Financial Highlights

Consolidated Statement of Cash Flows

(All amounts in RMB millions)

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  Year ended 31 December
  Note 2016 2017
Cash flows from operating activities
Cash generated from operations (a) 81,168 91,519
Interest received   335 807
Interest paid   (4,938) (6,293)
Income tax paid   (1,972) (979)
Net cash inflow from operating activities   74,593 85,054
Cash flows from investing activities
Purchase of property, plant and equipment (98,293) (61,489)
Proceeds from disposal of Tower Assets and other property, plant and equipment 6,390 22,121
Dividends received from financial assets at fair value through other comprehensive income 357 167
Proceeds from disposal of financial assets at fair value through profit and loss 68 60
Dividends received from associates 10
Decrease/(Increase) in short-term bank deposits and restricted deposits 2 (3,094)
Purchase of other assets (4,092) (4,204)
Acquisition of financial assets at fair value through profit and loss (51) (74)
Acquisition of financial assets at fair value through other comprehensive income (18) (8)
Acquisition of interest in associates (48) (5)
Acquisition of interest in joint ventures (64) (620)
Lending by China Unicom Finance Company Limited ("Finance Company") (700)
Repayment of loan lent by Finance Company 500
Net cash outflow from investing activities   (95,749) (47,336)
Cash flows from financing activities
Proceeds from shares issued 74,954
Capital contributions from non-controlling interests 270
Proceeds from commercial papers 59,880 26,941
Proceeds from short-term bank loans 142,567 117,571
Proceeds from long-term bank loans 3,307 1,549
Loans from ultimate holding company 5,237
Loans from related parties 535
Proceeds from corporate bonds 17,965
Repayment of commercial papers (44,000) (54,000)
Repayment of short-term bank loans (149,425) (172,065)
Repayment of long-term bank loans (84) (2,686)
Repayment of related party loan (60)
Repayment of ultimate holding company loan (1,344) (3,893)
Repayment of finance lease (406) (695)
Repayment of promissory notes (2,500) (19,000)
Repayment of corporate bonds (2,000)
Payment of issuing expense for promissory notes (102) (82)
Dividends paid to equity shareholders of the Company 30 (4,071)
Net (withdrawal)/deposits by Unicom Group and its subsidiaries from/with Finance Company 2,397 (112)
Net deposits from a joint venture with Finance Company 12
Increase in statutory reserve deposits placed by Finance Company 26(i) (1,577) (620)
Net cash inflow/(outflow) from financing activities   22,877 (28,414)
Net increase in cash and cash equivalents 1,721 9,304
Cash and cash equivalents, beginning of year 21,755 23,633
Effect of changes in foreign exchange rate 157 (101)
Cash and cash equivalents, end of year 27 23,633 32,836
Analysis of the balances of cash and cash equivalents:
Cash balances 1 3
Bank balances 23,632 32,833
    23,633 32,836

The notes on pages 111 to 187 are an integral part of these consolidated financial statements.