According to the audit reporting of Mail.ru Group for 2020. The total segmented revenue of the company increased by 25% compared to 2019 and amounted to 32.9 billion rubles. Experts note that the company did what could be stagnated in the market.

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The aggregate segment of the company's EBITDA decreased by 25.4% compared to the same period last year and amounted to 7.3 billion rubles. At the same time, the company's combined net profit decreased by 68.8% and amounted to 1.7 billion rubles.

The report reports that, despite the adverse conditions in the advertising market, the company's revenue from advertising grew throughout 2020: in the IV quarter, growth was 10.2% (compared with 5.3% in the III quarter), and for year – 5.3%. As before, the main contribution to the success was made by VKontakte – the growth of its revenue in the IV quarter was 17.2% in the annual comparison (in the III quarter – 12.9%), and the number of active advertisers increased by 30% compared to IV last year. Despite the pandemic and a business model, oriented mainly on advertising, VKontakte revenue for 2020 increased by 14.9% and amounted to 25.4 billion rubles. Thus, since 2014 it has increased by more than five times. Despite the pandemic, the social network retains the course to doubling the indicator for 2018 (then the revenue amounted to 18.4 billion rubles) by the end of 2022.

According to the data given in the company's report, My.games is still growing faster than the global game market: in 2020, growth amounted to 30.4% (up to 40.7 billion rubles), and in the IV quarter – 27.1% (27.1% ( up to 11.1 billion rubles). 2020 turned out to be unprecedented for the game direction: for example, in the II quarter, an increase of 47%was recorded. But despite the high base, it is expected that franchises and other existing products, as well as projects that have not yet begun, will provide My.gakes with two -digit organic growth in 2021. Mail.ru expects that EBITDA My.games in 2022 The value of 2018 (5 billion rubles) is doubled, and the 2021 indicator will indicate a confident movement towards the goal.

She also continued the growth of Yula: the proceeds of the project for 2020 amounted to 3 billion rubles. (+43% in annual comparison) with a significant decrease in the level of losses in EBITDA (-2.2 billion rubles). In 2021, Mail.ru seeks to ensure the revenue of Yulia at the level of 3.6-3.9 billion rubles. And significantly approach the self -sufficiency of the service.

The revenue of consolidated educational online services Skillbox and Geekbrains in the IV quarter increased 3.1 times in an annual comparison (up to 2.6 billion rubles). Revenue for a year in the amount of 6.1 billion rubles. exceeded the target indicator (at least 5 billion rubles). According to Mail.ru, the growth rate of online education services in 2021 will exceed 30%, despite the expected normalization of the market in connection with the exit from the pandemic. The direction of online education brings profit, and it is planned that from the first quarter of 2021, due to a significant scale of activity and proven profitability, it will be allocated in a separate segment within the financial statements of the company.

General Director Boris Dobrodeev notes that the strategic priorities of Mail.ru remain unchanged.According to him, this is first of all to focus on the main areas of activity and build a leading Internet transiawol around VKontakte. And also continue to demonstrate a leading dynamics in relation to the digital advertising market in order to ensure the correspondence of the share of the Mail.ru market to the leading positions of the company to cover the audience and the time spent on the network. Mail.ru is also going to continue to scaling the game business and display it to international markets, relying on the growth of profitability from the effect of scale and completing the transition to a mobile format. In addition, the company will scale the new initiatives segment and work in the direction of its self -sufficiency (in the near future it is planned to achieve this goal for the yuli).

We expect that in 2021 the revenue will grow by 18-21% and amount to about 127-130 billion rubles, and the profitability of EBITDA will increase compared to 2020. Recall that activities in the field of transport, food and electronic trade are conducted Within the framework of joint enterprises, which are taken into account by the method of shared participation and are not included in the specified forecast indicator, ”said Boris Dobrodeev.

