Annual Report
2023
Index
3 Schibsted at a glance
4 Message from the CEO
5 Board of Directors' report
11 Members of the Board
12 Sustainability Statement
102 Corporate governance
110 Financial statements for the Group
115 Notes to the consolidated financial statements
157 Alternative performance measures
160 Financial statements for parent company
171 Auditor’s report
176 Share information
SCHIBSTED ANNUAL REPORT 2023
SCHIBSTED AT A GLANCE
3
Schibsted at a glance
Schibsted is a family of strong, well-known digital brands with a predominantly Nordic
presence, leading the way across online marketplaces, media, ecommerce, financial
services and ventures.
Nordic Marketplaces
Our leading online marketplaces – FINN (Norway), Blocket
(Sweden), To r i and Oikotie (Finland), DBA and Bilbasen (Denmark)
– connect millions of buyers and sellers every month and facilitate
transactions from job offers to real estate, cars, travel, consumer
goods and more. Nordic Marketplaces also include adjacent
businesses such as AutoVex, Plick, Nettbil and Qasa.
News Media
Our democracies depend on independent journalism. That’s our
business. And as the largest media group in Scandinavia, our
world-class media houses continue to shape the media landscape
of today and tomorrow. In Scandinavia, our media houses such as
VG, Aftenposten, Svenska Dagbladet, Aftonbladet, Omni, E24,
Bergens Tidende and Stavanger Aftenblad keep people informed
and updated on important issues in society. In the space of just a
few years, our premium podcast platform Podme has become one
of Schibsted’s largest subscription businesses, as online audio and
podcasting become increasingly popular among media
consumers.
Delivery
Schibsted Delivery oversees both in-house media distribution
and ecommerce parcels in Norway. Helthjem continues to show
strong growth, and is now the largest provider of door-to-door
deliveries related to second-hand goods in Norway sold through
marketplaces such as Finn and Tise, with 2023 marking its first
profitable year for some time. Morgenlevering continues to deliver
fresh pastries and breakfast items to the customer’s door.
Growth & Investments
Our dedicated team of investment professionals drive growth
investments and M&A on behalf of Schibsted, while focusing on
creating value between the various Schibsted companies. We
invest where Schibsted has a competitive advantage, to build on
our core positions and create strong shareholder returns. Our
portfolio of companies range from early stage to mature. We help
smart entrepreneurs and winning teams through active ownership
in major marketplaces such as Mitt Anbud, Lendo, Tibber and
Prisjakt, and through early-stage investments which include a
portfolio of 35+ digital companies across the Nordics.
Sustainability in Schibsted
Our greatest impact on society and the environment comes
through the use of our services. It's about how we empower users
in their daily lives through quality journalism, our trusted and
transparent marketplaces, financial services and our growth
companies. We work every day to ensure that Schibsted is a great
workplace and that responsible practices are upheld throughout
our value chain.
Key highlights
• NOK 15.8 billion revenues
• NOK 2.5 billion EBITDA
• 6000+ employees
• 60+ brands
• 3.6 million daily logged in
users
• 1 billion visits per month
• Over 80% of inhabitants in
Norway & Sweden reached
every week
• Multiple awards in
journalism and talents
SCHIBSTED ANNUAL REPORT 2023
MESSAGE FROM THE CEO
4
A year of milestone moments
In these times of global unrest, macroeconomic uncertainty and
rapid technological change, Schibsted holds a unique position in
the Nordics. We have a superior consumer reach across brands,
reaching 80 per cent of the population in Norway and Sweden
every week. We have a unique presence in people’s lives when
they want to get the latest news or gain deeper insight, buy a new
home, trade their car or look for a new job. And we enjoy an
unsurpassed frequency of interactions with our consumers, with
more than one billion visits to our sites every month. In a
challenging and sometimes unpredictable macro environment, our
products continued to enjoy high levels of engagement and reach
in 2023, making a meaningful difference in people's lives and
securing solid financial results.
The period was also characterised by the announcement of two
transformational milestones for Schibsted.
First, Schibsted made important progress in its ownership of
Adevinta. The announcements of our intention to reduce our stake
at the Capital Markets Day in March and of our support for a
takeover offer for Adevinta in November marked a pivotal chapter
for Schibsted. Adevinta represents our more than two-decade long
journey of consistent value creation, from spearheading the online
classifieds industry to successfully expanding its model
internationally. Our decision to engage in the takeover deal was
carefully considered to identify the most certain and value-
accretive solution for Schibsted and our shareholders. This move
not only ensures substantial cash proceeds at an attractive
valuation, but also allows us to maintain a stake in the future
growth potential through a minority reinvestment.
December 2023 was marked by another milestone event when it
was announced that our largest shareholder, the Tinius Trust,
seeks to acquire our news media operations. This announcement
set the stage for a transformative restructuring of Schibsted into
two separate companies: one dedicated to media and the other
focused on marketplaces, incorporating our existing marketplace
operations, delivery services, and investment portfolio. Pending
final agreement with the Tinius Trust and shareholder approval, we
are confident that this separation will optimally position our core
businesses – News Media and Nordic Marketplaces – and
strengthen their growth potential, specialisation capabilities and
developmental prospects.
At Schibsted, our core mission has been to amplify our impact,
empower people in their daily lives, and foster societies rooted in
trust and transparency. We have sought to achieve this by
developing and operating world-class marketplaces, media houses
and digital services. Embracing technological advancements such
as AI has been integral to our strategy, and we pride ourselves on
not shying away from making bold decisions, ensuring that past
successes do not hinder the pursuit of future opportunities. As we
prepare the future for our core businesses as two separate
companies, we are cognizant that the need for editorially-driven
media houses and for vigilance in reporting global changes and
holding power to account has never been more acute. Similarly,
the role of reliable marketplaces and market actors in facilitating
trade, reuse and interaction is increasingly vital, as is the
commitment of digital businesses to uphold privacy and data
security. Our role in the world is defined by our efforts to reinforce
trust and transparency within society, bridging gaps between
individuals, markets and institutions. As we look ahead to 2024,
these objectives become ever more crucial.
Kristin Skogen Lund
CEO of Schibsted
SCHIBSTED ANNUAL REPORT 2023
BOARD OF DIRECTORS' REPORT
5
Board of Directors' report
2023 was marked by the announcement of two transformational milestones that will unlock
Schibsted’s full value creation potential.
Schibsted ASA’s Board of Directors. From left: Dr. Ulrike Handel, Hugo Maurstad, Marita E. Valvik, Satu Kiiskinen, Philippe Vimard, Maria Carling,
Satu Huber, Karl-Christian Agerup (Chairman of the Board), Rune Bjerke (Deputy Chairman of the Board) and Hans Kristian Mjelva.
For more than two decades, Schibsted has pioneered digitalisation
in the news media and classifieds industries, creating a family of
digital brands with unparalleled Nordic reach and impact in
Schibsted, a global online classifieds specialist in Adevinta, and
immense value for all stakeholders.
Historically, Schibsted has functioned as a unified entity, cultivating
distinctive brands on a common platform of advanced technology
and data integration. Our guiding principle has always been that
our collective strength exceeds the sum of our individual parts.
However, after an extensive financial and strategic evaluation of
Schibsted's core businesses – News Media and Nordic
Marketplaces – we concluded that these areas have greater
potential to flourish independently than within our current
corporate structure. The Board and Management found that their
full potential lies in focused specialisation rather than continued
integration.
For our online marketplaces, we made a pivotal strategic shift in
2023. Instead of operating our marketplaces as separate units in
different countries, we transitioned to concentrating and focusing
our efforts across brands and geographies within verticals.
Concurrently, we set our sights on evolving into transactional
marketplaces where we play a more significant role in the
customer journey. We believe this approach will reinforce our
long-term position by unlocking significant user and customer
value and a significantly larger addressable market. However, it will
demand focus and specialisation in the years to come.
Our media businesses also present many exciting opportunities for
us to expand into new segments, channels, and niches in text,
audio and image to reach new audiences. But this, too, requires a
whole new investment pace, focus and specialisation rather than
integration, highlighting the dilemma of securing investments for
the financially lesser-yielding business area of an integrated
organisation.
Each of these conditions gives reason to pause and ask how we
can best organise Schibsted. Additionally, our public commitment
to reduce our ownership in Adevinta served as a clear catalyst for
change. An opportunity that emerged was for Schibsted’s largest
shareholder, the Tinius Trust, to seek the acquisition of our news
media operations, take them off the stock market, and secure the
long-term investments necessary to take positions in a new media
landscape. The Board and Management have therefore worked
together with the Tinius Trust to find a structural solution that
SCHIBSTED ANNUAL REPORT 2023
BOARD OF DIRECTORS' REPORT
6
unlocks that potential while safeguarding and developing the
important societal role of Schibsted's news media operations.
This strategic shift means Schibsted's current News Media
business area and related services will be carved out from
Schibsted into a separate company owned by the Tinius Trust,
while Schibsted's remaining businesses will remain as a publicly
listed company on Oslo Børs, consisting of the current business
areas Nordic Marketplaces, which includes Delivery, and Growth &
Investments. Subject to final agreement with the Tinius Trust and
the approval of our shareholders, we are confident that this
significant restructuring will enable our primary business divisions
to fully realise their value-creation potential as independent
entities. We are convinced that this move will benefit all our
stakeholders, and we are committed to facilitating a smooth
transition and laying the groundwork for a promising future for
both companies.
Comments on the Group’s results
Schibsted’s consolidated revenues in 2023 totalled
NOK 15,756 million (NOK 15,272 million)
i
, up 3 per cent compared to
last year. The Group’s gross operating profit (EBITDA
ii
) amounted to
NOK 2,519 million (NOK 2,406 million)
i
, equivalent to an increase of
5 per cent. Please see information under Comments on the
operating segments below for further details on the Group's
performance in 2023.
Depreciation and amortisation were NOK -1,239 million
(NOK -1,117 million)
i
, mainly related to software, licences and
right-of-use assets.
Impairment loss was NOK -53 million (NOK -31 million)
i
and was
related to ceased operations in Honk and Lendo as well as to
certain discontinued projects within product and technology.
In 2023 the Group’s Other income amounted to NOK 128 million
(NOK 13 million)
i
, which comprised a gain on sale of Lokalavisene,
gain on pension plan settlement and gain on fair value
measurement of contingent considerations. Other expenses in
2023 were NOK -236 million (NOK -173 million)
i
and included
restructuring costs particularly within News Media and Growth &
Investments, acquisition-related costs from both completed and
uncompleted transactions and losses from sale of subsidiaries.
Operating profit in 2023 amounted to NOK 1,119 million
(NOK 1,099 million)
i
.
Schibsted’s share of profit (loss) from joint ventures and associates
totalled NOK -6,328 million (NOK -482 million)
i
and included
NOK -6,259 million (NOK -309 million)
i
related to Schibsted's share
of Adevinta's result for the fourth quarter of 2022 and the first
three quarters of 2023, after adjusting for fair value differences
and amortisation of excess values. Disregarding the effect of
Adevinta, the positive development was explained mainly by
decreased investments in long-term growth initiatives in entities
included in the Growth & Investments portfolio.
Impairment loss on joint ventures and associates in 2023 was
NOK 21,694 million (NOK -22,823 million)
i
, and was related mainly
to a write-down in 2022 and a reversal of write-down in 2023 of
the investment in Adevinta to reflect the market value at 31
December. In addition, impairment of associates in the venture
portfolio contributed a total impairment amount of NOK -88 million
(NOK -89 million)
i
.
Gains (losses) on disposal of joint ventures and associates of
NOK -28 million (NOK 675 million)
i
in 2023 consisted of transaction
costs related to a potential reduction of ownership in Adevinta, see
Note 5.
Financial income of NOK 1,705 million (NOK 117 million)
i
included a
NOK 1,583 million gain on the total return swap agreement entered
into in 2022 for 3 per cent of the Adevinta shares.
Financial expenses of NOK -997 million (NOK -830 million)
i
included a loss of NOK -340 million related to the total return swap
agreement entered into for 10 per cent of the Viaplay shares as
well as interest expenses and losses totalling NOK -155 million
related to fair value adjustments of shares classified as equity
instruments, mainly Tibber AS and eEducation Albert AB.
The Group reported a tax expense of NOK -257 million (1 per cent)
compared to NOK -254 million (-1 per cent) in 2022. The reported
tax rate was affected by a non-tax deductible impairment loss
related to Adevinta included in Profit (loss) before tax.
Profit (loss) from discontinued operations related to a clarification
of the VAT and tax treatment of transaction costs related to loss of
control of Adevinta in 2021.
Basic earnings per share in 2023 was NOK 73.70 compared to
NOK -96.53 in 2022. Adjusted earnings per share in 2023 was
NOK -26.19 compared to NOK 0.77 in 2022.
Financial position and cash flow
Net cash flow from operating activities was NOK 1,708 million in
2023 compared to NOK 1,684 million in 2022. Increase in gross
operating profit (loss) and working capital contributed positively to
the change while pension premiums and net interest expenses
contributed negatively.
Net cash outflow from investing activities (continuing operations)
was NOK 669 million compared to a net cash inflow in 2022 of
NOK 2,616 million. Cash inflow in 2022 included NOK 4,539 million
from sale of shares in Adevinta. Compared to 2022, the cash flow
in 2023 was positively affected by reduced investments in
subsidiaries and other equity instruments and by net cash inflows
from financial derivatives, including total return swaps with
financial exposure to Adevinta and Viaplay.
Net cash outflow from financing activities was NOK 3,474 million in
2023 compared to NOK 1,672 million in 2022. The change was
primarily related to the share buyback programme in effect from
December 2022 to September 2023.
The carrying amount of the Group’s assets increased by
NOK 14,706 million to NOK 58,414 million during 2023. The increase
was mainly related to an increase in the market value of Adevinta.
Schibsted’s equity ratio was 76 per cent at the end of 2023,
compared to 66 per cent at the end of 2022.
Schibsted has a well-diversified loan portfolio with loans from the
Norwegian bond market, a group of relationship banks and the
Nordic Investment Bank.
During the year, Schibsted extended NOK 1.8 billion of a total term
loan of NOK 2 billion, by one year to 3 May 2025.
Schibsted also issued two new bonds totalling NOK 1,000 million
and repaid expiring bonds totalling NOK 1,900 million.
Schibsted has a revolving credit facility of EUR 300 million. The
facility was extended by one year and final maturity of the facility is
in July 2028. The facility was not drawn and secures a strong
liquidity buffer going forward.
Scope Ratings restated its BBB/Stable rating of Schibsted in June
confirming Schibsted as a solid Investment Grade company.
In March, and then again in May and December, Schibsted
extended the duration of its total return swap (TRS) agreement with
SCHIBSTED ANNUAL REPORT 2023
BOARD OF DIRECTORS' REPORT
7
financial exposure to 36,748,289 shares in Adevinta by terminating
the previous TRS agreement and entering into a new 12 months
term TRS agreement. The first TRS agreement was announced at
the end of November 2022. The price in the current TRS
agreement is NOK 111.80 per share and gave a positive liquidity
effect of NOK 1.2 billion in December. The current contract was
entered into to increase flexibility in the timing of the final
termination of the swap. At the end of December, the market value
of this agreement was NOK 22 million.
In August, Schibsted also entered into a TRS which at the end of
September included 10.1 per cent of the shares in Viaplay
(VPL AY-B). This TRS was terminated in December resulting in a
loss of NOK -340 million under the duration of the agreement. At
year end the shares were owned by Schibsted ASA and the market
value of the shares was NOK 43 million.
Schibsted launched a buyback programme in December 2022
buying back up to 4 per cent of the total amount of outstanding
shares in Schibsted ASA (buying both A- and B-shares split 45/55
respectively) for an amount of up to NOK 1,700 million. The
buyback programme was successfully completed in September
2023 and had a negative liquidity impact of NOK 1,555 million in
2023 (total liquidity impact of NOK 1,700 million including last year).
The cash balance at the end of December 2023 was
NOK 1,279 million, resulting in a net interest-bearing debt of
NOK 4,372 million. Including the undrawn facility, the liquidity
reserve amounts to NOK 4,652 million.
A voluntary tender offer to acquire all of the shares in 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 stake in an indirect parent company of the Offeror.
In December 2023, Schibsted ASA announced having entered into
a non-binding agreement for the potential acquisition of
Schibsted’s news media operations by its largest shareholder, the
Tinius Trust. Subject to final agreement, the agreement will be
submitted to the Annual General Meeting for approval. If finalised,
the transaction will lead to today’s Schibsted becoming two
separate but more focused companies; a media company fully
owned by the Tinius Trust and a publicly listed marketplaces
company. If the transaction is completed, preliminary estimates
indicate that Schibsted will receive additional cash proceeds of
around NOK 4 billion.
The transactions are expected to close during the second quarter
of 2024, and are important steps to realise Schibsted’s full value
creation potential. Schibsted intends to use the cash proceeds
from the transactions to return capital to its shareholders. For more
information please refer to the Outlook section.
Comments on the operating segments
Unless otherwise stated, all percentages in this section are based
on amounts in NOK.
Nordic Marketplaces
Nordic Marketplaces delivered an operating revenue growth of
11 per cent and an EBITDA margin of 35 per cent in 2023. The
revenue growth was driven by a strong development in the
Mobility, Real Estate, and Recommerce verticals, whereas the Jobs
vertical was negatively affected by challenging market conditions.
In 2023, the main focus areas in Nordic Marketplaces were the
transition to the new vertical-based operating model and
developing of new transactional business models.
Mobility
The operating revenues for the Mobility vertical increased by
16 per cent compared to last year, driven by positive volume
development from professionals in all markets and by ARPA
increases from price adjustments. In addition, the transactional
model Nettbil delivered strong revenue growth. Total costs
increased
year-on-year, driven by new hires during 2022 and investments in
new initiatives such as Nettbil and Autovex. EBITDA increased
12 per cent compared to last year driven by higher revenues,
resulting in a 50 per cent margin.
Jobs
The Jobs vertical was negatively affected by market headwinds,
and experienced an accelerated volume decline throughout 2023.
However, price adjustments and increased revenues from
upselling products softened the volume effect somewhat and
operating revenues decreased 8 per cent from 2022, in total.
EBITDA was impacted by lower revenues and cost increases from
new hires and decreased by 22 per cent compared to last year.
Real Estate
The Real Estate vertical experienced exceptionally strong growth
of 24 per cent in operating revenues from 2022 to 2023, driven by
a resilient volume trend and continued strong ARPA development
in Norway. Norway accounts for more than 80 per cent of total
revenues in the vertical, and experienced a 2 per cent volume
growth, together with a 24 per cent increase in ARPA. EBITDA
increased year-on-year driven by the strong revenue growth,
partly offset by increased costs from new hires and investments in
the transactional rental model Qasa.
Recommerce
The Recommerce vertical increased operating revenues by
31 per cent from 2022, driven primarily by the transactional
offering “Fiks ferdig” in Norway. EBITDA for 2023 ended at a loss
of NOK 311 million, reflecting continued investments in the new
business model and the impact of cost increases from new hires.
This represents an increase of 17 per cent compared to last year,
however the EBITDA margin improved by 6 percentage points
driven by the strong revenue growth.
Delivery
Operating revenues from Delivery declined by 4 per cent, driven
by the slowdown in legacy distribution business due to a general
volume decline combined with the lapse of Sunday distribution, as
well as a decline in Morgenlevering due to changed consumer
behaviour. HeltHjem Netthandel experienced revenue growth of
14 per cent, driven by increased volumes in B2C combined with
higher C2C volumes related to FINN’s transactional Recommerce
offering “Fiks Ferdig”. Cost improvements and improved
profitability in Helthjem resulted in an improved EBITDA in Delivery
by NOK 64 million, from negative NOK 50 million in 2022 to
NOK 14 million in 2023.
News Media
New Media’s operating revenues in 2023 remained at the same
level as 2022. Subscription revenue growth was 7 per cent year-
on-year, of which digital subscriptions delivered a strong 16 per
cent growth. Casual sales declined 13 per cent as a result of
declining volumes. The advertising market has proved challenging
in 2023 due to macroeconomic headwinds, leading to a 5 per cent
decline in advertising revenues compared to 2022. In Norway,
digital advertising revenues ended at the same level as last year.
SCHIBSTED ANNUAL REPORT 2023
BOARD OF DIRECTORS' REPORT
8
Facing a slower market in Sweden, digital advertising revenues
decreased 9 per cent on a foreign exchange neutral basis.
The new cost programme in News Media proved effective in 2023,
contributing to a 1 per cent reduction in operating expenses
compared to 2022, despite a high inflationary environment
throughout the year. Costs related to print, paper and distribution
declined significantly, as well as expenses attributed to sales
commissions. Thus, EBITDA increased compared to last year and
the margin ended at 7.5 per cent.
Growth & Investments
Growth & Investments achieved operating revenue growth of
3 per cent in 2023, while the EBITDA margin remained stable at
14 per cent compared to the previous year.
Lendo
From Q1 through Q3, Lendo experienced revenue growth, with a
record number of applications. However, within consumer loans in
Sweden the conversion from application to payout slowed down in
Q2 as the macroeconomic environment caused cautious banks
and borrowers. During Q4 this also affected the operating
revenues in Norway. Operating revenues in Denmark grew in all
quarters compared to 2022. Operating revenues from new product
verticals like credit cards in Norway and business loans in Sweden
increased in 2023. For the full year, operating revenues in Lendo
decreased by 1 per cent in 2023. However, the revised strategy,
with its shift of focus to Scandinavia, ensured profitability overall
was maintained and EBITDA margin increased by 2 percentage
points compared to last year.
Prisjakt
Prisjakt’s operating revenues increased 12 per cent in 2023
compared to the previous year, despite a tough e-commerce
market, driven by larger volumes and higher earnings-per-click.
EBITDA increased moderately compared to last year driven by
higher operating revenues, slightly offset by increased marketing
and personnel costs.
Research and development
Schibsted has been at the heart of the digital transformation for
decades and continues to invest in improving and developing both
existing and new products.
Innovation efforts in 2023 focused on responsible and friendly use
of privacy data, the application of artificial intelligence (AI), and on
platform development for Schibsted’s marketplaces and
newspapers. Additionally, efforts were directed towards cost
control, notably in infrastructure and tooling. In 2023, Schibsted
advanced its application of generative AI in end-user products,
while empowering our employees to use the technology. Over the
course of the year, more than a thousand employees actively
engaged in training and workshops on the application of AI in our
operations.
Internal research has focused on training and evaluating
proprietary language models, leveraging Schibsted data to learn
how to optimise setup of language models. Schibsted has also
continued to contribute to applied research in the creation of
language models, in particular Norwegian and Swedish.
Operational and financial risks
Schibsted operates in an industry that is subject to constant
change and is exposed to increased competition from disruptive
players utilising new technologies and new business models. We
want to grow sustainably with diversified revenue streams from
Marketplaces and Delivery, News Media, Growth and Investments,
companies that are vital contributors to bringing financial risk
down to an appropriate level.
Schibsted's various revenue streams exhibit sensitivity to
macroeconomic variables, including fluctuations in unemployment
rates, real estate prices, consumer confidence levels, GDP growth
rates, and banking credit risks. Notably, revenue streams from
advertising, Delivery, the Job vertical and Lendo are particularly
affected by these factors.
2023 has been characterised by persistent high inflation and a
volatile macroeconomic environment. In response to this
economic challenge, interest hikes were implemented with the aim
of curbing inflation. Consequently, households experienced an
increased cost of living and consumer confidence sank to a 20-
year-low. Schibsted faced considerable pressure on margins
throughout 2023 due to inflation and challenges across various
revenue streams. In particular, advertising revenues were
challenged across the Group and ended with a 7 per cent decline
compared to last year. The Job vertical experienced a volume
decline of 24 per cent due to a slow recruitment market, while
Lendo’s operating revenues declined mainly due to restrictive bank
lending. Other revenue streams, however, demonstrated resilience
in the face of macroeconomic challenges. The Real Estate vertical
achieved a revenue growth of 31 per cent year-on-year, and News
Media experienced double-digit growth in digital subscription
revenues.
Through its operations outside Norway, Schibsted is exposed to
fluctuations in the exchange rates of other currencies, mainly the
Swedish kronor, Danish kroner and the euro. The Group makes use
of loans in foreign currencies and financial derivatives to mitigate
its currency exposure.
Schibsted’s credit risk is considered low, since trade receivables
are diversified through a large number of customers, customer
categories and markets. Moreover, a large proportion of sales is
conducted through prepaid subscriptions or advertisements and
through credit card payments on the purchase date. Liquidity risk
associated with cash flow fluctuations is also considered low,
given Schibsted’s adequate equity and solid credit facilities. See
Note 25 Financial risk management to the consolidated financial
statements for more details on currency risk, credit risk and
liquidity risk.
A large part of Schibsted’s business model is reliant on technology.
We see continuously changing and maturing cyber threats from
various actors attempting sophisticated attacks on Schibsted’s
systems. We observed an increase in such attacks in 2023
particularly in connection with Sweden's NATO application and
Quran burnings. Prevention of such attacks and proper recovery
remains high priorities.
Schibsted uses data to provide relevant and competitive products
to our customers. We continuously work to meet legal
requirements and user expectations. We have close and ongoing
dialogue with regulators.
Sustainability Statement
Sustainability is integrated into our strategy at Schibsted.
Schibsted’s strategy is to build a strong foundation to support our
brands in their growth, based on a common purpose, a purpose on
which we acknowledge that our services and operations have an
important societal and environmental impact. We strive to consider
and manage our impact in all our business decisions and to
empower people to make economic and sustainable choices
through our services. One of our overarching goals is to make sure
that growing our business and having a positive impact on society
and the environment are given equal priority. We are committed to
creating value for all our stakeholders, and our Sustainability
SCHIBSTED ANNUAL REPORT 2023
BOARD OF DIRECTORS' REPORT
9
Statement is our way of communicating to all stakeholders how we
are progressing on that commitment.
The Sustainability Statement is an integral part of the Board of
Directors’ report and has been prepared in accordance with
section 3-3c of the Norwegian Accounting Act. The statement is
structured according to the standard (ESRS) stipulated by the EU
Corporate Sustainability Reporting Directive (CSRD).
The statement is presented as a separate document in the annual
report. Reporting on compliance with the EU Taxonomy Regulation
is also included in the Sustainability Statement.
Transparency Act
For Schibsted's compliance with the Transparency Act, see the
separate report on https://schibsted.com/sustainability/.
Health and safety
To ensure an attractive workplace and to retain our employees,
Schibsted is constantly making improvements to provide a safe
and healthy working environment. In 2023 the average sick leave
rate for all our companies was 4 per cent (3 per cent)
i
. In 2023,
45 injuries (37 injuries)
i
were reported in our printing and delivery
operations, mainly related to delivery activities. Most of them were
minor personal injuries due to slippery roads while delivering
newspapers. One self-inflicted car accident led to a fatality in
2023.
Statement of Corporate Governance
Schibsted’s corporate governance principles are based on the
recommendations set out in the Norwegian Code of Practice for
Corporate Governance. In accordance with section 3-3b of the
Norwegian Accounting Act, a policy document describing
Schibsted’s corporate governance principles has been prepared
and is presented as a separate section in the annual report. The
policy document is an integral part of the Board of Directors’
report.
Insurance policy
The directors and officers of Schibsted ASA and its subsidiaries
are covered by a directors and officers liability insurance policy
placed with a number of international reputable insurers. The
insurance covers the directors’ and officers’ personal legal
liabilities, including legal defence and other legal costs. The
insurance also covers employees in managerial positions or
employees who are named in an inquiry or investigation or as co-
defendants with a director or officer, and is extended to include
members of the company’s Audit Committee, Compensation
Committee and other management or board committees.
Schibsted ASA
Schibsted ASA is the parent company of the Group and is located
in Oslo, Norway. The company provides services for the Group’s
other companies. Schibsted ASA delivered a profit after taxes of
NOK 3,501 million (NOK 3,452 million)
i
. Most of the profit stems
from group contributions, dividends from subsidiaries and gain on
the total return swap agreement entered into in 2022 for 3 per cent
of the Adevinta shares. As at 31 December 2023, Schibsted ASA
had total assets of NOK 33,127 million (NOK 33,457 million)
i
. The
equity ratio was 58 per cent (52 per cent)
i
.
The Board proposes to allocate NOK 2.00 per share,
corresponding to approximately NOK 450 million, to dividend
payments for 2023.
The Board of Directors proposes the following allocation:
Proposed dividend ……………………………..…………………. NOK 450 million
Transferred to other equity ……………..……………….…. NOK 3,051 million
As at 31 December 2023, Schibsted ASA had total equity of
NOK 19,117 million (NOK 17,518 million)
i
. The Board of Directors
determined that Schibsted ASA had adequate equity and liquidity
at year end 2023.
In 2023 the average sick leave rate for Schibsted ASA was 2.1 per
cent (1.5 per cent)
i
.
For Schibsted ASA’s compliance with the activity duty in the
Equality and Anti-Discrimination Act, see the separate report on
https://schibsted.com/group-policies-and-statements/.
Outlook
As macroeconomic risks in the Nordics remain high on the back of
continued high inflation, increased key policy rates and signs of the
economies cooling down, visibility into 2024 remains limited.
Within our businesses, advertising revenues across the Group,
revenues within the Job vertical in Nordic Marketplaces, and
Lendo are particularly exposed to a weaker economy. Other parts
of our business, such as subscription revenues in News Media or
revenues from the Real Estate and Mobility verticals in Nordic
Marketplaces, have historically been more resilient; still, the
development towards the end of the year has shown that volumes
in these verticals are not immune to the current macroeconomic
environment.
Nordic Marketplaces is well positioned to deliver on its ambitions
as the transition to a new, vertical-based operating model will
unlock significant user and customer value over time. Yet, the
macroeconomic environment is less favourable than we assumed
when we introduced new medium-term financial targets by
vertical last year. This increases the risk to deliver on these
targets, and leads to revised financial targets for Jobs.
• Mobility: annual revenue growth of 12-17 per cent, EBITDA
margin of 51-56 per cent
• Jobs: assuming a year-on-year volume decline of 5 per cent for
the full year, around 0 per cent revenue growth, and EBITDA
margin of around 45 per cent in 2024; coming back to 2025
targets once visibility has improved throughout the year
• Real Estate: annual revenue growth of 12-17 per cent, EBITDA
margin of 42-47 per cent
• Recommerce: tripling revenues from 2022-2025, EBITDA
break-even during 2025
In News Media, we continue to focus on the digital transition of our
well-known, leading media houses and to target low single-digit
revenue growth and an EBITDA margin of 10-12 per cent in the
medium term.
In Growth & Investments, we expect Lendo’s financial performance
in 2024 to continue to be affected by the macroeconomic
environment, causing banks and borrowers to be more cautious.
Beside the importance of delivering strong operational results,
2024 will also be characterised by the two transformational
milestones for Schibsted that were announced in the fourth
quarter; the offer for Adevinta announced on 21 November 2023,
SCHIBSTED ANNUAL REPORT 2023
BOARD OF DIRECTORS' REPORT
10
and the initiated process to sell Schibsted’s news media operations
to the Tinius Trust announced on 11 December 2023. The
transactions are expected to close during the second quarter, and
are important steps to realise Schibsted’s full value creation
potential. Schibsted intends to use the cash proceeds from the
transactions to return capital to its shareholders. Over the coming
months, pending completion of the transactions, Schibsted will
continue to evaluate the various options of such distributions to
shareholders, including an assessment of the appropriate
allocation to debt repayment. More information, including the
precise amount, form, and indicative timetable, will be determined
and communicated in due course.
Going concern
Based on Schibsted’s long-term strategy and forecasts, and in
accordance with section 3-3a of the Norwegian Accounting Act,
the Board confirms that the prerequisites for the going concern
assumption exist and that the financial statements have been
prepared on a going concern basis.
i. Figures in parentheses denote the corresponding period for the previous year.
ii. EBITDA as defined under Definitions and reconciliations in the Financial Statements for
the Group.
Oslo, 21 March 2024
Schibsted ASA’s Board of Directors
/s/ Karl-Christian Agerup
Board Chair
/s/ Rune Bjerke
Deputy Board Chair
/s/ Maria Carling
Board member
/s/ Dr. Ulrike Handel
Board member
/s/ Satu Huber
Board member
/s/ Satu Kiiskinen
Board member
/s/ Hugo Maurstad
Board member
/s/ Hans Kristian Mjelva
Board member
/s/ Marita Valvik
Board member
/s/ Philippe Vimard
Board member
/s/ Kristin Skogen Lund
CEO
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
12
Sustainability Statement
Index
1. General information ………………………………………………………………………………………………………………………………………………..……………….
13
ESRS 2 General disclosures …………………………………………………………………………………………………………………………………………………..………………
13
Disclosures incorporated by reference ………………………………………………………………………………………………………………………….……………………
20
Table of all the datapoints deriving from other EU legislation …..……………………………………………………………….……………………………………
20
Additional disclosures: Evaluation of sustainability ambitions and targets 2023 …………………………………………….………….………………
21
2. Environmental information ……………………………………………………………………………………………………..………………………………………………
31
Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy Regulation) ……………………………………….……………………………
31
ESRS E1 Climate change ……………………………………………………………………………………………………………………………………………….………………..………
34
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
34
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
35
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
38
Climate change information and data …………………………………………………………………………………………..……………………………………..…………
41
Notes - E1 Climate change ………………………………………………………………………………………………………………………………………………….…………….
43
ESRS E4 Biodiversity and ecosystems …………………………………………………………………………………………………………………………………………………
54
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
54
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
55
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
55
ESRS E5 Resource use and circular economy ……………………………………………………………………………………………………………………………………
56
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
56
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
56
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
57
Resource use and circular economy information and data ……………………………………………………………………………………………………..…
58
Notes - E5 Resource use and circular economy ………………………………………………………………………………………………………………………….
59
3. Social information ……………………………………………………………………………………………………………………………………………………………………
59
ESRS S1 Own workforce …………………………………………………………………………………………………………………………………………………………………………
59
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
59
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
60
Engagement with stakeholders ………………………………………………………………………………………………………………………………………………………..
62
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
63
Own workforce data ………………………………………………………………………………………………………………………………………………………………………….
66
Notes - S1 Own workforce ……………………………………………………………………………………………………………………………………………………………….
68
ESRS S2 Workers in the value chain …………………………………………………………………………………………………………………………………………………….
69
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
69
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
70
Engagement with stakeholders ………………………………………………………………………………………………………………………………………………………..
70
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
70
ESRS S3 Affected communities …………………………………………………………………………………………………………………………………………………………….
71
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
71
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
72
Engagement with stakeholders ………………………………………………………………………………………………………………………………………………………..
73
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
74
Notes - S3 Affected communities ……………………………………………………………………………………………………………………………………………………
76
ESRS S4 Consumers and end-users ……………………………………………………………………………………………………………………………………………….…..
76
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
76
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
79
Engagement with stakeholders ………………………………………………………………………………………………………………………………………………………..
82
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
83
4. Governance information …………………………………………………………………………………………………………………………………………………………
90
ESRS G1 Business conduct …………………………………………………………………………………………………………………………………………………………………….
90
Why it matters ……………………………………………………………………………………………………………………………………………………………………………….……
90
Our approach and policies …………………………………………………………………………………………………………………………………….…………………………
91
Business conduct information and data …………………………………………………………………………………………………………………………………………
92
Targets, actions and metrics ……………………………………………………………………………………………….…………………….………………….…………………
95
Notes - G1 Business conduct ……………………………………………………………………………………………………………………………………………………………
97
ESRS Index …………………………………………………………………………………………………………………………………………………………………………………..
98
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
13
1. General information
ESRS 2 General disclosures
BP-1 – General basis for preparation of
sustainability statement
This is Schibsted’s first sustainability statement prepared in
accordance with the European Sustainability Reporting Standard
(ESRS), which is the standard stipulated by the EU’s Corporate
Sustainability Reporting Directive (CSRD). Our aim has been to
adapt the fundamental structure of the standard as far as possible
and to integrate it with the other parts of the annual report in the
best possible way. We have done this by using the incorporation by
reference option. As a result of the new section, we will no longer
publish separate sustainability reports.
The sustainability statement has been prepared on a consolidated
basis and align with the financial scope (companies with
> 50 per cent ownership) with some exceptions. The companies
that are excluded are either bought, sold or liquidated during 2023.
These companies represent one per cent of our revenues in 2023.
For some datapoints, some companies may be excluded due to
lack of data. All these exceptions are noted in each disclosure
requirement.
We have not established any definition or thresholds for what
significant OPEX or CAPEX might be, therefore we cannot disclose
it in this statement.
The statement covers the company's entire value chain, but we
have only included material upstream and downstream value chain
information. For a full overview of parts of the value chain that are
considered material, see the overview in section ESRS2 General
information SBM-1 –Strategy, business model and value chain and
section ESRS2 General information SBM-3 Material impacts, risks
and opportunities and their interaction with strategy and business
model.
To protect our intellectual property, know-how and results of
innovation, impending developments or matters currently under
negotiation we have excluded sensitive information from the
disclosure requirement related to short-term targets for 2024 for
the sustainability matters: Empower people to be informed,
Unbiased, inclusive and transparent job marketplaces, Fair and
efficient real estate marketplaces, Efficient market for circular
consumption of goods and Transparent and efficient mobility
marketplaces.
BP-2 – Disclosures in relation to specific
circumstances
The time frames used in the report are short-term (one year),
medium-term (two - four years) and long-term (> five years),
except for the climate resilience and scenario analysis, which
follows a longer timeframe; see section E1 Climate change - Our
approach and policies for further details. The time frames are
chosen to match our type of industries, financial reporting
procedures, current internal long-term planning and external
stakeholders’ expectations on climate impact foresight. For all
material sustainability matters, we aim to have targets that
describe our short-term planning, and ambitions that describe our
medium-term planning. For the sustainability matter Climate
impact and energy use we also have long-term targets.
For value chain estimations, see each section in this statement for
more details on application and calculation methods. Some data
related to disclosure requirements E1-6 are based on estimations,
and may therefore be subject to measurement uncertainty. See
section E1 Climate Change - Note 3-E1 and Note 5-E1 for details on
the application of such practices.
Since this statement is our first according to ESRS, most of the
preparation and presentation of sustainability information has been
revised to meet the new standard. No detailed overview of
changes compared to previous disclosures will be provided for this
report, except for changes in data related to the sustainability
matter Climate change and energy use compared with previous
disclosures in our Climate Roadmap to 2040 and Sustainability
Report 2022. The same applies to the disclosure of reporting
errors in previous periods; no such disclosure will be provided
except for the data on the sustainability matter Climate change and
energy use, which are disclosed in section E1 Climate Change -
Note 5-E1.
As well as following the structure of ESRS, this statement also
covers the disclosures required by section 3-3c of the Norwegian
Accounting Act and by the EU Taxonomy.
For some disclosure requirements in the statement, references are
provided to information contained in other documents; see section
ESRS Index for detailed overview.
For the 2023 sustainability statement, phased-in provisions
described in ESRS 1 Appendix C are applied, see section ESRS
Index for detailed overview
GOV-1 – The role of the administrative, management
and supervisory bodies
Schibsted's Board of Directors is composed of 10 members, and
detailed information on composition, employee representation,
experience, gender composition, independence can be found in
the annual report in section Statement of corporate governance 8
Board of Directors: Composition, independence and employee
representation and at https://schibsted.com/about/the-board/.
The Board oversees and governs Schibsted’s sustainability
performance (impacts, risks and opportunities). For information
about the governance structure of the Board and its committees,
see the annual report and section Statement of corporate
governance. The Board has the final decision on sustainability and
approves the ambitions and targets by approving the sustainability
statement. The Audit Committee conducts an in-depth review of
the statement before it is approved by the Board.
The Executive Management Team is composed of seven members,
of which three are female (43 per cent) and four male (57 per cent).
Information on their background and experience can be found at
https://schibsted.com/about/management-teams/.
We aim to incorporate responsibility for sustainability into our core
business. For each material sustainability matter identified
(reflecting our impact, risks and opportunities), a member of
Schibsted’s Executive Management Team is assigned responsibility
for defining its scope, ambitions and targets and for implementing,
communicating and evaluating performance according to the
defined ambitions and targets. The Executive Management Team
reviews the risk management process, which includes
sustainability risk, see a description of the process in annual report
and the section Statement of corporate governance - 10 Risk
management and internal control.
The general managers (i.e. CEOs) in each company are responsible
for monitoring and supporting each entity with rolling out and
implementing the Code of Conduct and other sustainability-related
policies and for retrieving data and information required by law.
Since we work in a cross-Nordic vertical setup in our
marketplaces, the operations and decision power has been
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
14
delegated to each marketplace vertical to the extent permitted by
law. It’s the management team of each legal entity who is
responsible for legal compliance of the legal entity. The general
managers, with support from the Chief Sustainability Officer, are
also responsible for applying sustainability due diligence
processes when deemed necessary.
The Chief Sustainability Officer has the responsibility for helping
the organisation incorporate all relevant sustainability aspects in
the overall strategy, following up that the material sustainability
matters are prioritised, guiding the organisation on sustainability
matters, and communicating with internal and external
stakeholders on sustainability matters.
GOV-2 - Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
As an integral part of group performance and strategy
management, the members of Schibsted's Executive Management
Team (EMT), their respective management teams, and the Chief
Sustainability Officer regularly monitor progress on material
sustainability matters according to current policies, ambitions,
targets and actions. The Chief Sustainability Officer also monitors
our overall progress and reports to the Board and the Executive
Management Team on a need-to-know basis and at least annually.
The Chief Sustainability Officer reports weekly to the SVP Group
Strategy & Corporate Affairs, who in turn reports to the Group CEO.
The SVP Group Strategy & Corporate Affairs also participates in all
weekly meetings held by the Executive Management Team.
The annual sustainability statement, which is integrated into the
annual report, forms our main report to the Board. Critical
concerns relating to Schibsted’s material social and environmental
impacts can also be addressed and communicated to the Board on
a need-to-know basis or through our whistleblower or risk
management processes.
Neither the Board nor the EMT has a structured framework in place
to assess sustainability impacts, risks, and opportunities in
general. For all our investments in new companies, we perform a
sustainability due diligence that informs the bodies about the
impacts, risks, and opportunities related to the target company.
The Board and the EMT may also involve internal sustainability
expertise in evaluating the sustainability dimension of decision
alternatives.
Sustainability risks are evaluated in a specific annual process or in
specific sustainability risk assessments when needed; see a
description of the annual process in the annual report and the
section Statement of corporate governance - 10 Risk management
and internal control. For 2023, no combined documentation is
available for the material impacts, risks and opportunities that
were addressed or considered by the bodies. In the coming years,
we plan to implement such practices and disclose information.
GOV-3 - Integration of sustainability-related
performance in incentive schemes
No specific incentives linked to sustainability matters are currently
offered to the Board of Directors or the Executive Management
Team. However, there have been such incentives previously and
we review the need for such incentives on an annual basis. And, as
many sustainability matters in general are integrated into business
priorities and targets, and these priorities are included in incentive
schemes, there are multiple indirect examples of sustainability
matters being part of incentive schemes.
GOV-4 – Statement on due diligence
Schibsted performs different types of due diligence procedures for
identifying impacts, risks and opportunities throughout our value
chain.
Environmental
Concerning the sustainability issue of climate impact and energy
use, several analyses were undertaken to pinpoint risks and
scenarios, as elaborated in section ESRS E1 Climate change.
Environmental topics are fully incorporated in the processes
described in the section below on Governance, if defined as a
material matter for the specific investment or project
Social
In 2022, a new process for due diligence was established at both
Group and subsidiary levels. The process is based on the OECD
due diligence model as described in the Guidelines for
Multinational Enterprises. Responsibility for Schibsted ASA’s due
diligence processes is shared between the sustainability and
compliance functions at Group level.
Responsibility for due diligence processes lies with each
subsidiary, with oversight provided by the sustainability function at
Group level. To manage identified risk areas, subsidiaries have
developed their own specific internal follow-up processes. The
internal processes were adapted to the company’s size and
identified risk areas.
Schibsted carried out a high-level risk assessment, as stipulated in
the Norwegian Transparency Act, that was based on risk factors
related to sector, geography, raw materials and specific suppliers
to identify human rights risks across our business operations in all
our subsidiaries, business partners and supply chains. The
purpose of the assessment was to identify which human rights
were most likely to be significant for Schibsted ASA and for our
subsidiaries, operations and value chain. The high-level risk
assessment was conducted in collaboration with our subsidiaries
and with the involvement of personnel with insight into operations
and supply chains within their respective areas of responsibility
and operation.
We assessed our prioritised areas based on the severity and
likelihood of potential adverse impacts. For detailed information,
see reporting on the Norwegian Transparency Act at
https://schibsted.com/sustainability/. The risk assessment will be
revised annually or as necessary to ensure that Schibsted ASA and
its subsidiaries remain responsive to changing circumstances and
emerging risks.
Governance
As a part of the double materiality assessment performed in 2022,
we conducted an internal mapping of risks and opportunities
related to sustainability matters. The process involved major
internal stakeholders from all our business areas and helped us
scrutinise scope and rank our sustainability matters. The double
materiality assessment process also includes stakeholder
dialogue.
All investments in new companies, except for those considered as
financial investments, are subject to sustainability due diligence
covering the areas of environment, social and governance with a
focus on the material matters for the company. The investment
manager is responsible for assessing the investment target.
Sustainability impacts, risks, opportunities and governance are
thoroughly assessed in the due diligence process. The results from
the due diligence are presented along with financial indicators and
investment opportunity evaluations, and lay the foundation for the
final investment decision.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
15
According to our Code of Conduct, all companies must conduct
third-party due diligence in accordance with internal procedures
when deemed necessary and must comply with applicable
regulations, including sanction regimes and import and export
regulations. Particular caution is required if a business partner, its
management or owners are located in a high-risk region, such as in
offshore jurisdictions, jurisdictions that present a high risk for
corruption, and/or countries subject to sanction regimes.
All of the above processes have influenced the ways in which we
define, scope and prioritise our sustainability matters and are
discussed in more detail in the following sections of this statement.
CORE ELEMENTS OF DUE DILIGENCE*
SECTION/STANDARD IN THE
SUSTAINABILITY STATEMENT
Embedding due diligence in governance, strategy and
business model
ESRS2 General information - GOV-2 – Information provided
to and sustainability topics addressed by the undertaking’s
administrative, management and supervisory bodies
ESRS2 General information - SBM-3 - Material impacts, risks
and opportunities and their interaction with strategy and
business model
Engaging with affected stakeholders in all key steps of the due diligence
ESRS2 General information - SBM-2 – Interests and views of
stakeholders
ESRS2 General information - IRO-1 - Description of the
processes to identify and assess material impacts, risks and
opportunities
Identifying and assessing adverse impacts
ESRS2 General information - IRO-1 - Description of the
processes to identify and assess material impacts, risks and
opportunities
ESRS2 General information - SBM-3 - Material impacts, risks
and opportunities and their interaction with strategy and
business model
Taking actions to address those adverse impacts
Mapping not performed
Tracking the effectiveness of these efforts and communicating
Mapping not performed
*Detailed mappings of influence on specific sustainability matters and standards were not performed but will be in scope for future
reporting.
GOV-5 - Risk management and internal controls
over sustainability reporting
Risk management and internal controls over sustainability
reporting constitute a critical element for CSRD-compliant
reporting. In the coming year, we aim to establish a new framework
that will satisfy legislative requirements. To this end, a
Sustainability Controller, who reports to the Head of Group
Accounting and works closely to the Group Sustainability Team,
was appointed.
In preparing this statement, we followed the annual report
production and data collection processes that have been in place
in previous years. In addition we prioritised the identification of
weaknesses in anticipation of the forthcoming CSRD legislation to
ensure preparedness for the next report. We have instituted a
centralised process for the collection, consolidation, verification
and compilation of sustainability information. This process
incorporates elements of internal controls and risk management,
devised to comply with the demands set forth in the ESRS.
The Chief Sustainability Officer assumes ultimate oversight of
these processes, which are implemented by the Group
Sustainability Team and engage both internal and external
information reporters. The quantitative data are sourced from
internal systems and information from external business partners.
Our procedure for manually verifying all quantitative data aims to
detect inaccuracies, primarily through comparing data from
previous reports and ensuring consistency. Confirmation of all
qualitative data is executed by the internal stakeholders, who are
assigned responsibility for each sustainability issue.
The principal risks identified in relation to the quality of our
reporting include manual reporting errors, the utilisation of
multiple systems and data sources, insufficient sustainability
knowledge among reporters (both internal and external), a manual
verification process, and the risk of non-completeness owing to
Schibsted’s decentralised structure. There is currently no specific
reporting to the EMT or the Board on internal controls and risk
management of our sustainability reporting.
SBM-1 – Strategy, business model and value chain
Schibsted is a family of brands that share a set of values and
principles that guide us whenever we make decisions as a
company or find ourselves at a crossroads. Our mission is to
empower people in their daily lives. Our vision is to contribute to a
society built on trust and transparency. And at the root of our
character, we are a fearless force for change. Everything we do as
a company reflects these values and principles.
