Financial

Interim Report 2013

Published by Tencent

Summary

Tencent Holdings demonstrated robust financial growth during the first half of 2013, characterized by a 38.4% year-on-year revenue increase to RMB 27.9 billion and a 27.7% rise in profit attributable to equity holders to RMB 7.7 billion. This performance underscores the company’s successful expansion across its core segments, including online games, social networks, advertising, and eCommerce. The strategic integration of internet and mobile value-added services into a single reporting segment reflects the company’s adaptation to the shifting digital landscape, where mobile platforms like WeChat—which reached 236 million monthly active users—have become central to long-term growth. The company’s financial health remains strong, supported by RMB 33.56 billion in net cash and an upgraded 'A-' long-term corporate credit rating from S&P. While sequential profit growth faced temporary pressure due to heightened marketing expenditures for international expansion and the absence of one-time dividend income, core operational performance remained resilient. Non-GAAP measures indicate sustained profitability, and the company continues to prioritize shareholder value through active share repurchases and structured incentive schemes for its growing workforce of over 25,500 employees. Operational focus for the period centered on navigating the transition from PC-based to mobile-centric service consumption. By enhancing mobile-specific subscriber privileges and aggressively expanding its mobile game portfolio, the company effectively mitigated declines in traditional value-added service subscriptions. With capital commitments rising to RMB 4.66 billion for infrastructure and corporate expansion, the company is positioning itself to maintain its competitive advantage in the evolving global digital market. Governance remains a priority, with the company adhering to established audit procedures and corporate conduct codes, supported by a stable ownership structure led by major shareholders MIH TC and Advance Data Services Limited.

From the report

Tencent Holdings Limited Incorporated in the Cayman Islands with limited liability 騰訊控股有限公司於開曼群島註冊成立的有限公司 (Stock Code 股份代號 : 700) smart communication inspires

Contents Contents 2 Corporate Information 2 Corporate Information 3 Financial Performance Highlights 3 Financial Performance Highlights 4 Chairman's Statement 4 Chairman’s Statement 8 Management Discussion and Analysis 8 Management Discussion and Analysis 23 Report on Review of Interim Financial Information 24 Consolidated Statement of Financial Position 27 Consolidated Income Statement 28 Consolidated Statement of Comprehensive Income 29 Consolidated Statement of Changes In Equity 31 Condensed Consolidated Statement of Cash Flows 32 Notes to the Interim Financial Information 32 Notes to the Interim Financial Information 67 Other Information 67 Other Information 78 Definition 78Definition

Corporate Information Corporate Information DIRECTORS NOMINATION COMMITTEE PRINCIPAL PLACE OF BUSINESS DIRECTORS NOMINATION COMMITTEE IN HONG KONG PRINCIPAL PLACE OF BUSINESS Executive Directors Ma Huateng( C h a i r m a n ) IN HONG KONG Ma Huateng( C h a i r m a n ) Lau Chi Ping Martin Zhang Zhidong Non-Executive Directors Non-Executive Directors Jacobus Petrus Bekker Jacobus Petrus Bekker Charles St Leger Searle Independent Non-Executive Directors Independent Non-Executive Directors Li Dong Sheng lain Ferguson Bruce Iain Ferguson Bruce Ian Charles Stone Li Dong Sheng 29/F., Three’Pacific Place Iain Ferguson Bruce No. 1 Queen s Road East Ian Charles Stone Wanchai Charles St Leger Searle Hong Kong REMUNERATION COMMITTEE CAYMAN ISLANDS PRINCIPAL REMUNERATION COMMITTEE CAYMAN ISLANDS PRINCIPAL lan Charles Stone (Chairman) SHARE REGISTRAR AND Ian Charles Stone( C h a i r m a n ) TRANSFER OFFICE Li Dong Sheng Royal Bank of Canada Trust Company Jacobus Petrus Bekker Jacobus Petrus Bekker Royal Bank of Canada Trust Company (Cayman) Limited AUDITOR (Cayman) Limited AUDITOR 4th Floor, Royal Bank House 4th Floor, Royal Bank House 24 Shedden Road, George Town PricewaterhouseCoopers Grand Cayman KY1-1110 AUDIT COMMITTEE Certified Public Accountants Cayman Islands Iain Ferguson Bruce PRINCIPAL BANKER HONG KONG BRANCH SHARE Ian Charles Stone ( C h a i r m a n ) REGISTRAR AND TRANSFER The Hongkong and Shanghai Charles St Leger Searle Banking Corporation Limited OFFICE CORPORATE GOVERNANCE REGISTERED OFFICE

