SHENZHEN,
China, May 13, 2024 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the
"Company") (NYSE: TME and HKEX: 1698), the leading online music and
audio entertainment platform in China, today announced its unaudited financial
results for the first quarter ended March
31, 2024 and declared its annual cash dividend for the year
ended December 31, 2023.
First Quarter 2024 Financial
Highlights
- Total revenues were RMB6.77
billion (US$937 million),
representing a 3.4% year-over-year decrease, mainly due to the
decline in revenues from social entertainment services and others,
which was partially mitigated by strong year-over-year growth in
revenues from online music services.
- Revenues from music subscriptions were RMB3.62 billion (US$501
million), representing 39.2% year-over-year growth. The
number of paying users increased by 20.2% year-over-year to
113.5 million. On a sequential basis, the number of paying users
grew by 6.8 million, the largest quarter-over-quarter net increase
to date.
- Net profit was RMB1.53
billion (US$212 million),
growing 27.5% year-over-year. Net profit attributable to equity
holders of the Company was RMB1.42
billion (US$197 million),
growing 23.9% year-over-year. Non-IFRS net
profit[1] was
RMB1.81 billion (US$251 million), representing 23.9%
year-over-year growth. Non-IFRS net profit attributable to
equity holders of the Company[1] was RMB1.70 billion (US$236
million), representing 20.8% year-over-year growth.
- Diluted earnings per ADS was RMB0.91 (US$0.13),
up from RMB0.73 in the same period of
2023.
- Total cash, cash equivalents and term
deposits as of March 31, 2024
were RMB34.18 billion (US$4.73 billion).
- An annual cash dividend for the year ended December 31, 2023 to be paid to shareholders as
of the record date will be approximately US$210 million.
Mr. Cussion Pang, Executive Chairman of TME,
commented, "We kicked off 2024 with impressive results. Online
music continued to grow robustly, registering record-high net adds
of 6.8 million music subscribers with healthy ARPPU for the first
quarter. Our focus on high-quality growth also yielded solid net
profit margin expansion. By broadening content and introducing more
tailored platform offerings that resonate deeply with users, we
continue to strengthen our vibrancy and competitiveness in this
dynamic industry."
Mr. Ross Liang,
CEO of TME, continued, "Drawing on our extensive industry
experience and capitalizing on the Chinese New Year seasonality,
our effective marketing campaigns led to higher-than-expected
first-quarter music subscriber growth. Meanwhile, we are pleased to
see a steady user base recovery thanks to our optimized operations
efforts. Through enhanced algorithms, product features and AIGC
applications, we are consistently creating more compelling music
experiences that deepen users' engagement on our platform."
First Quarter 2024 Operational
Highlights
|
1Q24
|
1Q23
|
YoY %
|
MAUs – online music
(million)
|
578
|
592
|
(2.4 %)
|
Mobile MAUs – social
entertainment (million)
|
97
|
136
|
(28.7 %)
|
Paying users – online
music (million)
|
113.5
|
94.4
|
20.2 %
|
Paying users – social
entertainment (million)
|
8.0
|
7.1
|
12.7 %
|
Monthly ARPPU – online
music (RMB)
|
10.6
|
9.2
|
15.2 %
|
Monthly ARPPU – social
entertainment (RMB)
|
73.4
|
164.5
|
(55.4 %)
|
Expanded licensed and original content
offerings to cater to evolving user preferences, setting new music
consumption trends.
- Reinforced partnerships with record labels to broaden our music
library's comprehensiveness and popularity. 1) Renewed cooperation
with Time Fengjun Entertainment, featuring 30-day head-start
privileges on new songs and adding Dolby Atmos upgrades for popular
idol groups such as TFBOYS. 2) Renewed partnership with HIM
International Music to bring users iconic C-pop content. We also
capitalized on our AI capabilities to bolster audience interaction
and sing-alongs, amplifying artists' reach.
- Created an increasing number of blockbuster songs through
original content production. 1) Produced high-quality original
soundtracks for trending TV dramas The Legend of Shen Li and In Blossom, gaining over
150 million streams on our platform. 2) With a keen grasp of
popular trends, we partnered with strategic artists and indie
musicians to create widely celebrated songs on social media, such
as RIVER FLOW by TIA RAY and What I Anticipate Is Not Snow
by Zhang Miaoge.
