Vend Marketplaces ASA — Earnings Release 2021

May 6, 2021

Financials and analytical info as of Q1 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 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	CONDENSED CONSOLIDATED	Full year	Full year
2019	2019	2019	2019	2020	2020	2020	2020	2021	INCOME STATEMENT	2020	2019
restated and	restated and	restated and	restated and	restated and	restated and	restated	restated			restated	restated and
re-presented	re-presented	re-presented	re-presented	re-presented	re-presented						re-presented
566	629	610	578	593	590	649	653	702	Classified revenues	2,485	2,383
772	836	639	887	653	653	630	894	705	Advertising revenues	2,829	3,134
538	597	451	641	473	495	490	694	551	-of which digital	2,153	2,227
679	677	701	703	689	717	737	761	763	Subscription revenues	2,905	2,760
256	271	293	294	301	324	349	363	374	-of which digital	1,336	1,113
333	340	355	330	306	315	331	303	273	Casual sales	1,256	1,358
739	734	727	818	785	799	840	1,009	958	Other revenues	3,434	3,017
3,089	3,216	3,032	3,316	3,026	3,073	3,188	3,620	3,401	Operating revenues	12,908	12,653
(102)	(102)	(101)	(111)	(93)	(100)	(109)	(151)	(146)	Raw materials and finished goods	(454)	(416)
(1,232)	(1,213)	(1,078)	(1,270)	(1,221)	(1,189)	(1,130)	(1,365)	(1,299)	Personnel expenses	(4,905)	(4,793)
(1,337)	(1,343)	(1,311)	(1,476)	(1,427)	(1,286)	(1,271)	(1,439)	(1,361)	Other operating expenses	(5,422)	(5,467)
418	557	542	460	285	498	678	665	594	Gross operating profit (loss) - EBITDA	2,126	1,977
(208)	(208)	(196)	(201)	(193)	(199)	(218)	(218)	(220)	Depreciation and amortisation	(829)	(813)
(19)	(18)	(8)	(13)	(30)	(4)	2	(12)	(0)	Share of profit (loss) of joint ventures and associates	(44)	(58)
(9)	(0)	(0)	(26)	(0)	(13)	(7)	(40)	(6)	Impairment loss	(61)	(35)
-	-		1 9	66	63	(1)	17	10	Other income	146	11
(14)	(38)	(48)	(61)	(11)	(59)	(94)	(72)	(31)	Other expenses	(237)	(162)
168	293	290	168	117	285	360	339	346	Operating profit (loss)	1,101	920
33	18	22	19	16	7	14	12	3	Financial income	37	89
(43)	(45)	(47)	(48)	(56)	(53)	(52)	(47)	(56)	Financial expense	(197)	(179)
158	266	266	139	77	239	321	304	294	Profit (loss) before taxes	941	829
(59)	(86)	(77)	(53)	(28)	264	(59)	(49)	(71)	Taxes	128	(275)
99	180	189	86	48	503	262	254	222	Profit (loss) after taxes from continuing operations	1,068	554
221	173	213	35	(434)	(34)	(209)	444	(501)	Profit/loss after tax from discontinued operations	(233)	642
320	353	402	121	(385)	469	53	698	(279)	Profit (loss)	836	1,196
									Profit (loss) attributable to:
19	83	109	36	(171)	(1)	(58)	209	(175)	Non-controlling interests	(22)	247
300	271	292	85	(214)	471	112	490	(104)	Owners of the parent	858	949
									Earnings per share (NOK)
1.26	1.14	1.23	0.36	(0.91)	2.01	0.48	2.09		(0.44) Basic	3.67	4.00
1.26	1.13	1.23	0.36	(0.91)	2.01	0.48	2.09		(0.44) Diluted	3.66	3.99
1.42	1.40	1.43	1.36	(1.11)	2.03	1.60	2.69		1.41 Basic - adjusted	5.21	5.59
1.41	1.40	1.43	1.36	(1.11)	2.03	1.60	2.69		1.41 Diluted - adjusted	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
STATEMENT OF FINANCIAL POSITION	2019	2019	2019	2019	2020	2020	2020	2020	2021
Intangible assets	16,287	16,459	16,748	17,369	19,773	19,014	6,153	6,018	5,824
Property, plant and equipment and investment property	845	866	857	849	869	745	492	480	462
Right-of-use assets	1,789	1,764	2,374	2,317	2,894	2,735	1,641	1,620	1,549
Investments in joint ventures and associates	4,407	4,423	4,470	4,529	4,340	4,062	906	922	918
Deferred tax assets	264	218	274	179	234	588	702	690	709
Other non-current assets	154	166	182	241	346	344	88	101	97
Non-current assets	23,746	23,897	24,904	25,483	28,456	27,489	9,981	9,832	9,560
Contract assets	359	477	335	224	226	226	178	173	170
Trade receivables and other current assets	2,656	2,763	2,732	3,047	3,198	3,147	1,839	1,792	1,835
Cash and cash equivalents	727	4,578	4,403	3,866	3,977	6,282	1,021	1,306	1,104
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
Total assets	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478	45,961
Paid-in equity	6,924	6,941	6,948	6,969	6,993	6,990	7,011	7,028	7,034
Other equity	7,251	4,182	3,737	3,529	3,820	3,696	3,738	3,151	2,770
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
Non-controlling interests	272	6,208	6,367	6,383	6,887	6,402	6,111	5,675	5,465
Equity	14,447	17,331	17,052	16,882	17,700	17,088	16,860	15,853	15,269
Deferred tax liabilities	884	838	852	944	1,078	1,020	335	351	331
Pension liabilities	1,175	1,190	1,438	1,095	1,356	1,450	1,235	1,154	1,094
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
Non-current lease liabilities	1,644	1,607	2,262	2,192	2,750	2,579	1,550	1,503	1,424
Other non-current liabilities	318	373	367	355	521	411	290	317	269
Non-current liabilities	7,851	8,255	9,204	9,314	10,664	10,757	6,550	6,416	6,195
Current interest-bearing loans and borrowings	88	1,079	1,080	1,089	1,102	3,133	693	678	675
Income tax payable	310	245	334	234	184	115	235	74	95
Current lease liabilities	388	401	356	352	426	446	275	286	293
Contract liabilities	1,206	1,187	1,126	1,109	1,278	1,227	585	600	635
Other current liabilities	3,200	3,217	3,222	3,660	4,502	4,378	2,279	2,537	2,322
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
Total equity and liabilities	27,489	31,715	32,374	32,778	35,857	37,144	38,204	48,478	45,961

