chinatelecom-h.com - China Telecom Corporation Limited

The charts above are based on adjusted financials excluding upfront connection fees.

Adjusted Results (Excluding Upfront Connection Fees)	2007	2008#	2009
Operating Revenue	177,588	184,507	208,219
EBITDA Δ	87,054	85,889	82,133
EBITDA Margin	49.0%	46.6%	39.4%
Net Profit	20,901	20,066	13,271
IFRS-based Results (Including Upfront Connection Fees)	2007	2008	2009
Operating Revenue	180,882	186,529	209,370
EBITDA Δ	90,348	84,696	83,284
EBITDA Margin	49.9%	45.4%	39.8%
Net Profit	24,195	884	14,422

Please refer to the notes of the audited financial statements included in the Company's 2008 annual report for the related accounting policy.

# Restated due to the adoption of the new IFRIC 13 "Customer Loyalty Programmes". Adjusted EBITDA and Net Profit for 2008 was arrived at before the impact of natural disasters (pre-tax: RMB 3,428 million; after-tax: RMB 2,838 million) and PAS asset impairment loss (pre-tax: RMB 23,954 million; after-tax: RMB 18,366 million)

Δ EBITDA was calculated before CDMA Network Capacity Leasing Fees to enhance comparability.