Annual Report
2024
Index
3 Schibsted Marketplaces at a glance
4 Message from the CEO
5 Letter from the Chairman of the Board
6 Board of Directors' report
6 Members of the Board
7 Year in review and Outlook
12 Corporate governance
20 Sustainability Statement
126 Financial statements for the Group
131 Notes to the consolidated financial statements
179 Alternative performance measures
182 Financial statements for parent company
192 Auditor’s report
201 Share information
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
SCHIBSTED AT A GLANCE
3
Schibsted Marketplaces at a glance
Schibsted Marketplaces is a family of leading Nordic online marketplaces focusing on Mobility,
Real Estate, Jobs, and Recommerce, united into one powerful force of innovation. Through our
beloved and trusted brands such as FINN, Blocket, Tori and DBA we make smart choices easy.
Following the sale of our news media operations in 2024, we began our transformation into a
pure-play marketplace company, including the decision to exit non-core operations.
Schibsted Marketplaces
Our leading online marketplaces across Norway, Sweden, Finland
and Denmark connect millions of buyers and sellers every month
and facilitate transactions from job offers to real estate, cars,
travel, consumer goods and more.
In the first half of 2025, Schibsted Marketplaces will change its
corporate brand name to Vend. The name is inspired by the spirit
of commerce and reflects the essence of meeting points – places
where people can connect to find what they need, whether it’s a
job, a home, a means of transport, or a fresh start.
Mobility
We empower people to make smarter mobility choices — today
and for the future. As the market leader in used car marketplaces
across Norway, Sweden and Denmark, our trusted brands FINN,
Blocket, Bytbil, Bilinfo and Bilbasen connect buyers and sellers
with more than 400,000 active listings and 78 million visits every
month. In the growing C2B segment, we are front-runners in
Norway and Finland with Nettbil and AutoVex, providing seamless
solutions for consumers to sell their cars to dealers. We are
committed to strengthening partnerships with dealers and
manufacturers while scaling our C2B platforms to create a
frictionless and transparent buying and selling experience for used
cars.
Jobs
Our core purpose is 'Creating equal job opportunities for everyone'.
With our leading position in Norway, we are on a mission to make
sure no talent is lost and that we offer the best Jobs marketplace
for candidates and customers alike. By supporting more than
20,000 customers each year making 620,000 recruitments, we
empower recruiters to be thought leaders in the jobs market. We’re
not just shaping Schibsted Marketplaces — we’re creating ripples
that will have a real impact on the wider job market.
Real Estate
Through our marketplaces, Real Estate is helping users and
customers make smart choices when buying, selling or renting a
home. FINN is Norway’s undisputed leader in finding and
advertising property. In Finland, Oikotie holds a solid position and
is accelerating towards clear market leadership. In Sweden, with
Blocket and Qasa we have reinforced our rental position by
acquiring and integrating the leading B2C rental marketplace
HomeQ. We empower people in their journey to find a home at
every stage of life by creating efficient and transparent housing
markets, contributing to fair and equal renting markets and
promoting sustainable housing.
Recommerce
Overconsumption is one of the most pressing challenges of our
time. We believe that Recommerce is a powerful solution — one
that enables people to make smarter, more sustainable choices in
their daily lives. Our leading Recommerce marketplaces — FINN,
Tori, DBA and Blocket — are trusted by millions across the Nordics,
generating over 100 million visits each month and reaching nearly
every household. We create unique recommerce experiences for
our users and professional customers that make second-hand
trade easy, safe and rewarding. Alongside building circular habits
in the Nordics, Recommerce represents a significant growth
opportunity as we transition to new, transactional models.
Delivery
Schibsted Delivery manages both media distribution and e-
commerce parcel deliveries in Norway. Helthjem continues its
strong growth and had its best year since the launch of its parcel
delivery service in 2015. The company is the leading provider of
door-to-door deliveries for second-hand goods sold through
marketplaces such as FINN and Tise, further solidifying its
profitable position in the market. Morgenlevering continues to
deliver fresh baked goods, food, and flowers directly to customers'
doors.
Sustainability in Schibsted Marketplaces
Our greatest impact on society and the environment comes
through the use of our services. It's about how we empower users
to make smart and sustainable choices in their daily lives through
our trusted and transparent marketplaces. We work every day to
ensure that Schibsted Marketplaces is a great workplace and that
responsible practices are upheld throughout our value chain.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
MESSAGE FROM THE CEO
4
A new beginning
2024 has been a truly transformative year for Schibsted – and for
me personally. It has not been just a new chapter, but the beginning
of an entirely new book. Stepping into the CEO role during this
pivotal moment has been both a challenge and a privilege. As an
organisation, we have achieved remarkable milestones and
navigated significant transitions, all while empowering millions of
users and customers across the Nordics to make smarter choices
through our marketplaces.
This year, we finalised the sale of a majority stake in Adevinta and
completed the sale and separation from our news media operations.
Additionally, acquiring Polaris Media’s minority stake in FINN
brought us to full ownership of this flagship marketplace, simplifying
our company structure. We also initiated the divestment of most of
our Growth & Investments portfolio. Together, these transformative
steps have positioned us as a pure-play marketplaces company,
ready to seize future opportunities.
Building on this foundation, we introduced a new organisational
structure and implemented cost measures to streamline operations
and improve efficiency. These changes formed the backbone of our
'Accelerate Future Winners' strategy, unveiled at our Capital Markets
Day in November. Anchored by three clear strategic priorities, this
strategy sets a clear path for the future. By focusing resources on
the areas that matter most, deepening our understanding of user
and customer needs, and investing in value-accretive opportunities,
we are positioning the company for long-term success.
One of the first major steps in executing this strategy is verticalising
our organisation and simplifying our platforms to better serve our
users and customers. Building on work started in 2023, this shift
allows us to develop more specialised solutions, respond effectively
to evolving user and customer needs, and unlock greater potential
in Mobility, Real Estate, Jobs, and Recommerce. By taking a holistic,
cross-market view, we are innovating faster and delivering even
greater value for both users and professional customers.
Central to realising these opportunities is the consolidation of our
platforms, which creates scalable solutions that enhance the user
experience across all markets. Significant progress has already
been made, with Tori in Finland successfully migrating to our new
common platform and launching 'ToriDiili,' a local adaptation of
FINN’s transactional solution 'Fiks ferdig,' with strong results. In
early Q1 2025, we reached the next major milestone on this journey,
with the successful migration of DBA in Denmark. All Danish private
users have now migrated, and more than a quarter of a million Danes
visited the new DBA on launch day. At the same time, we introduced
'Fiks færdig', our integrated shipping and payment solution. Through
this platform consolidation and the launch of new services, we are
further strengthening our ability to serve users and customers with
innovative, unified solutions, while streamlining our operations.
This year’s monumental transformation has required significant
effort, from the separation of assets, teams, and structures to
aligning our portfolio with our strategic direction. Despite the
challenges of change, we delivered solid financial results in a
demanding market environment. This resilience is a testament to the
strength of our business, the dedication of our teams, and the
impact of the strategic choices we have made.
Looking forward, I am both inspired and energised by the
opportunities ahead, particularly the launch of our new brand –
'Vend' – planned for the second quarter of 2025. This milestone is
more than just the debut of a new identity; it marks our evolution
into a more agile, innovative, and customer-centric company, one
that is ready to lead the future of marketplaces and empower
millions of users across the Nordics.
- Christian Printzell Halvorsen, CEO Schibsted Marketplaces
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
LETTER FROM THE CHAIRMAN OF THE BOARD
5
2024 – A new beginning for Schibsted
2024 was a formative year in Schibsted’s 150 year history and the
final chapter in the company’s journey from a traditional paper-
based media company to a modern pure-play marketplaces
company.
After an extensive financial and strategic evaluation of Schibsted’s
core businesses – News Media and Nordic Marketplaces – the
Board concluded that these areas would thrive best as
independent entities. In June 2024, this vision was realised with
the successful separation and sale of our news media operations
to the Tinius Trust. The Board and Management determined that
focused specialisation would enable each entity to pursue its
strategic priorities more effectively.
The sale of Adevinta and the sale of our media operations enabled
the return of significant capital to shareholders. Since Schibsted’s
early investments into online classifieds 25 years ago, Schibsted
has created more than NOK 100 billion in shareholder value.
The Board believes that there is still significant value to be created
in the Nordic marketplaces market and that Schibsted is primely
positioned to reap a significant part of this opportunity with its
new focus. With a clear focus on our key verticals – Mobility, Real
Estate, Jobs, and Recommerce – Schibsted Marketplaces is
poised for growth, building on our history of innovation while
embracing new opportunities.
At our Capital Markets Day, held in November 2024, we made it
clear that 2025 would be a year of transition, working towards
achieving a complete separation from the media business while
optimising key corporate foundations like our tech platform,
product verticalisation, organisation and brand, which all are
necessary building blocks to achieve our ambitions for the years
to come. At the same time we communicated a strong belief in
opportunities ahead with a unified tech platform and an efficiently
organised and vertically focused organisation across all our
markets in place. This work is well under way.
From the Board’s perspective it has been rewarding to experience
the energy level and impressive focus the split has had on
Management and the organisation at large. With the new name
and corporate brand “Vend” being launched in May 2025, we are
expecting this to further solidify the transition and focus. The
launch represents not just a new name, but a renewed
commitment to innovation and growth.
The Board and Management has set an ambitious three year value
creation plan for the company. The goal is to achieve best practice
performance along all of our verticals. In order to make that
happen we must challenge established truths while being
innovative in developing new solutions for our users and
stakeholders. In line with the renewed focus on a metric based
and performance based organisation, a redesign of the executive
incentive system will be proposed in order to drive shareholder
value as well as providing meaningful incentives to Management
for performance. The Board views this a major tool to achieve
change and a growth mindset in the organisation.
The marketplaces market in the Nordics is growing and attractive
and Schibsted is uniquely positioned to leverage its leading
positions into growth and value creation. With the energy being
created from the demerger last year and the ensuing efforts to
focus and streamline the company, the Board is confident that the
company is taking the right steps to succeed in our high ambitions
for the future.
- Karl-Christian Agerup, Chairman of the Board
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
6
Members of the Board (2024-2025)
For biographies of the members of the board, visit https://schibsted.com/about-2/the-board/
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
7
Year in review and Outlook
2024 marked the beginning of Schibsted Marketplaces' evolution into a pure-play
marketplaces company.
Historically, Schibsted has operated as a unified entity, leveraging
shared strengths to cultivate distinctive brands on a common
platform of advanced technology and data integration. From
pioneering print media to creating a cutting-edge digital ecosystem
that connects millions of users across the Nordics, our guiding
principle has always been that our collective strength should
exceed 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 would thrive best as independent entities. In June 2024, this
vision was realised with the successful separation and sale of our
news media operations to the Tinius Trust. The Board and
Management determined that focused specialisation would enable
each entity to pursue its strategic priorities more effectively.
The sale of Adevinta – a landmark transaction unlocking more than
20 years of value creation – and the sale of our media operations
enabled Schibsted to return significant capital to shareholders.
These transformative steps were applauded by the financial
markets and marked the beginning of Schibsted Marketplaces’
evolution into a pure-play marketplaces company. With a clear
focus on our key verticals – Mobility, Real Estate, Jobs, and
Recommerce – Schibsted Marketplaces is now poised to deliver on
its bold ambitions, building on a legacy of innovation while
embracing the opportunities of this new era.
In 2024, the Board appointed Christian Printzell Halvorsen as the
CEO of Schibsted Marketplaces to lead the company through this
next phase of focused growth and value creation. Alongside him, a
new Executive Leadership Team was established, bringing deep
expertise and a clear mandate to take bold strategic steps to refine
our focus, accelerate growth and drive long-term value creation. At
our Capital Markets Day held in November 2024, we unveiled our
new strategy, ‘Accelerate Future Winners’, alongside a robust
financial framework, setting clear priorities for sharpening our
portfolio optimisation and sustainable value creation.
This pivotal year has set the stage for 2025 and beyond, where we
aim to further solidify our leading positions. Despite economic
challenges, we delivered solid financial results, made significant
progress in our key focus areas and laid the groundwork for creating
value in the years to come. Our ability to create value extends
beyond our core verticals to our strategic investment in Adevinta.
With a 14-per-cent stake, Adevinta remains a significant component
of our equity story. Now operating in a private setting with promising
prospects, Adevinta is well positioned under its capable new
ownership to drive future growth. This builds on the strong
foundation we helped establish over the past two decades,
reinforcing its potential to deliver long-term returns.
Looking ahead, 2025 promises to be another milestone year as we
continue executing our strategy and prepare for the launch of our
new brand, 'Vend '. Inspired by the spirit of commerce, Vend reflects
the essence of meeting points, where people come together to find
what they need, whether it’s a job, a home, a way to move or a fresh
start. This launch represents not just a new name, but a renewed
commitment to innovation, user-centric solutions and sustainable
growth.
We remain steadfast in our mission to leverage our strengths,
harness innovation and create value at scale. By delivering
exceptional experiences, empowering sustainable choices and
ensuring a positive impact for all our stakeholders, Schibsted
Marketplaces is well positioned to lead the industry and shape the
future of commerce in the Nordics.
Comments on the Group’s results
Schibsted Marketplaces’ consolidated revenues in 2024 totalled
NOK 8,326 million (NOK 7,617 million)
i
, up 9 per cent compared to
last year. The Group’s gross operating profit (EBITDA
ii
) amounted to
NOK 1,697 million (NOK 1,589 million)
i
, equivalent to an increase of 7
per cent. Please see information under Comments on the operating
segments below for further details on the Group's performance in
2024.
Depreciation and amortisation were NOK -702 million
(NOK -607 million)
i
, related mainly to software, licences and
right-of-use assets.
Impairment loss was NOK -1,337million (NOK -38 million)
i
, of which
NOK -1,078 million was related to goodwill in NMP Finland and NOK
-252 million related to a write-down of internally generated
intangible assets.
In 2024, the Group’s Other income amounted to NOK 9 million (NOK
55 million)
i
, which comprised a gain on the sale of JobSafari and a
gain on a pension plan settlement. Other expenses in 2024 were
NOK -518 million (NOK -111 million)
i
, and included restructuring and
separation costs, mainly related to the organisational changes in
connection with the divestment of the news media operations and
adapting the organisation and management structure for the
remaining Marketplaces company, acquisition-related costs from
both completed and uncompleted transactions and a loss on the fair
value measurement of contingent considerations.
Operating profit (loss) in 2024 amounted to NOK -851 million
(NOK 887 million).
i
Schibsted Marketplaces’ share of profit (loss) from joint ventures
and associates totalled NOK -83 million (NOK -70 million)
i
. The
negative trend was explained by an increased loss from joint
ventures included in the Growth & Investments portfolio and the
compensating effect of the profit from the joint venture in Poland.
Impairment loss on joint ventures and associates in 2024 was
NOK -127 million (NOK -88 million)
i
, and was related to impairment
of associates in the venture portfolio.
Gains (losses) on disposals of joint ventures and associates
amounted to NOK -10 million (NOK 2 million)
i
in 2024; see Note 5.
Financial income of NOK 6,436 million (NOK 1,729 million)
i
included
a NOK 6,151 million gain from fair value measurement relating mainly
to investments in Aurelia as described in Note 22.
Financial expenses of NOK -565 million (NOK -622 million)
i
included
interest expenses of NOK -326 million and losses totalling NOK -215
million related to fair value adjustment of shares classified as equity
instruments, mainly Tibber AS.
The Group reported a tax expense of NOK -149 million (3 per cent)
compared to NOK -205 million (-13 per cent) in 2023. See Note 14
regarding the relationship between profit (loss) before tax and the
reported tax expense.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
8
Basic earnings per share in 2024 were NOK 56.15 compared to NOK
61.92 in 2023. Basic earnings per share from continuing operations
in 2024 were 20.03 compared to NOK 6.85 in 2023. Adjusted
earnings per share from continuing operations in 2024 were NOK
28.07 compared to NOK 0.61 in 2023.
Financial position and cash flow
Net cash flow from operating activities (continuing operations) was
NOK 1,037 million in 2024 compared to NOK 1,059 million in 2023.
Net cash outflow from investing activities (continuing operations)
was NOK 904 million compared to a net cash inflow in 2023 of
NOK 208 million. Investments were reduced and Q4 2023 was
significantly positively affected by net cash inflows related to total
return swaps with financial exposure to Adevinta and Viaplay.
Net cash outflow from financing activities (continuing operations)
was NOK 24,215 million in 2024 compared to NOK 3,226 million in
2023. The change was related primarily to the extraordinary
dividends paid in 2024 and the repayment of loans and borrowings.
The carrying amount of the Group’s assets decreased by
NOK 16,139 million to NOK 40,097 million during 2024. The decrease
was related mainly to the sale of news media operations.
Schibsted Marketplaces’ equity ratio was 81 per cent at the end of
2024, compared to 75 per cent at the end of 2023.
At year end 2023, Schibsted ASA owned 10.1 per cent of Viaplay.
These shares were sold in January.
A voluntary tender offer to acquire all the shares of Adevinta ASA
was launched in December 2023 by Aurelia Bidco Norway AS
(‘the Offeror'). The offer price was NOK 115 per share. Schibsted
supported the offer and agreed 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 14.0-per-cent ownership in an indirect parent
company of the Offeror. The transaction took effect at the end of
May.
The total return swap (TRS) agreement with financial exposure to
36,748,289 shares in Adevinta was also terminated at the end of May
at NOK 115 per share. The price in the TRS agreement was NOK
111.80 per share.
In March, Schibsted ASA announced having entered into an
agreement regarding the acquisition of Schibsted’s news media
operations by its largest shareholder, the Tinius Trust. The
transaction took effect at the beginning of June and Schibsted ASA
received net cash proceeds of around NOK 4.6 billion. The
transaction resulted in the division of Schibsted into two more
focused companies: a media company fully owned by the Tinius
Trust and a publicly listed marketplaces company.
The two transactions were important steps towards realising
Schibsted’s full value creation potential.
A dividend for 2023 of NOK 451 million (NOK 2.00 per share) was
paid in May 2024.
As approved by the Annual General Meeting in April, the plan was
to return most of the capital received from the above-mentioned
transactions by way of a special dividend of approximately NOK 20
billion and a multi-year share buyback programme of approximately
NOK 4 billion. The remainder of the cash proceeds, approximately
NOK 5 billion, was primarily intended to be used to strengthen
Schibsted's balance sheet by reducing its net interest-bearing debt.
The first tranche of the special dividend, totalling NOK 18 billion
(NOK 77.10 per share), was paid in the beginning of June.
For tax purposes, NOK 5 billion of this dividend was classified as a
repayment of paid-in capital, which is exempt from Norwegian
withholding tax. The second tranche of the special dividend,
totalling NOK 2 billion, was paid in September.
On 9 September, the first of two tranches of a share buyback
programme was launched, covering purchases of up to a maximum
value of NOK 2 billion. The purchases will be split 50/50 in nominal
terms between A- and B-shares, buying up to NOK 1 billion for each
share class, and are planned to be finalised by 2 May 2025. As at 31
December, Schibsted Marketplaces has bought back a total of
3,071,025 shares (A- and B-shares) with a transaction value of
approximately NOK 1,044 million. Following the completion of the
above transactions, Schibsted Marketplaces owns a total of
1,482,499 own A-shares and a total of 2,000,239 own B-shares,
corresponding to 1.49 per cent of total issued shares in Schibsted
Marketplaces.
Schibsted repaid a bond of NOK 500 million at maturity in March.
Schibsted also repaid a term loan of NOK 2 billion and a loan from
NIB of EUR 11.5 million. Since the end of June, the outstanding loan
balance consists of bonds issued in the Norwegian bond market
totalling NOK 3 billion. In addition, Schibsted Marketplaces has a
revolving credit facility of EUR 300 million. The facility is undrawn.
The cash balance at the end of 2024 was NOK 5,545 million, giving
a net cash position of NOK 2,527 million. Including the undrawn
facility, the liquidity reserve amounts to NOK 9,084 million.
In June, Scope affirmed Schibsted ASA's BBB issuer rating and
revised the outlook to Positive, confirming Schibsted Marketplaces
as a solid investment grade company.
Schibsted Marketplaces expects to receive cash proceeds of
approximately NOK 500 million from Aurelia in the second quarter
of 2025. The expected cash proceeds are related to the sale of
assets in Adevinta during 2024. Schibsted Marketplaces intends to
distribute these proceeds to shareholders through a special cash
dividend of approximately NOK 500 million in the second quarter of
2025.
Discontinued operations
At the end of March 2024, the investment in Adevinta was classified
as a non-current asset held for sale and presented as a discontinued
operation from Q1 2024.
The news media operations were classified as a disposal group held
for sale following AGM approval on 26 April 2024 until control was
relinquished on 7 June 2024; they are presented as discontinued
operations with effect from Q2 2024.
Under Schibsted Marketplaces’ revised strategy to focus on core
marketplaces, exit processes for Lendo Group, Prisjakt Group and
SMB Group were initiated. These groups were classified as disposal
groups held for sale as of November 2024 and are presented as
discontinued operations from Q4 2024.
Previous periods are re-presented accordingly (see Note 2 and Note
33).
Comments on the operating segments
Mobility
Mobility delivered a 7 percent increase in revenues in 2024, driven
by growth in classifieds revenues, particularly within the
professional segment, supported by solid ARPA development.
Transactional businesses, such as Nettbil, also contributed to the
positive performance. However, this growth was partially offset by
a decline in advertising revenues, impacted by the challenging
macroeconomic climate and the negative effects of the separation
from the news media operations. EBITDA grew by 10 per cent year-
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
9
on-year, with the margin ending at 52 per cent, up 2 percentage
points from the previous year. This improvement was driven by
revenue growth, while costs increased due to the transition to a
common tech platform and to investments in, and scaling of,
transactional C2B models.
Real Estate
The Real Estate vertical delivered strong growth of 14 per cent in
2024, driven by classifieds revenue growth in Norway and the
expansion of transactional rental businesses Qasa and HomeQ in
Sweden. Growth in Norway was primarily fuelled by ARPA
development, while volumes increased slightly by 3 per cent. Traffic
reached an all-time high, highlighting the strong market position and
the value we deliver to our customers. EBITDA increased by 12 per
cent year-on-year, with the margin ending at 37 per cent. The margin
was impacted by the growth of transactional businesses and
marketing investments in Finland as part of efforts to expand our
position in this market.
Jobs
The Jobs vertical faced continued market headwinds throughout
2024, significantly impacting volumes, with challenges most evident
in Sweden and Finland. In line with our simplification strategy and
focus on strengthening core market positions, we announced the
decision to exit the Jobs marketplaces in these two countries at the
end of October. Overall, total operating revenues for the segment
declined by 5 per cent. Norway, however, achieved a 2 per cent
increase in revenue despite a drop in volumes, driven by an 11 per
cent lift in ARPA following the successful implementation of a new
segmented pricing model. EBITDA margin for the segment ended at
45 per cent, down from 48 per cent in 2023, primarily reflecting the
revenue decline, while costs were reduced year-on-year.
Recommerce
Recommerce revenues grew by 15 per cent in 2024, driven by a 51-
per-cent increase in transactional revenues. This growth was
supported by the successful launch of transactional services in
Finland, building on their earlier rollout in Norway and Sweden.
However, growth was partially offset by a decline in advertising
revenues, impacted by the macroeconomic climate and the
negative effects of the separation from the news media operations.
EBITDA ended at a loss of NOK 290 million, an improvement on a
loss of NOK 311 million last year. The improvement was primarily
driven by increased revenues, despite higher cost of goods sold due
to the expansion of transactional business and increased volumes.
Other operating expenses declined, further contributing to the
overall EBITDA development.
Delivery
Operating revenues from Delivery increased by 21 per cent in 2024,
driven by higher parcel volumes in Helthjem Netthandel and the
acquisition of Amedia’s distribution business. The volume growth
was primarily attributed to the B2C customer segment. Conversely,
Morgenlevering saw a decline in revenue due to lower volumes.
EBITDA showed strong improvement, increasing from NOK 14
million in 2023 to NOK 65 million in 2024, supported by the
substantial revenue growth. Total costs rose in line with higher
volumes, reflecting the business’s expansion and increased
operational activity.
Research and development
Schibsted Marketplaces remains at the forefront of digital
transformation, continuing to invest in building, improving and
consolidating platforms for existing and new products.
In 2024, our efforts focused on unifying technical solutions across
markets to enable faster feature rollouts, improved stability and a
consistent user experience. Infrastructure and simplification also
remained a priority, supporting faster development and enhanced
cost control.
Schibsted Marketplaces expanded the use of machine learning (ML)
and artificial intelligence (AI), integrating these technologies into
various areas, such as smarter recommendations, natural language
searches and automated content creation. Leveraging first-party
data, we trained niche models tailored to marketplace-specific use
cases. AI-based tools were also deployed internally to streamline
workflows, such as coding and data analysis.
Our commitment to employee development saw the launch of an
extensive AI training programme, equipping teams with the skills to
harness these tools effectively. The Executive Leadership team was
in 2024 measured on AI training completion rates, ensuring
accountability and alignment in driving AI adoption.
Internal research advanced our proprietary language models, with
a focus on natural language searches, generative AI for
recommendations, and optimisation for Schibsted Marketplaces’
business context. We continued contributing to applied research,
particularly in Norwegian language models, ensuring that Schibsted
Marketplaces remains a leader in innovation for our customers,
employees and markets.
Key intangible assets
Schibsted Marketplaces’ brands are at the core of our consumer
offering, representing trust, reliability and market leadership. With
strong local brands across our segments, we foster deep customer
connections and long-term loyalty. Our trademarks protect these
valuable assets, ensuring consistency and recognition in the
markets we serve. Patents and licences play a limited role in our
business model but are managed in accordance with applicable
regulations.
Our customer relationships are a unique asset that we cherish,
protect and continuously develop to enhance engagement and
long-term value. Equally, our supplier relationships are a key asset,
particularly those that support and strengthen our digital platforms.
Schibsted Marketplaces’ success is driven by the expertise and
experience of its employees. Our teams possess deep knowledge
in digital marketplaces, technology and data-driven innovation,
enabling us to develop and scale industry-leading platforms.
Continuous learning and talent development are core to our
strategy, ensuring we attract and retain top professionals.
Operational and financial risks
Schibsted Marketplaces operates in a dynamic and highly
competitive industry, driven by constant change and disruption from
players leveraging new technologies and innovative business
models. Following the strategic separation of News Media and the
discontinuation of the Growth & Investment portfolio, Schibsted
Marketplaces now focuses on sustainable growth through
diversified revenue streams across the verticals, which plays a
critical role in managing financial risk.
Our revenue streams remain sensitive to macroeconomic factors
such as unemployment, real estate prices, consumer confidence
and GDP growth. Advertising revenues and the Jobs vertical are
particularly affected by these variables. The economic environment
in 2024 was characterised by stabilising inflation, though consumer
confidence remains subdued in Norway. Advertising revenues
continued to face pressure, declining by 8 per cent compared to last
year, while the relatively slow recruitment market impacted the Jobs
vertical. Despite these challenges, certain revenue streams
demonstrated resilience. The Real Estate vertical sustained strong
growth, while Delivery delivered robust performance in a
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
10
challenging landscape. Other verticals maintained steady results,
showcasing the strength of Schibsted Marketplaces' portfolio.
As Schibsted Marketplaces pivots to a more focused operating
model post-separation, we remain committed to balancing
innovation with operational efficiency, navigating macroeconomic
uncertainties, and driving sustainable value creation across our
portfolio.
Through its operations outside Norway, Schibsted Marketplaces is
exposed to fluctuations in the exchange rates of other currencies,
mainly the Swedish kronor, the Danish kroner and the euro. The
Group makes use of financial derivatives to mitigate its currency
exposure.
Schibsted Marketplaces’ 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 advertisements and through
credit card payments on the purchase date. Liquidity risk associated
with cash flow fluctuations is also considered low, given Schibsted
Marketplaces’ 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.
Technology remains central to Schibsted Marketplaces' business
and operations. In 2024, we became subject to the NIS 2 Directive,
a European regulation aimed at strengthening cybersecurity for
essential services, highlighting our critical role in the digital
ecosystem. The threat landscape continues to evolve, with
increasingly sophisticated attacks, including those leveraging AI.
While the sale of our news media operations may reduce attention
from some groups, significant activity from diverse threat actors is
still anticipated, particularly during geopolitical unrest. Proactive
prevention, robust incident response, and continuous recovery
improvements remain top priorities.
Schibsted Marketplaces use 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.
Transparency Act
For Schibsted Marketplaces' compliance with the Transparency Act,
including our due diligence on fundamental human rights and
decent working conditions, see the separate report at
https://schibsted.com/sustainability/.
Health and safety
To ensure an attractive workplace and to retain our employees,
Schibsted Marketplaces is constantly making improvements to
provide a safe and healthy working environment. In 2024, the
average sick leave rate for all our companies was 4 per cent (4 per
cent).
i
In 2024, 42 injuries (46 injuries) were reported, most of them
in our delivery operations and related mainly to delivery activities.
Most of them were minor personal injuries due to slippery roads
while delivering newspapers.
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 33,294 million (NOK 3,501 million).
i
Most of the profit stems
from gains on the sale of associates and subsidiaries in connection
with Schibsted’s sale of its news media assets to the Tinius Trust
and Schibsted’s sale of its 28.1 per cent ownership interest in
Adevinta, as well as interest income and group contributions. As at
31 December 2023, Schibsted ASA had total assets of NOK 37
million (NOK 33,127 million).
i
The equity ratio was 89 per cent (58 per
cent)
i
.
The Board proposes to allocate NOK 2.25 per share, corresponding
to approximately NOK 515 million, to dividend payments for 2024.
The Board of Directors proposes the following allocation:
Proposed dividend ……………………………..………… NOK 515 million
Transferred to other equity ……………..………….. NOK 32,733 million
As at 31 December 2024, Schibsted ASA had total equity of
NOK 33,898 million (NOK 19,117 million).
i
The Board of Directors
determined that Schibsted ASA had adequate equity and liquidity at
year end 2024.
In 2024, the average sick leave rate for Schibsted ASA was 1.4 per
cent (2.1 per cent).
i
For Schibsted ASA’s compliance with the activity duty in the Equality
and Anti-Discrimination Act, see the separate report at
https://schibsted.com/group-policies-and-statements/.
Outlook
Building on our new strategy and financial framework presented at
the Capital Markets Day in November, we are positioning Schibsted
Marketplaces for long-term success. This strategy focuses on
capturing the revenue opportunity by improving monetisation and
scaling transactional models. Concurrently, we are resetting and
restructuring our cost base to ensure it aligns with the scope of our
smaller, more focused company. This approach enables us to seize
growth opportunities without a corresponding increase in
underlying operational expenses. Combined, this supports a
significant margin expansion in the years to come.
Within this context, we introduced the following medium-term
targets for our four core verticals:
Mobility: revenue growth of 12–17% with an EBITDA margin
of 55–60%
Real Estate: revenue growth of 12–17% with an EBITDA
margin of 45–50%
Jobs: revenue growth of 5–10% with an EBITDA margin
exceeding 55%
Recommerce: revenue growth above 20% with a single-
digit positive EBITDA margin by 2027
In line with our strategy, we are progressing with our plans to exit
businesses which we do not consider as core. This includes Lendo,
Prisjakt, our skilled trades marketplaces (Mittanbud, Servicefinder,
Remppatori and 3byggetilbud.dk) and the majority of our Ventures
portfolio. These steps will allow us to better focus on our four core
verticals.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
11
While we are confident in achieving our medium-term targets, near-
term financial performance is influenced by market conditions,
particularly in advertising and our Jobs vertical. In the shorter term,
advertising revenues are also temporarily impacted by the split from
Schibsted Media. Additionally, our cost efficiency initiatives –
including exiting the Schibsted Media-related temporary service
agreements, aligning support functions with our new structure,
selling non-core assets, and completing platform consolidation –
require a transition period before the full benefits are realised.
Although these changes take time to materialise, they are essential
steps towards our medium-term targets and sustainable value
creation.
Going concern
Based on Schibsted Marketplaces’ long-term strategy and
forecasts, and in accordance with section 2-2 (8) 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.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
12
Corporate governance
1. Statement of Corporate Governance
Good corporate governance is an important prerequisite for
achieving Schibsted Marketplaces 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 Marketplaces is a publicly listed company traded on
Euronext 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 2-9 and the Norwegian Code of Practice for Corporate
Governance (the Code) available at nues.no. Schibsted
Marketplaces 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
Marketplaces 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 2-9.
2. Business activities
Schibsted Marketplaces purpose as defined in its Articles of
Association is:
“... to operate and invest in digital marketplaces and other digital
businesses, as well as related services and activities. The business
may also be carried out through participation in or in collaboration
with other companies.”
The Articles of Association are available in full at
https://schibsted.com/ir/corporate-governance/.
Schibsted Marketplaces 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 Year in review and Outlook section of the report.
Schibsted Marketplaces 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 Marketplaces aims to create value for all our stakeholders
in a sustainable way. Schibsted Marketplaces engages with
significant stakeholder groups that are directly or indirectly affected
by our business. The purpose of our dialogue with stakeholders is
to understand key aspects and how these impact Schibsted
Marketplaces operations. The sustainability topics that are material
for Schibsted Marketplaces are based on a double materiality
analysis including our stakeholders' input. The Board has ultimate
authority over the 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 Marketplaces sustainability scope, priorities, ambitions,
targets and how we relate to stakeholders and sustainability risks is
provided in the sustainability statement.
Schibsted Marketplaces is committed to incorporating values of
diversity and inclusion into every aspect and level of the company.
The sustainability statement section 3.1.8 S1-9 Diversity metrics
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 Marketplaces
Board of Directors considers it crucial that shares in the company
be perceived as an attractive investment option. Schibsted
Marketplaces financial strategy implies a strong focus on
profitability, innovation and disciplined capital allocation to create
long-term shareholder value. Investing in selective acquisitions may
be considered over time to support value creation. Schibsted
Marketplaces maintains a conservative balance sheet to support
achievement of these objectives, and has updated its dividend
policy. More information about the Group’s performance in 2024 can
be found in the Year in review and Outlook section of the 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 Marketplaces is a listed company that must give
competitive returns based on a sound financial situation. Schibsted
Marketplaces Board of Directors considers it crucial that shares in
the company be perceived as an attractive investment option. One
of the objectives of Schibsted Marketplaces Board is therefore to
promote shareholder returns by means of long-term growth in share
prices and dividends.
The Group’s updated dividend policy is to place emphasis on paying
a progressive annual dividend amount over time. The Annual
General Meeting approves the annual dividend based on the Board’s
recommendation. In addition, free cash flow post dividends and
investments will be returned to shareholders through share
buybacks or extra dividends.
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 2024 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 6,267,811. 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 2025, but in no event later than 30 June 2025.
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
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
13
the right to incur special obligations for the Company; see
section 10-2 of the Public Limited Liability Companies Act. The
authority covers resolutions on mergers in accordance with
section 13-5 of the Public Limited Liability Companies Act.
Pursuant to this authorisation, the Board of Directors on 6 May 2024
resolved to increase the share capital of Schibsted ASA with NOK
4,015,139.50 by the issuance of 8,030,279 B-shares to
Adresseavisen AS and Polaris Media Nord-Norge AS as
compensation for the acquisition of 9.99% of the share in Finn NO
AS.
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 2025, but in no event later than 30 June
2025.
iii. The total nominal value of the shares acquired or held by the
company may not exceed NOK 11,294,728.
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 2024, Schibsted Marketplaces acquired a total of 3,071,025
shares under a buyback programme announced on 9 September
2024.
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 waives 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 used for the Schibsted
Marketplaces share-based incentive schemes and for share saving
programmes for the Group’s employees. Acquired shares may also
be deleted to improve the company’s capital structure, subject to
the approval of the Annual General Meeting. The share-based
incentive schemes are described in more detail in Note 9 Share-
based payment to the consolidated financial statements.
5. Shares and negotiability
Schibsted Articles of Association include certain ownership and
voting restrictions. These restrictions were put in place in
connection with the listing of the company. By virtue of its indirect
shareholding in Schibsted through Blommenholm Industrier AS, 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 Marketplaces 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. The Board
of Directors has communicated its intention to remove the dual
share class structure by 1 January 2026, subject to shareholder
approval.
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 Marketplaces Articles of
Association and to important decisions relating to companies in the
Schibsted Marketplaces 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 2024 Annual General Meeting and will
apply until the next Annual General Meeting. The authorisation
granted by the Annual General Meeting in 2024 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 Marketplaces 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 7 May
2025. The notice of the Annual General Meeting and documents to
be considered are available on the Schibsted Marketplaces website
prior to the meeting, and are sufficiently detailed, comprehensive
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
14
and specific 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.
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 and
the company’s external auditor are also present. At a minimum, the
CEO and CFO must attend the meeting as representatives of
Schibsted Marketplaces 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 2024, the Annual General Meeting was
chaired by an independent person, whereas the extraordinary
general meeting held on 2 September 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 Marketplaces Articles of Association, which also set
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 Trond
Berger (chair), Kieran Murray and Ann Kristin Brautaset. Murray and
Brautaset 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, whereas as Berger was elected by the Annual
General Meeting on 26 April 2024 for a two-year period ending at
the time of the Annual General Meeting in 2026.
The current chair of the Nomination Committee is not considered to
be independent due to his roles as Chairman of the Board and CEO
of Blommenholm Industrier AS. 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 Marketplaces Articles of
Association, the Board must consist of six to 11 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.
The Board currently consists of 10 members, of whom seven are
shareholder representatives and three are employee
representatives. Two employee representatives are elected
amongst the employees from Norway and one amongst the
employees outside Norway. The Board’s composition is compliant
with the gender balance requirements set forth in section 6-11a of
the Norwegian Public Limited Liability Companies Act. 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 2024 owned 30.6
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 2024 and until the Annual General Meeting in 2025,
Blommenholm Industrier AS exercised its right to directly appoint
one board member, and duly appointed Karl-Christian Agerup. The
Annual General Meeting in 2024 elected Karl-Christian Agerup as
Board Chair.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
15
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 to 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 company financial statements.
Board meetings in 2024
In 2024 the Board held 12 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 September dedicated to
reviewing the Group’s strategies.
Attendance at board meetings and board committee meetings in 2024:
Attendance at meetings
Board
meetings
Audit
Committee meetings
Compensation
Committee meetings
Karl
-
Christian Agerup
(Chair)
1
2
/
12
8/8
Rune Bjerke
(Deputy Chair)
1
2
/
1
2
8/8
Philippe Vimard
1
1
/
1
2
8/8
Satu Huber
(until 26 April 2024)
5/5
4/4
Hugo Maurstad
(until 26 April 2024)
4/5
Satu
Kiiskinen
1
2
/
1
2
8/8
Ulrike Handel
12
/
12
8/8
Natalia Gennadievna Zharinova (from 26 April 2024)
7/7
4/4
Rolv Erik Ryssdal (from 26 April 2024)
6/7
Henning
Spjelkavik (from 7 June 2024)
6/6
4/4
Yevgeniya Nattila (from 7 June 2024)
6/6
Kamilla Wehrmann (from 7 June 2024)
6/6
4/4
Hans Kristian Mjelva (until 7 June 2024)
5/6
4/4
Marita Elena Valvik
(until 7 June 2024)
6/6
Maria Carling
(until 7
June 2024)
6/6
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 Marketplaces
general activities. The Board actively participates in shaping
Schibsted Marketplaces 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 and 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 Marketplaces 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 Head of
Legal currently 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
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
16
has a satisfactory basis for its work. Board meetings are presided
over by the Board Chair. Before every board meeting the Board
convenes for a 30-minute closed session without Schibsted
Marketplaces Executive Management present.
Board committees
Schibsted Marketplaces 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 Natalia Gennadievna
Zharinova (Chair), Philippe Vimard, Karl-Christian Agerup, and
Kamilla Wehrmann. The CEO attends committee meetings apart
from those at which remuneration of the CEO is considered. The
company’s Director of Compensation and Benefits 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 Marketplaces
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, Ulrike Handel and Henning Spjelkavik.
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 and sustainability 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 describes the
committee's role and scope of responsibilities. The mandate is kept
current and was revised in 2024 to incorporate responsibilities for
sustainability reporting (SR) which are in essence similar to the
committee’s responsibilities related to financial reporting (FR). 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 annually of its duties
related to FR and statutory audit at the same time as the annual
accounts, year-end audit, and opinion are presented. Starting in
2024, sustainability reporting and its assurance were also included
in the annual formal communication to the Board. This is to
demonstrate the committee’s oversight of FR, SR and their
respective statutory audit/assurance, how the audit/assurance
contributed towards the integrity of FR and SR, 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 and
sustainability reporting and their respective audit and assurance.
The chair also invites the external auditor to participate in all Audit
Committee meetings, which were fully attended in 2024. 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 Marketplaces governance model and are integral
elements of the overall governance of the company. 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.
Schibsted Marketplaces 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 Marketplaces 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 Marketplaces on a risk-based basis. In 2023 a new
compliance reporting process was implemented in the organisation,
focusing on various key compliance risks and incidents. The
reporting process will be reassessed in 2025 in light of the new
organisational structure.
Schibsted Marketplaces internal control system covers all parts of
Schibsted Marketplaces corporate policies, including our Code of
Conduct and other group requirements.
Schibsted Marketplaces has rules in place for reporting censurable
conduct within the company (whistleblowing) and for handling such
reports. Schibsted Marketplaces has implemented a 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.
The governance and operation of the GFR function consist of the
following key sub-functions with their respective professional
teams:
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
17
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 Marketplaces 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 GFR set-up and activities form the basis
for providing reasonable assurance to Schibsted Marketplaces
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,
reporting requirements and deadlines. Schibsted Marketplaces
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 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 financial key figures based on IFRS, non-
financial key performance indicators, a status report on each
operating segment and business-related matters, and a financial
market update.
Sustainability reporting
Similar to financial reporting, the group CFO also has overall
ownership of and responsibility for the external sustainability
reporting (SR) process and its governance. A dedicated group-level
sustainability team has the following primary responsibilities for
efficient, effective and compliant SR:
Monitor and implement the regulatory requirements
applicable to SR
Design, implement and maintain governing documents,
resource planning and annual timelines
Risk assessment and internal control over SR
Execution of the external SR process and its operations
Facilitate the external assurance process
The Group SR function plays a central role in the preparation and
presentation of Schibsted Marketplaces sustainability statement
and other mandatory external reporting. The 2024 sustainability
statement follows the European Sustainability Reporting Standards
(ESRS) as stipulated by the EU directive Corporate Sustainability
Reporting Directive (CSRD).
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 2024. 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, guidelines and strategies for the
remuneration of other members of Schibsted Marketplaces
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 Marketplaces has established a shareholder policy and
an investor relations (IR) policy that guide Schibsted Marketplaces
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 Marketplaces. Schibsted Marketplaces 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 Marketplaces 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
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
18
shareholders is simultaneously published on our website. Our
contact with shareholders complies with the Oslo Børs Code of
Practice for IR. The CFO and Head of IR regularly update the Board
on IR activities.
Reporting of financial information
It is important for Schibsted Marketplaces that participants in the
financial markets have confidence in the integrity of our financial
reporting. The Audit Committee monitors the work on preparing
Schibsted Marketplaces financial reports and presents to the Board
an account of their joint responsibilities in overseeing Schibsted
Marketplaces financial reporting, external audit process and results,
and for the overall integrity of the financial reporting.
Schibsted Marketplaces publishes its financial figures quarterly.
Virtual 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 Marketplaces Executive Management Team attend the
presentations as required.
The presentations in connection with the quarterly results are
published on our website. The full version of the annual report,
including the Board of Directors' report, is published on our website
at least 21 days before the Annual General Meeting. Schibsted
Marketplaces 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 Marketplaces regularly arranges Capital Markets Days in
order to present its strategy and ambitions. The most recent Capital
Markets Day was held physically in Barcelona on 19 November 2024,
and a video webcast of the event and the presentation material are
available on our website.
14. Takeovers
As mentioned in section 4 above, Schibsted Marketplaces 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.”
As a result of these voting restrictions, a takeover of the company
would require an amendment to the Articles of Association. The
restrictions were put in place in connection with the listing of the
company and may only be changed with 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 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.
Starting in 2024, Schibsted Marketplaces has appointed the same
audit firm for both financial reporting audit and sustainability
reporting assurance. The governing principles outlined in this
chapter primarily apply to financial reporting audit but are also
applicable to sustainability reporting assurance as needed to
ensure independent attestation.
The Board’s relationship with the external auditor
According to its mandate, the Audit Committee ensures that
Schibsted Marketplaces be subject to an independent and effective
external audit in compliance with the 2021 Auditing and Auditors Act.
As part of this responsibility, the Audit Committee evaluates the
following factors relating to the external auditor each year:
Independence of external auditors
Nature and scope of non-audit service
Audit and non-audit services fee
The quality of the auditing service
The Audit Committee reviews the external auditor’s fee and makes
a recommendation to the Board. The Board then submits a proposal
for approval at the Annual General Meeting. See Note 32 Auditor’s
remuneration to the consolidated financial statements for
information on remuneration of the external auditor for the financial
year 2024.
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 or non-audit 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 2024 complies with the requirements in the Auditing and Auditors
Act and the guidelines from Finanstilsynet (Financial Supervisory
Authority of Norway). The Board finds that the advisory services
provided by the external auditor in 2024 do not compromise the
auditor’s independence but recognises potential concerns
regarding the perception of independence. 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 2024 Annual General Meeting is not restricted to
defined purposes as recommended by the Code. The Board elected
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
19
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 Marketplaces 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. The Board of Directors has communicated its intention to
remove the dual share class structure by 1 January 2026, subject to
shareholder approval.
Amendments to Schibsted Marketplaces Articles of Association, as
well as certain important decisions relating to other companies in
the Schibsted Marketplaces 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.
Furthermore, the Articles of Association prohibit shareholders from
owning more than 30 per cent of the shares or voting for more than
30 per cent of the votes.
The above provisions do not comply with the recommendations set
out in section 5 of the Code. The restrictions were put in place in
connection with the listing of the company and may only be
amended with 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.
Section 6: Annual General Meeting
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
Marketplaces 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 and may only be amended with 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.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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Sustainability Statement
Index
General information
................................
................................
................................
.....................
22
ESRS 2 General disclosures ................................................................................................................... 22
BP-1 – General basis for preparation of the sustainability statement .................................................................. 22
BP-2 – Disclosures in relation to specific circumstances ............................................................................... 22
GOV-1 – The role of the administrative, management and supervisory bodies ...................................................... 22
GOV-2 – Information provided to and sustainability matters addressed by our administrative, management and supervisory
bodies ........................................................................................................................................ 24
GOV-3 – Integration of sustainability-related performance in incentive schemes .................................................. 24
GOV-4 – Statement on due diligence ..................................................................................................... 24
GOV-5 – Risk management and internal controls over sustainability reporting ..................................................... 25
SBM-1 – Strategy, business model and value chain ..................................................................................... 26
SBM-2 – Interests and views of stakeholders........................................................................................... 30
SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model .................... 32
IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities .........................44
IRO-2 – Disclosure requirements in ESRS covered by our sustainability statement ................................................ 47
Environmental information ............................................................................................................. 60
Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy Regulation) .................................................... 60
Minimum social safeguard criteria ....................................................................................................... 60
Process eligibility and alignment ......................................................................................................... 60
Eligible activities ........................................................................................................................... 60
Non-eligible activities ..................................................................................................................... 60
Eligibility rationale and method ........................................................................................................... 60
Alignment rationale and method ......................................................................................................... 60
Key performance indicators ............................................................................................................... 61
Exposure to nuclear and fossil gas-related activities ...................................................................................63
ESRS E1 – Climate change......................................................................................................................64
E1-1 – Transition plan for climate change mitigation .....................................................................................64
E1-2 – Policies related to climate change mitigation and adaptation ..................................................................64
E1-3 – Actions and resources in relation to climate change policies ..................................................................65
E1-4 – Targets related to climate change mitigation and adaptation .................................................................. 66
E1-5 – Energy consumption and mix ...................................................................................................... 67
E1-6 – Gross Scopes 1, 2, 3 and total GHG emissions ................................................................................... 70
ESRS E4 – Biodiversity and ecosystems regarding Schibsted Media ..................................................................... 78
E4-2 – Policies related to biodiversity and ecosystems ................................................................................. 79
E4-3 and E4-4 – Actions, resources and targets related to biodiversity and ecosystems .......................................... 79
ESRS E5 – Resource use and circular economy ............................................................................................. 79
E5-1 – Policies related to resource use and circular economy ........................................................................ 80
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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E5-2 – Actions and resources related to resource use and circular economy
................................
.......................
82
E5-3 – Targets related to resource use and circular economy......................................................................... 84
E5-5 – Resource outflows ................................................................................................................. 86
Social information ....................................................................................................................... 88
ESRS S1 – Own workforce .................................................................................................................... 89
S1-1 – Policies related to own workforce................................................................................................. 89
S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts ................................ 92
S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns ............................ 92
S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions ............................................. 93
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities ............................................................................................................................... 95
S1-6 – Characteristics of our employees ................................................................................................ 96
S1-8 – Collective bargaining coverage and social dialogue ........................................................................... 98
S1-9 – Diversity metrics ................................................................................................................... 99
S1-10 – Adequate wages .................................................................................................................. 100
S1-14 – Health and safety metrics ....................................................................................................... 100
S1-16 – Remuneration metrics (pay gap and total remuneration) .................................................................... 100
S1-17 – Incidents, complaints and severe human rights impacts ..................................................................... 100
ESRS S2 – Workers in the value chain ...................................................................................................... 100
S2-1 – Policies related to value chain workers .......................................................................................... 101
S2-2 – Processes for engaging with value chain workers about impacts ............................................................ 102
S2-3 – Processes to remediate negative impact and channels for value chain workers to raise concerns ..................... 102
S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing
material opportunities related to value chain workers, and effectiveness of those actions....................................... 103
S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities ............................................................................................................................... 104
ESRS S4 – Consumers and end-users ....................................................................................................... 105
S4-1 – Policies related to consumers and end-users ...................................................................................106
S4-2 – Processes for engaging with consumers and end-users about impacts .................................................... 108
S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns ............. 108
S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and
pursuing material opportunities related to consumers and end-users, and effectiveness of those actions ....................109
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities ............................................................................................................................... 113
Governance information ................................................................................................................ 115
ESRS G1 – Business conduct ................................................................................................................. 116
G1-1 – Business conduct ................................................................................................................... 117
G1-2 – Management of relationships with suppliers .................................................................................... 121
G1-5 – Political influence and lobbying activities ....................................................................................... 122
G1-6 – Payment practices ................................................................................................................. 124
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General information
ESRS 2 General disclosures
BP-1 - General basis for preparation of the
sustainability statement
This is Schibsted Marketplaces’ first sustainability statement in
accordance with the European Sustainability Reporting Standard
(ESRS), which is the standard stipulated by the EU’s Corporate
Sustainability Reporting Directive (CSRD). The sustainability
statement has been prepared on a consolidated basis and is aligned
with the financial scope (the company and subsidiaries), meaning
that the scope of this statement includes our marketplace verticals,
delivery services, news media operations and investment activities.
This statement covers our material impacts, risks and opportunities
(IROs) related to activities in our own operations as well as in our
upstream and downstream value chain. For information on our value
chain, see section SBM-1 – Strategy, business model and value
chain.
Information pertaining to the CapEx and OpEx investments made for
the launch of the transactional marketplace on Tori.fi has been
excluded from this statement for confidentiality reasons. We have
not used the exemption from disclosing information on impending
developments or matters in the course of negotiation.
BP-2 - Disclosures in relation to specific
circumstances
During 2024, Schibsted Marketplaces sold Schibsted Media, which
for 2023 represented 48% of revenue and 36% of the Group's full-
time equivalents (FTEs). Information about Schibsted Media is
included in this statement for the time during which it was owned by
Schibsted Marketplaces, meaning the period January to May 2024.
In order to determine how information regarding Schibsted Media is
best provided to the readers of this sustainability statement, an
assessment was performed of both Schibsted Marketplaces’ and
Schibsted Media’s double materiality assessments (DMAs)
respectively. This assessment showed that Schibsted
Marketplaces’ DMA sufficiently addressed all of Schibsted Media’s
material aspects, except for ESRS E4 Biodiversity and ecosystems,
which has been deemed non-material for Schibsted Marketplaces,
but as material for Schibsted Media. Unless otherwise stated,
information on Schibsted Media has been integrated into the
disclosures of this statement and reported as part of Schibsted
Marketplaces. Data for Schibsted Media is presented as part of
discontinued operations, similar to how information is presented in
the financial statements (see Assets Held for Sale and Discontinued
Operations for reference to the financial statements). However, a
separate section covering ESRS E4 has been included in order to
provide sufficient information on this sustainability topic. This
section will only cover information pertaining to Schibsted Media,
since E4 is non-material for Schibsted Marketplaces.
The carve-out of Schibsted Media presented a major shift for
Schibsted Marketplaces’ strategic sustainability work. As a result,
key sustainability analyses and strategic elements have been
deemed as outdated during 2024 and will be updated going forward.
This includes our sustainability goals and targets. In this statement,
we will present performance measurements for sustainability that
were valid for 2024, but will not present new forward-looking targets
since these are yet to be defined. The review of sustainability
targets is expected to be finalised during 2025–2026. This process
will include updating targets and metrics to encompass our new
material sustainability areas as Schibsted Marketplaces and to
ensure that these metrics and targets comply with ESRS
requirements. Our commitment to sustainability remains steadfast
and our efforts will continue as we realign our targets according to
our new strategic direction.
Beyond the implications of the carve-out of Schibsted Media, the
following information regarding specific circumstances should be
noted:
Methodology for metrics: Unless specified, the metrics
presented in the sustainability statement have not undergone
validation by any external organisation.
Disclosures stemming from other legislation or generally
accepted sustainability reporting pronouncements: As well
as following the ESRS structure, this statement covers the
disclosures required by sections 1-2a and 2-3 of the
Norwegian Accounting Act and by the EU Taxonomy
(hereafter ‘the Taxonomy’).
GOV-1 - The role of the administrative, management
and supervisory bodies
Schibsted Marketplaces’ governance structure is composed of the
Board of Directors (hereafter ‘the Board’) and the Executive
Leadership Team, which together constitute the administrative,
management and supervisory bodies. The Executive Leadership
Team is considered the management and administrative body, while
the Board is considered the supervisory body. The Board is
responsible for oversight, ensuring strategic direction and
monitoring financial and sustainability-related risks and
opportunities. Board committees such as the Audit Committee and
Nomination Committee play a supporting role to the Board. The
Audit Committee is responsible for overseeing financial integrity,
risk management and sustainability reporting processes. The
Nomination Committee is responsible for evaluating and
recommending candidates for the Board, ensuring a robust and
diverse composition that aligns with our long-term strategy and
governance requirements. The Executive Leadership Team, led by
the CEO, is accountable for the day-to-day management of the
company, implementing strategic initiatives and integrating
sustainability considerations into business operations.
Schibsted Marketplaces’ Board comprises 10 regular members and
three deputy members; seven shareholder-elected and six
employee-elected (of which three are deputies). The shareholder-
elected members serve one-year terms, while the employee-
elected representatives serve two-year terms. With a 1:1 (50%) ratio
of female to male Board members, excluding deputies, the Board’s
composition adheres to the Norwegian Public Limited Liability
Companies Act, which mandates that the minority gender must
represent at least 40% of the Board members. When including
deputies, this ratio is 0.86 (46%).
In addition to gender balance, the Nomination Committee considers
age, education, professional background and international
experience as relevant diversity criteria when evaluating the Board’s
composition. The Board has experience with the sectors, products
and geographic reach of the company. Members bring deep
experience in marketplaces, technology, digital industries and real
estate, contributing with critical insights into global marketplace
dynamics and technology operations. Geographic diversity is
supported by leaders with extensive roles in Nordic companies,
alongside global perspectives from members with experience in
international markets. Additionally, the inclusion of employee
representatives enriches the Board with first-hand insights into
technology, localisation and market-specific strategies across
multiple countries. This breadth ensures that the Board effectively
navigates Schibsted Marketplaces' complex multi-market
environment.
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Regarding independence, the Board of Directors ensures that it
operates independently of any special interest. The current Board
meets the requirement set forth in the Norwegian Code of Practice
for Corporate Governance, which states that the majority of
shareholder-elected Board members must be independent of the
company's executive personnel and material business and that at
least two of the shareholder-elected Board members must be
independent of the main shareholders. Karl-Christian Agerup is not
considered independent of the main shareholders due to his
position as deputy Board member of the Tinius Trust. All other
shareholder-elected Board members are considered independent,
constituting a ratio of 86%.
The Executive Leadership Team is composed of nine members, of
which three are female (33 per cent) and six male (66 per cent).
Their collective experience spans strategic leadership, data and
technology innovation, financial management, marketing and sales
and people-focused organisational development. The team
members have backgrounds in leading roles across global tech
companies, telecommunications, digital marketplaces, banking and
entrepreneurship. This diversity equips them to drive growth and
innovation while navigating complex challenges in the marketplace
sector.
The Board oversees and governs Schibsted Marketplaces’
sustainability performance (impacts, risks and opportunities). The
Board has the final decision on actions to take and approves the
sustainability-related ambitions and targets by signing the Board of
Directors’ report, which includes the sustainability statement. The
Audit Committee conducts an in-depth review of the statement
before it is approved by the Board. The instructions for the Audit
Committee include assisting the Board in overseeing the
sustainability reporting process and statement, discussing and
reviewing the content with the Executive Leadership Team and
overseeing the auditing and assurance of the annual sustainability
reports. The instructions for the Board currently do not include
explicit procedures for reporting on and discussing sustainability-
related topics, such as specific IROs.
Schibsted Marketplaces aims to incorporate responsibility for
sustainability into our core business. The Board has delegated the
responsibility for handling specific material IROs to the Executive
Leadership Team. For each material IRO identified, a member of
Schibsted Marketplaces’ Executive Leadership 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. These targets are
typically set annually and decided in the Executive Leadership
Team, which also monitors progress towards them. However, due to
the carve-out of Schibsted Media in 2024, measurable, outcome-
oriented and time-bound targets in accordance with ESRS have not
been set (for more information, see BP-2 – Disclosures in relation to
specific circumstances and E1-4 – Targets related to climate change
mitigation and adaptation). The Board is responsible for overseeing
the overall ambitions and progress on sustainability and engages on
selected, specific topics where relevant. See the table below for an
overview of responsibility per IRO and topic for members of the
Executive Leadership Team. Schibsted Marketplaces’ CEO is
ultimately responsible for our sustainability performance and
delegates the operative and strategic sustainability work to the Head
of Sustainability. Schibsted Marketplaces’ CFO is ultimately
responsible for our sustainability reporting.
ESRS 2 – Table 1:
Responsibility for IROs in the Executive Leadership Team
Responsibility for IROs in the
Executive Leadership Team
Who
IRO Category / ESRS Topic
CEO
No specific IROs, overall responsible
CFO
IROs related to G1 Business Conduct
and Privacy
Executive Vice
President (EVP) People
& Communications
IROs related to S1 Own workforce and
Code of Conduct
EVP Marketing & Sales
IROs related to Business Conduct and
Business Partner Code of Conduct (in
connection with customer
relationships), as well as advertising-
related IROs
EVP Foundation
Cybersecurity
-
related IROs, and
energy consumption from own
operations (e.g., data centres and
devices)
EVP Mobility
Mobility
-
related IROs
EVP Real Estate
Real Estate and Travel
-
related IROs
(except business travel)
EVP Jobs
Jobs
-
related IROs (except those
concerning S1 Own workforce)
EVP Recommerce
Recommerce and Delivery
-
related
IROs, including S2 Workers in the
value chain related to Delivery
For Schibsted Marketplaces and for companies with separate
management teams (e.g., Lendo and Prisjakt) the general managers
(i.e., CEOs) in each company are responsible for monitoring and
supporting the 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 delegated to each marketplace vertical to
the extent permitted by law. It is the CEO or country manager of
each legal entity who is responsible for legal compliance of that
entity. The general managers, with support from the Head of
Sustainability, are also responsible for applying sustainability due
diligence processes when deemed necessary.
