Page 110 - RusRPTDec19

model has the segment at 17% of 2020F Rusagro revenues; however, its swings place sizable pressure on the company’s overall financial performance, adding volatility.
9.2.7​ TMT corporate news
● Yandex
Russia's largest bank​ ​Sberbank​ will sell the "golden share" in the internet major​ ​Yandex​ for €1​, Vedomosti and RBC business portal reported on November 19 citing the announcement of the bank. The golden share will then be transferred to the Public Interest Foundation, an NGO that ​Yandex said it would establish this week​. The move by Sberbank confirms that Yandex restructuring has been coordinated with all the stakeholders on the highest levels. Asreportedby​bneIntelliNews,​ a​billtocapforeignownershipin "significant internet companies" was introduced earlier this year​ and rocked Yandex’s shares in particular, as it was rumoured that the Kremlin aims for more direct control over the company. The author of the bill admitted that it targeted both Yandex and its rival Mail.ru directly, but following Yandex’s new governance deal the bill has been withdrawn from the Duma’s docket.
VTB Capital, the investment arm of Russian state-controlled bank VTB Capital, will join the pool of organisers of an IPO for Yandex.Taxi, ​Reuters reported on November 21 citing unnamed banking sources. VTBC will join Morgan Stanley and Goldman Sachs in preparing an offering of the joint venture of Russian internet major ​Yandex​ and Uber Technologies, the leader on the Russian taxi market, according to reports. ​Yandex.Taxi is likely to sell new shares in an IPO​, Reuters reported previously in June 25 citing the COO of Yandex Greg Abovsky. The IPO is expected in 1H19, sources told Reuters, likely to be held in the US, with a possibility of a double listing with the Moscow Exchange. Yandex.Taxi has recently been ​valued at $7.7bn-$8.5bn​ by Goldman Sachs, Bank of America Merrill Lync, and Sberbank CIB. The valuation is almost on par with Yandex itself, which at $12.4bn valuation remains the most valuable Russian digital company and is one of the few Russian companies to have IPO’d before the annexation of the Crimea in 2014 by Russia that has regained its pre-Crimea valuation. Previously in March Sberbank CIB valued Yandex.Taxi at $7.5bn. The bank expected Yandex.Eda, the food delivery segment of the taxi business to grow between 2018 and 2022 at compounded annual growth rate (CAGR) of 88% and its net revenues at a CAGR above 100%.
Russian internet major ​Yandex​ has sold its pilot smartphone model Yandex.Phone​, which has proven to be a rare dud for the company, Kommersant d​ aily reported on November 7, citing distributors and electronics retailers. The company has only sold a total of 18,000 units, which is still seen as a niche product by the experts. As reported by ​bne IntelliNews,​ the initial launch of the smartphone in December 2018​ belly flopped with less than 500 units sold​. Reportedly, retailers have sold off their inventory after lowering the price at least twice. The sales and activations remained marginal as compared to market leaders (Samsung importing 5mn handsets in 1H19) and niche brands such as Inoi Russian phone (sold 0.9mn units). Yandex is reportedly continuing to work on the development of the product, but it has not announced the second stage of the sales yet. In the meantime in a separate report ​Vedomosti d​ aily announced the unveiling of another gadget, the
110​ RUSSIA Country Report​ December 2019 ​ ​www.intellinews.com