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Adevinta
Annual Report
2021
Adevinta at a glance 1
About Adevinta 2
Global presence 4
Our Brands 6
Message from the CEO 8
Board of Directors 12
Board of Directors of Adevinta ASA 14
Growing at Scale 16
Sustainability Report 26
Strengthening Adevinta’s
sustainability impact 28
Building our ESG strategy on three themes 30
Our Initial ESG roadmap 32
Materiality Assessment 34
Adevinta recognised as a sustainability
leader in DJSI Europe 37
Environment 38
Social 40
Governance 48
About this report 54
GRI content index 56
Corporate Governance 60
Statement of Corporate Governance 62
Financial Statements 72
Consolidated income statement 74
Consolidated statement of
comprehensive income 75
Consolidated statement of
financial position 76
Consolidated statement of cash flows 78
Consolidated statement of changes in equity 79
Notesto the consolidated financial statements 80
Income statement 172
Statement of financial position 173
Statement of cash flows 174
Notes to the parent company
financial statements 175
Independent Auditor’s report 192
Share information 198
OUR STRATEGY
With trusted brands that enjoy leading market positions, Adevinta operates a resilient business model at
the centre of the second-hand economy at a time when consumers are seeking more sustainable and
cost-efficient ways of buying products. In line with its new “Growing at Scale” strategy, Adevinta is
focusing on five core markets (Germany, France, Spain, Benelux and Italy) and concentrating on its
Motors and Real Estate verticals while continuing to build a fully transactional online experience to
expand into a growing online commerce market. To ensure the Group remains at the forefront of the
digital economy, Adevinta is investing in new products and technology and believes this is its best long-
term differentiator.
Index
OUR PURPOSE
We make a positive change by
helping everything and everyone
find new purpose...
OUR MISSION
by creating perfect matches on
the world’s most trusted
marketplaces...
OUR VISION
with sustainable commerce
shaping a healthy planet
and society.
REVENUE¹
€1,521m
2020: €1,382m
EBITDA¹
€514m
2020: €467m
¹
Continuing operations, excluding disposals. In order to facilitate
comparability, numbers are presented on a combined basis,
reflecting the results of Adevinta as if the eBay Classifieds Group
(acquired on 25 June 2021) had been part of the combined Group
since 1 January 2020
* Including JVs and CWs
We are a leading online classifieds specialist, operating digital
marketplaces in 15 countries. We provide digital services to
connect buyers with sellers and facilitate transactions, from real
estate to cars, consumer goods and more. Our portfolio spans
more than 40 digital brands, attracting approximately three billion
average monthly visits. Leading digital assets include top-ranked
leboncoin in France, Germany’s leading classifieds sites mobile.de
and eBay Kleinanzeigen, Marktplaats in the Netherlands,
Fotocasaand InfoJobs in Spain, Subito in Italy, and 50% of
fast-growing OLX Brasil.
In 2021, Adevinta completed its acquisition of eBay Classifieds
Group and today employs around 8,100* people committed to
supporting users and customers daily. Adevinta is a sustainability
leader within the Dow Jones Sustainability Index (DJSI) Europe.
Adevinta
at a glance
ADEVINTA AT A GLANCE
Adevinta Annual Report 20211
ADEVINTA AT A GLANCE
About
Adevinta
2Adevinta Annual Report 2021
Adevinta Annual Report 20213
8,100
*
EMPLOYEES AROUND
THE WORLD
15
COUNTRIES WHERE
WE OPERATE DIGITAL
MARKETPLACES
1.3bn
VISITS TO OUR
SITES EACH MONTH
* Including JVs and CWs
Global presence
4Adevinta Annual Report 2021
Netherlands
Belgium
Germany
ICONS
Generalist
Motors
Real estate
Jobs
Canada
Spain
Belarus
Hungary
France
C:22 / M:100 / J:78 / N:16
C:0 / M:63 / J:91 / N:0
Brazil
Austria
South Africa
Mexico
Ireland
Italy
Australia
Adevinta Annual Report 20215
ABOUTADEVINTA
Our Brands
C:22 / M:100 / J:78 / N:16
An Irish mobile-first community
marketplace for people to browse,
buy and sell hundreds of
thousands of items online.
Leading French classifieds site
dedicated to the purchase and sale
of new and used agricultural,
wine-growing, forestry and
motorcycle equipment.
Real estate classifieds website in
France that helps users find the
perfect place to live or rent,
whatever type of property they are
looking for.
Autónavigátor is the content site of
Használtautó, posting car tests
and news on a daily basis as well
as covering the used-car market
for private buyers.
One of the fastest growing
marketplaces for buyers and
sellers of vehicles in Italy for
private customers, professional
sellers and advertisers.
Second largest vehicle dealer
network in Australia, offering
additional tools that give buyers
information and more confidence
on pricing.
CarsGuide is number one in
Australia for automotive editorial
audiences with content covering
car reviews, news and advice.
Coches.net is Spain’s leading
classifieds site for second-hand
cars and takes pride in consistently
improving the experience for
customers and users.
Ireland’s number one destination for
property searchers seeking to
empower users through innovative
product features and in-depth
market analysis.
Belgian market leader in online
classifieds with cars, clothes,
construction materials and
furniture as the most popular
categories.
Ireland’s largest online classifieds
site and number one destination to
buy and sell cars online for both
private and professional users.
Free online classifieds
marketplace that brings the joy of
sustainable trade to everyone.
One of the leading real estate
portals in Spain with the objective
to ensure users always feel safe
when looking for a home.
Grupo Zap develops products,
intelligence, services and
information within the real estate
market all over Brazil.
One of France’s leading players in
digital marketing services to the
French automotive industry.
Leading classifieds site in
Australia, South Africa and
Singapore, bringing millions or
buyers and sellers together to
create thousands of success
stories every day.
Habitaclia aggregates and
presents the best real estate in
Spain online, to help people to find
their perfect home.
Hungary’s leading vehicle
advertising site featuring a wide
range of active ads including
machinery, motorcycles, buses and
even ships.
Helps people find the best
jobs and helps companies find the
best talent, quickly becoming the
market leader in online recruitment.
One of the leading online
classifieds sites in Hungary,
providing extra creative services
like door-to-door delivery and
parcel automats.
6Adevinta Annual Report 2021
The most well known online
classifieds site in Belarus, offering
extra services like cross-country
delivery and instalment for new
and used goods.
Kijiji Canada is like an online
village, connecting you with
neighbours to buy, sell and find
apartments, jobs and services on a
local level.
In France, leboncoin is the top
generalist online classifieds site
and covers a range of verticals.
As one of the country’s most
visited websites, leboncoin is
France’s go-to destination for
hotelaccommodation.
C:0 / M:63 / J:91 / N:0
Holiday rental and travel specialist
based in France thatfocuses on
B2C online reservations of holiday
properties across Europe.
Specialises in the sale and
purchase of used and new public
works, transport and handling
equipment in France.
Netherlands’ favourite online
source for selling or buying
anything you could possibly want,
from boats and services topets
and houses.
Spanish generalist online
classifieds website and app,
connecting buyers and sellers
tomake secure transactions.
The most popular marketplace for
vehicles in Germany for both
private and professional dealers,
mobile.de also reaches
international buyers and sellers.
Simplifies the process of buying
and selling motorbikes with a focus
on the optimal user experience,
making them the market leader in
Spain year after year.
Market leader in generalist online
classifieds in Brazil, reinventing
theconsumption model and
particularly popular for cars and
real estate.
Start-up specialising in peer-to-
peer payment for second-hand
vehicle purchases, acquired by
leboncoin in 2019.
Leading online marketplace in
Mexico, helping sellers get paid
fairly whilst saving buyers’ money
and time.
Italy’s leading online classifieds
service is among the top ten
websites in the country, and the
favourite app for buying products.
A classified ad portal specialising
in the sale and purchase of used
lorries and HGVs in France, Europe
and on an international level.
Online classifieds site in France for
buying or reselling second-hand
fashion and luxury items.
Free, simple and local classifieds
platform, enabling Mexican buyers
and sellers to meet through its
diverse set of categories.
Austria’s biggest digital
marketplace with a focus on
delivering a great customer
experience.
Adevinta Annual Report 20217
ABOUTADEVINTA
Adevinta performed strongly and made sound progress in2021
following the tough environment in 2020. We started theyear with
organic revenue growth despite concerns over new
Covidvariants.
As we continued to navigate through the uncertainty of the Covid
pandemic, we maintained our focus on keeping our people safe
and on supporting our communities, users and customers.
Wemaintained our leading positions in our core markets,
especially in our Motors vertical despite the temporary supply
pressure on microchips impacting new car production. We
enhanced our product offering and user experience, and
accelerated deployment of transactional solutions across
ourportfolio. In June, we completed our acquisition of eBay
Classifieds Group (eCG) and, by year end, with the integration
process firmly on track, we were seeing the initial benefits of
combining our operations. At our Capital Markets Day in
November, we announced Adevinta’s new strategic priorities and
growth ambitions that will allow us to benefit from emerging
trends inconsumer behaviour.
Adevinta’s operating revenues¹ reached €1,521 million in 2021
(versus €1,382 million on a combined basis in 2020), with solid
revenue growth of 10%, despite the Motors headwind. This
increase was driven by core classifieds revenues, with strong
growth from our Consumer Goods, Real Estate and Jobs
verticals. We also saw strong momentum in transactional
services with the investment over the last few years proving to
beinvaluable. EBITDA¹ also increased by 10%, from €467 million
to €514 million, representing a 34% margin, flat year-on-year.
Underlying EBITDA, which corresponds to EBITDA¹ before
charges related to share-based compensation, reached
€555million, representing a 37% margin.
A new beginning
As we look back on 2021, in many ways Adevinta feels like a
newcompany. During the year under review, we became bigger,
betterand more successful. We have become the European
champion of the online classifieds industry, operating a tried-and-
tested business model in markets we know well. The key change
over the past year is the scale of our opportunities, brands and
assets, and the opportunities this scale presents. We have strong
financial capacity as a combined business with revenue of
morethan €1.5billion delivering robust profitability of 34% and
generating strong cash flows. Adevinta is moving forward with
anarray of strengths; we are the largest pure-play classifieds
player in the western world, serving more than one billion
peopleand with leading positions in 15 markets. Among our
8,100 employees, wehave close to 3,000 working in product
andtechnology teamsthat drive our platforms and innovation
each day.
We closed 2021 with our markets and business well positioned.
In France, leboncoin is a household name. In Germany, mobile.de
is the biggest vehicle marketplace in Europe while eBay
Kleinanzeigen is Germany’s top classifieds portal. In the
Netherlands, Marktplaats is the country’s largest online
marketplace. In Spain,we hold number one positions in motors
and jobs and the number two slot in real estate. In Italy, we hold
four strong and respected brands covering online classifieds,
recruitment and motors. Outside Europe, we are considered to be
the online classifieds champion in Brazil.
1
Continuing operations, excluding disposals. In order to facilitate comparability, numbers are presented on a combined basis, reflecting the
results of Adevinta as if the eBay Classifieds Group (acquired on 25 June 2021) had been part of the combined Group since 1 January 2020
Message
from the CEO
In many ways Adevinta feels like a newcompany. During the
year under review, we became bigger, betterand more
successful. We have become the European champion of the
online classifieds industry, operating a tried-and-tested
businessmodel in markets we know well.
8Adevinta Annual Report 2021
People
Our talented teams around the world excelled in every aspect
throughout the year despite a variety of challenges and pressures.
Our people not only had to tolerate and overcome the disruption
caused by the pandemic. Many of them had the extra workload of
closing the eCG transaction while simultaneously doing the initial
groundwork on the integration programme. This required a big
effort from many of our employees. I’d like to extend my sincere
gratitude for their professionalism and their hard work. Moreover,
ourpeople will continue to drive our future achievements. By
bringing together the employees from Adevinta with those of eCG
we have created a group of experts who stand out within our
industry. I am confident that their combined skills, creativity and
enthusiasm will bethekey to our success as we pursue our
ambitious goals.
