Vend Marketplaces ASA

Annual Report • Oct 23, 2020

Financials and analytical info, re-presented 2018 - 2020 Q2

• 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 IRir@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	CONDENSED CONSOLIDATED		Year to date Year to date	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	INCOME STATEMENT	2020	2019	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 re-presented re-presented
490	576	543	526	559	619	601	571	573		568 Classified revenues	1 141	1 178	2 349	2 135
840	903	750	977	772	836	639	887	653		653 Advertising revenues	1 305	1 608	3 134	3 470
578	648	521	689	538	597	451	641	473		495 -of which digital	968	1 135	2 227	2 435
642	639	653	664	679	677	701	703	689		717 Subscription revenues	1 407	1 356	2 760	2 597
218	225	236	252	256	271	293	294	301		324 -of which digital	625	526	1 113	931
374	377	375	355	333	340	355	330	306		315 Casual sales	621	673	1 358	1 481
691	697	688	752	746	744	736	826	805		820 Other revenues	1 625	1 490	3 052	2 828
3 037	3 191	3 008	3 275	3 089	3 216	3 032	3 316	3 026		3 073 Operating revenues	6 099	6 305	12 653	12 511
(102)	(101)	(97)	(109)	(102)	(102)	(101)	(111)	(93)		(100) Raw materials and finished goods	(193)	(204)	(416)	(409)
(1 220)	(1 182)	(1 046)	(1 222)	(1 232)	(1 213)	(1 078)	(1 270)	(1 221)		(1 189) Personnel expenses	(2 410)	(2 445)	(4 793)	(4 671)
(1 379)	(1 390)	(1 354)	(1 468)	(1 337)	(1 343)	(1 311)	(1 476)	(1 427)		(1 286) Other operating expenses	(2 713)	(2 680)	(5 467)	(5 590)
336	518	511	476	418	557	542	460	285		498 Gross operating profit (loss) - EBITDA	783	975	1 977	1 840
(113)	(116)	(121)	(128)	(208)	(208)	(196)	(201)	(193)		(199) Depreciation and amortisation	(393)	(416)	(813)	(478)
(9)		5 (7)		6 (19)	(18)	(8)	(13)	(30)		(4) Share of profit (loss) of joint ventures and associates	(34)	(37)	(58)	(6)
(3)	(41)	(0)	(149)	(9)	(0)	(0)	(26)	(0)		(13) Impairment loss	(13)	(9)	(35)	(193)
(4)	(1)	(12)	24	(14)	(38)	(47)	(51)	55		4 Other income and expenses	59	(52)	(151)	6
205	366	371	228	168	293	290	168	117		285 Operating profit (loss)	402	461	920	1 170
35	43	35	35	33	18	22	19	16		7 Financial income	24	51	89	119
(25)	(26)	(29)	(45)	(43)	(45)	(47)	(48)	(56)		(53) Financial expense	(110)	(87)	(179)	(96)
215	382	377	218	158	266	266	139	77		239 Profit (loss) before taxes from continuing operations	316	424	829	1 192
(79)	(124)	(107)	(66)	(59)	(86)	(77)	(53)	(28)		264 Taxes	236	(145)	(275)	(376)
137	259	270	152	99	180	189	86	48		503 Profit/loss from continuing operations	552	279	554	817
32	57	159	(350)	221	173	213	35	(434)		(34) Profit/loss after tax from discontinued operations	(468)	394	642	(101)
169	315	429	(199)	320	353	402	121	(385)		469 Profit (loss)	84	673	1 196	715
										Profit (loss) attributable to:
11	20	19	18	19	83	109	36	(171)		(1) Non-controlling interests	(173)	102	247	68
158	295	410	(216)	300	271	292	85	(214)		471 Owners of the parent	257	571	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 Basic	1,10	2,40	4,00	2,72
0,66	1,24	1,72	(0,91)	1,26	1,13	1,23	0,36	(0,91)		2,01 Diluted	1,10	2,39	3,99	2,72
0,72 0,72	1,76 1,76	1,74 1,74	1,84 1,84	1,42 1,41	1,40 1,40	1,43 1,43	1,36 1,36	(1,11) (1,11)		2,03 Basic - adjusted 2,03 Diluted - adjusted	0,91 0,91	2,80 2,80	5,59 5,58	6,05 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
Intangible assets	16 637	16 284	16 303	16 521	16 287	16 459	16 748	17 369	19 773	19 014
Property, plant and equipment and investment property	938	885	855	870	845	866	857	849	869	745
Right-of-use assets	-	-	-	-	1 789	1 764	2 374	2 317	2 894	2 735
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
Deferred tax assets	252	254	262	233	264	218	274	179	234	588
Other non-current assets	116	119	118	131	154	166	182	241	346	344
Non-current assets	22 228	21 488	21 365	22 003	23 746	23 897	24 904	25 483	28 456	27 489
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
Cash and cash equivalents	1 805	1 688	1 974	1 844	727	4 578	4 403	3 866	3 977	6 282
Assets held for sale	-	-	-	-	-	-	-	157	-	-
Current assets	4 767	4 604	4 948	5 322	3 743	7 818	7 470	7 294	7 401	9 655
Total assets	26 995	26 092	26 313	27 325	27 489	31 715	32 374	32 778	35 857	37 144
Paid-in equity	6 905	6 919	6 924	6 927	6 924	6 941	6 948	6 969	6 993	6 990
Other equity	7 492	6 811	7 065	7 484	7 251	4 182	3 737	3 529	3 820	3 696
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
Non-controlling interests	278	272	250	262	272	6 208	6 367	6 383	6 887	6 402
Equity	14 675	14 001	14 240	14 673	14 447	17 331	17 052	16 882	17 700	17 088
Deferred tax liabilities	856	838	816	901	884	838	852	944	1 078	1 020
Pension liabilities	1 294	1 297	1 343	1 241	1 175	1 190	1 438	1 095	1 356	1 450
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
Non-current lease liabilities	-	-	-	-	1 644	1 607	2 262	2 192	2 750	2 579
Other non-current liabilities	284	241	238	242	318	373	367	355	521	411
Non-current liabilities	6 340	6 231	6 249	6 222	7 851	8 255	9 204	9 314	10 664	10 757
Current interest-bearing borrowings	328	366	361	389	88	1 079	1 080	1 089	1 102	3 133
Income tax payable	567	559	673	381	310	245	334	234	184	115
Current lease liabilities	-	-	-	-	388	401	356	352	426	446
Other current liabilities	5 084	4 934	4 791	5 660	4 406	4 404	4 348	4 769	5 780	5 605
Liabilities held for sale	-	-	-	-	-	-	-	138	-	-
Current liabilities	5 980	5 860	5 825	6 430	5 191	6 128	6 118	6 582	7 492	9 299
Total equity and liabilities	26 995	26 092	26 313	27 325	27 489	31 715	32 374	32 778	35 857	37 144

