QIWI Announces Second Quarter 2013 Results

Adjusted Net Revenue Increases 62% to RUB 1,561 Million
Adjusted Net Profit Increases 57% to RUB 547 Million, or RUB 10.50 per share
QIWI Raises 2013 Guidance
Board of Directors Approves Dividend of $0.32 per share

MOSCOW, Aug. 27, 2013 (GLOBE NEWSWIRE) -- QIWI plc, (Nasdaq:QIWI) today announced results for the second quarter ended June 30, 2013.

Second Quarter 2013 Operating and Financial Highlights

  • Adjusted Net Revenue of RUB 1,561 million ($47.7 million), up 62% over the prior year period.
  • Adjusted EBITDA of RUB 840 million ($25.7 million), up 88% over the prior year period.
  • Adjusted EBITDA margin of 53.8%, up from 46.2% in the prior year period.
  • Adjusted Net Profit of RUB 547 million ($16.7 million), or RUB 10.50 per diluted share, up 57% over the prior year period.
  • Positive effect on the financial performance from changes to fees for inactive accounts, which amounted to RUB 224 million ($6.8 million) and constituted approximately 30% of Visa QIWI Wallet segment net revenue in the quarter. This effect, however, will not substantially affect the financial performance in the future.
  • Approximately 14.1 million Visa QIWI Wallet accounts as of June 30, 2013 (on a rolling 12 months basis), up 53% over the prior year period.
  • Visa QIWI Wallet payment volume of RUB 58.7 billion ($1.8 billion), up 80% over the prior year period.
  • QIWI Distribution payment volume of RUB 124.0 billion ($3.8 billion), up 12% over the prior year period.

"Our second quarter results reflect strong performance across our business," said Sergey Solonin, QIWI's chief executive officer. "During the quarter, we continued to execute on a number of our growth strategies including expanding the number of participants in our payments network, increasing the utilization of our service offerings, and driving the adoption of Visa QIWI Wallet."

Second Quarter 2013 Results

Revenues: Adjusted Net Revenue was RUB 1,561 million ($47.7 million), representing an increase of 62% as compared to RUB 965 million in the prior year.

QIWI Distribution segment net revenue for the quarter ended June 30, 2013 was RUB 782 million ($23.9 million), representing an increase of 16% as compared to RUB 671 million for the same period in the prior year. QIWI Distribution net revenue growth was primarily driven by an increase in payment volume in active kiosks and terminals and an increase in net revenue yield primarily due to growth of value added services.

Visa QIWI Wallet segment net revenue for the quarter ended June 30, 2013, was RUB 755 million ($23.1 million), representing an increase of 185% as compared to RUB 265 million for the same period in the prior year. Visa QIWI Wallet net revenue growth was primarily driven by: (i) an increase in active accounts and payments volumes; (ii) an increase in net revenue yield; and (iii) changes to select fees for inactive accounts, which amounted to RUB 224 million ($6.8 million) and constituted approximately 30% of Visa QIWI Wallet net revenue in the quarter. The corresponding amount in the second quarter of 2012 was RUB 29 million ($0.9 million). Visa QIWI Wallet segment net revenue excluding revenue derived from inactive accounts increased in the second quarter of 2013 by 125% as compared with the same period in prior year.

Adjusted Net Revenue excluding revenue derived from inactive accounts increased in the second quarter of 2013 by 43% as compared with the same period in prior year.

Adjusted EBITDA: For the quarter ended June 30, 2013, Adjusted EBITDA was RUB 840 million ($25.7 million), representing an increase of 88% as compared to RUB 446 million for the same period in the prior year. The increase in Adjusted EBITDA was primarily driven by revenue growth in the quarter (partially driven by the aforementioned effect of fees for inactive accounts) and continued operating leverage in the business. Adjusted EBITDA excluding the effect of revenue derived from inactive accounts increased in the second quarter of 2013 by 48% as compared with the same period in prior year. Adjusted EBITDA margin (Adjusted EBITDA as a percentage of total Adjusted Net Revenue) improved to 53.8% from 46.2% in the prior year. Adjusted EBITDA margins excluding the effect of revenue derived from inactive accounts were 46.1% and 44.5% for the second quarter of 2013 and 2012 respectively.

