Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2024 Unaudited Financial Results
Tencent Music Entertainment (TME) reported strong Q4 2024 financial results with total revenues of RMB7.46 billion (US$1.02 billion), up 8.2% year-over-year. Music subscription revenues grew 18% to RMB4.03 billion, with paying users increasing 13.4% to 121 million.
Q4 net profit surged 47.3% to RMB2.08 billion, while full-year 2024 revenues reached RMB28.40 billion, up 2.3%. The company's board approved an annual cash dividend of US$273 million and authorized a new US$1 billion share repurchase program for 24 months starting March 2025.
Key operational highlights include expanded partnerships with SM Entertainment and Kakao Entertainment, growing to over 260 million licensed tracks, and successful SVIP membership growth. The company maintained strong cash positions with RMB37.58 billion in total cash and equivalents as of December 31, 2024.
Tencent Music Entertainment (TME) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con ricavi totali di 7,46 miliardi di RMB (1,02 miliardi di dollari USA), in aumento dell'8,2% rispetto all'anno precedente. I ricavi da abbonamenti musicali sono cresciuti del 18% raggiungendo 4,03 miliardi di RMB, con un incremento del 13,4% degli utenti paganti, che sono ora 121 milioni.
Il profitto netto del quarto trimestre è aumentato del 47,3% raggiungendo 2,08 miliardi di RMB, mentre i ricavi totali per l'intero anno 2024 hanno raggiunto 28,40 miliardi di RMB, in aumento del 2,3%. Il consiglio di amministrazione della società ha approvato un dividendo in contante annuale di 273 milioni di dollari USA e ha autorizzato un nuovo programma di riacquisto di azioni da 1 miliardo di dollari USA per 24 mesi a partire da marzo 2025.
Tra i principali risultati operativi ci sono l'espansione delle partnership con SM Entertainment e Kakao Entertainment, che ora superano i 260 milioni di brani licenziati, e la crescita del programma di abbonamento SVIP. L'azienda ha mantenuto posizioni di liquidità solide, con 37,58 miliardi di RMB in contante e equivalenti al 31 dicembre 2024.
Tencent Music Entertainment (TME) reportó resultados financieros sólidos en el cuarto trimestre de 2024, con ingresos totales de 7.46 mil millones de RMB (1.02 mil millones de dólares estadounidenses), un aumento del 8.2% en comparación con el año anterior. Los ingresos por suscripciones musicales crecieron un 18% alcanzando 4.03 mil millones de RMB, con un incremento del 13.4% en los usuarios de pago, que ahora son 121 millones.
La ganancia neta del cuarto trimestre se disparó un 47.3% a 2.08 mil millones de RMB, mientras que los ingresos totales del año 2024 alcanzaron 28.40 mil millones de RMB, un aumento del 2.3%. La junta directiva de la compañía aprobó un dividendo en efectivo anual de 273 millones de dólares estadounidenses y autorizó un nuevo programa de recompra de acciones de 1 mil millones de dólares estadounidenses por 24 meses a partir de marzo de 2025.
Los aspectos operativos clave incluyen asociaciones ampliadas con SM Entertainment y Kakao Entertainment, creciendo a más de 260 millones de pistas licenciadas, y un exitoso crecimiento de la membresía SVIP. La compañía mantuvo posiciones de efectivo sólidas con 37.58 mil millones de RMB en efectivo y equivalentes al 31 de diciembre de 2024.
텐센트 뮤직 엔터테인먼트 (TME)는 2024년 4분기 재무 실적을 발표하며 총 수익이 74.6억 위안(10.2억 달러)에 달해 전년 대비 8.2% 증가했다고 보고했습니다. 음악 구독 수익은 18% 증가하여 40.3억 위안에 이르렀고, 유료 사용자는 13.4% 증가하여 1억 2,100만 명에 달했습니다.
4분기 순이익은 47.3% 급증하여 20.8억 위안에 이르렀고, 2024년 전체 연간 수익은 284억 위안으로 2.3% 증가했습니다. 회사 이사회는 연간 현금 배당금으로 2.73억 달러를 승인하고 2025년 3월부터 24개월 동안 10억 달러 규모의 자사주 매입 프로그램을 승인했습니다.
