Tencent FY2023 Earnings Release

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 7.0827 for 4Q2023 .
2
Cautionary Note

4
2023 Annual Highlights
Harnessing our technology and platform to create social value
• Digital philanthropy platform helped raise record RMB 3.8 billion in public donations during 99 Giving Day campaign , up 15 % YoY
• New Cornerstone Investigator Program supported 104 scientists in basic science research
S harpened focus on major products and shifting towards high -quality revenue growth model
• Video Accounts total user time spent more than doubled, with enriched content ecosystem and expanded monetisation
• Mini Games gross receipts increased over 50 % ,reinforcing position as largest casual game platform in China
• Number of major hit games (high average DAU and substantial monetisation )in China increased from 6 in 2022 to 8 in 2023
• International games revenue achieved double -digit growth, rising to 30 % of games revenue
• Tencent Music at 107 million paid subscribers, Tencent Video at 117 million, both increased ARPU
• WeCom and Tencent Meeting strengthened enterprise software leadership, and increased monetisation
Rapid advancement in technology and generative AI deployment
• Launched proprietary foundation model, Tencent Hunyuan , now among top -tier models in China, with powerful Chinese content
generation capabilities and advanced logical reasoning
• Upgraded advertising AI model ,delivering better ad targeting and higher revenue

In billion RMB 4Q2023 YoY QoQ FY2023 YoY
Total Revenue 155.2 +7% +0.4% 609.0 +10%
Value -added Services 69.1 -2% -9% 298.4 +4%
Social Networks 28.2 -2% -5% 118.5 +1%
Domestic Games 1 27.0 -3% -18% 126.7 +2%
International Games 13.9 +0.6% +5 % 53.2 +14%
Online Advertising 29.8 +21% +16% 101.5 +23%
FinTech and Business Services 54.4 +15% +4% 203.8 +15%
Others 1.9 -26% +75% 5.3 -25%
Gross Profit 77.6 +25% +1% 293.1 +23%
Non -IFRS
Operating Profit 2 49.1 +35% -5% 191.9 +34%
Operating Margin 2 31.7% +6.6ppt -1.7ppt 31.5% +5.7ppt
Net Profit Attributable to Equity Holders 42.7 +44% -5% 157.7 +36%
Financial Highlights
1. 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
2. Starting 4Q23, we present investment -related gains/(losses), donations and others (previously within “Other gains/(losses), net”) and interest income below operating profit line to better reflect results of day -to-
day operations
5

• Additional operating leverage consists of :
‒ streamlined operations and cut back in overly
aggressive marketing spending, which is more one –
time
‒ our commitment to cost discipline, which will have
ongoing effect
• Reignited healthy revenue growth since 1Q 23 , by
adding high quality revenue streams, while reducing
low quality streams
• Structural outperformance of gross profit growth vs .
revenue growth given margins of incremental revenue
much higher than company average ; value -added
revenue on platforms whose costs already paid for
• Gross profit growth is a key proxy for organic growth
High Quality Revenue Growth Model Powers Sustainable
Value Creation
Gross Profit Growth Structurally
Outpacing Revenue Growth
Operating Profit Growth Exceeds
Gross Profit Growth
7
28%
16%
-1%
10%
33%
12%
-2%
22%
33%
7%
-6%
34%
FY20 FY21 FY22 FY23
Revenue YoY (%) Non-IFRS Gross Profit YoY (%) Non-IFRS Operating Profit YoY (%)
11% 11% 10% 7%
18% 21% 23% 25%
30%
36% 35% 35%
1Q23 2Q23 3Q23 4Q23

