HeadHunter Group PLC Announces Second Quarter 2021 Financial Results

MOSCOW, Aug. 16, 2021 (GLOBE NEWSWIRE) — HeadHunter Group PLC (Nasdaq: HHR, MOEX: HHRU) introduced right now its monetary outcomes for the quarter ended June 30, 2021. As used under, references to “we,” “our,” “us” or the “Firm” or comparable phrases shall imply HeadHunter Group PLC.

Second Quarter 2021 Monetary and Operational Highlights

(1) “RUB” or “₽” denote Russian Ruble all through this launch.
(2) “USD” or “$” denote U.S. Greenback all through this launch.
(3) Proportion actions and sure different figures on this launch could not recalculate precisely as a consequence of rounding. It is because percentages and/or figures contained herein are calculated based mostly on precise numbers and never the rounded numbers offered.
(4) Greenback translations all through this launch are included solely for the comfort of the reader and had been calculated on the alternate charge quoted by the Central Financial institution of Russia as of June 30, 2021 (RUB 72.3723 to USD 1).
(5) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Internet Revenue and Adjusted Internet Revenue Margin are non-IFRS measures. See “Use of Non-IFRS Monetary Measures” elsewhere on this launch for an outline of those measures and a reconciliation from the closest IFRS measure.
(6) Contains our “Russia (hh.ru)” and “Russia (Zarplata.ru)” working segments income.
(7) Starting from the primary quarter of 2021, we modified the presentation of Adjusted EBITDA and Adjusted Internet Revenue, our non-IFRS measures, to exclude the influence of overseas alternate good points and losses. Prior interval quantities have been reclassified to adapt to this presentation. Please see “Modification of the presentation of Adjusted EBITDA and Adjusted Internet Revenue” and “Use of Non-IFRS Monetary Measures” elsewhere on this launch.

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• Income is up 155.0% largely as a consequence of sturdy demand for candidates driving up the variety of paying clients and the typical consumption, in addition to the low base impact, and the consolidation of acquired subsidiaries.

• Internet revenue is up 435.1% pushed by the rise in income.

• Adjusted EBITDA is up 239.9% and Adjusted EBITDA Margin is up from 43.4% to 57.9% primarily because of the improve in income. Margin growth in our “Russia (hh.ru)” phase barely diluted by consolidation of acquired subsidiaries.

(1) Internet Working Capital, Internet Debt, and Internet Debt to Adjusted EBITDA Ratio are non-IFRS monetary measures. See “Use of Non-IFRS Monetary Measures” elsewhere on this launch for calculation of those measures

(2) For the needs of calculation of this ratio as of June 30, 2021, Adjusted EBITDA is calculated on the final twelve months foundation.

(3) In July 2021 we settled ca. RUB 2 billion dividend payable in money, which affected our Internet Debt and Internet Debt to Adjusted EBITDA Ratio measures if measured instantly after the cost (see “Dividend” elsewhere on this launch).

• Internet Working Capital as of June 30, 2021 decreased by ₽983 million, or 25.5%, in comparison with December 31, 2020, primarily as a consequence of (i) a rise in contract liabilities by ₽583 million from buyer prepayments, (ii) a rise in commerce and different payables (present portion), and (iii) ₽155 million consideration payable for the acquisition of a 9.97% stake in Skillaz.

• Internet Debt decreased by ₽2,317 million, or 47.2%, primarily as a consequence of money generated from working actions (see “Money Flows”).

• Internet Debt to Adjusted EBITDA Ratio decreased from 1.2x to 0.4x, because of the lower in Internet Debt and the rise in Adjusted EBITDA.

Mikhail Zhukov, Chief Government Officer of HeadHunter Group PLC: “We had an exceptionally sturdy quarter, the place we demonstrated the scalability of our enterprise mannequin and our dedication to long-term product growth. We sit up for remaining the best digital recruitment answer for a lot of hundreds of shoppers as they get better from final 12 months’s turbulence and now face an unprecedented labor provide shortage.”

Acquisition of Zarplata.ru and Skillaz

In December 2020, we acquired 100% possession curiosity in LLC “Zarplata.ru” (“Zarplata.ru”), a job categorized platform with a robust footprint in sure Russian areas, akin to Siberia and Ural. From January 1, 2021, our assertion of revenue and complete revenue consists of outcomes of Zarplata.ru. This impacts year-on-year comparisons of our income, working bills, and different metrics in 2021. For the needs of research of our key efficiency indicators, such because the variety of paying clients and the typical income per buyer (“ARPC”), we mix our “Russia (hh.ru)” and “Russia (Zarplata.ru)” (collectively “Russia segments”) revenues, as we imagine that our mixed ARPC and mixed variety of paying clients permits us to evaluate higher our outcomes and place on Russian on-line recruitment market, on which each these segments function.

As of March 31, 2021, we obtained management over LLC “Skillaz”, a Russian HR expertise firm which automates and enhances recruitment processes by delivering subtle and versatile software program as a service (“SaaS”) options (“Skillaz”), as our name possibility to amass an extra 40.01% possession curiosity in Skillaz (along with our 25.01% stake already acquired) turned useful. On Might 26, 2021, we exercised the choice and bought the 40.01% stake, and on June 28, 2021 we acquired further 9.97%, thus growing our whole possession curiosity in Skillaz to 74.99%. From April 1, 2021, our assertion of revenue and complete revenue consists of outcomes of Skillaz. This impacts year-on-year comparisons of our income and working bills in 2021. For the needs of research of our key efficiency indicators, such because the variety of paying clients and the typical income per buyer (“ARPC”), we included Skillaz in our “Different segments”.

Modification of the presentation of Adjusted EBITDA and Adjusted Internet Revenue

Starting from the primary quarter of 2021, we modified the presentation of Adjusted EBITDA and Adjusted Internet Revenue, our non-IFRS measures, to exclude the influence of overseas alternate good points and losses as the character of such good points and losses is just not operational. We imagine this revised presentation will present a greater understanding of our working efficiency and a extra significant comparability of our outcomes between durations.

Prior interval quantities have been reclassified to adapt to this presentation. These adjustments haven’t any influence on any of the beforehand reported IFRS outcomes for any durations offered.