주요 운영 하이라이트로는 SM 엔터테인먼트 및 카카오 엔터테인먼트와의 파트너십 확대, 2억 6천만 곡 이상의 라이센스 곡 수 증가, SVIP 회원 성장의 성공이 포함됩니다. 회사는 2024년 12월 31일 기준으로 총 375.8억 위안의 현금 및 현금성 자산을 보유하며 강력한 현금 위치를 유지했습니다.
Tencent Music Entertainment (TME) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec des revenus totaux de 7,46 milliards de RMB (1,02 milliard de dollars américains), en hausse de 8,2 % par rapport à l'année précédente. Les revenus des abonnements musicaux ont augmenté de 18 % pour atteindre 4,03 milliards de RMB, avec une augmentation de 13,4 % des utilisateurs payants, qui s'élèvent désormais à 121 millions.
Le bénéfice net du quatrième trimestre a bondi de 47,3 % pour atteindre 2,08 milliards de RMB, tandis que les revenus totaux pour l'année 2024 ont atteint 28,40 milliards de RMB, en hausse de 2,3 %. Le conseil d'administration de l'entreprise a approuvé un dividende en espèces annuel de 273 millions de dollars américains et a autorisé un nouveau programme de rachat d'actions de 1 milliard de dollars américains pour 24 mois à partir de mars 2025.
Les principaux points opérationnels incluent l'expansion des partenariats avec SM Entertainment et Kakao Entertainment, atteignant plus de 260 millions de titres sous licence, ainsi qu'une croissance réussie des adhésions SVIP. L'entreprise a maintenu des positions de liquidité solides avec 37,58 milliards de RMB en liquidités et équivalents au 31 décembre 2024.
Tencent Music Entertainment (TME) berichtete über starke finanzielle Ergebnisse im vierten Quartal 2024 mit Gesamteinnahmen von 7,46 Milliarden RMB (1,02 Milliarden US-Dollar), was einem Anstieg von 8,2% im Vergleich zum Vorjahr entspricht. Die Einnahmen aus Musikabonnements stiegen um 18% auf 4,03 Milliarden RMB, während die zahlenden Nutzer um 13,4% auf 121 Millionen zunahmen.
Der Nettogewinn im vierten Quartal stieg um 47,3% auf 2,08 Milliarden RMB, während die Gesamteinnahmen für das Jahr 2024 28,40 Milliarden RMB erreichten, was einem Anstieg von 2,3% entspricht. Der Vorstand des Unternehmens genehmigte eine jährliche Bar-Dividende von 273 Millionen US-Dollar und genehmigte ein neues Aktienrückkaufprogramm über 1 Milliarde US-Dollar für 24 Monate ab März 2025.
Wesentliche operative Höhepunkte sind die erweiterten Partnerschaften mit SM Entertainment und Kakao Entertainment, die auf über 260 Millionen lizenzierte Titel angewachsen sind, sowie das erfolgreiche Wachstum der SVIP-Mitgliedschaften. Das Unternehmen hielt starke Liquiditätspositionen mit insgesamt 37,58 Milliarden RMB an Bargeld und Äquivalenten zum 31. Dezember 2024.
- Strong Q4 revenue growth of 8.2% YoY to RMB7.46 billion
- Significant net profit growth of 47.3% YoY to RMB2.08 billion in Q4
- Music subscription revenue up 18% YoY with 13.4% growth in paying users
- Gross margin improved to 43.6% from 38.3% YoY in Q4
- New US$1 billion share repurchase program and US$273 million dividend announced
- Strong cash position of RMB37.58 billion as of December 2024
- Social entertainment services revenue declined 13% YoY in Q4
- Social entertainment services revenue decreased 36.1% YoY for full-year 2024
Insights
Tencent Music Entertainment's Q4 2024 results demonstrate robust financial performance with significant profit expansion. The company reported
The company's subscription business is flourishing with
Margin improvements are particularly noteworthy, with gross margin expanding to
The
While social entertainment revenues declined
TME's operational highlights reveal a company successfully executing on its digital content strategy while embracing AI innovation. Their content library expansion to over 260 million tracks provides a substantial competitive moat in China's streaming market. Their strategic partnerships with major entertainment companies like SM Entertainment and Kakao Entertainment demonstrate TME's strong industry relationships and ability to secure valuable content.
The company's product innovation is impressive, particularly their integration of DeepSeek LLM for song creation and AI-powered audio effects. These features represent meaningful differentiation in a crowded streaming landscape. Their SVIP program's success shows TME's ability to create tiered value propositions that users are willing to pay premium prices for.