We believe companies are more sustainable in every way –
including financially – when their purpose is about more than
making a profit. This has been a core belief in Schibsted for a long
time. Creating value at multiple levels and for all our stakeholders
is not a balancing act, but a positive spiral. Creating value for
consumers leads to increased use of services that benefit society
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
16
and the environment, which in turn attracts new talent and
partners and increases the value of our business for our owners
and investors.
Each Schibsted business contributes in its own way, aligned with
its specific goals. Our journalism maintains independence and
reliability, empowering individuals to stay informed. Our
marketplaces promote transparency, efficiency, and foster trust,
facilitating smoother circular consumption, safer car transactions,
and enabling job seekers to find suitable employers. The
integration of sustainability into our business strategies has been
crucial for us to thrive and is likely to become even more
significant in the future.
To ensure our commitment to embed sustainability across our
operations, we have established sustainability-related ambitions
and targets for various aspects of our business, including products
and services, customer segments, geographical locations, and
stakeholders. An overview of which can be found in section
ESRS2 General Information - SBM-3 - Material impacts, risks and
opportunities and their interaction with strategy and business
model.
Schibsted's value chain is to a large extent Nordic. It consists
mainly of services, involves and influences a significant number of
Norwegians, Swedes, Danes and Finns through our digital
consumer services that empower people to consume news, find
jobs, homes, cars, second-goods and the best available
consumption options on the market through our consumer
comparison services or our display advertising. With more that one
billion visits every month, we have a significant impact on users
and consumers in the value chain. Below is an overview that
describes our material value chain activities and stakeholders.
Our internal governance and identified sustainability matters
reflect our value chain and ensure that we monitor and take
responsibility for the most material impacts that occur throughout
our value chain. Given that our core businesses comprise
operating digital services and producing, printing and distributing
goods, the bulk of our global procurement activities comprise the
supply of professional services, electricity, paper, ink and ICT
hardware and software.
For information of operating segments, markets served, products,
services and significant changes during 2023, see sections
Schibsted at a glance, Note 6 and Note 4 in annual report. For
details on employee composition, see section S1 Own workforce -
Own workforce data.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
17
SBM-2 – Interests and views of stakeholders
We are dedicated to generating value for all our stakeholders. Our
brands actively engage with stakeholders through market
research, partner dialogue, and interviews, recognising that our
operations rely heavily on the trust of our users, readers, and
partners. Such interactions are vital for shaping our business
strategies and product development and for understanding of our
impact.
In 2022, a project on stakeholder engagement formally laid the
foundation for our double materiality assessment. The
incorporation of viewpoints from all stakeholders in this project, as
well as into our reporting, was intended to guarantee that our
recognition of potential risks and material sustainability matters
were aligned with our stakeholders' expectations. A collective
analysis, reflecting the influence and significance of all
stakeholders, was used to assess our external impact.
Additionally, industry forums provided a platform for public critique
(affected communities) of our editorial and advertising content.
Further details on these platforms can be found in section S3
Affected communities - Engagement with stakeholders and S4
Consumers and end-users - Our approach and policies. To e n sure
inclusive feedback channels, we established an anonymous
whistleblower system accessible to all stakeholders (including
workers in the value chain, consumers and end users), see section
G1 Business conduct - Our approach and policies for further
information.
The Board has entrusted the Executive Management Team with
responsibility for stakeholder interaction. This team engages with
stakeholders through various channels, including employee
committees, employee representatives, industry associations,
dialogue with key corporate customers, regulatory discussions,
media interviews, and investor relations. The outcomes of these
engagements are reported to the Board on a regular basis, and our
transparency on key issues is detailed in our annual sustainability
statement.
The table below outlines our key stakeholders, our primary
methods of engagement with them, and their prioritised interests.
Engagement methods are determined by the stakeholder group
categories and their direct and indirect influence on Schibsted.
Value chain workers have not been identified as a material key
stakeholder group, but they will be considered for inclusion in
future stakeholder dialogue.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
18
STAKEHOLDER ENGAGEMENT
Key stakeholders
Major engagement method
Prioritised interested and views of key
stakeholders
Users and readers (Affected communities and
consumers and end-users)
•
Ongoing surveys and dialogue
• Interviews with consumer rights
organisations
• Mapping of topic reports
• Engagement in industry forums
•
Responsible advertising
• Responsible use of data
• Climate impact and energy use
• Impact of content (News Media)
• Efficient market for circular consumption
of goods
Corporate customers (advertisers and
business partners)
• Ongoing surveys and dialogue
• Interviews with selected customers
• Interview with media agency
• Mapping of topic reports
• Independent and trustworthy journalism
• Responsible use of data
• Responsible advertising
• Efficient market for circular consumption
of goods
• Empower people to be informed
Employees (Own workforce)
•
Ongoing surveys and dialogue
• Survey of selected employees
•
Climate impact and energy use
• Independent and trustworthy journalism
• Diversity, inclusion and belonging
• Attractive workplace
• Empower people to be informed
Investors
•
Ongoing dialogue
• Interviews with selected investors
• Mapping of ESG ratings
•
Independent and trustworthy journalism
• Responsible use of data
• Attractive workplace
• Fair business practice
• Efficient market for circular consumption
of goods
Regulators (national and EU)
•
Ongoing dialogue
• Desktop analysis
•
Responsible use of data
• Fair business practice
• Independent and trustworthy journalism
• User safety and fraud protection (all
marketplaces)
• Efficient market for circular consumption
of goods
Media (Sweden and Norway)
•
Desktop analysis
•
User safety and fraud protection (all
marketplaces)
• Efficient market for circular consumption
of goods
• Independent and trustworthy journalism
• Responsible marketplace and distribution
partners
• Empower consumers through comparison
services
Venture portfolio companies
•
Ongoing dialogue
• Interviews with selected companies
•
Independent and trustworthy journalism
• Responsible use of data
• Responsible advertising
• Empower people to be informed
• Impact of content (News Media)
SBM-3 - Material impacts, risks and opportunities
and their interaction with strategy and business
model
For detailed descriptions and impact, risks and opportunities
identified for each of the material sustainability matters listed
below, see Why it matters in the sections dealing with the
respective standards in this statement. For ambitions, targets and
actions, see Targets, actions and metrics in the sections dealing
with the respective standards in this statement. For information on
our climate resilience analysis and scenario analysis, see section
E1 Climate change - Our approach and policies.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
19
OVERVIEW OF MATERIAL SUSTAINABILITY MAT T E R S
Based on impact, risks and opportunities identified in double materiality assessment
News Media and Printing
Material Sustainability matter
Covered in ESRS Standard:
Independent and trustworthy journalism***
S3
Empower people to be informed***
S4, Entity specific information (S3)
Responsible advertising***
S4
Sustainable printed products*
E1, E4, E5
Nordic Marketplaces and Delivery
Material Sustainability matter
Covered in ESRS Standard:
Unbiased, inclusive and transparent job marketplaces***
S4, Entity specific information (S3)
Fair and efficient real estate marketplaces***
S4, Entity specific information (S3)
Efficient market for circular consumption of goods** ***
S4, Entity specific information (S3, E5)
Transparent and efficient mobility marketplaces** ***
S4, Entity specific information (S3)
Sustainable distribution* ** ***
E1, S2
Responsible marketplace and distribution partners**
Entity specific information (G1)
Growth & Investments and consumer comparison
Material Sustainability matter
Covered in ESRS Standard:
Sustainable investments**
Entity specific information (G1)
Fair consumer offerings & Empower consumers through
comparison services
S4
Our operations
Material Sustainability matter
Covered in ESRS Standard:
Attractive workplace
S1
Diversity, inclusion and belonging
S1
Health and safety*
S1
Skills development
S1
Fair business practice
G1, Entity specific information (G1)
Climate impact and energy use* **
E1
Sustainable supply chain* **
G1, Entity specific information (G1)
Cybersecurity
Entity specific information (S3)
Responsible use of data
S4
*Considered as a climate-related physical risk
** Considered as a climate-related transition risk
*** Sustainability-related ambitions and targets established for businesses/products and services/customer categories, geographies and
stakeholders.
IRO-1 - Description of the processes to identify and
assess material impacts, risks and opportunities
Schibsted's scope, understanding, and prioritisation of impacts,
risks and opportunities (IROs) are informed by our impact on
society, the economy and the environment, our stakeholders'
expectations, and by the influence of sustainability matters (risks
and opportunities) on our business and financials. In 2022, we
undertook an assessment to define material IROs (including topics
like climate, biodiversity and ecosystem, circular economy and
business conduct) of:
• Impacts across the value chain (comprehensive scope, all
operational countries)
• Risks and opportunities within the value chain (all companies
and relationships)
• Stakeholder expectations
• Our current sustainability maturity
• Relevant regulations and frameworks
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
20
This assessment, recognised by our Executive Management Team,
was also presented to our Board of Directors and the management
teams of our business areas and group functions. It serves to
define our sustainability matters, their materiality, medium-term
ambitions, short-term targets, and integration into our strategies.
An annual review of our prioritisation of and approach to
sustainability matters is planned. With Schibsted intending to split
into two new companies in 2024 and with new ESRS guidance on
processes available, an updated double materiality assessment for
both entities will be conducted prior to the sustainability statement
for the 2024 financial year.
The process to identify and rank material sustainability matters
began with a hypothesis on material sustainability matters, based
on previously identified matters (defined in 2019), industry
associations' input, value chain analysis, ESG analysts materiality
assessment of our sectors, an inventory of relevant GRI, SASB and
ESRS sustainability topics, peer comparison and interviews with
industry experts (sustainability, media, marketplaces, investments,
technology and human resources).
Our hypothesis and material sustainability matter definitions were
refined, tested and prioritised through an extended materiality
analysis, resulting in 22 sustainability matters (down from 27). The
reduction was due to merging or excluding topics deemed non-
material or overlapping. The excluded matters were: the impact of
news media content (the ultimate responsibility lies with our
independent editors-in-chief) and office waste and equipment
(non-material matter).
The double materiality assessment focused on understanding our
outward impacts - our operations' impact on society, the economy
and the environment - and our inward impact, which includes risks
and opportunities, on our enterprise value. To understand and rank
our outward impact, we combined the results from an internal
impact rating model with how our stakeholders rated our material
matters. The internal rating model helped us rank the material
matters based on each matter's influence on the flow of economic
resources, the number of individuals impacted, the indirect impact
on society, and the flow of physical resources or energy. This
model considered all matters and their short-term and long-term
impacts, as well as the scope, scale and likelihood of impact. Our
stakeholders, as outlined in SBM-2, were asked to prioritise our
five most important impacts. An overall analysis of importance was
conducted based on the importance of stakeholder groups and
their input. The combined input from the impact analysis and
stakeholders was weighted and formalised as a list of impacts,
rated in order of importance.
Our rating of inward impact (risks and opportunities on our
enterprise value) was concluded by combining two elements: input
from internal experts representing the full scope of Schibsted,
including their estimation of risks, opportunities and each matter's
level of importance to Schibsted, and an estimated enterprise
value (equivalent to discounted future cash flow) based on
weighted external multiples. The methodology for estimating the
inward impact was confirmed with external expertise.
The outcomes of the double materiality assessment conducted in
2022 aligned with those from the materiality analysis in 2019,
leading to the identification of material sustainability matters
outlined in SBM-3.
The outcomes guide Schibsted in how and why we integrate
sustainability with our business and operations. We have no
separate sustainability strategy, but we do have a clear scope and
clear priorities, ambitions, targets and actions that are integrated
into our strategies and operations. The level of integration varies,
but for our core business areas, sustainability ambitions and
targets are integrated with governance and strategy execution.
Each sustainability matter is managed by the Executive Vice
President (EVP) of the respective business area or group function,
responsible for setting annual targets and actions to ensure
progress. Identified risks from the assessment are not yet
structured within our overall risk management process, but major
risks are reported to the EMT or Board through formal internal
structures and in the sustainability statement.
Annually, we disclose our sustainability matters and their medium-
term ambitions, short-term targets and our contributions to the UN
Sustainable Development Goals and evaluate our performance for
the previous year. For the 2023 progress evaluation, see section
ESRS2 General information - Additional disclosures: Evaluation of
sustainability ambitions and targets 2023. For details on policy,
actions, targets, and metrics for each sustainability matter, see the
section titled Our approach and policies and the section titled
Targets, metrics and actions in each standard disclosed in this
statement.
Disclosures incorporated by reference
(ESRS1 9.1)
Mapping of disclosures incorporated by reference are stated in
section ESRS Index.
Table of all the datapoints deriving from other EU legislation
DATAPOINTS FROM OTHER EU LEGISLATIONS
Disclosure
Requirement
and related
datapoint
Disclosure
Requirement
and related
datapoint
Pillar
reference
Benchmark
Regulation
reference
EU
Climate
Law
reference
Page in
the sustainability
statement
Not
material
For this sustainability statement, no detailed mapping of datapoints deriving from other EU legislation will be disclosed.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
21
Additional disclosures: Transparency on evaluation of sustainability ambitions targets
2023
This section gives an overview of the progress on our ambitions and targets for each sustainability matter during 2023. Targets and
ambitions were stated in Sustainability Report 2022.
● Fulfilled
◐ In progress
○ Not started
EVALUATION OF PROGRESS ON SUSTAINABILITY MAT T ER S DURING 2023
NEWS MEDIA (INCLUDING PRINTING)
Sustainability matter: Independent and trustworthy journalism
Commitment
Progress
Fulfilment
Ambition (medium-term)
Ensure independent, trustworthy and unbiased journalism
in line with the high press ethics standards in the Nordics.
We continue to operate under high ethical standards in
journalism. During 2023, our Norwegian media brands were
reported to the Press Complaints Commission (PFU) 19 times
without any complaints upheld. In Sweden, our brands were
reported 42 times to the Media Ombudsman, resulting in one
complaint upheld.
●
Targets and actions (2023)
Invest in independent journalism and excellent storytelling
capabilities in order to continue developing our leading
positions.
In 2023, our media brands made several important
disclosures. Two notable examples include E24's
investigation into the stock trading of the former prime
minister's husband, which prompted multiple ministerial
resignations, and Aftonbladet's investigative piece about
H&M's disposal of used clothes in Ghana, resulting in
significant consequences for the company.
●
Sustainability matter: Empower people to be informed
Commitment
Progress
Fulfilment
Ambition (medium-term)
Empower people to form opinions based on facts and
independent analysis. We provide opportunities to voice
those opinions and to let them be challenged.
In 2023, several of our newsrooms have focused on
engaging younger audiences as well as news outsiders. This
work has shown some promising results that will be
important pillars for us to continue working on in 2024.
◐
Targets and actions (2023)
VG aims to increase its reach among young users, defined
as users aged 15- 34.
VG achieved 86 per cent fulfilment of the target. This will
continue to be an important goal for VG in 2024.
◐
Aftonbladet aims to increase its reach among young users,
defined as users aged 16-24.
Aftonbladet increased the number of young users in line
with targets.
●
IN/LAB aims to execute on a minimum of three clearly
defined projects/experiments during 2023 aimed at
reaching new target groups of which at least one should
result in a minimum viable product tested on live users
(within or outside of established brands).
In 2023, we executed multiple projects (exceeding the target
of three), including the 'News as Music' service, tested live
on Aftonbladet in Sweden.
●
IN/LAB aims to host a minimum of 10 workshops and/or
presentations with our brands to ensure that learnings are
shared across our organisation. Each brand is expected to
participate and share the content for at least one
workshop.
More than 10 presentations and/or workshops were held
with representatives of our News Media brands.
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
22
Sustainability matter: Responsible advertising
Commitment
Progress
Fulfilment
Ambition (medium-term)
Comply with national laws and regulations and be leading
in voluntary industry standards.
Implementation of Cookie Consent in Sweden accomplished
and implementation of the Transparency & Consent
Framework (TCF) across all Schibsted News Media brands is
ongoing.
◐
Targets and actions (2023)
Minimise the number of incidents of advertising non-
compliant with regulations and internal policies.
No significant incidents and all control mechanisms in place.
●
Sustainability matter: Sustainable printed products
Commitment
Progress
Fulfilment
Ambition (medium-term)
Optimise resource-efficiency and minimise the
environmental impact from printed products.
We took new and significant steps in fulfilling our ambitions,
most notably by setting sustainability requirements for some
suppliers and reducing returns of print products.
◐
Targets and actions (2023)
Schibsted’s printing plants will maintain their high level of
sustainability practices in waste management by source
sorting/recycling more than 98 per cent of their waste.
Source sorting/recycling of waste at Schibsted’s printing
plants (Bergen, Nydalen and Vestby) amounts to over 98 per
cent combined.
●
Create sustainability requirements for paper sourcing with
the Norwegian Media Businesses' Association (MBL)
industry coalition.
Several meetings with our primary paper suppliers and MBL
have resulted in sustainability requirements being added to
the contractual agreements.
●
Develop and implement sustainability requirements for all
sourcing of printed products, both internally and externally
sourced.
Requirements have not been developed for all sourcing of
print products. Meetings with some paper suppliers were
held to include requirements in the separate contracts if
necessary.
◐
Map returns of printed products across Schibsted and
reduce the share of returns by 15 per cent of the 2022
average by December 2023.
Both companies in scope reduced their returns significantly;
Aftonbladet by 15 per cent and VG has shown good progress
with a 10 per cent reduction in 2023, and a 17 per cent
reduction in Q4 2023 compared with Q4 2022.
◐
EVALUATION OF PROGRESS ON SUSTAINABILITY MAT T ER S DURING 2023
NORDIC MARKETPLACES (INCLUDING DELIVERY)
Sustainability matter: Unbiased, inclusive and transparent job marketplaces
Commitment
Progress
Fulfilment
Ambition (medium-term)
Our marketplaces help create a transparent, efficient and
accessible market for jobs, promoting unbiased and
transparent recruitment processes.
In 2023, our focus was on enhancing our employees'
understanding of diversity, inclusion and belonging (DIB),
and on establishing tools to measure our progress in this
area.
◐
Targets and actions (2023)
Create more opportunities for job seekers by ensuring that
we offer as many job opportunities as possible.
In 2023, after switching to an aggregator model for our jobs
marketplace, we had more job listings on FINN jobb than are
listed on the Norwegian Labour and Welfare Administration’s
(NAV) website.
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
23
Help our partners and customers become responsible
employers by building and growing a community and
exploring opportunities to offer digital tools.
In Finland, we aimed to expand our responsible partners
community to 500 during 2023. Although we did not achieve
the desired growth, the community increased from 300 to
341 partners.
◐
Provide training to 90 per cent of our employees in our
jobs marketplace organisation in how diversity, inclusion
and belonging can be used as a perspective for
developing our products and having a positive impact on
society.
Throughout the year, we provided training to 100 per cent of
our employees within the jobs marketplace. We also
implemented a tool to gauge our organisation's maturity in
appreciating DIB, establishing a baseline for DIB maturity
across the jobs organisation. Additionally, we established a
Nordic DIB group focused on enhancing DIB awareness
within our organisation.
●
Promote the use of tools and products that reduce bias
and promote a more transparent job market, such as our
salary comparison tool in Finland.
We planned to increase traffic to our salary comparison tool
this year, but priorities shifted, and traffic fell below 2022
levels.
○
Sustainability matter: Transparent and efficient mobility marketplaces
Commitment
Progress
Fulfilment
Ambition (medium-term)
Our ambition for the coming years is to support the
renewal of the Nordic car fleet towards more sustainable
options and to be a disruptive force for long-term
sustainable mobility.
In 2023, we enhanced efficiency, trust and transparency and
reduced fraud in our mobility markets by refining and
expanding our transactional offerings in both consumer-to-
business (C2B) and our consumer-to-consumer (C2C)
offerings. Additionally, we trained our entire organisation in
sustainable mobility and adopted principles of sustainable
product development, committing to long-term sustainable
mobility. We revised our ambitions for 2024 due to an update
in strategic direction.
◐
Targets and actions (2023)
Lead the transition to low-emission mobility in the Nordics
by ensuring that the majority of our mobility listings has
comparable emissions data.
The target was rescoped by the management team during
2023 to cover Denmark and Finland instead of the Nordics
due to resource and capability limitations in the new
organisation. 80 per cent of Tori's mobility listings (Finland)
and 91 per cent of Bilbasen's (Denmark) mobility listings now
feature comparable emissions data, enhancing transparency
for users.
●
Drive safe and efficient transactions by adopting digital car
buying for all user segments by:
• Increasing transactions through our offering Smidig
bilhandel
• >80 per cent user satisfaction for Smidig bilhandel users
• Launch new offerings
Transactions through FINN Smidig Bilhandel increased
significantly. In December, user satisfaction was 82.4 per
cent, and the annual average was 90 per cent. In Sweden,
we launched digital car buying on Blocket, introducing new
features such as expanded vehicle condition data under the
Digital Retailing initiative, enhancing buyer safety and
security. Additionally, the introduction of reservation fees
improved trust between buyers and sellers.
◐
Build knowledge and internal processes for sustainability
in the mobility marketplace organisation, business
planning and product development by training 100 per cent
of our employees, implementing sustainable product
development principles, and establishing an internal
governance model.
All our mobility employees completed sustainable mobility
training in 2023. We implemented sustainable product
development principles and clarified the governance of
sustainability within our mobility organisation.
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
24
Sustainability matter: Fair and efficient real estate marketplaces
Commitment
Progress
Fulfilment
Ambition (medium-term)
Become market leader in the Nordics by delivering
transparent, efficient and accessible real estate
marketplaces to our users and professional customers.
We further developed insight tools for our users and
customers to enhance market transparency. We also
expanded our transactional rental marketplace, Qasa, into
new markets with the aim of improving efficiency, safety, and
tenants' rights in the rental market.
◐
Targets and actions (2023)
Improve efficiency and transparency in the housing market
by strengthening the home buying and selling experience
in our marketplaces.
We improved information provided to consumers in Finland
by enhancing housing listings ad quality through
transitioning Tori's entire listing base to Oikotie and launched
a new insight tool for agents in Norway.
●
Improve efficiency, transparency and user safety in the
rental markets by strengthening our products and
improving the rental experience for landlords and tenants.
In 2023, we enhanced contracts and landlord insurance for
our rental marketplace Qasa, expanded Qasa to Finland, and
supported tenants' rights in Norway through the
Boligdugnaden government initiative.
●
Provide training to all employees within the real estate
marketplace organisation in how sustainability applies to
our business and our markets.
We provided sustainability training to all employees in our
real estate marketplaces, yet only 50 per cent completed it.
Sustainability was also a recurring topic at our all-hands
meetings throughout the year, aimed at enhancing
competence in this area.
◐
Sustainability matter: Efficient market for circular consumption of goods
Commitment
Progress
Fulfilment
Ambition (medium-term)
Unlock a sustainable future by increasing circular
consumption in the Nordics.
We significantly advanced the buying and selling of used
goods, making it smoother, safer, and more efficient. This
progress is attributed to enhancements in integrated
transactions, including secure payment options, an
expanded range of shipping options, and the introduction of
insurance services.
◐
Targets and actions (2023)
Continue to lower the barriers to circular consumption by
expanding our smooth transactions concept to new
markets and growing in current markets.
FINN with ~2.0 million platform transactions (~3X YoY growth)
and Blocket with ~0.3 million (~3X YoY growth). There was a
significant increase in the number of sellers using the
transactional service and in the proportion of ads sold. We
built the platform for further expansion of the transactional
recommerce concept into new markets.
●
Reduce emissions from transport of goods between
buyers and sellers by setting higher requirements for
delivery partners to measure and reduce their emissions.
Emissions and sustainability clauses were introduced in our
major transportation contracts in Norway with Posten and
Helthjem, covering our largest parcel/transaction volumes.
We monitored partners' progress in emission reductions, but
the process requires further enhancement in 2024.
◐
We will continue to increase the profitability for our
recommerce business in 2023 and aim for EBITDA break-
even by 2025 to ensure long-term commitment to a
business model that empowers and scales circular
consumption in the Nordics.
In 2023, we significantly advanced our recommerce
business model by demonstrating value to users through
their willingness to pay and by notably increasing the gross
margin of our transactional service.
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
25
Sustainability matter: Sustainable distribution
Commitment
Progress
Fulfilment
Ambition (medium-term)
Ensure that our distribution fleet meets future needs for
low emission distribution and fair working conditions.
For 2023, we are on track, considering the available funding
and governance scope. The appointment of a director of
supply chain and sustainability, starting 1 March 2024
underscores our commitment. Our 2024 sustainability
targets reflect this focus and planning. Detailed planning and
financing of initiatives will be required from 2025 onwards.
◐
Targets and actions (2023)
50 per cent emission-free last-mile routes in eastern
Norway and 30 per cent emission-free last-mile routes in
western Norway.
We achieved 50 per cent emission-free last-mile routes in
eastern Norway and 27 per cent in western Norway.
◐
Finalise and implement the emission reduction plan for the
Helthjem network that will apply until 2030.
We agreed on an emission reduction plan and its financing.
Further details of the plan and financing to achieve the 2030
targets will be addressed in 2024.
◐
Ensure fair working conditions among all our
subcontractors. By the end of 2023 we will include a new
Code of Conduct in all new and renewed customer
contracts.
Helthjem’s Code of Conduct is now included in all new and
renewed customer contracts. Additionally, we announced
that our operations in western Norway are transitioning from
a subcontractor model to employing drivers directly,
ensuring better control over working conditions.
●
Sustainability matter: Responsible marketplace and distribution partners
Commitment
Progress
Fulfilment
Ambition (medium-term)
We require all partners to respect and uphold our values
and ethical standards as set out in our Code of Conduct.
We are on track to achieve our ambition. In 2023, we
identified risks and devised a plan to mitigate them.
◐
Targets and actions (2023)
Identify risks of non-compliance with our Code of Conduct
by our partners and in our value chain by performing a risk
analysis to identify potential risks in our partnerships and
in our value chain, define initiatives for improvements
based on the risk analysis, and implement improvement
initiatives.
Risk analysis for non-compliance with our Code of Conduct
was conducted, and initiatives for improvement were
identified.
●
EVALUATION OF PROGRESS ON SUSTAINABILITY MAT T ER S DURING 2023
GROWTH & INVESTMENT (INCLUDING CONSUMER COMPARISON)
Sustainability matter: Sustainable investments
Commitment
Progress
Fulfilment
Ambition (medium-term)
Incorporate the sustainability perspective into the entire
investment process (sourcing, investing, portfolio
management and divesting/exit).
In 2023, we continued to emphasise sustainability in our
investment process, conducting sustainability due diligence
at the sourcing and evaluation stage. Additionally,
sustainability was a key topic in our venture CEO education
sessions and in the exit processes we underwent during the
yea r.
◐
Targets and actions (2023)
Perform sustainability due diligence on 100 per cent of
venture and Group investments.
We conducted sustainability due diligence for new venture
investments, as well as in all buy-side M&A processes.
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
26
Work actively on our venture portfolio companies’
sustainability initiatives to drive value creation.
Sustainability was a focus area in venture CEO education
sessions. The content covers approaches/tools beneficial
for venture companies to integrate sustainability early in
building the companies of the future.
◐
Sustainability matter: Fair consumer offerings
Commitment
Progress
Fulfilment
Ambition (medium-term)
We offer fair and transparent services through partners
that respect and uphold the values and ethical standards
set out in our Code of Conduct and that comply with
national laws and regulations.
Our progress in and commitment to offering fair, transparent,
and compliant services were demonstrated in various ways
throughout the year. Examples include Prisjakt's adherence
to values such as honesty, curiosity, and care, fostering trust
and continuous improvement; SMB's introduction of a new
contract module to enhance transparency and integrity; and
Lendo's long-term commitment to raising awareness of fraud
and over-indebtedness in their industry.
●
Targets and actions (2023)
Lendo will initiate collaboration with industry associations
and partners to further address the topics of fraud and
over-indebtedness.
In 2023, Lendo Group engaged in various projects, including
hosting a sustainability seminar with over 30 partners, a
partner workshop on sustainable products, and advocating
in the media for stricter consumer loan market regulation in
Norway. Due to reorganisation and limited resources, the
planned actions related to the target were downsized.
◐
Sustainability matter: Empower consumers through comparison services
Commitment
Progress
Fulfilment
Ambition (medium-term)
We empower consumers with all available information to
make informed decisions through our transparent
comparison services.
We are committed to empowering consumers with
transparent, comprehensive information, fundamental to our
consumer comparison services. Throughout the year, we
made several improvements to our services, including
enhancing user review visibility, updating transparency
policies, planning for Bank ID verification, and skill
verification of service providers.
●
Targets and actions (2023)
Lendo will establish responsible lending principles and
continue to raise internal awareness to ensure this
perspective is integrated with the daily business.
Responsible lending principles were established and agreed
upon by Lendo Group Management. Internal awareness
training and integration are currently ongoing.
◐
EVALUATION OF PROGRESS ON SUSTAINABILITY MAT T ER S DURING 2023
OUR OPERATIONS
Sustainability matter: Attractive workplace
Commitment
Progress
Fulfilment
Ambition (medium-term)
Be a preferred employer in our main markets.
In 2023, we introduced a new employee value proposition,
deployed a learning management system, and established
the Grow Talent Development process (for agreed scope),
enhancing employee engagement. Our external presence
was notably bolstered, earning recognition as a leading
employer in both the Norwegian and the Swedish markets.
◐
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
27
Targets and actions (2023)
Maintain the average employee engagement score of 80.
In 2023 there was a decline in our engagement score from 81
to 78 points. It is plausible that the announcement made in
December on the forthcoming restructuring of the company
may have influenced the outcome. We still remain four points
above the European benchmark, displaying a high level of
engagement amidst a significant transformation.
○
Sustainability matter: Diversity, inclusion and belonging
Commitment
Progress
Fulfilment
Ambition (medium-term)
Become a mature organisation in diversity, inclusion and
Belonging (DIB) and continue to be a leading voice in our
geographies and in society at large.
In 2023, we adopted a data-driven strategy to focus our
efforts on key objectives, emerging as a leading voice in
several markets, particularly in Norway, where our work
attracted significant attention and interest.
◐
Targets and actions (2023)
Implement the Diversity Index tool in 3-5 organisations.
The Diversity Index tool was rolled out in Lendo, NMP Jobs,
and Aftenposten, providing valuable insights for focusing our
efforts on different areas. Plans and action lists were
developed based on the results.
●
Operationalise a DIB recruitment playbook.
We gathered insights from Talent Acquisition, hiring
managers, external firms, and diversity experts, successfully
assembling materials for a project nearing production
completion. The official launch is set for 2024.
◐
Establish Employee Resource Groups (ERGs) for two focus
areas.
Rather than form a specific cross-cultural ERG, we launched
a dynamic ERG, grouping by specific needs, a method
proving highly effective for future developments. Prioritising
a neurodiversity group within our current initiatives was
unfortunately not feasible.
◐
Make DIB training available on the Learning Management
System.
We advanced the DIB training programme across the
organisation with physical sessions to trial the concept. A
digital version, set for broad deployment in 2024, was
developed in 2023 and will be launched in 2024.
◐
Conduct DIB training for News Media in the leadership
programme.
We conducted DIB training for levels 1 and 2 managers in
News Media, with the sessions receiving top evaluations
post-programme.
●
Sustainability matter: Health and safety
Commitment
Progress
Fulfilment
Ambition (medium-term)
Comply with national legislation, provide safe and fair
working conditions and ensure that people feel
psychologically safe.
In 2023, we conducted training to enhance manager and HR
expertise and organised a conference for our health and
safety representatives focusing on psychosocial work
environments. We also strengthened our protocols for high-
risk journalist travel and increased the robustness of risk
assessments and management across several companies.
◐
Targets and actions (2023)
Increase ACT indicator for health and safety by two
percentage points
The ACT indicators for health and safety consist of four
parameters: non-discrimination, safe to address, resilience
and routines. In 2023 the combined indicator for these areas
increased by 1.5 pts in the employee engagement survey.
While the indicators for Safe to address and Resilience
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
28
remained consistent, there was a decrease of 1 point on the
Non-discrimination parameter. The parameter on Routines
showed a significant increase with 7 points.
Launch part 1 of the incident management system as a
case management system in Norway and Sweden.
Part 1 of the incident management system was launched in
Norway and Sweden and is now fully operational in both
countries. Although implementation is complete, we see the
need for further efforts to maximise user engagement with
the system's capabilities.
●
Sustainability matter: Skills development
Commitment
Progress
Fulfilment
Ambition (medium-term)
We actively stimulate innovation and competence
development, and enable internal knowledge sharing
within the organisation.
Since launching our learning management system in 2023,
we seen an increase in employee training sessions. To
further facilitate internal knowledge sharing, we aim to
develop our platforms with adequate features for 2024 and
beyond.
◐
Targets and actions (2023)
All employees complete at least one development review
annually.
Since launching the Grow talent development toolbox, we
can drive and monitor outcomes of our structured talent
processes, including development talks with clear goals. In
2023, 76 per cent of employees completed a Grow
development talk or a development talk through other
systems.
◐
Increase use of the learning management system by 25
per cent
The target was met with an increase of 25 per cent in the
number of unique employees undertaking training through
our learning management system compared to 2022.
●
Sustainability matter: Fair business practice
Commitment
Progress
Fulfilment
Ambition (medium-term)
Ensure fair business practices according to our Code of
Conduct, and transparently report on our business
activities, performance and future ambitions.
We enhanced our performance by updating policies and
educating employees on several policies. Additionally, we
launched a project to streamline, integrate, and update our
sustainability reporting procedures to meet future legal
requirements.
◐
Targets and actions (2023)
Roll-out a mandatory training programme in the Code of
Conduct for all current employees and as a mandatory
onboarding activity for new employees.
In 2023, we launched 'Do the Right Thing', a mandatory
digital Code of Conduct training across Schibsted, with 80
per cent completion to date. It is now part of the onboarding
process for new employees.
●
Integrate sustainability in the group wide enterprise risk
management (ERM) process.
Due to limited resources, Group Finance could not manage
the group ERM process in 2023. As a result, management
teams in each business area and group function
incorporated risk management into their strategic and
business management activities. In 2023 group companies
and business areas started up reporting twice a year on key
compliance risks. An aggregated summary of the reports is
included in the Compliance Risk Report to EMT and Audit
Committee.
◐
Develop a plan for integrating sustainability and financial
reporting in compliance with emerging sustainability
A detailed plan to ensure compliance with the Corporate
Sustainability Reporting Directive (CSRD) was established
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
29
regulations.
and anchored, running from Q3 2023 to Q2 2025.
Prepare a country-by-country overview of tax payments
for possible disclosure in the 2023 sustainability
statement.
In 2023, a project set out a framework and methodology.
Draft versions of the Tax Strategy and Country-by-Country
report were made ready, but public disclosure was
postponed on account of the intended split of Schibsted into
two companies.
◐
Disclose a transparent overview of our lobbying activities
during 2023 and of our achievements.
Our lobbying activities are disclosed in this sustainability
statement, in accordance with the ESRS reporting standards.
●
Sustainability matter: Climate impact and energy use
Commitment
Progress
Fulfilment
Ambition (medium-term)
Reduce Schibsted Group GHG emissions in line with
Science Based Targets by at least 55 per cent by 2030
(baseline 2018) and reach net zero emissions by 2040.
We have reduced our emissions by 33 per cent (location-
based) since 2018. Our energy consumption was reduced by
12 per cent. We are on track to meet our 2030 emission
reduction ambition. However, achieving our ambition of a
50% reduction in energy efficiency is contingent upon the
transfer of the old printing facility to the new owner, coupled
with further efforts across offices.
◐
Targets and actions (2023)
Deliver on the climate roadmap and continue to reduce
emissions in line with our climate ambitions, which means
an average decrease per year of 7 per cent until 2030.
We have reduced our emissions by 17 per cent (location-
based) in 2023 compared to 2022.
●
Based on our decarbonisation leverages, identify main
emission reduction initiatives and actions for the short and
medium-term, and ensure sufficient financing and
incentives.
We have identified emission reduction initiatives but have yet
to quantify these or assess the required financing and
incentives.
◐
Execute on the ambitions in the revised Schibsted
Infrastructure and public cloud strategy. Deliver at least
one initiative creating awareness about emissions and
energy consumption from our digital value chain.
Our internal survey highlighted a widespread lack of
awareness among our tech teams of energy consumption
and emissions. Efforts to enhance understanding of and
engagement in these issues were deferred to 2024.
◐
Increase lifespans of and reduce emissions from devices
by encouraging equipment reuse, and provide related
information in our order portal.
The Order Team and Service Desk successfully
implemented an initiative making it possible to source
refurbished accessories (including monitors, power
adapters, keyboards, etc.) in our order portal.
●
Sustainability matter: Sustainable supply chain
Commitment
Progress
Fulfilment
Ambition (medium-term)
Be transparent and compliant, and implement a group-
wide process that mitigates and minimises our supply
chain risks.
In 2022, a new supplier compliance process was developed
to mitigate risks related to human rights and decent working
conditions within sourcing and procurement. The process
was implemented in parts of the organisation, but
implementation throughout the group was deferred on
account of the intended split of Schibsted into two
companies.
◐
Targets and actions (2023)
Establish a group procurement policy and requirements.
Draft group policy and procurement requirements outlining
principles, responsibilities and authorisations were
prepared. However, approval and implementation of the
policy work were postponed on account of the split of
◐
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
30
Schibsted into two companies.
Revise the Supplier Code of Conduct.
A new Business Partner Code of Conduct, reflecting current
legal requirements and Schibsted’s expectations, was
established. The updated principles have a broader scope,
covering all companies/individuals in business relationships
with Schibsted, not just suppliers.
●
Sustainability matter: Cybersecurity
Commitment
Progress
Fulfilment
Ambition (medium-term)
Provide services that are resilient and accessible to
society in all situations and are protected against
cybersecurity threats.
The three-year cybersecurity programme in Schibsted
concluded in March 2023. All security capabilities
developed in the programme are now integrated with
centrally available security services for all Schibsted brands.
◐
Targets and actions (2023)
All employees complete mandatory security training.
Mandatory security training continued in 2023. All
employees were required to complete at least one training
course per quarter. The overall completion rate was 75 per
cent.
◐
All major security incidents are reported within 30
minutes.
In 2023, Schibsted detected and responded to 82
cybersecurity incidents, 78 of which (95 per cent) were
responded to within the set target of 30 minutes.
◐
Ensure that all relevant mandatory security tools and
processes are implemented by the brands.
Monitoring the implementation of mandatory security tools
and processes was automated where possible. This work
will continue in 2024.
◐
Sustainability matter: Responsible use of data
Commitment
Progress
Fulfilment
Ambition (medium-term)
Ensure that Schibsted uses data to develop the best
products and services with our users’ best interests in
mind and in accordance with legal requirements.
During 2023, Schibsted established an internal privacy risk
assessment process emphasising and considering risks from
the user's viewpoint.
◐
Targets and actions (2023)
Zero incidents categorised by authorities as personal data
breaches with negative outcomes.
In 2023, we reported five personal data breaches to the data
protection authorities (2022: Two). No negative outcomes so
fa r.
●
All employees in scope complete relevant privacy and data
protection training.
Progress was good both on a basic level (mandatory Code of
Conduct training including privacy training for new
employees) and in more specific training on topics such as
AI and consent.
●
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
31
2. Environmental information
Disclosures pursuant to Article 8 of
Regulation 2020/852 (Taxonomy
Regulation)
Background
This section represents Schibsted's reporting on economic
activities and related KPIs in accordance with the EU Taxonomy
Regulation 2020/852 and delegated acts.
The EU Taxonomy is a classification system establishing a list of
environmentally sustainable economic activities. Activities that
have been defined in the EU taxonomy are eligible activities. These
activities are considered as aligned with the Taxonomy if
complying with criteria for substantial contribution to one or more
of the EU’s environmental objectives while also not significantly
harming any of the other objectives (Do No Significant Harm). The
activity must also comply with Minimum Social Safeguards.
The first delegated act of the EU Taxonomy Regulation was
incorporated into Norwegian law with effect from 1 January 2023.
Reporting on both eligibility and alignment are required for
activities to be included in this act.
The second delegated act of the EU Taxonomy Regulation entered
into force in June 2023. Reporting is voluntary for the financial year
2023. Schibsted has chosen to report on both delegated acts.
Since 2023 is the first year of reporting, comparative figures for
previous years are not presented.
Compliance with Minimum Social Safeguard
criterias
Schibsted's Code of Conduct and Business Partner Code of
Conduct outline our policies regarding compliance with minimum
social safeguards, which include human rights, labour rights, and
fair business practices, across our value chain. Further details on
our application and performance in line with these policies can be
found in section G1 Business conduct and our reporting on the
Norwegian Transparency Act at
https://schibsted.com/sustainability/. Our policies, transparent
reporting on performance, and governance practices ensure that
we have robust minimum safeguards in place.
Process eligibility and alignment
Schibsted has assessed its economic activities in order to classify
them as eligible or non-eligible. For each material eligible activity
an assessment was made to determine alignment or non-
alignment with the EU taxonomy criteria for substantial
contribution and Do Not Significantly Harm (DNSH) criterias.
Compliance with Minimum Social Safeguard criterias was
assessed on Group level.
Eligible activities
In the first delegated act, the transport activities CCM 6.6 Freight
transport services by road and CCM 6.5 Transport by motorbikes,
passenger cars and light commercial vehicles were identified. Both
of these activities are in the environmental objective category
Contributing to climate mitigation.
In the second delegated act, with voluntary reporting for 2023, the
activity CE5.6 Marketplace for the trade of second-hand goods for
reuse was identified. This activity is in the environmental objective
category Circular economy.
A small number of eligible activities that are deemed immaterial in
relation to the total operations within the Group were identified.
Schibsted chose not to assess these activities for alignment and
consequently they are reported as eligible and non-aligned. These
activities are:
• 13.3 Motion picture, video and television programme production,
sound recording and music publishing activities,
• 8.3 Programming and broadcasting activities
• 5.5 Collection and transport of non-hazardous waste in source
segregated fractions.
Non-eligible activities
Most of Schibsted operations are not defined in the taxonomy and
are therefore reported as non-eligible.
A summary of Schibsted’s operations is included in Note 6
Operating segments in the financial statements.
Eligibility - Rationale and method
CCM 6.6 Freight transport services by road and CCM 6.5
Transport by motorbikes, passenger cars and light commercial
vehicle
The assessment shows that parcel and newspaper delivery sold
directly to external parties and for which Schibsted manages the
operation of distribution vehicles and routes meet the definition of
the activities CCM 6.6 Freight transport services by road and CCM
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles. The activities overlap as vehicles of category N1 are
included in both.
The vehicles used in the activities are to a large extent not owned
or leased by Schibsted. As a consequence, Schibsted has limited
access to vehicle data.
Eligibility and allocation between the activities were calculated
based on kilometres driven and vehicle categories determined by
the Norwegian Public Roads Administration. Vehicles in categories
M1 and L6 are reported in CCM 6.5 Transport by motorbikes,
passenger cars and light commercial vehicles and vehicles in
categories N1-N3 are reported in CCM 6.6 Freight transport
services by road. Estimations were made wherever datapoints
were lacking. This allocation approach was applied to all KPIs.
CE5.6 Marketplace for the trade of second-hand goods for reuse
Schibsted’s operations in the Recommerce vertical within Nordic
Marketplaces meet the criteria of the economic activity CE5.6
Marketplace for the trade of second-hand goods for reuse. This
activity is classified as an enabling activity. The activity definition
excludes marketplaces for used cars and used buildings/houses
which entails that activity within Nordic Marketplaces Real Estate
and Mobility verticals are out of scope.
Alignment - Rationale and method
CCM 6.6 Freight transport services by road and CCM 6.5
Transport by motorbikes, passenger cars and light commercial
vehicle
The vehicles used in the transportation service must meet certain
criteria for emissions in order to fulfill the substantial contribution
criteria. In addition, the vehicles must also fulfill DNSH criterias
including type of tyres, noise levels and waste/reuse. The activity
must also comply with Minimum Social Safeguard criterias.
For 2023, Schibsted reports both activities as non-aligned due to
the lack of certain data points throughout the value chain. This
includes both vehicle data for substantial contribution criteria and
for the DNSH criteria. Work is ongoing to improve data quality
related to vehicle emissions. Gathering data for DNSH criteria will
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
32
likely prove very challenging due to many vehicles not being
owned or leased by Schibsted.
CE5.6 Marketplace for the trade of second-hand goods for reuse
To meet the substantial contribution criteria the servers and data
storage products must meet certain criteria for environmental
performance. In addition, these must also fulfill DNSH criterias
mainly related to data centre energy efficiency. The activity must
also comply with Minimum Social Safeguard criterias.
For 2023, Schibsted voluntarily reports the entire activity as non-
aligned due to the lack of certain data points throughout the value
chain. This includes both confirmation regarding our server and
data storage suppliers’ environmental performance and their
fulfilment of the DNSH criteria.
Schibsted will continue to work on obtaining confirmation and
documentation from suppliers.
KPIs
The definitions of the indicators in the taxonomy is as consistent as
possible with similar expressions used in Schibsted’s financial
statements. The definitions applied may change in line with future
development of the regulation and common practice. Please note
that the applied definition of operating expenditures (OpEx) only
represents a subset of the sum of operating expenses included in
gross operating profit (loss) as reported in the Group’s financial
statements.
The indicators in the taxonomy are intended to be a measure of the
proportion of the entities’ activities that qualify as environmentally
sustainable. The indicators are:
• Turnover
• Capital expenditure (CapEx)
• Operating expenditure (OpEx)
For the reporting of eligible activities according to the EU
Taxonomy, turnover, CapEx and OpEx for the Group are calculated
using the same accounting principles as in the financial statements
prepared in accordance with International Financial Reporting
Standards (IFRS), as adopted by the EU.
Turnover
Turnover definition is consistent with operating revenues in the
financial statements for the Group.
Turnover related to CCM 6.6 Freight transport services by road and
CCM 6.5 Transport by motorbikes, passenger cars and light
commercial vehicles is limited to distribution services sold directly
to external customers. Delivery services where Schibsted does not
manage the operation of distribution vehicles and routes have
been excluded using estimations.
Turnover related to the activity CE5.6 Marketplace for the trade of
second-hand goods for reuse includes buyer-seller linking and
classified ads (both listing fees and up-sells). The definition also
includes payment services and linked delivery services.
Advertising is not included in the definition of turnover.
Internal sales related to these activities amount to NOK 494 million
of which NOK 0 million is related to eligible aligned activities and
NOK 494 million to eligible non-aligned activities. The same
estimates as for external revenue have been applied.
CapEx
CapEx for eligible activities is related to development and purchase
of intangible assets and property, plant and equipment including an
allocated part of right-of-use assets according to IFRS 16, as
disclosed in Note 17 Intangible assets, Note 18 Property, plant and
equipment and Note 19 Leases to the consolidated financial
statements.
During 2023, CapEx for CCM 6.6 Freight transport services by road
and CCM 6.5 Transport by motorbikes, passenger cars and light
commercial vehicles was mainly related to an increase in Right-of-
use assets for a new distribution terminal and investments in a
sorting machine, electric vehicles and software platforms. The
sorting machine and software platforms are included as they play
an important part in planning of the delivery workload and planning
and optimising of routes when performing the activities.
CapEx for CE5.6 Marketplace for the trade of second-hand goods
for reuse includes an allocated amount of the CapEx related to
development of a shared technology platform.
For 2023 no CapEx for environmental action plans are included in
the reporting.
OpEx
According to the Taxonomy Regulation, the OpEx KPIs only include
costs that relate to the following:
• Research and development
• Building renovation measures
• Short-term leases
• Maintenance and repairs
In addition, the definition of OpEx includes other direct
expenditures relating to the day-to-day servicing of assets that are
necessary to ensure the continued and effective functioning of
such assets.
For the activities CCM 6.6 Freight transport services by road and
CCM 6.5 Transport by motorbikes, passenger cars and light
commercial vehicles Schibsted mainly performs delivery services
using subcontractors and employees using their own vehicles.
Schibsted is required only to a limited extent to invest in essential
components necessary to execute this activity. Moreover, costs
related to renovation measures, maintenance and repair are
marginal for the same reasons.
For the activity CE5.6 Marketplace for the trade of second-hand
goods for reuse the costs associated with building renovation
measures, short-term leases and maintenance and repair are
immaterial.
SCHIBSTED ANNUAL REPORT 2023
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34
Exposure to nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel
cycle.
No
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available technologies.
No
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
No
Row
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
No
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous fuels.
No
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
No
ESRS E1 Climate change
Why it matters
(SBM-3)
Schibsted acknowledges the urgency of addressing climate
change and the role that corporate entities must play in this global
challenge. We strive to minimise our negative impact on the
climate through our operations and value chain, and maximise our
positive impact by empowering people through our products and
services.
