Rostelecom : 2021 financial and operational data

TABLE OF CONTENTS

P&L

Balance Sheet

Cash Flow Statement

Non IFRS data

Operational data

Segments

	FINANCIALS
PROFIT & LOSS STATEMENT												Growth rates
RUB bln	2019	1q20	2q20	3q20	4q20	2020	1q21	2q21	3q21	4q21	2021	20/19	1q21/20	2q21/20	3q21/20	4q21/20	21/20
Revenue	475,752	121,613	127,279	134,988	163,009	546,889	131,958	138,589	141,213	168,332	580,092	15,0%	8,5%	8,9%	4,6%	3,3%	6,1%
Operating expenses	(414,472)	(102,304)	(108,340)	(111,566)	(155,714)	(477,924)	(109,286)	(116,791)	(119,985)	(160,323)	(506,385)	15,3%	6,8%	7,8%	7,5%	3,0%	6,0%
Wages, salaries, other benefits and payroll taxes	(119,822)	(32,190)	(32,067)	(31,829)	(40,303)	(136,389)	(34,170)	(32,196)	(31,482)	(39,361)	(137,209)	13,8%	6,2%	0,4%	-1,1%	-2,3%	0,6%
Depreciation, amortization and impairment losses	(104,062)	(26,765)	(28,440)	(29,252)	(35,245)	(119,702)	(31,656)	(32,990)	(35,985)	(39,428)	(140,059)	15,0%	18,3%	16,0%	23,0%	11,9%	17,0%
Interconnection сharges	(85,506)	(21,429)	(23,520)	(24,204)	(26,482)	(95,635)	(23,627)	(23,463)	(24,612)	(25,114)	(96,816)	11,8%	10,3%	-0,2%	1,7%	-5,2%	1,2%
Materials, utilities, repairs and maintenance	(34,517)	(8,840)	(8,900)	(10,180)	(12,382)	(40,302)	(9,591)	(9,969)	(10,865)	(13,001)	(43,426)	16,8%	8,5%	12,0%	6,7%	5,0%	7,8%
Gain on disposal of PPE and intangible assets	8,127	1,359	0,946	1,536	2,151	5,992	2,545	2,633	2,199	1,674	9,051	-26,3%	87,3%	178,3%	43,2%	-22,2%	51,1%
Impairment loss of financial assets measured at amortised cost	(6,588)	(1,163)	(1,303)	(0,669)	(4,030)	(7,165)	1,295	(1,382)	(1,701)	(0,123)	(1,911)	8,8%	-211,3%	6,1%	154,3%	-96,9%	-73,3%
Other operating income	20,434	5,657	4,655	4,968	6,603	21,883	5,202	4,069	6,543	4,922	20,736	7,1%	-8,0%	-12,6%	31,7%	-25,5%	-5,2%
Other operating expense	(92,538)	(18,933)	(19,711)	(21,936)	(46,026)	(106,606)	(19,284)	(23,493)	(24,082)	(49,892)	(116,751)	15,2%	1,9%	19,2%	9,8%	8,4%	9,5%
Operating profit	61,280	19,309	18,939	23,422	7,295	68,965	22,672	21,798	21,228	8,009	73,707	12,5%	17,4%	15,1%	-9,4%	9,8%	6,9%
