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Tencent Announces 2013 Third Quarter Results



                 Tencent Announces 2013 Third Quarter Results

PR Newswire

HONG KONG, Nov 13, 2013

HONG KONG, Nov 13, 2013 /PRNewswire/ -- Tencent Holdings Limited ("Tencent" or
the "Company", SEHK 00700), a leading provider of comprehensive Internet
services in China, today announced the unaudited consolidated results for the
third quarter of 2013 ended September 30, 2013.

Highlights of the Third Quarter of 2013:

  o Total revenues were RMB15,535.1 million (USD2,526.9 million^1), an
    increase of 8.0% over the second quarter of 2013 ("QoQ") or an increase of
    34.3% over the third quarter of 2012 ("YoY").
  o Revenues from Value-Added services ("VAS") were RMB11,635.2 million
    (USD1,892.5 million), an increase of 8.2% QoQ or an increase of 24.9% YoY.
  o Revenues from online advertising were RMB1,390.1 million (USD226.1
    million), an increase of 7.2% QoQ or an increase of 36.9% YoY.
  o Revenues from eCommerce transactions were RMB2,359.3 million (USD383.8
    million), an increase of 7.3% QoQ or an increase of 108.1% YoY.
  o Gross profit was RMB8,498.8 million (USD1,382.4 million), an increase of
    9.0% QoQ or an increase of 25.4% YoY.  Gross margin decreased to 54.7%
    from 58.6% of the third quarter of 2012.
  o Operating profit was RMB4,815.8 million (USD783.3 million), an increase of
    5.5% QoQ or an increase of 16.8% YoY.  Operating margin decreased to 31.0%
    from 35.7% of the third quarter of 2012.
  o Non-GAAP operating profit[2] was RMB5,331.4 million (USD867.2 million), an
    increase of 5.6% QoQ or an increase of 20.0% YoY.  Non-GAAP operating
    margin decreased to 34.3% from 38.4% of the third quarter of 2012.
  o Profit for the quarter was RMB3,876.2 million (USD630.5 million), an
    increase of 5.2% QoQ or an increase of 19.6% YoY.  Net margin decreased to
    25.0% from 28.0% of the third quarter of 2012.
    Non-GAAP profit for the quarter^2 was RMB4,411.7 million (USD717.6
    million), an increase of 5.3% QoQ or an increase of 23.0% YoY.  Non-GAAP
    net margin decreased to 28.4% from 31.0% of the third quarter of 2012.
  o Profit attributable to equity holders of the Company for the quarter was
    RMB3,866.7 million (USD628.9 million), an increase of 5.1% QoQ or an
    increase of 20.1% YoY.
    Non-GAAP profit attributable to equity holders of the Company for the
    quarter^2 was RMB4,375.7 million (USD711.7 million), an increase of 5.4%
    QoQ or an increase of 23.2% YoY.
  o Basic earnings per share were RMB2.105.  Diluted earnings per share were
    RMB2.070.
  o Key platform statistics:

       o Monthly active Instant Messaging ("IM") user accounts were 815.6
         million, a decrease of 0.4% QoQ or an increase of 4.0% YoY.
       o Peak simultaneous online IM user accounts were 178.2 million, an
         increase of 2.9% QoQ or an increase of 6.5% YoY. 
       o Combined MAU of Weixin and WeChat were 271.9 million, an increase of
         15.3% QoQ or an increase of 124.3% YoY.
       o Monthly active Qzone user accounts were 623.3 million, a decrease of
         0.5% QoQ or an increase of 5.1% YoY. 
       o Peak simultaneous online QQ Game Platform user accounts were 8.2
         million, a decrease of 2.4% QoQ or a decrease of 12.8% YoY.
       o Fee-based VAS registered subscriptions were 89.0 million, a decrease
         of 9.8% QoQ or a decrease of 17.2% YoY. 

