Yandex financial indicators

• Main article about the company: Yandex
• History of Yandex

2023

Annual revenue growth by 53% to RUB 800.13 billion

In 2023, Yandex raised 800.13 billion rubles, which is 53% more than a year earlier. At the same time, the company's net profit decreased by 54%, to 21.78 billion rubles. Such data are contained in the reports that the Russian Internet holding published on February 15, 2024.

From the materials of Yandex, it follows that the revenue of the Search and Portal group for 2023 increased by 49% compared to the previous year and amounted to 337.5 billion rubles. Revenue of the Plus and Entertainment Services segment reached 66.9 billion rubles, showing an increase of 110%. The annual revenue of the Plus and Entertainment Services business group increased by 110% to 66.9 billion rubles.

In 2023, Yandex raised 800.13 billion rubles

According to Yandex reports, the number of subscribers is Yandex. Plus "by the end of 2023 reached 30.4 million, an increase of 58% compared to the same period in 2022. The number of commodity items on the Yandex trading platform . Market "by the end of 2023 amounted to 57.1 million units against 41.7 million items a year earlier. During the specified period of time, the number of active buyers on the marketplace increased by 33%, reaching 18.5 million people, and the number of active sellers increased by 79%, reaching 78.1 thousand.

The number of Yandex employees in 2023 increased by 26%, to 26.4 thousand people. This is due to the acceleration of the pace of hiring of the Search and Portal, Plus and Entertainment Services business groups and the growth of other businesses, the company explained.

In the Raidtech segment (taxi, car sharing and scooter rental), the company does not disclose revenue, indicating only that it grew by 36% - "lower than GMV growth, due to increased bonuses to drivers and other measures to attract drivers and partners," which were increased by 73%. The effective Yandex Taxi commission remained below 10% in 2023, and the share of trips outside Russia in December 2023 was 35%.^[1]

Q2 Highlights

• Total revenue amounted to 182.5 billion rubles. (+ 55% YoY)
• Adjusted EBITDA: 24.7 billion (-4% YoY)
• Adjusted EBITDA margin: 13.6% (+ 8.2 pp YoY)
• Adjusted net income: RUB 9.6 billion (-27% YoY)

2022

Consumer Electronics Sales Leadership

Yandex"" for the first time became the leader in consumer sales electronic engineers in: in Russia 2022, the company sold 2.5 million devices worth 20.1 billion rubles against 1.4 million units for 9.8 billion rubles, respectively, in 2021. During this time, Yandex's market share has grown from 7.3% to 13.2%, said Anton Fomin, a business analyst at F + tech Marvell, whose data Sheets the newspaper cites on April 10, 2023. More. here

Revenue growth by 46% to 521.7 billion rubles

Revenue Yandex"" in 2022 increased by 46% compared to 2021 and reached 521.7 billion. rubles The Russian company published its reports on February 15, 2023.

Yandex's net profit in 2022 amounted to 47.62 billion rubles, while a year earlier there were net losses in the amount of 14.65 billion rubles. By the end of 2022, the company accumulated cash, their equivalents and deposits in the amount of 83.3 billion rubles.

In 2022, the company's revenue in the Search and Portal segment increased by 38%, amounting to 224.67 billion rubles, minus remuneration to partners - by 40% year-on-year to 187 billion rubles.

The increase in revenue is due to the good results of the Yandex Advertising Network (primarily due to growth within applications, as well as partner sites of RSS) and the growth of advertising revenue in Search. The results were also impacted by ongoing investments in the development of advertising technologies and products, primarily for the e-commerce segment, for small and medium-sized businesses and share growth on the iOS platform. These investments directly affected the growth of our market share amid a change in the competitive environment, Yandex noted, adding that the small and medium-sized businesses segment continues to be the main driver of revenue growth.

The direction "E-Commerce, Rydtech and Delivery" in 2022 showed revenue growth by 57%, to 260.79 billion rubles. The turnover of e-commerce services (GMV) during this time almost doubled and reached 307.71 billion rubles.

It also follows from the Yandex report that by the end of 2022 the number of Yandex Plus subscribers reached 19.3 million, an increase of 66% on an annualized basis. Annual revenue in this segment rose by 73% and amounted to 31.78 billion rubles.^[2]

2021: Yandex capitalization exceeded $30 billion for the first time

Yandex shares on November 3, 2021 set a new record, for the first time exceeding 6,000 rubles per share. (The value of the company's securities on NASDAQ increased by 1.31% - to $84).

Over the past month, the company's shares have risen in price by almost 10%, which was facilitated in particular by the release of reports and another increase in forecasts for financial indicators.

2020

Revenue growth by 24% due to food and car services, up to 218.3 billion rubles

At the end of 2020, Yandex's revenue amounted to 218.3 billion rubles, an increase of 24% compared to the previous year. Net profit during this time rose by 116%, to 24.1 billion rubles.

On a comparable basis (like-for-like), excluding Yandex.Market indicators for 2019 and 2020, the company's revenue increased by 17% (to 206 billion rubles), and net profit fell by 16% (to 13 billion rubles). Yandex's revenue, net of remuneration to partners, increased by 30% in 2020 and reached 198.4 billion rubles.

The sale of online advertising brought Yandex about 126.45 billion rubles at the end of 2020, which is 4% higher than a year ago. Revenue from advertising on Yandex sites showed an increase of 9% (to 105.16 billion rubles), and on the sites of the company's advertising network - a decline of 16% (to 21.29 billion rubles).

In the direction of "Search and Portal," Yandex's revenue in 2020 turned out to be equal to 124.32 billion rubles, rising by 2% on an annualized basis. This growth is mainly due to an increase in revenue from advertising sales on Yandex sites, as well as revenue growth in the IoT segment, the company said in its statements.^[3]

Capitalization $23.8 billion

The capitalization of Yandex for the first time exceeded a trillion rubles

On February 5, 2020, Yandex quotes updated their historical maximum, as a result of which the market capitalization of the Internet company for the first time exceeded 1 trillion rubles.

As of 13:55 Moscow time, Yandex securities rose by 2.7% compared to the previous trading session and began to cost 3068.4 rubles apiece, according to data from the Moscow Exchange.

During trading on February 5, 2020, Yandex shares reached a peak of 3079.4 rubles. The company's capitalization on this day amounted to 1.285 trillion rubles, as a result of which Yandex was in third place in the list of the most expensive public companies after Gazprom (5.551 trillion rubles) and Sberbank (5.544 trillion rubles).

Yandex quotes began to rise after the company announced a change in the management structure, and the draft "Anton Gorelkin law" on reducing the share of foreign capital in IT companies, which cost Yandex 17% of capitalization, was withdrawn.

Mikhail Shulgin, head of the global research department of Otkritie Broker, associates the rise in price of Yandex shares on February 5 with a message about the start of sales of Yandex.Auto car computers in official dealerships.

Svetlana Sukhanova, senior analyst at Sberbank for Internet companies, in a conversation with Forbes, also said that Yandex shares could continue to rise in price in anticipation of good financial results, the disclosure of which will take place on February 14, 2020.

Analysts surveyed by Refinitiv also positively assess the prospects of Yandex and expect new record levels from stocks. 16 experts recommend the purchase of securities, one advises to keep shares in the portfolio. The price consensus forecast is $49.3 (3126 rubles) per paper. This is about 3% higher than the price on February 5, 2020.^[4]

Mishustin promised to support Yandex. The company's shares soared

On January 16, 2020, by 11:09 Moscow time, Yandex shares on the Moscow Exchange rose in price by 6.7%, reaching a record high of 2869.2 rubles. At the same time, the Moscow Exchange index increased by 0.8%. The stock reached its previous high on November 27, 2019. Then they cost 2,682 rubles apiece.

Yandex quotes rose after it became known about the plans of the candidate for the post of head of government Mikhail Mishustin to support the Russian Internet company.

