QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a
leading provider of cutting-edge payment and financial services in
Russia and the CIS, today announced its fourth quarter and full
year 2021 financial results ended December 31, 2021.
4Q and FY 2021 key operating and
financial highlights1
|
|
4Q 2020 |
4Q 2021 |
YoY |
FY 2020 |
FY 2021 |
YoY |
|
4Q 2021 |
FY 2021 |
|
|
RUB million |
RUB million |
% |
RUB million |
RUB million |
% |
|
USD million(1) |
USD million(1) |
Consolidated Group results |
Revenue |
10,959 |
|
9,342 |
|
(14.8 |
%) |
40,622 |
|
41,135 |
|
1.3 |
% |
|
125.7 |
|
553.7 |
|
Total Net Revenue |
6,242 |
|
5,484 |
|
(12.1 |
%) |
25,978 |
|
23,113 |
|
(11.0 |
%) |
|
73.8 |
|
311.1 |
|
LFL Total Net Revenue(2) |
5,615 |
|
5,484 |
|
(2.3 |
%) |
23,738 |
|
23,113 |
|
(2.6 |
%) |
|
73.8 |
|
311.1 |
|
Adjusted EBITDA |
3,614 |
|
2,663 |
|
(26.3 |
%) |
13,837 |
|
13,167 |
|
(4.8 |
%) |
|
36 |
|
177.2 |
|
Adjusted EBITDA margin |
57.9 |
% |
48.6 |
% |
(9.3 |
%) |
53.3 |
% |
57.0 |
% |
3.7 |
% |
|
48.6 |
% |
57.0 |
% |
Net Profit |
2,459 |
|
4,113 |
|
67.3 |
% |
8,938 |
|
17,536 |
|
96.2 |
% |
|
55.4 |
|
236.0 |
|
Adjusted Net profit |
2,519 |
|
2,124 |
|
(15.7 |
%) |
10,304 |
|
9,594 |
|
(6.9 |
%) |
|
28.6 |
|
129.1 |
|
Adjusted Net profit
margin |
40.4 |
% |
38.7 |
% |
(1.6 |
%) |
39.7 |
% |
41.5 |
% |
1.8 |
% |
|
38.7 |
% |
41.5 |
% |
Payment Services (PS) |
PS Net Revenue |
5,811 |
|
4,805 |
|
(17.3 |
%) |
22,637 |
|
21,100 |
|
(6.8 |
%) |
|
64.7 |
|
284.0 |
|
PS Payment Net Revenue |
5,042 |
|
3,650 |
|
(27.6 |
%) |
19,549 |
|
17,507 |
|
(10.4 |
%) |
|
49.1 |
|
235.6 |
|
PS Payment Volume,
billion |
464 |
|
403 |
|
(13.1 |
%) |
1,617 |
|
1,735 |
|
7.3 |
% |
|
5.4 |
|
23.4 |
|
PS Payment Net Revenue
Yield |
1.09 |
% |
0.91 |
% |
(0.2 |
%) |
1.21 |
% |
1.01 |
% |
(0.2 |
%) |
|
0.91 |
% |
1.01 |
% |
PS Other Net Revenue |
769 |
|
1,155 |
|
50.3 |
% |
3,089 |
|
3,593 |
|
16.3 |
% |
|
16 |
|
48.4 |
|
Adjusted Net profit |
2,681 |
|
2,218 |
|
(17.3 |
%) |
12,608 |
|
10,971 |
|
(13.0 |
%) |
|
30 |
|
147.7 |
|
Adjusted Net profit margin |
46.1 |
% |
46.2 |
% |
0.0 |
% |
55.7 |
% |
52.0 |
% |
(3.7 |
%) |
|
46.2 |
% |
52.0 |
% |
(1) Throughout this release
dollar translation is calculated using a ruble to U.S. dollar
exchange rate of RUB 74.2926 to U.S. $1.00, which was the official
exchange rate quoted by the Central Bank of the Russian Federation
as of December 31, 2021.(2) Like-for-like Total
Net Revenue excludes terminated Consumer Financial Services
(SOVEST) and Rocketbank segments, and 4Q 2020 TSUPIS & related
acquiring services in Russia.
Key events in 4Q 2021 and after the
reported period
- Alexey Mashchenkov was appointed as
CFO of QIWI.
- QIWI relaunched website for
investors (https://investor.qiwi.com/).
- QIWI acquired Taxiaggregator SaaS
platform to further develop its value proposition in payment
segment for self-employed.
- Since October 2021 the
newly-appointed ETSUP replaced TSUPIS of QIWI. The Company ensured
a seamless transition of clients to the ETSUP. QIWI wallet remains
a payment method for making bets and receiving winning
payouts.
- QIWI announced Extraordinary
General Meeting of Shareholders to submit the buyback program on
Moscow Exchange2.
- QIWI Announced changes to the Board
of Directors. Ms. Nadiya Cherkasova3 and Ms. Elena Titova4 have
resigned from the Company’s Board of Directors, Ms. Alla
Maslennikova has joined the Board of Directors of QIWI as a
Non-Executive Director5.
- The S&P Global Ratings agency
withdrew its credit rating on QIWI plc due to our exposure to
Russia followed by the EU's decision to ban the provision of credit
ratings to legal persons, entities, financial institutions, or
bodies incorporated in Russia. Neither operating nor financial
performance of QIWI is affected due to announced credit rating
changes.
_______________1 Total Net Revenue, adjusted EBITDA, adjusted
EBITDA margin, adjusted Net profit, adjusted Net profit margin,
financial results on a like-for-like basis in this release are
“non-IFRS financial measures”. Please see the section “Non-IFRS
Financial Measures and Supplemental Financial Information” for more
details as well as reconciliation at the end of this release.2
https://investor.qiwi.com/news-and-events/press-releases/4080706/
4Q and FY 2021
results
Net Revenue breakdown by
segments
|
4Q 2020 |
4Q 2021 |
YoY |
FY 2020 |
FY 2021 |
YoY |
|
4Q 2021 |
FY 2021 |
|
RUB million |
RUB million |
% |
RUB million |
RUB million |
% |
|
USD million |
USD million |
Total Net Revenue |
6,242 |
5,484 |
(12.1 |
%) |
25,978 |
23,113 |
(11.0 |
%) |
|
73.8 |
311.1 |
LFL Total Net Revenue |
5,615 |
5,484 |
(2.3 |
%) |
23,738 |
23,113 |
(2.6 |
%) |
|
73.8 |
311.1 |
Payment Services (PS) |
5,811 |
4,805 |
(17.3 |
%) |
22,637 |
21,100 |
(6.8 |
%) |
|
64.7 |
284.0 |
PS Payment Net Revenue |
5,042 |
3,650 |
(27.6 |
%) |
19,549 |
17,507 |
(10.4 |
%) |
|
49.1 |
235.6 |
PS Other Net Revenue |
769 |
1,155 |
50.3 |
% |
3,089 |
3,593 |
16.3 |
% |
|
15.6 |
48.4 |
Consumer Financial Services
(СFS) |
- |
- |
- |
|
1,066 |
- |
(100.0 |
%) |
|
- |
- |
Rocketbank |
- |
- |
- |
|
548 |
- |
(100.0 |
%) |
|
- |
- |
Corporate and Other |
431 |
679 |
57.4 |
% |
1,727 |
2,013 |
16.6 |
% |
|
9.1 |
27.1 |
4Q 2021
Total Net Revenue decreased by 12.1% YoY to RUB
5,484 million ($73.8 million). Like-for-like Total Net Revenue
(adjusted for 4Q 2020 TUPIS & related acquiring services in the
amount of RUB 626 million) decreased by 2.3% YoY resulting from PS
Net Revenue decline partially offset by further development of ROWI
and Flocktory projects.
PS Net Revenue stood at RUB 4,805 million ($64.7
million) – 17.3% lower compared to last year driven by a
combination of (i) terminated TSUPIS and related acquiring services
(compared to RUB 626 million generated in 4Q 2020), (ii) decrease
of higher-yielding cross-border payments volume, (iii) marketing
campaign (effective during the 4Q 2021) with decreased commission
level for CONTACT money remittance platform (iv) partially offset
by PS Other Net Revenue growth resulting from increased interest
income.
Full Year 2021
Total Net Revenue decreased by 11.0% YoY to RUB
23,113 million ($311.1 million), falling within guidance range (of
-10% to -15% YoY) provided by the management. Like-for-like Total
Net Revenue (adjusted for (i) the terminated operations of Sovest
and Rocketbank, (ii) and 4Q 2020 TSUPIS & related acquiring
services in the amount of RUB 626 million), decreased by 2.6% YoY
resulting from PS Net Revenue decline partially offset by further
development of ROWI and Flocktory projects.
PS Net Revenue was above guidance expectations
and reached RUB 21,100 million ($284.0 million) or 6.8% lower YoY
mainly driven by a decrease of higher-yielding cross-border
payments partially offset by increased payment volumes, and growth
of PS Other Net Revenue as a result of a higher interest
income.
_______________3
https://investor.qiwi.com/news-and-events/press-releases/4075928/4
https://investor.qiwi.com/news-and-events/press-releases/4094743/5
https://investor.qiwi.com/news-and-events/press-releases/4087127/6
Please see the section “Non-IFRS Financial Measures and
Supplemental Financial Information” for more details as well as
reconciliation at the end of this release.
PS Payment segment breakdown by
verticals6
|
4Q 2020 |
4Q 2021 |
YoY |
FY 2020 |
FY 2021 |
YoY |
|
4Q 2021 |
FY 2021 |
|
RUB |
RUB |
% |
RUB |
RUB |
% |
|
USD |
USD |
PS Payment Volume (billion)(1) |
464.2 |
|
403.3 |
|
(13.1 |
%) |
1,616.8 |
|
1,735.4 |
|
7.3 |
% |
|
5.4 |
|
23.4 |
|
E-commerce |
133.3 |
|
48.4 |
|
(63.7 |
%) |
476.6 |
|
360.8 |
|
(24.3 |
%) |
|
0.7 |
|
4.9 |
|
Financial services |
70.1 |
|
82.2 |
|
17.2 |
% |
256.6 |
|
282.7 |
|
10.2 |
% |
|
1.1 |
|
3.8 |
|
Money remittances |
207.3 |
|
227.1 |
|
9.6 |
% |
679.7 |
|
922.1 |
|
35.7 |
% |
|
3.1 |
|
12.4 |
|
Telecom |
35.0 |
|
30.9 |
|
(11.9 |
%) |
153.9 |
|
120.2 |
|
(21.9 |
%) |
|
0.4 |
|
1.6 |
|
Other |
18.5 |
|
14.7 |
|
(20.5 |
%) |
50.0 |
|
49.7 |
|
(0.7 |
%) |
|
0.2 |
|
0.7 |
|
PS Payment Net Revenue (million)(2) |
5,042 |
|
3,650 |
|
(27.6 |
%) |
19,549 |
|
17,507 |
|
(10.4 |
%) |
|
49.1 |
|
235.6 |
|
E-commerce |
2,555 |
|
1,431 |
|
(44.0 |
%) |
11,078 |
|
7,791 |
|
(29.7 |
%) |
|
19.3 |
|
104.9 |
|
Financial services |
411 |
|
480 |
|
17.0 |
% |
1,342 |
|
942 |
|
(29.8 |
%) |
|
6.5 |
|
12.7 |
|
Money remittances |
1,814 |
|
1,553 |
|
(14.4 |
%) |
6,087 |
|
8,106 |
|
33.2 |
% |
|
20.9 |
|
109.1 |
|
Telecom |
136 |
|
118 |
|
(12.8 |
%) |
709 |
|
510 |
|
(28.0 |
%) |
|
1.6 |
|
6.9 |
|
Other |
128 |
|
68 |
|
(47.0 |
%) |
333 |
|
157 |
|
(52.8 |
%) |
|
0.9 |
|
2.1 |
|
PS Payment Net Revenue Yield(3) |
1.09 |
% |
0.91 |
% |
(0.18 |
%) |
1.21 |
% |
1.01 |
% |
(0.20 |
%) |
|
0.91 |
% |
1.01 |
% |
E-commerce |
1.92 |
% |
2.95 |
% |
1.04 |
% |
2.32 |
% |
2.16 |
% |
(0.16 |
%) |
|
2.95 |
% |
2.16 |
% |
Financial services |
0.59 |
% |
0.58 |
% |
(0.00 |
%) |
0.52 |
% |
0.33 |
% |
(0.19 |
%) |
|
0.58 |
% |
0.33 |
% |
Money remittances |
0.87 |
% |
0.68 |
% |
(0.19 |
%) |
0.90 |
% |
0.88 |
% |
(0.02 |
%) |
|
0.68 |
% |
0.88 |
% |
Telecom |
0.39 |
% |
0.38 |
% |
(0.00 |
%) |
0.46 |
% |
0.42 |
% |
(0.04 |
%) |
|
0.38 |
% |
0.42 |
% |
Other |
0.69 |
% |
0.46 |
% |
(0.23 |
%) |
0.67 |
% |
0.32 |
% |
(0.35 |
%) |
|
0.46 |
% |
0.32 |
% |
(1) PS Payment Volume by market
verticals and consolidated payment volume consist of the amounts
paid by our customers to merchants or other customers included in
each of those market verticals less intra-group eliminations.
