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Key Operation Data
Selected Unaudited Key Performance Indicators
Financial Data
  For the period from
1 Jan to 30 Sep 2003
(Total 273 days)
For the period from
1 Jan to 30 Sep 2002
Pro-forma combined* (Total 273 days)
Increase
Total Revenue (RMB) 116.853 billion
(equivalent to approx.
HK$110.239 billion)
107.107 billion
(equivalent to approx.
HK$101.044 billion)
9.1%
EBITDA (RMB) 68.986 billion
(equivalent to approx.
HK$65.081 billion)
63.193 billion
(equivalent to approx.
HK$59.616 billion)
9.2%
EBITDA margin 59.0% 59.0%  
Net Profit (RMB) 26.196 billion
(equivalent to approx.
HK$24.713 billion)
25.102 billion**
(equivalent to approx.
HK$23.681 billion)
4.4%
Net Profit margin 22.4% 23.4%  

Notes:
* The pro-forma combined financial data have been prepared as if the current structure of the Group (including 21 mobile telecommunications operating subsidiaries) had existed throughout the first three quarters of 2002.

** As required by SSAP12 (revised) issued by the Hong Kong Society of Accountants regarding the change in accounting treatment of deferred taxation, retrospective adjustments were made to certain pro-forma combined financial data for the first three quarters of 2002 whereby net profit was adjusted to RMB25.102 billion from the original RMB25.165 billion.

 

Operating Data
  As at 30 Sep 2003 /
From 1 Jan to 30 Sep 2003
(Total 273 days)
As at 30 Jun 2003 /
From 1 Jan to 30 Jun 2003
(Total 181 days)
Number of Subscribers 135.00 million 129.09 million
***Net increase in subscribers 17.32 million 11.41 million
***Average Revenue per User per Month (ARPU) (RMB/User/Month) 103 104
***Total Usage (Minutes) 260.15 billion 161.87 billion
***Average Usage per User per Month (MOU) (Minutes/User/Month) 229 220
***Average Revenue per Minute (RMB) 0.449 0.474
Number of Users of Mobile Data Services 91.78 million 83.05 million
***Short Message Services Usage Volume (Messages) 65.8 billion 40.7 billion
Network Capacity (Users) 152 million 148 million
Network Utilisation Rate 88.7% 87.0%
Number of Employees 63,359 61,859
Labour Productivity (Subscribers/Employee) 2,131 2,087

Notes:
***For the relevant reporting period.

The business of the Group continued to show favourable growth during the first three quarters of 2003. as at 30 September 2003, the number of the Group's subscribers reached 135 million, representing a net increase of 17.32 million subscribers in nine months from the subscriber base as at 31 December 2002. In response to intensifying competition, the Group adopted rational and effective market-oriented competitive strategies, actively conducted brand promotion and marketing, developed comprehensive new businesses, further improved customer service processes, integrated sales and distribution channels, and launched special promotional packages tied to usage volume to fully leverage our network capability, which led to increased customer satisfaction and sustained growth in subscriber base and usage volume. Despite the decline in average revenue per minute, MOU increased during this period, benefiting from the favourable effects of price elasticity. This has resulted in a relatively stable ARPU, which together with the robust subscriber growth, contributed to favourable growth of total revenue. The Group's short message services usage volume continued to grow rapidly during the first three quarters of 2003, indicating the enormous development potential for the Group's mobile data business.

The flexible and effective marketing strategies implemented by the Group stimulated total usage, especially the off-peak hour usage, enhancing the Group's overall network utilization. It also ensured that the pressure for network expansion and investment would not grow in direct proportion with the increase in total usage, thereby easing somewhat the pressure for network expansion.

With robust business growth, effective cost controls and the further realization of the benefits of economies of scale, the Group achieved sustained favourable growth in its revenue, EBITDA and net profit during the first three quarters of 2003, recording an increase of 9.1%, 9.2% and 4.4% respectively when compared to the pro-forma combined figures for the same period in 2002. EBITDA margin was sustained at a high level of 59.0% during the first three quarters of 2003.

Given the ever-increasing competitive pressures, the Group will continue to proactively leverage its leading advantages of scale, network quality, technologies and services. The Group will further integrate its brands, catering to different target customer segments, and aggressively develop mobile data and other new businesses. The Group will unswervingly pursue business and service innovation, and focus on its core mobile telecommunications business. The Group will strive to consolidate its leading market position and maintain its sound fundamentals and sustainable development, with a view to generating greater value for its shareholders.

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