He repeats all Medvedev's mantras about business support, a disciplined approach, and all kinds of digital platforms. He wants to make an inventory of national projects and figure out what prevents their implementation. He praised Yandex and promises him support, - wrote State Duma deputy from the Communist Party faction Sergei Obukhov in his Telegram channel Обухов.PRO following a meeting between Mikhail Mishustin and the parliamentary faction of the Communists.[5]

Der Aktionär magazine, one of the leading publications in Germany for individual investors and depositors, recommended that investors buy Yandex shares, especially because of the company's current and planned passenger transportation services.

Mishustin himself announced his intentions to support the digital economy, engage in "institutional reforms, management reforms" and "remove barriers to business." A possible future prime minister ruled out the introduction of relief on personal income tax, but promised targeted assistance for low-income Russians.

The first thing that needs to be done is today to seriously engage in institutional reforms, management reforms and, of course, deal with the most modern information technologies, "Mishustin said at a meeting of the United Russia faction.

Mishustin also promised to engage in national projects, their inventory and rely on the regions.

I believe that this is a good tool for achieving these goals, including for GDP growth, "he said.

2019

Revenue growth by 39% to RUB 175.39 billion

Yandex completed 2019 with revenue growing by 37%, which amounted to 175.39 billion rubles. Excluding Yandex.Market, turnover increased by 39%.

In the advertising business, the company earned 121.7 billion rubles for the year (an increase of 20%). 96.3 billion rubles of them fall on advertising on Yandex's own sites, the rest - on the advertising network.

At the end of 2019, Yandex.Taxi's revenue (this includes online taxi ordering services, foodtech direction, as well as the direction of development of unmanned vehicles) almost doubled and reached 37.9 billion rubles (this is approximately 22% of the company's total turnover). The company explains this by an increase in the number of trips and good results in the corporate taxi segment, the growth of the foodtech direction.

In the segment of ad services (Авто.ру, Yandex.Real Estate, Yandex.Rabota), the company raised 3.7 billion rubles at the end of 2018, which is 81% more than in the previous year.

Media services (KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex.Teleprogram) in 2019 brought Yandescu revenue of 3.9 billion rubles, which is 103% more than a year ago.

The so-called experimental areas (Yandex.Zen, Yandex.Cloud, Yandex.Health, Yandex.Drive and Yandex Data Factory) showed revenue growth of 168%, to 15.1 billion rubles.

Yandex's net profit in 2019 was equal to 11.2 billion rubles, down 75% compared to 2018. Adjusted net profit of Yandex at the end of 2019, excluding the results of Yandex.Market, increased by 6%, to 23.5 billion rubles. 

The report also reported that by the end of 2019, Yandex.Music had 3.1 million users, and Yandex's share in the Russian search engines market grew to 57.5% from 56.6% in December 2018.^[6]

Shares of "Yandex" updated the historical maximum

On November 27, 2019, quotes Yandex"" updated the historical maximum after Russia President Vladimir Putin met with company representatives and signed a law for registration with the Public Interest Fund, the central element of Yandex's new corporate governance design.

According to RBC, citing data from the Moscow Exchange, the value of Yandex securities at 18:07 amounted to 2682 rubles, which exceeded the previous record value recorded on July 26, 2019 by 3 rubles.

At its peak, the stock was 1.75% above the closing level of previous trading. However, by the close of the current quotes, they fell slightly, as a result, the price amounted to 2668 rubles (+ 1.22%). Yandex's market capitalization turned out to be 780.6 billion rubles.

On November 27, 2019, Russian President Vladimir Putin amended the law "On International Companies," which allows the creation of international funds in special administrative regions. The changes will allow Yandex to register a non-profit Public Interest Fund in the Kaliningrad Region to change the structure of corporate governance.

The signing of the law on the creation of international funds in special administrative regions is a formal event in the general process of coordinating the new corporate governance structure of the company with state bodies. We believe that the current market optimism is moving not only by signing the necessary law, but also by recent reports about the president's meeting with Yandex shareholders and management, "said Anna Kurbatova, an analyst at Alfa-Bank.

A few days before the signing of the law, Putin met with the management and main shareholders of Yandex. About this, the head of state of the story at the Projector forum. The President noted that Yandex has "interesting, large-scale projects" together with foreign partners.

Our competitive advantage is in mathematics, "Putin stressed, adding that it is necessary to develop technologies in Russia.

Stock collapse over bill

On October 11, 2019, it became known that the shares of the Russian company Yandex sharply lost value at the opening of trading on the Moscow Exchange and NASDAQ. The collapse in value in both cases exceeded 15% in less than an hour. By 17.40 on October 11, 2019 in Moscow, the fall in Yandex shares on NASDAQ reached a maximum of 18%. By that time, the value of the share was $28.91, while at the opening of trading the price was at $31.74.

On the Moscow Exchange, the company's shares depreciated even more - by 20.3. The price fell from 2314.8 rubles. at the time of opening trading to 1852.4 rubles. updating the minimum since December 2018. At the time of publication of the material, Yandex's capitalization fell by about $1.5 billion.

Such a sharp decline in the value of shares of one of the Russian IT companies on two exchanges at once, according to RBC and RIA Novosti, may be related to the bill on significant information resources. The document authored by the State Duma deputy from the United Russia party Anton Gorelkin was submitted for consideration to the lower house in July 2019, and in it he proposes to introduce restrictions on the share of ownership of foreign individuals and foreign companies in such resources - no more than 20%.

Anton Gorelkin immediately pointed to Yandex as a company that can receive the status of a significant information resource, and with it the domestic holding Mail.Ru Group. Indeed, Yandex's parent company Yandex N.V. is registered in the Netherlands, and Arkady Volozh, co-founder and co-owner of Yandex, has two citizenship - Russia and Malta. He owns about 10% of the shares.

But the fact of the collapse of the value of Yandex shares is not connected with the very introduction of the bill for consideration - three months have passed since that moment. On the eve of the auction, October 10, 2019, the relevant State Duma Committee on Information Policy held a discussion of this document, and this could indirectly affect the value of the company's securities.

The fact is that the bill also spelled out sanctions for its violation. By them, Anton Gorelkin means a complete ban on advertising a significant resource-violator, as well as the services provided by him, and at the same time any advertising on this resource itself. As of October 11, 2019, Yandex has not yet been recognized as a significant resource - it was proposed to transfer the right to make this decision to a special government commission^[7] to^[8].

Entering the top 25 fastest growing companies in the world

In September 2019, Fortune business published an updated list of the world's fastest growing companies. It included only one representative from Russia - Yandex. He placed in 24th place, while five years earlier he was in 65th position.

All companies in the ranking are listed on the main exchanges USA and are valued at at least $250 million. When determining their position, Fortune analysts took into account three indicators over the past three years: revenue growth, earnings per share growth and total annual returns. For Yandex, these figures were 85%, 34% and 20%, respectively. By the end of June 2019, the market capitalization of the Russian Internet company was $12.41 billion, according to the report.

The fastest growing company in 2019 was named the Chinese social network Momo, whose revenue grows by about 141% per year for three years. Profit growth is 193% and investment payback is 53%.

In second place is the largest private landowner in the US state of Texas, Texas Pacific Land Trust. Memory chip maker Micron Technology is in the top three, which is increasing sales by 38% per year, and profit by 173%.

The top five are closed by the American pharmaceutical company Corcept Therapeutics, which develops and sells drugs against severe metabolic, psychiatric and oncological diseases, and the American entertainment company Netflix, a supplier of films and TV series.

