Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2023 Unaudited Financial Results
- Fourth quarter music paying users up 20.6% with monthly ARPPU increased by 20.2% year-over-year
- Net adds of 18.2 million music paying users recorded in 2023, up from 12.3 million in 2022
Fourth Quarter 2023 Financial Highlights
-
Total revenues were
RMB6.89 billion (US$971 million ), representing a 7.2% year-over-year decrease, mainly due to the decline in revenues from social entertainment services and others. Growth in revenues from online music services partially mitigated the decline in revenues from social entertainment services and others. -
Revenues from music subscriptions were
RMB3.42 billion (US$481 million ), representing 45.3% year-over-year growth. The number of paying users increased by 20.6% year-over-year to 106.7 million, up 3.7 million from the third quarter of 2023. -
Net profit was
RMB1.41 billion (US$198 million ), representing 16.9% year-over-year growth. Net profit attributable to equity holders of the Company wasRMB1.31 billion (US$184 million ), representing 13.5% year-over-year growth. Non-IFRS net profit[1]wasRMB1.68 billion (US$236 million ), representing 12.5% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] wasRMB1.58 billion (US$222 million ), representing 9.5% year-over-year growth. -
Diluted earnings per ADS was
RMB0.83 (US$0.12 ), up fromRMB0.72 in the same period of 2022. -
Total
cash, cash equivalents and term deposits as of
December 31, 2023 wereRMB32.22 billion (US$4.54 billion ).
Full Year 2023 Financial Highlights
-
Total revenues were
RMB27.75 billion (US$3.91 billion ), representing a 2.1% year-over-year decrease. -
Revenues from music subscriptions were
RMB12.10 billion (US$1.70 billion ), representing 39.1% year-over-year growth. -
Net profit was
RMB5.22 billion (US$735 million ), representing 36.0% year-over-year growth. Net profit attributable to equity holders of the Company wasRMB4.92 billion (US$693 million ), representing 33.8% year-over-year growth. Non-IFRS net profit[1] wasRMB6.22 billion (US$876 million ), representing 26.8% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] wasRMB5.92 billion (US$834 million ), representing 24.8% year-over-year growth.
Mr.
Fourth Quarter 2023 Operational Highlights
- Key Operating Metrics [2]
|
4Q23 |
4Q22 |
YoY % |
MAUs – online music (million) |
576 |
601 |
(4.2 %) |
Mobile MAUs – social entertainment (million) |
104 |
146 |
(28.8 %) |
Paying users – online music (million) |
106.7 |
88.5 |
20.6 % |
Paying users – social entertainment (million) |
8.0 |
7.6 |
5.3 % |
Monthly ARPPU – online music (RMB) |
10.7 |
8.9 |
20.2 % |
Monthly ARPPU – social entertainment (RMB) |
78.0 |
169.6 |
(54.0 %) |
Robust online music growth underpinned by our content leadership, with expansive and differentiated content offerings.
- Continued to form extensive partnerships with record labels, strengthening our content offering with over 200 million music and audio tracks by the end of 2023. For example, we renewed multi-year strategic cooperation with Universal Music Group to provide users with ongoing access to its world-class music catalog with expanded privileges.
- Strengthened content appeal across pop, rock and Chinese Ancient Style music genres, crucial in attracting and retaining young user demographics.
- Differentiated content offerings through in-house and collaborative creation gained further popularity among users as reflected by: 1) Enriched mid- to long-tail content with over 3 million songs in various genres published by over 480,000 indie musicians through
Tencent Musician Platform by the end of 2023. 2) Our self- and co-produced content continued to grow from strength to strength. For example, we had 10 songs showcased during the China Media Group 2024 Spring Festival Gala, generating massive social buzz and greatly boosting user engagement on our platform; our self-produced song She, Bathing in the Light was one standout. - Capitalized on rising live music opportunities by hosting a growing number of offline music events in multi-faceted performance formats in 2023.
Strengthened platform value proposition and elevated user experiences through product and technology innovation.
- Expanded privileges and improved multi-device experience to enhance music journeys by: 1) Amassing China's largest Dolby Atmos music library. 2) Introducing more personalized players and new skins within our Apps. 3) Extending car model coverage with upgraded in-car music experience.
- The power of our technology infrastructure, bolstered by our in-depth understanding of users and content, further improved content distribution and discovery. More accurate recommendations led to more content consumption, resulting in enhanced user conversion and retention.
