HeadHunter (HHR) 20-F 26 Mar 21 2020 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document And Entity Information
Entity Registrant Name	HeadHunter Group PLC
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Document Shell Company Report	false
Entity Common Stock, Shares Outstanding	50,317,860
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Central Index Key	0001721181
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	[1]
Consolidated Statements of Income and Comprehensive Income
Revenue	₽ 8,282,107	₽ 7,788,741	₽ 6,117,773
Operating costs and expenses (exclusive of depreciation and amortization)	(4,691,300)	(4,300,263)	(3,432,860)
Depreciation and amortization	(750,558)	(683,317)	(586,131)
Operating income	2,840,249	2,805,161	2,098,782
Finance income	59,329	76,764	90,602
Finance costs	(409,545)	(603,280)	(644,326)
Gain on disposal of subsidiary			6,131
Net foreign exchange gain/(loss)	83,030	(46,508)	(8,742)
Share of loss of equity-accounted investees (net of income tax)	(49,181)	(30,542)
Other income	47,715	23,853
Profit before income tax	2,571,597	2,225,448	1,542,447
Income tax expense	(685,772)	(644,422)	(509,602)
Net income for the year	1,885,825	1,581,026	1,032,845
Attributable to:
Owners of the Company	1,748,960	1,448,018	949,307
Non-controlling interest	136,865	133,008	83,538
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences	15,109	(41,818)	25,205
Total comprehensive income, net of tax	1,900,934	1,539,208	1,058,050
Attributable to:
Owners of the Company	1,762,011	1,408,597	974,756
Non-controlling interest	₽ 138,923	₽ 130,611	₽ 83,294
Earnings per share
Basic (in Russian Roubles per share)	₽ 34.84	₽ 28.96	₽ 18.99
Diluted (in Russian Roubles per share)	₽ 33.90	₽ 28.42	₽ 18.99
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Consolidated Statements of Fina

Consolidated Statements of Financial Position - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Goodwill	₽ 9,875,224	₽ 6,954,183
Intangible assets	3,439,959	2,733,417
Property and equipment	466,725	429,744
Equity-accounted investees	129,666	178,847
Right-of-use assets	215,120	279,249
Deferred tax assets	176,328	149,835
Loans issued to equity accounted investees	11,541
Other financial assets	25,491	25,341
Other non-current assets	22,176	22,134
Total non-current assets	14,362,230	10,772,750
Current assets
Trade and other receivables	69,120	57,908
Indemnification asset	186,473
Loans issued to equity-accounted investees (current portion)	8,178
Prepaid expenses and other current assets	179,118	119,249
Cash and cash equivalents	3,367,610	2,089,215
Total current assets	3,810,499	2,266,372
Total assets	18,172,729	13,039,122
Equity
Share capital	8,597	8,547
Share premium	1,987,044	1,863,877
Foreign currency translation reserve	(92,140)	(105,191)
Retained earnings	1,536,137	1,587,697
Total equity attributable to owners of the Company	3,439,638	3,354,930
Non-controlling interest	69,104	33,263
Total equity	3,508,742	3,388,193
Non-current liabilities
Loans and borrowings	7,791,326	4,064,501
Lease liabilities	164,245	230,802
Deferred tax liabilities	658,970	512,804
Trade and other payables	178,607	4,239
Provisions	87,822	19,498
Other non-current liabilities	142,531	126,828
Total non-current liabilities	9,023,501	4,958,672
Current liabilities
Contract liabilities	2,785,402	2,367,416
Trade and other payables	1,273,089	780,219
Loans and borrowings (current portion)	485,100	1,064,554
Lease liabilities (current portion)	77,752	59,816
Income tax payable	401,733	369,974
Provisions (current portion)	578,651	26,398
Other current liabilities	38,759	23,880
Total current liabilities	5,640,486	4,692,257
Total liabilities	14,663,987	9,650,929
Total equity and liabilities	₽ 18,172,729	₽ 13,039,122

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - RUB (₽) ₽ in Thousands		Share capital	Share premium	Currency translation reserve	Retained earnings/(accumulated deficit)	Equity attributable to owners the Company	Non-controlling interests	Total
Adjustment on initial application of IFRS 9 (net of tax)					₽ (2,935)	₽ (2,935)		₽ (2,935)
Adjusted opening balance	[1]	8,547	5,083,498	(92,406)	(3,069,200)	1,930,439	21,874	1,952,313
Beginning balance at Dec. 31, 2017		8,547	5,083,498	(92,406)	(3,066,265)	1,933,374	21,874	1,955,248
Net income for the year					949,307	949,307	83,538	1,032,845	[2]
Other comprehensive income/(loss)				25,449		25,449	(244)	25,205
Management incentive agreement			68,776			68,776		68,776
Reduction of share premium			(3,422,874)		3,422,874
Disposal of subsidiary							4,131	4,131
Distributions to shareholders and non-controlling interest							(79,850)	(79,850)
Ending balance at Dec. 31, 2018	[2]	8,547	1,729,400	(66,957)	1,302,981	2,973,971	29,449	3,003,420
Net income for the year					1,448,018	1,448,018	133,008	1,581,026
Other comprehensive income/(loss)				(39,421)		(39,421)	(2,397)	(41,818)
Management incentive agreement			121,635			121,635		121,635
Share-based payments to Board of Directors			12,842			12,842		12,842
Acquisition of non-controlling interest				1,187	(2,957)	(1,770)	(337)	(2,107)
Distributions to shareholders and non-controlling interest					(1,160,345)	(1,160,345)	(126,460)	(1,286,805)
Ending balance at Dec. 31, 2019		8,547	1,863,877	(105,191)	1,587,697	3,354,930	33,263	3,388,193
Net income for the year					1,748,960	1,748,960	136,865	1,885,825
Other comprehensive income/(loss)				13,051		13,051	2,058	15,109
Shares issued under Management incentive agreement		50				50		50
Management incentive agreement			101,453			101,453		101,453
Share-based payments to Board of Directors			21,714			21,714		21,714
Distributions to shareholders and non-controlling interest					(1,800,520)	(1,800,520)	(103,126)	(1,903,646)
Contribution from non-controlling interest							44	44
Ending balance at Dec. 31, 2020		₽ 8,597	₽ 1,987,044	₽ (92,140)	₽ 1,536,137	₽ 3,439,638	₽ 69,104	₽ 3,508,742
[1]	The Group adopted IFRS 9 at January 1, 2018 using the exemption allowing not to restate comparative information for prior periods with respect to classification and measurement (including impairment) changes. See Note 4.
[2]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018	[1]
OPERATING ACTIVITIES:
Net income for the year	₽ 1,885,825	₽ 1,581,026		₽ 1,032,845
Adjusted for non-cash items and items not affecting cash flow from operating activities:
Depreciation and amortization	750,558	683,317		586,131
Net finance costs	350,216	526,516		553,724
Net foreign exchange (gain)/loss	(83,030)	46,508		8,742
Gain on disposal of subsidiary				(6,131)
Other non-cash items	(5,509)	5,690		1,616
Management incentive agreement, including social taxes	262,647	196,993		78,648
Share-based payments to Board of directors	21,714	12,842
Share of loss of equity-accounted investees, net of income tax	49,181	30,542
Income tax expense	685,772	644,422		509,602
Change in trade receivables and other operating assets	(19,546)	(90,218)		(8,029)
Change in contract liabilities	343,903	307,388		600,469
Change in trade and other payables	161,742	76,418		56,877
Change in other liabilities	17,300	147,685
Income tax paid	(840,021)	(975,655)		(693,803)
Interest paid	(366,179)	(582,420)		(624,003)
Net cash generated from operating activities	3,214,573	2,611,054		2,096,688
INVESTING ACTIVITIES:
Acquisition of subsidiary, net of cash acquired	(3,004,299)
Acquisition of equity-accounted investee		(234,730)
Proceeds from disposal of subsidiary, net of cash disposed of				(10,847)
Acquisition of intangible assets	(77,723)	(97,818)		(134,702)
Acquisition of property and equipment	(178,782)	(381,648)		(119,942)
Loans issued to equity-accounted investees	(19,235)
Interest received	52,432	77,079		90,943
Net cash (used in)/generated from investing activities	(3,227,607)	(637,117)		(174,548)
FINANCING ACTIVITIES:
Bank and other loans received	4,616,478			270,000
Non-convertible bonds issued	4,000,000
Bank loan origination fees	(56,668)
Bank and other loans repaid	(5,397,895)	(1,325,000)		(690,000)
Payment for lease liabilities	(59,737)	(61,376)
Dividends paid to shareholders	(1,885,441)	(1,133,501)
Dividends paid to non-controlling interest	(102,731)	(131,456)		(77,629)
Acquisition of non-controlling interests		(2,107)
Contribution from non-controlling interest	44
Net cash generated from/(used in) financing activities	1,114,050	(2,653,440)		(497,629)
Net increase/(decrease) in cash and cash equivalents	1,101,016	(679,503)		1,424,511
Cash and cash equivalents, beginning of year	2,089,215	2,861,110	[1]	1,416,008
Cash and cash equivalents included in assets held for sale, beginning of year				10,801
Effect of exchange rate changes on cash	177,379	(92,392)		9,790
Cash and cash equivalents, end of year	₽ 3,367,610	₽ 2,089,215		₽ 2,861,110
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Reporting entity

Reporting entity	12 Months Ended
	Dec. 31, 2020
Reporting entity
Reporting entity	1. Reporting entity (a) HeadHunter Group PLC (the “Company”), together with its subsidiaries (the “Group”, “We”, “Our”, “Ours”), is Russia’s leading online recruiting website hh.ru. We help employers and job seekers in Russia connect with each other. We also operate in Belarus, Kazakhstan and other countries. The Company’s registered address is 42 Dositheou Street, Strovolos, Nicosia, Cyprus and business address is 9/10 Godovikova str., Moscow, Russia. The Company changed its name from Zemenik Trading Limited to HeadHunter Group PLC on March 1, 2018. On May 8, 2019 the Group completed the initial public offering of American Depositary Shares, or ADSs. Each ADS represents one ordinary share of the Group. The Group’s existing shareholders have offered 16,304,348 of the Group’s ADSs in this offering. The initial public offering price was $13.50 per ADS. On May 10, 2019 the underwriters exercised their option to purchase 2,445,652 additional ADSs from the existing shareholders at the public offering price, less the underwriting discount. On July 20, 2020 the Group completed the secondary public offering of 5,000,000 ADSs, each representing one ordinary share of the Group, offered by ELQ Investors VIII Limited, an investment vehicle associated with The Goldman Sachs Group, Inc. at a public offering price of $20.25 per share. On August 13, 2020 the underwriters exercised their option to purchase 510,217 additional ADSs from ELQ Investors VIII Limited at the public offering price, less the underwriting discount. After completion of the initial public offering and secondary public offering, Highworld Investments Limited and ELQ Investors VIII Limited collectively have 51.15% of the Group’s voting shares. The ADSs are listed on The Nasdaq Global Select Market under the symbol “HHR” and on Moscow Stock Exchange under the symbol “HHRU”. On June 19, 2019 the Group has obtained a Russian tax residency status. As a Russian tax resident, the Group is subject to the Russian Tax Code requirements. (b) The Group’s operations are primarily located in the Russian Federation. Consequently, the Group is exposed to the economic and financial markets of the Russian Federation, which display the characteristics of an emerging market. The legal, tax and regulatory frameworks continue development, but are subject to varying interpretations and frequent changes which contribute together with other legal and fiscal impediments to the challenges faced by entities operating in the Russian Federation. Starting in 2014, the United States of America, the European Union and some other countries have imposed and expanded economic sanctions against a number of Russian individuals and legal entities. The imposition of the sanctions has led to increased economic uncertainty, including more volatile equity markets, a depreciation of the Russian rouble, a reduction in both local and foreign direct investment inflows and a significant tightening in the availability of credit. As a result, some Russian entities may experience difficulties accessing the international equity and debt markets and may become increasingly dependent on state support for their operations. The longer-term effects of the imposed and possible additional sanctions are difficult to determine. This consolidated financial statements reflect management’s assessment of the impact of the Russian business environment on the operations and the financial position of the Group. The future business environment may differ from management’s assessment. (c) In March 2020, the World Health Organization declared the spread of COVID-19 virus a global pandemic. Measures taken to curb spread of the disease, such as a lock-down in Moscow and a nation-wide period of non-working days, led to a decrease in the number of job postings and the number of new CV database subscriptions in the second quarter of 2020. As a response to the decrease in revenue, we implemented temporary cost-cutting initiatives, including putting all non-essential hiring, capital expenditure, and other expenses on hold. Following easing of restrictions in May 2020, we saw gradual recovery of our KPIs in the third quarter of 2020. Even though the spike in the number of new cases in the fourth quarter of 2020 was comparable to that of a second quarter of 2020, less severe restrictions were in place in Russia, and we did not experience similar decrease in our KPIs in the fourth quarter 2020. We see no specific impact of COVID-19 on our financial position as at December 31, 2020. Recent developments in the first quarter of 2021, as of the date these consolidated financial statements were authorized for issuance, also do not indicate specific impact of COVID-19 on our financial position. Our liquidity analysis based on our recent performance and current estimates shows that we have adequate resources to finance our operations for the foreseeable future. Our financial position, results and liquidity may be affected in the future by any further adverse developments related to COVID-19.

Basis of accounting

Basis of accounting	12 Months Ended
	Dec. 31, 2020
Basis of accounting
Basis of accounting	2. Basis of accounting (a) The Company was incorporated on May 28, 2014 as an investment vehicle of investment funds affiliated with Elbrus Capital Private Equity Fund and Goldman Sachs ESSG. On February 24, 2016 (the “Acquisition Date”) the Company acquired 100% ownership interest in Headhunter FSU Limited, collectively with its subsidiaries referred to as “HeadHunter”, from Mail.Ru Group Limited (LSE: MAIL) (the “Acquisition”). The Company had no material operations before the Acquisition Date and has succeeded to substantially all of the business of HeadHunter after the Acquisition. The Acquisition was accounted for as a business combination using the acquisition method of accounting. (b) These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the International Accounting Standards Board (“IASB”). These consolidated financial statements have not been prepared for the purpose of satisfying the statutory filing requirements of the Company. (c) The financial position of the Group, its cash flows, liquidity position and credit facilities are described in the primary statements and notes of these consolidated financial statements, including note 22 in relation to the long-term loans and borrowings obtained by the Group in order to finance business combinations. In addition, note 26 includes the Group’s policies for managing its liquidity risk. Despite the uncertainties related to the COVID-19 pandemic, management reasonably assumes that the Group has adequate resources to continue its operations without significant disruptions for the foreseeable future, which is at least 12 months from the date when these consolidated financial statements were authorized for issue. Accordingly, they are satisfied that the consolidated financial statements should be prepared on a going concern basis. Please see also Note 1(c). Management believes that there are no significant uncertainties regarding going concern.

Functional and presentation cur

Functional and presentation currency	12 Months Ended
	Dec. 31, 2020
Functional and presentation currency
Functional and presentation currency	3. Functional and presentation currency These consolidated financial statements are presented in Russian Roubles (“RUB”), which is the Company’s functional and presentation currency. Financial information presented in RUB has been rounded to the nearest thousand, except when otherwise indicated.

Changes in significant accounti

Changes in significant accounting policies	12 Months Ended
	Dec. 31, 2020
Changes in significant accounting policies
Changes in significant accounting policies	4. Changes in significant accounting policies Changes applicable from January 1, 2020 The Group applied Definition of a Business (Amendments to IFRS 3) to business combinations whose acquisition dates are on or after 1 January 2020 in assessing whether it had acquired a business or a group of assets. The details of accounting policies are set out in Note 5. See also Note 8 for details of the Group's acquisition of a subsidiary during the year. A number of other amendments to standards are effective from January 1, 2020 but they do not have a material effect on the Group's financial statements . Changes applicable from January 1, 2019 The Group adopted IFRS 16 Leases from January 1, 2019 (see A below). A number of other new standards, amendments and interpretations are effective from January 1, 2019 but they do not have a material effect on the Group’s financial statements. A. IFRS 16 Leases IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments. The Group has applied IFRS 16 using the modified retrospective approach. Accordingly, the comparative information presented for 2018 has not been restated and is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not generally been applied to comparative information. (i) Definition of a lease Previously, the Group determined at contract inception whether an arrangement was, or contained, a lease under IFRIC 4 Determining Whether an Arrangement contains a Lease . The Group now assesses whether a contract is, or contains, a lease based on the new definition of a lease, as explained in Note 5(h). On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases, therefore it applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after January 1, 2019. (ii) As a lessee The Group leases several office premises. As a lessee, the Group previously classified leases as operating leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Group recognizes right-of-use assets and lease liabilities for long-term lease contracts and so these leases are on-balance sheet. However, the Group elected not to recognize right-of-use assets and lease liabilities for short-term leases for office premises. The Group recognized the lease payments associated with these short-term leases as an expense on a straight-line basis over the lease term. The Group presents right-of use assets and lease liabilities in separate lines in the statement of financial position. (iii) Transition Previously, the Group classified leases for office premises as operating leases under IAS 17. At transition, for long-term leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group’s incremental borrowing rate as at January 1, 2019. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The Group applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term. (iv) Impacts on transition On transition to IFRS 16, the Group recognized additional right-of-use assets and additional lease liabilities. The impact on transition is summarized below. January 1, (in thousands of Russian Roubles) 2019 Right-of-use assets 345,051 Lease liabilities (343,455) Prepaid expenses and other current assets (1,596) When measuring lease liabilities for leases that were previously classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at January 1, 2019. The weighted-average rate applied is 10.15%. January 1, (in thousands of Russian Roubles) 2019 Operating lease commitment at December 31, 2018 as disclosed in the Group’s consolidated financial statements 443,292 Discounted using the incremental borrowing rate at January 1, 2019 343,455 Lease liabilities recognised at January 1, 2019 343,455 Changes applicable from January 1, 2018 The Group adopted IFRS 15 Revenue from Contracts with Customers (see B) and IFRS 9 Financial Instruments (see C) on January 1, 2018. B. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced IAS 18 Revenue , IAS 11 Construction Contracts and related interpretations. The most significant impact on revenue recognition relates to our accounting for bundled subscriptions that include access to our CV database and allow customers to display job advertisements. Under IAS 18, the revenue attributable to these components was recognized collectively on a straight-line basis over the term of the bundled subscription arrangement. This is because the services are generally performed concurrently through an indeterminate number of acts and the estimated incremental cost of providing the services is insignificant such that our cost-plus-margin is not impacted if the cap on display of job advertisements is substantive for certain customers. Under IFRS 15 we have determined that the number of job advertisements displayed, an output method, provides the most faithful depiction of the value of the services transferred to customers for this performance obligation when the cap is substantive, which resulted in a deferral of revenue from bundled subscriptions. The Group adopted IFRS 15 using the full retrospective approach, corresponding adjustments were recognized as at January 1, 2017 and December 31, 2017. C. IFRS 9 Financial Instruments IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement. (i) Classification and measurement of financial assets and financial liabilities Information about the Group’s accounting policies relating to classification and measurement of financial assets is described in Note 5(c). (ii) Impairment – Financial assets and contract assets Information about the Group’s accounting policies relating to impairment of financial assets is described in Note 5(g). The following analysis provides further detail about the impact of adopting IFRS 9 on the opening balance. Trade and other receivables The estimated ECLs were calculated based on actual credit loss experience over the past three years. Cash and cash equivalents The estimated impairment on cash and cash equivalents was calculated based on the short maturities of the exposures. The following table summarises the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings. Impact of adopting IFRS 9 on opening (in thousands of Russian Roubles) balance Retained earnings Recognition of expected credit losses under IFRS 9 (net of tax) (2,935) Impact at January 1, 2018 (2,935) The Group has initially applied IFRS 9 at January 1, 2018 using the exemption allowing it not to restate comparative information for prior periods with respect to classification and measurement (including impairment) changes.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Significant accounting policies	5. Significant accounting policies Except as described in Note 4, the accounting policies have been applied consistently throughout the periods presented in these consolidated financial statements. (a) (i) Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group (see (iii) below). The Group measures goodwill at the acquisition date as: · the fair value of the consideration transferred; plus · the recognized amount of any non-controlling interests in the acquiree; plus · if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquire; less · the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. (ii) Non-controlling interests are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. (iv) Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or in accordance with IFRS 9 depending on the level of influence retained. (v) The Group’s interests in equity-accounted investees comprise interests in associates. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognized as goodwill. The goodwill is included within the carrying amount of the investment. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and OCI of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, until the date on which significant influence ceases. Our investments in associate are generally designated as separate CGUs. The recoverable amount of these CGUs is determined based on a value in use calculation using appropriate financial models. (vi) Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) (i) Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising in retranslation are recognized in profit or loss. (ii) The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to RUB at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to RUB at monthly average exchange rates. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve in equity. However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the foreign currency translation difference is allocated to non-controlling interests. When a foreign operation is disposed of, in part or in full, the relevant amount in the foreign currency translation reserve is transferred to profit or loss as part of the profit or loss on disposal. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity in the foreign currency translation reserve. (c) The Group has initially applied IFRS 9 from January 1, 2018. The effect of initially applying IFRS 9 is described in Note 4. (i) Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (ii) Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) – debt investment; FVOCI – equity investment; or fair value through profit or loss (FVTPL). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: · it is held within a business model whose objective is to hold assets to collect contractual cash flows; and · its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: · it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and · its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The financial assets of the Group comprise trade and other receivables and cash and cash equivalents, which are classified as measured at amortized cost. Cash and cash equivalents comprise cash balances and call deposits. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. The Group has not designated any financial liabilities at FVTPL and it has no current intention to do so. (iii) The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss. If a modification (or exchange) does not result in the derecognition of the financial liability the Group applies accounting policy consistent with the requirements for adjusting the gross carrying amount of a financial asset when a modification does not result in the derecognition of the financial asset, i.e. the Group recognises any adjustment to the amortised cost of the financial liability arising from such a modification (or exchange) in profit or loss at the date of the modification (or exchange). The Group performs a quantitative and qualitative evaluation of whether the modification is substantial considering qualitative factors, quantitative factors and combined effect of qualitative and quantitative factors. The Group concludes that the modification is substantial as a result of the following qualitative factors: · change the currency of the financial liability; · change in collateral or other credit enhancement; · inclusion of conversion option; · change in the subordination of the financial liability. For the quantitative assessment the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Changes in cash flows on existing financial assets or financial liabilities are not considered as modification, if they result from existing contractual terms, e.g. changes in interest rates effectively initiated by the Group due to changes in the Central Bank of Russia key rate, if the loan contract entitles the Group to prepay the loan without significant penalty. (iv) Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group currently has a legally enforceable right to set off if that right is not contingent on a future event and enforceable both in the normal course of business and in the event of default, insolvency or bankruptcy of the Group and all counterparties. (d) Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. Dividends Dividends are recognized as a liability in the period in which they are declared. (e) (i) Items of property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment, and are recognized net within ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in profit or loss. (ii) The cost of replacing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred. (iii) Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows:  core systems equipment 2‑5 years  office equipment 2‑5 years  furniture and fixtures 2‑5 years  leasehold improvements 3‑5 years (the shorter of five years or the remaining period of the lease term)  other property and equipment 1‑3 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. (f) (i) Goodwill that arises on the acquisition of subsidiaries is included in intangible assets. For measurement of goodwill, see note 15. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. (ii) Identifiable intangible assets assumed in a business combination are initially recognized at fair value and subsequently measured at initially recognized amount less accumulated amortization and accumulated impairment losses. Such assets include, but are not limited to: brand name “hh.ru” (registered on March 11, 2011 with certificate No 431008), brand name “zarplata.ru” since 2020 (see note 8) (registered on January 19, 2017 with certificate #602175), web-sites, CV databases, and non-contractual customer relationships. (iii) Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditures include direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are recognized in the profit or loss as incurred. Subsequent to initial recognition, capitalised development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. In accordance with the policies above, the Group has capitalised expenditures related to development of the Group’s website software. (iv) Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses. (v) Subsequent expenditures are capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in the profit or loss as incurred. (vi) Amortization is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use since this most closely reflects the expected pattern of consumption of future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows:  CV database 2-10 years  non-contractual customer relationships 5‑10 years  domain names 10 years  patents and trademarks 5-10 years  website software 3 years  corporate, office software, licences and others 1‑3 years Amortization methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. (g) (i) The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12‑month ECLs: · bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowance for trade receivables is always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: · the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or · the financial asset is more than 90 days past due. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12‑month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: · significant financial difficulty of the borrower or issuer; · a breach of contract such as a default or being more than 90 days past due; · the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; · it is probable that the borrower will enter bankruptcy or other financial reorganisation; or · the disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECL in the consolidated statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. (ii) The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to the group of cash-generating units that is expected to benefit from the synergies of the combination. This allocation is subject to an operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal reporting purposes. The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the cash-generating unit to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (h) Leases The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. The details of accounting policies under IAS 17 and IFRIC 4 are disclosed separately. Policy applicable from January 1, 2019 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The policy is applied to contracts entered into, on or after January 1, 2019. At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exericise the purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: · fixed payments, including in-substance fixed payments; · variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; and · the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension period, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise purchase, extension or termination option or if there is a revised in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of use assets and lease liabilities in separate lines in the statement of financial position. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which include renewal options. The Group considers the broader economics of the contract, not only contractual termination payments. If either party has an economic incentive not to terminate the lease such that it would incur a penalty on termination that is more than insignificant, the contract is enforceable beyond the date on which the contract can be terminated. Due to the nature of leased assets and considering the useful life of leasehold improvements the Group analyzed contract arrangements and their economics and has not identified any special termination policies, incentives or renewal options that should impact the lease term. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. Short-term leases The Group has elected not to recognize right-of-use assets and lease liabilities of short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Policy applicable before January 1, 2019 Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. (i) Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments o

Use of estimates and judgments

Use of estimates and judgments	12 Months Ended
	Dec. 31, 2020
Use of estimates and judgments
Use of estimates and judgments	6. Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about areas of estimation uncertainty and judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the notes stated below. (a) estimation uncertainty and critical judgments: · Note 8 “Business combination” – fair values of intangible assets and their estimated useful lives; fair values of income tax and other taxes provisions and related indemnification asset; · Note 13 “Income taxes”, Note 29 “Contingencies” – provisions for income tax and tax contingencies; · Note 16 “Equity-accounted investees” – impairment of investment in associate and determining the fair value of the call option. (b) Other areas of estimation uncertainty and judgments: · Note 15 "Intangible assets and goodwill" - measurement and useful lives of intangible assets identified; goodwill impairment; · Note 5(j) "Revenue" - recognition and measurement of revenue; · Note 24 "Leases" - lease term; · Note 21 “Management incentive agreement” – new grants under option plans. Measurement of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: · Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). · Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Operating segments

Operating segments	12 Months Ended
	Dec. 31, 2020
Operating segments
Operating segments	7. Operating segments (a) Basis for segmentation The chief operating decision-maker (CODM) of the Group is the Board of Directors and the Chief Executive Officer. The CODM reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The Group’s operating segments are based on geography of the Group’s operations. Our operating segments are “Russia”, “Belarus”, “Kazakhstan” and other countries. As each segment other than Russia individually comprises less than 10% of revenue, for reporting purposes we combine all segments other than Russia into “Other segments” category. In December 2020, we acquired 100% share in LLC “Zarplata.ru”, a job classified platform with a strong footprint in certain Russian regions, such as Siberia and the Ural (note 8). Operations of LLC “Zarplata.ru” meet criteria of a reportable operating segment, however, as financial results of LLC “Zarplata.ru” for the period from the acquisition date to December 31, 2020 were not material, they are not included in the statement of income and comprehensive income for the year ended December 31, 2020 and in the ‘Operating segments’ note. (b) Information about reportable segments The CODM assesses the performance of the operating segments based on a measure of Segment Revenue and Segment Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (non-IFRS measure). Information related to each reportable segment is set out below. The Group does not report total assets or total liabilities based on its operating segments. Goodwill is allocated to reportable segments as described in note 15. Intangible assets other than goodwill are primarily related to “Russia” operating segment. For the year ended December 31, 2020 Other Total (in thousands of Russian Roubles) Russia segments segments Unallocated Eliminations Total External revenue 7,724,264 557,843 8,282,107 — — 8,282,107 Inter-segment revenue 3,981 9,587 13,568 — (13,568) — External expenses (3,726,803) (170,367) (3,897,170) (272,412) — (4,169,582) Inter-segment expenses (10,513) (539) (11,052) — 11,052 — Segment EBITDA 3,990,929 396,524 4,387,453 (272,412) (2,516) 4,112,525 For the year ended December 31, 2019 Other Total Russia segments segments Unallocated Eliminations Total External revenue 7,211,762 576,979 7,788,741 — — 7,788,741 Inter-segment revenue 252 10,692 10,944 — (10,944) — External expenses (3,480,172) (202,636) (3,682,808) (94,072) — (3,776,880) Inter-segment expenses (10,806) (378) (11,184) — 11,184 — Segment EBITDA 3,721,036 384,657 4,105,693 (94,072) 240 4,011,861 For the year ended December 31, 2018* Other Total Russia segments segments Unallocated Eliminations Total External revenue 5,700,424 417,349 6,117,773 — — 6,117,773 Inter-segment revenue 92 13,361 13,453 — (13,453) — External expenses (2,991,883) (195,085) (3,186,968) (47,403) — (3,234,371) Inter-segment expenses (13,281) (289) (13,570) — 13,570 — Segment EBITDA 2,695,352 235,336 2,930,688 (47,403) 117 2,883,402 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4. (c) Reconciliation of information on reportable segments to IFRS measures Reconciliation of consolidated profit before income tax to Segment EBITDA of the Group is presented below: For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Consolidated profit before income tax 2,571,597 2,225,448 1,542,447 Adjusted for: Depreciation and amortization 750,558 683,317 586,131 Gain on disposal of subsidiary — — (6,131) Net finance costs 350,216 526,516 553,724 Net foreign exchange (gain) /loss (83,030) 46,508 8,742 IPO-related costs — 190,284 110,043 SPO-related costs 122,940 — — Costs related to acquisition of Zarplata (note 8) 51,665 — — Insurance cover related to IPO 54,772 100,048 — Management incentive agreement (note 21) 262,646 196,993 78,648 Share-based payments to Board of directors, including social taxes 23,597 15,025 — Share of loss of equity-accounted investees (net of income tax) (note 16) 49,181 30,542 — One-off litigation settlements and legal costs — 17,734 — Restructuring costs — 1,541 12,286 Reversal of expected credit loss — — (2,488) Income from depositary (note 25) (41,617) (22,095) — Segment EBITDA (as presented to the CODM) 4,112,525 4,011,861 2,883,402 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. In applying IFRS 16, in relation to the leases that were classified as operating leases, the Group recognizes depreciation and interest costs, instead of operating lease expense (see Note 4(A)). The impact on EBITDA, depreciation and interest costs see in Note 24(iii). Reconciliation of consolidated operating costs and expenses (exclusive of depreciation and amortization) to Segment External expenses of the Group is presented below: For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Consolidated operating costs and expenses (exclusive of depreciation and amortization) 4,691,300 4,300,263 3,432,860 Adjusted for: IPO-related costs — (190,284) (110,043) Insurance cover related to IPO (54,772) (100,048) — SPO-related costs (122,940) — — Costs related to acquisition of Zarplata (note 8) (51,665) — — Management incentive agreement (note 21) (262,646) (196,993) (78,648) Share-based payments to Board of directors, including social taxes (23,597) (15,025) — One-off litigation settlements and legal costs — (17,734) — Restructuring costs — (1,541) (12,286) Reversal of expected credit loss — — 2,488 Other (6,098) (1,758) — Segment External expenses (as presented to the CODM) 4,169,582 3,776,880 3,234,371 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4. (d) Geographical information The geographical information below analyses the Group’s revenue by country of domicile of a customer, including the Group’s principal country of operations and in all foreign countries. For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Russia 7,663,785 7,170,042 5,652,024 All foreign countries 618,322 618,699 465,749 Kazakhstan 256,564 232,990 166,147 Belarus 301,208 343,964 234,389 Other countries 60,550 41,745 65,213 8,282,107 7,788,741 6,117,773 (e) Major customers In all reporting periods no customer represented 10% or more of the Group’s total revenue.