The next tables current the results of the adjustments on the presentation of non-IFRS measures as mirrored within the Firm’s earlier reviews:

Affect of COVID-19 on Our Operations and Monetary Place

The continuing COVID-19 pandemic can have an effect on our monetary outcomes largely by way of lower in enterprise exercise in Russia, particularly on the again of measures taken by authorities to curb unfold of the illness, akin to shelter-in-place orders, non-working days bulletins and companies closures. A lower in enterprise exercise could end in a lower in quite a lot of job postings marketed by our clients and the variety of CV database subscriptions bought or renewed, resulting in a lower in our revenues.

Essentially the most extreme restrictions in Russia had been in place from March 30, 2020 to Might 11, 2020, when a nation-wide interval of non-working days was launched, and shelter-in-place orders had been in impact in Moscow. This affected our income ultimately of the primary quarter of 2020 and within the second quarter of 2020. A gradual restoration of enterprise actions adopted within the third and fourth quarters of 2020, leading to a restoration in our KPIs.

No such restrictions had been launched since, besides till a interval of 4 working days from Might 4, 2021 to Might 7, 2021 was introduced as a interval of non-working days. This was an identical however a lot smaller measure to the interval of non-working days in 2020. Accordingly, we’ve seen no measurable influence of COVID-19 on our monetary outcomes for the second quarter of 2021 and our monetary place as of June 30, 2021. Yr-to-year comparability of our monetary outcomes for the second and, prospectively, third quarter of 2021 is coloured by the low base impact of the corresponding durations in 2020. Nevertheless, our monetary place, outcomes and liquidity could also be affected sooner or later by any additional hostile developments associated to COVID-19.

Working Segments

For administration functions, we’re organized into working segments based mostly on the geography of our operations or different subdivisions as offered in inner reporting to our chief working decision-maker (“CODM”). Our working segments embody “Russia (hh.ru),” “Russia (Zarplata.ru),” “Belarus,” “Kazakhstan”, “Skillaz” and different segments. As every phase, apart from “Russia (hh.ru)” and “Russia (Zarplata.ru)”, individually includes lower than 10% of our income, for reporting functions we mix all segments apart from “Russia (hh.ru)” and “Russia (Zarplata.ru)” into the “Different segments” class.

Prospects

We promote our providers predominantly to companies which are in search of job seekers to fill vacancies inside their organizations. We confer with such companies as “clients.” In Russia, we divide our clients into (i) Key Accounts and (ii) Small and Medium Accounts, based mostly on their annual income and worker headcount. We outline “Key Accounts” as clients who, in accordance with the Spark-Interfax database, have an annual income of ₽2 billion or extra or a headcount of 250 or extra workers and haven’t marked themselves as recruiting businesses on their web page on our web site. We outline “Small and Medium Accounts” as clients who, in accordance with the Spark-Interfax database, have each an annual income of lower than ₽2 billion and a headcount of lower than 250 workers and haven’t marked themselves as recruiting businesses on their web page on our web site. Our web site permits a number of authorized entities and/or pure individuals to be registered, every with a novel identification quantity, below a single account web page (e.g., a bunch of corporations). Every authorized entity registered below a single account is outlined as a separate buyer and is included within the variety of paying clients metric. Pure individuals registered below a single account are assumed to be workers of the authorized entities of that account and thus, aren’t thought-about separate clients and aren’t included within the variety of paying clients metric. Nevertheless, in a selected reporting interval, if solely pure individuals used our providers below such account, they’re collectively included within the variety of paying clients as one buyer.

Seasonality

Income

We usually don’t expertise seasonal fluctuations in demand for our providers and, previous to COVID-19, our income remained comparatively secure all through every quarter. Nevertheless, our clients are predominately companies and, due to this fact, use our providers totally on enterprise days. In consequence, our quarterly income is affected by the variety of enterprise days in 1 / 4, except for our providers that signify “stand-ready” efficiency obligations, akin to subscriptions to entry our curriculum vitae (“CV”) database, that are glad over the interval of subscription, together with weekends and holidays.

Public holidays in Russia predominantly fall throughout the first quarter of every 12 months, which ends up in decrease enterprise exercise in that quarter. Accordingly, our first quarter income is usually barely decrease than within the different quarters. For instance, our first quarter income in our “Russia (hh.ru)” phase in 2019 was 21.6% (in 2020, this metric was not indicative as a consequence of COVID-19).

The variety of enterprise days in 1 / 4 may be affected by calendar format in a selected 12 months. As well as, the Authorities of Russia decides on an annual foundation how public holidays that happen on weekends shall be reallocated to enterprise days all year long as a requirement of the Labor Code of Russia. In consequence, the variety of enterprise days in 1 / 4 could also be completely different in annually (whereas the whole variety of enterprise days in a 12 months often stays the identical). Subsequently, the comparability of our quarterly outcomes, together with with respect to our income progress charge, could also be affected by this variance. As well as, when a calendar format in a selected 12 months gives for a number of consecutive holidays or a small variety of enterprise days between holidays or holidays adjoining to weekends, HR managers of our clients could take brief holidays, additional contributing to the lower in enterprise actions in these durations.

The next desk illustrates the variety of enterprise days by quarter for the years 2019 to 2021. In 2021, in comparison with 2020, there may be one enterprise day much less within the first quarter and within the whole 12 months, two enterprise days extra within the second quarter, and two enterprise days much less within the fourth quarter, which means {that a} destructive calendar impact is anticipated in every of the primary and fourth quarter, and a optimistic impact is anticipated within the second quarter:

The optimistic impact from two additional working days within the second quarter of 2021 was not significant in comparison with extra important change drivers noticed throughout the quarter.

Working prices and bills (unique of depreciation and amortization)

Our working prices and bills (unique of depreciation and amortization) consist primarily of personnel and advertising and marketing bills. Personnel and advertising and marketing bills, in whole, accounted for 78.6% and 76.3% of our whole working prices and bills (unique of depreciation and amortization) for the years ended December 31, 2020 and December 31, 2019, respectively. Most of our advertising and marketing and personnel bills are mounted and never instantly tied to our income.

