Adevinta — Interim / Quarterly Report 2021

Nov 25, 2021

Adevinta

Consolidated financial and analytical info as of Q3 2021

Contents (each item on separate tabs):

• Profit and loss statement $1₁$
• $2.$ Balance sheet
• $3_l$ Cash flow
• $\overline{4}$ . Segments 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	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter CONDENSED CONSOLIDATED	Year to date Year to date Full year			Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021 INCOME STATEMENT	2021	2020	2020	2019	2018
140.2	151.4	144.4	158.5	160.2	170.3	165.4	184.3	174.5	145.0	171.1	182.9	182.1	193	386 Operating revenues	761	490.6	673.5	680.3	594.6
(50.5)	(50.1)	(49.4)	(51.2)	(55.5)	(55.1)	(58.2)	(66.0)	(69.6)	(59.0)	(61.8)	(67.5)	(69.9)	(68)	(115) Personnel expenses	(254)	(190.5)	(258.0)	(234.8)	(201.3)
(61.2)	(61.7)	(58.6)	(60.7)	(58.7)	(62.9)	(55.6)	(68.8)	(64.8)	(47.3)	(55.2)	(65.8)	(59.2)	(72)	(144) Other operating expenses	(275)	(167.2)	(233.0)	(246.0)	(242.3)
28.5	39.6	36.3	46.6	46.0	52.3	51.7	49.6	40.1	38.7	54.1	49.6	53.0	53	127 Gross operating profit (loss)	232	132.9	182.5	199.5	151.0
(6.2)	(6.2)	(6.3)	(7.7)	(11.2)	(10.4)	(10.4)	(13.2)	(13.7)	(14.9)	(14.7)	(17.3)	(15.1)	(14)	(64) Depreciation and amortisation	(93)	(43.3)	(60.6)	(45.3)	(26.5)
0.4	2.6	0.8	3.0	4.2	(3.8)	1.1	4.3	0.4	2.0	(0.9)	14.7	(0.1)	(7)	(1) Share of profit (loss) of joint ventures and associates	(8)	1.5	16.2	5.9	6.8
(0.2)	(8.9)	0.1	(47.7)	(0.3)	0.0	(0.0)	(24.3)	-		-	- (42.8)	(25.1)	5	- Impairment loss	(20)	-	(42.8)	(24.6)	(56.6)
(0.6)	(0.2)	0.7	(6.2)	(1.7)	(5.8)	(1.4)	(3.9)	(1.1)	(3.4)	(24.9)	(10.0)	(25.1)	(72)	(18) Other income and expenses	(115)	(29.4)	(39.4)	(12.8)	(6.3)
21.9	26.9	31.6	(12.0)	37.0	32.3	41.0	12.5	25.7	22.4	13.6	(5.8)	(12.4)	(35)	43 Operating profit (loss)	(4)	61.7	55.9	122.8	68.4
(4.0)	(5.1)	(2.6)	(2.5)	(0.2)	(0.9)	(2.6)	(2.4)	(50.6)	(16.8)	(26.3)	(0.9)	(17.7)	11	(30) Net financial items	(37)	(93.8)	(94.7)	(6.1)	(14.1)
17.9	21.9	28.9	(14.5)	36.8	31.4	38.4	10.1	(24.9)	5.6	(12.7)	(6.7)	(30.1)	(24)	14 Profit (loss) before taxes	(41)	(32.1)	(38.8)	116.7	54.3
(14.7)	(17.2)	(14.6)	(14.8)	(13.8)	(13.2)	(16.2)	(6.4)	(12.0)	(8.8)	(15.0)	4.7	(7.2)	(16)	(12) Taxes	(35)	(35.7)	(31.0)	(49.6)	(61.3)
3.3	4.7	14.3	(29.2)	23.0	18.2	22.2	3.7	(36.9)	(3.2)	(27.7)	(2.0)	(37.3)	(40)	2 Profit (loss) from continuing operations	(76)	(67.8)	(69.8)	67.1	(7.0)
														1 Profit (loss) from discontinued operation	1	-
				-										Profit (loss) attributable to:
(0.4)	(0.1)	0.6	0.3	0.5	0.6	0.9	1.1	(0.8)		- 0.9	1.8	0.9	2	1 Non-controlling interests	5	-	1.8	3.1	0.4
3.6	4.8	13.7	(29.5)	22.5	17.6	21.3	2.6	(36.1)	(3.2)	(28.6)	(3.8)	(38.2)	(43)	1 Owners of the parent	(79)	(67.8)	(71.6)	64.0	(7.4)

