Vend Marketplaces ASA

Investor Presentation • Feb 12, 2021

Financials and analytical info as of Q4 2020

Jann-Boje Meinecke, Head of IR

• 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:

ir@schibsted.com Mobile: +47 941 00 835 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	3 quarter		4 quarter CONDENSED CONSOLIDATED	Full year	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	INCOME STATEMENT	2020	2019	2018
			re-presented re-presented re-presented re-presented re-presented re-presented re-presented re-presented re-presented re-presented											re-presented re-presented
490	576	543	526	559	619	601	571	573	568	617		619 Classified revenues	2,377	2,349	2,135
840	903	750	977	772	836	639	887	653	653	630		894 Advertising revenues	2,829	3,134	3,470
578	648	521	689	538	597	451	641	473	495	490		694 -of which digital	2,153	2,227	2,435
642	639	653	664	679	677	701	703	689	717	737		761 Subscription revenues	2,905	2,760	2,597
218	225	236	252	256	271	293	294	301	324	349		363 -of which digital	1,336	1,113	931
374	377	375	355	333	340	355	330	306	315	331		303 Casual sales	1,256	1,358	1,481
691	697	688	752	746	744	736	826	805	820	872		1,043 Other revenues	3,541	3,052	2,828
3,037	3,191	3,008	3,275	3,089	3,216	3,032	3,316	3,026	3,073	3,188		3,620 Operating revenues	12,908	12,653	12,511
(102)	(101)	(97)	(109)	(102)	(102)	(101)	(111)	(93)	(100)	(109)		(151) Raw materials and finished goods	(454)	(416)	(409)
(1,220)	(1,182)	(1,046)	(1,222)	(1,232)	(1,213)	(1,078)	(1,270)	(1,221)	(1,189)	(1,130)		(1,365) Personnel expenses	(4,905)	(4,793)	(4,671)
(1,379)	(1,390)	(1,354)	(1,468)	(1,337)	(1,343)	(1,311)	(1,476)	(1,427)	(1,286)	(1,271)		(1,439) Other operating expenses	(5,422)	(5,467)	(5,590)
336	518	511	476	418	557	542	460	285	498	678		665 Gross operating profit (loss) - EBITDA	2,126	1,977	1,840
(113)	(116)	(121)	(128)	(208)	(208)	(196)	(201)	(193)	(199)	(218)		(218) Depreciation and amortisation	(829)	(813)	(478)
(9)	5	(7)		6 (19)	(18)	(8)	(13)	(30)	(4)	2		(12) Share of profit (loss) of joint ventures and associates	(44)	(58)	(6)
(3)	(41)	(0)	(149)		(9) (0)	(0)	(26)	(0)	(13)	(7)		(40) Impairment loss	(61)	(35)	(193)
(4)	(1)	(12)	24	(14)	(38)	(47)	(51)	55	4	(95)		(54) Other income and expenses	(90)	(151)	6
205	366	371	228	168	293	290	168	117	285	360		339 Operating profit (loss)	1,101	920	1,170
35	43	35	35	33	18	22	19	16	7	14		12 Financial income	37	89	119
(25)	(26)	(29)	(45)	(43)	(45)	(47)	(48)	(56)	(53)	(52)		(47) Financial expense	(197)	(179)	(96)
215	382	377	218	158	266	266	139	77	239	321		304 Profit (loss) before taxes from continuing operations	941	829	1,192
(79)	(124)	(107)	(66)	(59)	(86)	(77)	(53)	(28)	264	(59)		(49) Taxes	128	(275)	(376)
137	259	270	152	99	180	189	86	48	503	262		254 Profit/loss from continuing operations	1,068	554	817
32	57	159	(350)	221	173	213	35	(434)	(34)	(209)		444 Profit/loss after tax from discontinued operations	(233)	642	(101)
169	315	429	(199)	320	353	402	121	(385)	469	53		698 Profit (loss)	836	1,196	715
												Profit (loss) attributable to:
11	20	19	18	19	83	109	36	(171)	(1)	(58)		209 Non-controlling interests	(22)	247	68
158	295	410	(216)	300	271	292	85	(214)	471	112		490 Owners of the parent	858	949	648
												Earnings per share (NOK)
0.67	1.24	1.72	(0.91)	1.26	1.14	1.23	0.36	(0.91)	2.01	0.48		2.09 Basic	3.67	4.00	2.72
0.66	1.24	1.72	(0.91)	1.26	1.13	1.23	0.36	(0.91)	2.01	0.48		2.09 Diluted	3.66	3.99	2.72
0.72	1.76	1.74	1.84	1.42	1.40	1.43	1.36	(1.11)	2.03	1.60		2.69 Basic - adjusted	5.21	5.59	6.05
0.72	1.76	1.74	1.84	1.41	1.40	1.43	1.36	(1.11)	2.03	1.60		2.69 Diluted - adjusted	5.20	5.58	6.05

