Cian PLC Announces Fourth Quarter and Full-Year 2021 Financial Results
Cian PLC (NYSE: CIAN) has reported its fourth quarter and full-year 2021 financial results, showing a 42% increase in revenue to RUB 1,772 million ($23.9 million) for Q4 and a record RUB 6,033 million ($81.2 million) for the full year, up 52% year-over-year. However, the company experienced a loss of RUB 888 million ($12.0 million) in Q4, widening from the previous year, and a full-year loss of RUB 2,857 million ($38.5 million). Adjusted EBITDA for Q4 decreased 22% to RUB 116 million ($1.6 million), while full-year adjusted EBITDA increased 76% to RUB 318 million ($4.3 million).
- Q4 revenue increased 42% YoY to RUB 1,772 million ($23.9 million)
- Full-year revenue reached RUB 6,033 million ($81.2 million), a 52% YoY growth
- Core Business revenue surged by 48% YoY to RUB 5,641 million ($75.9 million)
- Core Business Adjusted EBITDA rose 114% YoY to RUB 1,139 million ($15.3 million)
- Unique Monthly Visitors increased by 5% YoY to 18.5 million
- Q4 loss widened to RUB 888 million ($12.0 million), up from a profit in Q4 2020
- Adjusted EBITDA for Q4 fell by 22% to RUB 116 million ($1.6 million)
- Total operating expenses increased 121% YoY to RUB 2,660 million, driven by rising employee-related costs
LARNACA,
Fourth Quarter 2021 Key Financial and Operational Highlights1
-
Revenue increased by
42% Y-o-Y toRUB 1,772 million ( ).$23.9 million -
Loss for the period widened to
RUB 888 million ( ) Y-o-Y.$12.0 million -
Adjusted EBITDA2 decreased by
22% Y-o-Y toRUB 116 million ( ).$1.6 million -
Adjusted EBITDA Margin2 was down by 5.3 ppt Y-o-Y to
6.5% . -
Average UMV (Unique Monthly Visitors)3 increased by
5% Y-o-Y to 18.5 million. -
Core Business revenue increased by
36% Y-o-Y toRUB 1,608 million ( ).$21.6 million -
Core Business Adjusted EBITDA4 increased by
55% YoY toRUB 393 million ( ).$5.3 million -
Core Business Adjusted EBITDA Margin2,5 improved by 3 ppt Y-o-Y and reached
24.4% .
Full Year 2021 Key Financial and Operational Highlights1
-
Revenue increased by
52% Y-o-Y to record highRUB 6,033 million ( ).$81.2 million -
Loss for the period widened to
RUB 2 857 million ( ) Y-o-Y.$38.5 million -
Adjusted EBITDA2 increased by
76% Y-o-Y toRUB 318 million ( ).$4.3 million -
Adjusted EBITDA Margin2 improved by 0.7 ppt Y-o-Y to
5.3% . -
Average UMV (Unique Monthly Visitors)3 increased by
18% Y-o-Y to 19.5 million. -
Core Business revenue increased by
48% Y-o-Y toRUB 5,641 million ( ).$75.9 million -
Core Business Adjusted EBITDA4 increased by
114% YoY toRUB 1,139 million ( ).$15.3 million -
Core Business Adjusted EBITDA Margin2,5 improved by 6.3 ppt Y-o-Y and reached
20.2% .
Fourth Quarter and Full-Year 2021 Results
Factors affecting year-over-year trends and comparisons6
When reviewing year-over-year dynamics for 2021 versus 2020 we believe it is important to take into account certain factors that affected the Russian real estate market demand and supply as well as corresponding annual and quarterly trends in 2020.
