Good day everyone and welcome to the QIWI Second Quarter 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the call over to Ms. Varvara Kiseleva, Interim Chief Financial Officer of QIWI. Please go ahead.
Thank you, operator, and good morning everyone. Welcome to the QIWI second quarter earnings call. I am Varvara Kiseleva, Interim Chief Financial Officer. And with me today are Boris Kim, our Chief Executive Officer and Andrey Protopopov, Chief Executive Officer of the Payment Services segment.
A replay of this call will be available until Wednesday, September 2, 2020. Access information for the replay is listed in today's earnings press release, which is available at our Investor Relations website at investor.qiwi.com. For those listening to the replay, this call was held and recorded on August 19, 2020.
Before we begin, I would like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements about our expectations for future performance are subject to known and unknown risks and uncertainties. QIWI cautions that these statements are not guarantees of future performance. All forward-looking statements made today, reflect our current expectations only, and we undertake no obligation to update any statements to reflect events that occur after this call. Please refer to the company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission for factors that could cause our actual results to differ materially from any forward-looking statements.
During today's call, management will provide certain information that will constitute non-IFRS financial measures, such as total net revenue, adjusted EBITDA, adjusted net profit and adjusted net profit per share. Reconciliations to IFRS measures and certain additional information are also included in today's earnings press release.
With that, we'll begin by turning the call over to Boris Kim, our Chief Executive Officer.
Thank you, Varvara, and good morning, everyone. Thanks for joining us on this call. Today, I'm glad to share with you our second quarter 2020 financial results. This quarter, we demonstrated robust performance and reached a number of important goals.
Our Payment Services segment showed solid dynamics despite challenging market environment and delivered 5% segment net revenue growth. That being said, April and May were the most challenging months for us so far.
Our e-commerce market vertical was affected by the cancellation of numerous major sporting events. Our Money Remittances market vertical was temporarily hit by decline in various self-employed payment streams. Our physical distribution network was negative, affected by the lockdown measures and temporary retail shutdown that limited users' access to certain retail locations, as well as overall activity.
However, in June, we started to see strong recovery in the key markets and niches of our Payment Services segment and managed to achieve positive year-over-year growth. Moreover, our B2B projects, including Factoring PLUS, Flocktory and even Tochka JV showed impressive resilience and strong operational performance despite the complicated environment.
Interim Chief Financial Officer
Chief Executive Officer of QIWI Group
Chief Executive Officer of Payment Services
We are pleased that you like our content! Sign Up now to access premium content for free, a very limited time offer.
Welcome! Create your account
You are successfully registered!
An activation link has been sent to your mail. Please activate and login.