Vend Marketplaces Asa · OSL:VEND
Vend Marketplaces Asa — Schibsted — Q2 2022 Earnings Presentation
36 slides from Vend Marketplaces Asa's earnings presentation, Jul 15, 2022
Slide 1: Q2 2022 Results
Q2 2022 Results 15 July 2022 Kristin Skogen Lund, CEO Ragnar Kårhus, CFO Q&A Visit: sli.do Event code: 3007539
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 2022
Highlights Q2 2022 Financial highlights Operational highlights • Underlying revenue growth of 6% • 10% per cent underlying revenue growth in Nordic Marketplaces • EBITDA of NOK 620m, down 17% YoY driven by continued high investments, and market • Continued strong performance in slowdown in the e-com
Slide 4: ESG highlights Q2 2022
ESG highlights Q2 2022 Environmental Removal of ad insertion fees on Blocket leading to higher volumes, thus increasing our positive environmental impact Finn among the top three most sustainable companies in Norway according to Norwegian Sustainability Index (Norsk Bærekraftbarometer BI) Social Inn
Slide 5: Nordic Marketplaces
Nordic Marketplaces BOO obiocket dba tori Bilbasen ® Nettbil plick Schibsted
Slide 6: Double-digit revenue growth and increase in EBITDA
Nordic Marketplaces Double-digit revenue growth and increase in EBITDA Nordic Marketplaces Revenue split Nordic Marketplaces Revenues (NOKm), EBITDA margin (%) Revenues Q2 2022 (share in %) 6 * Foreign exchange neutral basis and including pro-forma Denmark (Q2 2020 and Q2 2021) revenues
Slide 7: Important milestones for transformation of Generalist C2C offering reached
Nordic Marketplaces Important milestones for transformation of Generalist C2C offering reached Sweden • Removal of ad insertion fees in Sweden at the end of May as first important step in the transition to a fully transactional model • Listings up ~130% YoY in June, and strong increase in shipments
Slide 8: Strong quarter driven by Jobs and Real estate
Marketplaces Norway Strong quarter driven by Jobs and Real estate Marketplaces Norway Revenues (NOKm), EBITDA margin (%) Highlights • Continued strong revenue growth in Jobs (+25% YoY), accounting for almost half of the total revenue growth in Q2 • Increase in Motors revenues (+10%) due to Nettbil w
Slide 9: Performance impacted by headwinds in Motors and removal of ad insertion fees in Generalist; Jobs strong
Marketplaces Sweden Performance impacted by headwinds in Motors and removal of ad insertion fees in Generalist; Jobs strong Marketplaces Sweden Revenues (SEKm), EBITDA margin (%) Highlights • Continued strong revenue growth in Jobs (+25% YoY), driven by higher volumes and ARPA • Revenue decline in M
Slide 10: Soft quarter driven by advertising
Marketplaces Finland Soft quarter driven by advertising Marketplaces Finland Revenues (EURm), EBITDA margin (%)* Highlights • Good volume growth in Jobs and Real estate, however with limited impact on revenues due to volume mix and current pricing model • Cross traffic between Tori and Oikotie conti
Slide 11: Continued headwinds from market conditions
Marketplaces Denmark Continued headwinds from market conditions Marketplaces Denmark Revenues (DKKm), EBITDA margin (%)* Highlights • Revenue decline in Motors driven by drop in number of listed cars due to current car market conditions • Improved trend for Generalist revenues, but still down YoY du
Slide 12: News Media
News Media 12 Photo: Emma-Sofia Olsson, Svenska Dagbladet
Slide 13: Good revenue growth continued; high content investments and higher paper prices affected margin
News Media Good revenue growth continued; high content investments and higher paper prices affected margin News Media Revenues (NOKm), EBITDA margin (%) Highlights • Good revenue growth, driven by a strong quarter for digital subscriptions and digital advertising • High investments in content and hi
Slide 14: Strong quarter for digital revenues, and subscriptions in particular
News Media Strong quarter for digital revenues, and subscriptions in particular Continued growth in digital subscription Growth in digital advertising revenues, driven revenues, supported by PodMe by high demand Subscription revenues (NOKm) Advertising revenues (NOKm)** Norway Sweden * Foreign excha
Slide 15: eCommerce & Distribution
eCommerce & Distribution % helt ie
Slide 16: Weak quarter driven by market slowdown and higher costs from capacity expansion
eCommerce & Distribution Weak quarter driven by market slowdown and higher costs from capacity expansion eCommerce & Distribution Revenues (NOKm), EBITDA margin (%) Highlights • Overall revenue decline driven by New Business compared to strong comparables from Q2 last year • Revenue decline in Helth
Slide 17: Financial Services & Ventures
Financial Services & Ventures 17
Slide 18: Strong revenue growth in Lendo continued; Prisjakt impacted by market slowdown
