Vend Marketplaces ASA

Quarterly Report • Feb 11, 2022

Interim Report Q4 2021

January – December

THE QUARTER IN BRIEF

Q4 was a solid quarter with 7 percent underlying² revenue growth driven by Nordic Marketplaces, and News Media. EBITDA ended at NOK 634 million, NOK 30 million below last year driven by higher investments across the Group, while Marketplaces Norway delivered strong year-on-year EBITDA growth of NOK 99 million.

Nordic Marketplaces delivered once again strong underlying² revenue growth of 18 percent, driven by our professional customers in Norway, Sweden and Finland, and particularly in Jobs. In particular Norway stands out, delivering another exceptionally strong quarter measured in both revenues and EBITDA; its best quarter in 2021, while Q4 usually declines quarter-on-quarter due to seasonality. While Jobs was the main driver for the strong performance, Motors and advertising revenues also continued to grow well in Norway. The increase in Motors was driven by Nettbil as well as higher car volumes on Finn, which is exceptional looking at trends in other markets. In Sweden, Jobs continued its strong growth while the car supply shortage and lower revenues from the Generalist business affected results negatively. Finland grew well in Q4, mainly driven by higher volumes in Jobs, and also made good progress

in Real estate, growing cross-traffic between Oikotie and Tori by 30 percent quarter-on-quarter. Trends in Denmark improved, but revenues ended still below last year driven by lower volumes in Motors as the business continued to be affected by the car supply shortage. However, Bilbasen's position remains strong, and average revenue per listing increased in the fourth quarter due to sales efforts.

News Media continued to perform well with an underlying³ revenue growth of 6 percent thanks to a strong quarter for digital advertising, in particular for VG and Aftonbladet, as well as steady growth in digital subscriptions. As expected, costs increased year-on-year due to a ramp up of investments in new strategic initiatives across our brands with focus on content, including podcasts.

eCommerce & Distribution delivered revenues in line with last year, driven by slower parcel volume growth in the market.

Lendo continued with strong underlying³ revenue growth in Q4 driven by high demand and improved conversion in Sweden and Norway, while the overall portfolio in Financial Services & Ventures had a mixed performance. Within this portfolio, Mötesplatsen and Let's Deal were exited.

Ventures increased our investment in Tibber to around 15 percent ownership in Q4, made several new investments ranging from Fintech to Digital Health, and sold Capcito with a solid return.

In accordance with our dividend policy, the Board has proposed an ordinary dividend of NOK 2.00 per share for 2021.

• Kristin Skogen Lund, CEO

¹ Foreign exchange neutral basis and including pro-forma revenues for Oikotie and Marketplaces Denmark before Schibsted ownership ²Foreign exchange neutral basis and including pro-forma revenues for Marketplaces Denmark in Q4 2020

³ Foreign exchange neutral basis

• Underlying² revenue growth of 7 percent, EBITDA of NOK 634 million.
• Nordic Marketplaces: 18 percent underlying² revenue growth, primarily driven by the Job vertical. Especially a strong quarter for Norway with 31 percent revenue growth and 50 percent EBITDA margin. Accelerated revenue growth in Finland, while Sweden and Denmark continued to be affected by the car supply shortage.
• News Media: Continued to perform well with 6 percent underlying³ revenue growth thanks to strong digital advertising sales and steady growth in subscriptions. As expected, cost increased driven by content investments; 11 percent EBITDA margin.
• eCommerce & Distribution delivered revenues in line with last year, driven by slower parcel volume growth in the market.
• Financial Services & Ventures: Continued strong underlying³ revenue growth of 21 percent in Lendo. High activity in Ventures.
• Dividend of NOK 2.00 per share proposed for 2021.

	Fourth quarter			Year
(NOK million)	2021	2020	Change	2021	2020	Change
Schibsted Group
Operating revenues	3,936	3,620	9%	14,623	12,908	13%
- of which digital	2,635	2,245	17%	9,557	7,893	21%
EBITDA	634	665	(5%)	2,740	2,126	29%
EBITDA margin	16%	18%		19%	16%
Operating revenues per segment
Nordic Marketplaces	1,131	857	32%	4,176	3,181	31%
News Media	2,152	2,078	4%	7,872	7,459	6%
eCommerce & Distribution	491	491	(0%)	1,913	1,604	19%
Financial Services & Ventures	526	538	(2%)	2,026	1,971	3%
EBITDA per segment
Nordic Marketplaces	434	340	27%	1,782	1,336	33%
News Media	233	294	(20%)	961	750	28%
eCommerce & Distribution	(2)	29	>(100%)	26	43	(38%)
Financial Services & Ventures	53	81	(35%)	249	270	(8%)
Other/Headquarters	(84)	(80)	(6%)	(277)	(272)	(2%)

Effective 01 July, Schibsted has implemented a new organizational model and financial segments, which links marketplaces with distribution, sharpens focus on venture investments and financial services, and paves the way for an even more ambitious company-wide growth agenda. Restatements have been made available at schibsted.com/ir.

Historical income statement figures have been re-presented due to the classification of Adevinta as a separate item under "Discontinued operations" (see Note 6).

Alternative performance measures (APMs) used in this report are described at the end of the report.

Operating segments

	Fourth quarter		Year
(NOK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	884	653	35%	3,311	2,486	33%
Advertising revenues	158	132	20%	537	449	20%
Other revenues	89	72	24%	327	246	33%
Operating revenues	1,131	857	32%	4,176	3,181	31%
EBITDA	434	340	27%	1,782	1,336	33%
EBITDA margin	38%	40%		43%	42%

Nordic Marketplaces had another strong quarter with continued strong revenue growth, primarily driven by the Job vertical.

Denmark was included from 1 July 2021, which affected revenue growth positively. On a foreign exchange neutral basis and adjusting Q4 2020 figures with pro-forma numbers for Denmark, revenues increased 18 percent compared to Q4 last year.

EBITDA increased significantly compared to Q4 last year driven by the exceptionally strong development in Marketplaces Norway. EBITDA increased 27 percent compared to Q4 last year.

Marketplaces Norway

	Fourth quarter		Year
(NOK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	525	383	37%	2,015	1,520	33%
Advertising revenues	66	56	19%	237	200	19%
Other revenues	61	59	4%	251	214	18%
Operating revenues	653	498	31%	2,503	1,934	29%
EBITDA	327	229	43%	1,316	914	44%
EBITDA margin	50%	46%		53%	47%

Marketplaces Norway delivered yet another strong quarter with 31 percent revenue growth compared to Q4 last year. As in the previous quarter, the growth was primarily driven by higher volumes and improved ARPA in the Job vertical.

"Traditional" Motors (excluding Nettbil) continued the trend from last quarter with revenue growth compared to last year, driven by higher volumes

Similar to last quarter, Real estate revenues were negatively affected by a volume decline compared to last year, driven by an economic environment with higher interest rates ahead.

The Travel vertical saw higher revenues during the fourth quarter, driven by strong development in the beginning of the quarter before new COVID-19 restrictions were introduced in late November.

Advertising revenues grew 19 percent compared to Q4 last year, primarily driven by programmatic advertising and Schibsted network products.

The strong EBITDA margin in Q4 was primarily driven by revenue mix with high contribution from Jobs.

Marketplaces Sweden

		Fourth quarter Year
(SEK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	216	209	3%	879	829	6%
Advertising revenues	51	50	2%	185	177	5%
Other revenues	4	10	(56%)	15	15	2%
Operating revenues	271	268	1%	1,080	1,020	6%
EBITDA	108	117	(8%)	457	446	2%
EBITDA margin	40%	44%		42%	44%

Revenues in Marketplaces Sweden increased by 1 percent, driven by the Job and Motor vertical.

The growth in Motors was as last quarter driven by higher professional revenues from the premium product "Bump". Jobs continued the growth from last quarter, driven by both volume growth and increased ARPA.

