HeadHunter Group PLC (Nasdaq: HHR, MOEX: HHRU) announced today its
financial results for the quarter ended September 30, 2020. As used
below, references to “we,” “our,” “us” or the “Company” or similar
terms shall mean HeadHunter Group PLC.
Third Quarter 2020 Financial and
Operational Highlights
(in millions of RUB(1) and USD(2)) |
Three months ended September 30,
2020 |
|
Three months ended September 30,
2019 |
|
Change(3) |
|
Three months ended September 30,
2020 |
|
RUB |
|
RUB |
|
|
|
USD(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
2,308 |
|
2,142 |
|
7.7% |
|
29.0 |
|
Russia Segment Revenue |
2,165 |
|
1,984 |
|
9.1% |
|
27.2 |
|
Net Income |
585 |
|
571 |
|
2.6% |
|
7.3 |
|
Net Income Margin, % |
25.4% |
|
26.6% |
|
(1.3)
ppts |
|
|
|
Adjusted EBITDA(5) |
1,296 |
|
1,145 |
|
13.2% |
|
16.3 |
|
Adjusted EBITDA Margin, %(5) |
56.1% |
|
53.5% |
|
2.7
ppts |
|
|
|
Adjusted Net Income(5) |
856 |
|
732 |
|
17.0% |
|
10.7 |
|
Adjusted Net Income Margin, %(5) |
37.1% |
|
34.2% |
|
2.9
ppts |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
“RUB” or “₽”
denote Russian Ruble throughout this release. |
(2) |
|
“USD” or “$” denote U.S. Dollar throughout this release. |
(3) |
|
Percentage movements and certain other figures in this release
may not recalculate exactly due to rounding. This is because
percentages and/or figures contained herein are calculated based on
actual numbers and not the rounded numbers presented. |
(4) |
|
Dollar translations are included solely for the convenience of
the reader and were calculated at the exchange rate quoted by the
Central Bank of Russia as of September 30, 2020 (RUB 79.6845 to USD
1). |
(5) |
|
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income
and Adjusted Net Income Margin are non-IFRS measures. See “Use of
Non-IFRS Financial Measures” elsewhere in this release for a
description of these measures and a reconciliation to the nearest
IFRS measure. |
-
Revenue is up 7.7%, primarily due to the increase in the number of
paying customers in our Russia segment across all customer
segments, reflecting the gradual recovery in business activity in
the third quarter of 2020 after the COVID-19 restrictions were
lifted in the end of the second quarter of 2020.
- Net income was
₽585 million, relatively flat compared to ₽571 million in the third
quarter 2019, as the increase in revenue and the decrease in
finance costs were offset by the increase in operating expenses
related to our SPO occurring in the third quarter of 2020, and the
increase in income tax expense.
- Adjusted EBITDA
is up 13.2% due to increase in revenue, and Adjusted EBITDA Margin
is up to 56.1% from 53.5%, or by 2.7 ppts, as our marketing
expenses declined as a percentage of revenue due to allocation of
expenses.
- Adjusted Net
Income is up 17.0% and Adjusted Net Income Margin is up to 37.1%
from 34.2%, due to the increase in Adjusted EBITDA, together with a
decrease in finance costs, partially offset by the increase in
income tax expense.
(in millions of RUB and USD) |
As of September 30, 2020 |
|
As of December 31, 2019 |
|
Change |
|
As of September 30, 2020 |
|
RUB |
|
RUB |
|
|
|
USD |
|
|
|
|
|
|
Net Working Capital(1) |
(3,111) |
|
(2,994) |
|
3.9% |
|
(39.0) |
|
|
|
|
|
|
Net Debt(1) (2) |
3,102 |
|
3,040 |
2.0% |
|
38.9 |
|
Net Debt to Adjusted EBITDA
Ratio(1) |
0.8x |
|
0.8x |
|
|
|
|
(1) Net Working Capital, Net
Debt, and Net Debt to Adjusted EBITDA Ratio are non-IFRS financial
measures. See “Use of Non-IFRS Financial Measures” elsewhere in
this release for a description of these measures and a
reconciliation to the nearest IFRS measure.
(2) For the purposes of
calculation of this ratio as of September 30, 2020, Adjusted EBITDA
is calculated on the last twelve months basis. See calculation of
the Adjusted EBITDA on the last twelve months basis elsewhere in
this release.
- Net Working
Capital as of September 30, 2020 decreased by ₽117 million, or
3.9%, primarily due to an increase in trade and other payables and
decrease in advances paid, caused by (i) deferral of annual D&O
insurance policy prepayment to the fourth quarter of 2020; (ii)
SPO-related professional services rendered in the third quarter of
2020 not paid as of the quarter-end, and (iii) an increase in
payables attributable to on-line advertisement due to the timing of
incurring these expenses in the period.
- Net Debt
increased by ₽62 million, or 2.0%, primarily due to cash generated
from operating activities (see “Cash Flows”), which was partly
offset by decrease in loans and borrowings as of September 30,
2020, due to repayments to PJSC ‘VTB Bank’ in accordance with the
repayment schedule.
- Net Debt to
Adjusted EBITDA Ratio as of September 30, 2020 was 0.8x, flat
compared to December 31, 2019, as our Net Debt and Adjusted EBITDA
on a last twelve months basis remained flat.
“Solid performance in the third quarter
confirmed the continuous recovery trend observed since April, with
improved KPIs translating into revenue growth across all client and
product categories” said Mikhail Zhukov, Chief Executive Officer of
HeadHunter Group PLC.
“We see meaningful opportunities arising in the
transforming labor market, on the back of heightened digitalization
of employment patterns. While this trend has already become
increasingly prevalent across the industry in recent years, the
lockdown has highlighted an importance and efficiency of remote
solutions and accelerated the structural transition from offline to
online recruitment channels.
Whilst the final outcome remains unclear, to
date we have seen the second spike of the COVID-19 disrupting
business activity to a much lower extent compared to the beginning
of the pandemic. Employers and job seekers seem to have at least
partially adapted to the ‘new reality’ whilst the Russian
Government has managed to combat the spreading of the virus without
imposing harsh restrictions on the economy. As a result, we have
not observed any particular negative effect on our operational and
financial metrics from the second spike to date and expect to keep
further growing our resilient business.”
Impact of COVID-19 on Our Operations and
Financial Position
In March 2020, the World Health Organization
declared the spread of COVID-19 virus a global pandemic.
We observed no specific impact of COVID-19 on
our financial position as of September 30, 2020. However, our
financial results for the second and the third quarter of 2020 were
significantly affected. A decrease in the number of job postings
and the number of new CV database subscriptions resulted in a
decrease in revenues in the second quarter of 2020. As a response
to a decrease in revenue, we implemented various cost-cutting
initiatives, including putting all non-essential hiring on hold. In
the third quarter of 2020, we saw our KPIs and revenues gradually
recovering. Accordingly, we removed most of our cost-saving
restrictions in the third quarter of 2020.
Our liquidity analysis based on our recent
performance and current estimates shows that we have adequate
resources to finance our operations for the foreseeable future. As
at September 30, 2020, we were compliant with all financial and
other covenants per our bank loan agreement. Based on current
projections on our future performance, we expect to remain
compliant with these covenants for at least 12 months from the date
when this financial information was authorised for issue. In
compliance with the recommendations of the authorities, we migrated
to working from home from mid-March 2020, and have remained fully
operational during the pandemic.
Our financial position, results and liquidity
may be affected in the future by any further adverse developments
related to COVID-19.
Operating Segments
For management purposes, we are organized into
operating segments based on the geography of our operations. Our
operating segments include “Russia,” “Belarus,” “Kazakhstan” and
other countries. As each segment, other than Russia, individually
comprises less than 10% of our revenue, for reporting purposes we
combine all segments other than Russia into the “Other segments”
category.
Customers
We sell our services predominantly to businesses
that are looking for job seekers to fill vacancies inside their
organizations. We refer to such businesses as “customers.” In
Russia, we divide our customers into (i) Key Accounts and (ii)
Small and Medium Accounts, based on their annual revenue and
employee headcount. We define “Key Accounts” as customers who,
according to the Spark-Interfax database, have an annual revenue of
₽2 billion or more or a headcount of 250 or more employees and have
not marked themselves as recruiting agencies on their page on our
website, and we define “Small and Medium Accounts” as customers
who, according to the Spark-Interfax database, have both an annual
revenue of less than ₽2 billion and a headcount of less than 250
employees and have not marked themselves as recruiting agencies on
their page on our website. Our website allows several legal
entities and/or natural persons to be registered, each with a
unique identification number, under a single account page (e.g., a
group of companies). Each legal entity registered under a single
account is defined as a separate customer and is included in the
number of paying customers metric. Natural persons registered under
a single account are assumed to be employees of the legal entities
of that account and thus, are not considered separate customers and
are not included in the number of paying customers metric. However,
in a specific reporting period, if only natural persons used our
services under such account, they are collectively included in the
number of paying customers as one customer.
Seasonality
Revenue
We generally do not experience seasonal
fluctuations in demand for our services and prior to COVID-19 our
revenue remained relatively stable throughout each quarter.
However, our customers are predominately businesses and, therefore,
use our services mostly on business days. As a result, our
quarterly revenue is affected by the number of business days in a
quarter, with the exception of our services that represent
“stand-ready” performance obligations, such as subscriptions to
access our curriculum vitae (“CV”) database, which are satisfied
over the period of subscription, including weekends and
holidays.
Public holidays in Russia predominantly fall
during the first quarter of each year, which results in lower
business activity in that quarter. Accordingly, our first quarter
revenue is typically slightly lower than in the other quarters. For
example, our first quarter revenue in our Russia segment in 2018
and 2019 was 20.9% and 21.6%, respectively.
The number of business days in a quarter may
also be affected by calendar layout in a specific year. In
addition, the Government of Russia decides on an annual basis how
public holidays that occur on weekends will be reallocated to
business days throughout the year as a requirement of the Labor
Code of Russia. As a result, the number of business days in a
quarter may be different in each year (while the total number of
business days in a year usually remains the same). Therefore, the
comparability of our quarterly results, including with respect to
our revenue growth rate, may be affected by this variance. In
addition, when a calendar layout in a specific year provides for
several consecutive holidays or a small number of business days
between holidays or holidays adjacent to weekends, HR managers of
our customers may take short vacations, further contributing to the
decrease in business activities in these periods.
The following table illustrates the number of
business days by quarter for the years 2018 to 2020. In 2020 there
is 1 business day more in the second quarter and in the total year
and the same number of business days in the first, third and fourth
quarters, meaning that the calendar layout in 2020 is substantially
the same as in 2019, allowing for good comparability of our
quarterly results:
|
Number of business days |
|
As % of total business days per year |
|
|
|
2020 |
|
2019 |
|
2018 |
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First quarter |
57 |
|
57 |
|
56 |
|
23.0 |
% |
|
23.1 |
% |
|
22.7 |
% |
|
Second quarter |
60 |
|
59 |
|
61 |
|
24.2 |
% |
|
23.9 |
% |
|
24.7 |
% |
|
Third quarter |
66 |
|
66 |
|
65 |
|
26.6 |
% |
|
26.7 |
% |
|
26.3 |
% |
|
Fourth quarter |
65 |
|
65 |
|
65 |
|
26.2 |
% |
|
26.3 |
% |
|
26.3 |
% |
|
Year |
248 |
|
247 |
|
247 |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
On March 25, 2020, in response to the COVID-19
pandemic, the period from March 30, 2020 to May 11, 2020 was
announced a ‘period of non-working days’ in Russia. As a result,
two and 22 working days formally became non-working in the first
and second quarter of 2020, respectively. However, at least some
level of business activity was retained during this period, as
remote work was encouraged and some sectors such as banking were
functioning with limited capacity.
Operating costs and expenses (exclusive of
depreciation and amortization)
Our operating costs and expenses (exclusive of
depreciation and amortization) consist primarily of personnel and
marketing expenses. Personnel and marketing expenses, in total,
accounted for 76.3% and 77.4% of our total operating costs and
expenses (exclusive of depreciation and amortization) for the years
ended December 31, 2019 and December 31, 2018, respectively. Most
of our marketing and personnel expenses are fixed and not directly
tied to our revenue.
Marketing expenses are more volatile in terms of
allocation to quarters and are affected by our decisions on how we
realize our strategy in a particular year, which can differ from
year to year. Therefore, total marketing expenses as a percentage
of revenue for a particular quarter may not be fully representative
of the whole year. Personnel expenses are relatively stable over
the year; however, they are also affected by other dynamics, such
as our hiring decisions. Some costs and expenses, such as
share-based compensation or foreign exchange gains or losses, can
be significantly concentrated in a particular quarter.
As an example, the third quarter segment
external expenses in our Russia segment in 2018 and 2019 were 24.7%
and 26.4%, respectively, of total Russia segment external expenses
for the year.
Net income and Adjusted EBITDA
Even though our revenue remains relatively
stable throughout each quarter, seasonal revenue fluctuations, as
described above, affect our net income. As a result of revenue
seasonality, our profitability in the first quarter is usually
lower than in other quarters and for the full year, because our
expenses as a percentage of revenue are usually higher in the first
quarter due to lower revenue. For example, our Adjusted EBITDA
margin was 46.1% for the first quarter of 2019, compared to 50.5%
for the full year 2019. Our profitability is also affected by our
decisions on timing of expenses, again as described above.
Contract liabilities
Our contract liabilities are affected by the
annual subscriptions’ renewal cycle in our Key Accounts customer
segment. A substantial number of our Key Accounts renew their
subscriptions in the first quarter but prepay us in the fourth
quarter of a previous year, as per our normal payment terms. As a
result, we receive substantial prepayments from our customers in
the fourth quarter which causes a consequential increase in our
contract liabilities at the end of that quarter. For example, our
contract liabilities as of March 31, June 30, September 30, and
December 31, 2019 were ₽2,107 million, ₽2,041 million, ₽1,971
million, and ₽2,367 million, respectively.
Net cash generated from operating activities
Our net cash generated from operating activities
is affected by seasonal fluctuations in business activity as
explained in “Revenue” and by substantial prepayments from our
customers (see “Contract liabilities”), as well as by our decisions
in regard to timing of expenses (see “Operating expenses (exclusive
of depreciation and amortization)”), and to a lesser extent by
payment terms provided to us by our largest suppliers, such as TV
advertising agencies and others.
Net Working Capital
Our Net Working Capital is primarily affected by
changes in our contract liabilities as discussed above. As our
contract liabilities have usually been highest in the fourth
quarter, our Net Working Capital has usually been lowest in the
fourth quarter. For example, our Net Working Capital of March 31,
June 30, September 30, and December 31, 2019 was ₽(2,672) million,
₽(2,697) million, ₽(2,588) million, and ₽(2,994) million,
respectively. However, for 2020 we decided not to offer customers
an opportunity to renew a contract for the same price if they paid
us before January 1, 2020, which was the effective date of our new
price list. This resulted in some customers shifting their payments
from the fourth quarter of 2019 to the first quarter of 2020 and
accordingly there were lower than expected contact liabilities as
of December 31, 2019. In the future, our Net Working Capital
pattern will depend on whether we offer such an opportunity to our
customers.
Third Quarter 2020 Results
Our revenue was ₽2,308 million for the three
months ended September 30, 2020 compared to ₽2,142 million for the
three months ended September 30, 2019. Revenue for the three months
ended September 30, 2020 increased by ₽166 million, or 7.7%,
compared to the three months ended September 30, 2019 primarily due
to an increase the number of paying customers in our Russia
segment. In our Other segment, revenue for the three months ended
September 30, 2020 decreased by ₽15 million, or 9.4%, compared to
the three months ended September 30, 2019 on the back of political
turmoil in Belarus.
