← Tencent Music Entertainment Group

	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
ASSETS
Inventories	—	$30.0m	$35.0m	$26.0m	$18.0m	$24.0m	$14.0m	$8.0m	$23.0m	$41.0m
Accounts receivable	—	$1.2b	$1.5b	$2.2b	$2.8b	$3.6b	$2.7b	$2.9b	$3.5b	$3.9b
Cash and cash equivalents	$3.1b	$5.2b	$17.4b	$15.4b	$11.1b	$6.6b	$9.6b	$13.6b	$13.2b	$8.5b
Total current assets	$709.0m	$7.5b	$20.8b	$26.9b	$31.7b	$26.8b	$26.6b	$29.9b	$34.5b	$32.5b
Property, plant and equipment	$108.0m	$127.0m	$168.0m	$179.0m	$176.0m	$243.0m	$323.0m	$490.0m	$803.0m	$1.2b
Goodwill	$15.8b	$16.3b	$17.1b	$17.1b	$17.5b	$19.1b	$19.5b	$19.5b	$19.6b	$20.5b
Intangible Assets Other Than Goodwill	—	$1.7b	$1.8b	$1.6b	$2.0b	$2.8b	$2.4b	$2.0b	$2.0b	—
Intangible assets	$2.0b	$1.7b	$1.8b	$1.6b	$2.0b	$2.8b	$2.4b	$2.0b	$2.0b	$2.9b
Right-of-use assets	—	—	$100.0m	$148.0m	$311.0m	$283.0m	$398.0m	$367.0m	$295.0m	$287.0m
Prepayments, deposits and other assets	—	$1.1b	$1.8b	$2.2b	$2.8b	$2.7b	$3.0b	$3.4b	$3.8b	$4.2b
Additional Financial Items
Allowance Account For Credit Losses Of Financial Assets	—	—	—	$11.0m	$14.0m	$20.0m	$61.0m	$77.0m	—	—
Current Tax Liabilities Current	—	$192.0m	$235.0m	$386.0m	$445.0m	$363.0m	$404.0m	$567.0m	$934.0m	—
Deferred Tax Assets	$87.0m	$105.0m	$123.0m	$192.0m	$303.0m	$346.0m	$347.0m	$427.0m	$483.0m	$498.0m
Issued Capital	—	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	—
Trade And Other Current Payables	—	$1.0b	$1.8b	$2.6b	$3.6b	$4.3b	$5.0b	$5.0b	$6.9b	—
Unused Tax Losses For Which No Deferred Tax Asset Recognised	—	—	—	$436.0m	$664.0m	$674.0m	$671.0m	$597.0m	$543.0m	—
Land use rights	—	—	—	—	—	$1.5b	$2.5b	$2.4b	$2.4b	$2.3b
Investments accounted for using equity method	$292.0m	$378.0m	$236.0m	$489.0m	$2.3b	$3.6b	$4.3b	$4.3b	$4.7b	$1.7b
Financial assets at fair value through other comprehensive income	—	—	$3.3b	$4.5b	$9.8b	$7.3b	$3.2b	$6.5b	$14.5b	$26.2b
Other investments	—	—	$39.0m	$38.0m	$37.0m	$37.0m	$37.0m	$37.0m	$46.0m	$83.0m
Term deposits	—	—	—	$7.0b	$14.9b	$12.8b	$11.3b	$9.9b	$14.0b	$15.8b
Restricted cash	—	—	—	—	—	$0	$34.0m	$31.0m	$11.0m	$15.0m
Share capital	—	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m	$2.0m
Shares held for share award schemes	—	—	—	($31.0m)	($78.0m)	($183.0m)	($202.0m)	($302.0m)	($520.0m)	($801.0m)
Treasury shares	—	—	—	—	($134.0m)	($3.7b)	($6.3b)	($7.0b)	($550.0m)	($664.0m)
Other reserves	—	$997.0m	$903.0m	$2.2b	$6.3b	$3.7b	$6.1b	$9.7b	$19.8b	$22.4b
Notes payable	—	—	—	—	$5.2b	$5.1b	$5.5b	$5.6b	$3.6b	$3.5b
Other payables and other liabilities	—	—	$2.7b	$3.8b	$3.9b	$3.8b	$4.0b	$3.5b	$3.4b	$3.6b
Lease liabilities	—	—	—	$69.0m	$103.0m	$92.0m	$123.0m	$115.0m	$106.0m	$116.0m
Deferred revenue	—	$978.0m	$1.4b	$1.7b	$1.6b	$1.8b	$2.2b	$2.9b	$3.1b	$3.5b
Notes payables	—	—	—	—	—	—	—	$0	$2.2b	$0
Current tax liabilities	—	$192.0m	$235.0m	$386.0m	$445.0m	$363.0m	$404.0m	$567.0m	$934.0m	$1.1b
Total non-current assets	$160.0m	$22.5b	$23.8b	$25.8b	$36.6b	$40.5b	$40.5b	$45.6b	$55.9b	$70.1b
Total equity	$20.6b	$26.1b	$37.8b	$43.7b	$52.7b	$51.1b	$49.1b	$57.2b	$69.7b	$83.0b
Total non-current liabilities	$5.0m	$325.0m	$595.0m	$510.0m	$5.9b	$5.7b	$6.2b	$6.3b	$4.2b	$4.9b
Total equity and liabilities	—	$30.0b	$44.6b	$52.7b	$68.3b	$67.3b	$67.0b	$75.5b	$90.4b	$102.5b
Total Assets	—	$30.0b	$44.6b	$52.7b	$68.3b	$67.3b	$67.0b	$75.5b	$90.4b	$102.5b
LIABILITIES AND EQUITY
Accounts payable	—	$1.0b	$1.8b	$2.6b	$3.6b	$4.3b	$5.0b	$5.0b	$6.9b	$6.3b
Total current liabilities	$168.0m	$3.5b	$6.2b	$8.5b	$9.6b	$10.4b	$11.7b	$12.0b	$16.6b	$14.6b
Deferred Tax Liabilities	$350.0m	$304.0m	$354.0m	$297.0m	$265.0m	$271.0m	$211.0m	$314.0m	$259.0m	$504.0m
Total Liabilities	—	$3.9b	$6.8b	$9.0b	$15.5b	$16.2b	$17.9b	$18.3b	$20.7b	$19.5b
Additional paid-in capital	—	$23.9b	$33.8b	$34.4b	$35.0b	$36.2b	$36.5b	$36.6b	$29.0b	$29.9b
Retained earnings	—	$1.2b	$3.0b	$7.0b	$11.1b	$14.2b	$12.1b	$17.0b	$20.1b	$29.4b
Noncontrolling Interests	—	$7.0m	$51.0m	$88.0m	$486.0m	$738.0m	$1.0b	$1.3b	$1.9b	$2.8b

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.