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03
STATEMENT OF CASH FLOWS	2019	2019	2019	2019	2020	2020	2020	2020	2021
Profit (loss) before taxes from continuing operations	158	424	690	829	77	316	637	941	294
Profit (loss) before taxes from discontinued operations	356	657	1,031	1,119	(308)	(247)	(272)	154	(335)
Depreciation, amortisation and impairment losses	328	636	932	1,537	335	710	968	1,226	226
Net effect pension liabilities	(65)	(51)	(56)	(84)	(46)	(42)	(28)	(7)	(55)
Share of loss (profit) of joint ventures and associates, net of dividends received	(21)	62	72	40	27	9	40	52	12
Taxes paid	(301)	(597)	(779)	(978)	(159)	(333)	(522)	(819)	(199)
Sales losses (gains) non-current assets and other non-cash losses (gains)	1	2	(2)	(1)	(66)	(124)	(138)	(189)	553
Non-cash items and change in working capital and provisions	323	132	196	382	678	717	974	1,043	220
Net cash flow from operating activities	778	1,265	2,085	2,844	538	1,005	1,659	2,402	715
- of which from continuing operations	276	582	1,038	1,532	98	418	711	1,292	299
- of which from discontinued operations	502	683	1,047	1,312	440	587	948	1,110	416
Net cash flow from investing activities	(491)	(867)	(1,144)	(2,244)	(366)	(708)	(2,947)	(6,109)	(404)
- of which from continuing operations	(334)	(475)	(638)	(888)	(165)	(348)	(2,473)	(2,654)	(424)
- of which from discontinued operations	(157)	(392)	(506)	(1,356)	(201)	(360)	(474)	(3,455)	20
Net cash flow from financing activities	(1,387)	2,352	1,626	1,429	(201)	2,121	2,022	2,624	(341)
- of which from continuing operations	(1,024)	2,547	1,849	1,219	(155)	(319)	(391)	(498)	(69)
- of which from discontinued operations	(363)	(195)	(223)	210	(46)	2,440	2,413	3,122	(271)
Effect of exchange rate changes on cash and cash equivalents	(16)	(16)	(7)	(7)	140	(2)	67	(105)	(80)
Net increase (decrease) in cash and cash equivalents	(1,116)	2,734	2,560	2,022	111	2,417	801	(1,188)	(109)
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
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
- 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

