Adevinta ASA

11/25/2021 | Press release | Distributed by Public on 11/25/2021 02:25

Q3 2021 Financials and Analytical Information (XLS)

Cover

Consolidated financial and analytical info as of Q3 2021 Contents (each item on separate tabs): 1. Profit and loss statement 2. Balance sheet 3. Cash flow 4. Segments details For questions, please contact Adevinta IR: [email protected] www.adevinta.com/ir

1. Profit loss statement

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)
ERROR:#REF! (30.1) -
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)

2. Balance sheet

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

3. Cash flow

(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 - 0 - 0 - 0 - - - - - - - (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 (2,165) (2,165) (1.5) (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 - 0 - 0 - (286.9) - - - - - - - - - - -
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 - 0 - 0 - - - - - (100.2) (100.2) (100.1) (100.1) (11.0) - - -
Capital increase - 0 - 0 - - - - - 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 - - - - - - - - (0.0) - - - -
Dividends paid to non-controlling interests (8) (8) - - - - - (3.6) - - - (3.4) (2.0) (1.5) -
Net financing from (to) Schibsted ASA - 0 - 0 - - - - - (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 - 0 - 0 - - (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

4. Segments details

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 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 SEGMENTS 2021 2020 2020 2019
combined combined combined combined combined combined combined combined combined combined combined combined combined 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
- - - - 3.9% -18.4% 1.2% -1.2% 4.6% 31.9% 4.1% YOY revenue growth 12.4% -4.6% -3.7% -
(238) (249) (234) (255) (263) (217) (235) (253) (254) (268) (259) Operating expenses (781) (715) (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%
France
82 88 86 102 98 86 100 110 112 117 106 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 58 63 73 48 57 67 70 62 69 65 EBITDA 196 172 242 245
36.4% 39.0% 43.5% 47.3% 33.8% 44.6% 47.2% 45.4% 40.7% 41.8% 40.7% EBITDA-margin 41.1% 41.8% 42.8% 41.7%
International Markets
53 60 57 54 45 31 49 49 47 51 47 Operating revenues 146 125 175 224
- - - - -15.5% -47.9% -14.5% -8.0% 5.1% 63.8% -3.6% YOY revenue growth 16.4% -26.6% -22.1% -
(38) (41) (35) (41) (36) (29) (35) (35) (35) (33) (36) Operating expenses (105) (99) (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%
Disposals
7 7 7 7 6 4 5 4 2 1 - 0 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