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"ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:NOK" } }, "fact-445": { "value": "-32000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:NOK" } }, "fact-446": { "value": "44461000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "fact-447": { "value": "142000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "fact-448": { "value": "44603000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-453": { "value": "Schibsted ASA is a public limited liability company and its offices are located at Akersgata 55, Oslo, Norway. The A-shares and B-shares of Schibsted ASA are listed on the Oslo B\u00f8rs. Schibsted is an international family of digital consumer brands with leading positions within online classifieds and world-class media houses in Scandinavia. The operating segments are described in segment information in Note 6 Operating segments. With effect from 1 January 2023 the segments eCommerce & Distribution and Financial Services & Ventures are known as Delivery and Growth & Investments respectively. Comparable figures in the income statement and related note disclosures are not affected by the change of name. The consolidated financial statements including notes for Schibsted ASA for the year 2023 were approved by the Board of Directors on 21 March 2024 and will be proposed to the Annual General Meeting on 26 April 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "Schibsted ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Akersgata 55, Oslo, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Schibsted is an international family of digital consumer brands with leading positions within online classifieds and world-class media houses in Scandinavia.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "
Compliance with IFRS
The consolidated financial statements have been prepared and
presented in accordance with IFRS\u00ae Accounting Standards, as
adopted by the EU, and the additional requirements of the
Norwegian Accounting Act. The measurement and recognition of
the items in the financial statements have been carried out in
accordance with applicable IFRS standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "Compliance with IFRS The consolidated financial statements have been prepared and presented in accordance with IFRS\u00ae Accounting Standards, as adopted by the EU, and the additional requirements of the Norwegian Accounting Act. The measurement and recognition of the items in the financial statements have been carried out in accordance with applicable IFRS standards. New and amended standards adopted by the Group The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. These are: \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 \u2022 International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 The amendments listed above did not have any impact on the amounts recognised in the current period or prior periods and are not expected to significantly affect the future periods. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective, and do not expect material impact on the Group upon adoption. Basis for preparation, classification and presentation The consolidated financial statements have been prepared based on a historical cost basis with the exception for certain financial assets and liabilities, including derivatives, measured at fair value. Non-financial assets and equity method investments that no longer justify their value are written down to the recoverable amount, which is the higher of value in use and fair value less costs of disposal. An asset or liability is classified as current when it is part of a normal operating cycle, when it is held primarily for trading purposes, when it falls due within 12 months after the end of the reporting period or when it is cash or cash equivalents. Other items are non-current. A dividend does not become a liability until it has been formally approved by the Annual General Meeting. Assets and directly associated liabilities held for sale are presented separately within current items in the statement of financial position and are valued at the lower of their former carrying amount or fair value less costs to sell. Discontinued operations are presented separately in the income statement. All amounts are in NOK million unless otherwise stated. Due to rounding, the totals in tables may not add up exactly. The accounting principles applied, and significant estimation uncertainties are disclosed in relevant notes to the consolidated financial statements. Consolidation principles The consolidated financial statements include the parent Schibsted ASA and all subsidiaries, presented as a single economic entity. All the entities have applied consistent principles and all intercompany transactions and balances have been eliminated. Subsidiaries are all entities controlled, directly or indirectly, by Schibsted ASA. The Group controls an entity when it is exposed to, or has rights to, variable returns from the involvement with the entity and has the ability to affect those returns through power over the entity. Power over an entity exists when the Group has existing rights that give the current ability to direct the activities that significantly affect the entity's returns. The Group considers all relevant facts and circumstances in assessing whether control exists, including contractual arrangements and potential voting rights to the extent that those are substantive. Subsidiaries are included in the consolidated financial statements from the date Schibsted ASA effectively obtains control of the subsidiary (acquisition date) and until the date Schibsted ASA ceases to control the subsidiary. Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions in the statutory accounts. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are recognised in financial income or financial expenses in the income statement. The statutory company accounts of Schibsted ASA and the consolidated financial statements for the Group are presented in Norwegian kroner (NOK). Schibsted ASA has NOK as functional currency. Upon incorporation of a foreign operation into the consolidated financial statements by consolidation or the equity method, the results and financial position is translated from the functional currency of the foreign operation into NOK (the presentation currency) by using the step-by-step method of consolidation. Assets and liabilities are translated at the closing rate at the balance sheet date and income and expenses are translated monthly at the average exchange rates for the month and accumulated. Resulting exchange differences are recognised in other comprehensive income until the disposal of the foreign operation. Exchange rates are quoted from the Norwegian state bank (norges- bank.no). Goodwill and fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of a foreign operation, is treated as assets and liabilities of that foreig n operation. They are therefore expressed in the functional currency of the foreign operation and translated at the closing rate at the balance sheet date. Retrospective restatement The consolidated financial statements include the retrospective restatement of a prior period error. The error is related to a financial liability not having been recognised for the obligation to acquire non-controlling interests in a subsidiary. The restatement has no effect for the previously presented income statements. The statement of financial position is affected as disclosed below with related changes to statements of changes in equity.
Retrospective restatement
2022
2021
Other equity
(108)
(126)
Non-controlling interests
(27)
(37)
Other current liabilities
135
163
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "
New and amended standards adopted by the Group
The Group applied for the first-time certain standards and
amendments, which are effective for annual periods beginning on
or after 1 January 2023. These are:
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and
IFRS Practice Statement 2
\u2022 Deferred tax related to Assets and Liabilities arising from a
Single Transaction - Amendments to IAS 12
\u2022 International Tax Reform - Pillar Two Model Rules -
Amendments to IAS 12
The amendments listed above did not have any impact on the
amounts recognised in the current period or prior periods and are
not expected to significantly affect the future periods. The Group
has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective, and do
not expect material impact on the Group upon adoption.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "
Consolidation principles
The consolidated financial statements include the parent Schibsted
ASA and all subsidiaries, presented as a single economic entity. All
the entities have applied consistent principles and all intercompany
transactions and balances have been eliminated.
Subsidiaries are all entities controlled, directly or indirectly, by
Schibsted ASA. The Group controls an entity when it is exposed to,
or has rights to, variable returns from the involvement with the
entity and has the ability to affect those returns through power
over the entity. Power over an entity exists when the Group has
existing rights that give the current ability to direct the activities
that significantly affect the entity's returns.
The Group considers all relevant facts and circumstances in
assessing whether control exists, including contractual
arrangements and potential voting rights to the extent that those
are substantive.
Subsidiaries are included in the consolidated financial statements
from the date Schibsted ASA effectively obtains control of the
subsidiary (acquisition date) and until the date Schibsted ASA
ceases to control the subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions in the statutory accounts. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are recognised in financial income or financial expenses in the income statement. The statutory company accounts of Schibsted ASA and the consolidated financial statements for the Group are presented in Norwegian kroner (NOK). Schibsted ASA has NOK as functional currency. Upon incorporation of a foreign operation into the consolidated financial statements by consolidation or the equity method, the results and financial position is translated from the functional currency of the foreign operation into NOK (the presentation currency) by using the step-by-step method of consolidation. Assets and liabilities are translated at the closing rate at the balance sheet date and income and expenses are translated monthly at the average exchange rates for the month and accumulated. Resulting exchange differences are recognised in other comprehensive income until the disposal of the foreign operation. Exchange rates are quoted from the Norwegian state bank (norges- bank.no). Goodwill and fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of a foreign operation, is treated as assets and liabilities of that foreig
operation. They are therefore expressed in the functional currency
of the foreign operation and translated at the closing rate at the
balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "
Retrospective restatement
The consolidated financial statements include the retrospective
restatement of a prior period error. The error is related to a
financial liability not having been recognised for the obligation to
acquire non-controlling interests in a subsidiary. The restatement
has no effect for the previously presented income statements. The
statement of financial position is affected as disclosed below with
related changes to statements of changes in equity.
Retrospective restatement
2022
2021
Other equity
(108)
(126)
Non-controlling interests
(27)
(37)
Other current liabilities
135
163
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "
The management has made use of estimates and assumptions in
preparing the consolidated financial statements. The most
important areas where estimates and judgements are having an
impact are listed below. Detailed information of these estimates
and judgements are disclosed in the relevant notes.
Major sources of estimation uncertainty:
\u2022 Calculation of recoverable amount of unlisted joint ventures and
associates (Note 5 Investments in joint ventures and associates)
\u2022 Calculation of present value of defined benefit pension
obligations (Note 10 Pension plans)
\u2022 Recognition of deferred tax asset for carried forward tax losses
(Note 14 Income taxes)
\u2022 Calculation of value in use in testing for impairment (Note 16
Impairment assessments)
\u2022 Unlisted equity instruments measured at fair value (Note 22
Equity instruments)
\u2022 Fair value of contingent consideration and liabilities for
obligations to acquire non-controlling interests (Note 23
Financial liabilities related to business combinations and
increases in ownership interests)
\u2022 Provisions and contingent liabilities (Note 24 Other non-current
and current liabilities)
Significant accounting judgements:
\u2022 Recognition of contracted listing fees and premium products
according to normal pattern of views (Note 7 Revenue
recognition)
\u2022 Capitalisation of development costs (Note 17 Intangible assets)
\u2022 Determination of lease term (Note 19 Leases)
Significant judgement and estimation uncertainty
Investments in joint ventures and associates are tested for
impairment similarly as non-
financial assets and are therefore
exposed to the same factors causing estimation uncertainty as
disclosed in Note 16 Impairment assessments. Impairment testing
may also require determining the fair value of investments and
such assessments are exposed to the same estimation
uncertainty as equity instruments measured at fair value as
disclosed in Note 22 Equity instruments.
Significant judgement and estimation uncertainty
For classified revenues from certain listing fees and premium
products recognised over time, judgement is required in
determining the normal pattern of views for ads displayed for a
defined maximum period of time. The management believes that,
based on past experience, a declining rate is the most
appropriate
reflection of the normal pattern of views, i.e. ads are viewed more
frequently in the beginning of the period it is displayed than
towards the end of the maximum period. Relevant contracts
applying this recognition principle normally has a duration of 30
-
60 days.
Significant judgement and estimation uncertainty
Defined benefit plans are calculated on the basis of a set of
selected financial and actuarial assumptions. Changes in
parameters such as discount rates, future wage adjustment, etc.
could have substantial impacts on the estimated pension liability.
Significant judgement and estimation uncertainty
Judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and
the level of future taxable profits together with tax planning
strategies. For unrecognised deferred tax assets see table
below.
Significant judgement and estimation uncertainty
The valuation of intangible assets in connection with business
combinations and the testing of intangible assets for impairment
will to a large extent be based on estimated future cash flows.
Correspondingly, the expected useful lives and residual values
included in the calculation of depreciation and amortisation will
be based on estimates.
The Group has activities within established media and
marketplaces, but is also active in establishing positions at an
early point in time in new digital opportunities through both
business combinations and its own start-
ups. Estimates related
to future cash flows and the determination of discount rates to
calculate present values are based on management\u2019s
expectations on market developments, the competitive situation,
technological development, the ability to realise synergies,
interest rate levels and other relevant factors.
The risk of changes in expected cash flows that affect the
financial
statements will naturally be higher in markets in an early phase
and be more limited in established markets. Furthermore, the risk
of changes will be significantly higher in periods with uncertain
macroeconomic prognosis.
Climate related risks have been considered when preparing
projections and growth assumptions applied for impairment
testing. Schibsted is only to a limited extent considered to be
directly exposed to climate related risks as we have limited
physical infrastructure, but could be affected by changes in
consumer behaviour and changes in the regulatory environment.
Any uncertainty related to future cash flows is reflected in the
cash flow projections.
Nordic Marketplaces is undergoing a transformation from a
country
-based organisation to a vertical-based organisation.
Cash flows are based on the successful implementation of the
vertical strategy and include expected synergies.
Significant judgement and estimation uncertainty
Schibsted has significant activities related to developing new
technology to facilitate digital transformation and the strategy of
forming identity-
based ecosystems and products that improve
the ability to offer targeted advertising and personalised products
for customers within both online marketplaces and news. Costs
of developing such technology are expensed until all
requirements for recognition as an asset are met. When
requirements for recognition as an asset are met, the costs are
capitalised.
The requirements for recognition as an asset include the
requirement to demonstrate probable future economic benefits
and the requirement that the cost of the asset can be measured
reliably. Determining whether cost shall be charged to expense or
be recognised as an asset based on the existing requirements
involves the use of judgement by management.
Significant judgement and estimation uncertainty The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased- asset portfolio and align with the Group's business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. The judgement relates to whether there are economic incentives making it reasonable certain that an option will be used. For office buildings, it is usually not viewed as reasonably certain that an extension option will be exercised if the extension option is at market rent or above. Schibsted cannot readily determine the interest rate implicit in the lease, therefore it uses its incremental borrowing rate (IBR) to measure lease liabilities. IBR is estimated using observable inputs, such as market interest rates, when available. It is required to make certain entity-specific estimates such as the subsidiary\u2019s stand -alone credit rating. Significant judgement and estimation uncertainty Equity instruments are measured at fair value. When no quoted market price is available, fair value is estimated using different valuation techniques such as discounted cash flow models or valuations based on prices derived from transactions with external parties. See Note 27 Financial instruments by category for description of the fair value valuation methods. Significant judgement and estimation uncertainty The liabilities are measured at fair value which is based on the best estimate of future considerations. The estimates take into account the principles for determination of the consideration in the existing agreements. The estimates take further into account, when relevant, management's expectations regarding future economic development used in determining recoverable amount in impairment tests. The estimate can be changed in future periods as the consideration to be paid is dependent upon future fair value as well as future results.
Significant judgement and estimation uncertainty
The Group may from time to time be subject to various legal
proceedings, disputes and claims including regulatory
discussions related to the Group\u2019s business, investments etc., of
which the outcomes are subject to significant uncertainty.
Management applies significant judgement when evaluating the
degree of probability of an unfavourable outcome and the ability
to make a reasonable estimate of the amount of loss.
Unanticipated events or changes in these factors may require
the Group to accrue for a matter that has not been previously
accrued for because it was not considered probable or a
reasonable estimate could not be made, or increase or
decrease an amount accrued for a matter in previous reporting
periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "Note 4 - Changes in the composition of the Group Principle Business combinations The acquisition method is used to account for all business combinations where Schibsted ASA or a subsidiary is the acquirer, i.e. the entity that obtains control over another entity or business. When a subsidiary or business is acquired, a purchase price allocation is carried out. Identifiable assets acquired and liabilities, including contingent liabilities assumed, are measured at fair value at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the proportionate share of the acquiree's identifiable net assets. The residual value in the acquisition is goodwill. Acquisition-related costs are expensed as incurred. Contingent consideration relating to a business combination is recognised as part of the consideration transferred in exchange for the acquiree. Subsequent changes in the fair value of such contingent consideration deemed to be a liability is recognised in profit or loss. In business combinations achieved in stages, the previously held equity interest is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Changes in ownership interests in subsidiaries that do not result in a loss of control Transactions with non-controlling interests are recognised in equity. The carrying amount of non-controlling interests is adjusted to reflect the change in their relative share in the subsidiary. Any difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent. Contingent consideration as part of the consideration paid to non-controlling interests is classified as a financial liability with subsequent changes in fair value recognised in profit or loss. Loss of control When control of a subsidiary is lost, the assets and liabilities of the subsidiary and the carrying amount of any non- controlling interests are derecognised. Any consideration received and any investment retained in the former subsidiary is recognised at their fair values. The difference between amounts recognised and derecognised is recognised as gain or loss in profit or loss. Amounts recognised in other comprehensive income related to the subsidiary are reclassified to profit or loss or transferred to equity similarly as if the parent had disposed of the assets and liabilities directly. Amounts reclassified to profit or loss (including accumulated translation differences) are included in gain or loss on loss of control of subsidiary in profit or loss. Business combinations During 2023 Schibsted invested NOK 33 million related to two business combinations which are included in the reportable segment News Media. The amount comprises cash consideration transferred reduced by cash and cash equivalents of the acquiree. Acquisition-related costs of NOK 11 million (NOK 10 million in 2022) related to business combinations closed are recognised in profit or loss in the line item Other expenses. The table below summarises the consideration transferred and the preliminary amounts recognised for assets acquired and liabilities assumed in the business combinations.
2023
2022
Consideration:
Cash
43
507
Deferred consideration
-
33
Fair value of previously held equity interest
10
-
Total
53
541
Amounts for assets and liabilities
recognised:
Intangible assets
37
103
Other non-current assets
16
24
Trade receivables and other current assets
5
30
Cash and cash equivalents
9
57
Deferred tax liabilities
(6)
(20)
Other non-current liabilities
(6)
(17)
Current liabilities
(18)
(46)
Total identifiable net assets
38
130
Non-controlling interests
(5)
(14)
Goodwill
21
425
Total
53
541
There are no significant effects from finalising preliminary purchase price allocations from previous year. The goodwill recognised is attributable to inseparable non- contractual customer relationships, the assembled workforce of the companies and synergies. 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. The fair value of acquired receivables is NOK 5 million in 2023 (NOK 31 million in 2022), of which NOK 3 million (NOK 28 million in 2022) are trade receivables. There is no material difference between the gross contractual amounts receivable and the fair value of the receivables. Any non-controlling interests are measured at the proportionate share of the acquiree's identifiable net assets. The companies acquired in business combinations have since the acquisition dates contributed NOK 13 million to operating revenues in 2023 (NOK 76 million in 2022) and contributed negatively to consolidated profit (loss) by NOK 7 million in 2023 (negatively NOK 4 million in 2022). If the acquisition date of all business combinations completed through purchase of shares was as at 1 January, the operating revenues of the Group would have increased by NOK 47 million in 2023 (NOK 131 million in 2022) and profit (loss) would have decreased by NOK 26 million (decreased by NOK 3 million in 2022). Other changes in the composition of the Group In 2023 Schibsted increased its ownership interest in the subsidiary Nettbil AS by acquiring all the remaining shares from non-controlling interests. Changes in ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The effect on the equity attributable to owners of the parent is presented in the table below:
(restated)
2023
2022
Net consideration received (paid)
(287)
(33)
Adjusted for amounts previously recognised as
contingent consideration
-
33
Adjusted for amounts previously recognised as
obligation to acquire non
-controlling interests
287
-
Fair value adjustment of previously recognised
149
28
non
-controlling interests' put option
Initial recognition of liabilities for obligations to
acquire non
-controlling interests
(20)
(442)
Other
5
-
Adjustment to equity
132
(414)
-of which adjustment to non-controlling interests
(1)
11
-of which adjustment to equity attributable to
owners of the parent
133
(425)
Profit (loss) from discontinued operations relates to a clarification of the VAT and tax treatment for transaction costs related to loss of control of Adevinta in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "Principle Business combinations The acquisition method is used to account for all business combinations where Schibsted ASA or a subsidiary is the acquirer, i.e. the entity that obtains control over another entity or business. When a subsidiary or business is acquired, a purchase price allocation is carried out. Identifiable assets acquired and liabilities, including contingent liabilities assumed, are measured at fair value at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the proportionate share of the acquiree's identifiable net assets. The residual value in the acquisition is goodwill. Acquisition-related costs are expensed as incurred. Contingent consideration relating to a business combination is recognised as part of the consideration transferred in exchange for the acquiree. Subsequent changes in the fair value of such contingent consideration deemed to be a liability is recognised in profit or loss. In business combinations achieved in stages, the previously held equity interest is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Changes in ownership interests in subsidiaries that do not result in a loss of control Transactions with non-controlling interests are recognised in equity. The carrying amount of non-controlling interests is adjusted to reflect the change in their relative share in the subsidiary. Any difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent. Contingent consideration as part of the consideration paid to non-controlling interests is classified as a financial liability with subsequent changes in fair value recognised in profit or loss. Loss of control When control of a subsidiary is lost, the assets and liabilities of the subsidiary and the carrying amount of any non- controlling interests are derecognised. Any consideration received and any investment retained in the former subsidiary is recognised at their fair values. The difference between amounts recognised and derecognised is recognised as gain or loss in profit or loss. Amounts recognised in other comprehensive income related to the subsidiary are reclassified to profit or loss or transferred to equity similarly as if the parent had disposed of the assets and liabilities directly. Amounts reclassified to profit or loss (including accumulated translation differences) are included in gain or loss on loss of control of subsidiary in profit or loss.
Principle
A joint arrangement is an arrangement of which two or more
parties have joint control. Joint control is the contractually agreed
sharing of control of an arrangement and exists when decisions
about the relevant activities require the unanimous consent of
the parties sharing control. Investments in joint arrangements are
classified as joint ventures if they are structured through
separate vehicles and the parties have rights to the net assets of
the arrangements.
Interests in joint ventures and associates are accounted for using
the equity method.
Equity method
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to recognise
the Group\u2019s share of the post
-acquisition profits or losses. The
Group's share of the investee's profit or loss is recognised in Profit
(loss) before taxes in the income statement and the share of
changes in other comprehensive income is recognised in other
comprehensive income with a corresponding adjustment to the
carrying amount of the investment.
Dividends received reduce the carrying amount of the
investment.
When the Group\u2019s share of losses equals or exceeds its interest in
the entity, including any other unsecured long-
term receivables,
the Group does not recognise further losses, unless it has
incurred obligations or made payments on behalf of the other
entity.
Gains or losses from upstream or downstream transactions
between the Group and a joint venture or an associate, including
any sale or contribution of subsidiaries to a joint venture or
associate, are recognised only to the extent of unrelated
investors\u2019 ownership interest in the joint venture or associate.
An associate is an entity that Schibsted, directly or indirectly
through subsidiaries, has significant influence over. Significant
influence is normally presumed to exist when Schibsted
controls
20 per cent or more of the voting power of the investee.
Significant influence can also be presumed to exist when
Schibsted is entitled to a board member, even at ownership
interests lower than 20 per cent.
Impairment
An investment in a joint venture or 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 per
cent 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.
Changes in ownership
The use of the equity method is discontinued from the date an
investment ceases to be a joint venture or an associate. The
difference between the total of the fair value of any retained
interest and any proceeds from disposing of a part interest in a
joint venture or an associate, and the carrying amount of the
investment, is recognised as gain or loss in profit or loss,
including any amounts previously recognised in other
comprehensive income related to the disposed part of the
investment.
If the Group's ownership interest in a joint venture or an associate
is reduced, but the equity method is still applied, a gain or loss
from the partial disposal is recognised in profit or loss. The
retained interest is not remeasured.
Principle
The reportable operating segments correspond to the
management structure and the internal reporting to the Group's
chief operating decision maker, defined as the CEO. The
operating segments reflect an allocation based on the type of
operation.
Principle
IFRS 15 Revenue from Contracts with Customers establishes a
five-
step model to account for revenue arising from contracts
with customers. The core principle of the standard is that an
entity shall recognise revenue to depict the transfer of promised
goods or services to customers in an amount that reflects the
consideration to which the entity expects to be entitled in
exchange for those goods or services.
Schibsted has applied the following principles for revenue
recognition for the different categories of products and services:
Classifieds
Listing fees in contracts entitling the customer to have an ad
displayed for a defined maximum period of time is recognised
over that period, reflecting the normal pattern of views of such
ads. Revenue from
premium products benefiting the customer in
a pattern similar to that of
a listing fee is recognised similarly as
listing fees. Revenue from premium products that are active for a
shorter, limited period is recognised linearly over that period.
Advertising
Advertising revenues are sales of advertisement space on
printed newspapers and on online sites. Advertising revenue in
printed media is recognised when inserted. Digital advertising
revenues on online sites are recognised as the ads are displayed.
Subscription
Subscription revenues include revenues from subscription
-based
models including printed and online newspapers. Subscription
revenues are invoiced in advance and recognised upon delivery
over the subscription period.
Casual sales
Casual sales are sales of printed newspapers. Revenue from
casual sales are recognised upon delivery, taking into account
estimated future returns. Accumulated experience is used to
estimate such returns at year end using expected value method.
Revenue is measured at the fair value of the goods or services
delivered or received, depending on which item that can be
measured reliably.
Management expects that incremental commission fees paid to
intermediaries as a result of obtaining customer contracts are
recoverable. Schibsted has therefore applied the principle to
capitalise such costs. Capitalised commission fees are amortised
over the period when related revenues are recognised.
For contributions received accounted for as government grants
related to income under IAS 20, the accounting policy of
Schibsted is to recognise such grants when there is reasonable
assurance that the conditions attaching to the grant will be
complied with and that the grants will be received. The grants are
recognised as income unless directly related to specific items of
expense.
Principle
In equity-settled share-based payment transactions with
employees, the employee services and the corresponding equity
increase is measured by reference to the fair value of the equity
instruments granted. The fair value of the equity instruments is
measured at grant date and is recognised as personnel
expenses and equity increase immediately or over the vesting
period when performance vesting conditions require an
employee to serve over a specified time period. For equity
instruments vesting in tranches (graded vesting), each tranche is
measured separately and recognised separately over the vesting
period applicable to each tranche.
Share-based payment transactions involving a statutory
obligation to withhold and transfer in cash to the tax authorities
an amount for the employee\u2019s tax obligations associated with
such transactions, are accounted for as equity-settled in its
entirety.
