Cian PLC (MOEX: CIAN) (“Cian”, the “Group” or the “Company”)
(NYSE: CIAN), (MOEX: CIAN), a leading online real estate
classifieds platform in Russia, today announced its financial
results for the second quarter and six months ended June 30,
2023.
Second Quarter 2023 Key Financial and Operational
Highlights1
- Revenue increased by 40% Y-o-Y to RUB 2,661 million ($30.6
million).
- Profit for the period amounted to RUB 404 million ($4.6
million).
- Adjusted EBITDA2 increased by 23% Y-o-Y and reached RUB 590
million ($6.8 million).
- Adjusted EBITDA Margin2 decreased by 3.0 pp Y-o-Y to
22.2%.
- Core Business revenue increased by 42% Y-o-Y to RUB 2,528
million ($29.0 million).
Six Months 2023 Key Financial and Operational
Highlights1
- Revenue increased by 39% Y-o-Y to RUB 5,063 million ($58.2
million).
- Profit for the period amounted to RUB 615 million ($7.1
million).
- Adjusted EBITDA2 increased by 76% Y-o-Y and reached RUB 943
million ($10.8 million).
- Adjusted EBITDA Margin2 increased by 3.8 pp and amounted to
18.6%.
- Average UMV (Unique Monthly Visitors)3 increased by 4% Y-o-Y to
19.0 million.
- Core Business revenue increased by 42% Y-o-Y to RUB 4,826
million ($55.4 million).
- Core Business Adjusted EBITDA4 increased by 30% Y-o-Y to RUB
1,181 million ($13.6 million).
- Core Business Adjusted EBITDA Margin5 deteriorated by 2.2 pp
Y-o-Y and reached 24.5%.
Dmitriy Grigoriev, Chief Executive Officer of Cian PLC,
commented: “Cian continues to grow steadily both in our core
business and new products on the back of demand recovery in the
market. We remain focused on supporting our market position while
generating healthy cash flow and keeping the business
profitable.”
______________________________________
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00) 2 Adjusted EBITDA and Adjusted
EBITDA Margin are non-IFRS measures. See “Non-IFRS Financial
Measures and Supplemental Financial Information” elsewhere in this
release for a description of these measures and their
reconciliation from the most directly comparable IFRS financial
measures. 3 Average Unique Monthly Visitors (UMV) means the average
number of users and customers, excluding bots, visiting our
platform (websites and mobile application) per month in a
particular period. Average UMV for a particular period is
calculated by aggregating the UMV for each month within such period
and dividing by the number of months. For periods within the 2023
and the 2022 fiscal years, Average UMV is calculated as a sum of
Average UMV for the Cian, excluding the N1 Group, based on Google
Analytics data and Average UMV for the N1 Group based on
Yandex.Metrica data. 4 Core Business Adjusted EBITDA, Mortgage
Marketplace Adjusted EBITDA, Valuation and Analytics Adjusted
EBITDA, C2C Rental Adjusted EBITDA and End-to-End Offerings
Adjusted EBITDA presented in this release are our segment measures
of profit or loss of which Adjusted EBITDA, a non-IFRS financial
measure, is comprised. See “Non-IFRS Financial Measures and
Supplemental Financial Information” elsewhere in this release for
further information. 5 Defined as Core Business Adjusted EBITDA
divided by Core Business revenue for the respective periods.
NYSE Delisting
On March 15, 2023, the Company received a written notice from
the staff of the New York Stock Exchange Regulation notifying the
Company that it has determined to delist the Company’s American
depositary shares (ADSs) from the NYSE. The Company utilized its
right to a review of the determination and, accordingly, filed an
appeal to this decision. Following an appeal process that included
the delivery of written submissions as well as an oral presentation
before a Committee of the Board of Directors of the NYSE, the
Company was notified on July 21, 2023 that the Committee had
reached a final decision to uphold the delisting determination.
The removal of the Company’s ADSs from listing on the NYSE
became effective on July 31, 2023. The Company does not expect the
delisting to have any immediate effect on the terms of the ADSs
under its ADS program, which will continue to exist in their
current form. The trading of the Company’s ADSs on the Moscow
Exchange is unaffected and continues as usual.