(2) PS Payment Net Revenue is calculated as the
difference between PS Payment Revenue and PS Cost of Payment
Revenue (excluding D&A). PS Payment Revenue primarily consists
of merchant and consumer fees. Cost of PS Payment Revenue primarily
consists of commission to agents.(3) PS Payment
Net Revenue Yield is defined as PS Payment net revenue divided by
Payment Services payment segment volume.
4Q 2021
PS Payment Net Revenue declined by 27.6% YoY and
amounted to RUB 3,650 million ($49.1 million) primarily as a result
of (i) terminated TSUPIS & related acquiring services and (ii)
lower PS Payment Net Revenue Yield due to a decrease of
higher-yielding cross-border payments and CONTACT money remittance
marketing campaign. PS Payment Net Revenue adjusted for RUB 626
million of 4Q 2020 TSUPIS & related acquiring services,
declined by 17.3% YoY.
PS Payment Volume was 13.1% lower YoY and
amounted to RUB 403.3 billion primarily due to terminated TSUPIS
& related acquiring services partially offset by growth of
volumes in the Money Remittances and Financial Services market
verticals.
- Money Remittances payment volume
went up by 9.6% YoY to RUB 227.1 billion driven by growth of B2B2C
payments from QIWI wallet account holders and payouts on cards (up
95% YoY) resulting largely from the development of our product
offering for self-employed and increase in peer-to-peer operations.
Repayment of customers’ betting winnings decreased in 4Q 2021 due
to termination of processing winning payouts on payment methods
other than QIWI wallet. However, betting winning payouts on QIWI
wallet increased by 30% YoY.
- Payment volume in the Financial
services vertical increased by 17.2% YoY to RUB 82.2 billion driven
by increased bank and micro loans repayments.
- E-commerce payment volume went down
by 63.7% YoY to RUB 48.4 billion driven by terminated TSUPIS and
related acquiring services and decrease in payment volumes to
foreign merchants due to temporary restrictions imposed by the CBR7
in December 2020 and expired in May 2021.
- Telecom payment volume decreased by
11.9% YoY to RUB 30.9 billion on lower volumes coming through MNOs8
and adverse impact of the downsizing kiosk network.
- Other category comprising a broad
range of merchants in utilities and other government payments as
well as charity organizations to which we offer payment processing
services decreased by 20.5% YoY to RUB 14.7 billion.
_______________7 Disclosed in the Report of
Foreign Private Issuer on Form 6-K furnished to the SEC on December
9, 2020.8 Mobile network operators.
PS Payment Net Revenue Yield declined by 18bps
YoY to 0.91% mainly driven by a combination of decreased Money
Remittances Net Revenue Yield by 19bps to 0.68% and lower share of
E-commerce vertical in total PS volume by 16.7ppts to 12.0% (due to
reasons described above).
Decline in the Money Remittances Net Revenue
Yield was driven by marketing campaign (effective during the 4Q
2021) with decreased commission level when using CONTACT money
remittance platform and the long-lasting effect of restrictions
imposed on higher-yielding cross-border payments (expired in May
2021).
Full Year 2021
PS Payment Net Revenue declined by 10.4% YoY and
amounted to RUB 17,507 million ($235.6 million) primarily as a
result of lower PS Payment Net Revenue Yield mainly due to
decreased share of higher-yielding cross-border payments partially
offset by a record high payment volume. PS Payment Net Revenue
adjusted for RUB 626 million of 4Q 2020 TSUPIS & related
acquiring services, declined by 7.5% YoY.
PS Payment Volume increased by 7.3% YoY and
reached its record high level of RUB 1,735.4 billion primarily due
to the volume growth in the Money Remittances and Financial
Services market verticals.
- Money Remittances payment volume
went up by 35.7% YoY and reached RUB 922.1 billion driven by growth
of B2B2C payments from QIWI wallet account holders and payouts on
cards (up 98% YoY) resulting largely from the development of our
product offering for self-employed and increase in peer-to-peer
operations. Despite ceased processing of winning payouts on payment
methods other than QIWI wallet since 4Q 2021, repayment of
customers’ betting winnings increased by 42% YoY. Betting winning
payouts specifically on QIWI wallet in 2021 increased by 81%
YoY.
- Payment volume in the Financial
services vertical increased by 10.2% YoY to RUB 282.7 billion
driven by increased bank and micro loans repayments.
- E-commerce payment volume went down
by 24.3% YoY to RUB 360.8 billion driven by terminated TSUPIS &
related acquiring services starting from 4Q 2021 and decrease in
payment volumes to foreign merchants due to temporary restrictions
imposed by the CBR in December 2020 and expired in May 2021.
- Telecom payment volume decreased by
21.9% YoY to RUB 120.2 billion on lower volumes coming through MNOs
and adverse impact of the downsizing kiosk network.
- Other category comprising a broad
range of merchants in utilities and other government payments as
well as charity organizations to which we offer payment processing
services marginally decreased by 0.7% YoY to RUB 49.7 billion.
PS Payment Net Revenue Yield declined by 20bps
YoY to 1.01% mainly driven by a combination of (1) decreased
E-commerce Net Revenue Yield by 16bps to 2.16% and (2) lower share
of E-commerce vertical in total PS volume by 8.7ppts to 20.8%, both
resulting from the long-lasting effect of temporary restrictions
imposed on higher-yielding cross-border payments.
Payment Services other operating data
|
December 31, 2020 |
|
December 31, 2021 |
YoY % |
Active kiosks and terminals
(units)(1) |
113,713 |
|
93,244 |
(18.0 |
%) |
Active
QIWI wallet accounts (million)(2) |
18.1 |
|
14.1 |
(22.3 |
%) |
(1) We measure the
numbers of our kiosks and terminals on a daily basis, with only
those kiosks and terminals being taken into calculation through
which at least one payment has been processed during the day, which
we refer to as active kiosks and terminals. The period end numbers
of our kiosks and terminals are calculated as an average of the
number of active kiosks and terminals for the last 30 days of the
respective reporting period.(2) Active
QIWI wallet accounts calculated on a yearly basis, i.e. an active
account is an account that had at least one transaction within the
last 12 months from the reporting date.
The number of active kiosks and terminals was
93,244, including CONTACT and Rapida physical points of service, a
decrease of 18.0% compared to the previous year. The number of
kiosks and terminals is generally decreasing as market evolves
towards a higher share of digital payments. Nevertheless, our
physical distribution network remains an important part of our
omni-channel infrastructure allowing consumers to use physical
currency for online payments and offering merchants access to a
large pool of customers that use cash.
The number of active QIWI wallet accounts was
14.1 million as of the end of 2021, a decrease of 4.0 million YoY.
The decrease primarily resulted from the introduction of
limitations on the anonymous wallets and enhancement of certain
KYC, identification and compliance procedures. The number of active
QIWI wallets was also affected by the CBR restrictions imposed in
December 2020 resulting in outflow of clients that customarily used
our services specifically for payments to merchants that have
become subject to the restrictions. We also note 1.3 million of
QIWI wallet accounts previously created solely for the purposes of
making bets via QIWI TSUPIS using other than QIWI wallet payment
method. Most of such QIWI wallets have been inactive since October
2021 when QIWI stopped providing TSUPIS services.
We are focused on diversification of our product
proposition and increase of payment volumes per QIWI wallet
account. In 4Q 2021 payment volume per active QIWI wallet account9
was 62% higher YoY.
Corporate and Other (CO) Net Revenue
breakdown
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4Q 2020 |
4Q 2021 |
YoY |
FY 2020 |
FY 2021 |
YoY |
|
4Q 2021 |
FY 2021 |
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RUB million |
RUB million |
% |
RUB million |
RUB million |
% |
|
USD million |
USD million |
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|
|
|
|
|
CO Net Revenue |
431 |
|
679 |
57.4 |
% |
1,727 |
|
2,013 |
|
16.6 |
% |
|
9.1 |
27.1 |
|
|
|
|
|
|
|
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|
Tochka |
132 |
|
133 |
1.0 |
% |
588 |
|
415 |
|
(29.5 |
%) |
|
1.8 |
5.6 |
|
|
|
|
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|
ROWI |
191 |
|
345 |
80.4 |
% |
679 |
|
1,015 |
|
49.5 |
% |
|
4.6 |
13.7 |
|
|
|
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|
Flocktory |
158 |
|
199 |
25.9 |
% |
499 |
|
611 |
|
22.4 |
% |
|
2.7 |
8.2 |
|
|
|
|
|
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|
Corporate and Other projects |
(50 |
) |
2 |
(103.6 |
%) |
(39 |
) |
(28 |
) |
(28.8 |
%) |
|
0.0 |
(0.4 |
) |
CO Net Revenue increased by 57.4% YoY to RUB 679
million ($9.1 million) in 4Q 2021 and by 16.6% YoY to RUB 2,013
million ($27.1 million) for the FY 2021 driven by ROWI, Flocktory,
and Other projects Net Revenue growth:
- In 4Q 2021,
Tochka Net Revenue remained generally flat YoY and stood at RUB 133
million ($1.8 million). For the FY 2021 Tochka Net Revenue
decreased by 29.5% YoY to RUB 415 million ($5.6 million) due to
switch of some SME customers from QIWI to our partner during the
first half of 2021. Together with Tochka we provide a bundle of
services for taxi, courier delivery, transportation companies,
self-employed individuals and other users.
- ROWI Net Revenue
increased by 80.4% YoY to RUB 345 million ($4.6 million) in 4Q 2021
and by 49.5% YoY to RUB 1,015 million ($13.7 million) for the FY
2021 due to further expansion of bank guarantees and factoring
portfolios as well as development of new products:
- As of December
31, 2021, Bank Guarantees portfolio reached RUB 45.6 billion - an
increase of 118% YoY. In 4Q 2021, average amount of an issued
guarantee increased by 23% YoY to RUB 1.0 million.
- As of December
31, 2021, Factoring portfolio reached RUB 9.9 billion demonstrating
growth of 73% YoY. In 4Q 2021, number of active clients increased
by 45% YoY to 694.
- In 4Q 2021, the
portfolio of the recently launched ROWI’s online loans for
government contracts execution reached RUB 1.3 billion.
- Flocktory Net
Revenue increased by 25.9% YoY and reached RUB 199 million ($2.7
million) in 4Q 2021 and by 22.4% YoY to RUB 611 million ($8.2
million) for the FY 2021 driven by growing number of clients and
traffic-providers using Flocktory’s platform and marketing services
underpinned by growth of average check.
- Corporate and
Other projects Net Revenue include result of operations of
different projects in the start-up stage and in 4Q 2021 it stood at
RUB 2 million ($0.02 million). The result for the FY 2021 was RUB
28 million ($0.4 million) of loss.
