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Tencent Announces 2020 Second Quarter and Interim Results – RoadInsider.com

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 12 months 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 gadgets:

–  Operating revenue was RMB73,204 million (USD10,340 million), a rise of 31% YoY. Operating margin elevated to 33% from 32% final 12 months.-  Profit for the interval was RMB59,204 million (USD8,363 million), a rise of 29% YoY. Net margin elevated to 27% from 26% final 12 months.-  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 12 months. –  Profit for the interval was RMB61,857 million (USD8,737 million), a rise of 18% YoY. Net margin decreased to 28% from 30% final 12 months. –  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 gadgets:

–  Operating revenue was RMB37,629 million (USD5,315 million), a rise of 38% YoY. Operating margin elevated to 33% from 31% final 12 months.-  Profit for the interval was RMB31,220 million (USD4,410 million), a rise of 29% YoY. Net margin remained steady 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 12 months. –  Profit for the interval was RMB32,454 million (USD4,584 million), a rise of 31% YoY. Net margin remained steady 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 affect reminiscent of web (good points)/losses from investee firms, amortisation of intangible belongings and impairment provision/(reversals), in addition to earnings tax results.

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

Mr. Ma Huateng, Chairman and CEO of Tencent, stated, “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 12 months-on-12 months foundation. Online video games revenues grew by 40% to RMB38,288 million. The enhance was primarily pushed by increased revenues from sensible telephone video games in each home and abroad markets, together with titles reminiscent of Peacekeeper Elite and Honour of Kings, partly offset by the lower in revenues from PC shopper video games reminiscent of 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 enhance was primarily attributable to income contributions from digital content material companies together with the reside broadcast companies of HUYA Inc. (“HUYA”, which we consolidated as a subsidiary from April 2020), and music subscriptions development, in addition to income development 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 12 months-on-12 months foundation. The enhance primarily mirrored income development from industrial fee attributable to elevated common day by day transactions and worth per transaction, from wealth administration, in addition to from cloud companies because of better 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 12 months-on-12 months foundation. Social and others promoting revenues grew by 27% to RMB15,262 million. The enhance was primarily attributable to income development from our cell promoting community, benefitting from elevated visitors and a better mixture of video promoting with increased pricing, in addition to elevated revenues derived from Weixin Moments attributable to 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 because of weak model promoting demand amid the difficult macro atmosphere, 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 circulation* was RMB28,451 million, up 127% YoY.

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

* Starting from 2020, free money circulation was adjusted by subtracting funds for media content material and lease liabilities, along with subtracting funds for capital expenditure from the working money circulation. Restated free money circulation 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-12 months

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 gadget 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 12 months, the COVID-19 pandemic has swept the world, disrupting our day by 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 boost functionalities for communication, content material and companies. For communication, the brand new Tickle operate has enabled many artistic expressions, and the addition of reside broadcast operate to Weixin faculty-plus-dwelling teams facilitated on-line training inside Weixin. MAUs and day by day messages despatched each elevated 12 months-on-12 months. For content material, we upgraded the video content material publishing functionalities in Official Accounts, enhanced content material discovery with strengthened suggestion algorithm and launched content material aggregation instruments. These initiatives revitalised content material consumption in Official Accounts, leading to 12 months-on-12 months enhance 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 simple-to-use toolkit, Mini Stores, to assist lengthy-tail retailers construct and function digital storefronts, empowering them with numerous features reminiscent of order administration, after-gross sales companies and reside broadcast.

In QQ, we enriched options to allow customers to raised work together with their associates and households whereas they’re bodily aside. Users can provoke on-line events and play AI-empowered social video games along with their associates 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 recognition amongst younger customers.