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

NOK million 1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year
2019 restated	2019 restated	2019 restated	2019 restated	2020 restated	2020 restated	2020 restated	2020 restated	2021	Nordic Marketplaces	2020 restated	2019 restated
567	629	611	579	594	590	649	653	702	Nordic Marketplaces total Classifieds revenues	2,486	2,385
100	125	106	126	101	106	110	132	107	Advertising revenues	449	457
55	59	52	53	49	57	68	72	67	Other revenues	246	220
722	813	769	758	743	753	827	857	877	Operating revenues	3,181	3,062
(415)	(439)	(396)	(452)	3 % (445)	-7 % (412)	8 % (471)	13 % (517)	(517)	18 % YOY revenue growth Operating expenses	4 % (1,845)	(1,702)
307	374	373	306	298	341	356	340	360	EBITDA	1,336	1,360
43 %	46 %	48 %	40 %	40 %	45 %	43 %	40 %		41 % EBITDA-margin	42 %	44 %
									Marketplaces Norway
384	427	405	372	383	366	388	383	430	Classifieds revenues	1,520	1,588
43	55	48	62	50	49	45	56	49	Advertising revenues	200	209
54	58	52	52	48	54	53	59	54	Other revenues	214 1,934	215
480	540	505	486	480 0 %	469 -13 %	486 -4 %	498 2 %	533	Operating revenues 11 % YOY revenue growth	-4 %	2,012
(258)	(269)	(238)	(265)	(270)	(225)	(256)	(269)	(266)	Operating expenses	(1,019)	(1,031)
222	271	266	222	211	244	230	229	268	EBITDA	914	981
46 %	50 %	53 %	46 %	44 %	52 %	47 %	46 %		50 % EBITDA-margin	47 %	49 %
									Marketplaces Sweden
176	192	196	197	200	214	216	218	208	Classifieds revenues	848	761
42	51	43	50	38	44	46	53	40	Advertising revenues	181	186
1	1	1	2	1	3	2	10	4	Other revenues	16 1,044	4
219	245	240	248	239 9 %	261 7 %	263 10 %	281 13 %	252	Operating revenues 6 % YOY revenue growth	10 %	951
(119)	(129)	(122)	(148)	(139)	(151)	(139)	(159)	(147)	Operating expenses	(587)	(519)
100	115	118	100	100	110	125	123	105	EBITDA	457	432
46 %	47 %	49 %	40 %	42 %	42 %	47 %	44 %		42 % EBITDA-margin	44 %	45 %
									Marketplaces Finland
8	9	10	10	11	11	47	53	63	Classifieds revenues	122	36
15	19	15	14	13	13	20	24	18	Advertising revenues	69 27	63
0 23	0 29	0 25	0 23	0 24	1 24	12 79	14 90	13 94	Other revenues Operating revenues	217	1 100
				4 %	-16 %	216 %	286 %		292 % YOY revenue growth	117 %
(23)	(25)	(22)	(22)	(20)	(24)	(64)	(84)	(91)	Operating expenses	(192)	(92)
(0)	3	3	1	4	0	15	6	4	EBITDA	25	8
0 %	12 %	11 %	6 %	15 %	1 %	19 %	7 %		4 % EBITDA-margin	12 %	8 %
									Other Nordic Marketplaces (1)
(0)	(0)	(0)	(0)	(0)	(1)	(1)	(12)	(3)	Operating revenues/eliminations	(14) (47)	(1)
(14) (14)	(15) (15)	(14) (14)	(17) (17)	(16) (16)	(13) (14)	(12) (14)	(5) (17)	(14) (17)	Operating expenses EBITDA	(61)	(60) (60)
									(1) Other Nordic Marketplaces includes Nordic Marketplaces headquarters, SPT cost
									allocation and eliminations
0.935	0.915	0.924	0.948	0.979	1.034	1.030	1.048	1.015	SEK/NOK	1.023	0.931
9.742	9.716	9.851	10.092	10.452	11.020	10.670	10.757	10.264	EUR/NOK	10.725	9.850
									Marketplaces Sweden in SEK
188	210	212	208	204	207	209	209	205	Classifieds revenues	829	818
45	56	47	52	39	43	44	50	40	Advertising revenues	177 15	200
1 234	1 267	1 260	2 262	1 244	3 252	2 256	10 268	4 249	Other revenues Operating revenues	1,020	5 1,022
				4 %	-6 %	-1 %	3 %		2 % YOY revenue growth	0 %
(127)	(141)	(132)	(157)	(142)	(146)	(135)	(151)	(145)	Operating expenses	(574)	(558)
107	126	127	105	102	106	121	117	104	EBITDA	446	465
46 %	47 %	49 %	40 %	42 %	42 %	47 %	44 %		42 % EBITDA-margin	44 %	45 %
									Marketplaces Finland in EUR
1	1	1	1	1	1	4	5	6	Classifieds revenues	11	4
2 0	2 0	1 0	1 0	1 0	1 0	2 1	2 1	2 1	Advertising revenues Other revenues	6 3	6 0
2	3	3	2	2	2	7	8	9	Operating revenues	20	10
				-3 %	-26 %	192 %	262 %		299 % YOY revenue growth	99 %
(2)	(3)	(2)	(2)	(2)	(2)	(6)	(8)	(9)	Operating expenses	(18)	(9)
(0) 0 %	0 12 %	0 11 %	0 6 %	0 15 %	0 1 %	1 19 %	1 7 %	0	EBITDA 4 % EBITDA-margin	2 12 %	1 8 %

