Adevinta — Interim / Quarterly Report 2019

Jul 15, 2019

Consolidated financial and analytical info as of Q2 2019

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment information
• 1. Segment details

For questions, please contact Adevinta IR:

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

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	COMBINED CONSOLIDATED INCOME STATEMENT	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	Operating revenues	330.6	291.7	594.6	511.4	421.1
(43.5) (63.5)	(44.6) (54.8)	(45.6) (54.4)	(48.9) (60.3)	(50.5) (61.2)	(50.1) (61.7)	(49.4) (58.6)	(51.2) (60.7)	(55.5) (58.7)	(55.1) (62.9)	Personnel expenses Other operating expenses	(110.7) (121.6)	(100.6) (123.0)	(201.3) (242.3)	(182.6) (233.0)	(145.5) (213.8)
13.4	28.7	25.2	28.6	28.5	39.6	36.3	46.6	46.0	52.3	Gross operating profit (loss)	98.3	68.1	151.0	95.8	61.8
(5.1) (6.8) 0.1 (0.2)	(5.3) (2.0) (0.2) 136.6	(5.3) (1.8) 0.0 3.4	(6.0) (3.0) (1.0) (0.5)	(6.2) 0.4 (0.2) (0.6)	(6.2) 2.6 (8.9) (0.2)	(6.3) 0.8 0.1 0.7	(7.7) 3.0 (47.7) (6.2)	(11.2) 4.2 (0.3) (1.7)	(10.4) (3.8) 0.0 (5.8)	Depreciation and amortisation Share of profit (loss) of joint ventures and Impairment loss Other income and expenses	(21.7) 0.5 (0.3) (7.5)	(12.4) 3.0 (9.0) (0.8)	(26.5) 6.8 (56.6) (6.3)	(21.6) (13.5) (1.1) 139.3	(14.3) (17.8) (0.6) (3.4)
1.4	156.2	23.2	18.0	21.9	26.9	31.6	(12.0)	37.0	32.3	Operating profit (loss)	69.3	48.8	68.4	198.8	25.7
(2.1)	(7.5)	(2.6)	(5.5)	(4.0)	(5.1)	(2.6)	(2.5)	(0.2)	(0.9)	Net Financials	(1.0)	(9.0)	(14.1)	(17.6)	(1.8)
(0.7)	148.7	20.7	12.5	17.9	21.9	28.9	(14.5)	36.8	31.4	Profit (loss) before taxes	68.2	39.8	54.3	181.2	23.9
(12.2)	(28.0)	(13.7)	(8.1)	(14.7)	(17.2)	(14.6)	(14.8)	(13.8)	(13.2)	Taxes	(27.0)	(31.8)	(61.3)	(62.1)	(43.6)
(13.0)	120.7	7.0	4.4	3.3	4.7	14.3	(29.2)	23.0	18.2	Profit (loss)	41.2	8.0	(7.0)	119.1	(19.7)
(0.6) (12.4)	(0.7) 121.4	0.2 6.8	(0.4) 4.8	(0.4) 3.6	(0.1) 4.8	0.6 13.7	0.3 (29.5)	0.5 22.5	0.6 17.6	Profit (loss) attributable to: Non-controlling interests Owners of the parent	1.1 40.1	(0.5) 8.5	0.4 (7.4)	(1.5) 120.6	0.3 (20.1)

EUR million
COMBINED CONSOLIDATED	30.06	31.03	31.12	30.09	30.06	31.03	31.12	31.12
STATEMENT OF FINANCIAL POSITION	2019	2019	2018	2018	2018	2018	2017	2016
ASSETS
Intangible assets	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	87.7	82.9	19.8	17.2	16.9	18.3	19.1	14.6
Investments in joint ventures and associates	389.8	385.0	375.3	355.9	370.0	399.1	413.3	68.6
Other non-current assets	12.1	14.1	13.2	11.4	12.2	13.2	13.3	21.9
Non-current assets	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	153.5	277.2	389.2	259.8	361.3	317.9	336.9	216.5
Cash and cash equivalents	64.9	53.0	55.1	50.5	38.1	30.7	37.4	79.4
Current assets	218.4	330.3	444.3	310.3	399.4	348.6	374.3	295.8
Total assets	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
Other equity	1,513.8	1,347.8	1,317.8	1,330.6	1,209.7	1,243.7	1,240.2	939.3
Total equity attributable to parent	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	15.4	14.8	13.9	15.2	14.7	15.6	15.3	15.6
Equity	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	151.3	418.7	448.5	352.6	561.3	512.1	559.2	300.4
Other non-current liabilities	143.3	133.5	76.5	72.6	74.4	74.9	74.9	95.8
Non-current liabilities	294.6	552.2	525.0	425.2	635.7	586.9	634.1	396.2
Current interest-bearing borrowings	0.4	0.0	0.0	0.0	0.5	0.5	0.5	0.6
Other current liabilities	210.5	205.9	296.8	268.9	278.5	286.6	283.8	218.0
Current liabilities	210.9	205.9	296.8	269.0	279.1	287.1	284.3	218.6
Total equity and liabilities	2,034.8	2,120.7	2,153.5	2,039.9	2,139.2	2,133.3	2,174.0	1,569.6

