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Tencent Proclaims 2019 Fourth Quarter and Annual Outcomes

HONG KONG, March 18, 2020 /PRNewswire/ — Tencent Holdings Restricted (“Tencent” or the “Firm”, 00700.HK), a number one supplier of Web worth added providers in China, immediately introduced the unaudited consolidated outcomes for the fourth quarter of 2019 (“4Q2019”) and audited consolidated outcomes for the 12 months ended December 31, 2019 (“FY2019”).

4Q2019 Key Highlights

Revenues: +25% YoY, non-IFRS[1] revenue attributable to fairness holders of the Firm: +29% YoY

  • Whole revenues had been RMB105,767 million (USD15,161 million[2]), a rise of 25% over the fourth quarter of 2018 (“YoY”).
  • On a non-IFRS foundation, which is meant to replicate core earnings by excluding sure one-time and/or non-cash gadgets:

–  Working revenue was RMB30,306 million (USD4,344 million), a rise of 35% YoY. Working margin elevated to 29% from 26% final 12 months.
–  Revenue for the quarter was RMB26,639 million (USD3,819 million), a rise of 32% YoY. Web margin elevated to 25% from 24% final 12 months.
–  Revenue attributable to fairness holders of the Firm for the quarter was RMB25,484 million (USD3,653 million), a rise of 29% YoY.
–  Fundamental earnings per share had been RMB2.690. Diluted earnings per share had been RMB2.643.

–  Working revenue was RMB28,604 million (USD4,100 million), a rise of 65% YoY. Working margin elevated to 27% from 20% final 12 months.
–  Revenue for the interval was RMB22,372 million (USD3,207 million), a rise of 60% YoY. Web margin elevated to 21% from 17% final 12 months. 
–  Revenue attributable to fairness holders of the Firm for the quarter was RMB21,582 million (USD3,094 million), a rise of 52% YoY.
–  Fundamental earnings per share had been RMB2.278. Diluted earnings per share had been RMB2.248.

[1] Non-IFRS (previously known as non-GAAP) changes excludes share-based compensation, M&A associated impression resembling internet (features)/losses from investee firms, amortisation of intangible belongings and impairment provision, in addition to revenue tax results.

[2] Figures said in USD are primarily based on USD1 to RMB6.9762

FY2019 Key Highlights

Revenues: +21% YoY, non-IFRS revenue attributable to fairness holders of the Firm: +22% YoY

  • Whole revenues had been RMB377,289 million (USD54,082 million), a rise of 21% over the 12 months ended December 31, 2018 (“YoY”).
  • On a non-IFRS foundation, which is meant to replicate core earnings by excluding sure one-time and/or non-cash gadgets:

–  Working revenue was RMB114,601 million (USD16,427 million), a rise of 24% YoY. Working margin was 30%, broadly steady from final 12 months.
–  Revenue for the 12 months was RMB97,589 million (USD13,989 million), a rise of 22% YoY. Web margin remained steady at 26%.
–  Revenue attributable to fairness holders of the Firm for the 12 months was RMB94,351 million (USD13,525 million), a rise of 22% YoY.
–  Fundamental earnings per share had been RMB9.966. Diluted earnings per share had been RMB9.729.

–  Working revenue was RMB118,694 million (USD17,014 million), a rise of 22% YoY. Working margin was 31%, broadly steady from final 12 months.
–  Revenue for the 12 months was RMB95,888 million (USD13,745 million), a rise of 20% YoY. Web margin decreased to 25% from 26% final 12 months. 
–  Revenue attributable to fairness holders of the Firm for the 12 months was RMB93,310 million (USD13,375 million), a rise of 19% YoY.
–  Fundamental earnings per share had been RMB9.856. Diluted earnings per share had been RMB9.643.

  • The Board has really helpful a ultimate dividend of HKD1.20 per share for FY2019 (2018: HKD1.00 per share), topic to the approval of the shareholders on the Annual Normal Assembly.

