Tencent FY2022 Earnings Release

2022 Fourth Quarter and
Annual Results Presentation
Mar 22, 2023

This presentation may contain forward -looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities,
challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the “Company ”or “Tencent ”)and its group
companies .These forward -looking statements are based on information currently available to Tencent and are stated here on the basis of the outlook at
the time that this presentation was produced .The Company undertakes no obligation to publicly update any forward -looking statement, whether written
or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise .The forward -looking statements
are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control .The forward -looking statements may
prove to be incorrect and may not be realised in the future . Underlying the forward -looking statements are a large number of risks and
uncertainties .Therefore you should not rely on any of these forward -looking statements .Please see our various other public disclosure documents for a
detailed discussion of those risks and uncertainties .
This presentation also contains some unaudited non -IFRS financial measures which should be considered in addition to, but not as a substitute for,
measures of the Company’s financial performance prepared in accordance with IFRS .In addition, these non -IFRS financial measures may be defined
differently from similar terms used by other companies .The Company’s management believes that the non -IFRS 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 .For further explanation of our non -IFRS measures and reconciliations between our IFRS and non -IFRS results, please refer to our
earnings announcement .
In addition, information relating to other companies and the market in general presented in these materials has been obtained from publicly available
information and other sources .The accuracy and appropriateness of that information has not been verified by Tencent and cannot be guaranteed .All
materials contained within this presentation are protected by copyright law and may not be reproduced, distributed, transmitted, displayed, published or
broadcast without the prior, express written consent of Tencent .
The reporting currency of the company is Renminbi .For the purpose of this presentation, all figures quoted in US dollars are based on the exchange rate
of US $1to RMB 6.9646 for 4Q2022 and 2022 .
2
Cautionary Note

1. Overview

Vibrant Weixin
2022 Business Highlights
• Video Accounts became a leading short -form video and live streaming platform in China
• Mini Programs achieved strong growth in both DAU and GMV while assisting the real economy
• Domestically, significantly reduced minors’ time spent while sustained market leadership
• Internationally, elevated VALORANT as a top global franchise with record user counts and revenue; achieved
breakthrough with publishing 2 of top 3 new mobile games of the year
• Adapted to new industry landscape and returned to YoY revenue growth in 4Q22
• Improved long -term position by launching Video Accounts in -feed ads, enhancing transaction -driven capability and
machine learning infrastructure
• Systematic restructuring resulted in initially lower revenue but improved gross profit margin
• Assisted digital transformation of non -Internet industries and public services with enhanced PaaS solutions and
integrated SaaS products
Focus and Efficiency
Resilience and
Expansion in Games
Advertising Rebound
Upgraded Cloud
Strategy
4
Capital Return to
Shareholders
Enhancing Social
Value
• Increased efficiency of existing businesses and sharpened our focus, which enabled us to improve performance
and positioned us for a new sustainable growth model
• Returned increased capital to shareholders through multiple channels including distribution -in -kind, share
repurchase and cash dividend
• Committed to carbon neutrality across scope 1, 2 and 3 emissions and 100% green power by 2030
• Promoted philanthropic participation, facilitated pandemic mutual aid and contributed to basic science research
• Increased board diversity and improved governance structure

In billion RMB 4Q2022 YoY QoQ FY2022 YoY
Total Revenue 145.0 +0.5% +3% 554.6 -1%
Value -added Services 70.4 -2% -3% 287.6 -1%
Social Networks 28.6 -2% -4% 116.9 -0.3%
Domestic Games 27.9 -6% -11% 123.9 -4%
International Games 13.9 +5% +19% 46.8 +3%
Online Advertising 24.7 +15% +15% 82.7 -7%
Media 3.3 +4% +28% 10.7 -20%
Social and Others 21.4 +17% +13% 72.0 -4%
FinTech and Business Services 47.2 -1% +5% 177.1 +3%
Others 2.7 -6% +144% 7.2 -6%
Gross Profit 61.9 +7% -0.3% 238.8 -3%
Non -IFRS
Operating Profit 39.4 +19% -4% 153.5 -4%
Operating Margin 27.2% +4.2 ppt -2.0 ppt 27.7% -0.8ppt
Net Profit Attributable to Equity Holders 29.7 +19% -8% 115.6 -7%
Financial Highlights
Domestic Games refers to our games business in the PRC excluding the Hong Kong Special Administrative Region, the Macao Speci al Administrative Region and Taiwan 5