(EUR million) COMBINED CONSOLIDATED	30.06	31.03	31.12	30.09	30.06	31.03	31.12	31.12
STATEMENT OF CASH FLOWS	2019	2019	2018	2018	2018	2018	2017	2016
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes	68.2	36.8	54.3	68.7	39.8	17.9	181.2	23.9
Depreciation, amortisation and impairment losses	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	(0.5)	(4.2)	(6.8)	(3.8)	(3.0)	(0.4)	13.5	17.8
Dividends received from joint ventures and associates	-	-	1.5	1.5	0.3	-	-	-
Taxes paid	(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)	0.0	-	(1.3)	(1.3)	(0.0)	(0.0)	(142.7)	(1.3)
Change in working capital and provisions *	7.8	19.3	(3.1)	12.8	9.4	13.4	(8.1)	8.9
Net cash flow from operating activities	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	(22.8)	(9.6)	(30.7)	(19.2)	(11.9)	(5.3)	(30.4)	(24.9)
Acquisition of subsidiaries, net of cash acquired	(10.3)	-	(3.1)	(1.5)	-	-	(134.2)	(44.0)
Proceeds from sale of intangible assets, and property, plant and equipment	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	(7.0)	(6.1)	(3.3)	(1.8)	(0.9)	-	(294.8)	(15.3)
Net change in other investments	(0.2)	(0.3)	2.8	2.1	0.8	-	2.4	1.4
Net cash flow from investing activities	(40.4)	(15.9)	(33.8)	(19.8)	(11.4)	(5.2)	(438.3)	(81.8)
Net cash flow before financing activities	30.5	35.2	40.1	44.5	31.4	19.9	(432.5)	(62.9)
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings	148.6	-	0.4	0.4	0.4	0.3	0.1	0.2
Repayment of interest-bearing loans and borrowings	(100.1)	-	(0.0)	-	-	(0.0)	-	(5.4)
Change in ownership interests in subsidiaries	-	(100.1)	(11.0)	-	-	-	(1.1)	-
Capital increase	7.8	-	-	-	-	-	-	-
Net sale (purchase) of treasury shares	-	-	-	-	-	-	-	-
IFRS 16 lease payments	(6.2)	(2.9)		-	-	-
Dividends paid to owners of the parent	-	(0.0)	-	-	-	-	-	-
Dividends paid to non-controlling interests	-	-	(3.4)	(2.0)	(1.5)	-	(2.7)	(0.6)
Net financing from (to) Schibsted ASA	(70.9)	65.8	(8.9)	(30.7)	(29.5)	(26.8)	393.5	117.4
Net cash flow from financing activities	(20.8)	(37.3)	(22.9)	(32.3)	(30.7)	(26.6)	389.8	111.7
Effects of exchange rate changes on cash and cash equivalents	-	-	0.4	0.8	(0.0)	(0.1)	0.8	0.4
Net increase (decrease) in cash and cash equivalents	9.7	(2.1)	17.7	13.0	0.7	(6.7)	(41.9)	49.2
Cash and cash equivalents as at 1 January	55.1	55.1	37.4	37.4	37.4	37.4	79.4	30.2
Cash and cash equivalents as at 31 December	64.9	53.0	55.1	50.5	38.1	30.7	37.4	79.4

