Vend Marketplaces ASA

Quarterly Report • May 15, 2019

Financials and analytical info as of Q1 2019

• 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

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IR jcs@schibsted.no Mobile: +47 415 08 733

Espen Risholm, IRO espen.risholm@schibsted.com Mobile: +47 924 80 248

www.schibsted.com/ir

									SCHIBSTED MEDIA GROUP
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		1 quarter CONDENSED CONSOLIDATED	Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	INCOME STATEMENT	2018	2017	2016
541	551	553	572	580	576	590	599		613 Subscription revenues	2,345	2,218	2,096
416	427	439	393	374	377	375	355		333 Casual sales revenues	1,481	1,675	1,865
2,480	2,748	2,543	2,831	2,752	2,991	2,749	3,094		2,877 Advertising revenues		11,585 10,602	9,760
562	601	625	658	651	659	644	694		753 Other revenues	2,648	2,447	2,133
4,000	4,327	4,161	4,455	4,357	4,602	4,358	4,742		4,576 Operating revenues		18,059 16,943 15,854
(107)	(110)	(102)	- (113)	(102)	(101)	(97)	(109)		(102) Raw materials and finished goods	- (409)	(432)	(500)
(1,546)	(1,606)	(1,487)	(1,678)	(1,706)	(1,661)	(1,518)	(1,714)		(1,773) Personnel expenses	(6,598)	(6,317)	(6,141)
(1,913)	(1,917)	(1,789)	(1,969)	(1,939)	(1,945)	(1,878)	(2,022)		(1,846) Other operating expenses	(7,784)	(7,588)	(7,082)
									Share of profit (loss) of joint ventures and associates	-	-	-
434	694	783	695	610	895	865	897		856 Gross operating profit (loss) - EBITDA	- 3,268	2,606	2,131
(145)	(156)	(158)	(175)	(172)	(175)	(181)	(203)		(316) Depreciation and amortisation	- (731)	(634)	(529)
(58)	(11)	(15)	(29)	(6)	30	1	35		22 Share of profit (loss) of joint ventures and associates	60	(113)	(171)
0	(0)	-	-	(0)	0	0	(601)	-	Impairment loss goodwill	(601)	-	-
(0)	(9)	(2)	(38)	(5)	(125)	(0)	(16)		(12) Impairment loss	(146)	(49)	(80)
(3)	1,286	194	28	(10)	(2)	(6)	(37)		(31) Other income and expenses	(55)	1,505	(114)
228	1,805	802	479	417	623	678	75		520 Operating profit (loss)	1,794	3,315	1,237
(12)	(70)	(23)	(66)	(28)	(30)	(27)	(28)		(6) Net Financial Items	- (113)	(171)	21
216	1,735	779	414	389	593	652	47		514 Profit (loss) before taxes	1,681	3,144	1,258
(174)	(352)	(226)	(207)	(220)	(277)	(222)	(246)		(194) Taxes	- (965)	(958)	(699)
43	1,383	553	207	169	315	429	(199)		320 Profit (loss)	715	2,186	559
									Profit (loss) attributable to:	- -
12	10	22	11	11	20	19	18		19 Non-controlling interests	68	55	94
30	1,373	531	196	158	295	410	(216)		300 Owners of the parent	648	2,130	465
									Earnings per share (NOK)
0.13	6.07	2.35	0.85	0.67	1.24	1.72	(0.91)		1.26 Basic	2.72	9.36	2.05
0.13	6.06	2.34	0.85	0.66	1.24	1.72	(0.91)		1.26 Diluted	2.72	9.35	2.05
0.15	0.96	1.45	0.88	0.72	1.76	1.74	1.84		1.42 Basic - adjusted	6.05	3.43	2.70
0.15	0.96	1.45	0.88	0.72	1.76	1.74	1.84		1.41 Diluted - adjusted	6.05	3.43	2.69

