Adevinta — Interim / Quarterly Report 2021

Feb 24, 2022

Consolidated financial and analytical info as of Q4 2021

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. 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 4 quarter CONDENSED CONSOLIDATED				Full year Full year Full year Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021 INCOME STATEMENT	2021	2020	2019	2018
140	151	144	158	160	170	165	184	175	145	171	183	182	193	371	394 Operating revenues	1,139	674	680	595
(51)	(50)	(49)	(51)	(56)	(55)	(58)	(66)	(70)	(59)	(62)	(68)	(70)	(68)	(109)	(120) Personnel expenses	(368)	(258)	(235)	(201)
(61)	(62)	(59)	(61)	(59)	(63)	(56)	(69)	(65)	(47)	(55)	(66)	(59)	(72)	(135)	(149) Other operating expenses	(415)	(233)	(246)	(242)
28	40	36	47	46	52	52	50	40	39	54	50	53	53	126	124 Gross operating profit (loss)	356	183	200	151
(6)	(6)	(6)	(8)	(11)	(10)	(10)	(13)	(14)	(15)	(15)	(17)	- (15)	(14)	(64)	(64) Depreciation and amortisation	(156)	(61)	(45)	(26)
0	3	1	3	4	(4)	1	4	0	2	(1)	15	-	(7)	(1)	- Share of profit (loss) of joint ventures and associates	(8)	16	6	7
(0)	(9)	0	(48)	(0)	0	(0)	(24)	-	-	-	(43)	(25)	5	-	(2) Impairment loss	(22)	(43)	(25)	(57)
(1)	(0)	1	(6)	(2)	(6)	(1)	(4)	(1)	(3)	(25)	(10)	(25)	(72)	(18)	(25) Other income and expenses	(140)	(39)	(13)	(6)
22	27	32	(12)	37	32	41	13	26	22	14	(6)	- (12)	(35)	43	33 Operating profit (loss)	29	56	123	68
(4)	(5)	(3)	(2)	(0)	(1)	(3)	(2)	(51)	(17)	(26)	(1)	(18)	11	(30)	(28) Net financial items	(65)	(95)	(6)	(14)
18	22	29	(14)	37	31	38	10	(25)	6	(13)	(7)	(30)	(24)	14	5 Profit (loss) before taxes	(35)	(39)	117	54
(15)	(17)	(15)	(15)	(14)	(13)	(16)	(6)	(12)	(9)	(15)	5	(7)	(16)	(12)	16 Taxes	(19)	(31)	(50)	(61)
3	5	14	(29)	23	18	22	4	(37)	(3)	(28)	(2)	(37)	(40)	2	21 Profit (loss) from continuing operations	(54)	(70)	67	(7)
														1	6 Profit (loss) from discontinued operation	7
															Profit (loss) attributable to:
(0)	(0)	1	0	1	1	1	1	(1)	-	1	2	1	2	1	1 Non-controlling interests	6	2	3	0
4	5	14	(30)	22	18	21	3	(36)	(3)	(29)	(4)	(38)	(43)	2	26 Owners of the parent	(54)	(72)	64	(7)

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 31.12 30.09 30.06 31.03
STATEMENT OF FINANCIAL POSITION	2021	2021	2021	2021	2020	2020	2020	2020	2019	2019	2019	2019	2018	2018	2018	2018
ASSETS
Intangible assets																12,852 12,908 13,216 1,276 1,322 1,364 1,390 1,387 1,395 1,327 1,327 1,308 1,301 1,345 1,341 1,354
Property, plant and equipment and right-of-use assets	118	127	133	102	109	112	118	122	86	85	88	83	20	17	17	18
Investments in joint ventures and associates	370	372	390	350	369	267	289	306	381	376	390	385	375	356	370	399
Other non-current assets	375	361	211	189	185	24	24	22	16	14	12	14	13	11	12	13
Non-current assets																13,715 13,769 13,949 1,917 1,984 1,767 1,821 1,837 1,878 1,802 1,816 1,790 1,709 1,730 1,740 1,785
Trade receivables and other current assets	247	241		244 1,206 1,208		132	153	157	170	141	154	277	389	260	361	318
Cash and cash equivalents	231	232	170	145	131	327	308	90	72	87	65	53	55	50	38	31
Assets held for sale	87	41	87	8	-	34	-	-	-	-	-	-	-	-	-	-
Current assets	565	514		501 1,359 1,339		493	461	246	242	228	218	330	444	310	399	349
Total assets																14,281 14,283 14,450 3,277 3,323 2,259 2,282 2,084 2,120 2,030 2,035 2,121 2,154 2,040 2,139 2,133
EQUITY AND LIABILITIES
Equity attributable to owners of the parent																10,368 10,307 10,311 1,220 1,203 1,276 1,381 1,405 1,524 1,521 1,514 1,348 1,318 1,331 1,210 1,244
Non-controlling interests	18	17	15	21	19	17	16	15	14	17	15	15	14	15	15	16
Equity																10,385 10,323 10,326 1,241 1,222 1,294 1,397 1,421 1,539 1,537 1,529 1,363 1,332 1,346 1,224 1,259
Non-current interest-bearing borrowings				2,312 2,298 2,287 1,276 1,266		195	198	188	202	151	151	419	448	353	561	512
Other non-current liabilities			1,019 1,074 1,283	143	153	188	188	203	148	140	143	133	77	73	74	75
Non-current liabilities				3,331 3,372 3,570 1,419 1,420		383	386	391	350	292	295	552	525	425	636	587
Current interest-bearing borrowings	152	159	151	302	295	224	224	0	0	0	0	0	0	0	1	1
Other current liabilities	383	401	385	307	387	351	275	272	231	200	211	206	297	269	279	287
Liabilities directly associated with the assets held for sale	29	27	19	8	-	7	-	-	-	-	-	-	-	-	-	-
Current liabilities	565	588	555	617	682	583	499	273	231	201	211	206	297	269	279	287
Total equity and liabilities											14,281 14,283 14,450 3,277 3,323 2,259 2,282 2,084 2,120 2,030 2,035 2,121 2,154 2,040 2,139 2,133

(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 31.12 30.09 30.06 31.03
STATEMENT OF CASH FLOWS	2021	2021	2021	2021	2020	2020	2020	2020	2019	2019	2019	2019	2018	2018	2018	2018
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes								( (28) ( (39) ( (54) ( (30) ( (39) ( (32) ( (19) ( (25) ( 117) ( 107) (			68) (	37) (	54) (	69) (	40) (	18)
Depreciation, amortisation and impairment losses		( 180) ( 113) (	49) (		40) ( 103) (	43) (	29) (	14) (	70) (	32) (	22) (	12) (	83) (	28) (	21) (	6)
Net effect pension liabilities								( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Share of loss (profit) of joint ventures and associates	( 8) (	8) (		7) ( -  ) ( (16) (		(2) (		(2) ( -  ) (	(6) (		(2) ( -  ) (	(4) (	(7) (	(4) (		(3) ( -  )
Dividends received from joint ventures and associates	( 3) (	3) (	3) (	1) (	2) (			2) ( -  ) ( -  ) (	1) (		1) ( -  ) ( -  ) (		2) (		2) ( -  ) ( -  )
Taxes paid		( (92) ( (62) ( (23) (				(9) ( (42) ( (23) ( (14) (			(1) ( (64) ( (40) ( (27) ( (12) ( (54) ( (41) ( (25) ( (12)
Sales losses (gains) on non-current assets and other non-cash losses (gains)	( 33) (	34) (	39) (	11) (	(6) (	(2) (		(1) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) (					(1) (		(1) ( -  ) ( -  )