At each reporting date the entities remeasure the estimated
number of equity instruments that is expected to vest. The
amount recognised as an expense is adjusted to reflect the
number of equity instruments which are expected to be, or
actually become vested.
Principle
Schibsted has both defined contribution plans and defined
benefit plans. In the defined contribution plans, the company
pays an agreed annual contribution to the employee\u2019s pension
plan, but any risk related to the future pension is borne by the
employee. In a defined benefit plan, the company is responsible
for paying an agreed pension to the employee based on his or
her final pay, and the risk related to the future pension is hence
borne by Schibsted.
In a defined contribution plan, the pension cost will be equal to
the contribution paid to the employees' pension plan. Once the
contributions have been paid, there are no further payment
obligations attached to the defined contribution pension, i.e.
there is no liability to record in the statement of financial
position.
In a defined benefit plan, the net liability recognised is the
present value of the benefit obligation at the balance sheet
date, less fair value of plan assets. The present value of defined
benefit obligations, current service cost and past service cost is
determined using the projected unit credit method and actuarial
assumptions regarding demographic variables and financial
variables. Net pension expense includes service cost, past
service cost, settlements and interest on the net defined benefit
liability recognised in profit or loss and remeasurements of the
net defined benefit liability recognised in other comprehensive
income.
Past service cost is the change in the present value of the
defined benefit obligation resulting from a plan amendment or
curtailment. Past service cost is recognised at the earlier date of
when the plan amendment or curtailment occurs and when
related restructuring costs or termination benefits are
recognised.
In the cases where a multi-employer plan is classified as defined
benefit plans, but sufficient information is not available to enable
recognition as a defined benefit plan, they are accounted for as
if they were defined contribution plans.
Social security taxes are included in the determination of
defined benefit obligations and net pension expense.
Principle
Income and expenses of a special nature are presented on a
separate line within operating profit (loss). Such items are
characterised by being transactions and events not being
reliable indicators of underlying operations. Other income and
expenses include items such as restructuring costs, acquisition-
related costs, gains or losses on sale or remeasurement of
assets, investments or operations and other. Acquisition-related
costs may include both costs related to acquisitions closed and
transactions that were not completed.
Principle
Current tax liabilities and assets are measured at the amount that
is expected to be paid to or recovered from the tax authorities.
Deferred tax liabilities and assets are computed for all temporary
differences between the tax basis and the carrying amount of an
asset or liability in the consolidated financial statements and the
tax basis of tax losses carried forward. For deferred tax assets
and liabilities, the nominal tax rates expected to apply when the
asset is realised or the liability is paid will be used.
Deferred tax assets relating to tax deficits and other tax-
reducing
temporary differences are recognised to the extent that it is
probable that they can be applied against future taxable income.
Deferred tax liabilities for temporary differences associated with
investments in subsidiaries, associates and joint ventures are
recognised when it is probable that the temporary difference will
reverse in the foreseeable future. Deferred tax liabilities are not
recognised for the initial recognition of goodwill.
Tax expense (tax income) comprises current tax expense (current
tax income) and deferred tax expense (deferred tax income). Any
amount recognised as current tax assets or liabilities and
deferred tax assets or liabilities are recognised in profit or loss,
except to the extent that the tax arises from a transaction or
event recognised in other comprehensive income or directly in
equity or arises from a business combination.
Principle
Basic and diluted earnings per share are presented for ordinary
shares. The A-shares and B-
shares of Schibsted have equal
rights to share in profit for the period and are therefore treated as
being one class of ordinary shares in relation to calculation of
earnings per share.
Basic earnings per share is calculated by dividing profit (loss)
attributable to the owners of the parent by the weighted average
number of shares outstanding.
In calculating diluted earnings per share, the profit (loss)
attributable to owners of the parent and the weighted average
number of shares outstanding are adjusted for the effects of any
dilutive potential shares.
The profit (loss) attributable to owners of the parent is adjusted
for the dilutive effect of any potential shares convertible into
shares of subsidiaries, joint ventures or associates.
The weighted average number of shares outstanding is adjusted
as follows:
\u2022 For share
-based payment transactions with performance
conditions, by including the number of shares that would be
issuable at the reporting date
\u2022 For any other share
-based payment transactions, by including
the excess of the total number of potential shares over the
number of shares that could be issued out of the issue proceeds
Principle
Property, plant, equipment, intangible assets and goodwill are
reviewed for impairment whenever an indication that the carrying
amount may not be recoverable is identified. Goodwill and other
intangible assets that have an indefinite useful life are tested
annually for impairment. Impairment indicators will typically be
changes in market developments, competitive situation or
technological developments. An impairment loss is recognised in
the income statement if the carrying amount of an asset (cash
-
generating unit) exceeds its recoverable amount. The
recoverable amount is the higher of an asset\u2019s fair value less
costs of disposal and value in use.
Value in use is assessed by discounting estimated future cash
flows. Estimated cash flows are based on management\u2019s
experience and market knowledge for the given period, normally
five years. For subsequent periods growth factors are used that
do not exceed the long-
term average rate of growth for the
relevant market. Expected cash flows are discounted using an
after-tax discount rate that takes into account the expected long
-
term interest rate with the addition of a risk margin appropriate
for the assets being tested. For the purpose of impairment
testing, assets, except goodwill, are grouped together into the
smallest group of assets that generates independent cash flows
(cash
-generating units). Cash-generating units that make up more
than 10 per cent of the total of goodwill and indefinite trademarks
of the Group are assessed to be significant. Goodwill is allocated
to the cash
-generating units, or groups of cash-generating units,
that is expected to benefit from the synergies of the combination.
Testing for impairment of goodwill is done by compar
ing
recoverable amount and carrying amount of the same groups of
cash
-generating units as to which goodwill is allocated.
Impairment losses recognised in respect of cash
-generating
units are allocated first to reduce the carrying amount of any
goodwill. Any remaining amount is then allocated to reduce the
carrying amounts of the other assets in the unit on a pro rata
basis. Impairment losses are reversed if the loss no longer exists
for all property, plant and equipment and intangible assets with
the exception of goodwill where impairment losses are not
reversed.
Principle
Intangible assets are measured at its cost less accumulated
amortisation and accumulated impairment losses. Amortisation
of intangible assets with a definite useful life is allocated on a
systematic basis over its useful life.
If an intangible asset is
determined to have an indefinite useful life, it is not amortised
until its useful life is considered finite but is instead subject to an
annual impairment assessment.
A trademark is assessed to have an indefinite useful life if it is
expected to contribute to net cash flows indefinitely. The Group
assesses the useful life of trademarks by considering various
factors, including plans to discontinue or change the trademark,
legal restrictions, market trends, and competitive landscape.
Intangible assets with a finite expected useful life are
generally
amortised on a straight-
line basis over the expected useful life.
The amortisation period of software and licences is normally
3 years, and 1.5-
10 years is used for Other intangible assets. The
amortisation method, expected useful life and any residual value
are assessed annually.
Costs of developing software and other intangible assets are
recognised as an expense until all requirements for recognition
as an asset are met. The requirements for recognition as an asset
include, among other requirements, the requirement to
demonstrate probable future economic benefits and the
requirement that the cost of the asset can be measured reliably.
Costs incurred after the time that all the requirements for
recognition as an asset are met are recognised as an asset. The
cost of an internally generated intangible asset is the sum of
expenditure incurred from the time all requirements for
recognition as an asset are met and until the time the asset is
capable of operating in the manner intended by management.
Subsequent expenditure incurred in the operating stage to
enhance or maintain an intangible asset are normally recognised
as an expense as the requirement to demonstrate probable
increased economic benefits will normally not be met.
Principle
Property, plant and equipment are measured at cost less
accumulated depreciation and accumulated impairment losses.
The depreciable amount (cost less residual value) of property,
plant and equipment is allocated on a systematic basis over its
useful life. Each part of an item of property, plant and equipment
with a cost that is significant in relation to the total cost of the
item, and with a different useful life, is depreciated separately.
Costs of repairs and maintenance are recognised in profit or loss
as incurred. Cost of replacements and improvements are
recognised in the carrying amount of the asset.
The carrying amount of an item of property, plant and equipment
is derecognised on disposal or when no economic benefits are
expected from its use or disposal. Gain or loss arising from
derecognition is included in profit or loss when the item is
derecognised.
Property, plant and equipment are depreciated on a straight
-line
basis over their estimated useful life. Depreciation schedules
reflect the assets' residual value. Items of property, plant and
equipment where material components can be identified with
different useful life are depreciated over the individual
component's expected useful life. Buildings (20
-40 years), Plant
and machinery (5
-20 years) and Equipment, furniture and similar
assets (3
-10 years). The depreciation method, expected useful
life and any residual value are reviewed annually
.
Principle
Schibsted assesses at contract inception whether a contract is,
or contains, a lease. For short-term leases and leases of low
-
value assets, lease payments are recognised as an expense on a
straight-line basis or other systematic
basis over the lease term.
All other leases are accounted for under a single on-
balance
sheet model implying recognition of lease liabilities and right-of
-
use assets as further described below. The Group separates
non-
lease components from lease components and accounts for
each component separately.
At the commencement date of a lease, a lease liability is
recognised for the net present value of remaining lease payments
to be made over the lease term. The present value is calculated
using the incremental borrowing rate if the interest rate implicit in
the lease is not readily determinable. The lease term is the non
-
cancellable period of the lease together with periods covered by
an option to extend being reasonably certain to be exercised by
the Group and periods covered by an option to terminate being
not reasonably certain to be exercised by the Group. Leas
e
payments include penalties for terminating leases if the lease
term reflects the exercise of such an option.
At the commencement date of a lease, a right-of-
use asset,
representing the right to use the underlying asset during the
lease term, is recognised at cost. The cost of the right-of-
use
asset includes the amount of the lease
liability recognised,
any initial direct costs incurred, and lease payments made on or
before the commencement date less any lease incentives
received.
Lease liabilities are subsequently increased by interest expenses
and reduced by lease payments made. In addition, the carrying
amount of lease liabilities are remeasured if there is a
modification, a change in the lease term or a change in the future
lease payments.
Right
-of-use assets are subsequently measured at cost less any
accumulated depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. Right
-of-use assets
are depreciated on a straight
-line basis over the shorter of the
lease term and the estimated useful life of the underlying asset.
Schibsted mainly has lease contracts for office buildings and
vehicles used in its operations. For most leases of office
equipment, like personal computers, photocopiers and coffee
machines Schibsted has applied the recognition exemption for
leases of low
-value assets (below NOK 50 000).
Leases of office buildings generally have lease terms between 3
and 15 years, while motor vehicles generally have lease terms
between 3 and 5 years.
Principle
The Group classifies its investment in equity instruments as
Equity instruments at fair value through profit or loss (FVPL)
unless an irrevocable election is made at initial recognition to
classify as Equity instrument designated at fair value through
other comprehensive income (FVOCI). When classified as FVPL,
changes in fair value and dividends received are recognised in
financial income or financial expenses.
When classified as FVOCI, dividends received are recognised in
financial income. Any changes in fair value recognised in OCI are
not reclassified to profit or loss on derecognition. Equity
instruments are included at fair value in the line item Other non
-
current assets in the statement of financial position and are not
subject to impairment assessment.
Principle When Schibsted is obliged to acquire non-controlling interests, Schibsted determines and allocates profit (loss), other comprehensive income and dividends paid to such non- controlling interests. Accumulated non-controlling interests are derecognised as if the non-controlling interest was acquired at the balance sheet date and a financial liability reflecting the obligation to acquire the non-controlling interest is recognised. The liability is measured at fair value calculated as the present value of the redemption amount. The net amount recognised or derecognised is accounted for as an equity transaction. In the Consolidated statement of changes in equity, such amounts are included in the line item Initial recognition and change in fair value of financial liabilities for obligations to acquire non- controlling interests. The accounting policy for contingent consideration is disclosed in Note 4 Changes in the composition of the Group. Principle Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted, using a current pre-tax interest rate that reflects the risks specific to the provision. Contingent liabilities are liabilities not recognised as it is not yet confirmed that the Group has a present obligation, or a present obligation for which it is not probable that an outflow of resources will be required to settle the obligation, or it is not possible to make a sufficiently reliable estimate of the obligation. Contingent liabilities are disclosed unless the probability that an economic settlement will be required to settle the obligation is remote.
Principle
The Group initially recognises loans, receivables and deposits on
the date that they are originated. All other financial assets and
financial liabilities (including financial assets designated at fair
value through profit or loss or other comprehensive income) are
recognised initially on the trade date at which the Group becomes
a party to the contractual provisions of the instrument. All
financial instruments are initially measured at fair value plus or
minus, in the case of a financial asset or financial liability not at
fair value through profit or loss, transaction costs.
The Group classifies at initial recognition its financial instruments
in one of the following categories: Financial assets or financial
liabilities at fair value through profit or loss, Financial assets at
amortised cost, Equity instruments designated at fair value
through OCI and Financial liabilities at amortised cost. The
classification depends on both the entity\u2019s business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset.
Financial assets or financial liabilities at fair value through profit
or loss are financial assets and liabilities held for trading and
acquired or incurred primarily with a view of sale or repurchase
in the near term. Financial derivatives are included in the balance
sheet items Trade receivables and other current assets, Other
non-
current assets, Other current liabilities and Other non-
current liabilities. These financial assets and liabilities are
measured at fair value when recognised initially, and transaction
costs are charged to expense as incurred. Subsequently, the
instruments are measured at fair value, with changes in fair value,
including interest income, recognised in profit or loss as financial
income or financial expenses, unless they are designated and
effective hedging instruments.
Financial assets at amortised cost are assets giving rise to cash
flows that are solely payments of principal and interest on the
principal amount outstanding. The category is included in the
balance sheet items Other non-
current assets, Trade receivables
and other current assets and Cash and cash equivalents.
Financial assets at amortised cost are recognised initially at fair
value plus directly attributable transaction costs. Subsequently,
the assets are measured at amortised cost using the effective
interest method, reduced by any impairment loss.
Effective interest related to financial assets at amortised cost is
recognised in profit or loss as Financial income.
The carrying amounts of trade and other current payables are
assumed to be approximately the same as their fair values, due to
their short
-term nature. Short-term loans and receivables are for
practical reasons not amortised.
For principles related to equity instruments see Note 22 Equity
instruments.
Financial liabilities not included in any of the above categories are
classified as financial liabilities at amortised cost. The category
other financial liabilities is included in the balance sheet items
Non
-current interest-bearing loans and borrowings, Non-current
lease liabilities, Other non
-current liabilities, Current interest-
bearing loans and borrowings, Current lease liabilities and Other
current liabilities. After initial measurement, financial liabilities at
amortised cost are measured at amortised cost using the
effective interest method. Effective interest is rec
ognised in
income as financial expenses. Short
-term financial liabilities are
for practical reasons not amortised.
Financial assets are derecognised when the contractual rights to
the cash flows from the financial asset expire and the Group has
transferred substantially all the risks and rewards of ownership.
Financial liabilities are derecognised when the obligation is
discharged, cancelled or expires. Any rights and obligations
created or retained in such a transfer are recognised separately
as assets or liabilities.
Financial assets and liabilities are offset and the net amount is
presented in the Statement of financial position when the Group
has a legal right to offset the amounts and intends to settle on a
net basis or to realise the asset and settle the liability
simultaneously.
Schibsted has assessed at each balance sheet date the general
pattern of deterioration or improvement in the credit quality of
financial instruments. The amount of Expected Credit Loss (ECL)
recognised as a loss allowance or provision depends on the
extent of credit deterioration since initial recognition. The
simplified approach using life
-time ECL forms the basis for the
assessment.
For Tra de receivables and other current assets Schibsted has
applied the practical expedient to the carrying amount through
the use of an allowance account reflecting the lifetime expected
credit losses. The loss is recognised as other operating expenses
in the income statement. Impairment of all other financial assets
are recognised as Financial expenses.
Fair value of financial instruments is based on quoted prices at
the balance sheet date in an active market if such markets exist.
If an active market does not exist, fair value is established by
using valuation techniques that are expected to provide a reliable
estimate of the fair value. The fair value of listed securities is
based
on current bid prices. The fair value of unlisted securities
is based on transactions, either carried through or in comparable
securities, or on cash flows discounted using an applicable risk
-
free market interest rate and a risk premium spec
ific to the
unlisted securities. Fair value of forward contracts is estimated
based on the difference between the spot forward price of the
contracts and the closing rate at the date of the balance sheet.
The forward rate addition and deduction is recognised as interest
income or interest expense. Fair value of interest and currency
swaps is estimated based on discounted cash flows, where
future interest rates are derived from market-based future rates.
Financial assets and liabilities measured at fair value are
classified according to valuation method:
Level 1:
Valuation based on quoted prices (unadjusted) in active
markets for identical assets or liabilities. Only investments in
listed equity instruments are included in Level 1.
Level 2:
Valuation based on inputs other than quoted prices
included within level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from
prices). Financial derivatives are included in Level 2.
Level 3: Valuation based on inputs for the asset or liability that
are unobservable market data. Level 3 investments include non
-
listed equity instruments, contingent consideration and financial
liabilities for obligations to acquire non
-controlling interests.
If one or more of the significant inputs are not based on
observable market data, the instrument is
included in level 3.
Changes in fair value recognised in other comprehensive income
is recognised in the line item Change in fair value of equity
instruments
.
Changes in fair value recognised in profit or loss are presented in
the line items Other income, Other expenses, Financial income
and Financial expenses.
Hedges
On initial designation of a hedge, the Group formally documents
the relationship between the hedging instrument(s) and the
hedged item(s), including risk management objectives and
strategy in undertaking the hedge transaction, together with the
methods that will be used to assess the effectiveness of the
hedging relationship. The Group makes an assessment both at
the inception of the hedge relationship as well as on an ongoing
basis, whether the hedging instruments are expected to be highly
effective in offsetting the changes in the fair value or cash flows
for the resp
ective hedged items during the period for which the
hedge is designated.
Gains or losses related to loans or currency
derivatives in foreign
currencies, designated as hedging instruments in a hedge of a net
investment in a foreign operation, are recognised in other
comprehensive income until disposal of the operation.
Principle
Own equity instruments which are reacquired (treasury shares)
are deducted from equity. No gain or loss is
recognised in profit
or loss on the purchase, sale, issue or cancellation of treasury
shares. Consideration paid or received is recognised directly in
equity. The transaction costs of issuing or acquiring own equity
instruments are accounted for as a deduction from equity, net of
any related income tax benefit.
Principle
Non-controlling interests is the equity in a subsidiary not
attributable, directly or indirectly, to the parent Schibsted ASA.
Non-
controlling interests are presented in the consolidated
balance sheet within equity, separately from the equity of the
owners of the
parent. Profit (loss) and comprehensive income attributable to
non
-controlling interests are disclosed as allocations for the
period of profit (loss) and comprehensive income attributable to
non
-controlling interests and owners of the parent, respectively.
The statement of cash flows is prepared under the indirect
method. Cash and cash equivalents consist of bank deposits and
other monetary instruments with a maturity of three months or
less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "Business combinations The acquisition method is used to account for all business combinations where Schibsted ASA or a subsidiary is the acquirer, i.e. the entity that obtains control over another entity or business. When a subsidiary or business is acquired, a purchase price allocation is carried out. Identifiable assets acquired and liabilities, including contingent liabilities assumed, are measured at fair value at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the proportionate share of the acquiree's identifiable net assets. The residual value in the acquisition is goodwill. Acquisition-related costs are expensed as incurred. Contingent consideration relating to a business combination is recognised as part of the consideration transferred in exchange for the acquiree. Subsequent changes in the fair value of such contingent consideration deemed to be a liability is recognised in profit or loss. In business combinations achieved in stages, the previously held equity interest is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Changes in ownership interests in subsidiaries that do not result in a loss of control Transactions with non-controlling interests are recognised in equity. The carrying amount of non-controlling interests is adjusted to reflect the change in their relative share in the subsidiary. Any difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent. Contingent consideration as part of the consideration paid to non-controlling interests is classified as a financial liability with subsequent changes in fair value recognised in profit or loss. Loss of control When control of a subsidiary is lost, the assets and liabilities of the subsidiary and the carrying amount of any non- controlling interests are derecognised. Any consideration received and any investment retained in the former subsidiary is recognised at their fair values. The difference between amounts recognised and derecognised is recognised as gain or loss in profit or loss. Amounts recognised in other comprehensive income related to the subsidiary are reclassified to profit or loss or transferred to equity similarly as if the parent had disposed of the assets and liabilities directly. Amounts reclassified to profit or loss (including accumulated translation differences) are included in gain or loss on loss of control of subsidiary in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "Business combinations During 2023 Schibsted invested NOK 33 million related to two business combinations which are included in the reportable segment News Media. The amount comprises cash consideration transferred reduced by cash and cash equivalents of the acquiree. Acquisition-related costs of NOK 11 million (NOK 10 million in 2022) related to business combinations closed are recognised in profit or loss in the line item Other expenses. The table below summarises the consideration transferred and the preliminary amounts recognised for assets acquired and liabilities assumed in the business combinations.
2023
2022
Consideration:
Cash
43
507
Deferred consideration
-
33
Fair value of previously held equity interest
10
-
Total
53
541
Amounts for assets and liabilities
recognised:
Intangible assets
37
103
Other non-current assets
16
24
Trade receivables and other current assets
5
30
Cash and cash equivalents
9
57
Deferred tax liabilities
(6)
(20)
Other non-current liabilities
(6)
(17)
Current liabilities
(18)
(46)
Total identifiable net assets
38
130
Non-controlling interests
(5)
(14)
Goodwill
21
425
Total
53
541
There are no significant effects from finalising preliminary purchase price allocations from previous year. The goodwill recognised is attributable to inseparable non- contractual customer relationships, the assembled workforce of the companies and synergies. 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. The fair value of acquired receivables is NOK 5 million in 2023 (NOK 31 million in 2022), of which NOK 3 million (NOK 28 million in 2022) are trade receivables. There is no material difference between the gross contractual amounts receivable and the fair value of the receivables. Any non-controlling interests are measured at the proportionate share of the acquiree's identifiable net assets. The companies acquired in business combinations have since the acquisition dates contributed NOK 13 million to operating revenues in 2023 (NOK 76 million in 2022) and contributed negatively to consolidated profit (loss) by NOK 7 million in 2023 (negatively NOK 4 million in 2022). If the acquisition date of all business combinations completed through purchase of shares was as at 1 January, the operating revenues of the Group would have increased by NOK 47 million in 2023 (NOK 131 million in 2022) and profit (loss) would have decreased by NOK 26 million (decreased by NOK 3 million in 2022). Other changes in the composition of the Group In 2023 Schibsted increased its ownership interest in the subsidiary Nettbil AS by acquiring all the remaining shares from non-controlling interests. Changes in ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The effect on the equity attributable to owners of the parent is presented in the table below:
(restated)
2023
2022
Net consideration received (paid)
(287)
(33)
Adjusted for amounts previously recognised as
contingent consideration
-
33
Adjusted for amounts previously recognised as
obligation to acquire non
-controlling interests
287
-
Fair value adjustment of previously recognised
149
28
non
-controlling interests' put option
Initial recognition of liabilities for obligations to
acquire non
-controlling interests
(20)
(442)
Other
5
-
Adjustment to equity
132
(414)
-of which adjustment to non-controlling interests
(1)
11
-of which adjustment to equity attributable to
owners of the parent
133
(425)
Profit (loss) from discontinued operations relates to a clarification of the VAT and tax treatment for transaction costs related to loss of control of Adevinta in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "Principle A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement and exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint arrangements are classified as joint ventures if they are structured through separate vehicles and the parties have rights to the net assets of the arrangements. Interests in joint ventures and associates are accounted for using the equity method. Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post -acquisition profits or losses. The Group's share of the investee's profit or loss is recognised in Profit (loss) before taxes in the income statement and the share of changes in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest in the entity, including any other unsecured long- term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Gains or losses from upstream or downstream transactions between the Group and a joint venture or an associate, including any sale or contribution of subsidiaries to a joint venture or associate, are recognised only to the extent of unrelated investors\u2019 ownership interest in the joint venture or associate. An associate is an entity that Schibsted, directly or indirectly through subsidiaries, has significant influence over. Significant influence is normally presumed to exist when Schibsted controls 20 per cent or more of the voting power of the investee. Significant influence can also be presumed to exist when Schibsted is entitled to a board member, even at ownership interests lower than 20 per cent. Impairment An investment in a joint venture or 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 per cent 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. Changes in ownership The use of the equity method is discontinued from the date an investment ceases to be a joint venture or an associate. The difference between the total of the fair value of any retained interest and any proceeds from disposing of a part interest in a joint venture or an associate, and the carrying amount of the investment, is recognised as gain or loss in profit or loss, including any amounts previously recognised in other comprehensive income related to the disposed part of the investment. If the Group's ownership interest in a joint venture or an associate is reduced, but the equity method is still applied, a gain or loss from the partial disposal is recognised in profit or loss. The retained interest is not remeasured. Significant judgement and estimation uncertainty Investments in joint ventures and associates are tested for impairment similarly as non- financial assets and are therefore exposed to the same factors causing estimation uncertainty as disclosed in Note 16 Impairment assessments. Impairment testing may also require determining the fair value of investments and such assessments are exposed to the same estimation uncertainty as equity instruments measured at fair value as disclosed in Note 22 Equity instruments. A voluntary tender offer to acquire all of the shares of Adevinta ASA was launched in December 2023 by Aurelia Bidco Norway AS (the \"Offeror\"). The offer price was NOK 115 per share. Schibsted supported the offer and agreed, subject to completion of the offer, to sell 60 per cent of its 28.1 per cent stake in Adevinta for approximately NOK 24 billion in cash and to reinvest the remaining stake of 11.1 per cent of the shares in Adevinta for a 13.6 per cent ownership in an indirect parent company of the Offeror.