Adjusted Net Profit: For the quarter ended June 30, 2013, Adjusted Net Profit was RUB 547 million ($16.7 million) or RUB 10.50 per diluted share, representing an increase of 57% as compared to RUB 349 million or RUB 6.70 per diluted share for the same period in the prior year. The increase in Adjusted Net Profit was primarily driven by the same factors impacting Adjusted EBITDA, partially offset by an increase in share of loss of associates and a decline in foreign exchange gains. Adjusted Net Profit excluding the effect of revenue derived from inactive accounts (net of tax) increased in the second quarter of 2013 by 13% as compared with the same period in prior year.

Other Operating Data: For the quarter ended June 30, 2013, QIWI Distribution payment volume was RUB 124.0 billion ($3.8 billion), representing an increase of 12% as compared to RUB 110.9 billion for the same period in the prior year. The increase in payment volume in QIWI Distribution was primarily driven by an increase in Visa QIWI Wallet users reloading their wallets through the QIWI Distribution network. Average QIWI Distribution net revenue yield for the quarter ended June 30, 2013 was 0.63%, representing an increase of 2 bps as compared to 0.61% in the prior year period.

For the quarter ended June 30, 2013, Visa QIWI Wallet payment volume was RUB 58.7 billion ($1.8 billion), representing an increase of 80% as compared to RUB 32.6 billion in the prior year. The increase in payment volume in Visa QIWI Wallet resulted from several factors, including the continued increase in the number of active users and the increase in the average volume per Visa QIWI Wallet account. The number of active Visa QIWI Wallet accounts in the second quarter of 2013 was approximately 14.1 million, representing an increase of 53% compared to approximately 9.2 million in the second quarter of 2012. Average volume per Visa QIWI Wallet in the second quarter of 2013 was RUB 4,160 ($127), representing an increase of 17% compared to RUB 3,556 ($109) in the prior year period. Average Visa QIWI Wallet net revenue yield in the second quarter of 2013 was 1.29%, representing an increase of 48 bps compared to 0.81% in the second quarter 2012 or an increase of 35 bps as compared with 0.94% in the first quarter 2013. The increase in Visa QIWI Wallet net revenue yield was primarily driven by the aforementioned fee changes for inactive accounts, which contributed 0.38% to the Visa QIWI Wallet net revenue yield for the second quarter, and an increase in payment volumes associated with higher revenue generating transactions such as e-commerce. Visa QIWI Wallet net revenue yield excluding revenue from charges for inactive accounts was 0.91% in the second quarter of 2013 representing an increase of 19 bps compared to 0.72% in the second quarter 2012. QIWI expects that the revenue derived from charges for inactive accounts will not affect Visa QIWI Wallet net revenue yield to such a significant extent going forward, and the Visa QIWI Wallet net revenue yield will be affected accordingly.

Recent Developments

Dividend: QIWI announced today that following the determination of second quarter 2013 financial results its Board of Directors approved a dividend of $16,640,000.00 or $0.32 per share. The dividend record date is September 9, 2013, and QIWI intends to pay the dividend on September 10, 2013. The holders of ADSs will receive the dividend shortly thereafter.

2013 Guidance

  • Adjusted Net Revenue is expected to increase by 27% to 30% over 2012, above the previous guidance of 23% to 26%.
  • Adjusted Net Profit is expected to increase by 35% to 40% over 2012, above the previous guidance of 27% to 33%.

"Based on strong business results for the first half of 2013 we are raising our guidance for the year," said Alexander Karavaev, QIWI's chief financial officer.

