Table of Contents


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

 

August 24, 2021

 

YANDEX N.V.

 

Schiphol Boulevard 165

1118 BG, Schiphol, the Netherlands.

Tel: +31 202 066 970

(Address, Including ZIP Code, and Telephone Number,

Including Area Code, of Registrant’s Principal Executive Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F      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): 


EXPLANATORY NOTE

Filed as Exhibit 99.1 to this Report on Form 6-K is a copy of the unaudited condensed consolidated financial statements of Yandex N.V. as of and for the three and six months ended June 30, 2021.

INCORPORATION BY REFERENCE

Exhibit 99.1 to this Report on Form 6-K shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Nos. 333-177622 and 333-213317) and Form F-3ASR (No. 333-239391) of Yandex N.V. (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.


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.

 

 

YANDEX N.V.

 

 

 

 

 

 

Date: August 24, 2021

By:

/s/ Svetlana Demyashkevich

 

 

Svetlana Demyashkevich

 

 

Chief Financial Officer


INDEX TO EXHIBITS

Exhibit No.

Description

99.1

Unaudited Condensed Consolidated Financial Statements of Yandex N.V. as of and for the three and six months ended June 30, 2021


EXHIBIT 99.1

YANDEX N.V.

INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Page

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2020 and June 30, 2021

F-2

Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2021

F-3

Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss) for the Three and Six Months Ended June 30, 2020 and 2021

F-4

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2021

F-5

Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2021

F-7

Notes to the Unaudited Condensed Consolidated Financial Statements

F-9

F-1


YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of Russian rubles (“RUB”) and U.S. dollars (“$”), except share and per share data)

d

As of

    

Notes

    

December 31, 2020

June 30, 2021

    

June 30, 2021

RUB

RUB

$

ASSETS

Cash and cash equivalents

 

4

 

132,398

87,867

1,214.1

Term deposits

 

 

105,787

120,318

1,662.5

Investments in marketable equity securities

-

5,503

76.0

Accounts receivable, less allowance for doubtful accounts of RUB 1,798 and RUB 2,134, respectively

 

4

 

25,440

28,014

387.1

Prepaid expenses

 

6,727

11,216

154.9

Inventory

4,810

6,765

93.5

Funds receivable, net

 

 

2,289

2,200

30.4

Other current assets

4

 

12,950

21,276

294.0

Total current assets

 

 

290,401

283,159

3,912.5

Property and equipment, net

 

7

 

61,772

74,985

1,036.1

Operating lease right-of-use assets

8

20,800

32,593

450.4

Intangible assets, net

 

9

 

21,842

22,677

313.3

Non-current content assets, net

11

 

7,464

10,175

140.6

Goodwill

 

9

 

104,275

116,571

1,610.7

Long-term prepaid expenses

 

1,391

2,498

34.7

Investments in non-marketable equity securities

 

 

1,135

1,248

17.2

Deferred tax assets

1,639

6,343

87.6

Other non-current assets

 

4

 

4,893

7,203

99.5

Total non-current assets

225,211

274,293

3,790.1

TOTAL ASSETS

 

515,612

557,452

7,702.6

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

Accounts payable and accrued liabilities

 

4

 

43,634

65,851

909.9

Income and non-income taxes payable

 

4

 

12,573

13,135

181.5

Deferred revenue

6,645

6,883

95.1

Total current liabilities

 

62,852

85,869

1,186.5

Convertible debt

13

83,277

82,593

1,141.2

Deferred tax liabilities

 

 

3,705

4,750

65.6

Operating lease liabilities

 

8

 

12,830

22,086

305.2

Finance lease liabilities

8

3,387

7,693

106.3

Other accrued liabilities

 

 

1,459

4,426

61.2

Total non-current liabilities

 

 

104,658

121,548

1,679.5

Total liabilities

167,510

207,417

2,866.0

Commitments and contingencies

 

12

 

Redeemable noncontrolling interests

 

3,167

1,783

24.6

Shareholders’ equity:

Priority share: €1 par value; 1 share authorized, issued and outstanding

Ordinary shares: par value (Class A €0.01, Class B €0.10 and Class C €0.09); shares authorized (Class A: 500,000,000, Class B: 37,138,658 and Class C: 37,748,658); shares issued (Class A: 320,430,479 and 322,740,479, Class B: 35,708,674 and 35,698,674, and Class C: 1,429,984 and 10,000, respectively); shares outstanding (Class A: 318,501,858 and 321,681,669, Class B: 35,708,674 and 35,698,674, and Class C: nil)

 

278

280

3.9

Treasury shares at cost (Class A: 1,928,621 and 1,058,810, Priority share: nil and nil, respectively)

(6)

(5)

(0.1)

Additional paid-in capital

160,857

173,080

2,391.5

Accumulated other comprehensive income

17,923

16,332

225.7

Retained earnings

145,789

139,330

1,925.2

Total equity attributable to Yandex N.V.

