Index
Schibsted at a
glance
3
Message from
the CEO
4
Board of
Directors'
report
5
Members of
the Board
11
Sustainability
report
13
Corporate
governance
77
Financial
statements for
the Group
86
Notes to the
consolidated
financial
statements
91
Alternative
performance
measures
129
Financial
statements for
parent
company
132
Auditor’s
report
142
Share
information
148
SCHIBSTED ANNUAL REPORT 2022
SCHIBSTED AT A GLANCE
3
Schibsted at a glance
Schibsted is a family of strong, well-known consumer brands in digital marketplaces, media,
eCommerce, financial services and technology ventures with a predominantly Nordic presence.
Nordic Marketplaces
Our leading digital marketplaces – Finn
(Norway), Blocket (Sweden), Tori and
Oikotie (Finland), DBA and Bilbasen
(Denmark) – connect millions of buyers
and sellers every month and facilitate
transactions from job offers to real estate, cars, travel,
consumer goods and more. Nordic Marketplaces also include
adjacent businesses such as Plick, Honk, Nettbil and Qasa.
News Media
As the largest media group in Scandinavia,
our world-class media houses continue to
shape the media landscape of today – and
tomorrow. In Scandinavia, our media houses
such as VG, Aftenposten, Svenska
Dagbladet, Aftonbladet, Omni, Bergens
Tidende and Stavanger Aftenblad keep people informed and
updated on important issues in society. Our premium podcast
platform Podme is our fastest growing subscription product
ever, passing 200,000 paying subscribers in September 2022.
eCommerce & Distribution
The distribution operations in Norway deliver not only
newspapers but also parcels for businesses and consumers.
Helthjem has gone through extreme growth in recent years and
last year delivered over 15 million online shopping packages in
Norway. Over 90 per cent of Helthjem’s door-to-door deliveries
are related to second-hand goods sold through marketplaces
such as Finn, Tise and Bookis. With Morgenlevering consumers
can have pastries, juice and fresh flowers delivered to their
doorstep.
Financial Services & Ventures
We empower change makers by investing in disruptive, scalable
and innovative business models that create unique value and
that aim to become market leaders. Financial
Services consists of a portfolio of companies in
the digital personal finance space, mainly in
Norway and Sweden, with Lendo and
Hypoteket being the largest brands. Ventures
consists of a portfolio of over 30 digital
companies in diverse fields across Scandinavia, such as Ingrid
(delivery platform), Tørn (marketplace for surplus construction
goods), Savr (fund platform) and Prisjakt (price comparison).
Sustainability in Schibsted
Our greatest impact on society and the environment comes
through the use of our services. It's about how we empower users
in their daily lives through quality journalism, our trusted and
transparent marketplaces, financial services and our growth
companies. We work everyday to ensure that Schibsted is a great
workplace and that responsible practices are upheld throughout
our value chain.
SCHIBSTED ANNUAL REPORT 2022
MESSAGE FROM THE CEO
4
Empowering people in their daily lives
If we go back 12 months to last year’s annual report, I opened my
foreword by stating: “For Schibsted, 2021 was an extraordinary
year”. Back then, I was thinking about how the year had been
characterised by record results and efforts, as well as some record
tailwinds giving us extra speed. One could say that our chief
concern was having too many growth ideas and not enough people
in key positions to bring those ideas to life.
Of course, back then we didn’t know that 2022 was also going to be
an extraordinary year, though with quite a different and more
sinister hue. We didn’t know that Russia would soon attack
Ukraine, starting a war that would cause enormous human
suffering and shake world markets. We didn’t know that sharp
increases in energy and commodity prices would alter the price of
doing business. We didn’t know that interest rates would go up
correspondingly, altering the relative value of growth compared to
short-term profitability.
Today we know. Since last spring, our strategic priority has been to
focus our efforts and keep costs down. What hasn’t changed,
however, is the fact that Schibsted in many ways is a 180-year-old
company with the spirit of a startup. We’re here to grow, change
and create new rules for entire industries, as a fearless force for
change, something that is embedded in our company character.
While cost control and focus are important, we must also
acknowledge that we have actually navigated this year quite well.
We have solid positions in all business areas and functions, and we
have equally firm plans for the coming year. In 2023, we’re doubling
down on succeeding with the verticalisation of Nordic
Marketplaces, ensuring robustness and continued digitalisation of
News Media, managing current investments and growing the
pipeline in Financial Services & Ventures, and focusing our
ambitions and efforts in the foundational functions. Furthermore,
we have sold down a smaller part of our Adevinta holding, giving us
the financial capacity to operate comfortably and to buy back
shares which we see as value creative. And, not least, we know
where we’re going in the longer term, and what we’re trying to
achieve as a company.
We’re in this business to grow our impact, but it has to be profitable
growth. We’re here to empower people in their daily lives, and do
our best to foster societies based on trust and transparency. And
we do that by creating and operating world leading marketplaces,
media houses and digital services. We take advantage of the
opportunities technology offers, such as the new opportunities
within AI, to put people in a position to know what is true and what
is fake, to compare prices, to finance that fridge that can’t wait until
payday, to find jobs, homes or a helping hand when needed, to
allow small, independent businesses to stay in business or to boost
the circular economy by providing non-exploitative marketplaces
and by bringing products right to people’s doorstep.
I’m very proud of the job that our brands, products and services are
doing every day, and especially in times like these. What we do
really matters. Our long-term focus is to create even more value
together and across brands, on top of all the great brand-driven
value we produce today. We have taken huge steps forward in
creating joint capabilities in everything from data and technology
to people and finance functions. Now it's time to make even better
use of those joint capabilities.
Twelve months ago, we didn’t know what the year would bring. But
we adapted to the changes and have kept providing people and
society with the opportunity to better understand the world and
make informed decisions. And that’s what we’ll keep doing, in 2023
and beyond.
Kristin Skogen Lund
CEO of Schibsted
SCHIBSTED ANNUAL REPORT 2022
BOARD OF DIRECTORS’ REPORT
5
Board of Directors’ report
In a year characterised by rough seas, Schibsted has demonstrated sound navigation.
Externally, the past year has been marked by rough seas in which
the waves were amplified by war and geopolitical turmoil as well
as significant macroeconomic uncertainties. Internally, we used
the year to refocus in some areas and delivered new milestone
achievements in our strategic efforts.
Nordic Marketplaces had a good year, operationally and
financially, and succeeded with important milestones such as the
launch of a new business model in Blocket and the transactional
service “Fiks Ferdig” in FINN, enabling new growth opportunities.
Most importantly, we landed the verticalisation project for Nordic
Marketplaces to strengthen and expand each classifieds vertical
position across the Nordics. The new organisation went live on
1 January 2023 and marked an important step for the segment.
News Media felt the challenges of the rough seas in 2022, with rising
input factor prices and a slowdown in the print business, leading to
the announcement in January 2023 to target gross cost savings of
NOK 500 million over the next two years. However, News Media has
driven successful transformational programmes for years,
achieving significant cost reductions and developing a competitive
and effective operating model. Today, News Media holds strong
digital media properties that have a proven ability to adapt to
challenging and changing macro conditions, as showcased by their
growth in digital subscriptions and stronger brand images, as well
as their many awards for journalistic excellence. Moreover, News
Media delivered other milestone achievements, including the new
all access bundle “Full tilgang” in Norway, and made good progress
in developing digital subscriptions and podcasts as well as its many
customer touchpoints.
For Financial Services & Ventures, the changed macroeconomic
conditions meant adjusting the strategic dispositions towards
managing the current portfolio and growing the potential pipeline
closer to Schibsted’s core business. eCommerce & Distribution also
had a challenging year after a notably strong period prior to and
during the COVID-19 pandemic. The long-term trends for the
industry are good, nonetheless.
Overall, Schibsted used the year to further adapt to the changes
around us, focusing on bringing costs down and adjusting our
capital allocation. Examples are the announcement of cost
reductions on News Media, a new strategy for Lendo with focus on
the Scandinavian markets and strengthening its profit growth, and
the initiation of a share buyback programme after we reduced our
ownership in Adevinta somewhat in November.
All in all, Schibsted successfully navigated the rough seas of 2022
and is now well positioned for future value creation. In Schibsted
we have always tried to view rough seas as an opportunity. The way
we see it, as long as you have a good ship, prepare well, have all
hands on deck and truly know how to navigate, rough seas are an
opportunity for speed, distance and discovery.
The Board of Directors, with new Board Chair Karl-Christian Agerup
at the helm, continues to help Schibsted pursue value creation at
all levels and for all stakeholders.
Further changes to the composition of the Group
During spring 2022, Schibsted acquired 100 per cent of the Danish
operations 3byggetilbud.dk A/S and Mybanker Group A/S. With the
acquisition of 3byggetilbud, Schibsted expanded its geographical
footprint within online marketplaces for skilled trades which it
already operates under the brands Mittanbud in Norway and
Servicefinder in Sweden. Mybanker, an online service for
comparing bank and mortgage offerings, strengthens Lendo’s
position in Denmark which is one of Lendo’s key markets.
In December 2022, Schibsted acquired 79.1 per cent of the shares
of Alltvex OY operating AutoVex, the leading used car C2B auction
marketplace in Finland. Schibsted has several leading brands in
the Motor vertical across the Nordics, and with the acquisition of
AutoVex we are building on the expertise we have and expanding
our offering in Finland. In December 2022, Schibsted reduced its
ownership interest in the associate Adevinta ASA by approximately
5.0 per cent to 28.4 per cent by selling 2.0 per cent of shares in the
market and entering into a total return swap with financial
exposure to approximately 3 per cent of the shares in Adevinta ASA.
The total return swap is recognised as a financial derivative with
changes in fair value recognised in financial income or expenses.
The transactions increased Schibsted’s financial capacity, enabling
it to both reduce Schibsted’s financial leverage and to buy back
Schibsted shares over time which we see as value creative. The
total return swap will give us financial flexibility while we maintain
exposure to Adevinta's share price development, showcasing our
support of the strategy and further value creation potential by the
company.
Further comments on the Group’s results
Schibsted’s consolidated revenues in 2022 totalled
NOK 15,272 million (NOK 14,623 million)
i
, up 4 per cent compared
to last year. The Group’s gross operating profit (EBITDA
ii
)
amounted to NOK 2,406 million (NOK 2,740 million)
i
, equivalent to
a decline of 12 per cent. Please see information under Comments
on the operating segments below for further details on the Group's
performance in 2022.
Depreciation and amortisation were NOK -1,117 million
(NOK -984 million)
i
, mainly related to software, licences, and right-
of-use assets (leasing).
Impairment loss was NOK -31 million (NOK -119 million)
i
and
relates to certain discontinued projects within product and
technology.
In 2022 the Group’s Other income amounted to NOK 13 million
(NOK 181 million)
i
. Other expenses in 2022 were NOK -173 million
(NOK -172 million)
i
and were mainly related to the transition to a
SCHIBSTED ANNUAL REPORT 2022
BOARD OF DIRECTORS’ REPORT
6
vertical-based operating model in Nordic Marketplaces and to
integration of the operations in Nordic Marketplaces Denmark.
Operating profit in 2022 amounted to NOK 1,099 million
(NOK 1,647 million)
i
.
With effect from 1 January 2022, Share of profit (loss) of joint
ventures and associates, impairment and gains (losses) related to
disposals of joint ventures and associates are presented below
Operating profit (loss). Comparable figures in the income
statement and related note disclosures have been restated.
Schibsted’s share of profit (loss) from joint ventures and associates
totalled NOK -482 million (NOK -193 million)
i
which includes
NOK -309 million (NOK -105 million)
i
related to Schibsted's share of
Adevinta's result for the fourth quarter of 2021 and the first three
quarters of 2022, after adjusting for fair value differences and
amortisation of excess values. Disregarding the effect of Adevinta,
the negative development is explained mainly by increased
investments in long-term growth initiatives in entities included in
the Financial Services & Ventures investment portfolio, as well as
weaker profit from associates within News Media.
Impairment loss on joint ventures and associates in 2022 was
NOK -22,823 million (NOK -20,000 million)
i
, and both years mainly
consist of write-down of the investment in Adevinta to reflect the
market value at 31 December, following a decline in the share price.
Gains (losses) on disposal of joint ventures and associates of
NOK 675 million (NOK 148 million)
i
include a gain of
NOK 686 million from the sale of 5 per cent of the shares in
Adevinta.
Financial expenses in 2022 include fair value adjustments of
NOK -438 million related to the total return swap entered into for
3 per cent of the Adevinta shares.
The Group reported a tax expense of NOK -254 million (-1 per cent)
compared to NOK -280 million (-1 per cent) in 2021. The reported
tax rate was affected by a non-tax deductible impairment loss
related to Adevinta included in Profit (loss) before tax.
Profit (loss) from discontinued operations (Adevinta business)
amounted to NOK -24 million (NOK 59,965 million)
i
.
A NOK 60 billion gain related to loss of control of Adevinta was
recognised in 2021.
Basic earnings per share in 2022 was NOK -96.53 compared to
NOK 176.70 in 2021. Basic earnings per share from continuing
operations in 2022 was NOK -96.43 compared to NOK -81.15 in
2021. Adjusted earnings per share from continuing operations in
2022 was NOK 0.77 compared to NOK 4.04 in 2021.
Financial position and cash flow
Net cash flow from operating activities (continuing operations) was
NOK 1,684 million in 2022 compared to NOK 2,157 million in 2021.
The decrease is primarily related to decreased gross operating
profit and negative effects from working capital development and
tax payments.
Net cash inflow from investing activities (continuing operations)
was NOK 2,616 million in 2022 compared to a cash outflow of
NOK 4,425 million in 2021. The most significant transactions
causing the change is the cash inflow in 2022 from the sale of shares
in Adevinta (NOK 4,539 million) and the cash outflow in 2021 from
the acquisition of the Danish operations of eBay Classified Group
(DBA.dk and bilbasen.dk) (NOK 2,843 million).
Net cash outflow from financing activities (continuing operations)
amounts to NOK 1,672 million in 2022 compared to a cash inflow of
NOK 2,301 million in 2021. The change primarily relates to net
increases in interest-bearing debt in 2021 compared to net
repayments in 2022. Cash outflows further increased due to the
repurchase of own shares.
The carrying amount of the Group’s assets decreased by
NOK 20,481 million to NOK 43,708 million during 2022. The
decrease was mainly related to impairment of the investment in
Adevinta. In May, Schibsted signed a new rental agreement for the
Stockholm office for the period 2024 to 2033, which led to an
increase in right-of-use assets and lease liability by
NOK 682 million.
Schibsted’s equity ratio is 66 per cent at the end of 2022, compared
to 79 per cent at the end of 2021.
Schibsted has a well-diversified loan portfolio with loans from the
Norwegian bond market, a group of relationship banks and the
Nordic Investment Bank.
During the year, a new term loan of NOK 2 billion was entered into,
two new bonds totalling NOK 1,000 million were successfully
issued, and two bonds totalling NOK 400 million were repaid at
maturity. In addition, Schibsted purchased NOK 251 million of its
own bond (FRN) with maturity in June 2023.
The bridge loan facility that was drawn on at the closing of the
acquisition of DBA and Bilbasen in Denmark in 2021 has been fully
repaid (NOK 2,800 million) during 2022. The consent from our
banks for a temporary waiver of the financial covenant was
terminated as planned on the final repayment of the bridge loan.
Schibsted has a revolving credit facility of EUR 300 million. The
facility has not been drawn on, and secures a strong liquidity buffer
going forward.
At the end of November, Schibsted ASA entered into a total return
swap with Danske Bank involving a sale of 3 per cent of the total
outstanding shares in Adevinta at a price of NOK 77.25 per share,
but where Schibsted keeps the economic exposure to the Adevinta
share price development until termination or expiry of the swap.
The proceeds from the total return swap were used to reduce debt
leverage. Schibsted also sold 2 per cent of the total outstanding
shares in Adevinta through an accelerated block sale at a price of
NOK 70 per share. The proceeds from the share sale will be used to
buy back up to 4 per cent of the total amount of outstanding shares
in Schibsted ASA (buying both A- and B-shares with a split of
45/55 respectively) for an amount of up to NOK 1.7 billion. The
buyback programme was launched in December and will be
completed during 2023.
Following these transactions, Schibsted’s remaining ownership
interest in Adevinta is 28.4 per cent. The current pricing of these
shares is well below our target price. Still, this asset contributes to
SCHIBSTED ANNUAL REPORT 2022
BOARD OF DIRECTORS’ REPORT
7
a very solid financial position for Schibsted. Lendo is also being
considered for sale.
The cash balance at the end of December 2022 was
NOK 3,738 million giving a net interest-bearing debt of
NOK 2,616 million. Including the undrawn facility, the liquidity
reserve amounts to NOK 6,892 million.
Comments on the operating segments
Unless otherwise stated, all percentages in this section are based
on amounts in NOK.
Nordic Marketplaces
Nordic Marketplaces delivered an operating revenue growth of
16 per cent (and growth of 11 per cent when adjusted for foreign
exchange and new acquisitions in 2021) and an EBITDA margin of
39 per cent. The revenue growth was driven by the acquisition of
the Danish operations of eBay Classified Group (DBA.dk and
bilbasen.dk) in 2021 and a favourable development in the Job
verticals throughout the first half of 2022 and the Real estate
verticals throughout the year. Nordic Marketplaces increased its
variable and fixed costs as a measure to sustain the positive
revenue development in the future, increasing both personnel and
marketing expenses to position themselves for further growth and
value creation through verticalisation in 2023.
Marketplaces Norway
The operating revenues for Marketplaces Norway increased by
20 per cent in 2022. The main driver of growth in 2022 was the
Real estate vertical, which grew 33 per cent compared to 2021 due
to higher ARPA and volumes. The Job vertical also contributed
strongly to overall growth in the first half of 2022 with growth in
volume, but experienced a slowdown in the second half of 2022
due to the macroeconomic slowdown in Norway. Display
advertising revenues declined slightly due to weaker conditions for
the advertising segment in the second half of 2022. The EBITDA
margin in Marketplaces Norway decreased by 1 percentage point
compared to the previous year, resulting in an EBITDA margin of
52 per cent, maintaining the high margin levels of 2021.
Marketplaces Sweden
For Marketplaces Sweden, the operating revenue growth ended at
2 per cent in local currency. The operating revenue growth can be
attributed to solid development in the Job vertical in the first half
of 2022, driven by volumes. The Motor vertical delivered mid-single
digit growth in 2022, with growth increasing towards the end of the
year as the positive price effects from professional customers were
supplemented by positive volume effects as the car supply
shortage declined. Display advertising revenues declined slightly in
2022 due to less favourable market conditions. Operating revenue
growth was also offset by the revenue decline (but significant
volume growth) in Blocket’s Generalist vertical due to the
introduction of the freemium model in mid 2022. The EBITDA
margin in Marketplaces Sweden decreased by 4 percentage points
compared to the previous year, resulting in an EBITDA margin of
38 per cent. The margin decline in EBITDA was impacted by
increased investments in transactional growth initiatives.
Marketplaces Finland
Marketplaces Finland had a revenue growth of 2 per cent in local
currency. Positive trends in the Motor and Generalist marketplaces
were offset by a decline in display advertising. The EBITDA margin
in Marketplaces Finland declined by 2 percentage points in local
currency compared to the previous year, resulting in an EBITDA
margin of 7 per cent.
Marketplaces Denmark
Marketplaces Denmark had a revenue decline of 2 per cent
adjusted for foreign exchange and the timing of the acquisition.
A shortage in new car availability in the first half of 2022 led to a
1 per cent (adjusted for foreign exchange) decline in the Motor
vertical in 2022. The EBITDA margin in Marketplaces Denmark was
20 per cent in 2022, representing a decrease of 4 percentage points
compared to 2021.
eCommerce & Distribution
Operating revenues from eCommerce & Distribution declined by
5 per cent, driven by the slowdown in the ecommerce industry,
especially in the first half of 2022 where “Distribution new
business” had significantly decreased levels of activity and
demand and where operating revenues declined by 11 per cent
compared to 2021. In addition, “Distribution legacy” revenues grew
by only 1 per cent due to declining volumes from the new business
operations in the first half of 2022. EBITDA margin from
eCommerce & Distribution declined by 4 percentage points in 2022
due to increased electricity and fuel costs attributed to the current
geopolitical situation.
News Media
News Media operating revenues increased by 1 per cent in 2022
(3 per cent adjusting for foreign exchange fluctuations). News
Media experienced mixed revenue development across brands in
2022. All brands delivered solid growth within digital subscriptions,
resulting in a growth of 20 per cent adjusting for foreign exchange
fluctuations. VG also contributed with significant increases in
digital advertising revenue compared to 2021. Casual sales
revenues continued to drop in line with circulation, only slightly
offset by price increases.
News Media had solid traffic during 2022, particularly for VG and
Aftonbladet. These two brands solidified their positions as the
primary news destinations in Norway and Sweden respectively,
driven by people’s need to stay informed about the war in Ukraine,
politics and other important events both nationally and
internationally.
EBITDA margin declined by 5 percentage points, resulting in an
EBITDA margin of 7 per cent driven by lower print revenues and
significantly higher paper, electricity and raw material prices for
print products. In addition, higher activity and continued growth
investments in content in order to fuel the subscription revenue
growth (including Podme) further elevated the cost base.
Financial Services & Ventures
Financial Services achieved operating revenue growth of
11 per cent in 2022 adjusted for foreign exchange and the sale of
SCHIBSTED ANNUAL REPORT 2022
BOARD OF DIRECTORS’ REPORT
8
Let’s Deal, and an EBITDA margin increase of 2 percentage point
compared to the previous year, resulting in an EBITDA margin of
14 per cent.
Lendo
Operating revenues in Lendo increased by 14 per cent (19 per cent
foreign exchange neutral) and, as in 2021, 2022 was marked by
large growth differences between markets. The revenue growth
was driven by strong performances in Sweden and Norway, fueled
by growth in the inflow of applications in both countries and by
revenues from the improved credit card offering launched in
Norway in the first quarter of 2022. Operating revenue declined in
Denmark and Finland due to regulatory tightening in the consumer
credit sector and to lending constraints. EBITDA decreased by
4 percentage points compared to the previous year, resulting in an
EBITDA margin of 15 per cent due to increased investments in
product development, further investments into emerging markets,
and increased personnel and marketing spend in Sweden due to
development of new product verticals.
Prisjakt
Prisjakt had a flat revenue development in 2022 (4 per cent growth
foreign exchange neutral), where increased earnings per click from
the second half of 2022 were offset by increased competition and
strong comparable figures from the first half of 2021. Prisjakt had
an EBITDA margin of 29 per cent.
Research and development
Schibsted has been at the heart of the digital transformation for
decades, and continues to invest substantially in improving and
developing the products offered to its users. All Group entities are
making continuous efforts to further develop existing products and
develop new products that will provide new revenue flows.
