lease fee, capital expenditure and income tax.

5 Equity and net asset value represent equity attributable to equity holders of the Company.

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The charts below are based on financial figures excluding amortisation of the upfront connection fees