| 35 | Cash and cash equivalents |
| (a) | Cash and cash equivalents comprise: |
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2017 RMB million |
2016 RMB million |
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Deposits in banks and other financial institutions |
— | 26 | ||||||
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Cash at bank and other financial institutions and on hand |
6,826 | 4,126 | ||||||
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Cash and cash equivalents in the consolidated statements of financial position |
6,826 | 4,152 | ||||||
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As at December 31, 2017, the fair value of cash and cash equivalents approximates its carrying amount.
The carrying amounts of the Group’s cash and cash equivalents are denominated in the following currencies:
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2017 RMB million |
2016 RMB million |
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RMB |
4,377 | 3,494 | ||||||
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USD |
2,038 | 472 | ||||||
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EURO |
71 | 31 | ||||||
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JPY |
27 | 15 | ||||||
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HKD |
123 | 13 | ||||||
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Others |
190 | 127 | ||||||
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| 6,826 | 4,152 | |||||||
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| (b) | Reconciliation of profit before income tax to cash generated from operating activities: |
| Note | 2017 RMB million |
2016 RMB million |
2015 RMB million |
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Profit before income tax |
8,874 | 7,661 | 6,118 | |||||||||||||
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Depreciation charges |
13 | 12,963 | 12,418 | 11,766 | ||||||||||||
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Other amortisation |
13 | 360 | 332 | 227 | ||||||||||||
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Amortisation of deferred benefits and gains |
13 | (161 | ) | (131 | ) | (148 | ) | |||||||||
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Impairment losses on property, plant, equipment |
20 | 324 | 71 | 90 | ||||||||||||
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Share of associates’ results |
25 | (431 | ) | (509 | ) | (460 | ) | |||||||||
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Share of joint ventures’ results |
26 | (99 | ) | (102 | ) | (108 | ) | |||||||||
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Gain on disposal of property, plant and equipment and construction in progress |
15 | (989 | ) | (557 | ) | (312 | ) | |||||||||
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Gain on deemed disposal of equity interest in a subsidiary |
— | (90 | ) | — | ||||||||||||
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Fair value movement of derivative financial instruments |
29 | 64 | — | — | ||||||||||||
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Remeasurement of the originally held equity interests in a joint venture |
24(iv) | (109 | ) | — | — | |||||||||||
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Interest income |
(89 | ) | (89 | ) | (253 | ) | ||||||||||
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Interest expense |
16 | 2,747 | 2,465 | 2,188 | ||||||||||||
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Dividend income from other investments in equity securities and available-for-sale financial assets |
27 & 28 | (18 | ) | (14 | ) | (13 | ) | |||||||||
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Exchange (gain)/losses, net |
(642 | ) | 3,368 | 5,516 | ||||||||||||
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(Increase)/decrease in inventories |
(34 | ) | 18 | 55 | ||||||||||||
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Decrease/(increase) in trade receivables |
314 | (409 | ) | 103 | ||||||||||||
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(Increase)/decrease in other receivables |
(1,840 | ) | 637 | 418 | ||||||||||||
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Decrease/(increase) in prepaid expenses and other current assets |
81 | (224 | ) | (184 | ) | |||||||||||
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Increase/(decrease) in net amounts due to related companies |
15 | 186 | (153 | ) | ||||||||||||
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Increase/(decrease) in trade payables |
222 | (597 | ) | 843 | ||||||||||||
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(Decrease)/increase in sales in advance of carriage |
(567 | ) | 1,289 | 1,030 | ||||||||||||
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Increase in accrued expenses |
223 | 2,066 | 695 | |||||||||||||
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Increase/(decrease) in other liabilities |
762 | (186 | ) | (277 | ) | |||||||||||
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Increase/(decrease) in deferred revenue |
430 | 86 | (75 | ) | ||||||||||||
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Increase in provision for major overhauls |
719 | 194 | 630 | |||||||||||||
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Decrease in provision for early retirement benefits |
(3 | ) | (7 | ) | (20 | ) | ||||||||||
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Increase/(decrease) in deferred benefits and gains |
362 | (195 | ) | 181 | ||||||||||||
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Cash generated from operating activities |
23,478 | 27,681 | 27,857 | |||||||||||||
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| (c) | Reconciliation of liabilities arising from financing activities |
| Bank
loans and other borrowings |
Obligations under finance leases |
Interest
rate swaps held to hedge borrowings (assets) |
Cross |
Total | ||||||||||||||||
| RMB million | RMB million | RMB million | RMB million | RMB million | ||||||||||||||||
| (Note 37) | (Note 38) | (Note 29) | (Note 29) | |||||||||||||||||
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At January 1, 2017 |
45,504 | 62,222 | (21 | ) | — | 107,705 | ||||||||||||||
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Changes from financing cash flows: |
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Proceeds from bank borrowings |
42,854 | — | — | — | 42,854 | |||||||||||||||
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Proceeds from ultra-short-term financing bills |
1,000 | — | — | — | 1,000 | |||||||||||||||
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Repayment of bank borrowings |
(18,311 | ) | — | — | — | (18,311 | ) | |||||||||||||
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Repayment of ultra-short-term financing bills |
(22,986 | ) | — | — | — | (22,986 | ) | |||||||||||||
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Repayment of principal under finance lease obligations |
— | (9,835 | ) | — | — | (9,835 | ) | |||||||||||||
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Total changes from financing cash flows |
2,557 | (9,835 | ) | — | — | (7,278 | ) | |||||||||||||
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Exchange adjustments |
(116 | ) | (1,746 | ) | — | — | (1,862 | ) | ||||||||||||
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Changes in fair value |
— | — | (25 | ) | 64 | 39 | ||||||||||||||
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Other changes: |
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Acquisitions through business combinations (Note 24(iv)) |
342 | — | — | — | 342 | |||||||||||||||
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Additions of obligations under finance leases (Note 52) |
— | 17,283 | — | — | 17,283 | |||||||||||||||
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Total other changes |
342 | 17,283 | — | — | 17,625 | |||||||||||||||
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At December 31, 2017 |
48,287 | 67,924 | (46 | ) | 64 | 116,229 | ||||||||||||||
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