Mr. Ma Huateng, Chairman and CEO of Tencent, stated, “Throughout 2019, we strengthened our management in Client Web and prolonged our presence in Industrial Web, whereas sustaining wholesome working and monetary metrics. Our communication and social platforms turned more and more vibrant as our Weixin ecosystem higher related customers with providers. Our worldwide recreation enterprise broke by means of to a a lot bigger viewers with the success of titles resembling PUBG Cellular and Name of Obligation Cellular. We deepened our cost penetration amongst offline retailers and expanded our vary of wealth administration merchandise. And we now have strengthened our promoting and cloud options, enabling us to higher serve our enterprise prospects and so develop our enterprise scale. Amid the COVID-19 scenario, we now have labored relentlessly to assist people and serve society, organizing charitable and voluntary actions, enhancing and making broadly accessible helpful expertise instruments together with WeChat Work, Tencent Assembly app, Tencent Medipedia data service, and Tencent Classroom app, as we search to meet our company mission of Worth for Customers, Tech for Good.”

4Q2019 Monetary Evaluate

Revenues from VAS elevated by 20% YoY to RMB52,308 million. On-line video games revenues rose by 25% YoY to RMB30,286 million. The rise was primarily pushed by income development from good telephone video games in each home and abroad markets, together with titles resembling Peacekeeper Elite and PUBG Cellular, in addition to income contribution from Supercell titles, partly offset by decrease revenues from PC consumer video games resembling DnF. Social networks revenues grew by 13% to RMB22,022 million, primarily reflecting higher contributions from digital content material providers resembling reside broadcast and music streaming providers.

Revenues from FinTech and Enterprise Companies elevated by 39% YoY to RMB29,920 million. The rise was primarily attributable to higher income contributions from industrial cost, in addition to income development from cloud providers on account of deeper penetration in key verticals.

Revenues from On-line Promoting elevated by 19% YoY to RMB20,225 million. Social and others promoting revenues elevated by 37% to RMB16,274 million, primarily pushed by promoting income development from Weixin Moments and our cell promoting community. Media promoting revenues decreased by 24% to RMB3,951 million. The lower primarily mirrored decrease promoting revenues from our media platforms together with Tencent Video and Tencent Information attributable to unsure broadcasting schedules and fewer telecasts of sports activities occasions.

Different Key Monetary Data for 4Q2019

EBITDA was RMB35,675 million, up 31% YoY. Adjusted EBITDA was RMB38,572 million, up 30% YoY.

Capital expenditure was RMB16,869 million, up 270% YoY.

Free money move* was RMB37,896 million, up 27% YoY.

As at December 31, 2019, internet debt place totalled RMB15,552 million. Honest worth of our stakes in listed investee firms (excluding subsidiaries) totalled RMB419,818 million.

* Ranging from the primary quarter of 2019, we now have reclassified curiosity paid in money move presentation from working actions to financing actions with a view to replicate the character of enterprise. Comparative figures have been reclassified to adapt with the present interval presentation.

Working Metrics


As at

31 December

2019

As at

31 December

2018

12 months-

on-year

change

As at

30 September

2019

Quarter-
on-quarter

change


(in tens of millions, until specified)

Mixed MAU of Weixin
and WeChat

1,164.8

1,097.6

6.1%

1,151.0

1.2%







Good gadget MAU of QQ                                     

647.0

699.8

-7.5%

653.4

-1.0%







Payment-based VAS registered
subscriptions

180.1

160.3

12.4%

170.6

5.6%

Strategic Progress and Outlook

Our key strategic priorities embody cultivating our main place within the Client Web, embracing alternatives introduced by the Industrial Web, and energizing our company tradition. Throughout 2019, we imagine we made substantial progress on distinguished elements of our company technique, and we see scope for additional improvement, main us to proceed to evolve our plans as we attempt to deal with new challenges and seize new alternatives. Reviewing a few of our vital product areas and enterprise strains:

Communication and Social

Our strategic focus on this enterprise is strengthening connections between customers by way of digital content material, on-line providers, and offline providers, in addition to enhancing connections with enterprises leveraging Mini Packages, Weixin Pay and WeChat Work.

