Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Entity Registrant Name | 'Yandex N.V. |
Entity Central Index Key | '0001513845 |
Document Type | '20-F |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Common Class A | ' |
Entity Common Stock, Shares Outstanding | 256,998,308 |
Common Class B | ' |
Entity Common Stock, Shares Outstanding | 72,923,447 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | RUB | RUB | Priority share | Priority share | Priority share | Preference shares | Preference shares | Preference shares |
USD ($) | RUB | RUB | USD ($) | RUB | RUB | ||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $1,020.30 | 33,394 | 7,425 | ' | ' | ' | ' | ' | ' |
Marketable securities | 2.7 | 87 | 76 | ' | ' | ' | ' | ' | ' |
Term deposits | ' | ' | 4,629 | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | 85.1 | 2,785 | 1,767 | ' | ' | ' | ' | ' | ' |
Prepaid expenses | 21 | 689 | 597 | ' | ' | ' | ' | ' | ' |
Assets held for sale | ' | ' | 2,024 | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 18.2 | 596 | 456 | ' | ' | ' | ' | ' | ' |
Other current assets | 40.7 | 1,332 | 1,217 | ' | ' | ' | ' | ' | ' |
Total current assets | 1,188 | 38,883 | 18,191 | ' | ' | ' | ' | ' | ' |
Property and equipment, net | 297.3 | 9,729 | 8,095 | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 20.2 | 664 | 323 | ' | ' | ' | ' | ' | ' |
Goodwill | 89.1 | 2,915 | 750 | ' | ' | ' | ' | ' | ' |
Long-term prepaid expenses | 31.8 | 1,042 | 695 | ' | ' | ' | ' | ' | ' |
Restricted cash | 3.2 | 104 | 214 | ' | ' | ' | ' | ' | ' |
Term deposits | 463.8 | 15,180 | 10,330 | ' | ' | ' | ' | ' | ' |
Investments in non-marketable equity securities | 38.2 | 1,250 | 500 | ' | ' | ' | ' | ' | ' |
Investments in debt securities | 0.1 | 2 | 4,810 | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 0.1 | 3 | 35 | ' | ' | ' | ' | ' | ' |
Other non-current assets | 47 | 1,539 | 342 | ' | ' | ' | ' | ' | ' |
TOTAL ASSETS | 2,178.80 | 71,311 | 44,285 | ' | ' | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 113.3 | 3,710 | 2,513 | ' | ' | ' | ' | ' | ' |
Taxes payable | 51.6 | 1,688 | 1,455 | ' | ' | ' | ' | ' | ' |
Deferred revenue | 45.9 | 1,501 | 1,092 | ' | ' | ' | ' | ' | ' |
Liabilities related to assets held for sale | ' | ' | 1,619 | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | 0.5 | 16 | 3 | ' | ' | ' | ' | ' | ' |
Total current liabilities | 211.3 | 6,915 | 6,682 | ' | ' | ' | ' | ' | ' |
Convertible debt | 502 | 16,429 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | 38 | 1,245 | 448 | ' | ' | ' | ' | ' | ' |
Other accrued liabilities | 3.8 | 125 | 108 | ' | ' | ' | ' | ' | ' |
Total liabilities | 755.1 | 24,714 | 7,238 | ' | ' | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred share | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares: par value (Class A €0.01, Class B €0.10 and Class C €0.09); shares authorized (Class A: 2,000,000,000 and 2,000,000,000, Class B: 159,494,722 and 102,115,140, and Class C: 159,494,722 and 102,115,140); shares issued (Class A: 202,318,864 and 256,998,306, Class B: 125,441,218 and 72,923,447, and Class C: 27,972,630 and 23,110,819, respectively); shares outstanding (Class A: 202,318,864 and 250,732,061, Class B: 125,441,218 and 72,923,447, and Class C: nil) | 7.4 | 242 | 445 | ' | ' | ' | ' | ' | ' |
Treasury shares at cost (Class A: nil and 6,266,245) | -210.4 | -6,886 | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | 479.7 | 15,701 | 13,617 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | 62.4 | 2,042 | 961 | ' | ' | ' | ' | ' | ' |
Retained earnings | 1,084.60 | 35,498 | 22,024 | ' | ' | ' | ' | ' | ' |
Total shareholders' equity | 1,423.70 | 46,597 | 37,047 | ' | ' | ' | ' | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,178.80 | 71,311 | 44,285 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
Priority share | ' | ' |
Preferred share, par value (in euros per share) | € 1 | € 1 |
Preferred share, share authorized | 1 | 1 |
Preferred share, share issued | 1 | 1 |
Preferred share, share outstanding | 1 | 1 |
Preference shares | ' | ' |
Preferred share, par value (in euros per share) | € 0.01 | € 0.01 |
Preferred share, share authorized | 2,000,000,001 | 2,000,000,001 |
Preferred share, share issued | 0 | 0 |
Preferred share, share outstanding | 0 | 0 |
Common Class A | ' | ' |
Ordinary shares, par value (in euros per share) | € 0.01 | € 0.01 |
Ordinary shares, shares authorized | 2,000,000,000 | 2,000,000,000 |
Ordinary shares, shares issued | 256,998,306 | 202,318,864 |
Ordinary shares, shares outstanding | 250,732,061 | 202,318,864 |
Treasury shares | 6,266,245 | 0 |
Common Class B | ' | ' |
Ordinary shares, par value (in euros per share) | € 0.10 | € 0.10 |
Ordinary shares, shares authorized | 102,115,140 | 159,494,722 |
Ordinary shares, shares issued | 72,923,447 | 125,441,218 |
Ordinary shares, shares outstanding | 72,923,447 | 125,441,218 |
Common Class C | ' | ' |
Ordinary shares, par value (in euros per share) | € 0.09 | € 0.09 |
Ordinary shares, shares authorized | 102,115,140 | 159,494,722 |
Ordinary shares, shares issued | 23,110,819 | 27,972,630 |
Ordinary shares, shares outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
USD ($) | RUB | RUB | RUB | |||||
CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' | ' | ||||
Revenues | $1,206.90 | 39,502 | 28,767 | 20,033 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Cost of revenues | 324.1 | [1] | 10,606 | [1] | 7,188 | [1] | 4,707 | [1] |
Product development | 178 | [1] | 5,827 | [1] | 4,274 | [1] | 3,124 | [1] |
Sales, general and administrative | 199.7 | [1] | 6,537 | [1] | 4,900 | [1] | 3,294 | [1] |
Depreciation and amortization | 112.9 | 3,695 | 2,951 | 1,874 | ||||
Total operating costs and expenses | 814.7 | 26,665 | 19,313 | 12,999 | ||||
Income from operations | 392.2 | 12,837 | 9,454 | 7,034 | ||||
Interest income, net | 52.5 | 1,717 | 1,002 | 222 | ||||
Other income, net | 65.9 | 2,159 | 118 | 62 | ||||
Net income before income taxes | 510.6 | 16,713 | 10,574 | 7,318 | ||||
Provision for income taxes | 98.9 | 3,239 | 2,351 | 1,545 | ||||
Net income | $411.70 | 13,474 | 8,223 | 5,773 | ||||
Net income per Class A and Class B share: | ' | ' | ' | ' | ||||
Basic (in USD or RUR per share) | $1.26 | 41.25 | 25.21 | 18.3 | ||||
Diluted (in USD or RUR per share) | $1.23 | 40.27 | 24.5 | 17.59 | ||||
Weighted average number of Class A and Class B shares outstanding | ' | ' | ' | ' | ||||
Basic (in shares) | 326,657,778 | 326,657,778 | 326,210,948 | 315,541,639 | ||||
Diluted (in shares) | 334,571,212 | 334,571,212 | 335,690,596 | 328,155,087 | ||||
[1] | These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of: |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cost of revenues | Cost of revenues | Cost of revenues | Cost of revenues | Product development | Product development | Product development | Product development | Sales, general and administrative | Sales, general and administrative | Sales, general and administrative | Sales, general and administrative | |
USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | |
Share-based compensation expenses | $1.90 | 61 | 33 | 26 | $13.30 | 435 | 221 | 153 | $7.90 | 258 | 122 | 150 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $411.70 | 13,474 | 8,223 | 5,773 |
Foreign currency translation adjustment: | ' | ' | ' | ' |
Foreign currency gains/ (losses), net of tax, nil | 31.4 | 1,027 | -867 | 1,680 |
Reclassification translation adjustment, net of tax, nil | 1.6 | 54 | ' | ' |
Foreign currency translation adjustment, including reclassification | 33 | 1,081 | -867 | 1,680 |
Total other comprehensive income/ (loss) | 33 | 1,081 | -867 | 1,680 |
Comprehensive income | $444.70 | 14,555 | 7,356 | 7,453 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Foreign currency gains/ (losses), tax | $0 | 0 | 0 | 0 |
Reclassification translation adjustment, tax | 0 | 0 | ' | ' |
Foreign currency translation adjustment, tax | $0 | 0 | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net income | $411.70 | 13,474 | 8,223 | 5,773 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization of property and equipment | 109.5 | 3,584 | 2,812 | 1,826 |
Amortization of acquisition-related intangible assets | 3.4 | 111 | 139 | 48 |
Amortization of debt discount and issuance costs | 0.7 | 24 | ' | ' |
Share-based compensation expense | 23.1 | 754 | 376 | 286 |
Deferred income taxes | -6 | -197 | 72 | -169 |
Foreign exchange (gains)/losses | -4.2 | -139 | 57 | -101 |
Gain from sale of equity securities/subsidiaries | -65.3 | -2,137 | -234 | ' |
Other | -0.9 | -28 | 51 | 40 |
Changes in operating assets and liabilities excluding the effect of acquisitions: | ' | ' | ' | ' |
Accounts receivable, net | -29.5 | -966 | -526 | -436 |
Prepaid expenses and other assets | -39.8 | -1,301 | -923 | -974 |
Accounts payable and accrued liabilities | 36.5 | 1,195 | 1,277 | 1,044 |
Deferred revenue | 12.3 | 401 | 195 | 347 |
Assets held for sale | -4.8 | -156 | -411 | -530 |
Liabilities related to assets held for sale | 2.6 | 86 | 421 | 352 |
Net cash provided by operating activities | 449.3 | 14,705 | 11,529 | 7,506 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | ' | ' | ' | ' |
Purchase of property and equipment | -150.8 | -4,936 | -3,984 | -5,530 |
Acquisitions of businesses, net of cash acquired | -74.5 | -2,438 | ' | -735 |
Investments in non-marketable equity securities | -0.5 | -14 | -47 | -478 |
Proceeds from sale of equity securities | 61.8 | 2,023 | 174 | ' |
Investments in debt securities | ' | ' | ' | -6,548 |
Proceeds from maturity of debt securities | 151.8 | 4,969 | 1,521 | ' |
Investments in term deposits | -349.8 | -11,450 | -16,585 | -13,028 |
Maturities of term deposits | 345 | 11,290 | 8,512 | 9,200 |
Loans granted | -8.5 | -279 | ' | ' |
Escrow cash deposit | 3.8 | 125 | 219 | -433 |
Net cash used in investing activities | -21.7 | -710 | -10,190 | -17,552 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: | ' | ' | ' | ' |
Proceeds from exercise of share options | 13.4 | 439 | 361 | 231 |
Repurchase of share options | ' | ' | ' | -8 |
Proceeds from issuance of convertible debt | 602.5 | 19,719 | ' | ' |
Payment of debt discount and issuance costs | -5.4 | -179 | ' | ' |
Proceeds from issuance of ordinary shares | ' | ' | ' | 11,403 |
Ordinary shares issuance costs | ' | ' | ' | -28 |
Repurchases of ordinary shares | -260.3 | -8,518 | ' | ' |
Net cash provided by financing activities | 350.2 | 11,461 | 361 | 11,598 |
Effect of exchange rate changes on cash and cash equivalents | 15.6 | 513 | -205 | 1,353 |
Net change in cash and cash equivalents | 793.4 | 25,969 | 1,495 | 2,905 |
Cash and cash equivalents at beginning of period | 226.9 | 7,425 | 5,930 | 3,025 |
Cash and cash equivalents at end of period | 1,020.30 | 33,394 | 7,425 | 5,930 |
Supplemental disclosure of cash flow information: | ' | ' | ' | ' |
Cash paid for income taxes | 90 | 2,944 | 1,991 | 1,669 |
Cash paid for acquisitions | 75.8 | 2,481 | ' | 745 |
Non-cash investing activities: | ' | ' | ' | ' |
Change in accounts payable for property and equipment | 5.9 | 193 | 16 | 183 |
Non-cash consideration from sale of equity securities | ' | ' | 144 | ' |
Non-cash consideration for purchase of equity securities | $3.40 | 112 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | Total | Total | Priority Share Issued and Outstanding | Ordinary Shares Issued and Outstanding | Ordinary Shares Issued and Outstanding | Treasury shares at cost | Treasury shares at cost | Additional Paid-In Capital | Additional Paid-In Capital | Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) | Retained Earnings | Retained Earnings |
In Millions, except Share data, unless otherwise specified | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | |
Balance at Dec. 31, 2010 | ' | 9,615 | ' | ' | 972 | ' | ' | ' | 467 | ' | 148 | ' | 8,028 |
Balance (in shares) at Dec. 31, 2010 | ' | ' | 1 | ' | 303,815,518 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 286 | ' | ' | ' | ' | ' | ' | 286 | ' | ' | ' | ' |
Exercise of share options (Note 14) | ' | 231 | ' | ' | 1 | ' | ' | ' | 230 | ' | ' | ' | ' |
Exercise of share options (Note 14) (in shares) | ' | ' | ' | ' | 3,083,212 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchases of shares (Note 13) | ' | -8 | ' | ' | ' | ' | ' | ' | -8 | ' | ' | ' | ' |
Class B shares conversion | ' | ' | ' | ' | -385 | ' | ' | ' | 385 | ' | ' | ' | ' |
Issuance of shares at IPO | ' | 11,403 | ' | ' | 7 | ' | ' | ' | 11,396 | ' | ' | ' | ' |
Issuance of shares at IPO (in shares) | ' | ' | ' | ' | 16,940,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Primary offering expenses | ' | -27 | ' | ' | ' | ' | ' | ' | -27 | ' | ' | ' | ' |
Foreign currency translation adjustment, including reclassification | ' | 1,680 | ' | ' | ' | ' | ' | ' | ' | ' | 1,680 | ' | ' |
Net income | ' | 5,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,773 |
Balance at Dec. 31, 2011 | ' | 28,953 | ' | ' | 595 | ' | ' | ' | 12,729 | ' | 1,828 | ' | 13,801 |
Balance (in shares) at Dec. 31, 2011 | ' | ' | 1 | ' | 323,838,730 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 376 | ' | ' | ' | ' | ' | ' | 376 | ' | ' | ' | ' |
Share-based compensation tax benefits | ' | 2 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Exercise of share options (Note 14) | ' | 360 | ' | ' | 1 | ' | ' | ' | 359 | ' | ' | ' | ' |
Exercise of share options (Note 14) (in shares) | ' | ' | ' | ' | 3,921,352 | ' | ' | ' | ' | ' | ' | ' | ' |
Class B shares conversion | ' | ' | ' | ' | -151 | ' | ' | ' | 151 | ' | ' | ' | ' |
Foreign currency translation adjustment, including reclassification | ' | -867 | ' | ' | ' | ' | ' | ' | ' | ' | -867 | ' | ' |
Net income | ' | 8,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,223 |
Balance at Dec. 31, 2012 | ' | 37,047 | ' | ' | 445 | ' | ' | ' | 13,617 | ' | 961 | ' | 22,024 |
Balance (in shares) at Dec. 31, 2012 | ' | ' | 1 | ' | 327,760,082 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 754 | ' | ' | ' | ' | ' | ' | 754 | ' | ' | ' | ' |
Exercise of share options (Note 14) | ' | 440 | ' | ' | 1 | ' | ' | ' | 439 | ' | ' | ' | ' |
Exercise of share options (Note 14) (in shares) | ' | ' | ' | ' | 4,494,804 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchases of shares (Note 13) | ' | -8,518 | ' | ' | ' | ' | -8,518 | ' | ' | ' | ' | ' | ' |
Repurchases of shares (Note 13) (in shares) | ' | ' | ' | ' | -8,599,377 | ' | ' | ' | ' | ' | ' | ' | ' |
Class B shares conversion | ' | ' | ' | ' | -204 | ' | ' | ' | 204 | ' | ' | ' | ' |
Reissue of shares for options exercised | ' | ' | ' | ' | ' | ' | 1,632 | ' | -1,632 | ' | ' | ' | ' |
Issuance of convertible debt | ' | 2,319 | ' | ' | ' | ' | ' | ' | 2,319 | ' | ' | ' | ' |
Foreign currency translation adjustment, including reclassification | 33 | 1,081 | ' | ' | ' | ' | ' | ' | ' | ' | 1,081 | ' | ' |
Net income | 411.7 | 13,474 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,474 |
Balance at Dec. 31, 2013 | $1,423.70 | 46,597 | ' | $7.40 | 242 | ($210.40) | -6,886 | $479.70 | 15,701 | $62.40 | 2,042 | $1,084.60 | 35,498 |
Balance (in shares) at Dec. 31, 2013 | ' | ' | 1 | 323,655,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | ' |
ORGANIZATION AND DESCRIPTION OF THE BUSINESS | ' |
1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS | |
Yandex N.V., together with its consolidated subsidiaries (together, the "Company"), is an internet and technology company and operates Russia's largest internet search engine. The Company generates substantially all of its revenues from online advertising. Until July 2013, it also generated revenues from online payment commissions. | |
Yandex N.V. was incorporated under the laws of the Netherlands in June 2004 and is the holding company of Yandex LLC, incorporated in the Russian Federation in October 2000, and other subsidiaries. | |
The Company has a single reportable segment. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Basis of Presentation | |||
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying consolidated financial statements differ from the financial statements prepared by the group's individual legal entities for statutory purposes in that they reflect certain adjustments, not recorded in the accounting records of the group's individual legal entities, which are appropriate to present the financial position, results of operations and cash flows in accordance with U.S. GAAP. Distributable retained earnings of the Company are based on amounts reported in statutory accounts of individual entities and may significantly differ from amounts calculated on the basis of U.S. GAAP. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the parent company and the entities it controls. All inter-company transactions and balances within the Company have been eliminated upon consolidation. | |||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The most significant estimates relate to fair values of share-based awards, financial instruments, intangible assets and goodwill, useful lives of property and equipment and intangible assets, income taxes, contingencies, accounts receivable allowance, and impairment assessments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. | |||
Foreign Currency Translation | |||
The functional currency of the Company's parent company is the U.S. dollar. The functional currency of the Company's operating subsidiaries domiciled in Russia is the Russian ruble. The Company has elected the Russian ruble as its reporting currency. All balance sheet items are translated into Russian rubles based on the exchange rate on the balance sheet date and revenue and expenses are translated at weighted average rates of exchange. Translation gains and losses are recorded as currency translation adjustments in other comprehensive income. Foreign exchange transaction gains and losses are included in other income, net in the accompanying consolidated statements of income. | |||
Certain Risks and Concentrations | |||
The Company's revenues are principally derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in users' internet preferences or advertiser spending behavior could adversely affect the Company's financial position and results of operations. | |||
In addition, the Company's principal business activities are within the Russian Federation. Laws and regulations affecting businesses operating in the Russian Federation are subject to frequent changes, which could impact the Company's financial position and results of operations. | |||
The majority of the Company's revenue is collected on a prepaid basis; credit terms are extended only to certain sales agencies and to larger loyal clients. Accounts receivable are typically unsecured and are derived from revenues earned from customers located in the Russian Federation. | |||
No individual customer or groups of affiliated customers represented more than 10% of the Company's revenues or accounts receivable in 2011, 2012, and 2013. | |||
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist, in addition to accounts receivable, primarily of cash, cash equivalents and term deposits. The primary focus of the Company's investment strategy is to preserve capital and meet liquidity requirements. | |||
The Company's investment policy addresses the level of credit exposure by working with different geographically diversified banking institutions, subject to their conformity to an established minimum credit rating for banking relationships. To manage the risk exposure, the Company maintains its portfolio of investments in a variety of highly-rated debt instruments issued by financial institutions, term deposits and money market funds. | |||
Revenue Recognition | |||
The Company recognizes revenues when the services have been rendered, the price is fixed or determinable, persuasive evidence of an arrangement exists, and collectability is reasonably assured. Revenue is recorded net of value added tax ("VAT"). | |||
The Company's principal revenue streams and their respective accounting treatments are discussed below: | |||
Advertising Revenues | |||
The Company's advertising revenue is generated from serving both text-based and display ads on its own websites and on Yandex ad network members' websites. Advance payments received by the Company from advertisers are recorded as deferred revenue on the Company's consolidated balance sheets and recognized as advertising revenues in the period services are provided. | |||
Advertising sales commissions that are paid to agencies are accounted for as an offset to revenues and amounted to RUR 1,916, RUR 2,631 and RUR 3,171 ($96.9) in 2011, 2012 and 2013, respectively. | |||
In accordance with U.S. GAAP, the Company reports advertising revenue gross of fees paid to Yandex ad network members, because the Company is the primary obligor to its advertisers and retains collection risk. The Company records fees paid to ad network members as traffic acquisition costs, a component of cost of revenues. | |||
The Company recognizes advertising revenue based on the following principles: | |||
Text-Based Advertising | |||
The Company's Yandex.Direct service offers advertisers the ability to place text-based ads on Yandex and Yandex ad network member websites targeted to users' search queries or website content. The Company recognizes as revenues fees charged to advertisers as "click-throughs" occur. A "click-through" occurs each time a user clicks on one of the text-based ads that are displayed next to the search results or on the content pages of Yandex or Yandex ad network members' websites. | |||
Display Advertising | |||
The Company recognizes revenue from display advertising on its websites and on Yandex ad network member websites as "impressions" are delivered. An "impression" is delivered when an advertisement appears in pages viewed by users. | |||
Online Payment Commissions | |||
The Company recognized revenue from online payment commissions until the deconsolidation of Yandex.Money on July 4, 2013. Yandex.Money earned commissions from processing electronic payment transactions for its customers. Commission revenues resulting from processing an electronic payment transaction were recognized once the transaction was complete. | |||
Cost of Revenues | |||
Cost of revenues primarily consists of traffic acquisition costs. Traffic acquisition costs consist of amounts ultimately paid to Yandex ad network members and to certain other partners ("distribution partners") who distribute the Company's toolbar and other products. These amounts are primarily based on revenue-sharing arrangements with ad network members and distribution partners. Traffic acquisition costs are expensed as incurred. Cost of revenues also includes expenses associated with the operation of the Company's data centers, including personnel costs, rent, utilities and bandwidth costs; as well as content acquisition costs. | |||
Product Development Expenses | |||
Product development expenses consist primarily of personnel costs incurred for the development of, enhancement to and maintenance of the Company's search engine and other Company websites and technology platforms. Product development expenses also include rent and utilities attributable to office space occupied by development staff. | |||
Advertising and Promotional Expenses | |||
The Company expenses advertising and promotional costs in the period in which they are incurred. For the years ended December 31, 2011, 2012 and 2013, promotional and advertising expenses totaled approximately RUR 364, RUR 900 and RUR 1,708 ($52.2), respectively. | |||
Government Funds Contributions | |||
The Company makes contributions to governmental pension, medical and social funds on behalf of its employees. In Russia, the amount was calculated using a flat rate (34% in 2011) of the annual compensation of each employee, not to exceed certain pre-determined amounts of compensation and a regressive rate (from 30% to 10% in 2012 and 2013) based on the annual compensation of each employee. These contributions are expensed as incurred. | |||
Share-Based Compensation | |||
The Company grants share options, share appreciation rights ("SARs") and restricted share units ("RSUs") (together, "Share-Based Awards") to its employees and consultants. | |||
The Company estimates the fair value of share options and SARs that are expected to vest using the Black-Scholes-Merton ("BSM") pricing model and recognizes the fair value on a straight-line basis over the requisite servicing period. The assumptions used in calculating the fair value of Share-Based Awards represent the Company's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company's share-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected pre-vesting award forfeiture rate, as well as the probability that performance conditions that affect the vesting of certain awards will be achieved, and only recognizes expense for those shares expected to vest. The Company estimates the forfeiture rate based on historical experience of the Company's Share-Based Awards that are granted and cancelled before vesting. If the Company's actual forfeiture rate is materially different from the Company's original estimate, the share-based compensation expense could be significantly different from what the Company has recorded in the current period. Changes in the estimated forfeiture rate can have a significant effect on reported share-based compensation expense, as the effect of adjusting the forfeiture rate for all current and previously recognized expense for unvested awards is recognized in the period the forfeiture estimate is changed. | |||
The Company measures the fair value of RSUs on the fair market values of the underlying share on the dates of grant. | |||
Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award ("modification awards"). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises, (1) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (2) any unrecognized compensation cost of the original award, using either the original term or the new term, whichever is higher for each reporting period. | |||
The Company uses the "with and without" approach in determining the order in which tax attributes are utilized. As a result, the Company only recognizes a tax benefit from Share-Based Awards in additional paid-in capital, if an incremental tax benefit is realized after all other tax attributes currently available to the Company have been utilized. | |||
Income Taxes | |||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the classification of the underlying balance sheet account or, if unrelated to a balance sheet account, the timing of expected realization. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Uncertain income tax positions are recognized in the financial statements if it is more likely than not that they will be sustained on audit by the tax authorities, including resolution of related appeals or litigation processes, if any. These tax benefits are measured as the largest amount which is more than 50% likely of being realized upon ultimate settlement. | |||
The Company recognizes interest and penalties related to unrecognized income tax benefits within the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included within the other accrued liabilities line together with the unrecognized income tax benefits. | |||
Comprehensive Income | |||
Comprehensive income is defined as the change in equity during a period from non-owner sources. U.S. GAAP requires the reporting of comprehensive income in addition to net income. Comprehensive income of the Company includes net income and foreign currency translation adjustments. For the years ended December 31, 2011, 2012 and 2013 total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Company's legal entities domiciled outside of Russia into Russian rubles. | |||
Accumulated other comprehensive income of RUR 961 as of December 31, 2012 and RUR 2,042 ($62.4) as of December 31, 2013 solely comprises cumulative foreign currency translation adjustments. | |||
Fair Value of Financial Instruments | |||
Financial instruments carried on the balance sheet include cash and cash equivalents, term deposits, restricted cash, investments in debt and equity securities, accounts receivable, loans to employees, accounts payable, accrued liabilities and convertible debt. The carrying amounts of cash and cash equivalents, term deposits, restricted cash, the host contract of the capital-protected index-linked note, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature of those instruments. Accordingly, no credit valuation adjustment has been recorded in the consolidated financial statements for any period presented. | |||
Term Deposits | |||
Bank deposits are classified depending on their original maturity as (i) cash and cash equivalents if the original maturities are three months or less; (ii) current term deposits if the original maturities are more than three months, but no more than one year; and (iii) non-current term deposits if the original maturities are more than one year. | |||
Investments in Debt Securities | |||
