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VK Company Limited unaudited IFRS results for Q3 2022

VK Company (VKCO)
VK Company Limited unaudited IFRS results for Q3 2022

10-Nov-2022 / 10:00 MSK
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The issuer is solely responsible for the content of this announcement.


VK Company Limited unaudited IFRS results for Q3 2022

 

November 10, 2022. VK Company Limited (LSE, MOEX: VKCO, hereinafter referred to as “VK” or "the Company" or “the Group”) today releases an unaudited IFRS report and segment financial information for the three and nine months ended 30 September 2022.

 

VK key results in Q3 2022:

  • Q3 2022 Revenue was up 21% YoY to RUB 24,119 mn due to higher sales of online advertising, up 29% YoY. The sector’s main drivers were:
    • Performance formats, up 71% YoY
    • Advertising revenue from small and medium size businesses (SMBs) grew 128% YoY
    • Video ad revenue increased by 16% YoY
  • Q3 2022 Adjusted EBITDA was up 16% YoY to RUB 9,807 mn. EBITDA margin increased by 3 percentage points (p.p.) YoY to 30.6% mostly due to expanding margins in Communications & Social and EdTech segments (+3p.p. and +34 p.p. respectively).
  • Q3 2022 Total Net profit was RUB 41,197 mn, compared to Q3 2021 Total Net loss of RUB 2,354 mn.
  • VK’s largest asset, VKontakte continued to strengthen its leadership position among social networks in Russia with daily audience increasing by 7.1% to a record of 49.4 mn, while the social network’s monthly active users grew 6.9% YoY to a record of 76.9 mn. The growth in audience and engagement led VKontakte to increase its adjusted revenue by almost 34% YoY in Q3.
  • The EdTech segment showed Q3 revenue coming in at RUB 2.6 bn, up 20.3%. The segment posted positive adjusted EBITDA of RUB 459 mn with a margin of 16%. 
  • B2B projects’ revenue expanded 28% YoY in Q3. The highest growth rates in Q3 were seen by corporate communications services and by the VK Tax Compliance, up 343% and 129%, respectively.
  • Youla (classifieds platform) showed positive adjusted EBITDA in Q3 2022 for the first time since its launch.
  • On September 12, VK closed the deal to purchase content platforms Dzen and News from Yandex in exchange for a 100% stake in Delivery Club, ready-to-eat and e-grocery service, and ceased to be a shareholder of O2O Holding. VK continues to enhance its focus on content services and develop its business based on Company’s core products: social networks, communication services and online education platforms.
  • On September 27, VK announced sale of MY.GAMES to Alexander Chachava, the managing partner of LETA Capital. VK continues to develop its own local gaming services under the VK Play brand. Since its launch in April, VK Play has already become the largest video game platform in Russia.
  • VK has significantly moved forward in restructuring of its Convertible Bonds. As at the date of this financial report’s publication, VK has bought back ~55% of all Bonds outstanding with a nominal value of ~$220 mn. The Company continues to look at opportunities to purchase the bonds that remain outstanding.

Growth of the key operating and audience metrics was achieved due to strategic focus on enhancement of VK’s leadership position among content, entertainment and education IT-services, as well as further development of innovative business solutions.

 

Segmental highlights

Communications and Social segment

The segment’s revenue was up 24.3% YoY to RUB 18.5 bn in Q3 2022 with online advertising revenue being the largest revenue component. VKontakte was the main driver with growth of its adjusted revenue approaching 34% YoY in Q3.

The segment’s revenue includes revenue from Dzen and News since their acquisition in early September.

Adjusted EBITDA was up 30.4% YoY to RUB 9.2 bn in Q3 (with a margin of 49% vs 47% a year ago) driven by higher revenue, reduced remuneration to agents/partners and received IT benefits.

 

Communications and Social Segment Performance – Q3 2022 & 9M 2022

RUB millions

Q3
2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

 

Revenue

14,917

18,536

24%

42,350

50,612

20%

 

Adjustments:

 

 

 

 

 

 

 

Changes in deferred revenues

55

(21)

 

155

(212)

 

 

Adjusted revenue

14,972

18,515

24%

42,505

50,400

19%

 

External revenue

14,910

18,407

 

42,283

50,253

 

 

Intersegment revenue

62

108

 

222

147

 

 

Operating expenses

(7,950)

(9,358)

18%

(24,280)

(29,125)

20%

 

Adjusted EBITDA

7,022

9,157

30%

18,225

21,275

17%

 

Adj. EBITDA margin, %

47%

49%

3pp

43%

42%

-1pp

 

 

VKontakte

VKontakte has further strengthened its leading position among the social networks in Russia with a new peak in quarterly average MAU at 76.9 mn (+6.9% YoY) and record-high DAU of 49.4 mn (+7.1% YoY) in Q3 2022. In Q3, the average total time spent on VKontakte stood at 45.2 minutes per day*. VKontakte was reaching 85% of the Russian-speaking internet audience in September, with 54% visiting the platform daily**.

A major update of the VKontakte mobile app was launched in Q3, with maximum focus on content. Updated newsfeed design and user profile were already rolled out.

The number of VK Mini Apps continues to grow, up 73% YoY in September to 63,800, with MAU reaching 38.4 mn in Q3 (+15% YoY). In-app ad revenue of mini apps on the VK Mini Apps platform rose by 45% YoY in Q3. VKontakte increasingly invested in key mini-apps Health and Dating, with their MAU at 7.6 mn and 1.9 mn respectively in Q3.  The number of titles in the VKontakte Mobile Games catalog grew by 160% YoY, with 59% YoY growth in in-game purchases on mobile in Q3.

Our Key video technology platforms (VK Video and VK Clips) reached a new record of 2.41 bn in average combined daily views in Q3. VK Video (1.69bn daily views) launched monetization of live streams for content creators as well as the beta version of the content creator cabinet. It has also further enhanced its content recommendation system. VKontakte also saw growth in video views on the social network itself with 1.16 bn (+45% YoY) in average daily views in Q3.

VKontakte is seeing an increase in content creation and consumption. In Q3, the number of communities created in Russia increased by 28% YoY, while the number of confirmed friend requests up 34% YoY. The number of news feed views increased by 45% YoY. Among the Q3 highlights was the launch of vmoji, a tool to create personal virtual avatars using facial recognition technology and VKontakte’s proprietary generative ML models. Since launch, 6 mn users have launched their digital avatars as of 7 November. VKontakte also launched instant chat translation with multiple language support to help users from different countries and cultures communicate.