Advertising bills are extra unstable by way of allocation to quarters and are affected by our selections on how we notice our technique in a selected 12 months, which may differ from 12 months to 12 months. Subsequently, whole advertising and marketing bills as a proportion of income for a selected quarter might not be totally consultant of the entire 12 months. Personnel bills are comparatively secure over the 12 months. Nevertheless, they’re additionally affected by different dynamics, akin to our hiring selections. Some prices and bills, akin to share-based compensation or overseas alternate good points or losses, may be considerably concentrated in a selected quarter.

For example, the second quarter phase exterior bills in our “Russia (hh.ru)” phase in 2019 and 2020 had been 23.1% and 20.9%, respectively, of whole “Russia (hh.ru)” phase exterior bills for the 12 months.

Internet revenue and Adjusted EBITDA

Although our income stays comparatively secure all through every quarter, seasonal income fluctuations, as described above, have an effect on our web revenue. Because of income seasonality, our profitability within the first quarter is often decrease than in different quarters and for the total 12 months, as a result of our bills as a proportion of income are often increased within the first quarter as a consequence of decrease income. Our profitability can also be affected by our selections on timing of bills, as described above.

Contract liabilities

Our contract liabilities are largely affected by the annual subscriptions’ renewal cycle in our Key Accounts buyer phase. A considerable variety of our Key Accounts renew their subscriptions within the first quarter however prepay us within the fourth quarter of a earlier 12 months, as per our regular cost phrases. In consequence, we obtain substantial prepayments from our clients within the fourth quarter which causes a consequential improve in our contract liabilities on the finish of that quarter. For instance, our contract liabilities as of March 31, June 30, September 30, and December 31, 2020 had been ₽2,584 million, ₽2,355 million, ₽2,323 million, and ₽2,785 million, respectively.

Internet money generated from working actions

Our web money generated from working actions is affected by seasonal fluctuations in enterprise exercise as defined in “Income” and by substantial prepayments from our clients (see “Contract liabilities”), in addition to by our selections in regard to timing of bills (see “Working prices and bills (unique of depreciation and amortization)”), and to a lesser extent by cost phrases offered to us by our largest suppliers, akin to TV promoting businesses and others.

Internet Working Capital

Our Internet Working Capital is primarily affected by adjustments in our contract liabilities. As our contract liabilities have often been highest within the fourth quarter, our Internet Working Capital has often been lowest within the fourth quarter. For instance, our Internet Working Capital of March 31, June 30, September 30, and December 31, 2020 was ₽ (3,130) million, ₽ (2,865) million, ₽ (3,111) million, and ₽ (3,849) million, respectively.

Second Quarter 2021 Outcomes

Our income was ₽3,911 million for the three months ended June 30, 2021 in comparison with ₽1,534 million for the three months ended June 30, 2020. Income for the three months ended June 30, 2021 elevated by ₽2,377 million, or 155.0%, whereas the compound common progress charge^{https://investor.hh.ru/} (“CAGR”) from 2019 to 2021 within the second quarter of 2021 was 43.4%, reflecting acceleration of progress in comparison with historic averages. Income has elevated primarily because of the improve in all key working metrics throughout buyer segments on the again of sturdy demand for candidates, in addition to as a consequence of low base impact, our monetization initiatives, and consolidation of acquired subsidiaries.

The next desk breaks down income by product for the durations indicated:

^{https://investor.hh.ru/} Given low base impact on the again of COVID-19 restrictions within the second quarter of 2020, along with year-on-year progress to 2020, we current progress to 2019 and CAGR over two years 2019-2021. We imagine that these metrics are helpful to evaluate income progress in 2021. Please, notice that when commenting on change drivers all through this launch, we’re commenting on year-on-year progress to 2020.

We calculate two-year 2019-2021 CAGR as ((S₁/S₀)^½-1)*100%, the place S₀ and S₁ are values for 2019 and 2021, respectively.

The next tables units forth our income, variety of paying clients and ARPC, damaged down by sort of buyer and area, for the durations indicated:

Within the second quarter of 2021, in comparison with the second quarter of 2020:

• In our Key Accounts buyer phase, income has elevated by 99.5%, or by 36.9% on a two-year CAGR foundation, primarily because of the improve in ARPC.

  • ARPC in our Key Accounts buyer phase has elevated by 62.4%, or by 23.8% on a two-year CAGR foundation. This was pushed by the rise in common consumption and, to barely decrease extent, by our monetization enhancements. Common consumption was pushed largely by competitors for candidates, because the variety of jobs marketed has elevated extra quickly than the variety of job seekers in lively search. To maintain a stream of candidates, some clients elevated their spending by extra continuously renewing their job postings, driving common postings consumption up, which can be a short lived impact relying on future growth of job seeker and employer exercise. As well as, common postings consumption was pushed by barely elevated variety of job postings marketed per employer, which we imagine displays excessive demand in momentum, however may be a short lived impact. Monetization enhancements largely associated to further revenues acquired from top-up contacts inside new restricted mannequin in subscription merchandise, in addition to annual value inflation and gradual discount in reductions.

  • The variety of paying clients in our Key Accounts buyer phase has elevated by 22.8%, or by 10.6% on a two-year CAGR foundation. This was a results of (i) low base impact, when some clients determined to not use our providers within the second quarter 2020 as a consequence of COVID-19 restrictions, and (ii) new buyer acquisitions.

• In our Small and Medium Accounts buyer phase, income has elevated by 204.5%, or by 47.9% on a two-year CAGR foundation, pushed by the rise within the variety of paying clients and the rise in ARPC.

  • The variety of paying clients in our Small and Medium Accounts buyer phase has elevated by 114.3%, or by 29.2% on a two-year CAGR foundation. This was pushed by (i) low base impact, when some clients determined to not use our providers within the second quarter 2020 as a consequence of COVID-19 restrictions, (ii) new buyer acquisitions, and (iii) the addition of consumers of our “Russia (Zarplata.ru)” working phase. We observe traditionally excessive variety of new buyer onboarding, which we imagine is pushed by financial restoration, simplifications in buyer onboarding necessities that we launched in 2020, in addition to elevated adoption of on-line providers on the again of COVID-19.

  • ARPC in our Small and Medium Accounts buyer phase has elevated by 42.1%, or by 14.4% on a two-year CAGR foundation. This was pushed primarily by the rise in common postings consumption pushed by competitors for candidates, as a consequence of elements defined above for the Key Accounts buyer phase.

