Changing
commerce
together
Annual Report 2023
114
CEO statement 34
Sustainability strategy 38
CSRD journey 40
Highlights in 2023 42
How to read this report 43
Environmental information 44
Social information 54
Governance information 72
About this report 86
GRI content index 98
Sustainability report
Financial
statements
Corporate
Governance
Consolidated financial statements 116
Notes to the consolidated financial statements 122
Alternative performance measures 203
Parent company financial statements 206
Notes to the parent company financial statements 209
Independent Auditor’s report 226
Share information 231
Statement of Corporate Governance 104
32
102
Our vision
A healthy planet
and society, shaped
by sustainable
commerce
Our purpose
To help everything
and everyone find a
new purpose
Our mission
By creating perfect
matches through
our locally loved,
internationally
connected
marketplaces
We champion
sustainable
commerce
Adevinta is a leading online classifieds
group and champion for sustainable
commerce with a focus on Europe.
Our portfolio of 25+ digital marketplaces
spans consumer goods, mobility, real
estate, holiday rentals and jobs. Every
month, our industry-leading technology
enables more than 120 million people and
over a million businesses across Europe
to connect and trade. Loved local brands
include leboncoin in France; mobile.de
and Kleinanzeigen in Germany; Fotocasa
and InfoJobs in Spain; Subito in Italy;
Marktplaats in the Netherlands and the
Canadian marketplace Kijiji.
Our international team of diverse
individuals are united in their purpose
to make a positive impact on the
environment, the economy and society,
every single day.
Adevinta - Changing commerce together.
Annual Report 20234
About Adevinta
We are a champion for
sustainable commerce,
making a positive impact
on the environment, the
economy and society.
Monthly visits
2.5 billion
Revenue FY2023
€1,826 million
EBITDA FY2023
€651 million
Annual Report 2023 5
Annual Report 2023 7
Our marketplaces
We are a leading online classifieds group, operating
digital marketplaces across Europe. With a presence in
France, Germany, Spain, Italy and Benelux and beyond,
our marketplaces span consumer goods, mobility, real
estateand jobs.
Canada
Brazil
€1.8 billion
Revenues (FY23)
5,2001
Employees (approx)
10
Countries
25+
Digital portfolio
2.5 billion
Monthly visits
1
Excluding JVs and countries divested during 2023
About Adevinta > Our marketplaces
Annual Report 20238
Spain
France
Italy
Austria
Germany
Netherlands
Belgium
Ireland
KEY
EU5 markets
JVs + Canada
C:0 / M:63 / J:91 / N:0
Annual Report 2023 9
Adverts.ie is an Irish mobile-
first community marketplace
for people to browse, buy and
sell hundreds of thousands of
items online.
Agriaffaires is the leading online
marketplace dedicated to the
purchase and sale of new and
used agricultural machines
andequipment, wine-growing,
forestry and motorcycle
equipment.
Automobile.it is one of the
fastest growing marketplaces
for buyers and sellers of
vehicles in Italy for private
customers, professional sellers
and advertisers.
A Vendre A Louer is a 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.
Coches.net is Spain’s leading
classifieds site for second-
hand cars and takes pride in
consistently improving the
experience for customers
andusers.
Daft.ie is Ireland’s number
one destination for property
searchers and aims to
empower users through
innovative product features
and in-depth market analysis.
2dehands/2ememain is the
Belgian market leader in
onlineclassifieds with cars,
clothes, construction material
and furniture as the most
popular categories.
DoneDeal is Ireland’s largest
online classifieds site and the
number one destination to buy
and sell cars online for both
private and professional users.
Fotocasa is one of the leading
real estate portals in Spain
with the objective to ensure
users always feel safe when
looking for a home.
Gumtree Ireland helps people
find what they need most,
affordably and locally.
Habitaclia aggregates and
presents the best real estate in
Spain online, to help people to
find their perfect home.
InfoJobs Italy helps companies
to attract the best talent while
assisting jobseekers in finding
the perfect job. Their goal is to
become the market leader in
online recruitment in Italy.
InfoJobs in Spain helps
peoplefind the best jobs
andhelps companies find
thebest talents, quickly
becoming the market leader
inonline recruitment.
Kijiji Canada is like an online
village, connecting you with
neighbours to buy, sell and find
apartments, jobs and services
on a local level.
Kleinanzeigen is a free online
classifieds marketplace that
brings the joy of sustainable
trade to everyone.
L’Argus is one of France’s
leading players in digital
marketing services to the
French automotive industry.
Our brands
Annual Report 202310
About Adevinta > Our brands
C:0 / M:63 / J:91 / N:0
As one of the country’s
mostvisited websites,
leboncoin is France’s go-to
destination for buying, selling
and matching top talents with
great companies.
Locasun is a holiday rental
and travel specialist based in
France that focuses on B2C
online reservations of holiday
properties across Europe.
The MachineryZone site
specialises in the sale and
purchase of used and new
public works, transport and
handling equipment in France.
Marktplaats is the Netherlands’
favorite online source for
selling or buying anything you
could possibly want, from
boats and services to clothing
andhouses.
Milanuncios is a 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.
Motos.net 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.
OLX is the market leader in
generalist online classifieds
in Brazil, reinventing the
consumption model and
particularly popular for cars
and real estate.
Subito is Italy’s leading online
classifieds service and is
among the top ten most
visited websites in Italy, as well
as being the favorite 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.
Willhaben is Austria’s biggest
digital marketplace as a result
of their large number of ads
with a focus on delivering a
great customer experience.
Zap develops products,
intelligence, services and
information within the real
estate market all over Brazil.
Zap was formerly known as
Grupo Zap.
VivaReal is an online real estate
marketplace that connects
buyers, sellers, and renters with
properties inBrazil.
Annual Report 2023 11
Jouteau_Antoine_13A9697.jpg
©Léa Crespi
Photography: @Lea Crespi
2023 marked an important milestone for
Adevinta. Wemade great strides in transforming
our organisation and laying the foundations to
accelerate our business growth.
Message from
theCEO
Photography: @Lea Crespi
Annual Report 202312
About Adevinta > Message from the CEO
Over the past year, we have made significant progress
on redesigning our operating model, verticalising our
organisation in line with our Growing At Scale strategy
and successfully completing our portfolio optimisation.
We have achieved strong financial and operational
performance and continued to deliver against our
targets, despite the tough macroeconomic environment.
Following the divestment of our Hungarian classifieds
business, our portfolio is now centred around our core
European markets of France, Germany, Spain, Italy
and Benelux, complemented by Canada and our joint
ventures. We are delivering significant growth in our
Mobility, Re-Commerce and Real Estate & Emerging
Verticals, substantiating our focus in these areas. As we
progress on our Product and Tech convergence, while
remaining focused on delivering operational excellence
and financial discipline, our approach is starting to
deliver tangible and promising results.
Operational and financial highlights
Total Revenue
€1,826 million
+11% year-on-year
Adevinta reported a strong 2023 financial performance,
delivering on all its financial targets despite market
headwinds and higher share-based compensation.
Revenue growth was 14% for EU5 markets, and total
revenues were up 11% year-on-year at 1,826 million euro.
Group EBITDA reached 651 million euro, up 19% year-
on-year, slightly higher than the full-year guidance,
despite an additional 2 million euro charge on share-
based compensation, as a result of the voluntary offer.
Cash flow generation1 for the period was also strong at
491 million euro, up 12% year-on-year.
Our Mobility business recorded an exceptional
performance, with revenues up 20% year-on-
year, spearheaded by our largest brand mobile.
de in Germany. In Real Estate, we delivered a solid
performance with revenues up 8% year-on-year,
despite interest rate rises and a drop in transactions. In
Re-Commerce, we continued to evolve our propositions
into transactional user experiences andhave recorded
significant growth of more than 50% year-on-year in
transactional revenue.
Our successful rebrand of Kleinanzeigen provides
Adevinta with a strong presence in the competitive
German market for online classifieds. Through this
trusted and aspirational brand, we now provide
new and improved functionality that caters to our
customers’ core needs and we have strong ambitions
to become a full transactional leader in German Re-
Commerce.
A valuable contribution
We aim to help our users to consume more responsibly
by reusing, rather than adding to landfill. Our platforms
contribute to a part of the circular economy and a
more sustainable society, empowering people to
make informed choices and reshaping the market for
second-hand consumer goods, mobility, real estate and
jobs.
We are also helping our users navigate the cost-
of-living crisis with affordable alternatives to new
products and income generated from sales. Adevinta’s
platforms increase purchasing power and help people
find value, connecting them to the things they want and
need. Our impact compounds as demand for our digital
marketplaces continues to grow: in 2023, a record
120 million people used our marketplaces in Europe,
taking advantage of our industry-leading technology to
access tens of millions of products.
Our three verticals - Mobility, Re-Commerce, and
Real Estate & Emerging Verticals - cater to different
elements of everyday life for our users. Our Re-
Commerce business in particular is playing a part in
facilitating the shift to a more circular economy. By
embracing second-hand markets, our users contribute
directly to extending a product’s lifespan, potentially
reducing its environmental footprint and diverting
items from landfill.
Their impact goes far beyond individual choices;
choosing products that align with circular principles
actively shapes our marketplaces, driving industries
toward more resource-efficient practices.
1
Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
Annual Report 2023 13
Our peer-to-peer platforms are open to all, helping to
make our society more just and inclusive. Our range of
business services also fuel growth for our professional
clients and advertisers, and our trusted brands boost
local economies and support small businesses.
A new direction
To maintain our position as a market leader, we
continued to evolve our business during 2023.
We have clarified our vision around our identity,
redesigned the operating model and created a robust
structure organised by verticals. The integration of our
established brand portfolio enables us to build market
share across all areas of our business.
We are also investing in our risk and governance
approaches, and are continuing to focus on financial
discipline in our ongoing transformation. In September,
we welcomed Elisabeth Peyraube as Adevinta’s
new Chief Financial Officer. Elisabeth adds strong
digital consumer and media platform expertise,
combined with extensive experience leading finance
transformations. I am confident that her leadership
skills and focus on driving growth will help us meet our
future ambitions.
Focus on technology and innovation
By putting technology and product at the heart of
the company, we are making it easier for people
to changethe way they buy and sell goods online.
We want to make second-hand the first choice for
our users, creating a ripple effect to shift broader
consumption habits. We’re investing in propositions,
partnerships and technology that support seamless
trading experiences.
We were happy to appoint Julien Jouhault as our Chief
Product and Technology Officer in April this year, after
covering the role on an interim basis since November
2022, to spearhead our technology efforts. Combining
our product and technology capabilities and tapping
into the expertise of our colleagues across both
disciplines, will further drive our ambitions.
Photography: @Lea Crespi
Collaborating across borders and marketplaces,
our main focus this year has been the creation of
a multi-tenant platform by our well-versed team
of technical professional experts. We are building
shared capabilities across automation, cloud, data, IT
enterprise services and cybersecurity, accelerating
the delivery time of new solutions, enhancing user
experience and creating customer value, while driving
growth and revenue.
By scaling the best elements of each marketplace
across all our platforms, we will quickly deliver
new solutions and present our users with better
experiences, providing high-value deals on trusted
platforms, supported by secure transactions and easy
access to services such as shipping and financing.
Built by our people
Behind all these initiatives, we champion our own
people. They define who we are and are key to our
success. Adevinta is built on diverse communities,
and we take pride in fostering an inclusive culture and
environment. I know that we have asked a lot from
our people, especially this year during our ongoing
transformation, and I’m immensely proud of the work
that we do together. I want to thank each and every one
of our employees for their contribution to Adevinta’s
success in 2023.
Belonging to Adevinta means striving for a positive
impact in everything we do. I’m particularly proud
of the work being done by our Women in Tech
communities across the company. This key initiative
addresses major challenges in our industry, such as
underrepresentation and bias, and shines a light on the
successes of women working in technology.
Our journey to net zero
In 2023, we took important steps to better track and
eventually reduce our environmental impact over time.
We have expanded our sustainability programme by
establishing a baseline for Greenhouse Gas (GHG)
When it comes to sustainability, we want to make
sure we lead by example, and we have introduced
compensation linked to environmental, social
and governance (ESG) metrics for Adevinta’s
management team.
Annual Report 202314
About Adevinta > Message from the CEO
emissions and strengthening our sustainability team,
as well as starting a Double Materiality Assessment to
review the key sustainability issues we face.
Next year, we look to formalise our efforts with clear
sustainability targets and an Environmental Policy.
When it comes to sustainability, we want to make
sure we lead by example, and we have introduced
compensation linked to environmental, social and
governance (ESG) metrics for Adevinta’s management
team. Read more about our approach in the
Sustainability section.
Corporate activity
On 21 November 2023, a voluntary offer was announced
by Aurelia Bidco Norway AS (the “Offeror”) to acquire all
issued and outstanding ordinary A shares (the “Shares”)
in Adevinta. The cash consideration for Shares tendered
in the offer was NOK 115 per Share, corresponding to
an equity value of Adevinta of approximately NOK 141
billion. The offer period under the offer expired on
9 February 2024. Upon expiration, the Offeror had,
pursuant to a stock exchange announcement published
on 22 February 2024, received acceptances under
the offer for approximately 94.8% of the Shares, when
taken together with the Shares to which the Offeror
is conditionally entitled. Subject to the remaining
closing conditions for the Offer, it is expected that the
Offer will be completed in the second quarter of 2024,
following receipt of the necessary regulatory approvals
and clearances.
Outlook
We continue to see various value accretive
opportunities across all our businesses, especially
in our core verticals Mobility and Real Estate. This is
where a large monetisation runway exists, with the
potential to expand throughout the transactional value
chain with new business models and a largely untapped
second-hand commerce pool. Our long-term ambition
for EU5 markets remains strong, with FY 2023–2026
annual revenue growth between 11% and 15%, and an
EBITDA margin between 40% and 45% from 2026.
Adevinta has proven its resilience in an important year
for our business. Not only have we successfully built
the structure for Adevinta’s future, but we have also
continued to deliver exceptional value and trusted
services to our customers and users. We have proven
Adevinta’s capacity to grow in the most challenging
circumstances, transforming the organisation while
delivering strong financial results.
After reorganising the company to be more efficient
and effective, we start 2024 with the right foundation in
place. Next year, we will focus on delivering our Growing
at Scale strategy at speed and scale, while continuing
to add value for our customers and users. I am excited
to bring our new vertical structure to life across the
business, implement new ways of working and help our
marketplaces achieve their full potential.
Of course, we continue to innovate and adapt to meet
ongoing challenges, including high inflation and strong
competition. I have full faith in the ability of Adevinta’s
people to rise to the occasion. The talent and agility of
our teams provides stability for the whole organisation;
this is what makes us successful and what will continue
to drive the business forward.
Antoine Jouteau
CEO Adevinta
1.
Focus on
our five core
geographic
markets
2.
Concentrate
on high-quality
verticals
markets
Growing at Scale Strategy
3.
Become fully
transactional in
Re-Commerce
4.
Leverage
technology
and transform
our advertising
markets
Annual Report 2023 15
Board of
Directors’
report
Board of Directors of Adevinta ASA 18
Accelerating towards a bright future 20
Adevinta Principal Risks 29
Annual Report 202316
Annual Report 2023 17
5
9
6
10
7 8
1
Orla Noonan
Board Chair
Orla Noonan has been Chair of the Board of
Directors of Adevinta since 2018. She 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. Orla Noonan was an
independent Board member at Iliad for 12
years between 2009 and 2021, and at
Schibsted Media Group from 2017 to 2019.
She has been an independent Board
member at SMCP since 2017; Agence France
Presse (AFP) since 2019; Believe since 2021;
and TF1 since 2022. She is a graduate of HEC
Paris and has a BA in Economics from Trinity
College, Dublin.
Shares held in Adevinta: 20,030
2
Fernando Abril-Martorell
Hernández
Board member
Fernando Abril-Martorell Hernández is
currently the CEO of Urbaser, a world leader
in environmental solutions. He has held
various leadership positions in industrial and
financial companies, and from 2015 to May
2021 was Chair and CEO of Indra Sistemas.
He was CEO of Grupo Prisa (2011 to 2014);
CEO of Credit Suisse in Spain and Portugal
(2005 to 2011); and served as CFO and then
CEO of Grupo Telefónica (1996 to 2003). His
earlier experience includes ten years in
different positions at JP Morgan. He has
been a member of the Board of Directors of
Ence Energía y Celulosa, S.A. since 2007.
Fernando graduated in Law and Business
Administration from ICADE (Madrid).
Shares held in Adevinta: 23,000
3
Sophie Javary
Board member
Sophie Javary has over 35 years of
experience in investment banking, both
within M&A and Equity Capital Markets
(ECM). She is currently Vice Chair CIB EMEA
at BNP Paribas. Her previous roles at BNP
Paribas include Head of Corporate Finance,
EMEA (2014 to 2018) and Senior Banker (2011
to 2013). Previously, she spent 16 years at
Rothschild & Co (1994 to 2011), where she
was appointed General Partner in 2002.
Sophie was Director, Head of ECM
origination at Baring Brothers France from
1993 to 1994 and held various positions at
Banque Indosuez (1989 to 1992) and at Bank
of America (1981 to 1986). Sophie Javary is a
Director of Turenne and a member of the
Board of Directors of the NGO Europa Nova.
She was a Director of the Elior Group from
2015 to 2022 and of Euroclear from 2019 to
2022. She has been awarded the French
Légion d’Honneur. Sophie is a graduate of
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 the New York University Graduate
School of Business Administration.
Shares held in Adevinta: 0
1 2 3 4
Board of Directors of Adevinta ASA
Annual Report 202318
Board of Directors’ report
4
Michael Nilles
Board member
Michael Nilles has been the Chief Digital and
Information Officer of Henkel since 2019.
Michael brings more than 20 years of
experience spearheading digital innovation
and large-scale transformations for
multi-billion dollar global businesses and
has extensive knowledge in building
asset-light digital business models and
platform businesses. Prior to his current
role, he was a member of the Group
Executive Board and Chief Digital Officer for
Schindler, as well as the CEO of Schindler
Digital Business. 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 extensive
experience serving on public and private
Supervisory Boards including Deutsche
Lufthansa, Lufthansa Technik, FogHorn
Systems or Predikto.
Shares held in Adevinta: 30,000
5
Julia Jäkel
Board member
Julia Jäkel is an Executive with over 25
years’ experience in media and tech
industries and currently serves as a
non-executive director and advisor. She is
also a member of the Supervisory Board of
the Holtzbrinck Publishing Group and the
European Advisory Board of Google Cloud.
Julia has held various leadership positions in
Bertelsmann SE & Co and has served as a
member of Bertelsmann’s Group
Management Committee since 2013. From
2012 to 2021, Julia Jäkel was CEO of Gruner
+ Jahr, one of Europe’s leading media and
publishing companies. In addition, she was
Chair of the Bertelsmann Content Alliance
(2019–2021), which coordinates the
Bertelsmann content activities in Germany
(Mediengruppe RTL, UFA, Penguin Random
House, Gruner + Jahr and the music
company BMG). Julia Jäkel is particularly
engaged in the intersection between
business, politics and society. She serves as
a member of the Supervisory Board of the
German Press Agency DPA and the
Hamburg Elbphilharmonie, is member of the
Board of Trustees of the University Medical
Center, Hamburg-Eppendorf (UKE), and of
the DFL Foundation (German Football
League). She currently chairs the
“Zukunftsrat”, the Council for the Reform of
the German Public Broadcasting system.
Julia holds an MPhil in International Relations
from the University of Cambridge.
Shares held in Adevinta: 0
6
Kristin Skogen Lund
Board member
Kristin Skogen Lund has been the Group
CEO of Schibsted since 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, and CEO of the Schibsted
companies Aftenposten, Scanpix and
Scandinavia Online. Previously, she held
several roles at the Coca-Cola Company,
serving as Director from 1997 to 1998, as
well as at Unilever and the Norwegian
Embassy in Madrid. Kristin has also served
as a member of the Boards 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.
She is also Chair of the Board at Oslo-
Filharmonien and on the Board of Mozilla
Corporation. Kristin has an MBA from
INSEAD and a BA in International Studies
and Business Administration from the
University of Oregon.
Shares held in Adevinta: 0
7
Aleksander Rosinski
Board member
Aleksander Rosinski has held the position of
Vice President and Senior Advisor at
Schibsted since September 2019. Over the
past two decades, he has accumulated
experience in online marketplaces
management, including in his roles as Vice
President at Telenor, 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 previously served on
the Boards of several companies including
Inkclub, 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
8
Mark Solomons
Board member
Mark Solomons currently serves as Vice
President, Strategic Investments at eBay.
Since joining eBay in February 2016, his roles
have included overseeing eBay’s
acquisitions, investments, acquisition
integration and business development
activities. Mark is also a Board member of
Apollo Korea Inc. (trade name – Gmarket
Korea). Prior to joining eBay, Mark spent
approximately 20 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, he 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 is currently completing a
master’s degree in Behavioral Science at the
London School of Economics. Mark also
served in the Australian Army Reserve from
1991 to 1993.
Shares held in Adevinta: 0
9
Dipan Patel
Board member
Dipan Patel is the Global Head of Consumer
Group at the British global investment firm
Permira. He serves on both the Permira
Investment Committee and Executive
Committee. He is also a Board member of
Axiom, Boats Group, Catawiki, LegalZoom
and The Knot Worldwide. Prior to joining
Permira, Dipan worked for the private equity
fund Gores Group and Lehman Brothers.
Dipan holds a degree in Economics from
Cambridge University, England.
Shares held in Adevinta: 0
10
Julie Simpson
Board member
Julie Simpson currently serves as Vice
President, Head of Internal Audit and Chief
Audit Executive at eBay, where she
oversees three critical risk management and
control functions (Internal Audit, Sarbanes-
Oxley and Enterprise Risk Management), as
well as several of eBay’s finance leadership
development programmes. Julie is also on
the Board of the eBay Foundation. Prior to
joining eBay, Julie spent over 20 years in a
variety of risk, controls, accounting and
finance management roles at Yahoo!, PayPal,
Visto and 3Com. She started her career at
Arthur Andersen, a public accounting firm,
working in the Los Angeles and San Jose,
California offices. Julie has a Bachelor of
Arts in Economics with an emphasis in
Accounting from the University of California,
Santa Barbara and is a licensed Certified
Public Accountant.
Shares held in Adevinta: 0
Annual Report 2023 19
A transformational year
The year marked an important milestone in the Group’s
evolution from a portfolio business to a fully integrated
company. Adevinta has the necessary scale to become
even more of a leading force in European re-commerce,
and the verticalisation of our operations sets the stage
for leveraging that scale to the benefit of the company,
its shareholders and customers.
Over the course of the year, the Board has supported
Antoine Jouteau in leading the company during his first
full year since he was selected as CEO in August 2022.
It has focused on enabling his rapid decision-making in
facilitating the execution of Adevinta’s strategy. We also
welcomed Elisabeth Peyraube as Chief Financial Officer
in September 2023, who brings deep expertise in the
digital consumer sector and extensive experience in
guiding companies through finance transformations.
The Board also had two changes in June 2023, with
Peter Brooks-Johnson departing and Julie Simpson
replacing Marie Huber as one of eBay’s representatives.
Significant progress on the execution of the Group’s
Growing At Scale strategy under Antoine’s leadership
is already showing clear results: profitability has
grown during a challenging year, demonstrating the
resilience of Adevinta’s business model and its talented
employees. The vertical organisation that Adevinta
designed and started implementing in 2023 includes
a new Adevinta Executive structure, dedicated to
defining our new ways of working, while ensuring
that we are in the best position to collaborate across
teamsand functions.
Adevinta’s trusted brands have leading market
positions that can capitalise on strong underlying
growth trends in the second-hand market. TheBoard
is extremely confident about the Group’s growth
prospects, and the Leadership team’s ability
tocontinue to drive the strategy forward.
Engaging with purpose
In addition to monitoring and facilitating Adevinta’s
ongoing transformation, the Board again placed
significant emphasis on engaging with larger
stakeholders, notably for key governance events
such as the general shareholders’ meeting, and
by making themselves available to collect direct
feedback upon request. During those interactions,
the Board discussed, for example, the Group’s capital
structure, share overhang, capital allocation policy
and other strategic topics. The Board has continued
to demonstrate its commitment to best-in-class
corporate governance practices.
In August 2023, Adevinta received an indicative non-
binding proposal from Permira and Blackstone on behalf
of funds advised by Permira Advisers LLP (together
with the advised funds, “Permira”) and funds advised
by The Blackstone Group International Partners LLP
(together with the advised funds, “Blackstone”), as well
as General Atlantic and TCV (each an “Investor”) relating
to a possible tender offer for all shares in Adevinta
(the“Offer”).
Upon receipt of the indicative non-binding proposal,
the Board formed a special committee (the “Special
Committee”), consisting of the five independent
Board members who are not representatives of eBay,
Schibsted and Permira. This Special Committee actively
engaged in the process leading up to the Offer that
was announced on 21 November 2023, in line with
In 2023, Adevinta completed an important chapter in its transformation
into a fully integrated business set up for long-term profitable growth. The
Group has proved its resilience in turbulent macroeconomic conditions,
with the execution of the Growing at Scale strategy continuing at pace and
already contributing to increased Group profitability.
Accelerating towards
a bright future
Annual Report 202320
Board of Directors’ report
applicable regulations and corporate governance
principles, including facilitating a confirmatory due
diligence review and extensive negotiations with the
Investors on commercial terms, structure and other
aspects of an offer.
Following detailed work on valuation, the Special
Committee communicated to the Investors that the
cash consideration should be increased in order for the
Board to give a positive recommendation.
The Special Committee also requested that the Investors
would commit not to waive the closing condition relating
to minimum acceptance in an offer unless, at least, a
majority of the minority shareholders in Adevinta accept
the offer. Although the Investors chose not to increase
the cash consideration, or accept a limitation in the
right to waive the closing condition relating to minimum
acceptance, considering that the cash consideration
represented a premium to trading prices, considering
the fairness opinions received, and considering that
under Norwegian law and corporate governance
principles the Board should not obstruct a bona fide
takeover offer and should facilitate that the shareholders
are enabled to themselves consider the exit opportunity
an offer represents, the Board concluded that Adevinta’s
shareholders should have the opportunity to take their
own individual view on the merits of the offer. Based on
this, on 21 November 2023 the Company entered into
a transaction agreement with, among others, Aurelia
Bidco Norway AS, being the offeror under the offer (the
“Offeror”), setting out the terms and conditions upon
which the Offeror would make the offer to Adevinta’s
shareholders.
The offer document for the Offer was published by the
Offeror on 22 December 2023, which also included the
Board’s statement on the offer. The offer document was
made available on www.abgsc.com.
Upon the expiry of the offer period 9 February 2024
at 16:30 (CET), the Offeror had received acceptance
under the offer from approximately 94.8% of the total
issued and outstanding share capital and voting rights
in Adevinta, thus fulfilling the closing condition relating
to “minimum acceptance”. Subject to the remaining
closing conditions for the Offer, it is expected that
theOffer will be completed in the second quarter of
2024, following receipt of the necessary regulatory
approvals and clearances.
Championing sustainability
As a champion for more sustainable commerce,
Adevinta plays an important role in promoting
sustainable consumption. By facilitating trade
in second-hand goods, Adevinta’s platforms
directly incentivise people to reuse and change
their consumption habits in the long term, cutting
significantamounts of waste and resources.
Adevinta’s sustainability strategy has already
borne several important initiatives, including tying
management bonuses to environmental, social and
governance (ESG) metrics and setting a baseline
for clear emissions reduction targets. Adevinta has
developed a roadmap to deliver its sustainability
strategy with an objective-based approach covering
key ESG issues, as well as initiating a Double Materiality
Assessment to identify issues from both a financial
and impact perspective. Adevinta is looking forward
to embedding sustainable principles more deeply into
its business strategy, and ensuring they are a central
component of Adevinta’s daily operations.
Embracing future technologies
In a constantly changing environment, Adevinta needs
to be able to capture opportunities to develop its
market-leading offering, in line with best practices
around emerging technology. Generative artificial
intelligence (AI) will bring major changes in many
industries and Adevinta and its brands are well-
positioned to leverage these opportunities.
The Board is engaging with the various options
presented by AI and assessing the best strategic fit
with Adevinta’s assets, given AI’s potential to both
improve productivity and offer promising new solutions
to improve the customer experience. AI can be a
crucial tool to help potential users find Adevinta’s
platforms and content, facilitate their interactions on
its marketplaces, optimise our operations and support
employees in building our products. Adevinta’s Product
teams are being trained on the usage of generative AI.
Adevinta’s trusted brands have leading
market positions that can capitalise on
strong underlying growth trends in the
second-hand market.
Annual Report 2023 21
Looking ahead
The Board feels confident that Adevinta has all the
ingredients to continue to grow profitably over the long
term, independent from whether it remains publicly
listed or becomes private. Adevinta’s focus on well-
established brands in EU5 markets has solidified its
position as a European technology champion with
strong roots in local communities. The sale of the
Hungarian online classifieds business in September
2023 furthers Adevinta’s portfolio strategy as well as
its operational focus on EU5 markets in Europe. It has
also navigated and managed the shift in dynamics in
Germany’s evolving competitive market situation.
With an experienced and driven leadership team, ready
to seize the benefits of the deep improvements made
across the business, Adevinta is well-positioned for the
next chapter in its transformation, leveraging scale to
deliver strong growth and drive sustainable change.
The Group’s financial results
Consolidated revenues in 2023 amounted to €1,826
million compared to €1,644 million in 2022, an increase
of 11%, led by growth in online classifieds and by strong
growth from transactional services, while advertising
continued to be impacted by the overall weaker
advertising market.
Consolidated EBITDA amounted to €651 million
(compared to €548 million in 2022), an increase of 19%
compared to 2022 (see the section on each business
area for more detail).
Depreciation and amortisation amounted to €(300)
million (€(300) million in 2022), mainly driven by the
amortisation of intangible assets acquired as part of
the eCG acquisition in June 2021.
Share of profit of joint ventures and associates
improved from €(121) million in 2022 to €(108) million in
2023, mainly due to a decrease in deferred tax assets
amounting to €(16) million after reassessing their
recoverability in 2022 and improved results in 2023
(€7million), partially offset by higher impairment loss in
2023 (€(90) million compared to €(80) million in 2022).
Impairment loss in 2023 was €(147) million (€(1,722)
million in 2022) and was mainly attributable to Canada
(€(146) million), as a result of an updated estimate of
the expected growth trajectory, with the loss being
distributed to the trademark. Adevinta acquired the
businesses in Canada as part of the eCG acquisition
inJune 2021.
In 2023, the Group’s other income and expenses
amounted to €(117) million (€(112) million in 2022). This is
primarily due to integration-related costs, mainly arising
from the acquisition of eCG, Aurelia offer – related costs,
verticalisation project costs and rebranding costs.
Operating profit in 2023 amounted to €(21) million
(€(1,707) million in 2022).
Financial position and cash flow
The carrying amount of the Group’s assets decreased by
€(386) million to €11,598 million during 2023, mainly due
to the depreciation and amortisation (€(300) million),
impairment of other intangible assets (€(147) million),
the share of profit (loss) of joint ventures and associates
(€(108) million) and the decrease in receivables related
to the sale of subsidiaries (€(40)million).
These were partially offset by capitalised expenses
(€120 million), the increase in right-of-use assets
(€31million) and the exchange gain in the period driven
by the appreciation of the exchange rate of the BRL
against the EUR, increasing both the investments in
joint ventures and associates (€17 million) and the
value in EUR of the loan in BRL (increase of €7 million)
granted by Adevinta Finance AS to Bom Negócio
Atividades de Internet Ltda (OLX Brazil joint venture).
Also contributing was the interest accrued in relation to
this loan (€23 million).
The carrying amount of the Group’s liabilities
decreased by €(253) million to €3,183 million during
2023, mainly due to the repayment of the EUR Term
Loan B (€(150) million) and USD Term Loan B (€(237)
million) as well as a decrease in deferred tax liabilities
(€(101) million), mainly due to amortisation of intangible
assets and impairment of intangible assets. This was
partially offset by an increase in other current liabilities
amounting to €258 million, mainly due to an increase
in the corporate income tax liability (€77 million),
share-based compensation liabilities (€43 million),
other accrued expenses of (€56 million), mainly due
to Aurelia offer-related costs (€22 million), and trade
payables of €25 million.
The Group’s equity ratio was 73% as at 31 December 2023,
compared to 71% as at 31 December 2022.
The Group had, at 31 December 2023, net interest-
bearing debt of €1,809 million and €507 million total
liquidity available. Management considers Adevinta’s
liquidity and refinancing risk to be acceptable
considering the cash generation projections as well as
the cash conversion rate of the business.
Annual Report 202322
Board of Directors’ report
Net cash flow from operating activities was €467 million
for the year, compared to €352 million in 2022. The
increase is, primarily, related to an increase in gross
operating profit. Net cash flow from investing activities
was €(64) million for the year, compared to €(92) million
in 2022. The decrease in cash outflow is mainly due to
an increase in proceeds received from the disposal of
subsidiaries (net of cash sold) in 2023 partly offset by an
increase in the development and purchase of intangible
assets and property, plant and equipment. Net cash flow
from financing activities was €(416) million for the year,
compared to €(429) million in 2022. The decrease in
cash outflow is, primarily, due to no purchase of treasury
shares during 2023, partially offset by higher repayment
of interest-bearing loans during 2023.
Voluntary offer to acquire all issued and
outstanding ordinary Class A shares in
AdevintaASA
On 21 November 2023, a voluntary offer (the “Offer”)
was announced by Aurelia Bidco Norway AS (the
“Offeror”) to acquire all issued and outstanding
ordinary A shares (the “Shares”) in the Company.
The Offer was announced by Permira and Blackstone
on behalf of funds advised by Permira Advisers
LLP and funds advised by The Blackstone Group
International Partners LLP, as well as General Atlantic
and TCV. Pursuant to the Offer, the consideration
for Shares tendered will, at the election of accepting
shareholders, be settled with NOK 115.0 per Share in
cash, in depository receipts with indirect exposure
to the Offeror, or as a combination of cash and such
depository receipts, subject to certain limitations.
The complete terms and conditions of the Offer
are set out in an Offer document published by the
Offeror and approved by the Oslo Stock Exchange
on 22 December 2023. For further information on the
outcome of the Offer, please refer to Events after the
balance sheet section below or visit www.abgsc.com.
The Company has considered the implications
of the Offer on its outstanding debt. The Offeror
has, in the Stock Exchange Announcement dated
21 November 2023 announcing the voluntary offer,
disclosed that it, following completion of the Offer
and subject to satisfaction of the closing conditions,
intends to redeem the outstanding notional of the
Company's €660 million senior secured notes due
2025 and €400 million senior secured notes due 2027
and repay and cancel the outstanding notional of the
Company's €761 million senior facilities due 2028,
plus accrued interest. Otherwise, the Company has
sufficient liquidity and credit availability to meet its
upcoming debt obligations.
Due to the Offer, the expected manner of settlement
has changed from shares to cash on a pro-rata basis
for most of the Company’s share-based awards,
resulting in an increase in liabilities of €43 million
with a corresponding increase in personnel costs of
€(2)million and decrease in equity of €41 million.
Annual Report 2023 23
Group Performance (on a combined basis)
Group
Adevinta reported a strong 2023 financial performance,
delivering on all its financial targets despite market
headwinds and higher share-based compensation.
Revenue growth was 14% for EU5 markets, and total
revenues were up 11% year-on-year at 1,826 million
euro. Group EBITDA reached 651 million euro, up 19%
year-on-year, slightly higher than the full year guidance,
despite an additional 2 million euro charge on share-
based compensation, as a result of the voluntary offer.
Cash flow generation1 for the period was also strong at
491 million euro, up 12% year-on-year.
France
Leboncoin, France's largest site for second-hand sales,
is a leader in the automotive and real estate markets
and a key player in the employment and holiday rental
markets. More than 72 million ads are constantly online
on the platform, which attracts more than 28 million
unique visitors every month2. Leboncoin ranks second
among overall ecommerce platforms in France and
was chosen as France's favourite second-hand and
Real Estate brand
3&4
. Leboncoin subsidiaries include
Agriaffaires (agricultural equipment), MachineryZone
(construction equipment), Truckscorner (trucks), A
Vendre A Louer (real estate), Locasun (B2C vacation
rentals) and L'argus (cars).
In 2023, overall revenue increased by 11%, benefitting
from double-digit growth in online classifieds and the
continued strong ramp-up of transactional solutions.
Advertising revenues were down 7% compared to the
year before, due to the impact of reduced activity from
media agencies and programmatic. EBITDA was up 6%
year-on-year and EBITDA margin decreased by two
percentage points, mainly reflecting the evolution of
the business mix with an increasing share of transaction
services and a decreasing share of highly profitable
advertising revenues.
Mobile.de
Mobile.de is the biggest vehicle marketplace and market
leader in Germany
5
. Mobile.de has around 40,000 dealer
customers in Germany and beyond, with 1.3 million
average live listings and an average of 107 million visits
per month. The site features the largest range of cars,
commercial vehicles and motorcycles in Germany and
provides easy access to all relevant ownership models,
from buying to financing to leasing. In 2023, mobile.de
launched two platform updates with various innovations,
including a new communications centre to direct offers
and better data access. In addition, mobile.de has
introduced a new packaging structure that is better
tailored to the needs of its commercial customers.
In 2023, mobile.de overall revenue increased by 26%,
mainly benefiting from the recovery in dealer listings
through the year, the successful implementation and
execution of the dealer price adjustments in April 2022
and 2023, including increasing value for customers,
and the strong performance in upselling. Mobile.de's
revenues also benefited from the good dynamic of
private sellers, while advertising revenues were down
year-on-year. EBITDA was up 42% year-on-year, and
EBITDA margin improved by five percentage points,
driven by the positive top-line development and
operating leverage, partly offset by an increase in
personnel costs, as a result of the annualisation of
investments in product enhancements and in sales and
customer support operations.
European Markets
Adevinta’s European Markets comprise a portfolio of
European online classifieds sites with well-recognised
brands across Germany (Kleinanzeigen), Benelux
(Marktplaats, 2ememain and 2dehands), Spain
(InfoJobs, Coches, Motos, Fotocasa, habitaclia and
Milanuncios), Italy (Subito, Infojobs and Automobile.
it), Austria (willhaben) and Ireland (Daft, DoneDeal and
Adverts). Adevinta exited Hungary (Használtautó.hu,
Jófogás and Autónavigátor) in September 2023.
With more than 50 million live ads and more than
35 million unique users per month, Kleinanzeigen
(formerly eBay Kleinanzeigen) is one of the leading
online classifieds markets and among the most visited
websites in Germany. It is a leader in generalist online
classifieds in terms of both awareness and usage,
spanning consumer goods, jobs, real estate and more.
The Group’s business in Spain is one of the country’s
largest online classifieds businesses based on revenues
and audience, and comprises a group of complementary
online classifieds sites. These include jobs vertical
InfoJobs, motors vertical coches.net, real estate portals
Fotocasa and habitaclia, as well as Milanuncios, one of
the largest general classifieds sites in Spain and a source
of listings for real estate and motor vehicles. In Spain, the
Group is one of the largest providers of cars, job listings,
real estate and consumer goods.
1
Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
2
Médiamétrie NetRatings March 2023
3
France FEVAD ranking
4
French Favourite Brand® ranking for second-hand and real estate sites 2023
5
Based on 1.4m listings; (mobile.de); (Feb 2024). Visits on mobile.de are around 3.3x higher than visits on Autoscout24; Similarweb (www.similarweb.com), Feb 2024
Annual Report 202324
Board of Directors’ report
6
Source: Casaleggio Associati - E-commerce Italy ranking 2024
7
The numbers presented in this section do not include willhaben (50/50 joint-venture, not consolidated)
8
The numbers presented in this section do not include OLX Brazil (50/50 joint-venture, not consolidated)
Benelux comprises the Netherlands (with Marktplaats),
and Belgium (with 2dehands/2ememain). With over
8 million unique visitors each month and 350,000
new ads per day, Marktplaats is one of the largest
online trading platforms in the Netherlands for private
and business sellers of used and new products. It
successfully launched transactional services in 2017
and has continued to improve with the launch of
shipping in 2019 and the launch of buyer protection, as
well as the integration of a second shipping company
in 2022. In 2023, the platform expanded its shipping
services by adding home shipping for a second carrier,
which increased shipping adoption among users. The
Group’s operations in Belgium are the leading generalist
classifieds in both the Flemish regions (2dehands) and
the Walloon regions (2ememain), with over three million
people who buy and sell on the Belgian platforms every
month (with an average of 70,000 new listings per day).
The Group carries out its operations in Italy through a
group of complementary classifieds sites. These include
Subito, the second largest e-commerce platform in
Italy
6
, the country’s leading online classifieds service,
InfoJobs, and Automobile.it, which is one of the leading
marketplaces for buyers and sellers of vehicles.
In Austria, the Group operates willhaben, a 50/50
joint venture that was founded by Schibsted and
Styria Medien AG in 2006. Willhaben is a fast-growing
generalist classifieds site, as well as a market-leading
operator in motors and real estate verticals.
In Ireland, the Group operates three classifieds sites
as part of Distilled SCH: DoneDeal is a generalist online
classifieds site with a strong presence and is part of
our Mobility vertical; Daft is a market leader in our Real
Estate vertical; and Adverts is a generalist classifieds
site with a strong market position, particularly in the
Dublin area.
In 2023, European Markets
7
revenue increased by 11%
year-on-year (excluding Hungary and Kufar), supported
by double-digit growth in Benelux, Italy and Ireland.
EBITDA was up 11% year-on-year, while EBITDA margin
increased by half a percentage point despite the
revenue mix evolution.
International Markets
International Markets comprises online classifieds
assets in Canada and Brazil. The Group operates in
Canada through Kijiji Canada, a leading generalist
classifieds platform that enables millions of Canadians
to make money and shop deals in their communities.
Kijiji has strengths in motors and real estate, and spans
more than 400 categories in total. Kijiji is one of the
most visited automotive marketplaces and the largest
site for real estate rentals in Canada.
The Group’s online classifieds in Brazil consist of OLX
Group, which is one of the market leaders in real estate,
autos and second-hand, with 50 million monthly users
trading on the platforms in 2023. In October 2020,
OLX Brazil acquired Grupo Zap, including the ZAP and
VivaReal brands, a key player in the nation’s online real
estate classifieds market.
In 2023, International Markets
8
(Canada) revenue, at
constant scope, was down 17% year-on-year, driven by
currency impact and continued contraction in vibrancy
impacting both online classifieds and advertising
performance. EBITDA was down 13% year-on-year and
EBITDA margin improved by five percentage points.
Annual Report 2023 25
Investing in technology
Adevinta’s product and technology specialists are
dedicated to providing customer-centric and best-in-
class products and services for users. They strive to
address customer needs quickly and efficiently, while
being proactive and vigilant when it comes to data
privacy and protection.
In 2023, Adevinta’s Product and Technology team
significantly shifted its approach to building
marketplaces. Historically, the team’s focus was on
consolidating enabling capabilities such as cloud and
data, and overarching elements such as chat and
moderation. However, the compelling case for stronger
consolidation prompted a change in this strategy. The
core rationale lies in a pronounced overlap in customer
needs across all of Adevinta’s markets and the technical
complexity inherent in expected user experiences.
Rather than individually addressing local market
customer needs — such as the full transactional journey,
AI-assisted search and modern approaches to first-
party advertising and personalised marketing — the
team has opted to avoid duplicating these investments
to unlock and dedicate more capabilities to innovate. In
collaboration, Kleinanzeigen, leboncoin and global teams
embarked on transforming the two platforms into a
unified global platform to support Adevinta’s generalist
marketplaces. Throughout 2023, significant progress
was made and the team is actively working to present
the results to Adevinta’s users and customers.
Simultaneously, engineering teams were restructured
to align with Adevinta’s target objectives. The teams
plan to continue accelerating progress on all of these
efforts in 2024.
Generative AI
In 2023, Adevinta initiated extensive exploration of
generative AI at scale. This encompassed activities
ranging from raising awareness through large-scale
in-house hackathons and workshops (17 held in 2023),
to acclimatising our engineers to the application of
generative AI and its paradigms and architectures.
It also included prioritising product enhancements,
such as the AI-assisted placement of ads on Adevinta
marketplaces, improvements in SEO, improving the
efficiency and relevancy of our customer relationship
and the generation of job descriptions. The team also
invested in improving productivity with generative AI,
including through assisted coding and automated code
documentation. Adevinta plans to intensify investments
in AI in 2024.
Cloud and infrastructure
Cloud and infrastructure continue to be a major focus
amid the consolidation of Adevinta’s infrastructure
landscape to a single public cloud vendor for our EU5
businesses, and the move towards becoming 100%
cloud-native by 2025. In 2023, the team successfully
moved most of the EU5 on-premise platforms to
Amazon Web Services and the Canadian business
to Google Cloud Platform. In the process, the team
set up the foundational components of a shared
internal developer platform. In 2024, it plans to close
three of four data centre footprints, onboard most
product platforms onto Adevinta’s common internal
development platform and accelerate innovation in
engineering productivity. With the first generative
AI use cases applied to engineering productivity in
production, the Group is already seeing the value
benefits of its cloud strategy at scale.
Enterprise platforms and technology operations
In 2023, the team established the technical foundations
for a centralised IT organisation, focusing on internal
users and functions. They consolidated systems of
record into a global portfolio supporting standardised
functional operating models. Costs for IT services in
the portfolio are at, or below, industry benchmarks.
Adevinta’s technology-related risk posture is robust,
achieving 90% effectiveness in internal IT controls
(internal control over financial reporting), while
addressing the remaining 10% throughout 2024.
In 2024, the team aims to elevate operational maturity,
collaborating with core functions and enhancing the
user experience through global standard tools and
processes. The team’s refined mission is to “turn our
internal users into our biggest fans”, driving efficiency
and user satisfaction using a product mindset,
AI, and process automations, measured against
defined KPIs. With the recent consolidation of sales
technology departments and local IT assets, enterprise
platforms and technology operations now govern the
entire internal tooling portfolio, facilitating further
simplification and rationalisation in 2024.
Annual Report 202326
Board of Directors’ report
Data and analytics
As part of Adevinta’s data strategy, the team increased
the adoption of global data capabilities from 43% to 87%
in 2023, which has helped to optimise cloud costs, deliver
synergies and increase the effectiveness of data users.
It has also aligned KPIs and metric definition for verticals
to accelerate decision making, focused on supporting
discovery and implementation of generative AI use cases,
and assisted regulators with input on foundational models
and user profiling for upcoming AI regulations.
In 2024, the team will focus on maximising value out
of data by fostering autonomy in data ownership
and value extraction across all Adevinta teams, and
continue the journey to become an AI-native company.
In particular, it will focus generative AI acceleration
efforts on three pillars:
↘ How users find and access our marketplaces:
through AI assistants, AI SEO content engine to
enhance buyers' guidance
↘ The way Adevinta’s users use marketplaces:
customer service, ad insertion automation, AI-
assisted search
↘ The way Adevinta’s marketplaces are built and run:
internal AI Assistants to reduce lead time of internal
processes, engineering productivity, marketing and
advertising content generation and personalisation
Risk overview
Adevinta operates in a highly dynamic environment
with exposure to a wide range of operational,
strategic and external risks. Adevinta’s Enterprise
Risk Management (ERM) Framework enables the
identification of threats and opportunities and the
appropriate response.
Our ERM Framework helps senior management within
the organisation to make risk-informed decisions
aligned with our strategic objectives. Through a
combined top-down and bottom-up risk assessment
process, the ERM Framework supports the identification
and mitigation of the most significant risks that could
hinder the achievement of these objectives.
Roles and responsibilities
Our Board holds responsibility for the oversight of
the Adevinta ERM Framework. The Board delegates
authority to the Audit and Risk Committee (ARC) to
oversee risk management activities on its behalf. On at
least a bi-annual basis, the ARC receives a risk report
that highlights the principal risks that could have the
biggest impact on Adevinta and details how they are
trending and where they sit within our risk appetite.
Annual Report 2023 27
Specific principal risks undergo a deep dive assessment
that brings together information from across the risk
management cycle to provide confidence about how
the risk is being managed. A calendar for deep dives
is agreed upon with the ARC on an annual basis and
the assessments are presented to the ARC by the risk
owners with the support of the Risk team.
All leaders, at all levels, are responsible for risk
management within their respective areas, ensuring
that risks are identified, captured and monitored as
part of the risk assessment process. Their roles and
responsibilities include monitoring exposure against
the principal risks; reviewing risk assessments and
providing input into the top-down risk process; using
risk information to inform strategy development; and
ensuring the risk landscape is appropriately monitored.
The central Risk team is responsible for facilitating
the risk management process and maintaining an
appropriate framework. The Risk team reports to our
Chief Financial Officer.
ERM Framework
The ERM Framework was developed to set out a holistic
and coordinated approach to manage risks within
the organisation. The framework supports the risk
assessment process within the organisation and helps
drive consistency between top-down and bottom-up
risk data. The framework and its related procedures are
available for all employees on Adevinta’s intranet.
Adevinta identifies three main risk categories:
↘ Strategic risks – risks that may impact the strategic
vision or ability to execute key strategic objectives
and investments
↘ External risks – external environment risks that
the business is exposed to, e.g. macroeconomic/
geopolitical risks or competition
↘ Operational/functional risks – risks that may impact
the day-to-day operations of the marketplaces and
corporate functions
The impact of the Aurelia Bidco Norway takeover from a
risk and opportunity perspective, including the impact
on our people and regulatory implications, will be fully
factored into Adevinta’s risk landscape in the next risk
assessment (H1 2024), once the offer is completed.
