Vend Marketplaces Asa · OSL:VEND
Vend Marketplaces Asa — Schibsted — Q2 2023 Earnings Presentation
37 slides from Vend Marketplaces Asa's earnings presentation, Jul 18, 2023
Slide 1: Q2 2023 Results
Q2 2023 Results 18 July 2023 Kristin Skogen Lund, CEO | Ragnar Kårhus, EVP CFO Q&A: slido.com | event code: 2195173
Slide 2: Disclaimer
Disclaimer 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 ca
Slide 3: Highlights Q2 2023
Highlights Q2 2023 Financial highlights Operational highlights Adevinta ownership • Revenues of NOK 4.044m, • Resilient revenue growth in Nordic • Continuing to explore and develop 2% underlying* revenue growth Marketplaces; underlying* revenues options to reduce our ownership in growth of 9%, despi
Slide 4: ESG highlights Q2 2023
ESG highlights Q2 2023 Environmental Recommerce included in the EU Taxonomy regulation* Social High-quality journalism that makes a difference Contributing to develop a Norwegian generative language model Governance Preparing for compliance with CSRD/ESRS requirements 4 * Effective 1 January 2024, s
Slide 5: Nordic Marketplaces
Nordic Marketplaces Mobility | Jobs | Real Estate | Recommerce 5
Slide 6: Resilient, high single-digit revenue growth; EBITDA affected by revenue mix and increased costs
Nordic Marketplaces Resilient, high single-digit revenue growth; EBITDA affected by revenue mix and increased costs Nordic Marketplaces Revenue split Nordic Marketplaces Revenues (NOKm), EBITDA margin (%) Revenues Q2 2023 (share in %) YoY growth 9%* Other 3%* YoY Advertising -10%* YoY 7% 10% Classif
Slide 7: Good trajectory for volumes and ARPA
Nordic Marketplaces | Mobility Good trajectory for volumes and ARPA Mobility KPIs Q2 2023, YoY change % NAA ARPA 292k NOK 454 12% YoY 7% YoY 510k SEK 324 1% YoY 7% YoY 53k* DKK 280 11% YoY 13% YoY Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad Transactional models like Nettbil, Autovex an
Slide 8: Strong revenue growth and profitability
Nordic Marketplaces | Mobility Strong revenue growth and profitability Nordic Marketplaces Mobility Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 15%* • Classifieds revenues up 19%*, driven by volumes and ARPA and continued strong revenue growth in Nettbil • Advertising revenues down 5%*
Slide 9: Solid ARPA increases offset by accelerated volume decline
Nordic Marketplaces | Jobs Solid ARPA increases offset by accelerated volume decline Jobs KPIs Q2 2023, YoY change % NAA ARPA 42k NOK 6,273 -18% YoY 11% YoY 21k SEK 1,498 -30% YoY 13% YoY 34k EUR 67 -28% YoY 5% YoY Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad Sourced Ads in Norway not i
Slide 10: Revenues and profitability affected by market headwinds
Nordic Marketplaces | Jobs Revenues and profitability affected by market headwinds Nordic Marketplaces Jobs Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -12%* • Revenues down across all markets, driven by lower volumes due to market headwinds • Higher ARPA curbed negative volume effects
Slide 11: Double-digit ARPA growth in Norway; resilient volume trend
Nordic Marketplaces | Real Estate Double-digit ARPA growth in Norway; resilient volume trend Real Estate KPIs Q2 2023, YoY change % NAA ARPA 78k NOK 2,827 8% YoY 25% YoY 111k* EUR 19 13% YoY -6% YoY Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad * Oikotie only, excluding ads on Tori 11
Slide 12: Exceptionally strong revenue growth
Nordic Marketplaces | Real Estate Exceptionally strong revenue growth Nordic Marketplaces Real Estate Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 28%* • Exceptionally strong growth of 33%* in classifieds revenues, driven by both volume and ARPA • Revenues in Norway, accounting for 83% o
Slide 13: Solid trajectory for transactional key metrics
Nordic Marketplaces | Recommerce Solid trajectory for transactional key metrics Recommerce KPIs Q2 2023 Transactions AOV “Fiks ferdig” “Fiks ferdig” c.434k NOK 667 “Frakt med “Frakt med köpskydd” köpskydd“ c.61k SEK 1,650 Note: AOV: Average order value 13
Slide 14: Strong revenue growth, margin affected by business model transition
Nordic Marketplaces | Recommerce Strong revenue growth, margin affected by business model transition Nordic Marketplaces Recommerce Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 21%* • Substantial growth in classifieds revenues, driven by transactional business model • Advertising down 16
Slide 15: News Media
News Media RYZE] «AAUP E24 | tv, Svenska Dagbladet Omni jpeime Aftenpoften Stavanger Aftenblad My Bergens.% Tidende Schibsted
Slide 16: Significant profitability improvement QoQ
News Media Significant profitability improvement QoQ News Media Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -4%* • Revenues and profitability affected by accelerated market headwinds within advertising and continued volume decline within casual sales and print subscriptions • Effects fr
Slide 17: Digital subscriptions up 14%*; advertising down due to market headwinds
News Media Digital subscriptions up 14%*; advertising down due to market headwinds Resilient revenue growth from digital Solid quarter given market headwinds and subscription products high volatility Subscription revenues (NOKm) Advertising revenues (NOKm)** YoY growth 5%* Norway -27% -1% Sweden 14%
Slide 18: Delivery
18 Delivery e . % helthjem DE Schibsted | =rimionon & Morgenlevering Schibsted | o:vusionvest Schibsted