The next tables units forth our income, variety of paying clients and ARPC, damaged down by sort of buyer and area, for the durations indicated:

Working prices and bills (unique of depreciation and amortization)

Working prices and bills (unique of depreciation and amortization) had been ₽1,838 million for the three months ended June 30, 2021, in comparison with ₽951 million for the three months ended June 30, 2020, representing a rise of ₽887 million, or 93.2%.

The next desk units forth working prices and bills (unique of depreciation and amortization) for the durations indicated:

The next desk units forth working prices and bills (unique of depreciation and amortization) as proportion of income for the durations indicated:

Personnel bills

Personnel bills for the three months ended June 30, 2021 elevated by ₽513 million, or 94.9%, in comparison with the three months ended June 30, 2020 primarily as a consequence of: (i) addition of personnel bills of Zarplata.ru and Skillaz; (ii) low base impact, together with our price financial savings initiatives within the second quarter of 2020 not occurring within the second quarter of 2021, and our gross sales group bonuses reaching bottom-end within the second quarter of 2020 on the again of great underperformance in income relative to gross sales groups’ targets, and top-end within the second quarter of 2021 on the again of great overperformance relative to the targets; (iii) the rise in headcount by 120 individuals (not together with improve in personnel headcount as a consequence of acquisition of Zarplata.ru and Skillaz) from June 30, 2020 to June 30, 2021, primarily in our growth, gross sales and help groups; and (iv) SPO-related and acquisitions-related bonuses within the second quarter of 2021 not occurring within the second quarter of 2020.

Personnel bills as a proportion of income decreased from 35.2% within the second quarter of 2020 to 26.9% within the second quarter of 2021 on the again of the rise in income.

Personnel bills (excluding share-based compensations and different objects) as a proportion of income decreased from 31.4% within the second quarter of 2020 to 23.1% within the second quarter of 2021 on the again of the rise in income. See “Use of Non-IFRS Monetary Measures” elsewhere on this launch for a reconciliation of personnel bills (excluding share-based compensations and different objects) from the closest IFRS measure.

Our headcount has elevated to 1,280 individuals as of June 30, 2021 from 832 individuals as of December 31, 2020, largely as a consequence of addition Zarplata.ru and Skillaz personnel.

Advertising bills

Advertising bills elevated by ₽124 million, or 53.0%, for the three months ended June 30, 2021 in comparison with the three months ended June 30, 2020 primarily as a consequence of improve in advertising and marketing expense in our “Russia (hh.ru)” phase throughout varied channels according to our advertising and marketing technique, in addition to as a consequence of addition of selling bills of Zarplata.ru.

Advertising bills as a proportion of income decreased from 15.3% within the second quarter 2020 to 9.2% within the second quarter 2021, on the again of the rise in income.

Different normal and administrative bills

Whole different normal and administrative bills elevated by ₽249 million, or 141.6%, primarily as a consequence of: (i) the addition of Zarplata.ru and Skillaz different normal and administrative bills; (ii) low base impact, together with out price financial savings within the second quarter of 2020 not occurring within the second quarter of 2021 and a rise in subcontractor prices in our “Russia (hh.ru)” phase on the again of the rise in income from different value-added providers; and (iii) SPO-related prices within the second quarter 2021 not occurring within the second quarter of 2020.

Whole different normal and administrative bills as a proportion of income have decreased to 10.9% within the second quarter 2021 from 11.5% within the second quarter 2020, on the again of the rise in income.

Whole different normal and administrative bills (excluding objects unrelated to our core enterprise actions) as a proportion of income had been 9.9% within the second quarter of 2021, flat in comparison with 10.0% within the second quarter of 2020, as the rise in income was offset by improve in bills for the explanations described above. See “Use of Non-IFRS Monetary Measures” elsewhere on this launch for a reconciliation of different normal and administrative bills (excluding objects unrelated to our core enterprise actions) from the closest IFRS measure.

Internet overseas alternate acquire

Internet overseas alternate acquire was ₽9 million for the three months ended June 30, 2021, in comparison with a ₽19 million for the three months ended June 30, 2020.

Depreciation and amortization

Depreciation and amortization had been P289 million for the three months ended June 30, 2021, in comparison with ₽184 million for the three months ended June 30, 2020. The rise by 57.3% or ₽105 million primarily pertains to amortization of intangible belongings of Zarplata.ru and Skillaz measured at truthful values on acquisition.

Finance revenue and prices

Finance revenue was ₽43 million for the three months ended June 30, 2021 in comparison with ₽9 million for the three months ended June 30, 2020, primarily as a consequence of a rise in curiosity revenue on money deposits.

Finance prices had been ₽157 million for the three months ended June 30, 2021, in comparison with ₽109 million for the three months ended June 30, 2020. The rise of ₽49 million was primarily as a consequence of ₽64 million curiosity accrued on non-convertible bonds issued within the fourth quarter 2020 to finance Zarplata.ru acquisition, partly offset by a lower in curiosity accrued on the financial institution mortgage as a consequence of a lower in the important thing charge of the Central Financial institution of Russia.

Revenue tax expense

Revenue tax expense elevated to P414 million for the three months ended June 30, 2021 from ₽75 million for the three months ended June 30, 2020, following a rise in income leading to a rise in taxable revenue.

The efficient tax charge was 24.5% for the three months ended June 30, 2021, which is comparatively flat in comparison with 23.9% for the three months ended June 30, 2020.

Internet revenue, Adjusted EBITDA and Adjusted Internet Revenue

Within the three months ended June 30, 2021 in comparison with the three months ended June 30, 2020, our web revenue has elevated by 435.1% to ₽1,279 million, our Adjusted EBITDA has elevated by 239.9% to ₽2,264 million, and our Adjusted Internet Revenue has elevated by 347.1% to ₽1,603 million, primarily because of the causes described above.

Money Flows

The next desk units forth the abstract money stream statements for the durations indicated:

Internet money generated from working actions

For the six months ended June 30, 2021, web money generated from working actions was ₽3,574 million, in comparison with ₽1,046 million generated for the six months ended June 30, 2020. The change between the durations of ₽2,527 million was primarily pushed by: (i) a rise in web revenue (adjusted for non-cash objects and objects not affecting money stream from working actions), and (ii) a rise in contract liabilities due a rise in advances acquired from clients.