Innovative features fostered faster personal
music asset accumulation on our platform, leading to better user
engagement and greater high-potential user discovery.
- Introduced large audio models to increase music promotion
accuracy and a new AI Assistant to make music discovery more fun,
engaging and convenient.
- Launched a new rewards program and a series of interactive
features including themed song-guessing contests and
subscriber badges to invigorate music consumption and increase user
stickiness.
- Capitalized on Chinese New Year with targeted multi-channel
promotions, attracting a larger-than-expected number of paying
users; established a new partnership with Xiaomi SU7 and conducted
holiday-themed activities to boost in-car music consumption.
- Hosted QQMUSIC DIANFENG AWARDS, an annual trendsetting
online-merge-offline music event catering to the younger
demographic, to reinforce our core user base.
First Quarter 2024 Financial Review
Total revenues decreased by RMB236 million, or 3.4%, to RMB6.77 billion (US$937
million) from RMB7.00 billion
in the same period of 2023.
- Revenues from online music services delivered a strong
year-over-year increase of 43.0% to RMB5.01
billion (US$693 million) from
RMB3.50 billion in the same period of
2023. The increase was driven by solid growth in music subscription
revenues, supplemented by growth in revenue from advertising
services. Revenues from music subscriptions were RMB3.62 billion (US$501
million), representing 39.2% year-over-year growth compared
with RMB2.60 billion in the same
period of 2023. This rapid growth was driven by further expansion
in the online music paying user base and healthy ARPPU. The number
of online music paying users increased by 20.2% year-over-year to
113.5 million, with a monthly ARPPU of RMB10.6 in the first quarter of 2024. The
increase in the number of paying users was primarily due to
increased users' willingness to pay for appealing membership
privileges, expanded content, and attractive interactive features.
We also optimized promotion campaigns during Chinese New Year to
attract more paying users. The year-over-year increase in revenues
from advertising was primarily due to our more diversified product
portfolio and innovative ad formats, which were well-received by
advertisers.
- Revenues from social entertainment services and others
decreased by 49.7% to RMB1.76 billion
(US$244 million) from RMB3.50 billion in the same period of 2023. The
continued decrease was mainly the result of adjustments to certain
live-streaming interactive functions and more stringent compliance
procedures we implemented beginning in the second quarter of 2023,
as well as increased competition with other platforms.
Cost of revenues decreased by 14.8%
year-over-year to RMB4.00 billion
(US$554 million), mainly due to
decreased revenues from social entertainment services with a lower
revenue sharing ratio that led to less revenue sharing fees,
partially offset by increased content costs of royalties and
payment channel fees.
Gross margin increased to 40.9% from 33.1%
in the same period of 2023, primarily due to strong revenue
growth from music subscriptions and advertising services, and the
ramp-up of our own content.
Total operating expenses decreased by 7.6%
year-over-year to RMB1.14 billion
(US$157 million). Operating expenses
as a percentage of total revenues decrease to 16.8% from 17.5% in
the same period of 2023.
- Selling and marketing expenses were
RMB187 million (US$26 million), representing an 11.8%
year-over-year decrease, mainly due to overall optimized promotion
efforts.
- General and administrative expenses were RMB949 million (US$131
million), representing a 6.7% year-over-year decrease. This
decrease was primarily due to reduced employee-related
expenses.
Driven by improved operating efficiency and
effective cost controls, our operating profit grew to
RMB1.96 billion (US$271 million) in the first quarter of 2024,
representing an increase of 41.9% year-over-year.
The effective tax rate for the first quarter of
2024 was 19.9% compared with 12.2% in the same period of 2023. The
increase in the effective tax rate was mainly driven by the accrual
of withholding income tax of RMB107
million (US$15 million) in the
first quarter of 2024. Additionally,
changes in preferential tax rates for certain entities also
impacted our effective tax rate.
For the first quarter of 2024, net profit
was RMB1.53 billion (US$212 million) and net profit attributable to
equity holders of the Company was RMB1.42 billion (US$197
million). Non-IFRS net profit was RMB1.81 billion (US$251
million) and non-IFRS net profit attributable to equity
holders of the Company was RMB1.70
billion (US$236 million).
Please refer to the section in this press release titled "Non-IFRS
Financial Measure" for details.
Basic and diluted earnings per American
Depositary Shares ("ADS") for the first quarter of 2024 were
RMB0.92 (US$0.13) and RMB0.91 (US$0.13),
respectively; non-IFRS basic and diluted earnings per ADS
were RMB1.11 (US$0.15) and RMB1.09 (US$0.15),
respectively. The Company had weighted averages of 1.54 billion
basic and 1.56 billion diluted ADSs outstanding, respectively. Each
ADS represents two of the Company's Class A ordinary shares.
As of March 31,
2024, the combined balance of the Company's cash, cash
equivalents and term deposits amounted to RMB34.18 billion (US$4.73
billion), compared with RMB32.22
billion as of December 31,
2023.
Share Repurchase Program
Under the US$500 million Share
Repurchase Program announced on March 21, 2023, as
of March 31, 2024, we had repurchased 32.2 million ADSs in the
open market with cash for a total consideration of US$235.5 million.
Annual Dividend Policy and Declaration of 2023
Dividend
On May 11, 2024,
the Company's board of directors adopted an annual cash dividend
policy, under which the Company may choose to declare and
distribute a cash dividend each year in accordance with the
memorandum and articles of association of the Company and
applicable laws and regulations. Under the policy, the Company's
board of directors determines whether to make dividend
distributions and the amount of such distributions in any
particular year, depending on the Company's operations and
earnings, cash flow, financial condition, and other relevant
factors.
Accordingly, on the same day, for the fiscal year
of 2023, the Company's board of directors declared a cash dividend
of US$0.0685 per ordinary share, or
US$0.1370 per ADS, to holders of
record of ordinary shares and ADSs as of the close of business on
May 31, 2024. The aggregate amount of
cash dividends to be paid will be approximately US$210 million and is expected to be paid on or
around June 21, 2024 and on or around
June 27, 2024 for holders of ordinary
shares and holders of ADSs, respectively. Holders of the Company's
ADSs will receive the cash dividends through the depositary, The
Bank of New York Mellon, subject to the terms of the deposit
agreement.
Social Responsibilities
We cooperated with Tencent Charity for the third consecutive year on
our themed program to raise autism awareness, "If Music Has a
Shape." This year, more than 60 renowned artists and groups from
China and abroad shared songs in
support of children with autism. We then hosted an art exhibition
featuring artwork by children with autism inspired by these musical
works, leveraging multimedia to amplify our heart-felt message and
boost music's social value.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars ("USD") at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of
RMB7.2203 to US$1.00, the noon buying rate in effect on
March 29, 2024, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or USD amounts referred could be
converted into USD or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release.
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.
|
About Tencent Music Entertainment
Tencent Music
Entertainment Group (NYSE: TME and HKEX: 1698) is the leading
online music and audio entertainment platform in China, operating the country's highly popular
and innovative music apps: QQ Music, Kugou Music, Kuwo Music and
WeSing. TME's mission is to create endless possibilities with music
and technology. TME's platform comprises online music, online
audio, online karaoke, music-centric live streaming and online
concert services, enabling music fans to discover, listen, sing,
watch, perform and socialize around music. For more information,
please visit ir.tencentmusic.com.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. In some cases, forward-looking
statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "target," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the SEC and the HKEX. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any duty to
update such information, except as required under applicable
law.
