Adevinta — Interim / Quarterly Report 2019

Oct 24, 2019

Consolidated financial and analytical info as of Q3 2019

	Contents (each item on separate tabs):
1.	Profit and loss statement

1. Balance sheet 3. Cash flow 4. Segment information 5. Segment details

For questions, please contact Adevinta IR:

ir@adevinta.com www.adevinta.com/ir

CONDENSED CONSOLIDATED	Year to date	Year to date	Full year	Full year	Full year
INCOME STATEMENT	2019	2018	2018	2017	2016
Operating revenues	496.0	436.1	594.6	511.4	421.1
Personnel expenses	(168.8)	(150.0)	(201.3)	(182.6)	(145.5)
Other operating expenses	(177.2)	(181.6)	(242.3)	(233.0)	(213.8)
Gross operating profit (loss)	150.0	104.4	151.0	95.8	61.8
Depreciation and amortisation	(32.1)	(18.7)	(26.5)	(21.6)	(14.3)
Share of profit (loss) of joint ventures and associates	1.6	3.8	6.8	(13.5)	(17.8)
Impairment loss	(0.3)	(9.0)	(56.6)	(1.1)	(0.6)
Other income and expenses	(8.9)	(0.1)	(6.3)	139.3	(3.4)
Operating profit (loss)	110.3	80.4	68.4	198.8	25.7
Net Financials	(3.7)	(11.6)	(14.1)	(17.6)	(1.8)
Profit (loss) before taxes	106.6	68.7	54.3	181.2	23.9
Taxes	(43.2)	(46.5)	(61.3)	(62.1)	(43.6)
Profit (loss)	63.4	22.3	(7.0)	119.1	(19.7)
Profit (loss) attributable to:
Non-controlling interests	2.0	0.1	0.4	(1.5)	0.3
Owners of the parent	61.4	22.2	(7.4)	120.6	(20.1)

EUR million
CONDENSED CONSOLIDATED	30.09	30.06	31.03	31.12	30.09	30.06	31.03	31.12	31.12
STATEMENT OF FINANCIAL POSITION	2019	2019	2019	2018	2018	2018	2018	2017	2016
ASSETS
Intangible assets	1,326.9	1,326.7	1,308.5	1,301.0	1,345.1	1,340.7	1,354.1	1,354.0	1,168.6
Property, plant and equipment and right-of-use assets	85.4	87.7	82.9	19.8	17.2	16.9	18.3	19.1	14.6
Investments in joint ventures and associates	375.6	389.8	385.0	375.3	355.9	370.0	399.1	413.3	68.6
Other non-current assets	14.1	12.1	14.1	13.2	11.4	12.2	13.2	13.3	21.9
Non-current assets	1,802.1	1,816.4	1,790.4	1,709.2	1,729.6	1,739.8	1,784.7	1,799.6	1,273.8
Trade receivables and other current assets	140.6	153.5	277.2	389.2	259.8	361.3	317.9	336.9	216.5
Cash and cash equivalents	86.9	64.9	53.0	55.1	50.5	38.1	30.7	37.4	79.4
Current assets	227.6	218.4	330.3	444.3	310.3	399.4	348.6	374.3	295.8
Total assets	2,029.6	2,034.8	2,120.7	2,153.5	2,039.9	2,139.2	2,133.3	2,174.0	1,569.6
EQUITY AND LIABILITIES
Equity attributable to owners of the parent	1,520.8	1,513.8	1,347.8	1,317.8	1,330.6	1,209.7	1,243.7	1,240.2	939.3
Non-controlling interests	16.7	15.4	14.8	13.9	15.2	14.7	15.6	15.3	15.6
Equity	1,537.5	1,529.2	1,362.6	1,331.7	1,345.8	1,224.4	1,259.3	1,255.5	954.8
Non-current interest-bearing borrowings	151.4	151.3	418.7	448.5	352.6	561.3	512.1	559.2	300.4
Other non-current liabilities	140.1	143.3	133.5	76.5	72.6	74.4	74.9	74.9	95.8
Non-current liabilities	291.6	294.6	552.2	525.0	425.2	635.7	586.9	634.1	396.2
Current interest-bearing borrowings	0.4	0.4	0.0	0.0	0.0	0.5	0.5	0.5	0.6