The following table breaks down revenue by
product:
|
For the three months ended September
30, |
|
|
For the nine months ended September
30, |
|
|
(in thousands of RUB) |
2020 |
|
2019 |
|
Change |
|
|
2020 |
|
2019 |
|
Change |
|
|
Bundled Subscriptions |
616,501 |
|
584,492 |
|
5.5 |
% |
|
1,718,711 |
|
1,642,467 |
|
4.6 |
% |
|
CV Database Access |
504,234 |
|
493,409 |
|
2.2 |
% |
|
1,321,800 |
|
1,312,798 |
|
0.7 |
% |
|
Job Postings |
973,618 |
|
879,272 |
|
10.7 |
% |
|
2,260,150 |
|
2,290,258 |
|
(1.3 |
)% |
|
Other value-added
services |
213,848 |
|
185,149 |
|
15.5 |
% |
|
531,784 |
|
476,860 |
|
11.5 |
% |
|
Total
revenue |
2,308,201 |
|
2,142,322 |
|
7.7 |
% |
|
5,832,445 |
|
5,722,383 |
|
1.9 |
% |
|
The following table sets forth the revenue
broken down by type of customer and region:
|
For the three months ended September
30, |
|
|
For the nine months ended September
30, |
|
|
(in thousands of RUB) |
2020 |
|
2019 |
|
Change |
|
|
2020 |
|
2019 |
|
Change |
|
|
Key Accounts in Russia |
|
|
|
|
|
|
|
|
|
|
|
|
|
Moscow and St. Petersburg |
564,798 |
|
515,281 |
|
9.6 |
% |
|
1,493,220 |
|
1,443,978 |
|
3.4 |
% |
|
Other regions of Russia |
214,301 |
|
178,432 |
|
20.1 |
% |
|
578,475 |
|
464,018 |
|
24.7 |
% |
|
Sub-total |
779,099 |
|
693,713 |
|
12.3 |
% |
|
2,071,695 |
|
1,907,996 |
|
8.6 |
% |
|
Small and Medium Accounts in Russia |
|
|
|
|
|
|
|
|
|
|
Moscow and St. Petersburg |
735,865 |
|
731,744 |
|
0.6 |
% |
|
1,779,545 |
|
1,930,182 |
|
(7.8 |
)% |
|
Other regions of Russia |
539,058 |
|
461,140 |
|
16.9 |
% |
|
1,288,564 |
|
1,195,879 |
|
7.8 |
% |
|
Sub-total |
1,274,923 |
|
1,192,884 |
|
6.9 |
% |
|
3,068,109 |
|
3,126,061 |
|
(1.9 |
)% |
|
Foreign customers of Russia segment |
14,283 |
|
6,098 |
|
134.2 |
% |
|
42,014 |
|
36,128 |
|
16.3 |
% |
|
Other customers in Russia |
96,949 |
|
91,774 |
|
5.6 |
% |
|
243,153 |
|
227,535 |
|
6.9 |
% |
|
Total for “Russia” operating segment |
2,165,254 |
|
1,984,469 |
|
9.1 |
% |
|
5,424,971 |
|
5,297,720 |
|
2.4 |
% |
|
Other segments |
142,947 |
|
157,853 |
|
(9.4 |
)% |
|
407,474 |
|
424,663 |
|
(4.0 |
)% |
|
Total revenue |
2,308,201 |
|
2,142,322 |
|
7.7 |
% |
|
5,832,445 |
|
5,722,383 |
|
1.9 |
% |
|
The following table sets forth the number of
paying customers and ARPC for the periods indicated:
|
For the three months ended September
30, |
|
|
|
For the nine months ended September
30, |
|
|
2020 |
|
2019 |
|
Change |
|
|
|
2020 |
|
2019 |
|
Change |
|
Number of paying
customers |
|
|
|
|
|
|
|
|
|
|
Russia
segment |
|
|
|
|
|
|
|
|
|
|
Key Accounts |
|
|
|
|
|
|
|
|
|
|
Moscow and St. Petersburg |
4,716 |
|
4,517 |
|
4.4 |
% |
|
|
5,280 |
|
5,144 |
|
2.6 |
% |
Other regions of Russia |
5,222 |
|
4,570 |
|
14.3 |
% |
5,938 |
|
5,340 |
|
11.2 |
% |
Key Accounts, total |
9,938 |
|
9,087 |
|
9.4 |
% |
11,218 |
|
10,484 |
|
7.0 |
% |
Small and Medium Accounts |
|
|
|
|
|
|
|
|
|
|
Moscow and St. Petersburg |
72,313 |
|
68,376 |
|
5.8 |
% |
106,793 |
|
107,066 |
|
(0.3 |
)% |
Other regions of Russia |
101,253 |
|
85,525 |
|
18.4 |
% |
150,950 |
|
138,743 |
|
8.8 |
% |
Small and Medium Accounts, total |
173,566 |
|
153,901 |
|
12.8 |
% |
257,743 |
|
245,809 |
|
4.9 |
% |
Foreign customers of Russia segment |
700 |
|
493 |
|
42.0 |
% |
1,297 |
|
990 |
|
31.0 |
% |
Total for “Russia” operating segment |
184,204 |
|
163,481 |
|
12.7 |
% |
270,258 |
|
257,283 |
|
5.0 |
% |
Other segments, total |
11,237 |
|
14,013 |
|
(19.8 |
)% |
19,049 |
|
21,665 |
|
(12.1 |
)% |
Total number of paying
customers |
195,441 |
|
177,494 |
|
10.1 |
% |
289,307 |
|
278,948 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
ARPC (in
RUB) |
|
|
|
|
|
|
|
|
|
|
Russia
segment |
|
|
|
|
|
|
|
|
|
|
Key Accounts |
|
|
|
|
|
|
|
|
|
|
Moscow and St. Petersburg |
119,762 |
|
114,076 |
|
5.0 |
% |
282,807 |
|
280,711 |
|
0.7 |
% |
Other regions of Russia |
41,038 |
|
39,044 |
|
5.1 |
% |
97,419 |
|
86,895 |
|
12.1 |
% |
Key
Accounts, total |
78,396 |
|
76,341 |
|
2.7 |
% |
184,676 |
|
181,991 |
|
1.5 |
% |
Small and Medium Accounts |
|
|
|
|
|
|
|
|
|
|
Moscow and St. Petersburg |
10,176 |
|
10,702 |
|
(4.9 |
)% |
16,663 |
|
18,028 |
|
(7.6 |
)% |
Other regions of Russia |
5,324 |
|
5,392 |
|
(1.3 |
)% |
8,536 |
|
8,619 |
|
(1.0 |
)% |
Small and
Medium Accounts,
total |
7,345 |
|
7,751 |
|
(5.2 |
)% |
11,904 |
|
12,717 |
|
(6.4 |
)% |
Other segments, total |
12,721 |
|
11,265 |
|
12.9 |
% |
21,391 |
|
19,601 |
|
9.1 |
% |
- Lifting of
COVID-19 related restrictions resulted in gradual recovery in
business activity during the third quarter of 2020, and the
increase in the number of paying customers in all customer
segments.
- Our ARPC
dynamics in the third quarter of 2020 reflects our price increases
effective from 2020, as well as reduced consumption on the back of
COVID-19. º The increase in the ARPC in our Key
Accounts by 2.7% was due to an increase in the average price per
unit (e.g. by 13.0% and 10.2% on average for CV database and
bundled subscriptions in Moscow and St. Petersburg and Other
regions, respectively, and by 21.4% and 18.4% on average for job
postings in Moscow and St. Petersburg and Other regions,
respectively), that was partly offset by a decline in the number of
units per customer (e.g. by 7.2% and 5.8% on average for CV
database and bundled subscriptions in Moscow and St. Petersburg and
Other regions, respectively, and by 6.7% on average for job
postings in Moscow and St. Petersburg).º The decrease
in the ARPC in our Small and Medium Accounts by 5.2% was mostly
driven by a decline in the number of units per customer (e.g. by
23.0% and 15.6% on average for CV and bundled subscriptions in
Moscow and St. Petersburg and Other regions, respectively, and by
3.9% on average for job postings in Other regions), partly offset
by an increase in the average price per unit (e.g. by 14.1% and
11.7% on average for CV database and bundled subscriptions in
Moscow and St. Petersburg and Other regions, respectively, and by
10.2% on average for job postings in Other regions).
- In both Key
Accounts and Small and Medium Accounts, our customers in the Other
regions of Russia were evidently less impacted by the COVID-19
pandemic, as restrictive measures in the regions were less severe
than in Moscow and St. Petersburg.
Operating Costs and Expenses (exclusive
of depreciation and amortization)
Operating costs and expenses (exclusive of
depreciation and amortization) were ₽1,183 million for the three
months ended September 30, 2020 compared to ₽1,092 million for the
three months ended September 30, 2019, representing an increase by
₽91 million, or 8.4%.
(in thousands of RUB) |
For the three months ended September
30, |
|
For the nine months ended September
30, |
|
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
|
Personnel expenses |
(649,869 |
) |
(557,037 |
) |
16.7 |
% |
(1,771,614 |
) |
(1,629,293 |
) |
8.7 |
% |
Marketing expenses |
(234,768 |
) |
(292,801 |
) |
(19.8 |
)% |
(787,028 |
) |
(772,404 |
) |
1.9 |
% |
Other general and
administrative expenses: |
|
|
|
|
|
|
Subcontractors and other expenses related to provision of
services |
(52,873 |
) |
(47,398 |
) |
11.6 |
% |
(130,701 |
) |
(126,854 |
) |
3.0 |
% |
Office rent and maintenance |
(42,390 |
) |
(48,625 |
) |
(12.8 |
)% |
(122,425 |
) |
(148,352 |
) |
(17.5 |
)% |
Professional services |
(128,178 |
) |
(50,865 |
) |
152.0 |
% |
(245,048 |
) |
(295,592 |
) |
(17.1 |
)% |
Insurance expense |
(46,354 |
) |
(43,624 |
) |
6.3 |
% |
(133,397 |
) |
(68,797 |
) |
93.9 |
% |
Hosting and other web-site maintenance |
(11,960 |
) |
(10,893 |
) |
9.8 |
% |
(34,543 |
) |
(28,703 |
) |
20.3 |
% |
Other operating expenses |
(16,428 |
) |
(40,392 |
) |
(59.3 |
)% |
(47,748 |
) |
(87,148 |
) |
(45.2 |
)% |
Total other general and administrative expenses |
(298,183 |
) |
(241,797 |
) |
23.3 |
% |
(713,862 |
) |
(755,446 |
) |
(5.5 |
)% |
Operating costs and expenses (exclusive of depreciation and
amortization) |
(1,182,820 |
) |
(1,091,635 |
) |
8.4 |
% |
(3,272,504 |
) |
(3,157,143 |
) |
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses (exclusive of
depreciation and amortization) as percentage of revenue:
|
For the three months ended September
30, |
|
|
For the nine months ended September
30, |
|
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|
Personnel expenses |
28.2 |
% |
|
26.0 |
% |
|
2.2 |
% |
|
30.4 |
% |
|
28.5 |
% |
|
1.9 |
% |
|
Marketing expenses |
10.2 |
% |
|
13.7 |
% |
|
(3.5 |
)% |
|
13.5 |
% |
|
13.5 |
% |
|
0.0 |
% |
|
Other general and
administrative expenses: |
|
|
|
|
|
|
Subcontractors and other expenses related to provision of
services |
2.3 |
% |
|
2.2 |
% |
|
0.1 |
% |
|
2.2 |
% |
|
2.2 |
% |
|
0.0 |
% |
|
Office rent and
maintenance |
1.8 |
% |
|
2.3 |
% |
|
(0.4 |
)% |
|
2.1 |
% |
|
2.6 |
% |
|
(0.5 |
)% |
|
Professional services |
5.6 |
% |
|
2.4 |
% |
|
3.2 |
% |
|
4.2 |
% |
|
5.2 |
% |
|
(1.0 |
)% |
|
Insurance expense |
2.0 |
% |
|
2.0 |
% |
|
0.0 |
% |
|
2.3 |
% |
|
1.2 |
% |
|
1.1 |
% |
|
Hosting and other web-site
maintenance |
0.5 |
% |
|
0.5 |
% |
|
0.0 |
% |
|
0.6 |
% |
|
0.5 |
% |
|
0.1 |
% |
|
Other operating expenses |
0.7 |
% |
|
1.9 |
% |
|
(1.2 |
)% |
|
0.8 |
% |
|
1.5 |
% |
|
(0.7 |
)% |
|
Total other general and administrative expenses |
12.9 |
% |
|
11.3 |
% |
|
1.6 |
% |
|
12.2 |
% |
|
13.2 |
% |
|
(1.0 |
)% |
|
Operating costs and expenses (exclusive of depreciation and
amortization) |
51.2 |
% |
|
51.0 |
% |
|
0.3 |
% |
|
56.1 |
% |
|
55.2 |
% |
|
0.9 |
% |
|
Personnel expenses
- Personnel expenses for the three months ended September 30,
2020 increased by ₽93 million, or 16.7%, compared to the three
months ended September 30, 2019 primarily due to: (i) an increase
in salaries due to indexation of wages effective from the beginning
of 2020 and an increase in headcount from 758 as of September 30,
2019 to 800 as of September 30, 2020, and (ii) cash bonus and
cash-settled share-based awards related to the SPO transaction in
July 2020.