C2C classifieds revenues saw declining revenues in the quarter, due to lower volumes and simplified, reduced pricing across categories.

EBITDA margin ended below last year driven by almost flat revenue development in combination with increased investments in technical platforms and product development.

Marketplaces Finland

		Fourth quarter		Year
(EUR million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	6.5	4.9	32%	24.7	11.3	>100%
Advertising revenues	2.0	2.2	(9%)	7.6	6.4	19%
Other revenues	1.1	1.3	(17%)	4.5	2.5	81%
Operating revenues	9.5	8.4	13%	36.8	20.3	82%
EBITDA	0.0	0.6	(92%)	3.3	2.3	41%
EBITDA margin	0%	7%		9%	12%

The table above consists of Schibsted's Finnish Marketplaces, Tori and Oikotie. Oikotie numbers were included from mid-July 2020 onwards, somewhat driving the full-year growth compared to last year.

Marketplaces Finland delivered 13 percent revenue growth compared to Q4 last year. The revenue growth was primarily driven by volume growth in Jobs. Real estate also grew compared to last year driven by both volume and increased ARPA.

Advertising continued the platform migrations from last quarter, resulting in some product capabilities not in production, and experienced a decline in revenues compared to Q4 last year.

EBITDA was affected by growth investments in marketing, product and technology investments and one-off capitalization adjustment.

Marketplaces Denmark

	Fourth quarter		Year
(DKK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	61	-	-	121	-	-
Advertising revenues	16	-	-	28	-	-
Other revenues	15	-	-	26	-	-
Operating revenues	92	-	-	175	-	-
EBITDA	22	-	-	41	-	-
EBITDA margin	24%	-		23%	-

The table above consists of Schibsted's Danish Marketplaces, the Motor vertical Bilbasen and the Generalist Den Blå Avis (DBA). Financials from our Danish operations are included from 1 July 2021, and when adjusting Q4 2020 figures with pro-forma numbers, total revenues declined 2 percent year-on-year in Q4.

Revenues declined due to challenging market conditions, with low car dealer inventory and high turnover, affecting revenues negatively. Generalist revenues also decreased compared to Q4 last year, mainly driven by lower shipping volumes compared to COVID-19 boosted 2020.

Advertising revenues declined compared to the same quarter last year, but the decline was lower than last quarter. The decline was driven by price pressure within programmatic, combined with decreased traffic on DBA following reopening of the Danish society.

EBITDA margin in line with last year.

	Fourth quarter		Year
(NOK million)	2021	2020	Change	2021	2020	Change
Advertising revenues	842	746	13%	2,797	2,377	18%
-of which digital	640	545	17%	2,113	1,694	25%
Subscription revenues	734	696	6%	2,851	2,658	7%
-of which digital	350	297	18%	1,313	1,086	21%
Casual sales	264	303	(13%)	1,107	1,256	(12%)
Other revenues	312	332	(6%)	1,117	1,168	(4%)
Operating revenues	2,152	2,078	4%	7,872	7,459	6%
Personnel expenses	(754)	(683)	10%	(2,705)	(2,551)	6%
Other expenses	(1,165)	(1,102)	6%	(4,206)	(4,158)	1%
Operating expenses	(1,919)	(1,784)	8%	(6,911)	(6,709)	3%
EBITDA	233	294	(20%)	961	750	28%
EBITDA margin	11%	14%		12%	10%

News Media delivered another good quarter with an increase in revenues compared to Q4 last year and a solid EBITDA margin. The foreign exchange neutral revenue growth of 6 percent was driven by continued growth in digital advertising and strong growth in digital subscriptions.

Costs increased by 8 percent compared to Q4 last year, driven by continued investments in new strategic initiatives across our brands with focus on content, including podcasts.

Solid EBITDA margin of 11 percent, below last year due to content investments and as Q4 last year included one-offs of SEK 26 million from Government grants in Sweden.

Split revenue per brand	Fourth quarter			Year
(NOK million)	2021	2020	Change	2021	2020	Change
VG	599	504	19%	2,052	1,768	16%
Aftonbladet	423	436	(3%)	1,600	1,502	7%
Subscription Newspapers	850	861	(1%)	3,199	3,178	1%
Other	280	277	1%	1,021	1,010	1%
Operating revenues	2,152	2,078	4%	7,872	7,459	6%

VG

VG delivered very strong revenue growth of 19 percent compared to Q4 last year. This was driven by digital revenues from both advertising and subscriptions. Subscription revenues increased due to both higher volume and increased ARPU.

Aftonbladet

Aftonbladet posted revenue growth of 3 percent on a foreign exchange neutral basis compared to Q4 last year. Similar to VG, revenue growth was driven by digital advertising and subscription revenues.

Subscription Newspapers

Our Subscription Newspapers experienced a slight revenue increase of 1 percent on a foreign exchange neutral basis compared to Q4 last year. Digital subscription and advertising were the main revenue drivers.

Other

Other consists of New Models (for example PodMe, TV.nu, Klart.se and Omni), Schibsted's printing facilities and centralized functions in Norway and Sweden. Revenues increased 4 percent on a foreign exchange neutral basis compared to Q4 last year, primarily driven by PodMe revenues that were not included in last year's numbers.

		Fourth quarter	Year
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	491	491	(0%)	1,913	1,604	19%
EBITDA	(2)	29	>(100%)	26	43	(38%)
EBITDA margin	(0%)	6%		1%	3%

Distribution currently has operations in Norway and consists of the "Legacy" newspaper distribution and "New Business" (mainly HeltHjem Netthandel, Morgenlevering and Zoopit). Slowdown in revenue growth for New Business with 1 percent revenue growth compared to the same quarter last year, driven by higher volume in Helthjem Netthandel. Morgenlevering was negatively impacted by reopening of society during the first half of the quarter, but after new restrictions during November, revenue increased compared to last year. Overall Morgenlevering revenues declined 2 percent compared to last year.

EBITDA decreased compared to Q4 last year due to higher stepfixed costs to expand capacity, and consultant costs for exploring various ecommerce initiatives.

	Fourth quarter		Year
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	526	538	(2%)	2,026	1,971	3%
EBITDA	53	81	(35%)	249	270	(8%)
EBITDA margin	10%	15%		12%	14%

Above figures in Financial Services & Ventures consist of Lendo, Prisjakt and other digital services like Compricer, Finansportalen, MittAnbud, Servicefinder and Let's Deal in addition to Schibsted Growth HQ.

Financial Services & Ventures had a mixed performance across the portfolio in Q4, with total revenues growing 1 percent on a foreign exchange neutral basis, primarily driven by a strong development in Lendo.

EBITDA declined year-on-year, driven by lower margins in Prisjakt and other FSV companies.

Schibsted exited Mötesplatsen in the beginning of Q4 and Let's Deal in late December.

Lendo

		Fourth quarter Year
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	262	229	14%	1,042	938	11%
EBITDA	44	43	1%	197	189	4%
EBITDA margin	17%	19%		19%	20%

Foreign exchange neutral revenues in Lendo Group increased by 21 percent in Q4 compared to last year, driven by strong performance in Norway and Sweden. The growth was primarily due to higher inflow in Q4 compared to previous year.

EBITDA margin decreased compared to last year, due to increased marketing spend in Sweden and expansion investments.

Prisjakt

			Year			Fourth quarter
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	124	144	(14%)	383	398	(4%)
EBITDA	36	48	(25%)	109	122	(11%)
EBITDA margin	29%	33%		29%	31%

Revenues in Prisjakt decreased by 9 percent on a foreign exchange neutral basis compared to Q4 last year, driven by lower traffic and click revenues. This was mainly driven by a slowdown in the ecommerce market which experienced a strong boost due to COVID-19 restrictions last year. EBITDA margin declined compared to last year due to the revenue shortfall driven by slowdown in the ecommerce market.

Other and HQ had a negative EBITDA of NOK 84 million in Q4, an increased loss of NOK 4 million compared to the same period last year, driven by higher investments in the newly initiated growth strategy.

Outlook

As a family of digital brands, with world-class media houses in Scandinavia, leading marketplaces and digital services, Schibsted empowers millions of people in their daily lives every day, with the goal to uphold a society built on trust and transparency.

As in the rest of the world, the COVID-19 pandemic has had a significant impact on the economies in our markets and parts of our business. However, there has been a strong rebound thanks to large stimulus packages, a gradual reopening of societies and an acceleration of digital transformation across industries which have brought new possibilities for many of our businesses. While some uncertainty remains, the development in our businesses over the last two years, and economic forecasts for the Nordics, are encouraging.

After witnessing resilience during the pandemic and exceptional revenue growth in 2021, driven by the rebound of the Job vertical in Sweden, Finland and in particular Norway, we remain confident in the growth potential for our Nordic marketplace business and reiterate our medium- to long-term target to grow annual revenues by 8-12 percent for this segment. We expect that growth going forward will be primarily driven by three things.

First, by leveraging our Nordic market positions driven by the development of better products and value-added services for our traditional online classifieds offering. An example of this is the new Real estate offering "Small", "Medium" and "Large" in Norway, leading to a more effective marketplace for agents and users. Second, by creating new revenue streams from transactional services with focus on the Generalist business and the Motor vertical, and third, by expanding and consolidating in the Nordics.

The high growth ambitions and the transformation towards transactional marketplaces will require investments, mainly related to product and technology as well as marketing spend. As these costs occur, this will temporarily lead to limited operational leverage across our marketplaces. In Sweden we expect to see a margin decline compared to the 42 percent for the full-year 2021, driven by a combination of the mentioned investments and a simplified, reduced pricing for the Generalist C2C business to prepare for the transformation to a fully transactional model.

For our News Media business, the most important matter is the continued transition to a future oriented, digitally focused news organization, with an even stronger emphasis on our subscription business, to secure News Media's long-term financial profitability and safeguard its high relevance for society. Already today, News Media has a strong and loyal customer base in Norway and Sweden with more than 1.4 million subscriptions in total, further strengthened with the acquisition and scaling of PodMe. The latter strengthened our position within podcasts which is one of several content initiatives to grow our subscriptions business, with the overall ambition to double our pure digital subscription revenues from NOK 1.3 billion in 2021 to NOK 2.6 billion by the end of 2025. Based on our strategy and progress, we expect an annual low single-digit revenue growth in the medium-term, and a medium-term EBITDA margin for News Media in the range of 10-12 percent.

In eCommerce & Distribution, we moved to a new terminal with higher capacity in 2021 and will continue to focus on new and innovative product and tech solutions. These investments support the strong megatrend of growth within ecommerce, and we expect continued good revenue growth; although, at lower levels than experienced over the last two years. At the same time, the investments led to a negative EBITDA in the second half of 2021, and will continue to affect EBITDA in 2022.

Within Financial Services & Ventures, Lendo is expected to grow well over time. Investments in Lendo's expansion will continue in 2022. The level for its expansion costs is expected to be in line with 2021, but will be more skewed towards new and improved products in existing markets and less towards geographical expansion.

Prisjakt has delivered good performance over the last years with a leading market position in an industry with significant tailwind, and with several ongoing growth initiatives. However, the price comparison market is still fragmented and we see several interesting consolidation opportunities. In this context, we have decided to initiate a strategic review for the business in 2022 with the aim to unleash Prisjakt's full potential.

Group overview

Schibsted's consolidated operating revenues in Q4 2021 totaled NOK 3,936 million, up 9 percent compared to last year. The Group's gross operating profit (EBITDA) amounted to NOK 634 million, equivalent to a decline of 5 percent. Please see information under Operating segments above for further details on the Group's performance in Q4 2021.

Depreciation and amortisation were NOK -262 million (NOK -218 million), mainly related to software, licenses, and right-of-use assets (leasing).

Schibsted's share of profit (loss) from joint ventures and associates totaled NOK -146 million (NOK -12 million) which includes NOK -105 million related to Schibsted's share of Adevinta's result for the third quarter of 2021 after adjusting for amortization of excess values.

Impairment loss in Q4 2021 was NOK -20,012 million (NOK -40 million) and consists mainly of write-down of our investment in Adevinta to reflect the market value at 31.12.2021 following a decline in the share price.

Other income in Q4 2021 was NOK 133 million (NOK 17 million), whereof NOK 99 million is related to a gain on remeasurement of our investment in eEducation Albert AB, and NOK 32 million is related to a gain on sale of Capcito.

Other expenses in Q4 2021 were NOK -70 million (NOK -72 million), includes a NOK -34 million loss on sale of Let's Deal AB, and costs related to the integration of the newly acquired operations in Nordic Marketplaces Denmark. Other expenses in Q4 2020 were mainly transaction cost related to the same acquisition, in addition to the acquisition of Oikotie and headcount reductions in News Media.

Operating profit Q4 2021 amounted to NOK -19,782 million (NOK 304 million).

The Group reported a tax expense of NOK -57 million (0 percent) compared to NOK -49 million (16 percent) in Q4 2020. The reported tax rate is affected by a non-tax deductible impairment loss related to Adevinta included in Profit (loss) before tax. Please also see Note 8 for the relationship between Profit (loss) before tax and the reported tax expense.

Basic earnings per share in Q4 2021 was NOK (84.86) compared to NOK 2.09 in Q4 2020. Basic earnings per share from continuing operations in Q4 2021 was NOK (84.85) compared to NOK 1.00 in Q4 2020. Adjusted earnings per share from continuing operations in Q4 2021 was NOK 0.35 compared to NOK 1.32 in Q4 2020.

Net cash flow from operating activities excluding discontinued operations was NOK 665 million in Q4 2021, compared to NOK 581 million in the same period of 2020. The increased cash flow is mainly explained by reduced tax payments and a positive development in working capital, partly offset by reduced EBITDA.

Net cash flow from investing activities excluding discontinued operations was NOK -642 million in Q4 2021, compared to NOK -181 million in the same period of 2020. NOK -241 million was related to development and purchase of intangible assets and property, plant and equipment and reflects increased investments within product and tech. Schibsted also made a net investment of NOK -325 in other shares during Q4, including the previously announced additional investment in Tibber. During Q4 Schibsted also acquired 51% of the shares in Plick AB.

Net cash flow from financing activities excluding discontinued operations was NOK 384 million in Q4 2021 compared to NOK -107 million in the same period of 2020. Financing activities is mainly related to net change in interest-bearing borrowings and payment of lease liabilities. Please see Note 7 for more details on cash flow from continuing operations.

The carrying amount of the Group's assets increased by NOK 15,712 million to NOK 64,189 million during 2021. The increase was mainly related to remeasurement of the remaining ownership interest in Adevinta to fair value upon completion of Adevinta's acquisition of eBay Classified Group in Q2, offset by the subsequent impairment in Q4. Schibsted's equity ratio is 79 percent at the end of 2021, compared to 33 percent at the end of 2020.

Schibsted has a well-diversified loan portfolio with loans from both the Norwegian bond market, a group of relationship banks and the Nordic Investment bank.

A bond (FRN) of NOK 600 million was repaid at maturity 6 May. In August, Schibsted obtained a Public rating of BBB/Stable from Scope Ratings and confirms Schibsted as a solid Investment Grade Credit. In November, Schibsted successfully issued a new bond (FRN) of NOK 1,000 million with a term of 5 years and pricing of NIBOR 3 months plus 78 basis points.

A bridge loan facility was drawn upon at the closing of the acquisition of DBA and Bilbasen in Denmark, but was partly repaid during Q4 and amounts to NOK 2,800 million at 31 December 2021.

In addition, Schibsted had a revolving credit facility of EUR 300 million which was not drawn. This facility was successfully refinanced by a new EUR 300 million multicurrency revolving credit facility. The new facility was signed 9th of July and has a term of 5 years, with two one-year extension options. The new facility is not drawn and secures a strong liquidity buffer going forward.

The cash balance at the end of December 2021 was NOK 1,108 million giving a net interest-bearing debt of NOK 5,758 million. Including the undrawn facility, the liquidity reserve amounts to NOK 4,105 million. A dividend of NOK 2.00 per share is proposed for 2021.

Following the completion of Adevinta's acquisition of eBay Classifieds Group on 25 June 2021, Schibsted lost control over Adevinta and ceased to consolidate Adevinta with effect from

closing of the acquisition. The retained ownership interest in Adevinta is accounted for as an associate and share of profit (loss) of Adevinta is reported with one quarter lag commencing Q4 2021. See Note 2 and Note 6 for further details.

Condensed consolidated financial statements

		Fourth quarter	Year
(NOK million)	2021	2020	2021	2020
Operating revenues	3,936	3,620	14,623	12,908
Raw materials and finished goods	(141)	(151)	(531)	(454)
Personnel expenses	(1,527)	(1,365)	(5,486)	(4,905)
Other operating expenses	(1,634)	(1,439)	(5,865)	(5,422)
Gross operating profit (loss)	634	665	2,740	2,126
Depreciation and amortisation	(262)	(218)	(984)	(829)
Share of profit (loss) of joint ventures and associates	(146)	(12)	(193)	(44)
Impairment loss	(20,012)	(40)	(20,119)	(61)
Other income	133	17	328	146
Other expenses	(70)	(72)	(171)	(237)
Operating profit (loss)	(19,723)	339	(18,398)	1,101
Financial income	18	12	28	37
Financial expenses	(78)	(47)	(248)	(197)
Profit (loss) before taxes	(19,782)	304	(18,618)	941
Taxes	(57)	(49)	(280)	128
Profit (loss) from continuing operations	(19,839)	254	(18,898)	1,068
Profit (loss) from discontinued operations	(2)	444	59,965	(233)
Profit (loss)	(19,841)	698	41,066	836
Profit (loss) attributable to:
Non-controlling interests	18	209	(274)	(22)
Owners of the parent	(19,859)	490	41,341	858
Earnings per share in NOK:
Basic	(84.86)	2.09	176.70	3.67
Diluted	(84.69)	2.09	176.40	3.66
Earnings per share from continuing operations in NOK:
Basic	(84.85)	1.00	(81.15)	4.30
Diluted	(84.69)	0.99	(81.01)	4.29

	Fourth quarter			Year
(NOK million)	2021	2020	2021	2020
Profit (loss)	(19,841)	698	41,066	836
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit pension liabilities	148	71	(31)	(148)
Cash flow hedges	-	(1,148)	672	(1,626)
Change in fair value of equity instruments	17	3	16	(18)
Share of other comprehensive income of joint ventures and associates	4	-	4	(1)
Income tax relating to items that will not be reclassified	(33)	31	(14)	53
Items that may be reclassified to profit or loss:
Foreign exchange differences	(1,318)	(770)	(1,703)	148
Accumulated exchange differences reclassified to profit or loss on	-	22	587	22
disposal of foreign operation
Cash flow hedges and hedges of net investments in foreign operations	17	139	149	(223)
Share of other comprehensive income of joint ventures and associates	(48)	(3)	(43)	(2)
Income tax relating to items that may be reclassified	(8)	(35)	(40)	48
Other comprehensive income	(1,221)	(1,691)	(403)	(1,745)
Total comprehensive income	(21,061)	(993)	40,663	(909)
Total comprehensive income attributable to:
Non-controlling interests	17	(436)	(53)	(661)
Owners of the parent	(21,078)	(557)	40,716	(249)

		31 Dec
(NOK million)	2021	2020
Intangible assets	9,313	6,018
Property, plant and equipment and investment property	520	480
Right-of-use assets	1,355	1,620
Investments in joint ventures and associates	48,520	922
Deferred tax assets	621	690
Other non-current assets	736	101
Non-current assets	61,065	9,832
Contract assets	210	173
Trade receivables and other current assets	1,806	1,792
Cash and cash equivalents	1,108	1,306
Assets held for sale	-	35,375
Current assets	3,125	38,646
Total assets	64,189	48,478
Paid-in equity	7,060	7,028
Other equity	43,271	3,151
Equity attributable to owners of the parent	50,332	10,178
Non-controlling interests	201	5,675
Equity	50,533	15,853
Deferred tax liabilities	576	351
Pension liabilities	1,090	1,154
Non-current interest-bearing loans and borrowings	3,592	3,090
Non-current lease liabilities	1,237	1,503
Other non-current liabilities	340	317
Non-current liabilities	6,835	6,416
Current interest-bearing loans and borrowings	3,274	678
Income tax payable	154	74
Current lease liabilities	306	286
Contract liabilities	553	600
Other current liabilities	2,534	2,537
Liabilities held for sale	-	22,034
Current liabilities	6,821	26,209
Total equity and liabilities	64,189	48,478

The statement of cash flows is prepared in accordance with applicable accounting standards and includes cash flows from discontinued operations. For detailed information on cash flows from continuing operations, see note 7.

		Fourth quarter		Year
(NOK million)	2021	2020	2021	2020
Profit (loss) before taxes from continuing operations	(19,782)	304	(18,618)	941
Profit (loss) before taxes from discontinued operations	-	426	(134)	154
Depreciation, amortisation and impairment losses	20,275	258	21,103	1,226
Net effect pension liabilities	(14)	21	(85)	(7)
Share of loss (profit) of joint ventures and associates, net of dividends	146	12	210	52
received
Taxes paid	(8)	(297)	(424)	(819)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(95)	(50)	309	(189)
Non-cash items and change in working capital and provisions	144	69	137	1,043
Net cash flow from operating activities	665	742	2,498	2,402
-of which from continuing operations	665	581	2,157	1,292
-of which from discontinued operations	-	162	341	1,110
Development and purchase of intangible assets and property, plant and equipment	(241)	(278)	(951)	(1,069)
Acquisition of subsidiaries, net of cash acquired	(71)	2	(3,048)	(2,025)
Proceeds from sale of intangible assets, investment property and	-	-	15	116
property, plant and equipment
Proceeds from sale of subsidiaries, net of cash sold	6	329	(1,244)	426
Net sale of (investment in) other shares	(325)	(76)	(525)	(254)
Net change in other investments	(14)	(3,139)	(170)	(3,302)
Net cash flow from investing activities	(645)	(3,162)	(5,923)	(6,109)
-of which from continuing operations	(642)	(181)	(4,425)	(2,654)
-of which from discontinued operations	(3)	(2,980)	(1,499)	(3,455)
Net change in interest-bearing loans and borrowings	461	738	3,121	3,276
Payment of principal portion of lease liabilities	(85)	(112)	(419)	(419)
Change in ownership interests in subsidiaries (Note 2)	-	(30)	(228)	(91)
Capital increase	-	-	-	8
Net sale (purchase) of treasury shares	10	7	35	(90)
Dividends paid	(1)	(1)	(599)	(61)
Net cash flow from financing activities	384	602	1,909	2,624
-of which from continuing operations	384	(107)	2,301	(498)
-of which from discontinued operations	-	709	(392)	3,122
Effects of exchange rate changes on cash and cash equivalents	(4)	(172)	(54)	(105)
Net increase (decrease) in cash and cash equivalents	399	(1,989)	(1,570)	(1,188)
Cash and cash equivalents at start of period	709	4,666	2,678	3,866
Cash and cash equivalents at end of period	1,108	2,678	1,108	2,678
-of which cash and cash equivalents in assets held for sale	-	1,371	-	1,371
-of which cash and cash equivalents excluding assets held for sale	1,108	1,306	1,108	1,306

	Attributable	Non
	to owners of	controlling
(NOK million)	the parent	interests	Equity
Equity as at 31 Dec 2019	10,498	6,383	16,882
Profit (loss) for the period	858	(22)	836
Other comprehensive income	(1,107)	(638)	(1,745)
Total comprehensive income	(249)	(661)	(909)
Capital increase	-	12	12
Share-based payment	61	16	77
Dividends paid to non-controlling interests	15	(61)	(46)
Change in treasury shares	(90)	-	(90)
Acquisition of assets not constituting a business	-	10	10
Loss of control of subsidiaries	-	(2)	(2)
Changes in ownership of subsidiaries that do not result in a loss of control	(44)	(23)	(66)
Share of transactions with the owners of joint ventures and associates	(14)	-	(14)
Equity as at 31 Dec 2020	10,178	5,675	15,853
Profit (loss) for the period	41,341	(274)	41,066
Other comprehensive income	(625)	221	(403)
Total comprehensive income	40,716	(53)	40,663
Share-based payment	33	(8)	25
Dividends paid to owners of the parent	(468)	-	(468)
Dividends paid to non-controlling interests	16	(140)	(124)
Change in treasury shares	35	-	35
Business combinations	20	67	87
Loss of control of subsidiaries	-	(5,249)	(5,249)
Changes in ownership of subsidiaries that do not result in a loss of control (Note 2)	(138)	(91)	(229)
Share of transactions with the owners of joint ventures and associates	(60)	-	(60)
Equity as at 31 Dec 2021	50,332	201	50,533

Notes

The condensed consolidated interim financial statements comprise the Group and the Group's interests in joint ventures and associates. The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting.

The interim financial statements are unaudited. All numbers are in NOK million unless otherwise stated. Tables may not summarise due to rounding.

The accounting policies adopted in preparing the condensed consolidated financial statements are consistent with those followed in preparing the Group's annual financial statements for 2020.

Following the completion of Adevinta's acquisition of eBay Classifieds Group on 25 June 2021, Schibsted lost control over Adevinta and ceased to consolidate Adevinta with effect from closing of the acquisition. The retained ownership interest in Adevinta will be accounted for as an associate and share of profit (loss) of Adevinta will be reported with one quarter lag commencing Q4 2021. Previous periods are re-presented, reflecting Adevinta as discontinued for all reported periods until loss of control. The re-presentation affects the income statement and related note disclosures. See Note 2 and Note 6 for further details.

Loss of control of Adevinta

In July 2020, Schibsted announced that its subsidiary Adevinta ASA had signed an agreement to acquire 100 percent of eBay Classified Group being the global classifieds operations of eBay Inc (eBay). The transaction was completed on 25 June 2021. Under the terms of the agreement, eBay received a consideration of USD 2.5 billion in cash and approximately 540 million shares in Adevinta representing an ownership interest of 44.1 percent of the capital and 33.3 percent of the votes.

The share issue of Adevinta ASA diluted the ownership interest of Schibsted in Adevinta to 33.1 percent of the capital and 39.5 percent of the votes, thereby resulting in Schibsted losing control of Adevinta. The accounting gain recognised in relation to loss of control amounts to NOK 60 billion. The gain primarily reflects the difference between the fair value of the retained interest in Adevinta being recognised and the carrying amounts of Adevinta as a subsidiary being derecognised. Further, the net gain reflects reclassification of accumulated translation differences and transaction cost. The loss of control affects consolidated cash flows negatively by the cash of Adevinta being disposed of. The gain is included in the line item Profit (loss) after taxes from discontinued operations. See Note 6 Assets held for sale and discontinued operations.

Following loss of control at the end of June 2021, Schibsted accounts for its retained interest in Adevinta as an associate applying the equity method of accounting. Under the equity method, share of profit (loss) recognised will reflect Schibsted's share of profit (loss) as reported by Adevinta with appropriate adjustments for depreciation and amortisation of non-current assets based on their fair values when equity accounting commenced.

As Adevinta issues its interim reports later than Schibsted, share of profit (loss) will be reported with a one quarter lag. Schibsted's share of Adevinta's profit (loss) in the third quarter is reported by Schibsted in the fourth quarter 2021.

The retained interest in Adevinta was remeasured at its fair value of NOK 69 billion when control was lost. Under IFRS, an investment in an associate is impaired and an impairment loss is incurred if there is objective evidence of impairment as a result of a loss event having occurred. Further, in relation to share price development, a decline in fair value will have to be significant or prolonged to provide evidence of impairment. Schibsted assesses a decline in fair value of 20 percent to be significant and a decline lasting for 12 months to be prolonged. Impairment losses are reversed to the extent that the impairment loss decreases or no longer exists.

The decline in fair value at the end of the fourth quarter is significant and an impairment loss of NOK 20 billion is recognized, thereby reducing the carrying amount of the investment to its fair value at the end of 2021 of NOK 48 billion.

Business combinations

During 2021, Schibsted (continuing operations) invested NOK 3,029 million related to business combinations, whereof NOK 2,843 million is related to the acquisition of eBay Classifieds Scandinavia ApS (now known as Schibsted Denmark ApS). The amount comprises cash consideration transferred reduced by cash and cash equivalents of the acquiree.

As part of Adevinta's acquisition of eBay Classified Group, Schibsted acquired the Danish operations of eBay Classified Group (DBA.dk and bilbasen.dk) from Adevinta through the acquisition of 100 percent of the shares of eBay Classifieds Scandinavia ApS. With the completion of the acquisition, Schibsted added a strong online classifieds business with solid

margins to its portfolio and obtained access to a digitally advanced and attractive market for online classifieds. The transaction was completed on 25 June 2021 with consolidation in practice commencing at the end of June 2021.

In June 2021, Schibsted obtained control over the Swedish premium podcast company PodMe AB through increasing its ownership interest from 48 percent to 91 percent through acquisition of shares. The brand will be central in Schibsted's strategy for subscription-based podcasts. The previously held ownership interest was accounted for as an associate and was remeasured at fair value at the acquisition date resulting in a gain of NOK 50 million recognised in the line item Other income.

In December 2021, Schibsted acquired 51 percent of Plick AB, a Swedish marketplace for preloved fashion. It is a social and inspiring marketplace that already has strong traction among the youngest users in Sweden. Second-hand fashion as a category is expected to grow rapidly over the years to come.

Schibsted has also been involved in other minor business combinations.

The table below summarizes the consideration transferred and the preliminary amounts recognized for assets acquired and liabilities assumed in the business combinations. There might be changes to the preliminary amounts including the amount allocated to goodwill.

	Schibsted		Total business
	Denmark ApS	Other	combinations
Consideration:
Cash	2,938	341	3,279
Fair value of previously held equity interest	-	123	123
Cash flow hedge included in initial cost	179	-	179
Replacement awards share-based payment	20	-	20
Total	3,137	464	3,601
Amounts for assets and liabilities recognised:
Intangible assets	1,187	79	1,266
Other non-current assets	11	11	22
Trade receivables and other current assets	56	24	80
Cash and cash equivalents	95	154	250
Deferred tax liabilities	(258)	(12)	(270)
Other non-current liabilities	(6)	(5)	(12)
Current liabilities	(64)	(39)	(103)
Total identifiable net assets	1,020	214	1,234
Non-controlling interests	-	(67)	(67)
Goodwill	2,116	317	2,433
Total	3,137	464	3,601

The intangible assets of NOK 1,266 million consist mainly of brands, customer relations and technology. Approximately 75 percent of the assets have indefinite lives while the remaining approximately 25 percent is amortised over a period from 5 -10 years. The goodwill recognised is attributable to inseparable non-contractual customer relationships, the assembled workforce of the companies and synergies. NOK 3 million of the goodwill recognised is expected to be deductible for income tax purposes. The business combinations are carried out as part of the Group's growth strategy, and the businesses acquired are good strategic fits with existing operations within the Schibsted Group.

