GlobeNewswire by notified

Adevinta ASA (ADE) - Adevinta reports strong third quarter performance; announces new appointments to its leadership team and assignment of vertical responsibilities

Share
  • Acceleration of core markets revenue growth: +12% year-on-year
  • EBITDA margin of 34.5%, excluding French DST1, benefiting from strict cost management
  • New leadership team, with new key appointments; assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy: Re-Commerce, Mobility, Real Estate & Emerging Verticals

Oslo, 24 November 2022 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported strong revenue growth of 12% for core markets in the third quarter compared to the same period last year, as a result of strong recovery in Mobile.de and continued solid performance in other markets.

  • Online classifieds revenues improved by 13% year-on-year, supported by double-digit revenue growth in Jobs and Motors benefiting from successful price increases, higher dealer penetration and high added-value product development for car dealers. Real Estate saw high single-digit growth in the period;
  • Transactional revenues grew by 79%, with strong revenue growth in all Core markets;
  • Advertising revenues were flat year-on-year. This was a result of the overall weaker advertising business, especially in automotive display advertising, partly offset by eBay Kleinanzeigen's strong performance in the quarter.

Excluding the impact from the French digital services tax legislation (DST), Group EBITDA was €141 million (representing a 34.5% EBITDA margin) and improved by 12% compared to Q3’21.

This was the result of (i) the positive topline evolution, (ii) lower marketing investment, driven by different phasing and spend allocation discipline, and (iii) cost management in the current market context. This was partly offset by (i) the continued build-up of global capabilities ahead of the implementation of new operating models for enabling functions and Product and Technology teams, and to accelerate new business model development and value creation, and (ii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth.

Group consolidated EBITDA amounted to 132 million euros, up 5% year-on-year, negatively impacted by the €(9) million euros provision booked related to the French DST.

New appointments in the leadership team and assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy

In line with the ‘Growing at Scale’ strategy, Adevinta will start to verticalise its operations based on its three key pillars:

  • Re-Commerce;
  • Mobility;
  • Real Estate & Emerging Verticals (including Jobs and Holiday Rentals).

As part of this, Adevinta’s executive leadership team (AdEx) announces new appointments, effective 1 January 2023:

  • Paul Heimann continues his duties as the CEO of eBay Kleinanzeigen, while becoming the leader of the new Re-Commerce vertical.
  • Román Campa, CEO of Adevinta Spain, will combine his existing responsibilities while taking on a new role as Head of Real Estate & Emerging Verticals.
  • Ajay Bhatia, CEO of Mobile.de and already a member of the AdEx, will take on a new role of Head of the new Mobility vertical.
  • Alexandre Collinet, former deputy GM of leboncoin and most recently responsible for the integration of eBay Classifieds Group into Adevinta, will also join Adevinta’s executive team, in the newly created role of Chief Operations Officer (COO).
  • Uvashni Raman (CFO) and Nicki Dexter (People, Communications & Workplace) will continue in their roles.
  • GianpauloSantorsola (European Markets), Zac Candelario (International Markets) and Alex Alexander (Product & Technology) will leave Adevinta by the end of 2022 .
  • Julien Jouhault, currently CTO for leboncoin, will join the AdEX as interim CPTO while the search for a permanent CPTO is conducted.

Antoine Jouteau, CEO Adevinta: “Our third quarter results demonstrate progress against our key strategic and financial objectives. I am proud of our team and our contribution to society in the face of a challenging macroeconomic environment.

"We are adapting our organisation to make it even more efficient, with laser-sharp focus on bringing more value to our users and clients.

"Aligning our operating structures with our strategy increases efficiency and speed, as well as our ability to cater to evolving customer needs with tailored and innovative products and services. It also allows us to capture further opportunities within these vertical areas, and enhances our competitiveness and resilience.

"My new executive team and I share the same vision and ambition for Adevinta. It is my pleasure to welcome Alexandre Collinet, Julien Jouhault, Paul Heimann and Román Campa. Each brings with them a combination of entrepreneurial spirit, industry knowledge and a proven track record of commercial success. I thank Alex Alexander, GianpaoloSantorsola and Zac Candelario for their contributions to Adevinta and wish them well in their next endeavours.

"I remain very confident and excited about the many opportunities that we have ahead of us. As we navigate the current uncertain environment, we will continue to balance growth and profitability with disciplined investment in the mid to longer term.”

