Cash flow Tencent Music Entertainment Group

Equities

TME

US88034P1093

Internet Services

Market Closed - Nyse Other stock markets 16:00:02 2025-07-07 EDT			5-day change	1st Jan Change
20.04 ^USD	+2.98%		+4.92%	+76.56%

07-07	Asian Equities Traded in the US as American Depositary Receipts Open Week Sharply Lower in Monday Trading	MT
06-12	Nomura Raises Price Target on Tencent Music Entertainment Group to $21.50 From $17.20, Keeps Buy Rating	MT

83.AWEedBig0cLML6JNH5xb1gDuE06M9eX1M4vef5yp6_Y.TS1JQymXhZeBeswHc8417jLeaSW1xbDGBr-TN9_Rvb9ZBkoeUc2XkIhGzQ

Published financial data: TENCENT MUSIC ENTERTAINMENT GROUP

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	29.15B	31.24B	28.34B	27.75B	28.4B
Total Revenues	29.15B	31.24B	28.34B	27.75B	28.4B
Cost of Goods Sold, Total	19.85B	21.84B	19.57B	17.96B	16.38B
Gross Profit	9.3B	9.4B	8.77B	9.8B	12.02B
Selling General & Admin Expenses, Total	5.58B	6.69B	5.56B	5.02B	4.68B
Other Operating Expenses	-315M	-423M	-334M	-222M	-221M
Other Operating Expenses, Total	5.26B	6.26B	5.22B	4.8B	4.46B
Operating Income	4.04B	3.14B	3.55B	5B	7.57B
Interest Expense, Total	-99M	-120M	-115M	-124M	-124M
Interest And Investment Income	622M	557M	725M	1.07B	1.21B
Net Interest Expenses	523M	437M	610M	943M	1.09B
Income (Loss) On Equity Invest.	19M	-47M	38M	127M	96M
Currency Exchange Gains (Loss)	2M	-1M	7M	-17M	30M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	4.58B	3.53B	4.2B	6.05B	8.78B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-4M	105M	26M	-23M	-52M
Gain (Loss) On Sale Of Assets	32M	-10M	1M	12M	-50M
Other Unusual Items	19M	8M	141M	4M	29M
EBT, Incl. Unusual Items	4.63B	3.63B	4.37B	6.04B	8.71B
Income Tax Expense	456M	417M	534M	825M	1.6B
Earnings From Continuing Operations	4.18B	3.22B	3.84B	5.22B	7.11B
Net Income to Company	4.18B	3.22B	3.84B	5.22B	7.11B
Minority Interest	-21M	-186M	-162M	-300M	-465M
Net Income - (IS)	4.16B	3.03B	3.68B	4.92B	6.64B
Net Income to Common Incl Extra Items	4.16B	3.03B	3.68B	4.92B	6.64B
Net Income to Common Excl. Extra Items	4.16B	3.03B	3.68B	4.92B	6.64B
Per Share Items
Net EPS - Basic	2.51	1.82	2.3	3.15	4.31
Basic EPS - Continuing Operations	2.51	1.82	2.3	3.15	4.31
Basic Weighted Average Shares Outstanding	1.66B	1.66B	1.6B	1.56B	1.54B
Net EPS - Diluted	2.48	1.8	2.28	3.1	4.24
Diluted EPS - Continuing Operations	2.48	1.8	2.28	3.1	4.24
Diluted Weighted Average Shares Outstanding	1.68B	1.68B	1.62B	1.58B	1.57B
Normalized Basic EPS	1.72	1.22	1.54	2.23	3.26
Normalized Diluted EPS	1.69	1.2	1.52	2.2	3.21
Dividend Per Share	-	-	-	0.97	1.31
Payout Ratio	-	-	-	-	22.7
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	4.66B	3.89B	4.42B	5.72B	8.29B
EBITA	4.56B	3.79B	4.33B	5.64B	8.23B