This guidance reflects QIWI's current and preliminary view, which is subject to change.

Earnings Conference Call and Audio Webcast

QIWI will host a conference call to discuss second quarter 2013 financial results today at 8:30 a.m. EDT. Hosting the call will be Sergey Solonin, chief executive officer, and Alexander Karavaev, chief financial officer. The conference call can be accessed live over the phone by dialing +1 (877) 407-3982 or for international callers by dialing +1 (201) 493-6780. A replay will be available today at 11:30 a.m. EDT and can be accessed by dialing +1 (877) 870-5176 or +1 (858) 384-5517 for international callers; the pin number is 419310. The replay will be available until Tuesday, September 3, 2013. The call will be webcast live from QIWI's website at https://www.qiwi.ru under the Corporate Investor Relations section or directly at http://investor.qiwi.com/.

About QIWI plc.

QIWI is a leading provider of next generation payment services in Russia and the CIS. It has an integrated proprietary network that enables payment services across physical, online and mobile channels. It has deployed approximately 14 million virtual wallets, over 169,000 kiosks and terminals, and enabled merchants to accept over RUB 44 billion cash and electronic payments monthly from over 60 million consumers using its network at least once a month. QIWI's consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or online environments interchangeably.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding expected revenue, net profits and net revenue yield, dividend payments, the growth of Visa QIWI Wallet, payment volume growth, and growth in QIWI's distribution network. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of QIWI plc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to, competition, a decline in average net revenue yield, fees levied on QIWI's consumers, regulation, QIWI's ability to grow Visa QIWI Wallet, QIWI's ability to expand geographically and other risks identified under the Caption "Risk Factors" in QIWI's Registration Statement on Form F-1 and in reports QIWI files with the U.S. Securities and Exchange Commission. QIWI undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events that may affect such forward-looking statements unless QIWI is required to do so by law.

QIWI plc.
Interim Condensed Consolidated Statement of Financial Position
(in thousands, except per share data)
As of December 31, As of June 30, As of June 30,
2012 (audited) 2013 (unaudited) 2013 (unaudited)
RUB RUB USD(1)
Assets
Non-current assets
Property and equipment 105,653 104,634 3,199
Goodwill and other intangible assets 1,975,930 1,958,601 59,880
Long-term debt instruments 616,473 759,342 23,215
Long-term loans 185,384 124,746 3,814
Investments in associates 100,436 0 0
Deferred tax assets 101,805 157,392 4,812
Other non-current assets 16,377 28,795 880
Total non-current assets 3,102,058 3,133,510 95,800
Current assets
Trade and other receivables 3,437,671 2,703,455 82,652
Short-term loans 324,086 248,284 7,591
Short-term debt instruments 1,751,119 1,747,358 53,421
Prepaid income tax 37,835 59,587 1,822
VAT and other taxes receivable 19,511 7,005 214
Cash and cash equivalents 9,943,160 5,417,890 165,639
Other current assets 93,334 145,864 4,459
Total current assets 15,606,716 10,329,443 315,798
Total assets 18,708,774 13,462,953 411,598
Equity and liabilities
Equity attributable to equity holders of the parent
Share capital 904 904 28
Additional paid-in capital 1,876,104 1,876,104 57,357
Other reserve 101,124 222,357 6,798
Retained earnings 569,317 619,217 18,931
Translation reserve 705 (799) (24)
Total equity attributable to equity holders of the parent 2,548,154 2,717,783 83,090
Non-controlling interest (49,311) (74,276) (2,271)
Total equity 2,498,843 2,643,507 80,819
Non-current liabilities
Long-term borrowings 38,762 64,769 1,980
Long-term deferred revenue 43,605 42,881 1,311
Deferred tax liabilities 44,065 67,093 2,051
Total non-current liabilities 126,432 174,743 5,342
Current liabilities
Short-term borrowings 26,105 23,599 721
Trade and other payables 14,934,194 9,670,359 295,648
Amounts due to customers and amounts due to banks 944,549 737,361 22,543
Income tax payable 9,558 56,369 1,723
VAT and other taxes payable 138,742 132,509 4,051
Deferred revenue 30,048 24,324 744
Other current liabilities 303 182 6
Total current liabilities 16,083,499 10,644,703 325,437
Total equity and liabilities 18,708,774 13,462,953 411,598
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.
QIWI plc.
Interim Condensed Consolidated Statement of Comprehensive Income
(in thousands, except per share data)
Three months ended (unaudited)
June 30, 2012
(Revised)(1)

