REG-VK Company VK Company Limited audited IFRS results for FY 2021
03/03/2022 07:15
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VK Company (VKCO)
VK Company Limited audited IFRS results for FY 2021
03-March-2022 / 10:00 MSK
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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VK Company Limited audited IFRS results for FY 2021
March 3, 2022. VK Company Limited (LSE, MOEX: VKCO, hereinafter referred to
as "the Company" and together with its subsidiaries "VK" or "the Group"),
one of the largest companies in the Russian-speaking Internet market, today
releases audited IFRS results and segment financial information for the year
ended 31 December 2021.
Performance highlights*
Results for the three months ended 31 December 2021:
• Q4 2021 Group aggregate segment revenue grew 12.4% YoY to RUB 37,053m
• Q4 2021 Group aggregate segment EBITDA rose 46.4% YoY to RUB 10,643m
• Q4 2021 Group aggregate net profit from consolidated subsidiaries grew
152.1% YoY to RUB 4,359m
• Q4 2021 Group aggregate net loss including key strategic associates and
joint ventures was RUB (1,187m), compared to Q4 2020 net loss of RUB
(2,633m), including the following contributions:
◦ O2O JV: RUB (3,225m) in Q4 2021 vs RUB (3,707m) in Q4 2020;
◦ AER JV: RUB (2,213m) in Q4 2021 vs RUB (655m) in Q4 2020;
◦ Uchi Group: RUB 26m in Q4 2021;
◦ Umskul: RUB (34m) in Q4 2021
Results for the twelve months ended 31 December 2021:
• FY 2021 Group aggregate segment revenue rose 18.2% YoY to RUB 125,752m
• FY 2021 Group aggregate segment EBITDA grew 18.2% YoY to RUB 31,802m
• FY 2021 Group aggregate net profit from consolidated subsidiaries grew
24.7% YoY to RUB 12,429m
• FY 2021 Group aggregate net loss including key strategic associates and
joint ventures was RUB (6,486m), compared to FY 2020 net loss of RUB
(1,959m), including the following contributions:
◦ O2O JV: RUB (14,423m) in FY 2021 vs RUB (10,573m ) in FY 2020;
◦ AER JV: RUB (4,392m) in FY 2021 vs RUB (1,350m) in FY 2020;
◦ Uchi Group: RUB (66m) in FY 2021;
◦ Umskul: RUB (34m) in FY 2021
* Performance highlights are based on the Group aggregate segment financial
information, which is different from IFRS accounts. See "Presentation of
Aggregate Segment Financial Information".
Commenting on the results of the Group, Vladimir Kirienko, CEO (Russia) of
VK, said:
"Given that this is my first reporting as the CEO of VK (Russia), I would
like to discuss the key financial parameters and share my initial
impressions.
First of all, we have achieved good results. In Q4, Group revenue grew by
more than 12%, with Education Technology services (+38%), Other (+25%) and
online advertising (around +15%) revenues showing superior growth rates. MMO
Games continued to expand despite the challenging base effect, combined with
no new games launches.
Q4 revenue split:
• Advertising: +14.7% YoY to RUB 14,659m
• MMO: 3.3% YoY to RUB 10,130m
• Community IVAS: +2.9% YoY to RUB 5,047m
• Education Technology services: +38.0% YoY to RUB 3,557m
• Other: 25.4% YoY to RUB 3,660m
VKontakte remains the key contributor to our core online advertising revenue
stream and to the largest Communications & Social (C&S) reporting segment.
Its quarterly revenue reached RUB 8.1bn (+12% YoY), with Q4 providing the
toughest comp within 2021 (+17.2% YoY in Q4 2020). VKontakte delivered 21.9%
YoY revenue growth to RUB 27.9bn for the year and further strengthening of
its leading position on the domestic social networking market remains among
our major strategic priorities.
In terms of advertising products, performance remained the key driver (+20%
YoY) in Q4. Within advertising formats, we saw 27% YoY growth for video.
Community IVAS (14% of Group revenue in Q4) grew by 2.9% YoY, driven by
Music.
With 97% of Community IVAS and 81% of Online advertising revenues booked
within the C&S segment, it saw 10.2% growth with significant margin
improvement as EBITDA margin expanded to 45.7% versus 40.7% in Q4 2020, as
we continued to focus on efficiency and exercise tight cost control in all
the key verticals of the segment .
MMO Games (27% of Group revenue in Q4) grew by 3.3% YoY, with the overall
Games segment (represented by MY.GAMES) delivering 5.1% growth to RUB
11.6bn. EBITDA of MY.GAMES was RUB 3.8bn with a margin of 32.7% compared to
24.2% in Q3 and 13% in Q4 2020. MY.GAMES delivered RUB 10.4bn in EBITDA in
2021, having more than doubled EBITDA versus 2018 level (RUB 5.0bn) a year
ahead of guidance. EBITDA Margin was 23.6% for the year, a significant
improvement versus 16.0% in 2020 and in line with the target low to mid-20s
through-the-cycle margin for this business outlined in 2018.
EdTech segment (Skillbox Holding Limited) revenues grew by 38.1% YoY in Q4
(to RUB 3.6bn) with RUB 10.4bn in revenue delivered in 2021. EBITDA margin
stood at minus 12.7% in Q4 versus minus 13.0% in Q3 given the ongoing
investment into the course offer along with international experiments.
Within the New Initiatives segment, Youla remains the largest component,
with RUB1.1bn in revenue in Q4 (+11% YoY). Youla delivered RUB 3.8bn in
revenue in 2021, arriving within guidance of RUB 3.6-3.9bn. The EBITDA
margin stood at minus 20% in Q4 2021 versus minus 59% in Q4 2020.
For the year, VK revenues were RUB 125.8bn versus guidance of RUB124-127bn
with a stable margin of 25.3%. Forward guidance and outlook will be provided
following the completion of the ongoing strategic review and upon better
overall visibility.
Our net debt position excluding lease liabilities at the end of December
stood at RUB 35,030m (RUB 50,478m including lease liabilities), with RUB
21.6bn invested into the O2O JV, $60.3mn into the AER JV and RUB 4.7bn into
online education and games in 2021.
Also, I want to share my initial impressions. I believe that VK offers a
phenomenal combination of assets, which cover almost all the daily online,
and now also many offline, needs of millions of users. The company has
unique technologies and platform solutions with up-to-date services that
allow people to stay in touch, support each other, work, study and much
more.
