UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report
of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities
Exchange Act of 1934
For the month of March,
2022
Commission File Number: 001-15094
Mobile
TeleSystems Public joint stock company
(Translation of registrant’s name
into English)
4, Marksistskaya Street
Moscow 109147
Russian Federation
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form
20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
MTS Reports Q4 & FY 2021 Results
| ● | FY 2021 Consolidated Group Revenue increased 8.0% year-over-year to
RUB 534.4 bn. |
| ● | FY 2021 Group Adjusted OIBDA increased 6.6% year-over-year to RUB
229.4 bn. |
| ● | FY 2021 Group Net Profit1 increased 3.4% year-over-year
to RUB 63.5 bn. |
MOSCOW, March 3, 2022 — Mobile TeleSystems
Public Joint Stock Company (“MTS” or “the Company”) (NYSE: MBT; MOEX: MTSS), Russia’s largest mobile operator
and a leading provider of media and digital services, announces its fourth-quarter and full-year 2021 financial and operating results.
For the full-year, the Company delivered robust
performance in line with its previously provided guidance for 2021. Group Revenue in 2021 increased 8.0% year-over-year to reach RUB 534.4 bn,
with top-line contributions across all segments, including Telecom, Fintech, and Media. FY 2021 Group Adjusted OIBDA increased 6.6% year-over-year
to RUB 229.4 bn on the back of solid business performance in Telecom, Fintech, and Media2, among other impacts.
Group Net Profit increased 3.4% year-over-year
in 2021 to reach RUB 63.5 bn, driven primarily by core business performance and a significant positive impact from Fintech, which more
than overcame negative impacts. Group Cash CAPEX in 2021 amounted to RUB 111.0 bn.
Viacheslav Nikolaev, President & CEO,
commented: “2021 was landmark year for MTS as we accelerated our progress in priority directions — most notably deepening
engagement across our expanding digital ecosystem. Overall, I am happy to report we delivered a robust set of financial results from
the top to the bottom line. We had a key strategic breakthrough in Media with the launch of our KION platform, and in Fintech, MTS Bank
is rapidly achieving significant standalone scale with a proven business model. And in Telecom, we continued to build on our track record
of solid, sustainable growth in mobile and fixed-line connectivity. These achievements once more demonstrate our continued successful
execution of our long-term strategy to drive lifetime value across our established client base of tens of millions of customers.”
1 Attributable to owners of the Company
2 Financial results of operating segment «Media»
are presented within «Other» category in the Group’s consolidated financial statements
Segment highlights
Telecom
| ● | Russia connectivity services revenue grew
5.1% in 2021 to reach RUB 416.5 bn. |
| ● | Russia three-month active mobile subscribers
increased to 80.4 m subscribers in Q4 2021 from 79.7 m in the prior quarter. |
| ● | Russia sales of handsets and accessories
increased 10.2% to RUB 68.9 bn. |
| ● | Monthly active MyMTS app users stood at
25.1 m at the end of 2021. |
Fintech
| ● | There were 3.0 m MTS Bank clients at the
end of 2021. |
| ● | MTS Bank net income for 2021 amounted
to RUB 5.0 bn. |
| ● | MTS Bank mobile app 3-month active users
stood at 1.8 m at the end of the reporting period. |
Media
| ● | Over-the-top media subscribers stood at
4.0 m at the end of Q4 2021, up 15.2% quarter-on-quarter and 1.6x year-over-year. |
| ● | Total media pay-TV viewers stood at 8.4
m at the end of the reporting period. |
Ecosystem
| ● | MTS ecosystem clients reached 8.8 m at
the end of Q4 2021, up 40% from the prior-year period. |
| ● | Average products per customer increased
to 1.43, up from 1.31 in the prior-year period. |
Financial results
Consolidated MTS Group key figures3 (RUB bn)
| |
4Q21 | | |
4Q20 | | |
Change, % | | |
FY 21 | | |
FY 20 | | |
Change, % | |
Revenue | |
| 143.7 | | |
| 133.7 | | |
| 7.5 | % | |
| 534.4 | | |
| 494.9 | | |
| 8.0 | % |
o/w Russia | |
| 140.1 | | |
| 130.0 | | |
| 7.7 | % | |
| 521.0 | | |
| 483.0 | | |
| 7.9 | % |
Adjusted OIBDA4 | |
| 55.5 | | |
| 52.5 | | |
| 5.7 | % | |
| 229.4 | | |
| 215.2 | | |
| 6.6 | % |
o/w Russia | |
| 54.4 | | |
| 51.2 | | |
| 6.3 | % | |
| 224.4 | | |
| 210.0 | | |
| 6.8 | % |
Operating profit | |
| 25.8 | | |
| 26.1 | | |
| -1.2 | % | |
| 118.3 | | |
| 112.9 | | |
| 4.8 | % |
Profit attributable to owners of the Company | |
| 13.6 | | |
| 13.1 | | |
| 3.9 | % | |
| 63.5 | | |
| 61.4 | | |
| 3.4 | % |
Cash CAPEX5 | |
| 22.8 | | |
| 33.2 | | |
| -31.4 | % | |
| 111.0 | | |
| 96.9 | | |
| 14.5 | % |