Weixin – New Services Fuel Platform and Gross Profit
Growth
• Weixin ’s DAU and daily time spent per user have shown a consistent upward trend
• Video Accounts, Mini Games and Weixin Search enhance user value by creating seamless connections with products, services and
content while presenting exciting revenue opportunities
• Generating high margin revenue streams from own traffic, with platform costs already paid for
8
• Total user time spent more than doubled in
2023 , propelled by strong growth in DAU
and time spent per DAU
• Surge in ad revenue fuelled by significant
increase in organic traffic, affluent users
and high conversion, while keeping ad load
much lower than industry peers
• Big user base of over 100 million DAU
growing at over 20 % YoY in 2023
• Content QV grew over 30 % YoY by
leveraging our platform’s distinctive
content, features, and services
• Revenue grew multiple times YoY, as we
just started to ramp up on monetisation
• Gross receipts increased over 50 % in 2023 ,
driven by DAU and ARPU
• Retention rate and average time spent per
DAU significantly outperform peers’, due to
our highly sticky platform, well -developed
ecosystem, and advanced technological
infrastructure for games
Video Accounts Mini Games Weixin Search

FinTech – Value -added Services Grow Gross Profit with
Comprehensive Risk Management
9
• Completed self -inspection and corresponding rectification for Tenpay, with upgraded operational compliance for our payment business
• Fortified our payment ecosystem by amplifying user security, upgrading Mini Program -based transactions and SME tools
• Deepened cooperations with licensed financial institutions to expand our wealth management and consumer loans services with an
unwavering focus on risk management
• Work closely with WeBank to offer cash loans at scale while
maintaining low default rates
• Achieved early success in our installment payment services
with rapid growth in originated loan balances and low
default rates
• Generating high margins on low user acquisition costs and
strong control on credit risks
• Robust YoY increase in aggregated customer assets,
driven by growth in users and average investment size per
user
• Focused on providing high quality products and
convenience in user experience
• Key offerings on our platform are money market funds and
low risk fixed income mutual funds
Wealth Management Consumer Loans

10 1. Source: QuestMobile, for 4Q23
2. Source: Data.ai, for 4Q23
Enhancement for Top Two Flagship Games
• Number of major hits in China increased from 6 in 2022 to 8
(defined as games surpassing average quarterly DAU of 5m for
mobile /2m for PC, and annual gross receipts of RMB 4 billion) .
We believe these games are already, or are becoming, evergreen
hits
• Fight of the Golden Spatula :one of the most popular mobile
games in China, ranked top 5 by DAU and total time spent 1
• LoL Wild Rift : ranked top 5 by total time spent 1 and gross
receipts 2
Recent Year Releases Steadily Developing
into Enduring Franchises
• Peacekeeper Elite ’s user base fairly stable, but monetisation has
been unimaginative . We have changed leadership of
monetisation team ; optimistic for revival given PUBG Mobile
monetisation team’s experience
• Honour of Kings ’user base stable, overall monetisation healthy .
During 2023 , monetisation activities were concentrated during
Chinese New Year period, which resulted in volatile quarterly
financial performance ; whereas in 2024 , activities will be more
distributed through the year
Upcoming Mobile Titles with High Potential
• Highly popular action RPG,
featuring captivating side -scrolling
combat and user -friendly design
tailored for mobile devices
• Successful closed -beta test since
Feb, official launch scheduled for
2Q 24
Domestic Games – Brewing Future Growth via Rejuvenating
Top Two Games, Emerging Franchises and New Titles
DnF
Honour of Fight
PvP fighting game
based on HoK
One Piece
Story -driven fighting
game based on One
Piece
Need for Speed
Open -world racing
game based on
Need for Speed

Technology – Making Long -Term Investment in Growth
Multiplier
11
Upgraded Foundation Model
• Top -tier performance in Chinese, based on
comprehensive benchmark, particularly in numerical
reasoning, logical inference, and multi -turn
conversations
• Achieved trillion -parameter model scale through
Mixture of Experts (MoE ) architecture, delivering
enhanced performance
• Developing multi -modal models to bolster our text –
to -picture and text -to -video services
Launched Use Cases
• Tencent Meeting : deployed new AI Assistant to
interpret meeting content in real -time
• Tencent Docs : implemented AI features to foster
prompt -based document creation and multifaceted
data processing
Enhancing Content Production Efficiency through
New GenAI Solutions
Significant Boost to Advertising Business
• Our upgraded ad -targeting model is driving
significant revenue growth
• Substantial future potential :
− Continued improvement in targeting technology
through AI
− Expanding ad inventory via traffic growth and
increase in ad load from low base
− Empowerment through Tencent Hunyuan
AD
Tencent AI
Advancing Cloud Business through New Offerings
• Tailored Industry Solutions :provide industry -specific
LLMs to supercharge efficiency in AI -backed tools
• Vector Database :industry -leading database solution
for AI applications
Tencent Hunyuan Leveraging AI Technologies

