DJ VK Company Limited audited IFRS results for FY 2021
VK Company (VKCO) VK Company Limited audited IFRS results for FY 2021 03-March-2022 / 10:00 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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VK Company Limited audited IFRS results for FY 2021
March 3, 2022. VK Company Limited (LSE, MOEX: VKCO, hereinafter referred to as "the Company" and together with its subsidiaries "VK" or "the Group"), one of the largest companies in the Russian-speaking Internet market, today releases audited IFRS results and segment financial information for the year ended 31 December 2021.
Performance highlights*
Results for the three months ended 31 December 2021:
-- Q4 2021 Group aggregate segment revenue grew 12.4% YoY to RUB 37,053m
-- Q4 2021 Group aggregate segment EBITDA rose 46.4% YoY to RUB 10,643m
-- Q4 2021 Group aggregate net profit from consolidated subsidiaries grew 152.1% YoY to RUB 4,359m
-- Q4 2021 Group aggregate net loss including key strategic associates and joint ventures was RUB (1,187m),compared to Q4 2020 net loss of RUB (2,633m), including the following contributions:? O2O JV: RUB (3,225m) in Q4 2021 vs RUB (3,707m) in Q4 2020; - AER JV: RUB (2,213m) in Q4 2021 vs RUB (655m) in Q4 2020; - Uchi Group: RUB 26m in Q4 2021; - Umskul: RUB (34m) in Q4 2021
Results for the twelve months ended 31 December 2021:
-- FY 2021 Group aggregate segment revenue rose 18.2% YoY to RUB 125,752m
-- FY 2021 Group aggregate segment EBITDA grew 18.2% YoY to RUB 31,802m
-- FY 2021 Group aggregate net profit from consolidated subsidiaries grew 24.7% YoY to RUB 12,429m
-- FY 2021 Group aggregate net loss including key strategic associates and joint ventures was RUB (6,486m),compared to FY 2020 net loss of RUB (1,959m), including the following contributions:? O2O JV: RUB (14,423m) in FY 2021 vs RUB (10,573m ) in FY 2020; - AER JV: RUB (4,392m) in FY 2021 vs RUB (1,350m) in FY 2020; - Uchi Group: RUB (66m) in FY 2021; - Umskul: RUB (34m) in FY 2021
* Performance highlights are based on the Group aggregate segment financial information, which is different from IFRS accounts. See "Presentation of Aggregate Segment Financial Information".
Commenting on the results of the Group, Vladimir Kirienko, CEO (Russia) of VK, said:
"Given that this is my first reporting as the CEO of VK (Russia), I would like to discuss the key financial parameters and share my initial impressions.
First of all, we have achieved good results. In Q4, Group revenue grew by more than 12%, with Education Technology services (+38%), Other (+25%) and online advertising (around +15%) revenues showing superior growth rates. MMO Games continued to expand despite the challenging base effect, combined with no new games launches.
Q4 revenue split:
-- Advertising: +14.7% YoY to RUB 14,659m
-- MMO: 3.3% YoY to RUB 10,130m
-- Community IVAS: +2.9% YoY to RUB 5,047m
-- Education Technology services: +38.0% YoY to RUB 3,557m
-- Other: 25.4% YoY to RUB 3,660m
VKontakte remains the key contributor to our core online advertising revenue stream and to the largest Communications & Social (C&S) reporting segment. Its quarterly revenue reached RUB 8.1bn (+12% YoY), with Q4 providing the toughest comp within 2021 (+17.2% YoY in Q4 2020). VKontakte delivered 21.9% YoY revenue growth to RUB 27.9bn for the year and further strengthening of its leading position on the domestic social networking market remains among our major strategic priorities.
In terms of advertising products, performance remained the key driver (+20% YoY) in Q4. Within advertising formats, we saw 27% YoY growth for video.
Community IVAS (14% of Group revenue in Q4) grew by 2.9% YoY, driven by Music.
With 97% of Community IVAS and 81% of Online advertising revenues booked within the C&S segment, it saw 10.2% growth with significant margin improvement as EBITDA margin expanded to 45.7% versus 40.7% in Q4 2020, as we continued to focus on efficiency and exercise tight cost control in all the key verticals of the segment .
MMO Games (27% of Group revenue in Q4) grew by 3.3% YoY, with the overall Games segment (represented by MY.GAMES) delivering 5.1% growth to RUB 11.6bn. EBITDA of MY.GAMES was RUB 3.8bn with a margin of 32.7% compared to 24.2% in Q3 and 13% in Q4 2020. MY.GAMES delivered RUB 10.4bn in EBITDA in 2021, having more than doubled EBITDA versus 2018 level (RUB 5.0bn) a year ahead of guidance. EBITDA Margin was 23.6% for the year, a significant improvement versus 16.0% in 2020 and in line with the target low to mid-20s through-the-cycle margin for this business outlined in 2018.
EdTech segment (Skillbox Holding Limited) revenues grew by 38.1% YoY in Q4 (to RUB 3.6bn) with RUB 10.4bn in revenue delivered in 2021. EBITDA margin stood at minus 12.7% in Q4 versus minus 13.0% in Q3 given the ongoing investment into the course offer along with international experiments.
Within the New Initiatives segment, Youla remains the largest component, with RUB1.1bn in revenue in Q4 (+11% YoY). Youla delivered RUB 3.8bn in revenue in 2021, arriving within guidance of RUB 3.6-3.9bn. The EBITDA margin stood at minus 20% in Q4 2021 versus minus 59% in Q4 2020.
For the year, VK revenues were RUB 125.8bn versus guidance of RUB124-127bn with a stable margin of 25.3%. Forward guidance and outlook will be provided following the completion of the ongoing strategic review and upon better overall visibility.
Our net debt position excluding lease liabilities at the end of December stood at RUB 35,030m (RUB 50,478m including lease liabilities), with RUB 21.6bn invested into the O2O JV, USD60.3mn into the AER JV and RUB 4.7bn into online education and games in 2021.
Also, I want to share my initial impressions. I believe that VK offers a phenomenal combination of assets, which cover almost all the daily online, and now also many offline, needs of millions of users. The company has unique technologies and platform solutions with up-to-date services that allow people to stay in touch, support each other, work, study and much more.