In 2019, we supplied Weixin customers with handy entry to public providers and healthcare content material. We enriched content material in Mini Packages and information feeds providers in video format and enabled customers to share quick movies by way of Weishi inside Moments. Weixin and WeChat engagement metrics stayed excessive as their lively consumer base and consumer time spent elevated. Day by day messages despatched had been up 15% year-on-year for the fourth quarter of 2019. We rejuvenated QQ with enhanced chat options and good friend suggestion, and we expanded leisure use instances by way of Mini Video games, growing QQ’s reputation amongst youthful generations. Because the coronavirus outbreak, QQ College-plus-Dwelling teams have served greater than 120 million customers, with optimised options resembling reside broadcast, on-line tutoring packages and on-line administrative instruments for college routines to facilitate on-line and offline schooling. To strengthen our connections with enterprises, we facilitated discovery of retailers’ Mini Packages and gross sales conversion by enhancing Weixin in-app search and reside broadcast features. The variety of each day transactions generated inside Mini Packages greater than doubled year-on-year, and their transaction worth exceeded RMB800 billion in 2019.

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Wanting ahead, we search to make our customers’ on a regular basis life extra handy by means of our communication merchandise, to develop the total potential of Mini Packages, and to introduce new social experiences enabled by expertise improvements.

On-line Video games

In our on-line video games enterprise, our strategic focus was on enhancing our inside R&D functionality and exterior partnerships, and increasing our abroad enterprise.

Throughout 2019, we prolonged our China management and made notable progress in our abroad enterprise, largely because of the success of our video games PUBG Cellular and Name of Obligation Cellular, in addition to the brand new mode Teamfight Techniques inside League of Legends. Our worldwide video games revenues greater than doubled year-on-year, constituting 23% of our on-line video games income within the fourth quarter of 2019. As of the top of 2019, 5 out of the highest ten most-popular good telephone video games by DAU internationally had been developed by us. Along with establishing our authentic IP franchises, we developed exterior partnerships by way of quite a few new investments in best-in-genre studios. Key studios resembling Timi and Lightspeed & Quantum beneath Tencent, in addition to Riot Video games and Supercell, have enhanced their R&D functionality, and every have a number of promising video games in its pipeline. We imagine our studios are business leaders on PC and good telephone video games, and in genres resembling multi-player battle area and tactical event, however nonetheless have room to reinforce our capabilities in different genres resembling role-playing video games. Leveraging our flagship video games franchises, we strengthened our eSports world management with League of Legend’s World Championship and Honour of Kings’ KPL, which had been probably the most watched occasions for PC and good telephone video games, respectively.

Wanting ahead, we are going to search to increase our home recreation business management, reinforce our worldwide efforts, and supply top quality new video games globally.

Digital Content material

In digital content material, we concentrate on investing in digital content material and rising our subscription enterprise, and lengthening our franchise in lengthy type video to quick type video.

In 2019, our fee-based VAS subscriptions elevated 12% year-on-year to 180 million. We skilled slower subscriber and income development for our video subscription service in 2019 than 2018, reflecting delays in broadcasting key content material; nonetheless our Tencent Video subscriptions reached 106 million, and we remained the clear business chief when it comes to content material, customers, and monetary metrics, decreasing our 2019 working loss to under RMB3 billion, considerably decrease than the loss charges of business friends. We’re more and more expert at commissioning and creating in-house content material, particularly in areas resembling drama collection, anime collection, and selection reveals. We’ve got prolonged our owned IP, resembling Pleasure of Life (慶餘年), from on-line novels into profitable TV drama collection. We accelerated our music subscriber development within the second half of 2019, benefitting from the pay-for-streaming mannequin. Our literature subscriber development was weak for a lot of 2019 attributable to competitors from free studying providers, however we’re seeing indicators of enchancment, as our Weixin Studying app turns into extra common, and as readers differentiate the commonly greater high quality of paid content material.