_______________9 Payment volume per active QIWI wallet account
for the period is calculated as total amount of outgoing payments
for the period including peer-to-peer transactions divided by
number of active QIWI wallet accounts involved in transactions
within the period.
Operating expenses and other non-operating income and
expenses
|
4Q 2020 |
4Q 2021 |
YoY |
FY 2020 |
FY 2021 |
YoY |
|
4Q 2021 |
FY 2021 |
|
RUB million |
RUB million |
% |
RUB million |
RUB million |
% |
|
USD million |
USD million |
Operating expenses |
(2,891 |
) |
(3,103 |
) |
7.3 |
% |
(13,655 |
) |
(11,108 |
) |
(18.7 |
%) |
|
(41.8 |
) |
(149.5 |
) |
% of Net Revenue |
(46.3 |
%) |
(56.6 |
%) |
(10.3 |
%) |
(52.6 |
%) |
(48.1 |
%) |
4.5 |
% |
|
|
|
Selling, general and
administrative expenses |
(861 |
) |
(1,081 |
) |
25.6 |
% |
(3,495 |
) |
(3,228 |
) |
(7.6 |
%) |
|
(14.6 |
) |
(43.4 |
) |
% of Net Revenue |
(13.8 |
%) |
(19.7 |
%) |
(5.9 |
%) |
(13.5 |
%) |
(14.0 |
%) |
(0.5 |
%) |
|
|
|
Personnel expenses |
(1,686 |
) |
(1,664 |
) |
(1.3 |
%) |
(7,890 |
) |
(6,390 |
) |
(19.0 |
%) |
|
(22.4 |
) |
(86.0 |
) |
% of Net Revenue |
(27.0 |
%) |
(30.3 |
%) |
(3.3 |
%) |
(30.4 |
%) |
(27.6 |
%) |
2.7 |
% |
|
|
|
Depreciation, amortization
& impairment |
(299 |
) |
(282 |
) |
(5.7 |
%) |
(1,400 |
) |
(1,154 |
) |
(17.6 |
%) |
|
(3.8 |
) |
(15.5 |
) |
% of Net Revenue |
(4.8 |
%) |
(5.1 |
%) |
(0.4 |
%) |
(5.4 |
%) |
(5.0 |
%) |
0.4 |
% |
|
|
|
Credit loss (expense) |
(45 |
) |
(76 |
) |
68.9 |
% |
(870 |
) |
(336 |
) |
(61.4 |
%) |
|
(1.0 |
) |
(4.5 |
) |
% of Net Revenue |
(0.7 |
%) |
(1.4 |
%) |
(0.7 |
%) |
(3.3 |
%) |
(1.5 |
%) |
1.9 |
% |
|
|
|
Other non-operating
income and expenses excluding gain on
disposal of an associate |
(26 |
) |
234 |
|
1000.0 |
% |
(467 |
) |
434 |
|
192.9 |
% |
|
3.1 |
|
5.8 |
|
% of Net Revenue |
(0.4 |
%) |
4.3 |
% |
4.7 |
% |
(1.8 |
%) |
1.9 |
% |
3.7 |
% |
|
|
|
Share of gain of an associate
and a joint venture |
168 |
|
- |
|
(100.0 |
%) |
663 |
|
306 |
|
(53.8 |
%) |
|
- |
|
4.1 |
|
% of Net Revenue |
2.7 |
% |
0.0 |
% |
(2.7 |
%) |
2.6 |
% |
1.3 |
% |
(1.2 |
%) |
|
|
|
Foreign exchange loss,
net |
(94 |
) |
10 |
|
110.6 |
% |
(224 |
) |
(29 |
) |
87.1 |
% |
|
0.1 |
|
(0.4 |
) |
% of Net Revenue |
(1.5 |
%) |
0.2 |
% |
1.7 |
% |
(0.9 |
%) |
(0.1 |
%) |
0.7 |
% |
|
|
|
Interest income and expenses,
net |
(11 |
) |
117 |
|
1163.6 |
% |
(99 |
) |
92 |
|
192.9 |
% |
|
1.6 |
|
1.2 |
|
% of Net Revenue |
(0.2 |
%) |
2.1 |
% |
2.3 |
% |
(0.4 |
%) |
0.4 |
% |
0.8 |
% |
|
|
|
Other income and expenses,
net |
(89 |
) |
107 |
|
220.2 |
% |
(807 |
) |
65 |
|
108.1 |
% |
|
1.4 |
|
0.9 |
|
% of Net Revenue |
(1.4 |
%) |
2.0 |
% |
3.4 |
% |
(3.1 |
%) |
0.3 |
% |
3.4 |
% |
|
|
|
Gain on disposal of an
associate |
- |
|
1,964 |
|
|
- |
|
8,177 |
|
|
|
26.4 |
|
110.1 |
|
% of Net Revenue |
|
35.8 |
% |
|
|
35.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q 2021
Operating expenses increased by 7.3% YoY to RUB
3,103 million ($41.8 million) – an increase by 10.3ppts to 56.6% as
percent of Total Net Revenue mainly driven by Total Net Revenue
decline due to terminated TSUPIS & related acquiring
services.
Selling, general and administrative (SG&A)
expenses increased by 25.6% to RUB 1,081 million ($14.6 million)
and as percent of Total Net Revenue went up by 5.9ppts YoY to 19.7%
primarily due to (i) higher expenses on information and advisory
services, and (ii) increased costs for insurance of Directors and
Officers.
Personnel expenses slightly decreased by 1.3%
YoY to RUB 1,664 million ($22.4 million). As percent of Total Net
Revenue personnel expenses increased by 3.3ppts to 30.3% due to
negative operating leverage effect, hiring of new employees during
2021 and selective salary indexation partially offset by lower
accruals for LTI10 motivation program.
Depreciation, amortization and impairment stood
at RUB 282 million ($3.8 million) or 5.1% as percent of Total Net
Revenue – 0.4ppt higher YoY due to negative operating leverage
effect.
Credit loss increased by 0.7ppt YoY to 1.4% as
percent of Total Net Revenue or RUB 76 million ($1.0 million)
largely resulting from growth of ROWI business.
Other non-operating income (net) excluding gain
on disposal of an associate was RUB 234 million ($3.1 million)
compared to RUB 26 million of loss in 4Q 2020 driven by a
combination of (i) no equity pick up from Tochka associate due to
sale of our stake in the project, (ii) foreign exchange gain due to
favorable currency rates, (iii) interest income (net) driven by
adjustment for discounted contingent consideration from Tochka
sale, and (iv) other income (net) due to favorable revaluation of
existing share in Taxiaggregator business.
Gain on disposal of an associate in the 4Q 2021
in the amount of RUB 1,964 million ($26.4 million) was a result of
better than expected performance of Tochka in 2021.
_______________10 Long-term incentive
program.
Full Year 2021
Operating expenses decreased by 18.7% YoY to RUB
11,108 million ($149.5 million) and improved by 4.5ppts to 48.1% as
percent of Total Net Revenue mainly driven by divestiture of SOVEST
and Rocketbank projects that offset the negative operating leverage
effect resulting from Total Net Revenue decline on temporary
restrictions imposed on cross-border payments and terminated TSUPIS
& related acquiring services since 4Q 2021.
Selling, general and administrative expenses
decreased by 7.6% to RUB 3,228 million ($43.4 million) and as
percent of Total Net Revenue went up by 0.5ppt YoY to 14.0%
primarily due to (i) negative operating leverage effect, (ii)
higher advisory and audit services, including costs for insurance
of Directors and Officers, (iii) partially offset by lower
advertising, client acquisition and related expenses, as well as
other expenses thanks to the wind-down of Rocketbank and divesture
of SOVEST project.
Personnel expenses decreased by 19.0% YoY to RUB
6,390 million ($86.0 million). As percent of Total Net Revenue
personnel expenses decreased by 2.7ppts to 27.6% due to termination
of SOVEST and Rocketbank projects partially offset by negative
operating leverage effect, hiring of new employees during 2021 and
selective salary indexation.
Depreciation, amortization and impairment stood
at RUB 1,154 million ($15.5 million) or 5.0% as percent of Total
Net Revenue – 0.4ppt lower YoY driven by divestiture of SOVEST and
Rocketbank projects partially offset by negative operating leverage
effect.
Credit loss decreased by 1.9ppts YoY to 1.5% as
percent of Total Net Revenue or RUB 336 million ($4.5 million) due
to divestiture of SOVEST partially offset by growth of ROWI
business.
Other non-operating income (net) excluding gain
on disposal of an associate was RUB 434 million ($5.8 million)
compared to RUB 467 million of loss in 2020 driven by (i) less
equity pick up from Tochka associate due to sale of our stake in
the project in 3Q 2021, (ii) less foreign exchange loss due to
favorable currency rates, (iii) interest income (net) mainly due to
ceased leasing expenses of Rocketbank and adjustment for discounted
contingent consideration from Tochka sale in 4Q 2021, and (iv)
other income (net) driven by divestiture of SOVEST project, and
favorable revaluation of existing share in Taxiaggregator business
in 2021.
Gain on disposal of Tochka associate reached RUB
8.2 billion ($110.1 million) including (i) base deal amount of RUB
4.95 billion, (ii) accrued discounted performance adjustment gain
contingent on Tochka’s earnings for the year 2021 in the amount of
RUB 4.65 billion, (iii) dividends received in 3Q in the amount of
RUB 0.5 billion, and (iv) less carrying amount of disposed
investment in the amount of RUB 1.95 billion. As a result, the deal
delivered a 5.1x return on QIWI’s total investment, representing an
IRR of 59%. We note that there is a degree of uncertainty regarding
the receipt of the contingent portion of the consideration as the
buyer decided to approach the Government Commission for approval of
such payment. A negative decision of the Commission may postpone or
even block the payment and therefore could result in a loss in the
amount of up to RUB 4.85 billion.
Income tax expense
4Q 2021
Income tax expense decreased by 46.2% YoY to RUB
466 million ($6.3 million) driven by (i) lower profit before tax
excluding non-taxable gain on disposal of Tochka by 21.4% YoY, and
(ii) lower deferred income tax liabilities. Effective tax rate was
15.9ppts lower YoY and stood at 10.2% as a result of recognition of
non-taxable gain on disposal of Tochka.
Full Year 2021
Income tax expense increased by 5.6% YoY to RUB
3,080 million ($41.5 million) mainly due to divesture of
loss-making SOVEST and Rocketbank projects. Effective tax rate was
9.7ppts lower YoY and stood at 14.9% as a result of recognition of
non-taxable gain on disposal of Tochka.
Profitability results
|
4Q 2020 |
4Q 2021 |
YoY |
FY 2020 |
FY 2021 |
YoY |
|
4Q 2021 |
FY 2021 |
|
RUB million |
RUB million |
% |
RUB million |
RUB million |
% |
|
USD million |
USD million |
Adjusted EBITDA |
3,614 |
|
2,663 |
|
(26.3 |
%) |
13,837 |
|
13,167 |
|
(4.8 |
%) |
|
35.8 |
|
177.2 |
|
Adjusted EBITDA margin, % |
57.9 |
% |
48.6 |
% |
(9.3 |
%) |
53.3 |
% |
57.0 |
% |
3.7 |
% |
|
48.6 |
% |
57.0 |
% |
Adjusted Net
Profit |
2,519 |
|
2,124 |
|
(15.7 |
%) |
10,304 |
|
9,594 |
|
(6.9 |
%) |
|
28.6 |
|
129.1 |
|
Adjusted Net Profit margin, % |
40.4 |
% |
38.7 |
% |
(1.6 |
%) |
39.7 |
% |
41.5 |
% |
1.8 |
% |
|
38.7 |
% |
41.5 |
% |
Payment Services |
2,681 |
|
2,218 |
|
(17.3 |
%) |
12,608 |
|
10,971 |
|
(13.0 |
%) |
|
29.9 |
|
147.7 |
|
PS Net Profit margin, % |
46.1 |
% |
46.2 |
% |
0.0 |
% |
55.7 |
% |
52.0 |
% |
(3.7 |
%) |
|
46.2 |
% |
52.0 |
% |
Consumer Financial
Services |
- |
|
- |
|
|
(793 |
) |
- |
|
(100.0 |
%) |
|
- |
|
- |
|
Rocketbank |
- |
|
- |
|
|
(781 |
) |
- |
|
(100.0 |
%) |
|
- |
|
- |
|
Corporate and Other (CO) |
(162 |
) |
(94 |
) |
41.7 |
% |
(730 |
) |
(1,377 |
) |
(88.7 |
%) |
|
(1.3 |
) |
(18.5 |
) |
Tochka |
195 |
|
1 |
|
(99.4 |
%) |
785 |
|
329 |
|
(58.1 |
%) |
|
0.0 |
|
4.4 |
|
ROWI |
43 |
|
31 |
|
(26.5 |
%) |
206 |
|
188 |
|
(9.1 |
%) |
|
0.4 |
|
2.5 |
|
Flocktory |
11 |
|
61 |
|
461.0 |
% |
68 |
|
(48 |
) |
(171.2 |
%) |
|
0.8 |
|
(0.6 |
) |
Corporate and Other projects |
(410 |
) |
(188 |
) |
54.3 |
% |
(1,788 |
) |
(1,845 |
) |
(3.2 |
%) |
|
(2.5 |
) |
(24.8 |
) |
4Q 2021
Adjusted EBITDA decreased by 26.3% YoY to RUB
2,663 million ($35.8 million) mainly due to negative operating
leverage effect, including the direct adverse impact on
profitability from terminated TSUPIS and related acquiring
services. Our TSUPIS services did not have embedded direct costs
except for the related income tax expenses. As a result, the loss
of Net Revenue from TSUPIS and related acquiring services had a
direct impact on our profitability. Adjusted EBITDA margin declined
by 9.3ppts to 48.6%.
Adjusted Net Profit decreased by 15.7% YoY to
RUB 2,124 million ($28.6 million). Adjusted Net Profit margin
declined by 1.6ppts and stood at 38.7% driven by (i) Adjusted
EBITDA dynamics described above, (ii) favorable change in other
non-operating income lines described earlier, and (iii) lower
income tax expense.
Payment Services Net Profit decreased by 17.3%
YoY to RUB 2,218 million ($29.9 million) as a result of PS Net
Revenue decline by 17.3% YoY driven by factors described earlier.
PS Net Profit margin improved by 2bps to 46.2% as negative
operating leverage effect was offset by (i) lower accruals for LTI
motivation program, (ii) favorable forex exchange impact, (iii)
lower income tax expense, and other immaterial miscellaneous
factors.
CO Net Loss decreased to RUB 94 million ($1.3
million) driven primarily by the following factors:
- Corporate and Other projects Net
Loss decreased by 54.3% YoY to RUB 188 million primarily due to (i)
adjustment for discounted contingent consideration from Tochka
sale, (ii) favorable revaluation of existing share in
Taxiaggregator business, and (iii) positive forex exchange impact
partially offset by (iv) higher expenses on information and
advisory services, and (v) increased costs for insurance of
Directors and Officers.
- Net Profit from Tochka decreased to
RUB 1 million followed by sale of QIWI stake in the project.
- ROWI Net Profit decreased by 26.5%
YoY to RUB 31 million as a result of additional personnel expenses
to support portfolio growth.
- Floctory Net Profit stood at RUB 61
million primarily driven Net Revenue growth, positive forex
exchange impact and lower income tax expense partially offset by
increased personnel expenses mainly due to selective review of
salaries and new hires.
Full Year 2021
Adjusted EBITDA decreased by 4.8% YoY to RUB
13,167 million ($177.2 million) mainly due to negative operating
leverage effect, including the direct adverse impact on
profitability from terminated TSUPIS and related acquiring
services, and increase of certain selling, general and
administrative expenses partially offset by optimization measures
resulting from divesture of SOVEST and Rocketbank projects. As a
result, Adjusted EBITDA margin improved by 3.7ppts to 57.0%.
Adjusted Net Profit came above guidance
expectations and decreased by 6.9% YoY to RUB 9,594 million ($129.1
million) driven by the factors described above and less equity pick
up contribution from Tochka due to disposal of our stake in the
project in 3Q 2021.
Payment Services Net Profit decreased by 13.0%
YoY to RUB 10,971 million ($147.7 million) as a result of PS Net
Revenue decline by 6.8% YoY and contraction of PS Net Profit margin
by 3.7ppts to 52.0%. PS Net Profit margin decline was mainly driven
by negative operating leverage effect, hiring of new employees
during 2021 and selective salary indexation partially offset by
favorable forex exchange impact, and lower income tax expense.
CO Net Loss increased by 88.7% to RUB 1,377
million ($18.5 million) driven primarily by the following
factors:
- Corporate and Other projects Net
Loss increased by 3.2% YoY to RUB 1,845 million primarily due to
(i) higher expenses on information and advisory services, (ii)
increased costs for insurance of Directors and Officers, and (iii)
higher income tax expense partially offset by (iv) adjustment for
discounted future cash flows from Tochka sale, and (v) favorable
revaluation of existing share in Taxiaggregator business.
- Net Profit from Tochka decreased to
RUB 329 million followed by sale of QIWI stake in the project in 3Q
2021.
- ROWI Net Profit decreased by 9.1%
YoY to RUB 188 million as a result of additional personnel to
support portfolio growth.
- Floctory Net Loss stood at RUB 48
million primarily driven by (i) increased personnel expenses mainly
due to adjustment related to the SAR11 program for employees, and
(ii) adverse forex exchange impact partially offset by (iii) net
revenue growth.
_______________11 Stock Appreciation Rights motivation
program
Consolidated cash flow
statement
|
FY 2020 |
FY 2021 |
YoY |
|
FY 2021 |
|
RUB million |
RUB million |
% |
|
USD million |
Net cash generated from operating activities before changes in
working capital |
11,777 |
|
10,520 |
|
(10.7 |
%) |
|
141.6 |
|
Change in working capital |
(6,137 |
) |
(14,908 |
) |
142.9 |
% |
|
(200.7 |
) |
Net interest and income tax paid |
462 |
|
(122 |
) |
(126.4 |
%) |
|
(1.6 |
) |
Net cash flow used in
operating activities |
6,102 |
|
(4,510 |
) |
(173.9 |
%) |
|
(60.7 |
) |
Net cash received from
investing activities |
(1,479 |
) |
(2,236 |
) |
51.2 |
% |
|
(30.1 |
) |
Net cash used in from
financing activities |
(287 |
) |
(7,417 |
) |
2484.3 |
% |
|
(99.8 |
) |
Effect
of exchange rate changes on cash and cash equivalents |
945 |
|
(186 |
) |
(119.7 |
%) |
|
(2.5 |
) |
Net decrease in cash and cash equivalents |
5,281 |
|
(14,349 |
) |
(371.7 |
%) |
|
(193.1 |
) |
Cash and cash equivalents at the beginning of the period |
42,101 |
|
47,382 |
|
12.5 |
% |
|
637.8 |
|
Cash and cash equivalents at the end of the
period |
47,382 |
|
33,033 |
|
(30.3 |
%) |
|
444.6 |
|
Net cash generated from operating activities
before changes in working capital for FY 2021 decreased by 10.7%
YoY to RUB 10,520 million ($141.6 million) mainly driven by
adjusted EBITDA decline by 4.8% YoY. Net cash flow used in
operating activities for FY 2021 stood at RUB 4,510 million
($60.7 million) driven by significant changes in working capital
and increased income tax paid. Change in working capital for FY
2021 resulted in cash outflow of RUB 14,908 million primarily due
to (i) lower accounts payable and accruals of RUB 6,228 million
resulted from long-lasting effect of expired restriction on
payments to foreign merchants and decrease of deposits received
from agents due to cessation of TSUPIS project; (ii) decrease in
customer accounts and amounts due to banks in the amount of RUB
4,670 million driven predominantly by the wind-down of Rocketbank;
and (iii) increase in loans issued from banking operations of RUB
5,720 million mainly related to ROWI business development,
partially offset by (iv) increase in other liabilities by RUB 1,491
million mainly due to growth of guaranties portfolio and deferred
depositary income for ADRs. Net interest received and income tax
paid increased by RUB 584 million mainly resulting from divesture
of loss making SOVEST and Rocketbank projects, as well as increased
interest rates during 2021.
Net cash flow used in investing activities for
FY 2021 increased by 51.2% YoY and stood at RUB 2,236 million
($30.1 million). The net cash outflow was primarily driven by
purchase of debt securities in the amount of RUB 10.6 billion
partially offset by proceeds from sale and redemption of debt
securities of RUB 3.7 billion, and initial proceeds from sale of
Tochka of RUB 4.95 billion.
Net cash flow used in financing activities for
FY 2021 increased to RUB 7,417 million ($99.8 million). The
net cash outflow was primarily driven by (i) RUB 1.9 billion of
debt repaid during 2021, and (ii) RUB 5.2 billion of dividends paid
during FY 2021.
In 2021, the adverse effect of exchange rate
changes on cash and cash equivalents was RUB 186 million ($2.5
million) compared to positive impact of RUB 945 million a year
ago.
As a result of factors described above cash and
cash equivalents as of December 31, 2021 were RUB 33,033 million
($444.6 million) – a decrease of 30.3% compared to December 31,
2020.
Update on impact of the latest geopolitical
developments
As of the date of this press release, sanctions
imposed on Russia have had no immediate material impact on QIWI.
Neither QIWI nor any of its subsidiaries is specifically targeted
by these sanctions. All our operations are available in full and
remain uninterrupted.
While current sanctions do not target QIWI
directly, the magnitude of these sanctions is unprecedented in the
modern Russian history and they should be expected to have a
significant impact on the Russian economy. The introduction of
further sanctions by the U.S., the EU, the United Kingdom and other
countries remains highly likely, as well as possible introduction
of response measures by the Russian government, and it remains
unclear what effect they may have. We cannot predict the full
impact of these matters on our business and results of operations,
due to the fact that the related developments are highly
unpredictable and occur swiftly, often with little notice. As a
result, we cannot guarantee that the economic developments in
Russia or in the economies of other countries where we operate will
not adversely affect our operations and financial results in the
future.
The following are some of our current
observations regarding such impacts.
The economic sanctions against certain Russian
banks have resulted in an increase in the number of consumers that
rely on alternative payment and financial services providers
similar to our business which is favorable for our B2C streams of
operations. We plan to launch additional products and services to
support this trend and improve customer loyalty. Despite the
limitations on cross-border transactions, payments and fund
transfers as further described below, we do not expect any
meaningful impact from such limitations, as 87% of our operations
are denominated in Rubles (which are not affected by sanctions in
any way). Moreover, certain payment services providers have ceased
their operations in Russia, resulting in a decrease in competition
in the Russian market.
With respect to our B2B offering we have seen a
few negative implications due to sanctions regime, namely (i)
digital commerce, due to limitations on cross-border transactions,
(ii) CONTACT money remittances business, due to limitations
introduced on international money transfers, and (iii) the
Flocktory business, due to the exit of certain Western businesses
and overall reduction of marketing spending. These changes have not
had a material impact on our overall business.
On March 2, 2022, certain Russian financial
institutions were banned from the SWIFT payment system by the
European Union. Under these circumstances, we rely on our wide
network of partners and banks that play a vital role in our
operations to adopt alternative payment systems and navigate in a
new reality. However, in the event that Russia is disconnected from
the SWIFT payment system completely, cross-border trade with Russia
would be disrupted, and as a result, would be complicated for us to
service any cross-border transactions, which still constitute an
insignificant part of our revenues.