Financial Services & Ventures Strong revenue growth in Lendo continued; Prisjakt impacted by market slowdown Financial Services & Ventures Revenues (NOKm), EBITDA margin (%) Highlights • Lendo delivered another quarter with strong revenue growth • Prisjakt revenues declined 8%** YoY driven by contin
Slide 19: Continued double-digit revenue growth
Lendo Group Continued double-digit revenue growth Lendo Group Revenues (NOKm), EBITDA margin (%) Highlights • Continued strong revenue trend thanks to double-digit growth in Sweden and Norway • EBITDA margins down YoY due to increased marketing spend, as well as investments in geographical expansion
Slide 20: Finance
Finance 20
Slide 21: Continued good revenue growth; high growth costs affecting EBITDA
Continued good revenue growth; high growth costs affecting EBITDA Schibsted Group Schibsted Group Q2 revenues, EBITDA (NOKm) Q2 EBITDA per segment (NOKm) 21 * Foreign exchange neutral basis and adjusted for acquisitions and sold operations
Slide 22: Q2 income statement Schibsted Group
Q2 income statement Schibsted Group Income statement Second quarter (NOK million) 2021 2022 Operating revenues 3,619 3,880 Operating expenses (2,875) (3,260) Gross operating profit (loss) - EBITDA 743 620 Depreciation and amortisation (233) (278) Impairment loss (91) (6) Includes Schibsted's share o
Slide 23: Q2 EBITDA, operating cash flow and capex
Continuing operations Q2 EBITDA, operating cash flow and capex EBITDA Operating cash flow Capex (NOKm) (NOKm) (NOKm) 23
Slide 24: Solid financial position despite financial gearing temporarily above target range
Solid financial position despite financial gearing temporarily above target range Debt maturity profile* Targeting financial gearing in the range of 1-3 (NOKm) (NIBD/EBITDA according to bank definition) * As of 30 June 2022 24 ** According to bank definition
Slide 25: Outlook statement
Outlook statement Mid- to long-term revenue targets for Nordic Marketplaces and News Media confirmed EBITDA margin for News Media expected in the lower end of the 10-12% target range in 2022, given higher costs from content investments and increased paper prices Implementing cost measures in eCommer
Slide 26: Q&A
Q&A 15 July 2022 Kristin Skogen Lund, CEO Ragnar Kårhus, CFO
Slide 27: Appendices
Appendices Spreadsheet containing detailed Q2 2022 and historical information can be downloaded at schibsted.com/ir 27
Slide 28: Financial targets and policies
Financial targets and policies Nordic Nordic Marketplaces revenues Marketplaces Targeting annual revenue growth of 8-12% for the segment in the medium- to long-term News Medium-term targets for the segment Annual revenue growth: low single-digit Media EBITDA margin: 10-12% Capital M&A allocation M&A
Slide 29: Listing trends per main verticals
Nordic Marketplaces Listing trends per main verticals New approved ads (Monthly growth YoY, %) Country Vertical Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Norway Jobs 119% 83% 75% 66% 76% 56% 51% 57% 53% 60% 41% 29% 20% 26% 1% Motor 16% -
Slide 30: Overview of our venture and financial investments [1/2]
Ventures 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 34% 2018-08 Rocker Fintech 34% 2016-07 Hygglo Marketplace 34% 2017-02 Bookis Marketplace 2
Slide 31: Overview of our venture and financial investments [2/2]
Ventures 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 Homely Other consumer services 12% 2019-11 Yeps
Slide 32: Q2 cash flow
Continuing operations Q2 cash flow Cash flow Second quarter (NOK million) 2021 2022 Profit (loss) before taxes from continuing operations 362 (6,350) Depreciation, amortisation and impairment losses 326 6,847 Net interest expense 48 65 Net effect pension liabilities (29) 2 Share of loss (profit) of
Slide 33: Q2 cash flow Schibsted Group
Q2 cash flow Schibsted Group Cash flow Second quarter (NOK million) 2021 2022 Profit (loss) before taxes from continuing operations 362 (6,350) Profit (loss) before taxes from discontinued operations 205 - Depreciation, amortisation and impairment losses 326 6,847 Net interest expense 117 65 Net eff
Slide 34: 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) 2021 2022 Profit (loss) before taxes 362 (6,350) Tax (expense) income based on weighted average tax rates* (79) 1,396 Prior period adjustments 2
Slide 35: 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 26.0% 2 Baillie Gifford & Co. 11,239,946 12,950,787 24,190,733 10.3% 3 Folketrygdfondet 8,182,474 9,180,894 17,363,368 7.4% 4 DNB Asset Management AS 2,372,026 3,445,158 5,81
Slide 36: Investor contact
Investor contact Visit Schibsted’s website schibsted.com E-mail: ir@schibsted.com Jann-Boje Meinecke VP, Head of IR +47 941 00 835 Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo