At Adevinta, we believe everything and everyone has a purpose in life. Our selection of digital brands unlock the full value in every person, place and thing by creating perfect matches on the world’s most trusted marketplaces.
With trusted brands that enjoy leading market positions, Adevinta operates a resilient business model at the centre of the second-hand economy at the time when consumers are seeking more sustainable and cost-efficient ways to buying products.
Sustainability is in our DNA, and we are recognised as a global sustainability leader by DJSI Europe. By providing marketplaces where people buy and sell second-hand goods, we contribute to the circular economy and help people live more sustainably.
At Adevinta we'll stay ahead of the curve by using innovation, curiosity and technology to develop products that help everyone and everything find new purpose.
We're all about matchmaking, and we take the same approach to hiring. But it's not just about finding the right skills for the job. It's also about making sure the role and the culture are the right match too.
We care about gaining and keeping the trust of our users, customers and stakeholders by acting responsibly, promoting sustainability and protecting the environment.
We invest in companies with tangible traction, a potential to scale beyond their domestic market, and who we can support with more than just financial resource.
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Oslo, 16 July 2020 - Adevinta ASA (ADE) (“Adevinta” or the Company”), completed its second quarter of 2020, ended 30 June, reporting a resilient performance across its business, particularly in France. The company saw a revenue decline of 16% in the quarter, compared to Q2 2019 (or -20% excluding l’Argus) due to the significant impact of Covid-19 in all markets.
After a decline in April, revenue trends improved month by month in all segments and France returned to positive year-on-year organic growth in June. Classifieds revenues were down 15% yoy, while display advertising revenues were down 32%. The acquisition of l’Argus added 3.9 points to total revenue growth, and exchange rate movements had a negative 1.5-point impact.
Gross operating profit (EBITDA) has been resilient in the quarter, decreasing by 15% yoy. Decisive action taken by management to pursue cost cutting initiatives across the group has partially offset the impact of Covid-19. In addition, there was continued investment in product & technology (at central and business levels) to drive future growth and operational efficiency. Net cash flow from operating activities was €56.0m for the first half of 2020, compared to €70.8m for the same period in 2019. At the end of June 2020, the Group benefited from a strong financial position with a leverage ratio of 0.6 times net interest-bearing debt over EBITDA.
As the acceleration in consumer behaviour trends makes online marketplaces increasingly relevant, Adevinta intends to continue creating value by focusing on and expanding in markets where it enjoys leading positions, as well as by exploring external growth opportunities with strong financial discipline.
Rolv Erik Ryssdal, CEO, commented:
“In recent months, Covid-19 has upended the daily lives of citizens and economies across the world. As anticipated, our Q2 performance was impacted negatively. Nonetheless, we have seen strong improvements throughout the quarter in all segments. We are now back to pre-covid levels and above last year’s level in terms of traffic and leads in most markets. We have even reached record high traffic in some countries like France and Austria. Our financial performance has recovered faster than expected, especially in France where we posted positive organic growth in June.
“We successfully implemented cost saving initiatives, which has allowed us to mitigate to some extent the impact, while we continued to invest in product and technology to support future growth.
“Consumer behaviour is changing at an accelerated pace. The demand for more convenience and transparency, as well as the shift toward more sustainable consumption, has amplified the role of trusted online marketplaces. As a leading player in our market and a highly trusted business partner, we have helped our clients to restart their activities. This puts us in an even better position for the years to come.
“Looking ahead, we expect our recovery to continue, with positive growth in France and further improvements in other countries in the second half of the year. While the macro environment may be uncertain in the near term, we are excited about the long-term opportunities in our markets and remain confident about our long-term sustainable growth profile.”
Q2 2020 Highlights
Stronger-than-expected recovery, especially in France
Strong EBITDA2 performance despite significant drop in revenues and sustained investment in P&T
Product & technology achievements
Strong financial position securing ability to invest organically and externally
Acceleration of favorable consumer behaviour
Further progress in the preparation for the acquisition of Grupo Za
Key financial numbers
Invitation to the presentation of the Q2 2020 resultsYou are cordially invited to participate in the presentation of Adevinta ASA’s Q2 2020 report on Thursday, 16 July 2020.
Quarterly Earnings ReleaseWhen: 16 July 2020 at 07:00 CESTReport for the first half and second quarter 2020, 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 ResultsWhen: 16 July 2020 at 08:30 CESTThe company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO Rolv Erik Ryssdal 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 www.adevinta.com/ir and on this link: https://bit.ly/3eaVBV4. Participants are also invited to ask questions using the dial-in numbers below.
Dial-in details:Norway: +47 2100 2610 UK: +44 (0)330 336 9126 USA: +1 720-543-0206Confirmation code: 8319729
A recording of the presentation will be available on our website shortly after the live webcast has ended.
Media contacts Mélodie Laroche Corporate Communications T: +33 (0) 6 84 30 52 76 firstname.lastname@example.org
Marie de Scobiac Head of Investor Relations email@example.com
About Adevinta Adevinta is a global online classifieds specialist, operating digital marketplaces in 15 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from job offers to real estate, cars, consumer goods and more. Adevinta’s portfolio spans 35 digital products and websites, attracting 1.5 billion average monthly visits. Leading brands include top-ranked leboncoin in France, InfoJobs and Milanuncios in Spain, and 50% of fast-growing OLX Brazil. Adevinta spun off from Schibsted ASA and publicly listed in Oslo, Norway in 2019. Adevinta is majority owned by Schibsted ASA and employs 4,700 people committed to supporting users and customers daily. Find out more at Adevinta.com.
1 Proportionate basis incl JVs. For definition of EBITDA please see section Definitions and reconciliations. Adevinta implemented IFRS 16 from 1 January 2019.
2 Proportionate basis incl JVs. For definition of EBITDA please see section Definitions and reconciliations. Adevinta implemented IFRS 16 from 1 January 2019.
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