Adevinta — Interim / Quarterly Report 2023

Feb 29, 2024

Consolidated financial and analytical info as of Q4 2023

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

2021	2021	2021	2021	2022	2022	2022	1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 2022	2023	2023	2023	2023	CONDENSED CONSOLIDATED INCOME STATEMENT	Full year 2023	Full year 2022	Full year 2021
182	193	371	394	387	417	408	431	435	465	454	472	Operating revenues	1,826	1,644	1,139
(70)	(68)	(109)	(120)	(121)	(118)	(123)	(122)	(136)	(129)	(128)	(133)	Personnel expenses	(526)	(483)	(368)
(59)	(72)	(135)	(149)	(141)	(154)	(153)	(164)	(154)	(160)	(155)	(180)	Other operating expenses	(649)	(613)	(415)
53	53	126	124	125	146	132	145	145	177	171	159	Gross operating profit (loss)	651	548	356
- (15)	(14)	(64)	(64)	(65)	(71)	(82)	(82)	(73)	(74)	(76)	(78)	Depreciation and amortisation	(300)	(300)	(156)
-	(7)	(1)		- (6)	(12)	(5)	(98)	(4)	(1)	(3)	(100)	Share of profit (loss) of joint ventures and associates	(108)	(121)	(8)
(25)	5	-	(2)	(0)	-	0	(1,722)	(0)	0	0	(147)	Impairment loss	(147)	(1,722)	(22)
(25)	(72)	(18)	(25)	1	(16)	(83)	(14)	(16)	(27)	(30)	(44)	Other income and expenses	(117)	(112)	(140)
- (12)	(35)	43	33	55	47	(38)	(1,771)	52	75	62	(209)	Operating profit (loss)	(21)	(1,707)	29
(18)	11	(30)	(28)	18	(22)	(10)	(35)	(14)	(11)	(21)	(24)	Net financial items	(71)	(49)	(65)
(30)	(24)	14	5	72	25	(48)	(1,806)	38	63	41	(233)	Profit (loss) before taxes	(91)	(1,756)	(35)
(7)	(16)	(12)	16	4	(13)	(2)	1	(16)	(16)	(1)	(6)	Taxes	(40)	(10)	(19)
(37)	(40)	2	21	77	12	(50)	(1,805)	21	47	40	(239)	Profit (loss) from continuing operations	(131)	(1,767)	(54)
		1	6	(2)	(24)	(2)	(29)	(3)	(0)	0	(0)	Profit (loss) from discontinued operation	(3)	(57)	7
												Profit (loss) attributable to:
1	2	1	1	3	2	2	2	2	2	2	2	Non-controlling interests	8	8	6
(38)	(43)	2	26	72	(14)	(54)	(1,836)	16	45	38	(241)	Owners of the parent	(142)	(1,832)	(54)

Total equity and liabilities	11,598	11,858	11,848	11,907	11,984	14,248	14,275	14,282	14,247	14,283	14,450	3,277
Current liabilities	668	478	429	415	410	490	425	455	563	588	555	617
Other current liabilities Liabilities directly associated with the assets held for sale	659 0	461 0	417 3	396 3	401	441 32	380 36	344 26	383 27	401 27	385 19	307 8
Current interest-bearing borrowings	9	16	9	16	9	17	9	85	152	159	151	302
Non-current liabilities	2,515	2,676	2,775	2,923	3,026	3,241	3,310	3,287	3,299	3,372	3,570	1,419
Other non-current liabilities	744	800	808	825	842	940	954	965	987	1,074	1,283	143
Non-current interest-bearing borrowings	1,771	1,875	1,967	2,097	2,183	2,301	2,355	2,322	2,312	2,298	2,287	1,276
Equity	8,415	8,705	8,645	8,569	8,548	10,517	10,541	10,540	10,385	10,323	10,326	1,241
Non-controlling interests	16	17	15	16	14	13	21	19	18	17	15	21
Equity attributable to owners of the parent	8,399	8,688	8,630	8,553	8,534	10,504	10,520	10,521	10,368	10,307	10,311	1,220
EQUITY AND LIABILITIES
Total assets	11,598	11,858	11,848	11,907	11,984	14,248	14,275	14,282	14,247	14,283	14,450	3,277
Current assets	436	380	345	360	385	444	482	499	593	514	501	1,359
Assets held for sale	0	0	17	17		92	103	110	115	41	87	8
Cash and cash equivalents	57	65	40	52	70	105	102	124	231	232	170	145
Trade receivables and other current assets	379	315	288	292	315	247	277	265	247	241	244	1,206
Non-current assets	11,161	11,478	11,503	11,547	11,599	13,804	13,793	13,783	13,653	13,769	13,949	1,917
Other non-current assets	225	234	232	260	257	521	469	426	375	361	211	189
Property, plant and equipment and right-of-use assets Investments in joint ventures and associates	101 273	103 377	93 382	97 370	96 366	102 413	106 408	113 427	118 370	127 372	133 390	102 350
ASSETS Intangible assets	10,563	10,764	10,797	10,820	10,880	12,768	12,811	12,817	12,790	12,908	13,216	1,276
STATEMENT OF FINANCIAL POSITION	2023
CONDENSED CONSOLIDATED	31.12	30.09 2023	30.06 2023	31.03 2023	31.12 2022	30.09 2022	30.06 2022	31.03 2022	31.12 2021	30.09 2021	30.06 2021	31.03 2021
EUR million