Slide 19: Revenues up and improved profitability due to Helthjem
Delivery Revenues up and improved profitability due to Helthjem Delivery Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 4% • Revenues back to growth, despite continued decline in Morgenlevering and lapse of Sunday distribution • Helthjem Netthandel up 25% due to increased volumes in B2C an
Slide 20: Growth & Investments
20 Growth & Investments Lendo? &compricer 4 tibber ©Oprisakt tOin mittanbud Askin’ @&MINDLER ROCKER albert tIbookis @Oservicefinder Schibsted
Slide 21: Strong profitability improvement
Growth & Investments Strong profitability improvement Growth & Investments Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 4%* • Improved profitability in Lendo due to refocus on Scandinavia, despite market headwinds in Sweden • Continued strong performance for Prisjakt with revenues up 19%
Slide 22: Improved profitability due to refocus on Scandinavia; revenues affected by market headwinds in Sweden
Lendo Group Improved profitability due to refocus on Scandinavia; revenues affected by market headwinds in Sweden Lendo Group Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 0%* • Flat underlying revenue development due to reduced conversion from application to payout within consumer loans
Slide 23: Finance
Finance 23
Slide 24: Q2 Group EBITDA up 8% YoY
Q2 Group EBITDA up 8% YoY Schibsted Group Schibsted Group Q2 revenues, EBITDA (NOKm) Q2 EBITDA per segment (NOKm) YoY growth 2%* Revenues EBITDA Q2 2021 Q2 2022 Q2 2023 24 * Foreign exchange neutral basis
Slide 25: Q2 income statement Schibsted Group
Q2 income statement Schibsted Group Income statement Second quarter (NOK million) 2022 2023 Operating revenues 3,880 4,044 Operating expenses (3,260) (3,374) Gross operating profit (loss) - EBITDA 620 670 Depreciation and amortisation (278) (297) Impairment loss (6) (1) Other income 10 24 Other expe
Slide 26: Q2 EBITDA, operating cash flow and capex
Q2 EBITDA, operating cash flow and capex EBITDA Operating cash flow Capex (NOKm) (NOKm) (NOKm) YoY 8% 11% 8% 26
Slide 27: Solid financial position; share buyback programme increases financial gearing as planned
Solid financial position; share buyback programme increases financial gearing as planned Debt maturity profile Financial gearing back within target range (NOKm) (NIBD/EBITDA according to bank definition) 27
Slide 28: Financial medium-term targets unchanged
Financial medium-term targets unchanged Nordic Marketplaces News Media Mobility Jobs Real Estate Recommerce Triple revenues Low to mid Revenue growth 12-17% single-digit 12-17% from 2022 to Low single-digit 2025 EBITDA EBITDA margin 51-56% Above 50% 42-47% break-even 10-12% during 2025 28 Note: Fina
Slide 29: Q&A
Q&A 18 July 2023 Kristin Skogen Lund, CEO Ragnar Kårhus, EVP CFO Christian Printzell Halvorsen, EVP Nordic Marketplaces and Delivery 29
Slide 30: Appendices
Appendices Spreadsheet containing detailed Q2 2023 and historical information can be downloaded at schibsted.com/ir 30
Slide 31: Listing trends per main verticals
Nordic Marketplaces Listing trends per main verticals New approved ads (Monthly growth YoY, %) Vertical Country Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Mobility Norway -15% -4% -9% -4% 5% 5% 9% 17% 9% 14% 18% 5% 12% 13% 11% Sweden -17%
Slide 32: Overview of our venture and financial investments [1/2]
Venture and financial investments Overview of our venture and financial investments [1/2] Current ownership* (sorted by ownership) Company Segment Current ownership Date of first investment Hypoteket Fintech 50% 2016-02 Tillit Fintech 38% 2018-08 Insurello Fintech 34% 2019-05 Rocker Fintech 34% 2016
Slide 33: Overview of our venture and financial investments [2/2]
Venture and financial investments Overview of our venture and financial investments [2/2] Current ownership* (sorted by ownership) Company Segment Current ownership Date of first investment Fixrate Fintech 13% 2020-12 Mindler Healthtech 13% 2020-03 Askin Healthtech 12% 2021-11 Knips Marketplace 11%
Slide 34: Q2 cash flow Schibsted Group
Q2 cash flow Schibsted Group Cash flow Second quarter (NOK million) 2022 2023 Profit (loss) before taxes (6,350) (1,868) Depreciation, amortisation and impairment losses (recognised or reversed) 6,847 1,082 Net interest expense 65 88 Net effect pension liabilities 2 (48) Share of loss (profit) of jo
Slide 35: Income taxes
Income taxes The relationship between tax (expense) income and accounting profit (loss) before taxes is as follows: Income tax Second quarter (NOK million) 2022 2023 Profit (loss) before taxes (6 350) (1 868) Tax (expense) income based on weighted average tax rates* 1 396 408 Prior period adjustment
Slide 36: Shareholders analysis
Shareholders analysis Rank Name A-shares B-shares Total % of S/O 1 Blommenholm Industrier AS 30,746,423 30,013,354 60,759,777 26.6% 2 Baillie Gifford & Co. 10,954,764 9,747,259 20,702,023 9.1% 3 Folketrygdfondet 7,748,059 10,242,951 17,991,010 7.9% 4 Eminence Capital, LP 5,669,906 639,388 6,309,294
Slide 37: Investor contact
Investor contact Visit Schibsted’s website: schibsted.com Email: ir@schibsted.com Jann-Boje Meinecke VP, Head of IR +47 941 00 835 Malin Ebenfelt IR Officer +47 916 86 710 Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo