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

 

November 23, 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 nine months ended September 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such registration statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.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: November 23, 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 nine months ended September 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 September 30, 2021

F-2

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

F-3

Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three and Nine Months Ended September 30, 2020 and 2021

F-4

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

F-5

Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 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

September 30, 2021

    

September 30, 2021

RUB

RUB

$

ASSETS

Cash and cash equivalents

 

4

 

132,398

81,425

1,119.1

Term deposits

 

 

105,787

53,189

731.0

Investments in marketable equity securities

3,792

52.1

Accounts receivable, less allowance for doubtful accounts of RUB 1,798 and RUB 2,570, respectively

 

4

 

25,440

32,111

441.3

Prepaid expenses

 

6,727

12,902

177.4

Inventory

4,810

7,039

96.7

Funds receivable, net

 

 

2,289

2,685

36.9

Investments in debt securities

657

9.0

VAT reclaimable

7,573

12,310

169.2

Other current assets

4

 

5,377

6,957

95.6

Total current assets

 

 

290,401

213,067

2,928.3

Property and equipment, net

 

7

 

61,772

88,788

1,220.3

Operating lease right-of-use assets

8

20,800

37,097

509.8

Intangible assets, net

 

9

 

21,842

22,946

315.4

Content assets, net

11

 

7,464

12,704

174.6

Goodwill

 

9

 

104,275

117,701

1,617.6

Long-term prepaid expenses

 

1,391

3,011

41.5

Investments in non-marketable equity securities

 

 

1,135

3,923

53.9

Deferred tax assets

1,639

5,736

78.8

Other non-current assets

 

4

 

4,893

7,620

104.7

Total non-current assets

225,211

299,526

4,116.6

TOTAL ASSETS

 

515,612

512,593

7,044.9

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

Accounts payable and accrued liabilities

 

4

 

43,634

87,172

1,198.0

Income and non-income taxes payable

 

4

 

12,573

12,804

176.0

Deferred revenue

6,645

7,777

106.9

Bank deposits and liabilities, current

91

1.3

Total current liabilities

 

62,852

107,844

1,482.2

Convertible debt

13

83,277

83,549

1,148.3

Deferred tax liabilities

 

 

3,705

2,910

40.0

Operating lease liabilities

 

8

 

12,830

26,218

360.3

Finance lease liabilities

8

3,387

13,697

188.2

Bank deposits and liabilities, non current

141

1.9

Other accrued liabilities

 

 

1,459

4,109

56.6

Total non-current liabilities

 

 

104,658

130,624

1,795.3

Total liabilities

167,510

238,468

3,277.5

Commitments and contingencies

 

11, 12

 

Redeemable noncontrolling interests

 

3,167

1,058

14.5

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 323,800,479, 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 322,860,322, Class B: 35,708,674 and 35,698,674, and Class C: nil)

 

278

281

3.9

Treasury shares at cost (Class A: 1,928,621 and 940,157, respectively)

(6)

(3,361)

(46.2)

Additional paid-in capital

160,857

108,804

1,495.4

Accumulated other comprehensive income

17,923

16,570

227.7

Retained earnings

145,789

135,920

1,868.0

Total equity attributable to Yandex N.V.

324,841

258,214

3,548.8

Noncontrolling interests

20,094

14,853

204.1

Total shareholders’ equity

344,935

273,067

3,752.9

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

515,612

512,593

7,044.9

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 September 30,

Nine months ended September 30,

Notes

2020

2021

2021

2020

2021

2021

    

    

RUB

    

RUB

$

RUB

    

RUB

    

$

Revenues

15

58,335

91,305

1,254.9

146,745

245,843

3,378.8

Operating costs and expenses:

Cost of revenues(1)

22,141

 

45,671

627.7

54,288

 

121,487

1,669.7

Product development(1)

9,414

 

12,222

168.0

26,312

 

34,465

473.7

Sales, general and administrative(1)

15,742

 

32,961

453.0

41,740

 

83,532

1,148.0

Depreciation and amortization

4,780

 

6,135

84.3

12,842

 

17,033

234.1

Total operating costs and expenses

52,077

 

96,989

1,333.0

135,182

 

256,517

3,525.5

Income/(loss) from operations

6,258

 

(5,684)

(78.1)

11,563

 

(10,674)

(146.7)

Interest income

4

1,009

 

1,146

15.8

2,708

 

3,503

48.1

Interest expense

(723)

 

(938)

(12.9)

(1,626)

 

(2,592)

(35.6)

Effect of Yandex.Market consolidation

19,230

19,230

Other income/(loss), net

4

(440)

2,690

36.9

799

3,373

46.4

Net income/(loss) before income taxes

25,334

 

(2,786)

(38.3)

32,674

 

(6,390)

(87.8)

Income tax expense

 

10

3,573

 

1,122

15.4

9,229

 

5,402

74.3

Net income/(loss)

21,761

 

