Vend Marketplaces ASA — Interim / Quarterly Report 2024

Feb 7, 2025

Schibsted Marketplaces

Financials and analytical info Q4 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

2023 restated &
re-presented
3 944
3 320
624
645
654
1 365
1 010
7 617
(493)
(2 669)
(447)
(2 419)
1 589
(607)
(38)
55
(111)
887
(70)
(88)
2
1 729
(622)
1 837
(205)
1 632
12 556
14 188
68
14 120
61,92
61,77
(6,30)
(6,30)

0,9806	1,0175	0,9695	1,0164	1,0124	1,0059	1,0276	1,0227	SEK/NOK	1,0171	0,9959
1,4758	1,5645	1,5301	1,5624	1,5310	1,5501	1,5767	1,5763	DKK/NOK	1,5585	1,5331
10,9845	11,6554	11,4042	11,6525	11,4152	11,5635	11,7636	11,7569	EUR/NOK	11,6248	11,4232

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
STATEMENT OF FINANCIAL POSITION	2023	2023	2023	2023	2024	2024	2024	2024
	restated	restated	restated	restated	restated	restated
Intangible assets	11 079	11 279	10 968	11 091	11 493	9 627	9 864	7 791
Property, plant and equipment	537	564	547	580	570	205	211	184
Right-of-use assets	2 002	2 039	1 955	1 944	2 010	889	881	812
Investments in joint ventures and associates	25 666	23 977	35 523	37 544	(881)	535	482	421
Deferred tax assets	568	540	508	540	509	299	284	252
Equity instruments	860	763	760	823	776	16 469	21 284	22 365
Other non-current assets	37	62	58	48	43	35	24	26
Non-current assets	40 748	39 223	50 319	52 570	14 520	28 058	33 029	31 850
Contract assets	129	156	165	145	157	115	110	103
Trade receivables and other current assets	2 173	2 180	3 156	2 243	2 375	1 775	1 695	1 285
Cash and cash equivalents	2 683	1 487	1 100	1 279	263	8 932	6 406	5 545
Assets held for sale	-	-	16	-	39 239	-	-	1 314
Current assets	4 985	3 823	4 438	3 667	42 033	10 822	8 211	8 247
Total assets	45 733	43 046	54 757	56 237	56 553	38 881	41 241	40 097
Paid-in equity	7 092	7 113	7 135	7 160	7 144	9 655	9 685	9 691
Other equity	25 257	23 452	37 007	35 124	39 499	20 756	23 842	22 794
Equity attributable to owners of the parent	32 350	30 565	44 142	42 284	46 643	30 412	33 527	32 485
Non-controlling interests	178	112	130	142	145	16	18	19
Equity	32 528	30 677	44 272	42 425	46 788	30 428	33 545	32 504
Deferred tax liabilities	530	535	499	417	422	404	437	426
Pension liabilities	1 085	1 037	1 047	1 196	1 155	471	469	454
Non-current interest-bearing loans and borrowings	4 142	4 906	4 906	4 872	4 876	3 022	3 016	3 018
Non-current lease liabilities	1 941	1 977	1 894	1 868	1 881	778	763	712
Other non-current liabilities	610	436	427	282	381	256	262	274
Non-current liabilities	8 309	8 891	8 772	8 636	8 714	4 931	4 948	4 884
Current interest-bearing loans and borrowings	2 005	1 233	1 229	780	284	-	-	0
Income tax payable	151	121	108	246	164	149	152	284
Current lease liabilities	343	334	351	368	384	165	162	150
Contract liabilities	689	651	620	632	675	194	188	99
Other current liabilities	3 381	3 539	3 191	3 149	3 171	3 013	2 245	1 768
Liabilities held for sale	-	-	21	-	-	-	-	408
Current liabilities	6 569	5 879	5 521	5 175	4 678	3 521	2 748	2 709
Total equity and liabilities	47 406	45 447	58 565	56 237	60 181	38 881	41 241	40 097

The current version of the statement includes the retrospective restatement of prior period errors in relation to recognition of Schibsted's investment in Adevinta under the equity method. Reference is made to corrective note as published by Schibsted 18 December 2024. The investment in Adevinta is presented as a discontinued operation for all periods presented.

