- Q321 total consolidated revenue up 6% yoy, excluding disposals, at €386m
- Q321 EBITDA of €127m and EBITDA margin of 33%
- Strong performance year-to-date with consolidated revenues up 12% and EBITDA up 19%
- Portfolio strategy review:
- Investment focus on 5 Core Markets:
Germany ,France ,Spain , Benelux and Italy - Divestment of
Australia andSouth Africa - Supportive of growth in JVs (OLX Brasil,
Austria ,Ireland ) - Other markets under strategic review
- Investment focus on 5 Core Markets:
- Outlook:
- Core Markets’ mid-to-long term targets: approx.15% average annual revenue growth and 40-45% EBITDA margin
- Synergy target confirmed: €130m considering planned divestitures
Gross operating profit (EBITDA) decreased by 7% compared to the third quarter of 2020. Revenue growth was offset by an anticipated increase in marketing investment, notably in
“Following the completion of the
“We expect our Core Markets to generate an average revenue growth per annum of approximately 15% in the mid-to-long term, driving EBITDA margins between 40% and 45%.
“In line with
“Our revenues continued to grow in the third quarter, with Core Markets up 6% year-on-year. The slower pace compared to the first half of the year reflects the combination of the post-pandemic recovery seen in Q3 2020 and lower activity levels this summer following the lifting of restrictions in most markets, as well as the current global slowdown we observe in the motors market.
“We expect revenue growth to accelerate in Q4, excluding mobile.de.
“As we maintain our leading positions, we will continue to mitigate the effect of the temporary supply shortage in the Motors vertical, with successful price increases associated with new and improved products, and we expect to benefit from recovery when the situation normalises.
“However, in 2022 this will impact our financial performance. We will also continue to invest in marketing and product and technology in key geographies after several quarters of cost saving initiatives in the Covid context, to drive long-term growth. We look forward to outlining the opportunities and our plans to capture those at our Capital Markets Day on 30 November."
Highlights of Q3 2021
CMD preview
- Portfolio strategy review:
- Investment focus on 5 Core Markets:
Germany ,France ,Spain , Benelux andItaly - Divestment of
Australia andSouth Africa - Supportive of growth in JVs (
Brazil ,Austria ,Ireland ) - Other markets under strategic review
- Investment focus on 5 Core Markets:
- Synergy target confirmed: €130m considering planned divestitures
- Core Markets mid-to-long term targets:
- Approximately 15% average annual revenue growth
- 40-45% EBITDA margin
Strong performance year-to-date with consolidated revenues up 12% and EBITDA up 19%
Q3 revenue growth strength in Core Markets
- Total consolidated revenue excluding disposals up 6% yoy at €386m
- Strength in Core Markets classifieds (+8% yoy) despite supply pressure in Motors
- Display advertising revenues down 3% yoy
- Expected revenue growth acceleration in Q4, excluding mobile.de
- OLX Brasil revenue up 116% yoy in local currency (+31% organic)
Accelerated investment in marketing and P&T to deliver mid-to-long-term growth targets
- Top-line growth offset by investment, resulting in 33% EBITDA margin
- Anticipated increase in marketing investment (back to pre-covid levels) and product development to drive growth acceleration in line with CMD targets
- Capacity build-up to prepare for
TSA exits and ahead of synergy realisation
Core Markets revenue growth expected to be low double digit in 2022 due to temporary supply shortage in Motors
Transaction between eBay and Permira complete
Key figures
Combined1 | Combined1 | IFRS | ||||||
Third quarter | Year to date | Year to date | ||||||
yoy% | 2020 | 2021 | € million | 2021 | 2020 | yoy% | 2021 | 2020 |
4% | 371 | 386 | Operating revenues | 1,176 | 1,046 | 12% | 761 | 491 |
-7% | 136 | 127 | EBITDA | 395 | 331 | 19% | 232 | 133 |
36.7% | 32.8% | EBITDA margin | 33.6% | 31.7% | 30.5% | 27.1% | ||
Operating revenues per segment | ||||||||
6% | 100 | 106 | 335 | 284 | 18% | 335 | 284 | |
-3% | 73 | 71 | 214 | 206 | 4% | 71 | - | |
11% | 143 | 158 | European Markets | 476 | 413 | 15% | 298 | 183 |
-4% | 49 | 47 | International Markets | 146 | 125 | 16% | 51 | 6 |
-100% | 5 | - | Disposals | 3 | 15 | -79% | 3 | 15 |
-36% | 1 | 1 | Other and Headquarters | 6 | 6 | 6% | 6 | 6 |
>100% | (1) | 2 | Eliminations | (3) | (2) | -45% | (3) | (2) |
EBITDA per segment | ||||||||
3% | 50 | 52 | 161 | 138 | 17% | 161 | 138 | |
-9% | 46 | 41 | 126 | 121 | 5% | 41 | - | |
-4% | 67 | 65 | European Markets | 196 | 172 | 13% | 100 | 52 |
-22% | 14 | 11 | International Markets | 41 | 26 | 57% | 10 | (1) |
100% | (3) | (0) | Disposals | (5) | (9) | 40% | (5) | (9) |
-9% | (39) | (43) | Other and Headquarters | (123) | (117) | -5% | (75) | (47) |
Non-consolidated JVs | ||||||||
79% | 12 | 22 | Proportionate share of revenue | 60 | 36 | 64% | 60 | 36 |
59% | 3 | 5 | Proportionate share of EBITDA | 8 | 9 | -11% | 8 | 9 |
1 Combined: these figures reflect the results of
Operating revenues by category
Combined1 | Combined1 | IFRS | ||||||
Third quarter | Year to date | Year to date | ||||||
yoy% | 2020 | 2021 | € million | 2021 | 2020 | yoy% | 2021 | 2020 |
-3% | 90 | 88 | Advertising revenues | 281 | 257 | 9% | 148 | 82 |
6% | 276 | 293 | Classifieds revenues | 881 | 775 | 14% | 604 | 401 |
36% | 7 | 9 |
| 33 | 16 | >100 % | 30 | 14 |
21% | 5 | 6 | Other operating revenues | 15 | 14 | 1% | 9 | 7 |
4% | 371 | 386 | Operating revenues | 1,176 | 1,046 | 12% | 761 | 491 |
1 Combined: these figures reflect the results of
Presentation of the Q3 2021 results
Time:
The company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO
The webcast will be available on www.adevinta.com/ir and on this link: https://edge.media-server.com/mmc/p/f92jn33b. Participants are also invited to ask questions using the dial-in numbers below.
Dial-in details:
Confirmation code: 6538988
A recording of the presentation will be available on our website shortly after the live webcast has ended.
Invitation to Adevinta Capital Markets Day 2021
Date: Tuesday,
Time: 14:00 GMT
Participants are invited to join the webcast live by registering here.
For the Q&A, participants will have the possibility to send written questions during the event, directly through the webcast platform. It will not be possible to ask questions by phone.
The press release for the Capital Markets Day will be published on
-End-
Media contacts
Corporate Communications
T: +33 (0) 6 84 30 52 76
melodie.laroche@adevinta.com
T: +44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7787 284 441
adevinta@edelman.com
IR contact
Head of Investor Relations
ir@adevinta.com
Anne-Sophie Jugean
Investor Relations Manager
ir@adevinta.com
About
Adevinta’s portfolio spans more than 40 digital brands, covering one billion people and attracting approximately three billion average monthly visits. Leading brands include top-ranked leboncoin in
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This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
- Q3 2021 Quarterly report
- Q3 2021 Results Presentation
- Q3 2021 Financials and analytical information
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