Adevinta — Interim / Quarterly Report 2020

Feb 11, 2021

Consolidated financial and analytical info as of Q4 2020

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	2 quarter	3 quarter	4 quarter	CONDENSED CONSOLIDATED	Full year	Full year	Full year
2018	2018 2018 2018		2019		2019	2019	2019	2020	2020	2020	2020	INCOME STATEMENT	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	Operating revenues	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)	Personnel expenses	(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)	Other operating expenses	(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	Gross operating profit (loss)	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)	Depreciation and amortisation	(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	Share of profit (loss) of joint ventures and associates	16,2	5,9	6,8
(0,2)	(8,9)	0,1	(47,7)	(0,3)	0,0	(0,0)	(24,3)	-	-	-	(42,8)	Impairment loss	(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)	Other income and expenses	(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)	Operating profit (loss)	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)	Net Financials	(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)	Profit (loss) before taxes	(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	Taxes	(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)	Profit (loss)	(69,8)	67,1	(7,0)
												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	Non-controlling interests	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)	Owners of the parent	(71,6)	64,0	(7,4)

EUR million
CONDENSED CONSOLIDATED	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	2020	2020	2020	2020	2019	2019	2019	2019	2018	2018	2018	2018
ASSETS
Intangible assets	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	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	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	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	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	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	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	-	33,9	-	-	-	-	-	-	-	-	-	-
Current assets	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	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	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	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	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	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	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	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	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	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	-	7,1	-	-	-	-	-	-	-	-	-	-
Current liabilities	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	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	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	2020	2020	2020	2020	2019	2019	2019	2019	2018	2018	2018	2018
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes	(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	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	(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	2,2	2,2	-	-	1,1	1,4	-	-	1,5	1,5	0,3	-
Taxes paid	(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)	(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	78,9	76,1	54,6	42,0
Other non-cash items and changes in working capital and provisions	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	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 and equipment	(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	(7,4)	(7,5)	(7,5)	(7,5)	(78,8)	(10,9)	(10,3)	-	(3,1)	(1,5)	-	-
Acquisition of debt and equity instruments of joint ventures and associates	(286,9)	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of intangible assets, and property, plant and equipment	-	-	-	(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	30,9	0,2	0,2	-	-	-	-	-	0,1	0,1	-	-
Net sale of (investment in) other shares	(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	(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	(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	(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	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	(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	(2,0)	(2,0)	(2,0)	-	-	-	-	-	-	-	-	-
IFRS 16 lease payments	(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	-	-	-	-	(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	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	-	(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	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 as at 1 January	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 as at end of the period	131,0	326,7	308,3	89,5	71,8	86,9	64,9	53,0	55,1	50,5	38,1	30,7

30.09	30.06	31.03 2018
	39,8	17,9
27,7	21,5	6,4
		0,2
(3,8)	(3,0)	(0,4)
1,5	0,3
	(25,1)	(12,2)
	(0, 0)	(0, 0)
		13,4
		25,1
		(5,3)
		$_{\rm 0,0}$
		(5,2)
44,5	31,4	19,9
0,4	0,4	0,3
		(0, 0)
		(26, 8)
		(26, 6)
0,8	(0, 0)	(0,1)
13,0	0,7	(6,7)
37,4	37,4	37,4
50,5	38,1	30,7
	2018 68,7 (0,2) (41,3) (1,3) 12,8 64,3 (19,2) (1,5) 0,5 0,1 (1,8) 2,1 (19, 8) (2,0) (30,7) (32,3)	2018 (0,1) 9,4 42,8 (11, 9) 0,6 (0,9) 0,8 (11,4) (1,5) (29,5) (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	4 quarter	FINANCIAL	Full year	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	SEGMENTS	2020	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	174,5	145,0	171,1	182,9	Adevinta Group	673,5	680,3	594,6
73,0	78,5	73,6	81,5	81,7	88,5	85,7	101,5	97,5	86,0	100,1	109,6	France	393,2	357,4	306,6
37,9	40,4	40,2	41,4	43,8	46,0	45,3	46,9	46,4	33,0	41,9	43,4	Spain	164,7	182,0	160,0
14,7	17,4	17,0	19,8	20,5	20,3	22,0	23,2	19,3	13,4	16,0	24,5	Brazil	73,3	86,0	68,9
36,4	39,1	37,7	41,4	39,4	41,8	40,9	42,0	37,2	32,1	37,1	39,3	Global Markets	145,8	164,1	154,6
1,0	1,9	0,4	3,7	4,3	3,0	2,3	3,3	2,0	2,4	1,0	3,4	Other/Headquarters	8,9	12,8	7,0
(22,9)	(25,8)	(24,5)	(29,4)	(29,5)	(29,2)	(30,8)	(32,6)	(27,9)	(21,9)	(25,1)	(37,3)	Eliminations	(112,4)	(122,1)	(102,5)
												EBITDA
28,5	39,6	36,3	46,6	46,0	52,3	51,7	49,6	40,1	38,7	54,1	49,6	Adevinta Group	182,5	199,5	151,0
40,7	42,2	39,9	46,5	45,1	48,2	48,3	49,7	47,0	40,8	50,2	52,9	France	190,9	191,3	169,3
9,5	13,0	12,8	11,8	12,6	15,5	16,0	16,4	13,7	10,8	14,8	13,3	Spain	52,6	60,5	47,1
2,3	1,8	3,6	(5,1)	4,8	(7,0)	3,4	4,8	2,4	4,6	3,8	2,1	Brazil	12,9	6,0	2,6
(11,4)	(5,6)	(5,0)	(3,5)	2,9	5,1	6,5	1,2	2,0	1,5	6,3	(1,3)	Global Markets	8,6	15,7	(25,6)
(8,5)	(7,8)	(9,6)	(6,2)	(12,1)	(14,2)	(17,8)	(16,9)	(20,0)	(11,5)	(15,1)	(14,0)	Other/Headquarters	(60,6)	(61,0)	(32,0)
(4,1)	(3,9)	(5,5)	3,2	(7,4)	4,7	(4,8)	(5,5)	(5,0)	(7,6)	(6,1)	(3,4)	Eliminations	(21,9)	(13,0)	(10,3)