Innovation efforts in 2022 focused on enabling data collection and
use across the Group, artificial intelligence (AI), and on platforms
and components for Schibsted’s newspapers, marketplaces and
distribution technology. In particular, Schibsted has in 2022
worked on enabling the product, technology and UX organisations
to utilise AI in general, and generative AI in particular. The latter has
already been deployed in several parts of our organisation
optimising both our end user experience and making work
processes more efficient for our staff. Schibsted is also contributing
significantly to creating Large Language Models (LLMs) in
Norwegian, Swedish and Germanic languages together with
research institutions in the Nordics. These are essential
components for generative AI.
Operational and financial risks
Schibsted operates in an industry that is subject to constant
change, and is exposed to increased competition from disruptive
players who are utilising new technologies and new business
models. Schibsted is committed to using new technology and
innovation. We want to grow sustainably with diversified revenue
streams from Marketplaces and Distribution, News Media,
Financial Services and Venture companies that are vital
contributors to bringing risk down to an appropriate level.
In general, Schibsted’s advertising revenues, marketplace
revenues from the recruitment markets and to some extent the
motor and real estate markets, are affected by macroeconomic
cycles, i.e. unemployment rates, real estate prices, consumer
confidence levels and GDP growth rates. Throughout 2022, we saw
a macroeconomic slowdown across geographies in which
Schibsted operates. Increased energy and food prices which to a
large extent can be attributed to the current war in Ukraine and a
decade of low interest rates have created inflationary pressure due
to rising inflation, interest rates and, consequently, cost of living.
This resulted in a significant drop in consumer confidence in
Norway and Sweden to 20-year-low levels by the end of 2022.
Revenues for casual sales and print revenues in News Media,
Distribution’s new models and the recruitment market and
advertising revenues (throughout the second half of 2022)
experienced a more negative trend due to the current
macroeconomic environment. However, other revenue streams
such as Real estate verticals and Financial Services saw the
opposite development. In addition, the digital transformation in
News Media made Schibsted less dependent on print advertising
and casual sales.
A large part of Schibsted’s business model is based on, and reliant
on, technology. We see continuously changing and maturing cyber
threats from various actors trying to engage in sophisticated
attacks on Schibsted’s systems. Prevention of such attacks, and
proper recovery, is a high priority and a vital part of Schibsted’s
business.
Schibsted uses data to provide relevant and competitive products
to our customers. We continuously work to meet legal
requirements and user expectations. We have close and ongoing
dialogue with regulators.
Schibsted holds a 28 per cent ownership share in Adevinta, which
represents a significant share of Schibsted's overall market
capitalisation. Schibsted is also financially exposed to another
3 per cent of Adevinta through the total return swap entered into in
November 2022. Hence, Adevinta's financial and overall
development will impact Schibsted's financial results and share
price. Adevinta is to a large extent exposed to the same operational
and financial risks as Schibsted’s marketplace businesses.
Throughout 2021 and in early 2022, Adevinta experienced a
significant decline in volumes within the Motor verticals across
geographies due to the global supply shortage of new cars. This
supply softness was however offset by successful price increases,
higher dealer penetration and high added-value product
development for car dealers in the second half of 2022. Significant
resources were also invested in verticalisation and the transition to
a more transactional business model in most markets. Looking
ahead, Adevinta is well positioned as the largest pure-play
classifieds business in the Western world, and as a strong financial
owner with two seats on Adevinta's board of directors, Schibsted
will continue to take an active role in further developing Adevinta,
with a focus on value creation.
Through its operations outside Norway, Schibsted is exposed to
fluctuations in the exchange rates of other currencies, mainly the
Swedish kronor, Danish kroner and the euro. The Group makes use
of loans in foreign currencies and financial derivatives to mitigate
its currency exposure.
SCHIBSTED ANNUAL REPORT 2022
BOARD OF DIRECTORS’ REPORT
9
Schibsted’s credit risk is considered low, since trade receivables
are diversified through a large number of customers, customer
categories and markets. Moreover, a large proportion of sales is
conducted through prepaid subscriptions or advertisements and
through credit card payments on the purchase date. Liquidity risk
associated with cash flow fluctuations is also considered low, given
Schibsted’s adequate equity and solid credit facilities. See
Note 25 Financial risk management to the consolidated financial
statements for more details on currency risk, credit risk and
liquidity risk.
Sustainability Report
Sustainability is integrated into our strategy at Schibsted.
Schibsted’s strategy is to build a strong foundation to support our
brands in their growth, based on a common purpose. In that
purpose we acknowledge that our services and operations have an
important societal and environmental impact, and we strive to
consider and manage our impact in all our business decisions and
to empower people to make economic and sustainable choices
through our services. One of our overarching goals is to make sure
that growing our business and having a positive impact on society
and the environment are given equal priority. We are committed to
creating value for all our stakeholders, and our sustainability
report is our way of communicating to all stakeholders how we are
progressing on that commitment.
The sustainability report is an integral part of the Board of
Director's report and has been prepared in accordance with
section 3-3c of the Norwegian Accounting Act. The report is
presented as a separate document in the annual report. Reporting
on compliance with the Norwegian Transparency Act is also
included in the sustainability report.
The EU Taxonomy Regulation is incorporated into Norwegian law
with effect from 1 January 2023, and these reporting requirements
are not mandatory in 2022 for Norwegian entities. Schibsted
reports voluntarily on financial indicators for identified eligible and
non-eligible activities for the financial year 2022.
Statement of Corporate Governance
Schibsted’s corporate governance principles are based on the
recommendations set out in the Norwegian Code of Practice for
Corporate Governance. In accordance with section 3-3b of the
Norwegian Accounting Act, a policy document describing
Schibsted’s corporate governance principles has been prepared
and is presented as a separate section in the annual report. The
policy document is an integral part of the Board of Directors’
report.
Insurance policy
The directors and officers of Schibsted ASA and its subsidiaries are
covered by a directors and officers liability insurance policy placed
with a number of international reputable insurers. The insurance
covers the directors’ and officers’ personal legal liabilities,
including legal defence and other legal costs. The insurance also
covers employees in managerial positions or employees who are
named in an inquiry or investigation or as co-defendants with a
director or officer, and is extended to include members of the
company’s Audit Committee, Compensation Committee and other
management or board committees.
Schibsted ASA
Schibsted ASA is the parent company of the Group and is located in
Oslo, Norway. The company provides services for the Group’s other
companies. Schibsted ASA delivered a profit after tax of
NOK 3,452 million (NOK 1,011 million)
i
. Most of the profit stems
from the sale of Adevinta shares, group contributions and
dividends from subsidiaries. As at 31 December 2022, Schibsted
ASA had total assets of NOK 33,457 million (NOK 30,277 million)
i
.
The equity ratio was 52 per cent (49 per cent)
i
.
The Board proposes to allocate NOK 2.00 per share, corresponding
to approximately NOK 464 million, to dividend payments for 2022.
The Board of Directors proposes the following allocation:
Proposed dividend ……………………………
NOK 464 million
Transferred to other equity ..…………..…….
NOK 2,988 million
As at 31 December 2022, Schibsted ASA had total equity of
NOK 17,518 million (NOK 14,767 million). The Board of Directors
determined that Schibsted ASA had adequate equity and liquidity
at year-end 2022.
Outlook
While Russia's invasion of Ukraine led to a significant dislocation in
the financial markets during Q1, global macroeconomic risks have
further increased throughout the year on the back of higher
inflation, rate hikes by central banks and mounting recession fears.
Within our businesses, advertising revenues, and revenues within
the Job vertical in Nordic Marketplaces are particularly exposed to
weaker macroeconomic conditions, while other parts such as
subscriptions revenues in News Media or revenues from the
Real estate and Motor verticals in Nordic Marketplaces are
historically more resilient.
While visibility is limited in the shorter term, we remain confident
in the growth potential for Nordic Marketplaces and reiterate our
medium- to long-term target to grow annual revenues by
8-12 per cent for this segment. Going forward, we expect growth to
be driven primarily by three factors.
First, by leveraging our Nordic market positions driven by the
development of better products and value-added services for our
traditional online classifieds offering. Second, by creating new
revenue streams from transactional services with a focus on the
Generalist business and the Motor vertical, and third, by expanding
and consolidating in the Nordics.
With effect from January 2023, Nordic Marketplaces has
transitioned from a country- to a vertical-based operating model to
further strengthen the execution of our high growth ambitions,
particularly for new transactional models, and to strengthen
operational leverage across verticals in the Nordics. The rationale
and consequences of this change will be presented at our Capital
Markets Day on 28 March.
For our News Media business, key focus is the continued transition
to a future-oriented, digitally focused and sustainable news
SCHIBSTED ANNUAL REPORT 2022
BOARD OF DIRECTORS’ REPORT
10
organisation, with even stronger emphasis on our subscription
business, to secure News Media’s long-term financial profitability
and to safeguard its high relevance for society. News Media will
continue to grow its strong and loyal customer base of 1.5 million
subscriptions across Norway and Sweden further. The acquisition
and scaling of Podme has strengthened our position within
podcasts, which is one of several content initiatives to grow our
subscriptions business. The overall ambition is to double our pure
digital subscription revenues from NOK 1.3 billion in 2021 to
NOK 2.6 billion by the end of 2025.
While we target low single-digit revenue growth and an EBITDA
margin of 10-12 per cent for News Media in the medium term, we
expect that margin will be below that range in 2023. This is due to
significantly higher costs for our print products as a result of higher
paper, electricity and input factor prices, and potentially
weakening revenue trends from print products in particular but
also from digital advertising in the short term, given the increased
macroeconomic risks. To return to the targeted margin range by
2024, a two-year cost reduction programme of NOK 500 million in
gross savings was initiated at the start of 2023. The cost reductions
will be realised through improvements within the print value chain,
through increasing operational efficiency across the organisation
and by establishing a more effective and efficient organisation
across the product, tech and consumer business domains, to
better cater to user needs.
In eCommerce & Distribution, we expect continued revenue growth
from 2023 onwards. However, given the weak development in
2022, we continue working on the cost base to address EBITDA
losses in this segment going forward.
Lendo announced on 31 January a shift in strategy, focusing on its
strong positions in Sweden, Norway, and Denmark, and planning
to cease operations in Finland, Spain, Portugal and Italy which had
combined EBITDA investment losses of approximately
NOK 50 million in 2022. This change will enable Lendo to accelerate
its market leading position in the Scandinavian markets, and to
strengthen its profit growth which we see as value creating in the
current market environment. The initiated strategic review with
the aim to maximise the company’s potential and value creation
continues in parallel.
In light of the current macroeconomic environment and tight
financing markets, an attractive exit for Prisjakt has become less
likely in the shorter term.
Going concern
Based on Schibsted’s long-term strategy and forecasts, and in
accordance with section 3-3a of the Norwegian Accounting Act, the
Board confirms that the prerequisites for the going concern
assumption exist and that the financial statements have been
prepared on a going concern basis.
I. Figures in parentheses denote the corresponding period for the previous year.
II. EBITDA as defined under Definitions and reconciliations in the Financial
Statements for the Group.
Oslo, 23 March 2023
Schibsted ASA’s Board of Directors
...........................................
Karl-Christian Agerup
Board Chair
...........................................
Rune Bjerke
Deputy Board Chair
...........................................
Hélène Barnekow
Board member
...........................................
Torbjörn Ek
Board member
...........................................
Satu Huber
Board member
...........................................
Satu Kiiskinen
Board member
...........................................
Hugo Maurstad
Board member
...........................................
Hans Kristian Mjelva
Board member
...........................................
Ingunn Saltbones
Board member
...........................................
Philippe Vimard
Board member
...........................................
Kristin Skogen Lund
CEO
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
14
Empowering people in their daily lives. In a
society built on trust and transparency. As a
fearless force for change.
Schibsted is a family of brands that share a set of values and
principles that guide us whenever we make decisions as a company
or find ourselves at a crossroads. Our mission is to empower people
in their daily lives. Our vision is to contribute to a society built on
trust and transparency. And at the root of our character, we are a
fearless force for change. Everything we do as a company reflects
these values and principles.
We believe in the power of our societal role because we believe
companies are more sustainable in every way – including
financially – when their purpose is about more than making a
profit. This has been a core belief in Schibsted for a long time.
Creating value at multiple levels and for all our stakeholders is not
a balancing act, but a positive spiral. Creating value for consumers
leads to increased use of services that benefit society and the
environment, which in turn attracts new talent and partners and
increases the value of our business for our owners and investors.
Each Schibsted business contributes in its own way and according
to its own goals. As a family, we see the proof of this logic at work
when we see how value is created for each stakeholder group in
unison. And as a group, we see the proof of this logic when people
find our products and services valuable and make them a part of
their lives in ways that change how they act, consume and
understand the world. That’s where we can see Schibsted’s true
impact on society and the environment, and that impact matters
even more in challenging and turbulent times.
Schibsted has carried the torch for independent media and
freedom of speech ever since its foundation, and continues to do
so. These are fundamental principles in a democratic society. We
are privileged in the Nordics, with high ethical standards and
editorial guidelines governing how our media houses should act. In
2022 we worked with the European Commission to ensure that the
proposed European Media Freedom Act would not impact the
established Nordic model negatively but at the same time would
help establish better fundamental conditions for independent
media in other parts of Europe where, sadly, these cannot be taken
for granted. In 2022 the importance of journalism as a guardian of
democracy and the flow of trusted information has become highly
apparent with the war in Ukraine and the resultant unstable
situation in Europe.
A milestone in our sustainability work was achieved this year with
the development of a new strategy for our Nordic Marketplaces.
The key drivers for the strategy are digitalisation and sustainability.
We see the post-pandemic increase in digitalisation and the
steadily growing customer engagement in sustainability as an
opportunity to grow both our business and our impact on society
and the environment, by making the sustainable alternative the
obvious choice.
At the end of 2022 we updated our sustainability ambitions and
strategic priorities based on a double materiality analysis, where
we looked at both our impact on society and the environment and
at how society and the environment impact our financial value. We
believe that this will help us connect sustainability even closer to
Schibsted's strategy and performance going forward. Our purpose
and ambitions are intertwined with the UN Global Compact's
purpose and ambitions, and we will continue our commitment to
that agenda.
Kristin Skogen Lund
CEO of Schibsted
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
15
Schibsted is a family of digital brands with a strong Nordic position
and more than 6,000 employees. Millions of people enjoy
interacting with our companies every day through our online
marketplaces, world-class media houses and digital services. Our
journalism and marketplaces are important cornerstones for
building a sustainable and democratic society, and through our
products and services we help people make informed choices, live
more sustainable lives, and trust each other. For more information,
see the annual report, page 3.
Our purpose: mission, vision and character
Schibsted’s overall purpose is captured in three core statements:
• Our mission: Empowering people in their daily lives
• Our vision: A society built on trust and transparency
• Our character: A fearless force for change
Our mission of empowering people in their daily lives is rooted in
the values of our media heritage and a legacy of bold change. We
don’t claim to know the truth – we seek to uncover it. We won’t
mislead people – we promote fair and open deals. We don’t wait for
the future – we shape it. We are inspired by this common purpose
and supported by the shared foundation, goals and principles that
unite us. While each of the Schibsted brands and businesses
independently pursues opportunities to create value, it is as a
family working together that we flourish at a scale and in ways that
truly make a difference.
Schibsted’s real impact comes from people finding our products
and services valuable and making them a part of their lives in ways
that change how they act and understand the world. At Schibsted
we are never satisfied with the status quo; we believe in developing
new opportunities and in never allowing past successes to stand in
our way. At our best, we are a fearless force for change in a society
built on trust and transparency.
Schibsted is committed to creating value at multiple levels and for
all our stakeholders. This is not a balancing act, but rather a
positive spiral where creating value for consumers leads to
increased use of services that benefit society and the environment,
makes us attractive to people we want to work with, and increases
the value of our business. Each Schibsted business contributes in
its own way and according to its own goals.
Owners
The Tinius Trust is the major shareholder in Schibsted ASA. The
trust was established in 1996 by Tinius Nagell-Erichsen, the last
active member of the founding Schibsted family. Through the trust,
Tinius Nagell-Erichsen wanted to ensure that Schibsted remained
a media group characterised by independent journalism, credible
and high-quality services and long-term, sound financial
development. See Note 15 Shareholder structure to the financial
statements for the parent company for list of Shareholder
structure. The Tinius Trust has an indirect ownership interest in
Schibsted through Blommenholm Industrier AS.
Sustainability governance model
The Board oversees and governs Schibsted’s sustainability
performance. For information about the governance structure of
the Board and its committees, see the statement on corporate
governance in the annual report.
We aim to incorporate responsibility for sustainability into our core
business. For each material sustainability topic identified
(reflecting our impact), a member of the Schibsted Executive
Management Team is assigned responsibility for defining its scope,
ambitions and targets and for implementing, communicating and
evaluating performance according to the defined ambitions and
targets. The Board has the final decision on sustainability and
approves the ambitions and targets yearly by approving the
sustainability report. The Audit Committee conducts an in-depth
control of the report before it is approved by the Board. The Board
has delegated the responsibility of interacting with stakeholders to
the Executive Management Team, which performs dialogue
according to the procedure described on page 68. The outcome is
presented to the Board through the content of our Sustainability
Report on a yearly basis.
Critical concerns relating to Schibsted’s material social and
environmental impact are handled and communicated on a need-
to-know basis or through our risk management processes and our
sustainability report.
Schibsted currently has no measures in place to advance the
collective knowledge, skills and experience of the Board of
Directors on sustainable development. For information on the
Board’s experience and competencies in sustainability, please visit
https://www.schibsted.com/about/the-board.
The general managers in each company are responsible for
supporting and monitoring each entity with rolling out and
implementing the Code of Conduct and other sustainability-
related policies and for retrieving data and information required by
law.
The Head of Sustainability has overall responsibility for anchoring
sustainability in the overall strategy, ensuring that the material
sustainability aspects are prioritised, guiding the organisation on
sustainability and communicating with internal and external
stakeholders. As an integral part of group performance and
strategy management, the responsible members of Schibsted's
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
16
Executive Management Team, their respective management teams
and the Head of Sustainability regularly monitor the progress on
the ambitions and targets. The Head of Sustainability also
monitors our progress as a whole and reports to the Board on a
need-to-know basis, at least yearly. The Head of Sustainability
reports weekly to the Head of Corporate Strategy and Business
Development, who in turn reports to the Group CFO. The Head of
Corporate Strategy & Business Development also takes part in all
meetings held by the Executive Management Team.
Our sustainability themes and integration into our strategy
Our sustainability themes and order of priority outline our framework for sustainability. Material topics are linked to each theme (see table
below) with a clear description, scope, long-term ambition and short-term targets and actions. These are presented under the respective
themes in this report.
We aim to have a business strategy that is sustainable, not a
separate sustainability strategy. We have therefore developed a
framework stipulating integration of our sustainability. The
framework provides a sustainability scope and priority of themes
that will guide us in the integration of sustainability into the
development and evaluation of our business strategies.
Based on a robust evaluation process including criteria such as
impact, stakeholder priority and alignment with business
strategies (see detailed description on page 70) we defined our
sustainability framework and outlined how we should prioritise
issues for 2023. The scope and priority reflect our nature, a family
of digital consumer brands, and reminds us that it is through our
products that we have the best opportunities in terms of impact
and positive development for our company. Providing trusted,
transparent and high-quality products that empower people is
therefore our top priority from both a sustainability perspective
and a business perspective. But delivering these values is also
dependent on a holistic approach.
The holistic approach to sustainability is a prerequisite for our
ability to create value for the economy, society and the
environment. To ensure that we deliver these values, we have set a
three-year ambition for all our material topics, which we have
broken down into annual targets and presented and evaluated in
our sustainability report. For detailed information on our process
to define topics and priorities, see page 68.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
17
Mapping of sustainability themes, current material topics and previous material topics
Sustainability themes and related current material topics
(identified in materiality analysis 2022)
Previous material topics
(identified in materiality analysis 2019)
Independent and high-quality journalism
• Independent and high-quality journalism
• Empower people to be informed
• Independent and high-quality journalism
• Empower people to make informed choices
Trusted and efficient marketplaces
• Efficient marketplaces for circular consumption
• Transparent and efficient real estate marketplaces
• Unbiased, inclusive and transparent job marketplaces
• Transparent and efficient mobility marketplaces
• Empower people to make informed choices
• Empower circular and sustainable consumption
Responsible advertising
• Responsible advertising
• Responsible marketing
Responsible use of data and strong cybersecurity
• Responsible use of data
• Cybersecurity
• User safety and fraud protection
• Privacy and protection of user data
Sustainable investments
• Sustainable investments
• Sustainable investments and ownership
Trusted consumer comparison services
• Empower consumers though comparison services
• Fair consumer offerings
• Empower people to make informed choices
Attractive and fair employer
• Attractive workplace
• Diversity, inclusion and belonging
• Skills development
• Health and safety
• Attractive workplace
• Diversity, inclusion and belonging
• Skills development and knowledge sharing
• Health, safety and integrity of employees
Environmentally friendly operations
• Climate impact and energy use
• Sustainable printed products
• Sustainable distribution
• Energy use and greenhouse gas emissions
• Managing materials and waste
Fair business practice
• Fair business practice
• Sustainable supply chain
• Responsible marketplace and distribution partners
• Fair business practice
• Sustainable supply chain
As well as presenting an update on our material topics for 2022, this report also includes our previous material topics and related ambitions
and targets. This is to provide transparency in the disclosure of our progress on these topics and how they are linked to our new
sustainability themes and topics.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
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Freedom of speech and a free press are fundamental in a
democratic society. At Schibsted we are very proud of how our
independent media houses reach millions of readers, digitally and
in print through our newspapers Aftenposten (Norway), Verdens
Gang (VG)(Norway), Stavanger Aftenblad (Norway), Bergens
Tidende (Norway), E24 (Norway), Aftonbladet (Sweden) and
Svenska Dagbladet (SvD)(Sweden). With this outreach comes
democratic responsibilities, and we want to contribute to a
democratic and transparent society by providing independent
news and information as well as promoting freedom of speech.
At its best, our journalism contributes to a functioning democracy
by diminishing the gap between what citizens know and what they
need to know about the world around them. In addition to our
positive contribution, we have an important responsibility to
minimise any negative impacts associated with our services. A high
level of trust in society requires trustworthy information, and it is
our job to provide it. We do this every day by holding powerful
people accountable, producing factual and reliable media content,
and by inviting people to see and understand a wide variety of lived
experiences. At its best, our words can change society for the
better; such is the power of journalism. Good journalism exposes
inequality, opens eyes, puts pressure on politicians to act, and
ensures that people’s voices are heard. These are the core activities
of Schibsted’s media houses, and collectively they represent a
unique tool to empower people in their daily lives.