Our refreshed strategy
Europe’s digital space is developing rapidly, and we have built
thelargest European-based digital platform too. This gives us
strength, and as we leverage that to improve experiences for
ourcustomers, we create valuefor Adevinta.
We know that driving further growth requires strong execution
and focus on the biggest opportunities. We therefore conducted
a strategic review following the completion of the eCG acquisition
to determine our key priorities, and to assess how we should
invest for the highest return.
The result was our new strategic plan entitled ‘Growing at Scale’:
 Focus on our five core geographic markets
 Concentrate on high-quality verticals
 Become fully transactional in consumer goods
 Leverage technology and transform our advertising
By prioritising investment for growth in our five core markets,
wecanreduce complexity and execute much faster.
Ourcoremarkets of Germany, France, Spain, Benelux and Italy
give us strong positions and the greatest growth potential.
Theyalso generate 70% of revenues from high quality vertical
streams. Our increased size means we now havethe ability to
continually innovate, to discover what works and then to apply it
internationally. By capturing our inherent synergies, especially in
terms of technology, we can develop once and use many times.
Given our focus on our core markets, we concluded thatour
operations in Australia and South Africa would benefit from new
owners, and we are therefore divesting these businesses. In the
pursuit of further simplification and value maximisation, we have
also placed operations in our remaining markets – Canada,
Belarus, Hungary and Mexico – under strategic review. At the
same time, we continue to support our operations in Ireland,
Austria and Brazil.
COMBINED OPERATING
REVENUES¹ 2021
€1,521m
2020: €1,382m
Adevinta Annual Report 20219
ABOUTADEVINTA
Our high-quality verticals include Motors and Real Estate, each
ofwhich presents a significant opportunity to increase
monetisation. Looking ahead, we will strengthen digital and
transactional capabilities to create a seamless end-to-end online
experience forconsumers and car dealers. In Real Estate, we will
improve monetisation and explore adjacent markets that can
provide value-added services.
We are shifting to a fully transactional model in our Consumer
Goods vertical in response to the rapidly expanding e-commerce
market and fast-changing consumer behaviours. The first
Adevinta brand to develop its transaction model by offering
integrated services such as payment and delivery was leboncoin.
As we expand this across our brands, we will unlock asignificant
new revenue stream.
In advertising, we are adapting to an increasingly dynamic market
by evolving our advertising model. We will invest in products
based on first party data to reduce reliance on third parties. This
willallow us to sell more targeted products to our advertisers.
Our vision of sustainable commerce
Why do millions of people buy and sell second-hand goods
onour sites? One reason is that trading on Adevinta’s trusted
platforms directly contributes to a better society and a better
life.People want to buy second-hand not only because it is
attractively priced and perhaps simpler to acquire, but also
because they are thinking about how traditional consumer
behaviour is contributing to the world’s environmental and social
problems. While this trend is a catalyst for Adevinta’s business,
consumers looking to buy second-hand also want the end-to-end
convenience of e-commerce. We are creating that full value
chainin online classifieds that consumers expect when buying
and selling goods and services online. Our vision is for more
sustainable commerce to shape a healthy society, and I truly
believe that our business model will make this vision a reality.
Ihave provided more detail in my introduction to our
sustainabilityreport.
Responding to the Ukraine conflict
We reacted to the news of the Russian government invasion of
Ukraine in February 2022 with extreme concern for the safety
and well-being of employees affected. Our online classifieds
operation in Belarus – Kufar – is based in Minsk, the nation’s
capital. Belarus borders both Ukraine and Russia, and we employ
more than 130 people at Kufar. Many of our staff in Belarus are
from Ukraine and Russia, and staff in other Adevinta operations
outside this region have Russian or Ukrainian nationality. Our top
priority throughout this conflict has been to identify and address
the needs of all our employees. Our support has included offering
assistance obtaining visas or in relocating employees, providing
the option to take a period of crisis leave or arranging appropriate
mental health resources.
In addition to rendering appropriate personal assistance, we have
been keen to help with charitable donations that support people
impacted by this conflict. Adevinta therefore set up a programme
to match donations by employees. We decided to support the
Red Cross at a global level due to their strong reputation, their
track record of responding to crises, and their ability to process
donations from anywhere in the world.
Message from the CEO continued
10Adevinta Annual Report 2021
Outlook
Since we were established as a stand-alone company in 2019, we
have created the largest pure-play classifieds business in the
western world. But we know there is still much to do. Building on
the strong foundations we laid in 2021, we have embarked on a
programme to grow Adevinta at scale, and our emphasis now is
on execution. We are well positioned to continue growing strongly
both through traditional classifieds, with reduced reliance on third
parties, and by deepening our transactional services offering. In
Motors and Real Estate, we are increasingly offering innovative
services to support car dealers and real estate agents.
We are creating additional value by focusing on core markets,
andby continuing to leverage technology and expertise.
Weexpect our core markets to generate an average revenue
growth per annum of 15% in the mid-to-long term, driving EBITDA
margins ofbetween 40% and 45%. We believe the impact of the
supply shortage in our Motors vertical will be temporary and that
conditions will improve in the second half of 2022, although
therewill be a financial impact. We will also continue to invest
inproduct and technology supported by investment in marketing
to drive long-term growth. Key to our continued success is
accessing the best talent, using data to drive key investment
decisions and product development, and rolling out new
servicesacross Europe.
Technology will continue to play a major role in our business
model and we know we can only succeed if we have world-class
products and the right people to build them. Sharing, learning and
reusing our technology strengths is a key requirement and will be
at the heart of everything we do. I am confident we have the size
and scale to move at pace.
We have come a long way since our IPO in April 2019 and have
many opportunities. We have laid strong foundations across
thebusiness geographically, in our verticals, in our technology
platform, and in terms of revenue and our employee brand. We
plan to continue consolidating our industry and are well
positioned to embark on our next phase of development. Inmany
ways, our journey is just beginning. I am more excited about
Adevinta’s future than ever before.
Rolv Erik Ryssdal
CEO Adevinta
We are shifting to a fully
transactional model in our
Consumer Goods vertical
inresponse to the rapidly
expanding e-commerce
market and fast-changing
consumer behaviours
Adevinta Annual Report 202111
ABOUTADEVINTA
Board of
Directors
12Adevinta Annual Report 2021
Adevinta Annual Report 202113
Orla Noonan
Board Chair
Orla Noonan began her career in investment
banking at Salomon Brothers in London, where she
worked from 1994 to 1996. She then spent
morethan two decades working in content and
media at Groupe AB in Paris, holding various
management positions including Vice President and
Company Secretary responsible for finance, M&A
and regulatory affairs. She was CEO of Groupe AB
from 2014 to 2018 and independent Board member
at Schibsted Media Group from 2017 to 2019. Orla
Noonan was an independent Board member at Iliad
for 12 years, between 2009 and 2021, as well as at
Schibsted Media Group from 2017 to 2019. She has
been an independent Board member at SMCP since
2017, at Agence France Presse (AFP) since 2019
and at Believe since 2021. She is a graduate ofHEC
Paris and has a BAin Economics from Trinity
College,Dublin.
Shares held in Adevinta: 5,030
1
Fernando Abril-Martorell Hernández
Board member
Fernando Abril-Martorell Hernández has held
various leadership positions in industrial and
financial companies. He was Chairman and CEO of
Indra (2015 to 2021), CEO of Grupo Prisa (2011 to
2014), CEO of Credit Suisse in Spain and Portugal
(2005 to 2011), and CFO and later CEO of Grupo
Telefonica (1996 to 2003). His earlier experience
includes 10 years in different positions at JP
Morgan. He has been a member of the Board of
Directors of Energía y Celulosa, S.A. since 2007.
Fernando Abril-Martorell Hernández graduated
inLaw and Business Administration from
ICADE(Madrid).
Shares held in Adevinta: 0
2
Sophie Javary
Board member
Sophie Javary has over 30 years of experience in
investment banking, both within M&A and ECM. She
is currently Vice-Chairman CIB EMEA with BNP
Paribas. Her experience includes roles as Head of
Corporate Finance Europe Middle East Africa
(EMEA) at BNP Paribas (2014 to 2018), Senior Banker
at BNP Paribas (2011 to 2013) and 16 years at
Rothschild & Co (1994 to 2011), where she was
appointed as General Partner in 2002. She was
Director, Head of ECM Origination in France, at
Baring Brothers France, from 1993 to 1994, and held
various positions at Banque Indosuez in Paris (1989
to 1992) and at Bank of America (1981 to 1986). She
is a Board member of the Elior Group and of the think
tank EuropaNova, and she has been decorated with
the French Légion d’honneur. Sophie Javary is a
graduate from HEC Paris with a certificate from the
international management programme following six
months at the Fundação Getulio Vargas of São Paulo
(Brazil) and six months at New York University (USA)
Graduate School Of Business Administration.
Shares held in Adevinta: 0
3
Board of Directors
of Adevinta ASA
1
5
9
2
6
10
3
7
11
4
8
14Adevinta Annual Report 2021
Peter Brooks-Johnson
Board member
Peter Brooks-Johnson has been CEO of Rightmove,
the UK’s largest property portal, since 2017. He
began his career at Accenture UK Ltd, where he
worked from 1995 to 2000, and then spent five
years at Berkeley Partnership LLP from 2000 to
2005 as a consultant. He joined Rightmove in 2006
and held the position of Head of the Agency
business from 2008 to 2011, Managing Director
from 2011 to 2013 and COO from 2013 to 2017.
Peter Brooks-Johnson graduated with a MEng in
Microelectronics from Newcastle University.
Shares held in Adevinta: 0
Michael Nilles
Board member
Michael Nilles has been Chief Digital & Information
Officer of Henkel KGaA since 2019. He has more
than 20 years of experience spearheading digital
innovation and large-scale transformations for
multi-billion-dollar global companies and has
extensive knowledge of building asset-light digital
operating models and platform businesses. Before
joining Henkel, he was a member of the Group
Executive Board and Chief Digital Officer (CDO) for
Schindler, as well as the CEO of Schindler Digital
Business AG. Prior to Schindler, Michael held various
international leadership positions at Mannesmann
and Bosch Rexroth in China, the US and Europe. He
began his career as a software engineer and
consultant at SAP. Michael has also served on
private and public supervisory boards such as
FogHorn Systems Inc. and Deutsche Lufthansa AG.
He holds a Master’s Degree in Business
Administration and Computer Science from the
University of Cologne and is an alumnus of
KelloggSchool of Management, Northwestern
University, USA.
Shares held in Adevinta: 0
Julia Jäkel
Board member
Julia Jäkel is an executive with over 20 years
experience in media and publishing. She has held
various leadership positions in Bertelsmann SE & Co
KGaA, and has served as a member of
Bertelsmann’s Group Management Committee
since 2013. From 2012 to 2021, Julia was CEO of
Gruner + Jahr, one of Europe’s leading media and
publishing companies. In addition, she was
Chairwoman of the Bertelsmann Content Alliance
(2019 to 2021), which coordinates the Bertelsmann
content activities in Germany (Mediengruppe RTL,
UFA, Penguin Random House, Gruner + Jahr and
the music company BMG). She also serves as a
member of the Supervisory Board of Holtzbrinck
Publishing Group and of the Hamburg
Elbphilharmonie, is a member of the Board of
Trustees of the University Medical Center,
Hamburg-Eppendorf, a member of the Board of
Trustees of the DFL Foundation (Bundesliga) and
4
5
6
ofthe Supervisory Board of the Deutsche
Presse-Agentur. She holds an MPhil in International
Relations from the University of Cambridge.
Shares held in Adevinta: 0
Kristin Skogen Lund
Board member
Kristin Skogen Lund has been CEO of Schibsted
ASA since 1 December 2018. Her previous positions
include Director General of the Confederation of
Norwegian Enterprise (NHO) from 2012 to 2018,
EVP of the Nordic region and digital services at
Telenor, CEO at the Schibsted companies
Aftenposten, Scanpix and Scandinavia Online,
several roles at the Coca-Cola Company, serving as
Director from 1997 to 1998, as well as Unilever and
the Norwegian Embassy in Madrid. Kristin Skogen
Lund has previously served as president of the
Confederation of Norwegian Enterprise and as a
member of the Board of Ericsson and Orkla among
others. Since 2015, she has been a member of the
Global Commission on the Economy and Climate,
and the ILO Global Commission on the Future of
Work. Kristin Skogen Lund is President of the
European Tech Alliance and also Chair of the Board
at Oslo-Filharmonien. She has an MBA
fromINSEAD and a BA in International Studies
andBusiness Administration from the University
ofOregon.