Net loss on derivative instruments at fair value through profit or loss	( 3) (	3) (	3) (	(1) (	79) (	76) (	55) (		42) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Other non-cash items and changes in working capital and provisions	( 77) (	58) (	17) (	26) (	23) (	27) (	9) (	13) (	16) (	9) (	8) (	19) (	(3) (	13) (	9) (	13)
Net cash flow from operating activities		( 184) ( 118) (	41) (		39) ( 105) (	90) (	56) (		43) ( 134) ( 108) (		71) (	51) (	74) (	64) (	43) (	25)
CASH FLOW FROM INVESTING ACTIVITIES
Development and purchase of intangible assets, and property, plant & equipment								( (77) ( (40) ( (22) ( (11) ( (44) ( (33) ( (23) ( (11) ( (49) ( (34) ( (23) ( (10) ( (31) ( (19) ( (12) (								(5)
Acquisition of subsidiaries, net of cash acquired		( (2,181) ( (2,165) ( (2,164) (		(1) (	(7) (	(8) (	(8) (		(8) ( (79) ( (11) ( (10) ( -  ) (				(3) (		(2) ( -  ) ( -  )
Acquisition of debt and equity instruments of joint ventures and associates								( -  ) ( -  ) ( -  ) ( -  ) ( (287) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Proceeds from sale of intangible assets, and property, plant & equipment								( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) (							1) (	1) ( -  )
Proceeds from sale of subsidiaries, net of cash sold		( 274) ( 282) ( 282) (		15) (				31) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Net sale of (investment in) other shares	( 3) (	4) (	(1) (	(1) (	(8) (	(5) (	(4) (		(1) ( (11) (	(9) (	(7) (	(6) (	(3) (	(2) (		(1) ( -  )
Net change in other investments	( (3) (			(3) ( -  ) ( -  ) (		(3) ( -  ) (		(1) ( -  ) (	1) (		1) ( -  ) ( -  ) (		3) (		2) (	1) ( -  )
Net cash flow from investing activities		( (1,983) ( (1,922) ( (1,905) (						2) ( (317) ( (45) ( (34) ( (19) ( (137) ( (52) ( (40) ( (16) ( (34) ( (20) ( (11) (								(5)
Net cash flow before financing activities		( (1,799) ( (1,804) ( (1,864) (			41) ( (213) (	45) (	22) (	23) (	(3) (	56) (	30) (	35) (	40) (	45) (	31) (	20)
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings		( 2,440) ( 2,440) ( 2,432) ( -  ) ( 491) ( 224) ( 223) (							(1) ( 199) ( 149) ( 149) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Repayment of interest-bearing loans and borrowings								( (493) ( (492) ( (490) ( -  ) ( (205) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Change in ownership interests in subsidiaries								( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( (100) ( (100) ( (100) ( (100) ( (11) ( -  ) ( -  ) ( -  )
Capital increase								( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) (	8) (	8) (					8) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Net sale (purchase) of treasury shares		( (22) ( (22) ( (22) ( (22) (			(2) (	(2) (		(2) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
IFRS 16 lease payments		( (20) ( (14) (	(9) (			(4) ( (13) ( (10) (	(6) (		(4) ( (13) (	(9) (	(6) (				(3) ( -  ) ( -  ) ( -  ) ( -  )
