SHENZHEN, China, May 13, 2015 /PRNewswire/ -- Tencent Holdings Limited ("Tencent" or the "Company") (SEHK:
00700), a leading provider of Internet services in China, today announced the unaudited
consolidated results for the first quarter of 2015 ended
March 31, 2015 ("1Q2015").
Key Highlights:
- Total revenues were RMB22,399
million (USD3,647
million1), an increase of 22% over the first
quarter of 2014 ("YoY").
- Operating profit was RMB9,372
million (USD1,526 million), an
increase of 20% YoY. Operating margin was 42%, the same as the
first quarter of 2014.
- Profit for the period was RMB6,930
million (USD1,128 million), an
increase of 8% YoY. Net margin decreased to 31% from 35% last
year.
- Profit attributable to equity holders of the Company for the
period was RMB6,883 million
(USD1,121 million), an increase of 7%
YoY.
- Basic earnings per share2 were RMB0.741. Diluted earnings per share2
were RMB0.733.
- On a non-GAAP basis, excluding share-based compensation, deemed
disposal gains, amortization of intangible assets and impairment
provision:
- Operating profit was RMB9,399
million (USD1,530 million), an
increase of 45% YoY. Operating margin increased to 42% from 35%
last year.
- Profit for the period was RMB7,144
million (USD1,163 million), an
increase of 37% YoY. Net margin increased to 32% from 28% last
year.
- Profit attributable to equity holders of the Company for the
period was RMB7,053 million
(USD1,148 million), an increase of
36% YoY.
- Basic earnings per share were RMB0.759. Diluted earnings per share were
RMB0.752.
Mr. Ma Huateng, Chairman and CEO
of Tencent, said, "During the first
quarter of 2015, we continued to expand our mobile user base and
improve our engagement with users, while delivering solid financial
results. Our key mobile properties extended their leadership in
China and continued to broaden
user activities from social and communications to gaming,
entertainment, media content, payment, and beyond. Driven by mobile
social and video advertisements, our total advertising revenue more
than doubled year-on-year. Our Red Envelope gifting initiative
spurred increased adoption of our payment solutions and boosted
total payment volumes. Looking ahead, we aim to bring further
technology benefits to users through our "Internet +" strategy of
connecting users with services in various vertical industries
through collaboration with a broad range of partners."
|
1 Figures
stated in USD are based on USD1 to RMB6.1422.
|
|
2 Since
the second quarter of 2014, EPS has been stated after taking into
account the effect of the Share Subdivision. Comparative figures
have been restated on the assumption that the Share Subdivision had
been effective since the commencement of prior corresponding
period.
|
|
3 Since
the fourth quarter of 2014, we recognise revenues from smart phone
games we publish on an exclusive basis on a gross basis, primarily
to reflect changes in our co-operation models that qualify us the
principal, rather than agent, for certain licensed titles.
Correspondingly, we recorded revenue sharing with third-party
developers and channel costs of these titles in costs of revenues,
instead of treating them as contra-revenue items.
|
1Q2015 Financial Review
Value Added Services ("VAS")3. Revenues from
our VAS business increased by 29% YoY to RMB18,626 million. Online game revenues increased
by 28% to RMB13,313 million. The
increase was mainly driven by revenue growth from smart phone
games, primarily reflecting our diversified game portfolio and, to
a lesser extent, the impact of the adoption of gross revenue
recognition. Revenues from PC client games also contributed to the
increase, driven by growth in our key genres. Social networks
revenues grew by 32% to RMB5,313
million. The increase primarily reflected revenue growth
from in-game item sales within mobile platforms, and higher
subscription revenues from our QQ Membership, Qzone and digital
content subscription services. If gross revenue recognition for
smart phone games was adopted for the first quarter of 2014,
revenues from our VAS business, online games, and social networks
would have increased by 26%, 24% and 29% respectively for the first
quarter of 2015.