Operating profit margin	12,9%	15,9%	14,9%	17,4%	4,5%	12,6%	17,2%	15,7%	15,0%	4,8%	12,7%
Share of net profit/(loss) of associates and joint ventures	(1,013)	0,166	0,143	0,139	0,521	0,969	0,018	(0,126)	0,086	0,283	0,261	-195,7%	-89,2%	-188,1%	-38,1%	-45,7%	-73,1%
Finance income		0,559	0,537	0,613	0,323	2,032	0,511	0,502	0,594	0,598	2,205		-8,6%	-6,5%	-3,2%	85,2%	8,5%
Finance costs	(35,263)	(8,859)	(10,500)	(8,502)	(8,809)	(36,670)	(8,893)	(8,967)	(10,055)	(11,008)	(38,923)	4,0%	0,4%	-14,6%	18,3%	25,0%	6,1%
Other investing and financial gain, net	1,451	0,087	0,362	0,021	(0,561)	(0,091)	0,771	1,008	0,145	1,306	3,230	-106,3%	786,2%	178,5%	590,5%	-332,8%	-3649,5%
Foreign exchange (loss)/gain, net	0,936	(1,543)	0,422	(0,595)	0,533	(1,183)	0,053	(0,001)	0,093	0,191	0,336	-226,4%	-103,4%	-100,2%	-115,6%	-64,2%	-128,4%
Profit before income tax	27,391	9,719	9,903	15,098	(0,698)	34,022	15,132	14,214	12,091	(0,621)	40,816	24,2%	55,7%	43,5%	-19,9%	-11,1%	20,0%
Income tax expense	(5,513)	(2,266)	(2,254)	(3,330)	(0,809)	(8,659)	(3,322)	(3,040)	(3,693)	1,071	(8,984)	57,1%	46,6%	34,9%	10,9%	-232,4%	3,8%
Net profit	21,878	7,453	7,649	11,768	(1,507)	25,363	11,810	11,174	8,398	0,450	31,832	15,9%	58,5%	46,1%	-28,6%	-129,9%	25,5%
Net profit margin	4,6%	6,1%	6,0%	8,7%	-0,9%	4,6%	8,9%	8,1%	5,9%	0,3%	5,5%
Profit attributable to:
Equity holders of the Group	20,181	7,250	7,366	11,468	(2,757)	23,327	11,594	10,741	7,709	(1,495)	28,549	15,6%	59,9%	45,8%	-32,8%	-45,8%	22,4%
Non-controlling interests	1,697	0,203	0,283	0,300	1,251	2,037	0,216	0,433	0,689	1,945	3,283	20,0%	6,4%	53,0%	129,7%	55,5%	61,2%
OIBDA	170,703 -	47,082	48,800	53,677	44,491	194,050	55,437	55,938	58,323	49,116	218,814	13,7%	17,7%	14,6%	8,7%	10,4%	12,8%
OIBDA margin	35,9%	38,7%	38,3%	39,8%	27,3%	35,5%	42,0%	40,4%	41,3%	29,2%	37,7%
REVENUE BREAKDOWN
RUB bln	2019	1q20	2q20	3q20	4q20	2020	1q21	2q21	3q21	4q21	2021	20/19	1q21/20	2q21/20	3q21/20	4q21/20	21/20
By services
Mobile services	153,760	40,964	42,908	45,813	47,274	176,959	46,100	47,907	49,604	50,734	194,345	15,1%	12,5%	11,7%	8,3%	7,3%	9,8%
Fixed broadband	84,493	21,993	22,195	22,564	23,626	90,377	24,029	23,811	24,851	27,256	99,947	7,0%	9,3%	7,3%	10,1%	15,4%	10,6%
Digital services	48,477	12,520	15,013	19,322	30,443	77,298	14,149	17,891	18,418	37,942	88,400	59,5%	13,0%	19,2%	-4,7%	24,6%	14,4%
TV	37,360	9,489	9,285	9,438	9,792	38,005	9,949	9,922	9,870	10,172	39,913	1,7%	4,8%	6,9%	4,6%	3,9%	5,0%
Wholesale services	69,703	17,771	18,223	18,652	20,117	74,762	18,397	19,199	19,083	17,396	74,075	7,3%	3,5%	5,4%	2,3%	-13,5%	-0,9%
VPN	24,273	7,026	7,105	7,375	8,216	29,722	7,554	8,084	8,105	5,986	29,729	22,4%	7,5%	13,8%	9,9%	-27,1%	0,0%
Interconnect and traffic transit	20,017	4,247	4,475	4,488	4,593	17,803	4,422	4,506	4,519	4,313	17,760	-11,1%	4,1%	0,7%	0,7%	-6,1%	-0,2%
Infrastructure services	15,689	4,064	4,155	4,191	4,732	17,142	3,945	4,170	4,015	4,749	16,879	9,3%	-2,9%	0,4%	-4,2%	0,4%	-1,5%
Rent of channels	9,724	2,434	2,488	2,598	2,575	10,095	2,476	2,439	2,444	2,348	9,707	3,8%	1,7%	-2,0%	-5,9%	-8,8%	-3,8%
Fixed telephony	60,824	14,190	13,675	13,400	13,356	54,621	12,741	12,260	12,030	11,831	48,862	-10,2%	-10,2%	-10,3%	-10,2%	-11,4%	-10,5%
Other services	21,134	4,686	5,980	5,799	18,403	34,868	6,593	7,599	7,358	13,001	34,551	65,0%	40,7%	27,1%	26,9%	-29,4%	-0,9%
Mobile services	32,3%	33,7%	33,7%	33,9%	29,0%	32,4%	34,9%	34,6%	35,1%	30,1%	33,5%
Fixed broadband	17,8%	18,1%	17,4%	16,7%	14,5%	16,5%	18,2%	17,2%	17,6%	16,2%	17,2%
Digital services	10,2%	10,3%	11,8%	14,3%	18,7%	14,1%	10,7%	12,9%	13,0%	22,5%	15,2%
TV	7,9%	7,8%	7,3%	7,0%	6,0%	6,9%	7,5%	7,2%	7,0%	6,0%	6,9%
Wholesale services	14,7%	14,6%	14,3%	13,8%	12,3%	13,7%	13,9%	13,9%	13,5%	10,3%	12,8%
VPN	5,1%	5,8%	5,6%	5,5%	5,0%	5,4%	5,7%	5,8%	5,7%	3,6%	5,1%
Interconnect and traffic transit	4,2%	3,5%	3,5%	3,3%	2,8%	3,3%	3,4%	3,3%	3,2%	2,6%	3,1%
Infrastructure services	3,3%	3,3%	3,3%	3,1%	2,9%	3,1%	3,0%	3,0%	2,8%	2,8%	2,9%
Rent of channels	2,0%	2,0%	2,0%	1,9%	1,6%	1,8%	1,9%	1,8%	1,7%	1,4%	1,7%
Fixed telephony	12,8%	11,7%	10,7%	9,9%	8,2%	10,0%	9,7%	8,8%	8,5%	7,0%	8,4%
Other services	4,4%	3,9%	4,7%	4,3%	11,3%	6,4%	5,0%	5,5%	5,2%	7,7%	6,0%

BALANCE SHEET	4q19
RUB bln	31.12.19	31.03.20	30.06.20	30.09.20	31.12.20	31.03.21	30.06.21	30.09.21	31.12.21
ASSETS
Non-current assets
Property, plant and equipment	525,153	523,191	529,047	545,235	575,851	573,428	579,121	586,136	607,638
Goodwill and other intangible assets	126,090	132,720	134,351	135,607	141,184	142,275	143,393	143,275	149,007
Right of use assets	70,653	72,338	80,134	84,244	95,733	96,642	114,170	111,871	113,202
Trade and other accounts receivable	5,646	6,553	6,887	7,308	6,317	6,337	6,122	6,248	7,174
Investment in associates and joint ventures	8,892	9,096	9,116	9,130	10,896	10,773	10,577	10,918	14,056
Other financial assets	2,667	4,116	4,087	4,258	0,815	0,784	0,796	0,781	3,017
Other non-current assets	9,938	11,295	12,342	11,513	12,623	13,037	15,179	13,874	12,790
Investment property	0,181	0,152	0,167	0,181	0,277	0,271	0,265	0,368	0,273
Deferred tax assets	10,207	10,666	10,496	10,399	9,027	9,128	8,504	8,353	10,666
Сontract assets	0,866	1,001	1,090	1,506	0,972	1,054	0,759	0,726	0,439
Contract costs	14,647	15,108	15,382	15,730	16,326	16,190	16,390	16,865	16,749
Total non-current assets	774,940	786,236	803,099	825,111	870,021	869,919	895,276	899,415	935,011
Current assets
Inventories	9,793	9,710	11,091	12,770	10,792	10,979	11,648	13,474	12,572
Сontract assets	4,480	6,799	8,821	14,650	6,710	7,837	11,262	15,725	7,758
Contract costs	0,920	0,728	0,687	0,684	0,674	0,722	0,725	0,816	0,947
Trade and other accounts receivable	49,195	54,407	57,873	58,504	50,166	61,688	62,016	67,635	59,190
Prepayments	7,845	7,536	9,885	11,698	8,953	8,136	7,785	7,404	11,429
Prepaid income tax	0,868	3,395	2,419	0,961	1,377	1,633	1,220	0,877	1,842
Other financial assets	8,886	8,634	9,123	12,397	11,482	11,168	13,613	14,579	13,965
Other current assets	6,264	5,321	6,136	6,612	7,892	6,726	7,530	8,365	9,888
Cash & cash equivalents	19,955	28,223	28,515	20,879	31,215	28,297	23,530	26,907	49,570
Asset classified as held for sale	0,749	0,790	0,767	0,776	0,831	0,829	0,599	0,545	0,716
Total current assets	108,955	125,543	135,317	139,931	130,092	138,015	139,928	156,327	167,877
Total assets	883,895	911,779	938,416	965,042	1 000,113	1 007,934	1 035,204	1 055,742	1 102,888
EQUITY AND LIABILITIES
Equity
Share capital	0,093	0,095	0,095	0,095	0,095	0,095	0,095	0,095	0,095
Treasury shares	(53,391)	(20,279)	(14,374)	(14,374)	(14,374)	(14,670)	(14,722)	(11,761)	(13,345)
Retained earnings and other reserves	262,783	195,062	197,382	193,120	194,424	206,710	200,333	204,637	200,726
Total equity attributable to equity holders of the Gr	209,485	174,878	183,103	178,841	180,145	192,135	185,706	192,971	187,476
Non-controlling interest	4,585	4,766	4,896	4,201	37,604	38,086	38,169	38,836	39,926
Total equity	214,070	179,644	187,999	183,042	217,749	230,221	223,875	231,807	227,402
Non-current liabilities
Loans and borrowings	280,571	374,903	384,364	396,838	372,406	352,693	336,925	359,053	342,136
Lease liabilities	63,156	65,193	73,305	78,015	86,392	87,965	105,184	103,000	103,722
Employee benefits	5,881	6,138	6,279	6,455	6,670	6,863	6,934	6,917	6,906
Deferred tax liabilities	39,425	41,258	41,249	42,452	41,851	44,916	42,624	44,724	44,641
Accounts payable and accrued expenses	1,496	1,509	1,240	8,775	1,580	1,204	0,891	0,864	1,047
Contract liabilities	17,472	16,308	14,885	15,681	15,811	14,986	12,936	12,844	15,300
Provisions	4,418	4,683	4,980	5,291	5,848	5,354	5,463	5,473	5,730
Other financial liabilities	0,000	-	-	-	10,774	10,926	10,926	19,411	21,443
Other non-current liabilities	19,052	20,289	22,404	24,064	32,831	36,572	38,440	41,918	43,286
Total non-current liabilities	431,472	530,281	548,706	577,571	574,163	561,479	560,323	594,204	584,211
Current liabilities
Loans and borrowings	81,277	54,775	60,392	46,465	32,535	51,478	69,937	62,460	102,271
Lease liabilities	12,442	13,152	13,691	13,551	17,399	17,994	18,946	19,460	20,603
Accounts payable and accrued expenses	86,539	73,800	69,694	84,349	96,082	84,158	98,434	83,222	82,401
Income tax payable	2,692	2,073	1,875	2,046	3,023	1,196	1,890	2,236	3,365
Contract liabilities	31,353	31,995	31,213	33,399	34,680	29,913	29,220	33,082	42,512
Provisions	7,283	7,496	7,922	8,086	9,413	10,988	12,038	12,260	22,816
Other financial liabilities	0,164	0,146	1,172	0,898	1,914	1,474	1,263	0,000	0,000
Other current liabilities	16,603	18,417	15,752	15,635	13,155	19,033	19,278	17,011	17,307
Total current liabilities	238,353	201,854	201,711	204,429	208,201	216,234	251,006	229,731	291,275
Total equity and liabilities	883,895	911,779	938,416	965,042	1 000,113	1 007,934	1 035,204	1 055,742	1 102,888
Net debt	333,007	471,166	494,114	501,593	466,035	470,665	493,849	502,487	505,197
Gross debt	361,848	508,023	531,752	534,869	508,732	510,130	530,992	543,973	568,732