Throughout 2019, we now have aggressively stepped up our funding within the quick type video house, given customers are spending substantial time watching such movies. On account of our efforts, our quick video app Weishi elevated its DAU 80% and each day uploads 70% sequentially within the fourth quarter of 2019. We enhanced our video content material recognition expertise to reinforce consumer content material creation and make smarter content material suggestions. We added revolutionary options resembling video pink packets to spice up social video uploads and leveraged in-house IPs to assist content material creation by key opinion leaders (KOLs) and multi-channel networks (MCNs). We’re within the early levels of what we anticipate to be a multi-year funding briefly type video, however the truth that we overcame a late begin in lengthy type video to develop into the business’s chief, along with our capability to leverage our social community and media properties, and our substantial progress in latest months, offers us confidence in our long run prospects briefly type video.

On-line Promoting

In promoting, we search to reinforce our consumer focusing on functionality to extend ROIs (return on investments) for advertisers.

Throughout the first half of 2019, weak macro-economic situations and competitors for promoting spending negatively impacted our promoting enterprise. Nevertheless, the unification of our promoting expertise and gross sales groups, enhanced consumer focusing on, in addition to simplified inventories and advertiser instruments enabled us to re-establish enterprise momentum from the second half of 2019 in our core “social and others” promoting class, which accounted for the big majority of our complete promoting income within the fourth quarter of 2019. Particularly, we prolonged the utmost variety of advert impressions per consumer day in Weixin Moments from two to 3 in early 2019, and efficiently examined a fourth impression in late 2019. Leveraging our knowledge and expertise, we imagine we now have taken substantial market share in advert networks, the place we now have skilled sturdy income development, and improved working margin. Our media promoting enterprise was damage by delays in broadcasting sure drama collection and fewer promoting actions round NBA basketball video games.

Wanting ahead, we imagine our aggressive place in promoting has notably improved, and, regardless of business challenges, we enter 2020 with the best group and expertise to reinforce advertiser ROIs and enhance our promoting market share, whereas persevering with to supply interesting shopper experiences. 

FinTech

In FinTech, we attempt to drive cost innovation, add cost use instances, and broaden our wealth administration portfolio.

Throughout 2019, we strengthened our management in cell cost providers by means of deepening our penetration amongst offline retailers. Within the fourth quarter of 2019, we exceeded 1 billion each day common transactions for our industrial funds, lined over 800 million month-to-month lively customers, and labored with over 50 million month-to-month lively retailers. We launched Weixin Pay Scores which enhanced customers’ buy propensity and loyalty to retailers by means of options resembling waiving creditworthy customers their deposits on some rental use instances. Our wealth administration platform, LiCaiTong, elevated its combination buyer belongings over 50% year-on-year, whereas its variety of prospects greater than doubled year-on-year as we expanded into the mass market. Our affiliate WeBank quickly grew the mortgage balances of its micro-loan product, WeiLiDai, inside Weixin, whereas sustaining a wholesome non-performing mortgage ratio.

Wanting ahead, we are going to search to increase our cost use instances, present new FinTech services and products, and improve the underlying capabilities and stability of our platform. 

Cloud and Enterprise Companies

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In Cloud and Enterprise Companies, we concentrate on creating personalized business options, enabling our enterprise companions to higher join with our customers, and aiding a variety of industries in digital upgrades.

Our cloud providers revenues exceeded RMB17 billion in 2019, as we persistently outgrew the market. Our variety of paying prospects exceeded 1 million, benefitting from enhanced gross sales group and deeper partnerships with system integrators. Gross margins improved as we optimized provide chains and expanded enterprise scale. We elevated our market share and gained presence in verticals resembling Web providers, tourism, municipal providers and industrial sectors, leveraging our shopper attain to help enterprises of their digital upgrades. The COVID-19 pandemic is delaying prospects’ implementation of cloud-related initiatives and can thus negatively impression our near-term cloud providers revenues, however we imagine enterprises can be more and more eager to undertake cloud-based options over the long term, with a view to facilitate distant working and distant interactions with their prospects.

