Adevinta — Interim / Quarterly Report 2019

May 14, 2019

Combined financial and analytical info as of Q1 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	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	COMBINED CONSOLIDATED	Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	INCOME STATEMENT	2018	2017	2016
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	Operating revenues	594.6	511.4	421.1
(43.5)	(44.6)	(45.6)	(48.9)	(50.5)	(50.1)	(49.4)	(51.2)	(55.5)	Personnel expenses	(201.3)	(182.6)	(145.5)
(63.5)	(54.8)	(54.4)	(60.3)	(61.2)	(61.7)	(58.6)	(60.7)	(58.7)	Other operating expenses	(242.3)	(233.0)	(213.8)
13.4	28.7	25.2	28.6	28.5	39.6	36.3	46.6	46.0	Gross operating profit (loss)	151.0	95.8	61.8
(5.1)	(5.3)	(5.3)	(6.0)	(6.2)	(6.2)	(6.3)	(7.7)	(11.2)	Depreciation and amortisation	(26.5)	(21.6)	(14.3)
(6.8)	(2.0)	(1.8)	(3.0)	0.4	2.6	0.8	3.0	4.2	Share of profit (loss) of joint ventures and associates	6.8	(13.5)	(17.8)
0.1	(0.2)	0.0	(1.0)	(0.2)	(8.9)	0.1	(47.7)	(0.3)	Impairment loss	(56.6)	(1.1)	(0.6)
(0.2)	136.6	3.4	(0.5)	(0.6)	(0.2)	0.7	(6.2)	(1.7)	Other income and expenses	(6.3)	139.3	(3.4)
1.4	156.2	23.2	18.0	21.9	26.9	31.6	(12.0)	37.0	Operating profit (loss)	68.4	198.8	25.7
(2.1)	(7.5)	(2.6)	(5.5)	(4.0)	(5.1)	(2.6)	(2.5)	(0.2)	Net Financials	(14.1)	(17.6)	(1.8)
(0.7)	148.7	20.7	12.5	17.9	21.9	28.9	(14.5)	36.8	Profit (loss) before taxes	54.3	181.2	23.9
(12.2)	(28.0)	(13.7)	(8.1)	(14.7)	(17.2)	(14.6)	(14.8)	(13.8)	Taxes	(61.3)	(62.1)	(43.6)
(13.0)	120.7	7.0	4.4	3.3	4.7	14.3	(29.2)	23.0	Profit (loss)	(7.0)	119.1	(19.7)
									Profit (loss) attributable to:
(0.6)	(0.7)	0.2	(0.4)	(0.4)	(0.1)	0.6	0.3	0.5	Non-controlling interests	0.4	(1.5)	0.3
(12.4)	121.4	6.8	4.8	3.6	4.8	13.7	(29.5)	22.5	Owners of the parent	(7.4)	120.6	(20.1)

Full year 2018	Full year 2017	Full year 2016
594.6	511.4	421.1
(201.3) (242.3)	(182.6) (233.0)	(145.5) (213.8)
151.0	95.8	61.8
(26.5) 6.8 (56.6) (6.3)	(21.6) (13.5) (1.1) 139.3	(14.3) (17.8) (0.6) (3.4)
68.4	198.8	25.7
(14.1)	(17.6)	(1.8)
54.3	181.2	23.9
(61.3)	(62.1)	(43.6)
(7.0)	119.1	(19.7)
0.4 $(7 \Delta)$	(1.5) 120 R	0.3 (20.1)

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

31.12	31.12
2017	2016
1,354.0	1,168.6
19.1	14.6
413.3	68.6
13.3	21.9
1,799.6	1,273.8
336.9	216.5
37.4	79.4
374.3	295.8
2,174.0	1,569.6
1,240.2	939.3
1,240.2	939.3
15.3	15.6
1,255.5	954.8
559.2	300.4
74.9	95.8
634.1	396.2
0.5	0.6
283.8	218.0
284.3	218.6

