Vend Marketplaces ASA

Quarterly Report • Jul 16, 2021

Financials and analytical info as of Q2 2021

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Nordic Marketplaces
• 1. News Media
• 1. Financial Services
• 1. Growth

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 (on paternity leave) Malin Langtvet, IR Officer

ir@schibsted.com +47 916 86 710

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	CONDENSED CONSOLIDATED		Year to date Year to date	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	INCOME STATEMENT	2021	2020	2020	2019
restated and	restated and	restated and	restated and	restated and	restated and	restated	restated					restated and	restated	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	Classified revenues	1,534	1,183	2,485	2,383
772	836	639	887	653	653	630	894	705	843	Advertising revenues	1,549	1,305	2,829	3,134
538	597	451	641	473	495	490	694	551	670	-of which digital	1,221	968	2,153	2,227
679	677	701	703	689	717	737	761	763	753	Subscription revenues	1,516	1,407	2,905	2,760
256	271	293	294	301	324	349	363	374	374	-of which digital	748	625	1,336	1,113
333	340	355	330	306	315	331	303	273	282	Casual sales	555	621	1,256	1,358
739	734	727	818	785	799	840	1,009	958	908	Other revenues	1,866	1,584	3,434	3,017
3,089	3,216	3,032	3,316	3,026	3,073	3,188	3,620	3,401		3,619 Operating revenues	7,019	6,099	12,908	12,653
(102)	(102)	(101)	(111)	(93)	(100)	(109)	(151)	(146)	(129)	Raw materials and finished goods	(275)	(193)	(454)	(416)
(1,232)	(1,213)	(1,078)	(1,270)	(1,221)	(1,189)	(1,130)	(1,365)	(1,299)	(1,366)	Personnel expenses	(2,665)	(2,410)	(4,905)	(4,793)
(1,337)	(1,343)	(1,311)	(1,476)	(1,427)	(1,286)	(1,271)	(1,439)	(1,361)	(1,380)	Other operating expenses	(2,741)	(2,713)	(5,422)	(5,467)
418	557	542	460	285	498	678	665	594		743 Gross operating profit (loss) - EBITDA	1,338	783	2,126	1,977
(208)	(208)	(196)	(201)	(193)	(199)	(218)	(218)	(220)	(233)	Depreciation and amortisation	(454)	(393)	(829)	(813)
(19)	(18)	(8)	(13)	(30)	(4)	2	(12)	(0)	(22)	Share of profit (loss) of joint ventures and associates	(23)	(34)	(44)	(58)
(9)	(0)	(0)	(26)	(0)	(13)	(7)	(40)	(6)	(91)	Impairment loss	(97)	(13)	(61)	(35)
-	-	1	9	66	63	(1)	17	10	64	Other income	74	129	146	11
(14)	(38)	(48)	(61)	(11)	(59)	(94)	(72)	(31)	(45)	Other expenses	(76)	(70)	(237)	(162)
168	293	290	168	117	285	360	339	346		415 Operating profit (loss)	761	402	1,101	920
33	18	22	19	16	7	14	12	3	4	Financial income	8	24	37	89
(43)	(45)	(47)	(48)	(56)	(53)	(52)	(47)	(56)	(58)	Financial expense	(114)	(110)	(197)	(179)
158	266	266	139	77	239	321	304	294		362 Profit (loss) before taxes	655	316	941	829
(59)	(86)	(77)	(53)	(28)	264	(59)	(49)	(71)	(57)	Taxes	(128)	236	128	(275)
99	180	189	86	48	503	262	254	222		305 Profit (loss) from continuing operations	527	552	1,068	554
221	173	213	35	(434)	(34)	(209)	444	(501)	60,471	Profit/loss from discontinued operations	59,970	(468)	(233)	642
320	353	402	121	(385)	469	53	698	(279)		60,776 Profit (loss)	60,497	84	836	1,196