AIGC application enhanced user experience and fostered artists' music creation.
- Integrated Large Language Models ("LLMs") into music streaming, making music discovery increasingly intelligent. For example, we upgraded our virtual DJ feature to unveil more songs for users.
- Introduced Venus' AI composition tool to support artists' music creation through their original text prompts and rhythm clips.
Fourth Quarter 2023 Financial Review
Total revenues decreased by
-
Revenues from online music services delivered a strong year-over-year increase of 41.1% to
RMB5.02 billion (US$707 million ). The increase was driven by strong growth in music subscription revenues, supplemented by growth in revenues from advertising services and revenues from sales of artist-related merchandise. Revenues from music subscriptions wereRMB3.42 billion (US$481 million ), representing 45.3% year-over-year growth compared withRMB2.35 billion in the same period of 2022. This rapid growth was driven by further expansion in the online music paying user base and ARPPU. Specifically, the number of online music paying users increased by 20.6% year-over-year to 106.7 million, while monthly ARPPU expanded toRMB10.7 , marking its seventh consecutive quarter of growth and another record-high amount. The increases in both the number of paying users and ARPPU were primarily attributable to increased user willingness to pay, more appealing member privileges, interactive product features, and attractive music content. The year-over-year increase in revenues from advertising was primarily because we provided a more diversified product portfolio and innovative ad formats, which were well-received by advertisers. -
Revenues from social entertainment services and others decreased by 51.6% to
RMB1.87 billion (US$264 million ) fromRMB3.87 billion in the same period of 2022. The decrease was mainly caused by the adjustments to certain live-streaming interactive functions and more stringent compliance procedures as we implemented several service enhancement and risk control measures.
Cost of revenues decreased by 14.6 % year-over-year to
Gross margin increased by 5.3 percentage points to 38.3% from 33.0% in the same period of 2022, primarily due to the strong growth of revenues from music subscriptions and advertising services, and the ramp-up of our own content.
Total operating expenses decreased by 7.0% year-over-year to
- Selling and marketing expenses were
RMB255 million (US$36 million ), representing a year-over-year decrease of 4.1%, mainly due to reduced promotional expenses for social entertainment services, partially offset by increased spending on content promotion. - General and administrative expenses were
RMB1.01 billion (US$142 million ), representing a year-over-year decrease of 7.7%. This decrease was primarily due to reduced employee-related expenses.
Driven by improved operating efficiency and effective cost controls, our operating profit grew to
Effective tax rate for the fourth quarter of 2023 was 17.3% compared to 12.2% in the same period of 2022. The increase in effective tax rate was mainly driven by the accrual of withholding income tax in the fourth quarter of 2023.
For the fourth quarter of 2023, net profit was
Basic and diluted earnings per American Depositary Shares ("ADS") for the fourth quarter of 2023 were
As of
Full Year 2023 Financial Review
Total revenues decreased by
-
Revenues from online music services delivered a strong year-over-year increase of 38.8% to
RMB17.33 billion (US$2.44 billion ). The increase was driven by strong growth in music subscription revenues and revenues from advertising services, supplemented by growth in sales of artist-related merchandise. Revenues from music subscriptions wereRMB12.10 billion (US$1.70 billion ), representing 39.1% year-over-year growth compared withRMB8.70 billion in 2022. This rapid growth was driven by further expansion in the online music paying user base and ARPPU. Specifically, the number of online music paying users increased by 19.8% year-over-year to 100.9 million, while monthly ARPPU expanded toRMB10.0 . The increases in both the number of paying users and ARPPU were primarily attributable to increased user willingness to pay, more appealing member privileges, interactive product features, and attractive music content. The year-over-year increase in revenues from advertising was primarily because we provided a more diversified product portfolio and innovative ad formats, which were well-received by advertisers. -
Revenues from social entertainment services and others decreased by 34.2% to
RMB10.43 billion (US$1.47 billion ) fromRMB15.86 billion in 2022. The decrease was mainly caused by the adjustments to certain live-streaming interactive functions and more stringent compliance procedures as we implemented several service enhancement and risk control measures.
Cost of revenues decreased by 8.2% year-over-year to
Gross margin increased by 4.3 percentage points to 35.3% from 31.0% in 2022, primarily due to the strong growth of revenues from music subscriptions and advertising services, and the ramp-up of our own content.
