Yandex revenues up 56% to RUB 6.4 bln in Q4

Russian internet search engine Yandex saw its revenues grow by 56 percent year-on-year to RUB 6.4 billion in Q4. Adjusted EBITDA was up 48 percent compared with Q4 2010 to RUB 3.3 billion and the adjusted EBITDA margin was 50.8 percent. Net income was RUB 2.1 billion in Q4 2011, up 51 percent compared with Q4 2010. The higher growth in net income compared with adjusted net income was primarily the result of SBC expenses representing a smaller portion of other operating costs and expenses when comparing Q4 2011 to Q4 2010. As of 31 December 2011, Yandex had cash, cash equivalents, term deposits (including long-term deposits) and long-term debt securities of RUB 20.7 billion. Net operating cash flow and capital expenditures for Q4 2011 were RUB 2.7 billion and RUB 1.8 billion. Share of Russian search market averaged 60.8 percent in Q4 2011 (according to LiveInternet). SERPs (search engine result pages) grew 36 percent from Q4 2010, while the number of advertisers was more than 173,000, up 43 percent from Q4 2010 and up 10 percent from Q3 2011. For FY2011, the number of advertisers increased by 44 percent to more than 270,000. Yandex expects to report full-year ruble-based revenue growth of 40-45 percent for the full year 2012.