Quarterly Report • May 4, 2022
Quarterly Report
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4 May 2022
Kristin Skogen Lund, CEO Ragnar Kårhus, CFO
Q&A
Visit: sli.do Event code: 732002
This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments.
Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.
This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation.
There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed.
The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.
Alternative performance measures (APM) used in this presentation are described and presented in the section Definitions and reconciliations in the quarterly report.
Nordic Marketplacess
Leveraging current positions, transforming to transactional services, and expanding and consolidating in the Nordics
Strengthening digital news positions with focus on subscription products
eCommerce & Distribution /
Financial Services & Ventures Strengthen our capabilities and market positions, and create new growth opportunities through organic and in-organic investments
Streamlining our portfolio with regards to companies which once started as venture investments to simply and create value
Prolonging the life-time of 300,000 tonnes of steel through second-hand trade on our Nordic Marketplaces
FINN and Tori on top of the Sustainability Brand Index
Our newspapers won three of four SKUP awards (Norway) for their independent and high-quality journalism
Special offer for Ukrainian job seekers
Employee engagement score remained above ambitious target
Launch of Sustainability Report including details on the EU Taxonomy and a separate TCFD report
Renewed Code of Conduct
Revenues (NOKm), EBITDA margin (%)
Revenues (NOKm), EBITDA margin (%) Highlights
Number of sold cars per quarter Highlights
Revenues (SEKm), EBITDA margin (%)
Revenues (EURm), EBITDA margin (%)*
11 * Pro-forma revenues and EBITDA margin, including Oikotie financials in Q1 2020
Revenues (DKKm), EBITDA margin (%)*
Revenues (NOKm), EBITDA margin (%)
15 * Foreign exchange neutral basis
** Norway and Sweden not including eliminations
News Media
(In thousands)
Revenues (NOKm), EBITDA margin (%)
20 * On a foreign exchange neutral basis, and adjusting for sold operations (Let's Deal, Mötesplatsen and Kundkraft) ** Foreign exchange neutral basis
Revenues (NOKm), EBITDA margin (%)
Q1 revenues, EBITDA (NOKm)
| Income statement | First quarter | ||
|---|---|---|---|
| (NOK million) | 2021 | 2022 | |
| Operating revenues | 3,401 | 3,648 | |
| Operating expenses | (2,806) | (3,167) | |
| Gross operating profit (loss) - EBITDA | 594 | 480 | |
| Depreciation and amortisation | (220) | (263) | |
| Impairment loss | (6) | (2) | |
| Other income | 6 | 0 | |
| Other expenses | (31) | (32) | NOK -102 million |
| Operating profit (loss) | 343 | 184 | |
| Share of profit (loss) of joint ventures and associates | (0) | (53) | |
| Impairment loss on joint ventures and associates | 0 | (13,531) | |
| Gains (losses) on disposal of joint ventures and associates | 3 | 1 | |
| Financial Income | 3 | 83 | |
| Financial expense | (56) | (75) | |
| Profit (loss) before taxes from continuing operations | 294 | (13,391) | |
| Taxes | (71) | (45) | |
| Profit (loss) from continuing operations | 222 | (13,436) | |
| Profit (loss) from discontinued operations | (501) | 0 | |
| Profit (loss) | (279) | (13,436) | |
| Non-controlling interests | (175) | 18 | |
| Owners of the parent | (104) | (13,454) | |
| Earnings per share (NOK) | |||
| 25 EPS - basic (NOK) |
(0.44) | (57.49) | |
| EPS - basic adjusted (NOK) | 1.41 | 0.44 |
Includes Schibsted's share of Adevinta's result for the fourth quarter of 2021 adjusted for amortization of excess values amounting to NOK -102 million
Related to a decline in the share price of Adevinta during Q1*
Includes a fair value adjustment of NOK 76 million related to Tibber
Includes a fair value adjustment of NOK -14 million related to eEducation Albert
* Based on closing price 30 December 2021 and 31 March 2022
EBITDA (NOKm)
Operating cash flow (NOKm)
Debt maturity profile
As of 31 Mar (NOKm)
Financial gearing
| Nordic Marketplaces |
Nordic Marketplaces revenues Targeting annual revenue growth of 8-12% for the segment in the medium- to long-term |
|---|---|
| News Media |
Medium-term targets for the segment Annual revenue growth: low single-digit EBITDA margin: 10-12% |
