Vend Marketplaces ASA

Annual Report • Oct 27, 2022

Financials and analytical info Q3 2022

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Nordic Marketplaces
• 1. News Media
• 1. eCommerce & Distribution

For details on Adevinta, please refer to Adevinta's reporting on adevinta.com/ir

For questions, please contact Schibsted IR:

Jann-Boje Meinecke, Head of IR ir@schibsted.com +47 941 00 835 Malin Langtvedt, IR Officer

ir@schibsted.com +47 916 86 710

NOK million

1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter CONDENSED CONSOLIDATED Year to date Year to date Full year Full year 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 INCOME STATEMENT 2022 2021 2021 2020 restated and restated and restated and re re-presented re-presented restated restated restated restated restated restated restated restated presented 593 590 649 653 702 832 892 884 954 1,027 1,002 Classified revenues 2,983 2,426 3,309 2,485 653 653 630 894 705 843 765 995 766 885 733 Advertising revenues 2,384 2,314 3,309 2,829 473 495 490 694 551 670 613 801 615 730 580 -of which digital 1,925 1,834 2,634 2,153 689 717 737 761 763 753 789 788 773 820 841 Subscription revenues 2,434 2,305 3,093 2,905 301 324 349 363 374 374 404 403 399 450 472 -of which digital 1,321 1,152 1,556 1,336 306 315 331 303 273 282 288 264 239 248 249 Casual sales 736 843 1,107 1,256 785 799 840 1,009 958 908 933 1,006 916 900 931 Other revenues 2,747 2,798 3,804 3,434 3,026 3,073 3,188 3,620 3,401 3,619 3,667 3,936 3,648 3,880 3,756 Operating revenues 11,284 10,687 14,623 12,908 (93) (100) (109) (151) (146) (129) (115) (141) (148) (138) (125) Raw materials and finished goods (411) (390) (531) (454) (1,221) (1,189) (1,130) (1,365) (1,299) (1,366) (1,293) (1,527) (1,453) (1,534) (1,389) Personnel expenses (4,375) (3,959) (5,486) (4,905) (1,427) (1,286) (1,271) (1,439) (1,361) (1,380) (1,490) (1,634) (1,566) (1,589) (1,587) Other operating expenses (4,742) (4,231) (5,865) (5,422) 285 498 678 665 594 743 769 634 480 620 655 Gross operating profit (loss) - EBITDA 1,755 2,106 2,740 2,126 (193) (199) (218) (218) (220) (233) (268) (262) (263) (278) (283) Depreciation and amortisation (825) (721) (984) (829) (0) (6) 0 (25) (6) (91) (7) (14) (2) (6) (0) Impairment loss (8) (104) (119) (32) 61 63 (1) 11 6 59 115 1 - 10 2 Other income 12 180 181 133 (11) (58) (93) (71) (31) (45) (26) (70) (32) (57) (32) Other expenses (120) (102) (172) (234) 141 297 366 360 343 432 583 289 184 289 342 Operating profit (loss) 815 1,358 1,647 1,165 (30) (4) 2 (12) (0) (22) (24) (146) (53) 11 (170) Share of profit (loss) of joint ventures and associates (212) (47) (193) (44) - (7) (7) (15) - - (2) (19,998) (13,531) (6,564) (3,153) Impairment loss on joint ventures and associates (23,247) (2) (20,000) (29) 6 (1) (1) 6 3 5 8 131 1 1 16 Gains (losses) on disposal of joint ventures and associates 18 17 148 10 16 7 14 12 3 4 3 18 83 13 4 Financial income 99 10 28 37 (56) (53) (52) (47) (56) (58) (58) (78) (75) (100) (101) Financial expense (276) (171) (248) (197) 77 239 321 304 294 362 509 (19,783) (13,391) (6,350) (3,062) Profit (loss) before taxes (22,803) 1,165 (18,618) 941 (28) 264 (59) (49) (71) (57) (96) (57) (45) (62) (75) Taxes (182) (224) (280) 128 48 503 262 254 222 305 414 (19,839) (13,436) (6,412) (3,137) Profit (loss) from continuing operations (22,985) 941 (18,898) 1,068 (434) (34) (209) 444 (501) 60,471 (3) (2) (0) (0) - Profit (loss) from discontinued operations (0) 59,967 59,965 (233) (385) 469 53 698 (279) 60,776 410 (19,841) (13,436) (6,412) (3,137) Profit (loss) (22,985) 60,907 41,066 836 Profit (loss) attributable to: (171) (1) (58) 209 (175) (135) 18 18 18 19 15 Non-controlling interests 51 (292) (274) (22) (214) 471 112 490 (104) 60,911 392 (19,859) (13,454) (6,430) (3,152) Owners of the parent (23,036) 61,199 41,341 858 Earnings per share (NOK) (0.91) 2.01 0.48 2.09 (0.44) 260.36 1.68 (84.86) (57.49) (27.48) (13.46) Basic (98.42) 261.61 176.70 3.67 (0.91) 2.01 0.48 2.09 (0.44) 259.92 1.67 (84.69) (57.41) (27.46) (13.45) Diluted (98.34) 261.15 176.40 3.66 (1.11) 2.03 1.60 2.69 1.41 3.50 1.28 0.35 0.44 0.75 0.04 Basic - adjusted 1.22 6.19 6.54 5.21 (1.11) 2.03 1.60 2.69 1.41 3.50 1.28 0.34 0.44 0.74 0.04 Diluted - adjusted 1.22 6.19 6.53 5.20						SCHIBSTED GROUP

