Adevinta — Interim / Quarterly Report 2019

Apr 21, 2020

Consolidated financial and analytical info, restated 2018-2019

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	CONDENSED CONSOLIDATED	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	INCOME STATEMENT	2019	2018
140,2	151,4	144,4	158,5	160,2	170,3	165,4	184,3	Operating revenues	680,3	594,6
(50,5)	(50,1)	(49,4)	(51,2)	(55,5)	(55,1)	(58,2)	(66,0)	Personnel expenses	(234,8)	(201,3)
(61,2)	(61,7)	(58,6)	(60,7)	(58,7)	(62,9)	(55,6)	(68,8)	Other operating expenses	(246,0)	(242,3)
28,5	39,6	36,3	46,6	46,0	52,3	51,7	49,6	Gross operating profit (loss)	199,5	151,0
(6,2)	(6,2)	(6,3)	(7,7)	(11,2)	(10,4)	(10,4)	(13,2)	Depreciation and amortisation	(45,3)	(26,5)
0,4	2,6	0,8	3,0	4,2	(3,8)	1,1	4,3	Share of profit (loss) of joint ventures and associates	5,9	6,8
(0,2)	(8,9)	0,1	(47,7)	(0,3)	0,0	(0,0)	(24,3)	Impairment loss	(24,6)	(56,6)
(0,6)	(0,2)	0,7	(6,2)	(1,7)	(5,8)	(1,4)	(3,9)	Other income and expenses	(12,8)	(6,3)
21,9	26,9	31,6	(12,0)	37,0	32,3	41,0	12,5	Operating profit (loss)	122,8	68,4
(4,0)	(5,1)	(2,6)	(2,5)	(0,2)	(0,9)	(2,6)	(2,4)	Net Financials	(6,1)	(14,1)
17,9	21,9	28,9	(14,5)	36,8	31,4	38,4	10,1	Profit (loss) before taxes	116,7	54,3
(14,7)	(17,2)	(14,6)	(14,8)	(13,8)	(13,2)	(16,2)	(6,4)	Taxes	(49,6)	(61,3)
3,3	4,7	14,3	(29,2)	23,0	18,2	22,2	3,7	Profit (loss)	67,1	(7,0)
								Profit (loss) attributable to:
(0,4)	(0,1)	0,6	0,3	0,5	0,6	0,9	1,1	Non-controlling interests	3,1	0,4
3,6	4,8	13,7	(29,5)	22,5	17,6	21,3	2,6	Owners of the parent	64,0	(7,4)

Full year 2019	Full year 2018
680,3	594,6
(234,8)	(201,3)
(246,0)	(242,3)
199,5	151,0
(45,3)	(26,5)
5,9	6,8
(24,6)	(56,6)
(12,8)	(6,3)
122,8	68,4
(6,1)	(14,1)
116,7	54,3
(49,6)	(61,3)
67,1	(7,0)
3.1	0,4

EUR million
CONDENSED CONSOLIDATED	31.12	30.09	30.06	31.03	31.12 2018	30.09 2018	30.06	31.03 2018
STATEMENT OF FINANCIAL POSITION	2019	2019	2019	2019			2018
ASSETS
Intangible assets	1 394,8	1 326,9	1 326,7	1 308,5	1 301,0	1 345,1	1 340,7	1 354,1
Property, plant and equipment and right-of-use assets	85,9	85,4	87,7	82,9	19,8	17,2	16,9	18,3
Investments in joint ventures and associates	381,1	375,6	389,8	385,0	375,3	355,9	370,0	399,1
Other non-current assets	16,4	14,1	12,1	14,1	13,2	11,4	12,2	13,2
Non-current assets	1 878,1	1 802,1	1 816,4	1 790,4	1 709,2	1 729,6	1 739,8	1 784,7
Trade receivables and other current assets	169,9	140,6	153,5	277,2	389,2	259,8	361,3	317,9
Cash and cash equivalents	71,8	86,9	64,9	53,0	55,1	50,5	38,1	30,7
Current assets	241,7	227,6	218,4	330,3	444,3	310,3	399,4	348,6
Total assets	2 119,8	2 029,6	2 034,8	2 120,7	2 153,5	2 039,9	2 139,2	2 133,3
EQUITY AND LIABILITIES
Equity attributable to owners of the parent	1 524,4	1 520,8	1 513,8	1 347,8	1 317,8	1 330,6	1 209,7	1 243,7
Non-controlling interests	14,4	16,7	15,4	14,8	13,9	15,2	14,7	15,6
Equity	1 538,8	1 537,5	1 529,2	1 362,6	1 331,7	1 345,8	1 224,4	1 259,3
Non-current interest-bearing borrowings	201,7	151,4	151,3	418,7	448,5	352,6	561,3	512,1
Other non-current liabilities	147,9	140,1	143,3	133,5	76,5	72,6	74,4	74,9
Non-current liabilities	349,5	291,6	294,6	552,2	525,0	425,2	635,7	586,9
Current interest-bearing borrowings	0,3	0,4	0,4	0,0	0,0	0,0	0,5	0,5
Other current liabilities	231,2	200,2	210,5	205,9	296,8	268,9	278,5	286,6
Current liabilities	231,5	200,6	210,9	205,9	296,8	269,0	279,1	287,1
Total equity and liabilities	2 119,8	2 029,6	2 034,8	2 120,7	2 153,5	2 039,9	2 139,2	2 133,3