(EUR million) COMBINED CONSOLIDATED	31.03	31.12	30.09	30.06	31.03	31.12	31.12
STATEMENT OF CASH FLOWS	2019	2018	2018	2018	2018	2017	2016
CASH FLOW FROM OPERATING ACTIVITIES	36.8	54.3	68.7	39.8	17.9	181.2	23.9
Profit (loss) before taxes	11.6	83.1	27.7	21.5	6.4	22.7	14.9
Depreciation, amortisation and impairment losses	-	(0.2)	(0.2)	(0.1)	0.2	(0.0)	(3.1)
Net effect pension liabilities	(4.2)	(6.8)	(3.8)	(3.0)	(0.4)	13.5	17.8
Share of loss (profit) of joint ventures and associates	-	1.5	1.5	0.3	-	-	-
Dividends received from joint ventures and associates Taxes paid	(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)	-	(1.3)	(1.3)	(0.0)	(0.0)	(142.7)	(1.3)
Change in working capital and provisions *	19.3	(3.1)	12.8	9.4	13.4	(8.1)	8.9
Net cash flow from operating activities	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	(9.6)	(30.7)	(19.2)	(11.9)	(5.3)	(30.4)	(24.9)
Acquisition of subsidiaries, net of cash acquired	-	(3.1)	(1.5)	-	-	(134.2)	(44.0)
Proceeds from sale of intangible assets, and property, plant and equipment	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	(6.1)	(3.3)	(1.8)	(0.9)	-	(294.8)	(15.3)
Net change in other investments	(0.3)	2.8	2.1	0.8	-	2.4	1.4
Net cash flow from investing activities	(15.9)	(33.8)	(19.8)	(11.4)	(5.2)	(438.3)	(81.8)
Net cash flow before financing activities	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	-	0.4	0.4	0.4	0.3	0.1	0.2
Repayment of interest-bearing loans and borrowings	-	(0.0)	-	-	(0.0)	-	(5.4)
Change in ownership interests in subsidiaries	(100.1)	(11.0)	-	-	-	(1.1)	-
Capital increase	-	-	-	-	-	-	-
Net sale (purchase) of treasury shares	-	-	-	-	-	-	-
IFRS 16 lease payments	(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	65.8	(8.9)	(30.7)	(29.5)	(26.8)	393.5	117.4
Net cash flow from financing activities	(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	(2.1)	17.7	13.0	0.7	(6.7)	(41.9)	49.2
Cash and cash equivalents as at 1 January	55.1	37.4	37.4	37.4	37.4	79.4	30.2
Cash and cash equivalents as at 31 December	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	FINANCIAL	Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	SEGMENTS	2018	2017	2016
									Operating revenues
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	Adevinta Group	594.6	511.4	421.1
61.8	65.0	62.7	70.2	73.0	78.5	73.6	81.5	81.7	France	306.6	259.7	214.2
32.0	34.6	34.5	36.6	37.9	40.4	40.2	41.4	43.8	Spain	160.0	137.7	110.8
12.4	12.4	13.5	15.0	14.7	17.4	17.0	19.8	20.5	Brazil	68.9	53.3	29.8
24.5	26.9	26.6	29.1	27.8	30.1	28.9	31.5	29.9	Global Markets	118.3	107.1	88.9
0.5	0.6	0.6	2.1	1.1	1.9	0.4	3.7	4.3	Other/Headquarters	7.1	3.8	8.5
-10.9	-11.3	-12.8	-15.2	-14.4	-16.8	-15.7	-19.4	-20.0	Eliminations	-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	Adevinta Group	151.0	95.8	61.8
37.4	39.7	36.7	38.2	40.7	42.2	39.9	46.5	45.1	France	169.3	151.9	128.3
4.8	8.0	10.6	11.0	9.5	13.0	12.8	11.8	12.6	Spain	47.1	34.4	23.7
-1.2	0.1	-1.9	-2.5	2.3	1.8	3.6	-5.1	4.8	Brazil	2.6	-5.5	-21.0
-20.4	-10.6	-10.5	-10.0	-12.5	-6.7	-6.4	-4.7	1.1	Global Markets	-30.4	-51.5	-70.9
-8.4	-8.6	-11.9	-10.4	-9.0	-8.3	-10.2	-7.2	-12.8	Other/Headquarters	-34.8	-39.3	-20.1
1.3	0.1	2.2	2.1	-2.4	-2.3	-3.5	5.4	-4.8	Eliminations	-2.7	5.7	21.7

Full year 2018	Full year 2017	Full year 2016
594.6	511.4	421.1
306.6	259.7	214.2
160.0	137.7	110.8
68.9	53.3	29.8
118.3	107.1	88.9
7.1	3.8	8.5
$-66.2$	$-50.2$	$-31.2$
151.0	95.8	61.8
169.3	151.9	128.3
47.1	34.4	23.7
2.6	$-5.5$	$-21.0$
$-30.4$	$-51.5$	$-70.9$
$-34.8$	-39.3	$-20.1$
$-2.7$	5.7	21.7