Online Games

In China, person time spent on our sensible telephone video games elevated 12 months-on-12 months however decreased quarter-on-quarter attributable to seasonality and again-to-workplace habits. Honour of Kings deepened its person engagement with the discharge of extra high-tier skins throughout its annual Give Me Five competition. Peacekeeper Elite celebrated its first anniversary with new content material and recreation modes to boost the aggressive recreation expertise, and we partnered with Tesla to introduce in-recreation Tesla-branded automotive skins in July, which proved extremely fashionable. In the second quarter, we launched a method recreation, Chess Rush; an motion recreation based mostly on a well-liked anime IP, The Outcast; and Supercell’s Brawl Stars. Brawl Stars ranked first within the iOS China Download Chart in June this 12 months, extending its world management within the quick-paced 3v3 MOBA style.

Internationally, our MAU elevated considerably 12 months-on-12 months and quarter-on-quarter attributable to new recreation launches and extra person time spent throughout the keep-at-dwelling interval. We launched an immersive staff-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 probably the most watched recreation globally on Twitch throughout the second quarter, reflecting the sport’s on the spot attraction to immersive motion recreation gamers.

Digital Content

Our price-based mostly VAS subscriptions elevated 20% 12 months-on-12 months to 203 million, primarily attributable to development in video and music content material subscriptions. Video subscriptions elevated 18% 12 months-on-12 months to 114 million, pushed by self-commissioned Chinese anime and drama collection, reminiscent of 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 attributable to work-from-workplace habits and delayed releases of sure excessive-profile selection reveals and drama collection. However, Tencent Video’s visitors has elevated subsequent to the quarter finish, pushed by fashionable drama collection reminiscent of Nothing But Thirty, which we consider displays the underlying resilience of our video platform. Music subscriptions rose 52% 12 months-on-12 months to 47 million as Tencent Music elevated the scope of the paid music library.

Online Advertising

Continued energy in social and others promoting contributed to the 12 months-on-12 months income development for our internet advertising enterprise. Sequentially, our internet advertising income grew at a slower-than-seasonal charge because the video games and Internet companies sectors, which had ramped up promoting aggressively throughout the first quarter of 2020 attributable to work-from-dwelling habits, lowered their spending to extra regular ranges. However, our advertiser business breadth diversified within the second quarter of 2020 as classes reminiscent of eCommerce and training spent closely for the 618 promotional campaigns and summer season programs, whereas classes reminiscent of vehicle 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 can even improve bidding effectivity and present smarter concentrating on for advertisers.

For social and others promoting, Weixin properties, notably Moments, noticed fast promoting impressions development, whereas our cell promoting community skilled increased eCPMs as video commercials’ income contribution elevated from a single digit share within the second quarter of 2019 to over 40% within the second quarter this 12 months. We consider the Weixin ecosystem is redefining China’s internet advertising by enabling advertisers to maintain relationships with their customers in their very own personal domains, reminiscent of Official Accounts and Mini Programs, with the end result that our advertisers are successfully investing in lengthy-time period and loyal buyer relationships, slightly than simply buying one-time transactions.

As for media promoting, income declined sharply 12 months-on-12 months attributable to weak demand from model advertisers and the delayed manufacturing and launch of sure selection reveals and drama collection, a few of which we anticipate to launch within the second half of 2020.

FinTech

Our industrial fee and wealth administration companies grew their customers and enterprise scale, driving FinTech income up 12 months-on-12 months and quarter-on-quarter. Offline retailers, particularly SMEs more and more adopted our fee companies and enterprise administration instruments, as they sought to digitally improve their companies to entry prospects and settle transactions through cell phones. During the quarter, service provider demand for our fee options stepped up, particularly from classes reminiscent of retail and eating places. As a end result, the variety of common day by day transactions and worth per transaction for our industrial funds each grew 12 months-on-12 months.

For our wealth administration enterprise, the aggregated buyer belongings and the variety of lively prospects elevated quickly 12 months-on-12 months as extra prospects 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 firms and the general public sector contributed to the 12 months-on-12 months and sequential income development of our cloud and different enterprise companies. Due to the lingering affect 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 reminiscent of medical, training, and conferences and exhibitions, to assist prospects of their digital transformation. On know-how and infrastructure, we’re adopting customized-made gear, in addition to constructing and increasing our personal hyperscale information centres to boost the efficiency and optimise the price of our cloud companies for the long term.

