Cian PLC Announces Second Quarter and Six Months 2023 Financial Results
- Revenue increased by 40% YoY to RUB 2,661 million ($30.6 million) in Q2 2023
- Adjusted EBITDA increased by 23% YoY to RUB 590 million ($6.8 million) in Q2 2023
- Revenue increased by 39% YoY to RUB 5,063 million ($58.2 million) in six months 2023
- Adjusted EBITDA increased by 76% YoY to RUB 943 million ($10.8 million) in six months 2023
- Core Business revenue increased by 42% YoY to RUB 4,826 million ($55.4 million)
- Adjusted EBITDA Margin decreased by 3.0 pp YoY to 22.2% in Q2 2023
- Core Business Adjusted EBITDA Margin deteriorated by 2.2 pp YoY and reached 24.5% in six months 2023
- Company's ADSs were delisted from the NYSE on July 31, 2023
LARNACA,
Second Quarter 2023 Key Financial and Operational Highlights1
-
Revenue increased by
40% Y-o-Y toRUB 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 reachedRUB 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 toRUB 2,528 million ( ).$29.0 million
Six Months 2023 Key Financial and Operational Highlights1
-
Revenue increased by
39% Y-o-Y toRUB 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 reachedRUB 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 toRUB 4,826 million ( ).$55.4 million -
Core Business Adjusted EBITDA4 increased by
30% Y-o-Y toRUB 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
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
Post reporting date, on July 21, 2023, following a continued sharp depreciation of the ruble, the key interest rate was increased to
Second Quarter 2023 Results
Revenue
Revenue for the three months ended June 30, 2023 amounted to
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,
|
June 30,
|
June 30,
|
Y-o-Y
|
|
RUB |
RUB |
USD (1) |
|
Total Revenue |
1,905 |
2,661 |
30.6 |
|
Core Business |
1,781 |
2,528 |
29.0 |
|
Mortgage Marketplace |
31 |
115 |
1.3 |
|
Valuation and Analytics |
15 |
11 |
0.1 |
( |
End-to-End Offerings |
78 |
7 |
0.1 |
(91)% |
____________________
1
Core Business segment revenue
Core Business revenue reached
Mortgage Marketplace segment revenue
Mortgage Marketplace revenue amounted to
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) |
|||
|
June 30,
|
June 30,
|
June 30,
|
Y-o-Y
|
|
RUB |
RUB |
USD (1) |
|
Operating expenses |
1,674 |
2,355 |
27.1 |
|
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 |
( |
____________________
1
Profit for the period
Profit for the three months ended June 30, 2023 was
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the three months ended June 30, 2023 reached
Adjusted EBITDA Margin dropped by 3.0 pp to
Six Months 2023 Results
Audience
Average UMV (Unique Monthly Visitors) for the six months ended June 30, 2023 increased by
Revenue
Revenue for the six months ended June 30, 2023 amounted to
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,
|
June 30,
|
June 30,
|
Y-o-Y
|
|
RUB |
RUB |
USD (1) |
|
Total Revenue |
3,631 |
5,063 |
58.2 |
|
Core Business, including |
3,403 |
4,826 |
55.4 |
|
Listing revenue |
2,141 |
2,681 |
30.8 |
|
Lead generation revenue |
960 |
1,683 |
19.3 |
|
Display advertising revenue |
290 |
410 |
4.7 |
|
Mortgage Marketplace |
100 |
201 |
2.3 |
|
Valuation and Analytics |
29 |
21 |
0.2 |
( |
End-to-End Offerings |
99 |
15 |
0.2 |
( |
___________________
1
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 average daily revenue per listing for the periods indicated1:
|
|
Six months ended |
|||||
|
|
June 30,
|
June 30,
|
Y-o-Y
|
|||
Listing revenue, including (RUB, million) |
|
2,141 |
2,681 |
|
|||
|
|
1,479 |
1,815 |
|
|||
Other Russian Regions |
|
662 |
866 |
|
|||
|
|
||||||
Listings(2), including (million) |
|
1.78 |
1.91 |
|
|||
|
|
0.32 |
0.39 |
|
|||
Other Russian Regions |
|
1.46 |
1.52 |
|
|||
|
|
||||||
Average daily revenue per listing(3) (RUB) |
|
6.6 |
7.7 |
|
|||
|
|
25.8 |
25.4 |
( |
|||
Other Russian Regions |
|
2.5 |
3.1 |
|
____________________
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
Lead generation and display advertising revenue (primary real estate vertical)
Lead generation revenue increased by
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
Mortgage Marketplace segment revenue
Mortgage Marketplace revenue amounted to
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):
|
Six months |
|||
|
June 30,
|
June 30,
|
June 30,
|
Y-o-Y
|
|
RUB |
RUB |
USD (1) |
|
Operating expenses |
3,587 |
4,625 |
53.1 |
|
Marketing expenses |
1,083 |
1,752 |
20.1 |
|
Employee-related expenses, including |
1,790 |
2,152 |
24.7 |
|
Wages, salaries and related taxes |
1,397 |
1,694 |
19.5 |
|
Share-based payment expense |
353 |
385 |
4.4 |
|
IT expenses |
262 |
313 |
3.6 |
|
Depreciation and amortization |
139 |
120 |
1.4 |
( |
Other operating expenses |
313 |
288 |
3.3 |
( |
1
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 increased from
IT expenses
IT expenses increased by
Other operating expenses
Other operating expenses decreased by
Profit for the period
Profit for the six months ended June 30, 2023 was
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the six months ended June 30, 2023 reached
Adjusted EBITDA Margin increased by 3.8 pp to
Core Business Adjusted EBITDA increased by
Core Business Adjusted EBITDA Margin deteriorated by 2.2 pp reaching
Mortgage Marketplace Adjusted EBITDA was
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
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
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
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
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
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
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 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,
|
|
June 30,
|
|
June 30,
|
|
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) |
|
|
|
|
Six months ended (unaudited) |
||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
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) |
|
|
|
1
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,
|
|
June 30,
|
|
June 30,
|
|
RUB |
RUB |
USD(1) |
||
Adjusted EBITDA |
536 |
943 |
10.8 |
||
Core Business Adjusted EBITDA |
906 |
|
1,181 |
|
13.6 |
Core Business Adjusted EBITDA for |
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 |
|
|
|
|
|
1
2 For the purpose of calculating Core Business Adjusted EBITDA for
3 Defined as Core Business Adjusted EBITDA divided by Core Business revenue for the respective periods.
Other Historical Operational Data
|
Average
|
Listings (2)
|
Listings
|
Listings Other regions |
Leads to
|
||||
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
Source: Cian plc