The Board and its committees ensure that appropriate skills and
opportunities are available and developed continuously at multiple
levels. This includes opportunities for Board members and
Executive Leadership Team members to participate in sustainability
related training sessions, both in general and connected to specific
sustainability matters. One such introductory session (aimed
towards the Board) was performed by PwC on 24 October 2024. The
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Head of Sustainability has the responsibility to support the
organisation in acquiring the skills and expertise needed to
incorporate all relevant sustainability aspects in the overall strategy,
following up that the material sustainability topics are prioritised and
guiding the organisation on sustainability matters. During 2024, the
Head of Sustainability for Schibsted Media served as an expert for
sustainability inquiries related to media operations. Where
Schibsted Marketplaces do not directly possess the relevant
sustainability-related expertise, outside consultants are used.
GOV-1, G1 – The role of the administrative, management and
supervisory bodies
In Schibsted Marketplaces, the role of the administrative,
management and supervisory bodies related to business conduct is
to uphold the Code of Conduct and ensure that relevant actions take
place to reduce the risk of negative impacts and contribute to
positive impacts within our own operations and throughout our
value chain. This includes, but is not limited to, considering risks
related to business conduct as part of the enterprise risk
management (ERM) process. The administrative, management and
supervisory bodies have the following expertise related to business
conduct matters:
The Board of Directors
The Board of Directors possesses extensive experience in
governance, corporate oversight and ethical business leadership.
Chair Karl-Christian Agerup and Deputy Chair Rune Bjerke bring
expertise in financial governance and strategic decision making,
ensuring compliance with corporate laws and ethical standards.
Members such as Philippe Vimard and Dr. Ulrike Handel contribute
with significant experience in digital transformation and technology
ethics, which are critical for overseeing responsible business
practices. Employee representatives add an operational
perspective, ensuring alignment between leadership decisions and
day-to-day conduct.
The Executive Leadership Team
The Executive Leadership Team demonstrates strong expertise in
ethical business operations, financial integrity and governance. CEO
Christian Printzell Halvorsen and CFO Per Christian Mørland ensure
transparency and compliance in decision making and financial
management. Leaders such as Sven Størmer Thaulow (EVP
Foundation) and Antonia Brandberg Björk (EVP People &
Communications) focus on responsible data practices and on
fostering an ethical business culture. Their collective experience
supports robust business conduct and accountability across
Schibsted Marketplaces.
GOV–2 – Information provided to and sustainability
matters addressed by our administrative,
management and supervisory bodies
As an integral part of Group performance and strategy management,
the members of the Executive Leadership Team, their respective
management teams and the Head of Sustainability monitor progress
on material sustainability matters. This work includes evaluating the
results and effectiveness of policies, actions, metrics and targets
adopted to address these matters. The Head of Sustainability also
monitors the overall progress in relation to actions and targets and
reports to the Board and the Executive Leadership Team on a need-
to-know basis and at least annually. During 2024, three such
updates were provided. The progress on ambitions, targets and
actions and their effectiveness are reviewed at least three times per
year by the Executive Leadership Team. The implementation of
policies and their effectiveness is reviewed annually. The annual
1
OECD: Organisation for Economic Co-operation and Development
sustainability statement, which is integrated into the annual report,
forms the main report to the Board on sustainability.
Critical concerns relating to Schibsted Marketplaces’ material social
and environmental impacts, risks and opportunities can also be
addressed and communicated to the Board on a need-to-know
basis or through the whistleblower or risk management processes.
For all potential investments in new companies, a sustainability due
diligence is performed that informs the bodies about the impacts,
risks and opportunities related to the target company. The Board
and Executive Leadership Team are informed of this due diligence
process on an ad-hoc basis and of the outcome of each due
diligence evaluation in connection with potential investment
decisions.
Schibsted Marketplaces’ Executive Leadership Team reviews risk
assessments of strategic, market-related, legal, sustainability,
compliance-related and ethical issues as well as operational and
organisational risk assessments. These risk-assessments are made
in order to understand and act on matters important to Schibsted
Marketplaces or our stakeholders. Risk assessments are also
reported to and reviewed by the Audit Committee and the Board.
The Board and the Executive Leadership Team may engage internal
sustainability experts to assess sustainability-related IROs when
evaluating strategic options and making decisions. Currently, the
Board and Executive Leadership Team do not explicitly consider
IROs in relation to trade-offs or decisions on major transactions.
During 2024, all material impacts, risks and opportunities except
Waste generated in own operations and delivery services were
addressed by the Board and the Executive Leadership Team.
However, since no DMA was defined until the second half of 2024,
they did not necessarily focus directly on the material IROs
identified in the DMA. For a full list of IROs, see section SBM-3 –
Material impacts, risks and opportunities and their interaction with
strategy and business model.
GOV-3 - Integration of sustainability-related
performance in incentive schemes
No specific incentives linked to sustainability matters are currently
offered to the Board or the Executive Leadership Team. However,
such incentives have previously been offered and the need for them
is reviewed annually. Schibsted Marketplaces has no sustainability
or climate-related performance indicators included in incentive
schemes.
GOV-4 - Statement on due diligence
Schibsted Marketplaces has a process for due diligence at both
Group and subsidiary level. The process is based on the OECD
1
due
diligence model as described in the Guidelines for Multinational
Enterprises. Responsibility for the due diligence processes is shared
between the sustainability and compliance functions at Group level.
Responsibility for due diligence processes also lies with each
subsidiary, with oversight provided by the Group sustainability team.
To manage identified risk areas, subsidiaries have developed their
own specific internal follow-up processes. The internal processes
are adapted to the company’s size and identified risk areas.
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.
See the table below for a mapping of the information provided in the
sustainability statement about the due diligence process.
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ESRS 2 – Table 2: Information about the due diligence process
Core elements of due diligence
Paragraphs in the sustainability
statement
a)
Embedding due diligence in governance, strategy
and business model
GOV
-
1:
The role of the administrative, management and supervisory bodies
GOV-2: Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
S1-1: Policies related to own workforce
S2
-
1:
Policies related to value chain workers
b)
Engaging with affected stakeholders in all key steps
of the due diligence
SBM
-
2:
Interests and views of stakeholders
SBM-3, S2: Material impacts, risks and opportunities and their interaction with
strategy and business model
S1-2: Processes for engaging with own workforce and workers’
representatives about impacts
S2-2: Processes for engaging with value chain workers about impacts
S4
-
2:
Processes for engaging with consumers and end
-
users about impacts
c)
Identifying and assessing adverse impacts
IRO
-
1:
Identifying and assessing negative impacts on people and the
environment
d)
Taking action to address those adverse impacts
E1
-
3:
Actions and resources in relation to climate change policies
E5-2: Actions and resources related to resource use and circular economy
S1-4: Taking action on material impacts on own workforce and approaches to
managing material risks and pursuing material opportunities related to own
workforce and effectiveness of those actions
S2-4: Taking action on material impacts on value chain workers and
approaches to managing material risks and pursuing material opportunities
related to value chain workers and effectiveness of those actions
S4-4: Taking action on material impacts on consumers and end-users and
approaches to managing material risks and pursuing material opportunities
related to consumers and end
-
users and effectiveness of those actions
e)
Tracking the effectiveness of these efforts and
communicating
S1
-
3:
Processes to remediate negative impacts and channels for own
workforce to raise concerns
S2-3: Processes to remediate negative impact and channels for value chain
workers to raise concerns
GOV-5 - Risk management and internal controls
over sustainability reporting
Schibsted Marketplaces’ began to formalise its Internal Control over
Sustainability Reporting (ICSR) system during 2024. Our ICSR
system is an integral part of the sustainability reporting process and
is based on the key elements of the COSO
2
internal control
integrated framework. The first step in formalising our internal
control over sustainability reporting was to perform a risk
assessment for the 2024 sustainability reporting. The scope of the
assessment matched the legal entities identified for the 2024
sustainability reporting. The primary objective of the risk
assessment was to identify and manage the critical reporting risks.
As part of this process, several key controls were identified,
performed and documented. The main features and components of
the risk management and internal control processes in relation to
sustainability reporting are upskilling for people who report
sustainability data, segregation of duties and harmonisation of
processes.
The risk assessment was performed by a small task force with
experience from sustainability reporting and financial reporting and
was based on experience from previous years’ reporting. Risks
were identified by considering the full sustainability reporting
process and supporting processes, especially in the context of
increasing requirements compared to previous years’ reporting. The
identified risks were then rated and prioritised on a scale using
magnitude and likelihood; see the table below for details. For
assessing likelihood, the following aspects were taken into account:
a) complexity in the regulatory requirements, b) nature and
complexity of the reporting process, c) maturity/competence level
2
COSO refers to the ‘Committee of Sponsoring Organizations’
of the organisation, d) employees’, management’s and suppliers’
incentives, e) organisational changes, f) mergers, acquisitions and
divestments and, finally, g) experience from prior statements.
ESRS 2 – Table 3: Rating scale for assessing risk of misstatement
Rating scale for assessing the risk of misstatement in the
sustainability statement
Likelihood scale:
1 - Very unlikely (< 20% chance)
2 - Unlikely (20–40% chance)
3 - Possible (40–60% chance)
4 - Likely (60–80% chance)
5
-
Very likely (> 80% chance)
Magnitude scale:
1 - Insignificant
2 - Minor
3 - Moderate
4 - Major
5
-
Catastrophic
The main risks identified in relation to the quality of our reporting
include potential inaccuracies in the double materiality assessment,
errors in data collection, mistakes in compilation and reporting, and
lack of sustainability competence in the organisation and among
suppliers. In regard to data, there is a risk of incompleteness and
inaccuracy due to the large volume of information, the application of
estimates and the use of manual methods for collecting, compiling
and calculating data. Strategies for mitigating these risks are:
Providing training sessions for sustainability data reporters
aimed at minimising potential misunderstandings and human
errors,
Integration of data verification in the general calculation
processes (Group-level analysis and key controls, such as
completeness and reasonableness of data), and
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Creation of an internal framework and guidance for
sustainability reporting.
The findings of our risk assessment are integrated into our internal
functions and processes, an example of which is how internal
controls of data have been incorporated throughout our data
collection and verification process. By manually verifying all
quantitative data, we aim to detect any errors or missing information.
Confirmation of all qualitative data is performed by internal
stakeholders, who are assigned responsibility for relevant
sustainability areas. The Head of Sustainability assumes ultimate
oversight of these processes, which are implemented by the Group
sustainability team. The internal controls and risk management of
our sustainability reporting is subject to review by the Audit
Committee and when needed this is elevated to the Executive
Leadership Team to address those issues.
SBM-1 - Strategy, business model and value chain
Schibsted Marketplaces provides diverse digital services across its
business units, including online marketplaces (e.g., FINN, Blocket,
Tori and DBA) and delivery services. In 2024, we carved out our
news media operations into a stand-alone company (Schibsted
Media) privately owned by the Tinius Trust. Schibsted Marketplaces
operates a vertical-based business model. The operating segments
are Mobility, Real Estate, Jobs, Recommerce, Delivery and
HQ/Other. Note that since Schibsted Media is considered a
discontinued operation since May 2024, its characteristics,
including its value chain, strategies, etc., are no longer relevant for
the ongoing operations of Schibsted Marketplaces and are therefore
not addressed in depth in this sustainability statement except when
required to describe Schibsted Marketplaces’ overall impact and
actions during 2024.
Operating primarily within Nordic markets, Schibsted Marketplaces
serves a vast customer base across Norway, Sweden, Finland and
Denmark. With more than 300 million visits per month, many
consumers in the Nordics engage with our services. We will
continue to expand our marketplace offerings to cater to evolving
customer needs through the development of innovative services
such as Qasa (transactional rentals) and Wheelaway (customer-to-
business car sourcing). Several of the marketplace verticals
(including Recommerce, Mobility and Real Estate) play a role in
enabling the circular economy and their business model is linked to
this development.
Schibsted Marketplaces employs 3,884 individuals distributed
across its Nordic operations, with a presence mainly in Norway,
Sweden, Finland and Denmark. These employees contribute to
various segments, including marketplaces and delivery services,
aligning with our strategic focus on our geographic core. For specific
headcount by geography, see section S1-6 – Characteristics of our
employees.
For information on our sustainability-related goals in terms of
significant groups of products and services, customer categories,
geographical areas and relationships with stakeholders, see Table 4
below. No specific assessment has been made of our current
products, services, markets or customer groups, in relation to the
goals listed below. Note that the goals are connected to our
performance measurements for sustainability, which are under
evaluation. For information on the latter, see the corresponding
thematic sections in this statement (E1, E5, S1, S2, S4, G1).
ESRS 2 – Table 4: Information on sustainability-related goals
Sustainability
-
related goals
Goal
Product/
s
ervice area
Customer categories
Geographical area
Relation to stakeholders
Shift to lower
-
emission
delivery
Delivery
Distribution partners,
Media companies
Norway
Nature
: Emissions from distribution
impact climate change
Scale transactional
rentals in Norway
Real Estate
Tenants, Landlords
Norway
Users (Tenants):
Reduced risk of
discrimination in the rental market
Increase number of
transactions
Recommerce
Users
Norway,
Sweden,
Finland,
Denmark
Users:
Reduced risk of fraud and
improved ease-of-use
Nature: Reduced linear
consumption and resource use
Facilitate trading of EVs
3
on our platforms
Mobility
Users, Car dealers
Norway,
Sweden,
Denmark
Users and Car dealers:
Easier to
buy EVs rather than fossil-fuel
vehicles
Nature:
Reduced emissions
Our business model in relation to sustainability matters
Several elements of Schibsted Marketplaces’ strategy impact
sustainability matters. In general, sustainability serves as input for
shaping the business strategy at various levels. In particular, our
Delivery business operates a fleet of vehicles that emit GHG
emissions from energy use (fuel and electricity). The Delivery
business is among the largest in Norway and a key project is the
transition to low-emission vehicles. For the marketplace verticals
(Mobility, Real Estate, Jobs, Recommerce) the main challenge ahead
3
EVs refers to Electric Vehicles
is to adapt their strategies to address the relevant sustainability
matters in each area. A key project to achieve this is the ongoing
platform consolidation, which is planned to increase the
marketplace verticals’ ability to innovate and thus influence
sustainability matters positively. See the table below for an
overview of how our business strategy relates to sustainability
matters, including the main challenges ahead and solutions to be
put in place.
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ESRS 2 – Table 5: Overview of how our business model relates to sustainability matters
Segment
Relevant sustainability matter
Key challenges ahead
Critical solutions or projects
Mobility
Drive sustainable mobility (e.g., by
facilitating shift to electric vehicles)
and create transparent and efficient
(mobility) marketplaces
Accelerating the electrification
of the car fleet
Ongoing platform consolidation
Real Estate
Empowering a sustainable,
transparent and efficient real estate
market
Increasing the transparency of
real estate and rental
marketplaces toward agents/
consumers (real estate) and
tenants/landlords (rentals)
Ongoing platform consolidation and expanding
our transactional rental offerings (e.g., by
including Norway)
Jobs
Unbiased, inclusive and transparent
job marketplaces
Reducing discrimination in
hiring processes
Ongoing platform consolidation and improved
algorithms to detect and reduce discrimination in
hiring processes
Recommerce
An efficient market for circular
consumption of goods
Accelerating the transition from
linear to circular consumption
of goods, while limiting
overconsumption
Ongoing platform consolidation and improving our
transactional Recommerce offerings
Delivery
Emissions from Delivery operations
Transition to low
-
emission
vehicles
Transition to low
-
emission vehicles
Our business model and value chain
Our business model is centred around operating digital platforms
that connect users with services and products across various
sectors, specifically Mobility, Real Estate, Jobs and Recommerce.
We also operate delivery services, (e.g., Helthjem and
Morgenlevering) that distribute physical goods such as newspapers
and parcels. Additionally, we operate platforms for digital consumer
comparison services (e.g., Lendo), the latter will not be described
further in this section seeing as it is held for sale. Since we carved
out Schibsted Media in 2024, it is now considered a discontinued
operation for Schibsted Marketplaces and is therefore not
described in depth in this section.
For information on our key value chains, see the image and table
below.
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ESRS 2 – Table 6: Value chains per business segment
Value chain
Mobility
Description
We operate digital marketplaces for mobility (e.g., cars, motorcycles, caravans, boats). Marketplaces include both
business-to-consumer and consumer-to-consumer classifieds, as well as consumer-to-business auctions. Our position
in the value chain is as a facilitator, connecting sellers (individuals or businesses) with buyers through an accessible and
transparent platform. Benefits include providing users with reliable access to a wide variety of mobility options.
Investors gain value from a scalable, low
-
capital
-
intensive digital platform with recurring revenue streams.
Direction
Upstream
Own Operations
Downstream
Types of
activities
Input of ads, production of
goods/services listed on
site, procurement of input
goods and services for
operations (offices, IT
equipment, digital
services, consultants).
Employee recruitment and
management, marketing of own
brand, data and technology
management and development,
user management, engagement
and safety, sales and account
management, transaction
processing, display advertising.
Enabling users to transact securely and efficiently,
promoting second-hand mobility options to reduce
environmental impact, facilitating the distribution of
physical goods (e.g., vehicle parts). Impact also
includes shaping consumer behaviours through
advertising and promoting more sustainable
consumption.
Key
relationships
and main
business actors
Suppliers of ICT hardware
and services, electricity
providers, professional
services firms.
Partnerships with technology
providers, engagement with
employees to ensure platform
development and safety.
Consumers and businesses (mainly car
dealers) as end
-
users, advertisers utilising display spaces.
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Value chain
Real Estate
Description
We operate digital marketplaces for real estate (new construction, buy and sell, renting) and travel (including vacation
rentals, hotels, transportation). Our position in the value chain is as a digital enabler, connecting property owners,
developers and service providers with end-users through a user-friendly and transparent digital platform. Benefits
include streamlining property transactions and providing transparent, accessible platforms for users. Investors benefit
from a stable, scalable platform generating consistent revenues through subscriptions and ad placements.
Direction
Upstream
Own Operations
Downstream
Types of
activities
Input of ads, production of
goods/services listed on
site, procurement of input
goods and services for
operations (offices, IT
equipment, digital
services, consultants).
Employee recruitment and
management, marketing of own
brand, data and technology
management and development,
user management, engagement
and safety, sales and account
management, transaction
processing, display advertising.
Enabling users to find properties or accommodations
efficiently, facilitating property transactions and driving
economic benefits through display advertising and
transactional activities.
Key
relationships
and main
business actors
Suppliers of ICT hardware
and services, electricity
providers, professional
services firms.
Partnerships with real
estate
developers, travel and
accommodation providers and
technology firms.
End
-
users including property buyers, sellers, renters,
travellers and businesses advertising products and
services.
Value chain
Jobs
Description
We operate
digital jobs marketplaces. Our position in the value chain is as an intermediary platform that connects
employers with job seekers, facilitating efficient recruitment and promoting access to opportunities. Benefits include
reducing hiring inefficiencies, supporting businesses in talent acquisition and empowering job seekers with accessible
career options. Investors benefit from predictable revenue streams generated by subscription models, advertising and
value
-
added services.
Direction
Upstream
Own
Operations
Downstream
Types of
activities
Input of ads, production of
services listed on site,
procurement of input
goods and services for
operations (offices, IT
equipment, digital
services, consultants).
Employee recruitment and
management, marketing of own
brand, data and technology
management and development,
user management, engagement
and safety, sales and account
management, transaction
processing, display advertising.
Enabling employers to find talent efficiently, supporting
job seekers in finding employment, shaping recruitment
trends through advertising and driving societal benefits
by improving labour market transparency.
Key
relationships
and main
business actors
Suppliers of ICT hardware
and services, electricity
providers, professional
services firms.
Partnerships with technology
providers, recruitment agencies
and other ecosystem players.
Employers, job seekers and businesses utilising display
advertising and platform tools for recruitment.
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Value chain
Recommerce
Description
We operate digital marketplaces for used goods (including classifieds and transactional solutions). Our position in the
value chain is as an intermediary platform enabling circular economy principles by connecting sellers and buyers of
second-hand goods. Benefits include reducing environmental waste, supporting sustainable consumption and creating
economic opportunities for individuals and small businesses. Investors benefit from stable revenue streams driven by
subscriptions, transactional fees and advertising.
Direction
Upstream
Own Operations
Downstream
Types of
activities
Input of ads, production of
goods/services listed on
site, procurement of input
goods and services for
operations (offices, IT
equipment, digital
services, consultants).
Employee recruitment and
management, marketing of own
brand, data and technology
management and development,
user management, engagement
and safety, sales and account
management, transaction
processing, display advertising.
Enabling secure transactions of second
-
hand goods,
promoting circular consumption patterns, facilitating
the distribution of physical goods and shaping user
behaviour through advertising.
Key
relationships
and main
business actors
Suppliers of ICT hardware
and services, electricity
providers, professional
services firms.
Partnerships with logistics
providers and technology
platforms supporting secure
payments and listings.
Sellers (individuals and businesses), buyers and
businesses advertising products and services
Value chain
Delivery
Description
Distribution of our partners' newspapers, e
-
commerce parcels and second
-
hand goods in Norway. Our position in the
value chain is as a last-mile delivery provider, connecting distribution partners and end-users by offering efficient and
sustainable delivery services. Benefits include enabling reliable logistics solutions for businesses, supporting consumer
demand for e-commerce and media and contributing to sustainability through optimised routes and emission reduction
initiatives.
Direction
Upstream
Own Operations
Downstream
Types of
activities
Production and logistics of
goods distributed,
production of input goods
and services for operations
(offices, warehouses,
vehicles, IT equipment,
digital services,
consultants), distribution
partner and subcontractor
management.
Parcel sorting and handling, fleet
management, route optimisation,
delivery execution and quality
assurance, marketing of own
brand, employee recruitment and
management, data and technology
management and development,
user engagement and
management, sales and account
management.
Consumption of newspapers/goods, return of goods.
Key
relationships
and main
business actors
Suppliers of vehicles, IT
hardware, warehouse
space and logistics
technology.
Partnerships with subcontractors
and distribution partners to
optimise delivery services.
End
-
users consuming delivered goods and
newspapers, businesses leveraging delivery services
for customer satisfaction and environmental
stakeholders affected by emissions.
SBM-2 – Interests and views of 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 and partners. Such
interactions, and stakeholder engagement in general, serve the
purpose of shaping our business strategies, product development
and for understanding our impact. 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 Marketplaces. Value chain workers have
been identified as a material key stakeholder group, but were not
included in the centrally organised stakeholder dialogue from 2022.
Instead, engagement occurred directly with worker’s union
representatives, suppliers and business partners. Value chain
workers will be considered for inclusion in future stakeholder
dialogue. Note that the latest stakeholder dialogue was performed
as Schibsted, before the carve-out of Schibsted Media. A new
stakeholder dialogue is planned for 2025-2026.
The outcome of our engagement with stakeholders is used in
multiple ways; from a sustainability perspective these interests and
views of our key stakeholders, including their relation to the strategy
and business model, are included in the DMA process to identify and
assess IROs. They are also regularly taken into account when (re-)
defining strategies, most recently in defining the new strategy for
Schibsted Marketplaces presented at Capital Markets Day 2024 on
19 November 2024. While several of the interests and views are
covered in the new strategy, no major changes of direction in the
strategy were made in response to the interests and views of
stakeholders and no further steps are currently planned.
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The Board has entrusted the Executive Leadership 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 outcome of this
engagement, and the views and interests of affected stakeholders
with regard to sustainability-related impacts, are reported to the
Board on a regular basis.
ESRS 2 – Table 7: Affected stakeholders in relation to sustainability impacts
SBM-2, S1 – Interests and views of stakeholders
Schibsted Marketplaces’ strategy and business model take the
interests, views and rights of people into consideration through the
processes for engaging with its own workforce described in section
S1-2 – Processes for engaging with own workforce and workers’
representatives about impacts. Due to the carve-out of Schibsted
Media in 2024, a new strategy and reorganisation was necessary
and input from these engagement processes was considered as one
of several perspectives informing the strategy and reorganisation
deliberations. More specifically, several communication efforts and
employee and manager support initiatives were set up as a result of
this engagement.
SBM-2, S2 – Interests and views of stakeholders
The interests, views and rights of value chain workers are
considered by us when defining our strategy and business models.
Value chain workers can be impacted by our business models,
especially in relation to employment forms and agreements, the
structure of our subcontractors and in consideration of vulnerable
workers. In cases where the current business model has significant
actual negative impacts on value chain workers, actions are taken
on multiple levels to mitigate and/or avoid this impact. The most
recent example of this is within the Delivery value chain, where
subsidiaries have recently shifted towards a business model with
more permanent staff, which improves Delivery’s ability to directly
influence and improve workers’ rights.
SBM-2, S4 – Interests and views of stakeholders
Our strategy and business model are deeply informed by the
interests, views and rights of our consumers and end-users, as they
represent a key group of stakeholders whose feedback shapes our
decision making. Through ongoing stakeholder dialogue and UX
Stakeholder engagement
Key stakeholders
Primary engagement methods (how
engagement is organised)
Prioritised interests and views of key stakeholders in relation to
our strategy and business model
Users (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
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
Responsible use of data
Responsible advertising
Responsible business ethics, especially related to pricing
Efficient market for circular consumption of goods
Employees (own
workforce)
Ongoing surveys and dialogue
Survey of selected employees
Climate impact and energy use
Diversity, inclusion and belonging
Attractive workplace
Value chain workers
Conducted stakeholder dialogue
through direct engagement with
workers’ union representatives,
suppliers and business partners
Fair treatment and compliance with contractual
agreements, particularly for subcontractors and vulnerable
workers
Investors
Ongoing dialogue
Interviews with selected investors
Mapping of ESG ratings
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
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
Responsible marketplace and distribution partners
Empower consumers through comparison services
Venture portfolio
companies
Ongoing dialogue
Interviews with selected
companies
Responsible use of data
Responsible advertising
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research embedded in our daily operations, we ensure that their
perspectives are consistently integrated into our processes. This
includes addressing their human rights concerns, identifying their
evolving needs and incorporating these insights into product
development, service delivery and broader strategic initiatives. By
maintaining this consumer-centric approach, we strive to align our
business objectives with their expectations and enhance value
creation for all stakeholders.
SBM-3 - Material impacts, risks and opportunities
and their interaction with strategy and business
model
For an overview of all material impacts, risks and opportunities
resulting from the materiality assessment, see the table below. The
table also includes information on where in our business model,
own operations and our upstream and downstream value chain
these material impacts, risks and opportunities are concentrated.
Schibsted Marketplace has not identified any significant current or
anticipated effects of its material impacts, risks and opportunities
on its business model, value chain, strategy and decision making.
While we have deemed it unlikely that our business models, value
chain, strategy or decision making should fundamentally shift in
response to IROs, some changes are likely to occur as we and
actors in our value chain adapt to address these issues. The IROs
give direction to our future sustainability work and will inform our
general decision-making processes. Due to our business model,
pursuing our business objectives is in many cases aligned with
achieving positive sustainability-related outcomes. While we
continuously address identified IROs, we have not yet decided
whether to make any significant changes to our strategy and
business model in response to them. However, this will be
considered as part of our ongoing work on addressing these IROs.
Following an assessment of our IROs, we have determined that our
material risks and opportunities will not have significant effects or
cause material adjustment to the carrying amounts of assets and
liabilities reported in the related financial statements within the next
annual reporting period. These risks and opportunities will be taken
into consideration when making financial plans and provisions for
the future and this assessment might change as we adapt to our
material risks and opportunities. Schibsted Marketplaces has not
quantified the current financial effects of our material risks and
opportunities, including the impact on our financial position,
performance and cash flow.
ESRS 2 – Table 8: Schibsted Marketplaces’ material impacts, risks and opportunities
Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
E1 Climate
change
Climate change
mitigation
Energy
consumption
GHG emissions from
own operations and
value chain
Negative impact
Mainly within
Delivery
Own operations
Upstream
Downstream
All
Climate change
mitigation
Energy
consumption
Energy consumption
from own operations
Negative impact
Mainly within
Delivery
Own operations
Upstream
Downstream
All
Climate change
mitigation
Promoting and
selling travel
services that have
negative impact on
GHG emissions
Negative impact
Within the Real
Estate vertical
Downstream
All
E4
Biodiversity
and
ecosystems
(Only for
Schibsted
Media, first
five months
of 2024)
Impacts on the
extent and
condition of
ecosystems
Use of raw
material
deriving from
forestry contribute to
environmental
degradation and loss
of biodiversity
Negative impact
Schibsted Media
Upstream
All
E5
Resource
use and
circular
economy
Waste
Resource outflows
related to products
and services
Waste
generated in
own operations and
delivery services
Negative impact
Within Delivery
Own operations
Downstream
All
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Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
Resource
outflows, related
to products and
services
By driving
sustainability in the
recommerce market,
we contribute to
enabling a more
circular economy
Positive impact
Within
Recommerce
Downstream
Short
Resource
outflows, related
to products and
services
Expansions,
investments and
partnerships within
the area of circular
economy can
increase our
revenues
Opportunity
Within
Investments
Own operations
Downstream
n/a
Resource
outflows, related
to products and
services
Boosting our
Recommerce vertical
can generate traffic
to all verticals,
potentially leading to
more revenue
Opportunity
Within
Recommerce
Own
operations
n/a
Resource
outflows, related
to products and
services
Our display
advertising products
can enable linear
consumption, which
would increase
natural resource and
energy use
Negative impact
All marketplace
verticals (i.e., not
within Delivery)
Downstream
All
Resource
outflows, related
to products and
services
Facilitation of
second-hand
consumption might
lead to increased
linear consumption,
which increases
natural resource and
energy use
Negative impact
Within
Recommerce
Downstream
Short
Resource
outflows, related
to products and
services
By
facilitating and
upholding trade of
fossil-fuel vehicles in
the traditional private
car ownership
model, we contribute
to prolonging their
lifetime and
hindering the
transition to low-
emission mobility
Negative impact
Within Mobility
Downstream
All
Resource
outflows, related
to products and
services
By integrating a
sustainability
perspective in our
Real Estate vertical,
we can improve
utilisation of existing
properties and
contribute to
Positive impact
Within Real Estate
Downstream
All
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Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
environmental
sustainability
Resource
outflows, related
to products and
services
By integrating a
sustainability
perspective in our
Mobility vertical, we
can encourage
consumers to adopt
more low-emission
and less polluting
transportation
options and make
better use of existing
vehicles
Positive impact
Within
Mobility
Downstream
All
S1 Own
workforce
Working
conditions
Company
reorganisation may
lead to lower
productivity,
increased employee
turnover and
financial loss
Risk
Within all
marketplace
verticals (i.e., not
within Delivery)
Own operations
n/a
Working
conditions
Poor work
-
life
balance and unclear
expectations on
employees may lead
to employee ill-
health, resulting in
sick leave, increased
employee turnover
and financial loss
Risk
All business
models
Own operations
n/a
Working
conditions
Reorganisation and
cost reduction
programme in 2024
might have negative
impact on employees
and lead to employee
ill
-
health
Negative impact
All business
models
Own operations
Short
Equal treatment
and opportunities
for all
Potential
discrimination and
lack of opportunities
in the workplace
based on gender, age
and skin colour
Negative impact
All business
models
Own operations
All
Working
conditions
Equal treatment
and opportunities
for all
Potential poor
working conditions
for employees
Negative impact
All business
models
Own operations
Short
Equal treatment
and opportunities
for all
A clear purpose,
culture and
performance on
Opportunity
All business
models
Own operations
n/a
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Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
sustainability will
increase the
likelihood of
attracting and
retaining talent
S2 Workers
in the value
chain
Working
conditions
Poor working
conditions in the
distribution value
chain, such as low
pay, injury risks and
night shifts, might
negatively affect
workers
Negative
impact
Within Delivery
Upstream
Short
Other work
-
related
rights
Potential negative
impact on human
rights in our
downstream value
chain related to our
investments
Negative impact
Within
Investments
Downstream
All
S4
Consumers
and end-
users
Social inclusion of
consumers and/or
end-users
Personal safety of
consumers and/or
end-users
By digitising and
formalising
transactions
between sellers and
buyers, we enhance
transparency,
increase security and
ensure tax
contributions
Positive impact
Within
Recommerce
Downstream
Medium
Social inclusion of
consumers and/or
end-users
Providing a digital
infrastructure for
giveaway goods
benefits consumers
and end-users (both
givers and receivers)
Positive impact
Within
Recommerce
Downstream
Short
Information
-
related impacts for
consumers and
end-users
Strengthened trust in
our brand due to
increased market
transparency, market
efficiency and
consumer safety can
increase revenue in
the long term
Opportunity
Within all
marketplace
verticals
Downstream
n/a
Information
-
related impacts for
consumers and
end-users
Cybersecurity
breaches could
potentially
compromise the
privacy of users by
exposing their
sensitive data
Negative impact
All business
models
Downstream
All
Information
-
related impacts for
Reduced trust and
brand reputation
caused by not
Risk
Within all
marketplace
verticals
Own operations
Downstream
n/a
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Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
consumers and
end-users
Social inclusion of
consumers and/or
end-users
prioritising private
consumers’ rights
and their access to
data over
professional
customers can
reduce usage of our
platforms, leading to
reduced revenue
Information
-
related impacts for
consumers and
end-users
A lack of price
transparency in the
real estate buy/sell
market can be
amplified through our
Real Estate
marketplaces and
result in consumers
making uninformed
financial decisions
Negative impact
Within Real Estate
Downstream
All
Information
-
related impacts for
consumers and
end-users
Social inclusion of
consumers and/or
end
-
users
If non
-
transparent
and unfair practices
persist in the rental
market, we might
reinforce unequal
treatment of
consumers in the
sector
Negative impact
Within Real Estate
Downstream
Short
Social inclusion of
consumers and/or
end-users
If discriminatory
practices persist in
hiring processes, our
job marketplaces
could amplify this
issue
Negative impact
Within Jobs
Downstream
All
Information
-
related impacts for
consumers and
end-users
Personal safety of
consumers and/or
end
-
users
Fraud attempts on
our platforms could
cause financial
losses, distress and
need for legal action,
negatively impacting
consumers
Negative impact
Mainly within
Recommerce, but
relevant to all
marketplace
verticals
Downstream
All
Personal safety of
consumers and/or
end-users
Criminal activities on
our platforms (such
as fraud, theft of
goods or trade of
illegal goods) might
reduce trust and
reputation, leading to
reduced usage and
revenues
Risk
Mainly within
Recommerce, but
relevant to all
marketplace
verticals
Own operations
Downstream
n/a
Information
-
related impacts for
Privacy breaches
might lead to breach
of GDPR and result in
Risk
Within all
business models
Own operations
downstream
n/a
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Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
consumers and
end-users
financial penalties
and harm our
reputation
Personal safety of
consumers and/or
end-users
Harassment related
to interaction
between users on
our services might
lead to emotional
distress, loss of trust
in the platform and
decreased user
engagement
Negative impact
Within all
marketplace
verticals
Downstream
All
G1 Business
conduct
Corporate culture
If our leading market
positions are seen as
impacting
competition, we
could face disruption,
stricter regulation
and loss of trust
Risk
All business
models
Own operations
Downstream
n/a
Corporate culture
Our leading market
positions may lead to
reduced innovation
and diversity in
markets in which we
are active
Negative impact
Within all
marketplace
verticals
Downstream
Short
Corporate culture
Communicating our
sustainability
performance and
impact can
strengthen our brand
value
Opportunity
All business
models
Own operations
Downstream
n/a
Corporate culture
The risk of lack of
adherence to
sustainability
principles and
regulation in our
investment portfolio
might result in
financial losses and
brand/reputation risk
Risk
Within
Investments
Own operations
Downstream
n/a
Management of
relationships with
suppliers including
payment practices
Inconsistent internal
guidelines and
practices on
cooperation with
business partners
(including suppliers,
display advertisers,
customers) might
harm trust,
consumer safety and
reputation
Risk
All business
models
Own operations
Upstream
Downstream
n/a
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Topic
Sub
-
topic
IRO
Type of IRO
Business model
Value chain level
(own operations,
upstream and
downstream
value chain)
Time
horizon
Management of
relationships with
suppliers including
payment practices
Enabling
irresponsible
business partners
can have a negative
impact on
consumers, other
partners, employees
and nature
Negative impact
All business
models
Downstream
All
Political
engagement and
lobbying activities
Sharing our market
insights to drive
political engagement
on sustainability
topics related to our
business can
positively impact
society
Positive impact
All business
models
Downstream
All
Corporate culture
Regulatory changes
aimed at enhancing
consumer rights may
require adjustments
to our business
models and could
impact revenue
streams
Risk
All business
models
Own operations
n/a
Aggregated material impacts on people and environment
For information on how our material negative and positive impacts
affect people and the environment, see the table below. Note that
some impacts have been aggregated into groups in order to provide
more relevant information.
ESRS 2 – Table 9: Material impacts that affects people and environment
ESRS topic
Aggregated
material impacts
How the impact
affects people /
environment
Whether and how
the impacts
originate from / are
connected to our
strategy and
business model
Time horizon
Connection to own
activities or
business
relationships
Positive impact
(all positive impacts are
‘
actual impacts
’
)
E5
By providing
marketplace
platforms, we
promote circularity
and sustainability
across the
recommerce,
housing and
mobility markets
Environment:
Reducing
greenhouse gas
emissions and use
of natural resources
Impacts are
connected to our
strategy and
business model
through our
marketplace
platforms
All
Own activities
S4
By digitising and
providing digital
infrastructures for
People:
Foster trust among
Impacts are
connected to our
strategy and
Short
-
medium
Own activities
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ESRS topic
Aggregated
material impacts
How the impact
affects people /
environment
Whether and how
the impacts
originate from / are
connected to our
strategy and
business model
Time horizon
Connection to own
activities or
business
relationships
transactions, we
enhance
transparency and
security for our
users
consumers and
end-users
business model
since we enable
transactional
solutions within
Recommerce
G1
Sharing our market
insights to drive
political
engagement on
sustainability topics
related to our
business can
positively impact
society
People
:
Improve individuals’
and society’s ability
to understand and
respond to
sustainability topics
Impacts are
connected to our
strategy and
business model
since being seen as
a thought leader on
various topics can
increase
engagement with
our platforms
All
Own activities
Negative impact
(
‘
actual impacts
’
and
‘
potential impacts
’
)
E1
GHG emissions from
own operations and
value chain as well
as energy
consumption from
own operations
Environment:
Contributing to
climate change by
emitting
greenhouse gas
emissions
Impacts are
connected to our
strategy and
business model,
especially to our
Delivery services
All
Own activities and
business
relationships
E5
Our own operations
generate waste and
our marketplace
platforms may
promote linear
consumption via
advertising and the
facilitation of trading
goods
Environment:
Contributing to
climate change by
emitting
greenhouse gas
emissions and using
natural resources
Impacts are
connected to our
strategy and
business model,
where our Delivery
services are directly
waste-generating
and our
marketplace
platforms might lead
to increased use of
natural resources
All
Own activities
S1
Potential
discrimination and
poor working
conditions, as well
as the current
reorganisation,
contribute to
reduced employee
well-being
People:
Work-related ill-
health and stress
Impacts are
connected to our
strategy and
business models,
since being an
employer and
having a need to
continuously adapt
our organisation
might have negative
impacts on our
employees
All
Own activities
S2
Poor working
conditions in the
value chain and risk
People:
Unfair wages, lack
of job security and
Impacts are
connected to our
strategy and
business model,
All
Own activities and
business
relationships
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ESRS topic
Aggregated
material impacts
How the impact
affects people /
environment
Whether and how
the impacts
originate from / are
connected to our
strategy and
business model
Time horizon
Connection to own
activities or
business
relationships
of human rights
violations
exploitation of
workers
especially in
connection with
Delivery’s use of
subcontractors and
our investments
S4
Use of our digital
marketplace
platforms could
have negative
impacts on
consumers and
end-users in the
form of fraud,
cybersecurity
breaches or
harassment
People:
Social inequalities,
reduced access to
opportunities for
marginalised groups
and breach of
privacy
Impacts are
connected to our
strategy and
business model,
since we enable
interaction between
users and we need
to handle user data
in order to deliver
our services
All
Own activities
G1
Our leading market
positions may
reduce innovation
and diversity in
markets and enable
irresponsible
business partners
People:
Limiting access to
diverse products
and services and
enabling
irresponsible
business partners
can lead to
unethical practices
Impacts are
connected to our
strategy and
business model,
since we strive to
build leading
marketplace
positions
All
Own activities and
business
relationships
Resilience of strategy and business model
As part of the DMA process, a qualitative analysis was conducted of
Schibsted Marketplaces’ strategy and of the resilience of our
business model in terms of its capacity to address material impacts
and risks and to take advantage of material opportunities. The
analysis shows that we have the capacity to address material
impacts, risks and opportunities. Since Schibsted Marketplaces
underwent a material change of operations due to the carve-out of
Schibsted Media, the analysis may be subject to update in 2025–
2026.
Since this is the first year that Schibsted Marketplaces reports
according to CSRD, no changes to material impacts, risks and
opportunities from previous years can be noted. All of Schibsted
Marketplaces’ impacts, risks and opportunities are covered by ESRS
Disclosure Requirements. No additional entity-specific disclosures
are used for this year’s sustainability statement.
SBM-3, E1 – Material impacts, risks and opportunities and their
interaction with strategy and business model
In 2023, Schibsted launched a report called ‘Climate Roadmap to
2040’, based on a climate risk analysis, outlining climate goals and
areas for improvement. However, due to the carve-out of Schibsted
Media, the roadmap is no longer fully applicable to Schibsted
Marketplaces. The climate risk analysis was, however, used as input
to the DMA process. The DMA showed that no climate-related risks
were material. We cannot, therefore, disclose any climate-related
physical or transitional risks. Overall, as the operator of digital
marketplaces and delivery services with no major sites in specific
climate-related risk areas, we have a robust business model with
regard to climate change. However, we do acknowledge that the
ongoing climate crisis can have far-reaching impacts on many
businesses, including ours, either directly or indirectly.
During 2024 we performed an analysis to understand the resilience
of our strategy and business model in relation to climate change.
The scope of the resilience analysis was limited to the DMA process
(and underlying supporting analyses) performed during 2024, and in
that process no climate-related risks were identified as material. For
the full scope of the DMA assessment, see section IRO-1 –
Description of the processes to identify and assess material
impacts, risks and opportunities. Following the carve-out of
Schibsted Media, key sustainability analyses have yet to be
performed. A resilience analysis and a scenario analysis are
planned for development during 2025–2026 to create a deeper
understanding of how and when we could potentially be impacted
by climate-related risks.
SBM-3, S1 – Material impacts, risks and opportunities and their
interaction with strategy and business model
Schibsted Marketplaces operates in a fast-moving digital
environment characterised by intense competition, necessitating
frequent strategic and business model adaptations. A significant
portion of the cost base is linked to personnel and changes in
strategy or direction often result in adjustments to organisational
structures to achieve business objectives. For instance, the carve-
out of Schibsted Media in 2024 required a comprehensive review of
the cost base, leading to a cost reduction programme as part of
reorganisation efforts. This adjustment resulted in negative impacts
on the workforce, including diminished work-life balance and health
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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41
concerns for some employees. These outcomes highlight the
connection between our strategy and its effects on the workforce.
Looking ahead, it will be an important priority for 2025 to avoid a
similar situation.
The impacts and dependencies on our own workforce generate
risks of poor work–life balance, unclear roles and lower productivity.
The main opportunity identified is to create an organisation with a
clear purpose, culture and performance related to sustainability in
order to enhance attractiveness and retain talent. By recognising the
dependencies between workforce impacts and our strategy we can
adapt our business model to foster a resilient and engaged
workforce while meeting competitive and sustainability objectives.
All members of Schibsted Marketplaces’ own workforce are
included in the scope of our reporting. Schibsted Marketplaces’
employees and non-employees who are subject to material impacts
are characterised by the following;
Employees: An individual hired under a contract of
employment to perform work for an employer in exchange
for a wage, salary, fee or other payment. It includes the
following types: B2B
4
contractors, flex job workers, interns,
on-call workers, regular workers, trainees, seasonal
temporary workers, student workers, substitute workers and
other temporary workers as well as contractors working in a
permanent capacity onboarded via external platforms. It
does not include contingent workers.
Non-employees (contingent workers): Individuals contracted
on a temporary or fixed-term basis to provide specific
services for a defined project or period. They are not
employees, do not receive a salary from Schibsted and do
not have the same rights and benefits as permanent
employees. They can be self-employed people or people
provided by third-party companies. Payment is typically
made through invoicing. They include the following types:
consultants in line roles, contractors, freelancers and project
consultants.
Schibsted Marketplaces has two material risks that arise from our
dependency on our own workforce. These are:
Company reorganisation may lead to lower productivity,
increased employee turnover and financial loss
Poor work-life balance and unclear expectations on
employees may lead to employee ill-health, resulting in sick
leave, increased employee turnover and financial loss
Schibsted Marketplaces has also identified one material opportunity
connected to our own workforce, namely:
A clear purpose, culture and performance on sustainability will
increase the likelihood of attracting and retaining talent.
As part of the double materiality assessment, Schibsted
Marketplaces identified three negative impacts connected to its
own workforce:
Reorganisation and cost reduction programme in 2024 might
have negative impact on employees and lead to employee ill-
health
Potential discrimination and lack of opportunities in the
workplace based on gender, age and skin colour
Potential poor working conditions for employees
The DMA process revealed that employees within Delivery are at
greater risk of being negatively impacted by poor working
conditions due to our operational model, with services performed
during limited nighttime hours. No other people with particular
characteristics or working in particular contexts or undertaking
particular activities were found to be at greater risk of being affected
by the other negative impacts. Schibsted Marketplaces has no
activities that are connected to operations with significant risk of
forced labour or child labour nor activities in geographies with
significant risk of forced labour or child labour. The material
negative impacts identified in connection with Schibsted
Marketplaces’ own workforce are not widespread or systemic in the
context of Schibsted Marketplaces’ operations but rather are related
to isolated incidents. All three material risks and opportunities
related to our own workforce affect the entire workforce to an equal
extent. No specific groups of people (such as age groups) are
disproportionately affected.
SBM-3, S2 – Material impacts, risks and opportunities and their
interaction with strategy and business model
Schibsted Marketplaces acknowledges that its impacts on value
chain workers are connected to its business model and strategy.
Specifically, this encompasses the reliance and dependency on
subcontractors for delivery services and investments which operate
in high-risk sectors. Issues include potential poor working
conditions for subcontractors and human rights risks in certain
investments (e.g., medical equipment and consumables, and food
and drink). These impacts directly inform Schibsted Marketplaces’
strategy and business model by driving efforts to improve oversight
of subcontractors and assess human rights implications, thereby
further aligning practices in our value chain with ethical labour
standards and help mitigating risks. The strategic shift of focus to
the four marketplace verticals is expected to reduce these impacts
over time, as they are mainly related to Delivery and our
investments.
Reflecting the scope of the double materiality assessment, all value
chain workers who are likely to be materially impacted by Schibsted
Marketplaces’ own operations, products or services, value chain or
business relationships are included in the scope of our reporting.
See Table 10 below for a summary of the value chain workers
deemed likely to be materially impacted by Schibsted Marketplaces.
Except for workers in Aktiv Norgesdistribution AS (a joint venture
within Delivery), these value chain workers are not working in a joint
venture or special purpose vehicle in Schibsted Marketplaces.
4
B2B: Business-to-business
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ESRS 2 – Table 10: Workers in the value chain likely to be materially impacted by Schibsted Marketplaces
Workers in the value chain deemed likely to be materially impacted by Schibsted Marketplaces (based on
the
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
of
potential
positive/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
These are workers who
are not part of our own
workforce, who work
either in our own
operations or in our
downstream value chain
Negative impact
:
Poor
working conditions in the
distribution value chain,
such as low pay, injury
risks and night shifts,
might negatively affect
workers
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
These are workers
working on our site but
who are not part of our
own workforce
Negative impact
:
Poor
working conditions in the
distribution value chain,
such as low pay, injury
risks and night shifts,
might negatively affect
workers
The distribution industry
in Norway shares the
same potential negative
impact
Value
chain workers
connected to
investments
In the value chain of
investments (for
example, in the
upstream value chain of
Hjemmelegene)
Workers in the value
chain for production of,
for example, medical
equipment or
consumables
These are workers
working for entities in
Schibsted Marketplaces’
downstream value chain,
but upstream in the
investment company’s
value chain
Negative impact:
Potential negative impact
on human rights in our
downstream value chain
related to our
investments
The global medical
equipment and
consumables industry is
sourcing material on a
low-cost basis, putting
pressure on workers’
rights
The global food and drink
industry faces significant
risks of human rights
violations, including child
labour, forced labour,
unsafe working
conditions and
suppression of union
rights, particularly in raw
material production
The double materiality assessment performed in 2024 did not
identify any workers who were particularly vulnerable to negative
impacts due to their inherent characteristics (such as age). Among
the types of workers within the value chain identified as likely to be
materially affected by Schibsted Marketplaces, we did not pinpoint
any geographic areas associated with significant risk of child labour
or of forced or compulsory labour. For information about
commodities related to identified increased risks of human rights
violations (relevant to investments in the food and drink sector, such
as Morgenlevering), see the table above. In relation to impacts on
value chain workers, we have identified that subcontractors to
Delivery are at greater risk of harm. This group has recently been
identified as a relevant stakeholder group through the Transparency
Act due diligence in 2023, meaning that this had not been done in
connection with the stakeholder dialogue performed in 2022.
Workers in the Delivery value chain will be taken into account in
future stakeholder dialogues to ensure an even more
comprehensive process.
For Schibsted Marketplaces, the material negative impacts
identified are systemic in both the delivery context and in the
context of value chain workers connected to investments. They are
deemed as systemic since the negative impacts apply to these
industries in general. For more information, see Table 10 above. We
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43
have not been notified of any specific incidents related to human
rights violations, but will continue to work on due diligence to ensure
we receive accurate and reliable information about conditions in the
supply chain.
SBM-3, S4 – Material impacts, risks and opportunities and their
interaction with strategy and business model
The identified actual and potential impacts on consumers and end-
users are directly connected to our business model, since we are
reliant on connecting consumers with other consumers or
businesses to transact within mobility, real estate or recommerce
categories or to find job opportunities. This exposes consumers to
risks of being treated negatively and with our scale of reaching
millions of consumers this becomes an important issue to address.
The process to identify and assess these impacts follows the same
DMA process as in other areas described above. The outcome of
that process is used to inform and adapt our strategy and business
model.
Since we can perform our role as a marketplace in a better way if
consumers are treated fairly and without negative impacts on our
platforms, there are in many cases corresponding risks or
opportunities for the material impacts identified. This creates an
alignment with our strategy and business model(s) and the rationale
for increasing positive impacts and mitigating or avoiding negative
impacts, while reducing risks and pursuing opportunities. One
concrete example is in Recommerce, where our work to reduce
fraud on our platforms directly improves users’ trust in the platform,
which has multiple positive benefits for us.
All consumers and end-users who are likely to be materially
impacted by Schibsted Marketplaces, either directly or through our
value chain and business relationships, are included in the scope for
this reporting. Since our operations are mainly in Norway, Sweden,
Finland and Denmark, these are the main markets where consumers
and end-users are likely to be impacted.
The types of consumers and end-users subject to material impacts
by Schibsted Marketplaces are typically users of marketplaces,
users engaging with advertising and users of consumer comparison
services. Some of our impacts also affect consumers indirectly, for
example through GHG emissions and energy consumption. See
Table 11 below for a brief description of these user groups. These
groups are not consumers of products that are inherently harmful to
people or that increase the risk of chronic disease. Schibsted
Marketplaces’ consumers and end-users use services that
potentially can negatively impact their rights to privacy and to have
their personal data protected. Specifically, since we offer services
containing sensitive private information (e.g., comparison services
for consumer loans, delivery services to home addresses) there is a
risk of data leakage. To counteract this risk, we have a robust
cybersecurity programme in place. Our consumers and end-users
are not dependent on accurate and accessible product- or service-
related information (such as manuals), nor are they particularly
vulnerable to health or privacy impacts or impacts from marketing
and sales strategies (unlike children).
ESRS 2 – Table 11: Consumers and/or end-users subject to material impacts
Consumers and/or end
-
users subject to material impacts
Description
Users of marketplaces
Individuals who participate in information sharing or purchase
consumer goods and services via Schibsted Marketplaces' online
marketplaces
Users engaging with advertising
Consumers who interact with advertising information provided through
Schibsted Marketplaces
'
platforms
Users of consumer comparison services
Individuals who use Schibsted Marketplaces'
platforms for comparing
consumer goods or services to make informed purchasing decisions.
In connection with S4, Schibsted Marketplaces has identified two
positive impacts. These are:
By digitising and formalising transactions between sellers and
buyers, we enhance transparency, increase security and
ensure tax contributions.
Providing a digital infrastructure for giveaway goods benefits
consumers and end-users (both givers and receivers).
The activities that result in these positive impacts are conducted
through our transactional services within Recommerce (enabling
buyers and sellers to transact, ship and pay safely on our platforms
with products such as Fiks Ferdig and ToriDiili) and make consumer-
to-consumer (C2C) trade free for our platform users. The types of
consumers and/or end-users that are positively affected include
users of marketplaces.
Schibsted Marketplaces has three material risks that arise from
impacts and dependencies on consumers and end-users. These
are:
Reduced trust and brand reputation caused by not prioritising
private consumers’ rights and their access to data over
professional customers can reduce usage of our platforms,
leading to reduced revenue.
Criminal activities on our platforms (such as fraud, theft of
goods or trade of illegal goods) might reduce trust and
reputation, leading to reduced usage and revenues.
Privacy breaches might lead to breach of GDPR and result in
financial penalties and harm our reputation.
Schibsted Marketplaces has also identified one material
opportunity connected to consumers and end-users, namely:
Strengthened trust in our brand due to increased market
transparency, market efficiency and consumer safety can
increase revenue in the long term.
As part of the double materiality assessment, Schibsted
Marketplaces identified six material negative impacts connected to
consumers and/or end-users:
If non-transparent and unfair practices persist in the rental
market, we might reinforce unequal treatment of consumers in
the sector.
If discriminatory practices persist in hiring processes, our job
marketplaces could amplify this issue.
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Cybersecurity breaches could potentially compromise the
privacy of users by exposing their sensitive data.
A lack of price transparency in the real estate buy/sell market
can be amplified through our Real Estate marketplaces and
result in consumers making uninformed financial decisions.
Fraud attempts on our platforms could cause financial losses,
distress and need for legal action, negatively impacting
consumers.
Harassment related to interaction between users on our
services might lead to emotional distress, loss of trust in the
platform and decreased user engagement.
Except for the negative impact connected to cybersecurity, all of the
negative impacts (especially fraud attempts, lack of price
transparency in real estate markets and discrimination in hiring
processes) are common in the markets in which we operate and
could be considered systemic. Several mitigating actions and
systems (such as automatic and manual moderation of ads and user
interactions) have been put in place by Schibsted Marketplaces to
limit these negative impacts, including the impact related to
cybersecurity. Cybersecurity is considered to be related to isolated
incidents. Negative impacts connected to specific users are limited
to isolated incidents and are treated on a case-by-case basis. As
part of this analysis, no consumers or end-users with particular
characteristics were identified as being at greater risk of harm.
However, some services are specifically connected to the negative
impacts listed above, such as jobs or rental marketplaces. These
were identified through direct user feedback, as well as through the
stakeholder engagement process described in section SBM-2 –
Interests and views of stakeholders. Schibsted Marketplaces has
not identified any of the material risks and opportunities arising from
impacts and dependencies on consumers and end-users as relating
to specific groups of consumers or end-users.
IRO-1 - Description of the processes to identify and
assess material impacts, risks and opportunities
The double materiality assessment (DMA) conducted by Schibsted
Marketplaces aligns with ESRS and encompasses two main
perspectives: financial materiality (how sustainability issues affect
the company’s financial performance) and impact materiality (how
the company’s operations impact the environment and society).
Schibsted Marketplaces’ DMA process followed four key phases:
Phase one: Context and IRO sourcing
This initial phase involved identifying impacts, risks and
opportunities (IROs) through various inputs, such as stakeholder
dialogue, expert interviews and sustainability ambition documents.
A longlist of IROs was created based on these sources and
mapped against macrotrends, value chain analysis and external
sustainability documentation. The process leveraged AI assistance
to categorise and define IROs aligned with ESRS definitions.
Phase two: Structuring IROs
In this phase, the Group sustainability team conducted workshops
to refine the longlist of IROs by categorising them into positive and
negative impacts, risks and opportunities. The aim was to ensure
that all stages of the value chain were adequately covered and that
the relevant IROs were mapped against ESRS topics.
Phase three: Assessment of IROs
This phase focused on assessing the materiality of the IROs by
applying a rating system based on factors such as impact on
environment, society, people and economy, as well as on financial,
reputational and regulatory impacts. Both opportunities and risks
were weighted based on their potential revenue impact and risk
scores, respectively. The likelihood and magnitude of each IRO
were assessed to prioritise those with the most significant impact.
Potential or actual negative impacts were scored on severity and
likelihood, while potential or actual positive impacts were scored
on scale, scope and likelihood. This assessment closely followed
the method prescribed in ESRS 1.
Phase four: Defining material IROs and statement scope
The final phase involved setting thresholds for materiality based on
the assessment scores of IROs. These thresholds were determined
through workshops with the sustainability team and validated by
the Board. For risks and opportunities, the weighted total
opportunity/risk score was used. The same threshold was used for
both risks and opportunities to ensure positive and negative effects
are treated equally. For positive and negative impacts, the
threshold was set as a matrix based on likelihood and severity. The
same threshold was used for positive and negative impacts to
ensure equal treatment. The limits for risk/opportunities and
negative/positive impacts, respectively, are based on the team’s
previous experience in working on sustainability in Schibsted
Marketplaces, previously covered topics in external reporting
(GRI
5
) and on the balance between the number of
risks/opportunities/impacts considered as material. IROs that
exceed these thresholds were classified as material and included
in the sustainability reporting, forming the basis for the
sustainability statement.
Several core assumptions were applied throughout the process,
most importantly that the sources used to generate the longlist of
IROs (e.g., stakeholder dialogue, expert interviews and
sustainability ambition documents) accurately reflected the full
scope of potentially relevant areas to include. A secondary core
assumption was that using revenue as a benchmark to assess
financial materiality adequately captures how sustainability issues
affect Schibsted Marketplaces’ financial performance for various
types of risks and opportunities across the Group. The process
above aimed to capture the totality of material impacts (potential or
actual) and therefore did not focus especially on specific activities,
business relationships or geographies, but rather on capturing a
broader scope. However, it did consider the impacts with which we
are involved through our own operations or as a result of our
business relationships. The process identified the impact of
Schibsted Marketplaces mainly through the stakeholder dialogue
described above, as well as in consultation with external experts.
The process to monitor these actual or potential impacts differs on
a case-by-case basis and no central monitoring process is currently
in place. See the tables below for the rating scales applied to assess
impacts.
5
GRI: Global Reporting Initiative
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ESRS 2 – Table 12: Rating scale for assessing positive impacts
Rating scale for
assessing positive impacts
Scope
1 - Individual
2 - Group of people
3 - National
4 - Nordic
5 - International
(Europe, outside our
current markets)
Scale
1 - Very low positive impact: Minimal or no significant positive effects on the environment,
society, or economy.
2 - Low positive impact: Minor positive effects that contribute slightly to sustainability goals.
3 - Moderate positive impact: Noticeable positive effects that contribute meaningfully to
sustainability goals.
4 - High positive impact: Significant positive effects that drive substantial progress towards
sustainability goals.
5 - Very high positive impact: Exceptional positive effects with transformative and long-lasting
benefits for sustainability.
Likelihood
1 - Rare
2 - Unlikely
3 - Possible
4 - Likely
5 - Almost certain
ESRS 2 – Table 13: Rating scale for assessing negative impacts
Rating scale for assessing negative impacts
Scope
1 - Individual
2 - Group of people
3 - National
4 - Nordic
5 - International
(Europe, outside our
current markets)
Scale
1 – Very low negative impact: Minimal or no significant negative effects on the environment,
society, or economy.
2 – Low negative impact: Minor significant negative effects. May require some actions to
manage.
3 – Moderate negative impact: Moderate negative effects. May require significant actions and
monitoring.
4 – High negative impact: Significant negative effects. May require immediate and extensive
actions.
5 – Very high negative impact: Extremely serious negative effects with long-lasting
consequences. May require strategic changes.
Likelihood
1 - Rare
2 - Unlikely
3 - Possible
4 - Likely
5 - Almost certain
The process to identify, assess and prioritise IROs described above
also aimed to capture risks and opportunities that may have
financial effects. To assess the connections of impacts with risks
and opportunities that may arise from those impacts and their
dependencies, the stakeholder dialogue and value chain mapping
were used. In several cases both the risk/opportunity and its
corresponding impact (positive or negative) was considered when
assessing which IROs that are material for Schibsted Marketplaces.