Internet money utilized in investing actions

For the six months ended June 30, 2021, web money utilized in investing actions was ₽999 million in comparison with ₽131 million for the six months ended June 30, 2020. The change between the durations of ₽868 million was primarily as a consequence of: (i) ₽556 million (web of money acquired) paid for acquisition of 40.01% stake in Skillaz within the second quarter of 2021; (ii) ₽234 million deferred consideration paid within the first quarter of 2021 for acquisition of Zarplata.ru; (iii) ₽61 million paid within the second quarter of 2021 for acquisition of 25% within the constitution capital of Dream Job LLC (Russia); and (iv) concern of a mortgage to a 3rd celebration in Might 2021 within the quantity of ₽74 million on market situations.

Internet money utilized in financing actions

For the six months ended June 30, 2021, web money utilized in financing actions was ₽463 million in comparison with ₽631 million for the six months ended June 30, 2020. The change between the durations of ₽168 million was primarily because of the lower in financial institution and different loans repaid because of the change in our financial institution mortgage amortization schedule in 2020, which was partly offset by the rise of dividends paid to non-controlling curiosity by ₽40 million.

Capital Expenditures

Our additions to property and gear and intangible belongings for the six months ended June 30, 2021 had been ₽699 million in comparison with ₽143 million for the six months ended June 30, 2020, representing a rise of ₽556 million primarily as a consequence of acquisition of intangible belongings regarding Skillaz within the quantity of ₽552 million.

Dividend

In July 2021 we’ve settled the beforehand introduced dividend for the 12 months ended December 31, 2020 of $0.55 per share representing roughly 75% of our Adjusted Internet Revenue for the 12 months ended December 31, 2020.

2021 RSU Plan

On July 30, 2021, we established a brand new HeadHunter Group PLC 2021 Restricted Inventory Models Plan (the “2021 RSU Plan”) to supply a extra straight-forward, predictable, and aggressive long-term motivation mannequin to our key expertise. Previous to this, our administration incentive program has included the 2016 Unit Possibility Plan (the “2016 Plan”), which is concentrated totally on our high administration degree, in addition to the 2018 Unit Possibility Plan (the “2018 Plan”). There aren’t any awards remaining for granting below the 2016 Plan and awards excellent below the 2016 Plan have vesting dates by means of Might 2023. In reference to the institution of the 2021 RSU Plan, our Board of Administrators decided that sure awards beforehand granted below the 2018 Plan shall get replaced with awards below the 2021 RSU Plan.

Underneath the 2021 RSU Plan, the Firm shall concern restricted inventory items (“RSUs”) carrying the correct to obtain both atypical shares or ADSs representing such atypical shares. The utmost variety of shares offered below the 2021 RSU Plan is 6% of the totally diluted combination variety of atypical shares issued and excellent every now and then. Awards below the 2021 RSU Plan are anticipated to be granted in tranches throughout the 4-year interval expiring August 1, 2025. Every grant shall be topic to approval by our Board of Administrators upon the advice of our administration and the Compensation Committee, based mostly on sure choice standards. RSUs granted below the 2021 RSU Plan vest over 4-year interval commencing on the grant date, with the primary vesting occurring on the primary anniversary of the grant date. The 2021 RSU Plan will reward, amongst others, our key expertise in growth, product, gross sales and advertising and marketing groups.

We plan to fund the 2021 RSU Plan by means of a mixture of a buy-back program, as was lately permitted by our shareholders, and new share issuance and allotment.

The institution of the 2021 RSU Plan had no influence on our monetary outcomes for the second quarter of 2021.

Monetary Outlook

The next forward-looking assertion displays our expectations as of August 16, 2021:

We at present anticipate our income to develop within the vary of 63% to 68% in 12 months 2021 year-over-year in comparison with the 12 months 2020.

This outlook displays our present view, based mostly on the traits that we see presently, and will change contemplating market, financial and social developments in jurisdictions wherein we function.

Second Quarter 2021 Monetary Outcomes Convention Name

HeadHunter will host a convention name and webcast to debate its outcomes at 9:00 a.m. U.S. Jap Time (4:00 p.m. Moscow time, 2:00 p.m. London time) the identical day.

We advocate to make use of the dial-in possibility solely if you need to ask questions. On this case please dial in not less than 15 minutes previous to the decision begin time and clearly state the requested info. For hear solely mode, please use the webcast hyperlink. The earnings launch may be accessed by means of our web site at https://investor.hh.ru/. Following the decision, a replay shall be out there on our web site.

To take part within the convention name, please use the next particulars:

Webcast:

https://edge.media-server.com/mmc/p/spm5gzm3

Contacts:

Investor Inquiries
Arman Arutyunian
E-mail: a.arutyunian@hh.ru

Media Inquiries
Alexander Dzhabarov
E-mail: a.dzhabarov@hh.ru

About HeadHunter Group PLC

HeadHunter is the main on-line recruitment platform in Russia and the Commonwealth of Unbiased States targeted on offering complete expertise acquisition providers, akin to entry to intensive CV database, job postings (jobs classifieds platform) and a portfolio of value-added providers.

USE OF NON-IFRS FINANCIAL MEASURES

To complement our consolidated monetary statements, which is ready in accordance with Worldwide Monetary Reporting Requirements (“IFRS”) as issued by the Worldwide Accounting Requirements Board (“IASB”), we current the next non-IFRS¹ monetary measures: Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin, Adjusted Working Prices and Bills (Unique of Depreciation and Amortization), Internet Working Capital, Internet Debt and Internet Debt to Adjusted EBITDA Ratio. The presentation of those monetary measures is just not meant to be thought-about in isolation or as an alternative choice to, or superior to, the monetary info ready and offered in accordance with IFRS. For extra info on these non-IFRS monetary measures, please see the tables captioned “Reconciliations of non-IFRS monetary measures from the closest comparable IFRS measures”, included following the accompanying monetary tables. We outline the varied non-IFRS monetary measures we use as follows:

• “Adjusted EBITDA” as web revenue/(loss) plus: (1) revenue tax expense; (2) web curiosity prices; (3) depreciation and amortization; (4) bills associated to equity-settled awards, together with associated social taxes; (5) secondary public providing (“SPO”) associated prices; (6) transaction prices associated to enterprise mixtures; (7) insurance coverage bills associated to IPO; (8) (revenue) from the depositary; (9) web overseas alternate loss acquire; (10) (Acquire) on remeasurement of beforehand held curiosity in equity-accounted investees; (11) web (acquire)/loss on monetary belongings measured at truthful worth by means of revenue and loss; (12) share of (revenue)/lack of equity-accounted investees.