TME's expansion beyond pure streaming into merchandise and live performances indicates a maturing business model that captures more value from the music ecosystem. This vertical integration helps TME build deeper relationships with artists and capture additional revenue streams.
The company's in-car music strategy is particularly forward-looking, with partnerships extending to major mapping services and electric vehicle manufacturers like BYD and XPENG. These integrations position TME to capture listening time in one of the most valuable audio consumption environments.
The
One technological advantage emerging is TME's focus on high-quality audio and specialized features like voice extraction, which creates meaningful differentiation from competitors and justifies premium pricing for their SVIP tier.
Fourth Quarter 2024 Financial Highlights
- Total revenues were
RMB7.46 billion (US ), representing an$1.02 billion 8.2% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services, and partially offset by a decline in revenues from social entertainment services and others. - Revenues from music subscriptions were
RMB4.03 billion (US ), representing$552 million 18.0% year-over-year growth. The number of paying users increased by13.4% year-over-year to 121.0 million, up by 2.0 million from the third quarter of 2024. ARPPU grew toRMB11.1 fromRMB10.7 in the same period of 2023. - Net profit was
RMB2.08 billion (US ), representing$284 million 47.3% year-over-year growth. Net profit attributable to equity holders of the Company wasRMB1.96 billion (US ), representing$268 million 49.8% year-over-year growth. Non-IFRS net profit[1] wasRMB2.40 billion (US ), representing$329 million 43.0% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] wasRMB2.28 billion (US ), representing$312 million 44.8% year-over-year growth. - Diluted earnings per ADS was
RMB1.26 (US ), up from$0.17 RMB0.83 in the same period of 2023. - Total cash, cash equivalents, term deposits and short-term investments as of December 31, 2024 were
RMB37.58 billion (US ).$5.15 billion
Full Year 2024 Financial Highlights
- Total revenues were
RMB28.40 billion (US ), representing a$3.89 billion 2.3% year-over-year increase. - Revenues from music subscriptions were
RMB15.23 billion (US ), representing$2.09 billion 25.9% year-over-year growth. The strong growth was driven by continuous expansion in both paying users and ARPPU. - Net profit was
RMB7.11 billion (US ), representing$974 million 36.2% year-over-year growth. Net profit attributable to equity holders of the Company wasRMB6.64 billion (US ), representing$910 million 35.0% year-over-year growth. Non-IFRS net profit[1] wasRMB8.14 billion (US ), representing$1.12 billion 30.7% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] wasRMB7.67 billion (US ), representing$1.05 billion 29.5% year-over-year growth. - The Company's board of directors approved an annual cash dividend of approximately
US for the year ended December 31, 2024, and authorized a new Share Repurchase Program up to$273 million US during a 24-month period commencing from March 2025.$1 billion
Mr. Cussion Pang, Executive Chairman of TME, commented, "2024 was a year of solid progress for TME, marked by strong performance in our online music business driving overall revenue growth and expanding profit margins. Our pioneering initiatives across the music value chain have reshaped the industry landscape and enriched our ecosystem, boosting subscriber penetration rate and lifetime value. We closed fourth quarter with advancements across key areas of online music business, laying a stronger foundation for future growth and innovation. With confidence into 2025, we are pleased to announce an annual dividend of approximately
Mr. Ross Liang, CEO of TME, continued, "Our unwavering focus on user experience and effective operations have been crucial for stellar performance in 2024 and will continue to underpin future development. Enriching content ecosystem, fueled by technology integration, empowered us to further innovate and lead the way of music content consumption. Our SVIP initiative also recorded solid performance during the fourth quarter, resulting in user engagement improvement and ARPPU expansion. Looking ahead to 2025, we aim to harness the power of AI to personalize our services and bring more new experiences to users."
Fourth Quarter 2024 Operational Highlights
- Key Operating Metrics
4Q24 | 4Q23 | YoY % | |||
MAUs – online music (million) | 556 | 576 | (3.5 %) | ||
Mobile MAUs – social entertainment (million) | 82 | 104 | (21.2 %) | ||
Paying users – online music (million) | 121.0 | 106.7 | 13.4 % | ||
Paying users – social entertainment (million) | 7.7 | 8.0 | (3.8 %) | ||
Monthly ARPPU – online music (RMB) | 11.1 | 10.7 | 3.7 % | ||
Monthly ARPPU – social entertainment (RMB) | 70.4 | 78.0 | (9.7 %) |
Broadening content and expansive ecosystem offer users a wider range of music services with enhanced benefits.