To assess the likelihood and magnitude of effects of identified risks
and opportunities, the scale below was used. The rating scale was
applied to the revenue stream of each business segment, giving a
score per segment. The sum was then used as the total score to
assess the overall materiality of the risk/opportunity to Schibsted
Marketplaces. The risks identified in this process are not yet
prioritised in relation to other risks identified in other risk
assessment procedures. The IROs identified as material through
this process will be continuously monitored and reviewed at least
annually.
ESRS 2 – Table 14: Rating scale for assessing risks and opportunities
To decide on the material IROs based on the DMA process, the
Group sustainability team prepared a draft assessment during 2024
which was iterated using internal and external experts (incl.
Position Green and Sweco Sverige AB) and presented to the CFO,
Executive Leadership Team and the Board. The internal control
procedures related to decision making included the approval of the
DMA by the CFO and the Board, after incorporating feedback from
the above-mentioned experts. To this end, an interim version was
discussed and approved by the CFO and the Board in October 2024.
Another internal control procedure was that interim updates were
provided regularly to the Audit Committee. The final version was
approved by the CFO and the Board as part of approving the overall
sustainability statement.
While the DMA process uncovers several important impacts and
risks that are considered in risk management procedures, it was not
an integrated part of the overall risk management process in 2024.
There are no formal centralised opportunity mapping procedures in
place at Group level, but the opportunities identified in the DMA
process are used as input when considering opportunities across
the Group. The process to identify, assess and manage
opportunities is planned to be integrated into our overall
management process during 2025-2026, but this was not done in
2024.
Several data sources were used to understand the relevant scope,
map the value chain(s) and source IROs. For more information, see
Table 15 below. To assess financial materiality, revenues for FY 2023
per relevant business segment were used. One input parameter was
the scope of operations covered. The scope for the value chain
mapping was based on Schibsted Marketplaces including
subsidiaries, their upstream and downstream value chain as well as
other business relationships. Notably, given the high value of the
financial minority stake in Aurelia Netherlands Topco B.V., the
indirect parent of Adevinta, its operations and value chains were
considered in the value chain mapping of Schibsted Marketplaces.
Rating scale for assessing
r
isk
s
and
o
pportunities
Likelihood
s
cale:
1 - Rare
2 - Unlikely
3 - Possible
4 - Likely
5
-
Almost certain
Magnitude
s
cale (% of segment revenue):
1 - Minimal (< 3%)
2 - Moderate (3–10%)
3 - Significant (10–20%)
4 - Substantial (20–30%)
5
-
Transformative (> 30%)
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ESRS 2 – Table 15: Sources used in the DMA
The DMA process, especially phases two to four, changed
significantly from previous years to align with the process described
in ESRS 1. The latest revision was carried out on 20 December 2024
and future revisions are planned annually.
IRO-1, E1 – Description of the processes to identify and assess
material climate-related impacts, risks and opportunities
Climate-related impacts, risks and opportunities were identified as
an integrated element in the DMA analysis, leveraging the
stakeholder analysis, expert interviews and the value chain mapping
to identify and assess climate-related IROs. The TCFD
6
report from
2021 and the updated risk mapping performed in 2023 were used as
input to the DMA process to identify material impacts, risks and
opportunities. The GHG emissions addressed include those from
Scopes 1, 2 and 3, and thereby cover both own operations and value
chain. For more information on Schibsted Marketplaces’ impact on
climate from its own operation and value chain, see section E1-6 –
Gross Scopes 1, 2, 3 and total GHG emissions. Due to the material
changes to operations during 2024 (the carve-out of Schibsted
Media), an updated climate risk analysis is considered necessary to
ensure relevant information on climate-related physical and
transitional risks going forward. We plan to conduct an updated
climate risk and scenario analysis during 2025.
6
Task Force on Climate-Related Financial Disclosures
IRO-1, E2 – Description of the processes to identify and assess
material pollution-related impacts, risks and opportunities
Schibsted Marketplaces did not screen site locations and business
activities in order to identify actual and potential pollution-related
impacts, risks and opportunities in its own operations and upstream
and downstream value chain. However, during the DMA process
described above, a potential pollution-related impact in the Delivery
value chain was identified through the stakeholder dialogue and
consultations with experts. This was not deemed to be material to
Schibsted Marketplaces. No affected communities were identified
during this process and no consultations were therefore needed.
IRO-1, E3 – Description of the processes to identify and assess
material water and marine resources-related impacts, risks and
opportunities
Schibsted Marketplaces considered actual and potential water and
marine resources-related IROs in its own operations and upstream
and downstream value chain during the DMA process. However, no
material IROs were identified during the process, and this topic is
therefore not subject to reporting requirements.
IRO-1, E4 – Description of processes to identify and assess
material biodiversity and ecosystem-related impacts, risks,
dependencies and opportunities
Schibsted Marketplaces did not conduct a dedicated process
specifically focused on biodiversity for identifying material impacts,
risks, dependencies and opportunities. Instead, biodiversity
considerations were addressed within the broader stakeholder
engagement process. During this process, biodiversity matters
were considered, but ultimately deemed non-material to Schibsted
Marketplaces. Therefore, no specific considerations were made
with regards to our i) impacts and dependencies, ii) transition and
physical risks and opportunities, iii) systemic risks or iv) consultation
with affected communities.
While biodiversity was acknowledged in the stakeholder
engagement process, it was not identified as a material priority for
any of Schibsted Marketplaces' site locations and therefore did not
warrant further dedicated analysis or specific measures. However,
for Schibsted Media, which was owned by Schibsted Marketplaces
during the period January–May 2024, ESRS E4 is a material topic. For
information regarding Schibsted Media and E4, see section ESRS E4
– Biodiversity and ecosystems regarding Schibsted Media and the
following section focused on IRO-1, E4 for Schibsted Media.
Schibsted Marketplaces has no sites located in or near biodiversity-
sensitive areas and as such has not deemed it necessary to
implement any biodiversity mitigation measures.
IRO-1, E4 – Description of processes to identify and assess
material biodiversity and ecosystem-related impacts, risks,
dependencies and opportunities: Schibsted Media
Schibsted Media conducted a double materiality assessment (DMA)
after the carve-out from Schibsted Marketplaces. This DMA was
finalised in January 2025. Schibsted Media's DMA process followed
the principles used by Schibsted Marketplaces for our DMA, as well
as those prescribed by ESRS. Schibsted Media has one material IRO
connected to E4 Biodiversity and ecosystems, a standard which is
non-material for Schibsted Marketplaces overall. Given the
relevance of biodiversity to Schibsted Media, this topic will be
specifically addressed in this statement in a section that focuses
exclusively on Schibsted Media and that covers information from
January to May 2024, see ESRS E4 – Biodiversity and ecosystems
regarding Schibsted Media.
Schibsted Media’s DMA process made the following considerations:
Content
Used
in these elements
of the analysis
Overview of process and rating for the
2022 materiality assessment, including
stakeholder mapping
Stakeholder dialogue
Interviews with selected expertise 2022
IRO longlist
Interviews with stakeholders
IRO longlist
Summary of DMA 2022
IRO longlist
Major macro trends influencing
Schibsted Marketplaces
IRO longlist
Overview of organisation structure after
the carve
-
out of Schibsted Media
Value chain mapping
Insight on revenue streams
Value chain mapping
IRO longlist
Stakeholder interviews (employees)
2022
IRO longlist
Stakeholder interviews (Board) 2022
IRO
longlist
Expertise interviews 2022
IRO longlist
Analysis and IRO mapping performed
for several brands 2021
–
2023
Value chain mapping
IRO longlist
Strategy document on sustainability
value chain and sustainability
opportunities 2024
Value chain
mapping
IRO longlist
Strategy document 2024
IRO longlist
TCFD risk mapping performed 2023
IRO longlist
Transparency Act risk mapping
performed 2023
IRO longlist
Delivery strategy on sustainability 2022
Value chain mapping
IRO longlist
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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Impacts and dependencies: No stand-alone assessment
was conducted to identify and assess impacts or
dependencies on biodiversity and ecosystems, either at our
own site locations or in the upstream and downstream value
chain.
Transition and physical risks and opportunities: Specific
transition or physical risks and opportunities related to
biodiversity and ecosystems were not separately assessed.
These aspects were evaluated within the general context of
stakeholder feedback, which did not prioritise biodiversity as
a material topic.
Systemic risks: Systemic risks relating to biodiversity and
ecosystems were considered, but not deemed material
during the stakeholder engagement process.
Consultation with affected communities: No targeted
consultations were conducted with affected communities
specifically regarding biodiversity and ecosystems. Broader
community engagement efforts did not highlight significant
negative impacts or dependencies on ecosystems that would
necessitate further action or mitigation.
In summary, while biodiversity was acknowledged in the
stakeholder engagement and DMA process, it was not identified as
a material priority for Schibsted Media’s stakeholders and, therefore,
did not warrant further dedicated analysis or specific measures yet.
However, it was still deemed a material topic for Schibsted Media,
given the impact of Schibsted Media’s printing operations. Schibsted
Media has no sites located in or near biodiversity-sensitive areas
and as such has not deemed it necessary to implement any
biodiversity mitigation measures.
IRO-1, E5 – Description of the processes to identify and assess
material resource use and circular economy-related impacts,
risks and opportunities
As part of the DMA process, all assets were screened on a general
level to identify actual and potential impacts, risks and opportunities
related to resource use and circular economy. However, no specific
analysis of resource inflows, outflows or waste was conducted
during 2024. The screening utilised no specific methodologies,
assumptions or tools beyond those specified in the DMA process
described above. Several IROs related to resource use and circular
economy were identified and were deemed material during the DMA
process; for more information on these, see section ESRS E5 –
Resource use and circular economy. No consultations with affected
communities related to this topic were conducted during 2024.
Future assessments may include targeted analyses and stakeholder
consultations where appropriate.
IRO-1, G1 – Description of the processes to identify and assess
material impacts, risks and opportunities
The process to identify material impacts, risks and opportunities in
relation to business conduct matters followed the overall approach
for the DMA described above and considered locations (e.g., value
chain location), activity, sector and the structure and type of
transaction. This process included criteria for financial, reputational
and regulatory impacts and each criterion was considered for all
value chain steps to identify potentially material impacts, risks and
opportunities. To assess materiality for business conduct-related
topics, the same method was used as described in section IRO-1 –
Description of the processes to identify and assess material
impacts, risks and opportunities. For more information related to
business conduct matters, see section ESRS G1 – Business conduct.
IRO-2 – Disclosure requirements in ESRS covered
by our sustainability statement
The following table lists all of the ESRS disclosure requirements
compiled in preparing the sustainability statement, following the
outcome of the materiality assessment. The content of this
sustainability statement has been deemed material following the
guidance of ESRS 1, 3.2 Material matters and materiality of
information. For more information on how we have determined what
information is material in relation to impacts, risks and opportunities,
see section IRO-1 – Description of the processes to identify and
assess material impacts, risks and opportunities.
ESRS 2 – Table 16: Material disclosure requirements
LIST OF MATERIAL DISCLOSURE REQUIREMENTS (ESRS CONTENT INDEX)
Section/Disclosure requirement
Paragraph
Note
1. General information
ESRS 2
General Disclosures
BP
-
1 General basis for preparation of sustainability
BP
-
1
–
General basis for preparation of the sustainability
statement
BP
-
2 Disclosures in relation to specific circumstances
BP
-
2
–
Disclosures in relation to specific circumstances
GOV
-
1 The role of the administrative, management and
supervisory bodies
GOV
-
1
–
The role of the administrative, management and
supervisory bodies
GOV
-
2 Information provided to and sustainability matters
addressed by the undertaking’s administrative,
management and supervisory bodies
GOV
-
2
–
Information provided to and sustainability matters
addressed by our administrative, management and supervisory
bodies
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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LIST OF MATERIAL DISCLOSURE REQUIREMENTS (ESRS CONTENT INDEX)
Section/Disclosure requirement
Paragraph
Note
GOV
-
3 Integration of sustainability
-
related performance
in incentive schemes
GOV
-
3
–
Integration of sustainability
-
related performance in
incentive schemes
GOV
-
4 Statement on due diligence
GOV
-
4
–
Statement on due diligence
GOV
-
5 Risk management and internal controls over
sustainability reporting
GOV
-
5
–
Risk management and internal controls over
sustainability reporting
SBM
-
1 Strategy, business model and value chain
SBM
-
1
–
Strategy, business model and value chain
SBM
-
2 Interests and views of stakeholders
SBM
-
2
–
Interests and views of stakeholders
SBM
-
3 Material impacts, risks and opportunities and
their interaction with strategy and business model
SBM
-
3
–
Material impacts, risks and opportunities and their
interaction with strategy and business model
IRO
-
1 Description of the processes to identify and
assess material impacts, risks and opportunities
IRO
-
1
–
Description of the processes to identify and assess
material impacts, risks and opportunities
IRO
-
2 Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
IRO
-
2
–
Disclosure requirements in ESRS covered by our
sustainability statement
2. Environmental information
Disclosures pursuant to Article 8 of Regulation 2020/852
(Taxonomy Regulation)
Disclosures pursuant to Article 8 of Regulation 2020/852
(Taxonomy Regulation)
ESRS E1 Climate change
E1
-
1 Transition plan for climate change mitigation
E1
-
1
–
Transition plan for climate change mitigation
E1
-
2 Policies related to climate change mitigation and
adaptation
E1
-
2
–
Policies related to climate change
mitigation and
adaptation
E1
-
3 Actions and resources in relation to climate change
policies
E1
-
3
–
Actions and resources in relation to climate change
policies
E1
-
4 Targets related to climate change mitigation and
adaptation
E1
-
4
–
Targets related to climate change mitigation and
adaptation
E1
-
5 Energy consumption and mix
E1
-
5
–
Energy consumption and mix
E1
-
6 Gross Scopes 1, 2 3 and Total GHG emissions
E1
-
6
–
Gross Scopes 1, 2, 3 and total GHG emissions
ESRS E4 Biodiversity and ecosystems
Only
regarding
Schibsted
Media
E4
-
2 Policies related to biodiversity and ecosystems
E4
-
2
–
Policies related to biodiversity and ecosystems
Only
regarding
Schibsted
Media
E4
-
3 Actions and resources related to biodiversity and
ecosystems
E4
-
3 and E4
-
4
–
Actions, resources and targets related to
biodiversity and ecosystems
Only
regarding
Schibsted
Media
E4
-
4 Targets related to biodiversity and ecosystems
E4
-
3 and E4
-
4
–
Actions, resources and targets related to
biodiversity and ecosystems
Only
regarding
Schibsted
Media
ESRS E5 Resource use and circular economy
E5
-
1 Policies related to resource use and circular
economy
E5
-
1
–
Policies related to resource use and circular
economy
E5
-
2 Actions and resources related to resource use and
circular economy
E5
-
2
–
Actions and resources related to resource use and
circular economy
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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LIST OF MATERIAL DISCLOSURE REQUIREMENTS (ESRS CONTENT INDEX)
Section/Disclosure requirement
Paragraph
Note
E5
-
3 Targets related to resource use and circular
economy
E5
-
3
–
Targets related to resource use and circular economy
E5
-
5 Resource outflows
E5
-
5
–
Resource outflows
E5
-
6 Anticipated financial effects from resource use and
circular economy-related impacts, risks and
opportunities
-
E5
-
6 omitted
due to phase-
in criteria.
3. Social information
ESRS S1 Own workforce
S1
-
1 Policies related to own workforce
S1
-
1
–
Policies related to own workforce
S1
-
2 Processes for engaging with own workforce and
workers’ representatives about impacts
S1
-
2
–
Processes for engaging with own workforce and workers’
representatives about impacts
S1
-
3 Processes to remediate negative impacts and
channels for own workforce to raise concerns
S1
-
3
–
Processes to remediate negative impacts and channels
for own workforce to raise concerns
S1
-
4 Taking action on material impacts on own workforce
S1
-
4
–
Taking action on material impacts on own workforce and
approaches to managing material risks and pursuing material
opportunities related to own workforce and effectiveness of
those actions
S1
-
5 Targets related to managing material negative
impacts, advancing positive impacts and managing
material risks and opportunities
S1
-
5
–
Targets related to managing material negative impacts,
advancing positive impacts and managing material risks and
opportunities
S1
-
6 Characteristics of the undertaking’s employees
S1
-
6
–
Characteristics of our employees
S1
-
7 Characteristics of non
-
employees in the
undertaking’s own workforce
-
S1
-
7 omitted
due to phase-
in criteria.
S1
-
8 Collective bargaining coverage and social dialogue
S1
-
8
–
Collective bargaining coverage and social dialogue
S1
-
9 Diversity metrics
S1
-
9
–
Diversity metrics
S1
-
10
Adequate wages
S1
-
10
–
Adequate wages
S1
-
11 Social protection
-
S1
-
11 omitted
due to phase-
in criteria.
S1
-
12 Persons with disabilities
-
S1
-
12 omitted
due to phase-
in criteria.
S1
-
13
Training and skills development metrics
-
S1
-
13 omitted
due to phase-
in criteria.
S1
-
14 Health and safety metrics
S1
-
14
–
Health and safety metrics
S1
-
14 is partly
omitted due to
phase-in
criteria.
S1
-
15 Work
-
life balance metrics
-
S1
-
15 omitted
due to phase-
in criteria.
S1
-
16 Remuneration metrics (pay gap and total
remuneration)
S1
-
16
–
Remuneration metrics (pay gap and total remuneration)
S1
-
17 Incidents, complaints and severe human rights
impacts
S1
-
17
–
Incidents, complaints and severe human rights impacts
ESRS S2 Workers in the value chain
S2
-
1 Policies related to value chain workers
S2
-
1
–
Policies related to value chain workers
S2
-
2 Processes for engaging with value chain workers
about impacts
S2
-
2
–
Processes for engaging with value chain workers about
impacts
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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LIST OF MATERIAL DISCLOSURE REQUIREMENTS (ESRS CONTENT INDEX)
Section/Disclosure requirement
Paragraph
Note
S2
-
3 Processes to remediate negative impacts and
channels for value chain workers to raise concerns
S2
-
3
–
Processes to remediate negative impact and channels
for value chain workers to raise concerns
S2
-
4 Taking action on material impacts on value chain
workers and approaches to managing material risks and
opportunities
S2
-
4
–
Taking action on material impacts on value chain workers
and approaches to managing material risks and pursuing
material opportunities related to value chain workers and
effectiveness of those actions
S2
-
5 Targets related to managing material negative
impacts, advancing positive impacts and managing
material risks and opportunities
S2
-
5
–
Targets related to managing material negative impacts,
advancing positive impacts and managing material risks and
opportunities
ESRS S4 Consumers and end
-
users
S4
-
1 Policies related to consumers and end
-
users
S4
-
1
–
Policies related to consumers and end
-
users
S4
-
2 Processes for engaging with consumers and end
-
users about impacts
S4
-
2
–
Processes for engaging with consumers and end
-
users
about impacts
S4
-
3 Processes to remediate negative impacts and
channels for consumers and end-users to raise concerns
S4
-
3
–
Processes to remediate negative impacts and channels
for consumers and end-users to raise concerns
S4
-
4 Taking action on material impacts on consumers
and end-users and approaches to managing material
risks and opportunities
S4
-
4
–
Taking action on material
impacts on consumers and
end-users and approaches to managing material risks and
pursuing material opportunities related to consumers and end-
users and effectiveness of those actions
S4
-
5 Targets related to managing material negative
impacts, advancing positive impacts and managing
material risks and opportunities
S4
-
5
–
Targets related to managing material negative impacts,
advancing positive impacts and managing material risks and
opportunities
4. Governance information
ESRS G1 Business conduct
G1
-
1 Business conduct policies and corporate culture
G1
-
1
–
Business conduct policies and corporate culture
G1
-
2 Management of relationships with suppliers
G1
-
2
–
Management of relationships with suppliers
G1
-
5 Political influence and lobbying activities
G1
-
5
–
Political influence and lobbying activities
Presented below is a list of datapoints in cross-cutting and topical standards that derive from other EU legislation.
ESRS 2- Table 17: Datapoints in cross-cutting and topical standards
Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
ESRS 2 GOV
-
1
Board's gender
diversity
paragraph 21 (d)
Indicator number 13
Table #1 of
Annex 1
Commission
Delegated
Regulation (EU)
2020/1816, Annex II
GOV
-
1
–
The role
of the
administrative,
management and
supervisory
bodies
ESRS 2 GOV
-
1
Percentage of
board
members who are
independent
paragraph 21 (e)
Delegated
Regulation (EU)
2020/1816,
Annex II
GOV
-
1
–
The role
of the
administrative,
management and
supervisory
bodies
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Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
ESRS 2 GOV
-
4
Statement on due
diligence
paragraph 30
Indicator number 10
Table #3 of Annex 1
GOV
-
4
–
Statement on
due diligence
ESRS 2 SBM
-
1
Involvement in
activities related to
fossil fuel activities
paragraph 40 (d) i
Indicator number 4
Table #1 of Annex 1
Article 449a
Regulation
(EU) No 575/2013;
Commission
Implementing
Regulation (EU)
2022/245328 Table 1:
Qualitative
information on
Environmental risk
and Table 2:
Qualitative
information on Social
risk
Delegated
Regulation (EU)
2020/1816, Annex II
SBM
-
1
–
Strategy,
business model
and value chain
ESRS 2 SBM
-
1
Involvement in
activities related to
chemical
production
paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II
n/a
ESRS 2 SBM
-
1
Involvement in
activities related to
controversial
weapons
paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1818,
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
n/a
ESRS 2 SBM
-
1
Involvement in
activities related to
cultivation and
production of
tobacco
paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818,
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
n/a
ESRS E1
-
1
Transition plan to
reach climate
neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119,
Article 2(1)
E1
-
1
–
Transition
plan for climate
change
mitigation
ESRS E1
-
1
Undertakings
excluded
from Paris-aligned
Benchmarks
paragraph 16 (g)
Article 449a
Regulation
(EU) No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
1:
Banking book-
Climate Change
transition risk:
Credit quality of
exposures by sector,
Delegated Regulation
(EU) 2020/1818,
Article 12.1 (d) to (g)
and Article
12.2
E1
-
1
–
Transition
plan for climate
change
mitigation
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Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
emissions and
residual
maturity
ESRS E1
-
4
GHG
emission reduction
targets paragraph
34
Indicator number 4
Table #2 of Annex 1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818,
Article 6
E1
-
4
–
Targets
related to climate
change
mitigation and
adaptation
ESRS E1
-
5
Energy
consumption from
fossil sources
disaggregated by
sources (only high
climate impact
sectors)
paragraph 38
Indicator number 5
Table #1 and Indicator
number 5 Table #2 of
Annex 1
E1
-
5
–
Energy
consumption and
mix
ESRS E1
-
5
Energy
consumption and
mix
paragraph 37
Indicator number 5
Table #1 of Annex 1
E1
-
5
–
Energy
consumption and
mix
ESRS E1
-
5
Energy
intensity
associated with
activities in high
climate impact
sectors
paragraphs 40 to
43
Indicator number 6
Table #1 of Annex 1
E1
-
5
–
Energy
consumption and
mix
ESRS E1
-
6
Gross
Scope 1, 2, 3 and
Total GHG
emissions
paragraph 44
Indicators number 1
and 2 Table #1 of
Annex 1
Article 449a;
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 Template
1: Banking book –
Climate change
transition risk: Credit
quality of exposures
by
sector, emissions and
residual maturity
Delegated Regulation
(EU) 2020/1818,
Article 5(1), 6 and 8(1)
E1
-
6
–
Gross
Scopes 1, 2, 3
and total GHG
emissions
ESRS E1
-
6
Gross
GHG emissions
intensity
paragraphs 53 to
55
Indicator number 3
Table #1 of Annex 1
Article 449a
Regulation
(EU) No 575/2013;
Commission
Implementing
Delegated Regulation
(EU) 2020/1818,
Article 8(1)
E1
-
6
–
Gross
Scopes 1, 2, 3
and total GHG
emissions
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
Regulation (EU)
2022/2453 Template
3: Banking book –
Climate change
transition risk:
alignment metrics
ESRS E1
-
7
GHG
removals and
carbon credits
paragraph 56
Regulation (EU)
2021/1119, Article
2(1)
n/a
ESRS E1
-
9
Exposure of the
benchmark
portfolio to
climate-related
physical risks
paragraph 66
Delegated
Regulation (EU)
2020/1818, Annex
II Delegated
Regulation (EU)
2020/1816, Annex
II
n/a
ESRS E1
-
9
Disaggregation of
monetary amounts
by acute and
chronic physical
risk paragraph 66
(a)
ESRS E1-9
Location of
significant
assets at material
physical risk
paragraph 66 (c).
Article 449a
Regulation
(EU) No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraphs
46 and 47; Template
5:
Banking book -
Climate change
physical risk:
Exposures subject to
physical risk
n/a
ESRS E1
-
9
Breakdown
of the carrying
value of its real
estate assets by
energy-efficiency
classes paragraph
67 (c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 paragraph
34; Template 2:
Banking book -
Climate change
transition risk: Loans
collateralised by
immovable property -
Energy efficiency of
the collateral
n/a
ESRS E1
-
9
Degree
of exposure of the
portfolio to
climate-
related
opportunities
paragraph 69
Delegated Regulation
(EU) 2020/1818, Annex
II
n/a
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Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
ESRS E2
-
4
Amount of each
pollutant listed in
Annex II of the E-
PRTR Regulation
(European
Pollutant Release
and Transfer
Register) emitted
to air, water and
soil, paragraph 28
Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1
n/a
ESRS E3
-
1
Water
and marine
resources
paragraph 9
Indicator number 7
Table #2 of Annex 1
n/a
ESRS E3
-
1
Dedicated policy
paragraph 13
Indicator number 8
Table 2 of Annex 1
n/a
ESRS E3
-
1
Sustainable
oceans and seas
paragraph 14
Indicator number 12
Table #2 of Annex 1
n/a
ESRS E3
-
4
Total
water recycled
and reused
paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
n/a
ESRS E3
-
4
Total
water
consumption in m3
per net revenue on
own operations
paragraph 29
Indicator number 6.1
Table #2 of Annex 1
n/a
ESRS 2
-
IRO 1 E4
Paragraph 16 (a) i
Indicator number 7
Table #1 of Annex 1
IRO
-
1, E4
–
Description of
processes to
identify and
assess material
biodiversity and
ecosystem-
related impacts,
risks,
dependencies
and
opportunities
Note: only
applicable for
Schibsted Media,
first 5 months of
2024.
ESRS 2
-
IRO 1 E4
Paragraph 16 (b)
Indicator number 10
Table #2 of Annex 1
IRO
-
1, E4
–
Description of
processes to
identify and
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Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
assess material
biodiversity and
ecosystem-
related impacts,
risks,
dependencies
and
opportunities
Note: only
applicable for
Schibsted Media,
first 5 months of
2024.
ESRS 2
-
IRO 1 E4
Paragraph 16 (c)
Indicator number 14
Table #2 of Annex 1
IRO
-
1, E4
–
Description of
processes to
identify and
assess material
biodiversity and
ecosystem-
related impacts,
risks,
dependencies
and
opportunities
Note: only
applicable for
Schibsted Media,
first 5 months of
2024.
ESRS E4
-
2
Sustainable land /
agriculture
practices or
policies
paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
E4
-
2
–
Policies
related to
biodiversity and
ecosystems
Note: only
applicable for
Schibsted Media,
first 5 months of
2024.
ESRS E4
-
2
Sustainable
oceans / seas
practices or
policies
paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
E4
-
2
–
Policies
related to
biodiversity and
ecosystems
Note: only
applicable for
Schibsted Media,
first 5 months of
2024.
ESRS E4
-
2
Policies
to address
deforestation
paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
E4
-
2
–
Policies
related to
biodiversity and
ecosystems
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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56
Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
Note: only
applicable for
Schibsted Media,
first 5 months of
2024.
ESRS E5
-
5
Non
-
recycled waste
paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
E5
-
5
–
Resource
outflows
ESRS E5
-
5
Hazardous waste
and radioactive
waste paragraph
39
Indicator number 9
Table #1 of Annex 1
E5
-
5
–
Resource
outflows
ESRS 2
-
SBM3 S1
Risk of incidents of
forced labour
paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
SBM
-
3, S1
–
Material impacts,
risks and
opportunities
and their
interaction with
strategy and
business model
ESRS 2
-
SBM3 S1
Risk of incidents of
child labour
paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
SBM
-
3, S1
–
Material impacts,
risks and
opportunities
and their
interaction with
strategy and
business model
ESRS S1
-
1
Human
rights policy
commitments
paragraph 20
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex I
S1
-
1
–
Policies
related to own
workforce
ESRS S1
-
1
Due
diligence policies
on issues
addressed by the
fundamental
International Labor
Organisation
Conventions 1 to 8,
paragraph 21
Delegated Regulation
(EU) 2020/1816, Annex
II
S1
-
1
–
Policies
related to own
workforce
ESRS S1
-
1
Processes and
measures for
preventing
trafficking
in human beings
paragraph 22
Indicator number 11
Table #3 of Annex I
S1
-
1
–
Policies
related to own
workforce
ESRS S1
-
1
Workplace
accident
Indicator number 1
Table #3 of Annex I
S1
-
1
–
Policies
related to own
workforce
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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57
Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
prevention policy
or management
system paragraph
23
ESRS S1
-
3
Grievance/complai
nts handling
mechanisms
paragraph 32 (c)
Indicator number 5
Table #3 of Annex I
S1
-
3
–
Processes
to remediate
negative impacts
and channels for
own workforce
to raise concerns
ESRS S1
-
14
Number of
fatalities and
number and rate of
work-related
accidents
paragraph 88 (b)
and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II
S1
-
14
–
Health
and safety
metrics
ESRS S1
-
14
Number of days
lost to injuries,
accidents,
fatalities or illness
paragraph 88 (e)
Indicator number 3
Table #3 of Annex I
n/a
ESRS S1
-
16
Unadjusted gender
pay gap paragraph
97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II
S1
-
16
–
Remuneration
metrics (pay gap
and total
remuneration)
ESRS S1
-
16
Excessive CEO pay
ratio paragraph 97
(b)
Indicator number 8
Table #3 of Annex I
S1
-
16
–
Remuneration
metrics (pay gap
and total
remuneration)
ESRS S1
-
17
Incidents of
discrimination
paragraph 103 (a)
Indicator number 7
Table #3 of Annex I
S1
-
17
–
Incidents,
complaints and
severe human
rights impacts
ESRS S1
-
17
Non
-
respect of UNGPs
on
Business and
Human Rights and
OECD
paragraph 104 (a)
Indicator number 10
Table #1 and Indicator
n. 14 Table #3 of
Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818 Art 12 (1)
S1
-
17
–
Incidents,
complaints and
severe human
rights impacts
ESRS 2
-
SBM3
–
S2
Significant risk of
child
labour or forced
labour in the value
chain paragraph 11
(b)
Indicators number
12 and number 13
Table
#3 of Annex I
SBM
-
3, S2
–
Material impacts,
risks and
opportunities
and their
interaction with
strategy and
business model
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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58
Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
ESRS S2
-
1
Human
rights policy
commitments
paragraph 17
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex 1
S2
-
1
–
Policies
related to value
chain workers
ESRS S2
-
1
Policies
related to value
chain
workers paragraph
18
Indicator number 11
and number 4 Table
#3 of Annex 1
S2
-
1
–
Policies
related to value
chain workers
ESRS S2
-
1
Non
-
respect of UNGPs
on
Business and
Human Rights
principles and
OECD guidelines
paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12 (1)
S2
-
1
–
Policies
related to value
chain workers
ESRS S2
-
1
Due
diligence policies
on issues
addressed by the
fundamental
International Labor
Organisation
Conventions 1 to 8,
paragraph 19
Delegated Regulation
(EU) 2020/1816, Annex
II
S2
-
1
–
Policies
related to value
chain workers
ESRS S2
-
4
Human
rights issues and
incidents
connected to its
upstream and
downstream value
chain paragraph
36
Indicator number 14
Table #3 of Annex 1
S2
-
4
–
Taking
action on
material impacts
on value chain
workers and
approaches to
managing
material risks
and pursuing
material
opportunities
related to value
chain workers
and
effectiveness of
those actions
ESRS S3
-
1
Human
rights policy
commitments
paragraph 16
Indicator number 9
Table #3 of Annex 1
and Indicator number
11 Table #1 of Annex 1
n/a
ESRS S3
-
1
Non
-
respect of UNGPs
on Business and
Human Rights, ILO
principles or OECD
guidelines
paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12 (1)
n/a
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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59
Disclosure
requirement and
related datapoint
SFDR
reference
Pillar 3
reference
Benchmark
Regulation
reference
EU
Climate Law
reference
Location in
sustainability
statement
ESRS S3
-
4
Human
rights issues and
incidents
paragraph 36
Indicator number 14
Table #3 of Annex 1
n/a
ESRS S4
-
1
Policies
related to
consumers
and end-users
paragraph 16
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex 1
S4
-
1
–
Policies
related to
consumers and
end-users
ESRS S4
-
1
Non
-
respect of UNGPs
on Business and
Human Rights and
OECD guidelines
paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12 (1)
S4
-
1
–
Policies
related to
consumers and
end-users
ESRS S4
-
4
Human
rights issues and
incidents
paragraph 35
Indicator number 14
Table #3 of Annex 1
S4
-
4
–
Taking
action on
material impacts
on consumers
and end-users
and approaches
to managing
material risks
and pursuing
material
opportunities
related to
consumers and
end-users and
effectiveness of
those actions
ESRS G1
-
1
United
Nations
Convention against
Corruption
paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
G1
-
1
–
Business
conduct policies
and corporate
culture
ESRS G1
-
1
Protection of
whistle-blowers
paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1
G1
-
1
–
Business
conduct policies
and corporate
culture
ESRS G1
-
4
Fines
for violation of
anti-corruption
and anti-bribery
laws paragraph 24
(a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II)
n/a
ESRS G1
-
4
Standards of anti-
corruption and
anti-bribery
paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1
n/a
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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Environmental information
Disclosures pursuant to Article 8 of
Regulation 2020/852 (Taxonomy
Regulation)
This section presents Schibsted Marketplaces’ reporting on
economic activities and related key performance indicators (KPIs) in
accordance with the EU Taxonomy Regulation (EU 2020/852) and its
delegated acts. The EU Taxonomy is a classification system
establishing a list of environmentally sustainable economic
activities. Activities defined within the Taxonomy are considered
eligible and are deemed aligned if they (i) make a substantial
contribution to one or more of the EU’s environmental objectives, (ii)
do no significant harm to any other environmental objective and (iii)
comply with minimum social safeguards.
The Climate Delegated Act of the EU Taxonomy Regulation was
incorporated into Norwegian law with effect from 1 January 2023.
Reporting on both eligibility and alignment is required for activities
included under this act. The Environmental Delegated Act of the EU
Taxonomy Regulation entered into force in June 2023 and reporting
for the financial year 2023 was voluntary. Schibsted Marketplaces
chose to report on both delegated acts for the 2023 financial year
and therefore presents comparative figures for previous years in this
statement.
The 2023 comparative figures have been restated to reflect the EU’s
clarification that activity CCM 7.7 Acquisition and ownership of
buildings should also include leased buildings. Additionally,
comparative turnover figures have been adjusted to account for
discontinued operations. Further details on discontinued operations
and leases are included in Note 2, Note 19 and Note 33 in the
financial statements.
Minimum social safeguard criteria
Schibsted Marketplaces’ Code of Conduct and Business Partner
Code of Conduct outline our policies regarding the minimum social
safeguards, which include human rights, labour rights and fair
business practices across our value chain. Further details on our
practices and performance are available in section ESRS G1 –
Business conduct. Through clear policies, transparent performance
reporting and strong governance, we maintain robust safeguards.
Since Schibsted Marketplaces has no activities classified as aligned,
no further assessment of compliance with minimum social
safeguard criteria was conducted.
Process eligibility and alignment
Schibsted Marketplaces has evaluated its economic activities to
classify them as eligible or non-eligible. For each eligible activity, an
assessment was performed to determine its alignment or non-
alignment with the Taxonomy criteria for substantial contribution
and the ‘Do No Significant Harm’ (DNSH) requirements.
Eligible activities
Under the Climate Delegated Act, Schibsted Marketplaces identified
the transport activities CCM 6.5 Transport by motorbikes, passenger
cars and light commercial vehicles and CCM 6.6 Freight transport
services by road and the construction and real estate activity CCM
7.7 Acquisition and ownership of buildings. All these activities fall
under the environmental objective category of Contributing to
climate mitigation.
Under the Environmental Delegated Act, the activity CE 5.6
Marketplace for the trade of second-hand goods for reuse was
identified. This activity falls under the environmental objective
category of Circular economy.
In 2023, Schibsted Marketplaces identified a small number of
additional eligible activities linked to the divested news media
operations, which appear as discontinued in the financial
statements and are included where relevant. These activities are:
CCM 5.5 Collection and transport of non-hazardous waste in
source segregated fractions
CCA 8.3 Programming and broadcasting activities
CCA 13.3 Motion picture, video and television programme
production, sound recording and music publishing activities
Non-eligible activities
Most of Schibsted Marketplaces’ operations are not defined in the
Taxonomy and are therefore reported as non-eligible. A summary of
Schibsted Marketplaces’ operations is provided in Note 6 Operating
segments in the financial statements.
Eligibility rationale and method
CE 5.6 Marketplace for the trade of second-hand goods for reuse
Schibsted Marketplaces’ operations in the Recommerce vertical
meet the criteria for CE 5.6 Marketplace for the trade of second-hand
goods for reuse, which was categorised as an enabling activity. The
definition of this activity excludes marketplaces for used cars and
used buildings/houses; hence, the Real Estate and Mobility verticals
do not fall within its scope.
CCM 6.5 Transport by motorbikes, passenger cars and light
commercial vehicles and CCM 6.6 Freight transport services by
road
The assessment shows that parcel and newspaper delivery
services sold directly to external parties and managed by Schibsted
Marketplaces in terms of vehicle operation and routes, meet the
definitions of these activities. Both activities overlap because
category N1 vehicles are included in both CCM 6.5 Transport by
motorbikes, passenger cars and light commercial vehicles and CCM
6.6 Freight transport services by road.
The acquisition of Amedia Distribution in July 2024 expanded
Schibsted Marketplaces’ delivery services but did not change the
eligible activities from 2023 to 2024. Since most vehicles are owned
or leased by subcontractors and employees, Schibsted
Marketplaces has limited access to vehicle data.
Eligibility and allocation between these activities were calculated
based on kilometres driven and the vehicle categories defined by
the Norwegian Public Roads Administration. Vehicles in categories
M1 and L6 are reported under CCM 6.5 Transport by motorbikes,
passenger cars and light commercial vehicles, while categories N1–
N3 are reported under CCM 6.6 Freight transport services by road.
Where data was incomplete, estimates (e.g., allocation keys in the
KPI calculation) were used. This approach applied to all KPIs.
CCM 7.7 Acquisition and ownership of buildings
Schibsted Marketplaces primarily leases office buildings in the
Nordics and does not own its office premises. The assessment
shows that leases for office buildings recognised in the
consolidated statement of financial position meet the definition of
CCM 7.7 Acquisition and ownership of buildings. Further information
on Schibsted Marketplaces’ leases is available in Note 19 Leases in
the financial statements.
Alignment rationale and method
CE 5.6 Marketplace for the trade of second-hand goods for reuse
To satisfy the substantial contribution criteria, servers and data
storage solutions must meet certain environmental performance
benchmarks, while DNSH requirements focus largely on data centre
energy efficiency. Compliance with minimum social safeguards is
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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also required. For 2024, Schibsted Marketplaces reports this
activity as non-aligned. Although the server and data storage
provider has taken steps to improve energy efficiency and
environmental compliance, the process of verifying the supplier’s
overall environmental performance and DNSH compliance is not yet
complete.
CCM 6.5 Transport by motorbikes, passenger cars and light
commercial vehicles and CCM 6.6 Freight transport services by
road
The substantial contribution criteria require low-emission vehicles
and DNSH criteria include tyre type, noise level, waste/reuse and
minimum social safeguards. For 2024, Schibsted Marketplaces
continues to report both activities as non-aligned due to insufficient
data across the value chain, including information on vehicle
emissions and adherence to the DNSH criteria. Efforts to improve
data quality are ongoing, but gathering this information remains
challenging since many vehicles are not owned or leased by
Schibsted Marketplaces.
CCM 7.7 Acquisition and ownership of buildings
Buildings must meet specific energy efficiency and DNSH
requirements, as well as comply with minimum social safeguards.
For 2024, Schibsted Marketplaces reports all activity under CCM 7.7
Acquisition and ownership of buildings as non-aligned. The leased
buildings do not currently meet the required energy efficiency
standards and certification of energy performance is lacking. Since
Schibsted Marketplaces does not own these buildings,
opportunities to implement structural or operational upgrades to
improve energy efficiency are limited.
Key performance indicators
The definitions of the indicators in the Taxonomy are, as far as
possible, aligned with the terminology used in Schibsted
Marketplaces’ financial statements. These definitions may be
updated in accordance with future developments in the Taxonomy
regulation and prevailing practice. Note that the definition of
operating expenditure (OpEx) used here only represents a subset of
the total operating expenses included in gross operating profit (loss)
as reported in the Group’s financial statements.
The Taxonomy indicators are intended to show what proportion of
an entity’s activities are considered environmentally sustainable.
These indicators are:
Turnover
Capital Expenditure (CapEx)
Operating Expenditure (OpEx)
For the reporting of eligible activities in accordance with the
Taxonomy, the Group’s turnover, CapEx and OpEx are calculated
using the same accounting principles as those applied to the
financial statements prepared in compliance with International
Financial Reporting Standards (IFRS), as adopted by the EU. Clear
definitions have been established for each activity, ensuring that
items are counted once and that any potential overlaps are
systematically identified and reconciled to avoid double counting.
Turnover
The turnover definition is consistent with the ‘Operating revenues’
line and Note 7 Revenue recognition in the financial statements for
the Group.
CE 5.6 Marketplace for the trade of second-hand goods for
reuse.
Turnover covers buyer-seller matching and classified ads
(including listing fees and up-sell products), as well as payment
services and associated delivery services. Advertising is not
included in the turnover definition.
CCM 6.6 Freight transport services by road and CCM 6.5
Transport by motorbikes, passenger cars and light commercial
vehicles. Turnover is restricted to distribution services sold
directly to external customers. Delivery services where
Schibsted Marketplaces does not oversee distribution
vehicles or routes were excluded based on estimates.
CCM 7.7 Acquisition and ownership of buildings. Turnover
relates to any external revenue generated from subletting
leased properties.
CapEx
CapEx for eligible activities includes the development and
purchase of intangible assets, property, plant and equipment and
right-of-use assets under IFRS 16, as detailed in Note 17 Intangible
assets, Note 18 Property, plant and equipment and Note 19 Leases
to the consolidated financial statements.
CE 5.6 Marketplace for the trade of second-hand goods for
reuse. CapEx includes an allocated share of the development
costs for a shared technology platform.
CCM 6.6 Freight transport services by road and CCM 6.5.
Transport by motorbikes, passenger cars and light
commercial vehicles. CapEx was primarily attributable to
investments in property, plant and equipment.
CCM 7.7 Acquisition and ownership of buildings. CapEx relates
solely to additions of right-of-use buildings. The KPI
increased from 2023 to 2024 mainly due to additions arising
from sale-and-leaseback agreements following the
divestment of the news media operations in 2024.
No CapEx for environmental action plans was included in the
reporting for 2024.
OpEx
According to the Taxonomy Regulation, the OpEx KPIs solely
include costs relating to the following:
research and development
building renovation measures
short-term leases
maintenance and repairs
In addition, the definition of OpEx encompasses other direct
expenditures related to the day-to-day servicing of assets that are
required to ensure their continued and efficient functioning.
CE 5.6 Marketplace for the trade of second-hand goods for
reuse. The costs associated with building renovation
measures, short-term leases and maintenance and repairs
are insignificant. The OpEx is mainly related to short-term
leases and non-capitalised research and development (R&D)
expenses.
CCM 6.6 Freight transport services by road and CCM 6.5.
Transport by motorbikes, passenger cars and light commercial
vehicles. Schibsted Marketplaces mainly performs delivery
services through subcontractors and employees operating
their own vehicles. Schibsted Marketplaces are obliged to a
limited degree to invest in the essential components needed
to carry out this activity. Furthermore, costs relating to
renovation measures, maintenance and repairs are minimal
for the same reasons. The OpEx is mainly related to short-
term leases.
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CCM 7.7 Acquisition and ownership of buildings.
The OpEx included is mainly related to maintenance and
repairs for the leased buildings. OpEx is lower in 2024
compared to 2023 as maintenance costs decreased after the
sale of the news media operations – owned for only five
months – leading to fewer leased buildings.
For information on the proportion of turnover, CapEx and OpEx from
products or services associated with Taxonomy-aligned economic
activities, see the tables below.
Taxonomy - Table 1: Proportion of turnover from products or services associated with Taxonomy-aligned economic activities: disclosure
covering year 2024
Taxonomy - Table 2: Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities: disclosure
covering year 2024
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Taxonomy – Table 3: Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities: disclosure covering
year 2024
Exposure to nuclear and fossil gas-related activities
Schibsted Marketplaces does not have any nuclear energy or fossil gas related activities. For confirmation of each related activity, see Table
4 below.
Taxonomy – Table 4: Activities related to nuclear energy and fossil gas
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ESRS E1 Climate change
For ESRS E1, Climate change, Schibsted Marketplaces has
identified three material IROs. A description of the IROs can be
seen in the table below.
E1 – Table 1: IROs related to climate change mitigation and
adaptation
E1-1 - Transition plan for climate change mitigation
In 2023, we introduced our Climate Roadmap to 2040, which
outlined our climate ambitions and pinpointed critical areas for
reducing our negative climate impact, as well as addressing
associated risks and opportunities. This roadmap established
specific actions and trajectories designed to support the
transition to a low-carbon society. After the carve-out of
Schibsted Media, however, the transition plan is no longer fully
applicable and Schibsted Marketplaces therefore currently has no
transition plan for climate change mitigation in accordance with
ESRS requirements. The absence of a transition plan stems from
the carve-out of Schibsted Media in 2024, resulting in the
establishment of Schibsted Marketplaces as an independent
entity on 7 June 2024. Consequently, sustainability analyses have
yet to be performed and strategies are to be developed. A
transition plan for climate change will be developed during 2025–
2026.
E1-2 - Policies related to climate change mitigation
and adaptation
In order to manage Schibsted Marketplaces’ material impacts,
risks and opportunities related to climate change mitigation, the
following policies are in place: the Code of Conduct, the Business
Partner Code of Conduct, the Group Environmental Policy and the
Global Travel Policy. Our Group Compliance Officer is responsible
for establishing and implementing a Code of Conduct for the
Group. The Group Compliance Officer shall also prepare and
facilitate for the establishing and implementation of overall
governing documents and procedures to monitor and ensure
compliance. See the table below for an overview of these policies
and their connection to IROs for E1.
E1 – Table 2: Policies related to climate change mitigation and adaptation
E1
p
olicies
Connection to IROs
Scope of policy
Most senior responsible level
Group Environmental
Policy
Negative impacts:
GHG emissions from own
operations and value chain
Energy consumption from own
operations
Promoting and selling travel
services that have negative
impact on GHG emissions
Value chain
: Own operations,
downstream and upstream
business partners
Geography: All geographies
where Schibsted Marketplaces or
our business partners operate
Board of Directors and Executive
Leadership Team
Schibsted
Marketplaces' Code
of Conduct
Negative impact:
GHG emissions from own
operations and value chain
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Owned by CEO, delegated to
EVP People
& Communications to ensure that all
employees are aware of the policy
Business Partner
Code of Conduct
Negative impact:
GHG emissions from own
operations and value chain
Value chain
: Own operations,
downstream and upstream
business partners
Geography: All geographies
where Schibsted Marketplaces or
our business partners operate
Owned by CFO, delegated to Head of
Legal to follow up on compliance
Global Travel Policy
Negative impact:
GHG emissions from own
operations and value chain
Value chain:
Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
EVP People & Communications
,
delegated to a dedicated Travel Manager
to oversee implementation
IRO
Sub
-
topic
Type of IRO
Greenhouse gas (GHG)
emissions from own
operations and value
chain
Climate change
mitigation
Energy
consumption
Negative
impact
Energy consumption
from own operations
Climate change
mitigation
Energy
consumption
Negative
impact
Promoting and selling
travel services that
have negative impact
on GHG emissions
Climate change
mitigation
Negative
impact
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Group Environmental Policy
Schibsted Marketplaces’ main policy covering climate change
mitigation is the Group Environmental Policy. The scope of the
policy is the whole of Schibsted Marketplaces, focusing on own
operations. 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 addresses climate change mitigation by prioritising the
reduction of energy consumption and GHG emissions, promoting
the use of renewable and recycled materials, and minimising
waste through effective recycling and reuse strategies. Schibsted
Marketplaces’ Board and Executive Leadership Team have a duty
and responsibility to ensure that the environmental policy's
content, intentions and directives are clearly communicated,
understood and acted upon. The Head of Sustainability is
responsible for monitoring compliance with this policy. The Group
Environmental Policy is publicly available on Schibsted
Marketplaces’ website.
Schibsted Marketplaces' Code of Conduct
Schibsted Marketplaces' Code of Conduct emphasises the
importance of reducing our negative impact on the environment.
It 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. The policy is owned by the CEO, since it covers all
employees, and is delegated to the EVP People &
Communications to ensure awareness and onboarding of existing
and new employees.
Business Partner Code of Conduct
The Business Partner Code of Conduct extends our
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 Marketplaces 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. The policy
is owned by the CFO and is delegated to the Head of Legal to
follow up compliance to the policy.
Schibsted Marketplaces’ Global Travel Policy
Lastly, Schibsted Marketplaces’ Global Travel Policy highlights the
preference for low-emission travel options. 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. The policy promotes
responsible travel choices, such as opting for economy class
within Europe and selecting more sustainable hotels and modes
of transport. The policy is owned by the EVP People &
Communications and is delegated to a dedicated Travel Manager
to oversee its implementation and monitor adherence to the
policy.
E1-3 - Actions and resources in relation to climate
change policies
In 2024, Schibsted Marketplaces underwent a major
reorganisation, creating a need to update and review key
sustainability plans and actions. During the autumn, we set up
new structures for reporting and internal control routines for
climate and energy data. This will enable further targeted actions
to reduce our climate impact and energy use. Looking ahead, we
will develop a new climate transition plan for Schibsted
Marketplaces and set targets for climate mitigation, focusing on
GHG reductions. We expect that this will further improve
transparency and provide information and data that can be used
to inform decision making.
Our business segment Delivery performed three actions during
2024 that focused on climate change mitigation. These actions
were to order and implement lightweight EV vehicles for last-mile
distribution (called ‘Paxsters’), implement HVO
7
routes for
inbound logistics from Sweden, as well as to plan new HVO routes
within Norway. These actions were taken to reduce the use of
fossil fuels in our Delivery services and connect to the
decarbonisation levers of electrification and fuel switching. No
dedicated resources (e.g., people or CapEx investments) have
been defined to ensure implementation. Achieved and expected
outcomes of GHG emissions reductions have not yet been defined
for these actions and are therefore not reported on.
Information on how the actions below contribute to the
implementation and achievement of policy objectives and targets
is not reported on, since Schibsted Marketplaces’ sustainability
targets are subject to upcoming revision (for more information on
this, see section E1-4 – Targets related to climate change
mitigation and adaptation below). The IRO ‘Promoting and selling
travel services that have negative impact on GHG emissions’ did not
have a related key action during 2024.
E1 – Table 3: Actions related to climate change mitigation and adaptation
Scope
Actions related to E1 Climate change
Key actions 2024 Related IROs Future actions Expected outcome Scope Time horizon
Ordering and
implementing
Paxster lightweight
EV vehicles for last-
mile distribution
Negative
impact:
GHG emissions from
own operations and
value chain
Support the
subsidiaries, such as
Delivery, with
implementing actions
to reduce their GHG
emissions. This
Reduce the use of
fossil fuels and tail-
pipe emissions in our
Delivery services
Value chain:
Own
operations (Delivery)
Geography: Norway
2024
7
HVO (Hydrotreated Vegetable Oil) is a renewable diesel
alternative that is fossil-free and reduces greenhouse gas
emissions compared to conventional diesel
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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66
Scope
Actions related to E1 Climate change
Key actions 2024 Related IROs Future actions Expected outcome Scope Time horizon
Negative impact:
Energy consumption
from own operations
includes actions in
Schibsted
Distribusjon Vest to
expand the use of EV-
only vehicles.
Implementing HVO
routes for inbound
logistics from
Sweden
Negative impact:
GHG emissions from
own operations and
value chain
Support the
subsidiaries, such as
Delivery, with
implementing actions
to reduce their GHG
emissions. No
specific actions have
been defined.
Reduce the use of
fossil fuels in our
Delivery services
Same as above
2024
Implement new HVO
routes within Norway
(e.g., between Vestby
and other terminals)
Negative impact:
GHG emissions from
own operations and
value chain
Support the
subsidiaries, such as
Delivery, with
implementing actions
to reduce their GHG
emissions (e.g.,
increasing use of
HVO fuel in
transportation from
the Vestby terminal to
distribution centres in
SDI Øst).
Reduce the use of
fossil fuels in our
Delivery services
Same as above
2025
E1-4 - Targets related to climate change mitigation
and adaptation
Due to the carve-out of Schibsted Media, Schibsted Marketplaces
currently has no active Group-level GHG emission reduction
targets in place. Schibsted Marketplaces’ previous climate
ambitions aimed to:
Double our improvements in energy efficiency (Scope 2)
across all our business operations by 2030, from the 2018
base year
Reduce GHG emissions throughout our operations and value
chain by at least 55 per cent by 2030, from the 2018 base
year
At least 90 per cent reduction throughout our operations
and value chain, net zero by 2040.
Following the carve-out of Schibsted Media and the changes this
presented to Schibsted Marketplaces’ strategic sustainability
work, these ambitions need to be reviewed and potentially
revised. We have therefore not tracked these ambitions during
2024. Instead, updated Group targets for climate change
mitigation and GHG emission reductions will be developed and set
during 2025-2026. These targets will address our climate-related
impacts and potential future risks and opportunities. The targets
will be based on a new base year that will be calculated during
2025-2026, based on 2024 data. We currently do not track the
effectiveness of our climate change mitigation policies with
regard to material sustainability-related impact.
In the 2023 sustainability statement, we introduced climate-
related targets for 2024. However, due to the reorganisation and
carve-out of Schibsted Media, these targets are also subject to
review and revision in 2025–2026. For this reason, we did not
update the targets in 2024 to fulfil the requirements set out by
ESRS regarding targets and metrics. Instead, we redefined the
targets as performance measurements.
Looking ahead, we have a process in place for reviewing these
performance measurements (previous targets set before the
carve-out of Schibsted Media) and for setting measurable,
outcome-oriented and time-bound targets in accordance with
ESRS. As part of this process, metrics to measure progress will be
further developed where needed. Metrics are therefore not
presented in relation to the performance measurements included
in this report, as these, too, need to be further defined to align
with Schibsted Marketplaces' new strategy.
For information on Schibsted Marketplaces’ performance
measurements related to climate mitigation, see Table 4 below.
The performance measurements listed below are not based on
conclusive scientific evidence. They were monitored periodically
by the relevant leadership teams throughout the year and a
summary of the overall performance was provided to the
Executive Leadership Team.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
67
E1 – Table 4: Performance measurements related to climate change mitigation and adaptation
Scope
Performance measurements related to climate change
Relationship to policy objectives
These performance measurements relate to our Code of Conduct where we state: 'We are
committed to minimising any adverse impact that our operations may have on the environment and
we work to run our business as sustainably as possible.'
Stakeholders involved Stakeholders were not involved in setting these performance measurements
Period These performance measurements were valid for 2024
No.
Performance measurement
under evaluation Related IROs Scope
1
Share of emission
-
free routes in
Distribusjon Øst
Negative impact:
GHG emissions from
own operations and value chain
Value chain:
Schibsted Marketplaces' Delivery
operations, excluding recently acquired Amedia
operations
Geography:
Norway
2
Share of emission
-
free routes in
Distribusjon Vest
Same as above
Same as above
3
Share of fossil
-
free (HVO) fuels
on inbound logistics from
Sweden
Same as above
Same as above
4
Share of fossil
-
free (HVO) fuels
in transportation from Vestby
HUB to Distribution Centres in
SDI ØST
Same as above
Same as above
5
Number of fossil
-
free (HVO)
routes between Vestby and
other terminals in our network
Same as above
Same as above
Notes:
1)-2) 'Emission-free routes' are defined as those routes within the delivery network that are operated using EV-only vehicles or by
walking/cycling.
3)
-
5) 'Fossil
-
free routes' is defined as
those routes within the delivery network that are operated using HVO
-
only vehicles.
E1-5 - Energy consumption and mix
Schibsted Marketplaces has operations in high climate impact
sectors, specifically transportation within the Delivery segment.
Among the companies sold in 2024 (discontinued operations),
Schibsted Media’s business segment Print is considered as a
high climate impact sector. Note that due to rounding, the totals
in the tables in this section may not add up exactly.
See the tables below for information on:
total energy consumption and mix,
energy intensity (total energy consumption per net
revenue) associated with activities in high climate
impact sectors and
information on reconciliation of net revenue from
activities in high climate impact sectors to relevant
financial information.
E1 – Table 5: Total energy consumption and mix for Schibsted Marketplaces during 2024
Energy consumption and mix
Unit
2023
2024
(1) Fuel consumption from coal and coal products in high
climate
impact sectors
MWh n/a
0
(2) Fuel consumption from crude oil and petroleum products in
high climate impact sectors
MWh n/a
21,655
(3) Fuel consumption from natural gas in high climate impact
sectors
MWh n/a
89
(4) Fuel consumption from other
fossil sources in high climate
impact sectors
MWh n/a
0
(5) Consumption of purchased or acquired electricity, heat,
steam, and cooling from fossil sources in high climate impact
sectors
MWh n/a
3,939
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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68
Energy consumption and mix
Unit
2023
2024
(6) Total fossil energy consumption in high
climate impact
sectors (calculated as the sum of lines 1 to 5)
MWh n/a
25,684
Total fossil energy consumption
MWh
n/a
27,378
Share of fossil sources in total energy consumption
%
n/a
91%
(7) Consumption from nuclear sources
MWh
n/a
867
Share of
consumption from nuclear sources in total energy
consumption
% n/a
3%
(8) Fuel consumption for renewable sources, including biomass
MWh n/a
0
(9) Consumption of purchased or acquired electricity, heat,
steam
,
and cooling from renewable sources
MWh n/a
1,885
(10) The consumption of self
-
generated non
-
fuel renewable
energy
MWh n/a
0
(11) Total renewable energy consumption (calculated as the
sum of lines 8 to 10)
MWh n/a
1,885
Share of renewable sources in
total energy consumption
%
n/a
6%
Total energy consumption (calculated as the sum of lines
'Total fossil energy consumption', 7 and 11)
MWh n/a
30,131
E1 – Table 6: Energy intensity per net revenue for Schibsted Marketplaces’ operations in high climate impact sectors
Energy intensity per net revenue
Unit
Comparative
2024
% 2024
/
2023
Total energy consumption from activities in high climate
impact sectors per net revenue from activities in high
climate impact sectors
MWh/NOK m n/a
12.09
n/a
E1 - Table 7: Net revenue for calculation of energy intensity based on financial reporting for Schibsted Marketplaces for 2024
Connectivity of energy intensity based on net revenue with financial
reporting information 2024
Net revenue from activities in high climate impact sectors used to calculate
energy intensity
2,124
Net revenue (other)
6,201
Total net revenue, NOK m (Financial statements)
8,325
Discontinued operations, including Schibsted Media
For total energy consumption and mix, energy intensity
associated with activities in high climate impact sectors and
information on reconciliation of net revenue from activities in high
climate impact sectors for discontinued operations, including
Schibsted Media, see the tables below. The methodology,
assumptions and limitations in the methodology for Schibsted
Media are the same as for Schibsted Marketplaces.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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69
E1 – Table 8: Total energy consumption and mix from sold companies during 2024, including Schibsted Media
Energy consumption and mix
Unit
2023
2024
(1) Fuel consumption from coal and coal products in high
climate impact sectors
MWh n/a
0
(2) Fuel consumption from crude oil and petroleum products in
high climate impact sectors
MWh n/a
4
(3) Fuel consumption from natural gas in high climate impact
sectors
MWh n/a
0
(4) Fuel consumption from other
fossil sources in high climate
impact sectors
MWh n/a
0
(5) Consumption of purchased or acquired electricity, heat,
steam, and cooling from fossil sources in high climate impact
sectors
MWh n/a
4,266
(6) Total fossil energy consumption in high
climate impact
sectors (calculated as the sum of lines 1 to 5)
MWh n/a
4,269
Total fossil energy consumption
MWh
5,548
Share of fossil sources in total energy consumption
% n/a
74%
(7) Consumption from nuclear sources
MWh n/a
695
Share of
consumption from nuclear sources in total energy
consumption
% n/a
9%
(8) Fuel consumption for renewable sources, including
biomass
MWh n/a
0
(9) Consumption of purchased or acquired electricity, heat,
steam
,
and cooling from renewable sources
MWh n/a
1,303
(10) The consumption of self
-
generated non
-
fuel renewable
energy
MWh n/a
0
(11) Total renewable energy consumption (calculated as the
sum of lines 8 to 10)
MWh n/a
1,303
Share of renewable sources in
total energy consumption
% n/a
17%
Total energy consumption (calculated as the sum of lines
'Total fossil energy consumption', 7 and 11)
MWh n/a
7,546
E1 – Table 9: Energy intensity per net revenue for discontinued operations (Schibsted Media) in high climate impact sectors in relation to the
period of ownership
Energy intensity per net revenue
Unit
Comparative
2024
% 2024
/
2023
Total energy consumption from activities in high climate
impact sectors per net revenue from activities in high
climate impact sectors
MWh/NOK
m
n/a
3.99
n/a
E1 – Table 10: Net revenue for calculation of energy intensity based on financial reporting for discontinued operations (Schibsted Media)
Connectivity of energy intensity based on net revenue with
financial
reporting information
2024
Net revenue from activities in high climate impact sectors used to calculate
energy intensity
1,070
Net revenue (other)
2,005
Total net revenue NOK m (Financial statements)
3,075
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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70
Methodology for energy calculations
For the information provided in the energy tables above,
Schibsted Marketplaces and our discontinued operations applied
the following methodology for data collection and verification
(note that the numbers in the list below correspond with the rows
in the tables above):
(1) Fuel consumption from coal and coal products:
Schibsted Marketplaces does not have any fuel
consumption from coal and coal products.