EBIT	4.04B	3.14B	3.55B	5B	7.57B
EBITDAR	4.93B	4.22B	4.7B	5.86B	8.41B
Total Revenues (As Reported)	29.15B	31.24B	28.34B	27.75B	28.4B
Effective Tax Rate - (Ratio)	9.84	11.48	12.21	13.65	18.4
Total Current Taxes	634M	530M	604M	814M	1.67B
Total Deferred Taxes	-178M	-113M	-70M	11M	-65M
Normalized Net Income	2.84B	2.02B	2.47B	3.48B	5.03B
Interest on Long-Term Debt	9M	15M	19M	18M	17M
Supplemental Operating Expense Items
Advertising Expense	2.23B	2.39B	852M	603M	611M
Selling and Marketing Expenses	2.48B	2.68B	1.14B	897M	865M
General and Administrative Expenses	3.1B	4.01B	4.41B	4.12B	3.81B
Research And Development Expense From Footnotes	1.67B	2.34B	2.58B	2.52B	2.28B
Net Rental Expense, Total	264M	331M	275M	146M	126M
Imputed Operating Lease Interest Expense	74.1M	58.54M	44.68M	24.11M	20.66M
Imputed Operating Lease Depreciation	190M	272M	230M	122M	105M
Stock-Based Comp., COGS (Total)	41M	56M	74M	57M	68M
Stock-Based Comp., S&M Exp. (Total)	24M	31M	43M	36M	30M
Stock-Based Comp., G&A Exp. (Total)	504M	665M	706M	577M	498M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	569M	752M	823M	670M	596M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	11.13B	6.59B	9.56B	13.57B	13.16B
Short Term Investments	14.9B	12.81B	11.33B	9.97B	14.04B
Trading Asset Securities, Total	-	1.03B	-	-	-
Total Cash And Short Term Investments	26.02B	20.43B	20.88B	23.54B	27.21B
Accounts Receivable, Total	2.8B	3.61B	2.67B	2.92B	3.51B
Other Receivables	188M	187M	253M	179M	1.1B
Total Receivables	2.99B	3.8B	2.92B	3.1B	4.61B
Inventory	18M	24M	14M	8M	23M
Prepaid Expenses	2.12B	2.08B	2B	2.39B	2.43B
Restricted Cash	-	-	34M	31M	11M
Other Current Assets, Total	537M	460M	700M	872M	263M
Total Current Assets	31.69B	26.79B	26.56B	29.94B	34.54B
Gross Property Plant And Equipment	763M	892M	1.14B	1.31B	1.47B
Accumulated Depreciation	-276M	-366M	-424M	-450M	-371M
Net Property Plant And Equipment	487M	526M	721M	857M	1.1B
Long-term Investments	15.33B	15.4B	14.33B	19.84B	29.9B
Goodwill	17.49B	19.12B	19.49B	19.54B	19.65B
Other Intangibles, Total	2.02B	4.32B	4.85B	4.47B	4.41B
Deferred Tax Assets Long-Term	303M	346M	347M	352M	422M
Other Long-Term Assets, Total	956M	743M	709M	540M	425M
Total Assets	68.27B	67.25B	67.01B	75.54B	90.44B
Liabilities
Accounts Payable, Total	3.56B	4.33B	5B	5.01B	6.88B
Accrued Expenses, Total	2.85B	3.26B	3.02B	2.88B	2.47B
Short-term Borrowings	-	-	-	-	2.15B
Current Portion of Leases	103M	92M	123M	115M	106M
Current Income Taxes Payable	445M	363M	404M	567M	934M
Unearned Revenue Current, Total	1.64B	1.87B	2.2B	2.96B	3.1B
Other Current Liabilities	993M	534M	975M	485M	903M
Total Current Liabilities	9.6B	10.45B	11.72B	12.01B	16.55B
Long-Term Debt	5.18B	5.06B	5.54B	5.64B	3.57B