Second Quarter and Six Months 2023 Results
Factors affecting year-over-year trends and
comparisons
We believe that trends in the real estate market in the first
half of 2023 were particularly characterized by the following
events: (i) more stable demand in the first half of 2023 compared
to respective period of the last year; (ii) in December 2022, the
subsidized government mortgage was prolonged until July 2024.
However, the interest rate for mortgages in this program increased
from 7% to 8%. At the same time, the requirements of the government
subsidized program for families were eased (the interest rate in
this program is 6%). These changes put additional pressure on the
mortgage market and led to crossflow of demand between subsidized
programs; (iii) demand was recovering both in primary and secondary
markets.
Post reporting date, on July 21, 2023, following a continued
sharp depreciation of the ruble, the key interest rate was
increased to 8.5% and further increased to 12% on August 15,
2023.
Second Quarter 2023 Results
Revenue
Revenue for the three months ended June 30, 2023 amounted to RUB
2,661 million compared to RUB 1,905 million for the three months
ended June 30, 2022, an increase of RUB 756 million, or 40%. The
revenue increase was driven by growth in the Core Business
segment.
The following table outlines a breakdown of revenue by segment
and type for the periods indicated (in millions of RUB and
USD):
Three months ended (unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
Y-o-Y growth
RUB
RUB
USD (1)
Total Revenue
1,905
2,661
30.6
40%
Core Business
1,781
2,528
29.0
42%
Mortgage Marketplace
31
115
1.3
271%
Valuation and Analytics
15
11
0.1
(27%)
End-to-End Offerings
78
7
0.1
(91)%
____________________
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Core Business segment revenue
Core Business revenue reached RUB 2,528 million for the three
months ended June 30, 2023, an increase of 42% from RUB 1,781
million for the three months ended June 30, 2022. Core Business
revenue growth was driven by strong performance across all key
revenue streams – listing revenue, lead generation, and display
advertising revenue.
Mortgage Marketplace segment revenue
Mortgage Marketplace revenue amounted to RUB 115 million for the
three months ended June 30, 2023 compared to RUB 31 million for the
same period of the prior year, corresponding to an increase of RUB
84 million or 271%. The increase was primarily a result of an
anomalously low amount in the comparative period, as the demand for
mortgage loans was under significant pressure after the key
interest rate hike in late February 2022.
Operating expenses
Total operating expenses increased by 41% to RUB 2,355 million
in the three months ended June 30, 2023 compared with RUB 1,674
million in the three months ended June 30, 2022. This increase was
primarily driven by marketing costs having been restored to their
normal levels after cost cutting introduced in the second quarter
of 2022 due to high levels of uncertainty.
The following table sets forth a breakdown of our operating
expenses for the periods indicated (in millions of RUB and
USD):
Three months ended (unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
Y-o-Y growth
RUB
RUB
USD (1)
Operating expenses
1,674
2,355
27.1
41%
Marketing expenses
392
908
10.4
132%
Employee-related expenses
906
1,094
12.6
21%
IT expenses
126
148
1.7
17%
Depreciation and amortization
71
60
0.7
(15%)
Other operating expenses
179
145
1.7
(19%)
____________________
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Profit for the period
Profit for the three months ended June 30, 2023 was RUB 404
million compared to a loss of RUB 433 million for the three months
ended June 30, 2022. The change for the period was driven primarily
by a foreign currency exchange gain of RUB 178 million related to
our USD-denominated cash balances (compared to RUB 663 million loss
a year earlier).
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the three months ended June 30, 2023 reached
RUB 590 million compared to RUB 480 million for the three months
ended June 30, 2022. The increase in Adjusted EBITDA was primarily
driven by the revenue growth.
Adjusted EBITDA Margin dropped by 3.0 pp to 22.2% for the three
months ended June 30, 2023. The key reason behind the drop was the
aforementioned cost cutting measures in marketing expenses in the
second quarter of 2022.
Six Months 2023 Results
Audience
Average UMV (Unique Monthly Visitors) for the six months ended
June 30, 2023 increased by 4% to 19.0 million compared with the six
months ended June 30, 2022. This increase was mainly driven by the
overall recovery in demand for primary and secondary real estate
following the key interest rate stabilization.
