Vend Marketplaces ASA — Earnings Release 2022

Mar 28, 2023

Financials and analytical info Q4 2022

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Nordic Marketplaces
• 1. News Media
• 1. Delivery
• 1. Growth & Investments

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 Langtvedt, IR Officer ir@schibsted.com +47 916 86 710

schibsted.com/ir

NOK million

								SCHIBSTED GROUP
1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	2 quarter 2022	3 quarter 2022	4 quarter 2022	CONDENSED CONSOLIDATED INCOME STATEMENT	Full year 2022	Full year 2021
restated	restated	restated	restated							restated
702	832	892	884	954	1,027	1,002	983	Classified revenues	3,965	3,309
705	843	765	995	766	885	733	929	Advertising revenues	3,313	3,309
551	670	613	801	615	730	580	765	-of which digital	2,689	2,634
763	753	789	788	773	820	841	854	Subscription revenues	3,287	3,093
374	374	404	403	399	450	472	484	-of which digital	1,806	1,556
273	282	288	264	239	248	249	229	Casual sales	966	1,107
958	908	933	1,006	916	900	931	993	Other revenues	3,741	3,804
3,401	3,619	3,667	3,936	3,648	3,880	3,756	3,988	Operating revenues	15,272	14,623
(146)	(129)	(115)	(141)	(148)	(138)	(125)	(139)	Raw materials and finished goods	(549)	(531)
(1,299)	(1,366)	(1,293)	(1,527)	(1,453)	(1,534)	(1,389)	(1,554)	Personnel expenses	(5,929)	(5,486)
(1,361)	(1,380)	(1,490)	(1,634)	(1,566)	(1,589)	(1,587)	(1,645)	Other operating expenses	(6,387)	(5,865)
594	743	769	634	480	620	655	651	Gross operating profit (loss) - EBITDA	2,406	2,740
(220)	(233)	(268)	(262)	(263)	(278)	(283)	(292)	Depreciation and amortisation	(1,117)	(984)
(6)	(91)	(7)	(14)	(2)	(6)	(0)	(23)	Impairment loss	(31)	(119)
6	59	115	1	-	10	2	1	Other income	13	181
(31)	(45)	(26)	(70)	(32)	(57)	(32)	(52)	Other expenses	(173)	(172)
343	432	583	289	184	289	342	285	Operating profit (loss)	1,099	1,647
(0)	(22)	(24)	(146)	(53)	11	(170)	(270)	Share of profit (loss) of joint ventures and associates	(482)	(193)
-	-	(2)	(19,998)	(13,531)	(6,564)	(3,153)	424	Impairment loss on joint ventures and associates	(22,823)	(20,000)
3	5	8	131	1	1	16	657	Gains (losses) on disposal of joint ventures and associates	675	148
3	4	3	18	83	13	4	17	Financial income	117	28
(56)	(58)	(58)	(78)	(75)	(100)	(101)	(553)	Financial expense	(830)	(248)
294	362	509	(19,782)	(13,391)	(6,350)	(3,062)	559	Profit (loss) before taxes	(22,244)	(18,618)
(71)	(57)	(96)	(57)	(45)	(62)	(75)	(72)	Taxes	(254)	(280)
222	305	414	(19,839)	(13,436)	(6,412)	(3,137)	487	Profit (loss) from continuing operations	(22,497)	(18,898)
(501)	60,471	(3)	(2)	(0)	(0)	-	(24)	Profit (loss) from discontinued operations	(24)	59,965
(279)	60,776	410	(19,841)	(13,436)	(6,412)	(3,137)	464	Profit (loss)	(22,521)	41,066
								Profit (loss) attributable to:
(175)	(135)	18	18	18	19	15	9	Non-controlling interests	60	(274)
(104)	60,911	392	(19,859)	(13,454)	(6,430)	(3,152)	454	Owners of the parent	(22,582)	41,341
								Earnings per share (NOK)
(0.44)	260.36	1.68	(84.86)	(57.49)	(27.48)	(13.46)		1.94 Basic	(96.53)	176.70
(0.44)	259.92	1.67	(84.86)	(57.49)	(27.48)	(13.46)		1.94 Diluted (1)	(96.53)	176.70
1.41	3.50	1.28	0.35	0.44	0.75	0.04		(0.45) Basic - adjusted	0.77	6.54
1.41	3.50	1.28	0.35	0.44	0.75	0.04		(0.45) Diluted - adjusted (1)	0.77	6.54