EUR million 1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	FINANCIAL	Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	SEGMENTS	2018	2017	2016
									Adevinta total
120.3	128.1	125.2	137.8	140.2	151.4	144.4	158.5	160.2	Operating revenues	594.6	511.4	421.1
				17 %	18 %	15 %	15 %	14 %	YOY revenue growth	16 %	21 %
(107.0)	(99.4)	(100.0)	(109.2)	(111.7)	(111.8)	(108.1)	(111.9)	(114.2)	Operating expenses	(443.5)	(415.7)	(359.3)
13.4 11 %	28.7 22 %	25.2 20 %	28.6 21 %	28.5 20 %	39.6 26 %	36.3 25 %	46.6 29 %	46.0 29 %	EBITDA EBITDA-margin	151.0 25 %	95.8 19 %	61.8 15 %
									France
61.8	65.0	62.7	70.2	73.0	78.5	73.6	81.5	81.7	Operating revenues	306.6	259.7	214.2
				18 %	21 %	17 %	16 %	12 %	YOY revenue growth	18 %	21 %
(24.4) 37.4	(25.3) 39.7	(26.0) 36.7	(32.1) 38.2	(32.4) 40.7	(36.3) 42.2	(33.6) 39.9	(35.0) 46.5	(36.6) 45.1	Operating expenses EBITDA	(137.3) 169.3	(107.8) 151.9	(85.9) 128.3
61 %	61 %	58 %	54 %	56 %	54 %	54 %	57 %	55 %	EBITDA-margin	55 %	58 %	60 %
									Spain
32.0	34.6	34.5	36.6	37.9	40.4	40.2	41.4	43.8	Operating revenues	160.0	137.7	110.8
(27.3)	(26.6)	(23.9)	(25.5)	18 % (28.5)	17 % (27.4)	17 % (27.4)	13 % (29.6)	16 % (31.2)	YOY revenue growth Operating expenses	16 % (112.9)	24 % (103.3)	(87.1)
4.8	8.0	10.6	11.0	9.5	13.0	12.8	11.8	12.6	EBITDA	47.1	34.4	23.7
15 %	23 %	31 %	30 %	25 %	32 %	32 %	28 %	29 %	EBITDA-margin	29 %	25 %	21 %
									Brazil
12.4	12.4	13.5	15.0	14.7 19 %	17.4 41 %	17.0 25 %	19.8 32 %	20.5 39 %	Operating revenues YOY revenue growth	68.9 29 %	53.3 79 %	29.8
(13.6)	(12.3)	(15.5)	(17.4)	(12.5)	(15.6)	(13.3)	(24.9)	(15.7)	Operating expenses	(66.3)	(58.8)	(50.8)
(1.2)	0.1	(1.9)	(2.5)	2.3	1.8	3.6	(5.1)	4.8	EBITDA	2.6	(5.5)	(21.0)
-10 %	0 %	-14 %	-16 %	15 %	10 %	21 %	-26 %	24 %	EBITDA-margin	4 %	-10 %	-70 %
									Global Markets	118.3
24.5	26.9	26.6	29.1	27.8 14 %	30.1 12 %	28.9 8 %	31.5 8 %	29.9 7 %	Operating revenues YOY revenue growth	10 %	107.1 20 %	88.9
(45.0)	(37.4)	(37.1)	(39.1)	(40.4)	(36.8)	(35.2)	(36.2)	(28.8)	Operating expenses	(148.7)	(158.6)	(159.8)
(20.4)	(10.6)	(10.5)	(10.0)	(12.5)	(6.7)	(6.4)	(4.7)	1.1	EBITDA	(30.4)	(51.5)	(70.9)
0.1	2.3	1.3	4.0	1.3	4.2	4.1	3.2	4.6	- of which developed phase	12.7	7.7	(0.1)
(20.6)	(12.9)	(11.8)	(14.0)	(13.9)	(10.9)	(10.5)	(7.9)	(3.5)	- of which investment phase	(43.1)	(59.2)	(70.8)
-83 %	-39 %	-39 %	-34 %	-45 %	-22 %	-22 %	-15 %	4 %	EBITDA-margin	-26 %	-48 %	-80 %
									HQ/Other
0.5	0.6	0.6	2.1	1.1	1.9	0.4	3.7	4.3	Operating revenues	7.1	3.8	8.5
				124 %	193 %	-24 %	77 %	308 %	YOY revenue growth	87 %	-55 %
(8.9)	(9.3)	(12.5)	(12.5)	(10.1)	(10.2)	(10.6)	(10.9)	(17.1)	Operating expenses	(41.9)	(43.1)	(28.6)
(8.4)	(8.6)	(11.9)	(10.4)	(9.0)	(8.3)	(10.2)	(7.2)	(12.8)	EBITDA	(34.8)	(39.3)	(20.1)
									Eliminations
(10.9)	(11.3)	(12.8)	(15.2)	(14.4)	(16.8)	(15.7)	(19.4)	(20.0)	Operating revenues	(66.2)	(50.2)	(31.2)
1.3	0.1	2.2	2.1	(2.4)	(2.3)	(3.5)	5.4	(4.8)	EBITDA	(2.7)	5.7	21.7
									Joint Ventures and Associates1
6.5	6.8	9.9	10.7	10.8	12.4	12.1	14.1	14.1	Operating revenues	49.4	33.9	19.8
0.6	0.9	(0.4)	(0.6)	2.0	2.0	2.7	(1.6)	3.7	EBITDA	5.1	0.5	(3.0)
									Adevinta total proportional incl. JVs and Associates
126.9	134.9	135.1	148.5	151.0	163.8	156.6	172.6	174.4	Operating revenues	644.0	545.4	440.9
(112.9)	(105.3)	(110.3)	(120.6)	19 % (120.5)	21 % (122.2)	16 % (117.5)	16 % (127.6)	15 % (124.7)	YOY revenue growth Operating expenses	18 % (487.8)	24 % (449.1)	(382.1)
14.0	29.6	24.8	27.9	30.5	41.6	39.1	45.0	49.7	EBITDA	156.2	96.3	58.7
11 %	22 %	18 %	19 %	20 %	25 %	25 %	26 %	29 %	EBITDA-margin	24 %	18 %	13 %

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