CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED 552 88,449 9.3% 2,536 8.6% 4,361 22.1% 13.2% 2.9% 0.1098 0.0220 0.1318 18.5% 1
1 88,4499.3% 2,536 8.6% 2 2.1 3 4,361 22.1% 0.1098 30% 0.0220 0.1318 18.5% 36% 1 2 = 3 = + 2
4G CAPEX OPEX 4 CAPEX 11.1% 68.8% 1.1 29.6% IT 3.4% 26.8% 5 28.7% 70% 19.3% 4.4% 4 CAPEX OPEX 5 3
17.0% 6 10.7% 7 14.8% 88.2% 4.4 20.0% 11.8% PPP BT BOT 8 6 7 8 PPP BT BOTPublic-Private-PartnershipBuild-Transfer Build-Operate-Transfer 4
Corporate Governance Asia2016 The Asset 2016 Corporate Governance Asia CEO CFO 2016 500 71 7 24,000 8,40013,600 G20 5
ICT 6
7
88,4499.3% 13.2% 0.9 0.8 10.7%2,536 8.6% 2.9% 0.366 117 7 4,36122.1% 45,88717.0% 51.9% 1.9% 35.3% 46.8% 8
32,5331.5% 36.8% 20.0%10.7% 9.5% 12.7% 10,029 14.8% 9 11.3% CAPEX OPEX 60,88911.1% 68.8% 40,5973.7% 45.9% 29.6%3.5 22.9% CAPEX 9 2015 9.9% 9
23,714 3.4% 26.8% 28.7%73.9% ICT IT 160 80 2016 + 3,846 19.3% 4.4% 10
4G 11
ICT 10 EPC+ 11 10 11 EPC+ + + + 12
2016 12 31 4 88,449,356 80,959,946 5 (76,759,191) (69,572,305) 11,690,165 11,387,641 6 943,021 854,051 (9,501,481) (9,306,152) (95,232) (109,170) 7 (46,667) (51,392) 66,095 49,985 8 3,055,901 2,824,963 9 (502,706) (487,446) 2,553,195 2,337,517 2,536,249 2,334,412 16,946 3,105 2,553,195 2,337,517 12 0.366 0.337 13
2016 12 31 2,553,195 2,337,517 38,268 27,511 10 2,392 13,865 40,660 41,376 2,593,855 2,378,893 2,576,796 2,375,752 17,059 3,141 2,593,855 2,378,893 14
2016 12 31 2016 2015 12 31 12 31 4,215,616 4,331,796 607,923 658,186 454,339 360,977 760,240 793,586 103,005 103,005 271,193 269,231 144,405 117,196 866,386 865,072 479,996 408,869 149,525 636,375 8,052,628 8,544,293 2,221,334 2,883,989 13 29,362,985 27,520,829 6,740,547 6,873,074 2,892,408 2,555,290 13,324,079 9,535,851 54,541,353 49,369,033 62,593,981 57,913,326 46,697 177,005 14 20,399,409 19,699,385 4,046,097 2,911,542 9,730,662 8,691,602 351,647 309,261 34,574,512 31,788,795 19,966,841 17,580,238 28,019,469 26,124,531 15
2016 12 31 2016 2015 12 31 12 31 17,343 34,455 942,076 865,780 12,268 14,687 971,687 914,922 35,546,199 32,703,717 15 6,926,018 6,926,018 19,647,411 17,834,795 26,573,429 24,760,813 474,353 448,796 27,047,782 25,209,609 62,593,981 57,913,326 16
1. 2 2. 11 1 16 38 27 10 12 28 2012 2014 17
3. 4 4. 45,886,950 39,209,267 32,533,602 33,014,030 10,028,804 8,736,649 88,449,356 80,959,946 10% 2016 12 31 40,597 13,888201539,130 12,659 45.9% 15.7% 2015 48.3% 15.6% 2016 12 31 3,8462015 3,225 2016 12 31 33,711 10,685 10,4792015 28,784 13,095 9,756 5. 455,215 447,031 8,316,693 8,731,020 1,381,599 1,318,185 8,281,024 7,799,871 9,764,598 12,652,927 41,016,647 31,811,771 7,543,415 6,811,500 76,759,191 69,572,305 18
6. 184,088 143,392 94 824 51,048 63,033 277,348 244,759 36,712 5,635 38,153 3,674 1,652 312,930 297,177 18,282 34,443 53,210 30,618 943,021 854,051 7. 12,991 24,005 33,676 27,387 46,667 51,392 2016 12 31 2015 12 31 19
8. (a) 13,100,419 13,395,240 1,190,891 1,145,518 14,291,310 14,540,758 (b) 687,164 682,447 41,389 41,490 27,262 27,912 94,572 93,669 35,100 34,395 8,281,024 7,799,871 9,764,598 12,652,927 65,521 64,712 (7,570) (1,452) 494,778 700,776 (175,162) (116,984) 1,650 (3,524) 1,674,451 1,601,101 2,255,990 2,038,016 1,514 7,286 7012015 1,406 7,264 636 1,7692015 1,591 8(a) 9. (a) 557,098 545,567 19,577 20,011 (73,969) (78,132) 502,706 487,446 20