According to him, despite the objective difficulties of 2020, Mail.ru continued to adhere to a course to scaling business and providing users with convenient, safe and compatible products and technologies, and also sought to create added value for shareholders.

The analyst of the Finams Group Leonid Delitsyn explains that the company did that in the conditions of stagnation of the Internet advertising market, but the prospects for reducing the breakdown from Yandex are not visible. The revenue overtook our forecast by 1% – the revenue of 106 billion rubles was predicted in our note, but it turned out 107 billion rubles – but it is clear that this was not what could be counted on if the company had actually strengthened In the electronic commerce market. After all, there the growth rate reaches 30% per year, and market leaders double revenue, ”Leonid Delitsyn reports. According to him, the player of growth throughout the year was the game direction. Diversification of business Mail.ru, for which analysts praised the holding for many years, finally played a stabilizing role.

With growth drivers, the picture has become less clear, although it is obvious that the company is looking for and actively investing in new directions. But two but. But the strategy was clear – to build an ecosystem around e -commerce. Probably with partners, the composition of which could be possible Therefore, the words of the report on the construction of the ecosystem, in the center of which will be VK – which increased the revenue by 14%, pay attention to the words. Previously, the company's general director spoke about the construction strategy of ecosystems ecosystems, in the nucleus of which there will be e -commerce – these words are still these words There is on the site in the Strategy section. Changing accents may be significant, especially due to the fact that new areas, such as mobili, foodteh, etc., are not reflected in the report, since they are implemented in the form of joint projects.However, if they were reflected now, they would still reduce profits – since they should be unprofitable – but the question is whether they can be reflected in the future in case of success. And do the holding partners take into the future, built on the basis of e -commerce? Or new directions will remain independent companies, and the holding will be a major shareholder in them? – thinks Leonid Delitsyn.

According to the analyst, all this makes it difficult to understand what the holding is now and what is its strategy. And during the Pandemia, the stock market appreciates clear prospects than current indicators. For example, Salesfoce (CRM) indicators significantly overtook analysts, but the company reduced forecasts for 2022, and its shares have subched to 4%. Mail.ru Group shares. Today, they also lost 2%, and this is already very inexpensive compared to analogues. Obviously, the stock market also wants to see growth drivers and only attempts of third -party analysts to find them not enough for players. It is necessary that management draws clear prospects Future, ”says Leonid Delitsyn.

Analyst of the Department of Trade operations in the Russian Fride Finance Fride Market Alexander Osin notes that in 2020, the company's revenue according to IFRS standards increased by 4.5% to 100.5 billion rubles. At the same time, the net loss amounted to 21.2 billion rubles. Against 18.9 billion rubles. Pure profit according to the results of 2019. In the IV quarter, there was a tendency to restore the key, with a share of 48% in revenue, for the business of the company Social Networks and Communication Services . Its revenue in October-November increased by 9.6% of the year to year, up to 16.2 billion rubles, while in the III quarter the growth was 1.5%. The positive dynamics of the company's revenue in the IV quarter was significantly determined by the statistics of the MMO-IGR segment, where the growth of 23.1% of the year to A year, up to 9.8 billion rubles. Other revenue in the IV quarter of 2020 increased by 121.7% a year by the year and amounted to 5.4 billion rubles, ”says Alexander Osin.

According to him, the company's loss is in a decisive extent – according to the results of the first three quarters by 80% – this is a one -time revaluation with a decrease in the balance value of associated companies and joint ventures, which is partially compensated by the profit from financial investments. Given the long -term statistics of the company, we believe that in the context of restoring the economy and financial markets – as part of the base scenario for 2021, the company, as in periods of recovery cycles of 2009-2012 and 2016-2017, will demonstrate in 2021 . Positive statistics of profit from shared participation in dependent companies. Given the current market trends, as part of a conservative scenario, we expect to restore the balance cost of the associated companies of the group and estimate this indicator of the level of 2.5 billion rubles, ”says Alexander Osin.