										Profit (loss) attributable to:
19	83	109	36	(171)	(1)	(58)	209	(175)	(135)	Non-controlling interests	(310)	(173)	(22)	247
300	271	292	85	(214)	471	112	490	(104)	60,911	Owners of the parent	60,807	257	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	Basic	259.95	1.10	3.67	4.00
1.26	1.13	1.23	0.36	(0.91)	2.01	0.48	2.09	(0.44)	259.92	Diluted	259.48	1.10	3.66	3.99
1.42	1.40	1.43	1.36	(1.11)	2.03	1.60	2.69	1.41	3.50	Basic - adjusted	4.91	0.91	5.21	5.59
1.41	1.40	1.43	1.36	(1.11)	2.03	1.60	2.69	1.41	3.50	Diluted - adjusted	4.91	0.91	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
STATEMENT OF FINANCIAL POSITION	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021
Intangible assets	16,287	16,459	16,748	17,369	19,773	19,014	6,153	6,018	5,824	9,420
Property, plant and equipment and investment property	845	866	857	849	869	745	492	480	462	499
Right-of-use assets	1,789	1,764	2,374	2,317	2,894	2,735	1,641	1,620	1,549	1,516
Investments in joint ventures and associates	4,407	4,423	4,470	4,529	4,340	4,062	906	922	918	69,883
Deferred tax assets	264	218	274	179	234	588	702	690	709	716
Other non-current assets	154	166	182	241	346	344	88	101	97	132
Non-current assets	23,746	23,897	24,904	25,483	28,456	27,489	9,981	9,832	9,560	82,166
Contract assets	359	477	335	224	226	226	178	173	170	267
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
Cash and cash equivalents	727	4,578	4,403	3,866	3,977	6,282	1,021	1,306	1,104	727
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
Total assets	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478	45,961	84,776
Paid-in equity	6,924	6,941	6,948	6,969	6,993	6,990	7,011	7,028	7,034	7,026
Other equity	7,251	4,182	3,737	3,529	3,820	3,696	3,738	3,151	2,770	64,120
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
Non-controlling interests	272	6,208	6,367	6,383	6,887	6,402	6,111	5,675	5,465	112
Equity	14,447	17,331	17,052	16,882	17,700	17,088	16,860	15,853	15,269	71,257
Deferred tax liabilities	884	838	852	944	1,078	1,020	335	351	331	641
Pension liabilities	1,175	1,190	1,438	1,095	1,356	1,450	1,235	1,154	1,094	1,065
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
Non-current lease liabilities	1,644	1,607	2,262	2,192	2,750	2,579	1,550	1,503	1,424	1,388
Other non-current liabilities	318	373	367	355	521	411	290	317	269	389
Non-current liabilities	7,851	8,255	9,204	9,314	10,664	10,757	6,550	6,416	6,195	9,827
Current interest-bearing loans and borrowings	88	1,079	1,080	1,089	1,102	3,133	693	678	675	79
Income tax payable	310	245	334	234	184	115	235	74	95	122
Current lease liabilities	388	401	356	352	426	446	275	286	293	298
Contract liabilities	1,206	1,187	1,126	1,109	1,278	1,227	585	600	635	632
Other current liabilities	3,200	3,217	3,222	3,660	4,502	4,378	2,279	2,537	2,322	2,562
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
Total equity and liabilities	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478	45,961	84,776