(1) Diluted EPS disclosed in Q4 2021 to Q3 2022 have been restated in accordance with accounting standards.

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
STATEMENT OF FINANCIAL POSITION	2021	2021	2021	2021	2022	2022	2022	2022
Intangible assets	5,824	9,420	9,363	9,313	9,373	10,016	10,225	10,389
Property, plant and equipment and investment property	462	499	496	520	532	525	526	535
Right-of-use assets	1,549	1,516	1,441	1,355	1,369	1,957	1,868	1,796
Investments in joint ventures and associates	918	69,883	69,898	48,520	33,880	29,883	27,380	23,523
Deferred tax assets	709	716	737	621	604	579	583	584
Other non-current assets	97	132	285	736	963	921	908	937
Non-current assets	9,560	82,166	82,221	61,065	46,723	43,880	41,489	37,763
Contract assets	170	267	255	210	247	254	191	167
Trade receivables and other current assets	1,835	1,617	1,758	1,806	1,940	1,993	2,222	2,040
Cash and cash equivalents	1,104	727	709	1,108	1,337	293	287	3,738
Assets held for sale	33,292	-	-	-	-	-	-	-
Current assets	36,401	2,610	2,722	3,125	3,524	2,541	2,700	5,945
Total assets	45,961	84,776	84,943	64,189	50,246	46,421	44,189	43,708
Paid-in equity	7,034	7,026	7,049	7,060	7,061	7,068	7,080	7,095
Other equity	2,770	64,120	64,340	43,271	28,010	23,930	21,526	21,518
Equity attributable to owners of the parent	9,804	71,145	71,389	50,332	35,071	30,997	28,606	28,613
Non-controlling interests	5,465	112	130	201	220	161	178	188
Equity	15,269	71,257	71,519	50,533	35,291	31,158	28,785	28,801
Deferred tax liabilities	331	641	590	576	550	580	564	502
Pension liabilities	1,094	1,065	1,252	1,090	1,044	1,045	1,182	1,145
Non-current interest-bearing loans and borrowings	3,078	6,344	3,034	3,592	4,587	5,657	5,670	4,630
Non-current lease liabilities	1,424	1,388	1,316	1,237	1,244	1,874	1,809	1,755
Other non-current liabilities	269	389	379	340	511	567	544	588
Non-current liabilities	6,195	9,827	6,571	6,835	7,936	9,723	9,769	8,620
Current interest-bearing loans and borrowings	675	79	3,375	3,274	3,271	1,674	1,676	1,724
Income tax payable	95	122	190	154	141	105	169	232
Current lease liabilities	293	298	307	306	327	306	301	325
Contract liabilities	635	632	588	553	618	628	611	574
Other current liabilities	2,322	2,562	2,392	2,534	2,662	2,826	2,879	3,432
Liabilities held for sale	20,476	-	-	-	-	-	-	-
Current liabilities	24,497	3,692	6,853	6,821	7,019	5,539	5,635	6,288
Total equity and liabilities	45,961	84,776	84,943	64,189	50,246	46,421	44,189	43,708