EUR million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	FINANCIAL		Year to date Year to date	Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	SEGMENTS	2019	2018	2018	2017	2016
										Operating revenues
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	170.3	Adevinta Group	330.6	291.7	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	France	170.2	151.5	306.6	259.7	214.2
32.0	34.6	34.5	36.6	37.9	40.4	40.2	41.4	43.8	46.0	Spain	89.9	78.3	160.0	137.7	110.8
12.4	12.4	13.5	15.0	14.7	17.4	17.0	19.8	20.5	20.3	Brazil	40.8	32.1	68.9	53.3	29.8
24.5	26.9	26.6	29.1	27.8	30.1	28.9	31.5	29.9	31.9	Global Markets	61.7	58.0	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	Other/Headquarters	7.2	2.9	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)	Eliminations	(39.2)	(31.2)	(66.2)	(50.2)	(31.2)
										EBITDA
13.4	28.7	25.2	28.6	28.5	39.6	36.3	46.6	46.0	52.3	Adevinta Group	98.3	68.1	151.0	95.8	61.8
37.4	39.7	36.7	38.2	40.7	42.2	39.9	46.5	45.1	48.2	France	93.3	82.9	169.3	151.9	128.3
4.8	8.0	10.6	11.0	9.5	13.0	12.8	11.8	12.6	15.5	Spain	28.1	22.4	47.1	34.4	23.7
(1.2)	0.1	(1.9)	(2.5)	2.3	1.8	3.6	(5.1)	4.8	(7.0)	Brazil	(2.2)	4.0	2.6	(5.5)	(21.0)
(20.4)	(10.6)	(10.5)	(10.0)	(12.5)	(6.7)	(6.4)	(4.7)	1.1	3.4	Global Markets	4.5	(19.3)	(30.4)	(51.5)	(70.9)
(8.4)	(8.6)	(11.9)	(10.4)	(9.0)	(8.3)	(10.2)	(7.2)	(12.8)	(14.9)	Other/Headquarters	(27.7)	(17.3)	(34.8)	(39.3)	(20.1)
1.3	0.1	2.2	2.1	(2.4)	(2.3)	(3.5)	5.4	(4.8)	7.1	Eliminations	2.3	(4.6)	(2.7)	5.7	21.7