2023
2022
Joint
Joint
Development in net carrying amount
ventures
Associates
Total
ventures
Associates
Total
As at 1 January
63
23,460
23,523
73
48,447
48,520
Additions
16
57
72
27
262
289
Disposals
-
-
-
(5)
(4,543)
(4,548)
Transition from (to) subsidiaries
21
53
74
-
-
-
Transition from (to) equity instruments
-
-
-
-
22
22
Transition from (to) receivables
9
33
41
-
35
35
Share of profit (loss)
(10)
(6,318)
(6,328)
(32)
(450)
(482)
Share of other comprehensive income
-
(316)
(316)
-
654
654
Increase from dividend received from subsidiary
-
18
18
-
22
22
(reciprocal interests)
Retained gain
-
1
1
-
-
-
Gains (losses)
1
1
2
672
675
Impairment loss (recognised or reversed)
-
21,694
21,694
-
(22,823)
(22,823)
Capital decrease and dividends received
(3)
(22)
(25)
-
(56)
(56)
Share of transactions with the owners of joint
-
8
8
-
2
2
ventures and associates
Foreign exchange differences
4
952
956
(2)
1,217
1,215
As at 31 December
99
39,622
39,721
63
23,460
23,523
Share of profit (loss) of Adevinta ASA is reported with a one quarter lag as Adevinta ASA issues its interim financial statements later than Schibsted. Share of profit (loss) for 2023 thereby reflects the profit (loss) of Adevinta for the fourth quarter of 2022 and the first three quarters of 2023. In addition, share of profit (loss) in 2023 includes NOK -784 million of Schibsted\u2019s adjustments for fair value differences and NOK -388 million of amortisation of identified excess values. In 2022, NOK -9 million of fair value differences and NOK -405 million of amortisation of identified excess values were included. The interim financial statements of Adevinta ASA for the fourth quarter of 2023 were made available in the period between the issuance of Schibsted\u2019s quarterly report for the fourth quarter and the issuance of the annual report. To ensure consistency in reporting in Schibsted\u2019s interim and annual reports, Share of profit (loss) as reported in the annual report is updated only for the effects of any significant transactions or events reported by Adevinta ASA in the fourth quarter. Impairment losses as reported by Adevinta ASA in its fourth quarter report are not adjusted for as those losses are assessed as not being related to an event during that quarter. In addition to the above specified share of profit (loss), Schibsted\u2019s investment in Adevinta ASA affects profit or loss through impairment losses, gains (losses) on disposal and changes in fair value of a total return swap (TRS). The TRS in which Schibsted has financial exposure to 36,748,289 shares in Adevinta ASA was in 2023 extended to 13 December 2024. Schibsted has no right or obligation to acquire the underlying shares. The TRS is recognised as a financial derivative with changes in fair value recognised in financial income or expenses. A gain of NOK 1,583 million was recognised for such changes in fair value in 2023, compared to a loss of NOK -438 million in 2022. See Note 13 Financial income and Financial expenses and Note 27 Financial instruments by category. Impairment losses or reversal of previously recognised impairment losses are reported in the line item Impairment loss on joint ventures and associates (recognised or reversed). The investment in Adevinta is measured at its fair value based on the quoted share price. As per year end 2023, a reversal of previous impairment losses has been recognised by NOK 21,782 million, while a loss of NOK -22,734 million was recognised in 2022. Also, associates within the venture portfolio have been impaired by NOK -88 million in 2023. During 2023, Schibsted decreased its ownership by selling 50 per cent of the shares in Elton Mobility AS and 51 per cent of the shares in Lokalavisene AS which led to a reclassification of the investments from subsidiaries to joint venture and associates respectively. In 2022, a sale of approximately 3 per cent of the shares in Adevinta ASA led to a gain of NOK 686 million. Gains (losses) on disposal are reported in the line item Gains (losses) on disposal of joint ventures and associates. T he carrying amount of investments in joint ventures and associates comprises the following investments:
2023
2022
Country of
Interest
Joint
Interest
Joint
incorporation
held
ventures
Associates
held
ventures
Associates
Our Interest Holding AB
Sweden
50.00%
58
-
50.00%
52
-
Elton Mobility AS
Norway
50.00%
26
-
-
-
-
Adevinta ASA
Norway
28.30%
-
38,756
28.36%
-
22,619
Polaris Media ASA
Norway
29.39%
-
183
29.39%
-
207
TT Nyhetsbyr\u00e5n AB
Sweden
39.64%
-
130
39.64%
-
103
Norsk Telegrambyr\u00e5 AS
Norway
29.47%
-
68
29.47%
-
63
Lokalavisene AS
Norway
49.00%
51
-
-
-
Mindler AB
Sweden
15.87%
-
44
12.73%
-
26
Rocker AB
Sweden
34.01%
-
42
34.01%
-
96
Fixrate AS
Norway
18.03%
-
40
13.02%
-
19
FundingPartner AS
Norway
18.47%
-
40
18.47%
-
54
Hygglo AB
Sweden
21.94%
-
37
21.98%
-
33
In-grid AB
Sweden
7.6 6 %
-
34
7.4 0 %
-
31
Pej AB
Sweden
20.89%
-
29
22.00%
-
30
SAVR AB
Sweden
7. 3 5 %
-
25
6.66%
-
17
T\u00f8rn AS (previously Sobo Community AS)
Norway
21.26%
-
25
21.26%
-
31
Insurello AB
Norway
34.49%
-
15
34.49%
-
16
Hjemmelegene AS
Norway
26.95%
-
12
2 7. 0 1 %
-
26
Other
14
91
11
91
Carrying amount as at 31 December
99
39,622
63
23,460
If the company mentioned is the parent company of a group, the figures presented are for the consolidated group. Interest held refers to direct ownership, irrespective of non-controlling interests of the ownership company. Based on quoted market prices, fair value of Adevinta ASA is NOK 38,756 million and Polaris Media ASA NOK 989 million.
Description of the business of the joint ventures and associates:
Our Interest Holding AB
A financial intermediation service for home loans
Elton Mobility AS
Provides an application with multiple operators to charge electric vehicles on-the-go
Adevinta ASA
A global online classifieds specialist with both generalist sites and specialist real estate, motors and jobs sites
Polaris Media ASA
A Norwegian media group that operates local and regional media houses
TT Nyhetsbyr\u00e5n AB
A Swedish news agency
Norsk Telegrambyr\u00e5 AS
A Norwegian news agency
Lokalavisene AS
Regional newspapers in Western Norway
Mindler AB
Operates an online psychologist service
Rocker AB
A tech company reshaping the retail banking industry
Fixrate AS
Marketplace helping companies achieve the best conditions for their bank deposits
FundingPartner AS
A Norwegian company providing crowlending to Norwegian start-ups
Hygglo AB
Marketplace for rentals between persons
In-grid AB
Arranges personalised delivery services for customers in the e-commerce business
Pej AB
Provides digital ordering solutions
SAVR AB
Arranges investments in funds at competitive terms compared to ordinary banks
T\u00f8rn AS (previously Sobo
Marketplace helping companies to optimise resource usage
Community AS)
Insurello AB
Processes insurance claims for consumers focusing on automating accident insurance claims
Hjemmelegene AS
Operates a doctor home visit service
The following table sets forth summarised financial information for material associates as at 31 December:
2023
2022
Adevinta
Other
Total
Adevinta
Other
Total
Interest held as at 31 December
28.30%
28.36%
Income statement and statement of comprehensive income:
Operating revenues
19,864
16,075
Profit (loss) from continuing operations
(21,645)
(666)
Profit (loss) from discontinued operations
(334)
(221)
Profit (loss) attributable to non-controlling interests
89
70
Profit (loss) attributable to owners of the parent
(22,068)
(958)
Other comprehensive income attributable to owners of the
parent
(1,098)
1,995
Total comprehensive income attributable to owners of the
parent
(23,166)
1,038
Share of profit (loss) from continuing operations
(6,259)
(60)
(6,318)
(309)
(141)
(450)
Share of other comprehensive income
(312)
(4)
(316)
657
(3)
654
Share of total comprehensive income
(6,570)
(64)
(6,634)
349
(144)
204
Balance sheet:
Non-current assets
170,326
188,577
Current assets
4,271
4,668
Non-controlling interests
(191)
(137)
Non-current liabilities
(42,753)
(46,154)
Current liabilities
(5,362)
(5,152)
Net assets
126,291
141,803
Share of net assets
35,816
40,215
Goodwill
22,276
20,786
Impairment
(19,336)
(38,382)
Carrying amount as at 31 December
38,756
866
39,622
22,619
840
23,460
Fair value (if there is a quoted market)
38,756
n/a
22,619
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement and exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint arrangements are classified as joint ventures if they are structured through separate vehicles and the parties have rights to the net assets of the arrangements. Interests in joint ventures and associates are accounted for using the equity method. Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post -acquisition profits or losses. The Group's share of the investee's profit or loss is recognised in Profit (loss) before taxes in the income statement and the share of changes in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest in the entity, including any other unsecured long- term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Gains or losses from upstream or downstream transactions between the Group and a joint venture or an associate, including any sale or contribution of subsidiaries to a joint venture or associate, are recognised only to the extent of unrelated investors\u2019 ownership interest in the joint venture or associate. An associate is an entity that Schibsted, directly or indirectly through subsidiaries, has significant influence over. Significant influence is normally presumed to exist when Schibsted controls 20 per cent or more of the voting power of the investee. Significant influence can also be presumed to exist when Schibsted is entitled to a board member, even at ownership interests lower than 20 per cent. Impairment An investment in a joint venture or 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 per cent 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. Changes in ownership The use of the equity method is discontinued from the date an investment ceases to be a joint venture or an associate. The difference between the total of the fair value of any retained interest and any proceeds from disposing of a part interest in a joint venture or an associate, and the carrying amount of the investment, is recognised as gain or loss in profit or loss, including any amounts previously recognised in other comprehensive income related to the disposed part of the investment. If the Group's ownership interest in a joint venture or an associate is reduced, but the equity method is still applied, a gain or loss from the partial disposal is recognised in profit or loss. The retained interest is not remeasured. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "Note 6 - Operating segments Principle The reportable operating segments correspond to the management structure and the internal reporting to the Group's chief operating decision maker, defined as the CEO. The operating segments reflect an allocation based on the type of operation. Schibsted's reportable operating segments are Nordic Marketplaces, News Media, Delivery and Growth & Investments. Nordic Marketplaces comprises online classified operations in Norway (FINN.no), Sweden (blocket.se), Finland (tori.fi and oikotie.fi) and Denmark (bilbasen.dk, dba.dk and 3byggetilbud.dk). 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, Qasa and AutoVex. 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. Delivery 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. Growth & Investments 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\u2019s 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).
Other /
Nordic News Growth & Head- Elimina-
2023
Marketplaces
Media
Delivery
Investments
quarters
tions
Schibsted
Operating revenues
5,407
7, 5 9 7
1,753
2,104
1,152
(2,256)
15,756
-of which internal
133
401
571
42
1,109
(2,256)
-
Gross operating profit (loss)
1,868
567
14
290
(219)
-
2,519
Depreciation and amortisation
(389)
(477)
(66)
(154)
(153)
-
(1,239)
Impairment loss
(17)
(5)
(1)
(9)
(20)
-
(53)
Other income
31
92
-
-
5
-
128
Other expenses
(12)
(95)
(41)
(39)
(49)
-
(236)
Operating profit (loss)
1,482
81
(94)
87
(437)
-
1,119
See Note 7 Revenue recognition and Note 12 Other income and other expenses for further information.
Other /
Nordic News Growth & Head- Elimina-
2022
Marketplaces
Media
Delivery
Investments
quarters
tions
Schibsted
Operating revenues
4,856
7, 6 0 8
1,822
2,035
982
(2,032)
15,272
-of which internal
110
362
573
49
938
(2,032)
-
Gross operating profit (loss)
1,908
531
(50)
281
(263)
-
2,406
Depreciation and amortisation
(300)
(522)
(57)
(114)
(124)
-
(1,117)
Impairment loss
(15)
(1)
-
(2)
(14)
-
(31)
Other income
1
(1)
12
-
1
-
13
Other expenses
(125)
(13)
(14)
(12)
(8)
-
(173)
Operating profit (loss)
1,469
(7)
(109)
154
(407)
-
1,099
See Note 7 Revenue recognition and Note 12 Other income and other expenses for further information.
Operating revenues and non-current assets by geographical
areas
In presenting geographical information, attribution of operating
revenues is based on the location of the Group's companies. There
are no significant differences between the attribution of operating
revenues based on the location of the Group's companies and an
attribution based on customer's location. Operating revenues
presented in the table below are revenues from external
customers. Non-current assets are attributed based on the
geographical location of the assets.
Operating revenues
2023
2022
Norway
9,613
9,401
Sweden
4,942
4,836
Finland
428
406
Denmark
728
576
Other Europe
40
49
Other countries
6
5
Total
15,756
15,272
Non-current operating assets
2023
2022
Norway
4,069
3,626
Sweden
3,116
2,922
Finland
2,437
2,335
Denmark
3,941
3,738
Other Europe
51
99
Other countries
-
-
Total
13,615
12,720
The non-current assets comprise assets, excluding deferred tax assets and
financial instruments, expected to be recovered more than twelve months
after the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "The reportable operating segments correspond to the management structure and the internal reporting to the Group's chief operating decision maker, defined as the CEO. The operating segments reflect an allocation based on the type of operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "Note 7 - Revenue recognition Principle IFRS 15 Revenue from Contracts with Customers establishes a five- step model to account for revenue arising from contracts with customers. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Schibsted has applied the following principles for revenue recognition for the different categories of products and services: Classifieds Listing fees in contracts entitling the customer to have an ad displayed for a defined maximum period of time is recognised over that period, reflecting the normal pattern of views of such ads. Revenue from premium products benefiting the customer in a pattern similar to that of a listing fee is recognised similarly as listing fees. Revenue from premium products that are active for a shorter, limited period is recognised linearly over that period. Advertising Advertising revenues are sales of advertisement space on printed newspapers and on online sites. Advertising revenue in printed media is recognised when inserted. Digital advertising revenues on online sites are recognised as the ads are displayed. Subscription Subscription revenues include revenues from subscription -based models including printed and online newspapers. Subscription revenues are invoiced in advance and recognised upon delivery over the subscription period. Casual sales Casual sales are sales of printed newspapers. Revenue from casual sales are recognised upon delivery, taking into account estimated future returns. Accumulated experience is used to estimate such returns at year end using expected value method. Revenue is measured at the fair value of the goods or services delivered or received, depending on which item that can be measured reliably. Management expects that incremental commission fees paid to intermediaries as a result of obtaining customer contracts are recoverable. Schibsted has therefore applied the principle to capitalise such costs. Capitalised commission fees are amortised over the period when related revenues are recognised. For contributions received accounted for as government grants related to income under IAS 20, the accounting policy of Schibsted is to recognise such grants when there is reasonable assurance that the conditions attaching to the grant will be complied with and that the grants will be received. The grants are recognised as income unless directly related to specific items of expense. Significant judgement and estimation uncertainty For classified revenues from certain listing fees and premium products recognised over time, judgement is required in determining the normal pattern of views for ads displayed for a defined maximum period of time. The management believes that, based on past experience, a declining rate is the most appropriate reflection of the normal pattern of views, i.e. ads are viewed more frequently in the beginning of the period it is displayed than towards the end of the maximum period. Relevant contracts applying this recognition principle normally has a duration of 30 - 60 days.
Contracts with customers typically have a contract period of one
year or less and do not contain significant variable consideration.
The revenue is measured at the transaction price agreed under the
contract. No element of financing is deemed present as the sales
are normally made with a credit terms of 30-60 days, which is
consistent with market practice. While deferred payment terms
exceeding normal credit terms may be agreed in rare
circumstances, the deferral never exceeds twelve months.
Schibsted has no significant obligations for refunds, warranties and
other similar obligations.
Disaggregation of revenue
In the following table, revenue is disaggregated by category.
Other /
Nordic News Growth & Head- Elimin-
2023
Marketplaces
Media
Delivery
Investments quarters
ations
Schibsted
Classifieds revenues
4,530
-
-
5
-
(1)
4,534
Advertising revenues
510
2,673
-
110
-
(198)
3,094
-of which digital
510
2,174
-
110
-
(197)
2,596
Subscription revenues
-
3,238
-
327
-
(6)
3,559
-of which digital
-
1,797
-
327
-
(5)
2,120
Casual sales
-
839
-
-
-
-
839
Other revenues
357
719
1,747
1,662
990
(1,807)
3,667
Revenues from contracts with
customers
5,396
7, 4 6 8
1,747
2,103
990
(2,012)
15,693
Revenues from lease contracts,
government grants and others
10
129
6
1
162
(244)
63
Operating revenues (Note 6)
5,407
7, 5 9 7
1,753
2,104
1,152
(2,256)
15,756
In 2023 revenues from lease contracts were NOK 9 million and government grants were NOK 53 million. Other revenues are mainly revenues from distribution
operations and commissions.
Other /
Nordic News Growth & Head- Elimin-
2022
Marketplaces
Media
Delivery
Investments
quarters
ations
Schibsted
Classifieds revenues
3,967
-
-
-
-
(1)
3,965
Advertising revenues
538
2,811
-
140
-
(177)
3,313
-of which digital
538
2,1 8 6
-
140
-
(175)
2,689
Subscription revenues
-
3,029
-
262
-
(4)
3,287
-of which digital
-
1,548
-
262
-
(4)
1,806
Casual sales
-
966
-
-
-
-
966
Other revenues
342
683
1,819
1,633
906
(1,708)
3,677
Revenues from contracts with
customers
4,847
7, 4 8 9
1,819
2,035
906
(1,889)
15,208
Revenues from lease contracts,
government grants and others
10
118
3
-
76
(142)
64
Operating revenues (Note 6)
4,856
7, 6 0 8
1,822
2,035
982
(2,032)
15,272
In 2022 revenues from lease contracts were NOK 5 million and government grants were NOK 58 million. Other revenues are mainly revenues from distribution
operations and commissions.
Contract assets and liabilities
The contract assets primarily relate to the Schibsted\u2019s rights to
consideration for advertisements and newspapers delivered but
not billed at the reporting date and have substantially the same risk
characteristics as the trade receivable for the same types of
contracts. The contract assets are transferred to receivables when
the rights to consideration from the customer become
unconditional. It is expected insignificant credit loss on contract
assets. The contract liabilities relate to payments received in
advance of performance under subscription, advertising and
classified contracts. Contract liabilities are recognised as revenue
when we perform under the contract.
Receivables from
contracts Contract Contract
with customers
assets
liabilities
Balance as at 1 January 2023
1,419
167
574
Net of cash received and revenues recognised during the period
(59)
140
51
Transfer from contract assets recognised at the beginning of the period to receivables
167
(167)
-
Business combination
4
-
1
Impairment losses recognised
(52)
-
-
Disposals
(3)
-
(10)
Foreign exchange differences
30
5
16
Balance as at 31 December 2023
1,508
145
632
Receivables from
contracts Contract Contract
with customers
assets
liabilities
Balance as at 1 January 2022
1,244
210
553
Net of cash received and revenues recognised during the period
(31)
166
(4)
Transfer from contract assets recognised at the beginning of the period to receivables
210
(210)
-
Business combination
29
-
27
Impairment losses recognised
(30)
-
-
Foreign exchange differences
(3)
1
(3)
Balance as at 31 December 2022
1,419
167
574
All contracts have duration of one year or less, hence contract
liabilities at the beginning of the period are recognised as revenue
during the period. Remaining performance obligations at the
reporting date have original expected durations of one year or less.
Schibsted applies the practical expedient in IFRS 15.121 and does
not disclose information about remaining performance obligations
that have original expected durations of one year or less.
Contract costs
In 2023 there were no significant incremental commission fees
capitalised and no impairment loss related to capitalised contract
costs was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "IFRS 15 Revenue from Contracts with Customers establishes a five- step model to account for revenue arising from contracts with customers. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Schibsted has applied the following principles for revenue recognition for the different categories of products and services: Classifieds Listing fees in contracts entitling the customer to have an ad displayed for a defined maximum period of time is recognised over that period, reflecting the normal pattern of views of such ads. Revenue from premium products benefiting the customer in a pattern similar to that of a listing fee is recognised similarly as listing fees. Revenue from premium products that are active for a shorter, limited period is recognised linearly over that period. Advertising Advertising revenues are sales of advertisement space on printed newspapers and on online sites. Advertising revenue in printed media is recognised when inserted. Digital advertising revenues on online sites are recognised as the ads are displayed. Subscription Subscription revenues include revenues from subscription -based models including printed and online newspapers. Subscription revenues are invoiced in advance and recognised upon delivery over the subscription period. Casual sales Casual sales are sales of printed newspapers. Revenue from casual sales are recognised upon delivery, taking into account estimated future returns. Accumulated experience is used to estimate such returns at year end using expected value method. Revenue is measured at the fair value of the goods or services delivered or received, depending on which item that can be measured reliably. Management expects that incremental commission fees paid to intermediaries as a result of obtaining customer contracts are recoverable. Schibsted has therefore applied the principle to capitalise such costs. Capitalised commission fees are amortised over the period when related revenues are recognised. For contributions received accounted for as government grants related to income under IAS 20, the accounting policy of Schibsted is to recognise such grants when there is reasonable assurance that the conditions attaching to the grant will be complied with and that the grants will be received. The grants are recognised as income unless directly related to specific items of expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "
Note 8 - Personnel expenses and remuneration
2023
2022
Salaries and wages
5,083
4,725
Social security costs
946
846
Share-based payment (Note 9)
80
53
Net pension expense (Note 10)
589
544
Other personnel expenses
213
211
Capitalised salaries, wages and social
(629)
(451)
security costs
Total
6,282
5,929
Number of full-time equivalents
6,088
6,077
The following tables are amounts recognised as an expense during the reporting year related to the executive management. Total
remuneration expensed may vary from amounts presented in the Remuneration Report as the latter includes remuneration received or
vested during the year.
Remuneration to the executive management expensed in 2023 (in NOK 1,000): Share- Total Salary incl. Fringe Variable based Pension remuneration 1) 2) 3) Holiday pay benefits paypaymentexpense expensed 5) Kristin Skogen Lund, Chief Executive Officer. 5,401 257 2,806 5,863 3,050 17,376 Per Christian M\u00f8rland, Chief Financial Officer 950 2 965 3,639 27 5,582 4) (from 01.10.2023). Ragnar K\u00e5rhus, Chief Financial Officer (until 2,689 170 672 467 371 4,369 4) 6) 30.09.2023). Grethe Malkmus, Chief People & 2,261 123 726 832 239 4,181 Communications Officer. Sven St\u00f8rmer Thaulow, Chief Data & 3,515 214 1,277 2,235 409 7,649 Technology Officer. Andrew Kv\u00e5lseth, EVP Growth and 3,040 201 1,071 2,881 350 7, 5 4 2 Investments and Chief Investment Officer. Christian Printzell Halvorsen, EVP Nordic 3,364 223 1,146 2,832 713 8,277 Marketplaces and Delivery. Siv Juvik Tveitnes, EVP News Media 2,989 309 1,011 2,057 349 6,716 1) Fringe benefits include car allowance and mobile phone. 2) Variable pay consists of mainly the Executive Incentive Plan (EIP) which will be settled in cash, a cash-based incentive which will be paid out in 2024 and other cash compensation. For further information regarding the Executive Incentive Plan, see Remuneration Report 2023. 3) Share-based payment programmes and the principles applied for recognition and measurement are further described in Note 9 Share-based payment. 4) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team. 5) Kristin Skogen Lund received a cash compensation during 2023 related to a correction of her 2022 salary review. 6) Ragnar K\u00e5rhus does not participate in the Executive Incentive Plan 2023. Variable pay relates to a Short Term Incentive (STI) to be settled in cash. See Remuneration Report 2023 for further information. For information regarding the development in number of shares outstanding in the beginning of the reporting year, vested during the reporting year as well as outstanding at the end of the reporting year in share-based payment programmes for the executive management, see Remuneration Report 2023. Remuneration to the executive management expensed in 2022 (in NOK 1,000):
Salary incl.