(2) Fuel consumption from crude oil and petroleum
products: Data from delivery services is collected
centrally, in kilometres driven for each fuel type. For the
last-mile Home distribution service, vehicle-specific fuel
and fuel intensity are sourced from the Norwegian Public
Roads Administration (Statens Vegvesen) using licence
plate data. However, there are still some uncertainties
regarding the accuracy of data, such as lack of licence
plate information for around five per cent of routes. For
routes without licence plate data, the median fuel
consumption value from other routes is applied, resulting
in an assumption of fuel consumption for these routes. For
other forms of transportation in our distribution services,
energy consumption per kilometre is determined by the
fuel type, based on data from the Norwegian Public Roads
Administration and values from DEFRA
8
based on an
average van. Fuels from distribution services include
petrol, diesel, natural gas and electricity. Total energy
consumption in megawatt-hours is calculated using
kilometres to energy (km to MWh) conversion factors from
DEFRA for each fuel type.
(3) Fuel consumption from natural gas: Same methodology
as for (2).
(4) Fuel consumption from other fossil sources: Schibsted
Marketplaces does not have any fuel consumption from
other fossil sources.
(5) Consumption of purchased or acquired electricity,
heat, steam, and cooling from fossil sources: This
category is only applicable for our business segment
Delivery and includes energy consumption from vehicles
and facility energy consumption. The calculations for the
last-mile Home distribution service utilise vehicle-specific
fuel and fuel intensity data sourced from the Norwegian
Public Roads Administration, along with energy
consumption per kilometre determined by fuel type. Total
energy consumption in megawatt-hours is calculated using
kilometres driven and energy conversion factors from
DEFRA for each fuel type.
(6) Total fossil energy consumption in high climate impact
sectors: This is the sum of all fossil energy consumption in
the business segment Delivery, calculated as the sum of
lines 1–5.
Total fossil energy consumption: This is a summary of all
energy consumption from fossil sources from Schibsted
Marketplaces operations (i.e., from car travel and office
energy consumption), including fossil energy consumption
in high climate impact sectors (business segment Delivery
for Schibsted Marketplaces and business segment Print for
Schibsted Media). Data on energy consumption is
collected centrally by facility managers for larger office
buildings and locally by subsidiaries not included in the
8
Department for Environment, Food & Rural Affairs
central data collection. Data on purchased electricity,
district heating and district cooling is collected in kilowatt-
hours (kWh) and converted to megawatt-hours (MWh) in
the report. A conservative approach has been used when
splitting electricity, district heating and district cooling
between renewable and non-renewable energy. Energy is
only reported as derived from renewable sources if the
origin of the purchased energy is clearly defined in the
contractual agreement with the supplier. For electricity, all
reported consumption not derived from contracts with
guarantees of origin is divided between Total fossil energy
consumption and (7) Consumption from nuclear sources.
An assumption made is that the split of non-renewables
between fossil and nuclear electricity is determined by the
market-based residual electricity mix of the country.
(7) Consumption from nuclear sources: See the description
of methodology, assumptions and limitations in Total fossil
energy consumption and point (9).
(8) Fuel consumption for renewable sources, including
biomass: Schibsted Marketplaces does not have any fuel
consumption for renewable sources.
(9) Consumption of purchased or acquired electricity,
heat, steam, and cooling from renewable sources: See
the overall methodology in Total fossil energy
consumption. For district heating and cooling, purchased
energy is divided between Total fossil energy consumption
and (9) Consumption of purchased or acquired electricity,
heat, steam and cooling from renewable sources.
Limitations in the methodology mainly derive from the data
quality in the collection phase. To limit the risk of
misleading information on renewable energy consumption,
we have applied several verification steps during the
process of collection, calculation and compilation of data.
(10) The consumption of self-generated non-fuel renewable
energy: Schibsted Marketplaces does not have any self-
generated non-fuel renewable energy.
E1-6 – Gross Scopes 1, 2, 3 and total GHG
emissions
In preparing our GHG emissions calculations, we adhered to the
requirements and guidance stated in ESRS, which refers to the
GHG Protocol Corporate Standard. Our calculations used
emission factors primarily sourced from DEFRA, which align with
the global warming potential (GWP) values established in the IPCC
Fifth Assessment Report (AR5).
We have used a consolidation approach based on operational
control. Optional activities defined by the GHG Protocol have not
been included in this year's Scope 3 reporting. The data on GHG
emissions covers Schibsted Marketplaces’ own operations and
value chain. Emissions from joint ventures and associate
companies are calculated based on the extent of Schibsted
Marketplaces’ ownership. The carve-out of Schibsted Media from
Schibsted Marketplaces represents a significant change of the
reporting scope. In the current statement, Schibsted Media’s
sustainability data is reported on for the first five months
(representing the time of Schibsted Marketplaces' ownership) and
is presented as a discontinued operation.
In 2024, we established an updated GHG inventory that reflects
both direct and indirect emissions within our value chain. We
expanded our reporting to include additional Scope 3 categories,
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
71
specifically: Category 3 (Fuel and energy-related activities not
included in Scope 1 or Scope 2), Category 5 (Waste generated in
operations), Category 7 (Employee commuting) and Category 15
(Investments). Due to these additions, direct comparisons with
previous years’ GHG data are not feasible. Since data related to
the Scope 3 categories waste, business travel, employee
commuting and investments was not extensively collected in
previous years, it created some challenges regarding data
accuracy, such as inconsistencies and the need for estimations.
Estimations were used in cases where data was unavailable.
Following our conservative approach, the use of estimations may
result in overestimations of emissions. Any significant changes in
assumptions or estimations in future reports will be documented
in a recalculation guideline to ensure transparency.
Schibsted Marketplaces utilises metrics derived from upstream
and downstream value chain data, including sector averages. We
prioritise specific supplier data when available; otherwise, we rely
on sector averages for estimations. For the 2024 GHG emissions
data, there are significant levels of measurement uncertainty
affecting Scope 3 categories, specifically Category 1 (Purchased
goods and services), Category 5 (Waste generated in operations),
Category 7 (Employee commuting) and Category 15 (Investments),
due to high use of secondary data sources and estimations. The
metrics have been prepared using the best available data,
ensuring satisfactory accuracy for sector average value chain
metrics. For future reporting, we will strive to improve the data
accuracy and increase the level of primary data.
Our data collection methodologies combined central and local
approaches. Certain datapoints, like energy consumption from
large office buildings, were collected centrally, while local data
collection captured operational specifics for each subsidiary. To
mitigate risks of double counting and incomplete data, we
implemented measures during data verification.
To facilitate our calculations, we developed an internal tool that
integrates both locally and centrally collected data, enabling us to
calculate Scope 1, 2 and 3 emissions in accordance with our
established methods and emission factors. This tool incorporates
control measures to ensure data completeness and
reasonableness. A multi-step analysis and verification process is
conducted during calculation and after data aggregation. Internal
controls were executed in collaboration with stakeholders to
ensure accurate emissions reporting. The metrics presented in
this chapter have not been validated by an external body.
See the tables below for information on Schibsted Marketplaces’
GHG emissions, GHG intensity and connectivity with financial
reporting.
E1 – Table 11: Scope 1, 2 and 3 emissions and total GHG emissions expressed in tonnes of CO2 equivalents (tCO2eq)
Retrospective Milestones and target years
Base year
2023
2024
% 2024 /
2023
2025
2030
(2050)
Annual %
target /
base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions
(tCO2eq)
n/a -
7,552
n/a
n/a
n/a
n/a
n/a
Percentage of Scope 1 GHG
emissions from regulated emission
trading schemes (%)
n/a n/a
0.0
n/a
n/a
n/a
n/a
n/a
Scope 2 GHG emissions
Gross
location
-
based Scope 2 GHG
emissions (tCO2eq)
n/a n/a
470
n/a
n/a
n/a
n/a
n/a
Gross market
-
based Scope 2 GHG
emissions (tCO2eq)
n/a n/a
2,948
n/a
n/a
n/a
n/a
n/a
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG
emissions (tCO2eq)
n/a n/a
20,292
n/a
n/a
n/a
n/a
n/a
1. Purchased goods and services
n/a
n/a
5,781
n/a
n/a
n/a
n/a
n/a
-
of which cloud computing and data
centre services
n/a n/a
989
n/a
n/a
n/a
n/a
n/a
2. Capital goods
n/a
n/a
293
n/a
n/a
n/a
n/a
n/a
3.
Fuel and energy
-
related activities
(not included in Scope 1 or Scope 2)
n/a n/a
1,393
n/a
n/a
n/a
n/a
n/a
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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72
Retrospective Milestones and target years
Base year
2023
2024
% 2024 /
2023
2025
2030
(2050)
Annual %
target /
base year
4. Upstream transportation and
distribution
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
5. Waste generated in operations
n/a
n/a
44
n/a
n/a
n/a
n/a
n/a
6.
Business travel
n/a
n/a
2,300
n/a
n/a
n/a
n/a
n/a
7. Employee commuting
n/a
n/a
997
n/a
n/a
n/a
n/a
n/a
8. Upstream leased assets
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
9. Downstream transportation and
distribution
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
10.
Processing of sold products
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
11. Use of sold products
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
12. End
-
of
-
life treatment of sold
products
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
13. Downstream leased assets
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
14. Franchises
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
15. Investments
n/a
n/a
9,484
n/a
n/a
n/a
n/a
n/a
Total GHG emissions
Total GHG emissions (location
-
based) (tCO2eq)
n/a n/a
28,315
n/a
n/a
n/a
n/a
n/a
Total GHG emissions (market
-
based) (tCO2eq)
n/a n/a
30,792
n/a
n/a
n/a
n/a
n/a
E1 – Table 12: GHG intensity per net revenue calculated as total GHG emissions in metric tonnes of CO2eq for location-based and market-based
methods divided by net revenue from financial statements
GHG
intensity based on net revenue (Total emissions, all scopes)
2023
2024
% 2024
/
2023
GHG intensity, tonnes CO2eq emissions (market-based) / net revenue in NOK million 3.70
GHG intensity, tonnes CO2eq emissions (location-based) / net revenue in NOK million 3.40
E1 – Table 13: Connectivity of GHG intensity based on revenue with financial reporting information
Connectivity of GHG intensity based on revenue with financial reporting
information
2024
Net revenue used to calculate GHG intensity
in NOK million
8,325
Net revenue (other)
in NOK million
0
Total net revenue
in
NOK m (in financial statements)
8,325
Contextual information
The material changes of Schibsted Marketplaces and the
separate disclosure of discontinued operations render
comparisons with previous years unfeasible. The large increase
in Scope 1 emissions stems from the fact that the reporting of
emissions from Delivery has been moved from Scope 3 Category
9 to Scope 1. The decrease in market-based Scope 2 emissions
stems primarily from electricity use in discontinued operations
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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73
being presented separately. Total Scope 3 emissions are relatively
similar to those in the 2023 report, due to Categories 9 and 11
having been removed and Categories 3, 5, 7 and 15 having been
added to the 2024 report. For future reporting we will be able to
present comparative quantitative data and apply recalculation
methods where needed.
Discontinued operations, including Schibsted Media
For information on the discontinued operations’, including
Schibsted Media’s, GHG emissions, GHG intensity and
connectivity with financial reporting, see the tables below. The
methodology, including assumption and limitations, are the same
as for the calculations of emissions from Schibsted Marketplaces
described in this section.
E1 – Table 14: Scope 1, 2 and 3 emissions and total GHG emissions for discontinued operations
Retrospective Milestones and target years
Base year 2023
2024
% 2024 /
2023
2025
2030
(2050)
Annual %
target /
base year
Scope 1 GHG emissions
Gross Scope 1 GHG
emissions (tCO2eq)
n/a -
35
n/a
n/a
n/a
n/a
n/a
Percentage of Scope 1
GHG emissions from
regulated emission
trading schemes (%)
n/a n/a
0
n/a
n/a
n/a
n/a
n/a
Scope 2 GHG emissions
Gross location
-
based
Scope 2 GHG emissions
(tCO2eq)
n/a n/a
74
n/a
n/a
n/a
n/a
n/a
Gross market
-
based
Scope 2 GHG emissions
(tCO2eq)
n/a n/a
3,662
n/a
n/a
n/a
n/a
n/a
Significant Scope 3 GHG emissions
Total Gross indirect
(Scope 3) GHG
emissions (tCO2eq)
n/a n/a
12,166
n/a
n/a
n/a
n/a
n/a
1. Purchased goods and
services
n/a n/a
6,574
n/a
n/a
n/a
n/a
n/a
-
of which cloud
computing and data
centre services
n/a n/a
5
n/a
n/a
n/a
n/a
n/a
2. Capital goods
n/a n/a
105
n/a
n/a
n/a
n/a
n/a
3. Fuel and energy
-
related
activities (not included in
Scope 1 or Scope 2)
n/a n/a
364
n/a
n/a
n/a
n/a
n/a
4. Upstream
transportation and
distribution
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
5. Waste generated in
operations
n/a n/a
22
n/a
n/a
n/a
n/a
n/a
6. Business travel
n/a n/a
562
n/a
n/a
n/a
n/a
n/a
7. Employee
commuting
n/a n/a
265
n/a
n/a
n/a
n/a
n/a
8. Upstream leased assets
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
9. Downstream
transportation
n/a n/a
624
n/a
n/a
n/a
n/a
n/a
10. Processing of sold
products
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
11. Use of sold
products
n/a n/a
175
n/a
n/a
n/a
n/a
n/a
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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74
Retrospective Milestones and target years
Base year 2023
2024
% 2024 /
2023
2025
2030
(2050)
Annual %
target /
base year
12. End
-
of
-
life treatment of
sold products
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
13. Downstream leased
assets
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
14. Franchises
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a
15. Investments
n/a
n/a
3,469
n/a
n/a
n/a
n/a
n/a
Total GHG emissions
Total GHG emissions
(location-based)
(tCO2eq)
n/a n/a
12,274
n/a
n/a
n/a
n/a
n/a
Total GHG emissions
(market-based)
(tCO2eq)
n/a n/a
15,863
n/a
n/a
n/a
n/a
n/a
E1 - Table 15: GHG intensity per net revenue calculated as total GHG emissions in metric tonnes of CO2eq for location-based and market-based
methods divided by net revenue from financial statements for discontinued operations
GHG intensity based on net revenue (Total emissions, all
scopes)
2023
2024
% 2024
/
2023
GHG intensity, tonnes CO2e
q
emissions (market
-
based) / net revenue
in
NOK million
5.
16
GHG intensity, tonnes CO2e
q
emissions (location
-
based) / net revenue
in
NOK million
3.99
E1 - Table 16: Connectivity of GHG intensity based on revenue with financial reporting information for discontinued operations
Connectivity of GHG intensity based on revenue with financial reporting information
2024
Net revenue used to calculate GHG intensity
in NOK million
3,075
Net
revenue (other)
in NOK million
0
Total net revenue
in
NOK m (in financial statements)
3,075
Share of primary data
The share of primary data used in Scope 3 based on the volume
of emissions is 16% for Schibsted Marketplaces. The share of
primary data used in Scope 3 based on the volume of emissions
is 40% for Schibsted Media. The spend-based method is not
included as primary data, since it is considered an estimate.
Schibsted Marketplaces shows a significantly lower percentage
of primary data compared to Schibsted Media, which is mainly
due to the categorisation of emissions. Schibsted Media includes
both Print and Delivery operations in their Scope 3 emissions,
which means they account for primary data related to activities
that have substantial contribution to the overall emissions in
Scope 3. Additionally, the primary sources for estimating
emissions, where primary data is not available for Schibsted
Marketplaces, include consultants (Category 1) and investments
(Category 15).
Details on methodology for GHG calculations
The methodologies used to calculate each scope category
included in the reporting is presented in the table below. The
calculations of GHG emissions includes activities where
Schibsted Marketplaces holds operational control (owned or
leased assets).
E1 – Table 17: Description of calculation method for each scope category
GHG Protocol category
In scope
/ not
in scope
Description of data collection, calculations and emission factors
Scope 1 Direct GHG emissions
Emissions from
company-owned, leased
and controlled vehicles.
In scope
Activity data:
The types of
activity data collected comprise vehicle type, distance driven and
type of fuel, including central data collected from Delivery services and local data collected
from all other companies owning or leasing a car.
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GHG Protocol category
In scope
/ not
in scope
Description of data collection, calculations and emission factors
Calculation method:
To calculate emissions from combustion of fuels in company cars, the
distance-based method from the GHG Protocol was used. For central data collected from
Delivery services, the emission factors used were based on emissions per kilometre for
different fuel and vehicle types. The data on emission factors for each vehicle type was
collected from the Norwegian Public Roads Administration (Statens Vegvesen) using licence
plate data. When emissions data was unavailable, DEFRA GHG conversion factors (2023) were
used, which considers vehicle type and fuel.
The locally collected data from Schibsted Marketplaces’ companies, excluding Delivery
services, does not provide information on the specific type of vehicle. The emission factor
used is therefore based on an average car for all fuel types. DEFRA GHG conversion factors
(2023) was applied.
Scope 2 Indirect emissions from energy
Electricity
In scope
Office electricity
Activity data: The types of activity data collected comprise country, electricity procurement
type and electricity consumption.
Calculation method: For office electricity, emission factors for both location-based and
market-based methods were collected from the Association of Issuing Bodies, AIB (2023). For
the market-based approach, country-specific residual mixes were used for calculating
emissions from electricity with no certificate of origin. Electricity consumption stemming from
renewable sources was only accounted for if supported by a certificate of origin for the entire
reporting period. The location-based approach was based on production mixes in the
respective countries.
Electric vehicles
Activity data: The types of activity data collected comprise vehicle type and distance driven.
Calculation method: Emissions from battery electric vehicles and plug-in hybrid electric
vehicles were calculated using emission factors from UK electricity for EVs from DEFRA GHG
conversion factors (2023). The emission factors were based on an average car since vehicle
type
was not collected in this case.
District heating
In scope
Activity data:
The activity data collected comprise the country for each subsidiary and its
energy consumption from district heating.
Calculation method:
Emissions from district heating in buildings / offices were calculated using
emission factors based on country of origin. Specific emission factors for each district heating
network area where Schibsted Marketplaces has an office have not been used.
District cooling
In scope
Activity data:
The types of activity data collected comprise the country for each subsidiary
and energy consumption from district cooling.
Calculation method:
Emissions from district cooling in buildings / offices were calculated using
emission factors based on country level. Specific emission factors for each district cooling
network area where Schibsted Marketplaces has an office have not been used.
Scope 3 Emissions in the value chain
1. Purchased goods
and
services
In scope
Software as a Service (SaaS)
Activity data:
The activity data collected comprise country for each subsidiary, emissions from
the SaaS provider, electricity use and amount spent.
Calculation method: To calculate emissions from the use of SaaS products, we used different
methods depending on the data available. The first choice was to use emissions data provided
directly by the SaaS provider, as this is usually the most accurate. If provider data was not
available, we then used a method based on electricity consumption. This method estimates
emissions based on the actual electricity used by the SaaS product. As a last resort, we used a
spend-based method. This approach estimates emissions based on the amount spent on the
SaaS product. However, the spending figure does not only cover electricity costs, leading to an
over-estimation of emissions. For our calculations, we assumed that 12% of the reported spend
is connected to the calcula
tion of GHG emissions from electricity use. For the emissions factors
in our calculations, we utilized a location-based method that considers country-specific data,
which we sourced from AIB (202
3
).
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GHG Protocol category
In scope
/ not
in scope
Description of data collection, calculations and emission factors
Consultants
Activity data: The activity data collected comprises the total number of consultants.
Calculation method: Consultants are not directly hired by Schibsted Marketplaces and are
defined as a type of purchased service. The emission factor per consultant stems from
Schibsted’s Sustainability Statement (2023). The value is based on the market-based GHG
intensity (Scope 1, 2 and 3) per employee in 2023.
Subcategory:
Cloud computing and
data centre services
In scope
Activity data:
The activity data collected comprise country for each subsidiary, emissions from
the cloud computing and data centre provider, electricity use and amount spent.
Calculation method: To calculate the emissions from the use of data centres, different
calculation methods were used depending on the data availability, using the same priorities as
for SaaS. However, the spending figure does not only cover electricity costs, leading to an
over-estimation of emissions. It was assumed that 40% of the reported spend is connected to
the calculation of GHG emissions from electricity use. Emission factors used are based on a
location
-
based method at a country
-
specific level and are taken from AIB (202
3
).
2. Capital goods
In scope
Activity data:
The activity data collected comprise the number of units of each device type
(smartphones, tablets, laptops, computers, monitors, TV and smart screens).
Calculation method: The average-product method was used to calculate emissions from
procured user-devices. Data on device purchases was collected through an ordering system
and included information such as purchase date, device model and other relevant datapoints.
Data was collected on central purchases as well as on devices ordered outside this system.
The emission factors used were either provided by the supplier or obtained from a report on
embodied carbon emissions of user devices
9
.
3. Fuel
-
and energy
-
related activities
In scope
Activity data:
The activity data collected for this category is the same as in Scope 1 and Scope
2.
Calculation method: The average-data method was used to estimate the upstream emissions
from activities related to fuel and energy. While the same activity data is used in Category 3 as
in Scopes 1 and 2, there is a key difference in accuracy. In Scopes 1 and 2, we used specific
emission factors for each country, which provides more precise results. However, for
calculating upstream emissions in Category 3, we relied on emission values from DEFRA, which
are based on emissions and energy losses during transmission and distribution in the UK.
Additionally, Subcategory 3d does not apply here because Schibsted Marketplaces does not
buy or sell electricity, steam, heating, or cooling to end
-
users.
4. Upstream
transportation and
distribution
Not in scope
This category is not in scope, since Schibsted Marketplaces has no emissions from upstream
transportation and distribution. Emissions from transportation of purchased goods and
services and capital goods are covered in Categories 1 and 2.
5. Waste generated
in operations
In scope
Activity data:
The activity data collected comprise total amount of waste generated, waste
treatment by recycling, incineration, composting/anaerobic digestion and landfill and number
of employees (headcount).
Calculation method: To calculate the emissions from disposal and treatment of waste
generated in operations, the average-data method was used. Priority was given to data
collected on waste divided by specific treatment types. If that level of disaggregation was not
available, the total amount of waste generated was used to make an assumption on the split of
waste treatment. If the reporting company did not have any available data on generated waste,
the total number of employees (headcount) was used. In that case, we used the assumption
that each employee in an office generates 200 kg of waste each year
10
. The split on different
waste treatment methods is taken from a report from Avfall Sverige (2023)
11
, where the
assumption is that Schibsted Marketplaces has the same split of waste treatment methods as
the average in Sweden. Emission factors on the different waste treatment methods were taken
from DEFRA (2023).
9
Assessing embodied carbon emissions of communication user devices by combining approaches (2023).
10
https://www.avfallsverige.se/media/mdnj3dpy/
11
https://www.avfallsverige.se/media/mdnj3dpy/svensk_avfallshantering_2023.pdf
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GHG Protocol category
In scope
/ not
in scope
Description of data collection, calculations and emission factors
6. Business travel
In scope
Air travel
Activity data: Activity data from business travel by air was collected in passenger-kilometres
travelled for both domestic and international flights. Data was collected from our travel agency
system, which most companies in scope are using, providing the distance travelled for short-,
medium- and long haul-flights. Where air travel data was unavailable, companies have
calculated the distance flown in passenger-kilometres by collecting air travel data from other
accounting systems.
Calculation method: The distance-based method was used to calculate emissions from air
travel. The emission factors were based on haul type (long-haul or short-haul).
Rail travel
Activity data: Activity data from business travel by rail was collected in passenger-kilometres
from the same travel agency as for the air travel data. Where rail travel data was unavailable,
companies have calculated the distance passenger-kilometres by collecting rail travel data
from other accounting systems. Companies have also been able to report data from rail travel
in amount spent, but this is the least prioritised method as the spend-based methods usually
provide over-estimated emissions.
Calculation method: The distance-based method was used to calculate emissions from rail
travel. When distances were not available, we used a spend-based method.
Bus and taxi travel
Activity data: Activity data from business travel by bus and taxi was collected in passenger-
kilometres or amount spent. Companies have calculated distance travelled by bus using
information from accounting systems. Companies have also been able to report data in amount
spent, for bus and taxi travel. Reporting kilometres was prioritised first, then reporting by
amount spent.
Calculation method: The distance-based method was used to calculate emissions from bus
and taxi travel. When distances were not available, we used the spend-based method.
Short-term car rental and privately owned cars
Activity data: Activity data from business travel by car rental and privately owned cars was
collected in kilometres or amount spent, as well as vehicle type. When data was available,
priority was given to distance travelled.
Calculation method: The distance-based method was used to calculate emissions from travel
with rented cars and privately owned cars. When distances were not available, we used the
spend-based method. Long-term leases were included in Scopes 1 and 2.
General information
Emission factors for business travel were collected from DEFRA (2023). The ‘average
passenger’ emission factor was used in calculations. When the fuel type was unknown for the
spend-based method, the ‘unknown’ fuel emission factor was used. Average fuel and
electricity costs have been taken from the Norwegian Statistisk sentralbyrå and Ekonomifakta in
Sweden. Local currencies have been converted to NOK when using the spend-based method.
Emissions from hotel nights are omitted in this category, due to this reporting being optional.
7. Employee
commuting
In scope
Activity data:
The activity data collected comprise the number of employees (headcount) and
number of workdays in 2024.
Calculation method: To calculate the emissions from employee commuting (from their home
to the workplace and back), the average data-method was used. Emissions have been
estimated with secondary activity data in the form of average city commuting patterns in
Stockholm, Sweden. Daily commuting distance is assumed to be 15 km, based on a report from
Stockholm Public Transport (2019). Assumptions on the share of different modes of commuting
transport were obtained from a survey conducted in Stockholm by Stockholm Stad (2023).
12
12
https://vaxer.stockholm/siteassets/stockholm-vaxer/tema/dialog-och-samrad/medborgarpanelen/resultat/resvanor-2023/resultat-
resvanor-medborgarpanelelen_okt-2023.pdf
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GHG Protocol category
In scope
/ not
in scope
Description of data collection, calculations and emission factors
Using the conservative approach, employees are assumed to commute all workdays. Emission
factors from different modes of commuting were collected from DEFRA (2023).
Emissions from remote working are omitted in this category, due to this reporting being
optional.
8. Upstream leased
assets
Not in scope
This category is not in scope. Schibsted Marketplaces’ leased assets (company cars and office
buildings) are covered in Scope 1 and Scope 2.
9. Downstream
transportation and
distribution
Not in scope
This category is not in scope. Emissions from Delivery services are included in Scope 1. No
other downstream transportation and distribution was identified.
10. Processing of
sold products
Not in scope
This category is not in scope since
Schibsted Marketplaces does not sell intermediate products
that require further processing before use by the end consumer.
11. Use of sold products
Not in scope
This category is not in scope for Schibsted Marketplaces in 2024. This category is in
scope for
Schibsted Media, reported as discontinued operations. Emissions from cloud computing
attributable to Schibsted Marketplaces are reported in Category 1.
12. End
-
of
-
life treatment
of sold products
Not in scope
This category is not in scope since Schibsted Marketplaces does not sell products with an end
-
of
-
life treatment.
13. Downstream
leased
assets
Not in scope
This category is not in scope since no downstream leased assets were identified.
14.
Franchises
Not in scope
This category is not in scope since Schibsted Marketplaces has no franchises.
15. Investments
In scope
Activity data:
The activity data collected comprise the number of employees from each
investment (headcount). Investments have been defined as all joint venture and associate
companies for which Schibsted Marketplaces has at least 1% ownership but no operational
control.
Calculation method: Emissions in this category have been estimated based on the number of
employees in each joint venture and associate company and on ownership share. The emission
factor per employee stems from Schibsted’s Sustainability Statement from 2023. The value is
based on the market-based GHG intensity (Scope 1, 2 and 3) per employee in 2023. The
activities and business segments in Schibsted Marketplaces’ joint ventures and associate
companies are similar to those in Schibsted Marketplaces, therefore this is considered a
representative factor.
This calculation method differs from the suggested average-data method from the GHG
protocol, which involves using revenue data combined with EEIO (environmentally extended
input–output) data and ownership share to estimate Scope 1 and 2 emissions from the investee
company. However, this method is less accurate seeing as financial data for 2024 was not
available. Collecting the number of employees and ownership share and using this data with
the chosen emission factor for Scopes 1, 2 and 3 proved to be a method that was conservative
and that achieved an acceptable level of accuracy. It will therefore be considered for future
reporting.
ESRS E4 Biodiversity and ecosystems
regarding Schibsted Media
Schibsted Media was sold and carved out from Schibsted
Marketplaces in May 2024 and is reported as a discontinued
operation. In this sustainability statement, information and data
for Schibsted Media are included for the first five months. ESRS
E4 Biodiversity and ecosystems is reported separately for
Schibsted Media in this section. The reason for this is that E4 is
non-material for Schibsted Marketplaces but is material for
Schibsted Media. The information below focuses on Schibsted
Media and covers information from January to May 2024.
For ESRS E4 Biodiversity and ecosystems, Schibsted Media has
identified one material IRO. An overview of the IRO is presented
in the table below.
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E4 – Table 1: IROs related to biodiversity and ecosystems
IRO
Sub
-
topic
Type of IRO
Use of raw material deriving from
forestry contributes to environmental
degradation and loss of biodiversity
Impacts on the extent and condition of ecosystem
Negative impact
E4-2 - Policies related to biodiversity and ecosystems
During Schibsted Marketplaces’ ownership of Schibsted Media,
there were no specific policies in place that focused on
biodiversity and ecosystems. However, one policy relates to
biodiversity and ecosystems, namely the Group Environmental
Policy. This policy states: 'We will not use wood from old growth
forests or rainforests in our operations', which relates to Schibsted
Media’s IRO on this topic. The Head of Sustainability is
responsible for monitoring compliance with this policy. For more
information on this policy, see section E1-2 – Policies related to
climate change mitigation and adaptation. See the table below for
an overview of this policy and the connection to Schibsted
Media’s IRO for E4.
E4 – Table 2: Policies related to biodiversity and ecosystems
E4
p
olicies
Connection to IROs
Scope of policy
Most senior responsible level
Group Environmental
Policy
Negative impact:
Use of raw material deriving
from forestry contributes to
environmental degradation
and loss of biodiversity
Value chain
: Own
operations, Upstream
Geography: All geographies where
Schibsted Marketplaces operates
(including Schibsted Media's operations
for January
-
May 2024)
Board of Directors and Executive
Leadership Team
E4-3 and E4-4 - Actions, resources and targets
related to biodiversity and ecosystems
During the first five months of 2024, the period during which
Schibsted Marketplaces owned Schibsted Media, no biodiversity
and ecosystems-related actions were taken and no targets were
in place. We did not track the effectiveness of the Group
Environmental Policy in connection with this IRO. Since Schibsted
Media is a discontinued operation, no further actions or targets
are considered relevant.
ESRS E5 - Resource use and circular
economy
For ESRS E5 Resource use and circular economy, Schibsted
Marketplaces has identified nine material IROs. See the table
below for an overview of the IROs for E5. Most of these IROs are
linked to our platforms and to consumption patterns among
consumers. The first IRO in the table below specifically concerns
waste generated in our offices and within delivery operations.
Regarding this IRO, we will report specifically on waste rather
than on other types of resource inflows or outflows.
For this topical standard, we have used the phase-in option for the
disclosure requirement E5-6 (Anticipated financial effects from
material resource use and circular economy-related risks and
opportunities). This disclosure requirement is thereby not
included in this year’s sustainability statement. In last year’s
statement (2023), Schibsted Media had material activities
regarding resource use of, for example, paper, aluminium and
waste as well as resource inflows. Information from Schibsted
Media will in this statement only cover data on waste and be
included in the tables for discontinued operations.
E5 - Table 1: IROs related to resource use and circular economy
IRO
Sub
-
topic
Type of IRO
Waste generated in own
operations and delivery services
Waste
Negative impact
By driving sustainability in the recommerce market, we
contribute to enabling a more circular economy
Resource outflows, related to products and services
Positive impact
Expansions,
investments and partnerships within the area
of circular economy can increase our revenues
Resource outflows, related to products and services
Opportunity
Boosting our Recommerce vertical can generate traffic to
all verticals, potentially leading to more revenue
Resource outflows, related to products and services
Opportunity
Our display advertising products can enable linear
consumption, which would increase natural resource and
energy use
Resource outflows, related to products and services
Negative impact
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IRO
Sub
-
topic
Type of IRO
Facilitation of second
-
hand consumption might lead to
increased linear consumption, which increases natural
resource and energy use
Resource outflows, related to products and services
Negative impact
By facilitating and upholding trade of
fossil
-
fuel vehicles in
the traditional private car ownership models, we
contribute to prolonging their lifetime and hindering the
transition to low
-
emission mobility
Resource outflows, related to products and services
Negative impact
By integrating a sustainability perspective in our Real
Estate vertical, we can improve utilisation of existing
properties and contribute to environmental sustainability
Resource outflows, related to products and services
Positive impact
By integrating a sustainability perspective in our Mobility
vertical, we can encourage consumers to adopt more
low-emission and less polluting transportation options
and make better use of existing vehicles
Resource outflows, related to products and services
Positive impact
E5-1 - Policies related to resource use and circular
economy
In order to manage Schibsted Marketplaces’ material impacts,
risks and opportunities related to resource use and circular
economy, the main policy in place is the Group Environmental
Policy. In addition, Delivery’s Supplier Code of Conduct addresses
the topic of waste in the Delivery value chain, which relates to the
IRO Waste generated in own operations and delivery services. See
the table below for further information on the connection
between our policies and IROs for E5. The IROs listed above but
not in the table below have no corresponding policy.
E5 – Table 2: Policies related to resource use and circular economy
E5 policies
Connection to IROs
Scope of policy
Most senior responsible level
Schibsted Marketplaces’ Code
of Conduct
Positive impact:
By driving sustainability in the
recommerce market, we
contribute to enabling a more
circular economy
Opportunity:
Expansions, investments and
partnerships within the area of
circular economy can increase
our revenues
Negative impacts:
Waste generated in own
operations and delivery services
Facilitation of second-hand
consumption might lead to
increased linear consumption,
which increases natural
resource and energy use
By facilitating and upholding
trade of fossil-fuel vehicles in the
traditional private car ownership
models, we contribute to
prolonging their lifetime and
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Owned by CEO, delegated to
EVP People & Communications
to ensure all employees are
aware of the policy
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E5 policies
Connection to IROs
Scope of policy
Most senior responsible level
hindering the transition to low-
emission mobility
Group Environmental Policy
Opportunity:
Expansions, investments and
partnerships within the area of
circular economy can increase
our revenues
Positive impacts:
By integrating a sustainability
perspective in our Real Estate
vertical, we can improve
utilisation of existing properties
and contribute to environmental
sustainability
By integrating a sustainability
perspective in our Mobility
vertical, we can encourage
consumers to adopt more low-
emission and less polluting
transportation options and make
better use of existing vehicles
Negative impact:
Waste generated in own
operations and delivery services
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Board of Directors and
Executive Leadership Team
Delivery’s Supplier Code of
Conduct
Negative impact:
Waste generated in own
operations and delivery services
Value chain:
Suppliers within
our Delivery value chain
Geography: All geographies
where suppliers to Delivery
operate (Norway and Sweden
mainly)
EVP Recommerce
Internal advertising guidelines
Negative impact:
Our display advertising products
can enable linear consumption,
which would increase natural
resource and energy use
Value chain:
Downstream
(Advertising customers
Schibsted Marketplaces)
Geography: Norway, Sweden,
Finland, Denmark
EVP Marketing & Sales
Code of Conduct
Schibsted Marketplaces’ Code of Conduct outlines our
responsibility for our environmental impact by actively reducing
the negative effects of our operations in line with internationally
recognised standards. We adopt a precautionary approach to
materials and processes that may harm the environment and run
initiatives that promote greater environmental responsibility
within our operations. Additionally, we encourage the
development and adoption of environmentally friendly
technologies while empowering circular and more sustainable
consumption through our products and services. For more
information on the Code of Conduct, including information on the
process for monitoring, see section G1-1 – Business conduct
policies and corporate culture.
Group Environmental Policy
The Group Environmental Policy states that Schibsted
Marketplaces shall use products in own operations that, if
possible, are made from renewable raw materials or recycled
materials and should not use more resources or production
energy than necessary. We strive to limit the use of packaging and
will recycle and reuse as much of our materials as possible. The
waste we produce will be sent for recycling or to modern waste
plants in order to minimise our direct impact on the environment.
For more information on the Group Environmental Policy,
including information on the process for monitoring, see section
E1-2 – Policies related to climate change mitigation and adaptation.
Delivery’s Supplier Code of Conduct
Our Delivery segment has adopted a Supplier Code of Conduct to
ensure its suppliers uphold sustainability principles related to
human rights, labour rights, environmental responsibility and anti-
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corruption. The policy’s objectives include respecting
international standards such as the UN Global Compact,
addressing material sustainability risks and enforcing compliance
through supplier monitoring. The Code applies to all suppliers and
sub-suppliers, covering activities across Delivery’s entire supply
chain and extending to employees and consultants, regardless of
employment type. The Code is aligned with internationally
recognised frameworks such as the International Bill of Human
Rights, the ILO Declaration on Fundamental Principles and Rights
at Work and the UN Convention Against Corruption,
demonstrating a commitment to global best practices. When
formulating the Code, Delivery considered key stakeholder
interests, emphasising fair labour conditions, ethical business
conduct and environmental responsibility. The Code is publicly
available on Delivery’s website and suppliers are responsible for
staying updated on any changes. Delivery also provides guidance
on corrective actions to suppliers when non-compliance is
identified. The policy is owned by the EVP Recommerce, ensuring
that it is upheld throughout the organisation. The policy is
monitored and revised periodically, most recently in January
2023.
Internal advertising guidelines
In connection with the negative impact ‘Our display advertising
products can enable linear consumption, which would increase
natural resource and energy use', each company in the Group has
guidelines for external advertising and the general manager of
each company is responsible for ensuring that marketing content
follows those guidelines. The guidelines focus on ensuring that
external advertising is compliant with local regulations and not on
limiting overconsumption. 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 Marketplaces 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 Marketplaces reserves the right to remove non-
compliant ads. The policy is monitored and adapted continuously
to comply with current regulations.
Our policies’ connection to renewable resources and
sustainable sourcing
The following policies cover transitioning away from the use of
virgin resources, including relative increases in use of secondary
(recycled) resources:
Code of Conduct: By stating that Schibsted Marketplaces
promotes circular and more sustainable consumption
through our products and services, we indicate an effort to
minimise reliance on virgin resources and enhance
resource efficiency. The Code also mandates employees
to assess and address the environmental impact of
business decisions, including supplier evaluations based
on responsible business criteria which could influence
procurement strategies toward recycled and more
sustainable materials.
Group Environmental Policy: Addresses these themes by
referencing principles 7, 8 and 9 of the UN Global
Compact's Ten principles. The policy prioritises the use of
renewable or recycled materials where feasible. It states
that products should be assessed for their environmental
impact throughout their lifecycle, from raw material
extraction to waste management and that, when possible,
materials should be sourced from renewable or recycled
origins while avoiding excessive resource or energy
consumption during production. Additionally, the policy
includes an explicit commitment to minimising packaging
and maximising the reuse and recycling of materials within
operations.
Delivery’s Supplier Code of Conduct: Touches on related
themes through waste management and environmentally
friendly techniques. The policy states. 'Waste material
should be reused and recycled wherever possible'.
Additionally, the policy mentions the requirement to
'minimise air in packaging and ensure the best possible use
of environmentally friendly packaging'
These policies address sustainable sourcing and use of
renewable resources:
Code of Conduct: The Code emphasises responsible
business practices and environmental responsibility
across our operations and value chain. It states that
Schibsted Marketplaces takes a precautionary approach to
all materials and processes used in our operations that
may harm the environment, which implicitly includes
sourcing practices.
Group Environmental Policy: Addresses these themes by
stating that: i) when assessing products, priority should be
given to materials derived from renewable or recycled
sources; ii) products should not use more resources or
production energy than necessary; and iii) wood from old-
growth forests or rainforests will not be used in operations,
preventing our sourcing practices from contributing to
deforestation or biodiversity loss.
Delivery’s Supplier Code of Conduct: The policy mentions
renewable energy sources and energy-efficient products
and services in procurement. However, it does not extend
this prioritisation to materials beyond energy.
E5-2 - Actions and resources related to resource
use and circular economy
During 2024, Schibsted Marketplaces conducted four key actions
related to resource use and circular economy. These actions were
taken within our business segments Recommerce and Mobility.
See Tables 3 and 4 below for an overview of these actions. For all
actions listed in the tables below, there are no identified
significant CapEx or OpEx – except for the action 'Launch of
transactional marketplace on Tori.fi'. However, for confidentiality
reasons, the amount invested for this particular action is not
disclosed. The following IROs did not have a related key action in
2024:
‘Waste generated in own operations and delivery services’
‘Our display advertising products can enable linear
consumption, which would increase natural resource and
energy use’
‘By facilitating and upholding trade of fossil-fuel vehicles in
the traditional private car ownership models, we contribute
to prolonging their lifetime and hindering the transition to
low-emission mobility’
‘By integrating a sustainability perspective in our Real Estate
vertical, we can improve utilisation of existing properties and
contribute to environmental sustainability’
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E5 Actions - Recommerce
Within Recommerce, we performed two key actions that focused
on promoting the trade of second-hand goods: 1) we launched a
transactional marketplace on Tori, which enables second-hand
transactions for our consumers and end-users, and 2) we
released the ‘Second-Hand Effect Report’, which investigates the
climate impact and benefits of second-hand transactions across
Schibsted Marketplaces’ platforms. For an overview of these
actions, see the table below.
E5 – Table 3: Actions related to resource use and circular economy - Recommerce
Business segment
Recommerce
Key actions 2024 Related IROs Future actions Expected outcome Scope Time horizon
Launch of
Transactional
marketplace on
Tori.fi
Positive impact:
By
driving sustainability in
the recommerce market,
we contribute to
enabling a more circular
economy
Launch transactional
marketplace on
dba.dk and
blocket.se
Consolidated
platforms with
improved ability to
drive increased
numbers of
transactions
Value chain:
Downstream
(consumers)
Geography:
Finland
2024
Opportunity:
Expansions, investments
and partnerships within
the area of circular
economy can increase
our revenues
See above
See above
See above
See above
Opportunity:
Boosting
our Recommerce
vertical can generate
traffic to all verticals,
potentially leading to
more revenue
See above
See
above
See above
See above
Launched the
'Second-Hand Effect
Report' for 2023
Opportunity
:
Boosting
our Recommerce
vertical can generate
traffic to all verticals,
potentially leading to
more revenue
Negative impact:
Facilitation of second-
hand consumption might
lead to increased linear
consumption, which
increases natural
resource and energy
use
Launch the 'Second
-
Hand Effect Report'
for 2024
Increased
awareness of the
benefits of
purchasing second-
hand instead of new
Value chain:
Downstream
Geography:
Norway,
Sweden,
Finland,
Denmark
2024
E5 Actions – Mobility
Within Mobility, we improved the conversion funnel to
Wheelaway, which is one of our platforms for facilitating the trade
of used cars. Our Mobility segment also published several
publications in external channels on the trade of used cars,
contributing to our position as a thought leader on the topic. See
Table 4 below for an overview of these actions.
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E5 – Table 4: Actions related to resource use and circular economy - Mobility
Business segment
Mobility
Key actions 2024 Related IROs
Future
actions Expected outcome Scope Time horizon
Improved conversion
funnel to Wheelaway
for relevant vehicles,
further facilitating
trade in second-hand
used cars
Positive impact:
By integrating a
sustainability perspective we can
encourage consumers to adopt more
low-emission and less polluting
transportation options and make better
use of existing vehicles.
Continue to
support the
expansion of
C2B concepts
(Nettbil,
Autovex,
Wheelaway)
More efficient mobility
market
Value chain:
Downstream
(C2B used car
trade)
Geography:
Sweden
2025
Several 'thought
leadership'
publications
published in external
channels (e.g.,
LinkedIn)
Same as above
Continue to
showcase our
active voice in
the trade of
sustainable
vehicles,
through
customer
webinars,
LinkedIn posts
etc.
Improved awareness
among consumers and
professional dealers to
adopt more low-
emission and less
polluting
transportation options
and make better use of
existing vehicles.
Value chain:
Downstream
Geography:
Norway,
Sweden,
Denmark
2024 onwards
E5-3 – Targets related to resource use and
circular economy
Schibsted Marketplaces' sustainability targets will be revised
during 2025-2026, following the carve-out of Schibsted Media.
The targets presented in the 2023 sustainability statement have
been redefined as performance measurements. For more
information on this and the process for reviewing targets and
metrics, see section E1-4 – Targets related to climate change
mitigation and adaptation.
Schibsted Marketplaces had five performance measurements in
2024 that related to resource use and circular economy. During
2024, we focused on increasing the number of transactions of
second-hand goods as well as on strengthening the preference
for buying used items, as illustrated by the performance
measurements listed in Table 5 below. The performance
measurements mainly relate to the steps in the waste hierarchy
that focus on reuse, repair and repurpose, due to Schibsted
Marketplaces’ platforms enabling the reuse of products through
our second-hand marketplaces. The performance measurement
'External publications/media releases based on NMP
13
data to
showcase our active voice in the trade of more sustainable vehicles'
relates to the ‘rethink’ step in the waste hierarchy, focusing on
nudging users to make more sustainable choices.
Our performance measurements are not related to resource
inflow, since we do not have any material IROs connected to this
sub-topic. More specifically, the performance measurements are
not connected to matters such as the increase of circular product
design, the increase of circular material use rate, the minimisation
of primary raw material, sustainable sourcing, use of renewable
resources or waste management. Schibsted Marketplaces
currently has no overarching performance measurements
covering waste, as this was only recently identified as material.
The need for performance measurements or targets focusing on
this topic will be reviewed in 2025-2026. Overall, our
performance measurements related to E5 are not required by law,
but are a testament to our commitment to enhancing resource use
and furthering the circular economy. Our performance
measurements related to this environmental matter are not based
on conclusive scientific evidence. The performance
measurements were monitored periodically by the relevant
leadership teams throughout the year, and a summary of the
overall performance was provided to the Executive Leadership
Team.
E5 Performance measurements - Recommerce
Our business segment Recommerce had two performance
measurements during 2024 that connected to the area of
resource use and circular economy. These performance
measurements focused on increasing the trade of second-hand
goods and to improve the perception of second-hand trade. For
an overview of these performance measurements, see Table 5
below.
13
NMP refers to Nordic Marketplaces
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E5 – Table 5: Performance measurements related to resource use and circular economy – Recommerce
Scope
Performance measurements related to circular economy
–
Recommerce
Relationship to policy objectives
These performance measurements relate to our Code of Conduct where we state: 'We empower
circular and sustainable consumption through our products and services'
Stakeholders involved Stakeholders were not involved in setting these performance measurements
Period These performance measurements were valid for 2024
No.
Performance measurement
under evaluation Related IROs Scope
1
Number of C2C* transactions in
the Nordics
Positive impact:
By driving
sustainability in the recommerce market,
we contribute to enabling a more circular
economy
Opportunity: Boosting our Recommerce
vertical can generate traffic to all
verticals, potentially leading to more
revenue
Negative impact: Facilitation of second-
hand consumption might lead to
increased linear consumption, which
increases natural resource and energy
use
Opportunity: Expansions, investments
and partnerships within the area of
circular economy can increase our
revenues
Value chain:
Schibsted Marketplaces' own operations
and downstream value chain
Geography: Norway, Sweden, Finland, Denmark
2
Consumer preference** for
second-hand or used purchases
Same as above
Same as above
* C2C: Consumer
-
to
-
consumer
** 'Consumer preference' refers to how often users have chosen second-hand or used items instead of new ones, when asked. This is
measured using a panel of Nordic consumers that answer the question 'If you think about goods you have purchased in the last six
months (e.g. clothing, electronics, interior), how often have you bought second-hand or used items instead of brand-new ones?'. The
responses are grouped in percentage ranges.
E5 Performance measurements - Mobility
Our business segment Mobility had three performance
measurements during 2024 that connected to the area of
resource use and circular economy. Two of these performance
measurements focused on increasing the trade of used cars and
one on strengthening our position as a thought leader on the topic
of trading used cars. For an overview of these performance
measurements, see Table 6 below.
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E5 – Table 6: Performance measurements related to resource use and circular economy – Mobility
Scope
Performance measurements related to circular economy
–
Mobility
Relationship to policy objectives
These performance measurements connect to our Code of Conduct where we state: 'We
empower circular and
sustainable consumption through our products and services'
Stakeholders involved
Stakeholders were not involved in setting these performance measurements
Period
These performance measurements were valid for 2024
No.
Performance measurement under
evaluation Related IROs Scope
1
Share of cars sold on our platforms
using transactional solutions (Nettbil
(C2B) and Smidig bilhandel (C2C))
Negative impact:
By facilitating and
upholding trade of fossil-fuel vehicles in the
traditional private car ownership models, we
contribute to prolonging their lifetime and
hindering the transition to low-emission
mobility
Positive impact: By integrating a
sustainability perspective in our Mobility
vertical, we can encourage consumers to
adopt more low-emission and less polluting
transportation options and make better use of
existing vehicles
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Norway
2
Share of cars sold on our platforms
using transactional solutions
(Wheelaway (C2B))
Same as above
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Sweden
3
Number of external
publications/media releases based on
SMP data to showcase our active
voice in trade of more sustainable
vehicles
Same as above
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Norway, Sweden, Denmark
Notes:
1) The performance measurement relates to the share of vehicles sold through our transactional solutions (Nettbil and Smidig Bilhandel)
compared to the total number of cars sold on our platforms.
2) The performance measurement relates to the share of vehicles sold through our transactional solution (Wheelaway) compared to the total
number of cars sold on our platforms.
E5-5 - Resource outflows
For the reporting period 2024, Schibsted Marketplaces generated
a total of 2,160 tonnes of waste from our own operations (including
from offices and delivery operations). The total amount of waste
consists of the sum of waste from different recovery types and
treatment types. For the discontinued operation Schibsted Media,
the total amount of waste generated from its own operations in
the first five months was 1,071 tonnes.
In the tables below, we present the following information related
to resource outflows (waste) for Schibsted Marketplaces:
the total amount of waste diverted from disposal by
recovery operation types (preparation for reuse,
recycling and other recovery operations), with a
breakdown between hazardous waste and non-
hazardous waste. Other recovery operations that are
considered relevant is first and foremost composting
(including anaerobic digestion and biogas production),
in accordance with the Annex II in Directive
2008/98/EC,
the amount of waste by weight directed to disposal by
waste treatment type (incineration, landfill and other
disposal operations) and the total amount for all three
types, with a breakdown between hazardous waste and
non-hazardous waste and
the total amount and percentage of non-recycled waste.
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E5 – Table 7: Information on waste by weight diverted from disposal by recovery operation types for Schibsted Marketplaces
Waste type
/
Recovery types
2024
Hazardous waste [metric tonnes]
Non
-
hazardous waste [metric tonnes]
Preparation for reuse
0
0
Recycling
0
1,521
Other recovery operations (composting)
0
135
E5 - Table 8: Information on waste by weight directed to disposal by waste treatment type for Schibsted Marketplaces
Waste type
/
Treatment types
2024
Hazardous waste [metric tonnes]
Non
-
hazardous waste [metric tonnes]
Incineration
0
492
Landfill
0
11
Other disposal operations
1
0
E5 - Table 9: Total amount and percentage of non-recycled waste generated by Schibsted Marketplaces
Non
-
recycled waste
2024
Total amount of non
-
recycled waste generated [metric tonnes]
504
Percentage of non
-
recycled waste generated [%]
23%
Discontinued operations, including Schibsted Media
In the tables below we present information related to resource
outflows (waste) for discontinued operations, including Schibsted
Media. The activities and methodology are the same for Schibsted
Media as for Schibsted Marketplaces.
E5 - Table 10: Information on waste by weight diverted from disposal by recovery operation types for discontinued operations, including
Schibsted Media
Waste type
/
Recovery types
2024
Hazardous waste [metric tonnes]
Non
-
hazardous waste [metric tonnes]
Preparation for reuse
0
0
Recycling
0
871
Other recovery operations (composting)
0
40
E5 - Table 11: Information on waste by weight directed to disposal by waste treatment type for discontinued operations, including Schibsted
Media
Waste type
/
Treatment types
2024
Hazardous waste [metric tonnes]
Non
-
hazardous waste [metric tonnes]
Incineration
0
150
Landfill
0
4
Other disposal operations
7
0
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E5 - Table 12: Total amount and percentage of non-recycled waste generated by discontinued operations, including Schibsted Media
Non
-
recycled waste
2024
Total amount of non
-
recycled waste generated [metric tonnes]
161
Percentage of non
-
recycled waste generated [%]
15%
Schibsted Marketplaces’ waste is composed of the following
waste streams relevant to our sector and activities: office waste,
packaging waste and some electronic waste. The materials that
are present in our waste include food waste, recyclable cans,
recyclable plastic and glass bottles, paper waste, recyclable
cardboard and mixed combustible waste. The types of hazardous
waste disclosed include mixed electronic waste and batteries.
During 2024, our total amount of hazardous waste amounted to 1
metric tonne and radioactive waste to 0 metric tonnes for
Schibsted Marketplaces. For the discontinued operation
Schibsted Media, the total amount of hazardous waste amounted
to 7 metric tonnes and radioactive waste to 0 metric tonnes.
Methodology for waste calculations
To calculate data on waste generated in operations, we collected
local data from our subsidiaries. The data set also covers waste
generated in our Delivery services, including packaging material.
When exemplary data was available, the subsidiary provided the
total amount of waste generated in 2024 in metric tonnes and also
provided the split of waste recovery and waste treatment type.
Where only data on total waste in metric tonnes was available, the
split of waste recovery and treatment type was assumed based
on a report on waste treatment types in Sweden in 2023.
14
For
subsidiaries that generate waste but that were unable to report
any data, estimates of total amount of waste were made based on
the number of employees in the company.
The estimation was based on the assumption that an employee in
an office generates between 50-200 kg of waste each year. We
used the conservative figure of 200 kg. This value was used in
combination with the same split of waste recovery and treatment
types as in the report on waste treatment in Sweden from 2023.
The lack of available data from our waste treatment providers
regarding waste generated in our offices contributes to large
measurement uncertainties. In addition to regular office waste,
data on hazardous waste in metric tonnes has been collected
from subsidiaries. In addition to the quantitative data, subsidiaries
have also disclosed the type of waste generated in their
operations. Most subsidiaries were able to provide this
information. The metrics presented in this chapter have not been
validated by an external body.
Social information
ESRS S1 - Own workforce
For ESRS S1, Own workforce, Schibsted Marketplaces has
identified six material IROs. An overview of the IROs can be seen
in the table below. For this topical standard, we have used the
phase-in option for the following disclosure requirements: S1-7
(Characteristics of non-employee workers in the undertaking’s own
workforce), S1-11 (Social protection), S1-12 (Persons with
disabilities), S1-13 (Training and skills development) and S1-15
(Work-life balance metrics). These disclosures are therefore not
included in this year’s statement. We are also phasing in parts of
S1-14 (Health and safety metrics) in this year’s report.
S1 - Table 1: IROs related to own workforce
IRO
Sub
-
topic
Type of IRO
Company reorganisation may lead to
lower productivity, increased employee
turnover and financial loss
Working conditions
Risk
Poor work
-
life balance and
unclear
expectation on employees may lead to
employee ill-health, resulting in sick
leave, increased employee turnover and
financial loss
Working conditions
Risk
Reorganisation and cost reduction
programme in 2024 might have negative
impact on employees and lead to
employee ill-health
Working conditions
Negative impact
Potential discrimination and lack of
opportunities in the workplace based on
gender, age and skin colour
Equal treatment and opportunities for all
Negative impact
14
https://www.avfallsverige.se/media/mdnj3dpy/
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IRO
Sub
-
topic
Type of IRO
Potential poor working conditions for
employees
Working conditions
Equal treatment and opportunities for all
Negative impact
A clear purpose, culture and performance
on sustainability will increase the
likelihood of attracting and retaining
talent
Equal treatment and opportunities for all
Opportunity
S1-1 - Policies related to own workforce
In order to manage Schibsted Marketplaces’ material impacts,
risks and opportunities related to our own workforce, the policies
listed below are in place. It should be noted that these policies do
not put emphasis on specific groups within the workforce, but
rather cover all of our employees. The geographic scope covers
all geographies where we have employees, which is a total of ten
countries.
S1 - Table 2: Policies related to own workforce
S1 policies
Connection to IROs
Scope of policy
Most senior responsible level
Schibsted
Marketplaces' Code of
Conduct
Negative impact:
Potential discrimination and lack of
opportunities in the workplace based
on gender, age and skin colour
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Owned by CEO, delegated to
EVP People & Communications
to ensure all employees are
aware of the policy
Discrimination,
B
ullying
and Harassment Policy
Negative impacts:
Potential discrimination and lack of
opportunities in the workplace based
on gender, age and skin colour
Potential poor working conditions for
employees
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
EVP People & Communications
Diversity and
I
nclusion
Policy
Negative impact:
Potential discrimination and lack of
opportunities in the workplace based
on gender, age and skin colour
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Owned by CEO, delegated to
EVP People & Communications
to ensure all employees are
aware of the policy
Recruitment
P
olicy
Negative impacts:
Potential discrimination and lack of
opportunities in the workplace based
on gender, age and skin colour
Reorganisation and cost reduction
programme in 2024 might have
negative impact on employees and lead
to employee ill-health
Risk:
Company reorganisation may lead to
lower productivity, increased employee
turnover and financial loss
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
EVP People &
Communications
Global
T
ravel
P
olicy
Opportunity:
Value chain
: Own operations
EVP People & Communications,
delegated to a dedicated Travel
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S1 policies
Connection to IROs
Scope of policy
Most senior responsible level
A clear purpose, culture and
performance on sustainability will
increase the likelihood of attracting and
retaining talent
Negative impact:
Potential poor working conditions for
employees
Risk:
Poor work-life balance and unclear
expectations on employees may lead to
employee ill-health, resulting in sick
leave, increased employee turnover,
and financial loss
Geography
: All geographies
where Schibsted Marketplaces
operates
Manager to oversee
implementation
Code of Conduct
Schibsted Marketplaces commits to operating lawfully, with a high
degree of integrity and transparency and in alignment with
existing and emerging sustainability regulations. In relation to our
own workforce, our Code of Conduct outlines the ethical norms,
responsibilities and expectations required of all employees,
leaders and Board members. It serves as a guiding document that
defines how business should be conducted with integrity, fairness
and in compliance with legal and ethical standards. Our Code
covers forced labour (as part of labour rights), child labour and
trafficking. The latter is not explicitly addressed. The Code applies
universally across all subsidiaries and extends to contractors,
partners and hired personnel, expecting them to uphold the same
ethical principles. Leaders are responsible for fostering a culture
of ethical behaviour, ensuring employees understand the Code,
maintain a safe working environment and act as role models.