- Diversified content offerings with over 260 million licensed and co-created music and audio tracks.1) Renewed contracts with SM Entertainment and Kakao Entertainment, expanding partnerships to include premium sound effects, artist performances and merchandise. 2) Partnered with renowned artists such as Dao Lang and Tayu Lo[2] to offer timeless classics and privileged head-start benefits. 3) Collaborated with Angela Zhang to produce, release, and promote her album Conflicted, helping her reach a greater audience base and receive widespread acclaim. 4) Produced theme songs and original soundtracks for
Tencent Video blockbusters including Blossom and Guardians of the Dafeng, and theatrical releases A Tapestry of a Legendary Land and TIGER WOLF RABBIT, quickly garnering praise from music lovers and movie viewers alike. - Solid progress made in artist merchandise and live performances. For example, 1) Produced physical albums for Xiao Zhan and Lay Zhang, and provided options to purchase Esther Yu's merchandise along with her digital albums, significantly boosting album sales, 2) Partnered with Mayday to host an online New Year's Eve concert and promoted the event across multiple short video platforms and social media channels.
Reinforced core value proposition further drove subscriber and ARPPU growth, SVIP gathered more traction.
- Enhancements to algorithms and user interface drove personal music asset accumulation, measured by a
10% year-over-year increase in users' song collections. The improvements also boosted recommendation-driven streams. - We saw traction in our in-car music consumption driven by 1) expanded partnerships with mapping services including Amap and Baidu Maps, as well as deeper collaborations with electric vehicle manufacturers like BYD and XPENG, 2) optimized user experience through improved audio quality and karaoke features.
- SVIP recorded strong sequential growth in memberships, along with improved ARPPU and engagement. These results benefited from: 1) elevated audio quality and effects, such as our highly acclaimed AI-powered audio effect and voice extraction, 2) expanded digital album library, and 3) introduction of diverse privileges for online concerts, such as high-definition modes for selective shows.
Committed to innovation, we launched new features to bring novel experience to users.
- Integrated DeepSeek LLM into song creation, which invigorated passion for music creation among our users. It also garnered an increasingly personalized music experience through its integration with AI assistants, comment sections, and recommendation pages.
- Launched innovative virtual fan-artist communities, boosting user engagement and ecosystem vibrancy. Notable examples included the virtual communities of JC-T and Teens in Times.
- Fostering stronger connections between brands and users, we designed and advertised interactive incentivized tasks, which became highly popular among our users. This led to robust year-over-year growth in advertising revenue.
Fourth Quarter 2024 Financial Review
Total revenues increased by
- Revenues from online music services delivered a strong year-over-year increase of
16.1% toRMB5.83 billion (US ) from$799 million RMB5.02 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 wereRMB4.03 billion (US ), representing$552 million 18.0% year-over-year growth, compared withRMB3.42 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 by13.4% year-over-year to 121.0 million. This growth was primarily due to high quality contents, attractive membership privileges, and optimized user operations. Monthly ARPPU increased toRMB11.1 in the fourth quarter of 2024 fromRMB10.7 in the same period of 2023, which was driven by effective promotions and the expansion of SVIP membership program. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode. - Revenues from social entertainment services and others decreased by
13.0% toRMB1.63 billion (US ) from$223 million RMB1.87 billion in the same period of 2023. The decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.
Cost of revenues decreased by
Gross margin increased to
Total operating expenses decreased by
- Selling and marketing expenses were
RMB248 million (US ), representing a$34 million 2.7% year-over-year decrease. - General and administrative expenses were
RMB926 million (US ), representing an$127 million 8.4% year-over-year decrease. This decrease was primarily due to lower employee-related expenses.
Total operating profit was RMB2.41 billion (
The finance cost for the fourth quarter of 2024 mainly reflected an unrealized foreign exchange gain, arising from treasury management activities, which was largely affected by the fluctuation of exchange rate between RMB and USD as of September 30 and December 31, 2024.