Online advertising. Revenues from our online advertising
business increased by 131% YoY to RMB2,724
million whereas brand display advertising revenues and
performance-based advertising revenues increased by 90% and 199%
YoY, respectively. The increase was mainly driven by revenue growth
in video advertising due to more video views, and higher
contributions from performance-based social advertising on mobile
driven by Mobile Qzone and Weixin Official Accounts.
Other Key Financial Information for 1Q2015
Share-based compensation was RMB593
million, up 5% YoY.
EBITDA was RMB9,945 million, up
47% YoY. Adjusted EBITDA was RMB10,506
million, up 48% YoY.
Capital expenditure was RMB1,332
million, up 17% YoY.
Free cashflow was RMB8,350
million, up 52% YoY.
Net cash position totaled RMB25,319
million, down 26% YoY, due to strategic investments, partly
offset by an increase in free cash flows generated during the year.
Fair value of our stakes in listed investee companies (both
associates and available-for-sale financial assets) totalled
RMB74 billion as at March 31, 2015.
Strategic Highlights
In the first quarter of 2015, we conducted several initiatives
to enhance our mobile ecosystem and develop our digital content
businesses, such as:
- Promoting our payment services through enriched payment
scenarios, including our Chinese New
Year Red Envelope gifting initiative, to attract more users
to our payment platforms;
- Expanding our social advertising inventory on mobile, via
selected advertisements inside Weixin Moments and via our third
party advertising network; and
- Partnering with NBA to exclusively offer users in China online video streams of NBA games and
related digital content.
In terms of balance sheet management, in April 2015 we upsized the limit on the aggregate
principal amount of our Global Medium Term Note Programme by
USD5 billion to USD10 billion. In
addition, Moody's and Standard & Poor 's upgraded our long-term
corporate credit ratings from A3 to A2 in March 2015 and from A- to A in April 2015, respectively.
Business Review and Outlook
Divisional and Product Highlights
Operating information
- Monthly active user accounts ("MAU") of QQ was 832 million, a
decrease of 2% YoY.
- Smart device MAU of QQ was 603 million, an increase of 23%
YoY.
- Peak concurrent user accounts ("PCU") of QQ was 228 million, an
increase of 14% YoY.
- Combined MAU of Weixin and WeChat were 549 million, an increase
of 39% YoY.
- MAU of Qzone was 668 million, an increase of 4% YoY.
- Smart device MAU of Qzone was 568 million, an increase of 22%
YoY.
- Fee-based VAS registered subscriptions were 82 million, a
decrease of 7% YoY.
Key Platforms
In the first quarter of 2015, QQ and Qzone benefited from
further growth in mobile user base and enhanced user
engagement.
- For QQ, smart device MAU increased by 23% YoY to 603 million at
the end of the quarter, while overall PCU increased by 14% YoY to
228 million. Mobile QQ usage benefited from enhanced features in
areas such as location-based groups, voice and video calls, short
video sharing and document transmission.
- For Qzone, smart device MAU increased by 22% YoY to 568 million
at the end of the quarter. User metrics increase was partly due to
favourable seasonal effect of Chinese New
Year festival. Further, user activity and stickiness
continued to improve, benefiting from enhanced features in areas
such as short video posting and photo editing.
Combined MAU of Weixin and WeChat reached 549 million at the end
of the quarter, representing YoY growth of 39%.
- For Weixin, we deepened user engagement by providing users in
major cities access to local public services such as
transportation, utilities, healthcare and municipal services. We
also extended the "shake" function to allow selected merchants to
offer promotion coupons to users.
- For WeChat, we continued to drive user engagement in selected
overseas markets.
Weixin Payment and Mobile QQ
Wallet gained popularity as we launched initiatives to build user
awareness and habit, such as Red Envelope gifting during the
Chinese New Year festival.
Our online media platforms extended their leadership in
China. Tencent News leveraged enhanced content, improved
user experience and plug-ins to Mobile QQ and Weixin to consolidate
its positions as the leading mobile news platform in China. Tencent
Video solidified its position as the broadest-reach mobile video
platform in China, thanks to
enriched content and enhanced user experience.