In Q3, the total earnings communities made using official VKontakte monetization tools (video monetization, partnership program, and VK Donut) grew by 88% YoY. Creators using VK Donut earned over RUB 126 mn in Q3 (+205% YoY), with the number of communities using VK Donut up 48% YoY and the number of subscribers making payments through VK Donut up 107% YoY in Q3.

Monetization capabilities for communities and content creators are expanding. In Q3 a beta of an updated version of the partnership program for communities was launched, providing access to additional revenue through utilization of new formats inside VKontakte, including by publishing stories or short videos.

In Q3 the number of SMB advertisers in VKontakte increased by 65% YoY, while SMB promotion spending grew twice YoY.

* Source: Mediascope, Q3 2022, Russia (all cities, age 12+), Mobile and Desktop.

** Source: Mediascope, September 2022, Russia (all cities, age 12+), Mobile and Desktop.

 

Odnoklassniki (ОК)

Average Russia MAU for OK stood at 38 mn in Q3, with the best seasonal audience metrics dynamics for the past several years registered in September. Audiences demonstrated strong engagement sending more than 6.4 bn virtual gifts, 325 mn postcards and 490 mn stickers during the quarter.  The number of new user registrations in September grew +8.3% YoY, driven by the 25-45 y.o. age group, with new users demonstrating above average engagement. The number of created communities grew by 66.3% YoY in Q3.

Moments MAU reached 28.4 mn in Q3 (+8.8% YoY). The number of views increased by 32% YoY and reached 497 mn.

Advertising revenue from small and medium size businesses (SMBs) grew 26.5% YoY in Q3, with the number of unique paying SMBs increasing by 12.9% YoY. Total number of business communities publishing content on OK grew by 44.5% YoY in Q3.

In Q3 OK announced its new positioning as a social network centered around hobbies and interests. A key service called “Hobbies” went live on September 1 for all OK users. The social network’s mobile app were also updated, with enhanced navigation with a personalized user menu based on interests. OK has also overhauled its content recommendation system and added monetization for communities featuring video content.

Recommendation platforms (Dzen, Pulse, Relap, News)

Pulse DAU (including vendor audiences) reached 11.2 mn (+24.8% YoY) in Q3 while MAU was 92.8 mn (+7% YoY). Relap’s DAU in Q3 grew to 7.3 mn (+14.9%), MAU reached 107 mn (+26% YoY). Combined Adjusted revenue reached RUB 434 mn in Q3 (+26% YoY). Time spent per active user increased by 49.8% YoY to 19.3 minutes in Q3.

On September 12, VK closed the deal to purchase content platforms Dzen and News from Yandex in exchange for Delivery Club. More information on the deal is available on our website:

 

Games segment

On September 27, VK announced sale of MY.GAMES. The deal has incorporated all MY.GAMES assets including its studios and game products. The total deal value stood at USD 642mn. More information on the transaction can be found in the related press release:

 

Games Segment Performance – Q3 2022 & 9M 2022 (For reference)

RUB millions

Q3 2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

Revenue

10,127

8,602

-15%

32,022

30,076

-6%

Adjustments:

 

 

 

 

 

 

Changes in deferred revenues

(47)

(934)

 

139

(1,628)

 

Bookings (Adjusted revenue)

10,080

7,668

-24%

32,161

28,448

-12%

External revenue

10,054

7,665

 

32,083

28,371

 

Intersegment revenue

26

3

 

78

77

 

Operating expenses

(7,108)

(6,327)

-11%

(23,990)

(26,334)

10%

Adjusted EBITDA

2,972

1,341

-55%

8,171

2,114

-74%

Adj. EBITDA margin, %

29%

17%

-12pp

25%

7%

-18pp

 

EdTech segment

The segment’s revenue rose by 20.3% YoY to RUB 2.6 bn. EdTech delivered a positive Adjusted EBITDA of RUB 459 mn in Q3 compared to a loss of RUB 455 mn in Q3 2021 due to optimized expenses and the effect of IT benefits.

 

EdTech Segment Performance – Q3 2022 & 9M 2022 

RUB millions

Q3 2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

Revenue

2,177

2,619

20%

5,930

8,065

36%

Adjustments:

 

 

 

 

 

 

Changes in deferred revenues

369

175

 

941

(199)

 

Adjusted revenue

2,546

2,871

13%

6,871

7,866

14%

External revenue

2,545

2,909

 

6,869

7,866

 

Intersegment revenue

1

(38)

 

2

-

 

Operating expenses

(3,001)

(2,412)

-20%

(8,398)

(8,201)

-2%

Adjusted EBITDA

(455)

459

n/a

(1,527)

(335)

-78%

Adj. EBITDA margin, %

-18%

16%

34pp

-22%

-4%

18pp

 

As at the end of September, our consolidated platforms reached 12.0 mn in combined cumulative registered students, which is 1.4x higher YoY, with 0.7 mn in new registrations during the quarter. Cumulative number of paying students reached 465,000 (+1.7x YoY), with almost 45,000 new paying students joining during the quarter.

 

New Initiatives segment

The segment’s revenue has returned to growth, up 6.6% to RUB 3.1 bn in Q3. Main growth drivers were B2B services (including Cloud), VK Play, and VK Clips. Adjusted EBITDA burn in Q3 amounted to RUB 1.0 bn (vs. the loss of RUB 0.9 bn in Q3 2021) which implies a margin of -32% vs -31% a year ago. Losses are driven by the ongoing investment into VK Play, VK Clips, and other new initiatives.

 

New Initiatives Segment Performance – Q3 2022 & 9M 2022 

RUB millions

Q3 2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

Revenue

2,926

3,119

7%

7,494

7,717

3%

Adjusted revenue

2,926

3,119

7%

7,494

7,717

3%

External revenue

2,909

3,037

 

7,464

7,590

 

Intersegment revenue

17

82

 

30

127

 

Operating expenses

(3,834)

(4,131)

8%

(10,563)

(13,446)

27%

Adjusted EBITDA

(908)

(1,012)

11%

(3,069)

(5,729)

87%

Adj. EBITDA margin, %

-31%

-32%

-1pp

-41%

-74%

-33pp

 

B2B (including Cloud)

B2B revenue exceeded RUB 1 bn in Q3, with 28% YoY growth. VK Cloud remains the largest contributor. The fastest growing products in Q3 were Corporate Communication Services (+343% YoY) and tax monitoring platform VK Tax Compliance (+129% YoY).