Employees are expected to read, understand and implement the
principles outlined in the Code, undergo relevant training, seek
guidance when needed and report any suspected violations.
Violations of the Code are not tolerated and may result in liability
for individuals and the company. Employees are encouraged to
raise concerns about illegal or unethical conduct via the
designated reporting channels. For more information on
ownership of and responsibility for its implementation and
monitoring, see section G1-1 – Business conduct policies and
corporate culture.
Discrimination, Bullying and Harassment Policy
Schibsted Marketplaces’ Discrimination, Bullying and Harassment
Policy commits to fostering a professional and inclusive
workplace where diversity is embraced. It addresses risks such
as employee ill-health and exclusion due to inappropriate
behaviours, aiming to enhance well-being and organisational
cohesion. Managers are required to act immediately upon
witnessing or being informed of issues, while employees are
encouraged to report concerns to trusted individuals or through
the anonymous Speak Up channel. The People team investigates
reported incidents confidentially and objectively. The policy
applies to all organisational activities across Schibsted
Marketplaces' subsidiaries, covering employees, hired
consultants and trainees, regardless of location. It emphasises
respectful behaviour internally, which can influence external
relationships. The EVP People & Communications holds primary
responsibility for implementing and monitoring the policy, with
managers also accountable for immediate action, highlighting
shared responsibility across leadership levels.
Diversity and Inclusion Policy
Schibsted Marketplaces’ Diversity and Inclusion Policy
underscores our commitment to embedding diversity and
inclusion into every facet of our operations. The policy defines
diversity as the unique differences and similarities among
individuals, encompassing attributes like ethnicity, gender, age,
functional capacity, sexual orientation, culture, religion,
background, language and cognitive abilities. Our policy
describes inclusion as cultivating a corporate culture where all
individuals can be themselves, feel a sense of belonging and fully
participate, aiming to unleash the potential of diversity. The policy
addresses risks such as discrimination and bias, aiming to foster
innovation and organisational success through diverse
perspectives. It emphasises the responsibility of top management
to implement the policy and allocate necessary resources.
Leaders throughout the company are responsible for ensuring an
inclusive organisational culture. Employees are also responsible
for creating and maintaining an environment of mutual respect.
Monitoring processes include encouraging employees to report
non-compliance through various channels to ensure continuous
attention to diversity and inclusion. The policy applies to all
activities within Schibsted Marketplaces, encompassing
employees across all subsidiaries, regardless of role or location.
The most senior level accountable for the policy's implementation
is Schibsted Marketplaces’ Executive Leadership Team, which is
tasked with turning the policy into reality and fostering a culture
of inclusion.
Recruitment Policy
Schibsted Marketplaces’ Recruitment Policy outlines our
commitment to attracting and hiring the right people for the right
positions through a transparent and unbiased process that aligns
with our values and goals. The policy emphasises diversity,
inclusion and fairness while fostering internal mobility and
strengthening Schibsted Marketplaces’ reputation as an attractive
employer. Key objectives include encouraging the development of
skills, promoting inclusive hiring practices and maintaining
compliance with regulations such as GDPR. Material risks
addressed by the policy include unconscious bias, legal non-
compliance and potential damage to the employer brand, while
opportunities include enhancing talent acquisition, fostering
diversity and building organisational competence. Monitoring is
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supported through tools like Trustcruit for candidate experience
feedback and unconscious bias training for recruiters and
managers. The policy applies to all recruitment activities across
Schibsted Marketplaces’ locations, emphasising internal and
external compliance and inclusivity in the hiring process.
Accountability for the policy’s implementation lies with the EVP
People & Communications and is delegated to the Talent
Acquisition function, which oversees adherence to the guidelines,
provides support and ensures fair and transparent recruitment
processes throughout the organisation.
Global Travel Policy
Schibsted Marketplaces’ Global Travel Policy emphasises safe,
sustainable and smart travel practices while supporting our shift
towards a hybrid work model. By encouraging reduced physical
travel and leveraging digital tools, the policy aims to enhance
work-life balance. Employees are urged to prioritise digital
meetings and only travel for critical business reasons or to
strengthen relationships and collaboration. This approach
minimises disruption during company reorganisations, potentially
reducing productivity loss, employee turnover and financial risks
associated with frequent travel. The policy’s guidelines, such as
travelling during normal working hours and choosing cost-
effective and more sustainable options, address risks related to
work-life balance, employee ill-health and financial losses. By
consolidating travel under a single global agency, Schibsted
Marketplaces ensures consistency, safety and transparency,
reducing the risk of poor working conditions and supporting fair
opportunities for all employees. Furthermore, the policy’s
alignment with sustainability goals and cultural collaboration
enhances Schibsted Marketplaces' attractiveness as an employer,
fostering talent retention and reinforcing a clear corporate
purpose. Overall, the policy mitigates risks related to travelling
and creates opportunities to promote a supportive, inclusive and
efficient work environment by explicitly encouraging travel in
order to build relationships, company culture and strengthen
collaboration. The policy is owned by the EVP People &
Communications and is delegated to a dedicated Travel Manager
to oversee its implementation and monitor adherence to the
policy.
Commitment to upholding human rights and labour rights
Schibsted Marketplaces is committed to upholding and adhering
to high 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.
Schibsted Marketplaces aligns to the UN Global Compact and
supports and implements the Ten Principles relating to human
rights, labour, environment and anti-corruption within our
business operations. We adhere to the highest global standards,
including the UN Guiding Principles on Business and Human
Rights and the ILO Conventions (all conventions in general, no
specific conventions are mentioned in the policy), ensuring our
operations worldwide respect these fundamental rights. The
Code of Conduct is also guided by the OECD Guidelines for
Multinational Enterprises, including human rights due diligence.
The processes and mechanisms to monitor compliance with
these standards is based on reactive action to issues (e.g.,
through the Speak Up channel described below) and proactive
action from the EVP People & Communications’ team to ensure all
employees and managers have received adequate training in the
Code of Conduct.
Our approach to respecting the human rights, including labour
rights, of the people in our own workforce is based on the Code
of Conduct described above. 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. We expect every member of the Schibsted
Marketplaces 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 freedom of
association, reflecting our belief in the power of collective action
and dialogue. There are multiple ways for employees in our own
workforce to engage with us to raise concerns related to human
rights, especially through the engagement channels Exonaut and
Speak Up described in more detail in section S1-3 – Processes to
remediate negative impacts and channels for own workforce to
raise concerns below. Any identified measures to provide or
enable remedies are implemented through the routines
established in those channels.
Health and safety management system
Schibsted Marketplaces has a workplace accident prevention
management system in place. This is a systematic approach to
evaluate, prevent and communicate procedures related to health
and safety risks. Schibsted Marketplaces is constantly making
improvements so that we can provide a safe and healthy working
environment that facilitates work-life balance, minimises stress,
prevents accidents and protects employee integrity. Several
work-life balance and flexible working arrangements are in place,
though they vary across our countries of operation. Several of our
companies offer paid vacation, parental leave, flexible working
hours, flexible workplace schemes as well as fitness activities and
wellness grants. Each company is responsible for conducting a
risk assessment identifying occupational health and safety risks.
Our offices mainly pose the risk of ill-health in the form of stress.
All workers hired within 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 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.
Policies supporting workforce rights and equal opportunities
Schibsted Marketplaces has implemented a range of policies to
support our own workforce, including specific policies aimed at
the elimination of discrimination, including harassment,
promoting equal opportunities and other ways to advance
diversity and inclusion. Specifically, these policies are the:
Diversity and Inclusion Policy
Recruitment Policy
Discrimination, Bullying and Harassment Policy
The EVP People & Communications is the owner of these policies
and the general manager of each company is responsible for
implementing them.
The following grounds for discrimination are addressed in the
policies above: racial and ethnic origin, skin colour, sex, sexual
orientation, gender identity, disability, age, religion, political
opinion, national extraction and social origin. While these policies
support inclusion across many aspects, Schibsted Marketplaces
has no specific policy commitments related to the inclusion of
people from groups at particular risk of vulnerability. To ensure
that discrimination is prevented, mitigated and acted upon, we
implement these policies through procedures in the reporting
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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channels described below (especially Exonaut and Speak Up).
The responsibility for investigating reported incidents lies with the
People team. Schibsted Marketplaces has chosen to organise the
People team as independently as possible from our corporate
structures to ensure, as far as possible, that it can operate
objectively and without being unduly influenced. This is important
in cases where we must examine ourselves and investigate
incidents that may affect both executives and employees. To
advance diversity and inclusion in general, several internal and
external events were organised in 2024.
S1-2 – Processes for engaging with own workforce
and workers’ representatives about impacts
Schibsted Marketplaces engages with people in our own
workforce through several means, mainly through employee
representatives, employee engagement surveys and through the
European Works Council (EWC). Specifically, the perspectives of
our own workforce are taken into consideration when identifying
actions to manage impacts on our employees. This is achieved by
considering the input received through the Exonaut and Speak Up
channels when considering and implementing actions. These
perspectives are also used to monitor the effects of and reactions
to actions that have been taken or are planned, for example those
related to reorganisation or to enhance working conditions.
Specific actions vary from case to case and can be handled
locally or centrally depending on the topic at hand.
Schibsted Marketplaces has established processes for engaging
with our workers and their representatives to discuss the impacts
of our operations. We engage with our employees through active
employee representation. Three employee representatives and
three deputies are currently members of Schibsted Marketplaces’
Board of Directors. Two 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. Before the carve-out of Schibsted
Media, both employees within Schibsted Marketplaces and
Schibsted Media were represented by these employee
representatives. After the carve-out, this composition changed
so as to only cover Schibsted Marketplaces employees.
Our engagement with our own workforce occurs at multiple
stages. We conduct employee engagement surveys three times a
year to measure our employees’ perceptions of Schibsted
Marketplaces as a workplace, their interaction with colleagues
and management and other factors that impact their working life.
This method is used in multiple stages of engagement, such as
when determining the approach to mitigating actions and
evaluating the effectiveness of mitigation. The feedback from
these employee engagement surveys is recorded and made
available (while retaining anonymity) to managers in the
employee’s reporting line as well as to the Executive Leadership
Team. Summarised feedback and general actions taken are
typically communicated in company-wide town hall meetings,
while team managers are responsible for communicating
feedback and decisions related to specific teams. We also have a
system for conducting development/performance reviews with
each employee during the year, which contributes to improving
the working conditions for each employee.
Our European Works Council (EWC) is a testament to our
dedication to dialogue and consultation between employees and
Schibsted Marketplaces’ Executive Leadership Team. The EWC is
composed of representatives from various countries, ensuring a
broad spectrum of perspectives, and is instrumental in facilitating
information exchange on company-wide matters. This enables
the Executive Leadership Team to gain a deeper insight into the
perspectives of our workforce.
The responsible function for ensuring that the engagement with
employees and their representatives occurs is People &
Communications. The EVP People & Communications has the
operational responsibility for ensuring that this engagement
happens and that the results inform our approach and actions. As
at 31 December 2024, there were four dedicated FTEs in the
Employee Communications and Engagement team, as well as
multiple People Business Partners that support various parts of
the organisation with this engagement.
S1-3 – Processes to remediate negative impacts
and channels for own workforce to raise concerns
Reporting procedures
Schibsted Marketplaces has an easily accessible group intranet
that outlines various reporting procedures (such as those for
reporting accidents, security concerns and discriminatory
behaviour), including the whistleblower channel Speak Up. We
believe that an open and respectful working environment is
crucial for our development and success. Our whistleblower
channel Speak Up has been established via a third-party
mechanism and 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 Marketplaces will not
tolerate any negative consequences for anyone who reports a
concern in good faith. Schibsted Marketplaces 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. Note that the use of a Speak Up Committee ended when
a revised procedure was approved by the end of 2024. Employees
can also report concerns to one or more of the following bodies:
Schibsted Marketplaces’ Legal department, Schibsted
Marketplaces’ Group Compliance Officer or Schibsted
Marketplaces’ Executive Leadership Team.
Oversight and accountability
Schibsted Marketplaces tracks and monitors issues raised and
addressed through established processes, including the Exonaut
system managed by the People team and the Speak Up channel,
which is linked to the Code of Conduct. The Speak Up channel is
overseen by a dedicated Speak Up committee, including key
stakeholders such as the Head of Sustainability, People team
representatives and other relevant leaders. Note that the use of a
Speak Up Committee ended when a revised procedure was
approved by the end of 2024 and oversight is now provided by
People team representatives and relevant leaders. Both systems
have written procedures in place to ensure effective follow-up
and stakeholder involvement with the intended users is integral to
the process to ensure the effectiveness of these channels.
Looking ahead, the Exonaut and Speak Up channels are planned
to be merged to provide even more rigour to the process and
reduce the risk of losing the overall picture of what issues are
raised.
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Awareness and training initiatives
Information about the grievance mechanisms available is
provided as part of the compulsory training in Schibsted
Marketplaces’ Code of Conduct. Schibsted Marketplaces takes
several proactive measures to ensure the availability and
awareness of channels for raising concerns in the workplace. All
new employees participate in an onboarding programme that
includes an introduction to these channels and guidance on how
to use them effectively. Additionally, information about these
channels is consistently communicated through our Group
intranet, ensuring that employees have ongoing access to the
resources and support they need. We also remind our employees
about the availability of the grievance channels and encourage
them to use them through the intranet and at all-hands meetings.
By embedding this information both at the start of employment
and throughout an employee's journey, we strive to create a
workplace culture that encourages openness and active use of
these channels.
Addressing negative impacts
When a negative impact affects our own workforce, Schibsted
Marketplaces follows a structured approach to address and
remediate the issue. For individual cases, tailored actions are
taken based on the specifics of each situation, ensuring that the
response is appropriate and effective. The effectiveness of these
remedies is monitored on a case-by-case basis to ensure
satisfactory outcomes. For broader, systemic issues or potential
negative impacts, we implement general strategies aimed at
prevention and mitigation. These strategies are regularly
reviewed through the established feedback channels (e.g.,
employee surveys), which allows our workforce to raise concerns
and provide insights on the strategies’ effectiveness. This dual
approach ensures that both immediate and long-term impacts are
appropriately managed and remediated.
To assess whether people in our workforce are aware of and trust
these structures, a question is included in an in-depth annual
engagement survey. In 2024, the survey was sent out in January
and on the questions 'I feel safe to address bullying, harassment
and discrimination' the score was 85 (on a scale from 0-100) and
for 'I know the routines for alerting about bullying, harassment and
discrimination' the score was 78 (on a scale from 0 to 100).
Although the policies do not explicitly protect reporters against
retaliation, there is always an option to report issues or concerns
anonymously if an employee is concerned about retaliation.
S1-4 – Taking action on material impacts on own
workforce and approaches to managing material
risks and pursuing material opportunities related
to own workforce and effectiveness of those
actions
Throughout 2024, Schibsted Marketplaces mainly focused on the
reorganisation and the creation of a secure and supportive
environment for employees during this transition. To take action
on material IROs related to our own workforce, Schibsted
Marketplaces worked along two main axes: the People team and
through all leadership layers. While the People function can
identify issues and implement systemic solutions and process,
leaders at every level play an important role in taking action on
and monitoring the effectiveness of such actions to minimise
actual and potential negative impacts. For information on key
actions related to our own workforce, see the table below. No
significant CapEx or OpEx were identified in relation to any of
these actions. The following IROs did not have a related key action
in 2024:
‘Company reorganisation may lead to lower productivity,
increased employee turnover and financial loss’
‘Reorganisation and cost reduction programme in 2024
might have negative impact on employees and lead to
employee ill-health’
S1 – Table 3: Actions related to own workforce
Scope
Actions related to S1 Own workforce
Key actions 2024 Related IROs Future actions Expected outcome Scope
Time
horizon
Launch of Diversity,
Inclusion and
Belonging (DIB)
playbook and crash
course
Negative impact:
Potential
discrimination and lack of
opportunities in the workplace based
on gender, age and skin colour
Opportunity: A clear purpose, culture
and performance on sustainability will
increase the likelihood of attracting
and retaining talent
Continue to increase
awareness of the DIB
playbook and increase
course participation
grade
Improved
awareness on DIB
topics
All employees
in own
workforce
2024
Implementation of an
updated Health,
Security and
Environment system
available to all
managers
Risk:
Poor work
-
life balance and
unclear expectations on employees
may lead to employee ill-health,
resulting in sick leave, increased
employee turnover and financial loss
Negative impact: Potential poor
working conditions for employees
Continue
implementation of the
updated HSE system
Improved
awareness of HSE
topics, reducing risk
of workplace-
related injuries or
accidents (physical
or mental)
All employees
in own
workforce
2025
Courses on AI
prompting
implemented
Negative impact:
Potential
discrimination and lack of
opportunities in the workplace based
on gender, age and skin colour
Implement increasingly
specific courses related
to AI to adapt to needs
of specific
functions/teams
Improved upskilling
of employees, which
could boost their
career growth and
skills development,
All employees
in own
workforce with
a need for
ChatGPT or
2025
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Scope
Actions related to S1 Own workforce
Key actions 2024 Related IROs Future actions Expected outcome Scope
Time
horizon
creating more
opportunities for all
other AI
-
based
tools in their
daily work
Schibsted Marketplaces addresses material negative impacts on
our own workforce through an approach aligned with our Code of
Conduct where we engage with employee representatives in
recurring meetings. These representatives include European
Works Council (EWC) members, Board deputies and Group
employee representatives who act as intermediaries between
employees and management. Additionally, workplace
environment committees (Arbeidsmiljøutvalg) in each company
play a vital role in monitoring and addressing potential issues. Our
Head of Health and Safety collaborates with these structures to
ensure a safe and supportive working environment that does not
cause or contribute to material negative impacts on our own
workforce. This approach helps balance the prevention of
negative impacts (potentially caused by our own practices) with
other business pressures while staying true to our organisational
values.
To assess what action is needed and appropriate in response to a
particular actual or potential negative impact on our own
workforce, we leverage the engagement channels described in
section S1-2 – Processes for engaging with own workforce and
workers’ representatives about impacts. In connection with the
reorganisation process and its actual negative impact on
employees, the employee engagement survey as well as direct
manager feedback were reviewed in regular People team
meetings and discussed with the project steering committee
(consisting mainly of members of the Executive Leadership Team,
including the CEO). This resulted in several adjustments to the
process, content and communication of the reorganisation effort
to reduce negative impacts on employees. To manage the
material impacts related to our own workforce, the main
resources allocated are personnel from our People &
Communications function, consisting of circa 100 FTEs. In relation
to the reorganisation efforts, measures such as job counselling,
coaching, intra-company placements and severance packages
were offered to affected individuals.
The following actions have been taken in regard to Schibsted
Marketplaces’ negative impacts on own workforce:
Actual negative impact: Reorganisation and cost reduction
programme in 2024 might have negative impact on
employees and lead to employee ill-health. The remediation
actions that we took during 2024 were job counselling,
coaching, intra-company placements and severance
packages that were offered to affected individuals. We
tracked progress by regularly including the reorganisation
as an agenda item in the People management team
meetings, as well as through three employee engagement
surveys conducted during the year. Looking ahead, we
plan to share insights from the reorganisation effort with
our employees via a retrospective on the reorganisation
process that was conducted. We also plan to onboard
temporary consultants to handle workload peaks.
Potential negative impact: Potential discrimination and
lack of opportunities in the workplace based on gender, age
and skin colour. We launched the Diversity, Inclusion and
Belonging (DIB) playbook and a related training programme
with 1,587 participants. We track progress using the
associated performance measurements.
Potential negative impact: Potential poor working
conditions for employees. Actions taken to prevent the
negative impact include upskilling initiatives (such as an AI
prompting course) and engaging with unions and employee
representatives to identify and proactively avoid issues.
We are tracking the progress through our employee
engagement survey, which is distributed to our employees
three times a year.
The following actions have been taken in regard to Schibsted
Marketplaces’ identified risks and opportunities related to own
workforce:
Risk: Company reorganisation may lead to lower
productivity, increased employee turnover and financial
loss. The actions for this risk are addressed in the same
way as the related negative impact described in the list
above.
Risk: Poor work-life balance and unclear expectations on
employees may lead to employee ill-health, resulting in sick
leave, increased employee turnover and financial loss. The
risk is not related to a temporary event, such as the
reorganisation, which is why several actions are planned
and under way. These include working with specific areas
of the organisation where the risk level is higher (e.g., the
Finance and Foundations functions) as well as providing
training sessions to all managers to spot and address
work-life balance issues. Actions include hiring
consultants on a temporary basis to reduce peak
workloads and merging/moving teams to improve
collaboration. To improve the general resilience and
interconnectedness of the organisation, focus in 2025 will
be placed on creating one unified culture for the new
Schibsted Marketplaces.
Opportunity: A clear purpose, culture and performance on
sustainability will increase the likelihood of attracting and
retaining talent. Actions to build an engaging vision and
employee value proposition for Schibsted Marketplaces
are planned for 2025.
In 2021, we implemented a Group-wide enterprise risk
management (ERM) process which also covers material risks
related to our workforce. However, due to the carve-out of
Schibsted Media, this process was not performed to its full extent
during 2024. An updated ERM process adapted to Schibsted
Marketplaces’ scope is planned for implementation in 2025. To
track the effectiveness of the above actions, the same
engagement channels as described in section S1-2 – Processes
for engaging with own workforce and workers’ representatives
about impacts are used.
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S1-5 – Targets related to managing material
negative impacts, advancing positive impacts and
managing material risks and opportunities
Schibsted Marketplaces' sustainability targets will be revised
during 2025-2026, following the carve-out of Schibsted Media.
The targets presented in the 2023 sustainability statement have
been redefined as performance measurements. For more
information on this and the process for reviewing targets and
metrics, see section E1-4 – Targets related to climate change
mitigation and adaptation.
For the year 2024, Schibsted Marketplaces had four performance
measurements related to our own workforce. The performance
measurements were set during the annual target-setting cycle
and approved by the Executive Leadership Team. Overall, the
focus of these performance measurements was to enhance the
well-being of our employees, as we in Schibsted Marketplaces
strive to create an environment where our employees feel
respected and valued. These performance measurements were
monitored periodically by the relevant leadership teams
throughout the year and a summary of the overall performance
was provided to the Executive Leadership Team.
S1 - Table 4: Performance measurements related to own workforce
Scope
Performance measurements related to own workforce
Relationship to policy objectives
These performance measurements relate to our Code of Conduct where we state: 'We strive to
foster an environment in which our employees feel respected, valued and empowered'
Stakeholders involved
Stakeholders were not involved in setting these performance measurements
Period
These performance measurements were valid for 2024
No.
Performance measurement under
evaluation Related IROs Scope
1
Average
employee engagement score
Risk:
Poor work
-
life balance and unclear
expectations on employees may lead to
employee ill-health, resulting in sick leave,
increased employee turnover and financial
loss
Negative impact: Reorganisation and cost
reduction programme in 2024 might have
negative impact on employees and lead to
employee ill-health
Negative impact: Potential poor working
conditions for employees
Value chain:
Schibsted Marketplaces' own
operations
Geography: All
2
ACT indicator for health and
safety
Risk:
Company reorganisation may lead to
lower productivity, increased employee
turnover and financial loss
Negative impact: Reorganisation and cost
reduction programme in 2024 might have
negative impact on employees and lead to
employee ill-health
Negative impact: Potential discrimination and
lack of opportunities in the workplace based
on gender, age and skin colour
Risk: Poor work-life balance and unclear
expectations on employees may lead to
employee ill-health, resulting in sick leave,
increased employee turnover and financial
loss
Same as above
3
Percentage of employees that have
completed at least one performance
review annually
Risk:
Poor work
-
life balance and unclear
expectations on employees may lead to
employee ill-health, resulting in sick leave,
increased employee turnover and financial
loss
Same as above
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Scope
Performance measurements related to own workforce
4
Development in percentage in
participation in DIB digital training
programmes across the organisation
Same as above
Same as above
Notes:
1) Measured as part of the employee engagement survey (ACT) and is the average score for 'Employee satisfaction' and 'Recommend'.
2) The health and safety score comprises an average of four parameters: non-discrimination, safe to address, resilience and routines.
3) The performance review is a discussion between the employee and its manager. In the review, past performance and future gr
owth
opportunities are discussed.
S1-6 – Characteristics of our employees
The following definitions have been used to report the metrics in
this chapter (it should also be noted that where applicable,
financial data has been reported in NOK):
Worker type definitions included in the metrics in this
chapter:
o Employee: An individual hired under a contract of
employment to perform work for an employer in
exchange for a wage, salary, fee, or other payment. An
employee can be permanent, temporary or non-
guaranteed hours.
o Permanent employee: An individual employed on an
ongoing basis without a predetermined end date. Types
of permanent employees in Schibsted Marketplaces
include regular, flex job employees as well as contractors
working in a permanent capacity onboarded via external
platforms.
o Temporary employee: An individual employed for a
fixed duration or specific project, with a defined end
date. Types of temporary employees in Schibsted
Marketplaces include interns and student workers,
trainees, seasonal temporary, substitutes and other
temporary workers.
o Non-guaranteed hours employee: An individual
employed without a set number of working hours, whose
schedule varies based on business needs, with no
obligation for the employer to provide a minimum
number of hours. Types of non-guaranteed hours
employees in Schibsted Marketplaces include on-call
employees.
Headcount: Refers to the average total number of
employees in an organisation for each month in the
reporting period. See the methodology section below for
more information.
FTE (full-time equivalent): Refers to the average of how
many full-time employees a company has by dividing the
total scheduled work hours by the default work hours.
Headcount/full-time equivalents (FTEs): Includes
permanent employees, temporary employees and non-
guaranteed hours employees. Headcount/FTEs are
calculated based on an average across the reporting
period.
Distribution of employees by gender, country and type
The total number of employees by headcount and breakdown by
gender, as well as breakdown by country for countries in which
we have 50 or more employees representing at least 10% of the
total number of employees are presented in the tables below.
Discontinued operations are presented in separate tables.
S1 - Table 5: Distribution of employees by gender in Schibsted Marketplaces
Gender Number of employees (headcount)
Male
2,549
Female
1,326
Other
8
Not reported
0
Total
Employees
3,884
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S1 – Table 6: Distribution of employees by country in Schibsted Marketplaces
Country Number of employees (headcount)
Norway
2,345
Sweden
947
Finland
254
Denmark
251
Poland
77
Other
11
S1 – Table 7: Distribution of employees by contract type in Schibsted Marketplaces
2024
Employees by contract type and gender Female
Male
Other
Not disclosed
Total
Number of employees (FTE)
1,190
2,191
7
0
3,387
Number of permanent employees (FTE)
1,153
2,125
5
0
3,283
Number of
temporary employees (FTE)
28
39
2
0
69
Number of non
-
guaranteed hours employees (FTE)
9
27
0
0
3
6
Distribution of employees by gender, country and type for
discontinued operations, including Schibsted Media
For information on characteristics of employees from
discontinued operations, including Schibsted Media, see the
tables below.
S1 – Table 8: Distribution of employees by gender in discontinued operations
Gender Number of employees (headcount)
Male
1,532
Female
1,383
Other
0
Not reported
0
Total Employees
2,914
S1 – Table 9: Distribution of employees by country in discontinued operations
Country Number of employees (headcount)
Norway
1,875
Sweden
1,017
Denmark
17
Finland
5
Poland
0
Other
0
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S1 – Table 10: Distribution of employees by type in discontinued operations
2024
Employees by contract type and gender Female
Male
Other
Not disclosed
Total
Number of employees (FTE)
1,282
1,430
0
0
2,712
Number of permanent employees (FTE)
1,178
1,351
0
0
2,529
Number of temporary employees (FTE)
103
78
0
0
181
Number of non
-
guaranteed hours employees (FTE)
1
1
0
0
2
Employee turnover
The total number of employees who left Schibsted Marketplaces
during the reporting period is 1,839. The data accounts for
movements between Schibsted Marketplaces and Schibsted
Media as a result of the carve-out by reallocating employees
based on their company assignment after the carve-out, ensuring
that only actual departures from either company are counted as
leavers. This generates a rate of employee turnover of 47%. Note
that the turnover rate includes employees and leavers within
Delivery, which due to the nature of the business has a
significantly higher turnover rate than the rest of Schibsted
Marketplaces. The corresponding value excluding the Delivery
segment was 21%.
Methodology for employee characteristics
The methodology for compiling the data for people-related
metrics followed a process whereby data was collected from
each company within the scope of reporting. For those entities
utilising the HR platform Workday, both full-time equivalent (FTE)
and headcount numbers were reported centrally through the
platform. In cases where companies did not use Workday, FTE
numbers were gathered via forms submitted by each company
within the reporting scope. The data reflects an average for the
2024 figures. For information related to Schibsted Media, the
averages for 2024 were utilised and was assumed to be
representative for January-May 2024.
The figures reported above are presented as both headcount and
FTEs and are calculated by using the average at the end of each
month in the reporting period. In Workday, snapshots are taken
on the last day of each month for each reporting company. The
average headcount is determined by dividing the sum of
headcounts by the number of recorded months, resulting in an
average figure. It is important to note that some companies are
not included in the scope for all 12 months and this consideration
is incorporated into the calculation. Regarding the data collected
through forms, average headcount data has been reported from
the companies not using Workday. Central internal controls were
applied to ensure completeness and accuracy of the data. These
controls were in line with those described in section GOV-5 – Risk
management and internal controls over sustainability reporting.
Limitations of the methodology include reliance on self-reported
data from companies not using Workday potentially causing
variations in definitions of FTE across entities.
To fully understand the information provided, it should be noted
that several additions to what we report on have been made for
2024. We now include breakdowns of employees by type, more
details regarding collective bargaining agreements and more
information related to health and safety, remuneration, incidents
and complaints. Due to the inclusion of more granular details,
some figures might not be directly comparable to previous years.
For a cross-reference, refer to the line item 'Personnel expenses'
in the condensed consolidated financial statements of this annual
report.
S1-8 - Collective bargaining coverage and social
dialogue
Of our total employees, 66 per cent are covered by collective
bargaining agreements. As stipulated in our Code of Conduct,
Schibsted Marketplaces’ 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. Data on collective
bargaining coverage was collected from each company within the
scope of reporting. All data from all companies was collected via
forms. The data reflects the situation for 2024 as an average. The
companies reported average headcount for each existing
agreement. One person can be covered by more than one
agreement, but in that case, each company will define which
contract overrides the others for each individual.
For information on the overall percentage of our employees
covered by collective bargaining agreements in countries with
significant employment, see Table 11 below. Schibsted
Marketplaces has eight collective bargaining agreements within
the EEA. We have no significant employment outside the EEA and
therefore no collective bargaining agreements outside the EEA.
For information related to discontinued operations, see the
corresponding Table 12 below. The tables also present the global
percentage of employees covered by workers’ representatives,
reported at country level for each EEA country in which we have
significant employment.
Our European Works Council (EWC) meets biannually to conduct
dialogue between employees and Schibsted Marketplaces’
Executive Leadership Team. Two 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.
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S1 - Table 11: Coverage rate of employees with collective bargaining for Schibsted Marketplaces
Collective bargaining coverage
Social dialogue
Coverage rate
Employees
–
EEA
(for countries with > 50
employees representing >
10% of total employees)
Employees
–
Non
-
EEA
(estimate for regions with >
50 employees representing >
10% of total employees)
Workplace representation (EEA only)
(for countries with > 50 employees representing > 10%
of total employees)
0
-
19%
Denmark
20
-
39%
40
-
59%
60
-
79%
Sweden
80
-
100%
Norway
Norway, Sweden, Denmark
S1 – Table 12: Coverage rate of employees with collective bargaining for discontinued operations, including Schibsted Media
Collective bargaining coverage
Social dialogue
Coverage rate
Employees – EEA
(for countries with > 50
employees representing > 10
% of total employees)
Employees – Non-EEA
(estimate for regions with >
50 employees representing
> 10% of total employees)
Workplace representation (EEA only)
(for countries with > 50 employees representing
> 10 % of total employees)
0
-
19%
20
-
39%
40
-
59%
60
-
79%
Norway
80
-
100%
Sweden
Norway, Sweden
S1-9 – Diversity metrics
Gender distribution at top management level
Our top management is composed of 33 per cent women (a total
of 3 women and 6 men). The top management is defined as the
members of the Executive Leadership Team.
Distribution of employees by age group
For information on distribution among employees by age group in
Schibsted Marketplaces and within discontinued operations, see
the tables below.
S1 – Table 13: Age distribution of employees for Schibsted Marketplaces
Age group % of employees
Under 30 years 21%
30-50 years 64%
Above 50 years 16%
Note: For percentage of employees, headcount numbers are used in this table
S1 – Table 14: Age distribution of employees for discontinued operations, including Schibsted Media
Age group % of employees
Under 30 years 17%
30-50 years 62%
Above 50 years
21%
Note: For percentage of employees, headcount numbers are used in this table
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S1-10 – Adequate wages
All of our employees are paid an adequate wage, in line with
applicable benchmarks. This applies to both Schibsted
Marketplaces as well as for our discontinued operations. The data
for reporting on adequate wages was collected separately from
other people-related data. Data was collected from each
company within the scope of reporting. For those entities utilising
the HR platform Workday, data was collected from the system.
Companies not using Workday reported directly to our central
Compensation and Benefits team, who verified their data. For
employees in the Delivery operations, whose salary data is not
available in Workday, compensation is strictly governed by
collective agreements. In these cases, the salary level mandated
by the applicable collective agreement was used in the
calculation. The data from Workday is a snapshot of the wages on
31 December 2024, while data for other reporting companies is a
snapshot of the wages on 31 December 2024 as well as wages for
any employees who left the company during the year, where this
information was available. The wage-related data includes, where
applicable, base salary, commission-based pay, short-term
incentive schemes and long-term incentive schemes. For
information related to Schibsted Media, the data was collected
using the same procedure and all data for the companies in scope
was available from the Workday system.
S1-14 – Health and safety metrics
In Schibsted Marketplaces, 100 per cent of our own workforce is
covered by a health and safety management system. All
companies within the scope of reporting have a health and safety
management system to register and follow up health and safety
metrics. During 2024, we have had zero (0) fatalities as a result of
work-related injuries or work-related ill-health. Data for work-
related incidents and fatalities as a result of work-related injuries
or work-related ill-health among employees was collected by
email from each Human Resources Business Partner (HRBP) for
each company within the scope of reporting. In regard to work-
related accidents, Schibsted Marketplaces had 42 accidents
during 2024, amounting to a rate of 6.3 accidents per million hours
worked. For our discontinued operations, there were two
accidents during January to May 2024, amounting to a rate of 0.9
accidents per million hours worked.
S1-16 – Remuneration metrics (pay gap and total
remuneration)
For information related to the gender pay gap and total
remuneration ratio (the annual total remuneration ratio of the
highest paid individual to the median annual total remuneration),
see the table below. The methodology used to collect, compile
and analyse this data was the same as that pertaining to adequate
wages above. To fully understand the data, it should be noted that
Schibsted Marketplaces largely sets salaries based on individual
circumstances, role and applicable salary benchmarks in the
relevant market and industry. Consequently, the gender pay gap
and total remuneration ratio are influenced by shifts in the gender
and role distribution across different countries. As a result,
summarising pay disparities into a single metric may not fully
capture underlying structural factors or differences in workforce
composition. Note that while the data for discontinued operations
represents the situation at 31 December 2024, it is assumed that
this is representative for the period January–May 2024.
S1 – Table 15: Remuneration metrics for Schibsted Marketplaces
Remuneration metrics 2024
Gender pay gap 9.20%
Total remuneration ratio 12.40
S1 - Table 16: Remuneration metrics for discontinued operations,
including Schibsted Media
Remuneration metrics 2024
Gender pay gap
6.37%
Total remuneration ratio 7.88
The formula used to calculate the gender pay gap was in line
with ESRS, i.e.:
(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑝𝑎𝑦 𝑙𝑒𝑣𝑒𝑙 𝑚𝑎𝑙𝑒) −
(
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑝𝑎𝑦 𝑙𝑒𝑣𝑒𝑙 𝑓𝑒𝑚𝑎𝑙𝑒
)
(
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑝𝑎𝑦 𝑙𝑒𝑣𝑒𝑙 𝑚𝑎𝑙𝑒
)
× 100
Where ‘average pay level male’ equals the average hourly gross
pay level of male employees and ‘average pay level female’
equals the average gross hourly pay level of female employees.
The formula used to calculate the total remuneration ratio was in
line with ESRS, i.e.:
𝐴𝑛𝑛𝑢𝑎𝑙 𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑚𝑢𝑛𝑒𝑟𝑎𝑡𝑖𝑜𝑛 𝑓𝑜𝑟 𝑡ℎ𝑒 𝑢𝑛𝑑𝑒𝑟𝑡𝑎𝑘𝑖𝑛𝑔′𝑠 ℎ𝑖𝑔ℎ𝑒𝑠𝑡 𝑝𝑎𝑖𝑑 𝑖𝑛𝑑𝑖𝑣𝑖𝑑𝑢𝑎𝑙
𝑀𝑒𝑑𝑖𝑎𝑛 𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑒 𝑎𝑛𝑛𝑢𝑎𝑙 𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑚𝑢𝑛𝑒𝑟𝑎𝑡𝑖𝑜𝑛 (𝑒𝑥𝑐𝑙𝑢𝑑𝑖𝑛𝑔 𝑡ℎ𝑒 ℎ𝑖𝑔ℎ𝑒𝑠𝑡 − 𝑝𝑎𝑖𝑑 𝑖𝑛𝑑𝑖𝑣𝑖𝑑𝑢𝑎𝑙)
S1-17 – Incidents, complaints and severe human
rights impacts
During 2024, Schibsted Marketplaces had a total number of 18
reported incidents of discrimination, including harassment. We
had a total number of 13 complaints filed through our channels for
people in the workforce to raise concerns. We paid no fines,
penalties or compensation for damages as a result of the
incidents and complaints disclosed above. We have not identified
any cases of severe human rights incidents in our own workforce
during 2024. Data for incidents, complaints and severe human
rights impact from each company within the scope of reporting
was collected from all companies via forms. The data was
complemented with input from the Group Compliance Officer on
cases registered through the Speak Up whistleblowing channel.
ESRS S2 – Workers in the value chain
For ESRS S2, Workers in the value chain, Schibsted Marketplaces
has identified two material IROs. A description of the IROs can be
seen in the table below:
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S2 – Table 1: IROs related to value chain workers
IRO
Sub
-
topic
Type of IRO
Poor working conditions in the distribution value chain, such
as low pay, injury risks and night shifts, might negatively
affect workers
Working conditions
Negative
i
mpact
Potential negative impact on human rights in
our
downstream value chain related to our investments
Other work
-
related rights
Negative
i
mpact
S2-1 - Policies related to value chain workers
Schibsted Marketplaces’ policies adopted to manage material
impacts on value chain workers include the Code of Conduct and
the Business Partner Code of Conduct. Both of these policies are
deemed relevant for the material IROs for S2 and cover all value
chain workers, rather than focusing on specific groups.
S2 – Table 2: Policies related to value chain workers
S2 policies
Connection to IROs
Scope of policy
Most senior responsible level
Schibsted Marketplace
s’
Code
of Conduct
Negative impacts:
Poor working conditions in the
distribution value chain, such as
low pay, injury risks and night
shifts, might negatively affect
workers
Potential negative impact on
human rights in our downstream
value chain related to our
investments
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Owned by CEO, delegated to
EVP People & Communications
to ensure all employees are
aware of the policy
Business Partner Code of
Conduct
Negative impacts:
Poor working conditions in the
distribution value chain, such as
low pay, injury risks and night
shifts, might negatively affect
workers
Potential negative impact on
human rights in our downstream
value chain related to our
investments
Value chain
: Own operations,
downstream and upstream
business partners
Geography: All geographies
where Schibsted Marketplaces
or our business partners
operate
Owned by CFO, delegated to
Head of Legal to follow up on
compliance
Code of Conduct
Our Code of Conduct outlines our commitment to respect human
rights and labour rights in our own operations and those of our
suppliers and business partners. We expect our partners,
contractors and other hired personnel who work in our value
chain to meet our standards and respect our values as outlined in
the Code of Conduct, which are in accordance with the UN
Guiding Principles on Business and Human Rights and the ILO
Conventions. Our Group Compliance Officer is responsible for
establishing and implementing the Code of Conduct, thereby
strengthening our process to monitor compliance with the
frameworks connected to the Code. This work includes both
checking that any updates to the Code of Conduct adhere to the
mentioned standards, as well as following up with each of our
companies on their approach and processes to implement the
policy (e.g., training of employees). The Code of Conduct is
approved by Schibsted Marketplaces’ Board and sets out
principles related to human rights, labour rights, anti-corruption
and environment. Our Code covers forced labour (as part of
labour rights), child labour and trafficking. The latter is not
explicitly addressed. For more information on the Code of
Conduct, see section G1-1 – Business conduct policies and
corporate culture.
Business Partner Code of Conduct
The Business Partner Code of Conduct was adopted to ensure
that all our business partners, including our suppliers, are aware
of and uphold Schibsted Marketplaces’ expectations on human
rights, labour rights, environmental protection and on combating
corruption. Our business partners shall respect human rights and
minimum social safeguards as defined in international
conventions on human rights and working conditions. Schibsted
Marketplaces’ Business Partner Code of Conduct covers but do
not explicitly address forced labour, child labour and trafficking.
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We expect our business partners to perform human rights impact
assessments and due diligence to identify and mitigate potential
adverse impacts on human rights and decent labour conditions in
relation to the business partners’ own business activities and in
relation to their supply chains. We also expect our business
partners to respond to requests from Schibsted Marketplaces
pertaining to these activities. However, the newly established
Business Partner Code of Conduct is currently being
implemented, so not all business partners have explicitly
demonstrated their commitment to it. As described in section S2-
4 – Taking action on material impacts on value chain workers and
approaches to managing material risks and pursuing material
opportunities related to value chain workers and effectiveness of
those actions below, the Business Partner Code of Conduct is
currently being rolled out and monitoring processes are yet to be
defined and put in place.
Our commitment to upholding human rights and labour rights
Schibsted Marketplaces has embedded responsible business
conduct in relation to value chain workers in a number of its
governing documents, including our Code of Conduct and
Business Partner Code of Conduct described above. Other Group
policies that also set out principles that are important for our
human rights efforts include our Discrimination, Bullying and
Harassment Policy and our Diversity and Inclusion Policy.
Together, these policies cover both our own employees and all
workers in the value chain.
Schibsted Marketplaces is subject to the Norwegian
Transparency Act, which sets out legal requirements in
accordance with the OECD, including the United Nations (UN)
Guiding Principles on Business and Human Rights. No cases of
non-respect of the above-mentioned frameworks have been
reported in the upstream or downstream value chain during 2024.
However, in 2023 some deviations from our contractual
agreements with subcontractors were identified in Delivery and
mitigating actions were put in place during 2023 and continued
into 2024. For more information on this, see section S2-4 – Taking
action on material impacts on value chain workers and
approaches to managing material risks and pursuing material
opportunities related to value chain workers and effectiveness of
those actions below.
Engagement with value chain workers and measures to provide
remedy
In 2024, our engagement with value chain workers focused on
workers within the value chain of Delivery and Morgenlevering.
For value chain workers connected to our investments (incl.
Adevinta, Hjemmelegene) no engagement activities took place
during 2024. However, as stated in the Business Partner Code of
Conduct, we expect all our business partners (incl. business
partners of our investments) to perform human rights impact
assessments and due diligence to identify and mitigate potential
adverse impacts on human rights and decent labour conditions.
Our measures to provide and enable remedy for human rights
impacts for workers in the value chain are based on those that
apply to our own workforce (see for example section S1-1 –
Policies related to own workforce) and are to a large extent
focused on working conditions. Examples of such measures
include shifting from a contract-based business model to a
permanent employee-based model for Delivery workers and
encouraging the increased coverage of collective bargaining
agreements for value chain workers.
S2-2 - Processes for engaging with value chain
workers about impacts
The perspectives of value chain workers inform Schibsted
Marketplaces’ decisions and activities, including efforts aimed at
managing impacts on value chain workers. Schibsted
Marketplaces’ processes for engaging with value chain workers
focuses on stakeholder dialogue. These dialogues inform the
double materiality assessment and thereafter the overall strategic
direction of our sustainability work and efforts. This enables us to
have a targeted approach in areas identified as material and that
concern value chain workers. Schibsted Marketplaces engages
with value chain workers both directly and through legitimate
representatives, including union representatives. By discussing
impacts on value chain workers with workers’ unions, we maintain
a direct dialogue with both suppliers and business partners. When
necessary, we consult external expertise. No other credible
proxies were used. The sustainability team and the Head of
Sustainability oversee these processes and have the operational
responsibility for ensuring that the engagement occurs.
Schibsted Marketplaces strives to gain insight into the
perspectives of workers that may be particularly vulnerable to
potential impacts. Within Delivery, 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.
S2-3 - Processes to remediate negative impact
and channels for value chain workers to raise
concerns
Schibsted Marketplaces conducts due diligence assessments at
Group level. The assessments include value chain workers and
identified impacts and risks. We base our work on the OECD due
diligence model as described in the Guidelines for Multinational
Enterprises and Responsible Business Conduct. Responsibility for
the due diligence process lies with Schibsted ASA, which is the
parent company of Schibsted Marketplaces, and is shared
between the sustainability and compliance functions at the Group
level. Each subsidiary is responsible for its own due diligence
process and is followed up by the sustainability function at Group
level. Each subsidiary has adapted its own internal processes for
following up identified risk areas. Schibsted Marketplaces
evaluates the effectiveness of the process by annual reporting
related to the Transparency Act. In cases where Schibsted
Marketplaces has caused or contributed to a material negative
impact on value chain workers, the issue is escalated to the
relevant management team to provide or contribute to a remedy
without delay. Each case is also monitored centrally by the Group
Compliance Officer to assess whether the remedy provided is
effective. Since the remedies can vary from case to case, the
method for assessing its effectiveness also varies. Examples
include engagement with affected stakeholders and sample-
based checks of specific business partners or value chain steps
to ensure compliance with set policies and agreements. No cases
where Schibsted Marketplaces has caused or contributed to a
material negative impact on value chain workers were identified
in 2024, but actions were taken in relation to some identified
deviations from our contractual agreements with subcontractors
in the Delivery segment during 2024. For more information see
S2-4 – Taking action on material impacts on value chain workers
and approaches to managing material risks and pursuing material
opportunities related to value chain workers and effectiveness of
those actions.
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Schibsted Marketplaces has channels in place for value chain
workers to raise their concerns or needs directly with us and have
them addressed. These channels include direct engagement with
the relevant business unit and reporting through the Speak Up
channel. Speak Up is a reporting mechanism that enables
anonymous reporting of misconduct, breaches or potential
violations of our Code of Conduct. The function applies to all
majority-owned subsidiaries in Schibsted Marketplaces. The
Speak Up channel is open to all stakeholders, including
individuals working under the supervision of our contractors,
subcontractors and suppliers. The channel is built to enable
people to voice concerns about potential violations of
fundamental human rights and failure to provide decent working
conditions. The Speak Up channel is handled through a third
party.
To ensure that value chain workers have access to channels to
raise their concerns, the Business Partner Code of Conduct states
that all business partners shall ensure that their employees have
the possibility to report concerns regarding potential breaches of
laws and internal procedures according to applicable legislation.
As the Business Partner Code of Conduct is currently being rolled
out, a planned next step is that we will monitor its implementation
through active inquiries with major business partners as well as
through sample-based checks with all business partners. At a
minimum, we ensure access to reporting channels by also giving
value chain workers the possibility to raise their concerns through
the Speak Up channel described above. There are no specific
procedures in place to ensure the effectiveness of business
partners’ channels described above.
To ensure its effectiveness, the Speak Up channel is handled by a
dedicated whistleblowing committee and followed up using
internal employee engagement surveys on an annual basis. For
more information see section S1-3 – Processes to remediate
negative impacts and channels for own workforce to raise
concerns.
All reported concerns are taken seriously and followed up on. We
ensure that no one who reports concerns in good faith will be met
with negative reactions. Schibsted Marketplaces’ Speak Up
Committee is responsible for conducting an initial assessment of
all reported cases and coordinating the follow-up actions. As the
use of a Speak Up Committee ended when a revised procedure
was approved by the end of 2024, the responsibility for oversight
transferred to the People team. To avoid any potential retaliation
on whistleblowers, we explicitly forbid this and have designed the
processes within our control so that whistleblowers are not
exposed when reporting incidents or concerns. Regarding
protection of whistleblowers outside our own workforce, we
currently have no explicit policies in place, although this is implied
in the business integrity standards of the Business Partner Code
of Conduct. Currently, we assess that people in our own
workforce are aware of and trust these structures (see section S1-
3 – Processes to remediate negative impacts and channels for
own workforce to raise concerns), but we do not have a similar
monitoring process in place for value chain workers.
S2-4 - Taking action on material impacts on value
chain workers and approaches to managing
material risks and pursuing material opportunities
related to value chain workers and effectiveness
of those actions
During 2024, Schibsted Marketplaces took action to address
material impacts on value chain workers. For information on our
key actions related to workers in our value chain, see the table
below. On a company-wide level, we created and launched our
Business Partner Code of Conduct, which emphasises the
importance of our partners adhering to our standards. This action
relates to all of our business segments and we will monitor its
implementation moving forward.
In 2023, we identified some deviations from our contractual
agreements with subcontractors in the Delivery segment. Existing
routines and internal controls were not fully followed and as a
result, contractors were subject to indecent working conditions.
In order to remedy these negative impacts, actions were taken
during 2024 within the Delivery segment. A key measure has been
the transition to a new operational model to employ drivers
directly instead of using subcontractors. To ensure that this
remedy is effective, we perform daily checks at our terminal and
cooperate with A-krim, an inter-agency initiative to combat work-
related crime. Additionally, we have enhanced our periodic
supplier reviews and risk assessments. The effectiveness of
these actions has not yet been evaluated, this is however one of
our future planned actions. There are no identified significant
CapEx, OpEx or dedicated resources in relation to any of these
actions. During 2024, Schibsted Marketplaces did not identify any
severe human rights issues or incidents related to the upstream
and downstream value chain.
S2 – Table 3: Actions related to value chain workers
Scope
Actions related to S2 Workers in the value chain
Key actions 2024 Related IROs Future actions
Expected
outcome Scope Time horizon
Creation of the
Business Partner
Code of Conduct
Negative impacts:
Potential negative impact on human
rights in our downstream value
chain related to our investments
Poor working conditions in the
distribution value chain, such as
low pay, injury risks and night
shifts, might negatively affect
workers.
Roll out the Business
Partner Code of
Conduct and monitor
its implementation
Improved
assurance of
partners'
adherence to the
standards set out
in the Business
Partner Code of
Conduct
Value chain:
All of
Schibsted
Marketplaces'
business
partners
Geography:
All
2024
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Scope
Actions related to S2 Workers in the value chain
Conducted physical
internal control of
contractors during
2024 in addition to
existing control
procedures
Negative impact:
Poor working
conditions in the distribution value
chain, such as low pay, injury risks
and night shifts might negatively
affect workers.
No future actions
planned (beyond
existing control
procedures)
Secure progress
and compliance in
transformation
from 'contractor
model' to
employed workers
in SDI Vest.
Value chain:
Upstream,
Own
operations
(Delivery)
Geography:
Norway
2024 onwards
Increased share of
employed drivers in
SDI Vest (replace
subcontractors)
Same as above
Continue shift towards
employment of
workers, monitor
effectiveness
Same as
above
Same as above
2025
Delivery's employed
Value Chain
Managers completed
a course in labour
rights and routines
Same as above
Potential future
actions to be defined
during 2025
Further increase
knowledge and
focus on labour
rights and ethical
standards
throughout the
organisation
Same as above
2024
A case-by-case approach is used to identify what actions are
needed and appropriate in response to specific impacts, informed
by the process to engage with value chain workers described in
section S2-2 – Processes for engaging with value chain workers
about impacts. Our approach to taking action in relation to
material negative impacts on value chain workers include asking
all value chain managers within Delivery to complete a course in
labour rights and routines. By doing this we build capacity for
handling future actual or potential impacts and for engaging with
other stakeholders in the value chain to identify appropriate
responses to impacts and to act on these. In general, our
approach to avoid causing or contributing to material negative
impacts on value chain workers is focused on our own practices.
To ensure that processes to provide and enable remedy for
material negative impacts are available and effective in their
implementation and outcomes, we rely on existing control
procedures. In cases where these are deemed to be insufficient,
we develop them further. An example of this is the second action
in the table above, where the existing control procedures were
temporarily strengthened.
S2-5 - Targets related to managing material
negative impacts, advancing positive impacts and
managing material risks and opportunities
Schibsted Marketplaces' sustainability targets will be revised
during 2025-2026, following the carve-out of Schibsted Media.
The targets presented in the 2023 sustainability statement have
been redefined as performance measurements. For more
information on this and the process for reviewing targets and
metrics, see section E1-4 – Targets related to climate change
mitigation and adaptation.
We have three time-bound and outcome-oriented performance
measurements aimed at reducing negative impacts on workers
within our value chain and improving our oversight of working
conditions. In 2024, we focused specifically on our Delivery
segment due to incidents identified in 2023. To improve working
conditions in our value chain, our performance measurements for
2024 aimed to implement additional physical internal controls of
contractors, replace sub-contractors with employed drivers and
ensure that all value chain managers complete a course on labour
rights and routines. See the table below for an overview of the
performance measurements. These performance measurements
were monitored periodically by the relevant leadership teams
throughout the year and a summary of the overall performance
was provided to the Executive Leadership Team.
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S2 – Table 4: Performance measurements related to value chain workers
Scope
Performance measurements related to workers in the value chain
Relationship to policy objectives
These performance measurements relate to our Code of Conduct where we state: 'We work
actively to integrate respect for human
rights and labour rights into our practices and business
activities'
Stakeholders involved
Stakeholders were not involved in setting these performance measurements
Period
These performance measurements were valid for 2024
No.
Performance
measurement under
evaluation Related IROs Scope
1
Number of physical internal control of
contractors in addition to existing
control procedures
Negative impact:
P
oor working conditions in
the distribution value chain, such as low pay,
injury risks and night shifts, might negatively
affect workers
Value chain:
Schibsted Marketplaces'
Delivery operations
Geography: Norway
2
Share of employed drivers in SDI Vest
(replacing sub
-
contractors)
Same as above
Same as above
3
Percentage of Value Chain
Managers
that completed a course in labour
rights and routines
Negative impact:
Poor working conditions in
the distribution value chain, such as low pay,
injury risks and night shifts, might negatively
affect workers
Negative impact: Potential negative impact
on human rights in our downstream value
chain related to our investments
Same as above
Our process for setting the performance measurements above is
based on our stakeholder dialogue, meaning that the views and
interests of workers in the value chain are indirectly considered
when setting targets, including engagement with legitimate
representatives. Currently, we do not engage with workers in the
value chain when tracking the performance of specific
performance measurements or when identifying improvements.
For information about the monitoring and follow-up of progress
against performance measurements, see sections GOV-1 – The
role of the administrative, management and supervisory bodies
and GOV-2 – Information provided to and sustainability matters
addressed by our administrative, management and supervisory
bodies.
ESRS S4 - Consumers and end-users
For ESRS S4 Consumers and end-users, Schibsted Marketplaces
has identified twelve material IROs. A description of the IROs can
be seen in the table below.
S4 - Table 1: IROs related to consumers and end-users
IRO
Sub
-
topic
Type of IRO
By digitising and formalising transactions between sellers
and buyers, we enhance transparency, increase security
and ensure tax contributions
Social inclusion of consumers and/or end
-
users
Personal safety of consumers and/or end-users
Positive impact
Providing a digital infrastructure for giveaway goods
benefits consumers and end-users (both givers and
receivers)
Social inclusion of consumers and/or end
-
users
Positive impact
Strengthened trust in our brand due to
increased market
transparency, market efficiency and consumer safety can
increase revenue in the long term
Information
-
related impacts for consumers and
end-users
Opportunity
Cybersecurity breaches could potentially compromise the
privacy of users by exposing their sensitive data
Information
-
related impacts for consumers and
end-users
Negative impact
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IRO
Sub
-
topic
Type of IRO
Reduced trust and brand reputation caused by not
prioritising private consumers' rights and their access to
data over professional customers can reduce usage of our
platforms, leading to reduced revenue
Information
-
related impacts for consumers and
end-users
Social inclusion of consumers and/or end-users
Risk
A lack of price transparency in the real estate buy/sell
market can be amplified through our Real Estate
marketplaces and result in consumers making uninformed
financial decisions
Information
-
related impacts for consumers and
end-users
Negative impact
If non
-
transparent and unfair practices persist in the rental
market, we might reinforce unequal treatment of
consumers in the sector
Information
-
related impacts for consumers and
end-users
Social inclusion of consumers and/or end-users
Negative impact
If discriminatory practices persist in hiring processes, our
job marketplaces could amplify this issue
Social inclusion of consumers and/or end
-
users
Negative impact
Fraud attempts on our platforms could cause financial
losses, distress and need for legal action, negatively
impacting consumers
Information
-
related impacts for consumers and
end-users
Personal safety of consumers and/or end-users
Negative impact
Criminal activities on our platforms (such as fraud, theft of
goods or trade of illegal goods) might reduce trust and
reputation, leading to reduced usage and revenues
Personal safety of consumers and/or end
-
users
Risk
Privacy breaches might lead to breach of GDPR and result
in financial penalties and harm our reputation
Information
-
related impacts for consumers and
end-users
Risk
Harassment related to interaction between users on
our
services might lead to emotional distress, loss of trust in the
platform and decreased user engagement
Personal safety of consumers and/or end
-
users
Negative impact
S4-1 – Policies related to consumers and end-users
To manage our material impacts, risks and opportunities related
to consumers and end-users, Schibsted Marketplaces has the
following policies in place: Schibsted Marketplaces’ Security
Policy, Privacy and Cookie Policy and Schibsted Marketplaces’
Code of Conduct. The IROs listed above but not in the table below
have no corresponding policy.
S4 – Table 2: Policies related to consumers and end-users
S4 policies
Connection to IROs
Scope of policy
Most senior responsible level
Privacy and
Cookie Policy
Negative impact:
Cybersecurity breaches could potentially
compromise the privacy of users by exposing
their sensitive data
Risks:
Privacy breaches might lead to breach of GDPR
and result in financial penalties and harm our
reputation
Value chain
: Own operations
Geography: All EEA countries
where Schibsted Marketplaces
operates
CFO, delegated to Head of Legal
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S4 policies
Connection to IROs
Scope of policy
Most senior responsible level
Reduced trust and brand reputation caused by
not prioritising private consumers' rights and
their access to data over professional
customers can reduce usage of our platforms,
leading to reduced revenue
Schibsted
Marketplaces’
Security Policy
Negative impacts:
Cybersecurity breaches could potentially
compromise the privacy of users by exposing
their sensitive data
Fraud attempts on our platforms could cause
financial losses, distress and need for legal
action, negatively impacting consumers
Opportunity:
Strengthened trust in our brand due to
increased market transparency, market
efficiency and consumer safety can increase
revenue in the long term
Risk:
Privacy breaches might lead to breach of GDPR
and result in financial penalties and harm our
reputation
Value chain
: Own
operations
Geography: All geographies
where Schibsted Marketplaces
operates
EVP Foundation, delegated to
Chief Information Security
Officer
Schibsted
Marketplaces’
Code of
Conduct
Negative impact:
Cybersecurity breaches could potentially
compromise the privacy of users by exposing
their sensitive data
Risks:
Privacy breaches might lead to breach of GDPR
and result in financial penalties and harm our
reputation
Reduced trust and brand reputation caused by
not prioritising private consumers' rights and
their access to data over professional
customers can reduce usage of our platforms,
leading to reduced revenue
Value chain
: Own operations
Geography: All geographies
where Schibsted Marketplaces
operates
Owned by CEO, delegated to EVP
People & Communications to
ensure all employees are aware
of the policy
Schibsted Marketplaces’ Security Policy
Schibsted Marketplaces’ Security Policy outlines our mandatory
security requirements, which also cover our verticals and brands.
