Financial Highlights

Financial Highlights

  20161 2017 2018
Revenue      
Revenue, Rub m 3,740 4,733 6,118
Growth, % 20.5% 26.6% 29.3%
Operating expenses      
Personnel expenses, Rub m (1,251) (1,506) (1,717)
As % of Revenue 33.4% 31.8% 28.1%
Marketing expenses, Rub m (424) (693) (940)
As % of Revenue 11.3% 14.6% 15.4%
Other operating expenses2, Rub m (392) (589) (776)
As % of Revenue 10.5% 12.5% 12.7%
D&A, Rub m (541) (561) (586)
Operating income, Rub m 1,133 1,383 2,099
Net income for the period, Rub m (29) 463 1,033
Adjusted Net income for the year3, Rub m 112 897 1,538
Margin, % 3.0% 19.0% 25.1%
Adjusted EBITDA4, Rub m 1,669 2,255 2,855
Margin, % 44.6% 47.7% 46.7%

 
(1) The financial results for the year ended December 31, 2016 are presented on an unaudited pro forma basis and have been derived from the historical audited statements of operations and represent the addition of the “Predecessor 2016 Stub Period” from January 1 to February 23, 2016 and the “Successor 2016 Period” from February 24 to December 31, 2016 and give effect to our acquisition of a 100% interest in Headhunter FSU Limited from Mail.Ru (the “Acquisition”) as if it had occurred on January 1, 2016. The pro forma consolidated financial information presented is based on available information and assumptions we believe are reasonable. It is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the Acquisition, including the related incurrence and repayment of debt, had occurred as of the dates indicated or what the results of operations would be for any future periods.

(2) We define Other operating expenses as (i) subcontractors and other expenses related to provision of services plus (ii) office rent and maintenance plus (iii) professional services plus (iv) hosting and other web-site maintenance plus (v) other operating expenses

(3) We define Adjusted Net Income as net income/(loss) plus: (i) transaction costs related to the Acquisition; (ii) gain on the disposal of a subsidiary; (iii) transaction costs related to the disposal of a subsidiary; (iv) amortization of intangible assets recognized upon the Acquisition; (v) the tax effect of the adjustments described in (iv) and (vi) (gain)/loss related to the remeasurement and expiration of a tax indemnification asset. See the tab entiteled “adj. EBITDA and adj. Net Income” in our databook available under the Investor tab on this website for a reconciliation to the nearest IFRS measure

(4) We define Adjusted EBITDA as net income/(loss) plus (i) income tax expense; (ii) net interest expense/(income); (iii) depreciation and amortization; (iv) transaction costs related to business combinations; (v) gain on the disposal of subsidiary; (vi) expenses related to equity-settled awards and (vii) IPO-related costs. See the tab entiteled “adj. EBITDA and adj. Net Income” in our databook available under the Investor tab on this website for a reconciliation to the nearest IFRS measure