Long-Term Leases	218M	205M	306M	297M	219M
Unearned Revenue Non Current	146M	118M	112M	148M	179M
Deferred Tax Liability Non Current	265M	271M	211M	239M	198M
Other Non Current Liabilities	136M	93M	-	-	-
Total Liabilities	15.54B	16.2B	17.88B	18.33B	20.72B
Common Stock, Total	2M	2M	2M	2M	2M
Additional Paid In Capital	35.04B	36.24B	36.46B	36.58B	29.04B
Retained Earnings	11.26B	14.34B	12.27B	17.19B	20.28B
Treasury Stock	-134M	-3.66B	-6.35B	-7B	-550M
Comprehensive Income and Other	6.08B	3.4B	5.72B	9.14B	19.09B
Total Common Equity	52.24B	50.32B	48.1B	55.91B	67.86B
Minority Interest	486M	738M	1.03B	1.3B	1.86B
Total Equity	52.73B	51.06B	49.13B	57.2B	69.73B
Total Liabilities And Equity	68.27B	67.25B	67.01B	75.54B	90.44B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.69B	1.64B	1.57B	1.55B	1.54B
ECS Total Common Shares Outstanding	1.69B	1.64B	1.57B	1.55B	1.54B
Book Value / Share	30.87	30.64	30.61	36.03	44.14
Tangible Book Value	32.73B	26.87B	23.76B	31.9B	43.8B
Tangible Book Value Per Share	19.34	16.36	15.12	20.56	28.49
Total Debt	5.5B	5.36B	5.96B	6.05B	6.05B
Net Debt	-20.53B	-15.07B	-14.92B	-17.49B	-21.16B
Debt Equivalent Oper. Leases	2.11B	2.65B	2.2B	1.17B	1.01B
Minority Interest, Total (Incl. Fin. Div)	486M	738M	1.03B	1.3B	1.86B
Equity Method Investments, Total	2.26B	3.6B	4.33B	4.27B	4.67B
Account Code - Inventory Valuation	6	6	6	6	6
Machinery, Total	385M	472M	449M	431M	321M
Full Time Employees	4.77K	5.97K	5.8K	5.18K	5.35K
Accumulated Allowance for Doubtful Accounts (Supple)	14M	20M	61M	77M	22M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	4.16B	3.03B	3.68B	4.92B	6.64B
Depreciation & Amortization - CF	187M	222M	236M	223M	179M
Amortization of Goodwill and Intangible Assets - (CF)	521M	647M	784M	638M	656M
Depreciation & Amortization, Total	708M	869M	1.02B	861M	835M
Amortization of Deferred Charges, Total - (CF)	116M	132M	140M	143M	143M
(Gain) Loss on Sale of Investments - (CF)	-28M	-95M	-26M	11M	102M
(Income) Loss On Equity Investments - (CF)	-19M	47M	-38M	-127M	-96M
Stock-Based Compensation (CF)	569M	647M	665M	649M	596M
Provision and Write-off of Bad Debts	8M	9M	47M	17M	17M
Other Operating Activities, Total	-127M	28M	-225M	77M	478M
Change In Accounts Receivable	-520M	-769M	906M	-204M	-539M
Change In Inventories	8M	-6M	10M	7M	-15M
Change In Accounts Payable	644M	631M	663M	52M	1.84B
Change in Other Net Operating Assets	-629M	717M	642M	931M	265M
Cash from Operations	4.88B	5.24B	7.48B	7.34B	10.28B
Capital Expenditure	-108M	-159M	-85M	-165M	-319M
Cash Acquisitions	-540M	-2.08B	-165M	-9M	-34M
Divestitures	15M	3M	-	-	-25M
Sale (Purchase) of Intangible assets	-393M	-2.6B	-968M	-999M	-713M