Total operating expenses decreased by 9.7% year-over-year to
- Selling and marketing expenses were
RMB897 million (US$126 million ), representing a year-over-year decrease of 21.6%, mainly due to reduced promotional expenses for social entertainment services, partially offset by increased spending on content promotion. - General and administrative expenses were
RMB4.12 billion (US$580 million ), representing a year-over-year decrease of 6.6%. This decrease was primarily due to reduced employee-related expenses and the expenses related to theHong Kong secondary listing incurred in 2022.
Driven by improved operating efficiency and effective cost controls, our operating profit grew to
For the full year of 2023, net profit was
Basic and diluted earnings per American Depositary Shares ("ADS") for the full year of 2023 were
Share Repurchase Program
Under the US$500 million Share Repurchase Program announced on March 21, 2023, as of December 31, 2023, we had repurchased 25.3 million ADSs from the open market with cash for a total consideration of
Social Responsibilities
In the fourth quarter, we collaborated with local governments and conducted a series of music events to promote cultural and economic development in ethnic minority regions. For example, we partnered with
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.
Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.
[1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects. |
[2] Starting from the first quarter of 2023, online music MAUs include unique mobile and certain IoT devices. Accordingly, comparative figures were updated to conform to the current presentation. "Online music MAUs" for any given period (i) refers to the monthly average of the sum of the MAUs for that period; and (ii) includes QQ Music, Kugou Music, Kuwo Music and other music products, through which such product is accessed at least once in that month; duplicate access of different services by the same device is not eliminated from the calculation. |
About Tencent Music Entertainment
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
|
|
|
|||||||||||||
|
CONSOLIDATED INCOME STATEMENT |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
||||||||
|
|
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
||||
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Audited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
(in millions, except per share data) |
|
(in millions, except per share data) |
|
||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online music services |
|
|
3,559 |
|
5,022 |
|
707 |
|
12,483 |
|
17,325 |
|
2,440 |
|
|
Social entertainment services and others |
|
|
3,866 |
|
1,871 |
|
264 |
|
15,856 |
|
10,427 |
|
1,469 |
|
|
|
|
|
7,425 |
|
6,893 |
|
971 |
|
28,339 |
|
27,752 |
|
3,909 |
|
|
Cost of revenues |
|
|
(4,978) |
|
(4,252) |
|
(599) |
|
(19,566) |
|
(17,957) |
|
(2,529) |
|
|
Gross profit |
|
|
2,447 |
|
2,641 |
|
372 |
|
8,773 |
|
9,795 |
|
1,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(266) |
|
(255) |
|
(36) |
|
(1,144) |
|
(897) |
|
(126) |
|
|
General and administrative expenses |
|
|
(1,095) |
|
(1,011) |
|
(142) |
|
(4,413) |
|
(4,121) |
|
(580) |
|
|
Total operating expenses |
|
|
(1,361) |
|
(1,266) |
|
(178) |
|
(5,557) |
|
(5,018) |
|
(707) |
|
|
Interest income |
|
|
224 |
|
277 |
|
39 |
|
711 |
|
1,052 |
|
148 |
|
|
Other gains, net |
|
|
78 |
|
62 |
|
9 |
|
516 |
|
230 |
|
32 |
|
|
Operating profit |
|
|
1,388 |
|
1,714 |
|
241 |
|
4,443 |
|
6,059 |
|
853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net profit of investments accounted for |
|
|
16 |
|
20 |
|
3 |
|
38 |
|
127 |
|
18 |
|
|
Finance cost |
|
|
(31) |
|
(30) |
|
(4) |
|
(108) |
|
(141) |
|
(20) |
|
|
Profit before income tax |
|
|
1,373 |
|
1,704 |
|
240 |
|
4,373 |
|
6,045 |
|