The rating of the most growing companies also includes an IT vendor with Belarusian roots Epam, which is located on the 71st line. Yandex was included in this Fortune list for the first time since 2014. Moreover, neither Epam nor Yandex are included in the Fortune Global 500 rating of the world's largest companies.^[9]

2018

Among the largest IT companies in Europe

Revenue growth by 36% to RUB 127.66 billion

In 2018, Yandex's revenue amounted to 127.66 billion rubles ($1.84 billion), an increase of 36% compared to the previous year.

Advertising revenue increased by 18% and reached 120.74 billion rubles. Revenues from the sale of online advertising on Yandex sites rose by 21% to 78.7 billion rubles, on the sites of the Yandex advertising network - by 8% to 24.04 billion rubles.

The search engine and portal brought Yandex annual revenue of 104.36 billion rubles, which is 24% higher than in 2017.

The company earned 1.7 billion rubles on e-commerce, which is 66% less than a year earlier. The decline occurred due to the fact that Yandex.Market indicators were taken into account only before the completion of the creation of a joint venture with Sberbank on the basis of the service on April 27, 2018.

Revenues from Yandex.Taxi and Uber services in Russia and near abroad, as well as Yandex.Eda, UberEATs and the Food Party cooking kit delivery service jumped 293%, exceeding 19.21 billion rubles.

In the segment of ad services (Авто.ру, Yandex.Real Estate, Yandex.Rabota), the company raised 3.7 billion rubles at the end of 2018, which is 81% more than in the previous year.

In the direction of media services (KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex.Teleprogram), revenue of 1.9 billion rubles was registered, an increase of 61% compared to 2017.

The so-called experimental directions (Yandex.Zen, Yandex.Cloud, Yandex.Health, Yandex.Drive and Yandex Data Factory) provided Yandex with a turnover of 2.52 billion rubles.

Yandex's share in the Russian search market (including search on mobile devices) by the end of 2018 amounted to about 56.5% (data from the Yandex.Radar analytical service).

In 2018, Yandex received 45.9 billion rubles ($660.1 million) in net profit, which is 430% more than income a year ago.^[10]

2017

Revenue growth by 24% to 94 billion rubles

In 2017, Yandex's revenue exceeded 94 billion rubles, an increase of 24% compared to 2016. Net profit increased by 28% to 8.7 billion rubles.

In the structure of Yandex's revenue, most of it is still occupied by revenues from online advertising (contextual and media). At the end of 2017, revenue in this segment increased by 20%, to 87.4 billion rubles.

The search and portal brought the company almost 84 billion rubles, which is 21% more than a year ago. Revenue Yandex.Market increased by 5% and amounted to almost 5 billion rubles.

The service demonstrated the largest growth in 2017 Yandex.Taxi (this also includes the food delivery service Foodfox acquired by Yandex in December 2017): revenue increased by 111% to 4.9 billion rubles.

The annual revenue of ad services (Авто.ру, Yandex.Real Estate, Yandex.Work and Yandex.Travel) reached 2.1 billion rubles against 1.3 billion rubles in 2016.

Revenue in the so-called experimental areas (KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex.Teleprogram, Yandex Data Factory, recommended products Zen and Yandex Launcher) - 1.7 billion rubles (+ 100% by 2016).

I am very pleased with our results for 2017, "says Arkady Volozh, head of the Yandex group of companies. "In many ways, this has been a year of great change for us. We entered into agreements with important partners and continued to develop innovative technologies against the backdrop of an improved macroeconomic situation.

According to the analytical service Yandex.Radar, by the end of 2017, Yandex's share in the Russian Internet search market (including mobile devices) increased to 56.7% from 54.9% three months earlier. In Russia, the share of search queries to Yandex on Android devices was 45%.^[11]

By the end of 2017, Yandex will earn 91.6 billion rubles. thanks to the Taxi application

Georgy Vashchenko, Head of the Department of Operations on the Russian Stock Market of Freedom Finance Investment Company: Yandex.Taxi was the fastest growing segment in the reporting period. In one quarter, revenue from this line of business of the Internet search engine almost doubled. Yandex's total revenue also shows steady growth of 21% in three months. In the main segment, which accounts for 90% of revenue, the indicator increased by the same 21% in annual terms. The E-commerce market feels confident, a 12% reduction in revenues can be associated with a seasonal factor, as well as with the activity of competitors. Mail.ru will report on Friday, October 27. In the 2nd quarter, the business of this company was ahead of Yandex in terms of growth rates: 33 percentage points. against 23 percentage points However, Yandex is larger, and it is more difficult for it to maintain high sales growth.

At the same time, it is worth noting positive trends, including an increase in the number of search queries, paid clicks and the average price per click. The company's share in the search market is stable, it exceeds 55%. I expect that thanks to the voice service "Alice," which is deeply integrated into mobile devices, Yandex's share in search queries will increase to 58-60% in a year. This will help increase sales in the online advertising segment by 15-20% per quarter. Yandex.Taxi revenue will grow due to the expansion of the geography of the service's presence. The growth rate in this segment of the company's business, in my opinion, will slow down to 50%, and in six months about 12% of Yandex's revenue will be generated here. At the end of the year, the revenue of the search engine will be about 91.6 billion rubles, EBITDA will be about 24.7 billion. I believe that reporting will become a growth driver, since large investment houses are likely to raise target prices from the current 2,180 rubles. The main thing for investors is that the company has proven its ability to steadily increase cash flow over several years, and this creates the basis for increasing its capitalization.

2016: Revenue growth accelerated thanks to Yandex.Taxi

On February 16, 2017, Yandex published its 2016 financial report. The company's revenue growth has noticeably accelerated thanks to the Yandex.Taxi service.

In 2016, Yandex raised 75.9 billion rubles, which is 25% more than a year ago. In 2015, revenue increased by 18%.

At the same time, Yandex's net profit in 2016 decreased by 30% to 6.78 billion rubles. Operating profit rose by a third, reaching 12.8 billion rubles. Adjusted EBITDA grew by 25% to 26.1 billion rubles.

Thanks to the improvement in the macroeconomic situation and the fact that we are constantly developing our technologies, Yandex's revenue grew by 27% in 2016, "said Arkady Volozh, head of the Yandex group of companies.

One of the most successful Yandex projects in 2016 was the Yandex.Taxi service, whose revenue rose 2.4 times and amounted to 2.3 billion rubles. Thanks to the entry into new markets and the development of technological infrastructure, the number of trips made using the service in December 2016 increased by 452% compared to the same period in 2015, said the CEO of Yandex in. Russia Alexander Shulgin

At the end of 2016, Yandex was able to stabilize its share in the Russian Internet search market, according to data from the Liveinternet service. The share fell throughout the year, but in October-November it gained a foothold at 55.2%, and in December it even increased slightly - to 55.3%. The share in the search is very important for Yandex, since this business is the main source of the company's earnings.

In 2016, the search engine and portal brought Yandex 69.3 billion rubles in revenue, which is 24% more than in the previous year. Revenues in the e-commerce market increased by 39% to 4.7 billion rubles. The company earned 1.3 billion rubles on ad services, which is 46% more than a year ago.^[12]

2015

Profit drop of 43% at the end of the year

On February 16, 2016, Yandex reported on its financial results for 2015. The Russian Internet company showed a 43% decline in profits and a slowdown in revenue growth.

According to the results of the 12-month reporting period closed on December 31, 2015, Yandex's net profit amounted to 9.78 billion rubles against 17.02 billion rubles a year earlier. Revenue during this time rose by 18% to 59.79 billion rubles, while in 2014 and 2013 the growth of this financial indicator was measured by 29% and 37%, respectively. The company itself expected an increase in revenue by 14-16%.

Yandex spokeswoman Asya Melkumova called the drop in net profit "paper" and explained the unfavorable exchange rate fluctuations. To assess the real success and dynamics of Yandex's business, investors are looking at adjusted net profit, which is cleared of the influence of a number of "paper" factors, including currency, Melkumova notes.