2. Strategy Review

Repositioned for sustainable and high quality growth
0.1%
-3.1%
-1.6%
0.5%
1Q22 2Q22 3Q22 4Q22
Revenue YoY changes
in %
• Executed efficiency initiatives to improve
margins and promote earnings quality
• Encouraging progress in revenue
initiatives (e.g., Video Accounts in -feed
ads and international games) to develop
new, high -quality revenue streams
• Improved macro environment: post
COVID -19 recovery and regulatory
normalisation
• Expanding opportunities in advertising,
FinTech services and games
• Stepping up monetisation for Video
Accounts
• Sustaining focus on operational
efficiency and disciplined resource
allocation
• Developing AI capabilities as a growth
multiplier
Proactive initiatives amid
an improved macro environment Future growth drivers
• Revenue stablised
• Gross margins improved YoY across
business segments
• Non -IFRS operating profits and non –
IFRS net profits both increased by
19% YoY from the low base in 4Q21
-14.5% -14.3% 0.2%
18.9%
-22.9% -17.3%
1.6%
19.4%
1Q22 2Q22 3Q22 4Q22
Non-IFRS Operating Profit Non-IFRS Net Profit Attributable to Equity Holders
Profits YoY changes
in %
Improved financial performance
in 4Q22
7

Expanding inventories Enhancing transactional capabilities New machine -learning infrastructure
• Ramping up Video Accounts in -feed ads,
leveraging user engagement growth
• Increasing ad load of Official Accounts
• Enhancing access to more quality third –
party inventories in our mobile ad network
• Upgrading transactional capabilities via
innovative ad formats, CRM tools for
merchants and shopping tools for users
• Over 1/3 of Weixin ad revenue was
generated from click -to -purchase and click –
to -message ads in 4 Q22
• Well positioned for consumption recovery in
China
• New ad targeting engine enhanced
performance with higher conversion rates
and ROI, especially for long -tail
advertisers
• Greater processing efficiency with faster
training speed and lower per unit training
cost
23% 23%
5%
-13% -18% -18%
-5%
15%
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Ad revenue YoY changes
in %
• Resumed YoY growth
• Positive YoY growth even if
contribution of Video Accounts
in -feed ads excluded
Advertising – Initiatives reinforcing macro improvements
8

FinTech – Macro recovery on top of solid footing
Strong recovery in commercial payment volume
• Significant slowdown in YoY growth during 4Q22 due to temporary COVID -19 impact
• Resumed double digits YoY growth QTD in 1Q23 versus a high base period, amid consumption recovery
Leveraging synergies with Mini Programs
• Mini Programs is a leading transaction platform in China, generating several trillions RMB of GMV in 2022
• Online + offline solutions reduce transaction friction and drive repeat sales for merchants
• Mini Programs contributing high teens percentage of commercial payment volume
Further opportunities amid regulatory normalisation
• Expanding wealth management user base via investor education, better services and a broadening product line
• Exploring new opportunities in consumer loans and online insurance services via close cooperation with licensed financial ins tit utions
under a new regulatory framework
9

Games – Gearing up for global expansion
Key franchises demonstrating resilience and longevity
• HoK : best ever CNY period in Jan 23, leveraging popular
new content and enhanced targeted offerings for users
• DNF : best -performing 4Q over last three years, riding on
successful game mechanics evolution to re -engage
returning users
Progressive expansion
• 4Q22 revenue of USD2.0 billion, representing 1/3 of games
revenue
• New additions to our top franchise portfolio: VALORANT,
Subway Surfers
• Initial successes from emerging studios
Domestic: reigniting growth International: driving mid -to -long term growth
New titles with high -production value
• Normalisation of Banhao approval has enabled us to
strengthen our game releases for 2023 and beyond
• Sharpening focus on 1) new titles in high potential genres;
2) combining popular IPs with our genre expertise; and
3) publishing leading international franchises
Pipeline positioned for multiple opportunities
• Expansion of original IPs
• New titles from emerging studios
• Bringing top PC and console IPs to mobile
10

Video Accounts – Multiple monetisation opportunities
• Total time spent on Video Accounts reached 1.2x that of Moments
• Number of videos with over 100 K likes more than doubled YoY
Continued
growth in user
engagement
• Live streaming DAU grew rapidly YoY
• Gaining user mindshare in live events ; over 190 million viewers watched
2023 CCTV Spring Festival Gala via live streaming on Video Accounts
• Enhancing eCommerce capabilities, such as Video Accounts Shop , to
deliver seamless shopping experiences
Nurturing live
streaming
services
• Live streaming tipping :grew strongly in 2022
• In -feed ad :expanding rapidly and exceeded RMB 1 billion in 4Q 22
• Commission :building infrastructure for live streaming eCommerce to nurture
a new revenue stream
Broadening
monetisation
opportunities
11

Artificial Intelligence – A growth multiplier
• Gradually rolling out our own foundation models at the back end, while enhancing front –
end use cases
• Leverage AI technologies to enhance product innovations, monetisation and operational
efficiency
• Broad range of use cases via applications with deep user engagement
• Long -term investments in machine learning
• Breadth and depth in data for model training
• Scale in advanced cloud infrastructure
• Rapid advancement in proprietary foundation model HunYuan
Benefiting from AI advancements
Rollout strategies for AI
Strengths across the AI value chain
AD
Tencent AI
• Long -standing experience in developing and adopting AI technologies, amplifying our
growth across multiple businesses
• Recent industry breakthroughs in foundation models and generative AI applications are
significant new boost to our growth potential
• Our core user -to -user services are unaffected or empowered by AI technology
enhancements, while foundation models facilitate our introduction of user -to -machine
services
12

3. Business Review

Revenue by Segment
23% 23% 23% 21% 22% 21% 21% 20% 22% 21% 21% 20%
28% 26% 25% 22% 25% 23% 24% 21% 24% 24% 22% 19%
7% 8% 8% 7%
7% 8% 8% 9% 8% 8% 9% 10%
16% 16%
17% 18% 16% 17% 16% 15% 13% 14% 15% 17%
25%
26%
26% 29% 29% 30% 30% 33%
32% 32%
32% 33%
1%
1%
1%
3% 1% 1% 1% 2%
1% 1%
1% 1%
108.1
114.9
125.4
133.7 135.3 138.3 142.4 144.2
135.5 134.0
140.1
145.0
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Social Networks Domestic Games International Games Online Advertising FBS Others total
In billion RMB
14
21% 21%
23% 22%
8% 9%
16% 15%
31% 32%
1% 1%
560.1 554.6
FY2021 FY2022

29.1 28.6 29.8 28.6
29.6 27.9 31.2 27.9
13.2 13.9
11.7
13.9
71.9 70.4 72.7 70.4
4Q21 4Q22 3Q22 4Q22
Value – added Services
-6%
-2%
-11%
-4%
Social Networks
In billion RMB
15
Domestic Games International Games
+5% +19%
Social Networks
• 4Q 22 revenue was down 2% YoY to RMB 28 .6 billion .Music -and games –
related live streaming services declined while revenue from Video Accounts
live streaming service increased
• Video subscription revenue increased YoY, driven by ARPU growth as we
adjusted pricing, though subscriptions decreased due to content scheduling
delays .In Jan 23 ,we released our self -commissioned drama series Three –
Body ,which became the highest -rated 1domestic sci -fi series in the past five
years
• Music subscription revenue increased YoY .Paying users and ARPU grew
YoY, as we offered more attractive membership privileges and enhanced
user engagement in various music genres
Domestic Games
• 4Q 22 revenue was down 6% YoY to RMB 27 .9 billion, reflecting lower gross
receipts in previous quarters .4Q 22 gross receipts increased YoY due to
higher DAU and spending per paying user
International Games
• 4Q 22 revenue was up 5% YoY to RMB 13 .9 billion, or up 11 % excluding
currency impact and Supercell -related true -up revenue adjustment made in
4Q 21 .Growth was driven by key franchises VALORANT and LoL ,as well
as successful launches of NIKKE and Darktide
1. Source: Douban , as of Mar 21, 2023
2. Mobile games VAS revenue declined 2% YoY to RMB39.2 billion; PC client games revenue grew 8% YoY to RMB11.5 billion in 4Q22
117.3 116.9
128.8 123.9
45.5 46.8
291.6 287.6
FY2021 FY2022
-2%
YoY
-3%
QoQ
-1%
YoY
-0.3%
-4%
+3%