Net debt6 | |
| | | |
| | | |
| | | |
| 389.5 | | |
| 317.6 | | |
| 22.6 | % |
Net debt / LTM Adjusted OIBDA | |
| | | |
| | | |
| | | |
| 1.7 | | |
| 1.5 | | |
| n/a | |
2021 highlights | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating cash flow | |
| | | |
| | | |
| | | |
| 142.8 | | |
| 155.5 | | |
| -8.1 | % |
Free cash flow ex-Bank & cash proceeds from sale of VF Ukraine | |
| | | |
| | | |
| | | |
| 53.9 | | |
| 62.1 | | |
| -13.2 | % |
Russia results (accounts
for over 97% of Group revenue)
(RUB bn) | |
4Q21 | | |
4Q20 | | |
Change, % | | |
FY 21 | | |
FY 20 | | |
Change, % | |
Revenue | |
| 140.1 | | |
| 130.0 | | |
| 7.7 | % | |
| 521.0 | | |
| 483.0 | | |
| 7.9 | % |
Connectivity services | |
| 108.3 | | |
| 102.9 | | |
| 5.3 | % | |
| 416.5 | | |
| 396.4 | | |
| 5.1 | % |
Sales of handsets and accessories | |
| 20.7 | | |
| 20.3 | | |
| 2.0 | % | |
| 68.9 | | |
| 62.5 | | |
| 10.2 | % |
Bank | |
| 13.5 | | |
| 9.3 | | |
| 46.1 | % | |
| 47.2 | | |
| 34.4 | | |
| 37.2 | % |
Other | |
| 2.5 | | |
| 1.4 | | |
| 76.6 | % | |
| 6.3 | | |
| 4.7 | | |
| 32.8 | % |
Eliminations | |
| -5.0 | | |
| -3.9 | | |
| -29.7 | % | |
| -17.9 | | |
| -15.0 | | |
| -18.9 | % |
Adjusted OIBDA | |
| 54.4 | | |
| 51.2 | | |
| 6.3 | % | |
| 224.4 | | |
| 210.0 | | |
| 6.8 | % |
margin | |
| 38.8 | % | |
| 39.3 | % | |
| -0.5 p.p. | | |
| 43.1 | % | |
| 43.5 | % | |
| -0.4p.p | |
Net profit | |
| 13.1 | | |
| 11.8 | | |
| 11.2 | % | |
| 61.0 | | |
| 57.3 | | |
| 6.6 | % |
margin | |
| 9.4 | % | |
| 9.1 | % | |
| 0.3 p.p. | | |
| 11.7 | % | |
| 11.9 | % | |
| -0.2p.p | |
# of MTS Retail stores7 | |
| | | |
| | | |
| | | |
| 5 636 | | |
| 5 244 | | |
| 392 | |
For Q4 2021, Group Revenue increased 7.5%
to RUB 143.7 bn driven by connectivity services, bank revenue, and sales of handsets & accessories.
1 Financials for 2020 have been restated due to the deconsolidation
of NVision Group.
4 Adjusted OIBDA for 4Q2020 and 2020 doesn't include a
loss from impairment of non-current assets of RUB 808 m and RUB 2,088 m respectively.
5 Net of cash proceeds under sharing agreement.
6 Excluding lease obligations.
7 Number of owned and franchised MTS stores in operation
at the end of the reporting period.
Connectivity services revenue in Russia
grew 5.3% to RUB 108.3 bn supported by solid core telecom performance, including both mobile and fixed-line services. Bank revenue
in Q4 2021 surged 46.1% year-over-year, reflecting ongoing rapid growth in consumer banking and lending. In retail, sales of
handsets and accessories in Russia increased 2.0% year-over-year to reach RUB 20.7 bn.
Group Adjusted OIBDA increased 5.7% year-over-year
to reach RUB 55.5 bn in the quarter, driven by solid performance in key segments, including Telecom, Retail, and Media. Group Net Profit
in Q4 2021 grew 3.9% to RUB 13.6 bn supported by core business performance and tax effects, while constrained by higher depreciation &
amortization of fixed and intangible assets, among other impacts.
Q4 2021 Group Cash Capital Expenditures
amounted to RUB 22.8 bn, with a decline versus the year-ago quarter partly due to relatively earlier investment in network development
in 2021 versus 2020. For the twelve months ended December, 31, 2021, Group Free Cash Flow excluding MTS Bank8 stood
at RUB 53.9 bn.
At the end of Q4 2021, MTS’s Net Debt
stood at RUB 389.5 bn with a net debt weighted average interest rate of 6.6%. The Group’s Net debt ex-LL9 to Last-Twelve-Months
Adjusted OIBDA ratio stood at 1.7x.
8 Free cash flow is presented excluding proceeds from sale
of VF Ukraine.
9 Excluding lease liabilities.
![](https://content.edgar-online.com/edgar_conv_img/2022/03/03/0001104659-22-029768_tm228305d1_6kimg001.jpg)
Shareholder returns
In November, MTS announced the completion of its
dividend payments based on the Company’s half-year 2021 financial results. The dividend for 1H 2021 amounted to RUB 10.55 per ordinary
MTS share (RUB 21.10 per ADR), with aggregate dividends paid totaling RUB 21.0 bn (RUB 20,975,164,044.40). The completion of the disbursement
represented the final payment under the Company’s three-year 2019-2021 dividend policy.
***
In December, MTS completed share repurchases in
connection with the Extraordinary General Meeting of shareholders (the “EGM”) earlier held on September 30, 2021. As
provided for under Russian legislation, holders of MTS ordinary shares voting at the EGM against certain agenda items concerning reorganization
or those who abstained from voting were eligible to submit their shares for repurchase. In total, in Q4 28,504,570 ordinary shares were
repurchased by MTS PJSC amounting to RUB 9.3 bn (RUB 9,313,298,156.10).
