Vend Marketplaces ASA — Interim / Quarterly Report 2024

Nov 19, 2024

Schibsted Marketplaces

Financials and analytical info Q3 2024

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Mobility
• 1. Real Estate
• 1. Jobs
• 1. Recommerce
• 1. Delivery

For details on Adevinta, please refer to Adevinta's reporting on adevinta.com/ir

For questions, please contact Schibsted Marketplaces IR:

Jann-Boje Meinecke, Head of IR ir@schibsted.com +47 941 00 835

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

schibsted.com/ir

NOK million

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	SCHIBSTED MARKETPLACES GROUP	Year to date	Year to date	Full year
2023	2023	2023	2023	2024	2024 re-presented re-presented re-presented re-presented re-presented re-presented re-presented	2024	CONDENSED CONSOLIDATED INCOME STATEMENT	2024	2023 re-presented re-presented re-presented	2023
968	1,061	987	927	1,019	1,132	1,049	Classified revenues	3,200	3,017	3,944
839	872	809	800	893	940	868	- of which Professional	2,701	2,520	3,320
129	190	178	127	126	192	181	- of which Private	499	496	624
120	149	182	193	180	211	248	Transactional revenues	639	452	645
149	182	155	168	133	183	149	Advertising revenues	465	486	654
360	341	324	340	333	379	509	Distribution revenues	1,221	1,025	1,365
260	256	232	262	251	228		218 Other operating revenues	697	748	1,010
1,858	1,990	1,880	1,890	1,916	2,133	2,173	Operating revenues	6,222	5,728	7,617
(118)	(114)	(122)	(139)	(137)	(137)		(152) Costs of goods and services sold	(427)	(354)	(493)
(660)	(688)	(619)	(703)	(731)	(708)		(665) Personnel expenses	(2,104)	(1,967)	(2,669)
(119)	(117)	(106)	(105)	(126)	(144)		(132) Marketing expenses	(401)	(342)	(447)
(614)	(619)	(569)	(616)	(589)	(667)		(673) Other operating expenses	(1,930)	(1,803)	(2,419)
347	452	464	327	332	477	551	Gross operating profit (loss) - EBITDA	1,360	1,262	1,589
(141)	(146)	(144)	(176)	(157)	(158)		(190) Depreciation and amortisation	(504)	(431)	(607)
(0)	0	(22)	(16)	0	(2)	0	Impairment loss	(2)	(22)	(38)
23	17	12	3	(0)	(0)	5	Other income	1	51	55
(40)	(3)	(0)	(68)	(103)	(128)		(95) Other expenses	(322)	(44)	(111)
189	319	309	70	73	189	271	Operating profit (loss)	533	816	887
(23)	(1)	(23)	(24)	(17)	(26)		(13) Share of profit (loss) of joint ventures and associates	(55)	(47)	(70)
(10)	(6)	(34)	(38)	(43)	(3)		(49) Impairment loss on joint ventures and associates (recognised or reversed)	(95)	(50)	(88)
-	-	1	1	(2)	(0)		(0) Gains (losses) on disposal of joint ventures and associates	(2)	1	2
325	55	1,306	222	27	123	5,133	Financial income	5,254	1,507	1,729
(141)	(399)	(135)	(128)	(121)	(120)		(275) Financial expense	(488)	(495)	(622)
339	(33)	1,426	104	(83)	164	5,067	Profit (loss) before taxes	5,148	1,732	1,836
(41) 299	(68) (101)	(72) 1,354	(24) 80	(31) (114)	(60) 104	4,978	(89) Taxes Profit (loss) from continuing operations	(180) 4,968	(181) 1,551	(205) 1,632
1,871	(1,848)	13,103	2,118	(1,106)	6,621	126	Profit (loss) from discontinued operations	5,641	13,126	15,244
2,170	(1,949)	14,456	2,198	(1,220)	6,725	5,104	Profit (loss)	10,610	14,678	16,876
							Profit (loss) attributable to:
10	21	19	18	17	5	1	Non-controlling interests	23	50	68
2,160	(1,969)	14,437	2,180	(1,237)	6,721	5,103	Owners of the parent	10,587	14,628	16,808
							Earnings per share (NOK)
9.34	(8.59)	63.74	9.68	(5.49)	29.21	21.86	Basic	46.11	63.87	73.70
9.33	(8.59)	63.64	9.66	(5.49)	29.16	21.82	Diluted	45.98	63.77	73.53
(23.07)	(4.38)	1.17	0.47	(4.36)	1.03	22.16	Basic - adjusted	19.22	(26.54)	(26.19)
(23.05)	(4.38)	1.17	0.47	(4.36)	1.02	22.12	Diluted - adjusted	19.16	(26.49)	(26.13)
0.9806	1.0175	0.9695	1.0164	1.0124	1.0059	1.0276	SEK/NOK	1.0153	0.9891	0.9959