[1] Figures stated in USD are based on USD1 to RMB6.1480
[2] See "Non-GAAP Financial Measures" section for more details on the reasons
for presenting these measures  

Mr. Ma Huateng, Chairman and CEO of Tencent, said, "In the third quarter, we
achieved continued momentum operationally, strategically, and financially. 
Operationally, we launched a number of mobile games integrated with Mobile QQ
and Weixin, which have become highly popular in China.  Strategically, we
invested into, and formed a strategic cooperation with Sogou, a leading search
services, and look forward to providing our users with an enhanced search
experience.  Financially, we reported healthy growth in revenue, earnings, and
free cash flow.  We will continue to invest in our business and ecosystem
through partnerships and strategic investments to create more value for our
users, advertisers, developers and partners."

Financial Review for the Third Quarter of 2013

VAS revenues increased 24.9% YoY to RMB11,635.2 million and represented 74.9%
of our total revenues for the third quarter of 2013.  Online games revenues
increased 35.4% YoY to RMB8,424.3 million.  This mainly reflected higher
revenues from major domestic PC titles, contribution from new PC titles, and
an increase in international revenues.  Social networks revenues increased by
3.7% YoY to RMB3,210.8 million.  This was primarily driven by growth in
item-based sales within applications on our open platforms, partly offset by a
decline in subscription revenues.  Smart phone games integrated with Mobile QQ
and Weixin also contributed to the revenue growth of our online games and
social networks.

Online advertising revenues increased 36.9% YoY to RMB1,390.1 million and
represented 8.9% of our total revenues.  This was primarily driven by
significant growth in revenues from performance-based social advertising and
online video advertising.  Revenues from traditional brand advertising also
increased.

eCommerce transactions revenues increased 108.1% YoY to RMB2,359.3 million and
represented 15.2% of our total revenues.  This mainly reflected a significant
growth in our principal eCommerce transactions.  Fees generated from
transactions on our marketplace also increased.

Other Key Financial Information for the Third Quarter of 2013

Share-based compensation was RMB477.5 million for the third quarter of 2013 as
compared with RMB446.6 million for the previous quarter. 

Capital expenditure was RMB1,620.9 million for the third quarter of 2013 as
compared with RMB1,464.0 million for the previous quarter. 

The Company didn't repurchase any shares on the Stock Exchange during the
third quarter of 2013 and as compared with 4,585,700 shares repurchased for an
aggregate consideration of approximately HKD1,125.5 million in the previous
quarter.

As at September 30, 2013, net cash position totaled RMB34,400.4 million which
excluded short-term borrowings of RMB6,007.0 million and long-term notes
payable of RMB9,216.4 million.

As at September 30, 2013, the total number of shares of the Company in issue
was 1.859 billion.

BUSINESS REVIEW AND OUTLOOK

Overall Financial Performance

In the third quarter of 2013, we achieved solid year-on-year growth in
revenues and profits, while driving uptake of our smart phone applications and
launching several smart phone games.

  o VAS.  Our online game business benefited from the growth of our major PC
    titles and initial contributions from smart phone games integrated with
    Mobile QQ and Weixin.  Our social network revenues grew as applications on
    our open platforms registered a significant increase in item-based sales,
    offsetting weakness in subscription services. 
  o Online advertising.  Our online advertising business achieved a solid
    revenue increase compared to the same period last year, reflecting growth
    across brand display and performance display categories. 
    Performance-based social advertising and online video advertising were the
    key growth drivers of the business. 
  o eCommerce transactions.  The third quarter of 2013 saw a significant
    year-on-year increase in revenues from principal eCommerce transactions as
    we improved our user experience and expanded our business coverage.  Fees
    generated from transactions on our marketplaces also increased compared to
    the same period last year.

Strategic Highlights

In September 2013, we made a joint press announcement with Sohu and Sogou
regarding the establishment of a strategic co-operation, under which we
invested a net cash amount of USD448 million in Sogou and merged our SoSo
search-related businesses and certain other assets with Sogou.  Immediately
after the transaction, we held 36.5% of Sogou's equity capital and 20.6% of
the voting interest of Sogou, each on a fully-diluted basis.

Sogou will continue to operate independently.  We will work closely with Sogou
on joint development, cross-promotion and integration related to products and
services, while collaborating in areas of search technology, user insights and
data sharing.  Sogou's products will have direct access to the vast user base
of our communities.

