Tencent Music Entertainment Group Announces Second Quarter 2024 Unaudited Financial Results
Second Quarter 2024 Financial Highlights
-
Total revenues were
RMB7.16 billion (US$985 million ), representing a 1.7% year-over-year decrease, primarily due to a decline in revenues from social entertainment services and others, which was partially offset by strong year-over-year growth in revenues from online music services. -
Revenues from music subscriptions were
RMB3.74 billion (US$515 million ), representing 29.4% year-over-year growth. The number of paying users increased by 17.7% year-over-year to 117.0 million, up by 3.5 million from the first quarter of 2024. -
Net profit was
RMB1.79 billion (US$247 million ), representing 33.1% year-over-year growth. Net profit attributable to equity holders of the Company wasRMB1.68 billion (US$231 million ), representing 29.6% year-over-year growth. Non-IFRS net profit[1] wasRMB1.99 billion (US$273 million ), representing 25.7% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1]wasRMB1.87 billion (US$258 million ), representing 22.5% year-over-year growth. -
Diluted earnings per ADS was
RMB1.07 (US$0.15 ), up fromRMB0.82 in the same period of 2023. -
Total
cash, cash equivalents, term deposits and short-term investments as of
June 30, 2024 wereRMB35.03 billion (US$4.82 billion ).
Mr.
Second Quarter 2024 Operational Highlights
- Key Operating Metrics
|
2Q24 |
2Q23 |
YoY % |
MAUs – online music (million) |
571 |
594 |
(3.9 %) |
Mobile MAUs – social entertainment (million) |
93 |
136 |
(31.6 %) |
Paying users – online music (million) |
117.0 |
99.4 |
17.7 % |
Paying users – social entertainment (million) |
7.9 |
7.5 |
5.3 % |
Monthly ARPPU – online music (RMB) |
10.7 |
9.7 |
10.3 % |
Monthly ARPPU – social entertainment (RMB) |
73.2 |
135.0 |
(45.8 %) |
Enriched content library, deepened record label collaborations, and self-produced content offerings boosted our content ecosystem.
- Our strong alliances with record labels ensure ongoing and deeper collaborations, including but not limited to providing users with early listening privileges to new songs to promote membership conversion and engagement. Our recent contract renewal with Sodagreen and CJ ENM reaffirmed this effective approach.
- Introduced digital album offerings with distinguished fan-artist interaction benefits, and premiered notable new releases in the quarter. Particularly, Zhou Shen's digital album Shenself topped sales volume on our platform for this year. The digital albums of Lay Zhang and aespa also delivered solid performances.
- Supported artists in hosting concerts and staged our own music festivals, providing fans with early access to value-added services such as ticketing and artist merchandise, thereby elevating our industry influence. For example, we 1) upgraded our flagship annual event, TMEA 2024, featuring a wider array of artists from top nationwide singers and emerging musicians to overseas idols; 2) hosted
TIA RAY's first large-scale concert tour, highlighted by creative stage design, and achieved a sell-out success; 3) initiated a new collaboration withKaren Mok , customizing event-themed merchandise for her concert. - Capitalized on extensive IP and artist resources to elevate production, promotion, and success of our self-produced content. 1) Produced chart-topping soundtracks for TV dramas Joy of Life 2 and The Tale of Rose, featuring joint promotion with the cast on our music Apps; 2) Promoted original content Heard of You and Who Am I on the popular national music variety show The Treasured Voice Season 5, with both songs going viral and boosting streams on our platform.
Unique blend of premium benefits, original content, and a variety of engaging use cases drove sustainable subscriber growth.
- Advanced sound quality across devices and platforms consistently, e.g. QQ Music introduced Premium Panoramic Sound 2.0 and Kugou Music rolled out Viper Ultra Sound, both featuring ultra-clear sound quality and saw increased user adoption.
- Introduced more personalized privileges to strengthen member loyalty. Our proprietary players and ringtones crafted based on famous IPs and artists have been well received by members.