![](https://content.edgar-online.com/edgar_conv_img/2022/03/03/0001104659-22-029768_tm228305d1_6kimg001.jpg)
Other country markets
Armenia
(AMD bn) | |
4Q21 | | |
4Q20 | | |
Change, % | | |
FY 21 | | |
FY 20 | | |
Change, % | |
Revenue | |
| 12.5 | | |
| 10.4 | | |
| 19.6 | % | |
| 49.0 | | |
| 48.5 | | |
| 0.9 | % |
OIBDA | |
| 6.2 | | |
| 5.7 | | |
| 9.9 | % | |
| 25.8 | | |
| 25.0 | | |
| 3.5 | % |
margin | |
| 50.0 | % | |
| 54.3 | % | |
| -4,3 p.p. | | |
| 52.8 | % | |
| 51.5 | % | |
| +1.3 p.p | |
Net profit | |
| 0.6 | | |
| 3.9 | | |
| -85.2 | % | |
| 3.4 | | |
| 12.5 | | |
| -73.0 | % |
margin | |
| 4.6 | % | |
| 37.5 | % | |
| -32.9 p.p | | |
| 6.9 | % | |
| 25.7 | % | |
| -18.8 p.p | |
In Armenia, revenue in Q4 2021 increased
19.6% to AMD 12.5 bn reflecting continued growth in core connectivity services, among other factors. For the year, Armenia OIBDA increased
9.9% to AMD 6.2 bn driven by business performance. In Q4, mobile subscribers in Armenia remained roughly steady quarter-on-quarter, standing
at 2.2 m at the end of Q4.
Belarus
(BYN m) | |
4Q21 | | |
4Q20 | | |
Change, % | | |
FY 21 | | |
FY 20 | | |
Change, % | |
Revenue | |
| 368.0 | | |
| 334.4 | | |
| 10.1 | % | |
| 1357.0 | | |
| 1222.0 | | |
| 11.0 | % |
OIBDA | |
| 175.0 | | |
| 167.6 | | |
| 4.4 | % | |
| 694.0 | | |
| 640.0 | | |
| 8.4 | % |
margin | |
| 47.4 | % | |
| 50.1 | % | |
| -2.7 p.p. | | |
| 51.1 | % | |
| 52.4 | % | |
| -1.3 p.p | |
Net profit | |
| 93.0 | | |
| 100.3 | | |
| -7.2 | % | |
| 358.0 | | |
| 347.6 | | |
| 3.0 | % |
margin | |
| 25.0 | % | |
| 30.0 | % | |
| -5.0 p.p. | | |
| 26.4 | % | |
| 28.4 | % | |
| -2.0 p.p | |
In Belarus, which is not consolidated,
revenue in Q4 2021 increased double digits (10.1% year-over-year) to BYN 368.0 m on the back of growth mobile connectivity as well as
higher sales of devices and accessories. Belarus OIBDA increased 4.4% to reach BYN 175.0 m, driven by core connectivity performance. Mobile
subscribers in Belarus remained largely unchanged at 5.7 m at the end of 2021.
Czech Republic10
(CZK m) | |
4Q21 | | |
4Q20 | | |
Change, % | | |
FY 21 | | |
FY 20 | | |
Change, % | |
Revenue | |
| 608.0 | | |
| 577.0 | | |
| 5.4 | % | |
| 2180.0 | | |
| 1896.0 | | |
| 15.0 | % |
OIBDA | |
| 38.0 | | |
| 45.0 | | |
| -15.6 | % | |
| 174.0 | | |
| 112.0 | | |
| 55.4 | % |
margin | |
| 6.3 | % | |
| 7.8 | % | |
| -1.5 p.p. | | |
| 8.0 | % | |
| 5.9 | % | |
| +2.1 p.p | |
Net profit | |
| 24.0 | | |
| 24.0 | | |
| 0.0 | % | |
| 96.0 | | |
| 71.0 | | |
| 35.2 | % |
margin | |
| 3.9 | % | |
| 4.2 | % | |
| -0.3 p.p. | | |
| 4.4 | % | |
| 3.7 | % | |
| +0.7 p.p | |
In Q4 2021 in Czech Republic, revenue grew 5.4%
year-over-year to reach CZK 608.0 m, OIBDA declined 15.6% y-o-y to CZK 38.0 m and net profit was unchanged at CZK 24.0 m.
10 Nvision Czech Republic’ tailors in-house software
solutions, provides support and managed services to telecom operators, delivers electronic and mechanical manufacturing services.
![](https://content.edgar-online.com/edgar_conv_img/2022/03/03/0001104659-22-029768_tm228305d1_6kimg001.jpg)
Recent company news
Corporate developments
In October, the MTS Board of Directors approved
the composition of the MTS Management Board as:
| ● | Vyacheslav Nikolaev, President & CEO |
| ● | Inessa Galaktionova, First Vice President for
Telecommunications |
| ● | Alexey Barsegian, Vice President for Corporate &
Legal Affairs |
| ● | Victor Belov, Vice President for Technology |
| ● | Igor Egorov, Vice President for Infrastructure
Development |
| ● | Ilya Filatov, Vice President for Financial Services,
MTS, and CEO, MTS Bank |
| ● | Alexander Gorbunov, Vice President for Strategy &
Development |
| ● | Ruslan Ibragimov, Vice President for Government
Relations |
| ● | Farid Kamalov, Vice President for Retail Development |
| ● | Andrey Kamensky, Vice President for Finance |
| ● | Alexander Khanin, Vice President for Artificial
Intelligence |
| ● | Igor Mishin, Vice President for Media |
| ● | Pavel Voronin, Vice President for Technology |
| ● | Olga Ziborova, Vice President for Ecosystem Development &
Marketing |
Pavel Voronin was subsequently appointed First
Vice President for Technology in December and assumed the position in January, 2022.
M&A
In December, MTS announced the signing of a definitive
agreement to acquire a 100% stake in VisionLabs B.V. (“VisionLabs”) up to RUB 6.5 bn. The deal was closed on 24th
of February, 2022. VisionLabs is one of the world’s leaders in pioneering new products based on computer vision and machine learning.