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09
STATEMENT OF FINANCIAL POSITION	2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022
Intangible assets	19,773	19,014	6,153	6,018	5,824	9,420	9,363	9,313	9,373	10,016	10,225
Property, plant and equipment and investment property	869	745	492	480	462	499	496	520	532	525	526
Right-of-use assets	2,894	2,735	1,641	1,620	1,549	1,516	1,441	1,355	1,369	1,957	1,868
Investments in joint ventures and associates	4,340	4,062	906	922	918	69,883	69,898	48,520	33,880	29,883	27,380
Deferred tax assets	234	588	702	690	709	716	737	621	604	579	583
Other non-current assets	346	344	88	101	97	132	285	736	963	921	908
Non-current assets	28,456	27,489	9,981	9,832	9,560	82,166	82,221	61,065	46,723	43,880	41,489
Contract assets	226	226	178	173	170	267	255	210	247	254	191
Trade receivables and other current assets	3,198	3,147	1,839	1,792	1,835	1,617	1,758	1,806	1,940	1,993	2,222
Cash and cash equivalents	3,977	6,282	1,021	1,306	1,104	727	709	1,108	1,337	293	287
Assets held for sale	-	-	25,184	35,375	33,292	-	-	-	-	-	-
Current assets	7,401	9,655	28,222	38,646	36,401	2,610	2,722	3,125	3,524	2,541	2,700
Total assets	35,857	37,144	38,204	48,478	45,961	84,776	84,943	64,189	50,246	46,421	44,189
Paid-in equity	6,993	6,990	7,011	7,028	7,034	7,026	7,049	7,060	7,061	7,068	7,080
Other equity	3,820	3,696	3,738	3,151	2,770	64,120	64,340	43,271	28,010	23,930	21,526
Equity attributable to owners of the parent	10,813	10,686	10,749	10,178	9,804	71,145	71,389	50,332	35,071	30,997	28,606
Non-controlling interests	6,887	6,402	6,111	5,675	5,465	112	130	201	220	161	178
Equity	17,700	17,088	16,860	15,853	15,269	71,257	71,519	50,533	35,291	31,158	28,785
Deferred tax liabilities	1,078	1,020	335	351	331	641	590	576	550	580	564
Pension liabilities	1,356	1,450	1,235	1,154	1,094	1,065	1,252	1,090	1,044	1,045	1,182
Non-current interest-bearing loans and borrowings	4,958	5,297	3,139	3,090	3,078	6,344	3,034	3,592	4,587	5,657	5,670
Non-current lease liabilities	2,750	2,579	1,550	1,503	1,424	1,388	1,316	1,237	1,244	1,874	1,809
Other non-current liabilities	521	411	290	317	269	389	379	340	511	567	544
Non-current liabilities	10,664	10,757	6,550	6,416	6,195	9,827	6,571	6,835	7,936	9,723	9,769
Current interest-bearing loans and borrowings	1,102	3,133	693	678	675	79	3,375	3,274	3,271	1,674	1,676
Income tax payable	184	115	235	74	95	122	190	154	141	105	169
Current lease liabilities	426	446	275	286	293	298	307	306	327	306	301
Contract liabilities	1,278	1,227	585	600	635	632	588	553	618	628	611
Other current liabilities	4,502	4,378	2,279	2,537	2,322	2,562	2,392	2,534	2,662	2,826	2,879
Liabilities held for sale	-	-	10,727	22,034	20,476	-	-	-	-	-	-
Current liabilities	7,492	9,299	14,793	26,209	24,497	3,692	6,853	6,821	7,019	5,539	5,635
Total equity and liabilities	35,857	37,144	38,204	48,478	45,961	84,776	84,943	64,189	50,246	46,421	44,189