NOK million

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

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	SCHIBSTED GROUP	2021	2020	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated
										Operating revenues
722	813	769	758	743	753	827	857	877		1,047 Nordic Marketplaces	1,924	1,496	3,181	3,062
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845		1,947 News Media	3,792	3,572	7,459	7,568
273	245	275	260	293	252	289	265	279		271 Financial Services	550	545	1,100	1,054
474	480	497	607	544	604	593	775	744		689 Growth	1,434	1,148	2,517	2,058
141	151	143	143	167	177	162	162	161		158 Other/Headquarters	319	344	668	579
(404)	(414)	(427)	(423)	(491)	(516)	(493)	(517)	(505)		(494) Eliminations	(999)	(1,007)	(2,017)	(1,668)
3,089	3,216	3,032	3,316	3,026	3,073	3,188	3,620	3,401		3,619 Schibsted Group	7,019	6,099	12,908	12,653
										EBITDA
307	374	373	306	298	341	356	340	360		489 Nordic Marketplaces	849	639	1,336	1,360
126	203	166	156	37	148	272	294	205		275 News Media	481	184	750	651
57	29	51	33	38	31	86	49	50		39 Financial Services	89	69	203	169
(0)	16	16	48	(19)	33	34	61	35		13 Growth	48	14	109	80
(71)	(66)	(63)	(83)	(69)	(54)	(69)	(80)	(56)		(73) Other/Headquarters	(128)	(123)	(272)	(284)
418	557	542	460	285	498	678	665	594		743 Schibsted Group	1,338	783	2,126	1,977

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	Nordic Marketplaces	2021	2020	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated
										Nordic Marketplaces total
567	629	611	579	594	590	649	653	702	833	Classifieds revenues	1,535	1,183	2,486	2,385
100	125	106	126	101	106	110	132	107	136	Advertising revenues	244	207	449	457
55	59	52	53	49	57	68	72	67	78	Other revenues	145	106	246	220
722	813	769	758	743	753	827	857	877	1,047	Operating revenues	1,924	1,496	3,181	3,062
				3 %	-7 %	8 %	13 %	18 %		39 % YOY revenue growth	29 %	-3 %	4 %
(415)	(439)	(396)	(452)	(445)	(412)	(471)	(517)	(517)	(558)	Operating expenses	(1,075)	(858)	(1,845)	(1,702)
307	374	373	306	298	341	356	340	360	489	EBITDA	849	639	1,336	1,360
43 %	46 %	48 %	40 %	40 %	45 %	43 %	40 %	41 %		47 % EBITDA-margin	44 %	43 %	42 %	44 %
										Marketplaces Norway
384	427	405	372	383	366	388	383	430	538	Classifieds revenues	968	749	1,520	1,588
43	55	48	62	50	49	45	56	49	64	Advertising revenues	113	99	200	209
54	58	52	52	48	54	53	59	54	69	Other revenues	123	102	214	215
480	540	505	486	480	469	486	498	533	670	Operating revenues	1,203	949	1,934	2,012
				0 %	-13 %	-4 %	2 %	11 %		43 % YOY revenue growth	27 %	-7 %	-4 %
(258)	(269)	(238)	(265)	(270)	(225)	(256)	(269)	(266)	(300)	Operating expenses	(566)	(494)	(1,019)	(1,031)
222	271	266	222	211	244	230	229	268	370	EBITDA	638	455	914	981
46 %	50 %	53 %	46 %	44 %	52 %	47 %	46 %	50 %		55 % EBITDA-margin	53 %	48 %	47 %	49 %
										Marketplaces Sweden
176	192	196	197	200	214	216	218	208	233	Classifieds revenues	442	414	848	761
42	51	43	50	38	44	46	53	40	50	Advertising revenues	90	83	181	186
1	1	1	2	1	3	2	10	4	4	Other revenues	8	3	16	4
219	245	240	248	239	261	263	281	252	287	Operating revenues	539	500	1,044	951
				9 %	7 %	10 %	13 %	6 %		10 % YOY revenue growth	8 %	8 %	10 %
(119)	(129)	(122)	(148)	(139)	(151)	(139)	(159)	(147)	(163)	Operating expenses	(310)	(290)	(587)	(519)
100	115	118	100	100	110	125	123	105	124	EBITDA	229	210	457	432
46 %	47 %	49 %	40 %	42 %	42 %	47 %	44 %	42 %		43 % EBITDA-margin	43 %	42 %	44 %	45 %
										Marketplaces Finland
8	9	10	10	11	11	47	53	63	62	Classifieds revenues	125	22	122	36
15	19	15	14	13	13	20	24	18	22	Advertising revenues	41	25	69	63
0	0	0	0	0	1	12	14	13	12	Other revenues	25	1	27	1
23	29	25	23	24	24	79	90	94	96	Operating revenues	191	48	217	100
				4 %	-16 %	216 %	286 %	292 %		300 % YOY revenue growth	296 %	-7 %	117 %
(23)	(25)	(22)	(22)	(20)	(24)	(64)	(84)	(91)	(82)	Operating expenses	(173)	(44)	(192)	(92)
(0)	3	3	1	4	0	15	6	4	14	EBITDA	18	4	25	8
0 %	12 %	11 %	6 %	15 %	1 %	19 %	7 %	4 %		15 % EBITDA-margin	9 %	8 %	12 %	8 %
										Other Nordic Marketplaces (1)	(10)
(0)	(0)	(0)	(0)	(0)	(1)	(1)	(12)	(3)	(7)	Operating revenues/eliminations	(26)	(1)	(14)	(1)
(14) (14)	(15) (15)	(14) (14)	(17) (17)	(16) (16)	(13) (14)	(12) (14)	(5) (17)	(14) (17)	(13) (19)	Operating expenses EBITDA	(36)	(29) (30)	(47) (61)	(60) (60)
										(1) Other Nordic Marketplaces includes Nordic Marketplaces headquarters, SPT cost allocation and eliminations
0.9352	0.9153	0.9237	0.9481	0.9792	1.0340	1.0296	1.0476	1.0145	0.9951	SEK/NOK	1.0048	1.0066	1.0226	0.9306
9.7421	9.7162	9.8511	10.0917	10.4521	11.0202	10.6704	10.7574	10.2640	10.0894	EUR/NOK	10.1767	10.7361	10.7250	9.8503

9.7421	9.7162	9.8511	10.0917	10.4521	11.0202	10.6704	10.7574	10.2640	10.0894	EUR/NOK	10.1767	10.7361	10.7250	9.8503
										Marketplaces Sweden in SEK
188	210	212	208	204	207	209	209	205	234	Classifieds revenues	440	411	829	818
45	56	47	52	39	43	44	50	40	50	Advertising revenues	90	82	177	200
1	1	1	2	1	3	2	10	4	4	Other revenues	8	3	15	5
234	267	260	262	244	252	256	268	249	288	Operating revenues	537	496	1,020	1,022
				4 %	-6 %	-1 %	3 %	2 %		14 % YOY revenue growth	8 %	-1 %	0 %
(127)	(141)	(132)	(157)	(142)	(146)	(135)	(151)	(145)	(164)	Operating expenses	(309)	(288)	(574)	(558)
107	126	127	105	102	106	121	117	104	124	EBITDA	228	209	446	465
46 %	47 %	49 %	40 %	42 %	42 %	47 %	44 %	42 %		43 % EBITDA-margin	43 %	42 %	44 %	45 %
										Marketplaces Finland in EUR
1	1	1	1	1	1	4	5	6	6	Classifieds revenues	12	2	11	4
2	2	1	1	1	1	2	2	2	2	Advertising revenues	4	2	6	6
0	0	0	0	0	0	1	1	1	1	Other revenues	2	0	3	0
2	3	3	2	2	2	7	8	9	10	Operating revenues	19	4	20	10
				-3 %	-26 %	192 %	262 %	299 %		337 % YOY revenue growth	317 %	-16 %	99 %
(2)	(3)	(2)	(2)	(2)	(2)	(6)	(8)	(9)	(8)	Operating expenses	(17)	(4)	(18)	(9)
(0)	0	0	0	0	0	1	1	0	1	EBITDA	2	0	2	1
0 %	12 %	11 %	6 %	15 %	1 %	19 %	7 %	4 %		15 % EBITDA-margin	9 %	8 %	12 %	8 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	News Media	2021	2020	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated
										News Media total
685	721	547	747	554	552	525	746	607	711	Advertising revenues	1,318	1,105	2,377	2,700
449	469	358	498	372	392	384	545	450	536	-of which digital	987	764	1,694	1,775
626	628	648	648	632	657	674	696	699	690	Subscription revenues	1,389	1,289	2,658	2,550
203	221	239	238	242	263	285	297	310	311	-of which digital	621	505	1,086	901
333	340	355	330	306	315	331	303	273	282	Casual sales	555	621	1,256	1,358
238	250	225	246	278	279	278	332	266	264	Other revenues	530	557	1,168	960
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845		1,947 Operating revenues	3,792	3,572	7,459	7,568
				-6 %	-7 %	2 %	5 %	4 %		8 % YOY revenue growth	6 %	-7 %	-1 %
(695)	(675)	(592)	(686)	(660)	(641)	(568)	(683)	(650)	(684)	Personnel expenses	(1,334)	(1,301)	(2,551)	(2,648)
(1,061)	(1,062)	(1,017)	(1,128)	(1,073)	(1,014)	(969)	(1,102)	(989)	(988)	Other expenses	(1,977)	(2,087)	(4,158)	(4,268)
(1,757)	(1,737)	(1,609)	(1,814)	(1,733)	(1,654)	(1,537)	(1,784)	(1,639)	(1,672)	Operating expenses	(3,311)	(3,388)	(6,709)	(6,917)
126	203	166	156	37	148	272	294	205		275 EBITDA	481	184	750	651
7 %	10 %	9 %	8 %	2 %	8 %	15 %	14 %	11 %		14 % EBITDA-margin	13 %	5 %	10 %	9 %
										Split revenue per brand
											959
416	448	409	454	404	421	439	504	456	503	VG		825	1,768	1,727
378	367	347	383	340	359	367	436	376	408	Aftonbladet	784	699	1,502	1,475
862	892	830	913	780	770	767	861	775	793	Subscription Newspapers	1,568	1,550	3,178	3,496
226	232	190	222	247	252	235	277	237	244	Other (1)	481	499	1,010	870
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845		1,947 Operating revenues	3,792	3,572	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	SEK/NOK	1.0048	1.0066	1.0226	0.9306
										Aftonbladet in SEK
405	401	375	404	347	347	357	416	371	410	Operating revenues	780	694	1,467	1,585
				-14 %	-14 %	-5 %	3 %	7 %		18 % YOY revenue growth	12 %	-14 %	-7 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	Financial Services	2021	2020	2020	2019
restated	restated	restated	restated											restated
										Financial Services total
273	245	275	260	293	252	289	265	279	271	Operating revenues	550	545	1,100	1,054
				7 %	3 %	5 %	2 %	-5 %		8 % YOY revenue growth	1 %	5 %	4 %
(217)	(216)	(224)	(227)	(255)	(221)	(204)	(216)	(229)	(232)	Operating expenses	(461)	(477)	(896)	(884)
57	29	51	33	38	31	86	49	50	39	EBITDA	89	69	203	169
21 %	12 %	19 %	13 %	13 %	12 %	30 %	18 %	18 %		14 % EBITDA-margin	16 %	13 %	18 %	16 %
										Lendo
229	205	230	218	250	208	251	229	242	238	Operating revenues	480	458	938	882
				9 %	1 %	9 %	5 %	-3 %		14 % YOY revenue growth	5 %	5 %	6 %
(178)	(179)	(183)	(188)	(207)	(182)	(174)	(185)	(193)	(204)	Operating expenses	(396)	(390)	(749)	(727)
51	26	47	30	43	25	78	43	50	34	EBITDA	83	68	189	155
22 %	13 %	20 %	14 %	17 %	12 %	31 %	19 %	20 %		14 % EBITDA-margin	17 %	15 %	20 %	18 %
										Other financial services (1)
44	40	45	42	43	45	38	36	37	34	Operating revenues	70	88	162	172
				-3 %	10 %	-16 %	-13 %	-15 %		-24 % YOY revenue growth	-20 %	3 %	-6 %
(39)	(38)	(41)	(40)	(48)	(39)	(30)	(31)	(37)	(28)	Operating expenses	(65)	(87)	(148)	(157)
6	3	4	2	(5)	6	8	6	0	5	EBITDA	5	1	14	15
13 %	7 %	9 %	5 %	-12 %	13 %	21 %	15 %	0 %		16 % EBITDA-margin	8 %	1 %	9 %	9 %