CASH FLOW STATEMENT

RUB bln	2019	1q20	2q20	6m20	3q20	9m20	4q20	2020	1q21	2q21	6m21	3q21	9m21	4q21	2021
Cash flows from operating activities
Profit before tax	27,391	9,719	9,903	19,622	15,098	34,720	(0,698)	34,023	15,132	14,214	29,346	12,091	41,437	(0,621)	40,816
Depreciation, amortization and impairment losses	104,062	26,765	28,440	55,205	29,252	84,457	35,245	119,702	31,656	32,990	64,646	35,985	100,631	39,428	140,059
Gain on disposal of PPE and intangible assets	(8,127)	(1,359)	(0,946)	(2,305)	(1,536)	(3,841)	(2,151)	(5,992)	(2,545)	(2,633)	(5,178)	(2,199)	(7,377)	(1,674)	(9,051)
Impairment loss of financial assets measured at amortised cost	6,588	1,163	1,303	2,466	0,669	3,135	4,030	7,165	(1,295)	1,382	0,087	1,701	1,788	0,123	1,911
Share of net profit/(loss) of associates and joint ventures	1,013	(0,166)	(0,143)	(0,309)	(0,139)	(0,448)	(0,521)	(0,969)	(0,018)	0,126	0,108	(0,086)	0,022	(0,283)	(0,261)
Finance income		(0,559)	(0,537)	(1,096)	(0,613)	(1,709)	(0,323)	(2,032)	(0,511)	(0,502)	(1,013)	(0,594)	(1,607)	(0,598)	(2,205)
Finance costs excluding finance costs on employee benefit obligations	35,197	8,848	10,488	19,336	8,491	27,827	8,795	36,622	8,884	8,959	17,843	10,047	27,890	10,999	38,889
Other investing and financial (gain)/loss, net	(1,451)	(0,087)	(0,362)	(0,449)	(0,021)	(0,470)	0,561	0,091	(0,771)	(1,008)	(1,779)	(0,145)	(1,924)	(1,306)	(3,230)
Foreign exchange (gain)/loss, net	(0,936)	1,543	(0,422)	1,121	0,595	1,716	(0,533)	1,183	(0,053)	0,001	(0,052)	(0,093)	(0,145)	(0,191)	(0,336)
Share-based motivation program	4,027	0,772	1,042	1,814	0,772	2,586	1,274	3,860	0,788	0,788	1,576	0,788	2,364	1,144	3,508
Changes in net working capital:	12,891	(19,634)	(22,394)	(42,028)	2,432	(39,596)	24,553	(15,043)	(11,499)	(16,389)	(27,888)	(7,479)	(35,367)	25,680	(9,687)
(Increase) / decrease in accounts receivable and contract assets	0,952	(9,428)	(4,991)	(14,419)	(7,767)	(22,186)	14,908	(7,278)	(8,878)	(4,736)	(13,614)	(11,297)	(24,911)	11,907	(13,004)
(Decrease) / increase in employee benefits	0,858	0,257	0,141	0,398	0,176	0,574	(0,253)	0,321	0,193	0,071	0,264	(0,017)	0,247	(0,011)	0,236
(Increase) / decrease in inventories	(1,569)	0,407	(1,330)	(0,923)	(1,678)	(2,601)	2,358	(0,243)	(0,187)	(0,666)	(0,853)	(1,827)	(2,680)	0,911	(1,769)
(Decrease) / increase in accounts payable, provisions and accrued expenses	9,963	(10,807)	(4,743)	(15,550)	14,345	(1,205)	12,299	11,094	(2,528)	(4,933)	(7,461)	5,343	(2,118)	13,300	11,182
(Increase) / decrease in contract costs, prepayments and other assets	(16,625)	(1,488)	(5,915)	(7,403)	(5,388)	(12,791)	(4,082)	(16,873)	(0,622)	(3,496)	(4,118)	(3,311)	(7,429)	(9,593)	(17,022)
(Decrease) / increase in other liabilities	19,312	1,425	(5,556)	(4,131)	2,744	(1,387)	(0,677)	(2,064)	0,523	(2,629)	(2,106)	3,630	1,524	9,166	10,690
Cash generated from operations	180,655	27,005	26,372	53,377	55,000	108,377	70,232	178,610	39,768	37,928	77,696	50,016	127,712	72,701	200,413
Interest paid	(35,346)	(8,017)	(9,618)	(17,635)	(9,262)	(26,897)	(8,697)	(35,594)	(8,938)	(8,945)	(17,883)	(9,848)	(27,731)	(11,312)	(39,043)
Income tax refund	0,693	0,007	0,000	0,007	0,998	1,005	0,701	1,706	0,042	0,000	0,042	0,000	0,042	0,000	0,042
Income tax paid, net	(5,065)	(2,497)	(1,571)	(4,068)	(1,371)	(5,439)	(2,492)	(7,931)	(2,184)	(3,599)	(5,783)	(1,112)	(6,895)	(2,047)	(8,942)
Net cash from operating activities	140,937	16,498	15,183	31,681	45,365	77,046	59,744	136,791	28,688	25,384	54,072	39,056	93,128	59,342	152,470
Cash flows from investing activities
Purchase of PPE and intangible assets	(134,383)	(25,901)	(27,699)	(53,600)	(30,242)	(83,842)	(52,145)	(135,987)	(30,687)	(30,788)	(61,475)	(29,783)	(91,258)	(56,582)	(147,840)
Proceeds from sale of PPE and intangible assets	9,434	1,617	1,360	2,977	1,518	4,495	1,741	6,236	3,235	2,647	5,882	2,257	8,139	2,194	10,333
Acquisition of financial assets	(8,150)	(2,347)	(1,154)	(3,501)	(4,656)	(8,157)	(6,039)	(14,196)	(2,891)	(5,261)	(8,152)	(6,217)	(14,369)	(9,987)	(24,356)
Proceeds from disposals of financial assets	4,809	1,109	0,639	1,748	1,324	3,072	8,389	11,461	4,023	2,338	6,361	5,270	11,631	7,622	19,253
Interest received	0,693	0,199	0,152	0,351	0,143	0,494	0,225	0,719	0,424	0,260	0,684	0,153	0,837	0,281	1,118
Subsidy from Government	13,572	1,229	1,438	2,667	2,155	4,822	10,079	14,901	0,428	3,631	4,059	1,656	5,715	10,703	16,418
Dividends received	0,232	0,052	0,107	0,159	0,243	0,402	0,167	0,569	0,143	0,271	0,414	0,030	0,444	0,000	0,444
Special dividends from disposed former mobile subsidiaries		0,000	0,000	0,000	0,000	0,000	1,665	1,665	0,000	0,000	0,000	0,000	0,000	0,399	0,399
Purchase of subsidiaries and business, net of cash acquired	(23,009)	(113,366)	(1,444)	(114,810)	(0,321)	(115,131)	(4,313)	(119,444)	(0,750)	(0,195)	(0,945)	(0,038)	(0,983)	(1,678)	(2,661)
Proceeds from disposals of subsidiaries, net of cash disposed	-	-	(0,074)	(0,074)	-	(0,074)	-	(0,074)	-	0,047	0,047	0,000	0,047	0,148	0,195
Acquisition of equity accounted investees	(0,544)	(0,025)	-	(0,025)	(0,100)	(0,125)	(1,449)	(1,574)	(0,176)	-	(0,176)	(0,076)	(0,252)	(0,470)	(0,722)
Proceeds from disposals of equity accounted investees	-	-	-	-	-	-	-	-	-	-	-	-	-	0,462	0,462
Net cash used in investing activities	(137,346)	(137,433)	(26,675)	(164,108)	(29,936)	(194,044)	(41,680)	(235,724)	(26,251)	(26,651)	(52,902)	(26,748)	(79,650)	(47,307)	(126,957)
