Financial Highlights

Excluding amortisation of the upfront connection fees

20095

20105

2011

(restated)

(restated)

Operating revenues (RMB millions)

208,219

219,367

244,943

EBITDA1 (RMB millions)

82,068

88,490

94,266

EBITDA margin2

40.5%

41.4%

40.8%

Net profit3 (RMB millions)

12,832

14,850

16,404

Capital expenditure (RMB millions)

38,042

43,037

49,551

Total debt/Equity4

44.8%

30.0%

20.3%

Earnings per share (RMB)

0.159

0.183

0.203

Dividend per share (HK$)

0.085

0.085

0.085

Net asset value4 per share (RMB)

2.920

3.035

3.164

Including amortisation of the upfront connection fees

20095

20105

2011

(restated)

(restated)

Operating revenues (RMB millions)

209,370

219,864

245,041

EBITDA1 (RMB millions)

83,219

88,987

94,364

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

2 EBITDA margin was calculated based on EBITDA divided by the operating revenues excluding mobile terminal sales.

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

4 Equity and net asset value represented equity attributable to equity holders of the Company.

5 In 2011, as the Group retrospectively adopted the amendment to IFRS 1, certain prior years figures were restated. Please refer to note 3 of the audited financial statements in this annual report for details.

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