MMITTEE Certified Public Accountants Cayman Islands Iain Ferguson Bruce PRINCIPAL BANKER HONG KONG BRANCH SHARE Ian Charles Stone ( C h a i r m a n ) REGISTRAR AND TRANSFER The Hongkong and Shanghai Charles St Leger Searle Banking Corporation Limited OFFICE CORPORATE GOVERNANCE REGISTERED OFFICE COMMITTEE COMMITTEE Cricket Square Cricket Square Charles St Leger Searle Hutchins Drive, P.O. Box 2681 ( C h a i r m a n ) Charles St Leger Searle (Chairman) Hutchins Drive, P.O. Box 2681 Iain Ferguson Bruce Grand Cayman KY1-1111 Grand Cayman KY1-1111 Ian Charles Stone Cayman Islands lan Charles Stone Cayman Islands INVESTMENT COMMITTEE TENCENT GROUP HEAD OFFICE INVESTMENT COMMITTEE TENCENT GROUP HEAD OFFICE Lau Chi Ping Martin Tencent Building ( C h a i r m a n ) Ma Huateng Kejizhongyi Avenue Zhang Zhidong Hi-tech Park Charles St Leger Searle Nanshan District Computershare Hong Kong Investor Services Limited Services Limited Shops 1712-1716, 17th Floor Shops 1712-1716, 17th Floor Hopewell Centre Hopewell Centre 183 Queen’s Road East 183 Queen's Road East Wan Chai, Hong Kong Wan Chai, Hong Kong COMPANY WEBSITE COMPANY WEBSITE www.tencent.com www.tencent.com STOCK CODE Charles St Leger Searle Shenzhen, 518057 700 The PRC Shenzhen, 518057 The PRC 2 Tencent Holdings Limited

Financial Performance Highlights Financial Performance Highlights FIRST HALF OF 2013 FIRST HALF OF 2013 Unaudited Six months ended 30 June Six Unaudited Year-on-year months ended 30 June 30 June Year-on-year 2013 2012 change Revenues (RMB in millions, unless specified) 27,932.1 20,175.1 38.4% Revenues 27,932.1 20,175.1 38.4% Gross profit 15,388.0 12,027.4 27.9% Gross profit 15,388.0 12,027.4 27.9% Operating profit 9,627.6 7,629.0 26.2% Operating profit 9,627.6 7,629.0 26.2% Profit for the period 7,755.4 6,072.9 27.7% Profit for the period 7,755.4 6,072.9 27.7% Profit attributable to equity holders of the Company 7,724.2 6,049.6 27.7% Profit attributable to equity holders of the Company 7,724.2 6,049.6 27.7% Non-GAAP profit attributable to equity holders of the Company 8,189.7 6,667.3 22.8% EPS (RMB per share) - basic 4.213 3.316 27.1% - diluted 4.141 3.252 27.3% SECOND QUARTER OF 2013 Unaudited Three months ended Quarter- 30 June 31 March on-quarter 30 June Year-on-year 2013 31 March 30 June 2013 change 2012 change 2013 (RMB in millions, unless specified) change (RMB in millions, unless specified) Revenues 14,384.5 13,547.6 6.2% 10,527.2 36.6% Revenues 14,384.5 13,547.6 6.2% 10,527.2 36.6% Gross profit 7,794.2 7,593.8 2.6% 6,215.9 25.4% Gross profit 7,794.2 7,593.8 2.6% 6,215.9 25.4% Operating profit 4,565.1 5,062.5 -9.8% 3,937.6 15.9% 4,565.1 5,062.5 3,937.6 15.9% Profit for the period 3,684.3 4,071.1 -9.5% 3,110.6 18.4% Profit attributable to equity holders of the Company 3,680.4 4,043.8 -9.0% 3,100.1 18.7%

2.6% 6,215.9 25.4% Gross profit 7,794.2 7,593.8 2.6% 6,215.9 25.4% Operating profit 4,565.1 5,062.5 -9.8% 3,937.6 15.9% 4,565.1 5,062.5 3,937.6 15.9% Profit for the period 3,684.3 4,071.1 -9.5% 3,110.6 18.4% Profit attributable to equity holders of the Company 3,680.4 4,043.8 -9.0% 3,100.1 18.7% Non-GAAP profit attributable to equity 3,680.4 4,043.8 -9.0% 3,100.1 18.7% holders of the Company 4,152.0 4,037.7 2.8% 3,386.3 22.6% Non-GAAP profit attributable to equity EPS (RMB per share) 4,152.0 4,037.7 2.8% 3,386.3 22.6% - basic 2.009 2.204 -8.8% 1.698 18.3% - diluted 1.976 2.166 -8.8% 1.665 18.7% - basic 2.009 2.204 -8.8% 1.698 18.3% - diluted 1.976 2.166 18.7% Interim Report 2013 3

Pages: 82
Words: 29,101
Type: Financial

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