NOK million
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019	30.06 2019	30.09 2019	31.12 2019	31.03 2020	30.06 2020	30.09 2020	31.12 2020
Intangible assets	16,637	16,284	16,303	16,521	16,287	16,459	16,748	17,369	19,773	19,014	6,153	6,018
Property, plant and equipment and investment property	938	885	855	870	845	866	857	849	869	745	492	480
Right-of-use assets	-	-	-	-	1,789	1,764	2,374	2,317	2,894	2,735	1,641	1,620
Investments in joint ventures and associates	4,285	3,947	3,827	4,248	4,407	4,423	4,470	4,529	4,340	4,062	906	922
Deferred tax assets	252	254	262	233	264	218	274	179	234	588	702	690
Other non-current assets	116	119	118	131	154	166	182	241	346	344	88	101
Non-current assets	22,228	21,488	21,365	22,003	23,746	23,897	24,904	25,483	28,456	27,489	9,981	9,832
Trade receivables and other current assets	2,962	2,916	2,974	3,478	3,015	3,240	3,067	3,271	3,424	3,373	2,017	1,965
Cash and cash equivalents	1,805	1,688	1,974	1,844	727	4,578	4,403	3,866	3,977	6,282	1,021	1,306
Assets held for sale	-	-	-	-	-	-	-	157	-	-	25,184	35,375
Current assets	4,767	4,604	4,948	5,322	3,743	7,818	7,470	7,294	7,401	9,655	28,222	38,646
Total assets	26,995	26,092	26,313	27,325	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478
Paid-in equity	6,905	6,919	6,924	6,927	6,924	6,941	6,948	6,969	6,993	6,990	7,011	7,028
Other equity	7,492	6,811	7,065	7,484	7,251	4,182	3,737	3,529	3,820	3,696	3,738	3,151
Equity attributable to owners of the parent	14,397	13,730	13,989	14,412	14,175	11,123	10,685	10,498	10,813	10,686	10,749	10,178
Non-controlling interests	278	272	250	262	272	6,208	6,367	6,383	6,887	6,402	6,111	5,675
Equity	14,675	14,001	14,240	14,673	14,447	17,331	17,052	16,882	17,700	17,088	16,860	15,853
Deferred tax liabilities	856	838	816	901	884	838	852	944	1,078	1,020	335	351
Pension liabilities	1,294	1,297	1,343	1,241	1,175	1,190	1,438	1,095	1,356	1,450	1,235	1,154
Non-current interest-bearing borrowings	3,906	3,855	3,852	3,837	3,830	4,246	4,286	4,729	4,958	5,297	3,139	3,090
Non-current lease liabilities	-	-	-	-	1,644	1,607	2,262	2,192	2,750	2,579	1,550	1,503
Other non-current liabilities	284	241	238	242	318	373	367	355	521	411	290	317
Non-current liabilities	6,340	6,231	6,249	6,222	7,851	8,255	9,204	9,314	10,664	10,757	6,550	6,416
Current interest-bearing borrowings	328	366	361	389	88	1,079	1,080	1,089	1,102	3,133	693	678
Income tax payable	567	559	673	381	310	245	334	234	184	115	235	74
Current lease liabilities	-	-	-	-	388	401	356	352	426	446	275	286
Other current liabilities	5,084	4,934	4,791	5,660	4,406	4,404	4,348	4,769	5,780	5,605	2,864	3,137
Liabilities held for sale	-	-	-	-	-	-	-	138	-	-	10,727	22,034
Current liabilities	5,980	5,860	5,825	6,430	5,191	6,128	6,118	6,582	7,492	9,299	14,793	26,209
Total equity and liabilities	26,995	26,092	26,313	27,325	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478