The company has executed more than 500 computer vision projects in 37 countries around the world for more than 270 customers across the
financial, telecommunications, retail, transportation, and power sectors. The company’s software helps process data from more than
1.7 million cameras across the globe. In 2020, the company’s revenue amounted to over RUB 1.1 bn.
In February, 2022 MTS invested RUB 740 m in the
equity share capital of UrentBike.ru, LLC (“Urent”), a leader on the Russian micro-mobility short-term rental market. The
deal, which is aimed at expanding the range of services offered within the MTS ecosystem, was carried out as part of a recent funding
round, which saw MTS as lead investor and also attracted other investments. Urent is Russia’s largest electric scooter rental operator
with a fleet of over 60,000 e-scooters in more than 60 cities, representing more than 50% of the national market in terms of fleet size.
![](https://content.edgar-online.com/edgar_conv_img/2022/03/03/0001104659-22-029768_tm228305d1_6kimg001.jpg)
Ratings
In October, Russia’s AK&M agency awarded
MTS the agency’s highest possible ESG Reporting Rating, an assessment of completeness of information in corporate sustainability
and ESG reporting. AK&M analysts upgraded MTS's rating to RESG1 from RESG2 a year earlier, noting the high degree of sustainability
disclosure in MTS public reporting, as well as the company's successful work in social initiatives and its forward-looking sustainable
development strategy.
***
In December, the Expert RA rating agency reaffirmed
MTS’s credit rating at the highest-possible level of ‘ruAAA’ in its 2021 review of the Company. In its press release,
Expert RA highlighted the Company’s ample opportunities for debt refinancing, sufficient supply of available credit lines, as well
as comfortable debt repayment schedule. The agency also cited MTS’s high-quality approach to risk management and strategic planning
and high level of information transparency.
***
In January, Russia’s National Credit Ratings
Agency has reaffirmed MTS’s credit rating of AAA.ru, the agency’s highest, with a stable outlook. In its report, National
Credit Ratings noted several key factors that influenced their decision, including: (1) the low systematic risk to MTS’s operations;
(2) the Company’s moderate leverage, high margin of safety for debt servicing, significant operating margin, as well as healthy
liquidity levels; and (3) quality of the Company’s management and strategic planning.
***
In February, the MTS Board of Directors established
a Special Committee of the Board for Cloud & Infrastructure Development to be chaired by Independent Director Nadia Shouraboura.
In addition, the Board amended the composition of the ESG Committee.
Mobile connectivity (LTE/5G)
In October, MTS signed an agreement to build a
commercial 5G-ready private network for the Karelsky Okatysh JSC iron ore mining and processing plant owned by Severstal PJSC, one of
the world's largest steel and mining companies. According to the agreement, MTS will roll out a dedicated LTE/5G-ready network for Karelsky
Okatysh to provide connectivity for quarrying and other operations in the Republic of Karelia, including voice and video communications,
equipment and video monitoring, as well as emergency notification systems. The network is scheduled to launch in April 2022.
***
In November, MTS conducted the first test of an
OpenRAN-based 5G telecom solution leveraging software developed in Russia at the Skolkovo Institute of Science and Technology (Skoltech).
During tests at the Open RAN Laboratory in Moscow, the innovative new solution delivered blistering-fast downlink transmission speeds
surpassing 1 Gbps. The demonstration was carried out with an OpenRAN base station and a standalone (SA) MTS 5G network core connected
to a commercially-available 5G SA smartphone.
***
In January, MTS announced the world’s first
successful test of 5G uplink carrier aggregation leveraging a virtualized 5G radio access network (vRAN). Solutions based on vRAN technology
are widely expected to be deployed in 5G networks across the world including as a foundational component of open radio access networks
(OpenRAN).
![](https://content.edgar-online.com/edgar_conv_img/2022/03/03/0001104659-22-029768_tm228305d1_6kimg001.jpg)
Partnerships
In November, MTS joined the 5G Future Forum (5GFF),
an assembly that brings together leading global communications companies to accelerate the development and adoption of 5G and Multi-access
Edge Computing (MEC) technologies. Founded in January 2020 by América Móvil, KT Corporation, Rogers, Telstra, Verizon
and Vodafone, the 5GFF aims to accelerate delivery of globally interoperable 5G and MEC solutions.
***
In February, MTS signed a memorandum of strategic
cooperation with KT Corporation, a leading Korean company in information and communications technology (ICT), to develop new business
directions, including building data centers and joint AI-based solutions, as well as media content projects.
Compliance
As disclosed in our prior Annual Reports and Forms
20-F, in March 2019, we reached a resolution with the U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ)
and signed a Consent Order (Order) with the SEC and a Deferred Prosecution Agreement (DPA) with the DOJ. Under the DPA and the Order in
September 2019 we appointed an independent compliance monitor for, inter alia, review, testing and perfecting MTS’ anti-corruption
compliance code, policies, and procedures.
We have not received notice from the SEC, the
DOJ or the monitor of any breach of the terms of the DPA or the Order. However, given a variety of factors, including the COVID-19 pandemic,
we have agreed to a one-year extension of the DPA and the monitorship with the DOJ and the SEC to (i) provide us with adequate time
to implement necessary enhancements to certain critical components of our anti-corruption compliance and ethics program and (ii) allow
the monitor sufficient time to be able to complete its review of our remedial efforts, including our implementation of the monitor’s
recommendations and an assessment of the sustainability of our remedial actions. The term of the monitorship will continue until September 2023.