Investment in Marketable and Equity Securities, Total	-13.23B	-1.26B	-306M	-794M	-5.81B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	1M	-	-24M	9M
Other Investing Activities, Total	46M	88M	78M	128M	74M
Cash from Investing	-14.21B	-6B	-1.45B	-1.86B	-6.82B
Long-Term Debt Issued, Total	5.41B	-	-	-	-
Total Debt Issued	5.41B	-	-	-	-
Long-Term Debt Repaid, Total	-80M	-116M	-130M	-116M	-134M
Total Debt Repaid	-80M	-116M	-130M	-116M	-134M
Issuance of Common Stock	163M	104M	3M	57M	156M
Repurchase of Common Stock	-180M	-3.58B	-3.14B	-1.35B	-2.14B
Common Dividends Paid	-	-	-	-	-1.51B
Common & Preferred Stock Dividends Paid	-	-	-	-	-1.51B
Other Financing Activities, Total	-21M	-114M	-147M	-130M	-202M
Cash from Financing	5.29B	-3.71B	-3.42B	-1.54B	-3.83B
Foreign Exchange Rate Adjustments	-269M	-67M	348M	76M	-30M
Net Change in Cash	-4.3B	-4.54B	2.96B	4.01B	-403M
Supplemental Items
Cash Interest Paid	15M	105M	115M	117M	119M
Cash Income Tax Paid (Refund)	637M	589M	733M	825M	1.36B
Levered Free Cash Flow	3.21B	1.04B	5B	3.14B	6.65B
Unlevered Free Cash Flow	3.28B	1.12B	5.07B	3.22B	6.72B
Change In Net Working Capital	142M	-158M	-1.92B	414M	-1.45B
Net Debt Issued / Repaid	5.33B	-116M	-130M	-116M	-134M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.18	2.9	3.3	4.38	5.7
Return on Total Capital	4.95	3.42	3.98	5.28	6.81
Return On Equity %	8.66	6.2	7.66	9.82	11.2
Return on Common Equity	8.67	5.91	7.47	9.46	10.74
Margin Analysis
Gross Profit Margin %	31.91	30.1	30.96	35.29	42.34
SG&A Margin	19.13	21.4	19.61	18.08	16.46
EBITDA Margin %	15.99	12.44	15.61	20.61	29.18
EBITA Margin %	15.65	12.12	15.29	20.31	28.96
EBIT Margin %	13.86	10.05	12.53	18.01	26.65
Income From Continuing Operations Margin %	14.32	10.29	13.55	18.81	25.03
Net Income Margin %	14.25	9.69	12.98	17.73	23.39
Net Avail. For Common Margin %	14.25	9.69	12.98	17.73	23.39
Normalized Net Income Margin	9.76	6.46	8.7	12.55	17.7
Levered Free Cash Flow Margin	11.02	3.33	17.65	11.32	23.4
Unlevered Free Cash Flow Margin	11.24	3.57	17.9	11.6	23.68
Asset Turnover
Asset Turnover	0.48	0.46	0.42	0.39	0.34
Fixed Assets Turnover	71.63	61.69	45.45	35.17	29.05
Receivables Turnover (Average Receivables)	11.67	9.75	9.03	9.93	8.84
Inventory Turnover (Average Inventory)	902.32	1.04K	1.03K	1.63K	1.06K
Short Term Liquidity
Current Ratio	3.3	2.56	2.27	2.49	2.09
Quick Ratio	3.02	2.32	2.03	2.22	1.92
Operating Cash Flow to Current Liabilities	0.51	0.5	0.64	0.61	0.62
Days Sales Outstanding (Average Receivables)	31.37	37.44	40.44	36.75	41.41
Days Outstanding Inventory (Average Inventory)	0.41	0.35	0.35	0.22	0.35
Average Days Payable Outstanding	56.48	65.95	87.04	101.71	132.69
Cash Conversion Cycle (Average Days)	-24.7	-28.15	-46.24	-64.74	-90.94
Long Term Solvency
Total Debt/Equity	10.42	10.5	12.14	10.57	8.68
