Exhibit 99.1

HeadHunter Group PLC Announces Fourth Quarter and Full-Year 2022 Financial Results

MOSCOW, Russia, March 7, 2023 – HeadHunter Group PLC (Nasdaq: HHR, MOEX: HHRU) announced today its financial results for the fourth quarter and the full year ended December 31, 2022. As used below, references to “we,” “our,” “us” or the “Company” or similar terms shall mean HeadHunter Group PLC.

Fourth Quarter 2022 Financial and Operational Highlights

Full-Year 2022 Financial and Operational Highlights

Recent Acquisitions and Investments

On December 16, 2022, we acquired a 25% stake in “Edstein” LLC in exchange for a cash-in investment. Edstein is an early-stage modern learning management system catered to enterprise clients. Edstein will closely collaborate with Skillaz to expedite its strategy of expansion into Human Capital Management.

Other Recent Developments

In January 2023, we announced the appointment of Dmitry Sergienkov as Chief Executive Officer of the Company. Mikhail Zhukov, who has led HeadHunter from 2008 to 2023, moves to the position of President of the Company and will keep his seat on the Board of Directors. These changes to HeadHunter's senior management team took effect on March 1, 2023.

Also in January 2023, we announced that Highworld Investments Limited, an investment vehicle associated with Elbrus Capital, completed a sale of a 22.68% stake in HeadHunter to Kismet group. On January 10, 2023, Highworld Investments Limited appointed Svetlana Ushakova and Sergey Arseniev to serve on the Board as non-executive directors.

Financial and Corporate Outlook

Given the high uncertainty concerning future geopolitical developments and the macro environment, our visibility over the short- and medium-term is limited and we remain unable to provide any forward-looking outlook at this stage.

Adversity in the macro environment may result in a decrease in hiring activity of our customers, which would adversely impact our revenue. We are taking appropriate measures to preserve our cash position and to consider our capital allocation and budget appropriately during this period of uncertainty, while remaining committed to continue investing in the development of our key businesses and services.

We provided detailed information on our risk exposure and possible adverse impacts on our businesses in our Annual Report on Form 20-F for the year ended December 31, 2021, which was filed on April 27, 2022, and updated in respect to the risk factor under the heading “Risk Factors - Risks Relating to the Russian Federation and Other Markets in Which We Operate” in our Form 6-K, which was filed on August 15, 2022.

Operating Segments

For management purposes, we are organized into operating segments based on the geography of our operations or other subdivisions as presented in internal reporting to our chief operating decision-maker (“CODM”). Our operating segments include “Russia (hh.ru),” “Russia (Zarplata.ru),” “Belarus,” “Kazakhstan, “Skillaz,” and other segments. As each segment, other than “Russia (hh.ru)” individually comprises less than 10% of our revenue, for reporting purposes we combine all segments other than “Russia (hh.ru)” into the “Other segments” category.

Customers

We sell our services predominantly to businesses that are looking for job seekers to fill vacancies inside their organizations. We refer to such businesses as “customers.” In Russia, we divide our customers into (i) Key Accounts and (ii) Small and Medium Accounts, based on their annual revenue and employee headcount. We define “Key Accounts” as customers who, according to the Spark-Interfax database, have an annual revenue of ₽2 billion or more or a headcount of 250 or more employees and have not marked themselves as recruiting agencies on their page on our website. We define “Small and Medium Accounts” as customers who, according to the Spark-Interfax database, have both an annual revenue of less than ₽2 billion and a headcount of less than 250 employees and have not marked themselves as recruiting agencies on their page on our website. Our website allows several legal entities and/or natural persons to be registered, each with a unique identification number, under a single account page (e.g., a group of companies). Each legal entity registered under a single account is defined as a separate customer and is included in the number of paying customers metric. Natural persons registered under a single account are assumed to be employees of the legal entities of that account and thus, are not considered separate customers and are not included in the number of paying customers metric. However, in a specific reporting period, if only natural persons used our services under such account, they are collectively included in the number of paying customers as one customer.

Seasonality

Revenue

We generally do not experience seasonal fluctuations in demand for our services and, prior to COVID-19 and current geopolitical events, our revenue remained relatively stable throughout each quarter. However, our customers are predominately businesses and, therefore, use our services mostly on business days. As a result, our quarterly revenue is affected by the number of business days in a quarter, with the exception of our services that represent “stand-ready” performance obligations, such as subscriptions to access our curriculum vitae (“CV”) database, which are satisfied over the period of subscription, including weekends and holidays.