Revenue
Revenue for the six months ended June 30, 2023 amounted to RUB
5,063 million compared to RUB 3,631 million for the six months
ended June 30, 2022, demonstrating an increase of RUB 1,432
million, or 39%. The revenue growth was mainly driven by growth of
the Core Business segment.
The following table sets forth a breakdown of our revenue by
segment and type for the periods indicated (in millions of RUB and
USD):
Six months ended
June 30, 2022
June 30, 2023
June 30, 2023
Y-o-Y growth
RUB
RUB
USD (1)
Total Revenue
3,631
5,063
58.2
39%
Core Business, including
3,403
4,826
55.4
42%
Listing revenue
2,141
2,681
30.8
25%
Lead generation revenue
960
1,683
19.3
75%
Display advertising revenue
290
410
4.7
41%
Mortgage Marketplace
100
201
2.3
101%
Valuation and Analytics
29
21
0.2
(28%)
End-to-End Offerings
99
15
0.2
(85%)
___________________
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Core Business segment revenue
Core Business revenue reached RUB 4,826 million for the six
months ended June 30, 2023, increasing by 42% compared to RUB 3,403
million for the six months ended June 30, 2022. Similar to the
second quarter, Core Business revenue growth was driven by a
positive performance across all key revenue streams.
Core Business revenue in Moscow and the Moscow region for the
six months ended June 30, 2023 reached RUB 3,553 million, showing
an increase of RUB 1,037 million, or 41%, compared to RUB 2,516
million for the prior year. Core Business revenue in other Russian
regions for the six months ended June 30, 2023 was RUB 1,273
million, an increase of RUB 386 million, or 44%, as compared to RUB
887 million for the prior year.
Listing revenue (secondary and commercial real estate
verticals)
Listing revenue increased by 25% to RUB 2,681 million for the
six months ended June 30, 2023 from RUB 2,141 million for the prior
year.
The following table presents the listing revenue, the number of
listings and average daily revenue per listing for the periods
indicated1:
Six months ended
June 30, 2022
June 30, 2023
Y-o-Y growth
Listing revenue, including (RUB,
million)
2,141
2,681
25%
Moscow and the Moscow region
1,479
1,815
22%
Other Russian Regions
662
866
31%
Listings(2), including
(million)
1.78
1.91
7%
Moscow and the Moscow region
0.32
0.39
24%
Other Russian Regions
1.46
1.52
4%
Average daily revenue per listing(3)
(RUB)
6.6
7.7
17%
Moscow and the Moscow region
25.8
25.4
(1%)
Other Russian Regions
2.5
3.1
27%
____________________
1 Numbers may not add up due to rounding. 2 Listings means the
daily average number of real estate listings posted on our platform
by agents and individual sellers for a particular period. 3 Average
daily revenue per listing is calculated as listing revenue divided
(i) by the total number of listings for the corresponding period
and (ii) by the number of days during the period.
The growth of the Сore Business listing revenue was primarily
driven by the price increases and the growth of content.
In the six months ended June 30, 2023, we had approximately 1.91
million listings on our platform, compared to approximately 1.78
million in the six months ended June 30, 2022. The increase in the
number of listings was predominantly driven by the overall market
recovery. At the same time, the increase of demand led to a general
decrease in the amount of time that listings remained posted.
Nevertheless, the number of listings in Moscow and the Moscow
region, as well as St. Petersburg and the Leningrad region grew
significantly as supply still exceeded demand.
Lead generation and display advertising revenue (primary real
estate vertical)
Lead generation revenue increased by 75% to RUB 1,683 million in
the six months ended June 30, 2023 from RUB 960 million in the six
months ended June 30, 2022. Display advertising revenue increased
by 41% to RUB 410 million for the six months ended June 30,
2023.
Core Business lead generation revenue growth was driven both by
an increase in number of leads and an increase in the average
revenue per lead to developers, that resulted from price increases
in September 2022 and March 2023.
Core Business display advertising revenue growth was driven by
increases in tariffs in June 2022 (in Moscow and the Moscow region
and St. Petersburg and the Leningrad region), as well as in January
and March 2023.
Mortgage Marketplace segment revenue
Mortgage Marketplace revenue amounted to RUB 201 million for the
six months ended June 30, 2023 compared to RUB 100 million for the
prior year, representing an increase of RUB 101 million, or 101%,
as the demand recovered after key interest rate increase
stabilization.
