Financial Highlights

Consolidated Statement of Cash Flows

(All amounts in RMB millions)

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  Year ended 31 December
  Note 2017 2018
Cash flows from operating activities
Cash generated from operations (a) 91,519 93,882
Interest received   807 1,688
Interest paid   (6,293) (2,457)
Income tax paid   (979) (726)
Net cash inflow from operating activities   85,054 92,387
Cash flows from investing activities
Purchase of property, plant and equipment (61,489) (52,176)
Proceeds from disposal of Tower Assets and other property, plant and equipment 22,121 1,090
Dividends received from financial assets at fair value through other comprehensive income 167 203
Investment income received from financial assets at fair value through profit and loss 36
Proceeds from disposal of financial assets at fair value through profit and loss 60
Dividends received from associates 10 20
(Increase)/Decrease in short-term bank deposits and restricted deposits (3,094) 3,094
Purchase of other assets (4,204) (4,590)
Acquisition of financial assets at fair value through profit and loss (74) (585)
Acquisition of financial assets at fair value through other comprehensive income (8)
Acquisition of interest in associates (5) (67)
Acquisition of interest in joint ventures (620) (1,000)
Lending by China Unicom Finance Company Limited ("Finance Company") (700) (13,558)
Repayment of loan lent by Finance Company 500 6,354
Net cash outflow from investing activities   (47,336) (61,179)
Cash flows from financing activities
Proceeds from shares issued 74,954
Capital contributions from non-controlling interests 7
Proceeds from commercial papers 26,941
Proceeds from short-term bank loans 117,571 53,306
Proceeds from long-term bank loans 1,549
Loans from ultimate holding company 5,237
Loans from related parties 535 3,090
Repayment of commercial papers (54,000) (9,000)
Repayment of short-term bank loans (172,065) (60,730)
Repayment of long-term bank loans (2,686) (435)
Repayment of related party loan (60) (475)
Repayment of ultimate holding company loan (3,893) (1,344)
Repayment of finance lease (695) (493)
Repayment of promissory notes (19,000) (18,000)
Repayment of corporate bonds (2,000)
Payment of issuing expense for promissory notes (82) (67)
Dividends paid to equity shareholders of the Company 32 (1,591)
Net (withdrawal)/deposits from/with Finance Company (100) 2,354
Increase in statutory reserve deposits placed by Finance Company 28(i) (620) (680)
Net cash outflow from financing activities   (28,414) (34,058)
Net increase/(decrease) in cash and cash equivalents 9,304 (2,850)
Cash and cash equivalents, beginning of year 23,633 32,836
Effect of changes in foreign exchange rate (101) 74
Cash and cash equivalents, end of year 29 32,836 30,060
Analysis of the balances of cash and cash equivalents:
Cash balances 3 1
Bank balances 32,833 30,059
    32,836 30,060

Note: The Group has initially applied IFRS/HKFRS 15 and IFRS/HKFRS 9 (2014) at 1 January 2018. Under the transition method chosen, comparative information is not restated. See Note 2.

The notes on pages 102 to 193 are an integral part of these consolidated financial statements.