For different detailed disclosure, please confer with 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 counterpoint 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 lots of of tens of millions of shoppers in China. Our FinTech and enterprise companies assist our companions’ enterprise development and help their digital improve.

Tencent invests closely in expertise and technological innovation, actively selling the event of the Internet business. 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 extra non-IFRS monetary measures (by way of working revenue, working margin, revenue for the interval, web margin, revenue attributable to fairness holders of the Company, fundamental EPS and diluted EPS), have been introduced on this press launch. These unaudited non-IFRS monetary measures needs to be thought-about along with, not as an alternative choice 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 firms.

The Company’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-money gadgets and sure affect of M&A transactions. In addition, non-IFRS changes embody related non-IFRS changes for the Group’s main associates based mostly on accessible revealed financials of the related main associates, or estimates made by the Company’s administration based mostly on accessible data, sure expectations, assumptions and premises.

Forward-Looking Statements

This press launch incorporates ahead-trying statements referring to the enterprise outlook, forecast enterprise plans and development methods of the Company. These ahead-trying statements are based mostly on data presently accessible to the Company and are said herein on the premise 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-trying statements could show to be incorrect and is probably not realised in future. Underlying the ahead-trying statements is plenty of dangers and uncertainties. Further data concerning 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,zero80

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 earnings

1,749

1,652

1,749

1,636

Other good points, web

Eight,607

four,038

Eight,607

four,zero37

Selling and advertising and marketing bills

(7,756)

(four,718)

(7,756)

(7,049)

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, web

(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 earnings 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)

– fundamental

three.491

2.550

three.491

three.049

– 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 earnings, web of tax:

Items that could be subsequently reclassified to revenue or loss

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

159

(2)

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

(2)

Currency translation variations

2,358

three,zero59

Other honest worth losses

(687)

(1,388)

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

Net good points from adjustments in honest worth of economic belongings at honest worth via     different complete earnings

56,797

2,582

Other honest worth good points/(losses)

102

(70)

58,727

four,181

Total complete earnings for the interval

91,181

28,865

Attributable to:

    Equity holders of the Company

89,242

28,zero80

    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 earnings and different good points/losses, web, and including again depreciation of property, plant and gear, funding properties in addition to proper-of-use belongings, and amortisation of intangible belongings. 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 gear, building in progress, funding properties, land use rights and intangible belongings (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 belongings

Property, plant and gear 

52,565

46,824

Land use rights

15,822

15,609

Right-of-use belongings

10,622

10,847

Construction in progress

5,217

three,935

Investment properties

635

855

Intangible belongings

135,260

128,860

Investments in associates

224,753

213,614

Investments in joint ventures

7,zero53

Eight,280

Financial belongings at honest worth via revenue or loss

162,391

128,822

Financial belongings at honest worth via different complete earnings

139,zero21

81,721

Prepayments, deposits and different belongings

22,588

23,442

Deferred earnings tax belongings

20,974

18,209

Term deposits

21,210

19,000

818,111

700,zero18

Current belongings

Inventories

988

718

Accounts receivable

40,384

35,839

Prepayments, deposits and different belongings

36,233

27,840

Other monetary belongings

1,585

375

Financial belongings at honest 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 belongings

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 earnings 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 earnings 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 (good points)/losses from investee firms (b)

Amortisation of

intangible belongings (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 firms on their shares and shares to be issued beneath investee firms’ share-based mostly incentive plans which may be acquired by the Group, and different incentives

(b)  Including web (good points)/losses on deemed disposals/disposals of investee firms, honest worth adjustments 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/(reversals) for associates, joint ventures, goodwill and intangible belongings arising from acquisitions

(e)  Income tax results of non-IFRS changes

 

 

View unique content material:http://www.prnewswire.com/information-releases/tencent-announces-2020-second-quarter-and-interim-results-301110726.html

SOURCE Tencent Holdings Limited

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