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	FINANCIAL	Full year	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	SEGMENTS	2020	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	174,5	145,0	171,1	182,9	Operating revenues	673,5	680,3	594,6
17%	18%	15%	15%	14%	12%	15%	16%	9%	-15%	3%	-1%	YOY revenue growth	-1%	14%	16%
(111,7)	(111,8)	(108,1)	(111,9)	(114,2)	(118,0)	(113,7)	(134,7)	(134,4)	(106,4)	(116,9)	(133,3)	Operating expenses	(490,9)	(480,8)	(443,5)
28,5	39,6	36,3	46,6	46,0	52,3	51,7	49,6	40,1	38,7	54,1	49,6	EBITDA	182,5	199,5	151,0
20%	26%	25%	29%	29%	31%	31%	27%	23%	27%	32%	27%	EBITDA-margin	27%	29%	25%
												France
73,0	78,5	73,6	81,5	81,7	88,5	85,7	101,5	97,5	86,0	100,1	109,6	Operating revenues	393,2	357,4	306,6
18%	21%	17%	16%	12%	13%	17%	25%	19%	-3%	17%	8%	YOY revenue growth	10%	17%	18%
(32,4)	(36,3)	(33,6)	(35,0)	(36,6)	(40,2)	(37,4)	(51,8)	(50,6)	(45,1)	(49,9)	(56,7)	Operating expenses	(202,3)	(166,1)	(137,3)
40,7	42,2	39,9	46,5	45,1	48,2	48,3	49,7	47,0	40,8	50,2	52,9	EBITDA	190,9	191,3	169,3
56%	54%	54%	57%	55%	54%	56%	49%	48%	47%	50%	48%	EBITDA-margin	49%	54%	55%
												Spain
37,9	40,4	40,2	41,4	43,8	46,0	45,3	46,9	46,4	33,0	41,9	43,4	Operating revenues	164,7	182,0	160,0
18%	17%	17%	13%	16%	14%	13%	13%	6%	-28%	-7%	-7%	YOY revenue growth	-9%	14%	16%
(28,5)	(27,4)	(27,4)	(29,6)	(31,2)	(30,6)	(29,2)	(30,5)	(32,7)	(22,2)	(27,1)	(30,1)	Operating expenses	(112,1)	(121,5)	(112,9)
9,5	13,0	12,8	11,8	12,6	15,5	16,0	16,4	13,7	10,8	14,8	13,3	EBITDA	52,6	60,5	47,1
25%	32%	32%	28%	29%	34%	35%	35%	30%	33%	35%	31%	EBITDA-margin	32%	33%	29%
												Brazil
14,7	17,4	17,0	19,8	20,5	20,3	22,0	23,2	19,3	13,4	16,0	24,5	Operating revenues	73,3	86,0	68,9
19%	41%	25%	32%	39%	17%	29%	17%	-6%	-34%	-27%	6%	YOY revenue growth	-15%	25%	29%
(12,5)	(15,6)	(13,3)	(24,9)	(15,7)	(27,3)	(18,6)	(18,5)	(16,9)	(8,8)	(12,2)	(22,4)	Operating expenses	(60,4)	(80,0)	(66,3)
2,3	1,8	3,6	(5,1)	4,8	(7,0)	3,4	4,8	2,4	4,6	3,8	2,1	EBITDA	12,9	6,0	2,6
15%	10%	21%	-26%	24%	-35%	16%	21%	13%	34%	24%	9%	EBITDA-margin	18%	7%	4%
												Global Markets