We believe that quarterly trends in the real estate market in 2020 were particularly characterized by the following events: (i) measures introduced by the government to contain the spread of the COVID-19 pandemic, primarily including lockdowns in
____________________ |
1 Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
2 Adjusted EBITDA, Adjusted EBITDA Margin and Core Business 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 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, 2019 and their respective interim periods, Average UMV is calculated based on |
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 and, therefore, are not considered non-IFRS financial measures. 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. |
6 For the full disclosure of the Impact of the COVID-19 pandemic on our operations and financial position please see the relevant section of this release |
Fourth Quarter 2021 Results
Revenue
Revenue for the three months ended
The following table sets forth a breakdown of our revenue by segment and type for the periods indicated (in millions of RUB and USD):
|
Three months ended (unaudited) |
|||||||
|
|
|
|
Y-o-Y growth |
||||
|
RUB |
RUB |
USD(1) |
|
||||
Total Revenue |
1,249 |
1,772 |
23.9 |
|
||||
Core Business, including |
1,186 |
1,608 |
21.6 |
|
||||
Listing revenue |
760 |
1,047 |
14.1 |
|
||||
Lead generation revenue |
299 |
386 |
5.2 |
|
||||
Display advertising revenue |
125 |
168 |
2.3 |
|
||||
|
48 |
104 |
1.4 |
|
||||
Valuation and Analytics |
15 |
17 |
0.2 |
|
||||
C2C Rental |
- |
1 |
0.0 |
- |
||||
End-to-End Offerings |
- |
42 |
0.6 |
- |
____________________
|
Core Business segment revenue
Core Business revenue reached
Core Business revenue in
Listing revenue (secondary and commercial real estate verticals)
Listing revenue increased by
The following table presents the listing revenue, the number of listings and the average daily revenue per listing for the periods indicated:
|
|
Three months ended (unaudited) |
||||
|
|
|
|
|
|
Y-o-Y growth |
Listing revenue, including (RUB, million) |
|
760 |
|
1,047 |
|
|
|
|
600 |
|
705 |
|
|
Other Russian Regions |
|
160 |
|
342 |
|
|
|
|
|
|
|
|
|
Listings(1), including (million) |
|
2.14 |
|
1.78 |
|
( |
|
|
0.32 |
|
0.29 |
|
( |
Other Russian Regions |
|
1.82 |
|
1.49 |
|
( |
|
|
|
|
|
|
|
Average daily revenue per listing(2) (RUB) |
|
3.9 |
|
6.4 |
|
|
|
|
20.4 |
|
26.2 |
|
|
Other Russian Regions |
|
1.0 |
|
2.5 |
|
|
____________________ |
1 Listings means the daily average number of real estate listings posted on our platform by agents and individual sellers for a particular period |
2 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 |
We believe that the growth of the Сore Business listing revenue was primarily driven by the following factors:
-
re-launch of monetization of listing services following its the temporary suspension from
April 2020 due to the COVID-19 pandemic, primarily including the continued re-launch of monetization in certain Russian regions with the total number of monetized regions (where base listing services in both secondary residential and commercial listing are monetized) reaching 21 regions (including our core markets ofMoscow , theMoscow region,Saint Petersburg and the Leningrad region) by the end of 2021; - listings services price increases, which were implemented as a part of a regular review of listing rates;
-
increasing penetration of the subscription model with over
51.4% of listing revenue coming from subscriptions in the three months endedDecember 31, 2021 as compared to35.6% in the comparable period of the prior year; and -
revenue contribution from the
N1 Group , which was acquired inFebruary 2021 .
Listing revenue growth was partially offset by changes into the VAT exemption rules under the Russian Tax Code which came in effect on
In the three months ended
Lead generation and display advertising revenue (primary real estate vertical)
Lead generation revenue increased by
The growth of Core Business lead generation revenue was driven mainly by the increase in the average revenue per lead to developers. Increase in the average revenue per lead to developers resulted primarily from price increases, which were introduced on lead generation products in
Mortgage marketplace segment revenue
Operating expenses
Total operating expenses increased by
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) |
|||||||
|
|
|
|
Y-o-Y growth |
||||
|
RUB |
RUB |
USD(1) |
|
||||
Operating expenses |
1,205 |
2,660 |
35.8 |
|
||||
Marketing expenses |
558 |
531 |
7.1 |
- |
||||
Employee-related expenses, including |
485 |
1,514 |
20.4 |
|
||||
Wages, salaries and related taxes |
418 |
702 |
9.4 |
|
||||
Share-based payment expense |
55 |
764 |
10.3 |
|
||||
IT expenses |
57 |
154 |
2.1 |
|
||||
Depreciation and amortization |
49 |
73 |
1.0 |
|
||||
Other operating expenses, including |
56 |
388 |
5.2 |
|
||||
IPO related expenses |
- |
167 |
2.2 |
|
____________________ |
1 Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Employee-related expenses
Employee-related expenses increased by
Wages, salaries and related taxes as a percentage of revenue increased year-over-year from
Marketing expenses
Marketing expenses decreased to
Marketing expenses as a percentage of revenue decreased to
IT expenses
IT expenses increased by
Other operating expenses