This section outlines our strategy aimed at decreasing greenhouse
gas (GHG) emissions and energy consumption, advancing towards
a low-carbon economy, and enhancing the resilience of our
business to climate change. It serves as our comprehensive
response to the sustainability issues of climate impact and energy
use identified in our double materiality analysis. Additionally, it
addresses the climate and energy considerations related to
sustainable distribution and sustainable printed products.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
35
Material
sustainability
matter
Description of matter
Scope of sustainability matter
(impact, risks and opportunities
identified during DMA)
Value chain
concentration
Time horizon
of impact
Climate impact and
energy use
We minimise our direct and
indirect energy consumption
and GHG emissions and are
resilient to negative physical
effects of climate change.
• Monitor and report on Scope 1, 2
and 3 emissions and energy
consumption (all BA/GF)
• Programmes to reduce emissions
and energy, including governance
of emissions and energy
consumption related to
distribution and print
• Resilience plans for climate
change and physical effects (all
BA/GF)
Upstream
Own operations
Downstream
Short-, medium-,
long-term
Sustainable distribution
Ensure that our distribution
fleet meets future needs for
low-emission distribution
and fair working conditions.
•
Transformation towards fossil-free
distribution
• Energy efficiency and emissions in
our own distribution fleet
• Energy efficiency and emissions in
our subcontractors’ fleets
• Fair terms and working conditions
among subcontractors and their
employees
• Responsible branding
Own operations
(Marketplaces)
Downstream
Short-, medium-,
long-term
Sustainable printed
products
Our printing businesses
ensure sustainable sourcing
and minimise emissions, the
use of materials and waste.
•
Energy consumption and
emissions in printing process and
value chain
• Sourcing of materials (paper,
aluminium, ink, staples)
• Use of materials (paper,
aluminium, ink, staples)
• Minimise waste and waste
handling throughout value chain
• Responsible outsourcing of print
(magazines, print in Sweden, etc)
Upstream
Own operations
(Printing)
Downstream
Short-, medium-,
long-term
Our approach and policies
(E1-1, SBM-3, IRO-1, E1-2, MDR-P, E1 -3)
Climate change and energy use
Transition plan for climate change mitigation
In 2023, Schibsted launched its Climate Roadmap to 2040,
reviewing our climate ambitions and identifying key areas for
improving our climate impact, risks and opportunities. It defines
specific actions and trajectories aimed at facilitating a transition
towards a low-carbon society. Among the positive impacts of our
operations is our recommerce (second-hand) marketplace
promoting circular consumption habits. Additionally, our media
platforms play an important role in contributing to more accurate
and widespread representation of climate science, which is
underlined in the Intergovernmental Panel on Climate Change’s
(IPCC’s) sixth report.
At the same time, we acknowledge the negative impacts
associated with GHG emissions and energy consumption in our
operations and value chain. These primarily include indirect
emissions from the consumption of electricity, district heating, and
cooling (Scope 2), as well as emissions related to distribution
vehicles, business travel, print products, data centres, use of digital
services and procured electronic devices (Scope 3). These
elements constitute the main sources of our environmental
footprint within our operations and value chain, highlighting the
areas where focused efforts are needed to mitigate these impacts.
Schibsted is committed to a sustainable future and has set climate
targets that align with scientific recommendations. Our targets aim
to achieve a 55 per cent reduction in GHG emissions across
operations and value chains by 2030 from a 2018 base year, with a
long-term ambition of a 90 per cent reduction and net zero
emissions by 2040, see section E1 Climate change - Ta rgets ,
actions and metrics and section Climate change information and
data. This target was updated in our climate roadmap from an
initial 50 per cent reduction based on our current progress and in
line with EU and Norwegian climate targets. An additional target is
to double our energy efficiency from 2018 to 2030. Since 2018, we
have achieved a 33 per cent reduction in emissions (location-
based) and a 12 per cent decrease in energy consumption, putting
us on track to meet our 2030 emission reduction targets, see
details in section Additional disclosures: Evaluation of
sustainability ambitions and targets 2023.
Decarbonisation levers, action and external dependencies
Our strategies include improving energy efficiency and reducing
emissions across our operations and value chain, from our digital
services to our physical distribution and print operations. To align
with the Climate Roadmap to 2040, we initiated several key actions
aimed at reducing our environmental impact and advancing
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
36
towards our climate targets, see section E1 Climate change -
Targets, actions and metrics.
In our decarbonisation strategy, a pivotal aspect is the
transformation of our distribution networks. This encompasses the
shift towards electrifying the vehicle fleets owned by both
Schibsted and our suppliers, alongside enhancing the efficiency of
our logistics operations to reduce emissions. We are moving
towards the use of electric and low-emission vehicles, coupled
with improving our route planning to eliminate unnecessary travel.
This is supported by the integration of environmental requirements
into our operational framework, procurement procedures and
agreements with subcontractors. We also aim to increase our use
of hydrotreated vegetable oil (HVO) as a cleaner alternative to
diesel, especially for heavy-duty vehicles on more routes.
A significant external influence on this aspect of our strategy is the
expected rise in the adoption of electric vehicles (EVs), especially
in Norway, which hosts a major part of our distribution operations.
Norway's goal for all new passenger vehicles and light commercial
vehicles to be zero-emission by 2025 is likely to expedite the
transition to electric delivery services. It is, however, pertinent to
acknowledge that the shift towards electrification is progressing
more slowly for heavy goods vehicles. The transition, particularly
for long-distance vehicles, is facing obstacles such as limited
availability and technological constraints. The pace of this
transition is thus dependent on economic factors and market
readiness.
Optimising our print value chain stands as a critical element in our
decarbonisation strategy. Through committed efforts towards
efficient material use in our printing operations, we reduced
excess paper production and are focused on further enhancing
waste minimisation practices. This is also the result of the decline
in demand for print newspapers in the industry more broadly. The
strategic relocation of our printing facility to Vestby marks a
significant advancement in this area, anticipated to substantially
lower our electricity consumption and contribute to our
overarching goal of reducing energy consumption. Additionally, our
approach to reducing office energy consumption involves forming
strategic partnerships with property landlords and executing our
own energy efficiency measures. This initiative, alongside the
energy efficiency improvements at our printing facilities, plays a
pivotal role in our carbon emission reduction efforts.
These reduction efforts are influenced by external factors, notably
the trajectory of emissions from electricity production within the
EU. The EU's target to decrease emissions by 55 per cent from
1990 levels by 2030 requires a significant shift from traditional
fossil fuels to more renewable energy sources. This transition is
essential for emissions from our operations, as it directly affects
our location-based emissions, aligning them with the broader
decarbonisation trend across the European electricity grid.
Additionally, we are actively working to minimise energy
consumption and GHG emissions from our digital operations. Our
strategy focuses on efficient use of data centres and cloud
resources alongside establishing rigorous environmental
requirements for our suppliers through our Business Partner Code
of Conduct. Our strategy includes improving the efficiency of data
centres, which is reliant on measures taken by our external hosting
providers. While we benefit from their efficiency improvements, we
also focus on reducing emissions within our sphere of influence
and control, thus energy consumption and emissions were added
to our technology strategy. Our involvement in the DIMPACT
project, in collaboration with Bristol University and international
media firms, has led to the development of a tool for monitoring
and reducing the carbon footprint of our digital news services.
Business travel, encompassing air travel and the use of leased and
privately owned vehicles, represents a significant source of
emissions for Schibsted. We are actively promoting the adoption of
low-emission travel alternatives among our employees. The
success of these initiatives is closely tied to external
developments, such as advancements in vehicle electrification, the
broader adoption of electric vehicles, and progress in alternative
transportation methods and fuel technologies for air travel.
The electronic equipment we use, including smartphones, laptops,
computers, and monitors, plays a crucial role in our daily
operations but also contributes to GHG emissions throughout their
lifecycle, from manufacturing to distribution, usage and disposal.
We aim to mitigate these emissions by extending the lifespan of
our devices and encouraging their reuse.
Governance for transition plan
Schibsted's current progress and plan towards climate change
mitigation is approved annually by the Board, following a review of
the sustainability report by the Audit Committee, see further
information provided in section ESRS2 General Information - GOV-
1 – The role of the administrative, management and supervisory
bodies and ESRS2 General information - GOV-2 – Information
provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies.
Decision-making is always a matter of balancing different
perspectives, and understanding and balancing the side effects of
decisions is also important. Initiatives that may benefit the climate
may have negative effects on other environmental, societal or
economic topics, so we aim to apply a holistic approach. This
approach will be important in our future plans to reduce our
climate impact and energy consumption, and we have already
identified some dilemmas that we need to assess further, such as
how the decline in print newspapers impacts the outreach of news
to non-digital readers, how travel limitations on journalists impact
the quality of journalism, and how the fast-growing demand and
supply of second-hand goods is balanced with consumer safety.
Deviations and clarifications
As mentioned in section GOV-3 - Integration of sustainability-
related performance in incentive schemes, no specific incentives
for climate-related considerations factored into the remuneration.
We have not explicitly quantified the investments and funding
supporting the implementation of the transition plan for climate
change mitigation. However, Schibsted's approach to integrating its
climate transition strategy with its overarching business and
financial planning is exemplified by the strategic evolution from
print to digital news. This shift, largely influenced by the global
trend towards digital consumption, has yielded environmental
advantages, including the reduction of energy, paper and ink
consumption.
Additionally, ESRS disclosure requirements regarding the
disclosure of significant CapEx amounts invested in coal, oil and
gas-related activities are not applicable to Schibsted. Schibsted's
operations do not involve significant capital expenditure in coal, oil
or gas-related activities, since the company's core business
focuses on media, digital marketplaces and services. Schibsted is
not excluded from EU Paris-aligned Benchmarks, as per the
requirement (EU Paris-aligned Benchmarks Regulation, Article
19a(1)).
We have yet to conduct a detailed evaluation of our locked-in GHG
emissions. Our operational strategy, which includes leasing
buildings and vehicles or utilising subcontractors alongside
leveraging third-party cloud services for a significant portion of
our data centres, inherently limits significant locked-in GHG
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
37
emissions for our key assets. This approach provides us with the
flexibility to adopt more sustainable solutions as they become
available, although our ability to influence these solutions is
somewhat constrained by market and technological developments.
Regarding sold products, locked-in emissions are present in, for
example paper procurement and the digital value chain.
Climate resilience
We carried out a resilience analysis in 2022 for the reporting year
2021, and updated it in 2023 to evaluate the impact of climate
change across our value chain, including the short-term (0-3
years), medium-term (3-10 years), and long-term (10-20 years)
perspectives, guided by the Task Force on Climate-related
Financial Disclosures (TCFD) framework. This analysis spanned all
business areas, operation and the entire value chain, both
downstream and upstream, uncovering a spectrum of risks and
opportunities that climate change presents to our business
strategy and financial planning. The analysis was based on the
Network for Greening the Financial System (NGFS) scenarios, with
a longer time horizon selected to ensure alignment with these
scenarios, see section E1 Climate change - Note 1-E1.
Notably, the analysis identified significant regulatory risks
associated with the transition to a low-carbon economy, such as
carbon taxes and low-emission zones, which particularly affect
our delivery fleets, highlighting the urgent need for adaptive
strategies to meet evolving environmental regulations. Moreover,
the analysis revealed opportunities stemming from changing
consumer preferences towards more sustainable goods and
services, indicating a potential for innovation in our marketplaces
and advertising sectors that could enable Schibsted to adapt to
and flourish in a shifting market landscape. It also pointed to the
dual nature of financial market shifts towards green investments as
both a risk, due to the potential for slower adaptation affecting
investments and access to low-emission solutions, and an
opportunity, where a proactive approach to sustainability could
enhance our attractiveness to investors.
Reputational risks related to public perception of our
environmental efforts and operations were also noted,
emphasising the impact on our brand image and operational
sustainability. The volatility of the energy market was identified as
a risk to our energy-intensive operations, underlining the
importance of strategic planning to mitigate the effects of
fluctuating energy prices, thereby weaving together the
interconnected challenges and opportunities facing Schibsted in
the context of climate change, see section E1 Climate change -
Note 2-E1 for further information.
Policies related to climate change mitigation and adaptation
Schibsted's Code of Conduct, see further details in section G1
Business Conduct - Our approach and policies incorporate
environmental considerations, emphasising the importance of
reducing our environmental impact. It outlines our commitment to
a precautionary approach towards materials and processes that
may harm the environment, and underscores the promotion of
environmental responsibility across our operations. The Code of
Conduct mandates the measurement and management of our
carbon footprint, the prioritisation of renewable energy, and the
adoption of environmentally responsible transportation options,
ensuring that these principles are communicated and enacted
throughout the organisation. Furthermore, Schibsted’s Global
Travel Policy highlights the preference for low-emission travel
options, see section S1 Own workforce – Our approach and
policies for further information.
Aligned with our Code of Conduct, our Group Environmental Policy
explains how we manage our environmental impact. The policy is
based on the principles of the UN Global Compact and includes
initiatives to promote greater environmental responsibility, use of
environmentally friendly technologies, and application of the
precautionary approach. The policy prioritises reducing energy
consumption and GHG emissions, promoting the use of renewable
and recycled materials, and minimising waste through effective
recycling and reuse strategies. It also advocates for water
conservation and the reduction of hazardous materials, aiming for
the adoption of safer, non-chemical alternatives wherever
possible. This approach reflects our dedication to not only comply
with environmental legislation but also to exceed these
requirements where feasible. Schibsted’s Board of Directors and
Executive Management Team have a duty to ensure that the
environmental policy's content, intentions and directives are
clearly communicated and understood. The Chief Sustainability
Officer is responsible for monitoring compliance with this policy.
Similarly, the Business Partner Code of Conduct extends these
environmental commitments to our supply chain, requiring
suppliers to adhere to practices that minimise their environmental
impact. This includes the efficient use of energy, the reduction of
emissions, and the responsible management of waste and
materials. By incorporating these requirements into our Business
Partner Code of Conduct, Schibsted ensures that our
environmental standards are upheld not only within our own
operations but also among our partners and suppliers, reinforcing
our holistic approach to mitigating our climate impact. For our
distribution supply chain a specific policy is developed, Helthjem’s
Code of Conduct. For more information about the Business Partner
Code of Conduct and Helthjem’s Code of Conduct, see section G1
Business Conduct - Our approach and policies and S2 Workers in
the value chain - Our approach and policies.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
38
Targets, actions and metrics
(E1-3, MDR-A, E1-4, MDR-M, MDR-T)
AMBITIONS AND TARGETS 2024
Sustainability matter: Climate change and energy use*
Contribution to UN Sustainable Development Goals 2030:
• Double the global rate of improvement in energy efficiency (7.3).
• Take urgent action to combat climate change and its impacts (13).
Stakeholders involved in target setting/tracking/development: Employees and affected communities
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (long-term)
Action (long-term)
1.
Double our improvements in
energy efficiency (Scope 2)
across all our business
operations by 2030, from the
2018 base year.
Continue implementing energy
efficiency in all our offices.
Finalise relocation to new
printing facility.
Energy consumption as a
measure in new investments.
Group Environmental Policy,
Code of Conduct
Annually in sustainability
statement
2.
Reduce GHG emissions
throughout our operations and
value chain by at least 55 per
cent by 2030, from the 2018
base year.
Monitor and report on Scope
1, 2 and 3 emissions and
energy consumption (all
BA/GF).
Programmes to reduce
emissions and energy,
including governance of
emissions and energy
consumption related to
distribution and print.
Resilience plans for climate
change and physical effects
(all BA/GF).
Group Environmental Policy,
Code of Conduct, Business
Partner Code of Conduct,
Schibsted’s Global Travel
Policy
Annually in sustainability
statement
3.
At least 90 per cent reduction
throughout our operations and
value chain, net zero by 2040.
In addition to actions listed
above, monitor advancements
and feasibility of GHG
removal.
Group Environmental Policy,
Code of Conduct, Business
Partner Code of Conduct,
Schibsted’s Global Travel
Policy
Annually in sustainability
statement
Metric details and principles: The target related to our emissions applies across Scopes 1, 2, and 3, based on location-based calculations.
Market-based targets have currently not been established. Our emission calculations are grounded in our greenhouse gas (GHG) inventory
and methodology, see section E1 Climate change - Note 3-E1, and updated with the guidelines for recalculations, see section E1 Climate
change - Note 4-E1. For notable updates, errors for previous reporting, uncertainties and omissions see section E1 Climate change - Note 5-
E1. The quantification of decarbonisation levers and their inclusion in financial planning have currently not been actioned.
Significant OPEX or CAPEX required for actions: Not disclosed.
Target (2 024)
Action (2024)
4.
Re-evaluation of climate and
energy consumption targets,
impact and adaptation post
the intended split of
Schibsted.
GHG inventory
reassessment:
Conduct a review of the
greenhouse gas (GHG)
inventory for each new entity
to ensure accuracy and
completeness.
Climate targets update:
Update the baseline for
tracking climate targets to
reflect the operational
changes and ambitions of the
newly formed entities,
ensuring alignment with
Group Environmental Policy,
Code of Conduct, Business
Partner Code of Conduct,
Schibsted’s Global Travel
Policy
Regularly in internal business
reviews
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
39
current process and targets.
Resilience plan
reassessment:
Reassess and develop
separate resilience plans for
each business to ensure
tailored strategies for
managing climate-related
risks and opportunities.
Metric details and principles: The metrics are qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Significant OPEX or CAPEX required for actions: Not disclosed
5.
Ensure robust internal control
and complaint data collection
for climate and energy data
Implement governance
structures, processes and
establish resources to
oversee the integration of
climate and energy data
throughout operations and
value chain.
Group Environmental Policy,
Code of Conduct, Business
Partner Code of Conduct
Regularly in internal business
reviews
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body
Significant OPEX or CAPEX required for actions: Not disclosed.
6.
Map energy consumption and
emissions related to our digital
value chain for marketplaces
Conduct a detailed analysis to
measure energy consumption
and emissions throughout the
entire digital value chain of
our digital marketplaces.
Create a detailed map of third-
party providers, with a special
emphasis on AI providers due
to their potential for high
energy consumption.
Group Environmental Policy,
Code of Conduct, Business
Partner Code of Conduct
Regularly in internal business
reviews
Metric details and principles: The metrics are qualitative in nature and will not be evaluated according to any specific standards or by an
external body
Significant OPEX or CAPEX required for actions: Not disclosed.
7.
Initiate at least one measure
to lower emissions from
frequent business travel paths
in our marketplace business.
Consolidate travel information
from our expense system for a
complete dataset and create
awareness around low-
emission travel options and
implement visual displays of
travel emissions data.
Group Environmental Policy,
Code of conduct, Schibsted’s
Global Travel Policy
Regularly in internal business
reviews
Metric details and principles: The metrics are qualitative in nature and will not be evaluated according to any specific standards or by an
external body. Measurements for emissions by business travel are measured as GHG emissions, see section E1 Climate change - Note 3-E1.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
40
AMBITIONS AND TARGETS 2024
Sustainability matter: Sustainable distribution*
Contribution to UN Sustainable Development Goals 2030:
•
Take urgent action to combat climate change and its impacts (13)
Stakeholders involved in target setting/tracking/development: Employees and suppliers
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Ensure that our distribution
fleet meets future needs for
low-emissions distribution
and fair working conditions.
Continue to optimise route to
minimise unnecessary
distribution.
Adopting electric and low-
emission vehicles through
integration requirements in
our procurement processes
and contractual agreements
with subcontractors.
Expand use of hydrotreated
vegetable oil (HVO), a cleaner-
burning alternative to diesel,
particularly for heavy-duty
vehicles across more routes.
Code of Conduct, Group
Environmental Policy,
Helthjem’s Supplier Code of
Conduct
Annually in sustainability
statement
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Target (2 024)
Action (2024)
2.
Fossil-free distribution in
Oslo, Bergen and Stavanger
by the end of 2025.
65 per cent emission-free
routes in eastern Norway
distribution district.
40 per cent emission-free
routes in western Norway
distribution district.
Code of Conduct, Group
Environmental Policy,
Helthjem’s Supplier Code of
Conduct
Regularly in internal business
reviews
Metric details and principles: Measured as the percentage number of routes that are zero emissions (electric car or walking/cycling) out of
the total number of routes.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Reduce GHG emissions from
transportation and secure
fossil-free distribution value
chain in Oslo by end of 2025.
75 per cent HVO fuel on
inbound logistics from
Sweden.
65 per cent HVO fuel on
transportation to distribution
centres in eastern Norway
distribution district.
At least one route fuelled
using HVO between terminals
in our network.
Code of Conduct, Group
Environmental Policy,
Helthjem’s Supplier Code of
Conduct
Regularly in internal business
reviews
Metric details and principles: Percentage HVO is measured as the proportion of kilometres driven with HVO out of total kilometres driven on
routes between respective areas. Introduction of HVO on one route between Vestby and other terminals in the network is measured binarily.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
41
AMBITIONS AND TARGETS 2024
Sustainability matter: Sustainable printed products*
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
• Take urgent action to combat climate change and its impacts (13).
Stakeholders involved in target setting/tracking/development: Employees and suppliers
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Optimise resource-efficiency
and minimise the
environmental impact from
print products.
See actions 2024
Group Environmental Policy,
Code of Conduct, Supplier
Code of Conduct
Annually in the sustainability
statement
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Target (2 024)
Action (2024)
2.
Reduce electricity
consumption by ~50 per cent
in 2024.
Reduced electricity
consumption in Schibsted’s
printing plants as a result of
relocation to Vestby.
Group Environmental Policy,
Code of Conduct
Regularly in internal business
reviews
Metric details and principles: Measured in MwH from energy suppliers
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Installed solar panels at
Vestby printing facility with
annual capacity of 164 Mwh.
Install solar panels at Vestby
printing facility
Group Environmental Policy,
Code of Conduct
Regularly in internal business
reviews
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
Climate change information and data
(E1-5, E1-6, E1-7, E1 -8, E1-9)
Climate impact and energy use
Energy consumption and mix
Our efforts were focused on enhancing energy efficiency across
our operations. One of the efforts is the strategic relocation and
reconfiguration of our printing plant from Oslo to Vestby, which is
expected to lead to a 46 per cent reduction in electricity
consumption compared with 2021. This move aligns with our goal
to double energy efficiency by the year 2030.
In 2023, 12 per cent of the electricity bought for our operations
was certified with renewable electricity, representing a large
decrease on the previous year of 26 per cent. The cost of
renewable electricity certificates increased in 2023, leading to a
trend where more of our companies opted out of purchasing these
certificates due to financial constraints. This situation underscores
the necessity for closer integration with financial planning
processes to ensure the prioritisation of renewable energy
procurement across our operations.
There was a minor decrease in our overall energy consumption in
2023, due mainly to the decrease in electricity used in our printing
facilities.
Energy consumption within Schibsted (Scope 2)(MWh)
2018
2022
2023
2022-
2023 %
2018-
2023 %
Consumption of electricity, district heating, district cooling
36,128
32,244
31,914
-1%
-12%
-of which electricity from grid
32,680
21,763
25,144
16%
-23%
-of which certified renewable electricity*
67
7, 8 4 1
3,552
-55%
>100%
-of which district heating
2,836
2,232
2,885
29%
2%
-of which district cooling
545
408
333
-18%
-39%
Currently, we have not disclosed the types of contractual instruments related to Scope 2 GHG emissions.
Energy intensity (Scope 2)
2022
2023
% change
Energy intensity, energy consumption MWh/turnover NOK million*
2.11
2.03
-4%
Energy intensity, energy consumption MWh/employee*
5.23
5.30
1%
*Intensity figures 2022 based on revenue and employees are restated due to recalculations of GHG emission inventory (see Note 5-E1). For revenue information
see Consolidated income statement in annual report, and turnover information see S1 - Own workforce - Own workforce data.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
42
Energy consumption within printing facilities (MWh)
2018
2022
2023
2022-
2023 %
2018-
2023 %
Consumption of electricity, district heating, district cooling
21,939
19,998
18,856
-6%
-14%
-of which electricity from grid
21,939
19,998
18,822
-6%
-14%
-of which district heating
-
-
34
-
-
Our current progress climate targets
(E1-1, E1-3, E1-4)
In 2023, we reduced our emissions and climate impact by 17 per
cent in location-based and seven per cent in market-based
emissions from the previous year and a comparative decrease of
33 per cent (location-based) and 24 per cent (market-based) from
the levels in 2018. The decrease was driven primarily by
enhancements in our logistics operations, including optimised
services and shared transport solutions in the Helthjem
distribution network, alongside the decommission of Sunday
routes. Further contributions came from reduced use of paper and
ink at our printing facilities, facilitated by a relocation process and
due to the discontinued Sunday newspaper. A decrease in
procured electronic equipment was also observed, attributed to
the adoption of refurbished devices for new employees and overall
reduced procurement compared to previous years.
However, an increase in business travel was noted, due largely to
enhanced cross-country collaboration, particularly within
Marketplaces. This rise was partly linked to increased reliance on
travel agencies, which supply most of our travel data. Notably, the
level of business travel has realigned with the figures from 2018.
Gross Scopes 1, 2, 3 and Total GHG emissions
Greenhouse gas emissions (tonnes of CO2e)
2018 2022 2023
2022-
2023 %
2018-
2023 %
Direct Scope 1 emissions
Company owned vehicles
9
-
-
-
-100%
Total Scope 1 emissions
9
-
-
-
-100%
Indirect Scope 2 emissions
Electricity - location-based
1,318
427
427
0%
-68%
Electricity - market-based**
14,032
10,965
12,676
16%
-10%
District heating
81
122
146
20%
81%
District cooling
27
16
18
12%
-34%
Total Scope 2 market-based emissions
14,140
11,103
12,840
16%
-9%
Total Scope 2 location-based emissions
1,425
565
591
5%
-59%
Indirect Scope 3 emissions*
1) Purchased good and services
- Paper for newspapers (Norway, owned printing plants)
6,427
4,515
3,447
-24%
-46%
- Paper for newspapers and magazines (Sweden, externally sourced)
2,134
1,826
1,442
-21%
-32%
- Ink for newspapers (Norway, owned printing plants)
3,528
2,670
1,827
-32%
-48%
- Ink for newspapers (Sweden, externally sourced)***
441
441
381
-14%
-14%
- Cloud computing and data centre services***
926
974
824
-15%
-11%
2) Capital goods
- Procured smartphones and tablets***
129
98
88
-10%
-31%
- Procured laptops and computers***
410
597
243
-59%
-41%
- Procured monitors***
751
509
235
-54%
-69%
6) Business travelling
- Leased and privately-owned vehicles, employees
473
299
218
-27%
-54%
- Business travel - flights
2,372
1,411
2,401
70%
1%
9) Downstream transportation
- Employees, privately-owned vehicles used for distribution services
299
262
249
-5%
-17%
- Subcontractors vehicles used for distribution services***
7, 3 6 0
7, 3 6 0
5,537
-25%
-25%
- Distribution for Swedish newspaper***
1,972
1,521
1,586
4%
-20%
11) Use of sold products
- Internet infrastructure (news media digital products)***
48
56
74
32%
55%
- Electricity consumption by users devices (news media digital products)***
335
303
347
15%
3%
Total Scope 3
2 7,6 07
22,845
18,900
-17%
-32%
Total all scopes (market-based)
41,756
33,947
31,741
-7%
-24%
Total all scopes (location-based)
29,041
23,409
19,491
-17%
-33%
For previous restatement, uncertainties and errors, see section E1 Climate change - Note 5-E1.
*We lack data from some non-material companies on certain data points: Scope 2 (Duplo Media AS and Qasa France SAS), Cloud computing and data centre
services (Qasa France SAS), Procured electronic devices (Qasa France SAS and Qasa AB), Business travel flights (Qasa France SAS, Qasa A, Podme Oy and
Podme AB).
**For certified renewable electricity consumption, see section E1 Climate Change - Climate change information and data.
***Where we are unable to determine historical emissions or where the error margin in historical data was too high, we used the most recent available data as
stated in our recalculation guidelines, see section E1 Climate change - Note 4-E1.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
43
GHG intensity (Scope 1, 2 and 3)
2022
2023
% change
GHG intensity, tonnes CO2e emissions (market-based) /turnover NOK million*
2.22
2.01
-9%
GHG intensity, tonnes CO2e emissions (location-based) /turnover NOK million*
1.53
1.24
-19%
GHG intensity (market-based), tonnes CO2e emissions/employee*
5.51
5.27
-4%
GHG intensity (location-based), tonnes CO2e emissions/employee*
3.80
3.23
-15%
*Intensity figures 2022 based on revenue and employees are restated due to recalculations of GHG emission inventory (see Note 5-E1). For revenue information
see Consolidated income statement in annual report, and turnover information see S1 - Own workforce - Own workforce data.
GHG removals and GHG mitigation projects financed through
carbon credits
Schibsted prioritises direct emission reductions across our
operations and value chain over focusing on carbon offsetting or
removal projects. Our commitment to achieving net zero emissions
by 2040 focuses on a substantial reduction of current emissions of
at least 90 per cent, aligning with science-based targets. This
approach reflects our dedication to promoting a culture of climate
responsibility within our organisation. We remain open to
reassessing our approach in response to significant advancements
in technology, market accountability, environmental impact
verification and increased confidence in carbon offsets and
removals.
There are currently no additional GHG removals and storage
activities to report since our efforts are concentrated on emission
reductions. It is also relevant to mention that Schibsted has not
declared GHG neutrality. Achieving our 2040 goal involves
implementing carbon removal solutions for the residual emissions
after the targeted 90 per cent reduction, ensuring our path to net
zero by the designated year.
Internal carbon pricing
Schibsted has not yet implemented internal carbon pricing. The
impending company split provides an opportunity for each entity to
customise its sustainability and climate-related strategies,
including independent evaluation of internal carbon pricing's
applicability within their unique operational contexts. The
importance of internal carbon pricing as a strategic instrument for
managing climate-related costs is acknowledged, making it a
consideration for both entities in their future endeavours.
Anticipated financial effects from material physical and
transition risks and potential climate-related opportunities
We have not specified the exact monetary amounts and
proportions of assets that could be at risk due to climate-related
factors. It is pertinent to note that Schibsted's operational model is
inherently low risk in this context, since we primarily lease our
buildings and maintain a lightweight key asset base with minimal
locked-in emissions. This operational flexibility significantly
mitigates our direct exposure to physical climate risks and
transition risks associated with high-emission assets. Nonetheless,
there are climate-related risks associated with our sold products,
spanning both our physical value chains, such as print and
distribution, and our digital value chain. We continue to monitor
and assess our climate-related risks and opportunities with a
focus on maintaining this resilience and adaptability in our
business model.
Notes - E1 Climate change
Note 1 - E1
(IRO-1)
To establish a basis for the scenarios, Schibsted used information
from the Network for Greening the Financial System (NGFS).
Climate scenarios were developed by the Intergovernmental Panel
on Climate Change (IPCC), and NGFS has adopted the scenarios to
explore possible impacts on various parts of the economy. To
assess how Schibsted may be affected under these scenarios, we
reviewed the European Central Bank’s (ECB) assessment of how
different categories of companies will be hit. The ECB has defined
the following general categories of companies:
• the median European firm (an European firm with average
emissions);
• the highest emitting firms (i.e., those firms that are relatively
more affected by transition risk, energy-intensive, reliant on
fossil fuels); and
• the firms that are most exposed to physical risk (flooding and
other extreme weather events).
Applied scenarios
Given the infrastructure involved in Schibsted’s operations, we
have treated Schibsted as a median European firm in the scenario
analysis.
We reviewed two different climate outcomes: Representative
Concentration Pathway (RCP) 2.6 and RCP 4.5 involving three
different policy scenarios:
a) The orderly approach explores a transition with early adoption
of climate policies and is consistent with limiting global warming
to below 2°C.
b) The disorderly approach explores a transition with late adoption
of climate policies that is consistent with limiting global warming
to below 2°C.
c) The hothouse world with warming in the region of 3°C.
The assessment of the effects of climate change on Schibsted’s
business included identifying short-term, medium-term and long-
term risks and opportunities for Schibsted’s business areas. In
accordance with the TCFD framework, these risks were assessed
against our business, strategy and financial planning.
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POLICY SCENARIO
EFFECT
IPCC CLIMATE OUTCOMES
The orderly approach assumes that climate
policies are introduced early and become
gradually more stringent. Net zero GHG
emissions are achieved before 2070, giving
a 67 per cent chance of limiting global
warming to below 2°C.
Physical and transition risks are relatively
low.
Probability of default (PD) under the orderly transition
scenario increases slightly compared with a
disorderly or no-transition scenario. This reflects the
costs that firms must take on in the 2020s to comply
with green policies, particularly in the form of carbon
taxes and technological investments. Costs are more
than offset in the long-term by reduced physical risk
and a more efficient and cheaper energy mix.
RCP 2.6: A predicted
temperature increase of
between 0.9 and 2.3°C.
The disorderly approach assumes that
climate policies are not introduced until
2030. Since actions are taken relatively late
and are limited by available technologies,
emission reductions need to be sharper
than in the orderly scenario in order to limit
warming to the same target. The result is a
higher transition risk.
Sudden investment needs to come later (post-2030).
However, the relative difference in profits compared
with the orderly transition stabilises at the end of the
period, given that the transition would have been
achieved even in this scenario.
RCP 2.6: A predicted
temperature increase of
between 0.9 and 2.3°C.
The hot house world assumes that only
currently implemented policies are
preserved. Nationally determined
contributions are not met. Emissions
increase until 2080, leading to 3°C+
warming. Severe physical risks are high,
including irreversible changes such as
higher sea level rise.
Profitability to deteriorate substantially by up to 40
per cent compared with an orderly
transition, due to production disruptions
RCP 4.5: A predicted
temperature increase of
between 1.7 and 3.2°C.
Note 2 - E1
(SBM-3)
TABLE 1: MAIN RISKS AND OPPORTUNITIES IDENTIFIED – GROUP LEVEL
PHYSICAL
Acute risks related to extreme weather
events and chronic risks such as rising sea
levels and ecosystem changes
Risks:
• Dependence on different data centres around the world and having no control of them
means that Schibsted currently cannot control extreme weather risks or whether
safeguarding measures are put in place.
• Our supply chain will be affected by environmental emergencies and cannot deliver its
products and services on time or at all.
Opportunities:
• None identified.
REGULATORY
Stricter regulation such as GHG taxes, cap-
and-trade schemes, energy efficiency
requirements, and reporting requirements
Risks:
• Regulation of advertising of products that may contribute to climate change.
• The EU Taxonomy (current and future) and additional regulations may lead to certain
revenue streams being at risk.
• Investing in companies not classified as green by emerging regulations.
• Rapid development of regulations (EU CSDD law, Norwegian Transparency Act, EU
CSRD) of our responsibility for the environmental impact from the supply chain will be
challenging to comply with.
Opportunities:
• If Schibsted moves early in the green shift, regulation could be an opportunity since it
will be better placed than its rivals to meet regulatory requirements.
MARKET
Changes in market demand, customer
requirements and investor behaviour
Risks:
• Market moving faster than Schibsted, meaning the risk of losing out on sustainability-
linked financing.
• If consumers and advertisers reduce their spending/use within Schibsted business
areas.
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• Lack of interest from investors based on poor sustainability performance or
transparency.
• Energy price volatility and energy limitations for printing plants and data centres.
• Lack of broad competency in the implications of climate change and climate risk in the
organisation.
Opportunities:
• Focus on sustainability and circular economy opens up new business opportunities
for Schibsted’s marketplaces.
TECHNOLOGY
Stepwise or radical technology shifts lead to
an increased need for investments or risk of
stranded assets
Risks:
• Disruptive technology in news media or marketplaces representing less energy-
intensive solutions.
Opportunities:
• The majority of Schibsted’s business is already digital, considered well placed to lead
in the sector(s).
• Reduce the footprint and cost of our IT equipment by prolonging its lifespan and
reusing.
REPU TAT ION
Risk of stigmatisation leading to loss of
goodwill, brand value, and employee
attraction
Risks:
• Lack of competency in climate change and climate risk in the organisation.
• Dependency on advertising and on accepting high-emitting firms as customers.
• Poor reputation in climate change issues may lead to difficulties in recruiting and
retaining staff.
Opportunities:
• If viewed as a frontrunner, Schibsted has an edge when it comes to recruiting and
retaining staff.
TABLE 2: RISKS AND OPPORTUNITIES IDENTIFIED – NORDIC MARKETPLACES
PHYSICAL
Acute risks related to extreme weather
events and chronic risks such as rising sea
levels and ecosystem changes
Risks:
• Extreme weather events may cause outages in the infrastructure in some of the data
centres around the world on which Schibsted relies. Since Schibsted is not in control
of them, it cannot control whether safeguarding measures are put in place.
Opportunities:
• None identified.
REGULATORY
Stricter regulation such as GHG taxes, cap-
and-trade schemes, energy efficiency
requirements, and reporting requirements
Risks:
• Regulation of advertising of products that contribute to climate change could result in
loss of revenue.
• Regulatory changes targeting the car market may challenge and change Schibsted’s
marketplace for cars; for example, if leasing solutions turn to other marketing
platforms. The same applies to the travel segment.
Opportunities:
• The right to repair may increase the markets for second-hand goods and repair
services.
MARKET
Changes in market demand, customer
requirements and investor behaviour
Risks:
• Focus on sustainability and circular economy may make competition in second-hand
marketplaces tougher.
• Cars account for a large part of second-hand marketplaces. An increase in electric
cars could reduce second-hand car activity if the population becomes weary of
buying second-hand electric cars or moves away from buying cars completely. Energy
price volatility and energy limitations for printing plants and data centres.
Opportunities:
• Focus on sustainability and circular economy can create new business opportunities.
• New business models serving customers looking for sustainable mobility
opportunities.
TECHNOLOGY
Stepwise or radical technology shifts lead to
an increased need for investments or risk of
stranded assets
Risks:
• Marketplaces may shift to different forms, which could be a risk if Schibsted does not
adapt quickly enough by creating marketplaces that function in this space.
Opportunities:
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• Increased eCommerce; Schibsted has several products and services which can be
used for circular consumption purposes.
REPU TAT ION
Risk of stigmatisation leading to loss of
goodwill, brand value, and employee
attraction
Risks:
• Enablers of consumption may be hit by a change in perception of the environmental
impact of linear consumption.
Opportunities:
• Be an enabler of recommerce and local consumer-to-consumer trading
TABLE 3: RISKS AND OPPORTUNITIES IDENTIFIED - NEWS MEDIA
PHYSICAL
Acute risks related to extreme weather
events and chronic risks such as rising sea
levels and ecosystem changes
Risks:
• Extreme weather could disrupt printing plants if electricity and other infrastructure
fails.
Opportunities:
•
None identified.
REGULATORY
Stricter regulation such as GHG taxes, cap-
and-trade schemes, energy efficiency
requirements, and reporting requirements
Risks:
• Regulation of advertising of products that contribute to climate change might reduce
revenues.
Opportunities:
•
Distributing news to the population has fundamental societal value, and the
government sees this value.
MARKET
Changes in market demand, customer
requirements and investor behaviour
Risks:
• Change in revenue streams from advertising.
• Indirect impact due to volatile electricity, pulp and paper markets; for example,
increased paper and energy costs.
Opportunities:
• None identified.
TECHNOLOGY
Stepwise or radical technology shifts lead to
an increased need for investments or risk of
stranded assets
Risks:
•
The printing business areas represent a large source of GHG emissions within
Schibsted. Although we do not plan to limit printing, the circulation of physical papers
is steadily declining as readers continue to go digital.
Opportunities:
• Continue developing market-leading digital (low emission) news media solutions
REPU TAT ION
Risk of stigmatisation leading to loss of
goodwill, brand value, and employee
attraction
Risks:
• Fail to report on climate change in the press and to reach climate targets, leading to a
decline in readership and making recruitment more difficult.
• Increased criticism of the environmental footprint of print newspapers (material,
energy, waste, transportation, etc.) compared with digital news.
• Trust in advertising in general falls due to a mismatch between consumer demand and
advertisers’ transparency in green claims.
Opportunities:
• Report extensively on climate issues in the press, contributing to the debate and to
information sharing.
• If viewed as a frontrunner, Schibsted has an edge when it comes to recruiting and
retaining staff.
TABLE 4: RISKS AND OPPORTUNITIES MENTIONED – DELIVERY
PHYSICAL
Acute risks related to extreme weather
events and chronic risks such as rising sea
levels and ecosystem changes
Risks:
• Extreme weather could result in increased costs, quality issues, sick leave, road
closures, disrupting distribution.
Opportunities:
• None identified.
REGULATORY
Stricter regulation such as GHG taxes, cap-
Risks:
•
Conversion to low-emission city zones and imposition of carbon taxes.
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and-trade schemes, energy efficiency
requirements, and reporting requirements
• Regulation incentives a shift to electric vehicles while the cost of electric vehicles is
still high. There is uncertainty in the development of current incentives schemes.
• The availability of electric vehicles for long-distance routes is limited.
Opportunities:
•
None identified
MARKET
Changes in market demand, customer
requirements and investor behaviour
Risks:
• Customers prefer low-carbon distribution services and failing to meet criteria
constitutes a market risk to Schibsted.
Opportunities:
• Low-carbon transportation service is a competitive advantage and an opportunity for
Schibsted.
• Being active in markets where the electrification transition is rapid (compared with
other regions) is advantageous in terms of access to infrastructure and available
technologies.
TECHNOLOGY
Stepwise or radical technology shifts lead to
an increased need for investments or risk of
stranded assets
Risks:
• The electrification of long-distance vehicles takes time due to limited supply on the
market, and reducing emissions in line with targets becomes difficult.
Opportunities:
• Early investment in low-emission transportation technology.
REPU TAT ION
Risk of stigmatisation leading to loss of
goodwill, brand value, and employee
attraction
Risks:
• Transportation services account for a considerable portion of Schibsted’s emissions.
Failing to reduce emissions according to targets poses a reputational risk.
Opportunities:
• Rapidly switching to a green vehicle fleet could lead to improved reputation
TABLE 5: RISKS AND OPPORTUNITIES MENTIONED – GROWTH & INVESTMENTS
PHYSICAL
Acute risks related to extreme weather
events and chronic risks such as rising sea
levels and ecosystem changes
Risks:
• None identified.
Opportunities:
• None identified.
REGULATORY
Stricter regulation such as GHG taxes, cap-
and-trade schemes, energy efficiency
requirements, and reporting requirements
Risks:
• Portfolio companies that are not included in recognised definitions of green or
sustainable.
Opportunities:
• A strong green portfolio that matches regulatory requirements may be an advantage
over competitors.
MARKET
Changes in market demand, customer
requirements and investor behaviour
Risks:
• Portfolio companies are not considered green by financial market participants.
• Funding sustainable investments will be more expensive due to increased interest
rates and inflation.
Opportunities:
• A sustainable investment strategy can provide a portfolio of companies that are well
suited to a low-carbon market.
TECHNOLOGY
Stepwise or radical technology shifts lead to
an increased need for investments or risk of
stranded assets
Risks:
• Traditional technology investments are labelled as unsustainable, though not
considered a high risk to this business area.
Opportunities:
• Investing in companies whose business models and use of technology are in line with
the transition to a low-carbon or circular economy or are considered green.
REPU TAT ION
Risk of stigmatisation leading to loss of
goodwill, brand value, and employee
attraction
Risks:
•
Investing in companies that are not viewed as green by society.
Opportunities:
• A strong green portfolio will enhance the reputation in society and with potential
investees.
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Note 3 - E1
(E1-1, E1-4, E1-6)
Schibsted has been committed to the Greenhouse Gas Protocol
Initiative for GHG emissions accounting since 2016, ensuring that
our practices embody the core principles of relevance,
completeness, consistency, accuracy and transparency. We strive
to annually gather comprehensive data, progressively expanding
our scope for a precise emissions representation. Our data quality
measures, aligned with the GHG Protocol and ESRS, favour
supplier-specific data to ensure accuracy. Our efforts are currently
concentrated on the most significant emissions, particularly those
stemming from the value chain of our physical products and
services, such as newspapers, magazines and distribution, which
represent the bulk of our emissions within the assessed scope.
Since 2018 we have expanded our scope to include more sources
and have refined our calculation method for multiple emission
sources. Our current calculations for GHG emissions climate
impact do not include impacts from biogenic emissions.
Apart from light electric vehicles in our distribution companies, no
company-owned vehicles have been in the organisation’s scope
since 2021. A small part of our distribution services that previously
was classified as Scope 1 was found not to consist of company-
owned vehicles and thus was reclassified as Scope 3. It could be
argued that a larger amount of emissions from vehicles in our
distribution services should be added to Scope 1 due to
operational control, but since our climate targets relate to all
scopes, it was determined that we allocate these emissions to
Scope 3, though we may reassess this at a later stage.
The work on accounting for all our emission sources is not yet
complete, however; we currently do not report data on material
sources such as emissions from our part-owned investments,
electricity consumption for outsourced printing in Sweden and
electricity consumed in electrical vehicles. Additionally, omissions
in our current emission inventory include electricity consumption
in home offices. This is due to the difficulty in obtaining accurate
data and to the limited control that we have over electricity
consumption in employees’ homes. This can somewhat skew the
accounts during periods when most work is being performed at
home. See the table below for a full overview of the current GHG
emissions inventory and calculation methodology.
Table GHG emissions inventory and calculation methodology
GHG Protocol
category
In
scope
Description of data collection and calculations
Scope 1
Company-
owned cars
In
scope
Activity data: Fuel consumption or mileage reported by companies.
Calculation method:
Emission factors for fuel and an approximation to calculate litres of fuel consumed based on kilometres
collected from Defra (2018–2023). Share of biofuel is collected from the Norwegian Environmental Agency.
The emissions per unit biofuel is currently set at zero, but this may change in the future. The activity data
collected does not provide information on the specific type of car, such as size or model, used for the
calculations. The data is therefore based on an average vehicle run on gasoline, diesel or hybrid fuel.
Included GHG gases: CO2, CH4, N2O
Scope 2
Electricity
In
scope
Activity data: Data is collected in kilowatt-hours from utility bills, energy management systems or energy
consultants.
Calculation method:
Emission factors for both location-based and market-based methods were collected from AIB. For the
market-based approach, we use country-specific residual mixes for calculating emissions from electricity
with no guarantees of origin. The location-based approach is based on production mixes in the respective
countries. This ensures consistency, even though it may come at the expense of accuracy. Ideally, we would
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use consumption mixes, i.e., production mixes adjusted for import and export, which would be more accurate
and would better reflect the impact of electricity consumption in a given location. Since we track activity data
over time in kilowatt-hours, it would be easy for us to change our method in the future if we find reliable,
consistent and available consumption emission factors across the countries we operate in.
Included GHG gases: CO2. Since 2019 AIB has only reported on Direct CO2 and not GWP (global warming
potential including other GHG gases), as they previously did for residual mix. In the latest comparison
between Direct CO2 and Direct GWP from 2018, we see that the other GHG gases as CH4 and NO2 is
approximately 1–2 per cent additionally to the Direct CO2 g/kWh. However, this depends on the energy mix,
for example the share of natural gas in previous years.
District
heating
In
scope
Activity data: Kilowatt-hours and location, collected in the same way as electricity.
Calculation method:
Depending on location and availability of data, we collect emission factors directly from suppliers or, for some
of our locations they are based on energy mixes in the specific location (e.g., fjernkontrollen.no), if not
available they are collected from other sources found applicable.
Included GHG gases: CO2, CH4 and N2O. In some cases emissions of methane and nitrous oxide resulting
from combustion are not taken into account. This is in line with practices in the industry and in district heating
companies that are required to report their emissions to the authorities under the EU Emissions Trading
System (EU-ETS), where neither methane or nitrous oxide are included. They are estimated to constitute 0.8–
1.9 per cent of total greenhouse gas emissions per kWh.
District
cooling
In
scope
Activity data: Kilowatt-hours and location, collected in the same way as electricity.
Calculation method:
Same range of emission factors as district heating.
Included GHG gases: Same as district heating.
Scope 3
1 - Purchased
goods
and services
In
scope
Paper (printing facilities in Norway and externally sourced printing in Sweden):
Activity data: Data on paper usage are collected in tonnes and retrieved from internal accounting systems.
Calculation method:
We have collected supplier-specific emission factors from our paper suppliers since 2021. The specific
emission factors are based on the CEPI framework, which is a standard method to calculate GHG emissions
for paper products. In addition, emissions from transportation from the print mill to the printing plant are
included as an average estimate based on supplier data.
Included GHG gases: CO2, unclear whether data from suppliers include other GHG gases as well.
Ink (printing facilities in Norway and externally sourced printing in Sweden)
Activity data: Data on ink usage is collected in tonnes and retrieved from the accounting systems.
Calculation method:
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On the recommendation of our suppliers, we use an average emission factor provided by the European
Printing Inks Association (EuPIA), which has calculated the global warming potential based on a cradle-to-
gate life-cycle assessment. A further improvement could be to update to a product-specific emission factor,
when available.
Included GHG gases: Assume all for measuring GWP (CO2, CH4, N2O).