Public holidays in Russia predominantly fall during the first quarter of each year, which results in lower business activity in that quarter. Accordingly, our first quarter revenue is typically slightly lower than in the other quarters (which was not the case in 2022 due to rapid change in revenue dynamics throughout the year as a result of geopolitical events and uncertainties).

Operating costs and expenses (exclusive of depreciation and amortization)

Our operating costs and expenses (exclusive of depreciation and amortization) consist primarily of personnel and marketing expenses. Personnel and marketing expenses, in total, accounted for 81.8% and 79.2% of our total operating costs and expenses (exclusive of depreciation and amortization) for the years ended December 31, 2022 and December 31, 2021, respectively. Most of our marketing and personnel expenses are fixed and not directly tied to our revenue.

Marketing expenses are more volatile in terms of allocation to quarters and are affected by our decisions on how we realize our strategy in a particular year, which can differ from year to year. Therefore, total marketing expenses as a percentage of revenue for a particular quarter may not be fully representative of the whole year. Personnel expenses are relatively stable over the year. However, they are also affected by other dynamics, such as our hiring decisions. Some costs and expenses, such as share-based compensation or foreign exchange gains or losses, can be significantly concentrated in a particular quarter.

As an example, the fourth quarter segment external expenses in our “Russia (hh.ru)” segment in 2022 and 2021 were 27.5% and 32.2%, respectively, of total “Russia (hh.ru)” segment external expenses for the year.

Net income and Adjusted EBITDA

Even though our revenue remains relatively stable throughout each quarter, seasonal revenue fluctuations, as described above, affect our net income. As a result of revenue seasonality, our profitability in the first quarter is usually lower than in other quarters and for the full year, because our expenses as a percentage of revenue are usually higher in the first quarter due to lower revenue. Our profitability is also affected by our decisions on timing of expenses, as described above.

Contract liabilities

Our contract liabilities are mostly affected by the annual subscriptions’ renewal cycle in our Key Accounts customer segment. A substantial number of our Key Accounts renew their subscriptions in the first quarter but prepay us in the fourth quarter of the previous year, as per our normal payment terms. As a result, we receive substantial prepayments from our customers in the fourth quarter which causes a consequential increase in our contract liabilities at the end of that quarter. For example, our contract liabilities as of March 31, June 30, September 30, and December 31, 2022 were ₽5,187 million, ₽4,614 million, ₽4,466 million, and ₽5,638 million, respectively.

Net cash generated from operating activities

Our net cash generated from operating activities is affected by seasonal fluctuations in business activity as explained in “Revenue” and by substantial prepayments from our customers (see “Contract liabilities”), as well as by our decisions in regard to timing of expenses (see “Operating costs and expenses (exclusive of depreciation and amortization)”), and to a lesser extent by payment terms provided to us by our largest suppliers, such as TV advertising agencies and others.

Net Working Capital

Our Net Working Capital is primarily affected by changes in our contract liabilities. As our contract liabilities have usually been highest in the fourth quarter, our Net Working Capital has usually been the lowest in the fourth quarter. For example, our Net Working Capital as of March 31, June 30, September 30, and December 31, 2022 was ₽(6,630) million, ₽(5,913) million, ₽(6,040) million, and ₽(7,415) million, respectively.

Fourth Quarter 2022 Results

Our revenue was ₽4,938 million for the three months ended December 31, 2022, compared to ₽4,525 million for the three months ended December 31, 2021. The 9.1% increase was primarily due to the increase in ARPC across all segments due to pricing initiatives and partially offset by a decrease in the number of paying customers in our Small and Medium Accounts segment.

The following table breaks down revenue by product for the periods indicate:

The following tables set forth our revenue, number of paying customers and ARPC, broken down by type of customer and region, for the periods indicated:

In the fourth quarter of 2022, compared to the fourth quarter of 2021:

In our Other segments, revenue increased by 18.6%, primarily in our “Skillaz” operating segment, largely as a result of acquisition of new customers.

The following tables set forth our revenue, number of paying customers and ARPC, broken down by type of customer and region, for the year ended December 31, 2022 and 2021. Our revenue growth for the full year 2022 was significantly affected by very strong revenue growth in the first quarter, which did not occur in the second, third and fourth quarters. The year-on-year dynamics in the number of paying customers and ARPC were less affected by this volatility.

