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Tencent Announces 2020 Second Quarter and Interim Results – PRNewswire

HONG KONG, Aug. 12, 2020 /PRNewswire/ — Tencent Holdings Limited (“Tencent” or the “Company”, 00700.HK), a number one supplier of Internet worth added companies in China, right this moment introduced the unaudited consolidated outcomes for the second quarter (“2Q2020”) and first half yr of 2020 (“1H2020”) ended June 30, 2020.

1H2020 Key Highlights  

Revenues: +28% YoY; Non-IFRS[1] revenue attributable to fairness holders of the Company: +29% YoY

Total revenues have been RMB222,948 million (USD31,492 million[2]), a rise of 28% over the primary half of 2019 (“YoY”).
On a non-IFRS foundation, which is meant to replicate core earnings by excluding sure one-time and/or non-money objects:

–  Operating revenue was RMB73,204 million (USD10,340 million), a rise of 31% YoY. Operating margin elevated to 33% from 32% final yr.
–  Profit for the interval was RMB59,204 million (USD8,363 million), a rise of 29% YoY. Net margin elevated to 27% from 26% final yr.
–  Profit attributable to fairness holders of the Company for the interval was RMB57,232 million (USD8,084 million), a rise of 29% YoY.
–  Basic earnings per share have been RMB6.038. Diluted earnings per share have been RMB5.945.

–  Operating revenue was RMB76,571 million (USD10,816 million), a rise of 19% YoY. Operating margin decreased to 34% from 37% final yr.
–  Profit for the interval was RMB61,857 million (USD8,737 million), a rise of 18% YoY. Net margin decreased to 28% from 30% final yr. 
–  Profit attributable to fairness holders of the Company for the interval was RMB62,003 million (USD8,758 million), a rise of 21% YoY.
–  Basic earnings per share have been RMB6.541. Diluted earnings per share have been RMB6.440.

Total money have been RMB281,086 million (USD39,704 million) on the finish of the interval.

2Q2020 Key Highlights  

Revenues: +29% YoY; Non-IFRS revenue attributable to fairness holders of the Company: +28% YoY

Total revenues have been RMB114,883 million (USD16,228 million), a rise of 29% over the second quarter of 2019 (“YoY”).
On a non-IFRS foundation, which is meant to replicate core earnings by excluding sure one-time and/or non-money objects:

–  Operating revenue was RMB37,629 million (USD5,315 million), a rise of 38% YoY. Operating margin elevated to 33% from 31% final yr.
–  Profit for the interval was RMB31,220 million (USD4,410 million), a rise of 29% YoY. Net margin remained secure at 27%.
–  Profit attributable to fairness holders of the Company for the quarter was RMB30,153 million (USD4,259 million), a rise of 28% YoY.
–  Basic earnings per share have been RMB3.180. Diluted earnings per share have been RMB3.130.

–  Operating revenue was RMB39,311 million (USD5,553 million), a rise of 43% YoY. Operating margin elevated to 34% from 31% final yr.
–  Profit for the interval was RMB32,454 million (USD4,584 million), a rise of 31% YoY. Net margin remained secure at 28%. 
–  Profit attributable to fairness holders of the Company for the quarter was RMB33,107 million (USD4,676 million), a rise of 37% YoY.
–  Basic earnings per share have been RMB3.491. Diluted earnings per share have been RMB3.437.

[1] Non-IFRS changes (previously known as non-GAAP) excludes share-based mostly compensation, M&A associated influence corresponding to internet (positive factors)/losses from investee corporations, amortisation of intangible property and impairment provision/(reversals), in addition to revenue tax results.

[2] Figures said in USD are based mostly on USD1 to RMB7.0795 

Mr. Ma Huateng, Chairman and CEO of Tencent, mentioned, “Since the beginning of this year, the COVID-19 pandemic has swept the world, disrupting our daily work and life routines. During this challenging time, we utilised our platforms and technologies to help users adapt to the new normal via online tools, to support enterprises in conducting digital upgrades, and to broadly contribute to economic recovery. We achieved generally robust operating and financial results in the second quarter, testifying to the diligence of our teams and resilience of our business model. We are committed to investing in talents, technology and platforms in a disciplined manner to embrace the emerging structural opportunities and challenges ahead.”