The policy is in place to protect Schibsted Marketplaces, our
customers and users and does not explicitly address specific user
or customer groups. Schibsted Marketplaces’ Security Policy
applies to Schibsted Marketplaces (including verticals and
brands), as well as Executives, members of the Board, managers,
employees, contractors and suppliers. In addition, Schibsted
Marketplaces strives to adopt the principles and objectives of this
policy in other associated companies where Schibsted
Marketplaces does not have direct control but holds significant
influence. The policy is owned by the EVP Foundation and
delegated to a dedicated Chief Information Security Officer to
oversee its implementation. Adherence to the policy is monitored
through several means, including manual checks and through IT
systems. Employees are regularly trained in aspects of
cybersecurity covered by the policy.
Privacy and Cookie Policy
The Privacy and Cookie Policy describes a high-level overview of
what data we collect, why we collect it, who it may be shared with
and how a user can access the rights over that user’s personal
data. It is publicly accessible on Schibsted Marketplaces’ website.
The policy is owned by the CFO and delegated to the Head of
Legal to oversee its implementation. Monitoring is implemented
mainly through technical means (e.g., using a Consent
Management Platform) to respect users’ choices on how their
data may be used. In the event of privacy breaches, manual
intervention and root cause analysis is performed and increased
monitoring put in place to avoid future incidents.
Schibsted Marketplaces’ Code of Conduct
In addition to the above-mentioned policies, Schibsted
Marketplaces’ Code of Conduct (especially the chapters Privacy,
Data security and Technology) outlines our behaviour and how we
take responsibility for our products and services and for their
impact on consumers and end-users. The Code of Conduct
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covers topics such as data security and privacy. For more
information on the Code of Conduct, see section G1-1 – Business
conduct policies and corporate culture.
Commitment to upholding human rights and labour rights
Regarding consumers and end-users, Schibsted Marketplaces is
committed to their human right to privacy, especially as it relates
to handling personal data. In our Code of Conduct, we commit to
protect people's privacy, meaning the personal data we process
about our customers and users. Users have legally defined rights
relating to personal data about them. Schibsted Marketplaces is
fully committed to supporting users in accessing and using those
rights. We adapt our approach to meet EU and local regulations,
such as the GDPR and the Digital Markets Act. Protecting our
customers and end-users privacy also connects to the OECD
Guidelines for Multinational Enterprises on Responsible Business
Conduct, specifically chapter eight regarding consumer interests
where it is stated that enterprises should ‘Protect consumer
privacy by ensuring that enterprise practices relating to the
collection and use of consumer data are lawful, transparent and
fair, enable consumer participation and choice and take all
reasonable measures to ensure the security of personal data that
they collect, store, process or disseminate’. We monitor
compliance with this regulation through our dedicated Privacy
team (reporting to the Head of Legal). Our approach to ensure the
respect of human rights of consumers and/or end-users includes
that Schibsted Marketplaces engages with any consumer that has
had their rights to privacy affected. If an infringement has
occurred, appropriate measures to enable remedy are taken.
Schibsted Marketplaces’ Security Policy is based on the guidance
in the ISO27001 standard for Information Security Management
Systems. It refers to the Security Handbook for more detailed
implementation. The other policies related to consumers and
end-users are not explicitly aligned to other international
instruments (such as the United Nations Guiding Principles on
Business and Human Rights). No breaches of non-respect to
these standards have been reported in our downstream value
chain during 2024.
S4-2 - Processes for engaging with consumers
and end-users about impacts
During 2024, Schibsted Marketplaces performed activities that
were directly linked to managing impacts on consumers and end-
users. Looking ahead, we will review if such activities and
decisions should be influenced by the perspectives of consumers
and end-users.
Currently, engagement occurs mainly with consumers and end-
users directly, via our user experience (UX) team and sales teams.
These teams talk with our users and customers on a daily basis
and can in that process identify opportunities to mitigate negative
impacts and enhance positive impacts. Our UX teams work in
close collaboration with customer support channels to gather
insights through direct user interactions and feedback. This helps
us understand user pain points and prioritise appropriate actions.
Given the scale of our operations and millions of consumers, we
utilise quantitative measures such as traffic analysis, at-scale user
feedback mechanisms and third-party market research
questionnaires to assess the effectiveness of implemented
solutions. Actions taken often involve improving product design
and functionality, refining marketing practices and addressing
systemic issues, as seen in initiatives like transparency tools or
inclusive recruitment campaigns on FINN.no. Our customer
support teams also engage directly with consumers to provide
remedies in case-by-case issue resolution for negative impacts
such as fraud, harmful content and harassment.
Engagement does not occur with legitimate representatives or
other credible proxies. The most senior roles in Schibsted
Marketplaces that have operational responsibility for ensuring
this engagement happens are the members of the Executive
Leadership Team, who have responsibility for their respective
business segments as it relates to both user and customer
engagement. We assess the effectiveness of our engagement
with consumers and end-users periodically and adapt our
approach as needed.
S4-3 - Processes to remediate negative impacts
and channels for consumers and end-users to
raise concerns
In Schibsted Marketplaces, we have a general approach and
process for contributing to remedy in cases where we have
identified that we have contributed to a material negative impact
on consumers or end-users. The process is based on users
contacting our customer support teams through several
channels: online chat, email, chatbots etc. The customer support
team engages with the user and the relevant internal or external
stakeholders to provide effective resolution to each individual
case. If negative impacts are identified through other means than
the customer support channels, those are handled in close
collaboration with the relevant teams and functions. Currently, we
do not assess if the remedy provided has proven effective except
for case-by-case issue resolutions by the customer support
teams. The need for more structured evaluations will be reviewed
during 2025-2026.
In order for consumers and end-users to raise any potential
concerns or needs directly with us, we have multiple channels in
place. For privacy related matters, this includes a country-specific
contact form to get in touch with the privacy team which can be
found on our website. Privacy matters are handled on a case-by-
case basis and thematically reviewed periodically by the Privacy
team. For other impacts on end-users, we do not have a
structured process in place, although customers and users are
encouraged to actively contact us via our customer support
channels found on each brand’s website. The above channels are
established and managed by Schibsted Marketplaces. Currently,
we do not have an established process to assess how effective
the channels are. The raised issues are addressed in the
appropriate forum to ensure corrective actions are implemented,
where applicable. Schibsted Marketplaces does not have a
process in place to assess that consumers and/or end-users are
aware of and trusting these structures or processes as a way to
raise their concerns. While there is no explicit policy to protect
them against retaliation, the mechanisms described in section G1-
1 – Business conduct policies and corporate culture protects
individuals raising concerns.
The Business Partner Code of Conduct, described in section G1-1
– Business conduct policies and corporate culture, stipulates that
business partners to Schibsted Marketplaces shall ensure that
their employees have the possibility to report concerns regarding
potential breaches of laws and internal procedures according to
applicable legislation, but does not require those business
partners to establish channels for users or end-users to raise their
concerns.
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S4-4 – Taking action on material impacts on
consumers and end-users and approaches to
managing material risks and pursuing material
opportunities related to consumers and end-
users and effectiveness of those actions
The area where we performed most actions during 2024 was S4
Consumers and end-users, a result of this area being closely
connected to our core business. The tables below outline our key
actions taken on an overarching level, as well as within our
business segments Real Estate, Jobs and Recommerce. Measures
were taken in relation to our actual negative impacts and to
positively contribute to our consumers and end-users. For all
actions listed in the tables below, there are no identified
significant CapEx, OpEx or dedicated resources defined, except
for the action 'Launch of transactional marketplace on Tori.fi'.
However, for confidentiality reasons, the amount invested for this
particular action is not disclosed.
To track and assess the effectiveness of the actions listed below
in delivering intended outcomes for consumers and/or end-users,
we follow-up on a general basis through the consumer
engagement activities described in section S4-2 – Processes for
engaging with consumers and end-users about impacts. The
follow-up process includes interviews with consumers, large-
scale feedback gathering and insights from case-by-case
customer support interventions.
S4 Actions - All
At Group level, our focus in 2024 was on improving cybersecurity
and mitigating the risk of fraud and harassment. We launched a
company-wide system for detecting fraud and harassment, held
cybersecurity training sessions for our employees and launched
a new advertising platform that strengthens our ability to monitor
and ensure responsible advertiser behaviour. For an overview of
these key actions for 2024, see the table below.
S4 – Table 3: Actions related to consumers and end-users – all segments
Business segment
All
Key actions 2024 Related IROs Future actions
Expected
outcome Scope
Time
horizon
Launch of common
Nordic system to
detect and reduce
fraud and harassments
Negative impact:
Fraud attempts on our
platforms could cause financial losses, distress
and need for legal action, negatively impacting
consumers
Negative impact: Harassment related to
interaction between users on our services might
lead to emotional distress, loss of trust in the
platform and decreased user engagement
Risk: Criminal activities on our platforms (such as
fraud, theft of goods or trade of illegal goods)
might reduce trust and reputation, leading to
reduced usage and revenues
Opportunity: Strengthened trust in our brand
due to increased market transparency, market
efficiency and consumer safety can increase
revenue in the long term
Continued work to
reduce sources of
fraud
Further
reduction in
perceived
fraud,
adapting to
new fraud
attempts
Value chain:
Downstream
(consumers)
Geography:
Norway, Sweden,
Finland, Denmark
2024
Launch new
advertising platform,
enhancing Schibsted
Marketplaces’ ability
to monitor and ensure
responsible advertiser
behaviour
Negative impact:
Fraud attempts on our
platforms could cause financial losses, distress
and need for legal action, negatively impacting
consumers
Negative impact: Reduced trust and brand
reputation caused by not prioritising private
consumers' rights and their access to data over
professional customers can reduce usage of our
platforms, leading to reduced revenue
No future actions
defined
Few or no
fraud attempts
through our
advertising
platform
Value chain:
Own
operations
Geography: All
Schibsted
Marketplaces own
operations
offering
advertising
solutions,
primarily related
to marketplace
verticals
2024
Cybersecurity
trainings held for
employees
Negative impact:
Cybersecurity breaches could
potentially compromise the privacy of users by
exposing their sensitive data
No actions
planned
Fewer and
less impactful
cyber security
breaches
Value chain:
Own
operations.
Downstream
Geography: All
Schibsted
2024
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Business segment
All
Key actions 2024 Related IROs Future actions
Expected
outcome Scope
Time
horizon
Risk
:
Privacy breaches might lead to breach of
GDPR and result in financial penalties and harm
our reputation
Marketplaces'
sites
S4 Actions - Real Estate
Our business segment Real Estate focused on actions that
improve transparency and fair practices in the real estate market.
Examples of measures taken are the launch of price insight tools
for the buy/sell market in Norway and Finland, as well as providing
insights on how to improve tenant rights in Norway to the
Norwegian Government. We also worked to improve
transparency in the rental market by acquiring HomeQ and
integrating it with Qasa, a platform of ours that has integrated
protection of both tenants’ and landlords’ interests and enforces
compliance with laws and regulations. See the table below for an
overview of all key actions taken during 2024 within Real Estate.
S4- Table 4: Actions related to consumers and end-users – Real Estate
Business segment
Real Estate
Key actions 2024 Related IROs Future actions
Expected
outcome Scope Time horizon
Acquisition of HomeQ
and integration with
Qasa to enable a more
complete rental
offering
Negative impact:
If non
-
transparent and
unfair practices persist in the rental
market, we might reinforce unequal
treatment of consumers in the sector
Integration with
Qasa's rental
offering
Improved
transparency and
ease-of-use of
our rental
marketplace
offering
Value chain:
Downstream
Geography:
Sweden
2024
Submitted
consultation response
and presented insights
on a draft bill for a new
Tenancy Act to the
Tenancy Act
Committee in May
2024. The response
outlines key proposals
for improved tenants'
rights
Same as
above
Continue
engagement with
the Tenancy Act
Committee
Improved
tenant's rights in
Norway through
new regulation
Value chain:
Downstream
(consumers)
Geography:
Norway
2025
Two price insight tools
launched on Finn.no in
Norway and the
'Neighborhood profile'
feature launched in
Finland on
Oikotie.fi
Negative impact:
A lack of price
transparency in the real estate buy/sell
market can be amplified through our Real
Estate marketplaces and result in
consumers making uninformed financial
decisions
No actions defined
Improving the
price
transparency in
the real estate
buy/sell market
Value Chain:
Downstream
(Consumers)
Geography:
Norway,
Finland
2024
S4 Actions - Jobs
In 2024, our business segment Jobs focused on actions that
aimed to mitigate discrimination on our job marketplaces. An
algorithm was implemented on FINN that detects and stops non-
inclusive ads and a campaign was launched in Norway to raise
awareness on how to stop people in hiring positions from
recruiting people similar to themselves, thereby making the
processes more inclusive. For an overview of all key actions
within the Jobs segment, see the table below.
S4 – Table 5: Actions related to consumers and end-users - Jobs
Business segment
Jobs
Key actions 2024 Related IROs Future actions Expected outcome Scope
Time
horizon
Launch the 'DIB hub'
on Finn.no to support
companies in making
more inclusive job ads
Negative impact:
If
discriminatory practices persist in
hiring processes, our job
marketplaces could amplify this
issue
No actions defined
More inclusive job ads
on our platforms
Value chain:
Downstream
Geography:
Norway
2024
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Business segment
Jobs
Implemented
algorithms to detect
and stop non-inclusive
Job ads on
FINN.no
Same as above
Implement further
functionality to
address more levels
of discrimination
Reduced discrimination
in hiring processes
Value chain:
Downstream
Geography:
Norway
2024
Launched the 'Don't
Hire yourself'
campaign aimed at pro
customers, to raise
awareness of more
inclusive recruitment
Same as above
No actions defined
Increased awareness of
diversity, inclusion and
belonging among
employers
Value chain:
Downstream
Geography:
Norway
2024
Launched Salary
transparency tool on
FINN.no
Same as above
No actions defined
Increased number of
users with increased
knowledge of their
worth in the jobs
market, enabling them
to challenge
discriminatory practices
by employers
Value chain:
Downstream
(consumers)
Geography:
Norway
2024
S4 Actions - Recommerce
A key action in 2024 for our Recommerce segment was the launch
of a transactional marketplace on Tori. This action has already
been described in relation to E5, Resource use and circular
economy, due to how it enables the trade of second-hand goods.
However, the launch of the transactional functionality also
connects to impacts and opportunities related to consumers and
end-users. Specifically, since it enhances market transparency
and reduces the risk of online fraud. This development has also
strengthened Tori as a digital platform where users can give away
goods at no cost to others, creating positive outcomes for both
the giver and the receiver. For more information on this key action,
see the table below.
S4 - Table 6: Actions related to consumers and end-users - Recommerce
Business segment
Recommerce
Key actions 2024 Related IROs Future actions Expected outcome Scope
Time
horizon
Launch of Transactional
marketplace on Tori.fi
Positive impact:
By
digitising and
formalising transactions between
sellers and buyers, we enhance
transparency, increase security and
ensure tax contributions
Opportunity: Strengthened trust in our
brand due to increased market
transparency, market efficiency and
consumer safety can increase revenue
in the long term
Risk: Criminal activities on our
platforms (such as fraud, theft of goods
or trade of illegal goods) might reduce
trust and reputation, leading to reduced
usage and revenues
Launch DBA and
Blocket on the
new platform
Consolidated
platforms with
improved ability to
drive increased
numbers of
transactions
Value chain:
Downstream
(consumers)
Geography:
Finland
2024
Same as above
Positive impact:
Providing a digital
infrastructure for giveaway goods
benefits consumers and end-users
(both givers and receivers)
Same as above
Strengthened
position within
Recommerce,
enabling us to
continue providing
the digital
infrastructure for
giveaway goods
Same as
above
2024
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Process for identifying actions and enabling remedy
Schibsted Marketplaces is currently updating key strategies and
action plans. As a result of this, we have not performed activities
during 2024 that were specifically designed to manage the actual
and potential impacts on consumers and end-users that were
identified during the double materiality assessment.
Nevertheless, several actions were taken that directly relate to
these impacts, as described in Tables 3-6 above. The processes
through which we identify what action is needed in response to
negative impacts on consumers and/or end-users are a direct
outcome of the engagement described in section S4-2 –
Processes for engaging with consumers and end-users about
impacts. Our approach to taking action on negative impacts on
consumers and end-users is to use their input and feedback and
combine this with our understanding of product design. In some
cases (e.g., the Tenancy Act initiative) industry collaborations are
required. In the event of material negative impacts that require
remedy, we ensure that these remedies are both available and
effective by monitoring results against key outcomes (e.g.,
number of cybersecurity breaches and amount of perceived fraud
on our platforms). Continuous monitoring, regular updates and
targeted improvements across platforms enable us to adapt and
enhance these processes, ensuring measurable outcomes that
align with consumer interests.
Our planned actions in relation to material risks and opportunities
are focused on the transition to one common tech platform for our
marketplace services, which will enable us to more effectively
address material risks and opportunities across the Nordics. The
effectiveness of these actions will be evaluated after completion
of the transition, where any needed new actions will be
considered in our future plans. In 2021, Schibsted implemented a
Group-wide enterprise risk management (ERM) process which
also covers material risks related to consumers and end-users.
However, due to the carve-out of Schibsted Media this process
was not performed to its full extent during 2024 and an updated
ERM process is planned to be implemented during 2025.
Approaches for mitigating negative impacts on consumers and
end-users
In taking action to avoid causing material negative impacts on
consumers and end-users through own practices, we employ
multiple approaches. Each of these approaches is described
below for marketing, data and sales, respectively.
Marketing
Advertising space for marketing other organisations’ services and
products on our platforms accounts for a significant proportion of
our revenues. As a platform 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.
Responsible advertising is also crucial for maintaining user trust
in our products.
To avoid negative impacts on consumers and end-users related to
marketing practices, we follow and adapt to local market customs.
Our main markets (Norway, Sweden, 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, two cases were reviewed during 2024, of which one was
upheld. In Norway, Finland and Denmark, no complaints were
received during 2024 pertaining to Schibsted Marketplaces
brands. No complaints during 2024 resulted in any fines or
penalties for the Schibsted Marketplaces companies.
Data use
Schibsted Marketplaces’ strategic focus on data aims to create
insights that benefit our users through building better and more
relevant products and services. 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 outlines how Schibsted
Marketplaces values user privacy while utilising personal data to
enhance our services, adhering to transparency and security
when handling personal data under specific country data
controllers. For more information about this policy, see section
S4-1 – Policies related to consumers and end-users.
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
privacy programme has the following key objectives:
Ensure compliance with our legal obligations on a
continuous basis.
Guide Schibsted Marketplaces’ 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 and by accessing and
deleting personal data.
Maintain and increase end-user and public competence,
knowledge and trust related to our use of data.
Schibsted Marketplaces has reporting procedures in place for
handling complaints and data breaches, as well as measures for
detecting vulnerabilities and thereby preventing breaches. 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.
Sales
To take action on avoiding causing or contributing to negative
impacts through our sales channels, we have to consider both our
direct and indirect sales channels.
Our direct sales towards consumers and end-users are
exclusively limited to sales through online channels, especially
websites and apps. We strive to provide all our private and
professional customers with clear, easy to understand and
transparent terms and conditions when purchasing any of our
services. In cases where the customer disagrees with these
terms or is unhappy with the service provided, there are multiple
ways to get in contact with us, most often via our customer
support channels. In rare cases where disputes arise, we address
these on a case-by-case basis in close dialogue with the affected
user(s). We follow recommendations from local authorities, if
applicable.
We also indirectly sell and promote services to consumers and
end-users through our professional marketplace partners such as
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car dealers, real estate agents and third-party advertisers. For
these it is important that they maintain our high standards of
commitment towards serving consumers in a fair, transparent and
ethical way. This is promoted on a general basis through our
Business Partner Code of Conduct and through targeted
initiatives relevant to specific areas (e.g., informing Jobs
customers on inclusive recruitment practices and informing car
dealers on our expectations for high-quality and transparent
classified ads).
S4-5 – Targets related to managing material
negative impacts, advancing positive impacts and
managing material risks and opportunities
Schibsted Marketplaces' sustainability targets will be revised
during 2025-2026, following the carve-out of Schibsted Media.
The targets presented in the 2023 sustainability statement have
been redefined as performance measurements. For more
information on this and the process for reviewing targets and
metrics, see section E1-4 – Targets related to climate change
mitigation and adaptation.
In 2024, we had a total of 17 performance measurements
connected to S4 and the area consumers and end-users. The
number of performance measurements indicate the close
connection between this area and our core business. For
information on our performance measurements related to: (a)
reduce negative impacts on consumers and end-users; and (b)
advance positive impacts on consumers and/or end-users; as
well as (c) manage material risks and opportunities related to
consumers and/or end-users; see the tables below. The tables
cover both company-wide performance measurements and
those specific to our business segments Real Estate and Jobs. All
of these performance measurements were monitored
periodically by the relevant leadership teams throughout the year
and a summary of the overall performance was provided to the
Executive Leadership Team.
Our process for setting the performance measurements below is
based on our stakeholder dialogue, meaning that the views and
interests of consumers and end-users are indirectly considered.
Currently, we do not engage with consumers and end-users when
tracking the performance of specific performance measurements
(unless needed to measure the performance), or when identifying
improvements.
S4 Performance measurements - All business segments
At a Group level, our performance measurements for 2024
focused on improving cybersecurity and to further transparency
and user rights over data. For an overview of these performance
measurements, see the table below.
S4 – Table 7: Performance measurements related to consumers and end-users – All segments
Scope
Performance measurements related to consumers and end
-
users
–
All business segments
Relationship to policy objectives
These performance measurements relate to our Code of Conduct where we state:
-
'We act with a high degree of transparency and integrity to ensure our actions and decisions
are always in the best interest of our customers, our business and society',
- 'We don’t
tolerate any form of discrimination against our colleagues, contractors, suppliers,
customers or anyone with whom we do business' and
-
'We protect the personal data we process about our customers, users, partners and others with
whom we engage in our business activities'
Stakeholders involved
Stakeholders were not involved in setting these performance measurements
Period
These performance measurements were valid for 2024
No.
Performance measurement under
evaluation Related IROs Scope
1
Share of
users that see our
marketplaces as safe, when asked
Positive impact:
By digitising and formalising
transactions between sellers and buyers, we
enhance transparency, increase security and
ensure tax contributions
Opportunity: Strengthened trust in our brand
due to increased market transparency, market
efficiency and consumer safety can increase
revenue in the long term
Risk: Criminal activities on our platforms (such
as fraud, theft of goods or trade of illegal
goods) might reduce trust and reputation,
leading to reduced usage and revenues
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Norway, Sweden, Finland,
Denmark
2
Percentage of employees in scope
that completed the mandatory
security training
Negative impact:
Cybersecurity breaches
could potentially compromise the privacy of
users by exposing their sensitive data
Value chain
: Schibsted Marketplaces own
employees
Geography: All
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Scope
Performance measurements related to consumers and end
-
users
–
All business segments
3
Percentage of employees in scope
that completed the onboarding
security training
Same as above
Value chain:
All new employees in Schibsted
Marketplaces during 2024
Geography: All geographies with new
employees
4
Share of responses to major
cybersecurity incidents within 30
minutes
Same as above
Value
chain
: Schibsted Marketplace's own
operations (major cybersecurity incidents on
our platforms)
Geography: All
5
Number of decisions against
Schibsted related to personal data
breach notifications
Negative impact:
Cybersecurity breaches
could potentially compromise the privacy of
users by exposing their sensitive data
Risk: Privacy breaches might lead to breach of
GDPR and result in financial penalties and
harm our reputation
Value chain:
Schibsted Marketplaces' own
operations
Geography: All
6
Number of
users’ data deletions and
takeouts provided within legally
required timelines
Same as above
Same as above
7
Number of significant incidents and
all control mechanisms in place
Negative impact:
Fraud attempts on our
platforms could cause financial losses,
distress and need for legal action, negatively
impacting consumers
Value chain
: Schibsted Marketplace's own
operations (all websites)
Geography: All
8
Number of cases reported to the
Advertising Ombudsman (Sweden)
and the Consumer Authority and the
Market Council (Norway)
Opportunity:
Strengthened trust in our brand
due to increased market transparency, market
efficiency and consumer safety can increase
revenue in the long term
Value chain
: Schibsted Marketplaces' own
operations
Geography: All
9
Percentage of employees in scope
that completed awareness and
training programme in privacy and
data protection principles (privacy by
design)
Negative impact:
Cybersecurity breaches
could potentially compromise the privacy of
users by exposing their sensitive data
Risk: Privacy breaches might lead to breach of
GDPR and result in financial penalties and
harm our reputation
Same as above
Notes:
1) The performance measurement relates to a panel of Nordic consumers that answer the question "Which of these online services do you
associate with the following statements? - 'A safe marketplace' ".
2) The mandatory security training is a set of digital training courses that addresses various aspects of security, including cybersecurity.
This includes four training modules: Fire Safety, Security training: Social Engineering, Security Training: AI Tools For Work, NIS2 Incident
Reporting.
3) The performance measurement relates to the completion rate of the security training offered as part of the onboarding process.
4) The performance measurement relates to our response time in handling cybersecurity incidents (e.g., data breaches, malware,
vulnerabilities). Swift action reduces the risk of incidents being exploited by malicious actors.
5) While personal data breaches might occur, this performance measurement focuses on those personal data breaches that lead to a
negative outcome for Schibsted Marketplaces.
6) Note that the applicable regulation might vary by market.
7) Significant incidents are defined as incidents of fraudulent activity through advertising material on our sites or material that violates our
internal advertising guidelines.
8) This performance measurement focused on the marketing campaign conducted by Schibsted Marketplaces, not those on behalf of our
advertising clients on our platform.
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S4 Performance measurements - Real Estate
On a general level, our performance measurements for 2024
within the business segment Real Estate focused on providing a
more transparent rental market and thereby improving tenant
rights. For an overview of our performance measurements
connected to real estate and consumer and end-user, see the
table below.
S4 – Table 8: Performance measurements related to consumers and end-users – Real Estate
Scope
Performance measurements related to consumers and end
-
users
–
Real Estate
Relationship to policy objectives
These performance measurements connect to our Code of Conduct where we
state: 'We act with
a high degree of transparency and integrity to ensure our actions and decisions are always in the
best interest of our customers, our business and society'
Stakeholders involved
Stakeholders were not involved in setting these
performance measurements
Period
These performance measurements were valid for 2024
No.
Performance measurement under
evaluation Related IROs Scope
1
Number of active contracts on Qasa
in our Nordic countries
Negative impact:
If
non
-
transparent and
unfair practices persist in the rental market,
we might reinforce unequal treatment of
consumers in the sector
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Norway, Sweden, Finland
2
Number of completed initiatives
aimed to improve tenant rights in
Norway
Same as above
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
(customers and end-users)
Geography: Norway
3
Market share of active listings in the
for sales segment
Negative impact:
A lack of price
transparency in the real estate buy/sell market
can be amplified through our Real Estate
marketplaces and result in consumers making
uninformed financial decisions
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
(customers and end-users)
Geography: Finland
4
Progress on launching market insight
and statistics tools to buyers
Same as above
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
(customers and end-users)
Geography: Norway, Finland
Notes:
3) This performance measurement relates to the share of active ads in the For Sale segment, calculated as the percentage point
difference vs. Etuovi (the main competitor) across Finland.
S4 Performance measurements - Jobs
Our business segment Jobs had four performance measurements
during 2024 that related to consumers and end-users. In general,
these performance measurements aimed to achieve more
inclusive recruiting and hiring processes. For an overview of our
performance measurements connected to Jobs and consumer
and end-user, see the table below.
S4 – Table 9: Performance measurements related to consumers and end-users - Jobs
Scope
Performance measurements related to consumers and end
-
users
–
Jobs
Relationship to policy objectives
These performance measurements connect to our Code of Conduct where we state: 'We don’t
tolerate any form of discrimination
against our colleagues, contractors, suppliers, customers or
anyone with whom we do business'
Stakeholders involved
Stakeholders were not involved in setting these performance measurements
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Period
These performance measurements were valid for 2024
No.
Performance measurement under
evaluation Related IROs Scope
1
Number of customers
participating in
events and send-outs focused on the
value and practices of unbiased
recruiting
Negative impact:
If discriminatory practices
persist in hiring processes, our job
marketplaces could amplify this issue
Value chain
: Schibsted Marketplaces' own
operations and downstream value chain
(customers and end-users)
Geography: Norway
2
Share of job ads with non
-
inclusive
job description
Same as above
Same as above
3
Number of unique users visiting the
salary comparison tool on FINN.no
Same as
above
Same as above
4
Share of CPA ads in Business Center
Same as above
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Norway
Notes:
1) Measures the number of customers that are reached with any of our thought-leadership activities related to DIB, including attendees at
events, viewers of our webcasts and downloads of the DIB Playbook.
2) Measures the share of job ads on our marketplace in Norway that are in conflict with applicable laws against discrimination in hiring
processes. The data collection is done through a combination of automated analysis and manual checks through sampling of ads.
3) The assumption is that achieving this performance measurement leads to users gaining an increased knowledge of their worth in the
jobs market.
4) CPA: Cost-per-application. This performance measurement relates to the percentage share of cost-per-application ads that are posted
in the 'Business Center' (a tool for Pro customers on FINN.no). By applying a cost-per-application business model, we stay relevant for
more types of job ads, thereby increasing the total amount of job opportunities advertised on our platforms.
Governance information
ESRS G1 – Business conduct
Trust is essential to our business. This means that we need to be
compliant with legal requirements, follow best practice and act
with integrity. We aim to be accountable and lead in accordance
with our Code of Conduct. For ESRS G1 Business conduct
Schibsted Marketplaces has identified eight material IROs. These
can be found in the table below.
G1 – Table 1: IROs related to business conduct and corporate culture
IRO
Sub
-
topic
Type of IRO
Sharing our
market insights to drive political engagement on
sustainability topics related to our business can positively impact
society
Political engagement and lobbying
activities
Positive impact
Our leading market positions may lead to reduced innovation and
diversity in markets in which we are active
Corporate culture
Negative impact
Enabling irresponsible business partners can have a negative impact on
consumers, other partners, employees and nature
Management of relationships with
suppliers
including payment practices
Negative impact
Communicating our sustainability performance and impact can
strengthen our brand value
Corporate culture
Opportunity
If our leading market positions are seen as impacting competition, we
could face disruption, stricter regulation and loss of trust
Corporate culture
Risk
Inconsistent internal guidelines and practices on cooperation with
business partners (including suppliers, display advertisers, customers)
might harm trust, consumer safety and reputation
Management of relationships with
suppliers including payment practices
Risk
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IRO
Sub
-
topic
Type of IRO
The risk of lack of adherence to sustainability principles and regulation
in our investment portfolio might result in financial losses and
brand/reputation risk
Corporate culture
Risk
Regulatory changes aimed at enhancing consumer rights may require
adjustments to our business models and could impact revenue streams
Corporate culture
Risk
G1-1 – Business conduct policies and corporate
culture
Promoting our corporate culture
To foster a strong corporate culture, we have performed key
activities such as providing training sessions for new employees
in our Code of Conduct, improving our vendor management
processes and communicating our strategy and values during the
formation of the new Schibsted Marketplaces.
In Schibsted Marketplaces, we actively establish, promote and
evaluate our corporate culture by engaging employees in defining
shared values, strengthening adherence to the Code of Conduct
and assessing the understanding of our corporate culture through
the ACT employee survey (e.g., asking questions about
collaboration, authenticity and leadership behaviour). During
2025, a new set of values will be defined for Schibsted
Marketplaces. Employees will be involved in this process through
measures such as focus groups.
Policies for business conduct
With respect to business conduct matters, we have the following
policies in place: our Code of Conduct and our Business Partner
Code of Conduct. The IROs listed above but not in the table below
have no corresponding policy.
G1 – Table 2: Business conduct policies and corporate culture
G1 policies
Connection to IROs
Scope of policy
Most senior
responsible level
Schibsted
Marketplaces'
Code of
Conduct
Opportunity:
Communicating our sustainability performance and impact can
strengthen our brand value
Negative impact:
Our leading market positions may lead to reduced innovation and
diversity in markets in which we are active
Risks:
If our leading market positions are seen as impacting competition,
we could face disruption, stricter regulation, and loss of trust
The risk of lack of adherence to sustainability principles and
regulation in our investment portfolio might result in financial losses
and brand/reputation risk
Regulatory changes aimed at enhancing consumer rights may
require adjustments to our business models and could impact
revenue streams
Value chain: Own
operations
Geography: All
geographies where
Schibsted
Marketplaces
operates
Owned by CEO,
delegated to EVP
People &
Communications to
ensure all employees
are aware of the policy
Business
Partner Code
of Conduct
Negative impact:
Enabling irresponsible business partners can have a negative
impact on consumers, other partners, employees and nature
Risks:
The risk of lack of adherence to sustainability principles and
regulation in our investment portfolio might result in financial losses
and brand/reputation risk
Value chain: Own
operations
Geography: All
geographies where
Schibsted
Marketplaces
operates
Owned by CFO,
delegated to Head of
Legal to follow up on
compliance
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G1 policies
Connection to IROs
Scope of policy
Most senior
responsible level
Inconsistent internal guidelines and practices on cooperation with
business partners (including suppliers, display advertisers,
customers) might harm trust, consumer safety and reputation
Code of Conduct
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
Marketplaces. The Code of Conduct applies to all employees, to
all subsidiaries and to our Board. 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 content covers several matters related to
business conduct. 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. The Code
of Conduct provides guidance on everyday dilemmas and
explains how and when to seek more information and ask for help.
The general managers of each company are responsible for
supporting and monitoring each entity with rollout and
implementation of the Code of Conduct. The policy is owned by
the CEO, since it covers all employees, and is delegated to the EVP
People & Communications to ensure awareness and onboarding
of existing and new employees. The policy is monitored and
revised periodically and was last revised in 2022.
Business Partner Code of Conduct
Our Business Partner Code of Conduct outlines the ethical and
legal standards that we expect our business partners to uphold,
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 these standards, 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.
The policy is currently being rolled out, so no monitoring
mechanism is yet in place.
Mechanisms for identifying, reporting and investigating
concerns
Schibsted Marketplaces’ main mechanism in place to identify,
report and investigate concerns about unlawful behaviour or
behaviour in breach of our Code of Conduct is the Speak Up
channel. This system accommodates potential reporting from
internal and external stakeholders and serves as a supplement to
reporting breaches of the Code of Conduct directly to managers,
HR or safety representatives. Our 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 Marketplaces’ Speak Up Committee is responsible for
conducting an initial assessment of all cases reported and for
coordinating follow-up actions. As the use of a Speak Up
Committee ended when a revised procedure was approved by the
end of 2024, this responsibility transferred to the People team. 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. All forms of retaliation against a person who has
reported a concern in good faith are prohibited. These
mechanisms are also described in section S1-1 – Policies related
to own workforce. Cases involving the Executive Leadership Team
or the Board will be reviewed by an external party.
Whistleblower protection
We protect whistleblowers by providing multiple ways to raise
concerns, including with anonymity if needed. Schibsted will not
tolerate any negative effects if anyone reports a concern and all
forms of retaliation against a person who has reported a concern
in good faith are explicitly prohibited. Our process is designed in
such a way that whistleblowers are not exposed when reporting
incidents or concerns. Our own workers receive information on
and training in our internal whistleblower reporting channels (see
information about Speak Up above). A case will never be reviewed
or investigated by the relevant line manager or department in
charge and will always be reviewed or investigated by employees
in higher positions than the parties referred to in the report. Cases
involving the Executive Leadership Team or the Board will be
reviewed by an external party. In 2024 we implemented
mandatory training for all employees as part of their onboarding
and thereafter on an annual basis. No other training is currently
implemented or planned. 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 authorities.
Procedures against corruption and bribery
Schibsted Marketplaces is committed to act professionally and
fairly in all our business activities and relationships wherever we
operate. We will continue to implement and enforce effective
systems to counter corruption. Schibsted Marketplaces
investigates any business conduct incidents, including corruption.
Such incidents, should they occur, would be primarily handled by
our Group Compliance Officer and, if appropriate, by a third party.
Incidents are investigated promptly, independently and
objectively.
For Schibsted Marketplaces, the functions most at risk of
corruption and bribery would be those that are involved in
external transactions, regulatory interactions, procurement and
financial decision making. Based on the nature of the business
and the risks typically associated with marketplaces, the
following functions would be the highest risk areas:
1. Sales and business development: High exposure to external
clients and partners creates risks of kickbacks or preferential
treatment in exchange for business deals.
2. Procurement and vendor management: Risk of bribery in vendor
selection and contract awards, where suppliers may offer
incentives for favourable decisions.
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3. Public affairs and government relations: Interactions with
regulators and policymakers can lead to undue influence,
facilitation payments or lobbying risks.
Based on the risk assessment described in the DMA process in
section IRO-1 – Description of the processes to identify and
assess material impacts, risks and opportunities, the likelihood
that corruption or bribery would occur within Schibsted
Marketplaces is deemed low.
Training in business conduct
Our Code of Conduct mandates that all employees are expected
to attend relevant training, including training sessions in the Code
of Conduct. These training sessions are mainly web-based and
cover the full Code of Conduct. The management of Schibsted
Marketplaces and the general management of each subsidiary are
expected to provide adequate training to new and existing
employees to ensure that everyone is equipped to understand
and comply with the Code of Conduct. This includes onboarding
training for new employees, training for newly appointed
managers and ad-hoc training as needed. These training sessions
apply to all employees of Schibsted Marketplaces, including the
Executive Leadership Team and the Board of Directors.
G1-1 – Actions
During 2024, we took action on matters related to business
conduct, especially with regards to strengthened compliance and
processes related to our own operation and our business
partners. See the table below for the key actions performed
during 2024. The following IROs did not have a related key action
in 2024:
‘If our leading market positions are seen as impacting
competition, we could face disruption, stricter regulation
and loss of trust’
‘Our leading market positions may lead to reduced
innovation and diversity in markets in which we are active’
‘Communicating our sustainability performance and impact
can strengthen our brand value’
‘Sharing our market insights to drive political engagement on
sustainability topics related to our business can positively
impact society’
‘Regulatory changes aimed at enhancing consumer rights
may require adjustments to our business models and could
impact revenue streams’
G1 – Table 3: Actions related to business conduct
Scope
Actions related to G1 Business conduct
Key actions 2024 Related IROs Future actions
Expected
outcome Scope
Time
horizon
Create a Business
Partner Code of
Conduct
Negative impact:
Enabling
irresponsible
business partners can have a negative impact
on consumers, other partners, employees and
nature
Risk: Inconsistent internal guidelines and
practices on cooperation with business
partners (including suppliers, display
advertisers, customers) might harm trust,
consumer safety and reputation
Implement the
Business Partner
Code of Conduct
by onboarding
more business
partners
Extend our
sustainability
standards to also
cover our business
partners
Value
chain:
Upstream
(business
partners),
own
operations,
downstream
(business
partners)
Geography:
All
2024
Implement
sustainability
standards* for
shipping providers
within Recommerce
Negative impact:
Enabling irresponsible
business partners can have a negative impact
on consumers, other partners, employees and
nature
Opportunity: Expansion, investments or
partnerships within the area of enabling a
circular economy can increase our revenues.**
Increase % of
shipping providers
adhering to the
new standards
Implement the
standards with all
shipping providers
Value
chain:
Downstrea
m
(Recommer
ce only)
Geography:
Norway,
Sweden,
Finland,
Denmark
2024
Introduce a supplier
assessment
framework, including
training courses
Negative impact:
Enabling
irresponsible
business partners can have a negative impact
on consumers, other partners, employees and
nature
Risk: Inconsistent internal guidelines and
practices on cooperation with business
partners (including suppliers, display
advertisers, customers) might harm trust,
consumer safety and reputation
Focuses efforts of
the vendor
management team
on suppliers
identified as high
risk during the
initial supplier
assessment.
Reduced risk of
suppliers not
adhering to our
Business Partner
Code of Conduct
Value
chain: Own
operations,
upstream
(business
partners )
Geography:
All
2024
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
120
Scope
Actions related to G1 Business conduct
Key actions 2024 Related IROs Future actions
Expected
outcome Scope
Time
horizon
Lendo: Close
collaboration with
industry associations
and partners to
further address the
topics of fraud and
over-indebtedness
Risk:
The risk of lack of
adherence to
sustainability principles and regulation in our
investment portfolio might result in financial
losses and brand/reputation risk
Continue the
collaboration with
industry
associations and
partners
Improved
principles for
responsible
lending in our
investment
portfolio
Value
chain: Own
operations,
downstream
(Lendo)
Geography:
Norway,
Sweden,
Denmark
2024
onwards
* Recommerce
-
specific sustainability standards for shipping providers.
** Note that this IRO is mapped to E5 Resource use and circular economy.
G1-1 – Performance measurements
Schibsted Marketplaces' sustainability targets will be revised
during 2025-2026, following the carve-out of Schibsted Media.
The targets presented in the 2023 sustainability statement have
been redefined as performance measurements. For more
information on this and the process for reviewing targets and
metrics, see section E1-4 – Targets related to climate change
mitigation and adaptation.
In 2024, Schibsted Marketplaces had three performance
measurements that connected to our business conduct and
corporate culture. These performance measurements were
monitored periodically by the relevant leadership teams
throughout the year and a summary of the overall performance
was provided to the Executive Leadership Team. For information
on these performance measurements, see the table below. Note
that previous targets related to sustainable investments were not
tracked during 2024 due to the changed focus of our investment
activities following the carve-out of Schibsted Media.
G1 – Table 4: Performance measurements related to business conduct
Scope
Performance measurements related to business
conduct
Relationship to policy objectives
These performance measurements relate to our Code of Conduct where we state:
-
'All employees should exercise caution when selecting business partners and evaluate
compliance and sustainability risk in the decision-making process',
-
'We comply with local and international standards and legislation and we are committed to
promoting human rights protection throughout our value chain' and
-
'We act with a high degree of transparency and integrity to ensure our actions and decisions
are always in the best interest of our customers, our business and society'.
Lendo Group collaborates with industry associations and partners to address fraud and over-
indebtedness and integrates responsible decision-
making in daily operations by following their
responsible lending principles, in line with the statements above.
Stakeholders involved
Stakeholders were not involved in setting these performance measurements
Period
These performance measurements were valid for 2024
No.
Performance measurement under
evaluation Related IROs Scope
1
Number of shipping providers
complying with our sustainability
standards
Negative impact:
Enabling irresponsible
business partners can have a negative
impact on consumers, other partners,
employees and nature
Risk: Privacy breaches might lead to
breach of GDPR and result in financial
penalties and harm our reputation
Value chain:
Schibsted Marketplaces' own
operations and downstream value chain
Geography: Norway, Sweden, Finland, Denmark
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
121
Scope
Performance measurements related to business
conduct
2
Percentage of business partners in
scope (new and existing partners
defined as high-risk) that are informed
of and adhere to Business Partner
Code of Conduct
Negative impact:
Enabling irresponsible
business partners can have a negative
impact on consumers, other partners,
employees and nature
Risk: Inconsistent internal guidelines
and practices on cooperation with
business partners (including suppliers,
display advertisers, customers) might
harm trust, consumer safety and
reputation
Value chain:
Upstream and downstream business
partners identified as high-risk
Geography: All
3
Percentage of new employees that
completed the digital training Do the
Right Thing within their first three
weeks in Schibsted Marketplaces
Policy Objective:
Code of Conduct
-
'We protect the personal data we
process about our customers, users,
partners and others with whom we
engage in our business activities'
Value chain
: All new employees in Schibsted
Marketplaces during 2024
Geography: All geographies with new employees
Notes:
1) This performance measurement relates to whether we have a supplier assessment framework and whether training courses were
held to
inform about the framework.
2) Measured as the share of shipping providers that signed our Recommerce-specific sustainability standards, out of all shipping providers.
G1-2 – Management of relationships with suppliers
Schibsted Marketplaces manages relationships with suppliers
through both centralised procurement processes for major
vendors (e.g., cloud services and common systems) and
decentralised procurement processes for smaller and less critical
vendors. To manage relationships with centralised suppliers, our
vendor management team regularly follows up on various issues,
including instances if and when risks occur.
These issues might be related to service availability or
functionality, notification of identified cybersecurity or data-
related issues, etc. Since our marketplace is mainly a digital
business, a main risk in our supply chain is related to the use and
stability of data centres. This is a key priority in our cybersecurity
programme and is handled in close collaboration with supply
chain partners.
To address the sustainability risks in our supply chain (e.g., human
or labour rights risk, privacy/GDPR risks), we have internal
guidelines for our procurement process that apply to our central
procurement operations. These guidelines assist us in analysing,
monitoring, assessing and developing our Supplier’s processes.
The guidelines align with the Norwegian Transparency Act. In
2023, we initiated work to define a Group policy and Group
requirements for centralised procurement processes as a basis
before implementing the framework across Schibsted
Marketplaces. This procurement process was expanded in 2024
to include a brief assessment of all new partners, triggering a
deeper review in cases of elevated risk levels for any of the topics
in the list of sample questions below.
Anti-corruption: ‘Have any conflicts of interest been
recorded among Schibsted Marketplaces staff involved in
evaluating the supplier?’
Environment and Human/Labour rights: ‘Has the supplier
signed Schibsted Marketplaces’ Business Partner Code of
Conduct?’
Financial Services Regulation: ‘Will the supplier’s
products or services be used by Lendo or for other activities
covered by the Financial Services Regulation?’
Human and/or labour rights: ‘Has the supplier signed
Schibsted Marketplaces’ Business Partner Code of
Conduct?’
IT Security: ‘Does the supplier have systems that collect
sensitive information, such as personal data or internal
corporate information?’
Privacy/GDPR: ‘Will the supplier process large amounts of
personal data?’
Sanctioned parties: ‘Is there any reason to suspect that
the company is subject to sanctions?’
This initial supplier compliance risk assessment was rolled out
during 2024 and implementation will be ongoing during 2025. 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, including
social and environmental criteria, should be used for screening
and for contractual agreements with suppliers. The social criteria
include: i) respect for human rights and labour conditions; ii)
prohibition of discrimination and harassment; iii) provision of a
healthy, safe and secure work environment; and iv)
implementation of whistleblowing and grievance processes. The
environmental criteria include: i) ensure environmentally friendly
business practices; ii) apply a precautionary approach to
environmental challenges; iii) promote greater environmental
responsibility; iv) encourage the development and diffusion of
environmentally friendly technologies; and v) share data on
environmental performance when needed.
Policy to prevent late payments to SMEs
In relation to payment practices related to SMEs (and other
business partners), no specific policies are currently in place,
since our current policies and processes have been deemed
sufficient. See section G1-6 – Payment practices for more
information.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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122
G1-5 – Political influence and lobbying activities
Schibsted Marketplaces is actively engaged in public policy (e.g.,
by providing a consultation response to the draft bill for a new
Tenancy Act in Norway, expressing our view on existing and future
legislation) and maintains lobbying activities that aim to increase
transparency in our industry. We engage with policymakers and
contribute to public debate, ensuring that our voice is heard on
matters significant to the industry. Our involvement in these
activities is conducted according to 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 Director of Public Policy, who frequently interacts with our
Executive Leadership Team on our progress and activities. Our
CEO holds ultimate responsibility for oversight of our lobbying
activities. 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. See Table 5 below for the main topics covered by
these activities and our main positions on them. Most of our
activities are organised through industry organisations such as
Næringslivets Hovedorganisasjon (NHO) in Norway, Svenskt
Näringsliv (SN) in Sweden, European Tech Alliance (EUTA) and
Classified Marketplaces Europe (CME). Schibsted ASA is listed in
the EU Transparency Register (ID: 549120892622-67). Due to the
carve-out of Schibsted Media, our membership of some
organisations (Mediebedriftenes Landsforening (MBL),
Tidningsutgivarna (TU), Coalition for App Fairness (CAF) and the
European Publishers Council (EPC)) was terminated during 2024.
None of the newly appointed members of the Executive
Leadership Team or the Board has held a position in public
administration (or as regulators) in the past two years.
G1 – Table 5: Main topics covered by our lobbying activities
Topic
Region
/
country
Main position
(summary)
Interaction with Schibsted Marketplaces’ IROs
Competition
EU
Emphasising
robust
enforcement
of the Digital
Markets Act to
promote fair
competition in
the digital
environment.
Negative impact:
Our leading market positions may lead to reduced innovation and diversity in markets in
which we are active
Risk:
If our leading market positions are seen as impacting competition, we could face
disruption, stricter regulation, and loss of trust
Sustainability
EU and
Norway
Advocating for
boosting
circularity
through VAT
adjustments in
Norway and EU
regulation that
support second-
hand trade.
Positive impact:
By driving sustainability in the recommerce market, we contribute to enabling a more
circular economy
Opportunities:
Expansions, investments and partnerships within the area of circular economy can
increase our revenues
Boosting our Recommerce vertical can generate traffic to all verticals, potentially leading
to more revenue
By digitising and formalising transactions between sellers and buyers, we enhance
transparency, increase security, and ensure tax contributions
Negative impact:
Facilitation of second-hand consumption might lead to increased linear consumption,
which increases natural resource and energy use
Risk:
Regulatory changes aimed at enhancing consumer rights may require adjustments to our
business models and could impact revenue streams
Product
safety
EU and
Norway
Advocating for
proportionate
product safety
rules that enable
second-hand
Positive impact:
By driving sustainability in the recommerce market, we contribute to enabling a more
circular economy
Opportunities:
Expansions, investments and partnerships within the area of circular economy can
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
123
Topic
Region
/
country
Main position
(summary)
Interaction with Schibsted Marketplaces’ IROs
trade on online
marketplaces.
increase our revenues
Boosting our Recommerce vertical can generate traffic to all verticals, potentially leading
to more revenue
Negative impact:
Facilitation of second-hand consumption might lead to increased linear consumption,
which increases natural resource and energy use
Risk:
Regulatory changes aimed at enhancing consumer rights may require adjustments to our
business models and could impact revenue streams
Taxation
EU and
Norway
Opposing unduly
burdensome VAT
obligations on
platforms that
negatively
impact the
second-hand
and short-term
rental sectors.
Positive impacts:
By driving sustainability in the recommerce market, we contribute to enabling a more
circular economy
By digitising and formalising transactions between sellers and buyers, we enhance
transparency, increase security, and ensure tax contributions
Opportunities:
Expansions, investments and partnerships within the area of circular economy can
increase our revenues
Boosting our Recommerce vertical can generate traffic to all verticals, potentially leading
to more revenue
Negative impacts:
If non-transparent and unfair practices persist in the rental market, we might reinforce
unequal treatment of consumers in the sector
Facilitation of second-hand consumption might lead to increased linear consumption,
which increases natural resource and energy use
Risk:
Regulatory changes aimed at enhancing consumer rights may require adjustments to our
business models and could impact revenue streams
Financial
regulation
Sweden
Supporting new
rules to enhance
consumer
protection and
combat over-
indebtedness in
the credit
market, while
opposing the
requirement for
credit
intermediaries to
obtain a banking
licence.
Risk
s
:
Regulatory changes aimed at enhancing consumer rights may require adjustments to our
business models and could impact revenue streams
The risk of lack of adherence to sustainability principles and regulation in our investment
portfolio might result in financial losses and brand/reputation risk
For information on our financial and in-kind contributions, see the table below.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
124
G1 – Table 6: Information on our financial and in-kind contributions
Financial and in-kind political contributions
Type of contribution
(financial or in-kind) Topic / organisation
Country
/
geographical
area Monetary value (NOK)
Financial
Classifieds Marketplaces Europe (CME)
EU
400,000
Financial
European Tech Alliance (EUTA)
EU
140,000
Financial
Coalition for App Fairness (CAF)
EU
107,000
Financial
Skift (a business
-
driven climate initiative
with the overarching goal of accelerating
the green transition)
Norway
303,000
Financial
NHO
Norway
120,000
Financial
TechSverige
Sweden
73,000
Total monetary value: NOK 1,143 thousand
Notes:
The organisations listed in this table represent those that received financial contributions exceeding NOK 0.1 million in 2024.
G1-6 – Payment practices
Schibsted Marketplaces has no formal policy specifically related
to payment practices in place, since our general policies and
processes have been deemed sufficient. For suppliers, we
generally adapt to local market circumstances; see the table
below for our general payment terms by market. These terms may
vary from supplier to supplier. In general, we strive to pay all our
suppliers promptly while ensuring a practically feasible and
robust invoice approval process. As of 31 December 2024,
Schibsted Marketplaces had no legal proceedings currently
outstanding for late payments.
For an overview of our standard payment terms and average
payment time, see the table below. Note that these are our
general payment terms and are subject to changes in agreements
with individual suppliers. The same general approach applies to
all types of suppliers. The average payment time is based on a
representative sample of over 16,000 invoices across the
countries. The percentage of payments aligned with the general
terms include payments made within or before the specified
payment deadline. Companies in the sample include Finn.no AS,
Schibsted Nova AS, Blocket AB, Schibsted Enterprise Technology
AB, Schibsted Suomi OY and Schibsted Denmark ApS.
G1 – Table 7: General payment terms and average payment times
Country General payment terms Average payment time (days)
Percentage of payments aligned
with the general terms
Norway
30
–
60 days
25
99.6%
Sweden
14
–
30 days
27
96.2%
Finland
7
–
14 days
18
54.8%
Denmark
14
–
30 days
26
86.6%
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
BOARD OF DIRECTORS' REPORT
125
Stockholm, 25 March 2025
Schibsted ASA’s Board of Directors
/s/ Karl
-
Christian Agerup
Board Chair
/s/ Rune
Bjerke
Deputy Board Chair
/s/ Natalia Gennadievna
Zharinova
Board member
/s/ Dr. Ulrike Handel
Board member
/s/ Rolv Erik Ryssdal
Board member
/s/ Satu Kiiskinen
Board member
/s/ Henning Spjelkavik
Board member
/s/ Yevgeniya Nättilä
Board member
/s/
Kamilla Wehrmann
Board member
/s/ Philippe Vimard
Board member
/s/ Christian Printzell Halvorsen
CEO
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / GROUP
126
Financial statements for the Group
Consolidated income statement
| 2023 | |||
(NOK million) | Note | 2024 | (restated) |
Operating revenues | 6, 7 | ||
Costs of goods and services sold | ( | ( | |
Personnel expenses | 8 | ( | ( |
Marketing expenses | ( | ( | |
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) | ( | ||
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, 33 | ||
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 MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / GROUP
127
Consolidated statement of comprehensive income
| 2023 | |||
(NOK million) | Note | 2024 | (restated) |
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 MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / GROUP
128
Consolidated statement of financial position
| 2023 | |||
(NOK million) | Note | 2024 | (restated) |
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 | ||
Equity instruments | 22, 27 | ||
Other non - current assets | 20 | ||
Non - current assets | |||
Contract assets | 7 | ||
Trade receivables and other current assets | 20, 27 | ||
Cash and cash equivalents | 27 | ||
Assets held for sale | 33 | ||
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 | ||
Liabilities held for sale | 33 | ||
Current liabilities | |||
Total equity and liabilities |
Oslo, 25 March 2025
Schibsted ASA’s Board of Directors
/s/ Karl
-
Christian Agerup
Board Chair
/s/ Rune Bjerke
Deputy Board Chair
/s/ Natalia Gennadievna
Zharinova
Board member
/s/ Dr. Ulrike Handel
Board member
/s/ Rolv Erik Ryssdal
Board member
/s/ Satu Kiiskinen
Board member
/s/ Henning Spjelkavik
Board member
/s/ Yevgeniya Nättilä
Board member
/s/ Kamilla Wehrmann
Board member
/s/ Philippe Vimard
Board member
/s/ Christian Printzell Halvorsen
CEO
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / GROUP
129
Consolidated statement of cash flows
| 2023 | |||
(NOK million) | Note | 2024 | (restated) |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Profit (loss) before taxes from continuing operations | |||
Profit (loss) before taxes from discontinued operations | |||
Depreciation, amortisation and impairment losses (recognised or reversed) | 5, 17, 18, 19 | ( | |
Net interest expense (income) | |||
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 | ( | ( |
Capital increase | |||
Net sale (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 | |||
- of which cash and cash equivalents in assets held for sale | |||
- of which cash and cash equivalents excluding assets held for sale |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / GROUP
130
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 | Total |
As at 31 December 2022 (restated) | ( | ||||||||
Profit (loss) for the period (restated) | |||||||||
Other comprehensive income | ( | ( | |||||||
| (restated) | |||||||||
Total comprehensive income | ( | ||||||||
| (restated) | |||||||||
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 (restated) | 4, 23 | ( | |||||||
Share of transactions with the owners | 5 | ||||||||
| of joint ventures and associates | |||||||||
Total transactions with the owners | ( | ( | ( | ( | ( | ||||
As at 31 December 2023 (restated) | ( | ||||||||
Profit (loss) for the period | |||||||||
Other comprehensive income | ( | ( | ( | ( | |||||
Total comprehensive income | ( | ||||||||
Capital increase | 28 | ||||||||
Share - based payment | ( | ||||||||
Dividends paid to owners of the parent | 28 | ( | ( | ( | |||||
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 2024 | ( |
Share capital reflects shares outstanding. See Note 28 Equity for shares issued and treasury shares.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
131
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 - Assets held for sale and discontinued operations
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
132
Note 1 - General information
are located at Grensen 5-7, Oslo, Norway . With effect from 8 June
B-shares of Schibsted ASA are listed on the Oslo Børs. Schibsted
the fourth quarter of 2024, the operating segments are Mobility, Real
Estate, Jobs, Recommerce and Delivery. The operating segments
are further described in segment information in Note 6 Operating
segments.
The consolidated financial statements including notes for Schibsted
ASA for the year 2024 were approved by the Board of Directors on
25 March 2025 and will be proposed to the Annual General Meeting
on 7 May 2025.
Note 2 - Basis for preparing the
consolidated financial statements
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
133
Statement of financial position | 2024 | 2023 |
Investments in joint ventures and associates | - | (2,177) |
Other equity | 2,177 | - |
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:
22 Equity instruments)
16 Impairment assessments)
ventures and associates (Note 5 Investments in joint
ventures and associates)
obligations to acquire non-controlling interests (Note 23
Financial liabilities related to business combinations and
increases in ownership interests)
Significant accounting judgements:
products according to normal pattern of views (Note 7
Revenue recognition)
assets)
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
134
Consideration: | ||
Cash | 134 | 43 |
Deferred consideration | 124 | - |
Fair value of previously held equity interest | 8 | 10 |
Total | 265 | 53 |
Amounts for assets and liabilities | ||
| recognised: | ||
Intangible assets | 14 | 37 |
Property, plant and equipment | 11 | - |
Other non - current assets | 4 | 16 |
Trade receivables and other current assets | 102 | 5 |
Cash and cash equivalents | 91 | 9 |
Deferred tax liabilities | - | (6) |
Other non - current liabilities | (2) | (6) |
Current liabilities | (178) | (18) |
Total identifiable net assets | 42 | 38 |
Non - controlling interests | (1) | (5) |
Goodwill | 224 | 21 |
Total | 265 | 53 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
135
2024 | 2023 | |
Net consideration received (paid) | (9) | (287) |
Settlement put - option to acquire non - controlling interests | - | 287 |
Fair value adjustment of previously | - | 149 |
| recognised non-controlling interests' put | ||
| option | ||
Initial recognition of liabilities for obligations | - | (20) |
| to acquire non-controlling interests | ||
Consideration settled in shares | (2,500) | - |
Other | - | 5 |
Adjustment to equity | (2,509) | 132 |
- of which adjustment to non - controlling interests | (123) | (1) |
- of which adjustment to equity attributable to owners of the parent | (2,386) | 133 |
Note 5 - Investments in joint ventures and associates
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
136
2024 | 2023 | |||||
| Joint | Joint | Associates | Total | |||
| Development in net carrying amount | ventures | Associates | Total | ventures | (restated) | (restated) |
As at 1 January | 99 | 37,445 | 37,544 | 63 | 23,460 | 23,523 |
Additions | 6 | 47 | 53 | 16 | 57 | 72 |
Disposals | - | (39,398) | (39,398) | - | - | - |
Disposals on sale of businesses | (33) | (418) | (451) | - | - | - |
Transition from (to) subsidiaries | 42 | 42 | 85 | 21 | 53 | 74 |
Transition from (to) equity instruments | - | (10) | (10) | - | - | - |
Transition from (to) receivables | 3 | 23 | 26 | 9 | 33 | 41 |
Share of profit (loss) from continuing operations | (22) | (61) | (83) | (11) | (59) | (70) |
Share of profit (loss) from discontinued operations | - | (562) | (562) | 1 | (1,720) | (1,719) |
Share of other comprehensive income | - | (58) | (58) | - | (316) | (316) |
Increase from dividend received from subsidiary | - | - | - | - | 18 | 18 |
| (reciprocal interests) | ||||||
Retained gain | - | - | - | - | 1 | 1 |
Gains (losses) from continuing operations | - | (10) | (10) | 1 | 1 | 2 |
Gains (losses) from discontinued operations | - | 5,003 | 5,003 | (1) | - | (1) |
Impairment loss (recognised or reversed) from continuing operations | - | (127) | (127) | - | (88) | (88) |
Impairment loss (recognised or reversed) from discontinued operations | - | - | - | - | 14,555 | 14,555 |
Dividends received | - | - | - | (3) | (22) | (25) |
Share of transactions with the owners of joint | - | 4 | 4 | - | 8 | 8 |
| ventures and associates | ||||||
Foreign exchange differences | 1 | (1,594) | (1,593) | 4 | 1,463 | 1,467 |
As at 31 December | 96 | 326 | 421 | 99 | 37,445 | 37,544 |
profit (loss) for 2024 reflects the profit (loss) of Adevinta for the
fourth quarter of 2023. In addition, share of profit (loss) includes
Schibsted’s adjustments for fair value differences and amortisation
of identified excess values.