Other operating expenses increased by
Loss for the period
Loss for the three months ended
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the three months ended
Adjusted EBITDA Margin fell by 5.3 ppt to
Core Business Adjusted EBITDA increased by
Core Business Adjusted EBITDA Margin improved by 3.0 ppt reaching
Mortgage Marketplace Adjusted EBITDA was negative
Full-Year 2021 Results
Revenue
Revenue for the year ended
The following table sets forth a breakdown of our revenue by segment and type for the periods indicated (in millions of RUB and USD):
|
Year ended |
|||||||
|
|
|
|
Y-o-Y growth |
||||
|
RUB |
RUB |
USD (1) |
|
||||
|
(audited) |
(unaudited) |
||||||
Total Revenue |
3,972 |
6,033 |
81.2 |
|
||||
Core Business, including |
3,822 |
5,641 |
75.9 |
|
||||
Listing revenue |
2,383 |
3,699 |
49.8 |
|
||||
Lead generation revenue |
991 |
1,329 |
17.9 |
|
||||
Display advertising revenue |
439 |
596 |
8.0 |
|
||||
|
110 |
295 |
4.0 |
|
||||
Valuation and Analytics |
39 |
45 |
0.6 |
|
||||
C2C Rental |
1 |
3 |
0.0 |
|
||||
End-to-End Offerings |
- |
49 |
0.7 |
- |
____________________ |
1 Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Core Business segment revenue
Core Business revenue reached
Core Business revenue in
Listing revenue (secondary and commercial real estate verticals)
Listing revenue increased by
We believe that the growth of the Сore Business listing revenue was primarily driven by the following factors:
-
re-launch of monetization of listing services following its the temporary suspension from
April 2020 due to the COVID-19 pandemic. This includes the effect of the listing services monetization re-launch inMoscow , theMoscow region,St. Petersburg and the Leningrad region inJune 2020 that was partially offset by certain discounts offered in the third quarter of 2020 as well as the continued re-launch of monetization in certain other Russian regions with the total number of monetized regions (where base listing services in both secondary residential and commercial listing are monetized) reaching 21 regions (including our core markets ofMoscow , theMoscow region,Saint Petersburg and the Leningrad region) as ofDecember 31, 2021 ; - listings services price increases, which were implemented as a part of a regular review of listing rates;
-
increasing penetration of the subscription model with over
45.9% of listing revenue coming from subscriptions in the twelve months endedDecember 31, 2021 as compared to12.8% in the comparable period of the prior year; and -
revenue contribution from the
N1 Group , which was acquired inFebruary 2021 .
Listing revenue growth was partially offset by changes into the VAT exemption rules under the Russian Tax Code which came in effect on
In the twelve months ended
Lead generation and display advertising revenue (primary real estate vertical)
Lead generation revenue increased by
The growth of Core Business lead generation revenue was driven mainly by the increase in the average revenue per lead to developers. Increase in the average revenue per lead to developers resulted primarily from price increases, which were introduced on lead generation products in
Mortgage marketplace segment revenue
Operating expenses
Total operating expenses increased by
The following table sets forth a breakdown of our operating expenses for the periods indicated (in millions of RUB and USD):
|
Year ended |
|||||||
|
|
|
|
Y-o-Y growth |
||||
|
RUB |
RUB |
USD (1) |
|
||||
|
(audited) |
(unaudited) |
||||||
Operating expenses |
4,549 |
8,847 |
119.1 |
|
||||
Marketing expenses |
1,697 |
2,253 |
30.3 |
|
||||
Employee-related expenses, including |
2,208 |
5,062 |
68.1 |
|
||||
Wages, salaries and related taxes |
1,610 |
2,394 |
32.2 |
|
||||
Share-based payment expense |
558 |
2,549 |
34.3 |
|
||||
IT expenses |
264 |
527 |
7.1 |
|
||||
Depreciation and amortization |
200 |
279 |
3.8 |
|
||||
Other operating expenses, including |
180 |
726 |
9.8 |
|
||||
IPO related expenses |
- |
304 |
4.1 |
|
____________________ |
1 Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Employee-related expenses
Employee-related expenses increased by
Wages, salaries and related taxes as a percentage of revenue decreased year over year from
Marketing expenses
Marketing expenses increased to
Marketing expenses as a percentage of revenue decreased to
IT expenses
IT expenses increased by
Other operating expenses
Other operating expenses increased by
Loss for the period
Loss for the year ended
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the year ended
Adjusted EBITDA Margin improved by 0.7 ppt to
Core Business Adjusted EBITDA increased by
Core Business Adjusted EBITDA Margin improved by 6.3 ppt reaching
Mortgage Marketplace Adjusted EBITDA was negative
Recent Developments
Impact of the Latest Geopolitical Developments on the Company
Given the vast scope of the recent sanctions introduced by
For example, in response to accelerating inflation and depreciation of the ruble, on
A high level of inflation could lead to market instability, reductions in consumer purchasing power and an erosion of consumer confidence. This may adversely affect the Russian real estate market, as reduced disposable income and purchasing power is likely to have an adverse effect on consumers’ ability or willingness to invest in new housing or real estate.
