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Adevinta Q2 2019 Results

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  • Operating revenues rise 13% to €185 million
  • Core vertical marketplaces revenues climb 16%
  • EBITDA up 20% to €50 million
  • EBITDA margins up from 25% to 27%
  • Cash flow up 13% to €20 million
Q2 2019 DOCUMENTS: Interim report Q2 2019 Presentation financial results Q2 2019 Financial and analytical info Q2 2019 (excel) Webcast recording of Q2 2019 Press Conference Q&A conference call recording (mp3)
Oslo, Norway, 15 July 2019 -  Adevinta announces its second quarter and half year 2019 results. Core verticals enjoyed a strong quarter, rising 16%, with overall revenues up 13%. Display advertising revenues remain lower than anticipated due to challenging economic conditions in key markets and by comparison with Q2 2018, when advertising was more buoyant. Initiatives taken to reverse the drop in growth have resulted in an 8% increase in Q2 2019 versus Q1 2019. Product development increased, with new features and apps rolled out across all markets.  Rolv Erik Ryssdal, CEO, commented: “We have enjoyed a good quarter characterized by strong performances in core verticals across all our markets. We are progressing on a steady course to deliver on our strategy of strengthening our positions in the verticals.  “Softness in display advertising – resulting from a combination of global advertising industry factors and tougher economic conditions – has continued to negatively affect overall revenue growth. Initiatives taken in Q1 2019 have had some positive impact. “Adevinta has been established as a standalone company and has been well received by all stakeholders. We are continuously improving our focus on operations, while evaluating market growth and consolidation opportunities. “Product and technology is a priority across the portfolio, and we will continue investing to improve our competitive strengths. We are well positioned for expansion and to play a leading role in the digital marketplaces industry going forward.”

Q2 2019 Highlights 

Revenues up 13% to €185 million Revenue from verticals grew 16% across all markets
  • France up 16%
  • Spain up 16%
  • OLX Brazil up 33% (local currency basis)
  • Continued softness in display advertising
EBITDA improved to €50 million, up 20%
  • Negatively affected by one-off ESOP charge of €5 million for Brazil
  • EBITDA margin on a proportionate basis rose 2%-points to 27
Global Markets with another profitable quarter
  • Margin expanded by 33%-points
  • Investment phase losses continue to decline in Q2 to €(1.7) million (€(10.9) million in Q2 2018)
Completed two acquisitions to strengthen France
  • Locasun: a holiday rental and B2C travel specialist with an extensive rental portfolio
  • PayCar: P2P payments provider for second-hand vehicles with advanced payment technology
Second quarter (€ million)   First half-year Full year
yoy% 2018 2019 Adevinta 2019 2018 2018
13% 163.8 184.6 Operating revenues incl JVs 359.0 314.8 644
20% 41.6 49.9 EBITDA incl JVs 99.6 72.1 156.2
  25% 27% EBITDA margin incl JVs 28% 23% 24%
13% 17.6 19.8 Operating cash flow incl JVs 70.8 42.8 73.9
  15 July 2019: 0700: Quarterly Earnings Release 0900: Results Presentation 1400: Conference call for investors and analysts

Details:

Quarterly Earnings Release Time: 15 July 2019 at 0700 CEST Interim report, presentation materials, and spreadsheet with key figures and analytical information will be made available on this page Results Presentation  Time: 15 July 2019 at 0900 CEST Location: Schibsted’s offices in Akersgata 55, Oslo Live Webcast link  CEO Rolv Erik Ryssdal and CFO Uvashni Raman will present. The presentation will be in English. Participants can send in written questions through the webcast player. A recording of the presentation will be available on our website shortly after the live webcast has ended. I live webcast of the presentation will also be streamed on www.youtube.com Conference call for investors and analysts – Q&A session Time: 15 July 2019 at 1400 CEST Link to join call: https://bit.ly/2J8bI9B (active 15 minutes before call) CEO Rolv Erik Ryssdal and CFO Uvashni Raman will answer questions relating to the results in a conference call. The session will be held in English. NOTE: To minimise waiting time when connecting to the call, please use the link above 5-10 minutes before the 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 connect you to the conference call. Please note that the link will become active 15 minutes prior to the event. For manual dial-in, use the following numbers (note that this connection might take more time): Norway: +47 2350 0187 Sweden: +46 (0) 8 5033 6546 UK: +44 (0)330 336 9401 US: +1 646-828-8195 US: +1 323-701-0223 Passcode: 457014 A recording of the conference call will be available on our website shortly after the call has ended.

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