Annual Report 202328
Board of Directors’ report
Risk Category Risk and Risk Elements Risk Mitigation
Strategic
Execution Risk
↘ Inability to execute on key elements of Adevinta’s
strategy
↘ Strong governance over key transformation
programmes
↘ Measure and monitor progress against business goals
ESG Strategy Implementation
↘ Failure to deliver on ESG strategy, as a result of an
inability to meetthe needs of its stakeholders
↘ Failure to develop a sustainability culture
↘ Lack of appropriate governance around ESG
↘ Dedicated sustainability function and sustainability
strategy
↘ Processes to improve data accuracy and availability
in relation to sustainability
↘ Explore incorporating green tech into products and
internal operations
External
Macroeconomic and Competition Risk
↘ Widespread changes in the political, social or
macroeconomiclandscape
↘ Competition from established industry players
↘ New trends and business models
↘ Monitor key changes at a marketplace and group level
↘ Diversify offerings to respond to changes and remain
competitive
↘ Consider broader impacts of macroeconomic and
geopolitical events (e.g. cybersecurity)
Operational/
Functional
Legal and Regulatory Risk
↘ Legal compliance breaches
↘ Speed of regulatory change
↘ Compliance with new regulations
↘ Legal function coordinates activity across regulatory
domains
↘ Representation in each vertical
↘ Dedicated resource for key focus areas, e.g. data
privacy or antitrust
↘ Strong relationships with external counsels and
regulators
Information and Cybersecurity Risk
↘ Cyber attacks
↘ Exposure to IT security breaches
↘ Lack of or ineffective IT controls and governance
↘ Awareness campaigns across the business,
e.g.onphishing
↘ Monitor performance against the cybersecurity
strategy
↘ Policies rolled out across key areas in line with the
NIST cybersecurity framework
↘ Security guardrails
Talent Access and Retention Risk
↘ Limited resources to meet the expectations of
today'sworkforce
↘ Competitive advantage of other companies in terms
of accessing talent
↘ Understanding and forecasting talent needs in a
reactive manner
↘ Compromising the level of talent acquired as a result
of the speed of recruitment to fulfil Adevinta's growth
targets and mitigate attrition levels
↘ Improve employee data access and accuracy to
support decision making and improve talent/retention
risk management activities
↘ Monitoring the external environment to continue being
competitive as an employer
↘ Identifying training and development opportunities
to develop employees internally and empower new
leadership
Operational Risk
↘ Governance, focus and capital allocation
↘ Lack of appropriate process controls and ethics and
complianceframework
↘ Management of third parties
↘ Data risk
↘ Introduce new frameworks, policies and procedures,
including training to support roll-out
↘ Align annual budgeting, review and decision-making
processes to the operating model and delegation of
authority
↘ Key policies in place to support supplier risk
management
↘ Personal data breach playbook, policies and data
governance function
Financial Risk
↘ Liquidity risk
↘ Foreign exchange risk
↘ Interest rate risk
↘ Continuously monitor financial risks through the
Corporate Finance function
↘ Policies and frameworks to support key mitigation
activity e.g.hedging
Adevinta Principal Risks
Annual Report 2023 29
Financial risk management
Through its international operations, Adevinta is
exposed to fluctuations in the exchange rate of a
basket of currencies, which include the Brazilian real
(BRL), Canadian dollar (CAD), Norwegian krone (NOK),
pound sterling (GBP) and United States dollar (USD). On
a consolidated basis, the currency risk is considered
low. Adevinta monitors this exposure by minimising
the build-up of foreign currency cash and matching
cash inflows with cash outflows 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 Adevinta’s 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
committed credit facilities.
For more details on currency, credit, interest-rate
and liquidity risk, please refer to note 7 (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 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 that 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, for example, to serve on the Board of
Directors of an affiliated company, are also covered by
the policy.
Adevinta ASA
Adevinta ASA is the Parent Company of the Group and
is located in Oslo, Norway. Adevinta ASA incurred a
loss after tax of €(36) million (€(2,523) million in 2022)
mainly due to expenses related to operating activities,
the Aurelia offer and taxes partly offset by net financial
income (€(2.544) million due to impairment loss in 2022).
As at 31 December 2023, Adevinta ASA had total assets
of €9,541 million and the equity ratio was 81%. 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 related to the financial year
2023. The Board of Directors proposes that the loss after
tax of €(36) million is transferred to other equity. As at
31 December 2023 Adevinta ASA had total equity of
€7.755 million and the Board of Directors has determined
that Adevinta ASA has adequate equity and liquidity.
Outlook
We continue to see value-accretive opportunities across
all our businesses. In our core verticals Mobility and Real
Estate where a large monetisation runway exists, with the
potential to expand throughout the transactional value
chain with new business models and a largely untapped
second-hand commerce pool. Our long-term ambition
for our EU5 markets remains strong with 2023–2026
annual revenue growth between 11% and 15%, and an
EBITDA margin between 40% and 45% from 2026.
Annual Report 202330
Board of Directors’ report
Our 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 EU5 markets of Germany, France, Spain, Benelux
and Italy
↘ Concentrating on high-quality verticals: Mobility and
Real Estate, which present a significant opportunity
to increase monetisation
↘ Becoming fully transactional in consumer goods,
expanding into a growing and profitable online
commerce market
↘ Leveraging technology and transforming advertising
to preserve revenue and adapt to the evolving
market
Adevinta continues to operate in a challenging market
environment with high inflation and interest rates,
coupled with low consumer confidence. Overall, our
strategic pillars – Mobility, Real Estate and transactional
businesses – are performing well despite the broader
macroeconomic context, demonstrating the robustness
of their business models, while the advertising market
tends to be more volatile.
The integration and transformation of the businesses is
progressing well and, together with our strong focus on
operational excellence and cost discipline, is delivering
further results.
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 of Directors confirms that the
prerequisites for the going concern assumption exist
and that the financial statements have been prepared on
a going concern basis.
Events after the balance sheet date
Voluntary offer to acquire all issued and outstanding
ordinary Class A shares in Adevinta ASA
On 21 November 2023, a voluntary offer (the “Offer”)
was announced by Aurelia Bidco Norway AS (the
“Offeror”) to acquire all issued and outstanding
ordinary A shares in Adevinta. The offer period under
the Offer expired on 9 February 2024. The Offer
was, pursuant to stock exchange announcements on
12 and 22 February 2024, announced as accepted
for a total of 238,577,833 Adevinta shares, which,
taken together with the 885,909,719 Adevinta shares
(incl. the class B shares) to which the Offeror is
conditionally entitled, equals approximately 94.8%
of the total issued and outstanding share capital and
voting rights in Adevinta on a fully diluted basis, thus
fulfilling the closing condition in the Offer relating
to “minimum acceptance”. Subject to the remaining
closing conditions for the Offer, it is expected that the
Offer will be completed in the second quarter of 2024,
following receipt of the necessary regulatory approvals
and clearances.
Other than the matters described above, no further
matters have arisen since 31 December 2023 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 (signatures)
Orla Noonan
Board Chair
Fernando Abril-
Martorell Hernández
Board member
Kristin Skogen Lund
Board member
Antoine Jouteau
CEO
Sophie Javary
Board member
Julia Jäkel
Board member
Aleksander Rosinski
Board member
Julie Simpson
Board member
Mark Solomons
Board member
Dipan Patel
Board member
Michael Nilles
Board member
Annual Report 2023 31
Annual Report 2023 33
In 2023, we focused on embedding our sustainability
approach across our own operations. We strengthened
the systems that underpin all of our sustainability
efforts by developing our methodologies, improving
data gathering and bolstering reporting. We created
a more accurate and comprehensive baseline for our
greenhouse gas (GHG) emissions, adding granularity
to our accounting and reporting process to better
understand where our GHG emissions come from
and how best to address them. We will use this to set
effective targets and chart our journey for reducing our
Scope 1, 2 and 3 GHG emissions.
We have placed transparency at the heart of
our approach to sustainability, adopting a more
conservative methodology for calculating our avoided
emissions and taking a more nuanced view of what
motivates consumers to shop second-hand, instead
of purchasing new products. To increase transparent
reporting capabilities, and drive greater adoption of
sustainable initiatives across the company, we have
strengthened our sustainability team, with additional
expertise in environmental engineering and reporting.
As well as rolling out our overall Growing At Scale Strategy,
we added an additional layer to our sustainability strategy
providing a clear roadmap for Adevinta to focus our
actions. Basing our sustainability strategy on objectives
and key results will improve our clarity and flexibility, and
empower our employees to initiate new projects that
meaningfully contribute to our various initiatives.
We also developed a new green tech strategy which
will help us adopt more sustainable design rules across
the company and reduce our indirect emissions in
the future, for example, from third-party data centres.
Due to our work in 2023, our technology team can now
start monitoring the estimated carbon emitted by their
operations. We intend to adopt best practices around
green tech developed by our team at leboncoin into our
overall product and tech strategy in 2024.
We were not part of the Dow Jones Sustainability Index
in 2023. We recognise that we are on a journey and
continue to work on improving our environmental data
quality; strengthening and promoting our sustainability
strategy and deepening our engagement with various
stakeholders to build sustainable practices.
This year, we included questions on sustainability
in our employee survey for the first time, and will
use the results to track our progress on employees’
engagement with sustainability initiatives going
forward. We have already started training employees
on the global impact of climate change and how we can
expand sustainability at Adevinta, and will continue to
build on these initiatives to raise internal awareness.
We continued to focus on building a strong inclusive
culture by supporting employee networks such as
Adevinta for Everyone (A4E), our grassroots diversity,
equity and inclusion (DEI) movement. In2023, we also
made several changes in response to the findings of
our gender audit, updating relevant policies, launching
workshops and putting in place further programmes
to support women leaders at Adevinta. We now have
targets to increase diversity at senior leadership and
middle management level, as well as within the product
and technology team.
As a company built around the digital economy, we
takeour responsibility to protect our customers and
end users very seriously. This not only improves their
day-to-day experience on our platforms, but also
protects our platforms' reputation as some of the
world’s most trusted marketplaces. We continue to
invest in expertise and technology to provide best-
in-class capabilities that protect against fraud and
address data privacy and cybersecurity challenges. In
2023, we grew our data privacy team, which enabled
us to accelerate our Privacy Programme and Global
Privacy Framework.
Sustainability is an important part of our work at
Adevinta. Championing the circular economy means
we aim to help our users become better consumers
with each purchase they make, driving lasting change.
Adopting environmental, social and governance
principles will ensure that we embrace this mission
across every aspect of our business. For the first
time, we have integrated environmental, social
and governance (ESG) metrics into our short-term
management incentive plans, ensuring this process
starts at the top.
In the following pages, we have detailed our progress
over 2023 as we continue to build a more sustainable
business that aligns with our core purpose.
Adevinta is built on sustainability: our marketplaces
encourage reuse and are an instrumental tool in the
shift to a circular economy, leading to less waste and
more responsible commerce. This purpose directs our
strategy and touches every area of our business.
Annual Report 2023 35
Our materiality matrix represents material topics
forboth Adevinta and our stakeholders, with the
most significant issues located in the top right
corner of the map. Our latest revision was in 2021
following the completion of our acquisition of
eBay ClassifiedsGroup. Since our last revision, the
followingtopics are considered to have become
morematerial due to changes in context and
stakeholders’ expectations:
↘ Transparent compliance –
good corporate governance:
Upcoming regulations on ESG reporting, including
the CSRD (Corporate Sustainability Reporting
Directive) and the EU Taxonomy for Sustainable
Activities, require companies, including Adevinta,
to increase data and transparency around their
impacts, supported by a structure for data
governance to ensure traceability.
Our response
We recognise that we need to develop our data
collection and its transparency. In 2023, we
put together a roadmap with clear stages for
compliance with CSRD and the EU taxonomy, and
have started to implement it.
We initiated a new Double Materiality Assessment
in the last quarter of 2023 to align with the
new regulatory framework and the CSRD. More
information on our “CSRD Journey” is on page 41
andin the “EU Taxonomy” on pages 45-47.
↘ GHG emissions and energy use:
The disclosure of Scope 1, 2 and 3 GHG emissions
will become mandatory under CSRD reporting.
The EU’s upcoming Corporate Sustainability Due
Diligence Directive (CSDDD) will also introduce an
obligation to address climate-related impacts.
Our response
We need to ensure we are complying with CSRD
and CSDDD reporting and develop our emissions
data. We have established a robust baseline for
calculating our own carbon footprint in 2023
andwill set meaningful carbon reduction targets
in2024.
We have reviewed our organisational and operational
boundary and Scope 3 GHG emissions inventory
to fully alignwith the GHG protocol. We have also
improved data quality and traceability as part
of our internal data collection process to ensure
our emissions calculations are as representative,
accurate and transparent as possible (see
“Environment information” on pages 48-50 for more
detail).
↘ Circular economy –
promote responsible consumption:
The European Union (EU) is developing several
directives and regulations aimed at increasing
circularity, while avoiding misinformation and
greenwashing, including the Sale of Goods Directive,
the Empowering Consumers Directiveand the
Packaging and Packaging Waste Directive.
Our response
We are developing initiatives to extend the
product lifecycle beyond reselling, in line
with our sustainability strategy. Our digital
marketplaces arealso analysing how they can
further contributeto the circular economy, such
asrefurbishment business models via partnerships
for specific product categories, and increasing
userawareness of the environmental impact of
theirconsumption.
↘ Diverse and inclusive workforce:
We acknowledge that creating a more inclusive
environment at Adevinta will enhance employee
engagement and foster a sense of belonging. We
also recognise that our customer pool is incredibly
diverse, and we need to catertoits different needs
by developing accessible products.
Our response
Our DEI team collaborates with internal
grassrootscommunities that focus on gender
equity, LGBTQ+ rights, women in tech and a vast
range of DEI-related matters. Our “North Star''
is increasing female representation across the
business, as we operate in an industry that has,
traditionally, attracted less women. In 2023, we
aimed to attract more women to key management
positions, with initiatives such as our Women in
Leadership (WIL) programme.
We seek to create a positive impact on the lives of
our employees, customers, users and communities.
Materiality analysis
Annual Report 202336
Sustainability report
↘ Data protection and safety – user privacy, safety and fraud protection:
We have different mechanisms to understand customer satisfaction. Trust between buyers and sellers was a
keytheme forusers in our marketplaces in 2023.
Our response
We recognise that the issues around data privacy and protection present major industry challenges. Our
data protection as well as our trust and fraud protection teams focused on ensuring our users felt safe on
ourplatforms throughout 2023. More information is in the “data privacy” and “trust and fraud protection”
sections on pages 71 and 78-79.
Stakeholder involvement
Who we spoke to How we spoke tothem What matters most to them
Users User surveys
Market research
Social media
↘ Circular economy
↘ Make products accessible for all
↘ User privacy, safety and
fraudprotection
↘ Data protection and safety
Employees Interviews
Employee surveys
↘ GHG emissions and energy use
↘ Resource and waste management
↘ Responsible supply chain management
↘ Inclusive marketplace for everyone
↘ Circular economy
↘ Attract, retain and develop talent
↘ R&D innovation focusing on
sustainability
↘ Data protection and security
Management Interviews
Surveys
↘ Circular economy
↘ Data protection and safety
↘ User privacy, safety and fraud protection
↘ Promote responsible consumption
↘ Attract, retain and develop talent
↘ Diverse and inclusive workforce
↘ Good corporate governance
Investors andESG
analysts
Interviews
Surveys
Enquiries analysis
↘ Good corporate governance
↘ GHG emissions and energy use
↘ Data protection and safety
↘ User privacy, safety and fraud protection
↘ Diverse and inclusive workforce
↘ Attract, retain and develop talent
↘ Healthy and safe workplace
European
legislators
Desktop analysis ↘ Sustainable investments and ownership
↘ User privacy, safety and fraud protection
↘ Fair business practices
Adevinta ESG Materiality Matrix
Impact
R&D innovation
focusing on
sustainability
Responsible supply
chain management
Inclusive marketplace
for everyone
GHG emissions
and energy use
Healthy and
safe workplace
Good corporate
governance
Diverse and
inclusive workforce
Promote
responsible
consumption
Circular economy
Data protection
and safety
Attract, retain and
develop talent
Make products
accessible for all
Transparent
compliance
ESG investing
Positive impact on
local communities
Resource and waste
management
Stakeholder
priority
User privacy,
safety andfraud
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).
Environment
Social
Governance
Annual Report 2023 37
1. Everyone is on deck
Ensure our people understand the implications
of the environmental crisis, starting with climate
change, andthe impact of these global challenges
on their lives and our business. We believethis will
foster managementaccountability and broader
sustainability awareness amongall ouremployees.
2. Our house is in order
Set clear ESG strategies, policies and processes
to hit our sustainability targets, including clear
targets for reducing our carbon footprint.
3. Our house is safe
Ensure we are aware of and compliant with new
European regulations, and follow best practices for
ESG disclosure.
4. Our house helps other houses
Create a broader positive impact on our
widestakeholders and communities; for
example,helping our users to reduce their
owncarbon footprint.
1.
Define
a clear
strategy
2.
Focus on key
results and
objectives
3.
Measure
our data
accurately
4.
Bring all our
stakeholders
along
5.
Put people
first
Our Sustainability Roadmap will deliver our sustainability strategy. For each objective, the sustainability
team has a three-year plan to deliver key activities using a “definition and execution” approach.
Sustainability strategy
Our sustainability strategy is centred around our goal of becoming
a European champion in the circular economy. Our five pillars to
secure sustainable change are:
Our Sustainability Roadmap covers four key objectives:
Annual Report 202338
Sustainability report
We have increased internal
communications with our employees to
better explain how we are embedding
sustainability throughout the company,
with initiatives such as:
↘ Sustainability Bytes: An ongoing series of
eventsran throughout 2023 on Adevinta’s
sustainable approach, featuring presenters on
key areas of interest, including in-house GHG
footprint calculations, the environmental impact
of digital technologies and Adevinta’s role, and our
sustainability strategy and Sustainability Roadmap.
↘ Adevinta Insider articles: The Insider is a weekly
newsletter for our employees. Sustainability
stories this year covered our carbon offsetting
procedures, our ESG metrics linked to our variable
incentive programme, and our plan for reducing our
company’s carbon footprint.
↘ Quarterly meetings: In 2023, we started
hosting quarterly meetings with sustainability
representatives from our marketplaces to update
on key projects, creating better relationships with
our local sustainability representatives.
↘ Webpage updates: We have updated our intranet
Wave, and our external webpage to provide more
transparency on our sustainability efforts.
↘ Engagement Survey: In 2023, we included
sustainability-related questions in our
Annual Engagement Survey for the first
time to measure our progress in embedding
sustainability within Adevinta. Results showed
that our employees believe sustainability
should become a bigger part of our leadership
team’s decision-making process. Employees
also want increased support from managers to
integrate sustainability within their work. We
are developing programmes to address both of
these issues. For more information about our
Engagement Survey, see “Employee wellbeing”
on page 64.
While we have made progress in implementing
our sustainability strategy across the company,
we recognise that we can do more to align all our
local marketplaces with our new approach.
Our sustainability strategy focuses mainly on
environmental impact, which could affect how
we focus on our social and governance issues.
In 2024, we plan to address this by better
coordinating our DEI strategy, cybersecurity
strategy and data privacy strategy with our overall
Sustainability Framework.
Once we have completed our Double Materiality
Assessment as part of our CSRD compliance (see
page 41 for more details), we will also update our
Objectives and Key Results Framework.
Annual Report 2023 39
We welcome the implementation of the EU’s regulatory
framework for sustainability reporting, but we also face the
challenges of complying with new regulations and directives that
form part of the European Green Deal. Approved in 2020, this set
of policy initiatives by the European Commission aims to support
the EU in becoming climate neutral by 2050.
CSRD journey
40 Annual Report 2023
Sustainability report
The CSRD is designed to transform organisations to
make progress on material ESG impacts, risks and
opportunities.
CSRD requires an unprecedented level of transparency,
which we need to incorporate. In 2023, we started
a company-wide project to implement CSRD in line
with EU deadlines. We started training our teams
to preparekey departments for CRSD compliance.
Training has taken the form of presentations to the CFO,
public affairs, investor relations, risk and compliance
and data teams.
Adevinta’s roadmap to Compliance
The road to CRSD compliance has severalstages:
↘ Scoping: Assess which Adevinta entities fall within
the scope of CSRD and the applicable reporting
deadlines. As the Group’s parent company,
Adevinta ASA, is a public interest entity listed on
the Norwegian Stock Exchange, we also had to
review the intended amendments to the Norwegian
Accounting Act in order to adopt the CSRD
reporting requirements.
↘ Double Materiality Assessment (DMA): Identify
and assess impacts, risks and opportunities
throughout our own operations and value chain. We
have completed our DMA in Q1 2024.
We have examined the materiality of each ESG topic
across two dimensions:
a. Impact materiality: The impact of the business
on people and the environment (the inside-out
perspective)
b. Financial materiality: Sustainability matters that
trigger material financial effects on the company
(the outside-in perspective)
↘ Gap analysis: Review the alignment of our existing
processes and systems with the European
Sustainability Reporting Standards that apply to
Adevinta under the CSRD. To be completed in 2024.
↘ Action plan: Eliminate the identified gaps and work
on the requirements of data automation and digital
tagging. We will allocate the necessary internal
resources in order to achieve compliance by the
time the CSRD takes effect on Adevinta. To be
completed in 2024.
What is Double Materiality?
An ESG topic meets the criterion of ‘double
materiality’ if it is material from, either, the
impact perspective or the financial perspective
or both. Double Materiality Assessment is a
core compliance requirement of the European
Sustainability Reporting Standards (ESRS)
and helps us to determine which ESRS we
need to disclose, dictating the content of our
sustainabilitystrategy.
The CSRD will become the key framework to further
drive and deploy our ESG transformation. We are
committed to reporting the impacts of our climate-
related risks and opportunities, as defined by the Task
Force on Climate-Related Financial Disclosures (TFCD),
aligned with CSRD requirements.
Annual Report 2023 41
Highlights in 2023
↘ Updated policies and created new programmes in response to findings from our gender audit in2022
↘ Reshaped structure and content of our Women in Leadership (WIL) Programme for relaunch in 2024
↘ Launched Adevinta Academy as one-stop learning platform, offering around 300 courses
foremployees
↘ Held second in-person A4E conference, focusing on microaggressions and micro-interventions
↘ Held Authentic Allyship workshops, involving more than 150 employees
↘ Provided six-month external coaching as part of our WIL Programme and expanded our Women in
Tech communities
Social
↘ GHG emissions accounting and reduction:
– Updated internal GHG accounting and reporting system, eliminating gaps and improving
datacollection
– Established GHG baseline emissions to guide material reduction targets
↘ Offset 2022 GHG emissions by purchasing 42,938 Gold Standard - verified carboncredits
↘ Embedded sustainability in our products and technology:
– Developed and approved a green tech strategy, with objectives and key results to include
inour product and technology strategy
– Hosted workshops to improve internal awareness of climate change impacts and mitigation
– Completed initial setup of Cloud Carbon Footprint tool
↘ Issued 2022 Second-Hand Effect Report
Environment
↘ Integrated ESG metrics related to the GHG emissions data collection process into short-term
managementincentive plans
↘ Integrated control and monitoring mechanisms into our Procurement Quality
GovernanceFramework
↘ Completed ESG internal audit
↘ Created Ethics and Compliance Committee under Group Regulatory Compliance Framework
↘ Updated Speak Up and Investigations Policy to meet requirements under
theEU Whistleblowing Directive
↘ Cybersecurity:
– Defined a new 2024 global cybersecurity operating model
– Extended global cybersecurity coverage in core European markets
– Performed a Global Firewall audit
– Assessed cybersecurity controls for all marketplaces
↘ Data privacy:
– Expanded data privacy team to accelerate Privacy Programme and Global Privacy Framework
– Launched training initiatives related to strategic plan and privacy-related risks
– Hosted 50 privacy hour sessions and educated more than 500 employees on personal data
and GDPR compliance
Governance
42 Annual Report 2023
Sustainability report
How to read this report
Objectives Material Topics Pages Section
Everyone is on deck Diverse and inclusive workforce 60-61 Social
Attract, retain and develop talent 61-65 Social
Our house is in order
GHG emissions and energy use
48-51
Environmental
Resources and waste management
48-51
Environmental
Healthy and safe workplace 65 Social
Responsible supply chain management
83-84
Governance
R&D innovation focusing on sustainability
81
Governance
Our house is safe
Transparent compliance
73-75
Governance
User privacy, safety and fraud protection
78-81
Governance
Good corporate governance
73-75
Governance
Data protection and safety
71
Social
Our house helps other houses
Positive impact on local communities
68-70
Social
Promote responsible consumption
53
Environmental
Circular economy
53
Environmental
Make products accessible for all
60-61
Social
Inclusive marketplace for everyone
60-61
Social
ESG investing
81
Governance
Annual Report 2023 43
EU Taxonomy
With the implementation of the EU Taxonomy Regulation,
Adevinta must disclose information about Turnover,
capital expenditures (CapEx) and operating expenses
(OpEx) related to its environmentally sustainable
economic activities. The EU Taxonomy, established by the
European Union, identifies and classifies these sustainable
economic activities across six key objectives: mitigating
climate change, adapting to climate change, sustainable
management and protection of water and marine
resources, transitioning to a circular economy, preventing
and managing pollution, and conserving biodiversity and
ecosystems.
The EU Taxonomy Regulation entered into force on
1 January 2023 in Norwegian law.
↘ For the economic activities included in the Climate
Delegated Act, reporting on both eligibility and
alignment (excluding amendments 2022/1214) is
required in 2024 (FY 2023).
↘ For the economic activities included in the
Environmental Delegated Act, reporting on both
eligibility and alignment is voluntary in 2024 (FY 2023).
Adevinta decided to report on both delegated acts.
As 2023 is the first year of EU Taxonomy reporting, no
comparative figures for previous years are presented.
EU Taxonomy eligibility screening
Initially, the sustainability team screened all taxonomy-
eligible activities corresponding to the six environmental
objectives and shortlisted 14 economic activities for which
Adevinta could potentially be eligible, based on relevant
Turnover-generating business or company efforts. The
sustainability team involved stakeholders from product
and technology teams, our three vertical businesses,
and the legal team to further assess the shortlisted
activities. Based on the discussions and gathered data, we
concluded the following:
↘ In the Climate Delegated Act, the economic activity 8.2
Computer programming, consultancy and related
activities from the environmental objective Climate
Change Adaptation was identified as eligible, but
deemed immaterial in relation to the total operations
of the company. Therefore, Adevinta reports 0%
eligibility for the objectives of the first Delegated Act.
As this economic activity was deemed immaterial,
we decided not to further assess its alignment with
the EU Taxonomy criteria for substantial contribution
and Do Not Significantly Harm (DNSH) criterias.
Therefore, Adevinta also reports 0% alignment for the
environmental objectives of the first Delegated Act.
↘ In the Environmental Delegated Act, one of our
economic activities is eligible → Circular Economy:
Activity 5.6 Marketplace for the trade of second-
hand goods for reuse.
1. EU Taxonomy
The economic activity contributes to the Circular
Economy objective and in accordance with Article 5 of
Delegated Regulation (EU) 2023/2486 of 27 June 2023,
Adevinta voluntarily discloses the proportion of this
taxonomy-eligible activity 5.6 in our total financial year
2023 Turnover, CapEx and OpEx (listed in the tables
under AboutthisReport), as well as the accompanying
qualitative information in accordance with Section 1.2 of
Annex I Delegated Regulation (EU) 2021/2178 (see below).
This year, we focused on Adevinta’s relevant Turnover-
generating economic activities. However, we have
additionally identified some economic activities that
could also become potentially eligible when considering
our company’s investments into eligible activities
(CapEx and OpEx indicators). We intend to analyse
these other possible eligible economic activities in the
future in order to create more transparency about our
sustainability efforts.
Scope identified EU Taxonomy - eligible economic
activity
Transition to a circular economy: 5.6. Marketplace for
the trade of second-hand goods for reuse (NACE codes
J58.29, J61, J62 and J63.1.)
Adevinta operates several marketplaces for the trade of
second-hand goods for reuse that have been assessed
to be in scope of this EU Taxonomy description:
1. leboncoin (France)
2. Kleinanzeigen (Germany)
3. Marktplaats (Netherlands)
4. 2dehands – 2ememain (Belgium)
5. Subito (Italy)
6. Milanuncios (Spain)
7. Kijiji (Canada)
Important note on the Turnover, CapEx and OpEx
allocation approach
With respect to Adevinta’s financial KPIs it is important
to note that:
↘ The EU Taxonomy description of activity 5.6 restricts
the products to second-hand items manufactured
by economic activities under a specific list of NACE
codes only, whereas the Adevinta marketplaces
in scope also involve the trade of new items and
products not included in the NACE code list (for
example second-hand vehicles).
↘ The financial KPIs (Turnover, CapEx, OpEx) required
by the EU Taxonomy are not being tracked at product
level on our marketplaces.
Annual Report 2023 45
Consequently, we had to map the financial KPIs using
an approach based on product analytics, insights and
estimates in order to extract the part of the financial
KPIs for 2023 that fully corresponds to the description
of activity 5.6 in the EU Taxonomy and can therefore be
considered an eligible activity.
Our funnelling approach is visually represented in the
following figure and is described in more detail below.
Turnover analysis and calculation
The denominator in the Turnover proportion, i.e. net
Turnover as defined in Article 2, point (5), of Directive
2013/34/EU, corresponds to the total revenue from
Adevinta’s group financial consolidation
1
.
The numerator in the Turnover proportion should only
include the revenue streams from the marketplaces
within the scope of EU Taxonomy activity 5.6:
↘ Classifieds revenue: Insertion fees, such as fees paid
to list or extend an ad; feature fees, such as optional
fees paid for extra visibility; and subscription fees,
such as what we charge to our car dealers and real
estate agencies.
↘ Transactional revenue: Payment revenue (i.e. buyer fee),
delivery revenue, and other transactional revenue.
↘ Advertising revenue: We sell space for
advertisements to businesses looking to promote
their products or services. Advertisers pay for
exposure to the platform's audience.
To calculate the numerator of the Turnover for this
category we followed the next approach:
1. We started with the consolidation of tracked revenue
streams (classifieds, transactional and advertising)
from the vertical “Consumer goods” and product L1
category “Motor parts and accessories” for each of
the Recommerce marketplaces in scope (leboncoin,
Milanuncios, Kleinanzeigen, Subito, Marktplaats,
2dehands-2ememain and Kijiji). Where no tracking
was in place at L1 category level, we used an
allocation approach based on pageviews.
2. Subsequently, we followed a step-wise approach
to extract the EU Taxonomy-eligible part from this
consolidated revenue:
↘ In order to only extract the revenues related to the
second-hand products, we excluded the revenue
streams from the professional sellers, based on the
following assumptions:
– Since no tracking was available on the type
of products (new or second-hand) listed by
professional sellers, we adopted a conservative
approach assuming 100% new items, meaning
no revenues from professional sellers were
accounted towards eligibility.
– Since revenues from private sellers are intrinsically
associated with pre-owned products, 100%
second-hand items were assumed, meaning the
revenues from private sellers were fully accounted
towards eligibility. As revenue split wasn’t available
EU Taxonomy activity 5.6 eligible
Turnover, CapEx, OpEx
Eligible EU taxonomy
products
Adevinta Group
Leboncoin, Kleinanzeigen, Marktplaats,
2dehands – 2ememain, Subito, Milanuncios,Kijiji
Eligible EU taxonomy product
categories
Eligible EU taxonomy
second-hand
products
Annual Report 202346
Sustainability report > Environmental information
for all revenue streams at the time of the analysis,
we extrapolated the split tracked within classifieds
revenue to the remaining revenue streams
(transactional and advertising).
↘ In order to only extract the revenues associated with
the trade of second-hand products manufactured
under the restricted NACE codes listed in the
description of economic activity 5.6, we applied
a conservative approach based on the available
insights from product analytics:
– Matching the product categories of our
marketplaces with the NACE codes list of
restricted second-hand products in the
description of the EU Taxonomy activity 5.6.
– Applying an overall applicability score to each
assigned product category that corresponds
to the degree of representativeness of the EU
Taxonomy restricted products (on a scale of 0-5,
where 5 means that all products listed in this
category are part of the EU Taxonomy restricted
products list).
– Correction of revenues per product category
according to the average weighted applicability
scores based on our “pay-outs” proxy - the
revenues from the second-hand products
associated with an applicability score of 5 were
fully counted towards eligibility, while all values
below this were counted proportionally according
to the applicability score.
Based on this approach, we determined that 6% of our
2023 Turnover can be classified as Taxonomy-eligible.
CapEx and OpEx analysis and calculation
The EU Taxonomy specifically defines CapEx as:
a. an aggregation of additions to property, plant and
equipment; to internally generated intangible assets,
including in a business combination or acquisition;
to investment properties acquired or recognised
in the carrying amount; and, where applicable, to
capitalised right-of-use assets;
b. an aggregation of additions related to acquisitions
through business combinations;
c. an aggregation of expenses incurred in relation to
taxonomy-eligible economic activities and expenses
incurred as part of a CapEx plan.
The denominator in the CapEx proportion corresponds
to the total CapEx from Adevinta’s groupfinancial
consolidation
2
.
Since our 2023 CapEx is calculated on a consolidated
basis at Adevinta Group level, we had to apply an
allocation approach to calculate the numerator,
representing the CapEx associated with the
Recommerce marketplaces in scope (leboncoin,
Milanuncios, Kleinanzeigen, Subito, Marktplaats,
2dehands-2ememain and Kijiji). This allocation was
based on the share of the capitalised costs for the
Recommerce marketplaces as part of the 2024
verticalized budget.
Based on this approach, we determined that 46% of our
2023 CapEx can be classified as Taxonomy-eligible.
The EU Taxonomy specifically defines OpEx as direct
non-capitalized costs that relate to research and
development, building renovation measures, short-term
leases, maintenance and repairs, as well as other direct
costs related to the day-to-day servicing of property,
plant and equipment.
For Adevinta, the EU Taxonomy definition of OpEx for the
denominator is different from the one corresponding
to our group financial consolidation. Therefore the
denominator only includes a part of our consolidated OpEx:
↘ OpEx related to Research and Development
non-capitalized costs – in Adevinta’s group financial
consolidation
3
.
↘ OpEx related to Rent, Maintenance, Office expenses
and Energy costs – in Adevinta’s group financial
consolidation
4
.
Since our 2023 OpEx has been calculated on a
consolidated basis at Adevinta Group level, we had
to apply an allocation approach to calculate the
numerator, representing the OpEx associated with
the Recommerce marketplaces in scope (leboncoin,
Milanuncios, Kleinanzeigen, Subito, Marktplaats,
2dehands-2ememain and Kijiji). This allocation was
based on the share of the operational costs for the
Recommerce marketplaces as part of the 2024
verticalized budget.
Based on this approach, we determined that 46% of our
2023 OpEx can be classified as Taxonomy-eligible.
Key figures EU Taxonomy Reporting
Please refer to About this report to see our EUTaxonomy
tables.
1 As disclosed in Note 6 Revenue recognition.
2 As disclosed in Note 19 Intangible assets (Additions and Acquired through business combinations), Note 20 Property, plant and equipment (Additions)
andNote 28 Lease agreements (Additions).
3 As disclosed in Note 19 Intangible assets (Research and development expenses).
4 As disclosed in Note 13 Other operating expenses (Rent, maintenance, office expenses and energy).
Annual Report 2023 47
Measuring our carbon footprint
We are committed to managing our environmental
impact and calculating, monitoring and reporting our
carbon footprint, representing the total amount of
GHGemissions our business emits (eitherdirectly
orindirectly).
Adevinta has undergone several changes to its group
structure since it was founded in 2019, resulting in many
different enterprise resource planning (ERP) systems,
policies and processes across the Group, often requiring
a marketplace- or entity-specific data collection
approach. In 2023, we started our vertical transformation
programme to centralise our approach, with numerous
operational implications that have challenged our GHG
data collection.
In order to set 2023 as a baseline for our
GHG emissions the following key updates
and improvements were made to our GHG
reporting in 2023:
↘ Completeness and consistency – Reviewed
Adevinta’s organisational and operational
boundaries in line with the GHG protocol,
eliminating detected data gaps
↘ Accuracy – Developed the internal data
review process for data completeness
andquality
↘ Transparency – Integrated a data traceability
framework
↘ Relevance – Automated the centralised
data collection process, aligned with our
organisational transformation
↘ Organisation – Bi-annual data collection with
allocated teams
2. Climate change
Key take-aways
The big increase in our GHG emissions is mainly a
consequence of the extended scope and better data
coverage following the updates and improvements made
to our GHG reporting in 2023. Our 2023 results therefore
do not allow for year-on-year comparability.
Some key take-aways on our Scope 1, 2 and 3 emissions:
↘ Our Scope 1 and 2 include emissions from our
leased offices (26%), company leased/owned
cars (11%) and on-premise data centres (63%).
The increases compared to 2022 are mainly as
a consequence of revisiting our operational and
organisational boundaries:
– Four new leased offices (Brussels, Shanghai,
Berlin and Hamburg), one on-premise data centre
(in France) and our leased car fleet from three
additional countries (Italy, Spain, the Netherlands)
have been added to the reporting scope.
– Gas boilers and on-premise data centres,
previously accounted for under Scopes 1 and
3 respectively, have now been corrected and
accounted for under our Scope 2.
– Leased cars that were previously accounted
for under Scope 3 (business travel) have now
been accounted for under Scope 1 (non-electric
vehicles) and 2 (electric vehicles) respectively.
↘ Our main increase has been on our Scope 3 emissions:
Five new Scope 3 categories have been added
(accounting for 20% increase of 2022 Scope 3):
– Cat. 4 - Upstream Transportation and Distribution:
Vehicle delivery service purchased by Adevinta
for the online vehicle buying and selling service
(Online-Kauf) from our mobile.de marketplace.
– Cat. 8 - Upstream leased assets: Emissions from
our leased coworking spaces (used as offices).
– Cat. 9 - Downstream Transportation and
Distribution: Transportation and packaging
emissions from products transacted through
Adevinta’s Recommerce marketplaces.
– Cat. 11 - Use of Sold Products: Emissions from the
energy consumed by our users when accessing
Adevinta’s online marketplaces from their
personaldevices.
– Cat. 15 - Investments: Emissions associated with
Adevinta’s joint ventures, associate companies
and new investments made in 2023 by Adevinta’s
investment arm (Adevinta Ventures).
Annual Report 202348
Sustainability report > Environmental information
Emissions Breakdown 2023
Total inventory emissions across scopes (Mt CO2e)
1,2,3
267,650 40,279 4,710 5,179
Scope 1 2023 2022 2021 2020
Total (Mt CO2e) 484 196 12 2
Stationary Combustion – 196 11 –
Mobile Sources 484 – 1 2
Fugitive Emissions – – – –
Scope 2 2023 2022 2021 2020
Total (Mt CO2e) 1,795 1,991 2,612 3,976
Scope 2 Market-Based 1,795 854 1,187 1,953
Scope 2 Location-Based 4,016 1,137 1,425 2,023
Scope 3 2023 2022 2021 2020
Total (Mt CO2e) 265,371 38,945 3,273 3,154
3.1 Purchased Goods and Services 202,184 24,879 – –
3.2 Capital Goods 1,305 455 - -
3.3 Energy-Related Activities Not in Scopes 1 and 2 1,151 5,017 2,144 2,188
3.4 Upstream Transportation & Distribution 52 – – –
3.5 Waste (Operations) 326 71 – –
3.6 Business Travel 4,155 1,753 1,129 1,036
3.7 Employee Commuting 2,299 5,870 – –
3.8 Upstream Leased Assets 642 – – –
3.9 Downstream Transportation & Distribution 36,181 – – –
3.11 Use of Sold Products 16,083 – – –
3.15 Investments 992 – – –
1
Market-based Scope 2 has been used in total.
2
Emissions of non-CO2 GHGs have been converted to CO2e using the conversion factors from the IPCC's Fifth Assessment Report.
3
These figures have been rounded to the nearest whole number.
↘ The combined (more than 7-times) increase in our
Purchased Goods and Services, Capital Goods
and Business Travel categories, is expected to be a
combination of the extended scope, improved data
completeness and quality, but could also be partly
explained due to our ongoing transformations and
verticalization that might have increased the need for
resources and business travel.
↘ The 81% decrease in Fuel and Energy-related activities
is because the emissions from our cloud provider
services have now been accounted for under
Purchased Goods and Services.
↘ Our commuting impact has decreased by 61%
because our calculation methodology has no longer
assumed a 5-day commute, but was corrected for
theactual commuting days based on survey results.
↘ The 4.6 – times increase in waste is due to the
increased office scope (waste generation from 4
additional leased offices and coworking spaces
accounted for) and improved data completeness, where
estimations have been used in case of missing data.
Cat. 1 – Purchased Goods and Services remains the
largest contributor (76%) to our Scope 3, followed by the
newly added Cat. 9 – Downstream Transportation and
Distribution (14%), Cat. 11 – Use of Sold Products (6%) and
Cat.6 – Business Travel (1.6%). The remaining categories
each have a contribution of less than 1%.
A more detailed explanation of our methodology and
scope boundaries applied for calculating our carbon
footprint for 2023, which will serve as the baseline
for ourfuture reduction targets, can be found under
Aboutthis report.
Annual Report 2023 49
Energy consumption within Adevinta
1,2
(MWh)
2023 2022 2021 2020
Fuel consumption from stationary combustion 1,063 1,417 59 -
Consumption of electricity, heating, cooling 14,196 15,583 5,389 6,596
of which renewable electricity 7,537 476 744 334
of which non-renewable electricity 4,610 12,833 2,956 2,896
of which heating 1,197 1,142 1,199 1,617
of which cooling 852 1,132 490 1,749
Total energy consumption
3
15,259 17,054 5,448 6,596
Energy and GHG intensity
2023 2022 2021 2020
GHG intensity (Scope 1 and 2), tonnes CO2e emissions/turnover
€ million
4
1.2 0.8 1.3 3
GHG intensity (Scope 1 and 2), tonnes CO2e emissions/employees
5
0.4 0.2 0.3 0.5
GHG intensity (Scope 3), tonnes CO2e emissions/turnover € million 145.3 2.4 2.9 4.7
GHG intensity (Scope 3), tonnes CO2e emissions/employees 50.9 6.8 0.6 0.8
Energy intensity, MWh/turnover € million 8.4 10.4 4.8 9.8
Energy intensity, MWh/employees 2.9 3.0 1.0 1.6
Waste generated within Adevinta (Mt)
2,6
2023 2022 2021 2020
Total weight of waste generated 314 - - -
of which hazardous waste 0 - - -
of which non-hazardous waste 314 - - -
Total weight of waste diverted from disposal 174 - - -
of which recycled 174 - - -
of which prepared for reuse 0 - - -
Total weight of waste directed to disposal 140 - - -
of which incinerated 102 - - -
of which landfilling 38 - - -
1
Numbers only include energy consumption from leased offices, cars and on-premise data centres accounted for under Adevinta’s scope 2. Data
was gathered according to the approach described under “About this report” on page 88. Net Calorific Values Defra 2023 were used to convert fuel
consumption (litres) to kWh.
2
These figures have been rounded to the nearest whole number.
3
Figure calculated from rounded numbers (exact value: 15,258.30)
4
Turnover: 1,826 million €
5
Number of Adevinta employees (2023 average): 5,216
6
Waste numbers were gathered according to the approach described under “About this report” on page 90. Numbers exclude waste water.
Annual Report 202350
Sustainability report > Environmental information
Green tech strategy
The global information and communication technology
(ICT) industry contributes an estimated 2%–4% of
global CO2e emissions1. Adevinta’s marketplaces
process a significant volume of data, and the data
centres that hold this information consume energy
both during the use phase and their manufacturing,
which, inevitably, has an environmental impact, forming
part of our indirect carbon footprint.
In 2022, our leboncoin green tech team entered
several projects for the Sustainable Digital Challenge,
an international competition that teaches sustainable
design, architecture and code, and won a gold prize.
The team then created a repository of its best
practices, prioritising a number for wider adoption
across the Group. In 2023, we developed our green
tech strategy and OKRs, which have now been
presented to our Chief Product and Technology Officer
(CPTO) and will be included in the Group product and
technology strategy in 2024.
Green tech initiatives in 2023 included:
↘ Climate Fresk: To better understand climate
change and its global impacts: 159 people attended;
17 individuals trained as facilitators
↘ Digital Collage: To focus on the environmental
footprint of our digital world and the actions we
could take to mitigate it: 127 participants; 8 trainers
↘ Cloud Carbon Footprint tool: Initial setup
completed, integrating across all AWS and GCP
resources and markets, allowing Adevinta’s tech
team to closely monitor the estimated carbon
emitted byoperations
↘ Sustainable Challenge 2023: A six-month
programme, for teams to tackle hands-on issues in
their tech stack to reduce environmental footprint
Actions in 2024
We plan to develop and implement a Discovery
Framework to embed good practices in product
anddesign. We will set up checklists to ease the
adoption of sustainable design rules, both before
andafter the coding phase, and start expert training
forour green tech ambassadors in areas including
design, code and cloud, to ensure teams have access
to in-house knowledge.
Actions in 2024
Set GHG reduction targets: We will align our future
targets as much as possible with science-based 1.5°C
pathways. We will, periodically, review and update our
GHG emissions inventory to ensure it remains accurate
and relevant, and will track our progress in reducing
GHG emissions using our 2023baseline.
Establish Environmental Policy: To include our
commitments to all material environmental impacts
(including the circular economy and waste), embracing
key environmental issues that are relevant to Adevinta
and our stakeholders. As soon as we have a better
understanding of the extent to which our activities
can, potentially, impact the environment, we will be
better positioned to develop a policy to minimise
theseimpacts.
Create carbon and environmental roadmap: Lay
out the steps to achieve our GHG reduction targets
and to ensure we are working towards meeting our
commitments in our new Environmental Policy.
ESG incentive
Our management team shapes our strategy, culture
and decision-making processes. We recognise that
tying management team bonuses to ESG outcomes
ensures they consider sustainability in strategic
decision making and day-to-day operations. Over time,
we hope this contributes to a culture of sustainability
led by the top, setting an example throughout Adevinta.
In 2023, our sustainability, compensation and
benefits tams integrated ESG metrics into short-
term management incentive plans for the first time.
Our short-term 2023 incentive plans were tied to
qualitative metrics related to setting a GHG baseline,
since, without a current baseline, we have been
unable to set quantitative metrics. They covered
the emissions accounting process, specifically data
collection and data quality assurance, which will inform
future quantitative reduction targets. Achieving these
metrics was required to unlock 30% of the overall
management bonus. We look forward to our next
stage of setting quantitative GHG reduction targets in
2024 and linking them to our company bonus system
in2025.
1
The real climate and transformative impact of ICT: A critique of estimates, trends, and regulations, Charlotte Freitag et. al 2021.
Annual Report 2023 51
³ The real climate and transformative impact of ICT: A critique of
estimates, trends, and regulations, Charlotte Freitag et. al 2021.
Carbon offsetting
We are committed to transitioning to renewable
energy to reduce our GHG emissions. In addition,
weare investing in environmental projects to reduce
or remove emissions elsewhere (carbon offsetting).
Carbon offsetting allows us to compensate for
carbon emissions that we are not yet able to reduce,
ensuring that we take responsibility for our entire
carbon footprint. We understand that investing in
voluntary emissions reduction projects is only a
temporary solution when it comes to minimising
our environmental impact. We continue to prioritise
actively reducing our carbon footprint and expect
ourdependence on offsets to shrink over time.
We first purchased offsets to compensate for our
2021 GHG emissions. In 2023, we purchased 42,938
Gold Standard-verified carbon credits to offset our
Scope 1, Scope 2 and Scope 3 GHG emissions in 2022.
We select carbon offsetting programmes
based on the following criteria:
↘ Certification (i.e. Gold Standard certification)
↘ Additionality (the project would not have gone
ahead without our purchase)
↘ Longevity (i.e. continuity over time)
↘ Impact (supporting more than one Sustainable
Development Goals (SDGs) and including social
components)
↘ Location (based in a developing country)
↘ Scope (no involvement of renewable energy
orindustrial project)
↘ Avoidance of projects that are difficult to
assess, such as avoided deforestation
Ibanda-Makera cookstove project
Fuel-efficient cooking stoves in use do not
generate any smoke and, therefore, significantly
improve indoor air quality for households
compared to the traditional three-stone cooking
stoves.
The regionally manufactured fuel-efficient cooking
stoves are being distributed free of charge to the
local community. The households provide support
with the installation of the cooking stoves in their
kitchen, i.e. encapsulation of the stoves by means
ofclay and mud.
© LIKANO
© LIKANO
Initiatives in this year’s offset
programmeinclude:
↘ Clean drinking water for schools and
householdsinUganda
↘ Better life in indigenous villages in Bolivia due
tosolar and efficient cook stoves
↘ Biogas systems benefit Nepalese families
↘ Reduced consumption of firewood and
charcoalthrough efficient cook stoves in Malawi
↘ Ibanda-Makera cookstove project in Rwanda
Annual Report 202352
Sustainability report > Environmental information
Second-Hand Effect Report
The purchase of a second-hand item reduces carbon
emissions and resources used for manufacturing a
new item. Adevinta is at the forefront of efforts to cut
waste and resource use by facilitating repurposing of
products. Each time our users buy or sell something
second-hand instead of buying a new item, they
contribute to more sustainable consumption and
circular economy. We call this the Second-Hand Effect.
In 2023, we published the Second-Hand Effect (SHE)
Report, with data from 2022 showing potential savings
in terms of GHG emissions and materials arising from
buying and selling second-hand goods on our digital
marketplaces:
↘ Spain: Milanuncios
↘ Italy: Subito
↘ France: leboncoin
↘ Benelux: Marktplaats, 2dehands/2ememain
↘ Germany: Kleinanzeigen
And our joint ventures:
↘ Austria: willhaben
↘ Brazil: OLX
3. Resource use and circular economy
In 2022, our method for calculating potential savings
in GHG emissions and materials associated with our
digital marketplaces was developed by consulting
company Ethos in collaboration with IVL, the Swedish
Environmental Research Institute. The methodology
was based on the assumption of a 1:1 ratio (one
second-hand product substitutes a first-hand
product), but doesn’t cater for other possibilities. For a
more detailed description of this methodology, please
refer to our 2022 Second-Hand Effect Report.
In Q4 2023, we refined our methodology to calculate
the avoided emissions from buying second-hand
products on our marketplaces in 2023. Our new
approach aims to enhance transparency and accuracy
of our calculated avoided emissions and is therefore
expected to better reflect how our digital marketplaces
contribute to a circular economy. Our updated
methodology is aligned with the core academic
frameworks to calculate avoided emissions: Guidance
on Avoided Emissions, launched by the World Business
Council for Sustainable Development; and the World
Resources Institute Framework for estimating and
reporting Avoided Emissions.
1.5m tonnes
Plastic
28bn
2L PET bottles
91m
plastic waste bins
This is what can potentially be manufactured with this volume of raw materials
9.1m tonnes
Steel
1,247
Eiffel Towers
358m
bikes
That is enough to make
0.9m tonnes
Aluminium
62m
cans
30bn
mobile phones
That’s the same amount of aluminium used to make
or
or
or
Potential resource savings
Annual Report 2023 53
1. Our workforce
Our employees are the bedrock on which Adevinta
is built, so we place people and culture at the heart
of our business, knowing that supporting our teams
and enabling them to grow, both personally and
professionally, is fundamental to our success.
Over the year, we have made great progress in
integrating our teams under our new vertical structure.
We have implemented a new operating model that
allows our local offices to leverage their strengths
and work more efficiently beyond borders, and
strengthened our training and development offerings
to make sure every employee can benefit from our
improved integration.
Throughout the year, we have, continually, engaged with
our employees to guide them through the opportunities
and challenges of our ongoing transformation.
A people-powered transformation
During the first half of 2023, we embedded a more
global way of working for all our employees, creating
a single, unified team that aligns our people-centric
approach and purpose-driven culture. Increased
integration allows us to better emphasise our core
purpose as a champion of sustainable commerce.
We are building on our leadership capabilities to
empower our managers to make informed decisions
and inspire an engaging and collaborative culture
across the business. Through initiatives, such as our
Purpose Driven Leadership Programme, we aim to give
our managers more autonomy, the confidence to lead
with purpose and contribute to Adevinta’s strategic
objectives. Our work on leadership engagement is
bearing fruit, with employees consistently ranking
manager effectiveness at over 84% in our Annual
Engagement Survey.
All our employees play a key role in shaping our
transformation. We want everyone to feel supported and
know that they have the opportunity to develop their full
potential, and we have continued to expand our training
and development programmes: from building change
resilience to improving language capabilities in line with
our globalised structure. We have strengthened our
employee engagement networks and groups, including
raising the profile of the Authentic Allyship community
and, significantly, growing A4E, a grassroots movement
within our company that aims to organise and build
a more inclusive workplace. We have also started to
address the findings of our recent gender audit, and
have set targets over the next three years for increasing
diversity to make Adevinta more inclusive.
Building on our key behaviours
Our key behaviours are embedded throughout our
business (including our performance development
process), so our employees can all contribute
meaningfully to our long-term success.
↘ Act for max impact: Keeping the wider impact
in mind results in better products
for our communities.
↘ Grow through different perspectives:
We approach situations with inclusivity,
curiosity and humility.
↘ Use your voice: We want to foster an
environment where everyone can speak freely
and respectfully.
↘ Win and lose together: We have big ambitions
and achieving them isn’t a solo mission.
↘ Experiment bravely: Taking risks can be
uncomfortable, but when we choose to
experiment bravely, we have the chance to
deliver the best solutions for our customers.
Our employees are our most important asset and a
priority in all our decision making. Considering the pace
of change at Adevinta, giving them a voice has never
been more vital. Employee engagement is a key focus
in these transformational times and we increased the
participation in our engagement activities in 2023 with
all our employees through different channels.
Ensure we are purpose-driven andinclusive for everyone
Annual Report 2023 55
Adevinta Awards atIgnite
In June 2023, our Ignite employee recognition and
awards event was held in Barcelona to recognise
colleagues who live Adevinta’s key behaviours every day,
promote the brand, externally, or foster a supportive
and inclusive work environment. Winners were selected
based on employee and peer nominations and, in some
cases, a voting poll. The event provided an opportunity
for learning and growth through best-practice case
studies, networking, team-building activities and
professional development conferences.
In 2023, 29 employees out of 146 finalists across our
marketplaces and global functions received an award
for their contribution to our company culture. We also
emphasised improving the event’s sustainability and
attendees were encouraged to use more sustainable
travel, avoid single-use items and keep the event as
paperless as possible.
Average number of Adevinta employees
during2023
5,216
Excludes Joint Ventures as well as all markets divested during 2023,
such as Adevinta Hungary. Calculation is based on allemployee types,
including those with temporary contracts. In the following tables, we
have used the total number of employees as at 31 December 2023.
Number of non-employees
Outsourced workforce
1,636
Definition: Part of outsourcing suppliers delivering specific activites. Adevinta is
buyingservices.
Consultants
549
Definition: A team part of a consultancy firm that will deliver a specific project. Adevinta
isbuying projects.
Contingent workers
407
Definition: Individual contractors hired via their own companies – freelancers –
orviaumbrellas or consultancies to perfom a role. Adevinta is buying people’s time.
Total external workforce
2,592
Annual Report 202356
Sustainability report > Social information
Employees by gender and age
Female Male No data Total
Age group % # % # % # % #
20 and under 0% 0 0% 0 0% 11 0% 11
21–30 8% 407 10% 504 0% 1 18% 912
31–40 19% 998 29% 1,504 0% 1 48% 2,503
41–50 11% 558 17% 861 0% 1 27% 1,420
51–60 2% 122 4% 187 0% 0 6% 309
61–64 0% 10 0% 6 0% 0 0% 16
65 and over 0% 2 0% 1 0% 0 0% 3
Total
41% 2,097 59% 3,063 0% 14 100% 5,174
Employees by gender and country
Female Male No data Total
Country % # % # % # % #
Belgium 70% 7 30% 3 0% 0 100% 10
Canada 38% 77 61% 124 1% 2 100% 203
China 53% 8 47% 7 0% 0 100% 15
France 43% 642 57% 855 0% 0 100% 1,497
Germany 36% 353 64% 629 0% 1 100% 983
Italy 43% 136 53% 167 3% 10 100% 313
Netherlands 33% 168 67% 338 0% 1 100% 507
Spain 43% 703 57% 930 0% 0 100% 1,633
United Kingdom 23% 3 77% 10 0% 0 100% 13
Total 41% 2,097 59% 3,063 0% 14 100% 5,174
Employees by gender and job level
Junior Managers: levels 11 and 12; Middle Managers: levels 13, 14 and 15; Top Managers: levels 16 and above
Female Male No data Total
Job level % # % # % # % #
Adevinta Executives 33% 3 67% 6 0% 0 100% 9
Junior Managers 57% 94 43% 70 0% 0 100% 164
Middle Managers 34% 286 65% 545 0% 2 100% 833
Top Managers 36% 38 64% 68 0% 0 100% 106
Total 38% 421 62% 689 0% 2 100% 1,112
Employees by gender and contract type
Female Male No data Total
Employee type % # % # % # % #
Intern (fixed term) 60% 15 40% 10 0% 0 100% 25
Regular 40% 2,002 60% 3,002 0% 10 100% 5,014
Regular remote 0% 0 100% 3 0% 0 100% 3
Substitute (fixed term) 45% 5 55% 6 0% 0 100% 11
Temporary (fixed term) 65% 50 30% 23 5% 4 100% 77
Trainee (fixed term) 0% 0 100% 1 0% 0 100% 1
Work student (fixed term) 63% 12 37% 7 0% 0 100% 19
Total 40% 2,084 59% 3,052 5% 14 100% 5,150
Annual Report 2023 57
Management in revenue-generating functions
Share of women in management positions in revenue-generating functions (e.g. sales) as % of all such managers (i.e.excluding support
functions such as human resources, information technology, legal, etc.)
Management level – All managers that are not executive level, meaning up to level 15
Female Male No data Total
Job level % # % # % # % #
Junior Managers 52% 45 48% 41 0% 0 100% 86
Middle Managers 42% 113 58% 157 1% 2 100% 272
Top Managers 45% 9 55% 11 0% 0 100% 20
Total 44% 167 55% 209 1% 2 100% 378
Women in science, technology, engineering and mathematics (STEM) positions
Share of women in STEM-related positions (as % of total STEM positions)
Management level – All managers that are not executive level, meaning up to level 15
Female Male No data Total
Job level % # % # % # % #
Adex 0% 0 100% 1 0% 0 100% 1
Junior Managers 46% 24 54% 28 0% 0 100% 52
Middle Managers 24% 109 76% 338 0% 0 100% 447
Not manager 27% 571 73% 1,553 0% 3 100% 2,127
Others 47% 7 53% 8 0% 0 100% 15
Top Managers 13% 4 87% 27 0% 0 100% 31
Total 26% 715 74% 1,955 0% 3 100% 2,673
Gender Pay indicators
Employee level
Average
female salary
Average
male salary Indicator
Difference
between
men and
women (%)
Executive level (base salary only) 166,840 EUR 186,583 EUR Mean Gender Pay Gap -16.72%
Executive level (base salary + other cash incentives) 219,826 EUR 248,384 EUR Median Gender Pay Gap -21.43%
Management level (base salary only) 71,569 EUR 86,191 EUR Mean Bonus Gap -17.48%
Management level (base salary + other cash incentives) 86,555 EUR 104,869 EUR Median Bonus Gap -16.54%
Non-Management level (base salary) 50,037 EUR 59,308 EUR
Non-Management level (base salary + other cash incentives) 59,437 EUR 70,245 EUR
CEO-to-employee pay ratio
2023 CEO total remuneration to the 2023 total remuneration average for Adevinta employees arrow_right_roundel 39:1
Annual Report 202358
Sustainability report > Social information
Performance development
Our consistent, performance-driven culture ensures every employee understands their own contribution to
Adevinta’s overall success and what they need to dotobe the best versions of themselves at work. Our“Be Your
Best” approach, conducted biannually, underpins how Adevinta sets goals for employees and how we conduct
performance and career development conversations throughout the year, with a focus on transparency and building
awareness, commitment and a learning mindset to support overall development.
Performance by type
No Yes Total
Employee type % # % # % #
Regular 13% 656 87% 4,381 100% 5,037
Temporary 58% 45 42% 32 100% 77
Intern 88% 22 12% 3 100% 25
Work student 53% 10 47% 9 100% 19
Substitute 67% 8 33% 4 100% 12
Regular remote 100% 3 0% 0 100% 3
Trainee 100% 1 0% 0 100% 1
Total
14% 745 86% 4,429 100% 5,174
Performance by gender
No Yes Total
Gender % # % # % #
Female 17% 349 83% 1,748 100% 2,097
Male 13% 386 87% 2,677 100% 3,063
Others/No data 71% 10 29% 4 100% 14
Total
14% 745 86% 4,429 100% 5,174
Goals
Management by objectives: systematic use of agreed measurable targets by line superior
No Yes Total
Gender % # % # % #
Female 13% 273 87% 1,824 100% 2,097
Male 11% 347 89% 2,716 100% 3,063
Others/No data 64% 9 36% 5 100% 14
Total
12% 629 88% 4,545 100% 5,174
Annual Report 2023 59
Diversity, Equity and Inclusion (DEI)
We understand that achieving true equality requires
continuous dedication and vigilance in our everyday
work. Weinvite all employees to join us as we strive for
an inclusive workplace in which everyone thrives.
Gender audit
Our gender audit
1
in 2022 included a quantitative
analysis of our workforce, a review of Adevinta’s policies
and programmes, individual interviews and focus
groups and an employee survey. The audit focused on
pay and benefits, employee development, workplace
culture and leadership; these areas include phases
of the employee life cycle where gender bias can
be particularly present (and, therefore, contaminate
processes related to compensation, promotions and
professional development, for example).
Gender audit key findings:
Findings identified areas of success and where we can
improve, and laid the foundations for our three-year DEI
Action Plan to ensure we tackle key issues:
↘ We need more consistency and accessibility in the
way we collect and share data.
↘ We need to revamp our WIL Programme, focused on
sponsorship, mentorship and allyship.
↘ We need to identify and reduce biases throughout
the employee lifecycle, with a focus on recruitment
and a more diverse talent pool.
In 2023, we launched and adapted several initiatives
in response to the audit findings, including new and
updated policies, and workshops and employee
programmes for women leaders. We have also set
ambitious targets to increase diversity at senior
leadership and middle management level, as well as
within the product and technology team.
Authentic Allyship community
Authentic Allyship is about truly helping people
with a marginalised background by going into the
complexity of their marginalisation. We encourage all
our colleagues to be an authentic ally, and more than
150 people joined our Authentic Allyship workshops in
2023, which will continue in 2024.
All participants are part of our Adevinta Allyship
community, which meets virtually to discuss topics
relevant to DEI. We are planning to equip more
facilitators to deliver our workshops in 2024.
Women in Leadership (WIL)
Our WIL Programme is a core component of our DEI
action plan. In 2023, we completed the latest cohort
of WIL with a new initiative providing ongoing support.
Our 22 participants had access to individual external
coaching for six months to help them identify their next
career steps and ongoing development needs.
From feedback on WIL, we are reshaping its structure
and content and will launch a new version in 2024, with a
particular focus on sponsorship, allyship and mentoring.
To achieve a more inclusive, gender-balanced future,
we need to raise awareness of the need to be heard by
all genders. Making Adevinta an exceptional place for
women to work is everyone’s responsibility.
Empowering women
Our Women in Tech (WIT) communities operate
acrossour different hubs and collaborate globally.
Their joint mission is to shine a light on the successes
and challenges experienced by women in the tech
sector, where underrepresentation and bias are still
tangible obstacles.
1
A gender audit evaluates how well an organization promotes gender equality and tackles related issues. It aims to pinpoint inequalities, biases, and gaps in
policies and practices that may hinder gender equality goals.
Annual Report 202360
Sustainability report > Social information
Adevinta for Everyone (A4E)
A4E is our internal grassroots movement that aims to
build a more inclusive workplace, with more than 60
Adevinta members around the world. In 2023, we held
the second in-person A4E Conference in Berlin, where
we dove deep into the topic of microaggressions and
micro-interventions. Following the conference, we
started planning a global campaign to raise awareness
on microaggressions, which will start in 2024. A4E
has also hosted guest speakers to raise awareness on
DEI-related topics, coinciding with occasions including
International Women’s Day, PrideMonth and Black
History Month.
Actions in 2024
We are planning to implement more DEI initiatives:
↘ Self-identification project to gather data on
Adevinta’s demographics on a voluntary basis
↘ Train the Trainer session on Authentic Allyship
↘ Inclusion survey
↘ Refugee traineeship pilot
↘ Training for Employee Resource Group (ERGs) leaders
Creating ERGs
In 2024, we will create the following ERGs:
1. Women @ Adevinta: Fostering gender equality,
professional growth, fair representation and
networking opportunities for women within
ourorganisation
2. LGBTQIA+ @ Adevinta: Striving to create a
safe, inclusive, and affirming environment for
individuals who identify as LGBTQIA+
3. Neurodiversity @ Adevinta: Aiming to raise
awareness on neurodiversity, promote
acceptance and foster an accommodating
environment for neurodivergent employees
Learning and development
We offer our employees a range of learning and
development opportunities, aimed at different
experiences and needs. Over 2023, we expected
to progress faster in centralising our learning and
development, giving our employees a clear end-to-end
process to request training needs.
However, the implications of centralisation presented
several challenges, as the end-to-end experience
involves different teams and different countries, with
different regulations.
Internal candidates (Workday recruit)
20%
of our hires were internal
candidates in 2023
Average hiring cost (talent acquisition
(TA) source)
€5,0001
per hire in 2023
1
This cost includes the posting costs per hire and the recruitment for
TA staffing. This information represents all hires with the exception of
level AdEx and AdEx -1
Annual Report 2023 61
Average hours per Full Time Employee (FTE) on training:
Average hours per FTE
Type of training
Mandatory 3.89
Voluntary 2.20
Function
Administration and support 9.95
Finance, strategy, legal 6.50
General management 2.31
Marketing and communication 4.78
Operations 9.04
People 8.95
Product and technology 6.78
Sales and advertising 5.06
Age group
20 and under 11.47
21–30 6.13
31–40 6.68
41–50 7.10
51–60 6.20
61–64 7.18
65 and over 5.79
Gender
Female 6.28
Male
5.97
Management level
Junior Managers
7.91
Middle Managers 8.11
Not manager
6.04
Others 13.40
Top Managers
4.83
Nationality
Canada
5.58
France 4.05
Germany 6.18
Italy 7.84
Netherlands 6.12
Spain 7.37
Other nationalities
6.99
Annual Report 202362
Sustainability report > Social information
Adevinta Avenues
Our Global Career Framework, called Adevinta Avenues,
identifies the core competencies and behaviours
Adevinta requires to develop as a business, with the
right employees possessing the right skills. We use
Adevinta Avenues to develop our existing strong
talent, as it provides the framework for annual career
developmentconversations, allowing employees to
plan their growth path, as well as setting compensation
and benefits packages.
Adevinta Academy
Our internally created courses and leadership
academies give our people the knowledge they
needto contribute to our business success. In 2023,
we launched Adevinta Academy, a learning platform
for all our employees. With around 300 courses
already available, including those on our Code of
Ethical Conduct, cybersecurity and anti-harassment
and discrimination, the Adevinta Academy is our
one-stop shop for everything related to learning
anddevelopment.
Adevinta Academy uses data to provide a personalised
experience, adapting to different learning styles and
needs and using analytics to make better decisions.
We aim to provide a learning platform where our
employees can find courses and resources on a range
of topics in different languages, including those hosted
by our own subject matter experts as well as courses
from our partner, LinkedIn Learning.
Early Careers Programme
Our Early Careers Programme helps junior talent –
undergraduates, recent graduates or other candidates
– to activate their careers and develop skills for success.
It also creates a pipeline of future talent to support
Adevinta’s current and future talent needs, creates
diversity within our teams and provides development
opportunities for our current and aspiring managers.
Our Early Careers philosophy is that personal and
professional development and growth motivates
employees to remain with Adevinta and contributes
to our long-term success. We combine on-the-
job learning mentorship programmes and learning
throughteaching.
Our different business functions share all open projects
for Early Careers participants to develop their skills as
they go, and transfer competencies from one business
function to the other.
Leadership essentials
We continue to equip our leaders with the best
resources so that they can lead with purpose and
develop to their full potential as we understand that
leading people effectively is one of the most important
factors in a thriving business. In 2023, we detailed the
roles and responsibilities of our leaders at each part
of the employee life cycle. In 2024, our leaders will
have access to a range of development programmes,
according to their experience and maturity as leaders.
Being a purpose-driven marketplace is a key part of
the social component of our sustainability strategy.
In 2023, we launched our purpose-driven leadership
programme for our Adevinta Leaders community, with
95 leaders from all countries participating in this two-
day programme.
Talent mobility
We need all of our talent to achieve our ambition
and bring Adevinta’s transformation to life. Our
talent mobility process offers all employees new
opportunities, ways of working and career paths
through positions created as part of the transformation
journey. We provide full support to our talent in
securing a suitable career opportunity in our new
organisation, and our highest priority is to ensure a fair,
objective and transparent process for all employees.
Actions in 2024
We will finish the user case definition and the
processesbased on the input from people systems
to start the new global centralisation experience in
learning and development.
We will continue adding new learning modules, such
as coach and share, which facilitate sharing and
recommending courses and content; and a managers’
module, which helps to visualise team progress and
provides support. In addition, we will set up a training
community by identifying employees who can support
the Adevinta Academy’s development and act as
Learning Ambassadors. We will roll out the programme
across the business, and selected senior leaders will
train more people to deliver the programme to the rest
of our managers.
Annual Report 2023 63
Employee wellbeing
Annual Engagement Survey
Our employees’ wellbeing is a priority for Adevinta and
we prioritise understanding their needs through regular
engagement throughout Adevinta, especially in our
product and tech function.
Employee participation in our Annual Engagement
Survey reached an all-time high of 79% in 2023
(69%in2022). We added questions on sustainability
and transformation for the first time. Based on our
initial evaluation, our employees have a moderate level
of understanding and engagement with sustainability
initiatives and have significantly engaged in our
business’s transformation journey in 2023.
Other highlights revealed that the question “Does
my manager genuinely care about my wellbeing?”
scored 89%, and other areas, including workload
(74%) and work-life balance (85%), also scored highly.
Our employee engagement rate remained stable
at around63% as we embed our new strategy and
verticalise the organisation.
Our 2023 baseline will serve as a benchmark for
tracking progress in employee sustainability awareness
and understanding going forward.
In 2023, we created the Change Champions Network,
which runs initiatives and events organised by
volunteer colleagues throughout Adevinta, covering
topics including enhancing leadership engagement,
building a clearer vision for specific departments, and
scaling best practices.
Fair pay and rewards
We are committed to equality, fairness and inclusivity
in every aspect of our organisation, and aim to foster
an environment that rewards teamwork, celebrates
diversity and provides equal pay.
As a pillar of our rewards strategy, we provide a
competitive total rewards package to all employees,
including cash, equity and benefits, to ensure our team
can fulfil their life goals without worrying about financial
difficulties. Our employees share in our success and
are rewarded with additional cash or equity elements.
Our Compensation Pay Ranges (CPR) Framework
is designed to help us make informed and fair
compensation decisions throughout the employee
life cycle and ensures that we remain an attractive
employer versus our competitors. In 2023, we
reviewedand adjusted the CPR in accordance with
external benchmarking to ensure we had the right
system in place.
Actions in 2024
In 2023, we started aligning salaries with the new CPR
structure and collaborating with the talent acquisition
(TA) team and hiring managers to implement the
CPR bands and segments in hiring practices; we will
continue to work on these through 2024.
Employee support programmes
We continue to develop our financial wellbeing support
for employees. We have aligned most of our countries
to 20 weeks of paid maternity leave, with the exception
of Spain, which will be implemented in 2024 when new
legislation surrounding birth and childcare leave for
both parents comes into effect.
It is also important for us to clarify that the offerings
detailed are exclusively applicable to our internal
employees and not to our external workforce,
duetolegalchallenges.
Global Employee Assistance programme
Our Global Employee Assistance programme offers
our employees and their immediate family confidential
support for any wellbeing concerns, from everyday
matters to more serious health, emotional or financial
issues. In 2023 we supported 185 cases (2022: 96).
Our digital marketplaces also offer wellbeing offers,
such as sports subsidies, free massages at the
office,on-site medical consultations and personal
wellbeing coaching.
Since 2020, we have narrowed the gender
pay gap at Adevinta from 25% to18%,
and we are dedicated to eliminating the
gap. We still have work to do and are
devoted to creating a company in which
gender has zero impact on compensation
and everyone has an equal opportunity
to succeed. We conduct annual salary
reviews to ensure we maintain our
competitive positioning against the market.
Annual Report 202364
Sustainability report > Social information
Smart Working
Smart Working is our framework for defining the time
we spend together in person. Our Smart Working
practices vary across the business, and local
leadership teams determine what makes the most
sense based on local contexts. We support remote
work for roles that are compatible with a work-from-
home approach, according to local guidelines, and
recognise that there are times when face-to-face
contact is more advantageous, including onboarding
new hires, final interviews, brainstorming and
performance reviews.
Our “work from anywhere weeks” provide employees
with up to four weeks a year where they can request to
work from other locations worldwide.
Part-time working options are available upon request.
We also support two part-time employees sharing
a full-time job where appropriate. We do not have
paid leave for sabbaticals. We do have voluntary
unpaid leave possibilities according to the legislation
applicable in the different countries, but we are not
actively tracking this in the system.
Family benefits
Parental support is a high priority, particularly for new
parents who want to find the right balance between
their work and personal life. Inmost countries where
we operate, we offer fully paidmaternity leave of 20
weeks. We are also implementing a second parent
fully paid leave for a minimum of six weeks in most of
the countries where we operate. Depending on local
practices and availability at country level, we offer a
childcare subsidy leveraging a favourable tax regime.
Our offices also offer lactation facilities.
Social protection
We grant sick leave days and medical support to
help employees fully recover, according to our local
policies in each country. Specific paid and unpaid
leave is available to take care of close family members.
We contribute to the legal retirement requirements
in all operating countries. Most of our jurisdictions
offer complementary pension plan opportunities for
employees who are willing to leverage local plans with a
tax advantage to save for their future. In 2023, Adevinta
launched the Percol Plan (local complementary pension
plan) for all employees based in France, and we will
consider opportunities in other markets in the future.
Actions in 2024
We will implement our wellbeing strategy focusing on
understanding our employees’ wellbeing on a global
scale. We had planned to assess the wellbeing of
our employees in 2023 but challenges including our
verticalisation have prompted us to focus on other
priorities for our people.
Occupational health and safety
Health and safety regulations are designed to
safeguard both employees and the broader public by
establishing guidelines for safe business practices and
outlining organisational responsibilities. We have no
formalised, centralised system for monitoring health
and safety incidents across Adevinta, which are all
handled locally.
As the regulatory landscape undergoes a transition
and we adopt our new Workplace Experience
operating model, our existing Global Health and
Safety Policy requires a comprehensive review and
update. Prominent challenges in compliance include
the decentralised placement of health and safety
within various domains, contingent on country and
jurisdiction, as well as disparities in the interpretation
of health and safety standards and legal norms
acrossjurisdictions.
We are starting a comprehensive review process and
drafting a new Global Health and Safety Policy, with
three focus areas:
↘ Policy and process adjustments: Consolidating
our local (country-specific) regulations to a single
standard, while still complying with the country-
specific regulations
↘ Health and safety cases: Recording the number
of annual health and safety cases and external
regulatory fines for non-compliance with health and
safety regulations
↘ Communications and training: Launching a global
awareness campaign, with targets for training
completion foremployees
In 2023, we recorded eight health and safety cases
in Spain. Although reporting frameworks differ across
our different locations, there were no cases reported
in Italy, France, Germany, Belgium, the Netherlands,
Canada or China.
Annual Report 2023 65
Health and safety training in 2023
↘ Spain: Mandatory training for new joiners; repeated
training for the motor editorial team, who test-drive
cars and face a higher level of risk. Firefighting and
first aid training for emergency teams in Barcelona.
↘ Germany: Four first aid and one fire protection
assistant training; trained fire protection assistants
and first responders; emergency exits and first aid
boxes are also pointed out on office tours.
↘ Netherlands: Trained Emergency Response Team;
escape routes are also pointed out during the
onboarding tour for new joiners.
Actions in 2024
We will focus on the revision of our Global Health
andSafety Policy to ensure we have a centralised
system for monitoring health and safety incidents
across Adevinta.
Employee representation
We ensure all employees have full freedom of
association and may organise themselves as they
choose, with this right stipulated in our Principles of
Corporate Responsibility. The Adevinta Employee
Works Council (EWC) is an important forum for
dialogue between top management and employees
from all our jurisdictions. To ensure excellent working
conditions and to prevent discrimination, every
workplace has collective bargaining agreements or
working-environment committees. By the end of 2023,
55% of our employees were covered by a collective
bargainingagreement.
The EWC is modelled on the European Works Council
protocol and, in 2023, included 15 representatives
(11 men and 4 women). In November 2023, an on-site
Annual Meeting was held in Paris with the EWC and
Adevinta’s management team, led by CEO Antoine
Jouteau. The mandate of the current representatives
was extended until 31 December 2024. These annual
meetings address a range of common interest issues,
and the EWC is also consulted on transnational
matters, such as the sale of operations. Each country
with 50 or more Adevinta employees has the right to
representation on the EWC, proportional to the number
of employees. EWC representatives are elected every
two years by majority employee vote or by local trade
unions or workers’ committees. The EWC’s latest
election was held in January 2022.
Actions in 2024
We will strengthen dialogue with our key stakeholders,
including employee representative bodies such as
Works Councils and Unions, including setting up the
German Works Council, working closely with local
representatives to ensure elections and council
structure are built for success.
New hires by country and age group
20andunder 21–30 31–40 41–50 51–60 61–64 Total
Country
Canada 1 25 13 1 2 1 43
France 2 107 86 28 7 1 231
Germany 0 66 111 31 3 0 211
Hungary 13 1 2 0 0 0 16
Italy 2 14 21 3 2 0 42
Netherlands 0 20 44 11 0 75
Spain 2 45 67 29 2 0 145
United Kingdom 0 0 0 1 1 0 2
Total 20 278 344 104 17 2 765
Annual Report 202366
Sustainability report > Social information
Voluntary turnover by month and total turnover by country and age group
2023–1 2023–2 2023–3 2023–4 2023–5 2023–6 2023–7 2023–8 2023–9 2023–10 2023–11 2023–12
Termination month
Voluntaryturnover 38 33 30 41 36 37 56 33 40 25 24 36
20andunder 21–30 31–40 41–50 51–60 61–64 Total
Country
Belgium 0 0 0 1 0 0 1
Canada 1 20 12 8 2 1 44
France 4 114 105 33 8 1 265
Germany 0 29 39 20 3 1 92
Italy 3 9 22 10 2 0 46
Netherlands 0 10 32 12 4 0 58
Spain 2 39 73 40 17 1 172
United Kingdom 0 0 1 2 0 1 4
Total 10 221 284 126 36 5 682
Parental leave
This is the parental leave for all the countries in our portfolio at the end of 2023, excluding Italy, as this country is not yet on the same
system.
Gender % #
Female 48% 281
Male 52% 304
Others/no data – 0
Total 100% 585
This is the parental leave registered on Workday (our human capital management system). It includes those that returned to work for all the
countries in our portfolio excluding France and Italy, as these countries are not yet on the same system.
%
Return to work rate 100%
Absentee rate
This includes sick leave, workplace accidents days and unpaid leave. France is separated as its absences are reported on a different system. Italy is
not included as the country’s absence is not on Workday yet.
2023 %
Belgium, Canada, China, Germany, Netherlands, Spain, United Kingdom 2.04%
France 2.99%
Annual Report 2023 67
Spain
Boosting circularity
In 2023, the Adevinta team in Barcelona took part in an
initiative run by AbonoKm0, a non-profit organisation
that turns the city’s organic waste into compost.
AbonoKm0 provides airtight bins and, twice a week,
collects coffee grounds and other organic waste from
Adevinta’s office. It also runs urban gardening workshops
for our employees.
In order to cut food waste in the office canteen,
employees in Barcelona can buy leftover food to take
home from the day’s menu at a reduced price. The
team is committed to reducing plastics and single-use
packaging in the office, and local canteen operator Eurest
has teamed up with Bûmerang to offer free reusable
containers for employees ordering takeaway food.
Aiding children and refugees
The Barcelona office also ran a Christmas programme
to benefit Aldeas Infantiles, which helps children in
Spain who do not have their basic needs met. Adevinta’s
employees donated €4,770 to support this initiative.
In addition, the team donated monitors to Migracode,
the first code academy for refugees and migrants in
Barcelona, and provides office space to its students
once a week. Migracode is open access, driven by
volunteers and works with technology companies and
other non-profits to improve its students’ prospects.
Germany
Promoting climate and community action
Teams from our Kleinanzeigen and mobile.de
marketplaces dedicated over 300 hours to voluntary
work at the “Berliner Bahnhofsmission”, including assisting
food and clothes distribution as well as kitchen duties.
Mobile.de supported the Leaders For Climate Action
Campaign for Earth Day, with initiatives including
new landing pages promoting climate action in the
automotive industry, which triggered 100,000 site
2. Affected communities
visits; planting 500 trees; and organising a conference
about the future of electric mobility.
Kleinanzeigen supported World Cleanup Day in
September 2023, giving employees two hours of their
working time to collect rubish in the city. With their
partner Treedom, they planted 50 trees - one for evey
garbage bag collected and every participant involved.
Since 2019, 2,270 trees have been planted.
Reducing consumption
In 2023, Kleinanzeigen was nominated for the first
time for the “Deutscher Nachhaltigkeitspreis”, a
sustainability award, and placed third in the "furniture
and electrical retail" category.
The annual Green Sunday campaign at Kleinanzeigen
aims to counteract over-consumption during shopping
holidays, such as Black Friday and Cyber Monday.
Supporting the vulnerable
In 2023, Kleinanzeigen sponsored “Stread”, a service
that digitises street magazines sold by the most
vulnerable as a source of income. Homeless charities
and animal welfare organisations receive free access to
key elements on the Kleinanzeigen platform, including
classified ads with unlimited ad duration, simplified ad
management and improved visibility. The team also
supports “Aktion Deutschland Hilft”, an association of
leading German aid organisations, with free advertising
space so it can reach millions of potential donors to
provide humanitarian aid after disasters and prepare
communities for natural disasters and climate impacts.
Guiding sustainable choices
Both the Kleinanzeigen and mobile.de teams organised
and participated in conferences in 2023 to promote
sustainable shopping and transport, and to nudge
drivers and car dealers towards greener consumption,
for example, by buying an electric vehicle (EV). In 2023,
mobile.de started to research the e-bikes market, with
Community engagement
We impact communities in all our markets, and our employees
engage with local residents and stakeholders in line with our
company vision of enabling more sustainable consumption. All our
initiatives contribute to our three sustainability pillars to create our
company-wide sustainable objectives.
Annual Report 202368
Sustainability report > Social information
a view to integrating e-bikes on mobile.de.
The mobile.de team has improved its website and app
to help users to make sustainable choices, including
bolstering the visibility of EV offers and adding more
EVinformation.
From 2024, mobile.de will provide add-ons for a full
charging ecosystem and more sustainability-related
features, such as a carbon calculator for car listings
and a cost comparison tool between EVs and internal
combustion engines.
The content strategy for the mobile.de marketplace is
designed to influence user choices, including sharing
social media content around greener mobility and
integrating sustainable transport content into every
consumer newsletter. An educational video series and
educational hub address consumer concerns around
green mobility.
Benelux
Helping the vulnerable
In the second edition of our Do Good Day, led by
theBeneloux team’s local partner NLCares, the largest
volunteering organisation in the Netherlands, more
than100 employees from our Marktplaats and 2dehands
teams took part in Volunteering. Activities ranged from
sports with children to cleaning up neighbourhoods and
organising homeless shelters. The volunteers managed
to help 264 people in socially vulnerable situations.
Cutting out waste
The teams have begun to work with Race Against
Waste(RAW) in the Netherlands, which teaches
primaryschool students to reduce textile and
electronic waste while promoting Marktplaats as
a platform for boosting the circular economy. The
students collected items from home and placed 745
free ads on Marktplaats, with a prize awarded to the
most active school. Adevinta teams in Spain and
Germany are also in contact with RAW to establish
theirown collaborations.
Through Project Street Rescue, our employees work
with municipalities to reduce bulky waste. In 2023, they
performed an experiment to show that citizens often
throw valuable items away, which could get a second life
through Marktplaats. Afterwards, they posted the results
on LinkedIn, with a call to municipalities to tackle this issue.
Numerous municipalities reacted and the municipality of
Rotterdam was chosen to start various local experiments
to reduce bulky waste and increase local reuse.
Inspiring systemic change
In 2023, Adevinta joined the Dutch furniture re-use
alliance, which works towards a 100%circular consumer
goods economy by 2050. In both the Netherlands and
Belgium, our teams also organised sustainability events
to inspire others with their learnings on how and why to
embed sustainabilityprinciples.
France
Supporting local entrepreneurs
In partnership with our long-time partner Auxilia, a
sustainable development organisation, our teams in
France created a shared shop concept, “l’Incroyable
Commerce”, which serves as an incubator for local
entrepreneurs and artisans. The first shop opened in
Vitry-le-François, northeastern France, in November
2023. Five entrepreneurs are testing the concept,
with the option to stay for up to 12 months before
deciding whether to open their own shop. They receive
discounted rent, advice from established companies and
support from city representatives. They are also offered
free advertising space and an online store page on our
leboncoin marketplace.
Moreover, this shop contains a “leboncoin corner”
– anovel concept in France to drive traffic from the
leboncoin platform to the physical shop, where users
Annual Report 2023 69
can not only complete their transactions, but also
discover their local entrepreneurs and artisans.
Free advertising for associations and charities
In 2023, the leboncoin team continued to support
associations with free advertising campaigns on our
platforms to redirect users to donation campaigns.
Approximately 50organisations take part in this
initiative every year and participants in 2023 included
“le Club de la Durabilité”, which promotes the repair of
consumer goods.
Sustainable Development Week
In September 2023, leboncoin took part in Sustainable
Development Week and launched several initiatives
to support the SDGs
1
. These included collaborative
workshops, such as the Climate Fresk or the digital
collage, to teach employees the science behind climate
change, and how to reach out to people living on the
streets and de-stigmatise homelessness.
Leboncoin has had a wide-ranging Impact Survey
beyond these initiatives, with the team’s 2023
ImpactSurvey showing that 59 million people were
brought together through their exchanges on the
leboncoin platform.
Italy
Fundraising for flood relief
Following floods in the Emilia Romagna region during
spring 2023, our teams in Italy partnered with the
Italian Red Cross to raise visibility for its emergency
fundraising. We provided advertising space on our
platform and dedicated direct marketing emails and
social media posts to support the fundraising and raise
awareness in the local community. In addition, Adevinta
Italy donated €10,000 to aid the relief efforts.
Giving a second chance
The team is collaborating with Bee4, which employs
inmates at the Bollate prison in Milan as call centre
operators for its corporate partners. At Subito and
Automobile.it, inmates now perform the welcome call
activity for new professional customers, helping them
become familiar with the platform and set up their
display case on the site. Since the businesses have been
under Bee4 management, customer satisfaction rate has
increased from 95% to 99%.
Supporting unemployed people
InfoJobs collaborates with Generation, a non-profit
founded in 2014 by McKinsey & Company, to support
young unemployed people and link them with employers
unable to fill entry-level positions. Its goals are to reduce
skills mismatch and youth unemployment. As part of
the collaboration, InfoJobs gives people registered with
the platform the opportunity to access free retraining
courses offered by Generation. In 2023, over 2,300
people requested access to these courses.
Donations
Our employees engage in ways that matter most to
local residents and stakeholders. We help coordinate
and raise funds for worthy causes, support important
community initiatives and collaborate to promote
topical issues as well as help charities raise their
profiles. In 2023, we donated over €260,000 to various
organisations and causes, including to provide relief
from natural disasters, support Ukrainian communities
impacted by the war and boost tech education.
€260,000
Donated in 2023 to various
organisationsand causes
1
The SDGs are a set of 17 global goals adopted by the UN General Assembly in 2015 as part of the 2030 Agenda for Sustainable Development, that aim to
address various social, economic, and environmental challenges facing the world today.
Annual Report 202370
Sustainability report > Social information
Privacy awareness
Our privacy team hosted 50 space privacy awareness
hour sessions and led events focused on privacy
awareness, such as the Adevinta Bytes, office
campaigns and Lunch and Learn sessions. More than
500 employees were approached by our privacy team
in 2023 to talk about personal data and how to use it,
in compliance with the European Union’s General Data
Protection Regulation (GDPR).
Data privacy strategy
We focus on data privacy to enable decisions for
responsible business growth in support of our Growing
at Scale Strategy to create the world’s most trusted
marketplaces, while protecting our communities and the
company. Our data privacy team employs key privacy
principles that form our Data Privacy Framework when
we are developing products, working with suppliers and
collecting data from both our customers and employees.
Data privacy governance and operating model
Our data privacy organisation and operating model
evolve in line with our transformation.
The General Counsel oversees the global privacy
organisation and programme. Under the leadership
of the General Counsel, an experienced privacy team,
including a Data Protection Officer and operational
roles, is responsible for both implementing the strategy
and programme, and driving the data privacy agenda
to mitigate risk and ensure compliance with data
protection laws and our policies in the countries where
we operate. Regular privacy updates and reports are
made to the General Counsel and senior management,
and a bi-annual update on key topics is provided to the
Audit and Risk Committee.
The data privacy team works closely with our
cybersecurity teams to ensure appropriate levels of
protection for personal data through technical and
organisational measures to all of our products through a
variety of policies and controls.
Privacy policies
Our Global Privacy Policies are based on GDPR and
provide a set of clear data privacy requirements,
including individual rights management, information
security, third-party management of personal data,
international data transfers, data breach notification
and risk management. In addition, privacy is built into all
relevant company policies to cover the management of
personal data.
3. Consumers and end users
Through our policies, we outline the monitoring and
implementation requirements on data privacy, and
identify actions and disciplinary measures in case of
non-compliance, based on severity. All policies are
part of Adevinta’s Risk and Compliance Framework,
spearheaded by our Code of Ethical Conduct.
Customer data
In 2023, the number of requests for customer
information received from government or
law enforcement agencies was 47,763, with,
approximately,65% of requests resulting in disclosure.
In total, 34 requests were received from data
protection authorities for information pertaining to
the management of customer data, all of which were
addressed appropriately.
In addition, four personal data breaches affected
Adevinta in 2023. The company contacted the
authorities in the relevant jurisdiction and, where
appropriate, the impacted customers. All breaches
resulted in no further enforcement, including fines
orpenalties. For more information, please see
"Cybersecurity" on page 80.
Actions in 2024
Our focus will be on renewing and rolling out data
privacy training for all, with a focus on updates to
policies and guidelines in anticipation of changes in
regulation, such as the artificial intelligence (AI) act,
and some of our key transformation changes. We will
continue to evolve and develop to ensure a consistent
approach to reduce risk and add business value.
47,763
Requests for customer information
received from government or law
enforcement agencies in 2023
65%
of requests resulted in
disclosure in 2023
Consumer data protection
Annual Report 2023 71
Our sustainability governance
Our Chief Executive Officer has overall responsibility for
Adevinta’s sustainability strategy. Our Chief Financial
Officer is responsible for the sustainability team’s
operational performance and reports to the Executive
Management team and Board at least once a year. The
Sustainability Statement is an integral part of the Board
of Directors’ report.
Sustainability policies
Adevinta’s mission is to help everything and everyone find
a new purpose. We want to achieve this goal with integrity,
fairness and the highest ethical standards.
1. Business conduct
Our business ethics and compliance principles, set
outin our Code of Ethical Conduct (the “Code”),
apply to all employees across Adevinta and our
consolidatedsubsidiaries.
The Code serves as a foundation for all our policies,
procedures and guidelines. It encompasses our key
behaviours and our sustainability strategy.
Our employees have access to the Code and all internal
policy documents on Adevinta’s intranet. Selected
policies are available externally on our website:
www.adevinta.com.
Adevinta Code of Ethical Conduct
Protection
Adevinta is an organisation rich with information, data and assets. Each of us has a
responsibility to protect what we have in order to achieve our mission and thrive in the
market.
This section of the code focuses on:
↘ Safeguarding company assets and information
↘ Correct use of company assets and networks
↘ Data privacy
↘ Protecting non-public information
Integrity
We believe it is not just what we achieve that matters, it is also about how weachieve it.
Acting with integrity across all our business activities means complying with the law,
communicating transparently, competing fairly and succeeding honestly.
This section of the code focuses on:
↘ Maintaining accurate records and information
↘ Procurement and suppliers
↘ Anti-bribery and corruption
↘ Conflicts of interest
↘ Gifts, hospitality and entertainment
↘ Fair competition
↘ Lobbying
↘ Social media and communications
↘ Money laundering and financing terrorism
↘ Sale or promotion of unlawful goods and services
Respect
We want Adevinta to be a great organisation to work for. Central to thisistreating each other,
andthe planet, with dignity and respect.
This section of the code focuses on:
↘ Human rights and the workplace environment
↘ Respecting the planet
Annual Report 2023 73
Ethics and compliance
We are committed to enhancing our governance, risk
and compliance approach. In 2023, we expanded
our group ethics and compliance team with the
appointment of a new Head of Ethics and Compliance.
We have created an Ethics and Compliance Committee
under the Group Regulatory Compliance Framework,
and added a new section to the framework on handling
regulatory compliance cases, with potential corrective
and disciplinary actions.
To better identify, embed and monitor our compliance
with regulatory controls, we are:
↘ Developing a variety of regulatory compliance
domains and owners for different jurisdictions
↘ Defining key performance indicators and metrics
↘ Redefining our Group Regulatory Compliance
Framework
↘ Updating key compliance policies
↘ Undertaking an anti-bribery and corruption
maturityassessment
↘ Improving our corporate governance and
understanding around risk and compliance, and
developing an action plan to improve and mitigate
any identified risk areas
Training
All our employees are required to complete e-learning
training on our Code, which is available in English,
French, Spanish, German and Italian. The completion
rate among existing employees was 85% in 2023
(2022: 90%). We have incorporated this training into
the onboarding process for our new employees, with a
completion rate of 82% in 2023.
Policy updates
As part of our annual policy governance
process, we have reviewed and adapted
several policies, and updated all existing
Level2 Global Policies.
Speak Up and Investigations: This has been
updated to comply with requirements under the
new EU Whistleblowing Directive, and validated
by our European and local works councils.
Conflict of Interest: We plan to launch an
updated version in 2024, which will include a
list of corrective and/or disciplinary actions to
improve reporting and raise awareness of the
policy throughoutAdevinta.
Gifts, Hospitality and Entertainment: In 2024,
we will launch an updated version to expand
the list of guiding principles, prohibited gifts
and entertainment, and corrective and/or
disciplinary actions. The refreshed policy and
related communication campaign will improve
reporting by leading to higher awareness of the
policy within Adevinta.
Annual Report 202374
Sustainability report > Governance information
The completion rate among existing
employees was 85% in 2023 (2022: 90%).
Our Speak Up and InvestigationsPolicy
Our Speak Up and Investigations Policy informs
our employees how to raise concerns about
suspected wrongdoing or misconduct at
work, as well as breaches of our Code or other
company policies, and outlines how these are
managed and investigated. We have separate
reporting channels for individuals to report
actual or potential breaches, whilst ensuring
confidentiality, anonymity and protection for
whistleblowers through an external third-party
reporting platform. Retaliation against individuals
for speaking up is not tolerated and is treated as
a violation of the Code.
In 2023, we updated our Speak Up and
Investigations Policy to meet the requirements
of the EU Whistleblowing Directive, and raised
awareness of the policy and process among our
employees through Code training and refreshed
communications. Out of the seven Speak Up
cases logged in 2023 (2022: nine cases), five
cases were substantiated and two are still under
investigation. In 2024, the number of reported
cases might rise due to increased awareness and
policy updates.
How we identify sustainability-related risks under the
ERM framework:
↘ Top-down risk assessments (twice a year) identify
the most relevant risks that could pose a threat
to achieving our strategic objectives. In 2023, we
identified a Principal Risk related to sustainability
strategy implementation
↘ Bottom-up risk assessments (once a year) identify
and prioritise risks that may prevent each vertical
and function from achieving its own objectives,
impacting strategic enablers. During Q1 2023, we
performed the first bottom-up assessment for
the sustainability function and, in Q12024, we will
review and update it accordingly
↘ Risk deep dives are an in-depth oversight on
the management of Principal Risks provided
by riskowners, with the support of the risk
team, totheexecutive team and Audit and Risk
Committee (ARC)
During 2023, we performed a deep dive on the Principal
Risk implementation of the sustainability strategy.
Key factors that could potentially accelerate the
materialisation of risks include:
↘ An increase in stakeholder expectations, specifically
upcoming regulations on ESG reporting (including
CSRD, EU Taxonomy)
↘ A lack of sustainability governance structure and a
weak sustainability culture
↘ The failure to incorporate ESG values in our core
business and in the planning and execution of
pivotal projects
We are implementing risk management activities
as we evolve our sustainability approach and
increase awareness of sustainability throughout
ourorganisation.
Actions in 2024
While we have made progress on redefining our
baseline, we will continue to improve the maturity of
our regulatory compliance domains and will launch
updated versions of our key global policies.
Enterprise risk management and sustainability
Enterprise risk management (ERM) makes an
indispensable contribution to our strategic focus on
sustainability and helps us to identify potential risks at
an early stage.
Annual Report 2023 75
How we ensure that sustainability risks are effectively
managed under the ERM framework
Risk oversight
We have different governance bodies in place to implement robust risk management practices
acrossourorganisation, including ESG.
Board of Directors and
AuditRisk Committee
Hold responsibility for oversight of the
Adevinta ERM framework
↘ Setting the tone from the top
↘ Approving the Risk Appetite target positions
↘ Ensuring the risk landscape as a whole is monitored
↘ Reviewing risk deep dives assessments
Adevinta Executive Team
Holds responsibility for the day-to-day
running of risk management activities
↘ Reviewing Principal Risks at least on a bi-annual basis
↘ Monitoring exposure against Principal Risks and
performance against risk appetite on an ongoing basis
↘ Reviewing risk information from verticals/functions
asrequired
↘ Utilising risk information to inform strategy development
Vertical/Function
Leadership
↘ Ensuring proactive identification and monitoring of risks
within their verticals/function
↘ Promoting consistent risk management activities within
verticals/functions
↘ Escalating information to AdEx (and the Risk Team)
where risks face material changes or may impact other
areas of the business
Group Risk Team
↘ Responsible for facilitating the risk management
processand maintaining an appropriate Risk
Management Framework. The risk team reports to
theChief Financial Officer of Adevinta
Annual Report 202376
Sustainability report > Governance information
Risk
Identification
Risk
Assessment
Risk
Reporting
Risk
Monitoring
Risk
Management
Risk process
Our risk management cycle provides an effective
and consistent approach to risk management across
Adevinta. The cycle is applied to the top-down and
bottom-up risk processes and covers the following
fiveareas:
1) Risk Identification – Identifying the risks that
impact the achievement of our strategic and
functional objectives from the top-down and the
operational risks from the bottom-up
2) Risk Assessment – Assessing these risks against
impact and likelihood criteria to facilitate how risks
should be prioritised
3) Risk Management – Determining whether to
terminate, tolerate, treat, or transfer these risks to
move risk exposure to an acceptable level
4) Risk Monitoring – Proactive, ongoing monitoring
of risks to determine where they sit in relation to
agreed risk appetite
5) Risk Reporting – Providing management with a line
of sight of the current status of risks to enable risk-
informed decision making
Improving our risk management culture
As part of the annual ERM framework review, we
recognise that we need to enhance risk governance
andmanagement and will introduce:
↘ Defining vertical/functional Risk Champion
roles andresponsibilities, aligned to the new
organisational structure. Once our Risk Champions
are formally nominated, the risk team will provide
in-person training to ensure they understand their
roles and responsibilities; and
↘ Defining roles and responsibilities for the first
line of defence (process owners) and second
line of defence (oversight functions, such as the
sustainability team). Training/discussion sessions
will take place to ensure roles and responsibilities
are clear to all employees.
Actions in 2024
Risk governance plays an important role in setting
the foundation of proactive risk management.
During2023, we paused work on developing our
approach to riskgovernance due to our organisational
restructure.In2024, the risk team will continue to
enhance risk governance by:
↘ Working with verticals and functional leadership
teams to nominate a Risk Champion when the new
operation model is in place
↘ Setting up a Group-wide Risk and Compliance Forum
to ensure consistency in risk management activities,
such as risk governance and risk appetite and
↘ Reviewing and updating our ERM Framework to
clarify roles and responsibilities for the first line
of defence (process owners) and second line of
defence (oversight functions).