2020’s COVID-19 pandemic highlights the utility of distant working and distant well being care providers, and we’re searching for to play our half in serving to folks address the brand new problem. Tencent Assembly exceeded 10 million DAUs inside two months since its launch in late December 2019, by far the most-used devoted video conferencing app in China. We deepened the combination between Weixin and WeChat Work to facilitate buyer administration and gross sales conversion, and tens of millions of enterprises used WeChat Work to renew work within the wake of the coronavirus outbreak. Over 300 million Weixin customers have utilized Tencent Well being as an vital entry to real-time pandemic knowledge, on-line session and AI-powered self-diagnosis providers. We supplied our medical AI imaging capabilities to help analysis of coronavirus illness. We additionally supplied dependable {and professional} medical data by means of Tencent Medipedia, and distributed pandemic-related content material by way of a number of high-traffic platforms, resembling Weixin and Tencent Information, attracting over 600 million web page views. Tencent Well being Code turns into probably the most used ePass for verifying well being and journey historical past in the course of the outbreak. 900 million customers throughout greater than 300 cities and counties have used our Well being Code because it was accessible on this February, with a complete of Eight billion visits. Wanting ahead, we are going to search to each meet the speedy wants for our merchandise led to by the pandemic, and develop our capabilities to anticipate and serve enterprises’ long run calls for because the financial system digitizes.

Environmental, Social and Governance (“ESG”) Initiatives

We made notable progress on our ESG efficiency in 2019. We inaugurated an Xplorer Prize to assist elementary science and cutting-edge expertise analysis. WeCounty Platform, our initiative to facilitate digitalization of China’s rural areas and poverty alleviation, has related 15,000 villages in 29 provinces, serving over 2.5 million villagers on the finish of 2019. We cooperated with famend museums worldwide to advertise cultural inheritance by way of museum-specific Mini Packages. We improved the power consumption effectivity of our knowledge facilities. We diversified our board of administrators with the inclusion of Professor Ke Yang, who brings her experience in healthcare and medical analysis.

As we entered 2020, we confronted the challenges of the coronavirus pandemic, which has profoundly impacted the worldwide financial system. We responded by establishing a RMB1.5 billion emergency fund to supply aid assist and by leveraging our cloud sources and expertise to assist pandemic-related program improvement and medical analysis. Our groups have labored relentlessly to improve our capabilities and merchandise to replace the general public with authoritative information and knowledge associated to the pandemic, and to supply healthcare providers, companies and academic institutions with entry to distant office and collaborative instruments. We additionally cooperated with Dr. Zhong Nanshan to fund his coronavirus analysis and supplied our medical AI imaging capabilities to help creating a fast take a look at for COVID-19. We imagine these efforts embody our mission, “Worth for Customers, Tech for Good”.

For different detailed disclosure, please seek advice from our web site http://www.tencent.com/en-us/buyers.html, or observe us by way of Weixin Official Account (Weixin ID: Tencent_IR)

About Tencent

Tencent makes use of expertise to counterpoint the lives of Web customers.

Our communication and social platforms, Weixin and QQ, join customers with one another and with digital content material and providers, each on-line and offline, making their lives extra handy. Our focused promoting platform helps advertisers attain out to tons of of tens of millions of shoppers in China. Our FinTech and enterprise providers assist our companions’ enterprise development and help their digital improve.

Tencent invests closely in expertise and technological innovation, actively selling the event of the Web business. Tencent was based in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed on the Primary Board of the Inventory Alternate of Hong Kong.