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
STATEMENT OF CASH FLOWS	2021	2021	2021	2021	2022	2022	2022	2022
	restated	restated	restated	restated
Profit (loss) before taxes from continuing operations	294	655			1,165 (18,618) (13,391) (19,741) (22,803) (22,244)
Profit (loss) before taxes from discontinued operations	(335)	(130)	(134)	(134)	-	-	-	-
Depreciation, amortisation and impairment losses	226	552			829 21,103 13,796 20,643 24,079 23,971
Net interest expense *	126	243	293	347	55	120	191	267
Net effect pension liabilities	(55)	(79)	(71)	(85)	(47)	(45)	(33)	(22)
Share of loss (profit) of joint ventures and associates	-	23	47	193	53	41	212	482
Dividends received from joint ventures and associates	12	13	16	16	-	55	55	56
Interest received *	3	5	7	9	2	5	8	24
Interest paid *	(45)	(319)	(357)	(414)	(46)	(130)	(184)	(266)
Taxes paid	(199)	(397)	(415)	(424)	(81)	(190)	(206)	(260)
Sales losses (gains) non-current assets and other non-cash losses (gains)	553	522	404	309	(64)	(37)	(30)	(233)
Non-cash items and change in working capital and provisions *	136	230	49	195	(141)	(187)	(319)	(90)
Net cash flow from operating activities	715	1,318	1,833	2,498	137	535	970	1,684
- of which from continuing operations	299	977	1,493	2,157	137	535	970	1,684
- of which from discontinued operations	416	341	341	341	-	-	-	-
Net cash flow from investing activities	(404)	(4,914)	(5,278)	(5,923)	(744)	(1,103)	(1,377)	2,616
- of which from continuing operations	(424)	(3,534)	(3,782)	(4,425)	(744)	(1,103)	(1,377)	2,616
- of which from discontinued operations	20	(1,380)	(1,496)	(1,499)	-	-	-	-
Net cash flow from financing activities	(341)	1,694	1,525	1,909	847	(249)	(417)	(1,672)
- of which from continuing operations	(69)	2,086	1,917	2,301	847	(249)	(417)	(1,672)
- of which from discontinued operations	(271)	(392)	(392)	(392)	-	-	-	-
Effect of exchange rate changes on cash and cash equivalents	(80)	(48)	(49)	(54)	(11)	3	4	2
Net increase (decrease) in cash and cash equivalents	(109)	(1,951)	(1,969)	(1,570)	229	(815)	(821)	2,630
Cash and cash equivalents at start of period	2,678	2,678	2,678	2,678	1,108	1,108	1,108	1,108
Cash and cash equivalents at end of period	2,569	727	709	1,108	1,337	293	287	3,738
- of which cash and cash equivalents in assets held for sale	1,464	-	-	-	-	-	-	-
- of which cash and cash equivalents excluding assets held for sale	1,104	727	709	1,108	1,337	293	287	3,738

* Interests are presented on separate lines from 2022. Comparable figures have been restated for 2021.

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year
2021	2021	2021	2021	2022	2022	2022	2022	SCHIBSTED GROUP	2022	2021
restated	restated	restated	restated							restated
								Operating revenues
877	1,047	1,121	1,131	1,171	1,274	1,209	1,203	Nordic Marketplaces	4,856	4,176
1,761	1,868	1,842	2,055	1,798	1,956	1,835	2,019	News Media	7,608	7,525
523	475	424	491	477	413	425	506	Delivery	1,822	1,913
490	476	533	526	450	487	537	562	Growth & Investments	2,035	2,026
223	216	217	248	239	249	246	248	Other/Headquarters	982	904
(473)	(463)	(469)	(515)	(487)	(500)	(495)	(550)	Eliminations	(2,032)	(1,921)
3,401	3,619	3,667	3,936	3,648	3,880	3,756	3,988	Schibsted Group	15,272	14,623
								EBITDA
360	489	499	434	443	549	486	430	Nordic Marketplaces	1,908	1,782
193	263	246	229	81	169	101	180	News Media	531	931
28	10	(10)	(2)	(13)	(28)	(13)	4	Delivery	(50)	26
56	42	97	53	29	37	107	109	Growth & Investments	281	249
(43)	(60)	(63)	(80)	(59)	(107)	(25)	(72)	Other/Headquarters	(263)	(247)
594	743	769	634	480	620	655	651	Schibsted Group	2,406	2,740

1 quarter 2022	2 quarter 2022	3 quarter 2022	4 quarter 2022	Nordic Marketplaces	Full year 2022
				Nordic Marketplaces total
955	1,026	1,002		983 Classifieds revenues	3,967
131 84	149 99	123 84		136 Advertising revenues 84 Other revenues	538 352
1,171	1,274	1,209		1,203 Operating revenues	4,856
33%	22%	8%		6% YOY revenue growth	16%
(727) 443	(725) 549	(723) 486		(772) Operating expenses 430 EBITDA	(2,948) 1,908
38%	43%	40%		36% EBITDA-margin	39%
				Mobility
319 58	366 69	391 57		369 Classifieds revenues 61 Advertising revenues	1,446 245
49	58	52		44 Other revenues	203
427	493	500		475 Operating revenues YOY revenue growth	1,894
(217) 209	(222) 272	(225) 275		(240) Operating expenses 235 EBITDA	(904) 990
49%	55%	55%		50% EBITDA-margin	52%
				Jobs
392 2	363 2	309 1		320 Classifieds revenues 2 Advertising revenues	1,383 7
3	3	2		3 Other revenues	10
397	367	312		324 Operating revenues YOY revenue growth	1,400
(166)	(145)	(151)		(156) Operating expenses	(618)
231 58%	222 60%	161 52%		168 EBITDA 52% EBITDA-margin	782 56%
147	193	192		Real Estate 178 Classifieds revenues	711
18 11	20 13	17 12		18 Advertising revenues 10 Other revenues	74 46
177	226	221		206 Operating revenues	830
				YOY revenue growth
(129) 48	(128) 97	(129) 93		(132) Operating expenses 74 EBITDA	(518) 312
27%	43%	42%		36% EBITDA-margin	38%
				Recommerce
75 50	73 54	74 44		94 Classifieds revenues 53 Advertising revenues	316 201
7	6	7		11 Other revenues	31
131	134	125		158 Operating revenues	547
(195)	(196)	(198)		YOY revenue growth (224) Operating expenses	(813)
(63)	(62)	(74)		(67) EBITDA	(266)
-48%	-46%	-59%		-42% EBITDA-margin	-49%
				Other Nordic Marketplaces (1)
39	54	51		40 Operating revenues/eliminations	184
(20) 19	(34) 20	(20) 31		(21) Operating expenses 19 EBITDA	(95) 89
722	804	758		Nordic Marketplaces Operating revenues per country 732 Norway	3,016
248	275	258		263 Sweden	1,043
	113	117		132 Denmark	477
				99 Finland	379
115 96	95	89		(23) Other Nordic Marketplaces (1)
(10)	(13)	(13)
188	224	229		Mobility Operating revenues per country 201 Norway
156	185	182		181 Sweden
76	77	79		84 Denmark
7	8	8		9 Finland
				Jobs Operating revenues per country
316	298	249		253 Norway
39	38	35		37 Sweden
0 42	0 31	0 29		0 Denmark 35 Finland
				Real Estate Operating revenues per country
142 10	188 11	181 13		163 Norway 15 Sweden
1	1	0		1 Denmark
24	26	27		27 Finland
				Recommerce Operating revenues per country
37	44	48		69 Norway
42	38	26		28 Sweden
38	35	36		45 Denmark
14	17	15		16 Finland
				Other operating revenues per country
38	51	52		46 Norway
1	3	1		3 Sweden
1 9	1 13	2 10		2 Denmark 12 Finland	(59) 842 704 316 32 1,115 149 0 137 674 49 2 104 197 134 153 63 188 8 5 43

NOK million
1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	2 quarter 2022	3 quarter 2022	4 quarter 2022	News Media	Full year 2022	Full year 2021
restated	restated	restated	restated							restated
								News Media total
607	711	638	842	645	749	628	789	Advertising revenues	2,811	2,797
450	536	486	640	493	570	497	625	-of which digital	2,186	2,113
699	690	728	734	724	750	772	783	Subscription revenues	3,029	2,851
310	311	342	350	350	380	403	413	-of which digital	1,548	1,313
273	282	288	264	238	248	249	229	Casual sales	966	1,107
182	185	188	215	190	208	185	218	Other revenues	802	770
1,761	1,868	1,842	2,055	1,798	1,956	1,835	2,019	Operating revenues	7,608	7,525
5%	10%	7%	4%	2%	5%	0%	-2%	YOY revenue growth	1%	6%
(597)	(638)	(571)	(696)	(660)	(694)	(611)	(680)	Personnel expenses	(2,645)	(2,502)
(970)	(967)	(1,025)	(1,130)	(1,057)	(1,093)	(1,123)	(1,159)	Other expenses	(4,431)	(4,093)
(1,568)	(1,605)	(1,596)	(1,826)	(1,717)	(1,787)	(1,734)	(1,839)	Operating expenses	(7,077)	(6,594)
193	263	246	229	81	169	101	180	EBITDA	531	931
11%	14%	13%	11%	5%	9%	5%	9%	EBITDA-margin	7%	12%
								Split revenue per brand
456	503	495	599	511	569	512	617	VG	2,208	2,052
376	408	393	423	355	387	373	395	Aftonbladet	1,510	1,600
775	793	780	850	766	801	766	825	Subscription Newspapers	3,159	3,199
153	164	174	183	166	200	183	183	Other (1)	731	674
1,761	1,868	1,842	2,055	1,798	1,956	1,835	2,019	Operating revenues	7,608	7,525
								(1) Other News Media includes Print, News Media HQ, Shared Services, New Models (TV.nu, Klart.se, Vinguiden and Omnipunktse) and eliminations
1.0145	0.9951	1.0130	0.9850	0.9480	0.9568	0.9474	0.9501	SEK/NOK	0.9506	1.0019

								Aftonbladet in SEK
371	410	388	430	375	404	394	415	Operating revenues	1,588	1,598
7%	18%	9%	3%	1%	-1%	2%	-3%	YOY revenue growth	-1%	9%

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year
2021	2021	2021	2021	2022	2022	2022	2022	Delivery	2022	2021
restated	restated									restated
								Delivery total
523	475	424	491	477	413	425	506	Operating revenues	1,822	1,913
157	151	130	159	133	129	138	194	- of which Helthjem Netthandel	594	596
48%	24%	13%	0%	-9%	-13%	0%	3%	YOY revenue growth	-5%	19%
(495)	(465)	(434)	(492)	(490)	(441)	(438)	(503)	Operating expenses	(1,873)	(1,886)
28	10	(10)	(2)	(13)	(28)	(13)	4	EBITDA	(50)	26
5%	2%	-2%	0%	-3%	-7%	-3%	1%	EBITDA-margin	-3%	1%