We believe Sogou is the ideal partner for us to further develop search
opportunities in China.  The transaction reinforces our "open, win-win"
philosophy of working with leading teams to create innovative products for
users, and to build a healthy, diversified ecosystem for the industry.  We
believe that Sogou, benefiting from its combination with SoSo, will deliver
superior search experiences to users on our social, browser and content
platforms, especially on mobile devices.  We expect that Sogou may also enjoy
cost synergies and greater monetisation potential as a result of the economies
of scale inherent in the search business.

Divisional and Product Highlights

Communications Platforms

In the third quarter of 2013, the user base of QQ grew incrementally, with MAU
increasing by 4.0% on a year-on-year basis to 815.6 million at the end of the
quarter.  Aggregate MAU was relatively stable quarter-on-quarter, while smart
device MAU^3 grew by 10.1% quarter-on-quarter, reflecting increased user
adoption of Mobile QQ as we enhanced its user experience and features.  PCU
for the quarter reached 178.2 million, representing year-on-year growth of
6.5%.

Combined MAU of Weixin and WeChat increased by 124.3% on a year-on-year basis
to 271.9 million at the end of the third quarter of 2013.  The rapid active
user expansion was supported by the launch of new services and features, such
as games and online payment for Weixin, and improved user experience.  In
addition, WeChat benefited from marketing activities in international markets.

Social Platforms

Qzone's MAU increased by 5.1% on a year-on-year basis to 623.3 million at the
end of the third quarter of 2013.  On a quarter-on-quarter basis, while
aggregate MAU remained broadly stable, smart device MAU^4 grew by 10.4%
quarter-on-quarter, reflecting increased user adoption of Mobile Qzone.

[3] Smart device MAU of QQ denotes the total number of QQ MAU that logged in
via the Mobile QQ application on iOS or Android devices at least once during
the last calendar month of the quarter. Aggregate MAU of QQ denotes the total
number of user accounts that logged into QQ on any device at least once during
the last calendar month of the quarter.
[4] Smart device MAU of Qzone denotes the total number of Qzone MAU that
logged in via the Mobile Qzone applications on iOS or Android devices at least
once during the last calendar month of the quarter. Aggregrate MAU of Qzone
denotes the total number of user accounts that logged into Qzone on any device
at least twice during the last calendar month of the quarter.

Media Platforms

In the third quarter of 2013, we made significant progress in mobilising our
media platforms.  For example, Tencent News has significantly expanded its
user base and reinforced its leading position via mobile applications as well
as plug-ins on Mobile QQ and Weixin.  We are exploring monetising Tencent News
via splash screen advertisements and sponsored news feeds.

VAS

Our open platforms delivered significant year-on-year growth in paying users
and revenues.  During the quarter, we continued to focus on nurturing success
for third-party developers and doubled the number of revenue-generating
applications compared to the same period last year.  We also strengthened our
distribution capabilities, in order to enhance the reach of applications on
our platforms.

Our VAS subscription count continued to decline in the third quarter of 2013,
primarily reflecting lower consumption of our paid subscriptions as users
shift from PCs to mobile devices, due to fewer paid privileges on smart
devices as compared to those on PCs or feature phones.  In addition, stringent
measures to clean up certain user accounts acquired through mobile channels
with low possibility of fee collection impacted our subscription count.  We
are in the process of aligning our VAS subscription services with the mobile
Internet opportunities, through smart-phone-oriented subscription services
such as Super VIP.

In the third quarter of 2013, our online game business benefited from the
growth of our major domestic titles and higher contribution from international
markets.  QQ Game experienced a decline in PCU compared to the same period
last year as increasing mobile usage resulted in a more dispersed user
activity pattern, and as our open platforms impacted user activity.  Since
August 2013, we have introduced a number of smart phone games integrated with
Mobile QQ and Weixin, many of which achieved first-ranked positions in
application store rankings of game downloads in China.  We believe such
consistent performance demonstrates that our mobile platforms can achieve not
only extensive user reach via Mobile QQ and Weixin game centers, but also
viral adoption and enhanced user engagement by enabling game players to
interact with their friends and families.  We will expand our smart phone game
portfolio for Mobile QQ and Weixin with both self-developed and third-party
games.  In our income statement, we allocate revenues from games integrated
with Mobile QQ and Weixin to different revenue categories under the VAS
segment.  The portion attributable to the Mobile QQ and Weixin platforms is
included in social network revenues, while the remaining portion, which is
related to game operations and game development, is included in online game
revenues. 