NOK million
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	31.03 2017	30.06 2017	30.09 2017	31.12 2017	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019
Intangible assets	14,835	16,456	16,084	16,983	16,637	16,284	16,303	16,521	16,287
Investment property and property, plant and equipment	1,020	1,004	1,009	988	938	885	855	870	2,634
Investments in joint ventures and associates	929	4,519	4,481	4,514	4,285	3,947	3,827	4,248	4,407
Other non-current assets	352	441	414	364	368	373	380	364	418
Non-current assets	17,136	22,420	21,987	22,850	22,228	21,488	21,365	22,003	23,746
Trade receivables and other current assets	2,860	3,059	3,091	3,141	2,962	2,916	2,974	3,478	3,015
Current financial assets
Cash and cash equivalents	751	495	783	1,626	1,805	1,688	1,974	1,844	727
Assets held for sale
Current assets	3,610	3,553	3,873	4,767	4,767	4,604	4,948	5,322	3,743
Total assets	20,747	25,974	25,860	27,617	26,995	26,092	26,313	27,325	27,489
Equity attributable to owners of the parent	10,394	11,638	11,549	14,793	14,397	13,730	13,989	14,412	14,175
Non-controlling interests	323	257	252	261	278	272	250	262	272
Equity	10,717	11,895	11,802	15,054	14,675	14,001	14,240	14,673	14,447
Non-current interest-bearing borrowings	2,313	5,510	5,203	4,212	3,906	3,855	3,852	3,837	3,830
Other non-current liabilities	2,450	2,610	2,732	2,586	2,434	2,376	2,397	2,384	4,020
Non-current liabilities	4,763	8,121	7,935	6,798	6,340	6,231	6,249	6,222	7,851
Current interest-bearing borrowings	28	626	626	28	328	366	361	389	88
Other current liabilities	5,240	5,332	5,497	5,736	5,652	5,494	5,464	6,041	5,103
Liabilities held for sale
Current liabilities	5,268	5,958	6,124	5,764	5,980	5,860	5,825	6,430	5,191
Total equity and liabilities	20,747	25,974	25,860	27,617	26,995	26,092	26,313	27,325	27,489

NOK million
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	31.03 2017	30.06 2017	30.09 2017	31.12 2017	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019
Profit (loss) before taxes	216	1,952	2,730	3,144	389	982	1,634	1,681	514
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	145	309	470	685	177	477	658	1,479	328
Net effect pension liabilities	(87)	(74)	(77)	(91)	(70)	(66)	(54)	(90)	(65)
Share of loss (profit) of joint ventures and associates, net of dividends received	58	87	102	134	6	1	15	(20)	(21)
Taxes paid	(178)	(525)	(678)	(828)	(194)	(411)	(599)	(941)	(301)
Sales losses (gains) non-current assets and other non-cash losses (gains)	-	(1,310)	(1,547)	(1,697)	(7)	(7)	(20)	(23)	1
Change in working capital and provisions	6	(88)	(46)	(57)	33	(90)	(184)	(304)	323
Net cash flow from operating activities	159	351	954	1,290	335	885	1,451	1,781	778
Net cash flow from investing activities	(675)	(4,161)	(4,144)	(4,546)	(158)	(370)	(596)	(953)	(491)
Net cash flow before financing activities	(516)	(3,811)	(3,190)	(3,256)	177	515	855	828	287
Net cash flow from financing activities	(6)	3,018	2,704	3,558	15	(436)	(477)	(608)	(1,387)
Effect of exchange rate changes on cash and cash equivalents	4	18	1	55	(13)	(18)	(30)	(2)	(16)
Net increase (decrease) in cash and cash equivalents	(518)	(774)	(486)	357	179	62	348	218	(1,116)
Cash and cash equivalents at start of period	1,268	1,268	1,268	1,268	1,626	1,626	1,626	1,626	1,844
Cash and cash equivalents at end of period	751	495	783	1,626	1,805	1,688	1,974	1,844	727

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	SCHIBSTED GROUP	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated			restated	restated	restated
									Operating revenues
632	722	683	665	651	771	707	714		722 Nordic Marketplaces	2,843	2,702	2,488
1,880	1,986	1,878	2,010	1,897	1,957	1,834	2,045		1,855 News Media	7,733	7,754	8,137
195	215	248	235	255	246	261	249		273 Financial Services	1,011	893	638
471	495	460	509	479	481	463	542		503 Growth	1,966	1,934	1,854
110	122	158	179	178	179	173	184		192 Other/Headquarters	714	569	331
(356)	(380)	(414)	(427)	(423)	(444)	(430)	(459)		(457) Eliminations within Schibsted excl. Adevinta	(1,756)	(1,577)	(1,437)
2,932	3,159	3,013	3,171	3,037	3,191	3,008	3,275		3,089 Schibsted excl. Adevinta	12,511	12,275	12,011
1,081	1,199	1,171	1,316	1,351	1,438	1,381	1,494		1,545 Adevinta	5,665	4,767	3,910
(13)	(31)	(24)	(32)	(31)	(27)	(32)	(27)		(58) Eliminations between Schibsted and Adevinta	(117)	(99)	(66)
4,000	4,327	4,161	4,455	4,357	4,602	4,358	4,742		4,576 Schibsted Group	18,059	16,943	15,854
									EBITDA
239	285	334	278	268	360	345	294		321 Nordic Marketplaces	1,267	1,135	1,122
151	212	206	191	112	170	186	214		150 News Media	682	759	644
												170
												185
												(565)
												1,556
												575
												2,131
57 26 (159) 313 120 434	64 22 (154) 428 267 694	97 40 (150) 526 257 783	84 28 (164) 416 279 695	91 12 (147) 336 275 610	85 30 (127) 518 377 895	88 23 (132) 511 354 865	63 34 (130) 476 421 897		57 Financial Services 12 Growth (123) Other/Headquarters 418 Schibsted excl. Adevinta 438 Adevinta 856 Schibsted Group	327 99 (535) 1,840 1,427 3,268	302 115 (627) 1,684 922 2,606