Annual Report 2023 77
ESG internal audit
As part of the 2023 Internal Audit Plan, the Audit and
Risk Committee requested an ESG internal audit, to:
↘ Evaluate Adevinta’s sustainability strategy and
its alignmentwith our overall strategic goals,
ensuringeffective communication with local
markets and stakeholders
↘ Examine governance effectiveness to verify
management’s oversight of ESG activities, including
a defined structure, roles and responsibilities
↘ Review formal establishment of, and ensure
adherence to, ESG policies and procedures
↘ Assess collaboration and communication
effectiveness in ESG activities, involving
stakeholders in decision making and sharing
information appropriately
↘ Evaluate ESG regulatory compliance and risk
management within the framework, along with
incentivising management to meet expected
ESGtargets
The audit took place at the end of 2023, with
findings and recommendations discussed with
relevantstakeholders.
Actions in 2024
There are three key areas of improvement in ESG
governance and strategy that we will focus on:
readiness for CSRD reporting and the adequacy of our
sustainability content audit trail; establishing clear
definition of roles and responsibilities related to ESG
activities across both corporate and local market
levels; and improving alignment between our central
sustainability function and the local markets. In 2024,
we will develop an action plan to address these issues.
Trust and fraud
We aim to ensure that our users, advertisements
and messages are always of high quality and free of
malicious intent. Adevinta’s trust and safety solutions
provide a secure environment that supports the
full transaction journey. We have zero tolerance for
infringement of trust and safety, and we aim to ensure
that no user suffers as a result of malicious actors and
their associated damaging activities.
We also maintain a community of trust and safety
expertsin our digital marketplaces. These experts help
identify key common problems, and align the best
practices, learnings and effective solutions required to
solve these problems.
During 2023, the trust and fraud team worked in three
key areas:
Guaranteeing safety:
↘ Integrated Threatmetrix (behavioural analytics
tools) for our digital marketplaces, including Subito,
Milanuncios, and leboncoin at different touchpoints
of the user journey, which trigger an appropriate
response if we detect suspicious user behaviour.
In 2023, we challenged over 11 million accounts, of
which we banned 6.2%.
Building trust:
↘ Trusted User Segmentation allows us to determine
our ideal users in marketplaces, based on their
behaviours and reputation. We continue to scale
our ratings and review solution across different
verticals, such as Coches.net.
Integrating customer support in our chat interface:
↘ To build a seamless experience for our users and
provide them with the support they need to solve
any potential issue, we have integrated a customer
support service within our chat interface so our
support teams are easy to reach and answer quickly.
Our trust strategy
We aim to help our users to feel confident that
nothingwill go wrong in our marketplaces – and if
things do go wrong, they will be fixed. Trust is one of our
three product vision pillars, together with transactions
and verticalisation.
We aim to reduce the risk of threats for our users
as early as possible in their journey, whilst providing
all our users with an experience in which they can
trust, through frictionless, effective and enjoyable
communication and transaction.
The deeper we go into the transactional user journey,
the greater our vulnerabilities. Therefore, in addition
to continuously improving our trust and safety
capabilities, we invest in our customer care capabilities.
Annual Report 202378
Sustainability report > Governance information
We are investing in different processes to ensure a
seamless user experience, such as integrating customer
care support within our chat solution, and automated
processes, which will play a significant role in effectively
managing customer care.
In 2024, we will commit more resources to ensure we
are anticipating and exceeding user expectations, and
building their trust in our digital marketplaces, led by
the product and tech function.
How do we build trust?
We employ “The Trusted User”, a set of
solutionsthat aim to encourage good
behaviourand foster trust between users,
including: peer-to-peer ratings and review
system; trusted user segmentation, which allows
marketplaces to segment users based on their
behaviour; and highlighting user behaviour and
activitysuch as online presence, time to reply,
andsuccessful transactions.
Trust governance
Our group trust and connecting team delivers solutions
and expertise that address trust and safety. Our local
units, based in France, Spain, the Netherlands and
Canada, provide a range of services and capabilities
to all our digital marketplaces worldwide, including
training and knowledge sharing.
We are working on a platform convergence programme,
with a dedicated workstream that will focus on
customer support, including fraud moderation, user
trust and account, login and authentication and
communication. Our legal department ensures that new
capabilities in the global platform comply with different
local policies and regulations.
Local teams and leadership are responsible for
managing trust and safety policies and rules in their
digital marketplaces. Our fraud moderation platform isa
solution within our trust and connecting functionwhich
provides the ability to enforce these policies and rules.
Trust and fraud solutions
Our trust and safety products and services play a
critical role ensuring that our platforms protect our
users from interaction with malicious content and
actors. Serenity provides customisable automatic
and manual workflows to moderate content and users
based on behavioural signals for ads and messages.
In 2024, we will integrate our consolidated platform
and Serenity, and converge our Trusted Users global
solutions to collect and display trust signals, ensuring
users can identify a “good user”. We will also be able to
identify anomalies in their behaviours and strengthen our
capabilities to verify users when entering our platforms.
Trust and risk management
Using proven third-party solutions, such as
Threatmetrix and Phishlabs, we gather device and
behavioural intelligence to predict the degree of risk
associated with individual users and listing, and to
facilitate takedowns of websites engaged in credential
theft – a type of cybercrime that involves stealing a
victim’s proof of identity.
We provide expert services, such as fraud analysis
and best practices, to digital marketplaces to mitigate
fraudrisks.
Actions in 2024
We will continue to build user trust in our digital
marketplaces, including:
↘ Trust Ecosystem – bridging our solutions together
and strengthening the way we protect our users
across all points of the user journey
↘ Account moderation – moderating users who
produce malicious content so we remove them from
our digital marketplaces
↘ Trusted User Model – better identifying our good
and bad users, so we can not only protect from
malicious interaction, but also reduce user friction,
which could also reduce fraud
Annual Report 2023 79
Cybersecurity
During 2023, the cybersecurity team developed several
cybersecurity services (including Vendor Security
Assessments, Cyber Incident Management and Risk
Management processes) and extended the global
cybersecurity coverage in France, Spain, Italy, Benelux
and Germany. A strategic investment was made in
designing and constructing products with security
as a priority, deploying security controls before the
products were launched into production.
To enhance data security, the cybersecurity team
developed a Data Loss Prevention solution for our
main applications and performed a Global Firewall
audit to evaluate and reinforce our security. Along
this, cybersecurity controls were assessed across
allmarketplaces.
Cybersecurity governance
Our cybersecurity governance includes our Global
cybersecurity team, led by our Global Chief Information
Security Officer (GCISO), with local cybersecurity
teams in each country led by local Chief Information
Security Officers (CISOs). Some cybersecurity services
are provided globally and others locally. We have
several committees to manage our cybersecurity
programme, and the Board and executive management
team are engaged in our cybersecurity strategy and
review process, including through monthly meetings.
The perspectives of our users and customers
inform how the cybersecurity team manages actual
and potential impacts. In case of an incident, the
cybersecurity incident management process
establishes how and when to contact customers
and users. The communication criteria aligns with
regulations, such as GDPR, and is agreed by the GCISO,
the local CISO and the marketplace management team
Cybersecurity management system
Our cybersecurity teams provide services globally and
locally across Adevinta, covering the cybersecurity
environment from a comprehensive perspective and
ensuring the appropriate level of security.
We use the internationally recognised National Institute
of Standards and Technology’s (NIST’s) Framework to
effectively identify, detect, protect against, respond to
and recover from a wide range of security threats and
vulnerabilities.
We are exposed to a number of challenges through
the growth of our business and the type of products
and technologies we use to provide best-in-class
user experiences, as well as an increasingly complex
operational environment. We embed security into all of
our products and corporate systems. The cybersecurity
teams monitor policies, processes and systems to
identify and report on key areas of risk and compliance.
In 2023, they reviewed several of our cybersecurity
and data policies and updated them to ensure they
incorporate developments in the threat landscape.
Certain policies are, specifically, orientated to
employees, who receive general awareness training. We
also provide specific profile-orientated training, such
as secure code development for developers or Threat
Modelling training for product owners. In 2023, 83% of
employees completed general awareness or profile-
orientated training.
Incidents and breaches
What is a data breach?
We define a data breach as an incident that
compromises, or provides unauthorised
access to Adevinta data. A security incident
is any occurrence that actually, or potentially,
jeopardises the confidentiality, integrity, or
availability of an information system, or of the
information the system processes, stores, or
transmits; or that constitutes a violation or
imminent threat of violation of security policies,
security procedures, or acceptable use policies.
All employees are aware that, in case of an incident
or anything suspicious, they have to contact the
cybersecurity incident response team through
established channels. Our Acceptable IT Use Policy
indicates that an employee found to have violated this
policy may be subject to disciplinary action, including
termination of employment.
In 2023, we had five security incidents, four of which
are also considered data breaches. We only take into
account security incidents that were reported to
insurers and privacy authorities.
Process and infrastructure
Our teams monitor any suspicious activity via our security
information and event management system. They rely on
email, a ticketing system, and help and support landings
to surface cybersecurity incidents orconcerns.
We follow the internal “three lines of defence” model
Annual Report 202380
Sustainability report > Governance information
andperform independent external audits every
year. We also conduct vulnerability analyses both
internally,by scanning and testing our infrastructure
with manual and automatic tools and, externally,
by performing penetration tests and joining bug
bounty programmes through which users can receive
recognition and compensation for identifying security
exploits and vulnerabilities.
Actions in 2024
Our information technology (IT) infrastructure and IT
services are designed to ensure high availability. IT
processes recover IT assets and services, with Disaster
Recovery Plans managed locally by each country.
In 2024, we will focus on a Business Continuity and
Disaster Recovery Programme to develop and enhance
our organisational resilience, leveraging existing
initiatives across Adevinta. In 2023, we also defined our
new global cybersecurity operating model, which will
come into force in 2024.
Innovation via venture investment
Adevinta Ventures is the early stage investment arm
of Adevinta, and takes minority stakes in promising
early-stage companies across Europe that are shaping
the future of digital marketplaces and tech enablers for
marketplaces or e-commerce.
Adevinta Ventures aims to build a well-diversified
portfolio across sectors, creating value through sharing
learnings, tapping into our core verticals and expanding
into related areas such as fintech, artificial intelligence,
virtual reality and Web3.
Investments in 2023
↘ COCOLI: A Berlin-based re-commerce platform for
buying and selling quality design furniture. COCOLI
has built a full-service solution for private sellers,
retailers and brands, which use it to market and ship
imperfect furniture, including second-hand items,
b-stock and returns.
↘ Shakers: A jobs marketplace building more flexible
workplaces and offering convenience to the next
generation of workers. Shakers helps HR leaders
source top performing teams of tech freelancers,
pre-vetted and supported by AI, and allows
companies to handle contracts, and manage
compliance and invoices, all in one place.
↘ Aria: A B2B embedded invoice financing solution for
the platform economy. Aria enables marketplaces
and software-as-a-service (SAAS) companies to
offer instant invoice payouts to their sellers and
recovers the amount from the buyers.
↘ Three portfolio start-ups to support their growth
journeys: Lovys, 2trde and Spotawheel.
Adevinta Ventures’ activity focuses on the medium to
long term, and aims to support Adevinta and investee
companies to explore new models and services.
Shakers and COCOLI are directly linked to Adevinta’s
work and Re-Commerce vertical, and will support these
business areas by helping them address new users or
complementing their services.
In addition to qualitative benefits, our digital
marketplaces should benefit financially from partnering
with Adevinta Ventures’ portfolio companies.
Partnerships can lead to a revenue-sharing model, as
well as cost savings on initial tests and pilot schemes.
We prioritise a lean approach with minimum resources
from our own marketplaces before we decide whether
to further integrate partnerships. This approach fosters
fast learning at low cost and low risk, and enables
us to make more informed decisions. We expect
partnerships impact from these new investments
within six to eighteen months.
Annual Report 2023 81
Sustainability approach
In 2023, Adevinta Ventures started to embed
sustainability more thoroughly throughout the
investment process. The team first tracked and
quantified sustainability criteria on deal flow. Out of
520 cases evaluated, close to 11.5% offered a solution
that aimed to create a positive impact on society, while
6.9% had female founders or CEOs, or diverse teams.
In 2023, out of the three new investments, one is led
by a female CEO and co-founder (COCOLI). This data
will serve as a baseline to set targets and prioritise
investment opportunities going forward.
Partnerships
In 2023, Adevinta Ventures expanded the partnership
between willhaben and 2trde, initiated in late 2022.
willhaben launched cross-border B2B and C2B offers,
allowing their dealers to source used cars from Germany
from the 2trde clients network, or from willhaben
dealers who also want to sell B2B. In addition, 2trde has
ongoing conversations with several other of our digital
marketplaces, including Coches.net, Marktplaats and
mobile.de, to explore new collaborations.
Whilst Adevinta Ventures invests in three to five
companies each year, it also shares details of relevant
innovative startups with specific Adevinta teams
or marketplaces to enable potential partnership
collaborations. One specific case, in 2023, was Vaayu.
Vaayu is an automated carbon software that helps
companies quantify the impact of their circular
business and make more informed decisions. Adevinta
Ventures introduced Vaayu to the sustainability team,
and both now work together.
Actions in 2024
We aspire to continue investments in our core
categories (e.g. Mobility, Re-commerce, Real-estate
and future of work) and to further explore new tech
enabler applications (i.e. fintech, GenAI, VR, blockchain,
web3), while enhancing our sustainability focus. We
also expect to further strengthen the collaboration
opportunities with our portfolio companies.
Due Diligence Procedures
(NorwegianTransparency Act)
Before we enter new markets, we conduct country
risk assessments and due diligence. Our due diligence
procedure is based on the UN Global Compact principles
and Adevinta’s Principles of Corporate Responsibility,
as well as other relevant sanctions regimes from the
United Nations (UN), the European Union (EU) and the
United States (US). Any red flags identified in our due
diligence process are identified, raised to the mergers
and acquisitions team and escalated to our Investment
Committee and/or Board if necessary.
All employers are required by law to comply with the
European Convention on Human Rights. Standards,
principles and guidelines are also issued by the EU
and national regulators, the UN and organisations,
such as the International Labour Organisation and
the Organisation for Economic Co-operation and
Development. While not legally binding, adherence
to these guidelines is essential to avoid reputational
damage. Most of these principles have been
integratedwithin the EU’s human resources and health
and safety regulations and we are confident that we
comply with them.
Annual Report 202382
Sustainability report > Governance information
In 2023, Adevinta incorporated two new frameworks:
↘ The Norwegian Transparency Act came into force
in July 2023, expanding our regulatory framework
for human rights. In July 2023, we published our
first Annual Statement and added an enquiry email
address to our website. Our sustainability team is
required to respond to enquiries within two weeks –
we had no enquiries in 2023.
↘ The CSDDD developed by the EU will subject
Adevinta to a human rights due diligence obligation,
according to the draft proposal. We plan to start
this process in 2024, which has several steps:
– Identify and assess our impacts
– Form an action plan to prevent and mitigate
risks related to human rights
– Undertake a gap analysis to assess our
responses over time
– Establish a communication plan to inform our
stakeholders about progress in addressing our
human rights impacts
Actions in 2024
We plan to progress in our supplier taxonomy review
to gain an accurate understanding of the connection
between our suppliers, their material categories and
their countries, so we fully understand our ESG-related
risks, exploring the best way to review procurement
taxonomy in collaboration with an external expert
partner with specialist knowledge in sustainable
procurement and human rights. We will prioritise our
supply chain analysis according to supplier spend
(around 250 suppliers).
Sustainable supply chain
We are committed to conducting business with
integrity and in line with internationally recognised
principles on human rights, labour rights, environment
and anti-corruption.
Our Supplier Code of Conduct Policy and Sustainable
Sourcing Policy build on our Global Procurement Policy,
define the environmental, social and ethical standards
that suppliers must meet to do business with Adevinta,
and which our employees use when sourcing products
or services. This is a high-level environmental and
social assessment that we carry out on our new
suppliers through which we spend more than €50,000.
Our Sustainable Sourcing Policy is, primarily, for the
procurement team and all employees involved in
purchasing activities. The Supplier Code of Conduct
Policy applies to all our suppliers who, in turn, are
responsible for ensuring that their own supply chains
adhere to the same responsibilities set out in the
Code, which is included in the procurement team’s
request for onboarding process. However, we do not
yet, systematically, collect detailed information on the
potential negative environmental and social impacts in
our supply chain.
Most of our procurement activity comprises the
provision of services, with only a small part related
to physical products. Our Global Procurement Policy
sets out the principles and processes that Adevinta
employees must follow when sourcing services from
third parties and managing those suppliers.
We assess suppliers from several risk
perspectives:
↘ Sustainability and Compliance Risk
Assessment: We identify suppliers that
pose a higher risk from a sustainability
or compliance perspective through the
suppliers’ taxonomy and our own checks,
including a country risk assessment. Flagged
suppliers have to complete a comprehensive
risk and compliance questionnaire, which
we assess before making a final decision
about contracting the supplier. A third-party
providerperforms additional screening for us
based on external data sources, checking for
sanctions, politically exposed persons and
adverse media.
↘ Data Privacy Risk Assessment: We analyse
and quantify risks to privacy associated with
the processing of personal data to protect the
rights of our users.
↘ Vendor Information Security Risk
Assessment: The Information Security
Team evaluates each vendor’s cybersecurity
maturity to ensure that products and
services purchased by Adevinta, and the data
processed by the vendor, do not pose a risk.
↘ Business Criticality Risk Assessment:
We conduct business continuity planning
for suppliers and products that are key to
Adevinta’s own operations, such as payment
systems, programmatic suppliers or supply
side platforms, to ensure that our operations,
personnel and assets are protected in the
event of a threat or disaster.
Annual Report 2023 83
*
Awarding and Onboarding QG for later stage
Procurement quality journey overview
Contracting
Contract negotiation and
signature statistics
Onboarding
Supplier onboarding in
S4 & Code of Conduct
Engagement (BRF)
Comply with
procurement policy
Risk assessment
Third-party risk
managment
Awarding
Award third-party
contracting
In 2023, we integrated control and monitoring
mechanisms into our Procurement Quality Governance
Framework, which prioritises compliance and spend, to
guarantee suppliers adhere to our Risk Framework. In
this way, we can also ensure that all strategic suppliers
undergo comprehensive risk assessments and
evaluations by, not only our procurement team, but also
our data privacy cybersecurity and risk teams.
Suppliers can contact us with any questions or to
report breaches of the Code and other policies,
eitherwithin the supplier’s organisation or within
any part of its supply chain through a third-party
operatedwhistleblower function, which is also available
on our website.
Actions in 2024
We will continue to deliver savings whilst we focus
on improving our buying journeys and employee
experiences and continue building on strategic areas,
such as contingent workforce, travel management and
implement a broader efficiency plan across markets and
functions, whilst reinforcing governance and controls.
Advertising
Advertising is a significant source of revenue for
Adevinta. Although we do not have a publicly shared
Code of Ethics for Advertising, we follow and cover the
guidance on appropriate advertising practices for each
jurisdiction in which we operate, to ensure that the
information we share is not misleading or unethical.
At the product level, we ensure that we block products
and content that are not legally allowed in respective
countries. At the behavioural level, we do not tolerate
any activity that involves violence, discrimination,
misinformation and people’s wellbeing, with a
particular focus on children, and this is approved at the
executive management level. The filtering of advertising
content that is not permitted by law is carried out by
an automatically triggered ban in our delivery channel.
Actions in 2024
As a publisher in the digital advertising space, we
have the opportunity to improve the way we manage
advertising to increase the sustainability of our
business. The advertising industry generates GHG
emissions from electricity (to run servers, computers
and in the supply chain) and from the energy that users
use when visiting websites.
Annual Report 202384
Sustainability report > Governance information
One of our focus areas in 2024 is to increase the
granularity when we measure our carbon footprint
from advertising. We will formalise our governance
by appointing a responsible person in the advertising
department, and will select a tool that will allow us to
calculate our impact more accurately.
Political influence
Adevinta supports, directly and via trade associations
and alliances, legislative initiatives under the EU Green
Deal or at national level, where these align with the
Paris Agreement.
We engage with governments and EU institutions
todevelop public policies, as well as with
professionalassociations and alliances whose
members share best practice and promote the role of
the tech and classifieds industries in economic and
sustainable development.
We support regulatory initiatives that foster a circular
economy by extending the lifecycle of products and
promoting the reuse and sale of second-hand goods. In
2023, these included the Right to Repair, the Ecodesign
for Sustainable Products Regulation, the inclusion of
second-hand marketplaces in the second delegated act
of the EU Taxonomy, and the introduction of a reduced
value added tax (VAT) rate for second-hand sales.
Key areas of public policies we have contributed
toinclude:
↘ The necessity of open markets and fair competition to
support sustainable growth of EU tech champions
↘ The need for long-term and stable policy
frameworks fostering the growth of digital services,
whilst protecting users
↘ The importance of ensuring the green digital transition
As a leading online classifieds group operating digital
marketplaces in 10 countries, we ensure that any
lobbying activity complies with all applicable laws and
transparency requirements, including Global Reporting
Initiative GRI standards.
All our public affairs activities, including associations
and alliance memberships, are overseen by our
Public Affairs Team, which ensures the alignment of
our lobbying activities with our role in the circular
economy. In our Code, we specify that all political
and lobbying activities, including meetings with
government officials, must be coordinated by our
public affairs team, which reports weekly to our
executive team.
The Code also outlines that Adevinta can only make
charitable payments or political donations to legitimate
registered organisations. Payments must not, under
any circumstances, be made to influence a business
outcome. All charitable payments or political donations
must be approved by the local CEO, CFO and Board,
and recorded in our financial statements.
In 2023, we spent approximately €519,979 (2022:
€460,000) on external lobbying services, which
represented 0.03% (2022: 0.03%) of our annual
turnover. Approximately 75% of total expenditure went
to trade association memberships that serve business
purposes, as opposed to political activity.
Lobbying activities €128,830
Trade association memberships €391,149
Total Adevinta expenditure €519,979
Adevinta is registered in the European Union
Transparency Register and the Lobby Register
of the German Bundestag. Adevinta France is
registered in the Lobby register of the Haute
Autorité pour la transparence de la vie publique
inFrance.
Adevinta is a member of the following EU Trade
associations: Classifieds Marketplaces Europe
(CME), European Tech Alliance, Ecommerce
Europe and IAB Europe as well as in various
national trade associations via its local brands.
Actions in 2024
Our public affairs activities will focus, in particular, on
the European elections by supporting an EU Policy
Framework that enhances competitiveness and fosters
innovation in the tech and second-hand sector. Our
CEO, Antoine Jouteau, will kick off 2024 as the newly
elected President of the European Tech Alliance,
promoting its 2030 vision: a European strategy for tech.
Jointly with our partners in the CME we have worked on
a EU2030 Roadmap on “How to make second-hand the
first choice in Europe’’.
Annual Report 2023 85
This report has been prepared in accordance with the
GRI Standards: Core option, and follows the guidelines
set out in the Euronext Guidelines for Environmental,
Social and Governance (ESG) reporting. Adevinta will
publish a sustainability report on an annual basis. The
report has not been subject to external independent
assurance. The sustainability information is provided
throughout the Annual Report. Please see the GRI Index
for further guidance.
Scope and boundaries:
The sustainability report includes data pertaining to
companies of which Adevinta has had full ownership or
operational control throughout the year, with certain
scope limitations listed below. Companies that have
been divested during the year have been excluded.
We have decided to exclude our subsidiary in Ireland
from our consolidated report as we have followed
Article §3-8 of Directive 2014/95/EU in relation to the
disclosure of non-financial and diversity information.
This decision was based on the different operational
work performed between the entities and the
difficulties that would be involved in collecting the
correct information.
1. Methodology - Employee data
Employee data, as per 31 December 2023, is stated
as headcount and covers all companies in scope. This
includes all companies that are integrated in the human
capital management system Workday®. Data relating to
employee engagement were retrieved from Adevinta’s
engagement survey and templates completed by
each company. Data relating to collective bargaining
agreements and performance reviews were collected
via Workday®.
Data relating to health and safety were collected using
templates completed by each company. As Adevinta
does not yet have a centralised system for monitoring
health and safety incidents, the reporting frameworks
at the various sites differ. Therefore, there may be
slightdeviations from the exact measurements at the
various sites due to possible variations in their local
data definitions.
We have published the share of sick leaves within our
absence rate. This rate includes sick leave, days lost
due to accidents at work and unpaid leave. Not all
companies in scope report these figures within the
same human capital management system yet. We are
working on collecting this data so that it can be better
taken into account in the next reporting cycle.
2. Methodology - Environmental
data
Organisational boundary
Adevinta uses the operational control approach in
conformance with the GHG Protocol to report its
consolidated GHG emissions. The organisational
boundary we’ve set includes parent company Adevinta
ASA and all subsidiaries under its control in 2023, with
the exception of:
↘ Distilled group (Ireland subsidiaries) that is
operating autonomously.
↘ Divested or liquidated entities with registered
employees in the course of 2023:
– Adevinta Classified Media Hungary Kft.
(Hungary)
– Kijiji Classifieds, LLC (U.S.A)
Both exclusions have been made due to the difficulties
to collect the required data and are not deemed
significant to the assessment of the Group's results.
The exclusions are therefore considered to be justified
under Article § 3-8 of Directive 2014/95/EU in relation
to the disclosure of non-financial and diversity
information.
Adevinta Spain acquired Inmoweb SL and Witei
Solutions SL throughout the year, which have both been
included as part of the organisational boundary:
↘ Input data were collected for Inmoweb SL (since
February 2023 part of Adevinta group) and
extrapolated to a full year basis.
This is Adevinta's fifth annual sustainability report. The previous report was
published on 27 April 2023. Information disclosed in this report refers to
activities undertaken from 1 January to 31 December 2023.
About this report
Annual Report 202386
Sustainability report > About this report
↘ No input data were collected for Witei Solutions SL
(since the end of November part of Adevinta group),
but GHG accounting has been done based on an
extrapolation from Inmoweb SL to a full year basis.
Following the operational control approach, associate
companies and joint ventures are outside of the
organisational boundary and included as part of
Adevina’s value chain emissions accordingly.
Operational boundaries
Adevinta considers the GHG Protocol accounting
standards to calculate and report its Scope 1, 2 and 3
GHG emissions.
The Scope 3 categories are accounted for according
to the minimum boundaries. The assessment of
applicability for these Scope 3 categories has been
based on the fact that in the context of online
classifieds businesses, Adevinta does not sell any of the
products transacted on our marketplaces, but merely
has a facilitating role connecting potential buyers
with potential sellers. Adevinta instead offers services
(online classifieds, transactional and advertising)
through its marketplaces. The same consideration has
been made for the online buying and selling service
(Online-Kauf) from mobile.de, which allows customers
to buy or finance selected used cars online, regardless
of these vehicles appearing on Adevinta's balance
sheet for a very short amount of time.
Accordingly, the following Scope 3 categories have been
excluded based on relevancy for Adevinta’s operations:
↘ Category 13 - Downstream leased assets since
Adevinta does not own any assets that are leased to
other entities.
↘ Category 10 - Processing of sold products which is
not applicable to Adevinta’s business operations.
↘ Category 12 - End-of-life treatment of sold
products since Adevinta does not sell any of the
products facilitated or transacted through its
marketplaces.
↘ Category 14 - Franchises since Adevinta does not
operate any.
The minimum boundaries that have been considered for
each of the accounted scope categories are described
in detail under the methodology descriptions below.
In the context of online classifieds business set-up,
the exclusions made are not squarely addressed by
the GHG Protocol framework. Exclusion is therefore
considered to not strictly violate the GHG Protocol (at
least in its present form).
Methodology
GHG emissions have been calculated using energy
consumption data and primary, activity-based data
(as far as possible), and multiplied by the relevant GHG
emission factors.
The calculated carbon dioxide equivalent (CO2e)
emissions are inclusive of carbon dioxide (CO2), nitrous
oxide (N2O), and methane (CH4). The other GHG gases
sulphur hexafluoride (SF
6), perfluorocarbons (PFCs) and
nitrogen trifluoride (NF3) are not emitted.
Input data were separately collected via templates
for H1 and H2 by dedicated data collectors in each
of the Adevinta operating countries, marketplaces or
centralised departments. Input data were reviewed and
processed by the Environmental Engineer of the global
sustainability team. The relevant emission factors
were applied following the Corporate Carbon Footprint
calculation methodology (verified by TÜV Rheinland) of
Vaayu Tech GmbH.
Our calculated GHG emissions are inherently subject
to the general significant scientific measurement
uncertainty that exists when calculating GHG
emissions, due to the mathematical equations (i.e.,
models) used to characterise relationships between
various parameters and emission processes.
Secondary data such as estimates, extrapolations,
spend-based data or industry-averages have been
used where activity-based data were not available,
which also increases the intrinsic parameter
uncertainty that is associated with quantifying the
input data and emission factors.
Annual Report 2023 87
The data collection approach and methodology used for each of Adevinta’s operational scope categories is further
explained in the tables below.
Methods Description of Sources/Activities and Data Approach Description of Methodology
Scope 1 Methodology Description
Mobile
combustion
Adevinta operates leased non-electric vehicles in France,
Italy, Spain and the Netherlands.
Activity-based data were used according to availability:
↘ Fuel consumption - France and Italy
↘ Distance travelled where fuel consumption was not
available - Spain and Netherlands
Our leased electric cars are accounted for under Scope 2.
Fuel-based method was applied for the leased non-electric
vehicles. Where fuel consumption was not available,
information on mode of transport, distance travelled, and
estimated vehicle fuel efficiency were used to determine the
amount of fuel consumed.
EFs: The used emission factors were taken from DEFRA
(2022).
Scope 2 Methodology Description
Location-
Based
Energy is purchased for our leased offices and on-premise
data centres in each of our countries of operation:
Offices - a mix of primary and secondary data were used
according to availability:
↘ Energy consumption data from invoices was used where
Adevinta manages its own energy contracts with the
supplier - Spain (all offices), France (Paris offices, Reims,
Montceau-les-Mines), Italy (Milan offices), Canada
(Toronto office King St W until September)
↘ Energy consumption data from entire building, corrected
for Adevinta’s estimated share, was used where Adevinta
was able to obtain the data from the landlord - Belgium
(Brussels), France (Nantes, Mâcon), Germany (Dreilinden,
Berlin FHN until April), Netherlands (Amsterdam offices),
UK (London), China (Shanghai), Canada (Toronto office
York St since November)
↘ Estimations were made where Adevinta was not able to
retrieve any information - Germany (Hamburg since July,
Berlin OPD since September)
Energy consumption from the usage of leased coworking
spaces are accounted for under Scope 3 - Category 8
(Upstream Leased assets).
Purchased electricity, heating and cooling data all reported
in kWh, except for district cooling in Toronto (reported in
tons of refrigeration and converted to kWh using 3.5 kWh/ton
conversion rate).
On-premise data centres - Energy sub-metered data were
used for our 5 leased data centres, located in Germany,
Netherlands and France. Refrigerant losses registered at the
data centres were accounted for according to Adevinta’s
estimated share in the total number of servers.
Leased cars - Driven kilometres were used for our electric
cars leased in Italy and Spain.
Emissions were calculated based on electricity models and
district heating models:
↘ Electricity models: Location-based emissions for
electricity were calculated on a country-specific basis,
using a model that accounts for imports and exports to
define the electricity mix. Supplier-specific rates were
taken into consideration where available for electricity -
Spain (all offices), Belgium (Brussels), Italy (Milan offices)
and heating - France (Paris offices, Mâcon, Nantes).
Vaayu’s model includes location-based emissions
factors derived from a combination of resource-specific
factors from the IPCC and up-to-date country-specific
grid data from reliable third-party sources (ENTSO-E
for European countries). Vaayu adjusts this data in the
model to account for domestic production and imports
minus emissions associated with exports. The grid
information is updated at least monthly in the model
which results in emissions information that is far more
timely than standard regional or national emissions
factors, which may lag by multiple years.
↘ District heating models: For each country within the
scope of the model, an emissions factor for heat has
been calculated based on the sum of the mix of heat
generating sources used in the country, multiplied
by a relevant emissions factor (the model currently
relies on the U.S. EPA factors). The resulting location-
specific emissions factor was then multiplied by the
heat consumption within that country to calculate the
location-based emissions.
Distance-based method was applied for the leased electric
cars. Information on vehicle type and distance travelled were
used to determine the electricity consumed.
Market
- Based
The same activity-based energy consumption data as
explained under Location-based methodology has been used.
Renewable electricity share was used as market-based
specific input data where contractual instruments were
available:
↘ Energy certificates or energy invoices / contract stating
100% renewable energy where Adevinta manages its
own energy contracts with the supplier - Italy (Milan
offices), Canada (partially - Toronto office King St W until
September).
↘ Energy certificates or in case of on-site generation where
energy contracts with the supplier were managed by
our landlords - UK (London), Netherlands (Amsterdam
offices), Germany (Dreilinden).
↘ Energy certificates stating 100% renewable energy or
confirmation received from the operators of our on-
premise data centres - 4 out of our 5 on-premise data
centres.
Market-based emissions for electricity were calculated
by applying valid emissions factors based on renewable
electricity share to consumption, followed by residual mix
factors, and use of location-based emissions factors for
consumption that had no matching contractual or residual
rate.
No market-based specific input data were available for
district heating (calculated using location-based approach
only).
Annual Report 202388
Sustainability report > About this report
Methods Description of Sources/Activities and Data Approach Description of Methodology
Scope 3 Methodology Description
Cat 1
Purchased
Goods and
Services
Adevinta’s purchased goods only comprise office supplies
and promotional items or merchandise for our marketplaces
or events.
Adevinta’s operations mainly rely on consultancy/
professional services, cloud providers and ICT or Technology
services (e.g. softwares and applications).
Activity-based data were used for the following purchased
goods and services:
↘ Office material with a match in the Vaayu PCF calculation
engine: Invoices, inventories and supplier-data
↘ Promotional items (merchandise) with a match in the
Vaayu PCF calculation engine: Invoices
↘ Google workspace: Extrapolation based on supplier-
based report
↘ Cloud providers: AWS and GCP usage data
↘ Hosted servers: Extrapolation based on supplier-based
reports
Spend-based data were used for the office material and
promotional items where there was no match in the Vaayu
PCF calculation engine (e.g. electrical machinery for cars)
(around 5%).
Spend-based data were also used for all remaining
purchased services using the procurement Adevinta spend
report 2023 as main data source. The report consolidated
all invoiced amounts per supplier and material category
based on financial data from SAP S4HANA (gradual migration
throughout 2023 for all Adevinta entities and markets) and
the other ERP systems used in the local marketplaces.
Average Product Method: Average cradle-to-gate climate
impacts were estimated using Vaayu’s models. Around 95%
of goods were classified using the average product method.
Of these products, about 64% were matched directly to a
product in the Vaayu database while the rest were estimated
using an average of products falling under Crafts and
Stationery and Kitchen Utensils. These product categories
were found to be the most prevalent in the provided data.
Spend-based method: Computing vendor spend against
relevant EEIO factor that assumes a sector-tailored
emissions value per unit of economic value
1
.
Average-data method for Google workspace and hosted
servers: Vaayu reviewed the supplier-specific emissions
data or allocated electricity consumption information, used
them directly, and leveraged methods applicable for the
calculation of location-based Scope 2 purchased electricity
(e.g., the location-based model or IEA factors as applicable).
Average-data method for cloud providers: The open-
source methodology of Cloud Carbon Footprint was
used that calculates both the operational emissions
(from cloud provider service usage and estimated Power
Usage Effectiveness - PUE) and embodied emissions
(manufacturing of servers for compute usage).
Grid emission factors were adjusted for AWS and GCP
regions according to the location-based Scope 2 purchased
electricity (e.g., the location-based model or IEA factors as
applicable).
3.2 Capital
Goods
Adevinta’s capital goods include the purchased IT
equipment, servers and furniture.
Activity-based data were used:
↘ Furniture with a match in the Vaayu PCF calculation
engine: Invoices from purchases managed by our
Workplace Experience teams
↘ IT equipment with a match in the Vaayu PCF
calculation engine: Invoices from purchases managed
by our global EPTO team and local Workplace
Experience teams
↘ Servers with a match in the Vaayu PCF calculation
engine: Inventory (2023 changes) managed by our
global EPTO team
↘ Spend-based data were used for the capital
goods where there was no match in the Vaayu PCF
calculation engine (around 35%).
Average product method: Average cradle-to-gate climate
impacts were estimated using Vaayu’s models.
Around 65% of capital goods items were classified using the
average-product method.
Spend-based method: Computing investment spent during
the reporting year on fixed assets against relevant EEIO
factors that assume a sector-tailored emissions value per
unit of economic value.
3.3 Energy-
Related
Activities
Not in Scopes
1 and 2
Emissions from our purchased electricity, heating/cooling
and fuel consumption for our leased offices, cars and on-
premise data centres are divided into:
↘ Direct emissions not reported under Scope 1 or 2
↘ Upstream emissions and transmission and distribution
(T&D) losses accounted for under this category
The same data as input to the Scope 1 and 2 methodologies
were therefore used (see Scope 1 and 2 methodology).
Average-data method: Average-data method was applied
using specific upstream fuel emission factors, according
to the type of energy source and taking into account
the losses associated with electricity transmission and
distribution.
1
Spend-based emission factors determined by the type of purchased goods and services (3.1) and capital goods (3.2). The bill of purchase is used to calculate
the total amount spent within the reporting period, and relevant cradle to gate emission factors per unit of economic value are applied to calculate the total
emissions.
Annual Report 2023 89
Methods Description of Sources/Activities and Data Approach Description of Methodology
3.4 Upstream
Trans-
portation and
Distribution
This category includes the transportation emissions from the
vehicle delivery service purchased by Adevinta for the online
vehicle buying and selling service (Online-Kauf) from our
mobile.de marketplace.
Activity-based data were used:
↘ Total distance travelled (in kms): Invoices
↘ Type of vehicles sold: OBS-2023 sales data
The emissions from C2C deliveries paid for by Adevinta’s
Recommerce marketplaces (through carrier reseller
contracts) are reported under Scope 3 - Category 9
(Downstream transportation and distribution). The
decision was mainly driven by data-related reasons, and
specifically current lack of data granularity that would allow
proper allocation of the emissions between upstream and
downstream transportation.
Distance-based method: Vaayu used distance travelled to
determine the amount of fuel consumed, based on the total
distance travelled and the relevant vehicle fuel efficiencies.
↘ The emission factors of fuels included the combustion
emissions of the fuels (minimum boundary).
↘ The emission factors of fuels also included the well to
tank factors for the fuels.
↘ Emissions from backhaul have not been accounted for.
3.5 Waste
(Operations)
Waste from Adevinta’s operations mainly involves the non-
hazardous waste streams generated at our offices (residual
waste, organic waste, paper and cardboard, glass, PMC)
and some sporadically generated waste from Electrical and
Electronic Equipment (WEEE).
Activity-based data were used or estimated according to
availability:
↘ Waste data from invoices or waste registers were used
where Adevinta manages its own waste contracts with
the supplier
↘ Waste data from entire building, corrected for Adevinta’s
estimated share, was used where Adevinta was able to
obtain the data from the landlord
↘ Assumptions on waste treatment/disposal or estimations
of waste mass were made where Adevinta was not able
to retrieve any information - Coworking offices, Germany
(Hamburg since July, Berlin OPD since September)
Wastewater treatment has also been included in the
assessment. Waste data in this case included tap water
consumption data.
Waste-type Specific method was applied, with relevant
emission factors according to type of waste and waste
treatment method, which were then multiplied by the
quantity of waste to calculate the emissions.
Annual Report 202390
Sustainability report > About this report
Methods Description of Sources/Activities and Data Approach Description of Methodology
3.6 Business
Travel
Adevinta’s business travel involves the transportation of
employees between offices or for business-related matters
(client visits, events, etc.).
Activity-data were used where available:
↘ Flights booked through Adevinta’s internal travel booking
systems (Concur System and agreements with local
travel agencies) in the form of distance travelled
↘ Flights expensed through Concur System for which a
travel distance was estimated based on average km/flight
from flights booked through Concur system
↘ Buses and trains booked through local travel agencies in
the form of distance travelled
↘ Hotels booked through Adevinta’s internal travel booking
systems (Concur System and agreements with local
travel agencies) in the form of number of nights
↘ Rental cars booked through local travel agencies in the
form of number of days
↘ Taxi data from Adevinta-managed local transportation
subscription services in Spain, Germany and Netherlands
in the form of distance travelled and supplier-based data
on fleet composition
↘ Taxi expenses data for Spain and Italy in the form of
distance travelled
↘ Bus expenses data for Italy in the form of distance
travelled
↘ Mileage data from Concur and local expense systems in
the form of distance travelled
Spend-based data were used where no activity-data were
available:
↘ Rental cars and public transport booked through Concur
system
↘ Mixed travel expenses without granularity (mix of rental
cars, taxis, rideshares and public transport)
↘ Business travel related reimbursed employee expenses
(hotels, flights, public transport, taxis, rideshares)
Distance-method was applied, where total distance travelled
and mode were computed against distance-based factors,
varying based on different modes of transport. Hotel stays
were calculated based on the length of hotel stay (i.e., number
of nights) where available.
Spend-based was applied where no activity-data was
available, using specific emission factors per mode of
business travel transport. In case of mixed transportation
modes, averages of these emission factors were applied.
3.7 Employee
Commuting
Activity-based data were available for the impact from our
employees commuting to our offices:
↘ A commuting survey was launched during November
2023 to gather insights in our employee’s commuting
behaviour for each of our offices and coworking spaces.
A representative sample of 48% Adevinta employees on
commute habits (incl. mode of transport, number of days
commuting into the office, distance travelled, number
of working weeks) was obtained, generating information
on average distance travelled and mode. Factors like
employees changing from one office to another, moving
to new office locations and using mixed modes of
transportation were taken into consideration.
↘ Averaged employee headcount numbers per office.
Data from only 7% of the contingent workers for 2023 was
collected through the survey. The sample was considered
non-representative and the commute emissions of
contingent workers therefore remained out of scope for the
assessment.
Distance-method was applied, where total distance travelled
and mode of transport were computed against distance-
based factors.
An emission rate for each office was calculated (based on
survey data) and extrapolation to the full employee count per
office was performed.
For employees who have changed offices in the year, the
respective modes of transport and number of office days
were considered for both offices according to the office
opening and closing dates.
Emissions from remote working were not calculated.
Annual Report 2023 91
Methods Description of Sources/Activities and Data Approach Description of Methodology
3.8 Upstream
Leased Assets
Adevinta’s upstream leased assets involve its leased cars
and coworking spaces used as offices. Fugitive emissions
from leased on-premise data centres have additionally been
accounted for under this same category.
Coworking spaces - Energy consumption data from the
used coworking spaces in Spain, Italy, Germany and Canada
was extrapolated from the leased offices in each of these
countries based on either surface area (m2) or employee
headcount. Temporary coworking spaces were prorated
based on used months.
Fugitive emissions from leased on-premise data centres
- Primary data provided on shared cooling installation (not
owned or operated by Adevinta) in one of the on-premise
data centres were used (type of refrigerant and refrigerant
loss in kg). Adevinta's share has been based on the load
capacity and was estimated at ~5%.
Asset-specific method was applied for the leased Coworking
spaces, with emissions calculated following the Scope 2
methodologies documented above.
Fugitive Emissions Methodology: Emissions were calculated
by multiplying the amount of refrigerant leaked during
operation of the equipment with the emissions factor for the
type of refrigerant.
EFs: The used emission factors were taken from DEFRA (2022).
3.9
Downstream
Transport-
ation and
Distribution
The downstream transportation and distribution associated
with products transacted through Adevinta’s Recommerce
marketplaces is considered part of Adevinta’s minimum
scope boundary. Where Adevinta’s Recommerce platforms
facilitate the transaction of products via payment options or
other transactional services, the associated transportation,
distribution (incl. packaging) has been therefore accounted:
↘ In case of delivery services offered on our marketplaces:
Delivery and packaging emissions from third-party
transportation carriers
↘ In case of face-2-face meet-ups: Transportation and
packaging emissions from users upon exchanging the
transacted products
Activity-based data were used:
↘ Available tracked data from our Recommerce platforms
with transactional services (leboncoin, Kleinanzeigen,
Subito, Milanuncios, Marktplaats, 2dehands-2ememain),
supported by the results from seller and buyer surveys
that were launched in January 2023, were used to collect
data on:
↘ Meetup, CDP/PUDO and home pickup/drop-off shipment
methods.
↘ Usage of packaging
↘ Number of successful transactions per marketplace and
product (category)
In the context of online classifieds business, the
transportation and distribution services associated with
transactions that potentially happened outside of Adevinta’s
Recommerce marketplaces have been excluded from the
minimum boundary scope since there are no tracked data on
any potential transactions that might have happened for the
listed products after certain connections between potential
buyers and sellers were made on our platforms.
Transportation
Fuel-based method was applied, where distance travelled
was used to determine the amount of fuel consumed, based
on the total distance travelled and the relevant vehicle fuel
efficiencies.
Transportation emissions were calculated on a per
transaction basis:
Home Pickup/Delivery Distance
↘ Origin and Destination country code set for each
transaction.
↘ Where Buyer and Seller city or postal code was
present, distance was calculated between the two. For
Marktplaats, direct distance was provided and used.
↘ Where only Buyer or Seller city was present, distance was
calculated between city and centre of country by default.
↘ Where only country code was provided, a country
specific average distance has been used.
↘ Where geocoded distance = 0 (e.g. if origin and
destination postal codes are the same), a minimum
average distance of 19 km was applied.
Meetup Distance
↘ Distance was determined by multiplying transport time
with vehicle speed on a per market basis.
↘ Transport time was taken from the survey results and
multiplied by average vehicle speeds (taken from LCA
research) to get a distance per time-frame and vehicle
type.
↘ A weighted average for distance across the time-
frames was then calculated per vehicle type. This was
subsequently used to calculate another weighted
average for distance based on the spread of vehicle
types on a per country basis, the spread being based on
the survey results.
↘ This weighted average for distance was then sent to
the shipment service, where circuity and trip-chaining
factors were applied to get the total meetup distance for
meetup transactions.
↘ Europe-based average from the survey results was
used for marketplaces with few survey responses
(Marktplaats, Milanuncios).
Allocations were based on mode of transport and applicable
capacity of the transport mode, as taken from DEFRA. Vaayu’s
implementation of the methodology described above is
through a statistical model present within the Vaayusoftware.
Annual Report 202392
Sustainability report > About this report
Methods Description of Sources/Activities and Data Approach Description of Methodology
3.9
Downstream
Transportation
and
Distribution
Secondary packaging
A package has been defined as both the mass/volume of the
transacted goods and its packaging.
↘ Distribution of new packaging types was taken from the
survey results on a per category basis.
↘ Packaging element sizes (volumes and area) were
calculated on a per category basis by Vaayu.
↘ The distribution of new packaging types were then
calculated for each transaction, dependent upon the
category of the transaction.
↘ Used packaging has been assumed to have no emissions,
and has therefore not been factored into the secondary-
packaging calculations on a per transaction basis.
↘ Europe-based average from the survey results was
used for marketplaces with few survey responses
(Marktplaats, Milanuncios).
The quantity and total weight of the packaging for each
transaction were multiplied by the relevant emission factor
to calculate the emissions from packaging.
3.11 Use of
Sold Products
The Use of Adevinta’s Sold products refers to the energy
consumed by our users when accessing Adevinta’s online
marketplaces from their personal devices.
For each marketplace, activity-based data in the form of
tracked marketing analytics data per device (Tablet, phone,
etc) were used:
↘ Total number of user sessions
↘ Average duration of a session
The indirect product use-phase emissions over the total
expected lifetime were excluded.
The calculation method for the direct use-phase
emissions from products that directly consume electricity
during use has been followed:
The average amount of data used per page view, average
number of page views per session and average session time
were used to calculate the amount of electricity used per
session, which was then multiplied by the total number of
user sessions.
3.15
Investments
This category includes the emissions associated with
Adevinta’s joint ventures, associate companies and new
investments made in 2023 by Adevinta’s investment arm
(Adevinta Ventures).
Activity-based data were used in the form of:
↘ Company’s Scope 1 and 2 emissions for Adevinta’s joint
ventures:
– Willhaben : Scope 1- data from owned vehicles
and scope 2-data from leased offices energy
consumption.
– OLX Brasil: Scope 2-data from leased offices
energyconsumption.
↘ Company’s Scope 1 and 2 emissions from Carousell PTE
Ltd for Adevinta’s Associate Company 703 Search BV
↘ Company revenue and sector for Adevinta’s other
Associate Company (Younited SA) and new investments
made in 2023
The investment-specific method was applied to Adevinta’s
joint ventures (Willhaben and OLX) and associate company
703 Search BV (with a stake in Carousell PTE Ltd), where
Adevinta’s allocation was calculated based on Adevinta’s
equity.
The average-data method was applied to Adevinta’s
Associate Company (Younited SA), using the annual revenues,
Adevinta’s equity share (%) and sector-specific emission
factors.
Annual Report 2023 93
3. EU Taxonomy tables
1
Turnover
Substantial contribution criteria DNHS criteria (Does Not Significantly Harm)
Economic Activities (1)
Codes
(2)
Absolute turnover (3)
Proportion of turnover (4)
Climate change mitigation (5)
Climate change adaption (6)
Water and marine resources
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems
(10)
Climate change mitigation (11)
Climate change adaption (12)
Water and marine resources
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems
(16)
Minimum safeguards (17)
Taxonomy-aligned proportion
of turnover year N (18)
Taxonomy-aligned proportion
of turnover year N-1 (19)
Category (enabling activity
or) (20)
Category '(transitional
activity)' (21)
€
million % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. Taxonomy – Eligible activities
A.1 Environmental sustainable activities (Taxonomy-aligned)
Turnover of environmental sustainable activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not environmental sustainable activities (not Taxonomy-aligned activities)
Marketplace for the trade of
second-hand goods for reuse
CE 5.6
110 6%
Turnover of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activites) (A.2) 110 6%
Total (A.1 + A.2)
110 6%
0%
B. Taxonomy – Non-eligible activities
Turnover of Taxonomy-non-
eligible activities (B) 1,716 94%
Total (A+B)
1,826 100%
1
Rounded figures were used for the calculation.
