Consolidated Statement of Cash Flows
| For the year ended 31 December | ||||
|---|---|---|---|---|
| Notes | 2023 RMB'000 |
2022 RMB'000 (Restated) |
||
| Operating activities | ||||
| Profit before tax | 4,109,482 | 3,836,784 | ||
| Adjustments for: | ||||
| Depreciation and amortisation | 1,672,181 | 1,597,698 | ||
| Impairment losses on accounts receivable, other receivables, contract assets and others, net |
416,880 | 333,085 | ||
| Impairment loss on right-of-use assets | 2,264 | - | ||
| Write-down of inventories, net | 48,978 | 26,835 | ||
| Interest income | (693,001) | (590,894) | ||
| Finance costs | 113,734 | 91,046 | ||
| Share of profits of associates and joint ventures | (116,338) | (92,747) | ||
| Dividend income | (177,746) | (178,234) | ||
| Investment income and fair value gains of financial instruments at fair value through profit or loss |
(17,159) | (63,777) | ||
| (Gain)/Loss on disposal of an associate and other investments | (33,495) | 36 | ||
| Gain on disposal of property, plant and equipment, intangible assets, construction in progress and termination of lease, net |
(14,722) | (20,115) | ||
| Foreign exchange loss, net | 15,734 | 158 | ||
| Write-back of non-payable liabilities | (51,078) | (50,581) | ||
| Operating profit before changes in working capital | 5,275,714 | 4,889,294 | ||
| Decrease in inventories | 121,388 | 97,865 | ||
| Increase in accounts and bills receivable | (3,990,766) | (2,314,759) | ||
| Increase in contract assets | (3,347,986) | (3,777,614) | ||
| Increase in prepayments and other current assets | (1,759,824) | (1,978,901) | ||
| Increase in accounts and bills payable | 8,837,066 | 8,323,462 | ||
| Decrease in contract liabilities | (1,340,684) | (581,196) | ||
| Increase in accrued expenses and other payables | 1,654,858 | 427,731 | ||
| Net cash inflow from operations | 5,449,766 | 5,085,882 | ||
| Interest paid | (115,730) | (134,522) | ||
| Interest received | 441,343 | 449,796 | ||
| Income tax paid | (419,132) | (492,114) | ||
| Net cash generated from operating activities | 5,356,247 | 4,909,042 | ||
| Investing activities | ||||
| Payments for purchase of property, plant and equipment, construction in progress and intangible assets |
(1,218,388) | (1,226,279) | ||
| Proceeds from disposal of property, plant and equipment, construction in progress and intangible assets |
27,111 | 32,434 | ||
| Short-term bank deposits (paid)/received | (5,909) | 515,937 | ||
| Dividends received | 265,272 | 258,029 | ||
| Proceeds from disposal of equity instruments | 88,417 | 7,539 | ||
| Payments for acquisition of equity investments | (54,275) | (147,390) | ||
| Proceeds from disposal of wealth management products and structured deposits |
- | 3,355,829 | ||
| Payments for acquisition of associates and joint ventures | (6,730) | (9,414) | ||
| Proceeds from disposal of associates and joint ventures | - | 1,030 | ||
| Payments for acquisition of deposits at financial institutions with original maturity more than one year |
(1,466,500) | (5,077,193) | ||
| Received deposits at financial institutions with original maturity more than one year |
200,000 | - | ||
| Payments for acquisition of a subsidiary | 2(b) | (18,453) | - | |
| Other cash received relating to investing activities | 73,951 | - | ||
| Net cash used in investing activities | (2,115,504) | (2,289,478) | ||
| Financing activities | ||||
| Proceeds from bank and other loans | 643,917 | 240,183 | ||
| Payments for acquisition of equity interest held by the non-controlling interests |
(369,925) | - | ||
| Capital injection from non-controlling interests | - | 215 | ||
| Repayments of bank and other loans | (657,843) | (197,122) | ||
| Repayments of lease liabilities | (613,206) | (529,557) | ||
| Dividends paid | (1,405,251) | (1,257,596) | ||
| Net cash used in financing activities | (2,402,308) | (1,743,877) | ||
| Net increase in cash and cash equivalents | 838,435 | 875,687 | ||
| Cash and cash equivalents at beginning of year | 22,087,661 | 21,172,860 | ||
| Effect of foreign exchange rate changes | (11,231) | 39,114 | ||
| Cash and cash equivalents at end of year | 33 | 22,914,865 | 22,087,661 | |
The notes on pages 172 to 248 form part of these consolidated financial statements.