NOK million
1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	1 quarter 2018	2 quarter 2018	3 quarter 2018	4 quarter 2018	1 quarter 2019	Nordic Marketplaces	Full year 2018	Full year 2017	Full year 2016
restated	restated	restated	restated	restated	restated	restated	restated			restated	restated	restated
									Nordic Marketplaces total
632	722	683	665	651	771	707	714		722 Operating revenues	2,843	2,702	2,488
				3 %	7 %	3 %	7 %		11 % YOY revenue growth	5 %	9 %
(393)	(437)	(349)	(388)	(383)	(412)	(362)	(420)		(400) Operating expenses	(1,576)	(1,567)	(1,366)
239	285	334	278	268	360	345	294		321 EBITDA	1,267	1,135	1,122
38 %	39 %	49 %	42 %	41 %	47 %	49 %	41 %		45 % EBITDA-margin	45 %	42 %	45 %
									Norway Marketplaces
392	435	409	393	408	503	456	459		480 Operating revenues	1,826	1,628	1,451
				4 %	16 %	11 %	17 %		18 % YOY revenue growth	12 %	12 %
(238)	(242)	(218)	(243)	(236)	(268)	(236)	(273)		(258) Operating expenses	(1,013)	(940)	(827)
154	193	191	150	172	235	220	186		222 EBITDA	813	688	624
39 %	44 %	47 %	38 %	42 %	47 %	48 %	41 %		46 % EBITDA-margin	45 %	42 %	43 %
									Sweden Marketplaces
229	268	256	249	221	244	230	230		218 Operating revenues	925	1,002	989
				-6 %	-5 %	-5 %	-3 %		2 % YOY revenue growth (in SEK)	-5 %	3 %
(105)	(120)	(102)	(116)	(119)	(116)	(100)	(120)		(118) Operating expenses	(456)	(443)	(416)
124	148	154	133	101	128	130	110		100 EBITDA	469	559	573
54 %	55 %	60 %	54 %	46 %	53 %	56 %	48 %		46 % EBITDA-margin	51 %	56 %	58 %
									Other Nordic Marketplaces (1)
12	19	18	23	22	25	21	24		23 Operating revenues	92	71	48
				85 %	32 %	16 %	6 %		8 % YOY revenue growth	28 %	48 %
(50)	(75)	(29)	(29)	(27)	(28)	(25)	(26)		(25) Operating expenses	(107)	(183)	(123)
(39)	(57)	(11)	(5)	(6)	(4)	(4)	(2)		(1) EBITDA	(15)	(112)	(75)
-330 %	-302 %	-63 %	-24 %	-27 %	-15 %	-20 %	-7 %		-6 % EBITDA-margin	-17 %	-157 %	-155 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	News Media	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated			restated	restated	restated
									News Media total
1,880	1,986	1,878	2,010	1,897	1,957	1,834	2,045		1,855 Operating revenues	7,733	7,754	8,137
				1 %	-1 %	-2 %	2 %		-2 % YOY revenue growth	0 %	-5 %
(1,730)	(1,774)	(1,672)	(1,819)	(1,785)	(1,787)	(1,648)	(1,831)		(1,705) Operating expenses	(7,051)	(6,995)	(7,493)
151	212	206	191	112	170	186	214		150 EBITDA	682	759	644
8 %	11 %	11 %	9 %	6 %	9 %	10 %	10 %		8 % EBITDA-margin	9 %	10 %	8 %
									VG
431	439	428	447	443	459	443	493		430 Operating revenues	1,839	1,746	1,700
				3 %	5 %	4 %	10 %		-3 % YOY revenue growth	5 %	3 %
(343)	(352)	(341)	(372)	(363)	(377)	(349)	(419)		(372) Operating expenses	(1,509)	(1,407)	(1,428)
88 21 %	87 20 %	87 20 %	76 17 %	80 18 %	82 18 %	94 21 %	75 15 %		57 EBITDA 13 % EBITDA-margin	331 18 %	339 19 %	272 16 %
									Aftonbladet
419	470	457	484	415	434	392	438		378 Operating revenues	1,678	1,830	1,920
				-3 %	-3 %	-9 %	-5 %		-6 % YOY revenue growth (in SEK)	-5 %	-3 %
(387)	(400)	(391)	(391)	(379)	(381)	(370)	(357)		(342) Operating expenses	(1,487)	(1,568)	(1,680)
32	70	67	93	35	53	22	81		36 EBITDA	190	262	240
8 %	15 %	15 %	19 %	9 %	12 %	6 %	18 %		10 % EBITDA-margin	11 %	14 %	12 %
									Subscription Newspapers
867	902	837	919	859	886	825	914		862 Operating revenues	3,484	3,525	3,710
				-1 %	-2 %	-1 %	-1 %		0 % YOY revenue growth	-1 %	-5 %
(826)	(819)	(774)	(853)	(828)	(825)	(750)	(839)		(812) Operating expenses	(3,243)	(3,272)	(3,487)
41	83	62	67	30	61	75	75		49 EBITDA	242	253	222
5 %	9 %	7 %	7 %	4 %	7 %	9 %	8 %		6 % EBITDA-margin	7 %	7 %	6 %
									Other News Media (1)
163	175	157	159	180	178	174	200		186 Operating revenues	732	654	807
				10 %	2 %	11 %	26 %		3 % YOY revenue growth	12 %	-19 %
(175)	(204)	(167)	(204)	(214)	(203)	(179)	(216)		(179) Operating expenses	(812)	(749)	(898)
(11)	(29)	(10)	(45)	(34)	(25)	(5)	(16)		7 EBITDA	(80)	(95)	(91)
-7 %	-16 %	-6 %	-28 %	-19 %	-14 %	-3 %	-8 %		4 % EBITDA-margin	-11 %	-15 %	-11 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	Financial Services	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated			restated	restated	restated
									Financial Services total
195	215	248	235	255	246	261	249		273 Operating revenues	1,011	893	638
				31 %	14 %	5 %	6 %		7 % YOY revenue growth	13 %	40 %
(138)	(150)	(152)	(151)	(164)	(161)	(173)	(186)		(217) Operating expenses	(684)	(591)	(468)
57	64	97	84	91	85	88	63		57 EBITDA	327	302	170
29 %	30 %	39 %	36 %	36 %	35 %	34 %	25 %		21 % EBITDA-margin	32 %	34 %	27 %
										-
									Lendo
147	165	201	191	215	208	221	207		228 Operating revenues	852	704	459
				46 %	26 %	10 %	8 %		6 % YOY revenue growth	21 %	53 %
(92)	(104)	(110)	(104)	(121)	(124)	(138)	(148)		(155) Operating expenses	(530)	(411)	(291)
55	60	91	87	95	84	84	59		72 EBITDA	322	293	168
							(13)		(21) - of which investment phase	(13)
37 %	37 %	45 %	45 %	44 %	41 %	38 %	28 %		32 % EBITDA-margin	38 %	42 %	37 %
									Other financial services (1)
48	50	47	44	39	38	40	42		44 Operating revenues	159	189	179
				-17 %	-24 %	-16 %	-4 %		12 % YOY revenue growth	-16 %	5 %
(46)	(46)	(42)	(47)	(43)	(37)	(36)	(38)		(38) Operating expenses	(154)	(180)	(177)
2	4	6	(3)	(4)	1	4	4		6 EBITDA	5	9	2
5 %	9 %	12 %	-7 %	-10 %	2 %	10 %	10 %		13 % EBITDA-margin	3 %	5 %	1 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	Schibsted Growth	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated			restated	restated	restated
									Growth total
471	495	460	509	479	481	463	542	503	Operating revenues	1,966	1,934	1,854
				2 %	-3 %	1 %	7 %		5 % YOY revenue growth	2 %	4 %
(445)	(474)	(420)	(481)	(467)	(452)	(440)	(508)	(491)	Operating expenses	(1,867)	(1,819)	(1,668)
26	22	40	28	12	30	23	34	12	EBITDA	99	115	185
5 %	4 %	9 %	5 %	2 %	6 %	5 %	6 %		2 % EBITDA-margin	5 %	6 %	10 %
									Distribution
221	225	235	255	263	257	259	285	292	Operating revenues	1,064	937	810
				19 %	14 %	10 %	12 %		11 % YOY revenue growth	14 %	16 %
(213)	(221)	(222)	(240)	(261)	(262)	(259)	(276)	(288)	Operating expenses	(1,058)	(896)	(786)
9	4	13	15	1	(5)	1	9	4	EBITDA	6	41	24
0 %	2 %	5 %	6 %	1 %	-2 %	0 %	3 %		1 % EBITDA-margin	1 %	4 %	3 %
									Prisjakt
56	55	59	93	66	66	67	109	72	Operating revenues	308	263	216
				17 %	20 %	14 %	17 %		10 % YOY revenue growth	17 %	21 %
(47)	(51)	(49)	(80)	(52)	(42)	(44)	(73)	(53)	Operating expenses	(211)	(229)	(168)
9	4	9	12	14	24	23	35	19	EBITDA	97	34	49
16 %	7 %	16 %	13 %	21 %	37 %	35 %	33 %		27 % EBITDA-margin	31 %	13 %	23 %
									Other Growth (1)
134	150	145	161	151	158	137	148	139	Operating revenues	595	590	575
				12 %	6 %	-5 %	-8 %		-8 % YOY revenue growth	1 %	3 %
(136)	(151)	(131)	(160)	(154)	(147)	(138)	(158)	(150)	Operating expenses	(598)	(579)	(529)
(2)	(1)	13	0	(3)	11	(1)	(10)	(11)	EBITDA	(3)	11	46
-1 %	-1 %	9 %	0 %	-2 %	7 %	0 %	-7 %		-8 % EBITDA-margin	-1 %	2 %	8 %
									Hitta (divested Q3 2017)
59	65	21							Operating revenues		145	252
(48)	(50)	(16)							Operating expenses		(115)	(185)
10	15	5							EBITDA		30	67
18 %	23 %	22 %							EBITDA-margin		21 %	27 %