Independent and high-quality journalism
We are fearlessly independent in pursuing our journalistic mission.
We don’t claim to know the truth - we seek to uncover it. We tell it
as we see it, separating fact from fiction.
Schibsted’s articles of association state that the shareholders shall
enable Schibsted to operate its information business in such a way
that editorial freedom and integrity are fully ensured. In 2011
Schibsted’s Editors’ Forum adopted a framework for editorial
governance in the Group’s publishing businesses that safeguard
the principle of editorial freedom.
In addition, our media houses defined more detailed in-house
ethical guidelines on editorial matters. Some of our media houses
prepare editorial reports in which they account for decisions made
by the self-regulatory bodies and through legal procedures and for
how they work to protect sources and journalistic methodology.
Our vision of a society built on trust and transparency springs from
a legacy that we have the privilege and responsibility to uphold.
The needs of today differ from those of the past. A high level of trust
in society requires trustworthy information, and it is our job to
provide it. We aspire to be equally transparent when our methods
or journalistic choices are called into question. We welcome our
audiences’ participation in our journalism. To increase
transparency and readers’ understanding of how editorial choices
and decisions are made, some of our media houses have created
blogs, websites and even podcasts that allow our editors and
journalists to speak openly about the dilemmas they face when
making editorial decisions. A great example is an interactive tool
developed by VG to visualise more transparency around its
journalism, see https://vg.no/informasjon/. The tool gives readers,
users and customers background information about the decisions
made by providing insight into editorial assessments, marketing
activities and ethical considerations.
Our reason for being
Since its foundation, Schibsted has carried the torch for
independent media and freedom of speech and continues to do so.
These are fundamental principles in a democratic society. We are
privileged in the Nordics, with high ethical standards and editorial
guidelines governing how our media houses should act. In 2022 we
supported the European Commission to ensure that the proposed
European Media Freedom Act would not impact the established
Nordic model negatively but at the same time would help establish
better fundamental conditions for independent media in other
parts of Europe where, sadly, these cannot be taken for granted. In
2022 the importance of journalism as a guardian of democracy and
the flow of trusted information has become highly apparent with
the war in Ukraine and the resultant unstable situation in Europe.
In 2022 an editorial project was established to define the purpose
of our journalism. The editors initiated the project by exploring
how our News Media operations contribute to:
• supporting Schibsted's overall strategy and our vision to uphold
a society built on trust and transparency
• being a positive force at times when our democratic values are
at stake
• convincing users and readers that our journalism serves as a
reliable and trustworthy source of information
The work concluded with the new purpose statement: Our
democracies depend on independent journalism - that’s our
business.
A constant force for change
As a force for change we continuously seek new ways of reaching
people and creating experiences that shape media habits. For
News Media, change is, and must be, a constant. Most of our
content is created daily. We adapt to changes in the world and in
people's habits and preferences. We make changes in form and
format so that we can continue to help people make sense of that
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
19
new world and of their place in it. A force can change velocity or
direction; together with its audiences, News Media can do both.
In 2022 we continued to invest in independent journalism and
excellent storytelling capabilities to develop our leading positions.
One example of great independent journalism was the coverage of
the general election in Sweden delivered by our Swedish
newspapers Svenska Dagbladet and Aftonbladet, whose
impressive efforts resulted in very high numbers of unique visitors,
page views, video streaming, podcasts, election compasses and
new subscribers despite being subjected to constant cyberattacks.
We are proud of how we deliver on our important purpose through
high-quality and independent journalism based on facts and
analysis, enabling readers to form their own opinions in
challenging times.
Since 2017 we have organised the yearly conference The Power of
Journalism together with the Tinius Trust. This event celebrates
journalism and its dynamic future, bringing together industry
leaders, partners and colleagues to share ideas, discuss important
issues, inspire each other, and strengthen ties between those of us
who believe in the future of journalism. In 2022 the conference was
held physically and had 155 participants.
We also continued our support for independent and high-quality
journalism through membership in international global networks
promoting high-quality investigative journalism such as the
International Consortium of Investigative Journalists (ICIJ) and the
European Investigative Collaborations (EIG).
In Norway and Sweden, our editors are accountable for any
infringements of the law, and self-regulatory bodies have been
established to uphold their respective codes of ethics. These self-
regulatory bodies were founded on the principles of freedom of
speech and independence and it is possible for everyone (including
readers) to report complaints. Any complaints about our
newspapers are reported to the Norwegian Press Complaints
Commission or the Swedish Media Ombudsman. In Norway, 31
(2021: 23) complaints were filed against our newspapers in 2022,
and 28 (2021: 40) in Sweden. One (2021: 0) complaint against our
newspapers in Norway was upheld and one (2021:1) in Sweden. All
complaints are taken seriously and are reviewed to avoid
recurrence in the future. For further details on complaints and the
outcome, see the website for each of the above-mentioned
organisations.
● Fulfilled
◐ In progress
○ Not started
Evaluation of progress: Independent and high-quality journalism (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure public access to information and protect fundamental freedoms, in accordance with national legislation and
international agreements (16.10).
Commitments
Progress
Ambition (long-term)
• Ensure transparent media practices and contribute to a
sustainable and democratic society.
●
Ambition (long-term)
• We delivered on our long-term ambition to ensure that our transparent
media practices contribute to upholding a democratic society. Please refer
to the section above and previous reports for more details.
Targets and actions (2022)
• Establish an editorial project to define the purpose of our
journalism.
●
Targets and actions (2022)
• The editorial project was completed and a News Media purpose established
with the statement: Our democracies depend on independent journalism -
that’s our business.
• Invest in independent journalism and excellent
storytelling capabilities in order to continue developing
our leading positions.
●
• Continued investments in journalism and storytelling. Examples: great
independent journalism by our Swedish newspapers in their coverage of the
Swedish general election; high engagement among readers and record sales
of subscriptions; VG's development of a new interaction tool to visualise
more transparency around their journalism.
Commitments: Independent and high-quality journalism (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure public access to information and protect fundamental freedoms, in accordance with national legislation and
international agreements (16.10).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Ensure independent, trustworthy and unbiased journalism in line
with the high press ethics standards in the Nordics.
• Invest in independent journalism and excellent storytelling capabilities in
order to continue developing our leading positions.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
20
Empowering people to be informed
For our media houses, empowerment means enlightening our
readers and providing them with accessible, transparent,
informative and balanced media content. In a time when anyone
can share their thoughts online with minimal restrictions, our role
becomes increasingly important. We put people in a stronger
position to form opinions based on facts and independent analysis.
We provide opportunities to voice those opinions and to let them
be challenged. That is empowering.
The quality and integrity of the media content across our media
houses are fundamental to our heritage and our future. Fraud
protection is essential to maintaining the trust of our readers and
our advertisers; it is critical to our mission. Schibsted's editorial
leaders are seasoned professionals with years of experience in
capturing important news stories and bringing them to our various
reader communities. We embed editorial controls to ensure the
accuracy and integrity of our news. Schibsted operates identity and
payment applications to protect user activities and transactions
across our leading media brands. These systems are designed to
best-practice standards, with regular security monitoring and
security testing to protect user data.
Our media houses constantly moderate community discussions
and comments on our community forums to protect our readers.
We ensure that any threatening, harassing, hateful or illegal
comments are removed, and our media houses are mandated to
close discussions if deemed necessary. Our editors and their staff
are dedicated to operating media houses that aspire to accurately
and continuously inform our community while protecting our
users.
In 2022 we established IN/LAB (short for inclusion lab), a joint
venture with Tinius Trust. IN/LAB is a democracy lab that will
prototype future news experiences for current news outsiders.
Inclusion is at the core of how we work and the impact we seek to
have. IN/LAB was established to focus uniquely on news outsiders,
that is, people who currently consume no or very little fact-based
news. Motivated by recent research, we have a particular interest
in young news outsiders, socio-economically vulnerable
communities and post-truthers in Sweden and Norway. These
themes often overlap and interact. Our work includes community
research, technical experiments and editorial efforts. We scope
target groups for our projects on a rolling basis and use design
thinking to identify relevant tasks.
The plan in 2022 was to aggregate and create a forward-looking
impact report for News Media to communicate both internally and
externally but unfortunately, we had to reprioritise our resources.
A less comprehensive version was therefore initiated and will be
published in 2023.
Stories that made a difference
Every year our journalists publish remarkable stories that help
bring about social change and public debate. Some of the stories
that made a difference in 2022 are presented below.
Death in the child welfare service: Aftenposten (Norway)
How many children with severe mental illnesses are in the care of
the child welfare service? What conditions are they suffering from,
and are they getting the health care they need? No public agencies
could answer these questions in the autumn of 2021.
Aftenposten discovered that 261 children placed in the care of the
child welfare service end up being sent back and forth between
different services. Instead of receiving the care and health care they
need, extremely sick children were moved from one child welfare
service institution to the next. We also discovered that vulnerable
children placed in the care of the child welfare service were being
put out to tender; in the past six years, the public sector has
purchased places in private child welfare institutions for almost
NOK 14 billion. These cases received serious political
consequences and resulted in a long list of measures to be
implemented; for example the Norwegian Directorate for Children,
Youth and Family Affairs (Bufdir) must now gain oversight of how
many children in the care of the child welfare service have mental
illnesses and identify any system failures, and the Norwegian
Board of Health Supervision was ordered to investigate all deaths
that occurred in the child welfare service over the past five years.
The police chief’s weapons: VG (Norway)
VG exposed how the chief of the security police (PST) in Norway
kept illegal weapons for eight years before surrendering them to
his department. The story sparked an investigation and the police
chief was fined for illegal possession. For three years VG’s
journalists worked to access documents from this investigation.
In 2022 VG exposed how the weapons triggered a conflict within the
police department that led to an employee becoming fully
disabled. The chief of PST resigned after the story was published.
VG’s investigations also revealed how the police treat their
whistleblowers and triggered several government investigations
into the police and the security services.
Generasjon Uro: Stavanger Aftenblad (Norway)
Stavanger Aftenblad investigated and tried to answer what eating
disorders can do to a specific generation. We spoke to people who
had or had had an eating disorder and their relatives, the
healthcare system, experts, researchers, organisations and
politicians. The series of articles consisted of four stories - one of
them told in audio format - and seven follow-up articles. The
starting point for the project was the dramatic increase in the
number of young girls who developed an eating disorder during the
pandemic. The increase was so high that authorities treated the
disease as a public health problem for girls aged between
13 and 16.
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Health minister Ingvild Kjerkol informed us that the regional health
trusts were told to give priority to mental health care in 2023: 'We
will allocate compensation of NOK 700 million to the hospitals in
the revised national budget'. She also informed Stavanger
Aftenblad that several processes were currently ongoing to
improve the quality of treatment provided in the mental health
care service: 'A committee of experts will look at the organisation
of mental health care and how we can improve this service'.
The Argentum story: Bergens Tidende (Norway)
In June 2022 almost the entire board of the government-owned
investment company Argentum, including its chair, was ousted. It
happened after months of investigation by BT into payments made
by the company's director Joachim Høegh-Krohn and other
management executives.
BT had revealed, among other things, that the chief executive
received over NOK 135 million during his term as director, making
him the all-time best-paid executive in the public sector. BT also
revealed how Høegh-Krohn paid only a few hundred thousand
kroner in tax on dividends worth tens of millions of kroner – money
he had accumulated through the company's highly unusual
incentive scheme. It was decided to end this scheme after BT's
investigation, and Høegh-Krohn resigned soon after.
The Argentum story is one of BT's investigative projects that has
put Bergen's business community on the national agenda this year.
It also marked the pre-summer debate on the level of executive
compensation here in Norway.
Here's the price of your new H&M clothes purchases:
Aftonbladet (Sweden)
Fashion giant H&M promises its customers that their clothes
production is responsible and sustainable. But Aftonbladet’s
investigation, conducted in Stockholm and Bangladesh, revealed
that toxic water flows out of H&M’s factories. We also revealed that
several factories did not comply with local laws or H&M’s own
regulations.
The investigation sent shockwaves through the company, and an
internal investigation was immediately initiated. Many Swedish
and international newspapers covered the story, and H&M’s share
price plunged as a result of the media coverage.
The superstar among the kids: Svenska Dagbladet (Sweden)
He was Sweden's fifth-most influential Youtuber and a superstar
among young children.
But he interspersed his child-friendly clips with references to sex.
He told stories about rape and incest and had previously sold items
such as thongs in his online store. He was accused of cheating his
young fans out of money. In a much talked-about podcast, Svenska
Dagbladet examined Pontus Rasmusson. The disclosure created
big waves in Sweden and led to the social media profile finally
losing access to young audiences on some of the biggest platforms
such as YouTube and TikTok.
Projects that made a difference
The climate calculator: Aftenposten (Norway)
How can we engage our readers in climate-related journalism? For
many years now, Aftenposten has experimented with a variety of
narrative devices and formats on all our platforms. In 2022 we
launched the climate calculator. The home you live in, the food you
eat, your travel and purchase decisions all have a decisive impact
on the carbon footprint your lifestyle creates. Readers can decide
how much data they want to enter on their lifestyle to calculate the
size of their carbon footprint. The service has generated a lot of
engagement and has proved highly popular. We have very high
readership and conversion figures, and readers take a long time to
complete the test. As originally intended, we reached a segment
that is younger than Aftenposten's normal segment. The articles
we published in connection with the calculator also had wide reach
and generated a lot of engagement.
Evaluation of progress: Empower people to make informed choices (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure public access to information and protect fundamental freedoms, in accordance with national legislation and
international agreements (16.10).
Commitments
Progress
Ambition (long-term)
• Empower and enlighten people to make well-informed
and sustainable choices through all our operations and
drive innovation for future-fit business models.
●
Ambition (long-term)
• We delivered on our long-term ambition to empower people through our
journalism. Please refer to the above section and previous reports for more
details.
Targets and actions (2022)
• Aggregate and create a forward-looking impact report
(including trust and transparency) for News Media to
communicate both internally and externally.
○
Targets and actions (2022)
• The work was initiated but not completed due to lack of resources and a
change in priorities. A basic version will be completed in 2023.
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Commitments: Empower people to be informed (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure public access to information and protect fundamental freedoms, in accordance with national legislation and
international agreements (16.10).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Empower people to form opinions based on facts and
independent analysis. We provide opportunities to voice those
opinions and to let them be challenged.
• VG aims to increase its reach among young users, defined as users aged 15-
34.
• Aftonbladet aims to increase its reach among young users, defined as users
aged 16-24.
• IN/LAB aims to execute on a minimum of three clearly defined
projects/experiments during 2023 aimed at reaching new target groups of
which at least one should result in a minimum viable product tested on live
users (within or outside of established brands).
• IN/LAB aims to host a minimum of 10 workshops and/or presentations with
our brands to ensure that learnings are shared across our organisation. Each
brand is expected to participate and share the content for at least one
workshop.
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Ever since the beginning of the digitalisation era, Schibsted has
been a frontrunner in developing digital marketplaces for
consumers. Today our marketplaces serve all the Nordic markets
and facilitate marketplaces for jobs, housing, circular consumption
(recommerce) and mobility, mainly through our major brands FINN
(Norway), Blocket (Sweden), Tori and Oikotie (Finland), DBA and
Bilbasen (Denmark). We also operate through niche brands such as
Nettbil (mobility), Bytbil (mobility), Qasa (housing-rentals). Honk
(mobility) and Plick (circular consumption).
During 2022 our marketplace organisation has become even better
equipped to meet the future of marketplaces. Our new setup will
work across our Nordic geographies and be organised around the
nature of the specific marketplace (jobs, real estate, recommerce
and mobility). The main purpose of the shift in focus is to spark
further innovation and meet the user demand of tomorrow, when
the rapid development towards a sustainable future is considered
one of the strongest forces that will shape our society.
Initiatives that made a difference
Every year, our marketplaces launch new products, services or
campaigns that aim to make a difference and have a positive
impact on society, the economy or the environment. Some of the
initiatives that made a difference in 2022 are presented below.
Promoting access to cars over ownership: HONK (Norway)
The average car is parked for 92 per cent of its lifetime which is too
much in a society that needs to be resource efficient and where
people also have scarce means. Our marketplace brand HONK was
launched in Norway in 2022 and offers car subscriptions based on
the consumer's need for access to a car instead of traditional
ownership. HONK offers short-term subscription periods
(minimum one month) and will be launched in Sweden in 2023.
Lowering the barriers for smooth circular consumption: FINN
Fiks Ferdig (Norway)
Circular and environmentally friendly shopping that works as
smoothly as ecommerce is the basic idea behind the Fiks Ferdig
offering. Fiks Ferdig makes transactions smoother, safer and more
efficient by integrating a secure payment, shipping and insurance
of goods sent through any of our delivery partners. In 2022 the
offering for listings of goods such as fashion, kid's clothing and
sports apparel was launched in our Norwegian marketplace FINN
and proved an immediate success.
Next level user safety: Blocket (Sweden)
Trust and user safety are crucial for our marketplaces to thrive. In
our Swedish marketplace Blocket we launched several features
that will further reduce the risk of fraud and misconduct. The
additional features included mandatory digital verification for ad
insertion for most of our categories, restrictions on SMS
verification and a smoother reporting line for suspicious users and
behaviour.
Proactively prevent fraud: Tori (Finland)
Constantly improving our user safety features and informing users
about fraud risks are our primary tasks to prevent fraud in our
marketplaces. During 2022 our Finnish marketplace Tori improved
user safety by limiting access to advertisers’ phone numbers,
proactively communicated about fraud risks using direct
messaginges and ran an external campaign with banks and
authorities about how users can avoid phishing attempts.
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Efficient marketplaces for circular consumption
The current consumption pattern for goods in our society is not
sustainable. Changes are needed to minimise the negative impacts
of climate change, the relentless use of natural resources, and
harm to biodiversity. Shifting from wear-and -tear consumption
(linear) to reuse, repair and rental (circular) is considered one of the
most important shifts. We strongly believe in this approach and
aim to strengthen our role as a marketplace by further boosting the
circular consumption of goods such as home furnishings, fashion,
electronics and sports gear.
As a leading brand in all our Nordic markets, we have, and will
continue to have, a significant impact on and responsibility for
creating a trusted, efficient and transparent market, ensuring user
safety, and promoting the shift towards circular consumption and
environmentally friendly reuse practices. Since our role in the value
chain is to provide a marketplace, our major impact comes from
how private individuals and business partners use and trade
through our marketplace. Private individuals and business
partners have ultimate responsibility for the transactions, while we
facilitate the marketplace in which those transactions are made.
We are committed to constantly improving the platform in terms of
making circular consumption smooth, safe and environmentally
friendly. We do this by optimising the user experience, moderating
content, preventing fraud, identifying users, advising users and
offering a product that lowers the barriers for circular
consumption. We conduct close dialogue with national authorities
to ensure the highest safety standard for our platforms when it
comes to user safety.
Our long-term ambition has been to lead innovation and inform
society about the environmental benefits of circular consumption,
inspired by several of the goals linked to SDG 12. As a result, we
have invested in products and offerings such as the marketplace
Plick, and continue to inform users and partners about user safety
and the benefits of second-hand trading. We have also participated
in dialogues at national and European level on how circular
consumption should be treated in upcoming regulatory measures
in the European Union.
Evaluation of progress: Empower people to make informed choices (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure that people everywhere have the relevant information and awareness for sustainable development and
lifestyles in harmony with nature (12.8).
Definition 2022
Progress 2022
Ambition (long-term)
• Empower and enlighten people to make well-informed
and sustainable choices through all our operations and
drive innovation for future-fit business models.
●
Ambition (long-term)
• We continued to offer trusted, efficient and transparent marketplaces for
mobility, real estate and jobs. The reorganisation placed us in a good
position to further strengthen our offerings, drive innovation and increase
our positive impact on society and the environment.
• Double the positive impact of our marketplaces on society
by 2023.
○
• We have not yet fulfilled our ambition to double our impact, but we have
continued to grow and are preparing to increase our impact by reorganising,
launching new products and broadening our offering through new brands.
Targets and actions (2022)
• Implement previously identified measurements on
societal impact and continue our mapping of possible
measurements for other brands in Nordic Marketplaces.
●
Targets and actions (2022)
• Our Norwegian marketplace set targets and made progress in areas such as
user safety and fraud protection, an efficient and fair labour market, and an
efficient and sustainable real estate market. Due to the reorganisation, no
further brands implemented targets for societal impact. Measurement of
societal impact is planned for all verticals in 2023.
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Transparent and efficient real estate marketplaces
Housing is an essential part of everyone's life in terms of time and
money spent. Our digital marketplaces for real estate and housing
rentals play a crucial role in each market, and we strive every day
to bring trust, efficiency and transparency to the market. We do this
by making rental transactions safer and accessible for all,
empowering house buyers/sellers by ensuring transparency and
facilitating smooth transactions that optimise the use of existing
resources and match supply and demand.
As a marketplace, we empower consumers to make better
decisions by providing information such as current market supply
(new and existing housing), valuable market insights and price
transparency. Our role also stipulates robust internal processes
and policies that aim to ensure consumer safety by requiring
identification and preventing illegal use through ad moderation.
We cooperate closely with national authorities and encourage
users to report abuse and fraud. We also cater to real estate agents
and support them in their decision making by providing market
insights and channels to reach buyers.
Our long-term ambition is to become market leader in the Nordics
by delivering transparent, efficient and accessible real estate
marketplaces to our users and professional customers.
Due to the reorganisation of our marketplaces, no specific
measurements were in place to measure our development for
2022.
Evaluation of progress: Empower circular and sustainable consumption (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
• Ensure that people everywhere have the relevant information and awareness for sustainable development and
lifestyles in harmony with nature (12.8).
Commitments
Progress
Ambition (long-term)
• By leading innovation in empowering people to make
sustainable choices and enabling circular consumption,
we aim to double our positive impact on society and the
environment for our marketplaces by 2023.
○
Ambition (long-term)
• We have not yet fulfilled our ambition to double our impact, but we have
continued to grow and are preparing to increase our impact by reorganising,
launching new products and broadening our offering through new brands.
Targets and actions (2022)
• Continue to identify, realise and invest in circular business
opportunities.
●
Targets and actions (2022)
• We prepared and launched several new products, such as a refurbished
electronics offering in Norway, a smooth recommerce offering in Norway
including payment and freight, and removed listing fees in Sweden, thus
lowering the barriers to the listing of goods.
• Continue to promote, develop and communicate the
environmental benefits of circular consumption to our
stakeholders, including participation in the public debate
in all our markets and in the European Union.
●
• We continued our communication of the positive environmental effects of
circular consumption in all our markets by launching reports (Second Hand
Effect Report, Bruktmarkedsrapporten) marketing campaigns (four
promotion campaigns in Norway, three in Sweden). We also actively
contributed to governmental and non-governmental feedback processes to
lower the barriers to circular consumption in the EU, Norway and Sweden
through participation in Classified Marketplaces Europe, SKIFT and the
Delegationen för Cirkulär Ekonomi.
