VK COMPANY LIMITED VK International Public Joint-Stock Company
Consolidated Financial Statements
For the year ended December 31, 2023
Contents | ||
Independent Auditor's Report | 3 | |
Consolidated Financial Statements | ||
Consolidated Statement of Financial Position | 8 | |
Consolidated Statement of Comprehensive Income | 9 | |
Consolidated Statement of Cash Flows | 11 | |
Consolidated Statement of Changes in Equity | 13 | |
Notes to the Consolidated Financial Statements | ||
1 | Corporate information and description of business | 15 |
2 | Basis of preparation | 15 |
3 | Summary of significant accounting policies | 17 |
4 | Significant accounting judgments, estimates and assumptions | 31 |
5 | Operating segments | 34 |
6 | Lease contracts | 36 |
7 | Intangible assets | 38 |
8 | Goodwill | 39 |
9 | Property and equipment | 41 |
10 | Consolidated subsidiaries | 42 |
11 | Investments in equity accounted associates and joint ventures | 42 |
12 | Business combinations and disposals | 45 |
13 | Non-current assets held for sale and discontinued operations | 56 |
14 | Trade accounts receivable | 58 |
15 | Cash and cash equivalents and short-term deposits | 59 |
16 | Other non-current assets, other payables, other current liabilities and accrued expense and other current assets | 59 |
17 | Share capital | 60 |
18 | Revenue | 61 |
19 | Finance income and expenses | 61 |
20 | Income tax | 62 |
21 | EPS | 63 |
22 | Commitments, contingencies and operating risks | 64 |
23 | Balances and transactions with related parties | 67 |
24 | Financial instruments | 69 |
25 | Personnel expenses | 73 |
26 | Other operating expenses | 74 |
27 | Financial risk management objectives and policies | 74 |
28 | Share-based payments | 76 |
29 | Events after the reporting period | 78 |
2
Consolidated Statement of Comprehensive Income
For the year ended December 31, 2023 (in millions of Russian Roubles)
Notes | 2023 | 2022 | |
Continuing operations | |||
Online advertising | 79,749 | 56,917 | |
Community IVAS | 19,268 | 17,008 | |
Education technology services | 15,824 | 11,190 | |
Other revenue | 17,929 | 12,655 | |
Total revenue | 18 | 132,770 | 97,770 |
Personnel expenses | 25 | (55,861) | (38,847) |
Agent/partner fees | (40,690) | (23,988) | |
Marketing expenses | (24,643) | (14,018) | |
Server hosting expenses | (1,137) | (636) | |
Professional services | (1,687) | (1,229) | |
Other operating income | 205 | 792 | |
Other operating expenses | 26 | (9,572) | (5,055) |
Total operating expenses, net | (133,385) | (82,981) | |
Depreciation and amortisation | 6, 7, 9 | (23,714) | (18,113) |
Impairment of intangible assets | 7 | - | (1,052) |
Share of loss of equity accounted associates and joint ventures | 11 | 684 | (16,994) |
Finance income | 19 | 10,288 | 6,561 |
Finance expenses | 19, 24.3 | (17,759) | (12,379) |
Recovery of reserves due to the expiration of the limitation period | 906 | - | |
Other non-operating gain | 6 | 110 | 187 |
Goodwill impairment | 8 | - | (9,681) |
Net loss on financial assets and liabilities at fair value through profit or loss | 24 | (1,838) | (10,486) |
Profit from sale of subsidiaries | 13.2 | 92 | 13 |
Impairment recovery of equity accounted associates | 11 | 295 | - |
Impairment of equity accounted associates and joint ventures | 11 | - | (13,973) |
Loss on remeasurement of assets held for sale | 13.2 | - | (283) |
Gain on remeasurement of previously held interest in joint ventures and equity accounted | |||
associate | 11 | 310 | 24,360 |
Loss on remeasurement of financial instruments | (4,584) | (123) | |
Expected credit loss allowance on restricted cash | (64) | (2,190) | |
Foreign exchange | 1,681 | 9,867 | |
Loss before income tax expense from continuing operations | (34,208) | (29,497) | |
Income tax expense | 20 | (83) | (3,149) |
Net loss from continuing operations | (34,291) | (32,646) | |
Discontinued operations | |||
Net profit from discontinued operations | 13 | - | 28,736 |
Net loss | (34,291) | (3,910) | |
Other comprehensive income | |||
Other comprehensive income that may be reclassified to profit or loss | |||
in subsequent periods | |||
Effect of translation to presentation currency of Group's joint ventures | - | 1,002 | |
Exchange difference on translation of foreign operations | 3,509 | (26) | |
Total other comprehensive income that may be reclassified to profit or loss | |||
in subsequent periods | 3,509 | 976 | |
Total other comprehensive income net of tax effect of 0 | 3,509 | 976 | |
Total comprehensive loss, net of tax | (30,782) | (2,934) |
VK 2023 Results | 9 |
Consolidated Statement of Comprehensive Income (continued)
Notes | 2023 | 2022 |
Net loss, attributable to: | ||
Equity holders of the parent | (33,716) | (3,144) |
Non-controlling interests | (575) | (766) |
Total comprehensive loss, net of tax, attributable to: | ||
Equity holders of the parent | (30,207) | (2,168) |
Non-controlling interests | (575) | (766) |
Loss per share, in RUB: | ||
Basic loss per share attributable to ordinary equity holders of the parent | (149) | (14) |
Diluted earnings per share attributable to ordinary equity holders of the parent | n/a | n/a |
Loss per share from continuing operations, in RUB: | ||
Basic loss per share attributable to ordinary equity holders of the parent | (149) | (116) |
Diluted earnings per share attributable to ordinary equity holders of the parent | n/a | n/a |
Profit per share from discontinued operations, in RUB: | ||
Basic profit per share attributable to ordinary equity holders of the parent | - | 102 |
Diluted earnings per share attributable to ordinary equity holders of the parent | n/a | 100 |
VK 2023 Results | 10 |
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VK Company Ltd. published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 07:16:14 UTC.