Although neither the Company nor any of its subsidiaries is subject to any sanctions announced to-date, the impact of these and further developments on the future operations and financial position of the Group may be significant, but at this stage is difficult to determine. Current and future risks to the Group include, among others, the deterioration of the Russian economy, the risk of reduced or blocked access to capital markets and ability to obtain financing, and the risk of restrictions on the usage of certain software.
As of today, Cian’s management believes that the ability of the Group to conduct business has not been inhibited and we continue to operate our business in accordance with the circumstances that arise. The Company has a strong balance sheet, with a significant cash balance and no debt. All of these factors should allow us to maintain financial flexibility even in the case of a significant economic downturn. Management believes, based on the current operating plan, that existing cash and cash equivalents combined with the negative working capital innate to our business model will allow the Company to meet anticipated cash needs for working capital, capital expenditures and general and administrative expenses in 2022. However, we cannot guarantee that the current geopolitical situation, conflict surrounding
On
The Company notes that there are no restrictions on the ability of
We will continue to closely monitor all developments in the key markets where we operate and analyze recently introduced and potential additional sanctions in order to be able to react to the changing environment accordingly and to make every effort to ensure we minimize any negative impact on our business and secure the safety of our partners, users and employees, while continuing to support the uninterrupted operation of our services.
Impact of COVID-19 on Our Operations and Financial Position
Since its outbreak in
The COVID-19 pandemic, its broad impact and the preventive measures taken to contain or mitigate the pandemic have had, and are likely to continue to have, significant negative effects on the Russian and global economy, employment levels, employee productivity, residential and commercial real estate and financial markets. This, in turn, has had and may continue to have a negative impact on our customers and users, their ability to effectuate real estate transactions and, in turn, our profitability and ability to operate our business.
In 2020, in response to the COVID-19 pandemic, we introduced several measures to mitigate its effects on our business as well as our customer and user base. Specifically, to support our customers in these unprecedented circumstances, from
Furthermore, during the COVID-19 crisis in 2020, we optimized our marketing and advertising expenses in order to align our marketing budgets with the suspension in monetization discussed above. Additionally, we also reduced discretionary spending and paused hiring for non-critical roles. Overall, we believe that the combination of these cost optimization efforts and changes in our monetization approach helped us to address the COVID-19 crisis in 2020.
The broader macroeconomic environment remains highly uncertain, and we are continuing to closely monitor the impact of the COVID-19 pandemic on our market, customers, users and business, as it may continue to affect our financial results going forward.