NOK million	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year
1 quarter 2019	2019	2019	2019	2020	2020	2020	2020	2021	News Media	2020	2019
restated	restated	restated	restated	restated	restated	restated	restated			restated	restated
									News Media total
685	721	547	747	554	552	525	746	607	Advertising revenues	2,377	2,700
449	469	358	498	372	392	384	545	450	-of which digital	1,694	1,775
626	628	648	648	632	657	674	696	699	Subscription revenues	2,658	2,550
203	221	239	238	242	263	285	297	310	-of which digital	1,086	901
333	340	355	330	306	315	331	303	273	Casual sales	1,256	1,358
238	250	225	246	278	279	278	332	266	Other revenues	1,168	960
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845	Operating revenues	7,459	7,568
				-6 %	-7 %	2 %	5 %		4 % YOY revenue growth	-1 %
(695)	(675)	(592)	(686)	(660)	(641)	(568)	(683)	(650)	Personnel expenses	(2,551)	(2,648)
(1,061)	(1,062)	(1,017)	(1,128)	(1,073)	(1,014)	(969)	(1,102)	(989)	Other expenses	(4,158)	(4,268)
(1,757)	(1,737)	(1,609)	(1,814)	(1,733)	(1,654)	(1,537)	(1,784)	(1,639)	Operating expenses	(6,709)	(6,917)
126	203	166	156	37	148	272	294	205	EBITDA	750	651
7 %	10 %	9 %	8 %	2 %	8 %	15 %	14 %		11 % EBITDA-margin	10 %	9 %
									Split revenue per brand
416	448	409	454	404	421	439	504	456	VG	1,768	1,727
378	367	347	383	340	359	367	436	376	Aftonbladet	1,502	1,475
862	892	830	913	780	770	767	861	775	Subscription Newspapers	3,178	3,496
226	232	190	222	247	252	235	277	237	Other (1)	1,010	870
1,883	1,940	1,775	1,971	1,770	1,802	1,809	2,078	1,845	Operating revenues	7,459	7,568

0.9352	0.9153	0.9237	0.9481	0.9792	1.0340	1.0296	1.0476	1.0145	SEK/NOK	1.0226	0.9306
									Aftonbladet in SEK
405	401	375	404	347	347	357	416	371	Operating revenues	1,467	1,585
				-14 %	-14 %	-5 %	3 %		7 % YOY revenue growth	-7 %

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

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

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

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