Share-
Total
Holiday Fringe Variable based Pension remuneration
1)
pay
2)
benefits
3)
pay
4)
payment
expense
expensed
Kristin Skogen Lund, Chief Executive Officer.
4,865
249
2,059
4,422
2,869
14,464
Ragnar K\u00e5rhus, Chief Financial Officer.
3,335
213
923
1,718
381
6,570
Grethe Malkmus, Chief People &
500
33
80
91
42
746
5)
Communications Officer (from 01.10.2022).
Sven St\u00f8rmer Thaulow, Chief Data &
2,782
206
858
1,466
313
5,625
Technology Officer.
Andrew Kv\u00e5lseth, Chief Investment Officer.
2,814
201
924
3,183
329
7,4 51
Christian Printzell Halvorsen, EVP Nordic
3,195
222
1,072
2,052
581
7,1 2 3
Marketplaces.
Siv Juvik Tveitnes, EVP News Media.
2,822
303
760
1,466
340
5,691
Dan Ouchterlony, EVP Financial Services &
1,893
15
618
404
694
3,624
5)
Ventures (until 31.08.2022).
Mette Krogsrud, Chief People & Corporate
2,280
183
2,241
761
69
5,534
5) 6) Affairs Officer (until 30.09.2022). 1) Some members receive salary in other currencies than NOK. Average annual exchange rate is used to translate the numbers in the table above to NOK. 2) Fringe benefits include car allowance and mobile phone. 3) Variable pay consists of mainly Short Term Incentive (STI) and other cash compensation. For further information regarding STI, see Remuneration Report 2022. 4) Share-based payment programmes and the principles applied for recognition and measurement are further described in Note 9 Share-based payment. 5) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the period where the members are part of the executive management team. 6) During 2022 Mette Krogsrud\u2019s accrued pension and a replacement award for the incentive program from her previous employment were settled in cash. For information regarding the development in number of shares outstanding in the beginning of the reporting year, vested during the reporting year as well as outstanding at the end of the reporting year in share-based payment programmes for the executive management, see Remuneration Report 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "Note 9 - Share-based payment Principle In equity-settled share-based payment transactions with employees, the employee services and the corresponding equity increase is measured by reference to the fair value of the equity instruments granted. The fair value of the equity instruments is measured at grant date and is recognised as personnel expenses and equity increase immediately or over the vesting period when performance vesting conditions require an employee to serve over a specified time period. For equity instruments vesting in tranches (graded vesting), each tranche is measured separately and recognised separately over the vesting period applicable to each tranche. Share-based payment transactions involving a statutory obligation to withhold and transfer in cash to the tax authorities an amount for the employee\u2019s tax obligations associated with such transactions, are accounted for as equity-settled in its entirety. At each reporting date the entities remeasure the estimated number of equity instruments that is expected to vest. The amount recognised as an expense is adjusted to reflect the number of equity instruments which are expected to be, or actually become vested. Equity-settled share-based payment transactions are measured at the fair value of the equity instruments granted at the grant date. Fixed base awards are measured at the quoted price of the shares awarded adjusted by expected dividend yield. Performance base awards are measured using an option pricing model supplemented with Monte Carlo Simulation. Share-based remuneration expense amounts to NOK 80 million (NOK 53 million). The expense relates to equity-settled share-based payment programmes only, settled in Schibsted B-shares. The following are the significant active plans directed at key management personnel:
Plans
Granted
Vesting
Performance
period
period
EIP
2023
01.01.2023-
01.01.2023-
31.12.2025 31.12.2023
S LTIP
2023
01.01.2023-
N/A
31.12.2025
E LTI P
2022
01.01.2022-
01.01.2022-
31.12.2024 31.12.2024
S LTIP
2022
01.01.2022-
N/A
31.12.2024
E LTI P
2021
01.01.2021-
01.01.2021-
31.12.2023 31.12.2023
S LTIP
2021
01.01.2021-
N/A
31.12.2023
Legacy Equity Plan
2021
25.06.2021-
N/A
30.06.2024
LT I
2020
01.01.2020-
01.01.2020-
31.12.2022 31.12.2022
Executive Incentive Plan (EIP) The Executive Incentive Plan (EIP) was introduced in 2023 and is applicable to the CEO, members of Schibsted\u2019s Executive team and certain other key employees. To the extent certain performance conditions are achieved during the financial year (the \u201dPerformance Year\u201d), participants receive a variable remuneration capped at maximum 400 per cent of fixed salary, of which between 20 to 30 per cent is in the form of cash remuneration and between 70 to 80 per cent is in the form of share-based remuneration. The share-based remuneration is converted into B-shares based on the average share price during the Performance Year and transferred to the participants at the end of the vesting period. One third of the B-shares vest each year with the first vesting in the beginning of the year following the Performance Year, reflecting the required service period. Performance measures and targets during the Performance Year for the variable remuneration are set by the Board of Directors on an annual basis. For further information regarding these measures and targets, please see the Remuneration Report. Executive LTI Plan (ELTIP) The Executive LTI Plan (ELTIP) and the Schibsted LTI Plan (SLTIP) were introduced in 2021. The ELTIP is applicable to the CEO, members of Schibsted's Executive team and certain other key employees. The award for the ELTIP consists of two separate elements; a fixed base (the \u201cFixed Base\u201d) comprising Restricted Stock Units equal to 30 per cent of the grant value and a performance related grant (the \u201cPerformance Base\u201d) equal to 70 per cent of the grant value. The CEO receives a grant equal to 100 per cent of the base salary, whereas other members of Schibsted's Executive team receive grants between 60 per cent and 75 per cent. Other participants receive grants ranging from 25 per cent to 35 per cent of their base salary. The Fixed Base is converted into B-shares based on the share price at the start of the vesting period and transferred to participants at the end of the vesting period. The vesting period is three years and reflects the required service period. The Performance Base is vested at the end of the 3-year vesting period subject to performance and continuous employment and is delivered to participants in B-shares. The value of any vesting is a factor of Schibsted\u2019s Total Shareholder Return (\u201cTSR\u201d) performance over a 3-year performance period relative to the Europe Stoxx 600 index. Vesting of the Performance Base is subject to a minimum performance threshold whereby Schibsted\u2019s TSR performance must be at or above the 25th percentile when compared to the peer group. Subject to the performance threshold being met, the Performance Base is vested as follows: \u2022 At the 25th percentile, the face value of the Performance base vest at 50 per cent \u2022 At the 50th percentile, the face value of the Performance Base vest in full \u2022 At or above the 75th percentile, the face value of the Performance Base vest at 300 per cent \u2022 Vesting in-between the above performance milestones will be on a straight-line basis Schibsted LTI Plan (SLTIP) The SLTIP is applicable to the members of management teams in the business areas as well as other key employees. The award for SLTIP consists of only one element, which is a fixed base element (the \u201cFixed Base\u201d) comprising Restricted Stock Units equal to 100 per cent of the grant value. The participants receive grants normally ranging from 10 per cent to 30 per cent of their base salary. The Fixed Base is converted into B-shares based on the share price at the start of the vesting period and transferred to participants at the end of the vesting periods. The award vests in three equal tranches of one, two and three years reflecting the required service periods. LTI Plan The LTI plan was largely similar to the current ELTIP with awards both as a fixed base element and a performance base element. The plan was applicable to the CEO, members of Schibsted's Executive team, members of management teams in the business areas as well as other key employees. The deviations from the ELTIP are as follows: \u2022 Members of Schibsted's Executive team receive grants between 50 per cent and 100 per cent. Other participants receive grants normally ranging from 10 per cent to 50 per cent of their base salary. \u2022 The fixed base and the performance base were both 50 per cent of the grant value. \u2022 The performance base was measured against a peer group composed of companies involved in online classifieds, but also media companies and a subset of Europe Stoxx 600 companies. Legacy Equity Plan Following the acquisition of Schibsted Denmark ApS in June 2021, employees of the former eBay Classifieds Scandinavia ApS were granted a replacement award as a substitute for the share-based payments they were entitled to in the former company. The award consists of a fixed base element comprising Restricted Stock Units vesting in seven equal half-yearly tranches with vesting contingent on continued employment. The first tranche vested on 30 June 2021. Detailed general conditions have been developed to ensure fair and consistent governance of all the plans; these include change of control provisions and \u201cgood leaver\u201d provisions related to employment. All the plans also include a clawback mechanism which would permit Schibsted to cancel unvested shares and/or to require already transferred shares to be delivered back to the Company. Such a clawback scenario would include any event whereby Schibsted was required to restate financial statements during a programme period, for example due to material non-compliance with applicable accounting rules. A clawback might also be enforced in the event of fraud or criminal activity, a breach of a non-competition clause or a breach of Schibsted\u2019s Code of Conduct by the participant. The maximum cost of the ELTIP, measured with reference to the maximum benefit receivable by the participants, will be the awards multiplied by the implicit maximum pay-out ratio of 2.4. This does not take into account any share depreciation or appreciation during the vesting period or any employer\u2019s fees related to the plan. Extraordinary grants Extraordinary grants may be awarded at the discretion of the Board or the CEO to members of Schibsted\u2019s Executive team and certain other key employees. Normally the participants receive extraordinary grants capped at no more than 100 per cent of their annual base salary. The grants have varying vesting periods and vesting is conditional upon the employee not resigning before the end of the vesting period. Number of shares in the plans described above which are settled in Schibsted shares 1) :
2023
2022
Number of shares granted, not-vested
319,333
532,684
at 1 January
Number of shares granted
504,299
189,431
Number of shares forfeited
(31,748)
(58,414)
Number of shares vested during the
period
(1
57, 241)
(21 7,3 0 6 )
Adjustments shares granted
2)
-
(1 2 7, 0 62)
Number of shares not-vested at 31
634,643
319,333
December
3)
Weighted average share price at vesting
180
285
date (NOK per share)
Weighted average fair value at grant
187
209
date (NOK per share)
1) Number of shares includes employee\u2019s tax obligation, which will be deducted and withheld at transfer of shares to employees. 2) Adjustment shares granted mainly reflects changes in estimated payout related to performance from grant date. 3) An amount of NOK 83 million (NOK 27 million) is estimated to be paid to tax authorities related to shares not-vested at 31 December. Employee Share Saving Plan for all Group employees To motivate and retain employees, all Group employees in Schibsted are invited to save up to 5 per cent, but a maximum of NOK 50,000 annually of their base gross salary through payroll deductions in order to purchase shares in Schibsted. The shares are purchased on market terms four times a year, after the release of Schibsted\u2019s quarterly results. If still employed by the Group, participants receive one free bonus share from Schibsted per two shares purchased and held for two years. Number of shares in the Employee Share Saving Plan settled in Schibsted shares:
2023
2022
Number of shares granted, not-vested
1 47,278
80,228
at 1 January
Number of shares granted
88,503
113,594
Number of shares forfeited
(17,868)
(14,150)
Number of shares vested during the
period
(36,380)
(32,395)
Number of shares not-vested at 31
181,533
1 4 7, 2 7
8
December
Weighted average share price at vesting
199
168
date (NOK per share)
Weighted average fair value at grant
190
169
date (NOK per share)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "In equity-settled share-based payment transactions with employees, the employee services and the corresponding equity increase is measured by reference to the fair value of the equity instruments granted. The fair value of the equity instruments is measured at grant date and is recognised as personnel expenses and equity increase immediately or over the vesting period when performance vesting conditions require an employee to serve over a specified time period. For equity instruments vesting in tranches (graded vesting), each tranche is measured separately and recognised separately over the vesting period applicable to each tranche. Share-based payment transactions involving a statutory obligation to withhold and transfer in cash to the tax authorities an amount for the employee\u2019s tax obligations associated with such transactions, are accounted for as equity-settled in its entirety. At each reporting date the entities remeasure the estimated number of equity instruments that is expected to vest. The amount recognised as an expense is adjusted to reflect the number of equity instruments which are expected to be, or actually become vested. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "Note 10 - Pension plans Principle Schibsted has both defined contribution plans and defined benefit plans. In the defined contribution plans, the company pays an agreed annual contribution to the employee\u2019s pension plan, but any risk related to the future pension is borne by the employee. In a defined benefit plan, the company is responsible for paying an agreed pension to the employee based on his or her final pay, and the risk related to the future pension is hence borne by Schibsted. In a defined contribution plan, the pension cost will be equal to the contribution paid to the employees' pension plan. Once the contributions have been paid, there are no further payment obligations attached to the defined contribution pension, i.e. there is no liability to record in the statement of financial position. In a defined benefit plan, the net liability recognised is the present value of the benefit obligation at the balance sheet date, less fair value of plan assets. The present value of defined benefit obligations, current service cost and past service cost is determined using the projected unit credit method and actuarial assumptions regarding demographic variables and financial variables. Net pension expense includes service cost, past service cost, settlements and interest on the net defined benefit liability recognised in profit or loss and remeasurements of the net defined benefit liability recognised in other comprehensive income. Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment. Past service cost is recognised at the earlier date of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. In the cases where a multi-employer plan is classified as defined benefit plans, but sufficient information is not available to enable recognition as a defined benefit plan, they are accounted for as if they were defined contribution plans. Social security taxes are included in the determination of defined benefit obligations and net pension expense. Significant judgement and estimation uncertainty Defined benefit plans are calculated on the basis of a set of selected financial and actuarial assumptions. Changes in parameters such as discount rates, future wage adjustment, etc. could have substantial impacts on the estimated pension liability. Schibsted has occupational pension plans in several countries established partly as defined benefit plans (primarily in Norway), partly as multi-employer defined benefit plans accounted for as defined contribution plans (in Norway and Sweden) and partly as defined contribution plans (in Norway, Sweden and other countries). Schibsted has its occupational pension plans for its employees in Norwegian companies with Storebrand Livsforsikring AS. These pension plans meet the requirements of the Act on Mandatory occupational pensions applicable to Norwegian companies. A significant part of the existing funded defined benefit plans is closed. The terms of the funded defined benefit plans are mainly uniform. The benefits are mainly dependent upon number of years of employment, salary level at retirement age and the amount of benefits from the National Insurance pension. The majority of the funded defined benefit plans comprise retirement pension for life from 67 years and full retirement pension amounts to approximately 66 per cent of the basis (limited to 12G, the social security base amount) including assumed pension from the National Insurance pension (based on calculated National Insurance pension). Some of the plans include spouse pension, child pension and disability pension. As at 31 December 2023 the funded defined benefit plans in Norway covered approximately 524 working members (568 in 2022). Working members are transferred from funded to unfunded defined benefit plans upon retirement. Estimated contributions in 2024 to the above mentioned funded defined benefit plans amount to approximately NOK 69 million. Future contributions will be dependent on the accumulation period for each member's pension rights according to the principle of linear accumulation and may vary depending upon final agreed salary levels and timing of payments. The terms related to contributions to defined contribution plans in Norway are mainly uniform, and for most companies the contribution in 2023 amounts to 5.55 per cent of salaries within the interval from 0G to 7.1G and 8 per cent in the interval from 7.1G to 12G. The plans include disability pension. In addition to the pension obligations that arises from the funded defined benefit plans, the Group's Norwegian companies have unfunded defined benefit obligations related to disability pensions (if not covered by other pension plans or insurances), supplementary pensions for salaries above 12G, Agreement-based pension (AFP) and early retirement pensions. The Group's companies outside Norway have pension plans, mainly defined contribution plans, in accordance with local practice and local legislation. The Group has certain pension schemes in Norway and Sweden established as multi-employer plans. These multi-employer plans are defined benefit plans, but the Group does not have access to the necessary information for the accounting years 2023 and 2022 required to account for these plans as defined benefit plans, and the plans are therefore accounted for as defined contribution plans.
The amounts recognised in income statement and in comprehensive income:
2023
2022
Current service cost
83
81
Past service cost and gains and losses arising from settlements
(35)
(13)
Net interest on the net defined benefit liability (asset)
31
18
Remeasurements of the net defined benefit liability
140
77
Net pension expense defined benefit plans
220
163
Pension expense defined contribution plans
371
343
Pension expense multi-employer defined benefit plans accounted for as defined contribution plans
134
119
Net pension expense
724
625
-of which included in Profit or loss - Personnel expenses and remuneration (Note 8)
589
544
-of which included in Profit or loss - Other income (Note 12)
(36)
(13)
-of which included in Profit or loss - Financial expenses (Note 13)
31
18
-of which included in Other comprehensive income - Remeasurements of defined pension liabilities
140
77
Past service cost comprise restructuring costs in the form of pensions as well as the effect of plan amendments.
The amounts recognised in the statement of financial position:
2023 2022
Present value of funded defined benefit obligations
1,592
1,552
Fair value of plan assets
(1,203)
(1,171)
Present value of unfunded defined benefit obligations
807
764
Net pension liability
1,196
1,145
The average duration of the defined benefit plan obligations at the end of the reporting period is 14 years (15 years).
Changes in net pension liability, present value of defined benefit obligations and plan assets:
2023
2022
Net
Defined
Net
Defined
pension benefit Plan pension benefit Plan
liability
obligations
assets
liability
obligations
assets
As at 1 January
1,145
2,315
1,171
1,090
2,261
1,171
Current service cost
83
83
-
81
81
-
Past service cost and gains and losses arising from
settlements
(35)
(89)
(54)
(13)
(48)
(35)
Interest income and expense
31
67
35
18
40
22
Remeasurements (see below)
140
70
(70)
77
26
(51)
Contributions to the plan
(120)
1
122
(64)
1
66
Payments from the plan
(29)
(29)
(1)
(31)
(32)
(1)
Business combinations and disposals
1
1
-
-
-
-
Social security costs
(21)
(21)
-
(13)
(13)
-
As at 31 December
1,196
2,399
1,203
1,145
2,315
1,171
Remeasurements of defined benefit pension obligations include:
2023
2022
Actuarial gains and losses arising from changes in financial assumptions
27
12
Other remeasurements (experience adjustments)
43
14
Remeasurements of defined benefit pension obligations
70
26
Remeasurements of fair value of plan assets include:
2023
2022
Return on plan assets, excluding amounts included in interest
38
26
Cost of managing plan assets
(6)
(6)
Other remeasurements (experience adjustments)
(102)
(70)
Remeasurements of fair value of plan assets
(70)
(51)
The fair value of plan assets is disaggregated by class:
Quoted in
Quoted in
active active
2023
markets
Unquoted
2022
markets
Unquoted
Equities
4%
85%
15%
4%
90%
10%
Alternative investments
2%
-
100%
2%
-
100%
Real estate
14%
-
100%
14%
-
100%
Bonds
7%
25%
75%
6%
95%
5%
Corporate bonds
14%
-
100%
18%
80%
20%
Bonds - loans and receivables
45%
-
100%
41%
80%
20%
Money market / other
15%
50%
50%
15%
100%
-
Total
100%
100%
The actual return on plan assets (value-adjusted return on relevant portfolio of assets) was approximately 1,8 per cent in 2023 and approximately -3.1 per cent in 2022. Significant actuarial assumptions used to determine the present value of the defined benefit obligation:
2023
2022
Discount rate
3.10 %
3.00%
Future salary increases
3.50%
3.50%
Future increase in the social security base amount
3.25%
3.25%
Future pension increases
1.80%
1.50%
Schibsted determines the discount rate by reference to high quality corporate bonds. Schibsted has concluded that a deep market exists for covered bonds (\"OMF-obligasjoner\") in Norway and that this interest rate therefore shall be used as reference under IAS 19 Employee benefits. The assumption regarding expected pension increases is used for pensions being increased in accordance with the Act on Company pensions. For pension agreements containing specific clauses on increases in pension, those clauses are applied. Sensitivity analysis, indicating increase (decrease) in present value of defined benefit pension liabilities, for significant actuarial assumptions:
2023
2022
Discount rate - increase 0.5 percentage points
(207)
(216)
Discount rate - decrease 0.5 percentage points
237
248
Future salary increases - increase 0.5 percentage points
126
136
Future salary increases - decrease 0.5 percentage points
(122)
(129)
Future increase in social security base amount - increase 0.5 percentage points
(55)
(56)
Future increase in social security base amount - decrease 0.5 percentage points
47
49
Future pension increases - increase 0.5 percentage points
157
162
Future pension increases - decrease 0.5 percentage points
(143)
(147)
Any increases or decreases in present value of defined benefit pension liabilities from changes in actuarial assumptions are recognised in Other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "Schibsted has both defined contribution plans and defined benefit plans. In the defined contribution plans, the company pays an agreed annual contribution to the employee\u2019s pension plan, but any risk related to the future pension is borne by the employee. In a defined benefit plan, the company is responsible for paying an agreed pension to the employee based on his or her final pay, and the risk related to the future pension is hence borne by Schibsted. In a defined contribution plan, the pension cost will be equal to the contribution paid to the employees' pension plan. Once the contributions have been paid, there are no further payment obligations attached to the defined contribution pension, i.e. there is no liability to record in the statement of financial position. In a defined benefit plan, the net liability recognised is the present value of the benefit obligation at the balance sheet date, less fair value of plan assets. The present value of defined benefit obligations, current service cost and past service cost is determined using the projected unit credit method and actuarial assumptions regarding demographic variables and financial variables. Net pension expense includes service cost, past service cost, settlements and interest on the net defined benefit liability recognised in profit or loss and remeasurements of the net defined benefit liability recognised in other comprehensive income. Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment. Past service cost is recognised at the earlier date of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. In the cases where a multi-employer plan is classified as defined benefit plans, but sufficient information is not available to enable recognition as a defined benefit plan, they are accounted for as if they were defined contribution plans. Social security taxes are included in the determination of defined benefit obligations and net pension expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "
Note 11 - Other operating expenses
2023
2022
Distribution
1,287
1,345
Commissions
836
788
Rent, maintenance, office expenses and
energy
215
249
PR, advertising and campaigns
1,327
1,288
Printing contracts
221
186
Editorial material
606
555
Professional fees
789
919
Travelling expenses
204
180
IT expenses
786
652
Other operating expenses
256
226
Total
6,528
6,387
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "Note 12 - Other income and expenses Principle Income and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses include items such as restructuring costs, acquisition- related costs, gains or losses on sale or remeasurement of assets, investments or operations and other. Acquisition-related costs may include both costs related to acquisitions closed and transactions that were not completed.
2023
2022
Gain on sale of subsidiaries
62
(1)
Gain on amendments and curtailment of
pension plans
36
13
Gain on fair value measurement of
contingent considerations
31
-
Total other income
128
13
Restructuring costs
(155)
(83)
Transaction-related costs
(33)
(90)
Loss on sale of subsidiaries
(41)
1
Other
(7)
(1)
Total other expenses
(236)
(173)
Gain on sale of subsidiaries includes a gain of NOK 43 million on sale of Lokalavisene AS. Restructuring costs in 2023 include costs related to moving the printing operations from Nydalen to Vestby, the cost programme in News Media, exiting Lendo markets in Finland, Spain, Portugal and Italy, as well as headcount reductions. Gain on amendments and curtailment of pension plans includes NOK 36 million of gain on curtailment of pension plans related to restructuring. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "Note 12 - Other income and expenses Principle Income and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses include items such as restructuring costs, acquisition- related costs, gains or losses on sale or remeasurement of assets, investments or operations and other. Acquisition-related costs may include both costs related to acquisitions closed and transactions that were not completed.
2023
2022
Gain on sale of subsidiaries
62
(1)
Gain on amendments and curtailment of
pension plans
36
13
Gain on fair value measurement of
contingent considerations
31
-
Total other income
128
13
Restructuring costs
(155)
(83)
Transaction-related costs
(33)
(90)
Loss on sale of subsidiaries
(41)
1
Other
(7)
(1)
Total other expenses
(236)
(173)
Gain on sale of subsidiaries includes a gain of NOK 43 million on sale of Lokalavisene AS. Restructuring costs in 2023 include costs related to moving the printing operations from Nydalen to Vestby, the cost programme in News Media, exiting Lendo markets in Finland, Spain, Portugal and Italy, as well as headcount reductions. Gain on amendments and curtailment of pension plans includes NOK 36 million of gain on curtailment of pension plans related to restructuring. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "Note 12 - Other income and expenses Principle Income and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses include items such as restructuring costs, acquisition- related costs, gains or losses on sale or remeasurement of assets, investments or operations and other. Acquisition-related costs may include both costs related to acquisitions closed and transactions that were not completed.