1-
Subcategory:
Cloud
computing
and data
centre
services
In
scope
Data centres
From 2022, we were able to obtain location-based numbers for data centres provided from our suppliers,
except for some minor accounts. Some of our data centres provide data on both direct and indirect emissions
in addition to electricity consumption.
Activity data: Depending on the supplier, either in kilowatt-hours or tonnes of CO2e.
Calculation method: See Scope 2 electricity location-based method. Depending on the information we
retrieve from suppliers, there is currently limited opportunity to compare data across suppliers. It is currently
not feasible to validate the data received from suppliers.
Included GHG gases: Depends on supplier information.
2 - Capital
goods
In
scope
Procured devices (smartphones, tablets, computers, laptops and monitors)
Activity data: The data on device purchases are collected through the ordering system and includes
information such as purchase date, device model and other relevant datapoints. We collect data manually for
monitors.
Calculation method:
We collect emission factors from our vendors. To avoid double accounting, we subtract the energy used to
power the devices from the calculations. For products without emission factors from suppliers, we use a
calculation based on the mean emission factor for that type of device with a conservative penalty of 20 per
cent.
Included GHG gases: Not provided by suppliers other than GWP stated as CO2 equivalency factors.
Magazines (Norway, externally sourced)
Taken out of scope due to limited materiality and to uncertainty in supplier-specific information.
3 - Fuel- and
energy
related
activities
Not in
scope
Indirect emissions, such as from producing and transporting the fuels that the energy producers use from
purchased electricity, heating and cooling, are currently not included in our scope (energy producers' direct
emissions from combustion of fossil fuels to produce the electricity, heating and cooling are included in
Scope 2). However, we may consider including these emissions in the future. For electricity consumption, we
have access to the latest data for life cycle assessment (LCA) from AIB 2018, which indicate that in the
countries in which we operate, these emissions could account for approximately 8–10 per cent of electricity
consumed for direct CO2g/kWh and 12–18 per cent for direct GWP g/kWh
4 - Upstream
transportation
and
distribution
Not in
scope
Currently not a part of scope, other than some emissions from upstream transportation by our suppliers that
are included in, for example, procured devices and paper-related emissions.
5 - Waste
generated
in operations
Not in
scope
We do report the waste generated by our printing plants in our sustainability statement, but we have not
included it in our climate accounting. Third-party vendors handle all waste generated from our printing plants,
including electronic waste, which is handled through established procedures for safe reuse or recycling. The
amount of waste generated from our office operations is relatively low compared with our printing plants, and
has not been a priority so far.
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6 - Business
travel
In
scope
Leased and privately-owned vehicles
Activity data: We gather activity data on leased and privately owned vehicles via our accounting system or
directly from leasing companies.
Calculation method:
The calculation method for privately owned and leased vehicles is similar to that for company-owned cars in
Scope 1 calculations, with one exception. We do not account for the biofuel blend in privately-owned and
leased vehicles, as it is not possible within the timeframe to collect specific biofuel blend shares for each
country in which we operate. Instead, we focus on improving data for our distribution services, which are
more material to our emissions.
Emission factors for fuel and an approximation to calculate litres of fuel consumed based on mileage
collected from DEFRA (2018–2023). At the moment we only account for the point of fuel combustion in
vehicles (tank-to-wheel). Further enhancement would include incorporating emissions from the production
and transportation of the fuel (well-to-tank). The activity data collected also do not provide information on the
specific vehicle type, such as size or model, used for the calculations. Therefore, the data are based on the
average vehicle run on gasoline, diesel or hybrid fuel.
Included GHG gases: CO2, CH4, N2O
Air travel
Activity data: We collect business air travel data from our travel agency system or the accounting systems.
From 2022, most companies in scope are using the same travel agency, which provides reports on route,
distance, cabin class and CO2e emissions. Some data for certain parts of the travel data obtained from
accounting systems are incomplete.
Calculation method:
We rely on emissions data provided by our travel agency to account for emissions associated with air travel.
The data are based on DEFRA emission factors, which include radiative forcing from condensation trails and
induced clouds, but not well-to-tank emissions. The emissions are classified using distance and cabin class,
and are stated in kilometres. For historical data reported by number of flights, we estimate the average
kilometres per type of travel based on data retrieved from the travel agency.
Included GHG gases: Includes both direct (CO2, CH4 and N2O) and indirect (for example water vapour,
contrails, NOx) climate change effects. Still, there is scientific uncertainty regarding the extent of the indirect
impact of non-CO2 aviation emissions, which is still an area of active research.
Train
We decided to take out train data in this year's reporting due to limited materiality and because they currently
only consist of data from travel agencies for some countries.
7 - Employee
commuting
Not in
scope
Employee commuting is not currently included in the scope of our report due to limited availability and
transparency of data. Most of our offices are centrally located and are connected with public transportation
hubs for the majority of employees.
8 - Upstream
leased assets
Not in
scope
At this stage, no emissions in this category were identified as materially significant.
9 -
Downstream
transportation
and
distribution
In
scope
Distribution vehicles – Employees’ privately-owned vehicles
Activity data: We collect activity data for employees’ vehicles used in our distribution services through our
internal route and logistic system, which includes information on routes, kilometres per route, and associated
emission factors. The current activity data are based on a snapshot of average routes and dates, which means
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uncertainties in historical data and route optimisation.
Calculation method:
The system is integrated with the Norwegian Public Roads Administration’s vehicle information API, which
collects emission factors based on vehicle registration plates. We use an average emission factor for vehicles
for which we lack information on registration plates. We currently account for the point of fuel combustion in
vehicles (tank-to-wheel). Further enhancements would include incorporating emissions from the production
and transportation of the fuel (well-to-tank).
Included GHG gases: CO2 emissions, based on specific vehicle CO2 factors from the Norwegian Public
Roads Administration’s vehicle information API. Currently these factors only account for CO2, not CH4 and
NO2. However, this is unlikely to significantly impact the results, since the CO2-equivalent emission factors
for these gases are almost negligible for road transport.
Distribution vehicles – Subcontractors’ vehicles
Activity data: We collect data from our subcontractors that include vehicle registration plates, mileage per
day on behalf of Schibsted Distribution, and number of completed routes each year. The current activity data
are based on a snapshot of average routes and mileage, which means uncertainties in historical data and
route optimisation.
Calculation method:
Vehicle information such as fuel consumption and vehicle type is obtained from the Norwegian Public Roads
Administration. In instances where fuel consumption data are missing, DEFRA (2018 –2023) is used as an
approximation to calculate litres of fuel consumed based on mileage, taking into account other vehicle
information such as permitted vehicle weight and size. Fuel emission factors for diesel, petrol and biodiesel
HVO are also sourced from DEFRA. Data on the share of biofuel in diesel and petrol are collected from the
Norwegian Environmental Agency. The emissions per unit biofuel is currently set at zero, but this may change
in the future. We currently account for the point of fuel combustion in vehicles (tank-to-wheel). Further
enhancements would include incorporating emissions from the production and transportation of the fuel
(well-to-tank).
Included GHG gases: CO2, CH4, N2O
Distribution vehicles – Distribution in Sweden
Activity data: We collect data from our subcontractors that includes fuel consumption.
Calculation method:
Fuel emission factors for diesel, petrol and biodiesel HVO are sourced from DEFRA. The share of biofuel blend
in Sweden is collected from the Swedish Energy Agency. The emissions per unit biofuel is currently set at
zero, but this may change in the future. We account for the point of fuel combustion in vehicles (tank-to-
wheel) currently. Further enhancement would include incorporating emissions from the production and
transportation of the fuel (well-to-tank).
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10 -
Processing of
sold product
Not in
scope
Currently not included in scope.
11 - Use of
sold products
In
scope
Energy consumption by users’ devices (including internet infrastructure)
Since 2020, Schibsted has collaborated with DIMPACT, a project aimed at estimating GHG emissions from
digital news sites. In partnership with researchers from Bristol University and 17 international media
companies including BBC, Sky and Netflix, we developed a tool for tracking carbon footprints and energy
consumption along our digital news value chain. Despite it not being mandatory to report on these emissions,
we consider it an important driver for the future and a significant part of our business.
Activity data: The activity data required to run the model includes data from third parties, CDN providers,
page views, page size, video hours streamed, bit rate and hours used on our sites, among other variables.
Calculation method: Performed with the DIMPACT calculator; for more information see the DIMPACT
methodology. The model is still being developed, which means there may be updates and ongoing reviews to
improve its accuracy. Additionally, obtaining data from third parties can be challenging, and some datapoints,
such as page size, may vary significantly over time despite being collected for a specific period. Despite these
uncertainties, we found the DIMPACT model to be the most suitable model available for these calculations.
Currently, we do not calculate emissions from our e-papers, marketplaces and financial services.
12 - End-of-
life treatment
of sold
products
Not in
scope
Currently we do not include the processing of end-of-life treatment of sold products in our emission
calculations. While there could be emissions associated with activities such as newspaper recycling, we have
not yet prioritised adding this category to our reporting.
13 -
Downstream
leased assets
Not in
scope
Currently not included in scope. In the previous sustainability statement, cloud computing and hosting
services were classified within this category. However, they have now been reclassified under the
subcategory 'Cloud Computing and Data Centre Services' within Category 1.
14 -
Franchises
Not in
scope
This is currently not within our scope, but some of our News Media companies have small online stores as
part of their offerings, which may be considered in the future as we expand our scope.
15 -
Investments
Not in
scope
This category is currently not included in our reporting, but we plan to gradually include it, at least for the
more established companies in our portfolio.
Note 4 - E1
(E1-4, E1-6)
In line with our guidelines for recalculating greenhouse gas (GHG)
emissions, we must revisit and adjust our historical emissions data
when significant structural changes occur. In 2023, our expansion
was primarily through setting the same scope as for financial
reporting, thus bringing additional companies with fewer than 25
full-time employees (FTEs) into our reporting scope.
Since 2018, our inorganic growth has included acquisitions such as
Schibsted Denmark Aps and Sentinel Software AS. However,
smaller entities like PodMe AB and Qasa AB have not been
included in these recalculations due to their limited size and
growth. On the other hand, organic growth, which involves the
establishment of new operational units, does not prompt a revision
of our past emissions data.
Recalculation guidelines
The recalculation guidelines cover a base year’s or historic year’s
recalculation, as well as the methodologies for recalculating
historical emissions. Schibsted has used 2018 as the base year for
its GHG emissions accounting and ambitions.
For consistent tracking over time, we may need to adjust our
historical emissions and base year emissions inventory to account
for significant changes. A significant change is defined as an
increase or decrease in emissions greater than five per cent as a
result of:
• Structural changes
• Changes in calculation methods, emission factors or data
collection
• Discovery of significant errors
• Timeline
We may also choose to recalculate our base year for changes less
than 5 per cent if needed. We will not recalculate the target in
response to any organic growth or decline, defined in the GHG
Protocol as increases or decreases in production output, changes
in product mix, and closures and openings of operating units that
are owned or controlled by the company. Furthermore, we will not
account for companies with fewer than 25 employees before they
are added to the scope. When it is not possible to define whether
there was an increase or decrease in emissions for historical data
or when the margin of error is greater than 20 per cent, we will use
the most recent available data to backtrack historic emissions.
Descriptions of each category which may result in a recalculation
of the base year or historical emissions:
Structural changes
Structural changes such as acquisitions, divestments or mergers
that significantly impact a decrease or increase in GHG emissions
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
54
will trigger a recalculation. When significant structural changes
occur in the middle of a year, the current and base years will be
recalculated for the entire year. In the event of an acquisition,
recalculation may be carried out up to one year after the structural
change occurred in order to ensure that full and accurate data are
available.
Changes in calculation methods, emission factors or data
collection
Changes such as updated emission factors, improved data
collection or an update in methodology that significantly impacts
our GHG emissions. As an example, updated emission factors,
going from average to product-specific emission factors, could
result in a significant decrease or increase in emissions that may
trigger a recalculation. This will be evaluated annually.
Discovery of significant errors
Discovery of significant errors in historical data, or of a number of
cumulative errors which collectively are significant, may trigger a
recalculation.
Timeline
GHG emissions are reported annually together with our
sustainability statement. If we identify any changes in the reporting
period, we will recalculate our base year and provide historical
emissions transparently in the report. We review our targets and
base year annually to make sure that any future targets remain in
line with the Paris Agreement.
Note 5 - E1
(E1-4, E1-6)
In our continuous effort to enhance transparency and accuracy
within our sustainability reporting, we identified certain
uncertainties and errors in our previous reports that necessitated
adjustments. Notably, the extension of our reporting scope, which
predominantly included smaller companies, brought about the
inclusion of emissions from business travel, energy consumption,
and leased as well as privately-owned vehicles. However, these
additions contributed to less than five per cent of the respective
emissions, see details in section E1 Climate change - Note 4- E1,
thereby not necessitating a recalibration of our previously reported
figures.
Conversely, the introduction of updated emission factors for
electricity in 2022 significantly impacted our calculations,
exceeding the five per cent threshold and prompting a restatement
of these figures. This adjustment was similarly applied to district
heating, following the availability of new emission factors.
Additionally, a material discrepancy was identified in the reporting
of one of our significant companies, based on previous estimates,
which led to a recalibration of our figures for previous years. For
electronic equipment, the absence of company-specific data in
2022 necessitated recalculations for both 2021 and 2022. Previous
inaccuracies, including the double counting of privately owned
cars in Sweden for several years, have led to the restatement of
figures for 2021 and 2022.
Emissions from papers underwent adjustments due to new
emission factors and supplier-specific information, further
influencing our recalculations for 2022. The relocation of our
printing facility and subsequent outsourcing of certain commercial
print products have introduced uncertainty in our print-related
data. Despite this, the consumption of paper and ink, which
typically would be under our control, is accounted for in the
current scope. The process of relocation could have contributed to
the decrease in energy consumption seen, due to insufficient data
and time constraints, this information could not be captured in the
current year's report.
It is important to note that the compilation of our data is
susceptible to human error. Our Scope 3 emission data in
particular, which are partly sourced directly from suppliers and
partly calculated based on underlying supplier data and
assumptions, exhibit a lower percentage of verified data. Our
emissions data has not undergone a sensitivity analysis. In our
2023 disclosures, we reclassified the categorisation of emissions
within each Scope 3 category to more accurately align with the
Greenhouse Gas Protocol Corporate Standard.
ESRS E4 Biodiversity and ecosystems
Why it matters
(SBM-3)
As a media company producing print newspapers, we recognise
the negative impact that Schibsted can have on biodiversity and
ecosystem services. Schibsted’s printing operations are dependent
on ecosystem services provided by nature for the paper as a main
input factor for printing our newspapers. This activity is relevant to
land change as a driver of nature loss. We depend on our paper
suppliers to be able to document responsible business practices
and use wood from sustainable forestry in their production to
minimise any negative impact we might have on the forest.
Material
sustainability matter
Description of matter
Scope of sustainability matter
(impact, risks and
opportunities identified during
DMA)
Value chain
concentration
Time horizon
of impact
Sustainable printed
products
Our printing businesses
ensure sustainable sourcing
and minimise emissions, the
use of materials and waste.
•
Energy consumption and
emissions in printing process
and value chain
• Sourcing of materials (paper,
aluminium, ink, staples)
• Use of materials (paper,
aluminium, ink, staples)
• Minimise waste and waste
handling throughout value chain
• Responsible outsourcing of print
(magazines, print in Sweden etc)
Upstream
Own operations
(printing)
Downstream
Short-, medium-,
long-term
SCHIBSTED ANNUAL REPORT 2023
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Our approach and policies
(E4-1, E4-2, MDR-P)
Sustainable printed products
Schibsted took steps to ensure that our strategy and business
model are resilient in the face of biodiversity and ecosystem-
related challenges. We understand the importance of these factors
in maintaining the longevity and adaptability of our operations.
However, we have not yet developed a specific transition plan for
the topic of biodiversity and ecosystems.
Stricter regulations related to impacts on biodiversity and
ecosystem could impose new requirements on Schibsted’s
operations and value chain, which in turn could have a financial or
reputational effect on Schibsted. The cost of raw materials and
finished goods comprise three per cent of Schibsted’s total
operating costs. Stricter regulations related to biodiversity and
ecosystems could impose higher prices on raw materials and
finished goods for Schibsted. We have not used any biodiversity
offsets while setting targets.
We use the procurement processes to encourage our suppliers to
become more sustainable by introducing sustainability
requirements. We use machine learning to optimise the number of
newspapers we print.
Schibsted's approach to biodiversity is closely tied to our
environmental policies, as detailed in our Code of Conduct and
Group Environmental Policy. These policies reflect our
commitment to minimising our environmental footprint and
promoting sustainability in all aspects of our operations. We
adhere to internationally recognised standards and employ a
precautionary approach towards materials and processes
potentially harmful to the environment. Our Group Environmental
Policy specifically addresses our preference for renewable and
recycled materials, emphasising the importance of not using more
resources or production energy than necessary. It also highlights
our commitment to avoiding the use of wood from old growth
forests or rainforests and to reducing packaging use. These
measures, alongside our focused efforts on recycling, are part of
our strategy to conserve natural resources and minimise our direct
impact on biodiversity and the environment. For further details on
our Code of Conduct and Environmental Policy, see section G1
Business Conduct - Our approach and policies and E1 Climate
change - Our approach and policies.
The Business Partner Code of Conduct states our expectations to
our suppliers. We expect them to respect our Group Environmental
Policy and take all reasonable measures to ensure environmentally
friendly business practice, apply a precautionary approach to
environmental challenges, promote greater environmental
responsibility, and encourage the development and diffusion of
environmentally friendly technologies. See section G1 Business
conducts - our approach and policies for more information.
Targets, actions and metrics
(MDR-A, E4-3, MDR-M, MDR-T, E4 -4, E4-6, MDR-T)
AMBITIONS AND TARGETS 2024
Sustainability matter: Sustainable printed products*
•
Contribution to UN Sustainable Development Goals 2030: Substantially reduce waste generation through prevention, reduction,
recycling and reuse (12.5).
Stakeholders involved in target setting/tracking/development: Employees and suppliers
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Optimise resource-efficiency
and minimise the
environmental impact from
printed products.
See targets and actions for
2024.
Code of Conduct, Group
Environmental Policy,
Business Partner Code of
Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be assessed against any specific criteria.
Target (2 024)
Action (2024)
2.
Continue to implement
sustainability requirements for
all sourcing of printed
products.
Meet with all suppliers of print
products to include
sustainability requirements in
the contracts.
Code of Conduct, Group
Environmental Policy,
Business Partner Code of
Conduct
Annually in sustainability
statement
Metric details and principles: Quantitative calculation of percentage of sourced print products in NOK that includes sustainability
requirements.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Reduce returns of printed
products in circulation.
Use machine learning
capability to optimise
circulation.
Code of Conduct, Group
Environmental Policy,
Business Partner Code of
Conduct.
Annually in sustainability
statement
Metric details and principles: Quantitative calculation of percentage reduction in print circulation.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambition and targets 2023.
SCHIBSTED ANNUAL REPORT 2023
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ESRS E5 Resource Use and Circular
Economy
Why it matters
(SBM-3)
As a media company producing print newspapers, we are
dependent on paper as our main input factor. We also use
aluminium and ink. We recognise the negative impact that print
newspapers have on use of natural resources and waste and we
strive to minimise the negative effect. We need to continually work
towards more efficient operations to minimise the use of paper,
optimise the number of papers we print, recycle the aluminium
used and recover the ink waste.
The current consumption pattern for goods in our society is not
sustainable. Changes are needed to minimise the negative impacts
of the environment including the use of natural resources. Shifting
from wear-and-tear consumption (linear) to reuse, repair and
rental (circular) is considered one of the most important measures.
We strongly believe in this approach and aim to strengthen our role
as a marketplace by further boosting the circular consumption of
goods such as home furnishings, fashion, electronics and sports
gear.
Material
sustainability
matter
Description of matter
Scope of sustainability matter
(impact, risks and opportunities
identified during DMA)
Value chain
concentration
Time horizon
of impact
Sustainable printed
products
Our printing businesses
ensure sustainable sourcing
and minimise emissions, the
use of materials and waste.
• Energy consumption and
emissions in printing process and
value chain
• Sourcing of materials (paper,
aluminium, ink, staples)
• Use of materials (paper,
aluminium, ink, staples)
• Minimise waste and waste
handling throughout value chain
• Responsible outsourcing of print
(magazines, print in Sweden etc)
Upstream
Own operations
(Printing)
Downstream
Short-, medium-,
long-term
Efficient market for
circular consumption of
goods
Lower barriers and increase
incentives for circular
consumption and trade for
consumers and businesses,
by creating an accessible,
convenient, safe and efficient
market for circular goods.
•
A circular marketplace that
enables consumers and
businesses to participate in
circular consumption and trade
Own operations
(Marketplaces)
Downstream
Short-, medium-
term
Our approach and policies
(MDR-P, S 5-1, Entity specific information - MDR-P)
Sustainable printed products
Schibsted's approach to resource use and circular economy is
closely tied to our comprehensive environmental policies, as
detailed in our Code of Conduct and Group Environmental Policy.
For further details on our Code of Conduct and Environmental
Policy, see section G1 Business Conduct – Our approach and
policies and E1 Climate Change - Our approach and policies.
We continually reduce our use of natural resources and waste
generation by optimising our printing plant operations. We have a
consistently high track record in waste sorting and a high level of
material efficiency. Processes involving hazardous chemicals take
place in closed systems, and the chemicals are recovered as far as
possible.
Both of our Norwegian printing plants are licensed under the
Nordic Swan Ecolabel scheme. This is an environmental labelling
scheme certifying that a product or service complies with the
requirements for the label.
In our printing operations we focus on reducing waste. Processes
involving hazardous chemicals take place in closed systems, and
the chemicals are recovered as far as possible.
Waste is handled by third-party waste management contractors
that are certified in social responsibility (CSR Performance Ladder),
the environmental standard ISO 14001:2015, the quality standard
ISO 9001:2015 and the working environment standard ISO
45001:2018.
Newspaper companies in Norway and Sweden arrange a return
and recycling programme to minimise waste related to unsold
newspapers in stores. These used newspapers are sent to Sweden
to be compressed and used for house insulation
Efficient marketplaces for circular consumption
The topic of circular consumption is integral not only to Schibsted's
operations but also to our role in creating efficient marketplaces
that enable individuals to consume resources more efficiently. Our
commitment to circular consumption principles for our operations
is embedded in our business strategy for recommerce, our Group
Environmental Policy and our Code of Conduct. For further details,
see section S4 Consumers and end users - Our approach and
policies and G1 Business conduct - Our approach and policies.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
57
Targets, actions and metrics
(MDR-A, E5-2, MDR-M, MDR-T, Entity-specific information MDR-A, MDR-M, MDR-T)
AMBITIONS AND TARGETS 2024
Sustainability matter: Sustainable printed products*
•
Contribution to UN Sustainable Development Goals 2030: Substantially reduce waste generation through prevention, reduction,
recycling and reuse (12.5).
Stakeholders involved in target setting/tracking/development: Employees and suppliers
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Optimise resource-efficiency
and minimise the
environmental impact from
print products.
See targets and actions for
2024.
Code of Conduct, Group
Environmental Policy.
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and we have currently not specified any detailed evaluation criteria.
Target (2 024)
Action (2024)
2.
Schibsted’s printing plants will
maintain their sustainability
practices in waste
management by sorting /
recycling more than 98 per
cent of their waste.
Maintain a high level of
sorting/recycling in the
printing plants.
Code of Conduct, Group
Environmental Policy.
Annually in sustainability
statement
Metric details and principles: Quantitative calculation of percentage of waste that is sorted/recycled.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Reduce returns of print
products in circulation.
Use machine learning
capability to optimise
circulation.
Code of Conduct, Group
Environmental Policy.
Annually in sustainability
statement
Metric details and principles: Quantitative calculation of percentage reduction in print circulation.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
AMBITIONS AND TARGETS 2024
Sustainability matter: Efficient market for circular consumption of goods*
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
• Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in
harmony with nature (12.8).
Stakeholders involved in target setting/tracking/development: Users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Lower barriers and increase
incentives for circular
consumption and trade for
consumers and businesses,
by creating an accessible,
convenient, safe and efficient
market for circular goods
We currently have no detailed
targets, metrics or actions
directly referring to the
environmental impact of
circular consumption.
However, we have several
targets, metrics and actions
related to our recommerce
marketplace that indirectly
lead to environmental
benefits, see section E4
Consumers and end-users
N/A
N/A
SCHIBSTED ANNUAL REPORT 2023
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58
Targets, actions and metrics.
Metric details and principles: -
Target (2 024)
Action (2024)
2
We currently have no targets,
metrics or actions directly
referring to the environmental
impact of the circular
economy. However, we have
several targets, metrics and
actions related to our
recommerce marketplace that
indirectly lead to
environmental benefits, see
section E4 Consumers and
end-users - Targets, actions
and metrics.
N/A
N/A
N/A
Metric details and principles: N/A
Significant OPEX or CAPEX required for actions: N/A
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
Resource use and circular economy information and data
(E5-4, E5-5, E5-6, MDR-M)
Sustainable printed products
Resource inflows
Paper is our main input factor when producing newspapers. We also disclose our use of ink.
Materials used - Print newspapers Norway
Unit
2022
2023
% change
Paper
Tonnes
29,236
19,355
-34%
-of which share of certified PEFC
%
78%
75%
-4%
-of which share of certified EU Ecolabel
%
31%
37%
19%
Printing ink
Tonnes
818
560
-32%
-of which accepted by Nordic Swan Ecolabel scheme
%
100%
100%
0%
Material used - Print newspapers Sweden
Unit
2022
2023
% change
Paper
Tonnes
11,789
8,424
-29%
-of which share of certified PEFC
%
4%
12%
>100%
-of which share of certified EU Ecolabel
%
7%
28%
>100%
Printing Ink
Tonnes
135
117
-14%
-of which accepted by Nordic Swan Ecolabel scheme
%
100%
100%
0%
In the 2022 table for material use in Sweden, ink quantities were erroneously presented in tonnes rather than thousand tonnes. This has
been corrected to display both paper and ink in tonnes.
Resource outflows
Schibsted’s printing plants practise a high-level of waste management by source sorting and recycling more than 98 per cent of their waste.
Our printing plants are highly efficient, with 90 per cent of procured paper used in newspaper production. We have no analysis of the
anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities.
SCHIBSTED ANNUAL REPORT 2023
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59
Printing plants Norway
Waste*(tonnes)
Year
Recycled
Recovered
Other disposal
Total we ight
Paper (non-hazardous waste)
2023
2,697
-
-
2,697
2022
3,460
-
-
3,460
2021
4,134
-
-
4,134
Aluminium (non-hazardous waste)
2023
93
-
-
93
2022
127
-
-
127
2021
146
-
-
146
Wastewater (hazardous waste)
2023
-
-
-
-
2022
-
-
-
-
2021
2
-
-
2
Ink waste (hazardous waste)
2023
-
3
-
3
2022
-
14
-
14
2021
-
13
-
13
* Total amount of non-hazardous waste: 2 790 tonnes. Total amount of hazardous waste: 3 tonnes. The relocation process may have
influenced the quantity of waste generated, potentially leading to variations in waste metrics.
Material efficiency
2021
2022
2023
Share of material bought used in newspapers
91%
92%
90%
Numbers for 2021 and 2022 have been restated due to errors in previous calculations.
Waste (degree of sorting for waste contractor)
2021
2022
2023
Hazardous waste
100%
100%
100%
Non-hazardous waste
99%
98%
98%
Notes- E5 Resource Use and Circular Economy
Note 1 - E5
(E5-4, E5-5, E5-6, MDR-M)
Inflow data
The metric materials used in our print newspapers in Norway
encompass the quantity of paper and ink, measured in tonnes,
purchased by our printing facilities. They cover paper and ink used
in the production of Schibsted newspapers as well as of
newspapers for other media companies and commercial print
products.
The metric materials used in our print newspapers in Sweden
reflect the volume of paper and ink, quantified in tonnes, used by
our Swedish newspapers that outsource their printing operations.
The Programme for the Endorsement of Forest Certification (PEFC),
is a leading global alliance of national forest certification systems.
PEFC is dedicated to promoting sustainable forest management
through independent third-party certification.
The EU Ecolabel is a world-renowned, voluntary scheme
promoting goods and services that demonstrate environmental
excellence, based on standardised processes and scientific
evidence.
Outflow data
Disposal methods are selected and reported by the waste
contractor. The use of water in our printing plants is limited, and
the risk related to the use and disposal of freshwater in Norway is
low.
Waste data are limited to waste from our printing plants in Norway,
which accounts for the majority of our waste. Disposal methods
are selected and reported by waste contractors. The figures are
based on accounting reports provided by our waste contractors on
a monthly basis.
3. Social information
ESRS S1 Own workforce
Why it matters
(SBM-3)
We believe that our employees are the Group's most valuable
asset, accounting for almost 50 per cent of total operating costs.
In the rapidly evolving digital landscape, Schibsted is a leader in
driving sustainable innovation and creating an inclusive, engaging,
and safe working environment. Recognising the critical role of our
workforce in achieving these ambitions, we focus on ensuring an
attractive workplace, promoting diversity, inclusion and belonging,
enabling skills development, and maintaining health and safety.
These efforts are essential for executing our strategy, upholding
our business model, and maximising our positive impact while
minimising negative effects on our workforce. For detailed
definition of employees, see section S1 Own workforce - Note 1-S1.
SCHIBSTED ANNUAL REPORT 2023
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Material
sustainability
matter
Description of matter
Scope of sustainability matter
(impact, risks and opportunities
identified during DMA)
Value chain
concentration
Time horizon
of impact
Attractive workplace
An attractive workplace that
contributes to our
employees’ well-being and
success is key in attracting
and retaining employees.
•
An overall consequence and an
outcome of other aspects
• Employee engagement
• Employee satisfaction
• Attraction as employer brand
•
Physical office environment
Own operations
Short-, medium-,
long-term
Diversity, inclusion and
belonging
We ensure that employees
feel included, valued,
welcomed and encouraged
to fully participate in value
creation.
•
Diagnose maturity and follow-up
on progress
• Build DIB awareness, culture and
knowledge (best practice sharing)
• DIB filter on all People processes
(employee lifecycle etc.)
• Link diversity with design thinking
in product development
• Learning and development in DIB
topics
• Develop Schibsted Jobs as a tool
for fair terms and conditions for
employees.
Own operations
Short-, medium-,
long-term
Health and safety
We ensure a healthy and safe
workplace for all employees.
• Compliant with legislation
• Working conditions for all
employees and consultants
(including print and distribution)
• Physical, psychological and social
health
• Enable a sustainable life balance
and minimise stress
• Safe working conditions for
employees while travelling
• Respect the integrity of employee
and protect their data and privacy
Own operations
Short-, medium-
term
Skills development
We actively stimulate
innovation, development of
competence and enable
internal knowledge sharing
within the organisation.
•
Learning and development for
employees
• Development plans
• Career paths and succession
planning
• Stimulate innovation and
entrepreneurship
• Leadership development
• Internal mobility
Own operations
Short-, medium-,
long-term
Our approach and policies
(MDR-P, S 1 -1)
Attractive workplace
Diversity, inclusion and belonging
Skills development
Health and safety
Policies
We are committed to upholding and complying with the highest
standards of human rights and labour rights at all levels across our
organisation. Our commitment is outlined in our Code of Conduct,
which is the overarching policy that reflects our current
businesses, risks and stakeholder expectations, as well as in our
commitment to the UN Global Compact’s Ten Principles for
corporate sustainability. We adhere to the highest global standards,
including the UN Guiding Principles on Business and Human Rights
and the ILO Conventions, ensuring our operations worldwide
respect these fundamental rights. We are also guided by the OECD
Guidelines for Multinational Enterprises.
Our responsibility extends beyond compliance; it is about actively
integrating respect for human and labour rights into our practices
and business activities. We are committed to providing all
employees with fair wages and regulated working hours and to
enforcing a zero-tolerance policy for child labour within our
operations. Our vigilance in uncovering risks of violations
underscores our commitment to ethical business conduct. We
expect every member of the Schibsted family to actively oppose
any negative impact on human and labour rights related to our
activities. Furthermore, we uphold the right to collective wage
negotiations and the freedom of association, reflecting our belief in
the power of collective action and dialogue. For further information
of the Code of Conduct, see section G1 Business conduct - Our
policies and approach.
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Schibsted has implemented a range of policies and initiatives to
support our own workforce:
• Diversity and inclusion policy
• Recruitment policy
• Discrimination, bullying and harassment policy
• Global travel policy
The EVP Chief People Officer is the owner of the policies, and the
General Manager of each company is responsible for implementing
them.
Schibsted's Diversity and Inclusion Policy underscores our
commitment to fostering a diverse and inclusive workforce that
mirrors the varied users we serve, aligning with our core values of
transparency, responsibility, and innovation. Recognising diversity
in ethnicity, gender, age and more as essential for creativity and
excellence, we are dedicated to ensuring that every employee
feels valued, can be their authentic self, and can fully participate in
our community. This approach not only enriches our workplace but
also guides us towards our strategic objectives by harnessing
diverse perspectives for groundbreaking solutions.
Leadership at Schibsted is pivotal in actualising this vision, with a
strategic focus on cultivating an inclusive culture that embraces
difference and promotes rapid innovation. This commitment is
woven into our leadership principles and encourages us to foster
lively debates, insist on fact-based decisions, and demonstrate
trust, respect and transparency.
Every Schibsted employee plays a role in maintaining an
environment of mutual respect, continuously working to mitigate
biases and ensure a discrimination-free workplace. This ongoing
effort is integral to our culture, embodying our dedication to
creating a workplace where everyone can thrive and contribute to
our mission of empowering people in their daily lives.
Schibsted’s Discrimination, Bullying and Harassment Policy
ensures that Schibsted is dedicated to creating a safe, inclusive
workplace that values diversity and well-being, reflecting our core
values of transparency, responsibility and innovation. We ensure a
respectful environment where every employee, including
consultants and trainees, is accountable for their actions. Our
approach prioritises the victim's perspective in cases of bullying,
sexual harassment or discrimination and takes strict measures
against perpetrators in line with local laws and regulations.
Through solutions like the independent HR function and the Speak
Up whistleblowing channel, alongside our global Code of Conduct,
we actively support our strategic objectives, fostering a culture of
growth, collaboration, and respect. Schibsted's commitment to
these principles makes us a leader in our industry and a preferred
employer.
Schibsted’s Recruitment Policy exemplifies the importance of
attracting and recruiting the right people to ensure our continued
success. The purpose of the policy is to ensure that a transparent
and unbiased recruitment and selection process is followed,
where the best candidate is chosen for the specific position. The
core principles in the policy are about diversity, fair and
transparent processes and a good candidate experience. Diversity
is about creating a diverse and inclusive workplace where
everyone can thrive. Fair and transparent processes are about
ensuring that the processes are based on the same objective
criteria. A good candidate experience captures how candidates
feel about our company once they experience our hiring process,
which is crucial for our employer brand.
Schibsted’s Global Travel Policy embodies our commitment to
transparency, responsibility, and innovation, aligning with our core
values and strategic goals. By advocating for safe, smart and
sustainable travel, we emphasise environmental responsibility and
employee well-being. Our digital-first approach encourages
reduced physical travel, fostering a better work-life balance and
efficient collaboration. By using a single global travel agency, we
ensure safety and streamline booking processes, reflecting our
dedication to operational excellence. The policy promotes
responsible travel choices, from opting for economy class within
Europe to selecting hotels and modes of transport that align with
our sustainability goals. This concise policy demonstrates
Schibsted's commitment to being a forward-thinking, responsible
employer, supporting our strategic objectives of reducing our
carbon footprint, enhancing operational efficiency and prioritising
our employees’ well-being. Schibsted has a special policy
covering journalists and high-risk travel to ensure that appropriate
physical security protection is maintained.
It is our responsibility to ensure that adequate management
systems are in place to identify, prevent, mitigate and remedy any
potential adverse human rights impacts related to our workforce.
Our approach
Attractive workplace
To evaluate our role as an employer, we conduct employee
engagement surveys (ACT). By facilitating a framework for how to
drive engagement in the teams, the survey aims to promote a
workplace of inclusiveness and to ensure that the employees are
heard and involved.
Diversity, inclusion and belonging
We want to empower all kinds of people in their daily lives. By
empowering ourselves with a better understanding of customer
groups in a diverse society, we can change the way we think, work
and innovate. We can create products and services that users did
not know they needed and for a group of users we did not know
existed.
Diversity at Schibsted means all the differences and similarities
that make us unique as individuals. Inclusion is our ability to see,
manage the differences, make everyone feel involved and valued
so that we feel safe to use our voice. Belonging is a place where
we feel safe to bring our whole and true self.
We depend on a workforce with a diverse mindset that contributes
with different experiences, backgrounds and perspectives. We see
huge potential in a diverse workforce, and if we provide our
leaders with the right competence and tools to build a culture of
inclusion and belonging, we can unlock that potential and nourish
collaboration and innovation that can turn into a competitive
advantage for Schibsted.
Skills development
To ensure innovation, long-term sustainable growth and an
attractive workplace, we need to offer our employees good
opportunities for skills development and performance reviews. We
need to create an environment where sharing our knowledge
internally is a natural part of our working life. We believe in
fostering a growth mindset and continuous learning, and in
empowering employees to drive their own development and
growth.
Our global People function offers several training courses through
Schibsted’s Learning Lab, which supports a culture of innovation,
collaboration and knowledge sharing to help Schibsted employees
perform at their best. Training is provided in areas such as
sustainability, product development, analytics and tech, editorial
training, communication and facilitation, sales and more. We also
offer courses in local languages to help our diverse workforce feel
they belong in the countries they work in.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
62
Many of our companies aim to become learning organisations, with
peer learning and knowledge sharing. Internal meetings and
conferences, temporary work postings and projects, hack days
and agile methodology are used to upskill employees. Many
employees also attend external conferences and networking
events where a lot of crucial learning takes place.
All employees at Schibsted are part of Grow, our group-wide
performance development programme. According to our policy, all
employees should complete a performance review with their
managers at least once a year.
Health and safety
Schibsted is constantly making improvements so that we can
provide a safe and healthy working environment that facilitates
work-life balance, minimises stress, prevents physical accidents
and protects employee integrity.
Several work-life balance and flexible working arrangements are in
place, though they vary across our countries of operation. Inspired
by our Scandinavian roots, most of our companies offer generous
paid vacation, parental leave, flexible working hours, flexible
workplace schemes as well as fitness activities and wellness
grants.
Schibsted focuses heavily on making sure our journalists are safe
wherever they work, and each media house takes steps to reduce
risk in the field.
Each company is responsible for conducting a risk assessment
identifying occupational health and safety risks. Operations at the
printing plants and newspaper distribution units pose the highest
risk of work-related injuries, while our offices pose the risk of ill
health in the form of stress.
All workers hired by Schibsted Trykk (printing) and Delivery are
covered by our systematic approach to evaluation, prevention and
communication procedures and to follow up identified health and
safety risks. All operations within Schibsted Trykk and Delivery
have a designated health and safety committee. Employees and
management alike are represented on the committee, together
with external representatives from the occupational health service,
and they meet on a quarterly basis or more often if needed. In the
regular meetings, in which appointed employee representatives
participate, we oversee our systematic work on health and safety,
review incident records and identify areas for improvement.
Engagement with stakeholders
(S1-2, S1-3)
Attractive workplace
Schibsted has established comprehensive processes for engaging
with our workers and their representatives to discuss the impacts
of our operations. Our commitment to maintaining an attractive
workplace is reflected in our efforts to develop a culture of
inclusion and belonging, which is essential for fostering innovation
and collaboration.
We engage with our employees through active employee
representation. Three employee representatives and two deputies
currently sit on Schibsted’s Board. Three Group employee
representatives are also elected to act on behalf of all employees,
both unionised and non-unionised. Their function is laid down in
the central Norwegian collective bargaining agreements. The
Group employee representatives protect employees' interests in
matters that are dealt with at Group level. These representatives
serve as discussion partners for management to assure the quality
of decisions and processes.
Our European Works Council (EWC) is a testament to our
dedication to dialogue and consultation between employees and
Schibsted’s Executive Management Team. The EWC is composed
of representatives from various countries, ensuring a broad
spectrum of perspectives and is instrumental in facilitating
information exchange and consultation on company-wide matters.
Furthermore, we uphold the principles of collective bargaining and
most of our employees are covered by such agreements. Along
with our working environment committees, these agreements are
pivotal in guaranteeing fair working conditions and preventing any
form of discrimination against our employees. Collective
bargaining agreements or working environment committees are in
place in all operations to ensure decent working conditions and
prevent discrimination against employees.
To support engagement with our own workforce, we conduct
surveys three times a year to measure our employees’ perceptions
of Schibsted as a workplace, their relationships with colleagues
and management, and other factors that impact the working life.
We also have a system for conducting development / performance
reviews with each employee during the year.
We have an easily accessible Group intranet that outlines various
reporting procedures, including a whistleblower channel.
We believe that an open and respectful working environment is
crucial for our development and success. A culture in which
everyone feels comfortable raising questions and concerns is a
prerequisite for creating an environment that fosters development
and success. When employees voice concerns about behaviours
or conditions that are not in line with our Code of Conduct, we are
able to take action and address these situations.
Schibsted has a digital grievance mechanism for employees
(Speak Up) that enables anonymous reporting of misconduct or
potential violations as a supplement to internal reporting. Reports
can be made anonymously via this digital channel 24 hours a day
or by telephone. All concerns reported through the channel are
initially assessed by an external party. The Speak Up procedure
provides clear guidelines on how to report and on how reports
should be handled to establish predictability and confidence that
reports will be handled in a proper manner and in accordance with
relevant legal requirements. Schibsted will not tolerate any
negative consequences for anyone who reports a concern in good
faith. Schibsted has also established a Speak Up committee
responsible for evaluating, coordinating and supervising how
cases are followed up and for deciding which functions will review
and investigate a reported concern. See section G1 Business
Conduct - Our approach and policies for further information.
The employees can also report concerns to one or more of the
following bodies: Schibsted’s Legal department, Schibsted’s Group
Compliance Officer or Schibsted’s Executive Management Team.
Information about the grievance mechanisms available is provided
as part of the compulsory training in Schibsted’s Code of Conduct.
We also remind our employees about the availability of the
grievance channels and encourage their use through the intranet
and at all-hands meetings.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
63
Targets, actions and metrics
(MDR-A, S1-4, MDR-M, MDR-T, S1 -5)
AMBITIONS AND TARGETS 2024
Sustainability matter: Attractive workplace*
Stakeholders involved in target setting/tracking/development: Employees
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Be a preferred employer in
our main markets.
See targets and actions for
2024.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Regularly in People
management team meetings
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Achieve an average employee
engagement score of 78.
Conduct surveys and follow
up the results per team and
discuss actions to drive
engagement and implement
targeted initiatives to address
identified areas for
improvement.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Surveys three times a year.
Metric details and principles: We use a quantitative score to measure the attractiveness of our workplace. We conduct employee
engagement surveys (ACT), aiming for a target score of 78 points. We use an external provider for the survey and are benchmarked against
other companies. A score of 78 reflects a high level of employee satisfaction and engagement.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
AMBITIONS AND TARGETS 2024
Sustainability matter Diversity, inclusion and belonging*
Contribution to UN Sustainable Development Goals 2030:
• Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision making in political,
economic and public life (5.5).
• Ensure equal opportunities and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices
and promoting appropriate legislation, policies and action in this regard (10.3)
Stakeholders involved in target setting/tracking/development: Employees
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Become a mature organisation
in diversity, inclusion and
belonging and continue to be
a leading voice in our
geographies and in society at
large.
We want to use the Diversity
Index, an external diversity
and inclusion mapping tool, to
give all Schibsted companies
a 360⁰ overview of their
diversity, how well it is
included and to what extent it
is used for value creation. The
tool is based on the
Norwegian Standard for
Diversity Leadership (NS
11201:2018).
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Annually in sustainability
statement.
Metric details and principles: We use a quantitative score from an external party to measure the diversity and inclusion. The scores range
from 1-5 where 5 is the most mature a company can become, meaning that they use diversity and inclusion as perspectives in their business
development. The input is based on employee surveys.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
64
Target (2 024)
Action (2024)
2.
Implement the Diversity Index
to assess and understand the
current maturity level of
diversity, inclusion, and
belonging within 3-5
organisations.
Conduct an initial evaluation
to establish a baseline of DIB
maturity in 3-5 organisations.
This will involve a selective
approach, focusing on a
manageable number of
organisations for initial
workshops and action
planning.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Annual measurement in the
organisations.
Metric details and principles: We use a quantitative score from an external party to measure the diversity and inclusion. The scores range
from 1-5 where 5 is the most mature a company can become, meaning that they use diversity and inclusion as perspectives in their business
development. The input is based on employee surveys.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Integrate the DIB Recruitment
Playbook, aimed at
embedding diversity, inclusion
and belonging principles in the
fabric of our talent acquisition
processes.
Provide training for the Talent
Acquisition team in the
principles outlined in the DIB
Recruitment Playbook,
ensuring they are equipped to
implement these practices
effectively.
Mandate that all hiring
managers review and
understand the DIB principles
contained in the playbook
prior to initiating any hiring
process, promoting a
consistent and inclusive
approach to recruitment
across the organisation.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Annually in sustainability
statement.
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
4
Achieve widespread
participation in DIB digital
training programmes across
the organisation, with a target
of 100 per cent participation of
active employees within
Nordic Marketplaces,
Implement the DIB Digital
Training initiative across all
levels of the organisation,
ensuring accessible and
engaging learning resources
are available to all employees.
Monitor participation rates
and feedback to continuously
improve the training content
and delivery methods.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Annually in sustainability
statement.
Metric details and principles: We use a quantitative measure in the form of the percentage of employees that participate in the training.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
65
AMBITIONS AND TARGETS 2024
Sustainability matter: Health and safety*
Contribution to UN Sustainable Development Goals 2030:
• Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, particularly
women migrants and those in precarious employment (8.8).
Stakeholders involved in target setting/tracking/development: Employees
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Comply with national
legislation, provide safe and
fair working conditions and
ensure that people feel
psychologically safe.
See targets and actions for
2024.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Annually in sustainability
statement.
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Increase ACT indicator for
health and safety by 1
percentage point.
Conduct the ACT survey and
compare results with last
year's survey.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Surveys three times a year.
Metric details and principles: We use a quantitative score to measure the health and safety of our employees. We conduct employee
engagement surveys (ACT), aiming for an increase in score of 1 percentage point. We use an external provider for the survey and we are
benchmarked against other companies. The health and safety score comprises an average of four parameters: non-discrimination, safe to
address, resilience and routines.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Increase awareness and use
of the incident management
system in Norway and
Sweden.
Actions to be decided in 2024.
Code of Conduct, Diversity
and Inclusion Policy,
Discrimination, Bullying and
Harassment Policy
Annually in sustainability
statement.
Metric details and principles: We use a quantitative score to measure the use of the incident management system in Norway and Sweden.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
AMBITIONS AND TARGETS 2024
Sustainability topic: Skills development*
Stakeholders involved in target setting/tracking/development: Employees
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
We actively stimulate
innovation and competence
development, and enable
internal knowledge sharing
within the organisation.
See targets and actions for
2024.
Annually in sustainability
statement.
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
All employees shall complete
at least one performance
review annually.
Communicate and send
requests to all managers and
employees when it is time for
a performance review.
Annually in sustainability
statement.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
66
Metric details and principles: We use a quantitative score. We have an HR system facilitating the performance reviews. This applies to the
majority of our employees. The system tracks the number of employees who have completed the reviews by gender. For some companies
the data are tracked manually.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Increase use of the learning
management system with five
per cent.
Communicate the content of
the learning management
system to employees and urge
them to use it. Include
relevant learning content.
Annually in sustainability
statement.
Metric details and principles: We use a quantitative score. Through our learning management system we can track learnings and compare
them with previous periods.
Significant OPEX or CAPEX required for actions: Not disclosed
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
Own workforce data
(S1-6, S1-8, S1-9, S1-13, S1-16, S1-1 7, MDR -M)
Attractive workplace
Diversity, inclusion and belonging
Health and safety
Characteristics of the undertaking’s employees and Diversity metrics
Male
Female
Tota l
Total number of employees, by gender
2023
2022
2023
2022
2023
2022
Norway
1,984
61%
2,131
62%
1,248
39%
1,281
38%
3,232
3,412
Sweden
1,008
54%
1,023
55%
861
46%
830
45%
1,869
1,853
Denmark
174
69%
173
69%
79
31%
76
31%
253
249
Finland
146
53%
116
49%
128
47%
123
51%
274
239
Poland
269
71%
268
70%
109
29%
117
30%
378
385
Other
12
60%
15
65%
8
40%
8
35%
20
23
Tota l
3,593
60%
3,726
60%
2,433
40%
2,435
40%
6,026
6,161
*The number of employees is based on reported full-time equivalents (FTEs) as of 31.12. for the reported year.
For definitions and information on data source, see section S1 Own workforce - Note 1-S1.