However, the company's adjusted net profit also decreased in 2015 - by 11% to 12.2 billion rubles. Asya Melkumova linked this decline to the company's costs of maintaining developers' salaries "at a competitive level," renting a Moscow office for which Yandex pays in foreign currency, as well as  advertising campaigns for its services.

Q4: Revenue growth of 23%

Yandex's revenue according to US GAAP (Generally Accepted Accounting Principles USA) in the fourth quarter of 2015 increased by 23% to 18.1 billion rubles, according to the report of the Russian company.

The company's revenue, net of partner remuneration, grew even more, by 24%, and amounted to 14.374 billion rubles. The company's operating profit fell by 39% and amounted to 2.728 billion rubles.

At the same time, the adjusted EBITDA indicator (profit before taxes and interest) increased by 8%, amounting to 6.65 billion rubles. EBITDA margin for the fourth quarter fell to 36.3% versus 41.4% from the same period last year.

Adjusted net profit decreased by 8%, to 3.632 billion rubles. The number of advertisers increased to 394 thousand, which is 24% more than in the fourth quarter of 2014, and almost 11% more than in the third quarter of 2015.

Q2: Loss of 40% of operating and 82% of net income

On July 30, 2015, Yandex published financial indicators for the second quarter of 2015^[13] and^[13].

Revenue of 13.9 billion rubles, which is 14% higher than the same period last year and exceeds the company's own forecast for the second quarter (9 − 12%).

The company's revenue forecast for 2015:11% - 13%.

Operating profit fell 40%. As in the first quarter (-45%), the drop in profit is caused by rising costs that are not covered by weaker sales growth.

Net income fell 82%. The fall is due to the revaluation of exchange rates.

Earlier, Yandex announced the storage of most of the funds in dollars and euros in Holland, the proportion as of July 30, 2015:35% in rubles, 65% in dollars and euros.

In addition to foreign exchange rates, the option program and payments under the upcoming conditions (probably payments to sellers of resources previously absorbed by Yandex, such as Авто.ру) had an impact.

There was an increase in media advertising by 9% year-on-year, which looks better than a 16% drop in the first quarter of 2015. The company explains the results of the "media" effect of the low base for Q2 − 2014, in addition, all growth falls on Yandex's own sites (-19% in the first quarter, + 10% in the second), while traffic costs (TAC) on its own sites increased by 17%.

Financial indicators "Yandex," 2015

2014

Revenue growth by 29% year-on-year to RUB 50.8 bln

NASDAQ capitalization July 29, 2014 - $10.01 billion

Total revenue of Yandex in the first half of 2014 increased by 34%, to 23 billion rubles, net profit decreased by 2%, to 5 billion rubles.

Yandex's annual revenue grew by 29% in 2014, to 50.8 billion rubles. Net profit of the company amounted to 17 billion rubles - 26% more than in 2013

The bulk of revenue (90%) is still generated by contextual advertising: over the year, this item of income increased by 31% to 46.6 billion. Sales of contextual advertising are growing more dynamically in the advertising network - by 45% to 11, 4 billion rubles per year. Advertisements on Yandex's own projects give three times more revenue - 35.2 billion rubles, but this revenue segment is growing more slowly - by 28%.

Q2: First drop in revenue from banner sales

In the second quarter of 2014, Yandex for the first time recorded a drop in revenue from the sale of banners. In April - June 2014, Yandex's revenue from online media advertising (banners, pop-ups and other similar formats) on its own sites fell by 16% at once, to 674 million rubles, the Internet company said. These losses were partially offset by a new source of income - the sale of media advertising on partner platforms. In the second quarter, it brought the search engine 101 million rubles. against 17 million rubles. a year earlier. As a result, total revenue from media advertising decreased in the second quarter by 6%, to 775 million rubles.

For Yandex, this is the first quarterly drop in media advertising revenue since the company began to disclose its financial performance ahead of its IPO in the spring of 2011. Only in the crisis year of 2009 did revenues from the placement of banners grow by the search engine by only 2%, to 933 million rubles, then revenue in this segment grew at a two-digit pace, ahead of the entire market. For example, for the whole of 2013, revenues from media advertising increased at Yandex by 30%, to 3.4 billion rubles, while the volume of the entire segment increased, according to the Association of Communication Agencies of Russia (AKAR), by only 12%, to 20.1 billion rubles.

In the first quarter of 2014, Yandex's revenues from media advertising increased by 16%, to 723 million rubles, while revenue from banners on its own website increased by only 4%, to 647 million rubles. In general, spending on media advertising in January - March 2014 increased, according to AKAR, by 12%, to 3.4 billion rubles.

The fall in income from banner advertising is a negative trend due to the macroeconomic and geopolitical situation, Yandex CEO Arkady Volozh said on a phone call with analysts. Online media advertising "is more volatile to a downturn or to expectations of a downturn in the economy, and large advertisers in this segment can afford to reduce advertising costs without short-term influence on their sales," the search engine press service said.

Andrei Chernyshov, head of Internet projects at the Dentsu Aegis Network Russia advertising group, recalls that since 2013 Yandex has been selling advertising on internal pages according to the auction model, when both banners and text ads are participating in the auction. "The latter are more in demand, and the revenue is redistributed in favor of contextual advertising," explains Chernyshov.

It is contextual advertising (commercial links in search results and on specialized resources) that is the main source of income for Yandex. According to the results of the second quarter of 2014, revenue in this segment increased by 39%, to 11.264 billion rubles. As a result, contextual advertising provided in April - June almost 93% of total revenue, media - only 6%.

Yandex does not make forecasts separately for media advertising. In general, the company expects an increase in total revenue in 2014 by 25-30%. The search engine intends to compensate for the failure with banners at the expense of other advertising formats, says Alexander Shulgin, financial director of Yandex.

2013: Annual revenue up 37%, earnings up 64%

Search engine Yandex published in February 2014 a report for 2013, according to which its net profit over the past year amounted to 13.5 billion rubles. This is 64% more than the 8.2 billion rubles that the company earned a year earlier.

Consolidated revenue of Yandex in 2013 amounted to 39.5 billion rubles, which is 37% more than in 2012, when this figure amounted to 28.8 billion rubles.

Yandex's revenue from contextual advertising is the main revenue item of the search engine. It amounted to 38.8 billion rubles in 2013. or 98% of total revenue for the year. Compared to 2012, it grew by 38%.

2012: Annual revenue 28.7 billion rubles, profit - 8.7 billion

Net profit of Yandex according to US GAAP increased by 42% - to 8.22 billion rubles. - at the end of 2012, according to the company's materials. Adjusted net profit increased by 46% - to 8.76 billion rubles.

At the same time, the company's revenue increased by 44% - to 28.76 billion rubles. Revenue less remuneration to partners increased by 41% to RUB 23.98 billion. The company's operating profit amounted to 9.45 billion rubles. (+ 34%).

Capital expenditures accounted for 14% of revenue. The Company expects capital expenditures in 2013. will account for 15-18% of revenue.

The number of advertisers in Q4 2012 exceeded 213 thousand, which is 22% more than in Q4 2011, and 5% more than in Q3 2012.

2011

Annual revenue growth to RUB 20 bln

The revenue of Yandex (owns the Russian Yandex) in 2011 increased by 60% to 20 billion rubles. ($622 million). Operating profit increased by 46% to 7 billion rubles ($218.5 million). EBITDA and net profit increased 1.5 times, reaching 9.2 billion rubles. ($286.9 million) and 5.8 billion rubles. respectively. Operating profit margin was 35.1%, for net profit - 28.8%.

98% of Yandex's revenue is advertising. The volume of contextual advertising increased by 60%, amounting to 17.5 billion rubles, of which 14.59 billion rubles. fell on advertising on Yandex itself and 2.9 billion rubles. - on partner sites. The growth in income from partner resources was especially impressive: for the entire year it amounted to 94%, for the IV quarter of last year - 131% (reaching 1.03 billion rubles). Yandex explains this by connecting to its partner network Rambler"" in the middle of last year and improving advertising technology.

The total number of paid clicks increased in the IV quarter of 2011 by 65% compared to the same period in 2010, while the click price decreased by an average of 7%. Yandex considers this to be the result of efforts to improve attractiveness for new advertisers from the regions and increase the efficiency of customer advertising costs.

The volume of media advertising increased by 71%, amounting to 2 billion rubles. Yandex explains this by the desire of its customers to maintain their presence on the Internet. The total number of advertisers in 2011 increased by 44%, exceeding 270 thousand. Another line of income - commissions from Yandex.Money users - brought the company 383 million rubles. (growth - 46%).

Q2: Lower EBITDA margin, stock collapse

Yandex's consolidated revenue grew in the second quarter of 2011 by 57% to the same period last year and amounted to 4.5 billion rubles. ($161.7 million). Operating profit increased by 20% to 1.4 billion rubles. ($49.1 million), and net - by 11% to 1.1 billion rubles. ($40.1 million). Yandex also published adjusted net profit and EBITDA indicators - 1.3 billion ($44.8 million) and 1.9 billion rubles. ($68.2 million), respectively. These indicators are not generally accepted in GAAP, Yandex states in its message. But they better reflect the operating activities of the company, since they exclude exchange rate differences and non-monetary remuneration of management, explained Alexander Shulgin, financial director of Yandex. The use of adjusted indicators is justified, agrees Troika Dialog analyst Anna^[14].

At the end of 2011, Yandex's revenue will grow by the same 55-60%, Shulgin expected. But capex will grow even more - 2.7 times to 6 billion rubles. This is a lot - about 30% of the company's annual revenue against the generally accepted 17-18%, Shulgin admits. But investments are necessary: this year Yandex is actively building new data centers, mainly outside Russia and the CIS, explained Arkady Volozh, co-founder and CEO of the company. The fact is that Yandex has begun to provide users with the opportunity to search for information in foreign languages, in connection with which it has to index more and more sites around the world, Volozh says. He did not comment on specific plans for Yandex to enter foreign markets. But earlier, Vedomosti sources in Internet companies said that in the fall Yandex will launch services in Turkey, and then in Western and Eastern Europe.

In 2012, Yandex plans to return to the usual level of capex, adds Shulgin.

Obviously, the increase in capex is associated with Yandex's entry into international markets, because investments in business development in Russia have recently been stable, says Lepetukhina. But she is alarmed by a strong drop in EBITDA margin - compared to a year ago, this figure decreased by as much as 8 pp to 42.1%. Volozh explains this by the fact that in the second quarter of 2011 the company seriously spent on infrastructure construction, hiring new employees, preparing for an IPO (held in May on the NASDAQ exchange) and advertising campaigns. Due to widespread hiring in the second quarter, personnel costs increased significantly - by 65%. In the second half of the year, they will be much more modest, promises Volozh.

Investors reacted nervously to Yandex's reporting. Immediately after its publication, the company's share price on NASDAQ fell 11.3% to $34.26 per share. By 20.30 Moscow time, quotes rose to $36.27, that is, the fall was 6.5%.

Most likely, investors were alerted precisely by the decline in Yandex's EBITDA profitability, Anastacia Obukhova, an analyst at VTB Capital, agrees. Capex, although high, corresponds to the pace of development of the Internet company, she said. On the eve of the IPO, Yandex should have warned investors that profitability would fall, the manager of a large investment bank believes: it seems that they expected higher growth rates from the company.

The company's share in the Russian search market was 64.6% in the second quarter of 2011 (data LiveInternet). The number of hits on search (SERPs) increased by 60% compared to the same figure for the second quarter of 2010. The number of advertisers exceeded 144 thousand, which is 41% more than in the second quarter of 2010, and 13% more than in the first quarter of 2011.

Q1: Revenue - 3.9 billion, net profit - 507 million rubles.

In the first quarter of 2011, revenue amounted to 3.9 billion rubles, operating profit - 1.2 billion rubles, net profit - 507 million rubles.

2009: RUB revenue growth and dollar drop

According to the results of 2009, the turnover of the search engine in rubles compared to 2008 showed positive dynamics (+ 14%, 8.7 billion rubles), but in dollars decreased by 7.3% - from $300 million to $278 million.

2008

Net annual profit of $110 million

Net profit of Yandex LLC increased in 2008 by 66% to 2.73 billion rubles. ($110 million at the average annual rate), follows from the company's report on RAS, published in SPARK-Interfax. Revenue added 79% to 7.9 billion rubles. ($319 million). Thus, net profit margin decreased from 37.2% to 34.4%.

This indicator at Yandex turned out to be worse than that at Mail.ru the end of 2008 with a profitability of 46%, but an order of magnitude better than that Rambler at (3%). But in terms of growth rates, Yandex overtook competitors: its annual revenue (in dollar terms) added 84.4%, and net profit - 71%. Mail.ru Growth was 44.9% and 29.4%, respectively, Rambler revenue increased by 59%, and net income decreased by 42%. Sales of contextual advertising (the main item of Yandex's income) added last year, according to estimates, Mindshare Interaction 70.1% to $358.7 million.

More than 85% of Yandex's revenue comes from contextual advertising. In 2008, the average monthly number of Yandex advertisers increased by more than 50%. Revenues from the display of contextual ads almost tripled.

2006

Revenue and profit growth doubled

In the summer of 2006, the weekly turnover of the contextual advertising system Yandex.Direct exceeded 1 million. dollars According to the results of 2006, the company's revenue and net profit more than doubled - $72.6 million and $29.9 million, respectively. All financial statements of Yandex since 2000 are audited by the company.|Deloitte&Touche Public Interest Fund to change the structure of corporate governance.

The signing of the law on the creation of international funds in special administrative regions is a formal event in the general process of coordinating the new corporate governance structure of the company with state bodies. We believe that the current market optimism is moving not only by signing the necessary law, but also by recent reports about the president's meeting with Yandex shareholders and management, "said Anna Kurbatova, an analyst at Alfa-Bank.

A few days before the signing of the law, Putin met with the management and main shareholders of Yandex. About this, the head of state of the story at the Projector forum. The President noted that Yandex has "interesting, large-scale projects" together with foreign partners.

"Our competitive advantage is in mathematics," Putin stressed, adding that technology needs to be developed in Russia.^[15]

Stock collapse over bill

On October 11, 2019, it became known that the shares of the Russian company Yandex sharply lost value at the opening of trading on the Moscow Exchange and NASDAQ. The collapse in value in both cases exceeded 1 in less than an hour. By 17.40 on October 11, 2019 in Moscow, the fall in Yandex shares on NASDAQ reached a maximum of 18%. By that time, the value of the share was $28.91, while at the opening of trading the price was at $31.74.

On the Moscow Exchange, the company's shares depreciated even more - by 20.3. The price fell from 2314.8 rubles. at the time of opening trading to 1852.4 rubles. updating the minimum since December 2018. At the time of publication of the material, Yandex's capitalization fell by about $1.5 billion.

Such a sharp decline in the value of shares of one of the Russian IT companies on two exchanges at once, according to RBC and RIA Novosti, may be related to the bill on significant information resources. The document authored by the State Duma deputy from the United Russia party Anton Gorelkin was submitted for consideration to the lower house in July 2019, and in it he proposes to introduce restrictions on the share of ownership of foreign individuals and foreign companies in such resources - no more than 20%.

Anton Gorelkin immediately pointed to Yandex as a company that can receive the status of a significant information resource, and with it the domestic holding Mail.Ru Group. Indeed, Yandex's parent company Yandex N.V. is registered in the Netherlands, and Arkady Volozh, co-founder and co-owner of Yandex, has two citizenship - Russia and Malta. He owns about 10% of the shares.

But the fact of the collapse of the value of Yandex shares is not connected with the very introduction of the bill for consideration - three months have passed since that moment. On the eve of the auction, October 10, 2019, the relevant State Duma Committee on Information Policy held a discussion of this document, and this could indirectly affect the value of the company's securities.

The fact is that the bill also spelled out sanctions for its violation. By them, Anton Gorelkin means a complete ban on advertising a significant resource-violator, as well as the services provided by him, and at the same time any advertising on this resource itself. As of October 11, 2019, Yandex has not yet been recognized as a significant resource - it was proposed to transfer the right to make this decision to a special government commission^[16] to^[17].

Entering the top 25 fastest growing companies in the world

In September 2019, Fortune business published an updated list of the world's fastest growing companies. It included only one representative from Russia - Yandex. He placed in 24th place, while five years earlier he was in 65th position.

All companies in the ranking are listed on the main exchanges USA and are valued at at least $250 million. When determining their position, Fortune analysts took into account three indicators over the past three years: revenue growth, earnings per share growth and total annual returns. For Yandex, these figures were 85%, 34% and 20%, respectively. By the end of June 2019, the market capitalization of the Russian Internet company was $12.41 billion, according to the report.

The fastest growing company in 2019 was named the Chinese social network Momo, whose revenue grows by about 141% per year for three years. Profit growth is 193% and investment payback is 53%.

In second place is the largest private landowner in the US state of Texas, Texas Pacific Land Trust. Memory chip maker Micron Technology is in the top three, which is increasing sales by 38% per year, and profit by 173%.

The top five are closed by the American pharmaceutical company Corcept Therapeutics, which develops and sells drugs against severe metabolic, psychiatric and oncological diseases, and the American entertainment company Netflix, a supplier of films and TV series.

The rating of the most growing companies also includes an IT vendor with Belarusian roots Epam, which is located on the 71st line. Yandex was included in this Fortune list for the first time since 2014. Moreover, neither Epam nor Yandex are included in the Fortune Global 500 rating of the world's largest companies.^[18]

2018

Among the largest IT companies in Europe

Revenue growth by 36% to RUB 127.66 billion

In 2018, Yandex's revenue amounted to 127.66 billion rubles ($1.84 billion), an increase of 36% compared to the previous year.

Advertising revenue increased by 18% and reached 120.74 billion rubles. Revenues from the sale of online advertising on Yandex sites rose by 21% to 78.7 billion rubles, on the sites of the Yandex advertising network - by 8% to 24.04 billion rubles.

The search engine and portal brought Yandex annual revenue of 104.36 billion rubles, which is 24% higher than in 2017.

The company earned 1.7 billion rubles on e-commerce, which is 66% less than a year earlier. The decline occurred due to the fact that Yandex.Market indicators were taken into account only before the completion of the creation of a joint venture with Sberbank on the basis of the service on April 27, 2018.

Revenues from Yandex.Taxi and Uber services in Russia and near abroad, as well as Yandex.Eda, UberEATs and the Food Party cooking kit delivery service jumped 293%, exceeding 19.21 billion rubles.

In the segment of ad services (Авто.ру, Yandex.Real Estate, Yandex.Rabota), the company raised 3.7 billion rubles at the end of 2018, which is 81% more than in the previous year.

In the direction of media services (KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex.Teleprogram), revenue of 1.9 billion rubles was registered, an increase of 61% compared to 2017.

The so-called experimental directions (Yandex.Zen, Yandex.Cloud, Yandex.Health, Yandex.Drive and Yandex Data Factory) provided Yandex with a turnover of 2.52 billion rubles.

Yandex's share in the Russian search market (including search on mobile devices) by the end of 2018 amounted to about 56.5% (data from the Yandex.Radar analytical service).

In 2018, Yandex received 45.9 billion rubles ($660.1 million) in net profit, which is 430% more than income a year ago.^[19]

2017

Revenue growth by 24% to 94 billion rubles

In 2017, Yandex's revenue exceeded 94 billion rubles, an increase of 24% compared to 2016. Net profit increased by 28% to 8.7 billion rubles.

In the structure of Yandex's revenue, most of it is still occupied by revenues from online advertising (contextual and media). At the end of 2017, revenue in this segment increased by 20%, to 87.4 billion rubles.

The search and portal brought the company almost 84 billion rubles, which is 21% more than a year ago. Revenue Yandex.Market increased by 5% and amounted to almost 5 billion rubles.

The service demonstrated the largest growth in 2017 Yandex.Taxi (this also includes the food delivery service Foodfox acquired by Yandex in December 2017): revenue increased by 111% to 4.9 billion rubles.

The annual revenue of ad services (Авто.ру, Yandex.Real Estate, Yandex.Work and Yandex.Travel) reached 2.1 billion rubles against 1.3 billion rubles in 2016.

Revenue in the so-called experimental areas (KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex.Teleprogram, Yandex Data Factory, recommended products Zen and Yandex Launcher) - 1.7 billion rubles (+ 100% by 2016).

I am very pleased with our results for 2017, "says Arkady Volozh, head of the Yandex group of companies. "In many ways, this has been a year of great change for us. We entered into agreements with important partners and continued to develop innovative technologies against the backdrop of an improved macroeconomic situation.

According to the analytical service Yandex.Radar, by the end of 2017, Yandex's share in the Russian Internet search market (including mobile devices) increased to 56.7% from 54.9% three months earlier. In Russia, the share of search queries to Yandex on Android devices was 45%.^[20]

By the end of 2017, Yandex will earn 91.6 billion rubles. thanks to the Taxi application

Georgy Vashchenko, Head of the Department of Operations on the Russian Stock Market of Freedom Finance Investment Company: Yandex.Taxi was the fastest growing segment in the reporting period. In one quarter, revenue from this line of business of the Internet search engine almost doubled. Yandex's total revenue also shows steady growth of 21% in three months. In the main segment, which accounts for 90% of revenue, the indicator increased by the same 21% in annual terms. The E-commerce market feels confident, a 12% reduction in revenues can be associated with a seasonal factor, as well as with the activity of competitors. Mail.ru will report on Friday, October 27. In the 2nd quarter, the business of this company was ahead of Yandex in terms of growth rates: 33 percentage points. against 23 percentage points However, Yandex is larger, and it is more difficult for it to maintain high sales growth.

At the same time, it is worth noting positive trends, including an increase in the number of search queries, paid clicks and the average price per click. The company's share in the search market is stable, it exceeds 55%. I expect that thanks to the voice service "Alice," which is deeply integrated into mobile devices, Yandex's share in search queries will increase to 58-60% in a year. This will help increase sales in the online advertising segment by 15-20% per quarter. Yandex.Taxi revenue will grow due to the expansion of the geography of the service's presence. The growth rate in this segment of the company's business, in my opinion, will slow down to 50%, and in six months about 12% of Yandex's revenue will be generated here. At the end of the year, the revenue of the search engine will be about 91.6 billion rubles, EBITDA will be about 24.7 billion. I believe that reporting will become a growth driver, since large investment houses are likely to raise target prices from the current 2,180 rubles. The main thing for investors is that the company has proven its ability to steadily increase cash flow over several years, and this creates the basis for increasing its capitalization.

2016: Revenue growth accelerated thanks to Yandex.Taxi

On February 16, 2017, Yandex published its 2016 financial report. The company's revenue growth has noticeably accelerated thanks to the Yandex.Taxi service.

In 2016, Yandex raised 75.9 billion rubles, which is 25% more than a year ago. In 2015, revenue increased by 18%.

At the same time, Yandex's net profit in 2016 decreased by 30% to 6.78 billion rubles. Operating profit rose by a third, reaching 12.8 billion rubles. Adjusted EBITDA grew by 25% to 26.1 billion rubles.

Thanks to the improvement in the macroeconomic situation and the fact that we are constantly developing our technologies, Yandex's revenue grew by 27% in 2016, "said Arkady Volozh, head of the Yandex group of companies.

One of the most successful Yandex projects in 2016 was the Yandex.Taxi service, whose revenue rose 2.4 times and amounted to 2.3 billion rubles. Thanks to the entry into new markets and the development of technological infrastructure, the number of trips made using the service in December 2016 increased by 452% compared to the same period in 2015, said the CEO of Yandex in. Russia Alexander Shulgin

At the end of 2016, Yandex was able to stabilize its share in the Russian Internet search market, according to data from the Liveinternet service. The share fell throughout the year, but in October-November it gained a foothold at 55.2%, and in December it even increased slightly - to 55.3%. The share in the search is very important for Yandex, since this business is the main source of the company's earnings.

In 2016, the search engine and portal brought Yandex 69.3 billion rubles in revenue, which is 24% more than in the previous year. Revenues in the e-commerce market increased by 39% to 4.7 billion rubles. The company earned 1.3 billion rubles on ad services, which is 46% more than a year ago.^[21]

2015

Profit drop of 43% at the end of the year

On February 16, 2016, Yandex reported on its financial results for 2015. The Russian Internet company showed a 43% decline in profits and a slowdown in revenue growth.

According to the results of the 12-month reporting period closed on December 31, 2015, Yandex's net profit amounted to 9.78 billion rubles against 17.02 billion rubles a year earlier. Revenue during this time rose by 18% to 59.79 billion rubles, while in 2014 and 2013 the growth of this financial indicator was measured by 29% and 37%, respectively. The company itself expected an increase in revenue by 14-16%.

Yandex spokeswoman Asya Melkumova called the drop in net profit "paper" and explained the unfavorable exchange rate fluctuations. To assess the real success and dynamics of Yandex's business, investors are looking at adjusted net profit, which is cleared of the influence of a number of "paper" factors, including currency, Melkumova notes.

However, the company's adjusted net profit also decreased in 2015 - by 11% to 12.2 billion rubles. Asya Melkumova linked this decline to the company's costs of maintaining developers' salaries "at a competitive level," renting a Moscow office for which Yandex pays in foreign currency, as well as  advertising campaigns for its services.

Q4: Revenue growth of 23%

Yandex's revenue according to US GAAP (Generally Accepted Accounting Principles USA) in the fourth quarter of 2015 increased by 23% to 18.1 billion rubles, according to the report of the Russian company.

The company's revenue, net of partner remuneration, grew even more, by 24%, and amounted to 14.374 billion rubles. The company's operating profit fell by 39% and amounted to 2.728 billion rubles.

At the same time, the adjusted EBITDA indicator (profit before taxes and interest) increased by 8%, amounting to 6.65 billion rubles. EBITDA margin for the fourth quarter fell to 36.3% versus 41.4% from the same period last year.

Adjusted net profit decreased by 8%, to 3.632 billion rubles. The number of advertisers increased to 394 thousand, which is 24% more than in the fourth quarter of 2014, and almost 11% more than in the third quarter of 2015.

Q2: Loss of 40% of operating and 82% of net income

On July 30, 2015, Yandex published financial indicators for the second quarter of 2015^[13] and^[13].

Revenue of 13.9 billion rubles, which is 14% higher than the same period last year and exceeds the company's own forecast for the second quarter (9 − 12%).

The company's revenue forecast for 2015:11% - 13%.

Operating profit fell 40%. As in the first quarter (-45%), the drop in profit is caused by rising costs that are not covered by weaker sales growth.

Net income fell 82%. The fall is due to the revaluation of exchange rates.

Earlier, Yandex announced the storage of most of the funds in dollars and euros in Holland, the proportion as of July 30, 2015:35% in rubles, 65% in dollars and euros.

In addition to foreign exchange rates, the option program and payments under the upcoming conditions (probably payments to sellers of resources previously absorbed by Yandex, such as Авто.ру) had an impact.

There was an increase in media advertising by 9% year-on-year, which looks better than a 16% drop in the first quarter of 2015. The company explains the results of the "media" effect of the low base for Q2 − 2014, in addition, all growth falls on Yandex's own sites (-19% in the first quarter, + 10% in the second), while traffic costs (TAC) on its own sites increased by 17%.

Financial indicators "Yandex," 2015

2014

Revenue growth by 29% year-on-year to RUB 50.8 bln

NASDAQ capitalization July 29, 2014 - $10.01 billion

Total revenue of Yandex in the first half of 2014 increased by 34%, to 23 billion rubles, net profit decreased by 2%, to 5 billion rubles.

Yandex's annual revenue grew by 29% in 2014, to 50.8 billion rubles. Net profit of the company amounted to 17 billion rubles - 26% more than in 2013

The bulk of revenue (90%) is still generated by contextual advertising: over the year, this item of income increased by 31% to 46.6 billion. Sales of contextual advertising are growing more dynamically in the advertising network - by 45% to 11, 4 billion rubles per year. Advertisements on Yandex's own projects give three times more revenue - 35.2 billion rubles, but this revenue segment is growing more slowly - by 28%.

Q2: First drop in revenue from banner sales

In the second quarter of 2014, Yandex for the first time recorded a drop in revenue from the sale of banners. In April - June 2014, Yandex's revenue from online media advertising (banners, pop-ups and other similar formats) on its own sites fell by 16% at once, to 674 million rubles, the Internet company said. These losses were partially offset by a new source of income - the sale of media advertising on partner platforms. In the second quarter, it brought the search engine 101 million rubles. against 17 million rubles. a year earlier. As a result, total revenue from media advertising decreased in the second quarter by 6%, to 775 million rubles.

For Yandex, this is the first quarterly drop in media advertising revenue since the company began to disclose its financial performance ahead of its IPO in the spring of 2011. Only in the crisis year of 2009 did revenues from the placement of banners grow by the search engine by only 2%, to 933 million rubles, then revenue in this segment grew at a two-digit pace, ahead of the entire market. For example, for the whole of 2013, revenues from media advertising increased at Yandex by 30%, to 3.4 billion rubles, while the volume of the entire segment increased, according to the Association of Communication Agencies of Russia (AKAR), by only 12%, to 20.1 billion rubles.

In the first quarter of 2014, Yandex's revenues from media advertising increased by 16%, to 723 million rubles, while revenue from banners on its own website increased by only 4%, to 647 million rubles. In general, spending on media advertising in January - March 2014 increased, according to AKAR, by 12%, to 3.4 billion rubles.

The fall in income from banner advertising is a negative trend due to the macroeconomic and geopolitical situation, Yandex CEO Arkady Volozh said on a phone call with analysts. Online media advertising "is more volatile to a downturn or to expectations of a downturn in the economy, and large advertisers in this segment can afford to reduce advertising costs without short-term influence on their sales," the search engine press service said.

Andrei Chernyshov, head of Internet projects at the Dentsu Aegis Network Russia advertising group, recalls that since 2013 Yandex has been selling advertising on internal pages according to the auction model, when both banners and text ads are participating in the auction. "The latter are more in demand, and the revenue is redistributed in favor of contextual advertising," explains Chernyshov.

It is contextual advertising (commercial links in search results and on specialized resources) that is the main source of income for Yandex. According to the results of the second quarter of 2014, revenue in this segment increased by 39%, to 11.264 billion rubles. As a result, contextual advertising provided in April - June almost 93% of total revenue, media - only 6%.

Yandex does not make forecasts separately for media advertising. In general, the company expects an increase in total revenue in 2014 by 25-30%. The search engine intends to compensate for the failure with banners at the expense of other advertising formats, says Alexander Shulgin, financial director of Yandex.

2013

Annual revenue up 37%, earnings up 64%

Search engine Yandex published in February 2014 a report for 2013, according to which its net profit over the past year amounted to 13.5 billion rubles. This is 64% more than the 8.2 billion rubles that the company earned a year earlier.

Consolidated revenue of Yandex in 2013 amounted to 39.5 billion rubles, which is 37% more than in 2012, when this figure amounted to 28.8 billion rubles.

Yandex's revenue from contextual advertising is the main revenue item of the search engine. It amounted to 38.8 billion rubles in 2013. or 98% of total revenue for the year. Compared to 2012, it grew by 38%.

2012

Annual revenue 28.7 billion rubles, profit - 8.7 billion

Net profit of Yandex according to US GAAP increased by 42% - to 8.22 billion rubles. - at the end of 2012, according to the company's materials. Adjusted net profit increased by 46% - to 8.76 billion rubles.

At the same time, the company's revenue increased by 44% - to 28.76 billion rubles. Revenue less remuneration to partners increased by 41% to RUB 23.98 billion. The company's operating profit amounted to 9.45 billion rubles. (+ 34%).

Capital expenditures accounted for 14% of revenue. The Company expects capital expenditures in 2013. will account for 15-18% of revenue.

The number of advertisers in Q4 2012 exceeded 213 thousand, which is 22% more than in Q4 2011, and 5% more than in Q3 2012.

2011

Annual revenue growth to RUB 20 bln

The revenue of Yandex (owns the Russian Yandex) in 2011 increased by 60% to 20 billion rubles. ($622 million). Operating profit increased by 46% to 7 billion rubles ($218.5 million). EBITDA and net profit increased 1.5 times, reaching 9.2 billion rubles. ($286.9 million) and 5.8 billion rubles. respectively. Operating profit margin was 35.1%, for net profit - 28.8%.

98% of Yandex's revenue is advertising. The volume of contextual advertising increased by 60%, amounting to 17.5 billion rubles, of which 14.59 billion rubles. fell on advertising on Yandex itself and 2.9 billion rubles. - on partner sites. The growth in income from partner resources was especially impressive: for the entire year it amounted to 94%, for the IV quarter of last year - 131% (reaching 1.03 billion rubles). Yandex explains this by connecting to its partner network Rambler"" in the middle of last year and improving advertising technology.

The total number of paid clicks increased in the IV quarter of 2011 by 65% compared to the same period in 2010, while the click price decreased by an average of 7%. Yandex considers this to be the result of efforts to improve attractiveness for new advertisers from the regions and increase the efficiency of customer advertising costs.

The volume of media advertising increased by 71%, amounting to 2 billion rubles. Yandex explains this by the desire of its customers to maintain their presence on the Internet. The total number of advertisers in 2011 increased by 44%, exceeding 270 thousand. Another line of income - commissions from Yandex.Money users - brought the company 383 million rubles. (growth - 46%).

Q2: Lower EBITDA margin, stock collapse

Yandex's consolidated revenue grew in the second quarter of 2011 by 57% to the same period last year and amounted to 4.5 billion rubles. ($161.7 million). Operating profit increased by 20% to 1.4 billion rubles. ($49.1 million), and net - by 11% to 1.1 billion rubles. ($40.1 million). Yandex also published adjusted net profit and EBITDA indicators - 1.3 billion ($44.8 million) and 1.9 billion rubles. ($68.2 million), respectively. These indicators are not generally accepted in GAAP, Yandex states in its message. But they better reflect the operating activities of the company, since they exclude exchange rate differences and non-monetary remuneration of management, explained Alexander Shulgin, financial director of Yandex. The use of adjusted indicators is justified, agrees Troika Dialog analyst Anna^[14].

At the end of 2011, Yandex's revenue will grow by the same 55-60%, Shulgin expected. But capex will grow even more - 2.7 times to 6 billion rubles. This is a lot - about 30% of the company's annual revenue against the generally accepted 17-18%, Shulgin admits. But investments are necessary: this year Yandex is actively building new data centers, mainly outside Russia and the CIS, explained Arkady Volozh, co-founder and CEO of the company. The fact is that Yandex has begun to provide users with the opportunity to search for information in foreign languages, in connection with which it has to index more and more sites around the world, Volozh says. He did not comment on specific plans for Yandex to enter foreign markets. But earlier, Vedomosti sources in Internet companies said that in the fall Yandex will launch services in Turkey, and then in Western and Eastern Europe.

In 2012, Yandex plans to return to the usual level of capex, adds Shulgin.

Obviously, the increase in capex is associated with Yandex's entry into international markets, because investments in business development in Russia have recently been stable, says Lepetukhina. But she is alarmed by a strong drop in EBITDA margin - compared to a year ago, this figure decreased by as much as 8 pp to 42.1%. Volozh explains this by the fact that in the second quarter of 2011 the company seriously spent on infrastructure construction, hiring new employees, preparing for an IPO (held in May on the NASDAQ exchange) and advertising campaigns. Due to widespread hiring in the second quarter, personnel costs increased significantly - by 65%. In the second half of the year, they will be much more modest, promises Volozh.

Investors reacted nervously to Yandex's reporting. Immediately after its publication, the company's share price on NASDAQ fell 11.3% to $34.26 per share. By 20.30 Moscow time, quotes rose to $36.27, that is, the fall was 6.5%.

Most likely, investors were alerted precisely by the decline in Yandex's EBITDA profitability, Anastacia Obukhova, an analyst at VTB Capital, agrees. Capex, although high, corresponds to the pace of development of the Internet company, she said. On the eve of the IPO, Yandex should have warned investors that profitability would fall, the manager of a large investment bank believes: it seems that they expected higher growth rates from the company.

The company's share in the Russian search market was 64.6% in the second quarter of 2011 (data LiveInternet). The number of hits on search (SERPs) increased by 60% compared to the same figure for the second quarter of 2010. The number of advertisers exceeded 144 thousand, which is 41% more than in the second quarter of 2010, and 13% more than in the first quarter of 2011.

Q1: Revenue - 3.9 billion, net profit - 507 million rubles.

In the first quarter of 2011, revenue amounted to 3.9 billion rubles, operating profit - 1.2 billion rubles, net profit - 507 million rubles.

2009

Revenue growth in rubles and drop in dollars

According to the results of 2009, the turnover of the search engine in rubles compared to 2008 showed positive dynamics (+ 14%, 8.7 billion rubles), but in dollars decreased by 7.3% - from $300 million to $278 million.

2008: Net annual profit of $110 million

Net profit of Yandex LLC increased in 2008 by 66% to 2.73 billion rubles. ($110 million at the average annual rate), follows from the company's report on RAS, published in SPARK-Interfax. Revenue added 79% to 7.9 billion rubles. ($319 million). Thus, net profit margin decreased from 37.2% to 34.4%.

This indicator at Yandex turned out to be worse than that at Mail.ru the end of 2008 with a profitability of 46%, but an order of magnitude better than that Rambler at (3%). But in terms of growth rates, Yandex overtook competitors: its annual revenue (in dollar terms) added 84.4%, and net profit - 71%. Mail.ru Growth was 44.9% and 29.4%, respectively, Rambler revenue increased by 59%, and net income decreased by 42%. Sales of contextual advertising (the main item of Yandex's income) added last year, according to estimates, Mindshare Interaction 70.1% to $358.7 million.

More than 85% of Yandex's revenue comes from contextual advertising. In 2008, the average monthly number of Yandex advertisers increased by more than 50%. Revenues from the display of contextual ads almost tripled.

2006

Revenue and profit growth doubled

In the summer of 2006, the weekly turnover of the contextual advertising system Yandex.Direct exceeded 1 million. dollars According to the results of 2006, the company's revenue and net profit more than doubled - $72.6 million and $29.9 million, respectively. All financial statements of Yandex since 2000 are audited by the company. Deloitte&Touche

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