2023
2022
Gain on sale of subsidiaries
62
(1)
Gain on amendments and curtailment of
pension plans
36
13
Gain on fair value measurement of
contingent considerations
31
-
Total other income
128
13
Restructuring costs
(155)
(83)
Transaction-related costs
(33)
(90)
Loss on sale of subsidiaries
(41)
1
Other
(7)
(1)
Total other expenses
(236)
(173)
Gain on sale of subsidiaries includes a gain of NOK 43 million on sale of Lokalavisene AS. Restructuring costs in 2023 include costs related to moving the printing operations from Nydalen to Vestby, the cost programme in News Media, exiting Lendo markets in Finland, Spain, Portugal and Italy, as well as headcount reductions. Gain on amendments and curtailment of pension plans includes NOK 36 million of gain on curtailment of pension plans related to restructuring. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "
Note 13 - Financial income and
financial expenses
Financial income and financial expenses consist of:
2023
2022
Interest income
105
24
Net foreign exchange gain
-
13
Gain from fair value measurement of equity
instruments (Note 22)
14
76
Gain from fair value measurement of total
1,583
-
return swaps (Note 5)
Other financial income
4
3
Total financial income
1,705
117
Interest expenses
(463)
(291)
Net foreign exchange loss
(11)
-
Loss from fair value measurement of equity
instruments (Note 22)
(155)
(82)
Loss from fair value measurement of total
(340)
(438)
return swaps (Note 5)
Other financial expenses
(29)
(19)
Total financial expenses
(997)
(830)
Gain (loss) from fair value measurement of total return swaps (TRS)
mainly relates to the Adevinta TRS (see Note 5).
In 2023, Schibsted also entered into and terminated a TRS with
financial exposure to 8,000,000 shares (VPLAY-B) in Viaplay Group
AB. A loss of NOK -340 million was recognised under the duration
of this agreement.
Loss from fair value measurement of equity instruments in 2023 is
mainly related to the investments in Tibber AS and eEducation
Albert AB.
Interest expenses relate to:
2023
2022
Loans and borrowings
(346)
(204)
Pension liabilities (Note 10)
(31)
(18)
Lease liabilities (Note 19)
(82)
(67)
Contingent consideration and financial
(3)
(3)
liabilities for obligations to acquire non
-
controlling interests (Note 23)
Interest expenses
(463)
(291)
Financial income and financial expenses include the following
amounts of interest income and interest expenses related to
financial assets and liabilities that are not included in the category
Financial assets or financial liabilities at fair value through profit or
loss:
2023
2022
Interest income
105
24
Interest expenses
(443)
(313)
Net foreign exchange gain (loss) consists of:
2023
2022
Net foreign exchange gain (loss) currency
(172)
(54)
derivatives
Net foreign exchange gain (loss) other
financial instruments
161
67
Net foreign exchange gain (loss)
(11)
13
Schibsted hedges the majority of its currency exposure by using
loans and derivatives, see Note 25 Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "Note 13 - Financial income and financial expenses Financial income and financial expenses consist of:
2023
2022
Interest income
105
24
Net foreign exchange gain
-
13
Gain from fair value measurement of equity
instruments (Note 22)
14
76
Gain from fair value measurement of total
1,583
-
return swaps (Note 5)
Other financial income
4
3
Total financial income
1,705
117
Interest expenses
(463)
(291)
Net foreign exchange loss
(11)
-
Loss from fair value measurement of equity
instruments (Note 22)
(155)
(82)
Loss from fair value measurement of total
(340)
(438)
return swaps (Note 5)
Other financial expenses
(29)
(19)
Total financial expenses
(997)
(830)
Gain (loss) from fair value measurement of total return swaps (TRS) mainly relates to the Adevinta TRS (see Note 5). In 2023, Schibsted also entered into and terminated a TRS with financial exposure to 8,000,000 shares (VPLAY-B) in Viaplay Group AB. A loss of NOK -340 million was recognised under the duration of this agreement. Loss from fair value measurement of equity instruments in 2023 is mainly related to the investments in Tibber AS and eEducation Albert AB. Interest expenses relate to:
2023
2022
Loans and borrowings
(346)
(204)
Pension liabilities (Note 10)
(31)
(18)
Lease liabilities (Note 19)
(82)
(67)
Contingent consideration and financial
(3)
(3)
liabilities for obligations to acquire non
-
controlling interests (Note 23)
Interest expenses
(463)
(291)
Financial income and financial expenses include the following amounts of interest income and interest expenses related to financial assets and liabilities that are not included in the category Financial assets or financial liabilities at fair value through profit or loss:
2023
2022
Interest income
105
24
Interest expenses
(443)
(313)
Net foreign exchange gain (loss) consists of:
2023
2022
Net foreign exchange gain (loss) currency
(172)
(54)
derivatives
Net foreign exchange gain (loss) other
financial instruments
161
67
Net foreign exchange gain (loss)
(11)
13
Schibsted hedges the majority of its currency exposure by using loans and derivatives, see Note 25 Financial risk management.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "Note 13 - Financial income and financial expenses Financial income and financial expenses consist of:
2023
2022
Interest income
105
24
Net foreign exchange gain
-
13
Gain from fair value measurement of equity
instruments (Note 22)
14
76
Gain from fair value measurement of total
1,583
-
return swaps (Note 5)
Other financial income
4
3
Total financial income
1,705
117
Interest expenses
(463)
(291)
Net foreign exchange loss
(11)
-
Loss from fair value measurement of equity
instruments (Note 22)
(155)
(82)
Loss from fair value measurement of total
(340)
(438)
return swaps (Note 5)
Other financial expenses
(29)
(19)
Total financial expenses
(997)
(830)
Gain (loss) from fair value measurement of total return swaps (TRS) mainly relates to the Adevinta TRS (see Note 5). In 2023, Schibsted also entered into and terminated a TRS with financial exposure to 8,000,000 shares (VPLAY-B) in Viaplay Group AB. A loss of NOK -340 million was recognised under the duration of this agreement. Loss from fair value measurement of equity instruments in 2023 is mainly related to the investments in Tibber AS and eEducation Albert AB. Interest expenses relate to:
2023
2022
Loans and borrowings
(346)
(204)
Pension liabilities (Note 10)
(31)
(18)
Lease liabilities (Note 19)
(82)
(67)
Contingent consideration and financial
(3)
(3)
liabilities for obligations to acquire non
-
controlling interests (Note 23)
Interest expenses
(463)
(291)
Financial income and financial expenses include the following amounts of interest income and interest expenses related to financial assets and liabilities that are not included in the category Financial assets or financial liabilities at fair value through profit or loss:
2023
2022
Interest income
105
24
Interest expenses
(443)
(313)
Net foreign exchange gain (loss) consists of:
2023
2022
Net foreign exchange gain (loss) currency
(172)
(54)
derivatives
Net foreign exchange gain (loss) other
financial instruments
161
67
Net foreign exchange gain (loss)
(11)
13
Schibsted hedges the majority of its currency exposure by using loans and derivatives, see Note 25 Financial risk management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "Note 14 - Income taxes Principle Current tax liabilities and assets are measured at the amount that is expected to be paid to or recovered from the tax authorities. Deferred tax liabilities and assets are computed for all temporary differences between the tax basis and the carrying amount of an asset or liability in the consolidated financial statements and the tax basis of tax losses carried forward. For deferred tax assets and liabilities, the nominal tax rates expected to apply when the asset is realised or the liability is paid will be used. Deferred tax assets relating to tax deficits and other tax- reducing temporary differences are recognised to the extent that it is probable that they can be applied against future taxable income. Deferred tax liabilities for temporary differences associated with investments in subsidiaries, associates and joint ventures are recognised when it is probable that the temporary difference will reverse in the foreseeable future. Deferred tax liabilities are not recognised for the initial recognition of goodwill. Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). Any amount recognised as current tax assets or liabilities and deferred tax assets or liabilities are recognised in profit or loss, except to the extent that the tax arises from a transaction or event recognised in other comprehensive income or directly in equity or arises from a business combination. Significant judgement and estimation uncertainty Judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with tax planning strategies. For unrecognised deferred tax assets see table below. The Group\u2019s income tax expense (continuing operations) comprises the following:
2023
2022
Current income taxes
(286)
(306)
Deferred income taxes
76
68
Tax (expense) income
(210)
(238)
-of which recognised in profit or loss
(257)
(254)
-of which recognised in other
comprehensive income
47
16
The relationship between tax expense and accounting profit (loss) before taxes (continuing operations) is as follows:
2023
2022
Profit (loss) before taxes
17,163
(22,244)
Tax (expense) income based on weighted
(3,783)
4,892
average tax rates
Prior period adjustments
(9)
(16)
Tax effect of share of profit (loss) from joint
(1,393)
(104)
ventures and associates
Tax effect of impairment loss on goodwill,
joint ventures and associates (recognised or
reversed)
4,774
(5,020)
Tax effect of other permanent differences
212
18
Current period unrecognised deferred tax
(58)
(24)
assets
Tax (expense) income recognised in profit
(257)
(254)
or loss
Profit (loss) before taxes in 2023 is affected by reversal of impairment losses primarily related to impairment of the investment in Adevinta, see also Note 5 Investments in joint ventures and associates for further information. Tax effect of impairment loss on goodwill, joint ventures and associates relates primarily to the non-deductibility of the write-down. Tax effect of other permanent differences include tax exempt gains (losses) from remeasurement and disposals of equity instruments (subsidiaries, joint ventures, associated companies, other equity instruments and derivates on such interests), tax-free dividends and other non-deductible operating expenses. The Group\u2019s net deferred tax liabilities (assets) are made up as follows:
2023
2022
Current items
(16)
(18)
Pension liabilities
(262)
(252)
Right-of-use assets
416
383
Lease liabilities
(479)
(445)
Other non-current items
293
308
Unused tax losses
(215)
(183)
Calculated net deferred tax liabilities
(263)
(207)
(assets)
Unrecognised deferred tax assets
139
126
Net deferred tax liabilities (assets)
(123)
(81)
recognised
-of which deferred tax liabilities
417
502
-of which deferred tax assets
(540)
(584)
The Group\u2019s unused tax losses are mainly related to operations in Denmark, Finland, Norway and Sweden. Approximately 20 per cent of the unused tax losses expire during the period until 2028, 25 per cent expire during the period between 2029 to 2033 and 55 per cent do not expire. The Group\u2019s deferred tax assets recognised are primarily related to deductible future pension payments and excess tax depreciation in Norwegian operations. The Group is making taxable profits in Norway and sufficient future taxable income is expected to be available in future periods to realise the tax benefits recognised. The Group's unrecognised deferred tax assets are mainly related to foreign operations with recent tax losses where future taxable profits may not be available before those unused tax losses expire. Deferred tax liabilities and assets are offset for liabilities and assets in companies which are included in local tax groups. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "Note 14 - Income taxes Principle Current tax liabilities and assets are measured at the amount that is expected to be paid to or recovered from the tax authorities. Deferred tax liabilities and assets are computed for all temporary differences between the tax basis and the carrying amount of an asset or liability in the consolidated financial statements and the tax basis of tax losses carried forward. For deferred tax assets and liabilities, the nominal tax rates expected to apply when the asset is realised or the liability is paid will be used. Deferred tax assets relating to tax deficits and other tax- reducing temporary differences are recognised to the extent that it is probable that they can be applied against future taxable income. Deferred tax liabilities for temporary differences associated with investments in subsidiaries, associates and joint ventures are recognised when it is probable that the temporary difference will reverse in the foreseeable future. Deferred tax liabilities are not recognised for the initial recognition of goodwill. Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). Any amount recognised as current tax assets or liabilities and deferred tax assets or liabilities are recognised in profit or loss, except to the extent that the tax arises from a transaction or event recognised in other comprehensive income or directly in equity or arises from a business combination. Significant judgement and estimation uncertainty Judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with tax planning strategies. For unrecognised deferred tax assets see table below. The Group\u2019s income tax expense (continuing operations) comprises the following:
2023
2022
Current income taxes
(286)
(306)
Deferred income taxes
76
68
Tax (expense) income
(210)
(238)
-of which recognised in profit or loss
(257)
(254)
-of which recognised in other
comprehensive income
47
16
The relationship between tax expense and accounting profit (loss) before taxes (continuing operations) is as follows:
2023
2022
Profit (loss) before taxes
17,163
(22,244)
Tax (expense) income based on weighted
(3,783)
4,892
average tax rates
Prior period adjustments
(9)
(16)
Tax effect of share of profit (loss) from joint
(1,393)
(104)
ventures and associates
Tax effect of impairment loss on goodwill,
joint ventures and associates (recognised or
reversed)
4,774
(5,020)
Tax effect of other permanent differences
212
18
Current period unrecognised deferred tax
(58)
(24)
assets
Tax (expense) income recognised in profit
(257)
(254)
or loss
Profit (loss) before taxes in 2023 is affected by reversal of impairment losses primarily related to impairment of the investment in Adevinta, see also Note 5 Investments in joint ventures and associates for further information. Tax effect of impairment loss on goodwill, joint ventures and associates relates primarily to the non-deductibility of the write-down. Tax effect of other permanent differences include tax exempt gains (losses) from remeasurement and disposals of equity instruments (subsidiaries, joint ventures, associated companies, other equity instruments and derivates on such interests), tax-free dividends and other non-deductible operating expenses. The Group\u2019s net deferred tax liabilities (assets) are made up as follows:
2023
2022
Current items
(16)
(18)
Pension liabilities
(262)
(252)
Right-of-use assets
416
383
Lease liabilities
(479)
(445)
Other non-current items
293
308
Unused tax losses
(215)
(183)
Calculated net deferred tax liabilities
(263)
(207)
(assets)
Unrecognised deferred tax assets
139
126
Net deferred tax liabilities (assets)
(123)
(81)
recognised
-of which deferred tax liabilities
417
502
-of which deferred tax assets
(540)
(584)
The Group\u2019s unused tax losses are mainly related to operations in Denmark, Finland, Norway and Sweden. Approximately 20 per cent of the unused tax losses expire during the period until 2028, 25 per cent expire during the period between 2029 to 2033 and 55 per cent do not expire. The Group\u2019s deferred tax assets recognised are primarily related to deductible future pension payments and excess tax depreciation in Norwegian operations. The Group is making taxable profits in Norway and sufficient future taxable income is expected to be available in future periods to realise the tax benefits recognised. The Group's unrecognised deferred tax assets are mainly related to foreign operations with recent tax losses where future taxable profits may not be available before those unused tax losses expire. Deferred tax liabilities and assets are offset for liabilities and assets in companies which are included in local tax groups. The development in the recognised net deferred tax liabilities (assets) is as follows:
2023
2022
As at 1 January
(81)
(44)
Change included in tax expenses from
continuing operations
(76)
(68)
Change from purchase and sale of
subsidiaries
(1)
16
Foreign exchange differences
35
16
As at 31 December
(123)
(81)
The Group is expected to be within the scope of the minimum tax regime for multinationals (\"Pillar Two\") to be implemented with effect from 2024. Howev er, the Group does not expect any significant proportion of the Group's profits, if any, to be subject to Pillar Two income taxes and consequently expects no significant change in the effective tax rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "Current tax liabilities and assets are measured at the amount that is expected to be paid to or recovered from the tax authorities. Deferred tax liabilities and assets are computed for all temporary differences between the tax basis and the carrying amount of an asset or liability in the consolidated financial statements and the tax basis of tax losses carried forward. For deferred tax assets and liabilities, the nominal tax rates expected to apply when the asset is realised or the liability is paid will be used. Deferred tax assets relating to tax deficits and other tax- reducing temporary differences are recognised to the extent that it is probable that they can be applied against future taxable income. Deferred tax liabilities for temporary differences associated with investments in subsidiaries, associates and joint ventures are recognised when it is probable that the temporary difference will reverse in the foreseeable future. Deferred tax liabilities are not recognised for the initial recognition of goodwill. Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). Any amount recognised as current tax assets or liabilities and deferred tax assets or liabilities are recognised in profit or loss, except to the extent that the tax arises from a transaction or event recognised in other comprehensive income or directly in equity or arises from a business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "Note 15 - Earnings per share Principle Basic and diluted earnings per share are presented for ordinary shares. The A-shares and B- shares of Schibsted have equal rights to share in profit for the period and are therefore treated as being one class of ordinary shares in relation to calculation of earnings per share. Basic earnings per share is calculated by dividing profit (loss) attributable to the owners of the parent by the weighted average number of shares outstanding. In calculating diluted earnings per share, the profit (loss) attributable to owners of the parent and the weighted average number of shares outstanding are adjusted for the effects of any dilutive potential shares. The profit (loss) attributable to owners of the parent is adjusted for the dilutive effect of any potential shares convertible into shares of subsidiaries, joint ventures or associates. The weighted average number of shares outstanding is adjusted as follows: \u2022 For share -based payment transactions with performance conditions, by including the number of shares that would be issuable at the reporting date \u2022 For any other share -based payment transactions, by including the excess of the total number of potential shares over the number of shares that could be issued out of the issue proceeds
Weighted average number of shares
2023
2022
Weighted average number of shares for basic earnings per share
228,056,468
233,930,896
Effects of dilution from share-based payment
521,130
274,014
Weighted average number of shares for diluted earnings per share
228,577,598
234,204,910
Earnings per share - total
Profit (loss) attributable to owners of the parent for basic earnings per share
16,808
(22,582)
Profit (loss) attributable to owners of the parent for diluted earnings per share
16,808
(22,582)
Earnings per share - basic (NOK)
73.70
(96.53)
Earnings per share - diluted (NOK)
73.53
(96.53)
Earnings per share - continuing operations
Profit (loss) attributable to owners of the parent for basic earnings per share
16,839
(22,558)
Profit (loss) attributable to owners of the parent for diluted earnings per share
16,839
(22,558)
Earnings per share - basic (NOK)
73.84
(96.43)
Earnings per share - diluted (NOK)
73.67
(96.43)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "Basic and diluted earnings per share are presented for ordinary shares. The A-shares and B- shares of Schibsted have equal rights to share in profit for the period and are therefore treated as being one class of ordinary shares in relation to calculation of earnings per share. Basic earnings per share is calculated by dividing profit (loss) attributable to the owners of the parent by the weighted average number of shares outstanding. In calculating diluted earnings per share, the profit (loss) attributable to owners of the parent and the weighted average number of shares outstanding are adjusted for the effects of any dilutive potential shares. The profit (loss) attributable to owners of the parent is adjusted for the dilutive effect of any potential shares convertible into shares of subsidiaries, joint ventures or associates. The weighted average number of shares outstanding is adjusted as follows: \u2022 For share -based payment transactions with performance conditions, by including the number of shares that would be issuable at the reporting date \u2022 For any other share -based payment transactions, by including the excess of the total number of potential shares over the number of shares that could be issued out of the issue proceeds ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "Note 16 - Impairment assessments Principle Property, plant, equipment, intangible assets and goodwill are reviewed for impairment whenever an indication that the carrying amount may not be recoverable is identified. Goodwill and other intangible assets that have an indefinite useful life are tested annually for impairment. Impairment indicators will typically be changes in market developments, competitive situation or technological developments. An impairment loss is recognised in the income statement if the carrying amount of an asset (cash - generating unit) exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. Value in use is assessed by discounting estimated future cash flows. Estimated cash flows are based on management\u2019s experience and market knowledge for the given period, normally five years. For subsequent periods growth factors are used that do not exceed the long- term average rate of growth for the relevant market. Expected cash flows are discounted using an after-tax discount rate that takes into account the expected long - term interest rate with the addition of a risk margin appropriate for the assets being tested. For the purpose of impairment testing, assets, except goodwill, are grouped together into the smallest group of assets that generates independent cash flows (cash -generating units). Cash-generating units that make up more than 10 per cent of the total of goodwill and indefinite trademarks of the Group are assessed to be significant. Goodwill is allocated to the cash -generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination. Testing for impairment of goodwill is done by compar ing recoverable amount and carrying amount of the same groups of cash -generating units as to which goodwill is allocated. Impairment losses recognised in respect of cash -generating units are allocated first to reduce the carrying amount of any goodwill. Any remaining amount is then allocated to reduce the carrying amounts of the other assets in the unit on a pro rata basis. Impairment losses are reversed if the loss no longer exists for all property, plant and equipment and intangible assets with the exception of goodwill where impairment losses are not reversed. Significant judgement and estimation uncertainty The valuation of intangible assets in connection with business combinations and the testing of intangible assets for impairment will to a large extent be based on estimated future cash flows. Correspondingly, the expected useful lives and residual values included in the calculation of depreciation and amortisation will be based on estimates. The Group has activities within established media and marketplaces, but is also active in establishing positions at an early point in time in new digital opportunities through both business combinations and its own start- ups. Estimates related to future cash flows and the determination of discount rates to calculate present values are based on management\u2019s expectations on market developments, the competitive situation, technological development, the ability to realise synergies, interest rate levels and other relevant factors. The risk of changes in expected cash flows that affect the financial statements will naturally be higher in markets in an early phase and be more limited in established markets. Furthermore, the risk of changes will be significantly higher in periods with uncertain macroeconomic prognosis. Climate related risks have been considered when preparing projections and growth assumptions applied for impairment testing. Schibsted is only to a limited extent considered to be directly exposed to climate related risks as we have limited physical infrastructure, but could be affected by changes in consumer behaviour and changes in the regulatory environment. Any uncertainty related to future cash flows is reflected in the cash flow projections. Nordic Marketplaces is undergoing a transformation from a country -based organisation to a vertical-based organisation. Cash flows are based on the successful implementation of the vertical strategy and include expected synergies. Goodwill and trademarks with indefinite expected useful life specified on cash-generating units:
Goodwill
Trademarks, indefinite
Operating segment
2023
2022
2023
2022
Marketplaces - Norway
Nordic Marketplaces
not significant
549
549
-
-
Marketplaces - Sweden
Nordic Marketplaces
significant
970
905
-
-
Marketplaces - Denmark
Nordic Marketplaces
significant
2,333
2,187
991
929
Marketplaces - Finland
Nordic Marketplaces
significant
1,456
1,373
631
568
News Media - Norway
News Media
not significant
285
268
366
354
News Media - Sweden
News Media
not significant
622
580
19
18
Delivery
Delivery
not significant
55
77
-
-
Lendo group
Growth & Investments
not significant
101
104
87
81
3byggetilbud.dk A/S
Growth & Investments
not significant
197
185
42
39
Prisjakt group
Growth & Investments
not significant
30
28
4
4
Schibsted SMB AB
Growth & Investments
not significant
22
20
-
-
Other
Growth & Investments
not significant
2
2
2
2
Tot al
6,622
6,279
2,142
1,995
Impairment testing / impairment assessments The carrying amounts of goodwill and other intangible assets with indefinite useful lives are disclosed above. Recoverable amounts for the significant cash-generating units are estimated based on value in use. As per 31 December 2023, no goodwill is allocated across multiple cash-generating units, and the estimated recoverable amounts for not significant cash-generating units are not based on common key assumptions. No impairment losses related to goodwill were recognised in 2023, compared to NOK -1 million in 2022. Discount rates applied take into consideration the risk-free interest rate and risk premium for the relevant country. Specific business risks are reflected in the estimated future cash flows. In the discount rates the cost of financing is assumed to be stable at the current level, implying that it is assumed that Schibsted in the future will have access to financing with sustainability linked KPIs and to obtain the current credit rating. For all cash-generating units pre-tax discount rates are determined by country and are in the range between 10 per cent and 11 per cent. In estimating cash flows used in calculating value in use, consideration is given to the competitive situation, current developments in revenues and margins, trends and macroeconomic expectations for the relevant area of operations. When estimating the recoverable amount based on value in use, the impairment tests are based on formalised management projections for 2024-2026. The steady state cash flow is determined by extrapolating the cash flows in 2026 using declining growth rates for free cash flow for a period until reaching an expected maintainable steady state cash flow with a sustained growth thereafter of 2 per cent. The period until applying the terminal value multiple does not exceed 20 years. Scenario simulations are performed to assess the robustness of the impairment test. Marketplaces Denmark was established in connection with the acquisition of Bilbasen and Den Bl\u00e5 Avis in 2021. Marketplaces Finland comprises Tori and the operations of Oikotie acquired in 2020, and AutoVex which was acquired at the end of 2022. Both Marketplaces Denmark and Marketplaces Finland have a limited headroom between the value in use and the carrying amounts of the investments. As a consequence these impairment tests are sensitive to changes in significant assumptions. Marketplaces Sweden comprises Blocket, Plick and Qasa. For Marketplaces Denmark and Marketplaces Finland it is assumed an increased revenue growth compared to previous years. The assumed revenue growth is based on management experience from comparable markets and expectations of the market development. In addition to an expected growth in the classifieds market, it is assumed an increased market share during the prognosis period for both Marketplaces Denmark and Marketplaces Finland. EBITDA margins for Marketplaces Denmark and Marketplaces Sweden are based on past performance and management\u2019s expectations for the future and increase over the prognosis period based on expected efficiency improvements. During 2023, Nordic Marketplaces have put significant focus and efforts into developing its new vertical-based operating model. For Marketplaces Denmark, Marketplaces Finland and Marketplaces Sweden, management expects that certain synergies related to the new vertical-based operating model in Nordic Marketplaces materialise during the period covered by management prognosis. For Marketplaces Finland it is assumed that EBITDA margin will turn positive in 2026. The free cash flow growth rate assumed after the management prognosis period is higher than the sustained growth rate, as the sustained growth only reflects expected inflation rate. Based on management's experience from comparable markets and available market reports for short to medium term, the growth rate until reaching steady state is expected to be declining but higher than the expected inflation rate. Expected sustained growth is determined by cash-generating unit and reflects the long-term growth for the relevant market. As the management is not aware of external sources or market reports which includes long-term forecasts for the classifieds market in the Nordics specifically, the sustained growth rate for Marketplaces Denmark, Marketplaces Finland and Marketplaces Sweden is conservatively set to the inflation target for the country the cash generating unit is operating in, which does not exceed 2 per cent. An overview of sensitivity of central assumptions for significant cash-generating units is presented below. The table displays what value the key assumptions must change to in order for the recoverable amount to be equal to the carrying amount of the cash-generating unit. As Marketplaces Finland has a negative EBITDA margin in 2023 it is not possible to calculate the compound annual growth rate, but a reduction in the assumed EBITDA growth in the projection period by 18 percentage points, would be needed for the carrying amount to exceed the recoverable amount. For Marketplaces Sweden no reasonable possible instances that could cause the carrying amount to exceed its recoverable amount are identified.