- Personnel expenses increased as a percentage of revenue from
26.0% in the third quarter 2019 to 28.2% in the third quarter of
2020. Personnel expenses excluding share-based compensations and
expenses related to SPO transaction in July 2020 were 24.3% of our
revenue in the third quarter of 2020, flat compared to 23.9% in the
third quarter of 2019. See “Use of Non-IFRS Financial Measures”
elsewhere in this release for a reconciliation to the nearest IFRS
measure.
Marketing expenses
Marketing expenses for the three months ended
September 30, 2020 decreased by ₽58 million, or 19.8%, compared to
the three months ended September 30, 2019 primarily due to the
allocation of our TV advertisement and other expenses.
Marketing expenses as percentage of revenue
decreased to 10.2% in the third quarter of 2020 from 13.7% in the
third quarter of 2019, due to allocation of expenses.
Other general and administrative expenses
Our other general and administrative expenses
consist primarily of professional services, insurance costs and
office rent and maintenance costs. Our total other general and
administrative expenses for the three months ended September 30,
2020 increased by ₽56 million, or 23.3%, compared to the three
months ended September 30, 2019, due to mainly SPO-related
professional costs in the third quarter of 2020 not occurring in
the third quarter 2019, partly offset by a decrease in other
operating expenses mostly due to decline in business travelling
expenses on the back of COVID-19 pandemic.
Our other general and administrative expenses as
a percentage of revenue increased to 12.9% in the third quarter of
2020 from 11.3% in the third quarter 2019, due to the increase in
expenses related to the SPO transaction in July 2020. Excluding
other financing and transactional costs and insurance cover related
to IPO, our other general and administrative expenses were 9.0% of
our revenue in the third quarter of 2020, relatively flat compared
to 9.5% in the third quarter 2019. See “Use of Non-IFRS Financial
Measures” elsewhere in this release for a reconciliation to the
nearest IFRS measure.
Net foreign exchange gain
Net foreign exchange loss was ₽10 million for
the three months ended September 30, 2020 compared to ₽11 million
gain for the three months ended September 30, 2019. The net foreign
exchange loss for the three months ended September 30, 2020
reflects mostly the foreign exchange loss on USD-denominated
dividend payable, partly offset by the foreign exchange gain on the
USD-denominated cash balances.
Depreciation and
amortization
Depreciation and amortization were ₽187 million
for the three months ended September 30, 2020 were relatively flat
compared to ₽172 million for the three months ended September 30,
2019. The increase mainly relates to capital expenditures incurred
in the renovation of office premises and the related acquisition of
furniture and equipment.
Finance income and costs
Our finance income was ₽15 million for the three
months ended September 30, 2020 compared to ₽12 million for the
three months ended September 30, 2019, primarily due to a
modification gain of ₽5 million caused by a change in the terms of
the loan issued by PJSC ‘VTB Bank’ that was partly offset by a
decrease in income from cash deposits.
Finance costs were ₽93 million for the three
months ended September 30, 2020 compared to ₽145 million for the
three months ended September 30, 2019. Finance costs for the three
months ended September 30, 2020 decreased by ₽53 million, or 36.4%,
compared to the three months ended September 30, 2019 primarily due
to a gradual decrease in the Key Rate of the Central Bank of Russia
over the last 12 months from 7% as of September 30, 2019 to 4.25%
as of September 30, 2020 that resulted in a decrease in the
interest charge accrued on our bank loan.
Income tax expense
Income tax expense for the three months ended
September 30, 2020 increased by ₽73 million, or 37.9%, compared to
the three months ended September 30, 2019 primarily due to increase
in the effective tax rate coupled with an increase in the taxable
profit.
The effective tax rate has increased to 31.1%
for the three months ended September 30, 2020 from 25.1% for the
three months ended September 30, 2019 mainly due to (a)
non-deductible SPO-related expense occurred in the three months
ended September 30, 2020 not occurring in the three months ended
September 30, 2019, and (b) the reversal of provision for uncertain
tax positions in the third quarter of 2019. Without the effect from
the reversal in prior year and effect from non-deductible
SPO-related expense in current year, the effective tax rate for the
three months ended September 30, 2019 would have been 28.4% and the
effective tax rate for the three months ended September 30, 2020
would have been 28.0%, respectively.
Net income,
Adjusted EBITDA and
Adjusted
Net
Income
In the three months ended September 30, 2020
compared to the three months ended September 30, 2019, our net
income has increased by 2.6% to ₽585 million, our Adjusted EBITDA
has increased by 19.0% to ₽ 1,363 million, and our Adjusted Net
Income has increased by 26.1% to ₽922 million, primarily due to the
reasons described above.
Cash Flows
The following table sets forth the summary cash
flow statements for the periods indicated:
(in thousands of RUB) |
For the nine months ended
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|
Net cash generated from operating activities |
1,948,946 |
|
|
1,569,252 |
|
|
379,694 |
|
|
Net cash used in investing activities |
(180,524 |
) |
|
(493,824 |
) |
|
313,300 |
|
|
Net cash used in financing activities |
(2,735,530 |
) |
|
(2,334,096 |
) |
|
(401,434 |
) |
|
Net increase/(decrease) in cash and cash
equivalents |
(967,108 |
) |
|
(1,258,668 |
) |
|
291,560 |
|
|
Cash and cash equivalents, beginning of period |
2,089,215 |
|
|
2,861,110 |
|
|
(771,895 |
) |
|
Effect of exchange rate changes on cash |
197,821 |
|
|
(63,035 |
) |
|
260,856 |
|
|
Cash and cash equivalents, end of period |
1,319,928 |
|
|
1,539,407 |
|
|
(219,479 |
) |
|
Net cash generated from operating activities
For the nine months ended September 30, 2020,
net cash generated from operating activities was ₽1,949 million
compared to ₽1,569 million for the nine months ended September 30,
2019. The change between the periods of ₽380 million was primarily
driven by: (i) a decrease in interest paid due to decreases in the
Key Rate of Central Bank of Russia, (ii) decrease in income tax
paid, and (iii) decrease in advances paid, primarily due to the
deferral of the annual D&O insurance policy prepayment to the
fourth quarter of 2020.
Net cash used in investing activities
For the nine months ended September 30, 2020,
net cash used in investing activities was P181 million compared to
₽494 million for the nine months ended September 30, 2019. The
change between the periods of ₽313 million was mainly due to the
acquisition of a 25.01% ownership interest in LLC “Skilaz” for
₽232 million in the first quarter of 2019.
Net cash used in financing activities
For the nine months ended September 30, 2020,
net cash used in financing activities was ₽2,736 million compared
to ₽2,334 million for the nine months ended September 30, 2019.
Change between the periods in cash used in financing activities by
₽401 was due to increase in dividends paid to shareholders in
September 2020, that was partly offset by repayment of the loan to
an associate of the non-controlling shareholder in March 2019.
Capital Expenditures
Our additions to property and equipment and
intangible assets for the nine months ended September 30, 2020
were ₽213 million, a decrease of ₽124 million compared to ₽337
million for the nine months ended September 30, 2019, primarily due
to a decrease in the office renovation expenses, as we completed
our office renovation project in Moscow in the second quarter of
2020, and our cost savings initiatives.