Shares held in Adevinta: 0
Aleksander Rosinski
Board member
Aleksander Rosinski has held the position of Vice
President & Senior Advisor to Schibsted
Management since September 2019. He has more
than 20 years experience in online marketplaces
management, including in his roles as Vice
President at Telenor ASA where he oversaw online
classifieds investments in Asia and South America,
Vice President of Vacation Rentals at TripAdvisor,
and Managing Director of Travel and General Goods
at FINN.no. Aleksander has also served on the
Board of Directors of several companies including
Inkclub AB, Blocket.se and OLX Brasil. He holds a
Master’s Degree in International Business from the
Gothenburg School of Economics.
Shares held in Adevinta: 0
7
8
Marie Oh Huber
Board member
Marie Oh Huber has served as Senior Vice
President, Chief Legal Officer, General Counsel and
Secretary of eBay since July 2015. In her current
role, she leads the global legal, government relations
and public policy functions for eBay. Prior to joining
eBay, Marie spent 15 years at Agilent Technologies,
a technology and life sciences company, most
recently as Senior Vice President, General Counsel
and Secretary. Prior to Agilent, she spent 10 years at
Hewlett-Packard Company in various positions. She
started her career at large law firms in New York and
San Francisco. Marie Oh Huber also serves as a
board member of Portland General Electric
Company (NYSE) and recently served on the board
of the Silicon Valley Community Foundation. Marie
has a BA in Economics from Yale, studied at the
London School of Economics and received her JD
from the Northwestern Pritzker School of Law.
Shares held in Adevinta: 0
Mark Solomons
Board member
Mark Solomons has served as Vice President,
Corporate and Business Development at eBay since
February 2016. In this role, he oversees eBay’s
acquisitions, investments, acquisition integration,
and various business development activities. Prior
to joining eBay, Mark spent 19 years as an
investment banker at Morgan Stanley and J.P.
Morgan. Mark’s most recent role at Morgan Stanley
was Head of West Coast Technology M&A, based in
Menlo Park, California. Prior to his investment
banking career, Mr. Solomons worked for Deloitte in
various positions for three years. Mark has a
Bachelor of Commerce in Economics from the
University of Melbourne (Australia) and was
admitted as a member of the Institute of Chartered
Accountants in Australia. He also served in the
Australian Army Reserve.
Shares held in Adevinta: 0
Dipan Patel
Board member
Dipan Patel is Head of Consumer at Permira, a
global investment firm that backs growth at
scale. He serves on both the Permira Investment
Committee and Executive Committee.
He serves on the boards of Axiom, Boats Group,
Catawiki, LegalZoom and The Knot Worldwide.
Prior to joining Permira, Dipan worked for Gores
Group, a special situations private equity fund and
earlier at Lehman Brothers. Dipan holds a degree in
Economics from Cambridge University, England.
Shares held in Adevinta: 0
9
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Adevinta Annual Report 202115
BOARD OF DIRECTORS
During 2021, the Group continued to address those aims by
simplifying the business, reinforcing its strengths and focusing on
the biggest opportunities. With the completion on 25 June of our
acquisition of eBay Classifieds Group (eCG), the classifieds arm
of eBay Inc. (eBay), we have doubled in size and brought together
two strong companies. We have been able to confirm the high
quality of eCG and we feel more than ever that this was the right
choice for Adevinta and an excellent strategic fit. This is a major
step forward in building our position in the market. We are now
the clear leader in online classifieds with a diversified and
complementary portfolio of assets and brands, and a powerful
European base. We have an ambitious plan to grow at scale and
believe Adevinta has started an exciting new chapter.
Adevinta’s new Board
As the year closed, Adevinta had three main shareholders:
Schibsted, eBay and Permira. eBay became a shareholder in
June following the completion of Adevinta’s acquisition of eCG,
with payment made in cash and in Adevinta shares. This
consideration meant eBay held approximately 44% of Adevinta’s
total outstanding share capital. Permira, the global private equity
firm, became a shareholder in October following the sale by eBay
of a 11% stake in Adevinta to funds advised by Permira, following
which eBay’s stake in Adevinta reduced from 44% to 33%.
We announced the new composition of our Board at the end
ofJune. There were five new appointments initially, comprising
three independent directors and two additional directors from
eBay. They were: Michael Nilles, Chief Digital & Information
Officer, Henkel KGaA; Julia Jäkel, formerly the CEO of Gruner +
Jahr; Aleksander Rosinski, VP & Senior Advisor, Schibsted; Marie
Oh Huber, SVP, Chief Legal Officer, General Counsel, eBay; and
Mark Solomons, VP Corporate and Business Development, eBay.
In addition, Terje Seljeseth stepped down from his position on the
Board and we thank him for his valuable contribution since 2019.
These high-profile leaders bring a wealth of international expertise
from diverse sectors, including media, technology, digital
innovation, integration and online marketplaces, which will help to
strengthen Adevinta’s foundations and drive the Group forward.
In October, Dipan Patel, Partner and Head of Consumer with
Permira, joined Adevinta’s Board. Permira is focused on
transformational growth at scale and has an extensive track
record in investing in both online marketplaces and the broader
technology sector. Adevinta will benefit from this deep expertise
and from Permira’s vast experience of integrating large projects
following our acquisition of eCG.
The Board as a whole, therefore, brings together a diverse group
of highly experienced people from across our geographies who
are fully engaged and dedicated to Adevinta’s success. The
participation of eBay and Permira is a clear vote of confidence in
Adevinta while the composition of the new Board reflects our
commitment to diversity and marks a new phase for the Group.
Moreover, our appointment of two independent directors with
deep knowledge of, and expertise in, Germany reflects our
ambition for this key European market to make a larger
contribution to Adevinta’s long-term development.
BOARD OF DIRECTORS’ REPORT
Growing at Scale
Adevinta has made sound progress since it demerged from
Schibsted in April 2019 and completed its subsequent IPO.
Our objectives wereto focus, consolidate and grow.
16Adevinta Annual Report 2021
Growing at Scale
In November at our Capital Markets Day, we revealed our new
strategy “Growing at Scale” that identifies four priorities. We will
focus on five core markets of Germany, France, Spain, Benelux
and Italy, concentrate on our Motors and Real Estate verticals and
their potential for increased monetisation, and continue building
our fully transactional capability in order to expand into a growing
online commerce market. Finally, our commitment to leveraging
technology and transforming advertising revenue will continue.
Our new strategy builds on our unparalleled scale, leadership
positions and technology to accelerate sustainable growth.
Ourfour priorities will allow Adevinta to benefit from significant
emerging trends in consumer behaviour.
Scale is an important driver for Adevinta that allows us to
introduce solutions from the centre to our local markets and
brands. A stand-alone company in a specific domestic market
does not have the resources to do that. eCG’s operations have
their biggest assets in Europe and strong complementary brands
that closely match those of Adevinta. With the increased scale
ofour operations following our eCG acquisition, the immediate
opportunity is to create deeper synergies and collaboration
between our European markets with the aim of bringing the full
e-commerce value chain to our industry. Our continuing work
ondeveloping our transactional model, offering car finance,
delivery services, verification and much more, is integral to this.
We are building a powerful European base that will share our
existing deep expertise and best practice. When that phase is
complete, it will provide Adevinta with an excellent springboard
for operations in other parts of the world. Our expansion and
development will be on the back of our strong platform for
organic growth, but will include appropriate acquisitions, allaided
by our vision of bringing the simplicity, appeal and integration of
e-commerce to the world of online classifieds.
Our new strategy builds
onour unparalleled scale,
leadership positions and
technology to accelerate
sustainable growth
Adevinta Annual Report 202117
BOARD OF DIRECTORS
Strengthening our sustainability profile
Adevinta is acutely aware of its role at the heart of the circular
economy and its ability to connect people in the communities
and countries in which it operates. Our business implicitly
encourages more sustainable consumption and we have
become a European circular economy champion.
In 2021, a global consulting firm reviewed our current
environmental, social and governance (ESG) position in
thecontext of the new combined group. The review was a
comprehensive assessment of our current ESG profile that
considered the views of key stakeholders and included a
materiality analysis.
Following this work, we have decided to concentrate on
threekeyareas:
 Lead the transition towards circular and responsible
consumption
 Ensure we are a purpose-driven and inclusive marketplace
for everyone
 Embed ESG governance, data and fraud protection
throughoutthe organisation
Our new framework is a foundation for implementing deeper ESG
strategies. We will devote time and resources to ensure we build
on everything Adevinta has achieved to date. Adevinta’s CEO,
RolvErik Ryssdal, has provided more detail regarding our
intentions in his introduction to our sustainability report.
Looking ahead
Adevinta’s acquisition of eCG brings together two great
companies and the process of integrating them is on track. It
creates a globally scaled online classifieds leader and a European
tech champion. It gives Adevinta a clear lead in accelerating
innovative products and services and creating best-in-class
integrated solutions that will enhance the experience of users
andcustomers.
The classifieds business model is evolving rapidly on the back of
trends in the digital economy. Consumers are demanding more
convenient user journeys, while professional sellers are rethinking
their operating models and demanding more efficient digital
content and advertising solutions. These trends bring a range of
monetisation opportunities. We are already responding vigorously
by migrating our transactional model to businesses in Europe to
enlarge our addressable market, and to make online classifieds
abetter and more valuable service for both our private and
professional customers. The combined technology and product
development know-how of our enlarged organisation reinforces
our ability to innovate.
Adevinta has an experienced Board with a strong management
team leading a first-rate workforce. With our already strong
positions in important markets, and the vision and ambition to
grasp the significant opportunities we see for creating maximum
value for shareholders, we firmly believe we have an exciting
future that will keep us at the forefront of the digital economy.
Theexpanded Board has been built for the purpose of supporting
a dynamic and ambitious company; Adevinta has a clear
intention to grow at scale. The Board will continue its overriding
aim of delivering value by facilitating the immediate development
of existing and new businesses, by supporting investment in
technology and product development, and by seeking appropriate
acquisitions. We will strive to ensure that Adevinta fully capitalises
on the numerous trends we see in the online classifieds sector.
Looking ahead, we continue to build our position as a European
technology leader, managed out of Europe but operating in other
markets too. With the additional European operations that come
from our acquisition of eCG, we have strengthened our status as
a European technology company. We look forward to supporting
the legislative development of our industry.
Following the tragic news of the Russian government invasion of
Ukraine, Adevinta is carefully monitoring the impact on our online
classifieds operation Kufar in Belarus, which borders Ukraine and
Russia. Our top priority has been to support any employees at
Kufar, or indeed in other Adevinta operations around the world,
who have been impacted by the conflict in any way. Rolv Erik
Ryssdal has provided more information in his CEO message
about how we are helping.
Board of Directors’ report continued
18Adevinta Annual Report 2021
The Group’s financial results
Consolidated revenues in 2021 amounted to €1,139 million
compared to €673 million in 2020, an increase of 69%, mainly due
to the eCG acquisition. Barring the impact of the acquisition,
revenues increased compared to 2020, demonstrating the
resilience ofourmarketplaces, despite further supply pressure in
our Motorsvertical.
Consolidated EBITDA amounted to €356 million (compared
to€182 million in 2020), an increase of 95% (see the section
oneachbusiness area for more detail).
Share of profit of joint ventures and associates decreased
from€16 million in 2020 to €(8) million in 2021. A gain
of€17million recognised in 2020 within this line item was
attributable tothe disposal of the investment in Silver
Indonesia,which was swapped for cash and a 6% stake
intheonline marketplace Carousell operating in Asia. Barring this
effect, the decrease was mainly due to lower results in Brazil,
largely explained by the increase in financial expenses and costs
related to the share-based incentive schemes offset by the
decrease in acquisition-related costs.
Impairment loss in 2021 was €(22) million (€(43) million in 2020),
mostly reflecting impairment loss related to classification of
Shpock (Finderly GmbH and Shpock Services LKH Ltd) as
heldfor sale. Impairment loss of €(43) million in 2020 related to
Yapo (Chile).
In 2021, the Group’s other income and expenses amounted to
€(140) million (€(39) million in 2020). This is primarily due to
acquisition- and integration-related costs, mainly related to the
acquisition of eCG, and the loss on sale of subsidiaries and
associates, most of which arose from the divestment of Yapo
(Chile) and Shpock (Austria), partly offset by the gains on dilution
of Younited (France).
Operating profit in 2021 amounted to €29 million (€56 million
in2020).
Financial position and cash flow
The carrying amount of the Group’s assets increased by
€10,924million to €14,247 million during 2021, mainly due
totheeCG acquisition (increase in assets amounting to
€12,351million). This increase in assets has been partially
compensated by a decrease of €1,060 million due to the release
of the funds from the Notes issued on 5 November 2020 that
were previously in an escrow account and recognised in
“Othercurrent assets’’. Those funds have been utilised to fund
theeCG acquisition. In addition, the assets acquired in relation
toeCG Denmark amounting to €301 million were immediately
sold toSchibsted after initial recognition.
The carrying amount of the Group’s liabilities increased by
€1,760million to €3,862 million during 2021, mainly due to
theeCG acquisition (increase in liabilities amounting to
€1,087million). The Group’s net interest-bearing debt increased
by€1,854 million to €2,324 million. Immediately prior to
completion of the acquisition of eCG, the Term Loan B of
US$506million (€422 million) and €900 million were funded and
Adevinta entered into a multicurrency revolving facility that was
drawn by €150 million. These loans were registered net of their
origination fees. The proceeds from the Term Loan B, the
multicurrency credit facility and the Notes were mainly used to
finance the eCG acquisition and repay existing debt, mainly
settling the existing term loan of NOK 2,150 million (€(210) million)
and the existing revolving credit facility (€286 million).
The Group’s equity ratio was 73% at the end of 2021, compared
to37% at the end of 2020. The increase is mainly due to the
issuance of new shares in relation to the eCG acquisition.
Net cash flow from operating activities was €184 million for the
year, compared to €105 million in 2020. The increase is primarily
related to the increase in operating profit and a positive impact of
adjustments for changes in working capital and non-cash items,
partly offset by the increase in tax payments, other expenses and
interest expenses. Net cash flow from investing activities was
€(1,983) million for the year, compared to €(317) million in 2020.
The increase in cash outflow is mainly due to cash consideration
paid for the eCG acquisition (net of cash acquired) partly offset by
proceeds received from disposal of subsidiaries (net of cash sold)
in 2021 being higher than the acquisition of debt and equity
instruments of joint ventures and associates in 2020. Net cash
flow from financing activities was €1,898 million for the year,
compared to €272 million in 2020. The increase is primarily
related to the cash received from the new financing obtained in
2021 related to the eCG acquisition, partly offset by repayments
of borrowings and by the acquisition of 1,700,000 treasury shares
to meet the long-term incentive obligations for 2021.
Adevinta Annual Report 202119
BOARD OF DIRECTORS
Group Performance on a combined basis
In order to facilitate comparability, the comments on how our
assets performed are on a combined basis, reflecting the results
ofAdevinta as if eCG (acquired on 25 June 2021) had been part of
the combined Group since 1 January 2020.
Group
Adevinta’s operating revenues reached €1,521 million in 2021
(versus €1,382 million in 2020), with solid revenue growth of
10%,despite the Motors headwind. This increase was driven by
core classifieds revenues, with strong growth from our Consumer
Goods, Real Estate and Jobs verticals. We also saw strong
momentum in transactional services with the investment over
the last few years proving to be invaluable. EBITDA also increased
by 10%, from €467 million to €514 million, representing a 34%
margin, flat year-on-year. Underlying EBITDA, which corresponds
to EBITDA before charges related to share-based compensation,
reached €555 million, representing a 37% margin.
France
Leboncoin is the leading generalist online classifieds site in
France in terms of listings, monthly unique active users,
professional customers and operating revenues. In addition to its
generalist offering, leboncoin operates across several verticals.
The Group has strengthened its vertical positions in France
through acquisitions, such as A Vendre A Louer, MB Diffusion,
Kudoz, Vide Dressing, PayCar, the Argus Group, Locasun, and
lastly Pilgo SAS. Leboncoin started investing in transactional
capabilities in 2018 and now offers efficient transactional
services in Consumer Goods, Cars and Holiday Rentals. In 2021,
overall revenue increased by 15%, benefiting from a double-digit
growth in online classifieds and the strong ramp-up of
transactional solutions. EBITDA was up 12% year-on-year and
EBITDA margin decreased by two percentage points, mainly
dueto transactional costs driven by higher volumes.
Mobile.de
Mobile.de is the biggest vehicle marketplace in Europe and
theundisputed market leader in Germany. Mobile.de had circa
40,000 dealer customers across Germany, 1.2 million average
livedealer listings, an average of 67 million monthly visitors and
atop-of-mind share of 24% in 2021. The site features the largest
range of cars, commercial vehicles and motorcycles in Germany.
Mobile.de also helps its users find financing and insurance deals
and it offers highly efficient online advertising options. Mobile.de
remains mainly a B2C platform, with potential to expand further
into the C2C space and into the C2B/B2B space and with
significant opportunities for monetisation and for expanding
itstransactional footprint. In 2021, mobile.de overall revenue
increased by 1%. This performance was reflected by the reduced
volume of dealer inventory, due to the low level of new car
production as aresult of the global semiconductor shortage,
mitigated by a successful listing price increase across dealers in
the second halfof the year. EBITDA was down 2% year-on-year
and EBITDA margin decreased by two percentage points, mainly
due to an increase in marketing spend in comparison with the
strongly reduced level of 2020.
European Markets
Adevinta’s European Markets comprise a portfolio of European
online classifieds sites with well-recognised brands across
Germany (eBay Kleinanzeigen), Benelux (Marktplaats, 2ememain
and 2dehands), Spain (InfoJobs, Coches, Motos, Fotocasa,
Habitaclia and Milanuncios), Italy (Subito, Infojobs, Automobile.it
and Kijiji), Ireland (Daft, Done Deal and Adverts), Austria
(willhaben), Hungary (Hasznaltauto, Jofogas and Autonavigator),
and Belarus (Kufar). The assets of these last twomarkets have
been placed under strategic review.
Adevinta divested its online classifieds business in the UK
(Shpock in June 2021 and Gumtree UK and Motors.co.uk in
November 2021) as part of remedies proposed in response to
thecompetition concerns raised by the UK’s Competition
andMarkets Authority regarding the acquisition ofeCG.
eBay Kleinanzeigen is one of the most visited sites in Germany,
and a leader in generalist online classifieds in terms of both
awareness and usage/traffic. eBay Kleinanzeigen is a destination
for German consumers to connect and fulfil the core need of
finding immediate value across a range of categories –
consumer goods, motor vehicles, real estate and more.
The Group’s business in Spain is the country’s largest online
classifieds business based on revenues and audience, and
comprises a leading group of complementary online classifieds
sites. These include InfoJobs, in the jobs vertical, Coches.net,
inthe motors vertical, Fotocasa and Habitaclia in real estate
andMilanuncios which is the Group’s main generalist online
classifieds site in Spain, and is a further source of content for
realestate and motor vehicles. In Spain, the Group has number
one positions in cars and jobs and the number two slots in real
estate and consumer goods.
Board of Directors’ report continued
20Adevinta Annual Report 2021
Benelux comprises the Netherlands (Marktplaats) and Belgium
(2dehands and 2ememain). Marktplaats is a leading classifieds
platform in the Netherlands. It successfully added transactional
services, such as payments, escrow services and shipping to its
platform in 2018 and 2019. The Group’s operations in Belgium
have leading generalist classifieds positions in both the Flemish
regions (2dehands) and the Walloon regions (2ememain).
The Group’s operations in Italy are carried out through a leading
group of complementary online classifieds sites. These include
Subito and Kijiji, two of the largest general classifieds sites in Italy,
InfoJobs, which is a leading site for jobs, and Automobile.it, which
is the second largest site for motor classifieds in the country.
The Group operates one brand in Austria: willhaben, which is a
50/50 joint venture that was founded by Schibsted and Styria
Medien AG in 2006. A fast-growing generalist online classifieds
site, willhaben is also a market leading operator in the motors and
real estate verticals.
In Ireland, the Group operates three online classifieds sites as part
of Distilled SCH:
 Done Deal, a generalist online classifieds site with a strong
presence in the motors vertical
 Daft, a market leader in real estate
 Adverts, a generalist online classifieds site with a strong
market position, particularly in the Dublin area
The Group’s online classifieds sites in Hungary consist of
Jófogás and Használtautó. Jófogás is a market leading
generalistonline classifieds site, and Használtautó is market
leader within the motors vertical. Használtautó has been fully
integrated with Jófogás, selling bundles of a number of listings
and add-on products to strengthen its leading position within
themotors vertical.
Kufar is a leading online marketplace in Belarus with strong
positions in consumer goods and real estate.
In 2021, European Markets² revenue increased by 14% year-on-
year, supported by very strong growth at eBay Kleinanzeigen in
Germany as well as our operations in Spain, Italy and Ireland.
EBITDA was up 10% year-on-year while EBITDA margin
decreased by two percentage points, mainly due to an increase in
marketing spend to reinforce our positions after reduced
investments in 2020 owing to the Covid pandemic.
International Markets
International Markets comprises a portfolio of online classifieds
outside Europe with brands in Canada (Kijiji and Kijiji Autos),
Mexico (Segundamano and Vivanuncios), Australia (Autotrader,
Gumtree and Carsguide), South Africa (Gumtree), and in Brazil
(OLX, Zap and VivaReal). In November 2021, Adevinta decided to
divestAustralia and South Africa, while placing Mexico under
strategic review.
The Group operates in Canada through Kijiji Canada, a leading
generalist classifieds platform with strengths in motor vehicles,
real estate and consumer goods. In 2018, we introduced Kijiji
Autos alongside the existing Kijiji generalist platform.
The Group operates in Mexico through Segundamano and
Vivanuncios. Vivanuncios is one of the leading real-estate online
classifieds sites in Mexico.
In Australia, the Group operates through Gumtree Australia,
Carsguide and Autotrader Australia. Gumtree Australia is the
nation’s leading generalist classifieds destination. Together with
Carsguide and Autotrader, the company is the number two motor
classifieds vertical destination in Australia.
The Group’s activities in South Africa are carried out through
Gumtree South Africa. Gumtree is a leading general classifieds
site in South Africa and also has a strong position in the motors
and real estate verticals.
The Group’s online classifieds operation in Brazil primarily
consists of OLX Brazil, which is a 50/50 joint venture between
Adevinta and Prosus, and a generalist online classifieds site and a
market leader, with 110 million buyers and sellers trading on the
platforms in 2020. In October 2020, OLX Brazil acquired Grupo
Zap (which includes the ZAP and VivaReal brands), a key player in
the nation’s online real estate classifieds market. The Brazilian
segment also comprised InfoJobs Brazil, which was divested on
30 March 2022.
In 2021, International Markets³ revenue (Canada and Mexico only)
were up 7% year-on-year, driven by Canada. EBITDA (Canada and
Mexico only) was up 23% year-on-year and EBITDA margin
(Canada and Mexico only) improved by four percentage points.
2
The numbers presented in this section do not include willhaben (50/50 joint-venture, not consolidated)
³ The numbers presented in this section do not include OLX Brasil (50/50 joint-venture, not consolidated) and do not include Australia and South Africa
(classified as held for sale and as discontinued operations)
Adevinta Annual Report 202121
BOARD OF DIRECTORS
Investing in technology
At Adevinta, we are focused on customer-centric innovation at
scale. Users across the globe interact with our products that are
powered by technology. Combining our organisations we are able
to increase our focus on customer centricity, at increased scale.
Specifically, our unique scale in reach, data and talent allows usto
reduce time-to-market, increase quality andreduce delivery costs
over time.