Russian authorities have introduced
capital-control measures that prevent currency outflows. Such
measures affect our ability to transfer funds from our Russian
subsidiaries to our Cypriot parent company, QIWI plc. We note that
most of our assets are located in Russia, most of our contractual
obligations are performed in Russia and QIWI plc has enough
reserves on its accounts to fulfil its commitments. However, we are
taking such capital-control measures into account when considering
distribution of dividends and other cash expenditures.
Certain businesses from the United States, the
European Union and other countries, wound down or substantially
scaled back, or announced plans to wind down or scale back, their
operations in Russia or with Russian counterparts, and other
businesses are exhibiting an overall trend of avoiding any
associations with Russia or Russian persons. In light of this, we
risk having limited access to and supply of technologies. We
believe our current technological solutions will allow us to
continue operations; however, a prolonged suspension of access or
supply of hardware, software or other technologies may adversely
affect our operations materially over time. A switch to locally
produced software and hardware may also negatively affect the
performance and safety features of our systems, and consequently,
the quality of our services may be affected.
On March 5, 2022, Visa and Mastercard suspended
membership of all their Russian members, rendering Qiwi Bank unable
to issue Visa and Mastercard cards and conduct any cross-border
payments with the use of such cards, which is expected to have a
negative, albeit limited, effect on our payment volumes due the
shutdown of cross-border transactions. All operations within Russia
in Rubles via such cards are available in full and served by the
National Payment Card System (NSPK) with lower acquiring costs for
payment service providers, such as ourselves. As an alternative we
are able to issue virtual MIR cards and expect to issue MIR plastic
cards in the future. Consequently, with the majority of our
operations conducted in Rubles and the availability of QIWI Wallet
services as a payment method, we do not believe that the impact on
our operations and financial results will be significant in this
regard. Combined share of Visa and MasterCard operations affected
by the suspension of their services for the full year 2021
constituted 1.3% of Payment Services payment volume.
In February 2022, the CBR substantially
increased its key interest rate to 20% per annum. We have not seen
any significant adverse effect on our operations and financial
results, given our low level of debt and limited currency exposure.
On the contrary, our interest income generated from our cash and
cash equivalents has increased.
On February 28, 2022, trading on the Moscow
Exchange in all equity securities was suspended (including the
Company’s ordinary shares represented by ADSs), which suspension
was later extended until the limited resumption of stock trading on
the Moscow Exchange on March 24, 2022, and the full resumption of
stock trading on the Moscow Exchange on March 28, 2022. Also, on
February 28, 2022, the Nasdaq Global Select Market halted trading
in the Company’s ordinary shares represented by ADSs and stocks of
certain other Russian companies. The halt on the Nasdaq Global
Select Market for QIWI, as well as for certain other Russian
companies persists at the day of this press release.
We encourage investors to review QIWI’s Annual
Report on Form 20-F in the Caption “Risk Factors” for more details
and in other reports QIWI files with the U.S. Securities and
Exchange Commission.
We would like to emphasize our strong financial
position with negative net debt12 as of December 31, 2021. We also
note limited exposure to currency risks, as majority of our
operations and cash balances are denominated in local currency.
Guidance FY 2022
In light of the current situation, we have
decided to postpone the announcement of FY 2022 guidance.
We will closely monitor all developments and
update on guidance expectations in the course of the year when more
information will be available.
We also highlight that due to changes in the
betting industry in 2021 and sale of our stake in the Tochka
project, FY 2022 results will not include (i) revenues and income
from TSUPIS and related acquiring services, and (ii) contribution
to Net Profit from the Tochka project previously accounted via the
equity pick-up method:
- QIWI’s TSUPIS and related acquiring
services provided in Russia were ceased since the beginning of 4Q
2021 followed by the assignment of Unified Interactive Bets
Accounting Center (ETSUP) role to another market participant13.
Total Net Revenue generated by TSUPIS and related acquiring
services during 9M 2021 constituted RUB 3,246 million. We consider
Net Revenue lost with this business stream in Russia had a direct
impact on our profitability. Estimated Net Profit from these
operations during 9M 2021was RUB 2,590 million.
- Equity pick-up from Tochka project
accounted in the Net Profit in 2021 was RUB 306 million.
Dividends
Although to date we have had
no material direct impact on our day-to-day operations
and our financial position remains strong, the Board has decided
not to distribute interim dividend payment for 4Q 2021. The full
impact of sanctions on the Russian economy and other markets where
we operate remains unclear and requires cautiousness for the
benefit of all shareholders and the Company.
The Board will continue to keep the payment
of future dividends under review and will update shareholders
through further announcements as appropriate.
_______________12 Net debt is calculated by
deducting cash and cash equivalents from short-term and long-term
finance liabilities.13 For more details please refer to the
respective press release disclosed at Company’s investor
website:https://investor.qiwi.com/news-and-events/press-releases/3975635/
Earnings Conference Call and Audio Webcast
In light of the current level of uncertainty and
market volatility, the conference call and webcast to discuss the
results and outlook is postponed. We will host a group call in the
second half of May together with our 1Q 2022 results. In the
meantime, all our stakeholders are welcome to send any questions
related to our business using the contact details available on our
investor’s website. We remain available for individual incoming
call requests.
About QIWI plc.
For over 20 years we stood at the fore point of
fintech innovations to facilitate and secure digitalization of
payments. Our mission is to connect our clients providing unique
financial and technological solutions to make the impossible
accessible and simple.
QIWI is a leading provider of cutting-edge
payment and financial services in Russia and the CIS. We offer a
wide range of products under several directions: QIWI payment and
financial services ecosystem for merchants and B2C clients across
digital use-cases, ROWI digital structured financial products for
SME, Flocktory services in marketing automation and advertising
technologies, and several other startups.
QIWI has an integrated proprietary network that
enables payment services across online, mobile and physical
channels and provides access to financial services for retail
customers and B2B partners. Millions of consumers and partners may
receive and transmit cash and electronic payments through our
network.. The Company’s money remittance payment platform connects
businesses and people via thousands of service points across the
globe. Our customers and partners can use cash, stored value,
prepaid cards and other electronic payment methods in order to pay
for goods and services or transfer money across virtual or physical
environments interchangeably, as well as employ QIWI’s open API
infrastructure and highly customizable, sophisticated payment
solutions to serve their business or personal needs. Our ROWI brand
serves businesses with digital factoring, bank guarantees and other
financial solutions for SMEs.
For the FY 2021 QIWI had revenue of RUB 41.1
billion and an Adjusted EBITDA of RUB 13.2 billion. QIWI's American
depositary shares are traded on the NASDAQ and Moscow Exchange
(ticker: QIWI).
For more information, visit investor.qiwi.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of, and subject to the protection
of, the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding expected total
net revenue, adjusted net profit and net revenue yield, dividend
payments, payment volume growth, growth of physical and virtual
distribution channels, trends in each of our market verticals and
statements regarding the development of our ROWI and Flocktory
businesses, the impact of the restrictions imposed on us by the CBR
on December 7, 2020, in particular with respect to payments to
foreign merchants, the impact of changes in the betting industry in
the Russian Federation and its regulation, the impact of recent
sanctions targeting Russia, the impact of such sanctions on our
results of operations, potential further changes in the regulatory
regime, and others. Such forward-looking statements involve known
and unknown risks, uncertainties, and other factors that may cause
the actual results, performance or achievements of QIWI plc. to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Various factors that could cause actual future results
and other future events to differ materially from those estimated
by management include, but are not limited to, the macroeconomic
conditions of the Russian Federation and in each of the
international markets in which we operate, growth in each of our
market verticals, competition, the introduction of new products and
services and their acceptance by consumers, QIWI’s ability to
estimate the market risk and capital risk associated with new
projects, a decline in net revenue yield, regulation, QIWI’s
ability to grow physical and virtual distribution channels,
cyberattacks and security vulnerabilities in QIWI’s products and
services, QIWI’s ability to expand geographically, the risk that
new projects will not perform in accordance with its expectations
and other risks identified under the Caption “Risk Factors” in