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
STATEMENT OF CASH FLOWS	2023	2023	2023	2023	2024	2024	2024	2024
	restated	restated	restated	restated	restated	restated
Profit (loss) before taxes from continuing operations	339	306	1 732	1 836	(83)	81	5 147	4 800
Profit (loss) before taxes from discontinued operations	531	(1 646)	10 732	12 639	(664)	8 143	8 287	8 354
Depreciation, amortisation and impairment losses (recognised or reversed)	(753)	670	(11 282)	(13 175)	364	623	905	2 489
Net interest expense (income)	68	156	253	358	95	129	96	87
Net effect pension liabilities	(59)	(108)	(98)	(88)	(50)	(78)	(83)	(73)
Share of loss (profit) of joint ventures and associates	398	1 488	1 443	1 789	586	605	618	646
Dividends received from joint ventures and associates	-	25	25	25	0	-	(0)	(0)
Interest received	31	61	87	105	14	75	164	233
Interest paid	(85)	(194)	(298)	(425)	(99)	(201)	(253)	(303)
Taxes paid	(104)	(216)	(273)	(327)	(121)	(233)	(281)	(190)
Non-operating gains and losses	(263)	3	(1 184)	(1 117)	89	(8 696)	(13 585)	(14 636)
Change in working capital and provisions	113	112	50	87	(23)	(107)	51	33
Net cash flow from operating activities	215	658	1 186	1 708	108	341	1 065	1 440
- of which from continuing operations	144	404	823	1 059	10	105	758	1 037
- of which from discontinued operations	71	254	363	649	98	235	307	403
Net cash flow from investing activities	(216)	(726)	(1 002)	(700)	(499)	27 741	27 474	27 217
- of which from continuing operations	(103)	(455)	(623)	208	(406)	(501)	(676)	(904)
- of which from discontinued operations	(113)	(271)	(379)	(908)	(93)	28 242	28 149	28 121
Net cash flow from financing activities	(1 062)	(2 192)	(2 824)	(3 474)	(627)	(20 428)	(23 415)	(24 374)
- of which from continuing operations	(1 001)	(2 073)	(2 636)	(3 226)	(563)	(20 290)	(23 267)	(24 215)
- of which from discontinued operations	(61)	(119)	(188)	(248)	(65)	(139)	(148)	(159)
Effect of exchange rate changes on cash and cash equivalents	8	9	6	8	1	(0)	3	1
Net increase (decrease) in cash and cash equivalents	(1 055)	(2 251)	(2 634)	(2 458)	(1 017)	7 653	5 126	4 284
Cash and cash equivalents at start of period	3 738	3 738	3 738	3 738	1 279	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	6 405	5 564
- of which cash and cash equivalents in assets held for sale	-	-	4	-	-	-	-	19
- of which cash and cash equivalents excluding assets held for sale	2 683	1 487	1 100	1 279	263	8 932	6 405	5 545

1 quarter 2023	2 quarter 2023	3 quarter 2023	4 quarter 2023	1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	SCHIBSTED MARKETPLACES GROUP	Full year 2024	Full year 2023
				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	559	Mobility	2 362	2 207
216	295	280	236	250	341	316	263	Real Estate	1 171	1 027
375	329	288	296	349	321	281	270	Jobs	1 220	1 288
155	173	180	208	190	201	210	224	Recommerce	825	717
471	428	410	443	430	469	599	625	Delivery	2 124	1 753
284	299	281	302	299	331	314	334	Other/Headquarters	1 279	1 167
(129)	(133)	(131)	(146)	(153)	(163)	(168)	(171)	Eliminations	(656)	(539)
1 858	1 990	1 880	1 890	1 916	2 133	2 173	2 103	Schibsted Marketplaces Group	8 325	7 617
								EBITDA
220	315	304	270	268	342	336	278	Mobility	1 224	1 109
64	128	120	80	64	153	144	77	Real Estate	439	392
198	163	127	125	158	152	123	113	Jobs	547	613
(86)	(88)	(67)	(69)	(82)	(73)	(57)	(78)	Recommerce	(290)	(311)
(3)	(4)	1	20	1	12	35	17	Delivery	65	14
(46)	(62)	(21)	(99)	(77)	(109)	(31)	(71)	Other/Headquarters	(288)	(228)
347	452	464	327	332	477	551	337	Schibsted Marketplaces Group	1 697	1 589
								CAPEX
16	31	19	31	22	34	30	36	Mobility	122	97
4	15	13	23	16	24	20	26	Real Estate	87	55
13	23	15	24	14	25	16	18	Jobs	72	74
24	36	31	43	28	32	20	24	Recommerce	104	133
6	29	5	42	4	7	5	10	Delivery	26	82
62	29	26	47	98	24	54	(35)	Other/Headquarters	140	166
125	163	109	210	182	145	145	79	Schibsted Marketplaces Group	551	607