(EUR million) CONDENSED CONSOLIDATED	31.12	30.09	30.06	31.03	31.12	30.09	30.06	31.03
STATEMENT OF CASH FLOWS	2019	2019	2019	2019	2018	2018	2018	2018
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes	116,7	106,6	68,2	36,8	54,3	68,7	39,8	17,9
Depreciation, amortisation and impairment losses	69,9	32,4	22,0	11,6	83,1	27,7	21,5	6,4
Net effect pension liabilities			-	-	(0,2)	(0,2)	(0,1)	0,2
Share of loss (profit) of joint ventures and associates	(5,9)	(1,6)	(0,5)	(4,2)	(6,8)	(3,8)	(3,0)	(0,4)
Dividends received from joint ventures and associates	1,1	1,4	-	-	1,5	1,5	0,3	-
Taxes paid	(63,6)	(40,1)	(26,7)	(12,4)	(53,7)	(41,3)	(25,1)	(12,2)
Sales losses (gains) on non-current assets and other non-cash losses (gains)	(0,3)	(0,3)	0,0	-	(1,3)	(1,3)	(0,0)	(0,0)
Change in working capital and provisions	16,3	9,4	7,8	19,3	(3,1)	12,8	9,4	13,4
Net cash flow from operating activities	134,1	107,7	70,8	51,0	73,9	64,3	42,8	25,1
CASH FLOW FROM INVESTING ACTIVITIES
Development and purchase of intangible assets, and property, plant and equipment	(48,5)	(33,5)	(22,8)	(9,6)	(30,7)	(19,2)	(11,9)	(5,3)
Acquisition of subsidiaries, net of cash acquired	(78,8)	(10,9)	(10,3)	-	(3,1)	(1,5)	-	-
Proceeds from sale of intangible assets, and property, plant and equipment	(0,0)	0,0	0,0	0,2	0,4	0,5	0,6	0,0
Proceeds from sale of subsidiaries, net of cash sold	-	-	-	-	0,1	0,1	-	-
Net sale of (investment in) other shares	(10,7)	(8,7)	(7,0)	(6,1)	(3,3)	(1,8)	(0,9)	-
Net change in other investments	0,9	1,0	(0,2)	(0,3)	2,8	2,1	0,8	-
Net cash flow from investing activities	(137,0)	(52,1)	(40,4)	(15,9)	(33,8)	(19,8)	(11,4)	(5,2)
Net cash flow before financing activities	(2,9)	55,5	30,5	35,2	40,1	44,5	31,4	19,9
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings	199,2	149,1	148,6	-	0,4	0,4	0,4	0,3
Repayment of interest-bearing loans and borrowings	(0,4)	(0,4)	-	-	(0,0)	-	-	(0,0)
Change in ownership interests in subsidiaries	(100,2)	(100,2)	(100,1)	(100,1)	(11,0)	-	-	-
Capital increase	7,9	7,8	7,8	-	-	-	-	-
Net sale (purchase) of treasury shares	-	-	-	-	-	-	-	-
IFRS 16 lease payments	(12,8)	(9,1)	(6,2)	(2,9)		-	-	-
Dividends paid to owners of the parent	-	-	-	(0,0)	-	-	-	-
Dividends paid to non-controlling interests	(3,6)	-	-	-	(3,4)	(2,0)	(1,5)	-
Net financing from (to) Schibsted ASA	(70,9)	(70,9)	(70,9)	65,8	(8,9)	(30,7)	(29,5)	(26,8)
Net cash flow from financing activities	19,2	(23,7)	(20,8)	(37,3)	(22,9)	(32,3)	(30,7)	(26,6)
Effects of exchange rate changes on cash and cash equivalents	0,3	(0,0)	-	-	0,4	0,8	(0,0)	(0,1)
Net increase (decrease) in cash and cash equivalents	16,6	31,8	9,7	(2,1)	17,7	13,0	0,7	(6,7)
Cash and cash equivalents as at 1 January	55,1	55,1	55,1	55,1	37,4	37,4	37,4	37,4
Cash and cash equivalents as at end of the period	71,8	86,9	64,9	53,0	55,1	50,5	38,1	30,7

