AI assistant
Adevinta — Earnings Release 2019
Oct 24, 2019
3520_rns_2019-10-24_61f2f990-845d-48cc-a30f-a77922b5fcda.html
Earnings Release
Open in viewerOpens in your device viewer
Adevinta ASA (ADEA/ADEB) - Adevinta Q3 2019 Results
Adevinta ASA (ADEA/ADEB) - Adevinta Q3 2019 Results
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
* Global total revenues rise 15% to EUR180 million
* Core vertical marketplaces revenues climb 16%
* EBITDA up 38% to EUR54 million
* Cash flow up 71% to EUR37 million
Oslo, 24 October 2019 - Adevinta announces its third quarter 2019 results.
Adevinta enjoyed another solid quarter as revenues in its core verticals (cars,
real estate and jobs online marketplaces) rose 16%. Global total revenues were
up 15%. Display advertising revenues remain more muted because of weaker marker
conditions in key markets, yet saw 2.5% growth. New product features and tech
enhancements were rolled out across all marketplaces, improving functionality
and ease of use.
Rolv Erik Ryssdal, CEO, commented:
"I am pleased to report that Adevinta achieved another solid quarter in Q3
2019. Our strategy is to focus on core verticals, invest in product and tech,
while pressing ahead with organic and inorganic growth opportunities. Adevinta
continues to deliver above average growth relative to our peers.
"Investment in new product features and tech investment will continue to be
rolled out across all our marketplaces to maintain the pace and scale of focus
on tech.
"Softer market conditions have impacted our growth expectations with weaker than
hoped for performance in advertising revenues. Initiatives to improve
advertising revenues have delivered improved growth in this area.
"The acquisition of Argus in France presents exciting opportunities to grow and
benefit from synergies for Leboncoin in the car vertical. Argus is a first-class
business, with a great team, and we are rapidly integrating the business."
Q3 2019 Highlights
* Total revenues up 15% to EUR180 million
* Revenue from verticals grew 16%
* France up 15%
* Spain up 18%
* Brazil total revenues up 29%
* Display advertising revenue up 2.5%
* EBITDA increased 38% to EUR54.1 million
* EBITDA margin rose 5%-points to 30%
* France and Spain slightly improved their EBITDA margin while still
investing in product and marketing
* Global Markets continues on path to profitability with margin expanded by
38%-points
* Leboncoin strengthened its core car vertical through the key acquisition of
Argus Group
--------------------------------------------------------------------------------
Revenues and EBITDA on proportionate basis incl JVs
+----+-------------------------------------------------------------------------+
| | Third First three |
| | quarter (EUR million) quarters Full year|
| | |
|yoy% 2018 2019 Adevinta 2019 2018 2018|
+----+-----+-----+----------------------------+-----+-----------------+--------+
| 15%|156.6|180.3|Operating revenues incl JVs |539.3| 471.4| 644|
+----+-----+-----+----------------------------+-----+-----------------+--------+
| 38%| 39.1| 54.1|EBITDA incl JVs |153.7| 111.2| 156.2|
+----+-----+-----+----------------------------+-----+-----------------+--------+
| | 25%| 30%|EBITDA margin incl JVs | 28%| 24%| 24%|
+----+-----+-----+----------------------------+-----+-----------------+--------+
| 71%| 21.5| 36.8|Operating cash flow incl JVs|107.7| 64.3| 73.9|
+----+-----+-----+----------------------------+-----+-----------------+--------+
Adevinta invites you to an analyst and press meeting presentation on our Q3
2019 results at Akersgata 55, Oslo, today 24 October 2019 at 09:00 CEST. CEO,
Rolv Erik Ryssdal,
CFO, Uvashni Raman and Antoine Jouteau, CEO, Leboncoin Group, will present.
A recording of the presentation will be available on our website shortly after
the live webcast has ended. The live webcast of the presentation will also be
streamed here (https://webtv.hegnar.no/presentation.php?webcastId=98161590).
A conference call with Q&A linked to the Q3 2019 numbers will take place at
14:00 CEST today.
NOTE: To avoid waiting time when connecting to the call, please use the below
link 5-10 minutes prior to start time, where you will be asked to type in your
phone number and registration details. The Event Conferencing system will
automatically call you back on the phone number you provide and place you into
the event. Please note that the link will become active 15 minutes prior to the
event: Investor call
(https://event.mymeetingroom.com/Public/EventMeet/ZW5jPVd1K0dXUjZxckM0MUpJc2duNE
1QUU5zaHl1NW5jVGVodEtGUTJ0WFZJNjd2MzhoeitIK2puZz09).
For manual dial-in, use the following number (note that this connection might
take more time): +47 2350 2009. Passcode: 3218853. Additional international
phone numbers using the same passcode are here
(https://event.mymeetingroom.com/Public/ConferenceDialinNumbers/ZW5jPXNhQWNoekF6
VkllSHp2ellhbnNGaXR1WkcvTytxcEl1R29GaFBOMFd2cWhXQllvYUJIY1EwcXRObElKaFA1YlV3MU1D
S1pFVDNabnJucXlpOTRSVGp2WkpnQ0lscVBsU3hOVlJrMHVUY0QzRnR6TEp3b0p0Q1E9PQ==).
Contacts
Mélodie Laroche - Corporate Communications, Adevinta
[email protected] (mailto:[email protected])
Jo Christian Steigedal, Investor Relations
[email protected] (mailto:[email protected])