I have also been impressed with the team at all levels and their motivation
to either remain or become the leaders in their directions. And we have a
strong brand and unique culture. In my view, the company generally has
everything it needs for us as a team to succeed in our main goal - develop
the VK ecosystem and solidify its role on the Russian market".
Commenting on the results of the Group, Dmitry Grishin, Chairman of the
Board of VK, said:
"I have a lot of confidence in our team and our unified ability to make VK
the best it can be. We will continue to develop the VK ecosystem and
strengthen the Group's leadership positions in the key areas. I remain
confident that our services will remain indispensable for our users and
partners in solving their everyday tasks in a highly convenient and safe
way".
Postponement of conference call and webcast:
In light of the current level of uncertainty and market volatility, the
conference call and webcast, which had been previously scheduled for today
to discuss the results and outlook will be postponed until there is better
visibility. We continue to assess the situation and are in the process of
contingency planning for all potential sanctions outcomes. Continuity of our
business with ongoing protection of our employees and our customers are our
top priorities.
We will host a group call as soon as possible. In the meantime, all our
stakeholders are welcome to send any questions related to our business using
the contact details available below and we remain available for individual
incoming call requests.
Financial and operational highlights around our most material
non-consolidated assets among associates and joint ventures including
AliExpress Russia JV and O2O JV can be found below in the "Joint Ventures"
section of the press release.
Segmental highlights
Communications and Social segment
The segment's revenue was up 10.2% YoY to RUB 17.9bn in Q4 2021 driven by
advertising revenue growth. EBITDA increased by 23.8% YoY to RUB 8.2bn in Q4
(with a margin of 45.7% vs 40.7% a year ago, mainly driven by increased
efficiencies across the largest cost items, including Personnel, Marketing
and Agent/Partner fees) despite the ongoing product investments,
particularly into content and music.
Communications and Social Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, %
Revenue
External revenue 16,049 17,770 52,513 60,053
Intersegment revenue 175 106 172 328
Total revenue 16,224 17,876 10% 52,685 60,381 15%
Total operating expenses 9,628 9,710 1% 28,120 33,066 18%
EBITDA 6,596 8,166 24% 24,565 27,315 11%
EBITDA margin, % 41% 46% 5pp 47% 45% (1)pp
VKontakte
VKontakte leads among the local social networking platforms, with an average
Russia MAU of 72.5mn and DAU of 47mn in Q4. According to Mediascope*,
VKontakte reaches 76% of the Russian Internet audience every month, with 45%
visiting the platform daily.
The number of VK Mini Apps rose by 53% YoY in December to over 39,700, with
MAU of 46mn (+18% YoY). Monetization of mini apps and games on the VK Mini
Apps platform is expanding, with its in-app ad revenue increasing by 300%
YoY in Q4.
VK Calls saw AR enhancements and were enabled to simultaneously host an
unlimited number of participants, with related MAU in VKontakte at 13mn and
20mn inclusive of Odnoklassniki (OK) in December. The VK Calls SDK was also
made available to third-party developers.
Video is a major focus area, with VKontakte's revenue from video ads
increasing by 6.25x YoY in Q4. VK Video was rolled out in October with DAU
of 40mn in Q4. To further drive engagement, an updated video player with
automatic Russian subtitles was rolled out in October. In November, a new
interface, along with an updated search and recommendations system was
released, with the full video catalogue enabled for unregistered users in
December. The first series of a VK Video originals generated 44mn views
within three months.
48mn content creators published content on VKontakte every month in Q4.
Creators using VK Donut earned over RUB 53mn in Q4 (+23% QoQ), with the
number of public pages using VK Donut up 1.8x and the number of donating
subscribers up 2x YoY in 2021.
VK Music, a music streaming app developed on the basis of BOOM that unifies
all the music technologies of VK was rolled out in November. VK Studio, a
service for musicians, was also launched. >5mn people listen to music with
VK Combo subscription premium features.
Among the latest social commerce initiatives was the addition of a new tool
for VKontakte stores that shows related products.
* Source: Mediascope, October 2021, Russia (all cities, age 0+), mobile app
Odnoklassniki (OK)
Average Russia MAU stood at 38mn in Q4, with high engagement reflected in
more than 7.3bn virtual gifts, 731mn postcards and 573mn stickers sent
during the quarter.
Average mobile games MAU exceeded 13mn. DAU in mobile games grew by 7% YoY
in Q4, with penetration exceeding 10% of overall OK mobile DAU. Total
payments to game developers exceeded RUB 3.2bn in 2021, with ~40% of
payments made to mobile game developers. Total games advertising revenue
grew nearly 4x YoY in Q4.
Moments MAU reached 27mn in December (+2.2x YoY), with reach exceeding 50%
of total OK MAU. The number of views stood at 434mn (+4x YoY) and reactions
at 46mn (+4.8x YoY) in Q4.
Some of the multiple latest product initiatives include recommended
publications within newsfeed, new content formats based on machine learning
and AI-algorithms, updated business platform, new social commerce tools,
major mobile interface update etc.
OK continues to develop advertising based monetization, with the revenue
from the internal ads manager within OK up 38% YoY in Q4.
Cross-integrations continue, with the launch of VK Mini Apps application on
desktop in October, along with the ongoing integration of VK Pay Checkout on
the web platform.
Games segment (represented by MY.GAMES)
MY.GAMES revenue grew by 10.5% YoY in 2021 (to RUB 43.8bn), including 5.1%
YoY growth in Q4 (to RUB 11.6bn). ~67% of Q4 revenues came from mobile games
(versus 76% in Q4 2020). The share of revenue coming from markets outside of
Russia & CIS stood at 73% (versus 77% in Q4 2020), with the top-3
international markets being the US, Germany and the UK. MY.GAMES revenue
splits by geographies and platforms in Q4 2021 were affected by strong
performance of PC/console games in the quarter (saw traditionally high
demand on Russian market) and ongoing adaptation to IDFA-related changes.
Average MAU rose by 5.2% QoQ to 22.1mn in Q4, with hyper-casual players of
Mamboo Games being the key driver, while the share of monthly paying users
was stable at 4.31%.