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09
STATEMENT OF CASH FLOWS	2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022
					restated	restated	restated	restated
Profit (loss) before taxes from continuing operations	77	316	637	941	294	655	1,165	(18,618)	(13,391)	(19,741)	(22,803)
Profit (loss) before taxes from discontinued operations	(308)	(247)	(272)	154	(335)	(130)	(134)	(134)	-	-	-
Depreciation, amortisation and impairment losses	335	710	968	1,226	226	552	829	21,103	13,796	20,643	24,079
Net interest expense *					126	243	293	347	55	120	191
Net effect pension liabilities	(46)	(42)	(28)	(7)	(55)	(79)	(71)	(85)	(47)	(45)	(33)
Share of loss (profit) of joint ventures and associates	27	9	17	29	-	23	47	193	53	41	212
Dividends received from joint ventures and associates	-	-	23	23	12	13	16	16	-	55	55
Interest received *					3	5	7	9	2	5	8
Interest paid *					(45)	(319)	(357)	(414)	(46)	(130)	(184)
Taxes paid	(159)	(333)	(522)	(819)	(199)	(397)	(415)	(424)	(81)	(190)	(206)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(66)	(124)	(138)	(189)	553	522	404	309	(64)	(37)	(30)
Non-cash items and change in working capital and provisions *	678	717	974	1,043	136	230	49	195	(141)	(187)	(319)
Net cash flow from operating activities	538	1,005	1,659	2,402	715	1,318	1,833	2,498	137	535	970
- of which from continuing operations	98	418	711	1,292	299	977	1,493	2,157	137	535	970
- of which from discontinued operations	440	587	948	1,110	416	341	341	341	-	-	-
Net cash flow from investing activities	(366)	(708)	(2,947)	(6,109)	(404)	(4,914)	(5,278)	(5,923)	(744)	(1,103)	(1,377)
- of which from continuing operations	(165)	(348)	(2,473)	(2,654)	(424)	(3,534)	(3,782)	(4,425)	(744)	(1,103)	(1,377)
- of which from discontinued operations	(201)	(360)	(474)	(3,455)	20	(1,380)	(1,496)	(1,499)	-	-	-
Net cash flow from financing activities	(201)	2,121	2,022	2,624	(341)	1,694	1,525	1,909	847	(249)	(417)
- of which from continuing operations	(155)	(319)	(391)	(498)	(69)	2,086	1,917	2,301	847	(249)	(417)
- of which from discontinued operations	(46)	2,440	2,413	3,122	(271)	(392)	(392)	(392)	-	-	-
Effect of exchange rate changes on cash and cash equivalents	140	(2)	67	(105)	(80)	(48)	(49)	(54)	(11)	3	4
Net increase (decrease) in cash and cash equivalents	111	2,417	801	(1,188)	(109)	(1,951)	(1,969)	(1,570)	229	(815)	(821)
Cash and cash equivalents at start of period	3,866	3,866	3,866	3,866	2,678	2,678	2,678	2,678	1,108	1,108	1,108
Cash and cash equivalents at end of period	3,977	6,282	4,666	2,678	2,569	727	709	1,108	1,337	293	287
- of which cash and cash equivalents in assets held for sale	-	-	3,645	1,371	1,464	-	-	-	-	-	-
- of which cash and cash equivalents excluding assets held for sale	3,977	6,282	1,021	1,306	1,104	727	709	1,108	1,337	293	287