Total Debt / Total Capital	9.44	9.5	10.83	9.56	7.99
LT Debt/Equity	10.23	10.32	11.89	10.37	5.44
Long-Term Debt / Total Capital	9.26	9.34	10.6	9.38	5
Total Liabilities / Total Assets	22.76	24.09	26.69	24.27	22.91
EBIT / Interest Expense	40.82	26.17	30.87	40.31	61.05
EBITDA / Interest Expense	47.97	33.41	39.74	47.26	67.78
(EBITDA - Capex) / Interest Expense	46.88	32.08	39	45.93	65.21
Total Debt / EBITDA	1.16	1.34	1.31	1.03	0.72
Net Debt / EBITDA	-4.32	-3.76	-3.26	-2.99	-2.52
Total Debt / (EBITDA - Capex)	1.18	1.39	1.33	1.06	0.75
Net Debt / (EBITDA - Capex)	-4.42	-3.91	-3.33	-3.07	-2.62
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.62	7.17	-9.3	-2.07	2.34
Gross Profit, 1 Yr. Growth %	7.25	1.1	-6.71	11.65	22.77
EBITDA, 1 Yr. Growth %	3.78	-16.66	13.84	29.27	44.9
EBITA, 1 Yr. Growth %	3.56	-16.99	14.44	30.06	45.93
EBIT, 1 Yr. Growth %	-1.13	-22.3	13.06	40.82	51.43
Earnings From Cont. Operations, 1 Yr. Growth %	5	-23.01	19.41	35.97	36.19
Net Income, 1 Yr. Growth %	4.34	-27.1	21.39	33.8	35.04
Normalized Net Income, 1 Yr. Growth %	-1.66	-29	22.11	41.21	44.31
Diluted EPS Before Extra, 1 Yr. Growth %	4.2	-27.42	26.67	35.96	36.77
Accounts Receivable, 1 Yr. Growth %	27.39	28.93	-26.04	9.29	20.22
Inventory, 1 Yr. Growth %	-30.77	33.33	-41.67	-42.86	187.5
Net Property, Plant and Equip., 1 Yr. Growth %	48.93	8.01	37.07	18.86	28.12
Total Assets, 1 Yr. Growth %	29.6	-1.49	-0.36	12.73	19.74
Tangible Book Value, 1 Yr. Growth %	31.84	-17.91	-11.59	34.25	37.33
Common Equity, 1 Yr. Growth %	19.86	-3.69	-4.41	16.23	21.39
Cash From Operations, 1 Yr. Growth %	-21.21	7.25	42.79	-1.92	40.04
Capital Expenditures, 1 Yr. Growth %	13.68	47.22	-46.54	94.12	93.33
Levered Free Cash Flow, 1 Yr. Growth %	-27.09	-67.62	380.72	-37.17	111.49
Unlevered Free Cash Flow, 1 Yr. Growth %	-26.4	-65.95	354.84	-36.53	108.8
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	35.23
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	23.92	10.83	-1.41	-5.75	0.11
Gross Profit, 2 Yr. CAGR %	13.06	4.13	-2.89	2.06	17.08
EBITDA, 2 Yr. CAGR %	45.95	-8.18	-3.79	17.52	32.64
EBITA, 2 Yr. CAGR %	47.01	-8.48	-3.75	33.99	52.22
EBIT, 2 Yr. CAGR %	49.01	-12.35	-6.27	26.18	46.03
Earnings From Cont. Operations, 2 Yr. CAGR %	50.98	-10.09	-4.12	27.42	36.08
Net Income, 2 Yr. CAGR %	50.56	-12.78	-5.93	27.45	34.42
Normalized Net Income, 2 Yr. CAGR %	49.49	-16.44	-6.89	31.31	42.75
Diluted EPS Before Extra, 2 Yr. CAGR %	46.22	-13.03	-4.12	31.23	36.37
Accounts Receivable, 2 Yr. CAGR %	37.41	28.16	-2.35	-10.09	14.62
Inventory, 2 Yr. CAGR %	-28.29	-3.92	-11.81	-42.26	28.17
Net Property, Plant and Equip., 2 Yr. CAGR %	70.26	26.83	21.68	27.64	23.41
Total Assets, 2 Yr. CAGR %	23.72	12.99	-0.93	5.98	16.18