0.9806	1.0175	0.9695	1.0164	1.0124	1.0059	1.0276	SEK/NOK	1.0153	0.9891	0.9959
1.4758	1.5645	1.5301	1.5624	1.5310	1.5501	1.5767	DKK/NOK	1.5526	1.5233	1.5331
10.9845	11.6554	11.4042	11.6525	11.4152	11.5635	11.7636	EUR/NOK	11.5808	11.3468	11.4232

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09
STATEMENT OF FINANCIAL POSITION	2023	2023	2023	2023	2024	2024	2024
	restated	restated	restated
Intangible assets	11,079	11,279	10,968	11,091	11,493	9,627	9,864
Property, plant and equipment	537	564	547	580	570	205	211
Right-of-use assets	2,002	2,039	1,955	1,944	2,010	889	881
Investments in joint ventures and associates	26,503	25,177	37,427	39,721	932	535	482
Deferred tax assets	568	540	508	540	509	299	284
Equity instruments	860	763	760	823	776	16,469	21,284
Other non-current assets	37	62	58	48	43	35	24
Non-current assets	41,585	40,424	52,223	54,747	16,333	28,058	33,029
Contract assets	129	156	165	145	157	115	110
Trade receivables and other current assets	2,173	2,180	3,156	2,243	2,375	1,775	1,695
Cash and cash equivalents	2,683	1,487	1,100	1,279	263	8,932	6,406
Assets held for sale	-	-	16	-	39,239	-	-
Current assets	4,985	3,823	4,438	3,667	42,033	10,822	8,211
Total assets	46,570	44,247	56,661	58,414	58,367	38,881	41,241
Paid-in equity	7,092	7,113	7,135	7,160	7,144	9,655	9,685
Other equity	24,421	22,251	35,103	37,301	37,685	20,756	23,842
Equity attributable to owners of the parent	31,513	29,364	42,238	44,461	44,829	30,412	33,527
Non-controlling interests	178	112	130	142	145	16	18
Equity	31,691	29,476	42,368	44,603	44,975	30,428	33,545
Deferred tax liabilities	530	535	499	417	422	404	437
Pension liabilities	1,085	1,037	1,047	1,196	1,155	471	469
Non-current interest-bearing loans and borrowings	4,142	4,906	4,906	4,872	4,876	3,022	3,016
Non-current lease liabilities	1,941	1,977	1,894	1,868	1,881	778	763
Other non-current liabilities	610	436	427	282	381	256	262
Non-current liabilities	8,309	8,891	8,772	8,636	8,714	4,931	4,948
Current interest-bearing loans and borrowings	2,005	1,233	1,229	780	284	-	-
Income tax payable	151	121	108	246	164	149	152
Current lease liabilities	343	334	351	368	384	165	162
Contract liabilities	689	651	620	632	675	194	188
Other current liabilities	3,381	3,539	3,191	3,149	3,171	3,013	2,245
Liabilities held for sale	-	-	21	-	-	-	-
Current liabilities	6,569	5,879	5,521	5,175	4,678	3,521	2,748
Total equity and liabilities	46,570	44,247	56,661	58,414	58,367	38,881	41,241

Restatement of the periods Q1 2022 to Q3 2023 is due to a prior period error. The error is related to a financial liability not having been recognised for the obligation to acquire non-controlling interests in a subsidiary.