851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(168) |
|
(295) |
|
(42) |
|
(534) |
|
(825) |
|
(116) |
|
|
Profit for the period/year |
|
|
1,205 |
|
1,409 |
|
198 |
|
3,839 |
|
5,220 |
|
735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
1,151 |
|
1,306 |
|
184 |
|
3,677 |
|
4,920 |
|
693 |
|
|
Non-controlling interests |
|
|
54 |
|
103 |
|
15 |
|
162 |
|
300 |
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.37 |
|
0.42 |
|
0.06 |
|
1.15 |
|
1.58 |
|
0.22 |
|
|
Diluted |
|
|
0.36 |
|
0.42 |
|
0.06 |
|
1.14 |
|
1.55 |
|
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (2 Class A shares equal to 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.73 |
|
0.84 |
|
0.12 |
|
2.30 |
|
3.15 |
|
0.44 |
|
|
Diluted |
|
|
0.72 |
|
0.83 |
|
0.12 |
|
2.27 |
|
3.11 |
|
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per Class A and Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
3,142,973,505 |
|
3,103,386,279 |
|
3,103,386,279 |
|
3,203,995,973 |
|
3,121,653,686 |
|
3,121,653,686 |
|
|
Diluted |
|
|
3,175,415,350 |
|
3,145,485,054 |
|
3,145,485,054 |
|
3,234,507,356 |
|
3,168,386,031 |
|
3,168,386,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADS used in earnings per ADS computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,571,486,752 |
|
1,551,693,140 |
|
1,551,693,140 |
|
1,601,997,986 |
|
1,560,826,843 |
|
1,560,826,843 |
|
|
Diluted |
|
|
1,587,707,675 |
|
1,572,742,527 |
|
1,572,742,527 |
|
1,617,253,678 |
|
1,584,193,016 |
|
1,584,193,016 |
|
|
|
||||||||||||||
|
UNAUDITED NON-IFRS FINANCIAL MEASURE |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
||||||||
|
|
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
||||
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
(in millions, except per share data) |
|
(in millions, except per share data) |
|
||||||||
|
Profit for the period/year |
|
|
1,205 |
|
1,409 |
|
198 |
|
3,839 |
|
5,220 |
|
735 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible and other assets arising |
|
|
126 |
|
111 |
|
16 |
|
498 |
|
445 |
|
63 |
|
|
Share-based compensation |
|
|
178 |
|
183 |
|
26 |
|
834 |
|
736 |
|
104 |
|
|
Losses/(gains) from investments** |
|
|
- |
|
23 |
|
3 |
|
(141) |
|
(7) |
|
(1) |
|
|
Income tax effects*** |
|
|
(17) |
|
(48) |
|
(7) |
|
(123) |
|
(171) |
|
(24) |
|
|
Non-IFRS Net Profit |
|
|
1,492 |
|
1,678 |
|
236 |
|
4,907 |
|
6,223 |
|
876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
1,438 |
|
1,575 |
|
222 |
|
4,745 |
|
5,923 |
|
834 |
|
|
Non-controlling interests |
|
|
54 |
|
103 |
|
15 |
|
162 |
|
300 |
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.46 |
|
0.51 |
|
0.07 |
|
1.48 |
|
1.90 |
|
0.27 |
|
|
Diluted |
|
|
0.45 |
|
0.50 |
|
0.07 |
|
1.47 |
|
1.87 |
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (2 Class A shares equal to 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.92 |
|
1.02 |
|
0.14 |
|
2.96 |
|
3.79 |
|
0.53 |
|
|
Diluted |
|
|
0.91 |
|
1.00 |
|
0.14 |
|
2.93 |
|
3.74 |
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per Class A and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
3,142,973,505 |
|
3,103,386,279 |
|
3,103,386,279 |
|
3,203,995,973 |
|
3,121,653,686 |
|
3,121,653,686 |
|
|
Diluted |
|
|
3,175,415,350 |
|
3,145,485,054 |
|
3,145,485,054 |
|
3,234,507,356 |
|
3,168,386,031 |
|
3,168,386,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADS used in earnings per ADS computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,571,486,752 |
|
1,551,693,140 |
|
1,551,693,140 |
|
1,601,997,986 |
|
1,560,826,843 |
|
1,560,826,843 |
|
|
Diluted |
|
|
1,587,707,675 |
|
1,572,742,527 |
|
1,572,742,527 |
|
1,617,253,678 |
|
1,584,193,016 |
|
1,584,193,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and |
|
|||||||||||||
|
** Including the net losses/gains on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in |
|