- Offering original content that appeals to different music preferences is proven to be increasingly effective for subscriber conversion.
- Our Super VIP (SVIP) service has started to gain more traction, thanks to our efforts in meeting members' evolving needs. It provides a holistic listening experience across various devices and scenarios, including music and long-form audio content, with additional benefits such as priority access to digital albums and ticket booking for offline performances.
Enhanced listening experience for a wider audience through advanced technology and innovative product features.
- Upgraded our recommendation middleware to allow for a more personalized music discovery experience. Notably, nearly 40% of streams were generated from recommendations during the quarter.
- Applied AIGC to elevate sound quality and interactive streaming experience. For example, we introduced data-saving AI-enhanced SQ Lite Mode while preserving superior sound quality, and rolled out a virtual DJ feature within Kugou Music to provide users with tailored music introductions and a sense of companionship.
- Recently launched a multi-device synchronized playback feature and a compact, half-screen music player that allow users to navigate music streaming seamlessly.
- Expansive rewards program gained popularity among users, resulting in more frequent and longer listening sessions.
Second Quarter 2024 Financial Review
Total revenues decreased to
-
Revenues from online music services delivered a strong year-over-year increase of 27.7% to
RMB5.42 billion (US$746 million ) fromRMB4.25 billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions wereRMB3.74 billion (US$515 million ), representing 29.4% year-over-year growth compared withRMB2.89 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. The number of online music paying users increased by 17.7% year-over-year to 117.0 million, with a monthly ARPPU ofRMB10.7 in the second quarter of 2024. The increase in the number of paying users was primarily due to high quality content, attractive membership privileges, and optimized user operations and effective promotions. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, including ad-supported mode and sponsorship advertising. Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services. -
Revenues from social entertainment services and others decreased by 42.8% to
RMB1.74 billion (US$239 million ) fromRMB3.04 billion in the same period of 2023. The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures we started to implement in the second quarter of 2023, as well as increased competition from other platforms.
Cost of revenues decreased by 13.3% year-over-year to
Gross margin increased to 42.0% from 34.3% in the same period of 2023, primarily due to strong revenue growth from music subscriptions and advertising services, and the ramp-up of our own content.
Total operating expenses decreased by 8.5% year-over-year to
- Selling and marketing expenses were
RMB210 million (US$29 million ), which were relatively stable compared with same period of last year. We continue to maintain ROI focused approach for promotion expenses. - General and administrative expenses were
RMB938 million (US$129 million ), representing a 10.2% year-over-year decrease. This decrease was primarily due to reduced employee-related expenses.
Total
operating profit was
The effective tax rate for the second quarter of 2024 was 19.4% compared with 12.2% in the same period of 2023. The increase in the effective tax rate was mainly driven by the accrual of withholding income tax of
For the second quarter of 2024, net profit was
Basic and diluted earnings per American Depositary Shares ("ADS") for the second quarter of 2024 were
Declaration and Payment of 2023 Dividend
On
As of
Social Responsibilities
In the second quarter, we cooperated with
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.
Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.