In 2022, the first year of our integration, we will focus on
accelerating our investments across cloud and infrastructure,
datafoundations and business technology. These are the
areaswhere we will apply standardisation and scale. Our
marketplace platforms will be able to leverage these layers,
andstandardisation in these layers will ensure the product
development will be scalable, more secure and at even
higherquality.
Cloud and infrastructure:
We will standardise on a main public cloud vendor, as well as
common tooling and capabilities. Through this investment we
expect increased speed and quality in the development of our
products, as well as more secure platforms as a result.
Data foundations:
By driving standards and common foundational capabilities,
weaim to improve our global ROI, time-to-market and overall
performance in our personalisation efforts through our products.
Business technology:
We are building modern, fit-for-purpose systems and capabilities
to power our corporate functions such as Finance & HR. This
willresult in improved global ROI, reduced complexity and
improved service.
Operational and financial risk
Adevinta competes in several markets against a wide variety
ofcompetitors. Due to rapid technological change, evolving
industry standards and changing needs and preferences of
customers and users, the competitive landscape is extremely
dynamic. Adevinta faces intense competition from both
traditional and newgeneralist marketplaces. We also face
competition from vertical online classifieds with significant
investment capabilities from private equity and equity markets.
These resources couldallow them to gain market share through
innovation andmarketing spend and so alter the ecosystem in
which Adevinta currently operates.
Adevinta is exposed to general economic conditions in the
different jurisdictions in which it operates. Adevinta faces risk with
respect to the continuing effects of the Covid pandemic which
has impacted all of Adevinta’s markets. A particular challenge has
been the chip supply shortage resulting from manufacturing
disruption caused by the pandemic which has spread through the
global automotive supply chain, impacting Adevinta’s Motors
revenue. Adevinta also faces risk with respect to the Russian
government invasion of Ukraine and subsequent impacts this
may have on the global macroeconomic conditions (GDP growth,
inflation, interest rates, etc.). Although the industry proved more
resilient compared to most others, the continued and future
impact of Covid and/or the Russian government invasion of
Ukraine, specifically if the motors recovery is not as anticipated or
if the advertising market deteriorates, could have a material
knock-on impact on Adevinta’s business, financial condition,
results of operations, prospects and liquidity.
Adevinta’s operations involve the storage and transmission of
itscustomers’ and users’ confidential information. Cyber attacks
are becoming more frequent and more sophisticated, targeting
userdata, the users themselves (through fraud and scams)
andinternal information assets. There is also a potential increase
of information security risk events, with the information of a
business being lost, stolen, copied or otherwise compromised
with adverse legal, regulatory, financial, reputational and /or
otherconsequences for Adevinta.
Adevinta is dependent upon attracting and retaining current and
prospective highly skilled personnel. Adevinta’s ability to operate
its business and implement its strategies depends, in part, on
theskills, experience and efforts of its personnel involved in
management, product development, technology development
and sales. As a result, Adevinta believes that its success depends
to a significant extent upon its ability to attract and retain such
personnel, particularly in the case of tech-related positions,
andthat competition for employees of this type is intense.
Theloss ofsuch personnel could affect Adevinta’s ability to
develop and sell its services effectively, which could have a
material adverse effect on Adevinta’s business, financial
condition, results of operations and prospects.
Adevinta is dependent on adapting in a timely manner to
continuing change, evolving industry standards and customers’
and consumers’ changing needs and preferences. If Adevinta
isnot able to adapt, any of the foregoing may have a material
impact on the capacity to attract and retain users/customers,
andincrease the exposure to competitive actions that will
reduceits market share, adversely impacting Adevinta’s revenue.
Board of Directors’ report continued
22Adevinta Annual Report 2021
Regulatory changes and scrutiny may increase in coming years
and affect the manner in which Adevinta’s services are delivered.
Broader governance expectations, increased environmental
legislation laws and regulations that drive social change, and
specifically the upcoming EU ePrivacy Regulation and the Digital
Services Act, may result in profound changes to the way Adevinta
develops, markets and sells both classifieds and display advertising
products. Adevinta’s operations are subject to a significant number
of tax regimes, including taxation of the Group’s digital services.
Any changes in legislation or regulations in any of the countries in
which Adevinta operates could have a material adverse effect on
its business results and financial condition. Additionally, whilst
going transactional brings a significant opportunity for Adevinta’s
future growth, it also increases the regulatory burden on its
marketplaces through the provision of regulated services.
Financial risk management
Through its international operations, Adevinta is exposed to
fluctuations in the exchange rate of a basket of currencies, with the
Brazilian Real (BRL) being the most significant. On a consolidated
basis, the currency risk is considered low. Adevinta monitors this
exposure by minimising the build up of FX cash and matching
cash-ins with cash-outs in the same currency wherever
operationally possible. Adevinta also makes use of financial
derivatives to mitigate transactional and translational currency risk.
Adevinta’s credit risk is considered low as trade receivables are
diversified through a high number of customers, customer
categories and markets. Moreover, a considerable portion of
sales is through prepaid subscriptions or advertisements with
credit card payments made on the purchase date. Liquidity risk
associated with cash flow fluctuations is also considered low as
Adevinta has adequate equity and solid credit facilities. For more
details on currency, credit, interest-rate and liquidity risk, please
refer to note 22 (Financial risk management) of the consolidated
financial statements.
Statement of Corporate Governance
Adevinta’s approach to corporate governance is based on the
Norwegian Code of Practice for Corporate Governance. In
accordance with section 3-3b of the Norwegian Accounting
Act,an annual statement on corporate governance isincluded as
a separate section of this annual report, and is anintegral part of
the Board of Directors’ report.
Sustainability Statement
In accordance with section 3-3c of the Norwegian Accounting
Act, Adevinta has prepared a sustainability statement that sets
out Adevinta’s approach to sustainability. The statement includes
information about the working environment, injuries, accidents,
sickness absence, equality and non-discrimination, as well as
Adevinta’s social and environmental impact. The statement is
included as a separate section of this annual report, and is an
integral part of the Board of Directors’ report.
Insurance policy
The directors and officers of Adevinta ASA and its subsidiaries
are covered by a directors and officers liability insurance (D&O
insurance) placed with a number of international reputable
insurers. The insurance provides insurance cover for claims
brought against directors, officers and other individuals which
can incur personal liability (individuals) in their managerial
position at Adevinta ASA or in any of its subsidiaries. In certain
cases, persons engaged by Adevinta ASA or any of its
subsidiaries to be e.g. on the board of directors of an affiliated
company are also covered by the policy.
Adevinta Annual Report 202123
BOARD OF DIRECTORS
Adevinta ASA
Adevinta ASA is the parent company of the Group and is located
in Oslo, Norway. Adevinta ASA delivered a profit after tax of
€178million. As at 31 December 2021, Adevinta ASA had total
assets of €12,174 million and the equity ratio was 85%. The Board
of Directors has adopted a dividend policy that allows for
development of Adevinta’s business and further growth.
TheCompany’s eventual aim is to pay a stable and growing
dividend going forward while maintaining flexibility to invest in
growth. The focus in the medium term remains on deleveraging.
The Company does not expect to pay any dividend in 2022.
TheBoard of Directors proposes that the profit after tax of
€178million is transferred to other equity. As of 31 December
2021, Adevinta ASA had total equity of €10,360 million. The Board
of Directors has determined that Adevinta ASA had adequate
equity and liquidity at year end 2021.
Outlook
As outlined during our Capital Markets Day in November 2021,
wesee huge opportunities across all our businesses, with a
largemonetisation runway in our core Motors and Real Estate
verticals, potential to expand throughout the transactional value
chain with new business models, and a largelyuntapped
second-hand commerce pool.
Our new strategy builds on our unparalleled scale, leadership
positions and technology to accelerate sustainable growth.
It is underpinned by the following key priorities:
 Focusing the portfolio, by investing in and growing our five
core markets of Germany, France, Spain, Benelux and Italy;
 Concentrating on our high-quality verticals of Motors and
Real Estate that present a significant opportunity to
increase monetisation;
 Becoming fully transactional in our Consumer Goods
vertical, expanding into a growing and profitable online
commerce market; and
 Leveraging technology and transforming advertising to
preserve revenue and adapt to the evolving market.
The integration of the businesses is progressing well and we
remain on track to deliver on the previously announced synergies
that will progressively contribute to accelerated growth and
EBITDA margin improvement.
As a result, we expect core markets revenue growth of
approximately 15% on average per annum in the mid-to-long
term, driving the EBITDA margin to between 40% and 45%,
notwithstanding the required investment.
In the short term, we are facing temporary headwinds with low
production levels of new cars globally that have knock-on effects
on listing volumes of used cars and on OEM marketing spend,
with similar trends seen in the first quarter of 2022 as observed
inthe fourth quarter of 2021.
Throughout the year, the financial performance is expected to mirror
the recovery trajectory in Motors volumes, planned pricing initiatives
and the ramp-up of synergies, resulting in progressive revenue
growth acceleration and margin improvement quarter after quarter.
Overall this will lead to softer revenue growth in 2022 relative to
our mid-to-long term ambition. Assuming a gradual recovery in
the Motors market in the second half, we expect core markets
revenue growth to be low double digit for the full year. We will
continue to invest in product development to capture future
growth opportunities, and to support further development in
traditional online classifieds and new revenue streams such
astransactional services.
Based on the above, we expect FY2022 underlying EBITDA
4
in
therange of €575 million to €600 million, excluding discontinued
operations. Including discontinued operations, FY2022 targets
would have been in the range of €585 million to €610 million.
In France, we will continue to benefit from our resilient Motors
andReal Estate business models and our ability to drive average
revenue per user (ARPU) growth through upselling and price
increases. We are also seeing accelerated traction in transactional
services on the back of recent investments. As a result, we expect
revenue growth to accelerate in the second half of 2022.
In mobile.de, we expect a further decline in listings in the first half
ofthe year. Given the current strong correlation between volumes
and revenues, this will have a temporary negative impact on the
topline and profitability. This will be mitigated by the implemented
and planned price increases. In parallel, we will continue to invest
in improving our product offering and building new business lines
such asonline buying and selling.
Following the acquisition of eCG, we have built central functional
capacity to prepare for the integration of the two companies.
Therun-rate was reached in the fourth quarter of 2021. The new
operating model is expected to be implemented throughout 2022
and to drive medium-long-term efficiencies. In parallel, global
product and technology capabilities are expected to scale in
2022in line with business growth and to drive future efficiencies
and synergies, underpinning the achievement of the Group’s
long-term targets.
Going concern
Based on Adevinta’s long-term strategy and forecasts, and in
accordance with section 3-3a of the Norwegian Accounting Act,
the Board confirms that the prerequisites for the going concern
assumption exist and that the financial statements have been
prepared on a going concern basis.
4
Consolidated EBITDA before share-based compensation impact. This metric will serve as
a key financial indicator from Q1 2022 onwards
Board of Directors’ report continued
24Adevinta Annual Report 2021
Events after the balance sheet date
CEO succession
Rolv Erik Ryssdal informed and agreed with the Board that he will
retire as CEO and leave the business by February 2023, when the
Group will release its 2022 annual results. Since he is turning 60
this year, he believes that now is the right time to start planning his
departure from the company.
Rolv Erik has been with the business since 1991, successfully
leading the spinoff of Adevinta from Schibsted and the acquisition
of eCG. He will continue to execute on Adevinta’s strategy as
presented at the Capital Markets Day and lead theintegration of the
eCG business through the separation fromeBay.
The Board has commenced the process of identifying and
appointing a new CEO and intends to run an extensive searchthat
will include both internal and external candidates.
Share buyback
On 24 February 2022, Adevinta ASA announced its decision to
initiate a buy-back programme of up to 10 million of its own shares,
structured into a first tranche of up to four million shares expected
to end no later than in June 2022, and a second tranche of up to six
million shares expected to end no later than in January 2023. On 22
March 2022 Adevinta ASA announced its completion of the first
tranche, with a total of four million shares purchased. On 6 April
2022 the Company announced that in light of prevailing market
conditions it was launching the second tranche earlier than initially
planned. The purpose of the buy-back programme is to acquire
shares to be used as settlement in the Company’s share-based
incentive plans over the next three years. Further information about
this programme is published on our website.