NOK million

30.06	30.09
2024	2024
116	5,257
478 5	5,547
713 129	995 96
	(83)
(78) 963	975
75	164
(201) (233)	(253)
	(281) (11,403)
(6,513)	51
341	1,065
27,741	27,474
(20,428)	(23,415)
	3
7,653	5,127
1,279	1,279
8,932	6,406
8.932	6.406

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09
STATEMENT OF CASH FLOWS	2023	2023	2023	2023	2024	2024	2024
	re-presented		re-presented re-presented re-presented re-presented
Profit (loss) before taxes from continuing operations	353	356	1,851	2,003	(70)	116	5,257
Profit (loss) before taxes from discontinued operations	1,826	(45)	13,013	15,160	(1,125)	5,478	5,547
Depreciation, amortisation and impairment losses (recognised or reversed)	(6,959)	(5,877)	(18,579)	(20,401)	454	713	995
Net interest expense (income)	68	156	253	358	95	129	96
Net effect pension liabilities	(59)	(108)	(98)	(88)	(50)	(78)	(83)
Share of loss (profit) of joint ventures and associates	5,295	6,385	6,340	6,328	944	963	975
Dividends received from joint ventures and associates		- 25	25	25	-	-	-
Interest received	31	61	87	105	14	75	164
Interest paid	(85)	(194)	(298)	(425)	(99)	(201)	(253)
Taxes paid	(104)	(216)	(273)	(327)	(121)	(233)	(281)
Non-operating gains and losses	(263)	3	(1,184)	(1,117)	89	(6,513)	(11,403)
Change in working capital and provisions	113	112	50	87	(23)	(107)	51
Net cash flow from operating activities	215	658	1,186	1,708	108	341	1,065
- of which from continuing operations
- of which from discontinued operations
Net cash flow from investing activities	(216)	(726)	(1,002)	(700)	(499)	27,741	27,474
- of which from continuing operations
- of which from discontinued operations
Net cash flow from financing activities	(1,062)	(2,192)	(2,824)	(3,474)	(627)	(20,428)	(23,415)
- of which from continuing operations
- of which from discontinued operations
Effect of exchange rate changes on cash and cash equivalents	8	9	6	8	1	-	3
Net increase (decrease) in cash and cash equivalents	(1,055)	(2,251)	(2,634)	(2,458)	(1,017)	7,653	5,127
Cash and cash equivalents at start of period	3,738	3,738	3,738	3,738	1,279	1,279	1,279
Cash and cash equivalents at end of period	2,683	1,487	1,104	1,279	263	8,932	6,406
- of which cash and cash equivalents in assets held for sale		- -	4		- -	-	-
- of which cash and cash equivalents excluding assets held for sale	2,683	1,487	1,100	1,279	263	8,932	6,406

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		Year to date	Year to date	Full year
2023	2023	2023	2023	2024	2024	2024	SCHIBSTED MARKETPLACES GROUP	2024	2023	2023
				re-presented re-presented re-presented re-presented re-presented re-presented re-presented					re-presented re-presented re-presented
							Operating revenues
485	599	572	550	551	633	620	Mobility	1,804	1,656	2,207
216	295	280	236	250	341	316	Real Estate	907	791	1,027
375	329	288	296	349	321	281	Jobs	951	992	1,288
155	173	180	208	190	201	210	Recommerce	601	508	717
471	428	410	443	430	469	599	Delivery	1,498	1,309	1,753
284	299	281	302	299	331	314	Other/Headquarters	945	864	1,167
(129)	(133)	(131)	(146)	(153)	(163)	(168)	Eliminations	(485)	(393)	(539)
1,858	1,990	1,880	1,890	1,916	2,133	2,173	Schibsted Marketplaces Group	6,222	5,728	7,617
							EBITDA
220	315	304	270	268	342	336	Mobility	946	839	1,109
64	128	120	80	64	153	144	Real Estate	362	312	392
198	163	127	125	158	152	123	Jobs	433	488	613
(86)	(88)	(67)	(69)	(82)	(73)	(57)	Recommerce	(212)	(242)	(311)
(3)	(4)	1	20	1	12	35	Delivery	48	(6)	14
(46)	(62)	(21)	(99)	(77)	(109)	(31)	Other/Headquarters	(217)	(130)	(228)
347	452	464	327	332	477	551	Schibsted Marketplaces Group	1,360	1,262	1,589
							CAPEX
16	31	19	31	21	31	30	Mobility	83	66	97
4	15	13	23	16	22	19	Real Estate	58	32	55
13	23	15	24	14	25	16	Jobs	54	50	74
24	36	31	43	28	32	20	Recommerce	80	91	133
6	29	5	42	4	7	5	Delivery	16	40	82
62	29	26	47	43	30	32	Other/Headquarters	103	117	166
125	163	109	210	126	147	122	Schibsted Marketplaces Group	394	396	607

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year
2023	2023	2023	2023	2024	2024	2024	MOBILITY	2024	2023	2023
							Mobility total
340	402	383	371	390	443	428	Classifieds revenues	1,261	1,125	1,496
263	270	262	291	312	306	302	- of which Professional	920	795	1,085
78	132	120	80	79	136	127	- of which Private	341	330	411
58	78	94	86	73	90	104	Transactional revenues	267	230	316
71	99	80	76	68	87	74	Advertising revenues	229	250	326
15	21	16	18	19	14	14	Other operating revenues	47	51	69
485	599	572	550	551	633	620	Operating revenues	1,804	1,656	2,207
14 %	21 %	14 %	16 %	13 %	6 %		8 % YOY revenue growth	9 %	17 %	16 %
(24)	(24)	(26)	(27)	(25)	(29)		(33) Costs of goods and services sold	(86)	(75)	(102)
(118)	(116)	(114)	(122)	(136)	(127)		(116) Personnel expenses	(378)	(349)	(471)
(30)	(36)	(34)	(28)	(28)	(41)		(42) Marketing expenses	(112)	(100)	(128)
(93)	(107)	(94)	(103)	(94)	(94)		(93) Other operating expenses	(282)	(293)	(396)
220	315	304	270	268	342	336	EBITDA	946	839	1,109
45 %	53 %	53 %	49 %	49 %	54 %		54 % EBITDA-margin	52 %	51 %	50 %
							Operating revenues per country
207	273	268	223	208	269	267	Norway	745	749	972
174	207	188	203	215	235	220	Sweden	670	568	770
90	98	95	105	110	107	110	Denmark	327	283	388
15	20	21	21	19	23	24	Finland	66	56	77
-	-	-	-	(2)	(2)		(1) Eliminations	(5)	-	-

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year
2023	2023	2023	2023	2024	2024	2024	REAL ESTATE	2024	2023	2023
							Real Estate total
177	247	232	193	208	292	261	Classifieds revenues	760	656	849
149	215	198	164	177	257	224	- of which Professional	658	561	725
29	32	34	29	30	35	37	- of which Private	102	95	124
13	13	17	17	20	27	35	Transactional revenues	82	44	61
19	22	20	18	16	19	17	Advertising revenues	52	60	78
7	13	11	8	6	3	4	Other operating revenues	13	31	38
216	295	280	236	250	341	316	Operating revenues	907	791	1,027
22 %	31 %	26 %	14 %	16 %	16 %		13 % YOY revenue growth	15 %	27 %	24 %
(10)	(13)	(10)	(13)	(11)	(15)		(12) Costs of goods and services sold	(38)	(33)	(46)
(71)	(75)	(71)	(70)	(84)	(82)		(72) Personnel expenses	(237)	(217)	(287)
(19)	(11)	(16)	(15)	(21)	(22)		(24) Marketing expenses	(67)	(47)	(62)
(52)	(68)	(63)	(58)	(70)	(69)		(64) Other operating expenses	(203)	(183)	(240)
64	128	120	80	64	153	144	EBITDA	362	312	392
30 %	43 %	43 %	34 %	26 %	45 %		46 % EBITDA-margin	40 %	39 %	38 %
							Operating revenues per country
171	245	227	184	195	281	247	Norway	723	643	827
17	18	22	21	27	29	38	Sweden	94	57	79
1	1	1	1	1	1	1	Denmark	3	2	3
28	31	30	30	28	30	30	Finland	88	88	118
-	-	-	-	-	-	-	Eliminations	-	-	-