VAS
In the first quarter of 2015, our social networks business
benefited from YoY growth from in-game item sales on our mobile
platforms, and higher subscription revenues as we enhanced the
mobile privileges and mobile user experience for QQ Membership,
Qzone and digital content subscription services. We will continue
to add premium content for our literature, music and video
subscription services.
In online games, we extended our leadership in China:
- For PC client games, the quarter saw a healthy YoY revenue
increase as we benefited from growth in key genres. For instance,
League of Legends registered a robust performance with an enlarged
user base, and FIFA Online 3 contributed to the revenue growth with
more in-game micro-transactions, including sales of player
cards.
- For mobile games, we achieved strong YoY revenue growth with
more paying users in the quarter. In the first quarter of 2015,
total revenues from smart phone games (including those distributed
via Mobile QQ and Weixin game centers, YingYongBao app store, and
elsewhere) amounted to approximately RMB4.4
billion, increasing by 82% YoY and 8% quarter-on-quarter on
a gross-to-gross basis, respectively4. Consolidating our position
as China's leading publisher of
mobile games, we diversified our portfolio for smart phone games
via introducing new genres, such as shooting games and quiz show
games, and via licensing of sequels to popular PC and mobile games,
and licensing of non-game IPs, such as I am MT2, Infinity Blade
Saga, Carrot Fantasy 3, Naruto, and the mobile version of DnF.
Looking ahead, we aim to enrich our PC and mobile game
portfolios in different genres and solidify our market
leadership.
|
4 In the
first quarter of 2015, total revenues from smart phone games
distributed via Mobile QQ and/ or Weixin game centers amounted to
approximately RMB4.0 billion, increasing by 80% year-on-year and 5%
quarter-on-quarter on a gross-to-gross basis,
respectively.
|
Online Advertising
Our online advertising business achieved rapid YoY revenue
growth in the first quarter of 2015, mainly reflecting revenue
growth in video advertising supported by higher viewer traffic, and
increased revenues from performance-based social advertising driven
by Mobile Qzone and Weixin Official Accounts. Approximately 40% of
our brand display advertising revenues and 75% of our
performance-based advertising revenues were generated on mobile
platforms in the first quarter of 2015. Looking forward, we will
continue to invest aggressively in key content to further build our
traffic, and we will expand our mobile advertising inventory and
enhance our performance-based advertising service capabilities.
For other detailed disclosure, please refer to our
website www.tencent.com/ir.
About Tencent
Tencent uses technology to enrich
the lives of Internet users. Every day, hundreds of millions of
people communicate, share experiences, consume information and seek
entertainment through our integrated platforms. Tencent's
diversified services include QQ, Weixin/ WeChat for communications;
Qzone for social networking; QQ Game Platform for online games;
QQ.com and Tencent News for
information and Tencent Video for
video content.
Tencent was founded in
Shenzhen in 1998 and went public
on the Main Board of the Hong Kong Stock Exchange in 2004. The
Company is one of the constituent stocks of the Hang Seng Index.
Tencent seeks to evolve with the
Internet by investing in innovation, providing a hospitable
environment for partners, and staying close to users.