Annual Report 202394
Sustainability report > About this report
CapEx
Substantial contribution criteria DNHS criteria (Does Not Significantly Harm)
Economic Activities (1)
Codes
(2)
Absolute CapEx (3)
Proportion of CapEx (4)
Climate change mitigation (5)
Climate change adaption (6)
Water and marine resources
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems
(10)
Climate change mitigation (11)
Climate change adaption (12)
Water and marine resources
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems
(16)
Minimum safeguards (17)
Taxonomy-aligned proportion
of CapEx year N (18)
Taxonomy-aligned proportion
of CapEx year N-1 (19)
Category (enabling activity
or) (20)
Category '(transitional
activity)' (21)
€
million % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. Taxonomy – Eligible activities
A.1 Environmental sustainable activities (Taxonomy-aligned)
CapEx of environmental sustainable activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not environmental sustainable activities (not Taxonomy-aligned activities)
Marketplace for the trade of
second-hand goods for reuse
CE 5.6
70 46%
CapEx of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-aligned
activites) 70 46%
Total (A.1 + A.2)
70 46%
0%
B. Taxonomy – Non-eligible activities
CapEx of Taxonomy-non-eligible
activities (B) 84 54%
Total (A+B)
154 100%
Annual Report 2023 95
OpEx
Substantial contribution criteria DNHS criteria (Does Not Significantly Harm)
Economic Activities (1)
Codes
(2)
Absolute OppEx (3)
Proportion of OpEx (4)
Climate change mitigation (5)
Climate change adaption (6)
Water and marine resources
(7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems
(10)
Climate change mitigation (11)
Climate change adaption (12)
Water and marine resources
(13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems
(16)
Minimum safeguards (17)
Taxonomy-aligned proportion
of OpEx year N (18)
Taxonomy-aligned proportion
of OpEx year N-1 (19)
Category (enabling activity
or) (20)
Category '(transitional
activity)' (21)
€
million % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. Taxonomy – Eligible activities
A.1 Environmental sustainable activities (Taxonomy-aligned)
OpEx of environmental sustainable activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-eligible but not environmental sustainable activities (not Taxonomy-aligned activities)
Marketplace for the trade of
second-hand goods for reuse
CE 5.6
33 46%
OpEx of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-aligned
activites) (A.2) 33 46%
Total (A.1 + A.2)
33 46%
0%
B. Taxonomy – Non-eligible activities
OpEx of Taxonomy-non-eligible
activities (B) 40 54%
Total (A+B)
73 100%
Annual Report 202396
Sustainability report > About this report
GRI Standards General and Material Disclosures
2-23: While policies are implemented at group level
and described in this report, we are unable to report on
all the information required for this year.
2-24: The organisation is still being structured, we are
unable to report on all the information required for
thisyear.
2-25: A grievance mechanism has been implemented
and is presented in this report. We are unable to
describe more processes and mechanisms as the
organisation is still being structured.
2-27: The information regarding compliance with laws
and regulation is not available this year.
204-1: We currently don’t gather the necessary
information about our local suppliers.
302-5: We currently don’t gather the necessary
information to calculate the energy reductions of our
sold products.
305-6, 305-7: Adevinta does not have a significant
impact in terms of ODS and air emissions considering
the activities of the company.
306-2: We do not currently collect the measures
we take to prevent waste in our own operations,
but we have communicated how we are working on
reuse as part of circular economy measures in our
downstreamoperations.
308-1, 414-1: We currently don’t gather the
necessaryinformation to calculate the percentage of
suppliers assessed.
401-3: Due to limitations in the reporting system, data
on the retention rate cannot be fully calculated.
402-1: While some information is presented in this
report, the information regarding labour relations are
different in each country we operate, we are unable to
report on each local specificity.
403-2, 403-4, 403-7: Adevinta does not have a
management system, worker consultation and risk
management process regarding health and safety.
403-9, 403-10: We have published the share of sick
leaves within our absence rate. This rate includes
sick leave, days lost due to accidents at work and
unpaid leave. Not all companies in scope report these
figures within the same human capital management
system yet. The available data only partially fulfils the
requirements this year.
407-1: We are unable to report on all the information
required for this year, as we don’t yet gather the
necessary information about our suppliers.
Point of contact
If you have any questions about the sustainability report,
you are welcome to contact Christelle Esquirol, Director
of Sustainability at sustainability@adevinta.com.
4. Omissions
Exposure to nuclear and fossil gas related activities
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best available technologies.
No
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
No
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and
power generation facilities using fossil gaseous fuels.
No
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
No
Annual Report 2023 97
Adevinta has reported the information cited in this GRI content index for the period
1st of January 2023 to 31st of December 2023 with reference to the GRI Standards.
GRI content index
GRI Standard Disclosure Page Fulfilment Notes
General Disclosures
GRI 2: General
Disclosures 2021
2-1 Organisational details 6 – 15 Fullfilled
2-2 Entities included in the organisation’s sustainability
reporting 24 & 86 – 87 Fullfilled
2-3 Reporting period, frequency and contact point 86 – 97 Fullfilled
2-4 Restatements of information 48 – 49 & 86 – 87 Fullfilled
2-5 External assurance – –
No external
assurance
2-6 Activities, value chain and other business relationships 4 – 15 Fullfilled
2-7 Employees 56 – 57 Fullfilled
2-8 Workers who are not employees 56 Fullfilled
2-9 Governance structure and composition 73 & 102 – 113 Fullfilled
2-10 Nomination and selection of the highest governance
body 102 – 113 Fullfilled
2-11 Chair of the highest governance body 102 – 113 Fullfilled
2-12 Role of the highest governance body in overseeing the
management of impacts 102 – 113 Fullfilled
2-13 Delegation of responsibility for managing impacts 102 – 113 Fullfilled
2-14 Role of the highest governance body in sustainability
reporting 73 & 102 – 113 Fullfilled
2-15 Conflicts of interest 73 – 75 & 102 – 113 Fullfilled
2-16 Communication of critical concerns 75 Fullfilled
2-17 Collective knowledge of the highest governance body 73 Fullfilled
2-18 Evaluation of the performance of the highest
governance body 102 – 113 Fullfilled
2-19 Remuneration policies 102 – 113 Fullfilled
2-20 Process to determine remuneration 102 – 113 Fullfilled
2-21 Annual total compensation ratio 58 Fullfilled
2-22 Statement on sustainable development strategy 35 Fullfilled
2-23 Policy commitments 73 – 75 & 82 – 84
Partly
fullfilled See p.97
2-24 Embedding policy commitments 73 – 75 & 82 – 84
Partly
fullfilled See p.97
2-25 Processes to remediate negative impacts 73 – 75
Partly
fullfilled See p.97
2-26 Mechanisms for seeking advice and raising concerns 73 – 75 Fullfilled
2-27 Compliance with laws and regulations – Omission See p.97
2-28 Membership associations 85 Fullfilled
2-29 Approach to stakeholder engagement 36 – 37 Fullfilled
2-30 Collective bargaining agreements 66 Fullfilled
Annual Report 202398
Sustainability report > GRI content index
GRI Standard Disclosure Page Fulfilment Notes
Material topics
GRI 3: Material
Topics 2021
3-1 Process to determine material topics 36 – 37 Fulfilled
3-2 List of material topics 36 – 37 Fulfilled
Indirect economic impacts
GRI 3: Material
Topics 2021 3-3 Management of material topics 68 – 70 Fulfilled
GRI 203: Indirect
Economic
Impacts 2016
203-1 Infrastructure investments and services supported 68 – 70 Fulfilled
203-2 Significant indirect economic impacts 68 – 70 Fulfilled
Procurement practices
GRI 3: Material
Topics 2021 3-3 Management of material topics 83 – 84 Fulfilled
GRI 204:
Procurement
Practices 2016 204-1 Proportion of spending on local suppliers – Omission See p.97
Anti-corruption
GRI 3: Material
Topics 2021 3-3 Management of material topics 73 – 77 & 83 – 84 Fulfilled
GRI 205: Anti-
corruption 2016
205-1 Operations assessed for risks related to corruption 73 – 77 & 83 – 84 Fulfilled
205-2 Communication and training about anti-corruption
policies and procedures 73 – 75 Fulfilled
205-3 Confirmed incidents of corruption and actions taken 73 – 75 Fulfilled
Anti-competitive behaviour
GRI 3: Material
Topics 2021 3-3 Management of material topics 78 – 79 Fulfilled
GRI 206: Anti-
competitive
Behaviour 2016
206-1 Legal actions for anti-competitive behaviour, anti-
trust and monopoly practices 78 – 79 Fulfilled
Energy
GRI 3: Material
Topics 2021 3-3 Management of material topics 48 – 51 Fulfilled
GRI 103:
Management
Approach
302-1 Energy consumption within the organisation 50
Partly
Fulfilled
302-2 Energy consumption outside of the organisation 50 Fulfilled
302-3 Energy intensity 50 Fulfilled
302-4 Reduction of energy consumption 50 Fulfilled
302-5 Reductions in energy requirements of products and
services – Omission See p.97
Emissions
GRI 3: Material
Topics 2021 3-3 Management of material topics 48 – 52 Fulfilled
GRI 305:
Emissions 2016
305-1 Direct (Scope 1) GHG emissions 48 – 49 Fulfilled
305-2 Energy indirect (Scope 2) GHG emissions 48 – 49 Fulfilled
305-3 Other indirect (Scope 3) GHG emissions 48 – 49 Fulfilled
305-4 GHG emissions intensity 50 Fulfilled
305-5 Reduction of GHG emissions 48 – 49 Fulfilled
305-6 Emissions of ozone-depleting substances (ODS) – Omission See p.97
305-7 Nitrogen oxides (NO
x), sulfur oxides (SOx) and other
significant air emissions – Omission See p.97
Annual Report 2023 99
GRI Standard Disclosure Page Fulfilment Notes
Waste
GRI 3: Material
Topics 2021 3-3 Management of material topics 48 – 50 Fulfilled
GRI 306: Waste
2020
306-1 Waste generation and significant waste-related
impacts 90 Fulfilled
306-2 Management of significant waste-related impacts 90
Partly
fulfilled See p.97
306-3 Waste generated 50 Fulfilled
306-4 Waste diverted from disposal 50 Fulfilled
306-5 Waste directed to disposal 50 Fulfilled
Supplier environmental assessment
GRI 3: Material
Topics 2021 3-3 Management of material topics 83 – 84 Fulfilled
GRI 308: Supplier
Environmental
Assessment 2016
308-1 New suppliers that were screened using
environmental criteria – Omission See p.97
308-2 Negative environmental impacts in the supply chain
and actions taken 83 – 84 Fulfilled
Employment
GRI 3: Material
Topics 2021 3-3 Management of material topics 54 – 71 Fullfilled
GRI 401:
Employment 2016
401-1 New employee hires and employee turnover 66 – 67 Fullfilled
401-2 Benefits provided to full-time employees that are not
provided to temporary or part-time employees 64 – 65 Fullfilled
401-3 Parental leave 65 – 67
Partly
fullfilled See p.97
Labour/management relations
GRI 3: Material
Topics 2021 3-3 Management of material topics 66 Fullfilled
GRI 402: Labour/
Management
Relations 2016
402-1 Minimum notice periods regarding operational
changes 66
Partly
fulfilled See p.97
Occupational health and safety
GRI 3: Material
Topics 2021 3-3 Management of material topics 65 – 66 Fulfilled
GRI 403:
Occupational
Health and Safety
2018
403-1 Occupational health and safety management system 65 – 66 Fulfilled
403-2 Hazard identification, risk assessment and incident
investigation 65 – 66
Partly
fulfilled See p.97
403-3 Occupational health services 65 – 66 Fulfilled
403-4 Worker participation, consultation and
communication on occupational health and safety 65 – 66
Partly
fulfilled See p.97
403-5 Worker training on occupational health and safety 65 – 66 Fulfilled
403-6 Promotion of worker health 65 – 66 Fulfilled
403-7 Prevention and mitigation of occupational health and
safety impacts directly linked by business relationships – Omission See p.97
403-8 Workers covered by an occupational health and
safety management system 65 – 66 Fulfilled
403-9 Work-related injuries 65 – 66
Partly
Fulfilled See p.97
403-10 Work-related ill health 65 – 66
Partly
Fulfilled See p.97
Annual Report 2023100
Sustainability report > GRI content index
GRI Standard Disclosure Page Fulfilment Notes
Training and education
GRI 3: Material
Topics 2021 3-3 Management of material topics 61 – 63
GRI 404: Training
and Education
2016
404-1 Average hours of training per year per employee 61 – 63 Fulfilled
404-2 Programmes for upgrading employee skills and
transition assistance programmes 61 – 63 Fulfilled
404-3 Percentage of employees receiving regular
performance and career development reviews 61 – 63 Fulfilled
Diversity and equal opportunity
GRI 3: Material
Topics 2021 3-3 Management of material topics 60 – 61 Fulfilled
GRI 405: Diversity
and Equal
Opportunity 2016
405-1 Diversity of governance bodies and employees 60 – 61 Fulfilled
405-2 Ratio of basic salary and remuneration of women to
men 60 – 61 Fulfilled
Non-discrimination
GRI 3: Material
Topics 2021 3-3 Management of material topics 60 – 61 Fulfilled
GRI 406: Non-
discrimination
2016
406-1 Incidents of discrimination and corrective actions
taken – –
No incident
reported
Freedom of association and collective bargaining
GRI 3: Material
Topics 2021 3-3 Management of material topics 66 Fullfilled
GRI 407: Freedom
of Association
and Collective
Bargaining 2016
407-1 Operations and suppliers in which the right to freedom
of association and collective bargaining may be at risk 66
Partly
fulfilled See p.97
Local communities
GRI 3: Material
Topics 2021 3-3 Management of material topics 68 – 70 Fulfilled
GRI 413: Local
Communities
2016
413-1 Operations with local community engagement, impact
assessments, and development programmes 68 – 70 Fulfilled
413-2 Operations with significant actual and potential
negative impacts on local communities 68 – 70 Fulfilled
Supplier social assessment
GRI 3: Material
Topics 2021
3-3 Management of material topics 83 – 84 Fulfilled
GRI 414: Supplier
Social
Assessment 2016
414-1 New suppliers that were screened using social criteria – Omission See p.97
414-2 Negative social impacts in the supply chain and
actions taken
83 – 84 Fulfilled
Public policy
GRI 3: Material
Topics 2021
3-3 Management of material topics 85 Fulfilled
GRI 415: Public
Policy 2016
415-1 Political contributions 85 Fulfilled
Customer privacy
GRI 3: Material
Topics 2021
3-3 Management of material topics 71 & 80 – 81 Fulfilled
GRI 418:
Customer Privacy
2016
418-1 Substantiated complaints concerning breaches of
customer privacy and losses of customer data
71 & 80 – 81 Fulfilled
Annual Report 2023 101
Corporate
Governance
Statement of Corporate Governance 104
Annual Report 2023102
Annual Report 2023 103
1. Statement of Corporate Governance
Adevinta is subject to corporate governance reporting
requirements as defined in the Norwegian Accounting
Act, section 3-3b, and the Norwegian Code of Practice
for Corporate Governance (the Code). The current
edition of the Code was published on 14 October 2021
and is available at www.nues.no. Adevinta’s Statement
of Corporate Governance follows the structure of the
Code and any deviations from the Code are highlighted
under each section. Adevinta’s Statement of Corporate
Governance also includes information on corporate
governance, pursuant to the Norwegian Accounting Act,
section 3-3b. Adevinta’s corporate governance is subject
to review and consideration by the Board of Directors of
Adevinta and the Statement of Corporate Governance is
an integral part of the Board of Directors’ report.
2. Adevinta’s business
Adevinta’s purpose is defined in its Articles of
Association as “the operation of digital marketplaces
and other types of business related to this. The
business of the Company may be operated through
participation in other companies.” The Articles of
Association are presented in full at:
https://adevinta.com/about-adevinta/corporate-
governance/articles-of-association.
Adevinta’s purpose is to “to help everything and
everyone find a new purpose.” We believe every house
can be a home, every person has a role to play, and
every object can live a second life – they only have
to find their matching need. This is specified in our
corporate vision: “Sustainable commerce shaping a
healthy planet and society.”
Adevinta’s Board of Directors is responsible for
defining the objectives, strategies and risk profiles
of the Company’s business activities, and reviews
these annually. Ensuring that the Company considers
environmental and societal impacts of business
decisions, the Board of Directors is also responsible
for adopting plans, targets and strategies for
sustainable development, and for overseeing the
Company’s compliance and ethics programmes,
including the implementation and adherence to the
Company’s policies and procedures. Providing services
that empower its users and customers to make
economically sound and environmentally sustainable
choices is a cornerstone of Adevinta’s business. Our
marketplaces help our users meet and interact in a
safe and reliable way and, by providing a platform for
second-hand trading, in an environmentally sustainable
manner in accordance with the EU Circular Economy
Action Plan and the target to increase the reuse of
textiles and products. Adevinta engages with stakeholder
groups that are affected by our business. The purpose
of such dialogue is to understand the priorities of our
stakeholders and ensure that these are reflected in the
Company’s business and operational strategies.
Our focus on sustainability and the highest possible
standards of ethical business conduct depends on
good corporate governance. We have an established
structure for managing sustainability and compliance
matters, where the Board of Directors oversees
and governs Adevinta’s sustainability performance,
the Chief Executive Officer (CEO) has the overall
responsibility for Adevinta’s sustainability work, and
the Chief Financial Officer (CFO) is responsible for the
operational performance and reports to the executive
management team and Board at least once a year. Our
sustainability statement is an integral part of the Board
of Directors’ report and Adevinta provides information
on sustainability in a formal statement in accordance
with the Norwegian Accounting Act and Euronext’s
guidelines for Environmental, Social and Governance
(ESG) reporting in a separate section of this annual
report. This sustainability statement is approved by the
Board of Directors.
Deviations from the Code: none
3. Equity and dividends
Adevinta’s Board of Directors ensures that the
Company has a capital structure that is appropriate
to its objectives, strategy and risk profile. The Board
of Directors considers it essential that the Company’s
shares be perceived as an attractive investment.
Accordingly, the Board of Directors has adopted a
dividend policy that allows for ongoing investment
in the development of Adevinta’s business and
further growth of the Company’s underlying assets,
while providing the opportunity for a meaningful
return to investors. There have been no dividend
payments by the Company since its incorporation on
9 November 2018.
Statement of
Corporate Governance
Annual Report 2023104
Corporate Governance > Statement of Corporate Governance
The Annual General Meeting of Adevinta ASA on
29 June 2023 granted the Board of Directors the
following authorisations:
Authorisation to buy back shares
At the General Meeting, the following resolution
was passed with regard to the main aspects of the
authorisation to the board to buy back shares:
(i) The Board of Directors is authorised pursuant to
the Norwegian Public Limited Liability Companies
Act to acquire and dispose of own shares in any or
all share classes as may be issued at the time of
the use of the authorisation in Adevinta ASA. The
total nominal value of the shares acquired by the
Company may not exceed NOK 24,498,859.
(ii) The authorisation is valid until the Annual General
Meeting in 2024, but in no event later than
30 June 2024.
(iii) The minimum amount which can be paid for the
shares is NOK 20 and the maximum amount is
NOK 750.
(iv) The Board is free to decide on the acquisition
method and possible subsequent sale of the shares.
(v) Shares acquired may be used in relation to incentive
schemes for employees of the Adevinta Group, as
a consideration in connection with the acquisition
of businesses and/or to improve the Company’s
capital structure.”
Authorisation to increase the Company’s share
capital
The main aspects of the authorisation to increase the
Company’s share capital is on the following basis:
(i) The Board of Directors is authorised pursuant to the
Public Limited Liability Companies Act § 10-14
(ii) to increase the Company’s share capital on one or
more occasions by up to NOK 24,498,859 by the
issue of shares in any or all share classes as may be
issued at the time of the use of the authorisation.
(iii) The authority shall remain in force until the Annual
General Meeting in 2024, but in no event later than
30 June 2024.
(iv) The shareholders’ pre-emptive rights pursuant to §
10-4 of the Public Limited Liability Companies Act
may be set aside.
(v) The authority includes capital increases against
contributions in cash and contributions other
than in cash. The authority includes the right to
incur special obligations for the Company, cf. §
10-2 of the Public Limited Liability Companies Act.
The authority includes resolutions on mergers
in accordance with § 13-5 of the Public Limited
Liability Companies Act.”
4. Equal treatment of shareholders
In the event that the Board of Directors resolves to
increase the Company’s share capital and waive the
pre-emptive rights of existing shareholders on the
basis of a mandate granted to the Board of Directors,
the justification shall be publicly disclosed in a stock
exchange announcement issued in connection with the
increase in the share capital.
The Company’s acquisition of its own shares, in
accordance with the Board of Directors’ authorisation
referred to in section 3 of this statement, shall take
place in the market at the stock exchange price and in
accordance with generally accepted Norwegian stock
exchange practices. Acquired shares may be used as
settlement for the acquisition of businesses, for the
Adevinta share-based incentive schemes and share-
saving programmes for the Group’s employees, or the
improvement of the Company’s capital structure.
The share-based incentive schemes will be
describedin more detail in the Statement of
ExecutiveCompensation in the Notice of the Annual
General Meeting.
Deviations from the Code: none
Annual Report 2023 105
5. Shares and negotiability
Adevinta’s class A shares are freely transferable.
Following the completion of the Company’s acquisition
of eBay Classifieds Group, a second class of non-
voting shares (class B shares) was created and issued
to eBay Inc. as part of the transaction consideration;
these shares automatically convert to voting shares
upon transfer to a third party. On the terms set out
in Adevinta’s Articles of Association, the non-voting
shares may be converted to ordinary shares by the
shareholder upon a notification of conversion delivered
to the Company. Although the non-voting shares
are convertible into ordinary voting shares (class A
shares), the separate class of non-voting shares is
a deviation from the Code. The creation of the non-
voting shares was based on a competitive commercial
agreement with eBay Inc, to act as consideration
for the acquisition of the eBay Classifieds Group.
The creation of the class of non-voting shares was
agreed upon by eBay Inc. and was approved by the
shareholders at the Extraordinary General Meeting held
on 29 October 2020.
Deviations from the Code: one
6. General meetings
The shareholders exercise the highest authority
through the General Meeting.
In 2023, Adevinta held its Annual General Meeting
(AGM) on 29 June 2023. Adevinta’s next AGM is
scheduled to be held no later than 30 June 2024. The
Notice of the AGM and documents to be considered
will be posted on the Adevinta website prior to the
meeting and will be sufficiently detailed and specific to
allow shareholders to form a view on all matters to be
considered. Shareholders not registered electronically
will receive the Notice by post with information on how
documents to be considered at the meeting may be
downloaded from our website.
The Board Chair and the Chair of the Nomination
Committee were present at the AGM on 29 June 2023,
and are expected to be present at the AGM in 2024.
At the AGM in 2024, shareholders are expected to be
given the opportunity to vote on each item of business
to be considered, whether they attend in person or
elect to vote by proxy. Shareholders who cannot attend
a General Meeting may vote by proxy. More information
on how to appoint a proxy and how to propose
resolutions for consideration by the meeting will be
provided in the Notice of General Meetings and on our
website at www.adevinta.com.
Prior to General Meetings, the Board of Directors will
consider the complexity and nature of the proposed
agenda and whether an independent person shall be
proposed to act as Chair of the General Meeting. In
the AGM held on 29 June 2023, the Company’s legal
counsel was elected as Chair of the General Meeting.
This is a deviation from the Code’s requirement of
enabling the shareholders to elect an independent
Chair for all General Meetings. The rationale for this is
that, unless the matters to be considered at a General
Meeting are complex or otherwise of a nature that
particularly warrants an independent chair, the Chair of
the Board or the Company’s legal counsel is considered
to be well suited to chair General Meetings.
Deviations from the Code: one
7. The Nomination Committee
The Nomination Committee is governed by the Articles
of the Association and an instruction to the Nomination
Committee adopted by the General Meeting.
Adevinta’s Articles of Association provide that the
Nomination Committee shall consist of between three
and five members, and that any shareholder holding
voting shares representing at least 25% of the total
number of voting shares in the Company has the right
to appoint and be represented on the Nomination
Committee by one representative. Within this range,
the number of Nomination Committee members shall
be determined by the General Meeting, provided that
the General Meeting shall elect a sufficient number of
Nomination Committee members to ensure that the
majority of the Nomination Committee members at
any time are elected by the General Meeting. This was
approved by the shareholders at the Extraordinary
General Meeting held on 29 October 2020. The
members of the Nomination Committee have
been selected to take into account the interests of
shareholders in general. The majority of the Committee
shall be independent of the Board of Directors and the
executive personnel. The Nomination Committee does
not include any executive personnel or any member
of the Company’s Board of Directors. The Nomination
Committee currently comprises Trond Berger
(Chair),Chris Davies, Ole E Dahl, Andrew Kvålseth and
Karin Schwab.
Annual Report 2023106
Corporate Governance > Statement of Corporate Governance
Trond Berger, Chris Davies and Ole E Dahl are
independent of the Board of Directors and executive
personnel. Andrew Kvålseth and Karin Schwab have
been appointed directly by, and represent, Schibsted
and eBay, respectively.
The Committee’s main duty and mandate is to submit
a recommendation to the General Meeting for the
election and remuneration of Board members, and
for the election and remuneration of members of
the Nomination Committee, to be determined by the
General Meeting. The chair of the Board of Directors
shall be elected by the General Meeting.
Deviations from the Code: none
8. Composition of Adevinta’s Board of Directors
Pursuant to Article 6 of Adevinta’s Articles of
Association:
(a) The Board of Directors of the Company shall consist
of a minimum of five and a maximum of 13 members.
Within this range, the number of Directors shall
be determined by the General Meeting, provided
that the General Meeting shall elect a sufficient
number of Directors to ensure that the majority
of the Directors at any time are elected by the
GeneralMeeting (taking into account the right of
large shareholders to directly appoint Directors, as
noted below).
(b) Each shareholder, who has a holding of class
A shares equal to, or in excess of, the following
thresholds, has an individual right by notice to the
Company to directly appoint Directors as follows:
(i) Any shareholder holding class A shares representing
at least 25% of the total number of class A shares
in the Company shall have the right to appoint two
Directors; and
(ii) Any shareholder holding class A shares
representingat least 10% of the total number of
class A shares in the Company shall have the right
to appoint one Director.
This appointment right cannot be exercised during the
last six calendar weeks prior to the Company’s Annual
General Meeting. The above was approved by the
shareholders at the Extraordinary General Meeting held
on 29 October 2020.
The Board of Directors of Adevinta currently consists of
10 members, six of whom were elected by the General
Meeting on 29 June 2023 and four of whom were
appointed directly by large shareholders exercising
their respective rights under the Articles of Association.
Each General Meeting-elected Board member is
elected for a one-year period. The current Board of
Directors includes five women and five men and is
compliant with the requirement set forth in section
6-11a of the Public Limited Liability Companies Act,
which states that each gender shall be represented
with at least 40% of Board members. The composition
of the Board of Directors ensures that it can operate
independently of any special interest.
The current Board of Directors meets the
recommendation set forth in the Code that the
majority of shareholder-elected Board members are
independent of the Company’s executive personnel
and material business contacts, and that at least
two of the shareholder-elected Board members
are independent of the main shareholders. The
Board of Directors does not include executive
personnel. The Nomination Committee shall prepare
a recommendation of candidates for election to the
Board of Directors, which will, as far as possible, be
distributed to the shareholders along with the Notice of
the General Meeting.
The Annual General Meeting elects the Board Chair.
According to section 6-1 of the Public Limited Liability
Companies Act, the Board of Directors elects the Board
Chair if the General Meeting has not done so.
The annual report provides information to illustrate the
expertise of the members of the Board of Directors,
and information on their record of attendance at
Board meetings. It also identifies which members are
considered to be independent.
Adevinta encourages share ownership by its Directors.
Deviations from the Code: none
Annual Report 2023 107
9. The work of the Board of Directors
The Board of Directors delegates the day-to-day
management of the Adevinta Group to the Company’s
CEO and other members of the executive management.
At the same time, it monitors the performance of the
executive management team. The Board of Directors
actively participates in setting Adevinta’s corporate
strategy, ensuring that the businesses are properly
organised, and that adequate governance and control
systems are implemented. The Board of Directors
also supervises the group’s financial performance and
sustainability performance, establishes necessary
guidelines, including policies and procedures for ethical
business practices; and adopts plans and budgets for
the businesses. It appoints the CEO and prepares the job
requirements, terms and conditions for this position.
The Board of Directors’ work is set forth in the Board
Instructions, which govern the Board’s responsibilities,
duties and administrative procedures. The Board
Instructions also state the CEO’s duties in relation to the
Board of Directors.
Pursuant to section 6-27 of the Public Limited Liability
Companies Act, the Board Instructions provide that
individual Board members may not participate in the
discussion of matters in which they, or a closely related
party, are deemed to have a major personal or financial
interest, or any decision regarding such matters. Each
Board member is personally responsible for assessing
whether any such circumstances exist, or whether
there are any other factors that may, from an objective
perspective, affect public confidence in the Board
member’s independence or that may lead to a conflict
of interest in connection with a matter to be considered
by the Board of Directors. Such circumstances must be
brought to the attention of the Board Chair.
The Board of Directors works on the basis of an annual
meeting schedule that is normally agreed upon at
the first meeting after the Annual General Meeting.
The meeting schedule includes strategic planning,
business issues and supervisory activities. The CEO, in
consultation with the Board Chair, prepares matters for
consideration by the Board.
The Board of Directors has established an Audit &
Risk Committee and a Remuneration Committee,
which contribute to the thorough preparation and
consideration of matters covered by the Committees’
respective mandates. The Board of Directors has also
established an Integration Committee, which oversaw
the integration of the eBay Classifieds Group business
into Adevinta. As of the end of 2022, the Integration
Committee had transitioned to the Transformation
Committee and had been overseeing and supporting
the Company verticalisation programme. In response
to the potential takeover offer, as announced on
21 November 2023, the Board decided to appoint
a Special Committee in order to represent, assess,
progress and manage this process on behalf of Adevinta.
Each shareholder with voting shares representing at
least 25% of the total number of voting shares has the
right to designate at least one representative to each
committee of the Board of Directors. The majority of the
Directors on each committee, as calculated by voting
rights (including deadlock tie-break right), shall, at any
time, be Directors elected by the General Meeting.
The Remuneration Committee Charter provides that the
Committee shall have at least three members, each of
whom shall be appointed by the Board. Additionally, the
Committee will be comprised of either: (a) a majority of
Directors elected by the General Meeting; or (b) an equal
number of Directors elected by the General Meeting and
Directors appointed by shareholders, provided that the
Chair of the Committee: (A) is a Director elected by the
General Meeting; and (B) has the right to cast two votes,
while each other member shall only have the right to cast
a single vote.
The Remuneration Committee is chaired by Board
Chair Orla Noonan, and its other members are
Aleksander Rosinski, Sophie Javary and Mark Solomons.
Orla Noonan and Sophie Javary are considered
independent from Adevinta’s main shareholders,
whereas Aleksander Rosinski and Mark Solomons are
not considered independent as they are representatives
of Schibsted and eBay, respectively. The Chief
People and Communications officer, and CEO attend
committee meetings apart from those at which
remuneration of these individuals is considered. The
Remuneration Committee prepares matters relating
to the remuneration of the CEO, Executive Directors
and executive management among other matters,
including the preparation of a policy on remuneration
of executives and an annual report on remuneration
(Remuneration Policy and Remuneration Report)
awarded in accordance with the Norwegian Public
Limited Liability Companies Act sections § 6-16a and b.
The Audit and Risk Committee Charter provides that
the Committee shall have, at least, three members, each
of whom shall be appointed by the Board. Additionally,
the quorum necessary for the transaction of business
shall be three members, and must include a majority
of the Directors elected by the General Meeting of the
Company calculated by way of the voting power of the
members present. Each Committee member has one
vote in respect of any matters to be determined by the
Annual Report 2023108
Corporate Governance > Statement of Corporate Governance
Committee, subject to the Committee Chair having an
additional vote in the event of a deadlock. The Audit &
Risk Committee is chaired by Fernando Abril-Martorell
Hernández and its other members are Aleksander
Rosinski, Julie Simpson and Julia Jäkel. All four members
are considered independent of Adevinta’s executive
management. Fernando Abril-Martorell Hernández and
Julia Jaekel are considered independent from Adevinta’s
main shareholders, whereas Aleksander Rosinski and
Julie Simpson are not considered independent as they
are representatives of Schibsted and eBay, respectively.
The CFO is management’s main representative in the
Audit & Risk Committee and attends all its meetings.
The external auditor attends Audit & Risk Committee
meetings when matters within the external auditors’
area of responsibility are considered. The Audit & Risk
Committee prepares the processes of the Board of
Directors for quality assurance of financial reports. The
committee monitors the Group’s internal control and
risk management for financial reporting, and reviews and
monitors the external auditor’s work and independence.
The Integration and Transformation Committee Charter
provides that each member of the Committee shall be
appointed by the Board. The Committee Chair must be
a Director who has been elected by the general meeting
of the Company. Additionally, a quorum necessary for
the transaction of business shall be three members,
and must include a majority of the Directors elected
by the general meeting of the Company calculated by
way of the voting power of the members present. The
Integration and Transformation Committee is currently
chaired by Michael Nilles and its other members are
Aleksander Rosinski, Mark Solomons and Dipan Patel,
who delegates attendance to Stefan Dziarski. Michael
Nilles is considered independent from Adevinta’s main
shareholders, whereas Aleksander Rosinski and Mark
Solomons are not considered independent. The CEO and
COO attend Integration and Transformation Committee
meetings. By the end of 2022, the Integration Committee
transitioned to a Transformation Committee in order
to continue supporting the integration of the eBay
Classifieds business into Adevinta and to monitor the
verticalisation programme of the Company.
In light of the voluntary offer to acquire all issued and
outstanding ordinary A shares in Adevinta announced on
21 November 2023 and its expected completion during
the second quarter of 2024, the Board of Directors
will not conduct an evaluation of its qualifications,
experience and performance for 2023. Normally,
the Board of Directors conducts this evaluation and
the results of the evaluation are submitted to the
Nomination Committee as the basis for the Nomination
Committee’s assessment of the Board of Directors’
work. The Nomination Committee performs additional
assessments of the Board members through interviews
conducted with individual Directors. Even if the
assessment is not being made, the Board considers itself
to work well and that its members have complementary
expertise and experience.
In 2023, the Adevinta Board of Directors held 12 meetings
in total. The attendance record regarding Board and
Committee meetings is set out in the table below.
Deviations from the Code: one
Attendance
Directors Board of Directors Audit & Risk Committee Remuneration Committee
Integration &
Transformation Committee
Orla Noonan 12/12 – 7/7 –
Kristin Skogen Lund 12/12 – 1/1 –
Sophie Javary 12/12 – 7/7 –
Fernando Abril-Martorell Hernández 11/12 8/8 – –
Peter Brooks-Johnson
1
5/6 – – 4/4
Aleksander Rosinski 12/12 7/8 6/6 7/8
Marie Oh Huber
2
5/5 – 2/2 –
Julie Simpson
3
6/6 4/4 – –
Mark Solomons 12/12 4/4 5/7 8/8
Julia Jäkel 11/12 7/8 – –
Michael Nilles 12/12 – – 7/8
Dipan Patel 11/12 – – –
4
1
Peter Brooks-Johnson ceased his role as a Board member on 29 June 2023.
2
Marie Oh Huber ceased her role as a Board member in April 2023.
3
Julie Simpson was appointed director in April 2023.
4
Dipan Patel delegates attendance to Riccardo Basile or Stefan Dziarski who attended 8/8.
Annual Report 2023 109
10. Risk management and internal control
Adevinta is currently undergoing transformation, both
operationally and strategically. In order to achieve its
purpose, mission and vision, it is important that a strong
foundation of Enterprise Risk Management (ERM) is
in place to understand the threats that could impact
the Company and the opportunities available to the
Company, and to enable Adevinta to respond accordingly.
Risk management has been a high priority at Adevinta
since the first risk management framework was
approved by the Board of Directors in 2020. With the
integration of eBay Classifieds Group in 2021, Adevinta
reviewed the ERM framework to ensure it is fit for
purpose and serves the needs of the new combined
organisation. The revised framework was approved by
the Audit and Risk Committee in April 2022 and means
Adevinta is better equipped to meet the strategic goals
of the business, defining a holistic and coordinated
approach to manage risks by:
↘ Establishing clear roles and responsibilities for risk
governance, risk management, risk reporting and
the oversight thereof
↘ Having a consistent end-to-end process for
managing risk
↘ Complying with the risk management requirements
set out in the Norwegian Code of Practice for
Corporate Governance and other legal/regulatory
requirements
The ERM framework is reviewed on an annual basis to
ensure risk management processes are aligned with
upcoming leading practices in this field and future
operational changes. With the implementation of the
new verticalised organisational structure, the framework
will be reviewed during 2024 to include risk management
roles and responsibilities under the new operating
model (e.g. Vertical/Functions Governance bodies and
responsibilities for Vertical/Functions Risk Champions).
To complement the ERM framework, and to better
respond to and address significant changes to the global
risk and regulatory landscape in years to come, Adevinta
is planning to set the foundations of an Integrated
Control Framework in 2024 expanding the coverage
of controls and assurance work outside of existing
internal control frameworks (ICFR, IT and Cyber). This
framework will complement the risk assessment process
by providing an additional bottom-up perspective
based on an in-depth assessment of the organisation’s
core operations, enhancing current risk management
practices and driving efficiencies and coordination
across the organisation.
Biannual, top-down risk assessments were submitted
in 2023 to the Audit and Risk Committee, identifying
the most important risks that could pose a threat to
Adevinta achieving its strategic objectives, alongside
risk deep dives into specific strategic risks (e.g.
Talent, Verticalisation, ESG and Artificial Intelligence).
Thesetop-down exercises are complemented by
bottom-up assessments performed on an annual basis,
with the aim of understanding the risks that could
impact the strategic enablers in each of the central
functions/marketplaces.
Internal audit
In 2023, Adevinta initiated internal audit activities
with the aim of providing independent challenge
and assurance over the design and effectiveness of
key controls within the organisation. These activities
were provided by an external party to guarantee
independence and objectivity.
The mission of Adevinta’s internal audit is to enhance
and protect corporate value and help Adevinta
accomplish its objectives by bringing a systematic,
disciplined approach to evaluate and improve the
effectiveness of governance, risk management, and key
control processes.
To underline the independence and objectivity, the
Head of Internal Audit reports directly to the Audit
& Risk Committee and maintains an open line of
communication with the Chairman of the Audit & Risk
Committee. Internal Audit can provide solicited and
unsolicited advice towards the Board of Directors and
the Audit & Risk Committee. Audits performed in 2023
are in the areas of Procurement, M&A, Sales Systems,
Data Privacy, Talent Access & Retention and ESG
strategy implementation.
Financial reporting
Management periodically submits status reports to
the Board of Directors to assist in monitoring and
controlling the Group’s operations. These reports
include items such as financial reporting of the Group’s
key figures and the status of significant business
activities. Quarterly and annual financial statements
are reviewed by the Audit and Risk Committee and the
full Board of Directors. Adevinta’s Group Accounting
Department prepares the Group’s financial statements
and ensures compliance with current accounting
standards and legislation.
Deviations from the Code: none
Annual Report 2023110
Corporate Governance > Statement of Corporate Governance
11. Remuneration of the Board of Directors
The Annual General Meeting determines the
remuneration of the Board members based on a
recommendation from the Nomination Committee.
The remuneration reflects the Board members’
responsibility, expertise, time commitment and
the complexity of the Company’s activities, and is
not linked to the Group’s performance. During the
period under review, no options were issued to Board
members. None of the Board members have accepted
any specific assignments for Adevinta.
Deviations from the Code: none
12. Remuneration of executive personnel
The Board has established guidelines for the
remuneration of members of the executive
management. These guidelines are submitted
for approval by the Annual General Meeting of
shareholders (Remuneration Policy) in the event of any
substantial change and at least any fourth year.
The Remuneration Committee reviews and approves
the remuneration packages (including, where
appropriate, bonuses, incentive payments, share-based
incentive schemes and post-retirement benefits)
for the CEO and each of the CEO’s direct reports,
based on the guidelines set out in the Remuneration
Policy. The annual Remuneration Report gives an
account of the remuneration awarded in light of the
main principles of Adevinta’s executive remuneration
policy, including the scope and organisation of bonus
schemes and incentive programmes. The Remuneration
Committee has assessed the incentive programme
and has concluded that it ensures alignment of the
financial interests of the executive personnel and the
shareholders. The Remuneration Report is submitted to
the Annual General Meeting for endorsement annually
and made available to the shareholders on Adevinta’s
website when the Notice of the Annual General Meeting
is issued.
Deviations from the Code: none
Annual Report 2023 111
13. Information and communication
Adevinta has an investor relations policy that provides
a framework for communicating with shareholders
outside the General Meeting. The Investor Relations
Department maintains regular contact with
shareholders, potential investors, analysts and other
financial stakeholders to ensure that they have
access to relevant and accurate information, including
Adevinta’s share price.
Subject to the specific information rights that
were granted to eBay and Schibsted in connection
with Adevinta’s acquisition of the eBay Classifieds
Group,allshareholders and other financial
stakeholdersare treated equally with regard to access
to financial information.
In addition to certain restrictions and rights pertaining
to the shares themselves, the liquidity and information
rights agreement entered into on 25 June 2021 between
the Company, eBay Inc (and certain of its subsidiaries)
and Schibsted ASA, grants eBay and Schibsted certain
information rights in respect of Adevinta.
Pursuant to this agreement, Adevinta has agreed to
provide Schibsted and eBay with reasonable access
to management and information in connection with
a sale of shares in the Company, as well as providing
customary representations and warranties on a non-
recourse basis, and otherwise cooperating with the
selling shareholder and the potential acquirer, to the
extent permitted by applicable law.
Further, for as long as eBay, Schibsted or any of their
respective affiliates are required to include Adevinta
financial information in their own regulatory filings,
Adevinta has agreed to (a) provide them with its annual
and quarterly financial statements as promptly as
practicable after they are provided to the Board and
in any event reasonably in advance of the date on
which such shareholder or its affiliate is required to
make regulatory filings containing Adevinta’s financial
information; and (b) provide reasonable assistance and
any required additional information to such shareholder
or its affiliate in connection with their financial
reporting and compliance requirements relating to
their respective investments in Adevinta, including, in
the case of eBay Inc. and its affiliates, assisting on a
timely basis in the conversion of Adevinta’s financial
statements to U.S. GAAP, in each case provided that
Adevinta and the relevant shareholder shall agree
Adevinta’s reporting schedule for each fiscal year,
which shall take into account the parties’ reporting
obligations and timelines.
Further, to the extent not prohibited by Norwegian
law, Adevinta has agreed to grant permission to the
appointees of eBay and Schibsted on the Board to
provide, and Adevinta shall use reasonable best efforts
to itself provide eBay and Schibsted with (a) prompt
notice of any developments in Adevinta’s business
which would reasonably be expected to have a material
impact on Adevinta or Adevinta’s share price; and (b)
at least ten days’ prior notice before Adevinta enters
into a binding agreement with respect to a sale to a
third party of all, or substantially all, of the equity or
assets of Adevinta, including by means of a merger,
consolidation, recapitalisation or any other means, or
any transaction that would result in a change of control
of Adevinta. eBay and Schibsted will be subject to
customary confidentiality and non-trading obligations
with respect to any such information received.
The information rights and other terms of the
information and liquidity rights agreement were
entered into in connection with the acquisition of
the eBay Classifieds Group and were subject to
commercial negotiation and terms. This was approved
by the shareholders at the Extraordinary General
Meeting held on 29 October 2020. On this basis,
and considering that Schibsted and eBay are major
stakeholders in Adevinta, we do not deem this to be an
unreasonable deviation from the Code and the rules of
equal treatment.
Adevinta’s annual reports and quarterly releases
contain extensive information on the various
aspects of the Company’s activities and financial
performance. The quarterly presentations are webcast
and accessible via the Adevinta website, along with
the quarterly and annual reports, as well as other
relevant presentations. Adevinta’s financial calendar is
published on the Adevinta website.
Deviations from the Code: one
Annual Report 2023112
Corporate Governance > Statement of Corporate Governance
14. Takeovers
The Board of Directors has defined guidelines for
takeover bids reflecting the requirements of the Code.
In the event of a takeover bid being made for Adevinta,
the Board of Directors shall follow the overriding
principle of equal treatment for all shareholders and
shall seek to ensure that Adevinta’s business activities
are not disrupted unnecessarily. The Board of Directors
shall strive to ensure that shareholders are given
sufficient information and time to review any offer,
and shall not take measures intended to protect the
personal interests of individual Board members at
the expense of shareholders’ interests. The Board of
Directors shall not seek to prevent any takeover bid,
unless it believes that the interests of the Company
and the shareholders justify such actions. In addition,
it shall not exercise mandates or pass any resolutions
with the intention of obstructing any takeover bid,
unless this is approved by the General Meeting
following the announcement of the bid. If a takeover bid
is made, the Board of Directors shall issue a statement
with a recommendation as to whether the shareholders
should accept such a bid or not in accordance with the
Norwegian Securities Trading Act.
Deviations from the Code: none
15. Auditor
The external auditor presents the main features of the
annual audit plan to the Audit & Risk Committee. The
external auditor participates in Board meetings where
the Company’s financial statements are discussed.
The external auditor reports on material changes in the
Company’s accounting principles and key aspects of
the audit, comments on material estimated accounting
figures, reports material matters on which the auditor
and management disagree, and presents identified
weaknesses in, and suggested improvements to, the
Company’s internal controls. The Board of Directors has
established guidelines for non-auditing work performed
by the external auditor. The use of non-audit services
performed by the external auditor is subject to prior
approval as defined by the Audit & Risk Committee. Any
non-auditing work performed by the external auditor
must be approved by the Audit & Risk Committee to
ensure that the fees paid to the auditor and/or its audit
firm relating to non-audit services shall not exceed 70%
of the average Group audit fees paid in the last three
consecutive years.
Details of the Company’s use and remuneration of the
external auditor for auditing and non-auditing services
are disclosed in note 30 of the consolidated financial
statements. The Audit & Risk Committee reviews
the use of non-audit services and has assessed the
amount of non-audit services provided by the external
auditor, which are found to meet the requirements in
the Auditing and Auditors Act and guidelines from the
Financial Supervisory Authority of Norway.
Deviations from the Code: none.
16. Guidelines for equality and diversity
Adevinta has implemented guidelines for equality and
diversity for the composition of the Board of Directors,
Board Committees and the executive management.
The guidelines include gender, age, nationality and
educational and professional background as the
current focus areas for increasing diversity in the
management of the Company.
The Board of Directors currently consists of five women
and five men, and the executive management currently
consists of two women and six men. The members of
the Board of Directors are between 40 and 60 years of
age, and the members of the executive management
team are between 40 and 55 years of age.
The members of the Board have professional
backgrounds from sectors including engineering,
business and administration, economics and banking,
and are from Norway, France, the US, Germany and
Spain. The members of the executive management
team have professional backgrounds in finance,
business, law, product and technology and human
resources, and are from France, Germany, the UK, Spain
and Australia.
The following target has been set:
↘ By 2024, at least 40% of the members of the
executive management are women
The status on the implementation of the guidelines and
the targets for 2024 will be reported in 2025.
Annual Report 2023 113
Financial
Statements
Consolidated financial statements 116
Notes to the consolidated financial statements 122
Alternative performance measures 203
Parent company financial statements 206
Notes to the parent company financial statements 209
Independent Auditor’s report 226
Share information 231
Annual Report 2023114
Annual Report 2023 115
Consolidated income
statement
for the year ended 31 December
€million Note 2023 | 2022 | ||
Revenues | 6 | ||
Personnel expenses | 14 | ( | ( |
Other operating expenses | 13 | ( | ( |
Gross operating profit (loss) | |||
Depreciation and amortisation | 19,20 | ( | ( |
Share of profit (loss) of joint ventures and associates | 9 | ( | ( |
Impairment loss | 11 | ( | ( |
Other income | 16 | ||
Other expenses | 16 | ( | ( |
Operating profit (loss) | ( | ( | |
Financial income | 17 | ||
Financial expenses | 17 | ( | ( |
Profit (loss) before taxes | ( | ( | |
Taxes | 27 | ( | ( |
Profit (loss) from continuing operations | ( | ( | |
Profit (loss) from discontinued operations | 10 | ( | ( |
Profit (loss) for the period | ( | ( | |
| Profit (loss) attributable to: | |||
Non‑controlling interests | 8 | ||
Owners of the parent | ( | ( | |
| Earnings per share in €: | |||
Basic | 18 | ( | ( |
Diluted | 18 | ( | ( |
| Earnings per share for continuing operations in €: | |||
Basic | 18 | ( | ( |
Diluted | 18 | ( | ( |
The accompanying notes form an integral part of these consolidated financial statements.