NOK million
CONDENSED CONSOLIDATED	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019	30.06 2019	30.09 2019	31.12 2019	31.03 2020	30.06 2020	30.09 2020	31.12 2020
STATEMENT OF CASH FLOWS
Profit (loss) before taxes from continuing operations	215	597	974	1,192	158	424	690	829	77	316	637	941
Profit (loss) before taxes from discontinued operations	174	384	660	489	356	657	1,031	1,119	(308)	(247)	(272)	154
Depreciation, amortisation and impairment losses	177	477	658	1,479	328	636	932	1,537	335	710	968	1,226
Net effect pension liabilities	(70)	(66)	(54)	(90)	(65)	(51)	(56)	(84)	(46)	(42)	(28)	(7)
Share of loss (profit) of joint ventures and associates, net of dividends received	6	1	15	(20)	(21)	62	72	40	27	9	40	52
Taxes paid	(194)	(411)	(599)	(941)	(301)	(597)	(779)	(978)	(159)	(333)	(522)	(819)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(7)	(7)	(20)	(23)	1	2	(2)	(1)	(66)	(124)	(138)	(189)
Non-cash items and change in working capital and provisions	33	(90)	(184)	(304)	323	132	196	382	678	717	974	1,043
Net cash flow from operating activities	335	885	1,451	1,781	778	1,265	2,085	2,844	538	1,005	1,659	2,402
- of which from continuing operations					276	582	1,038	1,532	98	418	711	1,292
- of which from discontinued operations					502	683	1,047	1,312	440	587	948	1,110
Net cash flow from investing activities	(158)	(370)	(596)	(953)	(491)	(867)	(1,144)	(2,244)	(366)	(708)	(2,947)	(6,109)
- of which from continuing operations					(334)	(475)	(638)	(888)	(165)	(348)	(2,473)	(2,654)
- of which from discontinued operations					(157)	(392)	(506)	(1,356)	(201)	(360)	(474)	(3,455)
Net cash flow from financing activities	15	(436)	(477)	(608)	(1,387)	2,352	1,626	1,429	(201)	2,121	2,022	2,624
- of which from continuing operations					(1,024)	2,547	1,849	1,219	(155)	(319)	(391)	(498)
- of which from discontinued operations					(363)	(195)	(223)	210	(46)	2,440	2,413	3,122
Effect of exchange rate changes on cash and cash equivalents	(13)	(18)	(30)	(2)	(16)	(16)	(7)	(7)	140	(2)	67	(105)
Net increase (decrease) in cash and cash equivalents	179	62	348	218	(1,116)	2,734	2,560	2,022	111	2,417	801	(1,188)
Cash and cash equivalents at start of period	1,626	1,626	1,626	1,626	1,844	1,844	1,844	1,844	3,866	3,866	3,866	3,866
Cash and cash equivalents at end of period	1,805	1,688	1,974	1,844	727	4,578	4,403	3,866	3,977	6,282	4,666	2,678
- of which cash and cash equivalents in assets held for sale					-	-	-	-	-	-	3,645	1,371
- 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

In 2020, non-cash items and change in working capital and provisions include NOK 873 million of foreign exchange losses related to cash flow hedges in Adevinta primarily related to the Grupo Zap acquisition. Related cash outflows are reported in net cash flow from investing activities.

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	SCHIBSTED GROUP	2020	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated							restated	restated
												Operating revenues
651	771	707	714	722	813	769	758	743	753	827	857	Nordic Marketplaces	3,181	3,062	2,843
1,897	1,957	1,834	2,045	1,855	1,911	1,754	1,944	1,757	1,789	1,791	2,046	News Media	7,383	7,465	7,733
255	246	261	249	273	245	275	260	293	252	289	265	Financial Services	1,100	1,054	1,011
479	481	463	542	503	510	517	635	563	623	616	812	Growth	2,613	2,165	1,966
123	124	120	125	141	151	143	143	167	177	162	162	Other/Headquarters	668	579	493
(368)	(389)	(378)	(401)	(405)	(415)	(427)	(424)	(496)	(521)	(498)	(522)	Eliminations	(2,037)	(1,672)	(1,535)
3,037	3,191	3,008	3,275	3,089	3,216	3,032	3,316	3,026	3,073	3,188		3,620 Schibsted Group	12,908	12,653	12,511
												EBITDA
251	345	329	280	307	374	373	306	298	341	356	340	Nordic Marketplaces	1,336	1,360	1,205
84	143	156	189	120	198	165	149	39	149	266	278	News Media	731	633	571
90	85	88	63	57	29	51	33	38	31	86	49	Financial Services	203	169	325
5	24	16	29	6	21	16	55	(21)	32	40	77	Growth	127	98	73
(94)	(79)	(78)	(84)	(71)	(66)	(63)	(83)	(69)	(54)	(69)	(80)	Other/Headquarters	(272)	(284)	(335)
336	518	511	476	418	557	542	460	285	498	678		665 Schibsted Group	2,126	1,977	1,840

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	Nordic Marketplaces	2020	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated							restated	restated
												Nordic Marketplaces total
493	579	546	529	559	619	601	571	574	568	617	619	Classifieds revenues	2,379	2,350	2,147
108	123	100	124	100	125	106	126	101	106	110	132	Advertising revenues	449	457	454
50	70	61	61	62	69	62	61	68	79	100	106	Other revenues	353	254	242
651	771	707	714	722	813	769	758	743	753	827	857	Operating revenues	3,181	3,062	2,843
3 %	7 %	3 %	7 %	11 %	5 %	9 %	6 %	3 %	-7 %	8 %		13 % YOY revenue growth	4 %	8 %	5 %
(400)	(426)	(377)	(434)	(415)	(439)	(396)	(452)	(445)	(412)	(471)	(517)	Operating expenses	(1,845)	(1,702)	(1,638)
251	345	329	280	307	374	373	306	298	341	356	340	EBITDA	1,336	1,360	1,205
39 %	45 %	47 %	39 %	43 %	46 %	48 %	40 %	40 %	45 %	43 %		40 % EBITDA-margin	42 %	44 %	42 %
												Marketplaces Norway	1,423
315	382	358	348	378	419	398	367	366	346	359	353	Classifieds revenues	200	1,562	1,402
48	55	42	55	43	55	48	62	50	49	45	56	Advertising revenues	311	209	200
46	66	56	57	60	66	59	57	65	75	83	89	Other revenues		241	225
408	503 16 %	456 11 %	459 17 %	480 18 %	540 7 %	505 11 %	486 6 %	480 0 %	469 -13 %	486 -4 %	498	Operating revenues 2 % YOY revenue growth	1,934 -4 %	2,012 10 %	1,826 12 %
4 %													(1,019)
(236)	(268)	(236)	(273)	(258)	(269)	(238)	(265)	(270)	(225)	(256)	(269)	Operating expenses	914	(1,030)	(1,013)
172	235 47 %	220 48 %	186 41 %	222 46 %	271 50 %	266 53 %	222 46 %	211 44 %	244 52 %	230 47 %	229	EBITDA 46 % EBITDA-margin	47 %	981 49 %	813 45 %
42 %
												Marketplaces Sweden
174	192	181	175	174	191	193	195	197	212	212	213	Classifieds revenues	834	753	721
44	49	43	51	42	51	43	50	38	44	46	53	Advertising revenues	181	186	187
	4 4	6	4	2	3	3	3	3	5	6	15	Other revenues	29	12	17
221	244	230	230	218	245	240	248	239	261	263	281	Operating revenues	1,044	951	925
-3 %	-9 %	-10 %	-8 %	-1 %	0 %	4 %	8 %	10 %	7 %	10 %		13 % YOY revenue growth	10 %	3 %	-8 %
(119)	(116)	(100)	(120)	(118)	(129)	(122)	(148)	(139)	(151)	(139)	(159)	Operating expenses	(587)	(518)	(456)
101	128	130	110	100	115	118	100	100	110	125	123	EBITDA	457	433	469
46 %	53 %	56 %	48 %	46 %	47 %	49 %	40 %	42 %	42 %	47 %		44 % EBITDA-margin	44 %	46 %	51 %
												Marketplaces Finland
	5 5	6	6	7	9	10	10	11	11	47	53	Classifieds revenues	122	36	22
16	19	14	18	15	19	15	14	13	13	20	24	Advertising revenues	69	63	67
	1 -	-	-	1	0	1	0	0	1	12	14	Other revenues	27	1	1
22	25	21	24	23	29	25	23	24	24	79	90	Operating revenues	217	100	92
85 %	32 %	16 %	6 %	7 %	15 %	20 %	-4 %	4 %	-16 %	216 %		286 % YOY revenue growth	118 %	27 %	28 %
(23)	(24)	(21)	(23)	(23)	(25)	(22)	(22)	(20)	(24)	(64)	(84)	Operating expenses	(192)	(92)	(91)
(2)	1	0	1	(0)	3	3	1	4	0	15	6	EBITDA	25	8	1
-7 %	5 %	0 %	6 %	0 %	12 %	11 %	6 %	15 %	1 %	19 %		7 % EBITDA-margin	12 %	8 %	1 %
												Other Nordic Marketplaces (1)
-	-	-	-	(0)	(0)	(0)	(0)	(0)	(1)	(1)	(12)	Operating revenues/eliminations	(14)	(1)	-
(21)	(20)	(20)	(17)	(16)	(15)	(14)	(17)	(16)	(13)	(12)	(5)	Operating expenses	(47)	(62)	(78)
(21)	(20)	(20)	(17)	(16)	(15)	(14)	(17)	(16)	(14)	(14)	(17)	EBITDA	(61)	(62)	(78)

(1) Other Nordic Marketplaces include Shpock Norway/Sweden, SPT cost allocation and eliminations

0.966	0.925	0.920	0.934	0.935	0.915	0.924	0.948	0.979	1.034	1.030	1.048	SEK/NOK	1.023	0.931	0.936
9.632	9.554	9.578	9.634	9.742	9.716	9.851	10.092	10.452	11.020	10.670	10.757	EUR/NOK	10.725	9.850	9.599
												Marketplaces Sweden in SEK
180	207	197	188	187	208	209	206	202	205	206	204	Classifieds revenues	816	810	771
46	53	47	55	45	56	47	52	39	43	44	50	Advertising revenues	177	200	199
4	4	6	5	3	3	4	4	4	4	6	15	Other revenues	28	13	17
229	264	250	246	233	267	260	262	244	252	256	268	Operating revenues	1,020	1,022	987
-6 %	-5 %	-5 %	-3 %	2 %	1 %	4 %	6 %	5 %	-6 %	-1 %		3 % YOY revenue growth	0 %	3 %	-5 %
(124)	(125)	(109)	(129)	(126)	(141)	(132)	(157)	(142)	(146)	(135)	(151)	Operating expenses	(574)	(556)	(487)
105	139	141	117	107	126	127	105	102	106	121	117	EBITDA	447	466	501
46 %	53 %	56 %	48 %	46 %	47 %	49 %	40 %	42 %	42 %	47 %		44 % EBITDA-margin	44 %	46 %	51 %
												Marketplaces Finland in EUR
0	1	1	1	1	1	1	1	1	1	4	5	Classifieds revenues	11	4	2
2	2	2	2	2	2	1	1	1	1	2	2	Advertising revenues	6	6	7
0	-	-	-	0	0	0	0	0	0	1	1	Other revenues	3	0	0
2	3	2	3	2	3	3	2	2	2	7	8	Operating revenues	20	10	10
				6 %	13 %	16 %	-9 %	-3 %	-26 %	192 %		262 % YOY revenue growth	99 %	6 %
(2)	(2)	(2)	(2)	(2)	(3)	(2)	(2)	(2)	(2)	(6)	(8)	Operating expenses	(18)	(9)	(9)
(0)	0	0	0	(0)	0	0	0	0	0	1	1	EBITDA	2	1	0
46 %	53 %	56 %	48 %	0 %	12 %	11 %	6 %	15 %	1 %	19 %		7 % EBITDA-margin	12 %	8 %	1 %

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	News Media	2020	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated							restated	restated
												News Media total
694	746	630	807	648	683	519	709	529	525	496		707 Advertising revenues	2,257	2,559	2,877
432	481	387	517	412	432	330	461	348	366	355		505 -of which digital	1,575	1,634	1,817
592	588	602	611	626	628	648	648	632	657	673		693 Subscription revenues	2,654	2,550	2,393
168	174	185	199	203	221	239	238	242	263	285		297 -of which digital	1,086	901	726
374	377	375	355	333	340	355	330	306	315	331		303 Casual sales	1,256	1,358	1,481
236	247	228	272	248	260	233	257	289	292	291		343 Other revenues	1,216	998	982
1,897	1,957	1,834	2,045	1,855	1,911	1,754	1,944	1,757	1,789	1,791		2,046 Operating revenues	7,383	7,465	7,733
1 %	-1 %	-2 %	2 %	-2 %	-2 %	-4 %	-5 %	-5 %	-6 %	2 %		5 % YOY revenue growth	-1 %	-3 %	0 %
(693)	(666)	(573)	(681)	(685)	(664)	(583)	(676)	(649)	(630)	(558)		(671) Personnel expenses	(2,508)	(2,607)	(2,613)
(1,120)	(1,148)	(1,106)	(1,175)	(1,050)	(1,049)	(1,006)	(1,120)	(1,068)	(1,010)	(968)		(1,097) Other expenses	(4,143)	(4,225)	(4,549)
(1,813)	(1,814)	(1,679)	(1,857)	(1,735)	(1,713)	(1,589)	(1,795)	(1,718)	(1,640)	(1,526)		(1,768) Operating expenses	(6,652)	(6,833)	(7,162)
84	143	156	189	120	198	165	149	39	149	266		278 EBITDA	731	633	571
4 %	7 %	8 %	9 %	6 %	10 %	9 %	8 %	2 %	8 %	15 %		14 % EBITDA-margin	10 %	8 %	7 %
												Split revenue per brand
443	459	443	493	430	468	418	477	407	424	441		507 VG	1,779	1,793	1,839
415	434	392	438	378	367	347	383	340	359	367		436 Aftonbladet	1,502	1,475	1,678
859	886	825	914	862	892	830	913	780	770	767		861 Subscription Newspapers	3,178	3,496	3,484
180	178	174	200	186	184	159	172	230	236	215		242 Other (1)	924	701	732
1,897	1,957	1,834	2,045	1,855	1,911	1,754	1,944	1,757	1,789	1,791		2,046 Operating revenues	7,383	7,465	7,733
												(1) Other News Media include Print, News Media HQ, Shared Services,Matkanalen, SPT cost allocation and eliminations
0.9665	0.9246	0.9205	0.9339	0.9352	0.9153	0.9237	0.9481	0.9792	1.0340	1.0296		1.0476 SEK/NOK	1.0226	0.9306	0.9364

											Aftonbladet in SEK
429	469	425	469	405	401	375	404	347	347	357	416 Operating revenues	1,467	1,585	1,792
-3 %	-3 %	-9 %	-5 %	-6 %	-14 %	-12 %	-14 %	-14 %	-14 %	-5 %	3 % YOY revenue growth	-7 %	-12 %	-5 %

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	Financial Services	2020	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated							restated	restated
												Financial Services total
255	246	261	249	273	245	275	260	293	252	289		265 Operating revenues	1,100	1,054	1,011
31 %	14 %	5 %	6 %	7 %	0 %	5 %	4 %	7 %	3 %	5 %		2 % YOY revenue growth	4 %	4 %	13 %
(164)	(161)	(174)	(186)	(217)	(216)	(224)	(227)	(255)	(221)	(204)		(216) Operating expenses	(896)	(884)	(685)
90	85	88	63	57	29	51	33	38	31	86		49 EBITDA	203	169	325
35 %	35 %	34 %	25 %	21 %	12 %	19 %	13 %	13 %	12 %	30 %		18 % EBITDA-margin	18 %	16 %	32 %
												Lendo
215	208	221	207	229	205	230	218	250	208	251		229 Operating revenues	938	882	852
46 %	26 %	10 %	8 %	6 %	-1 %	4 %	5 %	9 %	1 %	9 %		5 % YOY revenue growth	6 %	4 %	21 %
(121)	(124)	(138)	(148)	(178)	(179)	(183)	(188)	(207)	(182)	(174)		(185) Operating expenses	(749)	(727)	(530)
95	84	84	59	51	26	47	30	43	25	78		43 EBITDA	189	155	322
44 %	41 %	38 %	28 %	22 %	13 %	20 %	14 %	17 %	12 %	31 %		19 % EBITDA-margin	20 %	18 %	38 %
												Other financial services (1)
39	38	40	42	44	40	45	42	43	45	38		36 Operating revenues	162	172	159
-17 %	-24 %	-16 %	-4 %	12 %	6 %	13 %	0 %	-3 %	10 %	-16 %		-13 % YOY revenue growth	-6 %	8 %	-16 %
(44)	(37)	(36)	(38)	(39)	(38)	(41)	(40)	(48)	(39)	(30)		(31) Operating expenses	(148)	(157)	(155)
(4)	1	4	4	6	3	4	2	(5)	6	8		6 EBITDA	14	15	4
-11 %	2 %	9 %	9 %	13 %	7 %	9 %	5 %	-12 %	13 %	21 %		15 % EBITDA-margin	9 %	9 %	2 %