324,841

329,017

4,546.2

Noncontrolling interests

20,094

19,235

265.8

Total shareholders’ equity

344,935

348,252

4,812.0

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

515,612

557,452

7,702.6

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

F-2


YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions of Russian rubles and U.S. dollars, except share and per share data)

Three months ended June 30,

Six months ended June 30,

Notes

2020

2021

2021

2020

2021

2021

    

    

RUB

    

RUB

$

RUB

    

RUB

    

$

Revenues

15

41,407

81,402

1,124.8

88,410

154,538

2,135.3

Operating costs and expenses:

Cost of revenues(1)

15,912

 

41,774

577.2

32,147

 

75,816

1,047.6

Product development(1)

8,970

 

11,234

155.2

16,898

 

22,243

307.3

Sales, general and administrative(1)

12,357

 

27,476

379.7

25,998

 

50,571

698.8

Depreciation and amortization

4,052

 

5,641

77.9

8,062

 

10,898

150.6

Total operating costs and expenses

41,291

 

86,125

1,190.0

83,105

 

159,528

2,204.3

Income/(loss) from operations

116

 

(4,723)

(65.2)

5,305

 

(4,990)

(69.0)

Interest income

971

 

1,180

16.3

1,699

 

2,357

32.6

Interest expense

(678)

 

(861)

(11.9)

(903)

 

(1,654)

(22.9)

Loss from equity method investments, net

4

(977)

 

(5)

(0.1)

(2,083)

 

(6)

(0.1)

Other income/(loss), net

 

4

(1,210)

 

230

3.2

3,322

 

689

9.6

Net income/(loss) before income taxes

(1,778)

 

(4,179)

(57.7)

7,340

 

(3,604)

(49.8)

Income tax expense

 

10

1,966

 

485

6.7

5,656

 

4,280

59.1

Net income/(loss)

(3,744)

 

(4,664)

(64.4)

1,684

 

(7,884)

(108.9)

Net loss attributable to noncontrolling interests

347

 

785

10.8

713

 

1,028

14.2

Net income/(loss) attributable to Yandex N.V.

(3,397)

 

(3,879)

(53.6)

2,397

 

(6,856)

(94.7)

Net income/(loss) per Class A and Class B share:

Basic

 

2

(10.36)

 

(10.88)

(0.15)

7.28

 

(19.26)

(0.27)

Diluted

 

2

(10.36)

 

(10.88)

(0.15)

7.11

 

(19.26)

(0.27)

Weighted average number of Class A and Class B shares outstanding:

Basic

 

2

328,039,776

 

356,616,989

356,616,989

329,069,513

 

356,017,710

356,017,710

Diluted

 

2

328,039,776

 

356,616,989

356,616,989

335,854,248

 

356,017,710

356,017,710


(1) These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of:

Cost of revenues

    

138

 

126

1.7

214

 

250

    

3.5

Product development

 

2,598

 

2,592

35.8

4,280

 

6,034

 

83.4

Sales, general and administrative

 

1,473

 

2,144

29.7

2,466

 

4,382

 

60.5

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

F-3


YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In millions of Russian rubles and U.S. dollars)

Three months ended June 30,

Six months ended June 30,

    

2020

2021

2021

2020

2021

2021

RUB

RUB

$

RUB

RUB

$

Net income/(loss)

(3,744)

(4,664)

(64.4)

1,684

(7,884)

(108.9)

Foreign currency translation adjustment:

Foreign currency translation adjustment, net of tax of nil

(2,404)

(2,031)

(28.1)

7,718

(1,372)

(19.0)

Total other comprehensive income/(loss)

(2,404)

(2,031)

(28.1)

7,718

(1,372)

(19.0)

Total comprehensive income/(loss)

(6,148)

(6,695)

(92.5)

9,402

(9,256)

(127.9)

Total comprehensive (income)/loss attributable to noncontrolling interests

1,206

769

10.6

(325)

811

11.2

Total comprehensive income/(loss) attributable to Yandex N.V.

(4,942)

(5,926)

(81.9)

9,077

(8,445)

(116.7)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

F-4


YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Russian rubles and U.S. dollars)

Six months ended June 30,

    

Notes

2020

2021

2021

RUB

RUB

$

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:

Net income/(loss)

1,684

(7,884)

(108.9)

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Depreciation of property and equipment

7

6,669

8,015

110.8

Amortization of intangible assets

9

1,393

2,883

39.8

Amortization of content assets

11

1,548

3,072

42.4

Operating lease right-of-use assets amortization and the lease liability accretion

4,146

5,030

69.5

Amortization of debt discount and issuance costs

637

1,036

14.3

Share-based compensation expense

14

6,960

10,666

147.4

Deferred income tax expense/(benefit)