In Q4 2021, MY.GAMES EBITDA grew 163.6% to RUB 3.8bn, with a margin of
32.7%. MY.GAMES reached its goal of doubling EBITDA versus RUB 5.0bn
delivered in 2018 a year ahead of schedule, with its 2021 EBITDA reaching
RUB 10.4bn.
MY.GAMES Venture Capital (MGVC) completed 2 new minority investments in Q4
(Square Triangle and Talerock), with 12 transactions including 2
consolidations (Mamboo Games and Playkey) executed in 2021.
Games Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, %
Revenue
External revenue 11,055 11,588 39,553 43,671
Intersegment revenue 29 59 102 137
Total revenue 11,084 11,647 5% 39,655 43,808 10%
Total operating expenses 9,638 7,836 -19% 33,320 33,451 0%
EBITDA 1,446 3,811 164% 6,335 10,357 63%
EBITDA margin, % 13% 33% 20pp 16% 24% 8pp
Mobile
The top-5 revenue-generating mobile titles in Q4 remained War Robots, Rush
Royale, Hustle Castle, Grand Hotel Mania and Left to Survive.
Average monthly Lifetime
Game Initial Studio Genre revenue in Q4 installs as
release (RUB mn) of December
(mn)
War Robots 2014 Pixonic Shooter ~875 206
Rush Royale 2020 IT Territory Tower defense ~475 18.3
Hustle Castle 2017 Nord RPG ~300 72
Left to 2018 Whalekit Shooter ~150 44.3
Survive
Grand Hotel 2020 Deus Craft Time ~150 14
Mania management
Tacticool 2019 Panzerdog PvP shooter ~125 22
Zero City 2020 Nord RPG ~75 20
American Dad 2019 Nord RPG ~75 10
Guild of 2015 BIT.GAMES RPG ~50 10
Heroes
Storyngton 2019 BIT.GAMES Match-3 ~25 5
Hall
In Q4, Rush Royale from IT Territory became the second-highest
revenue-generating title in MY.GAMES portfolio as well as data.ai (ex
AppAnnie) number one Tower Defense Strategy game in revenue.
PC & Console
Lifetime
Average
Game Initial Platform Studio Genre monthly registered
release revenue in Q4 users as of
(RUB mn) December
(mn)
PC/ First-person
Warface 2013 GODD shooter ~475 104
console
Lost Ark 2019 PC GODD MMORPG ~80 3
(License)
Perfect 2009 PC GODD MMORPG ~70 7
World (License)
Legend 2006 PC IT MMORPG ~60 4
Territory
The Warface franchise (2013, PC/console/mobile) remains a top-3 revenue
generator for MY.GAMES. MY.GAMES will continue expanding its PC portfolio.
EdTech segment (represented by Skillbox Holding Limited, which includes
Skillbox (100%), Geekbrains (100%), Skillfactory (63.75%), Mentorama (90%),
Lerna (70%)
The segment continued to demonstrate solid performance in Q4, with revenue
rising by ~38% YoY to RUB 3.6bn and RUB 10.4bn in revenue for 2021, in line
with guidance.
EdTech delivered an EBITDA loss of RUB 0.5bn in Q4 2021 compared to a
positive RUB 0.4bn contribution in Q4 2020 due to an increase in personnel
and commercial expenses especially marketing expenses to promote seasonal
Christmas and New Year discounts, as well as «Black Friday» in December. An
increase in the tax burden relative to 2020 also had a negative effect (with
minus 1% margin excluding this tax effect). EBITDA margin stood at minus
12.7%, with a slight improvement versus minus 13% in Q3 2021.
EdTech Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, %
Revenue
External revenue 2,578 3,559 6,100 10,428
Intersegment revenue 0 0 0 2
Total revenue 2,578 3,559 38% 6,100 10,430 71%
Total operating expenses 2,174 4,012 85% 5,046 12,036 139%
EBITDA 404 -453 n/a 1,054 -1,606 n/a
EBITDA margin, % 16% -13% (28)pp 17% -15% (33)pp
The platforms exceeded 9.9mn in combined cumulative registered learners as
of the end of December, up 1.5x YoY, with 1.1mn in new registrations during
the quarter (excluding the effect of adding the cumulative registered
learners of Mentorama and SkillFactory). The cumulative number of paying
learners approached 349,000, up 2.1x YoY, with nearly 48,000 new paying
learners added during Q4 (excluding the effect of adding the cumulative paid
learners of Mentorama and SkillFactory).
The units launched 115 new courses and programs (professions and faculties)
during Q4. The average check stood at RUB 63,000 in Q4 (+17% YoY).
New Initiatives segment
The segment's revenue was up 26% to RUB 4.2bn in Q4, with the largest growth
contribution coming from recommendation platforms. New Initiatives EBITDA
loss amounted to RUB 881m vs a loss of RUB 1.2bn in Q4 2020, and a QoQ
improvement versus a loss of RUB 1bn in Q3. EBITDA margin stood at minus
21.2% versus 35.6% in Q4 2020 and minus 35.2% in Q3 due to the ongoing
improvement in profitability across most product groups, including Youla,
recommendation platforms and B2B (including Cloud).
New Initiatives Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, %
Revenue
External revenue 3,297 4,136 8,207 11,600
Intersegment revenue 8 16 41 46
Total revenue 3,305 4,152 26% 8,248 11,646 41%
Total operating expenses 4,481 5,033 12% 13,290 15,910 20%
EBITDA -1,176 -881 -25% -5,042 -4,264 -15%
EBITDA margin, % -36% -21% 15pp -61% -37% 24pp
Youla (classifieds)
Revenue exceeded RUB 1.1bn in Q4 (+11% YoY), reaching RUB 3.8bn in 2021,
meeting the set guidance of RUB 3.6-3.9bn. Revenue growth was driven by the
rising share of B2B sales.
MAU grew by 18% YoY reaching 39mn in December, stimulated by the ongoing
rollout of VK Classifieds, with integration across 195,000 Groups in
VKontakte.
EBITDA loss as a proportion of revenue continued to decline, with EBITDA
margin of minus 20% in Q4 versus minus 59% in Q4 2020.
VK Clips (short video)
As of December, VK Clips offered over 11.3mn in short videos (+223% YoY)
from more than 2.4mn unique content creators (+118% YoY).
Engagement continues to rise, with 368mn in average daily views in Q4 and
>430mn in peak views. Time spent per user in Clips grew by 103% YoY in
December, with the number of users with 10+ minutes in time spent rising by
135% over the same period.