Business combination

Business combination	12 Months Ended
	Dec. 31, 2020
Business combination
Business combination	8. Business combination On December 25, 2020, the Group acquired 100% of the issued charter capital and voting interests of LLC Zarplata.ru (“Zarplata”) from Hearst Shkulev Digital Regional Network B.V. Zarplata is a job classified platform operating in certain Russian regions, such as Siberia and the Urals. It was formed by consolidating local city portals, which has created high local brand recognition and means that Zarplata has a significant share of organic traffic. The management believes that the transaction offers significant synergy potential with an expectation that in the future HeadHunter and Zarplata will align their sales, monetization and marketing strategies as well as product development. Consideration transferred The following table summarises the acquisition date fair value of each major class of consideration transferred: (in thousands of Russian roubles) Cash paid (included in cash flows from investing activities) 3,100,000 Contingent consideration payable 404,706 Total consideration to be transferred 3,504,706 Contingent consideration payable as at acquisition date consists of (a) RUB 216,764 thousand payable subject to customary closing conditions, which were fulfilled and the payment was settled in February 2021, and (b) RUB 187,942 thousand payable over 4-year period subject to certain historical tax risks identified in Zarplata not realized. Based on current assessment of the historical tax risks, as at December 31, 2020 it is probable that the amount payable in item (b) will be settled. We believe that the fair value of consideration stipulated in item (a) approximates its face value, due to its short-term nature. To determine the fair value of the consideration stipulated in item (b), we discounted future cash flows over 4-year period. The fair value of the consideration payable stipulated in item (b) as at acquisition date and reporting date is RUB 187,942 thousand. The undiscounted value of the consideration payable stipulated in item (b) as at acquisition date and reporting date is RUB 203,796 thousand. The Group incurred acquisition-related costs of RUB 51,665 thousand presented by external legal fees and due diligence costs. These costs were included in 'Operating costs and expenses (exclusive of depreciation and amortization)' in the consolidated statement of income and comprehensive income. Identifiable assets acquired and liabilities assumed Management has engaged independent experts to assist the Group in its determination of the fair values of the assets acquired. The table below summarizes preliminary allocations of the consideration to assets acquired and liabilities assumed based on their fair values (provisional accounting). Management is still in the process of finalizing its analysis over the key assumptions used in the determination of the fair values of intangible assets and the resulting impact on the amounts of deferred tax liability and goodwill. All information presented with respect to such assets and liabilities assumed as it relates to these acquisitions is preliminary and subject to revision pending the final fair value analysis. (in thousands of Russian roubles) Assets Intangible assets 1,147,921 Property and equipment 10,601 Deferred tax assets 8,420 Trade and other receivables 6,746 Indemnification asset 186,473 Prepaid expenses and other current assets 42,125 Cash and cash equivalents 95,701 1,497,987 Liabilities Contract liabilities 74,731 Trade and other payables 27,210 Income tax payable 86,695 Provisions 488,646 Deferred tax liability 228,609 905,891 Goodwill 2,912,610 Purchase consideration 3,504,706 Cash outflow related to the acquisition was as follows: Consideration transferred (3,100,000) Cash acquired 95,701 Net cash outflow on acquisition (3,004,299) The goodwill represents potential of Zarplata to further enhance its position in Russian regions, as well as the value of any synergies expected to arise in the future and are not separately recognised. Goodwill is equal to the difference between fair value of net assets acquired in the business acquisition and the purchase consideration transferred. Goodwill is allocated predominantly to Zarplata CGU. Goodwill recognised is not expected to be deductible for income tax purposes. The Group determined the fair value of Zarplata’s software, trademarks, client base, CV database and recognized as intangible assets as RUB 1,147,921 thousand. The fair value of the trade and other receivables amounts to RUB 6,746 thousand. The gross amount of trade receivables is RUB 8,760 thousand and it is expected that the full contractual amounts can be collected. Deferred tax liability represents deferred tax on the temporary difference related to identified intangible assets. The Company identified certain tax risks pertaining to Zarplata.ru and the unfavorable outcome of most of them is assessed as possible, while others are considered as probable. The share purchase agreement commits the seller to reimburse part of the losses incurred, suffered or sustained by the Company in respect of this matter during the four years from the date of the agreement. The Company made a provision for these tax risks, both probable and possible (included in Income tax payable and Provisions) in the amount of RUB 586,100 thousand and a related indemnification asset at fair value in the amount of RUB 186,473 thousand in the net assets as of acquisition and reporting date. If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition identifies adjustments to the above amounts, then the accounting for the acquisition will be revised. If the combination had occurred on January 1, 2020, revenue from continuing operations of the Group for the year ended December 31, 2020 would have been approximately RUB 9,062 million, and profit before tax from continuing operations for the Group would have been approximately RUB 2,562 million. In determining these amounts, management assumed that the fair value adjustments, that arose on the date of acquisition, would have been the same if the acquisition had occurred on January 1, 2020. Measurement of fair values The fair values of the material assets acquired have been calculated using the following valuation techniques (Level 3 of fair value hierarchy): Assets acquired Valuation technique Trademark and domain names Relief-from-royalty method : The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents or trademarks being owned. Non-contractual customer relationships Multi-period excess earnings method : The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets. CV Database Cost method : This approach seeks to determine how much an asset would cost to replace. Websites Cost method : This approach seeks to determine how much an asset would cost to replace. The Group exercised significant judgments in the accounting for the business combination. The most significant judgments related to the determination of fair values of intangible assets and their estimated useful lives as well as fair values of income tax and other taxes provisions and related indemnification asset. In determining of the fair values of the intangible assets management made assumptions on the timing and the amounts of the Zarplata’s future cash flows, applicable growth rates and discount factors, expected attrition rates of the customer relationships and comparable royalty rates for similar businesses. In determining fair values of tax provisions, deferred tax liabilities and indemnification asset management made assumptions in relation to probability, base amounts and applicable rates of taxation. Certain key assumptions are further disclosed in Note 15.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2020
Earnings per share
Earnings per share	9. Earnings per share Basic earnings per share are calculated by dividing net income attributable to the owners of the Company by the weighted average number of ordinary shares of the Company outstanding over the period. On May 8, 2020 the Company issued 317,860 new shares, bringing the total number of issued ordinary shares to 50,317,860, and settled with this issue the 18.75% of the awards which vested on the first anniversary of the IPO under the 2016 HeadHunter Unit Option Plan. See Note 21(a)(i). Diluted earnings per share are calculated by dividing the net income attributable to the owners of the Company by the weighted average number of ordinary shares outstanding over the period plus number of ordinary shares that would be issued if all existing convertible instruments, if any, were converted. Under the 2016 HeadHunter Unit Option Plan, the Company may issue up to 1,271,436 new shares to settle the awards provided by the plan over the period of 4 years from the date of the IPO (see Note 21(a)(i)), of which 317,860 have already been issued and the remaining 953,576 shares may be issued after December 31, 2020. Under the 2018 HeadHunter Unit Option Plan, the Company may issue new shares to settle the awards provided in the plan over the period of 7 years from the grant date (see Note 21(a)(ii)) depending on share price performance; if on December 31, 2020 all units would vest, 368,383 new shares would have been issued. Also, as of December 31, 2020 the Company may issue up to 36,955 new shares over next 3 year period as part of the remuneration of its Board of Directors. Accordingly, 1,358,914 new shares may be issued by the Company in total as of December 31, 2020 in relation to the management incentive and Board of Directors remuneration agreeements (as of December 31, 2019 – 1,514,114, as of December 31, 2018 – nil). For the year ended December 31, (in thousands of Russian Roubles, except number of shares and per share amounts) 2020 2019 2018* Net income attributable to owners of the Company 1,748,960 1,448,018 949,307 Weighted average number of ordinary shares outstanding (note 20) 50,206,696 50,000,000 50,000,000 Effects of dilution from: Share options (weighted average) 1,377,708 956,590 — Weighted average number of ordinary shares outstanding adjusted for the effect of dilution 51,584,404 50,956,590 50,000,000 Earnings per share (in Russian Roubles per share) Basic 34.84 28.96 18.99 Diluted 33.90 28.42 18.99

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue.
Revenue	10. Revenue (a) Disaggregation of revenue from contracts with customers For the year ended December 31, 2020 2019 2018 Other Total Other Total Other Total (in thousands of Russian Roubles) Russia segments segments Russia segments segments Russia segments segments Bundled Subscriptions 2,332,272 40,195 2,372,467 2,154,831 69,120 2,223,951 1,884,557 61,822 1,946,379 CV Database Access 1,538,702 273,543 1,812,245 1,508,085 253,643 1,761,728 1,196,770 204,768 1,401,538 Job Postings 3,134,522 207,703 3,342,225 2,900,678 211,510 3,112,188 2,108,342 119,584 2,227,926 Other VAS 718,768 36,402 755,170 648,168 42,706 690,874 510,755 31,175 541,930 Total revenue 7,724,264 557,843 8,282,107 7,211,762 576,979 7,788,741 5,700,424 417,349 6,117,773 In the following table, revenue from contracts with customers of Russian segment is disaggregated by type of customer account: For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Key Accounts in Russia Moscow and St.Petersburg 2,156,248 1,981,959 1,695,823 Other regions of Russia 815,323 664,649 547,710 Sub-total 2,971,571 2,646,608 2,243,533 Small and Medium Accounts in Russia Moscow and St.Petersburg 2,526,381 2,579,517 2,150,685 Other regions of Russia 1,825,497 1,614,359 1,036,346 Sub-total 4,351,878 4,193,876 3,187,031 Foreign customers of Russia segment 57,822 41,385 31,507 Other customers in Russia 342,993 329,893 238,353 Total for “Russia” operating segment 7,724,264 7,211,762 5,700,424 The revenue arising from non-monetary exchanges of services with customers included in the table above amounted to RUB 43,397 thousand for the year ended December 31, 2020, RUB 50,804 thousand for the year ended December 31, 2019 and RUB 51,254 thousand for the year ended December 31, 2018. (b) Contract balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. As at December 31, (in thousands of Russian Roubles) Note 2020 2019 Receivables, which are included in “Trade and other receivables” 17 61,028 52,462 Contract liabilities 2,785,402 2,367,416 The contract liabilities primarily relate to the advance consideration received from customers for granting access to our CV database and displaying job advertisements on our web site, for which revenue is recognised when performance obligations are met. Increase in contract liabilities is explained primarily by growth of our revenues. The increasing number of contracts with customers and their value translates into increase in prepayments made by customers, thus contract liabilities increase. The amount of RUB 2,196,418 thousand recognised in contract liabilities at the beginning of the year has been recognised as revenue for the year ended December 31, 2020 (for the year ended December 31, 2019 – RUB 1,901,767 thousand). The amount of revenue recognised for the year ended December 31, 2020 from performance obligations satisfied (or partially satisfied) in previous periods is RUB 10,662 thousand (for the year ended December 31, 2019 – RUB 7,208 thousand). This is mainly due to changes in the estimate of the expected usage of job postings in our Bundled Subscriptions. No information is provided about remaining performance obligations at December 31, 2020 that have an original expected duration of one year or less, as allowed by IFRS 15.

Operating costs and expenses (e

Operating costs and expenses (exclusive of depreciation and amortization)	12 Months Ended
	Dec. 31, 2019
Operating costs and expenses (exclusive of depreciation and amortization)
Operating costs and expenses (exclusive of depreciation and amortization)	11. Operating costs and expenses (exclusive of depreciation and amortization) For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Personnel expenses (2,579,958) (2,234,309) (1,717,467) Marketing expenses (1,105,247) (1,046,678) (939,717) Subcontractor and other costs related to provision of services (194,644) (186,337) (188,499) Office rent and maintenance (176,672) (206,501) (241,434) Professional services (335,681) (347,963) (255,362) Insurance services (181,047) (111,251) — Hosting and other website maintenance (46,325) (40,421) (32,825) Other operating expenses (71,726) (126,803) (57,556) Operating costs and expenses (exclusive of depreciation and amortization) (4,691,300) (4,300,263) (3,432,860) * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4. Contributions to state pension funds recognised within “Personnel expenses” amounted to RUB 375,977 thousand for the year ended December 31, 2020, RUB 291,211 thousand for the year ended December 31, 2019 and RUB 212,229 thousand for the year ended December 31, 2018.

Finance income and costs

Finance income and costs	12 Months Ended
	Dec. 31, 2020
Finance income and costs
Finance income and costs	12. Finance income and costs (a) Finance income For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Interest on term deposits 51,857 76,202 90,270 Interest on loans to related parties (notes 16, 30(c)) 947 — — Net gain on financial assets measured at fair value through profit and loss (note 16) 150 — — Other interest income 6,375 562 332 Total finance income 59,329 76,764 90,602 (b) Finance costs For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Interest accrued on bank loan (note 22(a)) (357,377) (559,527) (642,764) Interest accrued on other loan (note 22(c)) — (6,391) (1,562) Interest accrued on non-convertible bonds (note 22(b)) (12,543) — — Interest accrued on lease liabilities (note 24) (26,334) (32,941) — Other interest costs (13,291) (4,421) — Total finance costs (409,545) (603,280) (644,326) * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2020
Income taxes
Income taxes	13. Income taxes (a) Amounts recognized in profit or loss As the Group generates most of its revenues and profits from operations in Russia, the Group’s applicable tax rate is the Russian corporate income tax rate of 20%. For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Current tax expense: Current year (873,925) (923,760) (738,549) Net release/(recognition) of provision for uncertain tax positions 87,968 (336,326) — Total current tax expense (785,957) (1,260,086) (738,549) Deferred tax reversal: Origination and reversal of temporary differences 100,185 168,630 228,947 Reversal of deferred tax on unremitted earnings — 447,034 — Total deferred tax reversal 100,185 615,664 228,947 Total income tax expense (685,772) (644,422) (509,602) In June 2019, the Group reversed its deferred tax liability on unremitted earnings of RUB 447,034 thousand and recognized provision for uncertain tax positions of RUB 447,034 thousand due to change in the parent company tax residency status (see note 1(a)) and applicable income tax rate on dividends and based on the Group interpretations of tax laws. In September and December 2019, the Group partially reversed its provision for uncertain tax positions totaling RUB 110,708 thousand for uncertain tax positions related to the closed tax year. In December 2020 the Group further reversed a part of its provision for uncertain tax positions totaling RUB 92,012 thousand for uncertain tax positions related to the closed tax year. (b) Income tax payable December 31, December 31, (in thousands of Russian roubles) 2020 2019 Current income tax payable 55,921 33,648 Provision for uncertain income tax positions (note 13(a) and 8) 345,812 336,326 Total income tax payable 401,733 369,974 (c) Reconciliation of effective tax rate For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Profit before income tax 2,571,597 2,225,448 1,542,447 Income tax at 20% tax rate (514,319) (445,090) (308,489) Effect of tax rates in foreign jurisdictions 3,878 (23,408) (40,204) Withholding tax on intra-group dividend and unremitted earnings 76,241 60,436 39,879 Non-taxable gain from sale of subsidiary (note 19) — — 766 Unrecognized deferred tax asset (134,495) (113,047) (109,094) Non-deductible interest expense — (18,421) (49,149) Non-deductible expenses related to management incentive agreement (52,465) (35,485) (15,730) Other net non-deductible expense (64,612) (69,407) (27,581) Total income tax expense (685,772) (644,422) (509,602) (d) Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, December 31, (in thousands of Russian roubles) 2020 2019 Deferred tax assets: Unused vacation accruals 11,567 8,614 Employee benefits 30,502 13,323 Contract liabilities 140,143 135,203 Trade and other payables 6,408 7,728 Right-of-use assets and lease liabilities 5,452 4,139 Intangible assets 7,883 — Deferred tax assets netting (25,627) (19,172) Total deferred tax assets 176,328 149,835 Deferred tax liabilities: Property and equipment (4,478) (9,696) Intangible assets (4,918) (9,476) Intangible assets identified on acquisitions (notes 2(a), 8) (658,254) (512,804) Loans and borrowings (16,947) — Deferred tax liabilities netting 25,627 19,172 Total deferred tax liabilities (658,970) (512,804) Net deferred tax liability (482,642) (362,969) Unrecognized deferred tax assets as at December 31, 2020 were RUB 567,835 thousand (as at December 31, 2019 – RUB 433,340 thousand). They relate to tax losses of the Group’s subsidiaries. The tax losses do not expire under current Russian tax legislation. Deferred tax assets have not been recognised in respect of these tax losses because it is not probable that future taxable profit will be available against which the Group’s subsidiaries can utilise the benefits therefrom. (e) Movement in deferred tax balances Effect of Recognized Acquired in movement in January 1, in profit or business exchange December 31, (in thousands of Russian Roubles) 2020 loss combination rates 2020 Property and equipment (9,696) 5,473 (260) 5 (4,478) Intangible assets (522,280) 87,695 (220,725) 21 (655,289) Unused vacation accruals 8,614 2,870 24 59 11,567 Employee benefits 13,323 16,438 731 10 30,502 Contract liabilities 135,203 4,809 — 131 140,143 Trade and other payables 7,728 (1,464) 41 103 6,408 Loans and borrowings — (16,947) — — (16,947) Right-of-use assets and lease liabilities 4,139 1,311 — 2 5,452 Net deferred tax liability (362,969) 100,185 (220,189) 331 (482,642) Effect of Recognized movement in January 1, in profit or exchange December 31, (in thousands of Russian Roubles) 2019 loss rates 2019 Property and equipment (6,895) (2,799) (2) (9,696) Intangible assets (610,144) 87,821 43 (522,280) Unused vacation accruals 7,297 1,384 (67) 8,614 Employee benefits 9,926 3,448 (51) 13,323 Contract liabilities 90,159 45,453 (409) 135,203 Trade and other payables 4,066 3,667 (5) 7,728 Right-of-use assets and lease liabilities — 4,135 4 4,139 Deferred tax on intra-group dividends and unremitted earnings (472,555) 472,555 — — Net deferred tax liability (978,146) 615,664 (487) (362,969)

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2020
Property and equipment
Property and equipment	14. Property and equipment Office Servers equipment, and furniture Leasehold (in thousands of Russian Roubles) computers and other improvements Total Cost Balance at January 1, 2020 174,157 215,484 209,731 599,372 Acquisition through business combinations (note 8) 4,843 5,758 — 10,601 Additions 23,390 77,728 76,125 177,243 Disposals (261) (6,124) — (6,385) Foreign currency translation difference — 189 27 216 Balance at December 31, 2020 202,129 293,035 285,883 781,047 Depreciation Balance at January 1, 2020 64,523 87,468 17,637 169,628 Depreciation for the year 29,809 62,146 58,457 150,412 Disposals (261) (5,604) — (5,865) Foreign currency translation difference — 140 7 147 Balance at December 31, 2020 94,071 144,150 76,101 314,322 Net book value At December 31, 2020 108,058 148,885 209,782 466,725 Office Servers equipment, and furniture Leasehold (in thousands of Russian Roubles) computers and other improvements Total Cost Balance at January 1, 2019 116,596 100,306 29,139 246,041 Additions 65,431 123,152 197,459 386,042 Disposals (7,870) (7,154) (16,796) (31,820) Foreign currency translation difference — (820) (71) (891) Balance at December 31, 2019 174,157 215,484 209,731 599,372 Depreciation Balance at January 1, 2019 43,662 56,234 12,335 112,231 Depreciation for the year 28,507 38,429 18,477 85,413 Disposals (7,646) (6,770) (13,163) (27,579) Foreign currency translation difference — (425) (12) (437) Balance at December 31, 2019 64,523 87,468 17,637 169,628 Net book value At December 31, 2019 109,634 128,016 192,094 429,744

Intangible assets and goodwill

Intangible assets and goodwill	12 Months Ended
	Dec. 31, 2020
Intangible assets and goodwill.
Intangible assets and goodwill	15. Intangible assets and goodwill Non- Other contractual Trademarks Patents software, CV customer and Website and licenses and (in thousands of Russian Roubles) Goodwill database relationships domains software copyrights other Total Cost Balance at January 1, 2020 6,954,183 635,605 2,043,760 1,526,889 163,466 5,735 88,743 11,418,381 Acquisition through business combinations (note 8) 2,912,610 102,308 582,466 375,724 82,549 — 4,874 4,060,531 Additions arising from internal development — — — — 15,040 — — 15,040 Other additions — — — — 10,973 1,588 56,053 68,614 Disposals — — — — (59,545) (874) (72,265) (132,684) Foreign currency translation difference 8,431 — — (176) 25 24 88 8,392 Balance at December 31, 2020 9,875,224 737,913 2,626,226 1,902,437 212,508 6,473 77,493 15,438,274 Amortization Balance at January 1, 2020 — 235,725 783,441 583,022 73,713 4,440 50,440 1,730,781 Amortization for the year — 63,562 204,376 152,559 32,824 2,333 69,309 524,963 Disposals — — — — (59,545) (860) (72,265) (132,670) Foreign currency translation difference — — — (22) — — 37 15 Balance at December 31, 2020 — 299,287 987,817 735,559 46,992 5,913 47,521 2,123,089 Net book value At December 31, 2020 9,875,224 438,626 1,638,409 1,166,878 165,516 560 29,970 13,315,183 Non- Other contractual Trademarks Patents software, CV customer and Website and licenses and (in thousands of Russian Roubles) Goodwill database relationships domains software copyrights other Total Cost Balance at January 1, 2019 6,989,255 635,605 2,043,760 1,519,855 198,620 4,440 53,303 11,444,838 Additions arising from internal development — — — — 31,930 — — 31,930 Other additions — — — 7,115 5,175 1,722 59,983 73,995 Disposals — — — — (72,259) (166) (24,222) (96,647) Foreign currency translation difference (35,072) — — (81) — (261) (321) (35,735) Balance at December 31, 2019 6,954,183 635,605 2,043,760 1,526,889 163,466 5,735 88,743 11,418,381 Amortization Balance at January 1, 2019 — 172,164 579,065 430,630 95,932 2,841 20,346 1,300,978 Amortization for the year — 63,561 204,376 152,411 46,794 1,776 54,621 523,539 Disposals — — — — (69,013) (166) (24,222) (93,401) Foreign currency translation difference — — — (19) — (11) (305) (335) Balance at December 31, 2019 — 235,725 783,441 583,022 73,713 4,440 50,440 1,730,781 Net book value At December 31, 2019 6,954,183 399,880 1,260,319 943,867 89,753 1,295 38,303 9,687,600 Impairment test Goodwill as at December 31, 2020 of RUB 9,875,224 thousand is attributable to the acquisition of 100% ownership interest in HeadHunter in 2016 (see note 2(a)) and the acquisition of 100% ownership interest in Zarplata in 2020 (see note 8). Carrying amount of goodwill allocated to each of the CGUs: December 31, December 31, (in thousands of Russian Roubles) 2020 2019 HeadHunter “Russia” operating segment 6,607,362 6,607,362 HeadHunter “Kazakhstan” operating segment 178,380 164,853 HeadHunter “Belarus” operating segment 176,872 181,968 Zarplata operating segment 2,912,610 — Total goodwill 9,875,224 6,954,183 At December 31, 2020 management estimated the recoverable amount of the Group’s cash-generating units (“CGU”). The recoverable amount of the HeadHunter CGUs represented its fair value less costs of disposal on the basis of quoted prices of Company’s ordinary shares (Level 1) on the estimated portion attributable to each respective CGU. At December 31, 2020 the estimated recoverable amounts of all CGUs exceeded their carrying amounts. No reasonably possible change in the fair value less costs of disposal of CGUs would result in the impairment. The recoverable amount of Zarplata CGU represented its fair value less costs of disposal on the basis of company valuation performed by external appraisers as part of the acquisition accounting (Level 3) close to the end of 2020. The key assumptions used in the fair value estimation represented management’s assessment of future trends in CGU’s business and were based on the relevant external and internal historical data. Cash flows were projected based on past experience, actual operating results and the Group’s five-year business plan and based on the following key assumptions: revenue annual average growth rate, terminal growth rate and discount rate. The pre-tax discount rate applied to the cash flow projections is 15.2% and the terminal growth rate for the free cash flows is 2.5%, while the annual average revenue growth rate in the period 2021-2025 is set in accordance with the past and forecasted industry growth trends and is consistent with the most recent actual performance of the CGU. No reasonable changes in key assumptions used in the estimation lead to the impairment of the CGU as at reporting date.