Tangible Book Value, 2 Yr. CAGR %	31.71	4.03	-14.81	8.95	35.78
Common Equity, 2 Yr. CAGR %	17.69	7.44	-4.05	5.41	18.78
Cash From Operations, 2 Yr. CAGR %	-6.87	-8.08	23.75	18.34	17.2
Capital Expenditures, 2 Yr. CAGR %	-9.55	29.37	-11.28	1.87	93.73
Levered Free Cash Flow, 2 Yr. CAGR %	-19.91	-51.41	24.76	73.8	15.28
Unlevered Free Cash Flow, 2 Yr. CAGR %	-19.31	-49.93	24.46	69.91	15.12
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	38.47	18.06	3.67	-1.63	-3.13
Gross Profit, 3 Yr. CAGR %	34.65	8.92	0.38	1.74	8.54
EBITDA, 3 Yr. CAGR %	37.57	21.08	-1.36	6.17	26.02
EBITA, 3 Yr. CAGR %	38.18	21.51	-1.4	6.41	37.85
EBIT, 3 Yr. CAGR %	41.98	19.94	-4.59	7.35	34.09
Earnings From Cont. Operations, 3 Yr. CAGR %	46.84	20.62	-1.17	7.72	30.28
Net Income, 3 Yr. CAGR %	46.33	18.23	-2.62	5.79	29.93
Normalized Net Income, 3 Yr. CAGR %	43.56	16.63	-5.18	6.98	35.51
Diluted EPS Before Extra, 3 Yr. CAGR %	35.36	15.77	-1.42	7.72	33.06
Accounts Receivable, 3 Yr. CAGR %	34.1	34.52	6.7	1.39	-0.95
Inventory, 3 Yr. CAGR %	-15.66	-11.82	-18.64	-23.69	-1.41
Net Property, Plant and Equip., 3 Yr. CAGR %	56.52	46.29	30.16	20.73	27.8
Total Assets, 3 Yr. CAGR %	31.54	14.67	8.35	3.43	10.38
Tangible Book Value, 3 Yr. CAGR %	58.88	12.51	-1.46	-0.86	17.69
Common Equity, 3 Yr. CAGR %	25.96	10.08	3.34	2.28	10.49
Cash From Operations, 3 Yr. CAGR %	25.02	-2.38	6.46	14.52	25.17
Capital Expenditures, 3 Yr. CAGR %	12.92	6.4	-3.64	15.17	26.12
Levered Free Cash Flow, 3 Yr. CAGR %	18.23	-40.78	4.3	-0.74	85.55
Unlevered Free Cash Flow, 3 Yr. CAGR %	18.99	-39.48	4.47	-0.57	81.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	48.26	20.88	7.89	2.23
Gross Profit, 5 Yr. CAGR %	-	50.16	18.15	6.12	6.75
EBITDA, 5 Yr. CAGR %	-	69.84	19.82	21.18	12.45
EBITA, 5 Yr. CAGR %	-	72.91	20.18	21.71	12.72
EBIT, 5 Yr. CAGR %	-	101.73	20.25	22.39	13.12
Earnings From Cont. Operations, 5 Yr. CAGR %	-	106.8	23.82	23.3	12.32
Net Income, 5 Yr. CAGR %	-	105.82	22.63	21.83	10.78
Normalized Net Income, 5 Yr. CAGR %	-	96.89	20.73	22.3	11.68
Diluted EPS Before Extra, 5 Yr. CAGR %	-	86.4	17.92	21.73	12.24
Accounts Receivable, 5 Yr. CAGR %	-	38.09	18.12	14.5	9.8
Inventory, 5 Yr. CAGR %	-	11.38	-14.14	-25.56	-2.42
Net Property, Plant and Equip., 5 Yr. CAGR %	-	37.25	41.52	38.53	27.41
Total Assets, 5 Yr. CAGR %	-	23.37	17.44	11.11	11.42
Tangible Book Value, 5 Yr. CAGR %	-	56.57	23.82	11.07	12.02
Common Equity, 5 Yr. CAGR %	-	19.53	12.97	8.19	9.26
Cash From Operations, 5 Yr. CAGR %	-	43.1	24.51	5.43	10.63
Capital Expenditures, 5 Yr. CAGR %	-	31.14	2.53	4.56	27.41
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	20.8	-8.9	8.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	21.14	-8.54	8.6