EUR million
CONDENSED CONSOLIDATED	30.09	30.06	31.03	31.12	30.09	30.06	31.03	31.12	30.09	30.06	31.03	31.12	30.09	30.06	31.03
STATEMENT OF FINANCIAL POSITION	2021	2021	2021	2020	2020	2020	2020	2019	2019	2019	2019	2018	2018	2018	2018
ASSETS
Intangible assets	12,908	13,216	1,276.5	1,321.8	1,364.2	1,390.1	1,386.8	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	127	133	102.0	108.5	111.7	117.5	122.4	85.9	85.4	87.7	82.9	19.8	17.2	16.9	18.3
Investments in joint ventures and associates	372	390	350.2	369.0	266.6	289.2	306.3	381.1	375.6	389.8	385.0	375.3	355.9	370.0	399.1
Other non-current assets	361	211	188.6	184.8	24.0	24.0	21.8	16.4	14.1	12.1	14.1	13.2	11.4	12.2	13.2
Non-current assets	13,769	13,949	1,917.3	1,984.1	1,766.5	1,820.8	1,837.3	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	241	244	1,206.5	1,208.3	131.9	153.0	156.9	169.9	140.6	153.5	277.2	389.2	259.8	361.3	317.9
Cash and cash equivalents	232	170	144.9	131.0	326.7	308.3	89.5	71.8	86.9	64.9	53.0	55.1	50.5	38.1	30.7
Assets held for sale	41	87	7.9	-	33.9	-	-	-	-	-	-	-	-	-	-
Current assets	514	501	1,359.3	1,339.3	492.5	461.3	246.4	241.7	227.6	218.4	330.3	444.3	310.3	399.4	348.6
Total assets	14,283	14,450	3,276.6	3,323.4	2,259.0	2,282.1	2,083.7	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	10,307	10,311	1,220.0	1,202.5	1,276.3	1,381.3	1,405.1	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	17	15	20.7	19.2	17.4	15.9	15.4	14.4	16.7	15.4	14.8	13.9	15.2	14.7	15.6
Equity	10,323	10,326	1,240.7	1,221.7	1,293.7	1,397.2	1,420.5	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	2,298	2,287	1,276.2	1,266.2	194.7	198.2	187.8	201.7	151.4	151.3	418.7	448.5	352.6	561.3	512.1
Other non-current liabilities	1,074	1,283	142.5	153.4	188.0	187.8	202.8	147.9	140.1	143.3	133.5	76.5	72.6	74.4	74.9
Non-current liabilities	3,372	3,570	1,418.7	1,419.6	382.7	386.0	390.6	349.5	291.6	294.6	552.2	525.0	425.2	635.7	586.9
Current interest-bearing borrowings	159	151	302.2	294.8	224.4	223.9	0.2	0.3	0.4	0.4	0.0	0.0	0.0	0.5	0.5
Other current liabilities	401	385	307.1	387.3	351.1	275.0	272.4	231.2	200.2	210.5	205.9	296.8	268.9	278.5	286.6
Liabilities directly associated with the assets held for sale	27	19	7.9	-	7.1	-	-	-	-	-	-	-	-	-	-
Current liabilities	588	555	617.2	682.1	582.6	498.9	272.6	231.5	200.6	210.9	205.9	296.8	269.0	279.1	287.1
Total equity and liabilities	14,283	14,450	3,276.6	3,323.4	2,259.0	2,282.1	2,083.7	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	30.09	30.06	31.03	31.12	30.09	30.06	31.03	31.12	30.09	30.06	31.03	31.12	30.09	30.06	31.03
STATEMENT OF CASH FLOWS	2021	2021	2021	2020	2020	2020	2020	2019	2019	2019	2019	2018	2018	2018	2018
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes		( (39) ( (54) (	(30.1) (	(38.8)	(32.1)	(19.3)	(24.9)	116.7	106.6	68.2	36.8	54.3	68.7	39.8	17.9
Depreciation, amortisation and impairment losses	( 113) (	49) (	40.2) (	103.4)	43.3	28.6	13.7	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	(	8) ( 7) (	0.1) (	(16.2)	(1.5)	(2.4)	(0.4)	(5.9)	(1.6)	(0.5)	(4.2)	(6.8)	(3.8)	(3.0)	(0.4)
Dividends received from joint ventures and associates	(	3) ( 3) (	1.2) (	2.2)	2.2	-	-	1.1	1.4	-	-	1.5	1.5	0.3	-
Taxes paid		( (62) ( (23) (	(9.1) (	(41.7)	(23.0)	(13.8)	(0.6)	(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)	( 34) (	40) (	11.3) (	(6.1)	(2.4)	(0.7)	-	(0.3)	(0.3)	0.0	-	(1.3)	(1.3)	(0.0)	(0.0)
Net loss on derivative instruments at fair value through profit or loss	(	3) ( 3) (	(0.9) (	78.9)	76.1	54.6	42.0
Other non-cash items and changes in working capital and provisions	( 58) (	18) (	26.0) (	23.0)	27.2	9.0	13.0	16.3	9.4	7.8	19.3	(3.1)	12.8	9.4	13.4
Net cash flow from operating activities	( 118) (	42)	38.7	104.7	89.8	56.0	42.8	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 & equipment		( (40) ( (22)	(10.6)	(43.5)	(32.9)	(22.6)	(11.3)	(48.5)	(33.5)	(22.8)	(9.6)	(30.7)	(19.2)	(11.9)	(5.3)
Acquisition of subsidiaries, net of cash acquired Acquisition of debt and equity instruments of joint ventures and associates		( (2,165) ( (2,165) ( -  ) ( -  )	(1.5) -	(7.4) (286.9)	(7.5) -	(7.5) -	(7.5) -	(78.8) -	(10.9) -	(10.3) -	- -	(3.1) -	(1.5) -	- -	- -
Proceeds from sale of intangible assets, and property, plant & equipment	(	0) ( 0)	-	-	-	-	(0.0)	(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		( 282) ( 282)	14.8	30.9	0.2	0.2	-	-	-	-	-	0.1	0.1	-	-
Net sale of (investment in) other shares	(	4) ( (1)	(0.8)	(7.5)	(4.7)	(3.5)	(0.7)	(10.7)	(8.7)	(7.0)	(6.1)	(3.3)	(1.8)	(0.9)	-
Net change in other investments	( (3) (	0)	-	(2.8)	0.3	(0.5)	(0.0)	0.9	1.0	(0.2)	(0.3)	2.8	2.1	0.8	-
Net cash flow from investing activities		( (1,922) ( (1,905)	1.9	(317.2)	(44.6)	(33.9)	(19.5)	(137.0)	(52.1)	(40.4)	(15.9)	(33.8)	(19.8)	(11.4)	(5.2)
Net cash flow before financing activities		( (1,804) ( (1,864)	40.6	(212.5)	45.2	22.1	23.3	(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		( 2,440) ( 2,432)	-	491.3	223.9	223.4	(0.7)	199.2	149.1	148.6	-	0.4	0.4	0.4	0.3
Repayment of interest-bearing loans and borrowings		( (492) ( (490)	-	(205.1)	-	(0.3)	(0.0)	(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		( (22) ( (22)	(22.4)	(2.0)	(2.0)	(2.0)	-	-	-	-	-	-	-	-	-
IFRS 16 lease payments	( (14) (	(9)	(4.3)	(12.5)	(9.7)	(6.3)	(3.6)	(12.8)	(9.1)	(6.2)	(2.9)		-	-	-
Dividends paid to owners of the parent		( -  ) ( -  )	-	-	-	-	-	-	-	-	(0.0)	-	-	-	-