June 30, 2013

June 30, 2013
RUB RUB USD(2)
Revenue 2,113,447 2,879,462 88,033
Operating costs and expenses:
Cost of revenue (exclusive of depreciation and amortization) 1,328,989 1,527,041 46,686
Selling, general and administrative expenses 352,744 601,290 18,383
Depreciation and amortization 33,797 26,791 819
Profit from operations 397,917 724,340 22,145
Impairment of investment in associates 0 (21,540) (659)
Other income 1,544 2,867 88
Other expenses (836) (4,823) (147)
Change in fair value of derivative financial assets (328) 0 0
Foreign exchange gain / (loss), net 51,471 4,230 129
Share of loss of associates (6,344) (71,205) (2,177)
Interest income 4,225 4,387 134
Interest expense (2,062) (5,608) (171)
Profit before tax from continuing operations 445,587 632,648 19,342
Income tax expense (121,077) (179,255) (5,480)
Net profit from continuing operations 324,510 453,393 13,861
Discontinued operations
Loss from discontinued operations (236,040) 0 0
Net profit 88,470 453,393 13,861
Attributable to:
Equity holders of the parent 137,431 460,078 14,066
Non-controlling interests (48,961) (6,685) (204)
Other comprehensive income
Exchange differences on translation of foreign operations (20,544) (3,903) (119)
Total comprehensive income, net of tax 67,926 449,490 13,742
attributable to:
Equity holders of the parent 127,576 459,933 14,061
Non-controlling interests (59,650) (10,443) (319)
Earnings per share:
Basic, profit attributable to ordinary equity holders of the parent 2.65 8.84 0.27
Basic, profit from continuing operations attributable to ordinary equity holders of the parent 6.37 8.84 0.27
Diluted, profit attributable to ordinary equity holders of the parent 2.65 8.83 0.27
Diluted, profit from continuing operations attributable to ordinary equity holders of the parent 6.37 8.83 0.27
(1) Revised to present foreign currency translation on a basis consistent with the current period.
(2) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.
QIWI plc.
Interim Condensed Consolidated Statement of Comprehensive Income
(in thousands, except per share data)
Six months ended (unaudited)
June 30, 2012 June 30, 2013 June 30, 2013
RUB RUB USD(1)
Revenue 4,026,575 5,412,158 165,464
Operating costs and expenses:
Cost of revenue (exclusive of depreciation and amortization) 2,573,753 3,003,471 91,824
Selling, general and administrative expenses 766,343 1,144,196 34,981
Depreciation and amortization 73,272 52,945 1,619
Profit from operations 613,207 1,211,546 37,040
Impairment of investment in associates 0 (21,540) (659)
Other income 3,564 13,923 426
Other expenses (27,288) (5,921) (181)
Change in fair value of derivative financial assets (328) 0 0
Foreign exchange gain / (loss), net 6,580 6,833 209
Share of loss of associates (7,496) (78,896) (2,412)
Interest income 13,089 8,534 261
Interest expense (2,062) (11,861) (363)
Profit before tax from continuing operations 599,266 1,122,618 34,321
Income tax expense (171,618) (315,563) (9,648)
Net profit from continuing operations 427,648 807,055 24,674
Discontinued operations
Loss from discontinued operations (285,883) 0 0
Net profit 141,765 807,055 24,674
Attributable to:
Equity holders of the parent 216,072 825,412 25,235
Non-controlling interests (74,307) (18,357) (561)
Other comprehensive income
Exchange differences on translation of foreign operations 312 (6,010) (184)
Total comprehensive income, net of tax 142,077 801,045 24,490
attributable to:
Equity holders of the parent 216,541 823,908 25,189
Non-controlling interests (74,464) (22,863) (699)
Earnings per share:
Basic, profit attributable to ordinary equity holders of the parent 4.16 15.87 0.49
Basic, profit from continuing operations attributable to ordinary equity holders of the parent 8.47 15.87 0.49
Diluted, profit attributable to ordinary equity holders of the parent 4.16 15.85 0.48
Diluted, profit from continuing operations attributable to ordinary equity holders of the parent 8.47 15.85 0.48
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.
QIWI plc.
Interim Condensed Consolidated Cash Flow Statement
(in thousands, except per share data)
Six months ended (unaudited)
June 30, 2012
(Revised)(1)

