QIWI plc (NASDAQ: QIWI) (MOEX: QIWI) (“QIWI” or the “Company”)
today announced results for the second quarter ended June 30, 2019.
Second Quarter 2019 Operating
and Financial Highlights
- Total Adjusted Net Revenue increased 23% to RUB 5,563 million
($88.2 million)
- Payment Services Segment Net Revenue increased 35% to RUB 5,158
million ($81.8 million)
- Adjusted EBITDA increased 90% to RUB 2,639 million ($41.8
million)
- Adjusted Net Profit increased 125% to RUB 1,965 million ($31.2
million), or RUB 31.58 per diluted share
- Payment Services Segment Net Profit increased 42% to RUB 3,206
million ($50.8 million) or RUB 51.53 per diluted share
- Total Payment Services volume increased 41% to RUB 370.8
billion ($5.9 billion)
“Today I’m excited to share our second quarter
2019 financial results. This quarter we continue to demonstrate
exceptional performance, especially in our Payment Services
business, which delivered 35% segment net revenue growth and 42%
segment net profit growth. I am glad to say that the performance of
our payment services business continues to be driven predominantly
by the expansion and enhancement of the product proposition we
offer to our users, merchants and partners including solutions for
digital entertainment merchants, self-employed and sharing economy
partners. Our growth is simultaneously underpinned by the secular
trends in our key markets. Our results clearly emphasize the value
and relevance of the payment ecosystem we have developed so far and
aim to develop further,” said Sergey Solonin, QIWI’s chief
executive officer. “As we continue to benefit from the strong
performance and substantial cash flows generated by the Payment
Services segment, which remains a core part of our business, we
proceed with pursuing our strategy, building up our payment and
financial services ecosystem and investing in the development of
the new products and projects. We see many opportunities both in
the payment space and in the adjacent markets and I believe we are
well positioned to continue strengthening our ecosystem and
increasing the life cycle of our clients with an ultimate goal of
securing the long-term growth prospects of our Company.”
The Segment Presentation of the
Results of Operations
As of June 30 2019, we distinguish four reportable segments and
a Corporate and Other category, as set out below:
- Payment Services (PS) segment, which encompasses our virtual
distribution services, including QIWI Wallet and other QIWI
applications, payment channels and methods; physical distribution,
including our kiosks, terminals and other retail points of service,
Contact Money Remittance System; and our merchant focused services,
such as QIWI Cashier or acquiring services;
- Consumer Financial Services (CFS) segment, which encompasses
our consumer lending business SOVEST;
- Small and Medium Enterprises (SME) segment, which encompasses
operations of the Tochka business, which is focused on offering a
broad range of services for small and medium enterprises through a
multi-bank platform;
- Rocketbank (RB) segment, which encompasses Rocketbank business,
a digital banking service offering debit cards and deposits to
retail customers; and
- Corporate and Other (CO) category, which encompasses expenses
associated with the corporate operations of QIWI Group as well as
our R&D, venture projects and emerging business models.
Second Quarter 2019
Results
Adjusted and Segment Net Revenues: Total
Adjusted Net Revenue (Total Segment Net Revenue) for the quarter
ended June 30, 2019 was RUB 5,563 million ($88.2 million), an
increase of 23% compared with RUB 4,510 million in the prior year.
The increase was mainly driven by Payment Services and CFS Segments
Net Revenue growth, which was partially offset by the decline in
the SME Segment Net Revenue as well as negative Net Revenue
contribution of Rocketbank Segment.
Payment Services Segment Net Revenue for the
quarter ended June 30, 2019 was RUB 5,158 million ($81.8 million),
an increase of 35% compared with RUB 3,832 million in the prior
year.
PS Payment Adjusted Net Revenue was RUB 4,412
million ($70.0 million), an increase of 31% compared with RUB 3,362
million in the prior year. PS Payment Adjusted Net Revenue growth
was predominantly driven by a volume growth in the E-commerce,
Financial Services and Money Remittance market verticals partially
offset by the decline of the Payment Average Adjusted Net Revenue
Yield.
PS Other Adjusted Net Revenue, which is
principally composed of revenue from fees for inactive accounts and
unclaimed payments, interest revenue, revenue from overdrafts
provided to agents, and advertising, was RUB 746 million ($11.8
million), an increase of 59% compared with RUB 470 million in the
prior year. Fees for inactive accounts and unclaimed payments for
the second quarter ended June 30, 2019 were RUB 471 million ($7.5
million) compared with RUB 326 million for the corresponding period
in the prior year, the increase was driven primarily by growth of
payment volume and a number of users in the payment services
business. PS Other Adjusted Net Revenue excluding revenue from fees
for inactive accounts and unclaimed payments increased 91% compared
with the same period in the prior year to RUB 275 million
predominantly as a result of growth of interest revenue.
Small and Medium Enterprises Segment Net Revenue
which is composed of revenue from cash and settlement services
related to the operations of the Tochka project for the quarter
ended June 30, 2019 was RUB 185 million ($2.9 million) compared
with RUB 597 million in the second quarter of the prior year.
Segment Net Revenue dynamics were primarily due to the transfer of
Tochka multi-bank project to JSC Tochka starting from February 1,
2019. As a result of this transition we no longer recognize a
certain portion of Tochka project revenues associated with the
information and technology service agreements with Otkritie
Bank.
Adjusted EBITDA: For the quarter ended June 30,
2019, Adjusted EBITDA was RUB 2,639 million ($41.8 million), an
increase of 90% compared with RUB 1,392 million in the prior year.
The adjusted EBITDA increase was driven by Total Adjusted Net
Revenue growth as well as a decline in payroll and related taxes
(related to the cost of revenue) (excluding effect of share based
payments) to RUB 674 million for the quarter ended June 30, 2019 as
compared to RUB 914 million for same period in the prior year and
advertising, client acquisition and related expenses driven mostly
by the transfer of Tochka multi-bank project. The growth was
partially offset by an increase of compensation to employees and
related taxes (related to the SG&A expenses)(excluding effect
of share-based payments) to RUB 869 million for the quarter ended
June 30, 2019 as compared to RUB 777 million for same period in the
prior year resulting from a personnel expense growth in payment
services segment and corporate and other category as well as
transfer of Rocketbank personnel to QIWI and an increase of other
expenses also related the transfer and operations of Tochka
multi-bank project. Adjusted EBITDA margin (Adjusted EBITDA as a
percentage of Total Adjusted Net Revenue) was 47.4% for the quarter
ended June 30, 2019 compared with 30.9% for the same period in the
prior year.
Adjusted and Segment Net Profit: For the quarter
ended June 30, 2019, Adjusted Net Profit (Total Segment Net Profit)
was RUB 1,965 million ($31.2 million), an increase of 125% compared
with RUB 872 million in the prior year. The growth of Adjusted Net
Profit was primarily driven by the same factors impacting Adjusted
EBITDA as well as by a significantly smaller net foreign exchange
loss1 as compared to the same period in the prior year.
For the quarter ended June 30, 2019, Payment
Services Segment Net Profit was RUB 3,206 million ($50.8 million),
an increase of 42% compared with RUB 2,250 million in the prior
year driven by Payment Services Segment Net Revenue growth. Certain
expenses that were postponed this quarter will be incurred in the
second half of the year.
The Consumer Financial Services Segment Net Loss
for the second quarter 2019 was RUB 435 million ($6.9 million) as
compared to a Net Loss of RUB 702 million for the same period of
the prior year resulting from Segment Net Revenue growth driven by
the improving monetization and expansion of the operations of the
SOVEST project as well as decrease in payroll and related taxes
(excluding effect of share based payments) and advertising, client
acquisition and related expenses.
The Small and Medium Enterprises Net Profit was
RUB 16 million ($0.3 million) as compared to a Net Loss of RUB 263
million in the prior year. The significant reduction of net loss
was primarily driven by the development and scaling of the Tochka
business.
Rocketbank Segment Net Loss was RUB 511 million
($8.1 million), an increase of 425% compared with the net loss of
RUB 97 million in the prior year primarily driven by expenses
incurred in connection with the transfer and roll out of the
operations of Rocketbank in QIWI.
Payment Services Other Operating Data: For the
quarter ended June 30, 2019, Payment Services Segment payment
volume was RUB 370.8 billion ($5.9 billion), an increase of 41%
compared with RUB 262.8 billion in the prior year. The increase in
payment volume was driven by growth in E-commerce, Financial
Services and Money Remittances market verticals resulting largely
from the development of certain payment solutions for merchants
including betting merchants, new contracts and new projects
targeting the self-employed market as well as secular growth in
some of our key categories. Payment Average Adjusted Net Revenue
Yield was 1.19%, a decrease of 9 bps compared with 1.28% in
the prior year primarily driven by a decrease of average net
revenue yields across key market verticals including E-commerce and
Financial Services driven by the diversification of the suite of
services offered to merchants and partners partially offset by the
increase in Money Remittance average net revenue yield.
Payment Services Segment Net Revenue Yield was
1.39%, a decrease of 7 bps as compared with 1.46% in the prior
year. Payment Services Segment Net Revenue Yield excluding the
effect of fees for inactive accounts and unclaimed payments was
1.26%, a decrease of 7 bps as compared with 1.33% in the prior
year.
Consumer Financial Services Other Operating Data: For the
quarter ended June 30, 2019, Consumer Financial Services Segment
payment volume was RUB 5.8 billion ($0.1 billion). CFS payment
volume increased by 82% as compared to the RUB 3.2 billion for the
second quarter of 2018, while CFS Segment Net Revenue Yield
increased to 4.88% driven primarily by the introduction of the
customer paid value added options.
1 Foreign exchange gain/loss is calculated as total foreign
exchange gain/loss, net recognized in the statement of
comprehensive income excluding the effect of foreign exchange
gain/loss on June 2014 offering proceeds
Recent Developments
Rocketbank Strategy Update: In August 2017, we
have executed a series of transactions to acquire the brands,
software and hardware of Tochka and Rocketbank from Otkritie Bank.
In July 2018, QIWI finalized the acquisition of the Rocketbank
business and, by the end of 2018, had transferred Rocketbank
customers, personnel and business processes to QIWI. Further to
this acquisition, QIWI began developing a new strategy for
Rocketbank. Throughout the first half of 2019, QIWI reviewed a
number of strategic opportunities for the development of the
Rocketbank business as either a part of the broader QIWI ecosystem
or as a standalone project. A final strategic plan for Rocketbank
was presented to and reviewed by the Board of Directors of QIWI
during its meeting in August 2019. Having duly considered the
proposed strategy and required financing, the Board of the
Directors of the Company concluded that Rocketbank’s business plan
has an investment profile that isn’t compatible with QIWI’s risk
appetite and that the business has insufficient potential synergies
with the core business of the Company. As a result, the Board of
Directors has determined and instructed the management of the
Company to explore opportunities of a partial or complete sale of
Rocketbank.
Dividend: Considering our expectations about the
performance of the Group as well as our anticipated level of
investments in 2019 and aiming to provide more transparency and
predictability in respect of our dividend distribution practices,
the Board of Directors approved a target dividend payout ratio for
2019. In accordance with the decision of the Board of Directors,
the Company aims to distribute between 65% to 85% of its adjusted
net profit for 2019 starting from the first quarter 2019.
Following the determination of the second
quarter 2019 financial results, our Board of Directors approved a
dividend of USD 28 cents per share. The dividend record date is
August 30, 2019, and the Company intends to pay the dividend on
September 3, 2019. The holders of ADSs will receive the dividend
shortly thereafter.
The Board of Directors reserves the right to
distribute the dividends on a quarterly basis, as it deems
necessary so that the total annual payout is in accordance with the
target range provided, though the payout ratios for each of the
quarters may vary and be outside of this range. It remains the
long-term intention of the Company to distribute all excess cash to
the shareholders.
2019 Guidance2
QIWI upgrades its Total Adjusted Net Revenue,
Payment Services Segment Net Revenue and Payment Services Segment
Net Profit guidance in respect of 2019 outlook:
- Total Adjusted Net Revenue is expected to increase by 11% to
16% over 2018;
- Payment Services Segment Net Revenue is expected to increase by
23% to 27% over 2018;
- Payment Services Segment Net Profit is expected to increase by
25% to 29% over 2018.
QIWI reiterates its Adjusted Net Profit guidance
in respect of 2019 outlook:
- Adjusted Net Profit is expected to increase by 40% to 50% over
2018;
For the purpose of the guidance in respect of
2019 outlook we would like to outline the following
considerations:We have ceased to recognize the portion of Tochka
revenues associated with information and technology service
agreements with Otkritie Bank for providing services to Tochka
clients that have their accounts with Otkritie Bank starting from
February 1, 2019 following the transfer of the Tochka operations to
JSC Tochka. Such revenues were recognized in full for the full year
2018; however, they will only be recognized for one month in 2019.
For the avoidance of doubt, only the revenues related to Tochka
clients that have their accounts with QIWI bank will be recognized
as QIWI group revenues in 2019. We will correspondingly account JCS
Tochka as an associate going further.
The Company reserves the right to revise
guidance in the course of the year.
2 Guidance is provided in Russian rubles
Earnings Conference Call and Audio
Webcast
QIWI will host a conference call to discuss
second quarter 2019 financial results today at 8:30 a.m. ET.
Hosting the call will be Sergey Solonin, chief executive officer,
Andrey Protopopov, chief executive officer of Payment Services
Segment, and Vladislav Poshmorga, chief financial officer. The
conference call can be accessed live over the phone by dialing +1
(877) 407-3982 or for international callers by dialing +1 (201)
493-6780. A replay will be available at 11:30 a.m. ET and can be
accessed by dialing +1 (844) 512-2921 or +1 (412) 317-6671 for
international callers; the pin number is 13693578. The replay will
be available until Monday, September 2, 2019. The call will be
webcast live from the Company’s website at https://www.qiwi.ru
under the Corporate Investor Relations section or directly at
http://investor.qiwi.com/.
About QIWI plc.
QIWI is a leading provider of next generation
payment and financial services in Russia and the CIS. It has an
integrated proprietary network that enables payment services across
online, mobile and physical channels. It has deployed over 21.8
million virtual wallets, over 136,000 kiosks and terminals, and
enabled merchants and customers to accept and transfer over RUB 116
billion cash and electronic payments monthly connecting over 44
million consumers using its network at least once a month. QIWI’s
consumers can use cash, stored value and other electronic payment
methods in order to pay for goods and services or transfer money
across virtual or physical environments interchangeably.
Forward-Looking
Statements
This press release includes “forward-looking
statements” within the meaning of, and subject to the protection
of, the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding expected total
adjusted net revenue, adjusted net profit and net revenue yield,
dividend payments, payment volume growth, growth of physical and
virtual distribution channels, trends in each of our market
verticals and statements regarding the development of our Consumer
Financial Services segment, including our SOVEST business, the
development of our Small and Medium Enterprises segment, including
our Tochka business, the development of our Rocketbank segment, as
well as the development of other new projects. Such forward-looking
statements involve known and unknown risks, uncertainties, and
other factors that may cause the actual results, performance or
achievements of QIWI plc. to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Various factors that could cause actual
future results and other future events to differ materially from
those estimated by management include, but are not limited to, the
macroeconomic conditions of the Russian Federation and in each of
the international markets in which we operate, growth in each of
our market verticals, competition, the introduction of new products
and services and their acceptance by consumers, QIWI’s ability to
estimate the market risk and capital risk associated with new
projects, a decline in net revenue yield, regulation, QIWI’s
ability to grow physical and virtual distribution channels,
cyberattacks and security vulnerabilities in QIWI’s products and
services, QIWI’s ability to expand geographically, the risk that
new projects will not perform in accordance with its expectations
and other risks identified under the Caption “Risk Factors” in
QIWI’s Annual Report on Form 20-F and in other reports QIWI files
with the U.S. Securities and Exchange Commission. QIWI undertakes
no obligation to revise any forward-looking statements or to report
future events that may affect such forward-looking statements
unless QIWI is required to do so by law.
QIWI
plc.Consolidated Statement of
Financial Position (in
millions)
|
|
|
|
|
|
|
As of December 31, |
|
As of June 30, |
|
As of June 30, |
|
2018 (audited) |
|
2019 (unaudited) |
|
2019 (unaudited) |
|
RUB |
|
RUB |
|
USD(1) |
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property and equipment |
1,074 |
|
2,021 |
|
32 |
Goodwill and other intangible assets |
10,846 |
|
10,543 |
|
167 |
Investments in associates |
812 |
|
760 |
|
12 |
Investments in joint venture |
836 |
|
832 |
|
13 |
Long-term debt securities and deposits |
497 |
|
1,880 |
|
30 |
Long-term loans |
230 |
|
248 |
|
4 |
Other non-current assets |
110 |
|
98 |
|
2 |
Deferred tax assets |
157 |
|
204 |
|
3 |
Total non-current assets |
14,562 |
|
16,586 |
|
263 |
Current assets |
|
|
|
|
|
Trade and other receivables |
8,042 |
|
7,952 |
|
126 |
Short-term loans |
6,890 |
|
6,671 |
|
106 |
Short-term debt securities and deposits |
1,432 |
|
1,082 |
|
17 |
Cash and cash equivalents(2) |
40,966 |
|
38,602 |
|
612 |
Prepaid income tax |
112 |
|
52 |
|
1 |
Other current assets |
929 |
|
992 |
|
16 |
Total current assets |
58,371 |
|
55,351 |
|
878 |
Assets held for sale |
90 |
|
53 |
|
1 |
Total assets |
73,023 |
|
71,990 |
|
1,141 |
Equity and liabilities |
|
|
|
|
|
Equity attributable to equity holders of the
parent |
|
|
|
|
|
Share capital |
1 |
|
1 |
|
0 |
Additional paid-in capital |
1,876 |
|
1,876 |
|
30 |
Share premium |
12,068 |
|
12,068 |
|
191 |
Other reserve |
2,097 |
|
2,353 |
|
37 |
Retained earnings |
9,091 |
|
11,070 |
|
176 |
Translation reserve |
513 |
|
292 |
|
5 |
Total equity attributable to equity holders of the
parent |
25,646 |
|
27,660 |
|
439 |
Non-controlling interests |
60 |
|
39 |
|
1 |
Total equity |
25,706 |
|
27,699 |
|
439 |
Non-current liabilities |
|
|
|
|
|
Long-term lease liability |
- |
|
547 |
|
9 |
Long-term customer accounts |
237 |
|
300 |
|
5 |
Deferred tax liabilities |
744 |
|
736 |
|
12 |
Total non-current liabilities |
981 |
|
1,583 |
|
25 |
Current liabilities |
|
|
|
|
|
Trade and other payables |
27,499 |
|
23,485 |
|
372 |
Customer accounts and amounts due to banks |
17,868 |
|
17,894 |
|
284 |
Short-term lease liability |
- |
|
396 |
|
6 |
VAT and other taxes payable |
428 |
|
230 |
|
4 |
Income tax payable |
10 |
|
61 |
|
1 |
Other current liabilities |
531 |
|
642 |
|
10 |
Total current liabilities |
46,336 |
|
42,708 |
|
677 |
Total equity and liabilities |
73,023 |
|
71,990 |
|
1,141 |
(1) Calculated using a ruble to U.S. dollar
exchange rate of RUB 63.0756 to U.S. $1.00, which was the official
exchange rate quoted by the Central Bank of the Russian Federation
as of June 30, 2019.
QIWI
plc.Consolidated Statement of
Comprehensive Income(in millions, except
per share data)
|
|
|
|
|
|
|
Three months ended (unaudited) |
|
As of June 30, |
|
As of June 30, |
|
As of June 30, |
|
2018 |
|
2019 |
|
2019 |
|
RUB |
|
RUB |
|
USD(1) |
|
|
|
|
|
|
Revenue: |
6,992 |
|
9,566 |
|
152 |
Payment processing fees |
5,535 |
|
7,543 |
|
120 |
Interest revenue calculated using the effective interest rate |
296 |
|
914 |
|
14 |
Fees from inactive accounts and unclaimed payments |
326 |
|
471 |
|
7 |
Other revenue |
835 |
|
638 |
|
10 |
|
|
|
|
|
- |
Operating costs and expenses: |
5,898 |
|
7,428 |
|
118 |
Cost of revenue (exclusive of depreciation and amortization) |
3,420 |
|
4,753 |
|
75 |
Selling, general and administrative expenses |
2,223 |
|
2,180 |
|
35 |
Depreciation and amortization |
208 |
|
344 |
|
5 |
Credit loss expense(2) |
38 |
|
151 |
|
2 |
Impairment of intangible assets |
9 |
|
- |
|
- |
Profit from operations |
1,094 |
|
2,138 |
|
34 |
|
|
|
|
|
|
Share of loss of an associate and a joint venture |
2 |
|
8 |
|
0 |
Other income and expenses, net |
(67) |
|
6 |
|
0 |
Foreign exchange gain |
480 |
|
132 |
|
2 |
Foreign exchange loss |
(354) |
|
(190) |
|
(3) |
Interest income and expenses, net |
5 |
|
4 |
|
0 |
Profit before tax |
1,160 |
|
2,098 |
|
33 |
Income tax expense |
(220) |
|
(414) |
|
(7) |
Net profit |
940 |
|
1,684 |
|
27 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Equity holders of the parent |
929 |
|
1,672 |
|
27 |
Non-controlling interests |
11 |
|
12 |
|
0 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
Other comprehensive income to be reclassified to profit or loss in
subsequent periods: |
|
|
|
|
|
Exchange differences on
translation of foreign operations |
259 |
|
(46) |
|
(1) |
Total comprehensive income, net of tax effect of
nil |
259 |
|
(46) |
|
(1) |
Total comprehensive income net of tax |
1,199 |
|
1,638 |
|
26 |
attributable to: |
|
|
|
|
|
Equity holders of the parent |
1,188 |
|
1,627 |
|
26 |
Non-controlling interests |
11 |
|
11 |
|
0 |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic profit attributable to ordinary equity holders of the
parent |
15.23 |
|
27.14 |
|
0.43 |
|
|
|
|
|
|
Diluted profit attributable to ordinary equity holders of the
parent |
15.14 |
|
26.87 |
|
0.43 |
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(2) Credit loss expense for three months ended June 30, 2018
was separated from of Selling, general and administrative expenses
for comparative purposes as a result of adoption of IFRS 9.
QIWI
plc.Consolidated Statement of
Comprehensive Income(in millions, except
per share data)
|
|
|
|
|
|
|
Six months ended (unaudited) |
|
As of June 30, |
|
As of June 30, |
|
As of June 30, |
|
2018 |
|
2019 |
|
2019 |
|
RUB |
|
RUB |
|
USD(1) |
|
|
|
|
|
|
Revenue: |
13,386 |
|
18,504 |
|
293 |
Payment processing fees |
10,761 |
|
14,490 |
|
230 |
Interest revenue calculated using the effective interest rate |
521 |
|
1,710 |
|
27 |
Fees from inactive accounts and unclaimed payments |
629 |
|
916 |
|
15 |
Other revenue |
1,475 |
|
1,388 |
|
22 |
|
|
|
|
|
- |
Operating costs and expenses: |
11,106 |
|
14,475 |
|
229 |
Cost of revenue (exclusive of depreciation and amortization) |
6,515 |
|
9,207 |
|
146 |
Selling, general and administrative expenses |
4,041 |
|
4,297 |
|
68 |
Depreciation and amortization |
402 |
|
690 |
|
11 |
Credit loss expense(2) |
125 |
|
281 |
|
4 |
Impairment of intangible assets |
23 |
|
- |
|
- |
Profit from operations |
2,280 |
|
4,029 |
|
64 |
|
|
|
|
|
|
Share of loss of an associate and a joint venture |
(19) |
|
(71) |
|
(1) |
Other income and expenses, net |
(70) |
|
55 |
|
1 |
Foreign exchange gain |
494 |
|
773 |
|
12 |
Foreign exchange loss |
(377) |
|
(989) |
|
(16) |
Interest income and expenses, net |
12 |
|
(11) |
|
(0) |
Profit before tax |
2,320 |
|
3,786 |
|
60 |
Income tax expense |
(442) |
|
(775) |
|
(12) |
Net profit |
1,878 |
|
3,011 |
|
48 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Equity holders of the parent |
1,860 |
|
2,987 |
|
47 |
Non-controlling interests |
18 |
|
24 |
|
0 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
Other comprehensive income to be reclassified to profit or loss in
subsequent periods: |
|
|
|
|
|
Exchange differences on
translation of foreign operations |
257 |
|
(227) |
|
(4) |
Total comprehensive income, net of tax effect of
nil |
257 |
|
(227) |
|
(4) |
Total comprehensive income net of tax |
2,135 |
|
2,784 |
|
44 |
attributable to: |
|
|
|
|
|
Equity holders of the parent |
2,117 |
|
2,766 |
|
44 |
Non-controlling interests |
18 |
|
18 |
|
0 |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic profit attributable to ordinary equity holders of the
parent |
30.49 |
|
48.49 |
|
0.77 |
|
|
|
|
|
|
Diluted profit attributable to ordinary equity holders of the
parent |
30.31 |
|
48.02 |
|
0.76 |
|
|
|
|
|
|
(3) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(4) Credit loss expense for six months ended June 30, 2018 was
separated from of Selling, general and administrative expenses for
comparative purposes as a result of adoption of IFRS 9.
QIWI
plc.Consolidated Statement of
Cash Flows (in millions)
|
Six months ended
(unaudited) |
|
As of June 30, |
|
As of June 30, |
|
As of June 30, |
|
2018 |
|
2019 |
|
2019 |
|
RUB |
|
RUB |
|
USD(1) |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit before tax |
2,320 |
|
3,786 |
|
60 |
Adjustments to reconcile profit before tax to net cash flow
(used in) / generated from operating activities |
|
|
|
|
|
Depreciation and amortization |
402 |
|
690 |
|
11 |
Foreign exchange loss/(gain), net |
(117) |
|
216 |
|
3 |
Interest income, net |
(499) |
|
(1,289) |
|
(20) |
Сredit loss expense |
125 |
|
281 |
|
4 |
Share of loss of an associate and a joint venture |
19 |
|
71 |
|
1 |
Share-based payments |
160 |
|
256 |
|
4 |
Loss from initial recognition |
- |
|
91 |
|
1 |
Other |
82 |
|
(10) |
|
(0) |
Operating profit before changes in working
capital |
2,492 |
|
4,092 |
|
65 |
Decrease/(increase) in trade and other receivables |
1,559 |
|
(281) |
|
(4) |
Increase in other assets |
(111) |
|
(35) |
|
(1) |
Increase in amounts due to customers and amounts due to banks |
1,547 |
|
66 |
|
1 |
Decrease in accounts payable and accruals |
(1,403) |
|
(3,179) |
|
(50) |
Increase/(decrease) in loans issued from banking operations |
(1,761) |
|
220 |
|
3 |
Cash received from operations |
2,323 |
|
883 |
|
14 |
Interest received |
533 |
|
1,741 |
|
28 |
Interest paid |
(46) |
|
(144) |
|
(2) |
Income tax paid |
(414) |
|
(748) |
|
(12) |
Net cash flow received from operating
activities |
2,396 |
|
1,732 |
|
27 |
Cash flows used in
investing activities |
|
|
|
|
|
Cash investment in associate and joint control companies |
(9) |
|
(200) |
|
(3) |
Purchase of property and equipment |
(442) |
|
(291) |
|
(5) |
Purchase of intangible assets |
(137) |
|
(116) |
|
(2) |
Proceeds from sale of fixed and intangible assets |
- |
|
134 |
|
2 |
Loans issued |
(125) |
|
(345) |
|
(5) |
Repayment of loans issued |
4 |
|
26 |
|
0 |
Purchase of debt securities and placement of deposits |
(810) |
|
(2,468) |
|
(39) |
Proceeds from settlement of debt instruments |
672 |
|
1,412 |
|
22 |
Net cash flow used in investing activities |
(847) |
|
(1,848) |
|
(29) |
Cash flows used in
financing activities |
|
|
|
|
|
Repayment of borrowings and lease liabilities |
- |
|
(142) |
|
(2) |
Dividends paid to owners of the Group |
- |
|
(1,122) |
|
(18) |
Dividends paid to non-controlling shareholders |
(25) |
|
(39) |
|
(1) |
Net cash flow used in financing activities |
(25) |
|
(1,303) |
|
(21) |
Effect of exchange rate changes on cash and cash equivalents |
527 |
|
(945) |
|
(15) |
Net increase(decrease) in cash and cash
equivalents |
2,051 |
|
(2,364) |
|
(37) |
Cash and cash equivalents at the beginning of the period |
18,435 |
|
40,966 |
|
649 |
Cash and cash equivalents at the end of the
period(2) |
20,486 |
|
38,602 |
|
612 |
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.
QIWI
plc.Reporting Segments
Data
|
Three months ended (unaudited) |
|
As of June 30, |
As of June 30, |
As of June 30, |
|
2018 |
2019 |
2019 |
|
RUB |
RUB |
USD (1) |
Total Segment Net Revenue(2) |
4,510 |
5,563 |
88.2 |
Payment Services |
3,832 |
5,158 |
81.8 |
Consumer Financial
Services |
58 |
283 |
4.5 |
Small and Medium
Enterprises |
597 |
185 |
2.9 |
Rocketbank |
- |
(132) |
(2.1) |
Corporate and Other |
23 |
69 |
1.1 |
|
|
|
|
Total Segment Net Profit(3) |
872 |
1,965 |
31.1 |
Payment Services |
2,250 |
3,206 |
50.8 |
Consumer Financial
Services |
(702) |
(435) |
(6.9) |
Small and Medium
Enterprises |
(263) |
16 |
0.3 |
Rocketbank |
(97) |
(511) |
(8.1) |
Corporate and Other |
(316) |
(311) |
(4.9) |
|
Six months ended (unaudited) |
|
As of June 30, |
As of June 30, |
As of June 30, |
|
2018 |
2019 |
2019 |
|
RUB |
RUB |
USD (1) |
Total Segment Net Revenue(2) |
8,609 |
10,930 |
173.3 |
Payment Services |
7,500 |
9,994 |
158.4 |
Consumer Financial
Services |
61 |
501 |
7.9 |
Small and Medium
Enterprises |
1,017 |
597 |
9.5 |
Rocketbank |
- |
(295) |
(4.7) |
Corporate and Other |
31 |
133 |
2.1 |
|
|
|
|
Total Segment Net Profit(3) |
1,953 |
3,618 |
57.4 |
Payment Services |
4,459 |
6,194 |
98.2 |
Consumer Financial
Services |
(1,381) |
(967) |
(15.3) |
Small and Medium
Enterprises |
(416) |
11 |
0.2 |
Rocketbank |
(170) |
(1,001) |
(15.9) |
Corporate and Other |
(539) |
(619) |
(9.8) |
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(2) For the three and six months ended June 30, 2018 and June
30, 2019 Total Adjusted Net Revenue is equal to Total Segment Net
Revenue(3) For the three and six months ended June 30, 2018 and
June 30 Total Adjusted Net Profit is equal to Total Segment Net
Profit
Non-IFRS Financial Measures and Supplemental
Financial Information
This release presents Total Adjusted Net
Revenue, PS Payment Adjusted Net Revenue, PS Other Adjusted Net
Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net
Profit and Adjusted Net Profit per share, which are non-IFRS
financial measures. You should not consider these non-IFRS
financial measures as substitutes for or superior to revenue, in
the case of Total Adjusted Net Revenue, PS Payment Adjusted Net
Revenue and PS Other Adjusted Net Revenue; Net Profit, in the case
of Adjusted EBITDA; and Adjusted Net Profit, or earnings per share,
in the case of Adjusted Net Profit per share, each prepared in
accordance with IFRS. Furthermore, because these non-IFRS financial
measures are not determined in accordance with IFRS, they are
susceptible to varying calculations and may not be comparable to
other similarly titled measures presented by other companies. QIWI
encourages investors and others to review our financial information
in its entirety and not rely on a single financial measure. For
more information regarding Total Adjusted Net Revenue, PS Payment
Adjusted Net Revenue, PS Other Adjusted Net Revenue, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Profit, and Adjusted
Net Profit per share, including a quantitative reconciliation of
Total Adjusted Net Revenue, PS Payment Adjusted Net Revenue, PS
Other Adjusted Net Revenue, Adjusted EBITDA and Adjusted Net Profit
to the most directly comparable IFRS financial performance measure,
which is revenue in the case of Total Adjusted Net Revenue, PS
Payment Adjusted Net Revenue and PS Other Adjusted Net Revenue and
Net Profit in the case of Adjusted EBITDA and Adjusted Net Profit,
see Reconciliation of IFRS to Non-IFRS Operating Results in this
earnings release.
PS Payment Adjusted Net Revenue is the Adjusted Net Revenue
consisting of the merchant and consumer fees collected for the
payment transactions. E-commerce payment adjusted net revenue
consists of fees charged to customers and merchants that buy and
sell products and services online, including online games, social
networks, betting, online stores, game developers, software
producers, coupon websites, tickets and numerous other merchants.
Financial Services payment adjusted net revenue primarily consists
of fees charged for payments accepted on behalf of our bank
partners and microfinance companies. Money Remittances payment
adjusted net revenue primarily consists of fees charged for
transferring funds via money remittance companies, card-to-card
transfers and certain wallet-to-wallet transfers. Telecom payment
adjusted net revenue primarily consists of fees charged for
payments to MNOs, internet services providers and pay television
providers. Other payment adjusted net revenue consists of consumer
and merchant fees charged for a variety of payments including
multi-level-marketing, utility bills, government payments,
education services and many others. PS Other Adjusted Net Revenue
primarily consists of revenue from fees for inactive accounts and
unclaimed payments, interest revenue, revenue from overdrafts
provided to agents, rent of space for kiosks, cash and settlement
services and advertising.
QIWI
plc.Reconciliation of IFRS to
Non-IFRS Operating Results(in millions,
except per share data)
|
Three months ended (unaudited) |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2019 |
|
RUB |
|
RUB |
|
USD(1) |
Revenue |
6,992 |
|
9,566 |
|
151.7 |
Minus: Cost of revenue (exclusive of depreciation and
amortization) |
3,420 |
|
4,753 |
|
75.4 |
Plus: Payroll and related taxes |
938 |
|
750 |
|
11.9 |
Total Adjusted Net
Revenue |
4,510 |
|
5,563 |
|
88.2 |
Segment Net
Revenue |
|
|
|
|
|
Payment Services
Segment Revenue |
6,238 |
|
8,569 |
|
135.9 |
|
|
|
|
|
|
PS Payment Revenue(2) |
5,535 |
|
7,543 |
|
120 |
Minus: Cost of PS Payment Revenue (exclusive of depreciation and
amortization)(3) |
2,459 |
|
3,490 |
|
55 |
Plus: Compensation to employees and related taxes allocated to PS
Payment Revenue(4) |
286 |
|
359 |
|
6 |
PS Payment Adjusted Net Revenue |
3,362 |
|
4,412 |
|
70.0 |
|
|
|
|
|
|
PS Other Revenue(5) |
703 |
|
1,026 |
|
16 |
Minus: Cost of PS Other Revenue (exclusive of depreciation and
amortization)(6) |
270 |
|
328 |
|
5 |
Plus: Compensation to employees and related taxes allocated to PS
Other Revenue(4) |
37 |
|
48 |
|
1 |
PS Other Adjusted Net Revenue |
470 |
|
746 |
|
11.8 |
Payment Services
Segment Net Revenue |
3,832 |
|
5,158 |
|
81.8 |
|
|
|
|
|
|
Consumer Financial
Services Segment Revenue |
95 |
|
328 |
|
5.2 |
Minus: Cost of CFS revenue (exclusive of depreciation and
amortization) |
236 |
|
189 |
|
3.0 |
Plus: Compensation to employees and related taxes |
199 |
|
144 |
|
2.3 |
Consumer Financial
Services Segment Net Revenue |
58 |
|
283 |
|
4.5 |
|
|
|
|
|
|
SME
Revenue |
625 |
|
232 |
|
3.7 |
Minus: Cost of SME revenue (exclusive of depreciation and
amortization) |
355 |
|
52 |
|
0.8 |
Plus: Compensation to employees and related taxes |
327 |
|
5 |
|
0.1 |
SME Net
Revenue |
597 |
|
185 |
|
2.9 |
|
|
|
|
|
|
Rocketbank
Revenue |
- |
|
338 |
|
5.4 |
Minus: Cost of Rocketbank revenue (exclusive of depreciation and
amortization) |
61 |
|
616 |
|
9.8 |
Plus: Compensation to employees and related taxes |
61 |
|
146 |
|
2.3 |
Rocketbank Net
Revenue |
- |
|
(132) |
|
(2.1) |
|
|
|
|
|
|
Corporate and Other
Category Revenue |
34 |
|
99 |
|
1.6 |
Minus: Cost of CO revenue (exclusive of depreciation and
amortization) |
39 |
|
79 |
|
1.2 |
Plus: Compensation to employees and related taxes |
28 |
|
49 |
|
0.8 |
Corporate and Other
Category Net Revenue |
23 |
|
69 |
|
1.1 |
|
|
|
|
|
|
Total Segment Net
Revenue |
4,510 |
|
5,563 |
|
88.2 |
|
|
|
|
|
|
Net
Profit |
940 |
|
1,684 |
|
26.7 |
Plus: |
|
|
|
|
|
Depreciation and amortization |
208 |
|
344 |
|
5.5 |
Other income |
67 |
|
(6) |
|
(0.1) |
Foreign exchange gain |
(480) |
|
(132) |
|
(2.1) |
Foreign exchange loss |
354 |
|
190 |
|
3.0 |
Loss on set up of associate |
(2) |
|
(8) |
|
(0.1) |
Interest expenses |
(5) |
|
(4) |
|
(0.1) |
Income tax expenses |
220 |
|
414 |
|
6.6 |
Share-based payments expenses |
90 |
|
157 |
|
2.5 |
Adjusted
EBITDA |
1,392 |
|
2,639 |
|
41.8 |
Adjusted EBITDA margin |
30.9% |
|
47.4% |
|
47.4% |
|
|
|
|
|
|
Net
profit |
940 |
|
1,684 |
|
26.7 |
Amortization of fair value adjustments(7) |
73 |
|
95 |
|
1.5 |
Share-based payments expenses |
90 |
|
157 |
|
2.5 |
Foreign Exchange loss/(gain) on June 2014 offering proceeds(8) |
(216) |
|
44 |
|
0.7 |
Effect of taxation of the above items |
(15) |
|
(15) |
|
(0.2) |
Adjusted Net
Profit |
872 |
|
1,965 |
|
31.2 |
|
|
|
|
|
|
Adjusted Net Profit per share: |
|
|
|
|
|
Basic |
14.30 |
|
31.89 |
|
0.51 |
Diluted |
14.22 |
|
31.58 |
|
0.50 |
|
|
|
|
|
|
Weighted-average number of
shares used in computing Adjusted Net Profit per share |
|
|
|
|
|
Basic |
61,003 |
|
61,623 |
|
61,623 |
Diluted |
61,371 |
|
62,224 |
|
62,224 |
|
|
|
|
|
|
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(2) PS Payment Revenue represents payment processing fees,
which primarily consists of the merchant and consumer fees charged
for the payment transactions.(3) Cost of PS Payment Revenue
(exclusive of depreciation and amortization) primarily consists of
transaction costs to acquire payments from our customers payable to
agents, mobile operators, international payment systems and other
parties.(4) The Company does not record the compensation to
employees and related taxes within cost of revenue separately for
PS Payment Revenue and PS Other Revenue; therefore, it has been
allocated between PS Payment Revenue and PS Other Revenue in
proportion to the relevant revenue amounts for the purposes of the
reconciliation presented above.(5) PS Other Revenue primarily
consists of revenue from fees for inactive accounts and unclaimed
payments, interest revenue, revenue from overdrafts provided to
agents, rent of space for kiosks, cash and settlement services and
advertising.(6) Cost of PS Other Revenue (exclusive of depreciation
and amortization) primarily consists of direct costs associated
with other revenue and other costs, including but not limited to:
compensation to employees and related taxes allocated to PS Other
Revenue and costs of call-centers and advertising commissions.(7)
Amortization of fair value adjustments primarily includes the
effect of the acquisition of control in Contact and Rapida.(8) The
Forex loss on SPO funds as presented in the reconciliation of Net
Profit to Adjusted Net Profit differs from the Foreign exchange
loss and Foreign exchange gain in the reconciliation of Net Profit
to Adjusted EBITDA as the latter includes all the foreign exchange
losses/(gains) for the period, while the former only include the
foreign exchange loss/(gain) on the US dollar amount, which we
received at SPO.
QIWI
plc.Reconciliation of IFRS to
Non-IFRS Operating Results(in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended (unaudited) |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2019 |
|
RUB |
|
RUB |
|
USD(1) |
|
|
|
|
|
|
Revenue |
13,386 |
|
18,504 |
|
293.4 |
Minus: Cost of revenue (exclusive of depreciation and
amortization) |
6,515 |
|
9,207 |
|
146.0 |
Plus: Payroll and related taxes |
1,738 |
|
1,633 |
|
25.9 |
Total Adjusted Net
Revenue |
8,609 |
|
10,930 |
|
173.3 |
Segment Net
Revenue |
|
|
|
|
|
Payment Services
Segment Revenue |
12,124 |
|
16,438 |
|
260.6 |
|
|
|
|
|
|
PS Payment Revenue(2) |
10,761 |
|
14,490 |
|
230 |
Minus: Cost of PS Payment Revenue (exclusive of depreciation and
amortization)(3) |
4,738 |
|
6,602 |
|
105 |
Plus: Compensation to employees and related taxes allocated to PS
Payment Revenue(4) |
562 |
|
699 |
|
11 |
PS Payment Adjusted Net Revenue |
6,585 |
|
8,587 |
|
136.1 |
|
|
|
|
|
|
PS Other Revenue(5) |
1,363 |
|
1,948 |
|
31 |
Minus: Cost of PS Other Revenue (exclusive of depreciation and
amortization)(6) |
519 |
|
634 |
|
10 |
Plus: Compensation to employees and related taxes allocated to PS
Other Revenue(4) |
71 |
|
93 |
|
1 |
PS Other Adjusted Net Revenue |
915 |
|
1,407 |
|
22.3 |
Payment Services
Segment Net Revenue |
7,500 |
|
9,994 |
|
158.4 |
|
|
|
|
|
|
Consumer Financial
Services Segment Revenue |
147 |
|
587 |
|
9.3 |
Minus: Cost of CFS revenue (exclusive of depreciation and
amortization) |
441 |
|
371 |
|
5.9 |
Plus: Compensation to employees and related taxes |
355 |
|
285 |
|
4.5 |
Consumer Financial
Services Segment Net Revenue |
61 |
|
501 |
|
7.9 |
|
|
|
|
|
|
SME
Revenue |
1,065 |
|
683 |
|
10.8 |
Minus: Cost of SME revenue (exclusive of depreciation and
amortization) |
654 |
|
229 |
|
3.6 |
Plus: Compensation to employees and related taxes |
605 |
|
143 |
|
2.3 |
SME Net
Revenue |
1,017 |
|
597 |
|
9.5 |
|
|
|
|
|
|
Rocketbank
Revenue |
- |
|
613 |
|
9.7 |
Minus: Cost of Rocketbank revenue (exclusive of depreciation and
amortization) |
93 |
|
1,227 |
|
19.4 |
Plus: Compensation to employees and related taxes |
93 |
|
319 |
|
5.1 |
Rocketbank Net
Revenue |
- |
|
(295) |
|
(4.7) |
|
|
|
|
|
|
Corporate and Other
Category Revenue |
50 |
|
183 |
|
2.9 |
Minus: Cost of CO revenue (exclusive of depreciation and
amortization) |
70 |
|
145 |
|
2.3 |
Plus: Compensation to employees and related taxes |
51 |
|
95 |
|
1.5 |
Corporate and Other
Category Net Revenue |
31 |
|
133 |
|
2.1 |
|
|
|
|
|
|
Total Segment Net
Revenue |
8,609 |
|
10,930 |
|
173.3 |
|
|
|
|
|
|
Net
Profit |
1,878 |
|
3,011 |
|
47.7 |
Plus: |
|
|
|
|
|
Depreciation and amortization |
402 |
|
690 |
|
10.9 |
Other income and expenses, net |
70 |
|
(55) |
|
(0.9) |
Foreign exchange gain |
(494) |
|
(773) |
|
(12.3) |
Foreign exchange loss |
377 |
|
989 |
|
15.7 |
Loss from associates and joint ventures |
19 |
|
71 |
|
1.1 |
Interest income and expenses, net |
(12) |
|
11 |
|
0.2 |
Income tax expenses |
442 |
|
775 |
|
12.3 |
Share-based payments expenses |
160 |
|
256 |
|
4.1 |
Adjusted
EBITDA |
2,842 |
|
4,975 |
|
78.9 |
Adjusted EBITDA margin |
33.0% |
|
45.5% |
|
45.5% |
|
|
|
|
|
|
Net
profit |
1,878 |
|
3,011 |
|
47.7 |
Amortization of fair value adjustments(7) |
147 |
|
197 |
|
3.1 |
Share-based payments expenses |
160 |
|
256 |
|
4.1 |
Foreign Exchange loss/(gain) on June 2014 offering proceeds(8) |
(203) |
|
185 |
|
2.9 |
Effect of taxation of the above items |
(29) |
|
(31) |
|
(0.5) |
Adjusted Net
Profit |
1,953 |
|
3,618 |
|
57.4 |
|
|
|
|
|
|
Adjusted Net Profit per share: |
|
|
|
|
|
Basic |
32.01 |
|
58.74 |
|
0.93 |
Diluted |
31.82 |
|
58.17 |
|
0.92 |
|
|
|
|
|
|
Weighted-average number of
shares used in computing Adjusted Net Profit per share |
|
|
|
|
|
Basic |
60,995 |
|
61,601 |
|
61,601 |
Diluted |
61,365 |
|
62,200 |
|
62,200 |
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(2) PS Payment Revenue represents payment processing fees,
which primarily consists of the merchant and consumer fees charged
for the payment transactions.(3) Cost of PS Payment Revenue
(exclusive of depreciation and amortization) primarily consists of
transaction costs to acquire payments from our customers payable to
agents, mobile operators, international payment systems and other
parties.(4) The Company does not record the compensation to
employees and related taxes within cost of revenue separately for
PS Payment Revenue and PS Other Revenue; therefore, it has been
allocated between PS Payment Revenue and PS Other Revenue in
proportion to the relevant revenue amounts for the purposes of the
reconciliation presented above.(5) PS Other Revenue primarily
consists of revenue from fees for inactive accounts and unclaimed
payments, interest revenue, revenue from overdrafts provided to
agents, rent of space for kiosks, cash and settlement services and
advertising.(6) Cost of PS Other Revenue (exclusive of depreciation
and amortization) primarily consists of direct costs associated
with other revenue and other costs, including but not limited to:
compensation to employees and related taxes allocated to PS Other
Revenue and costs of call-centers and advertising commissions.(7)
Amortization of fair value adjustments primarily includes the
effect of the acquisition of control in Contact and Rapida.(8) The
Forex loss on SPO funds as presented in the reconciliation of Net
Profit to Adjusted Net Profit differs from the Foreign exchange
loss and Foreign exchange gain in the reconciliation of Net Profit
to Adjusted EBITDA as the latter includes all the foreign exchange
losses/(gains) for the period, while the former only include the
foreign exchange loss/(gain) on the US dollar amount, which we
received at SPO.
QIWI
plc.Other Operating
Data
|
Three months ended (unaudited) |
|
June 30, 2018 |
June 30, 2019 |
June 30, 2019 |
|
RUB |
RUB |
USD (1) |
Payment Services Segment key operating
metrics |
|
|
|
Payment volume (billion)(2) |
262.8 |
370.8 |
5.9 |
E-commerce |
57.6 |
100.2 |
1.6 |
Financial services |
57.0 |
86.6 |
1.4 |
Money remittances |
93.2 |
132.8 |
2.1 |
Telecom |
43.1 |
41.8 |
0.7 |
Other |
11.9 |
9.4 |
0.1 |
Payment adjusted net revenue
(million)(3) |
3,361.9 |
4,411.8 |
69.9 |
E-commerce |
2,015.7 |
2,520.1 |
40.0 |
Financial services |
275.6 |
272.8 |
4.3 |
Money remittances |
806.2 |
1,392.4 |
22.1 |
Telecom |
197.9 |
176.0 |
2.8 |
Other |
66.5 |
50.5 |
0.8 |
Payment Average Adjusted Net Revenue
Yield(4) |
1.28% |
1.19% |
1.19% |
E-commerce |
3.50% |
2.51% |
2.51% |
Financial services |
0.48% |
0.31% |
0.31% |
Money remittances |
0.87% |
1.05% |
1.05% |
Telecom |
0.46% |
0.42% |
0.42% |
Other |
0.56% |
0.54% |
0.54% |
|
|
|
|
Payment Services Segment Net
Revenue Yield |
1.46% |
1.39% |
1.39% |
Active kiosks and terminals
(units)(5) |
152,055 |
136,134 |
136,134 |
Active Qiwi Wallet accounts
(million)(6) |
20.5 |
21.8 |
21.8 |
|
|
|
|
Consumer Financial Services Segment key operating
metrics |
|
|
Payment volume
(million)(7) |
3.2 |
5.8 |
0.1 |
CFS
Segment Net Revenue Yield |
1.82% |
4.88% |
4.88% |
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(2) Payment Services Segment payment volume by market
verticals and consolidated payment volume consist of the amounts
paid by our customers to merchants or other customers included in
each of those market verticals less intra-group eliminations. The
methodology of payment volumes allocation between different market
verticals in Contact and Rapida may differ from the methodology
used by QIWI. We therefore retain the right to restate the
presented volumes, net revenues and net revenue yields data in case
the methodology of Contact and Rapida will be brought in conformity
with the methodology used by QIWI. (3) PS Payment Adjusted
Net Revenue is calculated as the difference between PS Payment
Revenue and PS Cost of Payment Revenue (excluding D&A) plus
compensation to employees and related taxes allocated to PS Payment
Revenue. PS Payment Revenue primarily consists of merchant and
consumer fees. Cost of PS Payment Revenue primarily consists of
commission to agents.(4) Payment Average Adjusted Net Revenue
Yield is defined as PS Payment adjusted net revenue divided by
Payment Services payment segment volume.(5) We measure the
numbers of our kiosks and terminals on a daily basis, with only
those kiosks and terminals being taken into calculation through
which at least one payment has been processed during the day, which
we refer to as active kiosks and terminals. The period end numbers
of our kiosks and terminals are calculated as an average of the
amount of active kiosks and terminals for the last 30 days of the
respective reporting period.(6) Active Qiwi Wallet accounts
calculated on a yearly basis, i.e. an active account is an account
that had at least one transaction within the last 12 months from
the reporting date.(7) Consumer Financial Services segment payment
volume consists of the transaction amounts paid by SOVEST card
customers to merchants offline and online (including, but not
limited to the partner-merchants) or withdrawn through ATMs less
the amount returned for corresponding reimbursements.
QIWI
plc.Other Operating
Data
|
Six months ended (unaudited) |
|
June 30, 2018 |
June 30, 2019 |
June 30, 2019 |
|
RUB |
RUB |
USD (1) |
Payment Services Segment key operating
metrics |
|
|
|
Payment volume (billion)(2) |
512.1 |
696.8 |
11.0 |
E-commerce |
109.4 |
193.0 |
3.1 |
Financial services |
113.8 |
155.4 |
2.5 |
Money remittances |
178.8 |
249.1 |
3.9 |
Telecom |
84.6 |
80.2 |
1.3 |
Other |
25.5 |
19.2 |
0.3 |
Payment adjusted net revenue
(million)(3) |
6,584.4 |
8,586.3 |
136.1 |
E-commerce |
3,777.2 |
4,992.5 |
79.2 |
Financial services |
565.2 |
542.8 |
8.6 |
Money remittances |
1,722.1 |
2,611.3 |
41.4 |
Telecom |
377.1 |
334.5 |
5.3 |
Other |
142.8 |
105.2 |
1.7 |
Payment Average Adjusted Net Revenue
Yield(4) |
1.29% |
1.23% |
1.23% |
E-commerce |
3.45% |
2.59% |
2.59% |
Financial services |
0.50% |
0.35% |
0.35% |
Money remittances |
0.96% |
1.05% |
1.05% |
Telecom |
0.45% |
0.42% |
0.42% |
Other |
0.56% |
0.55% |
0.55% |
|
|
|
|
Payment Services Segment Net
Revenue Yield |
1.46% |
1.43% |
1.43% |
Active kiosks and terminals
(units)(5) |
152,055 |
136,134 |
136,134 |
Active Qiwi Wallet accounts
(million)(6) |
20.5 |
21.8 |
21.8 |
|
|
|
|
Consumer Financial Services Segment key operating
metrics |
|
|
Payment volume
(billion)(7) |
5.5 |
10.8 |
0.2 |
CFS
Segment Net Revenue Yield |
1.11% |
4.63% |
4.63% |
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB
63.0756 to U.S. $1.00, which was the official exchange rate quoted
by the Central Bank of the Russian Federation as of June 30,
2019.(2) Payment Services Segment payment volume by market
verticals and consolidated payment volume consist of the amounts
paid by our customers to merchants or other customers included in
each of those market verticals less intra-group eliminations. The
methodology of payment volumes allocation between different market
verticals in Contact and Rapida may differ from the methodology
used by QIWI. We therefore retain the right to restate the
presented volumes, net revenues and net revenue yields data in case
the methodology of Contact and Rapida will be brought in conformity
with the methodology used by QIWI. (3) PS Payment Adjusted Net
Revenue is calculated as the difference between PS Payment Revenue
and PS Cost of Payment Revenue (excluding D&A) plus
compensation to employees and related taxes allocated to PS Payment
Revenue. PS Payment Revenue primarily consists of merchant and
consumer fees. Cost of PS Payment Revenue primarily consists of
commission to agents.(4) Payment Average Adjusted Net Revenue Yield
is defined as PS Payment adjusted net revenue divided by Payment
Services payment segment volume.(5) We measure the numbers of our
kiosks and terminals on a daily basis, with only those kiosks and
terminals being taken into calculation through which at least one
payment has been processed during the day, which we refer to as
active kiosks and terminals. The period end numbers of our kiosks
and terminals are calculated as an average of the amount of active
kiosks and terminals for the last 30 days of the respective
reporting period.(6) Active Qiwi Wallet accounts calculated on a
yearly basis, i.e. an active account is an account that had at
least one transaction within the last 12 months from the reporting
date.(7) Consumer Financial Services segment payment volume
consists of the transaction amounts paid by SOVEST card customers
to merchants offline and online (including, but not limited to the
partner-merchants) or withdrawn through ATMs less the amount
returned for corresponding reimbursements.
Contact
Varvara Kiseleva
Investor Relations
+357.25028091
ir@qiwi.com
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