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Cash and cash equivalents (Tables)
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Summary of Cash and Cash Equivalents
(a)
Cash and cash equivalents comprise:
 
 
  
2019
 
  
2018
 
 
  
RMB million
 
  
RMB million
 
Deposits in banks and other financial institutions
  
 
1
 
  
 
19
 
Cash at bank and other financial institutions and on hand
  
 
1,848
 
  
 
6,909
 
 
  
 
 
 
  
 
 
 
Cash and cash equivalents in the consolidated statement of financial position
  
 
1,849
 
  
 
6,928
 
 
  
 
 
 
  
 
 
 
Cash and Cash Equivalents by Currencies
The carrying amounts of the Group’s cash and cash equivalents are denominated in the following currencies:
 
 
  
2019
 
  
2018
 
 
  
RMB million
 
  
RMB million
 
RMB
  
 
1,231
 
  
 
6,281
 
USD
  
 
395
 
  
 
267
 
EURO
  
 
34
 
  
 
53
 
AUD
  
 
59
 
  
 
138
 
JPY
  
 
17
 
  
 
22
 
HKD
  
 
13
 
  
 
22
 
Others
  
 
100
 
  
 
145
 
 
  
 
 
 
  
 
 
 
 
  
 
1,849
 
  
 
6,928
 
Reconciliation of Profit before Income Tax to Cash Generated from Operating Activities
(b)
Reconciliation of profit before income tax to cash generated from operating activities:
 
 
  
 
  
2019
 
  
2018
 
  
2017
 
 
  
Note
  
RMB
million
 
  
RMB
million
 
  
RMB
million
 
 
  
 
  
 
 
  
(Note(i))
 
  
(Note (i)&(ii))
 
Profit before income tax
  
 
  
 
4,055
 
  
 
4,364
 
  
 
8,874
 
Adjustments for:
  
 
  
   
  
   
  
   
Depreciation and amortization charges
  
12
  
 
24,292
 
  
 
13,969
 
  
 
12,963
 
Other amortization
  
12
  
 
328
 
  
 
339
 
  
 
199
 
Impairment losses on property, plant, equipment
  
19
  
 
18
 
  
 
—  
 
  
 
324
 
Share of associates’ results
  
24
  
 
178
 
  
 
(263
) 
  
 
(431
) 
Share of joint ventures’ results
  
25
  
 
(365
) 
  
 
(200
) 
  
 
(99
) 
Gain on disposal of property, plant and equipment and construction in progress
  
14
  
 
(140
) 
  
 
(602
) 
  
 
(989
) 
Changes in fair value of financial instruments
  
28
  
 
(265
) 
  
 
(12
) 
  
 
64
 
Remeasurement of the originally held equity interests in a joint venture
  
 
  
 
(13
) 
  
 
—  
 
  
 
(109
) 
Interest income
  
 
  
 
(74
) 
  
 
(125
) 
  
 
(89
) 
Interest expense
  
15
  
 
5,845
 
  
 
3,202
 
  
 
2,747
 
Dividends income from other
non-current
financial assets
  
 
  
 
(23
) 
  
 
(20
) 
  
 
—  
 
Dividend income from investments
  
 
  
 
—  
 
  
 
—  
 
  
 
(18
) 
Exchange losses / (gains), net
  
 
  
 
1,268
 
  
 
2,820
 
  
 
(642
) 
Changes in working capital:
  
 
  
   
  
   
  
   
Increase in inventories
  
 
  
 
(179
) 
  
 
(77
) 
  
 
(34
) 
(Decrease) /increase in contract liabilities and other
non-current
liabilities
  
 
  
 
(337
) 
  
 
450
 
  
 
—  
 
Increase / (decrease) in sales in advance of carriage
  
 
  
 
1,709
 
  
 
1,441
 
  
 
(567
) 
Increase / (decrease) in deferred benefits and gains
  
 
  
 
73
 
  
 
(147
) 
  
 
362
 
Decrease / (increase) in operating receivables
  
 
  
 
1,178
 
  
 
(5,322
) 
  
 
(281
) 
Increase in operating payables
  
 
  
 
2,180
 
  
 
1,357
 
  
 
1,204
 
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
Cash generated from operating activities
  
 
  
 
39,728
 
  
 
21,174
 
  
 
23,478
 
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
Notes:
 
(i)
The Group has initially applied IFRS 16 using the modified retrospective approach and adjusted the opening balances at January 1, 2019 to recognize
right-of-use
assets and lease liabilities relating to leases which were previously classified as operating leases under IAS 17. In the comparative periods in 2018 and 2017, cash payments under operating leases made by the Group as a lessee of RMB9,920 million and RMB8,996 million, respectively, were included in operating cash outflows in the consolidated cash flow statements. Under IFRS 16, except for short-term lease payments and payments for leases of low value assets not included in the measurement of lease liabilities, all other rentals paid on leases are now split into capital element and interest element and classified as financing cash outflows and operating cash outflows, respectively. Under the modified retrospective approach, the comparative information is not restated. Further details on the impact of the transition to IFRS 16 are set out in Note 2(b).
(ii)
The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. See Note 2(b).
Summary of Reconciliation of Liabilities Arising from Financing Activities
(c)
Reconciliation of liabilities arising from financing activities
 
 
  
Bank loans
and other
borrowings
 
 
Obligations
under
finance
leases
 
 
Lease
liabilities
 
 
Interest rate
swaps held to
hedge
borrowings
(assets)
 
 
Cross
currency
swaps
(liabilities)
 
 
Cross
currency
swaps
(assets)
 
 
Total
 
 
  
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
  
(Note 36)
 
 
(Note 38)
 
 
(Note 37)
 
 
(Note 27)
 
 
(Note 27)
 
 
(Note 27)
 
 
 
 
At December 31, 2018 (Note)
  
 
54,417
 
 
 
72,221
 
 
 
—  
 
 
 
(75
) 
 
 
44
 
 
 
—  
 
 
 
126,607
 
Impact on initial application of IFRS 16
  
 
—  
 
 
 
(72,221
) 
 
 
120,377
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
48,156
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At January 1, 2019
  
 
54,417
 
 
 
—  
 
 
 
120,377
 
 
 
(75
) 
 
 
44
 
 
 
—  
 
 
 
174,763
 
Changes from financing cash flows:
  
   
 
   
 
   
 
   
 
   
 
   
 
   
Proceeds from bank borrowings
  
 
33,985
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
33,985
 
Proceeds from ultra-short-term financing bills
  
 
43,489
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
43,489
 
Proceeds from corporate bonds
  
 
7,497
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
7,497
 
Repayment of bank borrowings
  
 
(50,374
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(50,374
) 
Repayment of ultra-short-term financing bills
  
 
(25,000
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(25,000
) 
Repayment of corporate bonds
  
 
(12,951
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(12,951
) 
Capital element of lease rentals paid
  
 
—  
 
 
 
—  
 
 
 
(17,784
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(17,784
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total changes from financing cash flows
  
 
(3,354
) 
 
 
—  
 
 
 
(17,784
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(21,138
) 
Exchange adjustments
  
 
108
 
 
 
—  
 
 
 
1,130
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1,238
 
Changes in fair value
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
72
 
 
 
(44
) 
 
 
(187
) 
 
 
(159
) 
Other changes:
  
   
 
   
 
   
 
   
 
   
 
   
 
   
Increase in lease liabilities from entering into new leases during the year (Note 54)
  
 
—  
 
 
 
—  
 
 
 
30,351
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
30,351
 
Amortization amount of bond
  
 
9
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
9
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other changes
  
 
9
 
 
 
—  
 
 
 
30,351
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
30,360
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2019
  
 
51,180
 
 
 
—  
 
 
 
134,074
 
 
 
(3
) 
 
 
—  
 
 
 
(187
) 
 
 
185,064
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: The Group has initially applied IFRS 16 using the modified retrospective method and adjusted the opening balances at January 1, 2019 to recognize lease liabilities relating to leases which were previously classified as operating leases under IAS 17. See Note 2(b) and Note 34(b).
 
 
  
Bank loans
and other
borrowings
 
 
Obligations
under
finance
leases
 
 
Interest rate
swaps held
to hedge
borrowings
(assets)
 
 
Cross
currency
swaps
(liabilities)
 
 
Total
 
 
  
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
  
(Note 36)
 
 
(Note 38)
 
 
(Note 27)
 
 
(Note 27)
 
 
 
 
At January 1, 2018
  
 
48,287
 
 
 
67,924
 
 
 
(46
) 
 
 
64
 
 
 
116,229
 
Changes from financing cash flows:
  
   
 
   
 
   
 
   
 
   
Proceeds from bank borrowings
  
 
34,385
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
34,385
 
Proceeds from issuance of ultra-short-term financing bills
  
 
5,500
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
5,500
 
Proceeds from corporate bonds
  
 
2,000
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
2,000
 
Repayment of bank borrowings
  
 
(34,260
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(34,260
) 
Repayment of ultra-short-term financing bills
  
 
(1,500
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1,500
) 
Repayment of corporate bonds
  
 
(345
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(345
) 
Repayment of principal under finance lease obligations
  
 
—
 
 
 
(10,433
) 
 
 
—  
 
 
 
—  
 
 
 
(10,433
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total changes from financing cash flows
  
 
5,780
 
 
 
(10,433
) 
 
 
—  
 
 
 
—  
 
 
 
(4,653
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange adjustments
  
 
350
 
 
 
1,440
 
 
 
—  
 
 
 
—  
 
 
 
1,790
 
Changes in fair value
  
 
—  
 
 
 
—  
 
 
 
(29
) 
 
 
(20
) 
 
 
(49
) 
Other changes:
  
   
 
   
 
   
 
   
 
   
Additions of obligations under finance leases (Note 54)
  
 
—  
 
 
 
13,290
 
 
 
—  
 
 
 
—  
 
 
 
13,290
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other changes
  
 
—  
 
 
 
13,290
 
 
 
—  
 
 
 
—  
 
 
 
13,290
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2018
  
 
54,417
 
 
 
72,221
 
 
 
(75
) 
 
 
44
 
 
 
126,607
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of cash outflow related to leases
(d)
Total cash outflow for leases
Amounts included in the cash flow statement for leases comprise the following:
 
 
  
2019
 
  
2018
 
  
2017
 
 
  
RMB million
 
  
RMB million
 
  
RMB million
 
 
  
 
 
  
(Note)
 
  
(Note)
 
Within operating cash flows
  
 
(7,457
) 
  
 
(12,316
) 
  
 
(11,022
) 
Within investing cash flows
  
 
(224
) 
  
 
(113
) 
  
 
—  
 
Within financing cash flows
  
 
(17,784
) 
  
 
(10,433
) 
  
 
(9,835
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
(25,465
) 
  
 
(22,862
) 
  
 
(20,857
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of change in classification of cash flows of certain rentals paid on leases
These amounts relate to the following:
 
 
  
2019
 
  
2018
 
  
2017
 
 
  
RMB million
 
  
RMB million
 
  
RMB million
 
Lease rentals paid
  
 
(25,241
) 
  
 
(22,749
) 
  
 
(20,857
) 
Addition of land use rights
  
 
(224
) 
  
 
(113
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
(25,465
) 
  
 
(22,862
) 
  
 
(20,857
)