June 30, 2013

June 30, 2013
RUB RUB USD(2)
Cash flows from operating activities
Profit before tax from continuing operations 599,266 1,122,618 34,321
Loss before tax from discontinued operations (279,429)
Profit before tax 319,837 1,122,618 34,321
Adjustments to reconcile profit before income tax to net cash flows generated from operating activities
Depreciation and amortization 81,310 52,945 1,619
Loss on disposal of property and equipment 290 6,314 193
Impairment of fixed, intangible and other assets 2,657 81
Impairment of associates 21,540 659
Loss recognized on the remeasurement to fair value 167,333
Foreign exchange loss (gain), net 6,150 824 25
Interest income, net (90,286) (177,195) (5,417)
Bad debt expense, net 58,563 124,850 3,817
Share of loss of associates 15,880 78,896 2,412
Share of profit for the period attributable to non-controlling interest and accounted for as a liability 23,780
Share-based payments 116,041 3,548
Other (152)
Operating profit before changes in working capital 582,705 1,349,490 41,257
Decrease in trade and other receivables 461,786 629,935 19,259
(Increase)/decrease in other assets (1,914) (66,218) (2,024)
(Increase)/decrease in inventories 2,168 (1,387) (42)
Decrease in amounts due to customers and amounts due to banks (752,985) (207,188) (6,334)
Decrease in accounts payable and accruals (3,983,728) (5,277,082) (161,334)
Loans issued from banking operations (181,567) 136,533 4,174
Cash used in operations (3,873,535) (3,435,917) (105,045)
Interest received 67,052 290,824 8,891
Interest paid (3,993) (8,912) (272)
Income tax paid (121,801) (323,063) (9,877)
Net cash flow used in operating activities (3,932,277) (3,477,068) (106,303)
Cash flows used in investing activities
Purchase of property and equipment (23,853) (29,487) (901)
Proceeds from sale of property and equipment 1,803
Purchase of intangible assets (8,645) (9,584) (293)
Loans issued (2,240) (13,369) (409)
Repayment of loans issued 8,913 9,421 288
Purchase of debt instruments (1,109,413) (1,899,952) (58,087)
Proceeds from settlement of debt instruments 289,498 1,654,016 50,568
Contribution to investments to associates (2,116)
Net cash (outflow) on disposal of subsidiaries (12,939)
Net cash flow used in investing activities (858,992) (288,955) (8,834)
Cash flows used in/from financing activities
Proceeds from borrowings 9,019 14,912 456
Repayment of promissory notes issued (16,297)
Repayment of borrowings (1,686)
Repayment of overdraft facilities, net (46,540)
Contributions to subsidiaries from non-controlling shareholders 9,654
Dividends paid to owners of the Group (215,696) (773,719) (23,655)
Dividends paid to non-controlling shareholders (908) (2,098) (64)
Underwriters' commission 72,835 2,227
Distribution of underwriters' commission (67,643) (2,068)
Net cash flow used in financing activities (262,454) (755,713) (23,104)
Effect of exchange rate changes on cash and cash equivalents 6,596 (3,534) (108)
Net decrease in cash and cash equivalents (5,047,127) (4,525,270) (138,349)
Cash and cash equivalents at the beginning 8,810,441 9,943,160 303,989
Cash and cash equivalents at the end 3,763,314 5,417,890 165,639
(1) Revised to present foreign currency translation on a basis consistent with the current period.
(2) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.