Third Quarter 2020 Financial Results
Conference Call
Conference Call Information
We will host a conference call and webcast to
discuss results at 9:00 a.m. U.S. Eastern Time (5:00 p.m. Moscow
time, 2:00 p.m. London time) on November 20, 2020.
We recommend using the dial-in option only if
you would like to ask questions. In this case please dial in at
least 15 minutes prior to the call start time and clearly state the
requested information. For listen only mode, please use the webcast
link.
To participate in the conference call,
please use the following details:
Standard International: |
+44 (0) 2071 928338 |
UK (local): |
+44 (0) 8444 819752 |
UK (toll free): |
0800 279 6619 |
USA (local): |
+1 646 741 3167 |
USA (toll free): |
+1 877 870 9135 |
Russian Federation (local): |
+7 495 249 9851 |
Russian Federation (toll free): |
810 800 2114 4011 |
Conference ID: |
2992016 |
Webcast:
https://edge.media-server.com/mmc/p/xcs64ueg
Contacts:
Investor Inquiries:Roman SafiyulinPhone:
+7 966 005-17-82E-mail: r.safiyulin@hh.ru
Media Inquiries:Alexander DzhabarovPhone: +7 926
687-2624E-mail: a.dzhabarov@hh.ru
About HeadHunter Group PLC
HeadHunter is the leading online recruitment
platform in Russia and the Commonwealth of Independent States
focused on providing comprehensive talent acquisition services,
such as access to extensive CV database, job postings (jobs
classifieds platform) and a portfolio of value-added services.
USE OF NON-IFRS FINANCIAL
MEASURES
To supplement our consolidated financial
statements, which is prepared in accordance with International
Financial Reporting Standards (“IFRS”) as adopted by the
International Accounting Standards Board (“IASB”), we present the
following non-IFRS1 financial measures: Adjusted EBITDA, Adjusted
Net Income, Adjusted EBITDA Margin and Adjusted Net Income Margin.
The presentation of these financial measures is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
IFRS. For more information on these non-IFRS financial measures,
please see the tables captioned “Reconciliations of non-IFRS
financial measures to the nearest comparable IFRS measures”,
included following the accompanying financial tables. We define the
various non-IFRS financial measures we use as follows:
- “Adjusted EBITDA”
as net income (loss) plus: (1) income tax expense; (2) net interest
expense/(income); (3) depreciation and amortization; (4)
transaction costs related to business combinations;
(5) (gain)/loss on the disposal of subsidiary; (6) transaction
costs related to disposal of subsidiary; (7) expenses related to
equity-settled awards, including related social taxes; (8)
IPO-related costs and other income/(loss) not related to underlying
business activity; (9) insurance expenses related to the IPO; (10)
(income) from the depositary; (11) one-off litigation settlement
and related legal costs; and (12) share of (profit)/loss of
equity-accounted investees; (13) other financing and transactional
costs.
- “Adjusted Net Income” as net income
(loss) plus: (1) transaction costs related to business
combinations; (2) (gain)/loss on the disposal of subsidiary;
(3) transaction costs related to the disposal of subsidiary; (4)
expenses related to equity-settled awards, including related social
taxes; (5) IPO-related costs and other income/(loss) not related to
underlying business activity; (6) insurance expenses related to
IPO; (7) (income) from the depositary; (8) one-off litigation
settlement and related legal costs; (9) share of (profit)/loss of
equity-accounted investees; (10) amortization of intangible assets
recognized upon the acquisition by HeadHunter Group PLC of the
outstanding equity interests of HeadHunter FSU Limited from Mail.Ru
Group Limited; (11) the tax effect of the adjustment described in
(10); (12) (gain) or loss related to the remeasurement and
expiration of a tax indemnification asset; (13) net (gain) or loss
on financial assets measured at fair value through profit and loss;
(14) other financing and transactional costs
- “Adjusted EBITDA Margin” as
Adjusted EBITDA divided by revenue.
- “Adjusted Net
Income Margin” as Adjusted Net Income divided by revenue.
Adjusted EBITDA, Adjusted Net Income, Adjusted
EBITDA Margin and Adjusted Net Income Margin are used by our
management to monitor the underlying performance of the business
and its operations. Adjusted EBITDA, Adjusted Net Income, Adjusted
EBITDA Margin and Adjusted Net Income Margin are used by different
companies for differing purposes and are often calculated in ways
that reflect the circumstances of those companies. You should
exercise caution in comparing Adjusted EBITDA, Adjusted Net Income,
Adjusted EBITDA Margin and Adjusted Net Income Margin as reported
by us to Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA
Margin and Adjusted Net Income Margin as reported by other
companies. Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA
Margin and Adjusted Net Income Margin are unaudited and have not
been prepared in accordance with IFRS or any other generally
accepted accounting principles.
Adjusted EBITDA, Adjusted Net Income, Adjusted
EBITDA Margin and Adjusted Net Income Margin are not measurements
of performance under IFRS or any other generally accepted
accounting principles, and you should not consider Adjusted EBITDA,
Adjusted Net Income, Adjusted EBITDA Margin or Adjusted Net Income
Margin as alternatives to net income, operating profit or other
financial measures determined in accordance with IFRS or other
generally accepted accounting principles. Adjusted EBITDA, Adjusted
Net Income, Adjusted EBITDA Margin and Adjusted Net Income Margin
have limitations as analytical tools, and you should not consider
them in isolation. Some of these limitations are:
________________________1 Denotes International
Financial Reporting Standards as issued by the International
Accounting Standards Board (“IASB”).
- Adjusted EBITDA,
Adjusted Net Income, Adjusted EBITDA Margin and Adjusted Net Income
Margin do not reflect our cash expenditures or future requirements
for capital expenditures or contractual commitments,
- Adjusted EBITDA, Adjusted Net
Income, Adjusted EBITDA Margin and Adjusted Net Income Margin do
not reflect changes in, or cash requirements for, our working
capital needs, and
- the fact that
other companies in our industry may calculate Adjusted EBITDA,
Adjusted Net Income, Adjusted EBITDA Margin and Adjusted Net Income
Margin differently than we do, which limits their usefulness as
comparative measures.
The tables at the end of this release provide
detailed reconciliations of each non-IFRS financial measure we use
to the most directly comparable IFRS financial measure.
We provide earnings guidance on a non-IFRS basis
and do not provide earnings guidance on an IFRS basis. A
reconciliation of our Adjusted EBITDA Margin guidance to the most
directly comparable IFRS financial measure cannot be provided
without unreasonable efforts and is not provided herein because of
the inherent difficulty in forecasting and quantifying certain
amounts that are necessary for such reconciliations, including
depreciation and amortization, expenses related to equity-settled
awards and the other adjustments reflected in our reconciliation of
historical non-IFRS financial measures, the amounts of which, could
be material.
Adjusted Operating Costs and Expenses (Exclusive
of Depreciation and Amortization)
Adjusted Operating Costs and Expenses (Exclusive
of Depreciation and Amortization) is a financial measure not
defined under IFRS. We believe that Adjusted Operating Costs and
Expenses (Exclusive of Depreciation and Amortization) is a useful
metric to assess our operating activities. We excluded expenses
incurred in connection with potential financing and strategic
transactions, including IPO and SPO- related expenses that are not
indicative of our ongoing expenses. We also excluded equity-settled
awards as these are non-cash expenses and highly dependent on our
share price at the time of equity award grants. Therefore, we
believe that it is useful for investors and analysts to see
operating costs and expenses financial measures excluding the
impact of these charges in order to obtain a clearer picture of our
operating activity . Other companies in our industry may calculate
these measures differently than we do, limiting their usefulness as
comparative measures. See the tables at the end of this release
providing the calculation of Adjusted Operating Costs and Expenses
(Exclusive of Depreciation and Amortization).
Net Working Capital
Net Working Capital is a financial measure not
defined under IFRS. We believe that Net Working Capital is a useful
metric to assess our ability to service debt, fund new investment
opportunities, distribute dividends to our shareholders and assess
our working capital requirements. Other companies in our industry
may calculate these measures differently than we do, limiting their
usefulness as comparative measures. See the tables at the end of
this release providing the calculation of Net Working Capital.