* Interests are presented on separate lines from 2022. Comparable figures have been restated for 2021.

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	SCHIBSTED GROUP	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated	restated
											Operating revenues
743	753	827	857	877	1,047	1,121	1,131	1,171	1,274		1,209 Nordic Marketplaces	3,654	3,044	4,176	3,181
1,670	1,697	1,721	1,983	1,761	1,868	1,842	2,055	1,798	1,956		1,835 News Media	5,588	5,470	7,525	7,070
354	382	376	491	523	475	424	491	477	413		425 eCommerce & Distribution	1,316	1,422	1,913	1,604
473	463	496	538	490	476	533	526	450	487		537 Financial Services & Ventures	1,473	1,500	2,026	1,971
236	250	225	231	223	216	217	248	239	249		246 Other/Headquarters	734	656	904	942
(450)	(471)	(458)	(480)	(473)	(463)	(469)	(515)	(487)	(500)		(495) Eliminations	(1,482)	(1,406)	(1,921)	(1,859)
3,026	3,073	3,188	3,620	3,401	3,619	3,667	3,936	3,648	3,880		3,756 Schibsted Group	11,284	10,687	14,623	12,908
											EBITDA
298	341	356	340	360	489	499	434	443	549		486 Nordic Marketplaces	1,478	1,348	1,782	1,336
34	130	258	290	193	263	246	229	81	169		101 News Media	351	701	931	712
(1)	6	9	29	28	10	(10)	(2)	(13)	(28)		(13) eCommerce & Distribution	(54)	28	26	43
20	58	110	81	56	42	97	53	29	37		107 Financial Services & Ventures	172	196	249	270
(66)	(36)	(55)	(76)	(43)	(60)	(63)	(80)	(59)	(107)		(25) Other/Headquarters	(191)	(167)	(247)	(234)
285	498	678	665	594	743	769	634	480	620		655 Schibsted Group	1,755	2,106	2,740	2,126