692

(4,065)

(56.2)

Foreign exchange losses/(gains)

(3,154)

291

4.0

Loss from equity method investments, net

4

2,083

6

0.1

Other

132

180

2.5

Changes in operating assets and liabilities excluding the effect of acquisitions:

Accounts receivable, net

1,553

(2,476)

(34.2)

Prepaid expenses and other assets

(3,241)

(13,306)

(183.8)

Inventory

(963)

(1,988)

(27.5)

Accounts payable and accrued liabilities

(9,520)

5,907

81.6

Deferred revenue

176

287

4.0

Content assets

(2,603)

(7,547)

(104.3)

Content liabilities

(628)

3,581

49.5

Net cash provided by operating activities

7,564

3,688

51.0

CASH FLOWS USED IN INVESTING ACTIVITIES:

Purchases of property and equipment and intangible assets

 

(12,681)

(17,244)

(238.3)

Proceeds from sale of property and equipment

 

38

34

0.5

Acquisitions of businesses, net of cash acquired

 

(95)

(7,274)

(100.5)

Investments in non-marketable equity securities

(15)

(265)

(3.7)

Proceeds from sale of marketable equity securities

2,735

37.8

Investments in marketable equity securities

(9,869)

(136.4)

Investments in term deposits

(121,992)

(187,251)

(2,587.3)

Maturities of term deposits

93,586

170,608

2,357.4

Loans granted

(560)

(7.7)

Proceeds from repayments of loans

16

577

7.9

Net cash used in investing activities

(41,143)

(48,509)

(670.3)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

F-5


YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In millions of Russian rubles and U.S. dollars)

Six months ended June 30,

    

Notes

2020

2021

2021

RUB

RUB

$

CASH FLOWS PROVIDED BY/(USED IN) FINANCING ACTIVITIES:

Proceeds from exercise of share options

48

864

11.9

Repurchases of share options

(642)

(42)

(0.6)

Proceeds from issuance of convertible debt

82,046

Proceeds from issuance of ordinary shares

72,650

Ordinary shares issuance costs

(4)

Repurchases of ordinary shares

(10,165)

Repayments of overdraft borrowings

(397)

(5.5)

Payment for contingent consideration

(10)

(10)

(0.1)

Payment for finance leases

(140)

(202)

(2.8)

Other financing activities

(66)

(132)

(1.8)

Purchase of redeemable noncontrolling interests

(47)

(669)

(9.2)

Net cash provided by/(used in) financing activities

143,670

(588)

(8.1)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

17,791

877

12.0

Net change in cash and cash equivalents, and restricted cash and cash equivalents

127,882

(44,532)

(615.4)

Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period

56,453

132,446

1,830.1

Cash and cash equivalents, and restricted cash and cash equivalents, end of period

184,335

87,914

1,214.7

RECONCILIATION OF CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS:

Cash and cash equivalents, beginning of period

56,415

132,398

1,829.4

Restricted cash and cash equivalents, beginning of period

38

48

0.7

Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period

56,453

132,446

1,830.1

Cash and cash equivalents, end of period

184,292

87,867

1,214.1

Restricted cash and cash equivalents, end of period

43

47

0.6

Cash and cash equivalents, and restricted cash and cash equivalents, end of period

184,335

87,914

1,214.7

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

Cash paid for income taxes

7,056

7,291

 

100.7

Cash paid for acquisitions

3

95

7,300

 

100.9

Convertible notes coupon paid

344

4.8

Interest paid for finance leases

157

2.2

Operating cash flows from operating leases

4,554

5,756

79.5

Non-cash operating activities:

Increase/(decrease) of right-of-use assets due to new operating lease and lease modification

(1,660)

15,888

219.5

Non-cash investing activities:

Acquired property and equipment and intangible assets not yet paid for

1,717

2,773

38.3

Non-cash financing activities:

Increase/(decrease) of right-of-use assets due to new finance lease and lease modification

(289)

4,378

60.5

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

F-6


Table of Contents

YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In millions of Russian rubles and U.S. dollars, except share and per share data)

Three months ended June 30, 2020

Priority Share

Ordinary Shares

Accumulated

Redeemable

Issued and

Issued and

Treasury

Additional

Other

Non-

 

non-

Outstanding

Outstanding

shares at

Paid-In

Comprehensive

Retained

redeemable

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

NCI

Total

 

interests

    

    

RUB

    

    

RUB

    

RUB

    

RUB

    

RUB

    

RUB

RUB

    

RUB

    

RUB

Balance as of March 31, 2020

    

1

327,682,221

262

(5,730)

74,169

13,073

127,245

21,738

230,757

14,235

Share-based compensation expense

 

3,192

3,192

Exercise of share options (Note 14)

 

1,601,534

33

33

Tax withholding related to exercise of share awards

(35)

(35)

Repurchases of shares

 