<30 years
30-50 years
>50 years
Tota l
Total number of employees by age group
2023
2022
2023
2022
2023
2022
2023
2022
Norway
479
614
2,011
2,072
742
726
3,232
3,412
Sweden
334
347
1,292
1,283
243
223
1,869
1,853
Denmark
85
88
148
142
20
19
253
249
Finland
51
31
197
180
26
28
274
239
Poland
132
141
245
244
1
-
378
385
Other
5
9
15
13
-
1
20
23
Tota l
1,086
1,230
3,908
3,934
1,032
997
6,026
6,161
% change by age group
-12%
-1%
4%
-2%
*The number of employees is based on reported full-time equivalents (FTEs) as of 31.12. for the reported year.
For definitions and information on data source, see section S1 Own workforce - Note 1-S1.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
67
Composition of governance bodies and operations, by gender
Male
Female
Tota l
Total number of employees by gender
2023
2022
2023
2022
2023
2022
Board of Directors
5
50%
6
60%
5
50%
4
40%
10
10
-of which shareholder elected
4
57%
4
57%
3
43%
3
43%
7
7
Operations - Top management
151
63%
156
62%
87
37%
97
38%
238
253
Nordic Marketplaces
26
60%
21
57%
17
40%
16
43%
43
37
News Media
56
59%
57
58%
39
41%
41
42%
95
98
Delivery
20
77%
24
75%
6
23%
8
25%
26
32
Growth & Investments
30
68%
32
63%
14
32%
19
37%
44
51
Other/Headquarters
19
63%
22
63%
11
37%
13
37%
30
35
Operations - Other managers
517
58%
431
59%
382
42%
303
41%
899
734
Nordic Marketplaces
192
54%
93
54%
164
46%
80
46%
356
173
News Media
189
53%
182
53%
166
47%
162
47%
355
344
Delivery
13
68%
29
74%
6
32%
10
26%
19
39
Growth & Investments
38
62%
44
62%
23
38%
27
38%
61
71
Other/Headquarters
85
79%
83
78%
23
21%
24
22%
108
107
Operations - Other employees
2,926
60%
3,137
61%
1,963
40%
2,037
39%
4,889
5,174
Nordic Marketplaces
664
60%
658
59%
442
40%
452
41%
1,106
1,110
News Media
903
52%
977
53%
830
48%
858
47%
1,733
1,835
Delivery
415
78%
530
81%
118
22%
126
19%
533
656
Growth & Investments
406
65%
438
66%
214
35%
230
34%
620
668
Other/Headquarters
538
60%
534
59%
359
40%
371
41%
897
905
Operations - Tot al
3,594
60%
3,724
60%
2,432
40%
2,437
40%
6,026
6,161
*The number of employees is based on reported full-time equivalents (FTEs) as of 31.12. for the reported year.
For definitions and information on data source, see section S1 Own workforce - Note 1-S1.
Age and gender, by business segment
<30 years 30-50 years >50 years Tota l
2023
2022
2023
2022
2023
2022
2023
2022
Board of Directors
-
-
-
-
-
0%
2
20%
10
100%
8
80%
10
10
Operations - Male
employees
617
17%
715
19%
2,286
64%
2,339
63%
692
19%
670
18%
3,595
3,724
Nordic Marketplaces
177
20%
137
18%
616
70%
560
73%
87
10%
75
10%
880
772
News Media
98
9%
121
10%
674
59%
711
58%
377
33%
384
32%
1,149
1,216
Delivery
61
14%
139
24%
252
56%
313
54%
136
30%
131
22%
449
583
Growth & Investments
145
31%
171
33%
300
63%
319
62%
29
6%
24
5%
474
514
Other/Headquarters
136
21%
147
23%
444
69%
436
68%
63
10%
56
9%
643
639
Operations - Female
employees
470
19%
514
21%
1,623
67%
1,594
65%
340
14%
329
14%
2,433
2,437
Nordic Marketplaces
142
23%
119
22%
422
68%
381
70%
59
9%
48
9%
623
548
News Media
150
14%
180
17%
690
67%
685
65%
195
19%
196
18%
1,035
1,061
Delivery
25
19%
34
24%
81
62%
85
59%
25
19%
25
17%
131
144
Growth & Investments
78
31%
95
34%
168
67%
175
63%
5
2%
6
2%
251
276
Other/Headquarters
75
19%
86
21%
262
67%
268
66%
56
14%
54
13%
393
408
Operations - Total
1,086
18%
1,229
20%
3,908
65%
3,933
64%
1,032
17%
999
16%
6,026
6,161
Nordic Marketplaces
320
21%
256
19%
1,038
69%
941
71%
146
10%
123
9%
1,504
1,320
News Media
247
11%
301
13%
1,364
62%
1,396
61%
572
26%
580
25%
2,183
2,277
Delivery
86
15%
173
24%
332
57%
398
55%
161
28%
156
21%
579
727
Growth & Investments
223
31%
266
34%
468
65%
494
63%
34
5%
30
4%
725
790
Other/Headquarters
210
20%
233
22%
706
68%
704
67%
119
11%
110
11%
1,035
1,047
*The number of employees is based on reported full-time equivalents (FTEs) as of 31.12. for the reported year.
For definitions and information on data source, see section S1 Own workforce - Note 1-S1.
Our Board is composed of 50 per cent women (2022: 40), in
accordance with the Norwegian Limited Liabilities Companies Act.
The percentage of women among the shareholder elected board
members was 43 (2022: 43). For information on personnel
expenses and remuneration, see annual report section -
Consolidated income statement - Note 8.
Health and safety
Collective bargaining coverage and social dialogue
As stipulated in our Code of Conduct, Schibsted employees have
full freedom of association and may organise as they choose.
Collective bargaining agreements or working environment
committees are in place in all operations to ensure decent working
conditions and to prevent discrimination against employees.
Overall, 82 per cent of employees were covered by a collective
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
68
bargaining agreement at the end of 2023 (2022: 79 per cent). In
Norway, 92 per cent were covered by a collective bargaining
agreement and in Sweden 96 per cent.
The working conditions and terms of employment for employees
not covered by collective bargaining agreements are in line with
applicable collective bargaining agreements.
Our European Works Council (EWC) meets biannually to conduct
dialogue between employees and Schibsted’s Executive
Management Team.
Three Group employee representatives are also elected to act on
behalf of all employees, both unionised and non-unionised. They
protect all employees' interests in matters that are dealt with at
Group level. These representatives serve as discussion partners
for management to assure the quality of decisions and processes.
For definitions and information on data source, see section S1 Own
workforce - Note 2-S1.
Skills development
Training and skills development metrics
Our people function offers several training courses through the
Schibsted Learning Lab, which supports a culture of innovation,
collaboration and knowledge sharing to help Schibsted's
employees succeed and perform at their best. Training is provided
in areas such as sustainability, product development, analytics and
tech, editorial training, communication and facilitation, sales and
more. We also offer courses in local languages to help our diverse
workforce feel they belong in the countries they work in.
Schibsted employees also have access to our learning platform
(LMS) offering classroom and online courses from internal and
external providers, in addition to LinkedIn Learning, which offers
more than 16,000 digital courses. Here our employees can share
their own knowledge and experiences with each other by
uploading short lessons and presentations, and can build learning
paths with internal and external content.
The total number of hours of formal training provided through our
internal learning initiatives in 2023 was 38,059 (2022: 44,339). This
means an average of 6.3 hours (2022: 7.2) of training was provided
per employee (calculated using FTEs). The decline in the number
of hours is explained by a shift from classroom training to digital
training. Digital training sessions are normally of a shorter duration.
However, the number of employees that completed the training
increased, indicating a shift from longer training sessions for fewer
employees to shorter training sessions for more employees.
Grow is our group-wide performance development programme.
According to our policy, all employees should complete a
development review with their managers at least once a year. In
2023, 76 per cent (2022: 73 per cent) of our employees completed
a development review using either Grow or other local processes.
Performance reviews by gender and employee category
Tota l
number
Rate %
Tota l
number
Rate %
2023
2022
Tota l
4,564
76%
4,190
73%
Male
2,656
74%
2,445
70%
Female
1,908
78%
1,745
77%
For definitions and information on data source, see section S1 Own
workforce - Note 4-S1.
Diversity, inclusion and belonging
Remuneration metrics (pay gap and total remuneration)
All companies in Schibsted are responsible for complying with
local regulations on mapping and analysing potential pay gaps. For
detailed information on remuneration metrics, see our annual
report and the section Corporate governance.
Diversity, inclusion and belonging
Health and safety
Incidents, complaints and severe human rights impacts
Data is not currently available and will not be disclosed in this
statement, but we are looking into how we will disclose this in
coming sustainability statements.
Notes - ESRS S1 Own Workforce
Note 1 - S1
(S1-6)
Employees are categorised by gender, age group and country
based on information compiled from the HR systems.
Full-time equivalents (FTEs) include permanent employees, on-call
workers (fixed terms), substitutes (fixed terms), temporary workers
(fixed terms), interns and student workers (fixed terms), B2B
contractors in Poland (they have no direct contract but follow most
of the employee processes and counts as employees).
Schibsted has employees in eight countries: Norway, Sweden,
Denmark, Finland, Poland, France, United Kingdom and Latvia.
France, United Kingdom and Latvia are reported as ‘Other
countries’ in 2023. In 2022, ‘Other countries’ included France,
United Kingdom, Spain, Portugal and Italy.
Note 2 - S1
(S1-8)
The percentage of employees covered by a collective bargaining
agreement is calculated based on a company’s total FTEs at year
end if it has one or more collective bargaining agreements.
Employees are categorised based on information compiled from
the HR systems.
Full-time equivalents (FTEs) include permanent employees, on-call
workers (fixed terms), substitutes (fixed terms), temporary workers
(fixed terms), interns and student workers (fixed terms), B2B
contractors in Poland (they have no direct contract but follow most
of the employee processes and counts as employees).
Schibsted has employees in eight countries: Norway, Sweden,
Denmark, Finland, Poland, France, United Kingdom and Latvia.
France, United Kingdom and Latvia are reported as ‘Other
countries’ in 2023. In 2022, ‘Other countries’ included France,
United Kingdom, Spain, Portugal and Italy.
Note 3 - S1
(S1-9)
Top management comprises the management team in each
company. Other leaders are both managers below top
management level with direct reports and key personnel. Other
employees are any other employee not categorised as top
management or other leaders.
The Board of Directors consists of members elected at the annual
general meeting and members elected by employees. The Board
of Directors are also presented with shareholder elected members
only.
Employees classified by gender and age group are based on
information compiled from the HR systems.
SCHIBSTED ANNUAL REPORT 2023
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Full-time equivalents (FTEs) include permanent employees, on-call
workers (fixed terms), substitutes (fixed terms), temporary workers
(fixed terms), interns and student workers (fixed terms), B2B
contractors in Poland (they have no direct contract but follow most
of the employee processes and counts as employees).
Note 4 - S1
(S1-13)
The total number of training hours is calculated based on several
systems for gathering data in addition to manually gathered data
and using the number of employees attending the training classes
multiplied by how many hours the training lasted.
The rate of performance reviews by gender is based on the total
number of employees and the number of male and female
employees at Group level.
The performance review data are compiled from HR systems
(Workday and others). The rate of performance reviews by gender
is based on the total number of employees and the number of male
and female employees at Group level.
Employees classified by gender are based on information compiled
from the HR systems.
Full-time equivalents (FTEs) include permanent employees, on-call
workers (fixed terms), substitutes (fixed terms), temporary workers
(fixed terms), interns and student workers (fixed terms), B2B
contractors in Poland (they have no direct contract but follow most
of the employee processes and counts as employees).
ESRS S2 Workers in the value chain
Why it matters
(SBM-3)
Our capacity to ensure safe, healthy, and fair working conditions
throughout our delivery value chain is critical for executing our
delivery business effectively. Our operational model in delivery
services performed during limited nighttime hours, may negatively
affect workers in the value chain, hence we consider this topic
material.
Material
sustainability
matter
Description of matter
Scope of sustainability matter
(impact, risks and opportunities
identified during DMA)
Value chain
concentration
Time horizon
of impact
Sustainable distribution
Ensure that our distribution
fleet meets future needs for
low emissions distribution
and fair working conditions.
•
Transformation towards fossil-free
distribution
• Energy efficiency and emissions in
our own distribution fleet
• Energy efficiency and emissions in
our subcontractors’ fleets
• Fair terms and working conditions
among sub-(sub)contractors and
their employees
• Responsible branding
Own operations
(Marketplaces)
Downstream
Short-, medium-
term
Workers in the value chain deemed as likely to be materially impacted by Schibsted
(Based on double materiality assessment described in IRO-1)
Type of value
chain worker
Part of the
value chain
Brief description
Potential positive/negative
impact
Root cause for potential
potential/negative
impact
Delivery
subcontractors
Own
operations on
site and
downstream off
site
Individuals hired as
subcontractors delivering
parcels and newspapers
in Norway at night time.
• Working hours
• Health and safety
• Fair terms and conditions
The distribution industry in
Norway shares the same
potential negative impact.
Terminal workers
Own
operations on
site
Workers hired through
staffing agencies
contributing to our
delivery terminal
operations in Norway.
• Working hours
• Health and safety
• Fair terms and conditions
The distribution industry in
Norway shares the same
potential negative impact.
SCHIBSTED ANNUAL REPORT 2023
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No further assessment was deemed necessary for workers within
the value chain, including those with specific characteristics, those
operating in particular contexts and those engaged in certain
activities who may be at a higher risk of harm. Among the types of
workers within the value chain identified as likely to be materially
affected by Schibsted, we did not pinpoint any geographic areas or
commodities associated with a significant risk of child labour or of
forced or compulsory labour. For a detailed evaluation, see
reporting on the Norwegian Transparency Act on
https://schibsted.com/sustainability/.
No specific analysis to identify material risks and opportunities for
Schibsted stemming from its impacts and dependence on value
chain workers was conducted. For our policies on how we interact
with stakeholders, see section ESRS2 General information - SBM-2
– Interests and views of stakeholders.
Our approach and policies
(MDR-P, S 2 -1)
Sustainable distribution
Subcontractors and their workers are contracted to perform
distribution services for some of our delivery operations in
Norway. Subcontractors are required to identify themselves and
their potential subcontractors with valid ID cards issued by
Schibsted while performing services for Schibsted. They must
familiarise themselves with and adhere to the directives and
requirements relevant to the business, including laws and
regulations applicable to businesses with or without employees
and with any general public regulations. When subcontractors use
subcontractors, they must ensure and document their compliance
with the same standards. Agreements with subcontractors, own
employees or temporary personnel must always be made in
writing and be made available upon request. Payments must
comply with pre-agreed terms and adhere to minimum wage
standards and to laws and regulations on forced labour, child
labour, compulsory labour and trafficking in human beings.
Our distribution network Helthjem has recently implemented a
Supplier Code of Conduct which is built on standards and
guidelines
such as International Bill of Human Rights, the UN Children’s Rights
and Business Principles, the International Labour Organization’s
Declaration on Fundamental Principles and Rights at Work, the Rio
Declaration on Environment and Development, and the UN
Convention against Corruption. The code firmly establishes our
commitment to ethical practices across human rights, labour
rights, environmental protection, and combating corruption. It
insists that suppliers comply with both international standards and
local laws, fostering sustainability and ethical conduct within all
business interactions. The Code comprehensively covers fair
labour practices, safe and healthy working environments,
environmental conservation efforts, and a stringent stance against
corruption, highlighting the necessity for continuous improvement,
rigorous compliance, and transparent relationships with suppliers.
Engagement with stakeholders
(S2-2, S2-3)
Sustainable distribution
We perform regular random controls of how subcontractors and
their subcontractors follow the above mentioned policies to
prevent non-compliance. The general manager of each company is
responsible for ensuring that guidelines are followed by
subcontractors. During 2023, some deviations from our contractual
agreements with subcontractors were identified in our delivery
operations in western Norway. To address this, we set up a
structure to prevent identified risks and negative impacts. Our goal
is to mitigate risk in the supply chain in the short term by
intensifying checks and preventing discrepancies. We plan to
transition our operational model to employ drivers directly instead
of using subcontractors. Initiatives include daily checks at our
terminal and collaborating with A-krim (inter-agency cooperation
to combat work-related crime). We are enhancing periodic supplier
reviews and risk assessments and preparing for a new operational
model that favours employed drivers, offering permanent positions
to compliant distributors.
To offer anonymous reporting to both internal and external
stakeholders, we established Speak Up, a grievance mechanism
that enables anonymous reporting of concerns. See section G1
Business Conduct - Our approach and policies for further details.
Targets, actions and metrics
(MDR-A, S2-4, MDR-M, MDR-T, S 2 -5)
AMBITIONS AND TARGETS 2024
Sustainability topic: Sustainable distribution*
Stakeholders involved in target setting/tracking/development: Subcontractors
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Ensure that our distribution
fleet meets future needs for
low emissions distribution and
fair working conditions.
See targets and actions for
2024.
Code of Conduct, Helthjem’s
Supplier Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Target (2 024)
Action (2024)
2.
Ensure labour rights in all
areas of our delivery value
chain to secure progress and
compliance in the
•
Physical internal controls of
contractors twice in 2024, in
addition to existing control
procedures.
Code of conduct, Helthjem’s
Supplier Code of Conduct
Regularly in internal business
review
SCHIBSTED ANNUAL REPORT 2023
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transformation from the
contractor model to the
employment of workers in
western Norway distribution
district.
Further increase knowledge
and focus on labour rights and
ethical standards throughout
the organisation.
• Hire 100 full-time
employees as replacement
for subcontractors.
• All value chain managers
completed a course in
labour rights and internal
routines.
Metric details and principles:
- Added controls defined as physical controls of contractors and their vehicles. The metric will not be evaluated according to any specific
standards or by an external body.
- The metric will be evaluated based on the number of employees we hire on full-time basis during 2024 in our delivery organisation, it will
not be evaluated according to any specific standards or by an external body.
- A course is defined as one session (no defined scope) covering our internal routines and labour rights as stipulated by regulations and our
contractual agreements. The metric will not be evaluated according to any specific standards or by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
ESRS S3 Affected communities
Why it matters
(SBM-3)
News media serve as the bedrock of informed societies, playing a
critical role in democracy by ensuring transparency, accountability
and the dissemination of vital information. Marketplaces for goods
and services contribute significantly to transparency, efficiency
and fairness to markets. Both sectors are deeply intertwined with
the society they serve, relying on public trust, engagement and the
socio-economic environment. The success and relevance of our
business are contingent on understanding and adapting to societal
needs, trends and challenges, highlighting a mutual reliance that
drives both community advancement and commercial success for
Schibsted. See section E4 Consumers and end users - Why it
matters for overview of affected communities deemed as likely to
be materially impacted by Schibsted.
Material
sustainability matter
Description of matter
Scope of sustainability matter
(impact, risks and
opportunities identified during
DMA)
Value chain
concentration
Time horizon
of impact
Independent and
trustworthy journalism
Our journalism is
independent, trustworthy
and unbiased. We hold
powerful people
accountable and comply
with high standards in press
ethics.
•
Uphold freedom of expression
and democracy
• Editorial freedom and
independence
• Ensure media plurality
• Uphold and develop editorial
framework
• Transparent and trustworthy
brand and organisation
• Role in holding leaders/powerful
people to account
•
Responsible branding
Up-stream
Own operations
(News Media)
Down-stream
Short-, medium-,
long-term
Cybersecurity
We provide services that are
resilient, trustworthy and
accessible to society in all
situations.
• Ensure availability of services
(business continuity)
• Prevent impact from external
cyber threats
• Build a security-aware culture
• Source protection compliance
(News Media)
Up-stream
Own operations
Down-stream
Short-, medium-
term
Empower people to be
informed
Our news media brands
make it possible for all kinds
of people to form, act on
and challenge opinions
based on facts and
independent analysis.
•
Ensure trustworthy, impartial,
balanced, accurate content
• Media and information literacy
• Enable public debate and
opinions
• Responsible formats and
technology
Up-stream
Own operations
(News Media)
Down-stream
Short-, medium-,
long-term
SCHIBSTED ANNUAL REPORT 2023
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• Accessible content for all kinds
of people
• Outreach to all kinds of people
Unbiased, inclusive and
transparent job
marketplaces
Our marketplaces help
create a transparent,
efficient and accessible
market for jobs, promoting
unbiased and transparent
recruitment processes.
•
Enable sustainable options in the
job market
• Promote sustainable options in
the job market
• Lower market barriers (trust,
smoothness, information)
• Consumers rights, consumers
safety and user privacy
• Fair, efficient and transparent
market
Own operations
(Marketplaces)
Down-stream
Short-, medium-
term
Fair and efficient real
estate marketplaces
Our marketplaces
contribute to making the
real estate market
transparent, efficient and
accessible, while promoting
sustainable housing in our
markets.
• Enable sustainable choices in the
real estate market
• Promote sustainable real estate
options
• Lower market barriers (i.e. trust,
smoothness, information)
• Consumer rights, consumer
safety and fraud protection
• Fair, efficient and transparent
market
Own operations
(Marketplaces)
Down-stream
Short-, medium-
term
Efficient market for
circular consumption of
goods
Lower barriers and increase
incentives for circular
consumption and trade for
consumers and businesses
by creating an accessible,
convenient, safe and
efficient market for circular
goods.
• A circular marketplace that
enables consumers and
businesses to participate in
circular consumption and trade
• Activities that promote the
attractiveness of circular
consumption in society
• Activities to secure consumer
rights, consumer safety and fraud
protection within circular
consumption
• Activities that foster a fair,
efficient and transparent circular
market for everyone
Own operations
(Marketplaces)
Down-stream
Short-, medium-,
long-term
Transparent and
efficient mobility
marketplaces
Our marketplaces
contribute to a transparent,
efficient and accessible
market for vehicles and
mobility services that
focuses on user safety and
fraud protection and that
promotes sustainable
mobility.
• Transparent, efficient and
accessible market
• Facilitate trade of sustainable
vehicles
• User safety and fraud protection
Own operations
(Marketplaces)
Down-stream
Short-, medium-,
long-term
Our approach and policies
(MDR-P, S 3 -1, Entity specific information - MDR-P)
Independent and trustworthy journalism
We are fearlessly independent in pursuing our journalistic mission
and our purpose statement: Our democracies depend on
independent journalism - that’s our business. We do not claim to
know the truth; we seek to uncover it. We tell it as we see it,
separating fact from fiction.
Schibsted’s articles of association state that shareholders shall
enable Schibsted to operate its information business in such a way
that editorial freedom and integrity are fully ensured. 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. In 2011,
Schibsted’s Editors’ Forum adopted a framework for editorial
governance in the Group’s publishing businesses that safeguards
the principle of editorial freedom. Schibsted’s Code of Conduct
states that Schibsted is committed to upholding freedom of
speech, freedom of the press, and the social mission of editor-
controlled media. Furthermore, we adhere to the ethical standards
of the Norwegian and Swedish press. The Code of Conduct
underscores the importance of protecting individuals and groups
from injustice, contributing to society, and ensuring editorial
independence. Employees are encouraged to protect sources,
understand and advocate for freedom of speech, and foster an
open environment for public debate, aligning with the belief that
these freedoms are vital for democracy and personal freedom.
SCHIBSTED ANNUAL REPORT 2023
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In addition, our media houses have detailed in-house ethical
guidelines on editorial matters that aim to uphold trust in our media
houses, ensure independent journalism, and guide the way we
work. These policies embody principles of innovation, reader
engagement, and the critical examination of power. They
emphasise political independence, distinguishing between news
and opinion, and commit to truthfulness, accuracy and ethical
reporting. The policies prioritise source protection, ethical
standards, and the incorporation of modern technologies, such as
artificial intelligence, with caution. These policies underscore the
importance of transparency, accountability and the role of
investigative journalism in serving the public interest. Adhering to
rigorous fact-checking and ethical guidelines, they aim to foster
diverse debates and maintain a responsive and responsible
approach to journalism.
Editorial policies do not explicitly refer to any internationally
recognised standards on human rights or labour rights.
Since our business model relies on awareness and trust among
users, marketing of our brands is crucial. We are committed to
following national regulations and policies for each brand, covering
what we offer to the market and how we describe our services.
The general managers of each company are responsible for
ensuring our adherence to these commitments and policies.
Cybersecurity
Schibsted’s information security management system focuses on
continuously protecting our users across our portfolio of
companies and the critical brands used in our customers’ daily
lives. The purpose of this system is to protect our brand
communities against cybersecurity attacks. Our information
security management system consists of a comprehensive set of
procedures and technical controls to continuously improve our
ability to provide leading products securely. This approach
provides a continuous means to analyse digital security risks and
effectively manage risk to maintain the trust of our users and user
communities.
Schibsted’s Chief Information Security Officer (CISO) coordinates
data and information security activities across all our companies.
This is a proactive approach to protecting our brands and user data
across our businesses, products and services. We are committed
to securing our brands and our users across our services and to
serving as a trusted and vital digital partner in our users’ daily
lives.
Our employees focus on protecting our users’ and readers’ data
from cybercrime. Our information security management system is
built on industry-proven security practices, with dedicated
security professionals integrating cybersecurity best practices
from recognised industry standards such as ISO 27001, NIST
Cybersecurity Framework and OWASP.
Schibsted actively maintains security policies and guidelines
throughout our operations and brands. This comprehensive
security management approach entails constant protection across
the following security domain activities:
• Security compliance and risk management
• Access management security controls
• Application security management
• Secure product application design and architecture
• Network security management
• Vulnerability lifecycle management
• Third-party security management
• Security monitoring and security incident management
• Security awareness and security training
Empower people to be informed
See section S4 Consumers and end users - Our approach and
policies for further information on description of policy for the
sustainability matter Empower people to be informed.
Unbiased, inclusive and transparent job marketplaces
See page S4 Consumers and end users - Our approach and
policies for further information on description of policy for the
sustainability matter Unbiased, inclusive and transparent job
marketplaces.
Fair and efficient real estate marketplaces
See page S4 Consumers and end users - Our approach and
policies for further information on description of policy for the
sustainability matter Fair and efficient real estate marketplaces.
Efficient market for circular consumption of goods
See page S4 Consumers and end users - Our approach and
policies for further information on description of policy for the
sustainability matter Efficient marketplaces for circular
consumption.
Transparent and efficient mobility marketplaces
See page S4 Consumers and end users - Our approach and
policies for further information on description of policy for the
sustainability matter Transparent and efficient mobility
marketplaces.
Engagement with stakeholders
(S3-2, S3-3)
Independent and trustworthy journalism
Some of our media houses prepare and publish editorial reports in
which they detail decisions made by self-regulatory bodies and
through legal procedures, as well as how they work to protect
sources and journalistic methodologies. Our vision of a society
built on trust and transparency stems from a legacy which we have
the privilege and responsibility to uphold. The needs of today differ
from those of the past. A high level of trust in society requires
trustworthy information, and providing it is our job. We aspire to be
equally transparent when our methods or journalistic choices are
called into question. We welcome our audience's participation in
our journalism. Interaction with the general public is part of
everyday life for journalists; all journalists and editors have their
contact information publicly available. To increase transparency
and enhance readers' understanding of how editorial choices and
decisions are made, some of our media houses created blogs,
websites, and even podcasts that allow our editors and journalists
to speak openly about the dilemmas they face when making
editorial decisions.
In Norway and Sweden, our editors are accountable for any
infringements of the law, and self-regulatory bodies organised by
the media industry were established to uphold their respective
codes of ethics. The Norwegian Press Complaints Commission
(PFU) and the Swedish Media Ombudsman were founded on the
principles of freedom of speech and independence, and it is
possible for everyone (including members of the public) to file
complaints. These bodies evaluate complaints, make decisions on
whether journalistic ethics were violated, and ensure
accountability and transparency in media practices. Their role is
crucial in maintaining trust between the media and the public,
encouraging responsible journalism, and protecting individuals'
rights, and thereby contributing to the integrity and credibility of
the press in Norway and Sweden. All complaints related to our
newspapers are taken seriously and are reviewed by editors to
avoid recurrence in the future. In 2023, 18 complaints were filed
against our newspapers in Norway (2022: 31) and 42 in Sweden
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
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(2022: 28) The number of complaints that were upheld in Norway
was zero (2022: 1) and in Sweden zero (2022: 1). For further details
on complaints and outcomes, see section S3 Affected
communities - Note 1 - S3 and the website for each of the above-
mentioned organisations. We also have an anonymous digital
grievance mechanism, Speak Up, where reporting can be made
anonymously by employees and external stakeholders; see section
G1 Business Conduct - Our approach and policies for further
information on Speak Up.
Targets, actions and metrics
(MDR-A, S3-4, MDR-M, MDR-T, S 3 -5, Entity specific information MDR-A, MDR-M, MDR-T)
AMBITIONS AND TARGETS 2024
Sustainability topic: Independent and trustworthy journalism*
Contribution to UN Sustainable Development Goals 2030:
• Ensure public access to information and protect fundamental freedoms, in accordance with national legislation and international
agreements (16.10).
Stakeholders involved in target setting/tracking/development: Consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Ensure independent,
trustworthy and unbiased
journalism in line with high
standards in press ethics in
the Nordics.
See targets and actions for
2024.
Schibsted’s Article of
association, Code Of Conduct,
Editorial Policies
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Establish a common trust
score defined with a starting
level for each news media
brand
Create a common trust score
for all our media brands,
including an agreed-upon
definition and a starting level
per brand.
A baseline survey will be
conducted in Sweden and
Norway during the first
quarter 2024.
Editorial Policies
Regularly in internal business
reviews
Metric details and principles: The metric is binary (established basis for trust score or not) and will not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Implement the trust score and
plan for activities in all brands
and process for following up
Implement relevant trust
scores in all news media
brand’s score cards with plans
for activities to increase
overall trust
Implement process for
following up of trust scores in
Sweden and Norway
Editorial Policies
Regularly in internal business
reviews
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
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AMBITIONS AND TARGETS 2024
Sustainability topic: Cybersecurity*
Stakeholders involved in target setting/tracking/development: Employees
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Schibsted services and
products are protected
against cybersecurity threats,
making them resilient,
trustworthy and accessible to
society in all situations. The
ambition is that all employees
complete the security training,
all major security incidents
are reported and mitigated,
and that all relevant
mandatory security tools and
processes are implemented
by the brands.
See targets and actions for
2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is of qualitative character and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
More than 75 per cent of
employees in scope to
complete mandatory security
training.
Perform needed training
Code of Conduct
As part of our regular internal
Group Function review
Metric details and principles: Employee scope to be defined during 2024 based on strategic choices. The share of employees may be
revised due to the intended split of Schibsted into two companies. Data are gathered through an internal follow-up structure for
cybersecurity training.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
More than 90 per cent of new
employees complete the
onboarding security training.
Perform needed training
Code of Conduct
As part of our regular internal
Group Function review
Metric details and principles: New employees are defined as those considered as included in central onboarding programmes. The share of
employees may be revised due to the intended split of Schibsted into two companies. Data are gathered through an internal follow-up
structure for cyber security training.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
More than 90 per cent of all
major cybersecurity incidents
are responded to within 30
minutes.
Uphold practices listed in
section S3 Affected
communities - Our approach
and policies.
Code of Conduct
As part of our regular internal
Group Function review
Metric details and principles: A cybersecurity incident refers to an event where the security of a system, network, or data is compromised.
This could include unauthorised access, data breaches, or other forms of cyberattacks. Schibsted uses the NIST Cybersecurity Framework
to evaluate the overall cybersecurity posture and progress on at least an annual basis.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
Empower people to be informed
See page S4 Consumers and end users - Targets, actions and
metrics for further information on the sustainability matter
Empower people to be informed.
Unbiased, inclusive and transparent job marketplaces
See section S4 Consumers and end users - Targets, actions and
metrics for further information on the sustainability matter
Unbiased, inclusive and transparent job marketplaces.
Fair and efficient real estate marketplaces
See section S4 Consumers and end users - Targets, actions and
metrics for further information on the sustainability matter Fair and
efficient real estate marketplaces.
Efficient market for circular consumption of goods
See section S4 Consumers and end users - Targets, actions and
metrics for further information on the sustainability matter Efficient
marketplaces for circular consumption.
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Transparent and efficient mobility marketplaces
See section S4 Consumers and end users - Targets, actions and
metrics for further information on actions, metrics and targets for
the sustainability matter Transparent and efficient mobility
marketplaces.
Notes - S3 Affected communities
Note 1 - S3
The Norwegian Press Complaints Commission (PFU) and the
Swedish Media Ombudsman (MO) assess complaints using defined
metrics: adherence to the Ethical Code of Practice for the Press
(Norway) and the Code of Ethics for Press, Radio and Television
(Sweden), accuracy and fact verification, balance and impartiality,
privacy respect, and error correction promptness. These
standards aim to ensure journalistic integrity and public trust.
Complaints in which no breach is found will be dismissed, while
complaints that are upheld will result in a reprimand and require
the publisher in question to publish the finding and, in some
instances, publish corrections or an apology. These outcomes
serve to uphold journalistic standards, enhance media
accountability, and reinforce public trust in the media. They also
provide valuable feedback for media outlets to improve their
practices and adhere to principles of ethical journalism.
ESRS S4 Consumers and end-users
Why it matters
(SBM-3)
For Schibsted, the importance of consumers and end users cannot
be overstated. A lack of trust in our offerings could impact their
willingness to engage and invest in our services. Trust fosters user
engagement, stimulates transactions, and promotes media
consumption—key elements of our financial success. Therefore,
upholding trust and engagement with our consumers and end
users is critical for ensuring success and maintaining a strong
reputation amidst competition.
Material
sustainability
matter
Description of matter
Scope of sustainability matter
(impact, risks and opportunities
identified during DMA)
Value chain
concentration
Time horizon
of impact
Empower people to be
informed
Our news media brands
make it possible for all kinds
of people to form, act on and
challenge opinions based on
facts and independent
analysis.
•
Ensure trustworthy, impartial,
balanced, accurate content
• Media and information literacy
• Enabling public debate and
opinions
• Responsible formats and
technology
• Accessible content for all kinds of
people
• Outreach to all kinds of people
Up-stream
Own operations
(News Media)
Down-stream
Short-, medium-,
long-term
Responsible
advertising
Advertisers working with us
are obliged to act in a
responsible way and ensure
their product information is
trustworthy and transparent.
• Internal guidelines for creatives,
responsible advertisers and
products
• Sustainable inventory and ad
product management
• Sustainable supply chain and ad
stack
• Ad fraud protection and user
safety
• Brand safety
• Fair business interactions with
advertisers and agencies
• Legal and industry standards
compliance
Up-stream
Own operations
(News Media)
Down-stream
Short-, medium-
term
Unbiased, inclusive and
transparent job
marketplaces
Our marketplaces help
create a transparent, efficient
and accessible market for
jobs, promoting unbiased
and transparent recruitment
processes.
• Enable sustainable options on the
job market
• Promote sustainable options on
the job market
• Lower market barriers (trust,
smoothness, information)
• Consumers rights, consumers
safety and user privacy
• Fair, efficient and transparent
market
Own operations
(Marketplaces)
Down-stream
Short-, medium-
term
Fair and efficient real
estate marketplaces
Our marketplaces contribute
to making the real estate
market transparent, efficient
and accessible while
• Enable sustainable choices in the
real estate market
• Promote sustainable real estate
options
Own operations
(Marketplaces)
Down-stream
Short-, medium-
term
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promoting sustainable
housing in our markets.
• Lower market barriers (i.e. trust,
smoothness, information)
• Consumer rights, consumer safety
and fraud protection
• Fair, efficient and transparent
market
Efficient market for
circular consumption of
goods
Lower barriers and increase
incentives for circular
consumption and trade for
consumers and businesses
by creating an accessible,
convenient, safe and efficient
market for circular goods.
•
A circular marketplace that
enables consumers and
businesses to participate in
circular consumption and trade
• Activities that promote the
attractiveness of circular
consumption in society
• Activities to secure consumer
rights, consumer safety and fraud
protection within circular
consumption
• Activities that foster a fair, efficient
and transparent circular market for
everyone
Own operations
(Marketplaces)
Down-stream
Short-, medium-,
long-term
Transparent and
efficient mobility
marketplaces
Our marketplaces contribute
to a transparent, efficient and
accessible market for
vehicles and mobility
services that focus on user
safety and fraud protection
and that promote sustainable
mobility.
•
Transparent, efficient and
accessible market
• Facilitate trade of sustainable
vehicles
• User safety and fraud protection
Own operations
(Marketplaces)
Down-stream
Short-, medium-,
long-term
Fair consumer offerings
& Empower consumers
through comparison
services
We ensure that partners that
offer goods/services through
our consumer guidance
services demonstrate
responsible business
conduct and that their
product information is fair.
We empower consumers to
make informed decisions for
themselves, society and the
environment by providing
transparent, trustworthy and
accessible guidance
services.
• Ensure fair offerings from partners
(Lendo, Prisjakt and SMB)
• Ensure responsible partners
throughout the value chain
• Correct product/service
information from partners
• Transparency in offerings (Lendo,
Prisjakt and SMB)
• Trustworthy and available
information
• Ensure accessibility for all
consumers
• Responsible branding
Up-stream
Own operations
(Growth &
investments)
Down-stream
Short-, medium-,
long-term
Responsible use of
data
We ensure that all user data
are treated in a responsible
manner and in accordance
with legal requirements.
All processing of user data, including
e.g.
• Targeting of ads
• Product development
•
Use of artificial intelligence (AI)
Up-stream
Own operations
Down-stream
Short-, medium-,
long-term
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Affected communities, consumers and end users deemed as likely to be materially impacted by Schibsted
(Based on double materiality assessment described in IRO-1)
Type of affected
community
and/or
consumer and
end-user
Part of the
value chain
Brief description of
the affected
community and/or
consumer and end-
user
Potential positive/negative
impact
Root cause for potential
positive/negative impact
Readers of our
newspapers
Downstream
Readers who take part of
the information provided
through our physical or
digital newspapers.
•
Enhances informed decision-
making and education for
readers
• Promotes critical and analytical
thinking capabilities
• Carries the risk of spreading
misinformation among readers
• May contribute to increased
societal polarisation
• Data privacy
Influencing and enabling
users is a fundamental part
of the marketplace's
operational model.
Users of our
marketplaces
Downstream
Users who take part of
information or consumer
services/goods through
our marketplaces.
•
Increases transparency,
fairness and efficiency on
markets
• Boosts economic opportunities
and employment
• Promotes environmental
sustainability through reuse
• Presents a risk of scams and
fraudulent listings
• Data privacy
• Challenges in product safety
and labelling
Influencing and enabling
users is a fundamental part
of the advertising
operational model.
Users taking part of
advertising
Downstream
Users who through our
news media or
marketplace products
take part of advertising
information.
• Reduces access costs for
consumers
• Improves users' product
awareness and information
availability
• Data privacy
• Promoted unhealthy lifestyles
• Necessitates protection of
minors and financially
vulnerable individuals
Influencing and empowering
users is a fundamental part
of the consumer
comparison operational
model.
Users of our
consumer
comparison
services
Downstream
Users who take part of
information or consumer
services/goods through
our consumer
comparison services.
• Enhances informed decision-
making
• Promotes competition that can
benefit consumers
• Data privacy
• Protection of financially
vulnerable individuals
Influencing and empowering
users is a fundamental part
of the consumer
comparison operational
model.
The general public
Downstream
Members of the general
public in Sweden and
Norway who directly or
indirectly are impacted by
information provided by
our newspapers.
•
Guarantees critical information
access for the public
• Strengthens democracy
through media transparency
and accountability
• Facilitates informed voting and
civic participation
• Cultivates diverse and open
public discussions
As significant players in the
news media industry in both
Sweden and Norway, our
outlets have an influence on
the general public and play
a vital role in ensuring
access to and conveying
news considered to be of
public interest.
No specific evaluation of the communities, consumers and end
users affected was conducted and no specific methods for
identifying significant risks and opportunities for Schibsted arising
from its impacts and dependencies on these groups were applied.
The double materiality assessment is regarded as a process that
encompasses these types of evaluations. Relying on the double
materiality assessment (DMA) and other internal information, we
acknowledge that our financial performance hinges on the trust
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and engagement of our readers and users. The impact we have on
the affected communities, consumers, and end users stems from
our business model and strategy, which delivers information (news
and advertising) to users and readers.
Given that our business models and strategies rely on the
willingness of our readers and users to pay and on their trust, our
approach to these issues presents significant risks and
opportunities for us. Our capacity to maintain trusted, fair and
efficient marketplaces, provide independent and reliable
journalism, empower individuals to be informed, and ensure
responsible advertising is crucial to executing our strategy and
maintaining trust. For our policies on how we interact with these
stakeholders, see pages section S4 Consumers and end-users -
Our approach and policies.
Our approach and policies
(MDR-P, S 4 -1, MDR-M)
Empower people to be informed
For our media houses, empowerment means enlightening our
readers and providing them with accessible, transparent,
informative and balanced media content. In a time when anyone
can share their thoughts online with minimal restrictions, our role
becomes increasingly important. We put people in a stronger
position to form opinions based on facts and independent analysis.
We provide opportunities to voice those opinions and to let them
be challenged. That is empowering. The quality and integrity of the
media content across our media houses is fundamental to our
heritage and our future.
Schibsted's editorial leaders are seasoned professionals with years
of experience in capturing important news stories and bringing
them to our various reader communities. We embed editorial
controls, to ensure the accuracy and integrity of our news, by
following editorial guidelines. For a further description of the policy
and an overview of breaches of external press ethical policies, see
section S3 Affected communities - Our approach and policies.
Schibsted operates identity and payment applications to protect
user activities and transactions across our leading media brands.
These systems are designed according to best-practice standards,
with regular security monitoring and security testing to protect
user data. In addition to the above mentioned guidelines,
Schibsted's Code of Conduct outlines our behaviour and how we
take responsibility for our products and services and for their
impact on consumers and end users. See section G1 Business
conduct - Our approach and policies for further details.
Responsible advertising
Advertising space for marketing other organisations’ services and
products on our platforms accounts for a significant proportion of
our revenues. As a platform that is dependent on and that
communicates other organisations’ marketing messages, we have
a responsibility to ensure that consumers receive content that
complies with our internal guidelines, regulations and voluntary
industry guidelines.
For example, in Norway the Marketing Control Act prohibits
marketing directed at children, and in Sweden the Swedish
Consumer Agency has compiled rules and practices governing
marketing directed at children and minors. Responsible advertising
is also crucial for maintaining user trust in our products.
Each of our companies has formulated its own guidelines for
external advertising, and the general manager, publisher or editor
of each company is responsible for ensuring that marketing
content follows those guidelines. It is crucial for our media houses
to ensure the independence of their journalistic content in respect
of advertisers and partners. Schibsted complies with the Ethical
Code of Practice for the Press, which also contains rules for
marketing.
As a supplement to the Ethical Code, our internal advertising
guidelines (Generelle retningslinjer) stipulate that ads may not be
misleading or illegal. Content that is rejected includes
inappropriate, violent or discriminatory messages, and ads for
weapons, except certain legally approved hunting weapons.
Schibsted can refuse ads failing to meet these requirements. The
requirements include specific design features to avoid confusion
with editorial material. Ads are tested for functionality and
compliance, and Schibsted reserves the right to remove non-
compliant ads.
In practice this means that we have both an advanced platform
process and manual ways of ensuring that the creatives used by
our advertisers stay well within our guidelines. In addition, we have
a privacy-first audit process for third-party vendors, which means
that we now only work with a pre-approved whitelist of vendors.
Our main markets (Sweden, Norway, Finland and Denmark) all have
regulatory bodies (governmental or self-regulatory) that receive
complaints about advertising and that assess whether commercial
advertising complies with requirements. Anyone can lodge
complaints through the websites of the Norwegian Consumer
Authority and the Market Council, the Swedish Advertising
Ombudsman, the Finnish Chamber of Commerce and the Danish
Business Authority. For our companies active in Sweden five cases
were reviewed (2022: 1), four (2022: 1) of which were upheld. In
Norway zero (2022: zero) complaints were received pertaining to
Schibsted companies. In Finland zero (2022: 0) complaints were
received pertaining to Schibsted brands. In Denmark zero (2022:1)
complaints were received pertaining to Schibsted brands. Zero
(2022: 0) complaints resulted in any fines or penalties for the
Schibsted companies. For further details on complaints, basis for
review, outcomes and detailed definitions see the respective
websites for the above mentioned organisations.
In addition to the above-mentioned guidelines, Schibsted's Code
of Conduct outlines our behaviour and how we take responsibility
for our products and services and for their impact on consumers
and end users. See section G1 Business Conduct - Our approach
and policies for further details.
Unbiased, inclusive and transparent job marketplaces
The ways in which people find jobs and employers find employees
have changed rapidly in recent decades, due to globalisation,
digitalisation and the growing demand for skilled workers. The
complexity in creating matches in the job market is a societal
challenge that is growing in our markets, and solving it is crucial for
employers and employees to thrive. Our digital marketplaces for
jobs in the Nordics have played, and will continue to play, an
important role in matching employers with employees because
they have the power to create a transparent, efficient and
accessible market. With our job marketplace we aim to create
equal job opportunities for everyone.
With several leading job marketplaces, we have a responsibility to
promote a responsible and fair market. We do this by empowering
jobseekers by providing information, lowering barriers for
applicants, and inspiring and promoting the benefits of an equal
job market for everyone. Two examples are how our Finnish
marketplace Oikotie brings salary transparency to jobseekers and
how they help them find fair and responsible employers when
looking for summer jobs.
Since our business model relies on awareness and trust among
our users, the marketing of our brands is crucial. We are
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committed to complying with national regulations and policies for
each brand, covering what we offer to the market and how we
describe our services. In addition to the above-mentioned
guidelines, Schibsted's Code of Conduct outlines our behaviour
and how we take responsibility for our products and services and
for their impact on consumers and end users. See section G1
Business Conduct - Our approach and policies for further details.
The general managers of each company are responsible for
ensuring our adherence to these commitments and policies. We do
not currently have an overview of breaches of our policies and
guidelines in our value chain, but we are exploring ways to gather
this information for future reporting.
Fair and efficient real estate marketplaces
Housing is an essential part of everyone's life in terms of time and
money spent. Our digital marketplaces for real estate and housing
rentals play a crucial role in each market, and we strive every day
to bring trust, efficiency and transparency to the market. Our
purpose is to empower people in their journey to find a home in
every phase of life. We do this by making rental transactions safer
and accessible for all, empowering house buyers/sellers by
ensuring transparency and facilitating smooth transactions that
optimise the use of existing resources and match supply and
demand. As a marketplace, we empower consumers to make
better decisions by providing information such as current market
supply (new and existing housing), valuable market insights and
price transparency. Our role also requires robust internal
processes and policies that aim to ensure consumer safety by
requiring identification and preventing illegal use through ad
moderation.
We cooperate closely with national authorities and encourage
users to report abuse and fraud. We also cater to real estate
agents and support them in their decision-making by providing
market insights and channels to reach buyers.
Since our business model relies on awareness and trust among
our users, the marketing of our brands is crucial. We are
committed to following national regulations and policies for each
brand, covering what we offer to the market and how we describe
our services. In addition to the above-mentioned guidelines,
Schibsted's Code of Conduct outlines our behaviour and how we
take responsibility for our products and services and for their
impact on consumers and end users. See section G1 Business
Conduct - Our approach and policies for further details.
The general managers of each company are responsible for
ensuring our adherence to these commitments and policies. We do
not currently have an overview of breaches of our policies and
guidelines in our value chain, but we are exploring ways to gather
this information for future reporting.
Efficient market for circular consumption of goods
The current consumption pattern for goods in our society is not
sustainable. Changes are needed to minimise the negative impacts
of climate change, the relentless use of natural resources, and
harm to biodiversity. Shifting from wear-and-tear consumption
(linear) to reuse, repair and rental (circular) is considered one of the
most important measures. We strongly believe in this approach
and aim to strengthen our role as a marketplace by further
boosting the circular consumption of goods such as home
furnishings, fashion, electronics and sports gear. As a leading
brand in all our Nordic markets, we aim to promote the infinite use
of all goods.
We have, and will continue to have, a significant impact on, and
responsibility for, creating a trusted, efficient and transparent
market, ensuring user safety and promoting the shift towards
circular consumption and environmentally friendly reuse practices.
Since our role in the value chain is to provide a marketplace, our
major impact comes from how private individuals and business
partners use and trade through our marketplaces. Private
individuals and business partners have ultimate responsibility for
the transactions, while we facilitate the marketplace in which those
transactions take place.
We are committed to constantly improving the platform in terms of
making circular consumption smooth, safe and environmentally
friendly. We do this by optimising the user experience, moderating
content, preventing fraud, identifying users, advising users and
offering a product that lowers the barriers to circular consumption.
We conduct close dialogue with national authorities to ensure the
highest safety standards for our platforms when it comes to user
safet y.
