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, October 19, 2020. In conjunction with the launch of a bond issue announced today, Adevinta ASA (“Adevinta” or the “Company”) is disclosing the Information Memorandum attached hereto and is releasing preliminary results for the three months ended September 30, 2020. The Information Memorandum presents material information regarding Adevinta’s agreement to acquire eBay Classifieds Group, the global classifieds group of eBay Inc, and includes among other things, details on the transaction, eBay Classifieds Group and the combined business following completion of the transaction, including pro forma financial information.
Adevinta’s preliminary results as of and for the three months ended September 30, 2020
Although results of operations for the three months ended September 30, 2020 are not yet final, the following unaudited information reflects our preliminary expectation with respect to such results based on information currently available to management.
As expected, the pick-up in performance throughout the second quarter of 2020 has continued into the third quarter. We saw further improvement in operational KPIs in our main markets, with traffic growing year-on-year in all large markets.
Based on the preliminary results, we estimate that operating revenue including JVs for the third quarter of 2020 will increase by more than 1% compared to the same period last year, with France and Brazil posting positive organic growth. Classifieds revenues are expected to grow year-on-year while display advertising revenues are expected to decrease year-on-year, albeit at a slower pace than in the second quarter.
We have continued to efficiently adapt our cost base to the weak macro environment and consequential impact on operating revenue growth in the quarter through further savings initiatives, notably in marketing and personnel costs. We have nevertheless started to ramp-up recruitments and investment in marketing at the very end of the quarter in order to support further product development and promote offering enhancements.
Based on the preliminary results, we estimate that, for the three months ended September 30, 2020, EBITDA margin including JVs will be up compared to the second quarter of 2020.
The preliminary Adevinta financial information as of and for the three months ended September30, 2020 presented herein is derived from Adevinta’s internal management accounts for the months of July, August and September 2020. The preliminary financial results for Adevinta presented below are not a comprehensive statement of our financial results for the three months ended September 30, 2020. In addition, the preliminary financial results presented below for Adevinta have not been audited, reviewed, or compiled by Ernst & Young AS, our independent auditors. The preliminary Adevinta financial results presented herein are subject to the completion of our financial closing procedures, which have not yet been completed. The Adevinta KPIs discussed herein are also not final and are subject to change. Adevinta’s actual results for the three months ended September 30, 2020 are not available and may differ materially from these estimates. Therefore, you should not place undue reliance upon these preliminary Adevinta financial results and KPIs. For instance, during the course of the preparation of the respective financial statements and related notes, additional items that would require material adjustments to be made to the preliminary estimated financial results presented above may be identified. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control. Accordingly, the operating revenue and profit (loss), and other financial items and KPIs described herein for Adevinta, for any particular period may not be indicative of future results. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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