2Q2020 Financial Review

Revenue from VAS elevated by 35% to RMB65,002 million for the second quarter of 2020 on a yr-on-yr foundation. Online video games revenues grew by 40% to RMB38,288 million. The improve was primarily pushed by larger revenues from sensible telephone video games in each home and abroad markets, together with titles corresponding to Peacekeeper Elite and Honour of Kings, partly offset by the lower in revenues from PC shopper video games corresponding to DnF and CrossFire. Total sensible telephone video games revenues (together with sensible telephone video games revenues attributable to our social networks enterprise) have been RMB35,988 million and PC shopper video games revenues have been RMB10,912 million for the second quarter of 2020. Social networks revenues elevated by 29% to RMB26,714 million. The improve was primarily as a consequence of income contributions from digital content material companies together with the dwell broadcast companies of HUYA Inc. (“HUYA”, which we consolidated as a subsidiary from April 2020), and music subscriptions progress, in addition to income progress from in-recreation digital merchandise gross sales.

Revenues from FinTech and Business Services elevated by 30% to RMB29,862 million for the second quarter of 2020 on a yr-on-yr foundation. The improve primarily mirrored income progress from industrial cost as a consequence of elevated common each day transactions and worth per transaction, from wealth administration, in addition to from cloud companies on account of larger consumption of our public cloud, notably by the Internet companies and municipal companies sectors.

Revenues from Online Advertising elevated by 13% to RMB18,552 million for the second quarter of 2020 on a yr-on-yr foundation. Social and others promoting revenues grew by 27% to RMB15,262 million. The improve was primarily as a consequence of income progress from our cell promoting community, benefitting from elevated visitors and a larger mixture of video promoting with larger pricing, in addition to elevated revenues derived from Weixin Moments as a consequence of extra inventories and impressions. Media promoting revenues decreased by 25% to RMB3,290 million. The lower was primarily pushed by decrease promoting revenues from Tencent Video on account of weak model promoting demand amid the difficult macro setting, in addition to delayed content material manufacturing and releases.

Other Key Financial Information for 2Q2020

EBITDA was RMB40,525 million, up 24% YoY. Adjusted EBITDA was RMB43,742 million, up 25% YoY.
Capital expenditures have been RMB9,466 million, up 117% YoY.
Free money movement* was RMB28,451 million, up 127% YoY.

As at June 30, 2020, internet money place totalled RMB7,212 million. Fair worth of our stakes in listed investee corporations (excluding subsidiaries) totalled RMB726,244 million.

* Starting from 2020, free money movement was adjusted by subtracting funds for media content material and lease liabilities, along with subtracting funds for capital expenditure from the working money movement. Restated free money movement was RMB16.Eight billion in 1Q2019, RMB12.6 billion in 2Q2019, RMB28.1 billion in 3Q2019, and RMB31.three billion in 4Q2019, respectively.

Operating Metrics


As at

30 June

2020

As at

30 June

2019

Year-

on-yr

change

As at

31 March

2020

Quarter-on-
quarter

change


(in tens of millions, until specified)












Combined MAU of Weixin
and WeChat

1,206.1

1,132.7

6.5%

1,202.5

zero.three%












Smart machine MAU of QQ                                     

647.6

706.7

-Eight.four%

693.5

-6.6%












Fee-based VAS registered
subscriptions

203.four

168.9

20.four%

197.four

three.zero%

Business Review and Outlook

Since the start of this yr, the COVID-19 pandemic has swept the world, disrupting our each day work and life routines. During this difficult time, we utilised our platforms and applied sciences to assist customers adapt to the brand new regular through on-line instruments, to assist enterprises in conducting digital upgrades, and to broadly contribute to financial restoration. Here are some highlights for our key merchandise and enterprise strains:

