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Oslo, 23 February 2023 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported a strong 2022 financial performance despite market headwinds and delivered on all its financial targets. Revenue growth was 10% for Core markets, and total revenues were up 8% year-on-year at 1,644 million euros. Group underlying EBITDA1 reached 579 million euros, in line with the full year guidance, despite the negative impact of the French Digital Service Tax. The cash flow generation generation of the period was really strong, at 437 millions euros.
For the fourth quarter of 2022 Adevinta reported Core Markets revenues of 393 million euros, representing a strong 13% growth, accelerating quarter after quarter despite the continued supply softness in the Mobility segment and the weaker market environment:
Gross operating profit (reported EBITDA) amounted to 145 million euros, up 16% year-on-year, representing a 33.6% margin.
This was the result of (i) the positive topline evolution, (ii) lower marketing investment, driven by different phasing, spend discipline and prioritisation, (iii) cost management in the current market context, and (iv) a lower impact from share-based compensation.
This was partly offset by (i) the continued scaled build-up of global capabilities with the implementation of new operating models for support functions and Product and Technology teams, and to accelerate new business model development and value creation, (ii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth, and (iii) the (3) million euro provision booked related to the French DST.
Excluding the impact from the French digital services tax legislation (DST), EBITDA improved by 18%, to 147 million euros compared to the fourth quarter of 2021, representing a 34.2% margin.
Antoine Jouteau, CEO Adevinta: “2022 was a pivotal year for Adevinta as we achieved all our financial goals for 2022, despite a challenging environment. After completing the acquisition of eCG in 2021, we focused on executing a successful integration of the business and advancing our Growing at Scale strategy. We announced a new leadership team and structure with responsibilities aligned to deliver on our strategy, and completed our integration roadmap with the implementation of new operating models for our global functions. We successfully developed and launched new features and products for the benefit of our users and clients, while maintaining our commitment to financial discipline.”
All FY 2022 targets achieved despite market headwinds
Core markets revenue growth of 10% and total revenues up 8% yoy at €1,644m
Underlying EBITDA1 of €579m, including the €(12)m impact of the French DST, reported EBITDA of €548m at 33.3% margin
More than €35m of run-rate synergies delivered
Strong cash flow generation2 of €437m and continuous debt reduction throughout the year
2022 portfolio optimisation review completed, with launch of sale process for Hungary
Business integration on track, with main milestones implemented in 2022: major systems rollouts, exit of TSAs, new operating models in support functions…
Strong focus on operational excellence, with:
Further strong core markets revenue growth : +13% year-on-year, driven by outstanding performance at Mobile.de
Reported EBITDA margin of 33.6%, up 2pp yoy, despite French DST impact and business mix evolution - Total consolidated EBITDA of €145m
€1.7bn impairment loss to the book value of eCG assets and Hungary, reflecting:
Long-Term ambition for Core markets
Underlying EBITDA margin
Operating revenues per segment
Other and Headquarters
EBITDA per segment
Proportionate share of revenues
Proportionate share of EBITDA
1 Combined: these figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.
Online classifieds revenues
2 Excluding disposals (Chile and Shpock), InfoJobs Brazil, Kufar and Mexico.
Uvashni Raman, Adevinta’s CFO since April 2019, has decided to step down in autumn 2023 and a global search for a replacement has been initiated.
Says Uvashni Raman, CFO Adevinta: “I feel privileged to have been part of the journey to create Adevinta as an independent organisation, its IPO in 2019 and impressive growth since. We have built a strong finance organisation and am proud of our many achievements, including the acquisition and integration of eBay Classifieds Group.”
“Uvashni has been a key member of our executive team and a valuable contributor to the continued growth of Adevinta,” added Antoine Jouteau, CEO Adevinta. “On behalf of everyone at Adevinta I would like to thank Uvashni for her contribution and wish her every success in the future”.
Presentation of the Q4 2022 results
Quarterly Earnings Release
Time: 23 February 2023 at 07:00 CET
Report for the fourth quarter of 2022, presentation materials, and spreadsheet with key figures and analytical information will be made available on the investor relations pages at https://adevinta.com/ir.
Presentation of the Quarterly Results
Time: 23 February 2023 at 08:30 CET
The company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO Antoine Jouteau 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 https://adevinta.com/ir and on this link: https://edge.media-server.com/mmc/p/msgdxro9. Participants are also invited to ask questions using the dial-in numbers below.
UK: +44 (0) 121 281 8004
USA: +1 718 705 87 96
Norway/Sweden: +46 850 51 00 30
France: +33 1 70 91 87 04
Confirmation password: Adevinta2022Q4
A recording of the presentation will be available on our website shortly after the live webcast has ended.
Q4 2022 Quarterly report
Q4 2022 Results Presentation
Q4 2022 Financials and Analytical Information (PDF)
Q4 2022 Financials and Analytical Information(XLS)
Q4 2022 Webcast
1Consolidated EBITDA before share-based compensation impact
2Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
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