Since our business model relies on awareness and trust among
our users, the marketing of our brands is crucial. We are
committed to complying with national regulations and policies for
each brand, covering what we offer to the market and how we
describe our services. In addition to the above-mentioned
guidelines, Schibsted's Code of Conduct outlines our behaviour
and how we take responsibility for our products and services and
for their impact on consumers and end users. See section G1
Business Conduct - Our approach and policies for further details.
The general managers of each company are responsible for
ensuring our adherence to these commitments and policies. We do
not currently have an overview of breaches of our policies and
guidelines in our value chain, but we are exploring ways to gather
this information for future reporting.
Transparent and efficient mobility marketplaces
The mobility industry is currently undergoing a major
transformation, and in our Nordic markets we are seeing a rapid
transformation towards new low-emission solutions and initiatives
aimed at more efficient use of our mobility resources. As the
leading marketplace for mobility in the Nordics, we play an
important role as a positive force in this transformation. Our aim is
to empower people to make smart mobility choices for themselves
and future generations by enabling frictionless experiences.
We do this by empowering buyers and sellers of vehicles, creating
a trustworthy and transparent market, and ensuring that everyone
can access and understand the mobility market. We also promote
and inform about the shift towards sustainable mobility.
As a marketplace for vehicles, we play an important role in
ensuring trust between buyers and sellers by proactively
educating buyers and sellers, preventing and monitoring attempted
fraud, and offering insurance solutions that make vehicle sale
transactions smoother and safer for both seller and buyer.
Our role in the market and our responsibility to mitigate our
societal and environmental impacts are closely related to how we
develop and execute our products and services, because the
success of a smooth, efficient, transparent, accessible and safe
market is closely linked to the success of our commercial
offerings.
Since our business model relies on awareness and trust among
our users, the marketing of our brands is crucial. We are
committed to complying with national regulations and policies for
each brand, covering what we offer to the market and how we
describe our services. In addition to the above-mentioned
guidelines, Schibsted's Code of Conduct outlines our behaviour
and how we take responsibility for our products and services and
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for their impact on consumers and end users. See section G1
Business Conduct - Our approach and policies for further details.
The general managers of each company are responsible for
ensuring our adherence to these commitments and policies. We do
not currently have an overview of breaches of our policies and
guidelines in our value chain, but we are exploring ways to gather
this information for future reporting.
Fair consumer offerings & Empower consumers through
comparison services
As a provider of information, it is crucial that we make sure that
consumers can trust our offerings and commercial partners. We
also strive to make consumers aware of the economic, societal,
and environmental consequences of their decisions when using
our services. At Lendo, we achieve this by adopting responsible
lending principles to prevent over-indebtedness. At Prisjakt, we
accomplish this by vetting commercial customers for their ethical
behaviour and adherence to core values such as honesty, curiosity
and care, thereby ensuring trust and continuous improvement. At
SMB, we achieve this by blocking unauthorised partners. Initiatives
like the Boligmappa partnership and the new contract module
promote transparency and integrity. Furthermore, SMB actively
monitors and maintains ethical standards, demonstrated by our
actions against non-compliant craftsmen and the implementation
of daily credit checks.
Trust and transparency are crucial to the success of our business,
and naturally integrate with the development of new products and
services. For example, by enhancing the visibility of user reviews
and introducing review sorting, we improve decision-making
processes and marketing communication in our marketplaces. In
our personal finance companies, such as Lendo and Compricer,
dedicated resources across our brands focus on creating a
protected community. Our fraud protection measures for finance
services include regulatory compliance, the integration of
automated security processes and the provision of dedicated
customer support to safeguard our users.
This cohesive approach across all our brands is in line with our
Code of Conduct, ensuring that we uphold values and comply with
regulations to consistently provide ethical and transparent
services. See section G1 Business Conduct - Our approach and
policies for further details on our Code of Conduct.
Since our business model relies on awareness and trust among
our users, the marketing of our brands is crucial. We are
committed to complying with national regulations and policies for
each brand, covering what we offer to the market and how we
describe our services.
The general managers of each company are responsible for
ensuring our adherence to these commitments and policies. We do
not currently have an overview of breaches of our policies and
guidelines in our value chain, but we are exploring ways to gather
this information for future reporting.
Responsible use of data
Schibsted’s strategic focus on data aims to create insights that
benefit our users through building better and more relevant
products and services. We aim to develop the best data-based
products and services for our users and customers. Our users are
informed of how we do this and of how they can control how we
use their data. We make extensive efforts to ensure that we
process data in compliance with applicable privacy regulations
(such as GDPR) and our users’ expectations. Details can be found
in our Privacy and Cookie Policy (based on GDPR and other
applicable data protection legislation), which outline how
Schibsted values user privacy while utilising personal data to
enhance its services, adhering to transparency and security when
handling personal data under specific country data controllers.
Privacy and integrity are managed by our Chief Information Officer,
who is supported by a team of privacy experts as well as Data
Protection Officer (DPO).
Employees receive privacy training to ensure necessary
awareness and competence in this area. Our extensive privacy
programme has the following key objectives:
• Ensure compliance with our legal obligations on a continuous
basis.
• Guide Schibsted’s data-driven approach by executing on privacy
by design across our product and tech organisation, embedding
privacy into our corporate culture, tech stack and products.
• Provide efficient and automated tools to empower users’ control
over their personal data by, for example, deciding how their
personal data is used or by accessing or deleting personal data.
• Maintain and increase end-user and public competence,
knowledge and trust related to our use of data.
We conduct close and ongoing dialogue with regulators and
legislators to understand and influence rules and practices. In
addition, we continuously collaborate with other companies on
developing industry standards in the best interests of our
consumers and our business.
Schibsted has extensive reporting procedures in place for handling
complaints and data breaches, as well as measures for detecting
vulnerabilities and thereby preventing breaches.
At Schibsted we are leveraging the power of artificial intelligence
(AI) to build the best possible digital products and services for our
users and to support our employees. We are currently working on
AI across the Group in various ways. Our use cases vary from
enabling privacy-friendly contextual advertising and optimising our
distribution operations to predicting how many newspapers we
should print to minimise our environmental footprint.
Schibsted is founded on a long tradition of independent news,
trusted marketplaces and digital consumer services.
Trustworthiness and quality are core to what we do, and when
using new tools such as AI, we are committed to ensuring that our
implementation and experimentation uphold these ideals.
Schibsted is dedicated to promoting the responsible application of
AI across and beyond our organisation, and we believe that a key
part of this work is to be transparent about how and why we use
these new technologies.
AI holds great potential for a group like Schibsted, but as we have
learnt from research conducted in and beyond Schibsted in recent
years, there are substantial risks associated with using these
technologies, both for society and for users. They can relate to
issues such as misinformation and disinformation, human bias
being encoded into AI systems, and outcomes that are hard to
explain or understand. To meet these challenges, we are have
implemented a framework for AI risk analysis. We call it the FAST
framework, and it provides a common basis for approaching risk in
the areas of Fairness, Accountability, Sustainability and
Transparency across the Group. The framework aims to provide
support for brands and functions across Schibsted’s diverse
ecosystem in identifying, managing and sharing risk in order to
build and use the best possible AI-powered products and
services.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
82
Additionally Schibsted actively participates in research
collaborations to support the development of independent Nordic
AI models, reflecting Nordic values.
Our Chief Data and Technology Officer has overall responsibility
for the implementation of AI throughout our organisation.
To learn more about FAST, how we are using AI as a tool to
empower people in their everyday lives, the research we are
conducting in the field and other updates on the topic, visit
https://schibsted.com/ai/.
In addition to the above-mentioned guidelines, Schibsted's Code
of Conduct outlines our behaviour and how we take responsibility
for our products and services and for their impact on consumers
and end users. See section G1 Business Conduct - Our approach
and policies for further details.
Engagement with stakeholders
(S4-2, S4-3)
Empower people to be informed
Engagement and trust among our readers and news brands are
crucial for all our newspapers, and the process of remediating
negative impacts falls under the responsibility of the independent
editor-in-chief of each newspaper. Consequently, we have no
group-wide process for addressing such matters beyond the
stakeholder engagement described in section ESRS2 General
Information - SBM-2 – Interests and views of stakeholders. We
may disclose an overview of these processes for each newspaper
in future reporting. Readers can direct concerns about our news
media content to the self-regulatory bodies for the media industry
which is established in Sweden and Norway; see section S3
Affected communities - Engagement with stakeholders for detailed
information.
Responsible advertising
Engagement and trust among our readers are crucial for all our
newspapers; therefore, the process for remediation of negative
impacts falls under the responsibility of the independent editor-in-
chief of each newspaper and its advertising. Consequently, we
have no group-wide process for addressing such matters beyond
the stakeholder engagement described in section ESRS2 General
Information - SBM-2 – Interests and views of stakeholders. We
may disclose an overview of these processes for each newspaper
in future reporting. Readers can direct concerns about our news
media content, including advertising, to the self-regulatory bodies
for the media industry established in Sweden and Norway; see
section S3 Affected communities - Engagement with stakeholders
for detailed information. Readers can also raise concerns about
advertising content with the governmental or self-regulatory
bodies in each country; see section S4 Consumers and end users -
Our approach and policies for more details.
Unbiased, inclusive and transparent job marketplaces,
Fair and efficient real estate marketplaces,
Efficient market for circular consumption of goods,
Transparent and efficient mobility marketplaces
Because engagement and trust among our marketplace users are
crucial for all our marketplaces, the process of remediating
negative impacts falls under the responsibility of the general
manager for each marketplace. Consequently, we have no group-
wide process for addressing such matters beyond the stakeholder
engagement described in section ESRS2 General Information -
SBM-2 – Interests and views of stakeholders. We may disclose an
overview of these processes for each marketplace in future
reporting.
Fair consumer offerings and Empower consumers
through comparison services
Engagement and trust among our users are crucial for all our
consumer comparison services and the process of remediating
negative impacts therefore falls under the responsibility of the
general manager for each service. Consequently, we have no
group-wide process for addressing such matters beyond the
stakeholder engagement described in section ESRS2 General
Information - SBM-2 – Interests and views of stakeholders. We
may disclose an overview of these processes for each service in
future reporting.
Responsible use of data
Schibsted's approach to user engagement on privacy matters is
characterised by a transparent, ongoing and open dialogue,
ensuring that users are fully informed and can exert control over
their personal data. We prioritise clear communication, offering
accessible tools that empower users to manage their data
effectively. These include the right to access, correct or delete
their information, underpinning our commitment to uphold their
data rights.
Our customers have the right to find out what data we have stored
concerning them, and to ask us to correct or delete data. They are
also able to contact us through a publicly available email address.
No specific information about user awareness of, or trust in, our
user engagement tools are disclosed in the current report.
In parallel, our dialogue with users and regulatory bodies is
continuous and evolving. We actively participate in discussions
with consumer advocacy groups, governmental consumer
protection agencies and legislators at national and international
level. This engagement is not just about compliance but also about
leading by example and setting the bar higher for data privacy
standards within the digital landscape. These processes are led by
our Chief Privacy Officer. No specific data on the effectiveness of
these processes is disclosed in the current report. See section
ESRS2 General Information - Additional disclosures: Evaluation of
sustainability ambitions targets 2023 for overall metrics,
complaints raised to local data protection authorities and on our
progress on privacy metrics.
Schibsted has extensive reporting procedures for handling
complaints and data breaches, and implements systematic
processes to address any negative impacts on privacy, ensuring
that mechanisms are in place for effective remediation. Our
framework prioritises transparency and accountability, providing
structured channels for consumers and end users to express
concerns. These avenues encompass direct email communication,
customer service portals and an accessible website interface, all
designed to streamline the feedback process. Feedback is integral
to our privacy strategy, informing continuous improvements in our
practices. Schibsted's privacy team diligently oversees
compliance, taking prompt corrective action when necessary.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
83
Targets, actions and metrics
(MDR-A, S4-4, MDR-M, MDR-T, S 4 -5)
AMBITIONS AND TARGETS 2024
Sustainability matter: Empower people to be informed*
Contribution to UN Sustainable Development Goals 2030:
• Ensure public access to information and protect fundamental freedoms, in accordance with national legislation and international
agreements (16.10).
Stakeholders involved in target setting/tracking/development: Consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Our news media brands make
it possible for all kinds of
people to form, act on and
challenge opinions based on
facts and independent
analysis.
See targets and actions for
2024.
Code of Conduct, Editorial
policies
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Increase the number of
paying subscribers compared
to 2023**
Grow Schibsted Media’s
overall reach in terms of
paying subscribers.
Editorial Policies
As part of our regular internal
business review
Metric details and principles: The metric measured as year-on-year growth in per cent, comparing average number of subscribers during
the years (2024 compared with 2023), including all digital subscribers of Aftonbladet, VG, Aftenposten, SvD, Bergens Tidende, Stavanger
Aftenblad, E24, Podme and Omni. The metrics are based on internal data.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Reverse the negative trend in
the number of young users
that are consuming content on
VG’s sites.**
Increase the number of
initiatives incentivising young
users to partake in news by
approaching and using VG
Editorial Policies
As part of our regular internal
business review
Metric details and principles: Defined as number of unique young users consuming content on VG’s sites (age 15-34 yrs). Measured on the
average across the year.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
Continue developing broader
reach among young
Aftonbladet users.**
Aftonbladet to initiate four
work streams specifically
aimed at increasing the reach
among young users. This
includes, but is not limited to,
a social media strategy and
product development.
Editorial Policies
As part of our regular internal
business review
Metric details and principles: Number of young users consuming content on Aftonbladet’s sites is measured by number of weekly mobile
visitors 16-24 years old.
Significant OPEX or CAPEX required for actions: Not disclosed.
5.
5.1 IN/LAB to execute on three
different projects at a
minimum, of which at least
one project should lead to a
live tested MVP.
5.2 IN/LAB to engage 100
participants in the projects, of
which at least 50 categorised
as individuals who do not
typically consume news.
IN/LAB aims to execute at
least three projects in 2024,
focused on understanding
and/or engaging new
audience groups, with a
minimum of one project
leading to a live-tested MVP
(minimum viable product).
These projects should involve
significant participation,
especially from individuals
who do not typically consume
Editorial Policies
As part of our regular internal
business review
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
84
news.
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
**Specific growth rate cannot be disclosed for confidentiality reasons.
AMBITIONS AND TARGETS 2024
Sustainability topic: Responsible advertising*
Stakeholders involved in target setting/tracking/development: Consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Comply with national laws and
regulations and be leading in
voluntary industry standards
See targets and actions for
2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Finalise implementation of the
latest Transparency and
Consent Framework (TCF)
across all Schibsted
publishers and
implement new practices to
remain compliant as new
regulations and industry
standards are enforced.
Close current roll-out plan for
TC F.
Keep up with coming
regulations/industry
standards on the evolving
advertising legal landscape.
Code of Conduct, TCF
As part of our regular internal
business review
Metric details and principles: Evaluation will be measured whether or not practices are implemented so that we remain compliant to new
regulations. The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Zero significant incidents and
all control mechanisms in
place.
Ensure that all automatic and
manual control mechanisms
are in place.
Code of Conduct, General
Guidelines
As part of our regular internal
business review
Metric details and principles: Significant incident is defined as incidents of fraudulent activity through advertising material on our sites or
material that violates our internal advertising guidelines. This will be evaluated internally.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
Zero cases reported to the
Advertising Ombudsman
(Sweden) and the Consumer
Authority and the Market
Council (Norway).
Ensure no significant incidents
Code of Conduct, General
Guidelines
As part of our regular internal
business review
Metric details and principles: Complaints are defined as the number of grievances filed with the Swedish Advertising Ombudsman (Sweden)
or the Consumer Authority and the Market Council (Norway), triggered by advertisements published in our media and processed according
to the procedures of these organisations.
Significant OPEX or CAPEX required for actions: Not disclosed.
5.
Build awareness on
sustainability and ethical
considerations in sales teams.
Host two internal learning
sessions for employees in
scope.
Code of Conduct, General
Guidelines
As part of our regular internal
business review
Metric details and principles: A learning session is defined as a session for all our employees within advertising that contain learning
material on responsible advertising. The scope of employees to be decided.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
85
AMBITIONS AND TARGETS 2024
Sustainability matter: Unbiased, inclusive and transparent job marketplaces*
Stakeholders involved in target setting/tracking/development: Employees, consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Help create a transparent,
efficient and accessible
market for jobs, where
unbiased recruiting is
promoted
See targets and actions for
2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Increase awareness and
knowledge of diversity,
inclusion and belonging
among employers (customers
using our job marketplaces)
by measuring the number of
employers who engaged with
the information and the
number of members in our
Responsible Workplace
programme in Finland.**
To be decided during 2024
Code of Conduct
As part of our regular internal
business review
Metric details and principles: Increase awareness is defined as activities that include information about diversity, inclusion and belonging
that can take the form of events or other types of communication. Customers are defined as customers with whom we have an established
business relationship.The metric will be evaluated internally.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Bring more diverse job
opportunities and candidates
to our marketplaces by
growing current offerings that
are defined as offerings that
attract a more varied
consumer base and a more
diverse pool of candidates.**
To be decided during 2024
Code of Conduct
As part of our regular internal
business review
Metric details and principles: The growth rate will be evaluated in terms of revenue growth that is related to the specific offering considered
to drive diversity among employers and candidates. The metric will be evaluated internally.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
Reduce bias in recruitment
processes and create a more
transparent job market by
actively removing bias and
increasing transparency in
recruitment processes.
Establish a measurement of
the share of published job-ads
that contain non-inclusive job
descriptions.
Establish measurements on
the number of users with
increased knowledge of their
worth in the job market.
Code of Conduct
As part of our regular internal
business review
Metric details and principles: Evaluation metrics to be developed during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
**Specific number of customers/growth rate cannot be disclosed for confidentiality reasons.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
86
AMBITIONS AND TARGETS 2024
Sustainability matter: Fair and efficient real estate marketplaces *
Contribution to UN Sustainable Development Goals 2030:
• Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony
with nature (12.8).
Stakeholders involved in target setting/tracking/development: Corporate customers, consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Become market leader in the
Nordics by delivering
transparent, efficient and
accessible real estate
marketplaces to our users and
professional customers.
See targets and actions for
2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Improve efficiency,
transparency and accessibility
in the Nordic rental markets
by:
Increasing the number of
active contracts on our rental
marketplace Qasa in the
Nordic countries.**
Participate in initiatives that
aim to strengthen tenants’
rights in Norway.
To be decided during 2024.
Code of Conduct
As part of our regular internal
business review
Metric details and principles: The number of active contracts is defined as all contracts at the end of the year between tenants and
landlords on our platform in all countries where Qasa is present. The criteria for evaluating the number of initiatives in which we participate
will be established during 2024. The metric will be evaluated internally.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Empower buyers to make
smarter choices in the
housing market by improving
marketplace efficiency and
price transparency by:
- Having the largest selection
of listings in Finland.**
- Introducing three new
products that focus on price
statistics and insight tools in
Norway or Finland.
To be decided during 2024
Code of Conduct
As part of our regular internal
business review
Metric details and principles: The metric for listings is measured by comparing available listings of homes for sale in the other major real
estate marketplace in Finland and comparing it to the listings on our real estate marketplaces on a monthly basis. New products are defined
as additional features/tools launched on our sites in Norway and Finland that increase transparency in the market for buyers and sellers.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
**Specific numbers cannot be disclosed for confidentiality reasons.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
87
AMBITIONS AND TARGETS 2024
Sustainability matter: Efficient market for circular consumption of goods*
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
• Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony
with nature (12.8).
Stakeholders involved in target setting/tracking/development: Users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Unlock a sustainable future by
driving a shift towards circular
consumption in the Nordics.
See targets and actions for
2024.
Code of Conduct,
Environmental policy
Yearly in sustainability
statement
Metric details and principles: The metric is of qualitative character and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Lower the barriers and
increase incentives for
circular consumption by
growing traction for safe and
convenient transactional
services in the Nordics by:
- Increase the number of
transactions in the Nordics.**
- Ensure that 100 per cent of
our shipping suppliers comply
with our sustainability
standards.
- Continuing to change user
preference towards circular
consumption.
- Measure our users’
perceptions of how safe our
recommerce marketplaces
are.
To be decided during 2024.
Code of Conduct, Group
Environmental Policy
As part of our regular internal
business review
Metric details and principles:
-Measuring transactions is based on an internal metric that considers the number of transactions of goods conducted by our users through
our transactional offering across all our marketplaces.
- Our shipping suppliers are defined as those selected as partners across all our marketplaces. Specific sustainability requirements refer to
requirements that we started to develop in Norway during 2023.
- Our influence on user preference will not be measured with quantitative metrics; instead, it will be evaluated based on the internal general
perceptions of progress made throughout the year.
- A measurement for user perceptions of safety is planned for development during 2024. All these metrics will be evaluated internally.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
**Specific number of transactions cannot be disclosed for confidentiality reasons.
AMBITIONS AND TARGETS 2024
Sustainability matter: Transparent and efficient mobility marketplaces*
Contribution to UN Sustainable Development Goals 2030:
• Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in
harmony with nature (12.8).
Stakeholders involved in target setting/tracking/development: Consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Support the renewal of the
See targets and actions for
Code of Conduct
Annually in sustainability
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
88
Nordic mobility fleet in a safe
and efficient way, and be a
force for sustainable mobility
long-term.
2024.
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Increase efficiency and
safety on our marketplaces
by focusing on increasing
user safety and fraud
protection as well as strive
for a more transparent,
efficient and accessible
market for our customers.
- In Norway, move a
significant part of the
consumer-to-business
transactions at Finn into a
more efficient and
transparent transaction
journey through Nettbil.
- In Sweden, move a
significant part of the
consumer-to-business
transactions at Blocket to
more efficient and
transparent transaction
journey though Wheelaway.**
To be decided during 2024.
Code of Conduct
As part of our regular
internal business review
Metric details and principles: Metrics will be evaluated according to internal definitions of transactions and volumes. Further details
cannot be disclosed for confidentiality reasons.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Raise awareness of
sustainable mobility by being
an active voice in the Nordics
and continuously sharing
insights, participating in
relevant forums, and forging
partnerships when suitable
opportunities arise.
Establish an internal agenda
and identify relevant public
forums.
Establish a measurement for
our outreach in media and
public forums.
Code of Conduct, Group
Environmental Policy
As part of our regular
internal business review
Metric details and principles: Evaluation criteria and definition of metric will be established during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
Make future tech platform
scalable for impact on
sustainable mobility by
applying and improving our
Sustainable Product
Development Principles.
Use Sustainable Product
Development Principles in
product development for the
future tech platform.
-
As part of our regular
internal business review
Metric details and principles: The target will be evaluated by checking that the sustainable product development principles were
applied to in the future platform development work. For instance in ad-insertion or search.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
**Specific number of transactions cannot be disclosed for confidentiality reasons.
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
89
AMBITIONS AND TARGETS 2024
Sustainability matter: Fair consumer offerings & Empower consumers through comparison services*
Contribution to UN Sustainable Development Goals 2030:
•
Increase the number of people with relevant skills for financial success (4.4).
Stakeholders involved in target setting/tracking/development: Consumers and end users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
We offer fair and transparent
services through partners that
respect and uphold the values
and ethical standards set out
in our Code of Conduct and
that comply with national laws
and regulations. We empower
consumers with all available
information to make informed
decisions through our
transparent comparison
services.
See targets and actions for
2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Lendo will establish
responsible lending principles
and continue to raise internal
awareness to ensure this
perspective is integrated in
the daily business.
To be decided during 2024.
-
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Lendo will continue its close
collaboration with industry
associations and partners to
further address the topics of
fraud and over-indebtedness.
To be decided during 2024.
-
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
AMBITIONS AND TARGETS 2024
Sustainability matter: Responsible use of data*
Stakeholders involved in target setting/tracking/development: Consumers and end-users
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Ensure that Schibsted uses
data to develop the best
products and services with
our users’ best interests in
See targets and actions for
2024.
Code of Conduct, Privacy and
Cookie Policy
Annually in sustainability
statement
SCHIBSTED ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT
90
mind and in accordance with
legal requirements.
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Personal data breaches:
- Zero negative decisions
against Schibsted related to
personal data breach
notifications.
- Notifications of personal
data breaches done within a
legally required timeline.
To be decided during 2024.
Code of Conduct, Privacy and
Cookie Policy
As part of our regular internal
Group Function review
Metric details and principles: Definitions and evaluations based on GDPR/other legal requirements.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Employee training:
- Run an awareness and
training programme in privacy
and data protection principles
(privacy by design) throughout
the year.
To be decided during 2024.
Code of Conduct, Privacy and
Cookie Policy
As part of our regular internal
Group Function review
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
User rights:
- Provide users’ data deletions
and takeouts and complete
them within legally required
timelines.
To be decided during 2024.
Code of Conduct, Privacy and
Cookie Policy
As part of our regular internal
Group Function review
Metric details and principles: Definitions and evaluation based on GDPR/other legal requirements
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
4. Governance information
ESRS G1 Business conduct
Why it matters
(SBM-3)
Trust is essential to our business, and to gain it, we must earn it.
This means that, in everything we do, we must be fully compliant
with all legal requirements, follow best practice and act with
integrity. We are accountable, and lead in accordance with our
Code of Conduct. We always aim to transparently communicate
and report on our business activities, our future ambitions and
targets, and on our progress.
Material
sustainability
matter
Description of matter
Scope of sustainability matter
(impact, risks and opportunities
identified during DMA)
Value chain
concentration
Time horizon
of impact
Fair business practice
Complying to our Code of
Conduct, and transparently
report on our business
activities, performance and
future ambitions.
•
Policies and its governance
structure
•
Code of conduct and
implementation
• Transparent and compliant
reporting on sustainability
• Transparency on tax payments
• Transparency on lobbying
• Competitive behaviour in markets
Up-stream
Own operations
Down-stream
Short-, medium-
term
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Responsible
marketplace and
distribution partners
We strive to make sure that
our partners are conducting
responsible business and
that their product information
is fair.
• Type of business partners in
scope:
• Marketplaces partners (customers,
logistic partners, financing
partners, insurance partners)
• Distribution partners (customers
delivering through our network)
• Partners compliance with
Schibsted Code of Conduct
Up-stream
Own operations
(Marketplaces)
Down-stream
Short-, medium-
term
Sustainable
investments
We ensure that new
investments adhere to our
sustainability policies and
ambitions. We evaluate
possibilities to drive value
creation from working more
closely with sustainability as
an area of opportunity.
• Use sustainability criteria when
screeninging and as part of the
due diligence processes for all
types of investments at Schibsted
(Ventures, M&A, Organic
innovation)
• Evaluate sustainability as a driver
for value creation on our existing
portfolio companies
• Evaluate sustainability as an area
of opportunity for new
investments
Up-stream
Own operations
(Growth &
Investments)
Down-stream
Short-, medium-,
long-term
Sustainable supply
chain
We ensure that our supply
chain is sustainable by
stating and following up on
requirements and
development of suppliers.
•
Business Partner Code of Conduct
• Process for screening, risk
assessment and mitigation
• Compliance with the Transparency
Act
Up-stream
Own operations
Short-, medium-,
long-term
Our approach and policies
(MDR-P, G1-1, Entity specific information-MDR-P)
Fair business practice
Our Code of Conduct reflects our current businesses, risks and
stakeholder expectations as well as our commitment to the UN
Global Compact’s Ten Principles for corporate sustainability. The
Code of Conduct sets out the norms, responsibilities and practices
that are expected of everyone representing Schibsted. The Code
of Conduct applies to all employees and leaders in Schibsted, to all
its subsidiaries, and to our Board of Directors. We also expect our
partners, contractors and other hired personnel who work in our
operations to meet our standards and respect our values as
outlined in the Code of Conduct.
The Code of Conduct provides guidance on everyday dilemmas
and explains how and when to seek more information and ask for
help. The Code of Conduct describes how things should be done
and serves as a record of how we can do our best today and what
we must aspire to in the future. To maintain our success,
stakeholders must continue to place their trust in us and believe in
our integrity both as brands and as people. Doing the right thing is
simply good business. The general managers of each company are
responsible for supporting and monitoring each entity with rollout
and implementation of the Code of Conduct. In 2023 we
implemented mandatory training for all employees when
onboarding and thereafter on an annual basis. No other training is
currently implemented or planned for implementation.
The Code of Conduct gives an overview of the most relevant
governing principles for Schibsted and our subsidiaries. The Code
of Conduct comprehensively addresses ethical business conduct,
human and labour rights, data privacy, transparency, legal
compliance, environmental sustainability, anti-corruption, diversity
and inclusion, customer protection, workplace safety, intellectual
property, fair competition, and supplier standards, underscoring its
dedication to integrity, respect, and responsibility in global
operations.
The content covers several matters related to the sustainability
matter Fair business practices. These are corruption, bribery,
trading of influence, facilitation payments, antitrust-rules,
responsible business partners, conflicts of interest, inside
information, insider trading, money laundering and grievance
mechanisms.
In addition to the above-mentioned topics, the Code of Conduct,
which is anchored in the UN Guiding Principles on Business and
Human Rights and the ILO Conventions, covers respect for human
rights and labour rights and for privacy and data protection,
reflecting our commitment to ethical business practices and the
protection of individual and user rights. It addresses key areas
including the prohibition of child labour, ensuring decent work
conditions, and upholding the right to privacy. The code explicitly
mandates secure and confidential data processing, adhering to
strict privacy laws and regulations. This comprehensive approach
not only aligns with legal standards but also fosters a trusted and
safe digital environment, demonstrating Schibsted's commitment
to protecting individual rights, promoting transparency, legality, and
fairness in data use and ensuring respectful and ethical business
conduct. For a full overview of topics related to our own workforce,
see section S1 Own workforce - Our approach and policies.
The Code of Conduct also covers our commitment to
environmental responsibility by emphasising sustainable business
operations to minimise adverse impacts on the environment. It
outlines initiatives to reduce our environmental footprint, such as
adopting environmentally friendly technologies and promoting
circular and sustainable consumption through our products and
SCHIBSTED ANNUAL REPORT 2023
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services, demonstrating a proactive approach to environmental
stewardship. For a full overview of topics related to the
environment, see section E1 Climate change - Our approach and
policies and E4 Biodiversity and ecosystems - Our approach and
policies.
In addition to our Code of Conduct, we have several policies at
Group level stating our principles and stance on sustainability
matters. These policies are approved by the Board or the
Executive Management Team and are publicly available at
https://schibsted.com/group-policies-and-statements/. Some
policies are not publicly available for confidentiality reasons. We
have several guidelines and policies on animal welfare for our
online marketplaces where trade in animals is conducted.
As a supplement to reporting breaches of the Code of Conduct
directly to managers, HR or safety representatives, we have
implemented an anonymous digital grievance mechanism (Speak
Up) where reporting can be done anonymously by employees and
external stakeholders.
An internal procedure for Speak Up covers who can report, what
issues can be reported, the reporting process, how reports are
handled and protected, data handling procedures, and options for
external reporting.
Schibsted’s Speak Up Committee is responsible for conducting an
initial assessment of all reported cases and coordinating follow-up
actions. All reports are handled confidentially. The reporter's
identity will not be disclosed to anyone beyond the authorised staff
competent to receive and follow up on the report, unless the
reporter provides explicit consent. In any case, Schibsted will not
tolerate any negative effects if anyone reports a concern in good
faith. All forms of retaliation against a person who has reported a
concern in good faith are prohibited. There are no specific
measurements established to monitor risks of retaliation against
reporters. No need has currently been identified to establish
specific training sessions on Speak Up for employees or the Speak
Up Committee. The EU Directive 2019/1937 on the protection of
whistleblowers has been implemented in all countries in which we
operate except for Norway and Poland, where implementation is
still being evaluated by each government.
Responsible marketplace and distribution partners
In Schibsted we have several business activities where we act as a
facilitator; matching supply with demand in our marketplaces and
delivering goods to consumers are examples of this. This means
that our platforms serve as arenas for a significant number of
transactions and encounters between companies and private
individuals. We strive to make sure that all types of companies
using our platforms behave responsibly and that their product
information is correct and fair in order to protect consumers and
prevent fraud, unsafe products and unsustainable behaviour.
Our policies are outlined in our Code of Conduct, see details in the
above section, and our Business Partner Code of Conduct
(BPCOC). The BPCOC outlines the ethical and legal standards
expected from Schibsted business partners, including compliance
with laws and regulations governing anti-bribery and corruption,
data privacy, fair competition, human rights and environmental
responsibility. In some cases it mandates adherence to standards
that are set higher than those required by law, and incorporates
these principles into business agreements. Business partners are
responsible for ensuring that their supply chains also comply, with
emphasis on transparency, immediate action on non-compliance,
and encouragement of whistleblowing. The code aligns with
requirements in the Norwegian Transparency Act and with global
standards such as the UN Global Compact and OECD Guidelines.
Sustainable investments
As part of our core business, Schibsted is constantly evolving
through investments in new operations or divestments. Our focus
area for investments is the Nordics, and we invest in both early
venture businesses and mature organisations that are close to our
core operations of News Media and Marketplaces. As a
responsible owner and actor in the investment industry, we need
to be constantly aware of how our companies impact society, the
economy and the environment.
To ensure future-fit investments, we need to be aware of the
sustainability risks and opportunities associated with potential
investments and ensure that prospective and existing investments
align with our internal sustainability policies and guidelines.
Companies that are proactive and aware of their impact,
sustainability risks and opportunities are generally more attractive
and profitable, and will contribute positively to the transition to a
sustainable society. Our long-term financial success and
sustainable development are therefore dependent on sustainable
practices and knowledge in our companies’ operations. Investing
in companies that are forward leaning and more sustainable may
also have positive environmental, societal and economic impacts.
To leverage this potential, we perform sustainability due diligence
on all our investments, covering the target company's impact,
risks, and opportunities related to material environmental, social
and governance topics.
Our Chief Investment Officer is responsible for ensuring that our
investments align with our internal guidelines.
Sustainable supply chain
Given that our core businesses comprise operating digital services
and producing, printing, and distributing newspapers, the bulk of
our global procurement activities comprises the supply of
professional services, electricity, paper, ink, and ICT hardware and
software. To address the sustainability risks in our supply chain,
we established guidelines for our procurement process that apply
to our central procurement operations. This framework assists us
in analysing, monitoring, assessing and developing suppliers. It
includes tools for risk analysis, assessment and monitoring. The
most critical risk evaluation criteria include country of origin,
industry, supplier dependency and expenditure. The guidelines
align with the Norwegian Transparency Act. Schibsted has
developed a Business Partner Code of Conduct outlining
compliance and sustainability requirements and recommendations
for our suppliers for which the general managers of each company
holds ultimate responsibility for implementing in our contracts. For
more details on the content of the code, see above section on
Responsible marketplace and distribution partners.
Business conduct information and data
(G1-2, G1-3, G1-4, G1-5, MDR-M)
Sustainable supply chain
Management of relationships with suppliers
In recent years we have been in a process of minimising our risks
and negative impacts throughout our supply chain. For an
overview of information on Workers in our value chain, see section
S2 Workers in the value chain.
In 2022, a new framework for the procurement process was
developed to support our companies with analysing, monitoring,
assessing and developing their suppliers. It includes tools for risk
analysis, assessment and monitoring. The most important risk
evaluation criterias are country of origin, industry, supplier
dependency, and spend. The work done in 2022 to prepare for
compliance with the Transparency Act (Norway) was used as input
to the framework. The purpose of the work was to identify group-
SCHIBSTED ANNUAL REPORT 2023
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93
wide high-risk suppliers and industries and to define group-wide
screening processes for further implementation in other parts of
our organisation.
In 2023 we initiated work to define a Group policy and Group
requirements for procurement as a basis before implementing the
framework across Schibsted. Our Business Partner Code of
Conduct, which covers environmental and societal criteria, was
revised to align with the new Code of Conduct and the
procurement framework. The Business Partner Code of Conduct
guides us in what minimum criteria should be used for screening
and for contractual agreements with suppliers. Application of the
Business Partner Code of Conduct is described in the draft Group
requirements for procurement. Due to the intended split of
Schibsted, implementation of these steering documents was put
on hold. See section G1 Business Conduct -Targets, actions and
metrics for more details on actions, metrics and targets on the
sustainability matter Sustainable supply chain.
Fair business practice
Prevention and detection of corruption and bribery
Schibsted’s Code of Conduct includes anti-corruption guidelines
and is applicable throughout the company. The Code of Conduct is
written in English and is communicated internally through our
intranet, group-wide meetings and mandatory training for all
current employees and new hires. These efforts aim to prevent
incidents of corruption and bribery.
The Code of Conduct training elements are digital, and are
provided to employees by their managers. Since no specific
functions were identified as higher priority to perform the training,
we have no specific metrics on fulfilment rates or outcomes of
training for functions-at-risk, nor do we have any plans to
implement such a focus.
The Speak Up channel enables anonymous reporting of potential
misconduct or breaches of internal or external regulation. Recently,
the Speak Up procedure was updated to ensure that reports are
handled properly and in accordance with legal requirements.
Reports made through the digital Speak Up channel are initially
assessed by an impartial external party, guaranteeing that all
concerns are addressed with the appropriate level of objectivity
and independence. The Speak Up Committee is responsible for
evaluating, coordinating, and supervising how cases are followed
up. The Committee consists of the Head of Legal, the Group
Compliance Officer, the Chief Sustainability Officer, and a senior
manager in our People organisation. Reports relating to HR issues
are forwarded directly to HR and followed up in accordance with
their procedures.
Incidents of corruption or bribery
There were no incidents of convictions or fines related to violation
of anti-corruption or anti-bribery laws in 2023 (see section G1
Business conduct - Note 1-G1 for details on metrics). No specific
actions were therefore taken to address such breaches
Political influence and lobbying activities
Schibsted is actively engaged in public policy and maintains
transparent lobbying activities, in line with our commitment to
uphold a society built on trust and transparency. We engage with
policymakers and contribute to the media debate, ensuring that
our voice is heard on matters significant to the industry and to
society at large. Our involvement in these activities is conducted to
the highest ethical standards, we follow our own Code of Conduct
and the EU Transparency Register Code of Conduct.
The EU Transparency Register Code of Conduct mandates
registrants to identify themselves accurately, declare their interests
and objectives, avoid dishonest practices, respect confidentiality
and conflict of interest rules, and maintain accurate, up-to-date
information in the register. Compliance with this code is essential
for registrants to remain on the register and involves adhering to
rules regarding client-intermediary relationships, outsourcing to
third parties, and cooperation with the secretariat.
Our work is led by our Senior Director of Public Policy, who
frequently interacts with our Executive Management Team on our
progress and activities. Our CEO holds ultimate responsibility for
oversight of our lobbying activities. None of the newly appointed
members of the Executive Management Team or the Board of
Directors has held a position in public administration (or as
regulators) in the past two years.
Our lobbying activities focus on European (EU) legislation and on
legislation in Norway and Sweden, but also covers Finland and
Denmark on issues related to online marketplaces. Most of our
activities are organised through industry organisations such as
Næringslivets Hovedorganisasjon (NHO) in Norway, Svenskt
Näringsliv (SN) in Sweden, Mediebedriftenes Landsforening (MBL),
Tidningsutgivarna (TU), European Tech Alliance (EUTA), Classified
Marketplaces Europe (CME), Coalition for App Fairness (CAF), and
the European Publishers Council (EPC). Schibsted is listed in the EU
Transparency Register (ID: 532331921544-33).
MAIN TOPICS COVERED BY OUR LOBBYING ACTIVITIES
Topic
Region/Country
Main position (summary)
Interaction with Schibsted’s
impact, opportunities and
risks
Competition
EU (incl. Norway)
Emphasising robust enforcement
of the Digital Markets Act to
promote fair competition in the
digital environment.
Fair business practice
Artificial Intelligence
EU (incl. Norway)
Striking the right balance between
AI-related risks and the drive for
innovation.
Responsible use of data
Media
EU (incl. Norway)
Ensuring fair competition with
public service media, sustainable
financing for national media and
important ethical principles such
Independent and trustworthy
journalism
SCHIBSTED ANNUAL REPORT 2023
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as editorial independence from
owners and social networks,
protection of journalistic sources
and a pluralistic media landscape.
Sustainability
EU (incl. Norway)
Supporting national and European
sustainability strategies and
advocating for Schibsted’s
marketplaces' inclusion in the EU
taxonomy, along with
proportionate marketplace
regulation.
Efficient market for circular
consumption of goods
Taxation
EU (excl. Norway)
Opposing VAT obligations for
platforms supplying goods to
prevent harm to secondhand
trade.
Efficient marketplaces for circular
consumption of goods
FINANCIAL OR IN-KIND POLITICAL CONTRIBUTIONS (INCLUDING MEMBERSHIPS)
Financial/in-kind
Topic/Organisation
Region/Country
Monetary Value (NOK)*
Financial
International Press Institute
(IPI)
Global
Not disclosed
Financial
European Tech Alliance
(E UTA)
EU
Not disclosed
Financial
Coalition for App Fairness
(CAF)
EU
Not disclosed
Financial
Classifieds Marketplaces
Europe (CME)
EU
Not disclosed
Financial
European Publishers
Council (EPC)
EU
Not disclosed
Financial
Interactive Advertising
Bureau Europe (IAB)
EU
Not disclosed
Financial
Mediebedrifternes
Landsforening (MBL)
Norway
Not disclosed
Financial
Næringslivets
Hovedorganisasjon (NHO)
Norway
Not disclosed
Financial
Tidningsutgivarna (TU)
Sweden
Not disclosed
Financial
Svenskt Näringsliv (SN)
Sweden
Not disclosed
Financial
Almega/Mediaföretagen
Sweden
Not disclosed
Total Monetary Value (NOK)
Not disclosed
*The monetary value of financial contributions is not disclosed in this statement due to the development of a new methodology for
gathering and disclosing such information. The organisations listed in this table represent those that received financial contributions
exceeding NOK 0.1 million in 2023.
SCHIBSTED ANNUAL REPORT 2023
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Targets, actions and metrics
(Entity specific information-MDR-A, -MDR-M, -MDR-T)
AMBITIONS AND TARGETS 2024
Sustainability matter: Fair business practice*
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce corruption and bribery in all their forms (16.5).
Stakeholders involved in target setting/tracking/development: Employees
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Ensure fair business practices
according to our Code of
Conduct, and transparently
report on our business
activities, performance and
future ambitions.
See targets and actions for
2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2024)
Action (2024)
2.
Ensure that all new employees
accomplish the digital training
Do the Right Thing within their
first three weeks in Schibsted.
Develop a plan, and repetition
modules, for risk-based
training of all employees
every second year.
To be decided during 2024.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: Evaluation criteria and definition will be defined during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Define ambition level, plan
and structure with clear roles
and responsibilities for risk
management (including value
chain risks) and compliance
procedures.
To be decided during 2024.
Code of Conduct, Business
Partner Code of Conduct
Annually in sustainability
statement
Metric details and principles: Evaluation criteria and definition will be defined during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
4.
Implement a compliant (CSRD)
reporting and audit process
for sustainability information
which aligns with financial
reporting processes, the
current internal control
framework and audit
procedures.
Actions will be based on
learnings from the reporting
process in 2023.
Code of Conduct
Annually in sustainability
statement
Metric details and principles: Evaluation criteria and definition will be defined during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures:
Transparency on evaluation of sustainability ambitions targets 2023.
SCHIBSTED ANNUAL REPORT 2023
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AMBITIONS AND TARGETS 2024
Sustainability matter: Responsible marketplace and distribution partners*
Contribution to UN Sustainable Development Goals 2030:
• Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability
information into their reporting cycle (12.6).
Stakeholders involved in target setting/tracking/development: Corporate customers
Commitments
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
We require that all partners
respect and uphold our values
and the ethical standards set
out in our Code of Conduct
See targets and actions for
2024.
Code of Conduct, Business
Partner Code of Conduct
Annually in sustainability
statement
Metric details and principles: The ambition is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Ensure that we have solid
processes in place that are
followed when signing
agreements
Define a process for contract
signing and storage that can
be implemented across our
marketplace organisation.
Communicate and anchor
ownership with internal
contract owners.
Code of Conduct, Business
Partner Code of Conduct
As part of our regular internal
business review
Metric details and principles: Evaluation criteria and definition will be defined during 2024. These actions will be evaluated internally and will
not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed
3.
Ensure that our partners are
informed of and adhere to our
new Business Partner Code of
Conduct by onboarding new
and existing business partners
defined as high-risk.
Establish a process for how to
work with the Business
Partner Code of Conduct.
Inform high-risk business
partners about our Business
Partner Code of Conduct and
(if needed) defined action
plan.
Code of Conduct, Business
Partner Code of Conduct
As part of our regular internal
business review
Metric details and principles: Evaluation criteria and definition will be defined during 2024. These actions will be evaluated internally and will
not be validated by an external body.
Significant OPEX or CAPEX required for actions: Not disclosed
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
AMBITIONS AND TARGETS 2024
Sustainability matter: Sustainable investments*
Stakeholders involved in target setting/tracking/development: Venture portfolio companies
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Incorporate the sustainability
perspective into the entire
investment process (sourcing,
investing, portfolio
management and
divesting/exit).
See targets and actions for
2024.
Sustainable investment policy
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
SCHIBSTED ANNUAL REPORT 2023
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Target (2 024)
Action (2024)
2.
Perform sustainability due
diligence on all venture and
group investments.
Integrate sustainability due
diligence framework in all
investment processes.
Sustainable investment policy
Annually in sustainability
statement
Metric details and principles: The metric is binary (fulfilled/not fulfilled) and will not be validated by an external body. Venture and group
investments are defined as all transactions, except those considered as financial investments.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Work actively with our venture
portfolio companies’
sustainability initiatives to
drive value creation.
To be decided during 2024.
Sustainable investment policy
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
AMBITIONS AND TARGETS 2024
Sustainability matter: Sustainable supply chain*
Contribution to UN Sustainable Development Goals 2030:
• Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability
information into their reporting cycle (12.6).
• Substantially reduce corruption and bribery in all their forms (16.5).
Stakeholders involved in target setting/tracking/development: Suppliers
Commitment
Policies that relate to
commitment
How we are tracking
progress
Ambition (medium-term)
Action (medium-term)
1.
Be transparent and compliant,
and implement a group-wide
process that mitigates and
minimises our supply chain
risks.
See targets and actions for
2024.
Business Partner Code of
Conduct
Annually in sustainability
statement
Metric details and principles: The metric is qualitative in nature and will not be evaluated according to any specific standards or by an
external body.
Target (2 024)
Action (2024)
2.
Establish a Group
Procurement Policy and
requirements and define a
plan for implementation of the
established framework for
procurement where relevant.
To be decided during 2024.
Business Partner Code of
Conduct
Annually in sustainability
statement
Metric details and principles: Evaluation criteria and definition will be defined during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
3.
Roll out the Business Partner
Code of Conduct to parts of
Schibsted considered as
prioritised.
To be decided during 2024.
Business Partner Code of
Conduct
Annually in sustainability
statement
Metric details and principles: Evaluation criteria and definition will be defined during 2024.
Significant OPEX or CAPEX required for actions: Not disclosed.
*For an evaluation of progress on commitments during 2023, see section ESRS2 - General disclosures - Additional disclosures: Evaluation
of sustainability ambitions and targets 2023.
Notes G1 Business conduct
Note 1 - G1
(G1-4)
These metrics are based on the outcome of legal processes that
ended during the financial year of 2023 and based on information
provided by governmental bodies and courts. These metrics are
not considered useful for tracking our progress on the
sustainability matter Fair business practices.
SCHIBSTED ANNUAL REPORT 2023
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98
ESRS Index
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
The following table lists all of the ESRS disclosure requirements in
ESRS 2 and the eight topical standards which are material to
Schibsted and which have guided the preparation of our first
Sustainability Statement.
The table indicates where we have placed information relating to a
specific disclosure requirement in the annual report and
references to documentation outside the annual report such as the
Remuneration Report (RR), https://schibsted.com/ (WEB) and our
report on Norwegian Transparency Act (TA). The table further
includes details on the omission of disclosure requirements
identified as either in a phase-in or not achievable for reporting
t h is year.