 

VK Clips (short video)

Daily views of VK Clips averaged 717 mn (+152% YoY) in Q3. The number of new Clips published rose by 312% YoY, and the number of content creators increased by 122% YoY.

 

Youla (classifieds)

Average MAU reached 31 mn in Q3, with the service showing positive EBITDA for the first time.

 

VK Calls

In Q3 VKontakte opened its API for video call control, added call planning, launched the beta-version of its app for meeting rooms and conference halls, and launched its first large-scale promo campaign.

 

VK Play

VK continues to develop its own local gaming services under the VK Play brand following the sale of MY.GAMES. Since its launch in April, VK Play has already become the largest video game platform in Russia offering a catalog of games, cloud gaming, the VK Play Live streaming platform, a tournament platform, and news media. VK Play has already above 7 mn registered accounts. As at the end of Q3, VK Play had more than 13,000 titles on its platform (including more than 350 games available through cloud gaming). By the end of the year, the service is planning to add more features for players to fulfil its primary near-term goal of expanding the platform’s audience.

 

RuStore

Since the beta launch of RuStore (the Russian app store for Android), more than 1,700 apps have been added to its catalog, generating more than 4 million downloads. The service offers an app developer account, app listing, integration with the security system, and more. In Q3 RuStore opened access to private developers and expanded its features, adding app categories, reviews and ratings, in-app purchases, and promotion tools. By the end of the year the app store plans to add marketing tools and analytics.

Joint ventures

VK has exited the O2O Holding joint venture in Q3. The respective deal was closed on September 29.

In Q3 VK recognized its share of loss in O2O Holding in amount of RUB (2,291mn) vs RUB (3,868mn) in Q3 2021. Due to sale of the entire stake in the O2O JV, VK recognized a revaluation gain in the amount of RUB 24,186mn;

 

This release presents Adjusted revenue, Adjusted EBITDA, Adjusted net profit/loss, which are non-IFRS financial measures

Adjusted measures for 2021 and 2022 also include contribution from discontinued operations (MY.GAMES).  IFRS measures exclude contribution form MY.GAMES, according to the IFRS 5 requirement due to the disposal of the asset at the end of Q3 2022.

RUB millions

Q3 2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

Adjusted revenue

30,418

32,018

5%

88,699

94,080

6%

Revenue

19,914

24,119

22%

55,442

66,058

19%

Adjusted EBITDA

8,426

9,807

16%

21,159

16,974

-20%

Adjusted net profit/(loss)

(1,429)

704

 

(4,659)

(10,101)

 

Net profit/(loss)

(2,354)

41,197

 

(9,788)

(10,094)

 

 

RUB millions*

Q3 2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

Online advertising Revenue

11,163

14,455

29%

30,408

37,597

24%

Adjustments:

 

 

 

 

 

 

Discontinued operations

1,066

728

 

3,542

3,036

 

Barter revenues

-

-

 

-

(15)

 

Changes in deferred revenues

(1)

(15)

 

(1)

(15)

 

Online advertising Adjusted revenue

12,228

15,168

24%

33,949

40,603

20%

Users payments (Community IVAS)

4,326

3,992

-8%

13,075

12,838

-2%

Adjustments:

 

 

 

 

 

 

Discontinued operations

8,987

7,871

 

27,890

26,836

 

Changes in deferred revenues

7

(934)

 

226

(1,791)

 

Users payments adjusted (Community IVAS & MMO games)

13,320

10,929

-18%

41,191

37,883

-8%

Education Technology services Revenue

2,173

2,634

21%

5,924

8,034

36%

Adjustments:

 

 

 

 

 

 

Changes in deferred revenues

373

270

 

941

(181)

 

Education Technology services Adjusted revenue

2,546

2,904

14%

6,865

7,853

14%

Other Revenue

2,252

3,038

35%

6,035

7,589

26%

Adjustments:

 

 

 

 

 

 

Discontinued operations

74

3

 

590

204

 

Changes in deferred revenues

(2)

(24)

 

69

(52)

 

Other Adjusted revenue

2,324

3,017

30%

6,694

7,741

16%

 

* Figures in the table above include contribution from discontinued operations (MY.GAMES)

 

For further information please contact:

 

VK IR team


 

VK PR team

 

Cautionary Statement regarding Forward Looking Statements and Disclaimers

This press release contains statements of expectation and other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "forecast", "intend", "will", "could", "may" or "might", the negative of such terms or other similar expressions including "outlook" or "guidance". The forward-looking statements in this release are based upon various assumptions that are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and may be beyond the Group's control. Actual results could differ materially from those discussed in the forward looking statements herein. Many factors could cause actual results to differ materially from those discussed in the forward looking statements included herein, including competition in the marketplace, changes in consumer preferences, the degree of Internet penetration and online advertising in Russia, concerns about data security, claims of intellectual property infringement, adverse media speculation, changes in political, social, legal or economic conditions in Russia, exchange rate fluctuations, and the Group's success in identifying and responding to these and other risks involved in its business, including those referenced under "Risk Factors" in the Group's public filings. The forward-looking statements contained herein speak only as of the date they were made, and the Group does not intend to amend or update these statements except to the extent required by law to reflect events and circumstances occurring after the date hereof.

 

About VK

VK is one of the largest technology companies in Russia. Its products help millions of people with their day-to-day needs online. More than 90% of the Russian internet audience use VK services, which enable people to keep in touch, play video games, master new skills, listen to music, watch and create video content, buy and offer goods and services and fulfill wide range of other needs. The company provides a number of solutions for digitizing business processes, from online promotion and predictive analytics to corporate social networks, cloud services and enterprise automation.

