Page 184 - RusRPTMay21

account top-ups and winnings payouts. According to management's estimates, even if Qiwi does not become the single payment processor authorized to process sports betting payments in Russia, 30-40% of Qiwi’s betting-related revenue could be retained.
4Q20 dividend announcement postponed, target payout ratio remains 50%
Qiwi will announce its 4Q20 dividend following the publication of its audited FY20 results. The dividend payout ratios for FY20 and FY21 are targeted at 50% of adjusted net profit.
The unaudited results released yesterday are “subject to potential adjustments as a result of the completion of the ongoing audit by the Company's independent auditors, which could result in differences from the unaudited financial information presented”. During yesterday’s conference call, management stated that the adjustments in the audited FY20 accounts (vs. the unaudited accounts published yesterday) are currently not expected to be material. The CFO’s resignation, which was scheduled for Friday, 2 April, has been postponed until the publication of the audited FY20 results.
Assuming no material adjustments in the audited financial statements, the 4Q20 dividend could be $0.29/GDR, a figure based on a hypothetical RUB/$ rate of 75, on our calculations. This implies a non-annualized dividend yield of 2.7%.
Class-action lawsuit
No provisions have been posted regarding the class-action lawsuit against Qiwi in the US. The lead plaintiff is expected to be selected in May.
Qiwi announced that current CEO and key shareholder Boris Kim is set to resign in June and be succeeded by Andrey Protopopov, Qiwi’s Head of Payments. The company did not say whether Mr. Kim will continue to hold a position in the company after he steps down. Head of Payments to replace outgoing CEO
AliExpress Russia (AER), an e-commerce JV developed by MAIL, Alibaba, MegaFon and RDIF, disclosed some of the highlights of its financial results for the first time yesterday, 7 April. As a reminder, AER operates a cross-border marketplace, and the JV is also developing a local marketplace business. MAIL holds a 15% economic stake in AER, which accounts for 4% of our SOTP valuation for MAIL.
AER’s total GMV (excluding services) reached RUB 229.3bn for the
184 RUSSIA Country Report May 2021 www.intellinews.com