Operating costs and expenses (exclusive of depreciation and amortization)

Operating costs and expenses (exclusive of depreciation and amortization) for the three months ended December 31, 2022 were relatively flat compared to the three months ended December 31, 2021, mainly due to timing of our marketing spend in 2022.

The following table sets forth operating costs and expenses (exclusive of depreciation and amortization) for the periods indicated:

The following table sets forth operating costs and expenses (exclusive of depreciation and amortization) as percentage of revenue for the periods indicated:

Personnel expenses

Personnel expenses for the three months ended December 31, 2022 increased by ₽199 million, or 16.1%, compared to the three months ended December 31, 2021, primarily due to indexation of wages, increase in headcount for our development and sales teams as well as additional bonuses for our development team due to the shifting of R&D equity-awards vesting on the back of continued trading halt. Our total headcount as of December 31, 2022 increased by 112 people to 1,473 people, compared to December 31, 2021.

Personnel expenses increased as a percentage of revenue from 27.3% in the fourth quarter of 2021 to 29.1% in the fourth quarter of 2022 on the back of our decision not to scale down significantly our new hires and salary increases.

Personnel expenses (excluding share-based compensations and other items) as a percentage of revenue increased from 22.2% in the fourth quarter of 2021 to 25.4% in the fourth quarter of 2022 mostly for the same reason. See “Use of Non-IFRS Financial Measures” elsewhere in this release for a reconciliation of personnel expenses (excluding share-based compensations and other items) from the nearest IFRS measure.

Marketing expenses

Marketing expenses decreased by ₽165 million, or 22.0%, for the three months ended December 31, 2022, compared to the three months ended December 31, 2021, mainly due timing of our spend in 2022, when a significant share of our marketing expenses was allocated to the second quarter of the year, whilst in 2021 a significant share of our marketing expenses was allocated to the fourth quarter of the year.

Accordingly, marketing expenses as a percentage of revenue decreased from 16.6% in the fourth quarter of 2021 to 11.8% in the fourth quarter of 2022.

However, our total annual marketing expenses as a percentage of revenue were relatively flat for the year ended December 31, 2022 in comparison to the year ended December 31, 2021.

Other general and administrative expenses

Our other general and administrative expenses as a percentage of revenue were 10.9% in the fourth quarter of 2022, a decrease compared to 12.2% in the fourth quarter of 2021 mainly due to the decrease in professional services and D&O insurance costs.

Total other general and administrative expenses (excluding items unrelated to our core business activities) as a percentage of revenue were 9.9% in the fourth quarter of 2022, a decrease compared to 11.7% in the fourth quarter of 2021, mainly for the same reason.

Net foreign exchange income/(loss)

Net foreign exchange income was ₽472 million for the three months ended December 31, 2022, compared to a ₽3 million for the three months ended December 31, 2021. The net foreign exchange income for the fourth quarter of 2022 primarily reflects the foreign exchange gain on USD and CNY-denominated cash balances reflecting the depreciation of Russian ruble against (i) the US dollar from 57.4130 as of September 30, 2022, to 70.3375 as of December 31, 2022, and (ii) the Chinese Yuan from 7.98495 as of September 30, 2022, to 9.89492 as of December 31, 2022.

Depreciation and amortization

Depreciation and amortization were P295 million for the three months ended December 31, 2022, which was relatively flat compared to ₽280 million for the three months ended December 31, 2021.

Finance income and costs

Finance income was ₽67 million for the three months ended December 31, 2022, compared to ₽74 million for the three months ended December 31, 2021.

Finance costs were ₽165 million for the three months ended December 31, 2022, compared to ₽179 million for the three months ended December 31, 2021. The decrease was primarily due to a decrease in the Key Rate of the Central Bank of Russia over the last 12 months from 8.5% as of December 31, 2021 to 7.5% as of December 31, 2022, that resulted in a decrease in the interest charge accrued on our bank loan.

Income tax expense

Income tax expense was ₽459 million for the three months ended December 31, 2022, compared to the ₽158 million income tax expense for the three months ended December 31, 2021.

The effective tax rate increased to 18.4% for the three months ended December 31, 2022, compared to 9.5% for the three months ended December 31, 2021, primarily due to decreased reversal of uncertain tax positions provision in the fourth quarter of 2022 by ₽110 million compared with the three months ended December 31, 2021. Our uncertain tax positions typically expire and reverse in the end of a year, resulting in our effective tax rate being significantly lower than the statutory tax rate 20% in a fourth quarter.

For the year ended December 31, 2022, the effective tax rate increased to 29.5% compared to 20.0% for the year ended December 31, 2021. The effective tax rate for the year ended December 31, 2021 equaled the statutory tax rate in the Russian Federation of 20% primarily due to the fact that the reversal of the provision for uncertain income tax positions was fully offset by a non-deductible interest expense on the bank loan and other non-deductible expenses, mostly related to provision on social taxes related to our long-term incentive plans (“LTIPs”). The effective tax rate for the year ended December 31, 2022 was mainly affected by non-deductible impairment losses not occurring in the year ended December 31, 2021 as well as increase in our other non-deductible expenses, mostly related to our LTIPs.

Net income, Adjusted EBITDA and Adjusted Net Income

In the three months ended December 31, 2022, compared to the three months ended December 31, 2021, our net income increased by 34.5% to ₽2,039 million, our Adjusted EBITDA increased by 17.2% to ₽2,594 million and our Adjusted Net Income increased by 10.3% to ₽1,835 million, primarily due to the reasons described above.

Cash Flows

The following table sets forth the summary cash flow statements for the periods indicated:

Net cash generated from operating activities

Cash provided by operating activities has historically been affected by the amount of net income adjusted for non-cash expense items, such as depreciation and amortization, impairment losses, equity-settled awards and others, as well as the timing of prepayments from our clients, tax payments and changes in other working capital accounts.

For the year ended December 31, 2022, net cash generated from operating activities was ₽7,669 million, compared to ₽8,659 million generated for the year ended December 31, 2021. The net decrease was primarily attributable to a decrease in customer prepayments and increase of value-added tax payments year-over-year.

Net cash used in investing activities

For the year ended December 31, 2022, net cash used in investing activities was ₽252 million compared to ₽1,575 million for the year ended December 31, 2021. The change between the periods of ₽1,323 million was primarily due to (i) a decrease in our investing cash flow related to M&A by ₽738 million mostly due to a decrease in acquisition of strategic investments, (ii) ₽300 million net proceeds during the year ended December 31, 2022 from investments in short-term deposits compared to ₽300 million net outflow from placements of short-term deposits during the year ended December 31, 2021, (iii) an increase of capital expenditures of ₽184 million and (iv) a decrease in the deferred consideration paid for acquisition of Zarplata.ru in the year ended December 31, 2022 by ₽166 million in line with the agreed payment schedule.

Net cash used in financing activities

For the year ended December 31, 2022, net cash used in financing activities was ₽4,394 million, compared to ₽3,959 million net cash used in financing activities in the year ended December 31, 2021. The increase in cash used in the financing activities for the year ended December 31, 2022 of ₽435 million was primarily due to (i) an increase in the amount of dividends paid to shareholders of ₽1,140 million and (ii) a decrease in payment for the acquisition of treasury shares of ₽767 million as a result of termination of our share buyback program in March 2022.

Capital Expenditures

Our additions to property and equipment and intangible assets for the three months ended December 31, 2022 were ₽220 million, compared to ₽76 million for the three months ended December 31, 2021, primarily due to an increase in servers and office equipment acquisition.

About HeadHunter Group PLC

HeadHunter is the leading online recruitment platform in Russia and the Commonwealth of Independent States focused on providing comprehensive talent acquisition services, such as access to extensive CV database, job postings (jobs classifieds platform) and a portfolio of value-added services.

USE OF NON-IFRS FINANCIAL MEASURES

To supplement our consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), we present the following non-IFRS¹ financial measures: Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin, Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization), Net Working Capital, Net (Cash)/Debt and Net (Cash)/Debt to Adjusted EBITDA Ratio. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. For more information on these non-IFRS financial measures, please see the tables captioned “Reconciliations of non-IFRS financial measures from the nearest comparable IFRS measures”, included following the accompanying financial tables. We define the various non-IFRS financial measures we use as follows:

¹ Denotes International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”).

Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) are used by our management to monitor the underlying performance of the business and its operations. Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) as reported by us to Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) as reported by other companies. Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) are unaudited and have not been prepared in accordance with IFRS or any other generally accepted accounting principles.

Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) are not measurements of performance under IFRS or any other generally accepted accounting principles, and you should not consider Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) as alternatives to net income, operating profit or other financial measures determined in accordance with IFRS or other generally accepted accounting principles. Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) have limitations as analytical tools, and you should not consider them in isolation. Some of these limitations are:

The tables at the end of this release provide detailed reconciliations of each non-IFRS financial measure we use from the most directly comparable IFRS financial measure.

Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization)

Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) is a financial measure not defined under IFRS. We believe that Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) is a useful metric to assess our operating activities. We excluded expenses incurred in connection with potential financing and strategic transactions, including IPO- and SPO- related expenses that are not indicative of our ongoing expenses. We also excluded equity-settled awards as these are non-cash expenses and highly dependent on our share price at the time of equity award grants. We also excluded other financing and transactional costs as not indicative of our ongoing expenses. Therefore, we believe that it is useful for investors and analysts to see operating costs and expenses financial measures excluding the impact of these charges in order to obtain a clearer picture of our operating activity. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. See the tables at the end of this release providing the calculation of Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization).

Net Working Capital

Net Working Capital is a financial measure not defined under IFRS. We believe that Net Working Capital is a useful metric to assess our ability to service debt, fund new investment opportunities, distribute dividends to our shareholders and assess our working capital requirements. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. See the tables at the end of this release providing the calculation of Net Working Capital.

Net (Cash)/Debt and Net (Cash)/Debt to Adjusted EBITDA Ratio

Net (Cash)/Debt and Net (Cash)/ Debt to Adjusted EBITDA Ratio are financial measures not defined under IFRS. We believe that Net (Cash)/Debt and Net (Cash)/Debt to Adjusted EBITDA Ratio are important measures that indicate our ability to repay outstanding debt. These measures should not be considered in isolation or as a substitute for any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. See the tables at the end of this release providing the calculation of Net (Cash)/Debt and discussion of Net (Cash)/Debt to Adjusted EBITDA Ratio.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the sufficiency of our resources, our ability to finance our operations for the foreseeable future, the potential impact of geopolitical developments and the macro environment on our business and the trading status of our ADSs on Nasdaq and MOEX, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The important risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, significant competition in our markets, our ability to maintain and enhance our brand, our ability to improve our user experience and product offerings, our ability to respond to industry developments, our reliance on Russian Internet infrastructure, macroeconomic and global geopolitical developments affecting the Russian economy or our business, including the impact of the COVID-19 pandemic, as well as sanctions, export controls and similar measures targeting Russia as well as other responses to the military conflict in Ukraine, changes in the political, legal and/or regulatory environment, privacy and data protection concerns and our need to expend capital to accommodate the growth of the business, a delisting of our ordinary shares from Nasdaq could have materially adverse effects on our business, financial condition and results of operations, as well as those risks and uncertainties included under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2021 and “Supplemental Risk Factor Disclosure” in our Report on Form 6-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 15, 2022, as such factors may be updated from time to time in our other filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 to be filed with the SEC, each of which is on file with the SEC and is available on the SEC website at www.sec.gov. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Unaudited Condensed Consolidated Statement of Income and Comprehensive Income

Unaudited Condensed Consolidated Statement of Financial Position

As at

Unaudited Condensed Consolidated Statement of Cash Flows

For the year ended

Reconciliations of non-IFRS financial measures from the nearest comparable IFRS measures

Reconciliation of EBITDA and Adjusted EBITDA from net income, the most directly comparable IFRS Financial measure:

Reconciliation of Adjusted Net Income from net income, the most directly comparable IFRS Financial measure:

Reconciliation of Adjusted Operating Costs and Expenses (Exclusive of Depreciation and Amortization) from operating costs and expenses (exclusive of depreciation and amortization), the most directly comparable IFRS financial measure:

We believe that Net Working Capital is a useful metric to assess our ability to service debt, fund new investment opportunities, distribute dividends to our shareholders and assess our working capital requirements. Calculation of our Net Working Capital is presented in the table below:

We believe that Net (Cash)/Debt and Net (Cash)/Debt to Adjusted EBITDA Ratio are important measures that indicate our ability to repay outstanding debt. Calculation of our Net (Cash)/Debt is presented in the table below:

We calculate our Net (Cash)/Debt to Adjusted EBITDA Ratio by dividing Net (Cash)/Debt by Adjusted EBITDA: