2020

2021

2022

RMB’million

RMB’million

RMB’million

Profit before income tax

4,632

3,632

4,373

Adjustments for:

Depreciation and amortization

824

1,001

1,160

Impairment provision for investments in associates

4

-

-

Loss allowance for expected credit losses (Note 20)

8

9

47

Non-cash employee benefits expense – share based payments (Note 8)

569

647

665

Fair value gains on investments (Note 7)

-

(105

)

(26

)

Fair value gains of financial liability

-

-

(17

)

Net (gains)/losses in relation to equity investments

(32

)

10

-

Dividend income (Note 7)

-

(27

)

(14

)

Gains of step-up acquisition arising from business combination (Note 7)

(19

)

(8

)

(141

)

Share of (profit)/loss of associates and joint ventures (Note 17)

(19

)

47

(38

)

Interest income (Note 6)

(622

)

(530

)

(711

)

Fair value change on puttable shares

37

-

-

Interest expense

62

120

115

Net exchange differences

(2

)

1

(7

)

(Increase)/decrease in accounts receivable

(520

)

(769

)

906

Decrease/(increase) in inventories

8

(6

)

10

(Increase)/decrease in other operating assets

(887

)

408

(17

)

Increase in accounts payable

644

631

663

Increase in other operating liabilities

258

309

659

Cash generated from operations

4,945

5,370

7,627