Social Networks
• Upgraded video chat experience by adding Super QQ Show avatar and enhancing motion
capture to mirror users’ facial expressions and gestures in real time
• Mini World DAU and time spent per DAU increased significantly YoY , driven by
enriched Anime, Comics and Games (ACG) content and AI -powered creation tools
• QQ mobile device MAU was 572 million, up 4% YoY
Enhanced chat experience and ramped up short -form video consumption
a
• Total time spent on Weixin has steadily increased throughout 2022 ,driven by growth in
chat activities and enriched non -chat use cases
• Among non -chat use cases :
➢ Moments accounted for the majority of time spent in 4Q 21 ,and its time spent was
broadly stable YoY in 4Q 22
➢ Mini Programs and Video Accounts time spent doubled and tripled YoY in 4Q 22
respectively, both exceeding that of Moments
• Weixin and WeChat combined MAU reached 1.313 billion, up 4% YoY
Increasing and diversifying u ser t ime spent on Weixin
16
Video call using
Super QQ Show
2017 2020 2022
Growing user time spent on Weixin
Video Accounts
Moments
Mini Programs
Chat
Moments
Mini Programs
Chat
Moments
Chat
… … …

17
HoK : Targeted offering
with enriched content
drove recovery
Created more attractive and top -tier
outfits ; launched targeted marketing
programs to address various player
segments
DAU resumed YoY growth in 4Q 22 ;
gross receipts achieved record high
during Chinese New Year holiday
DnF : Improved gameplay
reignited popularity
Upgraded PvE gameplay with lower
entry barrier and more in -game
rewards attracted returning players
MAU, paying users and gross receipts
all increased YoY in 4Q 22
Undawn : Built presence
in SOC genre
In -house mobile Survival, Open -world,
Crafting (SOC) title
High fidelity graphics and immersive
experiences enrich player -driven
exploration
Domestic Games

International Games
Successful new launches
NIKKE :#1 by gross receipts 1among new mobile games released in 2022 ;delivered a
cross -platform experience with PC version launched in Feb 23
Darktide :Hardcore co -op action shooter PC game developed by subsidiary Fatshark,
ranked among 2022 Top New Releases 2on Steam
Strong performance of key franchises
LoL :World Championship Finals with themed battle pass and creative outfit series
drove gross receipts up YoY in 4Q 22
VALORANT : Ne w agent and “best of 9” game mode supported MAU and gross
receipts YoY growth in 4Q 22
PUBG Mobile :Rate of YoY gross receipts decline in 4Q 22 narrowed notably from
3Q 22 as innovative outfit design appealed to hardcore players
Call of Duty Mobile :Gross receipts increased YoY in 4Q 22 ,benefitting from top -tier
outfit released during third anniversary event
1. Source: by first month grossing of new releases, data.ai
2. Source: Steam, Top New Releases measured by gross revenue
PUBG Mobile
League of Legends
NIKKE
18

13.3 10.7
75.3
72.0
88.6
82.7
FY2021 FY2022
3.2 3.3 2.6 3.3
18.3
21.4
18.9
21.4
21.5
24.7
21.5
24.7
4Q21 4Q22 3Q22 4Q22
Online Advertising
19
Overall
• 4Q 22 revenue grew 15 % YoY, underpinned by robust demand for
Video Accounts and Mini Programs ads, recovery of mobile ad
network, as well as enhanced machine learning infrastructure
• Ad spend from eCommerce platforms, FMCG and games
advertisers increased notab ly YoY
Social & Others
• Video Accounts in -feed ad revenue exceeded RMB 1 billion, as we
released more inventory to satisfy strong demand
• Mini Programs revenue increased rapidly, reflecting popularity of
enriched content and higher adoption of rewarded video ads
• Mobile ad network revenue resumed YoY growth due to improved
conversion and increased adoption of bidding mechanism
Media
• Enhanced targeting technology and introduced new formats for
video services
• Increased monetisation for ad -supported music content
+4%
+17%
+28%
+13%
0
Media Social & Others
In billion RMB
-7%
YoY
+15%
YoY
+15%
QoQ
-4%
-20%