As the Company has both the positive intent and the ability to hold debt securities to maturity, the Company's investments in debt securities are classified as held to maturity and are measured and presented at amortized cost, except for the capital protected index-linked note for which the host-contract is recorded at amortized cost and the embedded derivative component is recorded at fair value. The interest related to investments in debt securities is reported as a part of interest income in the consolidated statements of income. | |||
The Company evaluates the investments periodically for possible other-than-temporary impairment. A decline of fair value below amortized costs of debt securities is considered an other-than-temporary impairment if the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in earnings. Regardless of the Company's intent or requirement to sell a debt security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis; in those instances, a credit loss equal to the difference between the present value of the cash flows expected to be collected based on credit risk and the amortized cost basis of the debt security is recognized in earnings. | |||
Investments in Equity Securities | |||
Investments in the stock of entities in which the Company can exercise significant influence but does not own a majority equity interest or otherwise control are accounted for using the equity method. The Company records its share of the results of these companies within the other income, net, line on the consolidated statements of income. Investments in the non-marketable stock of entities in which the Company can exercise little or no influence are accounted for using the cost method. Both equity and cost method accounted investments are included in investments in non-marketable equity securities on the consolidated balance sheets. | |||
The Company's marketable equity securities are classified as trading and are reported at fair value, with change in value recognized in net income. | |||
The Company reviews its investments for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Investments identified as having an indication of impairment are subject to further analysis to determine if the impairment is other-than-temporary and this analysis requires estimating the fair value of the investment. The determination of fair value of the investment involves considering factors such as current economic and market conditions, the operating performance of the companies including current earnings trends and forecasted cash flows, and other company and industry specific information. | |||
Accounts Receivable, Net | |||
Accounts receivable are stated at their net realizable value. The Company provides an allowance for doubtful accounts based on management's periodic review for recoverability of accounts receivable from customers and other receivables. The Company evaluates the collectability of its receivables based upon various factors, including the financial condition and payment history of major customers, an overall review of collections experience of other accounts and economic factors or events expected to affect the Company's future collections. | |||
Property and Equipment | |||
Property and equipment are recorded at cost and depreciated over their useful lives. All capital expenditures incurred before property and equipment are ready for their intended use are capitalized as assets not yet in use. | |||
Depreciation and amortization is computed under the straight-line method using estimated useful lives as follows: | |||
Estimated useful lives | |||
Servers and network equipment | 3 years | ||
Infrastructure systems | 3 - 10 years | ||
Office furniture and equipment | 3 years | ||
Buildings | 10 - 20 years | ||
Leasehold improvements | the shorter of 5 years or the remaining period of the lease term | ||
Other equipment | 3 - 5 years | ||
Purchased technologies and licenses | the shorter of 5 years or the underlying license terms with a weighted-average life of 4.1 years | ||
Land is not depreciated. | |||
Depreciation of assets included in assets not yet in use commences when they are ready for the intended use. | |||
Goodwill and Other Acquired Intangible Assets | |||
Goodwill represents the excess of purchase consideration over the Company's share of fair value of the net assets of acquired businesses. Goodwill is not subject to amortization but is tested for impairment at least annually. | |||
Intangible assets with definite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate an asset's carrying value may not be recoverable. The Company currently amortizes acquired intangible assets with definite lives using the straight-line method and estimated useful lives of assets ranging from 0.9 to 15.0 years, with a weighted-average life of 7.3 years: | |||
Estimated useful lives | |||
Content and software | 1.0 - 10.0 years | ||
Customer relationships | 1.1 - 15.0 years | ||
Contracts with suppliers | 0.9 - 5.9 years | ||
Patents and licenses | 3.4 - 7.1 years | ||
Non-compete agreements | 1.1 - 3.0 years | ||
Trade names and domain names | 8.7 - 10.0 years | ||
Impairment of Long-lived Assets | |||
Goodwill is reviewed for impairment as of the end of each fiscal year. The Company performs a qualitative assessment to determine whether further impairment testing on goodwill is necessary. If the Company believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test is performed by comparing the carrying value of each reporting unit's net assets (including allocated goodwill) to the fair value of those net assets. If the reporting unit's carrying amount is greater than its fair value, then a second step is performed whereby the portion of the fair value that relates to the reporting unit's goodwill is compared to the carrying value of that goodwill. The Company recognizes a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds the fair value. The Company has determined that there are no impairment losses in respect of goodwill for any of the periods covered by these financial statements. | |||
The Company evaluates the carrying value of long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. When such a determination is made, management's estimate of undiscounted cash flows to be generated by the assets is compared to the carrying value of the assets to determine whether impairment is indicated. If impairment is indicated, the amount of the impairment recognized in the consolidated financial statements is determined by estimating the fair value of the assets and recording a loss for the amount that the carrying value exceeds the estimated fair value. This fair value is usually determined based on estimated discounted cash flows. | |||
Recently Adopted Accounting Pronouncements | |||
Effective January 1, 2013, the Company adopted the Financial Accounting Standards Board ("FASB") accounting standards updates on disclosures about offsetting assets and liabilities. The adoption of these updates did not have a significant impact on the Company's consolidated financial position, results of operations, cash flows or disclosures. | |||
Effective January 1, 2013, the Company adopted the FASB accounting standards update on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts not required to be reclassified in their entirety to net income in the same reporting period, a cross reference to other disclosures that provide additional detail about the reclassification amounts is required. The adoption of this update did not have a significant impact on the Company's consolidated financial position, results of operations, cash flows, or disclosures. Refer to Note 5 for disclosure of reclassifications for the years ended December 31, 2011, 2012 and 2013. | |||
Effect of Recently Issued Accounting Pronouncements | |||
In July 2013, the FASB issued an accounting standards update on presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective prospectively for reporting periods beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. | |||
NET_INCOME_PER_SHARE
NET INCOME PER SHARE | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
NET INCOME PER SHARE | ' | |||||||||||||||||||||||||
NET INCOME PER SHARE | ' | |||||||||||||||||||||||||
3. NET INCOME PER SHARE | ||||||||||||||||||||||||||
Basic net income per Class A and Class B ordinary share for the years ended December 31, 2011, 2012 and 2013 is computed on the basis of the weighted average number of ordinary shares outstanding using the two class method. Basic net income per share is computed using the weighted average number of ordinary shares outstanding during the period, including restricted shares. Diluted net income per ordinary share is computed using the effect of the outstanding Share-Based Awards calculated using the "treasury stock" method. | ||||||||||||||||||||||||||
The computation of the diluted net income per Class A share assumes the conversion of Class B shares, while the diluted net income per Class B share does not assume the conversion of those shares. The net income per share amounts are the same for Class A and Class B shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. The number of Share-Based Awards excluded from the diluted net income per ordinary share computation, because their effect was antidilutive for the years ended December 31, 2011, 2012 and 2013, was 1,128,660, 1,139,956 and 1,346,000, respectively. | ||||||||||||||||||||||||||
The Company's outstanding convertible debt provides for a flexible settlement feature. The Company intends to settle upon conversion the principal amount of the debt for cash and the conversion premium for Class A shares. The convertible debt is included in the calculation of diluted net income per share if its inclusion is dilutive under the treasury stock method. The convertible debt was anti-dilutive in the year ended December 31, 2013. | ||||||||||||||||||||||||||
The components of basic and diluted net income per share were as follows: | ||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class A | Class B | Class B | |||||||||||||||||||
RUR | RUR | RUR | RUR | RUR | $ | RUR | $ | |||||||||||||||||||
Net income, allocated for basic | 1,785 | 3,988 | 4,564 | 3,659 | 9,674 | 295.6 | 3,800 | 116.1 | ||||||||||||||||||
Reallocation of net income as a result of conversion of Class B to Class A shares | 3,988 | — | 3,659 | — | 3,800 | 116.1 | — | — | ||||||||||||||||||
Reallocation of net income to Class B shares | — | (18 | ) | — | 22 | — | — | 37 | 1.1 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income, allocated for diluted | 5,773 | 3,970 | 8,223 | 3,681 | 13,474 | 411.7 | 3,837 | 117.2 | ||||||||||||||||||
Weighted average ordinary shares outstanding—basic | 97,579,615 | 217,962,024 | 181,039,148 | 145,171,800 | 234,522,372 | 234,522,372 | 92,135,406 | 92,135,406 | ||||||||||||||||||
Dilutive effect of: | ||||||||||||||||||||||||||
Conversion of Class B to Class A shares | 217,962,024 | — | 145,171,800 | — | 92,135,406 | 92,135,406 | — | — | ||||||||||||||||||
Ordinary Share-Based Awards | 12,613,448 | 7,683,679 | 9,479,648 | 5,129,207 | 7,913,434 | 7,913,434 | 3,138,966 | 3,138,966 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average ordinary shares outstanding—diluted | 328,155,087 | 225,645,703 | 335,690,596 | 150,301,007 | 334,571,212 | 334,571,212 | 95,274,372 | 95,274,372 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income per share attributable to ordinary shareholders: | ||||||||||||||||||||||||||
Basic | 18.3 | 18.3 | 25.21 | 25.21 | 41.25 | 1.26 | 41.25 | 1.26 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | 17.59 | 17.59 | 24.5 | 24.5 | 40.27 | 1.23 | 40.27 | 1.23 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
BUSINESS_COMBINATIONS_AND_INVE
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | |||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | |||||||
4. BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ||||||||
Acquisition in 2013 | ||||||||
KinoPoisk | ||||||||
In October 2013, the Company completed the acquisition of a 100% ownership interest in KinoPoisk LLC and its subsidiary ("KinoPoisk"), operating the largest and most comprehensive Russian-language website dedicated to movies, television programs and celebrities, for cash consideration of $80.0 (RUR 2,577 at the exchange rate as of the acquisition date) paid in full upon closing of the deal, including $3.0 (RUR 97 at the exchange rate as of the acquisition date) paid into an escrow account. The amount in escrow will be paid to the sellers on the second anniversary of the completion closing assuming no warranty claims. | ||||||||
Set out below is the condensed balance sheet of KinoPoisk as of October 14, 2013, reflecting an allocation of the purchase price to the net assets acquired: | ||||||||
October 14, 2013 | ||||||||
RUR | ||||||||
ASSETS: | ||||||||
Cash and cash equivalents | 39 | |||||||
Current assets | 59 | |||||||
Property and equipment | 3 | |||||||
Intangible assets | 440 | |||||||
Goodwill | 2,140 | |||||||
Non-current assets | 1 | |||||||
| | | | | ||||
Total assets | 2,682 | |||||||
| | | | | ||||
| | | | | ||||
LIABILITIES: | ||||||||
Current liabilities | 20 | |||||||
Deferred tax liabilities | 85 | |||||||
| | | | | ||||
Net assets | 2,577 | |||||||
| | | | | ||||
| | | | | ||||
Total purchase consideration | 2,577 | |||||||
| | | | | ||||
| | | | | ||||
The RUR 2,140 ($65.4) assigned to goodwill primarily arises due to an assembled workforce that does not qualify for separate recognition and specific synergies that result from the distribution capabilities and market position of the Company. Of the RUR 440 ($13.4) assigned to intangible assets, approximately RUR 224 ($6.8) relates to trade names and approximately RUR 135 ($4.1) relates to portal content that will be amortized over a period of 10.0 years. The remaining RUR 81 ($2.5) assigned to intangible assets represents website and applications (RUR 63 ($2.0)), non-compete agreements (RUR 14 ($0.4)) and customer relationships (RUR 4 ($0.1)). | ||||||||
The results of operations of KinoPoisk for the period prior to acquisition would not have had a material impact on the Company's results of operations for the years ended December 31, 2012 and 2013. Accordingly, no pro forma financial information is presented. The results of operations of KinoPoisk did not have a material impact on the Company's results of operations for the year ended December 31, 2013. | ||||||||
Blekko | ||||||||
In August 2011, the Company completed the acquisition of a 9.7% ownership interest in Blekko, Inc. ("Blekko"), a US-based internet search engine for $15.0 (RUR 478 at the exchange rate as of the acquisition date). In June 2013, the Company increased its ownership interest in Blekko to 11.2% and received a warrant for Blekko shares representing 0.5% of its outstanding share capital in exchange for settlement of Blekko's obligation to the Company of $3.5 (RUR 112 at the exchange rate as of the acquisition date). | ||||||||
The Company does not exercise significant influence over Blekko and accordingly accounts for this investment under the cost method. | ||||||||
Disposal in 2013 | ||||||||
Yandex.Money | ||||||||
In July 2013, the Company completed the sale of a 75% less one ruble interest in the charter capital of Yandex.Money to Sberbank for a cash consideration of RUR 1,964 ($59.1 at the exchange rate as of the sale date). A gain on sale and deconsolidation of the subsidiary in the amount of RUR 2,035 ($62.2) was recognized as other income, net. | ||||||||
The Company retained a non-controlling interest (25% plus one ruble) and significant influence over Yandex.Money's business as its electronic money system continues to be one of the primary payment means for the Company's advertising services. Accordingly, Yandex.Money's results of operations before the sale of a 75% less one ruble interest are classified within continuing operations and the remaining investment is accounted for under the equity method within Investments in non-marketable equity securities. | ||||||||
Yandex.Money's assets held for sale and liabilities related to assets held for sale as of December 31, 2012 and July 4, 2013 (the date of sale) consisted of the following: | ||||||||
December 31, | July 4, | |||||||
2012 | 2013 | |||||||
RUR | RUR | |||||||
Assets held for sale | ||||||||
Cash and cash equivalents | 1,164 | 1,195 | ||||||
Term deposits | 150 | 280 | ||||||
Funds receivable, net | 190 | 192 | ||||||
Goodwill | 378 | 378 | ||||||
Other | 142 | 120 | ||||||
| | | | | | | | |
Total assets held for sale | 2,024 | 2,165 | ||||||
| | | | | | | | |
| | | | | | | | |
Liabilities related to assets held for sale | ||||||||
Funds payable and amounts due to customers | 1,596 | 1,653 | ||||||
Other | 23 | 52 | ||||||
| | | | | | | | |
Total liabilities related to assets held for sale | 1,619 | 1,705 | ||||||
| | | | | | | | |
| | | | | | | | |
Acquisition in 2012 | ||||||||
Seismotech | ||||||||
In July 2012, the Company completed the acquisition of a 25% ownership interest in Seismotech LLC ("Seismotech"), a Russian-based geophysical data processing company, for RUR 27. The Company also has a 3-year option to buy another 25% interest in Seismotech at a fixed price that is accounted for at fair value (Notes 6 and 7). The Company exercises significant influence over Seismotech and accordingly accounts for this investment under the equity method. | ||||||||
Disposal in 2012 | ||||||||
Face.com | ||||||||
In July 2012, the Company completed the sale of its ownership interest in Face.com, Inc. (formerly Vizi Information Labs Ltd. ("Vizi Labs")) to a subsidiary of Facebook, Inc. ("Facebook") for cash consideration of RUR 174 and 142,479 shares of Facebook. A gain on sale in the amount of RUR 234 was recognized as other income, net. | ||||||||
Acquisitions in 2011 | ||||||||
SPB | ||||||||
In November 2011, the Company completed the acquisition of the SPB Software group ("SPB"), a mobile software developer offering a suite of mobile solutions including a mobile user interface engine for smartphones and tablets, in order to obtain a product development team and rights for technologies and software. The transaction included the acquisition of a 100% ownership in the three legal entities—SPB Software, Inc. (USA), SPB Software, Ltd. (Hong Kong), and SPB Software Co., Ltd (Thailand); as well as the acquisition of the business assets and employees of Phonesoft Consulting, Ltd. (Russia), for cash consideration of approximately $24.3 (RUR 745 at the exchange rate as of the acquisition date). The Company also paid an additional consideration of $14.1 (RUR 433 at the exchange rate as of the acquisition date) on the achievement of certain milestones and the continued employment of the former SPB shareholders on the first and the second anniversary of the closing of the transaction. $7.1 (RUR 216 at the exchange rate as of the acquisition date) of this consideration was paid in November 2012, $4.1 (RUR 126 at the exchange rate as of the acquisition date) in February 2013, and the remaining $2.9 (RUR 90 at the exchange rate as of the acquisition date) in November 2013. The Company has not recorded these contingent payments as purchase price consideration but instead records them as compensation expense on a straight-line basis as the former SPB shareholders completed their requisite service periods. The Company's consolidated financial statements reflect the allocation of the purchase price based on a fair value assessment of the assets acquired and liabilities assumed. The following is the condensed balance sheet of SPB as of November 23, 2011, reflecting an allocation of the purchase price to the net assets acquired: | ||||||||
November 23, 2011 | ||||||||
RUR | ||||||||
ASSETS: | ||||||||
Cash and cash equivalents | 10 | |||||||
Current assets | 16 | |||||||
Property and equipment | 4 | |||||||
Intangible assets | 390 | |||||||
Goodwill | 470 | |||||||
| | | | | ||||
Total assets | 890 | |||||||
| | | | | ||||
| | | | | ||||
LIABILITIES: | ||||||||
Current liabilities | 17 | |||||||
Non-current liabilities | 81 | |||||||
Deferred tax liabilities | 47 | |||||||
| | | | | ||||
Net assets | 745 | |||||||
| | | | | ||||
| | | | | ||||
Total purchase consideration | 745 | |||||||
| | | | | ||||
| | | | | ||||
The RUR 470 assigned to goodwill primarily arises due to an assembled workforce that does not qualify for separate recognition and specific synergies that result from integration of the Company's cloud services and technologies into SPB's mobile user interface engine. Of the RUR 390 assigned to intangible assets, approximately RUR 233 relates to software that will be amortized over a period of approximately 7.1 years. The remaining RUR 157 assigned to intangible assets represents patents (RUR 78), customer relationships (RUR 62) and non-compete agreements (RUR 17). | ||||||||
The results of operations of SPB for the period prior to acquisition would not have had a material impact on the Company's results of operations for the year ended December 31, 2011. Accordingly, no pro forma financial information is presented. | ||||||||
CONSOLIDATED_FINANCIAL_STATEME
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | ' | |||||||||||||||
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | ' | |||||||||||||||
5. CONSOLIDATED FINANCIAL STATEMENTS DETAILS | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and cash equivalents as of December 31, 2012 and 2013 consisted of the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Cash | 926 | 2,293 | 70 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Bank deposits | 5,530 | 16,730 | 511.2 | |||||||||||||
Investments in money market funds | 969 | 14,371 | 439.1 | |||||||||||||
| | | | | | | | | | | ||||||
Total cash and cash equivalents | 7,425 | 33,394 | 1,020.30 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Non-current restricted cash as of December 31, 2012 consisted of the cash reserved in a special escrow account to pay for the contingent consideration in relation to the acquisition of SPB Software group (Note 4). Non-current restricted cash as of December 31, 2013 consisted of the cash reserved in a special escrow account before lapse of the claim period for warranties received in relation to the acquisition of KinoPoisk (Note 4). | ||||||||||||||||
Accounts Receivable, Net | ||||||||||||||||
Accounts receivable as of December 31, 2012 and 2013 consisted of the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Trade receivables | 1,842 | 2,858 | 87.3 | |||||||||||||
Allowance for doubtful accounts | (75 | ) | (73 | ) | (2.2 | ) | ||||||||||
| | | | | | | | | | | ||||||
Total accounts receivable, net | 1,767 | 2,785 | 85.1 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Movements in the allowance for doubtful accounts are as follows: | ||||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||||
RUR | RUR | RUR | $ | |||||||||||||
Balance at the beginning of the period | 64 | 89 | 75 | 2.3 | ||||||||||||
Charges to expenses | 25 | 17 | 21 | 0.6 | ||||||||||||
Utilization | — | (31 | ) | (23 | ) | (0.7 | ) | |||||||||
| | | | | | | | | | | | | | |||
Balance at the end of the period | 89 | 75 | 73 | 2.2 | ||||||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Other Current Assets | ||||||||||||||||
Other current assets as of December 31, 2012 and 2013 consisted of the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Interest receivable | 558 | 423 | 12.9 | |||||||||||||
VAT reclaimable | 502 | 704 | 21.5 | |||||||||||||
Prepaid taxes | 18 | 63 | 1.9 | |||||||||||||
Other receivables | 85 | 49 | 1.5 | |||||||||||||
Loans granted | — | 32 | 1 | |||||||||||||
Inventory | 8 | — | — | |||||||||||||
Other | 46 | 61 | 1.9 | |||||||||||||
| | | | | | | | | | | ||||||
Total other current assets | 1,217 | 1,332 | 40.7 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Other Non-current Assets | ||||||||||||||||
Other non-current assets as of December 31, 2012 and 2013 consisted of the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Interest receivable | — | 728 | 22.2 | |||||||||||||
Loans to employees | 199 | 447 | 13.7 | |||||||||||||
Loans granted | — | 246 | 7.5 | |||||||||||||
VAT reclaimable | 36 | 116 | 3.5 | |||||||||||||
Other receivables | 68 | 2 | 0.1 | |||||||||||||
Marketable securities (Note 7) | 39 | — | — | |||||||||||||
| | | | | | | | | | | ||||||
Total other non-current assets | 342 | 1,539 | 47 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Investments in Debt Securities | ||||||||||||||||
Investments in debt securities as of December 31, 2012 and 2013 consisted of the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Capital protected index-linked note (Note 7) | 2,378 | — | — | |||||||||||||
Credit-linked notes | 2,430 | — | — | |||||||||||||
Other | 2 | 2 | 0.1 | |||||||||||||
| | | | | | | | | | | ||||||
Total investments in debt securities | 4,810 | 2 | 0.1 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Investments in Equity Securities | ||||||||||||||||
Investments in non-marketable equity securities as of December 31, 2012 and 2013 consisted of the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Blekko Inc (Note 4). | 456 | 605 | 18.5 | |||||||||||||
Yandex.Money (Note 4) | — | 583 | 17.8 | |||||||||||||
Seismotech LLC (Note 4) | 35 | 36 | 1.1 | |||||||||||||
Other | 9 | 26 | 0.8 | |||||||||||||
| | | | | | | | | | | ||||||
Total investments in non-marketable equity securities | 500 | 1,250 | 38.2 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
The Company exercises significant influence over Seismotech and Yandex.Money and accordingly accounts for these investments under the equity method. The Company records its share of the results of these investees in the amount of gain of RUR 2 and loss of RUR 6 ($0.2) for the years ended December 31, 2012 and 2013, respectively, within other income, net line in the consolidated statements of income. | ||||||||||||||||
The Company does not exercise significant influence over Blekko and accordingly accounts for this investment under the cost method. | ||||||||||||||||
Marketable securities of RUR 76 and RUR 87 ($2.7) and non-current marketable securities of RUR 39 and nil as of December 31, 2012 and December 31, 2013, respectively, are comprised of shares of Facebook received in connection with the sale of Face.com (Note 4). The non-current portion of marketable securities is presented within other non-current assets within the consolidated balance sheet. | ||||||||||||||||
Accounts Payable and Accrued Liabilities | ||||||||||||||||
Accounts payable and accrued liabilities as of December 31, 2012 and 2013 comprise the following: | ||||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Trade accounts payable and accrued liabilities | 2,081 | 3,298 | 100.8 | |||||||||||||
Salary and other compensation expenses payable/accrued to employees | 432 | 412 | 12.5 | |||||||||||||
| | | | | | | | | | | ||||||
Total accounts payable and accrued liabilities | 2,513 | 3,710 | 113.3 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassifications of losses out of accumulated other comprehensive income for the years ended December 31, 2011, 2012 and 2013 were as follows: | ||||||||||||||||
Location | 2011 | 2012 | 2013 | |||||||||||||
RUR | RUR | RUR | $ | |||||||||||||
Foreign Currency Translation Adjustments, net of tax of nil | Other income, net | — | — | 54 | 1.6 | |||||||||||
For the year ended December 31, 2013, the reclassification resulted from the sale of a 75% less one ruble interest in the charter capital of Yandex.Money (Note 4). | ||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||
6. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||
The Company does not enter into derivative arrangements for hedging, trading or speculative purposes. However, some of the Company's contracts have embedded derivatives that are bifurcated and accounted for separately from the host agreements. None of these derivatives are designated as hedging instruments. | |||||||||||||
The Company recognizes such derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value and records changes in the fair value of the derivatives in the accompanying consolidated statements of income as other income, net. | |||||||||||||
The fair value of derivative instruments as of December 31, 2012 and 2013 is as follows: | |||||||||||||
Balance Sheet Location | 2012 | 2013 | 2013 | ||||||||||
RUR | RUR | $ | |||||||||||
Derivative assets: | |||||||||||||
Foreign exchange contracts | Investments in debt securities | 12 | — | — | |||||||||
Equity purchase contracts | Investments in non-marketable equity securities | 8 | 22 | 0.7 | |||||||||
| | | | | | | | | | | | | |
Total derivative assets | 20 | 22 | 0.7 | ||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Derivative liabilities: | |||||||||||||
Foreign exchange contracts | Accounts payable and accrued liabilities | 1 | — | — | |||||||||
Foreign exchange contracts | Other accrued liabilities | 49 | 9 | 0.3 | |||||||||
| | | | | | | | | | | | | |
Total derivative liabilities | 50 | 9 | 0.3 | ||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
The effect of derivative instruments not designated as hedging instruments on income for the years ended December 31, 2011, 2012 and 2013 amounted to a gain of RUR 42, a loss of RUR 18 and a gain of RUR 27 ($0.8) respectively. | |||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
7. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | ||||||||||||||||||||
Level 1—observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities; | ||||||||||||||||||||
