China Telecom Corp Ltd (NYSE:CHA)

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Tuesday, April 28, 2015

Comments & Business Outlook

CHINA TELECOM CORPORATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2012, 2013 AND 2014

(Amounts in millions, except per share data)


			Year ended December 31,
	Note		2012			2013			2014
			RMB			RMB			RMB
Operating revenues		21		283,176			321,584			324,394

Operating expenses
Depreciation and amortization				(49,666	)		(69,083	)		(66,345	)
Network operations and support		22		(65,979	)		(53,102	)		(68,651	)
Selling, general and administrative				(63,099	)		(70,448	)		(62,719	)
Personnel expenses		23		(42,857	)		(46,723	)		(50,653	)
Other operating expenses		24		(40,367	)		(54,760	)		(47,518	)

Total operating expenses				(261,968	)		(294,116	)		(295,886	)


Operating income				21,208			27,468			28,508

Net finance costs		25		(1,562	)		(5,153	)		(5,291	)

Investment income				93			670			6

Equity in income of associates				78			103			34


Earnings before income tax				19,817			23,088			23,257

Income tax		26		(4,753	)		(5,422	)		(5,498	)


Profit for the year				15,064			17,666			17,759


Other comprehensive income for the year:
Items that may be reclassified subsequently to profit or loss:
Change in fair value of available-for-sale equity securities				(228	)		414			(54	)
Deferred tax on change in fair value of available-for-sale equity securities				57			(104	)		14
Exchange difference on translation of financial statements of subsidiaries outside mainland China				(2	)		(79	)		3
Share of other comprehensive income of associates				—			5			(3	)

Other comprehensive income for the year, net of tax				(173	)		236			(40	)


Total comprehensive income for the year				14,891			17,902			17,719

Profit attributable to:
Equity holders of the Company				14,949			17,545			17,680
Non-controlling interests				115			121			79

Profit for the year				15,064			17,666			17,759

Total comprehensive income attributable to:
Equity holders of the Company				14,776			17,781			17,640
Non-controlling interests				115			121			79


Total comprehensive income for the year				14,891			17,902			17,719


Basic earnings per share		28		0.18			0.22			0.22


Number of shares (in millions)		28		80,932			80,932			80,932

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Wednesday, July 6, 2011

Liquidity Requirements

We estimate that our current cash and cash equivalents, together with our existing credit facilities from domestic commercial banks, cash flows from operating activities, as well as funds available from short-term and long-term bank borrowings and commercial paper, will be sufficient to satisfy our future working capital requirements and capital expenditures through the end of 2011. We have established and maintained high credit ratings with our principal domestic commercial lenders, which have facilitated our ability to obtain short-term and long-term credit on favorable terms to meet our financing requirements.

The main sources of our capital expenditure are cash generated from operating activities, bank borrowings and other indebtedness. We expect that we will have sufficient funding sources to meet our capital expenditure requirements in the future.

China Telecom Corp Ltd (NYSE:CHA)

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Tuesday, April 28, 2015

Wednesday, July 6, 2011

Friday, March 13, 2009