Operating expenses
Total operating expenses increased by 29% to RUB 4,625 million
in the six months ended June 30, 2023 from RUB 3,587 million in the
six months ended June 30, 2022, primarily driven by an increase in
marketing expenses.
The following table sets forth a breakdown of our operating
expenses for the periods indicated (in millions of RUB and
USD):
Six months
June 30, 2022
June 30, 2023
June 30, 2023
Y-o-Y growth
RUB
RUB
USD (1)
Operating expenses
3,587
4,625
53.1
29%
Marketing expenses
1,083
1,752
20.1
62%
Employee-related expenses, including
1,790
2,152
24.7
20%
Wages, salaries and related taxes
1,397
1,694
19.5
21%
Share-based payment expense
353
385
4.4
9%
IT expenses
262
313
3.6
19%
Depreciation and amortization
139
120
1.4
(14%)
Other operating expenses
313
288
3.3
(8%)
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00)
Employee-related expenses
Employee-related expenses increased by 20% to RUB 2,152 million
in the six months ended June 30, 2023 from RUB 1,790 million in the
six months ended June 30, 2022 mostly due to the growth of wages,
salaries and related taxes. Wages, salaries and related taxes and
other employee-related expenses were a total of RUB 1,694 million
for the six months ended June 30, 2023 compared to RUB 1,397
million for the six months ended June 30, 2022. This increase was
primarily due to salary growth in line with the market level, while
headcount growth was moderate.
Wages, salaries and related taxes as a percentage of revenue
decreased year-over-year from 38.5% for the six months ended June
30, 2022 to 33.5% for the six months ended June 30, 2023.
Marketing expenses
Marketing expenses increased to RUB 1,752 million in the six
months ended June 30, 2023 from RUB 1,083 million in the six months
ended June 30, 2022. The increase was primarily a result of an
anomalously low amount in the comparative period, as we
significantly reduced marketing spending in the first half of 2022
due to high uncertainty in the market.
Marketing expenses as a percentage of revenue increased from
29.8% for the six months ended June 30, 2022 to 34.6% for the six
months ended June 30, 2023.
IT expenses
IT expenses increased by 19% to RUB 313 million in the six
months ended June 30, 2023 from RUB 262 million in the six months
ended June 30, 2022. This increase was primarily driven by an
additional rollout of cloud hosting and growth of hosting tariffs.
A growth of foreign currency exchange rates also contributed to the
growth.
Other operating expenses
Other operating expenses decreased by 8% to RUB 288 million in
the six months ended June 30, 2023 from RUB 313 million in the six
months ended June 30, 2022. An increase in expenses relating to
consulting services was fully offset by the absence of apartment
sale expenses in the End-to-End Home Swap business.
Profit for the period
Profit for the six months ended June 30, 2023 was RUB 615
million compared to a loss of RUB 389 million for the six months
ended June 30, 2022. The change in profit for the period was driven
primarily by a foreign currency exchange gain of RUB 299 million
related to our USD-denominated cash balances (loss of RUB 478
million in the prior year). The factors which affected our Adjusted
EBITDA (please see below) also contributed to the change in profit
for the period.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the six months ended June 30, 2023 reached
RUB 943 million, compared to RUB 536 million for the six months
ended June 30, 2022. The increase in Adjusted EBITDA was primarily
driven by the revenue growth.
Adjusted EBITDA Margin increased by 3.8 pp to 18.6% for the six
months ended June 30, 2023.
Core Business Adjusted EBITDA increased by 30% to RUB 1,181
million in the six months ended June 30, 2023 from RUB 906 million
in the six months ended June 30, 2022. This increase was driven
primarily by revenue growth of the Core Business segment, including
the growth in listing, lead generation and display advertising
revenue that outpaced the growth of Core Business operating
expenses.
Core Business Adjusted EBITDA Margin deteriorated by 2.2 pp
reaching 24.5% for the six months ended June 30, 2023.
Mortgage Marketplace Adjusted EBITDA was RUB 34 million in the
six months ended June 30, 2023 compared to negative RUB 104 million
in the six months ended June 30, 2022. The dynamic was primarily
driven by a growth of revenue outpacing the growth of operating
expenses in this sector.