Equity-accounted investees

Equity-accounted investees	12 Months Ended
	Dec. 31, 2020
Equity-accounted investees
Equity-accounted investees	16. Equity-accounted investees On May 6, 2019, the Group has registered the 25.01% ownership interest in Russian HR technology company LLC “Skilaz” (hereinafter – Skillaz), which automates routine recruiting processes by implementing complex built-to-suit integration projects. The principal place of Skillaz’ business is Russia. The Group has significant influence over Skillaz as the Group has a power to participate in the financial and operating policy decisions through its representation in Skillaz’s General meeting of participants. Thus, the Group’s ownership interest in Skillaz represents an investment in an associate and accounted for it under the equity method starting May 6, 2019. In January 2020 the Group finalised purchase price allocation for Skillaz acquisition. The fair value of the identifiable assets and liabilities of Skillaz at the date of acquisition has been calculated with reference to its value in use (Level 3) and were as follows: Fair (in thousands of Russian Roubles) value Non-current assets 135,059 Current assets 100,714 Non-current liabilities (20,168) Current liabilities (13,158) Total net assets (100%) 202,447 Group’s share of net assets (25.01%) 50,632 The Group also has concluded option contracts to purchase the additional 40.01% ownership interest in LLC “Skilaz”, which are exercisable through the period from June 1, 2020 till June 30, 2021 (the call option). The fair value of the call option has been calculated using the Black Scholes Merton (“BSM”) pricing model as the date of acquisition and at the reporting date (Level 3), taking into account the terms and conditions on which the call option was acquired, and based on the expected business enterprise value at the acquisition date and at the reporting date. The key assumptions used in the estimation of the business enterprise value are consistent with the inputs in the impairment test as disclosed in note 16(i) below. Goodwill on transaction was calculated as the excess of the consideration transferred by the Group over the share in the fair value of the net assets acquired and the fair value of the call option. (in thousands of Russian Roubles) Total Call option 25,341 Group’s share of net assets (25.01%) 50,632 Goodwill 158,757 Cash consideration transferred 234,730 Goodwill related to the associate amounted to RUB 158,757 thousand and is included in the carrying amount of the investment in associate. Goodwill is mainly attributable to the potential of Skillaz to further enhance its position in the Applicants Tracking Systems market, as well as prospects of potential synergies with the Group’s products. The following table summarises the financial information of Skillaz as of December 31, 2020 and December 31, 2019, and for the year ended December 31, 2020 and the period from May 6, 2019 till December 31, 2019, as included in its own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting policies. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Skillaz. December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Percentage ownership interest 25.01 % 25.01 % Non-current assets 73,467 95,717 Current assets 74,005 70,697 Non-current liabilities (49,297) (26,606) Current liabilities (214,493) (59,479) Net assets (100%) (116,318) 80,329 Group’s share of net assets (25.01%) (29,091) 20,090 Goodwill 158,757 158,757 Carrying amount of the Group’s interest in associate 129,666 178,847 Period from May 6, 2019 till Year ended December 31, December 31, 2020 2019 Revenue 152,750 67,701 Loss from continuing operations (100%) (196,647) (122,118) Total comprehensive loss (100%) (196,647) (122,118) Group’s share of total comprehensive loss (25.01%) (49,181) (30,542) The associate had no contingent liabilities or capital commitments as at December 31, 2020 and December 31, 2019. The fair value of the call option is RUB 25,491 thousand as of December 31, 2020 (RUB 25,341 thousand as of December 31, 2019) and presented within line “Other financial assets” in the consolidated statement of financial position. Corresponding gain amounted to RUB 150 thousand for the year ended December 31, 2020 is included in the “Finance income” line in the consolidated statement of income and comprehensive income (for the year ended December 31, 2019 – nil). Key assumptions used in the BSM pricing model were as follows: a) b) As of December 31, 2020 the exercise of the call option was not beneficial for the Group, therefore, the Group has continued to account for the investee under the equity method. Loan issued to Skillaz On June 9, 2020 Headhunter LLC (Russia), the subsidiary of the Group, entered into the loan agreement with Skillaz. According to the agreement, Skillaz borrows RUB 50 million from its shareholders for operating purposes, including RUB 19.2 million from the Group, during year 2020. The loan matures in June 2022. The loan is secured with participation interest in LLC “Skillaz”. December 31, 2020 December 31, 2019 Long-term loans and borrowings: Loan issued 11,541 — Total 11,541 — Current loans and borrowings: Loan issued – current portion 8,178 — Total 8,178 — (i) Impairment test The investment in associate was identified as a separate CGU. The recoverable amount of the CGU represented its value in use, determined by reference to discounted future cash flows generated from the continuing use of the CGU. The key assumptions used in the estimation of the CGU’s recoverable amount represented management’s assessment of future trends in the associate’s business and were based on the relevant external and internal historical data. Cash flows were forecasted based on past experience, actual operating results and the associate’s business plan and based on the following key assumptions: revenue growth rates, EBITDA margin, discount rate, and terminal value growth rate. At December 31, 2020 the estimated recoverable amounts of the CGU exceeded its carrying amounts. Revenue growth rates and EBITDA margin were forecasted taking into account the estimated sales volume and price growth for the next seven years taking into account an uncertainty associated with the start-up business. Management expects that the revenue will grow at a CAGR of 40% from 2020 to 2027. The pre-tax discount rate applied to the cash flow projections is 22.3%, the annual growth rate for the forecasted cash flows after 2027 is 2.9%. Management estimated that a decrease in revenues by 10%, or a decrease in EBITDA by 15%, or an increase in the discount rate by 5 percentage points would not result in impairment of the investment in the associate.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2020
Trade and other receivables
Trade and other receivables	17. Trade and other receivables December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Trade receivables 61,028 52,462 Taxes receivable 2,955 2,647 Receivables from shareholders 50 — Other receivables 5,087 2,799 Total trade and other receivables 69,120 57,908 The Group has recognised allowance for impairment losses of RUB 5,734 thousand and RUB 3,781 thousand as at December 31, 2020 and 2019, respectively, within line “Trade and other receivables” in the consolidated statement of financial position.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents.
Cash and cash equivalents	18. Cash and cash equivalents December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Petty cash 344 860 Bank balances 3,315,485 2,012,424 Call deposits 51,781 75,931 Total cash and cash equivalents 3,367,610 2,089,215 Call deposits represent callable deposits with original maturities of three months or less. The Group’s exposure to interest rate risk and credit risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 26.

Disposal of subsidiary

Disposal of subsidiary	12 Months Ended
	Dec. 31, 2020
Disposal of subsidiary
Disposal of subsidiary	19. Disposal of subsidiary (a) Disposal of HeadHunter LLC (Ukraine) On April 26, 2018 the Group sold its 51% share in its subsidiary HeadHunter LLC (Ukraine), through which the Group has conducted operations in its “Ukraine” operating segment, to the non-controlling shareholders for a consideration (to be received) of RUB 2,624 thousand and recognized a gain on disposal of subsidiary in the amount of RUB 6,131 thousand. Effect of disposal on the financial position of the Group For the year ended December 31, (in thousands of Russian Roubles) 2018 Consideration to be received 2,624 Less net liabilities, including: Assets disposed (19,162) Liabilities disposed 26,756 Total net liabilities 7,594 Less currency translation reserve released on disposal 44 Less non-controlling interest disposed (4,131) Gain on disposal of subsidiary 6,131 Consideration received, satisfied in cash — Cash and cash equivalents disposed of (10,847) Net cash outflow (10,847) The consideration is payable in instalments over the period from October 1, 2020 to March 31, 2023. The discounted amount of the non-current portion of the consideration to be received is presented within “Other non-current assets” in the consolidated financial statements. Results from operations of subsidiary disposed For the year ended (in thousands of Russian Roubles) December 31, 2018 Revenue 16,484 Operating costs and expenses (exclusive of depreciation and amortization) (23,770) Depreciation and amortization (101) Operating (loss)/income (7,387) Net foreign exchange gain 231 (Loss)/profit before income tax (7,156) Income tax recovery/(expense) 670 Net (loss)/income for the year (6,486) Attributable to: Owners of the Company (3,308) Non-controlling interest (3,178)

Capital and reserves

Capital and reserves	12 Months Ended
	Dec. 31, 2020
Capital and reserves
Capital and reserves	20. Capital and reserves (a) Share capital (Number of shares, unless stated otherwise) December 31, December 31, 2020 2019 Number of shares issued 50,317,860 50,000,000 Number of shares authorized 60,000,000 60,000,000 Par value EUR 0.002 EUR 0.002 Share capital, RUB thousands 8,597 8,547 The Company issued 1,000 ordinary shares on May 28, 2014 in exchange for contribution in cash of RUB 47 thousand that were allocated to Share capital and 99,000 ordinary shares on February 24, 2016 in exchange for contribution in cash of RUB 5,000,000 thousand, of which RUB 8,500 thousand were allocated to Share capital and RUB 4,991,500 thousand to Share premium. On March 1, 2018 the Registrar of Companies of Cyprus registered the subdivision of the existing Company’s share capital of 100,000 ordinary shares of EUR 1.00 each into 50,000,000 ordinary shares of EUR 0.002 each. On October 24, 2019, the shareholders approved the increase of the authorized share capital of the Company from 50,000,000 shares to 60,000,000 shares. On May 8, 2020 the Company issued 317,860 new shares under the 2016 HeadHunter Unit Option Plan, bringing the total number of issued ordinary shares to 50,317,860. See Note 21(a)(i). All shares issued are fully paid, except 317,860 shares issued on May 8, 2020, which are not paid as of December 31, 2020, and relevant shareholder receivable of RUB 50 thousand is included in the Trade and other receivables in our consolidated statement of financial position as of December 31, 2020. (b) Ordinary shares The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of shareholders. (c) Share premium On January 29, 2018 the District Court of Nicosia (Cyprus) issued a court order ratifying the reduction of the share premium of the Company by RUB 3,422,874 thousand. On February 16, 2018 the Registrar of Companies of Cyprus registered the reduction of the Group’s share premium by RUB 3,422,874 thousand based on the shareholders resolution and the court order. As at December 31, 2018 the share premium included a contribution of RUB 1,568,626 thousand and an amount of RUB 160,774 thousand attributable to the management incentive agreement (see note 21(a)). As at December 31, 2019 the share premium included a contribution of RUB 1,568,626 thousand and an amount of RUB 295,251 thousand attributable to the management incentive agreement (see note 21(a) and 30(b)). As at December 31, 2020 the share premium included a contribution of RUB 1,568,626 thousand and an amount of RUB 418,418 thousand attributable to the management incentive agreement (see Note 21(a) and Note 30(b)). (d) Distributions to shareholders and non-controlling interest (i) Distributions to shareholders On May 28, 2019 the Board of Directors approved dividend of $0.36 per share for the year ended December 31, 2018, which amounted to $18,000,000 or RUB 1,160,345 thousand. The dividends were paid to shareholders in July 2019. On March 11, 2020 the Board of Directors approved dividends of $0.50 per share for the year ended December 31, 2019, which amounted to $25,000,000 or RUB 1,800,520 thousand. On April 15, 2020 the Board of Directors took the decision to defer the payment of the dividends due to the uncertainty associated with the COVID-19 spread. In August 2020, the Board of Directors resolved to pay this previously announced interim dividend on or before September 10, 2020 as a result of improvement in our revenues and KPIs. Accordingly, the dividends were paid to shareholders in September 2020. (ii) Distributions to non-controlling interest The Group subsidiaries in Kazakhstan and Belarus have declared dividends to the Group and to the non-controlling interest. Dividends declared by these entities to non-controlling shareholders amounted to RUB 103,126 thousand for the year ended December 31, 2020, RUB 126,460 thousand for the year ended December 31, 2019 and RUB 79,850 thousand for the year ended December 31, 2018. Dividends settled by these entities to non-controlling shareholders (including withholding tax) amounted to RUB 102,731 thousand for the year ended December 31, 2020, RUB 131,456 thousand for the year ended December 31, 2019 and RUB 77,629 thousand for the year ended December 31, 2018. (e) Foreign currency translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

Management incentive agreement

Management incentive agreement	12 Months Ended
	Dec. 31, 2020
Management incentive agreement
Management incentive agreement	21. Management incentive agreement (a) Equity-settled awards (i) 2016 HeadHunter Unit Option Plan In 2016, the shareholders of the Group established an incentive program that provides key management of the Group with rights to receive cash payments if a “liquidity event” occurs. “Liquidity event” includes either an Initial Public Offering (hereinafter – “IPO”) or Sale (initial or subsequent) of the Company’s shares by shareholders. The amount of payment is conditional on share price at the date of the liquidity event. In the initial plan the participants of the program were not entitled to receive shares of the Company. The Group has no liability to make cash payments to management, therefore the program was classified by the Group as equity-settled. The following awards were issued as at December 31, 2020: Awards series Number Exercise Fair value of price at grant units Grant date (per unit) date RUB’000 RUB’000 Series 1 801 May 10, 2016 500 160,871 Series 2 20 September 1, 2017 500 25,511 Series 3 15 September 1, 2017 900 15,415 Series 4 12 December 1, 2017 900 13,070 Series 5 8 March 1, 2018 900 8,478 Series 6 14 May 28, 2019 500 27,671 Series 7 20 May 28, 2019 1,250 22,191 A unit is defined in the 2016 HeadHunter Unit Option Plan as 0.005% of net proceeds from a “liquidity event”. The fair value of the awards of Series 1 – Series 5, which were granted before the completion of the IPO, was estimated at the grant date using the Black Scholes Merton (“BSM”) pricing model, taking into account the terms and conditions on which the awards were granted. The fair value of the awards was calculated based on the expected business enterprise value at the grant date. The weighted average assumptions used in the BSM pricing model for grants made were as follows: Awards series Series 1 Series 2 Series 3 Series 4 Series 5 Expected volatility 39 % 39 % 39 % 39 % 39 % Expected dividend yield — — — — — Risk-free interest rate 7.7 % 7.7 % 7.7 % 7.3 % 6.4 % Expected life at grant date (years) 5.66 3.24 3.24 2.99 1.66 Expected volatility was calculated based on actual experience of similar entities that have traded equity instruments. The fair value of the awards of Series 6 – Series 7, which were granted after the completion of the IPO, was estimated at the grant date using the market price of the underlying shares, taking into account the terms and conditions on which the awards were granted. The movement of the awards of Series 1 – 7 were as follows: For the year ended December 31, 2020 2019 Outstanding at beginning of the period (units) 890 886 Granted during the period (units) — 34 Forfeited during the period (units) — (30) Exercised during the period (units) — — Expired during the period (units) — — Outstanding at end of the period (units) 890 890 In April 2018 and March 2019 the Group amended the 2016 HeadHunter Unit Option Plan. In accordance with the amended Plan, if an IPO occurs, 25% of the awards will vest on the date of IPO and will be paid by the shareholders in cash and 18.75% will vest on each of the first, second, third and fourth anniversaries of IPO, and each will be settled in equity by the Company. The modification of the Plan did not change the classification of the awards as equity-settled. The modification of the Plan was not beneficial to most participants of the program who received awards of Series 1. The modification of the Plan was beneficial to the participants who received awards of Series 2 – Series 5. The incremental fair value of RUB 10,815 thousand was calculated as the difference between the fair value of the initial and amended program at the modification date and will be recognized over the modified vesting period. In June 2019, the Group further amended the 2016 HeadHunter Unit Option Plan. As the result of this amendment, the participants of awards of Series 1– Series 7 became unconditionally entitled to additional lump sum payment. This amendment was beneficial to the participants. The fair value of the additional award of RUB 28 million was recognized in the year ended December 31, 2019. As a result of completion of the IPO on May 8, 2019, 25% of the awards of Series 1 – Series 7 were vested and subsequently settled in cash by shareholders, and on the first anniversary of the IPO on May 8, 2020, the 18.75% of the awards of Series 1 - Series 7 were vested and subsequently exercised and settled by the Company in shares. Total employee expenses (excluding social taxes) arising from the 2016 HeadHunter Option Plan amounted to RUB 35,500 thousand for the year ended December 31, 2020, RUB 88,438 thousand for the year ended December 31, 2019 and RUB 68,776 thousand for the year ended December 31, 2018 and are included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in the consolidated statement of income and comprehensive income. The social taxes accrued amounted to RUB 115,974 thousand for the year ended December 31, 2020, which are payable due to change in the parent company tax residency status (see note 1(a)), and are included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in the consolidated statement of income and comprehensive income (for the years ended December 31, 2019 - RUB 40,548 thousand, for the year ended December 31, 2018 – nil). The related liability of RUB 156,522 thousand is presented within ‘Provisions’ in the consolidated statement of financial position (as at December 31, 2019 - RUB 40,548 thousand, as at December 31, 2018 - nil). Uncertainties relate mostly to whether the relationships with the participants of the programmes will be treated as employment in terms of Russian law. (ii) 2018 Unit Option Plan In 2018, the shareholders of the Group established an incentive program that provides key management of the Group with rights to receive shares. The amount of payment is conditional on share price at the vesting date. The share options vest if the average share price exceed the exercise price at the vesting date and the participant remains employed on such date. The awards vest in instalments over the vesting period, being 20% after 3 years in service from the grant date and 20% annually thereafter, resulting in full vesting in 7 years. The programme assumes grant of up to 600 units, and a unit is defined as 0.005% of the number of issued ordinary shares of the Company. The Group has no liability to make cash payments to management, therefore the program is classified by the Group as equity-settled in these consolidated financial statements. The Board of Directors approved the grant of 300 units, 41 units and 33 units on May 28, 2019, March 5, 2020 and May 26, 2020, respectively, under the 2018 Unit Option Plan. Number of Date grant approved by Exercise price Fair value at grant Awards series units the Board of Directors (per unit) date USD RUB’000 Series 1 300 May 28, 2019 13.50 265,394 Series 2 41 March 5, 2020 21.23 30,787 Series 3 33 May 26, 2020 18.92 40,448 The fair value of the awards is estimated at the grant date using a Monte-Carlo simulation model, taking into account the terms and conditions on which the awards were granted. The model simulates the market price of the underlying shares and compares it against the exercise price. The exercise price of the share options is equal to the IPO price. The weighted average assumptions used in the Monte-Carlo pricing model for the for the Series 1 award installments were as follows: Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Expected volatility 43 % 43 % 43 % 43 % 43 % Expected dividend yield 1.53 % 1.53 % 1.53 % 1.53 % 1.53 % Risk-free interest rate 1.74 % 1.77 % 1.80 % 1.86 % 1.92 % Expected life at grant date (years) 3 4 5 6 7 Forfeiture rate 3.39 % 3.39 % 3.39 % 3.39 % 3.39 % Fair value (per unit), in thousands of Russian Roubles 763 859 932 996 1,028 Total fair value, in thousands of Russian Roubles 44,205 49,815 54,036 57,738 59,600 The weighted average assumptions used in the Monte-Carlo pricing model for the Series 2 award installments were as follows: Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Expected volatility 50 % 50 % 50 % 50 % 50 % Expected dividend yield 1.94 % 1.94 % 1.94 % 1.94 % 1.94 % Risk-free interest rate 0.29 % 0.33 % 0.37 % 0.46 % 0.55 % Expected life at grant date (years) 3 4 5 6 7 Forfeiture rate 3.39 % 3.39 % 3.39 % 3.39 % 3.39 % Fair value (per unit), in thousands of Russian Roubles 498 668 802 924 994 Total fair value, in thousands of Russian Roubles 3,946 5,292 6,355 7,319 7,875 The weighted average assumptions used in the Monte-Carlo pricing model for the Series 3 award installments were as follows: Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Expected volatility 50 % 50 % 50 % 50 % 50 % Expected dividend yield 1.85 % 1.85 % 1.85 % 1.85 % 1.85 % Risk-free interest rate 0.22 % 0.27 % 0.32 % 0.42 % 0.51 % Expected life at grant date (years) 3 4 5 6 7 Forfeiture rate 3.39 % 3.39 % 3.39 % 3.39 % 3.39 % Fair value (per unit), in thousands of Russian Roubles 1,008 1,172 1,298 1,404 1,460 Total fair value, in thousands of Russian Roubles 6,428 7,476 8,278 8,954 9,312 Expected volatility is calculated based on actual experience of similar entities that have traded equity instruments. The risk-free interest rate applied is based on U.S. Treasury yield curve in effect at the grant date. The forfeiture rate is based on historical data and current expectations and is not necessarily indicative of forfeiture patterns that may occur. The movement of the awards of Series 1 – 3 were as follows: (number of units) For the year ended December 31, 2020 2019 Outstanding at beginning of the period 300 — Granted during the period 74 300 Forfeited during the period (3) — Outstanding at end of the period 371 300 Total employee expenses (excluding social taxes) arising from the 2018 HeadHunter Option Plan amounted to RUB 65,953 thousand for the year ended December 31, 2020 and RUB 33,196 thousand for the year ended December 31, 2019, and are included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in the consolidated statement of income and comprehensive income. The social taxes accrued amounted to RUB 8,262 thousand for the year ended December 31, 2020 and RUB 1,746 thousand for the year ended December 31, 2019, which are payable due to change in the parent company tax residency status (see note 1(a)), and are included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in the consolidated statement of income and comprehensive income. The related liability of RUB 10,007 thousand is presented within ‘Provisions’ in the consolidated statement of financial position (as at December 31, 2019 - RUB 1,746 thousand). Uncertainties relate mostly to whether the relationships with the participants of the programmes will be treated as employment in terms of Russian law. (b) Cash-settled awards In August 2017 the Group established a cash-settled management incentive program that provides the right to receive cash payments if an IPO or strategic sale (hereinafter – “the event”) occurs. The amount of payment is conditional on share price at the date of the event. The Group has liability to make cash payments, therefore the program is classified by the Group as cash-settled in the consolidated financial statements. The awards vest in instalments over the vesting period, being 50% at the event (Award 1) and 50% after 12 months from the date of the event (Award 2). The fair value of the awards were estimated, at the grant date and at the end of each reporting period until the completion of the IPO, using the Black Scholes Merton (“BSM”) pricing model, taking into account the terms and conditions on which the award was granted. The Award 1 has been vested on May 8, 2019 as a result of completion of the IPO and was settled in May 2019 in the amount of RUB 19,568 thousand. The Award 2 has been vested on May 8, 2020 after 12 months from the date of the IPO and was settled in May 2020 in the amount of RUB 31,381 thousand. As of December 31, 2019 the fair value of the Award 2 is estimated using the average price of the Group’s ordinary shares on the NASDAQ Global Select Market for the period from May 8, 2019 through December 31, 2019 and amounted to RUB 27,269 thousand (as of December 31, 2018 – RUB 15,589 thousand). In July 2020 the Group established a new cash-settled management incentive program that provides the right to receive cash payments in the event of successful secondary public offering. The Group has a liability to make cash payments, and, therefore the program is classified by the Group as cash-settled in these consolidated financial statements. The awards vest in instalments over the vesting period, being 50% at the event (Award 1) and 50% after 12 months from the date of the event (Award 2). The amount of payment is conditional on share price at the vesting date. The Award 1 vested on July 20, 2020 as a result of completion of the SPO and was settled in September 2020 in the amount of RUB 14,029 thousand. As at December 31, 2020 the fair value of the Award 2 amounted to RUB 22,143 thousand. Total employee expenses (excluding social taxes) arising from the cash-settled management incentive program amounted to RUB 31,887 thousand for the year ended December 31, 2020, RUB 29,462 thousand for the year ended December 31, 2019 and RUB 9,872 thousand for the year ended December 31, 2018, and are included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in the consolidated statement of income and comprehensive income. The related liability of RUB 10,337 thousand (as at December 31, 2019 - RUB 23,861 thousand, as at December 31, 2018 – RUB 13,967 thousand) is presented within ‘Current trade and other payables – Payables to employees’ (note 23). The social taxes accrued amounted to RUB 5,071 thousand for the year ended December 31, 2020, which are payable due to change in the parent company tax residency status (see note 1(a)), and are included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in the consolidated statement of income and comprehensive income (for the year ended December 31, 2019 - RUB 3,603 thousand and for the year ended December 31, 2018 – nil). The related liability of RUB 1,561 thousand (as at December 31, 2019 - RUB 3,603 thousand, as at December 31, 2018 – nil) is presented within ‘Provisions’ in the consolidated statement of financial position due to uncertain amount of tax that will be determined based on future share price.