• “Adjusted Internet Revenue” as web revenue/(loss) plus: (1) ) bills associated to equity-settled awards, together with associated social taxes; (2) secondary public providing (“SPO”) associated prices; (3) transaction prices associated to enterprise mixtures; (4) insurance coverage bills associated to IPO; (5) (revenue) from the depositary; (6) web overseas alternate acquire; (7) (acquire) on remeasurement of beforehand held curiosity in equity-accounted investees; (8) web (acquire)/loss on monetary belongings measured at truthful worth by means of revenue and loss; (9) share of (revenue)/lack of equity-accounted investees; (10) amortization of intangible belongings acknowledged in enterprise mixtures; (11) tax impact on changes.

• “Adjusted EBITDA Margin” as Adjusted EBITDA divided by income.

• “Adjusted Internet Revenue Margin” as Adjusted Internet Revenue divided by income.

• “Adjusted Working Prices and Bills (Unique of Depreciation and Amortization)” as working prices and bills (unique of depreciation and amortization) plus: (1) bills associated to equity-settled awards, together with associated social taxes; (2) insurance coverage bills associated to IPO; (3) transaction prices associated to enterprise mixtures; (4) secondary public providing (“SPO”) associated prices.

• “Internet Working Capital” calculated as a sum of: (1) Commerce and different receivables and (2) Pay as you go bills and different present belongings; much less a sum of: (1) Contract liabilities (present); (2) Commerce and different payables (present) and (3) Different present liabilities.

• “Internet Debt” calculated as a sum of present and non-current a part of Loans and borrowings minus Money and money equivalents.

• “Internet Debt to Adjusted EBITDA Ratio” calculated by dividing Internet Debt by Adjusted EBITDA.

Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) are utilized by our administration to observe the underlying efficiency of the enterprise and its operations. Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) are utilized by completely different corporations for differing functions and are sometimes calculated in ways in which mirror the circumstances of these corporations. You need to train warning in evaluating Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) as reported by us to Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) as reported by different corporations. Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) are unaudited and haven’t been ready in accordance with IFRS or another usually accepted accounting rules.

Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) aren’t measurements of efficiency below IFRS or another usually accepted accounting rules, and you shouldn’t contemplate Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) as alternate options to web revenue, working revenue or different monetary measures decided in accordance with IFRS or different usually accepted accounting rules. Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) have limitations as analytical instruments, and you shouldn’t contemplate them in isolation. A few of these limitations are:

• Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) don’t mirror our money expenditures or future necessities for capital expenditures or contractual commitments,

• Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) don’t mirror adjustments in, or money necessities for, our working capital wants, and

• the truth that different corporations in our trade could calculate Adjusted EBITDA, Adjusted Internet Revenue, Adjusted EBITDA Margin, Adjusted Internet Revenue Margin and Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) in another way than we do, which limits their usefulness as comparative measures.

The tables on the finish of this launch present detailed reconciliations of every non-IFRS monetary measure we use from essentially the most instantly comparable IFRS monetary measure.

We offer earnings steering on a non-IFRS foundation and don’t present earnings steering on an IFRS foundation. A reconciliation of our Adjusted EBITDA Margin steering to essentially the most instantly comparable IFRS monetary measure can’t be offered with out unreasonable efforts and isn’t offered herein due to the inherent problem in forecasting and quantifying sure quantities which are crucial for such reconciliations, together with depreciation and amortization, bills associated to equity-settled awards and the opposite changes mirrored in our reconciliation of historic non-IFRS monetary measures, the quantities of which, may very well be materials.

Adjusted Working Prices and Bills (Unique of Depreciation and Amortization)

Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) is a monetary measure not outlined below IFRS. We imagine that Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) is a helpful metric to evaluate our working actions. We excluded bills incurred in reference to potential financing and strategic transactions, together with IPO and SPO- associated bills that aren’t indicative of our ongoing bills. We additionally excluded equity-settled awards as these are non-cash bills and extremely depending on our share value on the time of fairness award grants. Subsequently, we imagine that it’s helpful for buyers and analysts to see working prices and bills monetary measures excluding the influence of those costs in an effort to receive a clearer image of our working exercise. Different corporations in our trade could calculate these measures in another way than we do, limiting their usefulness as comparative measures. See the tables on the finish of this launch offering the calculation of Adjusted Working Prices and Bills (Unique of Depreciation and Amortization).

Internet Working Capital

Internet Working Capital is a monetary measure not outlined below IFRS. We imagine that Internet Working Capital is a helpful metric to evaluate our skill to service debt, fund new funding alternatives, distribute dividends to our shareholders and assess our working capital necessities. Different corporations in our trade could calculate these measures in another way than we do, limiting their usefulness as comparative measures. See the tables on the finish of this launch offering the calculation of Internet Working Capital.

Internet Debt and Internet Debt to Adjusted EBITDA Ratio

Internet Debt and Internet Debt to Adjusted EBITDA Ratio are monetary measures not outlined below IFRS. We imagine that Internet Debt and Internet Debt to Adjusted EBITDA Ratio are essential measures that point out our skill to repay excellent debt. These measures shouldn’t be thought-about in isolation or as an alternative choice to any standardized measure below IFRS. Different corporations in our trade could calculate these measures in another way than we do, limiting their usefulness as comparative measures. See the tables on the finish of this launch offering the calculation of Internet Debt and dialogue of Internet Debt to Adjusted EBITDA Ratio.

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1} Denotes Worldwide Monetary Reporting Requirements as issued by the Worldwide Accounting Requirements Board (“IASB”).