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06
CONDENSED CONSOLIDATED	2018	2018	2018	2018	2019	2019	2019	2019	2020	2020
STATEMENT OF CASH FLOWS
Profit (loss) before taxes from continuing operations	215	597	975	1 193	158	424	690	829	77	316
Profit (loss) before taxes from discontinued operations	174	384	659	488	356	657	1 031	1 119	(308)	(247)
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration	-	-	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	177	477	658	1 479	328	636	932	1 537	335	710
Net effect pension liabilities	(70)	(66)	(54)	(90)	(65)	(51)	(56)	(84)	(46)	(42)
Share of loss (profit) of joint ventures and associates, net of dividends received	6	1	15	(20)	(21)	62	72	40	27	9
Taxes paid	(194)	(411)	(599)	(941)	(301)	(597)	(779)	(978)	(159)	(333)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(7)	(7)	(20)	(23)	1	2	(2)	(1)	(66)	(124)
Non-cash items and change in working capital and provisions	33	(90)	(184)	(304)	323	132	196	382	678	717
Net cash flow from operating activities	335	885	1 451	1 781	778	1 265	2 085	2 844	538	1 005
Net cash flow from investing activities	(158)	(370)	(596)	(953)	(491)	(867)	(1 144)	(2 244)	(366)	(708)
Net cash flow before financing activities	177	515	855	828	287	398	941	600	172	297
Net cash flow from financing activities	15	(436)	(477)	(608)	(1 387)	2 352	1 626	1 429	(201)	2 121
Effect of exchange rate changes on cash and cash equivalents	(13)	(18)	(30)	(2)	(16)	(16)	(7)	(7)	140	(2)
Net increase (decrease) in cash and cash equivalents	179	62	348	218	(1 116)	2 734	2 560	2 022	111	2 417
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
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