Loans and borrowings

Loans and borrowings	12 Months Ended
	Dec. 31, 2020
Loans and borrowings
Loans and borrowings	22. Loans and borrowings Loans and borrowings of the Group are presented in the table below. December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Long-term loans and borrowings: Bank loan 3,831,270 4,064,501 Non-convertible bonds 3,960,056 Total 7,791,326 4,064,501 Current loans and borrowings: Bank loan – current portion 471,027 1,064,554 Non-convertible bonds – interest 12,584 — Other loan – principal 1,478 — Other loan – interest 11 — Total 485,100 1,064,554 (a) Bank loan The bank loan amounting to RUB 5 billion was obtained by the Group in May 2016 from a major state-owned bank PJSC 'VTB Bank' to finance the acquisition of 100% ownership interest in HeadHunter from Mail.Ru Group Limited (LSE: MAIL). On October 5, 2017 the Group entered into a supplemental agreement which increased the amount of the bank loan facility from RUB 5 billion to RUB 7 billion and distributed RUB 2 billion to shareholders. In August 2020 the Group has signed an amended loan agreement with the PJSC 'VTB Bank', which extended the loan maturity from October 2022 to June 2025 and relaxed performance covenants related to revenue and cash receipts until the middle of 2021. The agreement also provides for an additional facility in the amount of RUB 1 billion to be received on request until May 2021. The Group has not used the additional facility as at December 31, 2020. Change in the loan terms was assessed as modification not resulting in derecognition of the loan, related gain of RUB 5,617 thousand is included in 'Finance income' in the consolidated statement of income and comprehensive income. The major terms of the loan are as follows: · Interest rate: Central Bank of Russia Key Rate + 2%; · Ultimate maturity: June 2025; · Principal financial covenants: the ratio of net debt to EBITDA (as defined in the loan agreement), the ratio of EBITDA to interest expense, the minimum amount of revenue, and the minimum amount of cash sales. As at December 31, 2020 the Group was compliant with all financial and other covenants per the loan agreement. The loan is collateralized with shares of Headhunter LLC (Russia) and Headhunter FSU Limited, the above-mentioned entities being key holding and operating entities of the Group. The loan agreement includes various legal restrictions including change of control provisions, issuance of capital, restructuring, restrictions/consent on limits of shareholder distributions, and sale and purchase of assets. The carrying amounts of the bank loan approximated its fair value at each reporting date. (b) In connection with the acquisition of 100% interest of Zarplata in December 2020, the Group issued interest-bearing non-convertible bonds on Moscow Exchange (MOEX) with nominal value of RUB 4 billion. The Group incurred transaction costs amounted to RUB 40 million representing bank commissions and other 3rd parties services in connection with the issue. The major terms of the bonds are as follows: · Interest rate: 6.45% · Coupon period: 91 days · Call option: callable at end of each coupon period · Ultimate maturity: December 2023 The carrying amounts of the bonds approximated their fair value at the reporting date. (c) Other loan On March 13, 2019, the Group has fully repaid the loan of RUB 270 million which was obtained by the Group in December 2018 from an associate of a non-controlling shareholder with significant influence on the Group as of December 31, 2019. (d) Reconciliation of movements of liabilities to cash flows arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. Payables to/ Bank and Receivables other loans from non- and Dividends controlling borrowings Lease payables to interests (notes 22 (a), liabilities shareholders (note (in thousands of Russian Roubles) 22(b), 22(c)) (note 24) (note 20(d)) 20(d)) Total Balance at January 1, 2020 5,129,055 290,618 — — 5,419,673 Changes from financing cash flows Bank and other loans received 4,616,478 — — — 4,616,478 Non-convertible bonds issued 4,000,000 — — — 4,000,000 Bank loan repaid (5,397,895) — — — (5,397,895) Dividends paid — — (1,885,441) (102,731) (1,988,172) Bank loan origination fees (56,668) — — — (56,668) Repayment of lease liabilities — (59,737) — — (59,737) Contribution from non-controlling interest received — — — 44 44 Total changes from financing cash flows 3,161,915 (59,737) (1,885,441) (102,687) 1,114,050 Other changes not relating to financing cashflows Interest accrued 364,313 26,334 — — 390,647 Interest paid (339,845) (26,334) — — (366,179) New leases, including modifications — 10,754 — — 10,754 Distributions to shareholders and non-controlling interest — — 1,800,520 103,126 1,903,646 Transaction costs related to bond issue (39,012) — — — (39,012) Contribution from non-controlling interest — — — (44) (44) Foreign exchange gain — — 84,921 — 84,921 Foreign currency translation differences — 362 — (395) (33) Total other changes (14,544) 11,116 1,885,441 102,687 1,984,700 Balance at December 31, 2020 8,276,426 241,997 — — 8,518,423 Bank and Dividends other loans Payables to/ and Dividends Receivables from borrowings Lease payables to non-controlling (notes 22(a), liabilities shareholders interests (note (in thousands of Russian Roubles) 22(b), 22(c)) (note 24)* (note 20(d)) 20(d)) Total Balance at January 1, 2019 6,437,616 343,455 — 5,916 6,786,987 Changes from financing cash flows Bank loan repaid (1,055,000) — — — (1,055,000) Other loan repaid (270,000) — — — (270,000) Acquisition of non-controlling interest — — — (2,107) (2,107) Dividends paid — — (1,133,501) (131,456) (1,264,957) Repayment of lease liabilities — (61,376) — — (61,376) Total changes from financing cash flows (1,325,000) (61,376) (1,133,501) (133,563) (2,653,440) Other changes Interest accrued 565,918 32,941 — — 598,859 Interest paid (549,479) (32,941) — — (582,420) New leases, including modifications — 9,147 — — 9,147 Distributions to shareholders and non-controlling interest — — 1,160,345 126,460 1,286,805 Foreign exchange gain — — (26,844) — (26,844) Foreign currency translation differences — (608) — 579 Total other changes 16,439 8,539 1,133,501 127,647 1,286,126 Balance at December 31, 2019 5,129,055 290,618 — — 5,419,673 * Bank and Dividends other loans payables to and non- borrowings controlling (notes 22 (a), interests (note (in thousands of Russian Roubles) 22(b)) 20(d)) Total Balance at January 1, 2018 6,837,293 3,225 6,840,518 Changes from financing cash flows Other loan received 270,000 — 270,000 Bank loan repaid (690,000) — (690,000) Dividends paid — (77,629) (77,629) Total changes from financing cash flows (420,000) (77,629) (497,629) Other changes Interest accrued 644,326 — 644,326 Interest paid (624,003) — (624,003) Foreign currency translation differences — 470 470 Distributions to shareholders and non-controlling interest — 79,850 79,850 Total liability related other changes 20,323 80,320 100,643 Balance at December 31, 2018 6,437,616 5,916 6,443,532

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Trade and other payables	23. Trade and other payables December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Non-current trade and other payables Deferred consideration (note 8) 170,620 — Payables to employees 7,987 4,239 Total 178,607 4,239 Current trade and other payables Taxes payable 497,204 424,322 Trade payables 243,426 111,901 Payables to employees 265,176 214,548 Deferred consideration (note 8) 234,086 — Other payables 33,197 29,448 Total 1,273,089 780,219 The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 26.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	24. Leases The Group leases several office premises. See accounting policy in Notes 4 and 5. (i) Right-of-use assets (in thousands of Russian Roubles) 2020 2019 Balance at January 1 279,249 345,051 Additions to right-of-use assets — 6,391 Modification of right-of-use assets 10,754 2,756 Depreciation charge for the year (75,182) (74,365) Translation difference 299 (584) Balance at December 31 215,120 279,249 (ii) (in thousands of Russian Roubles) 2020 2019 Balance at January 1 290,618 343,455 New leases — 6,391 Modification of leases 10,754 2,756 Interest on lease liabilities 26,334 32,941 Payment of interest on lease liabilities (26,334) (32,941) Payment of lease liabilities (59,737) (61,376) Translation difference 362 (608) Balance at December 31 241,997 290,618 including: Current portion 77,752 59,816 Non-current portion 164,245 230,802 (iii) Amounts recognized in the consolidated statement of income and comprehensive income (in thousands of Russian Roubles) 2020 2019 2018 Leases under IFRS 16 Interest on lease liabilities 26,334 32,941 — Depreciation charge on right-of-use assets 75,182 74,365 — Expenses relating to short-term leases 16,995 16,394 — Total 118,511 123,700 — Operating leases under IAS 17 Lease expense — — 84,638 (iv) Amounts recognized in the consolidated statement of cash flows (in thousands of Russian Roubles) 2020 2019 Total cash outflow for leases 103,065 110,710

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2020
Other liabilities
Other liabilities	25. Other liabilities In connection with IPO, the Group has signed the Deposit Agreement for the five years from May 8, 2019 till May 8, 2024, in accordance with which the Group has received the advance in the amount of RUB 169,780 thousand from the depositary as a consideration for the serving as a sole depositary of the Group’s ADSs during the contract period. In connection with the subsequent public offering in July 2020, the Group has received further contribution from the depositary in the amount of RUB 58,918 thousand for the five years from July 20, 2020 till July 20, 2025. The income is recognized on a straight-line basis over the period of the contract (taking into account the significant financing component) and amounted to RUB 41,617 thousand for the year ended December 31, 2020 and RUB 22,095 thousand for the year ended December 31, 2019. The income is presented in “Other income” in the consolidated statement of income and comprehensive income. The advance is presented in “Other non-current liabilities” and “Other current liabilities” in the consolidated statement of financial position, and a change in the other liabilities relating to the Deposit Agreement of RUB 17,300 thousand (for the year ended December 31, 2019 - RUB 147,685 thousand) is included in “Change in other liabilities” in the consolidated statement of cash flows. December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Non-current other liabilities Advance from depositary 142,531 126,828 Total 142,531 126,828 Current other liabilities Advance from depositary – current portion 38,759 23,880 Total 38,759 23,880

Financial instruments and risk

Financial instruments and risk management	12 Months Ended
	Dec. 31, 2020
Financial instruments and risk management
Financial instruments and risk management	26. Financial instruments and risk management The Group’s principal financial instruments are cash and cash equivalents. Other financial assets and liabilities include borrowings, trade and other receivables and trade and other payables. Substantially all of the financial assets are neither past due nor impaired. (a) Capital management policy The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may make dividend payments to shareholders, return capital to shareholders or issue new shares. According to the bank loan agreement (see note 22(a)), the Group is required to maintain positive net assets in its subsidiaries on unconsolidated level. (b) Credit risk Credit risk is the risk that a counterparty of the Group fails to meet its obligations. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Carrying amount as at December 31, (in thousands of Russian Roubles) 2020 2019 Trade receivables 61,028 52,462 Cash and cash equivalents 3,367,610 2,089,215 Loans issued 19,719 — Total 3,448,357 2,141,677 Trade receivables represent amounts owed by customers to the Group for the services provided. The Group’s customers come from various industries and none of the customers account for more than 10% of the revenues of the Group. Cash and cash equivalents of the Group are primarily kept with Russian banks JSC ‘ALFA-BANK’ (credit ratings: Moody’s – Ba1, S&P – BB+) and PJSC ‘VTB Bank’ (credit ratings: Moody's - Baa3 S&P – A3). The Group limits its exposure to credit risk by holding cash and cash equivalents in the banks with high credit-ratings assigned by international credit-rating agencies. (c) Currency risk The Group’s exposure to the risk of changes in foreign exchange rates related primarily to the net assets of the Group’s subsidiaries denominated in a currency that is different from their functional currency. The functional currencies of Group’s companies are primarily the Russian Rouble (RUB), Belarus Rouble (BYN), and Kazakh Tenge (KZT). The net assets denominated in foreign currency mainly relate to USD-denominated cash balances. The Group’s exposure to foreign currency risk was as follows: December 31, 2020 USD- EUR- RUB- (in thousands of Russian Roubles) denominated denominated denominated Cash and cash equivalents 173,016 930 14,391 Trade and other payables (32,371) (8,063) — Trade and other receivables 6,481 794 — Net exposure 147,126 (6,339) 14,391 December 31, 2019 USD- EUR- BYN- RUB- (in thousands of Russian Roubles) denominated denominated denominated denominated Cash and cash equivalents 627,824 10 4 9,772 Trade and other payables (6,781) (3,154) (253) (102) Net exposure 621,043 (3,144) (249) 9,670 Sensitivity analysis The Group estimates that an appreciation of USD relative to the RUB by 10% would result in RUB 14,713 thousand gain before tax and increase of equity as at December 31, 2020 (as of December 31, 2019 – gain of RUB 62,104 thousand). The Group estimates that an appreciation or depreciation of other currencies would not result in material loss before tax and decrease of equity as at December 31, 2020 and December 31, 2019. The Group limits its exposure to currency risk by denominating substantial monetary assets and liabilities in currencies that match the cash flows generated by the underlying operations of the Group. In respect of monetary assets and liabilities denominated in foreign currencies, the Group’s policy is to ensure that its net exposure is kept to an acceptable level. (d) Interest rate risk Changes in interest rates impact primarily loans and borrowings by changing their future cash flows or fair value (see note 22 (a)). Management does not have a formal policy of determining how much of the Group’s exposure should be to fixed or variable rates. However, at the time of raising new loans or borrowings management uses its judgment to decide whether it believes that a fixed or variable rate would be more favourable to the Group over the expected period until maturity. The Group is exposed to interest risk primarily on its loan from PJSC “VTB Bank”, which bears interest rate equal to Central Bank of Russia Key Rate + 2% as described in Note 22 (a). A reasonably possible increase of Central Bank of Russia Key Rate by 2 percentage points in 2020 would have decreased net income and equity by RUB 89,875 thousand for the year ended December 31, 2020 (RUB 115,834 thousand for the year ended December 31, 2019). (e) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Liabilities of the Group exposed to liquidity risk are mainly consisting of bank loans payable, lease payables and trade and other payables repayable in the period less than one year (see notes 22, 23 and 24). The Group manages liquidity risk by constantly reviewing forecasted cash flows to ensure that the Group has sufficient liquidity to maintain necessary capital expenditures and service the Group’s debt without incurring temporary cash shortfalls. As at December 31, 2020 the Group’s current liabilities exceeded current assets by RUB 1,829,987 thousand. The Group’s current liabilities were mainly represented by contract liabilities of RUB 2,785,402 thousand. Due to the nature of the Group’s business, a substantial portion of customers pay upfront for subscriptions, thus contract liabilities arise. The Group expects that contract liabilities will continue to be significant and thus negative working capital will be maintained in the future periods. Management considers such structure of the working capital acceptable to the Group’s business model. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements. At December 31, 2020 Contractual cash flows Carrying Less than (in thousands of Russian Roubles) amount Total 1 year 1-2 yrs 2-5 yrs Non-derivative financial liabilities Bank loan 4,302,297 5,315,182 752,223 717,226 3,845,733 Non-convertible bonds 3,972,640 4,771,840 257,280 257,280 4,257,280 Other loan 1,488 1,540 1,540 — — Lease liabilities 241,997 274,447 94,775 93,050 86,622 Trade and other payables 954,492 962,358 775,885 67,762 118,711 Total 9,472,914 11,325,367 1,881,703 1,135,318 8,308,346 At December 31, 2019 Contractual cash flows Carrying Less than (in thousands of Russian Roubles) amount Total 1 year 1-2 yrs 2-5 yrs Non-derivative financial liabilities Bank loan 5,129,055 5,800,010 1,472,827 3,136,545 1,190,638 Lease liabilities 290,618 345,663 83,654 89,377 172,632 Trade and other payables 360,136 360,136 355,897 — 4,239 Total: 5,779,809 6,505,809 1,912,378 3,225,922 1,367,509 It is not expected that the cash outflows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

Significant subsidiaries

Significant subsidiaries	12 Months Ended
	Dec. 31, 2020
Significant subsidiaries
Significant subsidiaries	27. Significant subsidiaries Country of December 31, December 31, December 31, incorporation 2020 2019 2018 Headhunter LLC Russia 100 % 100 % 100 % Zarplata.ru LLC (see note 8) Russia 100 % — — Zemenik LLC Russia 100 % 100 % 100 % Headhunter FSU Limited Cyprus 100 % 100 % 100 % Headhunter KZ LLC Kazakhstan 66 % 66 % 66 % 100 Rabot TUT LLC (1) Belarus 50 % 50 % 50 % Vsya rabota LLC (1) Belarus 50 % — — ( 1 ) The Group includes the operations of 100 Rabot TUT LLC and Vsya rabota in its consolidated financial statements because it has the power to direct the operations of the subsidiary at its own discretion and for its own benefit through the representation of the majority of the Board members by the directors of the Company. On July 9, 2020 a new subsidiary "Vsya rabota LLC" in Belarus was established in which the Group owns 50% of the participants rights. The new entity was restructuring the existing business. Shareholders of the new subsidiary and top-management team are the same as those of "100 rabot TUT LLC".

Commitments

Commitments	12 Months Ended
	Dec. 31, 2020
Commitments
Commitments	28. Commitments The Group is committed to incur capital expenditure related to renovation of its office premises of RUB 3,013 thousand (as of December 31, 2019 – RUB 9,648 thousand) and to purchase software in the amount of RUB 5,357 thousand (as at December 31,2019 - nil). These commitments are expected to be settled in 2021.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Contingencies
Contingencies	29. Contingencies (a) Insurance The insurance industry in the Russian Federation is in a developing state and many forms of insurance protection common in other parts of the world are not yet generally available. The Group does not have full coverage for its business interruption or third party liability in respect of damage relating to Group operations, however, it has coverage against claims related to misconduct of its directors and officers. Until the Group obtains adequate insurance coverage, there is a risk that the loss or destruction of certain assets could have a material adverse effect on the Group’s operations and financial position. (b) Taxation contingencies The taxation system in the Russian Federation continues to evolve and is characterised by frequent changes in legislation, official pronouncements and court decisions, which are sometimes contradictory and subject to varying interpretation by different tax authorities. Taxes are subject to review and investigation by a number of authorities, which have the authority to impose severe fines, penalties and interest charges. A tax year generally remains open for review by the tax authorities during the three subsequent calendar years; however, under certain circumstances a tax year may remain open longer. Recent events within the Russian Federation suggest that the tax authorities are taking a more assertive and substance-based position in their interpretation and enforcement of tax legislation. In addition, changes aimed at regulating tax consequences of transactions with foreign companies have been introduced, such as concept of beneficial ownership of income, taxation of controlled foreign companies, tax residency rules, etc. These changes may potentially impact the Group’s tax position and create additional tax risks. This legislation and practice of its application is still evolving and the impact of legislative changes should be considered based on the actual circumstances. All these circumstances may create tax risks in the Russian Federation that are substantially more significant than in other countries. Management believes that it has provided adequately for tax liabilities based on its interpretations of applicable Russian tax legislation, official pronouncements and court decisions. However, the interpretations of the tax authorities and courts, especially due to reform of the supreme courts that are resolving tax disputes, could differ and the effect on these consolidated financial statements, if the authorities were successful in enforcing their interpretations, could be significant. Also, in accordance with latest court practice and recent changes to the Russian tax legislation on unjustified tax benefits there is a risk that tax authorities may successfully challenge the legal form of certain transactions of the Group and apply tax treatment based on the perceived economic substance. Management estimated tax contingencies of approximately RUB 780 million as at December 31, 2020 connected with development of the above mentioned practices and interpretations (as at December 31, 2019 – RUB 871 million).

Related parties

Related parties	12 Months Ended
	Dec. 31, 2020
Related parties
Related parties	30. Related parties Before completion of the initial public offering ("IPO") on May 8, 2019, the Group was controlled by immediate parent HIGHWORLD INVESTMENTS LTD and ultimate parent ELBRUS CAPITAL FUND II, L.P. As of December 31, 2019, as a result of completion of the IPO, HIGHWORLD INVESTMENTS LTD owned 37.499994% of the shares and ELQ Investors VIII Limited owned 24.999996%, and both had significant influence on the Group. As of December 31, 2020, as a result of completion of the SPO on July 20, 2020 as well as issuance of new shares under 2016 HeadHunter Unit Option Plan on May 9, 2020 (see Note 20(a)), HIGHWORLD INVESTMENTS LTD owns 37.263105% of the shares and ELQ Investors VIII Limited owns 13.891253%, and both have significant influence on the Group. (a) Transactions with Key management Key management comprises the Chief Executive Officer, Chief Marketing Officer, Chief Financial Officer, Chief Strategy Officer, Chief Business Development Officer, Chief Product Officer and Chief Commercial Officer, who make all key decisions regarding running the business. Key management received the following remuneration during reporting periods, which is included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in profit or loss: For the years ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Salary and bonus 102,164 116,784 129,194 Management incentive agreement, including related social taxes 224,527 167,004 53,290 Pension contributions 11,469 12,825 13,432 Other social contributions 5,599 6,404 6,824 Total remuneration 343,759 303,017 202,740 (b) Transactions with Board of Directors Starting May 8, 2019, the Board of Directors comprises of nine members, including the three independent directors, who oversee the operations of the Group and supervise the policies of key management and the affairs of the Group. The Board of Directors received the following remuneration during reporting periods, which is included in ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in profit or loss: For the years ended December 31 (in thousands of Russian Roubles) 2020 2019 2018 Cash compensation 30,099 17,281 — Equity awards, including social taxes 23,597 15,025 — Pension contributions 6,238 2,930 — Other social contributions 400 195 — Total remuneration 60,334 35,431 — (c) Transactions with other related parties The Group’s other related party transactions mostly relate to the provision of services to subsidiaries of our shareholders. The Group’s transactions with other related parties are disclosed below. Loans granted Loans received Services provided to to related parties from related parties and received from related parties Amounts Amounts Services Amounts Services Amounts owed by owed to provided to owed by received from owed to related Interest related Interest related related related related (in thousands of Russian Roubles) parties income parties expense parties parties parties parties For the year ended and as of December 31, 2020 Subsidiaries of shareholders exercising significant influence over the Group — — — — 4,621 — 720 688 Minority shareholders — — 1,478 11 — — — — Equity-accounted investee 19,719 947 — — 2,281 1,140 26 — 19,719 947 1,478 11 6,902 1,140 746 688 For the year ended and as of December 31, 2019 Shareholders of the Group — — — — — — 9,309 * — Subsidiaries of shareholders exercising significant influence over the Group — — — — 7,448 — — 270 — — — — 7,448 — 9,309 270 For the year ended and as of December 31, 2018 Shareholders of the Group — — — — — 1,129 — — Subsidiaries of shareholders exercising significant influence over the Group — — — — 2,593 — — 1,478 — — — — 2,593 1,129 — 1,478 * Represents reimbursement of road show expenses incurred by Goldman Sachs & Co. LLC in the course of the Group’s IPO . All related party transactions were made in accordance with contractual terms and conditions agreed between the parties.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2020
Subsequent events
Subsequent events	31. Subsequent events No significant events took place after the reporting date.

New standards and interpretatio

New standards and interpretations not yet adopted	12 Months Ended
	Dec. 31, 2020
New standards and interpretations not yet adopted
New standards and interpretations not yet adopted	32. New standards and interpretations not yet adopted A number of new and amended standards are effective for annual periods beginning after January 1, 2020 and earlier application is permitted; however, the Group has not earlier adopted the new or amended standards in preparing these consolidated financial statements. These new and amended standards are not expected to have a significant impact on the Group’s consolidated financial statements. - Interest Rate Benchmarking Reform (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16). - COVID-19 Related Rent Concessions (Amendment to IFRS 16). - Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37). - Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16). - Reference to the Conceptual Framework (Amendments to IFRS 3). - Classification of Liabilities as Current or Non-current (Amendments to IAS 1). - IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Basis of consolidation	(a) (i) Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group (see (iii) below). The Group measures goodwill at the acquisition date as: · the fair value of the consideration transferred; plus · the recognized amount of any non-controlling interests in the acquiree; plus · if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquire; less · the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. (ii) Non-controlling interests are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. (iv) Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or in accordance with IFRS 9 depending on the level of influence retained. (v) The Group’s interests in equity-accounted investees comprise interests in associates. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognized as goodwill. The goodwill is included within the carrying amount of the investment. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and OCI of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, until the date on which significant influence ceases. Our investments in associate are generally designated as separate CGUs. The recoverable amount of these CGUs is determined based on a value in use calculation using appropriate financial models. (vi) Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Foreign currency	(b) (i) Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising in retranslation are recognized in profit or loss. (ii) The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to RUB at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to RUB at monthly average exchange rates. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve in equity. However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the foreign currency translation difference is allocated to non-controlling interests. When a foreign operation is disposed of, in part or in full, the relevant amount in the foreign currency translation reserve is transferred to profit or loss as part of the profit or loss on disposal. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity in the foreign currency translation reserve.
Financial instruments	(c) The Group has initially applied IFRS 9 from January 1, 2018. The effect of initially applying IFRS 9 is described in Note 4. (i) Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (ii) Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) – debt investment; FVOCI – equity investment; or fair value through profit or loss (FVTPL). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: · it is held within a business model whose objective is to hold assets to collect contractual cash flows; and · its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: · it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and · its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The financial assets of the Group comprise trade and other receivables and cash and cash equivalents, which are classified as measured at amortized cost. Cash and cash equivalents comprise cash balances and call deposits. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. The Group has not designated any financial liabilities at FVTPL and it has no current intention to do so. (iii) The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss. If a modification (or exchange) does not result in the derecognition of the financial liability the Group applies accounting policy consistent with the requirements for adjusting the gross carrying amount of a financial asset when a modification does not result in the derecognition of the financial asset, i.e. the Group recognises any adjustment to the amortised cost of the financial liability arising from such a modification (or exchange) in profit or loss at the date of the modification (or exchange). The Group performs a quantitative and qualitative evaluation of whether the modification is substantial considering qualitative factors, quantitative factors and combined effect of qualitative and quantitative factors. The Group concludes that the modification is substantial as a result of the following qualitative factors: · change the currency of the financial liability; · change in collateral or other credit enhancement; · inclusion of conversion option; · change in the subordination of the financial liability. For the quantitative assessment the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Changes in cash flows on existing financial assets or financial liabilities are not considered as modification, if they result from existing contractual terms, e.g. changes in interest rates effectively initiated by the Group due to changes in the Central Bank of Russia key rate, if the loan contract entitles the Group to prepay the loan without significant penalty. (iv) Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group currently has a legally enforceable right to set off if that right is not contingent on a future event and enforceable both in the normal course of business and in the event of default, insolvency or bankruptcy of the Group and all counterparties.
Share capital	(d) Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. Dividends Dividends are recognized as a liability in the period in which they are declared.
Property and equipment	(e) (i) Items of property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment, and are recognized net within ‘Operating costs and expenses (exclusive of depreciation and amortization)’ in profit or loss. (ii) The cost of replacing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred. (iii) Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows:  core systems equipment 2‑5 years  office equipment 2‑5 years  furniture and fixtures 2‑5 years  leasehold improvements 3‑5 years (the shorter of five years or the remaining period of the lease term)  other property and equipment 1‑3 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.
Intangible assets	(f) (i) Goodwill that arises on the acquisition of subsidiaries is included in intangible assets. For measurement of goodwill, see note 15. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. (ii) Identifiable intangible assets assumed in a business combination are initially recognized at fair value and subsequently measured at initially recognized amount less accumulated amortization and accumulated impairment losses. Such assets include, but are not limited to: brand name “hh.ru” (registered on March 11, 2011 with certificate No 431008), brand name “zarplata.ru” since 2020 (see note 8) (registered on January 19, 2017 with certificate #602175), web-sites, CV databases, and non-contractual customer relationships. (iii) Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditures include direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are recognized in the profit or loss as incurred. Subsequent to initial recognition, capitalised development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. In accordance with the policies above, the Group has capitalised expenditures related to development of the Group’s website software. (iv) Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses. (v) Subsequent expenditures are capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in the profit or loss as incurred. (vi) Amortization is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use since this most closely reflects the expected pattern of consumption of future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows:  CV database 2-10 years  non-contractual customer relationships 5‑10 years  domain names 10 years  patents and trademarks 5-10 years  website software 3 years  corporate, office software, licences and others 1‑3 years Amortization methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.
Impairment	(g) (i) The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12‑month ECLs: · bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowance for trade receivables is always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: · the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or · the financial asset is more than 90 days past due. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12‑month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: · significant financial difficulty of the borrower or issuer; · a breach of contract such as a default or being more than 90 days past due; · the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; · it is probable that the borrower will enter bankruptcy or other financial reorganisation; or · the disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECL in the consolidated statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. (ii) The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to the group of cash-generating units that is expected to benefit from the synergies of the combination. This allocation is subject to an operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal reporting purposes. The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the cash-generating unit to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Leases	(h) Leases The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. The details of accounting policies under IAS 17 and IFRIC 4 are disclosed separately. Policy applicable from January 1, 2019 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The policy is applied to contracts entered into, on or after January 1, 2019. At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exericise the purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: · fixed payments, including in-substance fixed payments; · variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; and · the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension period, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise purchase, extension or termination option or if there is a revised in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of use assets and lease liabilities in separate lines in the statement of financial position. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which include renewal options. The Group considers the broader economics of the contract, not only contractual termination payments. If either party has an economic incentive not to terminate the lease such that it would incur a penalty on termination that is more than insignificant, the contract is enforceable beyond the date on which the contract can be terminated. Due to the nature of leased assets and considering the useful life of leasehold improvements the Group analyzed contract arrangements and their economics and has not identified any special termination policies, incentives or renewal options that should impact the lease term. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. Short-term leases The Group has elected not to recognize right-of-use assets and lease liabilities of short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Policy applicable before January 1, 2019 Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease.
Provisions	(i) Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.
Revenue	(j) Revenue We earn revenue primarily from granting access to our CV database and displaying job advertisements on our web site. The payment terms for most contracts require a full prepayment. Unearned revenues are reported in the consolidated statement of financial position as contract liabilities. Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. CV database access (before August 2020). We grant access to our CV database on a subscription basis for a period of time ranging from one day to twelve months. Revenue is recognized on a straight-line basis over the period of subscription. The Group ceased provision of this type of subscription in August 2020 due to replacement by the CV database access with limited number of contact views . However, revenue from the old service is to be recognised till the end of the subscription periods of all existing contracts, i.e. August 2021. CV database access with limited number of contact views (from August 2020). The Group grants access to CV database and allows customers to open job-seekers contacts capped by a contractually stated limit on a subscription basis for the period of time ranging from one day to twelve months. In such subscriptions revenue is recognized based on the number of CV contacts viewed during the reporting period. The expected number of CV contact views made is estimated based on the historical data for specific categories of customers and is re-measured at each reporting date. Job postings. Customers purchase a certain number of job postings and use them to post job advertisements on our web site when needed. Revenue from each job posting is recognized over the period of display of an advertisement on our web site on a straight-line basis. Bundled subscriptions. In our Bundled Subscriptions the allocation of the consideration received between CV database access component and Job postings component is based on the relative standalone selling prices and expected usage of job postings. The expected usage of job postings in our Bundled Subscriptions is estimated based on the historical data for specific categories of customers and is re-measured at each reporting date. Revenue attributable to CV database access component in the contracts entered before August 2020 is recognized over the period of subscription on a straight-line basis and in the contracts entered starting from August 2020 based on the number of CV contacts viewed during the reporting period. The expected usage of contact views is estimated based on the historical data for specific categories of customers and is re-measured at each reporting date. Revenue attributable to Job postings component is recognized over the period of display of a job posting on our website. Other value-added services (“VAS”). Revenue from other VAS primarily consists of display and context advertising, branded employer pages, online assessment, online education, eventing, as well as premium services for job seekers. Revenue from other value-added services is recognized when the services are rendered. In particular, revenue from cost-per-click advertising is recognized based on the number of impressions or clicks that have occurred over the reporting period, and revenue from time-based advertising is recognized on a straight-line basis over the period of display of a banner on our web site.
Employee benefits	(k) Employee benefits Employee benefits include short-term employee benefits, social taxes, share-based payments and other long-term employee benefits , and are disclosed in ‘Personnel expenses’ in note 11. (i) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or other type of remuneration if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. (ii) Social taxes and State pension fund Social taxes represent the Group’s payments to the State owned defined contribution plan under which an entity pays fixed contributions to the State and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to Russia’s State pension fund, are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. (iii) Share-based payments Equity-settled awards The cost of equity-settled awards is based on the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note 21. The related cost is recognised in ‘Personnel expenses’ (see note 11), together with a corresponding increase in equity (share premium), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled awards at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of income and comprehensive income for a period represents the movement in cumulative expense recognised between the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. Cash-settled awards A liability is recognised for the fair value of cash-settled awards. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in ‘Personnel expenses’ (see note 11). The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using an appropriate valuation model. (iv) Other long-term employee benefits The Group’s net obligation in respect of long-term employee benefits is the amount of future benefits that employees have earned in return for their services in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in profit or loss in the period in which they arise.
Finance income and costs	(l) Finance income and costs Finance income comprises interest income on funds invested on deposit accounts and loans given. Interest income is recognized as it accrues in profit or loss. Finance costs comprise interest expense on loans received, and other expenses related to financial activities. Interest paid is classified as operating activity in the consolidated statements of cash flows. Foreign currency exchange gains and losses are reported on a net basis.
Income tax	(m) Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax the Group takes into account the impact of uncertain tax positions and whether additional taxes, penalties and late-payment interest may be due. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact the tax expense in the period that such a determination is made.
Segment reporting	(n) Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results (see note 7) are reviewed regularly by the Group’s CEO and Board of directors to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the CEO and Board of directors include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Earnings per share	(o) Earnings per share Net income per ordinary share for all periods presented has been determined in accordance with IAS 33 “Earnings per Share”, by dividing income available to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the period.
Basis of measurement	(p) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the liability for cash-settled awards (see note 5(k)(iii)) and the call option (see note 16) which are measured at fair value on each reporting date, and assets acquired and liabilities assumed in the business combination which are measured at fair value at the date of acquisition (see note 8).

Changes in significant accoun_2

Changes in significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Changes in significant accounting policies
Summary of impacts from adoption of IFRS 16	January 1, (in thousands of Russian Roubles) 2019 Right-of-use assets 345,051 Lease liabilities (343,455) Prepaid expenses and other current assets (1,596)
Summary of transition from operating lease commitments to lease liabilities	January 1, (in thousands of Russian Roubles) 2019 Operating lease commitment at December 31, 2018 as disclosed in the Group’s consolidated financial statements 443,292 Discounted using the incremental borrowing rate at January 1, 2019 343,455 Lease liabilities recognised at January 1, 2019 343,455
Disclosure of impact net of tax of transition to IFRS 9 on retained earnings	Impact of adopting IFRS 9 on opening (in thousands of Russian Roubles) balance Retained earnings Recognition of expected credit losses under IFRS 9 (net of tax) (2,935) Impact at January 1, 2018 (2,935)

Operating segments (Tables)

Operating segments (Tables)	12 Months Ended
	Dec. 31, 2020
Operating segments
Schedule of segment EBITDA	For the year ended December 31, 2020 Other Total (in thousands of Russian Roubles) Russia segments segments Unallocated Eliminations Total External revenue 7,724,264 557,843 8,282,107 — — 8,282,107 Inter-segment revenue 3,981 9,587 13,568 — (13,568) — External expenses (3,726,803) (170,367) (3,897,170) (272,412) — (4,169,582) Inter-segment expenses (10,513) (539) (11,052) — 11,052 — Segment EBITDA 3,990,929 396,524 4,387,453 (272,412) (2,516) 4,112,525 For the year ended December 31, 2019 Other Total Russia segments segments Unallocated Eliminations Total External revenue 7,211,762 576,979 7,788,741 — — 7,788,741 Inter-segment revenue 252 10,692 10,944 — (10,944) — External expenses (3,480,172) (202,636) (3,682,808) (94,072) — (3,776,880) Inter-segment expenses (10,806) (378) (11,184) — 11,184 — Segment EBITDA 3,721,036 384,657 4,105,693 (94,072) 240 4,011,861 For the year ended December 31, 2018* Other Total Russia segments segments Unallocated Eliminations Total External revenue 5,700,424 417,349 6,117,773 — — 6,117,773 Inter-segment revenue 92 13,361 13,453 — (13,453) — External expenses (2,991,883) (195,085) (3,186,968) (47,403) — (3,234,371) Inter-segment expenses (13,281) (289) (13,570) — 13,570 — Segment EBITDA 2,695,352 235,336 2,930,688 (47,403) 117 2,883,402 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.
Summary of reconciliation consolidated profit before income tax to Segment EBITDA	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Consolidated profit before income tax 2,571,597 2,225,448 1,542,447 Adjusted for: Depreciation and amortization 750,558 683,317 586,131 Gain on disposal of subsidiary — — (6,131) Net finance costs 350,216 526,516 553,724 Net foreign exchange (gain) /loss (83,030) 46,508 8,742 IPO-related costs — 190,284 110,043 SPO-related costs 122,940 — — Costs related to acquisition of Zarplata (note 8) 51,665 — — Insurance cover related to IPO 54,772 100,048 — Management incentive agreement (note 21) 262,646 196,993 78,648 Share-based payments to Board of directors, including social taxes 23,597 15,025 — Share of loss of equity-accounted investees (net of income tax) (note 16) 49,181 30,542 — One-off litigation settlements and legal costs — 17,734 — Restructuring costs — 1,541 12,286 Reversal of expected credit loss — — (2,488) Income from depositary (note 25) (41,617) (22,095) — Segment EBITDA (as presented to the CODM) 4,112,525 4,011,861 2,883,402 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. In applying IFRS 16, in relation to the leases that were classified as operating leases, the Group recognizes depreciation and interest costs, instead of operating lease expense (see Note 4(A)). The impact on EBITDA, depreciation and interest costs see in Note 24(iii).
Summary of reconciliation of consolidated operating costs and expenses (exclusive of depreciation and amortization) to Segment External expenses	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Consolidated operating costs and expenses (exclusive of depreciation and amortization) 4,691,300 4,300,263 3,432,860 Adjusted for: IPO-related costs — (190,284) (110,043) Insurance cover related to IPO (54,772) (100,048) — SPO-related costs (122,940) — — Costs related to acquisition of Zarplata (note 8) (51,665) — — Management incentive agreement (note 21) (262,646) (196,993) (78,648) Share-based payments to Board of directors, including social taxes (23,597) (15,025) — One-off litigation settlements and legal costs — (17,734) — Restructuring costs — (1,541) (12,286) Reversal of expected credit loss — — 2,488 Other (6,098) (1,758) — Segment External expenses (as presented to the CODM) 4,169,582 3,776,880 3,234,371 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.
Schedule of revenue by geographic location	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Russia 7,663,785 7,170,042 5,652,024 All foreign countries 618,322 618,699 465,749 Kazakhstan 256,564 232,990 166,147 Belarus 301,208 343,964 234,389 Other countries 60,550 41,745 65,213 8,282,107 7,788,741 6,117,773

Business combination (Tables)

Business combination (Tables)	12 Months Ended
	Dec. 31, 2020
Business combination
Summary of the acquisition date fair value of each major class of consideration transferred	(in thousands of Russian roubles) Cash paid (included in cash flows from investing activities) 3,100,000 Contingent consideration payable 404,706 Total consideration to be transferred 3,504,706
Summary allocation of consideration to assets acquired and liabilities assumed based on fair values	(in thousands of Russian roubles) Assets Intangible assets 1,147,921 Property and equipment 10,601 Deferred tax assets 8,420 Trade and other receivables 6,746 Indemnification asset 186,473 Prepaid expenses and other current assets 42,125 Cash and cash equivalents 95,701 1,497,987 Liabilities Contract liabilities 74,731 Trade and other payables 27,210 Income tax payable 86,695 Provisions 488,646 Deferred tax liability 228,609 905,891 Goodwill 2,912,610 Purchase consideration 3,504,706
Schedule of cash outflow related to acquisitions	Consideration transferred (3,100,000) Cash acquired 95,701 Net cash outflow on acquisition (3,004,299)

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings per share
Schedule of earnings per share	For the year ended December 31, (in thousands of Russian Roubles, except number of shares and per share amounts) 2020 2019 2018* Net income attributable to owners of the Company 1,748,960 1,448,018 949,307 Weighted average number of ordinary shares outstanding (note 20) 50,206,696 50,000,000 50,000,000 Effects of dilution from: Share options (weighted average) 1,377,708 956,590 — Weighted average number of ordinary shares outstanding adjusted for the effect of dilution 51,584,404 50,956,590 50,000,000 Earnings per share (in Russian Roubles per share) Basic 34.84 28.96 18.99 Diluted 33.90 28.42 18.99

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue.
Schedule of disaggregation of revenue from contracts with customers	For the year ended December 31, 2020 2019 2018 Other Total Other Total Other Total (in thousands of Russian Roubles) Russia segments segments Russia segments segments Russia segments segments Bundled Subscriptions 2,332,272 40,195 2,372,467 2,154,831 69,120 2,223,951 1,884,557 61,822 1,946,379 CV Database Access 1,538,702 273,543 1,812,245 1,508,085 253,643 1,761,728 1,196,770 204,768 1,401,538 Job Postings 3,134,522 207,703 3,342,225 2,900,678 211,510 3,112,188 2,108,342 119,584 2,227,926 Other VAS 718,768 36,402 755,170 648,168 42,706 690,874 510,755 31,175 541,930 Total revenue 7,724,264 557,843 8,282,107 7,211,762 576,979 7,788,741 5,700,424 417,349 6,117,773 In the following table, revenue from contracts with customers of Russian segment is disaggregated by type of customer account: For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Key Accounts in Russia Moscow and St.Petersburg 2,156,248 1,981,959 1,695,823 Other regions of Russia 815,323 664,649 547,710 Sub-total 2,971,571 2,646,608 2,243,533 Small and Medium Accounts in Russia Moscow and St.Petersburg 2,526,381 2,579,517 2,150,685 Other regions of Russia 1,825,497 1,614,359 1,036,346 Sub-total 4,351,878 4,193,876 3,187,031 Foreign customers of Russia segment 57,822 41,385 31,507 Other customers in Russia 342,993 329,893 238,353 Total for “Russia” operating segment 7,724,264 7,211,762 5,700,424
Summary of receivables, contract assets and contract liabilities from contracts with customers	As at December 31, (in thousands of Russian Roubles) Note 2020 2019 Receivables, which are included in “Trade and other receivables” 17 61,028 52,462 Contract liabilities 2,785,402 2,367,416

Operating costs and expenses _2

Operating costs and expenses (exclusive of depreciation and amortization) (Tables)	12 Months Ended
	Dec. 31, 2020
Operating costs and expenses (exclusive of depreciation and amortization)
Schedule of operating costs and expenses (exclusive of depreciation and amortization)	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Personnel expenses (2,579,958) (2,234,309) (1,717,467) Marketing expenses (1,105,247) (1,046,678) (939,717) Subcontractor and other costs related to provision of services (194,644) (186,337) (188,499) Office rent and maintenance (176,672) (206,501) (241,434) Professional services (335,681) (347,963) (255,362) Insurance services (181,047) (111,251) — Hosting and other website maintenance (46,325) (40,421) (32,825) Other operating expenses (71,726) (126,803) (57,556) Operating costs and expenses (exclusive of depreciation and amortization) (4,691,300) (4,300,263) (3,432,860) * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Finance income and costs (Table

Finance income and costs (Tables)	12 Months Ended
	Dec. 31, 2020
Finance income and costs
Schedule of financial income	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Interest on term deposits 51,857 76,202 90,270 Interest on loans to related parties (notes 16, 30(c)) 947 — — Net gain on financial assets measured at fair value through profit and loss (note 16) 150 — — Other interest income 6,375 562 332 Total finance income 59,329 76,764 90,602
Schedule of financial costs	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018* Interest accrued on bank loan (note 22(a)) (357,377) (559,527) (642,764) Interest accrued on other loan (note 22(c)) — (6,391) (1,562) Interest accrued on non-convertible bonds (note 22(b)) (12,543) — — Interest accrued on lease liabilities (note 24) (26,334) (32,941) — Other interest costs (13,291) (4,421) — Total finance costs (409,545) (603,280) (644,326) *

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income taxes
Schedule of income tax expense	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Current tax expense: Current year (873,925) (923,760) (738,549) Net release/(recognition) of provision for uncertain tax positions 87,968 (336,326) — Total current tax expense (785,957) (1,260,086) (738,549) Deferred tax reversal: Origination and reversal of temporary differences 100,185 168,630 228,947 Reversal of deferred tax on unremitted earnings — 447,034 — Total deferred tax reversal 100,185 615,664 228,947 Total income tax expense (685,772) (644,422) (509,602)
Schedule of income tax payable	December 31, December 31, (in thousands of Russian roubles) 2020 2019 Current income tax payable 55,921 33,648 Provision for uncertain income tax positions (note 13(a) and 8) 345,812 336,326 Total income tax payable 401,733 369,974
Summary of reconciliation of effective tax rate	For the year ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Profit before income tax 2,571,597 2,225,448 1,542,447 Income tax at 20% tax rate (514,319) (445,090) (308,489) Effect of tax rates in foreign jurisdictions 3,878 (23,408) (40,204) Withholding tax on intra-group dividend and unremitted earnings 76,241 60,436 39,879 Non-taxable gain from sale of subsidiary (note 19) — — 766 Unrecognized deferred tax asset (134,495) (113,047) (109,094) Non-deductible interest expense — (18,421) (49,149) Non-deductible expenses related to management incentive agreement (52,465) (35,485) (15,730) Other net non-deductible expense (64,612) (69,407) (27,581) Total income tax expense (685,772) (644,422) (509,602)
Schedule of deferred tax assets and liabilities	December 31, December 31, (in thousands of Russian roubles) 2020 2019 Deferred tax assets: Unused vacation accruals 11,567 8,614 Employee benefits 30,502 13,323 Contract liabilities 140,143 135,203 Trade and other payables 6,408 7,728 Right-of-use assets and lease liabilities 5,452 4,139 Intangible assets 7,883 — Deferred tax assets netting (25,627) (19,172) Total deferred tax assets 176,328 149,835 Deferred tax liabilities: Property and equipment (4,478) (9,696) Intangible assets (4,918) (9,476) Intangible assets identified on acquisitions (notes 2(a), 8) (658,254) (512,804) Loans and borrowings (16,947) — Deferred tax liabilities netting 25,627 19,172 Total deferred tax liabilities (658,970) (512,804) Net deferred tax liability (482,642) (362,969)
Summary of movement in deferred tax balances	Effect of Recognized Acquired in movement in January 1, in profit or business exchange December 31, (in thousands of Russian Roubles) 2020 loss combination rates 2020 Property and equipment (9,696) 5,473 (260) 5 (4,478) Intangible assets (522,280) 87,695 (220,725) 21 (655,289) Unused vacation accruals 8,614 2,870 24 59 11,567 Employee benefits 13,323 16,438 731 10 30,502 Contract liabilities 135,203 4,809 — 131 140,143 Trade and other payables 7,728 (1,464) 41 103 6,408 Loans and borrowings — (16,947) — — (16,947) Right-of-use assets and lease liabilities 4,139 1,311 — 2 5,452 Net deferred tax liability (362,969) 100,185 (220,189) 331 (482,642) Effect of Recognized movement in January 1, in profit or exchange December 31, (in thousands of Russian Roubles) 2019 loss rates 2019 Property and equipment (6,895) (2,799) (2) (9,696) Intangible assets (610,144) 87,821 43 (522,280) Unused vacation accruals 7,297 1,384 (67) 8,614 Employee benefits 9,926 3,448 (51) 13,323 Contract liabilities 90,159 45,453 (409) 135,203 Trade and other payables 4,066 3,667 (5) 7,728 Right-of-use assets and lease liabilities — 4,135 4 4,139 Deferred tax on intra-group dividends and unremitted earnings (472,555) 472,555 — — Net deferred tax liability (978,146) 615,664 (487) (362,969)

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property and equipment
Schedule of property, plant and equipment	Office Servers equipment, and furniture Leasehold (in thousands of Russian Roubles) computers and other improvements Total Cost Balance at January 1, 2020 174,157 215,484 209,731 599,372 Acquisition through business combinations (note 8) 4,843 5,758 — 10,601 Additions 23,390 77,728 76,125 177,243 Disposals (261) (6,124) — (6,385) Foreign currency translation difference — 189 27 216 Balance at December 31, 2020 202,129 293,035 285,883 781,047 Depreciation Balance at January 1, 2020 64,523 87,468 17,637 169,628 Depreciation for the year 29,809 62,146 58,457 150,412 Disposals (261) (5,604) — (5,865) Foreign currency translation difference — 140 7 147 Balance at December 31, 2020 94,071 144,150 76,101 314,322 Net book value At December 31, 2020 108,058 148,885 209,782 466,725 Office Servers equipment, and furniture Leasehold (in thousands of Russian Roubles) computers and other improvements Total Cost Balance at January 1, 2019 116,596 100,306 29,139 246,041 Additions 65,431 123,152 197,459 386,042 Disposals (7,870) (7,154) (16,796) (31,820) Foreign currency translation difference — (820) (71) (891) Balance at December 31, 2019 174,157 215,484 209,731 599,372 Depreciation Balance at January 1, 2019 43,662 56,234 12,335 112,231 Depreciation for the year 28,507 38,429 18,477 85,413 Disposals (7,646) (6,770) (13,163) (27,579) Foreign currency translation difference — (425) (12) (437) Balance at December 31, 2019 64,523 87,468 17,637 169,628 Net book value At December 31, 2019 109,634 128,016 192,094 429,744

Intangible assets and goodwill

Intangible assets and goodwill (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible assets and goodwill.
Schedule of changes in intangible assets	Non- Other contractual Trademarks Patents software, CV customer and Website and licenses and (in thousands of Russian Roubles) Goodwill database relationships domains software copyrights other Total Cost Balance at January 1, 2020 6,954,183 635,605 2,043,760 1,526,889 163,466 5,735 88,743 11,418,381 Acquisition through business combinations (note 8) 2,912,610 102,308 582,466 375,724 82,549 — 4,874 4,060,531 Additions arising from internal development — — — — 15,040 — — 15,040 Other additions — — — — 10,973 1,588 56,053 68,614 Disposals — — — — (59,545) (874) (72,265) (132,684) Foreign currency translation difference 8,431 — — (176) 25 24 88 8,392 Balance at December 31, 2020 9,875,224 737,913 2,626,226 1,902,437 212,508 6,473 77,493 15,438,274 Amortization Balance at January 1, 2020 — 235,725 783,441 583,022 73,713 4,440 50,440 1,730,781 Amortization for the year — 63,562 204,376 152,559 32,824 2,333 69,309 524,963 Disposals — — — — (59,545) (860) (72,265) (132,670) Foreign currency translation difference — — — (22) — — 37 15 Balance at December 31, 2020 — 299,287 987,817 735,559 46,992 5,913 47,521 2,123,089 Net book value At December 31, 2020 9,875,224 438,626 1,638,409 1,166,878 165,516 560 29,970 13,315,183 Non- Other contractual Trademarks Patents software, CV customer and Website and licenses and (in thousands of Russian Roubles) Goodwill database relationships domains software copyrights other Total Cost Balance at January 1, 2019 6,989,255 635,605 2,043,760 1,519,855 198,620 4,440 53,303 11,444,838 Additions arising from internal development — — — — 31,930 — — 31,930 Other additions — — — 7,115 5,175 1,722 59,983 73,995 Disposals — — — — (72,259) (166) (24,222) (96,647) Foreign currency translation difference (35,072) — — (81) — (261) (321) (35,735) Balance at December 31, 2019 6,954,183 635,605 2,043,760 1,526,889 163,466 5,735 88,743 11,418,381 Amortization Balance at January 1, 2019 — 172,164 579,065 430,630 95,932 2,841 20,346 1,300,978 Amortization for the year — 63,561 204,376 152,411 46,794 1,776 54,621 523,539 Disposals — — — — (69,013) (166) (24,222) (93,401) Foreign currency translation difference — — — (19) — (11) (305) (335) Balance at December 31, 2019 — 235,725 783,441 583,022 73,713 4,440 50,440 1,730,781 Net book value At December 31, 2019 6,954,183 399,880 1,260,319 943,867 89,753 1,295 38,303 9,687,600
Schedule of goodwill allocated to CGUs	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 HeadHunter “Russia” operating segment 6,607,362 6,607,362 HeadHunter “Kazakhstan” operating segment 178,380 164,853 HeadHunter “Belarus” operating segment 176,872 181,968 Zarplata operating segment 2,912,610 — Total goodwill 9,875,224 6,954,183

Equity-accounted investees (Tab

Equity-accounted investees (Tables)	12 Months Ended
	Dec. 31, 2020
Equity-accounted investees
Schedule of purchase price allocation	Fair (in thousands of Russian Roubles) value Non-current assets 135,059 Current assets 100,714 Non-current liabilities (20,168) Current liabilities (13,158) Total net assets (100%) 202,447 Group’s share of net assets (25.01%) 50,632
Schedule of cash consideration transferred	(in thousands of Russian Roubles) Total Call option 25,341 Group’s share of net assets (25.01%) 50,632 Goodwill 158,757 Cash consideration transferred 234,730
Summary of financial information of acquired entity, adjusted for fair value adjustments	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Percentage ownership interest 25.01 % 25.01 % Non-current assets 73,467 95,717 Current assets 74,005 70,697 Non-current liabilities (49,297) (26,606) Current liabilities (214,493) (59,479) Net assets (100%) (116,318) 80,329 Group’s share of net assets (25.01%) (29,091) 20,090 Goodwill 158,757 158,757 Carrying amount of the Group’s interest in associate 129,666 178,847 Period from May 6, 2019 till Year ended December 31, December 31, 2020 2019 Revenue 152,750 67,701 Loss from continuing operations (100%) (196,647) (122,118) Total comprehensive loss (100%) (196,647) (122,118) Group’s share of total comprehensive loss (25.01%) (49,181) (30,542)
Schedule of loans to Skllaz	December 31, 2020 December 31, 2019 Long-term loans and borrowings: Loan issued 11,541 — Total 11,541 — Current loans and borrowings: Loan issued – current portion 8,178 — Total 8,178 —

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other receivables
Schedule of trade and receivables	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Trade receivables 61,028 52,462 Taxes receivable 2,955 2,647 Receivables from shareholders 50 — Other receivables 5,087 2,799 Total trade and other receivables 69,120 57,908

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents.
Schedule of cash and cash equivalents	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Petty cash 344 860 Bank balances 3,315,485 2,012,424 Call deposits 51,781 75,931 Total cash and cash equivalents 3,367,610 2,089,215

Disposal of subsidiary (Tables)

Disposal of subsidiary (Tables) - HeadHunter LLC (Ukraine)	12 Months Ended
	Dec. 31, 2020
Disposal of subsidiary
Schedule of the effect of disposal on the financial position of the Group	For the year ended December 31, (in thousands of Russian Roubles) 2018 Consideration to be received 2,624 Less net liabilities, including: Assets disposed (19,162) Liabilities disposed 26,756 Total net liabilities 7,594 Less currency translation reserve released on disposal 44 Less non-controlling interest disposed (4,131) Gain on disposal of subsidiary 6,131 Consideration received, satisfied in cash — Cash and cash equivalents disposed of (10,847) Net cash outflow (10,847)
Schedule of results from operations of subsidiary disposed	For the year ended (in thousands of Russian Roubles) December 31, 2018 Revenue 16,484 Operating costs and expenses (exclusive of depreciation and amortization) (23,770) Depreciation and amortization (101) Operating (loss)/income (7,387) Net foreign exchange gain 231 (Loss)/profit before income tax (7,156) Income tax recovery/(expense) 670 Net (loss)/income for the year (6,486) Attributable to: Owners of the Company (3,308) Non-controlling interest (3,178)

Capital and reserves (Tables)

Capital and reserves (Tables)	12 Months Ended
	Dec. 31, 2020
Capital and reserves
Schedule of share capital	(Number of shares, unless stated otherwise) December 31, December 31, 2020 2019 Number of shares issued 50,317,860 50,000,000 Number of shares authorized 60,000,000 60,000,000 Par value EUR 0.002 EUR 0.002 Share capital, RUB thousands 8,597 8,547

Management incentive agreement

Management incentive agreement (Tables)	12 Months Ended
	Dec. 31, 2020
2016 HeadHunter Unit Option Plan
Management incentive agreement
Summary of awards issued	The following awards were issued as at December 31, 2020: Awards series Number Exercise Fair value of price at grant units Grant date (per unit) date RUB’000 RUB’000 Series 1 801 May 10, 2016 500 160,871 Series 2 20 September 1, 2017 500 25,511 Series 3 15 September 1, 2017 900 15,415 Series 4 12 December 1, 2017 900 13,070 Series 5 8 March 1, 2018 900 8,478 Series 6 14 May 28, 2019 500 27,671 Series 7 20 May 28, 2019 1,250 22,191
Schedule of weighted average valuation assumptions	The weighted average assumptions used in the BSM pricing model for grants made were as follows: Awards series Series 1 Series 2 Series 3 Series 4 Series 5 Expected volatility 39 % 39 % 39 % 39 % 39 % Expected dividend yield — — — — — Risk-free interest rate 7.7 % 7.7 % 7.7 % 7.3 % 6.4 % Expected life at grant date (years) 5.66 3.24 3.24 2.99 1.66
Summary of movement of awards	The movement of the awards of Series 1 – 7 were as follows: For the year ended December 31, 2020 2019 Outstanding at beginning of the period (units) 890 886 Granted during the period (units) — 34 Forfeited during the period (units) — (30) Exercised during the period (units) — — Expired during the period (units) — — Outstanding at end of the period (units) 890 890
2018 HeadHunter Unit Option Plan
Management incentive agreement
Summary of awards issued	Number of Date grant approved by Exercise price Fair value at grant Awards series units the Board of Directors (per unit) date USD RUB’000 Series 1 300 May 28, 2019 13.50 265,394 Series 2 41 March 5, 2020 21.23 30,787 Series 3 33 May 26, 2020 18.92 40,448
Schedule of weighted average valuation assumptions	The weighted average assumptions used in the Monte-Carlo pricing model for the for the Series 1 award installments were as follows: Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Expected volatility 43 % 43 % 43 % 43 % 43 % Expected dividend yield 1.53 % 1.53 % 1.53 % 1.53 % 1.53 % Risk-free interest rate 1.74 % 1.77 % 1.80 % 1.86 % 1.92 % Expected life at grant date (years) 3 4 5 6 7 Forfeiture rate 3.39 % 3.39 % 3.39 % 3.39 % 3.39 % Fair value (per unit), in thousands of Russian Roubles 763 859 932 996 1,028 Total fair value, in thousands of Russian Roubles 44,205 49,815 54,036 57,738 59,600 The weighted average assumptions used in the Monte-Carlo pricing model for the Series 2 award installments were as follows: Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Expected volatility 50 % 50 % 50 % 50 % 50 % Expected dividend yield 1.94 % 1.94 % 1.94 % 1.94 % 1.94 % Risk-free interest rate 0.29 % 0.33 % 0.37 % 0.46 % 0.55 % Expected life at grant date (years) 3 4 5 6 7 Forfeiture rate 3.39 % 3.39 % 3.39 % 3.39 % 3.39 % Fair value (per unit), in thousands of Russian Roubles 498 668 802 924 994 Total fair value, in thousands of Russian Roubles 3,946 5,292 6,355 7,319 7,875 The weighted average assumptions used in the Monte-Carlo pricing model for the Series 3 award installments were as follows: Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Expected volatility 50 % 50 % 50 % 50 % 50 % Expected dividend yield 1.85 % 1.85 % 1.85 % 1.85 % 1.85 % Risk-free interest rate 0.22 % 0.27 % 0.32 % 0.42 % 0.51 % Expected life at grant date (years) 3 4 5 6 7 Forfeiture rate 3.39 % 3.39 % 3.39 % 3.39 % 3.39 % Fair value (per unit), in thousands of Russian Roubles 1,008 1,172 1,298 1,404 1,460 Total fair value, in thousands of Russian Roubles 6,428 7,476 8,278 8,954 9,312
Summary of movement of awards	The movement of the awards of Series 1 – 3 were as follows: (number of units) For the year ended December 31, 2020 2019 Outstanding at beginning of the period 300 — Granted during the period 74 300 Forfeited during the period (3) — Outstanding at end of the period 371 300