QIWI’s Annual Report on Form 20-F and in other reports QIWI files
with the U.S. Securities and Exchange Commission. QIWI undertakes
no obligation to revise any forward-looking statements or to report
future events that may affect such forward-looking statements
unless QIWI is required to do so by law.
QIWI plc.Consolidated
Statement of Financial Position (in
millions)
|
As of December 31, |
|
As of December 31, |
|
As of December 31, |
|
2020 |
|
2021 (unaudited) |
|
2021 (unaudited) |
|
RUB |
|
RUB |
|
USD |
Assets |
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
Property and equipment |
1,893 |
|
1,417 |
|
19.1 |
Goodwill and other intangible
assets |
10,813 |
|
10,501 |
|
141.3 |
Investments in associates |
1,635 |
|
- |
|
- |
Long-term debt securities |
3,495 |
|
1,111 |
|
15.0 |
Long-term loans |
214 |
|
267 |
|
3.6 |
Other non-current assets |
112 |
|
812 |
|
10.9 |
Deferred tax assets |
209 |
|
237 |
|
3.2 |
Total non-current
assets |
18,371 |
|
14,345 |
|
193.1 |
Current
assets |
|
|
|
|
|
Trade and other receivables |
7,445 |
|
11,576 |
|
155.8 |
Short-term loans |
5,799 |
|
11,270 |
|
151.7 |
Short-term debt securities |
2,888 |
|
11,976 |
|
161.2 |
Prepaid income tax |
197 |
|
463 |
|
6.2 |
Other current assets |
1,202 |
|
1,262 |
|
17.0 |
Cash and cash equivalents |
47,382 |
|
33,033 |
|
444.6 |
Assets held for sale |
31 |
|
- |
|
- |
Total current
assets |
64,944 |
|
69,580 |
|
936.6 |
Total
assets |
83,315 |
|
83,925 |
|
1,129.7 |
Equity and
liabilities |
|
|
|
|
|
Equity attributable to
equity holders of the parent |
|
|
|
|
|
Share capital |
1 |
|
1 |
|
0.01 |
Additional paid-in capital |
1,876 |
|
1,876 |
|
25.3 |
Share premium |
12,068 |
|
12,068 |
|
162.4 |
Other reserve |
2,575 |
|
2,376 |
|
32.0 |
Retained earnings |
14,602 |
|
26,822 |
|
361.0 |
Translation reserve |
554 |
|
542 |
|
7.3 |
Total equity attributable
to equity holders of the parent |
31,676 |
|
43,685 |
|
588.0 |
Non-controlling interests |
96 |
|
155 |
|
2.1 |
Total
equity |
31,772 |
|
43,840 |
|
590.1 |
Non-current
liabilities |
|
|
|
|
|
Long term debt |
4,923 |
|
4,648 |
|
62.6 |
Long-term deferred income |
- |
|
717 |
|
9.7 |
Long-term lease
liabilities |
762 |
|
334 |
|
4.5 |
Other non-current
liabilities |
80 |
|
80 |
|
1.1 |
Deferred tax liabilities |
1,161 |
|
1,376 |
|
18.5 |
Total non-current
liabilities |
6,926 |
|
7,155 |
|
96.3 |
Current
liabilities |
|
|
|
|
|
Trade and other payables |
29,528 |
|
23,365 |
|
314.5 |
Customer accounts and amounts
due to banks |
12,301 |
|
7,635 |
|
102.8 |
Short-term debt |
1,640 |
|
86 |
|
1.2 |
Short-term lease
liability |
354 |
|
308 |
|
4.1 |
VAT and other taxes
payable |
147 |
|
178 |
|
2.4 |
Other current liabilities |
647 |
|
1,358 |
|
18.3 |
|
|
|
|
|
|
Total current
liabilities |
44,617 |
|
32,930 |
|
443.2 |
Total equity and
liabilities |
83,315 |
|
83,925 |
|
1,129.7 |
QIWI plc.Consolidated
Statement of Comprehensive Income(in millions,
except per share data)
|
Three months ended (unaudited) |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
RUB |
|
RUB |
|
USD |
Continuing
operations |
|
|
|
|
|
Revenue: |
10,959 |
|
|
9,342 |
|
|
125.7 |
|
Payment processing fees |
9,247 |
|
|
6,953 |
|
|
93.6 |
|
Interest revenue calculated using
the effective interest rate |
703 |
|
|
1,148 |
|
|
15.5 |
|
Fees from inactive accounts and
unclaimed payments |
455 |
|
|
476 |
|
|
6.4 |
|
Other revenue |
554 |
|
|
765 |
|
|
10.3 |
|
|
|
|
|
|
|
Operating costs and
expenses: |
(7,608 |
) |
|
(6,961 |
) |
|
(93.7 |
) |
Cost of revenue (exclusive of
items shown separately below) |
(4,717 |
) |
|
(3,858 |
) |
|
(51.9 |
) |
Selling, general and
administrative expenses |
(861 |
) |
|
(1,081 |
) |
|
(14.6 |
) |
Personnel expenses |
(1,686 |
) |
|
(1,664 |
) |
|
(22.4 |
) |
Depreciation and
amortization |
(299 |
) |
|
(282 |
) |
|
(3.8 |
) |
Credit loss expense |
(45 |
) |
|
(76 |
) |
|
(1.0 |
) |
Profit from
operations |
3,351 |
|
|
2,381 |
|
|
32.0 |
|
|
|
|
|
|
|
Gain on disposal of an
associate |
- |
|
|
1,964 |
|
|
26.4 |
|
Share of gain of an associate and
a joint venture |
168 |
|
|
- |
|
|
- |
|
Foreign exchange gain/(loss), net
(1) |
(94 |
) |
|
10 |
|
|
0.1 |
|
Interest income and expenses,
net |
(11 |
) |
|
117 |
|
|
1.6 |
|
Other income and expenses,
net |
(89 |
) |
|
107 |
|
|
1.4 |
|
Profit before tax from
continuing operations |
3,325 |
|
|
4,579 |
|
|
61.6 |
|
Income tax expense |
(866 |
) |
|
(466 |
) |
|
(6.3 |
) |
Net profit |
2,459 |
|
|
4,113 |
|
|
55.4 |
|
Attributable
to: |
|
|
|
|
|
Equity holders of the parent |
2,425 |
|
|
4,051 |
|
|
54.5 |
|
Non-controlling interests |
34 |
|
|
62 |
|
|
0.8 |
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
Other comprehensive income to be
reclassified to profit or loss in subsequent periods: |
|
|
|
|
|
Foreign currency
translation: |
|
|
|
|
|
Exchange differences on
translation of foreign operations |
(40 |
) |
|
2 |
|
|
0.0 |
|
Net loss recycled to profit or
loss upon disposal |
45 |
|
|
- |
|
|
- |
|
Debt securities at
fair value through other comprehensive income (FVOCI): |
|
|
|
|
Net gains arising during the
period, net of tax |
- |
|
|
(183 |
) |
|
(2.5 |
) |
Total other comprehensive
income/(loss), net of tax |
5 |
|
|
(181 |
) |
|
(2.4 |
) |
Total comprehensive
income, net of tax |
2,464 |
|
|
3,932 |
|
|
52.9 |
|
Attributable
to: |
|
|
|
|
|
Equity holders of the parent |
2,434 |
|
|
3,870 |
|
|
52.1 |
|
Non-controlling interests |
30 |
|
|
62 |
|
|
0.8 |
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
Basic, profit attributable to
ordinary equity holders of the parent |
38.86 |
|
|
64.87 |
|
|
0.87 |
|
Diluted, profit attributable
to ordinary equity holders of the parent |
38.82 |
|
|
64.87 |
|
|
0.87 |
|
|
|
|
|
|
|
Earnings per share for
continuing operations |
|
|
|
|
|
Basic, profit from continuing
operations attributable to ordinary equity holders of the
parent |
38.86 |
|
|
64.87 |
|
|
0.87 |
|
Diluted, profit from
continuing operations attributable to ordinary equity holders of
the parent |
38.82 |
|
|
64.87 |
|
|
0.87 |
|
(1) Starting December 31, 2020, we present
foreign exchange gain and foreign exchange loss on a netted basis.
This change in presentation was implemented to make our financial
statements comparable with industry peers.
QIWI plc.Consolidated
Statement of Comprehensive Income(in millions,
except per share data)
|
Full year ended (unaudited) |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
RUB(1) |
|
RUB |
|
USD |
Continuing
operations |
|
|
|
|
|
Revenue: |
40,622 |
|
|
41,135 |
|
|
553.7 |
|
Payment processing fees |
34,326 |
|
|
33,397 |
|
|
449.5 |
|
Interest revenue calculated using
the effective interest rate |
2,390 |
|
|
3,453 |
|
|
46.5 |
|
Fees from inactive accounts and
unclaimed payments |
1,952 |
|
|
1,771 |
|
|
23.8 |
|
Other revenue |
1,954 |
|
|
2,514 |
|
|
33.8 |
|
|
|
|
|
|
|
Operating costs and
expenses: |
(26,558 |
) |
|
(29,130 |
) |
|
(392.1 |
) |
Cost of revenue (exclusive of
items shown separately below) |
(16,494 |
) |
|
(18,022 |
) |
|
(242.6 |
) |
Selling, general and
administrative expenses |
(2,733 |
) |
|
(3,228 |
) |
|
(43.4 |
) |
Personnel expenses |
(6,108 |
) |
|
(6,390 |
) |
|
(86.0 |
) |
Depreciation and
amortization |
(1,101 |
) |
|
(1,130 |
) |
|
(15.2 |
) |
Credit loss expense |
(90 |
) |
|
(336 |
) |
|
(4.5 |
) |
Impairment of non-current
assets |
(32 |
) |
|
(24 |
) |
|
(0.3 |
) |
Profit from
operations |
14,064 |
|
|
12,005 |
|
|
161.6 |
|
|
|
|
|
|
|
Gain on disposal of an
associate |
- |
|
|
8,177 |
|
|
110.1 |
|
Share of gain of an associate and
a joint venture |
663 |
|
|
306 |
|
|
4.1 |
|
Foreign exchange gain/(loss), net
(2) |
(199 |
) |
|
(29 |
) |
|
(0.4 |
) |
Interest income and expenses,
net |
(68 |
) |
|
92 |
|
|
1.2 |
|
Other income and expenses,
net |
(95 |
) |
|
65 |
|
|
0.9 |
|
Profit before tax from
continuing operations |
14,365 |
|
|
20,616 |
|
|
277.5 |
|
Income tax expense |
(3,119 |
) |
|
(3,080 |
) |
|
(41.5 |
) |
Net profit from
continuing operations |
11,246 |
|
|
17,536 |
|
|
236.0 |
|
|
|
|
|
|
|
Discontinued
operations |
|
|
|
|
|
Loss after tax from discontinued
operations |
(2,308 |
) |
|
- |
|
|
- |
|
Net profit |
8,938 |
|
|
17,536 |
|
|
236.0 |
|
Attributable
to: |
|
|
|
|
|
Equity holders of the parent |
8,842 |
|
|
17,399 |
|
|
234.2 |
|
Non-controlling interests |
96 |
|
|
137 |
|
|
1.8 |
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
Other comprehensive income to be
reclassified to profit or loss in subsequent periods: |
|
|
|
|
|
Foreign currency
translation: |
|
|
|
|
|
Exchange differences on
translation of foreign operations |
229 |
|
|
(12 |
) |
|
(0.2 |
) |
Net loss recycled to profit or
loss upon disposal |
45 |
|
|
- |
|
|
- |
|
Debt securities at
fair value through other comprehensive income (FVOCI): |
|
|
|
|
Net gains arising during the
period, net of tax |
32 |
|
|
(204 |
) |
|
(2.7 |
) |
Net gains recycled to profit or
loss upon disposal |
(47 |
) |
|
(2 |
) |
|
(0.0 |
) |
Total other comprehensive
income/(loss), net of tax |
259 |
|
|
(218 |
) |
|
(2.9 |
) |
Total comprehensive
income, net of tax |
9,197 |
|
|
17,318 |
|
|
233.1 |
|
Attributable
to: |
|
|
|
|
|
Equity holders of the parent |
9,092 |
|
|
17,181 |
|
|
231.3 |
|
Non-controlling interests |
105 |
|
|
137 |
|
|
1.8 |
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
Basic, profit attributable to
ordinary equity holders of the parent |
142.04 |
|
|
278.68 |
|
|
3.75 |
|
Diluted, profit attributable
to ordinary equity holders of the parent |
141.66 |
|
|
278.59 |
|
|
3.75 |
|
|
|
|
|
|
|
Earnings per share for
continuing operations |
|
|
|
|
|
Basic, profit from continuing
operations attributable to ordinary equity holders of the
parent |
179.11 |
|
|
278.68 |
|
|
3.75 |
|
Diluted, profit from
continuing operations attributable to ordinary equity holders of
the parent |
178.64 |
|
|
278.59 |
|
|
3.75 |
|
(1) Following the divestiture of SOVEST and the
wind-down of Rocketbank, certain amounts have been reclassified to
Discontinued operations in order to conform to the current period’s
presentation.(2) Starting December 31, 2020, we
present foreign exchange gain and foreign exchange loss on a netted
basis. This change in presentation was implemented to make our
financial statements comparable with industry peers.
QIWI plc.Consolidated
Statement of Cash Flows (in millions)
|
Full year ended (unaudited) |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
RUB |
|
RUB |
|
USD(1) |
Operating
activities |
|
|
|
|
|
Profit before tax from continuing operations |
14,365 |
|
|
20,616 |
|
|
277.5 |
|
Loss before tax from discontinued operations |
(2,509 |
) |
|
- |
|
|
- |
|
Profit before
tax |
11,856 |
|
|
20,616 |
|
|
277.5 |
|
Adjustments to reconcile
profit before tax to net cash flows generated from operating
activities |
|
|
|
|
|
Depreciation and amortization |
1,266 |
|
|
1,130 |
|
|
15.2 |
|
Foreign exchange loss, net |
224 |
|
|
29 |
|
|
0.4 |
|
Interest income, net |
(2,693 |
) |
|
(3,040 |
) |
|
(40.9 |
) |
Сredit loss expense |
870 |
|
|
336 |
|
|
4.5 |
|
Share of gain of an associate and a joint venture |
(663 |
) |
|
(306 |
) |
|
(4.1 |
) |
Loss on forward contract to sell Sovest loans’ portfolio |
712 |
|
|
- |
|
|
- |
|
Share-based payments |
43 |
|
|
8 |
|
|
0.1 |
|
Gain on disposal of an associate |
- |
|
|
(8,177 |
) |
|
(110.1 |
) |
Impairment of non-current assets |
134 |
|
|
24 |
|
|
0.3 |
|
Loss from initial recognition |
27 |
|
|
- |
|
|
- |
|
Other |
1 |
|
|
(100 |
) |
|
(1.3 |
) |
Net cash generated from
operating activities before changes in working
capital |
11,777 |
|
|
10,520 |
|
|
141.6 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
(Increase)/decrease in trade and other receivables |
(854 |
) |
|
394 |
|
|
5.3 |
|
(Increase)/decrease in other assets |
(308 |
) |
|
(175 |
) |
|
(2.4 |
) |
Increase/(decrease) in customer accounts and amounts due to
banks |
(10,240 |
) |
|
(4,670 |
) |
|
(62.9 |
) |
Increase in accounts payable and accruals |
1,242 |
|
|
(6,228 |
) |
|
(83.8 |
) |
(Decrease)/Increase in other liabilities |
- |
|
|
1,491 |
|
|
20.1 |
|
Increase/(decrease) in loans issued from banking operations |
4,023 |
|
|
(5,720 |
) |
|
(77.0 |
) |
Cash used in
operations |
5,640 |
|
|
(4,388 |
) |
|
(59.1 |
) |
Interest received |
3,391 |
|
|
3,538 |
|
|
47.6 |
|
Interest paid |
(508 |
) |
|
(559 |
) |
|
(7.5 |
) |
Income tax paid |
(2,421 |
) |
|
(3,101 |
) |
|
(41.7 |
) |
Net cash flow generated
from/(used in) operating activities |
6,102 |
|
|
(4,510 |
) |
|
(60.7 |
) |
Investing
activities |
|
|
|
|
|
Cash received upon/(used in) business combination |
(141 |
) |
|
(501 |
) |
|
(6.7 |
) |
Purchase of property and equipment |
(260 |
) |
|
(302 |
) |
|
(4.1 |
) |
Proceeds from sale of an associate |
- |
|
|
4,947 |
|
|
66.6 |
|
Purchase of intangible assets |
(176 |
) |
|
(213 |
) |
|
(2.9 |
) |
Proceeds from sale of fixed and intangible assets |
124 |
|
|
11 |
|
|
0.1 |
|
Loans issued |
(16 |
) |
|
(25 |
) |
|
(0.3 |
) |
Repayment of loans issued |
51 |
|
|
162 |
|
|
2.2 |
|
Purchase of debt securities and deposits |
(4,444 |
) |
|
(10,584 |
) |
|
(142.5 |
) |
Proceeds from sale and redemption of debt securities |
3,230 |
|
|
3,737 |
|
|
50.3 |
|
Dividends received from an associate |
153 |
|
|
532 |
|
|
7.2 |
|
Net cash used in
investing activities |
(1,479 |
) |
|
(2,236 |
) |
|
(30.1 |
) |
Financing
activities |
|
|
|
|
|
Proceeds/(repayment) from/(of) debt |
4,921 |
|
|
(1,854 |
) |
|
(25.0 |
) |
Payment of principal portion of lease liabilities |
(301 |
) |
|
(274 |
) |
|
(3.7 |
) |
Dividends paid to owners of the Group |
(4,804 |
) |
|
(5,211 |
) |
|
(70.1 |
) |
Dividends paid to non-controlling shareholders |
(74 |
) |
|
(78 |
) |
|
(1.0 |
) |
Other |
(29 |
) |
|
- |
|
|
- |
|
Net cash used in
financing activities |
(287 |
) |
|
(7,417 |
) |
|
(99.8 |
) |
Effect of exchange rate changes on cash and cash equivalents |
945 |
|
|
(186 |
) |
|
(2.5 |
) |
Net increase/(decrease)
in cash and cash equivalents |
5,281 |
|
|
(14,349 |
) |
|
(193.1 |
) |
Cash and cash equivalents at the beginning of the period |
42,101 |
|
|
47,382 |
|
|
637.8 |
|
Cash and cash equivalents
at the end of the period |
47,382 |
|
|
33,033 |
|
|
444.6 |
|
Non-IFRS Financial Measures and Supplemental Financial
Information
This release presents Total Net Revenue,
Like-for-like Total Net Revenue, PS Payment Net Revenue, PS Other
Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net
Profit and Adjusted Net Profit per share, which are non-IFRS
financial measures. You should not consider these non-IFRS
financial measures as substitutes for or superior to revenue, in
the case of Total Net Revenue, Like-for-like Total Net Revenue, PS
Payment Net Revenue and PS Other Net Revenue; Net Profit, in the
case of Adjusted EBITDA; and Adjusted Net Profit, or earnings per
share, in the case of Adjusted Net Profit per share, each prepared
in accordance with IFRS.
Furthermore, because these non-IFRS financial
measures are not determined in accordance with IFRS, they are
susceptible to varying calculations and may not be comparable to
other similarly titled measures presented by other companies. QIWI
encourages investors and others to review our financial information
in its entirety and not rely on a single financial measure. For
more information regarding Total Net Revenue, Like-for-like Total
Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Profit, and Adjusted
Net Profit per share, including a quantitative reconciliation of
Total Net Revenue, PS Payment Net Revenue, PS Other Net Revenue,
Adjusted EBITDA and Adjusted Net Profit to the most directly
comparable IFRS financial performance measure, which is revenue in
the case of Total Net Revenue, PS Payment Net Revenue and PS Other
Net Revenue and Net Profit in the case of Adjusted EBITDA and
Adjusted Net Profit, see Reconciliation of IFRS to Non-IFRS
Operating Results in this earnings release.
We define non-IFRS financial measures as
follows:
- “Total Net Revenue” is calculated
by subtracting cost of revenue from revenue.
- “Like-for-like Total Net Revenue”
as Revenue minus (1) Cost of revenue (exclusive of depreciation and
amortization) (2) terminated Consumer Financial Services (SOVEST)
segment net revenue (3) Rocketbank segment net revenue (4) 4Q 2020
TSUPIS and related acquiring services net revenue of RUB 626
million.
- “Adjusted EBITDA” as Net profit
plus: (1) depreciation and amortization (2) other income and
expenses (3) foreign exchange gain/loss (4) gain on disposal of an
associate (5) share of gain of an associate and a joint venture (6)
Interest income and expenses (7) Offering expenses (8) loss from
sale of Sovest loans’ portfolio (9) share-based payment expenses
(10) impairment of non-current assets.
- “Adjusted Net profit” as Net profit
plus: (1) fair value adjustments recorded on business combinations
and their amortization (2) impairment of non-current assets (3)
share-based payment expenses (4) offering expenses (5) gain on
disposal of an associate (6) loss from sale of Sovest loans’
portfolio (7) effect of taxation of the above items.
- “Adjusted EBITDA Margin” as
Adjusted EBITDA divided by Total Net Revenue.
- “Adjusted Net profit Margin” as
Adjusted Net profit divided by Total Net Revenue.
Total Net Revenue is a key
measure used by management to observe our operational profitability
since it reflects our portion of the revenue net of fees that we
pass through, primarily to our agents and other reload channels
providers. In addition, under IFRS, most types of fees are
presented on a gross basis whereas certain types of fees are
presented on a net basis. Therefore, in order to analyze our two
sources of payment processing fees on a comparative basis,
management reviews Total Net Revenue. Like-for-like Total
Net Revenue indicates net revenue trends for both years on
comparable basis, excluding from the previous year revenues of
terminated activities, such as (1) SOVEST, (2) Rocketbank, and (3)
TSUPIS & related acquiring services (which terminated since 4Q
2021).
Adjusted EBITDA is a key
measure used by management, is serves as a supplemental performance
measure that facilitates operating performance comparisons from
period to period and company to company by backing out potential
differences caused by variations in capital structures (affecting
interest expenses, net), changes in foreign exchange rates that
impact financial asset and liabilities denominated in currencies
other than our functional currency (affecting foreign exchange
(loss)/gain, net), tax positions (such as the impact on periods or
companies of changes in effective tax rates), the age and book
depreciation of fixed assets (affecting relative depreciation
expense), non-cash charges (affecting share-based payments expenses
and impairment of non-current assets), and certain one-time income
and expenses (affecting other income, offering and related
expenses, loss from sale of Sovest loan portfolio, etc.). Adjusted
EBITDA also excludes other expenses, share in losses of associates
and impairment of investment in associates because we believe it is
helpful to view the performance of our business excluding the
impact of entities that we do not control, and because our share of
the net income (loss) of the associate and other expenses includes
items that have been excluded from Adjusted EBITDA (such as finance
expenses, net, tax on income and depreciation and amortization).
Because Adjusted EBITDA facilitates internal comparisons of
operating performance on a more consistent basis, we also use
Adjusted EBITDA in measuring our performance relative to that of
our competitors.
Adjusted Net Profit is a key
measure used by management to observe the operational profitability
of the company. We believe Adjusted Net Profit is useful to an
investor in evaluating our operating performance because it
measures a company’s operating performance without the effect
of non-recurring items or items that are not core to our
operations. For example, loss on disposals of subsidiaries and the
effects of deferred taxation on excluded items do not represent the
core operations of the business, and fair value adjustments
recorded on business combinations and their amortization,
impairment of non-current assets and share-based payments
expenses do not have a substantial cash effect. Nevertheless, such
gains and losses can affect our financial performance.
Payment Services segment payment
volume provides a measure of the overall size and growth
of the business, and increasing our payment volumes is essential to
growing our profitability.
Payment Services segment net revenue
yield. We calculate Payment Services segment net revenue
yield by dividing Payment Services segment net revenue by Payment
Services segment payment volume. Payment Services segment net
revenue yield provides a measure of our ability to generate net
revenue per unit of volume we process.
QIWI presents PS Payment segment breakdown by
verticals and we define these measures as follows:
- PS Payment Net Revenue is the Net
Revenue consisting of the merchant and consumer fees collected for
the payment transactions.
- E-commerce payment net revenue
consists of fees charged to customers and merchants that buy and
sell products and services online, including online games, social
networks, betting, online stores, game developers, software
producers, coupon websites, tickets and numerous other
merchants.
- Financial Services payment net
revenue primarily consists of fees charged for payments accepted on
behalf of our bank partners and microfinance companies.
- Money Remittance payment net
revenue primarily consists of fees charged for transferring funds
via money remittance companies, card-to-card transfers and certain
wallet-to-wallet transfers.
- Telecom payment net revenue
primarily consists of fees charged for payments to MNOs, internet
services providers and pay television providers.
- Other payment net revenue consists
of consumer and merchant fees charged for a variety of payments
including multi-level-marketing, utility bills, government
payments, education services and many others.
- PS Other Net Revenue primarily
consists of revenue from fees for inactive accounts and unclaimed
payments, interest revenue, cash and settlement services, fees for
issuing bank guarantees and advertising.