(1) Other Financial Services includes Compricer, Finansportalen, other financial services assets, SPT cost allocation and eliminations

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	Growth	2021	Year to date Year to date 2020	Full year 2020	Full year 2019
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated
										Growth total
474	480	497	607	544	604	593	775	744	689	Operating revenues	1,434	1,148	2,517	2,058
				15 %	26 %	19 %	28 %	37 %		14 % YOY revenue growth	25 %	20 %	22 %
(475)	(464)	(481)	(559)	(563)	(571)	(560)	(714)	(709)	(677)	Operating expenses	(1,386)	(1,134)	(2,408)	(1,979)
(0)	16	16	48	(19)	33	34	61	35	13	EBITDA	48	14	109	80
0 %	3 %	3 %	8 %	-3 %	5 %	6 %	8 %	5 %		2 % EBITDA-margin	3 %	1 %	4 %	4 %
										Distribution
300	301	317	362	354	382	376	491	523	475	Operating revenues	998	736	1,604	1,281
				18 %	27 %	19 %	36 %	48 %		24 % YOY revenue growth	36 %	22 %	25 %
(297)	(292)	(304)	(346)	(355)	(374)	(367)	(461)	(494)	(464)	Operating expenses	(957)	(729)	(1,557)	(1,238)
4	10	12	17	(0)	8	10	30	29	11	EBITDA	41	7	47	43
1 %	3 %	4 %	5 %	0 %	2 %	3 %	6 %	6 %		2 % EBITDA-margin	4 %	1 %	3 %	3 %
										Prisjakt
72	72	64	116	75	94	86	144	89	87	Operating revenues	176	168	398	325
				3 %	29 %	34 %	24 %	20 %		-7 % YOY revenue growth	5 %	16 %	22 %
(53)	(54)	(51)	(72)	(62)	(58)	(60)	(96)	(64)	(65)	Operating expenses	(129)	(120)	(276)	(230)
19	19	13	44	12	36	26	48	25	22	EBITDA	47	48	122	95
27 %	26 %	20 %	38 %	16 %	38 %	31 %	33 %	28 %		25 % EBITDA-margin	27 %	28 %	31 %	29 %
										Other Growth (1)
102	106	116	128	115	129	131	140	132	127	Operating revenues	259	244	515	452
				13 %	21 %	13 %	9 %	15 %		-1 % YOY revenue growth	6 %	17 %	14 %
(125)	(119)	(126)	(141)	(146)	(139)	(133)	(157)	(151)	(148)	Operating expenses	(299)	(285)	(575)	(510)
(23)	(12)	(10)	(12)	(31)	(10)	(3)	(17)	(20)	(21)	EBITDA	(40)	(41)	(60)	(58)
-23 %	-12 %	-9 %	-10 %	-27 %	-8 %	-2 %	-12 %	-15 %		-16 % EBITDA-margin	-16 %	-17 %	-12 %	-13 %

(1) Other Growth includes MittAnbud, Servicefinder, Mötesplatsen, Let's Deal, Schibsted Growth HQ, other Growth assets, SPT cost allocation and eliminations