Loans and borrowings (Tables)

Loans and borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Loans and borrowings
Schedule of loans and borrowings	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Long-term loans and borrowings: Bank loan 3,831,270 4,064,501 Non-convertible bonds 3,960,056 Total 7,791,326 4,064,501 Current loans and borrowings: Bank loan – current portion 471,027 1,064,554 Non-convertible bonds – interest 12,584 — Other loan – principal 1,478 — Other loan – interest 11 — Total 485,100 1,064,554
Summary of reconciliation of liabilities arising from financing activities	Payables to/ Bank and Receivables other loans from non- and Dividends controlling borrowings Lease payables to interests (notes 22 (a), liabilities shareholders (note (in thousands of Russian Roubles) 22(b), 22(c)) (note 24) (note 20(d)) 20(d)) Total Balance at January 1, 2020 5,129,055 290,618 — — 5,419,673 Changes from financing cash flows Bank and other loans received 4,616,478 — — — 4,616,478 Non-convertible bonds issued 4,000,000 — — — 4,000,000 Bank loan repaid (5,397,895) — — — (5,397,895) Dividends paid — — (1,885,441) (102,731) (1,988,172) Bank loan origination fees (56,668) — — — (56,668) Repayment of lease liabilities — (59,737) — — (59,737) Contribution from non-controlling interest received — — — 44 44 Total changes from financing cash flows 3,161,915 (59,737) (1,885,441) (102,687) 1,114,050 Other changes not relating to financing cashflows Interest accrued 364,313 26,334 — — 390,647 Interest paid (339,845) (26,334) — — (366,179) New leases, including modifications — 10,754 — — 10,754 Distributions to shareholders and non-controlling interest — — 1,800,520 103,126 1,903,646 Transaction costs related to bond issue (39,012) — — — (39,012) Contribution from non-controlling interest — — — (44) (44) Foreign exchange gain — — 84,921 — 84,921 Foreign currency translation differences — 362 — (395) (33) Total other changes (14,544) 11,116 1,885,441 102,687 1,984,700 Balance at December 31, 2020 8,276,426 241,997 — — 8,518,423 Bank and Dividends other loans Payables to/ and Dividends Receivables from borrowings Lease payables to non-controlling (notes 22(a), liabilities shareholders interests (note (in thousands of Russian Roubles) 22(b), 22(c)) (note 24)* (note 20(d)) 20(d)) Total Balance at January 1, 2019 6,437,616 343,455 — 5,916 6,786,987 Changes from financing cash flows Bank loan repaid (1,055,000) — — — (1,055,000) Other loan repaid (270,000) — — — (270,000) Acquisition of non-controlling interest — — — (2,107) (2,107) Dividends paid — — (1,133,501) (131,456) (1,264,957) Repayment of lease liabilities — (61,376) — — (61,376) Total changes from financing cash flows (1,325,000) (61,376) (1,133,501) (133,563) (2,653,440) Other changes Interest accrued 565,918 32,941 — — 598,859 Interest paid (549,479) (32,941) — — (582,420) New leases, including modifications — 9,147 — — 9,147 Distributions to shareholders and non-controlling interest — — 1,160,345 126,460 1,286,805 Foreign exchange gain — — (26,844) — (26,844) Foreign currency translation differences — (608) — 579 Total other changes 16,439 8,539 1,133,501 127,647 1,286,126 Balance at December 31, 2019 5,129,055 290,618 — — 5,419,673 * The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4. Bank and Dividends other loans payables to and non- borrowings controlling (notes 22 (a), interests (note (in thousands of Russian Roubles) 22(b)) 20(d)) Total Balance at January 1, 2018 6,837,293 3,225 6,840,518 Changes from financing cash flows Other loan received 270,000 — 270,000 Bank loan repaid (690,000) — (690,000) Dividends paid — (77,629) (77,629) Total changes from financing cash flows (420,000) (77,629) (497,629) Other changes Interest accrued 644,326 — 644,326 Interest paid (624,003) — (624,003) Foreign currency translation differences — 470 470 Distributions to shareholders and non-controlling interest — 79,850 79,850 Total liability related other changes 20,323 80,320 100,643 Balance at December 31, 2018 6,437,616 5,916 6,443,532

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Schedule of trade and other payables	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Non-current trade and other payables Deferred consideration (note 8) 170,620 — Payables to employees 7,987 4,239 Total 178,607 4,239 Current trade and other payables Taxes payable 497,204 424,322 Trade payables 243,426 111,901 Payables to employees 265,176 214,548 Deferred consideration (note 8) 234,086 — Other payables 33,197 29,448 Total 1,273,089 780,219

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Summary of changes in right-of-use assets	(in thousands of Russian Roubles) 2020 2019 Balance at January 1 279,249 345,051 Additions to right-of-use assets — 6,391 Modification of right-of-use assets 10,754 2,756 Depreciation charge for the year (75,182) (74,365) Translation difference 299 (584) Balance at December 31 215,120 279,249
Summary of changes in lease liabilities	(in thousands of Russian Roubles) 2020 2019 Balance at January 1 290,618 343,455 New leases — 6,391 Modification of leases 10,754 2,756 Interest on lease liabilities 26,334 32,941 Payment of interest on lease liabilities (26,334) (32,941) Payment of lease liabilities (59,737) (61,376) Translation difference 362 (608) Balance at December 31 241,997 290,618 including: Current portion 77,752 59,816 Non-current portion 164,245 230,802
Summary of information about lease costs recognized	(iii) Amounts recognized in the consolidated statement of income and comprehensive income (in thousands of Russian Roubles) 2020 2019 2018 Leases under IFRS 16 Interest on lease liabilities 26,334 32,941 — Depreciation charge on right-of-use assets 75,182 74,365 — Expenses relating to short-term leases 16,995 16,394 — Total 118,511 123,700 — Operating leases under IAS 17 Lease expense — — 84,638 (iv) Amounts recognized in the consolidated statement of cash flows (in thousands of Russian Roubles) 2020 2019 Total cash outflow for leases 103,065 110,710

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other liabilities
Schedule of other liabilities	December 31, December 31, (in thousands of Russian Roubles) 2020 2019 Non-current other liabilities Advance from depositary 142,531 126,828 Total 142,531 126,828 Current other liabilities Advance from depositary – current portion 38,759 23,880 Total 38,759 23,880

Financial instruments and ris_2

Financial instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2020
Financial instruments and risk management
Schedule of maximum exposure to credit risk	Carrying amount as at December 31, (in thousands of Russian Roubles) 2020 2019 Trade receivables 61,028 52,462 Cash and cash equivalents 3,367,610 2,089,215 Loans issued 19,719 — Total 3,448,357 2,141,677
Schedule of exposure to foreign currency risk	December 31, 2020 USD- EUR- RUB- (in thousands of Russian Roubles) denominated denominated denominated Cash and cash equivalents 173,016 930 14,391 Trade and other payables (32,371) (8,063) — Trade and other receivables 6,481 794 — Net exposure 147,126 (6,339) 14,391 December 31, 2019 USD- EUR- BYN- RUB- (in thousands of Russian Roubles) denominated denominated denominated denominated Cash and cash equivalents 627,824 10 4 9,772 Trade and other payables (6,781) (3,154) (253) (102) Net exposure 621,043 (3,144) (249) 9,670
Schedule of contractual maturities of non-derivative financial liabilities	At December 31, 2020 Contractual cash flows Carrying Less than (in thousands of Russian Roubles) amount Total 1 year 1-2 yrs 2-5 yrs Non-derivative financial liabilities Bank loan 4,302,297 5,315,182 752,223 717,226 3,845,733 Non-convertible bonds 3,972,640 4,771,840 257,280 257,280 4,257,280 Other loan 1,488 1,540 1,540 — — Lease liabilities 241,997 274,447 94,775 93,050 86,622 Trade and other payables 954,492 962,358 775,885 67,762 118,711 Total 9,472,914 11,325,367 1,881,703 1,135,318 8,308,346 At December 31, 2019 Contractual cash flows Carrying Less than (in thousands of Russian Roubles) amount Total 1 year 1-2 yrs 2-5 yrs Non-derivative financial liabilities Bank loan 5,129,055 5,800,010 1,472,827 3,136,545 1,190,638 Lease liabilities 290,618 345,663 83,654 89,377 172,632 Trade and other payables 360,136 360,136 355,897 — 4,239 Total: 5,779,809 6,505,809 1,912,378 3,225,922 1,367,509

Significant subsidiaries (Table

Significant subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2020
Significant subsidiaries
Schedule of significant subsidiaries	Country of December 31, December 31, December 31, incorporation 2020 2019 2018 Headhunter LLC Russia 100 % 100 % 100 % Zarplata.ru LLC (see note 8) Russia 100 % — — Zemenik LLC Russia 100 % 100 % 100 % Headhunter FSU Limited Cyprus 100 % 100 % 100 % Headhunter KZ LLC Kazakhstan 66 % 66 % 66 % 100 Rabot TUT LLC (1) Belarus 50 % 50 % 50 % Vsya rabota LLC (1) Belarus 50 % — — ( 1 ) The Group includes the operations of 100 Rabot TUT LLC and Vsya rabota in its consolidated financial statements because it has the power to direct the operations of the subsidiary at its own discretion and for its own benefit through the representation of the majority of the Board members by the directors of the Company.

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related parties
Summary of key management personnel remuneration	For the years ended December 31, (in thousands of Russian Roubles) 2020 2019 2018 Salary and bonus 102,164 116,784 129,194 Management incentive agreement, including related social taxes 224,527 167,004 53,290 Pension contributions 11,469 12,825 13,432 Other social contributions 5,599 6,404 6,824 Total remuneration 343,759 303,017 202,740
Summary of board of directors remuneration	For the years ended December 31 (in thousands of Russian Roubles) 2020 2019 2018 Cash compensation 30,099 17,281 — Equity awards, including social taxes 23,597 15,025 — Pension contributions 6,238 2,930 — Other social contributions 400 195 — Total remuneration 60,334 35,431 —
Summary of transactions with other related parties	Loans granted Loans received Services provided to to related parties from related parties and received from related parties Amounts Amounts Services Amounts Services Amounts owed by owed to provided to owed by received from owed to related Interest related Interest related related related related (in thousands of Russian Roubles) parties income parties expense parties parties parties parties For the year ended and as of December 31, 2020 Subsidiaries of shareholders exercising significant influence over the Group — — — — 4,621 — 720 688 Minority shareholders — — 1,478 11 — — — — Equity-accounted investee 19,719 947 — — 2,281 1,140 26 — 19,719 947 1,478 11 6,902 1,140 746 688 For the year ended and as of December 31, 2019 Shareholders of the Group — — — — — — 9,309 * — Subsidiaries of shareholders exercising significant influence over the Group — — — — 7,448 — — 270 — — — — 7,448 — 9,309 270 For the year ended and as of December 31, 2018 Shareholders of the Group — — — — — 1,129 — — Subsidiaries of shareholders exercising significant influence over the Group — — — — 2,593 — — 1,478 — — — — 2,593 1,129 — 1,478 * Represents reimbursement of road show expenses incurred by Goldman Sachs & Co. LLC in the course of the Group’s IPO .

Reporting entity (Details)

Reporting entity (Details) - $ / shares	Aug. 13, 2020	Jul. 20, 2020	May 10, 2019	May 08, 2019
Highworld Investments Limited and ELQ Investors VIII Limited
Reporting entity
Ownership interest held by shareholders (as a percent)				51.15%
American Depositary Shares | Initial public offering
Reporting entity
Sale of existing shares in IPO				16,304,348
Offering price per share				$ 13.50
American Depositary Shares | Underwriter's Over-Allotment Option
Reporting entity
Sale of existing shares in IPO			2,445,652
Shares issued during the period	510,217
American Depositary Shares | Secondary public offering
Reporting entity
Shares issued during the period		5,000,000
Offering price per share		$ 20.25

Basis of accounting (Details)

Basis of accounting (Details)	Feb. 24, 2016
Headhunter FSU Limited
Basis of presentation
Percentage of interests acquired	100.00%

Changes in significant accoun_3

Changes in significant accounting policies - Adoption of IFRS 16 (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Changes in significant accounting policies
Right-of-use assets	₽ 215,120	₽ 279,249		₽ 345,051
Lease liabilities	₽ (241,997)	₽ (290,618)		₽ (343,455)
IFRS 16 - Leases
Changes in significant accounting policies
Lease liabilities			₽ (343,455)
IFRS 16 - Leases | Adjustment
Changes in significant accounting policies
Right-of-use assets			345,051
Lease liabilities			(343,455)
Prepaid expenses and other current assets			₽ (1,596)

Changes in significant accoun_4

Changes in significant accounting policies - Lease commitments (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Changes in significant accounting policies
Lease liabilities	₽ 241,997	₽ 290,618		₽ 343,455
IAS 17 - Leases
Changes in significant accounting policies
Operating lease commitment				₽ 443,292
IFRS 16 - Leases
Changes in significant accounting policies
Incremental borrowing rate			10.15%
Discounted using the incremental borrowing rate			₽ 343,455
Lease liabilities			₽ 343,455

Changes in significant accoun_5

Changes in significant accounting policies - Adoption of IFRS 9 (Details) ₽ in Thousands	Jan. 01, 2018RUB (₽)
IFRS 9 - Financial Instruments | Adjustment
Changes in significant accounting policies
Recognition of expected credit losses (net of tax)	₽ (2,935)

Significant accounting polici_3

Significant accounting policies - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2020
Core systems equipment | Minimum
Property and equipment
Estimated useful life, property and equipment	2 years
Core systems equipment | Maximum
Property and equipment
Estimated useful life, property and equipment	5 years
Office equipment | Minimum
Property and equipment
Estimated useful life, property and equipment	2 years
Office equipment | Maximum
Property and equipment
Estimated useful life, property and equipment	5 years
Furniture and fixtures | Minimum
Property and equipment
Estimated useful life, property and equipment	2 years
Furniture and fixtures | Maximum
Property and equipment
Estimated useful life, property and equipment	5 years
Leasehold improvements | Minimum
Property and equipment
Estimated useful life, property and equipment	3 years
Leasehold improvements | Maximum
Property and equipment
Estimated useful life, property and equipment	5 years
Other property, plant and equipment | Minimum
Property and equipment
Estimated useful life, property and equipment	1 year
Other property, plant and equipment | Maximum
Property and equipment
Estimated useful life, property and equipment	3 years

Significant accounting polici_4

Significant accounting policies - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2020
CV database | Minimum
Significant accounting policies
Estimated useful life, intangible assets	2 years
CV database | Maximum
Significant accounting policies
Estimated useful life, intangible assets	10 years
Non-contractual customer relationships | Minimum
Significant accounting policies
Estimated useful life, intangible assets	5 years
Non-contractual customer relationships | Maximum
Significant accounting policies
Estimated useful life, intangible assets	10 years
Domain names
Significant accounting policies
Estimated useful life, intangible assets	10 years
Patents and trademarks | Minimum
Significant accounting policies
Estimated useful life, intangible assets	5 years
Patents and trademarks | Maximum
Significant accounting policies
Estimated useful life, intangible assets	10 years
Website software
Significant accounting policies
Estimated useful life, intangible assets	3 years
Corporate, office software, licences and others | Minimum
Significant accounting policies
Estimated useful life, intangible assets	1 year
Corporate, office software, licences and others | Maximum
Significant accounting policies
Estimated useful life, intangible assets	3 years

Operating segments - Segment EB

Operating segments - Segment EBITDA (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 25, 2020
Segment EBITDA
External revenue	₽ 8,282,107	₽ 7,788,741	₽ 6,117,773
External expenses	(4,169,582)	(3,776,880)	(3,234,371)
Segment EBITDA	₽ 4,112,525	4,011,861	2,883,402
Zarplata
Operating segments
Percentage of voting interest acquired	100.00%			100.00%
Operating segments
Segment EBITDA
External revenue	₽ 8,282,107	7,788,741	6,117,773
Inter-segment revenue	13,568	10,944	13,453
External expenses	(3,897,170)	(3,682,808)	(3,186,968)
Inter-segment expenses	(11,052)	(11,184)	(13,570)
Segment EBITDA	4,387,453	4,105,693	2,930,688
Operating segments | Russia segment
Segment EBITDA
External revenue	7,724,264	7,211,762	5,700,424
Inter-segment revenue	3,981	252	92
External expenses	(3,726,803)	(3,480,172)	(2,991,883)
Inter-segment expenses	(10,513)	(10,806)	(13,281)
Segment EBITDA	3,990,929	3,721,036	2,695,352
Operating segments | Other segments
Segment EBITDA
External revenue	557,843	576,979	417,349
Inter-segment revenue	9,587	10,692	13,361
External expenses	(170,367)	(202,636)	(195,085)
Inter-segment expenses	(539)	(378)	(289)
Segment EBITDA	396,524	384,657	235,336
Unallocated
Segment EBITDA
External expenses	(272,412)	(94,072)	(47,403)
Segment EBITDA	(272,412)	(94,072)	(47,403)
Eliminations
Segment EBITDA
Inter-segment revenue	(13,568)	(10,944)	(13,453)
Inter-segment expenses	11,052	11,184	13,570
Segment EBITDA	₽ (2,516)	₽ 240	₽ 117

Operating segments - Reconcilia

Operating segments - Reconciliation of consolidated profit before income tax to segment EBITDA (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating segments
Consolidated profit before income tax	₽ 2,571,597	₽ 2,225,448	₽ 1,542,447	[1]
Adjusted for:
Depreciation and amortization	750,558	683,317	586,131
Gain on disposal of subsidiary			(6,131)
Net finance costs	350,216	526,516	553,724
Net foreign exchange (gain)/loss	(83,030)	46,508	8,742
IPO-related costs		190,284	110,043
SPO-related costs	122,940
Costs related to acquisition of Zarplata	51,665
Insurance cover related to IPO	54,772	100,048
Management incentive agreement	262,646	196,993	78,648
Share-based payments to Board of directors, including social taxes	23,597	15,025
Share of loss of equity-accounted investees (net of income tax)	49,181	30,542
One-off litigation settlements and legal costs		17,734
Restructuring costs		1,541	12,286
Reversal of expected credit loss			(2,488)
Income from depositary	(41,617)	(22,095)
Segment EBITDA (as presented to the CODM)	4,112,525	4,011,861	2,883,402
Depreciation and amortization	₽ 750,558	₽ 683,317	₽ 586,131	[1]
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Operating segments - Reconcil_2

Operating segments - Reconciliation of consolidated operating costs and expenses to segment external expenses (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating segments
Consolidated operating costs and expenses (exclusive of depreciation and amortization)	₽ 4,691,300	₽ 4,300,263	₽ 3,432,860	[1]
Adjusted for:
IPO-related costs		(190,284)	(110,043)
Insurance cover related to IPO	(54,772)	(100,048)
SPO-related costs	(122,940)
Costs related to acquisition of Zarplata	(51,665)
Management incentive agreement	(262,646)	(196,993)	(78,648)
Share-based payments to Board of directors, including social taxes	(23,597)	(15,025)
One-off litigation settlements and legal costs		(17,734)
Restructuring costs		(1,541)	(12,286)
Reversal of expected credit loss			2,488
Other	(6,098)	(1,758)
Segment External expenses (as presented to the CODM)	₽ 4,169,582	₽ 3,776,880	₽ 3,234,371
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Operating segments - Geographic

Operating segments - Geographical Information (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating segments
Revenue	₽ 8,282,107	₽ 7,788,741	₽ 6,117,773	[1]
Russia
Operating segments
Revenue	7,663,785	7,170,042	5,652,024
All foreign countries
Operating segments
Revenue	618,322	618,699	465,749
Kazakhstan
Operating segments
Revenue	256,564	232,990	166,147
Belarus
Operating segments
Revenue	301,208	343,964	234,389
Other countries
Operating segments
Revenue	₽ 60,550	₽ 41,745	₽ 65,213
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Business combination - Consider

Business combination - Consideration transferred (Details) - Zarplata - RUB (₽) ₽ in Thousands	Dec. 25, 2020	Dec. 31, 2020
Business combination
Percentage of voting interest acquired	100.00%	100.00%
Consideration transferred
Cash paid (included in cash flows from investing activities)	₽ 3,100,000
Contingent consideration payable	404,706
Total consideration to be transferred	3,504,706
Consideration payable
Consideration payable as at acquisition date	216,764
Consideration payable over 4-year period	187,942
Consideration payable, undiscounted values	203,796
Acquisition-related costs	₽ 51,665
Timing of cash outflows for contingent liaiblities	4 years

Business combination - Identifi

Business combination - Identifiable assets acquired and liabilities assumed (Details) - Zarplata ₽ in Thousands	Dec. 25, 2020RUB (₽)
Assets
Intangible assets	₽ 1,147,921
Property and equipment	10,601
Deferred tax assets	8,420
Trade and other receivables	6,746
Indemnification asset	186,473
Prepaid expenses and other current assets	42,125
Cash and cash equivalents	95,701
Total Assets	1,497,987
Liabilities
Contract liabilities	74,731
Trade and other payables	27,210
Income tax payable	86,695
Provisions	488,646
Deferred tax liability	228,609
Total Liabilities	905,891
Goodwilll	2,912,610
Total consideration to be transferred	₽ 3,504,706

Business combination - Addition

Business combination - Additional disclosures (Details) - Zarplata - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 25, 2020
Business combination
Cash transferred		₽ (3,100,000)
Cash acquired		95,701
Net cash outflow on acquisition		(3,004,299)
Intangible assets		1,147,921
Fair value of the trade and other receivables		6,746
Gross amount of trade receivables		8,760
Provision for tax risks		586,100
Indemnification asset		186,473
Revenue from continuing operations	₽ 9,062,000
Profit before tax from continuing operations	₽ 2,562,000
Software, trademarks, client base, CV database
Business combination
Intangible assets		₽ 1,147,921

Earnings per share - Summary (D

Earnings per share - Summary (Details) - shares	May 08, 2020	May 08, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per share
Aggregate number of shares issued	50,317,860
Directors
Earnings per share
Number of shares authorized			36,955
Vesting period			3 years
If vested on December 31, 2019
Earnings per share
Number of new shares to be issued			368,383
2016 HeadHunter Unit Option Plan
Earnings per share
Percentage of awards settled	18.75%
Number of new shares to be issued		1,271,436
Term of plan		4 years
Remaining shares available for issuance			953,576
2018 HeadHunter Unit Option Plan
Earnings per share
Term of plan			7 years
Remuneration agreements
Earnings per share
Remaining shares available for issuance			1,358,914	1,514,114	0
Ordinary shares
Earnings per share
Shares issued during the period	317,860
Aggregate number of shares issued	50,317,860		50,317,860	50,000,000
Ordinary shares | 2016 HeadHunter Unit Option Plan
Earnings per share
Shares issued during the period	317,860

Earnings per share - Calculatio

Earnings per share - Calculation of Earnings Per Share (Details) - RUB (₽) ₽ / shares in Units, ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per share
Net income attributable to owners of the Company	₽ 1,748,960	₽ 1,448,018	₽ 949,307	[1]
Weighted average number of ordinary shares outstanding	50,206,696	50,000,000	50,000,000
Effects of dilution from:
Share options (weighted average)	1,377,708	956,590
Weighted average number of ordinary shares outstanding, adjusted for the effect of dilution	51,584,404	50,956,590	50,000,000
Earnings per share (in Russian Roubles per share)
Basic	₽ 34.84	₽ 28.96	₽ 18.99	[1]
Diluted	₽ 33.90	₽ 28.42	₽ 18.99	[1]
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue from contracts with customers (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Revenue	₽ 8,282,107	₽ 7,788,741	₽ 6,117,773	[1]
Bundled Subscriptions
Revenue
Revenue	2,372,467	2,223,951	1,946,379
CV Database Access
Revenue
Revenue	1,812,245	1,761,728	1,401,538
Job Postings
Revenue
Revenue	3,342,225	3,112,188	2,227,926
Other VAS
Revenue
Revenue	755,170	690,874	541,930
Russia segment
Revenue
Revenue	7,724,264	7,211,762	5,700,424
Revenue attributable to non-monetary exchange of services	43,397	50,804	51,254
Russia segment | Key Accounts
Revenue
Revenue	2,971,571	2,646,608	2,243,533
Russia segment | Key Accounts | Moscow and St.Petersburg
Revenue
Revenue	2,156,248	1,981,959	1,695,823
Russia segment | Key Accounts | Other regions of Russia
Revenue
Revenue	815,323	664,649	547,710
Russia segment | Small and Medium Accounts
Revenue
Revenue	4,351,878	4,193,876	3,187,031
Russia segment | Small and Medium Accounts | Moscow and St.Petersburg
Revenue
Revenue	2,526,381	2,579,517	2,150,685
Russia segment | Small and Medium Accounts | Other regions of Russia
Revenue
Revenue	1,825,497	1,614,359	1,036,346
Russia segment | Foreign customers
Revenue
Revenue	57,822	41,385	31,507
Russia segment | Other customers
Revenue
Revenue	342,993	329,893	238,353
Russia segment | Bundled Subscriptions
Revenue
Revenue	2,332,272	2,154,831	1,884,557
Russia segment | CV Database Access
Revenue
Revenue	1,538,702	1,508,085	1,196,770
Russia segment | Job Postings
Revenue
Revenue	3,134,522	2,900,678	2,108,342
Russia segment | Other VAS
Revenue
Revenue	718,768	648,168	510,755
Other segments
Revenue
Revenue	557,843	576,979	417,349
Other segments | Bundled Subscriptions
Revenue
Revenue	40,195	69,120	61,822
Other segments | CV Database Access
Revenue
Revenue	273,543	253,643	204,768
Other segments | Job Postings
Revenue
Revenue	207,703	211,510	119,584
Other segments | Other VAS
Revenue
Revenue	₽ 36,402	₽ 42,706	₽ 31,175
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Revenue - Contract balances (De

Revenue - Contract balances (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue.
Receivables, which are included in "Trade and other receivables"	₽ 61,028	₽ 52,462
Contract liabilities	2,785,402	2,367,416
Contract liabilities recognized as revenue during the year	2,196,418	1,901,767
Revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods	₽ 10,662	₽ 7,208

Operating costs and expenses _3

Operating costs and expenses (exclusive of depreciation and amortization) (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating costs and expenses (exclusive of depreciation and amortization)
Personnel expenses	₽ (2,579,958)	₽ (2,234,309)	₽ (1,717,467)
Marketing expenses	(1,105,247)	(1,046,678)	(939,717)
Subcontractor and other costs related to provision of services	(194,644)	(186,337)	(188,499)
Office rent and maintenance	(176,672)	(206,501)	(241,434)
Professional services	(335,681)	(347,963)	(255,362)
Insurance services	(181,047)	(111,251)
Hosting and other website maintenance	(46,325)	(40,421)	(32,825)
Other operating expenses	(71,726)	(126,803)	(57,556)
Operating costs and expenses (exclusive of depreciation and amortization)	(4,691,300)	(4,300,263)	(3,432,860)
Contributions to state pension funds	₽ 375,977	₽ 291,211	₽ 212,229

Finance income and costs - Fina

Finance income and costs - Finance income (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income and costs
Interest on term deposits	₽ 51,857	₽ 76,202	₽ 90,270
Interest on loans to related parties	947
Net gain on financial assets measured at fair value through profit and loss	150
Other interest income	6,375	562	332
Total finance income	₽ 59,329	₽ 76,764	₽ 90,602	[1]
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Finance income and costs - Fi_2