QIWI plc.Reconciliation
of IFRS to Non-IFRS Operating Results(in millions,
except per share data)
|
Three months ended (unaudited) |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
RUB |
|
RUB |
|
USD |
Revenue |
10,959 |
|
|
9,342 |
|
|
125.7 |
|
Minus: Cost of revenue
(exclusive of depreciation and amortization) |
4,717 |
|
|
3,858 |
|
|
51.9 |
|
Total Net
Revenue |
6,242 |
|
|
5,484 |
|
|
73.8 |
|
Segment Net
Revenue |
|
|
|
|
|
Payment Services
Segment Revenue |
10,276 |
|
|
8,340 |
|
|
112.3 |
|
|
|
|
|
|
|
PS Payment Revenue(1) |
9,247 |
|
|
6,953 |
|
|
93.6 |
|
Minus: Cost of PS Payment Revenue (exclusive of depreciation and
amortization)(2) |
4,205 |
|
|
3,303 |
|
|
44.5 |
|
PS Payment Adjusted Net Revenue |
5,042 |
|
|
3,650 |
|
|
49.1 |
|
|
|
|
|
|
|
PS Other Revenue(3) |
1,029 |
|
|
1,387 |
|
|
18.7 |
|
Minus: Cost of PS Other Revenue (exclusive of depreciation and
amortization)(4) |
260 |
|
|
232 |
|
|
3.1 |
|
PS Other Adjusted Net Revenue |
769 |
|
|
1,155 |
|
|
15.6 |
|
Payment Services
Segment Net Revenue |
5,811 |
|
|
4,805 |
|
|
64.7 |
|
|
|
|
|
|
|
Corporate and Other
Category Revenue |
683 |
|
|
1,002 |
|
|
13.5 |
|
Minus: Cost of CO revenue
(exclusive of depreciation and amortization) |
252 |
|
|
323 |
|
|
4.3 |
|
Corporate and Other
Category Net Revenue |
431 |
|
|
679 |
|
|
9.1 |
|
|
|
|
|
|
|
Total Segment Net
Revenue |
6,242 |
|
|
5,484 |
|
|
73.8 |
|
|
|
|
|
|
|
Revenue |
10,959 |
|
|
9,342 |
|
|
125.7 |
|
Minus: Cost of revenue
(exclusive of depreciation and amortization) |
4,717 |
|
|
3,858 |
|
|
51.9 |
|
Total Net
Revenue |
6,242 |
|
|
5,484 |
|
|
73.8 |
|
Minus: 4Q 2020 TSUPIS and
related acquiring services net revenue |
626 |
|
|
- |
|
|
- |
|
Like-for-like Total Net Revenue |
5,615 |
|
|
5,484 |
|
|
73.8 |
|
|
|
|
|
|
|
Net Profit |
2,459 |
|
|
4,113 |
|
|
55.4 |
|
Plus: |
|
|
|
|
|
Depreciation and
amortization |
299 |
|
|
282 |
|
|
3.8 |
|
Other income and expenses,
net |
89 |
|
|
(107 |
) |
|
(1.4 |
) |
Foreign exchange (gain)/loss,
net |
94 |
|
|
(10 |
) |
|
(0.1 |
) |
Gain on disposal of an
associate(6) |
- |
|
|
(1,964 |
) |
|
(26.4 |
) |
Share of gain of an associate
and a joint venture |
(168 |
) |
|
- |
|
|
- |
|
Interest income and expenses,
net |
11 |
|
|
(117 |
) |
|
(1.6 |
) |
Income tax expenses |
866 |
|
|
466 |
|
|
6.3 |
|
Offering expenses |
6 |
|
|
- |
|
|
- |
|
Share-based payment
expenses |
(42 |
) |
|
- |
|
|
- |
|
Adjusted EBITDA |
3,614 |
|
|
2,663 |
|
|
35.8 |
|
Adjusted EBITDA margin |
57.9 |
% |
|
48.6 |
% |
|
48.6 |
% |
|
|
|
|
|
|
Net profit |
2,459 |
|
|
4,113 |
|
|
55.4 |
|
Fair value adjustments
recorded on business combinations and their amortization(5) |
81 |
|
|
(11 |
) |
|
(0.1 |
) |
Share-based payment
expenses |
(42 |
) |
|
- |
|
|
- |
|
Offering expenses |
6 |
|
|
- |
|
|
- |
|
Loss on disposal of
subsidiary |
42 |
|
|
- |
|
|
- |
|
Gain on disposal of an
associate(6) |
- |
|
|
(1,964 |
) |
|
(26.4 |
) |
Effect of taxation of the
above items |
(27 |
) |
|
(14 |
) |
|
(0.2 |
) |
Adjusted Net Profit |
2,519 |
|
|
2,124 |
|
|
28.6 |
|
|
|
|
|
|
|
Adjusted Net Profit per
share: |
|
|
|
|
|
Basic |
40.36 |
|
|
34.02 |
|
|
0.46 |
|
Diluted |
40.32 |
|
|
34.01 |
|
|
0.46 |
|
|
|
|
|
|
|
Weighted-average number of
shares used in computing Adjusted Net Profit per share: |
|
|
|
|
|
Basic |
62,410 |
|
|
62,434 |
|
|
62,434 |
|
Diluted |
62,470 |
|
|
62,454 |
|
|
62,454 |
|
(1) PS
Payment Revenue represents payment processing fees, which primarily
consists of the merchant and consumer fees charged for the payment
transactions.(2) Cost of PS
Payment Revenue (exclusive of depreciation and amortization)
primarily consists of transaction costs to acquire payments from
our customers payable to agents, mobile operators, international
payment systems and other
parties.(3) PS Other Revenue
primarily consists of revenue from fees for inactive accounts and
unclaimed payments, interest revenue, cash and settlement services,
fees for issuing bank guarantees and
advertising.(4) Cost of PS Other
Revenue (exclusive of depreciation and amortization) primarily
consists of direct costs associated with other revenue and other
costs, including but not limited to: bank guarantees expenses,
interest expenses related to issued bonds, costs of sms
notification, advertising
commissions.(5) Amortization of
fair value adjustments primarily includes the effect of the
acquisition of control in CONTACT and
Rapida.(6) Gain on disposal of
an associate in the 4Q 2021 in the amount of RUB 1,964 million
($26.4 million) was a result of additional accrual made for Tochka
performance adjustment gain contingent on its earnings results for
the year 2021.
QIWI plc.Reconciliation
of IFRS to Non-IFRS Operating Results(in millions,
except per share data)
|
Full year ended (unaudited) |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
RUB(1) |
|
RUB |
|
USD |
Revenue (2) |
43,236 |
|
|
41,135 |
|
|
553.7 |
|
Minus: Cost of revenue
(exclusive of depreciation and amortization) (3) |
17,258 |
|
|
18,022 |
|
|
242.6 |
|
Total Net
Revenue |
25,978 |
|
|
23,113 |
|
|
311.1 |
|
Segment Net
Revenue |
|
|
|
|
|
Payment Services
Segment Revenue |
38,490 |
|
|
37,934 |
|
|
510.6 |
|
|
|
|
|
|
|
PS Payment Revenue(4) |
34,326 |
|
|
33,397 |
|
|
449.5 |
|
Minus: Cost of PS Payment Revenue (exclusive of depreciation and
amortization)(5) |
14,777 |
|
|
15,890 |
|
|
213.9 |
|
PS Payment Adjusted Net Revenue |
19,549 |
|
|
17,507 |
|
|
235.6 |
|
|
|
|
|
|
|
PS Other Revenue(6) |
4,164 |
|
|
4,537 |
|
|
61.1 |
|
Minus: Cost of PS Other Revenue (exclusive of depreciation and
amortization)(7) |
1,075 |
|
|
944 |
|
|
12.7 |
|
PS Other Adjusted Net Revenue |
3,089 |
|
|
3,593 |
|
|
48.4 |
|
Payment Services
Segment Net Revenue |
22,637 |
|
|
21,100 |
|
|
284.0 |
|
|
|
|
|
|
|
Consumer Financial
Services Segment Revenue |
1,198 |
|
|
- |
|
|
- |
|
Minus: Cost of CFS revenue
(exclusive of depreciation and amortization) |
132 |
|
|
- |
|
|
- |
|
Consumer Financial
Services Segment Net Revenue |
1,066 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
Rocketbank
Revenue |
1,151 |
|
|
- |
|
|
- |
|
Minus: Cost of Rocketbank
revenue (exclusive of depreciation and amortization) |
603 |
|
|
- |
|
|
- |
|
Rocketbank Net
Revenue |
548 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
Corporate and Other
Category Revenue |
2,397 |
|
|
3,201 |
|
|
43.1 |
|
Minus: Cost of CO revenue
(exclusive of depreciation and amortization) |
670 |
|
|
1,188 |
|
|
16.0 |
|
Corporate and Other
Category Net Revenue |
1,727 |
|
|
2,013 |
|
|
27.1 |
|
|
|
|
|
|
|
Total Segment Net
Revenue |
25,978 |
|
|
23,113 |
|
|
311.1 |
|
|
|
|
|
|
|
Revenue |
43,236 |
|
|
41,135 |
|
|
553.7 |
|
Minus: Cost of revenue
(exclusive of depreciation and amortization) |
17,258 |
|
|
18,022 |
|
|
242.6 |
|
Total Net
Revenue |
25,978 |
|
|
23,113 |
|
|
311.1 |
|
Minus: terminated Consumer
Financial Services (SOVEST) segment net revenue |
1,066 |
|
|
- |
|
|
- |
|
Minus: terminated Rocketbank
segment net revenue |
548 |
|
|
- |
|
|
- |
|
Minus: 4Q 2020 TSUPIS and
related acquiring services net revenue |
626 |
|
|
- |
|
|
- |
|
Like-for-like Total Net Revenue |
23,738 |
|
|
23,113 |
|
|
311.1 |
|
|
|
|
|
|
|
Net Profit |
8,938 |
|
|
17,536 |
|
|
236.0 |
|
Plus: |
|
|
|
|
|
Depreciation and
amortization |
1,266 |
|
|
1,130 |
|
|
15.2 |
|
Other income and expenses,
net |
95 |
|
|
(65 |
) |
|
(0.9 |
) |
Foreign exchange (gain)/loss,
net |
224 |
|
|
29 |
|
|
0.4 |
|
Gain on disposal of an
associate(9) |
- |
|
|
(8,177 |
) |
|
(110.1 |
) |
Share of gain of an associate
and a joint venture |
(663 |
) |
|
(306 |
) |
|
(4.1 |
) |
Interest income and expenses,
net |
99 |
|
|
(92 |
) |
|
(1.2 |
) |
Income tax expenses |
2,918 |
|
|
3,080 |
|
|
41.5 |
|
Offering expenses |
71 |
|
|
- |
|
|
- |
|
Loss from sale of Sovest
loans’ portfolio |
712 |
|
|
- |
|
|
- |
|
Share-based payment
expenses |
43 |
|
|
8 |
|
|
0.1 |
|
Impairment of non-current
assets |
134 |
|
|
24 |
|
|
0.3 |
|
Adjusted EBITDA |
13,837 |
|
|
13,167 |
|
|
177.2 |
|
Adjusted EBITDA margin |
53.3 |
% |
|
57.0 |
% |
|
57.0 |
% |
|
|
|
|
|
|
Net profit |
8,938 |
|
|
17,536 |
|
|
236.0 |
|
Fair value adjustments
recorded on business combinations and their amortization(8) |
337 |
|
|
241 |
|
|
3.2 |
|
Impairment of non-current
assets |
134 |
|
|
24 |
|
|
0.3 |
|
Share-based payment
expenses |
43 |
|
|
8 |
|
|
0.1 |
|
Offering expenses |
71 |
|
|
- |
|
|
- |
|
Loss on disposal of
subsidiary |
42 |
|
|
|
|
|
Gain on disposal of an
associate(9) |
- |
|
|
(8,177 |
) |
|
(110.1 |
) |
Loss from sale of Sovest
loans’ portfolio |
712 |
|
|
- |
|
|
- |
|
Effect of taxation of the
above items |
27 |
|
|
(38 |
) |
|
(0.5 |
) |
Adjusted Net Profit |
10,304 |
|
|
9,594 |
|
|
129.1 |
|
|
|
|
|
|
|
Adjusted Net Profit per
share: |
|
|
|
|
|
Basic |
165.52 |
|
|
153.67 |
|
|
2.07 |
|
Diluted |
165.08 |
|
|
153.62 |
|
|
2.07 |
|
|
|
|
|
|
|
Weighted-average number of
shares used in computing Adjusted Net Profit per share: |
|
|
|
|
|
Basic |
62,251 |
|
|
62,434 |
|
|
62,434 |
|
Diluted |
62,416 |
|
|
62,454 |
|
|
62,454 |
|
(1) The results presented
in Reconciliation differ from IFRS results due to Rocketbank and
CFS results are presented as discontinued operations in
IFRS.(2) Including
revenue from discontinued operations of RUB 2,614 million for the
full year ended December 31,
2020.(3) Including cost of revenue from
discontinued operations of RUB 764 million for the full year ended
December 31, 2020.(4) PS Payment Revenue
represents payment processing fees, which primarily consists of the
merchant and consumer fees charged for the payment
transactions.(5) Cost of PS Payment Revenue
(exclusive of depreciation and amortization) primarily consists of
transaction costs to acquire payments from our customers payable to
agents, mobile operators, international payment systems and other
parties.(6) PS Other Revenue primarily
consists of revenue from fees for inactive accounts and unclaimed
payments, interest revenue, cash and settlement services, fees for
issuing bank guarantees and
advertising.(7) Cost of PS Other Revenue
(exclusive of depreciation and amortization) primarily consists of
direct costs associated with other revenue and other costs,
including but not limited to: bank guarantees expenses, interest
expenses related to issued bonds, costs of sms notification and
advertising commissions.(8) Amortization of
fair value adjustments primarily includes the effect of the
acquisition of control in CONTACT and
Rapida.(9) Gain on disposal of Tochka
associate is expected to reach RUB 8.2 billion ($110.1 million)
including (i) base deal amount of RUB 4.95 billion, (ii) accrued
discounted performance adjustment gain contingent on Tochka’s
earnings for the year 2021 in the amount of RUB 4.65 billion, (iii)
dividends received in 3Q in the amount of RUB 0.5 billion, and (iv)
less carrying amount of disposed investment in the amount of RUB
1.95 billion. Contingent amount of RUB 4.85 billion is expected to
be received in 2Q 2022.
Contact
Investor Relations
+357.25028091
ir@qiwi.com
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