30.09	30.06	31.03
2021	2021	2021
12,908	13,216	1,276
127	133	102
372	390	350
361	211	189
13,769	13,949	1,917
241	244	1.206
232	170	145
41	87	8
514	501	1,359
14,283	14,450	3,277
10,307	10,311	1,220
17	15	21
10,323	10,326	1,241
2,298	2,287	1.276
1,074	1,283	143
3,372	3,570	1,419
159	151	302
401	385	307
27	19	ರು
588	રકર	617
14.283	14.450	3.277

(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	2023	2023	2023	2023	2022	2022	2022	2022	2021	2021	2021	2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes from continuing operations	(91)	142	101	38	(1,756)	50	97	72	(35)	(41)	(54)	(30)
Profit (loss) before taxes from discontinued operations	(3)	(3)	(3)	(3)	(28)	(33)	(30)	(3)	7	1	-	-
Profit (loss) before taxes	(94)	139	98	35	(1,785)	17	67	69	(28)	(39)	(54)	(30)
Depreciation, amortisation and impairment losses	447	222	147	73	2,054	251	169	69	180	113	49	40
Net effect pension liabilities	-	-	-	-	-	-	-	-	-	-	-	-
Share of loss (profit) of joint ventures and associates	108	8	5	4	121	23	18	6	8	8	7	0
Dividends received from joint ventures and associates	3	3	3	-	3	3	-	-	3	3	3	1
Taxes paid	(54)	(16)	(10)	(3)	(60)	(51)	(40)	(20)	(92)	(62)	(23)	(9)
Sales losses (gains) on non-current assets and other non-cash losses (gains)	(6)	(5)	2	3	(23)	(16)	(21)	(20)	33	34	39	11
Net loss on derivative instruments at fair value through profit or loss	-	-	-	-	-	-	-	-	3	3	3	(1)
Accrued share-based payment expenses	44	33	24	12	33	28	19	12	32	16	3	1
Unrealised foreign exchange losses (gains)	(8)	(9)	(10)	(3)	(28)	(39)	(33)	(35)	2	(2)	(14)	9
Net interest expense and other financial expenses	78	56	36	18	77	54	37	20	63	39	18	8
Interest and other financial income received	7	6	5	1	2	2	1	0	0	0	0	0
Interest and other financial expense paid	(84)	(57)	(44)	(14)	(78)	(48)	(39)	(11)	(58)	(32)	(20)	(2)
Other non-cash items and changes in working capital and provisions	26	(39)	(38)	(33)	37	69	(20)	(48)	48	54	21	10
Net cash flow from operating activities	467	342	217	94	352	291	160	41	193	135	33	40
CASH FLOW FROM INVESTING ACTIVITIES
Development and purchase of intangible assets, and property, plant & equipment	(120)	(91)	(62)	(28)	(89)	(64)	(43)	(22)	(77)	(40)	(22)	(11)
Acquisition of subsidiaries, net of cash acquired	(4)	(3)	(1)	(1)	(11)	(11)	(10)	(10)	(2,181)	(2,165)	(2,164)	(2)
Acquisition of debt and equity instruments of joint ventures and associates	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of intangible assets, and property, plant & equipment	1	-	-	-	-	-	-	-	0	-	-	-
Proceeds from sale of subsidiaries, net of cash sold	68	68	38	9	12	1	(2)	(2)	274	282	282	15
Net sale of (investment in) other shares	(5)	(3)	-	(1)	(8)	(8)	(8)	(3)	3	4	(1)	(1)
Net change in other investments	(3)	(3)	(3)	(3)	5	5	5	(0)	(3)	(3)	-	-
Net cash flow from investing activities	(64)	(32)	(28)	(23)	(92)	(77)	(58)	(38)	(1,983)	(1,922)	(1,905)	2
Net cash flow before financing activities	403	310	190	71	259	215	102	3	(1,790)	(1,787)	(1,872)	42
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings	-	-	-	-	-	-	-	-	2,440	2,440	2,440	-
Repayment of interest-bearing loans and borrowings	(387)	(296)	(202)	(81)	(321)	(244)	(152)	(76)	(493)	(492)	(490)	-
Change in ownership interests in subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-
Capital increase	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	(79)	(74)	(67)	(37)	(22)	(22)	(22)	(22)
IFRS 16 lease payments	(22)	(16)	(13)	(7)	(19)	(16)	(9)	(6)	(20)	(14)	(9)	(4)
Dividends paid to owners of the parent	0	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to non-controlling interests	(7)	(4)	(4)	-	(10)	(8)	-	-	(8)	(8)	(8)	-
Net financing from (to) Schibsted ASA	-	-	-	-	-	-	-	-	-	-	-	-
Net cash flow from financing activities	(416)	(316)	(219)	(88)	(429)	(343)	(228)	(119)	1,898	1,904	1,911	(27)
Cash and cash equivalents relating to the disposal group	-							-	-	-	-	0
Effects of exchange rate changes on cash and cash equivalents	-	-	-	-	(1)	3	2	1	1	1	-	-
Net increase (decrease) in cash and cash equivalents	(13)	(6)	(29)	(17)	(170)	(126)	(124)	(115)	109	118	39	16
Cash and cash equivalents at start of period	70	70	70	70	231	231	231	231	131	131	131	131
Cash and cash equivalents attributable to assets held for sale at start of period	-	-	-	-	9	9	9	9	-	-	-	-
Cash and cash equivalents at end of period	57	65	40	52	70	105	102	124	231	232	170	145

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	Year to date	Full year	Full year
2021 like-for-like	2021 like-for-like	2021 like-for-like	2021 like-for-like	2022 like-for-like	2022 like-for-like	2022 like-for-like	2022 like-for-like	2023 like-for-like	2023 like-for-like	2023 like-for-like	2023 like-for-like	SEGMENTS	2023 like-for-like	2022 like-for-like like-for-like	2021
												Combined Group (Ade + eCG)
368	388	371	394	387	417	408	431	435	465	454		472 Operating revenues	1,826	1,644	1,521
3.7%	30.6%	4.4%	5.1%	5.0%	7.6%	10.2%	9.4%	12.5%	11.5%	11.2%		9.5% YOY revenue growth	11.1%	8.1%	10.0%
(239)	(254)	(245)	(269)	(262)	(272)	(276)	(286)	(290)	(289)	(283)		(313) Operating expenses	(1,175)	(1,096)	(1,006)
130	134	126	124	125	146	132	145	145	177	171		159 EBITDA	651	548	514
35.2%	34.6%	34.0%	31.6%	32.3%	34.9%	32.4%	33.6%	33.4%	38.0%	37.6%		33.7% EBITDA-margin	35.7%	33.3%	33.8%
												France
112	117	106	119	120	126	119	129	132	137	133		147 Operating revenues	550	494	453
14.6%	35.7%	6.2%	8.2%	7.5%	8.3%	11.6%	8.7%	10.0%	8.6%	12.2%		14.3% YOY revenue growth	11.3%	9.0%	15.3%
(56)	(63)	(54)	(66)	(65)	(61)	(66)	(75)	(76)	(73)	(74)		(86) Operating expenses	(309)	(267)	(240)
55	54	52	53	55	65	53	54	56	64	59		61 EBITDA	241	227	214
49.5%	46.0%	48.8%	44.5%	46.1%	51.4%	44.5%	42.0%	42.6%	46.9%	44.6%		41.5% EBITDA-margin	43.9%	46.0%	47.1%
												Mobile
70	72	71	69	68	80	82	86	90	104	104		101 Operating revenues	399	317	283
-8.8%	30.2%	-2.7%	-6.1%	-3.0%	11.4%	15.2%	24.4%	31.8%	29.2%	26.3%		17.4% YOY revenue growth	25.8%	11.9%	1.2%
(29)	(29)	(30)	(32)	(32)	(38)	(36)	(36)	(39)	(42)	(39)		(40) Operating expenses	(160)	(142)	(120)
42	43	41	37	37	43	46	50	51	62	65		61 EBITDA	239	175	164
59.2%	60.0%	58.0%	53.8%	53.7%	53.0%	55.7%	57.8%	56.2%	59.7%	62.2%		60.6% EBITDA-margin	59.8%	55.2%	57.8%
												European Markets
153	164	158	173	168	178	176	186	187	198	192		202 Operating revenues	779	708	648