Commitments: Efficient marketplaces for circular consumption (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
• Ensure that people everywhere have the relevant information and awareness for sustainable development and
lifestyles in harmony with nature (12.8).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Unlock a sustainable future by increasing circular consumption in
the Nordics.
• Continue to lower the barriers to circular consumption by expanding our
smooth transactions concept to new markets and growing in current
markets.
• Reduce emissions from transport of goods between buyers and sellers by
setting higher requirements for delivery partners to measure and reduce
their emissions.
• We will continue to increase the profitability for our recommerce business in
2023 and aim for EBITDA break-even by 2025 to ensure long-term
commitments to a business model that empowers and scales circular
consumption in the Nordics.
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Unbiased, inclusive and transparent job
marketplaces
The ways in which people find jobs and employers find employees
have changed rapidly over the past decades due to globalisation,
digitalisation and the growing demand for skilled workers. The
complexity in creating matches in the job market is a societal
challenge that is growing in our markets, and solving it is crucial for
employers and employees to thrive. Our digital marketplaces for
jobs in the Nordics have played, and will continue to play, an
important role in matching employers with employees because
they have the power to create a transparent, efficient and
accessible market.
With several leading job marketplaces, we have a responsibility to
promote a responsible and fair market. We do this by empowering
jobseekers through providing information, lowering barriers for
applicants and inspiring and promoting the benefits of an equal job
market for everyone. Two examples are how our Finnish
marketplace Oikotie brings salary transparency to jobseekers and
helps them find fair and responsible employers when looking for
summer jobs.
Our long-term ambition is to help create transparent, efficient and
accessible marketplaces for jobs, promoting unbiased and
transparent recruitment processes.
Due to the reorganisation of our marketplaces, no specific
measurements were in place to measure our development for
2022.
Transparent and efficient mobility marketplaces
Our current mobility patterns are considered to be one of the main
challenges to mitigating and solving the climate crisis and the
shortage of natural resources. The mobility industry is currently
undergoing a major transformation, and in our Nordic markets we
are seeing a rapid transformation towards new low-emission
solutions and initiatives aimed at more efficient use of our mobility
resources. As the leading marketplaces for mobility in the Nordics,
we play an important role as a positive force in this transformation.
We do this by empowering buyers and sellers of vehicles, creating
a trustworthy and transparent market, and ensuring that everyone
can access and understand the mobility market. We also promote,
and inform about, the shift towards sustainable mobility.
As a marketplace for vehicles, we play an important role in ensuring
trust between buyers and sellers by proactively educating buyers
and sellers, preventing and monitoring attempted fraud and
offering insurance solutions that make vehicle sale transactions
smoother and safer for both seller and buyer.
Our role in the market and our responsibility to mitigate our
societal and environmental impacts are closely related to how we
develop and execute our products and services, because the
success of a smooth, efficient, transparent, accessible and safe
Commitments: Transparent and efficient real estate marketplaces (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure that people everywhere have the relevant information and awareness for sustainable development and
lifestyles in harmony with nature (12.8).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Become market leader in the Nordics by delivering transparent,
efficient and accessible real estate marketplaces to our users and
professional customers.
• Improve efficiency and transparency in the housing markets by
strengthening the home buying and selling experience in our marketplaces.
• Improve efficiency, transparency and user safety in the rental markets by
strengthening our products and improving the rental experience for
landlords and tenants.
• Provide training to all employees within the real estate marketplace
organisation in how sustainability applies to our business and our markets.
Commitment: Unbiased, inclusive and transparent job marketplaces (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• Our marketplaces help create a transparent, efficient and
accessible market for jobs, promoting unbiased and transparent
recruitment processes.
• Create more opportunities for job seekers by ensuring that we offer as many
job opportunities as possible.
• Help our partners and customers become responsible employers by building
and growing a community and exploring opportunities to offer digital tools.
• Provide training to 90 per cent of our employees in our jobs marketplace
organisation in how diversity, inclusion and belonging can be used as a
perspective for developing our products and have a positive impact on
society.
• Promote the use of our tools and products that reduce bias and promote a
more transparent job market, such as our salary comparison tool in Finland.
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market is closely connected to the success of our commercial
offerings.
Our ambition for the coming years is to support the renewal of the
Nordic carfleet towards more sustainable options and be a
disruptive force for sustainable mobility long-term.
Due to the reorganisation of our marketplaces, no specific
measurements were in place to measure our development for
2022.
Commitment: Transparent and efficient mobility marketplaces (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure that people everywhere have the relevant information and awareness for sustainable development and
lifestyles in harmony with nature (12.8).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Our ambition for the coming years is to support the renewal of the
Nordic carfleet towards more sustainable options and be a
disruptive force for sustainable mobility long-term.
• Lead the transition to low-emission mobility in the Nordics by ensuring that
the majority of our mobility listings has comparable emissions data.
• Drive safe and efficient transactions by adopting digital car buying for all user
segments by:
o Increasing transactions through our offering Smidig bilhandel
o >80 per cent user satisfaction for Smidig bilhandel users
o Launch new offerings
• Build knowledge and internal processes for sustainability in the mobility
marketplace organisation, business planning and product development by
training 100 per cent of our employees, implementing sustainable product
development principles, and establishing an internal governance model.
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Advertising space for marketing other organisations’ services and
products on our platforms counts for a significant proportion of our
revenues.
As a platform that is dependent on and that communicates other
organisations’ marketing messages, we have a responsibility to
ensure that consumers receive content that complies with our
internal guidelines, regulations and voluntary industry guidelines.
For example, in Norway the Marketing Control Act forbids
marketing directed at children, and in Sweden the Swedish
Consumer Agency has compiled rules and practices governing
marketing directed at children and minors. Responsible
advertising is also crucial for maintaining user trust in our
products.
Each of our companies has formulated its own guidelines for
external advertising, and the general manager, publisher or editor
of each company is responsible for ensuring that marketing
content follows the guidelines. It is crucial for our media houses to
ensure independence of their journalistic content in respect of
advertisers and partners. Schibsted complies with the Ethical Code
of Practice for the Press, which also contains rules for marketing. In
practice this means that we have both an advanced platform
process and manual ways of ensuring that the creatives used by
our advertisers stay well within our guidelines. In addition, we have
introduced a privacy-first audit process for third-party vendors,
which means that we now work with only a pre-approved whitelist
of vendors. Schibsted has also taken a leading role in driving
change in the industry and in engaging in active dialogue with
regulators and authorities in the common quest for sustainable
development in the best interests of our users, our customers and
our business.
Since we also market our own brands, we have a responsibility for
what we offer to the market and how we describe our services.
Some of our financial services, such as Lendo, are subject to more
stringent national regulations on how they may communicate their
marketing messages. The general managers for each brand are
responsible for meeting our ethical marketing standards. From
2023, responsible marketing will not be included in the scope of the
material topic of responsible advertising but will instead be
integrated in topics that aim to maintain trust in our products, and
will be the responsibility of the individual brands.
Our main markets (Sweden, Norway, Finland and Denmark) all
have regulatory bodies (governmental or self-regulatory) that
receive complaints about advertising and that assess whether
commercial advertising complies with requirements. Reporting of
complaints is available for everyone. Some complaints pertaining
to Schibsted and our brands were lodged in 2022. In Sweden, the
Swedish Advertising Ombudsman (a self-regulatory body)
reviewed one (2021: 2) case, one (2021: 2) of which was upheld. In
Norway, the Consumer Authority and the Market Council
(independent administrative bodies) received zero (2021: 0)
complaints pertaining to Schibsted brands. In Finland, the Finnish
Chamber of Commerce (self-regulatory body) monitors marketing
practices and received zero (2021: 0) complaints pertaining to
Schibsted brands. In Denmark, the Danish Business Authority,
which monitors marketing practices, received one complaint
pertaining to Schibsted brands. Zero (2021: 0) complaints resulted
in any fines or penalties for the Schibsted companies. For further
details on complaints and outcome, see website for each of the
above mentioned organisations.
In 2022 we continued our dialogue with policymakers and industry
coalitions, focusing mainly on regulating targeted advertising and
industry standards.
Evaluation of progress: Responsible marketing (previous material topic)
Commitments
Progress
Ambition (long-term)
• Zero incidents of non-compliance with applicable external
and internal standards or policies.
◐
Ambition (long-term)
• We did not reach our ambition of zero incidents in the past few years, but
came very close with only one or two incidents per year.
Targets and actions (2022)
• Zero incidents of non-compliance concerning product and
service information and labelling.
◐
Target and actions (2022)
• Reporting on non-compliance concerning product and services information
labelling done for 2022. See text above for details.
Commitment: Responsible advertising (current material topic)
Ambition long-term (2023-2026)
Target and actions (2023)
• Comply with national laws and regulations and be leading in
voluntary industry standards.
• Minimise the number of incidents of non-compliant advertising with
regulations and internal policies.
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In a digital age, transparency, safety and integrity are prerequisites
for building trust and a sustainable business model. This applies
not only to our journalistic processes and online services, but also
to areas such as privacy and integrity, user trust, fraud protection
and cybersecurity.
Responsible use of data
Schibsted’s strategic focus on data aims to create insights that
benefit our users through building better and more relevant
products and services. Over the past few years, we have worked on
executing Schibsted’s data strategy to ensure that we develop the
best data-based products and services for our users and
customers.
Our users are informed of how we do this and of how they can
control how we use their data. We make extensive efforts to ensure
that we process data in compliance with applicable privacy
regulations and our users’ expectations.
Privacy and integrity is led by our Chief Privacy and Data Trends
Officer, who is supported by a team of privacy experts and data
protection officers (DPOs) for our three business areas. Employees
receive privacy training to ensure necessary awareness and
competence in this area. In 2022 around 700 Schibsted employees
received training in privacy and data protection, and 150 privacy
champions across Schibsted received advanced training.
Our extensive privacy programme has the following key objectives:
• Ensure compliance with our legal obligations on a continuous
basis.
• Guide Schibsted’s data-driven approach by executing on
privacy by design across our product and tech organisation,
embedding privacy into our corporate culture, tech stack and
products.
• Provide efficient and automated tools to empower users’
control over their personal data by, for example, deciding how
their personal data is used or by accessing or deleting personal
data.
• Maintain and increase end-user and public competence,
knowledge and trust related to our use of data.
We conduct close and ongoing dialogue with regulators and
legislators to understand and influence rules and practices. In
addition, we continuously collaborate with other companies on
developing industry standards in the best interests of our
consumers and our business.
Schibsted has extensive reporting procedures for handling
complaints and data breaches. Furthermore, we have extensive
measures in place for detecting vulnerabilities and thereby
preventing breaches. In 2022 we reported two (2021: 5) breaches
within this area to the local data protection authorities. While we
do not yet know the outcome of these cases, we cannot dismiss the
possibility that they may result in sanctions. Our goal, however, is
to avoid the imposition of sanctions for data breaches.
Our target for 2023, as in 2022, is to have no sanctions imposed by
local data protection authorities for data breaches. Furthermore,
we will ensure that all employees involved in the processing of
personal data receive privacy and data protection training. We will
continue to facilitate and take part in the public debate on the
data-driven society, responsible data, artificial intelligence and
privacy. We will also continue to be heavily engaged in discussions
at both national and EU level on how we can ensure European
entities’ ability to compete with the multinational tech companies.
Responsible AI
At Schibsted we are leveraging the power of artificial intelligence
(AI) to build the best possible digital products and services for our
users and to support our employees. We are currently working on
AI across the Group in various ways. Our use cases vary from
enabling privacy-friendly contextual advertising and optimising
our distribution operations to predicting how many newspapers
we should print to minimise our environmental footprint.
Schibsted is founded on a long tradition of independent news,
trusted marketplaces and digital consumer services.
Trustworthiness and quality are core to what we do, and when
using new tools such as AI we are committed to ensuring that our
implementation and experimentation uphold these ideals.
Schibsted is dedicated to promoting the responsible application of
AI across and beyond our organisation, and we believe that a key
part of this is to be transparent about how and why we use these
new technologies.
AI has great potential for a group like Schibsted, but as we have
learned through research conducted in and beyond Schibsted in
recent years, there are substantial risks associated with using these
technologies. They can relate to issues such as human bias being
encoded into AI systems or outcomes that are hard to explain or
understand. To meet these challenges, we are currently piloting a
new framework for AI risk analysis. We call it the FAST framework,
and it provides a common basis for approaching risk in the areas of
Fairness, Accountability, Sustainability and Transparency across
the Group. The framework aims to provide support for brands, and
functions across Schibsted’s diverse ecosystem in identifying,
managing and sharing risk in order to build and use the best
possible AI-powered products and services.
To learn more about FAST, how we are using AI as a tool to
empower people in their everyday lives, the research we are
conducting in the field and other updates on the topic, please visit
https://schibsted.com/ai/.
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Cybersecurity
Schibsted’s information security management system focuses on
continuously protecting our users across our portfolio of
companies and the critical brands used in our customers’ daily
lives. The purpose of this system is to protect our brand
communities against cybersecurity attacks. Our information
security management system consists of a comprehensive set of
procedures and technical controls to continuously improve our
ability to provide leading products securely. This approach
provides a continuous means to analyse digital security risks and
effectively manage risk to maintain the trust of our users and user
communities.
Schibsted’s Chief Information Security Officer (CISO) coordinates
data and information security activities across all our companies.
This is a proactive approach to protecting our brands and user data
across our businesses, products and services. We are committed to
securing our brands and our users across our services and to
serving as a trusted and vital digital partner in our users’ daily lives.
Our employees focus on protecting our users’ and readers’ data
from cybercrime. Our information security management system is
built on industry-proven best security practices, with dedicated
security professionals integrating cybersecurity best practices
from recognised industry standards such as ISO 27001, NIST
Cybersecurity Framework and OWASP.
Schibsted actively maintains security policies and guidelines
throughout our operations and brands. This comprehensive
security management approach entails constant protection across
the following security domain activities:
• Security compliance and risk management
• Access management security controls
• Application security management
• Secure product application design and architecture
• Network security management
• Vulnerability lifecycle management
• Third-party security management
• Security monitoring and security incident management
• Security awareness and security training
The focus in 2022 was on continued execution of the global
cybersecurity programme to strengthen our cybersecurity
capabilities across all of Schibsted. The programme improved our
capability to detect, identify, protect against, and respond to
cybersecurity threats, vulnerabilities, breaches and attacks as well
as to recover from them if/when necessary. In 2022 Schibsted
detected and responded to 78 major cybersecurity incidents.
18 (23%) of the security incidents were classified as attacks and the
rest were related to misconfiguration, patch management or
human error, etc. Seventy-three out of the 78 (94%) security
incidents were responded to within the set target of 30 minutes.
Evaluation of progress: Privacy and protection of user data (previous material topic)
Commitment
Progress
Ambition (long-term)
• Lead the industry in handling and safeguarding personal
and sensitive data.
◐
Ambition (long-term)
• Extensive dialogue with the Norwegian Media Association and the Norwegian
Data Protection Authority. Schibsted’s Chief Privacy and Data Trends Officer
served as the deputy chairman in the Privacy Commission that advised the
Norwegian government on data and privacy matters.
Targets and actions (2022)
• Zero incidents categorised by authorities as personal data
breaches with negative outcomes.
●
Targets and actions (2022)
• In 2022 we reported two (2021: 5) breaches. No negative outcomes from
authorities so far.
• All employees in scope complete relevant privacy and data
protection training.
◐
• Extensive data protection training has continued. Intensive training
completed for privacy champions.
Commitment: Responsible use of data (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• Ensure that Schibsted uses data to develop the best products and
services with our users best interest in mind and in accordance
with legal requirements.
• Zero incidents categorised by authorities as personal data breaches with
negative outcomes.
• All employees in scope complete relevant privacy and data protection
training.
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Evaluation of progress: User safety and fraud protection (previous material topic)
Commitments
Progress
Ambition (long-term)
• Ensure safe products with a minimal number of fraud
incidents.
●
Ambition (long-term)
• The cybersecurity programme was implemented in 2020 to improve security
across Schibsted by shifting from a fragmented approach to a more
structured approach, completing more than 50 security projects and
initiatives across Schibsted. Specifically, through the cybersecurity
programme, the training provided to developers in how to protect code
before deployment represented a major advance in securing the software
development life-cycle at Schibsted. 131 out of 140 developer teams (94%),
comprising more than 1,000 developers, were trained in threat modelling,
risk management and the use of code scanners to identify code
vulnerabilities pre-deployment. Other initiatives for specific groups in
Schibsted were also initiated, such as security for journalists relating to
information security controls on editorial content and source protection.
Targets and actions (2022)
• All breaches involving the Schibsted Account reported to
the on-call function are responded to within 30 minutes.
●
Targets and actions (2022)
• Getting all breaches involving Schibsted Account to be managed through the
incident management process at Schibsted (IMAS) has improved the
response to incidents and frauds. Six out of six (100%) security incidents
related to Schibsted Account were responded to within the set target of 30
minutes.
• Brands supported the continued rollout of the two-factor
authentication, using Schibsted Account.
◐
• The continued rollout of multi-factor authentication (MFA) when using
Schibsted Account has further improved user security in our products. In
2022, MFA usage increased by 29 per cent among our Schibsted Account
users across the brands.
• All employees in scope complete relevant security training.
◐
• Security awareness training continued to be pushed to all employees, along
with more specific security training for certain communities such as
developers. In 2022, on average, more than half of all employees completed
all the training provided.
• Improve business continuity by performing a disaster
recovery test on at least one of the most critical services.
●
• Identifying potential disaster scenarios and setting up continuity plans
within the brands for each scenario have strengthened the business
continuity of the services. Disaster Readiness Testing (DiRT) was launched in
the central functions, and tests were performed on several critical functions.
Commitments: Cybersecurity (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• Provide services that are resilient and accessible to society in all
situations and are protected against cybersecurity threats.
Continue our systematic efforts in information security across Schibsted by
supporting the brands in applying the security policies and controls to all
services.
• All employees complete mandatory security training.
• All major security incidents are reported within 30 minutes.
• Ensure that all relevant mandatory security tools and processes are
implemented by the brands.
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As a part of our core business, Schibsted is constantly evolving
through investments in new operations or divestments. Our core
focus for investments is the Nordics, and we invest in both early
venture businesses and mature organisations that are close to our
core operations of News Media and Marketplaces. As a responsible
owner and actor in the investment industry, we need to be
constantly aware of how our companies' impact society, the
economy and the environment. To ensure future-fit investments,
we need to be aware of the sustainability risks and opportunities
associated with potential investments and that prospective and
existing investments align with our internal sustainability policies
and guidelines.
Companies that are proactive and aware of their sustainability
risks and opportunities are generally more attractive and
profitable, and will also contribute with important power and
innovation in the transition to a sustainable society. Our long-term
financial success and sustainable development are therefore
dependent on sustainable practices and knowledge in each
company's operations. Investing in companies that are forward
leaning and more sustainable may also have positive
environmental, societal and economic impacts.
Our investment portfolio primarily consists of digital consumer
brands in a wide range of industries and maturity levels. They
include mature majority-owned brands such as Lendo, MittAnbud
and Prisjakt and venture companies such as Campanyon, Firi and
SYD. A common feature of most of our brands is that they enlighten
and empower people and companies in their daily lives by
providing information, creating transparency or developing
outstanding products. In general, the impact made by our portfolio
companies is related to their services and to the indirect impact
they may have on stakeholders such as consumers.
In 2020 we defined a sustainable investment policy outlining our
opportunity-driven approach to sustainability in our venture
investments. This policy helps us find and develop the right
companies and fund companies that create value for consumers,
owners, society, employees and the environment over time. Our
Chief Investment Officer is responsible for ensuring that our
investments align with our internal guidelines.
The policy outlines the importance and use of a sustainability due
diligence framework. During 2022 we also applied the due
diligence framework to our investments outside the venture
portfolio. In 2022, 75 per cent of all our investments were
scrutinised through our due diligence framework. In the coming
years, we expect sustainability in our investment operations to
continue to grow in importance, and we will continue to fully
embed the sustainability perspective in our Financial Services &
Ventures operations and ensure that our group investments follow
a similar policy and process. For further information on our due
diligence process and policy for venture investments, see our
sustainable investment policy at
https://schibsted.com/group-policies-and-statements/.
Examples of investments in 2022
Autovex
AutoVex is an auction platform in Finland, allowing consumers to
receive offers for their used cars in the convenience of their home
via a digitally managed auction catering exclusively to car dealers.
AutoVex’s mission is to create the most effective way to buy and sell
used cars online while providing the best possible user experience
for both consumers and car dealers. The company was founded in
2018 and currently employs around 20 people in Helsinki.
Maja
Maja offers a digital network of licensed doctors to women, and has
rapidly established itself as one of the largest online clinics in the
Norwegian market. Maja was launched in 2020 and already
provides advice and treatments to thousands of young women
every month, focusing on women's health and minimising the
stigma attached to health problems which many women
experience.
Turnr
Turner has developed a completely new return platform for online
stores that is available to customers in Norway and Sweden. The
concept aims to simplify returns for both online stores and
customers while significantly reducing its environmental footprint
by automatically redirecting returns to new buyers who live in the
immediate area – at a given discount.
SAVR
Savr launched its fund platform in late 2019 and has acquired more
than 90,000 customers in just over two years. Savr empowers
consumers by offering mutual funds at lower fees by refunding
retrocessions. Since its launch in November 2019, the company has
refunded over SEK 17.5 million in kickbacks to its customers.
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Evaluation of progress: Sustainable investments and ownership (previous material topic)
Commitments
Progress
Ambition (long-term)
• Be ranked as the industry leader and ensure that invested
capital is used to drive innovation for future-fit business
models.
◐
Ambition (long term)
• We took several steps towards securing an industry-leading position by
integrating the sustainability perspective in our investment processes.
Targets and actions (2022)
• Establish a sustainable investment policy for the Group
and a process for sustainability screening of potential
acquisitions/investments.
◐
Targets and actions (2022)
• We did not expand our sustainable investment policy to apply to Group
investments, but we implemented a due diligence process for all our
investments.
• The sustainable investment policy for Financial Services &
Ventures is used on all new investments for investment
memoranda and due diligence procedures.
◐
• We included sustainability information in all investment memoranda and
performed due diligence on 75 per cent of our investments.
• Perform a pilot with one or two of our venture investments
to outline a process creating value out of sustainability.
○
• Due to significant changes in market terms and to internal reorganisation,
the pilot on sustainability value creation was cancelled.
• Continue to roll out the framework for materiality analysis
for more brands and organisations.
●
• The framework was rolled out to seven brands/organisations.