I have also been impressed with the team at all levels and their motivation to either remain or become the leaders in their directions. And we have a strong brand and unique culture. In my view, the company generally has everything it needs for us as a team to succeed in our main goal - develop the VK ecosystem and solidify its role on the Russian market".
Commenting on the results of the Group, Dmitry Grishin, Chairman of the Board of VK, said:
"I have a lot of confidence in our team and our unified ability to make VK the best it can be. We will continue to develop the VK ecosystem and strengthen the Group's leadership positions in the key areas. I remain confident that our services will remain indispensable for our users and partners in solving their everyday tasks in a highly convenient and safe way".
Postponement of conference call and webcast:
In light of the current level of uncertainty and market volatility, the conference call and webcast, which had been previously scheduled for today to discuss the results and outlook will be postponed until there is better visibility. We continue to assess the situation and are in the process of contingency planning for all potential sanctions outcomes. Continuity of our business with ongoing protection of our employees and our customers are our top priorities.
We will host a group call as soon as possible. In the meantime, all our stakeholders are welcome to send any questions related to our business using the contact details available below and we remain available for individual incoming call requests.
Financial and operational highlights around our most material non-consolidated assets among associates and joint ventures including AliExpress Russia JV and O2O JV can be found below in the "Joint Ventures" section of the press release.
Segmental highlights
Communications and Social segment
The segment's revenue was up 10.2% YoY to RUB 17.9bn in Q4 2021 driven by advertising revenue growth. EBITDA increased by 23.8% YoY to RUB 8.2bn in Q4 (with a margin of 45.7% vs 40.7% a year ago, mainly driven by increased efficiencies across the largest cost items, including Personnel, Marketing and Agent/Partner fees) despite the ongoing product investments, particularly into content and music.
Communications and Social Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, % Revenue External revenue 16,049 17,770 52,513 60,053 Intersegment revenue 175 106 172 328 Total revenue 16,224 17,876 10% 52,685 60,381 15% Total operating expenses 9,628 9,710 1% 28,120 33,066 18% EBITDA 6,596 8,166 24% 24,565 27,315 11% EBITDA margin, % 41% 46% 5pp 47% 45% (1)pp
VKontakte
VKontakte leads among the local social networking platforms, with an average Russia MAU of 72.5mn and DAU of 47mn in Q4. According to Mediascope*, VKontakte reaches 76% of the Russian Internet audience every month, with 45% visiting the platform daily.
The number of VK Mini Apps rose by 53% YoY in December to over 39,700, with MAU of 46mn (+18% YoY). Monetization of mini apps and games on the VK Mini Apps platform is expanding, with its in-app ad revenue increasing by 300% YoY in Q4. VK Calls saw AR enhancements and were enabled to simultaneously host an unlimited number of participants, with related MAU in VKontakte at 13mn and 20mn inclusive of Odnoklassniki (OK) in December. The VK Calls SDK was also made available to third-party developers.
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Video is a major focus area, with VKontakte's revenue from video ads increasing by 6.25x YoY in Q4. VK Video was rolled out in October with DAU of 40mn in Q4. To further drive engagement, an updated video player with automatic Russian subtitles was rolled out in October. In November, a new interface, along with an updated search and recommendations system was released, with the full video catalogue enabled for unregistered users in December. The first series of a VK Video originals generated 44mn views within three months.
48mn content creators published content on VKontakte every month in Q4. Creators using VK Donut earned over RUB 53mn in Q4 (+23% QoQ), with the number of public pages using VK Donut up 1.8x and the number of donating subscribers up 2x YoY in 2021. VK Music, a music streaming app developed on the basis of BOOM that unifies all the music technologies of VK was rolled out in November. VK Studio, a service for musicians, was also launched. >5mn people listen to music with VK Combo subscription premium features.
Among the latest social commerce initiatives was the addition of a new tool for VKontakte stores that shows related products.
* Source: Mediascope, October 2021, Russia (all cities, age 0+), mobile app
Odnoklassniki (OK)
Average Russia MAU stood at 38mn in Q4, with high engagement reflected in more than 7.3bn virtual gifts, 731mn postcards and 573mn stickers sent during the quarter.
Average mobile games MAU exceeded 13mn. DAU in mobile games grew by 7% YoY in Q4, with penetration exceeding 10% of overall OK mobile DAU. Total payments to game developers exceeded RUB 3.2bn in 2021, with 40% of payments made to mobile game developers. Total games advertising revenue grew nearly 4x YoY in Q4.
Moments MAU reached 27mn in December (+2.2x YoY), with reach exceeding 50% of total OK MAU. The number of views stood at 434mn (+4x YoY) and reactions at 46mn (+4.8x YoY) in Q4.
Some of the multiple latest product initiatives include recommended publications within newsfeed, new content formats based on machine learning and AI-algorithms, updated business platform, new social commerce tools, major mobile interface update etc.
OK continues to develop advertising based monetization, with the revenue from the internal ads manager within OK up 38% YoY in Q4.
Cross-integrations continue, with the launch of VK Mini Apps application on desktop in October, along with the ongoing integration of VK Pay Checkout on the web platform.
Games segment (represented by MY.GAMES)
MY.GAMES revenue grew by 10.5% YoY in 2021 (to RUB 43.8bn), including 5.1% YoY growth in Q4 (to RUB 11.6bn). 67% of Q4 revenues came from mobile games (versus 76% in Q4 2020). The share of revenue coming from markets outside of Russia & CIS stood at 73% (versus 77% in Q4 2020), with the top-3 international markets being the US, Germany and the UK. MY.GAMES revenue splits by geographies and platforms in Q4 2021 were affected by strong performance of PC/console games in the quarter (saw traditionally high demand on Russian market) and ongoing adaptation to IDFA-related changes.
Average MAU rose by 5.2% QoQ to 22.1mn in Q4, with hyper-casual players of Mamboo Games being the key driver, while the share of monthly paying users was stable at 4.31%.
In Q4 2021, MY.GAMES EBITDA grew 163.6% to RUB 3.8bn, with a margin of 32.7%. MY.GAMES reached its goal of doubling EBITDA versus RUB 5.0bn delivered in 2018 a year ahead of schedule, with its 2021 EBITDA reaching RUB 10.4bn.