8.1%	28.0%	10.9%	12.2%	9.7%	8.7%	11.0%	7.8%	11.4%	10.7%	9.2%		8.5% YOY revenue growth	9.9%	9.3%	14.4%
(91)	(96)	(94)	(102)	(101)	(105)	(104)	(110)	(113)	(115)	(109)		(120) Operating expenses	(457)	(420)	(382)
62	69	65	71	67	73	72	77	75	83	83		82 EBITDA	321	289	266
40.7%	41.8%	40.7%	41.0%	39.9%	41.1%	41.0%	41.1%	39.9%	41.8%	43.0%		40.4% EBITDA-margin	41.3%	40.8%	41.1%
												International Markets
31	34	32	31	28	30	30	26	23	24	23		20 Operating revenues	90	114	128
-5.1%	59.9%	-4.2%	-4.6%	-8.0%	-11.4%	-5.8%	-18.5%	-18.8%	-20.8%	-25.0%		-20.1% YOY revenue growth	-21.2%	-10.9%	6.8%
(21)	(19)	(21)	(20)	(17)	(18)	(16)	(14)	(12)	(12)	(11)		(12) Operating expenses	(47)	(65)	(81)
10	15	11	11	11	12	14	12	11	12	11		9 EBITDA	43	49	47
32.7%	43.6%	33.7%	35.2%	38.3%	40.4%	47.9%	45.2%	46.6%	51.2%	49.1%		42.9% EBITDA-margin	47.6%	42.9%	36.5%
												Disposals
2	1	-	-	-	-	-	-	-	-	-	-	Operating revenues	-	-	3
-59.2%	-79.8%	-100.0%	-100.0%	-100.0%	-100.0%	0.0%	0.0%	0.0%	0.0%	0%		0% YOY revenue growth	0.0%	-100.0%	-83.4%
(4) (2)	(4) (3)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	Operating expenses EBITDA	- -	- -	(8) (5)
												HQ&Other
2	3	1	3	3	3	3	6	4	3	2		2 Operating revenues	11	15	9
26.3%	8.1%	-36.1%	-10.4%	39.7%	17.8%	342.8%	83.1%	10.9%	-9.7%	-13.5%		-67.4% YOY revenue growth	-27.4%	69.7%	-0.4%
(40)	(46)	(43)	(50)	(48)	(51)	(56)	(53)	(50)	(48)	(50)		(56) Operating expenses	(204)	(207)	(179)
(38)	(43)	(43)	(47)	(45)	(47)	(53)	(47)	(47)	(45)	(47)		(54) EBITDA	(193)	(192)	(171)
												Eliminations
(2)	(3)	2	(1)	(1)	(1)	(1)	(1)	(1)	-	-		(1) Operating revenues	(2)	(5)	(4)

European Markets:

Germany (Kleinanzeigen.de), Spain, Benelux, Italy, Ireland, Hungary (sold in Q2 2023) and Belarus (sold in Q2 2022).

International Markets:

Brazil (infojobs.com.br) (sold in Q1 2022), Canada, Mexico (sold in Q3 2022) and Other Countries.