(732,175)

(1,903)

(1,903)

Reissue of shares for options exercised

 

3,943

(3,943)

Repurchase of share options

49

49

(50)

Issue of new shares (Public Offering and PIPE)

21,522,840

17

72,538

72,555

Foreign currency translation adjustment

(1,545)

(859)

(2,404)

Other

 

(4)

(28)

(16)

(48)

Net loss

(3,397)

(339)

(3,736)

(8)

Change in redemption value of redeemable noncontrolling interests

(904)

(904)

904

Balance as of June 30, 2020

 

1

350,074,420

275

(3,690)

145,975

11,528

122,944

20,524

297,556

15,081

Three months ended June 30, 2021

Priority Share

Ordinary Shares

Accumulated

Redeemable

Issued and

Issued and

Treasury

Additional

Other

Non-

 

non-

Outstanding

Outstanding

shares at

Paid-In

Comprehensive

Retained

redeemable

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

NCI

Total

 

interests

    

    

RUB

    

    

RUB

RUB

RUB

RUB

RUB

RUB

    

RUB

    

RUB

Balance as of March 31, 2021

 

1

    

    

355,995,773

    

279

(5)

167,836

18,381

143,229

20,004

 

349,724

1,859

Share-based compensation expense

4,862

4,862

Exercise of share options (Note 14)

 

1,384,570

228

228

Tax withholding related to exercise of share awards

(61)

(61)

Reissue of shares for options exercised

1

(1)

Repurchase of share options

109

9

118

(105)

Foreign currency translation adjustment

(2,047)

16

(2,031)

Other

1

(1)

107

(2)

105

Net loss

(3,879)

(785)

(4,664)

Change in redemption value of redeemable noncontrolling interests

(29)

(29)

29

Balance as of June 30, 2021

1

357,380,343

280

(5)

173,080

16,332

139,330

19,235

348,252

1,783

Balance as of June 30, 2021, $

 

3.9

(0.1)

2,391.5

225.7

1,925.2

265.8

4,812.0

24.6

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

F-7


YANDEX N.V.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

Six months ended June 30, 2020

Priority Share

Ordinary Shares

Accumulated

Redeemable

Issued and

Issued and

Treasury

Additional

Other

Non-

 

non-

Outstanding

Outstanding

shares at

Paid-In

Comprehensive

Retained

redeemable

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

NCI

Total

 

interests

    

    

RUB

    

    

RUB

    

RUB

    

RUB

    

RUB

    

RUB

RUB

    

RUB

    

RUB

Balance as of December 31, 2019

    

1

329,858,166

261

(411)

68,050

4,848

121,786

20,261

214,795

14,246

Effect of adoption of ASU 2016-13

(232)

(16)

(248)

Adjusted balance as of January 1, 2020

1

329,858,166

261

(411)

68,050

4,848

121,554

20,245

214,547

14,246

Share-based compensation expense

 

5,494

5,494

Exercise of share options (Note 14)

 

2,921,577

49

49

Tax withholding related to exercise of share awards

(69)

(69)

Repurchases of shares

 

(4,228,163)

(10,586)

(10,586)

Reissue of shares for options exercised

 

7,308

(7,308)

Repurchase of share options

217

(16)

201

(201)

Issuance of convertible debt

6,792

6,792

Issue of new shares (Public Offering and PIPE)

21,522,840

17

72,538

72,555

Foreign currency translation adjustment

6,680

986

7,666

52

Other

 

(3)

(1)

212

(1)

207

Net income / (loss)

2,397

(707)

1,690

(6)

Change in redemption value of redeemable noncontrolling interests

(990)

(990)

990

Balance as of June 30, 2020

 

1

350,074,420

275

(3,690)

145,975

11,528

122,944

20,524

297,556

15,081

Six months ended June 30, 2021

Priority Share

Ordinary Shares

Accumulated

Redeemable

Issued and

Issued and

Treasury

Additional

Other

Non-

 

non-

Outstanding

Outstanding

shares at

Paid-In

Comprehensive

Retained

redeemable

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

NCI

Total

 

interests

    

    

RUB

    

RUB

RUB

RUB

RUB

RUB

RUB

    

RUB

    

RUB

Balance as of December 31, 2020

1

354,210,532

278

(6)

160,857

17,923

145,789

20,094

 

344,935

3,167

Share-based compensation expense

10,828

10,828

Exercise of share options (Note 14)

 

3,169,811

856

856

Tax withholding related to exercise of share awards

(121)

(121)

Reissue of shares for options exercised

3

(3)

Repurchase of share options

411

14

425

(976)

Foreign currency translation adjustment

(1,589)

217

(1,372)

Other

2

(2)

252

(2)

(25)

(48)

177

Net loss

(6,856)

(1,028)

(7,884)

Change in redemption value of redeemable noncontrolling interests