• Ensure alignment with the EU Taxonomy Regulation and
the EU Sustainable Finance Disclosure Regulation.
◐
• Our alignment with the EU Taxonomy is included in our sustainability report,
but alignment with the Sustainable Finance Disclosure Regulation (SFDR)
was not performed due to significant changes in market terms and to internal
reorganisation.
Commitments: Sustainable investments (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• Incorporate the sustainability perspective into the entire
investment process (sourcing, investing, portfolio management
and divesting/exit).
• Perform sustainability due diligence on 100 per cent of venture and Group
investments.
• Work actively on our venture portfolio companies’ sustainability initiatives to
drive value creation.
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Through our consumer comparison services we empower millions
of consumers by enabling access to comparisons, insights and
independent consumer information. Our operations consist of
brands such as Lendo, Prisjakt, MittAnbud, Servicefinder and
Compricer, which offer comparison services to European
consumers on consumer goods, services and loans. Providing
these types of services entails a responsibility to ensure that
consumers receive fair and transparent offerings and are
empowered in their decision making by further strengthening
consumers’ power and knowledge.
Empower consumers through comparison services
and fair consumer offerings
As a provider of information, we need to make sure that consumers
can trust offerings and commercial partners. We also need to
ensure that consumers are aware of the economic, societal and
environmental consequences of decisions made by consulting our
services. At Lendo we do this by applying responsible lending
principles to prevent over-indebtedness, at Prisjakt by screening
commercial customers and their ethical behaviour, and at
MittAnbud by blocking non-authorised partners. Trust and
transparency are vital to the success of our business, and therefore
play a natural part in our development of new products and
services. Our recently developed Code of Conduct forms the basis
of our internal ethical framework, and we expect our business
partners to meet our ethical standards and respect the values
outlined there.
In our personal finance companies such as Lendo and Compricer,
dedicated resources across our various brands focus on providing
a protected community. Our fraud protection controls for our
finance services include regulatory compliance, building
automated security processes into our services, and providing
dedicated customer support to protect our users.
Since 2020 we have developed our insights into and knowledge
about how our empowerment services impact society by defining
measurements for some of our brands and countries. As a result of
this and of our wish to be transparent, Lendo Group launched its
first sustainability report in 2022 (financial year 2021), which
included a description of material topics, its approach to
sustainability, and its targets and performance measurements.
Evaluation of progress: Empower people to make informed choices (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Increase the number of people with relevant skills for financial success (4.4).
Commitments
Progress
Ambition (long-term)
• Empower and enlighten people to make well-informed
and sustainable choices through all our operations and
drive innovation for future-fit business models.
●
Ambition (long-term)
• We continued to offer trusted, efficient and transparent consumer
comparison services, and incorporated responsible lending and
transparency for the consumer as focus areas at Lendo.
Target and actions (2022)
• Implement previously identified measurements on
societal impact and continue our mapping of potential
measurements for other brands in Financial Services and
Ventures.
◐
Targets and actions (2022)
• Lendo launched a sustainability report which includes a description of
material topics, targets and performance measurements. Due to significant
changes in market terms, strategic reviews of Prisjakt and Lendo and to an
internal reorganisation, no further mapping of measurements was
performed.
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Commitments: Empower consumers through comparison services (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Increase the number of people with relevant skills for financial success (4.4).
• Ensure that people everywhere have the relevant information and awareness for sustainable development and
lifestyles in harmony with nature (12.8).
Ambition long-term (2023-2026)
Target and actions (2023)
• We empower consumers with all available information to make
informed decisions through our transparent comparison services.
• Lendo will establish responsible lending principles and continue to raise
internal awareness to ensure this perspective is integrated in the daily
business.
Commitments: Fair consumer offerings (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• We offer fair and transparent services through partners that
respect and uphold the values and ethical standards set out in our
Code of Conduct and that comply with national laws and
regulations.
• Lendo will initiate collaboration with industry associations and partners to
further address the topics of fraud and overindebtedness.
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Our people strategy aims to be a competitive advantage for
Schibsted. Schibsted relies on a diverse workforce to succeed. Our
success depends on employees from a wide array of cultures and
backgrounds contributing with their ideas and perspectives to
provide our users and readers with the best possible services and
products. Acting responsibly and offering an attractive working
environment are crucial for attracting and retaining the right
people, so at Schibsted we strive to maintain the highest standards
in what we and our stakeholders believe should be prioritised in
our people strategy. This includes promoting diversity, inclusion
and belonging, skills development, and a safe and healthy working
environment that supports work-life balance and employee
integrity.
At year-end, Schibsted had 6,161 (2021: 5,689) employees (full-time
equivalents) in 10 countries: Norway, Sweden, Denmark, Finland,
Poland, Portugal, Spain, France, UK and Italy. Most of our
employees are full-time workers employed at our offices. The
exceptions are employees on short-term contracts in our media
operations, our newspaper distributors in Norway and in our
printing plants in Norway.
Employee data
<30 years
30-50 years
>50 years
Total
Total number of employees by age group
2022
2021
2022
2021
2022
2021
2022
2021
Norway
614
570
2,072
2,047
726
723
3,412
3,340
Sweden
347
380
1,283
1,208
223
195
1,853
1,783
Denmark
88
9
142
7
19
-
249
16
Finland
31
24
180
142
28
20
239
186
Poland
141
129
244
221
-
-
385
350
Other
9
5
13
9
1
-
23
14
Total
1,230
1,117
3,934
3,634
997
938
6,161
5,689
% change by age group
10%
8%
6%
8%
Denmark does not include the new marketplaces bought in 2021.
Male
Female
Total
Total number of employees, by gender
2022
2021
2022
2021
2022
2021
Norway
2,131
62%
2,116
63%
1,281
38%
1,224
37%
3,412
3,340
Sweden
1,023
55%
999
56%
830
45%
784
44%
1,853
1,783
Denmark
173
69%
9
56%
76
31%
7
44%
249
16
Finland
116
49%
93
50%
123
51%
93
50%
239
186
Poland
268
70%
246
70%
117
30%
104
30%
385
350
Other
15
65%
9
64%
8
35%
5
36%
23
14
Total
3,726
60%
3,472
61%
2,435
40%
2,217
39%
6,161
5,689
No significant part of our work is performed by seasonal workers or workers who are not employees (external consultants or freelancers). Denmark does not include the new
marketplaces acquired in 2021.
Attractive workplace
We believe that our employees represent the Group’s most
important asset. Our ambition is to be a preferred employer in our
main markets. We will achieve this by creating an attractive
workplace for our employees where they can thrive and feel
engaged, one that is intellectually stimulating, virtually enabled,
aspirational and that offers a safe and healthy working
environment (both physically and psychosocially) while promoting
work-life balance, diversity, inclusion and belonging.
To develop Schibsted as an attractive employer, we engage with
our employees through active employee representation. Three
employee representatives and two deputies currently sit on
Schibsted’s Board.
Three Group employee representatives are also elected to act on
behalf of all employees, both unionised and non-unionised. Their
function is laid down in the central Norwegian collective
bargaining agreements. The Group employee representatives
protect employees' interests in matters that are dealt with at Group
level. These representatives serve as discussion partners for
management to assure the quality of decisions and processes. Two
of three representatives must be elected in Norway, while the third
must represent a country outside Norway where Schibsted has its
most extensive operations, currently Sweden.
To evaluate our role as an employer, we conduct employee
engagement surveys (ACT). By facilitating a framework for how to
present the results and discuss actions to drive engagement
together with the teams, the aim of the survey is to promote a
climate of inclusiveness and make employees feel that they are
heard and involved. We ran three surveys in 2022, and the
employee engagement score in our companies remained high. We
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are delivering beyond our target of 80 and, compared to
international benchmarks, we are in the top 10 per cent of the best-
performing companies.
As stipulated in our Code of Conduct, Schibsted’s employees have
full freedom of association and may organise themselves as they
choose. Schibsted’s European Works Council (EWC) meets twice a
year and serves as our forum for information, dialogue and
consultation between employees and the Schibsted Executive
Management Team. In 2022 Schibsted's EWC consisted of 22
representatives (13 men and nine women) from five countries:
Norway (11), Sweden (7), Poland (2), Finland (1) and Denmark (1).
The representatives serve on three-year terms.
Collective bargaining agreements or working environment
committees are in place in all operations to ensure decent working
conditions and to prevent discrimination against employees.
Overall, 79 per cent of employees were covered by a collective
bargaining agreement at the end of 2022 (2021: 78 per cent). The
working conditions and terms of employment for employees not
covered by collective bargaining agreements are in line with
applicable collective bargaining agreements.
Diversity, inclusion and belonging
We want to empower all kinds of people in their daily lives. By
empowering ourselves with a better understanding of customer
groups in a diverse society, we can change the way we think, work
and innovate. We can create products and services which the users
didn’t know they needed, for groups of users we didn’t know
existed. To accomplish this, we depend on a workforce with a
diverse mindset that contributes with different experiences,
backgrounds and perspectives.
We see huge potential in a diverse workforce, and if we provide our
leaders with the right competence and tools to build a culture of
inclusion and belonging, we can release that potential and nourish
collaboration and innovation that can turn into a competitive
advantage for Schibsted. Our ambition is to become an
organisation that is mature in diversity, inclusion and belonging
and to continue to be a leading voice in our geographies and in
society at large.
Diversity at Schibsted means all the differences and similarities
that make us unique as individuals. This includes traits such as
ethnicity, gender, age, functional capacity and sexual orientation
as well as culture, religion, background, language, cognitive ability
and more. We distinguish between primary and secondary layers of
traits. The primary layer comprises traits that are inherent and that
may be more visible, while the secondary layers comprises traits
we develop and that tend to be less visible.
Schibsted goes beyond acknowledging the diverse traits of our
workforce and commits to cultivating a corporate culture of
inclusion, where we unleash the potential of all kinds of people to
allow everyone to thrive and to feel that they are seen, and
translate this into better products and services. We aim to fully
enable the participation of all individuals and to ensure that the
unique and diverse traits of our employees are equally respected
and celebrated.
We see diversity and inclusion as the process, and belonging as the
goal. It is where individuals feel psychological safe and can truly be
themselves in the workplace, where each employee feels
empowered to achieve their best, and where unique ideas truly can
prosper. Embracing diversity, inclusion and belonging (DIB) within
and beyond our walls drives innovation across our business and
improves outcomes.
To convey even better and more insightful news, we need
journalists with different backgrounds and experience. DIB are
important values in a sustainable newsroom, and we want our
journalists to challenge established truths and explore new ideas.
In 2021-2022 we piloted a trainee programme where we recruited
four trainees for Aftenposten, VG, Bergens Tidende and Stavanger
Aftenblad. Our aim was to develop and educate more journalists
with multicultural competence. Two of the four trainees were
offered permanent positions after completing the programme. An
evaluation of the programme conducted that the programme
should continue in 2023.
Evaluation of progress: Attractive workplace (previous material topic)
Commitments
Progress
Ambition (long-term)
• Be the most attractive employer in our main markets.
◐
Ambition (long-term)
• We have achieved high employee engagement scores in recent years. We
have also ranked high on several preferred employer surveys in Norway and
Sweden.
Targets and actions (2022)
• At Group level, maintain a minimum average employee
engagement score of 80.
●
Targets and actions (2022)
• The employee engagement scores for our companies remain high. We are
delivering beyond our target of 80 and, compared to international
benchmarks, we are in the top 10 per cent of the best-performing companies.
Commitments: Attractive workplace (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• Be a preferred employer in our main markets.
• Maintain the average employee engagement score of 80.
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Our DIB framework
In 2022 a diversity, inclusion and belonging (DIB) framework was
developed and anchored in the Executive Management Team. The
framework provides guidelines for areas we need to focus on to
improve our DIB maturity, and includes the following focus areas
and key activities:
• Inclusive leadership and culture: competence boost
• Data and transparency: diagnose and follow-up progress
• Governance structures: drive local actions.
• Processes: DIB-filter on people processes (employee life cycle,
communication, etc.)
• Products: linking diversity and design thinking in our way of
developing products
• Communication: build DIB awareness, culture and knowledge
Data is needed to understand the organisation and to measure
progress. Schibsted therefore conducted diversity potential
studies in two organisations to better understand the culture,
uncover existing diversity groups and diversity competence, and
identify which groups are dominant and which are not. We
conducted more than 100 internal interviews in addition to a
survey of all employees in these organisations. Furthermore, our
global employee engagement survey (ACT) gave us an indication of
how we are doing on diversity, inclusion and level of belonging in
the organisation. The data from the survey allows us to plan and
improve our efforts in a more systematic way.
Most of our employees perceive us to have an inclusive culture.
However, to fulfil our ambition in this area we need to have a
deeper understanding of who feels included and who does not, and
to link this information to value creation. We therefore have
contributed to developing a diversity index in partnership with
Diversity Index, a subsidiary of Seema (Center for Diversity
Management). The diversity index is a tool used to give businesses
a 360 overview of what diversity it has, how well it is included and
to what extent it is used for value creation. This measurement tool,
which is based on the Norwegian Standard for Diversity Leadership
(NS 11201:2018), produces statistically reliable data that can be
correlated against other performance data. This will better help us
set a proper baseline, monitor progress and ensure that we focus
on the right areas. Schibsted will continue to be a strategic partner
and contribute to the development of the diversity index. The
target for 2023 is to implement the diversity index in 3-5
organisations. Lendo will be the first organisation to pilot the
diversity index in early 2023.
Several DIB training sessions were conducted during the year. The
DIB training programme for News Media leaders was developed
and conducted as part of the News Media leadership training pilot
programme. Twenty-four leaders completed the programme in
2022, and over 100 more are planned to participate in the
programme in 2023. Several individual training sessions were also
conducted across the organisation, including a workshop for the
Executive Management Team.
DIB was integrated into the new Code of Conduct (CoC) and was
included in the CoC training material that will be launched in 2023.
Balancing gender at Schibsted
In Schibsted, we firmly believe that gender is one of the key
diversity traits for achieving balance in the workplace and in
leadership teams. Our Board is composed of 40 per cent women
(2021: 38), in accordance with the Norwegian Limited Liabilities
Companies Act.
In 2017 Schibsted set a target of a 60:40 gender ratio for the three
top management levels by the end of 2020, and this goal was
achieved. Some of our organisations still have gender ratio targets,
but as a group we are now pursuing targets based on a wider
definition of diversity. We will, however, continue to monitor
gender ratio.
The proportion of women in top management positions in 2022
(part of the top management teams in all companies in Schibsted)
was 38 per cent (2021: 39). The proportion of women in other
management levels was 41 per cent (2021: 42). The overall
proportion of women in Schibsted was 40 per cent (2021: 39).
All companies in Schibsted are responsible for complying with local
regulations on mapping and analysing potential pay gaps. Our aim
was to collect all this data and start working on an analysis across
Schibsted, but unfortunately this could not be prioritised in 2022.
For Schibsted ASA’s compliance with the activity duty in the
Equality and Anti-Discrimination Act, see separate report on
https://schibsted.com/sustainability/.
SCHIBSTED ANNUAL REPORT 2022
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Composition of governance bodies and operations, by gender
Male
Female
Total
Total number of employees by gender
2022
2021
2022
2021
2022
2021
Board of Directors
6
60%
7
64%
4
40%
4
36%
10
11
-of which shareholder elected
4
57%
5
62%
3
43%
3
38%
7
8
Operations - Top management
156
62%
158
61%
97
38%
100
39%
253
258
Nordic Marketplaces
21
57%
14
42%
16
43%
19
58%
37
33
News Media
57
58%
62
60%
41
42%
41
40%
98
103
eCommerce & Distribution
24
75%
21
72%
8
25%
8
28%
32
29
Financial Services & Ventures
32
63%
42
68%
19
37%
20
32%
51
62
Other/Headquarters
22
63%
19
61%
13
37%
12
39%
35
31
Operations - Other managers
431
59%
419
58%
303
41%
307
42%
734
726
Nordic Marketplaces
93
54%
80
53%
80
46%
71
47%
173
151
News Media
182
53%
198
53%
162
47%
177
47%
344
375
eCommerce & Distribution
29
74%
10
63%
10
26%
6
38%
39
16
Financial Services & Ventures
44
62%
49
62%
27
38%
30
38%
71
79
Other/Headquarters
83
78%
82
78%
24
22%
23
22%
107
105
Operations - Other employees
3,137
61%
2,892
61%
2,037
39%
1,815
39%
5,174
4,705
Nordic Marketplaces
658
59%
471
59%
452
41%
329
41%
1,110
800
News Media
977
53%
1,032
54%
858
47%
887
46%
1,835
1,919
eCommerce & Distribution
530
81%
538
79%
126
19%
147
21%
656
685
Financial Services & Ventures
438
66%
433
63%
230
34%
253
37%
668
686
Other/Headquarters
534
59%
418
68%
371
41%
199
32%
905
615
Operations - Total
3,724
60%
3,469
61%
2,437
40%
2,222
39%
6,161
5,689
Other/Headquarters includes Schibsted Data & Tech. The numbers do not include the Danish marketplaces bought in 2021.
Age and gender, by business area
<30 years
30-50 years
>50 years
Total
2022
2021
2022
2021
2022
2021
2022
2021
Board of Directors
-
-
-
-
2
20%
4
36%
8
80%
7
64%
10
11
Operations - Male
employees
715
19%
650
19%
2,339
63%
2,178
63%
670
18%
643
19%
3,724
3,471
Nordic Marketplaces
137
18%
85
15%
560
73%
425
75%
75
10%
56
10%
772
566
News Media
121
10%
129
10%
711
58%
762
59%
384
32%
405
31%
1,216
1,296
eCommerce & Distribution
139
24%
129
23%
313
54%
304
53%
131
22%
136
24%
583
569
Financial Services & Ventures
171
33%
195
37%
319
62%
317
60%
24
5%
13
2%
514
525
Other/Headquarters
147
23%
112
22%
436
68%
370
72%
56
9%
33
6%
639
515
Operations - Female
employees
514
21%
467
21%
1,594
65%
1,456
66%
329
14%
295
13%
2,437
2,218
Nordic Marketplaces
119
22%
104
25%
381
70%
284
68%
48
9%
31
7%
548
419
News Media
180
17%
157
14%
685
65%
726
66%
196
18%
218
20%
1,061
1,101
eCommerce & Distribution
34
24%
40
25%
85
59%
98
61%
25
17%
23
14%
144
161
Financial Services & Ventures
95
34%
110
36%
175
63%
186
62%
6
2%
6
2%
276
302
Other/Headquarters
86
21%
55
24%
268
66%
162
69%
54
13%
17
7%
408
234
Operations - Total
1,229
20%
1,117
20%
3,933
64%
3,634
64%
999
16%
938
16%
6,161
5,689
Nordic Marketplaces
256
19%
189
19%
941
71%
709
72%
123
9%
87
9%
1,320
985
News Media
301
13%
286
12%
1,396
61%
1,488
62%
580
25%
623
26%
2,277
2,397
eCommerce & Distribution
173
24%
169
23%
398
55%
402
55%
156
21%
159
22%
727
730
Financial Services & Ventures
266
34%
306
37%
494
63%
503
61%
30
4%
19
2%
790
828
Other/Headquarters
233
22%
167
22%
704
67%
532
71%
110
11%
50
7%
1,047
749
Other/Headquarters includes Schibsted Data & Tech. The numbers do not include the Danish marketplaces bought in 2021. The system is unable to split employee categories by
age group; these figures have therefore been excluded from the report.
Initiatives that made a difference
IN/LAB (Inclusion Lab) launched
Schibsted News Media and Tinius Trust’s joint experimental
initiative IN/LAB went live in 2022. The aim is to give more people
meaningful access to independent journalism, and in the long run,
to strengthen democracy.
According to the Reuters Institute’s Digital News Report 2022,
32 per cent of Swedes and 28 per cent of Norwegians are 'news
outsiders'. Both the concept and the issue have drawn wide
attention in the news industry where the focus has been on why the
readers are leaving us due to an overwhelming and distressing
newsflow.
The first target group for IN/LAB was young people living in the
multicultural outer city areas of Stockholm who have critical
perceptions of news media. Much of the news coverage of the outer
city areas takes a 'problem-oriented perspective', and young
people from these areas have less trust in the media than the
population generally.
IN/LAB has collaborated with a group of young people from the
outer city areas of Stockholm to turn lived pain points into
speculative concepts that reimagine what news experiences could
be like in the future. See https://www.whatifthenews.com/.
Celebrating pride in Schibsted
Schibsted held its first ever Pride Day in 2022. All employees were
invited to celebrate at an all-hands meeting at which CEO Kristin
Skogen Lund and Head of Diversity, Inclusion and Belonging
Sumeet Singh Patpatia talked about the importance of DIB, Pride,
and taking a stand. Employees from the LGBTQ+ community
shared their personal stories and experiences and gave a
SCHIBSTED ANNUAL REPORT 2022
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presentation of the history of Pride going back to the Stonewall
Riots in 1969.
We launched a Schibsted LGBTQ+ and allies employee resource
group (ERG) to work on including this perspective and on how to be
a good ally every day all year round.
Over 300 ideas identified to improve on diversity, inclusion
and belonging in Aftenposten
We conducted workshops across all functions and in all
departments of Aftenposten, where employees identified short-
term and long-term actions to improve on the DIB journey.
Seventeen workshops in 17 departments were conducted with 200
participants. Over 300 actions were suggested, from which the
departments, and later, Aftenposten's Diversity Council, selected
which ones to prioritise. The selected ideas formed the basis for the
actions on DIB for 2023. In addition, several 'low-hanging fruits'
were identified for which each department would be responsible
for driving. Several of these have already been delivered. The top
management team will discuss the long-term ambition in early
2023.
These are some of the steps Aftenposten has conducted so far:
• Established a diversity council
• Potential study (quantitative and qualitative)
• Anchored findings and actions from top management
• Shared findings with the organisation
• Involved all employees
• Anchored and involved top management in the long-term
ambition (beginning of 2023)
Inclusive recruitment
In the autumn of 2022, Schibsted was awarded a grant by Design
and Architecture Norway (DOGA) for a project to analyse barriers to
an inclusive recruitment process in Schibsted. Together with
Skogstad & Co, a recruitment and management consultancy
specialising in diversity management, we carried-out in-depth
interviews with managers who were recruited for management
positions during the past year. The findings will form the basis for
developing the DIB Recruitment Playbook that will be developed in
2023.
Kids Coding Camp
Schibsted organises programmes where children aged 8-12 are
invited to learn programming. No previous knowledge is required.
The purpose of the programme is to introduce the younger
generation to programming and to stimulate children’s interest in
technology.
With Kids Coding Camp we aim to give the same opportunities to
all regardless of gender, social background or other criteria. By
arranging Kids Coding Camp, Schibsted also wants to highlight the
importance of equalising differences and of giving people the same
opportunities to educate themselves and to grow and flourish.