LIST OF MATERIAL DISCLOSURE REQUIREMENTS
Section/Disclosure requirement
Page/reference
1. General information
ESRS 2 General Disclosures
IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities
p. 19-20, 34-3 7, 4 3-44, 54-
55, 56, 90-92
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
p. 20, 98-100
BP-1 – General basis for preparation of sustainability statement
p. 13
BP-2 – Disclosures in relation to specific circumstances
p. 13
GOV-1 – The role of the administrative, management and supervisory bodies
p. 13-14, 102-109, WEB
GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
p. 14, 106-107
GOV-3 - Integration of sustainability-related performance in incentive schemes
p. 14
GOV-4 - Statement on due diligence
p. 14-1 5, TA
GOV-5 - Risk management and internal controls over sustainability reporting
p. 15
SBM-1 – Strategy, business model and value chain (Omission FY 2024 ok, see ESRS2 Appendix C)
p. 3, 15-17, 117-118, 122-123
SBM-2 – Interests and views of stakeholders
p. 17-18
SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business
model
p. 18-19, 34-37, 54, 56, 59-
60, 69, 71-72, 76-78, 90-91,
TA
Disclosures incorporated by reference (ESRS1 9.1)
p. 20
Table of all the datapoints deriving from other EU legislation
p. 20
Additional disclosures: Evaluation of sustainability targets 2023
p. 21-30
2. Environmental information
Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy Regulation)
p. 31-34, TA
ESRS E1 Climate change
E1-1 - Transition plan for climate change mitigation
p. 35-37, 42
E1-2 – Policies related to climate change mitigation and adaptation
p. 37
E1-3 – Actions and resources in relation to climate change policies
p. 35-42
E1-4 – Targets related to climate change mitigation and adaptation
p. 38-42
E1-5 – Energy consumption and mix
p. 41-42
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
p. 41-42, 48-54
E1-7 – GHG removals and GHG mitigation projects financed through carbon credits
p. 43
E1-8 – Internal carbon pricing
p. 43
E1-9 – Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities
Not included (phase-in)
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SUSTAINABILITY STATEMENT
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ESRS E4 Biodiversity and ecosystems
E4-1 – Transition plan and consideration of biodiversity and ecosystems in strategy and business model
p. 55
E4-2 – Policies related to biodiversity and ecosystems
p. 55
E4-3 – Actions and resources related to biodiversity and ecosystems
p. 55
E4-4 – Targets related to biodiversity and ecosystems
p. 55
E4-6 - Anticipated financial effects from biodiversity and ecosystem-related impacts, risks and
opportunities
Not included (phase-in)
ESRS E5 Resource Use and Circular Economy
E5-1 – Policies related to resource use and circular economy
p. 56
E5-2 – Actions and resources related to resource use and circular economy
p. 57-58
E5-3 - Tracking effectiveness of policies and actions through targets
Not included
E5-4 – Resource inflows
p. 58-59
E5-5 – Resource outflows
p. 58-59
E5-6 – Anticipated financial effects from resource use and circular economy-related impacts, risks and
opportunities (possible to omit FY2024)
Not included (phase-in)
Entity specific information - Efficient marketplaces for circular consumption
p. 56-58
3. Social information
ESRS S1 Own workforce
S1-1 – Policies related to own workforce
p. 60-62
S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts
p. 62
S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns
p. 62
S1-4 – Taking action on material impacts on own workforce
p. 63-66
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing
material risks and opportunities
p. 63-66
S1-6 – Characteristics of the undertaking’s employees
p. 66-68
S1-7 – Characteristics of non-employees in the undertaking’s own workforce
Not included (phase-in)
S1-8 – Collective bargaining coverage and social dialogue
p. 67-68
S1-9 – Diversity metrics
p. 66-69
S1-13 – Training and skills development metrics
p. 66-69
S1-14 – Health and safety metrics
Not included (phase-in)
S1-15 – Work-life balance metrics
Not included (phase-in)
S1-16 – Remuneration metrics (pay gap and total remuneration)
p. 66-67, 10 2-109, 125-126,
RR
S1-17 – Incidents, complaints and severe human rights impacts
p. 68
ESRS S2 Workers in the value chain
S2-1 – Policies related to value chain workers
p. 70
S2-2 – Processes for engaging with value chain workers about impacts
p. 70
S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns
p. 70
S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material
risks and opp.
p. 70-71
S2-5 – Targets related to managing material negative impacts,advancing positive impacts, and managing
material risks and opportunities
p. 70-71
SCHIBSTED ANNUAL REPORT 2023
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ESRS S3 Affected communities
S3-1 – Policies related to affected communities
p. 72-73
S3-2 – Processes for engaging with affected communities about impacts
p. 73-74
S3-3 – Processes to remediate negative impacts and channels for affected communities to raise
concerns
p. 73-74
S3-4 – Taking action on material impacts on affected communities, and approaches to managing
material risks and opp.
p. 74-76
S3-5 – Targets related to managing material negative impacts,advancing positive impacts, and managing
material risks and opportunities
p. 74-76
Entity specific information - Cybersecurity
p. 73, 75
Entity specific information - Unbiased, inclusive and transparent job marketplaces
p. 73, 75
Entity specific information - Transparent and efficient real estate marketplaces
p. 73, 75
Entity specific information - Efficient marketplaces for circular consumption
p. 73, 75
Entity specific information - Transparent and efficient mobility marketplaces
p. 73, 76
Entity specific information - Empower people to be informed
p. 73, 75
ESRS S4 Consumers and end users
S4-1 – Policies related to consumers and end users
p. 79-82, WEB
S4-2 – Processes for engaging with consumers and end users about impacts
p. 82
S4-3 – Processes to remediate negative impacts and channels for consumers and end users to raise
concerns
p. 82
S4-4 – Taking action on material impacts on consumers and end- users, and approaches to managing
material risks and opp.
p. 83-90
S4-5 – Targets related to managing material negative impacts,advancing positive impacts, and managing
material risks and opportunities
p. 83-90
4. Governance information
ESRS G1 Business conduct
G1-1– Business conduct policies and corporate culture
p. 91-92, WEB, TA
G1-2 – Management of relationships with suppliers
p. 92-94, TA
G1-3 – Prevention and detection of corruption and bribery
p. 92-94
G1-4 – Incidents of corruption or bribery
p. 92-94
G1-5 – Political influence and lobbying activities
p. 92-94
Entity specific information - Responsible marketplace and distribution partners
p. 96
Entity specific information - Sustainable investments
p. 96-97
Entity specific information - Sustainable supply chain
p. 97
Entity specific information - Fair business practice
p. 95
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Corporate governance
1. Statement of Corporate Governance
Good corporate governance is an important prerequisite for
achieving Schibsted Group’s vision and strategy. Sound corporate
governance contributes to the Group’s long-term value creation at
the same time as it utilises the Group’s resources in an efficient
and sustainable manner. Our corporate governance defines the
business framework within which all activities in the Group should
operate, and clarifies the roles and responsibilities of governing
bodies in the Group.
Schibsted is a publicly listed company traded on Oslo Børs with a
governance structure based on Norwegian law. The company is
subject to corporate governance reporting requirements as
defined in the Norwegian Accounting Act, section 3-3b and the
Norwegian Code of Practice for Corporate Governance (the Code)
available at nues.no. Schibsted has adopted the Code, and the
Board of Directors’ Statement of Corporate Governance follows the
structure of the Code. This statement includes an account of how
Schibsted complies with the Code on corporate governance, and
deviations from the Code are set out in section 16 below. This
statement also includes information on corporate governance,
pursuant to the Accounting Act, section 3-3b.
2. Business activities
Schibsted’s purpose as defined in its Articles of Association is:
“... to engage in the information business and related business
activities. The shareholders shall enable the Company to operate its
information business in such a way that editorial freedom and
integrity are fully ensured. The requirement for editorial freedom and
integrity shall apply to all media and publications encompassed by
the Norwegian and international activities of the Schibsted Group.”
The Articles of Association are available in full at
https://schibsted.com/ir/corporate-governance/.
Schibsted’s Board of Directors is responsible for defining
objectives, strategies and risk profiles for the Group’s business
activities. The Board of Directors regularly evaluates these
objectives, strategies and risk profiles.
The Group’s objectives, principal strategies and risks are described
in the Board of Directors' report.
Schibsted’s sustainability scope, priorities and ambitions, which
are aligned with the business strategy, are to ensure that we
consider and manage the environmental and societal impacts of all
our business decisions, and through our services empower people
to make economic and sustainable choices. Schibsted aims to
create value for all our stakeholders in a sustainable way.
Schibsted engages with significant stakeholder groups that are
directly or indirectly affected by our business. The purpose of the
dialogue with stakeholders is to understand key aspects and how
these impact Schibsted’s operations. The sustainability topics that
are material for Schibsted are based on a double materiality
analysis including our stakeholders' input. The Board has the
ultimate approval of the scope and priorities of material topics. By
approving the Sustainability Statement, the Board annually
approves ambitions and targets and acknowledges identified risks
and previous performance. Further information on Schibsted’s
sustainability scope, priorities, ambitions, targets and how we
relate to stakeholders and sustainability risks is provided in the
Sustainability Statement.
Schibsted is committed to incorporating values of diversity and
inclusion into every aspect and level of the company. The
Sustainability Statement contains further information on the
company's guidelines and goals related to diversity and inclusion,
as well as on relevant metrics such as age and gender balance.
The Nomination Committee works to ensure that diversity criteria
of age, education, professional background and relevant
geographic experience are applied when determining the
composition of the Board.
3. Equity and dividend
Financial strategy
In accordance with our shareholder policy, Schibsted’s Board of
Directors considers it crucial that shares in the company be
perceived as an attractive investment option. Schibsted’s financial
strategy implies a strong focus on profitability, innovation and
disciplined capital allocation to create long-term shareholder
value. To support the achievement of these objectives, Schibsted
has set targets for its financial gearing (NIBD/EBITDA) and dividend
policy. More information about the 2023 performance can be found
in the Board of Directors’ report in the annual report. The Board
has reviewed the Group’s financial strategy, targets and
performance, and considers the defined and achieved
performance levels to be adequate for the Group’s objectives,
strategy and risk profile.
Shareholder and dividend policy
Schibsted is a listed company that must give competitive returns
based on a sound financial situation. Schibsted’s Board of
Directors considers it crucial that shares in the company be
perceived as an attractive investment option. One of the objectives
of Schibsted’s Board is therefore to promote shareholder returns
by means of long-term growth in share prices and dividends.
The Group’s 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 weak cash
flows in the company, the company may reduce or decide not to
pay dividends.
The Annual General Meeting approves the annual dividend based
on the Board’s recommendation.
Authorisations granted by the Annual General Meeting
To allow flexibility in its capital management strategy,
authorisations empowering the Board to increase the share capital
by issuing B-shares and to buy back shares were granted by the
2023 Annual General Meeting. Such authorisations are granted by
the Annual General Meeting for one year at a time. The conditions
stated in the authorisations are presented below:
Authorisation to increase B-share capital
i. The Board of Directors is authorised pursuant to the Public
Limited Liability Companies Act, section 10-14 (1) to increase
the Company’s share capital by up to NOK 6,398,534. Subject
to this aggregate amount limitation, the authority may be used
on more than one occasion.
ii. The authority may only be used to issue B-shares.
iii. The authority shall remain in force until the Annual General
Meeting in 2024, but in no event later than 30 June 2024.
iv. The pre-emptive rights of the shareholders under section 10-
4 of the Public Limited Liability Companies Act may be set
aside.
v. The authority covers capital increases against contributions in
cash and contributions other than in cash. The authority
covers the right to incur special obligations for the Company;
see section 10-2 of the Public Limited Liability Companies Act.
SCHIBSTED ANNUAL REPORT 2023
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103
The authority covers resolutions on mergers in accordance
with section 13-5 of the Public Limited Liability Companies
Act.
As at the date of this report, the authorisation to increase the B-
share capital approved by the Annual General Meeting in May 2023
has not been utilised.
Authorisation to buy back shares
i. The Board of Directors is authorised pursuant to the
Norwegian Public Limited Liability Companies Act to acquire
and dispose of own shares in Schibsted ASA
ii. The authorisation is valid until the next Annual General
Meeting of Schibsted ASA in 2024, but in no event later than
30 June 2024.
iii. The total nominal value of the shares acquired or held by the
company may not exceed NOK 11,546,648.
iv. The minimum amount which can be paid for the shares is NOK
30, and the maximum amount is NOK 1,000.
v. The Board of Directors is free to decide on the acquisition
method and possible subsequent sale of the shares.
vi. The shares may serve as settlement in the Company’s share-
based long-term incentive schemes, as well as the employee
share saving plan, and to improve the capital structure of the
Company. The shares may not be used in a takeover situation;
see section 6-17 (2) of the Norwegian Securities Trading Act.
During 2023, Schibsted acquired 3 ,4 87,52 6 A-shares and
4,264,032 B-shares under a buyback programme announced on 9
December 2022.
4. Equal treatment of shareholders
Waiver of pre-emptive rights in the event of a capital
increase
In the event that the Board resolves to carry out an increase in the
share capital and waive the pre-emptive rights of existing
shareholders on the basis of a mandate granted to the Board, the
justification will be publicly disclosed in a stock exchange
announcement issued in connection with the increase in the share
capital.
Transactions involving own shares
The acquisition of own shares, in accordance with the Board’s
authorisation referred to in section 3 of this statement, should be
carried out either through the stock exchange or at prevailing
stock exchange prices if carried out in any other way, and shall be
conducted in accordance with generally accepted Norwegian
stock exchange practices. Acquired shares may be sold in the
market, used for the Schibsted share-based incentive schemes
and for share saving programmes for the Group’s employees.
Acquired shares may also, subject to the approval by the Annual
General Meeting be deleted to improve the company’s capital
structure. The share-based incentive schemes are described in
more detail in Note 9 Share-based payment to the consolidated
financial statements. Own shares may be deleted subject to
approval by the Annual General Meeting.
5. Shares and negotiability
Schibsted’s Articles of Association include certain ownership and
voting restrictions. These restrictions were put in place in
connection with the listing of the company for the purpose of
safeguarding Schibsted’s position as an independent media
company and to ensure that it remain a group characterised by
free, independent editorial staff, credibility and quality and with
long-term, healthy financial development.
By virtue of its indirect shareholding in Schibsted through
Blommenholm Industrier, the Tinius Trust has negative controlling
rights in Schibsted.
Ownership restrictions
According to Article 6 of the Articles of Association:
“No shareholder may own more than 30% of the shares or vote for
more than 30% of the total number of votes which may be cast
under the Company's Articles of Association.”
Class of shares and voting rights
Schibsted has two classes of shares. Each A-share gives the right
to 10 votes at the Annual General Meeting, and each B-share gives
the right to one vote at the Annual General Meeting. Otherwise, the
A-shares and B-shares carry equal rights.
According to Article 7 of the Articles of Association, certain
decisions require the approval of 3/4 of the A-shares represented
at the Annual General Meeting in addition to 3/4 of the share
capital represented at the Annual General Meeting. This applies to
resolutions to amend Schibsted’s Articles of Association and to
important decisions relating to companies in the Schibsted Group,
including amendments to articles of association and any sales of
shares or operations or corresponding transactions in any
subsidiary.
Through resolutions, the Annual General Meeting may authorise
the Board to administer specific areas of the protection provided
under Article 7. A general one-year authorisation to administer
such protection was granted by the 2023 Annual General Meeting
and will apply until the next Annual General Meeting. The
authorisation granted by the Annual General Meeting in 2023
states:
“Pursuant to the third paragraph of Article 7 of the Articles of
Association, the Board of Directors is authorised to make decisions
on the following matters referred to in the second paragraph,
subparagraph a) of Article 7 of the Articles of Association:
a) Voting relating to amendments to subsidiaries’ Articles of
Association.
b) Decisions to sell shares or operations, including private
placements, mergers or demergers, in subsidiaries when the net
payment (sales amount, merger or demerger payment, etc.) does not
exceed NOK 6 billion after financial adjustments.
Within the framework of the Group CEO’s general authorisation, the
Board of Directors may delegate its authority pursuant to this
authorisation to the management.
A director appointed pursuant to the second paragraph of Article 8
of the Articles of Association may demand that certain matters
which are covered by this authorisation must nonetheless be
submitted to the General Meeting for its decision.
This authorisation applies until the next Annual General Meeting.”
6. Annual General Meetings
The shareholders exercise the highest authority through the
Annual General Meeting. The Annual General Meeting considers
and decides on matters that are important to Schibsted in a way
that reflects the shareholders’ views. The Annual General Meeting
is held within six months after the end of each financial year.
Notice
The Annual General Meeting for this year is scheduled for 26 April
2024. The notice of the Annual General Meeting and documents to
be considered are available on the Schibsted website prior to the
meeting, and are sufficiently detailed, comprehensive and specific
SCHIBSTED ANNUAL REPORT 2023
CORPORATE GOVERNANCE
104
to allow shareholders to form an opinion on all matters to be
considered at the meeting. Shareholders not registered
electronically will receive the notice by regular mail with
information on how documents to be considered at the meeting
may be downloaded from our website. According to the company’s
Articles of Association, the registration deadline may not expire
earlier than two days prior to the meeting.
Attendance
The Board Chair is present at the Annual General Meeting and is
available to respond to any questions. Other board members will
attend as necessary. The chair of the Nomination Committee as
well as the company’s external auditor are also present. At a
minimum, the CEO and CFO must attend the meeting as
representatives of Schibsted executive management.
Voting
The shareholders are given the opportunity to vote on each
individual matter, including on each individual candidate nominated
for election to the company’s bodies (i.e., the Board and the
Nomination Committee).
Shareholders who cannot attend the Annual General Meeting but
who wish to exercise their voting rights may cast their vote digitally
for a period preceding the Annual General Meeting or may
authorise a proxy by the deadline for registration. An authorisation
form containing voting instructions may also be given to the Board
Chair. The authorisation form is enclosed with the notice of the
Annual General Meeting. More information on how to appoint a
proxy and how to propose resolutions for consideration by the
meeting is stated in the notice of the Annual General Meeting and
on our website at https://schibsted.com/.
Agenda
The agenda is prepared by the Board, and the agenda items must
comply with Article 10 of the Articles of Association.
Minutes of the Annual General Meeting are available on our
website at https://schibsted.com/.
Chairing of the Annual General Meeting
Prior to the Annual General Meeting and taking into account the
complexity of the proposed agenda, the Board considers whether
an independent person shall be proposed to act as chair of the
Annual General Meeting. In 2023, the Annual General Meeting was
chaired by Karl-Christian Agerup, Board Chair at the time of the
meeting.
7. Nomination Committee
The Nomination Committee is regulated by the provisions in Article
10 of Schibsted’s Articles of Association, which also sets out the
Nomination Committee’s mandate. In addition, the Company has
implemented guidelines for the Nomination Committee approved
by the Annual General Meeting in 2017.
The work of the Nomination Committee
The Nomination Committee prepares a recommendation to the
Annual General Meeting regarding the election of shareholder
representatives and their deputies to the Board. The Nomination
Committee has contact with shareholders, board members and the
Group’s executive personnel. The Nomination Committee’s most
important task is to continually review the Board’s overall expertise
and experience in relation to the challenges facing the Group at
any given time. The Nomination Committee also proposes the
remuneration of the board members at the Annual General
Meeting.
Information on how to submit nominations to the Board is available
at https://schibsted.com/.
The Annual General Meeting approves the remuneration of the
Nomination Committee. The Nomination Committee’s proposals
are explained in the Nomination Committee’s report.
Composition of the Nomination Committee
The Nomination Committee is elected by the Annual General
Meeting for two-year terms and consists of three members. The
composition of the Nomination Committee shall take into account
the interests of shareholders. The Annual General Meeting elects
the chair of the Nomination Committee.
The current members of the Nomination Committee are Kjersti
Løken Stavrum (chair), Kieran Murray and Ann Kristin Brautaset.
The current members were elected by the Annual General Meeting
on 28 April 2023 for a two-year period ending at the time of the
Annual General Meeting in 2025.
The current chair of the Nomination Committee is not considered
to be independent due to her roles as board member and CEO of
the Tinius Trust and board chair of Blommenholm Industrier. The
other two members are considered to be independent.
See the Nomination Committee’s report for further details on the
work of the Nomination Committee.
8. Board of Directors: Composition, independence
and employee representation
Composition of the Board
Pursuant to Article 8 of Schibsted’s Articles of Association, the
Board must consist of six to eleven members in addition to deputy
members. The Group’s employees must be represented on the
Board by employee representatives in accordance with prevailing
agreements with the company (Representation Agreement).
The Board currently consists of ten members, of whom seven are
shareholder representatives and three are employee
representatives. Two employee representatives are elected from
Norway and one from the country outside Norway where
Schibsted has its most extensive operations. This is currently
Sweden. The Board’s composition is compliant with the
requirement set forth in section 6-11a of the Norwegian Public
Limited Liability Companies Act, which states that the minority
gender shall represent at least 40 per cent of the board members.
In addition to gender balance, age, education, professional
background and international experience are applied as relevant
diversity criteria in the Nomination Committee’s consideration of
the Board’s composition.
The Annual General Meeting elects the shareholder
representatives to the Board. The Nomination Committee prepares
a recommendation of candidates for election to the Board. The
recommendation is distributed to the shareholders along with the
notice of the Annual General Meeting. The Annual General Meeting
elects the Board Chair.
The Board’s shareholder representatives are elected for a one-
year term while the employee representatives are elected for a
two-year term. Pursuant to Article 8 of the Articles of Association,
any shareholder owning at least 25 per cent of the A-shares in the
company is entitled to appoint a board member directly.
Blommenholm Industrier AS, which at year-end 2023 owned 29.86
per cent of total issued A-shares, is the only shareholder holding
this right. For the Board term starting from the Annual General
Meeting in 2023 and until the Annual General Meeting in 2024,
Blommenholm Industrier AS exercised its right to directly appoint
one member, and appointed Karl-Christian Agerup as a board
member. The Annual General Meeting in 2023 elected Karl-
Christian Agerup to be the Board Chair.
SCHIBSTED ANNUAL REPORT 2023
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105
More information on the individual board members and their
competencies is available on our website at https://schibsted.com/.
Independence of the Board of Directors
The composition of the Board ensures that it can operate
independent of any special interest. The current Board meets the
requirement set forth in the Code that the majority of shareholder-
elected board members be independent of the Group’s executive
personnel and material business, and that at least two of the
shareholder-elected board members be independent of the main
shareholders. Karl-Christian Agerup is not considered to be
independent of the main shareholders due his position as deputy
board member of the Tinius Trust. All other shareholder-elected
board members are considered to be independent.
Board members’ shareholdings
The Board is encouraged to own shares in the company. The board
members' shareholdings are disclosed in Note 15 Shareholder
structure to the parent financial statements.
Board meetings in 2023
In 2023 the Board held 15 meetings, one of which was a two-day
meeting. The Board assesses the strategic topics throughout the
year but holds a two-day meeting in June dedicated to reviewing
the Group’s strategies.
Attendance at board meetings and board committee meetings in 2023:
Attendance at meetings
Board
meetings
Audit
Committee meetings
Compensation
Committee meetings
Karl-Christian Agerup
11/15
1
5/5
Rune Bjerke
15/15
7/7
Philippe Vimard
15/15
5/5
Satu Huber
15/15
2/2
Hugo Maurstad
14/15
Satu Kiiskinen
15/15
7/7
Ulrike Handel (from 28 April 2023)
12/12
4/4
Hans Kristian Mjelva
14/15
2/2
Marita Elena Valvik (from 28 April 2023)
12/12
Maria Carling (from 28 April 2023)
12/12
Hélène Barnekow (until 28 April 2023)
3/3
3/3
Ingunn Saltbones (until 28 April 2023)
3/3
3/3
Torbjörn Ek (until 28 April 2023)
2/3
1
Due to his role as deputy board member of the Tinius Trust, Karl-Christian Agerup did not participate in board meetings dedicated to the potential sale of Schibsted’s News Media
business to the Tinius Trust through Blommenholm Industrier AS.
9. The work of the Board of Directors
Role of the Board
The Board supervises the day-to-day management of the Group as
it is exercised by the CEO, and monitors Schibsted's general
activities. The Board actively participates in shaping Schibsted’s
strategy, ensuring that the businesses are properly organised and
that adequate governance, risk management and control systems
are implemented. The Board supervises the Group's financial
performance, establishes necessary guidelines, and adopts plans
for the businesses. The Board also oversees, reviews, or
guarantees the quality of tasks pertaining to sustainability. The
Board appoints the CEO and prepares the job description and
terms and conditions for the position.
Rules of Procedure
The Board has established internal Rules of Procedure describing
the Board’s responsibilities, duties and administrative procedures.
The Rules of Procedure also state the CEO’s duties in relation to
the Board.
The Board has adopted guidelines for how to deal with all
agreements with close associates in line with the
recommendations set out in the Code.
Conflicts of interests and disqualification
Pursuant to section 6-27 of the Public Limited Liability Companies
Act, individual board members may not participate in the
discussion or decision of matters of such particular importance to
themself or any related party that they must be deemed to have a
special and prominent personal or financial interest. Each board
member is personally responsible for assessing whether any such
circumstances exist that may, from an objective perspective, affect
public confidence in the board member’s independence or that
may lead to a conflict of interest in connection with a matter to be
considered by the Board. Such circumstances must be brought to
the attention of the Board Chair. A board member is further obliged
to notify the Chair if they are considering working for or on
assignment with organisations that operate, or seek to operate, a
business that competes with Schibsted Group's current or planned
business activities. The Chair ensures that the rest of the Board
and the chair of the Nomination Committee are kept informed.
Organisation of board meetings
The Board works on the basis of an annual meeting schedule that
is normally agreed at least a year in advance. The meeting
schedule includes strategic planning, business issues and
supervisory activities. The Board appoints the members of the
Board’s Compensation Committee and Audit Committee in the first
board meeting after the Annual General Meeting. The company's
SVP Group Strategy & Corporate Affairs serves as secretary to the
Board.
The CEO, in consultation with the Board Chair, prepares matters for
consideration by the Board. Emphasis is placed on timely
preparation and distribution of documents to ensure that the Board
has a satisfactory basis for its work. Board meetings are presided
over by the Board Chair. Before every board meeting the Board
SCHIBSTED ANNUAL REPORT 2023
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106
convenes for a 30-minute closed session without Schibsted’s
executive management present.
Board committees
Schibsted has established an Audit Committee and a
Compensation Committee which contribute to thorough
preparation and consideration of matters covered by the
committees’ respective mandates. The committees do not make
decisions but monitor the work of the Group on behalf of the Board
and prepare matters for board consideration within their
respective areas. In addition, ad-hoc committees are used to
follow up on specific projects or matters.
Compensation Committee
The Compensation Committee was established in 2004, and its
members are appointed by and from the Board for a one-year
term. The current members of the committee are Philippe Vimard
(chair), Karl-Christian Agerup, Satu Huber and Hans Kristian
Mjelva. The CEO attends committee meetings apart from those at
which remuneration of the CEO is considered. The company’s
Compensation and Benefit Manager serves as secretary to the
Compensation Committee.
The Compensation Committee prepares matters relating to the
remuneration of the CEO. The committee also assists the Board by
dealing with issues of principle, guidelines, and strategies for the
remuneration of other members of Schibsted’s executive
management and of senior managers in key subsidiaries.
The committee monitors the use of incentive programmes in the
Group and prepares the Board’s annual consideration of the
incentive programmes for selected managers. For further details,
see section 12 of this statement.
Audit Committee
The Audit Committee is another sub-committee of the Board, and
its members are appointed by and from the Board for a one-year
term. The members shall be independent of the company. The
current members of the committee are Rune Bjerke (chair), Satu
Kiiskinen and Ulrike Handel.
The committee serves as a preparatory and advisory body and
primarily assists the board in oversight, monitoring and quality
assurance of the following main areas:
• The company’s periodic financial reports, financial statements,
sustainability statement and other financial information made
available to its shareholders
• The Group’s financial reporting, accounting, risks and internal
controls, and regulatory compliance
• Appointment, performance and independence of the external
auditors
The Audit Committee performs its duties in accordance with its
mandate, which is approved by the Board and which describes its
role and scope of responsibilities. The mandate is kept current and
was revised in 2021 to reflect the amended provisions of the
Norwegian Auditing and Auditors Act. Each year, an annual plan is
prepared in accordance with the mandate to ensure smooth and
compliant operation of the committee. In addition, the chair
formally informs the Board of its duties related to financial
reporting (FR) and statutory audit annually at the same time as the
annual accounts, year-end audit, and opinion are presented. This
is to demonstrate the committee’s oversight of FR and the statutory
audit, how the audit contributed towards the integrity of FR, and
the role of the committee in this process. The CFO is the
management’s main representative on the Audit Committee and
attends all its meetings. Other key officers and specialists also
attend the meetings when matters within their areas of
responsibilities are considered. Once a year, the chair of the Audit
Committee organises a deep-dive session to discuss at length
important business topics which are closely related to and have
potential impacts on financial reporting and auditing. The chair
also invites the external auditor to participate in all Audit
Committee meetings, which were fully attended in 2023. The Head
of Internal Control over Financial Reporting serves as administrator
and secretary to the Audit Committee.
The Board’s self-evaluation
The Board regularly evaluates its own work and reports such
evaluations to the Nomination Committee. The Nomination
Committee performs additional assessments of the board
members through interviews conducted either by the committee's
members or by external consultants. The Board considers itself to
work well, with members whose expertise and experience
complement each other.
10. Risk management and internal control
The Group’s risk management and internal control systems reflect
Schibsted's governance model and are integral elements of the
overall governance of the company. Schibsted’s ERM framework is
based on ISO 31000 Risk Management: Principles and Guidelines
to ensure efficient risk management in the creation and protection
of stakeholders’ values. The management team of each business
area and group function is responsible for including risk
management as an integral part of their strategy work and
business management. The management team of each business
area, function and company is also responsible for ensuring the
following as part of the risk management and internal control
systems:
• achievement of financial and non-financial targets
• high-quality and safe products and services
• cost-effective operations
• reliable financial and management reporting
• compliance with legislation and regulations; and
• adherence to Schibsted’s values, Code of Conduct, governing
documents and policies.
Schibsted’s executive management reviews risk assessments of
strategic, market-related, legal, sustainability, compliance-related
and ethical issues as well as operational and organisational risk
assessments. Risk assessments are also reported to and reviewed
by the Audit Committee and the Board.
Schibsted has a dedicated group-level compliance function with
reporting obligations to the Executive Management and the Audit
Committee. The main duty of the Group Compliance Officer is to
identify, prioritise and mitigate compliance risks within Schibsted
on a risk-based basis. During 2023 a new compliance reporting
process was implemented in the organisation, focusing on various
key compliance risks and incidents.
Schibsted’s internal control system covers all parts of Schibsted’s
corporate policies, including our Code of Conduct and other group
requirements.
Schibsted has rules in place for reporting censurable conduct
within the company (whistleblowing) and for handling such reports.
Schibsted has implemented a digital whistleblowing channel as a
supplement to internal reporting. In this channel, reporting can be
done anonymously and reports are initially reviewed by an external
party.
Financial reporting and internal control
Overall responsibility for efficient, effective and compliant financial
reporting (FR) lies with the CFO who has authorised the Group
Financial Reporting (GFR) function with its own separate mandate.
SCHIBSTED ANNUAL REPORT 2023
CORPORATE GOVERNANCE
107
The governance and operation of the GFR function consist of the
following key sub-functions with respective professional teams:
• Group accounting and consolidation
• Legal entities accounting
• Internal control over financial reporting (ICFR)
• Finance processes and IT systems
GFR plays a pivotal role in the preparation and presentation of
Schibsted’s consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS). Group internal
control over financial reporting (ICFR) focuses on designing and
maintaining a sound ICFR process and system based on the
principles set out in the COSO Internal Control Framework. A
centralised shared accounting service centre is responsible for the
majority of legal entities, securing standard and compliant
accounting practices. The long-term project to implement a
common accounting system and modernise Schibsted's financial
reporting process was successfully completed at the end of
December 2022, and in 2023 it began to produce results. The GFR
set-up and activities form the basis for providing reasonable
assurance to Schibsted’s stakeholders that the consolidated
financial statements are reliable and free from significant
accounting errors and that the underlying financial reporting
process is effective.
Group-level financial reporting and ICFR frameworks, policies and
procedures have been established, including an IFRS-based group
accounting manual, and are made available to all subsidiaries.
These governing documents describe roles and responsibilities,
requirements and reporting deadlines. Schibsted’s ICFR system is
in practice a continuous process and a joint responsibility, and
shall be managed in a systematic manner. To accomplish this, the
following important elements are included in the Group ICFR
framework:
• Control environment refers to the tone at and from the top, a
control mindset, commitment, and a focus on governance.
• A top-down approach is applied to financial reporting risk
management and scoping whereby mitigation of material risks is
prioritised based on the GFR materiality thresholds.
• Key controls are a set of important controls designed to prevent
and detect material accounting errors. The key controls are
mandatory and are monitored and evaluated for design and
operational effectiveness.
• Monitoring entails applying a combination of monitoring
techniques to maintain a sound ICFR system.
• Reporting of ICFR activities and results to stakeholders.
Management submits and presents quarterly and annual financial
statements and reports to the Audit Committee and the Board after
holding quarterly financial review meetings with each operating
segment in the Group. The Audit Committee performs the
qualitative review of these reports before final review and approval
by the Board. In addition, the Board receives periodic management
reports as part of its work on monitoring and controlling the
Group’s operations. The management reports cover the Group’s
key figures based on IFRS, the status of business-related matters,
financial market information, non-financial indicators, and a status
report on each operating segment.
11. Remuneration of Board members
The Annual General Meeting determines the remuneration of the
board members. The remuneration reflects the Board’s
responsibilities, expertise, time commitment, and the complexity
of the Group’s activities. The directors’ fees are fixed amounts and
are not related to performance or incentive schemes. The Board
has established rules of procedure to ensure that any material
assignments for the company, including remuneration for any such
assignments be approved by the Board. Any payments made to
board members beyond ordinary directors’ fees are disclosed in
Note 31 Transactions with related parties to the consolidated
financial statements. No such fees were paid in 2023. See the
remuneration report and Note 31 Transactions with related parties
to the consolidated financial statements for further details on
remuneration of the Group board members.
12. Remuneration of executive personnel
The Compensation Committee prepares matters relating to the
remuneration of the CEO. The committee also assists the Board in
dealing with issues of principle, guideline, and strategies for the
remuneration of other members of Schibsted’s executive
management and of senior managers in key subsidiaries.
Pursuant to the Public Limited Liability Companies Act, section 6-
16a, the Annual General Meeting in 2023 approved a remuneration
policy setting out guidelines for executive compensation. The
remuneration policy is available at https://schibsted.com/. The
remuneration policy sets out the principles of the Group's
executive remuneration, including the scope and organisation of
the Group's incentive programme. Implementation of the guidelines
for executive compensation adopted by the Annual General
Meeting is described in the remuneration report prepared in
accordance with the Public Limited Liability Companies Act,
section 6-16b.
13. Information and communication
Dialogue with shareholders and the financial markets
Schibsted has established a shareholder policy and an investor
relations (IR) policy that guide Schibsted’s contact with participants
in the financial markets. These are available on the IR page on our
website at https://schibsted.com/.
In accordance with our IR policy, communication with the
Norwegian and international stock markets has high priority for
Schibsted. Schibsted’s CEO, CFO, and IR team maintain regular
contact with the financial markets to ensure that relevant and
sufficient information reaches the market in a timely manner. The
objectives are to raise awareness about and create confidence in
Schibsted in the financial markets, achieve improved liquidity for
our shares, and provide a basis for correct pricing of our shares.
Openness, accessibility, transparency and equal treatment of all
market participants are fundamental to good relationships with
investors, analysts and other players in the financial markets. All
information distributed to our shareholders is simultaneously
published on our website. Our contact with shareholders complies
with all material aspects of the Oslo Børs Code of Practice for
Investor Relations. The CFO and Head of IR regularly update the
Board on IR activities.
Reporting of financial information
It is important for Schibsted that participants in the financial
markets have confidence in the integrity of our financial reporting.
The Audit Committee monitors the work on preparing Schibsted’s
financial reports and presents to the Board an account of their joint
responsibilities in overseeing Schibsted’s financial reporting,
external audit process and results, and for the overall integrity of
the financial reporting.
Schibsted publishes its financial figures quarterly. Open
presentations to investors are held in connection with the Group’s
quarterly reports, at which the CEO and CFO present the results
and comment on the current trading and outlook. Members of
Schibsted’s Executive Management Team attend the presentations
as required.
SCHIBSTED ANNUAL REPORT 2023
CORPORATE GOVERNANCE
108
The presentations in connection with the quarterly results are
published on our website. Full versions of the annual report and
the Board of Directors' report are published on our website at least
21 days before the Annual General Meeting. Schibsted’s financial
calendar is announced one year at a time and published on our
website.
Other market information
In accordance with the Market Abuse Regulation (MAR), the
Norwegian Securities Trading Act and the Stock Exchange Act,
notifications are distributed to Oslo Børs and national and
international news agencies, and are published on our website.
Schibsted regularly arranges Capital Markets Days in order to
present its strategy and other key development trends. The most
recent Capital Markets Day event was held physically on 28 March
2023 and a video webcast of the event and the presentation
material are available on our website. Given the announced
intention to divest our news media operations and create two more
focused companies, Schibsted plans to arrange a new Capital
Markets Day in the second half of 2024, pending closing of the
transaction.
14. Takeovers
As mentioned in section 4 above, Schibsted’s Articles of
Association state:
“No shareholder may own more than 30% of the shares or vote for
more than 30% of the total number of votes which may be cast
under the Company's Articles of Association.”
These restrictions were put in place in connection with the listing
of the company for the purpose of safeguarding Sch ibste d’s
independence and integrity in order to ensure that the company
has full editorial freedom, allowing it to fulfil its journalistic
responsibilities and role in society as a media company. Under the
voting restrictions set out above, acceptance of any takeover bid
for the company would require an amendment to the Articles of
Association.
The Board has prepared principles and guidelines for handling any
takeover bids. In such an event, the Board will, within the
limitations set out in the Articles of Association, seek to comply
with the recommendations in the Code.
15. Auditor
Appointment of auditor
The external auditor is elected by the Annual General Meeting. The
Audit Committee presents a recommendation for the appointment
of an external auditor to the Board. The Board’s recommendation is
then presented to the Annual General Meeting for the final
decision.
The Board’s relationship with the external auditor
According to its mandate, the Audit Committee is responsible for
ensuring that Schibsted be subject to an independent and effective
external audit. Since the new Auditing and Auditors Act entered
into force in 2021, the Audit Committee has an expanded role in
monitoring and evaluating the external auditor. As a result, the
Audit Committee evaluates the following factors relating to the
external auditor each year:
• Independence of its external auditors
• Nature and scope of non-audit service
• Audit and non-audit services fee
• The quality of the auditing service
The Audit Committee evaluates the external auditor’s fee and
makes a recommendation to the Board. The Board submits a
proposal to the Annual General Meeting regarding approval of the
external auditor’s fee. See Note 32 Auditor’s remuneration to the
consolidated financial statements for information on remuneration
of the external auditor for the financial year 2023.
The external auditor presents an annual audit plan to the Audit
Committee. The company’s external auditor is present when the
management presents the preliminary consolidated financial
statements to the Board and when the final results are presented, if
deemed necessary. The external auditor also reviews internal
controls as part of the annual audit procedures, and reports any
identified weaknesses and proposed improvements to the Audit
Committee. The external auditor regularly attends Audit Committee
meetings and holds meetings with the Board without the
management being present.
The external auditor attends the company’s Annual General
Meeting and comments on the Auditor's Report.
Independence of the external auditor
The external auditor must under no circumstances perform
advisory services or other services which could potentially affect
or raise doubts about the auditor’s independence. The Group has
prepared guidelines on the relationship with the external auditor.
Written confirmation of independence is also submitted by the
external auditor to the Audit Committee.
The amount of non-audit services provided by the external auditor
in 2023 complies with the requirements in the Auditing and
Auditors Act and the guidelines from Finanstilsynet (Financial
Supervisory Authority of Norway). The Board finds the advisory
services provided by the external auditor in 2023 not to influence
the auditor’s independence but acknowledges the potential issues
this entails. The Audit Committee is responsible for ensuring that
the auditor does not provide any prohibited non-audit services for
the Group. See Note 32 Auditor’s remuneration to the consolidated
financial statements for information on fees relating to audit and
consultancy services.
16. Deviations from the Code of Practice
According to the Board’s own evaluation, the company is in
compliance with the recommendations of the Norwegian Code of
Practice for Corporate Governance, with the following exceptions:
Section 3: Equity and dividends
The Code states that “mandates granted to the Board of Directors to
increase the company’s share capital should be restricted by
defined purposes”. The authorisation to increase the share capital
granted by the 2023 Annual General Meeting is not restricted to
defined purposes as recommended by the Code. The Board
elected not to impose such restrictions in order to give the Board
of Directors the flexibility to raise capital as deemed appropriate.
Section 5: Shares and negotiability
Schibsted has two share classes with different voting rights. Each
A-share gives the right to 10 votes at the Annual General Meeting,
and each B-share gives the right to one vote at the Annual General
Meeting. Otherwise, the A-shares and B-shares carry equal rights.
Amendments to Schibsted's Articles of Association, as well as
certain important decisions relating to other companies in the
Schibsted group, require the approval of 3/4 of the A-shares
represented at the Annual General Meeting in addition to 3/4 of the
share capital represented at the Annual General Meeting.
The Articles of Association further prohibit shareholders from
owning more than 30 per cent of the shares or voting for more
than 30 per cent of the votes.
SCHIBSTED ANNUAL REPORT 2023
CORPORATE GOVERNANCE
109
The above provisions do not comply with the recommendations set
out in section 5 of the Code. The restrictions were put in place in
order to safeguard Schibsted’s position as an independent media
group characterised by free, independent editorial staff, credibility
and quality, and with long-term, healthy financial development.
Section 6: Annual General Meeting
Schibsted does not systematically make arrangements to ensure
that an independent person chairs the Annual General Meeting.
This is assessed on a year-by-year basis considering the
complexity of the proposed agenda. Traditionally, the Board Chair
chairs the Annual General Meeting when the agenda does not
require an independent person. The rationale for this is that
available voting technology has resulted in lower physical
attendance of the Annual General Meeting and thus has reduced
the need for an independent chair.
The Code recommends that all board members attend the Annual
General Meeting. The Board Chair, the chair of the Nomination
Committee, the CEO and CFO as well as other relevant members of
management are present at the Annual General Meeting. Schibsted
has not deemed it necessary to require the presence of all board
members.
Section 14: Takeovers
According to Article 6 of the Articles of Association, shareholders
may not own or vote for more than 30 per cent of the shares in the
company. These restrictions were put in place in connection with
the listing of the company for the purpose of safeguarding
Schibsted’s independence and integrity in order to ensure that the
company has full editorial freedom, allowing it to fulfil its
publishing responsibilities and role in society as a media company.
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / GROUP
110
Financial statements for the Group
Consolidated income statement
(NOK million)
Note
2023 | 2022 | ||
Operating revenues | 6, 7 | ||
Raw materials and finished goods | ( | ( | |
Personnel expenses | 8 | ( | ( |
Other operating expenses | 11 | ( | ( |
Gross operating profit (loss) | 6 | ||
Depreciation and amortisation | 17, 18, 19 | ( | ( |
Impairment loss | 16, 17, 18 | ( | ( |
Other income | 12 | ||
Other expenses | 12 | ( | ( |
Operating profit (loss) | 6 | ||
Share of profit (loss) of joint ventures and associates | 5 | ( | ( |
Impairment loss on joint ventures and associates (recognised or reversed) | 5 | ( | |
Gains (losses) on disposal of joint ventures and associates | 5 | ( | |
Financial income | 13 | ||
Financial expenses | 13 | ( | ( |
Profit (loss) before taxes | ( | ||
Income taxes | 14 | ( | ( |
Profit (loss) from continuing operations | ( | ||
Profit (loss) from discontinued operations | 4 | ( | ( |
Profit (loss) | ( | ||
Profit (loss) attributable to: | |||
Non-controlling interests | 29 | ||
Owners of the parent | ( | ||
Earnings per share in NOK: | |||
Basic | 15 | ( | |
Diluted | 15 | ( | |
Earnings per share from continuing operations in NOK: | |||
Basic | 15 | ( | |
Diluted | 15 | ( |
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / GROUP
111
Consolidated statement of comprehensive income
(NOK million)
Note
2023 | 2022 | ||
Profit (loss) | ( | ||
Items that will not be reclassified to profit or loss: | |||
Remeasurements of defined benefit pension liabilities | 10 | ( | ( |
Change in fair value of equity instruments | ( | ||
Share of other comprehensive income of joint ventures and associates | 5 | ( | |
Income tax related to items that will not be reclassified | 14 | ||
Items that may be reclassified to profit or loss: | |||
Foreign exchange differences | |||
Accumulated exchange differences reclassified to profit or loss on disposal of foreign | |||
| operation | |||
Cash flow hedges and hedges of net investments in foreign operations | ( | ( | |
Share of other comprehensive income of joint ventures and associates | ( | ||
Income tax relating to items that may be reclassified | 14 | ( | |
Other comprehensive income | |||
Total comprehensive income | ( | ||
Total comprehensive income attributable to: | |||
Non-controlling interests | |||
Owners of the parent | ( |
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / GROUP
112
Consolidated statement of financial position
(NOK million)
Note
(restated) | |||
2023 | 2022 | ||
ASSETS | |||
Intangible assets | 16, 17 | ||
Property, plant and equipment | 18 | ||
Right-of-use assets | 19 | ||
Investments in joint ventures and associates | 5 | ||
Deferred tax assets | 14 | ||
Other non-current assets | 20 | ||
Non-current assets | |||
Contract assets | 7 | ||
Trade receivables and other current assets | 20, 27 | ||
Cash and cash equivalents | 27 | ||
Current assets | |||
Total assets | |||
EQUITY AND LIABILITIES | |||
Paid-in equity | |||
Other equity | |||
Equity attributable to owners of the parent | 28 | ||
Non-controlling interests | 29 | ||
Equity | |||
Deferred tax liabilities | 14 | ||
Pension liabilities | 10 | ||
Non-current interest-bearing loans and borrowings | 26, 27 | ||
Non-current lease liabilities | 19 | ||
Other non-current liabilities | 24 | ||
Non-current liabilities | |||
Current interest-bearing loans and borrowings | 26, 27 | ||
Income tax payable | |||
Current lease liabilities | 19 | ||
Contract liabilities | 7 | ||
Other current liabilities | 24 | ||
Current liabilities | |||
Total equity and liabilities |
Oslo, 21 March 2024
Schibsted ASA’s Board of Directors
/s/ Karl-Christian Agerup
Board Chair
/s/ Rune Bjerke
Deputy Board Chair
/s/ Maria Carling
Board member
/s/ Dr. Ulrike Handel
Board member
/s/ Satu Huber
Board member
/s/ Satu Kiiskinen
Board member
/s/ Hugo Maurstad
Board member
/s/ Hans Kristian Mjelva
Board member
/s/ Marita Valvik
Board member
/s/ Philippe Vimard
Board member
/s/ Kristin Skogen Lund
CEO
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / GROUP
113
Consolidated statement of cash flows
(NOK million)
Note
2023 | 2022 | ||
CASH FLOW FROM OPERATING ACTIVITIES | |||
Profit (loss) before taxes | ( | ||
Depreciation, amortisation and impairment losses (recognised or reversed) | 5, 17, 18, 19 | ( | |
Net interest expense | |||
Net effect pension liabilities | ( | ( | |
Share of loss (profit) of joint ventures and associates | 5 | ||
Dividends received from joint ventures and associates | |||
Interest received | |||
Interest paid | ( | ( | |
Taxes paid | ( | ( | |
Non-operating gains and losses | ( | ( | |
Change in working capital and provisions * | ( | ||
Net cash flow from operating activities | |||
- of which from continuing operations | |||
- of which from discontinued operations | |||
CASH FLOW FROM INVESTING ACTIVITIES | |||
Development and purchase of intangible assets and property, plant | 17, 18 | ( | ( |
and equipment | |||
Acquisition of subsidiaries, net of cash acquired | 30 | ( | ( |
Investment in other shares | ( | ( | |
Proceeds from sale of intangible assets and property, plant and equipment | |||
Proceeds from sale of subsidiaries, net of cash sold | 30 | ( | |
Sale of other shares | |||
Cash outflows from other investments | ( | ( | |
Cash inflows from other investments | |||
Net cash flow from investing activities | ( | ||
- of which from continuing operations | ( | ||
- of which from discontinued operations ** | ( | ||
CASH FLOW FROM FINANCING ACTIVITIES | |||
New interest-bearing loans and borrowings | |||
Repayment of interest-bearing loans and borrowings | ( | ( | |
Payment of principal portion of lease liabilities | 30 | ( | ( |
Increase in ownership interests in subsidiaries | 30 | ( | ( |
Purchase of treasury shares | 28 | ( | ( |
Dividends paid to owners of the parent | ( | ( | |
Dividends paid to non-controlling interests | 29 | ( | ( |
Net cash flow from financing activities | ( | ( | |
- of which from continuing operations | ( | ( | |
- of which from discontinued operations | |||
Effects of exchange rate changes on cash and cash equivalents | |||
Net increase (decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents as at 1 January | |||
Cash and cash equivalents as at 31 December |
* Changes in working capital and provisions consist of changes in trade receivables, other current receivables and liabilities, other accruals
and non-cash items.
** Cash flow from discontinued operations of NOK -31 million relates to a clarification of the VAT treatment for transaction costs related to
loss of control of Adevinta in 2021.