Fourth Quarter 2021 Financial Results Conference Call
In light of the existing uncertainty and market volatility, the Company will not be conducting its fourth quarter and full year 2021 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
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
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) |
|||||
|
|
|
||||
|
RUB |
RUB |
USD(1) |
|||
|
|
|
|
|||
Revenue |
1 249 |
1 772 |
23.9 |
|||
|
|
|
|
|||
Operating expenses: |
|
|
|
|||
Marketing expenses |
(558) |
(531) |
(7.1) |
|||
Employee-related expenses |
(485) |
(1 514) |
(20.4) |
|||
IT expenses |
(57) |
(154) |
(2.1) |
|||
Depreciation and amortization |
(49) |
(73) |
(1.0) |
|||
Other operating expenses |
(56) |
(388) |
(5.2) |
|||
Total operating expenses |
(1 205) |
(2 660) |
(36) |
|||
|
|
|
|
|||
Operating profit/(loss) |
44 |
(888) |
(12.0) |
|||
Finance costs |
(17) |
(15) |
(0.2) |
|||
Finance income |
4 |
7 |
0.1 |
|||
Foreign currency exchange (loss)/gain, net |
(1) |
81 |
1.1 |
|||
Other income |
- |
6 |
0.1 |
|||
Profit/(loss) before income tax |
30 |
(809) |
(10.9) |
|||
Income tax expense |
(12) |
(79) |
(1.1) |
|||
Profit/(loss) for the period |
18 |
(888) |
(12.0) |
|||
Total comprehensive profit/(loss) for the period |
18 |
(888) |
(12.0) |
|||
|
|
|
|
|||
Profit/(loss) per share |
|
|
|
|||
Basic and diluted profit/(loss) per share attributable to ordinary equity holders of the parent |
0.3 |
(13) |
(0.2) |
|||
Basic and diluted weighted average number of ordinary shares, in thousand |
59 433 |
67 848 |
67 848 |
1Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Consolidated Statement of Profit or Loss and Other Comprehensive Income (in millions of RUB and USD, except share and per share amounts)
|
Year ended |
|||||
|
|
|
|
|||
|
RUB |
RUB |
USD(1) |
|||
|
(audited) |
(audited) |
(unaudited) |
|||
Revenue |
3 972 |
6 033 |
81.2 |
|||
|
|
|
|
|||
Operating expenses: |
|
|
|
|||
Marketing expenses |
(1 697) |
(2 253) |
(30.3) |
|||
Employee-related expenses |
(2 208) |
(5 062) |
(68.1) |
|||
IT expenses |
(264) |
(527) |
(7.1) |
|||
Depreciation and amortization |
(200) |
(279) |
(3.8) |
|||
Other operating expenses |
(180) |
(726) |
(9.8) |
|||
Total operating expenses |
(4 549) |
(8 847) |
(119) |
|||
|
|
|
|
|||
Operating loss |
(577) |
(2 814) |
(37.9) |
|||
Finance costs |
(72) |
(61) |
(0.8) |
|||
Finance income |
11 |
19 |
0.3 |
|||
Foreign currency exchange gain/ (loss), net |
(1) |
53 |
0.7 |
|||
Other income |
- |
6 |
0.1 |
|||
Loss before income tax |
(639) |
(2 797) |
(37.6) |
|||
Income tax (expense)/ benefit |
12 |
(60) |
(0.8) |
|||
Loss for the period |
(627) |
(2 857) |
(38.5) |
|||
Total comprehensive loss for the period |
(627) |
(2 857) |
(38.5) |
|||
|
|
|
|
|||
Loss per share |
|
|
|
|||
Basic and diluted loss per share attributable to ordinary equity holders of the parent |
(11) |
(44) |
(0.6) |
|||
Basic and diluted weighted average number of ordinary shares, in thousand |
59 433 |
65 093 |
65 093 |
1Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Consolidated Statement of Financial Position (in millions of RUB and USD)
|
|
As of |
||||
|
|
|
|
|
|
|
RUB |
|
RUB |
|
USD(1) |
||
|
|
(audited) |
|
(audited) |
|
(unaudited) |
Assets |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property and equipment |
|
31 |
|
49 |
|
0.7 |
Right-of-use assets |
|
125 |
|
98 |
|
1.3 |
|
|
- |
|
785 |
|
10.6 |
Intangible assets |
|
257 |
|
1 197 |
|
16.1 |
Deferred tax assets |
|
237 |
|
226 |
|
3.0 |
Other non-current assets |
|
9 |
|
15 |
|
0.2 |
Total non-current assets |
|
659 |
|
2 370 |
|
31.9 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Inventories |
|
- |
|
108 |
|
1.5 |
Advances paid and prepaid expenses |
|
88 |
|
93 |
|
1.3 |
Trade and other receivables |
|
154 |
|
408 |
|
5.5 |
Prepaid income tax |
|
- |
|
4 |
|
0.1 |
Cash and cash equivalents |
|
449 |
|
2 419 |
|
32.6 |
Other current assets |
|
20 |
|
198 |
|
2.7 |
Total current assets |
|
711 |
|
3 230 |
|
43.5 |
Total assets |
|
1 370 |
|
5 600 |
|
75.4 |
|
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share capital |
|
- |
|
2 |
|
0.0 |
Share premium |
|
125 |
|
7 614 |
|
102.5 |
Equity-settled employee benefits reserves |
|
- |
|
110 |
|
1.5 |
Accumulated losses |
|
(997) |
|
(3 854) |
|
(51.9) |
Total equity |
|
(872) |
|
3 872 |
|
52.1 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Employee share-based payment liability |