172.2 177.1
FY2021 FY2022
48.0 47.2 44.8 47.2
4Q21 4Q22 3Q22 4Q22
FinTech and Business Services
FinTech Services
• FinTech Services revenue grew slightly both YoY and QoQ
• Commercial payment volume declined QoQ due to COVID -19
outbreaks, but rebounded QTD in 1Q 23 benefitting from
consumption recovery in China
Business Services
• 4Q 22 revenue declined YoY . Gross profit increased YoY
mainly due to (1)proactive reduction of loss -making activities
and cost optimisation ; (2) increasing focus on healthier –
margin self -developed PaaS in areas such as video cloud
and database
• Increasing adoption of Intelligent Mobility solution among
auto manufacturers .We upgraded our strategic partnership
with NIO and became its largest cloud provider,
demonstrating our capabilities in customised smart cockpit
solution, digital map and data management . Other notable
customers includ ed BMW and GAC Motor
20
In billion RMB
+3%
YoY
-1%
YoY
+5%
QoQ

4. Financial Review

Income Statement
In billion RMB 4Q2022 YoY QoQ FY2022 YoY
Revenue 145.0 +0.5% +3% 554.6 -1%
COPS (83.1) -4% +6% (315.8) +0.5%
Gross profit 61.9 +7% -0.3% 238.8 -3%
Interest income 2.5 +52% +11% 8.5 +29%
Other gains, net 85.8 -0.4% +311% 124.3 -17%
Operating expenses (33.4) -7% -0.5% (135.9 ) +4%
Operating profit 116.8 +6% +126% 235.7 -13%
Finance costs, net (3.7) +96% +88% (9.4) +31%
Share of profit/( loss) of associates & JV s, net (1.6) -80% -54% (16.1) -2%
Income tax expense (4.6) +18% -36% (21.5) +6%
Net profit 106.9 +12% +175% 188.7 -17%
Net profit attributable to equity holders 106.3 +12% +166% 188.2 -16%
Diluted EPS in RMB 10.977 +12% +167% 19.341 -17%
Non -IFRS
Operating Profit 39.4 +19% -4% 153.5 -4%
Net profit attributable to equity holders 29.7 +19% -8% 115.6 -7%
Diluted EPS in RMB 3.042 +19% -8% 11.835 -7%
22

Non – IFRS Adjustments
In billion RMB IFRS
4Q20 22 SBC
Net (gains)/
losses from
investee
companies 1
Amortisation
of intangible
assets
Impairment
provision s/
(reversals) 2
SSV &
CPP 3 Others 4 Tax effect Non -IFRS
4Q20 22
YoY
change
QoQ
change
Non -IFRS
FY 20 22
YoY
change
Operating profit 116.8 5.7 (108.0) 1.3 22.0 1.6 – – 39.4 +19% -4% 153.5 -4%
Net profit 106.9 7.2 (108.0) 2.7 23.7 1.6 0.2 (3.7) 30.6 +19% -8% 119.2 -7%
Net profit
attributable to
equity holders 106.3 7.1 (107.9) 2.4 23.7 1.6 0.2 (3.7) 29.7 +19% -8% 115.6 -7%
Operating margin 80.6% 27.2% +4.2ppt -2.0ppt 27.7% -0.8ppt
Net margin 73.8% 21.1% +3.2ppt -2.7ppt 21.5% -1.3ppt
23
Note:
1. Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies.
2. Impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquis itions.
3. Mainly including donations and expenses incurred for the Group’s Sustainable Social Value & Common Prosperity Programme initiatives.
4. Mainly including expenses incurred for non -recurring compliance -related costs and certain litigation settlements of the Company and/or arising from investee companies.

49.2 51.4 50.9 53.3
45.1 48.8 46.4 42.7
36.7 40.6
46.3 44.2
Online Advertising (%)
59.0
53.7 52.6 51.5 55.1 52.9 53.0
48.7 50.4 50.6 51.7 49.8
Value Added Services (%)
Gross Margins
27.9 28.9 27.9 28.5
32.3 32.0
28.5 27.1
31.6 33.3 33.3 33.6
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
FinTech and Business Services (%)
24
48.9 46.3 45.2 44.0 46.3 45.4 44.1
40.1 42.1 43.2 44.2 42.6
Overall Gross Margin (%)
46.0 43.9 43.1
54.1 52.5 50.6
51.4
45.8 42.3
28.3 29.8
33.0
FY2020 FY2021 FY2022

10.4 11.4 11.4 11.4
4Q21 4Q22 3Q22 4Q22
S&M
in billion RMB
Operating Expenses
25
R&D
in billion RMB
G&A (excl. R&D)
in billion RMB
11.6
6.1 7.1 6.1
4Q21 4Q22 3Q22 4Q22
14.0 15.9 15.1 15.9
4Q21 4Q22 3Q22 4Q22
Non -IFRS Non -IFRS Non -IFRS
40.6 29.2
FY2021 FY2022
-47%
YoY
-14%
QoQ
-28%
YoY
4Q22 S&M declined by 48% YoY and 14% QoQ
FY2022 S&M declined by 29% YoY
+14%
YoY
+6%
QoQ
51.9 61.4
FY2021 FY2022
+18%
YoY
4Q22 R&D grew by 18% YoY and 7% QoQ
FY2022 R&D grew by 19 % YoY
4Q22 G&A (excl. R&D) grew by 11% YoY and 2% QoQ
FY2022 G&A (excl. R&D) grew by 19 % YoY
+10%
YoY
-0.1%
QoQ
37.9 45.3
FY2021 FY2022
+19%
YoY

32.9 32.8
30.4 28.5
31.6 31.0
28.7
23.0
27.0 27.4 29.2 27.2
Non -IFRS Operating Margin (%)
25.9 27.2 26.6 25.8 25.5 25.4
22.8
17.9 19.4
21.6
23.8
21.1
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Non -IFRS Net Margin (%)
Non – IFRS Margin Ratios
26
31.0
28.5 27.7
26.3
22.8 21.5
FY2020 FY2021 FY2022

EPS and Annual Dividend
In RMB 4Q 2022 FY 2022
IFRS YoY Non -IFRS YoY IFRS YoY Non -IFRS YoY
Basic EPS 11.173 +12% 3.124 +20% 19.757 -16% 12.138 -7%
Diluted EPS 10.977 +12% 3.042 +19% 19.341 -17% 11.835 -7%
Declared a special interim dividend (HKD18.13 per Tencent share 1) in the form of a distribution in specie of
Class B ordinary shares of Meituan
Subject to shareholders’ approval at the 2023 AGM, proposed 2022 annual dividend of HKD 2.40 per share
(up 50% YoY) for the year ended 31 December 2022
27 1. HKD18.13 is calculated based on the share price of Meituan on Jan 4, 2023, the day prior to ex -dividend date

In billion RMB 4Q2022 YoY QoQ FY 2022 YoY
Operating CAPEX 1.9 -76% +80% 10.2 -61%
Non -operating CAPEX 3.8 +4% +184% 7.8 +7%
Total CAPEX 5.7 -52% +138% 18.0 -46%
Operating Cash Flow 35.6 -31% -13% 146.1 -17%
Less: CAPEX Paid (5.6) -25% +11% (24.4) -22%
Payments for media content (5.3) -39% -17% (26.4) -14%
Payments for lease liabilities (1.6) +7% -19% (6.9) +35%
Free Cash Flow 23.1 -31% -16% 88.4 -18%
Total Cash 319.6 +14% +1% 319.6 +14%
Less: Total Debt (334.4) +11% -2% (334.4) +11%
Net (Debt)/Cash (14.8) -27% -46% (14.8) -27%
CAPEX, FCF and Cash Position
28
• Repurchased ~45.6 million shares with an aggregated cost of ~ RMB12.0 billion during 4Q22
• As at 31 Dec 2022, the f air value of our shareholdings 1in listed investee companies (excluding subsidiaries) was
~RMB585 billion (USD84 billion) and the carrying value of our unlisted investee companies was ~RMB333 billion (USD48
billion)
1. Including those held via special purpose vehicles, on an attributable basis.

5. Q&A

Tencent Holdings Limited
2022 Fourth Quarter and
Annual Results Presentation
Thank you!
https://www.tencent.com/ir