RMBmil
ion  RMBmil
ion  RMBmil
ion  RMBmil
ion  RMBmil
ion  RMBmil
ion  RMBmil
ion  RMBmil
ion 
(Note) 
At1January2007 
–aspreviouslyreported  4,374  5,325  –  603  (114)  10,188  1,933  12,121 
–priorperiodadjustmentarisingfrom 
adoptionofIFRIC13(Note3)  –  –  –  –  (351)  (351)  (18)  (369) 

–  a  s  r  e  s  t  a  t  e  d  4,374  5,325  –  603  (465)  9,837  1,915  11,752 
Profitforthe year –aspreviouslyreported –priorperiodadjustmentarisingfrom adoptionofIFRIC13(Note3)  – –  – –  – –  – –  1,871 (32)  1,871 (32)  194 (1)  2,065 (33) 

–  a  s  r  e  s  t  a  t  e  d  –  –  –  –  1,839  1,839  193  2,032 
Capitalcontributionby minority shareholders  –  –  –  –  –  –  240  240 
Acquisitionof Nan LungFreightand A i r C a t e r i n g ( N o t e 4 7 ( b ) )  –  –  –  –  –  –  80  80 
Disposalofequityinterestinasubsidiary to minority shareholders (Note 47(c))  –  –  –  –  –  –  (8)  (8) 
equitysecurities,net(Note25)  –  –  183  –  –  183  35  218 
Distributions to minority shareholders  –  –  –  –  –  –  (8)  (8) 
Shareofanassociate’sreservesmovement  –  –  –  4  –  4  –  4 
At31December2007  4,374  5,325  183  607  1,374  11,863  2,447  14,310 

ANNUAL REPORT 2008

Consolidated Cash Flow Statement
For the year ended 31 December 2008
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)

2008  2007 
RMB million  RMB million 
(restated, 
note 3) 

(Loss)/profit before taxation (4,724) 2,879
Depreciation of property, plant and equipment 5,759 5,597
Other amortisation 58 28
Amortisation of deferred benefits and gains (71) (71)
Impairment loss on property, plant and equipment 1,884 109
Share of associates’ results 12 (57)
Share of jointly controlled entities’ results (170) (123)
Loss/(gain) on sale of property, plant and equipment, net 59 (130)
Gain on sale of other investments in equity securities – (107)
Gain on sale of a jointly controlled entity (143) –
Gain on sale of equity interest in subsidiaries (37) (7)
Interest income (103) (73)
Interest expense 1,987 2,291
Loss/(gain) on derivative financial instruments, net 124 (90)
Dividend income from other investments in equity securities (14) (12)
Unrealised exchange gain, net (2,649) (2,832)
(Increase)/decrease in inventories (16) 108
Decrease/(increase) in trade receivables 649 (349)
Decrease in other receivables 203 156
Increase in prepaid expenses and other current assets (28) (8)
Increase/(decrease) in net amounts due to related companies 15 (50)
Decrease in trade and bills payables (491) (95)
Increase in sales in advance of carriage 353 451
　
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