|
636 |
|
- |
|
- |
Lease liabilities |
|
77 |
|
48 |
|
0.6 |
Deferred tax liabilities |
|
28 |
|
135 |
|
1.8 |
Deferred income |
|
- |
|
125 |
|
1.7 |
Total non-current liabilities |
|
741 |
|
308 |
|
4.1 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Borrowings |
|
728 |
|
- |
|
- |
Contract liabilities |
|
332 |
|
425 |
|
5.7 |
Trade and other payables |
|
316 |
|
619 |
|
8.3 |
Income tax payable |
|
15 |
|
59 |
|
0.8 |
Other taxes payable |
|
74 |
|
241 |
|
3.2 |
Lease liabilities |
|
36 |
|
43 |
|
0.6 |
Deferred income |
|
0 |
|
33 |
|
0.4 |
Total current liabilities |
|
1 501 |
|
1 420 |
|
19.1 |
Total liabilities |
|
2 242 |
|
1 728 |
|
23.3 |
Total liabilities and equity |
|
1 370 |
|
5 600 |
|
75.4 |
1Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Consolidated Statement of Cash Flows (in millions of RUB and USD)
|
Year ended |
|||||
|
|
|
|
|||
|
RUB |
RUB |
USD(1) |
|||
|
(audited) |
(audited) |
(unaudited) |
|||
Cash flows from operating activities |
|
|
||||
Loss before income tax |
(639) |
(2 797) |
(37.6) |
|||
Adjusted for: |
|
|
|
|||
Depreciation and amortization |
200 |
279 |
3.8 |
|||
Employee share-based payment expense |
558 |
2 549 |
34.3 |
|||
Finance income |
(11) |
(19) |
(0.3) |
|||
Finance costs |
72 |
61 |
0.8 |
|||
Foreign currency exchange (gain) / loss, net |
1 |
(53) |
(0.7) |
|||
Allowance for expected credit losses |
- |
16 |
0.2 |
|||
Working capital changes: |
|
|
|
|||
Increase in trade and other receivables |
(61) |
(238) |
(3.2) |
|||
Increase in advances paid and prepaid expenses |
(32) |
(9) |
(0.1) |
|||
Increase in other assets |
(13) |
(232) |
(3.1) |
|||
Increase / (decrease) in trade and other payables |
(4) |
235 |
3.2 |
|||
Increase in contract liabilities and deferred income |
148 |
230 |
3.1 |
|||
(Decrease) / increase in other liabilities |
98 |
(2 017) |
(27.1) |
|||
Cash generated from operating activities |
317 |
(1 995) |
(26.9) |
|||
Income tax paid |
(28) |
(26) |
(0.3) |
|||
Interest received |
11 |
16 |
0.2 |
|||
Interest paid |
(70) |
(59) |
(0.8) |
|||
Net cash generated from operating activities |
230 |
(2 064) |
(27.8) |
|||
|
|
|
|
|||
Cash flows from investing activities |
|
|
|
|||
Acquisition of a subsidiary, net of cash acquired |
- |
(1 651) |
(22.2) |
|||
Purchase of property and equipment |
(21) |
(52) |
(0.7) |
|||
Purchase of intangible assets |
(90) |
(89) |
(1.2) |
|||
Loan issued to a related party |
- |
(25) |
(0.3) |
|||
Loans collected from employees |
2 |
- |
- |
|||
Net cash used in investing activities |
(109) |
(1 817) |
(24.5) |
|||
|
|
|
|
|||
Cash flows from financing activities |
|
|
|
|||
Proceeds from the issue of ordinary shares |
- |
6 520 |
87.8 |
|||
Proceeds from borrowings |
320 |
- |
- |
|||
Repayment of borrowings |
(71) |
(728) |
(9.8) |
|||
Payment of principal portion of lease liabilities |
(67) |
(38) |
(0.5) |
|||
Net cash generated from financing activities |
182 |
5 754 |
77.5 |
|||
|
|
|
|
|||
Net increase in cash and cash equivalents |
303 |
1 873 |
25.2 |
|||
Cash and cash equivalents at the beginning of the period |
148 |
449 |
6.0 |
|||
Effect of exchange rate changes on cash and cash equivalents |
(2) |
111 |
1.5 |
|||
Effect of an allowance for expected credit losses |
- |
(14) |
(0.2) |
|||
Cash and cash equivalents at the end of the period |
449 |
2 419 |
32.6 |
1Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
Non-IFRS Financial Measures and Supplemental Financial Information
Use of Non-IFRS Financial Measures
We use Adjusted EBITDA, Core Business Adjusted EBITDA for
Adjusted EBITDA, Core Business Adjusted EBITDA for
- 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 interest expense, or the cash required to service our debt, which reduces 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 sum of Core Business Adjusted EBITDA, Mortgage Marketplace Adjusted EBITDA, Valuation and Analytics Adjusted EBITDA, C2C Rental Adjusted EBITDA and End-to-End Offerings Adjusted EBITDA differs from Adjusted EBITDA because 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 the table below are our segment measures of profit or loss and, therefore, are not considered non IFRS financial measures and include adjustments for share-based payment expenses, income from the depository, IPO-related costs as well as lease related amortization and interest, capitalized development costs, and operating expense related to software licenses.
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) |
|||||
|
|
|
|
|||
|
RUB |
RUB |
USD(1) |
|||
Profit/ (loss) for the period |
18 |
(888) |
(12.0) |
|||
Income tax expense |
12 |
79 |
1.1 |
|||
Profit/ (loss) before income tax |
30 |
(809) |
(10.9) |
|||
Depreciation and amortization |
49 |
73 |
1.0 |
|||
Finance expenses, net(2) |
13 |
8 |
0.1 |
|||
Foreign currency exchange loss / (gain), net |
1 |
(81) |
(1.1) |
|||
Share-based payment expenses |
55 |
764 |
10.3 |
|||
IPO-related costs |
- |
167 |
2.2 |
|||
Income from the depositary |
- |
(6) |
(0.1) |
|||
Adjusted EBITDA(3) |
148 |
116 |
1.6 |
|||
Adjusted EBITDA Margin(4) |
|
|
|
|||
|
Year ended (unaudited) |
|||||
|
|
|
|
|||
|
RUB |
RUB |
USD(1) |
|||
Loss for the period |
(627) |
(2 857) |
(38.5) |
|||
Income tax (benefit) / expense |
(12) |
60 |
0.8 |
|||
Loss before income tax |
(639) |
(2 797) |
(37.6) |
|||
Depreciation and amortization |
200 |
279 |
3.8 |
|||
Finance expenses, net(2) |
61 |
42 |
0.6 |
|||
Foreign currency exchange loss / (gain), net |
1 |
(53) |
(0.7) |
|||
Share-based payment expenses |
558 |
2 549 |
34.3 |
|||
IPO-related costs |
- |
304 |
4.1 |
|||
Income from the depositary |
- |
(6) |
(0.1) |
|||
Adjusted EBITDA(3) |
181 |
318 |
4.3 |
|||
Adjusted EBITDA Margin(4) |
|
|
|
1Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
2Comprises finance costs and finance income for the respective periods |
3Defined 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 consisting of phantom share options and restricted share units, IPO-related costs, income from the depository and goodwill impairment |
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)
|
Three months ended (unaudited) |
|||||
|
|
|
|
|
|
|
|
RUB |
|
RUB |
|
USD(1) |
|
Adjusted EBITDA |
148 |
|
116 |
|
1.6 |
|
Capitalized development costs |
(12) |
|
- |
|
- |
|
Reclassification of lease related amortization and interest |
(18) |
|
(18) |
|
(0.2) |
|
Reclassification of operating expense related to software licenses to amortization |
(9) |
|
(11) |
|
(0.1) |
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA |
109 |
|
87 |
|
1.2 |
|
Core Business Adjusted EBITDA(2) |
254 |
|
393 |
|
5.3 |
|
Core Business Adjusted EBITDA for |
585 |
|
663 |
|
8.9 |
|
Core Business Adjusted EBITDA for Other regions(3) |
(331) |
|
(270) |
|
(3.6) |
|
Mortgage Marketplace Adjusted EBITDA |
(92) |
|
(130) |
|
(1.7) |
|
Valuation and Analytics Adjusted EBITDA |
(24) |
|
(26) |
|
(0.3) |
|
C2C Rental Adjusted EBITDA |
(29) |
|
(43) |
|
(0.6) |
|
End-to-End Offerings Adjusted EBITDA |
- |
|
(107) |
|
(1.4) |
|
Core Business Adjusted EBITDA Margin(4) |
|
|
|
|
|
|
Year ended (unaudited) |
|||||
|
|
|
|
|
|
|
|
RUB |
|
RUB |
|
USD(1) |
|
Adjusted EBITDA |
181 |
|
318 |
|
4.3 |
|
Capitalized development costs |
(43) |
|
- |
|
- |
|
Reclassification of lease related amortization and interest |