EUR million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	FINANCIAL	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	SEGMENTS	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated		restated	restated
								Operating revenues
140,2	151,4	144,4	158,5	160,2	170,3	165,4	184,3	Adevinta Group	680,3	594,6
73,0	78,5	73,6	81,5	81,7	88,5	85,7	101,5	France	357,4	306,6
37,9	40,4	40,2	41,4	43,8	46,0	45,3	46,9	Spain	182,0	160,0
14,7	17,4	17,0	19,8	20,5	20,3	22,0	23,2	Brazil	86,0	68,9
36,4	39,1	37,7	41,4	39,4	41,8	40,9	42,0	Global Markets	164,1	154,6
1,0	1,9	0,4	3,7	4,3	3,0	2,3	3,3	Other/Headquarters	12,8	7,0
(22,9)	(25,8)	(24,5)	(29,4)	(29,5)	(29,2)	(30,8)	(32,6)	Eliminations	(122,1)	(102,5)
								EBITDA
28,5	39,6	36,3	46,6	46,0	52,3	51,7	49,6	Adevinta Group	199,5	151,0
40,7	42,2	39,9	46,5	45,1	48,2	48,3	49,7	France	191,3	169,3
9,5	13,0	12,8	11,8	12,6	15,5	16,0	16,4	Spain	60,5	47,1
2,3	1,8	3,6	(5,1)	4,8	(7,0)	3,4	4,8	Brazil	6,0	2,6
(11,4)	(5,6)	(5,0)	(3,5)	2,9	5,1	6,5	1,2	Global Markets	15,7	(25,6)
(8,5)	(7,8)	(9,6)	(6,2)	(12,1)	(14,2)	(17,8)	(16,9)	Other/Headquarters	(61,0)	(32,0)
(4,1)	(3,9)	(5,5)	3,2	(7,4)	4,7	(4,8)	(5,5)	Eliminations	(13,0)	(10,3)

Full year	Full year
2019	2018
restated	restated
680,3	594,6
357,4	306,6
182,0	160.0
86,0	68,9
164,1	154,6
12.8	7.0
(122,1)	(102,5)
199,5	151,0
191.3	169.3
60,5	47.1
6,0	2,6
15.7	(25,6)
(61,0)	(32,0)
(13,0)	(10,3)