Net Debt and Net Debt to Adjusted EBITDA
Ratio
Net Debt and Net Debt to Adjusted EBITDA Ratio
are financial measure not defined under IFRS. We believe that Net
Debt and Net Debt to Adjusted EBITDA Ratio are important measures
that indicate our ability to repay outstanding debt. These measures
should not be considered in isolation or as a substitute for any
standardized measure under IFRS. Other companies in our industry
may calculate these measures differently than we do, limiting their
usefulness as comparative measures. See the tables at the end of
this release providing the calculation of Net Debt and discussion
of Net Debt to Adjusted EBITDA Ratio.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements contained in this release that
do not relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements regarding our expected financial performance and
operational performance for the year ending December 31, 2020, the
anticipated impact of the COVID-19 pandemic on our business and
results of operations, the sufficiency of our resources and our
ability to finance our operations for the foreseeable future, as
well as statements that include the words “expect,” “intend,”
“plan,” “believe,” “project,” “forecast,” “estimate,” “may,”
“should,” “anticipate” and similar statements of a future or
forward-looking nature. These forward-looking statements are based
on management’s current expectations. Actual results may differ
materially from the results predicted or implied by such
statements, and our reported results should not be considered as an
indication of future performance. The potential risks and
uncertainties that could cause actual results to differ from the
results predicted or implied by such statements include, among
others, significant competition in our markets, our ability to
maintain and enhance our brand, our ability to improve our user
experience and product offerings, our ability to respond to
industry developments, our reliance on Russian Internet
infrastructure, macroeconomic and global geopolitical developments
affecting the Russian economy or our business, including the impact
of the COVID-19 pandemic, changes in the political, legal and/or
regulatory environment, privacy and data protection concerns and
our need to expend capital to accommodate the growth of the
business, as well as those risks and uncertainties included under
the caption “Risk Factors” in our Annual Report on Form 20-F for
the year ended December 31, 2019 and our prospectus pursuant to
Rule 424(b) filed with the SEC on July 16, 2020, as such factors
may be updated from time to time in our other filings with the U.S.
Securities and Exchange Commission (“SEC”), each of which is on
file with the SEC and is available on the SEC website at
www.sec.gov. In addition, we operate in a very competitive and
rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements that we may make. In light of these
risks, uncertainties and assumptions, the forward-looking events
and circumstances discussed in this release are inherently
uncertain and may not occur, and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. In
addition, the forward-looking statements made in this release
relate only to events or information as of the date on which the
statements are made in this release. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
Unaudited Condensed Consolidated Interim
Statement of Income and Comprehensive Income
(in thousands of RUB and USD, except per share
amounts)
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
|
RUB |
|
RUB |
USD |
|
|
RUB |
|
|
RUB |
|
|
USD |
|
|
Revenue |
2,308,201 |
|
|
2,142,322 |
|
|
28,967 |
|
|
5,832,445 |
|
|
5,722,383 |
|
|
73,194 |
|
|
Operating costs and expenses (exclusive of depreciation and
amortization) |
(1,182,820 |
) |
|
(1,091,635 |
) |
|
(14,844 |
) |
|
(3,272,504 |
) |
|
(3,157,143 |
) |
|
(41,068 |
) |
|
Depreciation and
amortization |
(187,187 |
) |
|
(171,704 |
) |
|
(2,349 |
) |
|
(555,497 |
) |
|
(505,531 |
) |
|
(6,971 |
) |
|
Operating
income |
938,194 |
|
|
878,983 |
|
|
11,774 |
|
|
2,004,444 |
|
|
2,059,709 |
|
|
25,155 |
|
|
Finance income |
14,667 |
|
|
12,031 |
|
|
184 |
|
|
42,437 |
|
|
57,723 |
|
|
533 |
|
|
Finance costs |
(92,569 |
) |
|
(145,481 |
) |
|
(1,162 |
) |
|
(320,066 |
) |
|
(470,160 |
) |
|
(4,017 |
) |
|
Net foreign exchange
(loss)/gain |
(10,294 |
) |
|
11,398 |
|
|
168 |
|
|
84,474 |
|
|
(24,730 |
) |
|
426 |
|
|
Share of loss of equity-accounted investees (net of income
tax) |
(14,030 |
) |
|
(3,536 |
) |
|
(129 |
) |
|
(38,776 |
) |
|
(8,584 |
) |
|
1,060 |
|
|
Other income |
13,358 |
|
|
8,613 |
|
|
(176 |
) |
|
33,954 |
|
|
13,544 |
|
|
(487 |
) |
|
Profit before income
tax |
849,326 |
|
|
762,008 |
|
|
10,659 |
|
|
1,806,467 |
|
|
1,627,502 |
|
|
22,670 |
|
|
Income tax expense |
(263,987 |
) |
|
(191,435 |
) |
|
(3,313 |
) |
|
(570,446 |
) |
|
(542,918 |
) |
|
(7,159 |
) |
|
Net
income for the period |
585,339 |
|
|
570,573 |
|
|
7,346 |
|
|
1,236,021 |
|
|
1,084,584 |
|
|
15,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
Owners of the
Company |
545,198 |
|
|
531,399 |
|
|
6,842 |
|
|
1,127,945 |
|
|
982,092 |
|
|
14,155 |
|
|
Non-controlling
interest |
40,141 |
|
|
39,174 |
|
|
504 |
|
|
108,076 |
|
|
102,492 |
|
|
1,356 |
|
|
Comprehensive
income/(loss) |
|
|
|
|
|
|
|
|
|
Items that are or may be
reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation
differences |
25,484 |
|
|
1,331 |
|
|
320 |
|
|
42,024 |
|
|
(25,591 |
) |
|
527 |
|
|
Total comprehensive
income, net of tax |
610,823 |
|
|
571,904 |
|
|
7,666 |
|
|
1,278,045 |
|
|
1,058,993 |
|
|
16,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
Owners of the
Company |
568,013 |
|
|
532,754 |
|
|
7,128 |
|
|
1,164,721 |
|
|
958,155 |
|
|
14,617 |
|
|
Non-controlling
interest |
42,810 |
|
|
39,150 |
|
|
537 |
|
|
113,324 |
|
|
100,838 |
|
|
1,422 |
|
|
Earnings per
share |
|
|
|
|
|
|
|
|
|
Basic (in Russian
Roubles per share) |
10.8 |
|
|
10.6 |
|
|
0.14 |
|
|
22.5 |
|
|
19.6 |
|
|
0.28 |
|
|
Diluted (in Russian Roubles per share) |
10.6 |
|
|
10.3 |
|
|
0.13 |
|
|
21.9 |
|
|
19.3 |
|
|
0.27 |
|
|
Unaudited Condensed Consolidated Interim
Statement of Financial Position
As at
(in thousands of Russian Roubles) |
September 30, 2020 |
|
|
December 31, 2019 |
|
|
September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RUB |
|
|
RUB |
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
Goodwill |
6,981,576 |
|
|
6,954,183 |
|
|
87,615 |
|
|
Intangible assets |
2,408,527 |
|
|
2,733,417 |
|
|
30,226 |
|
|
Property and equipment |
467,754 |
|
|
429,744 |
|
|
5,870 |
|
|
Equity-accounted investees |
140,070 |
|
|
178,847 |
|
|
1,758 |
|
|
Right-of-use assets |
223,757 |
|
|
279,249 |
|
|
2,808 |
|
|
Deferred tax assets |
154,833 |
|
|
149,835 |
|
|
181 |
|
|
Loans issued to equity-accounted
investees |
14,426 |
|
|
– |
|
|
1,943 |
|
|
Other financial assets |
16,917 |
|
|
25,341 |
|
|
212 |
|
|
Other non-current assets |
21,817 |
|
|
22,134 |
|
|
274 |
|
|
Total non-current assets |
10,429,677 |
|
|
10,772,750 |
|
|
130,887 |
|
|
Current
assets |
|
|
|
Trade and other
receivables |
73,486 |
|
|
57,908 |
|
|
922 |
|
|
Prepaid expenses
and other current assets |
65,205 |
|
|
119,249 |
|
|
818 |
|
|
Loans issued to
equity-accounted
investees
(current portion) |
4,809 |
|
|
– |
|
|
60 |
|
|
Cash and cash equivalents |
1,319,928 |
|
|
2,089,215 |
|
|
16,565 |
|
|
Total
current assets |
1,463,428 |
|
|
2,266,372 |
|
|
18,365 |
|
|
Total
assets |
11,893,105 |
|
|
13,039,122 |
|
|
149,252 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
Share capital |
8,597 |
|
|
8,547 |
|
|
108 |
|
|
Share premium |
1,958,087 |
|
|
1,863,877 |
|
|
24,573 |
|
|
Foreign currency
translation reserve |
(68,415 |
) |
|
(105,191 |
) |
|
(859 |
) |
|
Retained
earnings |
915,122 |
|
|
1,587,697 |
|
|
11,484 |
|
|
Total equity attributable to owners of the
Company |
2,813,391 |
|
|
3,354,930 |
|
|
35,307 |
|
|
Non-controlling
interest |
43,505 |
|
|
33,263 |