36,4	39,1	37,7	41,4	39,4	41,8	40,9	42,0	37,2	32,1	37,1	39,3	Operating revenues	145,8	164,1	154,6
13% (47,8)	11% (44,7)	9% (42,7)	11% (45,0)	8% (36,4)	7% (36,7)	8% (34,4)	1% (40,9)	-6% (35,2)	-23% (30,6)	-9% (30,8)	-6% (40,6)	YOY revenue growth Operating expenses	-11% (137,2)	6% (148,4)	11% (180,2)
(11,4)	(5,6)	(5,0)	(3,5)	2,9	5,1	6,5	1,2	2,0	1,5	6,3	(1,3)	EBITDA	8,6	15,7	(25,6)
2,5	5,3	5,5	4,4	6,5	6,7	7,0	5,2	5,3	5,5	9,3	5,4	- of which developed phase	25,4	25,5	17,5
(13,9)	(10,9)	(10,5)	(7,9)	(3,5)	(1,7)	(0,5)	(4,1)	(3,3)	(3,9)	(2,9)	(6,7)	- of which investment phase	(16,8)	(9,8)	(43,1)
-31%	-14%	-13%	-9%	7%	12%	16%	3%	5%	5%	17%	-3%	EBITDA-margin	6%	10%	-17%
												HQ/Other
1,0	1,9	0,4	3,7	4,3	3,0	2,3	3,3	2,0	2,4	1,0	3,4	Operating revenues	8,9	12,8	7,0
121%	193%	-26%	77%	313%	59%	434%	-11%	-53%	-17%	-56%	3%	YOY revenue growth	-31%	83%	85%
(9,5) (8,5)	(9,6) (7,8)	(10,0) (9,6)	(9,9) (6,2)	(16,4) (12,1)	(17,1) (14,2)	(20,1) (17,8)	(20,2) (16,9)	(22,0) (20,0)	(14,0) (11,5)	(16,1) (15,1)	(17,4) (14,0)	Operating expenses EBITDA	(69,5) (60,6)	(73,8) (61,0)	(39,0) (32,0)
												Eliminations
(22,9)	(25,8)	(24,5)	(29,4)	(29,5)	(29,2)	(30,8)	(32,6)	(27,9)	(21,9)	(25,1)	(37,3)	Operating revenues	(112,4)	(122,1)	(102,5)
(4,1)	(3,9)	(5,5)	3,2	(7,4)	4,7	(4,8)	(5,5)	(5,0)	(7,6)	(6,1)	(3,4)	EBITDA	(21,9)	(13,0)	(10,3)
												Joint Ventures and Associates1
10,8	12,4	12,1	14,1	14,1	14,3	14,9	15,8	13,5	10,7	12,2	17,3	Operating revenues	53,7	59,2	49,4
2,0	2,0	2,7	(1,6)	3,7	(2,4)	2,4	2,8	2,5	3,8	3,0	1,7	EBITDA	11,0	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	188,0	155,8	183,3	200,2	Operating revenues	727,2	739,5	644,0
19%	21%	16%	16%	15%	13%	15%	16%	8%	-16%	2%	0%	YOY revenue growth	-2%	15%	18%
(120,5)	(122,2)	(117,5)	(127,6)	(124,7)	(134,7)	(126,3)	(147,8)	(145,4)	(113,3)	(126,1)	(148,9)	Operating expenses	(533,7)	(533,4)	(487,8)
30,5	41,6	39,1	45,0	49,7	49,9	54,1	52,4	42,6	42,5	57,1	51,3	EBITDA	193,5	206,1	156,2
20%	25%	25%	26%	29%	27%	30%	26%	23%	27%	31%	26%	EBITDA-margin	27%	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)