MY.GAMES Venture Capital (MGVC) completed 2 new minority investments in Q4 (Square Triangle and Talerock), with 12 transactions including 2 consolidations (Mamboo Games and Playkey) executed in 2021.
Games Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, % Revenue External revenue 11,055 11,588 39,553 43,671 Intersegment revenue 29 59 102 137 Total revenue 11,084 11,647 5% 39,655 43,808 10% Total operating expenses 9,638 7,836 -19% 33,320 33,451 0% EBITDA 1,446 3,811 164% 6,335 10,357 63% EBITDA margin, % 13% 33% 20pp 16% 24% 8pp
Mobile
The top-5 revenue-generating mobile titles in Q4 remained War Robots, Rush Royale, Hustle Castle, Grand Hotel Mania and Left to Survive.
Game Initial Studio Genre Average monthly revenue in Q4 Lifetime installs as of December
release (RUB mn) (mn)
War Robots 2014 Pixonic Shooter 875 206
Rush Royale 2020 IT Tower defense 475 18.3
Territory
Hustle Castle 2017 Nord RPG 300 72
Left to 2018 Whalekit Shooter 150 44.3
Survive
Grand Hotel 2020 Deus Craft Time 150 14
Mania management
Tacticool 2019 Panzerdog PvP shooter 125 22
Zero City 2020 Nord RPG 75 20
American Dad 2019 Nord RPG 75 10
Guild of 2015 BIT.GAMES RPG 50 10
Heroes
Storyngton 2019 BIT.GAMES Match-3 25 5
Hall
In Q4, Rush Royale from IT Territory became the second-highest revenue-generating title in MY.GAMES portfolio as well as data.ai (ex AppAnnie) number one Tower Defense Strategy game in revenue.
PC & Console
Lifetime
Game Initial Platform Studio Genre Average monthly revenue in Q4
release (RUB mn) registered users as of
December (mn)
PC/ First-person
Warface 2013 GODD shooter 475 104
console
Lost Ark 2019 PC GODD MMORPG 80 3
(License)
Perfect World 2009 PC GODD MMORPG 70 7
(License)
Legend 2006 PC IT MMORPG 60 4
Territory
The Warface franchise (2013, PC/console/mobile) remains a top-3 revenue generator for MY.GAMES. MY.GAMES will continue expanding its PC portfolio.
EdTech segment (represented by Skillbox Holding Limited, which includes Skillbox (100%), Geekbrains (100%), Skillfactory (63.75%), Mentorama (90%), Lerna (70%)
The segment continued to demonstrate solid performance in Q4, with revenue rising by 38% YoY to RUB 3.6bn and RUB 10.4bn in revenue for 2021, in line with guidance.
EdTech delivered an EBITDA loss of RUB 0.5bn in Q4 2021 compared to a positive RUB 0.4bn contribution in Q4 2020 due to an increase in personnel and commercial expenses especially marketing expenses to promote seasonal Christmas and New Year discounts, as well as «Black Friday» in December. An increase in the tax burden relative to 2020 also had a negative effect (with minus 1% margin excluding this tax effect). EBITDA margin stood at minus 12.7%, with a slight improvement versus minus 13% in Q3 2021.
EdTech Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, % Revenue External revenue 2,578 3,559 6,100 10,428 Intersegment revenue 0 0 0 2 Total revenue 2,578 3,559 38% 6,100 10,430 71% Total operating expenses 2,174 4,012 85% 5,046 12,036 139% EBITDA 404 -453 n/a 1,054 -1,606 n/a EBITDA margin, % 16% -13% (28)pp 17% -15% (33)pp
The platforms exceeded 9.9mn in combined cumulative registered learners as of the end of December, up 1.5x YoY, with 1.1mn in new registrations during the quarter (excluding the effect of adding the cumulative registered learners of Mentorama and SkillFactory). The cumulative number of paying learners approached 349,000, up 2.1x YoY, with nearly 48,000 new paying learners added during Q4 (excluding the effect of adding the cumulative paid learners of Mentorama and SkillFactory).
The units launched 115 new courses and programs (professions and faculties) during Q4. The average check stood at RUB 63,000 in Q4 (+17% YoY).
New Initiatives segment
The segment's revenue was up 26% to RUB 4.2bn in Q4, with the largest growth contribution coming from recommendation platforms. New Initiatives EBITDA loss amounted to RUB 881m vs a loss of RUB 1.2bn in Q4 2020, and a QoQ improvement versus a loss of RUB 1bn in Q3. EBITDA margin stood at minus 21.2% versus 35.6% in Q4 2020 and minus 35.2% in Q3 due to the ongoing improvement in profitability across most product groups, including Youla, recommendation platforms and B2B (including Cloud).
New Initiatives Segment Performance - Q4 2021 & FY 2021
RUB millions Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, % Revenue External revenue 3,297 4,136 8,207 11,600 Intersegment revenue 8 16 41 46 Total revenue 3,305 4,152 26% 8,248 11,646 41% Total operating expenses 4,481 5,033 12% 13,290 15,910 20% EBITDA -1,176 -881 -25% -5,042 -4,264 -15% EBITDA margin, % -36% -21% 15pp -61% -37% 24pp
Youla (classifieds)
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DJ VK Company Limited audited IFRS results for FY -3-
Revenue exceeded RUB 1.1bn in Q4 (+11% YoY), reaching RUB 3.8bn in 2021, meeting the set guidance of RUB 3.6-3.9bn. Revenue growth was driven by the rising share of B2B sales.
MAU grew by 18% YoY reaching 39mn in December, stimulated by the ongoing rollout of VK Classifieds, with integration across 195,000 Groups in VKontakte.
EBITDA loss as a proportion of revenue continued to decline, with EBITDA margin of minus 20% in Q4 versus minus 59% in Q4 2020.
VK Clips (short video)
As of December, VK Clips offered over 11.3mn in short videos (+223% YoY) from more than 2.4mn unique content creators (+118% YoY).
Engagement continues to rise, with 368mn in average daily views in Q4 and >430mn in peak views. Time spent per user in Clips grew by 103% YoY in December, with the number of users with 10+ minutes in time spent rising by 135% over the same period.