Dividends paid to non-controlling interests	( (8) (	(8)	-	-	-	-	-	(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		( 1,904) ( 1,903)	(26.7)	271.7	212.2	214.8	(4.3)	19.2	(23.7)	(20.8)	(37.3)	(22.9)	(32.3)	(30.7)	(26.6)
Cash and cash equivalents relating to the disposal group		( -  ) ( -  )	-	-	(1.7)
Effects of exchange rate changes on cash and cash equivalents	(	1) ( (0)	-	-	(0.8)	(0.4)	(1.3)	0.3	(0.0)	-	-	0.4	0.8	(0.0)	(0.1)
Net increase (decrease) in cash and cash equivalents	( 101) (	39)	13.9	59.2	254.9	236.5	17.7	16.6	31.8	9.7	(2.1)	17.7	13.0	0.7	(6.7)
Cash and cash equivalents at start of period		( 131) ( 131)	131.0	71.8	71.8	71.8	71.8	55.1	55.1	55.1	55.1	37.4	37.4	37.4	37.4
Cash and cash equivalents at end of period		( 232) ( 170)	144.9	131.0	326.7	308.3	89.5	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	1 quarter	2 quarter		3 quarter FINANCIAL		Year to date Year to date	Full year	Full year
2019 combined	2019 combined	2019 combined	2019 combined	2020 combined	2020 combined	2020 combined	2020 combined	2021 combined	2021 combined	2021	SEGMENTS	2021 combined	2020 combined	2020 combined	2019 combined
											Combined Group (Ade + eCG)
( 354) (	376) (	366) (	396) (	368) (	307) (	371) (	391) (	385) (	405) (		386) Operating revenues	( 1,176) (	1,046) (	1,437) (	1,492)
- ( (238) (	- (249) (	- (234) (	- (255) (	3.9% (263) (	-18.4% (217) (	1.2% (235) (	-1.2% (253) (	4.6% (254) (	31.9% (268) (		4.1% YOY revenue growth (259) Operating expenses	12.4% ( (781) (	-4.6% (715) (	-3.7% (967) (	- (975)
( 116) (	128) (	132) (	141) (	105) (	90) (	136) (	139) (	131) (	137) (		127) EBITDA	( 395) (	331) (	470) (	517)
32.8%	34.0%	36.1%	35.7%	28.5%	29.4%	36.7%	35.5%	34.1%	33.9%		32.8% EBITDA-margin	33.6%	31.7%	32.7%	34.7%
( 82) (	88) (	86) (	102) (	98) (	86) (	100) (	110) (	112) (	117) (		France 106) Operating revenues	( 335) (	284) (	393) (	357)
-	-	-	-	19.3%	-2.8%	16.7%	8.0%	14.6%	35.7%		6.2% YOY revenue growth	18.0%	10.8%	10.0%	-
( (37) (	(40) (	(37) (	(52) (	(51) (	(45) (	(50) (	(57) (	(56) (	(63) (		(54) Operating expenses	( (174) (	(146) (	(202) (	(166)
( 45) (	48) (	48) (	50) (	47) (	41) (	50) (	53) (	55) (	54) (		52) EBITDA	( 161) (	138) (	191) (	191)
55.2%	54.5%	56.3%	49.0%	48.2%	47.5%	50.2%	48.3%	49.5%	46.0%		48.8% EBITDA-margin	48.1%	48.7%	48.6%	53.5%
											Mobile.de
( 68) (	70) (	70) (	77) (	77) (	55) (	73) (	74) (	70) (	72) (		71) Operating revenues	( 214) (	206) (	280) (	286)
-	-	-	-	13.3%	-21.5%	4.3%	-3.7%	-8.8%	30.2%		-2.7% YOY revenue growth	3.9%	-1.5%	-2.1%	-
( (26) (	(29) (	(30) (	(28) (	(31) (	(27) (	(28) (	(27) (	(29) (	(29) (		(30) Operating expenses	(	(88) ( (85) (	(112) (	(113)
( 42) (	41) (	41) (	49) (	47) (	28) (	46) (	47) (	42) (	43) (		41) EBITDA	( 126) (	121) (	168) (	173)