Cash dividend
Share repurchase
Distribution in kind
1.9 1.9 2.9 4.1
4.3 6.3
>12.8
13.3
16.9
FY21 FY22 FY23 FY24E
0.3
In billion USD
78
57
48
Gross cash Investments
Raising Return of Capital to Shareholders
12
• Strong free cash flow of USD 24 billion, supported by cash –
generative business model and solid growth
• Total gross cash amounted to USD 57 billion
• Large investment portfolio of USD 126 billion, of which USD 78
billion were listed investments
Robust Free Cash Flow and Asset Strength
• Dividend :proposing cash dividend of HKD 3.4 per share, up 42 %
YoY
• Share repurchase :committing to over HKD 100 billion for FY 24 ,
up over 100 % YoY
• Distribution in kind :made special distribution in FY 22 and FY 23
Raising Return of Capital
1. For the year ended 31 Dec 2. As at 31 Dec 2023
Total return of capital to shareholders 1
Share repurchase
commitment for FY24
In billion USD
Gross cash and investment portfolio 2
Listed investees –fair value
Unlisted investees –carrying value 126
Gross cash

Revenue by Segment
22% 21% 21% 20% 22% 21% 21% 20% 21% 20% 19% 18%
25% 23% 24% 21% 24% 24% 22% 19%
23% 21% 21% 18%
7% 8% 8% 9% 8% 8% 9% 10%
9%
9% 9%
9%
16% 17% 16% 15% 13% 14% 15% 17%
14% 17% 16% 19%
29% 30% 30% 33%
32% 32%
32% 33%
32% 32% 34% 35%
1% 1% 1% 2%
1% 1%
1% 1%
1% 1%
1% 1%
135.3 138.3 142.4 144.2
135.5 134.0
140.1
145.0
150.0 149.2
154.6 155.2
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
Social Networks Domestic Games International Games Online Advertising FBS Others
In billion RMB
14
21% 19%
22% 21%
9% 9%
15%
17%
32%
33%
1%
1%
554.6
609.0
FY2022 FY2023

Value – Added Services
In billion RMB
15
Social Networks Domestic Games International Games
Social Networks
• 4Q 23 revenue was down 2% YoY .Revenue from music – and games –
related live streaming services declined while revenue from Video
Accounts live streaming service, music subscriptions and mini games
increased
• Long -form video subscription revenue increased 1% YoY, driven by
higher ARPU .Video subscriptions declined slightly YoY to 117 million 1.
Our self -commissioned drama series Blossoms Shanghai ranked #1
industry -wide 2year -to -date, extending Tencent Video ’s lead in terms of
mobile DAU 3
• Music subscription revenue increased 45 % YoY . Music subscriptions
grew 21 % YoY to 107 million 4and ARPU was up 20 % YoY
Domestic Games
• 4Q 23 revenue was down 3% YoY, as growth from recently launched hits
VALORANT and Lost Ark was offset by decreases from Honour of Kings
and Peacekeeper Elite
International Games
• 4Q 23 revenue increased 1% YoY, or down 1% in constant currency, as
Supercell was repositioning some of its games ;however, PUBG MOBILE
extended its recovery and VALORANT sustained solid growth
116.9 118.5
123.9 126.7
46.8 53.2
287.6 298.4
FY2022 FY2023
+4%
YoY
+2%
+1%
+14%
28.6 28.2 29.7 28.2
27.9 27.0
32.7
27.0
13.9 13.9
13.3
13.9
70.4 69.1
75.7
69.1
4Q22 4Q23 3Q23 4Q23
-3% -18%
-5%
+5%
-2%
YoY
+0.6%
-2%
-9%
QoQ
1. As of Dec 31, 2023
2. Source: Enlightent , by video views across all online platforms in China, Jan 1 –March 16, 2024
3. Source: QuestMobile , Jan 1 –March 16, 2024
4. The average number of subscriptions as of the last day of each month during 4Q23