For investor and media enquiries, please contact:

Non-IFRS Monetary Measures

To complement the consolidated outcomes of the Group ready in accordance with IFRS, sure extra non-IFRS monetary measures (when it comes to working revenue, working margin, revenue for the interval, internet margin, revenue attributable to fairness holders of the Firm, fundamental EPS and diluted EPS), have been offered on this press launch. These unaudited non-IFRS monetary measures needs to be thought of along with, not as an alternative to, measures of the Group’s monetary efficiency ready in accordance with IFRS. As well as, these non-IFRS monetary measures could also be outlined otherwise from related phrases utilized by different firms.

The Firm’s administration believes that the non-IFRS monetary measures present buyers with helpful supplementary data to evaluate the efficiency of the Group’s core operations by excluding sure non-cash gadgets and sure impression of M&A transactions. As well as, non-IFRS changes embody related non-IFRS changes for the Group’s main associates primarily based on accessible printed financials of the related main associates, or estimates made by the Firm’s administration primarily based on accessible data, sure expectations, assumptions and premises.

Ahead-Wanting Statements

This press launch incorporates forward-looking statements regarding the enterprise outlook, forecast enterprise plans and development methods of the Firm. These forward-looking statements are primarily based on data presently accessible to the Firm and are said herein on the premise of the outlook on the time of this press launch. They’re primarily based on sure expectations, assumptions and premises, a few of that are subjective or past our management. These forward-looking statements might show to be incorrect and might not be realised in future. Underlying the forward-looking statements is a lot of dangers and uncertainties. Additional data concerning these dangers and uncertainties is included in our different public disclosure paperwork on our company web site.

CONSOLIDATED INCOME STATEMENT

RMB in tens of millions, until specified



Unaudited


Audited


4Q2019

4Q2018


2019

2018

Revenues

105,767

84,896


377,289

312,694

VAS

52,308

43,651


199,991

176,646

FinTech and Enterprise Companies

29,920

21,597


101,355

73,138

On-line Promoting

20,225

17,033


68,377

58,079

Others

3,314

2,615


7,566

4,831

Value of revenues

(59,659)

(49,744)


(209,756)

(170,574)

Gross revenue

46,108

35,152


167,533

142,120

Gross margin

44%

41%


44%

45%

Curiosity revenue

1,580

1,350


6,314

4,569

Different features/(losses), internet

3,630

(2,139)


19,689

16,714

Promoting and advertising and marketing bills

(6,712)

(5,730)


(21,396)

(24,233)

Normal and administrative bills

(16,002)

(11,345)


(53,446)

(41,522)

Working revenue

28,604

17,288


118,694

97,648

Working margin

27%

20%


31%

31%

Finance prices, internet

(2,767)

(1,372)


(7,613)

(4,669)

Share of (loss)/revenue of associates and joint ventures

(1,328)

16


(1,681)

1,487

Revenue earlier than revenue tax

24,509

15,932


109,400

94,466

Earnings tax expense

(2,137)

(1,906)


(13,512)

(14,482)

Revenue for the interval

22,372

14,026


95,888

79,984

Web margin

21%

17%


25%

26%

Attributable to:






    Fairness holders of the Firm

21,582

14,229


93,310

78,719

    Non-controlling pursuits

790

(203)


2,578

1,265







Non-IFRS revenue
    
attributable to fairness holders of the Firm

25,484

19,730


94,351

77,469







Earnings per share for revenue attributable to
     fairness holders of the Firm
    
(in RMB per share)






– fundamental

2.278

1.505


9.856

8.336

– diluted

2.248

1.489


9.643

8.228

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

RMB in tens of millions, until specified



Audited



2019

2018


Revenue for the 12 months

95,888

79,984


Different complete revenue, internet of tax:




Gadgets which may be subsequently reclassified to revenue or loss




Share of different complete revenue of associates and joint ventures

125

23


Switch of share of different complete revenue to revenue or loss upon deemed
    
disposal of associates

(3)


Foreign money translation variations

3,089

4,133


Different truthful worth (losses)/features, internet

(2,139)