|
|
546 |
|
|
Total
equity |
2,856,896 |
|
|
3,388,193 |
|
|
35,853 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
Loans and borrowings |
3,947,986 |
|
|
4,064,501 |
|
|
49,545 |
|
|
Lease liabilities |
176,859 |
|
|
230,802 |
|
|
2,219 |
|
|
Deferred tax liabilities |
450,436 |
|
|
512,804 |
|
|
5,653 |
|
|
Trade and other payables |
6,722 |
|
|
4,239 |
|
|
84 |
|
|
Provisions |
48,537 |
|
|
19,498 |
|
|
609 |
|
|
Other non-current liabilities |
105,622 |
|
|
126,828 |
|
|
1,326 |
|
|
Total
non-current liabilities |
4,736,162 |
|
|
4,958,672 |
|
|
59,436 |
|
|
Current
liabilities |
|
|
|
Contract liabilities |
2,323,073 |
|
|
2,367,416 |
|
|
29,153 |
|
|
Trade and other payables |
900,958 |
|
|
780,219 |
|
|
11,307 |
|
|
Loans and borrowings (current portion) |
473,571 |
|
|
1,064,554 |
|
|
5,943 |
|
|
Lease liabilities (current portion) |
72,877 |
|
|
59,816 |
|
|
915 |
|
|
Income tax payable |
434,505 |
|
|
369,974 |
|
|
|
|
Provisions (current portion) |
69,377 |
|
|
26,398 |
|
|
|
|
Other current liabilities |
25,686 |
|
|
23,880 |
|
|
322 |
|
Total
current liabilities |
4,300,047 |
|
|
4,692,257 |
|
|
53,963 |
|
Total
liabilities |
9,036,209 |
|
|
9,650,929 |
|
|
113,400 |
|
Total
equity and liabilities |
11,893,105 |
|
|
13,039,122 |
|
|
149,252 |
|
Unaudited Condensed Consolidated Interim
Statement of Cash Flows
For the nine months ended
(in thousands of Russian Roubles) |
|
|
|
|
For the nine months ended September
30, 2020 |
|
|
For the nine months ended September
30, 2019 |
|
|
For the nine months ended September
30, 2020 |
|
|
|
RUB |
|
|
RUB |
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES: |
|
|
|
Net income for the period |
1,236,021 |
|
|
1,084,584 |
|
|
15,511 |
|
|
Adjusted for non-cash items and items not affecting cash flow from
operating activities: |
|
|
|
Depreciation and
amortization |
555,497 |
|
|
505,531 |
|
|
6,971 |
|
|
Net finance
costs |
277,629 |
|
|
412,437 |
|
|
3,484 |
|
|
Net foreign exchange (gain)/loss |
(84,474 |
) |
|
24,730 |
|
|
(1,060 |
) |
|
Other non-cash
items |
(4,307 |
) |
|
3,834 |
|
|
(54 |
) |
|
Management incentive agreement, including social taxes |
179,009 |
|
|
147,243 |
|
|
2,247 |
|
|
Share grant to the Board of Directors |
16,259 |
|
|
7,524 |
|
|
204 |
|
|
Share of loss of equity-accounted investees, net of income tax |
38,776 |
|
|
8,584 |
|
|
487 |
|
|
Income tax
expense |
570,446 |
|
|
542,918 |
|
|
7,159 |
|
|
Change in trade receivables and other operating assets |
40,568 |
|
|
(146,335 |
) |
|
509 |
|
|
Change in contract liabilities |
(52,575 |
) |
|
(94,972 |
) |
|
(660 |
) |
|
Change in trade and other payables |
65,716 |
|
|
85,000 |
|
|
825 |
|
|
Change in other liabilities |
(29,141 |
) |
|
156,236 |
|
|
(366 |
) |
|
Income tax paid |
(570,906 |
) |
|
(710,947 |
) |
|
(7,165 |
) |
|
Interest paid |
(289,572 |
) |
|
(457,115 |
) |
|
(3,634 |
) |
|
Net cash generated from operating activities |
1,948,946 |
|
|
1,569,252 |
|
|
24,458 |
|
|
INVESTING ACTIVITIES: |
|
|
|
Acquisition of equity-accounted investee |
– |
|
|
(234,729 |
) |
|
– |
|
|
Acquisition of intangible assets |
(57,570 |
) |
|
(71,251 |
) |
|
(722 |
) |
|
Acquisition of property and equipment |
(140,255 |
) |
|
(245,500 |
) |
|
(1,760 |
) |
|
Loans issued to equity-accounted investees |
(19,235 |
) |
|
– |
|
|
(241 |
) |
|
Interest received |
36,536 |
|
|
57,656 |
|
|
458 |
|
|
Net cash used in investing activities |
(180,524 |
) |
|
(493,824 |
) |
|
(2,265 |
) |
|
FINANCING ACTIVITIES: |
|
|
|
Bank loan received |
4,615,000 |
|
|
– |
|
|
57,916 |
|
|
Bank loan restructuring fees |
(52,762 |
) |
|
– |
|
|
(662 |
) |
|
Bank and other loans repaid |
(5,276,447 |
) |
|
(1,055,000 |
) |
|
(66,217 |
) |
|
Payment for lease liabilities |
(41,710 |
) |
|
(38,632 |
) |
|
(523 |
) |
|
Dividends paid to shareholders |
(1,885,441 |
) |
|
(1,133,501 |
) |
|
(23,662 |
) |
|
Dividends paid to non-controlling interest |
(94,214 |
) |
|
(106,963 |
) |
|
(1,183 |
) |
|
Contribution from non-controlling interest |
44 |
|
|
|
1 |
|
|
Net cash used in financing activities |
(2,735,530 |
) |
|
(2,334,096 |
) |
|
(34,330 |
) |
|
Net increase/(decrease) in cash and cash
equivalents |
(967,108 |
) |
|
(1,258,668 |
) |
|
(12,137 |
) |
|
Cash and cash equivalents, beginning of period |
2,089,215 |
|
|
2,861,110 |
|
|
26,219 |
|
|
Effect of exchange rate changes on cash |
197,821 |
|
|
(63,035 |
) |
|
2,482 |
|
|
Cash and cash equivalents, end of period |
1,319,928 |
|
|
1,539,407 |
|
|
16,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of non-IFRS financial
measures to the nearest comparable IFRS measures
Reconciliation of net income to EBITDA and
Adjusted EBITDA, the most directly comparable IFRS financial
measure:
(in thousands of RUB) |
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Net
income |
585,339 |
|
|
570,573 |
|
|
1,236,021 |
|
|
1,084,584 |
|
|
Add the effect of: |
|
|
|
|
Income tax expense |
263,987 |
|
|
191,435 |
|
|
570,446 |
|
|
542,918 |
|
|
Net interest costs |
77,902 |
|
|
133,450 |
|
|
277,629 |
|
|
412,437 |
|
|
Depreciation and
amortization |
187,187 |
|
|
171,704 |
|
|
555,497 |
|
|
505,531 |
|
|
EBITDA |
1,114,415 |
|
|
1,067,162 |
|
|
2,639,593 |
|
|
2,545,470 |
|
|
Add the effect of: |
|
|
|
|
Equity-settled
awards, including
social taxes(1) |
56,929 |
|
|
43,956 |
|
|
166,963 |
|
|
117,062 |
|
|
IPO-related costs(2) |
– |
|
|
– |
|
|
– |
|
|
188,294 |
|
|
Insurance cover related to
IPO(3) |
– |
|
|
39,064 |
|
|
54,772 |
|
|
61,874 |
|
|
Income from depository(4) |
(11,637 |
) |
|
(8,613 |
) |
|
(29,141 |
) |
|
(13,544 |
) |
|
Other financing and
transactional costs(5) |
122,235 |
|
|
– |
|
|
155,697 |
|
|
– |
|
|
Share of loss of
equity-accounted
investees(6) |
14,030 |
|
|
3,536 |
|
|
38,776 |
|
|
8,584 |
|
|
Adjusted
EBITDA |
1,295,973 |
|
|
1,145,105 |
|
|
3,026,660 |
|
|
2,907,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Represents non-cash expenses related to equity-settled awards
issued in accordance with the Management Incentive Agreement, and
equity-settled share-based awards issued to board members and
related social taxes, which are payable as a result of us becoming
Russian tax resident in June 2019. |
(2) |
|
In
connection with our initial public offering in May 2019, we
incurred expenses related to legal, accounting and other
professional fees that are not indicative of our ongoing
expenses. |
(3) |
|
Subsequent to and in connection with our IPO, in May 2019 we
purchased a one-year D&O insurance policy for $2.7 million, of
which we allocated $2.4 million to the cover related to our IPO,
which we believe does not relate to our ordinary course of
business, and $250 thousand to directors’ and officers’ insurance
in the ordinary course of business, based on the estimate of our
insurance provider. The cost of this insurance policy is expensed
over the policy term on a pro-rata time basis and thus recurs in
the reporting periods during its term. We have recently renewed the
policy for the second 12-month period. Due to a decrease in
IPO-related risks over time, we believe that our D&O insurance
expense in the second 12-month period mostly relates to our
ordinary course of business. |
(4) |
|
In
connection with our IPO, we have signed the Deposit Agreement, in
accordance with which we shall receive income from our depositary
over the five-year period from the date of the IPO, provided that
we meet certain covenants as specified in the Deposit Agreement. We
believe that this income does not relate to our ordinary course of
business. |
(5) |
|
Reflects
legal, accounting and other professional fees incurred in
connection with potential financing and strategic transactions that
are not indicative of our ongoing expenses. In the third quarter of
2020, our other financing and transactional costs primarily consist
of professional services and personnel expenses related to our SPO
occurred in July 2020. |
(6) |
|
On May 6,
2019, we acquired a 25.01% equity-accounted investee, LLC “Skilaz”.