|||||||||||||
|
*** Represents the income tax effects of Non-IFRS adjustments. |
|
|
||||||
CONSOLIDATED BALANCE SHEET |
||||||
|
|
|
|
|
|
|
|
|
As at |
|
As at |
||
|
|
RMB |
|
RMB |
|
US$ |
|
|
Audited |
|
Unaudited |
|
Unaudited |
|
|
(in millions) |
||||
ASSETS |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property, plant and equipment |
|
323 |
|
490 |
|
69 |
Land use rights |
|
2,480 |
|
2,437 |
|
343 |
Right-of-use assets |
|
398 |
|
367 |
|
52 |
Intangible assets |
|
2,368 |
|
2,032 |
|
286 |
|
|
19,493 |
|
19,542 |
|
2,752 |
Investments accounted for using equity method |
|
4,330 |
|
4,274 |
|
602 |
Financial assets at fair value through other comprehensive income |
3,168 |
|
6,540 |
|
921 |
|
Other investments |
|
304 |
|
307 |
|
43 |
Prepayments, deposits and other assets |
|
709 |
|
540 |
|
76 |
Deferred tax assets |
|
347 |
|
352 |
|
50 |
Term deposits |
|
6,530 |
|
8,719 |
|
1,228 |
|
|
40,450 |
|
45,600 |
|
6,423 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Inventories |
|
14 |
|
8 |
|
1 |
Accounts receivable |
|
2,670 |
|
2,918 |
|
411 |
Prepayments, deposits and other assets |
|
2,958 |
|
3,438 |
|
484 |
Other investments |
|
37 |
|
37 |
|
5 |
Term deposits |
|
11,291 |
|
9,937 |
|
1,400 |
Restricted Cash |
|
34 |
|
31 |
|
4 |
Cash and cash equivalents |
|
9,555 |
|
13,567 |
|
1,911 |
|
|
26,559 |
|
29,936 |
|
4,216 |
|
|
|
|
|
|
|
Total assets |
|
67,009 |
|
75,536 |
|
10,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Equity attributable to equity holders of the |
|
|
|
|
|
|
Share capital |
|
2 |
|
2 |
|
0 |
Additional paid-in capital |
|
36,456 |
|
36,576 |
|
5,152 |
Shares held for share award schemes |
|
(202) |
|
(302) |
|
(43) |
|
|
(6,349) |
|
(6,996) |
|
(985) |
Other reserves |
|
6,140 |
|
9,658 |
|
1,360 |
Retained earnings |
|
12,052 |
|
16,969 |
|
2,390 |
|
|
48,099 |
|
55,907 |
|
7,874 |
Non-controlling interests |
|
1,028 |
|
1,295 |
|
182 |
|
|
|
|
|
|
|
Total equity |
|
49,127 |
|
57,202 |
|
8,057 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Notes payables |
|
5,536 |
|
5,636 |
|
794 |
Other payables and other liabilities |
|
6 |
|
- |
|
- |
Deferred tax liabilities |
|
211 |
|
239 |
|
34 |
Lease liabilities |
|
306 |
|
297 |
|
42 |
Deferred revenue |
|
106 |
|
148 |
|
21 |
|
|
6,165 |
|
6,320 |
|
890 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
4,998 |
|
5,006 |
|
705 |
Other payables and other liabilities |
|
4,022 |
|
3,472 |
|
489 |
Current tax liabilities |
|
404 |
|
567 |
|
80 |
Lease liabilities |
|
123 |
|
115 |
|
16 |
Deferred revenue |
|
2,170 |
|
2,854 |
|
402 |
|
|
11,717 |
|
12,014 |
|
1,692 |
|
|
|
|
|
|
|
Total liabilities |
|
17,882 |
|
18,334 |
|
2,582 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
67,009 |
|
75,536 |
|
10,639 |
|
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Audited |
|
Unaudited |
|
Unaudited |
|
|
(in millions) |
|
(in millions) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
2,494 |
|
1,977 |
|
278 |
|
7,481 |
|
7,337 |
|
1,033 |
Net cash used in investing activities |
|
(1,108) |
|
(193) |
|
(27) |
|
(1,446) |
|
(1,863) |
|
(262) |
Net cash used in financing activities |
|
(383) |
|
(576) |
|
(81) |
|
(3,419) |
|
(1,538) |
|
(217) |
Net increase in cash and cash equivalents |
|
1,003 |
|
1,208 |
|
170 |
|
2,616 |
|
3,936 |
|
554 |
Cash and cash equivalents at beginning of the period/year |
|
8,582 |
|
12,381 |
|
1,744 |
|
6,591 |
|
9,555 |
|
1,346 |
Exchange differences on cash and cash equivalents |
|
(30) |
|
(22) |
|
(3) |
|
348 |
|
76 |
|
11 |
Cash and cash equivalents at end of the period/year |
|
9,555 |
|
13,567 |
|
1,911 |
|
9,555 |
|
13,567 |
|
1,911 |
View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-fourth-quarter-and-full-year-2023-unaudited-financial-results-302092464.html
SOURCE