(74) |
|
(60) |
|
(0.8) |
|
Reclassification of operating expense related to software licenses to amortization |
(31) |
|
(45) |
|
(0.6) |
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA |
33 |
|
213 |
|
2.9 |
|
Core Business Adjusted EBITDA(2) |
532 |
|
1 139 |
|
15.3 |
|
Core Business Adjusted EBITDA for |
1 714 |
|
2 362 |
|
31.8 |
|
Core Business Adjusted EBITDA for Other regions(3) |
(1 182) |
|
(1 223) |
|
(16.5) |
|
Mortgage Marketplace Adjusted EBITDA |
(254) |
|
(482) |
|
(6.5) |
|
Valuation and Analytics Adjusted EBITDA |
(119) |
|
(72) |
|
(1.0) |
|
C2C Rental Adjusted EBITDA |
(126) |
|
(148) |
|
(2.0) |
|
End-to-End Offerings Adjusted EBITDA |
- |
|
(224) |
|
(3.0) |
|
Core Business Adjusted EBITDA Margin(4) |
|
|
|
|
|
1Dollar translations throughout this release are included solely for the convenience of the reader and were calculated at the exchange rate quoted by the |
2The sum of Core Business Adjusted EBITDA, Mortgage Marketplace Adjusted EBITDA, Valuation and Analytics Adjusted EBITDA, C2C Rental Adjusted EBITDA and End-to-End Offerings Adjusted EBITDA differs from Adjusted EBITDA because 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 the table below are our segment measures of profit or loss and, therefore, are not considered non IFRS financial measures and include adjustments for lease related amortization and interest, capitalized development costs, and operating expense related to software licenses |
3For the purpose of calculating Core Business Adjusted EBITDA for |
4Defined as Core Business Adjusted EBITDA divided by Core Business revenue for the respective periods. |
Other Historical Operational Data
|
Average UMV (1)
|
|
Listings (2)
|
|
Listings |
|
Listings
|
|
Leads to
|
|
|
12.7 |
|
1.98 |
|
0.38 |
|
1.60 |
|
48.0 |
|
|
12.6 |
|
1.98 |
|
0.39 |
|
1.59 |
|
41.5 |
|
|
14.0 |
|
1.92 |
|
0.37 |
|
1.55 |
|
45.8 |
|
|
14.1 |
|
1.78 |
|
0.35 |
|
1.43 |
|
44.3 |
|
|
15.5 |
|
1.74 |
|
0.32 |
|
1.42 |
|
54.0 |
|
|
14.9 |
|
2.30 |
|
0.46 |
|
1.83 |
|
49.9 |
|
|
18.0 |
|
2.38 |
|
0.37 |
|
2.01 |
|
75.1 |
|
|
17.6 |
|
2.14 |
|
0.32 |
|
1.82 |
|
65.8 |
|
|
21.0 |
|
2.04 |
|
0.30 |
|
1.74 |
|
60.2 |
|
|
19.7 |
|
2.25 |
|
0.32 |
|
1.93 |
|
53.2 |
|
|
18.7 |
|
1.90 |
|
0.31 |
|
1.59 |
|
57.3 |
|
|
18.5 |
|
1.78 |
|
0.29 |
|
1.49 |
|
58.6 |
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, 2019 and their respective interim periods, Average UMV is calculated based on |
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/20220404005951/en/
Investors:
Head of Capital Markets and IR
ir@cian.ru
Media:
Russian media:
Olga Podoliaka
po@cian.ru
Source:
FAQ
What were Cian's Q4 2021 financial results?
How did Cian perform in the full year 2021?
What factors influenced Cian's revenue growth in 2021?
What challenges did Cian face in Q4 2021?