Pulse and Relap (recommendation platforms)
In Q4, Pulse DAU stood at 9.8mn (+74% YoY), with MAU of 77.6mn (+36% YoY).
Relap DAU stood at 9.7mn (+23% YoY) in Q4, with MAU of 114mn (+6% YoY).
Combined revenue reached RUB 473mn in Q4 (+115% YoY), with RUB 1.3bn in
revenue in 2021 (+124% YoY). Timespent per active user increased by 25% YoY
to 13 minutes.
Joint Ventures
O2O JV (equal 45.01% ownership between Sber and VK)
GMV of O2O JV reached 53bn (+34% YoY) in Q4. EBITDA burn stood at minus RUB
6.5bn with e-grocery being the main investment area. At the same time,
continuous focus on operational efficiency resulted in an EBITDA margin of
minus 12% (as % of GMV), an improvement versus minus 16% in Q3 2021 and
minus 21% in Q4 2020.
Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, %
GMV, RUB mn 39,967 53,364 34% 115,612 187,167 62%
EBITDA, RUB mn (8,548) (6,507) -24% (26,279) (29,491) 12%
EBITDA margin, as % of GMV -21% -12% 9.2% -23% -16% 7.0%
AliExpress Russia (AER) JV (15% stake held by VK)
Total GMV (excluding services) increased by 46% YoY to RUB 306bn in 2021,
with the local business growing by 124% YoY to RUB 110bn to 36% of total
GMV. Total number of orders reached 309mn in 2021, with 204,000 (+220% YoY)
in average daily local orders in December. The number of active buyers
exceeded 28.7mn in 2021 with buyers of local goods growing 2x YoY. Total
number of sellers exceeded 400,000 (+69% YoY), with the number of Russian
sellers increasing by 193% YoY to 102,500. Further details can be found
here: 1 https://press.aliexpress.ru/page25326016.html
For further information please contact:
Investors
Tatiana Volochkovich
Phone: +7 495 725 6357 extension: 3434
E-mail: 2 t.volochkovich@vk.team
Press
Alina Fedorova
Mobile: +7 916 238 1297
E-mail: 3 alina.fedorova@vk.team
Cautionary Statement regarding Forward Looking Statements and Disclaimers
This press release contains statements of expectation and other
forward-looking statements regarding future events or the future financial
performance of the Group. You can identify forward looking statements by
terms such as "expect", "believe", "anticipate", "estimate", "forecast",
"intend", "will", "could", "may" or "might", the negative of such terms or
other similar expressions including "outlook" or "guidance". The
forward-looking statements in this release are based upon various
assumptions that are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and may be beyond
the Group's control. Actual results could differ materially from those
discussed in the forward-looking statements herein. Many factors could cause
actual results to differ materially from those discussed in the forward
looking statements included herein, including competition in the
marketplace, changes in consumer preferences, the degree of Internet
penetration and online advertising in Russia, concerns about data security,
claims of intellectual property infringement, adverse media speculation,
changes in political, social, legal or economic conditions in Russia,
exchange rate fluctuations, and the Group's success in identifying and
responding to these and other risks involved in its business, including
those referenced under "Risk Factors" in the Group's public filings. The
forward-looking statements contained herein speak only as of the date they
were made, and the Group does not intend to amend or update these statements
except to the extent required by law to reflect events and circumstances
occurring after the date hereof.
About VK
VK develops the ecosystem helping millions of people with their day-to-day
needs online. More than 90% of the Russian internet audience use it every
day.
The ecosystem enables people to keep in touch (using social networks OK and
VKontakte, messaging apps and email service), play video games (via
MY.GAMES), get and offer items and services, browse jobs and hire talent
(via Youla and VK Jobs), order food and grocery delivery (via Delivery Club,
Samokat and Local Kitchen), get a ride (with Citymobil and Citydrive),
master new skills (at GeekBrains, Skillbox and other educational services),
buy and sell at AliExpress Russia and fulfill other needs.
The VK ecosystem features a number of shared elements bringing the services
together. Users can sign in to different services with a single VK ID
account, pay and earn cash back with the VK Pay platform, get discounts and
deals with VK Combo, access their favorite services via the VK Mini Apps
platform - and the Marusya voice assistant can help with any task.
The company offers enterprises to employ its dynamic ecosystem to digitize
their business processes, providing a range of solutions from online
promotion and predictive analytics to corporate social networks, cloud
services and enterprise automation.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY
TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE
REGULATION (REGULATION 596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW
PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Filing of the Interim Condensed Consolidated Financial Statements for 12m
2021
The Group's interim condensed consolidated financial statements for the nine
months ended 31 December 2021 prepared in accordance with IFRS and
accompanied by an independent auditor's review report have been filed on the
National Storage Mechanism appointed by the Financial Conduct Authority and
can be accessed at https://data.fca.org.uk/#/nsm/nationalstoragemechanism or
on the Group's website at https://vk.company/media/files/vkifrsfy2021.pdf
Group Aggregate Segment Financial Information*
RUB millions Q4 Q4 YoY, % 12m 2020 12m 2021 YoY, %
2020 2021
Group aggregate segment
revenue (1)
Online advertising 12,779 14,659 14.7% 39,004 48,608 24.6%
MMO games 9,802 10,130 3.3% 35,862 37,918 5.7%
Community IVAS 4,904 5,047 2.9% 18,337 18,450 0.6%
Education Technology services 2,578 3,557 38.0% 6,099 10,422 70.9%
Other revenue** 2,916 3,660 25.4% 7,071 10,354 46.4%
Total Group aggregate segment 32,979 37,053 12.4% 106,373 125,752 18.2%
revenue
Group aggregate operating
expenses
Personnel expenses 7,980 9,724 21.9% 25,253 32,774 29.8%
Agent/partner fees 9,448 9,249 -2.1% 28,997 33,667 16.1%
Marketing expenses 6,897 4,879 -29.3% 19,985 20,707 3.6%
Server hosting expenses 210 218 3.8% 777 853 9.8%
Professional services 333 450 35.1% 960 1,488 55.0%
Other operating 841 1,890 124.7% 3,489 4,461 27.9%
(income)/expenses, excl. D&A
Total Group aggregate 25,709 26,410 2.7% 79,461 93,950 18.2%
operating expenses
Group aggregate segment EBITDA 7,270 10,643 46.4% 26,912 31,802 18.2%
(2)
margin, % 22.0% 28.7% 25.3% 25.3%
Depreciation, amortisation and 3,717 4,338 16.7% 11,840 14,750 24.6%
impairment*** (3)
Share of loss of key JVs and 4,362 5,546 27.1% 11,923 18,915 58.6%
equity associates
Other non-operating income -855 -821 -4.0% -2,431 -2,206 -9.3%
(expense), net
Profit/(loss) before tax (4) -1,664 -62 n/m 718 -4,069 n/m
Income tax expense (5) 969 1,125 16.1% 2,677 2,417 -9.7%
Group aggregate net profit
from consolidated subsidiaries 1,729 4,359 n/m 9,964 12,429 24.7%
(6)
margin, % 5.2% 11.8% 9.4% 9.9%
Group aggregate net -2,633 -1,187 n/m -1,959 -6,486 n/m
profit/(loss) (7)
margin, % -8.0% -3.2% -1.8% -5.2%
(*) The numbers in this table and further in the document may not exactly
foot or cross-foot due to rounding.