Non-IFRS Financial Measures

This release presents Adjusted Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Profit, and Adjusted Net Profit per share, which are non-IFRS financial measures. You should not consider these non-IFRS financial measures as substitutes for or superior to revenue, in the case of Adjusted Net Revenue, net profit, in the case of Adjusted EBITDA and Adjusted Net Profit, or earnings per share, in the case of Adjusted Net Profit per share, each prepared in accordance with IFRS. Furthermore, because these non-IFRS financial measures are not determined in accordance with IFRS, they are susceptible to varying calculations and may not be comparable to other similarly titled measures presented by other companies. QIWI encourages investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information regarding Adjusted Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Profit, and Adjusted Net Profit per share, including a quantitative reconciliation of Adjusted Net Revenue, Adjusted EBITDA and Adjusted Net Profit to the most directly comparable IFRS financial performance measure, which is revenue in the case of Adjusted Net Revenue, and net profit in the case of Adjusted EBITDA and Adjusted Net Profit, see Reconciliation of IFRS to Non-IFRS Operating Results in this earnings release.

QIWI plc.
Reconciliation of IFRS to Non-IFRS Operating Results
(in thousands, except per share data)
Three months ended
June 30, 2012
(Revised)(1)

June 30, 2013

June 30, 2013
RUB RUB USD(2)
Revenue 2,113,447 2,879,462 88,033
Minus: Cost of revenue (exclusive of depreciation and amortization) 1,328,989 1,527,041 46,686
Plus: Compensation to employees and related taxes 180,991 208,838 6,385
Adjusted Net Revenue 965,449 1,561,259 47,732
-- --
Segment Adjusted Net Revenue -- --
Qiwi Distribution 671,296 782,054 23,909
Visa Qiwi Wallet 265,441 755,381 23,094
Other 28,712 23,824 728
Total Adjusted Net Revenue 965,449 1,561,259 47,732
-- --
Net Profit 88,470 453,393 13,861
Plus: -- --
Depreciation and amortization 33,797 26,791 819
Other income (1,544) (2,867) (88)
Other expenses 836 4,823 147
Change in fair value of derivative financial assets 328 -- --
Foreign exchange (loss) gain, net (51,471) (4,230) (129)
Share of loss of associates 6,344 71,205 2,177
Impairment of investment in associates -- 21,540 659
Interest income (4,225) (4,387) (134)
Interest expenses 2,062 5,608 171
Income tax expenses 121,077 179,255 5,480
Corporate costs allocated to discontinued operations 14,373 -- --
Offering expenses -- 50,736 1,551
Share-based payments expenses -- 38,358 1,173
Loss from discontinued operations 236,040 -- --
Adjusted EBITDA 446,087 840,225 25,688
Adjusted EBITDA margin 46.2% 53.8% 53.8%
-- --
Net profit 88,470 453,393 13,861
Loss from discontinued operations 236,040 -- --
Corporate costs allocated to discontinued operations 14,373 -- --
Amortization of fair value adjustments 15,747 5,382 165
Offering expenses -- 50,736 1,551
Share-based payments expenses -- 38,358 1,173
Effect of deferred taxation of the above items (6,024) (1,076) (33)
Adjusted Net Profit 348,606 546,793 16,717
Adjusted Net Profit per share:
Basic 6.70 10.52 0.32
Diluted 6.70 10.50 0.32
Shares used in computing Adjusted Net Profit per share
Basic 52,000 52,000 52,000
Diluted 52,000 52,072 52,072
(1) Revised to present foreign currency translation on a basis consistent with the current period.
(2) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.
QIWI plc.
Reconciliation of IFRS to Non-IFRS Operating Results
(in thousands, except per share data)
Six months ended
June 30, 2012
(Revised)(1)

