Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Feb 11, 2022

8. Financial Services & Ventures

Financials and analytical info Q4 2021

• 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

schibsted.com/ir

NOK million

												SCHIBSTED GROUP
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		4 quarter CONDENSED CONSOLIDATED	Full year	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021	INCOME STATEMENT	2021	2020	2019
restated and	restated and	restated and	restated and	restated and	restated and	restated	restated							restated and	restated and
re-presented	re-presented	re-presented	re-presented	re-presented	re-presented									re-presented	re-presented
566	629	610	578	593	590	649	653	702	832	892		884 Classified revenues	3,309	2,485	2,383
772	836	639	887	653	653	630	894	705	843	765		995 Advertising revenues	3,309	2,829	3,134
538	597	451	641	473	495	490	694	551	670	613		801 -of which digital	2,634	2,153	2,227
679	677	701	703	689	717	737	761	763	753	789		788 Subscription revenues	3,093	2,905	2,760
256	271	293	294	301	324	349	363	374	374	404		403 -of which digital	1,556	1,336	1,113
333	340	355	330	306	315	331	303	273	282	288		264 Casual sales	1,107	1,256	1,358
739	734	727	818	785	799	840	1,009	958	908	933		1,006 Other revenues	3,804	3,434	3,017
3,089	3,216	3,032	3,316	3,026	3,073	3,188	3,620	3,401	3,619	3,667		3,936 Operating revenues	14,623	12,908	12,653
(102)	(102)	(101)	(111)	(93)	(100)	(109)	(151)	(146)	(129)	(115)		(141) Raw materials and finished goods	(531)	(454)	(416)
(1,232)	(1,213)	(1,078)	(1,270)	(1,221)	(1,189)	(1,130)	(1,365)	(1,299)	(1,366)	(1,293)		(1,527) Personnel expenses	(5,486)	(4,905)	(4,793)
(1,337)	(1,343)	(1,311)	(1,476)	(1,427)	(1,286)	(1,271)	(1,439)	(1,361)	(1,380)	(1,490)		(1,634) Other operating expenses	(5,865)	(5,422)	(5,467)
418	557	542	460	285	498	678	665	594	743	769		634 Gross operating profit (loss) - EBITDA	2,740	2,126	1,977
(208)	(208)	(196)	(201)	(193)	(199)	(218)	(218)	(220)	(233)	(268)		(262) Depreciation and amortisation	(984)	(829)	(813)
(19)	(18)		(8) (13)	(30)	(4)	2	(12)	(0)	(22)	(24)		(146) Share of profit (loss) of joint ventures and associates	(193)	(44)	(58)
(9)	(0)		(0) (26)	(0)	(13)	(7)	(40)	(6)	(91)	(9)		(20,012) Impairment loss	(20,119)	(61)	(35)
-	-		1	9 66	63	(1)	17	10	64	123		133 Other income	328	146	11
(14)	(38)	(48)	(61)	(11)	(59)	(94)	(72)	(31)	(45)	(26)		(70) Other expenses	(171)	(237)	(162)
168	293	290	168	117	285	360	339	346	415	564		(19,723) Operating profit (loss)	(18,398)	1,101	920
33	18	22	19	16	7	14	12	3	4	3		18 Financial income	28	37	89
(43)	(45)	(47)	(48)	(56)	(53)	(52)	(47)	(56)	(58)	(58)		(78) Financial expense	(248)	(197)	(179)
158	266	266	139	77	239	321	304	294	362	509		(19,782) Profit (loss) before taxes	(18,618)	941	829
(59)	(86)	(77)	(53)	(28)	264	(59)	(49)	(71)	(57)	(96)		(57) Taxes	(280)	128	(275)
99	180	189	86	48	503	262	254	222	305	414		(19,839) Profit (loss) from continuing operations	(18,898)	1,068	554
221	173	213	35	(434)	(34)	(209)	444	(501)	60,471	(3)		(2) Profit/loss from discontinued operations	59,965	(233)	642
320	353	402	121	(385)	469	53	698	(279)	60,776	410		(19,841) Profit (loss)	41,066	836	1,196
												Profit (loss) attributable to:
19	83	109	36	(171)	(1)	(58)	209	(175)	(135)	18		18 Non-controlling interests	(274)	(22)	247
300	271	292	85	(214)	471	112	490	(104)	60,911	392		(19,859) Owners of the parent	41,341	858	949
												Earnings per share (NOK)
1.26	1.14	1.23	0.36	(0.91)	2.01	0.48	2.09	(0.44)	260.36	1.68		(84.86) Basic	176.70	3.67	4.00
1.26	1.13	1.23	0.36	(0.91)	2.01	0.48	2.09	(0.44)	259.92	1.67		(84.69) Diluted	176.40	3.66	3.99
1.42	1.40	1.43	1.36	(1.11)	2.03	1.60	2.69	1.41	3.50	1.28		0.35 Basic - adjusted	6.54	5.21	5.59
1.41	1.40	1.43	1.36	(1.11)	2.03	1.60	2.69	1.41	3.50	1.28		0.34 Diluted - adjusted	6.53	5.20	5.58