Pulse and Relap (recommendation platforms)
In Q4, Pulse DAU stood at 9.8mn (+74% YoY), with MAU of 77.6mn (+36% YoY). Relap DAU stood at 9.7mn (+23% YoY) in Q4, with MAU of 114mn (+6% YoY). Combined revenue reached RUB 473mn in Q4 (+115% YoY), with RUB 1.3bn in revenue in 2021 (+124% YoY). Timespent per active user increased by 25% YoY to 13 minutes.
Joint Ventures
O2O JV (equal 45.01% ownership between Sber and VK)
GMV of O2O JV reached 53bn (+34% YoY) in Q4. EBITDA?burn stood at minus RUB 6.5bn with e-grocery being the main investment area. At the same time, continuous focus on operational efficiency resulted in an EBITDA margin of minus 12% (as % of GMV), an improvement versus minus 16% in Q3 2021 and minus 21% in Q4 2020.
Q4 2020 Q4 2021 YoY, % FY 2020 FY 2021 YoY, % GMV, RUB mn 39,967 53,364 34% 115,612 187,167 62% EBITDA, RUB mn (8,548) (6,507) -24% (26,279) (29,491) 12% EBITDA margin, as % of GMV -21% -12% 9.2% -23% -16% 7.0%
AliExpress Russia (AER) JV (15% stake held by VK)
Total GMV (excluding services) increased by 46% YoY to RUB 306bn in 2021, with the local business growing by 124% YoY to RUB 110bn to 36% of total GMV. Total number of orders reached 309mn in 2021, with 204,000 (+220% YoY) in average daily local orders in December. The number of active buyers exceeded 28.7mn in 2021 with buyers of local goods growing 2x YoY. Total number of sellers exceeded 400,000 (+69% YoY), with the number of Russian sellers increasing by 193% YoY to 102,500. Further details can be found here: https://press.aliexpress.ru/page25326016.html
For further information please contact:
Investors
Tatiana Volochkovich
Phone: +7 495 725 6357 extension: 3434
E-mail: t.volochkovich@vk.team
Press
Alina Fedorova Mobile: +7 916 238 1297 E-mail: alina.fedorova@vk.team
Cautionary Statement regarding Forward Looking Statements and Disclaimers
This press release contains statements of expectation and other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "forecast", "intend", "will", "could", "may" or "might", the negative of such terms or other similar expressions including "outlook" or "guidance". The forward-looking statements in this release are based upon various assumptions that are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and may be beyond the Group's control. Actual results could differ materially from those discussed in the forward-looking statements herein. Many factors could cause actual results to differ materially from those discussed in the forward looking statements included herein, including competition in the marketplace, changes in consumer preferences, the degree of Internet penetration and online advertising in Russia, concerns about data security, claims of intellectual property infringement, adverse media speculation, changes in political, social, legal or economic conditions in Russia, exchange rate fluctuations, and the Group's success in identifying and responding to these and other risks involved in its business, including those referenced under "Risk Factors" in the Group's public filings. The forward-looking statements contained herein speak only as of the date they were made, and the Group does not intend to amend or update these statements except to the extent required by law to reflect events and circumstances occurring after the date hereof.
About VK
VK develops the ecosystem helping millions of people with their day-to-day needs online. More than 90% of the Russian internet audience use it every day.
The ecosystem enables people to keep in touch (using social networks OK and VKontakte, messaging apps and email service), play video games (via MY.GAMES), get and offer items and services, browse jobs and hire talent (via Youla and VK Jobs), order food and grocery delivery (via Delivery Club, Samokat and Local Kitchen), get a ride (with Citymobil and Citydrive), master new skills (at GeekBrains, Skillbox and other educational services), buy and sell at AliExpress Russia and fulfill other needs.
The VK ecosystem features a number of shared elements bringing the services together. Users can sign in to different services with a single VK ID account, pay and earn cash back with the VK Pay platform, get discounts and deals with VK Combo, access their favorite services via the VK Mini Apps platform - and the Marusya voice assistant can help with any task.
The company offers enterprises to employ its dynamic ecosystem to digitize their business processes, providing a range of solutions from online promotion and predictive analytics to corporate social networks, cloud services and enterprise automation.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (REGULATION 596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Filing of the Interim Condensed Consolidated Financial Statements for 12m 2021
The Group's interim condensed consolidated financial statements for the nine months ended 31 December 2021 prepared in accordance with IFRS and accompanied by an independent auditor's review report have been filed on the National Storage Mechanism appointed by the Financial Conduct Authority and can be accessed at https://data.fca.org.uk/#/nsm/ nationalstoragemechanism or on the Group's website at https://vk.company/media/files/vkifrsfy2021.pdf
Group Aggregate Segment Financial Information*
RUB millions Q4 Q4 YoY, % 12m 2020 12m 2021 YoY, %
2020 2021
Group aggregate segment revenue (1)
Online advertising 12,779 14,659 14.7% 39,004 48,608 24.6%
MMO games 9,802 10,130 3.3% 35,862 37,918 5.7%
Community IVAS 4,904 5,047 2.9% 18,337 18,450 0.6%
Education Technology services 2,578 3,557 38.0% 6,099 10,422 70.9%
Other revenue** 2,916 3,660 25.4% 7,071 10,354 46.4%
Total Group aggregate segment revenue 32,979 37,053 12.4% 106,373 125,752 18.2%
Group aggregate operating expenses
Personnel expenses 7,980 9,724 21.9% 25,253 32,774 29.8%
Agent/partner fees 9,448 9,249 -2.1% 28,997 33,667 16.1%
Marketing expenses 6,897 4,879 -29.3% 19,985 20,707 3.6%
Server hosting expenses 210 218 3.8% 777 853 9.8%
Professional services 333 450 35.1% 960 1,488 55.0%
Other operating (income)/expenses, excl. D&A 841 1,890 124.7% 3,489 4,461 27.9%
Total Group aggregate operating expenses 25,709 26,410 2.7% 79,461 93,950 18.2%
Group aggregate segment EBITDA (2) 7,270 10,643 46.4% 26,912 31,802 18.2%
margin, % 22.0% 28.7% 25.3% 25.3%
Depreciation, amortisation and impairment*** (3) 3,717 4,338 16.7% 11,840 14,750 24.6%
Share of loss of key JVs and equity associates 4,362 5,546 27.1% 11,923 18,915 58.6%
Other non-operating income (expense), net -855 -821 -4.0% -2,431 -2,206 -9.3%
Profit/(loss) before tax (4) -1,664 -62 n/m 718 -4,069 n/m
Income tax expense (5) 969 1,125 16.1% 2,677 2,417 -9.7%
Group aggregate net profit from consolidated subsidiaries (6) 1,729 4,359 n/m 9,964 12,429 24.7%
margin, % 5.2% 11.8% 9.4% 9.9%
Group aggregate net profit/(loss) (7) -2,633 -1,187 n/m -1,959 -6,486 n/m
margin, % -8.0% -3.2% -1.8% -5.2%
(*) The numbers in this table and further in the document may not exactly foot or cross-foot due to rounding.