In the first half of 2020, Non-cash items and change in working capital and provisions include net unrealised loss of NOK 615 million on derivatives hedging the foreign currency exposure of the commitment of Adevinta related to the Grupo Zap acquisition.

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	SCHIBSTED GROUP	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										Operating revenues
651	771	707	714	722	813	769	758	743		753 Nordic Marketplaces	1 496	1 535	3 062	2 843
1 897	1 957	1 834	2 045	1 855	1 911	1 754	1 944	1 757		1 789 News Media	3 546	3 766	7 465	7 733
255	246	261	249	273	245	275	260	293		252 Financial Services	545	519	1 054	1 011
479	481	463	542	503	510	517	635	563		623 Growth	1 185	1 013	2 165	1 966
123	124	120	125	141	151	143	143	167		177 Other/Headquarters	344	292	579	493
(368)	(389)	(378)	(401)	(405)	(415)	(427)	(424)	(496)		(521) Eliminations	(1 018)	(821)	(1 672)	(1 535)
3 037	3 191	3 008	3 275	3 089	3 216	3 032	3 316	3 026		3 073 Schibsted Group	6 099	6 305	12 653	12 511
										EBITDA
251	345	329	280	307	374	373	306	298		341 Nordic Marketplaces	639	681	1 360	1 205
84	143	156	189	120	198	165	149	39		149 News Media	188	318	633	571
90	85	88	63	57	29	51	33	38		31 Financial Services	69	86	169	325
5	24	16	29	6	21	16	55	(21)		32 Growth	11	27	98	73
(94)	(79)	(78)	(84)	(71)	(66)	(63)	(83)	(69)		(54) Other/Headquarters	(123)	(137)	(284)	(335)
336	518	511	476	418	557	542	460	285		498 Schibsted Group	783	975	1 977	1 840