1 quarter 2023	2 quarter 2023	3 quarter 2023	4 quarter 2023	1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	MOBILITY	Full year 2024	Full year 2023
								Mobility total
340	402	383	371	390	443	428	400	Classifieds revenues	1 661	1 496
263	270	262	291	312	306	302	312	- of which Professional	1 232	1 085
78	132	120	80	79	136	127	89	- of which Private	430	411
58	78	94	86	73	90	104	91	Transactional revenues	358	316
71	99	80	76	68	87	74	55	Advertising revenues	284	326
15	21	16	18	19	14	14	13	Other operating revenues	60	69
485	599	572	550	551	633	620	559	Operating revenues	2 362	2 207
14 %	21 %	14 %	16 %	13 %	6 %	8 %	1 %	YOY revenue growth	7 %	16 %
(24)	(24)	(26)	(27)	(25)	(29)	(33)	(32)	Costs of goods and services sold	(118)	(102)
(118)	(116)	(114)	(122)	(136)	(127)	(116)	(137)	Personnel expenses	(515)	(471)
(30)	(36)	(34)	(28)	(28)	(41)	(42)	(21)	Marketing expenses	(133)	(128)
(93)	(107)	(94)	(103)	(94)	(94)	(93)	(91)	Other operating expenses	(372)	(396)
220	315	304	270	268	342	336	278	EBITDA	1 224	1 109
45 %	53 %	53 %	49 %	49 %	54 %	54 %	50 %	EBITDA-margin	52 %	50 %
								Operating revenues per country
207	273	268	223	208	269	267	219	Norway	964	972
174	207	188	203	215	235	220	214	Sweden	884	770
90	98	95	105	110	107	110	111	Denmark	438	388
15	20	21	21	19	23	24	16	Finland	82	77
-	-	-	-	(2)	(2)	(1)	(1)	Eliminations	(6)	-

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year
2023	2023	2023	2023	2024	2024	2024	2024	REAL ESTATE	2024	2023
								Real Estate total
177	247	232	193	208	292	261	210	Classifieds revenues	971	849
149	215	198	164	177	257	224	182	- of which Professional	840	725
29	32	34	29	30	35	37	29	- of which Private	132	124
13	13	17	17	20	27	35	35	Transactional revenues	117	61
19	22	20	18	16	19	17	15	Advertising revenues	67	78
7	13	11	8	6	3	4	3	Other operating revenues	16	38
216	295	280	236	250	341	316	263	Operating revenues	1 171	1 027
22 %	31 %	26 %	14 %	16 %	16 %	13 %	12 %	YOY revenue growth	14 %	24 %
(10)	(13)	(10)	(13)	(11)	(15)	(12)	(10)	Costs of goods and services sold	(47)	(46)
(71)	(75)	(71)	(70)	(84)	(82)	(72)	(85)	Personnel expenses	(322)	(287)
(19)	(11)	(16)	(15)	(21)	(22)	(24)	(26)	Marketing expenses	(93)	(62)
(52)	(68)	(63)	(58)	(70)	(69)	(64)	(66)	Other operating expenses	(269)	(240)
64	128	120	80	64	153	144	77	EBITDA	439	392
30 %	43 %	43 %	34 %	26 %	45 %	46 %	29 %	EBITDA-margin	37 %	38 %
								Operating revenues per country
171	245	227	184	195	281	247	196	Norway	919	827
17	18	22	21	27	29	38	38	Sweden	132	79
1	1	1	1	1	1	1	0	Denmark	3	3
28	31	30	30	28	30	30	30	Finland	118	118
-	-	-	-	0	0	0	0	Eliminations	0	0