(**) Including Other IVAS revenues.
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DJ VK Company Limited audited IFRS results for FY -4-
(***) Including the impairment of Love Choice and Ashes of Creation in amount of RUB 327m in Q4 2021. 1. Group aggregate segment revenue is calculated by aggregating the segment revenue of the Group's operatingsegments and eliminating intra-segment and inter-segment revenues. This measure differs in significant respectsfrom IFRS consolidated net revenue. See "Presentation of Aggregate Segment Financial Information" below. 2. Group aggregate segment EBITDA is calculated by subtracting Group aggregate segment operating expensesfrom Group aggregate segment revenue. Group aggregate segment operating expenses are calculated by aggregating thesegment operating expenses (excluding the depreciation and amortisation) of the Group's operating segmentsincluding allocated Group's corporate expenses, and eliminating intra-segment and inter-segment expenses. See"Presentation of Aggregate Segment Financial Information". 3. Group aggregate depreciation, amortisation and impairment expense is calculated by aggregating thedepreciation, amortisation and impairment expense of the subsidiaries consolidated as of the date hereof, excludingamortisation and impairment of fair value adjustments to intangible assets acquired in business combinations. 4. Profit before tax is calculated by deducting from Group aggregate segment EBITDA Group aggregatedepreciation, amortisation and impairment expense and adding/deducting Group aggregate other non-operating incomes/expenses primarily consisting of interest income on cash deposits, interest expenses, dividends from financial andavailable-for-sale investments and other non-operating items. 5. Group aggregate income tax expense is calculated by aggregating the income tax expense of thesubsidiaries consolidated as of the date hereof. Group aggregate income tax expense is different from income tax aswould be recorded under IFRS, as it is adjusted for the tax effect of differences in profit before tax betweenGroup aggregate segment financial information and IFRS. 6. Group aggregate net profit from consolidated subsidiaries is the (i) Group aggregate segment EBITDA; less(ii) Group aggregate depreciation, amortisation and impairment expense; less (iii) Group aggregate othernon-operating expense; plus (iv) Group aggregate other non-operating income; less (v) Group aggregate income taxexpense. 7. Group aggregate net profit is the (i) Group aggregate net profit from consolidated subsidiaries; less(ii) Share of loss of key JVs and equity associates. Group aggregate net profit differs in significant respectsfrom IFRS consolidated net profit. See "Presentation of Aggregate Segment Financial Information".
Operating Segments
The composition of the reporting segments reflects the Group's strategy, the way the business is managed and units' interconnection within its eco-system. From the first quarter of 2021 the Group has identified the following reportable segments on this basis:
-- Communications and Social;
-- Games;
-- Education Technologies (EdTech); and
-- New initiatives.
The Communications and Social segment includes email, instant messaging and portal (main page and media projects). It earns substantially all revenues from display and context advertising. This segment also aggregates the Group's social network Vkontakte (VK) and two other social networks (OK and My World) and earns revenues from (i) commission from application developers based on the respective applications' revenue, (ii) user payments for virtual gifts, stickers and music subscriptions and (iii) online advertising, including display and context advertising. It also includes Search and music services (UMA). These businesses have similar nature and economic characteristics as they are represented by social networks and online communications, common type of customers for their products and services and are regulated under similar regulatory environment.
The Games segment includes online gaming services, including MMO, social and mobile games operated by the Group. It earns substantially all revenues from (i) sale of virtual in-game items to users, (ii) royalties for games licensed to third-party online game operators and (iii) in-game advertising.
The Education Technologies (EdTech) segment includes our consolidated education businesses presented by GeekBrains and Skillbox. The businesses earn substantially all revenues from education technology services.
The New initiatives segment primarily consists of Youla classifieds earning substantially all revenues from advertising and listing fees, VK Clips with potential to become a major separate product with the planned launch of own application and target presence across the various Group's services, B2B new projects including cloud along with other services, which are considered insignificant by the CODM for the purposes of performance review and resource allocation.
Each segment's EBITDA is calculated as the respective segment's revenue less operating expenses (excluding depreciation and amortisation and impairment of intangible assets), including our corporate expenses allocated to the respective segment.
Operating Segments Performance - Q4 2021
RUB millions Communications and Games EdTech New Eliminations Group
Social initiatives
Revenue
External revenue 17,770 11,588 3,559 4,136 - 37,053
Intersegment revenue 106 59 - 16 (181) -
Total revenue 17,876 11,647 3,559 4,152 (181) 37,053
Total operating expenses 9,710 7,836 4,012 5,033 (181) 26,410
EBITDA 8,166 3,811 (453) (881) - 10,643
EBITDA margin, % 45.7% 32.7% -12.7% -21.2% 0.0% 28.7%
Net profit from consolidated subsidiaries 4,359
Net profit from consolidated subsidiaries margin, 11.8%
%
Share of loss of equity accounted associates and (5,546)
joint ventures
Aliexpress Russia JV (2,213)
O2O JV (3,325)
Umskul associate (34)
Uchi.ru associate 26
Net loss (1,187)
Net loss margin, % -3.2%
Operating Segments Performance - Q4 2020
RUB millions Communications and Games EdTech New Eliminations Group
Social initiatives
Revenue
External revenue 16,049 11,055 2,578 3,297 - 32,979
Intersegment revenue 175 29 - 8 (212) -
Total revenue 16,224 11,084 2,578 3,305 (212) 32,979
Total operating expenses 9,628 9,638 2,174 4,481 (212) 25,709
EBITDA 6,596 1,446 404 (1,176) - 7,270
EBITDA margin, % 40.7% 13.0% 15.7% -35.6% 0.0% 22.0%
Net profit from consolidated subsidiaries 1,729
Net profit from consolidated subsidiaries 5.2%
margin, %
Share of loss of joint ventures (4,362)
Aliexpress Russia JV (655)
O2O JV (3,707)
Net loss (2,633)
Net loss margin, % -8.0%
Operating Segments Performance - 12m 2021
RUB millions Communications and Games EdTech New Eliminations Group
Social initiatives
Revenue
External revenue 60,053 43,671 10,428 11,600 - 125,752
Intersegment revenue 328 137 2 46 (513) -
Total revenue 60,381 43,808 10,430 11,646 (513) 125,752
Total operating expenses 33,066 33,451 12,036 15,910 (513) 93,950
EBITDA 27,315 10,357 (1,606) (4,264) - 31,802
EBITDA margin, % 45.2% 23.6% -15.4% -36.6% 0.0% 25.3%
Net profit from consolidated subsidiaries 12,429
(MORE TO FOLLOW) Dow Jones Newswires
March 03, 2022 02:00 ET (07:00 GMT)
DJ VK Company Limited audited IFRS results for FY -5-
Net profit from consolidated subsidiaries margin, 9.9% % Share of loss of equity accounted associates and (18,915) joint ventures Aliexpress Russia JV (4,392) O2O JV (14,423) Umskul associate (34) Uchi.ru associate (66) Net loss (6,486) Net loss margin, % -5.2%
Operating Segments Performance - 12m 2020
RUB millions Communications and Games EdTech New Eliminations Group
Social initiatives
Revenue
External revenue 52,513 39,553 6,100 8,207 - 106,373
Intersegment revenue 172 102 - 41 (315) -
Total revenue 52,685 39,655 6,100 8,248 (315) 106,373
Total operating expenses 28,120 33,320 5,046 13,290 (315) 79,461
EBITDA 24,565 6,335 1,054 (5,042) - 26,912
EBITDA margin, % 46.6% 16.0% 17.3% -61.1% 0.0% 25.3%
Net profit from consolidated subsidiaries 9,964
Net profit from consolidated subsidiaries 9.4%
margin, %
Share of loss of joint ventures (11,923)
Aliexpress Russia JV (1,350)
O2O JV (10,573)
Net loss (1,959)
Net loss margin, % -1.8%
Liquidity
As of 31 December 2021, the Group had RUB 23,737 million of cash and cash equivalents and RUB 58,767 million of debt outstanding (excluding lease liabilities). The Group's net debt position was RUB 35,030 million excluding lease liabilities and RUB 50,478 million including lease liabilities.
Presentation of Aggregate Segment Financial Information
The Group aggregate segment financial information is derived from the financial information used by management to manage the Group's business by aggregating the segment financial data of the Group's operating segments and eliminating intra-segment and inter-segment revenues and expenses. Group aggregate segment financial information differs significantly from the financial information presented on the face of the Group's consolidated financial statements in accordance with IFRS. In particular:
-- The Group's segment financial information excludes certain IFRS adjustments which are not analysed bymanagement in assessing the core operating performance of the business. Such adjustments affect such major areas asrevenue recognition, share-based payment transactions, disposal of and impairment of investments, fair valueadjustments, amortisation and impairment thereof, net foreign exchange gains and losses, as well as irregularnon-recurring items that occur from time to time and are evaluated for adjustment as and when they occur. The taxeffect of these adjustments is also excluded from segment reporting.
-- In 2021 the Group changed the approach to the presentation and composition of reporting segments in orderto better reflect the Group's strategy and the way the business is managed. From the first quarter of 2021 theGroup has presented reportable segments based on the consolidation scope as determined in accordance with IFRS, achange from previously applying a pro forma approach to acquisitions, disposals and assets held for sale.
-- Segment revenues do not reflect certain other adjustments required when presenting consolidated revenuesunder IFRS. For example, segment revenue excludes barter revenues and adjustments to defer online gaming, socialnetwork and education revenues under IFRS.
A reconciliation of group aggregate segment revenue, as presented to the CODM, to IFRS consolidated revenue of the Group for the three months ended December 31, 2021 and 2020 is presented below:
RUB millions Q4 2021 Q4 2020 Group aggregate segment revenue, as presented to the CODM 37,053 32,979 Adjustments to reconcile revenue as presented to the CODM to consolidated revenue under IFRS: Differences in timing of revenue recognition 1,544 (1,663) Consolidated revenue under IFRS 38,597 31,316
A reconciliation of group aggregate segment EBITDA, as presented to the CODM, to IFRS consolidated loss before income tax expense of the Group for the three months ended December 31, 2021 and 2020 is presented below:
RUB millions Q4 2021 Q4 2020 Group aggregate segment EBITDA, as presented to the CODM 10,643 7,270 Adjustments to reconcile EBITDA as presented to the CODM to consolidated loss before income tax expenses under IFRS Differences in timing of revenue recognition 1,544 (1,663) Share-based payment transactions (1,380) (390) Expected credit loss on consideration receivable (81) - Other (1) 117 EBITDA 10,725 5,334 Depreciation and amortisation (4,966) (4,612) Impairment of fair value adjustments to intangible assets (1,714) (285) Share of loss of equity accounted associates and joint ventures (6,986) (9,565) Finance income 253 56 Finance expenses (1,343) (1,101) Other non-operating loss (222) (186) Goodwill impairment - (620) Net gain on financial assets and liabilities at fair value through profit or loss 677 1,756 Net gain on disposal of subsidiaries - 1,437 Impairment of equity accounted associates (559) - Net loss on disposal of intangible assets - (124) Loss on remeasurement of financial instruments (429) (97) Net foreign exchange (loss)/gain (950) 11 Consolidated loss before income tax expense under IFRS (5,514) (7,996)
A reconciliation of group aggregate net loss, as presented to the CODM, to IFRS consolidated net loss of the Group for the three months ended December 31, 2021 and 2020 is presented below:
RUB millions Q4 2021 Q4 2020 Group aggregate net loss, as presented to CODM (1,187) (2,633) Adjustments to reconcile net loss as presented to the CODM to consolidated net loss under IFRS Differences in timing of revenue recognition 1,544 (1,663) Share-based payment transactions (1,380) (390) Expected credit loss on consideration receivable (81) - Other non-operating loss (222) (186) Goodwill impairment - (620) Impairment of fair value adjustments to intangible assets (1,387) (285) Net gain on disposal of subsidiaries - 1,437 Net loss on disposal of intangible assets - (124) Net gain on financial assets and liabilities at fair value through profit or loss 677 1,756 Impairment of equity accounted associates (559) -
(MORE TO FOLLOW) Dow Jones Newswires
March 03, 2022 02:00 ET (07:00 GMT)
DJ VK Company Limited audited IFRS results for FY -6-
Loss on remeasurement of financial instruments (429) (97) Net foreign exchange (loss)/gain (950) 11 Amortisation of fair value adjustments to intangible assets (954) (899) Net loss on financial liabilities at amortised cost (233) - Differences in recognition of net share in loss of equity accounted associates and joint ventures (1,440) (5,203) Other (18) (69) Tax effect of the adjustments 710 (110) Consolidated net loss under IFRS (5,909) (9,075)
A reconciliation of group aggregate segment revenue, as presented to the CODM, to IFRS consolidated revenue of the Group for the twelve months ended December 31, 2021 and 2020 is presented below:
RUB millions FY 2021 FY 2020 Group aggregate segment revenue, as presented to the CODM 125,752 106,373 Adjustments to reconcile revenue as presented to the CODM to consolidated revenue under IFRS: Differences in timing of revenue recognition 309 (5,831) Consolidated revenue under IFRS 126,061 100,542
A reconciliation of group aggregate segment EBITDA, as presented to the CODM, to IFRS consolidated loss before income tax expense of the Group for the twelve months ended December 31, 2021 and 2020 is presented below:
RUB millions FY 2021 FY 2020 Group aggregate segment EBITDA, as presented to the CODM 31,802 26,912 Adjustments to reconcile EBITDA as presented to the CODM to consolidated loss before income tax expenses under IFRS Differences in timing of revenue recognition 309 (5,831) Share-based payment transactions (2,091) (1,770) Expected credit loss on consideration receivable (554) - Other (19) (32) EBITDA 29,447 19,279 Depreciation and amortisation (18,371) (15,138) Impairment of fair value adjustments to intangible assets (1,714) (285) Share of loss of equity accounted associates and joint ventures (21,167) (19,892) Finance income 969 336 Finance expenses (4,253) (2,969) Other non-operating loss (197) (163) Goodwill impairment - (7,050) Net gain on financial assets and liabilities at fair value through profit or loss 2,700 5,281 Net gain on disposal of subsidiary - 1,437 Impairment of equity accounted associates (559) (260) Net loss on disposal of intangible assets - (124) Gain on remeasurement of previously held interest in equity accounted associate 305 46 Loss on remeasurement of financial instruments (843) (327) Net foreign exchange (loss)/gain (943) 436 Consolidated loss before income tax expense under IFRS (14,626) (19,393)
A reconciliation of group aggregate net loss, as presented to the CODM, to IFRS consolidated net loss of the Group for the twelve months ended December 31, 2021 and 2020 is presented below:
RUB millions FY 2021 FY 2020 Group aggregate net loss, as presented to CODM (6,486) (1,959) Adjustments to reconcile net loss as presented to the CODM to consolidated net loss under IFRS Differences in timing of revenue recognition 309 (5,831) Share-based payment transactions (2,091) (1,770) Expected credit loss on consideration receivable (554) - Other non-operating loss (197) (163) Goodwill impairment - (7,050) Impairment of fair value adjustments to intangible assets (1,387) (285) Net gain on disposal of subsidiaries - 1,437 Net loss on disposal of intangible assets - (124) Net gain on financial assets and liabilities at fair value through profit or loss 2,700 5,281 Impairment of equity accounted associates (559) (260) Gain on remeasurement of previously held interest in equity accounted associate 305 46 Loss on remeasurement of financial instruments (843) (327) Net foreign exchange (loss)/gain (943) 436 Amortisation of fair value adjustments to intangible assets (3,947) (3,298) Net loss on financial liabilities at amortised cost (892) - Differences in recognition of net share in loss of equity accounted associates and joint ventures (2,252) (7,969) Other (186) (234) Tax effect of the adjustments 1,326 844 Consolidated net loss under IFRS (15,697) (21,226)
Consolidated IFRS Statement of Financial Position
RUB millions December 31, 2021 December 31, 2020
(audited) (audited)
ASSETS
Non-current assets
Investments in equity accounted associates and joint ventures 48,921 41,948
Goodwill 138,600 135,670
Right-of-use assets 14,843 15,618
Other intangible assets 18,324 19,623
Property and equipment 15,798 11,651
Financial assets at fair value through profit or loss 6,903 2,305
Deferred income tax assets 5,157 2,924
Long-term loans receivable 69 422
Advance under office lease contract 462 249
Total non-current assets 249,077 230,410
Current assets
Trade accounts receivable 20,688 16,707
Prepaid income tax 359 358
Prepaid expenses and advances to suppliers 2,353 853
Loans receivable 109 2,441
Inventories 157 98
Other current assets 1,445 1,247
Cash and cash equivalents 23,737 39,297
Total current assets 48,848 61,001
Total assets 297,925 291,411
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Issued capital - -
Share premium 79,397 77,101
Treasury shares (1,044) (1,071)
Retained earnings 89,985 103,103
Accumulated other comprehensive income 1,578 1,195
Total equity attributable to equity holders of the parent 169,916 180,328
(MORE TO FOLLOW) Dow Jones Newswires
March 03, 2022 02:00 ET (07:00 GMT)
DJ VK Company Limited audited IFRS results for FY -7-
Non-controlling interests 346 1,663 Total equity 170,262 181,991 Non-current liabilities Deferred income tax liabilities 1,228 1,379 Deferred revenue 1,455 1,871 Non-current lease liabilities 11,327 11,338 Financial liabilities at fair value through profit or loss, 879 3,506 non-current Long-term interest-bearing loans and borrowings 50,810 41,497 Other non-current liabilities 522 265 Total non-current liabilities 66,221 59,856 Current liabilities Trade accounts payable 14,541 10,923 Income tax payable 3,208 2,673 VAT and other taxes payable 4,391 2,259 Deferred revenue and customer advances 17,980 16,912 Short-term portion of long-term interest-bearing loans 7,078 3,718 Current lease liabilities 4,121 3,861 Other payables, accrued expenses and contingent consideration 10,123 9,218 liabilities Total current liabilities 61,442 49,564 Total liabilities 127,663 109,420 Total equity and liabilities 297,925 291,411
Consolidated IFRS Statement of Comprehensive Income
RUB millions FY2021 FY2020 Online advertising 48,686 39,008 MMO games 38,327 32,769 Community IVAS 18,387 18,215 Education technology services 10,651 3,461 Other revenue 10,010 7,089 Total revenue 126,061 100,542 Personnel expenses (34,864) (27,023) Agent/partner fees (33,680) (29,001) Marketing expenses (20,706) (19,994) Server hosting expenses (853) (777) Professional services (1,501) (973) Other operating expenses (5,010) (3,495) Total operating expenses (96,614) (81,263) EBITDA 29,447 19,279 Depreciation and amortisation (18,371) (15,138) Impairment of intangible assets (1,714) (285) Share of loss of equity accounted associates and joint ventures (21,167) (19,892) Finance income 969 336 Finance expenses (4,253) (2,969) Other non-operating loss (197) (163) Goodwill impairment - (7,050) Net gain on financial assets and liabilities at fair value through profit or loss 2,700 5,281 Net gain on loss of control over subsidiaries - 1,437 Impairment of equity accounted associates (559) (260) Net loss on disposal of intangible assets - (124) Gain on remeasurement of previously held interest in equity accounted associates 305 46 Loss on remeasurement of financial instruments (843) (327) Net foreign exchange (loss)/gain (943) 436 Loss before income tax expense (14,626) (19,393) Income tax expense (1,071) (1,833) Net loss (15,697) (21,226) Attributable to: Equity holders of the parent (15,493) (20,921) Non-controlling interests (204) (305) Other comprehensive income that may be reclassified to profit or loss in subsequent periods Other comprehensive income that may be reclassified to profit or loss in subsequent periods 383 1,025 Total other comprehensive income net of tax effect of 0 383 1,025 Total comprehensive loss, net of tax (15,314) (20,201) Attributable to: Equity holders of the parent (15,110) (19,896) Non-controlling interests (204) (305) Loss per share, in RUB: Basic loss per share attributable to ordinary equity holders of the parent (69.00) (95.00) Diluted earnings per share attributable to ordinary equity holders of the parent n/a n/a
Consolidated IFRS Statement of Cash Flows
RUB millions Twelve months ended Twelve months ended
December 31, 2021 December 31, 2020
Cash flows from operating activities
Loss before income tax (14,626) (19,393)
Adjustments to reconcile loss before income tax to cash flows:
Depreciation and amortisation 18,371 15,138
Impairment of intangible assets 1,714 285
Share of loss of equity accounted associates and joint ventures 21,167 19,892
Finance income (969) (336)
Finance expenses 4,253 2,969
Expected credit loss allowance on trade and other receivables 418 183
Goodwill impairment - 7,050
Net gain on financial assets and liabilities at fair value through profit or (2,700) (5,281)
loss
Net gain on disposal of subsidiaries - (1,437)
Impairment of equity accounted associates 559 260
Net loss on disposal of intangible assets - 124
Gain on remeasurement of previously held interest in equity accounted (305) (46)
associates
Loss on remeasurement of financial instruments 843 327
Net foreign exchange loss/(gain) 943 (436)
?ash settled and equity settled share-based payments 2,091 1,770
Other non-cash items 227 173
Change in operating assets and liabilities:
Increase in accounts receivable (3,912) (1,949)
(Increase)/decrease in prepaid expenses and advances to suppliers (1,512) 296
(Increase)/decrease in inventories and other assets (960) 166
Increase in accounts payable and accrued expenses 5,700 2,469
Decrease/(increase) in other non-current assets 205 (128)
Increase in deferred revenue and customer advances 86 5,832
Increase in financial assets at fair value through profit or loss (5,129) (415)
Operating cash flows before interest and income taxes 26,464 27,513
Interest received 393 370
Interest paid (2,977) (2,564)
Income tax paid (2,968) (2,298)
(MORE TO FOLLOW) Dow Jones Newswires
March 03, 2022 02:00 ET (07:00 GMT)
DJ VK Company Limited audited IFRS results for FY -8-
Net cash provided by operating activities 20,912 23,021 Cash flows from investing activities Cash paid for property and equipment (8,767) (6,730) Cash paid for intangible assets (6,346) (4,388) Dividends received from equity accounted associates 891 29 Loans issued (15,959) (2,803) Loans collected 348 515 Cash paid for acquisitions of subsidiaries, net of cash acquired (3,503) (804) Proceeds from disposal of subsidiaries, net of cash disposed - 1,090 Cash paid for investments in equity accounted associates and joint ventures (11,767) (17,318) Net cash used in investing activities (45,103) (30,409) Cash flows from financing activities Payment of lease liabilities (3,783) (4,023) Loans received, net of bank commission 21 14,346 Loans repaid (3,718) (17,595) Proceeds from bonds issued 15,000 30,944 Proceeds from issuance of GDR, net of issuance costs paid - 15,209 Cash received from disposal of non-controlling interests in subsidiaries 1,486 - Cash paid for non-controlling interests in subsidiaries (20) (947) Dividends paid by subsidiaries to non-controlling shareholders (215) (237) Net cash provided by financing activities 8,771 37,697 Net (decrease)/increase in cash and cash equivalents (15,420) 30,309 Effect of exchange differences on cash balances (140) (837) Cash and cash equivalents at the beginning of the year 39,297 9,825 Cash and cash equivalents at the end of the year 23,737 39,297
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ISIN: US5603172082 Category Code: ACS TIDM: VKCO LEI Code: 2138009IXUP41SPL5B50 Sequence No.: 146482 EQS News ID: 1293007 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
March 03, 2022 02:00 ET (07:00 GMT)