Dividends paid to owners of the parent								( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Dividends paid to non-controlling interests	( (8) (	(8) (						(8) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) (			(4) ( -  ) ( -  ) ( -  ) (		(3) (	(2) (		(2) ( -  )
Net financing from (to) Schibsted ASA								( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( (71) ( (71) ( (71) (				66) (			(9) ( (31) ( (30) ( (27)
Net cash flow from financing activities		( 1,898) ( 1,904) ( 1,903) ( (27) ( 272) ( 212) ( 215) (						(4) (							19) ( (24) ( (21) ( (37) ( (23) ( (32) ( (31) ( (27)
Cash and cash equivalents relating to the disposal group		( -  ) ( -  ) ( -  ) ( -  ) ( -  ) (						(2) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) ( -  )
Effects of exchange rate changes on cash and cash equivalents	( 1) (			1) ( -  ) ( -  ) ( -  ) (			(1) ( -  ) (		(1) ( -  ) ( -  ) ( -  ) ( -  ) ( -  ) (						1) ( -  ) ( -  )
Net increase (decrease) in cash and cash equivalents		( 100) ( 101) (	39) (	14) (		59) ( 255) ( 236) (		18) (	17) (	32) (	10) (	(2) (	18) (	13) (	1) (	(7)
Cash and cash equivalents at start of period		( 131) ( 131) ( 131) ( 131) (			72) (	72) (	72) (	72) (	55) (	55) (	55) (	55) (	37) (	37) (	37) (	37)
Cash and cash equivalents at end of period		( 231) ( 232) ( 170) ( 145) ( 131) ( 327) ( 308) (						89) (	72) (	87) (	65) (	53) (	55) (	50) (	38) (	31)

EUR million
1 quarter 2019	2 quarter 2019	3 quarter 2019	4 quarter 2019	1 quarter 2020	2 quarter 2020	3 quarter 2020	4 quarter 2020	1 quarter 2021	2 quarter 2021	3 quarter 2021	2021	4 quarter FINANCIAL SEGMENTS	Full year 2021	Full year 2020	Full year 2019
like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like	like-for-like		like-for-like	like-for-like	like-for-like
												Combined Group (Ade + eCG)
( 337) (	361) (	351) (	380) (	355) (	297) (	355) (	375) (	368) (	388) (	371) (		394) Operating revenues	( 1,521) (	1,382) (	1,429)
-	-	-	-	5.3%	-17.7%	1.2%	-1.3%	3.7%	30.6%	4.4%		5.1% YOY revenue growth	10.0%	-3.3%	-
( (226) (	(237) (	(221) (	(240) (	(251) (	(206) (	(220) (	(238) (	(239) (	(254) (	(245) (		(269) Operating expenses	( (1,006) (	(915) (	(924)
( 111) (	124) (	130) (	140) (	105) (	91) (	135) (	137) (	130) (	134) (	126) (		124) EBITDA	( 514) (	467) (	505)
32.9%	34.3%	37.1%	36.8%	29.4%	30.5%	38.1%	36.5%	35.2%	34.6%	34.0%		31.6% EBITDA-margin	33.8%	33.8%	35.3%
												France
( 82) (	88) (	86) (	102) (	98) (	86) (	100) (	110) (	112) (	117) (	106) (		119) Operating revenues	( 453) (	393) (	357)
-	-	-	-	19.3%	-2.8%	16.7%	8.0%	14.6%	35.7%	6.2%		8.2% YOY revenue growth	15.3%	10.0%	-
( (37) (	(40) (	(37) (	(52) (	(51) (	(45) (	(50) (	(57) (	(56) (	(63) (	(54) (		(66) Operating expenses	( (240) (	(202) (	(166)
( 45) (	48) (	48) (	50) (	47) (	41) (	50) (	53) (	55) (	54) (	52) (		53) EBITDA	( 214) (	191) (	191)
55.2%	54.5%	56.3%	49.0%	48.2%	47.5%	50.2%	48.3%	49.5%	46.0%	48.8%		44.5% EBITDA-margin	47.1%	48.6%	53.5%
												Mobile
( 68) (	70) (	70) (	77) (	77) (	55) (	73) (	74) (	70) (	72) (	71) (		69) Operating revenues	( 283) (	280) (	286)
-	-	-	-	13.3%	-21.5%	4.3%	-3.7%	-8.8%	30.2%	-2.7%		-6.1% YOY revenue growth	1.2%	-2.1%	-
( (26) (	(29) (	(30) (	(28) (	(31) (	(27) (	(28) (	(27) (	(29) (	(29) (	(30) (		(32) Operating expenses	( (120) (	(112) (	(113)
( 42) (	41) (	41) (	49) (	47) (	28) (	46) (	47) (	42) (	43) (	41) (		37) EBITDA	( 164) (	168) (	173)
61.2%	58.8%	57.7%	63.9%	60.4%	51.4%	62.3%	63.6%	59.2%	60.0%	58.0%		53.8% EBITDA-margin	57.8%	60.0%	60.5%
												European Markets
( 141) (	148) (	144) (	155) (	142) (	128) (	143) (	154) (	153) (	164) (	158) (		173) Operating revenues	( 648) (	567) (	588)
-	-	-	-	0.4%	-13.2%	-0.9%	-0.6%	8.1%	28.0%	10.9%		12.2% YOY revenue growth	14.4%	-3.6%	-
( (90) (	(90) (	(81) (	(82) (	(94) (	(71) (	(75) (	(84) (	(91) (	(96) (	(94) (		(102) Operating expenses	( (382) (	(324) (	(343)
( 51) (	58) (	63) (	73) (	48) (	57) (	67) (	70) (	62) (	69) (	65) (		71) EBITDA	( 266) (	242) (	245)
36.4%	39.0%	43.5%	47.3%	33.8%	44.6%	47.2%	45.4%	40.7%	41.8%	40.7%		41.0% EBITDA-margin	41.1%	42.8%	41.7%
												International Markets
( 36) (	45) (	42) (	38) (	32) (	21) (	33) (	33) (	31) (	34) (	32) (		31) Operating revenues	( 128) (	120) (	161)
-	-	-	-	-11.4%	-52.3%	-20.5%	-12.9%	-5.1%	59.9%	-4.2%		-4.6% YOY revenue growth	6.8%	-25.5%	-
( (26) (	(29) (	(21) (	(26) (	(24) (	(18) (	(20) (	(20) (	(21) (	(19) (	(21) (		(20) Operating expenses	( (81) (	(82) (	(103)
( 10) (	15) (	20) (	12) (	9) (	3) (	14) (	13) (	10) (	15) (	11) (		11) EBITDA	( 47) (	38) (	58)
28.5%	34.5%	48.9%	31.6%	26.5%	15.7%	40.9%	38.3%	32.7%	43.6%	33.7%		35.2% EBITDA-margin	36.5%	31.8%	36.2%
												Disposals
( 7) (	7) (	7) (		7) ( 6) (	4) (	5) (	4) (	2) (		1) ( -  ) (		-  ) Operating revenues	( 3) (	19) (	27)
-	-	-	-	-20.2%	-40.9%	-24.1%	-41.0%	-59.2%	-79.8%	-100.0%		-100.0% YOY revenue growth	-83.4%	-31.6%	-
( (9) (	(8) (	(7) (	(10) (	(8) (	(8) (	(8) (	(10) (	(4) (	(4) (	-  ) (		-  ) Operating expenses	( (8) (	(33) (	(35)
( (2) (	(1) (	-  ) (	(4) (	(3) (	(4) (	(3) (	(6) (	(2) (	(3) (	-  ) (		-  ) EBITDA	( (5) (	(15) (	(7)
												HQ&Other
( 4) (	3) (	3) (		3) ( 2) (	3) (	1) (	3) (	2) (		3) ( 1) (		3) Operating revenues	( 9) (		9) ( 12)
-	-	-	-	-56.5%	-5.0%	-61.7%	28.0%	26.3%	8.1%	-36.1%		-10.4% YOY revenue growth	-0.4%	-27.5%	-
( (39) (	(41) (	(44) (	(43) (	(45) (	(38) (	(40) (	(43) (	(40) (	(46) (	(43) (		(50) Operating expenses	( (179) (	(166) (	(167)
( (35) (	(38) (	(42) (	(40) (	(43) (	(35) (	(39) (	(40) (	(38) (	(43) (	(43) (		(47) EBITDA	( (171) (	(157) (	(155)
												Eliminations
( (1) (	(1) (	(1) (	-  ) (	(1) (	(1) (	(1) (	(3) (	(2) (	(3) (	2) (		(1) Operating revenues	( (4) (	(5) (	(3)

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, Mexico 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