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Annual Report 2011 Annual Report 2011 China Mobile Limited Stock Code: 941 Contents 2 Financial Highlights 3 Company Profile 4 Milestones 6 Corporate Information 7 Biographies of Directors and Senior Management 12 Chairman’s Statement 16 Open Dialogue with Senior Management 20 Business Review 28 Financial Review 38 Corporate Governance Report 49 Human Resources Development 50 Report of Directors 65 Notice of Annual General Meeting 68 Independent Auditor’s Report 69 Consolidated Statement of Comprehensive Income 71 Consolidated Balance Sheet 73 Balance Sheet 74 Consolidated Statement of Changes in Equity 75 Consolidated Cash Flow Statement 77 Notes to the Financial Statements 141 Financial Summary 144 Glossary 2 CHINA MOBILE LIMITED ANNUAL REPORT 2011 Financial Highlights 2011 2010 2009 Operating revenue 1 (RMB million) 527,999 485,231 452,103 EBITDA (RMB million) 251,025 239,382 229,023 EBITDA margin 47.5% 49.3% 50.7% Profit attributable to equity shareholders (RMB million) 125,870 119,640 115,166 Profit attributable to equity shareholders margin 23.8% 24.7% 25.5% Basic EPS (RMB) 6.27 5.96 5.74 Dividend per share — Interim (HK$) 1.580 1.417 1.346 — Final (HK$) 1.747 1.597 1.458 — Full year (HK$) 3.327 3.014 2.804 PROFIT ATTRIBUTABLE OPERATING TO EQUITY REVENUE EBITDA SHAREHOLDERS BASIC EPS (RMB million) (RMB million) (RMB million) (RMB) 8.8% 4.9% 5.2% 5.2% 49.3% 24.7% 47.5% 23.8% 119,640 125,870 485,231 527,999 239,382 251,025 5.96 6.27 2010 2011 2010 2011 2010 2011 2010 2011 EBITDA margin Profit attributable to equity shareholders margin 1 During the year, the Group re-categorized the presentation of revenue components in the consolidated statement of comprehensive income. The new presentation categorizes operating revenue into voice services revenue, data services revenue and other operating revenue. Voice services revenue includes revenue derived from voice usage services and from voice value-added services that were categorized in value-added services in prior years’ presentation. Data services revenue includes revenue derived from SMS and MMS, wireless data traffic, and applications and information services. This change in presentation has no effect on reported profit or loss, total income and expense or net assets for any of the periods presented. CHINA MOBILE LIMITED ANNUAL REPORT 2011 3 Company Profile China Mobile Limited (the “Company”, and together with its subsidiaries, the “Group”) was incorporated in Hong Kong on 3 September 1997. The Company was listed on the New York Stock Exchange (“NYSE”) and The Stock Exchange of Hong Kong Limited (“HKEx” or the “Stock Exchange”) on 22 October 1997 and 23 October 1997, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in Hong Kong on 27 January 1998. As the leading mobile services provider in Mainland China, the Group boasts the world’s largest mobile network and the world’s largest mobile customer base. In 2011, the Company was once again selected as one of the “FT Global 500” by Financial Times and “The World’s 2000 Biggest Public Companies” by Forbes magazine, and was again recognized on the Dow Jones Sustainability Indexes (“DJSI”). The Company currently has a corporate credit rating of Aa3/Outlook Positive from Moody’s Investor Service and AA-/Outlook Stable from Standard & Poor’s, equivalent to China’s sovereign credit rating respectively. The Company owns 100% interest in the following (“Qinghai Mobile”), China Mobile Group Ningxia major subsidiaries: Company Limited (“Ningxia Mobile”), China Mobile China Mobile Communication Company Limited Group Xinjiang Company Limited (“Xinjiang Mobile”), (“CMC”), China Mobile Group Guangdong Company China Mobile Group Design Institute Company Limited (“Guangdong Mobile”), China Mobile Group Limited (“Design Institute”), China Mobile Hong Kong Zhejiang Company Limited (“Zhejiang Mobile”), China Company Limited (formerly known as China Mobile Mobile Group Jiangsu Company Limited (“Jiangsu Peoples Telephone Company Limited) (“Hong Kong Mobile”), China Mobile Group Fujian Company Mobile”), and China Mobile International Company Limited (“Fujian Mobile”), China Mobile Group Henan Limited (“International Company”), and operates Company Limited (“Henan Mobile”), China Mobile nationwide mobile telecommunications networks in Group Hainan Company Limited (“Hainan Mobile”), all 31 provinces, autonomous regions and directly- China Mobile Group Beijing Company Limited (“Beijing administered municipalities in Mainland China and Mobile”), China Mobile Group Shanghai Company in Hong Kong Special Administrative Region through Limited (“Shanghai Mobile”), China Mobile Group these subsidiaries. Tianjin Company Limited (“Tianjin Mobile”), China Mobile Group Hebei Company Limited (“Hebei In addition, the Company owns a 99.97% equity