EUR million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	FINANCIAL	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	SEGMENTS	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated		restated	restated
								Adevinta total
140,2	151,4	144,4	158,5	160,2	170,3	165,4	184,3	Operating revenues	680,3	594,6
17 %	18 %	15 %	15 %	14 %	12 %	15 %	16 %	YOY revenue growth	14 %	16 %
(111,7)	(111,8)	(108,1)	(111,9)	(114,2)	(118,0)	(113,7)	(134,7)	Operating expenses	(480,8)	(443,5)
28,5	39,6	36,3	46,6	46,0	52,3	51,7	49,6	EBITDA	199,5	151,0
20 %	26 %	25 %	29 %	29 %	31 %	31 %	27 %	EBITDA-margin	29 %	25 %
73,0	78,5	73,6	81,5	81,7	88,5	85,7	101,5	France Operating revenues	357,4	306,6
18 %	21 %	17 %	16 %	12 %	13 %	17 %	25 %	YOY revenue growth	17 %	18 %
(32,4)	(36,3)	(33,6)	(35,0)	(36,6)	(40,2)	(37,4)	(51,8)	Operating expenses	(166,1)	(137,3)
40,7 56 %	42,2 54 %	39,9 54 %	46,5 57 %	45,1 55 %	48,2 54 %	48,3 56 %	49,7 49 %	EBITDA EBITDA-margin	191,3 54 %	169,3 55 %
								Spain
37,9	40,4	40,2	41,4	43,8	46,0	45,3	46,9	Operating revenues	182,0	160,0
18 %	17 %	17 %	13 %	16 %	14 %	13 %	13 %	YOY revenue growth	14 %	16 %
(28,5)	(27,4)	(27,4)	(29,6)	(31,2)	(30,6)	(29,2)	(30,5)	Operating expenses	(121,5)	(112,9)
9,5	13,0	12,8	11,8	12,6	15,5	16,0	16,4	EBITDA	60,5	47,1
25 %	32 %	32 %	28 %	29 %	34 %	35 %	35 %	EBITDA-margin	33 %	29 %
								Brazil
14,7	17,4	17,0	19,8	20,5	20,3	22,0	23,2	Operating revenues	86,0	68,9
19 %	41 %	25 %	32 %	39 %	17 %	29 %	17 %	YOY revenue growth	25 %	29 %
(12,5)	(15,6)	(13,3)	(24,9)	(15,7)	(27,3)	(18,6)	(18,5)	Operating expenses	(80,0)	(66,3)
2,3	1,8	3,6	(5,1)	4,8	(7,0)	3,4	4,8	EBITDA	6,0	2,6
15 %	10 %	21 %	-26 %	24 %	-35 %	16 %	21 %	EBITDA-margin	7 %	4 %
								Global Markets
36,4	39,1	37,7	41,4	39,4	41,8	40,9	42,0	Operating revenues	164,1	154,6
13 %	11 %	9 %	11 %	8 %	7 %	8 %	1 %	YOY revenue growth	6 %	11 %
(47,8)	(44,7)	(42,7)	(45,0)	(36,4)	(36,7)	(34,4)	(40,9)	Operating expenses	(148,4)	(180,2)
(11,4)	(5,6)	(5,0)	(3,5)	2,9	5,1	6,5	1,2	EBITDA	15,7	(25,6)
2,5	5,3	5,5	4,4	6,5	6,7	7,0	5,2	- of which developed phase	25,5	17,5
(13,9)	(10,9)	(10,5)	(7,9)	(3,5)	(1,7)	(0,5)	(4,1)	- of which investment phase	(9,8)	(43,1)
-31 %	-14 %	-13 %	-9 %	7 %	12 %	16 %	3 %	EBITDA-margin	10 %	-17 %
								HQ/Other
1,0	1,9	0,4	3,7	4,3	3,0	2,3	3,3	Operating revenues	12,8	7,0
121 %	193 %	-26 %	77 %	313 %	59 %	434 %	-11 %	YOY revenue growth	83 %	85 %
(9,5)	(9,6)	(10,0)	(9,9)	(16,4)	(17,1)	(20,1)	(20,2)	Operating expenses	(73,8)	(39,0)
(8,5)	(7,8)	(9,6)	(6,2)	(12,1)	(14,2)	(17,8)	(16,9)	EBITDA	(61,0)	(32,0)
(22,9)	(25,8)	(24,5)	(29,4)	(29,5)	(29,2)	(30,8)	(32,6)	Eliminations Operating revenues	(122,1)	(102,5)
(4,1)	(3,9)	(5,5)	3,2	(7,4)	4,7	(4,8)	(5,5)	EBITDA	(13,0)	(10,3)
								Joint Ventures and Associates1
10,8	12,4	12,1	14,1	14,1	14,3	14,9	15,8	Operating revenues	59,2	49,4
2,0	2,0	2,7	(1,6)	3,7	(2,4)	2,4	2,8	EBITDA	6,5	5,1
								Adevinta total proportional incl. JVs and Associates
151,0	163,8	156,6	172,6	174,4	184,6	180,3	200,2	Operating revenues	739,5	644,0
19 %	21 %	16 %	16 %	15 %	13 %	15 %	16 %	YOY revenue growth	15 %	18 %
(120,5)	(122,2)	(117,5)	(127,6)	(124,7)	(134,7)	(126,3)	(147,8)	Operating expenses	(533,4)	(487,8)
30,5	41,6	39,1	45,0	49,7	49,9	54,1	52,4	EBITDA	206,1	156,2
20 %	25 %	25 %	26 %	29 %	27 %	30 %	26 %	EBITDA-margin	28 %	24 %

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)