Communication and Social

For Weixin, we launched replace to reinforce functionalities for communication, content material and companies. For communication, the brand new Tickle perform has enabled many artistic expressions, and the addition of dwell broadcast perform to Weixin college-plus-residence teams facilitated on-line training inside Weixin. MAUs and each day messages despatched each elevated yr-on-yr. For content material, we upgraded the video content material publishing functionalities in Official Accounts, enhanced content material discovery with strengthened advice algorithm and launched content material aggregation instruments. These initiatives revitalised content material consumption in Official Accounts, leading to yr-on-yr improve in web page views. As for companies, we assisted conventional retailers emigrate on-line and assist their enterprise resumption through Mini Programs. Transactions worth generated through Mini Programs elevated sequentially as financial actions recovered. We launched a free and straightforward-to-use toolkit, Mini Stores, to assist lengthy-tail retailers construct and function digital storefronts, empowering them with numerous features corresponding to order administration, after-gross sales companies and dwell broadcast.

In QQ, we enriched options to allow customers to higher work together with their mates and households whereas they’re bodily aside. Users can provoke on-line events and play AI-empowered social video games along with their mates in video chats. To interact the increasing fan base for Anime, Comics, Games and Novels (“ACGN”) content material, we provided customisable comedian stickers inside QQ chats, and enriched content material for ACGN-associated Mini Programs, which gained reputation amongst younger customers.

Online Games

In China, person time spent on our sensible telephone video games elevated yr-on-yr however decreased quarter-on-quarter as a consequence of seasonality and again-to-workplace conduct. Honour of Kings deepened its person engagement with the discharge of extra high-tier skins throughout its annual Give Me Five pageant. Peacekeeper Elite celebrated its first anniversary with new content material and recreation modes to reinforce the aggressive recreation expertise, and we partnered with Tesla to introduce in-recreation Tesla-branded automobile skins in July, which proved extremely standard. In the second quarter, we launched a technique recreation, Chess Rush; an motion recreation based mostly on a preferred anime IP, The Outcast; and Supercell’s Brawl Stars. Brawl Stars ranked first within the iOS China Download Chart in June this yr, extending its international management within the quick-paced 3v3 MOBA style.

Internationally, our MAU elevated considerably yr-on-yr and quarter-on-quarter as a consequence of new recreation launches and extra person time spent in the course of the keep-at-residence interval. We launched an immersive crew-based mostly motion recreation for PC, Valorant; a card recreation supporting cross-platform play on PC and sensible telephones, Legends of Runeterra; and a licensed cell RPG, CODE:D Blood. Valorant was essentially the most watched recreation globally on Twitch in the course of the second quarter, reflecting the sport’s instantaneous attraction to immersive motion recreation gamers.

Digital Content

Our charge-based mostly VAS subscriptions elevated 20% yr-on-yr to 203 million, primarily as a consequence of progress in video and music content material subscriptions. Video subscriptions elevated 18% yr-on-yr to 114 million, pushed by self-commissioned Chinese anime and drama sequence, corresponding to The Land of Warriors Season three, Candle within the Tomb: The Lost  and The Romance of Tiger and Rose. Sequentially, visitors for lengthy-type video websites in China, together with Tencent Video, declined as a consequence of work-from-workplace conduct and delayed releases of sure excessive-profile selection reveals and drama sequence. However, Tencent Video’s visitors has elevated subsequent to the quarter finish, pushed by standard drama sequence corresponding to Nothing But Thirty, which we imagine displays the underlying resilience of our video platform. Music subscriptions rose 52% yr-on-yr to 47 million as Tencent Music elevated the scope of the paid music library.

Online Advertising

Continued power in social and others promoting contributed to the yr-on-yr income progress for our internet advertising enterprise. Sequentially, our internet advertising income grew at a slower-than-seasonal fee because the video games and Internet companies sectors, which had ramped up promoting aggressively in the course of the first quarter of 2020 as a consequence of work-from-residence conduct, diminished their spending to extra regular ranges. However, our advertiser trade breadth diversified within the second quarter of 2020 as classes corresponding to eCommerce and training spent closely for the 618 promotional campaigns and summer time programs, whereas classes corresponding to car and client electronics manufacturers elevated their spending as consumption recovered.

To reinforce our lengthy-time period competitiveness in efficiency promoting, we launched an built-in promoting platform in July, the place advertisers can extra effectively place commercials throughout all of our inventories, together with our cell promoting community. This new platform will even improve bidding effectivity and present smarter concentrating on for advertisers.

For social and others promoting, Weixin properties, notably Moments, noticed speedy promoting impressions progress, whereas our cell promoting community skilled larger eCPMs as video commercials’ income contribution elevated from a single digit proportion within the second quarter of 2019 to over 40% within the second quarter this yr. We imagine the Weixin ecosystem is redefining China’s internet advertising by enabling advertisers to maintain relationships with their customers in their very own personal domains, corresponding to Official Accounts and Mini Programs, with the outcome that our advertisers are successfully investing in lengthy-time period and loyal buyer relationships, relatively than simply buying one-time transactions.

As for media promoting, income declined sharply yr-on-yr as a consequence of weak demand from model advertisers and the delayed manufacturing and launch of sure selection reveals and drama sequence, a few of which we anticipate to launch within the second half of 2020.

FinTech

Our industrial cost and wealth administration companies grew their customers and enterprise scale, driving FinTech income up yr-on-yr and quarter-on-quarter. Offline retailers, particularly SMEs more and more adopted our cost companies and enterprise administration instruments, as they sought to digitally improve their companies to entry clients and settle transactions through cellphones. During the quarter, service provider demand for our cost options stepped up, particularly from classes corresponding to retail and eating places. As a outcome, the variety of common each day transactions and worth per transaction for our industrial funds each grew yr-on-yr.

For our wealth administration enterprise, the aggregated buyer property and the variety of lively clients elevated quickly yr-on-yr as extra clients appreciated the comfort of managing their money via our safe and rigorously-curated platform.

Cloud and Other Business Services

Increased cloud companies utilization by Internet corporations and the general public sector contributed to the yr-on-yr and sequential income progress of our cloud and different enterprise companies. Due to the lingering influence from COVID-19, offline challenge deployment has not totally resumed within the second quarter, however we signed main contracts within the monetary and public sectors, whereas increasing our presence in rising verticals corresponding to medical, training, and conferences and exhibitions, to assist clients of their digital transformation. On know-how and infrastructure, we’re adopting customized-made tools, in addition to constructing and increasing our personal hyperscale information centres to reinforce the efficiency and optimise the price of our cloud companies for the long term.

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

About Tencent

Tencent makes use of know-how to complement the lives of Internet customers.

Our communication and social platforms, Weixin and QQ, join customers with one another and with digital content material and companies, 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 customers in China. Our FinTech and enterprise companies assist our companions’ enterprise progress and help their digital improve.

Tencent invests closely in expertise and technological innovation, actively selling the event of the Internet trade. Tencent was based in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed on the Main Board of the Stock Exchange of Hong Kong.

For investor and media enquiries, please contact:

Non-IFRS Financial Measures

To complement the consolidated outcomes of the Group ready in accordance with IFRS, sure further non-IFRS monetary measures (by way of working revenue, working margin, revenue for the interval, internet margin, revenue attributable to fairness holders of the Company, primary 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. In addition, these non-IFRS monetary measures could also be outlined in another way from related phrases utilized by different corporations.

The Company’s administration believes that the non-IFRS monetary measures present buyers with helpful supplementary info to evaluate the efficiency of the Group’s core operations by excluding sure non-money objects and sure influence of M&A transactions. In addition, non-IFRS changes embody related non-IFRS changes for the Group’s main associates based mostly on out there revealed financials of the related main associates, or estimates made by the Company’s administration based mostly on out there info, sure expectations, assumptions and premises.

Forward-Looking Statements

This press launch comprises ahead-wanting statements referring to the enterprise outlook, forecast enterprise plans and progress methods of the Company. These ahead-wanting statements are based mostly on info at present out there to the Company and are said herein on the idea of the outlook on the time of this press launch. They are based mostly on sure expectations, assumptions and premises, a few of that are subjective or past our management. These ahead-wanting statements might show to be incorrect and might not be realised in future. Underlying the ahead-wanting statements is quite a lot of dangers and uncertainties. Further info relating to these dangers and uncertainties is included in our different public disclosure paperwork on our company web site.