(**) Including Other IVAS revenues.
(***) Including the impairment of Love Choice and Ashes of Creation in
amount of RUB 327m in Q4 2021.
1. Group aggregate segment revenue is calculated by aggregating the segment
revenue of the Group's operating segments and eliminating intra-segment
and inter-segment revenues. This measure differs in significant respects
from IFRS consolidated net revenue. See "Presentation of Aggregate
Segment Financial Information" below.
2. Group aggregate segment EBITDA is calculated by subtracting Group
aggregate segment operating expenses from Group aggregate segment
revenue. Group aggregate segment operating expenses are calculated by
aggregating the segment operating expenses (excluding the depreciation
and amortisation) of the Group's operating segments including allocated
Group's corporate expenses, and eliminating intra-segment and
inter-segment expenses. See "Presentation of Aggregate Segment Financial
Information".
3. Group aggregate depreciation, amortisation and impairment expense is
calculated by aggregating the depreciation, amortisation and impairment
expense of the subsidiaries consolidated as of the date hereof,
excluding amortisation and impairment of fair value adjustments to
intangible assets acquired in business combinations.
4. Profit before tax is calculated by deducting from Group aggregate
segment EBITDA Group aggregate depreciation, amortisation and impairment
expense and adding/deducting Group aggregate other non-operating
incomes/expenses primarily consisting of interest income on cash
deposits, interest expenses, dividends from financial and
available-for-sale investments and other non-operating items.
5. Group aggregate income tax expense is calculated by aggregating the
income tax expense of the subsidiaries consolidated as of the date
hereof. Group aggregate income tax expense is different from income tax
as would be recorded under IFRS, as it is adjusted for the tax effect of
differences in profit before tax between Group aggregate segment
financial information and IFRS.
6. Group aggregate net profit from consolidated subsidiaries is the (i)
Group aggregate segment EBITDA; less (ii) Group aggregate depreciation,
amortisation and impairment expense; less (iii) Group aggregate other
non-operating expense; plus (iv) Group aggregate other non-operating
income; less (v) Group aggregate income tax expense.
7. Group aggregate net profit is the (i) Group aggregate net profit from
consolidated subsidiaries; less (ii) Share of loss of key JVs and equity
associates. Group aggregate net profit differs in significant respects
from IFRS consolidated net profit. See "Presentation of Aggregate
Segment Financial Information".
Operating Segments
The composition of the reporting segments reflects the Group's strategy, the
way the business is managed and units' interconnection within its
eco-system. From the first quarter of 2021 the Group has identified the
following reportable segments on this basis:
• Communications and Social;
• Games;
• Education Technologies (EdTech); and
• New initiatives.
The Communications and Social segment includes email, instant messaging and
portal (main page and media projects). It earns substantially all revenues
from display and context advertising. This segment also aggregates the
Group's social network Vkontakte (VK) and two other social networks (OK and
My World) and earns revenues from (i) commission from application developers
based on the respective applications' revenue, (ii) user payments for
virtual gifts, stickers and music subscriptions and (iii) online
advertising, including display and context advertising. It also includes
Search and music services (UMA). These businesses have similar nature and
economic characteristics as they are represented by social networks and
online communications, common type of customers for their products and
services and are regulated under similar regulatory environment.
The Games segment includes online gaming services, including MMO, social and
mobile games operated by the Group. It earns substantially all revenues from
(i) sale of virtual in-game items to users, (ii) royalties for games
licensed to third-party online game operators and (iii) in-game advertising.
The Education Technologies (EdTech) segment includes our consolidated
education businesses presented by GeekBrains and Skillbox. The businesses
earn substantially all revenues from education technology services.
The New initiatives segment primarily consists of Youla classifieds earning
substantially all revenues from advertising and listing fees, VK Clips with
potential to become a major separate product with the planned launch of own
application and target presence across the various Group's services, B2B new
projects including cloud along with other services, which are considered
insignificant by the CODM for the purposes of performance review and
resource allocation.
Each segment's EBITDA is calculated as the respective segment's revenue less
operating expenses (excluding depreciation and amortisation and impairment
of intangible assets), including our corporate expenses allocated to the
respective segment.