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	31.12
STATEMENT OF FINANCIAL POSITION	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021
Intangible assets	16,287	16,459	16,748	17,369	19,773	19,014	6,153	6,018	5,824	9,420	9,363	9,313
Property, plant and equipment and investment property	845	866	857	849	869	745	492	480	462	499	496	520
Right-of-use assets	1,789	1,764	2,374	2,317	2,894	2,735	1,641	1,620	1,549	1,516	1,441	1,355
Investments in joint ventures and associates	4,407	4,423	4,470	4,529	4,340	4,062	906	922	918	69,883	69,898	48,520
Deferred tax assets	264	218	274	179	234	588	702	690	709	716	737	621
Other non-current assets	154	166	182	241	346	344	88	101	97	132	285	736
Non-current assets	23,746	23,897	24,904	25,483	28,456	27,489	9,981	9,832	9,560	82,166	82,221	61,065
Contract assets	359	477	335	224	226	226	178	173	170	267	255	210
Trade receivables and other current assets	2,656	2,763	2,732	3,047	3,198	3,147	1,839	1,792	1,835	1,617	1,758	1,806
Cash and cash equivalents	727	4,578	4,403	3,866	3,977	6,282	1,021	1,306	1,104	727	709	1,108
Assets held for sale	-	-	-	157	-	-	25,184	35,375	33,292	-	-	-
Current assets	3,743	7,818	7,470	7,294	7,401	9,655	28,222	38,646	36,401	2,610	2,722	3,125
Total assets	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478	45,961	84,776	84,943	64,189
Paid-in equity	6,924	6,941	6,948	6,969	6,993	6,990	7,011	7,028	7,034	7,026	7,049	7,060
Other equity	7,251	4,182	3,737	3,529	3,820	3,696	3,738	3,151	2,770	64,120	64,340	43,271
Equity attributable to owners of the parent	14,175	11,123	10,685	10,498	10,813	10,686	10,749	10,178	9,804	71,145	71,389	50,332
Non-controlling interests	272	6,208	6,367	6,383	6,887	6,402	6,111	5,675	5,465	112	130	201
Equity	14,447	17,331	17,052	16,882	17,700	17,088	16,860	15,853	15,269	71,257	71,519	50,533
Deferred tax liabilities	884	838	852	944	1,078	1,020	335	351	331	641	590	576
Pension liabilities	1,175	1,190	1,438	1,095	1,356	1,450	1,235	1,154	1,094	1,065	1,252	1,090
Non-current interest-bearing loans and borrowings	3,830	4,246	4,286	4,729	4,958	5,297	3,139	3,090	3,078	6,344	3,034	3,592
Non-current lease liabilities	1,644	1,607	2,262	2,192	2,750	2,579	1,550	1,503	1,424	1,388	1,316	1,237
Other non-current liabilities	318	373	367	355	521	411	290	317	269	389	379	340
Non-current liabilities	7,851	8,255	9,204	9,314	10,664	10,757	6,550	6,416	6,195	9,827	6,571	6,835
Current interest-bearing loans and borrowings	88	1,079	1,080	1,089	1,102	3,133	693	678	675	79	3,375	3,274
Income tax payable	310	245	334	234	184	115	235	74	95	122	190	154
Current lease liabilities	388	401	356	352	426	446	275	286	293	298	307	306
Contract liabilities	1,206	1,187	1,126	1,109	1,278	1,227	585	600	635	632	588	553
Other current liabilities	3,200	3,217	3,222	3,660	4,502	4,378	2,279	2,537	2,322	2,562	2,392	2,534
Liabilities held for sale	-	-	-	138	-	-	10,727	22,034	20,476	-	-	-
Current liabilities	5,191	6,128	6,118	6,582	7,492	9,299	14,793	26,209	24,497	3,692	6,853	6,821
Total equity and liabilities	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478	45,961	84,776	84,943	64,189