For enquiries, please contact:
Investor:
Catherine Chan
Tel: (86) 755 86013388 ext 88369/ (852) 3148 5100
Email: cchan@tencent.com
Angie Chang
Tel: (86) 755 86013388 ext 73951/ (852) 3148 5100
Email: angiechang@tencent.com
Media:
Canny Lo
Tel: (86) 755 86013388 ext 66630/ (852) 3148 5100
Email: cannylo@tencent.com
Limin Chen
Tel: (86) 755 86013388 ext 56011
Email: liminchen@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
|
|
RMB in millions,
unless specified
|
|
Unaudited
|
|
Unaudited
|
|
1Q2015
|
1Q2014
|
|
1Q2015
|
4Q2014
|
|
Revenues
|
22,399
|
18,400
|
|
22,399
|
20,978
|
|
VAS
|
18,626
|
14,413
|
|
18,626
|
17,137
|
|
Online
advertising
|
2,724
|
1,177
|
|
2,724
|
2,627
|
|
Others [1]
|
1,049
|
2,810
|
|
1,049
|
1,214
|
|
Cost of
revenues
|
(8,965)
|
(7,800)
|
|
(8,965)
|
(8,332)
|
|
Gross
profit
|
13,434
|
10,600
|
|
13,434
|
12,646
|
|
Gross
margin
|
60%
|
58%
|
|
60%
|
60%
|
|
Interest
income
|
521
|
375
|
|
521
|
443
|
|
Other gains,
net
|
411
|
1,607
|
|
411
|
343
|
|
Selling and marketing
expenses
|
(1,326)
|
(1,855)
|
|
(1,326)
|
(2,063)
|
|
General and
administrative expenses
|
(3,668)
|
(2,937)
|
|
(3,668)
|
(3,975)
|
|
Operating
profit
|
9,372
|
7,790
|
|
9,372
|
7,394
|
|
Operating
margin
|
42%
|
42%
|
|
42%
|
35%
|
|
Finance costs,
net
|
(433)
|
(238)
|
|
(433)
|
(273)
|
|
Share of
(losses)/profits of associates and
joint
ventures
|
(310)
|
44
|
|
(310)
|
(275)
|
|
Profit before
income tax
|
8,629
|
7,596
|
|
8,629
|
6,846
|
|
Income tax
expense
|
(1,699)
|
(1,164)
|
|
(1,699)
|
(892)
|
|
Profit for the
period
|
6,930
|
6,432
|
|
6,930
|
5,954
|
|
Net
margin
|
31%
|
35%
|
|
31%
|
28%
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity holders of the Company
|
6,883
|
6,457
|
|
6,883
|
5,860
|
|
Non-controlling interests
|
47
|
(25)
|
|
47
|
94
|
|
|
|
|
|
|
|
Non-GAAP profit
attributable to equity
holders of the Company
|
7,053
|
5,194
|
|
7,053
|
6,723
|
|
|
|
|
|
|
|
Earnings per share
for profit attributable
to equity holders of the
Company
(in RMB per
share)
|
|
Restated [2]
|
|
|
|
|
- basic
|
0.741
|
0.700
|
|
0.741
|
0.632
|
|
- diluted
|
0.733
|
0.690
|
|
0.733
|
0.625
|
|
[1] In light of the
reduction in size of our eCommerce transactions business, we
include the eCommerce transactions in the "Others" business segment
in our financial statements from the first quarter of 2015 onwards.
Comparative figures have been reclassified to conform to the new
presentation.
|
|
[2] Comparative
figures have been restated on the assumption that the Share
Subdivision had been effective since the commencement of prior
corresponding period.
|
|
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
RMB in millions, unless specified
|
|
Unaudited
|
|
Unaudited
|
|
1Q2015
|
1Q2014
|
|
1Q2015
|
4Q2014
|
|
Profit for the
period
|
6,930
|
6,432
|
|
6,930
|
5,954
|
|
Other
comprehensive income, net of tax:
|
|
|
|
|
|
|
Items that may be
subsequently
reclassified to
profit or loss
|
|
|
|
|
|
|
Share of other comprehensive
income
of
associates
|
70
|
8
|
|
70
|
38
|
|
Net gains/(losses) from
changes in fair
value of
available-for-sale financial
assets
|
1,764
|
(37)
|
|
1,764
|
(1,439)
|
|
Currency translation
differences
|
187
|
17
|
|
187
|
(280)
|
|
Total
comprehensive income for the
period
|
8,951
|
6,420
|
|
8,951
|
4,273
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity holders of the Company
|
8,898
|
6,441
|
|
8,898
|
4,183
|
|
Non-controlling interests
|
53
|
(21)
|
|
53
|
90
|
|
OTHER
FINANCIAL INFORMATION
|
|
RMB in millions,
unless specified
|
|
Unaudited
|
|
1Q2015
|
1Q2014
|
4Q2014
|
|
EBITDA
(a)
|
9,945
|
6,787
|
7,929
|
|
Adjusted EBITDA
(a)
|
10,506
|
7,121
|
8,424
|
|
Adjusted EBITDA
margin (b)
|
47%
|
39%
|
40%
|
|
Interest
expense
|
329
|
112
|
264
|
|
Net cash
(c)
|
25,319
|
34,245
|
22,758
|
|
Capital
expenditures (d)
|
1,332
|
1,138
|
1,603
|
|
Note:
|
|
(a)
EBITDA consists of operating profit less interest income and other
(gains)/losses, net, and plus 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.