1 quarter 2023	2 quarter 2023	3 quarter 2023	4 quarter 2023	1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	JOBS	Full year 2024	Full year 2023
								Jobs total
369	324	283	291	345	318	278	268	Classifieds revenues	1 209	1 267
369	324	283	291	345	318	278	268	- of which Professional	1 209	1 267
-	-	-	-	-	-	-	0	- of which Private	0	-
-	-	-	-	-	-	-	0	Transactional revenues	-	-
2	2	1	2	2	1	0	0	Advertising revenues	3	7
3	3	4	3	2	1	3	2	Other operating revenues	8	14
375	329	288	296	349	321	281	270	Operating revenues	1 220	1 288
-6 %	-10 %	-8 %	-9 %	-7 %	-3 %	-2 %	-9 %	YOY revenue growth	-5 %	-8 %
(20)	(16)	(16)	(19)	(21)	(17)	(20)	-20	Costs of goods and services sold	(78)	(71)
(82)	(84)	(76)	(81)	(91)	(83)	(69)	-73	Personnel expenses	(315)	(323)
(23)	(13)	(20)	(12)	(23)	(15)	(18)	-5	Marketing expenses	(61)	(68)
(52)	(53)	(49)	(58)	(55)	(54)	(52)	-58	Other operating expenses	(218)	(213)
198	163	127	125	158	152	123	113	EBITDA	547	613
53 %	50 %	44 %	42 %	45 %	47 %	44 %	42 %	EBITDA-margin	45 %	48 %
								Operating revenues per country
304	270	238	243	298	281	244	253	Norway	1 076	1 054
34	32	26	27	22	19	18	0	Sweden	60	119
-	-	-	-	0	0	0	0	Denmark	0	0
37	28	25	26	29	23	19	17	Finland	88	115
-	-	-	-	0	-3	0	0	Eliminations	-3	0

1 quarter 2023	2 quarter 2023	3 quarter 2023	4 quarter 2023	1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	RECOMMERCE	Full year 2024	Full year 2023
								Recommerce total
53	57	54	53	54	54	53	52	Classifieds revenues	213	217
37	39	36	37	39	37	37	38	- of which Professional	150	149
16	18	18	15	15	18	16	14	- of which Private	63	68
49	59	71	90	87	94	105	118	Transactional revenues	404	268
43	49	42	50	36	44	38	40	Advertising revenues	158	184
10	9	13	16	14	10	13	13	Other operating revenues	50	48
155	173	180	208	190	201	210	224	Operating revenues	825	717
18 %	29 %	44 %	32 %	22 %	16 %	17 %	7 %	YOY revenue growth	15 %	31 %
(54)	(56)	(69)	(85)	(79)	(87)	(100)	(115)	Costs of goods and services sold	-382	-263
(86)	(98)	(85)	(90)	(103)	(94)	(84)	(95)	Personnel expenses	-376	-359
(22)	(24)	(19)	(22)	(19)	(25)	(20)	(23)	Marketing expenses	-87	-87
(80)	(84)	(74)	(81)	(71)	(68)	(63)	(69)	Other operating expenses	-270	-318
(86)	(88)	(67)	(69)	(82)	(73)	(57)	(78)	EBITDA	-290	-311
-55 %	-51 %	-38 %	-33 %	-43 %	-36 %	-27 %	-35 %	EBITDA-margin	-35 %	-43 %
								Operating revenues per country
66	78	82	102	94	106	108	110	Norway	418	329
32	36	38	41	41	37	37	37	Sweden	152	147
42	42	45	50	44	44	44	47	Denmark	179	178
15	17	15	16	11	15	21	30	Finland	77	63
-	-	-	-	0	-1	0	0	Eliminations	-1	0

1 quarter 2023	2 quarter 2023	3 quarter 2023	4 quarter 2023	1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	DELIVERY	Full year 2024	Full year 2023
								Delivery total
382	361	346	370	360	411	541	555	Distribution revenues	1 868	1 460
88	67	64	73	70	58	58	70	Other operating revenues	256	293
471	428	410	443	430	469	599	625	Operating revenues	2 124	1 753
166	161	162	187	187	236	272	284	- of which Helthjem Netthandel	979	676
-1 %	4 %	-4 %	-12 %	-9 %	10 %	46 %	41 %	YOY revenue growth	45 %	-4 %
(31)	(23)	(23)	(26)	(28)	(20)	(19)	(27)	Costs of goods and services sold	(94)	(103)
(137)	(127)	(112)	(131)	(128)	(139)	(213)	(236)	Personnel expenses	(716)	(507)
(7)	(6)	(5)	(6)	(7)	(6)	(6)	(6)	Marketing expenses	(26)	(24)
(298)	(277)	(269)	(260)	(266)	(292)	(327)	(340)	Operating operating expenses	(1 224)	(1 104)
(3)	(4)	1	20	1	12	35	17	EBITDA	65	14
-1 %	-1 %	0 %	5 %	0 %	3 %	6 %	3 %	EBITDA-margin	3 %	1 %