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

NOK million
1 quarter 2018	2 quarter 2018	3 quarter 2018	4 quarter 2018	1 quarter 2019	2 quarter 2019	3 quarter 2019	4 quarter 2019	1 quarter 2020	2 quarter 2020	3 quarter 2020	4 quarter 2020	Growth	Full year 2020	Full year 2019	Full year 2018
restated	restated	restated	restated	restated	restated	restated	restated							restated	restated
												Growth total
479	481	463	542	503	510	517	635	563	623	616		812 Operating revenues	2,613	2,165	1,966
2 %	-3 %	1 %	7 %	5 %	6 %	12 %	17 %	12 %	22 %	19 %		28 % YOY revenue growth	21 %	10 %	2 %
(475)	(458)	(447)	(514)	(497)	(489)	(501)	(580)	(584)	(591)	(576)		(735) Operating expenses	(2,486)	(2,067)	(1,893)
5	24	16	29	6	21	16	55	(21)	32	40		77 EBITDA	127	98	73
1 %	5 %	4 %	5 %	1 %	4 %	3 %	9 %	-4 %	5 %	6 %		9 % EBITDA-margin	5 %	5 %	4 %
												Distribution
263	257	259	285	292	294	307	355	346	374	368		484 Operating revenues	1,572	1,247	1,064
19 %	14 %	10 %	12 %	11 %	14 %	18 %	24 %	18 %	27 %	20 %		36 % YOY revenue growth	26 %	17 %	14 %
(261)	(262)	(259)	(276)	(288)	(285)	(296)	(339)	(347)	(368)	(360)		(454) Operating expenses	(1,528)	(1,208)	(1,058)
1	(5)	1	9	4	8	10	16	(1)	6	9		30 EBITDA	44	39	6
1 %	-2 %	0 %	3 %	1 %	3 %	3 %	5 %	0 %	2 %	2 %		6 % EBITDA-margin	3 %	3 %	1 %
												Prisjakt
66	66	67	109	72	72	64	116	75	94	86		144 Operating revenues	398	325	308
17 %	20 %	14 %	17 %	10 %	9 %	-4 %	7 %	3 %	29 %	34 %		24 % YOY revenue growth	22 %	6 %	17 %
(52)	(42)	(44)	(73)	(53)	(54)	(51)	(72)	(62)	(58)	(60)		(96) Operating expenses	(276)	(230)	(211)
14	24	23	35	19	19	13	44	12	36	26		48 EBITDA	122	95	97
21 %	37 %	35 %	33 %	27 %	26 %	20 %	38 %	16 %	38 %	31 %		33 % EBITDA-margin	31 %	29 %	31 %
												Other Growth (1)
151	158	137	148	139	144	146	164	142	155	162		184 Operating revenues	642	592	595
12 %	6 %	-5 %	-8 %	-8 %	-9 %	6 %	11 %	2 %	8 %	11 %		12 % YOY revenue growth	8 %	0 %	1 %
(161)	(153)	(145)	(164)	(156)	(150)	(153)	(169)	(175)	(165)	(157)		(185) Operating expenses	(681)	(628)	(624)
(11)	5	(7)	(16)	(18)	(6)	(7)	(5)	(32)	(10)	4		(1) EBITDA	(39)	(36)	(29)
-7 %	3 %	-5 %	-11 %	-13 %	-4 %	-5 %	-3 %	-23 %	-6 %	3 %		-1 % EBITDA-margin	-6 %	-6 %	-5 %

(1) Other Growth include Omni, MittAnbud, Servicefinder, Mötesplatsen, Klart.se, tv.nu, Kickback, Let's Deal, Schibsted Growth HQ, SPT cost allocation, other Growth assets and eliminations