|
|
(c)
Net cash represents period end balance and is calculated as cash
and cash equivalents, term deposits, minus borrowings and notes
payable.
|
|
(d)
Capital expenditures consist of additions (excluding business
combinations) to fixed assets, construction in progress, land use
rights and intangible assets (excluding game and other content
licenses).
|
|
CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
|
|
In RMB millions
(unless otherwise stated)
|
|
|
|
|
|
Unaudited
|
Audited
|
|
|
31
March 2015
|
|
31
December 2014
|
|
ASSETS
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Fixed
assets
|
7,774
|
|
7,918
|
|
Construction in
progress
|
4,402
|
|
3,830
|
|
Investment
properties
|
266
|
|
268
|
|
Land use
rights
|
748
|
|
751
|
|
Intangible
assets
|
10,441
|
|
9,304
|
|
Investments in
associates
|
53,161
|
|
51,131
|
|
Investments in
redeemable preference shares of associates
|
4,276
|
|
2,941
|
|
Investment in joint
ventures
|
563
|
|
63
|
|
Deferred income tax
assets
|
432
|
|
322
|
|
Available-for-sale
financial assets
|
17,171
|
|
13,277
|
|
Prepayments, deposits
and other assets
|
996
|
|
1,209
|
|
Term
deposits
|
4,121
|
|
4,831
|
|
|
|
|
|
104,351
|
|
95,845
|
|
Current
assets
|
|
|
|
|
Inventories
|
279
|
|
244
|
|
Accounts
receivable
|
5,195
|
|
4,588
|
|
Prepayments, deposits
and other assets
|
9,153
|
|
7,804
|
|
Term
deposits
|
14,147
|
|
10,798
|
|
Restricted
cash
|
13,832
|
|
9,174
|
|
Cash and cash
equivalents
|
55,583
|
|
42,713
|
|
|
|
|
|
98,189
|
|
75,321
|
|
|
|
|
|
Total
assets
|
202,540
|
|
171,166
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF FINANCIAL POSITION (continued)
|
|
In RMB millions
(unless otherwise stated)
|
|
|
|
|
|
Unaudited
|
Audited
|
|
31
March 2015
|
|
31
December 2014
|
|
|
EQUITY
|
|
|
|
|
|
Equity
attributable to the Company's equity holders
|
|
|
|
|
|
Share
capital
|
-
|
|
-
|
|
|
Share
premium
|
5,599
|
|
5,131
|
|
|
Shares held for share
award schemes
|
(1,363)
|
|
(1,309)
|
|
|
Other
reserves
|
3,070
|
|
2,129
|
|
|
Retained
earnings
|
80,940
|
|
74,062
|
|
|
|
|
|
|
|
88,246
|
|
80,013
|
|
|
|
|
|
|
|
Non-controlling
interests
|
2,424
|
|
2,111
|
|
|
|
|
|
|
|
Total
equity
|
90,670
|
|
82,124
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Borrowings
|
5,835
|
|
5,507
|
|
|
Notes
payable
|
37,322
|
|
25,028
|
|
|
Long-term
payables
|
2,644
|
|
2,052
|
|
|
Deferred income tax
liabilities
|
2,739
|
|
2,942
|
|
|
Deferred
revenue
|
3,256
|
|
3,478
|
|
|
|
|
|
|
|
51,796
|
|
39,007
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
10,061
|
|
8,683
|
|
|
Other payables and
accruals
|
23,125
|
|
19,123
|
|
|
Borrowings