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / GROUP
114
Consolidated statement of changes in equity
Attributable to owners of the parent | |||||||||
Foreign | |||||||||
| Other | currency | Hedging | Share- | Non- | |||||
| Share | paid-in | Retained | transl. | reserves | holders' | controlling | |||
(NOK million) | Note | capital | equity | earnings | reserve | (Note 28) | equity | interests | Tota l |
As at 31 December 2021 (restated) | ( | ||||||||
Profit (loss) for the period | ( | ( | ( | ||||||
Other comprehensive income | ( | ( | |||||||
Total comprehensive income | ( | ( | ( | ( | |||||
Share-based payment | |||||||||
Dividends paid to owners of the parent | ( | ( | ( | ||||||
Dividends paid to non-controlling interests | ( | ( | |||||||
Change in treasury shares | 28 | ( | ( | ( | ( | ||||
Business combinations | 4 | ||||||||
Changes in ownership of subsidiaries | 4 | ( | ( | ||||||
that do not result in a loss of control | |||||||||
Initial recognition and change in fair value of financial liabilities for obligations to acquire non -controlling interests (restated) | 4, 23 | ( | ( | ( | |||||
Share of transactions with the owners | 5 | ||||||||
of joint ventures and associates | |||||||||
Total transactions with the owners | ( | ( | ( | ( | ( | ||||
(restated) | |||||||||
As at 31 December 2022 (restated) | ( | ||||||||
Profit (loss) for the period | |||||||||
Other comprehensive income | ( | ( | |||||||
Total comprehensive income | ( | ||||||||
Share-based payment | |||||||||
Dividends paid to owners of the parent | ( | ( | ( | ||||||
Dividends paid to non-controlling interests | ( | ( | |||||||
Change in treasury shares | 28 | ( | ( | ( | ( | ||||
Business combinations | 4 | ||||||||
Loss of control of subsidiaries | 4 | ( | ( | ||||||
Changes in ownership of subsidiaries | 4 | ||||||||
that do not result in a loss of control | |||||||||
Initial recognition and change in fair value of financial liabilities for obligations to acquire non -controlling interests | 4, 23 | ( | |||||||
Share of transactions with the owners | 5 | ||||||||
of joint ventures and associates | |||||||||
Total transactions with the owners | ( | ( | ( | ( | ( | ||||
As at 31 December 2023 | ( |
Share capital reflects shares outstanding. See Note 28 Equity for shares issued and treasury shares.
SCHIBSTED ANNUAL REPORT 2023
NOTES
115
Notes to the consolidated financial statements
General information
Note 1 - General information
Note 2 - Basis for preparing the financial statements
Note 3 - Significant accounting judgements and major sources of estimation uncertainty
Group structure
Note 4 - Changes in the composition of the Group
Note 5 - Investments in joint ventures and associates
Information on income statement items
Note 6 - Operating segments
Note 7 - Revenue recognition
Note 8 - Personnel expenses and remuneration
Note 9 - Share-based payment
Note 10 - Pension plans
Note 11 - Other operating expenses
Note 12 - Other income and other expenses
Note 13 - Financial income and financial expenses
Note 14 - Income taxes
Note 15 - Earnings per share
Information on statement of financial position items
Note 16 - Impairment assessments
Note 17 - Intangible assets
Note 18 - Property, plant and equipment
Note 19 - Leases
Note 20 - Trade receivables and other non-current and current assets
Note 21 - Trade receivables and contract assets
Note 22 - Equity instruments
Note 23 - Financial liabilities related to business combinations and increases in ownership interests
Note 24 - Other non-current and current liabilities
Capital management
Note 25 - Financial risk management
Note 26 - Interest-bearing loans and borrowings
Note 27 - Financial instruments by category
Other information
Note 28 - Equity
Note 29 - Non-controlling interests
Note 30 - Supplemental information to the consolidated statement of cash flows
Note 31 - Transactions with related parties
Note 32 - Auditors' remuneration
Note 33 - Events after the balance sheet date
SCHIBSTED ANNUAL REPORT 2023
NOTES
116
Note 1 - General information
Note 2 - Basis for preparing the
consolidated financial statements
SCHIBSTED ANNUAL REPORT 2023
NOTES
117
Retrospective restatement | 2022 | 2021 |
Other equity | (108) | (126) |
Non-controlling interests | (27) | (37) |
Other current liabilities | 135 | 163 |
Note 3 - Significant accounting
judgements and major sources of
estimation uncertainty
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:
• Calculation of recoverable amount of unlisted joint ventures and
associates (Note 5 Investments in joint ventures and associates)
• Calculation of present value of defined benefit pension
obligations (Note 10 Pension plans)
• Recognition of deferred tax asset for carried forward tax losses
(Note 14 Income taxes)
• Calculation of value in use in testing for impairment (Note 16
Impairment assessments)
• Unlisted equity instruments measured at fair value (Note 22
Equity instruments)
• 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)
• Provisions and contingent liabilities (Note 24 Other non-current
and current liabilities)
Significant accounting judgements:
• Recognition of contracted listing fees and premium products
according to normal pattern of views (Note 7 Revenue
recognition)
• Capitalisation of development costs (Note 17 Intangible assets)
• Determination of lease term (Note 19 Leases)
SCHIBSTED ANNUAL REPORT 2023
NOTES
118
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 |
(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) |
Note 5 - Investments in joint ventures and associates
SCHIBSTED ANNUAL REPORT 2023
NOTES
119
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
120
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 Nyhetsbyrån AB | Sweden | 39.64% | - | 130 | 39.64% | - | 103 |
Norsk Telegrambyrå 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 |
Tørn 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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
121
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 Nyhetsbyrån AB | A Swedish news agency |
Norsk Telegrambyrå 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 |
Tørn 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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
122
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 |
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
123
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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
124
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’s 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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
125
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.
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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
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 Kårhus, 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 Størmer Thaulow, Chief Data & | 2,782 | 206 | 858 | 1,466 | 313 | 5,625 |
Technology Officer. | ||||||
Andrew Kvålseth, 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 |
126
SCHIBSTED ANNUAL REPORT 2023
NOTES
127
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
128
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) |
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) |
SCHIBSTED ANNUAL REPORT 2023
NOTES
129
SCHIBSTED ANNUAL REPORT 2023
NOTES
130
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) |
SCHIBSTED ANNUAL REPORT 2023
NOTES
131
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% |
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% |
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) |
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
132
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) |
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) |
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) |
2023 | 2022 | |
Interest income | 105 | 24 |
Interest expenses | (443) | (313) |
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 ANNUAL REPORT 2023
NOTES
133
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 |
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 |
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) |
SCHIBSTED ANNUAL REPORT 2023
NOTES
134
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) |
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) |
SCHIBSTED ANNUAL REPORT 2023
NOTES
135
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
136
| 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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
137
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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
138
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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
139
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) |
SCHIBSTED ANNUAL REPORT 2023
NOTES
140
| End of lease | ||
Address | User of the office building | term |
Akersgata 55, Oslo | Norwegian group companies (Aftenposten, VG, headquarter functions) | 2030 |
Västra Järnvägsgatan 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 |
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) |
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
141
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.
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
142
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.
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
143
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.
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 | - | - |
SCHIBSTED ANNUAL REPORT 2023
NOTES
144
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
145
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) |
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 | - | - |
2023 | 2022 | ||||
Currency | Amount | NOK | Amount | NOK | |
Forward contracts net investment Finland, sale | EUR | 15 | 173 | 12 | 121 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
146
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 |
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% |
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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
147
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 | ||||
Interest-bearing | ||
| liabilities | ||
2023 | 2022 | |
NOK | 5,536 | 6,168 |
EUR | 130 | 202 |
Total contractual amount | 5,666 | 6,370 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
148
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.
SCHIBSTED ANNUAL REPORT 2023
NOTES
149
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
150
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’s 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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
151
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 |
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 | ||||
SCHIBSTED ANNUAL REPORT 2023
NOTES
152
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) |
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 |
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
153
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 |
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) | - |
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) |
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 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
154
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) |
SCHIBSTED ANNUAL REPORT 2023
NOTES
155
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 |
Hélène 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 |
Torbjörn Harald Ek, Employee representative until May 2023.* | 209 | - | - | 209 |
Total | 7, 5 34 | 906 | 55 | 8,495 |
SCHIBSTED ANNUAL REPORT 2023
NOTES
156
Note 32 - Auditors' remuneration
Details on fees to the Group’s 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’s 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.
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.
SCHIBSTED ANNUAL REPORT 2023
ALTERNATIVE PERFORMANCE MEASURES
157
Definitions and reconciliations
The consolidated financial statements are prepared in accordance
with international financial reporting standards (IFRS). In addition,
management uses certain alternative performance measures
(APMs). The APMs are regularly reviewed by management and
their aim is to enhance stakeholders' understanding of the
company's performance and financial position alongside IFRS
measures.
APMs should not be considered as a substitute for, or superior to,
measures of performance in accordance with IFRS.
APMs are calculated consistently over time and are based on
financial data presented in accordance with IFRS and other
operational data as described and reconciled below.
As APMs are not uniformly defined, the APMs set out below might
not be comparable to similarly labelled measures by other
companies.
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. No APMs are
affected by this restatement.
With effect from 1 January 2023 the segments eCommerce &
Distribution and Financial Services & Ventures are known as
Delivery and Growth & Investments respectively. Affected APMs
are not affected by the change of name.
Measure
Description
Reason for including
EBITDA
EBITDA is earnings before depreciation and
amortisation, other income and other expenses,
impairment, joint ventures and associates,
interests and taxes. The measure equals gross
operating profit (loss).
Shows performance regardless of capital structure, tax
situation and adjusted for income and expenses related
transactions and events not considered by management to
be part of operating activities. Management believes the
measure enables an evaluation of operating performance.
EBITDA margin
Gross operating profit (loss) / Operating revenues
Shows the operations’ performance regardless of capital
structure and tax situation as a ratio to operating revenue.
Reconciliation of EBITDA
2023
2022
Gross operating profit (loss)
2,519
2,406
= EBITDA
2,519
2,406
Measure
Description
Reason for including
Liquidity reserve
Liquidity reserve is defined as the sum of cash and
cash equivalents and Unutilised drawing rights on
credit facilities.
Management believes that liquidity reserve shows the total
liquidity available for meeting current or future obligations.
Liquidity reserve
2023
2022
Cash and cash equivalents
1,279
3,738
Unutilised drawing rights
3,372
3,154
Liquidity reserve
4,652
6,892
Measure
Description
Reason for including
Net interest-
bearing debt
Net interest-bearing debt is defined as interest-
bearing loans and borrowings less cash and cash
equivalents and cash pool holdings. Interest-
bearing loans and borrowings do not include lease
liabilities.
Management believes that net interest-bearing debt
provides an indicator of the net indebtedness and an
indicator of the overall strength of the statement of financial
position. The use of net interest-bearing debt does not
necessarily mean that the cash and cash equivalent and
cash pool holdings are available to settle all liabilities in this
measure.
SCHIBSTED ANNUAL REPORT 2023
ALTERNATIVE PERFORMANCE MEASURES
158
Net interest-bearing debt
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
4,372
2,616
Measure
Description
Reason for including
Earnings per share
adjusted
(EPS (adj.))
Earnings per share adjusted for items reported as
other income, other expenses, impairment loss,
gain (loss) on
disposal of joint ventures and
associates, fair value measurement of total return
swap and gain on loss of control of discontinued
operations, net of any related taxes and non-
controlling interests.
The measure is used for presenting earnings to
shareholders adjusted for income and expenses considered
to have limited predicative value. Management believes the
measure ensures comparability and enables evaluating the
development in earnings to shareholders unaffected by
such items.
Earnings per share - adjusted - total
2023
2022
Profit (loss) attributable to owners of the parent
16,808
(22,582)
Impairment loss
53
31
Other income
(128)
(13)
Other expenses
236
173
Impairment loss on joint ventures and associates (recognised or reversed)
(21,694)
22,823
Gains (losses) on disposal of joint ventures and associates
28
(675)
Gains (losses) from fair value measurement of total return swap
(1,242)
438
Gain on loss of control of discontinued operations
-
31
Taxes and Non-controlling interests related to adjustments above
(34)
(46)
Profit (loss) attributable to owners of the parent - adjusted
(5,973)
181
Earnings per share – adjusted (NOK)
(26.19)
0.77
Diluted earnings per share – adjusted (NOK)
(26.13)
0.77
Measure
Description
Reason for including
Revenues on a
foreign exchange
neutral basis
Growth rates on revenue on a foreign exchange
neutral basis are calculated using the same
foreign exchange rates for the period last year and
t h is year.
Enables comparability of development in revenues over
time excluding the effect of currency fluctuation.
Reconciliation of revenues on a foreign
exchange neutral basis
Nordic
Marketplaces
News
Media
Delivery
Growth &
Investments
Other/HQ,
Eliminations
Total
Revenues 2023
5,407
7, 5 97
1,753
2,104
(1,104)
15,756
Currency effect
(167)
(128)
-
(46)
13
(329)
Revenues adjusted for currency
5,239
7,4 69
1,753
2,058
(1,091)
15,427
Revenue growth on a foreign exchange neutral
basis
8%
(2%)
(4%)
1%
(4%)
1%
Revenues 2022
4,856
7,6 0 8
1,822
2,035
(1,050)
15,272
Measure
Description
Reason for including
Revenues on a
foreign exchange
neutral basis
adjusted for
business
combinations and
disposals of
subsidiaries
Growth rates on revenue on a foreign exchange
neutral basis adjusted for business combinations
and disposals of subsidiaries are calculated
including pre-combination revenues for material
acquired subsidiaries, excluding revenues from
material disposed subsidiaries in the comparable
figures and using the same foreign exchange rates
for the period last year and this year.
Enables comparability of development in revenues over
time excluding the effect of business combinations, disposal
of subsidiaries and currency fluctuation.
SCHIBSTED ANNUAL REPORT 2023
ALTERNATIVE PERFORMANCE MEASURES
159
Reconciliation of revenues on a foreign
exchange neutral basis adjusted for business
combinations
Nordic
Marketplaces
News
Media
Delivery
Growth &
Investments
Other/HQ,
Eliminations
Total
Revenues 2023
5,407
7, 5 97
1,753
2,104
(1,104)
15,756
Currency effect
(167)
(128)
-
(46)
13
(329)
Revenues adjusted for currency
5,239
7,4 69
1,753
2,058
(1,091)
15,427
Revenue growth on a foreign exchange neutral
basis adjusted for business combinations and
disposals of subsidiaries
8%
(2%)
(4%)
0%
(4%)
1%
Revenues 2022 (presented)
4,856
7,6 0 8
1,822
2,035
(1,050)
15,272
Revenues 2022 from acquired subsidiaries
-
-
-
19
-
19
Revenues 2022 adjusted for business
combinations and disposals of subsidiaries
4,856
7,6 0 8
1,822
2,054
(1,050)
15,291
Subsidiaries acquired in 2022 consist of 3byggetilbud.dk A/S.
Currency rates used when converting profit or loss
2023
2022
Swedish krona (SEK)
0.9959
0.9506
Danish krone (DKK)
1.5331
1.3579
Euro (EUR)
11.4232
10.1020
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
160
Financial statements for parent company
Income statement for the year ended 31 December
(NOK million)
Note
2023
2021
Operating revenues
3
293
219
Other revenues
1
-
Personnel expenses
4
(199)
(189)
Depreciation and amortisation
5
(29)
(21)
Other operating expenses
3,6,7
(319)
(316)
Operating profit (loss)
(254)
(307)
Financial income
8
14,480
9,765
Financial expenses
8
10,679
(5,883)
Net financial items
3,800
3,882
Profit (loss) before taxes
3,546
3,575
Taxes
9
(45)
(123)
Profit (loss)
3,501
3,452
Statement of financial position as of 31 December
(NOK million)
Note
2023
2022
ASSETS
Deferred tax assets
9
92
81
Intangible assets
5
110
133
Property, plant and equipment
3
9
Investments in subsidiaries
10
13,475
13,269
Investments in associates
10
8,030
8,030
Other non-current assets
11
8,486
7, 3 49
Non-current assets
30,197
28,871
Current assets
11
1,826
1,024
Cash and cash equivalents
12,13
1,105
3,562
Current assets
2,931
4,586
Total assets
33,127
33,457
EQUITY AND LIABILITIES
Share capital
14,15
115
117
Treasury stocks
14
(3)
(1)
Other paid-in capital
14
5,139
5,118
Retained earnings
14
13,865
12,284
Equity
19,117
17,518
Pension liabilities
16
331
307
Other non-current liabilities
1 7,1 8
5,625
5,397
Non-current liabilities
5,956
5,705
Current liabilities
1 7,1 8
8,055
10,234
Total equity and liabilities
33,127
33,457
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
161
Statement of cash flows for the year ended 31 December
(NOK million)
Note
2023
2022
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes
3,546
3,575
Taxes paid
9
(64)
(10)
Depreciation, amortization and impairment losses
71
37
Group contributions included in financial income
8
(1,767)
(886)
Dividends without cash effect
(8)
(256)
Sale of shares in joint ventures and associates
(1,227)
(3,128)
Share of loss (profit) of other investments
45
-
Change in non-current assets and liabilities
11,17
-
(7)
Net effect pension liability
16
4
1
Change in working capital and provisions
11,17
1,445
593
Net cash flow from operating activities
2,045
(81)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of intangible assets and property, plant and equipment
-
(62)
Change in subsidiaries receivables and liabilities in cash pool (net)
11,17
(1,595)
656
Group contributions (net)
541
153
Acquisitions of and capital increase in subsidiaries
10
-
(11)
Net payment of non-current loans to/from subsidiaries
11
3
(978)
Sale of shares and capital decrease in associates
10
-
4,539
Sale of shares and capital decrease in subsidiaries
(224)
-
Net change in other investments
584
-
Net cash flow from investing activities
(691)
4,297
Net cash flow before financing activities
1,354
4,215
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings from group companies
18
1,000
3,158
Repayment of other interest-bearing loans and borrowings
17
(1,719)
(3,669)
Dividends paid
14
(1,537)
(468)
Net purchase (sale of treasury shares)
14
(1,555)
(238)
Net cash flow from financing activities
(3,812)
(1,217)
Net increase (decrease) in cash and cash equivalents
(2,457)
2,998
Cash and cash equivalents as at 1 January
12
3,562
563
Cash and cash equivalents as at 31 December
12
1,105
3,562
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
162
Note 1 - Company information
financial statements of the holding company cover the head office
activities. Activities at head office include the Group´s executive
management and the corporate and common functions within
finance, HR, legal, M&A, communication, learning and
development.
The financial statements 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.
Note 2 - Material accounting policies
The financial statements for Schibsted ASA have been prepared in
accordance with the Norwegian Accounting Act and Generally
Accepted Accounting Principles in Norway.
All amounts are in NOK million unless otherwise stated.
Cash and cash equivalents
corporate cash pool system. Schibsted ASA's funds in the cash
pool are classified as Cash and cash equivalents. The subsidiaries
positions in the cash pool are recognised as receivables and
liabilities in Schibsted ASA's balance sheet. Liabilities are classified
in their entirety as current. The classification of receivables as
current or non-current depends on agreement with each
subsidiary.
Cash and cash equivalents consist of bank deposits and other
monetary instruments with a maturity of three months or less.
Revenue recognition
Revenues are recognised in the period when the services are
rendered.
Classification
An asset or liability is classified as current when it is part of a
normal operating cycle, held primarily for trading purposes, falls
due within 12 months or when it consists of cash or cash
equivalents on the statement of financial position date. Other items
are classified as non-current.
Shares
Subsidiaries are all entities controlled, either directly or indirectly,
by Schibsted ASA. For further information concerning evaluation
whether Schibsted ASA controls an entity, please see Note 2 Basis
for preparing the financial statements in the consolidated financial
statements.
Shares are classified as investment in subsidiaries from the date
Schibsted ASA effectively obtains control of the subsidiary
(acquisition date) and until the date Schibsted ASA ceases to
control the subsidiary.
An associate is an entity that Schibsted ASA, 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.
Subsidiaries and associates are recognised according to the cost
method and tested for impairment yearly.
Group contributions and dividends received are recognised as
financial income, provided that it does not represent a repayment
of capital invested. If dividends / group contribution exceeds
withheld profits after the acquisition date, the excess amount
represents repayment of invested capital, and the distribution will
be deducted from the recorded value of the acquisition in the
balance sheet.
Property, plant and equipment and intangible assets
Property, plant and equipment and intangible assets are measured
at cost less accumulated depreciation, amortisation and
impairment. Property, plant and equipment and intangible assets
with limited economic lives are depreciated over the expected
economic life. An impairment loss is recognised if the carrying
amount exceeds the recoverable amount. Impairment losses are
reversed if the basis for the impairment is no longer present.
Leases
Leases are classified as either finance leases or operating leases.
Leases that transfers substantially all the risks and rewards
incidental to the asset are classified as finance leases. Other
leases are classified as operating leases. All of the company’s
leases are considered to be operational. Lease payments related to
operating leases are recognised as expenses over the lease term.
Foreign currency
Foreign currency transactions are translated into the functional
currency on initial recognition by using the spot exchange rate at
the date of the transaction. Foreign currency monetary items are
translated with the closing rate at the balance sheet date. Foreign
currency gains and losses are reported in the income statement in
the lines Financial income and Financial expenses, respectively.
Trade receivables
Trade receivables are recognised at nominal value less provision
for expected loss.
Treasury shares
Acquisition and proceeds from sale of treasury shares are
accounted for as equity transactions.
Pension plans
Schibsted ASA has chosen, in accordance with NRS 6, to use
measurement and presentation principles according to IAS 19R –
Employee Benefits.
The accounting principles for pension are consistent with the
accounting principles for the Group, as described in Note 10
Pension plans in the consolidated financial statements.
Share-based payment
Schibsted ASA accounts for share-based payment in accordance
with NRS 15A Share-Based Payment. NRS 15A requires share-
based payments to be accounted for as required by IFRS 2 Share-
based Payment. See Note 9 Share-based payment in the
consolidated financial statements for additional information.
Taxes
Tax expense (tax income) comprises current tax payable and
changes to deferred tax assets/liabilities. 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
financial statements and the tax basis of tax losses carried
forward. Deferred tax assets are recognised only when it is
probable that the asset will be utilized against future taxable profit.
Taxes payable and deferred taxes are recognised directly in equity
to the extent that they relate to equity transactions.
Contingent liabilities
Contingent liabilities are recognised when it is more probable than
not that future uncertain events will result in outflow of economic
resources. The best estimate of the amount to be paid is included
in other provisions in the balance sheet. Other obligations, for
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
163
which no liability is recognised, are disclosed in notes to the
financial statements.
Dividend
Dividend for the financial year, as proposed by the Board of
Directors, is recognised as a liability as at 31 December.
Statement of cash flows
The statement of cash flows is prepared under the indirect
method. Cash and cash equivalents include cash, bank deposits
and cash on hand.
Note 3 - Transactions with related
parties
Schibsted ASA has business agreements with companies in the
Group. The pricing of all transactions with Group companies are
based on arm's length principle.
Schibsted ASA charge their subsidiaries for their share of costs
related to Group services (management fee). In addition, revenues
consist of consultant fees, income from lease of office premises as
well as fees for subsidiaries' participation in programmes for
management and organisational development. All Schibsted ASA´s
operating revenues are from Group Companies.
2023
2022
Sale of services to Group companies
290
218
Purchase of goods and services from Group
companies
191
193
Note 4 - Personnel expenses
2023
2022
Salaries and wages
127
132
Social security costs
25
18
Net pension expense (Note 16)
15
15
Other personnel expenses
9
9
Share-based payment
23
15
Total personnel expenses
199
189
Number of full time equivalents
90
97
Including trainees
Remuneration to management
See Note 8 Personnel expenses and remuneration and Note 9
Share-based payment in the consolidated financial statements for
information concerning remuneration to management and share-
based payment.
Note 5 - Intangible assets
Software
and licences
Other intangible
assets
Projects in
progress
Total
Acquisition cost as at 1 January
45
110
24
180
Additions
1
29
6
36
Disposals
-
-
(30)
(30)
Acquisition cost as at 31 December
46
139
-
186
Accumulated amortisation as at 1 January
(35)
(12)
-
(47)
Amortisation
(6)
(23)
-
(29)
Disposals
-
-
-
-
Accumulated depreciation as at 31 December
(42)
(35)
-
(76)
As at 31 December
5
105
-
109
Note 6 - Other operating expenses
2023
2022
Rent and maintenance
8
7
Office and administrative expenses
35
27
Restructuring costs
10
-
Professional fees
251
266
Travel, meetings and marketing
17
16
Total operating expenses
319
316
Note 7 - Lease agreements
Schibsted ASA has lease obligations related to off-balance sheet
operating assets.
The net present value on these agreements amounts to around
NOK 1,853 million (2022: NOK 1,932 million). For more information,
please see Note 19 Leases in the consolidated financial statements.
Rental expenses were NOK 26 million in 2023 and NOK 19 million in
2022. The most significant leases relate to lease of office premises
and software/IT-services. For more details on lease of office
premises, see Note 19 Leases in the consolidated financial
statements.
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
164
Note 8 - Financial items
Financial income consists of:
2023
2022
Interest income
1,842
1,247
Interest income cash pool
60
36
Group contributions received
1,767
886
Dividends from subsidiaries
1,057
396
Dividends from associates
22
43
Foreign exchange gain (agio)
8,502
4,026
Gains on sales of associates
-
3,128
Gain from realized total return swaps
1,227
-
Other financial income
3
3
Total
14,480
9,765
Financial expenses consist of:
2023
2022
Interest expenses
1,976
1,353
Interest expenses on pension plans (Note 16)
7
5
Loss from realised total return swaps
36
497
Loss on sales of subsidiaries
1
-
Loss on sales of associates
27
-
Foreign exchange loss (disagio)
8,562
3,995
Other financial expenses
42
17
Impairment of investments in subsidiaries
28
16
Total
10,679
5,883
Interest expenses relate to bonds and bank loans, as well as
financial derivatives.
All material foreign exchange gains and losses relate to financial
derivatives, loans and bank balances. See Note 17 Non-current and
current liabilities for further details. Foreign exchange gains must
be seen in connection with foreign exchange losses.
Schibsted ASA undertake treasury operations to offset currency
exposure for the Group as a result of foreign investments.
Note 9 - Income taxes
Set out below is a specification of the difference between profit
before taxes and taxable income of the year:
2023
2022
Profit (loss) before taxes
3,546
3,575
Dividends and tax-free group contributions
received
(2,430)
(396)
Group contributions payable
-
(345)
Other permanent differences
(1,101)
(2,648)
Change in temporary differences
(2)
41
Net interest deduction
50
-
Effect of unrecognized actuarial gain (loss) in
the pension liability
(20)
11
Taxable income
43
238
Tax rate
22%
22%
Taxes payable and taxes charged to expenses are calculated as:
2023
2022
Calculated taxes payable
10
52
Change in net deferred tax asset
(11)
(9)
Tax related to unrecognized actuarial gain
(loss) in the pension liability
4
(2)
Tax related to Group contributions payable
-
76
Tax expense related to prior years
42
6
Tax expense
45
123
Effective tax rate is a result of:
2023
2022
Profit (loss) before taxes
3,546
3,575
Tax charged based on nominal rate
780
786
Tax effect permanent differences
(475)
(670)
Tax effect related to prior years
42
6
Effect from received group contribution
without tax effect
(302)
-
Taxes
45
123
The net deferred tax liability (asset) consists of the following:
2023
2022
Temporary differences related to:
Property, plant and equipment
-
(1)
Pension liabilities
(331)
(307)
Other current liabilities
(39)
(64)
Net interest carried forward
(50)
-
Total basis for deferred tax liability (asset)
(420)
(372)
Tax rate
22%
22%
Net deferred tax liability (asset) with
applicable year's tax rate
(92)
(81)
Net deferred tax liability (asset)
(92)
(81)
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
165
Note 10 - Subsidiaries and associates
Schibsted ASA is the ultimate parent company in the Schibsted Group with operations worldwide. For more information about these
operations, see Note 6 Operating segments in the consolidated financial statements.
Shares in subsidiaries directly owned by Schibsted ASA:
Ownership and
voting share
Location
Carrying amount
2023
Carrying amount
2022
Schibsted Tillväxtmedier AB
100%
Stockholm, Sweden
301
78
Schibsted Norge AS
100%
Oslo, Norway
2,663
2,663
Schibsted Sverige AB
100%
Stockholm, Sweden
187
187
Schibsted Eiendom AS
100%
Oslo, Norway
78
120
Schibsted Nordic Marketplaces AS
100%
Oslo, Norway
8,277
8,277
Schibsted Enterprise Technology AB
100%
Stockholm, Sweden
12
12
Schibsted Product & Technology AS
100%
Oslo, Norway
532
532
Schibsted News Media AB
100%
Oslo, Norway
50
50
Schibsted Nova AS
100%
Oslo, Norway
23
6
Lendo Topco AS
100%
Oslo, Norway
1,344
1,344
Inzpire.Me AS
27%
Oslo, Norway
8
-
Total
13,475
13,269
2023
1. Group contributions payable (net) is capitalized as part of investments, with a total of NOK 17 million.
2. The increased carrying amount of Schibsted Tillväxtmedier AB is due to the capital increase.
3. The decreased carrying amount of Schibsted Eiendom AS is due to the revaluation resulting in the impairment of the investment.
4. The increased carrying amount of Schibsted Nova AS is due to the group contribution received from Schibsted ASA.
5. Schibsted ASA acquired Inzpire.Me AS through the dividends in kind from Schibsted Tilväxtmedier AB.
Ownership and
voting share
Location
Carrying amount
2023
Equity
Polaris Media ASA
29.39%
Trondheim, Norway
141
1,017
Adevinta ASA
28.30%
Oslo, Norway
7, 8 8 9
26,769
Total
8,030
Fair value of the shares in Polaris Media ASA is NOK 989 million as of 31 December 2023. Fair value of the shares in Adevinta ASA is
NOK 38,756 million as of 31 December 2023.
Note 11 - Non-current and current receivables
Non-current
Current
2023
2022
2023
2022
Group companies' liabilities in cash pool
5,745
5,135
-
-
Other receivables from Group companies
2,669
2,146
1,781
995
Other receivables
9
6
9
24
Financial derivatives
35
4
Publicly listed stocks
63
62
Total
8,486
7, 3 4 9
1,826
1,024
The non-current receivables from group companies in 2023 consisted of loans to Schibsted Denmark Holdco ApS (100 per cent owned by
Schibsted Nordic Marketplaces AS), Lendo Topco AS and AV Bidco AS (100 per cent owned by Schibsted Nordic Marketplaces AS). In 2023
Schibsted acquired Viaplay, becoming a minority owner of 10.1%.
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
166
Note 12 - Cash and cash equivalents
2023
2022
Net assets in cash pool
1,096
3,554
Net assets outside the cash pool
9
8
Total Cash and cash equivalents
1,105
3,562
Schibsted ASA has a multi-currency cash pool with Danske
Bank, in which almost all the Schibsted subsidiaries are
included. The cash pool has been established to optimise
liquidity management for Schibsted.
The Group has an overdraft facility of NOK 400 million linked to
the cash pool with Danske Bank. At year-end 2023 the facility
was not drawn.
Payroll withholding tax is not restricted cash as Schibsted holds
a tax guarantee for the purpose, see Note 13 Guarantees for
further details.
Note 13 - Guarantees
Guarantees on behalf of Group companies
346
326
Total
346
326
A guarantee of up to NOK 293 million to Danske Bank is included
in Guarantees on behalf of Group companies. This amount
primarily relates to guarantees for tax withholdings.
Schibsted ASA has issued parent company guarantee as
security for payment of the main office rental agreements
entered into by other Group companies. The net present value
on these agreements amounts to NOK 1,853 million. Please refer
to Note 19 Lease in the consolidated financial statements for
more information.
No amounts from parent guarantees related to office lease
agreements are included in the table above.
Note 14 - Equity
Share
capital
Treasury
shares
Other paid-
in capital
Retained
earnings
Total
Equity as at 31 December 2022
117
(1)
5,118
12,284
17,518
Change in share capital
(2)
2
-
-
-
Change in treasury shares
-
(4)
6
(1,460)
(1,457)
Share-based payment
-
-
15
-
15
Unrecognised actuarial gain (loss) in pension plans
-
-
-
(16)
(16)
Correction of dividends paid related to previous years
-
-
-
5
5
Dividend
-
-
-
(45 0)
(45 0)
Profit (loss)
-
-
-
3,501
3,501
Equity as at 31 December 2023
115
(3)
5,139
13,865
19,117
The share capital of Schibsted ASA is NOK 115,466,485 split on 102,962,278 A-shares and 127,970,691 B-shares each with a nominal value of
NOK 0.50. Treasury shares as at 31 December 2023 comprise 2,423,946 A-shares and 3,291,645 B-shares (31 December 2022 comprise
3 47,4 0 0 A-shares and 1,064,637 B-shares).
For more information on number of shares, see Note 28 Equity in the consolidated financial statements.
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
167
Note 15 - Shareholder structure
The 20 largest shareholders as at 31 December 2023
Number of
A-shares
Number of
B-shares
Toal number
of shares
Ownership
Voting
share
BLOMMENHOLM INDUSTRIER AS
30,746,423
30,013,354
60,759,777
26.3 %
29.2 %
FOLKETRYGDFONDET
8,196,550
1 0,4 8 7,0 3 0
18,683,580
8.1 %
8.0 %
Goldman Sachs & Co. LLC
4,327,325
4,196,919
8,524,244
3.7 %
4.1 %
Skandinaviska Enskilda Banken AB
-
6,265,632
6,265,632
2.7 %
0.5 %
State Street Bank and Trust Comp
4,206,480
1,864,403
6,070,883
2.6 %
3.8 %
SCHIBSTED ASA
2,423,946
3,291,645
5,715,591
2.5 %
2.4 %
Morgan Stanley & Co. Int. Plc.
-
5,664,711
5,664,711
2.5 %
0.5 %
NWT MEDIA AS
2,592,000
2,592,000
5,184,000
2.2 %
2.5 %
JPMorgan Chase Bank, N.A., London
1,964,288
1,676,131
3,640,419
1.6 %
1.8 %
The Bank of New York Mellon
-
3,554,400
3,554,400
1.5 %
0.3 %
Merrill Lynch Prof. Clearing Corp.
3 , 3 4 7, 9 47
-
3 , 3 4 7, 9 47
1.4 %
2.9 %
The Bank of New York Mellon SA/NV
1,015,814
2,258,038
3,273,852
1.4 %
1.1 %
JPMorgan Chase Bank, N.A., London
-
2,469,457
2,469,457
1.1 %
0.2 %
The Bank of New York Mellon SA/NV
-
2,267,950
2,267,950
1.0 %
0.2 %
ALECTA TJANSTEPENSION OMSESIDIGT
-
2,248,500
2,248,500
1.0 %
0.2 %
VERDIPAPIRFOND ODIN NORGE
1,155,486
995,787
2,151,273
0.9 %
1.1 %
J.P. Morgan SE
659,512
1,418,581
2,078,093
0.9 %
0.7 %
State Street Bank and Trust Comp
849,283
1,147,434
1,996,717
0.9 %
0.8 %
State Street Bank and Trust Comp
769,228
1,206,109
1,975,337
0.9 %
0.8 %
Citibank, N.A.
247,111
1,579,670
1,826,781
0.8 %
0.3 %
Total 20 largest shareholders
62,501,393
8 5,1 97,751
147,699,144
64.0 %
61.4 %
The list of shareholders is based on the public VPS list. For further information regarding the underlying ownership, see the chapter Share
information in Schibsted's annual report.
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
168
Number of shares owned by the Board of Directors and the Group Management:
Number of
A-shares
Number of
B-shares
Total number
of shares
Karl-Christian Agerup (Chairman of the Board)
-
-
-
Ramali AS (Karl-Christian Agerup)
4,400
6,000
10,400
Rune Bjerke (Deputy Chairman of the Board)
-
6,022
6,022
Maria Carling (Employee representative)
-
171
171
Ulrike Handel (Member of the Board)
-
-
-
Satu Huber (Member of the Board)
1,500
-
1,500
Satu Kiiskinen (Member of the Board)
-
-
-
Hugo Maurstad (Member of the Board)
-
-
-
FUNKYBIZ AS (Hugo Maurstad)
110,000
-
110,000
Hans Kristian Mjelva (Employee representative)
-
150
150
Jonna Sima (Employee representative)
-
-
-
Henning Spjelkavik (Employee representative)
318
2,150
2,468
Marita Elena Valvik (Employee representative)
122
1,053
1,175
Philippe Vimard (Member of the Board)
-
19,240
19,240
Christian Printzell Halvorsen
-
3,971
3,971
Tankeverk AS (Christian Printzell Halvorsen)
-
-
-
Andrew Kvålseth
-
5,189
5,189
Kristin Skogen Lund (CEO)
-
21,355
21,355
Sven Størmer Thaulow
-
14,506
14,506
Grethe Malkmus
-
2,850
2,850
Per Christian Mørland
-
-
-
Siv Juvik Tveitnes
507
12,856
13,363
Total Board of Directors and Group Management
116,847
95,513
212,360
The total number of issued shares in Schibsted ASA is 102,962,278 A-shares and 127,970,691 B-shares as at 31 December 2023. The
number of shareholders as at 31 December 2023 is 10.481 (11.958 in 2022). Foreign ownership is 46.5 per cent (48.8 per cent in 2022). See
Note 28 Equity in the consolidated financial statements for more information regarding number of shares.
The Chairman of the Board, Karl-Christian Agerup, is a member of the Board in Ramali AS.
Note 16 - Pension plans
The company is obliged to have an occupational pension scheme in accordance with the Act on Mandatory Company Pensions (“Lov om
obligatorisk tjeneste- pensjon”). The company’s pension scheme meets the requirements of the Act.
As at 31 December 2023 the pension plans covered 34 members (33 members as at 31 December 2022). Note 10 Pension plans in the
consolidated financial statements contains further description of the pension plans and the principal assumptions applied.
Amounts recognised in profit or loss:
2023
2022
Current service cost
7
6
Recognised past service cost
-
-
Net interest on the net defined benefit liability
9
6
Net pension expense - defined benefit plans
15
12
Pension expense defined contribution plans
7
7
Pension expense multi-employer defined benefit plans accounted for as defined contribution plans
2
1
Net pension expense
24
20
-of which included in Profit or loss - Personnel expenses (Note 4)
15
15
-of which included in Profit or loss - Financial income (Note 8)
-
-
-of which included in Profit or loss - Financial expenses (Note 8)
9
5
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
169
Amounts recognised in the balance sheet:
2023
2022
Present value of funded defined benefit liabilities
35
30
Fair value of plan assets
(26)
(24)
Present value (net of plan assets) of funded defined benefit liabilities
9
6
Present value of unfunded defined benefit liabilities
321
301
Present value (net of plan assets) of unfunded defined benefit liabilities
321
301
Net pension liabilities
331
307
Social security tax included in present value of defined benefit liabilities
40
38
Changes in pension liabilities:
2023
2022
As at 1 January
307
317
Net pension expense
15
12
Contributions / benefits paid
(12)
(11)
Impact of acquisition/disposals
1
-
Unrecognised actuarial gain (loss) recognised in equity (incl. tax)
20
(11)
As at 31 December
331
307
New measurement of defined benefit obligation includes:
2023
2022
Actuarial gains and losses arising from changes in financial assumptions
(2)
(19)
Other effects of remeasurement (experience deviation)
20
8
Remeasurement of defined benefit liabilities
19
(11)
Note 17 - Non-current and current liabilities
The non-current liabilities to group companies consist of a loan from Svenska Dagbladet Holding AB and Plick AB.
Non-current
Current
2023
2022
2023
2022
Liabilities to credit institutions (Note 18)
36
2,112
80
74
Bond issues (Note 18)
4,800
2,500
700
1,649
Financial derivatives
53
55
73
465
Dividends accrued
-
-
450
464
Group companies' receivables in cash pool
-
-
6,217
6,883
Other liabilities to group companies
735
730
355
437
Other liabilities
-
-
180
262
Total
5,625
5,397
8,055
10,234
SCHIBSTED ANNUAL REPORT 2023
FINANCIAL STATEMENTS / PARE NT
170
Note 18 - Financial risk management
and interest-bearing borrowings
Financial risk management
Funding and control of refinancing risk is handled by Group
Treasury in Schibsted ASA. Schibsted has a diversified loan
portfolio both in terms of loan sources and maturity profile. The
most important funding sources are the Norwegian bond market
and banks.
For management of interest rate risk and currency risk, see Note
25 Financial risk management in the consolidated financial
statements.
Interest-bearing borrowings, composition and maturity profile:
Non-current
Current
2023
2022
2023
2022
Bonds issued
4,800
2,500
700
1,649
Bank loans
36
2,112
80
74
Total carrying amounts
4,836
4,612
780
1,723
For more details on bond issues, bank loans and credit facilities,
see Note 26 Interest-bearing loans and borrowings to the
consolidated financial statements.
Note 19 - Events after the balance
sheet date
Please see Note 33 Events after the balance sheet date in the
consolidated financial statements.
Declaration by the Board of Directors and CEO
We confirm that, to the best of our knowledge, the financial statements for the period from 1 January to 31 December 2023 have been
prepared in accordance with applicable accounting standards and give a true and fair view of assets, liabilities, financial position and profit
or loss of the Company and the Group taken as a whole and that the Board of Directors’ report includes a fair review of the development
and performance of the business and the position of the Company and the Group taken as a whole, together with a description of the
principal risks and uncertainties that they face.
Oslo, 21 March 2024
Schibsted ASA’s Board of Directors
/s/ Karl-Christian Agerup
Board Chair
/s/ Rune Bjerke
Deputy Board Chair
/s/ Maria Carling
Board member
/s/ Dr. Ulrike Handel
Board member
/s/ Satu Huber
Board member
/s/ Satu Kiiskinen
Board member
/s/ Hugo Maurstad
Board member
/s/ Hans Kristian Mjelva
Board member
/s/ Marita Valvik
Board member
/s/ Philippe Vimard
Board member
/s/ Kristin Skogen Lund
CEO
SCHIBSTED ANNUAL REPORT 2023
SHARE INFORMATION
176
Share information
Schibsted is listed on Oslo Børs, and our aim is that our shares
should be perceived as an attractive investment. A competitive
return should be based on a sound financial position and be
ensured through long-term growth in the share price and a
dividend. The company’s share price should reflect the company's
long-term value creation.
The shares are split into A-shares with 10 voting rights each and
B-shares with 1 voting right each. These two share classes
enhance Schibsted’s long-term financial flexibility by enabling the
company more freely to access the equity market.
Shareholders
31 December 2023 31 December 2022
Number of registered shareholders
10,481
11,958
Share of non-Norwegian shareholders
46%
49%
Average daily trading volume (SCHA/SCHB)
189k / 158k
384k / 238k
Average daily trading value (SCHA/SCHB)
NOK 42m / NOK 33m
NOK 79m / NOK 42m
Turnover velocity (SCHA/SCHB)
47% / 32%
95% / 47%
Turnover velocity Oslo Børs
70%
93%
31 December 2023
31 December 2022
Norway
53.5%
51.2%
USA
16.2%
16.6%
UK
13.3%
15.7%
Sweden
5.6%
4.6%
Ireland
5.1%
5.0%
The trading data in the table above is based on data from Oslo Børs. Schibsted conducts a quarterly analysis of shareholders registered at
nominee accounts. A list of Schibsted’s shareholders including those registered at nominee accounts is presented below. The list is
updated as of 18 January 2024.
Rank
Name
A-shares
B-shares
Total
% of capital
1
Blommenholm Industrier AS
30,746,423
30,013,354
60,759,777
26.3%
2
Folketrygdfondet
8,389,860
10,553,430
18,943,290
8.2%
3
Baillie Gifford & Co.
9,874,085
7,478,550
1 7, 3 52,6 3 5
7. 5 %
4
Eminence Capital, LP
4,325,884
2,454,412
6,780,296
2.9%
5
The Vanguard Group, Inc.
3,295,895
3,068,473
6,364,368
2.8%
6
Didner & Gerge Fonder AB
0
6,265,632
6,265,632
2.7%
7
DNB Asset Management AS
1,597,143
3,799,529
5,396,672
2.5%
8
NYA WERMLANDS-TIDNINGENS AB.
2,592,000
2,592,000
5,184,000
2.3%
9
Vor Capital LLP.
0
4,562,738
4,562,738
2.2%
10
Storebrand Kapitalforvaltning AS
2,184,609
2,109,931
4,294,540
2.0%
11
Luxor Capital Group, L.P.
35,599
3,872,003
3, 9 07,6 0 2
1.9%
12
KLP Fondsforvaltning AS
9 97,021
2,682,899
3,679,920
1.7%
13
Handelsbanken Kapitalförvaltning AB
1,012,966
2,150,789
3,163,755
1.6%
14
Nordea Funds Oy
369,430
2,676,937
3,046,367
1.4%
15
BlackRock Institutional Trust Company, N.A.
1,320,249
1,722,260
3,042,509
1.3%
16
Asset Value Investors Ltd.
0
2,469,457
2,469,457
1.3%
17
Arctic Fund Management AS
43,700
2,394,934
2,438,634
1.1%
18
Goldman Sachs International
940,422
1,336,781
2,277,203
1.1%
19
Alecta pensionsförsäkring, ömsesidigt
0
2,248,500
2,248,500
1.0%
20
Fidelity Institutional Asset Management
2,1 87, 9 0 8
0
2,1 87, 9 0 8
1.0%
SCHIBSTED ANNUAL REPORT 2023
SHARE INFORMATION
177
The shareholder identification data is provided by Nasdaq OMX.
The data is obtained through an analysis of beneficial ownership
and fund manager information provided in replies to disclosure of
ownership notices issued to all custodians on the Schibsted share
register. Whilst every reasonable effort is made to verify all data,
neither Nasdaq OMX nor Schibsted can guarantee the accuracy of
the analysis. For an overview of the 20 largest shareholders as of
31 December 2023 from the public VPS register, refer to the annual
accounts for Schibsted ASA, Note 15 Shareholder structure.
Dividend and buyback of shares
Distribution of dividend and opportunity to buy back shares are
regarded as suitable ways to adapt the capital structure. The
Group’s 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 in the
company, the company may reduce or decide not to pay a
dividend.
The Board of Directors has decided to propose to the Annual
General Meeting on 26 April 2024 to pay a dividend for 2023 of
NOK 2.00 per share. Subject to the decision of the Annual General
Meeting, the dividend will be paid on 8 May 2024 to those
registered as shareholders on the date of the Annual General
Meeting.
Pursuant to an authorization granted by the Annual General
Meeting in 2023 the Board of Directors is currently authorized to
repurchase up to 10 per cent of the company's share. Please see
Section 3 under Statement of Corporate Governance for further
details.
Pursuant to this authorisation, Schibsted acquired 3,487,526
A-shares and 4,264,032 B-shares during 2023 under a buyback
programme announced on 9 December 2022, for the purpose of
reducing the capital of the company. Following this share buyback
programme which was executed in the period 9 December 2022
until 27 September 2023, the Annual General Meeting in
Schibsted ASA decided on 28 April 2023 that the company's share
capital shall be reduced by NOK 1,664,027.50 through the
redemption of 3,328,055 own shares (1,497,680 A-shares and
1,830,375 B-shares), to NOK 115,466,484.50, consisting of
102,962,278 A-shares and 127,970,691 B-shares, each with a
nominal value of NOK 0.50.
Shareholder structure
Blommenholm Industrier AS, which is controlled by the Tinius
Trust, is Schibsted’s largest shareholder, giving the Group long-
term ownership stability. As a consequence, the number of
A-shares issued will normally remain stable over time. B-shares
may, together with debt, be used as a source of financing for
growth in the form of acquisitions or organic investments.
Schibsted’s shares are freely marketable. The wording of the
company’s Articles of Association reflects the Group’s publishing
responsibilities and role in society as a media company.
Schibsted’s independence and integrity are ensured through
restrictions on ownership and voting rights in Article 6 of the
Articles of Association. No shareholder may own or exercise
voting rights for more than 30 per cent of the shares represented
at the Annual General Meeting.
Any shareholder owning 25 per cent or more of Schibsted’s
A-shares is entitled to appoint one director directly. Blommenholm
Industrier AS, which owned 29.9 per cent of the A-shares at year-
end 2023, is currently the only shareholder to hold this right.
Return
The Schibsted shares are listed on Oslo Børs with the ticker codes
SCHA and SCHB.
Schibsted is covered by sell-side analysts in Scandinavia and
London. At year-end 2023, 20 brokers, ten of them based outside
Scandinavia, officially covered the Schibsted share.
In 2023, the Schibsted A-share produced a total return for
shareholders of 58.8 per cent. The Schibsted B-share produced a
total return for shareholders of 55.6 per cent. By comparison, the
Oslo Stock Exchange Benchmark Index (OSEBX) produced a return
of 9.9 per cent.
Share price development for Schibsted compared to various
indices and peers can be accessed at https://schibsted.com/ir/.
*Brands that Schibsted owns or has invested in