[1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects. |
About
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
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CONSOLIDATED INCOME STATEMENTS |
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Three Months Ended |
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Six Months Ended |
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2023 |
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2024 |
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2023 |
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2024 |
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RMB |
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RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
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|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
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Unaudited |
|
Unaudited |
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(in millions, except per share data) |
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(in millions, except per share data) |
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Revenues |
|
|
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|
|
|
|
|
|
|
|
Online music services |
|
|
4,249 |
|
5,424 |
|
746 |
|
7,750 |
|
10,431 |
|
1,435 |
|
Social entertainment services and others |
|
|
3,037 |
|
1,736 |
|
239 |
|
6,540 |
|
3,497 |
|
481 |
|
|
|
|
7,286 |
|
7,160 |
|
985 |
|
14,290 |
|
13,928 |
|
1,917 |
|
Cost of revenues |
|
|
(4,789) |
|
(4,150) |
|
(571) |
|
(9,478) |
|
(8,147) |
|
(1,121) |
|
Gross profit |
|
|
2,497 |
|
3,010 |
|
414 |
|
4,812 |
|
5,781 |
|
795 |
|
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|
|
|
|
|
|
|
|
|
|
|
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Selling and marketing expenses |
|
|
(211) |
|
(210) |
|
(29) |
|
(423) |
|
(397) |
|
(55) |
|
General and administrative expenses |
|
|
(1,044) |
|
(938) |
|
(129) |
|
(2,061) |
|
(1,887) |
|
(260) |
|
Total operating expenses |
|
|
(1,255) |
|
(1,148) |
|
(158) |
|
(2,484) |
|
(2,284) |
|
(314) |
|
Interest income |
|
|
265 |
|
304 |
|
42 |
|
502 |
|
582 |
|
80 |
|
Other gains, net |
|
|
32 |
|
32 |
|
4 |
|
90 |
|
78 |
|
11 |
|
Operating profit |
|
|
1,539 |
|
2,198 |
|
302 |
|
2,920 |
|
4,157 |
|
572 |
|
|
|
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|
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Share of net profit of investments accounted |
|
|
38 |
|
54 |
|
7 |
|
58 |
|
36 |
|
5 |
|
Finance cost |
|
|
(42) |
|
(26) |
|
(4) |
|
(76) |
|
(56) |
|
(8) |
|
Profit before income tax |
|
|
1,535 |
|
2,226 |
|
306 |
|
2,902 |
|
4,137 |
|
569 |
|
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Income tax expense |
|
|
(187) |
|
(432) |
|
(59) |
|
(354) |
|
(813) |
|
(112) |
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Profit for the period |
|
|
1,348 |
|
1,794 |
|
247 |
|
2,548 |
|
3,324 |
|
457 |
|
|
|
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Attributable to: |
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Equity holders of the Company |
|
|
1,298 |
|
1,682 |
|
231 |
|
2,446 |
|
3,104 |
|
427 |
|
Non-controlling interests |
|
|
50 |
|
112 |
|
15 |
|
102 |
|
220 |
|
30 |
|
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Earnings per share for Class A and Class B |
|
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Basic |
|
|
0.42 |
|
0.54 |
|
0.07 |
|
0.78 |
|
1.01 |
|
0.14 |
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Diluted |
|
|
0.41 |
|
0.54 |
|
0.07 |
|
0.77 |
|
0.99 |
|
0.14 |
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Earnings per ADS (2 Class A shares equal to 1 ADS) |
|
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Basic |
|
|
0.83 |
|
1.09 |
|
0.15 |
|
1.57 |
|
2.02 |
|
0.28 |
|
Diluted |
|
|
0.82 |
|
1.07 |
|
0.15 |
|
1.54 |
|
1.99 |
|
0.27 |
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Shares used in earnings per Class A and Class B |
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Basic |
|
|
3,127,610,931 |
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3,087,608,798 |
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3,087,608,798 |
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3,124,169,951 |
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3,072,305,455 |
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3,072,305,455 |
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Diluted |
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3,168,826,599 |
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3,138,833,816 |
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3,138,833,816 |
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3,175,466,290 |
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3,122,535,463 |
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3,122,535,463 |
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ADS used in earnings per ADS computation |
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Basic |
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1,563,805,465 |
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1,543,804,399 |
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1,543,804,399 |
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1,562,084,975 |
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1,536,152,727 |
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1,536,152,727 |
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Diluted |
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1,584,413,299 |
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1,569,416,908 |
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1,569,416,908 |
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1,587,733,145 |
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1,561,267,731 |
|
1,561,267,731 |
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UNAUDITED NON-IFRS FINANCIAL MEASURE |
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Three Months Ended |
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Six Months Ended |
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2023 |
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2024 |
|
2023 |
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2024 |
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|
RMB |
|
RMB |
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US$ |
|
RMB |
|
RMB |
|
US$ |
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|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
(in millions, except per share data) |
|
(in millions, except per share data) |
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Profit for the period |
|
|
1,348 |
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1,794 |
|
247 |
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2,548 |
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3,324 |
|
457 |
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Adjustments: |
|
|
|
|
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|
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Amortization of intangible and other assets arising from |
|
|
116 |
|
103 |
|
14 |
|
233 |
|
221 |
|
30 |
|
Share-based compensation |
|
|
166 |
|
164 |
|
23 |
|
368 |
|
357 |
|
49 |
|
(Gains)/losses from investments** |
|
|
(10) |
|
(21) |
|
(3) |
|
(27) |
|
16 |
|
2 |
|
Income tax effects*** |
|
|
(41) |
|
(55) |
|
(8) |
|
(80) |
|
(121) |
|
(17) |
|
Non-IFRS Net Profit |
|
|
1,579 |
|
1,985 |
|
273 |
|
3,042 |
|
3,797 |
|
522 |
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Attributable to: |
|
|
|
|
|
|
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|
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Equity holders of the Company |
|
|
1,529 |
|
1,873 |
|
258 |
|
2,940 |
|
3,577 |
|
492 |
|
Non-controlling interests |
|
|
50 |
|
112 |
|
15 |
|
102 |
|
220 |
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings per share for Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.49 |
|
0.61 |
|
0.08 |
|
0.94 |
|
1.16 |
|
0.16 |
|
Diluted |
|
|
0.48 |
|
0.60 |
|
0.08 |
|
0.93 |
|
1.15 |
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (2 Class A shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.98 |
|
1.21 |
|
0.17 |
|
1.88 |
|
2.33 |
|
0.32 |
|
Diluted |
|
|
0.97 |
|
1.19 |
|
0.16 |
|
1.85 |
|
2.29 |
|
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in earnings per Class A and Class B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
3,127,610,931 |
|
3,087,608,798 |
|
3,087,608,798 |
|
3,124,169,951 |
|
3,072,305,455 |
|
3,072,305,455 |
|
Diluted |
|
|
3,168,826,599 |
|
3,138,833,816 |
|
3,138,833,816 |
|
3,175,466,290 |
|
3,122,535,463 |
|
3,122,535,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADS used in earnings per ADS computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,563,805,465 |
|
1,543,804,399 |
|
1,543,804,399 |
|
1,562,084,975 |
|
1,536,152,727 |
|
1,536,152,727 |
|
Diluted |
|
|
1,584,413,299 |
|
1,569,416,908 |
|
1,569,416,908 |
|
1,587,733,145 |
|
1,561,267,731 |
|
1,561,267,731 |
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|
|
|
|
|
|
|
|
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* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement |
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** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to equity |
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*** Represents the income tax effects of Non-IFRS adjustments. |
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CONSOLIDATED BALANCE SHEETS |
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As at |
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As at |
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RMB |
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RMB |
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US$ |
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Audited |
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Unaudited |
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Unaudited |
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(in millions) |
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ASSETS |
|
|
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Non-current assets |
|
|
|
|
|
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Property, plant and equipment |
|
490 |
|
591 |
|
81 |
Land use rights |
|
2,437 |
|
2,401 |
|
330 |
Right-of-use assets |
|
367 |
|
308 |
|
42 |
Intangible assets |
|
2,032 |
|
2,034 |
|
280 |
|
|
19,542 |
|
19,646 |
|
2,703 |
Investments accounted for using equity method |
|
4,274 |
|
4,693 |
|
646 |
Financial assets at fair value through other comprehensive income |
6,540 |
|
10,294 |
|
1,417 |
|
Other investments |
|
307 |
|
331 |
|
46 |
Prepayments, deposits and other assets |
|
540 |
|
419 |
|
58 |
Deferred tax assets |
|
352 |
|
369 |
|
51 |
Term deposits |
|
8,719 |
|
10,529 |
|
1,449 |
|
|
45,600 |
|
51,615 |
|
7,102 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Inventories |
|
8 |
|
14 |
|
2 |
Accounts receivable |
|
2,918 |
|
3,024 |
|
416 |
Prepayments, deposits and other assets |
|
3,438 |
|
3,198 |
|
440 |
Other investments |
|
37 |
|
42 |
|
6 |
Short-term investments |
|
- |
|
1,001 |
|
138 |
Term deposits |
|
9,937 |
|
11,253 |
|
1,548 |
Restricted Cash |
|
31 |
|
7 |
|
1 |
Cash and cash equivalents |
|
13,567 |
|
12,251 |
|
1,686 |
|
|
29,936 |
|
30,790 |
|
4,237 |
|
|
|
|
|
|
|
Total assets |
|
75,536 |
|
82,405 |
|
11,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Equity attributable to equity holders of the Company |
|
|
|
|
|
|
Share capital |
|
2 |
|
2 |
|
0 |
Additional paid-in capital |
|
36,576 |
|
36,643 |
|
5,042 |
Shares held for share award schemes |
|
(302) |
|
(353) |
|
(49) |
|
|
(6,996) |
|
(7,067) |
|
(972) |
Other reserves |
|
9,658 |
|
15,464 |
|
2,128 |
Retained earnings |
|
16,969 |
|
16,520 |
|
2,273 |
|
|
55,907 |
|
61,209 |
|
8,423 |
Non-controlling interests |
|
1,295 |
|
1,670 |
|
230 |
|
|
|
|
|
|
|
Total equity |
|
57,202 |
|
62,879 |
|
8,652 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Notes payables |
|
5,636 |
|
5,674 |
|
781 |
Deferred tax liabilities |
|
239 |
|
267 |
|
37 |
Lease liabilities |
|
297 |
|
243 |
|
33 |
Deferred revenue |
|
148 |
|
163 |
|
22 |
|
|
6,320 |
|
6,347 |
|
873 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
5,006 |
|
6,218 |
|
856 |
Other payables and other liabilities |
|
3,472 |
|
3,201 |
|
440 |
Current tax liabilities |
|
567 |
|
696 |
|
96 |
Lease liabilities |
|
115 |
|
112 |
|
15 |
Deferred revenue |
|
2,854 |
|
2,952 |
|
406 |
|
|
12,014 |
|
13,179 |
|
1,813 |
|
|
|
|
|
|
|
Total liabilities |
|
18,334 |
|
19,526 |
|
2,687 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
75,536 |
|
82,405 |
|
11,339 |
|
|
|
|
|
|
|
|
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
(in millions) |
|
(in millions) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
2,067 |
|
2,944 |
|
405 |
|
3,919 |
|
5,630 |
|
775 |
Net cash (used in)/provided by investing activities |
|
(1,339) |
|
693 |
|
95 |
|
(528) |
|
(4,805) |
|
(661) |
Net cash used in financing activities |
|
(33) |
|
(1,611) |
|
(222) |
|
(113) |
|
(2,133) |
|
(294) |
Net increase/(decrease) in cash and cash equivalents |
|
695 |
|
2,026 |
|
279 |
|
3,278 |
|
(1,308) |
|
(180) |
Cash and cash equivalents at beginning of the period |
|
12,129 |
|
10,218 |
|
1,406 |
|
9,555 |
|
13,567 |
|
1,867 |
Exchange differences on cash and cash equivalents |
|
126 |
|
7 |
|
1 |
|
117 |
|
(8) |
|
(1) |
Cash and cash equivalents at end of the period |
|
12,950 |
|
12,251 |
|
1,686 |
|
12,950 |
|
12,251 |
|
1,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/tencent-music-entertainment-group-announces-second-quarter-2024-unaudited-financial-results-302220667.html
SOURCE