NOK mil lion 1 qu arte r	2 qu arte r	3 qu arte r	4 qu arte r	1 qu arte r	2 qu arte r	3 qu arte r	4 qu arte r	1 qu arte r	2 qu arte r		Yea r to date	Yea r to date	Full yea r	Full yea r
201 8	201 8	201 8	201 8	201 9	201 9	201 9	201 9	202 0	202 0	Nor dic Mar ketp lace s	202 0	201 9	201 9	201 8
rest ated	rest ated	rest ated	rest ated	rest ated	rest ated	rest ated	rest ated						rest ated	rest ated
										Nor dic Mar ketp lace tal s to
493	579	546	529	559	619	601	571	574	568	Clas sifie ds r eve nue s	2 1 14	8 1 17	0 2 35	2 14 7
108	123	100	124	100	125	106	126	101	106	Adv ertis ing reve nue s	207	225	457	454
50	70	61	61	62	69	62	61	68	79	Oth er re ven ues	147	131	254	242
651	771	707	714	722	813	769	758	743	753	Ope rati ng r eve nue s	6 1 49	5 1 53	2 3 06	2 84 3
3%	7%	3%	7%	11%	5%	9%	6%	3%	-7%	YOY owt h rev enu e gr ratin	-3%	8%	8%	5%
(400 ) 251	(426 ) 345	) (377 329	) (434 280	) (415 307	) (439 374	) (396 373	) (452 306	) (445 298	) (412 341	Ope g ex pen ses EBI TDA	) (858 639	) (854 681	02) (1 7 0 1 36	(1 6 38) 1 20 5
39%	45%	47%	39%	43%	46%	48%	40%	40%	45%	EBIT DA- gin mar	43%	44%	44%	42%
										Mar ketp lace s N orw ay
315	382	358	348	378	419	398	367	366	346	Clas sifie ds r eve nue s	711	797	2 1 56	1 40 2
48	55	42	55	43	55	48	62	50	49	Adv ertis ing reve nue s	99	98	209	200
46 408	66 503	56 456	57 459	60 480	66 540	59 505	57 486	65 480	75 469	Oth er re ven ues Ope rati	139 949	126 1 1 02	241 2 2 01	225 1 82 6
4%	16%	11%	17%	18%	7%	11%	6%	0%	-13%	ng r eve nue s YOY owt h rev enu e gr	-7%	12%	10%	12%
(236 )	(268 )	) (236	) (273	) (258	) (269	) (238	) (265	) (270	) (225	Ope ratin g ex pen ses	) (494	) (527	30) (1 0	(1 0 13)
172	235	220	186	222	271	266	222	211	244	EBI TDA	455	493	981	813
42%	47%	48%	41%	46%	50%	53%	46%	44%	52%	EBIT DA- gin mar	48%	48%	49%	45%
										Mar ketp lace s Sw ede n
174 44	192 49	181 43	175 51	174 42	191 51	193 43	195 50	197 38	212 44	Clas sifie ds r eve nue s Adv ertis	409 83	365 93	753 186	721 187
4	4	6	4	2	3	3	3	3	5	ing reve nue s Oth er re ven ues	8	5	12	17
221	244	230	230	218	245	240	248	239	261	Ope rati ng r eve nue s	500	463	951	925
-3%	-9%	-10%	-8%	-1%	0%	4%	8%	10%	7%	YOY owt h rev enu e gr	8%	0%	3%	-8%
(119 )	(116 )	) (100	) (120	) (118	) (129	) (122	) (148	) (139	) (151	Ope ratin g ex pen ses	) (290	) (247	) (518	(456 )
101	128	130	110	100	115	118	100	100	110	EBI TDA	210	216	433	469
46%	53%	56%	48%	46%	47%	49%	40%	42%	42%	EBIT DA- gin mar	42%	47%	46%	51%
										Mar ketp lace s Fi nlan d
5	5	6	6	7	9	10	10	11	11	Clas sifie ds r eve nue s	22	16	36	22
16	19	14	18	15	19	15	14	13	13	Adv ertis ing reve nue s	25	34	63	67
1	-	-	-	1	0	1	0	0	1	Oth er re ven ues	1	1	1	1
22	25	21	24	23	29	25	23	24	24	Ope rati ng r eve nue s	48	52	100	92
85%	32%	16%	6%	7%	15%	20%	-4%	4%	-16%	YOY owt h rev enu e gr	-7%	11%	27%	28%
(23)	(24)	(21)	(23)	(23)	(25)	(22)	(22)	(20)	(24)	Ope ratin g ex pen ses	(44)	(48)	(92)	(91)
(2)	1	0	1	(0)	3	3	1	4	0	EBI TDA	4	3	8	1
-7%	5%	0%	6%	0%	12%	11%	6%	15%	1%	EBIT DA- gin mar	8%	7%	8%	1%
										Oth er N ord ic M arke tpla (1) ces
-	-	-	-	(0)	(0)	(0)	(0)	(0)	(1)	Ope rati s/el imin atio ng r eve nue ns	(0)	(1)	(1)	-
(21)	(20)	(20)	(17)	(16)	(15)	(14)	(17)	(16)	(13)	Ope ratin g ex pen ses	(31)	(29)	(62)	(78)
(21)	(20)	(20)	(17)	(16)	(15)	(14)	(17)	(16)	(14)	EBI TDA	(31)	(30)	(62)	(78)
										(1) Oth de S ay/S er N ordi c M arke tpla inclu hpo ck N ces orw	SPT wed t all en, cos	tion and elim oca	inat ions
0,96 6	0,92 5	0 0,92	4 0,93	5 0,93	5 0,91	4 0,92	8 0,94	9 0,97	1,03 4	SEK /NO K	1,00 7	0,92 5	1 0,93	0,93 6
9,63 2	9,55 4	8 9,57	4 9,63	2 9,74	6 9,71	1 9,85	92 10,0	52 10,4	11,0 20	EUR /NO K	10,7 36	9,72 9	0 9,85	9,59 9

										Mar ketp lace s Sw ede n in SE K
180	207	197	188	187	208	209	206	202	205	Clas sifie ds r eve nue s	406	395	810	771
46	53	47	55	45	56	47	52	39	43	Adv ertis ing reve nue s	82	101	200	199
4	4	6	5	3	3	4	4	4	4	Oth er re ven ues	8	6	13	17
229	264	250	246	233	267	260	262	244	252	Ope rati ng r eve nue s	496	500	2 1 02	987
-6%	-5%	-5%	-3%	2%	1%	4%	6%	5%	-6%	YOY owt h rev enu e gr	-1%	1%	3%	-5%
(124	) (125 )	) (109	) (129	) (126	) (141	) (132	) (157	) (142	) (146	Ope ratin g ex pen ses	) (288	) (267	) (556	(487 )
105	139	141	117	107	126	127	105	102	106	EBI TDA	209	233	466	501
46%	53%	56%	48%	46%	47%	49%	40%	42%	42%	EBIT DA- gin mar	42%	47%	46%	51%
										Mar ketp lace s Fi nlan d in EU R
0	1	1	1	1	1	1	1	1	1	Clas sifie ds r eve nue s	2	2	4	2
2	2	2	2	2	2	1	1	1	1	Adv ertis ing reve nue s	2	4	6	7
0	-	-	-	0	0	0	0	0	0	Oth er re ven ues	0	0	0	0
2	3	2	3	2	3	3	2	2	2	Ope rati ng r eve nue s	4	5	10	10
				6%	13%	16%	-9%	-3%	-26%	YOY owt h rev enu e gr	-16%	10%	6%
(2)	(2)	(2)	(2)	(2)	(3)	(2)	(2)	(2)	(2)	Ope ratin g ex pen ses	(4)	(5)	(9)	(9)
(0) 46%	0 53%	0 56%	0 48%	(0) 0%	0 12%	0 11%	0 6%	0 15%	0 1%	EBIT DA	0 8%	0 7%	1 8%	0 1%