Operating Segments Performance - Q4 2021
RUB millions Communications Games EdTech New Eliminations Group
and Social initiatives
Revenue
External 17,770 11,588 3,559 4,136 - 37,053
revenue
Intersegment 106 59 - 16 (181) -
revenue
Total revenue 17,876 11,647 3,559 4,152 (181) 37,053
Total
operating 9,710 7,836 4,012 5,033 (181) 26,410
expenses
EBITDA 8,166 3,811 (453) (881) - 10,643
EBITDA margin, 45.7% 32.7% -12.7% -21.2% 0.0% 28.7%
%
Net profit
from 4,359
consolidated
subsidiaries
Net profit
from
consolidated 11.8%
subsidiaries
margin, %
Share of loss
of equity
accounted (5,546)
associates and
joint ventures
Aliexpress (2,213)
Russia JV
O2O JV (3,325)
Umskul (34)
associate
Uchi.ru 26
associate
Net loss (1,187)
Net loss -3.2%
margin, %
Operating Segments Performance - Q4 2020
RUB millions Communications Games EdTech New Eliminations Group
and Social initiatives
Revenue
External 16,049 11,055 2,578 3,297 - 32,979
revenue
Intersegment 175 29 - 8 (212) -
revenue
Total revenue 16,224 11,084 2,578 3,305 (212) 32,979
Total
operating 9,628 9,638 2,174 4,481 (212) 25,709
expenses
EBITDA 6,596 1,446 404 (1,176) - 7,270
EBITDA margin, 40.7% 13.0% 15.7% -35.6% 0.0% 22.0%
%
Net profit
from 1,729
consolidated
subsidiaries
Net profit
from
consolidated 5.2%
subsidiaries
margin, %
Share of loss
of joint (4,362)
ventures
Aliexpress (655)
Russia JV
O2O JV (3,707)
Net loss (2,633)
Net loss -8.0%
margin, %
Operating Segments Performance - 12m 2021
RUB millions Communications Games EdTech New Eliminations Group
and Social initiatives
Revenue
External 60,053 43,671 10,428 11,600 - 125,752
revenue
Intersegment 328 137 2 46 (513) -
revenue
Total 60,381 43,808 10,430 11,646 (513) 125,752
revenue
Total
operating 33,066 33,451 12,036 15,910 (513) 93,950
expenses
EBITDA 27,315 10,357 (1,606) (4,264) - 31,802
EBITDA 45.2% 23.6% -15.4% -36.6% 0.0% 25.3%
margin, %
Net profit
from 12,429
consolidated
subsidiaries
Net profit
from
consolidated 9.9%
subsidiaries
margin, %
Share of
loss of
equity
accounted (18,915)
associates
and joint
ventures
Aliexpress (4,392)
Russia JV
O2O JV (14,423)
Umskul (34)
associate
Uchi.ru (66)
associate
Net loss (6,486)
Net loss -5.2%
margin, %
Operating Segments Performance - 12m 2020
RUB millions Communications Games EdTech New Eliminations Group
and Social initiatives
Revenue
External 52,513 39,553 6,100 8,207 - 106,373
revenue
Intersegment 172 102 - 41 (315) -
revenue
Total revenue 52,685 39,655 6,100 8,248 (315) 106,373
Total
operating 28,120 33,320 5,046 13,290 (315) 79,461
expenses
EBITDA 24,565 6,335 1,054 (5,042) - 26,912
EBITDA 46.6% 16.0% 17.3% -61.1% 0.0% 25.3%
margin, %
Net profit
from 9,964
consolidated
subsidiaries
Net profit
from
consolidated 9.4%
subsidiaries
margin, %
Share of loss
of joint (11,923)
ventures
Aliexpress (1,350)
Russia JV
O2O JV (10,573)
Net loss (1,959)
Net loss -1.8%
margin, %
Liquidity
As of 31 December 2021, the Group had RUB 23,737 million of cash and cash
equivalents and RUB 58,767 million of debt outstanding (excluding lease
liabilities). The Group's net debt position was RUB 35,030 million excluding
lease liabilities and RUB 50,478 million including lease liabilities.
Presentation of Aggregate Segment Financial Information
The Group aggregate segment financial information is derived from the
financial information used by management to manage the Group's business by
aggregating the segment financial data of the Group's operating segments and
eliminating intra-segment and inter-segment revenues and expenses. Group
aggregate segment financial information differs significantly from the
financial information presented on the face of the Group's consolidated
financial statements in accordance with IFRS. In particular:
• The Group's segment financial information excludes certain IFRS
adjustments which are not analysed by management in assessing the core
operating performance of the business. Such adjustments affect such
major areas as revenue recognition, share-based payment transactions,
disposal of and impairment of investments, fair value adjustments,
amortisation and impairment thereof, net foreign exchange gains and
losses, as well as irregular non-recurring items that occur from time to
time and are evaluated for adjustment as and when they occur. The tax
effect of these adjustments is also excluded from segment reporting.
• In 2021 the Group changed the approach to the presentation and
composition of reporting segments in order to better reflect the Group's
strategy and the way the business is managed. From the first quarter of
2021 the Group has presented reportable segments based on the
consolidation scope as determined in accordance with IFRS, a change from
previously applying a pro forma approach to acquisitions, disposals and
assets held for sale.
• Segment revenues do not reflect certain other adjustments required when
presenting consolidated revenues under IFRS. For example, segment
revenue excludes barter revenues and adjustments to defer online gaming,
social network and education revenues under IFRS.
A reconciliation of group aggregate segment revenue, as presented to the
CODM, to IFRS consolidated revenue of the Group for the three months ended
December 31, 2021 and 2020 is presented below:
RUB millions Q4 2021 Q4 2020
Group aggregate segment revenue, as presented to the CODM 37,053 32,979
Adjustments to reconcile revenue as presented to the CODM to
consolidated revenue under IFRS:
Differences in timing of revenue recognition 1,544 (1,663)
Consolidated revenue under IFRS 38,597 31,316
A reconciliation of group aggregate segment EBITDA, as presented to the
CODM, to IFRS consolidated loss before income tax expense of the Group for
the three months ended December 31, 2021 and 2020 is presented below:
RUB millions Q4 2021 Q4 2020
Group aggregate segment EBITDA, as presented to the CODM 10,643 7,270
Adjustments to reconcile EBITDA as presented to the CODM to
consolidated loss before income tax expenses under IFRS
Differences in timing of revenue recognition 1,544 (1,663)
Share-based payment transactions (1,380) (390)
Expected credit loss on consideration receivable (81) -
Other (1) 117
EBITDA 10,725 5,334
Depreciation and amortisation (4,966) (4,612)
Impairment of fair value adjustments to intangible assets (1,714) (285)
Share of loss of equity accounted associates and joint (6,986) (9,565)
ventures
Finance income 253 56
Finance expenses (1,343) (1,101)
Other non-operating loss (222) (186)
Goodwill impairment - (620)
Net gain on financial assets and liabilities at fair value 677 1,756
through profit or loss
Net gain on disposal of subsidiaries - 1,437
Impairment of equity accounted associates (559) -
Net loss on disposal of intangible assets - (124)
Loss on remeasurement of financial instruments (429) (97)
Net foreign exchange (loss)/gain (950) 11
Consolidated loss before income tax expense under IFRS (5,514) (7,996)
A reconciliation of group aggregate net loss, as presented to the CODM, to
IFRS consolidated net loss of the Group for the three months ended December
31, 2021 and 2020 is presented below:
RUB millions Q4 2021 Q4 2020
Group aggregate net loss, as presented to CODM (1,187) (2,633)
Adjustments to reconcile net loss as presented to the CODM
to consolidated net loss under IFRS
Differences in timing of revenue recognition 1,544 (1,663)
Share-based payment transactions (1,380) (390)
Expected credit loss on consideration receivable (81) -
Other non-operating loss (222) (186)
Goodwill impairment - (620)
Impairment of fair value adjustments to intangible assets (1,387) (285)
Net gain on disposal of subsidiaries - 1,437
Net loss on disposal of intangible assets - (124)
Net gain on financial assets and liabilities at fair value 677 1,756
through profit or loss
Impairment of equity accounted associates (559) -
Loss on remeasurement of financial instruments (429) (97)
Net foreign exchange (loss)/gain (950) 11
Amortisation of fair value adjustments to intangible assets (954) (899)
Net loss on financial liabilities at amortised cost (233) -
Differences in recognition of net share in loss of equity (1,440) (5,203)
accounted associates and joint ventures
Other (18) (69)
Tax effect of the adjustments 710 (110)
Consolidated net loss under IFRS (5,909) (9,075)
A reconciliation of group aggregate segment revenue, as presented to the
CODM, to IFRS consolidated revenue of the Group for the twelve months ended
December 31, 2021 and 2020 is presented below:
RUB millions FY 2021 FY 2020
Group aggregate segment revenue, as presented to the CODM 125,752 106,373
Adjustments to reconcile revenue as presented to the CODM to
consolidated revenue under IFRS:
Differences in timing of revenue recognition 309 (5,831)
Consolidated revenue under IFRS 126,061 100,542
A reconciliation of group aggregate segment EBITDA, as presented to the
CODM, to IFRS consolidated loss before income tax expense of the Group for
the twelve months ended December 31, 2021 and 2020 is presented below:
RUB millions FY 2021 FY 2020
Group aggregate segment EBITDA, as presented to the CODM 31,802 26,912
Adjustments to reconcile EBITDA as presented to the CODM
to consolidated loss before income tax expenses under IFRS
Differences in timing of revenue recognition 309 (5,831)
Share-based payment transactions (2,091) (1,770)
Expected credit loss on consideration receivable (554) -
Other (19) (32)
EBITDA 29,447 19,279
Depreciation and amortisation (18,371) (15,138)
Impairment of fair value adjustments to intangible assets (1,714) (285)
Share of loss of equity accounted associates and joint (21,167) (19,892)
ventures
Finance income 969 336
Finance expenses (4,253) (2,969)
Other non-operating loss (197) (163)
Goodwill impairment - (7,050)
Net gain on financial assets and liabilities at fair value 2,700 5,281
through profit or loss
Net gain on disposal of subsidiary - 1,437
Impairment of equity accounted associates (559) (260)
Net loss on disposal of intangible assets - (124)
Gain on remeasurement of previously held interest in 305 46
equity accounted associate
Loss on remeasurement of financial instruments (843) (327)
Net foreign exchange (loss)/gain (943) 436
Consolidated loss before income tax expense under IFRS (14,626) (19,393)
A reconciliation of group aggregate net loss, as presented to the CODM, to
IFRS consolidated net loss of the Group for the twelve months ended December
31, 2021 and 2020 is presented below:
RUB millions FY 2021 FY 2020
Group aggregate net loss, as presented to CODM (6,486) (1,959)
Adjustments to reconcile net loss as presented to the CODM
to consolidated net loss under IFRS
Differences in timing of revenue recognition 309 (5,831)
Share-based payment transactions (2,091) (1,770)
Expected credit loss on consideration receivable (554) -
Other non-operating loss (197) (163)
Goodwill impairment - (7,050)
Impairment of fair value adjustments to intangible assets (1,387) (285)
Net gain on disposal of subsidiaries - 1,437
Net loss on disposal of intangible assets - (124)
Net gain on financial assets and liabilities at fair value 2,700 5,281
through profit or loss
Impairment of equity accounted associates (559) (260)
Gain on remeasurement of previously held interest in 305 46
equity accounted associate
Loss on remeasurement of financial instruments (843) (327)
Net foreign exchange (loss)/gain (943) 436
Amortisation of fair value adjustments to intangible (3,947) (3,298)
assets
Net loss on financial liabilities at amortised cost (892) -
Differences in recognition of net share in loss of equity (2,252) (7,969)
accounted associates and joint ventures
Other (186) (234)
Tax effect of the adjustments 1,326 844
Consolidated net loss under IFRS (15,697) (21,226)
Consolidated IFRS Statement of Financial Position
RUB millions December 31, 2021 December 31, 2020
(audited) (audited)
ASSETS
Non-current assets
Investments in equity accounted 48,921 41,948
associates and joint ventures
Goodwill 138,600 135,670
Right-of-use assets 14,843 15,618
Other intangible assets 18,324 19,623
Property and equipment 15,798 11,651
Financial assets at fair value through 6,903 2,305
profit or loss
Deferred income tax assets 5,157 2,924
Long-term loans receivable 69 422
Advance under office lease contract 462 249
