Consolidated Statement of Cash Flows
| For the year ended 31 December | ||||
|---|---|---|---|---|
| Notes | 2024 RMB'000 |
2023 RMB'000 |
||
| Operating activities | ||||
| Profit before tax | 4,110,833 | 4,109,482 | ||
| Adjustments for: | ||||
| Depreciation and amortisation | 1,675,378 | 1,672,181 | ||
| Impairment losses on accounts receivables, other receivables, contract assets and others, net |
514,792 | 416,880 | ||
| Impairment loss on right-of-use assets | 4 | 2,264 | ||
| Write-down of inventories, net | 11,839 | 48,978 | ||
| Interest income | (665,373) | (693,001) | ||
| Finance costs | 105,515 | 113,734 | ||
| Share of profits of associates and joint ventures | (149,149) | (116,338) | ||
| Dividend income | (192,751) | (177,746) | ||
| Investment income and fair value gains of financial instruments at fair value through profit or loss |
(25,091) | (17,159) | ||
| Gain on disposal of an associate and other investments | (49) | (33,495) | ||
| Gain on disposal of property, plant and equipment, intangible assets, construction in progress and termination of lease, net |
(5,714) | (14,722) | ||
| Foreign exchange (gain)/loss, net | (8,449) | 15,734 | ||
| Write-back of non-payable liabilities | (64,612) | (51,078) | ||
| Operating profit before changes in working capital | 5,307,173 | 5,275,714 | ||
| (Increase)/decrease in inventories | (135,669) | 121,388 | ||
| Increase in accounts and bills receivables | (2,801,114) | (3,990,766) | ||
| Increase in contract assets | (9,394,874) | (3,347,986) | ||
| Decrease/(increase) in prepayments and other current assets | 42,917 | (1,759,824) | ||
| Increase in accounts and bills payables | 13,607,063 | 8,837,066 | ||
| Decrease in contract liabilities | (337,240) | (1,340,684) | ||
| (Decrease)/increase in accrued expenses and other payables | (113,220) | 1,654,858 | ||
| Net cash inflow from operations | 6,175,036 | 5,449,766 | ||
| Interest paid | (105,781) | (115,730) | ||
| Interest received | 623,160 | 441,343 | ||
| Income tax paid | (471,425) | (419,132) | ||
| Net cash generated from operating activities | 6,220,990 | 5,356,247 | ||
| Investing activities | ||||
| Payments for purchase of property, plant and equipment, construction in progress and intangible assets |
(1,160,888) | (1,218,388) | ||
| Proceeds from disposal of property, plant and equipment, construction in progress and intangible assets |
25,231 | 27,111 | ||
| Short-term bank deposits received/(paid) | 12,270 | (5,909) | ||
| Dividends received | 283,135 | 265,272 | ||
| Proceeds from disposal of equity instruments | 38,645 | 88,417 | ||
| Payments for acquisition of equity investments | (14,540) | (54,275) | ||
| Payments for acquisition of associates and joint ventures | (8,354) | (6,730) | ||
| Payments for acquisition of deposits at financial institutions with original maturity more than one year |
(9,600,300) | (1,466,500) | ||
| Proceeds from deposits at financial institutions with original maturity more than one year |
3,259,452 | 200,000 | ||
| Payments for acquisition of a subsidiary | - | (18,453) | ||
| Others | - | 73,951 | ||
| Net cash used in investing activities | (7,165,349) | (2,115,504) | ||
| Financing activities | ||||
| Proceeds from bank and other loans | 403,904 | 643,917 | ||
| Payments for acquisition of equity interest held by the non-controlling interests |
- | (369,925) | ||
| Repayments of bank and other loans | (538,656) | (657,843) | ||
| Repayments of lease liabilities | (634,472) | (613,206) | ||
| Dividends paid | (1,572,562) | (1,405,251) | ||
| Net cash used in financing activities | (2,341,786) | (2,402,308) | ||
| Net (decrease)/increase in cash and cash equivalents | (3,286,145) | 838,435 | ||
| Cash and cash equivalents at the beginning of year | 22,914,865 | 22,087,661 | ||
| Effect of foreign exchange rate changes | 9,316 | (11,231) | ||
| Cash and cash equivalents at the end of year | 33 | 19,638,036 | 22,914,865 | |
The notes on pages 194 to 266 form part of these consolidated financial statements.