NOK million 1 quarter 2020 restated	2 quarter 2020 restated	3 quarter 2020 restated	4 quarter 2020 restated	1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	2 quarter 2022	3 quarter 2022	Nordic Marketplaces	2022	Year to date Year to date Full year 2021	2021	Full year 2020 restated
594 101 49 743 3 % (445) 298 40 %	590 106 57 753 -7 % (412) 341 45 %	649 110 68 827 8 % (471) 356 43 %	653 132 72 857 13 % (517) 340 40 %	702 107 67 877 18 % (517) 360 41 %	833 136 78 1,047 39 % (558) 489 47 %	893 135 93 1,121 35 % (622) 499 45 %	884 158 89 1,131 32 % (698) 434 38 %	955 131 84 1,171 33 % (727) 443 38 %	1,026 149 99 1,274 22 % (725) 549 43 %		Nordic Marketplaces total 1,002 Classifieds revenues 123 Advertising revenues 84 Other revenues 1,209 Operating revenues 8 % YOY revenue growth (723) Operating expenses 486 EBITDA 40 % EBITDA-margin	2,984 403 268 3,654 20 % (2,176) 1,478 40 %	2,427 379 238 3,044 31 % (1,696) 1,348 44 %	3,311 537 327 4,176 31 % (2,394) 1,782 43 %	2,486 449 246 3,181 4 % (1,845) 1,336 42 %
383 50 48 480 0 % (270) 211 44 %	366 49 54 469 -13 % (225) 244 52 %	388 45 53 486 -4 % (256) 230 47 %	383 56 59 498 2 % (269) 229 46 %	430 49 54 533 11 % (266) 268 50 %	538 64 69 670 43 % (300) 370 55 %	522 58 68 647 33 % (297) 351 54 %	525 66 61 653 31 % (325) 327 50 %	602 59 60 722 35 % (330) 392 54 %	665 67 72 804 20 % (343) 461 57 %		Marketplaces Norway 643 Classifieds revenues 50 Advertising revenues 65 Other revenues 758 Operating revenues 17 % YOY revenue growth (370) Operating expenses 388 EBITDA 51 % EBITDA-margin	1,910 176 198 2,284 23 % (1,044) 1,240 54 %	1,490 171 190 1,851 29 % (862) 988 53 %	2,015 237 251 2,503 29 % (1,188) 1,316 53 %	1,520 200 214 1,934 -4 % (1,019) 914 47 %
200 38 1 239 9 % (139) 100 42 %	214 44 3 261 7 % (151) 110 42 %	216 46 2 263 10 % (139) 125 47 %	218 53 10 281 13 % (159) 123 44 %	208 40 4 252 6 % (147) 105 42 %	233 50 4 287 10 % (163) 124 43 %	227 44 4 275 4 % (152) 123 45 %	212 50 4 267 -5 % (161) 106 40 %	205 40 3 248 -2 % (160) 87 35 %	220 49 5 275 -4 % (178) 97 35 %		Marketplaces Sweden 214 Classifieds revenues 40 Advertising revenues 4 Other revenues 258 Operating revenues -6 % YOY revenue growth (154) Operating expenses 104 EBITDA 40 % EBITDA-margin	639 130 12 781 -4 % (493) 288 37 %	668 135 11 814 7 % (462) 352 43 %	881 185 15 1,081 4 % (623) 458 42 %	848 181 16 1,044 10 % (587) 457 44 %
11 13 0 24 4 % (20) 4 15 %	11 13 1 24 -16 % (24) 0 1 %	47 20 12 79 216 % (64) 15 19 %	53 24 14 90 286 % (84) 6 7 %	63 18 13 94 292 % (91) 4 4 %	62 22 12 96 300 % (82) 14 15 %	61 16 11 89 12 % (73) 15 17 %	64 20 10 95 5 % (94) 0 0 %	69 15 12 96 2 % (103) (7) -7 %	62 19 15 95 -1 % (90) 6 6 %		Marketplaces Finland 59 Classifieds revenues 17 Advertising revenues 12 Other revenues 89 Operating revenues 0 % YOY revenue growth (77) Operating expenses 11 EBITDA 13 % EBITDA-margin	191 51 38 280 0 % (270) 10 4 %	186 57 36 279 120 % (246) 33 12 %	251 77 46 374 72 % (340) 34 9 %	122 69 27 217 117 % (192) 25 12 %
						83 16 16 115 (89) 26 23 %	82 22 20 123 (94) 30 24 %	78 17 19 115 (96) 19 17 %	80 14 20 113 (94) 19 17 %		Marketplaces Denmark 84 Classifieds revenues 15 Advertising revenues 18 Other revenues 117 Operating revenues 2 % YOY revenue growth (94) Operating expenses 23 EBITDA 20 % EBITDA-margin	243 46 57 345 199 % (284) 62 18 %	83 16 16 115 (89) 26 23 %	165 38 36 239 (183) 56 23 %
(0) (16) (16)	(1) (13) (14)	(1) (12) (14)	(12) (5) (17)	(3) (14) (17)	(7) (13) (19)	(6) (10) (16)	(6) (24) (30)	(10) (39) (48)	(13) (20) (33)		Other Nordic Marketplaces (1) (13) Operating revenues/eliminations (27) Operating expenses (41) EBITDA	(36) (86) (122)	(15) (36) (52)	(22) (60) (82)	(14) (47) (61)