NOK million
1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	2 quarter 2022	3 quarter 2022	4 quarter 2022	Growth & Investments	Full year 2022	Full year 2021
restated	restated									restated
								Growth & Investments total
490	476	533	526	450	487	537	562	Operating revenues	2,035	2,026
4%	3%	7%	-2%	-8%	2%	1%	7%	YOY revenue growth	0%	3%
(434)	(435)	(436)	(473)	(421)	(450)	(430)	(453)	Operating expenses	(1,755)	(1,778)
56	42	97	53	29	37	107	109	EBITDA	281	249
12%	9%	18%	10%	6%	8%	20%	19%	EBITDA-margin	14%	12%
								Lendo
269	261	324	287	297	312	358	323	Operating revenues	1,290	1,141
				11%	20%	11%	13%	YOY revenue growth	13%
(218)	(225)	(248)	(239)	(257)	(274)	(280)	(282)	Operating expenses	(1,094)	(931)
50	36	75	48	40	38	78	41	EBITDA	197	210
19%	14%	23%	17%	13%	12%	22%	13%	EBITDA-margin	15%	18%
								Prisjakt
89	87	83	124	76	78	87	141	Operating revenues	382	383
20%	-7%	-4%	-14%	-15%	-11%	6%	14%	YOY revenue growth	0%	-4%
(64)	(65)	(57)	(88)	(64)	(68)	(59)	(82)	Operating expenses	(272)	(274)
25	22	26	36	12	10	29	59	EBITDA	110	109
28%	25%	32%	29%	16%	12%	33%	42%	EBITDA-margin	29%	29%
								Other Growth & Investments (1)
132	128	127	115	77	97	91	98	Operating revenues/eliminations	363	503
				-42%	-24%	-28%	-15%	YOY revenue growth	-28%
(152)	(144)	(131)	(146)	(101)	(108)	(91)	(89)	Operating expenses	(389)	(573)
(19)	(16)	(4)	(31)	(23)	(11)	0	8	EBITDA	(26)	(71)
-14%	-13%	-3%	-27%	-30%	-11%	0%	9%	EBITDA-margin	-7%	-14%

(1) Other Growth & Investments includes MittAnbud, 3byggetilbud, Servicefinder, Schibsted Growth HQ, other Growth & Investments assets, SPT cost allocation and eliminations