Finance income and costs - Finance costs (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income and costs
Interest accrued on bank loan	₽ (357,377)	₽ (559,527)	₽ (642,764)
Interest accrued on other loan		(6,391)	(1,562)
Interest accrued on non-convertible bonds	(12,543)
Interest accrued on lease liabilities	(26,334)	(32,941)
Other interest costs	(13,291)	(4,421)
Total finance costs	₽ (409,545)	₽ (603,280)	₽ (644,326)	[1]
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Income taxes - Amounts recogniz

Income taxes - Amounts recognized in profit or loss (Details) - RUB (₽) ₽ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Applicable tax rate				20.00%	20.00%	20.00%
Current tax expense:
Current year				₽ (873,925)	₽ (923,760)	₽ (738,549)
Net release/(recognition) of provision for uncertain tax positions				87,968	(336,326)
Total current tax expense				(785,957)	(1,260,086)	(738,549)
Deferred tax reversal:
Origination and reversal of temporary differences				100,185	168,630	228,947
Reversal of deferred tax on unremitted earnings			₽ 447,034		447,034
Total deferred tax reversal				100,185	615,664	228,947
Total income tax expense				₽ (685,772)	₽ (644,422)	₽ (509,602)	[1]
Additional disclosures
Provisions for uncertain tax positions recognized			₽ 447,034
Reversal of provision for uncertain tax positions		₽ 110,708
Mail.Ru Group Limited
Additional disclosures
Reversal of provision for uncertain tax positions	₽ 92,012
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Income taxes - Income tax payab

Income taxes - Income tax payable (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Current income tax payable	₽ 55,921	₽ 33,648
Provision for uncertain income tax positions	345,812	336,326
Total income tax payable	₽ 401,733	₽ 369,974

Income taxes - Reconciliation o

Income taxes - Reconciliation of effective tax rate (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
(Loss)/profit before income tax	₽ 2,571,597	₽ 2,225,448	₽ 1,542,447	[1]
Income tax at 20% tax rate	(514,319)	(445,090)	(308,489)
Effect of tax rates in foreign jurisdictions	3,878	(23,408)	(40,204)
Withholding tax on intra-group dividend and unremitted earnings	76,241	60,436	39,879
Non-taxable gain from sale of subsidiary			766
Unrecognized deferred tax asset	(134,495)	(113,047)	(109,094)
Non-deductible interest expense		(18,421)	(49,149)
Non-deductible expenses related to management incentive agreement	(52,465)	(35,485)	(15,730)
Other net non-deductible expense	(64,612)	(69,407)	(27,581)
Total income tax expense	₽ (685,772)	₽ (644,422)	₽ (509,602)	[1]
Applicable tax rate	20.00%	20.00%	20.00%
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Income taxes - Recognized defer

Income taxes - Recognized deferred tax assets and liabilities (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Deferred tax assets netting	₽ (25,627)	₽ (19,172)
Total deferred tax assets	176,328	149,835
Deferred tax liabilities:
Deferred tax liabilities netting	25,627	19,172
Total deferred tax liabilities	(658,970)	(512,804)
Net deferred tax liability	(482,642)	(362,969)	₽ (978,146)
Additional disclosures
Unrecognized deferred tax assets	567,835	433,340
Unused vacation accruals
Deferred tax assets:
Deferred tax assets	11,567	8,614
Deferred tax liabilities:
Net deferred tax liability	11,567	8,614	7,297
Employee benefits
Deferred tax assets:
Deferred tax assets	30,502	13,323
Deferred tax liabilities:
Net deferred tax liability	30,502	13,323	9,926
Contract liabilities
Deferred tax assets:
Deferred tax assets	140,143	135,203
Deferred tax liabilities:
Net deferred tax liability	140,143	135,203	90,159
Trade and other payables
Deferred tax assets:
Deferred tax assets	6,408	7,728
Deferred tax liabilities:
Net deferred tax liability	6,408	7,728	4,066
Right-of-use assets and lease liabilities
Deferred tax assets:
Deferred tax assets	5,452	4,139
Deferred tax liabilities:
Net deferred tax liability	5,452	4,139
Intangible assets
Deferred tax assets:
Deferred tax assets	7,883
Deferred tax liabilities:
Net deferred tax liability	(655,289)	(522,280)	(610,144)
Property and equipment
Deferred tax liabilities:
Deferred tax liabilities	(4,478)	(9,696)
Net deferred tax liability	(4,478)	(9,696)	₽ (6,895)
Intangible assets, excluding assets identified on acquisition
Deferred tax liabilities:
Deferred tax liabilities	(4,918)	(9,476)
Intangible asset identified on acquisitions
Deferred tax liabilities:
Deferred tax liabilities	(658,254)	₽ (512,804)
Loans and borrowings
Deferred tax liabilities:
Deferred tax liabilities	(16,947)
Net deferred tax liability	₽ (16,947)

Income taxes - Movement in defe

Income taxes - Movement in deferred tax liabilities (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Balance, beginning of year	₽ (362,969)	₽ (978,146)
Recognized in profit or loss	100,185	615,664
Acquired in business combination	(220,189)
Effect of movement in exchange rates	331	(487)
Balance, end of year	(482,642)	(362,969)
Property and equipment
Income taxes
Balance, beginning of year	(9,696)	(6,895)
Recognized in profit or loss	5,473	(2,799)
Acquired in business combination	(260)
Effect of movement in exchange rates	5	(2)
Balance, end of year	(4,478)	(9,696)
Intangible assets
Income taxes
Balance, beginning of year	(522,280)	(610,144)
Recognized in profit or loss	87,695	87,821
Acquired in business combination	(220,725)
Effect of movement in exchange rates	21	43
Balance, end of year	(655,289)	(522,280)
Unused vacation accruals
Income taxes
Balance, beginning of year	8,614	7,297
Recognized in profit or loss	2,870	1,384
Acquired in business combination	24
Effect of movement in exchange rates	59	(67)
Balance, end of year	11,567	8,614
Employee benefits
Income taxes
Balance, beginning of year	13,323	9,926
Recognized in profit or loss	16,438	3,448
Acquired in business combination	731
Effect of movement in exchange rates	10	(51)
Balance, end of year	30,502	13,323
Contract liabilities
Income taxes
Balance, beginning of year	135,203	90,159
Recognized in profit or loss	4,809	45,453
Effect of movement in exchange rates	131	(409)
Balance, end of year	140,143	135,203
Trade and other payables
Income taxes
Balance, beginning of year	7,728	4,066
Recognized in profit or loss	(1,464)	3,667
Acquired in business combination	41
Effect of movement in exchange rates	103	(5)
Balance, end of year	6,408	7,728
Loans and borrowings
Income taxes
Recognized in profit or loss	(16,947)
Balance, end of year	(16,947)
Right-of-use assets and lease liabilities
Income taxes
Balance, beginning of year	4,139
Recognized in profit or loss	1,311	4,135
Effect of movement in exchange rates	2	4
Balance, end of year	₽ 5,452	4,139
Deferred tax on intra-group dividends and unremitted earnings
Income taxes
Balance, beginning of year		(472,555)
Recognized in profit or loss		₽ 472,555

Property and equipment (Details

Property and equipment (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property and equipment
Property and equipment, beginning of year	₽ 429,744
Property and equipment, end of year	466,725	₽ 429,744
Gross
Property and equipment
Property and equipment, beginning of year	599,372	246,041
Acquisition through business combinations	10,601
Additions	177,243	386,042
Disposals	(6,385)	(31,820)
Foreign currency translation difference	216	(891)
Property and equipment, end of year	781,047	599,372
Depreciation
Property and equipment
Property and equipment, beginning of year	(169,628)	(112,231)
Depreciation for the year	150,412	85,413
Disposals	5,865	27,579
Foreign currency translation difference	147	(437)
Property and equipment, end of year	(314,322)	(169,628)
Servers and computers
Property and equipment
Property and equipment, beginning of year	109,634
Property and equipment, end of year	108,058	109,634
Servers and computers | Gross
Property and equipment
Property and equipment, beginning of year	174,157	116,596
Acquisition through business combinations	4,843
Additions	23,390	65,431
Disposals	(261)	(7,870)
Property and equipment, end of year	202,129	174,157
Servers and computers | Depreciation
Property and equipment
Property and equipment, beginning of year	(64,523)	(43,662)
Depreciation for the year	29,809	28,507
Disposals	261	7,646
Property and equipment, end of year	(94,071)	(64,523)
Office equipment, furniture and other
Property and equipment
Property and equipment, beginning of year	128,016
Property and equipment, end of year	148,885	128,016
Office equipment, furniture and other | Gross
Property and equipment
Property and equipment, beginning of year	215,484	100,306
Acquisition through business combinations	5,758
Additions	77,728	123,152
Disposals	(6,124)	(7,154)
Foreign currency translation difference	189	(820)
Property and equipment, end of year	293,035	215,484
Office equipment, furniture and other | Depreciation
Property and equipment
Property and equipment, beginning of year	(87,468)	(56,234)
Depreciation for the year	62,146	38,429
Disposals	5,604	6,770
Foreign currency translation difference	140	(425)
Property and equipment, end of year	(144,150)	(87,468)
Leasehold improvements
Property and equipment
Property and equipment, beginning of year	192,094
Property and equipment, end of year	209,782	192,094
Leasehold improvements | Gross
Property and equipment
Property and equipment, beginning of year	209,731	29,139
Additions	76,125	197,459
Disposals		(16,796)
Foreign currency translation difference	27	(71)
Property and equipment, end of year	285,883	209,731
Leasehold improvements | Depreciation
Property and equipment
Property and equipment, beginning of year	(17,637)	(12,335)
Depreciation for the year	58,457	18,477
Disposals		13,163
Foreign currency translation difference	7	(12)
Property and equipment, end of year	₽ (76,101)	₽ (17,637)

Intangible assets and goodwil_2

Intangible assets and goodwill - Summary (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible assets and goodwill
Beginning balance	₽ 9,687,600
Ending balance	13,315,183	₽ 9,687,600
Goodwill
Intangible assets and goodwill
Beginning balance	6,954,183
Ending balance	9,875,224	6,954,183
CV database
Intangible assets and goodwill
Beginning balance	399,880
Ending balance	438,626	399,880
Non-contractual customer relationships
Intangible assets and goodwill
Beginning balance	1,260,319
Ending balance	1,638,409	1,260,319
Trademarks and domains
Intangible assets and goodwill
Beginning balance	943,867
Ending balance	1,166,878	943,867
Website software
Intangible assets and goodwill
Beginning balance	89,753
Ending balance	165,516	89,753
Patents and copyrights
Intangible assets and goodwill
Beginning balance	1,295
Ending balance	560	1,295
Other software, licenses and other
Intangible assets and goodwill
Beginning balance	38,303
Ending balance	29,970	38,303
Gross
Intangible assets and goodwill
Beginning balance	11,418,381	11,444,838
Acquisition through business combinations	4,060,531
Additions arising from internal development	15,040	31,930
Other additions	68,614	73,995
Disposals	(132,684)	(96,647)
Foreign currency translation difference	8,392	(35,735)
Ending balance	15,438,274	11,418,381
Gross | Goodwill
Intangible assets and goodwill
Beginning balance	6,954,183	6,989,255
Acquisition through business combinations	2,912,610
Foreign currency translation difference	8,431	(35,072)
Ending balance	9,875,224	6,954,183
Gross | CV database
Intangible assets and goodwill
Beginning balance	635,605	635,605
Acquisition through business combinations	102,308
Ending balance	737,913	635,605
Gross | Non-contractual customer relationships
Intangible assets and goodwill
Beginning balance	2,043,760	2,043,760
Acquisition through business combinations	582,466
Ending balance	2,626,226	2,043,760
Gross | Trademarks and domains
Intangible assets and goodwill
Beginning balance	1,526,889	1,519,855
Acquisition through business combinations	375,724
Other additions		7,115
Foreign currency translation difference	(176)	(81)
Ending balance	1,902,437	1,526,889
Gross | Website software
Intangible assets and goodwill
Beginning balance	163,466	198,620
Acquisition through business combinations	82,549
Additions arising from internal development	15,040	31,930
Other additions	10,973	5,175
Disposals	(59,545)	(72,259)
Foreign currency translation difference	25
Ending balance	212,508	163,466
Gross | Patents and copyrights
Intangible assets and goodwill
Beginning balance	5,735	4,440
Other additions	1,588	1,722
Disposals	(874)	(166)
Foreign currency translation difference	24	(261)
Ending balance	6,473	5,735
Gross | Other software, licenses and other
Intangible assets and goodwill
Beginning balance	88,743	53,303
Acquisition through business combinations	4,874
Other additions	56,053	59,983
Disposals	(72,265)	(24,222)
Foreign currency translation difference	88	(321)
Ending balance	77,493	88,743
Depreciation
Intangible assets and goodwill
Beginning balance	(1,730,781)	(1,300,978)
Amortization for the year	524,963	523,539
Disposals	132,670	93,401
Foreign currency translation difference	15	(335)
Ending balance	(2,123,089)	(1,730,781)
Depreciation | CV database
Intangible assets and goodwill
Beginning balance	(235,725)	(172,164)
Amortization for the year	63,562	63,561
Ending balance	(299,287)	(235,725)
Depreciation | Non-contractual customer relationships
Intangible assets and goodwill
Beginning balance	(783,441)	(579,065)
Amortization for the year	204,376	204,376
Ending balance	(987,817)	(783,441)
Depreciation | Trademarks and domains
Intangible assets and goodwill
Beginning balance	(583,022)	(430,630)
Amortization for the year	152,559	152,411
Foreign currency translation difference	(22)	(19)
Ending balance	(735,559)	(583,022)
Depreciation | Website software
Intangible assets and goodwill
Beginning balance	(73,713)	(95,932)
Amortization for the year	32,824	46,794
Disposals	59,545	69,013
Ending balance	(46,992)	(73,713)
Depreciation | Patents and copyrights
Intangible assets and goodwill
Beginning balance	(4,440)	(2,841)
Amortization for the year	2,333	1,776
Disposals	860	166
Foreign currency translation difference		(11)
Ending balance	(5,913)	(4,440)
Depreciation | Other software, licenses and other
Intangible assets and goodwill
Beginning balance	(50,440)	(20,346)
Amortization for the year	69,309	54,621
Disposals	72,265	24,222
Foreign currency translation difference	37	(305)
Ending balance	₽ (47,521)	₽ (50,440)

Intangible assets and goodwil_3

Intangible assets and goodwill - Impairment test (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 25, 2020	Dec. 31, 2019	Dec. 31, 2016	May 31, 2016
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	₽ 9,875,224		₽ 6,954,183
Mail.Ru Group Limited
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	9,875,224
Operating segments
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	9,875,224		6,954,183
Operating segments | Russia segment
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	6,607,362		6,607,362
Operating segments | Kazakhstan segment
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	178,380		164,853
Operating segments | Belarus segment
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	₽ 176,872		₽ 181,968
HeadHunter | Mail.Ru Group Limited
Carrying amount of goodwill allocated to each of the CGUs:
Percentage of voting interest acquired				100.00%	100.00%
Zarplata
Carrying amount of goodwill allocated to each of the CGUs:
Percentage of voting interest acquired	100.00%	100.00%
Period over which management has projected cash flows	5 years
Discount rate applied to the cash flow projections	15.20%
Terminal growth rate	2.50%
Zarplata | Operating segments | Zarplata segment
Carrying amount of goodwill allocated to each of the CGUs:
Goodwill	₽ 2,912,610

Equity-accounted investees - Ac

Equity-accounted investees - Acquisition (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	May 06, 2019
Skillaz
Equity-accounted investees
Percentage of interests acquired				25.01%
Percentage of net assets owned		25.01%	25.01%
Group's share of net assets		₽ 50,632	₽ 50,632
Call option			25,341
Goodwilll			158,757
Cash consideration transferred			₽ 234,730
Skillaz | Call Option
Equity-accounted investees
Percentage of interests which may be acquired in the future				40.01%
Skillaz
Equity-accounted investees
Non-current assets		135,059
Current assets		100,714
Non-current liabilities		(20,168)
Current liabilities		(13,158)
Total net assets		₽ 202,447
Percentage of net assets owned	100.00%	100.00%

Equity-accounted investees - Su

Equity-accounted investees - Summarized of financial information (Details) - RUB (₽) ₽ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018		Jan. 31, 2020
Summarised financial information
Non-current assets	₽ 10,772,750	₽ 14,362,230	₽ 10,772,750
Current assets	2,266,372	3,810,499	2,266,372
Non-current liabilities	(4,958,672)	(9,023,501)	(4,958,672)
Current liabilities	(4,692,257)	(5,640,486)	(4,692,257)
Goodwill	6,954,183	9,875,224	6,954,183
Carrying amount of the Group's interest in associate	178,847	129,666	178,847
Revenue		8,282,107	7,788,741	₽ 6,117,773
Total comprehensive loss		₽ 1,900,934	₽ 1,539,208	₽ 1,058,050	[1]
Skillaz
Summarised financial information
Percentage ownership interest		25.01%	25.01%
Net assets	20,090	₽ (29,091)	₽ 20,090
Percentage of net assets owned		25.01%
Goodwill	158,757	₽ 158,757	158,757
Carrying amount of the Group's interest in associate	178,847	129,666	178,847
Total comprehensive loss	(30,542)	(49,181)
Contingent liabilities	0	0	0
Capital commitments	0	0	0
Skillaz
Summarised financial information
Non-current assets	95,717	73,467	95,717
Current assets	70,697	74,005	70,697
Non-current liabilities	(26,606)	(49,297)	(26,606)
Current liabilities	(59,479)	(214,493)	(59,479)
Net assets	80,329	₽ (116,318)	₽ 80,329
Percentage of net assets owned		100.00%				100.00%
Revenue	67,701	₽ 152,750
Loss from continuing operations	(122,118)	(196,647)
Total comprehensive loss	₽ (122,118)	₽ (196,647)
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Equity-accounted investees - Ca

Equity-accounted investees - Call Option (Details) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020RUB (₽)item	Dec. 31, 2019RUB (₽)item
Equity-accounted investees
Gains (losses) on financial assets at fair value through profit or loss	₽ 150
Net gain on financial assets measured at fair value through profit and loss	150
Call Option | Skillaz
Equity-accounted investees
Fair value of financial assets	25,491	₽ 25,341
Gains (losses) on financial assets at fair value through profit or loss	150	0
Net gain on financial assets measured at fair value through profit and loss	₽ 150	₽ 0
Call Option | Skillaz | BSM pricing model | Expected volatility
Equity-accounted investees
Measurement input | item	0.38	0.40
Call Option | Skillaz | BSM pricing model | Risk-free interest rate
Equity-accounted investees
Measurement input | item	0.039	7

Equity-accounted investees - Lo

Equity-accounted investees - Loans issued to Skillaz (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Jun. 09, 2020
Long-term loans and borrowings:
Total long-term loans and borrowings	₽ 11,541
Current loans and borrowings:
Total current loans and borrowings	8,178
Skillaz
Loans issued to Skillaz
Maximum amount available		₽ 50
Loans issued to associates during the period	19,200
Long-term loans and borrowings:
Loans issued	11,541
Total long-term loans and borrowings	11,541
Current loans and borrowings:
Loan issued - current portion	8,178
Total current loans and borrowings	₽ 8,178

Equity-accounted investees - Im

Equity-accounted investees - Impairment test (Details)	12 Months Ended
	Dec. 31, 2020
Equity-accounted investees
Percentage decrease in revenue impact on impairment of the investment in associate	10.00%
Percentage decrease in EBITDA impact on impairment of the investment in associate	15.00%
Percentage increase in discount rate impact on impairment of the investment in associate	5.00%
Skillaz
Equity-accounted investees
Period over which management has projected cash flows	7 years
Discount rate applied to the cash flow projections	22.30%
Annual growth rate for the forecasted cash flows	2.90%
Expected compound annual growth rate of revenue of the Investment in Associate	40.00%

Trade and other receivables - S

Trade and other receivables - Summary of trade and other current receivables (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade and other receivables
Trade receivables	₽ 61,028	₽ 52,462
Taxes receivable	2,955	2,647
Receivables from shareholders	50
Other receivables	5,087	2,799
Total trade and other receivables	69,120	57,908
Trade and other receivables
Trade and other receivables
Allowance for expected credit losses	₽ 5,734	₽ 3,781

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Cash and cash equivalents.
Petty cash	₽ 344	₽ 860
Bank balances	3,315,485	2,012,424
Call deposits	51,781	75,931
Total cash and cash equivalents	₽ 3,367,610	₽ 2,089,215	₽ 2,861,110		₽ 1,416,008
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Disposal of subsidiary (Details

Disposal of subsidiary (Details) - RUB (₽) ₽ in Thousands	Apr. 26, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Results from operations of subsidiary disposed
Revenue		₽ 8,282,107	₽ 7,788,741	₽ 6,117,773	[1]
Operating costs and expenses (exclusive of depreciation and amortization)		(4,691,300)	(4,300,263)	(3,432,860)	[1]
Depreciation and amortization		(750,558)	(683,317)	(586,131)	[1]
Operating (loss)/income		2,840,249	2,805,161	2,098,782	[1]
Net foreign exchange gain		83,030	(46,508)	(8,742)	[1]
(Loss)/profit before income tax		2,571,597	2,225,448	1,542,447	[1]
Income tax recovery/(expense)		(685,772)	(644,422)	(509,602)	[1]
Net income for the year		1,885,825	1,581,026	1,032,845	[1]
Attributable to:
Owners of the Company		1,748,960	1,448,018	949,307	[1]
Non-controlling interest		₽ 136,865	₽ 133,008	83,538	[1]
HeadHunter LLC (Ukraine)
Disposal of subsidiary
Percentage of ownership sold	51.00%
Effect of Disposal on the Financial Position of the Group
Consideration to be received	₽ 2,624			2,624
Less net (assets) liabilities, including:
Assets disposed				(19,162)
Liabilities disposed				26,756
Total net liabilities				7,594
Less currency translation reserve released on disposal				44
Less non-controlling interest disposed				(4,131)
Gain on disposal of subsidiary	₽ 6,131			6,131
Cash and cash equivalents disposed of				(10,847)
Net cash inflow (outflow)				(10,847)
Results from operations of subsidiary disposed
Revenue				16,484
Operating costs and expenses (exclusive of depreciation and amortization)				(23,770)
Depreciation and amortization				(101)
Operating (loss)/income				(7,387)
Net foreign exchange gain				231
(Loss)/profit before income tax				(7,156)
Income tax recovery/(expense)				670
Net income for the year				(6,486)
Attributable to:
Owners of the Company				(3,308)
Non-controlling interest				₽ (3,178)
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Capital and reserves - Share ca

Capital and reserves - Share capital and share premium (Details) ₽ in Thousands

May 08, 2020shares

Feb. 16, 2018RUB (₽)

Jan. 29, 2018RUB (₽)

Feb. 24, 2016RUB (₽)shares

May 28, 2014RUB (₽)shares

Dec. 31, 2020RUB (₽)

Dec. 31, 2019RUB (₽)

Dec. 31, 2018RUB (₽)

Dec. 31, 2020€ / shares

Dec. 31, 2020RUB (₽)shares

Dec. 31, 2019€ / shares

Dec. 31, 2019RUB (₽)shares

Oct. 24, 2019shares

Oct. 23, 2019shares

Mar. 01, 2018€ / sharesshares

Capital and reserves

Number of shares issued | shares

50,317,860

Share capital

₽ 8,597

₽ 8,547

Number of shares issued but not fully paid | shares

317,860

Shareholder receivable

50

Contributions attributable to the the management incentive agreement

₽ 101,453

₽ 121,635

₽ 68,776

Increase in equity from issuance of shares

50

Share premium

₽ 1,987,044

₽ 1,863,877

2016 HeadHunter Unit Option Plan

Capital and reserves

New shares issued under compensation plans | shares

317,860

Ordinary shares

Capital and reserves

Number of shares issued | shares

50,317,860

50,317,860

50,000,000

Number of shares authorised | shares

60,000,000

60,000,000

60,000,000

50,000,000

Par value | € / shares

€ 0.002

€ 0.002

Share capital

₽ 8,597

₽ 8,547

Number of shares issued and fully paid | shares

99,000

1,000

Contribution in cash exchanged for issuance of shares

₽ 5,000,000

Number of shares prior to stock split | shares

100,000

Par value prior to stock split | € / shares

€ 1

Number of shares after stock split | shares

50,000,000

Par value after stock split | € / shares

€ 0.002

Share capital

Capital and reserves

Contributions attributable to the the management incentive agreement

Increase in equity from issuance of shares

50

Share capital | Ordinary shares

Capital and reserves

Contribution in cash exchanged for issuance of shares

₽ 47

Increase in equity from issuance of shares

8,500

Share premium

Capital and reserves

Contributions attributable to the the management incentive agreement

101,453

121,635

68,776

Increase in equity from issuance of shares

Share premium | Management incentive agreement

Capital and reserves

Contributions attributable to the the management incentive agreement

418,418

295,251

160,774

Share premium | Ordinary shares

Capital and reserves

Contribution in cash exchanged for issuance of shares

₽ 1,568,626

₽ 1,568,626

₽ 1,568,626

Increase in equity from issuance of shares

₽ 4,991,500

Reduction of share premium

₽ 3,422,874

Share premium | Ordinary shares | Judicial Ruling

Capital and reserves

Reduction of share premium

₽ 3,422,874

Capital and reserves - Distribu

Capital and reserves - Distributions (Details)	Oct. 05, 2017RUB (₽)	Dec. 31, 2020RUB (₽)	Dec. 31, 2019USD ($)	Dec. 31, 2019RUB (₽)	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2018RUB (₽)
Capital and reserves
Dividend per share | $ / shares					$ 0.36
Dividends paid to parent				₽ 500	$ 18,000,000	₽ 1,160,345,000
Proceeds from loan used to fund dividend payment to shareholders	₽ 2,000,000,000		$ 25,000,000	1,800,520,000
Distributions declared To non-controlling shareholders		₽ 103,126,000		126,460,000		79,850,000
Dividends paid to non-controlling interests		₽ 102,731,000		₽ 131,456,000		₽ 77,629,000

Management incentive agreemen_2

Management incentive agreement - 2016 HeadHunter Unit Option Plan (Details) - 2016 HeadHunter Unit Option Plan ₽ / shares in Thousands, ₽ in Thousands	12 Months Ended
	Dec. 31, 2020RUB (₽)OptionsY₽ / shares
Equity-settled awards
Management incentive agreement
Percentage of net proceeds from liquidity event	0.005%
Award Series 1
Management incentive agreement
Number of units | Options	801
Exercise price (per unit) | ₽ / shares	₽ 500
Total fair value | ₽	₽ 160,871
Award Series 1 | BSM pricing model
Management incentive agreement
Expected volatility	39.00%
Expected dividend yield	0.00%
Risk-free interest rate	7.70%
Expected life at grant date (years) | Y	5.66
Award Series 2
Management incentive agreement
Number of units | Options	20
Exercise price (per unit) | ₽ / shares	₽ 500
Total fair value | ₽	₽ 25,511
Award Series 2 | BSM pricing model
Management incentive agreement
Expected volatility	39.00%
Expected dividend yield	0.00%
Risk-free interest rate	7.70%
Expected life at grant date (years) | Y	3.24
Award Series 3
Management incentive agreement
Number of units | Options	15
Exercise price (per unit) | ₽ / shares	₽ 900
Total fair value | ₽	₽ 15,415
Award Series 3 | BSM pricing model
Management incentive agreement
Expected volatility	39.00%
Expected dividend yield	0.00%
Risk-free interest rate	7.70%
Expected life at grant date (years) | Y	3.24
Award Series 4
Management incentive agreement
Number of units | Options	12
Exercise price (per unit) | ₽ / shares	₽ 900
Total fair value | ₽	₽ 13,070
Award Series 4 | BSM pricing model
Management incentive agreement
Expected volatility	39.00%
Expected dividend yield	0.00%
Risk-free interest rate	7.30%
Expected life at grant date (years) | Y	2.99
Award Series 5
Management incentive agreement
Number of units | Options	8
Exercise price (per unit) | ₽ / shares	₽ 900
Total fair value | ₽	₽ 8,478
Award Series 5 | BSM pricing model
Management incentive agreement
Expected volatility	39.00%
Expected dividend yield	0.00%
Risk-free interest rate	6.40%
Expected life at grant date (years) | Y	1.66
Award Series 6
Management incentive agreement
Number of units | Options	14
Exercise price (per unit) | ₽ / shares	₽ 500
Total fair value | ₽	₽ 27,671
Award Series 7
Management incentive agreement
Number of units | Options	20
Exercise price (per unit) | ₽ / shares	₽ 1,250
Total fair value | ₽	₽ 22,191