We believe that share of profit or loss in equity-accounted
investees is not indicative of our core operating performance. |
|
|
|
Reconciliation of net income to Adjusted N
Income, the most directly comparable IFRS financial measure:
|
For the three months ended
September 30, |
|
|
For the nine months
ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Net
income |
585,339 |
|
|
570,573 |
|
|
1,236,021 |
|
|
1,084,584 |
|
|
Add the effect of: |
|
|
|
|
Equity-settled awards,
including social
taxes(1) |
56,929 |
|
|
43,956 |
|
|
166,963 |
|
|
117,062 |
|
|
IPO-related costs(2) |
– |
|
|
– |
|
|
– |
|
|
188,294 |
|
|
Insurance cover related to
IPO(3) |
– |
|
|
39,064 |
|
|
54,772 |
|
|
61,874 |
|
|
Income from depositary(4) |
(11,637 |
) |
|
(8,613 |
) |
|
(29,141 |
) |
|
(13,544 |
) |
|
Other financing and
transactional costs(5) |
122,235 |
|
|
– |
|
|
155,697 |
|
|
– |
|
|
Share of loss of
equity-accounted
investees(6) |
14,030 |
|
|
3,536 |
|
|
38,776 |
|
|
8,584 |
|
|
Amortization of intangible
assets recognized
upon the Acquisition(7) |
103,947 |
|
|
103,947 |
|
|
311,840 |
|
|
311,841 |
|
|
Tax effect on
adjustments(8) |
(20,789 |
) |
|
(20,789 |
) |
|
(62,368 |
) |
|
(62,368 |
) |
|
Net (gain)/loss on financial
assets measured at
fair value through
profit and
loss(9) |
5,782 |
|
|
– |
|
|
8,424 |
|
|
– |
|
|
Adjusted Net
Income |
855,836 |
|
|
731,674 |
|
|
1,880,985 |
|
|
1,696,327 |
|
|
(1) |
|
Represents non-cash expenses related to equity-settled awards
issued in accordance with the Management Incentive Agreement, and
equity-settled share-based awards issued to board members and
related social taxes, which are payable as a result of us becoming
Russian tax resident in June 2019. |
(2) |
|
In
connection with our initial public offering in May 2019, we
incurred expenses related to legal, accounting and other
professional fees that are not indicative of our ongoing
expenses. |
(3) |
|
Subsequent to and in connection with our IPO, in May 2019 we
purchased a one-year D&O insurance policy for $2.7 million, of
which we allocated $2.4 million to the cover related to our IPO,
which we believe does not relate to our ordinary course of
business, and $250 thousand to directors’ and officers’ insurance
in the ordinary course of business, based on the estimate of our
insurance provider. The cost of this insurance policy is expensed
over the policy term on a pro-rata time basis and thus recurs in
the reporting periods during its term. We have recently renewed the
policy for the second 12-month period. Due to a decrease in
IPO-related risks over time, we believe that our D&O insurance
expense in the second 12-month period mostly relates to our
ordinary course of business. |
(4) |
|
In
connection with our IPO, we have signed the Deposit Agreement, in
accordance with which we shall receive income from our depositary
over the five-year period from the date of the IPO, provided that
we meet certain covenants as specified in the Deposit Agreement. We
believe that this income does not relate to our ordinary course of
business. |
(5) |
|
Reflects
legal, accounting and other professional fees incurred in
connection with potential financing and strategic transactions that
are not indicative of our ongoing expenses. In the third quarter of
2020, our other financing and transactional costs primarily consist
of professional services and personnel expenses related to our SPO
occurred in July 2020. |
(6) |
|
On May 6,
2019, we acquired a 25.01% equity-accounted investee, LLC “Skilaz”.
We believe that share of profit or loss in equity-accounted
investees is not indicative of our core operating
performance. |
(7) |
|
As a
result of the Acquisition, we recognized the following intangible
assets: (i) trademark and domain names in the amount of ₽1,634,306
thousand, (ii) non-contractual customer relationships in the amount
of ₽2,064,035 thousand and (iii) CV database in the amount of
₽618,601 thousand, which have a useful life of 10 years, 5-10 years
and 10 years, respectively. |
(8) |
|
Calculated by applying the statutory Russian tax rate of 20% to
amortization of the assets recognized upon the Acquisition. |
(9) |
|
We
believe that the movements in fair values of financial assets
measured at fair value through profit and loss are not indicative
of our underlying business performance. |
|
|
|
Reconciliation of operating costs and expenses
(exclusive of depreciation and amortization) to Adjusted Operating
Costs and Expenses (Exclusive of Depreciation and Amortization),
the most directly comparable IFRS financial measure:
|
For the three months ended
September 30, 2020 |
|
|
For the three months
ended September 30,
2019 |
|
|
|
Personnel expenses |
|
|
Marketing expenses |
|
|
Other general and administrative expenses |
|
|
Total |
|
|
Personnel expenses |
|
|
Marketing expenses |
|
|
Other general and administrative expenses |
|
|
Total |
|
|
Operating costs and
expenses (exclusive of depreciation and amortization) |
(649,869 |
) |
|
(234,768 |
) |
|
(298,183 |
) |
|
(1,182,820 |
) |
|
(557,037 |
) |
|
(292,801 |
) |
|
(241,797 |
) |
|
(1,091,635 |
) |
|
Add the effect of: |
|
|
|
|
|
|
|
|
|
|
Equity-settled awards, including social taxes(1) |
56,929 |
|
|
– |
|
|
– |
|
|
56,929 |
|
|
43,956 |
|
|
– |
|
|
– |
|
|
43.956 |
|
|
Insurance cover related to IPO(2) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
39,064 |
|
|
39,064 |
|
|
Other financing and transactional costs(3) |
31,984 |
|
|
– |
|
|
90,251 |
|
|
122,235 |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
Adjusted
Operating
Costs and
Expenses
(Exclusive of
Depreciation and
Amortization) |
(560,956 |
) |
|
(234,768 |
) |
|
(207,932 |
) |
|
(1,003,656 |
) |
|
(513,081 |
) |
|
(292,801 |
) |
|
(202,733 |
) |
|
(1,008,615 |
) |
|
(1) |
|
Represents non-cash expenses related to equity-settled awards
issued in accordance with the Management Incentive Agreement, and
equity-settled share-based awards issued to board members and
related social taxes, which are payable as a result of us becoming
Russian tax resident in June 2019. |
(2) |
|
Subsequent to and in connection with our IPO, in May 2019 we
purchased a one-year D&O insurance policy for $2.7 million, of
which we allocated $2.4 million to the cover related to our IPO,
which we believe does not relate to our ordinary course of
business, and $250 thousand to directors’ and officers’ insurance
in the ordinary course of business, based on the estimate of our
insurance provider. The cost of this insurance policy is expensed
over the policy term on a pro-rata time basis and thus recurs in
the reporting periods during its term. We have recently renewed the
policy for the second 12-month period. Due to a decrease in
IPO-related risks over time, we believe that our D&O insurance
expense in the second 12-month period mostly relates to our
ordinary course of business. |
(3) |
|
Reflects
legal, accounting and other professional fees incurred in
connection with potential financing and strategic transactions that
are not indicative of our ongoing expenses. In the third quarter of
2020, our other financing and transactional costs primarily consist
of professional services and personnel expenses related to our SPO
occurred in July 2020. |
We believe that Net Working Capital is a useful
metric to assess our ability to service debt, fund new investment
opportunities, distribute dividends to our shareholders and assess
our working capital requirements.
Calculation of our Net Working Capital is
presented in the table below:
(in thousands of RUB) |
September 30, 2020 |
|
December 31, 2019 |
|
Trade and other
receivables |
73,486 |
|
57,908 |
|
Prepaid expenses and other
current assets |
65,205 |
|
119,249 |
|
Contract liabilities |
(2,323,073) |
|
(2,367,416) |
|
Trade and other payables |
(900,958) |
|
(780,219) |
|
Other current liabilities |
(25,686) |
|
(23,880) |
|
Net Working
Capital |
(3,111,026) |
|
(2,994,358) |
|
We believe that Net Debt and Net Debt to
Adjusted EBITDA Ratio are important measures that indicate our
ability to repay outstanding debt.
Calculation of our net debt is presented in the
table below:
(in thousands of RUB) |
September 30, 2020 |
|
December 31, 2019 |
|
Loans and borrowings |
3,947,986 |
|
4,064,501 |
|
Loans and borrowings (current
portion) |
473,571 |
|
1,064,554 |
|
Cash and cash equivalents |
(1,319,928) |
|
(2,089,215) |
|
Net Debt |
3,101,629 |
|
3,039,840 |
|
We calculate our Net Debt to Adjusted EBITDA
Ratio by dividing Net Debt by Adjusted EBITDA.
Calculation of Adjusted EBITDA on the last
twelve months basis as of September 30, 2020:
(in thousands of RUB) |
RUB |
Adjusted EBITDA for the year ended December 31,
2019 |
3,930,747 |
|
Less Adjusted EBITDA for the nine months ended September 30,
2019 |
(2,907,740 |
) |
Add Adjusted EBITDA for the nine months ended September 30,
2020 |
(3,026,660 |
) |
Adjusted EBITDA on the
last twelve months basis |
4,049,667 |
|
HeadHunter (NASDAQ:HHR)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
HeadHunter (NASDAQ:HHR)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024