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	FINANCIAL SEGMENTS	Year to date 2019	Year to date 2018	Full year 2018	Full year 2017	Full year 2016
										Adevinta total
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	170.3	Operating revenues	330.6	291.7	594.6	511.4	421.1
				17 %	18 %	15 %	15 %	14 %	12 %	YOY revenue growth	13 %	17 %	16 %	21 %
(107.0)	(99.4)	(100.0)	(109.2)	(111.7)	(111.8)	(108.1)	(111.9)	(114.2)	(118.0)	Operating expenses	(232.3)	(223.6)	(443.5)	(415.7)	(359.3)
13.4	28.7 22 %	25.2 20 %	28.6 21 %	28.5 20 %	39.6 26 %	36.3 25 %	46.6 29 %	46.0 29 %	52.3 31 %	EBITDA EBITDA-margin	98.3 30 %	68.1 23 %	151.0 25 %	95.8 19 %	61.8 15 %
11 %
										France
61.8	65.0	62.7	70.2	73.0	78.5 21 %	73.6 17 %	81.5 16 %	81.7 12 %	88.5 13 %	Operating revenues YOY revenue growth	170.2 12 %	151.5 20 %	306.6 18 %	259.7 21 %	214.2
(24.4)	(25.3)	(26.0)	(32.1)	18 % (32.4)	(36.3)	(33.6)	(35.0)	(36.6)	(40.2)	Operating expenses	(76.9)	(68.7)	(137.3)	(107.8)	(85.9)
37.4	39.7	36.7	38.2	40.7	42.2	39.9	46.5	45.1	48.2	EBITDA	93.3	82.9	169.3	151.9	128.3
61 %	61 %	58 %	54 %	56 %	54 %	54 %	57 %	55 %	54 %	EBITDA-margin	55 %	55 %	55 %	58 %	60 %
										Spain
32.0	34.6	34.5	36.6	37.9	40.4	40.2	41.4	43.8	46.0	Operating revenues	89.9	78.3	160.0	137.7	110.8
				18 %	17 %	17 %	13 %	16 %	14 %	YOY revenue growth	15 %	18 %	16 %	24 %
(27.3)	(26.6)	(23.9)	(25.5)	(28.5)	(27.4)	(27.4)	(29.6)	(31.2)	(30.6)	Operating expenses	(61.7)	(55.9)	(112.9)	(103.3)	(87.1)
4.8	8.0	10.6	11.0	9.5	13.0	12.8	11.8	12.6	15.5	EBITDA	28.1	22.4	47.1	34.4	23.7
15 %	23 %	31 %	30 %	25 %	32 %	32 %	28 %	29 %	34 %	EBITDA-margin	31 %	29 %	29 %	25 %	21 %
										Brazil
12.4	12.4	13.5	15.0	14.7	17.4	17.0	19.8	20.5	20.3	Operating revenues	40.8	32.1	68.9	53.3	29.8
				19 %	41 %	25 %	32 %	39 %	17 %	YOY revenue growth	27 %	30 %	29 %	79 %
(13.6) (1.2)	(12.3) 0.1	(15.5) (1.9)	(17.4) (2.5)	(12.5) 2.3	(15.6) 1.8	(13.3) 3.6	(24.9) (5.1)	(15.7) 4.8	(27.3) (7.0)	Operating expenses EBITDA	(43.0) (2.2)	(28.1) 4.0	(66.3) 2.6	(58.8) (5.5)	(50.8) (21.0)
-10 %	0 %	-14 %	-16 %	15 %	10 %	21 %	-26 %	24 %	-35 %	EBITDA-margin	-5 %	13 %	4 %	-10 %	-70 %
										Global Markets
24.5	26.9	26.6	29.1	27.8	30.1	28.9	31.5	29.9	31.9	Operating revenues	61.7	58.0	118.3	107.1	88.9
				14 %	12 %	8 %	8 %	7 %	6 %	YOY revenue growth	7 %	13 %	10 %	20 %
(45.0)	(37.4)	(37.1)	(39.1)	(40.4)	(36.8)	(35.2)	(36.2)	(28.8)	(28.5)	Operating expenses	(57.3)	(77.2)	(148.7)	(158.6)	(159.8)
(20.4)	(10.6)	(10.5)	(10.0)	(12.5)	(6.7)	(6.4)	(4.7)	1.1	3.4	EBITDA	4.5	(19.3)	(30.4)	(51.5)	(70.9)
0.1	2.3	1.3	4.0	1.3	4.2	4.1	3.2	4.6	5.1	- of which developed phase	9.7	5.5	12.7	7.7	(0.1)
(20.6) -83 %	(12.9) -39 %	(11.8) -39 %	(14.0) -34 %	(13.9) -45 %	(10.9) -22 %	(10.5) -22 %	(7.9) -15 %	(3.5) 4 %	(1.7) 11 %	- of which investment phase EBITDA-margin	(5.2) 7 %	(24.7) -33 %	(43.1) -26 %	(59.2) -48 %	(70.8) -80 %
										HQ/Other
0.5	0.6	0.6	2.1	1.1	1.9 193 %	0.4 -24 %	3.7 77 %	4.3 308 %	3.0 59 %	Operating revenues YOY revenue growth	7.2 149 %	2.9 164 %	7.1 87 %	3.8 -55 %	8.5
(8.9)	(9.3)	(12.5)	(12.5)	124 % (10.1)	(10.2)	(10.6)	(10.9)	(17.1)	(17.8)	Operating expenses	(35.0)	(20.2)	(41.9)	(43.1)	(28.6)
(8.4)	(8.6)	(11.9)	(10.4)	(9.0)	(8.3)	(10.2)	(7.2)	(12.8)	(14.9)	EBITDA	(27.7)	(17.3)	(34.8)	(39.3)	(20.1)
(10.9)	(11.3)	(12.8)	(15.2)	(14.4)	(16.8)	(15.7)	(19.4)	(20.0)	(19.3)	Eliminations Operating revenues	(39.2)	(31.2)	(66.2)	(50.2)	(31.2)
1.3	0.1	2.2	2.1	(2.4)	(2.3)	(3.5)	5.4	(4.8)	7.1	EBITDA	2.3	(4.6)	(2.7)	5.7	21.7
6.5	6.8	9.9	10.7	10.8	12.4	12.1	14.1	14.1	14.3	Joint Ventures and Associates1 Operating revenues	28.4	23.2	49.4	33.9	19.8
0.6	0.9	(0.4)	(0.6)	2.0	2.0	2.7	(1.6)	3.7	(2.4)	EBITDA	1.3	4.0	5.1	0.5	(3.0)
126.9	134.9	135.1	148.5	151.0	163.8	156.6	172.6	174.4	184.6	Adevinta total proportional incl. JVs and Associates Operating revenues	359.0	314.8	644.0	545.4	440.9
				19 %	21 %	16 %	16 %	15 %	13 %	YOY revenue growth	14 %	20 %	18 %	24 %
(112.9)	(105.3)	(110.3)	(120.6)	(120.5)	(122.2)	(117.5)	(127.6)	(124.7)	(134.7)	Operating expenses	(259.4)	(242.8)	(487.8)	(449.1)	(382.1)
14.0	29.6	24.8	27.9	30.5	41.6	39.1	45.0	49.7	49.9	EBITDA	99.6	72.1	156.2	96.3	58.7
11 %	22 %	18 %	19 %	20 %	25 %	25 %	26 %	29 %	27 %	EBITDA-margin	28 %	23 %	24 %	18 %	13 %

1) Joint Ventures and Associates in proportional view consists of Willhaben (Austria) and OLX (Brazil).

Global Markets consolidated assets:

Developed phase: Italy, Ireland, Hungary, Colombia

Investment phase: Chile, Mexico, Belarus, Tunisia, Morocco, Dominican Republic, Shpock (UK, Germany, Austria, Italy)