 

Interim Condensed Consolidated Financial Results for Q3 and 9M 2022

 

RUB millions

 

Q3 2021

Q3 2022

YoY, %

9M 2021

9M 2022

YoY, %

Revenue

 

 

 

 

 

 

Online advertising

11,163

14,455

29.5%

30,408

37,597

23.6%

Community IVAS

4,326

3,992

-7.7%

13,075

12,838

-1.8%

Education technology services

2,173

2,634

21.2%

5,924

8,034

35.6%

Other revenue

2,252

3,038

34.9%

6,035

7,589

25.7%

Total revenue

19,914

24,119

21.1%

55,442

66,058

19.1%

Adjustments

 

 

 

 

 

 

Revenue from discontinued opperations

10,127

8,602

-15.1%

32,022

30,076

-6.1%

Barter revenues

-

-

n/m

-

(15)

n/m

Changes in deferred revenues

377

(703)

n/m

1,235

(2,039)

n/m

Total adjusted revenue**

30,418

32,018

5.3%

88,699

94,080

6.1%

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Personnel expenses

(6,010)

(6,550)

9.0%

(18,926)

(27,167)

43.5%

Agent/partner fees

(5,439)

(5,025)

-7.6%

(16,234)

(16,408)

1.1%

Marketing expenses

(2,038)

(3,430)

68.3%

(6,024)

(8,306)

37.9%

Server hosting expenses

(136)

(244)

79.4%

(390)

(517)

32.6%

Professional services

(257)

(263)

2.3%

(793)

(751)

-5.3%

Other operating income

178

243

36.5%

494

761

54.0%

Other operating expenses, excl. D&A

(1,143)

(953)

-16.6%

(2,879)

(3,207)

11.4%

Total operating expenses

(14,845)

(16,222)

9.3%

(44,752)

(55,595)

24.2%

Adjustments

 

 

 

 

 

 

OPEX related to discontinued opperations

(7,108)

(6,327)

-11.0%

(23,990)

(26,334)

9.8%

Share-based payment transactions

(27)

277

n/m

711

4,687

n/m

Other

(12)

61

n/m

491

136

-72.3%

Adjusted EBITDA**

8,426

9,807

16.4%

21,159

16,974

-19.8%

Adjusted EBITDA margin, %

27.7%

30.6%

 

23.9%

18.0%

 

 

 

 

 

 

 

 

Net profit/ (loss)

(2,354)

41,197

n/m

(9,788)

(10,094)

3.1%

Net profit/ (loss) margin

-11.8%

170.8%

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net profit/ (loss)

(1,429)

704

n/m

(4,659)

(10,101)

n/m

Adjusted Net profit/ (loss) margin

-4.7%

2.2%

 

-5.3%

-10.7%

 

(*) The numbers in this table and further in the document may not exactly foot or cross-foot due to rounding.

(**) Please refer to “Presentation of Segment Financial Information“ for reconciliation of non-IFRS measures (Adj.revenue, Adj EBITDA and Adj. net income/(loss) to IFRS

 

Operating Segments

In order to assess operational performance and allocate resources, the Chief Executive Officer of the Group, who is the Group’s Chief Operating Decision Maker (CODM), reviews selected items of each segment’s income statement, assuming 100% ownership in all of the Group’s key operating subsidiaries, based on management reporting.

In our effort to further enhance our reporting quality and transparency, the Group’s aggregate segment financial information previously presented in the form of management (CODM) accounts has been transformed starting from Q1 2022. In addition to IFRS-based disclosure, we have reported adjusted metrics, which are used in the management decision making process, with a clear transition between IFRS-based results and adjusted metrics to be provided, including within segmental disclosure.

 

Revenue in Segments Performance correspond with revenue according to IFRS. To supplement the financial information prepared and presented in accordance with IFRS, we have presented the following non-IFRS financial measures: Adjusted revenue, Adjusted EBITDA, Adjusted Net profit.

The composition of the reporting segments reflects the Group’s strategy, the way the business is managed and units’ interconnection within its eco-system. The Group has identified the following reportable segments on this basis:

  • Communications and Social;
  • Games (the segment is presented as a discontinued operation as of September 30, 2022);
  • Education Technologies (EdTech); and
  • New initiatives.  

The Communications and Social segment includes email, instant messaging, News and Dzen.Platform (hereinafter -  ‘Dzen.Platform’; News and Dzen.Platform are being consolidated from September 2022), recommendation platforms (Pulse and Relap), as well as portal (main page and media projects). It earns substantially all revenues from display and context advertising. This segment also aggregates the Group’s social network Vkontakte and two other social networks (OK and My World) and earns revenues from (i) commission from application developers based on the respective applications’ revenue, (ii) user payments for virtual gifts, stickers and music subscriptions and (iii) online advertising, including display and context advertising. It also includes Search and music services. These businesses have similar nature and economic characteristics as they are represented by social networks and online communications, common type of customers for their products and services and are regulated under a similar regulatory environment.

The Games segment contains online gaming services, including MMO, social and mobile games, games streaming and platform solutions operated by the Group under the MY.GAMES brand and within the MY.GAMES ecosystem. It earns substantially all revenues from (i) sale of virtual in-game items to users (f2p) or sale of digital copies of the games (b2p), (ii) royalties for games and gaming solutions licensed to third party online game operators (iii) in-game advertising and (iv) revenues from streaming services and gaming platform services. The Games segment is presented as a discontinued operation as of September 30, 2022

The EdTech segment includes the Group’s online education platforms with educational courses and programs (such as GeekBrains, Skillbox and Skillfactory) and earns substantially all revenue from individuals for education technology services.

The New initiatives reportable segment represents separate operating segments aggregated in one reportable segment for their similar nature of newly acquired or newly launched and dynamically developing businesses. This segment primarily consists of VK Clips with potential to become a major separate product, B2B new projects including cloud along with other services, as well as of Youla classifieds that earns substantially all revenues from advertising, listing fees and other services that are considered insignificant by the CODM for the purposes of a performance review.

Since Q1 2022 the Group has changed its approach to allocation of corporate services expenses. The Group has analyzed the functionality of key services and defined appropriate drivers to allocate expenses of each service. Previously the Group applied a single driver in allocation of all corporate services expenses, based on the share of each segment in direct costs.

Non-allocated items - Allocations exclude services that are mostly related to general group issues, as well as expenses that cannot be tied to a particular BU, such as PR, Investor Relations, Government Relations, and other services.

Operating Segments Performance – Q3 2022

RUB millions

Communications and Social

Games

EdTech

New initiatives

Not allocated

Eliminations

Group

Revenue

18,536

 -

2,619

3,119

 -

(155)

24,119

Adjustments

 

 

 

 

 

 

 

Revenue of the "Games" segment

 -

8,602

 -

 -

 -

 -

 8 602  

Changes in deferred revenues

(21)

(934)

252

 -

 -

 -

(703)

Adjusted revenue

18,515

7,668

2,871

3,119

 -

(155)

32,018

External revenue

18,407

7,665

2,909

3,037

 -

 -

32,018

Intersegment revenue

108

3

(38)

82

 -

(155)

 -

Total operating expenses

(9,358)

 -

(2,412)

(4,131)

(476)

155

(16,222)

Adjustments

 

 

 

 

 

 

 

Expenses of the "Games" segment

 -

(6,327)

 -

 -

 -

 -

(6,327)

Share-based payment transactions

 -

 -

 -

 -

277

 -

277

Other

 -

 -

 -

 -

61

 -

61

Adjusted EBITDA

9,157

1,341

459

(1,012)

(138)

 -

9,807

Adjusted EBITDA margin, %

49.5%

17.5%

16.0%

-32.4%

 

 

30.6%

Group Adjusted net loss

 

 

 

 

 

 704

Adjusted profit margin, %

 

 

 

 

 

2.2%

Including Share of loss of equity accounted associates and joint ventures:

 

 

 

 

 

Aliexpress Russia JV

 

 

 

 

 

 

 -

O2O JV

 

 

 

 

 

 

 (1,471)

Umschool associate

 

 

 

 

 

 

 (28)

Uchi.ru associate

 

 

 

 

 

 

 54

Other

 

 

 

 

 

 

 (6)

 

Operating Segments Performance – Q3 2021

RUB millions

Communications and Social

Games

EdTech

New initiatives

Not allocated

Eliminations

Group

Revenue

14,917

 -

2,177

2,926

 -

(106)

19,914

Adjustments

 

 

 

 

 

 

 

Revenue of the "Games" segment

 -

10,127

 -

 -

 -

 -

10,127

Changes in deferred revenues

55

(47)

369

 -

 -

 -

377

Adjusted revenue

14,972

10,080

2,546

2,926

 -

(106)

30,418

External revenue

14,910

10,054

2,545

2,909

 -

 -

30,418

Intersegment revenue

62

26

1

17

 -

(106)

 -

Total operating expenses

(7,950)

 -

(3,001)

(3,834)

(166)

106

 (14 845)

Adjustments

 

 

 

 

 

 

 

Expenses of the "Games" segment

 

(7,108)

 

 

 

 

(7,108)

Share-based payment transactions

 -

 -

 -

 -

(27)

 -

(27)

Other

 -

 -

 -

 -

(12)

 -

(12)

Adjusted EBITDA

7,022

2,972

(455)

(908)

(205)

 -

8,426

Adjusted EBITDA margin, %

46.9%

29.5%

-17.9%

-31.0%

 

 

27.7%

Group Adjusted net loss

 

 

 

 

 

 (1,429)

Adjusted profit margin, %

 

 

 

 

 

-4.7%

Including Share of loss of equity accounted associates and joint ventures:

 

 

 

 

 

Aliexpress Russia JV

 

 

 

 

 

 

 (1,212)

O2O JV

 

 

 

 

 

 

 (3,882)

Uchi.ru associate

 

 

 

 

 

 

 (113)

Other

 

 

 

 

 

 

 (58)

 

Operating Segments Performance – 9M 2022

RUB millions

Communications and Social

Games

EdTech

New initiatives

Not allocated

Eliminations

Group

Revenue

50,612

 -

8,065

7,717

15

(351)

66,058

Adjustments

 

 

 

 

 

 

 

Revenue of the "Games" segment

 -

30,076

 -

 -

 -

 -

30,076

Barter revenues

 -

 -

 -

 -

(15)

 -

(15)

Changes in deferred revenues

(212)

(1,628)

(199)

 -

 -

 -

(2,039)

Adjusted revenue

50,400

28,448

7,866

7,717

 -

(351)

94,080

External revenue

50,253

28,371

7,866

7,590

 -

 -

94,080

Intersegment revenue

147

77

 -

127

 -

(351)

 -

Total operating expenses

(29,125)

-

(8,201)

(13,446)

(5,174)

351

(55 595)

Adjustments

 

 

 

 

 

 

 

Expenses of the "Games" segment

 -

(26,334)

 -

 -

 -

 -

(26,334)

Share-based payment transactions

 -

 -

 -

 -

4,687

 -

4,687

Other

 -

 -

 -

 -

136

 -

136

Adjusted EBITDA

21,275

2,114

(335)

(5,729)

(351)

 -

16,974

Adjusted EBITDA margin, %

42.2%

7.4%

-4.3%

-74.2%

-

-

18.0%

Group Adjusted net loss

 

 

 

 

 

 (10,101)

Adjusted profit margin, %

 

 

 

 

 

-10.7%

Including Share of loss of equity accounted associates and joint ventures:

 

 

 

 

 

Aliexpress Russia JV

 

 

 

 

 

 

 (828)

O2O JV

 

 

 

 

 

 

 (9,224)

Umschool associate

 

 

 

 

 

 

 52

Uchi.ru associate

 

 

 

 

 

 

 134

Other

 

 

 

 

 

 

 (123)

 

Operating Segments Performance – 9M 2021

RUB millions

Communications and Social

Games

EdTech

New initiatives

Not allocated

Eliminations

Group

Revenue

42,350

 -

5,930

7,494

 -

(332)

55,442

Adjustments

 

 

 

 

 

 

 

Revenue of the "Games" segment

 -

32,022

 -

 -

 -

 -

32,022

Changes in deferred revenues

155

139

941

 -

 -

 -

1,235

Adjusted revenue

42,505

32,161

6,871

7,494

 -

(332)

88,699

External revenue

42,283

32,083

6,869

7,464

 -

 -

88,699

Intersegment revenue

222

78

2

30

 -

(332)

 -

Total operating expenses

(24,280)

 -

(8,398)

(10,563)

(1,843)

332

(44,752)

Adjustments

 

 

 

 

 

 

 

Expenses of the "Games" segment

 -

(23,990)