Covid pandemic
The duration and extent of the pandemic, and related financial,
social and public health impacts, remain uncertain. Disclosures on
the potential impacts that thisuncertainty may have on reported
figures in future periods have been included in Note 3 and Note 32
to the consolidated financial statements for the year ended
31December 2021.
Russian government invasion of Ukraine
The Russian government invasion of Ukraine, alongside the
imposition of international sanctions, has a pervasive economic
impact. Adevinta is monitoring the development, including
updating risk assessment and measures. It is still too early to say
how this will affect Adevinta’s broader business.
When we announced our new strategic plan in November 2021,
we identified Belarus, as one of our operations to be placed under
review. In light of the recent developments in Ukraine this review
has been accelerated and Adevinta has decided to exit Belarus.
Acquisition of Null-Leasing
On 18 March 2022, Adevinta completed the acquisition of Null-Leasing
DSB Deutschland GmbH, a provider of digital leasing services in
Germany. The transaction enables Adevinta to expand its offering as it
looks to further build on its existing suite of products and services.
Theconsideration transferred for the acquisition was €10million paid
in cash at acquisition date. At the time the consolidated financial
statements were authorised for issue, the Group had not yet
completed the accounting for the acquisition of Null-Leasing.
Sale of InfoJobs Brazil
On 30 March 2022, Adevinta announced the completion of the
sale of its 76.2% stake in InfoJobs Brazil, the largest jobs
marketplace in Brazil, to Redarbor, the leading company in job
marketplaces in Latin America with the purpose of connecting
companies to top talent across the region. The sale resulted in a
gain of €21 million recognised in other income and expenses, of
which €5 million is reclassification of foreign currency translation
reserve, with no impact on income tax. The carrying amount of
assets and liabilities as at the date of sale were €7 million and
€10million respectively, of which €2 million was intangible assets
and €3 million was trade receivables and other current assets.
Other than the matters described above, no further matters have
arisen since the end of the year which have significantly affected
or may significantly affect the operations of the Group, the results
of those operations or the state of affairs of the Group in future
financial periods.
Adevinta ASA’s Board of Directors
Orla Noonan
Board Chair
Fernando Abril-Martorell Hernández
Board member
Kristin Skogen Lund
Board member
Rolv Erik Ryssdal
CEO
Peter Brooks-Johnson
Board member
Sophie Javary
Board member
Michael Nilles
Board member
Julia Jäkel
Board member
Marie Oh Huber
Board member
Aleksander Rosinski
Board member
Mark Solomons
Board member
Dipan Patel
Board member
Adevinta Annual Report 202125
BOARD OF DIRECTORS
Sustainability
Report
26Adevinta Annual Report 2021
Adevinta Annual Report 202127
Strengthening Adevinta’s
sustainability impact
Sustainability is at the heart of what we do. Our purpose is to
make a positive change by helping everything and everyone find
a new purpose. Wedothis through our mission to create perfect
matches on the world’s most trustedmarketplaces.
Our vision is for more sustainable commerce to shape a healthy
planet and society. With our strong base in continental Europe,
and our operations outside Europe, we are already facilitating
substantial volumes of trade in used goods.
With trusted brands that enjoy leading market positions, Adevinta
operates a resilient business model at the centre ofthe second-
hand economy at a time when consumers areseeking more
sustainable and cost-efficient ways to buyproducts.
By offering platforms where our users can easily buy and sell
second-hand items, we reduce the need for newly produced
goods and promote more sustainable consumption. This is
whatwe call the Second Hand Effect. By encouraging people
tomake second-hand their first choice, we provide lasting
positive impacts in the circular economy. People understand
thatsecond-hand commerce is part of the solution for the
planet’s environmental challenges.
So our business model clearly supports a more sustainable
planet and society. The philosophy of a circular economy is in
ourDNA and an inherent part of what we stand for as a company.
During 2021, we laid the foundations for strengthening Adevinta’s
sustainability impact. Following the completion ofour acquisition
of eBay Classifieds Group (eCG), we commissioned a global
consulting firm to conduct a comprehensive review of our current
environmental, social and governance (ESG) position. This review
considered the views of key stakeholders and included a detailed
materiality analysis. It is on the basis of this careful work that we
havedeveloped our ESG strategy, which is built around
threethemes:
Lead the transition towards circular and responsible consumption
Ensure we are a purpose-driven and inclusive marketplace
foreveryone
Embed ESG governance, data and fraud protection throughout
the organisation
This is not new territory for Adevinta – we have always been
active in these three areas. In the following pages, we have
identified the volume of carbon emissions potentially saved
byAdevinta users in 2021 through the Second Hand Effect and
the weight of materials likely saved by their decisions to choose
second-hand goods over new goods. We have detailed the
gender balance of our workforce, the many nationalities from
which we draw our people, and our work in local communities.
We have also detailed fresh work on cyber security and data
privacy. And we are making new commitments in the areas of
responsible consumption, inclusivity, ESG governance, data
andfraud protection.
There is growing external recognition of our strengths
andpedigree and I expect this to grow in coming years.
InNovember 2021, Adevinta was recognised as a sustainability
leader within the Dow Jones Sustainability Index(DJSI) Europe,
ranking as one of only six companies recognised in the Media
&Entertainment industry group.
28Adevinta Annual Report 2021
Thisachievement also
makes Adevinta one of
only three Norwegian
companies to feature in
the index.
Inclusion in the DJSI recognises our
efforts as our company focuses on
becoming a more sustainable enterprise and
improving its disclosures across key ESG indicators.
Weregularly evaluate our business according to the DJSI
benchmark to ensure that ESG expectations of our stakeholders
are communicated, understood and acted uponacross
thebusiness.
As we integrate the operations of eCG and draw on the expertise
and motivation of our new colleagues in strengthening our
impact, I believe we can do much more in the years to come
toachieve our vision for more sustainable commerce to
shapeahealthy planet and society.
Rolv Erik Ryssdal
CEO Adevinta
IN 2021
23.7m
TONNES OF CARBON
EMISSIONS (CO2e) WERE
POTENTIALLY SAVED*
* By people who chose to buy and sell used items through Adevinta’s
digital marketplaces
Adevinta Annual Report 202129
SUSTAINABILITYREPORT
Adevinta is acutely aware of its ability to contribute to the
circulareconomy and of our platforms to connect people
inthecommunities and countries in which we operate.
Our business implicitly encourages more sustainable
consumption. Moreover, our strategic focus on our five
coremarkets of Germany, France, Spain, Benelux and Italy
allows us to describe Adevinta as a European circular
economy champion.
We are committed to building on our sustainability achievements.
In 2021, we assigned a global consulting firm to review our
current environmental, social and governance (ESG) position in
the context of the new combined group, following the completion
of the acquisition of eCG.
The review was a comprehensive assessment of our current ESG
profile that considered the views of key stakeholders and included
a materiality analysis. Following this work, we have decided to
focus our efforts on three key areas.
Building our ESG strategy
on three themes
Sustainability report continued
Our three key themes are:
GovernanceSocial
Environment
30Adevinta Annual Report 2021
Lead the transition towards
circular and responsible
consumption
We are committed to reducing our own
emissions. The most significant
contribution we can make to sustainability
isthrough our core business activity of
facilitating second-hand trades and
extending the lifetime of a variety of goods.
• In 2021, our users potentially saved
23.7mtonnes of CO2 and 10.9m tonnes
ofmaterials through the Second
HandEffect.
• These numbers reflect only Adevinta
businesses. In the larger combined
business, which includes leboncoin,
OLXBrazil, subito, Willhaben, Jofogas,
Millanuncios, Marktplaats and
2dehand/2ememain, this effect is even
greater andthe resultswill be included in
our 2022 sustainabilityreport.
Ensure we are a purpose-
driven and inclusive
marketplace for everyone
We will do this for our communities
andour employees. We make products
accessible to all. We willalso ensure we
provide an inclusive and diverse
workplacefor our employees.
• Our employees come from 95 different
nationalities and we closed 2021 with
amale/female ratio of 59/41. We aim to
improve on this and to ensure inclusion
inevery aspect of what we do.
• During the pandemic as it continued
tounfold in 2021, our commitment to
communities was evident as we brought
together volunteers in a variety of local
initiatives such as providing housing
through our real-estate platforms.
Embed ESG governance,
data andfraud protection
across theorganisation
We will put the right governance inplace to
ensure our impact is sustainable and we
willstrengthen our position in data
protection and cyber security.
• We have developed a Supplier Code of
Conduct that addresses the four
corporatesustainability topics of human
rights, labour rights, environment, and
anti-corruption, aswell as the additional
aspect of data protection and information
security due tothe relevance of this issue
to Adevinta’s business model. The Supplier
Code of Conduct was published in
January 2022.
• As part of our 2021-2024 global cyber
security mission statement the protection
of customer data is our top priority. This
aligns with our goal to ensure we operate
the world’s most trusted marketplaces.
Tothis end, during 2021 we conducted
acomprehensive internal cyber security
audit to identify all management, technical
and operational areas that we believe can
be improved or strengthened across all
marketplaces. In addition, we completed
athird-party assessment on data privacy.
• We also started to re-design our global
data privacy organisation.
Our three core aims are:
We have already made an impact in all three areas:
Adevinta Annual Report 202131
SUSTAINABILITYREPORT
Raise awareness of the
importanceof inclusiveness
among Adevinta’s leaders and bring
an inclusive lens toeverything we do
Establish global
ESG governance
andlink ESG metrics to
managementcompensation
Strengthen our
cybersecurity
andprivacyplatform
Commit to setting
emissionstargets
for theentire company
Promote responsible
consumption
by making iteasier for our customers to
make sustainable choices as they look at
our product offering
Create an environment where
everyone feels they belong
at Adevinta and are valued for their
differences; we will also measure and
report on our progress
Sustainability report continued
As we begin to strengthen our ESG capabilities in line with our three core
aims,we will fulfill a set of key commitments. We will set emissions targets
across allof Adevinta and make it easier for our customers to understand the
sustainability benefits of their product choices. We will measure the progress
ofour policies on inclusiveness and raise awareness of the importance of this
issue among Adevinta’s leaders. We will link ESG metrics to management
compensation and strengthen our cyber security and privacy platform.
Our Initial
ESG roadmap
32Adevinta Annual Report 2021
Environment
Social
Governance
Create an environment where
everyone feels they belong
We believe we already enjoy a strong position as adiverse and
inclusive employer. Our employee surveys provide good evidence
of this with 83% of our employees agreeing in 2021 that Adevinta
builds diverse teams.
Raise awareness of the
importance of inclusiveness
We will continue creating an environment where everyone feels
they belong and are valued for their differences. We will also
encourage Adevinta’s leaders to vieweverything wedothrough
an inclusive lens.
Establish global ESG governance
Our commitments extend to governance and a key aim is to build
a global ESG platform incorporating an ambitious set of metrics
that will allow us to monitor our progress. Those same metrics
will be linked to management compensation.
Strengthen our cyber security and
privacy platform
Finally, we are also developing new operating models for cyber
security andprivacy to build further on our already strong
positionin these areas.
Commit to setting emissions targets
We know that we can make the greatest positive impact on the
environment through our business model that helps users to
trade used products efficiently instead of buying new goods.
Butwe want togo further than that and have committed to
startatarget-setting exercise for greenhouse gas emissions
(GHG) forthe entire company. There are three stages that we
need to complete:
Phase 1: verification and harmonisation
We will verify and harmonise all our GHG emissions data across
our operations so that we can provide aconsistent picture.
Phase 2: baselining
Once we have a platform for reporting GHG emissions data
accurately and consistently across all our operations, we will
gather the initial 12 months of information. This will serve as
abaseline for identifying successive increases or reductions
inGHG emissions.
Phase 3: target setting
We will start setting targets for each location to reduce
emissions, based on a preliminary assessment of the feasibility
for emissions reduction. Our aim will be to set challenging but
realistic targets for achieving reductions in specified locations
which will allow us to reduce our overall emissions as a group.