Online Advertising

Our advertising business continued to expand in the third quarter of 2013,
with revenue growth across the brand display and performance display
categories.  For brand display advertising, revenues from our online video
platform achieved strong growth, riding on an expanded advertiser base and
improved pricing.  Our regional portals also registered revenue growth.  For
performance display advertising, revenues from our social platforms benefited
from growth in impression volume and improved targeting, which enables
advertisers to achieve competitive cost per click while yielding attractive
revenue per thousand impressions for our platforms.  For search advertising,
we expect the integration between Sogou and SoSo to complete by the end of
2013.

eCommerce Transactions

The third quarter of 2013 saw a significant year-on-year growth in the volume
of principal eCommerce transactions.  This reflected our focus on enhancing
user experience, broadening product categories and expanding geographic
coverage.  Our marketplaces also achieved revenue growth compared to the same
period last year, with improved product selection and customer service.

About Tencent

Tencent uses technology to enrich the lives of Internet users.  Every day,
hundreds of millions of people communicate, share experiences, consume
information, seek entertainment, and shop online through our integrated
platforms.  Our diversified services include QQ, Weixin and WeChat for
communications; Qzone for social networking; QQ Game Platform for online
games; QQ.com for information; as well as our eCommerce open platform.  Our
company was founded in Shenzhen in 1998 and went public on the Hong Kong Stock
Exchange in 2004.  We seek to evolve with the Internet by investing in
innovation, providing a hospitable environment for our partners, and staying
close to our users. 

For more information, please visit www.tencent.com/ir

For enquiries, please contact:

Catherine Chan Tel: (86) 755 86013388 ext 88369 or (852) 31485100 Email:
cchan#tencent.com
Jane Yip Tel: (86) 755 86013388 ext 81374 or (852) 31485100 Email:
janeyip#tencent.com

Non-GAAP Financial Measures

To supplement the consolidated results of the Company prepared in accordance
with IFRS, certain non-GAAP financial measures, including non-GAAP operating
profit, non-GAAP operating margin, non-GAAP profit for the period, non-GAAP
net margin and non-GAAP profit attributable to equity holders of the Company,
have been presented in this press release.  These unaudited non-GAAP financial
measures should be considered in addition to, not as a substitute for,
measures of the Company's financial performance prepared in accordance with
IFRS.  In addition, these non-GAAP financial measures may be defined
differently from similar terms used by other companies. 

The Company's management believes that the non-GAAP financial measures provide
investors with useful supplementary information to assess the performance of
the Company's core operations by excluding certain non-cash items and certain
impact of acquisitions.

Forward-Looking Statements

This press release contains forward-looking statements relating to the
business outlook, forecast business plans and growth strategies of the
Company.  These forward-looking statements are based on information currently
available to the Company and are stated herein on the basis of the outlook at
the time of this press release.  They are based on certain expectations,
assumptions and premises, some of which are subjective or beyond our control. 
These forward-looking statements may prove to be incorrect and may not be
realized in future.  Underlying the forward-looking statements is a large
number of risks and uncertainties.  Further information regarding these risks
and uncertainties is included in our other public disclosure documents on our
corporate website.

 

CONSOLIDATED INCOME STATEMENT
In RMB '000 (unless otherwise stated)
                              Unaudited                Unaudited
                              3Q2013      2Q2013       3Q2013      3Q2012
Revenues                      15,535,112  14,384,521   15,535,112  11,565,556
    VAS                       11,635,168  10,752,102   11,635,168  9,317,244
Online advertising            1,390,145   1,297,257    1,390,145   1,015,266
eCommerce transactions        2,359,305   2,199,448    2,359,305   1,133,901
    Others                    150,494     135,714      150,494     99,145
Cost of revenues              (7,036,286) (6,590,285)  (7,036,286) (4,787,093)
Gross profit                  8,498,826   7,794,236    8,498,826   6,778,463
Gross margin                  54.7%       54.2%        54.7%       58.6%
Interest income               336,862     324,241      336,862     205,781
Other gains/(losses), net     67,111      81,687       67,111      (14,791)
S&M expenses                  (1,465,936) (1,234,117)  (1,465,936) (819,790)
G&A expenses                  (2,621,080) (2,400,943)  (2,621,080) (2,025,298)
Operating profit              4,815,783   4,565,104    4,815,783   4,124,365
Operating margin              31.0%       31.7%        31.0%       35.7%
Finance (costs)/income, net   (22,483)    14,333       (22,483)    (99,478)
Share of profit/(losses) of   49,814      46,070       49,814      (21,188)
associates
Share of losses of jointly    (12,119)    (15,095)     (12,119)    (6,089)
controlled entities
Profit before income tax      4,830,995   4,610,412    4,830,995   3,997,610
Income tax expense            (954,801)   (926,157)    (954,801)   (756,465)
Profit for the period         3,876,194   3,684,255    3,876,194   3,241,145
Net margin                    25.0%       25.6%        25.0%       28.0%
Attributable to:
    Equity holders of the     3,866,662   3,680,389    3,866,662   3,218,693
Company
    Non-controlling interests 9,532       3,866        9,532       22,452
Non-GAAP profit attributable
to equity holders of the      4,375,718   4,152,001    4,375,718   3,551, 337
Company
Earnings per share (GAAP)
- basic (RMB)                 2.105       2.009        2.105       1.759
- diluted (RMB)               2.070       1.976        2.070       1.727

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In RMB '000 (unless otherwise stated)
                                      Unaudited            Unaudited
                                      3Q2013    2Q2013     3Q2013    3Q2012
Profit for the period                 3,876,194 3,684,255  3,876,194 3,241,145
Other comprehensive income, net of
tax:
Items that may be reclassified to
profit or loss
Share of other comprehensive          (106)     495        (106)     -
(losses)/income of associates
Net gains/(losses) from changes in
fair value of available-for-sale      2,233,412 367,783    2,233,412 (37,923)
financial assets
Currency translation differences      29,892    (28,407)   29,892    125
Total comprehensive income for the    6,139,392 4,024,126  6,139,392 3,203,347
period
Attributable to:
   Equity holders of the Company      6,127,983 4,025,050  6,127,983 3,180,882
   Non-controlling interests          11,409    (924)      11,409    22,465

 

OTHER FINANCIAL INFORMATION
In RMB '000 (unless otherwise stated)
                           Unaudited
                           3Q2013     2Q2013     3Q2012
EBITDA (a)                 5,255,978  4,968,600  4,591,603
Adjusted EBITDA (a)        5,599,651  5,228,433  4,784,020
Adjusted EBITDA margin (b) 36.0%      36.3%      41.4%
Interest expense           98,310     92,002     86,104
Net cash (c)               34,400,433 33,556,493 23,492,375
Capital expenditures (d)   1,620,864  1,464,020  1,132,314

Note:
   EBITDA consists of operating profit less interest income, and plus other
a) losses/(gains), net,depreciation of fixed assets and investment properties
   and amortisation of intangible assets.Adjusted EBITDA consists of EBITDA
   plus equity-settled share-based compensation expenses.
b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by
   revenues.
   Net cash represents period end balance and is calculated as cash and cash
c) equivalents, term deposits, and restricted cash pledged for secured bank
   borrowings, minus borrowings and long-term notes payable.
   Capital expenditures consist of additions (excluding business combinations)
d) to fixed assets,construction in progress, land use rights and intangible
   assets (excluding game and other content licences).

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 In RMB '000 (unless otherwise stated)
                                                    Unaudited       Unaudited
                                                    30 September    30 June
                                                    2013            2013
ASSETS
Non-current assets
Fixed assets                                        8,529,409       8,182,143
Construction in progress                            1,310,208       918,776
Investment properties                               -               21,476
Land use rights                                     883,339         823,789
Intangible assets                                   4,870,541       4,798,610
Interests in associates                             11,495,242      8,073,492
Investment in jointly controlled entities           9,256           8,742
Deferred income tax assets                          175,370         174,135
Available-for-sale financial assets                 8,756,251       6,282,289
Prepayments, deposits and other assets              1,201,334       1,060,129
Term deposits                                       13,620,000      13,081,000
                                                    50,850,950      43,424,581
Current assets

 

 
Inventories                                         984,761         715,789
Accounts receivable                                 2,669,501       2,895,327
Prepayments, deposits and other assets              5,476,141       5,240,152
Term deposits                                       17,401,202      15,920,732
Restricted cash                                     3,437,669       3,165,791
Cash and cash equivalents                           18,602,602      14,791,822
                                                    48,571,876      42,729,613
Total assets                                        99,422,826      86,154,194
EQUITY
Equity attributable to the Company's equity holders
Share capital                                       200             199
Share premium                                       2,533,575       2,193,289
Shares held for share award scheme
                                                    (858,924)       (674,674)
 
Other reserves                                      2,813,403       584,071
Retained earnings                                   48,391,639      44,525,134
                                                    52,879,893      46,628,019
Non-controlling interests                           806,931         823,757
Total equity                                        53,686,824      47,451,776
LIABILITIES
Non-current liabilities

 

 
Borrowings                                          3,442,880       2,471,480
Long-term notes payable                             9,216,391       7,396,646
Deferred income tax liabilities                     1,593,835       1,388,002
Long-term payables                                  1,546,136       1,535,840
                                                    15,799,242      12,791,968
Current liabilities
Accounts payable                                    6,563,151       6,410,489
Other payables and accruals                         8,210,724       7,546,012
Borrowings                                          2,564,100       368,935
Current income tax liabilities                      1,197,483       869,441
Other tax liabilities                               549,247         579,855
Deferred revenue                                    10,852,055      10,135,718
                                                    29,936,760      25,910,450
Total liabilities                                   45,736,002      38,702,418
Total equity and liabilities                        99,422,826      86,154,194

 

 

RECONCILIATIONS OF IFRS TO NON-GAAP RESULTS
                                         Adjustments
                                         Equity-settled Cash-settled     Losses/(gains) on Amortisation                  Special
                                                                         deemed                            Impairment
In RMB '000 Unless specified As reported share-based    share-based                        of intangible   provision (d) dividend   Non-GAAP
                                         compensation   compensation (a) disposal (b)      assets (c)
                                                                                                                         income (e)
                                                                                 
                                                 Unaudited three months ended 30 September 2013
                                                                                                                               
Operating profit               4,815,783 343,673             133,871     -           38,058          -                              5,331,385
                                                                                                                              -
Profit for the period          3,876,194 343,673             133,871     -           57,969          -             -                4,411,707
Profit attributable to equity  3,866,662 340,211             119,069     -           49,776          -             -                4,375,718
holders
Operating margin               31.0%                                                                                                34.3%
Net margin                     25.0%                                                                                                28.4%
                                                 Unaudited three months ended 30 June 2013
Operating profit               4,565,104 259,833             186,744     -           38,784          -             -                5,050,465
Profit for the period          3,684,255 259,833             186,744     -           58,628          -             -                4,189,460
Profit attributable to equity  3,680,389 257,853             163,728     -           50,031          -             -                4,152,001
holders
Operating margin               31.7%                                                                                                35.1%
Net margin                     25.6%                                                                                                29.1%
                                                                                 Unaudited three months ended 30  September
                                                 2012
Operating profit               4,124,365 192,417             24,860      5,150             38,494    448,000       (390,472)        4,442,814
Profit for the period          3,241,145 192,417             24,860      5,150             66,013    448,000       (390,472)        3,587,113
Profit attributable to equity  3,218,693 189,660             21,921      5,150             58,385    448,000       (390,472)        3,551,337
holders
Operating margin               35.7%                                                                                                38.4%
Net margin                     28.0%                                                                                                31.0%
Note:

(a) Including put options granted to employees of investees on their shares and shares to be issued under investees' share-based incentive
plans which can be acquired by the Group, and other incentives
(b) Losses/(gains) on deemed disposal of previously held interests in associates
(c) Amortisation of intangible assets resulting from acquisitions, net of related deferred tax
(d) Impairment provision for associates and available-for-sale financial assets
(e) Special dividend income from Mail.ru

SOURCE Tencent Holdings Limited

Website: http://www.tencent.com
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