Impairment losses or reversals of previously recognised
impairment losses are reported in the line item Impairment loss on
joint ventures and associates (recognised or reversed). In 2023, a
reversal of previous impairment losses related to the investment in
Adevinta amounting to NOK 14,555 million was recognised. Other
associates have been impaired by NOK -127 million in 2024
compared to NOK -88 million in 2023.
The consolidated financial statements include the retrospective
restatement of a prior period error related to the treatment of
Adevinta. See Note 2 Basis for preparing the consolidated financial
statements.
In March 2024, Schibsted ASA announced an agreement to sell its
news media operations to its largest shareholder, the Tinius Trust.
The transaction took effect in June 2024. The news media
operations comprised the associates Polaris Media ASA, TT
Nyhetsbyrån AB, Norsk Telegrambyrå AS and Lokalavisene AS.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
137
The carrying amount of investments in joint ventures and associates comprises the following investments:
2024 | 2023 | ||||||
| Country of | Interest | Joint | Interest | Joint | Associates | ||
incorporation | held | ventures | Associates | held | ventures | (restated) | |
Our Interest Holding AB | Sweden | 50.00% | 50 | - | 50.00% | 58 | - |
Schibsted Tech Polska Sp z.o.o | Poland | 50.00% | 31 | - | - | - | - |
Elton Mobility AS | Norway | 50.00% | 13 | - | 50.00% | 26 | - |
Adevinta ASA | Norway | - | - | - | 28.30% | - | 36,579 |
In - grid AB | Sweden | 9.04% | - | 58 | 7.66% | - | 34 |
Mindler AB | Sweden | 15.47% | - | 44 | 15.87% | - | 44 |
Fixrate AS | Norway | 18.13% | - | 39 | 18.03% | - | 40 |
FundingPartner Group AS | Norway | 18.47% | - | 38 | 18.47% | - | 40 |
Pej AB | Sweden | 20.89% | - | 27 | 20.89% | - | 29 |
SAVR AB | Sweden | 6.49% | - | 25 | 7.35% | - | 25 |
Hygglo AB | Sweden | 21.94% | - | 22 | 21.94% | - | 37 |
Insurello AB | Sweden | 34.49% | - | 19 | 34.49% | - | 15 |
Gire AS | Norway | 7.69% | - | 15 | - | - | - |
Tørn AS | Norway | 23.01% | - | - | 21.26% | - | 25 |
Polaris Media ASA | Norway | - | - | - | 29.39% | - | 183 |
TT Nyhetsbyrån AB | Sweden | - | - | - | 39.64% | - | 130 |
Norsk Telegrambyrå AS | Norway | - | - | - | 29.47% | - | 68 |
Lokalavisene AS | Norway | - | - | 49.00% | 51 | ||
Rocker AB | Sweden | - | - | - | 34.01% | - | 42 |
Hjemmelegene AS | Norway | - | - | - | 26.95% | - | 12 |
Other | 1 | 40 | 14 | 91 | |||
Carrying amount as at 31 December | 96 | 326 | 99 | 37,445 |
If the company mentioned is the parent company of a group, the figures presented are for the consolidated group. Interest held refers to direct ownership,
irrespective of non-controlling interests of the ownership company.
Description of the business of the joint ventures and associates:
Our Interest Holding AB | A financial intermediation service for home loans |
Schibsted Tech Polska Sp. z.o.o | Provides technological solutions for Schibsted Marketplaces and Schibsted Media |
Elton Mobility AS | Provides an application with multiple operators to charge electric vehicles on - the - go |
In - grid AB | Arranges personalised delivery services for customers in the e - commerce business |
Mindler AB | Operates an online psychologist service |
Fixrate AS | Marketplace helping companies achieve the best conditions for their bank deposits |
FundingPartner Group AS | P rovid es crowlending to Norwegian start - ups |
Pej AB | Provides digital ordering solutions |
SAVR AB | Arranges investments in funds at competitive terms compared to ordinary banks |
Hygglo AB | Marketplace for rentals between persons |
Insurello AB | Processes insurance claims for consumers focusing on automating accident insurance claims |
Gire AS | Marketplace optimising transportation in the car industry |
Tørn AS | Marketplace helping companies to optimise resource usage |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
138
The following table sets forth summarised financial information for material associates as at 31 December:
2024 | 2023 | |||||
| Adevinta | Total | |||||
Adevinta | Other | Total | (restated) | Other | (restated) | |
Interest held as at 31 December | - | 28.30% | ||||
Income statement and statement of comprehensive income: | ||||||
Operating revenues | 5,500 | 19,864 | ||||
Profit (loss) from continuing operations | (1,850) | (5,640) | ||||
Profit (loss) from discontinued operations | - | (334) | ||||
Profit (loss) attributable to non - controlling interests | (23) | (89) | ||||
Profit (loss) attributable to owners of the parent | (1,873) | (6,063) | ||||
Other comprehensive income attributable to owners of the parent | (210) | (1,098) | ||||
Total comprehensive income attributable to owners of the parent | (2,083) | (7,161) | ||||
Share of income statement and statement of comprehensive income: | ||||||
Share of profit (loss) | (531) | (90) | (621) | (1,719) | (60) | (6,318) |
- of which from continuing operations | - | (61) | (61) | - | (59) | (59) |
- of which from discontinued operations | (531) | (31) | (562) | (1,719) | (1) | (1,720) |
Share of other comprehensive income | (59) | 1 | (58) | (312) | (4) | (316) |
Share of total comprehensive income | (591) | (88) | (679) | (2,031) | (64) | (6,634) |
Balance sheet: | ||||||
Non - current assets | - | 170,326 | ||||
Current assets | - | 4,271 | ||||
Non - controlling interests | - | (191) | ||||
Non - current liabilities | - | (42,753) | ||||
Current liabilities | - | (5,362) | ||||
Net assets | - | 126,291 | ||||
Share of net assets | - | 35,816 | ||||
Goodwill | - | 22,276 | ||||
Impairment | - | (21,513) | ||||
Carrying amount as at 31 December | - | 326 | 326 | 36,579 | 866 | 37,445 |
Fair value (if there is a quoted market) | n/a | n/a | 38,756 | n/a |
and Denmark (bilbasen.dk and dba.dk). These operations provide
technology-based services to connect buyers and sellers and
facilitate transactions, from job offers to real estate, cars, travel,
consumer goods and more. Schibsted Marketplaces also includes
adjacent businesses such as Nettbil, Qasa, AutoVex, Wheelaway
and HomeQ.
Mobility empowers people to make smart mobility choices for
themselves and future generations. We focus on further
strengthening dealer and car manufacturer relations and creating a
frictionless, digital used car buying experience and a consumer-to-
dealer transactional platform.
Recommerce wants to make circular consumption the obvious
choice. Our mission is to power the extended use of all goods by
building a transactional foundation, creating unique second-hand
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
139
experiences for consumers and becoming businesses' preferred
partner in recommence.
Real Estate empowers people in their journey to find a home at
every stage of life, by creating efficient and transparent housing
markets, contributing to fair and equal renting markets and
promoting sustainable housing.
Jobs' core purpose is “Creating equal job opportunities for
everyone.” and is on a mission to make sure no talent is lost and that
we offer the best jobs marketplace both for candidates and
customers.
Delivery is primarily the distribution operations in Norway which
deliver newspapers and parcels for businesses and consumers.
Helthjem and Morgenlevering are the key eCommerce brands.
Other / Headquarters comprise operations not included in the
other reported operating segments, including the Group’s
headquarter Schibsted ASA and other centralised functions
including Product and Technology.
Eliminations comprise intersegment sales. Transactions between
operating segments are conducted on normal commercial terms.
In the operating segment information presented, Gross operating
profit (loss) is used as measure of operating segment profit (loss).
Other / | ||||||||
| Real | Recom- | Head- | Elimi- | Schibsted | ||||
2024 | Mobility | Estate | Jobs | merce | Delivery | quarters | nations | Marketplaces |
Segment revenues and profit: | ||||||||
Operating revenues | 2,362 | 1,171 | 1,220 | 825 | 2,124 | 1,279 | (656) | 8,325 |
- of which internal | - | - | - | - | 184 | 472 | (656) | - |
Gross operating profit (loss) | 1,224 | 439 | 547 | (290) | 65 | (288) | - | 1,697 |
Other disclosures: | ||||||||
Capital expenditure | 122 | 87 | 72 | 104 | 26 | 140 | - | 551 |
See Note 7 Revenue recognition for further information.
| Other / | ||||||||
| Real | Recom- | Head- | Elimi- | Schibsted | ||||
2023 (restated) | Mobility | Estate | Jobs | merce | Delivery | quarters | Nations | Marketplaces |
Segment revenues and profit: | ||||||||
Operating revenues | 2,207 | 1,027 | 1,288 | 717 | 1,753 | 1,167 | (539) | 7,617 |
- of which internal | - | - | - | - | 100 | 440 | (539) | - |
Gross operating profit (loss) | 1,109 | 392 | 613 | (311) | 14 | (228) | - | 1,589 |
Other disclosures: | ||||||||
Capital expenditure | 97 | 55 | 75 | 134 | 82 | 164 | - | 607 |
See Note 7 Revenue recognition for further information.
Operating revenues and non-current assets by geographical
areas
In presenting geographical information, attribution of operating
revenues is based on the location of the Group's companies. There
are no significant differences between the attribution of operating
revenues based on the location of the Group's companies and an
attribution based on customer's location. Operating revenues
presented in the table below are revenues from external customers.
Non-current assets are attributed based on the geographical
location of the assets.
| 2023 | ||
Operating revenues | 2024 | (restated) |
Norway | 5,747 | 5,190 |
Sweden | 1,586 | 1,454 |
Denmark | 611 | 561 |
Finland | 369 | 394 |
Other Europe | 12 | 18 |
Total | 8,325 | 7,617 |
Non - current operating assets | 2024 | 2023 |
Norway | 2,040 | 4,069 |
Sweden | 1,667 | 3,116 |
Denmark | 3,714 | 3,941 |
Finland | 1,366 | 2,437 |
Other Europe | - | 51 |
Total | 8,787 | 13,615 |
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 MARKETPLACES ANNUAL REPORT 2024
NOTES
140
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 to 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 MARKETPLACES ANNUAL REPORT 2024
NOTES
141
Schibsted Marketplaces has no significant obligations for refunds,
warranties and other similar obligations.
Disaggregation of revenue
In the following table, revenue is disaggregated by category.
Other / | Schibsted | |||||||
| Real | Recom- | Deli- | Head- | Elimi- | Market- | |||
2024 | Mobility | Estate | Jobs | merce | very | quarters | nations | places |
Classifieds revenues | 1,660 | 971 | 1,209 | 213 | - | 96 | - | 4,150 |
Transactional revenues | 359 | 117 | - | 404 | - | 6 | (1) | 886 |
Advertising revenues | 284 | 67 | 3 | 158 | - | 96 | (8) | 599 |
Distribution revenues | - | - | - | - | 1,868 | - | (123) | 1,745 |
Other revenues | 57 | 13 | 4 | 47 | 248 | 1,017 | (476) | 910 |
Revenues from contracts with customers | 2,359 | 1,168 | 1,217 | 822 | 2,116 | 1,215 | (608) | 8,290 |
Revenues from lease contracts, government grants and others | 3 | 3 | 3 | 3 | 8 | 63 | (48) | 35 |
Operating revenues (Note 6) | 2,362 | 1,171 | 1,220 | 825 | 2,124 | 1,279 | (656) | 8,325 |
In 2024 revenues from lease contracts were NOK 6 million and government grants were NOK 4 million.
| Other / | Schibsted | |||||||
| Real | Recom- | Deli- | Head- | Elimi- | Market- | |||
2023 (restated) | Mobility | Estate | Jobs | merce | very | quarters | nations | places |
Classifieds revenues | 1,496 | 849 | 1,267 | 217 | - | 116 | (1) | 3,944 |
Transactional revenues | 316 | 61 | - | 268 | - | - | - | 645 |
Advertising revenues | 326 | 78 | 7 | 184 | - | 96 | (36) | 654 |
Distribution revenues | - | - | - | - | 1,460 | - | (95) | 1,365 |
Other revenues | 67 | 36 | 11 | 46 | 287 | 920 | (378) | 989 |
Revenues from contracts with customers | 2,204 | 1,024 | 1,285 | 714 | 1,747 | 1,131 | (510) | 7,596 |
Revenues from lease contracts, government grants and others | 2 | 2 | 3 | 2 | 6 | 35 | (30) | 21 |
Operating revenues (Note 6) | 2,207 | 1,027 | 1,288 | 717 | 1,753 | 1,166 | (539) | 7,617 |
In 2023 revenues from lease contracts were NOK 9 million and government grants were NOK 2 million.
Contract assets and liabilities
Contract assets primarily relate to Schibsted Marketplaces' rights to
consideration for advertisements 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.
Insignificant credit losses are expected on contract assets.
Contract liabilities relate to contract-related payments received in
advance of performance. Contract liabilities are recognised as
revenue when performed during the contract.
| Receivables | |||
| from contracts | Contract | Contract | |
| with customers | assets | liabilities | |
Balance as at 1 January 2024 | 1,508 | 145 | 632 |
Net of cash received and revenues recognised during the period | (111) | 218 | 38 |
Transfer from contract assets recognised at the beginning of the period to receivables | 145 | (145) | - |
Business combinations | 58 | 3 | - |
Impairment losses recognised | (37) | - | - |
Disposals on sale of businesses | (447) | (74) | (484) |
Foreign exchange differences | 4 | 3 | 1 |
Reclassified as held for sale | (272) | (48) | (87) |
Balance as at 31 December 2024 | 847 | 103 | 99 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
142
| 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 combinations | 4 | - | 1 |
Impairment losses recognised | (52) | - | - |
Disposals on sale of businesses | (3) | - | (10) |
Foreign exchange differences | 30 | 5 | 16 |
Balance as at 31 December 2023 | 1,508 | 145 | 632 |
All contracts have a 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 Marketplaces applies the practical expedient in IFRS
15.121 and does not disclose information about the remaining
performance obligations that have original expected durations of
one year or less.
Contract costs
In 2024 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
2024 | 2023 | |
Salaries and wages | 2,361 | 2,232 |
Social security costs | 397 | 371 |
Share - based payment (Note 9) | 64 | 68 |
Net pension expense (Note 10) | 271 | 251 |
Other personnel expenses | 109 | 100 |
Capitalised salaries, wages and social | (344) | (353) |
| security costs | ||
Total | 2,859 | 2,669 |
Number of full - time equivalents | 4,427 | 6,088 |
- of which continuing operations | 2,814 | 2,834 |
- of which discontinued operations | 1,613 | 3,254 |
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 MARKETPLACES ANNUAL REPORT 2024
NOTES
143
Remuneration to the executive management expensed in 2024 (in NOK 1,000):
| Share- | Total | ||||||
| Salary incl. | Fringe | Variable | based | Pension | Termination | remuneration | |
| Holiday pay | benefits 1) | pay 2) | payment 3) | expense | benefits 4) | expensed | |
Christian Printzell Halvorsen, Chief | 4,720 | 259 | 4,228 | 3,873 | 959 | - | 14,039 |
Executive Officer (from 07.06.2024), EVP Nordic Marketplaces and Delivery (until 07.06.2024) 6) | |||||||
Kristin Skogen Lund, Chief | 3,881 | 160 | 7,394 | 9,268 | 13,915 | 11,197 | 45,815 |
Executive Officer (until 07.06.2024) 5)7) | |||||||
Per Christian Mørland, Chief | 3,820 | 265 | 3,646 | 6,603 | 469 | - | 14,802 |
| Financial Officer | |||||||
Sven Størmer Thaulow, EVP | 5,027 | 246 | 3,832 | 3,382 | 671 | - | 13,159 |
| Foundation | |||||||
Robin Suwe, EVP Mobility (from 07.06.2024) 5) | 1,787 | 52 | 343 | 1,986 | 351 | - | 4,519 |
Kjersti Høklingen, EVP Real Estate | 1,542 | 78 | 319 | 562 | 257 | - | 2,757 |
(from 07.06.2024) 5) | |||||||
Eddie Sjølie, EVP Jobs (from 07.06.2024) 5) | 1,545 | 118 | 332 | 582 | 288 | - | 2,864 |
Cathrine Laksfoss, EVP | 1,544 | 142 | 323 | 573 | 257 | - | 2,838 |
Recommerce (from 07.06.2024) 5) | |||||||
Ruben Søgaard, EVP Marketing & | 1,632 | 153 | 351 | 467 | 105 | - | 2,708 |
Sales (from 07.06.2024) 5) | |||||||
Antonia Brandberg Björk, EVP | 339 | 15 | 72 | 0 | 50 | - | 476 |
People & Communications (from 18.11.2024) 5) | |||||||
Grethe Malkmus, EVP Chief People | 1,135 | 49 | 463 | 1,107 | 146 | - | 2,900 |
& Communications Officer (until 07.06.2024) 5) | |||||||
Andrew Kvålseth, EVP Growth and Investments and Chief Investment | 2,370 | 130 | 5,866 | 5,572 | 438 | 5,456 | 19,831 |
Officer (until 30.06.2024) 5) | |||||||
Siv Juvik Tveitnes, EVP News | 1,317 | 133 | 693 | 1,916 | 226 | - | 4,285 |
Media (until 07.06.2024) 5) | |||||||
Ragnar Kårhus, Interim EVP Chief | 1,642 | 125 | 325 | 419 | 142 | - | 2,653 |
| People & Communications Officer | |||||||
(between 07.06.2024 and 17.11.2024) 5) | |||||||
Hanna Lindqvist, EVP Technology | 871 | 12 | - | - | 185 | - | 1,068 |
(between 07.06.2024 and 02.09.2024) 5) |
1) Fringe benefits include car allowance and mobile phone.
2) Variable pay consists of mainly the Executive Incentive Plan (EIP) which will be settled in cash, a cash-based incentive which will be paid out in 2025 and
other cash compensation. For further information regarding the Executive Incentive Plan, see Remuneration Report 2024.
3) Share-based payment programmes and the principles applied for recognition and measurement are further described in Note 9 Share-based payment. The
amounts represent accrued amounts during the year.
4) Termination benefits include salary while on garden leave and severance pay. These amounts are presented as restructuring costs.
5) For members of executive management who either joined or resigned during the year, total remuneration expensed presented in the table above is for the
period where the members are part of the executive management team.
6) Christian Printzell Halvorsen served in the Executive Leadership Team for the full year, initially as EVP Nordic Marketplaces, before being appointed CEO on
16 May 2024. As such, the numbers represent the full year of 2024.
7) Pension expense includes provision for pension accrual for the period from termination of employment to retirement
For information regarding the development in number of shares outstanding in the beginning of the reporting year, vested during the reporting
year as well as outstanding at the end of the reporting year in share-based payment programmes for the executive management, see
Remuneration Report 2024.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
144
| Share- | Total | |||||
| Salary incl. | Fringe | Variable | based | Pension | remuneration | |
| Holiday pay | benefits 1) | pay 2) | payment 3) | expense | expensed | |
Kristin Skogen Lund, Chief Executive Officer. 5) | 5,401 | 257 | 2,806 | 5,863 | 3,050 | 17,376 |
Per Christian Mørland, Chief Financial Officer | 950 | 2 | 965 | 3,639 | 27 | 5,582 |
(from 01.10.2023). 4) | ||||||
Ragnar Kårhus, Chief Financial Officer (until 30.09.2023). | 2,689 | 170 | 672 | 467 | 371 | 4,369 |
Grethe Malkmus, Chief People & | 2,261 | 123 | 726 | 832 | 239 | 4,181 |
| Communications Officer. | ||||||
Sven Størmer Thaulow, Chief Data & | 3,515 | 214 | 1,277 | 2,235 | 409 | 7,649 |
| Technology Officer. | ||||||
Andrew Kvålseth , EVP Growth and Investments and Chief Investment Officer. | 3,040 | 201 | 1,071 | 2,881 | 350 | 7,542 |
Christian Printzell Halvorsen, EVP Nordic | 3,364 | 223 | 1,146 | 2,832 | 713 | 8,277 |
| Marketplaces and Delivery. | ||||||
Siv Juvik Tveitnes, EVP News Media | 2,989 | 309 | 1,011 | 2,057 | 349 | 6,716 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
145
The following are the significant active plans directed at key
management personnel:
Plans | Granted | Vesting | Performance |
| period | period | ||
EIP | 2024 | 01.01.2024 - | 01.01.2024 - |
| 31.12.2026 | 31.12.2024 | ||
SLTIP | 2024 | 01.01.2024 - | N/A |
| 31.12.2026 | |||
EIP | 2023 | 01.01.2023 - | 01.01.2023 - |
| 31.12.2025 | 31.12.2023 | ||
SLTIP | 2023 | 01.01.2023 - | N/A |
| 31.12.2025 | |||
ELTIP | 2022 | 01.01.2022 - | 01.01.2022 - |
| 31.12.2024 | 31.12.2024 | ||
SLTIP | 2022 | 01.01.2022 - | N/A |
| 31.12.2024 | |||
ELTIP | 2021 | 01.01.2021 - | 01.01.2021 - |
| 31.12.2023 | 31.12.2023 | ||
SLTIP | 2021 | 01.01.2021 - | N/A |
| 31.12.2023 | |||
Legacy Equity Plan | 2021 | 25.06.2021 - | N/A |
| 30.06.2024 |
Executive Incentive Plan (EIP)
The Executive Incentive Plan (EIP) was introduced in 2023 and is
applicable to the CEO, members of Schibsted’s Executive leadership
team and certain other key employees.
To the extent certain performance conditions are achieved during
the financial year (the ”Performance Year”), participants receive a
variable remuneration capped at maximum 400 per cent of fixed
salary, of which between 20 to 30 per cent is in the form of cash
remuneration and between 70 to 80 per cent is in the form of share-
based remuneration.
The share-based remuneration is converted into B-shares based on
the average share price during the Performance Year and
transferred to the participants at the end of the vesting period. One
third of the B-shares vest each year with the first vesting in the
beginning of the year following the Performance Year, reflecting the
required service period.
Performance measures and targets during the Performance Year for
the variable remuneration are set by the Board of Directors on an
annual basis. For further information regarding these measures and
targets, please see the Remuneration Report.
Schibsted LTI Plan (SLTIP)
The SLTIP is applicable to the members of management teams in the
business areas as well as other key employees.
The award for SLTIP consists of only one element, which is a fixed
base element (the “Fixed Base”) comprising Restricted Stock Units
equal to 100 per cent of the grant value. The participants receive
grants normally ranging from 10 per cent to 30 per cent of their base
salary.
The Fixed Base is converted into B-shares based on the share price
at the start of the vesting period and transferred to participants at
the end of the vesting periods. The award vests in three equal
tranches of one, two and three years reflecting the required service
periods.
Executive LTI Plan (ELTIP)
The Executive LTI Plan (ELTIP) and the Schibsted LTI Plan (SLTIP)
were introduced in 2021. The ELTIP is applicable to the CEO,
members of Schibsted's Executive leadership team and certain
other key employees.
The award for the ELTIP consists of two separate elements; a fixed
base (the “Fixed Base”) comprising Restricted Stock Units equal to
30 per cent of the grant value and a performance related grant (the
“Performance Base”) equal to 70 per cent of the grant value. The
CEO receives a grant equal to 100 per cent of the base salary,
whereas other members of Schibsted's Executive team receive
grants between 60 per cent and 75 per cent. Other participants
receive grants ranging from 25 per cent to 35 per cent of their base
salary.
The Fixed Base is converted into B-shares based on the share price
at the start of the vesting period and transferred to participants at
the end of the vesting period. The vesting period is three years and
reflects the required service period.
The Performance Base is vested at the end of the 3-year vesting
period subject to performance and continuous employment and is
delivered to participants in B-shares. The value of any vesting is a
factor of Schibsted’s Total Shareholder Return (“TSR”) performance
over a 3-year performance period relative to the Europe Stoxx 600
index.
Vesting of the Performance Base is subject to a minimum
performance threshold whereby Schibsted’s TSR performance must
be at or above the 25th percentile when compared to the peer
group. Subject to the performance threshold being met, the
Performance Base is vested as follows:
base vest at 50 per cent
Base vest in full
Performance Base vest at 300 per cent
will be on a straight-line basis
Legacy Equity Plan
Following the acquisition of Schibsted Denmark ApS in June 2021,
employees of the former eBay Classifieds Scandinavia ApS were
granted a replacement award as a substitute for the share-based
payments they were entitled to in the former company. The award
consists of a fixed base element comprising Restricted Stock Units
vesting in seven equal half-yearly tranches with vesting contingent
on continued employment. The first tranche vested on 30 June 2021.
Detailed general conditions have been developed to ensure fair and
consistent governance of all the plans; these include change of
control provisions and “good leaver” provisions related to
employment. All the plans also include a clawback mechanism
which would permit Schibsted to cancel unvested shares and/or to
require already transferred shares to be delivered back to the
Company.
Such a clawback scenario would include any event whereby
Schibsted was required to restate financial statements during a
programme period, for example due to material non-compliance
with applicable accounting rules. A clawback might also be
enforced in the event of fraud or criminal activity, a breach of a non-
competition clause or a breach of Schibsted’s Code of Conduct by
the participant.
The maximum cost of the ELTIP, measured with reference to the
maximum benefit receivable by the participants, will be the awards
multiplied by the implicit maximum pay-out ratio of 2.4. This does
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
146
not take into account any share depreciation or appreciation during
the vesting period or any employer’s fees related to the plan.
Extraordinary grants
Extraordinary grants may be awarded at the discretion of the Board
or the CEO to members of Schibsted’s Executive team and certain
other key employees. Normally the participants receive
extraordinary grants capped at no more than 100 per cent of their
annual base salary. The grants have varying vesting periods and
vesting is conditional upon the employee not resigning before the
end of the vesting period.
Number of shares in the plans described above which are settled
in Schibsted shares
1)
:
2024 | 2023 | |
Number of shares granted, not - vested | 634,643 | 319,333 |
| at 1 January | ||
Number of shares granted | 489,988 | 504,299 |
Number of shares forfeited | (61,279) | (31,748) |
Number of shares vested during the period | (455,740) | (157,241) |
Number of shares not - vested at | 607,612 | 634,643 |
31 December 2) | ||
Weighted average share price at vesting | 312 | 180 |
| date (NOK per share) | ||
Weighted average fair value at grant | 216 | 187 |
| date (NOK per share) |
1) Number of shares includes employee’s tax obligation, which will be
deducted and withheld at transfer of shares to employees.
2) An amount of NOK 98 million (NOK 83 million) is estimated to be paid to
tax authorities related to shares not-vested at 31 December.
Employee Share Saving Plan for all Group employees
To motivate and retain employees, all Group employees in Schibsted
Marketplaces are invited to save up to 5 per cent, but a maximum of
NOK 50,000 annually of their base gross salary through payroll
deductions in order to purchase shares in Schibsted. The shares are
purchased on market terms four times a year, after the release of
Schibsted Marketplaces’ quarterly results. If still employed by the
Group, participants receive one free bonus share from Schibsted
per two shares purchased and held for two years.
Number of shares in the Employee Share Saving Plan settled in
Schibsted shares:
2024 | 2023 | |
Number of shares granted, not - vested | 181,533 | 147,278 |
| at 1 January | ||
Number of shares granted | 39,894 | 88,503 |
Number of shares forfeited | (36,533) | (17,868) |
Number of shares vested during the period | (107,600) | (36,380) |
Number of shares not - vested at 31 | 77,294 | 181,533 |
| December | ||
Weighted average share price at vesting | 316 | 199 |
| date (NOK per share) | ||
Weighted average fair value at grant | 304 | 190 |
| date (NOK per share) |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
147
AS. These pension plans meet the requirements of the Act on
Mandatory occupational pensions applicable to Norwegian
companies. All of the existing funded defined benefit plans have
been closed.
The terms of the funded defined benefit plans are mainly uniform.
The benefits are mainly dependent upon number of years of
employment, salary level at retirement age and the amount of
benefits from the National Insurance pension. The majority of the
funded defined benefit plans comprise retirement pension for life
from 67 years and full retirement pension amounts to approximately
66 per cent of the basis (limited to 12G, the social security base
amount) including assumed pension from the National Insurance
pension (based on calculated National Insurance pension). Some of
the plans include spouse pension, child pension and disability
pension.
As at 31 December 2024 the funded defined benefit plans in Norway
covered approximately 80 working members (524 in 2023). Upon
retirement or resignation, funded defined benefit plan liabilities are
settled through the issue of a paid-up policy. Estimated
contributions in 2025 to the above mentioned funded defined
benefit plans amount to approximately NOK 69 million. Future
contributions will be dependent on the accumulation period for
each member's pension rights according to the principle of linear
accumulation and may vary depending upon final agreed salary
levels and timing of payments.
The terms related to contributions to defined contribution plans in
Norway are mainly uniform, and for most companies the
contribution in 2023 amounts to 5.55 per cent of salaries within the
interval from 0G to 7.1G and 8 per cent in the interval from 7.1G to 12G.
The plans include disability pension.
In addition to the pension obligations that arises from the funded
defined benefit plans, the Group's Norwegian companies have
unfunded defined benefit obligations related to disability pensions
(if not covered by other pension plans or insurances),
supplementary pensions for salaries above 12G, Agreement-based
pension (AFP) and early retirement pensions.
The Group's companies outside Norway have pension plans, mainly
defined contribution plans, in accordance with local practice and
local legislation.
The Group has certain pension schemes in Norway and Sweden
established as multi-employer plans. These multi-employer plans
are defined benefit plans, but the Group does not have access to the
necessary information for the accounting years 2024 and 2023
required to account for these plans as defined benefit plans, and the
plans are therefore accounted for as defined contribution plans.
The amounts recognised in income statement and in comprehensive income:
| 2023 | ||
| 2024 | (restated) | |
Current service cost | 18 | (17) |
Past service cost and gains and losses arising from settlements | 11 | (5) |
Net interest on the net defined benefit liability (asset) | 14 | 12 |
Remeasurements of the net defined benefit liability | (25) | 140 |
Net pension expense defined benefit plans | 17 | 131 |
Pension expense defined contribution plans | 193 | 187 |
Pension expense multi - employer defined benefit plans accounted for as defined contribution plans | 61 | 47 |
Net pension expense | 271 | 365 |
- of which included in Profit or loss - Personnel expenses and remuneration (Note 8) | 271 | 217 |
- of which included in Profit or loss - Other income (Note 12) | (1) | (5) |
- of which included in Profit or loss - Other expense (Note 12) (Restructuring cost) | 11 | - |
- of which included in Profit or loss - Financial expenses (Note 13) | 14 | 12 |
- of which included in Other comprehensive income - Remeasurements of defined pension liabilities | (25) | 140 |
Past service cost comprises restructuring costs in the form of pensions as well as the effect of plan amendments.
The amounts recognised in the statement of financial position:
2024 | 2023 | |
Present value of funded defined benefit obligations | 177 | 1,592 |
Fair value of plan assets | (133) | (1,203) |
Present value of unfunded defined benefit obligations | 410 | 807 |
Net pension liability | 454 | 1,196 |
The average duration of the defined benefit plan obligations at the end of the reporting period is 15 years (14 years).
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
148
Changes in net pension liability, present value of defined benefit obligations and plan assets:
| 2023 | ||||||
| 2024 | (restated) | |||||
| Net | Defined | Net | Defined | |||
| pension | benefit | Plan | pension | benefit | Plan | |
| liability | obligations | assets | liability | obligations | assets | |
As at 1 January | 1,196 | 2,399 | 1,203 | 1,145 | 2,315 | 1,171 |
Current service cost | 18 | 18 | - | 16 | 16 | - |
Past service cost and gains and losses arising from settlements | 11 | 10 | (1) | (5) | (8) | (3) |
Interest income and expense | 14 | 19 | 5 | 12 | 17 | 5 |
Remeasurements (see below) | (25) | (40) | (16) | 140 | 70 | (70) |
Presented in discontinued operations | 32 | 46 | 14 | 39 | 19 | (21) |
Contributions to the plan | (48) | - | 48 | (120) | 1 | 122 |
Payments from the plan | (78) | (78) | - | (29) | (29) | (1) |
Business combinations and disposals | (656) | (1,777) | (1,120) | 1 | 1 | - |
Social security costs | (5) | (5) | - | (3) | (3) | - |
Reclassified as held for sale | (5) | (5) | - | |||
As at 31 December | 454 | 587 | 133 | 1,196 | 2,399 | 1,203 |
Remeasurements of defined benefit pension obligations include:
2024 | 2023 | |
Actuarial gains and losses arising from changes in financial assumptions | (27) | 27 |
Other remeasurements (experience adjustments) | (13) | 43 |
Remeasurements of defined benefit pension obligations | (40) | 70 |
Remeasurements of fair value of plan assets include:
2024 | 2023 | |
Return on plan assets, excluding amounts included in interest | 5 | 38 |
Cost of managing plan assets | (1) | (6) |
Other remeasurements (experience adjustments) | (20) | (102) |
Remeasurements of fair value of plan assets | (16) | (70) |
The fair value of plan assets is disaggregated by class:
| Quoted in | Quoted in | |||||
| active | active | |||||
| 2024 | markets | Unquoted | 2023 | markets | Unquoted | |
Equities | 15% | 75% | 25% | 4% | 85% | 15% |
Alternative investments | 4% | - | 100% | 2% | - | 100% |
Real estate | 15% | - | 100% | 14% | - | 100% |
Bonds | 13% | 50% | 50% | 7% | 25% | 75% |
Corporate bonds | 14% | - | 100% | 14% | - | 100% |
Bonds - loans and receivables | 39% | - | 100% | 45% | - | 100% |
Money market / other | 0% | - | - | 15% | 50% | 50% |
Total | 100% | 100% |
The actual return on plan assets (value-adjusted return on relevant portfolio of assets) was approximately 4.9 per cent in 2024 and approximately 1.8 per cent in
2023.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
149
Significant actuarial assumptions used to determine the present value of the defined benefit obligation:
2024 | 2023 | |
Discount rate | 3.90% | 3.10% |
Future salary increases | 4.00% | 3.50% |
Future increase in the social security base amount | 3.75% | 3.25% |
Future pension increases | 2.40% | 1.80% |
Schibsted Marketplaces determines the discount rate by reference to high quality corporate bonds. Schibsted Marketplaces has concluded that a deep market
exists for covered bonds ("OMF-obligasjoner") in Norway and that this interest rate therefore shall be used as reference under IAS 19 Employee benefits. The
assumption regarding expected pension increases is used for pensions being increased in accordance with the Act on Company pensions. For pension
agreements containing specific clauses on increases in pension, those clauses are applied.
Sensitivity analysis, indicating increase (decrease) in present value of defined benefit pension liabilities, for significant actuarial
assumptions:
2024 | 2023 | |
Discount rate - increase 0.5 percentage points | (44) | (207) |
Discount rate - decrease 0.5 percentage points | 49 | 237 |
Future salary increases - increase 0.5 percentage points | 14 | 126 |
Future salary increases - decrease 0.5 percentage points | (12) | (122) |
Future increase in social security base amount - increase 0.5 percentage points | (3) | (55) |
Future increase in social security base amount - decrease 0.5 percentage points | 3 | 47 |
Future pension increases - increase 0.5 percentage points | 41 | 157 |
Future pension increases - decrease 0.5 percentage points | (37) | (143) |
Any increases or decreases in present value of defined benefit pension liabilities from changes in actuarial assumptions are recognised in
Other comprehensive income.
Note 11 - Other operating expenses
| 2023 | ||
| 2024 | (restated) | |
Travelling expenses | 81 | 97 |
Rent, maintenance, office expenses and energy | 125 | 124 |
Commissions | 145 | 187 |
Professional fees | 514 | 506 |
IT expenses | 672 | 575 |
Distribution | 1,033 | 908 |
Other operating expenses | 88 | 21 |
Total | 2,657 | 2,419 |
| 2023 | ||
| 2024 | (restated) | |
Gain on sale of subsidiaries | 2 | 20 |
Gain on amendments and curtailment of pension plans | 1 | 5 |
Gain on fair value measurement of contingent considerations | 2 | 30 |
Other | 5 | - |
Total other income | 9 | 55 |
Restructuring costs | (296) | (46) |
Separation costs | (107) | (4) |
Transaction - related costs | (14) | (26) |
Loss on sale of subsidiaries | (57) | (32) |
Loss on fair value measurement of contingent considerations | (30) | (4) |
Other | (12) | - |
Total other expenses | (518) | (111) |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
150
| 2023 | ||
| 2024 | (restated) | |
Interest income | 266 | 129 |
Net foreign exchange gain | 11 | 1 |
Gain from fair value measurement of equity instruments (Note 22) | 6,151 | 13 |
Gain from fair value measurement of total | 2 | 1,583 |
| return swaps (Note 5) | ||
Other financial income | 5 | 3 |
Total financial income | 6,436 | 1,729 |
Interest expenses | (326) | (458) |
Loss from fair value measurement of equity instruments (Note 22) | (215) | (150) |
Other financial expenses | (24) | (14) |
Total financial expenses | (565) | (622) |
2023 | ||
| 2024 | (restated) | |
Loans and borrowings | (274) | (407) |
Pension liabilities (Note 10) | (14) | (12) |
Lease liabilities (Note 19) | (32) | (36) |
Contingent consideration and financial | (6) | (3) |
liabilities for obligations to acquire non- controlling interests (Note 23) | ||
Interest expenses | (326) | (458) |
| 2023 | ||
| 2024 | (restated) | |
Interest income | 266 | 129 |
Interest expenses | (329) | (458) |
| 2023 | ||
| 2024 | (restated) | |
Net foreign exchange gain (loss) currency | (43) | - |
| derivatives | ||
Net foreign exchange gain (loss) other financial instruments | 55 | 1 |
Net foreign exchange gain (loss) | 11 | 1 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
151
2024 | 2023 | |
Current income taxes | (156) | (224) |
Deferred income taxes | - | 65 |
Tax (expense) income | (156) | (159) |
- of which recognised in profit or loss | (149) | (206) |
- of which recognised in other comprehensive income | (7) | 47 |
2024 | 2023 | |
Profit (loss) before taxes | 4,800 | 1,836 |
Tax (expense) income based on weighted average tax rates | (1,090) | (411) |
Prior period adjustments | - | (8) |
Tax effect of share of profit (loss) from joint ventures and associates | (18) | (16) |
Tax effect of impairment loss on goodwill, joint ventures and associates | (242) | (18) |
Tax effect of other permanent | 1,272 | 292 |
| differences | ||
Current period unrecognised deferred | (71) | (44) |
| tax assets | ||
Tax (expense) income recognised in profit or loss | (149) | (205) |
2024 | 2023 | |
Current items | 8 | (16) |
Pension liabilities | (101) | (262) |
Right - of - use assets | 173 | 416 |
Lease liabilities | (184) | (479) |
Other non - current items | 354 | 293 |
Unused tax losses | (216) | (215) |
Calculated net deferred tax liabilities | 34 | (263) |
| (assets) | ||
Unrecognised deferred tax assets | 140 | 139 |
Net deferred tax liabilities (assets) | 174 | (123) |
| recognised | ||
- of which deferred tax liabilities | 426 | 417 |
- of which deferred tax assets | (252) | (540) |
2024 | 2023 | |
As at 1 January | (123) | (81) |
Change included in tax expenses from continuing operations | - | (65) |
Change included in tax expenses from discontinued operations | 35 | (11) |
Change from purchase and sale of subsidiaries | 162 | (1) |
Foreign exchange differences | 20 | 35 |
Net deferred tax liabilities reclassified to | 81 | - |
| assets held for sale | - | |
As at 31 December | 174 | (123) |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
152
Weighted average number of shares | 2024 | 2023 |
Weighted average number of shares for basic earnings per share | 230,742,560 | 228,056,468 |
Effects of dilution from share - based payment | 687,460 | 521,130 |
Weighted average number of shares for diluted earnings per share | 231,430,020 | 228,577,598 |
Earnings per share - total | ||
Profit (loss) attributable to owners of the parent for basic earnings per share | 12,957 | 14,120 |
Profit (loss) attributable to owners of the parent for diluted earnings per share | 12,957 | 14,120 |
Earnings per share - basic (NOK) | 56.15 | 61.92 |
Earnings per share - diluted (NOK) | 55.99 | 61.77 |
| Earnings per share - continuing operations | ||
Profit (loss) attributable to owners of the parent for basic earnings per share | 4,623 | 1,562 |
Profit (loss) attributable to owners of the parent for diluted earnings per share | 4,623 | 1,562 |
Earnings per share - basic (NOK) | 20.03 | 6.85 |
Earnings per share - diluted (NOK) | 19.98 | 6.83 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
153
Goodwill | Trademarks, indefinite | ||||
2024 | 2023 | 2024 | 2023 | ||
Marketplaces - Sweden | significant | 1,135 | 970 | 8 | - |
Marketplaces - Denmark | significant | 2,446 | 2,333 | 1,039 | 991 |
Marketplaces - Finland | significant | 444 | 1,456 | 662 | 631 |
Marketplaces - Norway | not significant | 549 | 549 | - | - |
Delivery | not significant | 55 | 55 | - | - |
News Media - Norway | not significant | - | 285 | - | 366 |
News Media - Sweden | not significant | - | 622 | - | 19 |
Lendo Group | not significant | 105 | 101 | 89 | 87 |
3byggetilbud.dk A/S | not significant | 207 | 197 | 44 | 42 |
Prisjakt Group | not significant | 31 | 30 | 4 | 4 |
Schibsted SMB AB | not significant | 22 | 22 | - | - |
Other | not significant | 2 | 2 | 2 | 2 |
Total | 4,996 | 6,622 | 1,848 | 2,142 | |
- of which reclassified to held for sale | (366) | (139) | |||
Total after reclassification to held of sale | 4,629 | 6,622 | 1,709 | 2,142 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
154
Impairment testing / impairment assessments
The carrying amounts of goodwill and other intangible assets with
indefinite useful lives are disclosed above. Recoverable amounts for
the significant cash-generating units (CGUs) are estimated based on
value in use. As of 31 December 2024, no goodwill is allocated
across multiple CGUs, and the estimated recoverable amounts for
non-significant CGUs are not based on common key assumptions.
An impairment loss of NOK 1,078 million related to goodwill in
Marketplaces Finland was recognised in 2024, compared to NOK 0
million in 2023.
The discount rates applied consider the risk-free interest rate and
risk premium for the respective country. Specific business risks are
reflected in the estimated future cash flows. In determining discount
rates, the cost of financing is assumed to remain stable at the
current level, implying that Schibsted Marketplaces is expected to
maintain access to financing linked to sustainability KPIs while
retaining its current credit rating. Pre-tax discount rates are
determined by country and range between ten and eleven per cent
for all CGUs.
In estimating cash flows used for value-in-use calculations,
consideration is given to the competitive landscape, recent revenue
and margin developments, industry trends, and macroeconomic
expectations for the relevant operational markets.
The impairment tests are based on formalised management
projections for 2025–2027. The steady-state cash flow is determined
by extrapolating the 2027 cash flows, applying a declining growth
rate for free cash flow over a defined period until reaching an
expected maintainable steady-state cash flow. Thereafter, a
sustained long-term growth rate of two per cent is applied. The
period until terminal value application does not exceed 15 years.
Scenario simulations are conducted to assess the robustness of the
impairment test.
Marketplaces Denmark was established following the acquisition of
Bilbasen and Den Blå Avis in 2021. Marketplaces Denmark has
limited headroom between its value-in-use estimate and its carrying
amount, making its impairment test particularly sensitive to changes
in key assumptions.
Marketplaces Finland includes Tori, the operations of Oikotie
(acquired in 2020), and AutoVex (acquired at the end of 2022).
Marketplaces Finland was impaired in 2024, as its value-in-use was
lower than its carrying amount.
Marketplaces Sweden consists of Blocket, Plick, and Qasa.
For Marketplaces Denmark and Marketplaces Finland, an increase
in revenue growth is assumed compared to previous years. This
assumption is based on management’s experience from
comparable markets and expectations for market development. In
addition to anticipated growth in the classifieds market, an increase
in market share during the forecast period is expected for both
Marketplaces Denmark and Marketplaces Finland.
EBITDA margins for Marketplaces Denmark and Marketplaces
Sweden are based on historical performance and management’s
future expectations, with projected improvements due to
anticipated efficiency gains. For Marketplaces Finland, EBITDA is
expected to turn positive in 2027.
Schibsted Marketplaces has prioritised the development of its new
vertical-based operating model. Management expects that certain
synergies from this new model will materialise during the forecast
period across Marketplaces Denmark, Marketplaces Finland, and
Marketplaces Sweden.
The free cash flow growth rate assumed beyond the management
forecast period is higher than the sustained growth rate, as the
sustained growth rate only reflects the expected inflation rate.
Based on management’s experience in comparable markets and
available short- to medium-term market reports, the growth rate is
expected to decline over time but remain above the expected
inflation rate until a steady state is reached.
Expected sustained growth is determined at the CGU level and
reflects long-term market expectations. As there are no external
sources or market reports providing long-term forecasts
specifically for the Nordic classifieds market, the sustained growth
rate for Marketplaces Denmark, Marketplaces Finland, and
Marketplaces Sweden has been conservatively set to the respective
country’s inflation target, not exceeding two per cent.
Sensitivity analysis of key assumptions
An overview of the sensitivity of central assumptions for significant
CGUs is presented below. The table illustrates the extent to which
key assumptions would need to change for the recoverable amount
to equal the carrying amount of the CGU.
For Marketplaces Finland, since the EBITDA margin was negative in
2024, calculating a compound annual growth rate (CAGR) is not
meaningful. As Marketplaces Finland was impaired in 2024, its
value-in-use was already lower than its carrying amount, meaning
any further reductions in EBITDA growth assumptions would
increase the impairment charge.
For Marketplaces Sweden, no reasonably possible changes in key
assumptions have been identified that would cause the carrying
amount to exceed the recoverable amount.
| Assumption | ||
| sensitivity | ||
Marketplaces Sweden | Assumption | threshold |
Pre - tax discount rate | 9% | N/A |
Revenues CAGR 2024 - 2027 | 10% | N/A |
EBITDA CAGR 2024 - 2027 | 23% | N/A |
Cash flow growth after | ||
| management prognosis | ||
| period | ||
2028 - 2029 | 3% | N/A |
2030 - 2038 | 2% | N/A |
Sustained growth | 2% | N/A |
For Marketplaces Sweden recoverable amount exceeds carrying amount by
approximately SEK 10 billion.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
155
| Assumption | ||
| sensitivity | ||
Marketplaces Denmark | Assumption | threshold |
Pre - tax discount rate | 9% | 15% |
Revenues CAGR 2024 - 2027 | 14% | 6% |
EBITDA CAGR 2024 - 2027 | 32% | 7% |
Cash flow growth after management prognosis | ||
| period | ||
2028 | 8% | - 4% |
2029 | 7% | - 3% |
2030 - 2032 | 4% | - 2% |
2033 - 2037 | 3% | - 2% to - 1% |
2038 | 2% | - 1% |
Sustained growth | 2% | - 1% |
For Marketplaces Denmark recoverable amount exceeds carrying amount by
approximately DKK 2 billion.
| Assumption | ||
| sensitivity | ||
Marketplaces Finland | Assumption | threshold |
Pre - tax discount rate | 10% | N/A |
Revenues CAGR 2023 - 2026 | 23% | N/A |
EBITDA growth 2024 - 2026 | 134% | N/A |
Cash flow growth after management prognosis | ||
| period | ||
2028 - 2029 | 8% | N/A |
2030 | 6% | N/A |
2031 - 2034 | 5% | N/A |
2035 - 2038 | 4% | N/A |
Sustained growth | 2% | N/A |
For Marketplaces Finland, the recoverable amount was lower than the
carrying amount, resulting in an impairment in 2024.
For impairment loss related to investments in joint ventures and
associates see Note 5 Investments in joint ventures and associates.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
156
| Development in net carrying amount in | Trademarks, | Trademarks, | Software | Customer | ||
2024 | Goodwill | indefinite | definite | and licences | relations | Total |
As at 1 January | 6,622 | 2,142 | 1 | 1,848 | 477 | 11,091 |
Additions | - | - | 3 | 677 | - | 680 |
Acquired through business combinations | 224 | 7 | - | 7 | - | 238 |
Disposals | - | - | - | (2) | - | (2) |
Disposals on sale of businesses | (975) | (385) | - | (428) | (17) | (1,805) |
Reclassification | - | - | - | 6 | - | 6 |
Amortisation from continuing operations | - | - | (2) | (407) | (65) | (474) |
Amortisation from discontinued operations | - | - | - | (186) | (9) | (195) |
Impairment loss from continuing operations | (1,078) | - | - | (256) | - | (1,334) |
Foreign exchange differences | 202 | 83 | - | 11 | 21 | 317 |
Reclassified as held for sale | (366) | (139) | (2) | (208) | (16) | (732) |
As at 31 December | 4,629 | 1,709 | - | 1,062 | 390 | 7,791 |
- of which accumulated cost | 5,722 | 1,709 | 2 | 2,695 | 665 | 10,792 |
- of which accumulated amortisation and impairment loss | (1,093) | - | (2) | (1,633) | (274) | (3,001) |
Development in net carrying amount in | Goodwill | Trademarks, | Trademarks, | Software | Customer | Total |
| 2023 | indefinite | definite | and licences | relations | ||
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 from continuing operations | - | - | (1) | (308) | (65) | (374) |
Amortisation from discontinued operations | - | - | - | (301) | (12) | (313) |
Impairment loss from continuing operations | - | - | - | (36) | - | (36) |
Impairment loss from discontinued | - | - | - | (12) | - | (12) |
| operations | ||||||
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 | 7,571 | 2,142 | 22 | 4,621 | 744 | 15,100 |
- of which accumulated amortisation and impairment loss | (948) | - | (21) | (2,773) | (267) | (4,009) |
Software and licences consist of NOK 894 million
(NOK 1,596 million) of internally developed intangible assets and
NOK 168 million (NOK 253 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 2024 was NOK 132 million
(NOK 42 million). The research and development expenditure is
mainly related to research and development of the new common
tech platform.
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 MARKETPLACES ANNUAL REPORT 2024
NOTES
157
| Equipment, | ||||
| Buildings and | Plant and | furniture and | ||
| Development in net carrying amount in 2024 | land | machinery | similar assets | Total |
As at 1 January | 94 | 109 | 377 | 580 |
Additions | - | 4 | 88 | 92 |
Acquired through business combinations | - | 2 | 9 | 11 |
Disposals on sale of businesses | (85) | (99) | (180) | (364) |
Depreciation from continuing operations | (1) | (4) | (74) | (79) |
Depreciation from discontinued operations | (5) | (8) | (13) | (26) |
Impairment loss from continuing operations | - | - | (4) | (4) |
Reclassified as held for sale | - | - | (27) | (27) |
As at 31 December | 4 | 4 | 176 | 184 |
- of which accumulated cost | 6 | 29 | 416 | 451 |
- of which accumulated depreciation and impairment loss | (2) | (26) | (239) | (267) |
| 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 from continuing operations | (1) | (1) | (77) | (79) |
Depreciation from discontinued operations | (5) | (37) | (46) | (88) |
Impairment loss from continuing operations | - | - | (2) | (2) |
Impairment loss from discontinued operations | - | - | (3) | (3) |
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 | (109) | (575) | (554) | (1,238) |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
158
| End of lease | ||
Address | User of the office building | term |
Västra Järnvägsgatan 21, Stockholm | Swedish group companies | 2033 |
Grensen 5 - 7, Oslo | Finn.no and headquarter functions | 2030 |
Toveien 19, Vestby | Delivery | 2035 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
159
Income statement
The following amounts relating to leases are recognised in profit or loss:
2024 | 2023 | |
Expenses related to short - term leases and low value assets | (12) | (5) |
Depreciation of right - of - use assets | (150) | (155) |
Interest expense on lease liabilities | (32) | (36) |
Total amount recognised in profit or loss | (195) | (196) |
Statement of financial position
Set out below are the carrying amounts of right-of-use assets and the movements during the period:
| Equipment, | |||
| Buildings and | furniture and | ||
| land | similar assets | Total | |
As at 1 January 2023 | 1,792 | 4 | 1,796 |
Additions | 512 | 9 | 521 |
Disposals on sale of businesses | (4) | - | (4) |
Partial or full termination | (44) | - | (44) |
Depreciation from continuing operations | (152) | (2) | (155) |
Depreciation from discontinued operations | (227) | (4) | (231) |
Foreign exchange differences | 60 | - | 60 |
As at 31 December 2023 | 1,937 | 7 | 1,944 |
As at 1 January 2024 | 1,937 | 7 | 1,944 |
Additions | 773 | 2 | 774 |
Acquired through business combinations | 3 | - | 3 |
Disposals on sale of businesses | (1,611) | (4) | (1,615) |
Partial or full termination | (5) | - | (5) |
Depreciation from continuing operations | (148) | (2) | (150) |
Depreciation from discontinued operations | (100) | (2) | (102) |
Foreign exchange differences | (4) | - | (4) |
Reclassified as held for sale | (29) | (3) | (32) |
As at 31 December 2024 | 810 | 2 | 812 |
Set out below are the carrying amounts of lease liabilities and the
movements during the period:
2024 | 2023 | |
As at 1 January | 2,237 | 2,080 |
Additions | 774 | 529 |
Acquired through business combinations | 3 | - |
Disposals on sale of businesses | (1,824) | (3) |
Partial or full termination | - | (44) |
Lease payments | (351) | (468) |
Accretion of interest from continuing operations | 32 | 36 |
Accretion of interest from discontinued | 23 | 46 |
| operations | ||
Foreign exchange differences | (5) | 61 |
Reclassified as held for sale | (28) | - |
As at 31 December | 861 | 2,237 |
- of which current | 150 | 368 |
- of which non - current | 712 | 1,868 |
In 2024, lease additions primarily arose from sale-and-leaseback
transactions following the disposal of the news media operations.
As a result, right-of-use assets and corresponding lease liabilities
increased by a total of 571 million, with additions relating to
Kungsbrohuset at Västra Järnvägsgatan 21 in Stockholm, Akersgata
55 in Oslo, and Toveien 19 in Vestby.
The table below summarises the maturity profile of lease liabilities
based on contractual undiscounted payments:
2024 | 2023 | |
<3 months | 50 | 112 |
3 months to 1 year | 143 | 331 |
1 to 2 years | 170 | 391 |
2 to 5 years | 397 | 863 |
>5 years | 253 | 866 |
Total | 1,013 | 2,564 |
Statement of cash flows
The following amounts related to leases are recognised in the
statement of cash flows:
2024 | 2023 | |
Net cash flow from operating activities | (68) | (90) |
Net cash flow from financing activities | (295) | (385) |
Total | (363) | (475) |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
160
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 Marketplaces is
potentially exposed that are not reflected in the lease
liability
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 | Total | |
Extension options expected | 34 | 491 | 525 |
| not to be exercised | |||
Termination options | - | 124 | 124 |
| expected to be exercised | |||
Total | 34 | 615 | 649 |
The Group has certain contracts with infinitely recurring renewal
periods that are not included in the table. Yearly payments for such
contracts are NOK 27 million.
Note 20 - Trade receivables and
other non-current and current
assets
Non-current | Current | |||
2024 | 2023 | 2024 | 2023 | |
Trade receivables, net (Note | - | - | 847 | 1,444 |
| 7 and Note 21) | ||||
Prepaid expenses | - | - | 77 | 251 |
Income tax receivables | - | - | 106 | 124 |
Loans to joint ventures and | 2 | 17 | 10 | 29 |
| associates | ||||
Financial derivatives (Note | 4 | 4 | 2 | 46 |
| 27) | ||||
Non - derivative financial | 18 | 20 | - | - |
| assets | ||||
Other receivables | 1 | 7 | 238 | 331 |
Inventories | - | - | 4 | 18 |
Total | 26 | 48 | 1,285 | 2,243 |
2024 | 2023 | |
Trade receivables | 874 | 1,556 |
Contract assets | 103 | 145 |
Less provision for expected credit losses on trade receivables and contract assets | (27) | (49) |
Trade receivables and contract assets | 950 | 1,652 |
Ageing of trade receivables by due date | 2024 | 2023 |
Not due | 586 | 1,058 |
Past due 0 - 45 days | 208 | 323 |
Past due 46 - 90 days | 27 | 51 |
Past due more than 90 days | 53 | 125 |
Trade receivables | 874 | 1,556 |
2024 | 2023 | |
Balance as at 1 January | 49 | 35 |
Provision for expected credit losses | 37 | 52 |
Write - off | (49) | (40) |
Disposals on sale of businesses | (11) | - |
Foreign exchange differences | 1 | 2 |
Balance as at 31 December | 27 | 49 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
NOTES
161
| Valuation | Interest | Interest | ||||
| method | held | 2024 | held | 2023 | ||
Aurelia Netherlands Topco B.V | FV PL | level 3 | 13.97% | 21,750 | - | - |
Tibber AS | FV PL | level 3 | 14.04% | 363 | 13.95% | 555 |
Firi AS | FV PL | level 3 | 6.96% | 72 | 6.56% | 35 |
FJ Labs (III + Archangel I) | FV PL | level 3 | 2.62% | 47 | 2.62% | 31 |
FirstVet AB | FV PL | level 3 | 1.41% | 18 | - | - |
eEducation Albert AB | FV PL | level 1 | 13.15% | 9 | 13.15% | 21 |
Viaplay Group AB | FV PL | level 1 | - | - | 10.29% | 43 |
Other | FV PL | level 3 | 11 | 15 | ||
Equity instruments at fair value through profit or loss | FV PL | 22,272 | 700 | |||
Homely AS | FV OCI | level 3 | 17.60% | 54 | 17.60% | 53 |
Videocation.no AS | FV OCI | level 3 | 8.97% | 21 | 8.97% | 21 |
Dintero AS | FV OCI | level 3 | 6.20% | 13 | 6.20% | 34 |
Other | FV OCI | level 3 | 7 | 15 | ||
Equity instruments at fair value through OCI | FV OCI | 94 | 123 | |||
Total | 22,365 | 823 |
162
Fair value measurement of Aurelia Netherlands
Topco B.V.
The voluntary tender offer to acquire all of the shares in Adevinta
ASA by Aurelia Bidco Norway AS (the offeror) was completed on 29
May 2024 and Schibsted Marketplaces sold its 28 per cent
ownership interest previously held in Adevinta ASA. As part of the
transaction Schibsted Marketplaces acquired a 14 per cent
ownership interest in Aurelia Netherlands Topco B.V. (Aurelia), an
indirect parent of the offeror.
With a 14 per cent ownership interest, Schibsted Marketplaces is
presumed to not have significant influence over Aurelia, unless such
influence can be clearly demonstrated. When assessing if
significant influence exists, Schibsted Marketplaces has evaluated
relevant facts and circumstances, including but not limited to the
representation on the Board of Directors and participation in policy-
making processes. Based on the assessment, Schibsted
Marketplaces has concluded that significant influence is not clearly
demonstrated and the investment is classified as an equity
instrument classified as at fair value through profit or loss (FVPL).
The election to classify the investment as FVPL has a material effect
on the accounting treatment of the investment going forward.
At the end of 2024 the fair value of Schibsted Marketplaces
investment in Aurelia is NOK 21,750 million (EUR 1,844 million), and
a gain of NOK 6,088 million was recognised as Financial income
related to changes in fair value of the investment.
As there no longer is a quoted share price or publicly available
pricing, the valuation needs to be based on unobservable input, and
the fair value measurement is within Level 3. Schibsted
Marketplaces applies a market approach using comparable trading
multiples to estimate the fair value of Aurelia. The unobservable
input reflects the assumptions Schibsted Marketplaces believes
market participants would use to estimate the exit price at the
measurement date.
The valuation is owned by Schibsted Marketplaces’ CFO and will be
performed by the Adevinta Ownership Office with support from the
M&A department. The valuation will be presented to the Audit
Committee each quarter, including a discussion on significant
assumptions used in the valuation. As part of ensuring that the
valuation model and input used remain reasonable, the Board of
Directors will obtain an external opinion on the valuation framework
of the investment on an annual basis.
The enterprise value (EV) is estimated based on EV/EBITDA and
EV/EBITDA-CAPEX multiples derived from a group of public peers.
The estimated EV will be adjusted for any identified premiums or
discounts before adjusting for net interest-bearing debt to calculate
the equity value of Schibsted Marketplaces’ ownership interest.
The valuation requires management to use unobservable inputs in
the model, of which the significant unobservable inputs are
disclosed in the table below.
Significant unobservable inputs are developed as follows:
amounts that market participants would use when pricing
the investment. The multiples are derived from
comparable public companies based on industry,
geographic location, size, target markets and other factors
that management considers to be appropriate. The trading
multiples for the comparable companies are determined
by dividing the enterprise value of the company by its
EBITDA or EBITDA-CAPEX. The EV/EBITDA and
EV/EBITDA-CAPEX multiples are based on a balanced and
well representative set of public peers, operating within
similar industries and regions and the median multiple of
the peer group is applied in the valuation.
represents the discount applied to the comparable market
multiples to reflect differences compared to the applied
peer group. The median valuation multiples derived from
the peer group are currently affected by higher multiples
of real estate focused companies, while Aurelia’s business
is skewed towards the automotive industry whose
relevant peers are currently priced at lower valuation
multiples. Further, the applied peer group currently has on
average a higher expected earnings growth, compared to
Aurelia. A discount is applied to reflect the difference in
the quality of the earnings and the difference in expected
performance. In future periods, the adjustment may
change based on the development of Aurelia in
comparison to the peer group.
Sensitivity of fair value measurement to changes in unobservable
inputs:
For fair value measurements in Level 3, changing one or more of the
significant unobservable inputs with possible alternative
assumptions would have the following effects on the estimated fair
value of the investment in Aurelia:
| Significant | Sensitivity of | ||||
| Fair value | unobservable | Value | the input to fair | ||
| Valuation technique | (NOK million) | inputs | applied | value | |
Investment in Aurelia Netherlands | Market approach using | 21,750 | EV/EBITDA | 23.7 | (10%)/10% |
| Topco B.V. | comparable trading multiples | multiple | |||
EV/ EBITDA - | 27.9 | (10%)/10% | |||
| CAPEX multiple | |||||
Adjustment for | (15%) | (5%)/5% | |||
| premium/(discount) |
An increase or decrease in the EV/EBITDA multiple of 10 per cent
would increase or decrease the fair value by NOK 1,421 million.
Similarly, an increase or decrease in the applied EV/EBITDA-CAPEX
multiple of 10 per cent would increase or decrease the fair value by
NOK 1,451 million. An increase or decrease in the adjustment for
premium or discount of 5 percentage points would decrease or
increase the fair value by NOK 1,689 million. These sensitivities are
quantified assuming that only the relevant input factor is changed,
while keeping other input factors to fair value constant.
163
| Obligation to acquire non- | ||||
controlling interests | Contingent considerations | |||
Development in net carrying amount 2024 | 2023 | 2024 | 2023 | |
As at 1 January | 217 | 627 | 116 | 133 |
Additions | - | 20 | 124 | - |
Settlement | - | (287) | (117) | - |
Change in fair value recognised in equity | - | (149) | - | - |
Change in fair value recognised in Profit (loss) | - | - | 28 | (30) |
Interest expenses | - | - | 6 | 3 |
Disposals on sale of businesses | (154) | - | - | - |
Foreign exchange differences | 1 | 6 | 1 | 9 |
As at 31 December | 65 | 217 | 158 | 116 |
- of which non - current (Note 24) | 65 | 104 | 124 | - |
- of which current (Note 24) | - | 113 | 34 | 116 |
The maturity profile of the financial liabilities | ||||
Maturity within 1 year | - | 113 | 34 | 116 |
Maturity between 1 and 2 years | 65 | - | 55 | - |
Maturity between 2 and 5 years | - | 104 | 69 | - |
164
Non-current | Current | |||
2024 | 2023 | 2024 | 2023 | |
Financial liabilities related to non - controlling interests' put options (Note 23) | 65 | 104 | - | 113 |
Contingent considerations business combinations (Note 23) | 124 | - | 34 | 116 |
Deferred consideration related to business combinations | - | - | - | 38 |
Liabilities to joint ventures and associates | 11 | 5 | 22 | 51 |
Trade payables | - | - | 197 | 393 |
Public duties payable | - | - | 411 | 718 |
Accrued salaries and other employment benefits | - | 15 | 460 | 852 |
Accrued expenses | - | - | 296 | 537 |
Provision for restructuring costs | 14 | 55 | 176 | 65 |
Financial derivatives (Note 5, Note 27) | 35 | 58 | 59 | 73 |
Other liabilities | 25 | 45 | 112 | 194 |
Total | 274 | 282 | 1,768 | 3,149 |
Note 25 - Financial risk management
Capital management and funding
Schibsted Marketplaces’ financial strategy implies a strong focus on
profitability, innovation and disciplined capital allocation to create
long-term shareholder value. Investing in selective acquisitions may
be considered over time to support value creation. To support the
achievement of these objectives, Schibsted Marketplaces will
maintain a conservative balance sheet.
Schibsted Marketplaces targets to maximise the shareholders’
return through long-term growth in the share price and dividend.
The Group’s updated dividend policy is to place emphasis on paying
a progressive annual dividend amount over time. In addition, free
cash flow post dividends and investments will be returned to
shareholders through share buybacks or extra dividends.
Funding and control of refinancing risk is handled by Group treasury
on the parent company level. Schibsted Marketplaces has a
diversified loan portfolio both in terms of loan sources and maturity
profile, see Note 26 Interest-bearing loans and borrowings. The
most important funding sources are banks and the Norwegian bond
market. Schibsted Marketplaces' objective is to be an investment
grade rated company over time and have a BBB/Positive rating from
Scope Ratings. The financial flexibility is good, and the refinancing
risk is considered as low.
Schibsted Marketplaces’ Revolving credit loan facility agreement
contain a financial covenant regarding the ratio of net interest-
bearing debt (NIBD) to gross operating profit (EBITDA). The ratio
shall normally not exceed 3, but can be reported at higher levels up
to three quarters during the loan period, as long as the ratio stays
below 4. According to the definition of the loan agreement, the
ratios were -1.39 as at 31 December 2024 (net cash position) and 2.13
as at 31 December 2023 excluding the effects of lease obligations
(IFRS 16).
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:
| 2023 | ||
| 2024 | (restated) | |
Non - current interest - bearing loans and borrowings | 3,018 | 4,872 |
Current interest - bearing loans and borrowings | - | 780 |
Cash and cash equivalents | (5,545) | (1,279) |
Net interest - bearing debt | (2,527) | 4,373 |
Group equity | 32,504 | 42,425 |
Net gearing (net interest - bearing | (0.08) | 0.10 |
| debt/equity) | ||
Undrawn long - term bank facilities (Note | 3,539 | 3,372 |
| 26) |
165
2024 | 2023 | ||||
Currency | Amount | NOK | Amount | NOK | |
Forward contracts, sale | SEK | 450 | 463 | 940 | 952 |
Forward contracts, sale | EUR | - | - | 15 | 173 |
Forward contracts, sale | DKK | 175 | 277 | 455 | 686 |
Forward contracts, buy | EUR | - | - | 6 | 67 |
| Currency | NOK to | ||||
| Currency | payment | receive | |||
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 |
166
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% |
167
Note 26 - Interest-bearing loans and borrowings
Carrying amount | Fair value (1) | |||||||
Non-current interest-bearing liabilities | 2024 | 2023 | 2024 | 2023 | Currency | Coupon | ||
Bonds | ||||||||
ISIN | NO0010786866 | (2017 - 2024) | - | 500 | - | 501 | NOK | |
ISIN NO0011157323 | (2021 - 2026) | 1,000 | 1,000 | 1,004 | 991 | NOK | FRN: Nibor 3 months + 78 bps | |
ISIN | NO0012484486 | (2022 - 2027) | 600 | 600 | 608 | 599 | NOK | FRN: Nibor 3 months + 120 bps |
ISIN NO0012484494 | (2022 - 2029) | 400 | 400 | 385 | 386 | NOK | 3.95% | |
ISIN NO0012911306 | (2023 - 2028) | 500 | 500 | 510 | 503 | NOK | FRN: Nibor 3 months + 145 bps | |
ISIN | NO0012911231 | (2023 - 2030) | 500 | 500 | 496 | 502 | NOK | 4.85% |
Total bonds | 3,000 | 3,500 | 3,002 | 3,481 | ||||
- of which current interest - bearing liabilities | - | 500 | - | 501 | ||||
Bank loans | (7) | 1,836 | (7) | 1,836 | ||||
Other loans | 25 | 36 | 25 | 36 | ||||
Total non - current interest - bearing liabilities | 3,018 | 4,872 | 3,020 | 4,852 | ||||
| Current interest-bearing liabilities | ||||||||
Bonds, maturity <1 year | - | 500 | - | 501 | ||||
Bank loans, overdrafts | 280 | - | 280 | |||||
Other loans | - | - | - | - | ||||
Total current interest - bearing liabilities | - | 780 | - | 780 | ||||
Total interest - bearing liabilities | 3,018 | 5,652 | 3,020 | 5,632 | ||||
(1) The fair value of exchange-traded bonds is quoted prices, whereas book values are assumed to represent fair value for other loans.
Contractual amount in NOK million of interest-bearing loans and
borrowings breaks down as follows by currency:
| Interest-bearing | ||
| liabilities | ||
2024 | 2023 | |
NOK | 3,025 | 5,536 |
EUR | - | 130 |
Total contractual amount | 3,025 | 5,666 |
Credit facilities
Schibsted Marketplaces has a long-term multi-currency revolving
credit facility of EUR 300 million. The facility was not drawn at the
end of 2024. There is a commitment fee to maintain the facility's
availability.
Maturity profile interest-bearing liabilities and unutilised credit
facilities (contractual amounts):
| Interest-bearing | liabilities | credit facilities | Unutilised | |
2024 | 2023 | 2024 | 2023 | |
Maturity <3 months | - | 500 | - | - |
Maturity 3 months - 1 year | - | 286 | - | - |
Maturity 1 - 2 years | 1,000 | 1,844 | - | - |
Maturity 2 - 5 years | 1,500 | 2,111 | 3,539 | 3,372 |
Maturity >5 years | 525 | 924 | - | - |
Total contractual amount | 3,025 | 5,666 | 3,539 | 3,372 |
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
The Group has provided guarantees of NOK 26 million.
168
169
Carrying amount of financial assets and liabilities divided into categories:
| Financial assets | Financial | Financial | ||||
| and liabilities | assets | Equity | liabilities | |||
| at fair value | at | instruments | at | |||
| through profit | amortised | at fair value | amortised | |||
31 December 2024 | Note | (loss) | cost | through OCI | cost | Total |
Equity instruments | 22 | 22,272 | - | 94 | - | 22,365 |
Other non - current assets | 20 | 4 | 21 | - | - | 26 |
Trade receivables and other current assets | 20,21 | 2 | 1,097 | - | - | 1,098 |
Cash and cash equivalents 1) | - | 5,545 | - | - | 5,545 | |
Total assets | 22,278 | 6,663 | 94 | - | 29,033 | |
Non - current interest - bearing loans and borrowings | 26 | - | - | - | 3,018 | 3,018 |
Other non - current liabilities | 24 | 160 | - | - | 50 | 210 |
Lease liabilities | 19 | - | - | - | 861 | 861 |
Other current liabilities | 24 | 93 | - | - | 1,246 | 1,339 |
Total liabilities | 253 | - | - | 5,176 | 5,428 |
1) As at 31 December 2024 Cash and cash equivalents consist of bank deposits and short-term low-risk liquidity funds. The total market value of the funds was
NOK 3,830 million as at December 31 2024. The funds are classified as cash and cash equivalents as they are defined as short-term, highly-liquid investments
that are readily convertible to a known amount of cash, and are subject to an insignificant risk of changes in values.
| 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 |
Equity instruments | 22 | 700 | - | 123 | - | 823 |
Other non - current assets | 20 | 4 | 44 | - | - | 48 |
Trade receivables and other current assets | 20,21 | 46 | 1,868 | - | - | 1,913 |
Cash and cash equivalents 2) | - | 1,279 | - | - | 1,279 | |
Total assets | 750 | 3,191 | 123 | - | 4,064 | |
Non - current interest - bearing loans and borrowings | 26 | - | - | - | 4,872 | 4,872 |
Other non - current liabilities | 24 | 58 | - | - | 120 | 178 |
Current interest - bearing loans and borrowings | 26 | - | - | - | 780 | 780 |
Lease liabilities | 19 | - | - | - | 2,237 | 2,237 |
Other current liabilities | 24 | 188 | - | - | 2,126 | 2,314 |
Total liabilities | 247 | - | - | 10,134 | 10,381 |
1) Including financial derivatives qualified for hedge accounting.
2) As at 31 December 2023 Cash and cash equivalents solely consists of bank deposits, including restricted cash of NOK 79 million.
The fair value of the Group’s financial derivatives:
Assets | Liabilities | |||
2024 | 2023 | 2024 | 2023 | |
Forward contracts | 2 | 35 | 4 | 14 |
Interest rate and cross currency swaps | - | 6 | 90 | 112 |
Total return swaps | - | 5 | - | - |
Other | 4 | 4 | - | 5 |
Total | 7 | 50 | 95 | 131 |
170
The Group's financial assets and liabilities measured at fair value, analysed by valuation method:
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Equity instruments at fair value through profit or loss (Note 22) | 9 | - | 22,262 | 22,272 |
Equity instruments at fair value through OCI (Note 22) | - | - | 94 | 94 |
Other financial assets at fair value through profit or loss | - | 7 | - | 7 |
Financial liabilities at fair value through profit or loss | - | (95) | (158) | (253) |
Financial liabilities for obligations to acquire non - controlling interests recognised in equity (Note 23) | - | - | (65) | (65) |
Total financial assets and liabilit i es at fair value | 9 | (88) | 22,133 | 22,055 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Equity instruments at fair value through profit or loss (Note 22) | 63 | - | 637 | 700 |
Equity instruments at fair value through OCI (Note 22) | - | - | 123 | 123 |
Other financial assets at fair value through profit or loss | - | 50 | - | 50 |
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) |
Total financial assets and liabilit i es at fair value | 63 | (81) | 427 | 409 |
Changes in level 3 instruments:
2024 | 2023 | |
As at 1 January | 427 | 79 |
Additions | (111) | 19 |
Disposals | (8) | (17) |
Disposals on sale of businesses | 151 | - |
Transition from (to) subsidiaries, joint ventures, associates and receivables | 15,686 | (4) |
Settlements | 117 | 287 |
Changes in fair value recognised in equity | - | 149 |
Changes in fair value recognised in other comprehensive income | (24) | (20) |
Changes in fair value recognised in profit or loss | 5,895 | (66) |
As at 31 December | 22,133 | 427 |
171
Number of A-shares | Number of B-shares | Total number of shares | |||||||
Shares | Treasury | Issued | Shares | Treasury | Issued | Shares | Treasury | Issued | |
| outstanding | shares | outstanding | shares | outstanding | shares | ||||
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 | - | (1,497,680) | (1,497,680) | - | (1,830,375) | (1,830,375) | - | (3,328,055) | (3,328,055) |
Increase in treasury shares | (3,487,526) | 3,487,526 | - | (4,264,032) | 4,264,032 | - | (7,751,558) | 7,751,558 | - |
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 |
Redemption of treasury shares | - | (2,423,946) | (2,423,946) | (2,614,457) | (2,614,457) | - | (5,038,403) | (5,038,403) | |
New share issuance | - | - | - | 8,030,279 | 8,030,279 | 8,030,279 | - | 8,030,279 | |
Increase in treasury shares | (1,482,499) | 1,482,499 | - | (1,588,526) | 1,588,526 | - | (3,071,025) | 3,071,025 | - |
Decrease in treasury shares | - | - | - | 293,534 | (293,534) | - | 293,534 | (293,534) | - |
As at 31 December 2024 | 99,055,833 | 1,482,499 | 100,538,332 | 131,414,333 | 1,972,180 | 133,386,513 | 230,470,166 | 3,454,679 | 233,924,845 |
2024 | 2023 | |
Cash flow hedges | (4) | (19) |
Total hedging reserves | (4) | (19) |
172
2024 | 2023 | ||||||||
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 | - | 36 | - | - | 9.99% | 98 | 96 | (89) |
Helthjem Netthandel AS | Oslo, Norway | 34.00% | 1 | 17 | - | 34.00% | - | 10 | - |
Plick AB | Stockholm, Sweden | - | (2) | - | - | 49.00% | (19) | 22 | - |
Aftonbladet Hierta AB | Stockholm, Sweden | - | 1 | - | (6) | 9.00% | 4 | - | (8) |
Podme group | Oslo, Norway | - | (5) | - | - | 8.98% | (6) | - | - |
Other | (8) | 2 | - | (8) | 13 | (2) | |||
Total | 23 | 19 | (6) | 68 | 142 | (99) |
Note 30 - Supplemental information to the consolidated statement of cash
flows
Aggregate cash flows arising from obtaining control of subsidiaries
and businesses:
2024 | 2023 | |
Cash in acquired companies | 91 | 9 |
Acquisition cost other current assets | 102 | 5 |
Acquisition cost non - current assets | 253 | 74 |
Aggregate acquisition cost assets | 446 | 88 |
Non - controlling interests and liabilities | (181) | (35) |
| assumed | ||
Contingent consideration deferred | (124) | - |
Contingent consideration paid | 115 | - |
Deferred consideration paid | 40 | - |
Fair value of previously held equity interest | (8) | (10) |
Gross purchase price | 289 | 43 |
Cash in acquired companies | (91) | (9) |
Acquisition of subsidiaries, net of cash | 198 | 33 |
| acquired |
Aggregate cash flows arising from losing control of subsidiaries and
businesses:
2024 | 2023 | |
Cash in sold companies | 349 | 79 |
Carrying amount other current assets | 803 | 5 |
Carrying amount non - current assets | 4,543 | 54 |
Aggregate carrying amount assets | 5,696 | 138 |
Equity and liabilities transferred | (4,389) | (44) |
Gain (loss) | 3,768 | (9) |
Gross sales price | 5,074 | 86 |
Cash in sold companies | (349) | (79) |
Non - cash consideration and non - cash items | (128) | (59) |
| in gain (loss) | ||
Proceeds from sale of subsidiaries, net of cash sold | 4,597 | (52) |
Change in ownership interests in subsidiaries consists of:
2024 | 2023 | |
Increase in ownership interest - from | - | (287) |
settlement of financial liabilities for obligations to acquire non-controlling interests | ||
Increase in ownership interest - from other transactions | (9) | - |
Change in ownership interests in subsidiaries | (9) | (287) |
173
Changes in liabilities arising from financing activities:
Interest - bearing loans and | Put | Lease liabilities | |
| borrowings (Note 26) | obligations | (Note 19) | |
As at 1 January 2024 | 5,652 | 217 | 2,237 |
Cash flow from financing activities | |||
- New interest - bearing loans and borrowings | 750 | - | - |
- Repayment of interest - bearing loans and borrowings | (3,383) | - | - |
- Payment of principal portion of lease liabilities | - | - | (295) |
Non - cash changes | (8) | 776 | |
Business combinations and loss of control | (4) | (154) | (1,823) |
Foreign exchange differences | 3 | 1 | (5) |
Other | 9 | - | - |
Reclassified as held for sale | - | - | (28) |
As at 31 December 2024 | 3,018 | 65 | 861 |
Put obligations are included in Other non-current liabilities and Other current liabilities in the statement of financial position. See also Note
24 Other non-current and current liabilities and Note 23 Financial liabilities related to business combinations and increases in ownership
interests.
Put | |||
| Interest-bearing loans and | obligations | Lease liabilities | |
| borrowings (Note 26) | (restated) | (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 |
174
The consolidated statement of cash flows includes the following cash flow related to continuing operations:
2024 | 2023 | |
Profit (loss) before taxes from continuing operations | 4,800 | 1,837 |
Depreciation, amortisation and impairment losses (recognised or reversed) | 2,166 | 734 |
Net interest expense | 60 | 330 |
Net effect pension liabilities | (17) | 2 |
Share of loss (profit) of joint ventures and associates | 83 | 70 |
Interest received | 197 | 74 |
Interest paid | (248) | (385) |
Taxes paid | (163) | (201) |
Non - operating gains and losses | (5,818) | (1,463) |
Change in working capital and provisions | (23) | 62 |
Net cash flow from operating activities from continuing operations | 1,037 | 1,059 |
Development and purchase of intangible assets and property, plant and equipment | (551) | (607) |
Acquisition of subsidiaries, net of cash acquired | (158) | - |
Investment in other shares | (62) | (108) |
Proceeds from sale of intangible assets and property, plant and equipment | 3 | - |
Proceeds from sale of subsidiaries, net of cash sold | (43) | (12) |
Sale of other shares | 9 | 17 |
Cash outflows from other investments | (165) | (333) |
Cash inflows from other investments | 63 | 1,251 |
Net cash flow from investing activities from continuing operations | (904) | 208 |
New interest - bearing loans and borrowings | 750 | 1,017 |
Repayment of interest - bearing loans and borrowings | (3,383) | (1,741) |
Payment of principal portion of lease liabilities | (143) | (147) |
Change in ownership interests in subsidiaries | (9) | (287) |
Capital increase | 7 | - |
Net sale (purchase) of treasury shares | (987) | (1,520) |
Dividends paid to owners of the parent | (20,451) | (459) |
Dividends paid to non - controlling interests | - | (89) |
Net cash flow from financing activities from continuing operations | (24,215) | (3,226) |
175
Note 31 - Transactions with related parties
Schibsted ASA has direct and indirect control of around 130 entities
in various parts of the world, at year end. There were many changes
in related entities in 2024 related to the sale of News Media.
Directly-owned subsidiaries are presented in Note 10 Subsidiaries
and associates to the financial statements for the parent company.
Schibsted Marketplaces has ownership interests in joint ventures
and associates, see Note 5 Investments in joint ventures and
associates.
For loans to joint ventures and associates see Note 20 Trade
receivables and other non-current and current assets. For loans
from joint ventures and associates, see Note 24 Other non-current
and current liabilities.
For remuneration to executive management, see Note 8 Personnel
expenses and remuneration.
Remuneration to the Board of Directors earned in 2024 (in NOK 1,000):
| Board | ||||
| remuneration from | ||||
| Board | Committee | other Group | Total | |
| Members of the Board and Committees: | remuneration | remuneration | companies | remuneration |
Karl - Christian Agerup, Chairman of the Board and Member of the Compensation Committee. | 1,380 | 107 | - | 1,487 |
Rune Bjerke, Deputy Chairman of the Board and Chairman of Audit Committee. | 1,036 | 240 | - | 1,275 |
Philippe Vimard, Board member and Member of the Compensation Committee.* | 814 | 124 | - | 938 |
Satu Kiiskinen, Board member and Member of the Audit | 698 | 147 | - | 845 |
| Committee.* | ||||
Dr. Ulrike Handel, Board member and Member of the Audit | 814 | 147 | - | 962 |
| Committee.* | ||||
Natalia Gennadievna Zharinova, Board member and Chairman of Compensation Committee from April 2024.* | 579 | 111 | - | 690 |
Rolv Erik Ryssdal, Board member from April 2024. | 445 | - | - | 445 |
Satu Huber, Board member and Member of the Compensation | 219 | 33 | - | 252 |
| Committee to April 2024.* | ||||
Hugo Maurstad, Board member to April 2024. | 202 | - | - | 202 |
Henning Spjelkavik, Employee representative from April 2024. | 359 | 101 | 55 | 515 |
Yevgeniya Nättilä, Employee representative from April 2024.* | 308 | - | - | 308 |
Kamilla Wehrmann, Employee representative from April 2024. | 275 | 73 | - | 348 |
Hans Kristian Mjelva, Employee representative. Member of the Compensation Committee to April 2024.* | 257 | 33 | - | 290 |
Marita E. Valvik, Employee representative from June 2023 to April 2024. | 240 | - | - | 240 |
Total | 7,626 | 1,118 | 55 | 8,799 |
* Board remuneration includes compensation for travelling hours for directors who do not live in Oslo.
Remuneration of the Nomination Committee
Remuneration to the Chair of the Nomination Committee earned in 2024 was NOK 158,333 and NOK 98,333 to the other members of the
committee.
The fees presented above reflect the fees approved in the Annual General Meeting for the period 2023-2024 and 2024-2025.
176
Note 32 - Auditors' remuneration
Details on fees to the Group’s auditors for the fiscal year 2024
(excl. VAT):
| Other | Tax | Other non- | |||
| Audit | attestation | advisory | audit | ||
| services | services | services | services | Total | |
Schibsted Group | |||||
PwC | 12 | 3 | - | 5 | 20 |
Other auditors | 2 | - | - | - | 2 |
Total | 14 | 3 | - | 5 | 22 |
- of which continuing operations | 9 | 3 | - | 5 | 17 |
- of which discontinued | 5 | - | - | - | 5 |
| operations | |||||
Schibsted ASA | |||||
PwC | 2 | 3 | - | 1 | 5 |
Details on fees to the Group’s auditors for the fiscal year 2023
(excl. VAT):
| Other | Tax | Other non- | |||
| Audit | attestation | advisory | audit | ||
| services | services | services | services | Total | |
Schibsted Group | |||||
PwC | 14 | 1 | - | 2 | 17 |
Other auditors | 1 | - | 1 | 2 | |
| - | |||||
Total | 15 | 1 | 1 | 2 | 19 |
- of which continuing operations | 8 | 1 | 1 | 2 | 12 |
- of which discontinued | 7 | - | - | - | 7 |
| operations | |||||
Schibsted ASA | |||||
PwC | 3 | - | - | - | 3 |
177
| 2024 | |
Assets | |
Intangible assets | 732 |
Property, plant and equipment | 27 |
Right - of - use assets | 32 |
Deferred tax assets | 115 |
Other non - current assets | 3 |
Contract assets | 48 |
Trade receivables and other current assets | 338 |
Cash and cash equivalents | 19 |
Assets held for sale | 1,314 |
Liabilities | |
Deferred tax liabilities | 34 |
Pension liabilities | 5 |
Non - current lease liabilities | 15 |
Other non - current liabilities | 1 |
Income tax payable | 10 |
Current lease liabilities | 13 |
Contract liabilities | 87 |
Other current liabilities | 243 |
Liabilities held for sale | 408 |
Net assets directly associated with disposal group | 906 |
Amounts included in accumulated other | |
| comprehensive income: | |
Foreign currency translation reserve | 73 |
178
2024 | 2023 | |
Operating revenues | 4,239 | 8,139 |
Costs of goods and services sold | (72) | (259) |
Personnel expenses | (1,970) | (3,613) |
Marketing expenses | (636) | (880) |
Other operating expenses | (1,077) | (2,456) |
Gross operating profit (loss) | 484 | 930 |
Depreciation and amortisation | (323) | (632) |
Impairment loss | - | (15) |
Other income | 5 | 75 |
Other expenses | (44) | (125) |
Operating profit (loss) | 122 | 234 |
Share of profit (loss) of joint ventures and associates | (562) | (1,719) |
Impairment loss on joint ventures and associates (recognised or reversed) | - | 14,555 |
Gains (losses) on disposal of joint ventures and associates | - | (4) |
Financial income | (19) | (23) |
Financial expenses | (14) | (376) |
Profit (loss) before taxes | (474) | 12,667 |
Income taxes | (25) | (51) |
Profit (loss) after taxes from discontinued operations | (498) | 12,615 |
Gain on disposal | 8,826 | (28) |
Related income tax expense | - | (31) |
Profit (loss) from discontinued operations | 8,329 | 12,556 |
Other comprehensive income from discontinued operations | (1,671) | 1,156 |
Total comprehensive income from discontinued operations | 6,657 | 13,713 |
Total comprehensive income from discontinued operations attributable to: | ||
Non - controlling interests | (6) | - |
Owners of the parent | 6,662 | 13,713 |
Earnings per share from discontinued operations in NOK: | ||
Basic | 36.11 | 55.07 |
Diluted | 36.01 | 54.94 |
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
ALTERNATIVE PERFORMANCE MEASURES
179
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 the
Financial Supervisory Authority of Norway’s review of certain topics
in the 2022 and 2023 annual financial statements of Schibsted ASA.
For further description, see Note 2.
The income statement for previous periods is re-presented,
reflecting the media operations, Adevinta, Lendo Group, Prisjakt
Group and SMB Group as discontinued for all reported periods.
Affected APMs are re-presented accordingly and Earnings per
share (adjusted) for continuing operations is presented as an APM.
Schibsted Marketplaces has adjusted the reporting structure with
effect from the fourth quarter of 2024. The new operating segments
are Mobility, Real Estate, Jobs, Recommerce and Delivery. See Note
6 Operating segments for more information. Affected APMs are
restated retrospectively to give comparable information.
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 2024
2023
(restated)
Gross operating profit (loss)
1,697
1,589
= EBITDA
1,697
1,589
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 2024 2023
Cash and cash equivalents
5,545
1,279
Unutilised drawing rights
3,539
3,372
Liquidity reserve
9,084
4,652
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 MARKETPLACES ANNUAL REPORT 2024
ALTERNATIVE PERFORMANCE MEASURES
180
Net interest-bearing debt 2024 2023
Non
-
current interest
-
bearing loans and borrowings
3,018
4,872
Current interest
-
bearing loans and
borrowings
-
780
Cash and cash equivalents
(5,545)
(1,279)
Net interest
-
bearing debt
(2,527)
4,372
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 2024
2023
(restated)
Profit (loss) attributable to owners of the parent
12,957
14,120
Impairment loss
1,337
39
Other income
(9)
(55)
Other expenses
518
111
Impairment loss on joint
ventures and associates (recognised or reversed)
127
88
Gains (losses) on disposal of joint ventures and associates
10
(2)
Gains (losses) from fair value measurement of total return swap
(2)
(1,583)
Other income and expenses, Impairment loss and
gains in discontinued operations
39
(14,146)
Gain on disposal of discontinued operations
(8,826)
28
Taxes and Non
-
controlling interests related to Other income and expenses, Impairment loss and Gains
(133)
(34)
Profit (loss) attributable to owners of
the parent
-
adjusted
6,017
(1,434)
Earnings per share
–
adjusted (NOK)
26.08
(6.30)
Diluted earnings per share
–
adjusted (NOK)
26.00
(6.30)
Earnings per share - adjusted - continuing operations 2024 2023
Profit (loss) attributable to owners of
the parent
12,957
14,120
-
of which continuing operations
4,623
1,562
-
of which discontinued operations
8,334
12,558
Profit (loss) attributable to owners of the parent
-
continuing operations
4,623
1,562
Impairment loss
1,337
39
Other income
(9)
(55)
Other expenses
518
111
Impairment loss on joint ventures and associates (recognised or reversed)
127
88
Gains (losses) on disposal of joint ventures and associates
10
(2)
Gains (losses) from fair value measurement of total
return swap
(2)
(1,583)
Taxes and Non
-
controlling interests related to Other income and expenses, Impairment loss and Gains
(126)
(21)
Profit (loss) attributable to owners of the parent
-
adjusted
6,477
140
Earnings per share
–
adjusted (NOK)
28.07
0.61
Diluted earnings per share
–
adjusted (NOK)
27.99
0.61
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
ALTERNATIVE PERFORMANCE MEASURES
181
Measure
Description
Reason for including
Revenues on a
foreign exchange
neutral basis
Growth rates on revenue on a foreign exchange
neutral basis are calculated using the same foreign
exchange rates for the period last year and this
year.
Enables comparability of development in revenues over time
excluding the effect of currency fluctuation.
Reconciliation of revenues on a constant currency basis Mobility
Real
Estate Jobs
Recom-
merce Delivery
Other/
Head-
quarters
Elimi-
nations
Total
Revenues 2024
2,362
1,171
1,220
825
2,124
1,279
(656)
8,325
Currency effect
(29)
(5)
1
(4)
-
67
16
45
Revenues adjusted for currency
2,333
1,166
1,222
821
2,124
1,345
(640)
8,370
Revenue growth on a constant currency basis
6%
14%
-
5%
15%
21%
15%
19%
10%
Revenues 2023
2,207
1,027
1,288
717
1,753
1,167
(539)
7,617
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.
Reconciliation of revenues on a constant currency basis
adjusted for business combinations Mobility
Real
Estate Jobs
Recom-
merce Delivery
Other/
Head-
quarters
Eliminati
ons
Total
Revenues 2024
2,362
1,171
1,220
825
2,124
1,279
(656)
8,325
Revenues 2024 from acquired companies
(185)
(185)
Currency effect
(29)
(5)
1
(4)
0
67
16
45
Revenues adjusted for business combinations and currency
2,333
1,166
1,222
821
1,939
1,345
(640)
8,185
Revenue growth on a constant
currency
basis adjusted for
business combinations and disposals of subsidiaries
6%
14%
-
5%
15%
11%
15%
19%
7%
Revenues 2023
2,207
1,027
1,288
717
1,753
1,167
(539)
7,617
Revenues from acquired companies are related to Helthjem Distribusjon Østlandet AS (formerly Amedia Distribusjon AS) acquired 1 July 2024.
Currency rates used when converting profit or loss 2024 2023
Swedish krona (SEK)
1.0171
0.9959
Danish krone
(DKK)
1.5585
1.5331
Euro (EUR)
11.6248
11.4232
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
182
Financial statements for parent company
Income statement for the year ended 31 December
(NOK million) Note 2024 2023
Operating revenues
3
292
293
Other revenues
6
1
Personnel expenses
4
(188)
(199)
Depreciation and amortisation
5
(21)
(29)
Other operating expenses
3,6,7
(424)
(319)
Operating profit (loss)
(336)
(254)
Financial income
8
34,616
14,480
Financial expenses
8
(548)
(10,679)
Net
financial items
34,068
3,800
Profit (loss) before taxes
33,731
3,546
Taxes
9
(46)
(45)
Profit (loss)
33,685
3,501
Statement of financial position as of 31 December
(NOK million) Note 2024 2023
ASSETS
Deferred tax assets
9
95
92
Intangible assets
5
57
110
Property, plant and equipment
3
3
Investments in subsidiaries
10
13,581
13,475
Investments in associates
10
-
8,030
Investments in joint venture
10
44
-
Other non
-
current assets
11
18,789
8,486
Non
-
current assets
32,568
30,197
Current assets
11
470
1,826
Cash and cash equivalents
12,13
5,397
1,105
Current assets
5,867
2,931
Total assets
38,435
33,127
EQUITY AND LIABILITIES
Share capital
14,15
117
115
Treasury stocks
14
(2)
(3)
Other
paid
-
in capital
14
7,645
5,139
Retained earnings
14
26,060
13,865
Equity
33,820
19,117
Pension liabilities
16
392
331
Other non
-
current liabilities
17,18
3,014
5,625
Non
-
current liabilities
3,406
5,956
Current liabilities
17,18
1,209
8,055
Total equity and liabilities
38,435
33,127
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
183
Statement of cash flows for the year ended 31 December
(NOK million) Note 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes
33,731
3,546
Taxes paid
9
(6)
(64)
Depreciation, amortization and impairment losses
86
71
Group contributions included in financial income
8
(276)
(1,767)
Dividends without cash effect
8
(483)
(8)
Share of loss (profit) of joint ventures and associates
(12)
(1,227)
Share of loss
(profit) of other investments
-
45
Net effect pension liability
16
79
4
Non
-
operating gains and losses
(33,333)
Change in working capital and provisions
11,17
485
1,445
Net cash flow from operating activities
271
2,045
CASH FLOW FROM
INVESTING ACTIVITIES
Purchase of intangible assets and property, plant and equipment
32
0
Change in subsidiaries receivables and liabilities in cash pool (net)
11,17
(1,775)
(1,595)
Group contributions (net)
2,026
541
Acquisitions of and
capital increase in subsidiaries
10
(355)
-
Net payment of non
-
current loans to/from subsidiaries
11
(740)
3
Sale of shares and capital decrease in subsidiaries
10
28,881
(224)
Net change in other investments
11
38
584
Net cash flow from
investing activities
28,108
(691)
Net cash flow before financing activities
28,379
1,354
CASH FLOW FROM FINANCING ACTIVITIES
New interest
-
bearing loans and borrowings from group companies
18
750
1,000
Repayment of other
interest
-
bearing loans and borrowings
17
(3,373)
(1,719)
Dividends paid
14
(20,452)
(1,537)
Net purchase (sale of treasury shares)
14
(1,012)
(1,555)
Net cash flow from financing activities
(24,087)
(3,812)
Net increase (decrease) in cash and
cash equivalents
4,292
(2,457)
Cash and cash equivalents as at 1 January
12
1,105
3,562
Cash and cash equivalents as at 31 December
12
5,397
1,105
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
184
Note 1 - Company information
Marketplaces Group. The 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 2024 were
approved by the Board of Directors on 25 March 2025 and will be
proposed to the Annual General Meeting on 6 May 2025.
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
multi-currency 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
Marketplaces 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 transfer 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 utilised 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 which
no liability is recognised, are disclosed in notes to the financial
statements.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
185
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 programs for
management and organisational development.
2024 2023
Sale of services to Group companies
252
290
Purchase of goods and services from Group
companies
191
191
Note 4 - Personnel expenses
2024 2023
Salaries and wages
119
127
Social
security costs
31
25
Net pension expense (Note 16)
16
15
Other personnel expenses
9
9
Share
-
based payment
14
23
Total personnel expenses
188
199
Number of full time equivalents
70
90
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
46
139
-
186
Additions
10
50
9
69
Disposals
(6)
(100)
-
(105)
Acquisition cost as at 31 December
51
89
9
149
Accumulated amortisation as at 1 January
(42)
(35)
-
(76)
Amortisation
(5)
(16)
-
(21)
Disposals
4
-
4
Accumulated depreciation as at 31 December
(42)
(51)
-
(93)
As at 31 December
9
39
9
57
Note 6 - Other operating expenses
2024 2023
Rent and maintenance
8
8
Office and administrative expenses
28
35
Restructuring costs
65
10
Professional fees
312
251
Travel, meetings and marketing
12
17
Total operating expenses
424
319
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 593 million (2023: NOK 1,853 million). For more information,
please see Note 19 Leases in the consolidated financial statements.
Rental expenses were NOK 18 million in 2024 and NOK 26 million in
2023. 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.
Note 8 - Financial items
Financial income consists of:
2024 2023
Interest income
583
1,842
Interest income cash pool
109
60
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
186
Group contributions received
276
1,767
Dividends from subsidiaries
483
1,057
Dividends from associates
-
22
Foreign exchange gain (agio)
32
8,502
Gains on sales of associates
31,505
-
Gains on sales of subsidiaries
1,583
-
Gain from realised total return swaps
30
1,227
Other financial income
14
3
Total
34,616
14,480
Financial expenses consist of:
2024 2023
Interest expenses
439
1,976
Interest expenses on pension plans (Note 16)
11
7
Fair value listed shares (loss)
26
36
Loss on sales of subsidiaries
-
1
Loss on sales of associates
-
27
Foreign exchange loss (disagio)
7
8,562
Impairment of investments in subsidiaries
40
42
Impairment of investments in JV and
associate
12
-
Other financial expenses
14
28
Total
548
10,679
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:
2024 2023
Profit (loss) before taxes
33,731
3,546
Dividends and tax
-
free group
contributions received
(759)
(2,430)
Other permanent differences
(33,019)
(1,101)
Change in temporary differences
61
(2)
Net
interest deduction
-
50
Effect of unrecognised actuarial gain (loss)
in the pension liability
18
(20)
Taxable income
32
43
Tax rate
22%
22%
Taxes payable and taxes charged to expenses are calculated as:
2024 2023
Calculated taxes payable
7
10
Change in net deferred tax asset
(2)
(11)
Tax related to unrecognised actuarial gain
(loss) in the pension liability
(4)
4
Tax expense related to prior years
46
42
Tax expense
46
45
Effective tax rate is a result of:
2024
2023
Profit (loss)
before taxes
33,731
3,546
Tax charged based on nominal rate
7,421
780
Tax effect permanent differences
(7,431)
(475)
Tax effect related to prior years
57
42
Effect from received group contribution
without tax effect
-
(302)
Taxes
46
45
The net deferred tax liability (asset) consists of the following:
2024 2023
Temporary differences related to:
Property, plant and equipment
4
(0)
Pension liabilities
(392)
(331)
Other current liabilities
(43)
(39)
Net interest carried forward
-
(50)
Total basis for deferred tax liability (asset)
(431)
(420)
Tax rate
22%
22%
Net deferred tax liability (asset) with
applicable year's tax rate
(95)
(92)
Net deferred tax liability (asset)
(95)
(92)
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
187
Note 10 - Subsidiaries and associates
Schibsted ASA is the ultimate parent company in the Schibsted Marketplaces 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
2024
Carrying amount
2023
Schibsted Tillväxtmedier AB
100%
Stockholm, Sweden
656
301
Schibsted Sverige AB
100%
Stockholm, Sweden
187
187
Schibsted Nordic Marketplaces AS
100%
Oslo, Norway
10,777
8,277
Schibsted Enterprise Technology AB
100%
Stockholm, Sweden
12
12
Schibsted Product & Technology AS
100%
Oslo, Norway
354
532
Schibsted Nova AS
100%
Oslo, Norway
13
23
Lendo Topco AS
100%
Oslo, Norway
1,344
1,344
Schibsted Delivery AS
100%
Oslo, Norway
141
-
Mittanbud Marketplaces AS
100%
Oslo, Norway
82
-
Schibsted Vekst
100%
Oslo, Norway
15
-
Schibsted Norge AS
0%
Oslo, Norway
-
2,663
Schibsted Eiendom AS
0%
Oslo, Norway
-
78
Schibsted News Media AB
0%
Oslo, Norway
-
50
Inzpire me AS
0%
Oslo, Norway
-
8
Total
13,581
13,475
2024
1. The increased carrying amount of Schibsted Tillväxtmedier AB is due to capital increase.
2. The increased carrying amount of Schibsted Nordic Marketplaces AS is due to capital increase through contribution in kind from Finn.no
AS.
3. The decreased carrying amount of Schibsted Product & Technology AS is due to the demerger of the company.
4. The decreased carrying amount of Schibsted Nova AS is due to the revaluation resulting in the impairment of the investment.
5. The investment in Schibsted Delivery AS is capitalised from group contribution from Schibsted Media AS.
6. The investment in Mittanbud Marketplaces AS is capitalised from contribution from Schibsted Media AS with NOK 75 million and through
contribution in kind from Schibsted Tillväxtmedier AB with NOK 7 million.
7. Schibsted ASA acquired Schibsted Vekst AS through contribution in kind from Schibsted Tilväxtmedier AB.
8. Schibsted ASA has scrapped the remaining value of their shares in SPT Nordics Ltd.
9. Schibsted Norge AS, Schibsted Eiendom AS, Schibsted News Media AS and Inzpire.me AS have been sold.
Investment in joint venture:
Investments in joint venture
Ownership and
voting share Location Carrying amount
Carrying amount
Elton Mobity AS
50%
Oslo, Norway
44
-
Total
44
-
The carrying amount of Elton Mobility AS is due to group contribution from Schibsted Media AS with NOK 38 million and capital increase with
NOK 6 million.
Ownership and
voting share Location
Carrying amount
2024 Equity
Polaris Media ASA
0.00%
Trondheim, Norway
-
-
Adevinta ASA
0.00%
Oslo, Norway
-
-
Total
-
Polaris Media AS and Adevinta ASA have been sold in 2024.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
188
Note 11 - Non-current and current receivables
Non-current Current
2024 2023 2024 2023
Group companies'
liabilities in cash pool
-
5,745
Other receivables from Group companies
3,104
2,669
445
1,781
Other receivables
14
9
23
9
Financial derivatives
2
35
Publicly listed stocks
15,671
63
Total
18,789
8,486
470
1,826
The non-current receivables from Group companies in 2024 consisted of internal bank to group companies and of loans to Lendo Topco AS
(100 per cent owned by Schibsted ASA), Schibsted Denmark Holdco ApS and AV Bidco AS (both owned 100 per cent by Schibsted Nordic
Marketplaces AS).
Note 12 - Cash and cash equivalents
2024 2023
Net assets in cash pool Danske Bank
1,462
1,096
Net assets in cash pool DNB
89
-
Funds
3,830
-
Net assets outside the cash pool
16
9
Total Cash and cash
equivalents
5,397
1,105
Schibsted ASA has a multi-currency cash pool with Danske Bank,
in which almost all the Schibsted Marketplaces subsidiaries are
included. The cash pool has been established to optimise liquidity
management for Schibsted Marketplaces. Schibsted ASA also has
a NOK cash pool with DNB.
The Group has an overdraft facility of NOK 400 million linked to
the cash pool with Danske Bank. At year-end 2024 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
2024 2023
Guarantees on behalf of Group companies
161
346
Total
161
346
A guarantee of up to NOK 161 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 around NOK 593 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 2023
115
(3)
5,139
13,865
19,117
Change in share capital
1
1
2,496
2,498
Change in treasury shares
0
34
(988)
(953)
Share
-
based payment
(25)
(25)
Unrecognised actuarial gain (loss) in pension plans
14
14
Extra dividends paid
(20,001)
(20,001)
Dividend
(515)
(515)
Profit (loss)
33,685
33,685
Equity as at 31 December 2024
117
(2)
7,645
26,060
33,820
The share capital of Schibsted ASA is NOK 233,924,845 split on 100,538,332 A-shares and 133,386,513 B-shares each with a nominal value
of NOK 0.50. Treasury shares as at 31 December 2024 comprise 1,459,821 A-shares and 1,948,193 B-shares (31 December 2023 comprise
2,423,946 A-shares and 3,291,645 B-shares).
For more information on number of shares, see Note 28 Equity in the consolidated financial statements.
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
189
Note 15 - Shareholder structure
The 20 largest shareholders as at 31 December 2024:
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
26.0 %
29.6 %
FOLKETRYGDFONDET
8,230,583
11,485,681
19,716,264
8.4 %
8.2 %
State Street Bank and Trust Comp
5,388,999
2,067,485
7,456,484
3.2 %
4.9 %
The Bank of New York Mellon SA/NV
2,159,515
3,449,662
5,609,177
2.4 %
2.2 %
POLARIS
MEDIA ASA
-
4,881,426
4,881,426
2.1 %
0.4 %
The Bank of New York Mellon SA/NV
406,614
3,972,763
4,379,377
1.9 %
0.7 %
JPMorgan Chase Bank, N.A., London
2,032,059
1,730,824
3,762,883
1.6 %
1.9 %
Caceis Bank
1,569,340
1,967,916
3,537,256
1.5 %
1.6 %
SCHIBSTED ASA
1,459,821
1,948,193
3,408,014
1.5 %
1.5 %
Morgan Stanley & Co. Int. Plc.
75,422
3,133,010
3,208,432
1.4 %
0.3 %
VERDIPAPIRFONDET DNB NORGE
474,105
2,438,345
2,912,450
1.2 %
0.6 %
Morgan Stanley & Co. LLC
757,880
1,922,305
2,680,185
1.1 %
0.8 %
Goldman Sachs & Co. LLC
1,788,749
625,231
2,413,980
1.0 %
1.6 %
VPF DNB AM NORSKE AKSJER
657,850
1,682,177
2,340,027
1.0 %
0.7 %
ALECTA TJANSTEPENSION OMSESIDIGT
-
2,248,500
2,248,500
1.0 %
0.2 %
State Street Bank and Trust
Comp
408,663
1,768,490
2,177,153
0.9 %
0.5 %
VERDIPAPIRFONDET KLP AKSJENORGE IN
867,054
1,151,302
2,018,356
0.9 %
0.9 %
Danske Bank A/S
1,450,204
561,646
2,011,850
0.9 %
1.3 %
State Street Bank and Trust Comp
861,356
1,118,604
1,979,960
0.8 %
0.9 %
The Bank of New York Mellon
-
1,959,492
1,959,492
0.8 %
0.2 %
Total 20 largest shareholders
59,334,637
80,126,406
139,461,043
59.6 %
59.1 %
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 Marketplaces' annual report.
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
8,000
12,400
Rune Bjerke (Deputy Chairman of the Board)
-
8,522
8,522
Philippe Vimard (Member of the Board)
-
17,590
17,590
Satu Kiiskinen (Member of the Board)
-
1,000
1,000
Ulrike Handel (Member of the Board)
-
1,000
1,000
Natalia Gennadievna Zharinova (Member of the Board)
-
770
770
Rolv Erik Ryssdal (Member of the Board)
-
6,448
6,448
Yevgeniya Nättilä
(Member of the Board)
-
89
89
Henning Spjelkavik (Member of the Board)
-
2,429
2,429
Kamilla Wehrmann (Member of the Board)
-
-
-
Christian Printzell Halvorsen
5,400
7,746
13,146
Per Christian Mørland
-
8,117
8,117
Robin Suwe
-
446
446
Eddie
Sjølie
242
6,220
6,462
Kjersti Høklingen
-
2,826
2,826
Cathrine Laksfoss
397
5,469
5,866
Sven Størmer Thaulow
-
14,213
14,213
Ruben Søgaard
-
12,881
12,881
Antonia Brandberg Björk
-
-
-
Total Board of Directors and Group Management
10,439
103,766
114,205
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
190
The total number of issued shares in Schibsted ASA is 100,538,332 A-shares and 133,386,513 B-shares as at 31 December 2024. The number
of shareholders as at 31 December 2024 is 10,461 (10,481 in 2023). Foreign ownership is 10.0% per cent (46.5 per cent in 2023). See Note 28
Equity to 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 2024 the pension plans covered 25 members (34 members as at 31 December 2023). Note 10 Pension plans in the
consolidated financial statements contain further description of the pension plans and the principal assumptions applied.
Amounts recognised in profit or loss:
2024 2023
Current service cost
8
7
Recognised past service cost
12
*
-
Net interest on the net defined benefit liability
11
9
Net
pension expense
-
defined benefit plans
31
15
Pension expense defined contribution plans
6
7
Pension expense multi
-
employer defined benefit plans accounted for as defined contribution plans
2
2
Net pension expense
39
24
-
of which included in
Profit or loss
-
Personnel expenses (Note 4)
16
15
-
of which included in Profit or loss
-
Financial income (Note 8)
12
-
-
of which included in Profit or loss
-
Financial expenses (Note 8)
11
9
Amounts recognised in the balance sheet:
2024 2023
Present value of funded defined benefit liabilities
26
35
Fair value of plan assets
(21)
(26)
Present value (net of plan assets) of funded defined benefit liabilities
5
9
Present value of unfunded defined benefit liabilities
387
321
Present value
(net of plan assets) of unfunded defined benefit liabilities
387
321
Net pension liabilities
392
331
Social security tax included in present value of defined benefit liabilities
46
40
Changes in pension liabilities:
2024 2023
As at 1
January
331
307
Net pension expense
31
15
Contributions / benefits paid
(24)
(12)
Impact of acquisition/disposals
71
1
Unrecognised actuarial gain (loss) recognised in equity (incl. tax)
(18)
20
As at 31 December
392
331
New measurement of defined benefit obligation includes: 2024 2023
Actuarial gains and losses arising from changes in financial assumptions
(17)
(2)
Other effects of remeasurement (experience deviation)
(4)
20
Remeasurement of defined benefit
liabilities
(21)
19
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
FINANCIAL STATEMENTS / PARENT
191
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
2024 2023 2024 2023
Restructuring liability, non
-
current
3
0
-
-
Liabilities to credit institutions (Note 18)
-
36
-
80
Bond issues (Note 18)
2,993
4,800
-
700
Financial derivatives
4
53
71
73
Dividends accrued
515
450
Group companies' receivables in cash pool
89
6,217
Other liabilities to Group companies
(3)
735
309
355
Other liabilities
17
-
225
180
Total
3,014
5,625
1,209
8,055
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
2024 2023 2024 2023
Bonds issued
3,000
3,000
-
500
Bank loans
(7)
1,836
-
280
Total carrying amounts
2,993
4,836
-
780
For more details on bond issues, bank loans and credit facilities, see
Note 26 Interest-bearing loans and borrowings to 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 2024 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.
We also confirm that, to the best of our knowledge, the Sustainability Statement has been prepared in accordance with the information
requirements of the Norwegian Accounting Act, European Reporting Standards (ESRS) and EU taxonomy (Article 8 of EU Regulation 2020/852).
Oslo, 25 March 2025
Schibsted ASA’s Board of Directors
/s/ Karl
-
Christian Agerup
Board Chair
/s/ Rune Bjerke
Deputy Board Chair
/s/ Dr. Ulrike Handel
Board member
/s/ Satu Kiiskinen
Board member
/s/ Yevgeniya Nättilä
Board member
/s/ Rolv Erik Ryssdal
Board member
/s/ Henning Spjelkavik
Board member
/s/ Natalia Gennadievna
Zharinova
Board member
/s/ Philippe Vimard
Board member
/s/ Kamilla
Wehrmann
Board member
/s/ Christian Printzell Halvorsen
CEO
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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192
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SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
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201
Share information
Schibsted Marketplaces 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
dividends. 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. Otherwise, the A-shares and B-
shares carry equal rights. The Board of Directors has communicated
its intention to remove the dual share class structure by 1 January
2026, subject to shareholder approval.
Shareholders
31 December 2024 31 December 2023
Number of registered shareholders
1
0
,
4
6
1
10,481
Share of non
-
Norwegian shareholders
4
4
%
4
6
%
Average daily trading volume (SCHA/SCHB)
1
67
k /
1
60
k
189k / 158k
Average daily trading value (SCHA/SCHB)
NOK
55
m / NOK
50
m
NOK 42m / NOK 33m
Turnover velocity (SCHA/SCHB)
4
1
% /
3
0
%
47% / 32%
31 December 2024 31 December 2023
Norway
55,9%
53.5%
USA
15,1%
16.2%
UK
13,1%
13,3%
Ireland
3,2%
5.1%
Sweden
2,7
%
5,6
%
The trading data in the table above is based on data from Oslo Børs. Schibsted Marketplaces conducts a quarterly analysis of shareholders
registered at nominee accounts. A list of Schibsted Marketplaces’ shareholders including those registered at nominee accounts is presented
below. The list is updated as of 17 January 2025.
Rank Name A-shares B-shares Total % of capital
1
Blommenholm Industrier AS
30,746,423
30,013,354
60,759,777
26.0%
2
Folketrygdfondet
8,216,283
11,445,681
19,661,964
8.4%
3
Baillie Gifford & Co.
6,396,963
4,757,536
11,154,499
4.8%
4
DNB Asset Management AS
2,383,631
6,868,585
9,252,216
4.0%
5
The Vanguard Group, Inc.
3,338,725
3,303,998
6,642,723
2.8%
6
Goldman Sachs International
1,948,827
3,189,697
5,138,524
2.2%
7
Polaris Media ASA
0
4,881,426
4,881,426
2.1%
8
BofA Global Research (UK)
111,900
4,610,815
4,722,715
2.0%
9
Storebrand Kapitalforvaltning AS
2,287,598
2,420,566
4,708,164
2.0%
10
Alfred Berg
Kapitalforvaltning AS
1,795,525
2,610,900
4,406,425
1.9%
11
KLP Fondsforvaltning AS
1,262,005
2,959,471
4,221,476
1.8%
12
Capital Research Global Investors
4,096,221
0
4,096,221
1.8%
13
FundLogic SAS
1,598,728
2,016,122
3,614,850
1.5%
14
BlackRock Institutional Trust Company, N.A.
1,502,381
1,911,504
3,413,885
1.5%
15
Nordea Funds Oy
415,052
2,780,685
3,195,737
1.4%
16
Vor Capital LLP.
0
3,068,914
3,068,914
1.3%
17
Handelsbanken Kapitalförvaltning AB
248,823
2,459,190
2,708,013
1.2%
18
Eika Kapitalforvaltning AS
519,178
2,160,193
2,679,371
1.1%
19
Permian Investment Partners, LP
821,265
1,463,045
2,284,310
1.0%
20
Alecta pensionsförsäkring, ömsesidigt
0
2,248,500
2,248,500
1.0%
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
Marketplace share register. Whilst every reasonable effort is made
to verify all data, neither Nasdaq OMX nor Schibsted Marketplaces
SCHIBSTED MARKETPLACES ANNUAL REPORT 2024
SHARE INFORMATION
202
can guarantee the accuracy of the analysis. For an overview of the
20 largest shareholders as of 31 December 2024 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 updated dividend policy is to place emphasis on paying a
progressive annual dividend amount over time. The Annual General
Meeting approves the annual dividend based on the Board’s
recommendation. Any surplus cash post dividends and selective
acquisitions to create shareholder value will be returned to
shareholders over time.
The Board of Directors has decided to propose to the Annual
General Meeting on 7 May 2025 to pay a dividend for 2024 of NOK
2.25 per share. Subject to the decision of the Annual General
Meeting, the dividend will be paid on 16 May 2025 to those
registered as shareholders on the date of the Annual General
Meeting.
To allow flexibility in its capital management strategy, authorizations
empowering the Board to increase the share capital by issuing B-
shares and to buy back shares were granted by the 2024 Annual
General Meeting. Please see Section 3 under Statement of
Corporate Governance for further details.
Pursuant to this authorization, the Board of Directors on 6 May 2024
resolved to increase the share capital of Schibsted with NOK
4,015,139.50 by the issuance of 8,030,279 B-shares to
Adresseavisen AS and Polaris Media Nord-Norge AS as
compensation for the acquisition of 9.99% of the share in Finn NO
AS.
On 9 September, Schibsted Marketplaces launched the first tranche
of a two-tranche share buyback programme, targeting purchases of
up to NOK 2 billion split equally between A- and B-shares.
Completion is scheduled by 2 May 2025. By 31 December 2024,
Schibsted Marketplaces had repurchased 3,071,025 A- and B-
shares for a total of NOK 1,044 million. After these transactions,
Schibsted Marketplaces owns 1,482,499 A-shares and 2,000,239 B-
shares, corresponding to 1.49 per cent of total issued shares.
Shareholder structure
Blommenholm Industrier AS, which is controlled by the Tinius Trust,
is Schibsted Marketplaces’ largest shareholder, giving the Group
long-term ownership stability.
Schibsted Marketplaces’ shares are freely marketable. Schibsted
Marketplaces’ 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
Marketplaces’ A-shares is entitled to appoint one director directly.
Blommenholm Industrier AS, which owned 30.6 per cent of the A-
shares at year-end 2024, is currently the only shareholder to hold
this right.
Return
The Schibsted Marketplaces shares are listed on Oslo Børs with the
ticker codes SCHA and SCHB.
Schibsted Marketplaces is covered by sell-side analysts in
Scandinavia and London. At year-end 2024, 19 brokers, ten of them
based outside Scandinavia, officially covered the Schibsted
Marketplaces share.
In 2024, the Schibsted Marketplaces A-share produced a total
return for shareholders of 50.3 per cent. The Schibsted
Marketplaces B-share produced a total return for shareholders of
52.5 per cent. By comparison, the Oslo Stock Exchange Benchmark
Index (OSEBX) produced a return of 9.1 per cent.
Share price development for Schibsted Marketplaces compared to
various indices and peers can be accessed at
https://schibsted.com/ir/.