Second Quarter and Six Months 2023 Financial Results
Conference Call
Considering the existing uncertainty and market volatility, the
Company will not be conducting its second quarter and six months
2023 conference call. Investors, analysts, and media are welcome to
send their inquiries to the Company using the contact details
provided in this release.
About Cian
Cian is a leading online real estate classifieds platform in the
large, underpenetrated and growing Russian real estate classifieds
market, with a strong presence across Russia and leading positions
in the country’s key metropolitan areas. The Company ranks among
the top twelve most popular online real estate classifieds globally
in terms of traffic (based on SimilarWeb traffic data for July
2023). Cian’s networked real estate platform connects millions of
real estate buyers and renters to millions of high-quality real
estate listings of all types — residential and commercial, primary
and secondary, urban and suburban. In the first half of 2023, the
Company had over 1.9 million listings available through its
platform and monthly audience with an average UMV of 19.0 million.
Through its technology-driven platform and deep insights into the
Russian real estate market the Company provides an end-to-end
experience for its customers and users and helps them address
multiple pain points on their journey to a new home or place to
work.
Source: Cian PLC
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any express or implied statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements, including, without limitation,
statements regarding our financial outlook for 2021 and long-term
growth strategy, as well as statements that include the words
“target,” “believe,” “expect,” “aim,” “intend, intend,” may,”
“anticipate,” “estimate,” “plan,” “project,” “will,” “can have,”
“likely,” “should,” “would,” “could” and other words and terms of
similar meaning or the negative thereof. Forward-looking statements
are neither promises nor guarantees, but involve known and unknown
risks and uncertainties that could cause actual results to differ
materially from those projected, including, without limitation: the
negative impact on the Russian economy of the ongoing military
actions between Russia and Ukraine, any negative effects of
sanctions, export controls and similar measures targeting Russia as
well as other responses to the military conflict in Ukraine; our
ability to maintain our leading market positions, particularly in
Moscow, St. Petersburg and certain other regions, and our ability
to achieve and maintain leading market position in certain other
regions; our ability to compete effectively with existing and new
industry players in the Russian real estate classifieds market; our
heavy dependence on our brands and reputation; any potential
failure to adapt to any substantial shift in real estate
transactions from, or demand for services in, certain Russian
geographic markets; any downturns in the Russian real estate market
and general economic conditions in Russia; any effect on our
operations due to cancellation of, or any changes to, the Russian
mortgage subsidy program or other government support programs;
further widespread impacts of the COVID-19 pandemic, or other
public health crises, natural disasters or other catastrophic
events which may limit our ability to conduct business as normal;
our ability to establish and maintain important relationships with
our customers and certain other parties; any failure to establish
and maintain proper and effective internal control over financial
reporting; any failure to remediate existing deficiencies we have
identified in our internal controls over financial reporting,
including our information technology general controls; any new or
existing government regulation in the area of data privacy, data
protection or other areas and other important factors discussed
under the caption “Risk Factors” in Cian’s annual report on Form
20-F filed with the U.S. Securities and Exchange Commission (“SEC”)
on April 27, 2023 and our other filings with the SEC as such
factors may be updated from time to time.
Any forward-looking statements contained in this press release
speak only as of the date hereof and accordingly undue reliance
should not be placed on such statements. We disclaim any obligation
or undertaking to update or revise any forward-looking statements
contained in this press release, whether as a result of new
information, future events or otherwise, other than to the extent
required by applicable law.
Consolidated Statement of Profit or Loss and Other
Comprehensive Income (in millions of RUB and USD, except share and
per share amounts)
Three months ended
(unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
(unaudited)
(unaudited)
(unaudited)
Revenue
1,905
2,661
30.6
Operating expenses:
Marketing expenses
(392)
(908)
(10.4)
Employee-related expenses
(906)
(1,094)
(12.6)
IT expenses
(126)
(148)
(1.7)
Depreciation and amortization
(71)
(60)
(0.7)
Other operating expenses
(179)
(145)
(1.7)
Total operating expenses
(1,674)
(2,355)
(27.1)
Operating profit
231
306
3.5
Finance costs
(6)
(6)
(0.1)
Finance income
19
60
0.7
Foreign currency exchange gain / (loss),
net
(663)
178
2.0
Other income
12
12
0.1
Profit / (loss) before income
tax
(407)
550
6.3
Income tax expense
(26)
(146)
(1.7)
Profit / (loss) for the year
(433)
404
4.6
Total comprehensive income / (loss) for
the year
(433)
404
4.6
Profit / (loss) per share, in
RUB
Basic profit / (loss) per share
attributable to ordinary equity holders of the parent
(6.20)
5.77
0.066
Diluted profit / (loss) per share
attributable to ordinary equity holders of the parent
(6.20)
5.55
0.064
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Consolidated Statement of Profit or Loss and Other
Comprehensive Income (in millions of RUB and USD, except share and
per share amounts)
Six months ended
(unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
(unaudited)
(unaudited)
(unaudited)
Revenue
3,631
5,063
58.2
Operating expenses:
Marketing expenses
(1,083)
(1,752)
(20.1)
Employee-related expenses
(1,790)
(2,152)
(24.7)
IT expenses
(262)
(313)
(3.6)
Depreciation and amortization
(139)
(120)
(1.4)
Other operating expenses
(313)
(288)
(3.3)
Total operating expenses
(3,587)
(4,625)
(53.1)
Operating profit
44
438
5.0
Finance costs
(10)
(12)
(0.1)
Finance income
31
107
1.2
Foreign currency exchange gain / (loss),
net
(478)
299
3.4
Other income
21
24
0.3
Profit / (loss) before income
tax
(392)
856
9.8
Income tax benefit / (expense)
3
(241)
(2.8)
Profit / (loss) for the year
(389)
615
7.1
Total comprehensive income / (loss) for
the year
(389)
615
7.1
Profit / (loss) per share, in
RUB
Basic profit / (loss) per share
attributable to ordinary equity holders of the parent
(5.57)
8.79
0.101
Diluted profit / (loss) per share
attributable to ordinary equity holders of the parent
(5.57)
8.45
0.097
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Consolidated Statement of Financial Position (in millions of
RUB and USD)
As of
December 31, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
(audited)
(unaudited)
(unaudited)
Assets
Non-current assets
Property and equipment
68
74
0.9
Right-of-use assets
74
52
0.6
Goodwill
785
785
9.0
Intangible assets
1,077
1,032
11.9
Deferred tax assets
137
130
1.5
Other non-current assets
8
7
0.1
Total non-current assets
2,149
2,080
23.9
Current assets
Inventories
30
28
0.3
Advances paid and prepaid expenses
99
114
1.3
Trade and other receivables
414
542
6.2
Prepaid income tax
3
7
0.1
Cash and cash equivalents
4,110
5,193
59.7
Other current assets
169
188
2.2
Total current assets
4,825
6,072
69.8
Total assets
6,974
8,152
93.7
Equity and liabilities
Equity
Share capital
2
2
0.0
Share premium
7,702
7,702
88.5
Equity-settled employee benefits
reserves
648
922
10.6
Accumulated losses
(3,343)
(2,729)
(31.4)
Total equity
5,009
5,897
67.8
Liabilities
Non-current liabilities
Lease liabilities
28
15
0.2
Deferred tax liabilities
127
120
1.4
Deferred income
108
94
1.1
Total non-current liabilities
263
229
2.6
Current liabilities
Contract liabilities
554
617
7.1
Trade and other payables
642
765
8.8
Income tax payable
66
85
1.0
Other taxes payable
366
394
4.5
Employee share-based payment liability
-
99
1.1
Lease liabilities
41
33
0.4
Deferred income
33
33
0.4
Total current liabilities
1,702
2,026
23.3
Total liabilities
1,965
2,255
25.9
Total liabilities and equity
6,974
8,152
93.7
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Consolidated Statement of Cash Flows (in millions of RUB and
USD)
Six months ended
(unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
(unaudited)
(unaudited)
(unaudited)
Cash flows from operating
activities
Profit / (loss) before income tax
(392)
856
9.8
Adjusted for:
Depreciation and amortization
139
120
1.4
Employee share-based payment expense
353
385
4.4
Finance income
(31)
(107)
(1.2)
Finance costs
10
12
0.1
Foreign currency exchange (gain) / loss,
net
478
(299)
(3.4)
Reversal of allowance for expected credit
losses
(11)
(1)
(0.0)
Working capital changes:
(Increase) / decrease in trade and other
receivables
125
(127)
(1.5)
(Increase) / decrease in advances paid and
prepaid expenses
6
(14)
(0.2)
(Increase) / decrease in other assets
153
(17)
(0.2)
Increase / (decrease) in trade and other
payables
(209)
90
1.0
Increase in contract liabilities and
deferred income
17
40
0.5
Increase in other liabilities
95
27
0.3
Cash generated from operating
activities
733
965
11.1
Income tax paid
(72)
(226)
(2.6)
Interest received
31
107
1.2
Interest paid
(3)
(3)
(0.0)
Net cash generated from operating
activities
689
843
9.7
Cash flows from investing
activities
Purchase of property and equipment
(27)
(21)
(0.2)
Purchase of intangible assets
(34)
(41)
(0.5)
Net cash used in investing
activities
(61)
(62)
(0.7)
Cash flows from financing
activities
Payment of principal portion of lease
liabilities
(21)
(21)
(0.2)
Net cash used in financing
activities
(21)
(21)
(0.2)
Net increase in cash and cash
equivalents
607
760
8.7
Cash and cash equivalents at the
beginning of the period
2,419
4,110
47.2
Effect of exchange rate changes on cash
and cash equivalents
(450)
324
3.7
(Allowance) / reversal of allowance for
expected credit losses
10
(1)
(0.0)
Cash and cash equivalents at the end of
the period
2,586
5,193
59.7
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00).
Non-IFRS Financial Measures and Supplemental Financial
Information
Use of Non-IFRS Financial Measures
We use Adjusted EBITDA, Core Business Adjusted EBITDA for Moscow
and the Moscow region, Core Business Adjusted EBITDA for Other
regions, Adjusted EBITDA Margin and Core Business Adjusted EBITDA
Margin as non-IFRS financial measure in assessing our operating
performance and in our financial communications.
Adjusted EBITDA, Core Business Adjusted EBITDA for Moscow and
the Moscow region, Core Business Adjusted EBITDA for Other regions,
Adjusted EBITDA Margin and Core Business Adjusted EBITDA Margin are
financial measures that are not calculated in accordance with IFRS.
These non-IFRS financial measures should not be considered in
isolation or as an alternative or a substitute to loss for the
period, which is the most directly comparable IFRS measure, or any
other measure of financial performance calculated and presented in
accordance with IFRS. Adjusted EBITDA, Core Business Adjusted
EBITDA for Moscow and the Moscow region, Core Business Adjusted
EBITDA for Other regions, Adjusted EBITDA Margin and Core Business
Adjusted EBITDA Margin have limitations as analytical tools. Some
of these limitations are:
- they exclude depreciation and amortization expense and,
although these are non-cash expenses, the assets being depreciated
may have to be replaced in the future, increasing our cash
requirements;
- they do not reflect foreign currency exchange loss (gain),
which reduces (increases) cash available to us;
- they do not reflect income tax payments that reduce cash
available to us;
- they do not reflect share-based compensation expenses and,
therefore, do not include all of our employee-related expenses;
and
- other companies, including companies in our industry, may
calculate those measures differently, which reduces their
usefulness as comparative measures.
The tables below provide detailed reconciliations of each
non-IFRS financial measure we use from the most directly comparable
IFRS financial measure.