0.9792 10.4521 11.0202 10.6704 10.7574 10.2640 10.0894 10.3274	1.0340	1.0296	1.0476	1.0145	0.9951	1.0130 1.3887	0.9850 9.9723 1.3408	0.9480 1.3349	0.9568 9.9327 10.0228 10.0610 EUR/NOK 1.3472		(1) Other Nordic Marketplaces includes Nordic Marketplaces headquarters, SPT cost allocation and eliminations 0.9474 SEK/NOK 1.3524 DKK/NOK	0.9507 1.3448	1.0075 10.0055 10.2269 10.1633 10.7250 1.3887	1.0019 1.3647	1.0226
204 39 1 244 4 % (142) 102 42 %	207 43 3 252 -6 % (146) 106 42 %	209 44 2 256 -1 % (135) 121 47 %	209 50 10 268 3 % (151) 117 44 %	205 40 4 249 2 % (145) 104 42 %	234 50 4 288 14 % (164) 124 43 %	224 44 4 271 6 % (150) 121 45 %	216 51 4 271 1 % (163) 108 40 %	216 42 3 261 5 % (169) 92 35 %	230 52 5 287 0 % (186) 101 35 %		Marketplaces Sweden in SEK 226 Classifieds revenues 43 Advertising revenues 4 Other revenues 273 Operating revenues 0 % YOY revenue growth (163) Operating expenses 110 EBITDA 40 % EBITDA-margin	672 136 12 821 2 % (518) 303 37 %	664 134 11 809 8 % (459) 349 43 %	879 185 15 1,080 6 % (622) 457 42 %	829 177 15 1,020 0 % (574) 446 44 %
1 1 0 2 -3 % (2) 0 15 %	1 1 0 2 -26 % (2) 0 1 %	4 2 1 7 192 % (6) 1 19 %	5 2 1 8 262 % (8) 1 7 %	6 2 1 9 299 % (9) 0 4 %	6 2 1 10 337 % (8) 1 15 %	6 2 1 9 16 % (7) 1 17 %	6 2 1 10 13 % (9) 0 0 %	7 1 1 10 5 % (10) (1) -7 %	6 2 1 9 0 % (9) 1 6 %		Marketplaces Finland in EUR 6 Classifieds revenues 2 Advertising revenues 1 Other revenues 9 Operating revenues 3 % YOY revenue growth (8) Operating expenses 1 EBITDA 13 % EBITDA-margin	19 28 2 % (27) 4 %	18 5 6 4 3 27 130 % (24) 1 3 12 %	25 8 5 37 82 % (34) 3 9 %	11 6 3 20 99 % (18) 2 12 %
						60 12 12 83 (64) 19 23 %	61 16 15 92 (70) 22 24 %	59 13 14 86 (72) 14 17 %	59 10 15 84 (70) 14 17 %		Marketplaces Denmark in DKK 62 Classifieds revenues 11 Advertising revenues 13 Other revenues 87 Operating revenues 4 % YOY revenue growth (69) Operating expenses 17 EBITDA 20 % EBITDA-margin	180 34 42 257 209 % (211) 46 18 %	60 12 12 83 (64) 19 23 %	121 28 26 175 (134) 41 23 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	News Media	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated	restated
											News Media total
554	552	525	746	607	711	638	842	645	749		628 Advertising revenues	2,022	1,956	2,797	2,377
372	392	384	545	450	536	486	640	493	570		497 -of which digital	1,561	1,473	2,113	1,694
632	657	674	696	699	690	728	734	724	750		772 Subscription revenues	2,247	2,117	2,851	2,658
242	263	285	297	310	311	342	350	350	380		403 -of which digital	1,134	963	1,313	1,086
306	315	331	303	273	282	288	264	238	248		249 Casual sales	736	843	1,107	1,256
178	173	190	237	182	185	188	215	190	208		185 Other revenues	583	554	770	778
1,670	1,697	1,721	1,983	1,761	1,868	1,842	2,055	1,798	1,956		1,835 Operating revenues	5,588	5,470	7,525	7,070
				5 %	10 %	7 %	4 %	2 %	5 %		0 % YOY revenue growth	2 %	8 %	6 %
(607)	(591)	(527)	(621)	(597)	(638)	(571)	(696)	(660)	(694)		(611) Personnel expenses	(1,965)	(1,806)	(2,502)	(2,346)
(1,028)	(975)	(937)	(1,072)	(970)	(967)	(1,025)	(1,130)	(1,057)	(1,093)		(1,123) Other expenses	(3,273)	(2,962)	(4,093)	(4,012)
(1,635)	(1,567)	(1,463)	(1,693)	(1,568)	(1,605)	(1,596)	(1,826)	(1,717)	(1,787)		(1,734) Operating expenses	(5,238)	(4,769)	(6,594)	(6,358)
34	130	258	290	193	263	246	229	81	169		101 EBITDA	351	701	931	712
2 %	8 %	15 %	15 %	11 %	14 %	13 %	11 %	5 %	9 %		5 % EBITDA-margin	6 %	13 %	12 %	10 %
											Split revenue per brand
404	421	439	504	456	503	495	599	511	569		512 VG	1,591	1,454	2,052	1,768
340	359	367	436	376	408	393	423	355	387		373 Aftonbladet	1,115	1,177	1,600	1,502
780	770	767	861	775	793	780	850	766	801		766 Subscription Newspapers	2,333	2,349	3,199	3,178
146	146	147	182	153	164	174	183	166	200		183 Other (1)	549	491	674	621
1,670	1,697	1,721	1,983	1,761	1,868	1,842	2,055	1,798	1,956		1,835 Operating revenues	5,588	5,470	7,525	7,070