181


Gadgets that won’t be subsequently reclassified to revenue or loss




Web features/(losses) from modifications in truthful worth of monetary belongings at truthful worth
     by means of different complete revenue

23,119

(16,391)


Different truthful worth losses

(178)

(170)



24,013

(12,224)


Whole complete revenue for the 12 months

119,901

67,760


Attributable to:




    Fairness holders of the Firm

116,670

66,339


    Non-controlling pursuits

3,231

1,421


OTHER FINANCIAL INFORMATION

RMB in tens of millions, until specified



Unaudited


Audited


4Q2019

4Q2018


2019

2018

EBITDA (a)

35,675

27,180


137,268

110,404

Adjusted EBITDA (a)

38,572

29,701


147,395

118,273

Adjusted EBITDA margin (b)

36%

35%


39%

38%

Curiosity and associated bills

2,348

1,345


7,690

4,898

Web debt (c)

(15,552)

(12,170)


(15,552)

(12,170)

Capital expenditures (d)

16,869

4,564


32,369

23,941

Note:

(a)  EBITDA consists of working revenue much less curiosity revenue and different features/losses, internet, and including again depreciation of property, plant and gear,
funding properties in addition to right-of-use belongings, and amortisation of intangible belongings. Adjusted EBITDA consists of EBITDA plus equity-settled share-
primarily based compensation bills.

(b)  Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.

(c)  Web debt represents interval finish stability and is calculated as money and money equivalents, plus time period deposits and others, minus borrowings and notes
payable.

(d)  Capital expenditures consist of additives (excluding enterprise combos) to property, plant and gear, development in progress, funding
properties, land use rights and intangible belongings (excluding media contents, recreation licenses and different contents).

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

RMB in tens of millions, until specified




Audited


As at December 31


2019


2018

ASSETS




Non-current belongings




  Property, plant and gear

46,824


35,091

  Land use rights

15,609


7,106

  Proper-of-use belongings

10,847


  Development in progress

3,935


4,879

  Funding properties

855


725

  Intangible belongings

128,860


56,650

  Investments in associates

213,614


219,215

  Investments in joint ventures

8,280


8,575

  Monetary belongings at truthful worth by means of revenue or loss

128,822


91,702

  Monetary belongings at truthful worth by means of different

   complete revenue

81,721


43,519

  Prepayments, deposits and different belongings

23,442


21,531

  Different monetary belongings


1,693

  Deferred revenue tax belongings

18,209


15,755

  Time period deposits

19,000







700,018


506,441





Present belongings




  Inventories

718


324

  Accounts receivable

35,839


28,427

  Prepayments, deposits and different belongings

27,840


18,493

  Different monetary belongings

375


339

  Monetary belongings at truthful worth by means of revenue or loss

7,114


6,175

  Time period deposits

46,911


62,918

  Restricted money

2,180


2,590

  Money and money equivalents

132,991


97,814






253,968


217,080





Whole belongings

953,986


723,521

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

RMB in tens of millions, until specified





Audited



As at December 31



2019


2018

EQUITY





Fairness attributable to fairness holders of the Firm

  Share capital



  Share premium


35,271


27,294

  Shares held for share award schemes


(4,002)


(4,173)

  Different reserves


16,786


729

  Retained earnings


384,651


299,660








432,706


323,510






Non-controlling pursuits


56,118


32,697






Whole fairness


488,824


356,207






LIABILITIES





Non-current liabilities





  Borrowings


104,257


87,437

  Notes payable


83,327


51,298

  Lengthy-term payables


3,577


4,797

  Different monetary liabilities


5,242


3,306

  Deferred revenue tax liabilities


12,841


10,964

  Lease liabilities


8,428


  Deferred income


7,334


7,077








225,006


164,879






Present liabilities





  Accounts payable


80,690


73,735

  Different payables and accruals


45,174


33,312

  Borrowings


22,695


26,834

  Notes payable


10,534


13,720

  Present revenue tax liabilities


9,733


10,210

  Different tax liabilities


1,245


1,049

  Different monetary liabilities


5,857


1,200

  Lease liabilitiess


3,279


  Deferred income


60,949


42,375








240,156


202,435






Whole liabilities


465,162


367,314






Whole fairness and liabilities


953,986


723,521

RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS



As

reported

Changes

Non-IFRS


RMB in million,

until specified

Share-based

compensation (a)