Promote responsible consumption
We also want to make sustainability more visible in our products
to help customers to make even better sustainable choices.
We believe we already
enjoy a strong position
as adiverse and
inclusive employer
Adevinta Annual Report 202133
SUSTAINABILITYREPORT
Adevinta ESG Materiality Matrix
Impact
R&D innovation focusing
on sustainability
Responsible supply
chain management
Inclusive
marketplace for
everyone
GHG emissions
& energy use
Healthy & safe
workplace
Good corporate
governance
Diverse & inclusive
workforce
Promote responsible
consumption
Circular
economy
Data protection
& safety
Attract, retain &
develop talent
Make products
accessible for all
Transparent
compliance
ESG investing
Positive impact on
local communities
Resource &
waste management
Stakeholder
priority
In 2021, we re-evaluated our materiality to identify emerging
issues and incorporated them into our existing matrix. Earlier
work prior to 2021 had allowed us to identify key sustainability
concerns that were important to our stakeholders and our
business. Our materiality matrix includes several issues
raisedbyour stakeholders.
These material issues are organised against an x-axis
(representing impact on business) and a y-axis (representing
issues important to stakeholders). Those on the top right corner
of the materiality map represent the highest significance to
Adevinta. For more information about our initial Materiality
Assessment, please refer to our 2020 Annual Report under
theheading ‘Our environmental impact’ on page 22.
User privacy, safety
&fraud protection
Source: Adevinta Management Interviews, Adevinta Employee Survey 2019, Germany Employee Survey 2021, Benelux
Customer Survey 2021, Sustainability Accounting Standards Board, Investor Survey 2021, Expert Interviews, (Press search)
Sustainability report continued
Materiality
Assessment
In 2021, we updated this initial materiality matrix using additional
employee and management surveys conducted attwo eCG
businesses: eBay Kleinanzeigen and mobile.de. Wealso
conducted new interviews with investors and ESGanalysts.
The additions are reflected in the new matrix. The most material
new theme is the promotion of responsible consumption.
Consumers are key to driving sustainable development in our
economies and Adevinta can play animportant role in supporting
sustainable consumption. Governments are increasingly focused
on strategies for achieving this and consumers are becoming
increasingly aware of the environmental and social impact of
products ofall kinds as they pass through their lifecycle phases.
Thepromotion of responsible consumption will therefore feature
on Adevinta’s sustainability roadmap going forward.
Environment
Social
Governance
34Adevinta Annual Report 2021
Stakeholder involvement
Whom did we
engage with?
How did we engage
withthem?
What is most
important to them?
Users
User surveys
Market research
Social media
• Circular economy
• Make products accessible for all
• User privacy, safety & fraudprotection
• Data protection & safety
Employees
Interviews
Employee surveys
• GHG emissions & energy use
• Resource & waste management
• Responsible supply chain management
• Inclusive marketplace for everyone
• Circular economy
• Attract, retain & develop talent
• R&D innovation focusing on sustainability
• Data Protection and Security
Management
Interviews
Surveys
• Circular economy
• Data protection & safety
• User privacy, safety & fraud protection
• Promote responsible consumption
• Attract, retain & develop talent
• Diverse & inclusive workforce
• Good corporate governance
Investors
andESG
analysts
Interviews
Surveys
Enquiries analysis
• Good corporate governance
• GHG emissions & energy use
• Data protection & safety
• User privacy, safety & fraud protection
• Diverse & inclusive workforce
• Attract, retain & develop talent
• Healthy & safe workplace
European
legislators
Desktop analysis • Sustainable investments and ownership
• User privacy, safety & fraud protection
• Fair business practices
Adevinta Annual Report 202135
SUSTAINABILITYREPORT
Sustainability report continued
Powered by the S&P Global CSA
Adevinta enters
Dow Jones
Sustainability Index
36Adevinta Annual Report 2021
The Dow Jones Sustainability Index (Europe) – DJSI – comprises
European sustainability leaders identified by Standard & Poor
Global through its annual Corporate Sustainability Assessment.
Inclusion in the DJSI is a clear recognition of Adevinta’s
sustainability initiatives as the company focuses on becoming
amore sustainable business and improving its disclosures
acrosskeyESGindicators. Thisis the second time Adevinta was
askedto participate.
Adevinta regularly evaluates its operations according to the
DJSIbenchmarks to ensure that the ESG expectations of our
stakeholders are communicated, understood and acted upon
across the business.
Adevinta achieved a higher score
in the 2021 DJSI Europe
assessment due to a combination
of improved business processes
and improved disclosure and
transparency in reporting. These
were underpinned by the
increased awarenessof the
importance across Adevinta of
becomingasustainability leader.
The improvement in business processes took place mainly
intheareas of information security, cybersecurity and system
availability. The DJSI criteria also noted improved governance
ofthe Group’s security strategy, with better definition of
responsibilities documented in the Principles of Corporate
Governance. There was also recognition of Adevinta’s
securitymeasures that ensure the company’s employees
areaware of threat issues and understand the importance
ofinformation security and cyber security.
Adevinta recognised as a
sustainability leader in DJSI Europe
The improvement in business
processes took place mainly
inthe areas of information
security, cybersecurity and
system availability
Adevinta Annual Report 202137
SUSTAINABILITYREPORT
Lead the transition
towards circular and
responsible consumption
Second Hand Effect
Whenever a second-hand trade replaces the need to produce a
new item, there are significant reductions in carbon emissions
and the use of raw materials that would have been an inevitable
part of any manufacturing process. Adevinta is at the front of the
effort to cut down on waste, and we support the extension of the
life of products by facilitating transactions that allow them to be
re-purposed. Each time one of our users buys or sells something
second-hand, instead of purchasing a newly produced item, the
planet benefits. This contributes to sustainable consumption and
the circular economy. We call this the Second Hand Effect.
The Second Hand Effect calculates the potential savings in
greenhouse gas emissions and the use of materials associated
with choosing second-hand goods over new goods. In 2021,
eight of the online classifieds brands participated in measuring
the Adevinta Second Hand Effect: leboncoin, OLX Brasil, subito,
Marktplaats, Willhaben.at, Jófogás, milanuncios and
2dehands/2ememain. This was the first time that eCG
marketplaces joined our Second Hand Effect analysis and
weintend to include more of our marketplaces in the future.
Users from our eight participating Adevinta sites contributed
to the following potential savings:
We are aware that products may have a higher environmental
impact in other phases of their life cycle (namely in the use phase)
but this report focuses on the potential savings at the level of
resources only. We believe it is informative to visualise the volume
and different types of resources that can go into manufacturing a
new product.
Measuring our carbon footprint
We measure and report our carbon footprint so that we can
understand and then manage the environmental impact of our
businesses. The majority of our total GHG emissions arise from
the energy use of our office operations and external data centres,
which accounted for 74% in 2021 (77% in 2020).
Data storage and processing is a key asset in our business which
connects buyers and sellers digitally across the globe.Energy
usage from data centres accounts for 44% ofAdevinta’s
environmental impact. Adevinta predominantly uses third-party,
cloud-based external data centre providers for this purpose, and
the energy usage reported is based on their estimates. Our main
data centre supplier is committed tolong-term goals to increase
energy efficiency and to work towards using only renewable
energy sources.
Our offices, representing 30% of our greenhouse gas emissions,
are another important source of emissions, andweare acutely
aware of the need to minimise energyconsumption.
Adevinta’s business travel represented 24% of our GHG emissions
during 2021. We monitor our business travel carefully and use
video conferencing frequently in order to minimise the need for
travelling between offices. Due to the Covid pandemic and its
impact on the health and safety of our employees, we continued
to implement our security guidelines for remote working during
2021. We maintained our employee guidance on a range of
related requirements. These included: secure video conferencing
to ensure that only encrypted and GDPR compliant solutions are
used; secure sharing of working documents; how to identify
phishing and spam attacks; and the importance of installing
security updates.
Waste generated from our offices represents a small part of our
overall environmental impact. Nevertheless we continue toreduce
waste wherever possible and have established recycling systems in
many of our locations for this purpose. Inaddition, we have strict
procedures for safe handling and recycling of electronic waste, but
we have not been able to measure the amount of waste generated
in 2021 on a group level.
Sustainability report continued
23.7m
TONNES OF CARBON EMISSIONS (CO2e)
1.3m
TONNES OF PLASTIC
8.8m
TONNES OF STEEL
0.8m
TONNES OF ALUMINIUM
Environment
38Adevinta Annual Report 2021
Energy consumption within
Adevinta(MWh) 2021 2020 2019
Fuel consumption from stationary
combustion¹ 59 – –
Consumption of electricity,
heating,cooling 5,389 6,596 4,521
of which renewable electricity 744 334 680
of which non-renewable
electricity 2,956 2,896 2,749
of which heating
2
1,199 1,617 905
of which cooling
3
490 1,749 187
Total energy consumption 5,449 6,596 4,521
¹ The data for fuel consumption only covers non-renewable fuels, namely natural gas used
for heating
² Heating data from 2021 represents 8/31 (25% ) of the companies
³ Cooling data represents from 2021 6/31 (18,8%) of the companies
Some of our mature operations measure consumption of
various materials in the workplace and how much general
wasteis recycled.
Our approach to our environmental impact is stated in the group
environmental policy. Based on the principles of the UNGlobal
Compact, it includes initiatives to promote greater environmental
responsibility, the use of environmentally friendly technologies and
the application of the precautionary approach. Adevinta’s executive
leadership team ensures that the content and the spirit of this
environmental policy are communicated, understood and acted
upon within their operations. Adevinta’s Head of Sustainability is
responsible formonitoring compliance with the policy.
GHG Emissions
(Tonnes CO2e) 2021 2020 2019
Scope 1 – Direct emissions 12 2 35
Company-owned cars 1 2 35
Air heating 11 – –
Scope 2 – Indirect emissions¹
Location-based electricity +
heating and cooling 1,425 2,023 776
Market-based electricity + heating
and cooling 1,187 1,953 632
Scope 3 – Other indirect emissions 3,273 3,154 5,002
Leased and privately owned cars
and taxi 562 568 369
Business travel – flights 500 365 1,477
Business travel – train andbus 67 103 1,266
Energy from data centres 2,056 2,017 1,825
Fuel- and energy-related
activities² 88 101 65
Total GHG emissions³ 4,710 5,179 5,813
1
The data for 2020 and 2019 has been recalculated to align with the updated methodology
for 2021, further explained in About this report
2
Fuel- and energy-related activities include transmission and distribution losses regarding
purchased electricity, district heating and cooling as well as upstream emissions from
purchased natural gas for air heating
3
The total GHG emissions includes Scope 1, Scope 2 Location based and Scope 3
Energy and GHG intensity 2021 2020 2019
GHG Intensity (Scope 1 and 2),
tonnes CO2e emissions/turnover
€ million
1,3,4
1.3 3.0 1.2
GHG Intensity (Scope 1 and
2), tonnes CO2e emissions/
employees
2,3,4
0.3 0.5 0.2
GHG Intensity (Scope 3), tonnes
CO2e emissions/turnover
€million
1,3,4
2.9 4.7 7.4
GHG Intensity (Scope 3), tonnes
CO2e emissions/employees
2,3,4
0.6 0.8 1.4
Energy intensity, MWh/turnover
€million
1
4.8 9.8 6.7
Energy intensity, MWh/employees
2
1.0 1.6 1.3
1
Turnover is defined as consolidated financial operating revenues
2
Employees are based on headcount as of 31.12.2021
3
The GHG intensity includes the total emissions based on the location-based method
4
The data for 2020 and 2019 has been recalculated to align with the updated methodology
for 2021, further explained in About this report
Adevinta Annual Report 202139
SUSTAINABILITYREPORT
Ensure we are a purpose-
driven and inclusive
marketplace for everyone
In 2021, our focus was on sustaining existing people and
cultureprogrammes at Adevinta while simultaneously starting
the planning and execution required to start bringing together
ourtwogroups of talented employees from Adevinta and
eBayClassifieds Group (eCG).
Planning our integration with eCG
The completion on 25 June 2021 of our acquisition of eCG
marked the start of an exciting new chapter for Adevinta.
Wedidextensive preparation in the months leading up to
thisdateto ensure we had a comprehensive plan to merge
ourtwo organisations. Our overriding objective was to fully
engage our incoming Adevintans. Our core message was
thatAdevinta and eCG are two successful international
familiesoflocal digital brands and marketplace specialists,
coming together to form an even larger global community. We
emphasised how the merger would create new opportunities
forour company, our customers and our users, while
reinforcingour people-centric culture of trust, transparency
andthe open exchange of ideas, learning and knowledge.
Functional teams focused on key preparations within
workstreams to ensure there was a smooth integration of our
people, brands and businesses. Any changes that we knew
employees would experience – no matter how small – were
planned and communicated in advance. A further workstream
focused on integrating the company cultures of Adevinta and
eCG. This is an important requirement in a merger and our
workin this area was made easier by the fact that our cultures
shared many similarities. We also took great care to map out and
communicate incentivisation and compensation programmes
across the merged organisation. This ensured ourpeople know
how their role contributes to the short- and long-term success of
the newly scaled Adevinta. Finally, we invested in building
recognition for Adevinta as an employer brand and itsassociation
with sustainability.
Day of completion
We conducted a Welcome Event via video conference following
the completion, designed to give our incoming Adevintans a
cultural induction to working at Adevinta – we knew it was a
moment that mattered. This event gave eCG employees the
opportunity to meet Adevinta’s management, learn more about
the cultural and behavioural aspects of being a member of
Adevinta, and ask questions. Our Day 1 welcome pack provided
background on Adevinta, stated our mission, emphasised our key
behaviours underwriting our corporate values, and underlined
oursustainability philosophy that empowers people to make
more sustainable choices.
Post-completion
In December, we shared our new Growing at Scale strategic plan,
with its aim of prioritising investment for growth in our five core
markets of Germany, France, Spain, Benelux and Italy,and
expanding on our leading sector positions in Motors and Real
Estate. Growing at Scale also included a commitment to
strengthen our sustainability impact. We progressed our operating
model to determine how the merged Adevinta would organise
itselfto deliver against the Growing at Scale strategy. Adevinta
announced its new operating model after the 2021 year end in
February 2022.
Adevinta Key Behaviours
As part of the follow-up on the workstream that sought to
integrate Adevinta and eCG on a cultural level, we assessed the
culture that already existed within eachentity, and examined the
culture that employees believe would support our success going
forward. We then conducted research, comprising interviews with
the leadership team, a company-wide culture assessment survey
and multiple online focus groups. One output from this was
ourdecision to review our Key Behaviours, which are the
cornerstones of the Adevinta culture.
After concluding the research phase in August 2021, we consulted
key stakeholders and others to determine the specific changes that
should be made to the wording of our Key Behaviours. At year end
this work was progressing well and we expect to launch the
updated Key Behaviours in 2022.
Sustainability report continued
Social
Our male / female ratio at year end
Our target was 60% / 40%
58.9%
41.1%
40Adevinta Annual Report 2021
pressures that women may encounter in positions of
responsibility, and this can deter them from progressing further
with their career aspirations. We extended the Women in
Leadership programme to eCG during theyear with the aim of
broadening our talent pool from across themerged companies.
Adevinta will continue to invest in inclusion initiatives to improve
the experience of employees and toenhance the company’s
appeal as an employer of choice. This will help us recruit the best
candidates for our future success.
Adevinta 4 Everyone
Another key thread within our commitment to DEI is our global
grassroots movement called Adevinta 4 Everyone (A4E). During
atwo-day seminar in November 2021, we successfully merged
thegrassroots initiatives from eCG and Adevinta andkicked-off
ourjoint journey with an action plan to create aworkplace where
everyone feels they belong, that their differences are embraced
andthat they are empowered to fulfil their potential. Past initiatives
have included workshops on sexual harassment awareness and
allyship. Global initiatives took place around International Women’s
Day, PrideMonth, Black History Month and International Day of
Persons with Disabilities. In 2022, we will continue to build our
awareness programme and to recruit more people for A4E.
Inclusive Leadership Programme
As part of the activities planned for 2022, we will roll out an
Inclusive Leadership Programme, building DEI capabilities
inourleadership community and creating a DEI leadership
governance structure in each business area. We will develop
DEIaccountability metrics for the full organisation, set up
identity-based sounding boards, run equity audits in our people
processes and continue to build a strong inclusive culture in
which we grow through diverse perspectives.
Smart Working Policy
The Covid pandemic has affected working patterns significantly
by increasing remote working. As many countries around the
world began to anticipate fewer Covid-related restrictions when
the pandemic eventually subsides, attention turned to how we
would all wish to work in the future. At Adevinta, we launched our
Smart Working Policy to address this issue and to help Adevinta
adjust to a new way of working post-Covid. Smart Working was
developed by teams from avariety of Adevinta marketplaces,
countries and functions andis designed to enhance our culture
offlexibility, trust and empowerment. Our new policy introduces a
model that gives our people the freedom to do their job remotely
while defining the occasions when being in the office is more
appropriate. The policy strikes a balance between operating from
remote locations and traditional office-based sites and is also
part ofour strategy to attract talent.
Diversity, equity and inclusion
At Adevinta, we commit to being a purpose-driven and inclusive
workplace and marketplace for everyone. We do thisby creating
an environment where everyone feels they belong and are valued
for their difference, and by bringing aninclusive lens to everything
we do. We are a diverse group of local brands. We speak different
languages, operate in different ways, and are at different levels
ofmarket maturity. We love our diversity – it’s what makes
usstronger.
We know Adevinta’s long-term success depends on fulfilling
three objectives:
Workforce
Ensuring that our people processes and
structures are free of any systemic bias in
orderto create equitable opportunities across
the employee life cycle
Workplace
Safeguarding an inclusive organisational
cultureand physical work environment in
whicheveryone can thrive, contribute and
feelasense of belonging
Marketplace
Bringing an inclusive lens to everything we do
tocontribute to positive social impact in our
marketplaces and communities and to
strengthen our license to operate
Women in Leadership
A highlight of our diversity, equity and inclusion (DEI) action plan
is our Women in Leadership programme. In June, we
commenced our third year of this accelerated development
scheme designed to prepare talented, high-potential women for
successful leadership roles. Our Women in Leadership scheme
expanded in 2021 to take the original programme ofjust 18
participants to 75 women professionals. Women from this
programme are more than twice as likely to be promoted or have
expanded roles as a result of the development received on the
programme. We will continue supporting our talented women in
pursuing their professional ambitions. We will continue
supporting our talented women in pursuing their professional
ambitions. Thebusiness world often underestimates the different
Adevinta Annual Report 202141
SUSTAINABILITYREPORT
Employees by gender and region
1
Male Female Total
Board of Directors 6 54.5% 5 45.5% 11
Operations
AdEx 6 66.7% 3 33.3% 9
Managers 653 60.3% 430 39.7% 1,083
Employees 2,508 58.5% 1,781 41.5% 4,289
Regions
European countries 2,814 59.1% 1,951 40.9% 4,765
Countries outside Europe
2
353 57.3% 263 42.7% 616
Total 3,167 58.9% 2,214 41.1% 5,381
1
Two employees wished to not disclose their gender and are not accounted for
2
Countries outside Europe include operations in Australia, Brazil, Canada, China, Mexico, South Africa and the U.S
Employees by age and region
<30 30-50 >50 Total
Board of Directors 0 0.0% 2 18.2% 9 81.8% 11
Operations
AdEx 0 0.0% 8 88.9% 1 11.1% 9
Managers 35 3.2% 984 90.9% 64 5.9% 1,083
Employees 975 22.7% 3,120 72.7% 196 4.6% 4,291
Regions
European countries 862 18.1% 3,673 7 7.1% 232 4.9% 4,767
Countries outside Europe
1
148 24.0% 439 71.3% 29 4.7% 616
Total 1,010 18.8% 4,112 76.4% 261 4.8% 5,383
1
Countries outside Europe include operations in Australia, Brazil, Canada, China, Mexico, South Africa and the U.S
New hires and employee turnover
New employee hires Employee turnover
Gender¹
Male 658 58.0% 558 63.9%
Female 477 42.0% 315 36.1%
Age²
<30 442 38.9% 180 28.5%
30-50 679 59.8% 73 11.6%
>50 15 1.3% 378 59.9%
Region
European countries 914 80.5% 710 81.3%
Countries outside Europe³ 222 19.5% 163 18.7%
Total
4
1,136 873
The table reflects the whole year of 2021 for Adevinta and 1st of July – 31st of December 2021 for eCG
1
One new employee wished to not disclose their gender and is not accounted for
2
The ages of 242 employees who left the company during 2021 were not registered upon departure and are not accounted for
3
Countries outside Europe include operations in Australia, Brazil, Canada, China, Mexico, South Africa and the U.S
4
The number of new hires corresponds to a monthly rate of 1.8% and the employee turnover corresponds to a monthly rate of 1.4%
Sustainability report continued
42Adevinta Annual Report 2021
Learning and developing at Adevinta
Adevinta and eCG have successful records in training and career
development and in the second half of the year we began working
to ensure that employees can access the bestinitiatives from
each side of the merger.
Adevinta Academies
Our Adevinta Academies were busy throughout 2021, providing
opportunities for gaining new knowledge about areas critical to our
business. Our Product Academy provides online courses that build
key product capabilities. Our Machine Learning Academy helps
engineers and data analysts integrate machine learning in
production. We also run a Leadership Academy and a Sales
Academy.
The Analytics University Business Programme previously
developed by eCG offers training to improve decision-making.
This provides 20 people each quarter, from any discipline or
market, with the chance to participate in 40 hours of training,
hosted by external and internal trainers. The programme focuses
on structured opportunity finding, data exploration, stats and
experimentation.
‘Be Your Best’
We introduced Adevinta’s ‘Be Your Best’ approach to
performance development to everybody joining us from
eCG.AtAdevinta, we believe that as we continue to grow as
anorganisation, so does the need for all of us to learn, develop
and grow with it. To make this happen, we create a consistent,
performance-driven culture where everybody can see how
theycontribute to the overall success of Adevinta. We call this
‘BeYour Best’ and it identifies what our people need to doin order
to be the best versions of themselves when at work. It
underwrites how Adevinta sets goals for employees, and how we
conduct career development conversations throughout the year.
Adevinta Avenues
After the completion of the merger, we also introduced our global
career framework Adevinta Avenues to eCG. This tool identifies the
competencies and behaviours Adevinta requires to succeed. It
gives our people the chance to take on new projects, expand their
skills and benefit from collaborating withteams from around the
world. Adevinta Avenues is helping us build a competitive employer
brand. It allows eachindividual to plan their growth within Adevinta
and provides the framework for annual career development
conversations and compensation and benefits packages.
This ensures that we have the right employees with the right skills
as Adevinta develops. The issue of career development is always
top of mind for candidates seeking a career at Adevinta and it is
acornerstone of our employee value proposition. We also use
Adevinta Avenues to develop ourexisting strong talent.
Early Careers Programme
Adevinta is successfully identifying a robust pipeline of junior
talent through its Early Careers Programme. We target
undergraduates, recent graduates or other candidates that
canshow a willingness to learn fast as part of developing
theircareer. Our Early Careers Programme helps junior
talentactivate their careers and develop skills for success.
Developing diverse, high-potential employees is also a vital
partofAdevinta’s succession planning and retention strategy.
Employees by type and region
1
Permanent Temporary Total
European countries 4,555 212 4,767
Countries outside Europe
2
602 14 616
Total 5,157 226 5,383
1
Two employees wished not to disclose their gender and are not accounted for
2
Countries outside Europe include operations in Chile, Mexico and Brazil (Infojobs Brazil)
Total number of employees by contract type
1
Male Female Total
Number of permanent employees 3,066 2,089 5,155
of which full time 2,989 1,922 4,911
of which part time 77 167 244
Total number of temporary employees 101 125 226
Total number of employees 3,167 2,214 5,381
1
Two employees wished not to disclose their gender and are not accounted for
Adevinta Annual Report 202143
SUSTAINABILITYREPORT