Management incentive agreemen_3

Management incentive agreement - 2016 HeadHunter Unit Option Plan Movement (Details) - 2016 HeadHunter Unit Option Plan - Equity-settled awards - Market price of the underlying shares - Options	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Management incentive agreement
Outstanding at beginning of the period (units)	890	886
Granted during the period (units)		34
Forfeited during the period (units)		(30)
Exercised during the period (units)
Expired during the period (units)
Outstanding at end of the period (units)	890	890

Management incentive agreemen_4

Management incentive agreement - 2016 HeadHunter Unit Option Plan Amendment (Details) - RUB (₽) ₽ in Thousands	May 08, 2020	May 08, 2019	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
2016 HeadHunter Unit Option Plan
Management incentive agreement
Expense from equity-settled awards				₽ 35,500	₽ 88,438	₽ 68,776
2016 HeadHunter Unit Option Plan | Equity-settled awards
Management incentive agreement
Social taxes				115,974	40,548	0
Social taxes payable				₽ 156,522	40,548	₽ 0
Amendment to 2016 HeadHunter Unit Option Plan
Management incentive agreement
Awards settled In cash, vesting percentage			25.00%
Awards settled in equity, vesting percentage			18.75%
Incremental fair value recognized on modification			₽ 10,815
Fair value recognized on additional share awards					₽ 28
Amendment to 2016 HeadHunter Unit Option Plan | Initial public offering
Management incentive agreement
Awards settled In cash, vesting percentage		25.00%
Awards settled in equity, vesting percentage	18.75%

Management incentive agreemen_5

Management incentive agreement - 2018 HeadHunter Unit Option Plan (Details) - 2018 HeadHunter Unit Option Plan ₽ / shares in Thousands, ₽ in Thousands	May 26, 2020$ / shares	May 26, 2020RUB (₽)OptionsY₽ / shares	May 05, 2020Options	Mar. 05, 2020$ / shares	Mar. 05, 2020RUB (₽)OptionsY₽ / shares	May 28, 2019$ / shares	May 28, 2019RUB (₽)OptionsY₽ / shares	Dec. 31, 2020Options	Dec. 31, 2019Options	Dec. 31, 2018shares
Equity-settled awards
Management incentive agreement
Number of new shares to be issued | shares										600
Percentage of net proceeds from liquidity event										0.005%
Number of units | Options								74	300
Equity-settled awards | Vesting at 3 years of service
Management incentive agreement
Percentage of vesting										20.00%
Vesting period										3 years
Equity-settled awards | Annually at 4, 5 and 6 years of service
Management incentive agreement
Percentage of vesting										20.00%
Equity-settled awards | Vesting at 7 years of service
Management incentive agreement
Vesting period										7 years
Award Series 1
Management incentive agreement
Number of units | Options							300
Exercise price (per unit) | $ / shares						$ 13.50
Fair value at grant date							₽ 265,394
Award Series 1, Tranche 1 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility							43.00%
Expected dividend yield							1.53%
Risk-free interest rate							1.74%
Expected life at grant date (years) | Y							3
Forfeiture rate							3.39%
Fair value (per unit) | ₽ / shares							₽ 763
Fair value at grant date							₽ 44,205
Award Series 1, Tranche 2 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility							43.00%
Expected dividend yield							1.53%
Risk-free interest rate							1.77%
Expected life at grant date (years) | Y							4
Forfeiture rate							3.39%
Fair value (per unit) | ₽ / shares							₽ 859
Fair value at grant date							₽ 49,815
Award Series 1, Tranche 3 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility							43.00%
Expected dividend yield							1.53%
Risk-free interest rate							1.80%
Expected life at grant date (years) | Y							5
Forfeiture rate							3.39%
Fair value (per unit) | ₽ / shares							₽ 932
Fair value at grant date							₽ 54,036
Award Series 1, Tranche 4 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility							43.00%
Expected dividend yield							1.53%
Risk-free interest rate							1.86%
Expected life at grant date (years) | Y							6
Forfeiture rate							3.39%
Fair value (per unit) | ₽ / shares							₽ 996
Fair value at grant date							₽ 57,738
Award Series 1, Tranche 5 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility							43.00%
Expected dividend yield							1.53%
Risk-free interest rate							1.92%
Expected life at grant date (years) | Y							7
Forfeiture rate							3.39%
Fair value (per unit) | ₽ / shares							₽ 1,028
Fair value at grant date							₽ 59,600
Award Series 2
Management incentive agreement
Number of units | Options			41		41
Exercise price (per unit) | $ / shares				$ 21.23
Fair value at grant date					₽ 30,787
Award Series 2, Tranche 1 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility					50.00%
Expected dividend yield					1.94%
Risk-free interest rate					0.29%
Expected life at grant date (years) | Y					3
Forfeiture rate					3.39%
Fair value (per unit) | ₽ / shares					₽ 498
Fair value at grant date					₽ 3,946
Award Series 2, Tranche 2 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility					50.00%
Expected dividend yield					1.94%
Risk-free interest rate					0.33%
Expected life at grant date (years) | Y					4
Forfeiture rate					3.39%
Fair value (per unit) | ₽ / shares					₽ 668
Fair value at grant date					₽ 5,292
Award Series 2, Tranche 3 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility					50.00%
Expected dividend yield					1.94%
Risk-free interest rate					0.37%
Expected life at grant date (years) | Y					5
Forfeiture rate					3.39%
Fair value (per unit) | ₽ / shares					₽ 802
Fair value at grant date					₽ 6,355
Award Series 2, Tranche 4 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility					50.00%
Expected dividend yield					1.94%
Risk-free interest rate					0.46%
Expected life at grant date (years) | Y					6
Forfeiture rate					3.39%
Fair value (per unit) | ₽ / shares					₽ 924
Fair value at grant date					₽ 7,319
Award Series 2, Tranche 5 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility					50.00%
Expected dividend yield					1.94%
Risk-free interest rate					0.55%
Expected life at grant date (years) | Y					7
Forfeiture rate					3.39%
Fair value (per unit) | ₽ / shares					₽ 994
Fair value at grant date					₽ 7,875
Award Series 3
Management incentive agreement
Number of units | Options		33
Exercise price (per unit) | $ / shares	$ 18.92
Fair value at grant date		₽ 40,448
Award Series 3, Tranche 1 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility		50.00%
Expected dividend yield		1.85%
Risk-free interest rate		0.22%
Expected life at grant date (years) | Y		3
Forfeiture rate		3.39%
Fair value (per unit) | ₽ / shares		₽ 1,008
Fair value at grant date		₽ 6,428
Award Series 3, Tranche 2 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility		50.00%
Expected dividend yield		1.85%
Risk-free interest rate		0.27%
Expected life at grant date (years) | Y		4
Forfeiture rate		3.39%
Fair value (per unit) | ₽ / shares		₽ 1,172
Fair value at grant date		₽ 7,476
Award Series 3, Tranche 3 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility		50.00%
Expected dividend yield		1.85%
Risk-free interest rate		0.32%
Expected life at grant date (years) | Y		5
Forfeiture rate		3.39%
Fair value (per unit) | ₽ / shares		₽ 1,298
Fair value at grant date		₽ 8,278
Award Series 3, Tranche 4 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility		50.00%
Expected dividend yield		1.85%
Risk-free interest rate		0.42%
Expected life at grant date (years) | Y		6
Forfeiture rate		3.39%
Fair value (per unit) | ₽ / shares		₽ 1,404
Fair value at grant date		₽ 8,954
Award Series 3, Tranche 5 | Monte-Carlo pricing model
Management incentive agreement
Expected volatility		50.00%
Expected dividend yield		1.85%
Risk-free interest rate		0.51%
Expected life at grant date (years) | Y		7
Forfeiture rate		3.39%
Fair value (per unit) | ₽ / shares		₽ 1,460
Fair value at grant date		₽ 9,312

Management incentive agreemen_6

Management incentive agreement - 2018 HeadHunter Unit Option Plan Movement (Details) - 2018 HeadHunter Unit Option Plan ₽ in Thousands	12 Months Ended
	Dec. 31, 2020RUB (₽)Options	Dec. 31, 2019RUB (₽)Options
Management incentive agreement
Expense from equity-settled awards | ₽	₽ 65,953	₽ 33,196
Equity-settled awards
Management incentive agreement
Outstanding at beginning of the period (units)	300	0
Granted during the period (units)	74	300
Forfeited during the period (units)	(3)
Outstanding at end of the period (units)	371	300
Social taxes | ₽	₽ 8,262	₽ 1,746
Social taxes payable | ₽	₽ 10,007	₽ 1,746

Management incentive agreemen_7

Management incentive agreement - Cash-settled awards (Details) - RUB (₽) ₽ in Thousands	May 08, 2020	May 08, 2019	Sep. 30, 2020	Jul. 31, 2020	Aug. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash-settled awards
Management incentive agreement
Expense from cash-settled awards						₽ 31,887	₽ 29,462	₽ 9,872
Cash-settled awards liability						10,337	23,861	13,967
Social taxes						5,071	3,603	0
Social taxes payable						1,561	3,603	0
August 2017 cash-settled management incentive program | Cash-settled awards, Award 1
Management incentive agreement
Vested and settled value		₽ 19,568
August 2017 cash-settled management incentive program | Cash-settled awards, Award 1 | Vesting: at the event
Management incentive agreement
Percentage of vesting					50.00%
August 2017 cash-settled management incentive program | Cash-settled awards, Award 2
Management incentive agreement
Vested and settled value	₽ 31,381
Total fair value							₽ 27,269	₽ 15,589
August 2017 cash-settled management incentive program | Cash-settled awards, Award 2 | Vesting: 12 months from the date of the event
Management incentive agreement
Percentage of vesting					50.00%
July 2020 cash-settled management incentive program | Cash-settled awards, Award 1
Management incentive agreement
Vested and settled value			₽ 14,029
July 2020 cash-settled management incentive program | Cash-settled awards, Award 1 | Vesting: at the event
Management incentive agreement
Percentage of vesting				50.00%
July 2020 cash-settled management incentive program | Cash-settled awards, Award 2
Management incentive agreement
Total fair value						₽ 22,143
July 2020 cash-settled management incentive program | Cash-settled awards, Award 2 | Vesting: 12 months from the date of the event
Management incentive agreement
Percentage of vesting				50.00%

Loans and borrowings - Summary

Loans and borrowings - Summary of loans and borrowings (Details) ₽ in Thousands

Mar. 13, 2019RUB (₽)

Oct. 05, 2017RUB (₽)

Dec. 31, 2020RUB (₽)

Aug. 31, 2020RUB (₽)

Dec. 31, 2020RUB (₽)

Dec. 31, 2019USD ($)

Dec. 31, 2019RUB (₽)

Dec. 31, 2018RUB (₽)

[1]

Dec. 25, 2020

Dec. 31, 2016

May 31, 2016RUB (₽)

Long-term loans and borrowings:

Total

₽ 7,791,326

₽ 7,791,326

₽ 4,064,501

Current loans and borrowings:

Total

₽ 485,100

485,100

1,064,554

Additional disclosures for loans and borrowings

Proceeds from loan used to fund dividend payment to shareholders

₽ 2,000,000

$ 25,000,000

1,800,520

Repayment of borrowings

₽ 5,397,895

1,325,000

₽ 690,000

HeadHunter | Mail.Ru Group Limited

Additional disclosures for loans and borrowings

Percentage of interests acquired

100.00%

100.00%

Zarplata

Additional disclosures for loans and borrowings

Percentage of interests acquired

100.00%

100.00%

100.00%

Bank loan facility

Additional disclosures for loans and borrowings

Maximum borrowing capacity

₽ 7,000,000

₽ 5,000,000

Bank loan

Long-term loans and borrowings:

Total

₽ 3,831,270

₽ 3,831,270

4,064,501

Current loans and borrowings:

Current portion

471,027

471,027

₽ 1,064,554

Additional disclosures for loans and borrowings

Borrowings

₽ 5,000,000

Additional borrowing capacity

₽ 1,000,000

Gain on loan modification

₽ 5,617

Interest rate basis

Central Bank of Russia Key Rate

Central Bank of Russia Key Rate

Interest rate spread

2.00%

Non-convertible bonds

Long-term loans and borrowings:

Total

3,960,056

3,960,056

Current loans and borrowings:

Loan interest

12,584

12,584

Additional disclosures for loans and borrowings

Nominal value

4,000,000

₽ 4,000,000

Transaction costs

₽ 40,000

Stated interest rate

6.45%

6.45%

Coupon payment period

91 days

Other loans

Current loans and borrowings:

Loan principal

₽ 1,478

₽ 1,478

Loan interest

₽ 11

₽ 11

Additional disclosures for loans and borrowings

Repayment of borrowings

₽ 270,000

[1]

The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Loans and borrowings - Reconcil

Loans and borrowings - Reconciliation of movements of liabilities to cash flows arising from financing activities (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans and borrowings
Beginning Balance	₽ 5,419,673	₽ 6,786,987	₽ 6,840,518
Bank and other loans received	4,616,478
Non-convertible bonds issued	4,000,000
Other loan received			270,000
Bank loan repaid	(5,397,895)	(1,055,000)	(690,000)
Other loan repaid		(270,000)
Acquisition of non-controlling interest		(2,107)
Dividends paid	(1,988,172)	(1,264,957)	(77,629)
Bank loan origination fees	(56,668)
Repayment of lease liabilities	(59,737)	(61,376)
Contribution from non-controlling interest received	44
Total changes from financing cash flows	1,114,050	(2,653,440)	(497,629)
Interest accrued	390,647	598,859	644,326
Interest paid	(366,179)	(582,420)	(624,003)
New leases, including modifications	10,754	9,147
Foreign currency translation differences	(33)	579	470
Distributions to shareholders and non-controlling interest	1,903,646	1,286,805	79,850
Transaction costs related to bond issue	(39,012)
Contribution from non-controlling interest	(44)
Foreign exchange gain	84,921	(26,844)
Total liability related other changes	1,984,700	1,286,126	100,643
Ending Balance	8,518,423	5,419,673	6,786,987
Bank and other loans and borrowings
Loans and borrowings
Beginning Balance	5,129,055	6,437,616	6,837,293
Bank and other loans received	4,616,478
Non-convertible bonds issued	4,000,000
Other loan received			270,000
Bank loan repaid	(5,397,895)	(1,055,000)	(690,000)
Other loan repaid		(270,000)
Bank loan origination fees	(56,668)
Total changes from financing cash flows	3,161,915	(1,325,000)	(420,000)
Interest accrued	364,313	565,918	644,326
Interest paid	(339,845)	(549,479)	(624,003)
Transaction costs related to bond issue	(39,012)
Total liability related other changes	(14,544)	16,439	20,323
Ending Balance	8,276,426	5,129,055	6,437,616
Lease liabilities
Loans and borrowings
Beginning Balance	290,618	343,455
Repayment of lease liabilities	(59,737)	(61,376)
Total changes from financing cash flows	(59,737)	(61,376)
Interest accrued	26,334	32,941
Interest paid	(26,334)	(32,941)
New leases, including modifications	10,754	9,147
Foreign currency translation differences	362	(608)
Total liability related other changes	11,116	8,539
Ending Balance	241,997	290,618	343,455
Dividends payables to shareholders
Loans and borrowings
Dividends paid	(1,885,441)	(1,133,501)
Total changes from financing cash flows	(1,885,441)	(1,133,501)
Distributions to shareholders and non-controlling interest	1,800,520	1,160,345
Foreign exchange gain	84,921	(26,844)
Total liability related other changes	1,885,441	1,133,501
Ending Balance	0
Dividends payables to non-controlling interests
Loans and borrowings
Beginning Balance		5,916	3,225
Acquisition of non-controlling interest		(2,107)
Dividends paid		(131,456)	(77,629)
Total changes from financing cash flows		(133,563)	(77,629)
Foreign currency translation differences		1,187	470
Distributions to shareholders and non-controlling interest		126,460	79,850
Total liability related other changes		127,647	80,320
Ending Balance			5,916
Payables to/Receivables from non-controlling interests
Loans and borrowings
Dividends paid	(102,731)
Contribution from non-controlling interest received	44
Total changes from financing cash flows	(102,687)
Foreign currency translation differences	(395)
Distributions to shareholders and non-controlling interest	103,126
Contribution from non-controlling interest	(44)
Total liability related other changes	102,687
Ending Balance	₽ 0
Previously Reported
Loans and borrowings
Beginning Balance		6,443,532
Ending Balance			6,443,532
Previously Reported | Bank and other loans and borrowings
Loans and borrowings
Beginning Balance		6,437,616
Ending Balance			6,437,616
Previously Reported | Dividends payables to non-controlling interests
Loans and borrowings
Beginning Balance		₽ 5,916
Ending Balance			₽ 5,916

Trade and other payables (Detai

Trade and other payables (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current trade and other payables
Deferred consideration	₽ 170,620
Payables to employees	7,987	₽ 4,239
Total	178,607	4,239
Current trade and other payables
Taxes payable	497,204	424,322
Trade payables	243,426	111,901
Payables to employees	265,176	214,548
Deferred consideration	234,086
Other payables	33,197	29,448
Total	₽ 1,273,089	₽ 780,219

Leases - Right-of-use assets (D

Leases - Right-of-use assets (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Balance, beginning of year	₽ 279,249	₽ 345,051
Additions to right-of-use assets		6,391
Modification of right-of use assets	10,754	2,756
Depreciation charge for the period	(75,182)	(74,365)
Translation difference	299	(584)
Balance, end of year	₽ 215,120	₽ 279,249

Leases - Changes in lease liabi

Leases - Changes in lease liabilities (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases
Balance, beginning of year	₽ 290,618	₽ 343,455
New leases		6,391
Modification of leases	10,754	2,756
Interest on lease liabilities	26,334	32,941
Payment of interest on lease liabilities	(26,334)	(32,941)
Payment of lease liabilities	(59,737)	(61,376)		[1]
Translation difference	362	(608)
Balance, end of year	241,997	290,618	₽ 343,455
Current portion	77,752	59,816
Non-current portion	₽ 164,245	₽ 230,802
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Leases - Lease liabilities by c

Leases - Lease liabilities by classification (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases
Current lease liabilities	₽ 77,752	₽ 59,816
Non-current lease liabilities	164,245	230,802
Total lease liabilities	₽ 241,997	₽ 290,618	₽ 343,455

Leases - Amounts recognized (De

Leases - Amounts recognized (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases
Interest on lease liabilities	₽ 26,334	₽ 32,941
Depreciation charge on right-of-use assets	75,182	74,365
Expenses relating to short-term leases	16,995	16,394
Total, Leases under IFRS 16	118,511	123,700
Lease expense, IAS 17			₽ 84,638
Total cash outflow for leases	₽ 103,065	₽ 110,710

Other liabilities (Details)

Other liabilities (Details) - RUB (₽) ₽ in Thousands	May 08, 2019	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	[1]
Other liabilities
Income from depositary			₽ 41,617	₽ 22,095
Change in other liabilities			17,300	147,685
Non-current other liabilities
Advance from depositary			142,531	126,828
Total			142,531	126,828
Current other liabilities
Advance from depositary - current portion			38,759	23,880
Total			₽ 38,759	₽ 23,880
Deposit Agreement: May 8, 2019 to May 8, 2024
Other liabilities
Deposit agreement term	5 years
Proceeds from depository advances received	₽ 169,780
Deposit Agreement: July 20, 2020 to July 20, 2025
Other liabilities
Deposit agreement term		5 years
Proceeds from depository advances received		₽ 58,918
[1]	The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under the approach, comparative information is not restated. See Note 4.

Financial instruments and ris_3

Financial instruments and risk management - Credit risk (Details) - Credit risk - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and risk management
Financial assets	₽ 3,448,357	₽ 2,141,677
Trade receivables
Financial instruments and risk management
Financial assets	61,028	52,462
Cash and cash equivalents
Financial instruments and risk management
Financial assets	3,367,610	₽ 2,089,215
Loans issued
Financial instruments and risk management
Financial assets	₽ 19,719

Financial instruments and ris_4

Financial instruments and risk management - Currency risk (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Trade and other receivables | USD-denominated
Financial instruments and risk management
Net exposure	₽ 6,481
Trade and other receivables | EUR-denominated
Financial instruments and risk management
Net exposure	₽ 794
Currency risk | 10% increase in USD relative to RUB
Sensitivity analysis
Percentage of increase of USD relative to RUB	10.00%	10.00%
Gain (loss) on change in value of foreign currency basis spreads, before tax	₽ 14,713	₽ (62,104)
Currency risk | USD-denominated
Financial instruments and risk management
Net exposure	147,126	621,043
Currency risk | EUR-denominated
Financial instruments and risk management
Net exposure	(6,339)	(3,144)
Currency risk | BYN-denominated
Financial instruments and risk management
Net exposure		(249)
Currency risk | RUB-denominated
Financial instruments and risk management
Net exposure	14,391	9,670
Currency risk | Cash and cash equivalents | USD-denominated
Financial instruments and risk management
Net exposure	173,016	627,824
Currency risk | Cash and cash equivalents | EUR-denominated
Financial instruments and risk management
Net exposure	930	10
Currency risk | Cash and cash equivalents | BYN-denominated
Financial instruments and risk management
Net exposure		4
Currency risk | Cash and cash equivalents | RUB-denominated
Financial instruments and risk management
Net exposure	14,391	9,772
Currency risk | Trade and other payable | USD-denominated
Financial instruments and risk management
Net exposure	(32,371)	(6,781)
Currency risk | Trade and other payable | EUR-denominated
Financial instruments and risk management
Net exposure	₽ (8,063)	(3,154)
Currency risk | Trade and other payable | BYN-denominated
Financial instruments and risk management
Net exposure		(253)
Currency risk | Trade and other payable | RUB-denominated
Financial instruments and risk management
Net exposure		₽ (102)

Financial instruments and ris_5

Financial instruments and risk management - Interest rate risk (Details) - Interest rate risk - 2% increase in borrowings interest rate - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and risk management
Interest rate basis	Central Bank of Russia Key Rate
Interest rate spread	2.00%
Gain (loss) on change in borrowing interest rates	₽ 89,875	₽ 115,834

Financial instruments and ris_6

Financial instruments and risk management - Liquidity rate risk (Details) - Liquidity risk - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and risk management
Net current assets (liabilities)	₽ (1,829,987)
Current contract liabilities	2,785,402
Remaining contractual maturities of financial liabilities
Bank loan	5,315,182	₽ 5,800,010
Non-convertible bonds	4,771,840
Other loan	1,540
Lease liabilities	274,447	345,663
Trade and other payables	962,358	360,136
Total	11,325,367	6,505,809
Carrying amount
Bank loan	4,302,297	5,129,055
Non-convertible bonds	3,972,640
Other loan	1,488
Lease liabilities	241,997	290,618
Trade and other payables	954,492	360,136
Total	9,472,914	5,779,809
Less than 1 year
Remaining contractual maturities of financial liabilities
Bank loan	752,223	1,472,827
Non-convertible bonds	257,280
Other loan	1,540
Lease liabilities	94,775	83,654
Trade and other payables	775,885	355,897
Total	1,881,703	1,912,378
1-2 years
Remaining contractual maturities of financial liabilities
Bank loan	717,226	3,136,545
Non-convertible bonds	257,280
Lease liabilities	93,050	89,377
Trade and other payables	67,762
Total	1,135,318	3,225,922
2-5 years
Remaining contractual maturities of financial liabilities
Bank loan	3,845,733	1,190,638
Non-convertible bonds	4,257,280
Lease liabilities	86,622	172,632
Trade and other payables	118,711	4,239
Total	₽ 8,308,346	₽ 1,367,509

Significant subsidiaries (Detai

Significant subsidiaries (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Headhunter LLC
Disclosure of subsidiaries [line items]
Country of incorporation	Russia
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Zarplata.ru LLC
Disclosure of subsidiaries [line items]
Country of incorporation	Russia
Proportion of ownership interest in subsidiary	100.00%
Zemenik LLC
Disclosure of subsidiaries [line items]
Country of incorporation	Russia
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Headhunter FSU Limited
Disclosure of subsidiaries [line items]
Country of incorporation	Cyprus
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Headhunter KZ LLC
Disclosure of subsidiaries [line items]
Country of incorporation	Kazakhstan
Proportion of ownership interest in subsidiary	66.00%	66.00%	66.00%
100 Rabot TUT LLC
Disclosure of subsidiaries [line items]
Country of incorporation	Belarus
Proportion of ownership interest in subsidiary	50.00%	50.00%	50.00%
Vsya rabota LLC
Disclosure of subsidiaries [line items]
Country of incorporation	Belarus
Proportion of ownership interest in subsidiary	50.00%

Commitments (Details)

Commitments (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Software
Commitments
Commitment to incur capital expenditure related to renovation of office premises	₽ 5,357	₽ 0
Office premises
Commitments
Commitment to incur capital expenditure related to renovation of office premises	₽ 3,013	₽ 9,648

Contingencies (Details)

Contingencies (Details) - RUB (₽) ₽ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Taxation contingencies
Contingencies
Estimated tax contingencies	₽ 780	₽ 871

Related parties - Summary (Deta

Related parties - Summary (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
HIGHWORLD INVESTMENTS LTD
Related parties
Percentage of shares held by related party	37.26311%	37.49999%
ELQ Investors VIII Limited
Related parties
Percentage of shares held by related party	13.89125%	25.00%

Related parties - Transactions

Related parties - Transactions with Key management (Details) - Key Management - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Key management remuneration
Salary and bonus	₽ 102,164	₽ 116,784	₽ 129,194
Management incentive agreement, including related social taxes	224,527	167,004	53,290
Pension contributions	11,469	12,825	13,432
Other social contributions	5,599	6,404	6,824
Total remuneration	₽ 343,759	₽ 303,017	₽ 202,740

Related parties - Transaction_2

Related parties - Transactions with Board of Directors (Details) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020RUB (₽)	Dec. 31, 2019RUB (₽)	May 08, 2019director
Related parties
Number of Directors on the Board | director			9
Number of number of independent Directors on the Board | director			3
Directors
Directors remuneration
Cash compensation	₽ 30,099	₽ 17,281
Equity awards, including social taxes	23,597	15,025
Pension contributions	6,238	2,930
Other social contributions	400	195
Total remuneration	₽ 60,334	₽ 35,431

Related parties - Transaction_3

Related parties - Transactions with other related parties (Details) - RUB (₽) ₽ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans granted to related parties
Related parties
Amounts owed by related parties	₽ 19,719
Interest income	947
Loans granted to related parties | Equity-accounted investee
Related parties
Amounts owed by related parties	19,719
Interest income	947
Loans received from related parties
Related parties
Amounts owed to related parties	1,478
Interest expense	11
Loans received from related parties | Minority shareholders
Related parties
Amounts owed to related parties	1,478
Interest expense	11
Services provided to and received from related parties
Related parties
Amounts owed by related parties	1,140		₽ 1,129
Amounts owed to related parties	688	₽ 270	1,478
Services provided to related parties	6,902	7,448	2,593
Services received from related parties	746	9,309
Services provided to and received from related parties | Shareholders
Related parties
Amounts owed by related parties			1,129
Services received from related parties		9,309
Services provided to and received from related parties | Subsidiaries of shareholders exercising significant influence over the Group
Related parties
Amounts owed to related parties	688	270	1,478
Services provided to related parties	4,621	₽ 7,448	₽ 2,593
Services received from related parties	720
Services provided to and received from related parties | Equity-accounted investee
Related parties
Amounts owed by related parties	1,140
Services provided to related parties	2,281
Services received from related parties	₽ 26