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passenger traffic. Under the optimistic scenario, the coronavirus situation will normalize in 2021 and the borders will be open soon. In this case passenger traffic will contract only by 3.5% in 2021 as compared with 2019. Under the baseline scenario, the fall will amount to 6.9%, and under the pessimistic plan to 20–30%. In January–March 2021, passenger traffic may plummet by 30% or even by 40%, but the situation should normalize and reach the level of 2018 in June–August, he said.
9.2.13 ​Other sector corporate news
Russian online recruitment platform ​HeadHunter​ reported an 8% year-on-year recovery in IFRS revenues to RUB2.3bn ($30.2mn) in 3Q20​, rebounding from a 19% drop in the top line during the lockdown 2Q20. The company's Ebitda in 3Q20 was up by 13% y/y to RUB1.3bn, making a 56% margin, and net income inched up 3% y/y to RUB0.6bn, affected by foreign exchange loss. As reported by ​bne IntelliNews,​ the company hopes to take advantage of the coronavirus (COVID-19) crisis and ​make a run for capturing more market share​, believing that the competition is likely to see tougher financial challenges, which was welcomed by the analysts. "HeadHunter saw expected recovery in revenue as hiring revived after lift of lockdown in Russia," BCS Global Markets commented on November 20, noting that lower marketing costs also pushed Ebitda above expectations. HeadHunter saw recovery in all of its client segments in Russia, with revenue from key accounts having grown 12%, for SMEs outside of Moscow and St Petersburg by 17%. The segment of SMEs in Moscow and St Petersburg (most hit from lockdown) grew 1%, which is a recovery from the 34% drop in 2Q20. BCS GM maintained a Hold recommendation on the name and suggested a focus on current trends in hiring, in specific customer segments, trends in costs, especially staff costs, and marketing, as well as updates on the end of 2020, competition, litigation with antitrust service. In the meantime, the company confirmed that it has not seen any specific negative effect on its operating or financial metrics from the second wave of COVID-19 in Russia so far, as participants in the labour market seem to have adapted to the new reality. Sova Capital on November 23 argued that this could mean upside risk to the consensus 2020 numbers, while reiterating the Hold recommendation on HeadHunter shares. In May 2019 HeadHunter ​carried out a successful IPO​ on NASDAQ that was ten times oversubscribed. However, after the IPO and ​securing the unicorn status​, some analysts ​saw the shares as overhyped​.
Russian multi-industry investment conglomerate AFK​ ​Sistema announced it is raising a RUB10bn ($130mn) ESG credit line ​from the largest state-controlled bank, Sberbank. Notably, the interest on the ESG loan is linked to sustainability performance (Sustainability Improvement Loan). Apart from ESG benefits for AFK Sistema's investment case, the deal with Sberbank is an important indicator that the two majors maintain a stable relationship. As reported by ​bne IntelliNews​, one of the main assets of
144 ​RUSSIA Country Report​ December 2020 www.intellinews.com