Level 2—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and | ||||||||||||||||||||
Level 3—inputs for the asset or liability that are not based on observable market data (unobservable inputs). | ||||||||||||||||||||
The fair value of financial assets and liabilities as of December 31, 2012 consisted of the following: | ||||||||||||||||||||
Fair value measurement using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
RUR | RUR | RUR | RUR | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Bank deposits(1) | — | 5,530 | — | 5,530 | ||||||||||||||||
Investments in money market funds | 969 | — | — | 969 | ||||||||||||||||
Term deposits, current | — | 4,629 | — | 4,629 | ||||||||||||||||
Term deposits, non-current | — | 10,330 | — | 10,330 | ||||||||||||||||
Marketable securities, current(2) | 76 | — | — | 76 | ||||||||||||||||
Marketable securities, non-current(2) | 39 | — | — | 39 | ||||||||||||||||
Restricted cash | 214 | — | — | 214 | ||||||||||||||||
Loans to employees | — | 199 | — | 199 | ||||||||||||||||
Derivative contracts (Notes 4, 6)(2) | — | — | 8 | 8 | ||||||||||||||||
Capital protected index-linked note—host contract (Note 5) | — | 2,366 | — | 2,366 | ||||||||||||||||
Capital protected index-linked note—derivative(2) (Note 5) | — | 12 | — | 12 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
1,298 | 23,066 | 8 | 24,372 | |||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Liabilities | ||||||||||||||||||||
Derivative contracts(2) | — | 50 | — | 50 | ||||||||||||||||
-1 | ||||||||||||||||||||
Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Amounts are measured at fair value on a recurring basis. | ||||||||||||||||||||
The fair value of financial assets and liabilities as of December 31, 2013 consisted of the following: | ||||||||||||||||||||
Fair value measurement using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | ||||||||||||||||
RUR | RUR | RUR | RUR | $ | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Bank deposits(1) | — | 16,730 | — | 16,730 | 511.2 | |||||||||||||||
Investments in money market funds | 14,371 | — | — | 14,371 | 439.1 | |||||||||||||||
Term deposits, non-current | — | 15,180 | — | 15,180 | 463.8 | |||||||||||||||
Marketable securities, current(2) | 87 | — | — | 87 | 2.7 | |||||||||||||||
Restricted cash | 104 | — | — | 104 | 3.2 | |||||||||||||||
Loans to employees | — | 447 | — | 447 | 13.7 | |||||||||||||||
Loans granted | — | 278 | — | 278 | 8.4 | |||||||||||||||
Derivative contracts (Notes 4, 6)(2) | — | — | 22 | 22 | 0.6 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
14,562 | 32,635 | 22 | 47,219 | 1,442.70 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
Liabilities | ||||||||||||||||||||
Derivative contracts(2) | — | 9 | — | 9 | 0.3 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
— | 9 | — | 9 | 0.3 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
-1 | ||||||||||||||||||||
Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Amounts are measured at fair value on a recurring basis. | ||||||||||||||||||||
The fair values of the Company's Level 1 financial assets are based on quoted market prices of identical underlying securities. The fair values of the Company's Level 2 financial assets and liabilities are based on quoted prices and market observable data of similar instruments. | ||||||||||||||||||||
There were no transfers of financial assets and liabilities between the levels of the fair value hierarchy during the years ended December 31, 2011, 2012 and 2013. | ||||||||||||||||||||
The total gains attributable to bank deposits and investments in money market funds amounted to RUR 204, RUR 910 and RUR 1,651 ($50.4) in 2011, 2012 and 2013, respectively. Such amounts are included in interest income in the consolidated statements of income. | ||||||||||||||||||||
The Company had no other financial assets or liabilities measured at fair value on a recurring basis during the years ended December 31, 2011, 2012 and 2013. The Company measures at fair value nonfinancial assets and liabilities recognized as a result of business combinations. | ||||||||||||||||||||
The Company measures the fair value of investments in debt instruments carried at amortized cost and convertible debt for disclosure purposes. The fair values of investments in debt instruments and convertible debt are considered to be Level 2 as the Company has access to the respective quoted prices, but does not have visibility to the volume and frequency of trading for these securities. The carrying amounts and fair values of debt securities and convertible debt as of December 31, 2012 and 2013 were as follows: | ||||||||||||||||||||
2012 | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Carrying amount | ||||||||||||||||||||
Fair value | Carrying amount | Fair value | ||||||||||||||||||
RUR | RUR | RUR | $ | RUR | $ | |||||||||||||||
Credit-linked notes | 2,430 | 2,404 | — | — | — | — | ||||||||||||||
Convertible debt | — | — | (16,429 | ) | (502.0 | ) | (21,647 | ) | (661.4 | ) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total | 2,430 | 2,404 | (16,429 | ) | (502.0 | ) | (21,647 | ) | (661.4 | ) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
The Company did not estimate the fair value of non-marketable equity investments carried at cost because it did not identify events or changes in circumstances that might have had a significant adverse effect on the fair value of these investments. Furthermore, the Company believes it is not practicable to estimate the fair value of these equity investments since quoted market prices are not available and the cost of obtaining independent valuations appears excessive considering the materiality of the investments to the Company. | ||||||||||||||||||||
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
PROPERTY AND EQUIPMENT, NET | ' | ||||||||||
PROPERTY AND EQUIPMENT, NET | ' | ||||||||||
8. PROPERTY AND EQUIPMENT, NET | |||||||||||
Property and equipment, net of accumulated depreciation and amortization, as of December 31, 2012 and 2013 consisted of the following: | |||||||||||
2012 | 2013 | 2013 | |||||||||
RUR | RUR | $ | |||||||||
Servers and network equipment | 7,517 | 9,739 | 297.6 | ||||||||
Infrastructure systems | 3,092 | 3,409 | 104.2 | ||||||||
Land and buildings | 823 | 1,172 | 35.8 | ||||||||
Office furniture and equipment | 731 | 1,002 | 30.6 | ||||||||
Leasehold improvements | 577 | 611 | 18.6 | ||||||||
Other equipment | 82 | 64 | 2 | ||||||||
Assets not yet in use | 568 | 1,599 | 48.9 | ||||||||
Purchased technologies and licenses | 1,598 | 2,466 | 75.3 | ||||||||
| | | | | | | | | | | |
Total | 14,988 | 20,062 | 613 | ||||||||
Less: accumulated depreciation and amortization | (6,893 | ) | (10,333 | ) | (315.7 | ) | |||||
| | | | | | | | | | | |
Total property and equipment, net | 8,095 | 9,729 | 297.3 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Assets not yet in use primarily represent computer equipment and other assets under installation, including related prepayments, and comprise the cost of the assets and other direct costs applicable to purchase and installation. Leasehold improvements in the amount of RUR 26 and RUR 13 ($0.4) are included in assets not yet in use as of December 31, 2012 and 2013, respectively. | |||||||||||
Depreciation expenses related to property and equipment, except for purchased technologies and licenses, for the years ended December 31, 2011, 2012 and 2013 amounted to RUR 1,620, RUR 2,498 and RUR 3,132 ($95.7), respectively. Amortization expenses related to purchased technologies and licenses for the years ended December 31, 2011, 2012 and 2013 amounted to RUR 206, RUR 314 and RUR 452 ($13.8), respectively. | |||||||||||
The accumulated amortization of purchased technologies and licenses included in property and equipment was RUR 537 and RUR 904 ($27.6) as of December 31, 2012 and 2013, respectively. Estimated amortization expense over the next five years for purchased technologies and licenses included in property and equipment, net as of December 31, 2013 are as follows: | |||||||||||
RUR | $ | ||||||||||
For the year ending December 31, 2014 | 572 | 17.5 | |||||||||
For the year ending December 31, 2015 | 455 | 13.9 | |||||||||
For the year ending December 31, 2016 | 331 | 10.1 | |||||||||
For the year ending December 31, 2017 | 157 | 4.8 | |||||||||
For the year ending December 31, 2018 | 47 | 1.4 | |||||||||
Thereafter | — | — | |||||||||
| | | | | | | | ||||
Total | 1,562 | 47.7 | |||||||||
| | | | | | | | ||||
| | | | | | | | ||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ' | ||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ' | ||||||||||||||||||||||
9. GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||||||||||||
In 2013, the Company acquired KinoPoisk (Note 4). This acquisition was accounted for under the acquisition method resulting in the recognition of RUR 2,140 ($65.4) of acquired goodwill. The changes in the carrying amount of goodwill are as follows: | |||||||||||||||||||||||
2012 | 2013 | 2013 | |||||||||||||||||||||
RUR | RUR | $ | |||||||||||||||||||||
Balance at the beginning of the period | 754 | 750 | 22.9 | ||||||||||||||||||||
Goodwill acquired | — | 2,140 | 65.4 | ||||||||||||||||||||
Foreign currency translation adjustment | (4 | ) | 25 | 0.8 | |||||||||||||||||||
| | | | | | | | | | | |||||||||||||
Balance at the end of the period | 750 | 2,915 | 89.1 | ||||||||||||||||||||
| | | | | | | | | | | |||||||||||||
| | | | | | | | | | | |||||||||||||
The Company has not recorded any impairment on goodwill to date. | |||||||||||||||||||||||
Intangible assets, net of amortization, as of December 31, 2012 and 2013 consisted of the following intangible assets acquired as part of business combinations: | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
Cost | Less: | Net | Cost | Less: | Net | Net | |||||||||||||||||
Accumulated | carrying | Accumulated | carrying | carrying | |||||||||||||||||||
amortization | value | amortization | value | value | |||||||||||||||||||
RUR | RUR | RUR | RUR | RUR | RUR | $ | |||||||||||||||||
Content and software | 283 | (114 | ) | 169 | 489 | (173 | ) | 316 | 9.7 | ||||||||||||||
Patents and licenses | 161 | (66 | ) | 95 | 167 | (106 | ) | 61 | 1.8 | ||||||||||||||
Customer relationships | 62 | (13 | ) | 49 | 71 | (18 | ) | 53 | 1.6 | ||||||||||||||
Contracts with suppliers | 23 | (19 | ) | 4 | 23 | (22 | ) | 1 | — | ||||||||||||||
Non-compete agreements | 17 | (11 | ) | 6 | 14 | (1 | ) | 13 | 0.4 | ||||||||||||||
Trade names and domain names | — | — | — | 224 | (4 | ) | 220 | 6.7 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total intangible assets | 546 | (223 | ) | 323 | 988 | (324 | ) | 664 | 20.2 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Amortization expenses of intangible assets for the years ended December 31, 2011, 2012 and 2013 were RUR 48, RUR 139 and RUR 111 ($3.4), respectively. | |||||||||||||||||||||||
Estimated amortization expense over the next five years for intangible assets included in the accompanying consolidated balance sheet as of December 31, 2013 are as follows: | |||||||||||||||||||||||
RUR | $ | ||||||||||||||||||||||
For the year ending December 31, 2014 | 131 | 4 | |||||||||||||||||||||
For the year ending December 31, 2015 | 91 | 2.8 | |||||||||||||||||||||
For the year ending December 31, 2016 | 84 | 2.6 | |||||||||||||||||||||
For the year ending December 31, 2017 | 80 | 2.4 | |||||||||||||||||||||
For the year ending December 31, 2018 | 80 | 2.4 | |||||||||||||||||||||
Thereafter | 198 | 6 | |||||||||||||||||||||
| | | | | | | | ||||||||||||||||
Total | 664 | 20.2 | |||||||||||||||||||||
| | | | | | | | ||||||||||||||||
| | | | | | | | ||||||||||||||||
INCOME_TAX
INCOME TAX | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
INCOME TAX | ' | |||||||||||||
INCOME TAX | ' | |||||||||||||
10. INCOME TAX | ||||||||||||||
Income taxes are computed in accordance with Russian Federation and Dutch tax laws. The taxable income of Yandex LLC was subject to federal and local income tax at a combined nominal rate of 20% for 2011, 2012 and 2013. Yandex N.V. is incorporated in the Netherlands, and its taxable profits were subject to income tax at the rate of 25% in 2011, 2012 and 2013. | ||||||||||||||
Dividends paid to Yandex N.V. by its Russian subsidiaries are subject to a 5% dividend withholding tax, computed in accordance with the laws of the Russian Federation. Due to the so-called participation exemption, dividends distributed by the Company's Russian subsidiaries to Yandex N.V. are exempt from tax in the Netherlands. | ||||||||||||||
Provision for income taxes for the years ended December 31, 2011, 2012 and 2013 consisted of the following: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Current provision for income tax—Russia | (1,689 | ) | (2,281 | ) | (3,325 | ) | (101.6 | ) | ||||||
Current provision for income tax—other | (25 | ) | 2 | (111 | ) | (3.3 | ) | |||||||
Deferred income tax (expense)/ benefit—Russia | 115 | (58 | ) | 175 | 5.3 | |||||||||
Deferred income tax (expense)/ benefit—other | 54 | (14 | ) | 22 | 0.7 | |||||||||
| | | | | | | | | | | | | | |
Total provision for income taxes | (1,545 | ) | (2,351 | ) | (3,239 | ) | (98.9 | ) | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The components of net income before income taxes for the years ended December 31, 2011, 2012 and 2013 are as follows: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Net income before income taxes—Russia | 7,713 | 11,350 | 15,716 | 480.2 | ||||||||||
Net income before income taxes—other | (395 | ) | (776 | ) | 997 | 30.4 | ||||||||
| | | | | | | | | | | | | | |
Total net income before income taxes | 7,318 | 10,574 | 16,713 | 510.6 | ||||||||||
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The significant majority of the Company's revenues and taxable income is generated in the Russian Federation. Yandex N.V., the Company's Dutch parent company, has no operations and primarily generates interest income and incurs corporate expenses. Therefore, the Company has reconciled its effective tax rate to its Russian statutory rate instead of to its Dutch statutory rate in the table below. The statutory Russian income tax rate reconciled to the Company's effective income tax rate is as follows for the years ended December 31, 2011, 2012 and 2013: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Expected provision at Russian statutory income tax rate of 20% | 1,464 | 2,115 | 3,343 | 102.1 | ||||||||||
Effect of: | ||||||||||||||
Tax on dividends | — | 13 | 14 | 0.4 | ||||||||||
Non-deductible share-based compensation | 49 | 75 | 146 | 4.5 | ||||||||||
Other expenses not deductible for tax purposes | 49 | 183 | 83 | 2.5 | ||||||||||
Difference in foreign tax rates | (15 | ) | (39 | ) | (68 | ) | (2.1 | ) | ||||||
Participation exemption on sale of equity investments | — | — | (393 | ) | (12.0 | ) | ||||||||
Other | (2 | ) | 4 | (33 | ) | (1.0 | ) | |||||||
Change in valuation allowance | — | — | 147 | 4.5 | ||||||||||
| | | | | | | | | | | | | | |
Provision for income taxes | 1,545 | 2,351 | 3,239 | 98.9 | ||||||||||
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| | | | | | | | | | | | | | |
Movements in the valuation allowance are as follows: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Balance at the beginning of the period | — | — | — | — | ||||||||||
Charges to expenses | — | — | (147 | ) | (4.5 | ) | ||||||||
| | | | | | | | | | | | | | |
Balance at the end of the period | — | — | (147 | ) | (4.5 | ) | ||||||||
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| | | | | | | | | | | | | | |
As of December 31, 2012 and 2013, the Company included accruals for unrecognized income tax benefits totaling RUR 25 and RUR 10 ($0.3), respectively, as a component of other accrued liabilities and nil and RUR 15 ($0.5), respectively, as a component of accounts payable and accrued liabilities. RUR 21 ($0.6) of unrecognized income tax benefits, if recognized, would affect the effective tax rate. The changes in 2011, 2012 and 2013 include an increase of RUR 15 and decreases of RUR 13 and RUR 1 ($0.0), respectively, associated with interest and penalties. The interest and penalties recorded as a part of provision for income tax in 2011, 2012 and 2013 resulted in benefit of nil, RUR 13 and RUR 1 ($0.0), respectively. The decrease in 2012 relates to a change in the tax accounting method for software in SPB Software, Inc. (USA). The Company does not anticipate significant increases or decreases in unrecognized income tax benefits over the next twelve months. | ||||||||||||||
The Company believes it is more likely than not that all recognized income tax benefits will be sustained upon examination. However, income tax benefits in the amount of RUR 6 ($0.2) have a reasonable possibility of successfully being challenged by the tax authorities. The Company does not believe that any of the recognized income tax benefits have a reasonable possibility of successfully being challenged by the tax authorities within twelve months of December 31, 2013. | ||||||||||||||
A reconciliation of the total amounts of unrecognized income tax benefits is as follows: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Balance at the beginning of the period | 15 | 97 | 25 | 0.8 | ||||||||||
Increases/(decreases) related to prior years tax positions | 89 | (72 | ) | (3 | ) | (0.1 | ) | |||||||
Increases related to current year tax positions | — | 2 | 2 | 0.1 | ||||||||||
Settlements | (10 | ) | — | — | — | |||||||||
Foreign currency translation adjustment | 3 | (2 | ) | 1 | — | |||||||||
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Balance at the end of the period | 97 | 25 | 25 | 0.8 | ||||||||||
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Temporary differences between the tax and accounting bases of assets and liabilities give rise to the following deferred tax assets and liabilities as of December 31, 2012 and 2013: | ||||||||||||||
2012 | 2013 | 2013 | ||||||||||||
RUR | RUR | $ | ||||||||||||
Assets/(liabilities) arising from tax effect of: | ||||||||||||||
Deferred tax asset | ||||||||||||||
Accrued expenses | 222 | 387 | 11.9 | |||||||||||
Net operating loss carryforward | 271 | 324 | 9.9 | |||||||||||
Other | 8 | 40 | 1.2 | |||||||||||
Valuation allowance | — | (147 | ) | (4.5 | ) | |||||||||
| | | | | | | | | | | ||||
Total deferred tax asset | 501 | 604 | 18.5 | |||||||||||
Deferred tax liability | ||||||||||||||
Convertible debt discount | — | (802 | ) | (24.5 | ) | |||||||||
Property and equipment | (325 | ) | (268 | ) | (8.2 | ) | ||||||||
Intangible assets | (85 | ) | (155 | ) | (4.7 | ) | ||||||||
Other | (51 | ) | (41 | ) | (1.3 | ) | ||||||||
| | | | | | | | | | | ||||
Total deferred tax liability | (461 | ) | (1,266 | ) | (38.7 | ) | ||||||||
Net deferred tax asset/(liability) | 40 | (662 | ) | (20.2 | ) | |||||||||
Net deferred tax asset, current | 456 | 596 | 18.2 | |||||||||||
Net deferred tax asset, non-current | 35 | 3 | 0.1 | |||||||||||
Net deferred tax liability, current | (3 | ) | (16 | ) | (0.5 | ) | ||||||||
Net deferred tax liability, non-current | (448 | ) | (1,245 | ) | (38.0 | ) | ||||||||
As of December 31, 2013, Yandex N.V. had net operating loss carryforwards ("NOLs") for Dutch income tax purposes of RUR 501 ($15.3). These NOLs expire in 2020, 2021 and 2022. As of December 31, 2013, a benefit of RUR 45 ($1.4) related to the Dutch NOLs described above and RUR 339 ($10.4) related to other tax effects would be recorded by the Company in additional paid-in capital if and when realized. | ||||||||||||||
The Company has not provided for dividend withholding taxes on the unremitted earnings of its foreign subsidiaries because they are considered permanently reinvested outside of the Netherlands. As of December 31, 2013, the cumulative amount of unremitted earnings upon which dividend withholding taxes have not been provided is approximately RUR 35,708 ($1,091.0). The Company estimates that the amount of the unrecognized deferred tax liability related to these earnings is approximately RUR 1,785 ($54.5). | ||||||||||||||
The tax years 2010 - 2013 remain open for examination by the Russian tax authorities with respect to Yandex LLC. As of December 31, 2013, Yandex LLC was under audit by the tax inspectorate for the 2010, 2011 and 2012 tax years. The tax years 2008 - 2013 remain open for examination by the Dutch tax authorities with respect to Yandex N.V. | ||||||||||||||
CONVERTIBLE_DEBT
CONVERTIBLE DEBT | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
CONVERTIBLE DEBT | ' | ||||||||||
CONVERTIBLE DEBT | ' | ||||||||||
11. CONVERTIBLE DEBT | |||||||||||
In December 2013, the Company issued and sold $600.0 (RUR 19,719 at the exchange rate as of sale date) in aggregate principal amount of 1.125% convertible senior notes due December 15, 2018 (the "Notes") at par. The Company also granted to the initial purchasers a right to purchase up to an additional $90.0 in aggregate principal amount of notes solely to cover over-allotments. Interest at an annual rate of 1.125% is payable semi-annually on June 15 and December 15 of each year, beginning on June 15, 2014. The Notes are convertible into cash, Class A shares of the Company or a combination of cash and Class A shares, at the Company's election, under circumstances described below, based on an initial conversion rate of 19.44 Class A shares per $1,000 principal amount of Notes (which represents an initial conversion price of approximately $51.45 per share), subject to adjustment on the occurrence of fundamental change as defined in the agreement. The Notes are convertible, at the option of the holder, prior to June 15, 2018, if i) the last reported sale price of the Class A shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days is greater than or equal to 130% of the conversion price on each applicable trading day; ii) during a 5 business day period after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A shares and the conversion rate on each such trading day; or iii) upon the occurrence of specified corporate events. On or after June 15, 2018, the Notes can be converted at the option of the holder regardless of the foregoing circumstances at any time until the close of business on the business day immediately preceding the maturity date of the Notes. The Company will not have the right to redeem the Notes prior to maturity, except in connection with certain changes in tax laws. As of December 31, 2013, none of the conditions allowing the conversion of the Notes had been met. | |||||||||||
The net proceeds to the Company from the sale of the Notes (excluding over-allotments) were approximately RUR 19,518 ($596.3). Debt issuance costs were approximately RUR 201 ($6.1), of which RUR 33 ($1.0) was allocated to additional paid-in capital and RUR 168 ($5.1) was allocated to deferred issuance costs and will be amortized as interest expense over the term of the Notes. As of December 31, 2013, unamortized deferred issuance cost was RUR 166 ($5.1). | |||||||||||
The Company separately accounts for the liability and equity components of the Notes. The carrying value of the liability component of RUR 16,475 ($503.4) as of the date of issuance was recognized at the present value of its cash flows using a discount rate of 4.84%, the Company's estimated borrowing rate at the date of the issuance for a similar debt instrument without the conversion feature. Debt discount is amortized using the effective interest method over the period from the origination date through the stated maturity date. The value of the equity component of RUR 3,245 ($99.1) as of the date of issuance was calculated by deducting the fair value of the liability component from the initial proceeds ascribed to the convertible debt instrument as a whole and was recorded as a debt discount. The carrying value of the equity component remains unchanged from the date of issuance. | |||||||||||
The carrying value of the Notes as of December 31, 2012 and 2013 consisted of the following: | |||||||||||
2012 | 2013 | 2013 | |||||||||
RUR | RUR | $ | |||||||||
1.125% Convertible Senior Notes due December 2018 | — | 19,638 | 600 | ||||||||
Unamortized debt discount | — | (3,209 | ) | (98.0 | ) | ||||||
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Total convertible debt | — | 16,429 | 502 | ||||||||
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The remaining unamortized debt discount of RUR 3,209 ($98.0) as of December 31, 2013 will be amortized over the remaining life of the Notes, which is approximately 5.0 years. | |||||||||||
The Company recognized RUR 25 ($0.8) as interest expenses related to the contractual interest coupon, amortization of the debt discount and issuance expenses for the year ended December 31, 2013. The effective interest rate on the liability component for the period was 5.0%. | |||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||||
12. COMMITMENTS AND CONTINGENCIES | ||||||||||||||
Lease and Other Commitments | ||||||||||||||
In December 2008, the Company signed an agreement for a ten-year lease of office space in Moscow. In April 2011, the Company entered into two more lease agreements to increase the size of its rented office space located in its headquarters complex in Moscow for the remaining period of the original lease. In December 2013, the Company further extended its headquarters complex signing a preliminary seven-year lease agreement for additional office space. | ||||||||||||||
As of December 31, 2013, future minimum lease payments due under the Moscow leases and other non-cancellable operating leases for more than one year are as follows: | ||||||||||||||
Payments due in the years ending December 31, | Moscow | Other | Total | Total | ||||||||||
headquarters | leases | |||||||||||||
lease | ||||||||||||||
RUR | RUR | RUR | $ | |||||||||||
2014 | 2,288 | 733 | 3,021 | 92.4 | ||||||||||
2015 | 1,644 | 457 | 2,101 | 64.2 | ||||||||||
2016 | 1,625 | 276 | 1,901 | 58.1 | ||||||||||
2017 | 2,040 | 157 | 2,197 | 67.1 | ||||||||||
2018 and thereafter | 3,495 | 61 | 3,556 | 108.6 | ||||||||||
| | | | | | | | | | | | | | |
Total | 11,092 | 1,684 | 12,776 | 390.4 | ||||||||||
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For the purposes of the disclosure above, the Company assumed no changes in the rented space or rental price specified in existing as of reporting date rental agreements. | ||||||||||||||
For the years ended December 31, 2011, 2012 and 2013, rent expenses under operating leases totaled approximately RUR 1,199, RUR 1,656 and RUR 1,790 ($54.7), respectively. | ||||||||||||||
Additionally, the Company has entered into purchase commitments in excess of one year for other goods and services, which total RUR 556 ($17.0) in 2014, RUR 568 ($17.4) in 2015, RUR 339 ($10.4) in 2016, RUR 296 ($9.0) in 2017, RUR 244 ($7.5) in 2018 and RUR 293 ($9.0) thereafter. | ||||||||||||||
Legal Proceedings | ||||||||||||||
In the ordinary course of business, the Company is a party to various legal proceedings, and subject to claims, certain of which relate to copyright infringement. The Company believes that its liability, if any, in all such pending litigation, other legal proceedings or other matters will not have a material effect upon its financial condition, results of operations or the liquidity of the Company. | ||||||||||||||
Environment and Current Economic Situation | ||||||||||||||
Emerging markets such as Russia are subject to different risks than more developed markets, including economic, political and social, and legal and legislative risks. Laws and regulations affecting businesses continue to change rapidly and tax and regulatory frameworks are subject to varying interpretations. | ||||||||||||||
In particular, taxes are subject to review and investigation by a number of authorities authorized by law to impose fines and penalties. Although the Company believes it has provided adequately for all tax liabilities based on its understanding of the tax legislation, the above factors may create tax risks for the Company. In addition to the obligations shown in the lease commitments section above, approximately RUR 21 ($0.6) of unrecognized tax benefits have been recorded as liabilities, and the Company is uncertain as to if or when such amounts may be settled (Note 10). Related to unrecognized tax benefits, the Company has also recorded a liability for potential penalties of RUR 3 ($0.1) and interest of RUR 1 ($0.0). As of December 31, 2013, except for the income tax contingencies described above, the Company accrued RUR 43 ($1.3) for contingencies related to non-income taxes. | ||||||||||||||
The future economic direction of Russia is heavily influenced by the fiscal and monetary policies adopted by the government, together with developments in the legal, regulatory, and political environment. | ||||||||||||||
Because Russia produces and exports large volumes of oil and gas, the Russian economy is particularly sensitive to the price of oil and gas on the world market. | ||||||||||||||
SHARE_CAPITAL
SHARE CAPITAL | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
SHARE CAPITAL | ' | |||||||||||||||||||
SHARE CAPITAL | ' | |||||||||||||||||||
13. SHARE CAPITAL | ||||||||||||||||||||
The Company has three authorized classes of ordinary shares, Class A, Class B and Class C with €0.01, € 0.10 and €0.09 par value, respectively. The principal features of the three classes of ordinary shares are as follows: | ||||||||||||||||||||
• | ||||||||||||||||||||
Class A shares, par value €0.01 per share, entitled to one vote per share. The Class A shares share ratably with the Class B shares, on a pari passu basis, in any dividends or other distributions. | ||||||||||||||||||||
• | ||||||||||||||||||||
Class B shares, par value €0.10 per share, entitled to ten votes per share. Class B shares may only be transferred to qualified holders. In order to sell a Class B share, it must be converted into a Class A share. | ||||||||||||||||||||
• | ||||||||||||||||||||
Class C shares, par value €0.09 per share, entitled to nine votes per share. The Class C shares are entitled to a fixed nominal amount in the event of a dividend or distribution limited to €0.01 per share in any one financial year if any such shares were to be outstanding on the record date for a dividend declaration. The Class C shares are used for technical purposes related to the conversion of Class B shares into Class A shares. During the periods between conversion and cancellation, all Class C shares are held by Yandex Conversion Foundation (Stichting Yandex Conversion). Yandex Conversion Foundation was incorporated under the laws of the Netherlands in October 2008 for the sole purpose of facilitating the conversion of Class B shares into Class A shares. Yandex Conversion Foundation is managed by a board of directors appointed by the Company. | ||||||||||||||||||||
On September 21, 2009, the Company issued a Priority Share to Sberbank. The holder of the Priority Share has the right to veto the accumulation of stakes in the Company in excess of 25% by a single entity, a group of related parties or parties acting in concert. The holder of the Priority Share does not have any rights to influence operating decisions of the Company nor is it entitled to a seat on the Company's Board. Transfer of the Priority Share requires the approval of the Board. The Priority Share has been purchased by Sberbank at its par value of €1 and is entitled to a normal pro rata dividend distribution. | ||||||||||||||||||||
The Company's articles of association authorize a special class of preference shares as a form of an anti-takeover defense. The Company's Board has the irrevocable authority for a period of five years to issue preference shares and grant rights to subscribe for preference shares up to the Company's authorized share capital from time to time. This authority may be renewed by a resolution of the general meeting of shareholders for a subsequent period of up to five years. The preference shares, if issued, would be entitled to receive preferential dividends at a rate of 12-month EURIBOR plus 200 basis points on the amount paid thereon, prior and in preference to distributions in respect of ordinary shares. No preference shares have been issued. | ||||||||||||||||||||
The share capital as of each balance sheet date is as follows (EUR in millions): | ||||||||||||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||||||||||
Shares | EUR | RUR | Shares | EUR | RUR | |||||||||||||||
Authorized: | 4,318,989,446 | 4,204,230,282 | ||||||||||||||||||
Priority share | 1 | 1 | ||||||||||||||||||
Preference shares | 2,000,000,001 | 2,000,000,001 | ||||||||||||||||||
Class A ordinary shares | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||||
Class B ordinary shares | 159,494,722 | 102,115,140 | ||||||||||||||||||
Class C ordinary shares | 159,494,722 | 102,115,140 | ||||||||||||||||||
Issued and fully paid: | 355,732,713 | € | 17 | 547 | 353,032,573 | € | 11.9 | 335 | ||||||||||||
Priority share | 1 | — | — | 1 | — | — | ||||||||||||||
Preference shares | — | — | — | — | — | — | ||||||||||||||
Class A ordinary shares | 202,318,864 | 2 | 83 | 256,998,306 | 2.5 | 106 | ||||||||||||||
Class B ordinary shares | 125,441,218 | 12.5 | 362 | 72,923,447 | 7.3 | 138 | ||||||||||||||
Class C ordinary shares | 27,972,630 | 2.5 | 102 | 23,110,819 | 2.1 | 91 | ||||||||||||||
Treasury Class C shares are not disclosed as such due to the technical nature of this class of shares. | ||||||||||||||||||||
The Company repurchases its Class A shares from time to time in part to reduce the dilutive effects of its Share-Based Awards to employees and consultants of the Company. | ||||||||||||||||||||
In March 2013, the Company's Board of Directors authorized a program to repurchase up to 12,000,000 Class A shares from time to time in open market transactions. In December 2013, the Company's Board of Directors authorized an increase in the existing program by 3,000,000 shares. The amended repurchase program may be in effect through November 20, 2014. | ||||||||||||||||||||
For the year ended December 31, 2013, the Company repurchased 8,599,377 Class A shares at an average price of $30.70 per share for a total amount of RUR 8,518 ($260.3). Out of these shares 2,333,132 were used to satisfy the Company's obligations under Share-Based Awards. Treasury stock is accounted for under the cost method. | ||||||||||||||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||||||||
14. SHARE-BASED COMPENSATION | ||||||||||||||||||||||
Employee Equity Incentive Plan | ||||||||||||||||||||||
The Company has granted Share-Based Awards to employees and consultants of the Company pursuant to its Employee Share Option Plan (the "2001 Plan") and the Third Amended and Restated 2007 Equity Incentive Plan (the "2007 Plan"). | ||||||||||||||||||||||
On January 29, 2001, the Supervisory Board of Yandex Technologies Ltd. ("YTL"), the former parent of the Company, approved the 2001 Plan, which provided for the issuance of up to 36,909,292 options to employees of the Company to purchase ordinary shares in YTL. On February 7, 2007, the Company's Board adopted the 2007 Plan and subsequently amended it on October 11, 2007, October 14, 2008, November 10, 2011, and February 10, 2012. A share option issued under the 2007 Plan entitles the holder to purchase an ordinary share at a specified exercise price. SARs issued under the 2007 Plan entitle the holder to receive a number of Class A shares determined by reference to appreciation from and after the date of grant in the fair market value of a Class A share over the measurement price. RSUs awarded under the 2007 Plan entitle the holder to receive a fixed number of Class A shares at no cost upon the satisfaction of certain time-based vesting criteria. The holders of RSUs have no rights to dividends or dividends equivalent. The 2007 Plan provides for the issuance of Share-Based Awards to employees, officers, advisors and consultants of the Company and members of the Board of the Company to acquire or, in regard to SARs, to benefit from the appreciation of ordinary shares representing in the aggregate a maximum of 10% of the issued share capital of the Company. In connection with a capital restructuring, all outstanding share options granted to eligible employees under the 2001 Plan were cancelled and replaced with new grants of options under the 2007 Plan. The Company recorded no additional compensation cost as a result of this cancellation and replacement because the terms of the replacement awards are substantially the same. | ||||||||||||||||||||||
Under the 2007 Plan, the award exercise or measurement price per share is set at the "fair market value" and denominated in U.S. dollars on the date the Share-Based Awards are granted by the Company's Board. For purposes of the 2007 Plan, "fair market value" means (A) at any time when the Company's shares are not publicly traded, the price per share most recently determined by the Board to be the fair market value; and (B) at any time when the shares are publicly traded, the closing price (as adjusted to account for the ratio of shares to depositary shares, if necessary) on the date of such determination. Share-Based Awards granted under the 2007 Plan generally vest over a four-year period. Approximately 25% of the Share-Based Awards vest after one year, with the remaining Share-Based Awards vesting in equal amounts on the last day of each quarter over the following three years. If a grantee ceases to be an eligible participant within three months following the consummation of a change of control because of termination by the grantee for good reason or because of termination by the Company for any reason other than for cause, the Share-Based Award(s) held by such grantee shall become fully vested and immediately exercisable. The maximum term of a Share-Based Award granted under the 2007 Plan may not exceed ten years. The 2007 Plan expires at midnight on October 11, 2017. After its expiration, no further grants can be made under the 2007 Plan but the vesting and effectiveness of Share-Based Awards previously granted will remain unaffected. | ||||||||||||||||||||||
In October 2012, the Company offered non-executive employees of the Company an opportunity to exchange their SARs and options for RSUs based on an exchange ratio of 2:1. The replacement RSUs have the same vesting schedule as the existing SARs or existing options. A total of 692,855 awards were exchanged in connection with this offer. The exchange was accounted for as a modification of the award in 2012 and this did not have a material impact on the financial results. | ||||||||||||||||||||||
The Company estimates the fair value of share options and SARs using the BSM pricing model. The weighted average assumptions used in the BSM pricing model for grants made in the years ending December 31, 2011, 2012 and 2013 were as follows: | ||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||
Dividend yield | — | — | — | |||||||||||||||||||
Expected annual volatility | 65% | 54% | 49% | |||||||||||||||||||
Risk-free interest rate | 1.60% | 0.78% | 1.77% | |||||||||||||||||||
Expected life of the awards (years) | 6.12 - 6.17 | 5.51 - 7.02 | 5.44 - 7.04 | |||||||||||||||||||
Weighted-average grant date fair value of awards (per share) | $12.82 | $10.13 | $15.93 | |||||||||||||||||||
The Company used the following assumptions in the BSM pricing model when valuing its Share-Based Awards: | ||||||||||||||||||||||
• | ||||||||||||||||||||||
Expected forfeitures. This assumption is estimated using historical trends of the number of awards forfeited prior to vesting and adjusted as appropriate for exceptional circumstances. Historically, as the Company typically only granted Share-Based Awards to senior employees who had been with the Company for at least one year, and the turnover rate for such employees was minimal, the Company estimated expected forfeitures to be insignificant. In 2012, as less senior employees began to be involved in the program, the Company calculated the forfeiture rate by reference to the historical employee turnover rate. | ||||||||||||||||||||||
• | ||||||||||||||||||||||
Expected volatility. Because the Company's ordinary shares were not publicly traded prior to May 2011, expected volatility was previously estimated based on an analysis of the historical stock price volatility of comparable public companies for a preceding period equal to the expected term of the award grant being valued. For 2012 and 2013 grants, the Company used historical volatility of the Company's own shares. | ||||||||||||||||||||||
• | ||||||||||||||||||||||
Expected term. The expected term of awards granted has been calculated following the "simplified" method, using half of the sum of the contractual and vesting terms, because the Company has no historical pattern of exercises sufficient to estimate the expected term on a more reliable basis. | ||||||||||||||||||||||
• | ||||||||||||||||||||||
Dividend yield. This assumption is measured as the average annualized dividend estimated to be paid by the Company over the expected life of the award as a percentage of the share price at the grant date. The Company did not declare any dividends with respect to 2011, 2012 or 2013. Currently, the Company does not have any plans to pay dividends in the near term. When the Company declared dividends in 2010, it followed the practice of paying optionees bonuses calculated as an amount per vested option share equal to the amount of the dividend declared per share. Because optionees were generally compensated for dividends and the Company has no plans to pay cash dividends in the near term, it used an expected dividend yield of zero in its option pricing model for awards granted in the years ended December 31, 2011, 2012 and 2013. | ||||||||||||||||||||||
• | ||||||||||||||||||||||
Fair value of ordinary shares. Prior to May 2011, the Company's ordinary shares were not publicly traded. Therefore, it estimated the fair value of its ordinary shares on the basis of valuations arrived at by employing the "income approach" and the "market approach" valuation methodologies. For periods after May 2011, the Company estimated the fair value of its ordinary shares using the closing price of its ordinary shares on the NASDAQ Global Select Market on the date of grant. | ||||||||||||||||||||||
• | ||||||||||||||||||||||
Risk-free interest rate. Prior to May 2011, to estimate the risk-free rate, the Company used the implied yield currently available on Russian Eurobonds with a remaining term equal to the expected term of the Share-Based Award grant being valued. For periods after May 2011, the Company used the risk-free interest rates based on the US Treasury yield curve in effect at the grant date. | ||||||||||||||||||||||
The following table summarizes awards activity for the Company under the 2007 Plan: | ||||||||||||||||||||||
Options | SARs | RSUs | ||||||||||||||||||||
Quantity | Weighted | Quantity | Weighted | Quantity | Weighted | |||||||||||||||||
average exercise | average exercise | average exercise | ||||||||||||||||||||
price per share | price per share | price per share | ||||||||||||||||||||
Outstanding as of January 1, 2013 | 10,133,771 | $ | 4.42 | 901,265 | $ | 20.21 | 1,871,703 | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Granted | 28,000 | 27.74 | 805,000 | 33.29 | 1,311,780 | — | ||||||||||||||||
Exercised | (4,019,986 | ) | 3.46 | (87,963 | ) | 19.82 | (182,147 | ) | — | |||||||||||||
Forfeited | (115,143 | ) | 6.32 | (5,388 | ) | 20.99 | (104,103 | ) | — | |||||||||||||
Cancelled | (7,250 | ) | 5.91 | (250 | ) | 20.99 | (131 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Outstanding as of December 31, 2013 | 6,019,392 | $ | 5.13 | 1,612,664 | $ | 26.75 | 2,897,102 | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | |||
The following table summarizes information about outstanding and exercisable awards under the 2007 Plan as of December 31, 2013: | ||||||||||||||||||||||
Awards Outstanding | Awards Exercisable | |||||||||||||||||||||
Exercise Price ($) | Type of | Number | Average | Aggregate | Number | Average | Aggregate | |||||||||||||||
award | outstanding | Remaining | Intrinsic | exercisable | Remaining | Intrinsic | ||||||||||||||||
Contractual | Value | Contractual | Value | |||||||||||||||||||
Life (in years) | Life (in years) | |||||||||||||||||||||
0.83 | Option | 455,000 | 1.5 | $ | 19.3 | 455,000 | 1.5 | $ | 19.3 | |||||||||||||
2.16 | Option | 833,268 | 2.52 | 34.2 | 833,268 | 2.52 | 34.2 | |||||||||||||||
2.74 | Option | 705,300 | 3.39 | 28.5 | 705,300 | 3.39 | 28.5 | |||||||||||||||
3.4 | Option | 424,350 | 4.09 | 16.9 | 424,350 | 4.09 | 16.9 | |||||||||||||||
3.43 | Option | 254,595 | 5.38 | 10.1 | 254,595 | 5.38 | 10.1 | |||||||||||||||
3.51 | Option | 831,088 | 5.86 | 32.9 | 831,088 | 5.86 | 32.9 | |||||||||||||||
4.16 | Option | 826,344 | 6.43 | 32.2 | 626,094 | 6.42 | 24.4 | |||||||||||||||
8.77 | Option | 1,493,447 | 6.85 | 51.3 | 971,947 | 6.85 | 33.4 | |||||||||||||||
25 | Option | 168,000 | 7.4 | 3.1 | 105,000 | 7.4 | 1.9 | |||||||||||||||
27.74 | Option | 28,000 | 9.39 | 0.4 | — | — | — | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total Options | 6,019,392 | 5.02 | 228.9 | 5,206,642 | 4.73 | 201.6 | ||||||||||||||||
16.95 | SARs | 9,375 | 7.97 | 0.2 | 4,688 | 7.97 | 0.1 | |||||||||||||||
19 | SARs | 317,750 | 8.57 | 7.7 | 50,875 | 8.57 | 1.2 | |||||||||||||||
20.99 | SARs | 85,540 | 7.92 | 1.9 | 38,395 | 7.92 | 0.9 | |||||||||||||||
21.05 | SARs | 375,000 | 8.88 | 8.3 | 75,000 | 8.88 | 1.6 | |||||||||||||||
23.19 | SARs | 20,000 | 8.18 | 0.4 | 8,750 | 8.18 | 0.2 | |||||||||||||||
23.29 | SARs | 50,000 | 8.88 | 1 | — | — | — | |||||||||||||||
32.85 | SARs | 620,000 | 9.57 | 6.4 | — | — | — | |||||||||||||||
38.99 | SARs | 135,000 | 9.88 | 0.5 | — | — | — | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total SARs | 1,612,665 | 9.1 | 26.4 | 177,708 | 8.52 | 4 | ||||||||||||||||
— | RSU | 2,897,103 | 9.01 | 125 | 426,841 | 8.5 | 18.4 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
10,529,160 | 6.74 | $ | 380.3 | 5,811,191 | 5.12 | $ | 224 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes information about non-vested share awards under the 2007 Plan: | ||||||||||||||||||||||
Options | SARs | RSUs | ||||||||||||||||||||
Quantity | Weighted | Quantity | Weighted | Quantity | Weighted | |||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Grant | Grant | Grant | ||||||||||||||||||||
Date Fair | Date Fair | Date Fair | ||||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||
Non-vested as of January 1, 2013 | 2,338,561 | $ | 4.37 | 873,449 | $ | 10.43 | 1,788,352 | $ | 19.23 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Granted | 28,000 | 13.46 | 805,000 | 16.01 | 1,311,780 | 31.91 | ||||||||||||||||
Vested | (1,438,668 | ) | 3.86 | (238,104 | ) | 10.5 | (525,767 | ) | 19.21 | |||||||||||||
Forfeited | (115,143 | ) | 3.84 | (5,388 | ) | 12.45 | (104,103 | ) | 21.81 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Non-vested as of December 31, 2013 | 812,750 | $ | 5.67 | 1,434,957 | $ | 13.54 | 2,470,262 | $ | 25.86 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | |||
At December 31, 2013, there was RUR 2,382 ($72.8) of unamortized share-based compensation expense related to unvested share options, RSUs and SARs which is expected to be recognized over a weighted average period of 3.04 years. The Company expects that all but an insignificant portion of options and SARs outstanding will vest and therefore has not applied a forfeiture rate in estimating the total awards expected to vest. The Company expects 2,115,036 out of 2,470,262 RSUs to vest after December 31, 2013. To the extent the actual forfeiture rate is different from the Company's estimate, share-based compensation related to these awards will be different from our expectations. | ||||||||||||||||||||||
Ex-Plan Options | ||||||||||||||||||||||
In January 2009, the Company hired certain former sales and product development employees of Mediaselling LLC ("Mediaselling"). The Company granted some of these former Mediaselling employees performance-based options to purchase an aggregate of 378,000 Class A shares. | ||||||||||||||||||||||
The following table summarizes activity for these ex-plan options: | ||||||||||||||||||||||
Quantity | Weighted | |||||||||||||||||||||
Average | ||||||||||||||||||||||
Exercise | ||||||||||||||||||||||
Price | ||||||||||||||||||||||
Outstanding as of December 31, 2012 | 273,690 | € | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Exercised | (251,590 | ) | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Cancelled | (2,800 | ) | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Outstanding as of December 31, 2013 | 19,300 | € | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
| | | | | | | | |||||||||||||||
The following table summarizes information about non-vested ex-plan share options: | ||||||||||||||||||||||
Quantity | Weighted | |||||||||||||||||||||
Average Grant | ||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||
Non-vested as of December 31, 2012 | 152,600 | $ | 3.42 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Vested | (152,600 | ) | 3.42 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Non-vested as of December 31, 2013 | — | — | ||||||||||||||||||||
| | | | | | | | |||||||||||||||
| | | | | | | | |||||||||||||||
As of December 31, 2013, these ex-plan options have a remaining contractual life of 5.37 years; 19,300 outstanding ex-plan options have an intrinsic value of RUR 27 ($0.8). | ||||||||||||||||||||||
At December 31, 2013, there was no unamortized share-based compensation expense related to unvested ex-plan options. | ||||||||||||||||||||||
Ex-plan RSUs | ||||||||||||||||||||||
In November 2011, the Company acquired SPB Software Group (Note 4) and subsequently granted 25,000 RSUs to some of the former SPB Software employees. Although these RSUs were granted ex-plan, they have the same vesting provisions as Share-Based Awards granted under the 2007 Plan. As of December 31, 2013, these ex-plan RSUs had a remaining contractual life of 7.97 years; 20,125 of these RSUs had an intrinsic value of RUR 28 ($0.9); 9,625 exercisable ex-plan RSUs had an intrinsic value of RUR 14 ($0.4). These RSUs had a grant date fair value of $0.01 per share, resulting in unamortized share-based compensation expense of RUR 6 ($0.2) that is expected to be recognized over a period of 2.00 years. | ||||||||||||||||||||||
Phantom Share Units | ||||||||||||||||||||||
In May 2011, the Company granted ex-plan to all of its employees 77,230 phantom share units vesting in full in December 2011. The award was fully exercised and settled in cash in December 2011. The Company recognized share-based compensation expense of RUR 43, related to this grant. | ||||||||||||||||||||||
Share-Based Compensation Expense | ||||||||||||||||||||||
The Company recognized share-based compensation expense of RUR 329, RUR 376 and RUR 754 ($23.1) for the years ended December 31, 2011, 2012 and 2013, respectively. The Company recognized RUR 27, RUR 4 and RUR 9 ($0.3) in related tax benefits for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||||||||||
INFORMATION_ABOUT_REVENUES_GEO
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS | ' | |||||||||||||
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS | ' | |||||||||||||
15. INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS | ||||||||||||||
The Company's revenues consist of the following: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Advertising revenue(1): | ||||||||||||||
Text-based advertising: | ||||||||||||||
Yandex websites | 14,590 | 20,610 | 27,584 | 842.8 | ||||||||||
Yandex ad network websites | 2,922 | 4,898 | 7,885 | 240.9 | ||||||||||
| | | | | | | | | | | | | | |
Total text-based advertising | 17,512 | 25,508 | 35,469 | 1,083.70 | ||||||||||
Display advertising | 2,096 | 2,592 | 3,379 | 103.3 | ||||||||||
| | | | | | | | | | | | | | |
Total advertising revenue | 19,608 | 28,100 | 38,848 | 1,187.00 | ||||||||||
Online payment commissions | 383 | 552 | 394 | 12 | ||||||||||
Other revenues | 42 | 115 | 260 | 7.9 | ||||||||||
| | | | | | | | | | | | | | |
Total revenues | 20,033 | 28,767 | 39,502 | 1,206.90 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
The Company records revenue net of VAT, commissions and discounts. Because it is impractical to track commissions and discounts for text-based advertising revenues generated on Yandex websites and on those of the Yandex ad network members separately, the Company has allocated commissions and discounts between its Yandex websites and the Yandex ad network websites proportionately to their respective gross revenue contributions. | ||||||||||||||
Revenues by geography are based on the billing address of the advertiser. The following table sets forth revenues and long-lived assets other than financial instruments and deferred tax assets by geographic area: | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Revenues: | ||||||||||||||
Russia | 19,352 | 27,300 | 36,814 | 1,124.80 | ||||||||||
Rest of the world | 681 | 1,467 | 2,688 | 82.1 | ||||||||||
| | | | | | | | | | | | | | |
Total revenues | 20,033 | 28,767 | 39,502 | 1,206.90 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Long-lived assets, net: | ||||||||||||||
Russia | 6,963 | 8,447 | 11,998 | 366.6 | ||||||||||
US | 1,413 | 1,043 | 841 | 25.7 | ||||||||||
Rest of the world | 395 | 408 | 1,627 | 49.7 | ||||||||||
| | | | | | | | | | | | | | |
Total long-lived assets, net | 8,771 | 9,898 | 14,466 | 442 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
RELATEDPARTY_TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
RELATED-PARTY TRANSACTIONS | ' |
RELATED-PARTY TRANSACTIONS | ' |
16. RELATED-PARTY TRANSACTIONS | |
The Company has in place a registration rights agreement with its major shareholders that allows them to require the Company to register Class A shares held by them under the U.S. Securities Act of 1933, as amended (the "Securities Act"), under certain circumstances. In such circumstances, the Company is obliged to pay all expenses, other than underwriting commissions and discounts, relating to any such registration. Pursuant to this agreement, in March 2013, the Company was required to effect a registration and, in connection therewith, shareholders publicly offered an aggregate of 26,679,386 Class A shares, including 2,425,399 additional Class A shares sold pursuant to an over-allotment option granted to the underwriters at a price of $22.75 per share. Yandex did not receive any proceeds from this offering. The expenses incurred by the Company related to this offering in the amount of RUR 28 ($0.9) have been treated as related party transactions. The underwriters of the offering fully reimbursed the Company for these expenses. | |
Following the sale of the controlling interest and deconsolidation of Yandex.Money in July 2013 (Note 4), the Company retained a non-controlling interest and significant influence over Yandex.Money's business. The Company continues to use Yandex.Money for payment processing and to sublease to Yandex.Money part of its premises. The amount of revenues from subleasing and online payment commissions was RUR 34 ($1.0) and RUR 56 ($1.7), respectively, for the year ended December 31, 2013. As of December 31, 2013, the amount of receivables related to payment processing was RUR 6 ($0.2). The Company believes that the terms of the agreements with Yandex.Money are comparable to the terms obtained in arm's-length transactions with unrelated similarly situated customers and suppliers of the Company. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
17. SUBSEQUENT EVENTS | |
In January 2014, the Company issued and sold an additional $90.0 in aggregate principal amount of 1.125% convertible senior notes due December 15, 2018 at par. | |
In February and March 2014, the Company granted RSUs to purchase an aggregate of up to 264,241 Class A shares to its employees, respectively, pursuant to the 2007 Plan. | |
On March 12, 2014, the Company completed the acquisition of a 100% ownership interest in KitLocate Ltd. ("KitLocate"), the developer of an energy-efficient geolocation technology for mobile devices, for a cash consideration of up to $10.2 (RUR 370 at the exchange rate as of the acquisition date), including $4.0 (RUR 146 at the exchange rate as of the acquisition date) paid in full upon closing of the deal, $3.9 (RUR 142 at the exchange rate as of the acquisition date) paid to escrow account that will be gradually released during four years after the completion date to the KitLocate's founders subject to their continued employment, and $2.3 (RUR 82 at the exchange rate as of the acquisition date) of earn-out payments on the achievement of certain distribution milestones. The acquisition will be accounted for as a business combination and, accordingly, the total purchase price will be allocated to the tangible and intangible assets acquired and the liabilities assumed based on their respective fair values as of the acquisition date. The Company is currently working on the preliminary purchase price allocation and expects it to be completed by the end of the quarter ending June 30, 2014. | |
From January 1 through March 31, 2014, the Company repurchased 3,027,325 Class A shares at an average price of $36.65 per share, for a total amount of $110.9. | |
Subsequent to December 31, 2013, the Russian ruble has significantly depreciated against foreign currencies, including the U.S. dollar. The currency exchange rate as of December 31, 2013 was RUR 32.7292 to $1.00 and, during the period from December 31, 2013 to March 31, 2014, the currency exchange rate of the Russian ruble declined to RUR 35.6871 to $1.00. The lowest rate reached during this period was RUR 36.6505 to $1.00 as of March 18, 2014. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying consolidated financial statements differ from the financial statements prepared by the group's individual legal entities for statutory purposes in that they reflect certain adjustments, not recorded in the accounting records of the group's individual legal entities, which are appropriate to present the financial position, results of operations and cash flows in accordance with U.S. GAAP. Distributable retained earnings of the Company are based on amounts reported in statutory accounts of individual entities and may significantly differ from amounts calculated on the basis of U.S. GAAP. | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the parent company and the entities it controls. All inter-company transactions and balances within the Company have been eliminated upon consolidation. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The most significant estimates relate to fair values of share-based awards, financial instruments, intangible assets and goodwill, useful lives of property and equipment and intangible assets, income taxes, contingencies, accounts receivable allowance, and impairment assessments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. | |||
Foreign Currency Translation | ' | ||
Foreign Currency Translation | |||
The functional currency of the Company's parent company is the U.S. dollar. The functional currency of the Company's operating subsidiaries domiciled in Russia is the Russian ruble. The Company has elected the Russian ruble as its reporting currency. All balance sheet items are translated into Russian rubles based on the exchange rate on the balance sheet date and revenue and expenses are translated at weighted average rates of exchange. Translation gains and losses are recorded as currency translation adjustments in other comprehensive income. Foreign exchange transaction gains and losses are included in other income, net in the accompanying consolidated statements of income. | |||
Certain Risks and Concentrations | ' | ||
Certain Risks and Concentrations | |||
The Company's revenues are principally derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in users' internet preferences or advertiser spending behavior could adversely affect the Company's financial position and results of operations. | |||
In addition, the Company's principal business activities are within the Russian Federation. Laws and regulations affecting businesses operating in the Russian Federation are subject to frequent changes, which could impact the Company's financial position and results of operations. | |||
The majority of the Company's revenue is collected on a prepaid basis; credit terms are extended only to certain sales agencies and to larger loyal clients. Accounts receivable are typically unsecured and are derived from revenues earned from customers located in the Russian Federation. | |||
No individual customer or groups of affiliated customers represented more than 10% of the Company's revenues or accounts receivable in 2011, 2012, and 2013. | |||
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist, in addition to accounts receivable, primarily of cash, cash equivalents and term deposits. The primary focus of the Company's investment strategy is to preserve capital and meet liquidity requirements. | |||
The Company's investment policy addresses the level of credit exposure by working with different geographically diversified banking institutions, subject to their conformity to an established minimum credit rating for banking relationships. To manage the risk exposure, the Company maintains its portfolio of investments in a variety of highly-rated debt instruments issued by financial institutions, term deposits and money market funds. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company recognizes revenues when the services have been rendered, the price is fixed or determinable, persuasive evidence of an arrangement exists, and collectability is reasonably assured. Revenue is recorded net of value added tax ("VAT"). | |||
The Company's principal revenue streams and their respective accounting treatments are discussed below: | |||
Advertising Revenues | ' | ||
Advertising Revenues | |||
The Company's advertising revenue is generated from serving both text-based and display ads on its own websites and on Yandex ad network members' websites. Advance payments received by the Company from advertisers are recorded as deferred revenue on the Company's consolidated balance sheets and recognized as advertising revenues in the period services are provided. | |||
Advertising sales commissions that are paid to agencies are accounted for as an offset to revenues and amounted to RUR 1,916, RUR 2,631 and RUR 3,171 ($96.9) in 2011, 2012 and 2013, respectively. | |||
In accordance with U.S. GAAP, the Company reports advertising revenue gross of fees paid to Yandex ad network members, because the Company is the primary obligor to its advertisers and retains collection risk. The Company records fees paid to ad network members as traffic acquisition costs, a component of cost of revenues. | |||
The Company recognizes advertising revenue based on the following principles: | |||
Text-Based Advertising | |||
The Company's Yandex.Direct service offers advertisers the ability to place text-based ads on Yandex and Yandex ad network member websites targeted to users' search queries or website content. The Company recognizes as revenues fees charged to advertisers as "click-throughs" occur. A "click-through" occurs each time a user clicks on one of the text-based ads that are displayed next to the search results or on the content pages of Yandex or Yandex ad network members' websites. | |||
Display Advertising | |||
The Company recognizes revenue from display advertising on its websites and on Yandex ad network member websites as "impressions" are delivered. An "impression" is delivered when an advertisement appears in pages viewed by users. | |||
Online Payment Commissions | ' | ||
Online Payment Commissions | |||
The Company recognized revenue from online payment commissions until the deconsolidation of Yandex.Money on July 4, 2013. Yandex.Money earned commissions from processing electronic payment transactions for its customers. Commission revenues resulting from processing an electronic payment transaction were recognized once the transaction was complete. | |||
Cost of Revenues | ' | ||
Cost of Revenues | |||
Cost of revenues primarily consists of traffic acquisition costs. Traffic acquisition costs consist of amounts ultimately paid to Yandex ad network members and to certain other partners ("distribution partners") who distribute the Company's toolbar and other products. These amounts are primarily based on revenue-sharing arrangements with ad network members and distribution partners. Traffic acquisition costs are expensed as incurred. Cost of revenues also includes expenses associated with the operation of the Company's data centers, including personnel costs, rent, utilities and bandwidth costs; as well as content acquisition costs. | |||
Product Development Expenses | ' | ||
Product Development Expenses | |||
Product development expenses consist primarily of personnel costs incurred for the development of, enhancement to and maintenance of the Company's search engine and other Company websites and technology platforms. Product development expenses also include rent and utilities attributable to office space occupied by development staff. | |||
Advertising and Promotional Expenses | ' | ||
Advertising and Promotional Expenses | |||
The Company expenses advertising and promotional costs in the period in which they are incurred. For the years ended December 31, 2011, 2012 and 2013, promotional and advertising expenses totaled approximately RUR 364, RUR 900 and RUR 1,708 ($52.2), respectively. | |||
Government Funds Contributions | ' | ||
Government Funds Contributions | |||
The Company makes contributions to governmental pension, medical and social funds on behalf of its employees. In Russia, the amount was calculated using a flat rate (34% in 2011) of the annual compensation of each employee, not to exceed certain pre-determined amounts of compensation and a regressive rate (from 30% to 10% in 2012 and 2013) based on the annual compensation of each employee. These contributions are expensed as incurred. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
The Company grants share options, share appreciation rights ("SARs") and restricted share units ("RSUs") (together, "Share-Based Awards") to its employees and consultants. | |||
The Company estimates the fair value of share options and SARs that are expected to vest using the Black-Scholes-Merton ("BSM") pricing model and recognizes the fair value on a straight-line basis over the requisite servicing period. The assumptions used in calculating the fair value of Share-Based Awards represent the Company's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company's share-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected pre-vesting award forfeiture rate, as well as the probability that performance conditions that affect the vesting of certain awards will be achieved, and only recognizes expense for those shares expected to vest. The Company estimates the forfeiture rate based on historical experience of the Company's Share-Based Awards that are granted and cancelled before vesting. If the Company's actual forfeiture rate is materially different from the Company's original estimate, the share-based compensation expense could be significantly different from what the Company has recorded in the current period. Changes in the estimated forfeiture rate can have a significant effect on reported share-based compensation expense, as the effect of adjusting the forfeiture rate for all current and previously recognized expense for unvested awards is recognized in the period the forfeiture estimate is changed. | |||
The Company measures the fair value of RSUs on the fair market values of the underlying share on the dates of grant. | |||
Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award ("modification awards"). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises, (1) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (2) any unrecognized compensation cost of the original award, using either the original term or the new term, whichever is higher for each reporting period. | |||
The Company uses the "with and without" approach in determining the order in which tax attributes are utilized. As a result, the Company only recognizes a tax benefit from Share-Based Awards in additional paid-in capital, if an incremental tax benefit is realized after all other tax attributes currently available to the Company have been utilized. | |||
Income Taxes | ' | ||
Income Taxes | |||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the classification of the underlying balance sheet account or, if unrelated to a balance sheet account, the timing of expected realization. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Uncertain income tax positions are recognized in the financial statements if it is more likely than not that they will be sustained on audit by the tax authorities, including resolution of related appeals or litigation processes, if any. These tax benefits are measured as the largest amount which is more than 50% likely of being realized upon ultimate settlement. | |||
The Company recognizes interest and penalties related to unrecognized income tax benefits within the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included within the other accrued liabilities line together with the unrecognized income tax benefits. | |||
Comprehensive Income | ' | ||
Comprehensive Income | |||
Comprehensive income is defined as the change in equity during a period from non-owner sources. U.S. GAAP requires the reporting of comprehensive income in addition to net income. Comprehensive income of the Company includes net income and foreign currency translation adjustments. For the years ended December 31, 2011, 2012 and 2013 total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Company's legal entities domiciled outside of Russia into Russian rubles. | |||
Accumulated other comprehensive income of RUR 961 as of December 31, 2012 and RUR 2,042 ($62.4) as of December 31, 2013 solely comprises cumulative foreign currency translation adjustments. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
Financial instruments carried on the balance sheet include cash and cash equivalents, term deposits, restricted cash, investments in debt and equity securities, accounts receivable, loans to employees, accounts payable, accrued liabilities and convertible debt. The carrying amounts of cash and cash equivalents, term deposits, restricted cash, the host contract of the capital-protected index-linked note, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature of those instruments. Accordingly, no credit valuation adjustment has been recorded in the consolidated financial statements for any period presented. | |||
Term Deposits | ' | ||
Term Deposits | |||
Bank deposits are classified depending on their original maturity as (i) cash and cash equivalents if the original maturities are three months or less; (ii) current term deposits if the original maturities are more than three months, but no more than one year; and (iii) non-current term deposits if the original maturities are more than one year. | |||
Investments in Debt Securities | ' | ||
Investments in Debt Securities | |||
As the Company has both the positive intent and the ability to hold debt securities to maturity, the Company's investments in debt securities are classified as held to maturity and are measured and presented at amortized cost, except for the capital protected index-linked note for which the host-contract is recorded at amortized cost and the embedded derivative component is recorded at fair value. The interest related to investments in debt securities is reported as a part of interest income in the consolidated statements of income. | |||
The Company evaluates the investments periodically for possible other-than-temporary impairment. A decline of fair value below amortized costs of debt securities is considered an other-than-temporary impairment if the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in earnings. Regardless of the Company's intent or requirement to sell a debt security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis; in those instances, a credit loss equal to the difference between the present value of the cash flows expected to be collected based on credit risk and the amortized cost basis of the debt security is recognized in earnings. | |||
Investments in Equity Securities | ' | ||
Investments in Equity Securities | |||
Investments in the stock of entities in which the Company can exercise significant influence but does not own a majority equity interest or otherwise control are accounted for using the equity method. The Company records its share of the results of these companies within the other income, net, line on the consolidated statements of income. Investments in the non-marketable stock of entities in which the Company can exercise little or no influence are accounted for using the cost method. Both equity and cost method accounted investments are included in investments in non-marketable equity securities on the consolidated balance sheets. | |||
The Company's marketable equity securities are classified as trading and are reported at fair value, with change in value recognized in net income. | |||
The Company reviews its investments for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Investments identified as having an indication of impairment are subject to further analysis to determine if the impairment is other-than-temporary and this analysis requires estimating the fair value of the investment. The determination of fair value of the investment involves considering factors such as current economic and market conditions, the operating performance of the companies including current earnings trends and forecasted cash flows, and other company and industry specific information. | |||
Accounts Receivable, Net | ' | ||
Accounts Receivable, Net | |||
Accounts receivable are stated at their net realizable value. The Company provides an allowance for doubtful accounts based on management's periodic review for recoverability of accounts receivable from customers and other receivables. The Company evaluates the collectability of its receivables based upon various factors, including the financial condition and payment history of major customers, an overall review of collections experience of other accounts and economic factors or events expected to affect the Company's future collections. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
Property and equipment are recorded at cost and depreciated over their useful lives. All capital expenditures incurred before property and equipment are ready for their intended use are capitalized as assets not yet in use. | |||
Depreciation and amortization is computed under the straight-line method using estimated useful lives as follows: | |||
Estimated useful lives | |||
Servers and network equipment | 3 years | ||
Infrastructure systems | 3 - 10 years | ||
Office furniture and equipment | 3 years | ||
Buildings | 10 - 20 years | ||
Leasehold improvements | the shorter of 5 years or the remaining period of the lease term | ||
Other equipment | 3 - 5 years | ||
Purchased technologies and licenses | the shorter of 5 years or the underlying license terms with a weighted-average life of 4.1 years | ||
Land is not depreciated. | |||
Depreciation of assets included in assets not yet in use commences when they are ready for the intended use. | |||
Goodwill and Other Acquired Intangible Assets | ' | ||
Goodwill and Other Acquired Intangible Assets | |||
Goodwill represents the excess of purchase consideration over the Company's share of fair value of the net assets of acquired businesses. Goodwill is not subject to amortization but is tested for impairment at least annually. | |||
Intangible assets with definite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate an asset's carrying value may not be recoverable. The Company currently amortizes acquired intangible assets with definite lives using the straight-line method and estimated useful lives of assets ranging from 0.9 to 15.0 years, with a weighted-average life of 7.3 years: | |||
Estimated useful lives | |||
Content and software | 1.0 - 10.0 years | ||
Customer relationships | 1.1 - 15.0 years | ||
Contracts with suppliers | 0.9 - 5.9 years | ||
Patents and licenses | 3.4 - 7.1 years | ||
Non-compete agreements | 1.1 - 3.0 years | ||
Trade names and domain names | 8.7 - 10.0 years | ||
Impairment of Long-lived Assets | ' | ||
Impairment of Long-lived Assets | |||
Goodwill is reviewed for impairment as of the end of each fiscal year. The Company performs a qualitative assessment to determine whether further impairment testing on goodwill is necessary. If the Company believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test is performed by comparing the carrying value of each reporting unit's net assets (including allocated goodwill) to the fair value of those net assets. If the reporting unit's carrying amount is greater than its fair value, then a second step is performed whereby the portion of the fair value that relates to the reporting unit's goodwill is compared to the carrying value of that goodwill. The Company recognizes a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds the fair value. The Company has determined that there are no impairment losses in respect of goodwill for any of the periods covered by these financial statements. | |||
The Company evaluates the carrying value of long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. When such a determination is made, management's estimate of undiscounted cash flows to be generated by the assets is compared to the carrying value of the assets to determine whether impairment is indicated. If impairment is indicated, the amount of the impairment recognized in the consolidated financial statements is determined by estimating the fair value of the assets and recording a loss for the amount that the carrying value exceeds the estimated fair value. This fair value is usually determined based on estimated discounted cash flows. | |||
Recently Adopted Accounting Pronouncements | ' | ||
Recently Adopted Accounting Pronouncements | |||
Effective January 1, 2013, the Company adopted the Financial Accounting Standards Board ("FASB") accounting standards updates on disclosures about offsetting assets and liabilities. The adoption of these updates did not have a significant impact on the Company's consolidated financial position, results of operations, cash flows or disclosures. | |||
Effective January 1, 2013, the Company adopted the FASB accounting standards update on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts not required to be reclassified in their entirety to net income in the same reporting period, a cross reference to other disclosures that provide additional detail about the reclassification amounts is required. The adoption of this update did not have a significant impact on the Company's consolidated financial position, results of operations, cash flows, or disclosures. Refer to Note 5 for disclosure of reclassifications for the years ended December 31, 2011, 2012 and 2013. | |||
Effect of Recently Issued Accounting Pronouncements | ' | ||
Effect of Recently Issued Accounting Pronouncements | |||
In July 2013, the FASB issued an accounting standards update on presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective prospectively for reporting periods beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. | |||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Schedule of estimated useful lives | ' | ||
Estimated useful lives | |||
Servers and network equipment | 3 years | ||
Infrastructure systems | 3 - 10 years | ||
Office furniture and equipment | 3 years | ||
Buildings | 10 - 20 years | ||
Leasehold improvements | the shorter of 5 years or the remaining period of the lease term | ||
Other equipment | 3 - 5 years | ||
Purchased technologies and licenses | the shorter of 5 years or the underlying license terms with a weighted-average life of 4.1 years | ||
Schedule of estimated useful lives of intangible assets | ' | ||
Estimated useful lives | |||
Content and software | 1.0 - 10.0 years | ||
Customer relationships | 1.1 - 15.0 years | ||
Contracts with suppliers | 0.9 - 5.9 years | ||
Patents and licenses | 3.4 - 7.1 years | ||
Non-compete agreements | 1.1 - 3.0 years | ||
Trade names and domain names | 8.7 - 10.0 years |
NET_INCOME_PER_SHARE_Tables
NET INCOME PER SHARE (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
NET INCOME PER SHARE | ' | |||||||||||||||||||||||||
Schedule of components of basic and diluted net income per share | ' | |||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class A | Class B | Class B | |||||||||||||||||||
RUR | RUR | RUR | RUR | RUR | $ | RUR | $ | |||||||||||||||||||
Net income, allocated for basic | 1,785 | 3,988 | 4,564 | 3,659 | 9,674 | 295.6 | 3,800 | 116.1 | ||||||||||||||||||
Reallocation of net income as a result of conversion of Class B to Class A shares | 3,988 | — | 3,659 | — | 3,800 | 116.1 | — | — | ||||||||||||||||||
Reallocation of net income to Class B shares | — | (18 | ) | — | 22 | — | — | 37 | 1.1 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income, allocated for diluted | 5,773 | 3,970 | 8,223 | 3,681 | 13,474 | 411.7 | 3,837 | 117.2 | ||||||||||||||||||
Weighted average ordinary shares outstanding—basic | 97,579,615 | 217,962,024 | 181,039,148 | 145,171,800 | 234,522,372 | 234,522,372 | 92,135,406 | 92,135,406 | ||||||||||||||||||
Dilutive effect of: | ||||||||||||||||||||||||||
Conversion of Class B to Class A shares | 217,962,024 | — | 145,171,800 | — | 92,135,406 | 92,135,406 | — | — | ||||||||||||||||||
Ordinary Share-Based Awards | 12,613,448 | 7,683,679 | 9,479,648 | 5,129,207 | 7,913,434 | 7,913,434 | 3,138,966 | 3,138,966 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average ordinary shares outstanding—diluted | 328,155,087 | 225,645,703 | 335,690,596 | 150,301,007 | 334,571,212 | 334,571,212 | 95,274,372 | 95,274,372 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income per share attributable to ordinary shareholders: | ||||||||||||||||||||||||||
Basic | 18.3 | 18.3 | 25.21 | 25.21 | 41.25 | 1.26 | 41.25 | 1.26 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | 17.59 | 17.59 | 24.5 | 24.5 | 40.27 | 1.23 | 40.27 | 1.23 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
BUSINESS_COMBINATIONS_AND_INVE1
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | |||||||
Schedule of assets held for sale and liabilities related to assets held for sale | ' | |||||||
December 31, | July 4, | |||||||
2012 | 2013 | |||||||
RUR | RUR | |||||||
Assets held for sale | ||||||||
Cash and cash equivalents | 1,164 | 1,195 | ||||||
Term deposits | 150 | 280 | ||||||
Funds receivable, net | 190 | 192 | ||||||
Goodwill | 378 | 378 | ||||||
Other | 142 | 120 | ||||||
| | | | | | | | |
Total assets held for sale | 2,024 | 2,165 | ||||||
| | | | | | | | |
| | | | | | | | |
Liabilities related to assets held for sale | ||||||||
Funds payable and amounts due to customers | 1,596 | 1,653 | ||||||
Other | 23 | 52 | ||||||
| | | | | | | | |
Total liabilities related to assets held for sale | 1,619 | 1,705 | ||||||
| | | | | | | | |
| | | | | | | | |
KinoPoisk | ' | |||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | |||||||
Schedule of allocation of the purchase price to the net assets acquired | ' | |||||||
October 14, 2013 | ||||||||
RUR | ||||||||
ASSETS: | ||||||||
Cash and cash equivalents | 39 | |||||||
Current assets | 59 | |||||||
Property and equipment | 3 | |||||||
Intangible assets | 440 | |||||||
Goodwill | 2,140 | |||||||
Non-current assets | 1 | |||||||
| | | | | ||||
Total assets | 2,682 | |||||||
| | | | | ||||
| | | | | ||||
LIABILITIES: | ||||||||
Current liabilities | 20 | |||||||
Deferred tax liabilities | 85 | |||||||
| | | | | ||||
Net assets | 2,577 | |||||||
| | | | | ||||
| | | | | ||||
Total purchase consideration | 2,577 | |||||||
| | | | | ||||
| | | | | ||||
SPB | ' | |||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | |||||||
Schedule of allocation of the purchase price to the net assets acquired | ' | |||||||
November 23, 2011 | ||||||||
RUR | ||||||||
ASSETS: | ||||||||
Cash and cash equivalents | 10 | |||||||
Current assets | 16 | |||||||
Property and equipment | 4 | |||||||
Intangible assets | 390 | |||||||
Goodwill | 470 | |||||||
| | | | | ||||
Total assets | 890 | |||||||
| | | | | ||||
| | | | | ||||
LIABILITIES: | ||||||||
Current liabilities | 17 | |||||||
Non-current liabilities | 81 | |||||||
Deferred tax liabilities | 47 | |||||||
| | | | | ||||
Net assets | 745 | |||||||
| | | | | ||||
| | | | | ||||
Total purchase consideration | 745 | |||||||
| | | | | ||||
| | | | | ||||
CONSOLIDATED_FINANCIAL_STATEME1
CONSOLIDATED FINANCIAL STATEMENTS DETAILS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
CONSOLIDATED FINANCIAL STATEMENTS DETAILS | ' | |||||||||||||||
Schedule of cash and cash equivalents | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Cash | 926 | 2,293 | 70 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Bank deposits | 5,530 | 16,730 | 511.2 | |||||||||||||
Investments in money market funds | 969 | 14,371 | 439.1 | |||||||||||||
| | | | | | | | | | | ||||||
Total cash and cash equivalents | 7,425 | 33,394 | 1,020.30 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of accounts receivable | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Trade receivables | 1,842 | 2,858 | 87.3 | |||||||||||||
Allowance for doubtful accounts | (75 | ) | (73 | ) | (2.2 | ) | ||||||||||
| | | | | | | | | | | ||||||
Total accounts receivable, net | 1,767 | 2,785 | 85.1 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of movements in the allowance for doubtful accounts | ' | |||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||||
RUR | RUR | RUR | $ | |||||||||||||
Balance at the beginning of the period | 64 | 89 | 75 | 2.3 | ||||||||||||
Charges to expenses | 25 | 17 | 21 | 0.6 | ||||||||||||
Utilization | — | (31 | ) | (23 | ) | (0.7 | ) | |||||||||
| | | | | | | | | | | | | | |||
Balance at the end of the period | 89 | 75 | 73 | 2.2 | ||||||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Schedule of other current assets | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Interest receivable | 558 | 423 | 12.9 | |||||||||||||
VAT reclaimable | 502 | 704 | 21.5 | |||||||||||||
Prepaid taxes | 18 | 63 | 1.9 | |||||||||||||
Other receivables | 85 | 49 | 1.5 | |||||||||||||
Loans granted | — | 32 | 1 | |||||||||||||
Inventory | 8 | — | — | |||||||||||||
Other | 46 | 61 | 1.9 | |||||||||||||
| | | | | | | | | | | ||||||
Total other current assets | 1,217 | 1,332 | 40.7 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of other non-current assets | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Interest receivable | — | 728 | 22.2 | |||||||||||||
Loans to employees | 199 | 447 | 13.7 | |||||||||||||
Loans granted | — | 246 | 7.5 | |||||||||||||
VAT reclaimable | 36 | 116 | 3.5 | |||||||||||||
Other receivables | 68 | 2 | 0.1 | |||||||||||||
Marketable securities (Note 7) | 39 | — | — | |||||||||||||
| | | | | | | | | | | ||||||
Total other non-current assets | 342 | 1,539 | 47 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of investments in debt securities | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Capital protected index-linked note (Note 7) | 2,378 | — | — | |||||||||||||
Credit-linked notes | 2,430 | — | — | |||||||||||||
Other | 2 | 2 | 0.1 | |||||||||||||
| | | | | | | | | | | ||||||