16
Communications & Social Networks
a
• Total user time spent increased over 80 % YoY in 4Q 23 ,driven partly by DAU and mostly by time spent per user due to enhanced
recommendation engine
• Daily video uploads and creators with 10 K+ followers grew rapidly YoY with more targeted traffic support for creators in key categories
and enhanced recommendation algorithms to prioritise original content
• Number of creators that directly generated revenue from Video Accounts more than tripled YoY in 4Q 23
Video Accounts continued strong momentum
• Fostering interest -based user interactions and engagement with content creators via QQ Channels and QQ groups .Number of active
Channels increased at double -digit rate QoQ
• Launched QQ 9.0 version with refreshed user interface and enriched functionalities, including personalised display of status and
relationships
Expanded QQ Channels and launched QQ 9.0 version

17
Domestic Games
1. Source: QuestMobile, for 4Q23
2. Source: QuestMobile, during CNY
Fight of the Golden Spatula
• Release of Set 10 and
popularity of limited -time
game mode drove average
DAU to double YoY in 4Q 23
to new high
• Broke into top 5 across all
mobile games by average
DAU and total time spent 1
Arena Breakout
• Gross receipts and average
DAU increased by over 30 %
YoY in 4Q 23 ,driven by new
competitive PvPvE modes,
upgraded Battle Pass, and
more appealing virtual items
• Ranked #7 by total time
spent industry -wide 1
Dream Stars
• During CNY, added new
game modes, such as 1v4
asymmetrical battle arena
and extraction shooter
• Ranked among top 10
mobile games by average
DAU 2
Naruto Mobile
• 8-year old in -house game
achieved record high
gross receipts and average
DAU in Jan, benefitting
from extensive content
offerings including the
release of highly
anticipated character and
popular themed events

PUBG MOBILE
• DAU and gross receipts
increased YoY in 4Q 23 ,
benefitting from Frozen Kingdom
themed mode and innovative top –
tier outfit with upgradable weapon
International Games
Brawl Stars
• 5-year old game achieved all -time high
gross receipts and average DAU in
Feb 2024 , due to improved friend –
invitation system, new 5v5 game
mode, and fully redesigned Battle
Pass
• Demonstrated the franchise value of
evergreen titles to unleash new growth
18
NIKKE
• Average DAU achieved year -high
level in 4Q 23 , due to new
storyline and new characters

82.7
101.5
FY2022 FY2023
+23%
YoY
In billion RMB
19
24.7
29.8
25.7
29.8
4Q22 4Q23 3Q23 4Q23
+21%
YoY +16%
QoQ
Overall
• 4Q 23 revenue grew 21 % YoY, primarily driven by Video Accounts
and ongoing upgrade of advertising platform
• Ad spend from all categories except automotive increased YoY, with
notable step -ups in spending by Internet services, healthcare and
consumer goods categories
• We strengthened AI -powered ad targeting with real -time data on
user interests and commercial intent, broadly benefitting our own ad
properties and mobile ad network
Weixin
• Video Accounts ad revenue more than doubled YoY on higher click –
through rate and impressions
• Weixin Search ad revenue rose significantly YoY, driven by strong
growth in commercial queries and RPM
Online Advertising