NO K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar		Yea r to da te	Yea r to da te	Full ye ar	Full ye ar
201 8	201 8	201 8	201 8	201 9	201 9	201 9	201 9	202 0	202 0	New s M edi a	202 0	201 9	201 9	201 8
tate d res	tate d res	tate d res	tate d res	tate d res	tate d res	tate d res	tate d res						tate d res	tate d res
										New s M edi a to tal
694	746	630	807	648	683	519	709	529	525	Adv erti sing rev enu es	4 1,05	1 1,33	59 2,5	2,8 77
432	481	387	517	412	432	330	461	348	366	-of whi ch digi tal	714	843	4 1,63	1,8 17
592	588	602	611	626	628	648	648	632	657	Sub iptio scr n re ven ues	9 1,28	4 1,25	50 2,5	2,3 93
168	174	185	199	203	221	239	238	242	263	-of whi ch digi tal	505	424	901	726
374	377	375	355	333	340	355	330	306	315	Cas ual sale s	621	673	8 1,35	1,48 1
236	247	228	272	248	260	233	257	289	292	Oth er r eve nue s	582	508	998	982
1,8 97	1,9 57	34 1,8	45 2,0	55 1,8	11 1,9	54 1,7	4 1,94	57 1,7	89 1,7	Op ting era rev enu es	46 3,5	66 3,7	65 7,4	7,7 33
1%	-1%	-2%	2%	-2%	-2%	-4%	-5%	-5%	-6%	YO Y re wth ven ue gro	-6%	-2%	-3%	0%
(69 3)	(66 6)	3) (57	1) (68	5) (68	4) (66	3) (58	6) (67	9) (64	0) (63	Per nel son exp ens es	80) (1,2	49) (1,3	07) (2,6	(2,6 13)
(1,1 20)	(1,1 48)	06) (1,1	75) (1,1	50) (1,0	49) (1,0	06) (1,0	20) (1,1	68) (1,0	10) (1,0	Oth er e xpe nse s	78) (2,0	99) (2,0	25) (4,2	(4,5 49)
(1,8 13)	(1,8 14)	79) (1,6	57) (1,8	35) (1,7	13) (1,7	89) (1,5	95) (1,7	18) (1,7	40) (1,6	Ope rati ng exp ens es	58) (3,3	48) (3,4	33) (6,8	(7,1 62)
84	143	156	189	120	198	165	149	39	149	EB ITD A	188	318	633	571
4%	7%	8%	9%	6%	10%	9%	8%	2%	8%	EB ITD A-m in arg	5%	8%	8%	7%
										Spl it re bra nd ven ue per
443	459	443	493	430	468	418	477	407	424	VG	831	898	3 1,79	1,83 9
415	434	392	438	378	367	347	383	340	359	Afto nbla det	699	746	1,47 5	1,67 8
859	886	825	914	862	892	830	913	780	770	Sub iptio n N scr ews pap ers	0 1,55	4 1,75	96 3,4	3,4 84
180	178	174	200	186	184	159	172	230	236	Oth er ( 1)	466	369	701	732
1,8 97	1,9 57	34 1,8	45 2,0	55 1,8	11 1,9	54 1,7	4 1,94	57 1,7	89 1,7	Op ting era rev enu es	46 3,5	66 3,7	65 7,4	7,7 33
										(1) Ot her Ne Med ia in clud e P rint , Ne Med ws ws	ia H Q, Sha red Se rvic Mat es,	kan ale n, S PT cos	t al loca tion an	d
										elim inat ions

0.9 665	0.9 246	205 0.9	339 0.9	352 0.9	153 0.9	237 0.9	481 0.9	792 0.9	1.03 40	SE K/N OK	1.00 66	0.9 252	306 0.9	0.9 364
										Aft onb lad et i n S EK
429	469	425	469	405	401	375	404	347	347	Ope rati ng rev enu es	694	806	5 1,58	1,79 2
-3%	-3%	-9%	-5%	-6%	-14 %	-12 %	-14 %	-14 %	-14 %	YO Y re wth ven ue gro	-14 %	-10 %	-12 %	-5%