Coding is the language of the future, and all children should have
the right to learn it. The Kids Coding Camp is Schibsted’s
contribution to this development, and we hope this initiative will
encourage children to pursue coding in the future.
SCHIBSTED ANNUAL REPORT 2022
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Evaluation of progress: Diversity, inclusion and belonging (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision making
in political, economic and public life (5.5).
• Ensure equal opportunities and reduce inequalities of outcome, including by eliminating discriminatory laws, policies
and practices and promoting appropriate legislation, policies and action in this regard (10.3).
Commitments
Progress
Ambition (long-term)
• Become a mature organisation in diversity, inclusion and
belonging and be a leading voice in society.
◐
Ambition (long-term)
• In recent years we have expanded our focus on gender ratio and broadened
the scope of diversity to incorporate inclusion and belonging. We have
progressed in laying the foundation for maturing in DIB. Extensive work was
also done externally to become a leading voice in society, especially in
Norway.
Targets and actions (2022)
• Continue rollout of a system for gender pay gap mapping
in all markets and work on the results across the Group.
○
Targets and actions (2022)
• Rollout of the system was not prioritised in 2022. We do not yet have all data
needed to analyse the results across the group.
• Collaborate with partners on developing a diversity index.
●
• Schibsted participated in the development of the diversity index. The index
was launched at the end of 2022. A pilot was initiated in Lendo and the
maturity assessment will be conducted early 2023.
• Establish a training programme for managers on how to
lead diversity.
●
• A DIB training programme for News Media leaders was developed and
conducted as part of the News Media leadership training pilot programme.
Twenty-four leaders participated in the programme in 2022. Several
individual training sessions were conducted across the organisation,
including a workshop for the Executive Management Team.
• Finalise the mapping of the current situation in the two
remaining companies as pilots.
●
• Two DIB mapping studies were finalised in 2022. In total three studies are
conducted to better understand the maturity of the organisations and to
form a basis developing action plans for the organisations.
• Map the current situation in all Schibsted companies from
a management perspective through a self-assessment
tool.
○
• This self-assessment tool was replaced by the diversity index, since the index
can deliver the same data and analysis from the perspective of both
employees and managers.
• Create a DIB framework for Schibsted (what, how and
why).
●
• A DIB strategy and action plan was developed and anchored in the Executive
Management Team.
• Establish a DIB playbook for the whole employee life cycle.
◐
• During 2022 we assessed the recruitment process in partnership with a
recruitment and management consultancy specialising in diversity
competence. The findings in this project will form the basis developing the
DIB Recruitment Playbook to be operationalised in 2023.
Commitments: Diversity, inclusion and belonging (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision making
in political, economic and public life (5.5).
• Ensure equal opportunities and reduce inequalities of outcome, including by eliminating discriminatory laws, policies
and practices and promoting appropriate legislation, policies and action in this regard (10.3).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Become a mature organisation in diversity, inclusion and
belonging and continue to be a leading voice in our geographies
and in society at large.
• Implement the diversity index in 3-5 organisations.
• Operationalise a DIB recruitment playbook.
• Establish employee resource groups for two focus areas.
• Make DIB training available on the Learning Management System.
• Conduct DIB training for News Media in the leadership programme.
SCHIBSTED ANNUAL REPORT 2022
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Skills development
To ensure innovation, long-term sustainable growth and an
attractive workplace, we need to offer good opportunities for skills
development and performance reviews to our employees. We need
to create an environment where sharing our knowledge internally
is a natural part of our working life. We believe in fostering a growth
mindset and continuous learning, and in empowering employees
to drive their own development and growth.
Our global people function offers several training courses through
the Schibsted Learning Lab. The Learning Lab supports a common
culture of innovation, collaboration and knowledge sharing to help
Schibsted's employees succeed and perform their very best. The
training is divided into different subjects such as sustainability,
product development, analytics and tech, editorial training,
communication and facilitation, sales academy and more. We also
offer classes in local languages to help our diverse workforce feel
they belong in the countries they work in. Over 120 of our
employees received basic Norwegian and Swedish language
training through the Learning Lab in 2022.
In November 2022 all Schibsted employees received access to our
new learning platform (LMS) offering classroom and online courses
from internal and external providers, in addition to LinkedIn
Learning, which offers more than 16,000 digital courses. Here our
employees can share their own knowledge and experiences with
each other by uploading short lessons and presentations, and can
build learning paths with internal and external content. The target
for 2023 is to increase use of the LMS by 25 per cent.
Many of our companies aim to become learning organisations with
peer learning, knowledge sharing, and stretch goals connected to
the workflow. Internal meetings and conferences, temporary work
postings and projects, hack days and agile methodology are used
to upskill employees. In addition, many attend external
conferences and networks where a lot of crucial learning happens.
These informal learning initiatives and external activities are not
tracked. We aim to implement metrics to keep track of these
learning activities and gain a better understanding of the value of
learning for business.
The total number of hours of formal training provided through our
internal learning initiatives in 2022 was 44,339 (2021: 22,059). This
means an average of 7.2 hours (2021: 3.9) of training was provided
per employee (calculated using FTEs). After a year of home office
working and low activity during the COVID-19 pandemic, Schibsted
offered all its training sessions online in 2021 which increased
attendance in the formal training significantly. In 2022 our
employees were eager to receive in-person training, though two
thirds of formal training sessions provided in 2022 were still
conducted digitally. Participants awarded an average score of
8.1 out of a possible 10 in response to the evaluation question:
'How satisfied are you with the training overall?'
In 2022 Schibsted’s 230 managers attended the Harvard Business
School course in disruptive strategy to help foster a strategic
mindset where innovation becomes a shared priority.
An internal leadership programme for News Media was developed
that will run through 2023. The programme was customised to the
relevant business area and aligns with Schibsted's strategic
objectives and top-rated skill requirements for the future.
Learning Lab started a new round of our internal mentor
programme during 2022. A record high number of 130 employees
applied, and 70 mentor-mentee pairs were formed. The purpose of
the programme is to strengthen leadership skills in current and
future leaders and specialists, focusing on personal and
professional development as well as on networking.
Schibsted continued the adoption of Grow, our group-wide
performance development programme. According to our policy, all
employees should complete a development review with their
managers at least once a year. In 2022, 73 per cent of our
employees completed a development review using either Grow or
other local processes. The target for 2023 is for all employees to
complete at least one development review.
Grow leadership tools for succession planning and talent review
were also piloted in parts of the Schibsted organisation
(approximately 650 employees). During the autumn, the Executive
Management Team and their direct line reports conducted a
leadership review using the leadership tools in Grow.
Performance reviews by gender and employee category
Total
number
Rate %
Total
number
Rate %
2022
2021
Total
4,190
73%
4,521
88%
Male
2,445
70%
2,695
85%
Female
1,745
77%
1,832
93%
Company top
management
204
93%
206
88%
Other leaders
653
93%
631
99%
Other employees
3,333
69%
3,684
86%
The rate of performance and career development reviews by gender is based on the
total number of employees and the numbers of male and female employees at Group
level. The rate per employee category is based on the total number of employees in
each employee category. The companies Verdens Gang AS and Schibsted Sverige AB
were excluded from last year's reporting due to insufficient data. The numbers for
2022 derive from the new tool Grow or other local processes.
SCHIBSTED ANNUAL REPORT 2022
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Health and safety
To ensure an attractive workplace and to retain our employees, we
are constantly making improvements so that we can provide a safe
and healthy working environment that facilitates work-life
balance, minimises stress, prevents physical accidents and
protects employee integrity. In 2022 the average sick-leave for all
our companies was three per cent (2021: 3).
Several work-life balance and flexible working arrangements are in
place, though they vary across our countries of operation. Inspired
by our Scandinavian roots, most of our companies offer generous
paid vacation, parental leave, flexible working hours and flexible
workplace schemes as well as fitness activities and wellness grants.
Parental leave
Male
Female
Male
Female
2022
2021
Employees entitled to
parental leave
3,726
2,435
3,473
2,217
Employees that took
parental leave of more
than one month
205
308
205
214
Employees that returned
to work during the year
197
197
182
139
The hybrid working model
In Schibsted we believe in a hybrid workplace environment where
our workplace is more than just an office; it is a whole ecosystem
encompassing anywhere we work together. Whether employees
work from the office or remotely, we will support future work styles
by providing a sustainable environment that nurtures
collaboration, creativity and innovation. Reduced travel activity
will be a central element. We believe this will deliver employee
satisfaction, high performance and ongoing business growth.
The hybrid workplace pilot launched in 2021 was completed before
the summer of 2022. It was appreciated across our family, and one
thing is certain: there's no going back to where we were before the
pandemic!
We are fundamentally changing the way we work. And it’s clear
from our recent employee engagement survey results that all of us
anticipate a hybrid workplace environment going forward. The
majority of us said we wanted to work from the office only a few
days a week. The results show that 84 per cent are satisfied with
being able to choose when and where they work, and 76 per cent
can successfully balance their work and personal lives.
Although the benefits of hybrid work are now evident, there are
plenty of things to take into consideration. Work culture, for
example, looks different in hybrid work. The different ways in
which people work need to be integrated, and equal consideration
must be given to the needs of in-person employees and remote
employees to find an arrangement that benefits all.
Evaluation of progress: Skills development and knowledge sharing (previous material topic)
Commitments
Progress
Ambition (long-term)
• Offer a workplace where all employees have the
opportunity to develop skills and contribute to innovation.
◐
Ambition (long-term)
• Several steps have been taken in recent years to offer our employees more
training and hours of training per employee are increasing. The increase in
hours of training is partly due to a better overview of the training provided.
Targets and actions (2022)
• Develop an early career programme (hire for learnability,
train for skills).
○
Targets and actions (2022)
• Not completed due to other prioritisations.
• Implement a group-wide learning management system.
●
• A common learning management system was launched autumn 2022. The
next steps will be to ensure we remain relevant for our users. In 2023, we will
focus on improving the content for tech, AI, DIB and journalists.
• Deliver organised training courses and education
programmes customised to each business area/group
function/company and aligned with Schibsted's strategic
objectives and top-rated skill requirements for the future.
●
• Several relevant training courses were conducted. As an example, 230
Schibsted managers attended the Harvard Business School course in
disruptive strategy. In News Media a new team was set up to implement the
News Media leadership programme.
• Establish systematic talent review including succession
and workforce planning.
◐
• GROW2 toolbox with talent review and succession plan developed. Working
to implement as a yearly process across Schibsted in 2023. Workforce
planning not done.
Commitments: Skills development (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• We actively stimulate innovation and competence development,
and enable internal knowledge sharing within the organisation.
• All employees to complete at least one development review annually.
• Increase use of the learning management system with 25 per cent.
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Schibsted did not implement any significant changes after the
summer, but gave the individual brands the freedom to evaluate
how they wanted to organise hybrid work within the relevant
Schibsted policies. Schibsted's areas of work are too diverse for a
'one-size-fits-all'. We want to continue evaluating our experiences
of hybrid work. The ACT survey was part of this effort, but we will
also carry out in-depth interviews and look at the office use in
Kungsbrohuset in Stockholm and Akersgata 55 in Oslo.
Health and safety for our journalists out in the field
Schibsted focuses heavily on making sure our journalists are safe
wherever they work, and each media house takes steps to reduce
risk in the field. In 2022 we implemented a system called Exonaut
in Sweden, where a function deals with 'trips with elevated risks'.
All high-risk assignments must be reported to our security
department to ensure that risk analyses are performed well in
advance of high-risk assignments, both at home and abroad. Work
is currently being done to implement this system in Norway to
ensure the safety of all our journalists.
Guidelines for travel risk management (TRM) will be launched in Q1
2023 that will help our brands manage trips with an elevated risk
before, during and after travel. The aim of the TRM guidelines is to
enable Schibsted personnel to research, investigate and produce
stories in all environments with a minimal amount of
administration, restrictions or processes while still fulfilling
reasonable duty of care obligations.
Health and safety in our operations
Each company is responsible for conducting a risk assessment
identifying occupational health and safety risks. Operations at the
printing plants and newspaper distribution units pose the highest
risk of work-related injuries, while our offices pose the risk of ill
health in the form of stress. In 2022, 37 (2021: 26) injuries were
reported in our printing and distribution operations, all of which
were related to distribution activities. Most of them occurred in
connection with delivering newspapers and minor personal
injuries incurred due to slippery roads.
We conducted a project to investigate how our companies are
complying with strict national regulations in this area. We
examined our implementation of the risk-based approach and a
system for informing, preventing and identifying risks related to
health and safety in our companies. The results showed that we
needed to step up our work in this area and we therefore hired a
Head of Health and Safety at Group level to support the companies
in this work.
Health and safety in our printing and distribution
operations
All workers hired by Schibsted Trykk (printing) and Distribusjon
(distribution) are covered by our systematic approach to
evaluating, preventing and communicating procedures and to
following up identified health and safety risks. All operations within
Schibsted Trykk and Distribusjon 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.
For Schibsted Trykk, relevant information about health and safety
is communicated to employees through a real-time updated
electronic health and safety handbook, regular email updates and
meetings. The handbook contains an overview of laws, regulations
and internal procedures for health and safety work. A portal is also
available to employees for contacting the health and safety
committee and the safety representative.
For Schibsted Distribusjon, relevant information about health and
safety is communicated to the employees and carriers through
newsletters, trade unions and managers.
Appointed representatives and other workers in daily operations
are trained in health and safety on a regular basis. In general, no
external parties are involved in our preventive and reactive health
and safety work, but external consultants may be involved when
deemed necessary.
In Schibsted Trykk (printing) regular health checks are performed
by the occupational health service to systematically identify and
address the health risks at individual level and to assess the
working environment in general.
In Schibsted Distribusjon quarterly assessments of local
operations are used to identify risks and to follow up reported risks.
In addition to these local assessments, new investments are
assessed to prevent incidents, and meetings are held at least once
a year with regional representatives and management. All
employees are provided with adequate protective equipment.
The main risks for workers within our distribution network relate to
fall accidents in adverse weather conditions and risks during night-
time distribution. All employees are informed about these risks and
receive continuous information on how to prevent them and how
to handle them should they occur. All employees receive clear
instructions on how to handle emergency situations. These
situations must be reported directly to the manager and, if
necessary, to the police. The manager must register all incidents
and their underlying causes. Employees involved in such incidents
will, if considered necessary, either be placed on sick leave to
recover or be moved within the organisation to a position where
they feel safe.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
45
Evaluation of progress: Health, safety and integrity of employees (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Protect labour rights and promote safe and secure working environments for all workers, including migrant workers,
particularly women migrants and those in precarious employment (8.8).
Commitments
Progress
Ambition (long-term)
• Be the leading employer in our industries.
◐
Ambition (long-term)
• Several initiatives were completed to achieve our ambition. We are well
under way, but still need even more structured efforts in all our companies.
Targets and actions (2022)
• Testing a hybrid work model for the whole of Schibsted to
optimise the future way of working.
●
Targets and actions (2022)
• A company-wide hybrid pilot was conducted. The summary concluded that,
overall, the outcome was positive, and Schibsted will accommodate for a
hybrid way of work. However, the business needs and the delivery needs of
teams come first, so the suitability of hybrid work has to be concluded at
managerial level in each case.
• Implement the portal HOMEsted for ordering home office
equipment across the Group.
●
• The HOMEsted-portal where employees can order adjustable desks, chairs,
lamps, and more, is now open for all Schibsted employees in all Nordic
countries and Poland.
• Implement a travel policy with a sustainability and safety
focus across the Group.
●
• A common travel policy and travel agency system was implemented in
Norway, Sweden, Denmark, Finland and Poland.
• Implement one travel agency system across the Group.
●
• The changemaker project mapped the health and safety status in all
Schibsted companies in all countries. The project resulted in the hiring of a
Head of Health and Safety.
• Complete and conclude on a changemaker project for
mapping health and safety status across Schibsted to
streamline processes and procedures.
●
• Schibsted Sweden launched an incident management system (Exonaut). The
system has two parts: incidents related to HR matters and incidents related
to security (hate, harassment, work environment). Part 2 (security) was
implemented. Part 1 (HR) was fully developed but not yet launched.
• Launch of a health management system for our Swedish
operations.
• Design and launch well-being initiatives across the Group.
●
• An effort to increase wellbeing awareness and initiatives was launched
during the year. Some examples are seminars, education focusing on
physical and mental wellbeing, and several social activities.
Commitments: Health and safety (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Protect labour rights and promote safe and secure working environments for all workers, including migrant workers,
particularly women migrants and those in precarious employment (8.8).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Comply with national legislation, provide safe and fair working
conditions and ensure that people feel psychologically safe.
• Increase ACT indicator for health and safety by two percentage points.
• Launch part 1 of the incident management system (Exonaut) as a case
management system in Norway and Sweden.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
46
At Schibsted we strive to minimise our negative environmental
footprint and maximise our positive impact by empowering people
through our products and services to make environmentally
friendly choices in their daily lives. Our current scoping of
operational environmental footprint encompasses emissions and
use of material related to our printed products and distribution
services, as well as to our office operations, business travel,
devices, digital products and services.
Our Group Environmental Policy explains how we manage our
environmental impact. The policy is based on the principles of the
UN Global Compact and includes initiatives to promote greater
environmental responsibility, use of environmentally friendly
technologies, and application of the precautionary approach. The
Head of Sustainability in Schibsted is responsible for compliance
with the policy and for implementation of sound environmental
practices in all our operations. In 2022 Schibsted scored B (2021: B)
in the Carbon Disclosure Project (CDP) rating.
Climate impact and energy use
In 2022 we established our climate roadmap, which outlines how
we will reduce our emissions and energy consumption and reach
our climate ambitions for 2040. The roadmap builds on a climate
risk analysis based on the framework recommended by the Task
Force on Climate-related Financial Disclosures (TCFD) and the GHG
Protocol. In addition, we have been inspired by the Science Based
Target initiative (SBTi) and the recommendations set out in the
consultation paper on the Transition Plan Taskforce
Implementation Guide (TPT). We did not submit targets or
otherwise engage in the formal SBTi process.
Our climate roadmap sets out our three major ambitions:
• Ambition 1: Double our improvements in energy efficiency
(Scope 2) across all our business operations by 2030, from the
2018 baseline.
• Ambition 2: Reduce GHG emissions throughout our operations
and value chain by at least 55 per cent by 2030, from the 2018
baseline.
• Ambition 3: Net zero emissions by 2040.
Our emissions in 2022 decreased by approximately 1 per cent (by
location-based method) across all scopes. This was due mostly to
the decrease in ink and paper consumption.
Since 2018 we have reduced our emissions across all scopes by
17 per cent (by location-based method). We will continue to work
on reassessing our emissions across Scopes 1, 2 and 3 to make sure
we take responsibility where we should and to verify that our short-
and long-term targets remain valid in a rapidly changing business
environment.
Part of the work on the climate roadmap resulted in an update of
methodology and recalculation guidelines for tracking our GHG
emissions to ensure comparability with our baseline year 2018.
Thus, all categories were recalculated back to 2018 according to
our recalculation guideline. Please read our climate roadmap
(separate report on https://schibsted.com/sustainability/) for
further details on our governance, methodology, recalculation
principles, ambitions, historical progress and plans for reductions.
Energy consumption within Schibsted
(Scope 2)(MWh)
2018
2019
2020
2021
2022
2021-
2022 %
2018-
2022 %
Consumption of electricity, district heating,
district cooling
36,313
35,419
31,068
33,849
32,427
-4%
-11%
-of which electricity for printing plants
21,939
21,571
19,984
20,702
19,998
-3%
-9%
-of which electricity for offices and internal
data centres
14,373
13,849
11,084
13,147
12,430
-5%
-14%
-of which district heating for offices and
internal data centres
2,962
2,665
1,902
3,136
2,358
-25%
-20%
-of which district cooling for offices and
internal data centres
545
396
341
385
408
6%
-25%
Energy intensity (Scope 2)
2021
2022
% change
Energy intensity, energy consumption MWh/turnover NOK million*
2.31
2.12
-8%
Energy intensity, energy consumption MWh/employee*
5.82
5.26
-10%
*Intensity figures 2021 based on revenue and employees are restated due to recalculations of GHG emission inventory (see climate roadmap).
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
47
Greenhouse gas emissions (tonnes of CO2e)
2018
2019
2020
2021
2022
2021-
2022 %
2018-
2022 %
Direct Scope 1 emissions
Company owned vehicles
9
5
1
-
-
-
-100%
Total Scope 1 emissions
9
5
1
-
-
-
-100%
Indirect Scope 2 emissions
Electricity - location-based
1,330
1,286
355
315
380
20%
-71%
Electricity - market-based
14,063
12,226
10,615
9,090
8,907
-2%
-37%
District heating
341
311
242
297
233
-22%
-32%
District cooling
27
14
16
28
16
-43%
-41%
Total Scope 2 market-based emissions
14,430
12,551
10,873
9,415
9,156
-3%
-37%
Total Scope 2 location-based emissions
1,698
1,611
613
640
628
-2%
-63%
Indirect Scope 3 emissions
Distribution vehicles
- Employees, privately-owned vehicles
299
283
282
286
262
-8%
-12%
- Subcontractors vehicles*
7,360
7,360
7,360
7,360
7,360
-
-
Business travel
- Leased and privately-owned vehicles,
employees
473
260
330
361
359
-1%
-24%
- Business travel - flights
2,372
2,078
889
719
1,411
96%
-41%
- Business travel - train*
2
2
2
2
2
-
-
Data centres
- Energy from external data centres
(location-based)*
926
926
926
926
974
5%
5%
Distribution of digital news (DIMPACT)
- Internet infrastructure*
48
48
48
33
56
70%
17%
- Electricity consumption by users devices*
335
335
335
275
303
10%
-10%
Print products
- Paper for newspapers (Norway, owned
printing plants)
6,427
6,658
5,470
5,590
5,059
-9%
-21%
- Paper for newspapers and magazines
(Sweden, externally sourced)
2,134
3,193
2,113
2,001
1,838
-8%
-14%
- Ink for newspapers (Norway, owned
printing plants)
3,528
2,892
2,699
2,966
2,670
-10%
-24%
- Ink for newspapers (Sweden, externally
sourced)*
441
441
441
441
441
-
-
- Magazines (Norway, externally sourced)*
164
164
164
164
164
-
-
Procured IT equipment
- Smartphones*
120
120
120
120
89
-26%
-26%
- Computers*
375
375
375
375
562
50%
50%
- Monitors*
694
694
694
694
452
-35%
-35%
Total Scope 3
25,699
25,829
22,248
22,314
22,004
-1%
-14%
Total all scopes (market-based)
40,139
38,385
33,123
31,729
31,160
-2%
-22%
Total all scopes (location-based)
27,406
27,445
22,863
22,954
22,632
-1%
-17%
*This year we included emissions from ink and externally sourced magazines and revised the scope of vehicles in our distribution services. Where we are unable to determine
historical emissions or where the error margin in historical data was too high, we used the most recent available data as stated in our recalculation guidelines (see the climate
roadmap for detailed methodology, calculations and recalculation guidelines).