Mobile”), China Mobile Group Liaoning Company interest in China Mobile Group Terminal Company Limited (“Liaoning Mobile”), China Mobile Group Limited (“China Mobile Terminal”) and a 66.41% Shandong Company Limited (“Shandong Mobile”), equity interest in Aspire Holdings Limited (“Aspire”). China Mobile Group Guangxi Company Limited In August 2011, the Company, through Beijing Mobile (“Guangxi Mobile”), China Mobile Group Anhui and China Mobile Communications Corporation Company Limited (“Anhui Mobile”), China Mobile (“CMCC”), established China Mobile Group Finance Group Jiangxi Company Limited (“Jiangxi Mobile”), Company Limited (“China Mobile Finance”), in which China Mobile Group Chongqing Company Limited the Company indirectly owns a 92% equity interest. (“Chongqing Mobile”), China Mobile Group Sichuan Company Limited (“Sichuan Mobile”), China Mobile As of 31 December 2011, the Group had a total staff Group Hubei Company Limited (“Hubei Mobile”), of 175,336 and a customer base of nealy 650 million, China Mobile Group Hunan Company Limited (“Hunan and enjoyed a market share of approximately 66.5% in Mobile”), China Mobile Group Shaanxi Company Mainland China. Limited (“Shaanxi Mobile”), China Mobile Group Shanxi Company Limited (“Shanxi Mobile”), China Mobile The Company’s majority shareholder is China Mobile Group Neimenggu Company Limited (“Neimenggu (Hong Kong) Group Limited (“CMHK (Group)”), Mobile”), China Mobile Group Jilin Company Limited which, as of 31 December 2011, indirectly held (“Jilin Mobile”), China Mobile Group Heilongjiang an equity interest of approximately 74.18% in the Company Limited (“Heilongjiang Mobile”), China Company through a wholly-owned subsidiary, China Mobile Group Guizhou Company Limited (“Guizhou Mobile Hong Kong (BVI) Limited (“CMHK (BVI)”). The Mobile”), China Mobile Group Yunnan Company remaining equity interest of approximately 25.82% of Limited (“Yunnan Mobile”), China Mobile Group Xizang the Company was held by public investors. Company Limited (“Xizang Mobile”), China Mobile Group Gansu Company Limited (“Gansu Mobile”), China Mobile Group Qinghai Company Limited 4 CHINA MOBILE LIMITED ANNUAL REPORT 2011 Milestones 3 NOVEMBER 1997 China Mobile (Hong Kong) Limited completed an 3 SEPTEMBER equity offering of approximately US$6.865 billion and China Telecom (Hong Kong) Limited was incorporated an offering of convertible notes of US$690 million due in Hong Kong and later changed its name to China 2005. China Mobile (Hong Kong) Limited also raised Mobile (Hong Kong) Limited and its name was RMB12.5 billion by way of syndicated loans. subsequently changed to China Mobile Limited. 13 NOVEMBER 22 & 23 OCTOBER China Mobile (Hong Kong) Limited completed the China Telecom (Hong Kong) Limited raised US$4.2 acquisition of Beijing Mobile, Shanghai Mobile, Tianjin billion in its initial public offering, with its shares listed Mobile, Hebei Mobile, Liaoning Mobile, Shandong on the NYSE and HKEx, respectively. Mobile and Guangxi Mobile. 1998 2001 4 JUNE 18 JUNE China Telecom (Hong Kong) Limited completed the China Mobile (Hong Kong) Limited, through its wholly- acquisition of Jiangsu Mobile. owned subsidiary Guangdong Mobile, issued an aggregate of RMB5 billion of corporate bonds in China, which were successfully listed on the Shanghai 1999 Stock Exchange on 23 October 2001. 2 NOVEMBER China Telecom (Hong Kong) Limited completed an equity offering of approximately US$2 billion and an 2002 offering of global notes of US$600 million due 2004. 1 JULY China Mobile (Hong Kong) Limited completed the 12 NOVEMBER acquisition of Anhui Mobile, Jiangxi Mobile, Chongqing Mobile, Sichuan Mobile, Hubei Mobile, Hunan Mobile, China Telecom (Hong Kong) Limited completed the Shaanxi Mobile and Shanxi Mobile. acquisition of Fujian Mobile, Henan Mobile and Hainan Mobile. 28 OCTOBER China Mobile (Hong Kong) Limited, through its wholly- owned subsidiary, Guangdong Mobile, issued a 2000 further RMB8 billion in aggregate of corporate bonds 28 JUNE in China. China Telecom (Hong Kong) Limited changed its name to China Mobile (Hong Kong) Limited. 2003 4 OCTOBER China Mobile (Hong Kong) Limited and Vodafone 22 JANUARY The RMB8 billion corporate bonds, issued in China Group Plc. entered into a strategic investor through China Mobile (Hong Kong) Limited’s wholly- subscription agreement, whereby Vodafone Group owned subsidiary, were listed and commenced Plc. agreed to acquire new shares of China Mobile trading on the Shanghai Stock Exchange and received (Hong Kong) Limited for US$2.5 billion. an enthusiastic response from the market. CHINA MOBILE LIMITED ANNUAL REPORT 2011 5 Milestones 29 MAY 2004 China Mobile (Hong Kong) Limited changed its name 1 JULY to China Mobile Limited. China Mobile (Hong Kong) Limited
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