Annual Report 2023116
Financial statements > Consolidated financial statements
€million Note 2023 | 2022 | ||
Profit (loss) | ( | ( | |
Remeasurements of defined benefit pension liabilities | 26.2.2 | ( | |
Income tax relating to remeasurements of defined benefit pension liabilities | ( | ||
Change in fair value of financial instruments | 4 | ( | ( |
Income tax related to change in fair value of financial instruments | ( | ||
Items not to be reclassified subsequently to profit or loss | ( | ( | |
Exchange differences on translating foreign operations | |||
Net gain/(loss) on cash flow hedges | 21.5 | ( | |
Income tax related to cash flow hedges | ( | ||
Items to be reclassified subsequently to profit or loss | |||
Other comprehensive income | |||
Comprehensive income | ( | ( | |
| Comprehensive income attributable to: | |||
Non‑controlling interests | |||
Owners of the parent | ( | ( |
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated statement
of comprehensive income
for the year ended 31 December
Annual Report 2023 117
€million Note
| 31December | 31December | ||
| 2023 | 2022 | ||
Intangible assets | 19 | ||
Property, plant and equipment | 20 | ||
Right‑of‑use assets | 28 | ||
Investments in joint ventures and associates | 9 | ||
Deferred tax assets | 27 | ||
Non‑current financial assets | 21 | ||
Other non‑current assets | 23 | ||
Non‑current assets | |||
Income tax receivable | 27 | ||
Contract assets | 22 | ||
Trade receivables | 22 | ||
Other current financial assets | 21 | ||
Other current assets | 23 | ||
Cash and cash equivalents | 29 | ||
Current assets | |||
Total assets | |||
Paid‑in equity | 24 | ||
Other equity | 24 | ( | ( |
Equity attributable to owners of the parent | |||
Non‑controlling interests | 8 | ||
Equity | |||
Deferred tax liabilities | 27 | ||
Non‑current interest‑bearing borrowings | 21 | ||
Non‑current lease liabilities | 28 | ||
Other non‑current financial liabilities | 21 | ||
Other non‑current liabilities | 25 | ||
Non‑current liabilities | |||
Current interest‑bearing borrowings | 21 | ||
Income tax payable | 27 | ||
Current lease liabilities | 28 | ||
Contract liabilities | 22 | ||
Other current financial liabilities | 21 | ||
Other current liabilities | 25 | ||
Current liabilities | |||
Total equity and liabilities |
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated statement
of financialposition
as of 31 December
Annual Report 2023118
Financial statements > Consolidated financial statements
18 April 2024
Adevinta ASA’s Board of Directors and CEO
Orla Noonan
Board Chair
Fernando Abril-Martorell
Hernández
Board member
Kristin Skogen Lund
Board member
Sophie Javary
Board member
Aleksander Rosinski
Board member
Julia Jäkel
Board member
Michael Nilles
Board member
Mark Solomons
Board member
Dipan Patel
Board member
Julie Simpson
Board member
Antoine Jouteau
CEO
Annual Report 2023 119
Consolidated statement
of cash flows
for the year ended 31 December
€million Note 2023 | 2022 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | |||
Profit (loss) before taxes from continuing operations | ( | ( | |
Profit (loss) before taxes from discontinued operations | ( | ( | |
Profit (loss) before taxes | ( | ( | |
Depreciation, amortisation and impairment losses | 11,19,20 | ||
Share of loss (profit) of joint ventures and associates | 9 | ||
Dividends received from joint ventures and associates | 9 | ||
Taxes paid | ( | ( | |
Sales losses (gains) on non‑current assets and other non‑cash losses (gains) | ( | ( | |
Accrued share‑based payment expenses | 15 | ||
Unrealised foreign exchange losses (gains) | ( | ( | |
Net interest expense and other financial expenses | |||
Interest and other financial income received | |||
Interest and other financial expense paid | ( | ( | |
| Other non‑cash items and changes in working capital and provisions | |||
Net cash flow from operating activities | |||
Development and purchase of intangible assets and property, plant & equipment | 19,20 | ( | ( |
Acquisition of subsidiaries, net of cash acquired | 10,29 | ( | ( |
Proceeds from sale of intangible assets and property, plant & equipment | |||
Proceeds from sale of subsidiaries, net of cash sold | 10,29 | ||
Net sale of (investment in) other shares | ( | ( | |
Net change in other investments | ( | ||
Net cash flow from investing activities | ( | ( | |
Net cash flow before financing activities | |||
Repayment of interest‑bearing loans and borrowings | 21 | ( | ( |
Purchase of treasury shares | 24 | ( | |
Lease payments | 28 | ( | ( |
Dividends paid to non‑controlling interests | ( | ( | |
Net cash flow from financing activities | ( | ( | |
Effects of exchange rate changes on cash and cash equivalents | ( | ||
Net increase (decrease) in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at start of period | |||
Cash and cash equivalents attributable to assets held for sale at start of period | |||
Cash and cash equivalents at end of period | 29 |
(1)
(1)
Changes in working capital and provisions consist of changes in trade receivables, other current receivables, trade payables, other liabilities,
accruals and provisions.
The accompanying notes form an integral part of these consolidated financial statements.
Annual Report 2023120
Financial statements > Consolidated financial statements
Consolidated statement
of changesinequity
| Foreign | |||||||||
| Other | currency | Share‑ | Non‑ | ||||||
| Share | paid‑in | Hedging | Retained | transl. | holders’ | controlling | |||
€million | Note | capital | equity | reserve | earnings | reserve | equity | interests | Total |
Equity as at 1January 2022 | ( | ||||||||
Profit (loss) for the period | ( | ( | ( | ( | |||||
Other comprehensive income | ( | ( | |||||||
Total comprehensive income | ( | ( | ( | ||||||
Share‑based payments | 15 | ||||||||
| Dividends paid to non‑controlling | |||||||||
interests | 8 | ( | ( | ||||||
Change in treasury shares | 24 | ( | ( | ( | |||||
Total transactions with the owners | ( | ( | ( | ( | |||||
Equity as at 31December 2022 | ( | ( | |||||||
Profit (loss) for the period | ( | ( | ( | ||||||
Other comprehensive income | ( | ( | |||||||
Total comprehensive income | ( | ( | ( | ( | |||||
Share‑based payments | 15 | ( | ( | ( | |||||
| Dividends paid to non‑controlling | |||||||||
interests | 8 | ( | ( | ||||||
Change in treasury shares | 24 | ||||||||
Total transactions with the owners | ( | ( | ( | ( | |||||
Equity as at 31December 2023 | ( | ( |
The accompanying notes form an integral part of these consolidated financial statements.
Annual Report 2023 121
Notes to the consolidated
financialstatements
31 December 2023
General information and significant changes in the current reporting period
Note1 General information and significant changes in the current reporting period
Basis of preparation and other material accounting policies
Note2 Basis for preparing the consolidated financial statements, summary of other material accounting
policies and new and amended standards adopted by the group
Note3 Significant accounting judgments and major sources of estimation uncertainty
Note4 Fair value measurement
Group business, operations and management
Note5 Operating segments
Note6 Revenue recognition
Note7 Financial risk management
Note8 Financial information on material partly‑owned subsidiaries (NCI)
Note9 Investments in joint ventures and associates
Significant transactions and events
Note10 Changes in the composition of the group
Note11 Impairment assessment
Note12 Transactions with related parties
Information on consolidated income statement and OCI items
Note13 Other operating expenses
Note14 Personnel expenses and remuneration
Note15 Share‑based payments
Note16 Other income and expenses
Note17 Financial items
Note18 Earnings per share
Annual Report 2023122
Financial statements > Notes to the consolidated financial statements
Information on consolidated statement of financial position items
Note19 Intangible assets
Note20 Property, plant & equipment
Note21 Financial assets and financial liabilities
Note22 Trade receivables and contract assets and contract liabilities
Note23 Other non‑current and current assets
Note24 Equity
Note25 Other non‑current and current liabilities
Note26 Provisions and contingent liabilities
Note27 Income taxes
Note28 Lease agreements
Other information
Note29 Supplemental information to the Consolidated statement of cash flows
Note30 Auditor’s remuneration
Note31 Ownership
Note32 Events after the balance sheet date and other information
Annual Report 2023 123
Note 1: General information and significant changes in the current reporting period
The Adevinta Group (or “the Group” or “Adevinta”) was established 9 April 2019. Adevinta ASA public limited
Stock Exchange. The major shareholders as at 31 December 2023 are Schibsted, eBay and Permira holding 30%,
30% and 12% of voting rights, respectively (note 24). None of the parties have control over Adevinta Group.
On 21 November 2023, a voluntary offer (the “Offer”) was announced by Aurelia Bidco Norway AS (the “Offeror”) to
acquire all issued and outstanding ordinary A shares (the “Shares”) in the company. The Offer was announced by
Permira and Blackstone on behalf of funds advised by Permira Advisers LLP and funds advised by The Blackstone
Group International Partners LLP, as well as General Atlantic and TCV. Pursuant to the Offer, the consideration for
Shares tendered will, at the election of accepting shareholders, be settled with NOK 115.0 per Share in cash, in
depository receipts with indirect exposure to the Offeror, or as a combination of cash and such depository receipts,
subject to certain limitations. The complete terms and conditions of the Offer are set out in an Offer document
published by the Offeror and approved by the Oslo Stock Exchange on 22 December 2023. For further information
on the outcome of the Offer, please see Note 32. For further information on the Offer, visit: www.abgsc.com.
business areas are described in note 5.
Significant changes in the current reporting period
The financial position and performance of Adevinta was particularly affected by the following events and
transactions during the reporting period:
↘ Strong performance in EU5 markets (Germany, France, Spain, Benelux and Italy) resulting in 11% revenue growth
(note 5) and 19% in gross operating profit.
↘ Revised growth trajectory for the JV in Brazil resulted in an impairment loss of €(90) million (note 9).
↘ The projected cash flows for the Canadian business have been adjusted downwards to reflect increased
competition and negative impacts from the roll‑out of a new mobile application in 2023 which resulted in an
impairment loss of €(146) million (note 11).
↘ The Offer triggered the change in the expected manner of settlement from shares to cash on a pro‑rata basis
for most of the company’s share‑based awards, resulting in an increase in liabilities of €43 million with a
corresponding increase in personnel costs of €(2) million (note 15) and decrease in equity of €(41) million. The
Offer also triggered additional external expenses of €(24) million (note 16).
↘ Adevinta continued reshaping its operations pursuant to acquisition of eBay Classifieds Group (eCG) in 2021.
Integration of eCG required €(69) million of additional expenses. Rebranding eBay Kleinanzeigen to Kleinanzeigen
triggered rebranding costs of €(15) million. The project to verticalise Adevinta’s operations based on three
key pillars: Re‑Commerce, Mobility, and Real Estate & Emerging Verticals triggered additional expenses of
€(22) million (note 16).
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023124
Note 2: Basis for preparing the consolidated financial statements, summary of other material
accounting policies and new and amended standards adopted by the group
Basis of preparation
The consolidated financial statements have been prepared based on a historical cost basis, with the exception of:
↘ certain financial assets and liabilities (including derivative instruments) measured at fair value; and
↘ assets held for sale measured at the lower of carrying amount and fair value less costs to sell.
The material accounting policies that have been applied are disclosed in relevant notes to the consolidated financial
statements.
All amounts are in € million unless otherwise stated. Due to rounding, numbers presented throughout this document
may not add up precisely to the totals provided.
EBITDA is defined as earnings before other income and expenses, impairment, joint ventures and associates, interest,
tax and depreciation and amortisation. The measure equals gross operating profit (loss). Please see the Definitions
and Reconciliations section for additional details.
Annual Report 2023 125
Note2: Basis for preparing the consolidated financial statements, summary of other material accounting
policies and new and amended standards adopted by the group continued
Classification of assets and liabilities
The Group presents assets and liabilities in the statement of financial position based on current/non‑current classification.
An asset is current when it is:
↘ Expected to be realised or intended to be sold or consumed in the normal operating cycle
↘ Held primarily for the purpose of trading
↘ Expected to be realised within twelve months after the reporting period
Or
↘ Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period
All other assets are classified as non‑current.
A liability is current when:
↘ It is expected to be settled in the normal operating cycle
↘ It is held primarily for the purpose of trading
↘ It is due to be settled within twelve months after the reporting period
Or
↘ There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period
The Group classifies all other liabilities as non‑current.
Consolidation principles
The consolidated financial statements include the parent Adevinta ASA and all subsidiaries, presented as a single
economic entity. Intercompany transactions, balances and unrealised gains on transactions between group
companies have been eliminated.
Subsidiaries are all entities controlled, directly or indirectly, by Adevinta ASA. The Group controls an entity when it is
exposed to, or has rights to, variable returns from the involvement with the entity and has the ability to affect those
returns through power over the entity. Power over an entity exists when the Group has existing rights that give it the
current ability to direct the activities that significantly affect the entity’s returns.
Generally, there is a presumption that a majority of voting rights results in control. The Group considers all relevant
facts and circumstances in assessing whether control exists, including contractual arrangements and potential
voting rights to the extent that those are substantive.
Subsidiaries are included in the consolidated financial statements from the date Adevinta ASA effectively obtains
control of the subsidiary (acquisition date) and until the date Adevinta ASA ceases to control the subsidiary.
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023126
Note2: Basis for preparing the consolidated financial statements, summary of other matrial accounting
policies and new and amended standards adopted by the group continued
Note 3: Significant accounting judgments and major sources of estimation uncertainty
The preparation of the Group’s consolidated financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the
accompanying disclosures and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future periods. Management also needs to exercise judgement
in applying the Group’s accounting policies. The most important areas where judgments and estimates are having an
impact are listed below. Detailed information of these estimates and judgements is included in the relevant notes.
Significant estimates:
↘ Calculation of value in use in testing for impairment of goodwill and other intangible assets (note 11)
↘ Fair value of share‑based awards (note 15)
↘ Useful lives of the intangible assets (note 19)
Annual Report 2023 127
Note3: Significant accounting judgments and major sources of estimation uncertainty continued
Significant judgements:
↘ Principal/agent assessment for transactional services provided (note 6)
↘ Expected manner of settlement of share‑based awards and accounting approach for changes in the expected
manner of settlement (note 15)
↘ Classification of other income and expenses as not being considered by management to be reliable indicators of
underlying operations (note 16)
↘ Capitalisation of development costs (note 19)
↘ Recognition of deferred tax assets for tax losses carried forward (note 27)
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023128
Note4: Fair value measurement continued
31 December 2023 | Level 2 | Level 3 | Total |
Cross‑currency interest rate swap (note 21.5) | 16 | – | 16 |
Equity instruments at fair value through OCI (note 21.3) | – | 26 | 26 |
Contingent consideration related to business combinations (note 21.6) | – | (5) | (5) |
31 December 2022 | Level 2 | Level 3 | Total |
Cross‑currency interest rate swap (note 21.5) | 66 | – | 66 |
Equity instruments at fair value through OCI (note 21.3) | – | 33 | 33 |
Contingent consideration related to business combinations (note 21.6) | – | (6) | (6) |
2023 | 2022 | |
Net carrying amount 1 January | 27 | 26 |
Additions | 6 | 7 |
Disposals | (3) | (3) |
Settlements | 2 | 4 |
Changes in fair value recognised in other comprehensive income | (10) | (7) |
Change in fair value recognised in profit or loss | – | – |
Net carrying amount 31 December | 21 | 27 |
Annual Report 2023 129
| 2023 | European | International | Other/ | ||||
€ million | France | Mobile.de | Markets | Markets | Headquarters | Eliminations | Total |
Revenues from external parties | 548 | 432 | 744 | 90 | 12 | – | 1,826 |
Revenues from other segments | 2 | (33) | 35 | – | (2) | (2) | – |
Revenues | 550 | 399 | 779 | 90 | 11 | (2) | 1,826 |
Gross operating profit (loss) | 241 | 239 | 321 | 43 | (193) | – | 651 |
| 2022 | European | International | Other/ | ||||
€ million | France | Mobile.de | Markets | Markets | Headquarters | Eliminations | Total |
Revenues from external parties | 492 | 342 | 681 | 114 | 14 | – | 1,644 |
Revenues from other segments | 2 | (25) | 27 | 0 | 1 | (5) | – |
Revenues | 494 | 317 | 708 | 114 | 15 | (5) | 1,644 |
Gross operating profit (loss) | 227 | 175 | 289 | 49 | (192) | – | 548 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023130
Note5: Operating segments continued
Revenues and non-current assets by geographical areas
In presenting geographical information, attribution of revenues is based on the location of the companies. There
are no significant differences between the attribution of revenues based on the location of companies and an
attribution based on the location of customers. Revenues presented in the table below are revenues from external
customers. Non‑current assets are attributed based on the geographical location of the assets.
2023 | 2022 | |
| Revenues | ||
France | 548 | 492 |
Germany | 653 | 549 |
Spain | 230 | 217 |
Other Europe | 306 | 272 |
Other countries | 90 | 114 |
Total | 1,826 | 1,644 |
| Non‑current assets | ||
France | 1,231 | 1,233 |
Germany | 7,212 | 7,310 |
Spain | 679 | 661 |
Other Europe | 1,276 | 1,326 |
Other countries | 560 | 828 |
Total | 10,958 | 11,357 |
The non‑current assets comprise assets, excluding deferred tax assets and financial instruments, expected to
be recovered more than twelve months after the reporting period. Other Europe consist primarily of Adevinta’s
businesses in the Netherlands and Italy. Other countries consist primarily of Adevinta’s businesses in Canada
and Brazil.
Annual Report 2023 131
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023132
Note6: Revenue recognition continued
2023 | 2022 | |
Revenue from contract with customers | 1,815 | 1,632 |
Other revenues | 11 | 12 |
Revenues | 1,826 | 1 ,644 |
| 2023 | European | International | Other/ | |||
€ million | France | Mobile.de | Markets | Markets | Headquarters | Total |
Classified revenues | 413 | 408 | 510 | 69 | – | 1,399 |
Advertising revenues | 62 | 24 | 204 | 21 | 2 | 312 |
Transactional revenues | 73 | 0 | 30 | – | – | 103 |
Revenues from contracts with customers | 548 | 432 | 743 | 90 | 2 | 1,815 |
| Revenues from lease contracts, services | ||||||
provided to sold companies and others | 0 | – | 1 | – | 11 | 11 |
Total revenue | 548 | 432 | 744 | 90 | 12 | 1,826 |
| 2022 | European | International | Other/ | |||
€ million | France | Mobile.de | Markets | Markets | Headquarters | Total |
Classified revenues | 371 | 315 | 456 | 84 | – | 1,226 |
Advertising revenues | 67 | 28 | 209 | 30 | 4 | 337 |
Transactional revenues | 53 | – | 15 | 0 | – | 69 |
Revenues from contracts with customers | 492 | 342 | 680 | 114 | 4 | 1,632 |
| Revenues from lease contracts, services | ||||||
provided to sold companies and others | 0 | – | 1 | 0 | 11 | 12 |
Total revenue | 492 | 342 | 681 | 114 | 14 | 1,644 |
Annual Report 2023 133
| 31 December | 31 December | |
| 2023 | 2022 | |
Non‑current interest‑bearing borrowings (note 21) | 1,771 | 2,183 |
Non‑current lease liabilities (note 28) | 65 | 58 |
Current interest‑bearing borrowings (note21) | 9 | 9 |
Current lease liabilities (note 28) | 21 | 20 |
Cash and cash equivalents (note29) | (57) | (70) |
Net interest‑bearing debt | 1,809 | 2,199 |
Equity | 8 ,415 | 8,548 |
Net gearing (net interest‑bearing debt/equity) | 0.2 | 0.3 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023134
Note7: Financial risk management continued
2023 | 2022 | |||||
BRL | CAD | USD | BRL | CAD | USD | |
Term loan (USD) | – | – | (189) | – | – | (467) |
Loan issued (BRL) (note 21) | 159 | – | – | 129 | – | – |
Vendor loan note issued (USD) (note 21) | – | – | – | – | – | 42 |
| Cross‑currency swaps EUR/USD | ||||||
(cash flow derivative) | – | – | 189 | – | – | 467 |
| Foreign currency forwards in relation to VLN | ||||||
(cash flow hedge) | – | – | – | – | – | (42) |
Foreign currency forwards in relation to highly probable royalty income | ||||||
(cash flow hedges) | – | (34) | – | – | (36) | – |
Foreign currency forwards in relation to highly probable purchase of services (hedge | ||||||
accounting not applied) | – | – | 20 | – | – | 28 |
Annual Report 2023 135
Note7: Financial risk management continued
| Impact on profit or loss | ||
| 2023 | 2022 | |
| € million | € million | |
USD/EUR exchange rate – increase 10% | (2) | (3) |
USD/EUR exchange rate – decrease 10% | 2 | 3 |
BRL/EUR exchange rate – increase 10% | 16 | 13 |
BRL/EUR exchange rate – decrease 10% | (16) | (13) |
| 31 December | 31 December | |
| 2023 | 2022 | |
Variable interest rate borrowings (EUR TLB and USD TLB) | 774 | 1,202 |
Total borrowings | 1,834 | 2,262 |
Variable borrowings as % of total borrowings | 42% | 53% |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023136
Note7: Financial risk management continued
| 31 December | 31 December | |
| 2023 | 2022 | |
Loan issued at variable rates | 132 | 122 |
Loan issued at variable rates as % of total loans issued | 87% | 87% |
Total loans issued | 151 | 140 |
2023 | 2022 | |
| Cross‑currency interest rate swaps: | ||
Carrying amount (non‑current asset) (€ million) 31 December | 16 | 66 |
Notional amount (€ million) 31 December | 189 | 467 |
Maturity date | 2024 | 2024 |
Hedge ratio | 1.00:1 | 1.09:1 |
Change in fair value of outstanding hedging instruments since 1 January | 12 | 49 |
Weighted average hedged interest rate for the year | 3.2% | 3.2% |
Annual Report 2023 137
Note7: Financial risk management continued
| Impact on profit or loss | ||
| 2023 | 2022 | |
| € million | € million | |
Interest rate – increase by 1% | (6) | (7) |
Interest rate – decrease by 1% (*) | 6 | 7 |
| Impact on profit or loss | ||
| 2023 | 2022 | |
| € million | € million | |
Interest rate – increase by 1% | 1 | 1 |
Interest rate – decrease by 1% | (1) | (1) |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023138
Note7: Financial risk management continued
| Carrying | |||||||
| Contractual maturities of | Between | Between | Total | amount | |||
| financial liabilities | Less than | 3‑12 | 1 and | 2 and | Over | contractual | (assets)/ |
| At 31 December 2023 | 3 months | months | 2 years | 5 years | 5 years | cash flows | liabilities |
| Non‑derivatives | |||||||
Trade payables | 68 | – | – | – | – | – | 68 |
Borrowings | 15 | 73 | 748 | 1,321 | 0 | 2,157 | 1,780 |
Lease liabilities | 6 | 17 | 19 | 41 | 12 | 95 | 86 |
| Derivatives | |||||||
| Gross settled (foreign currency | |||||||
| forwards and interest rate | |||||||
swaps – cash flow hedge) | (3) | (15) | 0 | 0 | 0 | (18) | (16) |
(Inflow) | (11) | (238) | 0 | 0 | 0 | (249) | (16) |
Outflow | 8 | 223 | 0 | 0 | 0 | 231 | – |
| Carrying | |||||||
| Contractual maturities of | Between | Between | Total | amount | |||
| financial liabilities | Less than | 3‑12 | 1 and | 2 and | Over | contractual | (assets)/ |
| At 31 December 2022 | 3 months | months | 2 years | 5 years | 5 years | cash flows | liabilities |
| Non‑derivatives | |||||||
Trade payables | 43 | – | – | – | – | – | 43 |
Borrowings | 19 | 89 | 88 | 1,347 | 1,234 | 2,777 | 2,193 |
Lease liabilities | 5 | 15 | 18 | 35 | 9 | 82 | 78 |
| Derivatives | |||||||
| Gross settled (foreign currency | |||||||
| forwards and interest rate | |||||||
swaps – cash flow hedge) | (6) | (18) | (57) | – | – | (81) | (67) |
(Inflow) | (65) | (80) | (480) | – | – | (626) | 67 |
Outflow | 59 | 63 | 423 | – | – | 545 | – |
Annual Report 2023 139
2023 | 2022 | |||||||||
| Non‑ | Non‑ | |||||||||
| controlling | Profit (loss) | controlling | Profit (loss) | |||||||
| interest | attributable | Dividends | Accumulated | interest | attributable | Dividends | Accumulated | |||
| Location | (%) | to NCI | paid to NCI | NCI | (%) | to NCI | paid to NCI | Other | NCI | |
| Distilled SCH | Dublin, | 50.00% | 8 | (7) | 16 | 50.00% | 7 | (10) | (0) | 14 |
| group | Ireland | |||||||||
| Infojobs Brasil | São Paulo, | 23.77% | – | – | – | 23.77% | 1 | – | (1) | – |
| Atividades de | Brazil | |||||||||
| Internet Ltda | ||||||||||
Other | – | – | – | 0 | – | (0) | – | |||
Total | 8 | (7) | 16 | 8 | (10) | (1) | 14 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023140
Note9: Investments in joint ventures and associates continued
2023 | 2022 | |||||
| Joint | Joint | |||||
| Development in net carrying amount | ventures | Associates | Total | ventures | Associates | Total |
As at 1 January | 331 | 35 | 366 | 337 | 33 | 370 |
Disposal | – | (0) | (0) | – | – | – |
Partial conversion of the loan (note17) | 1 | – | 1 | 76 | – | 76 |
Share of profit/(loss) | (104) | (4) | (108) | (119) | (2) | (121) |
Gain | – | 2 | 2 | – | 4 | 4 |
Dividends received and capital repayments | (3) | – | (3) | (3) | (0) | (3) |
Translation differences | 16 | (1) | 16 | 39 | 1 | 40 |
As at 31 December | 241 | 32 | 273 | 331 | 35 | 366 |
2023 | 2022 | |||||||
| Country of | Interest | Joint | Interest | Joint | ||||
| incorporation | held | ventures | Associates | held | ventures | Associates | ||
Silver Brazil JVCO BV | Netherlands | 50.0% | 231 | – | 50.0% | 321 | – | |
| willhaben internet | ||||||||
service GmbH | Austria | 50.0% | 10 | – | 50.0% | 9 | – | |
Younited SA | France | 7.6% | – | 14 | 7.8% | – | 17 | |
703 | Search BV | Netherlands | 31.5% | – | 18 | 31.5% | – | 18 |
Carrying amount as at 31 December | 241 | 32 | 331 | 35 |
Silver Brazil JVCO BV | Operates online classified sites in Brazil (olx.com.br, Anapro.com.br, suahouse. | |
| com, datazap.com.br, fipezap.com.br, zap.com.br, vivareal.com.br, conectaimobi. | ||
| com.br, geoimóvel.com.br, infoprop.com.br and sohtec.com.br) | ||
willhaben internet service GmbH | Operates online classified sites in Austria (willhaben.at, car4you.at and autopro24.at) | |
Younited SA | Operates peer‑to‑peer lending marketplaces in France, Italy and Spain | |
| (younited‑credit.com, it.younited‑credit.com and es.younited‑credit.com) | ||
703 | Search BV | Operates as a holding company for the equity investment in Carousell and does |
| not carry out any trading activities |
Annual Report 2023 141
Note9: Investments in joint ventures and associates continued
2023 | 2022 | |
| Income statement and statement of comprehensive income: | ||
Operating revenues | 165 | 160 |
Depreciation and amortisation | (17) | (15) |
Interest income | 12 | 7 |
Interest expense | (68) | (56) |
Taxes | (14) | (27) |
Profit (loss) | (36) | (84) |
Profit (loss) attributable to owners of the parent | (36) | (84) |
Total comprehensive income attributable to owners of the parent | (36) | (84) |
Share of profit (loss) before impairment of the investment in the joint venture | (18) | (42) |
Impairment of the investment in the joint venture | (90) | (80) |
Share of profit (loss) | (108) | (122) |
Share of total comprehensive income | (108) | (122) |
| Statement of financial position: | ||
Goodwill | 420 | 397 |
Other non‑current assets | 164 | 174 |
Other current assets | 35 | 30 |
Cash and cash equivalents | 34 | 21 |
Non‑current financial liabilities (excluding trade and other payables) | (319) | (284) |
Other non‑current liabilities | (13) | (33) |
Other current liabilities | (95) | (56) |
Net assets/(liabilities) | 226 | 249 |
Share of net assets/(liabilities) | 113 | 124 |
Goodwill | 292 | 278 |
Impairment of the investment in the joint venture | (174) | (80) |
Carrying amount as at 31 December | 231 | 321 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023142
Note10: Changes in the composition of the group continued
Annual Report 2023 143
Note10: Changes in the composition of the group continued
| € million | ||
2023 | 2022 | |
Revenue | – | 48 |
Operating expenses | – | (46) |
Gross operating profit/(loss) | – | 3 |
Depreciation and other income & expenses | – | (11) |
Gain/(loss) on sale of subsidiaries | (3) | 8 |
Impairment loss recognised on remeasurement to fair value less costs to sell | – | (28) |
Profit/(loss) before income tax | (3) | (28) |
Income tax benefit/(expense) | – | (29) |
Profit/(loss) after income tax | (3) | (57) |
Profit/(loss) from discontinued operations (attributable to owners of the parent) | (3) | (57) |
Exchange differences on translation | – | – |
| € | ||
Earnings per share for discontinued operations | 2023 | 2022 |
Basic | (0.00) | (0.05) |
Diluted | (0.00) | (0.05) |
| € million | ||
Cash flows for discontinued operations | 2023 | 2022 |
Net cash flow from operating activities | – | (20) |
| Net cash flow from investing activities (includes an inflow related to the sale of Gumtree | ||
Australia of €39 million in 2023 and €11 million in 2022) | 39 | 12 |
Net cash flow from financing activities | – | (1) |
Net cash (outflow)/inflow | 39 | (9) |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023144
Annual Report 2023 145
Note11: Impairment assessment continued
Carrying amounts as at 31 December for goodwill and trademarks with indefinite expected useful life specified on
cash‑generating units are disclosed below:
| € million | Goodwill | Trademarks, indefinite | |||
| CGU | Reportable segment | 2023 | 2022 | 2023 | 2022 |
| Significant CGUs | |||||
Online classifieds Germany – mobile.de | mobile.de | 1,937 | 1,939 | 1,707 | 1,707 |
Online classifieds Germany – Kleinanzeigen | European Markets | 3,152 | 3,152 | – | – |
Subtotal significant CGUs | 5,089 | 5,091 | 1,707 | 1,707 | |
| Non‑significant CGUs | |||||
Online classifieds France | France | 1,019 | 1,019 | 98 | 98 |
Online classifieds Netherlands | European Markets | 134 | 134 | 798 | 798 |
Online classifieds Spain | European Markets | 496 | 493 | 53 | 53 |
Online classifieds Canada | International Markets | – | – | 249 | 400 |
Online classifieds Italy | European Markets | 96 | 96 | – | – |
Online classifieds Belgium | European Markets | 49 | 49 | 58 | 58 |
Online classifieds Ireland | European Markets | 37 | 37 | 16 | 16 |
Online classifieds Hungary | European Markets | – | 10 | – | 2 |
Subtotal non‑significant CGUs | 1,831 | 1,838 | 1,272 | 1,425 | |
Total (note 19) | 6,920 | 6,930 | 2,979 | 3 ,132 |
For the purpose of impairment test of goodwill, the management has considered the Netherlands CGU and the Belgium
CGU as a group of cash‑generating units, Benelux, because this is how goodwill and business performance is monitored
by the group management. These businesses have a shared management team, shared functions (except sales/PR) and
shared technological platform.
Adevinta performed its annual impairment test in 2023 and 2022 of all cash generating units that include goodwill and
intangible assets that have an indefinite useful life. The recoverable amount of a CGU is determined as value in use that
is estimated by discounting estimated future cash flows.
The recoverable amounts are most sensitive to the following assumptions while the values of the key assumptions are
different among the CGUs:
↘ Discount rates – Discount rates are estimated taking into consideration the risk‑free interest rate and risk premium
for the relevant country. Specific business risks are reflected in the estimated future cash flows. The discount rates
are based on estimations of the weighted average cost of capital (WACC) taking into consideration country and
classifieds industry specific factors based on external sources of information.
↘ Sustained growth rates used to extrapolate cash flow in the terminal period – The sustained growth rates are
based on projected long‑term inflation rates for the relevant country sourced from the International Monetary
Fund’s economic outlook.
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023146
Note11: Impairment assessment continued
Annual Report 2023 147
Note11: Impairment assessment continued
Kleinanzeigen | Mobile.de | ||||
2023 | 2022 | 2023 | 2022 | ||
Pre‑tax discount rate | 12.3% | 12.0% | 12.5% | 12.2% | |
Post‑tax discount rate | 10.0% | 9.8% | 10.0% | 9.8% | |
| Revenue CAGR in the forecast period | (2024‑2026) | 19.1% | 17.3% | 15.7% | 16.3% |
EBITDA‑margin CAGR in the forecast period (2024‑2026) | 1.1% | 1.2% | 0.7% | 1.8% | |
Revenue CAGR in the extrapolation period (2027‑2033) | 13.5% | 12.2% | 9.3% | 9.3% | |
Sustained growth rate in the terminal period (after 2033) | 2.8% | 2.9% | 2.8% | 2.9% |
Kleinanzeigen | Mobile.de | |||
Key assumption | From | To | From | To |
Pre‑tax discount rate | 12.3% | 12.9% | 12.5% | 14.2% |
Post‑tax discount rate | 10.0% | 10.4% | 10.0% | 11.3% |
Revenue CAGR in the forecast period (2024‑2026) | 19.1% | 18.1% | 15.7% | 13.0% |
EBITDA‑margin CAGR in the forecast period (2024‑2026) | 1.1% | (1.2%) | 0.7% | n/a |
Revenue CAGR in the extrapolation period (2027‑2033) | 13.5% | 11.8% | 9.3% | 4.6% |
Sustained growth rate in the terminal period (after 2033) | 2.8% | 2.2% | 2.8% | n/a |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023148
Note11: Impairment assessment continued
Other CGUs
No impairment was identified for the non‑significant CGUs, apart from Canada as mentioned above, as at
31 December 2023.
2022 impairment testing and assessments
In 2022 the impairment test resulted in an impairment loss of €(1,719) million attributable to Canada (€(802) million),
Kleinanzeigen (€(489) million), mobile.de (€(411) million) and Hungary (€(17) million). The impairment charge was
presented within Impairment loss in the income statement. No impairment was identified for any other CGUs as at
31 December 2022. The impairment loss for 2022 was recognised against goodwill (€(1,492) million) and intangible
assets with indefinite useful lives (€(228) million). Adevinta acquired the businesses in Canada, Kleinanzeigen and
mobile.de as part of the eCG acquisition in June 2021 where 80% of the purchase amount was paid in Adevinta
shares with the share price increasing 48% from the signing to the closing date of the transaction (share price was
NOK 170 at closing) which significantly increased the goodwill attributable to the businesses. The macroeconomic
uncertainties and increasing inflation during 2022 triggered a significant increase in market interest rates and equity
risk premiums. This significantly increased the weighted average cost of capital (WACC) that Adevinta uses for
discounting cash flows when estimating the recoverable amounts of its CGUs, which resulted in the impairment loss
for Canada, Kleinanzeigen, mobile.de and Hungary in 2022. In Kleinanzeigen and mobile.de the impact of the increase
in WACC was partly offset by expected better mid‑longer term business performance while for Canada and Hungary
there was a negative impact considering the revised growth trajectory of the businesses.
Note 12: Transactions with related parties
Adevinta has ownership interests in joint ventures and associates. Adevinta issued a loan, in October 2020, to the
OLX Brazil joint venture amounting to BRL949 million to finance the acquisition of Grupo Zap (note 21). The loan bears
an interest of SELIC + 2% subject to 18 months grace period and has a tenor of 15 years. In 2022 a portion of the loan
corresponding with BRL 380 million (€76 million) of the principal amount was converted into equity instruments of
OLX Brazil. In 2023, €23 million (2022: €24 million) interest income has been recognised in relation to this loan.
Other transactions with related parties by Adevinta are largely related to support services from the Schibsted
Group entities such as IT, external staff costs and professional services.
For remuneration to group management, please see note 14 and the Adevinta 2023 Remuneration Report.
For information on dividend payments and contributions to and from joint ventures see note 9.
Annual Report 2023 149
Note12: Transactions with related parties continued
Transactions with related parties (excluding Bom Negócio Atividades de Internet Ltda (joint venture), which is
disclosed separately further in this note) affect the consolidated financial statements as summarised below.
€million 2023 | 2022 | |
| Consolidated income statement | ||
Revenues | 5 | 4 |
Other operating expenses | (1) | (18) |
Gross operating profit (loss) | 4 | (14) |
Operating profit (loss) | 4 | (14) |
Profit (loss) before taxes | 4 | (14) |
| Consolidated statement of financial position | ||
Trade receivables and other current assets | 1 | 3 |
Current assets | 1 | 3 |
Other non‑current liabilities | 1 | 2 |
Non‑current liabilities | 1 | 2 |
Other current liabilities | 2 | 2 |
Current liabilities | 2 | 2 |
Other non‑current liabilities and other current liabilities include the lease liabilities related to the lease agreement
with Ebay GmbH of the office building located in J9, Albert Einstein Ring 26, Kleinmachnow (Germany) and the lease
ends in 2025 (note 28). Non‑current lease liabilities amounted to €1 million in 2023 (2022: €2 million) and current
lease liabilities amounted to €1 million in 2023 (2022: €1 million).
Summary of transactions and balances with Bom Negócio Atividades de Internet Ltda (joint venture):
€million | 2023 | 2022 |
| Consolidated income statement | ||
Financial income | 26 | 24 |
Profit (loss) before taxes | 26 | 24 |
| Consolidated statement of financial position | ||
Other non‑current assets | 138 | 122 |
Non‑current assets | 138 | 122 |
Other current assets | 21 | 7 |
Current assets | 21 | 7 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023150
2023 | 2022 | |
Commissions | 19 | 19 |
Rent, maintenance, office expenses and energy | 26 | 19 |
Marketing expenses | 173 | 193 |
Professional fees | 175 | 183 |
Travelling expenses | 13 | 9 |
IT expenses | 138 | 123 |
Digital services tax | 19 | 14 |
Other expenses | 86 | 53 |
Total | 649 | 613 |
2023 | 2022 | |
Salaries and wages | 425 | 397 |
Social security costs | 92 | 84 |
Net defined benefit pension expense (note 26) | 1 | 3 |
Net defined contribution pension expense (note 26) | 5 | 5 |
Share‑based payment (note 15) | 44 | 33 |
| Other personnel expenses | (38) | (23) |
Termination benefits | 0 | 17 |
Total | 530 | 516 |
Average number of full‑time equivalents | 5,409 | 5,444 |
Annual Report 2023 151
Note14: Personnel expenses and remuneration continued
Fixed | Variable | Total | Proportion | ||||||||
| Short‑ | |||||||||||
| term | Share‑ | Extra‑ | |||||||||
| Base | Pension | Other | Variable | based | ordinary | ||||||
Name of leading person, position | Year | salary | expense benefits (1) | Pay | Pay | items | Fixed | Variable | |||
| Antoine Jouteau, | 2023 | 706 | 13 | 16 | 502 | 2,643 | – | 3,880 | 19% | 81% | |
| CEO | 2022 | 499 | 8 | 37 | 309 | 554 | – | 1,407 | 39% | 61% | |
| Elisabeth Peyraube | 2023 | 97 | – | – | 48 | 873 | – | 1,018 | 10% | 90% | |
| CFO | 2022 | – | – | – | – | – | – | – | – | – | |
| Nicki Dexter, | 2023 | 308 | 17 | 2 | 164 | 966 | – | 1,457 | 22% | 78% | |
| Chief People and Communications Officer | 2022 | 290 | 15 | 4 | 129 | 301 | – | 739 | 42% | 58% | |
Alexandre Collinet, COO | 2023 | 303 | 5 | 4 | 165 | 857 | – | 1,334 | 23% | 77% | |
2022 | – | – | – | – | – | – | – | – | – | ||
| Julien Jouhault | 2023 | 265 | – | 2 | 208 | 634 | – | 1,109 | 24% | 76% | |
| Chief Product & Technology Officer | 2022 | – | – | – | – | – | – | – | – | – | |
| Ajay Bhatia, | 2023 | 500 | 12 | 269 | 2,700 | – | 3,481 | 15% | 85% | ||
| CEO mobile.de & Head of Mobility | 2022 | 208 | 3 | 310 | 112 | 1,699 | – | 2,332 | 22% | 78% | |
Paul Heimann, CEO Kleinanzeigen & Head of Recommerce | 2023 | 300 | 3 | 12 | 161 | 1,107 | – | 1,583 | 20% | 80% | |
2022 | – | – | – | – | – | – | – | – | – | ||
Roman Campa, Head of Real Estate & Emerging Verticals | 2023 | 275 | – | 28 | 148 | 1,002 | – | 1,453 | 21% | 79% | |
2022 | – | – | – | – | – | – | – | – | – | ||
| Uvashni Raman, | 2023 | 465 | 87 | 4 | 283 | 969 | 495 | 2,303 | 24% | 76% | |
| former CFO | 2022 | 580 | 65 | 4 | 286 | 749 | – | 1,684 | 39% | 61% | |
Rolv Erik Ryssdal, (former) CEO | 2023 | 114 | 246 | 4 | – | 929 | – | 1,293 | 28% | 72% | |
2022 | 508 | 1,549 | 20 | 258 | 583 | – | 2,918 | 71% | 29% | ||
Alex Alexander, (former) CPTO | 2023 | – | – | – | – | – | – | – | – | – | |
2022 | 294 | – | 137 | 149 | – | 343 | 923 | 47% | 53% | ||
Gianpaolo Santorsola, (former) EVP European Markets | 2023 | – | – | – | – | – | – | – | – | – | |
2022 | 420 | 33 | 31 | 206 | 777 | 2,119 | 3,586 | 13% | 87% | ||
Zachary Candelario, (former) EVP International Markets | 2023 | – | – | – | – | – | – | – | – | – | |
2022 | 397 | – | 19 | 575 | 673 | 288 | 1,952 | 21% | 79% | ||
Renaud Bruyeron, (former) Chief Product and Technology Officer | 2023 | – | – | – | – | – | – | – | – | – | |
2022 | 72 | – | 4 | 207 | 76 | – | 359 | 21% | 79% | ||
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023152
Fixed | Variable | Total | Proportion | ||||||||
| Short‑ | |||||||||||
| term | Share‑ | Extra‑ | |||||||||
| Base | Pension | Other | Variable | based | ordinary | ||||||
Name of leading person, position | Year | salary | expense benefits (1) | Pay | Pay | items | Fixed | Variable | |||
Patricia Lobinger, (former) CEO Mobile.de | 2023 | – | – | – | – | – | – | – | – | – | |
2022 | 119 | 5 | 5 | 97 | 31 | – | 257 | 50% | 50% | ||
Ovidiu Solomonov, (former) VP Global Markets | 2023 | – | – | – | – | – | – | – | – | – | |
2022 | – | – | – | – | – | 950 | 950 | – | 100% | ||
| Total | 2023 | 3,333 | 371 | 84 | 1,948 | 12,680 | 495 | 18,911 | 20% | 80% | |
2022 | 3,387 | 1,678 | 571 | 2,328 | 5,443 | 3,700 | 17,107 | 33% | 67% | ||
Note14: Personnel expenses and remuneration continued
Annual Report 2023 153
Note14: Personnel expenses and remuneration continued
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
| Antoine Jouteau, CEO | ||||||||||||
PSP 2019 | 10 | Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 54,813 | – | 40,013 | 14,800 | – | – | – |
| 31 Dec. 2021 | 2019 | 2021 | 2021 | |||||||||
| 10 Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 27,407 | – | 20,007 | 7,400 | – | – | – | ||
| 31 Dec. 2021 | 2019 | 2022 | 2022 | |||||||||
11 | Apr. 2019 to | 11 Apr. | 31 Dec. | 31 Dec. | 27,406 | – | 20,006 | 7,400 | – | – | – | |
| 31 Dec. 2021 | 2019 | 2023 | 2023 | |||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | 31 Dec. | 52,151 | – | – | 52,151 | – | – | – |
| 31 Dec. 2023 | 2021 | 2023 | 2025 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 65,875 | – | – | 65,875 | 65,875 | 65,875 |
| 31 Dec. 2024 | 2022 | 2024 | 2026 | |||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 162,569 | – | – | 162,569 | 162,569 | 162,569 |
| 31 Dec. 2025 | 2023 | 2025 | 2025 | |||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 11,612 | – | 11,612 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 11,612 | – | – | – | 11,612 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 11,612 | – | – | – | 11,612 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 11,612 | – | – | – | 11,612 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 11,612 | – | – | – | 11,612 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 11,613 | – | – | – | 11,613 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 17,384 | – | 17,384 | – | – | – | - | |
| 2021 | 2023 | 2025 | ||||||||||
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 28,233 | – | - | – | 28,233 | 28,233 | |
| 2022 | 2024 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 504,768 | – | – | 504,768 | 504,768 | 504,768 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
| Elisabeth Peyraube, CFO | ||||||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 27,869 | – | – | 27,869 | 27,869 | 27,869 |
31 | Dec. 2025 | 2023 | 2025 | 2025 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023154
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
| PSP New | n.a. | 25 Sep. | 25 Sep. | n.a. | – | 32,299 | – | – | – | 32,299 | – | |
| Joiner 2023 | 2023 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 2,388 | – | – | – | 2,388 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 2,388 | – | – | – | 2,388 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 2,388 | – | – | – | 2,388 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 2,388 | – | – | – | 2,388 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 2,392 | – | – | – | 2,392 | – | |
| 2023 | 2026 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 217,932 | – | – | 217,932 | 217,932 | 217,932 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
| Uvashni Raman, CFO (former) | ||||||||||||
PSP 2019 | 10 | Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 59,030 | – | 43,092 | 15,938 | – | – | – |
| 31 Dec. 2021 | 2019 | 2021 | 2021 | |||||||||
| 10 Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 29,514 | – | 21,545 | 7,969 | – | – | – | ||
| 31 Dec. 2021 | 2019 | 2022 | 2022 | |||||||||
| 10 Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 29,515 | – | 21,546 | 7,969 | – | – | – | ||
| 31 Dec. 2021 | 2019 | 2023 | 2023 | |||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | 31 Dec. | 78,930 | – | – | 78,930 | – | – | – |
| 31 Dec. 2023 | 2021 | 2023 | 2025 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 74,579 | – | 28,685 | 74,579 | 74,579 | 74,579 |
31 | Dec. 2024 | 2022 | 2024 | 2026 | ||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 9,621 | 0 | 9,621 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 9,621 | – | 7,569 | – | 2,052 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 9,621 | – | 7,569 | – | 2,052 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 9,621 | – | 7,569 | – | 2,052 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 9,621 | – | 7,569 | – | 2,052 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 9,624 | – | 7,571 | – | 2,053 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 26,311 | – | – | – | – | – | – | |
| 2021 | 2023 | 2025 | ||||||||||
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 44,247 | – | 12,294 | – | 31,973 | 31,973 |
Note14: Personnel expenses and remuneration continued
Annual Report 2023 155
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
ASPP | n.a. | 3 Mar. | 3 Mar. | n.a. | 86 | – | 86 | – | – | – | – | |
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | 99 | – | 99 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | 77 | – | 77 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | 85 | – | – | 85 | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Dec. | 31 Dec. | n.a. | 98 | – | – | 98 | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | – | 166 | – | 166 | – | – | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | – | 161 | – | 161 | – | – | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | – | 143 | – | 143 | – | – | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 31 Dec. | 31 Dec. | n.a. | – | 122 | – | 122 | – | – | – | ||
| 2022 | 2024 | |||||||||||
| Nicki Dexter, Chief People and Communications Officer | ||||||||||||
PSP 2019 | 10 | Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 20,687 | – | 15,102 | 5,585 | – | – | – |
| 31 Dec. 2021 | 2019 | 2021 | 2021 | |||||||||
| 10 Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 10,343 | – | 7,550 | 2,793 | – | – | – | ||
| 31 Dec. 2021 | 2019 | 2022 | 2022 | |||||||||
| 10 Apr. 2019 to | 10 Apr. | 31 Dec. | 31 Dec. | 10,343 | – | 7,550 | 2,793 | – | – | – | ||
| 31 Dec. 2021 | 2019 | 2023 | 2023 | |||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | 31 Dec. | 32,169 | – | – | 32,169 | – | – | – |
| 31 Dec. 2023 | 2021 | 2023 | 2025 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 43,583 | – | – | 43,583 | 43,583 | 43,583 |
| 31 Dec. 2024 | 2022 | 2024 | 2026 | |||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | 69,692 | – | – | 69,692 | 69,692 | 69,692 | |
| 31 Dec. 2025 | 2023 | 2025 | 2025 | |||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 4,978 | – | 4,978 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,978 | – | – | – | 4,978 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,978 | – | – | – | 4,978 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,978 | – | – | – | 4,978 | – | |
| 2023 | 2025 | 2025 |
Notesto the consolidated financialstatements continued
Note14: Personnel expenses and remuneration continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023156
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,978 | – | – | – | 4,978 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,979 | – | – | – | 4,979 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 10,723 | – | 10,723 | – | – | – | – | |
| 2021 | 2023 | 2025 | ||||||||||
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 18,679 | – | – | – | 18,679 | 18,679 | |
| 2022 | 2024 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 144,220 | – | – | 144,220 | 144,220 | 144,220 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
ASPP | n.a. | 3 Mar. | 3 Mar. | n.a. | 87 | – | 87 | – | – | – | – | |
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | 83 | – | 83 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | 65 | – | 65 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | 98 | – | 98 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Dec. | 31 Dec. | n.a. | 142 | – | 142 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | – | 194 | – | – | – | 194 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | – | 240 | – | – | – | 240 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | – | 207 | – | – | – | 207 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 16 Jan. | 16 Jan. | n.a. | – | 91 | – | – | – | 91 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 26 Apr. | 28 Apr. | n.a. | – | 107 | – | – | – | 107 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 17 Jul. | 17 Jul. | n.a. | – | 126 | – | – | – | 126 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 16 Oct. | 18 Oct. | n.a. | – | 80 | – | – | – | 80 | – | ||
| 2023 | 2025 | |||||||||||
| Alexandre Collinet, COO | ||||||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | n.a. | 23,491 | – | – | 23,491 | – | – | – |
31 | Dec. 2023 | 2021 | 2023 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | n.a. | – | 21,195 | – | – | 21,195 | 21,195 | 21,195 |
31 | Dec. 2024 | 2022 | 2024 |
Note14: Personnel expenses and remuneration continued
Annual Report 2023 157
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 69,673 | – | – | 69,673 | 69,673 | 69,673 |
31 | Dec. 2025 | 2023 | 2025 | 2025 | ||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 4,976 | 0 | 4,976 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,980 | – | – | – | 4,980 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 7,831 | – | 7,831 | – | – | – | – | |
| 2021 | 2023 | 2025 | ||||||||||
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 21,196 | – | – | – | 21,196 | 21,196 | |
| 2022 | 2024 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 144,220 | – | – | 144,220 | 144,220 | 144,220 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
| Ajay Bhatia, CEO mobile.de & Head of Mobility | ||||||||||||
| Spot | n.a. | 1 Aug. | 1 Aug. | n.a. | – | – | 130,233 | – | – | – | – | |
| Awards | 2022 | 2022 | ||||||||||
| 2022 | n.a. | 1 Aug. | 1 Aug. | n.a. | 130,233 | – | 130,233 | – | – | – | – | |
| 2022 | 2023 | |||||||||||
n.a. | 1 Aug. | 1 Aug. | n.a. | – | 130,233 | – | – | – | 130,233 | 130,233 | ||
| 2022 | 2024 | |||||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Aug. | 31 Dec. | 31 Dec. | – | 63,586 | – | – | 63,586 | 63,586 | 63,586 |
31 | Dec. 2024 | 2022 | 2024 | 2026 | ||||||||
| PSP New | n.a. | 1 Aug. | 1 Aug. | n.a. | 6,624 | – | 6,624 | – | – | – | – | |
| joiner 2022 | 2022 | 2023 | ||||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 69,673 | – | – | 69,673 | 69,673 | 69,673 |
31 | Dec. 2025 | 2023 | 2025 | 2025 | ||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 8,294 | – | 8,294 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 8,294 | – | – | – | 8,294 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 8,294 | – | – | – | 8,294 | – | |
| 2023 | 2024 | 2024 |
Notesto the consolidated financialstatements continued
Note14: Personnel expenses and remuneration continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023158
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 8,294 | – | – | – | 8,294 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 8,294 | – | – | – | 8,294 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 8,297 | – | – | – | 8,297 | – | |
| 2023 | 2026 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 360,549 | – | – | 360,549 | 360,549 | 360,549 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
| Paul Heimann, CEO Kleinanzeigen & Head of Recommerce | ||||||||||||
ELEP | 25 Jun. 2021 – | 25 Jun. | 31 Mar. | n.a. | – | 5,634 | 1,409 | 4,225 | – | – | – | |
| 31 Mar. 2022 | 2021 | 2022 | ||||||||||
| 25 Jun. 2021 – | 25 Jun. | 31 Mar. | n.a. | 9,628 | 9,628 | 2,407 | 7,221 | – | – | – | ||
| 31 Mar. 2023 | 2021 | 2023 | ||||||||||
| 25 Jun. 2021 – | 25 Jun. | 31 Mar. | n.a. | – | 5,358 | – | – | 5,358 | 5,358 | 5,358 | ||
| 31 Mar. 2024 | 2021 | 2024 | ||||||||||
| 25 Jun. 2021 – | 25 Jun. | 31 Mar. | n.a. | – | 1,031 | – | – | 1,031 | 1,031 | 1,031 | ||
| 31 Mar. 2025 | 2021 | 2025 | ||||||||||
| Integration | n.a. | 1 Nov. | 1 Nov. | n.a. | 1,401 | – | 1,401 | – | – | – | – | |
| awards | 2021 | 2022 | ||||||||||
| 2021 | n.a. | 1 Nov. | 1 Nov. | n.a. | 1,400 | 1,400 | – | – | – | – | – | |
| 2021 | 2023 | |||||||||||
| Integration | n.a. | 31 Mar. | 31 Mar. | n.a. | – | 5,786 | 5,786 | – | – | – | – | |
| awards | 2022 | 2022 | ||||||||||
| 2022 | ||||||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | n.a. | 18,793 | – | – | 18,793 | – | – | – |
31 | Dec. 2023 | 2021 | 2023 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | n.a. | – | 18,546 | – | – | 18,546 | 18,546 | 18,546 |
31 | Dec. 2024 | 2022 | 2024 | |||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 69,673 | – | – | 69,673 | 69,673 | 69,673 |
31 | Dec. 2025 | 2023 | 2025 | 2025 | ||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 4,976 | – | 4,976 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,976 | – | – | – | 4,976 | 0 | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2025 | 2025 |
Note14: Personnel expenses and remuneration continued
Annual Report 2023 159
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,976 | – | – | – | 4,976 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,980 | – | – | – | 4,980 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 6,265 | – | 6,265 | – | – | – | – | |
| 2021 | 2023 | 2025 | ||||||||||
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 18,546 | – | – | – | 18,546 | 18,546 | |
| 2022 | 2024 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 216,329 | – | – | 216,329 | 216,329 | 216,329 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
| Roman Campa, Head of Real Estate & Emerging Verticals | ||||||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | n.a. | 11,745 | – | – | 11,745 | – | – | – |
31 | Dec. 2023 | 2021 | 2023 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | n.a. | – | 15,950 | – | – | 15,950 | 15,950 | 15,950 |
31 | Dec. 2024 | 2022 | 2024 | |||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 63,866 | – | – | 63,866 | 63,866 | 63,866 |
31 | Dec. 2025 | 2023 | 2025 | 2025 | ||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 4,562 | – | 4,562 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,562 | – | – | – | 4,562 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,562 | – | – | – | 4,562 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,562 | – | – | – | 4,562 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,562 | – | – | – | 4,562 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,562 | – | – | – | 4,562 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 3,916 | – | 3,916 | – | – | – | – | |
| 2021 | 2023 | 2025 | ||||||||||
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 15,950 | – | – | – | 15,950 | 15,950 | |
| 2022 | 2024 | 2026 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 216,329 | – | – | 216,329 | 216,329 | 216,329 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
ASPP | n.a. | 3 Mar. | 3 Mar. | n.a. | 85 | – | 85 | – | – | – | – | |
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | 80 | – | 80 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | 61 | – | 61 | – | – | – | – | ||
| 2021 | 2023 |
Notesto the consolidated financialstatements continued
Note14: Personnel expenses and remuneration continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023160
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
n.a. | 30 Sep. | 30 Sep. | n.a. | 77 | – | 77 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Dec. | 31 Dec. | n.a. | 110 | – | 110 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | – | 144 | – | – | – | 144 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | – | 183 | – | – | – | 183 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | – | 163 | – | – | – | 163 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 16 Jan. | 16 Jan. | n.a. | – | 140 | – | – | – | 140 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 26 Apr. | 28 Apr. | n.a. | – | 155 | – | – | – | 155 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 17 Jul. | 17 Jul. | n.a. | – | 176 | – | – | – | 176 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 16 Oct. | 18 Oct. | n.a. | – | 112 | – | – | – | 112 | – | ||
| 2023 | 2025 | |||||||||||
| Julien Jouhault, Chief Product & Technology Officer | ||||||||||||
PSP 2021 | 1 | Jan. 2021 to | 1 Jan. | 31 Dec. | n.a. | 7,752 | – | – | 7,752 | – | – | – |
31 | Dec. 2023 | 2021 | 2023 | |||||||||
PSP 2022 | 1 | Jan. 2022 to | 1 Jan. | 31 Dec. | n.a. | – | 7,630 | – | – | 7,630 | 7,630 | 7,630 |
31 | Dec. 2024 | 2022 | 2024 | |||||||||
PSP 2023 | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 67,350 | – | – | 67,350 | 67,350 | 67,350 |
31 | Dec. 2025 | 2023 | 2025 | 2025 | ||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | 4,810 | – | 4,810 | – | – | – | – | |
| 2023 | 2023 | 2023 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,810 | – | – | – | 4,810 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,810 | – | – | – | 4,810 | – | |
| 2023 | 2024 | 2024 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,810 | – | – | – | 4,810 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jul. | 1 Jul. | – | 4,810 | – | – | – | 4,810 | – | |
| 2023 | 2025 | 2025 | ||||||||||
RSU 2023 | n.a. | 1 Apr. | 1 Jan. | 1 Jan. | – | 4,815 | – | – | – | 4,815 | – | |
| 2023 | 2026 | 2026 | ||||||||||
EMA 2021 | n.a. | 1 Jan. | 31 Dec. | 31 Dec. | 2,585 | – | 2,585 | – | – | – | – | |
| 2021 | 2023 | 2023 |
Note14: Personnel expenses and remuneration continued
Annual Report 2023 161
| Information regarding reported fiscal year | ||||||||||||
| Opening | ||||||||||||
| Main terms and conditions of share award plans | Balance | During the Year | Closing Balance | |||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Shares | Shares | Shares | Share | |||||||||
| End of | at the | subject to a | awarded and | subject to | ||||||||
| Specification | Performance | Award | Vesting | holding | beginning of | Shares | Shares | Shares | Performance | unvested | a holding | |
| of plan | period | date | date | period | the year | awarded | vested | lapsed | Condition | at year end | period | |
EMA 2022 | n.a. | 1 Jan. | 30 Dec. | 31 Dec. | – | 7,631 | – | – | – | 7,631 | 7,631 | |
| 2022 | 2024 | 2024 | ||||||||||
| Growth | 1 | Jan. 2023 to | 1 Jan. | 31 Dec. | 31 Dec. | – | 144,220 | – | – | 144,220 | 144,220 | 144,220 |
| Award | 31 | Dec. 2025 | 2023 | 2025 | 2025 | |||||||
ASPP | n.a. | 3 Mar. | 3 Mar. | n.a. | 139 | – | 139 | – | – | – | – | |
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | 143 | – | 143 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | 111 | – | 111 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | 137 | – | 137 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Dec. | 31 Dec. | n.a. | 196 | – | 196 | – | – | – | – | ||
| 2021 | 2023 | |||||||||||
n.a. | 31 Mar. | 31 Mar. | n.a. | – | 268 | – | – | – | 268 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Jun. | 30 Jun. | n.a. | – | 365 | – | – | – | 365 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 30 Sep. | 30 Sep. | n.a. | – | 325 | – | – | – | 325 | – | ||
| 2022 | 2024 | |||||||||||
n.a. | 16 Jan. | 16 Jan. | n.a. | – | 115 | – | – | – | 115 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 26 Apr. | 28 Apr. | n.a. | – | 268 | – | – | – | 268 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 17 Jul. | 17 Jul. | n.a. | – | 304 | – | – | – | 304 | – | ||
| 2023 | 2025 | |||||||||||
n.a. | 16 Oct. | 18 Oct. | n.a. | – | 196 | – | – | – | 196 | – | ||
| 2023 | 2025 |
Notesto the consolidated financialstatements continued
Note14: Personnel expenses and remuneration continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023162
Note14: Personnel expenses and remuneration continued
2023 | 2022 | |||||
| Board | Committee | Total | Board | Committee | Total | |
| € thousand | remuneration | Remuneration | remuneration | remuneration | Remuneration | remuneration |
| Orla Noonan, Chairman of the Board | ||||||
and the Remuneration Committee, Member of CEO Succession Comittee | 134 | 19 | 153 | 149 | 27 | 176 |
| Peter Brooks – Johnson, Member | ||||||
| of the Board and the Integration | ||||||
Committee | 34 | 10 | 44 | 77 | 23 | 100 |
| Sophie Javary, Member of the Board | ||||||
and the Remuneration Committee | 69 | 9 | 79 | 77 | 10 | 87 |
Fernando Abril – Martorell Hernández, Member of the Board, Chairman of the Audit Committee and Member of CEO | ||||||
Succession Committee | 69 | 24 | 93 | 77 | 30 | 107 |
Trond Berger, Chairman of the Nomination Committee | – | 14 | 14 | – | 16 | 16 |
Ole E. Dahl, Member of the Nomination Committee | – | 10 | 10 | – | 11 | 11 |
| Julia Jaekel, Member of the Board | ||||||
| and the Audit and CEO Succession | ||||||
Committees | 69 | 16 | 85 | 77 | 22 | 98 |
| Michael Nilles, Member of the Board | ||||||
and Integration Committee | 69 | 17 | 86 | 77 | 14 | 91 |
Total | 445 | 119 | 564 | 533 | 153 | 687 |
Annual Report 2023 163
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023164
Note15: Share‑based payment continued
Annual Report 2023 165
Note15: Share‑based payment continued
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023166
Note15: Share‑based payment continued
Subject to continued employment, 50% of the shares will vest on the first anniversary after the end of the performance
period and 50% of the shares will vest on the second anniversary after the end of the performance period.