61.2%	58.8%	57.7%	63.9%	60.4%	51.4%	62.3%	63.6%	59.2%	60.0%		58.0% EBITDA-margin	59.1%	58.7%	60.0%	60.5%
											European Markets
( 141) (	148) (	144) (	155) (	142) (	128) (	143) (	154) (	153) (	164) (		158) Operating revenues	( 476) (	413) (	567) (	588)
-	-	-	-	0.4%	-13.2%	-0.9%	-0.6%	8.1%	28.0%		10.9% YOY revenue growth	15.3%	-4.7%	-3.6%	-
( (90) (	(90) (	(81) (	(82) (	(94) (	(71) (	(75) (	(84) (	(91) (	(96) (		(94) Operating expenses	( (280) (	(240) (	(324) (	(343)
( 51) ( 36.4%	58) ( 39.0%	63) ( 43.5%	73) ( 47.3%	48) ( 33.8%	57) ( 44.6%	67) ( 47.2%	70) ( 45.4%	62) ( 40.7%	69) ( 41.8%		65) EBITDA 40.7% EBITDA-margin	( 196) ( 41.1%	172) ( 41.8%	242) ( 42.8%	245) 41.7%
											International Markets
( 53) (	60) (	57) (	54) (	45) (	31) (	49) (	49) (	47) (	51) (		47) Operating revenues	( 146) (	125) (	175) (	224)
- ( (38) (	- (41) (	- (35) (	- (41) (	-15.5% (36) (	-47.9% (29) (	-14.5% (35) (	-8.0% (35) (	5.1% (35) (	63.8% (33) (		-3.6% YOY revenue growth (36) Operating expenses	16.4% ( (105) (	-26.6% (99) (	-22.1% (134) (	- (154)
( 15) (	19) (	23) (	13) (	9) (	3) (	14) (	15) (	12) (	18) (		11) EBITDA	(	41) ( 26) (	41) (	71)
28.9%	32.3%	39.5%	24.5%	19.9%	8.9%	29.4%	29.8%	24.8%	35.1%		23.8% EBITDA-margin	28.1%	20.8%	23.4%	31.5%
( 7) (	7) (	7) (		7) ( 6) (	4) (	5) (	4) (	2) (	1) (		Disposals -  ) Operating revenues	(	3) ( 15) (	19) (	27)
-	-	-	-	-20.2%	-40.9%	-24.1%	-41.0%	-59.2%	-79.8%		-100.0% YOY revenue growth	-79.1%	-28.6%	-31.6%	-
( (9) (	(8) (	(7) (	(10) (	(8) (	(8) (	(8) (	(10) (	(4) (	(4) (		(0) Operating expenses	(	(8) ( (24) (	(33) (	(35)
( (2) (	(1) (	(0) (	(4) (	(3) (	(4) (	(3) (	(6) (	(2) (	(3) (		(0) EBITDA	(	(5) ( (9) (	(15) (	(7)
											HQ&Other
( 4) (	3) (	3) (		3) ( 2) (	3) (	1) (	3) (	2) (	3) (		1) Operating revenues	(	6) ( 6) (		9) ( 12)
-	-	-	-	-56.5%	-5.0%	-61.7%	28.0%	26.3%	8.1%		-36.1% YOY revenue growth	5.9%	-42.8%	-27.5%	-
( (39) (	(41) (	(44) (	(43) (	(45) (	(38) (	(40) (	(43) (	(40) (	(46) (		(43) Operating expenses	( (129) (	(123) (	(166) (	(167)
( (35) (	(38) (	(42) (	(40) (	(43) (	(35) (	(39) (	(40) (	(38) (	(43) (		(43) EBITDA	( (123) (	(117) (	(157) (	(155)
											Eliminations
( (1) (	(1) (	(1) (	(0) (	(1) (	(1) (	(1) (	(3) (	(2) (	(3) (		2) Operating revenues	(	(3) ( (2) (	(5) (	(3)

All numbers presented are consolidated numbers, not including the Joint Ventures which are not 100% consolidated (i.e. OLX Brazil and willhaben)

Adevinta's share of the net profit (loss) of willhaben in Austria and of Silver Brazil joint venture (including OLX, Anapro and Grupo Zap) is included in operating profit (loss). Therefore, not included in figures above.

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