Total investments in debt securities | 4,810 | 2 | 0.1 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of investments in non-marketable equity securities | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Blekko Inc (Note 4). | 456 | 605 | 18.5 | |||||||||||||
Yandex.Money (Note 4) | — | 583 | 17.8 | |||||||||||||
Seismotech LLC (Note 4) | 35 | 36 | 1.1 | |||||||||||||
Other | 9 | 26 | 0.8 | |||||||||||||
| | | | | | | | | | | ||||||
Total investments in non-marketable equity securities | 500 | 1,250 | 38.2 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of accounts payable and accrued liabilities | ' | |||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
RUR | RUR | $ | ||||||||||||||
Trade accounts payable and accrued liabilities | 2,081 | 3,298 | 100.8 | |||||||||||||
Salary and other compensation expenses payable/accrued to employees | 432 | 412 | 12.5 | |||||||||||||
| | | | | | | | | | | ||||||
Total accounts payable and accrued liabilities | 2,513 | 3,710 | 113.3 | |||||||||||||
| | | | | | | | | | | ||||||
| | | | | | | | | | | ||||||
Schedule of reclassifications of losses out of accumulated other comprehensive income | ' | |||||||||||||||
Location | 2011 | 2012 | 2013 | |||||||||||||
RUR | RUR | RUR | $ | |||||||||||||
Foreign Currency Translation Adjustments, net of tax of nil | Other income, net | — | — | 54 | 1.6 |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||
Schedule of fair value of derivative instruments | ' | ||||||||||||
Balance Sheet Location | 2012 | 2013 | 2013 | ||||||||||
RUR | RUR | $ | |||||||||||
Derivative assets: | |||||||||||||
Foreign exchange contracts | Investments in debt securities | 12 | — | — | |||||||||
Equity purchase contracts | Investments in non-marketable equity securities | 8 | 22 | 0.7 | |||||||||
| | | | | | | | | | | | | |
Total derivative assets | 20 | 22 | 0.7 | ||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Derivative liabilities: | |||||||||||||
Foreign exchange contracts | Accounts payable and accrued liabilities | 1 | — | — | |||||||||
Foreign exchange contracts | Other accrued liabilities | 49 | 9 | 0.3 | |||||||||
| | | | | | | | | | | | | |
Total derivative liabilities | 50 | 9 | 0.3 | ||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
Schedule of fair value of financial assets and liabilities | ' | |||||||||||||||||||
The fair value of financial assets and liabilities as of December 31, 2012 consisted of the following: | ||||||||||||||||||||
Fair value measurement using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
RUR | RUR | RUR | RUR | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Bank deposits(1) | — | 5,530 | — | 5,530 | ||||||||||||||||
Investments in money market funds | 969 | — | — | 969 | ||||||||||||||||
Term deposits, current | — | 4,629 | — | 4,629 | ||||||||||||||||
Term deposits, non-current | — | 10,330 | — | 10,330 | ||||||||||||||||
Marketable securities, current(2) | 76 | — | — | 76 | ||||||||||||||||
Marketable securities, non-current(2) | 39 | — | — | 39 | ||||||||||||||||
Restricted cash | 214 | — | — | 214 | ||||||||||||||||
Loans to employees | — | 199 | — | 199 | ||||||||||||||||
Derivative contracts (Notes 4, 6)(2) | — | — | 8 | 8 | ||||||||||||||||
Capital protected index-linked note—host contract (Note 5) | — | 2,366 | — | 2,366 | ||||||||||||||||
Capital protected index-linked note—derivative(2) (Note 5) | — | 12 | — | 12 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
1,298 | 23,066 | 8 | 24,372 | |||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Liabilities | ||||||||||||||||||||
Derivative contracts(2) | — | 50 | — | 50 | ||||||||||||||||
-1 | ||||||||||||||||||||
Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Amounts are measured at fair value on a recurring basis. | ||||||||||||||||||||
The fair value of financial assets and liabilities as of December 31, 2013 consisted of the following: | ||||||||||||||||||||
Fair value measurement using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | ||||||||||||||||
RUR | RUR | RUR | RUR | $ | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Bank deposits(1) | — | 16,730 | — | 16,730 | 511.2 | |||||||||||||||
Investments in money market funds | 14,371 | — | — | 14,371 | 439.1 | |||||||||||||||
Term deposits, non-current | — | 15,180 | — | 15,180 | 463.8 | |||||||||||||||
Marketable securities, current(2) | 87 | — | — | 87 | 2.7 | |||||||||||||||
Restricted cash | 104 | — | — | 104 | 3.2 | |||||||||||||||
Loans to employees | — | 447 | — | 447 | 13.7 | |||||||||||||||
Loans granted | — | 278 | — | 278 | 8.4 | |||||||||||||||
Derivative contracts (Notes 4, 6)(2) | — | — | 22 | 22 | 0.6 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
14,562 | 32,635 | 22 | 47,219 | 1,442.70 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
Liabilities | ||||||||||||||||||||
Derivative contracts(2) | — | 9 | — | 9 | 0.3 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
— | 9 | — | 9 | 0.3 | ||||||||||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
-1 | ||||||||||||||||||||
Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Amounts are measured at fair value on a recurring basis. | ||||||||||||||||||||
Schedule of carrying amounts and fair values of debt securities | ' | |||||||||||||||||||
2012 | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Carrying amount | ||||||||||||||||||||
Fair value | Carrying amount | Fair value | ||||||||||||||||||
RUR | RUR | RUR | $ | RUR | $ | |||||||||||||||
Credit-linked notes | 2,430 | 2,404 | — | — | — | — | ||||||||||||||
Convertible debt | — | — | (16,429 | ) | (502.0 | ) | (21,647 | ) | (661.4 | ) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total | 2,430 | 2,404 | (16,429 | ) | (502.0 | ) | (21,647 | ) | (661.4 | ) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
PROPERTY AND EQUIPMENT, NET | ' | ||||||||||
Schedule of property and equipment, net of accumulated depreciation and amortization | ' | ||||||||||
2012 | 2013 | 2013 | |||||||||
RUR | RUR | $ | |||||||||
Servers and network equipment | 7,517 | 9,739 | 297.6 | ||||||||
Infrastructure systems | 3,092 | 3,409 | 104.2 | ||||||||
Land and buildings | 823 | 1,172 | 35.8 | ||||||||
Office furniture and equipment | 731 | 1,002 | 30.6 | ||||||||
Leasehold improvements | 577 | 611 | 18.6 | ||||||||
Other equipment | 82 | 64 | 2 | ||||||||
Assets not yet in use | 568 | 1,599 | 48.9 | ||||||||
Purchased technologies and licenses | 1,598 | 2,466 | 75.3 | ||||||||
| | | | | | | | | | | |
Total | 14,988 | 20,062 | 613 | ||||||||
Less: accumulated depreciation and amortization | (6,893 | ) | (10,333 | ) | (315.7 | ) | |||||
| | | | | | | | | | | |
Total property and equipment, net | 8,095 | 9,729 | 297.3 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of estimated amortization expense over the next five years for purchased technologies and licenses included in property and equipment | ' | ||||||||||
RUR | $ | ||||||||||
For the year ending December 31, 2014 | 572 | 17.5 | |||||||||
For the year ending December 31, 2015 | 455 | 13.9 | |||||||||
For the year ending December 31, 2016 | 331 | 10.1 | |||||||||
For the year ending December 31, 2017 | 157 | 4.8 | |||||||||
For the year ending December 31, 2018 | 47 | 1.4 | |||||||||
Thereafter | — | — | |||||||||
| | | | | | | | ||||
Total | 1,562 | 47.7 | |||||||||
| | | | | | | | ||||
| | | | | | | | ||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ' | ||||||||||||||||||||||
Schedule of changes in the carrying amount of goodwill | ' | ||||||||||||||||||||||
2012 | 2013 | 2013 | |||||||||||||||||||||
RUR | RUR | $ | |||||||||||||||||||||
Balance at the beginning of the period | 754 | 750 | 22.9 | ||||||||||||||||||||
Goodwill acquired | — | 2,140 | 65.4 | ||||||||||||||||||||
Foreign currency translation adjustment | (4 | ) | 25 | 0.8 | |||||||||||||||||||
| | | | | | | | | | | |||||||||||||
Balance at the end of the period | 750 | 2,915 | 89.1 | ||||||||||||||||||||
| | | | | | | | | | | |||||||||||||
| | | | | | | | | | | |||||||||||||
Schedule of intangible assets, net of amortization | ' | ||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
Cost | Less: | Net | Cost | Less: | Net | Net | |||||||||||||||||
Accumulated | carrying | Accumulated | carrying | carrying | |||||||||||||||||||
amortization | value | amortization | value | value | |||||||||||||||||||
RUR | RUR | RUR | RUR | RUR | RUR | $ | |||||||||||||||||
Content and software | 283 | (114 | ) | 169 | 489 | (173 | ) | 316 | 9.7 | ||||||||||||||
Patents and licenses | 161 | (66 | ) | 95 | 167 | (106 | ) | 61 | 1.8 | ||||||||||||||
Customer relationships | 62 | (13 | ) | 49 | 71 | (18 | ) | 53 | 1.6 | ||||||||||||||
Contracts with suppliers | 23 | (19 | ) | 4 | 23 | (22 | ) | 1 | — | ||||||||||||||
Non-compete agreements | 17 | (11 | ) | 6 | 14 | (1 | ) | 13 | 0.4 | ||||||||||||||
Trade names and domain names | — | — | — | 224 | (4 | ) | 220 | 6.7 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total intangible assets | 546 | (223 | ) | 323 | 988 | (324 | ) | 664 | 20.2 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Schedule of estimated amortization expense for intangible assets | ' | ||||||||||||||||||||||
RUR | $ | ||||||||||||||||||||||
For the year ending December 31, 2014 | 131 | 4 | |||||||||||||||||||||
For the year ending December 31, 2015 | 91 | 2.8 | |||||||||||||||||||||
For the year ending December 31, 2016 | 84 | 2.6 | |||||||||||||||||||||
For the year ending December 31, 2017 | 80 | 2.4 | |||||||||||||||||||||
For the year ending December 31, 2018 | 80 | 2.4 | |||||||||||||||||||||
Thereafter | 198 | 6 | |||||||||||||||||||||
| | | | | | | | ||||||||||||||||
Total | 664 | 20.2 | |||||||||||||||||||||
| | | | | | | | ||||||||||||||||
| | | | | | | | ||||||||||||||||
INCOME_TAX_Tables
INCOME TAX (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
INCOME TAX | ' | |||||||||||||
Schedule of provision for income taxes | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Current provision for income tax—Russia | (1,689 | ) | (2,281 | ) | (3,325 | ) | (101.6 | ) | ||||||
Current provision for income tax—other | (25 | ) | 2 | (111 | ) | (3.3 | ) | |||||||
Deferred income tax (expense)/ benefit—Russia | 115 | (58 | ) | 175 | 5.3 | |||||||||
Deferred income tax (expense)/ benefit—other | 54 | (14 | ) | 22 | 0.7 | |||||||||
| | | | | | | | | | | | | | |
Total provision for income taxes | (1,545 | ) | (2,351 | ) | (3,239 | ) | (98.9 | ) | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of components of net income before income taxes | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Net income before income taxes—Russia | 7,713 | 11,350 | 15,716 | 480.2 | ||||||||||
Net income before income taxes—other | (395 | ) | (776 | ) | 997 | 30.4 | ||||||||
| | | | | | | | | | | | | | |
Total net income before income taxes | 7,318 | 10,574 | 16,713 | 510.6 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of statutory Russian income tax rate reconciled to the Company's effective income tax rate | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Expected provision at Russian statutory income tax rate of 20% | 1,464 | 2,115 | 3,343 | 102.1 | ||||||||||
Effect of: | ||||||||||||||
Tax on dividends | — | 13 | 14 | 0.4 | ||||||||||
Non-deductible share-based compensation | 49 | 75 | 146 | 4.5 | ||||||||||
Other expenses not deductible for tax purposes | 49 | 183 | 83 | 2.5 | ||||||||||
Difference in foreign tax rates | (15 | ) | (39 | ) | (68 | ) | (2.1 | ) | ||||||
Participation exemption on sale of equity investments | — | — | (393 | ) | (12.0 | ) | ||||||||
Other | (2 | ) | 4 | (33 | ) | (1.0 | ) | |||||||
Change in valuation allowance | — | — | 147 | 4.5 | ||||||||||
| | | | | | | | | | | | | | |
Provision for income taxes | 1,545 | 2,351 | 3,239 | 98.9 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of movements in the valuation allowance | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Balance at the beginning of the period | — | — | — | — | ||||||||||
Charges to expenses | — | — | (147 | ) | (4.5 | ) | ||||||||
| | | | | | | | | | | | | | |
Balance at the end of the period | — | — | (147 | ) | (4.5 | ) | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of reconciliation of the total amounts of unrecognized income tax benefits | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Balance at the beginning of the period | 15 | 97 | 25 | 0.8 | ||||||||||
Increases/(decreases) related to prior years tax positions | 89 | (72 | ) | (3 | ) | (0.1 | ) | |||||||
Increases related to current year tax positions | — | 2 | 2 | 0.1 | ||||||||||
Settlements | (10 | ) | — | — | — | |||||||||
Foreign currency translation adjustment | 3 | (2 | ) | 1 | — | |||||||||
| | | | | | | | | | | | | | |
Balance at the end of the period | 97 | 25 | 25 | 0.8 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of deferred tax assets and liabilities | ' | |||||||||||||
2012 | 2013 | 2013 | ||||||||||||
RUR | RUR | $ | ||||||||||||
Assets/(liabilities) arising from tax effect of: | ||||||||||||||
Deferred tax asset | ||||||||||||||
Accrued expenses | 222 | 387 | 11.9 | |||||||||||
Net operating loss carryforward | 271 | 324 | 9.9 | |||||||||||
Other | 8 | 40 | 1.2 | |||||||||||
Valuation allowance | — | (147 | ) | (4.5 | ) | |||||||||
| | | | | | | | | | | ||||
Total deferred tax asset | 501 | 604 | 18.5 | |||||||||||
Deferred tax liability | ||||||||||||||
Convertible debt discount | — | (802 | ) | (24.5 | ) | |||||||||
Property and equipment | (325 | ) | (268 | ) | (8.2 | ) | ||||||||
Intangible assets | (85 | ) | (155 | ) | (4.7 | ) | ||||||||
Other | (51 | ) | (41 | ) | (1.3 | ) | ||||||||
| | | | | | | | | | | ||||
Total deferred tax liability | (461 | ) | (1,266 | ) | (38.7 | ) | ||||||||
Net deferred tax asset/(liability) | 40 | (662 | ) | (20.2 | ) | |||||||||
Net deferred tax asset, current | 456 | 596 | 18.2 | |||||||||||
Net deferred tax asset, non-current | 35 | 3 | 0.1 | |||||||||||
Net deferred tax liability, current | (3 | ) | (16 | ) | (0.5 | ) | ||||||||
Net deferred tax liability, non-current | (448 | ) | (1,245 | ) | (38.0 | ) |
CONVERTIBLE_DEBT_Tables
CONVERTIBLE DEBT (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
CONVERTIBLE DEBT | ' | ||||||||||
Schedule of the carrying value of Notes | ' | ||||||||||
2012 | 2013 | 2013 | |||||||||
RUR | RUR | $ | |||||||||
1.125% Convertible Senior Notes due December 2018 | — | 19,638 | 600 | ||||||||
Unamortized debt discount | — | (3,209 | ) | (98.0 | ) | ||||||
| | | | | | | | | | | |
Total convertible debt | — | 16,429 | 502 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||||
Schedule of future minimum lease payments due under non-cancellable operating leases | ' | |||||||||||||
Payments due in the years ending December 31, | Moscow | Other | Total | Total | ||||||||||
headquarters | leases | |||||||||||||
lease | ||||||||||||||
RUR | RUR | RUR | $ | |||||||||||
2014 | 2,288 | 733 | 3,021 | 92.4 | ||||||||||
2015 | 1,644 | 457 | 2,101 | 64.2 | ||||||||||
2016 | 1,625 | 276 | 1,901 | 58.1 | ||||||||||
2017 | 2,040 | 157 | 2,197 | 67.1 | ||||||||||
2018 and thereafter | 3,495 | 61 | 3,556 | 108.6 | ||||||||||
| | | | | | | | | | | | | | |
Total | 11,092 | 1,684 | 12,776 | 390.4 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SHARE_CAPITAL_Tables
SHARE CAPITAL (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
SHARE CAPITAL | ' | |||||||||||||||||||
Schedule of share capital | ' | |||||||||||||||||||
The share capital as of each balance sheet date is as follows (EUR in millions): | ||||||||||||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||||||||||
Shares | EUR | RUR | Shares | EUR | RUR | |||||||||||||||
Authorized: | 4,318,989,446 | 4,204,230,282 | ||||||||||||||||||
Priority share | 1 | 1 | ||||||||||||||||||
Preference shares | 2,000,000,001 | 2,000,000,001 | ||||||||||||||||||
Class A ordinary shares | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||||
Class B ordinary shares | 159,494,722 | 102,115,140 | ||||||||||||||||||
Class C ordinary shares | 159,494,722 | 102,115,140 | ||||||||||||||||||
Issued and fully paid: | 355,732,713 | € | 17 | 547 | 353,032,573 | € | 11.9 | 335 | ||||||||||||
Priority share | 1 | — | — | 1 | — | — | ||||||||||||||
Preference shares | — | — | — | — | — | — | ||||||||||||||
Class A ordinary shares | 202,318,864 | 2 | 83 | 256,998,306 | 2.5 | 106 | ||||||||||||||
Class B ordinary shares | 125,441,218 | 12.5 | 362 | 72,923,447 | 7.3 | 138 | ||||||||||||||
Class C ordinary shares | 27,972,630 | 2.5 | 102 | 23,110,819 | 2.1 | 91 |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||||||||
Schedule of weighted average assumptions used in the BSM pricing model for grants made | ' | |||||||||||||||||||||
2011 | 2012 | 2013 | ||||||||||||||||||||
Dividend yield | — | — | — | |||||||||||||||||||
Expected annual volatility | 65% | 54% | 49% | |||||||||||||||||||
Risk-free interest rate | 1.60% | 0.78% | 1.77% | |||||||||||||||||||
Expected life of the awards (years) | 6.12 - 6.17 | 5.51 - 7.02 | 5.44 - 7.04 | |||||||||||||||||||
Weighted-average grant date fair value of awards (per share) | $12.82 | $10.13 | $15.93 | |||||||||||||||||||
Summary of awards activity for the Company | ' | |||||||||||||||||||||
Options | SARs | RSUs | ||||||||||||||||||||
Quantity | Weighted | Quantity | Weighted | Quantity | Weighted | |||||||||||||||||
average exercise | average exercise | average exercise | ||||||||||||||||||||
price per share | price per share | price per share | ||||||||||||||||||||
Outstanding as of January 1, 2013 | 10,133,771 | $ | 4.42 | 901,265 | $ | 20.21 | 1,871,703 | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Granted | 28,000 | 27.74 | 805,000 | 33.29 | 1,311,780 | — | ||||||||||||||||
Exercised | (4,019,986 | ) | 3.46 | (87,963 | ) | 19.82 | (182,147 | ) | — | |||||||||||||
Forfeited | (115,143 | ) | 6.32 | (5,388 | ) | 20.99 | (104,103 | ) | — | |||||||||||||
Cancelled | (7,250 | ) | 5.91 | (250 | ) | 20.99 | (131 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Outstanding as of December 31, 2013 | 6,019,392 | $ | 5.13 | 1,612,664 | $ | 26.75 | 2,897,102 | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | |||
Summary of information about outstanding and exercisable awards | ' | |||||||||||||||||||||
Awards Outstanding | Awards Exercisable | |||||||||||||||||||||
Exercise Price ($) | Type of | Number | Average | Aggregate | Number | Average | Aggregate | |||||||||||||||
award | outstanding | Remaining | Intrinsic | exercisable | Remaining | Intrinsic | ||||||||||||||||
Contractual | Value | Contractual | Value | |||||||||||||||||||
Life (in years) | Life (in years) | |||||||||||||||||||||
0.83 | Option | 455,000 | 1.5 | $ | 19.3 | 455,000 | 1.5 | $ | 19.3 | |||||||||||||
2.16 | Option | 833,268 | 2.52 | 34.2 | 833,268 | 2.52 | 34.2 | |||||||||||||||
2.74 | Option | 705,300 | 3.39 | 28.5 | 705,300 | 3.39 | 28.5 | |||||||||||||||
3.4 | Option | 424,350 | 4.09 | 16.9 | 424,350 | 4.09 | 16.9 | |||||||||||||||
3.43 | Option | 254,595 | 5.38 | 10.1 | 254,595 | 5.38 | 10.1 | |||||||||||||||
3.51 | Option | 831,088 | 5.86 | 32.9 | 831,088 | 5.86 | 32.9 | |||||||||||||||
4.16 | Option | 826,344 | 6.43 | 32.2 | 626,094 | 6.42 | 24.4 | |||||||||||||||
8.77 | Option | 1,493,447 | 6.85 | 51.3 | 971,947 | 6.85 | 33.4 | |||||||||||||||
25 | Option | 168,000 | 7.4 | 3.1 | 105,000 | 7.4 | 1.9 | |||||||||||||||
27.74 | Option | 28,000 | 9.39 | 0.4 | — | — | — | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total Options | 6,019,392 | 5.02 | 228.9 | 5,206,642 | 4.73 | 201.6 | ||||||||||||||||
16.95 | SARs | 9,375 | 7.97 | 0.2 | 4,688 | 7.97 | 0.1 | |||||||||||||||
19 | SARs | 317,750 | 8.57 | 7.7 | 50,875 | 8.57 | 1.2 | |||||||||||||||
20.99 | SARs | 85,540 | 7.92 | 1.9 | 38,395 | 7.92 | 0.9 | |||||||||||||||
21.05 | SARs | 375,000 | 8.88 | 8.3 | 75,000 | 8.88 | 1.6 | |||||||||||||||
23.19 | SARs | 20,000 | 8.18 | 0.4 | 8,750 | 8.18 | 0.2 | |||||||||||||||
23.29 | SARs | 50,000 | 8.88 | 1 | — | — | — | |||||||||||||||
32.85 | SARs | 620,000 | 9.57 | 6.4 | — | — | — | |||||||||||||||
38.99 | SARs | 135,000 | 9.88 | 0.5 | — | — | — | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total SARs | 1,612,665 | 9.1 | 26.4 | 177,708 | 8.52 | 4 | ||||||||||||||||
— | RSU | 2,897,103 | 9.01 | 125 | 426,841 | 8.5 | 18.4 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
10,529,160 | 6.74 | $ | 380.3 | 5,811,191 | 5.12 | $ | 224 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Summary of information about non-vested share awards | ' | |||||||||||||||||||||
Options | SARs | RSUs | ||||||||||||||||||||
Quantity | Weighted | Quantity | Weighted | Quantity | Weighted | |||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Grant | Grant | Grant | ||||||||||||||||||||
Date Fair | Date Fair | Date Fair | ||||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||
Non-vested as of January 1, 2013 | 2,338,561 | $ | 4.37 | 873,449 | $ | 10.43 | 1,788,352 | $ | 19.23 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Granted | 28,000 | 13.46 | 805,000 | 16.01 | 1,311,780 | 31.91 | ||||||||||||||||
Vested | (1,438,668 | ) | 3.86 | (238,104 | ) | 10.5 | (525,767 | ) | 19.21 | |||||||||||||
Forfeited | (115,143 | ) | 3.84 | (5,388 | ) | 12.45 | (104,103 | ) | 21.81 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
Non-vested as of December 31, 2013 | 812,750 | $ | 5.67 | 1,434,957 | $ | 13.54 | 2,470,262 | $ | 25.86 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | |||
Summary of activity of the ex-plan options | ' | |||||||||||||||||||||
Quantity | Weighted | |||||||||||||||||||||
Average | ||||||||||||||||||||||
Exercise | ||||||||||||||||||||||
Price | ||||||||||||||||||||||
Outstanding as of December 31, 2012 | 273,690 | € | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Exercised | (251,590 | ) | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Cancelled | (2,800 | ) | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Outstanding as of December 31, 2013 | 19,300 | € | 0.01 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
| | | | | | | | |||||||||||||||
Summary of information about non-vested ex-plan share options | ' | |||||||||||||||||||||
Quantity | Weighted | |||||||||||||||||||||
Average Grant | ||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||
Non-vested as of December 31, 2012 | 152,600 | $ | 3.42 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Vested | (152,600 | ) | 3.42 | |||||||||||||||||||
| | | | | | | | |||||||||||||||
Non-vested as of December 31, 2013 | — | — | ||||||||||||||||||||
| | | | | | | | |||||||||||||||
| | | | | | | | |||||||||||||||
INFORMATION_ABOUT_REVENUES_GEO1
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS | ' | |||||||||||||
Schedule of components of revenues | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Advertising revenue(1): | ||||||||||||||
Text-based advertising: | ||||||||||||||
Yandex websites | 14,590 | 20,610 | 27,584 | 842.8 | ||||||||||
Yandex ad network websites | 2,922 | 4,898 | 7,885 | 240.9 | ||||||||||
| | | | | | | | | | | | | | |
Total text-based advertising | 17,512 | 25,508 | 35,469 | 1,083.70 | ||||||||||
Display advertising | 2,096 | 2,592 | 3,379 | 103.3 | ||||||||||
| | | | | | | | | | | | | | |
Total advertising revenue | 19,608 | 28,100 | 38,848 | 1,187.00 | ||||||||||
Online payment commissions | 383 | 552 | 394 | 12 | ||||||||||
Other revenues | 42 | 115 | 260 | 7.9 | ||||||||||
| | | | | | | | | | | | | | |
Total revenues | 20,033 | 28,767 | 39,502 | 1,206.90 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
The Company records revenue net of VAT, commissions and discounts. Because it is impractical to track commissions and discounts for text-based advertising revenues generated on Yandex websites and on those of the Yandex ad network members separately, the Company has allocated commissions and discounts between its Yandex websites and the Yandex ad network websites proportionately to their respective gross revenue contributions. | ||||||||||||||
Schedule of revenues and long-lived assets other than financial instruments and deferred tax assets by geographic area | ' | |||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
RUR | RUR | RUR | $ | |||||||||||
Revenues: | ||||||||||||||
Russia | 19,352 | 27,300 | 36,814 | 1,124.80 | ||||||||||
Rest of the world | 681 | 1,467 | 2,688 | 82.1 | ||||||||||
| | | | | | | | | | | | | | |
Total revenues | 20,033 | 28,767 | 39,502 | 1,206.90 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Long-lived assets, net: | ||||||||||||||
Russia | 6,963 | 8,447 | 11,998 | 366.6 | ||||||||||
US | 1,413 | 1,043 | 841 | 25.7 | ||||||||||
Rest of the world | 395 | 408 | 1,627 | 49.7 | ||||||||||
| | | | | | | | | | | | | | |
Total long-lived assets, net | 8,771 | 9,898 | 14,466 | 442 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | RUB | RUB | RUB | Russia | Russia | Russia | Russia | Russia | |
Minimum | Minimum | Maximum | Maximum | ||||||
Advertising Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising sales commissions | $96.90 | 3,171 | 2,631 | 1,916 | ' | ' | ' | ' | ' |
Advertising and Promotional Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promotional and advertising expenses | 52.2 | 1,708 | 900 | 364 | ' | ' | ' | ' | ' |
Government Funds Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer's contribution to governmental pension, medical and social funds (as a percent) | ' | ' | ' | ' | 34.00% | 10.00% | 10.00% | 30.00% | 30.00% |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | $62.40 | 2,042 | 961 | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Servers and network equipment | ' |
Property and Equipment | ' |
Estimated useful lives | '3 years |
Infrastructure systems | Minimum | ' |
Property and Equipment | ' |
Estimated useful lives | '3 years |
Infrastructure systems | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '10 years |
Office furniture and equipment | ' |
Property and Equipment | ' |
Estimated useful lives | '3 years |
Buildings | Minimum | ' |
Property and Equipment | ' |
Estimated useful lives | '10 years |
Buildings | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '20 years |
Leasehold improvements | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '5 years |
Other equipment | Minimum | ' |
Property and Equipment | ' |
Estimated useful lives | '3 years |
Other equipment | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '5 years |
Purchased technologies and licenses | Maximum | ' |
Property and Equipment | ' |
Estimated useful lives | '5 years |
Purchased technologies and licenses | Weighted average | ' |
Property and Equipment | ' |
Estimated useful lives | '4 years 1 month 6 days |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | RUB | RUB | Minimum | Maximum | Weighted average | Content and software | Content and software | Customer relationships | Customer relationships | Contracts with suppliers | Contracts with suppliers | Patents and licenses | Patents and licenses | Non-compete agreements | Non-compete agreements | Trade names and domain names | Trade names and domain names | |
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||
Intangible assets with definite lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | '10 months 24 days | '15 years | '7 years 3 months 18 days | '1 year | '10 years | '1 year 1 month 6 days | '15 years | '10 months 24 days | '5 years 10 months 24 days | '3 years 4 months 24 days | '7 years 1 month 6 days | '1 year 1 month 6 days | '3 years | '8 years 8 months 12 days | '10 years |
Impairment of Long-lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses in respect of goodwill | $0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET_INCOME_PER_SHARE_Details
NET INCOME PER SHARE (Details) | 12 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | Class A | Class A | Class A | Class A | Class B | Class B | Class B | Class B | |
USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | |||||
NET INCOME PER SHARE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Share-Based Awards excluded from the diluted net income per ordinary share computation (in shares) | 1,346,000 | 1,346,000 | 1,139,956 | 1,128,660 | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME PER SHARE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income, allocated for basic | $411.70 | 13,474 | 8,223 | 5,773 | $295.60 | 9,674 | 4,564 | 1,785 | $116.10 | 3,800 | 3,659 | 3,988 |
Reallocation of net income as a result of conversion of Class B to Class A shares | ' | ' | ' | ' | 116.1 | 3,800 | 3,659 | 3,988 | ' | ' | ' | ' |
Reallocation of net income to Class B shares | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 37 | 22 | -18 |
Net income, allocated for diluted | ' | ' | ' | ' | $411.70 | 13,474 | 8,223 | 5,773 | $117.20 | 3,837 | 3,681 | 3,970 |
Weighted average ordinary shares outstanding-basic | 326,657,778 | 326,657,778 | 326,210,948 | 315,541,639 | 234,522,372 | 234,522,372 | 181,039,148 | 97,579,615 | 92,135,406 | 92,135,406 | 145,171,800 | 217,962,024 |
Dilutive effect of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B to Class A shares (in shares) | ' | ' | ' | ' | 92,135,406 | 92,135,406 | 145,171,800 | 217,962,024 | ' | ' | ' | ' |
Ordinary Share-Based Awards (in shares) | ' | ' | ' | ' | 7,913,434 | 7,913,434 | 9,479,648 | 12,613,448 | 3,138,966 | 3,138,966 | 5,129,207 | 7,683,679 |
Weighted average ordinary shares outstanding-diluted | 334,571,212 | 334,571,212 | 335,690,596 | 328,155,087 | 334,571,212 | 334,571,212 | 335,690,596 | 328,155,087 | 95,274,372 | 95,274,372 | 150,301,007 | 225,645,703 |
