The Annual General Meeting of
Due to the COVID-19 situation,
The shareholders should note that additional information on proceedings of the meeting may be given on short notice and announced on the Company's website and through a stock exchange announcement.
Adevinta’s Board and Executive team are monitoring the development and impact of COVID-19 in our markets. The Group’s top priority is protecting the health and safety of its employees, and it is implementing all recommended precautions to help slow the spread of the coronavirus.
“It makes a deep impression to see the challenges people are facing every day. In this serious situation it is important for us to act responsibly both as corporate citizens and as employers. A large portion of our colleagues are working remotely, yet we are still delivering a fully functional service to our users and customers, and we expect this to continue,” says CEO
We are leveraging the strength and reach of our marketplaces by putting them at the service of society through various solidarity initiatives.
Continues
“Our teams are working to identify our customers’ needs and constraints, depending on the situation in the individual market, and to mitigate these where possible. As a market leader in most of our geographies, we have a special responsibility. We aim to navigate the rough waters together with our clients, and to come out on the other side with strengthened ties.”
During this fight against the COVID-19 pandemic, the public in most of Adevinta’s markets have faced significant restrictions in terms of social contact and mobility, which has affected activity on Adevinta’s online classifieds sites.
“During March we have seen negative development for display advertising, as some clients choose to defer or cancel their marketing campaigns. We have also faced a decline in traffic and volume of new ads listings, compared to the same period last year in our key markets. This will have a negative impact on revenues in the first quarter of 2020. Our visibility regarding the market development in the second quarter and onwards is limited, so we cannot at this stage quantify the financial impact,”
“We have flexibility in our cost base, and we are adapting our spending to this new context. We have reduced marketing spending, limited recruiting and reallocated resources where needed.
Adevinta’s balance sheet is strong. At the end of 2019, the Group had a liquidity reserve of €172 million, which has been further strengthened by €300 million through the refinancing and expansion of our bank facility to €600 million.
Concludes
- End-
Adevinta Investor Relations
Head of Investor Relations
+33 6 14 65 77 40
ir@adevinta.com
Investor Relations
+47 415 08 733
ir@adevinta.com
Adevinta Media Relations
Corporate Communications
+33 6 84 30 52 76
melodie.laroche@adevinta.com
About
Forward-looking information
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "aims", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
This information is subject to the disclosure requirements pursuant to Section 5-12 the
Norwegian Securities Trading Act.
Attachments
- Notice of AGM 2020 - English
- Notice of AGM 2020 - Norwegian
- Release - Annual accounts 2019 approved AGM notice and update in relation to COVID-19
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