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Adevinta — Fund Information / Factsheet 2021
Nov 5, 2021
3520_rns_2021-11-05_aaad95f8-0fa6-4d07-b6bb-bf8277c072d0.pdf
Fund Information / Factsheet
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Adevinta
Adevinta and eCG historical segment information
Contents (each item on a separate tab):
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- Segment details
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- Disclosure
Purpose
The purpose of this document is to provide a track record of financial information for the years ended 31 December 2019 and 2020, and the period ended 30 June 2021, for the group resulting from the acquisition of eBay Classifieds Group ("eCG") by Adevinta ASA ("Adevinta"), (the "Group") on 25 June 2021.
Nature of information
This document sets out segment Revenue and EBITDA per quarter, and annual capital expenditure for the years ended 31 December 2019 and 2020, and the period ended 30 June 2021. The information disclosed reflects the results of the Group, as if it had existed during the periods presented.
Adevinta will implement changes in the financial reporting structure as of Q3 2021. The segments presented here therefore represent the revised reporting structure of the Group and, therefore, the segments that will be presented in the consolidated annual financial statements for the year ended 31 December 2021.
Adevinta has identified France, Mobile.de, European Markets, and Headquarters and Uthers as operating segments, based on the internal reporting structure. This reflects how the operating results will be reviewed and managed, and perfomance will be assessed by Group Management going forward, following the acquisition of eCG.
All numbers presented in this document are consolidated numbers, not including the Join Ventures which are not 100% consolidated (i.e. OLX and willhaben).
The revenue and capital expenditure figures presented are prepared in accordance with International Financial Reporting Standards ("IFRS"). In addition, the Group presents EBITDA as an alternative performance measure ("APM").
An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.
| EUR million 1 quarter 2019 |
2 quarter 2019 |
3 quarter 2019 |
4 quarter 2019 |
1 quarter 2020 |
2 quarter 2020 |
3 quarter 2020 |
4 quarter 2020 |
1 quarter 2021 |
2 quarter FINANCIAL 2021 SEGMENTS |
2021 | Year to date Year to date 2020 |
Full year 2020 |
Full year 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| like-for-like like-for-like like-for-like like-for-like like-for-like like-for-like like-for-like like-for-like like-for-like like-for-like | like-for-like like-for-like like-for-like like-for-like | ||||||||||||
| Combined Group (Ade + eCG) | |||||||||||||
| ( 354) ( |
376) ( | 366) ( | 396) ( | 368) ( | 307) ( | 371) ( | 391) ( | 385) ( | 405) Operating revenues | ( 790) ( |
675) ( | 1,437) ( | 1,492) |
| - ( (238) ( |
- (249) ( |
- (234) ( |
- (255) ( |
(263) ( | 3.9% -18.4% (217) ( |
1.2% (235) ( |
-1.2% (253) ( |
4.6% (254) ( |
31.9% YOY revenue growth (268) Operating expenses |
17.0% ( (521) ( |
-7.6% (480) ( |
-3.7% (967) ( |
- (975) |
| ( 116) ( |
128) ( | 132) ( | 141) ( | 105) ( | 90) ( | 136) ( | 139) ( | 131) ( | 137) EBITDA | ( 269) ( |
195) ( | 470) ( | 517) |
| 32.8% | 34.0% | 36.1% | 35.7% | 28.5% | 29.4% | 36.7% | 35.5% | 34.1% | 33.9% EBITDA-margin | 34.0% | 28.9% | 32.7% | 34.7% |
| France | |||||||||||||
| ( 82) ( |
88) ( | 86) ( | 102) ( | 98) ( | 86) ( | 100) ( | 110) ( | 112) ( | 117) Operating revenues | ( 228) ( |
184) ( | 393) ( | 357) |
| - | - | - | - | 19.3% | -2.8% | 16.7% | 8.0% | 14.6% | 35.7% YOY revenue growth | 24.5% | 7.8% | 10.0% | - |
| ( (37) ( ( 45) ( |
(40) ( 48) ( |
(37) ( 48) ( |
(52) ( 50) ( |
(51) ( 47) ( |
(45) ( 41) ( |
(50) ( 50) ( |
(57) ( 53) ( |
(56) ( 55) ( |
(63) Operating expenses 54) EBITDA |
( (119) ( ( 109) ( |
(96) ( 88) ( |
(202) ( 191) ( |
(166) 191) |
| 55.2% | 54.5% | 56.3% | 49.0% | 48.2% | 47.5% | 50.2% | 48.3% | 49.5% | 46.0% EBITDA-margin | 47.7% | 47.8% | 48.6% | 53.5% |
| Mobile | |||||||||||||
| ( 68) ( |
70) ( | 70) ( | 77) ( | 77) ( | 55) ( | 73) ( | 74) ( | 70) ( | 72) Operating revenues | ( 142) ( |
133) ( | 280) ( | 286) |
| - | - | - | - | 13.3% -21.5% | 4.3% | -3.7% | -8.8% | 30.2% YOY revenue growth | 7.5% | -4.4% | -2.1% | - | |
| ( (26) ( |
(29) ( | (30) ( | (28) ( | (31) ( | (27) ( | (28) ( | (27) ( | (29) ( | (29) Operating expenses | ( (58) ( |
(57) ( | (112) ( | (113) |
| ( 42) ( |
41) ( | 41) ( | 49) ( | 47) ( | 28) ( | 46) ( | 47) ( | 42) ( | 43) EBITDA | ( 85) ( |
75) ( | 168) ( | 173) |
| 61.2% | 58.8% | 57.7% | 63.9% | 60.4% | 51.4% | 62.3% | 63.6% | 59.2% | 60.0% EBITDA-margin | 59.6% | 56.6% | 60.0% | 60.5% |
| European Markets | |||||||||||||
| ( 141) ( |
148) ( | 144) ( | 155) ( | 142) ( | 128) ( | 143) ( | 154) ( | 153) ( | 164) Operating revenues | ( 317) ( |
270) ( | 567) ( | 588) |
| - | - | - | - | 0.4% -13.2% | -0.9% | -0.6% | 8.1% | 28.0% YOY revenue growth | 17.6% | -6.6% | -3.6% | - | |
| ( (90) ( ( 51) ( |
(90) ( 58) ( |
(81) ( 63) ( |
(82) ( 73) ( |
(94) ( 48) ( |
(71) ( 57) ( |
(75) ( 67) ( |
(84) ( 70) ( |
(91) ( 62) ( |
(96) Operating expenses 69) EBITDA |
( (186) ( ( 131) ( |
(165) ( 105) ( |
(324) ( 242) ( |
(343) 245) |
| 36.4% | 39.0% | 43.5% | 47.3% | 33.8% | 44.6% | 47.2% | 45.4% | 40.7% | 41.8% EBITDA-margin | 41.3% | 38.9% | 42.8% | 41.7% |
| International Markets | |||||||||||||
| ( 53) ( |
60) ( | 57) ( | 54) ( | 45) ( | 31) ( | 49) ( | 49) ( | 47) ( | 51) Operating revenues | ( 99) ( |
76) ( | 175) ( | 224) |
| - | - | - | - | -15.5% -47.9% -14.5% | -8.0% | 5.1% | 63.8% YOY revenue growth | 29.3% -32.7% -22.1% | - | ||||
| ( (38) ( |
(41) ( | (35) ( | (41) ( | (36) ( | (29) ( | (35) ( | (35) ( | (35) ( | (33) Operating expenses | ( (69) ( |
(65) ( | (134) ( | (154) |
| ( 15) ( 28.9% |
19) ( 32.3% |
23) ( 39.5% |