The effective tax rate for the fourth quarter of 2024 was
For the fourth quarter of 2024, net profit was
Basic and diluted earnings per American Depositary Shares ("ADS") for the fourth quarter of 2024 were
As of December 31, 2024, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to
Full Year 2024 Financial Review
Total revenues increased by
- Revenues from online music services delivered a strong year-over-year increase of
25.5% toRMB21.74 billion (US ) from$2.98 billion RMB17.33 billion in 2023. The increase was driven by strong growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions wereRMB15.23 billion (US ), representing$2.09 billion 25.9% year-over-year growth, compared withRMB12.10 billion in 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. 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
36.1% toRMB6.66 billion (US ) from$912 million RMB10.43 billion in 2023. The decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.
Cost of revenues decreased by
Gross margin increased to
Total operating expenses decreased by
- Selling and marketing expenses were
RMB865 million (US ), representing a$119 million 3.6% year-over-year decrease. - General and administrative expenses were
RMB3.81 billion (US ), representing a$522 million 7.5% year-over-year decrease. This decrease was primarily due to lower employee-related expenses.
Total operating profit was RMB8.71 billion (
For the full year of 2024, net profit was
Basic and diluted earnings per ADS for the full year of 2024 were
Share Repurchase Program
With confidence in TME's growth prospects, our board of directors has recently authorized a new Share Repurchase Program under which the Company may repurchase up to US
Declaration of 2024 Dividend
For the fiscal year of 2024, the Company's board of directors declared a cash dividend of US
Environmental, Social, and Governance ("ESG")
We made significant strides to empower female musicians' development, fostering a more diverse and inclusive music community, with the number of female artists supported reaching 192,000. We will continue our commitment to ESG excellence and provide these artists with more opportunities for creative expression and performance. In the fourth quarter, we also partnered with the Ministry of Education and multiple NGOs to launch the "Writing Songs for Pandas" initiative, designed to enhance public awareness of biodiversity through the influence of music.
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 Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
TENCENT MUSIC ENTERTAINMENT GROUP | |||||||||||||
CONSOLIDATED INCOME STATEMENTS | |||||||||||||
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||||||||
(in millions, except per share data) | (in millions, except per share data) | ||||||||||||
Revenues | |||||||||||||
Online music services | 5,022 | 5,831 | 799 | 17,325 | 21,742 | 2,979 | |||||||
Social entertainment services and others | 1,871 | 1,627 | 223 | 10,427 | 6,659 | 912 | |||||||
6,893 | 7,458 | 1,022 | 27,752 | 28,401 | 3,891 | ||||||||
Cost of revenues | (4,252) | (4,205) | (576) | (17,957) | (16,376) | (2,244) | |||||||
Gross profit | 2,641 | 3,253 | 446 | 9,795 | 12,025 | 1,647 | |||||||
Selling and marketing expenses | (255) | (248) | (34) | (897) | (865) | (119) | |||||||
General and administrative expenses | (1,011) | (926) | (127) | (4,121) | (3,811) | (522) | |||||||
Total operating expenses | (1,266) | (1,174) | (161) | (5,018) | (4,676) | (641) | |||||||
Interest income | 277 | 315 | 43 | 1,052 | 1,196 | 164 | |||||||
Other gains, net | 62 | 15 | 2 | 230 | 165 | 23 | |||||||
Operating profit | 1,714 | 2,409 | 330 | 6,059 | 8,710 | 1,193 | |||||||
Share of net profit of investments accounted for using equity method | 20 | 31 | 4 | 127 | 96 | 13 | |||||||
Finance cost | (30) | 59 | 8 | (141) | (94) | (13) | |||||||
Profit before income tax | 1,704 | 2,499 | 342 | 6,045 | 8,712 | 1,194 | |||||||
Income tax expense | (295) | (423) | (58) | (825) | (1,603) | (220) | |||||||
Profit for the period/year | 1,409 | 2,076 | 284 | 5,220 | 7,109 | 974 | |||||||
Attributable to: | |||||||||||||
Equity holders of the Company | 1,306 | 1,957 | 268 | 4,920 | 6,644 | 910 | |||||||
Non-controlling interests | 103 | 119 | 16 | 300 | 465 | 64 | |||||||
Earnings per share for Class A and Class B ordinary shares | |||||||||||||
Basic | 0.42 | 0.64 | 0.09 | 1.58 | 2.15 | 0.30 | |||||||
Diluted | 0.42 | 0.63 | 0.09 | 1.55 | 2.12 | 0.29 | |||||||
Earnings per ADS (2 Class A shares equal to 1 ADS) | |||||||||||||
Basic | 0.84 | 1.27 | 0.17 | 3.15 | 4.31 | 0.59 | |||||||
Diluted | 0.83 | 1.26 | 0.17 | 3.11 | 4.24 | 0.58 | |||||||
Shares used in earnings per Class A and Class B ordinary share computation: | |||||||||||||
Basic | 3,103,386,279 | 3,075,189,032 | 3,075,189,032 | 3,121,653,686 | 3,084,230,029 | 3,084,230,029 | |||||||
Diluted | 3,145,485,054 | 3,112,342,854 | 3,112,342,854 | 3,168,386,031 | 3,130,861,720 | 3,130,861,720 | |||||||
ADS used in earnings per ADS computation | |||||||||||||
Basic | 1,551,693,140 | 1,537,594,516 | 1,537,594,516 | 1,560,826,843 | 1,542,115,015 | 1,542,115,015 | |||||||
Diluted | 1,572,742,527 | 1,556,171,427 | 1,556,171,427 | 1,584,193,016 | 1,565,430,860 | 1,565,430,860 | |||||||
TENCENT MUSIC ENTERTAINMENT GROUP | ||||||||||||||
UNAUDITED NON-IFRS FINANCIAL MEASURE | ||||||||||||||
Three Months Ended December 31 | Year Ended December 31 | |||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||
(in millions, except per share data) | (in millions, except per share data) | |||||||||||||
Profit for the period/year | 1,409 | 2,076 | 284 | 5,220 | 7,109 | 974 | ||||||||
Adjustments: | ||||||||||||||
Amortization of intangible and other assets arising from business acquisitions or combinations* | 111 | 110 | 15 | 445 | 440 | 60 | ||||||||
Share-based compensation | 183 | 156 | 21 | 736 | 681 | 93 | ||||||||
Losses/(Gains) from investments** | 23 | 94 | 13 | (7) | 110 | 15 | ||||||||
Income tax effects*** | (48) | (37) | (5) | (171) | (204) | (28) | ||||||||
Non-IFRS Net Profit | 1,678 | 2,399 | 329 | 6,223 | 8,136 | 1,115 | ||||||||
Attributable to: | ||||||||||||||
Equity holders of the Company | 1,575 | 2,280 | 312 | 5,923 | 7,671 | 1,051 | ||||||||
Non-controlling interests | 103 | 119 | 16 | 300 | 465 | 64 | ||||||||
Earnings per share for Class A and Class B ordinary shares | ||||||||||||||
Basic | 0.51 | 0.74 | 0.10 | 1.90 | 2.49 | 0.34 | ||||||||
Diluted | 0.50 | 0.73 | 0.10 | 1.87 | 2.45 | 0.34 | ||||||||
Earnings per ADS (2 Class A shares equal to 1 ADS) | ||||||||||||||
Basic | 1.02 | 1.48 | 0.20 | 3.79 | 4.97 | 0.68 | ||||||||
Diluted | 1.00 | 1.47 | 0.20 | 3.74 | 4.90 | 0.67 | ||||||||
Shares used in earnings per Class A and Class B ordinary share computation: | ||||||||||||||
Basic | 3,103,386,279 | 3,075,189,032 | 3,075,189,032 | 3,121,653,686 | 3,084,230,029 | 3,084,230,029 | ||||||||
Diluted | 3,145,485,054 | 3,112,342,854 | 3,112,342,854 | 3,168,386,031 | 3,130,861,720 | 3,130,861,720 | ||||||||
ADS used in earnings per ADS computation | ||||||||||||||
Basic | 1,551,693,140 | 1,537,594,516 | 1,537,594,516 | 1,560,826,843 | 1,542,115,015 | 1,542,115,015 | ||||||||
Diluted | 1,572,742,527 | 1,556,171,427 | 1,556,171,427 | 1,584,193,016 | 1,565,430,860 | 1,565,430,860 | ||||||||
* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement etc., and fair value adjustment on music content (i.e., signed contracts obtained for the rights to access to the music contents for which the amount was amortized over the contract period), resulting from business acquisitions or combination. | ||||||||||||||