GHG intensity (Scope 1, 2 and 3)
2021
2022
% change
GHG intensity, tonnes CO2e emissions (market-based) /turnover NOK million*
2.17
2.04
-6%
GHG intensity, tonnes CO2e emissions (location-based) /turnover NOK million*
1.57
1.48
-6%
GHG intensity (market-based), tonnes CO2e emissions/employee*
5.46
5.06
-7%
GHG intensity (location-based), tonnes CO2e emissions/employee*
3.95
3.67
-7%
*Intensity figures 2021 based on revenue and employees are restated due to recalculations of GHG emission inventory (see climate roadmap).
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
48
Impact from our office operations and energy
consumption
All of Schibsted's office buildings and printing plants are leased,
not owned. During 2022 energy consumption for electricity, district
heating and cooling decreased by 4 per cent. Energy efficiency
measures, such as shifting to LED lighting, upgrading and
optimising ventilation and air conditioning systems, were
implemented in a number of our offices and have led to a reduction
in electricity consumption. Most of the electricity is consumed by
our printing plants in Norway. The relocation of our printing plant
from Nydalen to Vestby is a key measure to further reduce
Schibsted's total energy consumption and achieve our goal of
doubling our energy efficiency by 2030 compared to 2018.
Even though the total amount of energy has decreased, we saw an
increase in our location-based emissions from 2021 of 20 per cent.
This was due to growth and increased use of offices in our
operations in Finland and Poland. Since we use country-specific
emissions factors for location-based calculations, our operations
in countries with lower amounts of renewable energy accessible in
the energy mix will have a larger impact on our total GHG emissions
from energy. The relocation of Schibsted Tech Polska Sp's office in
Krakow was the main reason for the decrease in emissions from
2019 to 2020, which in turn impacted the total reduction of 71 per
cent in location-based emissions from electricity consumption
compared to 2018.
This year we also included emissions with the market-based
approach. In 2022, 26 per cent of our electricity supply was bought
using renewable energy certificates and represented a reduction in
market-based emissions of 2 per cent on the preceding year. With
an electricity grid with a large share of renewable energy, there has
been less focus in the Nordics on buying renewable energy
certificates. Energy consumed by our employees at their home
offices is not included in the scope of the report due to limited
availability and transparency of data.
Impact from our business travel
Emissions from our business travel come from travel by air and
train, and from use of leased and privately-owned cars. Air travel
volumes were lower in 2020 and 2021 due to restrictions caused by
the pandemic. The volume of air travel in 2022 doubled that in
2021. This was mostly driven by the Nordic verticalisation in
Marketplaces and cross-collaboration. However, they did not
return to the same volume as in 2018, and the overall emissions
have decreased by 41 per cent since 2018. A large proportion of
travel involved short-haul flights, either domestical or between the
Nordic countries. The Schibsted Global Travel Policy and a
common travel portal was implemented across the Group in 2022.
The Global Travel Policy states environmentally friendly choices as
a guiding principle.
This year we included emissions from train travel. Our main offices
in Stockholm and Oslo are located close to the central stations
making it a smooth option. Emissions from leased and privately-
owned vehicles decreased by 1 per cent since 2021 and 24 per cent
since 2018. Travel activity data for leased and privately-owned
vehicles was obtained from accounting systems and leasing
companies. The quality of historical data varies for this category.
However, the growing trend in electric vehicles explained most of
the decrease in emissions.
Impact from our digital products and services
Most of Schibsted’s revenues come from digital consumer services,
and the digital transformation of our media operations will
continue. Digital services such as digital news, financial services
and marketplaces consume energy in many stages of the value
chain. Schibsted buys data centre services from external parties,
and currently we account for the energy consumed to run our
services. In previous years we had a mix of location and market-
based emissions, depending on the availability of these numbers
from our data centre providers. This year we were able to collect
more location-based measurements from cloud providers. Thus,
the emissions associated with our external data centres were larger
than previously stated. From 2021 to 2022 they increased by
5 per cent. Unfortunately, no comparable historical data is
available. We will continue to work with our suppliers to gain a
better understanding of our current cloud service emissions.
Additionally, our infrastructure teams are continuously working on
optimising their use of cloud resources. At the end of 2022 we
started work on including sustainability recommendations, GHG
emissions, energy consumption and digital waste in our cloud
strategy, which will be launched in a revised version of Schibsted's
technology strategy in the first half of 2023.
To further understand the impact of our digital news in terms of
energy consumption and GHG emissions, we are a part of the
DIMPACT project. The project has developed a tool for tracking
carbon footprints and energy consumption along our value chain
for digital news. The project members include researchers from
Bristol University and 17 international media companies including
BBC, Sky and Netflix. This was the third year we ran the DIMPACT
model. The model was updated with factors that consider the
latest research within the field. Emissions from our digital news
media are restated back to 2020 due to updates in emission factors.
The results for 2022 aligned with those for previous years. Powering
end-user devices such as computers, laptops and network
equipment in our users' homes accounted for a substantial share
of emissions associated with our digital services. Compared to the
previous year, emissions increased due to higher streaming
volumes for video and time spent in our products. The numbers
were lower compared to 2020, due to more traffic allocated to
smartphones consuming less energy. Currently, we only account
for our news media brands. Due to other priorities, we did not
calculate emissions from our e-papers, marketplaces and financial
services, though this is something we want to explore in the future.
Impact from our devices
Our smartphones, laptops, computers and monitors are vital tools
for performing our daily work. However, they are a source of GHG
emissions throughout their life cycle, from manufacturing to
distribution, usage and disposal. Emissions from devices were
calculated based on emission data from device manufacturers,
excluding use phase. Smartphones, laptops and computers bought
by our companies were included. In 2021, we only accounted for
monitors bought in Norway and Sweden, but this year both
historical figures and the figures for 2022 were recalculated to
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
49
include Denmark, Finland and Poland. Compared to 2021,
emissions from devices decreased by 7 per cent, due mostly to the
decrease in the number of procured monitors. The need to equip
home offices in addition to our regular offices has decreased since
the end of the pandemic. This trend is expected to continue, since
the lifespan of monitors is longer than that of smartphones and
laptops. Due to a lag in replacing older laptops and computers, we
saw that the need for replacements increased considerably during
the period. Nonetheless, total emissions decreased even though
the total number of employees grew.
Our hardware contains several scarce and valuable resources.
Repairing and reusing existing devices instead of replacing them
with new devices is an important way to reduce our environmental
footprint. A key action taken this year was to extend the period our
employees are required to keep their devices while making sure
that the devices maintain a high level of security. We partnered up
with third party companies to sell our end-of-life devices. They
refurbish and sell used devices to other customers, prolonging the
life of existing products and materials. Devices that are too
damaged to be resold are recycled. Key initiatives this year is to
continue increasing the lifetime of devices in our stock by using
more refurbished devices. All new employees are offered used
devices, depending on availability. There are also local initiatives
such as a second-hand store for IT accessories such as chargers and
monitors.
Evaluation of progress: Energy use and greenhouse gas emissions (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Double the global rate of improvement in energy efficiency (7.3).
Commitments
Progress
Ambition (long-term)
• Reduce Schibsted Group GHG emissions in line with
Science Based Targets by at least 50 per cent by 2030
(baseline 2018) and reach net zero emissions by 2050.
• Double our improvements in energy efficiency by 2030
(baseline 2018).
◐
Ambition (long-term)
• We have reduced our emissions by 17 per cent since 2018. Our energy
consumption was reduced by 11 per cent. We are on track for reaching our
2030 ambitions. We have improved our methodology and expanded our
scope. For further details, see the climate roadmap to 2040 report.
Targets and actions (2022)
• Define a detailed plan on how to reach the emission and
energy reduction targets aligned with the Science Based
Targets initiative by 2030.
●
Targets and actions (2022)
• Climate roadmap outlining Schibsted's path to a low carbon future, taking
both climate risks and opportunities into account, in addition to our current
progress, methodology and future plans.
• Aligned with science based targets, incorporate ambitions,
guidelines and recommendations for calculating carbon
footprint using the DIMPACT tool in the infrastructure and
public cloud section of Schibsted’s technology strategy.
◐
• Sustainability ambitions were defined in the revised Schibsted infrastructure
and public cloud strategy. Execution of the ambitions will start in the first half
of 2023.
Evaluation of progress: Managing materials and waste (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
Commitments
Progress
Ambition (long-term)
• Ensure circular and environmentally friendly use of
materials throughout our value chain by 2030.
◐
Ambition (long-term)
• Over the past three years, we implemented several initiatives to reduce
waste and ensure recycling practices. The focus was on electronic waste and
on measures implemented in our offices. For our printing plants,
see page 50.
Targets and actions (2022)
• Deliver at least one initiative aligned with science-based
targets aimed at reducing the environmental impact
caused by our use of electronic devices (smartphones,
laptops, monitors), focusing on energy efficiency, circular
capacity, waste management, device lifespan.
●
Targets and actions (2022)
• Delivered initiatives to extend internal requirements for how long employees
must keep their devices, while making sure that the devices maintain a high
level of security. Other initiatives included providing second-hand
equipment and optimising the office printing practices.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
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Sustainable printed products
Our media houses publish newspapers and magazines in Sweden
and Norway. In Norway we own two printing plants, one in Oslo and
one in Bergen. They print newspapers for our media houses and
other publications, and offer printing services for advertising
products. Our Swedish media houses' newspapers and magazines
are printed by external printing plants. Printed newspapers and
magazines continue to be an important part of our journalistic
offering and are offered to end consumers and businesses as
subscription products or through casual sales.
Our procurements for printing activities, paper and ink
consumption account for a large part of Schibsted's emissions.
This year we included ink and externally bought printing services
for magazines in Norway, based on mapping and data collection
from suppliers. Demand for print and paper consumption
continued to decline in 2022 as in previous years. Our overall
consumption of paper fell by 11 per cent this year compared to
2021; 11 per cent for paper procured in Norway and by 13 per cent
in Sweden. The decline was especially high this year due to soaring
paper prices, which resulted in an increased cost focus and lower
demand in printed advertising products. We also saw a decline in
ink consumption for our Norwegian printing plants with a total of
10 per cent compared to 2021. A target for 2023 will be to map and
lower the share of returns from casual sales of newspapers by
15 per cent compared to 2022. This will further reduce emissions
and material consumption from our printed products.
Paper for our Norwegian newspapers and Schibsted Trykk is
bought through the Norwegian Media Businesses' Association’s
subsidiary Papirinnkjøp AS. Forty-four per cent of paper procured
by Schibsted Trykk in Norway goes to Schibsted-owned
newspapers, while 56 per cent is bought for external publications.
Our Swedish media houses procure all the paper used for our
newspapers but outsource the printing and distribution
operations. All our paper suppliers have ISO4001 certification for
environmental management. Fifty-six percent of paper procured
has PEFC certification and 24 per cent EU Ecolabel, while no
volume is FSC certified paper. Previous year's reporting was
incorrect since what we believed was procurement certification
was only supplier certification.
A target for 2023 is to add sustainability requirements for paper
sourcing via the industry coalition, the Norwegian Media
Businesses' Association, in addition to all external sourcing of
paper and printed products.
For more information concerning work in our supply chain, health
and safety for employees see:
• Sustainable supply chain, page 59
• Transparency Act, page 61
• Health and safety in distribution, page 44
Materials used - Print newspapers Norway*
Unit
2021
2022
% change
Paper**
Thousand tonnes
32.7
29.2
-11%
GHG emissions generated by production of paper
Tonnes CO2e
5,590
5,059
-9%
-of which share of certified FSC
%
0%
0%
0%
-of which share of certified PEFC
%
79%
78%
-1%
-of which share of certified EU Ecolabel
%
22%
31%
45%
Printing ink***
Thousand tonnes
0.9
0.8
-10%
GHG emissions generated by production of ink
Tonnes CO2e
2,966
2,670
-10%
-of which accepted by Nordic Swan Ecolabel scheme
%
100%
100%
0%
* Material used for printing external newspapers is also included in the data and comprise 56% of the material used.
** 100 per cent renewable material
*** Non-renewable material
Commitments: Climate impact and energy use (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Double the global rate of improvement in energy efficiency by 2030 (7.3).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Reduce Schibsted Group GHG emissions in line with Science Based
Targets by at least 55 per cent by 2030 (baseline 2018) and reach
net zero emissions by 2040.
• Double our improvements in energy efficiency by 2030 (baseline
2018).
• Deliver on the climate roadmap and continue to reduce emissions in line with
our climate ambitions, which means an average decrease per year of 7 per
cent until 2030.
• Based on our decarbonisation leverages, identify main emission reduction
initiatives and actions for the short and mid-term, and ensure sufficient
financing and incentives.
• Execute on the ambitions in the revised Schibsted Infrastructure and public
cloud strategy. Deliver at least one initiative creating awareness about
emissions and energy consumption from our digital value chain.
• Increase lifespans of and reduce emissions from devices by encouraging
equipment reuse, and provide related information in our order portal.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
51
Material used - Print newspapers Sweden
Unit
2021
2022
% change
Paper*
Thousand tonnes
13.5
11.8
-13%
GHG emissions generated by production of paper
Tonnes CO2e
1,965
1,838
-6%
-of which share of certified FSC
%
0%
0%
0%
-of which share of certified PEFC
%
4%
4%
4%
-of which share of certified EU Ecolabel
%
22%
7%
-69%
Printing Ink**
Thousand tonnes
-
132
-
GHG emissions generated by production of ink
Tonnes CO2e
-
441
-
-of which accepted by Nordic Swan Ecolabel scheme
%
-
100%
-
* 100 per cent renewable material
**Non-renewable material. Historical data on the total amount of ink used cannot be provided by suppliers.
Printed newspapers and magazines: Norway
Both of our Norwegian printing plants are licensed under the
Nordic Swan Ecolabel scheme. In our printing operations we focus
on monitoring and minimising our use of energy, paper and ink as
well as on reducing waste. Processes involving hazardous
chemicals take place in closed systems, and the chemicals are
recovered as far as possible.
Schibsted Trykk continues to take steps in its everyday operations
to reduce energy consumption, material use and emissions. In 2021
the Schibsted Board decided to invest in relocating our existing
printing plant in Nydalen, Oslo to Vestby. The new plant will house
our printing operations as well as Helthjem and other distribution
companies. The co-location of these businesses enables a
continuation of joint transportation optimisation. Schibsted Trykk
opted to move, upgrade and reuse existing equipment from our
current printing operations, thus materially reducing the
environmental impact and costs compared to investing in new
equipment. Schibsted Trykk will reduce the area used from
nearly 40,000 m2 to 9,000 m2, thus reducing energy consumption
related to heating, climate control and production. A forecast
based on multiple data points showed the potential for Schibsted
Trykk Oslo to reduce energy consumption by 46 per cent in 2025
compared to 2021. During 2022 the focus was on this relocation
and on optimising our printing operations and paper consumption.
Waste is handled by a third-party waste management contractor,
that is certified in social responsibility (CSR Performance Ladder),
the environmental standard ISO 14001:2015, the quality standard
ISO 9001:2015 and the working environment standard
ISO 45001:2018. Schibsted’s printing plants practise a high-level of
waste management by source sorting and recycling more than
98 per cent of their waste. Our printing plants are highly efficient,
with 93 per cent of procured paper used for newspaper production.
Newspaper companies in Norway arrange a return and recycling
programme to minimise waste related to unsold newspapers in
stores. These newspapers are sent to Sweden to be compressed
and used for house insulation.
Printing plants Norway
Waste (tonnes)
Year
Recycled
Recovered
Other disposal
Total weight
Paper (non-hazardous waste)
2022
3,460
3,460
2021
4,134
4,134
2020
4,355
-
89
4,444
Aluminium (non-hazardous waste)
2022
127
127
2021
146
146
2020
119
-
9
128
Wastewater (hazardous waste)
2022
-
-
-
-
2021
2
-
-
2
2020
-
-
-
-
Ink waste (hazardous waste)
2022
14
14
2021
13
-
13
2020
-
7
-
7
*Disposal methods are selected and reported by the waste contractor. The use of water in our printing plants is limited, and the risks related to the use and disposal of freshwater
in Norway is low. Total amount of non-hazardous waste: 3,587 tonnes. Total amount of hazardous waste: 14 tonnes.
Material efficiency
2020
2021
2022
Share of material bought used in newspapers
93%
92%
93%
Waste (degree of sorting for waste contractor)
2020
2021
2022
Hazardous waste
100%
100%
100%
Non-hazardous waste
98%
99%
98%
Waste data is limited to waste from our printing plants in Norway, which accounts for the majority of our waste. Disposal methods are selected and reported by waste
contractors. The figures are based on accounting reports provided by our waste contractor on a monthly basis.
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Print newspapers and magazines: Sweden
In 2022 we sourced our Swedish print products from the Swedish
printing companies V-TAB and Daily Print for printing our
newspapers. V-TAB operates a system of environmental and
quality controls, and all its printing plants are ISO 14001:2004 and
ISO 9001:2008 certified and licensed under the Nordic Swan
Ecolabel scheme. Daily Print is licensed under the Nordic Swan
Ecolabel scheme. Newspaper companies in Sweden arrange a
return and recycling programme to minimise waste related to
unsold newspapers in stores. The newspapers are compressed and
used for house insulation.
In 2020 we initiated a machine learning project in Sweden to
optimise the number of print newspapers sold in casual sales.
Simulations done in 2021 of circulation in 2020 showed significant
potential for reducing surplus print products. During 2022 the
project was implemented in Aftonbladet which resulted in a
48 per cent reduction in newspapers that previously were recycled.
The plan for 2023 is to implement the algorithm for our other
newspapers and thereby reduce the total share of returns.
Sustainable distribution
Most of our distribution operations are currently based in Norway,
and provide delivery and logistic services to both our media
houses, companies as Morgenlevering, Distribution Innovation and
Helthjem Netthandel in addition to external parties. Distribution
services include pick-up and delivery of parcels, magazines and
newspapers from distribution hubs to households, transport
between hubs and terminals, transport of newspapers from
printing facilities, retail distribution networks, e-commerce and
C-2-C parcel deliveries. Last-mile deliveries are operated by our
own employees and subcontractors, and are mainly done by using
smaller vehicles, bicycles or on foot. Middle- and first-mile
deliveries are mainly operated by subcontractors with larger
vehicles such as vans and trucks. Schibsted distribution companies
do not own vehicles except for Paxster vehicles used for last-mile
delivery.
Our newspaper distribution network has a positive impact on
society and the environment and makes news available
throughout Norway. It also contributes to lowering the barrier to
circular consumption by offering services such as consumer-to-
consumer deliveries, collaborating with partners such as our
marketplace FINN.no and Tise, which made two million parcel
shipments of used goods in 2022. However, there are potentially
adverse environmental impacts associated with these services,
Evaluation of progress: Managing materials and waste (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
Commitments
Progress
Ambition (long-term)
• Ensure circular and environmentally friendly use of
materials throughout our value chain by 2030.
◐
Ambition (long-term)
• We continued to reduce our use of natural resources and waste generation
by optimising our printing plant operations. We have a consistently high
track record in waste sorting and a high level of material efficiency.
Targets and actions (2022)
• Implement sustainable practices across the new print
plant in Vestby, Norway.
●
Targets and actions (2022)
• Relocation to Vestby is on track with reconfiguring, adapting and relocating
printing equipment and machinery from the current facilities in Nydalen for
reuse in the new plant in Vestby.
• Continue dialogue with suppliers regarding sustainably
sourced paper supply and printing services in Sweden and
Norway.
◐
• We continued the dialogue with our paper suppliers and set new targets for
2023, adding sustainability requirements to our procurement processes.
Commitments: Sustainable printed products (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Optimise resource-efficiency and minimise the environmental
impact from printed products.
• Schibsted’s printing plants will maintain their high level of sustainability
practices in waste management by source sorting/recycling more than
98 per cent of their waste.
• Create sustainability requirements for paper sourcing with the Norwegian
Media Businesses' Association industry coalition.
• Develop and implement sustainability requirements for all sourcing of
printed products, both internally and externally sourced.
• Map returns of printed products across Schibsted and reduce the share of
returns by 15 per cent of the 2022 average by December 2023.
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such as GHG emissions and air and noise pollution from the
vehicles used in the distribution fleet.
A new mapping of GHG emissions from our delivery services
handled by subcontractors was conducted in 2022. The mapping
resulted in a new calculation method for our logistics and some of
our last-mile services. The vehicles used in our delivery services
were found to be a significant contributor to Schibsted's total GHG
emissions, with 7,622 tonnes. Most of the emissions come from the
use of trucks and light commercial vehicles run on diesel. The high
level of uncertainty in historical data prevents comparison with
previous years, but that is about to change. A new and revised
environmental plan is being drawn up. It will be finalised during
2023 and will apply until 2030.
The distribution goals for 2023 were set: by the end of 2023 the
distribution group aims to reduce GHG emissions from Schibsted
Delivery's last-mile fleet by 20 per cent of its 2018 baseline. To
achieve this, we set a target of 50 per cent emission-free last-mile
routes in eastern Norway and 30 per cent in western Norway. These
areas are clearly defined in the plan that was drawn up. We also aim
to ensure fair working conditions for all our subcontractors, and
will include a new code of conduct in all new and renewed
customer contracts by the end of 2023.
For more information concerning sustainable distribution in our
supply chain, partners, health and safety for employees see:
• Sustainable supply chain, page 59
• Transparency Act, page 61
• Responsible marketplace and distribution partners,
page 60
• Health and safety in distribution, page 44
Evaluation of progress: Energy use and greenhouse gas emissions (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Double the global rate of improvement in energy efficiency (7.3).
Commitments
Progress
Targets and actions (2022)
• Reassess the overall target for our newspaper distribution
network in Norway based on a revised analysis.
◐
Targets and actions (2022)
• The Helthjem network (Schibsted, Amedia and Polaris) worked on revising its
plan, which is expected to be completed by the first half of 2023.
• Establish emission-free distribution within Ring 3 in Oslo,
Norway.
◐
• At the end of 2022, 100 per cent of routes inside Ring 1 in Oslo, 97.4 per cent
in Ring 2 and 87.6 per cent in Ring 3 were emission free. Due to limited
investments, this goal was not achieved in 2022 but is expected to be
achieved in 2023.
• Establish 20 per cent emission-free routes in Bergen and
Stavanger, Norway.
◐
• Bergen and Stavanger were on track with regard to subcontractors’
agreements, but the realised level was only 16 per cent due to long delivery
times for new electric vehicles.