13) ( 24.5% |
9) ( 19.9% |
3) ( 8.9% |
14) ( 29.4% |
15) ( 29.8% |
12) ( 24.8% |
18) EBITDA 35.1% EBITDA-margin |
( 30) ( 30.2% |
12) ( 15.3% |
41) ( 23.4% |
71) 31.5% |
| ( 7) ( |
7) ( | 7) ( | 7) ( 6) ( |
4) ( | 5) ( | 4) ( | 2) ( | Disposals 1) Operating revenues |
( | 3) ( 10) ( |
19) ( | 27) | |
| - | - | - | - | -20.2% -40.9% -24.1% -41.0% -59.2% -79.8% YOY revenue growth | -68.2% -30.8% -31.6% | - | |||||||
| ( (9) ( |
(8) ( | (7) ( | (10) ( | (8) ( | (8) ( | (8) ( | (10) ( | (4) ( | (4) Operating expenses | ( (8) ( |
(16) ( | (33) ( | (35) |
| ( (2) ( |
(1) ( | (0) ( | (4) ( | (3) ( | (4) ( | (3) ( | (6) ( | (2) ( | (3) EBITDA | ( | (5) ( (6) ( |
(15) ( | (7) |
| HQ&Other | |||||||||||||
| ( 4) ( |
3) ( | 3) ( | 3) ( 2) ( |
3) ( | 1) ( | 3) ( | 2) ( | 3) Operating revenues | ( | 5) ( 4) ( |
9) ( 12) |
||
| - | - | - | - | -56.5% | -5.0% -61.7% | 28.0% | 26.3% | 8.1% YOY revenue growth | 15.4% -35.6% -27.5% | - | |||
| ( (39) ( ( (35) ( |
(41) ( (38) ( |
(44) ( (42) ( |
(43) ( (40) ( |
(45) ( (43) ( |
(38) ( (35) ( |
(40) ( (39) ( |
(43) ( (40) ( |
(40) ( (38) ( |
(46) Operating expenses (43) EBITDA |
( (86) ( ( (81) ( |
(83) ( (78) ( |
(166) ( (157) ( |
(167) (155) |
| Eliminations | |||||||||||||
| ( (1) ( |
(1) ( | (1) ( | (0) ( | (1) ( | (1) ( | (1) ( | (3) ( | (2) ( | (3) Operating revenues | ( | (5) ( (1) ( |
(5) ( | (3) |
| CAPEX Adevinta |
( 22) ( |
22) ( | 42) ( | 50) | |||||||||
| eCG | ( | 6) ( 4) ( |
13) ( | 13) |
European Markets:
Germany (eBay-Kleinanzeigen.de), Spain, Benelux, Italy, Ireland, Hungary and Belarus.
International Markets:
| Brazil (infojobs.com.br), Canada, Australia, Mexico, South Africa and Other Countries. | ||
|---|---|---|
| Disposals: | Divested Dates: |
|---|---|
| Shpock | Q2 2021 |
| Dominican Republic | Q2 2020 |
| Tunisa | Q4 2020 |
| Chile | Q1 2021 |
| Morroco | Q4 2020 |
| Colombia | Q4 2020 |
All numbers presented are consolidated numbers, not including the Joint Ventures which are not 100% consolidated (i.e. OLX Brazil and willhaben)
The Segment Details represent the new orgainsation, taking into consideration:
- The composition of the new segments
- Providing a view of the new organisation, re-stated by the new segments
- All numbers presented are consolidated numbers, not including the Joint Ventures which are not 100% consolidated (i.e. OLX Brazil and willhaben)
The eCG figures have been adjusted to be consistent with the Adevinta definition of EBITDA, with the below adjustments to the historic 'operating income' of eCG taken into consideration:
- USGAAP to IFRS e.g. excluding IFRS16 rent
- Currency impact
- Scope impact (UK business and Denmark legal entities excluded)
- Allocation of eCG Markets of costs relating to services eBay performed for eCG; therefore directly attributable costs / TSAs only
- Inclusion of Share Based Compensation
- Reallocation of some eCG costs within the portfolio to align with Adevinta structure
- Exclusion of depreciation