Web (features)/losses from
investee firms (b)

Amortisation of

intangible belongings (c)

Impairment

provision (d)

Earnings

tax results (e)


12 months ended December 31, 2019

Working revenue

118,694

10,500

(19,650)

1,051

4,006

114,601

Revenue for the 12 months

95,888

12,774

(20,818)

5,781

5,202

(1,238)

97,589

Revenue attributable to fairness
    
holders

93,310

12,309

(20,720)

5,362

5,185

(1,095)

94,351

Working margin

31%






30%

Web margin

25%






26%


12 months ended December 31, 2018

Working revenue

97,648

7,900

(31,168)

524

17,577

92,481

Revenue for the 12 months

79,984

11,354

(32,513)

4,251

17,741

(525)

80,292

Revenue attributable to fairness
    
holders

78,719

11,025

(33,073)

4,027

17,238

(467)

77,469

Working margin

31%






30%

Web margin

26%






26%


Be aware:

(a)  Together with put choices granted to staff of investee firms on their shares and shares to be issued beneath investee firms’ share-based incentive plans which may be acquired by the Group, and different incentives

(b)  Together with internet (features)/losses on deemed disposals/disposals of investee firms, truthful worth modifications arising from investee firms, and different bills in relation to fairness transactions of investee firms

(c)  Amortisation of intangible belongings ensuing from acquisitions

(d)  Impairment provisions for associates, joint ventures and intangible belongings arising from acquisitions

(e)  Earnings tax results of non-IFRS changes

RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS



As

reported

Changes

Non-IFRS


RMB in million,

until specified

Share-based

compensation (a)

Web (features)/losses from
investee firms (b)

Amortisation of

intangible belongings (c)

Impairment

provision (d)

Earnings

tax results (e)


Unaudited three months ended December 31, 2019

Working revenue

28,604

3,269

(2,340)

701

72

30,306

Revenue for the interval

22,372

3,965

(1,412)

1,667

140

(93)

26,639

Revenue attributable to fairness
    
holders

21,582

3,756

(1,403)

1,406

133

10

25,484

Working margin

27%






29%

Web margin

21%






25%


Unaudited three months ended September 30, 2019

Working revenue

25,827

2,745

(1,814)

118

1,668

28,544

Revenue for the interval

20,976

3,568

(2,509)

1,544

1,981

(474)

25,086

Revenue attributable to fairness

holders

20,382

3,475

(2,444)

1,491

1,971

(463)

24,412

Working margin

27%






29%

Web margin

22%






26%


Unaudited three months ended December 30, 2018

Working revenue

17,288

2,459

1,579

198

864

22,388

Revenue for the interval

14,026

3,579

583

1,927

938

(813)

20,240

Revenue attributable to fairness
    
holders

14,229

3,504

(60)

1,839

1,013

(795)

19,730

Working margin

20%






26%

Web margin

17%






24%


Be aware:

(a)  Together with put choices granted to staff of investee firms on their shares and shares to be issued beneath investee firms’ share-based incentive plans which may be acquired by the Group, and different incentives

(b)  Together with internet (features)/losses on deemed disposals/disposals of investee firms, truthful worth modifications arising from investee firms, and different bills in relation to fairness transactions of investee firms

(c)  Amortisation of intangible belongings ensuing from acquisitions

(d)  Impairment provisions for associates, joint ventures and intangible belongings arising from acquisitions

(e)  Earnings tax results of non-IFRS changes

SOURCE Tencent Holdings Restricted

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Associated Hyperlinks

http://www.tencent.com

Jung Min-seo

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