Adevinta announces its fourth quarter 2019 results
– Global total revenues rise 16% to €200 million
– Revenue from verticals grew 20%
– Brazil local currency revenues up 23%
– Softness continues in Global Markets
– EBITDA1 increased 16% to €52 million
– Net cash flow from operating activities1 improved by 2.8x year-over-year
Oslo, 12 February 2020 – Adevinta completed the year with another good quarter as revenues, including JVs, grew 16% in Q4’19, compared to the same period last year. The revenue growth rate was driven by sustained performance in core markets in France, Spain and Brazil. There was also a healthy growth in verticals revenue in most markets, leading to 20% overall verticals growth, while advertising revenue continues a positive trend (up 3% in Q3’19 and up 5% in Q4’19) albeit at a lower growth rate than in previous years.
Rolv Erik Ryssdal, CEO, commented:
“We completed the year with another good quarter. Following a very strong Q3, we continued to deliver strong growth in our core verticals despite a more challenging macro environment in some countries. Advertising trends improved, albeit at lower growth levels, in some regions as a result of successful initiatives implemented locally.
“France and Spain continue to execute on their strategy, strengthening their market positions in the key verticals despite a somewhat softer macro picture. Brazil is still in an early phase, but continues to deliver promisingly. The disappointment in Q4 was the global portfolio, negatively affecting our total growth rate. Italy has suffered from a negative development in the display advertising market, and the new management team has developed an action plan to reverse the trend.
“Our sustained investment in product development allowed us to roll out new features and services to our users and customers. Amongst them initial results for the transactional model are very encouraging and opens windows of opportunity for future growth.
“We are also further reinforcing our positions in core verticals with external growth. Integration of L’Argus in France is ongoing and will progressively generate synergies.
“I remain very excited by the significant opportunities ahead of us, and I’m confident that we have the resources and teams to seize them and create value for our stakeholders.”
Q4 2019 Highlights
- Total revenues1 up 16% to €200 million
- Revenue from verticals grew 20%
- France up 28% driven by Cars and R/E
- Spain up 14%
- Brazil local currency revenues up 23%
- Softness continues in Global Markets
- Solid growth in verticals
- Weak performance in display advertising
- Disappointing performance in Italy: action plan in progress
- EBITDA1 increased 16% to €52 million
- Sustained investment in product development
and HQ structure
- Sustained investment in product development
- Net cash flow from operating activities1 improved
by 2.8x year-over-year
Revenues and EBITDA on proportionate basis incl JVs
|16%||172.6||200.2||Operating revenues incl. JVs||739.5||644.0|
|16%||45.0||52.4||EBITDA incl. JVs||206.1||156.2|
|26%||26%||EBITDA margin incl. JVs||28%||24%|
|>100%||9.6||26.5||Net cash flow from operating activities||134.1||73.9|
Analyst and conference press presentation
Adevinta invites you to an analyst and press meeting presentation on our Q4 2019 results at Akersgata 55, Oslo, today 12 February 2019 at 09:00 CET. CEO Rolv Erik Ryssdal and CFO, Uvashni Raman and EVP, Spain and Brazil, Gianpaolo Santorsola, will present.
A recording of the presentation will be available on our website shortly after the live webcast has ended. The live webcast of the presentation will also be streamed here.
A conference call with Q&A linked to the Q4 2019 numbers will take place at 14:00 CET today.
NOTE: To avoid waiting time when connecting to the call, please use the below link 5-10 minutes prior to start time, where you will be asked to type in your phone number and registration details. The Event Conferencing system will automatically call you back on the phone number you provide and place you into the event. Please note that the link will become active 15 minutes prior to the event: Investor call.
For manual dial-in, use one of the following number (note that this connection might take more time): +47 2350 0187 (Norway), +44 (0)330 336 9401 (UK), +1 646-828-8374 (USA). Passcode: 122942.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Adevinta is a global online classifieds company with generalist, real estate, cars, jobs and other internet marketplaces in 16 countries, connecting buyers seeking goods or services with a large base of sellers. Its portfolio spans 36 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 was spun off from Schibsted ASA and publicly listed as an independent company in Oslo, Norway in 2019. The Adevinta is majority owned by Schibsted ASA.
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