Assumption
sensitivity
Marketplaces Sweden
Assumption
threshold
Pre-tax discount rate
10%
N/A
Revenues CAGR 2023-2026
16%
N/A
EBITDA CAGR 2023-2026
21%
N/A
Cash flow growth after
management prognosis
period
2027
11%
N/A
2028
3%
N/A
Sustained growth
2%
N/A
For Marketplaces Sweden recoverable amount exceeds carrying amount by approximately SEK 9 billion.
Assumption
sensitivity
Marketplaces Denmark
Assumption
threshold
Pre-tax discount rate
10%
12%
Revenues CAGR 2023-2026
8%
5%
EBITDA CAGR 2023-2026
26%
11%
Cash flow growth after
management prognosis
period
2027-2028
10-8 %
5%
2029-2034
5%
3%
2035-2042
4-3 %
2%
Sustained growth
2%
1%
For Marketplaces Denmark recoverable amount exceeds carrying amount by
approximately DKK 600 million.
Assumption
sensitivity
Marketplaces Finland
Assumption
threshold
Pre-tax discount rate
10%
11%
Revenues CAGR 2023-2026
32%
32%
EBITDA growth 2024-2026
188%
170%
Cash flow growth after
management prognosis
period
2027-2028
23-18 %
19-15 %
2029-2032
10-8 %
8-7 %
2033-2037
3%
2%
Sustained growth
2%
2%
For Marketplaces Finland recoverable amount exceeds carrying amount by
approximately EUR 30 million.
For impairment loss related to investments in joint ventures and
associates see Note 5 Investments in joint ventures and
associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "Property, plant, equipment, intangible assets and goodwill are reviewed for impairment whenever an indication that the carrying amount may not be recoverable is identified. Goodwill and other intangible assets that have an indefinite useful life are tested annually for impairment. Impairment indicators will typically be changes in market developments, competitive situation or technological developments. An impairment loss is recognised in the income statement if the carrying amount of an asset (cash - generating unit) exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. Value in use is assessed by discounting estimated future cash flows. Estimated cash flows are based on management\u2019s experience and market knowledge for the given period, normally five years. For subsequent periods growth factors are used that do not exceed the long- term average rate of growth for the relevant market. Expected cash flows are discounted using an after-tax discount rate that takes into account the expected long - term interest rate with the addition of a risk margin appropriate for the assets being tested. For the purpose of impairment testing, assets, except goodwill, are grouped together into the smallest group of assets that generates independent cash flows (cash -generating units). Cash-generating units that make up more than 10 per cent of the total of goodwill and indefinite trademarks of the Group are assessed to be significant. Goodwill is allocated to the cash -generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination. Testing for impairment of goodwill is done by compar ing recoverable amount and carrying amount of the same groups of cash -generating units as to which goodwill is allocated. Impairment losses recognised in respect of cash -generating units are allocated first to reduce the carrying amount of any goodwill. Any remaining amount is then allocated to reduce the carrying amounts of the other assets in the unit on a pro rata basis. Impairment losses are reversed if the loss no longer exists for all property, plant and equipment and intangible assets with the exception of goodwill where impairment losses are not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "Note 17 - Intangible assets Principle Intangible assets are measured at its cost less accumulated amortisation and accumulated impairment losses. Amortisation of intangible assets with a definite useful life is allocated on a systematic basis over its useful life. If an intangible asset is determined to have an indefinite useful life, it is not amortised until its useful life is considered finite but is instead subject to an annual impairment assessment. A trademark is assessed to have an indefinite useful life if it is expected to contribute to net cash flows indefinitely. The Group assesses the useful life of trademarks by considering various factors, including plans to discontinue or change the trademark, legal restrictions, market trends, and competitive landscape. Intangible assets with a finite expected useful life are generally amortised on a straight- line basis over the expected useful life. The amortisation period of software and licences is normally 3 years, and 1.5- 10 years is used for Other intangible assets. The amortisation method, expected useful life and any residual value are assessed annually. Costs of developing software and other intangible assets are recognised as an expense until all requirements for recognition as an asset are met. The requirements for recognition as an asset include, among other requirements, the requirement to demonstrate probable future economic benefits and the requirement that the cost of the asset can be measured reliably. Costs incurred after the time that all the requirements for recognition as an asset are met are recognised as an asset. The cost of an internally generated intangible asset is the sum of expenditure incurred from the time all requirements for recognition as an asset are met and until the time the asset is capable of operating in the manner intended by management. Subsequent expenditure incurred in the operating stage to enhance or maintain an intangible asset are normally recognised as an expense as the requirement to demonstrate probable increased economic benefits will normally not be met. Significant judgement and estimation uncertainty Schibsted has significant activities related to developing new technology to facilitate digital transformation and the strategy of forming identity- based ecosystems and products that improve the ability to offer targeted advertising and personalised products for customers within both online marketplaces and news. Costs of developing such technology are expensed until all requirements for recognition as an asset are met. When requirements for recognition as an asset are met, the costs are capitalised. The requirements for recognition as an asset include the requirement to demonstrate probable future economic benefits and the requirement that the cost of the asset can be measured reliably. Determining whether cost shall be charged to expense or be recognised as an asset based on the existing requirements involves the use of judgement by management.
Development in net carrying amount in
Trademarks,
Trademarks,
Software
Customer
2023
Goodwill
indefinite
definite
and licences
relations
Total
As at 1 January
6,279
1,995
2
1,595
518
10,389
Additions
-
-
-
849
-
849
Acquired through business combinations
21
12
-
25
-
58
Disposals
-
-
-
(2)
-
(2)
Disposals on sale of businesses
(37)
-
-
(4)
-
(41)
Amortisation
-
-
(1)
(609)
(77)
(688)
Impairment loss
-
-
-
(48)
-
(48)
Foreign exchange differences
360
135
-
42
36
573
As at 31 December
6,622
2,142
1
1,848
477
11,091
-of which accumulated cost
7,
57 1
2,142
22
4,621
744
15,100
-of which accumulated amortisation and
impairment loss
(948)
-
(21)
(2,773)
(267)
(4,0 09)
Development in net carrying amount in
Goodwill
Trademarks,
Trademarks,
Software
Customer
Total
2022
indefinite definite and licences relations
As at 1 January
5,718
1,873
4
1,194
524
9,313
Additions
-
-
-
857
-
857
Acquired through business combinations
425
49
-
15
39
527
Disposals
-
(1)
-
(1)
-
(2)
Amortisation
-
-
(1)
(440)
(70)
(512)
Impairment loss
(1)
-
-
(30)
-
(31)
Foreign exchange differences
136
75
-
-
26
237
As at 31 December
6,279
1,995
2
1,595
518
10,389
-of which accumulated cost
7, 2 0 5
2,003
21
3,769
699
13,698
-of which accumulated amortisation and
impairment loss
(927)
(8)
(1 8)
(2,174)
(181)
(3,308)
Software and licences consist of NOK 1,596 million
(NOK 1,301 million) of internally developed intangible assets and
NOK 253 million (NOK 294 million) of purchased technological
intangible assets, including technology obtained through business
combinations. Research and development expenditure that do not
meet the criteria for recognition as intangible assets are
recognised as an expense when incurred. The amount of research
and development expenditure recognised in 2023 was NOK 85
million. The research and development expenses are mainly
related to News Media activities such as user experience research,
insights, premium subscription, editorial and publishing, and
development of tools and features for the marketplaces' verticals.
For information on impairment loss on goodwill see Note 16
Impairment assessments. For information regarding depreciation
of right-of-use assets, see Note 19 Leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "Intangible assets are measured at its cost less accumulated amortisation and accumulated impairment losses. Amortisation of intangible assets with a definite useful life is allocated on a systematic basis over its useful life. If an intangible asset is determined to have an indefinite useful life, it is not amortised until its useful life is considered finite but is instead subject to an annual impairment assessment. A trademark is assessed to have an indefinite useful life if it is expected to contribute to net cash flows indefinitely. The Group assesses the useful life of trademarks by considering various factors, including plans to discontinue or change the trademark, legal restrictions, market trends, and competitive landscape. Intangible assets with a finite expected useful life are generally amortised on a straight- line basis over the expected useful life. The amortisation period of software and licences is normally 3 years, and 1.5- 10 years is used for Other intangible assets. The amortisation method, expected useful life and any residual value are assessed annually. Costs of developing software and other intangible assets are recognised as an expense until all requirements for recognition as an asset are met. The requirements for recognition as an asset include, among other requirements, the requirement to demonstrate probable future economic benefits and the requirement that the cost of the asset can be measured reliably. Costs incurred after the time that all the requirements for recognition as an asset are met are recognised as an asset. The cost of an internally generated intangible asset is the sum of expenditure incurred from the time all requirements for recognition as an asset are met and until the time the asset is capable of operating in the manner intended by management. Subsequent expenditure incurred in the operating stage to enhance or maintain an intangible asset are normally recognised as an expense as the requirement to demonstrate probable increased economic benefits will normally not be met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "Note 18 - Property, plant and equipment Principle Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. The depreciable amount (cost less residual value) of property, plant and equipment is allocated on a systematic basis over its useful life. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item, and with a different useful life, is depreciated separately. Costs of repairs and maintenance are recognised in profit or loss as incurred. Cost of replacements and improvements are recognised in the carrying amount of the asset. The carrying amount of an item of property, plant and equipment is derecognised on disposal or when no economic benefits are expected from its use or disposal. Gain or loss arising from derecognition is included in profit or loss when the item is derecognised. Property, plant and equipment are depreciated on a straight -line basis over their estimated useful life. Depreciation schedules reflect the assets' residual value. Items of property, plant and equipment where material components can be identified with different useful life are depreciated over the individual component's expected useful life. Buildings (20 -40 years), Plant and machinery (5 -20 years) and Equipment, furniture and similar assets (3 -10 years). The depreciation method, expected useful life and any residual value are reviewed annually .
Equipment,
Buildings and Plant and furniture and
Development in net carrying amount in 2023
land
machinery
similar assets
Total
As at 1 January
111
80
345
535
Additions
5
55
152
212
Disposals on sale of businesses
(2)
-
(1)
(4)
Reclassification
(15)
13
1
-
Depreciation
(5)
(38)
(123)
(166)
Impairment loss
-
-
(5)
(5)
Foreign exchange differences
-
-
8
8
As at 31 December
94
109
377
580
-of which accumulated cost
203
684
931
1,818
-of which accumulated depreciation and impairment loss
(1 09)
(575)
(554)
(1,238)
Plant and machinery consist mainly of printing press. In 2023, the printing plant in Nydalen was relocated to smaller premises in Vestby, leading to disposal and
scrapping of a portion of accumulated cost and related depreciation.
Equipment,
Buildings and Plant and furniture and
Development in net carrying amount in 2022
land
machinery
similar assets
Total
As at 1 January
99
93
328
520
Additions
15
29
147
191
Acquired through business combinations
-
-
2
2
Reclassification
-
10
(10)
-
Depreciation
(3)
(52)
(120)
(175)
Foreign exchange differences
-
-
(2)
(2)
As at 31 December
111
80
345
535
-of which accumulated cost
289
1,798
809
2,895
-of which accumulated depreciation and impairment loss
(178)
(1,718)
(464)
(2,3 60)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. The depreciable amount (cost less residual value) of property, plant and equipment is allocated on a systematic basis over its useful life. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item, and with a different useful life, is depreciated separately. Costs of repairs and maintenance are recognised in profit or loss as incurred. Cost of replacements and improvements are recognised in the carrying amount of the asset. The carrying amount of an item of property, plant and equipment is derecognised on disposal or when no economic benefits are expected from its use or disposal. Gain or loss arising from derecognition is included in profit or loss when the item is derecognised. Property, plant and equipment are depreciated on a straight -line basis over their estimated useful life. Depreciation schedules reflect the assets' residual value. Items of property, plant and equipment where material components can be identified with different useful life are depreciated over the individual component's expected useful life. Buildings (20 -40 years), Plant and machinery (5 -20 years) and Equipment, furniture and similar assets (3 -10 years). The depreciation method, expected useful life and any residual value are reviewed annually .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "Note 19 - Leases Principle Schibsted assesses at contract inception whether a contract is, or contains, a lease. For short-term leases and leases of low - value assets, lease payments are recognised as an expense on a straight-line basis or other systematic basis over the lease term. All other leases are accounted for under a single on- balance sheet model implying recognition of lease liabilities and right-of - use assets as further described below. The Group separates non- lease components from lease components and accounts for each component separately. At the commencement date of a lease, a lease liability is recognised for the net present value of remaining lease payments to be made over the lease term. The present value is calculated using the incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. The lease term is the non - cancellable period of the lease together with periods covered by an option to extend being reasonably certain to be exercised by the Group and periods covered by an option to terminate being not reasonably certain to be exercised by the Group. Leas e payments include penalties for terminating leases if the lease term reflects the exercise of such an option. At the commencement date of a lease, a right-of- use asset, representing the right to use the underlying asset during the lease term, is recognised at cost. The cost of the right-of- use asset includes the amount of the lease liability recognised, any initial direct costs incurred, and lease payments made on or before the commencement date less any lease incentives received. Lease liabilities are subsequently increased by interest expenses and reduced by lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is a modification, a change in the lease term or a change in the future lease payments. Right -of-use assets are subsequently measured at cost less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right -of-use assets are depreciated on a straight -line basis over the shorter of the lease term and the estimated useful life of the underlying asset. Schibsted mainly has lease contracts for office buildings and vehicles used in its operations. For most leases of office equipment, like personal computers, photocopiers and coffee machines Schibsted has applied the recognition exemption for leases of low -value assets (below NOK 50 000). Leases of office buildings generally have lease terms between 3 and 15 years, while motor vehicles generally have lease terms between 3 and 5 years. Significant judgement and estimation uncertainty The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased- asset portfolio and align with the Group's business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. The judgement relates to whether there are economic incentives making it reasonable certain that an option will be used. For office buildings, it is usually not viewed as reasonably certain that an extension option will be exercised if the extension option is at market rent or above. Schibsted cannot readily determine the interest rate implicit in the lease, therefore it uses its incremental borrowing rate (IBR) to measure lease liabilities. IBR is estimated using observable inputs, such as market interest rates, when available. It is required to make certain entity-specific estimates such as the subsidiary\u2019s stand -alone credit rating. Effects of leases on the consolidated statements The Group's leases are primarily related to office buildings. Leases of a printing plant, cars and forklifts are also recognised, while leases of office equipment, like personal computers, photocopiers and coffee machines to a large degree are considered of low value and not included. Variable lease payments are insignificant. The most significant leases are:
End of lease
Address
User of the office building
term
Akersgata 55, Oslo
Norwegian group companies (Aftenposten, VG, headquarter functions)
2030
V\u00e4stra J\u00e4rnv\u00e4gsgatan 21, Stockholm
Swedish group companies (Blocket, Aftonbladet, Svenska Dagbladet, Lendo)
2025 / 2033
Grensen 5-7, O s l o
Finn.no
2030
Sandakerveien 121, Oslo
1)
Schibsted Trykk Oslo
2025
Toveien 19, Vestby
Schibsted Trykk Oslo, Schibsted Delivery, Helthjem Netthandel
2035
1) The right-of-use asset related to Sandakerveien 121, Oslo has been fully depreciated following the relocation of the printing operations to Toveien 19, Vestby in 2023. The lease at Sandakerveien 121, Oslo is non-cancellable. Income statement The following amounts relating to leases are recognised in profit or loss:
2023
2022
Expenses related to short-term leases and low value assets
(7)
(5)
Depreciation of right-of-use assets
(385)
(430)
Interest expense on lease liabilities
(82)
(67)
Total amount recognised in profit or loss
(475)
(501)
Statement of financial position Set out below are the carrying amounts of right-of-use assets and the movements during the period:
Equipment,
Buildings and furniture and
land
similar assets
Total
As at 1 January 2022
1,349
6
1,355
Additions
867
3
871
Acquired through business combinations
16
-
16
Partial or full termination
(1)
-
(1)
Depreciation
(424)
(6)
(430)
Foreign exchange differences
(16)
-
(16)
As at 31 December 2022
1,792
4
1,796
As at 1 January 2023
1,792
4
1,796
Additions
512
9
521
Disposals on sale of businesses
(4)
-
(4)
Partial or full termination
(44)
-
(44)
Depreciation
(379)
(6)
(385)
Foreign exchange differences
60
-
60
As at 31 December 2023
1,937
7
1,944
Set out below are the carrying amounts of lease liabilities and the
movements during the period:
2023
2022
As at 1 January
2,080
1,543
Additions
529
871
Acquired through business combinations
-
16
Disposals on sale of businesses
(3)
-
Partial or full termination
(44)
(1)
Lease payments
(468)
(400)
Accretion of interest
82
67
Foreign exchange differences
61
(16)
As at 31 December
2,237
2,080
-of which current
368
325
-of which non-current
1,868
1,755
The addition in 2023 is mainly related to a new lease for the
printing and distribution operations at Toveien 19, Vestby which led
to an increase in right-of-use asset and lease liability of
NOK 230 million.
The table below summarises the maturity profile of lease liabilities
based on contractual undiscounted payments:
2023
2022
<3 months
112
99
3 months to 1 year
331
289
1 to 2 years
391
365
2 to 5 years
863
786
>5 years
866
820
Total
2,564
2,359
Statement of cash flows
The following amounts related to leases are recognised in the
statement of cash flows:
2023
2022
Net cash flow from operating activities
(90)
(72)
Net cash flow from financing activities
(385)
(333)
Total
(475)
(405)
The principal portion of lease payments are classified as cash flow
from financing activities. The interest portion of lease payments
are classified as cash flow from operating activities together with
lease payments related to short-term and low-value leases.
Future cash outflows to which Schibsted is potentially
exposed that are not reflected in the lease liability
The Group has entered into lease contracts that have not yet
commenced as at 31 December 2023. The future lease payments
for the non-cancellable lease periods are:
2023
Between one and five years
29
More than five years
43
Total
72
Set out below are the potential future lease payments relating to
periods following the exercise date of extension and termination
options that are not included in the lease term:
Between one
More than
and five years
five years
Tota l
Extension options expected
72
1,744
1,816
not to be exercised
Termination options
60
216
276
expected to be exercised
Total
132
1,960
2,092
The Group has certain contracts with infinitely recurring renewal
periods that are not included in the table. Yearly payments for such
contracts are NOK 24 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "Schibsted assesses at contract inception whether a contract is, or contains, a lease. For short-term leases and leases of low - value assets, lease payments are recognised as an expense on a straight-line basis or other systematic basis over the lease term. All other leases are accounted for under a single on- balance sheet model implying recognition of lease liabilities and right-of - use assets as further described below. The Group separates non- lease components from lease components and accounts for each component separately. At the commencement date of a lease, a lease liability is recognised for the net present value of remaining lease payments to be made over the lease term. The present value is calculated using the incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. The lease term is the non - cancellable period of the lease together with periods covered by an option to extend being reasonably certain to be exercised by the Group and periods covered by an option to terminate being not reasonably certain to be exercised by the Group. Leas e payments include penalties for terminating leases if the lease term reflects the exercise of such an option. At the commencement date of a lease, a right-of- use asset, representing the right to use the underlying asset during the lease term, is recognised at cost. The cost of the right-of- use asset includes the amount of the lease liability recognised, any initial direct costs incurred, and lease payments made on or before the commencement date less any lease incentives received. Lease liabilities are subsequently increased by interest expenses and reduced by lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is a modification, a change in the lease term or a change in the future lease payments. Right -of-use assets are subsequently measured at cost less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right -of-use assets are depreciated on a straight -line basis over the shorter of the lease term and the estimated useful life of the underlying asset. Schibsted mainly has lease contracts for office buildings and vehicles used in its operations. For most leases of office equipment, like personal computers, photocopiers and coffee machines Schibsted has applied the recognition exemption for leases of low -value assets (below NOK 50 000). Leases of office buildings generally have lease terms between 3 and 15 years, while motor vehicles generally have lease terms between 3 and 5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "
Note 20 - Trade receivables and
other non-current and current
assets
Non-current
Current
2023
2022
2023
2022
Trade receivables, net (Note
-
-
1,508
1,419
7 and Note 21)
Prepaid expenses
-
-
187
131
Income tax receivables
-
-
124
96
Loans to joint ventures and
associates
17
12
40
36
Equity instruments at fair
value through profit or loss
700
768
-
-
(Note
22)
Equity instruments at fair
value through OCI (Note 22)
123
133
-
-
Financial derivatives (Note
4
4
46
4
27)
Non-derivative financial
20
13
-
-
assets
Other receivables
7
7
320
319
Inventories
-
-
18
34
Total
871
937
2,243
2,040
Note 21 - Trade receivables and
contract assets
2023
2022
Trade receivables
1,556
1,455
Contract assets
145
167
Less provision for expected credit losses on
trade receivables and contract assets
(49)
(35)
Trade receivables and contract assets
1,652
1,587
Ageing of trade receivables by due date
2023
2022
Not due
1,058
1,117
Past due 0-45 days
323
219
Past due 46-90 days
51
46
Past due more than 90 days
125
73
Trade receivables
1,556
1,455
For information regarding receivables transferred from contract
assets, see Note 7 Revenue recognition.
Set out below is the movement in the allowance for expected
credit losses of trade receivables and contract assets:
2023
2022
Balance as at 1 January
35
27
Provision for expected credit losses
52
30
Write off
(40)
(26)
Business combinations
-
4
Foreign exchange differences
2
-
Balance as at 31 December
49
35
Schibsted assesses the loss rates to be applied when estimating
provisions for expected credit losses on a regular basis. See also
Note 27 Financial instruments by category for the accounting
policy for impairment losses on trade receivables and contract
assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "Note 22 - Equity instruments Principle The Group classifies its investment in equity instruments as Equity instruments at fair value through profit or loss (FVPL) unless an irrevocable election is made at initial recognition to classify as Equity instrument designated at fair value through other comprehensive income (FVOCI). When classified as FVPL, changes in fair value and dividends received are recognised in financial income or financial expenses. When classified as FVOCI, dividends received are recognised in financial income. Any changes in fair value recognised in OCI are not reclassified to profit or loss on derecognition. Equity instruments are included at fair value in the line item Other non - current assets in the statement of financial position and are not subject to impairment assessment. Significant judgement and estimation uncertainty Equity instruments are measured at fair value. When no quoted market price is available, fair value is estimated using different valuation techniques such as discounted cash flow models or valuations based on prices derived from transactions with external parties. See Note 27 Financial instruments by category for description of the fair value valuation methods. The carrying amount of investments in equity instruments comprises the following investments:
Valuation
Interest
2023
Interest
2022
method held held
Tibber AS
FV PL
level 3
13.95%
555
13.95%
659
Viaplay Group AB
FV PL
level 1
10.29%
43
-
-
Firi AS
FV PL
level 3
6.56%
35
5.86%
20
FJ Labs (III + Archangel I)
FV PL
level 3
2.62%
31
2.62%
21
eEducation Albert AB
FV PL
level 1
13.15%
21
15.14%
62
Other
FV PL
level 3
15
6
Equity instruments at fair value through profit or loss
FV PL
700
768
Homely AS
FV OCI
level 3
1 7. 6 0 %
53
14.64%
38
Dintero AS
FV OCI
level 3
6.20%
34
5.92%
31
Videocation.no AS
FV OCI
level 3
8.97%
21
8.97%
16
Inzpire.me AS
FV OCI
level 3
-
-
19.18%
24
Other
FV OCI
level 3
15
24
Equity instruments at fair value through OCI
FV OCI
123
133
Total
823
901
The Group has historically designated its investments in equity instruments as Equity instruments at fair value through other comprehensive income (FVOCI) at initial recognition. Starting 2021, additions are classified as Equity instruments at fair value through profit or loss (FVPL) as such classification is assessed to provide more useful information to users of the Group\u2019s financial
statements by including returns from investing activities in profit or
loss. For further information on changes in fair value, see Note 13
Financial income and financial expenses.