June 30, 2013

June 30, 2013
RUB RUB USD(2)
Revenue 4,026,575 5,412,158 165,464
Minus: Cost of revenue (exclusive of depreciation and amortization) 2,573,753 3,003,471 91,824
Plus: Compensation to employees and related taxes 369,305 436,218 13,336
Adjusted Net Revenue 1,822,127 2,844,905 86,976
Segment Adjusted Net Revenue
Qiwi Distribution 1,260,902 1,539,800 47,076
Visa Qiwi Wallet 501,909 1,260,215 38,528
Other 59,316 44,890 1,372
Total Adjusted Net Revenue 1,822,127 2,844,905 86,976
Net Profit 141,765 807,055 24,674
Plus:
Depreciation and amortization 73,272 52,945 1,619
Other income (3,564) (13,923) (426)
Other expenses 27,288 5,921 181
Change in fair value of derivative financial assets 328 -- --
Foreign exchange (loss) gain, net (6,580) (6,833) (209)
Share of loss of associates 7,496 78,896 2,412
Impairment of investment in associates -- 21,540 659
Interest income (13,089) (8,534) (261)
Interest expenses 2,062 11,861 363
Income tax expenses 171,618 315,563 9,648
Corporate costs allocated to discontinued operations 57,239 -- --
Offering expenses -- 70,359 2,151
Share-based payments expenses -- 116,041 3,548
Loss from discontinued operations 285,883 -- --
Adjusted EBITDA 743,718 1,450,891 44,358
Adjusted EBITDA margin 40.8% 51.0% 51.0%
Net profit 141,765 807,055 24,674
Loss from discontinued operations 285,883 -- --
Corporate costs allocated to discontinued operations 57,239 -- --
Amortization of fair value adjustments 23,980 10,927 334
Offering expenses -- 70,359 2,151
Share-based payments expenses -- 116,041 3,548
Effect of deferred taxation of the above items (16,244) (2,185) (67)
Adjusted Net Profit 492,623 1,002,197 30,640
Adjusted Net Profit per share:
Basic 9.47 19.27 0.59
Diluted 9.47 19.25 0.59
Shares used in computing Adjusted Net Profit per share
Basic 52,000 52,000 52,000
Diluted 52,000 52,061 52,061
(1) Revised to present foreign currency translation on a basis consistent with the current period.
(2) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.
QIWI plc.
Other Operating Data
Quarters Ended
June 30, 2012
(Revised)

June 30, 2013

June 30, 2013
RUB RUB USD(1)
Qiwi Distribution
Active kiosks and terminals (units) 169,328 169,481 169,481
Payment volume (billions) 110.9 124.0 3.8
Average net revenue yield 0.61% 0.63% 0.63%
Visa Qiwi Wallet
Active Qiwi Wallet accounts (number at period end), (millions) 9.2 14.1 14.1
Payment volume (billions) 32.6 58.7 1.8
Average volume per Qiwi Wallet account (per quarter) 3,556 4,160 127
Average net revenue yield 0.81% 1.29% 1.29%
(1) Calculated using a ruble to U.S. dollar exchange rate of RUB 32.7090 to U.S.$ 1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.

In this release, Russian ruble (RUB) amounts have been translated into U.S. dollars at a rate of RUB 32.7090 to U.S.$1.00, which was the official exchange rate quoted by the Central Bank of the Russian Federation as of June 30, 2013.

CONTACT: Yakov Barinskiy Head of Investor Relations +7.499.709.0192 ir@qiwi.comSource:QIWI plc