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
STATEMENT OF CASH FLOWS	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021
Profit (loss) before taxes from continuing operations	158	424	690	829	77	316	637	941	294	655	1,165	(18,618)
Profit (loss) before taxes from discontinued operations	356	657	1,031	1,119	(308)	(247)	(272)	154	(335)	(130)	(134)	(134)
Depreciation, amortisation and impairment losses	328	636	932	1,537	335	710	968	1,226	226	552	829	21,103
Net effect pension liabilities	(65)	(51)	(56)	(84)	(46)	(42)	(28)	(7)	(55)	(79)	(71)	(85)
Share of loss (profit) of joint ventures and associates, net of dividends received	(21)	62	72	40	27	9	40	52	12	36	63	210
Taxes paid	(301)	(597)	(779)	(978)	(159)	(333)	(522)	(819)	(199)	(397)	(415)	(424)
Sales losses (gains) non-current assets and other non-cash losses (gains)	1	2	(2)	(1)	(66)	(124)	(138)	(189)	553	522	404	309
Non-cash items and change in working capital and provisions	323	132	196	382	678	717	974	1,043	220	159	(7)	137
Net cash flow from operating activities	778	1,265	2,085	2,844	538	1,005	1,659	2,402	715	1,318	1,833	2,498
- of which from continuing operations	276	582	1,038	1,532	98	418	711	1,292	299	977	1,493	2,157
- of which from discontinued operations	502	683	1,047	1,312	440	587	948	1,110	416	341	341	341
Net cash flow from investing activities	(491)	(867)	(1,144)	(2,244)	(366)	(708)	(2,947)	(6,109)	(404)	(4,914)	(5,278)	(5,923)
- of which from continuing operations	(334)	(475)	(638)	(888)	(165)	(348)	(2,473)	(2,654)	(424)	(3,534)	(3,782)	(4,425)
- of which from discontinued operations	(157)	(392)	(506)	(1,356)	(201)	(360)	(474)	(3,455)	20	(1,380)	(1,496)	(1,499)
Net cash flow from financing activities	(1,387)	2,352	1,626	1,429	(201)	2,121	2,022	2,624	(341)	1,694	1,525	1,909
- of which from continuing operations	(1,024)	2,547	1,849	1,219	(155)	(319)	(391)	(498)	(69)	2,086	1,917	2,301
- of which from discontinued operations	(363)	(195)	(223)	210	(46)	2,440	2,413	3,122	(271)	(392)	(392)	(392)
Effect of exchange rate changes on cash and cash equivalents	(16)	(16)	(7)	(7)	140	(2)	67	(105)	(80)	(48)	(49)	(54)
Net increase (decrease) in cash and cash equivalents	(1,116)	2,734	2,560	2,022	111	2,417	801	(1,188)	(109)	(1,951)	(1,969)	(1,570)
Cash and cash equivalents at start of period	1,844	1,844	1,844	1,844	3,866	3,866	3,866	3,866	2,678	2,678	2,678	2,678
Cash and cash equivalents at end of period	727	4,578	4,403	3,866	3,977	6,282	4,666	2,678	2,569	727	709	1,108
- 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	727	4,578	4,403	3,866	3,977	6,282	1,021	1,306	1,104	727	709	1,108

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021	SCHIBSTED GROUP	2021	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated	restated	restated				restated	restated	restated
												Operating revenues
722	813	769	758	743	753	827	857	877	1,047	1,121	1,131	Nordic Marketplaces	4,176	3,181	3,062
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845	1,947	1,928	2,152	News Media	7,872	7,459	7,568
300	301	317	362	354	382	376	491	523	475	424	491	eCommerce & Distribution	1,913	1,604	1,281
442	419	449	497	473	463	496	538	490	476	533	526	Financial Services & Ventures	2,026	1,971	1,807
141	151	143	143	167	177	162	162	161	158	160	183	Other/Headquarters	662	668	579
(398)	(408)	(421)	(415)	(482)	(504)	(483)	(506)	(495)	(485)	(499)	(548)	Eliminations	(2,026)	(1,975)	(1,643)
3,089	3,216	3,032	3,316	3,026	3,073	3,188	3,620	3,401	3,619	3,667		3,936 Schibsted Group	14,623	12,908	12,653
												EBITDA
307	374	373	306	298	341	356	340	360	489	499	434	Nordic Marketplaces	1,782	1,336	1,360
126	203	166	156	37	148	272	294	205	275	247	233	News Media	961	750	651
3	8	11	14	(1)	6	9	29	28	10	(10)	(2)	eCommerce & Distribution	26	43	36
53	37	56	66	20	58	110	81	56	42	97	53	Financial Services & Ventures	249	270	213
(71)	(66)	(63)	(83)	(69)	(54)	(69)	(80)	(56)	(73)	(65)	(84)	Other/Headquarters	(277)	(272)	(284)
418	557	542	460	285	498	678	665	594	743	769		634 Schibsted Group	2,740	2,126	1,977

