Statement of Financial Position

At 31 December 2009
(Amounts in millions)

		2009	2008
	Note	RMB	RMB


ASSETS
Non-current assets
Property, plant and equipment, net	4	283,628	296,201
Construction in progress	5	11,475	13,525
Lease prepayments		5,513	5,600
Goodwill	6	29,877	29,877
Intangible assets	7	12,201	14,147
Investments in subsidiaries	8	8,555	8,435
Interests in associates	9	736	737
Investments	10	148	177
Deferred tax assets	11	12,815	14,520
Other assets	19	5,272	6,577


Total non-current assets		370,220	389,796

Current assets
Inventories	12	1,739	1,907
Income tax recoverable		1,711	—
Accounts receivable, net	13	16,230	16,185
Prepayments and other current assets	14	3,805	7,426
Time deposits with original maturity over three months		135	113
Cash and cash equivalents	15	27,526	21,556


Total current assets		51,146	47,187


Total assets		421,366	436,983


LIABILITIES AND EQUITY
Current liabilities
Short-term debt	16	51,650	83,443
Current portion of long-term debt	16	1,487	556
Accounts payable	17	32,183	33,108
Accrued expenses and other payables	18	52,713	54,140
Income tax payables		215	123
Current portion of finance lease obligations		18	22
Current portion of deferred revenues	19	3,412	4,502


Total current liabilities		141,678	175,894


Net current liabilities		(90,532)	(128,707)


Total assets less current liabilities		279,688	261,089

Non-current liabilities
Long-term debt	16	52,768	39,226
Finance lease obligations		—	18
Deferred revenues	19	5,045	6,939
Deferred tax liabilities	11	2,501	2,802


Total non-current liabilities		60,314	48,985


Total liabilities		201,992	224,879


Equity
Share capital	20	80,932	80,932
Reserves	21	138,442	131,172


Total equity		219,374	212,104


Total liabilities and equity		421,366	436,983

Approved and authorised for issue by the Board of Directors on 22 March 2010.

The notes on pages 110 to 166 form part of these financial statements.