(EUR million)
CONDENSED CONSOLIDATED	30.09	30.06	31.03	31.12	30.09	30.06	31.03	31.12	31.12
STATEMENT OF CASH FLOWS	2019	2019	2019	2018	2018	2018	2018	2017	2016
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes	106.6	68.2	36.8	54.3	68.7	39.8	17.9	181.2	23.9
Depreciation, amortisation and impairment losses	32.4	22.0	11.6	83.1	27.7	21.5	6.4	22.7	14.9
Net effect pension liabilities		-	-	(0.2)	(0.2)	(0.1)	0.2	(0.0)	(3.1)
Share of loss (profit) of joint ventures and associates	(1.6)	(0.5)	(4.2)	(6.8)	(3.8)	(3.0)	(0.4)	13.5	17.8
Dividends received from joint ventures and associates	1.4	-	-	1.5	1.5	0.3	-	-	-
Taxes paid	(40.1)	(26.7)	(12.4)	(53.7)	(41.3)	(25.1)	(12.2)	(60.8)	(42.2)
Sales losses (gains) on non-current assets and other non-cash losses (gains)	(0.3)	0.0	-	(1.3)	(1.3)	(0.0)	(0.0)	(142.7)	(1.3)
Change in working capital and provisions	9.4	7.8	19.3	(3.1)	12.8	9.4	13.4	(8.1)	8.9
Net cash flow from operating activities	107.7	70.8	51.0	73.9	64.3	42.8	25.1	5.8	18.9
CASH FLOW FROM INVESTING ACTIVITIES
Development and purchase of intangible assets, and property, plant and equipment	(33.5)	(22.8)	(9.6)	(30.7)	(19.2)	(11.9)	(5.3)	(30.4)	(24.9)
Acquisition of subsidiaries, net of cash acquired	(10.9)	(10.3)	-	(3.1)	(1.5)	-	-	(134.2)	(44.0)
Proceeds from sale of intangible assets, and property, plant and equipment	0.0	0.0	0.2	0.4	0.5	0.6	0.0	0.4	1.0
Proceeds from sale of subsidiaries, net of cash sold	-	-	-	0.1	0.1	-	-	18.3	-
Net sale of (investment in) other shares	(8.7)	(7.0)	(6.1)	(3.3)	(1.8)	(0.9)	-	(294.8)	(15.3)
Net change in other investments	1.0	(0.2)	(0.3)	2.8	2.1	0.8	-	2.4	1.4
Net cash flow from investing activities	(52.1)	(40.4)	(15.9)	(33.8)	(19.8)	(11.4)	(5.2)	(438.3)	(81.8)
Net cash flow before financing activities	55.5	30.5	35.2	40.1	44.5	31.4	19.9	(432.5)	(62.9)

EUR million 1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	1 quarter 2018	2 quarter 2018	3 quarter 2018	4 quarter 2018	1 quarter 2019	2 quarter 2019	3 quarter 2019	FINANCIAL SEGMENTS	2019	Year to date Year to date 2018	Full year 2018	Full year 2017	Full year 2016
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	170.3	165.4	Operating revenues Adevinta Group	496.0	436.1	594.6	511.4	421.1
61.8	65.0	62.7	70.2	73.0	78.5	73.6	81.5	81.7	88.5	85.7	France	255.9	225.1	306.6	259.7	214.2
32.0 12.4	34.6 12.4	34.5 13.5	36.6 15.0	37.9 14.7	40.4 17.4	40.2 17.0	41.4 19.8	43.8 20.5	46.0 20.3	45.3 22.0	Spain Brazil	135.1 62.8	118.5 49.1	160.0 68.9	137.7 53.3	110.8 29.8
24.5	26.9	26.6	29.1	27.8	30.1	28.9	31.5	29.9	31.9	30.8	Global Markets	92.5	86.8	118.3	107.1	88.9
0.5	0.6	0.6	2.1	1.1	1.9	0.4	3.7	4.3	3.0	2.8	Other/Headquarters	10.0	3.4	7.1	3.8	8.5
(10.9)	(11.3)	(12.8)	(15.2)	(14.4)	(16.8)	(15.7)	(19.4)	(20.0)	(19.3)	(21.2)	Eliminations	(60.4)	(46.8)	(66.2)	(50.2)	(31.2)

EBITDA

EUR million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	FINANCIAL	Year to date	Year to date	Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	2019	SEGMENTS	2019	2018	2018	2017	2016
											Adevinta total
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	170.3	165.4	Operating revenues		496.0 436.1	594.6	511.4	421.1
				17%	18%	15%	15%	14%	12%	15%	YOY revenue growth		14% 17%	16%	21%
(107.0)	(99.4)	(100.0)	(109.2)	(111.7)	(111.8)	(108.1)	(111.9)	(114.2)	(118.0)	(113.7)	Operating expenses		(346.0) (331.7)	(443.5)	(415.7)	(359.3)
13.4	28.7	25.2	28.6	28.5	39.6	36.3	46.6	46.0	52.3	51.7	EBITDA		150.0 104.4	151.0	95.8	61.8
11%	22%	20%	21%	20%	26%	25%	29%	29%	31%	31%	EBITDA-margin		30% 24%	25%	19%	15%
											France
61.8	65.0	62.7	70.2	73.0	78.5	73.6	81.5	81.7	88.5	85.7	Operating revenues		255.9 225.1	306.6	259.7	214.2