CONSOLIDATED INCOME STATEMENT

RMB in million, until specified




Unaudited


Unaudited


2Q2020

2Q2019


2Q2020

1Q2020

Revenues

114,883

88,821


114,883

108,zero65

VAS

65,002

48,080


65,002

62,429

FinTech and Business Services

29,862

22,888


29,862

26,475

Online Advertising

18,552

16,409


18,552

17,713

Others

1,467

1,444


1,467

1,448

Cost of revenues

(61,673)

(49,695)


(61,673)

(55,271)

Gross revenue

53,210

39,126


53,210

52,794

Gross margin

46%

44%


46%

49%

Interest revenue

1,749

1,652


1,749

1,636

Other positive factors, internet

Eight,607

four,038


Eight,607

four,zero37

Selling and advertising and marketing bills

(7,756)

(four,718)


(7,756)

(7,zero49)

General and administrative bills

(16,499)

(12,577)


(16,499)

(14,158)

Operating revenue

39,311

27,521


39,311

37,260

Operating margin

34%

31%


34%

34%

Finance prices, internet

(2,005)

(1,982)


(2,005)

(1,684)

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

(295)

2,370


(295)

(281)

Profit earlier than revenue tax

37,011

27,909


37,011

35,295

Income tax expense

(four,557)

(three,225)


(four,557)

(5,892)

Profit for the interval

32,454

24,684


32,454

29,403

Net margin

28%

28%


28%

27%

Attributable to:










    Equity holders of the Company

33,107

24,136


33,107

28,896

    Non-controlling pursuits

(653)

548


(653)

507












Non-IFRS revenue
    
attributable to fairness holders of the Company

30,153

23,525


30,153

27,zero79












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










– primary

three.491

2.550


three.491

three.zero49

– diluted

three.437

2.520


three.437

2.999

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

RMB in million, until specified




Unaudited


2Q2020

2Q2019

Profit for the interval

32,454

24,684

Other complete revenue, internet of tax:




Items that could be subsequently reclassified to revenue or loss




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

159

(2)

Transfer of share of different complete revenue to revenue or loss upon 
    
deemed disposal of an affiliate

(2)

Currency translation variations

2,358

three,zero59

Other truthful worth losses

(687)

(1,388)

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




Net positive factors from adjustments in truthful worth of economic property at truthful worth via
   
different complete revenue

56,797

2,582

Other truthful worth positive factors/(losses)

102

(70)


58,727

four,181

Total complete revenue for the interval

91,181

28,865

Attributable to:




    Equity holders of the Company

89,242

28,080

    Non-controlling pursuits

1,939

785

OTHER FINANCIAL INFORMATION

RMB in million, until specified




Unaudited


2Q2020

1Q2020

2Q2019

EBITDA (a)

40,525

42,228

32,649

Adjusted EBITDA (a)

43,742

45,190

35,102

Adjusted EBITDA margin (b)

38%

42%

40%

Interest and associated bills

1,822

2,006

1,757

Net money/(debt)

7,212

(5,716)

(15,766)

Capital expenditures (d)

9,466

6,151

four,362

Note:

(a)  EBITDA is calculated as working revenue minus curiosity revenue and different positive factors/losses, internet, and including again depreciation of property, plant and
tools, funding properties in addition to proper-of-use property, and amortisation of intangible property. Adjusted EBITDA is calculated as EBITDA
plus fairness-settled share-based mostly compensation bills.

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

(c)  Net money / (debt) represents interval finish steadiness 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 mixtures) to property, plant and tools, building in progress, funding
properties, land use rights and intangible property (excluding video and music content material, recreation licences and different content material).

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

RMB in million, until specified








Unaudited


Audited

30-Jun-20


31-Dec-19




ASSETS






Non-current property






Property, plant and tools 

52,565


46,824

Land use rights

15,822


15,609

Right-of-use property

10,622


10,847

Construction in progress

5,217


three,935

Investment properties

635


855

Intangible property

135,260


128,860

Investments in associates

224,753


213,614

Investments in joint ventures

7,zero53


Eight,280

Financial property at truthful worth via revenue or loss

162,391


128,822

Financial property at truthful worth via different complete revenue

139,zero21


81,721

Prepayments, deposits and different property

22,588


23,442

Deferred revenue tax property

20,974


18,209

Term deposits

21,210


19,000










818,111


700,zero18








Current property






Inventories

988


718

Accounts receivable

40,384


35,839

Prepayments, deposits and different property

36,233


27,840

Other monetary property

1,585


375

Financial property at truthful worth via revenue or loss

6,327


7,114

Term deposits

79,920


46,911

Restricted money

2,278


2,180

Cash and money equivalents

173,718


132,991










341,433


253,968








Total property

1,159,544


953,986

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

RMB in million, until specified


Unaudited


Audited

30-Jun-20


31-Dec-19




EQUITY






Equity attributable to fairness holders of the Company






Share capital


Share premium

41,701


35,271

Shares held for share award schemes

(three,959)


(four,002)

Other reserves

61,zero56


16,786

Retained earnings

436,611


384,651


535,409


432,706
















Non-controlling pursuits

70,864


56,118








Total fairness

606,273


488,824








LIABILITIES






Non-current liabilities






Borrowings

131,988


104,257

Notes payable

126,785


83,327

Long-term payables

four,675


three,577

Other monetary liabilities

7,zero16


5,242

Deferred revenue tax liabilities

13,434


12,841

Lease liabilities

Eight,143


Eight,428

Deferred income

6,638


7,334










298,679


225,006








Current liabilities






Accounts payable

86,433


80,690

Other payables and accruals

43,675


45,174

Borrowings

15,101


22,695

Notes payable


10,534

Current revenue tax liabilities

10,813


9,733

Other tax liabilities

1,133


1,245

Other monetary liabilities

5,746


5,857

Lease liabilities

three,474


three,279

Deferred income

88,217


60,949










254,592


240,156








Total liabilities

553,271


465,162








Total fairness and liabilities

1,159,544


953,986

RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS




As

reported

Adjustments

Non-IFRS


RMB in million,

until specified

Share-based

compensation (a)

Net (positive factors)/losses from
investee corporations (b)

Amortisation of

intangible property (c)

Impairment

Provision/(reversals) (d)

Income

tax results (e)


Unaudited three months ended June 30, 2020

Operating revenue

39,311

three,507

(14,672)

870

Eight,613

37,629

Profit for the interval

32,454

four,225

(16,108)

1,886

9,268

(505)

31,220

Profit attributable to fairness
holders

33,107

four,zero19

(15,436)

1,503

7,310

(350)

30,153

Operating margin

34%










33%

Net margin

28%










27%


Unaudited three months ended March 31, 2020

Operating revenue

37,260

three,435

(5,272)

639

(487)

35,575

Profit for the interval

29,403

four,198

(6,992)

1,572

(18)

(179)

27,984

Profit attributable to fairness
holders

28,896

three,957

(6,976)

1,338

(18)

(118)

27,zero79

Operating margin

34%










33%

Net margin

27%










26%


Unaudited three months ended June 30, 2019

Operating revenue

27,521

2,453

(four,950)

118

2,139

27,281

Profit for the interval

24,684

2,373

(6,523)

1,486

2,492

(321)

24,191

Profit attributable to fairness
holders

24,136

2,296

(6,522)

1,432

2,492

(309)

23,525

Operating margin

31%










31%

Net margin

28%










27%

Note:

(a)  Including put choices granted to staff of investee corporations on their shares and shares to be issued below investee corporations’ share-based mostly incentive plans which could be acquired by the Group, and different incentives

(b)  Including internet (positive factors)/losses on deemed disposals/disposals of investee corporations, truthful worth adjustments arising from investee corporations, and different bills in relation to fairness transactions of investee corporations

(c)  Amortisation of intangible property ensuing from acquisitions

(d)  Impairment provisions/(reversals) for associates, joint ventures, goodwill and intangible property arising from acquisitions

(e)  Income tax results of non-IFRS changes

SOURCE Tencent Holdings Limited

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