| Capital allocation |
M&A M&A activities targeted primarily to strengthen market positions and bolt-on adjacent businesses Dividend policy Stable to increasing dividend over time |
| Capital structure |
Leverage policy Targeting NIBD/EBITDA in the range of 1-3, making it possible to lever up if a particularly attractive investment becomes available Any over-capitalization to be addressed through (extraordinary) dividend or share buyback |
Kristin Skogen Lund, CEO Ragnar Kårhus, CFO Christian Printzell Halvorsen, EVP Nordic Marketplaces
Spreadsheet containing detailed Q1 2022 and historical information can be downloaded at schibsted.com/ir
| Cash flow | First quarter | ||||
|---|---|---|---|---|---|
| (NOK million) | 2021 | 2022 | |||
| Profit (loss) before taxes from continuing operations | 294 | (13,391) | |||
| Depreciation, amortisation and impairment losses | 226 | 13,796 | |||
| Net interest expense | 41 | 55 | |||
| Net effect pension liabilities | (60) | (47) | |||
| Share of loss (profit) of joint ventures and associates, net of dividends received | - | 53 | |||
| Interest received | 3 | 2 | |||
| Interest paid | (27) | (46) | |||
| Taxes paid | (106) | (81) | |||
| Sales losses (gains) non-current assets and other non-cash losses (gains) | (2) | (64) | |||
| Non-cash items and change in working capital and provisions | (70) | (141) | |||
| Net cash flow from operating activities | 299 | 137 | |||
| Development and purchase of intangible assets, and property, plant and equipment | (159) | (265) | |||
| Acquisition of subsidiaries, net of cash acquired | (12) | (199) | |||
| Proceeds from sale of intangible assets, and property, plant and equipment | 4 | 2 | |||
| Proceeds from sale of subsidiaries, net of cash sold | - | (1) | |||
| Net sale of (investment in) other shares | (54) | (282) | |||
| Net change in other investments | (202) | - | |||
| Net cash flow from investing activities | (424) | (744) | |||
| Net cash flow from financing activities | (69) | 847 | |||
| Effects of exchange rate changes on cash and cash equivalents | (8) | (11) |
| Cash flow | First quarter | |||
|---|---|---|---|---|
| (NOK million) | 2021 | 2022 | ||
| Profit (loss) before taxes from continuing operations | 294 | (13,391) | ||
| Profit (loss) before taxes from discontinued operations | (335) | - | ||
| Depreciation, amortisation and impairment losses | 226 | 13,796 | ||
| Net interest expense | 126 | 55 | ||
| Net effect pension liabilities | (55) | (47) | ||
| Share of loss (profit) of joint ventures and associates, net of dividends received | 12 | 53 | ||
| Interest received | 3 | 2 | ||
| Interest paid | (45) | (46) | ||
| Taxes paid | (199) | (81) | ||
| Sales losses (gains) non-current assets and other non-cash losses (gains) | 553 | (64) | ||
| Non-cash items and change in working capital and provisions | 136 | (141) | ||
| Net cash flow from operating activities | 715 | 137 | ||
| Net cash flow from investing activities | (404) | (744) | ||
| Net cash flow from financing activities | (341) | 847 | ||
| Effects of exchange rate changes on cash and cash equivalents | (80) | (11) | ||
| Net increase (decrease) in cash and cash equivalents | (109) | 229 | ||
| Cash and cash equivalents at start of period | 2,678 | 1,108 | ||
| Cash and cash equivalents at end of period | 2,569 | 1,337 |
The relationship between tax (expense) income and accounting profit (loss) before taxes is as follows:
| Income tax | First quarter | ||||
|---|---|---|---|---|---|
| (NOK million) | 2021 | 2022 | |||
| Profit (loss) before taxes | 294 | (13,391) | |||
| Tax (expense) income based on weighted average tax rates* | (64) | 2,946 | |||
| Prior period adjustments | - | (3) | |||
| Tax effect of share of profit (loss) from joint ventures and associates | - | (11) | |||
| Tax effect of impairment loss on goodwill, joint ventures and associates | - | (2,977) | |||
| Tax effect of other permanent differences | (3) | 11 | |||
| Current period unrecognised deferred tax assets | (4) | (10) | |||
| Tax (expense) income recognised in profit or loss | (71) | (45) | |||
| * Weighted average tax rates | 21.8% | 22.0% |
(Monthly growth YoY, %)