Other changes in the composition of the Group in 2021

In November 2020, the Norwegian Competition Authority (NCA) resolved to prohibit the business combination between Schibsted and Nettbil, which was acquired in December 2019. Schibsted appealed the decision to the Norwegian Competition Tribunal. In May Schibsted received the decision from the Norwegian Competition Tribunal, confirming the NCA's decision that Schibsted was not allowed to acquire Nettbil. The decision has been appealed to the Court of Appeal and is scheduled to February 2022.

The cash outflow from changes in ownership interests in subsidiaries of NOK 228 million in 2021 mainly relate to Adevinta ASA having purchased treasury shares.

In July the subsidiary Kundkraft was sold to the Norwegian digital power company Tibber AS. Gain on the sale is recognised in the line item Other income. The sale was settled with shares in Tibber AS giving an ownership percentage of around 5 percent. In November, Schibsted increased its ownership share further to around 15 percent. Tibber offers customers renewable electricity at cost and tools to help reduce energy consumption.

In the fourth quarter, Mötesplatsen i Norden AB and Let's Deal AB were sold to industry-specialized players. A loss on sale of in total NOK -34 million is recognised in profit or loss in the line item Other expenses.

Schibsted has a new reporting structure effective 1 July 2021. Reportable operating segments were changed to reflect the internal reporting and monitoring of the businesses. Operating segments and disaggregation of revenues for 2020 were restated retrospectively to give comparable information.

Schibsted's operating segments are Nordic Marketplaces, News Media, eCommerce & Distribution and Financial Services & Ventures.

Nordic Marketplaces comprises online classified operations in Norway (Finn), Sweden (Blocket), Finland (Tori and Oikotie) and Denmark (Bilbasen and dba). These operations provide technology-based services to connect buyers and sellers and facilitate transactions, from job offers to real estate, cars, travel, consumer goods and more. Nordic Marketplaces also includes adjacent businesses such as Nettbil and Qasa.

News Media comprises news brands such as VG, Aftenposten, Bergens Tidende in Norway and Aftonbladet and Svenska Dagbladet in Sweden both in paper and digital formats, in addition to printing plant operations in the Norwegian market.

eCommerce & Distribution is primarily the distribution operations in Norway which delivers not only newspapers but also parcels for businesses and consumers. Helthjem and Morgenlevering are the key eCommerce brands.

Financial Services & Ventures consists of a portfolio of digital companies. Lendo is the key brand in the portfolio, offering digital marketplaces for consumer lending. In addition, Prisjakt offers price comparison for consumers.

Other / Headquarters comprises operations not included in the other reported operating segments, including the Group's headquarter Schibsted ASA and other centralised functions including Product and Technology.

Eliminations comprise intersegment sales. Transactions between operating segments are conducted on normal commercial terms.

In the operating segment information presented, Gross operating profit (loss) is used as measure of operating segment profit (loss). For internal control and monitoring, Operating profit (loss) is also used as measure of operating segment profit (loss).

			eCommerce	Financial	Other /
	Nordic	News	&	Services &	Head	Elimina
Fourth quarter 2021	Marketplaces	Media	Distribution	Ventures	-quarters	-tions	Schibsted
Operating revenues	1,131	2,152	491	526	183	(548)	3,936
-of which internal	25	205	135	14	170	(548)	-
Gross operating profit (loss)	434	233	(2)	53	(84)	-	634
Operating profit (loss)	318	115	(21)	69	(20,205)	-	(19,723)
Fourth quarter 2020
Operating revenues	857	2,078	491	538	162	(506)	3,620
-of which internal	23	188	135	12	147	(506)	-
Gross operating profit (loss)	340	294	29	81	(80)	-	665
Operating profit (loss)	261	175	4	9	(110)	-	339
Year 2021
Operating revenues	4,176	7,872	1,913	2,026	662	(2,026)	14,623
-of which internal	96	737	524	43	626	(2,026)	-
Gross operating profit (loss)	1,782	961	26	249	(277)	-	2,740
Operating profit (loss)	1,422	512	(39)	165	(20,458)	-	(18,398)
Year 2020
Operating revenues	3,181	7,459	1,604	1,971	668	(1,975)	12,908
-of which internal	84	739	520	38	594	(1,975)	-
Gross operating profit (loss)	1,336	750	43	270	(272)	-	2,126
Operating profit (loss)	1,043	385	4	38	(368)	-	1,101

Disaggregation of revenues:

			eCommerce	Financial	Other /
	Nordic	News	&	Services &	Head	Elimina
Fourth quarter 2021	Marketplaces	Media	Distribution	Ventures	-quarters	-tions	Schibsted
Classifieds revenues	884	-	-	-	-	(1)	884
Advertising revenues	158	842	-	58	-	(62)	995
-of which digital	158	640	-	58	-	(55)	801
Subscription revenues	-	734	-	53	-	-	788
-of which digital	-	350	-	53	-	-	403
Casual sales	-	264	-	-	-	-	264
Other revenues	88	286	489	415	167	(456)	989
Revenues from contracts with	1,130	2,126	489	526	167	(519)	3,919
customers
Revenues from lease contracts,	1	26	2	-	16	(29)	17
government grants and others
Operating revenues	1,131	2,152	491	526	183	(548)	3,936

Fourth quarter 2020
Classifieds revenues	653	-	-	-	-	-	653
Advertising revenues	132	746	-	57	-	(42)	894
-of which digital	132	545	-	57	-	(41)	694
Subscription revenues	-	696	2	64	-	(1)	761
-of which digital	-	297	-	64	-	-	363
Casual sales	-	303	-	-	-	-	303
Other revenues	72	270	489	417	145	(433)	960
Revenues from contracts with	857	2,016	491	538	146	(477)	3,571
customers
Revenues from lease contracts,	-	62	-	-	16	(29)	49
government grants and others
Operating revenues	857	2,078	491	538	162	(506)	3,620

Year 2021

Classifieds revenues	3,311	-	-	-	-	(2)	3,309
Advertising revenues	537	2,797	-	171	-	(196)	3,309
-of which digital	537	2,113	-	171	-	(186)	2,634
Subscription revenues	-	2,851	-	243	-	(1)	3,093
-of which digital	-	1,313	-	243	-	-	1,556
Casual sales	-	1,107	-	-	-	-	1,107
Other revenues	325	1,007	1,907	1,613	597	(1,713)	3,736
Revenues from contracts with	4,174	7,762	1,907	2,026	597	(1,912)	14,554
customers
Revenues from lease contracts,	2	110	6	-	65	(114)	69
government grants and others
Operating revenues	4,176	7,872	1,913	2,026	662	(2,026)	14,623

			eCommerce	Financial	Other /
	Nordic	News	&	Services &	Head	Elimina
Year 2020	Marketplaces	Media	Distribution	Ventures	-quarters	-tions	Schibsted
Classifieds revenues	2,486	-	-	-	-	(1)	2,485
Advertising revenues	449	2,377	-	172	-	(169)	2,829
-of which digital	449	1,694	-	172	-	(162)	2,153
Subscription revenues	-	2,658	2	247	-	(2)	2,905
-of which digital	-	1,088	2	247	-	-	1,336
Casual sales	-	1,256	-	-	-	-	1,256
Other revenues	244	1,015	1,602	1,553	604	(1,692)	3,326
Revenues from contracts with	3,179	7,307	1,604	1,971	604	(1,865)	12,800
customers
Revenues from lease contracts,	1	153	-	-	64	(110)	107
government grants and others
Operating revenues	3,181	7,459	1,604	1,971	668	(1,975)	12,908

	Fourth quarter		Year
(NOK million)	2021	2020	2021	2020
Gain on sale of subsidiaries, joint ventures and associates	133	11	249	75
Gain on sale of intangible assets, property, plant and equipment and investment property	-	-	2	51
Gain from remeasurement of previously held equity interests in business combinations achieved in stages	-	-	51	-
Gain on amendments and curtailment of pension plans	-	6	15	21
Other	-	-	11	-
Total other income	133	17	328	146
Restructuring costs	(5)	(48)	(52)	(134)
Transaction-related costs	(26)	(24)	(80)	(101)
Loss on sale of subsidiaries, joint ventures and associates	(34)	-	(34)	(2)
Loss on amendments and curtailment of pension plans	(2)	-	-	-
Other	(3)	-	(5)	-
Total other expenses	(70)	(72)	(171)	(237)

Gain on sale of subsidiaries, joint ventures and associates in Q4 includes a NOK 99 million gain related to remeasurement of our investment in eEducation Albert AB, and NOK 32 million related to a gain on sale of Capcito.

Kundkraft was sold in July impacting full year gain on sale of subsidiaries, joint ventures and associates, see Note 2.

Loss on sale of subsidiaries, joint ventures and associates is related to the sale of Mötesplatsen i Norden AB and Let's Deal AB in Q4, see Note 2.

Transaction-related costs mainly relate to the integration of the newly acquired operations in Nordic Marketplaces Denmark.

Impairment loss of NOK -20,012 million includes impairment of investments in associates and is primarily related to Adevinta, see also Note 2.

	Fourth quarter			Year
(NOK million)	2021	2020	2021	2020
Interest income	2	3	8	29
Net foreign exchange gain	-	5	-	3
Gain from fair value measurement of financial instruments	16	-	16	-
Other financial income	-	4	4	5
Total financial income	18	12	28	37
Interest expenses	(56)	(42)	(202)	(176)
Net foreign exchange loss	(1)	-	(6)	-
Loss from fair value measurement of financial instruments	(15)	-	(17)	-
Other financial expenses	(6)	(6)	(22)	(21)
Total financial expenses	(78)	(47)	(248)	(197)
Net financial items	(59)	(36)	(220)	(161)

Adevinta was classified as a disposal group held for sale with effect from the date of Adevinta signing the agreement to acquire 100 percent of eBay Classified Group (20 July 2020) and until control was lost (25 June 2021). The assets and liabilities of Adevinta were presented separately within current items in the statement of financial position. No depreciation, amortisation or impairment losses are recognised for noncurrent assets while being part of a disposal group classified as held for sale. Further, the use of the equity method of accounting is discontinued for investments in joint ventures and associates of a disposal group. Adevinta represented a separate major line of business and was therefore classified as a discontinued operation with effect from signing of the agreement. The post-tax profits of discontinued operations were presented in a separate line item in the income statement. Previous periods were re-presented. Profit (loss) after taxes from discontinued operations includes a NOK 60 billion gain related to loss of control of Adevinta in the second quarter of 2021. The expense in the fourth quarter relates to transaction costs.

See also Schibsted's Interim Report Q2 2021 as well as Note 2 Changes in the composition of the group.

	Fourth quarter		Year
(NOK million)	2021	2020	2021	2020
Operating revenues	-	1,957	3,799	7,133
Operating expenses	-	(1,413)	(2,725)	(5,189)
Gross operating profit (loss)	-	543	1,074	1,944
Depreciation and amortisation	-	-	-	(337)
Share of profit (loss) of joint ventures and associates	-	-	-	15
Other income	-	51	3	76
Other expenses	-	(158)	(1,179)	(500)
Operating profit (loss)	-	436	(102)	1,199
Net financial items	-	(10)	(32)	(1,045)
Profit (loss) before taxes	-	426	(134)	154
Taxes	-	18	(341)	(387)
Profit (loss) after taxes from discontinued operations	-	444	(475)	(233)
Gain on loss of control	(3)	-	60,409	-
Related income tax expense	1	-	31	-
Profit (loss) from discontinued operations	(2)	444	59,965	(233)
Other comprehensive income from discontinued operations	-	(1,445)	1,107	(1,723)
Total comprehensive income from discontinued operations	(2)	(1,001)	61,072	(1,956)
Total comprehensive income from discontinued operations attributable
to:
Non-controlling interests	-	(457)	(137)	(728)
Owners of the parent	(2)	(544)	61,209	(1,228)
Earnings per share from discontinued operations in NOK:
Basic	(0.01)	1.09	257.85	(0.63)
Diluted	(0.01)	1.09	257.41	(0.63)

Intra-group eliminations between continuing and discontinued operations are attributed to discontinued operations as that approach is considered to provide the most relevant information related to results of continuing operations on an ongoing basis. This attribution results in certain deviations in amounts presented for discontinued operations above and amounts previously reported for Adevinta as an operating segment. The effects from not including depreciation, amortisation, impairment and discontinuing the equity method affect profit (loss) from discontinued operations positively by NOK 851 million before taxes and by NOK 741 million after taxes in 2021. In 2021 profit (loss) after taxes from discontinued operations also included a NOK -437 million loss related to Adevinta's disposal of Yapo.cl, in addition to the loss reported in Adevinta.

The consolidated statement of cash flows includes the following cash flow related to continuing operations:

	Fourth quarter		Year
(NOK million)	2021	2020	2021	2020
Profit (loss) before taxes from continuing operations	(19,782)	304	(18,618)	941
Depreciation, amortisation and impairment losses	20,275	258	21,103	890
Net effect pension liabilities	(14)	(5)	(95)	(44)
Share of loss (profit) of joint ventures and associates, net of dividends received	146	12	196	44
Taxes paid	(8)	(96)	(185)	(371)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(95)	(11)	(271)	(124)
Non-cash items and change in working capital and provisions	144	118	28	(45)
Net cash flow from operating activities from continuing operations	665	581	2,157	1,292
Development and purchase of intangible assets and property, plant and equipment	(241)	(164)	(723)	(602)
Acquisition of subsidiaries, net of cash acquired	(71)	-	(3,029)	(1,951)
Proceeds from sale of intangible assets, investment property and	-	-	11	116
property, plant and equipment
Proceeds from sale of subsidiaries, net of cash sold	8	-	(1)	94
Net sale of (investment in) other shares	(325)	(46)	(513)	(173)
Net change in other investments	(14)	28	(170)	(138)
Net cash flow from investing activities from continuing operations	(642)	(181)	(4,425)	(2,654)
Net change in interest-bearing loans and borrowings	461	(2)	3,121	(2)
Payment of principal portion of lease liabilities	(85)	(82)	(329)	(285)
Change in ownership interests in subsidiaries	-	(30)	(1)	(69)
Capital increase	-	-	-	8
Net sale (purchase) of treasury shares	10	7	35	(90)
Dividends paid	(1)	(1)	(524)	(61)
Net cash flow from financing activities from continuing operations	384	(107)	2,301	(498)

The relationship between tax (expense) income and accounting profit (loss) before taxes is as follows:

	Fourth quarter		Year
(NOK million)	2021	2020	2021	2020
Profit (loss) before taxes	(19,782)	304	(18,618)	941
Tax (expense) income based on weighted average tax rates*	4,355	(70)	4,103	(211)
Prior period adjustments	(2)	(3)	(1)	(3)
Tax effect of share of profit (loss) from joint ventures and associates	(32)	(3)	(41)	(9)
Tax effect of impairment loss on goodwill, joint ventures and associates	(4,399)	(4)	(4,419)	(7)
Tax effect of other permanent differences	16	2	84	1
Current period unrecognised deferred tax assets	(7)	(7)	(20)	(36)
Re-assessment of previously unrecognised deferred tax assets	13	35	13	393
Tax (expense) income recognised in profit or loss	(57)	(49)	(280)	128
*Weighted average tax rates	22.0%	23.1%	22.0%	22.5%

Profit (loss) before taxes in the fourth quarter was negatively affected by impairment loss of NOK -20,012 million. This consists mainly of the impairment of investments in associates Adevinta, see also Note 2. Tax effect of impairment loss on goodwill, joint ventures and associates relates primarily to the write-down of investment in Adevinta. Tax effect of other permanent differences in 2021 include tax effects from hedge accounting, gain from remeasurement of previously held equity interests and other nondeductible operating expenses.

Definitions and reconciliations

The condensed consolidated financial statements are prepared in accordance with international financial reporting standards (IFRS). In addition, management uses certain alternative performance measures (APMs). The APMs are regularly reviewed by management and their aim is to enhance stakeholders' understanding of the company's performance and financial position alongside IFRS measures.

APMs should not be considered as a substitute for, or superior to, measures of performance in accordance with IFRS.

APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described and reconciled below.

As APMs are not uniformly defined, the APMs set out below

might not be comparable to similarly labelled measures by other companies.

Schibsted has a new reporting structure effective 1 July 2021. Affected APMs are restated retrospectively to give comparable information. See note 3 Operating segments and disaggregation of revenues for more information.

With effect from first quarter 2021 Schibsted has ended the reporting of underlying tax rate. Due to changes in the composition of the Group, the previous APM does no longer provide increased understanding of deviations between accounting and taxable profits and a better measure of taxes payable by the Group, in addition to the information included in note 8 Income taxes.

Measure	Description	Reason for including
EBITDA	EBITDA is earnings before depreciation and amortisation, other income and other expenses, impairment, joint ventures and associates, interests and taxes. The measure equals gross operating profit (loss).	Shows performance regardless of capital structure, tax situation and adjusted for income and expenses related transactions and events not considered by management to be part of operating activities. Management believes the measure enables an evaluation of operating performance.
EBITDA margin	Gross operating profit (loss) / Operating revenues	Shows the operations' performance regardless of capital structure and tax situation as a ratio to operating revenue.

	Fourth quarter			Year
Reconciliation of EBITDA	2021	2020	2021	2020
Gross operating profit (loss)	634	665	2,740	2,126
= EBITDA	634	665	2,740	2,126

Measure	Description	Reason for including
Liquidity reserve	Liquidity reserve is defined as the sum of cash and cash equivalents and Unutilised drawing rights on credit facilities.	Management believes that liquidity reserve shows the total liquidity available for meeting current or future obligations.

	31 Dec
Liquidity reserve	2021	2020
Cash and cash equivalents	1,108	1,306
Unutilized drawing rights	2,997	6,806
Liquidity reserve	4,105	8,112

Measure	Description	Reason for including
Net interest-bearing debt	Net interest-bearing debt is defined as interest-bearing loans and borrowings less cash and cash equivalents and cash pool	Management believes that net interest-bearing debt provides an indicator of the net indebtedness and an indicator of the overall strength of the statement of financial position. The use of net interest-bearing debt

holdings.	Interest-bearing	loans	and
	borrowings do not include lease liabilities.

does not necessarily mean that the cash and cash equivalent and cash pool holdings are available to settle all liabilities in this measure.

	31 Dec
Net interest-bearing debt	2021	2020
Non-current interest-bearing loans and borrowings	3,592	3,090
Current interest-bearing loans and borrowings	3,274	678
Cash and cash equivalents	(1,108)	(1,306)
Net interest-bearing debt	5,758	2,462

Measure	Description	Reason for including
Earnings per share adjusted (EPS (adj.))	Earnings per share adjusted for items reported as other income, other expenses and impairment loss, net of any related taxes and non-controlling interests.	The measure is used for presenting earnings to shareholders adjusted for transactions and events not considered by management to be part of operating activities. Management believes the measure enables evaluating the development in earnings to shareholders unaffected by such non-operating activities.

	Fourth quarter		Year
Earnings per share - adjusted - total	2021	2020	2021	2020
Profit (loss) attributable to owners of the parent	(19,859)	490	41,341	858
Other income	(133)	(68)	(331)	(223)
Other expenses	70	230	1,350	736
Impairment loss	20,012	40	20,119	61
Gain on loss of control of discontinued operations	3	-	(60,409)	-
Taxes and Non-controlling interests related to Other income and expenses, Impairment loss and Gain on loss of control of discontinued operations	(13)	(61)	(538)	(214)
Profit (loss) attributable to owners of the parent - adjusted	81	631	1,532	1,218
Earnings per share – adjusted (NOK)	0.35	2.69	6.54	5.21
Diluted earnings per share – adjusted (NOK)	0.34	2.69	6.53	5.20

Earnings per share - adjusted	Fourth quarter		Year
- continuing operations	2021	2020	2021	2020
Profit (loss) attributable to owners of the parent	(19,859)	490	41,341	858
-of which continuing operations	(19,857)	233	(18,986)	1,006
-of which discontinued operations	(2)	257	60,327	(148)
Profit (loss) attributable to owners of the parent - continuing operations	(19,857)	233	(18,986)	1,006
Other income	(133)	(17)	(328)	(146)
Other expenses	70	72	171	237
Impairment loss	20,012	40	20,119	61
Taxes and Non-controlling interests related to Other income and expenses	(12)	(18)	(30)	(37)
and Impairment loss
Profit (loss) attributable to owners of the parent - adjusted	81	310	946	1,120
Earnings per share – adjusted (NOK)	0.35	1.32	4.04	4.79
Diluted earnings per share – adjusted (NOK)	0.34	1.32	4.04	4.78

Measure	Description	Reason for including
Revenues on a foreign exchange neutral basis	Growth rates on revenue on a foreign exchange neutral basis are calculated using the same foreign exchange rates for the period last year and this year.	Enables comparability of development in revenues over time excluding the effect of currency fluctuation.

			eCommerce	Financial
Reconciliation of revenues on a foreign	Nordic	News	&	Services &	Other/HQ,
exchange neutral basis	Marketplaces	Media	Distribution	Ventures	Eliminations	Total
Revenues current quarter 2021	1,131	2,152	491	526	(365)	3,936
Currency effect	35	51	-	16	(5)	97
Revenues adjusted for currency	1,167	2,203	491	542	(370)	4,033
Revenue growth on a foreign exchange neutral basis	36%	6%	-	1%	8%	11%
Revenues current quarter 2020	857	2,078	491	538	(344)	3,620

Measure	Description	Reason for including
Revenues on a foreign exchange neutral basis adjusted for business combinations	Growth rates on revenue on a foreign exchange neutral basis adjusted for business combinations are calculated including pre combination revenues for Oikotie and Marketplaces Denmark in the comparable figures, and using the same foreign exchange rates for the period last year and this year.	Enables comparability of development in revenues over time excluding the effect of business combinations and currency fluctuation.

Reconciliation of revenues on a foreign exchange neutral basis adjusted for	Nordic	News	eCommerce &	Financial Services &	Other/HQ,
business combinations	Marketplaces	Media	Distribution	Ventures	Eliminations	Total
Revenues current quarter 2021	1,131	2,152	491	526	(365)	3,936
Currency effect	35	51	-	16	(5)	97
Revenues adjusted for currency	1,167	2,203	491	542	(370)	4,033
Revenue growth on a foreign exchange neutral basis adjusted for business combinations	18%	6%	-	1%	8%	7%
Revenues current quarter 2020 (presented)	857	2,078	491	538	(344)	3,620
Revenues in Marketplaces Denmark current quarter 2020	136	-	-	-	-	136
Revenues current quarter 2020 adjusted for business combinations	993	2,078	491	538	(344)	3,756

Currency rates used when converting	Fourth quarter		Year
profit or loss	2021	2020	2021	2020
Swedish krona (SEK)	0.9850	1.0476	1.0019	1.0226
Danish krone (DKK)	1.3408	1.4453	1.3666	1.4388
Euro (EUR)	9.9723	10.7574	10.1633	10.7250

*Brands that Schibsted owns or has invested in