FORWARD-LOOKING STATEMENTS

This press launch accommodates forward-looking statements throughout the which means of the Non-public Securities Litigation Reform Act of 1995. All statements contained on this launch that don’t relate to issues of historic reality ought to be thought-about forward-looking statements, together with, with out limitation, statements relating to our anticipated monetary efficiency and operational efficiency for the 12 months ending December 31, 2021, the anticipated influence of the COVID-19 pandemic on our enterprise and outcomes of operations, the sufficiency of our assets and our skill to finance our operations for the foreseeable future, in addition to statements that embody the phrases “anticipate,” “intend,” “plan,” “imagine,” “challenge,” “forecast,” “estimate,” “could,” “ought to,” “anticipate” and comparable statements of a future or forward-looking nature. These forward-looking statements are based mostly on administration’s present expectations. Precise outcomes could differ materially from the outcomes predicted or implied by such statements, and our reported outcomes shouldn’t be thought-about as a sign of future efficiency. The potential dangers and uncertainties that would trigger precise outcomes to vary from the outcomes predicted or implied by such statements embody, amongst others, important competitors in our markets, our skill to take care of and improve our model, our skill to enhance our consumer expertise and product choices, our skill to answer trade developments, our reliance on Russian Web infrastructure, macroeconomic and world geopolitical developments affecting the Russian financial system or our enterprise, together with the influence of the COVID-19 pandemic, adjustments within the political, authorized and/or regulatory atmosphere, privateness and information safety issues and our have to expend capital to accommodate the expansion of the enterprise, in addition to these dangers and uncertainties included below the caption “Threat Components” in our Annual Report on Type 20-F for the 12 months ended December 31, 2020, as such elements could also be up to date every now and then in our different filings with the U.S. Securities and Trade Fee (“SEC”), every of which is on file with the SEC and is out there on the SEC web site at www.sec.gov. As well as, we function in a really aggressive and quickly altering atmosphere. New dangers emerge every now and then. It isn’t potential for our administration to foretell all dangers, nor can we assess the influence of all elements on our enterprise or the extent to which any issue, or mixture of things, could trigger precise outcomes to vary materially from these contained in any forward-looking statements that we could make. In gentle of those dangers, uncertainties and assumptions, the forward-looking occasions and circumstances mentioned on this launch are inherently unsure and will not happen, and precise outcomes may differ materially and adversely from these anticipated or implied within the forward-looking statements. Accordingly, you shouldn’t depend on forward-looking statements as predictions of future occasions. As well as, the forward-looking statements made on this launch relate solely to occasions or info as of the date on which the statements are made on this launch. Besides as required by regulation, we undertake no obligation to replace or revise publicly any forward-looking statements, whether or not because of new info, future occasions or in any other case, after the date on which the statements are made or to mirror the prevalence of unanticipated occasions.

Unaudited Condensed Consolidated Interim Assertion of Revenue and Complete Revenue

(in hundreds of RUB and USD, besides per share quantities)

Unaudited Condensed Consolidated Interim Assertion of Monetary Place

As at

Unaudited Condensed Consolidated Interim Assertion of Money Flows

For the six months ended

Reconciliations of non-IFRS monetary measures from the closest comparable IFRS measures

Reconciliation of EBITDA and Adjusted EBITDA from web revenue, essentially the most instantly comparable IFRS Monetary measure:

(1) Represents non-cash bills associated to equity-settled awards issued in accordance with the Administration Incentive Settlement, and equity-settled share-based awards issued to board members and associated social taxes, that are payable because of us changing into Russian tax resident in June 2019.
(2) Displays authorized, accounting, and different skilled charges incurred in reference to our secondary public providing that came about in June 2020 and July 2021.
(3) Displays transaction prices largely associated to the acquisition of Zarplata.ru in December 2020 and Skillaz in March 2021.
(4) Subsequent to and in reference to the IPO, in Might 2019 we bought a one-year insurance coverage coverage for $2.7 million, of which we allotted $2.Four million to the duvet associated to our IPO, which we imagine doesn’t relate to our atypical course of enterprise, and $250 thousand to administrators’ and officers’ insurance coverage within the atypical course of enterprise, based mostly on the estimate of our insurance coverage supplier. The price of this insurance coverage coverage is expensed over the coverage time period on a pro-rata time foundation and thus recurs within the reporting durations throughout its time period. We renew our D&O coverage yearly. On account of a lower in IPO-related dangers over time, we imagine that our D&O insurance coverage expense from the second 12-month interval commenced Might 9, 2020 largely pertains to our atypical course of enterprise.
(5) In reference to our IPO, we’ve signed the Deposit Settlement, in accordance with which we will obtain revenue from our depositary over the five-year interval from the date of the IPO, offered that we meet sure covenants as specified within the Deposit Settlement. We imagine that this revenue doesn’t relate to our atypical course of enterprise.
(6) Overseas alternate good points or losses don’t relate to our working actions.
(7) Displays acquire on remeasurement of the beforehand held curiosity in LLC “Skillaz” at truthful worth as on the acquisition date as of March 31, 2021.
(8) Represents change in truthful worth of the decision choice to buy an extra 40.01% possession curiosity in LLC Skillaz.
(9) We imagine that share of revenue or loss in equity-accounted investees is just not indicative of our core working efficiency.

Reconciliation of Adjusted Internet Revenue from web revenue, essentially the most instantly comparable IFRS Monetary measure:

(1) Represents non-cash bills associated to equity-settled awards issued in accordance with the Administration Incentive Settlement, and equity-settled share-based awards issued to board members and associated social taxes, that are payable because of us changing into Russian tax resident in June 2019.
(2) Displays authorized, accounting, and different skilled charges incurred in reference to our secondary public providing that came about in June 2020 and July 2021.
(3) Displays transaction prices largely associated to the acquisition of Zarplata.ru in December 2020 and Skillaz in March 2021.
(4) Subsequent to and in reference to the IPO, in Might 2019 we bought a one-year insurance coverage coverage for $2.7 million, of which we allotted $2.Four million to the duvet associated to our IPO, which we imagine doesn’t relate to our atypical course of enterprise, and $250 thousand to administrators’ and officers’ insurance coverage within the atypical course of enterprise, based mostly on the estimate of our insurance coverage supplier. The price of this insurance coverage coverage is expensed over the coverage time period on a pro-rata time foundation and thus recurs within the reporting durations throughout its time period. We renew our D&O coverage yearly. On account of a lower in IPO-related dangers over time, we imagine that our D&O insurance coverage expense from the second 12-month interval commenced Might 9, 2020 largely pertains to our atypical course of enterprise.
(5) In reference to our IPO, we’ve signed the Deposit Settlement, in accordance with which we will obtain revenue from our depositary over the five-year interval from the date of the IPO, offered that we meet sure covenants as specified within the Deposit Settlement. We imagine that this revenue doesn’t relate to our atypical course of enterprise.
(6) Overseas alternate good points or losses don’t relate to our working actions.
(7) Displays acquire on remeasurement of the beforehand held curiosity in LLC “Skillaz” at truthful worth as on the acquisition date as of March 31, 2021.
(8) Represents change in truthful worth of the decision choice to buy an extra 40.01% possession curiosity in LLC Skillaz and different actions in truthful values of economic belongings measured at truthful worth by means of revenue and loss in 2020 that aren’t indicative of our underlying enterprise efficiency.
(9) We imagine that share of revenue or loss in equity-accounted investees is just not indicative of our core working efficiency.
(10) Because of the acquisition of 100% possession curiosity in HeadHunter in 2016, acquisition of 100% possession curiosity in Zarplata in 2020 and acquisition of 65.02% possession curiosity of Skillaz in 2021 we acknowledged the next intangible belongings: (i) trademark and domains within the quantity of ₽2,010,242 thousand, (ii) non-contractual buyer relationships within the quantity of ₽2,692,905 thousand, (iii) CV database within the quantity of ₽720,909 thousand, (iv) web site software program within the quantity of ₽587,366, and (v) different software program, licenses and different within the quantity of ₽3,550 thousand which have a helpful lifetime of 10 years, 2-10 years, 2-10 years, Three years and 1 12 months, respectively.
(11) Represents revenue tax on taxable or deductible changes.

Reconciliation of Adjusted Working Prices and Bills (Unique of Depreciation and Amortization) from working prices and bills (unique of depreciation and amortization), essentially the most instantly comparable IFRS monetary measure:

(1) Represents non-cash bills associated to equity-settled awards issued in accordance with the Administration Incentive Settlement, and equity-settled share-based awards issued to board members and associated social taxes, that are payable because of us changing into a Russian tax resident in June 2019.
(2) Subsequent to and in reference to the IPO, in Might 2019 we bought a one-year insurance coverage coverage for $2.7 million, of which we allotted $2.Four million to the duvet associated to our IPO, which we imagine doesn’t relate to our atypical course of enterprise, and $250 thousand to administrators’ and officers’ insurance coverage within the atypical course of enterprise, based mostly on the estimate of our insurance coverage supplier. The price of this insurance coverage coverage is expensed over the coverage time period on a pro-rata time foundation and thus recurs within the reporting durations throughout its time period. We renew our D&O coverage yearly. On account of a lower in IPO-related dangers over time, we imagine that our D&O insurance coverage expense from the second 12-month interval commenced Might 9, 2020 largely pertains to our atypical course of enterprise.
(3) Displays transaction prices largely associated to the acquisition of Zarplata.ru in December 2020 and Skillaz in March 2021.
(4) Displays authorized, accounting, and different skilled charges incurred in reference to our secondary public choices that came about in July 2020 and June 2021.

We imagine that Internet Working Capital is a helpful metric to evaluate our skill to service debt, fund new funding alternatives, distribute dividends to our shareholders and assess our working capital necessities. Calculation of our Internet Working Capital is offered within the desk under:

We imagine that Internet Debt and Internet Debt to Adjusted EBITDA Ratio are essential measures that point out our skill to repay excellent debt. Calculation of our Internet Debt is offered within the desk under:

We calculate our Internet Debt to Adjusted EBITDA Ratio by dividing Internet Debt by Adjusted EBITDA:

Calculation of Adjusted EBITDA on the final twelve months foundation as of June 30, 2021:

(1) Starting from the primary quarter of 2021, we modified the presentation of Adjusted EBITDA and Adjusted Internet Revenue, our non-IFRS measures, to exclude the influence of overseas alternate good points and losses. Prior interval quantities have been reclassified to adapt to this presentation. Please see “Modification of the presentation of Adjusted EBITDA and Adjusted Internet Revenue” and “Use of Non-IFRS Monetary Measures” elsewhere on this launch.

Reconciliation of EBITDA and Adjusted EBITDA for the 12 months ended December 31, 2020 from web revenue, essentially the most instantly comparable IFRS Monetary measure:

(1) Represents non-cash bills associated to equity-settled awards issued in accordance with the Administration Incentive Settlement, and equity-settled share-based awards issued to board members and associated social taxes, that are payable because of us changing into Russian tax resident in June 2019.
(2) Displays authorized, accounting, and different skilled charges incurred in reference to our secondary public providing that came about in July 2020.
(3) Subsequent to and in reference to the IPO, in Might 2019 we bought a one-year insurance coverage coverage for $2.7 million, of which we allotted $2.Four million to the duvet associated to our IPO, which we imagine doesn’t relate to our atypical course of enterprise, and $250 thousand to administrators’ and officers’ insurance coverage within the atypical course of enterprise, based mostly on the estimate of our insurance coverage supplier. The price of this insurance coverage coverage is expensed over the coverage time period on a pro-rata time foundation and thus recurs within the reporting durations throughout its time period. We renew our D&O coverage yearly. On account of a lower in IPO-related dangers over time, we imagine that our D&O insurance coverage expense from the second 12-month interval commenced Might 9, 2020 largely pertains to our atypical course of enterprise.
(4) In reference to our IPO, we’ve signed the Deposit Settlement, in accordance with which we will obtain revenue from our depositary over the five-year interval from the date of the IPO, offered that we meet sure covenants as specified within the Deposit Settlement. We imagine that this revenue doesn’t relate to our atypical course of enterprise.
(5) Overseas alternate good points or losses don’t relate to our working actions.
(6) Displays transaction prices associated to the acquisition of Zarplata.ru in December 2020.
(7) We imagine that share of revenue or loss in equity-accounted investees is just not indicative of our core working efficiency.