In 2023, Schibsted entered into a total return swap agreement with
financial exposure to 8,000,000 shares (VPLAY-B) in Viaplay Group
AB representing 10.29% of the total shares. The agreement was
terminated in December, and at year end the shares were owned
directly by Schibsted ASA. See Note 13 Financial income and
financial expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfEachInvestmentInEquityInstrumentsDesignatedAsMeasuredAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "Note 23 - Financial liabilities related to business combinations and increase in ownership interests
Obligation to acquire non-
controlling interests
Contingent considerations
(restated)
Development in net carrying amount
2023
2022
2023
2022
As at 1 January
627
213
133
168
Additions
20
442
-
-
Settlement
(287)
-
-
(33)
Change in fair value recognised in equity
(149)
(28)
-
-
Change in fair value recognised in Profit (loss)
-
-
(30)
-
Interest expenses
-
-
3
3
Foreign exchange differences
6
(1)
9
(4)
As at 31 December
217
627
116
133
-of which non-current (Note 24)
104
287
-
128
-of which current (Note 24)
113
340
116
5
The maturity profile of the financial liabilities
Maturity within 1 year
113
340
116
5
Maturity between 1 and 2 years
-
-
-
128
Maturity between 2 and 5 years
104
287
-
-
Obligations to acquire non-controlling interests may be based on forward purchase contracts or on non-controlling interests\u2019 put options. The requirement to settle a liability for such put options is contingent on the non-controlling interest actually exercising their options. For agreements where an option can be exercised over a period, the actual settlement may occur in later periods than presented in the maturity profile. The 2023 annual report includes the retrospective restatement of a prior period error. The error is related to a financial liability not having been recognised for the obligation to acquire non- controlling interests in Aftonbladet Hierta AB. The settlement in 2023 is related to Nettbil AS, while change in fair value recognised in equity relates to Nettbil AS, Podme AB and Aftonbladet AB. The additions in 2022 were related to Nettbil AS and Alltvex OY. The most significant contingent consideration liability is related to Qasa AB. Principle When Schibsted is obliged to acquire non-controlling interests, Schibsted determines and allocates profit (loss), other comprehensive income and dividends paid to such non- controlling interests. Accumulated non-controlling interests are derecognised as if the non-controlling interest was acquired at the balance sheet date and a financial liability reflecting the obligation to acquire the non-controlling interest is recognised. The liability is measured at fair value calculated as the present value of the redemption amount. The net amount recognised or derecognised is accounted for as an equity transaction. In the Consolidated statement of changes in equity, such amounts are included in the line item Initial recognition and change in fair value of financial liabilities for obligations to acquire non- controlling interests. The accounting policy for contingent consideration is disclosed in Note 4 Changes in the composition of the Group. Significant judgement and estimation uncertainty The liabilities are measured at fair value which is based on the best estimate of future considerations. The estimates take into account the principles for determination of the consideration in the existing agreements. The estimates take further into account, when relevant, management's expectations regarding future economic development used in determining recoverable amount in impairment tests. The estimate can be changed in future periods as the consideration to be paid is dependent upon future fair value as well as future results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "
When Schibsted is obliged to acquire non-controlling interests,
Schibsted determines and allocates profit (loss), other
comprehensive income and dividends paid to such non-
controlling interests. Accumulated non-controlling interests are
derecognised as if the non-controlling interest was acquired at
the balance sheet date and a financial liability reflecting the
obligation to acquire the non-controlling interest is recognised.
The liability is measured at fair value calculated as the present
value of the redemption amount. The net amount recognised or
derecognised is accounted for as an equity transaction. In the
Consolidated statement of changes in equity, such amounts are
included in the line item Initial recognition and change in fair
value of financial liabilities for obligations to acquire non-
controlling interests.
The accounting policy for contingent consideration is disclosed
in Note 4 Changes in the composition of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "Note 24 - Other non-current and current liabilities Principle Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted, using a current pre-tax interest rate that reflects the risks specific to the provision. Contingent liabilities are liabilities not recognised as it is not yet confirmed that the Group has a present obligation, or a present obligation for which it is not probable that an outflow of resources will be required to settle the obligation, or it is not possible to make a sufficiently reliable estimate of the obligation. Contingent liabilities are disclosed unless the probability that an economic settlement will be required to settle the obligation is remote. Significant judgement and estimation uncertainty The Group may from time to time be subject to various legal proceedings, disputes and claims including regulatory discussions related to the Group\u2019s business, investments etc., of which the outcomes are subject to significant uncertainty. Management applies significant judgement when evaluating the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to accrue for a matter that has not been previously accrued for because it was not considered probable or a reasonable estimate could not be made, or increase or decrease an amount accrued for a matter in previous reporting periods.
Non-current
Current
(restated)
2023
2022
2023
2022
Financial liabilities related
104
287
113
340
to non
-controlling interests' put options (Note 23)
Contingent considerations business combinations (Note 23)
-
128
116
5
Deferred consideration related to business combinations
-
36
38
-
Liabilities to joint ventures and associates
5
8
51
65
Trade payables
-
-
393
335
Public duties payable
-
-
718
755
Accrued salaries and other employment benefits
15
3
852
782
Accrued expenses
-
-
537
568
Provision for restructuring costs
55
48
65
45
Financial derivatives (Note 5, Note 27)
58
57
73
471
Other liabilities
45
22
194
201
Total
282
588
3,149
3,567
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Note 25 - Financial risk management Capital management and funding Schibsted aims to provide a competitive rate of return based on healthy finances. Schibsted targets to maximise the shareholders\u2019 return through long-term growth in the share price and dividend. The Group\u2019s dividend policy is to place emphasis on paying a stable to increasing dividend amount over time. In years when there is an economic slowdown, or for other reasons weaker cash flows of the company, the company may reduce or decide not to pay dividend. The Group's strategy and vision imply a high rate of change and development of the Group\u2019s operations. Schibsted\u2019s capital structure must be sufficiently robust in order to maintain the desired freedom of action and utilise growth opportunities based on strict assessments relating to allocation of capital. Funding and control of refinancing risk is handled by Group treasury on the parent company level. Schibsted has a diversified loan portfolio both in terms of loan sources and maturity profile, see Note 26 Interest-bearing loans and borrowings. The most important funding sources are banks and the Norwegian bond market. Schibsted's objective is to be an investment grade rated company over time and have a BBB/Stable rating from Scope Ratings. The financial flexibility is good, and the refinancing risk is considered as low. Schibsted has not entered into sustainability linked loans, but is considering whether to include sustainability linked KPIs to new loans going forward. Schibsted wants to make sure that the KPIs are reflecting our business and anchor the KPIs thoroughly in the organisation before such KPIs are launched. For further information on our sustainability work, please see the Sustainability Statement. Schibsted\u2019s loan agreements contain financial covenants regarding the ratio of net interest-bearing debt (NIBD) to gross operating profit (EBITDA). The ratio shall normally not exceed 3, but can be reported at higher levels up to three quarters during the loan period, as long as the ratio stays below 4. According to the definition of the loan agreements, the ratios were 2.13 as at 31 December 2023 and 1.31 as at 31 December 2022 excluding the effects of lease obligations (IFRS 16). The target level is 1-3, but being in the higher end there should always be a plan on how to reduce the gearing.
Available liquidity should at all times be equal to at least 10 per
cent of expected annual revenues. Available liquidity refers to the
Group's cash and cash equivalents and available long-term bank
facilities.
The Group's capital consists of net interest-bearing debt and
equity:
(restated)
2023
2022
Non-current interest-bearing loans and
borrowings
4,872
4,630
Current interest-bearing loans and
borrowings
780
1,724
Cash and cash equivalents
1,279
3,738
Net interest-bearing debt
4,373
2,616
Group equity
44,603
28,666
Net gearing (net interest-bearing
0.10
0.09
debt/equity)
Undrawn long-term bank facilities (Note
3,372
3,154
26)
Financial risks
Schibsted is exposed to financial risks, such as currency risk,
interest rate risk, credit risk and liquidity risk. Group Treasury is
responsible for keeping the Group's exposure in these financial
risks in accordance with the financial strategy over time.
Schibsted is further exposed to equity price risk from venture
investing activities and derivatives on equity instruments.
Currency risk
Schibsted has Norwegian kroner (NOK) as its base currency, but is
through its operations outside Norway also exposed to fluctuations
in the exchange rates of other currencies, mainly Swedish kronor
(SEK), Danske kroner (DKK) and Euro (EUR). Schibsted has
currency risks linked to both balance sheet monetary items and
net investments in foreign operations. The Group makes use of
loans in foreign currencies and financial derivatives (forward
contracts and cross currency swaps) to reduce this currency
exposure. The loans in foreign currencies and the financial
derivatives are managed actively in accordance with the Group\u2019s
financial strategy. As at 31 December 2023 the Group had entered
into several forward contracts as well as interest rate and cross
currency swap agreements. Schibsted follows a currency hedging
strategy where parts of net investments in foreign operations are
hedged.
Currency gains and losses relating to borrowings and forward
contracts which effectively hedge net investments in foreign
operations are recognised in Other comprehensive income until
the foreign operation is disposed of. Other currency gains and
losses are recognised in the income statement on an ongoing basis
as financial income or expenses.
As at 31 December 2023 and 31 December 2022 Schibsted has the following forward contracts, which all mature within 12 months:
2023
2022
Currency
Amount
NOK
Amount
NOK
Forward contracts, sale
SEK
940
952
1,135
1,073
Forward contracts, sale
EUR
15
173
12
121
Forward contracts, sale
DKK
455
686
220
311
Forward contracts, buy
EUR
6
67
-
-
Of which are accounted for as hedges of
net investments in foreign operations:
2023
2022
Currency
Amount
NOK
Amount
NOK
Forward contracts net investment Finland,
sale
EUR
15
173
12
121
Forward contracts for the sale of EUR 15 million are at 31 December
2023 designated as a hedge of the foreign exchange risk of net
investments in foreign operations. The corresponding amounts at
31 December 2022 were for the sale of EUR 12 million. Gains or
losses on such hedging instruments are recognised in other
comprehensive income as an offset to gains or losses on
translation of the foreign operations. There is an economic
relationship between the hedged items and the hedging
instruments as the net investments create a translation risk
matching the foreign exchange risk of the hedging instruments.
The underlying risk of the hedging instrument is identical to the
hedged risk component. Any hedge ineffectiveness will arise if the
carrying amount of the net investments is lower than the amount of
the hedging instruments.
Cash flows in foreign currencies relating to considerable
investments or significant individual transactions are hedged by
using financial instruments. At year-end 2023 and 2022 the Group
had no such forward contracts.
Fair value of all the contracts accounted for as hedges was
NOK 4 million as at 31 December 2023 and NOK -1 million as at
31 December 2022. Fair value of other forward contracts was
NOK 17 million as at 31 December 2023 and NOK -9 million as at
31 December 2022.
The Group\u2019s foreign exchange exposure relating to operations is
relatively low, since most of the cash flows take place in the
individual businesses' local currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "Financial risks Schibsted is exposed to financial risks, such as currency risk, interest rate risk, credit risk and liquidity risk. Group Treasury is responsible for keeping the Group's exposure in these financial risks in accordance with the financial strategy over time. Schibsted is further exposed to equity price risk from venture investing activities and derivatives on equity instruments. Credit risk Trade receivables are diversified through a high number of customers, customer categories and markets. Trade receivables consist of a combination of prepaid subscription or advertisements and sales invoiced after delivery of the product. For some receivables there is no or very little credit risk (prepaid subscription and payments made by credit card at purchase date) and for other receivables the credit risk is higher. Credit risk will also vary among countries in which Schibsted operates. To some extent credit insurance is also used. In total the credit risk is considered low. Net carrying amount of the Group's financial assets, except for equity instruments, represents maximum credit exposure, and the exposure as at 31 December 2023 is disclosed in Note 27 Financial instruments by category. Exposure related to the Group's trade receivables is disclosed in Note 21 Trade receivables and contract assets. Schibsted has a conservative placement policy. Excess liquidity is temporarily placed in the Group's cash pool and with other core relationship banks. Schibsted requires all relationship banks to have a certain rating.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "Currency risk Schibsted has Norwegian kroner (NOK) as its base currency, but is through its operations outside Norway also exposed to fluctuations in the exchange rates of other currencies, mainly Swedish kronor (SEK), Danske kroner (DKK) and Euro (EUR). Schibsted has currency risks linked to both balance sheet monetary items and net investments in foreign operations. The Group makes use of loans in foreign currencies and financial derivatives (forward contracts and cross currency swaps) to reduce this currency exposure. The loans in foreign currencies and the financial derivatives are managed actively in accordance with the Group\u2019s financial strategy. As at 31 December 2023 the Group had entered into several forward contracts as well as interest rate and cross currency swap agreements. Schibsted follows a currency hedging strategy where parts of net investments in foreign operations are hedged. Currency gains and losses relating to borrowings and forward contracts which effectively hedge net investments in foreign operations are recognised in Other comprehensive income until the foreign operation is disposed of. Other currency gains and losses are recognised in the income statement on an ongoing basis as financial income or expenses. As at 31 December 2023 and 31 December 2022 Schibsted has the following forward contracts, which all mature within 12 months:
2023
2022
Currency
Amount
NOK
Amount
NOK
Forward contracts, sale
SEK
940
952
1,135
1,073
Forward contracts, sale
EUR
15
173
12
121
Forward contracts, sale
DKK
455
686
220
311
Forward contracts, buy
EUR
6
67
-
-
Of which are accounted for as hedges of net investments in foreign operations:
2023
2022
Currency
Amount
NOK
Amount
NOK
Forward contracts net investment Finland,
sale
EUR
15
173
12
121
Forward contracts for the sale of EUR 15 million are at 31 December 2023 designated as a hedge of the foreign exchange risk of net investments in foreign operations. The corresponding amounts at 31 December 2022 were for the sale of EUR 12 million. Gains or losses on such hedging instruments are recognised in other comprehensive income as an offset to gains or losses on translation of the foreign operations. There is an economic relationship between the hedged items and the hedging instruments as the net investments create a translation risk matching the foreign exchange risk of the hedging instruments. The underlying risk of the hedging instrument is identical to the hedged risk component. Any hedge ineffectiveness will arise if the carrying amount of the net investments is lower than the amount of the hedging instruments. Cash flows in foreign currencies relating to considerable investments or significant individual transactions are hedged by using financial instruments. At year-end 2023 and 2022 the Group had no such forward contracts. Fair value of all the contracts accounted for as hedges was NOK 4 million as at 31 December 2023 and NOK -1 million as at 31 December 2022. Fair value of other forward contracts was NOK 17 million as at 31 December 2023 and NOK -9 million as at 31 December 2022. The Group\u2019s foreign exchange exposure relating to operations is relatively low, since most of the cash flows take place in the individual businesses' local currency. As at 31 December 2023 Schibsted has the following cross currency swaps, which mature in 2024, 2025, 2026 and 2027:
Currency
NOK to
Currency
payment
receive
Cross currency swap
DKK
370
Cibor 3 months + margin
500
Nibor 3 months + margin
Cross currency swap
DKK
117
Cibor 3 months + margin
150
Nibor 3 months + margin
Cross currency swap
DKK
117
Cibor 3 months + margin
150
Nibor 3 months + margin
The cross currency swap agreements are linked to floating rate notes and match the payments partly or completely during the contract period. The fair value of the agreements was NOK -112 million as at 31 December 2023 and NOK -72 million as at 31 December 2022. In addition to the above contracts, a loan from the Nordic Investment Bank of EUR 11.54 million was accounted for as hedge of net investment in foreign operations (Finland). As at 31 December 2023, 4 per cent of the Group's interest-bearing debt and derivatives was in EUR, 17 per cent was in SEK and 28 per cent was in DKK. As at 31 December 2022, 5 per cent of the Group's interest-bearing debt and derivatives was in EUR, 17 per cent was in SEK and 23 per cent was in DKK. The sensitivity of exchange rate fluctuations is as follows: if NOK changes by 10 per cent compared to the actual rate as at 31 December 2023 for SEK, EUR and DKK, the carrying amount of the Group's net interest-bearing debt and currency derivatives in total will change by approximately NOK 290 million. Such currency effects will have a limited effect on Group profits since changes in value will be tied to instruments hedging the net foreign investments or matching interest-bearing loans to non-Norwegian subsidiaries. A change in exchange rates also affects the translation of net foreign assets to NOK. The effect of a 10 per cent change in currency rates will affect equity by approximately NOK 4.6 billion, mainly related to the investment in Adevinta, and will be recognised in other comprehensive income. The equity effect of these changes is to some extent reduced by the Group's currency hedging, where changes in the value of net foreign assets are mitigated by changes in the value of the Group's foreign- denominated interest- bearing borrowings and currency derivatives. Interest rate risk Schibsted has floating interest rates on most of its interest-bearing loans and borrowings according to the financial strategy, see Note 26 Interest-bearing loans and borrowings, and is thereby influenced by changes in the interest market. An increase of 1 percentage point in Schibsted's floating interest rate means a change in net interest expenses of approximately NOK 44 million. The interest rate swap agreement has been entered into to swap the bond issued in 2022 and 2023 from fixed interest rates to floating interest rates based on Nibor 3 months with addition of a margin. As at 31 December 2023 Schibsted has the following interest rate swap agreement in NOK million with maturity in 2029:
Amount
Pay
Receive
Interest rate swap
400
Nibor 3 months + margin
3.95%
Interest rate swap
250
Nibor 3 months + margin
4.85%
Interest rate swap
250
Nibor 3 months + margin
4.85%
As at 31 December 2023 the fair value of the interest rate swap agreements was NOK 5.54 million. The interest rate swaps involving fixed rates are accounted for as hedges with a corresponding loss related to the hedged item.
Equity price risk
Schibsted invests in various venture companies and is
consequently exposed to equity price risk for listed and non-listed
securities. All such investments are made within defined
authorisation levels. See Note 22 Equity Instruments for details on
carrying amounts.
As disclosed in Note 5 Investments in joint ventures and associates, a voluntary tender offer to acquire all of the shares of Adevinta ASA was launched in December 2023 by Aurelia Bidco Norway AS (the \"Offeror\"). Schibsted supported the offer and agreed, subject to completion of the offer, to sell 60 per cent of its 28.1 per cent stake in Adevinta. Schibsted entered into a total return swap in December 2022, which was extended in March, May and December 2023, where the latest extension gives Schibsted financial exposure to any change in the fair value of the underlying 36,748,289 shares from the initial amount of NOK 111.80 per share. IBOR reform Schibsted is following the progress of the IBOR reform - the global reform of interest rate benchmarks, which eventually will replace some interbank offered rates (IBOR) with alternative benchmark rates. Schibsted is exposed to the following base rates that potentially will affect the hedge accounting when the IBOR reform is implemented: EURIBOR, STIBOR, CIBOR and NIBOR. None of these IBOR rates are scheduled to be replaced.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "Liquidity risk At year-end the Group's portfolio of loans and loan facilities is well diversified both regarding maturity profile and lenders. As at 31 December 2023 Schibsted has a long-term liquidity reserve of NOK 4,652 million and net interest-bearing debt is NOK 4,372 million. The liquidity reserve corresponds to 30 per cent of the Group\u2019s turnover. At the end of 2022 Schibsted's long- term liquidity reserve was NOK 6,892 million, and net interest- bearing debt was NOK 2,616 million, where the liquidity reserve corresponded to 45 per cent of the Group's turnover.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "Note 26 - Interest-bearing loans and borrowings
Carrying amount
Fair value (1)
Non-current interest-bearing liabilities
2023
2022
2023
2022
Currency
Coupon
Bonds
ISIN
NO0010786866
(2017-2024)
500
500
501
500
NOK
FRN: Nibor 3 months + 120 bps
ISIN NO0010797541
(2017-2023) (2)
-
349
-
350
NOK
FRN: Nibor 3 months + 145 bps
ISIN
NO0010797558
(2017-2023)
-
300
-
298
NOK
2.825%
ISIN
NO0010878960
(2020-2023)
-
1,000
-
1,010
NOK
FRN: Nibor 3 months + 240 bps
ISIN
NO0011157323
(2021-2026)
1,000
1,000
991
969
NOK
FRN: Nibor 3 months + 78 bps
ISIN
NO0012484486
(2022-2027)
600
600
599
585
NOK
FRN: Nibor 3 months + 120 bps
ISIN
NO0012484494
(2022-2029)
400
400
386
377
NOK
3.95%
ISIN
NO0012911306
(2023-2028)
500
-
503
-
NOK
FRN: Nibor 3 months + 145 bps
ISIN NO0012911231
(2023-2030)
500
-
502
-
NOK
4.85%
Total bonds
3,500
4,149
3,481
4,089
- of which current interest-bearing liabilities
500
1,649
501
1,658
Bank loans
1,836
2,112
1,836
2,112
Other loans
36
17
36
17
Total non-current interest-bearing liabilities
4,872
4,630
4,852
4,560
Current interest-bearing liabilities
Bonds, maturity <1 year
500
1,649
501
1,658
Bank loans, overdrafts
280
74
280
74
Other loans
-
1
-
1
Total current interest-bearing liabilities
780
1,724
780
1,733
Total interest-bearing liabilities
5,652
6,354
5,633
6,293
(1) The fair value of exchange-traded bonds is quoted prices, whereas book values are assumed to represent fair value for other loans. Schibsted has issued two bonds with fixed interest rates, and both bonds are hedged with interest rate swap agreements implying floating interest rates in practice. The nominal interest rate is not an expression of the Group\u2019s actual interest cost, as various cross currency swaps have been entered into. Contractual amount in NOK million of interest-bearing loans and borrowings breaks down as follows by currency:
Interest-bearing
liabilities
2023
2022
NOK
5,536
6,168
EUR
130
202
Total contractual amount
5,666
6,370
Credit facilities Schibsted has a long-term multi-currency revolving credit facility of EUR 300 million. The facility was not drawn at the end of 2023. In addition, Schibsted has a term loan of NOK 2,000 million. For both these loan agreements, the lenders consist of Nordic and international banks. Schibsted also has a loan from the Nordic Investment Bank. The loan amounted to EUR 11.5 million at the end of 2023. The loan follows a repayment schedule and will be finally repaid in 2025. The agreements have interest terms based on the relevant IBOR rate with the addition of a margin. For the credit facility of EUR 300 million there is also a commitment fee to maintain the facility\u2019s availability.
Maturity profile interest-bearing liabilities and unutilised credit
facilities (contractual amounts):
Interest-bearing
Unutilised
liabilities credit facilities
2023
2022
2023
2022
Maturity <3 months
500
-
-
-
Maturity 3 months-1 year
286
1,731
-
-
Maturity 1-2 years
1,844
2,581
-
-
Maturity 2-5 years
2,111
1,651
3,372
3,154
Maturity >5 years
924
407
-
-
Total contractual amount
5,666
6,370
3,372
3,154
The Group also holds cash pools and bank accounts with short-
term credit lines. Unutilised credit lines on these accounts are not
included in the table.