NOK million 1 quarter 2019 restated	2 quarter 2019 restated	3 quarter 2019 restated	4 quarter 2019 restated	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	Nordic Marketplaces	Full year 2021	Full year 2020 restated	Full year 2019 restated
567 100 55 722 (415) 307 43 %	629 125 59 813 (439) 374 46 %	611 106 52 769 (396) 373 48 %	579 126 53 758 (452) 306 40 %	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 %		Nordic Marketplaces total 884 Classifieds revenues 158 Advertising revenues 89 Other revenues 1,131 Operating revenues 32 % YOY revenue growth (698) Operating expenses 434 EBITDA 38 % EBITDA-margin	3,311 537 327 4,176 31 % (2,394) 1,782 43 %	2,486 449 246 3,181 4 % (1,845) 1,336 42 %	2,385 457 220 3,062 (1,702) 1,360 44 %
384 43 54 480 (258) 222 46 %	427 55 58 540 (269) 271 50 %	405 48 52 505 (238) 266 53 %	372 62 52 486 (265) 222 46 %	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 %		Marketplaces Norway 525 Classifieds revenues 66 Advertising revenues 61 Other revenues 653 Operating revenues 31 % YOY revenue growth (325) Operating expenses 327 EBITDA 50 % EBITDA-margin	2,015 237 251 2,503 29 % (1,188) 1,316 53 %	1,520 200 214 1,934 -4 % (1,019) 914 47 %	1,588 209 215 2,012 (1,031) 981 49 %
176 42 1 219 (119) 100 46 %	192 51 1 245 (129) 115 47 %	196 43 1 240 (122) 118 49 %	197 50 2 248 (148) 100 40 %	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 %		Marketplaces Sweden 212 Classifieds revenues 50 Advertising revenues 4 Other revenues 267 Operating revenues -5 % YOY revenue growth (161) Operating expenses 106 EBITDA 40 % EBITDA-margin	881 185 15 1,081 4 % (623) 458 42 %	848 181 16 1,044 10 % (587) 457 44 %	761 186 4 951 (519) 432 45 %
8 15 0 23 (23) (0) 0 %	9 19 0 29 (25) 3 12 %	10 15 0 25 (22) 3 11 %	10 14 0 23 (22) 1 6 %	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 %		Marketplaces Finland 64 Classifieds revenues 20 Advertising revenues 10 Other revenues 95 Operating revenues 5 % YOY revenue growth (94) Operating expenses 0 EBITDA 0 % EBITDA-margin	251 77 46 374 72 % (340) 34 9 %	122 69 27 217 117 % (192) 25 12 %	36 63 1 100 (92) 8 8 %
										83 16 16 115 (89) 26 23 %		Marketplaces Denmark 82 Classifieds revenues 22 Advertising revenues 20 Other revenues 123 Operating revenues YOY revenue growth (94) Operating expenses 30 EBITDA 24 % EBITDA-margin	165 38 36 239 (183) 56 23 %
(0) (14) (14)	(0) (15) (15)	(0) (14) (14)	(0) (17) (17)	(0) (16) (16)	(1) (13) (14)	(1) (12) (14)	(12) (5) (17)	(3) (14) (17)	(7) (13) (19)	(6) (10) (16)		Other Nordic Marketplaces (1) (6) Operating revenues/eliminations (24) Operating expenses (30) EBITDA (1) Other Nordic Marketplaces includes Nordic Marketplaces headquarters, SPT cost allocation and eliminations	(22) (60) (82)	(14) (47) (61)	(1) (60) (60)
0.9352 9.7421	0.9153 9.7162	0.9237	0.9481	0.9792	1.0340	1.0296	1.0476	1.0145	0.9951	1.0130 9.8511 10.0917 10.4521 11.0202 10.6704 10.7574 10.2640 10.0894 10.3274 1.3887		0.9850 SEK/NOK 9.9723 EUR/NOK 1.3408 DKK/NOK	1.3647	1.0019 1.0226 0.9306 10.1633 10.7250 9.8503
188 45 1 234 (127) 107 46 %	210 56 1 267 (141) 126 47 %	212 47 1 260 (132) 127 49 %	208 52 2 262 (157) 105 40 %	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 %		Marketplaces Sweden in SEK 216 Classifieds revenues 51 Advertising revenues 4 Other revenues 271 Operating revenues 1 % YOY revenue growth (163) Operating expenses 108 EBITDA 40 % EBITDA-margin	879 185 15 1,080 6 % (622) 457 42 %	829 177 15 1,020 0 % (574) 446 44 %	818 200 5 1,022 (558) 465 45 %
1 2 0 2 (2) (0) 0 %	1 2 0 3 (3) 0 12 %	1 1 0 3 (2) 0 11 %	1 1 0 2 (2) 0 6 %	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 %		Marketplaces Finland in EUR 6 Classifieds revenues 2 Advertising revenues 1 Other revenues 10 Operating revenues 13 % YOY revenue growth (9) Operating expenses 0 EBITDA 0 % EBITDA-margin	25 8 5 37 82 % (34) 3 9 %	11 6 3 20 99 % (18) 2 12 %	4 6 0 10 (9) 1 8 %
										60 12 12 83 (64) 19 23 %		Marketplaces Denmark in DKK 61 Classifieds revenues 16 Advertising revenues 15 Other revenues 92 Operating revenues YOY revenue growth (70) Operating expenses 22 EBITDA 24 % EBITDA-margin	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	4 quarter		Full year	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021	News Media	2021	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated							restated	restated
												News Media total
685	721	547	747	554	552	525	746	607	711	638		842 Advertising revenues	2,797	2,377	2,700
449	469	358	498	372	392	384	545	450	536	486		640 -of which digital	2,113	1,694	1,775
626	628	648	648	632	657	674	696	699	690	728		734 Subscription revenues	2,851	2,658	2,550
203	221	239	238	242	263	285	297	310	311	342		350 -of which digital	1,313	1,086	901
333	340	355	330	306	315	331	303	273	282	288		264 Casual sales	1,107	1,256	1,358
238	250	225	246	278	279	278	332	266	264	274		312 Other revenues	1,117	1,168	960
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845	1,947	1,928		2,152 Operating revenues	7,872	7,459	7,568
				-6 %	-7 %	2 %	5 %	4 %	8 %	7 %		4 % YOY revenue growth	6 %	-1 %
(695)	(675)	(592)	(686)	(660)	(641)	(568)	(683)	(650)	(684)	(618)		(754) Personnel expenses	(2,705)	(2,551)	(2,648)
(1,061)	(1,062)	(1,017)	(1,128)	(1,073)	(1,014)	(969)	(1,102)	(989)	(988)	(1,063)		(1,165) Other expenses	(4,206)	(4,158)	(4,268)
(1,757)	(1,737)	(1,609)	(1,814)	(1,733)	(1,654)	(1,537)	(1,784)	(1,639)	(1,672)	(1,681)		(1,919) Operating expenses	(6,911)	(6,709)	(6,917)
126	203	166	156	37	148	272	294	205	275	247		233 EBITDA	961	750	651
7 %	10 %	9 %	8 %	2 %	8 %	15 %	14 %	11 %	14 %	13 %		11 % EBITDA-margin	12 %	10 %	9 %
												Split revenue per brand
416	448	409	454	404	421	439	504	456	503	495		599 VG	2,052	1,768	1,727
378	367	347	383	340	359	367	436	376	408	393		423 Aftonbladet	1,600	1,502	1,475
862	892	830	913	780	770	767	861	775	793	780		850 Subscription Newspapers	3,199	3,178	3,496
226	232	190	222	247	252	235	277	237	244	260		280 Other (1)	1,021	1,010	870
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845	1,947	1,928		2,152 Operating revenues	7,872	7,459	7,568
												(1) Other News Media includes Print, News Media HQ, Shared Services, New Models (TV.nu, Klart.se, Vinguiden and Omni) and eliminations

0.9352	0.9153	0.9237	0.9481	0.9792	1.0340	1.0296	1.0476	1.0145	0.9951	1.0130	0.9850 SEK/NOK	1.0019	1.0226	0.9306
											Aftonbladet in SEK
405	401	375	404	347	347	357	416	371	410	388	430 Operating revenues	1,598	1,467	1,585
				-14 %	-14 %	-5 %	3 %	7 %	18 %	9 %	3 % YOY revenue growth	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	4 quarter		Full year	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021	eCommerce & Distribution	2021	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated	restated	restated				restated	restated	restated
												eCommerce & Distribution total
300	301	317	362	354	382	376	491	523	475	424		491 Operating revenues	1,913	1,604	1,281
				18 %	27 %	19 %	36 %	48 %	24 %	13 %		0 % YOY revenue growth	19 %	25 %
(298)	(293)	(306)	(348)	(356)	(375)	(368)	(462)	(495)	(465)	(434)		(492) Operating expenses	(1,886)	(1,561)	(1,245)
3	8	11	14	(1)	6	9	29	28	10	(10)		(2) EBITDA	26	43	36
1 %	3 %	3 %	4 %	0 %	2 %	2 %	6 %	5 %	2 %	-2 %		0 % EBITDA-margin	1 %	3 %	3 %
												Split revenue per Business area
61	66	75	109	119	164	151	249	282	250	198		252 New business (1)	982	683	311
250	247	256	280	259	247	255	291	296	277	278		300 Legacy (2)	1,151	1,052	1,033
(10)	(12)	(15)	(27)	(24)	(30)	(29)	(49)	(55)	(51)	(52)		(62) Eliminations	(220)	(132)	(63)
300	301	317	362	354	382	376	491	523	475	424		491 Operating revenues	1,913	1,604	1,281

(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 2019	2 quarter 2019	3 quarter 2019	4 quarter 2019	1 quarter 2020	2 quarter 2020	3 quarter 2020	4 quarter 2020	1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	Financial Services & Ventures	Full year 2021	Full year 2020	Full year 2019
restated	restated	restated	restated	restated	restated	restated	restated	restated	restated				restated	restated	restated
												Financial Services & Ventures
442	419	449	497	473	463	496	538	490	476	533		526 Operating revenues	2,026	1,971	1,807
				7 %	11 %	10 %	8 %	4 %	3 %	7 %		-2 % YOY revenue growth	3 %	9 %
(388)	(382)	(393)	(431)	(453)	(406)	(386)	(457)	(434)	(435)	(436)		(473) Operating expenses	(1,778)	(1,702)	(1,594)
53	37	56	66	20	58	110	81	56	42	97		53 EBITDA	249	270	213
12 %	9 %	12 %	13 %	4 %	12 %	22 %	15 %	12 %	9 %	18 %		10 % EBITDA-margin	12 %	14 %	12 %
											(1)
												Lendo
229	205	230	218	250	208	251	229	242	238	300		262 Operating revenues	1,042	938	882
				9 %	1 %	9 %	5 %	-3 %	14 %	19 %		14 % YOY revenue growth	11 %	6 %
(178)	(179)	(183)	(188)	(207)	(182)	(174)	(185)	(193)	(204)	(229)		(218) Operating expenses	(844)	(749)	(727)
51	26	47	30	43	25	78	43	50	34	70		44 EBITDA	197	189	155
22 %	13 %	20 %	14 %	17 %	12 %	31 %	19 %	20 %	14 %	23 %		17 % EBITDA-margin	19 %	20 %	18 %
												Prisjakt
72	72	64	116	75	94	86	144	89	87	83		124 Operating revenues	383	398	325
				3 %	29 %	34 %	24 %	20 %	-7 %	-4 %		-14 % YOY revenue growth	-4 %	22 %
(53)	(54)	(51)	(72)	(62)	(58)	(60)	(96)	(64)	(65)	(57)		(88) Operating expenses	(274)	(276)	(230)
19	19	13	44	12	36	26	48	25	22	26		36 EBITDA	109	122	95
27 %	26 %	20 %	38 %	16 %	38 %	31 %	33 %	28 %	25 %	32 %		29 % EBITDA-margin	29 %	31 %	29 %
												Other Financial Services & Ventures (1)
140	141	155	163	148	162	159	165	159	152	151		141 Operating revenues/eliminations	602	635	599
				6 %	15 %	3 %	2 %	7 %	-7 %	-5 %		-15 % YOY revenue growth	-5 %	6 %
(157)	(149)	(159)	(171)	(183)	(166)	(153)	(175)	(177)	(166)	(150)		(167) Operating expenses	(660)	(677)	(636)
(17)	(8)	(4)	(8)	(35)	(3)	6	(10)	(18)	(14)	1		(27) EBITDA	(58)	(42)	(37)
-12 %	-6 %	-3 %	-5 %	-23 %	-2 %	4 %	-6 %	-12 %	-9 %	1 %		-19 % EBITDA-margin	-10 %	-7 %	-6 %

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