 -

 -

 -

 

(23,990)

Share-based payment transactions

 -

 -

 -

 -

711

 -

711

Other

 -

 -

 -

 -

491

 -

491

Adjusted EBITDA

18,225

8,171

(1,527)

(3,069)

(641)

 -

21,159

Adjusted EBITDA margin, %

42.9%

25.4%

-22.2%

-41.0%

-

-

23.9%

Group Adjusted net loss

 

 

 

 

 

 (4,659)

Adjusted profit margin, %

 

 

 

 

 

-5.3%

Including Share of loss of equity accounted associates and joint ventures:

 

 

 

 

 

Aliexpress Russia JV

 

 

 

 

 

 

 (2,179)

O2O JV

 

 

 

 

 

 

 (11,098)

Uchi.ru associate

 

 

 

 

 

 

 (92)

Other

 

 

 

 

 

 

 640

 

Liquidity

As of 30 September 2022, the Group had RUB 14,688  million of cash and cash equivalents and short-term time deposits and RUB 70,625 million of debt outstanding (excluding lease liabilities). The Group’s net debt position was RUB 55,937 million.

 

Presentation of Aggregate Segment Financial Information

The Group aggregate segment financial information is derived from the financial information used by management to manage the Group's business by aggregating the segment financial data of the Group's operating segments and eliminating intra-segment and inter-segment revenues and expenses. Group aggregate segment financial information differs significantly from the financial information presented on the face of the Group's consolidated financial statements in accordance with IFRS. In particular:

 

  • The Group's segment financial information excludes certain IFRS adjustments which are not analysed by management in assessing the core operating performance of the business. Such adjustments affect such major areas as revenue recognition, share-based payment transactions, disposal of and impairment of investments, fair value adjustments, amortisation and impairment thereof, net foreign exchange gains and losses, as well as irregular non-recurring items that occur from time to time and are evaluated for adjustment as and when they occur. The tax effect of these adjustments is also excluded from segment reporting.
  • Segment revenues do not reflect certain other adjustments required when presenting consolidated revenues under IFRS. For example, segment revenue excludes barter revenues and adjustments to defer online gaming, social network and education revenues under IFRS.

A reconciliation of group adjusted EBITDA to IFRS consolidated loss before income tax expense of the Group for the three months ended 30 September 2021 and 2022 is presented below:

RUB millions 

Q3 2022

Q3 2021

Group adjusted EBITDA

9,807

8,426

Group adjusted EBITDA related to discontinued operations

 (1,341)

 (2,972)

Changes in deferred revenues

 (231)

 (424)

Share-based payment transactions

 (277)

27

Other

 (61)

12

Depreciation and amortisation

 (4,413)

 (4,036)

Impairment of intangible assets

 (43)

 -

Share of loss of equity accounted associates and joint ventures

 (2,353)

 (5,451)

Finance income

1,779

339

Finance expenses

 (1,909)

 (987)

Other non-operating income/(loss)

 (82)

47

Goodwill impairment

 (425)

 -

Net (loss)/gain on financial assets and liabilities at fair value through profit or loss

 (1,602)

753

Gain on remeasurement of previously held interest in equity accounted associate

24,186

305

Impairment of equity accounted associates and joint ventures

 (792)

 -

Loss on remeasurement of financial instruments

 (94)

 (92)

Expected credit loss allowance on restricted cash

 (97)

 -

Net foreign exchange gain

 (3,924)

 (228)

Profit before income tax expense from discontinued operations

21,847

2,432

Consolidated profit/(loss) before income tax expense under IFRS

39,975

 (1,849)

 

A reconciliation of Group adjusted net loss to IFRS consolidated net loss of the Group for the three months ended 30 September 2021 and 2022 is presented below:

RUB millions 

Q3 2022

Q3 2021

Group adjusted net loss

704

 (1,429)

Group adjusted net loss related to discontinued operations

 (878)

 (2,441)

Changes in deferred revenues

 (231)

 (424)

Share-based payment transactions

 (277)

27

Other non-operating income/(loss)

 (82)

47

Goodwill impairment

 (425)

 -

Impairment of intangible assets

 (43)

 -

Net (loss)/gain on financial assets and liabilities at fair value through profit or loss

 (1,602)

753

Gain on remeasurement of previously held interest in equity accounted associate

24,186

305

Impairment of equity accounted associates and joint ventures

 (792)

 -

Loss on remeasurement of financial instruments

 (94)

 (92)

Expected credit loss allowance on restricted cash

 (97)

 -

Net foreign exchange gain

 (3,924)

 (228)

Amortisation of fair value adjustments to intangible assets

 (780)

 (970)

Net loss on financial liabilities at amortised cost

1,532

 (227)

Differences in recognition of net share in loss of equity accounted associates and joint ventures

 (902)

 (186)

Other

 (23)

 (29)

Tax effect of the adjustments

3,078

294

Net profit from discontinued operations

21,847

2,246

Consolidated net profit/(loss) under IFRS

41,197

 (2,354)

 

A reconciliation of group adjusted EBITDA to IFRS consolidated loss before income tax expense of the Group for the nine months ended 30 September 2021 and 2022 is presented below:

RUB millions 

9M 2022

9M 2021

Group adjusted EBITDA

16,974

21,159

Group adjusted EBITDA related to discontinued operations

 (2,114)

 (8,171)

Barter revenue

15

 -

Changes in deferred revenues

411

 (1,096)

Share-based payment transactions

 (4,687)

 (711)

Expected credit loss on consideration receivable

 -

 (473)

Other

 (136)

 (18)

Depreciation and amortisation

 (13,302)

 (11,836)

Impairment of intangible assets

 (1,052)

 -

Share of loss of equity accounted associates and joint ventures

 (16,827)

 (14,181)

Finance income

2,299

715

Finance expenses

 (10,210)

 (2,891)

Other non-operating income/(loss)

 (37)

25

Goodwill impairment

 (9,681)

 -

Net (loss)/gain on financial assets and liabilities at fair value through profit or loss

 (9,079)

2,078

Gain on remeasurement of previously held interest in equity accounted associate

24,186

305

Impairment of equity accounted associates and joint ventures

 (13,617)

 -

Loss on remeasurement of financial instruments

 (119)

 (390)

Expected credit loss allowance on restricted cash

 (2,162)

 -

Net foreign exchange gain

9,164

 (89)

Profit before income tax expense from discontinued operations

19,742

6,462

Consolidated loss before income tax expense under IFRS

 (10,232)

 (9,112)

 

A reconciliation of Group adjusted net loss to IFRS consolidated net loss of the Group for the nine months ended 30 September 2021 and 2022 is presented below:

RUB millions 

9M 2022

9M 2021

Group adjusted net loss

 (10,101)

 (4,659)

Group adjusted net loss related to discontinued operations

 (522)

 (6,584)

Changes in deferred revenues

411

 (1,096)

Share-based payment transactions

 (4,687)

 (711)

Expected credit loss on consideration receivable

 -

 (473)

Other non-operating income/(loss)

 (37)

25

Goodwill impairment

 (9,681)

 -

Impairment of intangible assets

 (1,052)

 -

Net (loss)/gain on financial assets and liabilities at fair value through profit or loss

 (9,079)

2,078

Gain on remeasurement of previously held interest in equity accounted associate

24,186

305

Impairment of equity accounted associates and joint ventures

 (13,617)

 -

Loss on remeasurement of financial instruments

 (119)

 (390)

Expected credit loss allowance on restricted cash

 (2,162)

 -

Net foreign exchange gain

9,164

 (89)

Amortisation of fair value adjustments to intangible assets

 (2,398)

 (2,993)

Net loss on financial liabilities at amortised cost

 (4,094)

 (659)

Differences in recognition of net share in loss of equity accounted associates and joint ventures

 (6,838)

 (1,452)

Other

 (71)

 (168)

Tax effect of the adjustments

 (82)

924

Net profit from discontinued operations

20,685

6,154

Consolidated net loss under IFRS

 (10,094)

 (9,788)


Consolidated IFRS Statement of Financial Position

RUB millions

September 30,
2022

December 31,

2021

ASSETS

 

 

Non-current assets

 

 

Investments in equity accounted associates and joint ventures

4,776

48,921

Goodwill

151,205

138,414

Right-of-use assets

14,274

14,843

Other intangible assets

20,686

18,324

Property and equipment

18,018

15,798

Financial assets at fair value through profit or loss

4,055

6,903

Deferred income tax assets

2,128

5,157

Long-term loans issued

367

69

Advance under office lease contracts

488

462

Total non-current assets

215,997

248,891

Current assets

 

 

Trade accounts receivable

15,371

20,688

Accounts receivable from the sale of a subsidiary

29,315

-

Prepaid income tax

1,122

359

Prepaid expenses and advances to suppliers

1,963

2,353

Loans issued

1,200

109

Inventories

380

157

Other current assets

4,432

1,445

Cash and cash equivalents

14,688

23,737

Assets held for sale

4,175

-

Total current assets

72,646

48,848

Total assets

288,643

297,739

EQUITY AND LIABILITIES

 

 

Equity attributable to equity holders of the parent

 

 

Issued capital

 

 

Share premium

81,383

79,397

Treasury shares

 (1,039)

 (1,044)

Retained earnings

80,566

89,985

Foreign currency translation reserve

808

1,578

Total equity attributable to equity holders of the parent

161,718

169,916

Non-controlling interests

 (2,185)

346

Total equity

159,533

170,262

Non-current liabilities

 

 

Deferred income tax liabilities

1,737

1,228

Deferred revenue

590

1,455

Non-current lease liabilities

10,798

11,327

Non-current financial liabilities at fair value through profit or loss

1,450

879

Long-term interest-bearing loans and bonds

28,102

50,810

Other non-current liabilities

434

522

Total non-current liabilities

43,111

66,221

Current liabilities

 

 

Trade accounts payable

12,270

14,541

Income tax payable

2,495

3,208

VAT and other taxes payable

4,507

4,391

Deferred revenue and customer advances

6,141

17,794

Short-term portion of long-term interest-bearing loans and bonds

35,488

7,078

Current lease liabilities

4,925

4,121

Current financial liabilities at fair value through profit or loss

5,585

-

Other payables and accrued expenses

10,276

10,123

Liabilities directly associated with assets held for sale

4,312

-

Total current liabilities

85,999

61,256

Total liabilities

129,110

127,477

Total equity and liabilities

288,643

297,739


Consolidated IFRS Statement of Comprehensive Income

RUB millions 

Q3 2022

Q3 2021

9m 2022

9m 2021

Continuing operations

 

 

 

 

Online advertising

14,455

11,163

37,597

30,408

Community IVAS

3,992

4,326

12,838

13,075

Education technology services

2,634

2,173

8,034

5,924

Other revenue

3,038

2,252

7,589

6,035

Total revenue

24,119

19,914

66,058

55,442

 

 

 

 

 

Personnel expenses

(6,550)

(6,010)

(27,167)

(18,926)

Agent/partner fees

(5,025)

(5,439)

(16,408)

(16,234)

Marketing expenses

(3,430)

(2,038)

(8,306)

(6,024)

Server hosting expenses

(244)

(136)

(517)

(390)

Professional services

(263)

(257)

(751)

(793)

Other operating income

243

178

761

494

Other operating expenses

(953)

(1,143)

(3,207)

(2,879)

Total operating expenses, net

(16,222)

(14,845)

(55,595)

(44,752)

Depreciation and amortisation

(4,413)

(4,036)

(13,302)

(11,836)

Impairment of intangible assets

(43)

-

(1,052)

-

Share of loss of equity accounted associates and joint ventures

(2,353)

(5,451)

(16,827)

(14,181)

Finance income

1,779

339

2,299

715

Finance expenses

(1,909)

(987)

(10,210)

(2,891)

Other non-operating gain/(loss)

(82)

47

(37)

25

Goodwill impairment

(425)

-

(9,681)

-

Net (loss)/gain on financial assets and liabilities at fair value through profit or loss

(1,602)

753

(9,079)

2,078

Impairment of equity accounted associates and joint ventures

(792)

-

(13,617)

-

Gain on remeasurement of previously held interest in equity accounted associate

24,186

305

24,186

305

Loss on remeasurement of financial instruments

(94)

(92)

(119)

(390)

Expected credit loss allowance on restricted cash

(97)

-

(2,162)

-

Net foreign exchange gain

(3,924)