Total non-current assets 249,077 230,410
Current assets
Trade accounts receivable 20,688 16,707
Prepaid income tax 359 358
Prepaid expenses and advances to 2,353 853
suppliers
Loans receivable 109 2,441
Inventories 157 98
Other current assets 1,445 1,247
Cash and cash equivalents 23,737 39,297
Total current assets 48,848 61,001
Total assets 297,925 291,411
EQUITY AND LIABILITIES
Equity attributable to equity holders of
the parent
Issued capital - -
Share premium 79,397 77,101
Treasury shares (1,044) (1,071)
Retained earnings 89,985 103,103
Accumulated other comprehensive income 1,578 1,195
Total equity attributable to equity 169,916 180,328
holders of the parent
Non-controlling interests 346 1,663
Total equity 170,262 181,991
Non-current liabilities
Deferred income tax liabilities 1,228 1,379
Deferred revenue 1,455 1,871
Non-current lease liabilities 11,327 11,338
Financial liabilities at fair value 879 3,506
through profit or loss, non-current
Long-term interest-bearing loans and 50,810 41,497
borrowings
Other non-current liabilities 522 265
Total non-current liabilities 66,221 59,856
Current liabilities
Trade accounts payable 14,541 10,923
Income tax payable 3,208 2,673
VAT and other taxes payable 4,391 2,259
Deferred revenue and customer advances 17,980 16,912
Short-term portion of long-term 7,078 3,718
interest-bearing loans
Current lease liabilities 4,121 3,861
Other payables, accrued expenses and 10,123 9,218
contingent consideration liabilities
Total current liabilities 61,442 49,564
Total liabilities 127,663 109,420
Total equity and liabilities 297,925 291,411
Consolidated IFRS Statement of Comprehensive Income
RUB millions FY2021 FY2020
Online advertising 48,686 39,008
MMO games 38,327 32,769
Community IVAS 18,387 18,215
Education technology services 10,651 3,461
Other revenue 10,010 7,089
Total revenue 126,061 100,542
Personnel expenses (34,864) (27,023)
Agent/partner fees (33,680) (29,001)
Marketing expenses (20,706) (19,994)
Server hosting expenses (853) (777)
Professional services (1,501) (973)
Other operating expenses (5,010) (3,495)
Total operating expenses (96,614) (81,263)
EBITDA 29,447 19,279
Depreciation and amortisation (18,371) (15,138)
Impairment of intangible assets (1,714) (285)
Share of loss of equity accounted associates and joint (21,167) (19,892)
ventures
Finance income 969 336
Finance expenses (4,253) (2,969)
Other non-operating loss (197) (163)
Goodwill impairment - (7,050)
Net gain on financial assets and liabilities at fair value 2,700 5,281
through profit or loss
Net gain on loss of control over subsidiaries - 1,437
Impairment of equity accounted associates (559) (260)
Net loss on disposal of intangible assets - (124)
Gain on remeasurement of previously held interest in 305 46
equity accounted associates
Loss on remeasurement of financial instruments (843) (327)
Net foreign exchange (loss)/gain (943) 436
Loss before income tax expense (14,626) (19,393)
Income tax expense (1,071) (1,833)
Net loss (15,697) (21,226)
Attributable to:
Equity holders of the parent (15,493) (20,921)
Non-controlling interests (204) (305)
Other comprehensive income that may be reclassified to
profit or loss in subsequent periods
Other comprehensive income that may be reclassified to 383 1,025
profit or loss in subsequent periods
Total other comprehensive income net of tax effect of 0 383 1,025
Total comprehensive loss, net of tax (15,314) (20,201)
Attributable to:
Equity holders of the parent (15,110) (19,896)
Non-controlling interests (204) (305)
Loss per share, in RUB:
Basic loss per share attributable to ordinary equity (69.00) (95.00)
holders of the parent
Diluted earnings per share attributable to ordinary equity n/a n/a
holders of the parent
Consolidated IFRS Statement of Cash Flows
Twelve months Twelve months
RUB millions ended ended
December 31, 2021 December 31, 2020
Cash flows from operating activities
Loss before income tax (14,626) (19,393)
Adjustments to reconcile loss before
income tax to cash flows:
Depreciation and amortisation 18,371 15,138
Impairment of intangible assets 1,714 285
Share of loss of equity accounted 21,167 19,892
associates and joint ventures
Finance income (969) (336)
Finance expenses 4,253 2,969
Expected credit loss allowance on trade 418 183
and other receivables
Goodwill impairment - 7,050
Net gain on financial assets and
liabilities at fair value through profit (2,700) (5,281)
or loss
Net gain on disposal of subsidiaries - (1,437)
Impairment of equity accounted 559 260
associates
Net loss on disposal of intangible - 124
assets
Gain on remeasurement of previously held (305) (46)
interest in equity accounted associates
Loss on remeasurement of financial 843 327
instruments
Net foreign exchange loss/(gain) 943 (436)
Сash settled and equity settled 2,091 1,770
share-based payments
Other non-cash items 227 173
Change in operating assets and
liabilities:
Increase in accounts receivable (3,912) (1,949)
(Increase)/decrease in prepaid expenses (1,512) 296
and advances to suppliers
(Increase)/decrease in inventories and (960) 166
other assets
Increase in accounts payable and accrued 5,700 2,469
expenses
Decrease/(increase) in other non-current 205 (128)
assets
Increase in deferred revenue and 86 5,832
customer advances
Increase in financial assets at fair (5,129) (415)
value through profit or loss
Operating cash flows before interest and 26,464 27,513
income taxes
Interest received 393 370
Interest paid (2,977) (2,564)
Income tax paid (2,968) (2,298)
Net cash provided by operating 20,912 23,021
activities
Cash flows from investing activities
Cash paid for property and equipment (8,767) (6,730)
Cash paid for intangible assets (6,346) (4,388)
Dividends received from equity accounted 891 29
associates
Loans issued (15,959) (2,803)
Loans collected 348 515
Cash paid for acquisitions of (3,503) (804)
subsidiaries, net of cash acquired
Proceeds from disposal of subsidiaries, - 1,090
net of cash disposed
Cash paid for investments in equity (11,767) (17,318)
accounted associates and joint ventures
Net cash used in investing activities (45,103) (30,409)
Cash flows from financing activities
Payment of lease liabilities (3,783) (4,023)
Loans received, net of bank commission 21 14,346
Loans repaid (3,718) (17,595)
Proceeds from bonds issued 15,000 30,944
Proceeds from issuance of GDR, net of - 15,209
issuance costs paid
Cash received from disposal of
non-controlling interests in 1,486 -
subsidiaries
Cash paid for non-controlling interests (20) (947)
in subsidiaries
Dividends paid by subsidiaries to (215) (237)
non-controlling shareholders
Net cash provided by financing 8,771 37,697
activities
Net (decrease)/increase in cash and cash (15,420) 30,309
equivalents
Effect of exchange differences on cash (140) (837)
balances
Cash and cash equivalents at the 39,297 9,825
beginning of the year
Cash and cash equivalents at the end of 23,737 39,297
the year
════════════════════════════════════════════════════════════════════════════
ISIN: US5603172082
Category Code: ACS
TIDM: VKCO
LEI Code: 2138009IXUP41SPL5B50
Sequence No.: 146482
EQS News ID: 1293007
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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