Net income per share attributable to ordinary shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in USD or RUR per share) | $1.26 | 41.25 | 25.21 | 18.3 | $1.26 | 41.25 | 25.21 | 18.3 | $1.26 | 41.25 | 25.21 | 18.3 |
Diluted (in USD or RUR per share) | $1.23 | 40.27 | 24.5 | 17.59 | $1.23 | 40.27 | 24.5 | 17.59 | $1.23 | 40.27 | 24.5 | 17.59 |
BUSINESS_COMBINATIONS_AND_INVE2
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Details) (KinoPoisk) | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Oct. 14, 2013 |
In Millions, unless otherwise specified | USD ($) | RUB | Trade names | Trade names | Portal content | Portal content | Website and applications, customer relationships and non-compete agreements | Website and applications, customer relationships and non-compete agreements | Website and applications | Website and applications | Non-compete agreements | Non-compete agreements | Customer relationships | Customer relationships |
USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | |||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest acquired (as a percent) | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration for acquisition of the entity | $80 | 2,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid in escrow account | 3 | 97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | 59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 13.4 | 440 | 6.8 | 224 | 4.1 | 135 | 2.5 | 81 | 2 | 63 | 0.4 | 14 | 0.1 | 4 |
Goodwill | 65.4 | 2,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current assets | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | 2,682 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | ' | 85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets | ' | 2,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | 2,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of intangible assets acquired | ' | ' | '10 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
BUSINESS_COMBINATIONS_AND_INVE3
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Details 2) (Blekko) | 1 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2011 | Aug. 31, 2011 |
USD ($) | RUB | USD ($) | RUB | |
Cost method investment | ' | ' | ' | ' |
Cost method investment ownership percentage acquired | 11.20% | 11.20% | 9.70% | 9.70% |
Cost method investment acquired | $3.50 | 112 | $15 | 478 |
Warrant received as percentage of share capital outstanding | 0.50% | 0.50% | ' | ' |
BUSINESS_COMBINATIONS_AND_INVE4
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Details 3) | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 04, 2013 | Dec. 31, 2012 | Jul. 31, 2013 |
In Millions, unless otherwise specified | RUB | Yandex.Money | Yandex.Money | Yandex.Money | Yandex.Money | Yandex.Money |
USD ($) | RUB | RUB | RUB | Maximum | ||
RUB | ||||||
ASSETS HELD FOR SALE AND LIABILITIES RELATED TO ASSETS HELD FOR SALE | ' | ' | ' | ' | ' | ' |
Percentage of interest in the charter capital sold | ' | 75.00% | 75.00% | ' | ' | ' |
Amount of interest excluded from the percentage of interest sold in the charter capital | ' | ' | ' | ' | ' | 1 |
Consideration for sale of interest | ' | 59.1 | 1,964 | ' | ' | ' |
Gain on sale and deconsolidation of the subsidiary | ' | 62.2 | 2,035 | ' | ' | ' |
Percentage of noncontrolling interest held by parent | ' | 25.00% | 25.00% | ' | ' | ' |
Amount of noncontrolling interest in addition to ownership percentage | ' | ' | 1 | ' | ' | ' |
Assets held for sale | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 1,195 | 1,164 | ' |
Term deposits | ' | ' | ' | 280 | 150 | ' |
Funds receivable, net | ' | ' | ' | 192 | 190 | ' |
Goodwill | ' | ' | ' | 378 | 378 | ' |
Other | ' | ' | ' | 120 | 142 | ' |
Total assets held for sale | 2,024 | ' | ' | 2,165 | 2,024 | ' |
Liabilities related to assets held for sale | ' | ' | ' | ' | ' | ' |
Funds payable and amounts due to customers | ' | ' | ' | 1,653 | 1,596 | ' |
Other | ' | ' | ' | 52 | 23 | ' |
Total liabilities related to assets held for sale | 1,619 | ' | ' | 1,705 | 1,619 | ' |
BUSINESS_COMBINATIONS_AND_INVE5
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Details 4) (Seismotech LLC, RUB) | 1 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2012 |
Seismotech LLC | ' |
Equity method investment | ' |
Ownership interest acquired (as a percent) | 25.00% |
Purchase consideration | 27 |
Term of an option to buy specified percentage of voting interest at a fixed price | '3 years |
Specified percentage of voting interest acquirable at fixed price under option | 25.00% |
BUSINESS_COMBINATIONS_AND_INVE6
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Details 5) | 12 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 |
USD ($) | RUB | RUB | Face.com (formerly known as Vizi Information Labs Ltd.) | Face.com (formerly known as Vizi Information Labs Ltd.) | |
RUB | |||||
Equity method investment | ' | ' | ' | ' | ' |
Cash consideration | $61.80 | 2,023 | 174 | 174 | ' |
Number of shares received as consideration | ' | ' | ' | ' | 142,479 |
Gain on sale of ownership interest | $65.30 | 2,137 | 234 | 234 | ' |
BUSINESS_COMBINATIONS_AND_INVE7
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (Details 6) | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 |
SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB | SPB Software, Inc. | SPB Software, Ltd. | SPB Software, Co., Ltd. | |
USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | USD ($) | RUB | Software | Patents, customer relationships and non-compete agreements | Patents | Customer relationships | Non-compete agreements | ||||
item | RUB | RUB | RUB | RUB | RUB | |||||||||||
BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Number of legal entities acquired | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration for acquisition of the entity | $24.30 | 745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration paid | 14.1 | 433 | 2.9 | 90 | 4.1 | 126 | 7.1 | 216 | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | 390 | ' | ' | ' | ' | ' | ' | 233 | 157 | 78 | 62 | 17 | ' | ' | ' |
Goodwill | ' | 470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | 890 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current liabilities | ' | 81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | ' | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets | ' | 745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | 745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_FINANCIAL_STATEME2
CONSOLIDATED FINANCIAL STATEMENTS DETAILS (Details) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 |
USD ($) | RUB | RUB | RUB | USD ($) | RUB | |
Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' |
Cash | $70 | 2,293 | 926 | ' | ' | ' |
Cash equivalents: | ' | ' | ' | ' | ' | ' |
Bank deposits | 511.2 | 16,730 | 5,530 | ' | ' | ' |
Investments in money market funds | 439.1 | 14,371 | 969 | ' | ' | ' |
Total cash and cash equivalents | 1,020.30 | 33,394 | 7,425 | 5,930 | 226.9 | 3,025 |
Accounts Receivable, Net | ' | ' | ' | ' | ' | ' |
Trade receivables | 87.3 | 2,858 | 1,842 | ' | ' | ' |
Allowance for doubtful accounts | -2.2 | -73 | -75 | ' | ' | ' |
Total accounts receivable, net | 85.1 | 2,785 | 1,767 | ' | ' | ' |
Movements in the allowance for doubtful accounts | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 2.3 | 75 | 89 | 64 | ' | ' |
Charges to expenses | 0.6 | 21 | 17 | 25 | ' | ' |
Utilization | -0.7 | -23 | -31 | ' | ' | ' |
Balance at the end of the period | 2.2 | 73 | 75 | 89 | ' | ' |
Other Current Assets | ' | ' | ' | ' | ' | ' |
Interest receivable | 12.9 | 423 | 558 | ' | ' | ' |
VAT reclaimable | 21.5 | 704 | 502 | ' | ' | ' |
Prepaid taxes | 1.9 | 63 | 18 | ' | ' | ' |
Other receivables | 1.5 | 49 | 85 | ' | ' | ' |
Loans granted | 1 | 32 | ' | ' | ' | ' |
Inventory | ' | ' | 8 | ' | ' | ' |
Other | 1.9 | 61 | 46 | ' | ' | ' |
Total other current assets | 40.7 | 1,332 | 1,217 | ' | ' | ' |
Other Non-current Assets | ' | ' | ' | ' | ' | ' |
Interest receivable | 22.2 | 728 | ' | ' | ' | ' |
Loans to employees | 13.7 | 447 | 199 | ' | ' | ' |
Loans granted | 7.5 | 246 | ' | ' | ' | ' |
VAT reclaimable | 3.5 | 116 | 36 | ' | ' | ' |
Other receivables | 0.1 | 2 | 68 | ' | ' | ' |
Marketable securities (Note 7) | ' | ' | 39 | ' | ' | ' |
Total other non-current assets | $47 | 1,539 | 342 | ' | ' | ' |
CONSOLIDATED_FINANCIAL_STATEME3
CONSOLIDATED FINANCIAL STATEMENTS DETAILS (Details 2) | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | RUB | RUB | Blekko | Blekko | Blekko | Yandex.Money | Yandex.Money | Seismotech LLC | Seismotech LLC | Seismotech LLC | Other | Other | Other | Capital protected index-linked note | Credit-linked notes | Other | Other | Other | ||||
USD ($) | RUB | RUB | USD ($) | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | RUB | RUB | USD ($) | RUB | RUB | ||||
Investment in Debt and Equity Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total investments in debt securities | $0.10 | 2 | 4,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,378 | 2,430 | $0.10 | 2 | 2 |
Total investments in non-marketable equity securities | 38.2 | 1,250 | 500 | 18.5 | 605 | 456 | 17.8 | 583 | 1.1 | 36 | 35 | 0.8 | 26 | 9 | ' | ' | ' | ' | ' | ' | ' | ' |
Share of results of equity method investments in the amount of gain (loss) within other income | -0.2 | -6 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current marketable securities | 2.7 | 87 | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 87 | 76 | ' | ' | ' | ' | ' |
Non-current marketable securities | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | 0 | 39 | ' | ' | ' | ' | ' |
CONSOLIDATED_FINANCIAL_STATEME4
CONSOLIDATED FINANCIAL STATEMENTS DETAILS (Details 3) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | RUB | RUB | Yandex.Money | Yandex.Money | Foreign Currency Translation Adjustments, net of tax of nil | Foreign Currency Translation Adjustments, net of tax of nil | |
Maximum | Reclassifications out of accumulated other comprehensive income | Reclassifications out of accumulated other comprehensive income | ||||||
RUB | USD ($) | RUB | ||||||
Accounts Payable and Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable and accrued liabilities | $100.80 | 3,298 | 2,081 | ' | ' | ' | ' | ' |
Salary and other compensation expenses payable/accrued to employees | 12.5 | 412 | 432 | ' | ' | ' | ' | ' |
Total accounts payable and accrued liabilities | 113.3 | 3,710 | 2,513 | ' | ' | ' | ' | ' |
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' |
Other income, net | 65.9 | 2,159 | 118 | 62 | ' | ' | 1.6 | 54 |
Foreign Currency Translation Adjustments, tax | 0 | 0 | ' | ' | ' | ' | ' | ' |
Percentage of interest in the charter capital sold | ' | ' | ' | ' | 75.00% | ' | ' | ' |
Amount of interest excluded from the percentage of interest sold in the charter capital | ' | ' | ' | ' | ' | 1 | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | RUB | RUB | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Equity purchase contracts | Equity purchase contracts | Equity purchase contracts |
USD ($) | RUB | RUB | RUB | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | Derivative contracts not designated as hedging instruments | ||||
Investments in debt securities | Accounts payable and accrued liabilities | Other accrued liabilities | Other accrued liabilities | Other accrued liabilities | Investments in non-marketable equity securities | Investments in non-marketable equity securities | Investments in non-marketable equity securities | ||||||||
RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | ||||||||
Derivative assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total derivative assets | $0.70 | 22 | 20 | ' | ' | ' | ' | 12 | ' | ' | ' | ' | $0.70 | 22 | 8 |
Derivative liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total derivative liabilities | 0.3 | 9 | 50 | ' | ' | ' | ' | ' | 1 | 0.3 | 9 | 49 | ' | ' | ' |
Derivative instruments not designated as hedging instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of derivative instruments not designated as hedging instruments on income | ' | ' | ' | $0.80 | 27 | -18 | 42 | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | RUB | RUB | RUB | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | Total | Total | Total | Total | Total | Total | Total | Total | |
RUB | RUB | Recurring basis | Recurring basis | RUB | RUB | Capital protected index-linked note | Recurring basis | Recurring basis | Recurring basis | RUB | RUB | Recurring basis | Recurring basis | USD ($) | RUB | RUB | Capital protected index-linked note | Recurring basis | Recurring basis | Recurring basis | Recurring basis | |||||
RUB | RUB | RUB | RUB | RUB | Capital protected index-linked note | RUB | RUB | RUB | USD ($) | RUB | RUB | Capital protected index-linked note | ||||||||||||||
RUB | RUB | |||||||||||||||||||||||||
Cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank deposits | $511.20 | 16,730 | 5,530 | ' | ' | ' | ' | ' | 16,730 | 5,530 | ' | ' | ' | ' | ' | ' | ' | ' | $511.20 | 16,730 | 5,530 | ' | ' | ' | ' | ' |
Investments in money market funds | 439.1 | 14,371 | 969 | ' | 14,371 | 969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 439.1 | 14,371 | 969 | ' | ' | ' | ' | ' |
Term deposits, current | ' | ' | 4,629 | ' | ' | ' | ' | ' | ' | 4,629 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,629 | ' | ' | ' | ' | ' |
Term deposits, non-current | 463.8 | 15,180 | 10,330 | ' | ' | ' | ' | ' | 15,180 | 10,330 | ' | ' | ' | ' | ' | ' | ' | ' | 463.8 | 15,180 | 10,330 | ' | ' | ' | ' | ' |
Marketable securities, current | 2.7 | 87 | 76 | ' | ' | ' | 87 | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 87 | 76 | ' |
Marketable securities, non-current | ' | ' | 39 | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 | ' |
Restricted cash | 3.2 | 104 | 214 | ' | 104 | 214 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | 104 | 214 | ' | ' | ' | ' | ' |
Loans to employees | 13.7 | 447 | 199 | ' | ' | ' | ' | ' | 447 | 199 | ' | ' | ' | ' | ' | ' | ' | ' | 13.7 | 447 | 199 | ' | ' | ' | ' | ' |
Loans granted | 7.5 | 246 | ' | ' | ' | ' | ' | ' | 278 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.4 | 278 | ' | ' | ' | ' | ' | ' |
Derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 8 | ' | ' | ' | ' | 0.6 | 22 | 8 | ' |
Capital protected index-linked note-host contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,366 | ' | ' | ' | ' |
Capital protected index-linked note-derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 |
Fair value of financial assets | ' | ' | ' | ' | 14,562 | 1,298 | ' | ' | 32,635 | 23,066 | ' | ' | ' | ' | 22 | 8 | ' | ' | 1,442.70 | 47,219 | 24,372 | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 9 | 50 | ' |
Fair value of financial liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 9 | ' | ' | ' | ' | ' | ' |
Additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer amount between the levels | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gains attributable to bank deposits and investments in money market funds | 50.4 | 1,651 | 910 | 204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other financial assets | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other financial liabilities | $0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Carrying amount | Fair value | Fair value | Fair value | Fair value | Fair value | Fair value |
USD ($) | RUB | RUB | Credit-linked notes | Convertible debt | Convertible debt | USD ($) | RUB | RUB | Credit-linked notes | Convertible debt | Convertible debt | |
RUB | USD ($) | RUB | RUB | USD ($) | RUB | |||||||
Carrying amounts and fair values of debt securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ($502) | -16,429 | 2,430 | 2,430 | ($502) | -16,429 | ($661.40) | -21,647 | 2,404 | 2,404 | ($661.40) | -21,647 |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | Servers and network equipment | Servers and network equipment | Servers and network equipment | Infrastructure systems | Infrastructure systems | Infrastructure systems | Land and buildings | Land and buildings | Land and buildings | Office furniture and equipment | Office furniture and equipment | Office furniture and equipment | Leasehold improvements | Leasehold improvements | Leasehold improvements | Other equipment | Other equipment | Other equipment | Assets not yet in use | Assets not yet in use | Assets not yet in use | Purchased technologies and licenses | Purchased technologies and licenses | Purchased technologies and licenses | Purchased technologies and licenses | |
USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | RUB | |||||
PROPERTY AND EQUIPMENT, NET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $613 | 20,062 | 14,988 | ' | $297.60 | 9,739 | 7,517 | $104.20 | 3,409 | 3,092 | $35.80 | 1,172 | 823 | $30.60 | 1,002 | 731 | $18.60 | 611 | 577 | $2 | 64 | 82 | $48.90 | 1,599 | 568 | $75.30 | 2,466 | 1,598 | ' |
Less: accumulated depreciation and amortization | -315.7 | -10,333 | -6,893 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total property and equipment, net | 297.3 | 9,729 | 8,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasehold improvements included in assets not yet in use | 0.4 | 13 | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expenses related to property and equipment, except for purchased technologies and licenses | 95.7 | 3,132 | 2,498 | 1,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expenses related to purchased technologies and licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.8 | 452 | 314 | 206 |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.6 | 904 | 537 | ' |
Estimated amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.5 | 572 | ' | ' |
For the year ending December 31, 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.9 | 455 | ' | ' |
For the year ending December 31, 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.1 | 331 | ' | ' |
For the year ending December 31, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | 157 | ' | ' |
For the year ending December 31, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | 47 | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47.70 | 1,562 | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS, NET (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | RUB | RUB | |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | $22.90 | 750 | 754 |
Goodwill acquired | 65.4 | 2,140 | ' |
Foreign currency translation adjustment | 0.8 | 25 | -4 |
Balance at the end of the period | $89.10 | 2,915 | 750 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS, NET (Details 2) | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | RUB | RUB | Content and software | Content and software | Content and software | Patents and licenses | Patents and licenses | Patents and licenses | Customer relationships | Customer relationships | Customer relationships | Contracts with suppliers | Contracts with suppliers | Non-compete agreements | Non-compete agreements | Non-compete agreements | Trade names and domain names | Trade names and domain names | |
USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | |||||
GOODWILL AND INTANGIBLE ASSETS, NET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | ' | 988 | 546 | ' | ' | 489 | 283 | ' | 167 | 161 | ' | 71 | 62 | 23 | 23 | ' | 14 | 17 | ' | 224 |
Less: Accumulated amortization | ' | -324 | -223 | ' | ' | -173 | -114 | ' | -106 | -66 | ' | -18 | -13 | -22 | -19 | ' | -1 | -11 | ' | -4 |
Net carrying value | 20.2 | 664 | 323 | ' | 9.7 | 316 | 169 | 1.8 | 61 | 95 | 1.6 | 53 | 49 | 1 | 4 | 0.4 | 13 | 6 | 6.7 | 220 |
Amortization expenses of intangible assets | 3.4 | 111 | 139 | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December 31, 2014 | 4 | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December 31, 2015 | 2.8 | 91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December 31, 2016 | 2.6 | 84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December 31, 2017 | 2.4 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December 31, 2018 | 2.4 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 6 | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $20.20 | 664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAX_Details
INCOME TAX (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | Other accrued liabilities | Other accrued liabilities | Other accrued liabilities | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | Russia | Russia | Russia | Russia | Other | Other | Other | Other | Netherlands | Netherlands | Netherlands | Yandex LLC | Yandex LLC | Yandex LLC | |
USD ($) | RUB | RUB | USD ($) | RUB | RUB | USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | Russia | Russia | Russia | ||||||||
INCOME TAX | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal and local income tax rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | 20.00% |
Income tax rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | ' | ' | ' |
Dividend withholding tax (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current provision for income tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($101.60) | -3,325 | -2,281 | -1,689 | ($3.30) | -111 | 2 | -25 | ' | ' | ' | ' | ' | ' |
Deferred income tax (expense)/ benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | 175 | -58 | 115 | 0.7 | 22 | -14 | 54 | ' | ' | ' | ' | ' | ' |
Total provision for income taxes | -98.9 | -3,239 | -2,351 | -1,545 | ' | ' | ' | ' | ' | ' | -98.9 | -3,239 | -2,351 | -1,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of net income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income before income taxes | 510.6 | 16,713 | 10,574 | 7,318 | ' | ' | ' | ' | ' | ' | 480.2 | 15,716 | 11,350 | 7,713 | 30.4 | 997 | -776 | -395 | ' | ' | ' | ' | ' | ' |
Statutory Russian income tax rate reconciled to the company's effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected provision at Russian statutory income tax rate of 20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.1 | 3,343 | 2,115 | 1,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax on dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 14 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-deductible share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 146 | 75 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expenses not deductible for tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 83 | 183 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Difference in foreign tax rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.1 | -68 | -39 | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participation exemption on sale of equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -393 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -33 | 4 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | 98.9 | 3,239 | 2,351 | 1,545 | ' | ' | ' | ' | ' | ' | 98.9 | 3,239 | 2,351 | 1,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Movements in the valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges to expenses | 4.5 | 147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | 4.5 | 147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized income tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized income tax benefits, if recognized, would affect the effective tax rate | 0.6 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accruals for unrecognized income tax benefits | 0.8 | 25 | 25 | 97 | 0.3 | 10 | 25 | 0.5 | 15 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount of increase (decreases) in unrecognized tax benefits resulting from interest and penalties | 0 | 1 | 13 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit as a result of recording interest and penalties as a part of provision of income tax | 0 | 1 | 13 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of income tax benefits having a reasonable possibility of successfully being challenged by the tax authorities | 0.2 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of the total amounts of unrecognized income tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 0.8 | 25 | 97 | 15 | 0.3 | 10 | 25 | 0.5 | 15 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increases/(decreases) related to prior years tax positions | -0.1 | -3 | -72 | 89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increases related to current year tax positions | 0.1 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | -10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | 1 | -2 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | 0.8 | 25 | 25 | 97 | 0.3 | 10 | 25 | 0.5 | 15 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | 11.9 | 387 | 222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforward | 9.9 | 324 | 271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 1.2 | 40 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | -4.5 | -147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred tax asset | 18.5 | 604 | 501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt discount | -24.5 | -802 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | -8.2 | -268 | -325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | -4.7 | -155 | -85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | -1.3 | -41 | -51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred tax liability | -38.7 | -1,266 | -461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax asset/(liability) | -20.2 | -662 | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax asset, current | 18.2 | 596 | 456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax asset, non-current | 0.1 | 3 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax liability, current | -0.5 | -16 | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax liability, non-current | ($38) | -1,245 | -448 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAX_Details_2
INCOME TAX (Details 2) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | RUB | Dutch | Dutch |
USD ($) | RUB | |||
Operating loss carryforwards | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | $15.30 | 501 |
Benefit related to NOLs to be recorded in additional paid-in capital if and when realized | ' | ' | 1.4 | 45 |
Benefit related to other tax effects to be recorded in additional paid-in capital if and when realized | $10.40 | 339 | ' | ' |
INCOME_TAX_Details_3
INCOME TAX (Details 3) (Unremitted earnings of foreign subsidiaries) | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | RUB |
INCOME TAX | ' | ' |
Cumulative amount of unremitted earnings upon which dividend withholding taxes have not been provided | $1,091 | 35,708 |
Unrecognized deferred tax liability | $54.50 | 1,785 |
CONVERTIBLE_DEBT_Details
CONVERTIBLE DEBT (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | 1.125% convertible senior notes | 1.125% convertible senior notes | 1.125% convertible senior notes | 1.125% convertible senior notes | 1.125% convertible senior notes | |
USD ($) | RUB | USD ($) | RUB | Maximum | |||
item | USD ($) | ||||||
CONVERTIBLE DEBT | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt issued and sold | ' | ' | $600,000,000 | 19,719,000,000 | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 1.13% | 1.13% | 1.13% | 1.13% | ' |
Additional aggregate principal amount of debt that can be purchased under right granted to initial purchasers | ' | ' | ' | ' | ' | ' | 90,000,000 |
Initial conversion rate | ' | ' | 0.01944 | 0.01944 | ' | ' | ' |
Initial conversion price (in dollars per share) | ' | ' | $51.45 | ' | $51.45 | ' | ' |
Number of days within 30 consecutive trading days in which the closing price of the entity's common stock must exceed the conversion price as a condition for conversion of Notes | ' | ' | ' | ' | 20 | 20 | ' |
Number of consecutive trading days during which the closing price of the entity's common stock must exceed the conversion price for at least 20 days as a condition for conversion of Notes | ' | ' | ' | ' | 30 | 30 | ' |
Percentage of the closing sales price of the entity's common stock that the conversion price must exceed as a condition for conversion of Notes | ' | ' | ' | ' | 130.00% | 130.00% | ' |
Number of consecutive business days immediately after any ten consecutive trading day period during the note measurement period | ' | ' | ' | ' | '5 days | '5 days | ' |
Number of consecutive trading days before five consecutive business days during the note measurement period | ' | ' | ' | ' | '10 days | '10 days | ' |
Principal amount used for debt instrument conversion ratio | ' | ' | 1,000 | ' | 1,000 | ' | ' |
Percentage of the trading price to the product of the last reported sale price of the entity's common stock and the conversion rate (as a percent) | ' | ' | ' | ' | ' | ' | 98.00% |
Net proceeds from the sale of Notes | ' | ' | 596,300,000 | 19,518,000,000 | ' | ' | ' |
Debt issuance costs | ' | ' | 6,100,000 | 201,000,000 | ' | ' | ' |
Debt issuance costs allocated to additional paid-in capital | ' | ' | 1,000,000 | 33,000,000 | ' | ' | ' |
Debt issuance costs deferred to be amortized to interest expense over the term of Notes | ' | ' | 5,100,000 | 168,000,000 | 5,100,000 | 168,000,000 | ' |
Unamortized deferred issuance costs | ' | ' | 5,100,000 | 166,000,000 | 5,100,000 | 166,000,000 | ' |
Carrying value of the liability component of debt | ' | ' | 503,400,000 | 16,475,000,000 | 503,400,000 | 16,475,000,000 | ' |
Discount rate for computing present value of the liability component (as a percent) | ' | ' | 4.84% | 4.84% | ' | ' | ' |
Value of equity component of debt | ' | ' | 99,100,000 | 3,245,000,000 | 99,100,000 | 3,245,000,000 | ' |
Carrying value of the Notes | ' | ' | ' | ' | ' | ' | ' |
1.125% Convertible Senior Notes due December 2018 | ' | ' | 600,000,000 | 19,638,000,000 | 600,000,000 | 19,638,000,000 | ' |
Unamortized debt discount | ' | ' | -98,000,000 | -3,209,000,000 | -98,000,000 | -3,209,000,000 | ' |
Total convertible debt | 502,000,000 | 16,429,000,000 | 502,000,000 | 16,429,000,000 | 502,000,000 | 16,429,000,000 | ' |
Term of debt | ' | ' | '5 years | '5 years | ' | ' | ' |
Interest expense | ' | ' | ' | ' | $800,000 | 25,000,000 | ' |
Effective interest rate on the liability component (as a percent) | ' | ' | ' | ' | 5.00% | 5.00% | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2008 | Apr. 30, 2011 | Dec. 31, 2013 |
USD ($) | RUB | RUB | RUB | Moscow headquarters lease | Moscow headquarters lease | Other leases | Other leases | |
RUB | item | RUB | ||||||
Lease and Other Commitments | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | ' | ' | ' | ' | '7 years | '10 years | ' | ' |
Number of lease agreements entered into by the entity | ' | ' | ' | ' | ' | ' | 2 | ' |
Future minimum lease payments | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | $92.40 | 3,021 | ' | ' | 2,288 | ' | ' | 733 |
2015 | 64.2 | 2,101 | ' | ' | 1,644 | ' | ' | 457 |
2016 | 58.1 | 1,901 | ' | ' | 1,625 | ' | ' | 276 |
2017 | 67.1 | 2,197 | ' | ' | 2,040 | ' | ' | 157 |
2018 and thereafter | 108.6 | 3,556 | ' | ' | 3,495 | ' | ' | 61 |
Total | 390.4 | 12,776 | ' | ' | 11,092 | ' | ' | 1,684 |
Rent expenses under operating leases | 54.7 | 1,790 | 1,656 | 1,199 | ' | ' | ' | ' |
Purchase commitments | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 17 | 556 | ' | ' | ' | ' | ' | ' |
2015 | 17.4 | 568 | ' | ' | ' | ' | ' | ' |
2016 | 10.4 | 339 | ' | ' | ' | ' | ' | ' |
2017 | 9 | 296 | ' | ' | ' | ' | ' | ' |
2018 | 7.5 | 244 | ' | ' | ' | ' | ' | ' |
Thereafter | 9 | 293 | ' | ' | ' | ' | ' | ' |
Environment and Current Economic Situation | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit recorded as liabilities, exclusive of interest and penalties | 0.6 | 21 | ' | ' | ' | ' | ' | ' |
Liability for potential penalties related to unrecognized tax benefits | 0.1 | 3 | ' | ' | ' | ' | ' | ' |
Liability for potential interest related to unrecognized tax benefits | ' | 1 | ' | ' | ' | ' | ' | ' |
Accrued contingencies related to non-income taxes | $1.30 | 43 | ' | ' | ' | ' | ' | ' |
SHARE_CAPITAL_Details
SHARE CAPITAL (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 21, 2009 | Dec. 31, 2013 | Dec. 31, 2012 |
EUR (€) | RUB | EUR (€) | RUB | Class A | Class A | Class A | Class A | Class A | Class A | Class B | Class B | Class B | Class B | Class C | Class C | Class C | Class C | Class C | Priority share | Priority share | Priority share | Priority share | Preference shares | Preference shares | |
item | item | USD ($) | RUB | EUR (€) | EUR (€) | RUB | EUR (€) | RUB | EUR (€) | RUB | EUR (€) | RUB | EUR (€) | RUB | Yandex Conversion Foundation | EUR (€) | EUR (€) | Sberbank | Sberbank | EUR (€) | EUR (€) | ||||
item | item | EUR (€) | EUR (€) | ||||||||||||||||||||||
item | |||||||||||||||||||||||||
SHARE CAPITAL | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of authorized classes of ordinary shares | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock par value (in euros per share) | ' | ' | ' | ' | ' | ' | € 0.01 | ' | € 0.01 | ' | € 0.10 | ' | € 0.10 | ' | € 0.09 | ' | € 0.09 | ' | € 0.09 | ' | ' | ' | ' | ' | ' |
Number of votes per ordinary share | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 10 | 10 | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' |
Maximum dividend rate (in euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 0.01 | ' | ' | ' | ' | ' | ' |
Accumulation of stakes in excess of which, the priority shareholder has a right to veto (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Par value (in euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 1 | € 1 | ' | € 1 | € 0.01 | € 0.01 |
Period of irrevocable authority to issue shares and grant rights thereon | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Maximum subsequent period of irrevocable authority to issue shares and grant rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Preference shares dividend variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12-month EURIBOR | ' |
Preference shares dividend basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Share capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized (in shares) | 4,204,230,282 | 4,204,230,282 | 4,318,989,446 | 4,318,989,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | 2,000,000,001 | 2,000,000,001 |
Shares authorized | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | 2,000,000,000 | 2,000,000,000 | 102,115,140 | 102,115,140 | 159,494,722 | 159,494,722 | 102,115,140 | 102,115,140 | 159,494,722 | 159,494,722 | ' | ' | ' | ' | ' | ' | ' |
Issued and fully paid (in shares) | 353,032,573 | 353,032,573 | 355,732,713 | 355,732,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | 0 | 0 |
Ordinary shares issued | ' | ' | ' | ' | ' | ' | 256,998,306 | ' | 202,318,864 | 202,318,864 | 72,923,447 | 72,923,447 | 125,441,218 | 125,441,218 | 23,110,819 | 23,110,819 | 27,972,630 | 27,972,630 | ' | ' | ' | ' | ' | ' | ' |
Common stock value (in EUR or RUR) | € 11.90 | 335 | € 17 | 547 | ' | 106 | € 2.50 | ' | € 2 | 83 | € 7.30 | 138 | € 12.50 | 362 | € 2.10 | 91 | € 2.50 | 102 | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for repurchase on the open market | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized for repurchase | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Repurchased | ' | ' | ' | ' | 8,599,377 | 8,599,377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price of shares repurchased (in dollars per share) | ' | ' | ' | ' | $30.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of shares authorized for repurchase | ' | ' | ' | ' | $260.30 | 8,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares used to satisfy company's obligation under Share-Based Awards | ' | ' | ' | ' | 2,333,132 | 2,333,132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2001 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | RUB | RUB | Minimum | Options and SARs | Options and SARs | Options and SARs | Options and SARs | Options and SARs | Options and SARs | Options and SARs | Options and SARs | Options and SARs | 2001 Plan | 2007 Plan | 2007 Plan | 2007 Plan | 2007 Plan | 2007 Plan | 2007 Plan | |
USD ($) | USD ($) | USD ($) | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Options | SARs | SARs | RSUs | |||||||||
USD ($) | USD ($) | RUB | |||||||||||||||||||
SHARE-BASED COMPENSATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options authorized for issuance to employees (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,909,292 | ' | ' | ' | ' | ' | ' |
Maximum percentage of issued share capital authorized for issuance of share based awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' |
Additional share-based compensation cost | $23.10 | 754 | 376 | 329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | 0 | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' |
Percentage of options vesting after one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Vesting period for specific portion of awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' |
Period after the first year during which award vests quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Period following the consummation of a change of control within which the grantee ceases to be an eligible participant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' |
Maximum term of awards granted under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Exchange ratio of SARs and options for RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Total number of awards exchanged (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 692,855 | ' | ' | ' | ' | ' |
Weighted average assumptions used in the BSM pricing model for grants made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual volatility (as a percent) | ' | ' | ' | ' | ' | 49.00% | 54.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | ' | ' | ' | 1.77% | 0.78% | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life of the awards | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 5 months 8 days | '5 years 6 months 4 days | '6 years 1 month 13 days | '7 years 14 days | '7 years 7 days | '6 years 2 months 1 day | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value of awards (in dollars per share) | ' | ' | ' | ' | ' | $15.93 | $10.13 | $12.82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requisite service period | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,133,771 | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000 | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,019,986 | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -115,143 | ' | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,250 | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,019,392 | ' | ' | ' |
Weighted average exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars or euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.42 | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.74 | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.46 | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.32 | ' | ' | ' |
Cancelled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.91 | ' | ' | ' |
Outstanding at the end of the period (in dollars or euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.13 | ' | ' | ' |
Quantity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 901,265 | 901,265 | 1,871,703 |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 805,000 | 805,000 | 1,311,780 |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -87,963 | -87,963 | -182,147 |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,388 | -5,388 | -104,103 |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -250 | -250 | -131 |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,612,664 | 1,612,664 | 2,897,102 |
Weighted average exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.21 | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33.29 | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.82 | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.99 | ' | ' |
Cancelled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.99 | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.75 | ' | ' |
SHAREBASED_COMPENSATION_Detail1
SHARE-BASED COMPENSATION (Details 2) (2007 Plan, USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 10,529,160 | ' |
Average Remaining Contractual Life | '6 years 8 months 26 days | ' |
Aggregate Intrinsic Value | $380.30 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 5,811,191 | ' |
Average Remaining Contractual Life | '5 years 1 month 13 days | ' |
Aggregate Intrinsic Value | 224 | ' |
Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 6,019,392 | 10,133,771 |
Average Remaining Contractual Life | '5 years 7 days | ' |
Aggregate Intrinsic Value | 228.9 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 5,206,642 | ' |
Average Remaining Contractual Life | '4 years 8 months 23 days | ' |
Aggregate Intrinsic Value | 201.6 | ' |
SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 1,612,665 | ' |
Average Remaining Contractual Life | '9 years 1 month 6 days | ' |
Aggregate Intrinsic Value | 26.4 | ' |
Number outstanding (in shares) | 1,612,664 | 901,265 |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 177,708 | ' |
Average Remaining Contractual Life | '8 years 6 months 7 days | ' |
Aggregate Intrinsic Value | 4 | ' |
RSUs | ' | ' |
Awards Outstanding | ' | ' |
Average Remaining Contractual Life | '9 years 4 days | ' |
Aggregate Intrinsic Value | 125 | ' |
Number outstanding (in shares) | 2,897,102 | 1,871,703 |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 426,841 | ' |
Average Remaining Contractual Life | '8 years 6 months | ' |
Aggregate Intrinsic Value | 18.4 | ' |
$0.83 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $0.83 | ' |
$0.83 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 455,000 | ' |
Average Remaining Contractual Life | '1 year 6 months | ' |
Aggregate Intrinsic Value | 19.3 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 455,000 | ' |
Average Remaining Contractual Life | '1 year 6 months | ' |
Aggregate Intrinsic Value | 19.3 | ' |
$2.16 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $2.16 | ' |
$2.16 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 833,268 | ' |
Average Remaining Contractual Life | '2 years 6 months 7 days | ' |
Aggregate Intrinsic Value | 34.2 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 833,268 | ' |
Average Remaining Contractual Life | '2 years 6 months 7 days | ' |
Aggregate Intrinsic Value | 34.2 | ' |
$2.74 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $2.74 | ' |
$2.74 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 705,300 | ' |
Average Remaining Contractual Life | '3 years 4 months 20 days | ' |
Aggregate Intrinsic Value | 28.5 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 705,300 | ' |
Average Remaining Contractual Life | '3 years 4 months 20 days | ' |
Aggregate Intrinsic Value | 28.5 | ' |
$3.40 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $3.40 | ' |
$3.40 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 424,350 | ' |
Average Remaining Contractual Life | '4 years 1 month 2 days | ' |
Aggregate Intrinsic Value | 16.9 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 424,350 | ' |
Average Remaining Contractual Life | '4 years 1 month 2 days | ' |
Aggregate Intrinsic Value | 16.9 | ' |
$3.43 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $3.43 | ' |
$3.43 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 254,595 | ' |
Average Remaining Contractual Life | '5 years 4 months 17 days | ' |
Aggregate Intrinsic Value | 10.1 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 254,595 | ' |
Average Remaining Contractual Life | '5 years 4 months 17 days | ' |
Aggregate Intrinsic Value | 10.1 | ' |
$3.51 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $3.51 | ' |
$3.51 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 831,088 | ' |
Average Remaining Contractual Life | '5 years 10 months 10 days | ' |
Aggregate Intrinsic Value | 32.9 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 831,088 | ' |
Average Remaining Contractual Life | '5 years 10 months 10 days | ' |
Aggregate Intrinsic Value | 32.9 | ' |
$4.16 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $4.16 | ' |
$4.16 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 826,344 | ' |
Average Remaining Contractual Life | '6 years 5 months 5 days | ' |
Aggregate Intrinsic Value | 32.2 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 626,094 | ' |
Average Remaining Contractual Life | '6 years 5 months 1 day | ' |
Aggregate Intrinsic Value | 24.4 | ' |
$8.77 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $8.77 | ' |
$8.77 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 1,493,447 | ' |
Average Remaining Contractual Life | '6 years 10 months 6 days | ' |
Aggregate Intrinsic Value | 51.3 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 971,947 | ' |
Average Remaining Contractual Life | '6 years 10 months 6 days | ' |
Aggregate Intrinsic Value | 33.4 | ' |
$25.00 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $25 | ' |
$25.00 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 168,000 | ' |
Average Remaining Contractual Life | '7 years 4 months 24 days | ' |
Aggregate Intrinsic Value | 3.1 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 105,000 | ' |
Average Remaining Contractual Life | '7 years 4 months 24 days | ' |
Aggregate Intrinsic Value | 1.9 | ' |
$27.74 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $27.74 | ' |
$27.74 | Option | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 28,000 | ' |
Average Remaining Contractual Life | '9 years 4 months 20 days | ' |
Aggregate Intrinsic Value | 0.4 | ' |
$16.95 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $16.95 | ' |
$16.95 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 9,375 | ' |
Average Remaining Contractual Life | '7 years 11 months 19 days | ' |
Aggregate Intrinsic Value | 0.2 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 4,688 | ' |
Average Remaining Contractual Life | '7 years 11 months 19 days | ' |
Aggregate Intrinsic Value | 0.1 | ' |
$19.00 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $19 | ' |
$19.00 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 317,750 | ' |
Average Remaining Contractual Life | '8 years 6 months 25 days | ' |
Aggregate Intrinsic Value | 7.7 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 50,875 | ' |
Average Remaining Contractual Life | '8 years 6 months 25 days | ' |
Aggregate Intrinsic Value | 1.2 | ' |
$20.99 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $20.99 | ' |
$20.99 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 85,540 | ' |
Average Remaining Contractual Life | '7 years 11 months 1 day | ' |
Aggregate Intrinsic Value | 1.9 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 38,395 | ' |
Average Remaining Contractual Life | '7 years 11 months 1 day | ' |
Aggregate Intrinsic Value | 0.9 | ' |
$21.05 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $21.05 | ' |
$21.05 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 375,000 | ' |
Average Remaining Contractual Life | '8 years 10 months 17 days | ' |
Aggregate Intrinsic Value | 8.3 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 75,000 | ' |
Average Remaining Contractual Life | '8 years 10 months 17 days | ' |
Aggregate Intrinsic Value | 1.6 | ' |
$23.19 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $23.19 | ' |
$23.19 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 20,000 | ' |
Average Remaining Contractual Life | '8 years 2 months 5 days | ' |
Aggregate Intrinsic Value | 0.4 | ' |
Awards Exercisable | ' | ' |
Number exercisable (in shares) | 8,750 | ' |
Average Remaining Contractual Life | '8 years 2 months 5 days | ' |
Aggregate Intrinsic Value | 0.2 | ' |
$23.29 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $23.29 | ' |
$23.29 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 50,000 | ' |
Average Remaining Contractual Life | '8 years 10 months 17 days | ' |
Aggregate Intrinsic Value | 1 | ' |
$32.85 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $32.85 | ' |
$32.85 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 620,000 | ' |
Average Remaining Contractual Life | '9 years 6 months 25 days | ' |
Aggregate Intrinsic Value | 6.4 | ' |
$38.99 | ' | ' |
SHARE-BASED COMPENSATION | ' | ' |
Exercise Price (in dollars per share) | $38.99 | ' |
$38.99 | SARs | ' | ' |
Awards Outstanding | ' | ' |
Number outstanding (in shares) | 135,000 | ' |
Average Remaining Contractual Life | '9 years 10 months 17 days | ' |
Aggregate Intrinsic Value | $0.50 | ' |
SHAREBASED_COMPENSATION_Detail2
SHARE-BASED COMPENSATION (Details 3) (2007 Plan) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | Option | SARs | RSUs | |
USD ($) | USD ($) | USD ($) | |||
Quantity | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | ' | ' | 2,338,561 | ' | ' |
Granted (in shares) | ' | ' | 28,000 | ' | ' |
Vested (in shares) | ' | ' | -1,438,668 | ' | ' |
Forfeited (in shares) | ' | ' | -115,143 | ' | ' |
Non-vested at the end of the period (in shares) | ' | ' | 812,750 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in dollars per share) | ' | ' | $4.37 | ' | ' |
Granted (in dollars per share) | ' | ' | $13.46 | ' | ' |
Vested (in dollars per share) | ' | ' | $3.86 | ' | ' |
Forfeited (in dollars per share) | ' | ' | $3.84 | ' | ' |
Non-vested at the end of the period (in dollars per share) | ' | ' | $5.67 | ' | ' |
Quantity | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | ' | ' | ' | 873,449 | 1,788,352 |
Granted (in shares) | ' | ' | ' | 805,000 | 1,311,780 |
Vested (in shares) | ' | ' | ' | -238,104 | -525,767 |
Forfeited (in shares) | ' | ' | ' | -5,388 | -104,103 |
Non-vested at the end of the period (in shares) | ' | ' | ' | 1,434,957 | 2,470,262 |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in dollars per share) | ' | ' | ' | $10.43 | $19.23 |
Granted (in dollars per share) | ' | ' | ' | $16.01 | $31.91 |
Vested (in dollars per share) | ' | ' | ' | $10.50 | $19.21 |
Forfeited (in dollars per share) | ' | ' | ' | $12.45 | $21.81 |
Non-vested at the end of the period (in dollars per share) | ' | ' | ' | $13.54 | $25.86 |
Unamortized share-based compensation expense related to unvested share options, RSUs and SARs | $72.80 | 2,382 | ' | ' | ' |
Weighted average period for recognition of unamortized share-based compensation expense | '3 years 14 days | '3 years 14 days | ' | ' | ' |
Number of restricted stock units expected to vest (in shares) | ' | ' | ' | ' | 2,115,036 |
SHAREBASED_COMPENSATION_Detail3
SHARE-BASED COMPENSATION (Details 4) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | RUB | RUB | RUB | Phantom Share Units | Phantom Share Units | Ex-Plan | Ex-Plan | Ex-Plan | Ex-Plan | Ex-Plan | Ex-Plan | Ex-Plan | Ex-Plan | |
RUB | USD ($) | Performance based options | Performance based options | Performance based options | Performance based options | RSUs | RSUs | RSUs | ||||||
Mediaselling | Mediaselling | Mediaselling | Mediaselling | SPB Software Group | SPB Software Group | SPB Software Group | ||||||||
USD ($) | EUR (€) | RUB | USD ($) | RUB | ||||||||||
SHARE-BASED COMPENSATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share based awards outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,125 | 20,125 |
Weighted average grant date fair value of outstanding share based awards (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' |
Number of options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 378,000 | ' | ' | ' | ' | ' | ' |
Quantity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 273,690 | 273,690 | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -251,590 | -251,590 | ' | ' | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -2,800 | -2,800 | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 19,300 | 19,300 | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars or euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 0.01 | ' | ' | ' | ' |
Exercised (in dollars or euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 0.01 | ' | ' | ' | ' |
Cancelled (in dollars or euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 0.01 | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars or euros per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 0.01 | ' | ' | ' | ' |
Quantity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 152,600 | 152,600 | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -152,600 | -152,600 | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.42 | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.42 | ' | ' | ' | ' | ' |
Remaining contractual life of options | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 4 months 13 days | '5 years 4 months 13 days | ' | ' | ' | ' |
Intrinsic value of outstanding options (in dollars or rubles) | ' | ' | ' | ' | ' | ' | ' | ' | $0.80 | ' | 27 | ' | ' | ' |
Unamortized share-based compensation expense related to unvested options | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Number of awards granted (in shares) | ' | ' | ' | ' | 77,230 | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' |
Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 11 months 19 days | '7 years 11 months 19 days |
Intrinsic value (in dollars or rubles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 28 |
Number of exercisable awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,625 | 9,625 |
Intrinsic value (in dollars or rubles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 14 |
Unamortized share-based compensation expense (in dollars or rubles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 6 |
Period for recognition of unamortized share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years |
Share-based compensation expense recognized (in dollars or rubles) | 23.1 | 754 | 376 | 329 | ' | 43 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits related to share-based compensation expense recognized (in dollars or rubles) | $0.30 | 9 | 4 | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INFORMATION_ABOUT_REVENUES_GEO2
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS (Details) | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | Text-based advertising | Text-based advertising | Text-based advertising | Text-based advertising | Yandex websites | Yandex websites | Yandex websites | Yandex websites | Yandex ad network websites | Yandex ad network websites | Yandex ad network websites | Yandex ad network websites | Display advertising | Display advertising | Display advertising | Display advertising | |
USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | |||||
Information about revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total advertising revenue | $1,187 | 38,848 | 28,100 | 19,608 | $1,083.70 | 35,469 | 25,508 | 17,512 | $842.80 | 27,584 | 20,610 | 14,590 | $240.90 | 7,885 | 4,898 | 2,922 | $103.30 | 3,379 | 2,592 | 2,096 |
Online payment commissions | 12 | 394 | 552 | 383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other revenues | 7.9 | 260 | 115 | 42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $1,206.90 | 39,502 | 28,767 | 20,033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INFORMATION_ABOUT_REVENUES_GEO3
INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS (Details 2) | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | RUB | RUB | RUB | Russia | Russia | Russia | Russia | US | US | US | US | Rest of the world | Rest of the world | Rest of the world | Rest of the world | |
USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | USD ($) | RUB | RUB | RUB | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $1,206.90 | 39,502 | 28,767 | 20,033 | $1,124.80 | 36,814 | 27,300 | 19,352 | ' | ' | ' | ' | $82.10 | 2,688 | 1,467 | 681 |
Long-lived assets, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-lived assets, net | $442 | 14,466 | 9,898 | 8,771 | $366.60 | 11,998 | 8,447 | 6,963 | $25.70 | 841 | 1,043 | 1,413 | $49.70 | 1,627 | 408 | 395 |
RELATEDPARTY_TRANSACTIONS_Deta
RELATED-PARTY TRANSACTIONS (Details) | 1 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Major shareholders | Major shareholders | Major shareholders | Yandex.Money | Yandex.Money | |
Class A | Class A | Class A | USD ($) | RUB | |
USD ($) | USD ($) | RUB | |||
RELATED-PARTY TRANSACTIONS | ' | ' | ' | ' | ' |
Number of shares registered in a public offering by shareholders | 26,679,386 | ' | ' | ' | ' |
Number of shares sold pursuant to an option granted to the underwriters | 2,425,399 | ' | ' | ' | ' |
Share price (in dollars per share) | $22.75 | ' | ' | ' | ' |
Expenses incurred related to offering | ' | $0.90 | 28 | ' | ' |
Revenue from subleasing | ' | ' | ' | 1 | 34 |
Online payment commission expense | ' | ' | ' | 1.7 | 56 |
Receivable amount | ' | ' | ' | $0.20 | 6 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 18, 2014 | Dec. 31, 2013 | Mar. 12, 2014 | Mar. 12, 2014 | Mar. 12, 2014 | Mar. 12, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
2007 Plan | 1.125% convertible senior notes | 1.125% convertible senior notes | Class A | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | |
RSUs | USD ($) | RUB | USD ($) | RUB | RUB | RUB | KitLocate Ltd. | KitLocate Ltd. | Maximum | Maximum | 1.125% convertible senior notes | Class A | Class A | |
USD ($) | RUB | KitLocate Ltd. | KitLocate Ltd. | USD ($) | USD ($) | Maximum | ||||||||
USD ($) | RUB | 2007 Plan | ||||||||||||
RSUs | ||||||||||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt issued and sold | ' | $600 | 19,719 | ' | ' | ' | ' | ' | ' | ' | ' | $90 | ' | ' |
Interest rate (as a percent) | ' | 1.13% | 1.13% | ' | ' | ' | ' | ' | ' | ' | ' | 1.13% | ' | ' |
Awards granted (in shares) | 1,311,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,241 |
Ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.2 | 370 | ' | ' | ' |
Cash consideration paid upon closing of deal | ' | ' | ' | ' | ' | ' | ' | 4 | 146 | ' | ' | ' | ' | ' |
Amount paid to escrow account | ' | ' | ' | ' | ' | ' | ' | 3.9 | 142 | ' | ' | ' | ' | ' |
Term for release of amount deposited in escrow account | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' | ' |
Earn-out payments on achievement of certain distribution milestones | ' | ' | ' | ' | ' | ' | ' | 2.3 | 82 | ' | ' | ' | ' | ' |
Number of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,027,325 | ' |
Average price of shares repurchased (in dollars per share) | ' | ' | ' | $30.70 | ' | ' | ' | ' | ' | ' | ' | ' | $36.65 | ' |
Aggregate amount of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110.90 | ' |
Exchange rate of RUR to $1.00 | ' | ' | ' | ' | 35.6871 | 36.6505 | 32.7292 | ' | ' | ' | ' | ' | ' | ' |