NOK million 1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	2 quarter 2022	3 quarter 2022	4 quarter 2022	Nordic Marketplaces	Full year 2022	Full year 2021
								Nordic Marketplaces total
702 107	833 136	893 135	884 158	955 131	1,026 149	1,002 123		983 Classifieds revenues 136 Advertising revenues	3,967 538	3,311 537
67	78	93	89	84	99	84		84 Other revenues	352	327
877 18%	1,047 39%	1,121 35%	1,131 32%	1,171 33%	1,274 22%	1,209 8%		1,203 Operating revenues 6% YOY revenue growth	4,856 16%	4,176 31%
(517)	(558)	(622)	(698)	(727)	(725)	(723)		(772) Operating expenses	(2,948)	(2,394)
360 41%	489 47%	499 45%	434 38%	443 38%	549 43%	486 40%		430 EBITDA 36% EBITDA-margin	1,908 39%	1,782 43%
430	538	522	525	602	665	643		Marketplaces Norway 609 Classifieds revenues	2,518	2,015
49 54	64 69	58 68	66 61	59 60	67 72	50 65		58 Advertising revenues 65 Other revenues	234 263	237 251
533	670	647	653	722	804	758		732 Operating revenues	3,016	2,503
11% (266)	43% (300)	33% (297)	31% (325)	35% (330)	20% (343)	17% (370)		12% YOY revenue growth (413) Operating expenses	20% (1,457)	29% (1,188)
268 50%	370 55%	351 54%	327 50%	392 54%	461 57%	388 51%		318 EBITDA 44% EBITDA-margin	1,558 52%	1,316 53%
								Marketplaces Sweden
208 40	233 50	227 44	212 50	205 40	220 49	214 40		214 Classifieds revenues 43 Advertising revenues	854 173	881 185
4	4	4	4	3	5	4		6 Other revenues	17	15
252	287	275	267	248	275	258		263 Operating revenues	1,043	1,081
6% (147)	10% (163)	4% (152)	-5% (161)	-2% (160)	-4% (178)	-6% (154)		-2% YOY revenue growth (159) Operating expenses	-4% (651)	4% (623)
105 42%	124 43%	123 45%	106 40%	87 35%	97 35%	104 40%		104 EBITDA 40% EBITDA-margin	392 38%	458 42%
								Marketplaces Denmark
		83 16	82 22	78 17	80 14	84 15		92 Classifieds revenues 17 Advertising revenues	335 63	165 38
		16	20	19	20	18		22 Other revenues	80	36
		115	123	115	113	117		132 Operating revenues	477	239
		(89)	(94)	(96)	(94)	2% (94)		7% YOY revenue growth (99) Operating expenses	100% (383)	(183)
		26 23%	30 24%	19 17%	19 17%	23 20%		33 EBITDA 25% EBITDA-margin	94 20%	56 23%
								Marketplaces Finland
63 18	62 22	61 16	64 20	69 15	62 19	59 17		67 Classifieds revenues 18 Advertising revenues	257 68	251 77
13	12	11	10	12	15	12		15 Other revenues	53	46
94	96	89	95	96	95	89		99 Operating revenues	379	374
292% (91)	300% (82)	12% (73)	5% (94)	2% (103)	-1% (90)	0% (77)		4% YOY revenue growth (81) Operating expenses	1% (351)	72% (340)
4 4%	14 15%	15 17%	0 0%	(7) -7%	6 6%	11 13%		18 EBITDA 18% EBITDA-margin	28 7%	34 9%
(3)	(7)	(6)	(6)	(10)	(13)	(13)		Other Nordic Marketplaces (1) (23) Operating revenues/eliminations	(59)	(22)
(14)	(13)	(10)	(24)	(39)	(20)	(27)		(20) Operating expenses	(106)	(60)
(17)	(19)	(16)	(30)	(48)	(33)	(41)		(43) EBITDA (1) Other Nordic Marketplaces includes Nordic Marketplaces headquarters, SPT cost	(165)	(82)
1.0145	0.9951	1.0130	0.9850	0.9480	0.9568	0.9474		allocation and eliminations 0.9501 SEK/NOK	0.9506 1.0019
	10.2640 10.0894 10.3274	1.3887	1.3408 9.9723	1.3349	1.3472	1.3524 9.9327 10.0228 10.0610 10.3919 EUR/NOK		1.3971 DKK/NOK	1.3579 1.3647 10.1020 10.1633
								Marketplaces Sweden in SEK
205	234	224	216	216	230	226		226 Classifieds revenues	898	879
40 4	50 4	44 4	51 4	42 3	52 5	43 4		45 Advertising revenues 6 Other revenues	182 18	185 15
249	288	271	271	261	287	273		277 Operating revenues	1,098	1,080
2% (145)	14% (164)	6% (150)	1% (163)	5% (169)	0% (186)	0% (163)		2% YOY revenue growth (167) Operating expenses	2% (685)	6% (622)
104 42%	124 43%	121 45%	108 40%	92 35%	101 35%	110 40%		110 EBITDA 40% EBITDA-margin	413 38%	457 42%
								Marketplaces Denmark in DKK
		60	61	59	59	62		66 Classifieds revenues	247	121
		12 12	16 15	13 14	10 15	11 13		12 Advertising revenues 16 Other revenues	46 59	28 26
		83	92	86	84	87		94 Operating revenues	351	175
		(64)	(70)	(72)	(70)	4% (69)		3% YOY revenue growth (71) Operating expenses	101% (282)	(134)
		19 23%	22 24%	14 17%	14 17%	17 20%		23 EBITDA 25% EBITDA-margin	69 20%	41 23%
								Marketplaces Finland in EUR
6	6	6	6	7	6	6		6 Classifieds revenues	25	25
2 1	2 1	2 1	2 1	1 1	2 1	2 1		2 Advertising revenues 1 Other revenues	7 5	8 5
9	10	9	10	10	9	9		10 Operating revenues	37	37
299% (9)	337% (8)	16% (7)	13% (9)	5% (10)	0% (9)	3% (8)		0% YOY revenue growth (8) Operating expenses	2% (35)	82% (34)
0	1	1	0	(1)	1	1		2 EBITDA	3	3
4%	15%	17%	0%	-7%	6%	13%		18% EBITDA-margin	7%	9%