Cash flows from financing activities
(Purchase) of treasury shares	-	66,000	(66,000)	-	-	-	-	-	(0,314)	(1,090)	(1,404)	(1,355)	(2,759)	(1,584)	(4,343)
Issue of share capital	-	-	66,000	66,000	-	66,000	-	66,000	-	-	-	-	-	-	-
Proceeds from bank and corporate loans	611,525	342,307	159,511	501,818	200,153	701,971	145,243	847,214	110,177	179,521	289,698	169,829	459,527	132,266	591,793
Repayment of bank and corporate loans	(593,746)	(305,630)	(152,346)	(457,976)	(201,022)	(658,998)	(193,885)	(852,883)	(110,907)	(174,948)	(285,855)	(170,333)	(456,188)	(109,852)	(566,040)
Proceeds from bonds	25,000	30,000	10,000	40,000	0,000	40,000	10,000	50,000	-	-	-	14,934	14,934	0,010	14,944
Repayment of bonds	(12,204)	(0,004)	(1,857)	(1,861)	(0,173)	(2,034)	0,100	(1,934)	-	(1,945)	(1,945)	0,000	(1,945)	0,000	(1,945)
Repayment of vendor financing payable	(0,011)	(0,002)	-	(0,002)	-	(0,002)	0,002	-	-	-	-	-	-	-	-
Repayment of promissory notes	(0,051)	-	-	-	-	-	(0,002)	(0,002)	-	-	-	-	-	-	-
Proceeds from / (repayment of) other non-current financing liabilities	-	(0,007)	0,000	(0,007)	(0,022)	(0,029)	0,000	(0,029)	-	-	-	-	-	-	-
Proceeds from non-controlling shareholders of subsidiaries		-	-	-	-	-	35,000	35,000	-	-	-	-	-	-	-
Repayment of lease liabilities	(10,583)	(3,003)	(3,335)	(6,338)	(4,273)	(10,611)	(4,071)	(14,682)	(3,585)	(4,746)	(8,331)	(4,935)	(13,266)	(5,294)	(18,560)
Acquisition of non-controlling interest	(1,397)	(0,019)	(0,001)	(0,020)	(0,015)	(0,035)	(0,001)	(0,036)	-	-	-	-	-	(4,480)	(4,480)
Dividends paid to shareholders of the Group	(11,731)	-	-	-	(16,751)	(16,751)	0,087	(16,664)	0,072	(0,002)	0,070	(16,934)	(16,864)	0,067	(16,797)
Dividends paid to non-controlling shareholders of subsidiaries	(0,824)	(0,233)	(0,037)	(0,270)	(1,035)	(1,305)	(0,128)	(1,433)	(0,830)	(0,181)	(1,011)	(0,187)	(1,198)	(0,552)	(1,750)
Net cash from financing activities	5,978	129,409	11,935	141,344	(23,138)	118,206	(7,655)	110,551	(5,387)	(3,391)	(8,778)	(8,981)	(17,759)	10,581	(7,178)
Effect of exchange rate changes on cash and cash equivalents	(0,106)	(0,206)	(0,151)	(0,357)	0,074	(0,283)	(0,074)	(0,357)	0,032	(0,109)	(0,077)	0,050	(0,027)	0,047	0,020
Net (decrease)/increase in cash and cash equivalents	9,463	8,268	0,292	8,560	(7,635)	0,925	10,335	11,261	(2,918)	(4,767)	(7,685)	3,377	(4,308)	22,663	18,355
Cash and cash equivalents at beginning of year	10,492	19,955	19,955	19,955	19,955	19,955	19,955	19,955	31,216	31,216	31,216	31,216	31,216	31,216	31,216
Cash and cash equivalents at the end of period	19,955	28,223	20,247	28,515	12,320	20,880	30,290	31,216	28,298	26,449	23,531	34,593	26,908	53,879	49,571

Free Cash Flow (FCF)

30,253

(6,358)

(9,566)

(15,924)

18,939

3,015

19,644

22,660

2,088

1,134

3,222

13,339

16,561

15,938

32,499

ADDITIONAL INDICATORS												GROWTH rates
RUB bln	2019	1q20	2q20	3q20	4q20	2020	1q21	2q21	3q21	4q21	2021		20/19
OIBDA
Operating profit	61,280	19,309	18,939	23,422	7,295	68,965	22,672	21,798	21,228	8,009	73,707	12,5%
Depreciation, amortization and impairment losses	104,062	26,765	28,440	29,252	35,245	119,702	31,656	32,990	35,985	39,428	140,059	15,0%
Expenses related to long-term incentive programme	4,007	0,714	1,096	0,716	1,679	4,205	0,834	0,833	0,834	1,243	3,744	4,9%
Expenses related to pension program subject to adjustment	1,354	0,294	0,325	0,287	0,272	1,178	0,275	0,317	0,276	0,436	1,304	-13,0%
OIBDA	170,703	47,082	48,800	53,677	44,491	194,050	55,437	55,938	58,323	49,116	218,814	13,7%
OIBDA margin	35,9%	38,7%	38,3%	39,8%	27,3%	35,5%	42,0%	40,4%	41,3%	29,2%	37,7%
FREE CASH FLOW
Net cash from operating activities	140,937	16,498	15,183	45,365	59,744	136,791	28,688	25,384	39,056	59,342	152,470	-2,9%
Purchase of PPE and intangible assets	(134,383)	(25,901)	(27,699)	(30,242)	(52,145)	(135,987)	(30,687)	(30,788)	(29,783)	(56,582)	(147,840)	1,2%
Proceeds from sale of PPE and intangible assets	9,434	1,617	1,360	1,518	1,741	6,236	3,235	2,647	2,257	2,194	10,333	-33,9%
Interest received	0,693	0,199	0,152	0,143	0,225	0,719	0,424	0,260	0,153	0,281	1,118	3,8%
Subsidy from Government	13,572	1,229	1,438	2,155	10,079	14,901	0,428	3,631	1,656	10,703	16,418	9,8%
Free Cash Flow (FCF)	30,253	(6,358)	(9,566)	18,939	19,644	22,660	2,088	1,134	13,339	15,938	32,499	-25,1%
CAPEX
CAPEX excl. state programms	105,657	21,873	24,778	24,326	36,162	107,139	27,181	24,373	24,638	42,548	118,740	1,4%
CAPEX for state programms	28,726	4,028	2,921	5,916	15,983	28,848	3,506	6,415	5,145	14,034	29,100	0,4%
Total CAPEX	134,383	25,901	27,699	30,242	52,145	135,987	30,687	30,788	29,783	56,582	147,840	1,2%
Total CAPEX / Revenue	28,2%	21,3%	21,8%	22,4%	32,0%	24,9%	23,3%	22,2%	21,1%	33,6%	25,5%
CAPEX excl. state programms / Revenue	22,2%	18,0%	19,5%	18,0%	22,2%	19,6%	20,6%	17,6%	17,4%	25,3%	20,5%
NET DEBT
Loans and borrowings	361,848	429,678	444,756	443,303	404,941	404,941	404,171	406,862	421,513	444,407	444,407
Lease liabilities	75,599	78,345	86,996	91,566	103,791	103,791	105,959	124,130	122,460	124,325	124,325
Gross debt	361,848	508,023	531,752	534,869	508,732	508,732	510,130	530,992	543,973	568,732	568,732
(-) Cash & cash equivalents	(19,955)	(28,223)	(28,515)	(20,879)	(31,215)	(31,215)	(28,297)	(23,530)	(26,907)	(49,570)	(49,570)
(-) Other financial assets	(8,886)	(8,634)	(9,123)	(12,397)	(11,482)	(11,482)	(11,168)	(13,613)	(14,579)	(13,965)	(13,965)
Net debt (incl. lease liabilities)	333,007	471,166	494,114	501,593	466,035	466,035	470,665	493,849	502,487	505,197	505,197
Net debt / OIBDA LTM	2,0х	2,7х	2,7х	2,6х	2,4х	2,4х	2,3х	2,4х	2,3х	2,3х	2,3х

1q21/20	2q21/20	3q21/20	4q21/20	21/20
17,4%	15,1%	-9,4%	9,8%	6,9%
18,3%	16,0%	23,0%	11,9%	17,0%
16,8%	-24,0%	16,5%	-26,0%	-11,0%
-6,5%	-2,5%	-3,8%	60,3%	10,7%
17,7%	14,6%	8,7%	10,4%	12,8%
73,9%	67,2%	-13,9%	-0,7%	11,5%
18,5%	11,2%	-1,5%	8,5%	8,7%
100,1%	94,6%	48,7%	26,0%	65,7%
113,1%	71,1%	7,0%	24,9%	55,5%
-65,2%	152,5%	-23,2%	6,2%	10,2%
-132,8%	-111,9%	-29,6%	-18,9%	43,4%
24,3%	-1,6%	1,3%	17,7%	10,8%
-13,0%	119,6%	-13,0%	-12,2%	0,9%
18,5%	11,2%	-1,5%	8,5%	8,7%

0,4%	-0,1%	1,7%	11,8%	11,8%
-0,1%	-0,1%	0,2%	8,4%	8,4%