(3,908)

(53.7)

23,445

 

(11,792)

(162.1)

Net loss attributable to noncontrolling interests

239

 

523

7.2

952

 

1,551

21.4

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

22,000

 

(3,385)

(46.5)

24,397

 

(10,241)

(140.7)

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

Basic

 

2

62.61

 

(9.32)

(0.13)

72.49

 

(28.28)

(0.39)

Diluted

 

2

60.72

 

(9.32)

(0.13)

70.27

 

(28.28)

(0.39)

Weighted average number of Class A
and Class B
shares used in per share computation

Basic

 

2

351,372,700

 

363,390,831

363,390,831

336,558,174

 

362,097,366

362,097,366

Diluted

 

2

361,941,154

 

363,390,831

363,390,831

346,728,394

 

362,097,366

362,097,366


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

Cost of revenues

    

111

 

117

1.6

325

 

367

    

5.0

Product development

 

2,337

 

2,734

37.6

6,617

 

8,768

 

120.5

Sales, general and administrative

 

1,505

 

2,284

31.4

3,971

 

6,666

 

91.7

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 September 30,

Nine months ended September 30,

    

2020

2021

2021

2020

2021

2021

RUB

RUB

$

RUB

RUB

$

Net income/(loss)

21,761

(3,908)

(53.7)

23,445

(11,792)

(162.1)

Foreign currency translation adjustment:

Foreign currency translation and other, net of tax of nil

10,590

135

1.9

18,308

(1,239)

(17.0)

Reclassification adjustment, net of tax of nil

893

893

Total other comprehensive income/(loss)

11,483

135

1.9

19,201

(1,239)

(17.0)

Total comprehensive income/(loss)

33,244

(3,773)

(51.8)

42,646

(13,031)

(179.1)

Total comprehensive (income)/loss attributable to noncontrolling interests

(827)

626

8.6

(1,152)

1,437

19.7

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

32,417

(3,147)

(43.2)

41,494

(11,594)

(159.4)

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)

Nine months ended September 30,

    

Notes

2020

2021

2021

RUB

RUB

$

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:

Net income/(loss)

23,445

(11,792)

(162.1)

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

Depreciation of property and equipment

7

10,218

12,719

174.8

Amortization of intangible assets

9

2,624

4,314

59.3

Amortization of content assets

11

2,276

5,445

74.8

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

7,036

8,040

110.5

Amortization of debt discount and issuance costs

13

1,141

1,554

21.4

Share-based compensation expense

14

10,913

15,801

217.2

Deferred income tax benefit

(15)

(5,403)

(74.3)

Foreign exchange gains

4

(3,632)

(86)

(1.2)

Effect of Yandex.Market consolidation

(19,230)

Other

3,289

(2,286)

(31.4)

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

Accounts receivable, net

222

(6,437)

(88.5)

Prepaid expenses and other assets

808

(17,273)

(237.3)

Inventory

(3,907)

(2,257)

(30.9)

Accounts payable and accrued liabilities

(5,114)

9,897

136.0

Deferred revenue

666

1,173

16.1

Bank deposits and liabilities

(48)

(0.7)

Content assets

(4,797)

(9,603)

(132.0)

Content liabilities

523

2,132

29.3

Net cash provided by operating activities

26,466

5,890

81.0

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

Purchases of property and equipment and intangible assets

 

(17,375)

(25,742)

(353.8)

Proceeds from sale of property and equipment

 

74

62

0.9

Acquisitions of businesses, net of cash acquired

 

3

(33,469)

(8,236)

(113.2)

Investments in non-marketable equity securities

(15)

(658)

(9.0)

Proceeds from sale of marketable equity securities

5,652

77.7

Investments in marketable equity securities

(9,869)

(135.6)

Investments in term deposits

(267,957)

(240,676)

(3,307.8)

Maturities of term deposits

161,456

292,031

4,013.6

Loans granted

(1,103)

(15.3)

Proceeds from repayments of loans

391

1,277

17.6

Net cash (used in)/provided by investing activities

(156,895)

12,738

175.1

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)

Nine months ended September 30,

    

Notes

2020

2021

2021

RUB

RUB

$

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

Proceeds from exercise of share options

88

1,039

14.3

Repurchases of share options

(642)

(67)

(0.9)

Proceeds from issuance of convertible debt

82,046

Payment of debt issuance costs

(11)

Proceeds from issuance of ordinary shares

72,650

Ordinary shares issuance costs

(91)

Repurchases of ordinary shares

(10,165)

(3,530)

(48.5)

Repayments of overdraft borrowings

(397)

(5.5)

Payment of contingent consideration and holdback amount

(63)

(5,504)

(75.6)

Payment for finance leases

(311)

(436)

(6.0)

Other financing activities

(113)

(286)

(4.0)

Purchase of redeemable noncontrolling interests

(3,078)

(1,194)

(16.4)

Purchase of non-redeemable noncontrolling interests

3

(1,709)

(58,363)

(802.1)

Net cash provided by/(used in) financing activities

138,601

(68,738)

(944.7)

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

28,888

(849)

(11.8)

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

37,060

(50,959)

(700.4)

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

56,453

132,446

1,820.3

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

93,513

81,487

1,119.9

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

Cash and cash equivalents, beginning of period

56,415

132,398

1,819.6

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

1,820.3

Cash and cash equivalents, end of period

93,463

81,425

1,119.1

Restricted cash and cash equivalents, end of period

50

62

0.8

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

93,513

81,487

1,119.9

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

Cash paid for income taxes

7,163

10,460

 

143.8

Cash paid for acquisitions

39,675

8,912

 

122.5

Convertible notes coupon paid

346

688

9.5

Interest paid for finance leases

67

301

4.1

Operating cash flows from operating leases

7,200

8,696

119.5

Non-cash operating activities:

Increase of right-of-use assets due to new operating lease and lease modification

4,279

22,280

306.2

Non-cash investing activities:

Acquired property and equipment and intangible assets not yet paid for

2,326

7,665

105.3

Non-cash financing activities:

Increase of right-of-use assets due to new finance lease and lease modification

3,435

11,531

158.5

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 September 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

controlling

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

interests

Total

 

interests

    

    

RUB

    

    

RUB

    

RUB

    

RUB

    

RUB

    

RUB

RUB

    

RUB

    

RUB

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

Share-based compensation expense

 

5,683

5,683

Exercise of share options

 

2,195,030

44

44

Tax withholding related to exercise of share awards

(47)

(47)

Reissue of shares for options exercised

 

3,685

(3,685)

Repurchase of share options

8,783

(2,183)

6,600

(9,523)

Foreign currency translation adjustment

9,453

1,066

10,519

Acquisition of Yandex Market

47

47

493

Disposal of investment in Yandex.Money (Note 4)

893

893

Yandex Self-Driving and Yandex Drive Car-Sharing
Businesses Restructure

(1,561)

71

(219)

(1,709)

Change in redemption value of redeemable noncontrolling interests

371

371

(371)

Net income

22,000

(242)

21,758

3

Other

 

3

(3)

(17)

(3)

1

(19)

Balance as of September 30, 2020

 

1

352,269,450

278

(8)

155,175

21,945

143,129

21,177

341,696

5,683

Three months ended September 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

controlling

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

interests

Total

 

interests

    

    

RUB

    

    

RUB

RUB

RUB

RUB

RUB

RUB

    

RUB

    

RUB

Balance as of June 30, 2021

 

1

    

    

357,380,343

    

280

(5)

173,080

16,332

139,330

19,235

 

348,252

1,783

Share-based compensation expense

5,071

5,071

Exercise of share options

 

1,759,817

174

174

Tax withholding related to exercise of share awards

(59)

(59)

Reissue of shares for options exercised

1

(2)

(1)

Repurchase of shares

(581,164)

(3,356)

(3,356)

Repurchase of share options

216

(13)

203

(741)

Foreign currency translation adjustment

(206)

(103)

(309)

Change in redemption value of redeemable noncontrolling interests

(16)

(16)

16

Transaction with Uber (Note 3)

(69,676)

444

(3,756)

(72,988)

Net loss

(3,385)

(523)

(3,908)

Other

1

(1)

4

4

Balance as of September 30, 2021

1

358,558,996

281

(3,361)

108,804

16,570

135,920

14,853

273,067

1,058

Balance as of September 30, 2021, $

 

3.9

(46.2)

1,495.4

227.7

1,868.0

204.1

3,752.9

14.5

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)

Nine months ended September 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

controlling

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

interests

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

 

11,177

11,177

Exercise of share options

 

5,116,607

93

93

Tax withholding related to exercise of share awards

(116)

(116)

Repurchases of shares

 

(4,228,163)

(10,586)

(10,586)

Reissue of shares for options exercised

 

10,993

(10,993)

Repurchase of share options

9,000

(2,199)

6,801

(9,724)

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

16,133

2,052

18,185

52

Acquisition of Yandex Market

47

47

493

Disposal of investment in Yandex.Money (Note 4)

893

893

Yandex Self-Driving and Yandex Drive Car-Sharing
Businesses Restructure

(1,561)

71

(219)

(1,709)

Change in redemption value of redeemable noncontrolling interests

(619)

(619)

619

Net income/(loss)

24,397

(949)

23,448

(3)

Other

 

(4)

195

(4)

1

188

Balance as of September 30, 2020

 

1

352,269,450

278

(8)

155,175

21,945

143,129

21,177

341,696

5,683

Nine months ended September 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

controlling

 

controlling

Shares

Amount

Shares

Amount

cost

Capital

Income

Earnings

interests

Total

 

interests

    

    

RUB

    

RUB

RUB

RUB

RUB

RUB