(228)

9,164

(89)

Profit/(loss) before income tax expense from continuing operations

18,128

(4,281)

(29,974)

(15,574)

Income tax expense

1,222

(319)

(805)

(368)

Net profit/(loss) from continuing operations

19,350

(4,600)

(30,779)

(15,942)

 

 

 

 

 

Discontinued operations

 

 

 

 

Profit and other comprehensive income from discontinued operations

21,847

2,246

20,685

6,154

Net profit/(loss)

41,197

(2,354)

(10,094)

(9,788)

 

 

 

 

 

Other comprehensive income

 

 

 

 

Other comprehensive income that may be reclassified to profit or loss in subsequent periods

 

 

 

 

Effect of translation to presentation currency of Group’s joint ventures

-

-

1,002

-

Exchange difference on translation of foreign operations

1,424

202

(1,765)

(322)

Total other comprehensive loss that may be reclassified to profit or loss in subsequent periods

1,424

202

(763)

(322)

Total other comprehensive loss net of tax effect of 0

1,424

202

(763)

(322)

Total comprehensive loss, net of tax

42,621

(2,152)

(10,857)

(10,110)

 

 

 

 

 

Net profit/(loss), attributable to:

 

 

 

 

Equity holders of the parent

41,515

 (2,096)

 (9,419)

 (9,424)

Non-controlling interests

 (318)

 (258)

 (675)

 (364)

 

 

 

 

 

Total comprehensive loss, net of tax, attributable to:

 

 

 

 

Equity holders of the parent

42,939

 (1,894)

 (10,182)

 (9,746)

Non-controlling interests

 (318)

 (258)

 (675)

 (364)

 

 

 

 

 

Profit/(loss) per share, in RUB:

 

 

 

 

Basic profit/(loss) per share attributable to ordinary equity holders of the parent

184

(9)

(42)

(42)

Diluted earnings per share attributable to ordinary equity holders of the parent

1840

n/a

n/a

n/a

 

 

 

 

 

Profit/(loss) per share from continuing operations, in RUB:

 

 

 

 

Basic profit/(loss) per share attributable to ordinary equity holders of the parent

86

(18)

(127)

(68)

Diluted earnings per share attributable to ordinary equity holders of the parent

85

n/a

n/a

n/a

 

 

 

 

 

Profit/(loss) per share from discontinued operations, in RUB:

 

 

 

 

Basic profit/(loss) per share attributable to ordinary equity holders of the parent

97

9

85

26

Diluted earnings per share attributable to ordinary equity holders of the parent

95

9

83

26

 

Consolidated IFRS Statement of Cash Flows

RUB millions 

Nine months ended

September 30, 2022

Nine months ended

September 30, 2021

Cash flows from operating activities

 

 

Loss before income tax from continuing operations

(29,974)

(15,574)

Profit before income tax from discontinued operations

19,742

6,462

Loss before income tax

(10,232)

(9,112)

Adjustments to reconcile loss before income tax to cash flows

 

 

Depreciation and amortisation

14,991

13,405

Impairment of intangible assets

1,052

-

Share of loss of equity accounted associates and joint ventures

16,827

14,181

Finance income

(2,405)

(716)

Finance expenses

10,219

2,910

Expected credit loss allowance on trade receivables

213

326

Expected credit loss allowance on restricted cash

2,934

-

Goodwill impairment

9,681

-

Net loss/(gain) on financial assets and liabilities at fair value through profit or loss

9,659

(2,023)

Net gain on disposal of subsidiaries

(20,178)

-

Impairment of equity accounted associates and joint ventures

13,617

-

Gain on remeasurement of previously held interest in equity accounted associates

(24,186)

(305)

Loss on remeasurement of financial instruments

291

414

Net foreign exchange gain

(8,620)

(7)

Сash settled and equity settled share-based payments

1,991

711

Other non-cash items

406

25

Change in operating assets and liabilities

 

 

(Increase)/decrease in accounts receivable

(1,876)

134

Increase in prepaid expenses and advances to suppliers

(2,562)

(971)

Increase in inventories and other assets

(3,202)

(1,202)

Increase in accounts payable and accrued expense

7,390

2,587

(Increase)/decrease in other non-current assets

(26)

208

(Decrease)/increase in deferred revenue and customer advances

(2,269)

1,535

Increase in financial assets at fair value through profit or loss

(558)

(3,724)

Operating cash flows before interest and income taxes

13,157

18,376

Interest received

767

36

Interest paid

(4,175)

(2,347)

Income tax paid

(1,204)

(2,234)

Net cash provided by operating activities

8,545

13,831

Cash flows from investing activities

 

 

Cash paid for property and equipment

(8,119)

(7,331)

Cash paid for intangible assets

(5,806)

(4,057)

Dividends received from equity accounted associates

-

883

Loans issued

(8,280)

(15,962)

Loans collected

175

139

Cash paid for acquisitions of subsidiaries, net of cash acquired

10,627

(1,762)

Cash outflow from sale of subsidiary

(1,577)

-

Cash paid for investments in equity accounted associates and joint ventures

(2,600)

(4,717)

Net cash used in investing activities

(15,580)

(32,807)

Cash flows from financing activities

 

 

Payment of lease liabilities

(3,520)

(2,714)

Loans received

25,255

-

Loans repaid

(20,968)

(1,960)

Proceeds from bonds issued

-

15,000

Cash received from disposal of non-controlling interests in subsidiaries

-

655

Cash paid for non-controlling interests in subsidiaries

-

(20)

Dividends paid by subsidiaries to non-controlling shareholders

(85)

(215)

Net cash provided by / (used in) financing activities

682

10,746

Net decrease in cash and cash equivalents

(6,353)

(8,230)

Effect of exchange differences on cash balances

(1,063)

(247)

Change in expected credit loss allowance on restricted cash

(1,382)

-

Change in cash related to asset held for sale

(251)

-

Cash and cash equivalents at the beginning of the period

23,737

39,297

Cash and cash equivalents at the end of the period

14,688

30,820

 



ISIN: US5603172082
Category Code: QRT
TIDM: VKCO
LEI Code: 2138009IXUP41SPL5B50
Sequence No.: 200000
EQS News ID: 1483689

 
End of Announcement EQS News Service

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10/11/2022

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