Highlights of Q3, 2022

Strong Q3 2022 results performance in a soft macro environment

Acceleration of core markets revenue growth: +12% year-on-year

  • Steady double-digit growth in Classifieds (+13%), with continued strong performance in Jobs (+15%), Motors (+13%) and Real Estate (+10%)
  • Acceleration in Consumer Goods transaction volumes especially in France (+49%) and eBay Kleinanzeigen (+140%)
  • Resilient advertising revenues, flat year-on-year, despite lower OEM spend and weaker market environment

Total consolidated revenue growth2: +11% year-on-year

  • Total consolidated revenues of €408m

EBITDA margin of 34.5%, excluding French DST, benefiting from strict cost management

  • EBITDA excluding French DST of €141m, up 12% year-on-year
  • French DST1 YTD adjustment of €(9)m
  • Total consolidated EBITDA of €132m (representing a 32.4% margin)

Acceleration of cash generation and deleveraging

  • Adjusted NCF from operating activities: €145m3
  • Debt repayment: €90m in the quarter, prioritising floating debt
  • Continued cash optimisation measures

Further steps to deliver our Growing at scale strategy

New leadership team, with new key appointments; assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy:

  • Re-Commerce, led by Paul Heimann
  • Mobility, led by Ajay Bhatia
  • Real Estate & Emerging Verticals, led by Román Campa

2022 portfolio optimisation programme close to completion with sales of Mexico, Australia and South Africa closed and Canada review completed

Continued execution on strategy for growth businesses with increased monetisation of Motors and Real Estate verticals and continued rapid scaling and product launches of transactional services

Outlook

FY 2022 target confirmed

  • Low double-digit revenue growth for core markets
  • Underlying EBITDA4 in the range of €575-600m range, including French DST impact

2023 outlook

  • Double-digit Core Markets revenue growth despite soft macro environment
  • Year-on-year improvement in EBITDA margin
  • Group leverage down to 2-3x net debt/EBITDA by year-end
  • Long-term ambition remains

Synergy targets confirmed to achieve our financial ambition

Financial performance

Combined*IFRS
Third quarterYear-to-dateYear-to-date
yoy%20212022€ million20222021yoy%20222021
10%371408Operating revenues1,2131,1278%1,213745
5%126132EBITDA4033903%403232
34.0%32.4%EBITDA margin33.2%34.6%33.2%31.1%
2%139141Underlying EBITDA4304163%430248
37.4%34.5%Underlying EBITDA margin35.5%36.9%35.5%33.3%
Operating revenues per segment
12%106119France3653359%365335
15%7182Mobile.de2312148%23171
11%158176European Markets52247610%522298
-6%3230International Markets8897-8%8836
0%0Disposals3-100%3
343%13Other and Headquarters9663%96
-161%2-1Eliminations-4-3-21%-4-3
EBITDA per segment
2%5253France1731618%173161
11%4146Mobile.de125126-1%12541
12%6572European Markets2121969%212100
34%1114International Markets37365%3710
0%0Disposals-5-100%-5
-24%-43-53Other and Headquarters-145-123-18%-145-75
Non-consolidated JVs
30%2228Proportionate share of revenues786031%7860
15%56Proportionate share of EBITDA68-26%68

Combined: these figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

Operating revenues by category

Combined*IFRS
Third quarterYear-to-dateYear-to-date
yoy%220212022€ million20222021yoy%20222021
13%278311Online classifieds revenues91283011%912569
77%916Transactional revenues473346%4730
-2%8179Advertising revenues246260-4%246141
13%22Other revenues7461%74
11%371408Operating revenues1,2131,1278%1,213745

* Combined: these figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.
Quarterly Earnings Release
Time: 24 November 2022 at 07:00 CET

Report for the third quarter of 2022, presentation materials, and spreadsheet with key figures and analytical information will be made available on the investor relations pages at https://www.adevinta.com/ir.

Presentation of the Quarterly Results
Time: 24 November 2022 at 08:30 CET

The company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO Antoine Jouteau and CFO Uvashni Raman will present. The whole management team of Adevinta will participate in the Q&A session.

The webcast will be available on https://www.adevinta.com/ir and on this link: https://edge.media-server.com/mmc/p/eknfdtrf. Participants are also invited to ask questions using the dial-in numbers below.

Dial-in details:
UK: +44 121 281 8004
USA: +1 718 705 87 96
Norway/Sweden: +46 850 51 00 30
France: +33 1 70 91 87 04
Spain: +34 917699498
Confirmation password: Adevinta2022Q3

A recording of the presentation will be available on our website shortly after the live webcast has ended.

-End-

Media contacts
Mélodie Laroche
Corporate Communications
T: +33 (0) 6 84 30 52 76
melodie.laroche@adevinta.com

Edelman Smithfield
John Kiely / Latika Shah / Olivia Adebo
T: +44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7787 284 441
adevinta@edelman.com

IR contact
Marie de Scorbiac
Head of Investor Relations
T: +33 (0) 6 84 30 52 76
ir@adevinta.com

Anne-Sophie Jugean
Investor Relations Manager
ir@adevinta.com

About Adevinta

Adevinta is a leading online classifieds specialist, operating digital marketplaces in 11 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from real estate to motors, and consumer goods.

Adevinta’s portfolio spans more than 25 digital brands, covering one billion people and attracting approximately three billion average monthly visits. Leading brands include top-ranked leboncoin in France, Germany's leading classifieds sites mobile.de and eBay Kleinanzeigen, Marktplaats in the Netherlands, fotocasa and InfoJobs in Spain, Subito in Italy, and 50% of fast-growing OLX Brasil. Adevinta employs around 8,100 people, including 3,000 (approx) working in product and technology teams, committed to supporting users and customers daily. Find out more at Adevinta.com.

***

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


1 Prudent provision booked following unfavourable ruling received from the French Tax Authority
2 Continuing operations, excluding InfoJobs Brazil and Kufar
3 Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
4 Consolidated EBITDA before share-based compensation impact

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Major shareholder notification – Norges Bank3.12.2022 14:45:28 CET | Press release

GN Store Nord A/S hereby announces that on December 2, 2022, pursuant to Section 38(1) and Section 39(1) of the Danish Capital Markets Act, it received a notification from Norges Bank stating that on December 1, 2022 Norges Bank decreased its aggregate holding of shares and financial instruments, cf. Section 38(1) and Section 39(2)(1) of the Danish Capital Markets Act, to under 5% of the share capital and voting rights in GN Store Nord A/S. For further information, please contact: Investors and analysts Anne Sofie Staunsbæk Veyhe Vice President – Investor Relations, Treasury & M&A Tel: +45 45 75 85 06 or Rune Sandager Senior Director – Investor Relations Tel: +45 45 75 92 57 Press and the media Steen Frentz Laursen Vice President, Corporate Communications Tel: +45 20 65 34 20 About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliv

Brookfield Announces Reset Dividend Rate on Its Series 30 and Series 48 Preference Shares3.12.2022 03:45:00 CET | Press release

All amounts in Canadian dollars unless otherwise stated. BROOKFIELD, NEWS, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Brookfield (NYSE: BAM, TSX: BAM.A) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 30 (“Series 30 Shares”) (TSX: BAM.PR.Z) for the five years commencing January 1, 2023 and ending December 31, 2027, and also determined the fixed dividend on its Cumulative Class A Preference Shares, Series 48 (“Series 48 Shares”) (TSX: BAM.PF.J) for the five years commencing January 1, 2023 and ending December 31, 2027. As previously disclosed, the Series 30 Shares and Series 48 Shares are expected to commence trading on the TSX under the updated symbols “BN.PR.Z” and “BN.PF.J”, respectively, on December 12, 2022. Series 30 Shares and Series 31 Shares If declared, the fixed quarterly dividends on the Series 30 Shares during the five years commencing January 1, 2023 will be paid at an annual rate of 6.089% ($0.3805625 per share per

EverWind selects Black & Veatch for Front-end Engineering Design of First Green Hydrogen Hub in Nova Scotia2.12.2022 20:23:30 CET | Press release

HALIFAX, Nova Scotia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- EverWind Fuels Company ("EverWind") today announces it has selected Black & Veatch to provide front-end engineering design (FEED) services for its green hydrogen and ammonia production and storage facility in Point Tupper, Nova Scotia, with initial commercial operations planned for 2025. EverWind is a private developer of green hydrogen and ammonia production and storage sites, and global engineering and construction company Black & Veatch is a green energy solutions leader. In its first phase, the facility will produce green hydrogen and green ammonia through electrolysis using certified green power from the Nova Scotia Power transmission system; onshore wind generation will power production in a second phase. In future phases, EverWind will use offshore wind power to produce hydrogen through electrolysis, unlocking Nova Scotia’s offshore wind capabilities. The first two phases will produce a combined 1 million tonnes per annum o

Information on the Total Number of Voting Rights (Denominator) following Conversion Notice from NEGMA2.12.2022 19:00:00 CET | Press release

Negma Group has converted 322convertible bonds in Oxurion resulting in a EUR 805,000capital increase. This is part of Negma Group’s EUR 30 million Capital Commitment1 that will allow Oxurion to focus on progressing its novel and differentiated back of the eye drug candidate targeting potential market opportunities of over USD 5billion. Leuven, BELGIUM,Boston, MA, US–December2, 2022– 07.00 PM CET – In accordance with article 15 of the Belgian Act of May 2, 2007 on the disclosure of major participations in issuers of which shares are admitted to trading on a regulated market and regarding miscellaneous provisions, Oxurion NV (Euronext Brussels: OXUR) (the “Company” or “Oxurion”), announces the below information, following (i) the issuance of 63,550,419 new ordinary shares on November 28, 2022, for a total amount of EUR 605,000, as the result of the conversion of 242 class B convertible bonds, and (ii) the issuance of 21,008,403 new ordinary shares on November 30, 2022, for a total amount

Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons2.12.2022 18:05:00 CET | Press release

Company announcement – No. 56/ 2022 Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons Copenhagen, Denmark and Boston, MA, U.S. December 2, 2022 – Zealand Pharma A/S (“Zealand”) (NASDAQ: ZEAL) (CVR-no. 20 04 50 78), a Copenhagen-based biotechnology company focused on the discovery and development of innovative peptide-based medicines, has received information on transactions in Zealand's shares or related securities conducted by persons discharging managerial responsibilities and/or their closely associated persons and hereby publishes the information on such transactions. Please see the attached file(s). # # # About Zealand Pharma A/S Zealand Pharma A/S (Nasdaq: ZEAL) ("Zealand") is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have re