** 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 transactions of investments. | ||||||||||||||
*** Represents the income tax effects of Non-IFRS adjustments. |
TENCENT MUSIC ENTERTAINMENT GROUP | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
As at December 31, 2023 | As at December 31, 2024 | |||||
RMB | RMB | US$ | ||||
Audited | Unaudited | Unaudited | ||||
(in millions) | ||||||
ASSETS | ||||||
Non-current assets | ||||||
Property, plant and equipment | 490 | 803 | 110 | |||
Land use rights | 2,437 | 2,364 | 324 | |||
Right-of-use assets | 367 | 295 | 40 | |||
Intangible assets | 2,032 | 2,049 | 281 | |||
Goodwill | 19,542 | 19,647 | 2,692 | |||
Investments accounted for using equity method | 4,274 | 4,669 | 640 | |||
Financial assets at fair value through other comprehensive income | 6,540 | 14,498 | 1,986 | |||
Other investments | 307 | 309 | 42 | |||
Prepayments, deposits and other assets | 540 | 425 | 58 | |||
Deferred tax assets | 352 | 422 | 58 | |||
Term deposits | 8,719 | 10,419 | 1,427 | |||
45,600 | 55,900 | 7,658 | ||||
Current assets | ||||||
Inventories | 8 | 23 | 3 | |||
Accounts receivable | 2,918 | 3,508 | 481 | |||
Prepayments, deposits and other assets | 3,438 | 3,793 | 520 | |||
Other investments | 37 | 46 | 6 | |||
Term deposits | 9,937 | 13,999 | 1,918 | |||
Restricted Cash | 31 | 11 | 2 | |||
Cash and cash equivalents | 13,567 | 13,164 | 1,803 | |||
29,936 | 34,544 | 4,733 | ||||
Total assets | 75,536 | 90,444 | 12,391 | |||
EQUITY | ||||||
Equity attributable to equity holders of the Company | ||||||
Share capital | 2 | 2 | 0 | |||
Additional paid-in capital | 36,576 | 29,035 | 3,978 | |||
Shares held for share award schemes | (302) | (520) | (71) | |||
Treasury shares | (6,996) | (550) | (75) | |||
Other reserves | 9,658 | 19,845 | 2,719 | |||
Retained earnings | 16,969 | 20,051 | 2,747 | |||
55,907 | 67,863 | 9,297 | ||||
Non-controlling interests | 1,295 | 1,863 | 255 | |||
Total equity | 57,202 | 69,726 | 9,552 | |||
LIABILITIES | ||||||
Non-current liabilities | ||||||
Notes payables | 5,636 | 3,572 | 489 | |||
Deferred tax liabilities | 239 | 198 | 27 | |||
Lease liabilities | 297 | 219 | 30 | |||
Deferred revenue | 148 | 179 | 25 | |||
6,320 | 4,168 | 571 | ||||
Current liabilities | ||||||
Accounts payable | 5,006 | 6,879 | 942 | |||
Other payables and other liabilities | 3,472 | 3,381 | 463 | |||
Notes payables | - | 2,154 | 295 | |||
Current tax liabilities | 567 | 934 | 128 | |||
Lease liabilities | 115 | 106 | 15 | |||
Deferred revenue | 2,854 | 3,096 | 424 | |||
12,014 | 16,550 | 2,267 | ||||
Total liabilities | 18,334 | 20,718 | 2,838 | |||
Total equity and liabilities | 75,536 | 90,444 | 12,391 | |||
TENCENT MUSIC ENTERTAINMENT GROUP | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Three Months Ended December 31 | Year Ended December 31 | |||||||||||
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 | 1,977 | 2,480 | 340 | 7,337 | 10,275 | 1,408 | ||||||
Net cash (used in)/provided by investing activities | (193) | 1,324 | 181 | (1,863) | (6,818) | (934) | ||||||
Net cash used in financing activities | (576) | (815) | (112) | (1,538) | (3,830) | (525) | ||||||
Net increase/(decrease) in cash and cash equivalents | 1,208 | 2,989 | 409 | 3,936 | (373) | (51) | ||||||
Cash and cash equivalents at beginning of the period/year | 12,381 | 10,209 | 1,399 | 9,555 | 13,567 | 1,859 | ||||||
Exchange differences on cash and cash equivalents | (22) | (34) | (5) | 76 | (30) | (4) | ||||||
Cash and cash equivalents at end of the period/year | 13,567 | 13,164 | 1,803 | 13,567 | 13,164 | 1,803 | ||||||
View original content:https://www.prnewswire.com/news-releases/
SOURCE Tencent Music Entertainment Group