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	Financial Services	2020	2019	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 Operating revenues	545	519	1 054	1 011
31%	14%	5%	6%	7%	0%	5%	4%	7%		3% YOY revenue growth	5%	4%	4%	13%
(164)	(161)	(174)	(186)	(217)	(216)	(224)	(227)	(255)		(221) Operating expenses	(477)	(433)	(884)	(685)
90	85	88	63	57	29	51	33	38		31 EBITDA	69	86	169	325
35%	35%	34%	25%	21%	12%	19%	13%	13%		12% EBITDA-margin	13%	17%	16%	32%
										Lendo
215	208	221	207	229	205	230	218	250		208 Operating revenues	458	434	882	852
46%	26%	10%	8%	6%	-1%	4%	5%	9%		1% YOY revenue growth	5%	3%	4%	21%
(121)	(124)	(138)	(148)	(178)	(179)	(183)	(188)	(207)		(182) Operating expenses	(390)	(357)	(727)	(530)
95	84	84	59	51	26	47	30	43		25 EBITDA	68	77	155	322
44%	41%	38%	28%	22%	13%	20%	14%	17%		12% EBITDA-margin	15%	18%	18%	38%
										Other financial services (1)
39	38	40	42	44	40	45	42	43		45 Operating revenues	88	85	172	159
-17%	-24%	-16%	-4%	12%	6%	13%	0%	-3%		10% YOY revenue growth	3%	9%	8%	-16%
(44)	(37)	(36)	(38)	(39)	(38)	(41)	(40)	(48)		(39) Operating expenses	(87)	(76)	(157)	(155)
(4)	1	4	4	6	3	4	2	(5)		6 EBITDA	1	8	15	4
-11%	2%	9%	9%	13%	7%	9%	5%	-12%		13% EBITDA-margin	1%	10%	9%	2%

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

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
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	Growth	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										Growth total
479	481	463	542	503	510	517	635	563		623 Operating revenues	1 185	1 013	2 165	1 966
2%	-3%	1%	7%	5%	6%	12%	17%	12%		22% YOY revenue growth	17%	5%	10%	2%
(475)	(458)	(447)	(514)	(497)	(489)	(501)	(580)	(584)		(591) Operating expenses	(1 174)	(986)	(2 067)	(1 893)
5	24	16	29	6	21	16	55	(21)		32 EBITDA	11	27	98	73
1%	5%	4%	5%	1%	4%	3%	9%	-4%		5% EBITDA-margin	1%	3%	5%	4%
										Distribution
263	257	259	285	292	294	307	355	346		374 Operating revenues	720	586	1 247	1 064
19%	14%	10%	12%	11%	14%	18%	24%	18%		27% YOY revenue growth	23%	13%	17%	14%
(261)	(262)	(259)	(276)	(288)	(285)	(296)	(339)	(347)		(368) Operating expenses	(715)	(573)	(1 208)	(1 058)
1	(5)	1	9	4	8	10	16	(1)		6 EBITDA		6 13	39	6
1%	-2%	0%	3%	1%	3%	3%	5%	0%		2% EBITDA-margin	1%	2%	3%	1%
										Prisjakt
66	66	67	109	72	72	64	116	75		94 Operating revenues	168	145	325	308
17%	20%	14%	17%	10%	9%	-4%	7%	3%		29% YOY revenue growth	16%	10%	6%	17%
(52)	(42)	(44)	(73)	(53)	(54)	(51)	(72)	(62)		(58) Operating expenses	(120)	(107)	(230)	(211)
14	24	23	35	19	19	13	44	12		36 EBITDA	48	38	95	97
21%	37%	35%	33%	27%	26%	20%	38%	16%		38% EBITDA-margin	28%	26%	29%	31%
										Other Growth (1)
151	158	137	148	139	144	146	164	142		155 Operating revenues	297	283	592	595
12%	6%	-5%	-8%	-8%	-9%	6%	11%	2%		8% YOY revenue growth	5%	-9%	0%	1%
(161)	(153)	(145)	(164)	(156)	(150)	(153)	(169)	(175)		(165) Operating expenses	(339)	(307)	(628)	(624)
(11)	5	(7)	(16)	(18)	(6)	(7)	(5)	(32)		(10) EBITDA	(42)	(24)	(36)	(29)
-7%	3%	-5%	-11%	-13%	-4%	-5%	-3%	-23%		-6% EBITDA-margin	-14%	-9%	-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