(b) 3,055,901 2,824,963 25% 2015 25% (i) 763,975 706,241 (i) (266,932) (220,867) (ii) 188,016 135,387 (49,281) (53,723) 50,293 59,058 (13,628) (8,354) (8,686) (29,094) (1,669) (1,362) (iii) (159,382) (99,840) 502,706 487,446 (i) (ii) (iii) 20% 15% 10% 25%2016 12 31 2015 12 31 10. 2,814 16,312 (422) (2,447) 2,392 13,865 21
11. (a) 0.1098 2015 0.1011 760,477 700,220 0.0220 2015 0.0101 152,372 69,953 912,849 770,173 (b) 0.1011 2015 0.0931 700,220 644,812 0.0101 2015 69,953 770,173 644,812 12. 2016 12 31 2,536,249 2015 2,334,412 2016 12 31 6,926,018 2015 6,926,018 13. 74,620 202,069 7,027,415 7,864,033 23,587,948 20,536,104 30,689,983 28,602,206 (1,326,998) (1,081,377) 29,362,985 27,520,829 (a) 2016 12 31 18,393 2015 16,155 22
(b) 12,914,339 13,211,725 1 14,027,398 11,666,256 12 1,545,520 2,131,351 23 875,728 511,497 16,448,646 14,309,104 29,362,985 27,520,829 (c) 1 1 1,081,377 624,376 416,452 577,101 (154,854) (101,648) (15,977) (18,452) 12 31 1,326,998 1,081,377 2016 12 31 1,3222015 1,421 6712015 511 23
(d) 12,914,339 13,211,725 1 13,064,706 10,285,576 12 917,257 1,000,787 23 531,054 269,883 27,427,356 24,767,971 14. 18,850,843 17,429,304 1,548,566 2,270,081 20,399,409 19,699,385 1 18,582,995 17,984,560 12 1,172,268 1,191,927 23 357,027 270,058 3 287,119 252,840 20,399,409 19,699,385 24
2016 12 31 1,0342015 1,777 15. 4,534,598,160 2015 12 31 4,534,598,160 1.00 4,534,598 4,534,598 2,391,420,240 2015 12 31 2,391,420,240 H 1.00 2,391,420 2,391,420 6,926,018 6,926,018 1 1 12 31 6,926,018 6,926,018 25
88,449 9.3% 2,536 2,334 8.6% 0.3664,361 3,573 22.1% 88,4499.3% 45,88717.0% 32,5331.5% 10,02914.8% 60,88911.1% 23,7143.4% 3,84619.3% CAPEX OPEX 81.4% 17,53528.7% 26
2016 2015 9,071,584 7,638,658 18.8% 33,710,753 28,783,754 17.1% 3,104,613 2,786,855 11.4% 45,886,950 39,209,267 17.0% 10,685,045 9,755,886 9.5% 4,160,068 3,768,734 10.4% 12 7,209,334 6,394,092 12.7% 22,054,447 19,918,712 10.7% 12 10,479,155 13,095,318 20.0% 32,533,602 33,014,030 1.5% 4,808,799 3,916,704 22.8% 1,687,084 1,493,757 12.9% 1,654,394 1,497,005 10.5% 1,878,527 1,829,183 2.7% 10,028,804 8,736,649 14.8% 88,449,356 80,959,946 9.3% 45,887 39,209 17.0% 51.9%48.4% 3.5 35,832 78.1%2.6 10,055 21.9%2.6 12 27
13.3% 32.6% 46.8% 32,533 33,014 1.5% 22,05410.7% 36.8%40.8% 4.0 20,1988.0% 62.1%5.5 12,33513.8% 37.9%5.5 10,685 9.5% OPEX 10,479 20.0% 7,20912.7% 4,16010.4% 28
10,029 8,737 14.8% 11.3%10.8% 0.5 4,859 48.4%2.8 5,170 51.6%2.8 + 8.7% 21.2% 76,75910.3% 86.8% 8,316,693 8,731,020 4.7% 455,215 447,031 1.8% 13 8,281,024 7,799,871 6.2% 13 9,764,598 12,652,927 22.8% 41,016,647 31,811,771 28.9% 8,925,014 8,129,685 9.8% 76,759,191 69,572,305 10.3% 13 29
8,317 8,731 4.7% 9.4% 1.4 455 447 1.8% 0.5% 8,281 7,800 6.2% 9.4% 0.3 9,764 12,653 22.8% 11.0% 4.6 41,017 31,812 28.9% 46.4% 7.1 8,925 8,129 9.8% 10.1% 0.1 30
11,690 11,388 2.7% 13.2% 14.1% 0.9 9,501 9,306 2.1% 10.7% 0.8 46.7 51.4 9.2% 503 16.5% 17.3% 0.8 15% 25% 2,536 2,334 8.6% 2.9% 0.366 2015 0.337 31
721 712 1.3% 0.8% 0.1 3,712 2,209 68.0% 13,324 92.8% 5,265,248 4,687,811 (604,352) (1,686,164) (949,172) (792,831) 3,711,724 2,208,816 5,265 4,688577 604 1,686 1,082 949 793156 19,967 17,5802,387 32
758 861103 1.8% 98.2%8.2% 91.8% 14 2.8% 3.4% 0.6 2017 2018 2019 2020 2021 46,697 46,697 17,343 17,343 693,700 693,700 851,281 347,316 182,691 96,794 68,330 156,150 347,842 347,842 1,956,863 741,855 200,034 96,794 68,330 849,850 7.2% 3.7% 1.2% 14 33
1. H H H 183 17 1712 1716 H 34
2. 0.1098 0.0220 0.1318 H 183 17 1712 1716 H H H H H 10% 10% H10% 10% 35
H10% 20% H 20% 10% [2014]81 [2016]127 H 20% H H H 36
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