Qiwi (QIWI) 23 Nov 212021 Q3 Earnings call transcript

Good day everyone and welcome to the QIWI third quarter 2021 earnings conference call. Today’s call is being recorded. At this time, I would like to turn the call over to Mr. Dmitry Kovalenko, Head of Investor Relations at QIWI. Thank you, please go ahead.

thank unaudited joining third financial XXXX. and QIWI’s to quarter everyone and operating results day you us for discuss of Good for the me CFO. Protopopov, are our With and the Alexey CFO, Deputy CEO, Mashchenkov, Andrey Nikonova, Elena review to our results this be available of XXXX. December until will call replay Tuesday, X, The listed Access is earnings release. in information for the press today’s replay The investor.qiwi.com. at announcement Relations Investor website and presentation our are available on the and website. book note with Excel historical operating we metrics our of also on I data financial have data published

For the XX, held to those recorded and was listening call this replay, on XXXX. November

everyone begin, undertake these current this to after as statements forward-looking we known to I future statements future the Act Before that would defined risks statements unknown for performance. to like materially for These All and this are our may statements occur Private Form Commission company’s from for made refer statement today call. that could to the update that statements. uncertainties. most our performance reflect and remind cause Please about expectations forward-looking are QIWI XXXX. Litigation cautions with expectations forward-looking report Reform are of that and subject to contain Securities Securities no and reflect events XX-F on results annual any guarantees under factors Exchange the obligation call to these recent actual we not they forward-looking filed any only differ our

please. remarks, look over your to per to will During taking turn questions. measures release. financial net adjusted profit, revenue, Andrey, CEO, management net and net today’s in provide After call total share. as included certain additional IFRS non-IFRS forward measures also EBITDA, information today’s such call, QIWI’s Protopopov. Reconciliations will the constitute we now profit Andrey that I information and our to certain adjusted will earnings adjusted is press

I headwinds services to We Good this the team us the budget payment day XXXX. the initial results landscape. achieved regulatory by our the to adapt the Despite today. year, and group managed am joining everyone outperform pleased for faced for all months expectations new a and with nine thanks

Our to that cross-border stream business of mitigate operations. of due existing emerged in helped the potential suspension losses portion initiatives the to

We Following decided profit. all reflecting credit XXXX expired the on for X.X and guidance reinstated RUB key words segments, overall coming strong our clients bank positive an direct adjusted base and the bank, attitude events performance expectations [indiscernible] across positive are Tochka upgrade Moreover, A billion. central and from and payment the our few towards stake CBR net trajectory that ability our to true. in to of our net we the amount XXXX receive Project third restriction raised revenue the the Qiwi. The for quarter. place services sold received in took key expectations central in regarding our

expectation you result, following Also, for our on may additional and a accordingly. our current may of amount have and the reporting Tochka As is final be noticed XXXX. We X.X it billion. income an reviewed results reflect not RUB audited results provision base in

was Finally, was favor. decision resolved. the uncertainty ETSUP around in Unfortunately, not our the

provide accounts It investors next is revenue months how like still, pressure. Given premature I’d [indiscernible] for guidance admit think to the net of we XXXX; face XXXX, total to [indiscernible] XX% acquiring in in comfort for going of the TSUPIS we our service nine too are I to [indiscernible]. year

expertise will by lost all, betting accelerate the dominant are in comprehensive streams part and business. going company same compensate growth. conducted of leverage First of to the The the research growth active existing for which our we market

year. profit the in next the all share to with details board with finalizing the beginning of are hope of We results you our and

our to results. Now third quarter

lower X% year. year-on-year. Our result net was high revenue of the this and from I underlying is restrictions base a considering last CBR good believe growth effect of business

events to reminder, year sports were a moved half measures. in the second XXXX of lockdown As the to due

Our to ecommerce yield. revenue net due X% lower payment decreased year-on-year by net services core revenue

now other which profit increased [indiscernible] volumes we hand, declined adjusted payment of net by board results, financial interim in some with group time, add line the yield of while was decreased partially operating due yield by margin offset mainly margin with XX I net after. profit, share payment note color net across of average superior ratio EBITDA X%. developments and $X.XX payments, will services by approved high revenue decline quarter Alexey adjusted of [indiscernible]. of revenue accounted to net At all-time revenue high to net demonstrate the XX% The reaching basis to cover per within payout continue the points dividend volumes. directors and decreased XX%. target margin Payment key In the On of XX% border share. average XX% The by profitability payment same adjusted year-on-year. will we high record

In XX% volume of this Our [indiscernible] higher connected year-on-year increased other growth to taxi in of and volumes XXX growth number and on Corporate platform market attributed Flocktory the Qiwi billion. growing by historical following including working projects. [indiscernible] levels, to products overall by and net year-on-year the [indiscernible]. in the PXP companies, XX% from account RUB by versus third on-boarded wallet to waste last reaching year. collectors, driven XXX quarter, holders our Qiwi revenue almost employed and our employed pickers, developments BXBXC ROWI with XX payout self trends was transactions cards. and continued payouts paper the money in XX% scrap by we in metal remittance growth [Indiscernible] driven industries, the at quarter We vertical, other third largely high market A was partners self a [indiscernible]. result new and

of customer the third noted the in was of XX% second quarter press the to communications, the increased X.X use XX% portfolio by points. X seasonality line and increased It’s Factoring the improved the [Indiscernible] via profit of increased there in active X,XXX RUB which demonstrated to the provide in going marketplace As by [Indiscernible] XX%, top sellers average of net XX%. growth portfolio by billion. year-on-year. ROWI. generated time, XX% in billion by positive million. RUB loans XX base, our to portfolio for the execution million with due have accelerated increased reaching revenue Plus growth and revenue X.X half our products year-on-year revenue active project increased and XX.X In release, to net up by and product bank-guaranteed we clients to same year Factoring of XX% developments with ticket contract of reached Number to Flocktory previous by for net by number RUB rebranded XXX. yield, we platform At percentage XX% expansion started [indiscernible]. On results. portfolio. positive year-on-year have and launched new credit net RUB increased our are

new expand continue providers base marketing platform and and Flocktory the attract our We to traffic to customer services.

walk me let results. Now pass new through will our to CFO. you the financial our floor Alexey

some everyone. the Andrey Thank quarter I will and to hello add developments. key notes you third

cost net operations. continue to remains with XXXX, for adjusted in XX% and implemented cost profit exceptional our level optimization XXXX rigorous the EBITDA robust demonstrate efficiency measures Due adjusted to we profitability margin and successfully of control of XX%. Our margin in

yielding payments restrictions. to the central of lost helped offset of initiatives negative Our cross-border in wake high implications bank

factors. adjusted following year-on-year to at Adjusted mainly in quarter. the profit stood driven by by broadly X.X XX% margin points was Our margin EBITDA flat XX%, third and declined net percentage

all, of DTF yielding decreased. high First were result, cross-border and suspended as payments a profit margin net

lacked we receipts completed sale reaching expected negative quarter, of stake RUB third from have the RUB equity quarter pick-up X.X offset by our Tochka Project in the The above the X.X the billion. cash factors of amount received we were this Additionally, base Rocketbank. Tochka. divestiture with We In of billion.

additional accrual an results made following RUB strong we of income of quarter third in X.X Tochka. of billion Additionally,

the return Although amount XX%, yet investment we Considering for at current times respect X.X We original over net upgraded Tochka encouraged our XXXX. the of or in the amount X.X current Qiwi’s in guidance in quarter our period adjustment, to the final Including this increased results. the investment. XXXX, from the RUB performance the profit our with times of reaches billion. be project for are of stood second verified is and IRR four on results sale, year-on-year

conservative of Our industry, guidance betting and changes cross-border Tochka Project, projections in [indiscernible] the in on of second reflects its eliminates net profit contribution the the year. sale operations, recent which in half

year, the nine first account also the initial in our came months take expectations. We in which above performance strong for into

XX% over the revenue profit approved XX%, to net expect $X.XX segment year-on-year results. As total an board and expected The to decrease services XX%, of dividend revenue a per net to in XX% to by payment decrease amount by to XX% result, interim is net X% to by decrease adjusted has XXXX we ADR.

targeted group of profit. ratio are We XX% with the currently payout of adjusted consistent net

reminder, not I decisions. a focused are all profit Tochka. profitable adjusted reiterate and my from like Just sale are return-driven net speech, of a would team proceeds conclude we include in that on To as does to growth our

such prerequisite belief future sustainable of Qiwi. Our is crucial is to ensure

Andrey to remarks. closing Now floor the will give some for I back

Alexey. Thanks

group’s revenue from the to of betting whole you from billion, TSUPIS October, TSUPIS XX% are a services revenue ETSUP net total our world believe our Unfortunately over for comprised give to amounted revenue our the months able the representing Additionally, Qiwi nine was Since XX% net Net bid services appointed for revenue brief revenue. changes I stream not total newly group. betting generated We acquiring for a Net as of related on market. RUB successful. betting and update the we will that of business serve ETSUP took industry. in net X.X reclaim operation. XXXX of

comprised billion. purposes. it observe group We to XXXX, don’t betting months X.X for total [indiscernible] respect negative used nine of RUB with revenue, trends Qiwi For wallet payments or any XX% net

reflected our I’d We of At several time, options previous and [indiscernible] our and will we the the new brief and continue next new healthy framework like expertise provide year on have growth. our to within demonstrates work combination business the same of underlying landscape. expertise conclude services outlook XXXX the to A to expectations. some betting on my with message. growth leverage development options share to the on which stream double-digit be table in accelerate

the board. strategy by for we will provide market Thanks listening. the more We to new details once the approved have

questions. ready to your are take We

instructions] of first [Operator from ahead. coming William question Our Kennedy go Blair. Chris Please is

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would Going finalized targeting have from not--we yet of XXXX, that, growth. targeting from the we are we double-digit for plan the growth XXXX. but forward, be starting starting It’s don’t kind

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you thank question. the for Yes,

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thank your is of why Yes, several declining. for reasons you wallets question. number are key There

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population this know of I agree Qiwi’s Russia fraction population just to that you potential understand. XX% cards, credit I in that would is want have of don’t customers?

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you. Maybe you with you’re growth the margin Historically have you looks last me, you these the still thinking considering I of focused products, you of In some bit you. credit margin maybe segments, are also your relatively a you thinking quite or them on or other to that high of are direction working regulatory serviced Okay, which or interesting new strategy, little are on affected it’s so some strategy, fully current Thank and understand it, not negatively better. some limited or from sort thank segments? cash one niches more are as changes. also Which understand by players, with by mentioned were segments new players? about more volume partnerships

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ahead. from coming go Please Our Sukhanova of BCS. Maria next question is

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Okay questions. for your you Maria, thank

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basis. top the management, for both have XX/XX like on a We

of My last main that the question, I company? remember Otkritie shareholder is the still

economic has has the A-class while Sergey shares, a Yes, so biggest basically controlling he value shareholder. is Otkritie Solonin

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representatives the board they have company? So on the don’t of they really--but

Yes, they have.

you. thank Okay,

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of next Rafusium question Shetima go Please [ph] coming is from Bank. Yelena Our [ph] ahead.

the ask questions. on order you’re planning like Maybe focus I months taking betting decreased thanks services, in something, to missed for have I coming segment, stream. actually. to this questions, two but segments my in anything. compensate mean and to I’d Hello, XXXX which products, I have

for you thank question. your Yelena,

continue methods wallet digital We those believe the digital will we payment the is in some grow four key focusing working we be year. on the we and includes areas be digital top are now. are we services. [indiscernible] money payment digital ROWI to as bank important including products, will employed. factoring, be remittance and for business focusing entertainment where of segments that, products of are Then to employed same of Qiwi entertainment, launched we top betting we It On financing next self this employed, to those able that of digital here that, self will other in well. believe new segments grow with it’s guarantees, payment we will be On year. continue entrepreneurs will in the because key self structure Those both the growing and on and areas the commerce, the and so we

you. Thank

is a has expiration question you The to think recovered? CBR if with second volume of what restrictions mid-November, merchants from of foreign period operations to take I extent do this

time, say, said, it’s the the even already mention What top operations. on earlier, not big central the longer now started I those significant, I which of would growing. and it’s some a smaller to probably it’s CBR with I would of so take, more actually that some we of As operations, operations so then merchants restrictions, we say, connecting some it’s bank, but of important during slowly. quite merchants the we’re see that, recovering type that cleared, We

Okay, thank you.

today. Thank you. session. of the question answer thank to for like end us and brings their our everyone participation would to This We

the webcast, of day. off disconnect your or lines your log and the You enjoy may rest