Guarantees and pledges
The Group has provided guarantees of NOK 29 million and has
pledged NOK 25 million of cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "Note 27 - Financial instruments by category Principle The Group initially recognises loans, receivables and deposits on the date that they are originated. All other financial assets and financial liabilities (including financial assets designated at fair value through profit or loss or other comprehensive income) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs. The Group classifies at initial recognition its financial instruments in one of the following categories: Financial assets or financial liabilities at fair value through profit or loss, Financial assets at amortised cost, Equity instruments designated at fair value through OCI and Financial liabilities at amortised cost. The classification depends on both the entity\u2019s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. Financial assets or financial liabilities at fair value through profit or loss are financial assets and liabilities held for trading and acquired or incurred primarily with a view of sale or repurchase in the near term. Financial derivatives are included in the balance sheet items Trade receivables and other current assets, Other non- current assets, Other current liabilities and Other non- current liabilities. These financial assets and liabilities are measured at fair value when recognised initially, and transaction costs are charged to expense as incurred. Subsequently, the instruments are measured at fair value, with changes in fair value, including interest income, recognised in profit or loss as financial income or financial expenses, unless they are designated and effective hedging instruments. Financial assets at amortised cost are assets giving rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. The category is included in the balance sheet items Other non- current assets, Trade receivables and other current assets and Cash and cash equivalents. Financial assets at amortised cost are recognised initially at fair value plus directly attributable transaction costs. Subsequently, the assets are measured at amortised cost using the effective interest method, reduced by any impairment loss. Effective interest related to financial assets at amortised cost is recognised in profit or loss as Financial income. The carrying amounts of trade and other current payables are assumed to be approximately the same as their fair values, due to their short -term nature. Short-term loans and receivables are for practical reasons not amortised. For principles related to equity instruments see Note 22 Equity instruments. Financial liabilities not included in any of the above categories are classified as financial liabilities at amortised cost. The category other financial liabilities is included in the balance sheet items Non -current interest-bearing loans and borrowings, Non-current lease liabilities, Other non -current liabilities, Current interest- bearing loans and borrowings, Current lease liabilities and Other current liabilities. After initial measurement, financial liabilities at amortised cost are measured at amortised cost using the effective interest method. Effective interest is rec ognised in income as financial expenses. Short -term financial liabilities are for practical reasons not amortised. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Any rights and obligations created or retained in such a transfer are recognised separately as assets or liabilities. Financial assets and liabilities are offset and the net amount is presented in the Statement of financial position when the Group has a legal right to offset the amounts and intends to settle on a net basis or to realise the asset and settle the liability simultaneously. Schibsted has assessed at each balance sheet date the general pattern of deterioration or improvement in the credit quality of financial instruments. The amount of Expected Credit Loss (ECL) recognised as a loss allowance or provision depends on the extent of credit deterioration since initial recognition. The simplified approach using life -time ECL forms the basis for the assessment. For Tra de receivables and other current assets Schibsted has applied the practical expedient to the carrying amount through the use of an allowance account reflecting the lifetime expected credit losses. The loss is recognised as other operating expenses in the income statement. Impairment of all other financial assets are recognised as Financial expenses. Fair value of financial instruments is based on quoted prices at the balance sheet date in an active market if such markets exist. If an active market does not exist, fair value is established by using valuation techniques that are expected to provide a reliable estimate of the fair value. The fair value of listed securities is based on current bid prices. The fair value of unlisted securities is based on transactions, either carried through or in comparable securities, or on cash flows discounted using an applicable risk - free market interest rate and a risk premium spec ific to the unlisted securities. Fair value of forward contracts is estimated based on the difference between the spot forward price of the contracts and the closing rate at the date of the balance sheet. The forward rate addition and deduction is recognised as interest income or interest expense. Fair value of interest and currency swaps is estimated based on discounted cash flows, where future interest rates are derived from market-based future rates. Financial assets and liabilities measured at fair value are classified according to valuation method: Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Only investments in listed equity instruments are included in Level 1. Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Financial derivatives are included in Level 2. Level 3: Valuation based on inputs for the asset or liability that are unobservable market data. Level 3 investments include non - listed equity instruments, contingent consideration and financial liabilities for obligations to acquire non -controlling interests. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. Changes in fair value recognised in other comprehensive income is recognised in the line item Change in fair value of equity instruments . Changes in fair value recognised in profit or loss are presented in the line items Other income, Other expenses, Financial income and Financial expenses. Hedges On initial designation of a hedge, the Group formally documents the relationship between the hedging instrument(s) and the hedged item(s), including risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows for the resp ective hedged items during the period for which the hedge is designated. Gains or losses related to loans or currency derivatives in foreign currencies, designated as hedging instruments in a hedge of a net investment in a foreign operation, are recognised in other comprehensive income until disposal of the operation. Carrying amount of financial assets and liabilities divided into categories:
Financial assets
Financial
Financial
and liabilities assets Equity liabilities
at fair value at instruments at
through profit amortised at fair value amortised
31 December 2023
Note
(loss)
1)
cost
through OCI
cost
Total
Other non-current assets
20
704
44
123
-
871
Trade receivables and other current assets
20,21
46
1,868
-
-
1,913
Cash and cash equivalents
2)
-
1,279
-
-
1,279
Total assets
750
3,191
123
-
4,064
Non-current interest-bearing loans and
borrowings
26
-
-
-
4,872
4,872
Other non-current liabilities
24
58
-
-
120
178
Current interest-bearing loans and borrowings
26
-
-
-
780
780
Lease liabilities
19
-
-
-
2,237
2,237
Other current liabilities
24
188
-
-
2,126
2,314
Total liabilities
247
-
-
10,134
10,381
1) Including financial derivatives qualified for hedge accounting. 2) As at 31 December 2023 Cash and cash equivalents solely consists of bank deposits, including restricted cash of NOK 79 million.
Financial assets
Financial
Financial
and liabilities assets Equity liabilities
at fair value at instruments at
through profit amortised at fair value amortised
31 December 2022
Note
(loss)
1)
cost
through OCI
cost
Total
Other non-current assets
20
772
32
133
-
937
Trade receivables and other current assets
20,21
4
1,775
-
-
1,779
Cash and cash equivalents
2)
-
3,738
-
-
3,738
Total assets
776
5,545
133
-
6,454
Non-current interest-bearing loans and
borrowings
26
-
-
-
4,630
4,630
Other non-current liabilities
24
185
-
-
116
301
Current interest-bearing loans and borrowings
26
-
-
-
1,724
1,724
Lease liabilities
19
-
-
-
2,080
2,080
Other current liabilities
24
476
-
-
1,992
2,468
Total liabilities
661
-
-
10,542
11,203
1) Including financial derivatives qualified for hedge accounting.
2) As at 31 December 2022 Cash and cash equivalents solely consists of bank deposits, including restricted cash of NOK 62 million.
The fair value of the Group\u2019s financial derivatives:
Assets
Liabilities
2023
2022
2023
2022
Forward contracts
35
4
14
15
Interest rate and cross currency swaps
6
-
112
73
Total return swap
5
-
-
438
Other
4
4
5
2
Total
50
9
131
528
The Group's financial assets and liabilities measured at fair value, analysed by valuation method:
31 December 2023
Level 1
Level 2
Level 3
Total
Equity instruments at fair value through OCI
-
-
123
123
Financial assets at fair value through profit or loss
63
50
637
750
Financial liabilities at fair value through profit or loss
-
131
116
247
Financial liabilities for obligations to acquire non-controlling
interests recognised in equity (Note 23)
-
-
217
217
(restated)
(restated)
31 December 2022
Level 1
Level 2
Level 3
Total
Equity instruments at fair value through OCI
-
-
133
133
Financial assets at fair value through profit or loss
62
8
706
776
Financial liabilities at fair value through profit or loss
-
528
133
661
Financial liabilities for obligations to acquire non-controlling
interests recognised in equity (Note 23)
-
-
627
627
Changes in level 3 instruments:
(restated)
2023
2022
As at 1 January
79
215
Additions
19
(254)
Disposals
(17)
-
Transition from (to) subsidiaries, joint ventures, associates and receivables
(4)
(22)
Settlements
287
33
Changes in fair value recognised in equity
149
28
Changes in fair value recognised in other comprehensive income
(20)
30
Changes in fair value recognised in profit or loss
(66)
48
As at 31 December
427
79
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "The Group initially recognises loans, receivables and deposits on the date that they are originated. All other financial assets and financial liabilities (including financial assets designated at fair value through profit or loss or other comprehensive income) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs. The Group classifies at initial recognition its financial instruments in one of the following categories: Financial assets or financial liabilities at fair value through profit or loss, Financial assets at amortised cost, Equity instruments designated at fair value through OCI and Financial liabilities at amortised cost. The classification depends on both the entity\u2019s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. Financial assets or financial liabilities at fair value through profit or loss are financial assets and liabilities held for trading and acquired or incurred primarily with a view of sale or repurchase in the near term. Financial derivatives are included in the balance sheet items Trade receivables and other current assets, Other non- current assets, Other current liabilities and Other non- current liabilities. These financial assets and liabilities are measured at fair value when recognised initially, and transaction costs are charged to expense as incurred. Subsequently, the instruments are measured at fair value, with changes in fair value, including interest income, recognised in profit or loss as financial income or financial expenses, unless they are designated and effective hedging instruments. Financial assets at amortised cost are assets giving rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. The category is included in the balance sheet items Other non- current assets, Trade receivables and other current assets and Cash and cash equivalents. Financial assets at amortised cost are recognised initially at fair value plus directly attributable transaction costs. Subsequently, the assets are measured at amortised cost using the effective interest method, reduced by any impairment loss. Effective interest related to financial assets at amortised cost is recognised in profit or loss as Financial income. The carrying amounts of trade and other current payables are assumed to be approximately the same as their fair values, due to their short -term nature. Short-term loans and receivables are for practical reasons not amortised. For principles related to equity instruments see Note 22 Equity instruments. Financial liabilities not included in any of the above categories are classified as financial liabilities at amortised cost. The category other financial liabilities is included in the balance sheet items Non -current interest-bearing loans and borrowings, Non-current lease liabilities, Other non -current liabilities, Current interest- bearing loans and borrowings, Current lease liabilities and Other current liabilities. After initial measurement, financial liabilities at amortised cost are measured at amortised cost using the effective interest method. Effective interest is rec ognised in income as financial expenses. Short -term financial liabilities are for practical reasons not amortised. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Any rights and obligations created or retained in such a transfer are recognised separately as assets or liabilities. Financial assets and liabilities are offset and the net amount is presented in the Statement of financial position when the Group has a legal right to offset the amounts and intends to settle on a net basis or to realise the asset and settle the liability simultaneously. Schibsted has assessed at each balance sheet date the general pattern of deterioration or improvement in the credit quality of financial instruments. The amount of Expected Credit Loss (ECL) recognised as a loss allowance or provision depends on the extent of credit deterioration since initial recognition. The simplified approach using life -time ECL forms the basis for the assessment. For Tra de receivables and other current assets Schibsted has applied the practical expedient to the carrying amount through the use of an allowance account reflecting the lifetime expected credit losses. The loss is recognised as other operating expenses in the income statement. Impairment of all other financial assets are recognised as Financial expenses. Fair value of financial instruments is based on quoted prices at the balance sheet date in an active market if such markets exist. If an active market does not exist, fair value is established by using valuation techniques that are expected to provide a reliable estimate of the fair value. The fair value of listed securities is based on current bid prices. The fair value of unlisted securities is based on transactions, either carried through or in comparable securities, or on cash flows discounted using an applicable risk - free market interest rate and a risk premium spec ific to the unlisted securities. Fair value of forward contracts is estimated based on the difference between the spot forward price of the contracts and the closing rate at the date of the balance sheet. The forward rate addition and deduction is recognised as interest income or interest expense. Fair value of interest and currency swaps is estimated based on discounted cash flows, where future interest rates are derived from market-based future rates. Financial assets and liabilities measured at fair value are classified according to valuation method: Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Only investments in listed equity instruments are included in Level 1. Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Financial derivatives are included in Level 2. Level 3: Valuation based on inputs for the asset or liability that are unobservable market data. Level 3 investments include non - listed equity instruments, contingent consideration and financial liabilities for obligations to acquire non -controlling interests. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. Changes in fair value recognised in other comprehensive income is recognised in the line item Change in fair value of equity instruments . Changes in fair value recognised in profit or loss are presented in the line items Other income, Other expenses, Financial income and Financial expenses. Hedges On initial designation of a hedge, the Group formally documents the relationship between the hedging instrument(s) and the hedged item(s), including risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows for the resp ective hedged items during the period for which the hedge is designated. Gains or losses related to loans or currency derivatives in foreign currencies, designated as hedging instruments in a hedge of a net investment in a foreign operation, are recognised in other comprehensive income until disposal of the operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Note 28 - Equity Principle Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of treasury shares. Consideration paid or received is recognised directly in equity. The transaction costs of issuing or acquiring own equity instruments are accounted for as a deduction from equity, net of any related income tax benefit. The development in share capital and other paid-in equity is set out in the Consolidated statement of changes in equity. The development in the number of issued and outstanding shares:
Number of A-shares
Number of B-shares
Total number of shares
Shares
Trea sur y
Shares
Trea sur y
Shares
Trea sur y
outstanding
shares
Issued
outstanding
shares
Issued
outstanding
shares
Issued
As at 31 December 2021
104,459,958
-
104,459,958
129,576,901
224,16 5
129,801,066
234,036,859
224,16 5
234,261,024
Increase in treasury shares
(434,100)
434,100
-
(1,329,922)
1,329,922
-
(1,764,022)
1,764,022
-
Decrease in treasury shares
-
-
-
384,150
(3 84,150)
-
384,150
(3 84,1
50)
-
As at 31 December 2022
104,025,858
434,100
104,459,958
128,631,129
1,169,937
129,801,066
232,656,987
1,604,037
234,261,024
Redemption of treasury shares
-
(1
,4
97, 6 8 0)
(1 ,4 97, 6 8 0)
-
(1,830,375)
(1,830,375)
-
(3,328,055)
(3,328,055)
Increase in treasury shares
(3,487,526)
3 , 4
87, 52 6
-
(4,264,032)
4,264,032
-
( 7,7 5 1
, 5 5 8)
7,7
51 , 5 5 8
-
Decrease in treasury shares
-
-
-
311,949
(311,949)
-
311,949
(311,949)
-
As at 31 December 2023
100,538,332
2,423,946
102,962,278
124,679,046
3,291,645
127,970,691
225,217,378
5,715,591
230,932,969
In 2023, the share capital of Schibsted ASA was reduced by NOK 1,664,028 through the redemption of 3,328,055 treasury shares (1 , 4 97, 6 80 A-shares and 1,830,375 B-shares). After the redemption, the share capital is NOK 115,466,485 split on 102,962,278 A-shares and 12 7, 97 0, 6 9 1 B-shares each with a nominal value of NOK 0.50. The B-shares are carrying equal rights as A-shares in all respects except that the A-shares have 10 votes per share while the B-shares have one vote per share. No shareholder may own more than 30 per cent of the shares or vote for more than 30 per cent of the total number of votes which may be cast under the Company's Articles of Association. The Annual Shareholder's Meeting has given the Board authorisation to acquire company's shares up to a total nominal value of NOK 11,546,648 as treasury shares. The authorisation was renewed at the Annual Shareholder's Meeting on 28 April 2023 for a period until the Annual Shareholder's Meeting in 2024. At the Annual Shareholder's Meeting on 26 April 2024 the Board is expected to propose a resolution to extend the authorisation for the Board to acquire and dispose of up to 10 per cent of the share capital in Schibsted ASA according to the Norwegian Public Limited Liability Companies Act under the conditions evident from the notice of the Annual Shareholder's Meeting. In 2023, Schibsted acquired 3, 4 87, 526 treasury A-shares and 4,264,032 treasury B-shares at a total purchase price of NOK 1,520 million. These treasury shares were acquired as part of the buyback programme launched in December 2022 for acquisition of up until 4 per cent of the total amount of outstanding shares. The buyback programme was completed in September 2023. Schibsted has in 2023 transferred a total of 96,130 treasury B- shares to key managers in connection with share-based payment plans. Fair value of treasury shares transferred was NOK 21 million. In 2023, 215,819 treasury B-shares were sold and transferred in connection with an employee share saving plan. Total consideration was NOK 35 million. The Board proposes to allocate NOK 2.00 per share, corresponding to approximately NOK 450 million, to dividend payments for 2023 (to be paid in May 2024).
Hedging reserves
Hedging reserves as presented in the statement of changes in
equity can be split as follows:
2023
2022
Cash flow hedges
(19)
(12)
Total hedging reserves
(19)
(12)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Note 29 - Non-controlling interests Principle Non-controlling interests is the equity in a subsidiary not attributable, directly or indirectly, to the parent Schibsted ASA. Non- controlling interests are presented in the consolidated balance sheet within equity, separately from the equity of the owners of the parent. Profit (loss) and comprehensive income attributable to non -controlling interests are disclosed as allocations for the period of profit (loss) and comprehensive income attributable to non -controlling interests and owners of the parent, respectively.
2023
2022
Group
Location
Non-
Profit (loss)
Accumulated
Dividends
Non-
Profit (loss)
Accumulated
Dividends
controlling attributable NCI paid to controlling attributable NCI paid to
interest (%) to NCI NCI interest (%) to NCI (restated) NCI
Finn.no group
Oslo, Norway
9.99%
98
96
89
9.99%
96
86
74
Plick AB
Stockholm, Sweden
49.00%
(19)
22
-
49.00%
(13)
39
-
Podme group
Oslo, Norway
8.98%
(6)
-
-
8.98%
(9)
-
-
Helthjem Netthandel AS
Oslo, Norway
34.00%
-
10
-
34.00%
(7)
10
-
Comparamais Lda
Lisbon, Portugal
-
(1)
-
-
28.50%
(4)
1
-
Aftonbladet Hierta AB
Stockholm, Sweden
9.00%
4
-
8
9.00%
4
-
12
Other
(7)
13
2
(5)
25
2
Total
68
142
99
60
161
88
When Schibsted is obligated to acquire non-controlling interests, the related accumulated non-controlling interest is derecognised. Summarised financial information for subsidiaries with material non-controlling interests:
Finn.no group
2023
2022
Cash and cash equivalents
1,325
1,136
Other current assets
312
268
Non-current assets excluding goodwill
430
462
Goodwill
487
487
Total assets
2,554
2,354
Current liabilities
1,567
1,463
Non-current liabilities
245
252
Total liabilities
1,811
1,715
Operating revenues
3,196
2,829
Profit (loss)
927
919
Comprehensive income
931
930
Net cash flow from operating activities
1,339
1,323
Net cash flow from investing activities
(78)
(133)
Net cash flow from financing activities
(1,073)
(944)
Net increase (decrease) in cash and cash equivalents
189
246
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "Note 30 - Supplemental information to the consolidated statement of cash flows Principle The statement of cash flows is prepared under the indirect method. Cash and cash equivalents consist of bank deposits and other monetary instruments with a maturity of three months or less. Aggregate cash flows arising from obtaining control of subsidiaries and businesses:
2023
2022
Cash in acquired companies
9
57
Acquisition cost other current assets
5
30
Acquisition cost non-current assets
74
551
Aggregate acquisition cost assets
88
637
Non-controlling interests and liabilities
(35)
(97)
assumed
Consideration deferred
-
(33)
Fair value of previously held equity interest
(10)
-
Gross purchase price
43
507
Cash in acquired companies
(9)
(57)
Acquisition of subsidiaries, net of cash
33
451
acquired
Aggregate cash flows arising from losing control of subsidiaries and businesses:
2023
2022
Cash in sold companies
79
-
Carrying amount other current assets
5
-
Carrying amount non-current assets
54
-
Aggregate carrying amount assets
138
-
Equity and liabilities transferred
(44)
(1)
Gain (loss)
(9)
1
Gross sales price
86
-
Cash in sold companies
(79)
-
Non-cash consideration and non-cash items
(59)
-
in gain (loss)
Proceeds from sale of subsidiaries, net of
cash sold
(52)
-
Change in ownership interests in subsidiaries consists of:
2023
2022
Increase in ownership interest - from
(287)
-
settlement of financial liabilities for
obligations to acquire non
-controlling
interests
Increase in ownership interest - from
settlement of contingent
considerations
-
(33)
Change in ownership interests in
subsidiaries
(287)
(33)
Changes in liabilities arising from financing activities:
Interest-bearing loans and
Put
Lease liabilities
borrowings (Note 26) obligations (Note 19)
As at 1 January 2023
6,354
627
2,080
Cash flow from financing activities
- New interest-bearing loans and borrowings
1,017
-
-
- Repayment of interest-bearing loans and borrowings
(1,741)
-
-
- Payment of principal portion of lease liabilities
-
-
(385)
- Change in ownership interests in subsidiaries
-
(287)
-
Non-cash changes
-
(128)
485
Business combinations and loss of control
4
-
(3)
Foreign exchange differences
16
6
61
Other
2
-
-
As at 31 December 2023
5,652
217
2,237
Put obligations are included in Other non-current liabilities and Other current liabilities in the balance sheet. See also Note 24 Other non- current and current liabilities and Note 23 Financial liabilities related to business combinations and increases in ownership interests.
Interest-bearing loans and
Put
Lease liabilities
borrowings (Note 26) obligations (Note 19)
(restated)
As at 1 January 2022
6,866
213
1,543
Cash flow from financing activities
- New interest-bearing loans and borrowings
3,158
-
-
- Repayment of interest-bearing loans and borrowings
(3,669)
-
-
- Payment of principal portion of lease liabilities
-
-
(333)
Non-cash changes
-
415
871
Business combinations and loss of control
-
-
16
Foreign exchange differences
1
(1)
(16)
Other
(1)
-
(1)
As at 31 December 2022
6,354
627
2,080
The consolidated statement of cash flows includes the following cash flow related to continuing operations:
2023
2022
Profit (loss) before taxes from continuing operations
17,163
(22,244)
Depreciation, amortisation and impairment losses (recognised or reversed)
(20,401)
23,971
Net interest expense
358
267
Net effect pension liabilities
(88)
(22)
Share of loss (profit) of joint ventures and associates
6,328
482
Dividends received from joint ventures and associates
25
56
Interest received
105
24
Interest paid
(425)
(266)
Taxes paid
(327)
(260)
Sales losses (gains) non-current assets and other non-cash losses (gains)
(1,117)
(233)
Change in working capital and provisions
87
(90)
Net cash flow from operating activities from continuing operations
1,708
1,684
Development and purchase of intangible assets and property, plant and equipment
(1,047)
(1,048)
Acquisition of subsidiaries, net of cash acquired
(33)
(451)
Investment in other shares
(154)
(438)
Proceeds from sale of intangible assets and property, plant and equipment
4
3
Proceeds from sale of subsidiaries, net of cash sold
(21)
-
Sale of other shares
17
4,548
Net change in other investments
565
1
Net cash flow from investing activities from continuing operations
(669)
2,616
New interest-bearing loans and borrowings
1,017
3,158
Repayment of interest-bearing loans and borrowings
(1,741)
(3,669)
Payment of principal portion of lease liabilities
(385)
(333)
Change in ownership interests in subsidiaries
(287)
(33)
Net sale (purchase) of treasury shares
(1,520)
(239)
Dividends paid to owners of the parent
(459)
(468)
Dividends paid to non-controlling interests
(99)
(88)
Net cash flow from financing activities from continuing operations
(3,474)
(1,672)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "Note 31 - Transactions with related parties Schibsted ASA has direct and indirect control of around 100 entities in various parts of the world. Directly-owned subsidiaries are presented in Note 10 Subsidiaries and associates to the financial statements for the parent company. Schibsted has ownership interests in joint ventures and associates, see Note 5 Investments in joint ventures and associates. Transactions with joint ventures and associates are mainly related to printing and distribution services and product and technology development for news content with Polaris Media ASA and Romerike Mediadistrubusjon AS in Norway and Pressens Morgontj\u00e4nst KB in Sweden. For loans to joint ventures and associates see Note 20 Trade receivables and other non-current and current assets. For loans from joint ventures and associates, see Note 24 Other non-current and current liabilities. For remuneration to executive management, see Note 8 Personnel expenses and remuneration. Remuneration to the Board of Directors earned in 2023 (in NOK 1,000):
Board
remuneration from
Board Committee other Group Tota l
Members of the Board and Committees:
remuneration
remuneration
companies
remuneration
Karl-Christian Agerup, Chairman of the Board and Member of
the Compensation Committee.
1,307
98
-
1,405
Rune Bjerke, Deputy Chairman of the Board and Chairman of
Audit Committee.
956
221
-
1,177
Philippe Vimard, Board member and Chairman of the
Compensation Committee.*
697
150
-
847
Satu Huber, Board member. Member of the Compensation
647
67
-
714
Committee from May 2023.*
Hugo Maurstad, Board member.
597
-
-
597
Satu Kiiskinen, Board member and Member of the Audit
647
136
-
783
Committee.*
Dr. Ulrike Handel, Board member and Member of the Audit
471
92
-
563
Committee from May 2023.*
Hans Kristian Mjelva, Employee representative. Member of the
Compensation Committee from June 2023*.
647
67
-
714
Maria Elisabet Carling, Employee representative from June 2023.
465
-
-
465
Deputy employee representative until May 2023.*
Marita E. Valvik, Employee representative from June 2023.
405
-
-
405
Henning Spjelkavik, Deputy employee representative.
83
-
55
138
H\u00e9l\u00e8ne Barnekow, Board member and Member of the Audit
209
44
-
253
Committee until April 2023.*
Ingunn Saltbones, Employee representative and Member of the
Compensation Committee until May 2023.
193
32
-
224
Torbj\u00f6rn Harald Ek, Employee representative until May 2023.*
209
-
-
209
Total
7, 5 34
906
55
8,495
* Board remuneration includes compensation for travelling hours for directors who do not live in Oslo. Remuneration of the Nomination Committee Remuneration to the Chair of the Nomination Committee earned in 2023 was NOK 150,667 and NOK 93,333 to the other members of the committee. The fees presented above reflect the fees approved in the Annual General Meeting for the period 2022-2023 and 2023-2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "
Note 32 - Auditors' remuneration
Details on fees to the Group\u2019s auditors for the fiscal year 2023
(excl. VAT):
Other
Tax
Other
Audit attestation advisory non-audit
services services services
services
Total
Schibsted Group
PWC
14
1
-
2
17
Other auditors
1
-
1
-
2
Tota l
15
1
1
2
19
Schibsted ASA
PWC
3
-
-
-
3
Details on fees to the Group\u2019s auditors for the fiscal year 2022
(excl. VAT):
Other
Tax
Other
Audit attestation advisory non-audit
services services services
services
Total
Schibsted Group
PWC
4
-
-
2
7
EY
5
-
-
1
6
Other auditors
1
-
-
1
2
Tota l
10
-
-
4
15
Schibsted ASA
PWC
1
-
-
-
1
EY
1
-
-
1
2
The above table sets out the fees related to professional services
rendered by the Group's elected external auditor PwC for the fiscal
year 2022 and EY until 3 May 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHT0O36", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "
Note 33 - Events after the balance
sheet date
A voluntary offer to acquire all of the shares of Adevinta ASA was
launched in December 2023 as described in Note 5 Investments in
joint ventures and associates. The 90 per cent minimum
acceptance ratio was met in February 2024 and the transaction is
expected to close during the second quarter of 2024. The
investment in Adevinta is expected to be classified as held for sale
in the interim financial statements for the first quarter of 2024.
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