Awards & Recognition
In October, MTS Investor Relations Director Polina
Ugryumova was recognized with an award for Best Investor Relations Director as part of Russia’s premier annual ranking of the country’s
top-1000 business leaders. The annual rating of the Russian Association of Managers seeks to recognize outstanding business leaders who
have made a significant contribution to the development of their companies, their industry, and the Russian economy as a whole. The rating
is based on a closed voting process, with leading business managers assessing the performance of their peers and colleagues.
Cautionary
note on forward-looking statements
Some of the information in this press release may contain projections
or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as
“expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,”
“could,” “may” or “might,” and the negative of such terms or other similar expressions. We wish to
caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or
intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically
the Company’s most recent Form 20-F. These documents contain and identify important factors, including those contained in the
section captioned “Risk Factors” that could cause the actual results to differ materially from those contained in our projections
or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including
the ongoing geopolitical situation relating to the conflict in Ukraine, the expansion of sanctions imposed on the Russian Federation by
the United States, European Union and United Kingdom, volatility in interest and exchange rates (including the decline in the value of
the Russian ruble against the U.S. dollar and the euro), commodity and equity prices and the value of financial assets; the impact of
Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain
our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including
acquisitions and dispositions and our success in integrating acquired businesses, potential fluctuations in quarterly results, our competitive
environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy,
risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks
associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.
Note
on financial measures & definitions
This press release includes financial information
prepared in accordance with International Financial Reporting Standards, or IFRS, as well as other financial measures referred to as non-IFRS.
The non-IFRS financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance
with IFRS. Due to the rounding and translation practices, Russian ruble and functional currency margins, as well as other non-IFRS financial
measures, may differ.
Operating Income Before Depreciation and Amortization
(OIBDA) and OIBDA margin. OIBDA represents operating income before depreciation and amortization. OIBDA margin is defined as OIBDA as
a percentage of our net revenues. OIBDA may not be similar to OIBDA measures of other companies, is not a measurement under IFRS and should
be considered in addition to, but not as a substitute for, the information contained in our consolidated statement of profit or loss.
We believe that OIBDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing
business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions of mobile operators
and other investments and our ability to incur and service debt. While depreciation and amortization are considered operating costs under
IFRS, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or
constructed in prior periods. Our OIBDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies
to evaluate and compare the periodic and future operating performance and value of companies within the wireless telecommunications industry.
We use the term Adjusted for OIBDA and operating profit where there were items that do not reflect underlying operations that were excluded.
OIBDA and Adjusted OIBDA can be reconciled to our consolidated statements
of profit or loss as follows11:
Group (RUB bn) | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating profit | |
| 26.1 | | |
| 28.6 | | |
| 30.4 | | |
| 33.5 | | |
| 25.8 | |
Add: D&A | |
| 25.6 | | |
| 26.8 | | |
| 26.8 | | |
| 27.9 | | |
| 29.7 | |
Loss from impairment of non-current assets | |
| 0.8 | | |
| - | | |
| - | | |
| - | | |
| - | |
Adjusted OIBDA | |
| 52.5 | | |
| 55.4 | | |
| 57.2 | | |
| 61.3 | | |
| 55.5 | |
Russia (RUB bn) | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating profit | |
| 25.4 | | |
| 27.9 | | |
| 29.8 | | |
| 32.8 | | |
| 25.3 | |
Add: D&A | |
| 25 | | |
| 26.2 | | |
| 26.2 | | |
| 27.2 | | |
| 29.0 | |
Loss from impairment of non-current assets | |
| 0.8 | | |
| - | | |
| - | | |
| - | | |
| - | |
Adjusted OIBDA | |
| 51.2 | | |
| 54.1 | | |
| 56.0 | | |
| 60.0 | | |
| 54.4 | |
Armenia (RUB m) | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating profit | |
| 304 | | |
| 271 | | |
| 463 | | |
| 390 | | |
| 346 | |
Add: D&A | |
| 573 | | |
| 568 | | |
| 517 | | |
| 632 | | |
| 594 | |
OIBDA | |
| 877 | | |
| 839 | | |
| 980 | | |
| 1022 | | |
| 940 | |
Czech (Nvision) (RUB m) | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating profit | |
| 119 | | |
| 66 | | |
| 269 | | |
| 23 | | |
| 80 | |
Add: D&A | |
| 34 | | |
| 39 | | |
| 37 | | |
| 37 | | |
| 45 | |
OIBDA | |
| 154 | | |
| 105 | | |
| 306 | | |
| 60 | | |
| 124 | |
OIBDA and OIBDA margin can be reconciled to our operating margin
as follows:
Group | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating margin | |
| 19.5 | % | |
| 23.1 | % | |
| 23.7 | % | |
| 24.2 | % | |
| 18.0 | % |
Add: D&A | |
| 19.1 | % | |
| 21.6 | % | |
| 20.8 | % | |
| 20.2 | % | |
| 20.7 | % |
Loss from impairment of non-current assets | |
| 0.6 | % | |
| - | | |
| - | | |
| - | | |
| - | |
Adjusted OIBDA margin | |
| 39.3 | % | |
| 44.7 | % | |
| 44.5 | % | |
| 44.4 | % | |
| 38.6 | % |
11
Totals may add up differently due to rounding
Russia | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating margin | |
| 19.5 | % | |
| 23.1 | % | |
| 23.8 | % | |
| 24.3 | % | |
| 18.1 | % |
Add: D&A | |
| 19.2 | % | |
| 21.7 | % | |
| 20.9 | % | |
| 20.2 | % | |
| 20.7 | % |
Loss from impairment of non-current assets | |
| 0.6 | % | |
| - | | |
| - | | |
| - | | |
| - | |
Adjusted OIBDA margin | |
| 39.3 | % | |
| 44.8 | % | |
| 44.7 | % | |
| 44.5 | % | |
| 38.8 | % |
Armenia | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating margin | |
| 19.0 | % | |
| 16.7 | % | |
| 26.7 | % | |
| 20.2 | % | |
| 18.4 | % |
Add: D&A | |
| 35.7 | % | |
| 35.0 | % | |
| 29.8 | % | |
| 32.8 | % | |
| 31.6 | % |
OIBDA margin | |
| 54.7 | % | |
| 51.7 | % | |
| 56.6 | % | |
| 53.0 | % | |
| 49.9 | % |
Czech (Nvision) | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Operating margin | |
| 6.0 | % | |
| 3.6 | % | |
| 14.6 | % | |
| 1.3 | % | |
| 4.0 | % |
Add: D&A | |
| 1.7 | % | |
| 2.1 | % | |
| 2.0 | % | |
| 2.1 | % | |
| 2.3 | % |
OIBDA margin | |
| 7.8 | % | |
| 5.8 | % | |
| 16.6 | % | |
| 3.4 | % | |
| 6.2 | % |
Free cash flow ex-Bank can be reconciled to our free cash flow as
follows:
Group (RUB bn) | |
Q4’20 | | |
Q1’21 | | |
Q2’21 | | |
Q3’21 | | |
Q4’21 | |
Group free cash flow | |
| 13.5 | | |
| -13.7 | | |
| 3.7 | | |
| 4.1 | | |
| 33.5 | |
Less: Bank free cash flow | |
| 2.6 | | |
| -26.3 | | |
| -1.8 | | |
| -2 | | |
| 2.6 | |
Free cash flow ex-Bank | |
| 10.9 | | |
| 12.6 | | |
| 5.5 | | |
| 6.1 | | |
| 31.0 | |
Definitions
Total debt. Total debt represents short-term
and long-term debt excluding lease obligations and debt issuance costs.
Net debt. Net debt represents total debt
less cash and cash equivalents, short-term investments, long-term deposits, swap and currency hedging. Our net debt calculation is commonly
used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare our periodic and future liquidity
within the wireless telecommunications industry. Our net debt calculation may not be similar to the net debt calculation of other companies.
The non-IFRS financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance
with IFRS.
Free Cash Flow. Free cash flow is represented
by net cash from operating activities less cash used for certain investing activities. Free cash flow is commonly used by investors, analysts
and credit rating agencies to assess and evaluate our performance over time and within the wireless telecommunications industry. Our free
cash flow calculation may not be similar to the free cash flow calculation of other companies. Because free cash flow is not based in
IFRS and excludes certain sources and uses of cash, the calculation should not be looked upon as an alternative to our consolidated statement
of cash flows or other information prepared in accordance with IFRS.
Subscriber. We define a “subscriber”
as an organization or individual, whose SIM-card:
| • | shows traffic-generating activity or |
| • | accrues a balance for services rendered or |
| • | is replenished or topped off |
over the course of any three-month period, inclusive
within the reporting period, and was not blocked at the end of the period.
Consolidated
financial statements
MOBILE TELESYSTEMS
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2021 AND 2020 |
(Amounts in millions of RUB except per share amount)
|
|
Twelve months
ended |
|
Twelve months
ended |
|
Three months
ended |
|
Three months
ended |
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
|
Service revenue |
|
457 677 |
|
425 448 |
|
120 777 |
|
111 152 |
|
Sales of goods |
|
76 726 |
|
69 478 |
|
22 946 |
|
22 554 |
|
Revenue |
|
534 403 |
|
494 926 |
|
143 723 |
|
133 706 |
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
(133 512 |
) |
(121 943 |
) |
(36 250 |
) |
(31 759 |
) |
Cost of goods |
|
(72 244 |
) |
(63 482 |
) |
(20 842 |
) |
(20 777 |
) |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
(96 239 |
) |
(87 983 |
) |
(27 566 |
) |
(24 578 |
) |
Depreciation and amortization |
|
(111 088 |
) |
(100 234 |
) |
(29 680 |
) |
(25 598 |
) |
Operating share of the profit of associates and joint ventures |
|
5 565 |
|
5 048 |
|
1 276 |
|
1 475 |
|
Impairment of non-current assets |
|
10 |
|
(2 023 |
) |
- |
|
(796 |
) |
Other operating expenses |
|
(8 616 |
) |
(11 416 |
) |
(4 849 |
) |
(5 547 |
) |
Operating profit |
|
118 279 |
|
112 893 |
|
25 812 |
|
26 126 |
|
|
|
|
|
|
|
|
|
|
|
Other income / (expenses): |
|
|
|
|
|
|
|
|
|
Finance income |
|
2 518 |
|
3 437 |
|
485 |
|
787 |
|
Finance costs |
|
(41 352 |
) |
(42 084 |
) |
(11 635 |
) |
(10 933 |
) |
Other income / (expenses) |
|
(243 |
) |
3 337 |
|
(1 161 |
) |
(534 |
) |
Total other expenses, net |
|
(39 077 |
) |
(35 310 |
) |
(12 311 |
) |
(10 680 |
) |
|
|
|
|
|
|
|
|
|
|
Profit before tax from continuing operations |
|
79 202 |
|
77 583 |
|
13 501 |
|
15 446 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
(15 403 |
) |
(16 126 |
) |
60 |
|
(2 288 |
) |
|
|
|
|
|
|
|
|
|
|
Profit for the year from continuing operations |
|
63 799 |
|
61 457 |
|
13 561 |
|
13 158 |
|
|
|
|
|
|
|
|
|
|
|
Discontinued operation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after tax for the year from discontinued operation |
|
470 |
|
616 |
|
191 |
|
106 |
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
64 269 |
|
62 073 |
|
13 752 |
|
13 264 |
|
|
|
|
|
|
|
|
|
|
|
Profit for the year attributable to non-controlling interests |
|
(796 |
) |
(661 |
) |
(137 |
) |
(166 |
) |
|
|
|
|
|
|
|
|
|
|
Profit for the year attributable to owners of the Company |
|
63 473 |
|
61 412 |
|
13 615 |
|
13 098 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income / (expenses) |
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
Exchange differences on translating foreign operations |
|
1 197 |
|
1 644 |
|
368 |
|
(2 684 |
) |
Other comprehensive income / (expenses) for the year |
|
1 197 |
|
1 644 |
|
368 |
|
(2 684 |
) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year |
|
65 466 |
|
63 717 |
|
14 120 |
|
10 580 |
|
Less comprehensive income for the period attributable to the noncontrolling interests |
|
(796 |
) |
(661 |
) |
(137 |
) |
(166 |
) |
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period attributable to owners of the Company |
|
64 670 |
|
63 056 |
|
13 983 |
|
10 414 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding, in thousands - basic |
|
1 693 244 |
|
1 760 468 |
|
1 670 548 |
|
1 734 726 |
|
Earnings per share attributable to the Group - basic: |
|
|
|
|
|
|
|
|
|
EPS from continuing operations |
|
37.21 |
|
34.53 |
|
8.04 |
|
7.49 |
|
EPS from discontinued operation |
|
0.28 |
|
0.35 |
|
0.11 |
|
0.06 |
|
Total EPS - basic |
|
37.49 |
|
34.88 |
|
8.15 |
|
7.55 |
|
Weighted average number of common shares outstanding, in thousands - diluted |
|
1 701 785 |
|
1 761 778 |
|
1 671 759 |
|
1 735 556 |
|
Earnings per share attributable to the Group - diluted: |
|
|
|
|
|
|
|
|
|
EPS from continuing operations |
|
37.02 |
|
34.51 |
|
8.03 |
|
7.49 |
|
EPS from discontinued operation |
|
0.28 |
|
0.35 |
|
0.11 |
|
0.06 |
|
Total EPS - diluted |
|
37.30 |
|
34.86 |
|
8.14 |
|
7.55 |
|
MOBILE TELESYSTEMS | |
| |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |
| |
AS OF DECEMBER 31, 2021 AND AS OF DECEMBER 31, 2020 |
| |
| |
(Amounts in millions of RUB) | |
| |
| |
As of December 31, | | |
As of December 31, | |
| |
2021 | | |
2020 | |
NON-CURRENT ASSETS: | |
| | | |
| | |
Property, plant and equipment | |
| 311 250 | | |
| 284 804 | |
Investment property | |
| 2 498 | | |
| 1 889 | |
Right-of-use assets | |
| 132 343 | | |
| 130 503 | |
Intangible assets | |
| 142 951 | | |
| 128 144 | |
Investments in associates and joint ventures | |
| 8 735 | | |
| 8 555 | |
Other investments | |
| 4 591 | | |
| 9 488 | |
Deferred tax assets | |
| 11 683 | | |
| 8 778 | |
Accounts receivable, related parties | |
| 5 000 | | |
| 5 209 | |
Bank deposits and loans to customers | |
| 118 342 | | |
| 63 992 | |
Other financial assets | |
| 9 335 | | |
| 9 738 | |
Other assets | |
| 5 790 | | |
| 5 749 | |
Total non-current assets | |
| 752 518 | | |
| 656 849 | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Inventories | |
| 18 981 | | |
| 15 204 | |
Trade and other receivables | |
| 37 897 | | |
| 32 868 | |
Accounts receivable, related parties | |
| 2 287 | | |
| 8 980 | |
Bank deposits and loans to customers | |
| 87 594 | | |
| 52 676 | |
Short-term investments | |
| 28 972 | | |
| 23 434 | |
VAT receivable | |
| 11 746 | | |
| 8 877 | |
Income tax assets | |
| 2 021 | | |
| 4 660 | |
Assets held for sale | |
| 549 | | |
| 667 | |
Cash and cash equivalents | |
| 40 590 | | |
| 85 405 | |
Other financial assets | |
| 27 349 | | |
| 23 922 | |
Advances paid and prepaid expenses and other assets | |
| 5 314 | | |
| 5 661 | |
Total current assets | |
| 263 300 | | |
| 262 354 | |
Total assets | |
| 1 015 818 | | |
| 919 203 | |
| |
| | | |
| | |
EQUITY: | |
| | | |
| | |
Equity attributable to owners of the Company | |
| 9 766 | | |
| 28 700 | |
Non-controlling interests | |
| 4 838 | | |
| 3 990 | |
Total equity | |
| 14 604 | | |
| 32 690 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES: | |
| | | |
| | |
Borrowings | |
| 350 300 | | |
| 395 143 | |
Lease obligations | |
| 135 800 | | |
| 134 637 | |
Bank deposits and liabilities | |
| 14 313 | | |
| 1 883 | |
Deferred tax liabilities | |
| 17 901 | | |
| 19 191 | |
Provisions | |
| 7 288 | | |
| 5 128 | |
Other financial liabilities | |
| 180 | | |
| 14 | |
Other liabilities | |
| 2 012 | | |
| 1 903 | |
Total non-current liabilities | |
| 527 794 | | |
| 557 899 | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Trade and other payables | |
| 72 078 | | |
| 56 017 | |
Accounts payable, related parties | |
| 4 107 | | |
| 3 146 | |
Borrowings | |
| 111 839 | | |
| 34 125 | |
Lease obligations | |
| 18 709 | | |
| 16 177 | |
Bank deposits and liabilities | |
| 207 055 | | |
| 165 794 | |
Income tax liabilities | |
| 768 | | |
| 753 | |
Provisions | |
| 17 479 | | |
| 13 460 | |
Other financial liabilities | |
| 202 | | |
| 1 109 | |
Other liabilities | |
| 41 183 | | |
| 38 033 | |
Total current liabilities | |
| 473 420 | | |
| 328 614 | |
Total equity and liabilities | |
| 1 015 818 | | |
| 919 203 | |
MOBILE TELESYSTEMS |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2021 AND 2020 |
|
|
|
|
|
|
(Amounts in millions of RUB) |
|
|
|
|
|
|
|
Twelve months ended |
|
Twelve months ended |
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
Profit for the year |
|
64 269 |
|
62 073 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation and amortization |
|
111 088 |
|
100 205 |
|
Impairment of non-current assets |
|
(10 |
) |
2 023 |
|
Impairment of financial assets |
|
12 983 |
|
11 936 |
|
Loss/(gain) from sale of Ukraine operations |
|
54 |
|
(2 101 |
) |
Finance income |
|
(2 518 |
) |
(3 439 |
) |
Finance costs |
|
41 352 |
|
42 085 |
|
Income tax expense |
|
15 403 |
|
17 191 |
|
Share of profit of associates and joint ventures |
|
(5 746 |
) |
(5 321 |
) |
Net foreign exchange loss//(gain) and change in fair value of financial instruments |
|
186 |
|
(4 330 |
) |
Inventory obsolescence expense |
|
1 456 |
|
891 |
|
Change in provisions |
|
3 620 |
|
1 492 |
|
Other non-cash items |
|
(4 360 |
) |
(4 393 |
) |
|
|
|
|
|
|
Movements in operating assets and liabilities: |
|
|
|
|
|
(Increase) / decrease in trade and other receivables and contract assets |
|
(2 608 |
) |
1 904 |
|
Increase in bank deposits and loans to customers |
|
(101 897 |
) |
(33 570 |
) |
Increase in inventory |
|
(5 206 |
) |
(630 |
) |
Increase in advances paid and prepaid expenses |
|
(2 526 |
) |
(6 507 |
) |
(Increase) / decrease in VAT receivable |
|
(2 821 |
) |
482 |
|
Increase / (decrease) in trade and other payables, contract liabilities and other current liabilities |
|
16 544 |
|
(1 104 |
) |
Increase in bank deposits and liabilities |
|
53 765 |
|
27 172 |
|
|
|
|
|
|
|
Dividends received |
|
4 794 |
|
3 676 |
|
Income tax paid |
|
(17 494 |
) |
(15 193 |
) |
Interest received |
|
3 150 |
|
2 727 |
|
Interest paid, net of interest capitalized |
|
(40 632 |
) |
(41 762 |
) |
Net cash provided by operating activities |
|
142 846 |
|
155 507 |
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
Aquisition of subsidiary, net of cash acquired |
|
(10 186 |
) |
(262 |
) |
Purchases of property, plant and equipment |
|
(73 081 |
) |
(66 256 |
) |
Purchases of other intangible assets |
|
(38 602 |
) |
(31 153 |
) |
Purchase of Avantage |
|
- |
|
(429 |
) |
Cost to obtain and fulfill contracts, paid |
|
(4 218 |
) |
(5 442 |
) |
Proceeds from sale of property, plant and equipment and assets held for sale |
|
5 082 |
|
6 678 |
|
Purchases of short-term and other investments |
|
(13 765 |
) |
(10 054 |
) |
Proceeds from sale of short-term and other investments |
|
13 085 |
|
16 012 |
|
Investments in associates and joint ventures |
|
(1 087 |
) |
(1 460 |
) |
Cash (payments) and proceeds related to swap contracts |
|
(657 |
) |
5 322 |
|
Proceeds from sale of associates |
|
3 014 |
|
2 450 |
|
Proceeds from sale of subsidiaries |
|
3 891 |
|
3 461 |
|
Other investing activities |
|
92 |
|
- |
|
Net cash used in investing activities |
|
(116 432 |
) |
(81 133 |
) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
Repayment of notes |
|
(20 813 |
) |
(28 167 |
) |
Proceeds from issuance of notes |
|
4 350 |
|
46 757 |
|
Notes and debt issuance cost paid |
|
(96 |
) |
(107 |
) |
Lease obligation principal paid |
|
(16 516 |
) |
(15 054 |
) |
Dividends paid |
|
(61 955 |
) |
(74 923 |
) |
Cash flows from transactions under common control |
|
(3 474 |
) |
- |
|
Proceeds from loans |
|
64 311 |
|
194 645 |
|
Repayment of loans |
|
(15 538 |
) |
(134 483 |
) |
Repurchase of common stock |
|
(21 483 |
) |
(16 028 |
) |
Net cash used in by financing activities |
|
(71 214 |
) |
(27 360 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(7 |
) |
385 |
|
|
|
|
|
|
|
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS |
|
(44 879 |
) |
47 399 |
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, beginning of the year |
|
85 469 |
|
38 070 |
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of the year |
|
40 590 |
|
85 469 |
|
|
|
|
|
|
|
Less cash and cash equivalents within held for sale |
|
- |
|
(64 |
) |
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of the year |
|
40 590 |
|
85 405 |
|
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
MOBILE TELESYSTEMS PUBLIC JOINT STOCK COMPANY |
|
|
|
|
By: |
/s/ Vyacheslav Nikolaev |
|
|
Name: |
Vyacheslav Nikolaev |
|
|
Title: |
CEO |
Date:
March 3, 2022 |
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