FinTech and Business Services
FinTech Services
• Revenue sustained teens YoY growth in 4Q 23 , driven by increased commercial
payment volume, wealth management fees and consumer loan fees .Gross profit
grew at a higher rate due to shift from social to commercial payments
• We enhanced Mini Program -based, QR code and palm payment solutions, driving
repeat sales for offline merchants
Business Services
• Revenue grew around 20 % YoY in 4Q 23 and gross profit more than quadrupled YoY
– Cloud services revenue benefitted from restructuring undertaken in prior
periods and higher spending by retail and finance industries
– Fees collected on Video Accounts eCommerce transactions contributed high –
margin revenue
• Our SaaS products enhanced functionalities and mone tisation ,including :
– Tencent Meeting and Tencent Docs upgraded AI features for real -time content
comprehension and prompt -based document generation ; WeCom enhanced
analytic functionalities to help merchants engage with customers and rolled out
a paid customer acquisition tool
– Deepened SaaS penetration among domestic and multinational companies
– SaaS enterprise productivity toolkit (WeCom ,Tencent Meeting ,Tencent Doc s)
revenue more than doubled YoY
20
In billion RMB
+7%
QoQ
177.1
203.8
FY2022 FY2023
+15%
YoY
47.2
54.4 52.0 54.4
4Q22 4Q23 3Q23 4Q23
+15%
YoY
+4%
QoQ

Income Statement
In billion RMB 4Q2023 YoY QoQ FY2023 YoY
Revenue 155.2 +7% +0.4% 609.0 +10%
COPS (77.6 ) -7% -0.6% (315.9 ) Stable
Gross profit 77.6 +25% +1% 293.1 +23%
Operating expenses (38.2) +14% +12% (137.7) +1%
Other gains/(losses) , net 1 2.0 +158% -2% 4.7 -41%
Operating profit 1 41.4 +42% -7% 160.1 +44%
Net gains/(losses) from investments and others 1 (6.7) N/A N/A (6.1) N/A
Interest income 1 3.9 +52% +12% 13.8 +61%
Finance costs (3.5) -3% +27% (12.3) +31%
Share of profit/( loss) of associates & JV s, net 2.4 N/A +17% 5.8 N/A
Income tax expense (9.7) +111% -12% (43.3) +101%
Net profit 27.8 -74% -24% 118.0 -37%
Net profit attributable to equity holders 27.0 -75% -25% 115.2 -39%
Diluted EPS 2 in RMB 2.807 -74% -25% 11.887 -39%
Non -IFRS
Operating Profit 1 49.1 +35% -5% 191.9 +34%
Net profit attributable to equity holders 42.7 +44% -5% 157.7 +36%
Diluted EPS 2 in RMB 4.443 +46% -5% 16.320 +38%
22
1. Starting 4Q23, we present investment -related gains/(losses), donations and others (previously within “Other gains/(losses), net” ) and interest income below operating profit line to better reflect results of day -to-
day operations
2. Diluted EPS is calculated using the weighted average number of outstanding shares in the period incl. the dilutive effect of sha re options and awarded shares as determined under the treasury stock method

Non – IFRS Adjustments
In billion RMB IFRS
4Q20 23 SBC
Net (gains)/
losses from
investee
companies 1
Amortisation
of intangible
assets
Impairment
provision s/
(reversals) 2
SSV &
CPP 3 Tax
effects
Non -IFRS
4Q20 23
YoY
change
QoQ
change
Non -IFRS
FY2023
YoY
change
Operating profit 41.4 5.7 – 1.6 – 0.4 – 49.1 +35% -5% 191.9 +34%
Net profit 27.8 6.6 (0.1) 3.0 5.7 1.6 (0.8) 43.8 +43% -4% 161.7 +36%
Net profit
attributable to
equity holders 27.0 6.5 (0.1) 2.8 5.7 1.6 (0.8) 42.7 +44% -5% 157.7 +36%
Operating margin 26.7% 31.7% +6.6ppt -1.7ppt 31.5% +5.7ppt
Net margin 17.9% 28.2% +7.1ppt -1.4ppt 26.6% +5.1ppt
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. Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets ar ising from acquisitions.
3. Mainly including donations and expenses incurred for the Group’s Sustainable Social Value & Common Prosperity Programme initi atives.