|
3,534
|
|
3,215
|
|
|
Notes
payable
|
1,841
|
|
1,834
|
|
|
Current income tax
liabilities
|
1,546
|
|
461
|
|
|
Other tax
liabilities
|
785
|
|
566
|
|
|
Deferred
revenue
|
19,182
|
|
16,153
|
|
|
|
|
|
|
|
60,074
|
|
50,035
|
|
|
|
|
|
|
|
Total
liabilities
|
111,870
|
|
89,042
|
|
|
|
|
|
|
|
Total equity and
liabilities
|
202,540
|
|
171,166
|
|
|
|
|
|
|
|
Net current
assets
|
38,115
|
|
25,286
|
|
|
|
|
|
|
|
Total assets less
current liabilities
|
142,466
|
|
121,131
|
|
|
RECONCILIATIONS OF
IFRS TO NON-GAAP RESULTS
|
|
|
Adjustments
|
|
|
RMB in
millions,
unless
specified
|
As
|
Equity-settled
|
Cash-settled
|
(Gains)/Losses
|
Amortisation
of
|
Impairment
provision (d)
|
Non-GAAP
|
|
reported
|
share-based
compensation
|
share-based
compensation(a)
|
on deemed
disposal (b)
|
intangible
assets
(c)
|
|
|
Unaudited three
months ended 31 March 2015
|
|
Operating
profit
|
9,372
|
561
|
32
|
(839)
|
50
|
223
|
9,399
|
|
Profit for the
period
|
6,930
|
561
|
32
|
(829)
|
227
|
223
|
7,144
|
|
Profit
attributable
to equity
holders
|
6,883
|
541
|
31
|
(829)
|
220
|
207
|
7,053
|
|
Operating
margin
|
42%
|
|
|
|
|
|
42%
|
|
Net
margin
|
31%
|
|
|
|
|
|
32%
|
|
Unaudited three
months ended 31 December 2014
|
|
Operating
profit
|
7,394
|
495
|
149
|
(1,153)
|
13
|
1,170
|
8,068
|
|
Profit for the
period
|
5,954
|
495
|
149
|
(1,155)
|
228
|
1,170
|
6,841
|
|
Profit
attributable
to
equity holders
|
5,860
|
488
|
136
|
(1,158)
|
227
|
1,170
|
6,723
|
|
Operating
margin
|
35%
|
|
|
|
|
|
38%
|
|
Net
margin
|
28%
|
|
|
|
|
|
33%
|
|
Unaudited three
months ended 31 March 2014
|
|
Operating
profit
|
7,790
|
334
|
234
|
(2,717)
|
16
|
820
|
6,477
|
|
Profit for the
period
|
6,432
|
334
|
234
|
(2,669)
|
55
|
820
|
5,206
|
|
Profit
attributable
to
equity holders
|
6,457
|
328
|
219
|
(2,682)
|
52
|
820
|
5,194
|
|
Operating
margin
|
42%
|
|
|
|
|
|
35%
|
|
Net
margin
|
35%
|
|
|
|
|
|
28%
|
|
Note:
|
|
(a)
Including put options granted to employees of investees
companies on their shares and shares to be issued under investee
companies' share-based incentive plans which can be acquired by the
Group, and other incentives
|
|
(b)
(Gains)/ Losses, net on deemed disposal of investee companies
and disposals of investee companies and businesses
|
|
(c)
Amortisation of intangible assets resulting from acquisitions,
net of related deferred tax
|
|
(d)
Impairment provision for associates, available-for-sale
financial assets and intangible assets arising from
acquisitions
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tencent-announces-2015-first-quarter-results-300083239.html
SOURCE Tencent Holdings
Limited