Investor Relations Contact
Tencent Music
Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
|
TENCENT MUSIC
ENTERTAINMENT GROUP
|
|
|
CONSOLIDATED INCOME
STATEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
|
|
|
2023
|
|
2024
|
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
(in millions, except
per share data)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Online music
services
|
|
|
3,501
|
|
5,007
|
|
693
|
|
|
Social entertainment
services and others
|
|
|
3,503
|
|
1,761
|
|
244
|
|
|
|
|
|
7,004
|
|
6,768
|
|
937
|
|
|
Cost of
revenues
|
|
|
(4,689)
|
|
(3,997)
|
|
(554)
|
|
|
Gross
profit
|
|
|
2,315
|
|
2,771
|
|
384
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
(212)
|
|
(187)
|
|
(26)
|
|
|
General and
administrative expenses
|
|
|
(1,017)
|
|
(949)
|
|
(131)
|
|
|
Total operating
expenses
|
|
|
(1,229)
|
|
(1,136)
|
|
(157)
|
|
|
Interest
income
|
|
|
237
|
|
278
|
|
39
|
|
|
Other gains,
net
|
|
|
58
|
|
46
|
|
6
|
|
|
Operating
profit
|
|
|
1,381
|
|
1,959
|
|
271
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net
profit/(loss) of investments accounted
for using equity method
|
|
|
20
|
|
(18)
|
|
(2)
|
|
|
Finance cost
|
|
|
(34)
|
|
(30)
|
|
(4)
|
|
|
Profit before income
tax
|
|
|
1,367
|
|
1,911
|
|
265
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(167)
|
|
(381)
|
|
(53)
|
|
|
Profit for the
period
|
|
|
1,200
|
|
1,530
|
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
|
1,148
|
|
1,422
|
|
197
|
|
|
Non-controlling
interests
|
|
|
52
|
|
108
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.37
|
|
0.46
|
|
0.06
|
|
|
Diluted
|
|
|
0.36
|
|
0.46
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (2
Class A shares equal to 1
ADS)
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.74
|
|
0.92
|
|
0.13
|
|
|
Diluted
|
|
|
0.73
|
|
0.91
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
earnings per Class A and Class
B ordinary share computation:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
3,120,690,738
|
|
3,081,992,364
|
|
3,081,992,364
|
|
|
Diluted
|
|
|
3,165,297,869
|
|
3,123,242,656
|
|
3,123,242,656
|
|
|
|
|
|
|
|
|
|
|
|
|
ADS used in earnings
per ADS computation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,560,345,369
|
|
1,540,996,182
|
|
1,540,996,182
|
|
|
Diluted
|
|
|
1,582,648,934
|
|
1,561,621,328
|
|
1,561,621,328
|
|
|
TENCENT MUSIC
ENTERTAINMENT GROUP
|
|
UNAUDITED NON-IFRS
FINANCIAL MEASURE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
|
|
2023
|
|
2024
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
(in millions, except
per share data)
|
|
Profit for the
period
|
|
|
1,200
|
|
1,530
|
|
212
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of
intangible and other assets arising
from business acquisitions or combinations*
|
|
|
117
|
|
118
|
|
16
|
|
Share-based
compensation
|
|
|
202
|
|
193
|
|
27
|
|
(Gains)/losses from
investments**
|
|
|
(17)
|
|
37
|
|
5
|
|
Income tax
effects***
|
|
|
(39)
|
|
(66)
|
|
(9)
|
|
Non-IFRS Net
Profit
|
|
|
1,463
|
|
1,812
|
|
251
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
|
1,411
|
|
1,704
|
|
236
|
|
Non-controlling
interests
|
|
|
52
|
|
108
|
|
15
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.45
|
|
0.55
|
|
0.08
|
|
Diluted
|
|
|
0.45
|
|
0.55
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (2
Class A shares equal to 1
ADS)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.90
|
|
1.11
|
|
0.15
|
|
Diluted
|
|
|
0.89
|
|
1.09
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
Shares used in
earnings per Class A and
Class B ordinary share computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
3,120,690,738
|
|
3,081,992,364
|
|
3,081,992,364
|
|
Diluted
|
|
|
3,165,297,869
|
|
3,123,242,656
|
|
3,123,242,656
|
|
|
|
|
|
|
|
|
|
|
ADS used in earnings
per ADS computation
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,560,345,369
|
|
1,540,996,182
|
|
1,540,996,182
|
|
Diluted
|
|
|
1,582,648,934
|
|
1,561,621,328
|
|
1,561,621,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the
amortization of identifiable assets, including intangible assets
such as domain name, trademark,
copyrights, supplier resources, corporate customer relationships
and non-compete agreement etc., and fair value
adjustment on music content (i.e., signed contracts obtained for
the rights to access to the music contents for
which the amount was amortized over the contract period), resulting
from business acquisitions or combination.
|
|
** Including the net
gains.losses on deemed disposals/disposals of investments, fair
value changes arising from
investments, impairment provision of investments and other expenses
in relation to equity transactions of
investments.
|
|
*** Represents the
income tax effects of Non-IFRS adjustments.
|
TENCENT MUSIC
ENTERTAINMENT GROUP
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
As at December 31,
2023
|
|
As at March 31,
2024
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
(in
millions)
|
ASSETS
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
490
|
|
526
|
|
73
|
Land use
rights
|
|
2,437
|
|
2,419
|
|
335
|
Right-of-use
assets
|
|
367
|
|
317
|
|
44
|
Intangible
assets
|
|
2,032
|
|
2,023
|
|
280
|
Goodwill
|
|
19,542
|
|
19,567
|
|
2,710
|
Investments accounted
for using equity method
|
|
4,274
|
|
4,277
|
|
592
|
Financial assets at
fair value through other comprehensive income
|
6,540
|
|
8,791
|
|
1,218
|
Other
investments
|
|
307
|
|
327
|
|
45
|
Prepayments, deposits
and other assets
|
|
540
|
|
437
|
|
61
|
Deferred tax
assets
|
|
352
|
|
360
|
|
50
|
Term
deposits
|
|
8,719
|
|
7,589
|
|
1,051
|
|
|
45,600
|
|
46,633
|
|
6,459
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Inventories
|
|
8
|
|
11
|
|
2
|
Accounts
receivable
|
|
2,918
|
|
2,808
|
|
389
|
Prepayments, deposits
and other assets
|
|
3,438
|
|
3,068
|
|
425
|
Other
investments
|
|
37
|
|
37
|
|
5
|
Term
deposits
|
|
9,937
|
|
16,370
|
|
2,267
|
Restricted
Cash
|
|
31
|
|
31
|
|
4
|
Cash and cash
equivalents
|
|
13,567
|
|
10,218
|
|
1,415
|
|
|
29,936
|
|
32,543
|
|
4,507
|
|
|
|
|
|
|
|
Total
assets
|
|
75,536
|
|
79,176
|
|
10,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Equity attributable
to equity holders of the
Company
|
|
|
|
|
|
|
Share
capital
|
|
2
|
|
2
|
|
0
|
Additional paid-in
capital
|
|
36,576
|
|
36,559
|
|
5,063
|
Shares held for share
award schemes
|
|
(302)
|
|
(327)
|
|
(45)
|
Treasury
shares
|
|
(6,996)
|
|
(7,196)
|
|
(997)
|
Other
reserves
|
|
9,658
|
|
11,887
|
|
1,646
|
Retained
earnings
|
|
16,969
|
|
18,391
|
|
2,547
|
|
|
55,907
|
|
59,316
|
|
8,215
|
Non-controlling
interests
|
|
1,295
|
|
1,439
|
|
199
|
|
|
|
|
|
|
|
Total
equity
|
|
57,202
|
|
60,755
|
|
8,414
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Notes
payables
|
|
5,636
|
|
5,647
|
|
782
|
Deferred tax
liabilities
|
|
239
|
|
174
|
|
24
|
Lease
liabilities
|
|
297
|
|
257
|
|
36
|
Deferred
revenue
|
|
148
|
|
156
|
|
22
|
|
|
6,320
|
|
6,234
|
|
863
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
5,006
|
|
5,493
|
|
761
|
Other payables and
other liabilities
|
|
3,472
|
|
2,936
|
|
407
|
Current tax
liabilities
|
|
567
|
|
670
|
|
93
|
Lease
liabilities
|
|
115
|
|
97
|
|
13
|
Deferred
revenue
|
|
2,854
|
|
2,991
|
|
414
|
|
|
12,014
|
|
12,187
|
|
1,688
|
|
|
|
|
|
|
|
Total
liabilities
|
|
18,334
|
|
18,421
|
|
2,551
|
|
|
|
|
|
|
|
Total equity and
liabilities
|
|
75,536
|
|
79,176
|
|
10,966
|
TENCENT MUSIC
ENTERTAINMENT GROUP
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
2023
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
1,852
|
|
2,686
|
|
372
|
Net cash provided
by/(used in) investing activities
|
|
811
|
|
(5,498)
|
|
(761)
|
Net cash used in
financing activities
|
|
(80)
|
|
(522)
|
|
(72)
|
Net increase/(decrease)
in cash and cash equivalents
|
|
2,583
|
|
(3,334)
|
|
(462)
|
Cash and cash
equivalents at beginning of the period
|
|
9,555
|
|
13,567
|
|
1,879
|
Exchange differences on
cash and cash equivalents
|
|
(9)
|
|
(15)
|
|
(2)
|
Cash and cash
equivalents at end of the period
|
|
12,129
|
|
10,218
|
|
1,415
|
View original
content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-first-quarter-2024-unaudited-financial-results-and-annual-dividend-plan-302143237.html
SOURCE Tencent Music Entertainment
Group