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year
2023	2023	2023	2023	2024	2024	2024	JOBS	2024	2023	2023
							Jobs total
369	324	283	291	345	318	278	Classifieds revenues	941	977	1,267
369	324	283	291	345	318	278	- of which Professional	941	977	1,267
-	-	-	-	-	-	-	- of which Private	-	-	-
-	-	-	-	-	-	-	Transactional revenues	-	-	-
2	2	1	2	2	1	0	Advertising revenues	3	5	7
3	3	4	3	2	1	3	Other operating revenues	6	10	14
375	329	288	296	349	321	281	Operating revenues	951	992	1,288
-6 %	-10 %	-8 %	-9 %	-7 %	-3 %		-2 % YOY revenue growth	-4 %	-8 %	-8 %
(20)	(16)	(16)	(19)	(21)	(17)		(20) Costs of goods and services sold	(58)	(52)	(71)
(82)	(84)	(76)	(81)	(91)	(83)		(69) Personnel expenses	(242)	(241)	(323)
(23)	(13)	(20)	(12)	(23)	(15)		(18) Marketing expenses	(56)	(56)	(68)
(52)	(53)	(49)	(58)	(55)	(54)		(52) Other operating expenses	(161)	(155)	(213)
198	163	127	125	158	152	123	EBITDA	433	488	613
53 %	50 %	44 %	42 %	45 %	47 %		44 % EBITDA-margin	46 %	49 %	48 %
							Operating revenues per country
304	270	238	243	298	281	244	Norway	823	811	1,054
34	32	26	27	22	19	18	Sweden	60	92	119
-	-	-	-	-	-	-	Denmark	-	-	-
37	28	25	26	29	23	19	Finland	71	89	115
-	-	-	-	-	(3)	-	Eliminations	(3)	-	-

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year
2023	2023	2023	2023	2024	2024	2024	RECOMMERCE	2024	2023	2023
							Recommerce total
53	57	54	53	54	54	53	Classifieds revenues	161	164	217
37	39	36	37	39	37	37	- of which Professional	113	111	149
16	18	18	15	15	18	16	- of which Private	48	53	68
49	59	71	90	87	94	105	Transactional revenues	286	178	268
43	49	42	50	36	44	38	Advertising revenues	118	133	184
10	9	13	16	14	10	13	Other operating revenues	37	33	48
155	173	180	208	190	201	210	Operating revenues	601	508	717
18 %	29 %	44 %	32 %	22 %	16 %		17 % YOY revenue growth	18 %	30 %	31 %
(54)	(56)	(69)	(85)	(79)	(87)		(100) Costs of goods and services sold	(267)	(179)	(263)
(86)	(98)	(85)	(90)	(103)	(94)		(84) Personnel expenses	(281)	(269)	(359)
(22)	(24)	(19)	(22)	(19)	(25)		(20) Marketing expenses	(64)	(65)	(87)
(80)	(84)	(74)	(81)	(71)	(68)		(63) Other operating expenses	(201)	(238)	(318)
(86)	(88)	(67)	(69)	(82)	(73)		(57) EBITDA	(212)	(242)	(311)
-55 %	-51 %	-38 %	-33 %	-43 %	-36 %		-27 % EBITDA-margin	-35 %	-48 %	-43 %
							Operating revenues per country
66	78	82	102	94	106	108	Norway	309	227	329
32	36	38	41	41	37	37	Sweden	115	106	147
42	42	45	50	44	44	44	Denmark	132	128	178
15	17	15	16	11	15	21	Finland	47	47	63
-	-	-	-	-	(1)	-	Eliminations	(1)	-	-

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter			Year to date Year to date	Full year
2023	2023	2023	2023	2024	2024	2024	DELIVERY	2024	2023	2023
							Delivery total
382	361	346	370	360	411	541	Distribution revenues	1,312	1,090	1,460
88	67	64	73	70	58	58	Other operating revenues	186	220	293
471	428	410	443	430	469	599	Operating revenues	1,498	1,309	1,753
166	161	162	187	187	236	272	- of which Helthjem Netthandel	695	489	676
-1 %	4 %	-4 %	-12 %	-9 %	10 %		46 % YOY revenue growth	14 %	-1 %	-4 %
(31)	(23)	(23)	(26)	(28)	(20)		(19) Costs of goods and services sold	(67)	(77)	(103)
(137)	(127)	(112)	(131)	(128)	(139)		(213) Personnel expenses	(480)	(376)	(507)
(7)	(6)	(5)	(6)	(7)	(6)		(6) Marketing expenses	(19)	(18)	(24)
(298)	(277)	(269)	(260)	(266)	(292)		(327) Other operating expenses	(885)	(844)	(1,104)
(3)	(4)	1	20	1	12	35	EBITDA	48	(6)	14
-1 %	-1 %	0 %	5 %	0 %	3 %		6 % EBITDA-margin	3 %	0 %	1 %