(1) Other News Media includes Print, News Media HQ, Shared Services, New Models (TV.nu, Klart.se, Vinguiden and Omni) and eliminations

0.9792	1.0340	1.0296	1.0476	1.0145	0.9951	1.0130	0.9850	0.9480	0.9568	0.9474 SEK/NOK	0.9507 1.0048	1.0019	1.0226
										Aftonbladet in SEK
347	347	357	416	371	410	388	430	375	404	394 Operating revenues	1,173 1,168	1,598	1,467
-14 %	-14 %	-5 %	3 %	7 %	18 %	9 %	3 %	1 %	-1 %	2 % YOY revenue growth	0 % 11 %	9 %	-7 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	eCommerce & Distribution	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated								restated	restated	restated
											eCommerce & Distribution total
354	382	376	491	523	475	424	491	477	413		425 Operating revenues	1,316	1,422	1,913	1,604
18 %	27 %	19 %	36 %	48 %	24 %	13 %	0 %	-9 %	-13 %		0 % YOY revenue growth	-7 %	28 %	19 %	25 %
(356)	(375)	(368)	(462)	(495)	(465)	(434)	(492)	(490)	(441)		(438) Operating expenses	(1,370)	(1,394)	(1,886)	(1,561)
(1)	6	9	29	28	10	(10)	(2)	(13)	(28)		(13) EBITDA	(54)	28	26	43
0 %	2 %	2 %	6 %	5 %	2 %	-2 %	0 %	-3 %	-7 %		-3 % EBITDA-margin	-4 %	2 %	1 %	3 %
											Split revenue per Business area
119	164	151	249	282	250	198	252	241	188		190 New business (1)	618	730	982	683
259	247	255	291	296	277	278	300	293	275		287 Legacy (2)	855	851	1,151	1,052
(24)	(30)	(29)	(49)	(55)	(51)	(52)	(62)	(56)	(50)		(51) Eliminations	(157)	(158)	(220)	(132)
354	382	376	491	523	475	424	491	477	413		425 Operating revenues	1,316	1,422	1,913	1,604

(1) New business consists of mainly the eCommerce brands Helthjem and Morgenlevering (2) Legacy consists of the newspaper distribution operations in Norway

NOK million
1 quarter 2020	2 quarter 2020	3 quarter 2020	4 quarter 2020	1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	2 quarter 2022	3 quarter 2022	Financial Services & Ventures	2022	Year to date Year to date 2021	Full year 2021	Full year 2020
restated	restated	restated	restated	restated	restated								restated	restated	restated
											Financial Services & Ventures
473	463	496	538	490	476	533	526	450	487		537 Operating revenues	1,473	1,500	2,026	1,971
7 %	11 %	10 %	8 %	4 %	3 %	7 %	-2 %	-8 %	2 %		1 % YOY revenue growth	-2 %	5 %	3 %	9 %
(453)	(406)	(386)	(457)	(434)	(435)	(436)	(473)	(421)	(450)		(430) Operating expenses	(1,301)	(1,304)	(1,778)	(1,702)
20	58	110	81	56	42	97	53	29	37		107 EBITDA	172	196	249	270
4 %	12 %	22 %	15 %	12 %	9 %	18 %	10 %	6 %	8 %		20 % EBITDA-margin	12 %	13 %	12 %	14 %
											Lendo
250	208	251	229	242	238	300	262	273	289		330 Operating revenues	892	780	1,042	938
9 %	1 %	9 %	5 %	-3 %	14 %	19 %	14 %	13 %	22 %		10 % YOY revenue growth	14 %	10 %	11 %	6 %
(207)	(182)	(174)	(185)	(193)	(204)	(229)	(218)	(234)	(255)		(260) Operating expenses	(749)	(626)	(844)	(749)
43	25	78	43	50	34	70	44	39	34		70 EBITDA	143	154	197	189
17 %	12 %	31 %	19 %	20 %	14 %	23 %	17 %	14 %	12 %		21 % EBITDA-margin	16 %	20 %	19 %	20 %
											Prisjakt
75	94	86	144	89	87	83	124	76	78		87 Operating revenues	241	259	383	398
3 %	29 %	34 %	24 %	20 %	-7 %	-4 %	-14 %	-15 %	-11 %		6 % YOY revenue growth	-7 %	2 %	-4 %	22 %
(62)	(58)	(60)	(96)	(64)	(65)	(57)	(88)	(64)	(68)		(59) Operating expenses	(190)	(186)	(274)	(276)
12	36	26	48	25	22	26	36	12	10		29 EBITDA	51	73	109	122
16 %	38 %	31 %	33 %	28 %	25 %	32 %	29 %	16 %	12 %		33 % EBITDA-margin	21 %	28 %	29 %	31 %
											Other Financial Services & Ventures (1)
148	162	159	165	159	152	151	141	101	120		120 Operating revenues/eliminations	341	461	602	635
6 %	15 %	3 %	2 %	7 %	-7 %	-5 %	-15 %	-36 %	-21 %		-21 % YOY revenue growth	-26 %	-2 %	-5 %	6 %
(183)	(166)	(153)	(175)	(177)	(166)	(150)	(167)	(123)	(127)		(112) Operating expenses	(362)	(492)	(660)	(677)
(35)	(3)	6	(10)	(18)	(14)	1	(27)	(22)	(7)		8 EBITDA	(22)	(31)	(58)	(42)
-23 %	-2 %	4 %	-6 %	-12 %	-9 %	1 %	-19 %	-22 %	-6 %		7 % EBITDA-margin	-6 %	-7 %	-10 %	-7 %

(1) Other Financial Services & Ventures includes Compricer, Finansportalen, MittAnbud, 3byggetilbud, Servicefinder, Mötesplatsen, Let's Deal, Schibsted Growth HQ, other Financial Services and Growth assets, SPT cost allocation and eliminations