45.1 48.8 46.4 42.7
36.7 40.6
46.3 44.2 41.7
48.9 52.3 56.8
Online Advertising (%)
55.1 52.9 53.0
48.7 50.4 50.6 51.7 49.8
53.9 54.0 55.5 53.7
Value -added Services (%)
Gross Margins
32.3 32.0 28.5 27.1
31.6 33.3 33.3 33.6 34.5 38.4 40.9 43.9
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
FinTech and Business Services (%)
24
46.3 45.4 44.1
40.1 42.1 43.2 44.2 42.6 45.5 47.5 49.5 50.0
Overall Gross Margin (%)
43.9 43.1
48.1
52.5 50.6 54.3
45.8 42.3
50.6
29.8
33.0
39.6
FY2021 FY2022 FY2023

11.4 10.8 9.8 10.8
4Q22 4Q23 3Q23 4Q23
S&M
in billion RMB
Operating Expenses
25
R&D
in billion RMB
G&A (excl. R&D)
in billion RMB
6.1
11.0 7.9 11.0
4Q22 4Q23 3Q23 4Q23
15.9 16.4 16.5 16.4
4Q22 4Q23 3Q23 4Q23
Non -IFRS Non -IFRS Non -IFRS
29.2 34.2
FY2022 FY2023
+79%
YoY
+39%
QoQ
+17%
YoY
4Q23 S&M grew by 83% YoY and 43% QoQ
FY2023 S&M grew by 17% YoY
+3%
YoY
-0.1%
QoQ
61.4 64.1
FY2022 FY2023
+4%
YoY
4Q23 R&D grew by 0.5% YoY or declined by 3% QoQ
FY2023 R&D grew by 6% YoY
4Q23 G&A (excl. R&D) declined by 6% YoY
or grew by 11% QoQ
FY2023 G&A (excl. R&D) declined by 10 % YoY
-6%
YoY
+9%
QoQ
45.3 39.4
FY2022 FY2023
-13%
YoY

31.4
28.9
27.3
21.7
25.6 25.2
27.3
25.1
30.0 30.9
33.4
31.7
Non -IFRS Operating Margin (%)
25.5 25.4
22.8
17.9 19.4
21.6
23.8
21.1 22.3
25.9
29.6 28.2
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
Non -IFRS Net Margin (%)
Non – IFRS Margin Ratios
26
27.3
25.8
31.5
22.8 21.5
26.6
FY2021 FY2022 FY2023

In billion RMB 4Q2023 YoY QoQ FY2023 YoY
Operating CAPEX 6.7 +253% +1% 17.2 +69%
Non -operating CAPEX 0.8 -78% -41% 6.7 -15%
Total CAPEX 7.5 +33% -6% 23.9 +33%
Operating Cash Flow 54.0 +52% -17% 222.0 +52%
Less: CAPEX Paid (9.3) +67% +62% (22.7) -7%
Payments for media content (7.7) +45% +23% (24.7 ) -7%
Payments for lease liabilities (2.8) +75% +49% (7.6) +10%
Free Cash Flow 34.2 +48% -33% 167.0 +89%
Total Cash 403.3 +26% +4% 403.3 +26%
Less: Total Debt (348.6) +4% -0.7% (348.6) +4%
Net Cash/(Debt) 54.7 N/A +50% 54.7 N/A
CAPEX, FCF and Cash Position
27
• As at 31 Dec 2023, the f air value of our shareholdings 1in listed investee companies (excluding subsidiaries) was
~RMB551 billion (USD78 billion) and the carrying book value of our shareholdings in unlisted investee companies was
~RMB337 billion (USD48 billion)
1. Including those held via special purpose vehicles, on an attributable basis.

In millions 2023 2022 YoY
Issued shares, at 1 January 9,569 9,608 -0.4%
Shares issued for employee share option and share award schemes 55 62 -11%
Shares repurchased and cancelled (141) (101) +40%
Issued shares, at 31 December 9,483 9,569 -0.9%
Share Repurchase and Annual Dividend
28
1. Diluted EPS is calculated using the weighted average number of outstanding shares in the period including the dilutive effect ofshare options and awarded shares as determined under the treasury stock
method
• Repurchased ~152 million shares for a consideration of ~HKD49 billion to shareholders during
FY2023
• Subject to shareholders’ approval at the 2024 AGM, proposed 2023 annual dividend of
HKD3.40 per share (up 42% YoY) or HKD32 billion for the year ended 31 December 2023
Weighted average number of shares for the calculation of diluted EPS 1in the period 9,610 9,695 -0.9%