Adevinta has the choice of whether to settle these awards in cash or by issuing equity instruments.
The shares granted in 2022 had a grant date fair value of €10.51. The above mentioned performance conditions do
not impact the fair value of the awards and are only considered in determining the number of instruments that will
ultimately vest.
Legacy equity plan (“LEP”)
The LEP awards were granted on 6 August 2021 to employees of eBay Classifieds Group as a voluntary replacement
of the unvested awards previously issued by eBay (eCG’s former parent company), which lapsed and were
forfeited as a result of Adevinta ASA’s acquisition of eBay Classifieds Group. Awards vest in instalments between
31 March 2022 and 31 March 2025 for no cash consideration.
For executives, 100% of the LEP awards will vest subject to a relative TSR performance condition with a minimum of
25% of the awards vesting. For non‑executives, the LEP awards are not subject to any performance conditions.
Adevinta has the choice of whether to settle these awards in cash or by issuing equity instruments.
The shares granted in 2022 had a grant date fair value of €9.47 – €11.95 for executive LEP depending on the
instalment and €17.20 for non‑executives.
The Adevinta Share Purchase Plan (“ASPP”)
Adevinta employees can participate in the Adevinta Share Purchase Plan (ASPP). As a participant of the ASPP,
Adevinta employees have the opportunity to purchase Adevinta ASA shares through contributions from their salary
(“Purchased Shares”) and receive a company matching award of free shares in proportion to their Purchased Shares,
subject to continued employment and a holding period for the Purchased Shares of two years. Adevinta has the
choice of whether to settle these awards in cash or by issuing equity instruments.
The shares granted in 2023 had a grant date fair value of €7.04, €5.83, €9.64 and €10.01 (2022: €6.95, €5.95, €6.78
and € 8.19) due to the awards being granted every quarter.
Modification of share‑based payment arrangements
In December 2023, pursuant to the Offer (see note 1), the expected manner of settlement of the awards that will
vest upon the transaction date changed from equity to cash settlement. The fair value of the awards at the date of
the modification was €10.28. No incremental fair value was recognised as a result of the modification. The fair value
of the modified awards was determined using the same models and principles as described above.
Annual Report 2023 167
Note15: Share‑based payment continued
Shares granted, not vested
The table below includes the development in shares for programmes that have been granted in Adevinta ASA
shares:
2023 | 2022 | |
Number of shares granted, non‑vested at 1 January | 3,256,878 | 1,772,817 |
Number of shares granted | 11,545,051 | 4,257,808 |
Number of shares forfeited | (1,644,893) | (2,058,547) |
Number of shares vested | (1,903,732) | (2,673,052) |
Number of shares settled in cash | (29,578) | (99,927) |
| Adjustments of shares granted | 2,530,019 | 2,057,779 |
Number of shares non‑vested at 31 December | 13,753,745 | 3,256,878 |
| Weighted average share price at vesting date for awards vested during the year | ||
(NOK per share) | 78.6 | 76.7 |
| Weighted average fair value at grant date for awards granted during the year | ||
(NOK per share) | 63.0 | 65.0 |
(*)
(*) Adjustment of shares granted mainly reflects changes in estimates during the vesting period of the number of shares expected to be vested due
to changes in expected achievement of performance conditions.
At 31 December 2023 the number of non‑vested shares that are expected to be settled in cash was 6,296,336.
The weighted average remaining contractual life (vesting period) for the share‑based awards outstanding as at
31 December 2023 was 1.40 years (2022: 1.42 years). However, due to the Offer (see note 1), the company expects to
settle the outstanding awards in cash on a pro‑rata basis upon the completion of the transaction which is expected
to be in Q2 2024.
Accounting impacts
In 2023 and 2022, the accounting effects of the share‑based payment programmes were as follows:
€ million | 2023 | 2022 |
Share‑based cost (included in personnel expenses) (note 14) | 44 | 33 |
Of which equity‑settled | 38 | 32 |
Of which cash‑settled | 6 | 1 |
Liabilities arising from share‑based payment transactions 31 December | 45 | 1 |
Due to the Offer (see note 1), the expected manner of settlement has in December 2023 changed from shares to
cash on a pro‑rata basis for most of the company’s share‑based awards, resulting in an increase in liabilities of
€43 million with a corresponding increase in personnel costs of €(2) million and decrease in equity of €41 million.
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023168
Note15: Share‑based payment continued
2023 | 2022 | |||||
| Personnel | Increase | Increase in | Personnel | Increase | Increase in | |
| € million | cost | in equity | liabilities | cost | in equity | liabilities |
PSP 2019 – 2023 | 6 | 6 | 0 | 7 | 7 | – |
LEP award | 2 | 2 | 0 | 9 | 9 | 0 |
Merger award 2021 ‑2022 | 2 | 2 | 0 | 3 | 3 | – |
DAVI award 2021 – 2022 | 5 | 6 | (1) | 9 | 8 | 0 |
Growth and Special award 2023 | 9 | – | 9 | – | – | – |
RSU 2023 | 13 | 17 | (3) | – | – | – |
Other awards | 3 | 3 | 0 | 4 | 4 | – |
Employee share saving plan | 3 | 2 | 1 | 1 | 1 | (0) |
Total | 44 | 38 | 6 | 33 | 32 | 1 |
€ million | 2023 | 2022 |
| Gain on sale and remeasurement of subsidiaries, joint ventures and associates | ||
(note 9 and 10) | 10 | 25 |
Other | 7 | 12 |
Other income or gain | 17 | 37 |
| Loss on sale and remeasurement of subsidiaries, joint ventures and associates | ||
(note 9 and 10) | (1) | (7) |
Restructuring costs | (0) | (17) |
Digital services tax related to previous years | – | (28) |
Acquisition‑ and divestment‑related costs (note10) | (1) | (3) |
Integration‑related costs | (69) | (87) |
Verticalisation project costs | (22) | – |
Rebranding costs | (15) | – |
Aurelia offer related costs | (24) | – |
Other | (3) | (7) |
Other expenses or loss | (134) | (149) |
Total | (117) | (112) |
Annual Report 2023 169
Note16: Other income and expenses continued
€ million | 2023 | 2022 |
Interest income | 29 | 26 |
Net foreign exchange gain | 8 | 28 |
Gain on sale of equity instruments | 0 | (0) |
Other financial income | 3 | 0 |
Total financial income | 40 | 54 |
Interest expense | (84) | (77) |
Other financial expenses | (27) | (26) |
Total financial expenses | (111) | (103) |
Net financial items | (71) | (49) |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023170
Note17: Financial items continued
2023 | 2022 | |
Interest on Senior Security Notes (note 21) | (29) | (29) |
Interest on EUR TLB (note21) | (40) | (30) |
Interest on USD TLB (note 21) | (11) | (13) |
Interest on lease liabilities (note 28) | (3) | (2) |
Interest expense on other borrowings measured at amortised cost | (1) | (2) |
Total interest expense | (84) | (77) |
Annual Report 2023 171
Note18: Earnings per share continued
2023 | 2022 | |||
Weighted average number of shares outstanding (*) | 1,217,268,875 | 1,218,560,056 | ||
Potentially dilutive share‑based awards, effects of which on dilution was ignored, because these instruments were anti‑dilutive for the respective period. Awards | ||||
expected to be settled in cash are excluded. | 4,207,936 | 3,458,347 | ||
Weighted average number of shares outstanding – diluted (*) | 1,217,268,875 | 1, | 218,5 6 | 0,056 |
Profit (loss) attributable to owners of the parent | (142) | (1,832) | ||
Continuing operations | (139) | (1,774) | ||
Discontinued operations | (3) | (57) | ||
Earnings per share (€) | (0.12) | (1.50) | ||
Continuing operations(*) | (0.11) | (1.45) | ||
Discontinued operations | (0.00) | (0.05) | ||
Diluted earnings per share (€)(*) | (0.12) | (1.50) | ||
Continuing operations(*) | (0.11) | (1.45) | ||
Discontinued operations(*) | (0.00) | (0.05) | ||
| Calculation of adjusted earnings per share (including continued and discontinued operations) | ||||
Profit (loss) attributable to owners of the parent | (142) | (1,832) | ||
Other income and expenses(*) | 120 | 108 | ||
Impairment loss (including joint ventures and loans receivable ) | 237 | 1,834 | ||
Taxes and non‑controlling effect of other income and expenses and Impairment loss | (63) | (88) | ||
Profit (loss) attributable to owners of the parent – adjusted(*) | 1 52 | 21 | ||
Earnings per share – adjusted (€)(*) | 0.12 | 0.02 | ||
Diluted earnings per share – adjusted (€)(*) | 0.12 | 0.02 |
(*) 2022 comparatives were amended to correct an error in calculations.
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023172
Annual Report 2023 173
Note19: Intangible assets continued
| Development in net carrying amount in 2023, | Trademarks, | Trademarks, | Software | Customer | ||
€ million | Goodwill | indefinite | definite | and licences | relations | Total |
As at 1 January | 6,930 | 3,132 | 134 | 263 | 421 | 10,880 |
Additions | – | – | 0 | 112 | – | 112 |
Acquired through business combinations | 3 | – | – | – | – | 3 |
Disposals | – | – | – | (0) | – | (0) |
Disposals through sales of businesses | (11) | (2) | – | – | (0) | (13) |
Reclassifications | (2) | – | – | 3 | – | 1 |
Amortisation | – | – | (74) | (144) | (49) | (268) |
Impairment loss | – | (146) | – | (1) | – | (147) |
Translation differences | 0 | (5) | – | (0) | (1) | (6) |
As at 31 December | 6,920 | 2,979 | 60 | 233 | 371 | 10,563 |
Of which accumulated cost | 8,566 | 3,349 | 251 | 666 | 524 | 13,356 |
| Of which accumulated amortisation | ||||||
and impairment loss | (1,645) | (370) | (191) | (433) | (154) | (2,793) |
| Development in net carrying amount in 2022, | Trademarks, | Trademarks, | Software | Customer | ||
€ million | Goodwill | indefinite | definite | and licences | relations | Total |
As at 1 January | 8,420 | 3,457 | 127 | 313 | 474 | 12,790 |
Additions | 0 | – | 0 | 80 | – | 80 |
Acquired through business combinations | 14 | – | – | 0 | – | 14 |
Disposals | (0) | (0) | (0) | (2) | – | (2) |
Disposals through sales of businesses | (9) | (0) | (0) | (2) | – | (12) |
Reclassifications | – | (95) | 95 | (0) | – | – |
Amortisation | – | (0) | (88) | (124) | (53) | (265) |
Impairment loss | (1,492) | (228) | – | (3) | – | (1,722) |
Translation differences | (3) | (2) | 0 | 1 | 0 | (4) |
As at 31 December | 6,930 | 3,132 | 134 | 263 | 42 1 | 10,880 |
Of which accumulated cost | 8,621 | 3,360 | 251 | 564 | 529 | 13,398 |
| Of which accumulated amortisation | ||||||
and impairment loss | (1,692) | (228) | (117) | (301) | (108) | (2,518) |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023174
Note19: Intangible assets continued
2023 | 2022 | |||
| Equipment, | Equipment, | |||
| Development in net carrying amount | furniture and | furniture and | ||
| € million | similar assets | Total | similar assets | Total |
As at 1 January | 28 | 28 | 35 | 35 |
Additions | 8 | 8 | 9 | 9 |
Disposals | (1) | (1) | – | – |
Reclassifications | 0 | 0 | 1 | 1 |
Depreciation | (13) | (13) | (16) | (16) |
Translation differences | 0 | 0 | – | – |
Acquisitions through business combinations | 0 | 0 | – | – |
Disposals through sales of businesses | (0) | (0) | – | – |
As at 31 December | 22 | 22 | 28 | 28 |
Of which accumulated cost | 169 | 169 | 169 | 169 |
Of which accumulated depreciation and impairment loss | (147) | (147) | (141) | (141) |
Annual Report 2023 175
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023176
Note21: Financial assets and liabilities continued
Annual Report 2023 177
Note21: Financial assets and liabilities continued
| Financial | |||||||
| Financial | Equity | Financial | Financial | liabilities at | |||
| assets at | instruments | assets at | liabilities at | fair value | |||
| amortised | at fair value | fair value | amortised | through | |||
31 December 2023, € million | Note | cost | through OCI | through OCI | cost | profit or loss | Total |
Other non‑current financial assets | 21.2 | 154 | 26 | – | – | – | 180 |
Trade receivables | 22 | 202 | – | – | – | – | 202 |
Other current financial assets | 21.2 | 30 | – | 16 | – | – | 46 |
Cash and cash equivalents | 29 | 57 | – | – | – | – | 57 |
Total financial assets | 443 | 26 | 16 | – | – | 484 | |
| Non‑current interest‑bearing | |||||||
borrowings | 21.4 | – | – | – | 1,771 | – | 1,771 |
Other non‑current financial liabilities | – | – | – | – | 3 | 3 | |
Current interest‑bearing borrowings | 21.4 | – | – | – | 9 | – | 9 |
Trade payables | – | – | – | 68 | – | 68 | |
Other current financial liabilities | – | – | – | – | 4 | 4 | |
Total financial liabilities | – | – | – | 1,848 | 7 | 1,855 |
| Financial | |||||||
| Financial | Equity | Financial | Financial | liabilities at | |||
| assets at | instruments | assets at | liabilities at | fair value | |||
| amortised | at fair value | fair value | amortised | through | |||
31 December 2022, € million | Note | cost | through OCI | through OCI | cost | profit or loss | Total |
Other non‑current financial assets | 21.2 | 140 | 33 | 66 | – | – | 239 |
Trade receivables | 22 | 157 | – | – | – | – | 157 |
Other current financial assets | 21.2 | 52 | – | – | – | – | 52 |
Cash and cash equivalents | 29 | 70 | – | – | – | – | 70 |
Total financial assets | 419 | 33 | 66 | – | – | 518 | |
| Non‑current interest‑bearing | |||||||
borrowings | 21.4 | – | – | – | 2,183 | – | 2,183 |
Other non‑current financial liabilities | – | – | – | – | 4 | 4 | |
Current interest‑bearing borrowings | 21.4 | – | – | – | 9 | – | 9 |
Trade payables | – | – | – | 43 | – | 43 | |
Other current financial liabilities | – | – | – | – | 4 | 4 | |
Total financial liabilities | – | – | – | 2,235 | 8 | 2,243 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023178
Note21: Financial assets and liabilities continued
Non‑current | Current | |||
31 December, € million | 2023 | 2022 | 2023 | 2022 |
Investments in equity and debt instruments | 26 | 33 | – | – |
Loans issued (note21.3) | 153 | 140 | 25 | 49 |
| Derivative financial instruments (note21.5 ) | ||||
used for hedging | – | 66 | 16 | – |
held for trading at FVTPL | – | – | – | 0 |
Other financial assets | 1 | – | 5 | 3 |
Total other financial assets | 180 | 239 | 46 | 52 |
Carrying amount | Fair value | |||
31 December, € million | 2023 | 2022 | 2023 | 2022 |
Loans issued to joint ventures and associates | 138 | 122 | 135 | 113 |
Vendor loan notes | 15 | 18 | 14 | 17 |
Total non‑current interest‑bearing loans | 153 | 140 | 149 | 130 |
Loans issued to joint ventures and associates | 21 | 7 | 21 | 7 |
Vendor loan notes | 4 | 42 | 4 | 42 |
Total current interest‑bearing loans | 25 | 49 | 25 | 49 |
Total interest‑bearing loans issued | 177 | 189 | 174 | 179 |
Annual Report 2023 179
Note21: Financial assets and liabilities continued
Carrying amount | Fair value | |||
31 December, € million | 2023 | 2022 | 2023 | 2022 |
| Non‑current interest‑bearing borrowings | ||||
Senior Secured Facilities | 726 | 1,144 | 772 | 1,130 |
Senior Secured Notes | 1,045 | 1,039 | 1,050 | 985 |
Total non‑current interest‑bearing borrowings | 1,771 | 2,183 | 1,822 | 2,115 |
| Current interest‑bearing borrowings | ||||
Senior Secured Facilities and other credit facilities | 5 | 5 | 5 | 5 |
Senior Secured Notes | 4 | 4 | 4 | 4 |
Total current interest‑bearing borrowings | 9 | 9 | 9 | 9 |
Total interest‑bearing borrowings | 1,780 | 2,193 | 1,831 | 2,124 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023180
Note21: Financial assets and liabilities continued
Annual Report 2023 181
Note21: Financial assets and liabilities continued
21.5 Derivatives and hedging activities continued
| Maturity | |||||||
| Less than | 1 to 3 | 3 to 6 | 6 to 9 | 9 to 12 | |||
| 1 months | months | months | months | months | >1 year | Total | |
| As at 31 December 2023 | |||||||
| Foreign exchange forward | |||||||
| contracts (highly probable | |||||||
| forecasted flows) | |||||||
Notional amount (in €million) | (3) | (6) | (9) | (9) | (8) | – | (34) |
Average forward rate (CAD/EUR) | 1.4644 | 1.4672 | 1.4702 | 1.4747 | 1.4799 | – | 1.4732 |
| Cross‑currency interest swap | |||||||
| contracts (borrowings) | |||||||
Notional amount (in €million) | – | – | 189 | – | – | – | 189 |
Average forward rate (USD/EUR) | – | – | 1.18510 | – | – | – | 1.18510 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023182
Note21: Financial assets and liabilities continued
21.5 Derivatives and hedging activities continued
| Maturity | |||||||
| Less than | 1 to 3 | 3 to 6 | 6 to 9 | 9 to 12 | |||
| 1 months | months | months | months | months | >1 year | Total | |
| As at 31 December 2022 | |||||||
| Foreign exchange forward | |||||||
| contracts (highly probable | |||||||
| forecasted flows) | |||||||
Notional amount (in €million) | – | (42) | – | – | – | – | (42) |
Average forward rate (USD/EUR) | – | 1.0598 | – | – | – | – | 1.0598 |
Notional amount (in €million) | (3) | (5) | (9) | (10) | (9) | – | (36) |
Average forward rate (CAD/EUR) | 1.4483 | 1.4516 | 1.4574 | 1.4633 | 1.4673 | – | 1.46003 |
| Cross‑currency interest swap | |||||||
| contracts (borrowings) | |||||||
Notional amount (in €million) | – | – | – | – | – | 467 | 467 |
Average forward rate (USD/EUR) | – | – | – | – | – | 1.18510 | 1.18510 |
| Notional | Carrying | Line item in the statement of | |
| € million | amount | amount | financial position |
| 31 December 2023 | |||
Cross‑currency interest swap contracts on borrowings | 189 | 16 | Other current financial assets |
| Foreign currency forward contracts in relation | 34 | 0 | Other current financial liabilities |
| to royalty income | |||
| 31 December 2022 | |||
Foreign currency forward contracts in relation to the loans issued | 42 | 0 | Other current financial assets |
Cross‑currency interest swap contracts on borrowings | 467 | 66 | Non‑current financial assets |
| Foreign currency forward contracts in relation | 36 | 0 | Other current financial liabilities |
| to royalty income |
Hedging reserve, € million | 2023 | 2022 |
USD vendor loan note issued (hedged by foreign currency forward contracts (€/USD)) | – | (2) |
USD borrowings (hedged by cross‑currency interest swap contracts (€/USD)) | 13 | (27) |
Total | 13 | (29) |
Annual Report 2023 183
Note21: Financial assets and liabilities continued
21.5 Derivatives and hedging activities continued
Total hedging gain/(loss) recognised in OCI (Hedging reserve), € million | 2023 | 2022 |
USD borrowings and cross currency interest swap contract (€/USD) | (8) | 22 |
USD vendor loan note issued and foreign currency forward contracts (€/USD) | 2 | (2) |
| Foreign currency forward contracts in relation to the provision of services/purchases | ||
of services | (0) | (1) |
Total | (5) | 19 |
21.6 Financial liabilities related to business combinations and increases in ownership interests
31 December, € million | 2023 | 2022 |
Trade receivables | 230 | 178 |
Less provision for impairment of trade receivables | (27) | (21) |
Trade receivables, net | 202 | 157 |
31 December, € million | 2023 | 2022 |
Not due | 164 | 123 |
Past due 0‑45 days | 25 | 24 |
Past due 46‑90 days | 14 | 4 |
Past due over 90 days | 27 | 29 |
Total | 230 | 178 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023184
Note22: Trade receivables and contract assets and liabilities continued
2023 | 2022 | |||||
| Receivables | Receivables | |||||
| from | from | |||||
| contracts | contracts | |||||
| with | Contract | Contract | with | Contract | Contract | |
| € million | customers | assets | liabilities | customers | assets | liabilities |
Balance as at 1 January | 157 | 39 | 66 | 143 | 39 | 68 |
Transfers from/to other headings | – | – | – | (3) | 1 | 2 |
| Net of cash received and revenues | ||||||
recognised during the period from continuing operations | 19 | 45 | 6 | (12) | 38 | (1) |
Transfer from contract assets recognised at the beginning of the period to receivables | 39 | (39) | 0 | 39 | (39) | – |
Acquisitions through business combinations | 0 | – | 0 | 0 | – | 0 |
Disposals through sales of businesses | (1) | (0) | (1) | (3) | – | (3) |
Impairment losses recognised during the period from continuing operations | (12) | – | – | (7) | – | – |
Reclassification to assets held for sale | – | – | – | (1) | (0) | (1) |
Translation differences | (0) | (0) | 0 | 1 | 0 | 0 |
Balance as at 31 December | 202 | 45 | 71 | 157 | 39 | 66 |
Non‑current | Current | |||
31 December, € million | 2023 | 2022 | 2023 | 2022 |
Public duties receivable | – | – | 48 | 11 |
Prepaid expenses and deposits given | 22 | 15 | 39 | 25 |
Other assets | – | – | 7 | 19 |
Total | 22 | 15 | 94 | 55 |
Annual Report 2023 185
| Total number of shares | ||||||
Shares outstanding | Treasury shares | Issued | ||||
Class A | Class B | Class A | Class B | Class A | Class B | |
As at 31 December 2021 | 1,164,365,859 | 59,256,068 | 1,321,054 | – | 1,165,686,913 | 59,256,068 |
Increase in treasury shares | (10,000,000) | – | 10,000,000 | – | – | – |
Decrease in treasury shares | 2,673,052 | – | (2,673,052) | – | – | – |
As at 31 December 2022 | 1,157,038,911 | 59,256,068 | 8,648,002 | – | 1,165,686,913 | 59,256,068 |
Decrease in treasury shares | 1,903,732 | – | (1,903,732) | – | – | – |
As at 31 December 2023 | 1,158,942,643 | 59,256,068 | 6,744,270 | – | 1,165,686,913 | 59,256,068 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023186
Note24: Equity continued
Non‑current | Current | |||
31 December, € million | 2023 | 2022 | 2023 | 2022 |
Public duties payable | – | – | 102 | 67 |
Accrued salaries and other employment benefits | 2 | 1 | 132 | 74 |
Accrued expenses | – | – | 166 | 110 |
Provisions (note 26) | 18 | 24 | 12 | 10 |
Other liabilities | 0 | 0 | 4 | 4 |
Total | 20 | 25 | 415 | 26 5 |
Annual Report 2023 187
Note25: Other non‑current and current liabilities continued
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023188
Non‑Current | Current | |||
31 December, € million | 2023 | 2022 | 2023 | 2022 |
Provision for restructuring costs (note 26.1) | 4 | 11 | 5 | 4 |
Pension liabilities (note 26.2.2) | 12 | 10 | – | – |
Other provisions | 2 | 3 | 7 | 6 |
Total | 18 | 24 | 12 | 10 |
Annual Report 2023 189
Note26: Provisions and contingent liabilities continued
26.1 Restructuring
Restructuring provision relates mainly to the reorganisation in France and predominantly includes termination
benefits. Adevinta announced its “Growing at Scale” strategy in November 2021. As part of this strategy Adevinta
started a transformation process resulting in the loss of a number of jobs in Europe, mostly in France. In relation to
this a restructuring plan for France was drawn up and announced to the local union representatives in 2022. The
restructuring is expected to be completed by 2025.
During 2023 €3 million of the provision was used and €4 million of unused provision was reversed.
€ million | 2023 | 2022 |
Net (income)/expense defined benefit obligation | 3 | 2 |
Of which recognised in Profit or loss – Personnel expenses | 1 | 3 |
Of which recognised in Profit or loss – Financial expenses | 0 | (0) |
| Of which recognised in Other Comprehensive Income – | ||
remeasurements of defined benefit pension liabilities | 2 | (2) |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023190
Note26: Provisions and contingent liabilities continued
26.2.2 Defined benefit pension plans and other defined obligations continued
€ million | 2023 | 2022 |
Liability as of 1 January: | 10 | 9 |
Current and past service cost | 1 | 3 |
Settlements | (1) | (1) |
Interest expense | 0 | 0 |
Remeasurements | 2 | (2) |
Liability as of 31 December: | 12 | 10 |
Annual Report 2023 191
Note27: Income taxes continued
€ million 2023 | 2022 | |
Current income taxes | (137) | (40) |
Deferred income taxes | 101 | 23 |
Tax (expense) income | (36) | (17) |
Of which recognised in profit or loss from continuing operations | (40) | (10) |
Of which recognised in other comprehensive income | 4 | (7) |
€ million | 2023 | 2022 |
Profit (loss) before taxes from continuing operations | (91) | (1,756) |
Tax (expense) income based on weighted average nominal tax rate* | 21 | 463 |
Tax effect of share of profit (loss) of joint ventures and associates | (20) | (26) |
Tax effect of impairment loss on goodwill and other intangible assets | – | (399) |
| Tax effect of gain (loss) on sale and remeasurement of subsidiaries, joint ventures | ||
and associates | 0 | 14 |
Tax effect of foreign currency translation effects for the Norwegian tax group | (21) | – |
Tax effect of Aurelia Offer related costs | (5) | – |
Tax effect of other permanent differences | (13) | (15) |
Current period unrecognised deferred tax assets | (9) | (20) |
Previously unrecognised tax losses used in current period | 9 | 32 |
Reassessment of deferred taxes | (1) | (69) |
Adjustments of previously recognised income tax provisions | – | 12 |
Other | (1) | (3) |
Tax (expense) income recognised in profit or loss from continuing operations | (40) | (10) |
*Weighted average nominal tax rate | 23% | 26% |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023192
Note27: Income taxes continued
€ million | 2023 | 2022 |
Current items | (10) | (4) |
Intangible assets | 708 | 766 |
Other non‑current items | (70) | (29) |
Unused tax losses | (98) | (113) |
Calculated net deferred tax liabilities (assets) | 531 | 620 |
Unrecognised deferred tax assets | 122 | 134 |
Net deferred tax liabilities (assets) recognised | 653 | 754 |
Of which deferred tax liabilities | 656 | 757 |
Of which deferred tax assets | (3) | (3) |
€ million | 2023 | 2022 |
As at 1 January | 754 | 744 |
Change included in tax expenses from continuing operations | (97) | (30) |
Change included in tax expenses from discontinued operations (note 10) | – | 33 |
Change included in other comprehensive income | (4) | 7 |
Reclassifications | 1 | – |
Disposal through sale of businesses | 0 | – |
Translation difference | (2) | (1) |
As at 31 December | 653 | 754 |
Annual Report 2023 193
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023194
Note28: Lease agreements continued
| End of lease | ||
User of the office building | Address | term |
Mobile.de GmbH and Kleinanzeigen | Dernburgstrasse 50/Herbartstrasse 18, Berlin | 2030 |
Adevinta France | UFO – 26 Rue des Jeuneurs, Paris | 2029 |
Adevinta Spain and HQ Functions | Ciudad de Granada 150, Barcelona | 2028 |
Adevinta France | 85 Rue de Faubourg Saint Martin, Paris | 2026 |
Distilled Ireland | Latin Hall 8, Dublin | 2026 |
Subito Italy | via Benigno Crespi 19, Milano | 2025 |
Marktplaats BV | Wibaustraat 224, Renault BLDG, Amsterdam | 2025 |
Mobile.de GmbH | J9, Albert Einstein Ring 26, Kleinmachnow | 2025 |
€ million | 2023 | 2022 |
Expense related to short‑term leases and low value assets | (4) | (4) |
Gross operating profit (loss) | (4) | (4) |
Depreciation of right‑of‑use asset | (20) | (19) |
Share of profit (loss) of joint ventures and associates | (1) | (1) |
Operating profit (loss) | (25) | (24) |
Interest expense on lease liabilities (note 17) | (3) | (2) |
Currency translation differences | 0 | (0) |
Profit (loss) before taxes | (28) | (26) |
Annual Report 2023 195
Note28: Lease agreements continued
| Equipment, | |||
| Carrying amount of right‑of‑use asset recognised | Buildings | furniture and | |
| and the movements during the period, € million | and land | similar assets | Total |
As at 1 January 2023 | 67 | 2 | 69 |
Additions | 31 | 0 | 31 |
Disposed through sales of businesses | (0) | – | (0) |
Partial or full termination | (1) | 0 | (1) |
Depreciation – profit (loss) from continuing operations | (20) | (1) | (20) |
Currency translation differences | (0) | (0) | (0) |
As at 31 December 2023 | 77 | 1 | 78 |
| Equipment, | |||
| Carrying amount of right‑of‑use asset recognised | Buildings | furniture and | |
| and the movements during the period, € million | and land | similar assets | Total |
As at 1 January 2022 | 82 | 1 | 82 |
Additions | 4 | 2 | 6 |
Disposed through sales of businesses | (1) | – | (1) |
Depreciation – profit (loss) from continuing operations | (18) | (1) | (19) |
As at 31 December 2022 | 67 | 2 | 69 |
| Maturity analysis (undiscounted amounts) of | ||
lease liability as at 31 December, € million | 2023 | 2022 |
<3 months | 5 | 5 |
3 months to 1 year | 17 | 15 |
1 to 2 years | 19 | 18 |
2 to 5 years | 42 | 35 |
>5 years | 12 | 9 |
Total | 94 | 82 |
€ million | 2023 | 2022 |
Total cash flow from operating activities | (7) | (6) |
Total cash flow from financing activities | (22) | (19) |
Total | (28) | (25) |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023196
Note28: Lease agreements continued
| Between 1 | More than | ||
| € million | and 5 years | 5 years | Total |
Extension options expected not to be exercised | 11 | 61 | 71 |
Termination options expected not to be exercised | – | – | – |
Total | 11 | 61 | 71 |
2023 | 2022 | |
Cash in acquired companies (note10) | (0) | (0) |
Acquisition cost other current assets | (0) | (0) |
Acquisition cost non‑current assets | (3) | (13) |
Aggregate acquisition cost assets | (3) | (14) |
Contingent consideration (note 10) | 1 | 3 |
Acquisition of subsidiaries, gross of cash acquired | (2) | (10) |
Cash in acquired companies (note10) | 0 | 0 |
Settlement of contingent consideration originated in prior periods – Pixie Pixel | (2) | – |
Settlement of contingent consideration – Null Leasing | – | (1) |
Acquisition of subsidiaries, net of cash acquired | (4) | (11) |
Annual Report 2023 197
Note29: Supplemental information to the consolidated statement of cash flows continued
2023 | 2022 | |
Proceeds from sale of subsidiaries | 70 | 22 |
Cash sold | (3) | (10) |
Proceeds from sale of subsidiaries, net of cash sold | 68 | 12 |
2023 | 2022 | ||||
| Interest‑ | Interest‑ | ||||
| bearing | Lease | bearing | Put | Lease | |
| € million | borrowings | liabilities | borrowings | obligations | liabilities |
Debt as at 1 January | 2,193 | 78 | 2,464 | 2 | 92 |
| Cash flows from financing activities | |||||
| Repayment of interest‑bearing loans and borrowings | |||||
(note 21.4) | (387) | – | (321) | – | – |
Payment of lease liabilities (note 28) | – | (22) | – | – | (19) |
Interest expense (note 17 and note 28) | 81 | 3 | 74 | – | 2 |
Interest payment | (81) | (3) | (74) | – | (2) |
Payment of commitment fees | (3) | – | (4) | – | – |
Disposed through sales of businesses | – | (0) | (2) | (2) | (1) |
Partial or full termination | – | (1) | – | – | – |
Additions | – | 31 | – | – | 6 |
Foreign exchange adjustments | (11) | 0 | 28 | – | 0 |
Transaction costs charged to expense related to new financing (note 17) | 21 | – | 22 | – | – |
Loan origination fees reclassified to prepayments | (1) | – | 3 | – | – |
Settlement of cross‑currency interest rate swaps | (30) | – | – | – | – |
| Reclassification of interest expense from non‑current | |||||
interest payable | – | – | 2 | – | – |
Debt as at 31 December | 1,780 | 86 | 2,193 | – | 78 |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023198
Note 30: Auditors’ remuneration
Details on the fees to the Group’s auditors for the fiscal year 2023:
| Other | Tax | Other | |||
| Audit | attestation | advisory | non‑audit | ||
| €million | services | services | services | services | Total |
| Adevinta Group | |||||
| EY | 3 | – | – | 0 | 3 |
Other auditors | 0 | – | 0 | 0 | 0 |
Total | 3 | – | 0 | 0 | 3 |
| Adevinta ASA | |||||
EY | 1 | – | – | – | 1 |
(1)
(1)
Including €500 thousand in relation to audit of special purpose financial statements required by eBay.
Details on the fees to the Group’s auditors for the fiscal year 2022:
| Other | Tax | Other | |||
| Audit | attestation | advisory | non‑audit | ||
| €million | services | services | services | services | Total |
| Adevinta Group | |||||
EY | 2 | 0 | 0 | 0 | 2 |
Other auditors | 1 | 0 | 0 | 0 | 1 |
Total | 3 | 0 | 0 | 0 | 3 |
| Adevinta ASA | |||||
EY | 0 | 0 | 0 | 0 | 0 |
Annual Report 2023 199
Note 31: Ownership
| Country of | ||
| Subsidiaries | incorporation | % holding |
Editora Balcão Ltda | Brazil | 100.0% |
Adevinta France SASU | France | 100.0% |
SCM Local SASU | France | 100.0% |
LBC France SASU | France | 100.0% |
Locasun SASU | France | 100.0% |
Adevinta Product & Tech France SASU | France | 100.0% |
SAS SNEEP | France | 100.0% |
MBDE GmbH | Germany | 100.0% |
Oak Germany Buyer GmbH | Germany | 100.0% |
Mobile.de GmbH | Germany | 100.0% |
Kleinanzeigen.de GmbH | Germany | 100.0% |
Adevinta Classified Media Ireland Ltd | Ireland | 100.0% |
Distilled Ltd | Ireland | 50.0% |
Distilled Shared Services Ltd | Ireland | 50.0% |
Distilled Nominees Ltd | Ireland | 50.0% |
Distilled Financial Services Ltd | Ireland | 50.0% |
Daft Media Ltd | Ireland | 50.0% |
Adverts Marketplace Ltd | Ireland | 50.0% |
Done Deal Ltd | Ireland | 50.0% |
Subito.it S.r.l | Italy | 100.0% |
IM S.r.l. | Italy | 100.0% |
InfoJobs Italia S.r.l. | Italy | 100.0% |
Automobile.it S.r.l. | Italy | 100.0% |
Vivanuncios Classifieds Mexico, S. de R.L. De C.V. | Mexico | 100.0% |
Adevinta Oak Holdings B.V. | Netherlands | 100.0% |
Adevinta Netherlands NV | Netherlands | 100.0% |
Hebdo Mag Brazil Holdings BV | Netherlands | 100.0% |
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023200
Note31: Ownership continued
| Country of | ||
| Subsidiaries | incorporation | % holding |
SnT Netherlands BV | Netherlands | 100.0% |
Marktplaats BV | Netherlands | 100.0% |
Marktplaats Bemiddeling BV | Netherlands | 100.0% |
Adevinta Ventures BV | Netherlands | 100.0% |
Adevinta NV | Netherlands | 100.0% |
Adevinta Finance AS | Norway | 100.0% |
SnT Classified ANS | Norway | 100.0% |
Marketplaces Austria Holding AS | Norway | 100.0% |
Adevinta Products & Technology SLU | Spain | 100.0% |
Adevinta Information Services SLU | Spain | 100.0% |
Adevinta Holdco Spain SLU | Spain | 100.0% |
Adevinta Iberica SLU | Spain | 100.0% |
Locasun Spain SLU | Spain | 100.0% |
Adevinta Spain SLU | Spain | 100.0% |
Inmoweb SLU | Spain | 100.0% |
Witei Solutions SLU | Spain | 100.0% |
Adevinta Ventures AB | Sweden | 100.0% |
Adevinta Growth Partner AB | Sweden | 100.0% |
Adevinta Products & Technology UK Limited | United Kingdom | 100.0% |
Adevinta UK Ltd | United Kingdom | 100.0% |
Gumtree IP ROW Holding Ltd | United Kingdom | 100.0% |
Kijiji Canada Ltd | Canada | 100.0% |
Kijiji Classifieds, LLC | USA | 100.0% |
alaMaula Argentina S.R.L. | Argentina | 100.0% |
2ememain Belgium BVBA | Belgium | 100.0% |
Gumtree Software Engineering (Shanghai) Co, Limited | China | 100.0% |
Annual Report 2023 201
Note31: Ownership continued
| Country of | ||
| Joint ventures | incorporation | % holding |
Willhaben internet service GmbH & Co KG | Austria | 50.0% |
Car4You GmbH | Austria | 50.0% |
Willhaben internet service GmbH | Austria | 50.0% |
Autopro24 Datenmanagement GmbH | Austria | 50.0% |
Bom Negócio Atividades de Internet Ltda | Brazil | 50.0% |
ZAP Internet Ltda. | Brazil | 50.0% |
Vivareal Internet Ltda. | Brazil | 50.0% |
Geoimóvel Tecnologia e informaçao imobiliaria Ltda. | Brazil | 50.0% |
ZAP + Suahouse Tecnologia e Gestão imobiliária Ltda. | Brazil | 50.0% |
DataZap S.A. Intellgencia imobiliaria | Brazil | 50.0% |
Infoprop Brasil Tehnologia Ltda | Brazil | 50.0% |
OLX Pay Instituição de Pagamento Ltda | Brazil | 50.0% |
OLX Participaçoes Ltda | Brazil | 50.0% |
Altimus Desenvolvimentode Software Ltda | Brazil | 50.0% |
Silver Brazil JVCO BV | Netherlands | 50.0% |
| Country of | |||
| Associate companies | incorporation | % holding | |
Younited SA | France | 7.6% | |
703 | Search BV | Netherlands | 31.5% |
Note 32: Events after the balance sheets date and other information
Voluntary offer to acquire all issued and outstanding ordinary Class A shares in Adevinta ASA
On 21 November 2023, a voluntary offer (the “Offer”) was announced by Aurelia Bidco Norway AS (the “Offeror”)
to acquire all issued and outstanding ordinary A shares in Adevinta. The offer period under the Offer expired
on 9 February 2024. The Offer was, pursuant to stock exchange announcements on 12 and 22 February 2024,
announced as accepted for a total of 238,577,833 Adevinta shares, which, taken together with the 885,909,719
Adevinta shares (incl. the class B shares) to which the Offeror is conditionally entitled, equals approximately 94.8%
of the total issued and outstanding share capital and voting rights in Adevinta on a fully diluted basis, thus fulfilling
the closing condition in the Offer relating to “minimum acceptance”. Subject to the remaining closing conditions
for the Offer, it is expected that the Offer will be completed in the second quarter of 2024, following receipt of the
necessary regulatory approvals and clearances.
Other than the matters described above, no further matters have arisen since 31 December 2023 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.
Notesto the consolidated financialstatements continued
Financial statements > Notes to the consolidated financial statements
Annual Report 2023202
Definitions and Reconciliations
The consolidated financial information is prepared in accordance with international financial reporting standards
(IFRS). In addition, the Group presents alternative performance measures (APMs). The APMs are regularly reviewed
by management and their aim is to enhance stakeholders’ understanding of the Group’s performance.
APMs should not be considered as a substitute for superior measures of performance in accordance with IFRS.
APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and
other operational data as described below. As APMs are not uniformly defined, the APMs set out below might not be
comparable with similarly labelled measures by other companies.
Measure Description Reason for including
Adjusted net cash
flow from operating
activities
Adjusted net cash flow from operating
activities is defined as:
↘ EBITDA;
↘ plus the decrease or minus the increase
in non‑cash items (including share‑based
compensation), change in working capital
and provisions related to EBITDA;
↘ minus the payment of income tax;
↘ minus development and purchase of
property, plant and equipment and
intangible assets;
↘ minus IFRS 16 lease payments.
Management believes that it is a useful
indicator of the amount of cash flows
generated by operating activities, after
income tax.
EBITDA/Gross
operating profit
(loss)
EBITDA is earnings before other income and
expenses, impairment, joint ventures and
associates, interest, tax and depreciation
and amortisation. The measure equals gross
operating profit (loss).
Shows performance regardless of capital
structure, tax situation and adjusted for
income and expenses related to transactions
and events not considered by management to
be part of operating activities. Management
believes the measure enables an evaluation of
operating performance.
EBITDA margin Gross operating profit (loss)/Operating
revenues.
Shows the operations’ performance
regardless of capital structure and tax
situation as a ratio to operating revenue.
Management believes the measure enables an
evaluation of operating performance.
Liquidity reserve Liquidity reserve is defined as the sum of
cash and cash equivalents and unutilised
drawing rights on credit facilities.
Management believes that the liquidity
reserve shows the total liquidity available for
meeting current or future obligations.
Interest‑bearing
debt/Total debt
Interest‑bearing debt is defined as interest
bearing liabilities, including current and
non‑current lease liabilities. Total debt is
defined as interest‑bearing debt.
Management believes that it is a useful
indicator of the Group’s debt profile and its
ability to meet its debt obligations.
Alternative peformance measures
Annual Report 2023 203
Measure Description Reason for including
Net interest‑
bearing debt/Total
net debt
Net interest‑bearing debt is defined as
interest bearing liabilities, including current
and non‑current lease liabilities less cash
and cash equivalents, proceeds from
borrowings placed in the escrow account
and cash pool holdings. Total net debt is
defined as net interest‑bearing debt.
Management believes that net
interest‑bearing debt provides an indicator
of the net indebtedness and an indicator
of the overall strength of the Consolidated
statement of financial position. The use of net
interest‑bearing debt does not necessarily
mean that the cash and cash equivalent and
cash pool holdings are available to settle all
liabilities in this measure. Net interest‑bearing
debt includes proceeds of the Senior Secured
Notes held in escrow until closing of the
eCGacquisition.
Earnings per share
adjusted (EPS adj.)
Earnings per share adjusted for other
income and expenses, impairment loss,
non‑controlling interests related to other
income and expenses and impairment loss
and taxes.
The measure is used for comparing earnings
to shareholders adjusted for income and
expenses related transactions and events
net of tax not considered by management to
be part of operating activities. Management
believes the measure enables an
evaluation of value created to shareholders
excluding effects of non‑operating events
andtransactions.
Revenues adjusted
for currency
fluctuations
Growth rates on revenue adjusted for
currency effects are calculated using the
same foreign exchange rates for the period
last year and this year.
Enables comparability of development in
revenues over time excluding the effect of
currency fluctuation.
Organic revenue
growth
Revenue growth adjusted for the effects of
currency movements and changes in the
scope of consolidation.
Enables comparability of development in
revenues over time excluding the effect
of currency fluctuations and changes in
consolidation scope.
Alternative peformance measurescontinued
Annual Report 2023204
Financial statements > Alternative peformance measures
Reconciliation of EBITDA
Year
€ million 2023 2022
Gross operating profit (loss) 651 548
= EBITDA (before other income and expenses, impairment, JVs and associates) 651 548
Reconciliation of liquidity reserve
Year
€ million 2023 2022
Cash and cash equivalents 57 70
Unutilised drawing rights on credit facilities 1,390 450
Liquidity reserve 1,447 520
Reconciliation of net interest-bearing debt
Year
€ million 2023 2022
Non‑current interest‑bearing borrowings 1,771 2,183
Lease liabilities, non‑current 65 58
Total non‑current liabilities 1,836 2,241
Current interest‑bearing borrowings 9 9
Lease liabilities, current 21 20
Total current liabilities 30 29
Total interest‑bearing debt 1,866 2,270
Cash and cash equivalents (57) (70)
Net interest‑bearing debt 1,809 2,199
Annual Report 2023 205
€ thousand Note 2023 2022
Operating Revenues 3 4 11,605
Personnel expenses 4 (8,987) (5,431)
Other operating expenses 5,19 (22,282) (20,763)
Depreciation and amortization 10 (752) (669)
Other income 6 0 11,155
Other expenses 7 (24,112) (2,895)
Operating profit (loss) (56,129) (6,998)
Financial income 8 160,480 99,055
Financial expenses 8 (82,953) (2,600,833)
Net financial items 77,527 (2,501,778)
Profit (loss) before taxes 21,398 (2,508,776)
Taxes 9 (32,817) (13,748)
Profit (loss) after taxes (11,420) (2,522,524)
Income statement
for the year ended 31 December
Annual Report 2023206
Financial statements > Parent company financial statements
€ thousand Note 2023 2022
ASSETS
Intangible assets 10 880 1,632
Investments in subsidiaries 11 6,319,230 6,319,230
Other non‑current assets 12 2,369,203 2,568,394
Non‑current assets 8,689,314 8,889,256
Current assets 12 868,873 448,276
Cash and cash equivalents 13 12,246 13,740
Current assets 881,119 462,017
Total assets 9,570,433 9,351,272
EQUITY AND LIABILITIES
Share capital 14 24,384 24,384
Other paid‑in capital 14 9,909,253 9,914,900
Treasury shares 14 (57,098) (70,581)
Retained earnings 14 (2,099,825) (2,088,375)
Equity 7,776,714 7,780,328
Pension liabilities 16 2,938 3,117
Other non‑current liabilities 17,18 1,194,912 1,186,703
Non‑current liabilities 1,197,850 1,189,821
Current liabilities 17,18 595,869 381,124
Total equity and liabilities 9,570,433 9,351,272
Statement of financial position
for the year ended 31 December
Annual Report 2023 207
€ thousand Note 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes 21,398 (2,508,776)
Depreciation and amortization 10 752 669
Impairment of shares 8,11 – 2,543,543
Capitalised interest income 8,12 (116,864) (92,514)
Net effect pension liability 16 (211) 1,786
Other non‑cash items and change in working capital 92,898 180,883
Net cash flow from operating activities (2,027) 125,591
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of intangible assets and property, plant & equipment 10 – 4,011
Change in subsidiaries’ receivables and liabilities in cash pool (net) 12,17 (327,245) (199,341)
Increase of non‑current loans to subsidiaries 12 (70,000) –
Repayment of non‑current loans to subsidiaries 12 386,055 482,146
Acquisitions of and capital increase in subsidiaries 11 – (45)
Net cash flow from investing activities (11,190) 286,771
Net cash flow before financing activities (13,217) 412,362
CASH FLOW FROM FINANCING ACTIVITIES
Net sale (purchase) of treasury shares 14 11,721 (57,893)
Repayment of non‑current loans from group 17 – (31,679)
Repayment of interest‑bearing loans and borrowings 17 – (315,000)
Net cash flow from financing activities 11,721 (404,572)
Net increase (decrease) in cash and cash equivalents (1.495) 7,790
Cash and cash equivalents as at 1January 13,740 5,950
Cash and cash equivalents as at 31December 13 12,246 13,740
Statement of cash flows
for the year ended 31 December
Annual Report 2023208
Financial statements > Parent company financial statements
Note1: Company information
Adevinta ASA is the parent company of the Adevinta Group. The activities of Adevinta ASA mainly include a part
of the group’s executive management, financing, provision of management and financing services to other group
companies and other activities as a consequence of being listed on the Oslo stock exchange.
Schibsted ASA had retained a majority interest of 59% in Adevinta ASA until 25June 2021. Pursuant to the
acquisition of eCG, the economic interest held by Schibsted decreased to 33% and eBay Inc obtained an economic
interest of 44% and neither party had control over the Adevinta Group. The major shareholders as at 31stDecember
2023 are, eBay, Schibsted and Permira holding 30%, 30% and 12% of voting rights, respectively. None of the parties
have control over the Adevinta Group. See note15 Shareholder structure for further ownership details.
The financial statements for Adevinta ASA for the year 2023 were approved by the Board of Directors on
18 April 2024 and will be proposed to the General Meeting in June 2024.
On 21November 2023, a voluntary offer (the “Offer”) was announced by Aurelia Bidco Norway AS (the “Offeror”) to
acquire all issued and outstanding ordinary A shares (the “Shares”) in the company. The Offer was announced by
Permira and Blackstone on behalf of funds advised by Permira Advisers LLP and funds advised by The Blackstone
Group International Partners LLP, as well as General Atlantic and TCV. Pursuant to the Offer, the consideration for
Shares tendered will, at the election of accepting shareholders, be settled with NOK 115.0 per Share in cash, in
depository receipts with indirect exposure to the Offeror, or as a combination of cash and such depository receipts,
subject to certain limitations. The complete terms and conditions of the Offer are set out in an Offer document
published by the Offeror and approved by the Oslo Stock Exchange on 22December 2023. For further information
on the outcome of the Offer, please see Note32. For further information on the Offer, visit: www.abgsc.com.
Note2: Significant accounting policies
The financial statements for Adevinta ASA have been prepared in accordance with the Norwegian Accounting Act
and Norwegian Generally Accepted Accounting Principles (NGAAP).
All amounts are in euros (€) thousand, which is Adevinta ASA’s functional and presentation currency, unless
otherwise stated.
Cash and cash equivalents
Adevinta ASA is the ultimate owner of Adevinta’s multi‑currency cash pool system. Adevinta ASA’s funds in the
cash pool are classified as cash and cash equivalents. The subsidiaries’ positions in the cash pool are recognised as
receivables and liabilities in Adevinta ASA’s statement of financial position. Liabilities and receivables are classified
in their entirety as current.
Cash and cash equivalents consist of bank deposits and other monetary instruments with a maturity of three
months or less.
Classification
An asset or liability is classified as current when it is part of a normal operating cycle, held primarily for trading
purposes, falls due within 12 months or when it consists of cash or cash equivalents on the statement of financial
position date. Other items are classified as non‑current.
Shares
Subsidiaries are all entities controlled, either directly or indirectly, by Adevinta ASA. For further information
concerning evaluation as to whether Adevinta ASA controls an entity, please see note 2 (Basis for preparing the
consolidated financial statements) in the consolidated financial statements.
Shares are classified as investment in subsidiaries from the date Adevinta ASA effectively obtains control of the
subsidiary (acquisition date) and until the date Adevinta ASA ceases to control the subsidiary.
Notes to the parent company
financialstatements
Annual Report 2023 209
Note2: Significant accounting policies continued
Subsidiaries are recognised according to the cost method and are yearly tested for impairment. An impairment loss
is recognised if the carrying amount exceeds the recoverable amount.
Group contributions and dividends received are recognised as financial income, provided that they do not
represent a repayment of capital invested. If dividends and/or group contributions exceed withheld profits after the
acquisition date, the excess amount represents repayment of invested capital, and the distribution will be deducted
from the recorded value of the acquisition in the statement of financial position.
Property, plant & equipment and intangible assets
Property, plant & equipment and intangible assets are measured at cost less accumulated depreciation,
amortisation and impairment. Property, plant & equipment and intangible assets with limited economic lives are
depreciated over the expected economic life. An impairment loss is recognised if the carrying amount exceeds the
recoverable amount. Impairment losses are reversed if the basis for the impairment is no longer present.
Leases
Leases are classified as either finance leases or operating leases. Leases that transfer substantially all the risks and
rewards incidental to the asset are classified as finance leases. Other leases are classified as operating leases. All of
the company’s leases are considered to be operational. Lease payments related to operating leases are recognised
as expenses over the lease term.
Foreign currency
Adevinta ASA’s functional currency is euros (€). Foreign currency transactions are translated into the functional
currency on initial recognition by using the spot exchange rate at the date of the transaction. Foreign currency
monetary items are translated with the closing rate at the reporting date. Foreign currency gains and losses are
reported in the income statement in the lines “Financial income” and “Financial expenses,” respectively.
Trade receivables
Trade receivables are recognised at nominal value less provision for expected loss.
Treasury shares
Acquisition and proceeds from sale of treasury shares are accounted for as equity transactions.
Pension plans
Adevinta ASA has chosen, in accordance with NRS 6, to use measurement and presentation principles according to
IAS 19R Employee Benefits.
The accounting principles for pension are consistent with the Group principles, as described in note26 (Other
non‑current and current liabilities) in the consolidated financial statements.
Share-based payment
Adevinta ASA accounts for share‑based payment in accordance with NRS 15A Share‑based Payment. NRS 15A requires
share‑based payments to be accounted for as required by IFRS 2 Share‑based Payment. See note15 (Share‑based
payment) in the consolidated financial statements for additional information.
Revenue recognition
Revenues from rendering of services are recognised in the accounting period in which the services are rendered, by
reference to stage of completion of the specific transaction assessed on the basis of the actual service provided as
a proportion of the total services to be provided.
Notesto the parent company financialstatements continued
Annual Report 2023210
Financial statements > Parent company financial statements
Note2: Significant accounting policies continued
Taxes
Tax expense (tax income) comprises current tax payable and changes to deferred tax assets and/or liabilities.
Deferred tax liabilities and assets are computed for all temporary differences between the tax basis and the
carrying amount of an asset or liability in the financial statements and the tax basis of tax losses carried forward.
Deferred tax assets are recognised only when it is probable that the asset will be utilised against future taxable
profit. Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to
equitytransactions.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are
subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent
changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature
of the item being hedged.
Adevinta ASA makes an assessment both at the inception of the hedge relationship as well as on an ongoing basis,
whether the derivatives are expected to be highly effective in offsetting the changes in the fair value or cash
flows for the respective hedged items during the period for which the derivatives are in place and designates the
derivatives as a hedging instrument or not, accordingly.
The effective portion of changes in the fair value of derivatives designated as hedging instruments in cash flow
hedges is recognised in equity and is accumulated in the hedging reserve. In the case of purchase of non‑financial
assets, the hedging reserve will be reclassified to the carrying amount of these assets when such assets are
recognised in the statement of financial position. In other cash flow hedges the hedging reserve will be reclassified
to profit or loss when the hedged expected future cash flows affect profit or loss.
Changes in the fair value of currency derivatives, not designated as hedging instruments, are recognised in financial
income or expenses.
Provisions and contingent liabilities
Provisions are recognised in the financial statements when it is more probable than not that future uncertain events
will result in outflow of economic resources based on the best estimate of the amount to be paid. Contingent
liabilities are possible obligations arising from past events whose existence depends on the occurrence of uncertain
future events or a present obligations arising from past events for which it is not probable that an economic
outflow will be required to settle the obligation or where the amount of the obligation cannot be measured reliably.
Contingent liabilities are not recognised in the financial statements. Contingent liabilities are disclosed in notes to
the financial statements, unless the probability that an economic outflow will be required to settle the obligation
isremote.
Statement of cash flows
The statement of cash flows is prepared under the indirect method. Cash and cash equivalents include cash, bank
deposits and cash on hand.
Note3: Operating revenues
2023 2022
Management services to subsidiaries 4 11,605
Operating revenues 4 11,605
Operating revenues consist of management services provided to other group companies.
Annual Report 2023 211
Note4: Personnel expenses
2023 2022
Salaries and wages 1,828 2,080
Social security costs 2,396 551
Net pension expense (note16) 8 1,781
Other personnel expenses 54 70
Share‑based payment 4,701 949
Total personnel expenses 8,987 5,431
Number of FTEs 1 2
Remuneration of the Board is included in personnel expenses. Board directors are not included in the number of FTEs.
On August 15th 2022 Antoine Jouteau was designated CEO of Adevinta ASA and his remuneration is included
in Personnel expenses. The former CEO Rolv Erik Ryssdal has retired as from 1stMarch 2023 at the date his
employment with the company ended. For further information concerning remuneration to management and
share‑based payment, see note14 (Personnel expenses and remuneration) and note15 (Share‑based payment) in
the consolidated financial statements.
Note5: Other operating expenses
2023 2022
Rent and maintenance 3 17
Office and administrative expenses 413 271
Professional fees 22,367 17,835
Acquisition related costs 74 8
Integration related cost 0 1,796
Other (574) 836
Other operating expenses 22,282 20,763
Note6: Other income
2023 2022
Other income – (11,155)
Other income – (11,155)
Other income in 2022 is due to a VAT refund received from the Norwegian Tax Authorities related to acquisition and
integration costs incurred in 2020 and 2021.
Notesto the parent company financialstatements continued
Annual Report 2023212
Financial statements > Parent company financial statements
Note7: Other expenses
2023 2022
Transition costs – 1,115
Other costs 24,112 1,780
Other expenses 24,112 2,895
Other costs in 2023 are related to the Aurelia Offer.
Note8: Financial items
Financial income consists of:
2023 2022
Interest income 116,797 92,540
Interest income cash pool 34,364 4,544
Foreign exchange gain (agio) 9,349 1,970
Other financial income (30) 1
Total 160,480 99,055
Financial expenses consist of:
2023 2022
Interest expenses 62,760 41,506
Interest expenses on pension plans (note13) 77 15
Impairment loss on shares – 2,543,542
Foreign exchange loss (disagio) 3.760 1,808
Other financial expenses 16,356 13,961
Total 82,953 2,600,832
Interest income relates to income on long‑term loans to group companies as well as interest income from the
cashpool.
Interest expenses consist predominantly of the interest expenses on the Notes and EUR TLB as described in note17
(Non‑current and current liabilities). Other financial expenses in 2023 and 2022 include the amortization of origination
fees and other financial expenses.
Annual Report 2023 213
Note9: Income taxes
Set out below is a specification of the difference between the profit before taxes and taxable income of the year:
2023 2022
Profit (loss) before taxes 21,398 (2,508,776)
Currency exchange difference
(1)
24,903 73,470
Impairment loss on shares – 2,543,543
Other permanent differences 33,206 48
Change in temporary differences
(2)
(305) 2,048
Effect of unrealised actuarial gain (loss) in the pension liability (31) (151)
Taxable income before use of tax losses carried forward 149,170 110,182
Use of tax losses carried forward from previous years for which no deferred tax
asset has been recognised – (47,690)
Taxable income before group contributions 149,170 62,492
Group contribution – (62,492)
Taxable income 149,170 –
Tax rate 22% 22%
(1)
The currency exchange difference occurs as a result of the parent company financial statements being presented in EUR and tax return being
filed in NOK.
(2)
Change in temporary differences and taxable losses to carry forward from previous years differ from the movement in the table “net deferred
tax liability (asset)” below due to changes in the final tax return that was presented after parent company financial statements were approved.
Taxes payable and taxes charged to expenses are calculated as:
2023 2022
Calculated taxes payable 32,817 13,748
Tax related to unrealised actuarial gain (loss) in the pension liability 7 –
Tax expense 32,824 13,748
Effective tax rate is a result of:
2023 2022
Profit (loss) before taxes 21,398 (2.508.776)
Tax charged based on nominal rate 4,707 (551,931)
Tax effect permanent differences 7,299 559,557
Tax effect currency exchange differences 20,879 16,163
Change in temporary differences not booked (67) 451
Use of tax losses carried forward from previous years for which no deferred tax
assethasbeen recognised – (10,492)
Group Contribution 7 (13,748)
Taxes 32,824 0
Notesto the parent company financialstatements continued
Annual Report 2023214
Financial statements > Parent company financial statements
Note9: Income taxes continued
The net deferred tax liability (asset) consists of the following:
2023 2022
Temporary differences related to:
Intangible assets 79 (169)
Pension liabilities (2,938) (3,117)
Other current liabilities 228 350
Temporary differences (2,631) (2,936)
Taxable losses to carry forward
(2)
– –
Total basis for deferred tax liability (assets) (2,631) (2,936)
Tax rate 22% 22%
Net deferred tax liability (asset) with applicable year’s tax rate (597) (646)
Deferred tax assets not booked 597 646
Net deferred tax liability (asset) – –
Note10: Intangible Assets
Intangible assets in net carrying amount in 2023
Intellectual
Property (IP)
Consolidation
tool Other Total
As at 1January – 1,632 – 1,632
Additions – – – –
Disposals – – – –
Amortisation – (752) – (752)
As at 31December – 880 – 880
Of which accumulated costs – 2,255 – 2,255
Of which accumulated amortization and impairment loss – (1,375) – (1,375)
Annual Report 2023 215
Note10: Intangible Assets continued
Intangible assets in net carrying amount in 2022
Intellectual
Property (IP)
Consolidation
tool Other Total
As at 1January 4,189 2,076 46 6,311
Additions – 179 – 179
Disposals (4,189) – – (4,189)
Amortisation – (623) (46) (669)
As at 31December – 1,632 – 1,632
Of which accumulated costs – 2,255 1,376 3,631
Of which accumulated amortization and impairment loss – (623) (1,376) (1,999)
Pursuant to the acquisition of eCG in 2021, Adevinta ASA acquired some IP related to Kijiji Canada amounting to
€4,189 thousand. This IP has been transferred at net book value to a subsidiary of the Group in March 2022.
Note11: Subsidiaries and associates
Adevinta ASA is the ultimate parent company in the Adevinta Group with operations worldwide. For more
information about these operations, see note5 (Operating segments) to the consolidated financial statements.
Shares in subsidiaries directly owned by Adevinta ASA:
Ownership and
voting share Location Total Equity Result (100%)
Carrying amount
2023 2022
Adevinta Finance AS 100% Oslo, Norway 1,430,846 (321,514) 2,142,970 2,142,970
Adevinta Oak Holdings BV 100% Amsterdam,
Netherlands
(974,333) (13,926) 4,176,215 4,176,215
Adevinta N.V. 100% Amsterdam,
Netherlands
45 – 45 45
Total 6,319,230 6,319,230
In 2022 management has performed impairment assessment of the company’s investment in subsidiaries. In relation
to this, impairment losses have been recognized for Adevinta Oak Holdings BV of €2,543,543 thousand due to lower
recoverable amounts.
In 2023 management has performed impairment assessment of the company’s investment in subsidiaries. In relation
to this, no impairment losses have been recognized.
Notesto the parent company financialstatements continued
Annual Report 2023216
Financial statements > Parent company financial statements
Note12: Other non‑current and current assets
Non‑current Current
2023 2022 2023 2022
Group companies’ receivables in cash pool – – 861,638 333,707
Other receivables from Group companies 2,369,203 2,568,394 5,722 113,774
Prepaid expenses – – 1,251 3
Other receivables – – 261 792
Total 2,369,203 2,568,394 868,873 448,276
Non‑current receivables from Group companies in 2023 consist of a loan to Adevinta Oak Holding BV of €73.314
thousand (€0 in 2022), a loan to Adevinta France SASU of €73.385 thousand (€113,327 thousand in 2022), a loan to
Adevinta Finance AS of €631,773 thousand (€935,067 thousand in 2022) and a loan to Oak Germany Buyer GmbH of
€1,590,730 thousand (€1,506,313 thousand in 2022).
Other receivables from Group companies in 2022 includes a loan to LBC France SASU €13,687 thousand that has
been repaid in 2023.
Note13: Cash and cash equivalents
2023 2022
Net assets in cash pool 12,213 13,544
Net assets outside the cash pool 33 19
Total Cash and cash equivalents 12,246 13,740
Adevinta ASA has a multi‑currency cash pool with BNP Paribas. This cash pool has been established to optimise
liquidity management for Adevinta.
The Group has an uncommitted overdraft facility of €10 million linked to the cash pool with BNP Paribas. At year end
2022 and 2023, this facility was not drawn.
Excess liquidity is placed in Adevinta’s relationship banks, in the cash pool or in the short‑term money market.
Annual Report 2023 217
Note14: Equity
Share
capital
Treasury
shares
Other paid‑in
capital
Retained
earnings Total
Equity as at 31December 2022 24,384 (70,581) 9,914,900 (2,088,375) 7,780,328
Change in treasury shares – 13,483 (1,762) – 11,721
Share‑based payment – – (3,886) – (3,886)
Unrealised actuarial gain (loss) in pension plans,
net of tax – – – (31) (31)
Profit (loss) – – – (11 ,420) (11 ,420)
Equity as at 31December 2023 24,384 (57,098) 9,909,253 (2,099,825) 7,776,714
As part of the consideration for the acquisition of eCG, Adevinta ASA issued a new class of non‑voting shares
(“ClassB Shares”) on 25June 2021 and set up a dual‑share class structure. The class B shares are not listed on the
Oslo Stock Exchange, but are exchangeable into class A shares on a one‑for‑one basis on the terms and conditions
set out in the company’s amended Articles of Association. The share capital of Adevinta ASA is NOK 244,988,596.20
consisting of 1,165,686,913 ordinary Class A Shares and 59,256,068 Class B Shares (non‑voting shares), each with
a nominal value of NOK 0.20. For more information on number of shares, see note24 (Equity) in the consolidated
financial statements.
The Annual General Meeting of Adevinta ASA held 29June 2022, authorised the Board to buy‑back own shares up to
a nominal value of NOK 24,498,859 with a minimum amount of NOK 20 and a maximum amount of NOK 750 paid per
share. The Board is free to decide on the acquisition method and possible subsequent sale of the shares. The shares
may serve as settlement in the company’s share‑based incentive schemes, as well as employee share saving plans,
and may be used as settlement in acquisitions, and to improve the company’s capital structure. This authorisation is
valid until the next Annual General Meeting of the company in 2023, but in no event later than 30June 2023.
At the Annual General Meeting of 29 June 2023 it was resolved to authorise the Board to increase the company’s
share capital by up to NOK 24,498,859 by the issue of shares in any or all share classes as may be issued at the
time of the use of the authorisation. The authorisation will lapse at the time of the Annual General Meeting of the
company in 2024, but no later than 30 June 2024.
In 2022 Adevinta ASA acquired 10,000,000 of its own shares at a total purchase price including broker fees of NOK
792.5million (equivalent to €79.4million). The purpose of the buy‑backs was to have treasury shares available to
settle share‑based long‑term incentive schemes obligations in the upcoming future. In 2022 Adevinta ASA has
transferred a total of 2,673,052 treasury shares with respect to long‑term incentive schemes (NOK 261.8million,
equivalent to €26million).
In 2023 Adevinta ASA did not acquired any of its own shares. In 2023 Adevinta ASA has transferred a total
of 1,903,730 treasury shares with respect to long‑term incentive schemes (NOK 155.4million, equivalent to
€13.5million).
Adevinta ASA holds 6,744,270 treasury shares as of 31December 2023 (8,648,002 as of 31December 2022).
Notesto the parent company financialstatements continued
Annual Report 2023218
Financial statements > Parent company financial statements
Note15: Shareholder structure
The 20 largest shareholders as at 31 December 2023
Name
Number of
shares % of shares
eBay Inc.* 404,231,183 33,0%
Schibsted ASA 344,803,374 28,1%
Clearstream Banking S.A.** 137,380,359 11,2%
Danske Bank 34,988,915 2,9%
Folketrygdfondet 30,030,896 2,5%
Blommenholm Industrier AS 17,093,587 1,4%
Goldman Sachs International** 12,059,133 1,0%
Euroclear Bank S.A./N.V.** 10,833,676 0,9%
State Street Bank and Trust Comp** 10,059,366 0,8%
JPMorgan Chase Bank, N.A., London** 10,055,968 0,8%
Adevinta ASA 6,744,270 0,6%
J.P. Morgan SE** 5,763,007 0,5%
JPMorgan Chase Bank, N.A., London** 5,719,521 0,5%
Goldman Sachs & Co. LLC** 5,567,504 0,5%
Skandinaviska Enskilda Banken AB 5,049,371 0,4%
State Street Bank and Trust Comp** 4,781,057 0,4%
The Bank of New York Mellon SA/NV** 3,921,984 0,3%
J.P. Morgan Securities Plc** 3,518,773 0,3%
J.P. Morgan Securities LLC** 3,467,590 0,3%
Verdipapirfondet KLP Aksjenorge In 3,463,717 0,3%
Total 20 largest shareholders 86,70%
*
Through eBay International Management B.V. and eBay International Holding GmbH
**
Nominee account
The list of shareholders is based on the public VPS list. The number of shareholders as at 31December 2023 is 4,680
compared to 5,438 in 2022. Foreign ownership is 61% as at 31December 2023 versus 64% in 2022. See note24
(Equity) in the consolidated financial statements for more information regarding number of shares.
Annual Report 2023 219
Note15: Shareholder structure continued
Number of shares owned by the Board and the Group management:
Name
Number
of shares
Orla Noonan (Chairman of the Board) 20.030
Sophie Javary (Member of the Board) –
Fernando Abril‑Martorell Hernandez (Member of the Board) 23.000
Kristin Skogen Lund (Member of the Board) –
Alexander Rosinski (Member of the Board) –
Julia Jaeckel (Member of the Board) –
Michael Nilles (Member of the Board) 30.000
Julie Simpson (Member of the Board) –
Marc Solomons (Member of the Board) –
Dipan Patel (Member of the Board) –
Antoine Jouteau (CEO) 84.180
Elisabeth Peyraube (CFO) –
Bhatia Ajay (Mobile.de) 144.176
Roman Campa (Head of Real Estate & Emerging Verticals) 14.337
Paul Heimann (Head of Re‑Commerce Vertical) 9.050
Alexandre Collinet (COO) 19.599
Nicola Jo‑Anne Dexter (People & Communications) 36.912
Julien Jouhault (CPTO) 20.806
Total Board and Group management 402.090
Notesto the parent company financialstatements continued
Annual Report 2023220
Financial statements > Parent company financial statements
Note16: Pension plans
The company is obliged to have an occupational pension scheme in accordance with the Act on Mandatory
company Pensions (“Lov om obligatorisk tjeneste‑pensjon”). The company’s pension scheme meets the
requirements of the Act.
As at 31December 2023 as well as 2022 the pension plans covered 1 working member. Note26 (Provisions and
contingent liabilities) in the consolidated financial statements contains further description of the pension plans.
Amounts recognised in the balance sheet: 2023 2022
Present value of unfunded defined benefit liabilities 2,938 3,117
Net pension liabilities 2,938 3,117
Social security tax included in present value of defined benefit liabilities 333 380
Changes in pension liabilities: 2023 2022
As at 1January 3,117 1,180
Net pension expense 76 1,786
Contributions/benefits paid (286) 0
Unrealised actuarial (gain) loss recognized in equity (incl. tax) 31 151
As at 31December 2,938 3,117
New measurement of defined benefit obligation includes:
2023 2022
Actuarial gains and losses arising from changes in financial assumptions – –
Other effects of remeasurement (experience deviation) (31) (151)
Remeasurement of defined benefit liabilities 31 151
Annual Report 2023 221
Note17: Non‑current and current liabilities
Non‑current Current
2023 2022 2023 2022
Liabilities to credit institutions 1,188,387 1,180,178 3,888 3,876
Financial derivatives – – 109 13
Group companies’ liabilities in cash pool – – 504,647 303,962
Other liabilities to Group companies 6,525 6,525 16,396 72,702
Other liabilities – – 70,828 571
Total 1,194,912 1,186,703 595,869 381,124
In November 2020, Adevinta ASA issued Senior Secured Notes (the “Notes”) amounting to €1,060million. The
notes consist of two tranches: €660million aggregate principal amount of notes due in 2025, bearing interest at
a rate of 2.625% per annum and €400million aggregate principal amount of notes due in 2027, bearing interest at
a rate of 3.000% per annum (both paid semiannually). The notes were issued pursuant to an indenture between,
among others, Adevinta and Citibank N.A., London Branch, as trustee and security agent, see note22 (Financial risk
management) and 23 (Interest‑bearing borrowings) in the consolidated financial statements.
Concurrently with the consummation of the offering of the Notes, Adevinta ASA entered into a new senior secured
Term Loan B facility consisting of a €900million EUR‑denominated tranche (the “EUR TLB”) and a $506million
U.S. dollar‑denominated tranche (the “USD TLB” and, together with the EUR TLB, the “Term Loan B”). In June 2021
both EUR and USD tranches were fully drawn to finance the acquisition of eBay Classifieds Group, Adevinta ASA
drew down €317,590 thousand from the EUR TLB facility agreement and the rest of the EUR tranche and full USD
tranche were drawn by Adevinta Oak Holding BV. In 2022 Adevinta ASA repaid €165million of the EUR TLB. As of
31December 2023 non‑current external interest‑bearing borrowings are shown net of costs related to the issuance
of debt amounting to €24,141 thousand (€32,412 thousand in 2022) that are deferred and amortized over the life of
the related debt. The accumulated amortization in 2023 charged to the profit and loss account amounted to €8,176
thousand (€8,144 thousand in 2022).
In November 2020 Adevinta ASA entered into a Senior Facilities Agreement that included a five year multicurrency
Revolving Credit Facility (“RCF EUR Loan”) for a total amount of €450million also contingent on the eBay Classifieds
Group acquisition, of which €150million were drawn as of 31December 2021. As of 31December 2022 the drawn
portion of the RCF EUR Loan has been repaid. Current External interest‑bearing borrowings as of 31December 2023
corresponds to the accrued interest payable in the short term that amounted to €3,888 thousand in 2023 (€3,876
thousand in 2022).
Financial derivatives relate to a foreign currency interest hedge in accordance with the group’s financial policy, see
note 18 (Financial risk management and interest‑bearing borrowings) below and note 7 (Financial risk management)
and 21 (Derivatives and hedging activities) in the consolidated financial statements.
The non‑current liabilities to group companies consist of a loan from Adevinta Oak Holdings BV of €6,525 thousand.
A loan from Adevinta Finance AS of €31,679 thousand has been repaid in 2022.
As at 31 December 2023, Other current liabilities to Group companies corresponds mainly to Group Contributions
by €16,396 thousand and accruals for intercompany invoices pending to be received.
As at 31 December 2023, Other current liabilities of €70,828 thousand corresponds mainly to accruals for Corporate
Income Tax for €32,817 thousand, accruals for €21,487 thousand for the Aurelia Offer related costs and accruals for
Share‑based compensation for € 8,176 thousand.
Notesto the parent company financialstatements continued
Annual Report 2023222
Financial statements > Parent company financial statements
Note18: Financial risk management and interest‑bearing borrowings
Financial risk management
Funding and control of refinancing risk is handled by Adevinta’s Corporate Finance and Risk function. To fund the
eBay Classifieds Group acquisition, in Q4 2020 Adevinta ASA completed the placement of Senior Secured Notes
(the “Notes”), see note 17 (Non‑current and current liabilities). Concurrently with the consummation of the offering
of the Notes, Adevinta ASA entered into a new senior secured Term Loan B facility consisting of a €900 million
EUR‑denominated tranche (the “EUR TLB”) and a $506 million U.S. dollar‑denominated tranche (the “USD TLB”
and, together with the EUR TLB, the “Term Loan B”). Adevinta used the proceeds from the Notes and Term Loan B
to, among other things, fund a portion of the cash consideration for the acquisition of the eBay Classifieds Group
("eCG") and refinance existing debt.
Since June 2021, Adevinta Group’s main funding sources are the Revolving Credit Facility of €450 million (fully
undrawn), Senior Secured Notes of €1,060 million and Term Loan B facility of €900 million and $506 million.
During 2022 €(150) million in relation to the multicurrency revolving facility and €(165) million from EUR TLB were
repaid. During 2023 €(150) million from EUR TLB and €(237) million from USD TLB were repaid. After repayments
the outstanding notional principal amounts are €585 million for EUR TLB and USD209 million for USD TLB as at
31 December 2023.
As per note 17 (Non‑current and current liabilities) Adevinta ASA entered into certain derivatives to hedge currency
risks. For management of currency risk, see note 7 (Financial risk management) and 21 (Derivatives and hedging
activities) in the consolidated financial statements. For the financial statements of Adevinta ASA hedge accounting
has not been applied.
Interest‑bearing borrowings, composition and maturity profile:
Non‑current Current
2023 2022 2023 2022
Bonds issued 1,060,000 1,060,000 – –
Bank and institutional loans 152,590 152,590 – –
Loan from Group companies 6,525 6,525 – –
Total principal amounts 1,219,115 1,219,115 – –
of which maturity beyond five years – 552,590 – –
For more details on bank loans and credit facilities, see note21 (Interest‑bearing borrowings) in the consolidated
financial statements.
Note19: Guarantees
Adevinta ASA has issued parent company guarantees as security for payment of office rent in selected subsidiaries
for €278 thousand (€278 thousand in 2022).
The Term Loan B and the Notes are guaranteed by certain subsidiaries of the Adevinta Group and are secured
by shares of certain of the guarantors, as well as, material bank accounts and the intercompany receivables of
AdevintaGroup.
Annual Report 2023 223
Note20: Transactions with related parties
Adevinta ASA has business agreements with companies in the Group. The pricing of all transactions with Group
companies are based on the arm’s length principle.
2023 2022
Operating revenues from other Group companies 4 11,605
Purchase of goods and services from Schibsted ASA – 63
Purchase of goods and services from other Group companies 16,969 17,500
Financial income from other Group companies 133,222 97,057
Financial expenses from other Group companies 24,044 404
Remuneration to management
See note4 above and note14 and note15 to the consolidated financial statements for information concerning
remuneration to management and share‑based payment.
Note21: Events after the reporting period
Please see note32 (Events after the balance sheet date) in the consolidated financial statements for information
about events after the reporting period.
Notesto the parent company financialstatements continued
Annual Report 2023224
Financial statements > Parent company financial statements
Declaration by the Board of Directors and CEO
We confirm that, to the best of our knowledge, the financial statements for the period 1January to 31December 2023
have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets,
liabilities, financial position and profit or loss of the company and the Group taken as a whole, and that the Board of
Directors’ report includes a fair review of the development and performance of the business and the position of the
company and the Group taken as a whole, together with a description of the principal risks and uncertainties that
theyface.
18 April 2024
Adevinta ASA’s Board of Directors
Orla Noonan
Board Chair
Antoine Jouteau
CEO Adevinta
Fernando Abril-Martorell
Hernández
Board member
Kristin Skogen Lund
Board member
Sophie Javary
Board member
Julie Simpson
Board member
Aleksander Rosinski
Board member
Julia Jäkel
Board member
Michael Nilles
Board member
Mark Solomons
Board member
Dipan Patel
Board member
Annual Report 2023 225
Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Adevinta ASA
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Adevinta ASA (the Company) which comprise the financial
statements of the Company and the consolidated financial statements of the Company and its
subsidiaries (the Group). The financial statements of the Company comprise the statement of financial
position as at 31 December 2023 and the income statement and statement of cash flows for the year then
ended and notes to the financial statements, including a summary of material accounting policies. The
consolidated financial statements of the Group comprise the consolidated statement of financial
position as at 31 December 2023, the consolidated income statement, consolidated statement of
comprehensive income, consolidated statement of cash flows and consolidated statement of changes in
equity for the year then ended and notes to the financial statements, including material accounting policy
information.
In our opinion
the financial statements comply with applicable legal requirements,
the financial statements give a true and fair view of the financial position of the Company as at
31 December 2023 and its financial performance and cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway,
the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2023 and its financial performance and cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 6 years from the election by the general meeting of the
shareholders in 2018 for the accounting year 2018.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for 2023. These matters were addressed in the context of our audit of the
Independent Auditor’s report
To the Annual Shareholders’ Meeting of Adevinta ASA
Annual Report 2023226
Financial statements > Independent Auditor’s report
2
Independent auditor's report - Adevinta ASA 2023
A member firm of Ernst & Young Global Limited
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. For each matter below, our description of how our audit addressed the matter is
provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement
of the financial statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the financial statements.
Impairment assessment of goodwill and intangible assets with indefinite useful life
Basis for the key audit matter
Investments that have a small headroom
between calculated recoverable amount and
carrying amount are sensitive to changes in
management estimates and are dependent on
future growth in profitability to recover goodwill
and intangible assets with indefinite useful life.
Estimates related to future cash flows and the
determination of discount rates to calculate
present values are based on management’s
expectations of market developments and
conditions, the competitive environment, current
developments in revenues and margins, trends
and macroeconomic expectations, technological
development, the ability to realise synergies,
interest rate levels and other factors for the
relevant operations or markets. The use of
different assumptions could produce significantly
different value in use estimates.
Since goodwill and intangible assets with
indefinite useful lifeare material and subject to
estimation uncertainty, impairment assessment
of goodwill and intangible assets with indefinite
useful life was a key audit matter.
Our audit response
We assessed the key assumptions used by
management in their assessment of recoverable
amount and whether there is an indication of
impairment by comparing the carrying amount to
the calculated recoverable amount. Our
procedures included assessing the identification
of cash generating units and testing of
assumptions used in the value in use model,
including estimates related to forecasted future
cash flows and the estimated weighted average
cost of capital. As part of our procedures, we
discussed the forecasted sales, the current
market situation, and expectations about future
growth with management. We also tested
supporting documentation related to budgets and
sales forecasts and the mathematical accuracy of
the value in use calculation and assessed
sensitivity analysis of the critical assumptions
prepared by management, including relevant
disclosures. We used a valuation specialist to
assist us in evaluating the discount rate applied.
We refer to note 3 Significant accounting
judgments and major sources of estimation
uncertainty and note 11 Impairment assessment
for additional information.
Revenue recognition and cut-off
Basis for the key audit matter
Revenue is recognized when the entity satisfies a
performance obligation by transferring a
promised good or service (ie an asset) to a
customer. A good or service is considered
transferred when the customer obtains control.
Adevinta has products and services with various
contractual terms and different pricing elements
in contracts with customers throughout the
Group. Some revenue is recognized over a
Our audit response
We assessed the design of internal controls
related to revenue recognition. Further, we
considered the Group’s accounting policies for
revenue recognition. We have on a sample basis
compared sales transactions, recognized before
and after the balance sheet date to customer
contracts and performance obligations and
assessed whether the implied revenue
recognition criteria are in compliance with the
Annual Report 2023 227
Independent Auditor’s reportcontinued
3
Independent auditor's report - Adevinta ASA 2023
A member firm of Ernst & Young Global Limited
period whilst others at a certain point in time.
Several IT-systems provide input to the revenue
recognition processes and there have been
significant changes to these processes in recent
years. Due to the complexity of the revenue
models and the supporting IT-systems, there is a
risk of revenue not being recognized in the
correct period. Hence, cut-off of revenue was a
key audit matter.
group accounting policies. We refer to note 6
Revenue recognition for additional information.
Other information
Other information consists of the information included in the annual report other than the financial
statements and our auditor’s report thereon. Management (the board of directors and the CEO) is
responsible for the other information. Our opinion on the financial statements does not cover the other
information, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information,
and, in doing so, consider whether the board of directors’ report, the statement on corporate governance
and the statement on corporate social responsibility contain the information required by applicable legal
requirements and whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that the other information is materially inconsistent with the
financial statements, there is a material misstatement in this other information or that the information
required by applicable legal requirements is not included in the board of directors’ report, the statement
on corporate governance or the statement on corporate social responsibility, we are required to report
that fact.
We have nothing to report in this regard, and in our opinion, the board of directors’ report, the statement
on corporate governance and the statement on corporate social responsibility are consistent with the
financial statements and contain the information required by applicable legal requirements.
Responsibilities of management for the financial statements
Management is responsible for the preparation of the financial statements of the Company that give a
true and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the consolidated financial statements
of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by
the EU. Management is responsible for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Annual Report 2023228
Financial statements > Independent Auditor’s report
4
Independent auditor's report - Adevinta ASA 2023
A member firm of Ernst & Young Global Limited
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audit.
We remain solely responsible for our audit opinion.
We communicate with the board of directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Annual Report 2023 229
5
Independent auditor's report - Adevinta ASA 2023
A member firm of Ernst & Young Global Limited
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Adevinta ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file name adevintaasa-2023-12-31-en, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815
on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of
the Norwegian Securities Trading Act, which includes requirements related to the preparation of the
annual report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL
tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in
human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Oslo, 25 April 2024
ERNST & YOUNG AS
Kjetil Rimstad
State Authorised Public Accountant (Norway)
Independent Auditor’s reportcontinued
Annual Report 2023230
Financial statements > Independent Auditor’s report
Share information
Shareholders 31 December 2023
Number of registered shareholders 4,680
Percentage of non-Norwegian shareholders 22.0%
Average daily trading volume in 2023 768k
Source: VPS/Oslo Stock Exchange/Reuters
Largest country of ownership 31 December 2023
Norway 39%
United States 38%
Luxembourg 13%
United Kingdom 5%
Belgium 3%
Ireland 1%
Sweden 1%
Other 1%
Source: VPS
The trading data in the table above are based on data from the Oslo Børs and Reuters.
Annual Report 2023 231
Adevinta conducts a quarterly analysis of shareholders registered at nominee accounts. A list of Adevinta’s
shareholders, including those registered with nominee accounts, is presented below. The list was updated as of
31 December 2023.
Rank Name % of shares outstanding Number of shares
1 eBay Inc.* 33.0% 404,231,183
2 Schibsted ASA 28.1% 344,803,374
3 Astinlux Finco S.à r.l. 11.2% 136,875,162
4 Danske Bank A/S 2.8% 34,281,805
5 Folketrygdfondet 2.5% 30,017,988
6 Baillie Gifford & Co. 1.5% 17,842,954
7 Blommenholm Industrier AS 1.4% 17,093,587
8 Capital World Investors 0.9% 11,290,597
9 VOR Capital LLP 0.9% 11,164,479
10 DNB Asset Management AS 0.8% 10,213,895
11 The Vanguard Group, Inc. 0.8% 9,912,774
12 Goldman Sachs International 0.8% 9,823,848
13 BlackRock Institutional Trust Company, N.A. 0.8% 9,814,798
14 Storebrand Kapitalforvaltning AS 0.8% 9,237,393
15 KLP Fondsforvaltning AS 0.6% 7,836,114
16 J.P. Morgan Securities plc 0.6% 5,699,667
17 Citigroup Global Markets Ltd. 0.4% 5,165,411
18 SEB Enskilda Equities 0.4% 5,049,371
19 UBS Unlimited 0.4% 4,877,208
20 Alfred Berg Kapitalforvaltning AS 0.4% 4,490,016
*
Through eBay International Management B.V. and eBay International Holding GmbH
The shareholder identification data are provided by Nasdaq. The data are obtained through an analysis of
beneficialownership and fund manager information provided in replies to disclosure of ownership notices issued
toall custodians on Adevinta's share register. While every reasonable effort is made to verify all data, neither
Nasdaqnor Adevinta can guarantee the accuracy of the analysis. For an overview of the 20 largest shareholders
as of 31 December 2023 from the public VPS register, refer to the annual accounts for Adevinta ASA, Note 15
Shareholder structure.
Share informationcontinued
Annual Report 2023232
Share information
Dividend and buyback of shares
Distribution of dividends and providing the opportunity to buy back shares are regarded as suitable ways to adapt
Adevinta's capital stucture. 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.
Thecompany does not expect to pay any dividend related to the financial year 2023.
Shareholder structure
The shareholding and voting rights of Adevinta's major shareholders as at 31 December 2023 are summarised below:
↘ Schibsted owns a 28% stake in Adevinta and 30% voting rights
↘ eBay owns a 33% stake in Adevinta and 30% voting rights
↘ Permira owns a 11% stake in Adevinta and 12% voting rights
Currently, both Schibsted and eBay are presented on Adevinta's Board of Directors by two Directors, and Permira by
one Director, in accordance with Adevinta's Articles of Association. For further information on the development of
the share capital in 2023, please refer to Note 24 (Equity) to the consolidated financial statements.
Share structure
Adevinta was listed on the Oslo Stock Exchange with two share classes on 10 April 2019. The Class A shares carried
10 votes per share, whereas the Class B shares carried one vote. During Autumn 2019, the company collapsed the
share classes into one class, with equal rights for all shareholders. As part of the consideration for the acquisition
of eCG, Adevinta ASA issued a new Class of non‑voting shares (“Class B Shares”) on 25 June 2021 and set up a
dual‑share class structure. The Class B shares are not listed on the Oslo Stock Exchange, but are exchangeable into
ClassA shares on a one‑for‑one basis under the terms and conditions set out in the company’s amended Articles of
Association. The share capital of Adevinta ASA is composed of 1,165,686,913 ordinary Class A Shares and 59,256,068
Class B Shares (non‑voting shares). For further information, please refer to Note 24 (Equity) to the consolidated
financial statements.
Return
Adevinta’s shares are listed on the Oslo Stock Exchange under the ticker code ADE. These shares are among the
most traded in Norway and the company is a constituent of the Oslo Stock Exchange Benchmark Index (OSEBX).
Adevinta is covered by sell‑side analysts in Scandinavia and London. Adevinta’s shares produced a total return for
shareholders of 71% in 2023. In comparison, the OSEBX produced a return of 10% over the same period. Adevinta’s
share price performance compared to various indices and peers can be accessed at Adevinta.com/ir.
Annual Report 2023 233
Designed and produced by Invicomm
invicomm.agency