| Country | Vertical | Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 | Jun-21 | Jul-21 | Aug-21 | Sep-21 | Oct-21 | Nov-21 | Dec-21 | Jan-22 | Feb-22 | Mar-22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norway | Jobs | -9% | 6% | 80% | 119% | 83% | 75% | 66% | 76% | 56% | 51% | 57% | 53% | 60% | 41% | 29% |
| Motor | -11% | -7% | 16% | 16% | -1% | 5% | 0% | 6% | 8% | 4% | 1% | 2% | 12% | 1% | -3% | |
| Real estate | -9% | -6% | 17% | 19% | 3% | 2% | -14% | -5% | -9% | -12% | -1% | -16% | -9% | -11% | -8% | |
| Sweden | Jobs | -14% | -10% | 30% | 89% | 107% | 67% | 97% | 79% | 52% | 50% | 67% | 56% | 66% | 58% | 38% |
| Motor | -13% | -9% | 12% | 7% | 0% | -10% | -10% | 0% | -6% | -6% | -6% | -15% | -1% | -4% | -12% | |
| Finland | Jobs | -10% | 9% | 29% | 116% | 105% | 82% | 73% | 78% | 65% | 88% | 89% | 109% | 95% | 89% | 87% |
| Real estate | 0% | 1% | 13% | 14% | 13% | 6% | 6% | 19% | 4% | 7% | 4% | 1% | 4% | -8% | -11% | |
| Denmark | Motor | -12% | -16% | -5% | -4% | -12% | -11% | -19% | -12% | -14% | -11% | -14% | -9% | -3% | -3% | -15% |
(sorted by ownership)
| Company | Segment | Current ownership | Date of first investment |
|---|---|---|---|
| Hypoteket | Fintech | 50% | 2016-02 |
| Tillit | Fintech | 34% | 2018-08 |
| Rocker | Fintech | 34% | 2016-07 |
| Hygglo | Marketplace | 34% | 2017-02 |
| Bookis | Marketplace | 29% | 2020-04 |
| Insurello | Fintech | 28% | 2019-05 |
| Hjemmelegene | Healthtech | 28% | 2019-06 |
| Pej | Commerce Enabler | 22% | 2019-10 |
| FundingPartner | Fintech | 20% | 2018-03 |
| Inzpire me | Other consumer services | 19% | 2019-07 |
| MindApps | Healthtech | 18% | 2019-10 |
| Campanyon | Marketplace | 17% | 2021-12 |
| Albert | Other consumer services | 15% | 2016-09 |
| Tibber | Other consumer services | 14% | 2021-07 |
(sorted by ownership)
| Company | Segment | Current ownership | Date of first investment |
|---|---|---|---|
| Tørn | Marketplace | 13% | 2021-06 |
| Fixrate | Fintech | 13% | 2020-12 |
| Mindler | Healthtech | 13% | 2020-03 |
| Askin | Healthtech | 12% | 2021-11 |
| Homely | Other consumer services | 12% | 2019-11 |
| Yepstr | Marketplace | 11% | 2017-07 |
| Maja | Healthtech | 10% | 2022-01 |
| Syd | Other consumer services | 10% | 2021-08 |
| Savr | Fintech | 7% | 2021-12 |
| Firi | Fintech | 5% | 2022-01 |
| Dintero | Commerce Enabler | 4% | 2020-11 |
| Unloc | Commerce Enabler | 1% | 2020-02 |
| Knips | Marketplace | 0% | 2022-01 |
| Rank | Name | A-shares | B-Shares | Total | % of S/O |
|---|---|---|---|---|---|
| 1 | Blommenholm Industrier AS | 30,746,423 | 30,013,354 | 60,759,777 | 26.0% |
| 2 | Baillie Gifford & Co. | 10,716,405 | 11,956,622 | 22,673,027 | 9.7% |
| 3 | Folketrygdfondet | 9,238,795 | 10,691,523 | 19,930,318 | 8.5% |
| 4 | Fidelity Management & Research Company LLC | 3,166,378 | 4,116,589 | 7,282,967 | 3.1% |
| 5 | The Vanguard Group, Inc. | 2,707,744 | 2,952,653 | 5,660,397 | 2.4% |
| 6 | Alecta pensionsförsäkring, ömsesidigt | 0 | 5,193,000 | 5,193,000 | 2.2% |
| 7 | NYA WERMLANDS-TIDNINGENS AB | 2,592,000 | 2,592,000 | 5,184,000 | 2.2% |
| 8 | BlackRock Institutional Trust Company, N.A. | 2,061,224 | 2,781,350 | 4,842,574 | 2.1% |
| 9 | DNB Asset Management AS | 1,277,842 | 3,320,209 | 4,598,051 | 2.0% |
| 10 | KLP Forsikring | 292,478 | 3,731,225 | 4,023,703 | 1.7% |
| 11 | Pelham Capital Ltd | 0 | 3,735,109 | 3,735,109 | 1.6% |
| 12 | Storebrand Kapitalforvaltning AS | 1,233,890 | 1,743,487 | 2,977,377 | 1.3% |
| 13 | Mitsubishi UFJ Trust and Banking Corporation | 2,058,323 | 747,957 | 2,806,280 | 1.2% |
| 14 | Blacksheep Master Fund Ltd. | 2,157,032 | 502,041 | 2,659,073 | 1.1% |
| 15 | Vor Capital LLP. | 0 | 2,642,012 | 2,642,012 | 1.1% |
| 16 | Arctic Fund Management AS | 4,500 | 2,466,232 | 2,470,732 | 1.1% |
| 17 | Premier Miton Investors | 2,453,550 | 0 | 2,453,550 | 1.0% |
| 18 | Adelphi Capital LLP | 1,091,681 | 1,219,361 | 2,311,042 | 1.0% |
| 19 | Securities Finance SSIB | 65,745 | 2,229,444 | 2,295,189 | 1.0% |
| 20 | Nordea Funds Oy | 300,243 | 1,748,936 | 2,049,179 | 0.9% |
The shareholder ID data is provided by Nasdaq OMX. The data is obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX nor Schibsted can guarantee the accuracy of the analysis.
Source: Nasdaq OMX, VPS; Data as of 18 April 2022
Visit Schibsted's website schibsted.com
E-mail: [email protected]
Jann-Boje Meinecke VP, Head of IR +47 941 00 835
Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo
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