Reconciliation of Adjusted EBITDA from Loss for the period,
the most directly comparable IFRS financial measure (in millions of
RUB and USD)
Three months ended
(unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
Profit / (loss) for the period
(433)
404
4.6
Income tax expense
26
146
1.7
Profit / (loss) before income
tax
(407)
550
6.3
Depreciation and amortization
71
60
0.7
Finance (income) / expenses, net(2)
(13)
(54)
(0.6)
Foreign currency exchange (gain) / loss,
net
663
(178)
(2.0)
Share-based payment expenses
178
224
2.6
Income from the depositary
(12)
(12)
(0.1)
Adjusted EBITDA(3)
480
590
6.8
Adjusted EBITDA Margin(4)
25.2%
22.2%
22.2%
Six months ended
(unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
Profit / (loss) for the period
(389)
615
7.1
Income tax expense / (benefit)
(3)
241
2.8
Profit / (loss) before income
tax
(392)
856
9.8
Depreciation and amortization
139
120
1.4
Finance (income) / expenses, net(2)
(21)
(95)
(1.1)
Foreign currency exchange (gain) / loss,
net
478
(299)
(3.4)
Share-based payment expenses
353
385
4.4
Income from the depositary
(21)
(24)
(0.3)
Adjusted EBITDA(3)
536
943
10.8
Adjusted EBITDA Margin(4)
14.8%
18.6%
18.6%
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00). 2 Comprises finance costs and
finance income for the respective periods. 3 Defined as profit /
(loss) for the period adjusted to exclude income tax (benefit) /
expense, finance costs, finance income, foreign currency exchange
loss / (gain), net, depreciation and amortization, share-based
payments under equity-based incentive program and income from the
depository. 4 Defined as Adjusted EBITDA divided by revenue for the
respective periods.
Segment Data and Reconciliation to Adjusted EBITDA (in
millions of RUB and USD)
Six months ended
(unaudited)
June 30, 2022
June 30, 2023
June 30, 2023
RUB
RUB
USD(1)
Adjusted EBITDA
536
943
10.8
Core Business Adjusted EBITDA
906
1,181
13.6
Core Business Adjusted EBITDA for Moscow
and the Moscow region(2)
1,567
1,783
20.5
Core Business Adjusted EBITDA for Other
regions(3)
(661)
(602)
(6.9)
Mortgage Marketplace Adjusted EBITDA
(104)
34
0.4
Valuation and Analytics Adjusted
EBITDA
(19)
(43)
(0.5)
C2C Rental Adjusted EBITDA
(5)
-
-
End-to-End Offerings Adjusted EBITDA
(242)
(229)
(2.6)
Core Business EBITDA margin
26.6%
24.5%
24.5%
1 U.S. Dollar translations throughout this release 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 June 30,
2023 (RUB 87.0341 to USD 1.00). 2 For the purpose of calculating
Core Business Adjusted EBITDA for Moscow and the Moscow region and
Core Business Adjusted EBITDA for Other regions: (i) revenues are
attributed to the relevant region based primarily on the location
of the relevant property listed; and (ii) costs are directly
attributed to the relevant region with respect to which they were
incurred, when possible. Due to the integrated structure of our
business, certain costs may benefit all our regions. These costs
primarily include certain headcount-related expenses, certain
marketing and advertising costs, product development, IT expenses
(including hosting and technical support expenses and
telecommunication services), office maintenance expenses and other
general corporate expenses, such as finance, accounting, legal,
human resources, recruiting and facilities costs. These costs are
allocated to Moscow and the Moscow region and Other regions based
on the estimated benefit each region receives from such expenses,
using specific allocation drivers representing this benefit. 3
Defined as Core Business Adjusted EBITDA divided by Core Business
revenue for the respective periods.
Other Historical Operational Data
Average UMV (1) (in
millions)
Listings (2) (in
millions)
Listings Moscow and the Moscow
region
Listings
Other regions
Leads to developers (3) (in
thousands)
2019
13.4
1.92
0.37
1.55
179.6
2020
16.5
2.14
0.37
1.77
244.8
2021
20.5
1.99
0.31
1.69
229.2
2022
17.9
1.88
0.35
1.52
223.7
1 Average Unique Monthly Visitors (UMV) means the average number
of users and customers visiting our platform (websites and mobile
application) per month in a particular period, excluding bots.
Average UMV for a particular period is calculated by aggregating
the UMV for each month within such period and dividing by the
number of months. For 2020 and 2019, Average UMV is calculated
based on Google Analytical data; for 2021, 2022 and 2023, Average
UMV is calculated as a sum of Average UMV for the Cian, excluding
the N1 Group, based on Google Analytics data and Average UMV for
the N1 Group based on Yandex.Metrica data. 2 Listings means the
daily average number of real estate listings posted on our platform
by agents and individual sellers for a particular period. 3 Leads
to developers means the number of paid target calls, lasting 30
seconds or longer, made through our platform by home searchers to
real estate developers, for a particular period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230818550850/en/
Investor contacts: Daria Fadeeva ir@cian.ru
Media contacts: Olga Podoliaka pr@cian.ru
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