• Replace fossil fuel vehicles with small electric vehicles
(Paxsters) by 2022/2023 in the Swedish last-mile
distribution network.
◐
• Our last-mile newspaper distribution network in Stockholm is on track to
becoming emission free. This will be fully implemented in December 2023.
Evaluation of progress: Managing materials and waste (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce waste generation through prevention, reduction, recycling and reuse (12.5).
Commitments
Progress
Ambition (long-term)
• Ensure circular and environmentally friendly use of
materials throughout our value chain by 2030.
◐
Ambition (long-term)
• Several initiatives were initiated to reduce the use of materials in the
distribution network, but without the desired effect. Further initiatives will
be reassessed in the new environmental plan for Helthjem.
Targets and actions (2022)
• Within our newspaper distribution network in Norway,
reduce the use of plastic packaging for newspapers by
90 per cent by 2022.
◐
Targets and actions (2022)
• Reduction in plastic packaging for newspapers has been reduced by
approximately 60 per cent by Schibsted Trykk since 2018. Relocation of the
printing plant to Vestby is expected to reduce this even further after co-
location with our distribution services.
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Commitments: Sustainable distribution (current material topic)
Ambition long-term (2023-2026)
Targets and actions (2023)
• Ensure that our distribution fleet meets future needs for low-
emission distribution and fair working conditions.
• 50 per cent emission-free last-mile routes in Eastern Norway and
30 per cent emission-free last-mile routes in Western Norway.
• Finalise and implement the emission reduction plan for the Helthjem
network that will apply until 2030.
• Ensure fair working conditions among all our subcontractors. By the end of
2023 we will include a new code of conduct in all new and renewed customer
contracts.
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Trust is essential to our business, and to gain it we must earn it. This
means that, in everything we do, we must be fully compliant with
all legal requirements, follow best practice and act with integrity.
Long-term sustainable growth can never be built on unfair
business practices. Schibsted continuously improves and
evaluates the functionality of our policies, guidelines, processes
and controls to mitigate the risk of unfair business practices
throughout our value chain, and reviews applicable and emerging
legislation in key markets. We are accountable, and lead in
accordance with our Code of Conduct. We always aim to
transparently communicate and report on our business activities,
our future ambitions and targets and on our progress.
Fair business practice
The Code of Conduct sets out the norms, responsibilities and
practices that are expected of everyone representing Schibsted,
including our commitment to act professionally and fairly in all our
business activities and relationships wherever we operate. It
covers topics such as anti-corruption, business partners, anti-trust
and money laundering, and provides guidelines on how to handle
gifts and hospitality when representing Schibsted. We have a zero-
tolerance policy for corruption and other economic crimes.
Corruption erodes trust and undermines legitimate business
activities and fair treatment. It has a negative impact on
companies, people and society, and poses a significant risk to
running a sustainable and responsible business.
According to our Code of Conduct, all companies shall conduct
third-party due diligence in accordance with internal procedures
when deemed necessary and comply with applicable regulations,
including sanction regimes and import and export regulations.
Particular caution is required if a business partner, their
management or owners are located in a high-risk region, such as
offshore jurisdictions, jurisdictions that present a high risk for
corruption, and/or countries subject to sanction regimes. Any
potential risk related to corruption or other economic crimes
arising from business partners or merger and acquisition processes
are handled by our legal team on a case-by–case basis. Schibsted
is continuously working to develop and improve our policies,
guidelines and processes to reduce the risk of unfair business
practices.
Schibsted has a digital grievance mechanism for employees (Speak
Up) that enables anonymous reporting of misconduct, breaches or
potential violation as a supplement to internal reporting. Reports
can be made anonymously via this digital channel 24 hours a day
and by telephone. All concerns reported through the channel are
initially assessed by an external party. In 2022 Schibsted
established a new Speak Up procedure to provide clear guidelines
on how to report and how reports should be handled to establish
predictability and confidence that reports will be handled in a
proper manner and in accordance with relevant legal
requirements. Schibsted will not tolerate any negative
consequences for anyone who reports a concern in good faith. All
forms of retaliation against a person who reports a concern in good
faith are prohibited. Schibsted has also established a Speak Up
committee responsible for evaluating, coordinating and
supervising the further handling of cases and for deciding which
functions will review and investigate a reported concern.
No significant instances were registered in 2022 of non-compliance
with laws or regulations for which fines or non-monetary sanctions
were incurred.
Code of Conduct and Group policies
During 2022 Schibsted established a new and updated Code of
Conduct which reflects our current businesses, risks and
expectations from our stakeholders, as well as our commitment to
the UN Global Compact’s Ten Principles for corporate
sustainability.
The Code of Conduct sets out the norms, responsibilities and
practices that are expected of everyone representing Schibsted.
The Code of Conduct applies to all employees and leaders in
Schibsted, to all its subsidiaries, and to our Board of Directors. We
also expect our partners, contractors and other hired personnel
who work in our operations to meet our standards and respect our
values as outlined in the Code of Conduct.
The Code of Conduct provides guidance on everyday dilemmas and
explains how and when to seek more information and ask for help.
We believe that by establishing clear ethical standards and
clarifying what is expected of us when doing business, we will be
more likely to make good decisions. The Code of Conduct describes
how things should be done and serves as a record of how we can
do our best today and what we must aspire to in the future.
Ultimately, it comes down to integrity. Schibsted’s real impact
comes from people finding value in our products and services and
from making our offerings a part of their lives in ways that change
how they act, consume and understand the world. To maintain our
success, people must continue to place their trust in us and believe
in our integrity both as brands and as people. Doing the right thing
is simply good business.
The Code of Conduct applies to everyone in Schibsted, including all
employees, leaders and the Board of Directors, and all companies
that are part of the Schibsted family. The Code of Conduct gives an
overview of the most relevant governing principles for Schibsted
and our subsidiaries. All subsidiaries shall implement the Code of
Conduct so that we all follow the same principles and guidelines.
We also expect our partners, contractors and other hired personnel
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who work in our operations to meet our standards and respect our
values as outlined in the Code of Conduct.
The general managers in each company are responsible for
supporting and monitoring each entity with rollout and
implementation of the Code of Conduct. For detailed information
about our Code of Conduct and reporting procedures, please visit
https://schibsted.com/about/code-of-conduct/.
During 2022, dilemma training in our Code of Conduct (including
use of Speak Up) was established in a digital format. It will be
launched in 2023 and implemented as mandatory training for
everyone when onboarding and thereafter on a yearly basis.
In addition to our Code of Conduct, we have several policies at
Group level stating our principles and stance on sustainability
topics. The policies are approved by the Board or the Executive
Management Team and include:
Governance
• Group compliance policy
• Group environmental policy (including precautionary
approach)
• Supplier Code of Conduct (including human rights topics and
precautionary approach)
• Speak Up procedure (including human rights topics)
Our people
• Diversity and inclusion policy (including human rights topics)
• Recruitment policy (including human rights topics)
• Discrimination, bullying and harassment policy (including
human rights topics)
• Physical and travel security policy (including human rights
topics)
• Global travel policy
IT security and privacy
• Global IT policies
• Data security policies
• Internal and user-specific privacy policies (including human
rights topics)
Our policies are publicly available at https://schibsted.com/group-
policies-and-statements/. Some policies are not publicly available
for confidentiality reasons.
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Evaluation of progress: Fair business practice (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce corruption and bribery in all their forms (16.5).
Commitments
Progress
Ambition (long-term)
• Prevent corruption in our operations and our industry, and
continue to transparently communicate and report on our
business practices and purposes.
●
Ambition (long-term)
• We reported transparently on sustainability (TCFD, GRI, COP). We also
launched a revised and improved Code of Conduct and developed training in
topics such as anti-corruption.
Targets and actions (2022)
• Launch the revised Code of Conduct. Define a plan for
creating awareness and increasing knowledge of the Code
of Conduct and revitalise the Speak Up function.
●
Targets and actions (2022)
• Revised Code of Conduct launched in Q3 2022. New Speak Up procedure
approved in Q4 2022. Speak Up channel and revised procedure to be
communicated internally in Q1 2023. Training programme for Code of
Conduct developed and will be rolled out as a mandatory training
programme for all current employees and as an onboarding activity for new
employees in Q1 2023.
• Compliant and transparent yearly reporting on
sustainability (TCFD, GRI, COP).
●
• Compliant reporting completed (TCFD, GRI, COP).
Commitments: Fair business practice (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Substantially reduce corruption and bribery in all their forms (16.5).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Ensure fair business practices according to our Code of Conduct,
and transparently report on our business activities, performance
and future ambitions.
• Roll-out a mandatory training programme in the Code of Conduct for all
current employees and as a mandatory onboarding activity for new
employees.
• Integrate sustainability in the group wide Enterprise Risk Management (ERM)
process.
• Develop a plan for integrating sustainability and financial reporting in
compliance with emerging sustainability regulations.
• Prepare a tax payment country-by-country overview for possible disclosure
in the 2023 sustainability report.
• Disclose a transparent overview of our lobbying activities during 2023 and
our achievements.
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Our value chain
Schibsted's value chain is largely Nordic in nature in that it consists
mainly of services, involves and influences a significant number of
Swedes and Norwegians, and has a limited direct flow of physical
resources (compared with companies of a similar size). The
exception applies to our hardware suppliers (physical goods and
global), software suppliers (global) and printing suppliers (physical
goods). Our News Media (including print) and Marketplace
operations account for most of our environmental impact
throughout our value chain. Our material topics reflect our value
chain and ensure that we monitor and take responsibility for the
most material impacts that occur throughout our value chain.
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Sustainable supply chain
Given that our core business operates digital services and
producing, printing and distributing newspapers, the bulk of our
global procurement activities comprise the supply of professional
services, electricity, paper, ink and ICT hardware and software. In
2022 Schibsted continued the process of minimising our risks and
negative impacts throughout our supply chain. A new framework
was developed for the procurement process. The framework will
help our companies to analyse, monitor, assess and develop their
suppliers. The framework includes tools for risk analysis and for
assessment and monitoring. The most important risk evaluation
criteria will be country of origin, industry, supplier dependency and
spend. The work done in 2022 to prepare for compliance with the
Transparency Act (Norway) was used as input to the framework.
The purpose of the work was to identify group-wide high-risk
suppliers and industries and to define group-wide screening
processes for further implementation in other parts of our
organisation.
In 2023 we will establish a Group policy and Group requirements
for procurement as a basis before implementing the framework
across Schibsted. Our existing Supplier Code of Conduct, which is
based on the UN Global Compact’s Ten Principles, will be revised
in 2023 to align with the new Code of Conduct and the procurement
framework. The current Supplier Code of Conduct has only
sporadically been implemented in new contracts so far.
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Responsible marketplace and distribution partners
Within Schibsted we have several business activities where we act
as a facilitator; matching supply with demand in our marketplaces
and delivering goods to consumers are examples of this. This
means that our platforms serve as arenas for a significant number
of transactions and meetings between companies and private
individuals.
We strive to make sure that all types of companies using our
platforms behave responsibly and that their product information is
correct and fair in order to protect consumers and prevent fraud,
unsafe products and unsustainable behaviour. An internal
evaluation identified some key categories of priority partners.
These categories include companies that advertise on our
marketplaces, marketplace logistic partners, marketplace
financing and insurance partners, and customers that deliver
goods through our distribution platforms. Ongoing dialogues with
our partners and contractual agreements is our main way to ensure
responsible behaviour.
In 2022 we developed a new Code of Conduct which also applies to
our business partners, and we expect all our partners to respect
and comply with it. We also implemented internal processes to
ensure compliance with the Norwegian Transparency Act.
Evaluation of progress: Sustainable supply chain (previous material topic)
Contribution to UN Sustainable Development Goals 2030:
• Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate
sustainability information into their reporting cycle (12.6).
• Substantially reduce corruption and bribery in all their forms (16.5).
Commitments
Progress
Ambition (long-term)
• Establish a group-wide approach and process that
mitigates and minimises our supply chain risks.
◐
Ambition (long-term)
• We have not progressed as planned in the past few years. A procurement
framework was established but has not yet been implemented group-wide.
The Supplier Code of Conduct was not incorporated into all contracts. All
Norwegian companies in scope prepared for and were compliant with the
new Transparency Act that came into force 1 July 2022.
Target and actions (2022)
• Establish processes for supply chain risk monitoring and
follow-up to ensure Group compliance with the upcoming
Transparency Act (Norway) and upcoming EU regulations.
●
Targets and actions (2022)
• Pilot finalised and a framework developed for the procurement process. The
work done in 2022 to prepare for compliance with the Transparency Act
(Norway) was used as input to the framework.
Commitments: Sustainable supply chain (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate
sustainability information into their reporting cycle (12.6).
• Substantially reduce corruption and bribery in all their forms (16.5).
Ambition long-term (2023-2026)
Targets and actions (2023)
• Be transparent and compliant, and implement a group-wide
process that mitigates and minimises our supply chain risks.
• Establish a group procurement policy and requirements.
• Revise the Supplier Code of Conduct.
Commitments: Responsible marketplace and distribution partners (current material topic)
Contribution to UN Sustainable Development Goals 2030:
• Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate
sustainability information into their reporting cycle (12.6).
Ambition long-term (2023-2026)
Targets and actions (2023)
Ambition (long-term)
• We require all partners to respect and uphold our values and
ethical standards as set out in our Code of Conduct.
• Identify risks of non-compliance with our Code of Conduct by our partners
and in our value chain by performing a risk analysis to identify potential risk
in our partnerships and in our value chain, define initiatives for
improvements based on the risk analysis, and implement improvement
initiatives.
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Transparency Act: Due diligence report on
fundamental human rights and decent working
conditions
This section was developed in order to comply with the legal
requirements set out in the Norwegian Transparency Act that
entered into force on 1 July 2022. The account describes how we
are organised, how we work on human rights due diligence, how
we have embedded responsible business conduct in our
management systems, identified risks of adverse impacts and
measures to mitigate these. This account was prepared based on
work done at Group level and on information collected from our
subsidiaries in scope, which are independently subject to the
Transparency Act.
About Schibsted ASA
Schibsted’s mission is to empower people in their daily lives and is
closely linked to the purpose of the Transparency Act, which is to
promote respect for human rights and decent working conditions.
Schibsted ASA provides services to the Group’s subsidiaries and to
other companies. Schibsted ASA is domiciled in Norway, with
subsidiaries operating predominantly in the Nordic countries. We
are also present in Poland, Portugal, Spain, France and the United
Kingdom.
Schibsted ASA owns brands and subsidiaries within the following
categories: News Media (including printing), Nordic Marketplaces,
Financial Services & Venture and eCommerce & Distribution.
Several of our subsidiaries are independently subject to the
Transparency Act.
Policies and procedure
Schibsted has embedded responsible business conduct in a
number of its governing documents. Our Code of Conduct was
revised in 2022 and outlines our commitment to respect human
rights and labour rights in our own operations (majority-owned
subsidiaries). We also expect our partners, contractors and other
hired personnel who work in our operations to meet our standards
and respect our values as outlined in the Code of Conduct. The
Code of Conduct was approved by Schibsted’s Board of Directors
and sets out principles related to:
• human rights
• labour rights
• anti-corruption
• environment
Furthermore, a Supplier Code of Conduct was adopted to ensure
that our suppliers are aware of and uphold Schibsted’s
expectations on human rights and labour rights, among others.
Other Group policies also set out principles that are important for
our human rights efforts, such as our discrimination, bullying and
harassment policy and our diversity and inclusion policy.
For more information on our Group-level policies see the
governance section on page 15 and the Code of Conduct and Group
policies section on page 55.
At Schibsted we established a reporting mechanism (Speak Up)
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. The Speak Up
channel is open to all stakeholders, including individuals working
under the supervision of our contractors, subcontractors and
suppliers, and is well suited to voicing concerns about potential
violations of fundamental human rights and decent working
conditions.
Due diligence at Schibsted
Schibsted’s work on human rights due diligence was conducted at
both Group and subsidiary level. We based our work on the OECD
due diligence model as described in the Guidelines for
Multinational Enterprises. Responsibility for Schibsted ASA’s due
diligence processes is shared between the sustainability and
compliance functions at Group level. Each subsidiary is responsible
for its own due diligence processes, and is followed up by the
sustainability function at Group level. Each subsidiary adapted its
own internal processes for following up identified risk areas. The
internal processes were adapted to the company’s size and
identified risk areas.
Between May and June, Schibsted carried out a high-level risk
assessment that was based on risk factors relating to sector,
geography, raw materials and specific suppliers to identify human
rights risks across our business operations in all our subsidiaries,
business partners and supply chains. The purpose of the
assessment was to identify which human rights were most likely to
be significant for Schibsted’s operations. The risk assessment will
be revised on a yearly basis or as needed to ensure that Schibsted
ASA remains responsive to changing circumstances and emerging
risks.
We have identified and prioritised human rights risks that are
relevant to Schibsted’s own operations, subsidiaries, and value
chain. We have assessed our prioritised areas based on severity
and likelihood of potential adverse impacts.
Schibsted’s risk areas are:
• Working hours, wages, and benefits
• Discrimination and harassment
• Health and safety
• Raw materials and supply chain
• Privacy
• Labour and union rights
• Minority rights
• Children’s rights
The high-level risk assessment formed the basis for our approach
to prioritising human rights areas requiring further assessment and
measures, both for Schibsted ASA and for our subsidiaries. The
high-level risk assessment was conducted in collaboration with our
subsidiaries and with the involvement of personnel with insight
into operations and supply chains within their respective areas of
responsibilities and operation.
The prioritisation was based on criteria including the severity of
potential impacts, the likelihood of the risk occurring and the
extent to which Schibsted ASA and our subsidiaries may contribute
to or elevate the identified risk.
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Observations from the due diligence process
The findings from our high-level risk assessment indicate that
Schibsted generally operates in a low-risk environment with regard
to adverse impacts on fundamental human rights. Most of
Schibsted ASA’s operations are located in Nordic countries that are
highly regulated in the areas of labour rights and health and safety,
with high levels of human development and low risk of violations
of fundamental human rights. We identified 30 potential inherent
risks of adverse impacts on human rights, of which six were
identified as moderate and one as high risk. No extreme human
rights risks or actual adverse impacts were identified in the high-
level risk assessment. Based on our high-level risk assessment,
Schibsted prioritised the following areas:
• Risk of inferior working conditions in our distribution supply
chains
• Risk of hate speech and harassment on our platforms
• Risk of harm to journalists
• Risk of privacy breaches
• Risk of forced labour
In addition, a supplier analysis was conducted to assess Schibsted
ASA’s tier 1 vendors and to get a picture of risk exposure further
down in our supply chains. Schibsted’s largest tier 1 suppliers are
mainly located in the Nordics or are large multinational
corporations. The supplier analysis found that suppliers outside of
Europe are mostly freelance journalists and photographers. The
supplier analysis also included spend data that enabled us to
identify our largest purchasing categories, including supplies and
services most critical to our business, enabling us to assess our
human rights risks further down the supply chain based on
materiality.
A number of risks identified in the high-level risk assessment apply
to all our operations and subsidiaries, such as the risk of sharing
personal data with unintended recipients and the risk of workplace
discrimination. Schibsted considers the risks related to our own
operations to be well managed through existing systems, policies
and procedures. For more information on how we manage these
risks, see responsible use of data on page 29 and diversity,
inclusion and belonging on page 37.
Schibsted ASA gathered information from our brands and
subsidiaries that are independently subject to the Transparency
Act. All companies in scope account for risks that vary across type
of operation and, consequently supply chain. The following section
outlines the risks specific to Schibsted ASA’s brands and
subsidiaries.
Group Functions
Schibsted has a number of subsidiaries that offer a variety of
services primarily to other Schibsted companies. Group Functions
primarily offers administrative and management services to
Schibsted’s subsidiaries, such as sales, digital marketing,
technology services and human resources support. No additional
risks were identified for Group Functions in the high-level risk
assessment. Group Functions procures a limited amount of goods
that are exposed to risk in the supply chain. Group Functions was
involved in Schibsted ASA’s high-level risk assessment, providing
insights and perspectives related to its specific operations.
News Media
News Media is one of Schibsted’s core business areas. Schibsted
owns several newspapers in Norway and Sweden, both national
and local. Our News Media subsidiaries produce high-quality
journalism that keeps people informed.
The high-level assessment identified harm to journalists as an
inherent human rights risk for the News Media subsidiaries, as well
as the risk of outlets being used to incite hatred. Other risks
identified included physical and psychological harm caused by
shift work over longer periods, travel activities, and threats and
harassment from the public.
A common feature of all the News Media subsidiaries is that the
primary risk of adverse impacts arises from their own operations.
News Media subsidiaries are independently subject to the
Transparency Act and are required to report that they have their
own procedures in place to handle both the risks identified in the
high-level risk assessment and other risks identified through their
own independent due diligence processes.
Our News Media companies strive to operate in accordance with
the Ethical Code of Practice for the Press and have extensive
experience in handling risks related to the journalist profession.
The risks of harm to journalists and incitement of hatred are
primarily handled through existing policies and procedures. News
Media subsidiaries conduct risk assessments of the safety of their
journalists in connection with travel or assignments. These are
further outlined in the section on health and safety for our
journalists out in the field on page 44.
Financial Services and Ventures
Schibsted owns a number of digital companies that offer
customers new and innovative services. Financial Services and
Ventures took part in the high-level risk assessment conducted at
Group level. Schibsted invests in digital companies with an
inherent risk of breach of privacy when handling personal data.
Start-up environments can run a higher risk of using excessive
overtime. This risk was assessed to be low in the high-level risk
assessment and currently will not be prioritised. However, we will
monitor any changes in this risk as part of our yearly high-level risk
assessment review.
Schibsted has a number of measures implemented to mitigate
privacy risks. This includes a Chief Privacy and Data Trends Officer,
who is supported by a team of privacy experts. All employees
receive training in privacy and data protection. This is described
further in responsible use of data on page 29.
eCommerce and Distribution
Schibsted has a number of subsidiaries that deliver newspapers
and parcels for both businesses and consumers. The high-level
assessment identified inherent sector risks of significantly lower
pay and inferior working conditions in distribution services. This
risk was identified based on known sector risks.
Our distribution services have worked on mitigating the risks of low
pay and inferior working conditions for years. All services have
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established internal control procedures for these risks. Some of our
subsidiaries primarily use permanent staff in their distribution
services. When our subsidiaries use subcontractors or independent
contractors, we ensure that salaries are in accordance with the
collective agreement for newspaper carriers between the United
Federation of Trade Unions and the Norwegian Media Businesses
Association and sufficient follow-up of independent contractors or
subcontractors, which may also include supplier audits.
Distribution services continuously work on improving policies and
procedures to ensure decent working conditions and to mitigate
the risk of low pay and inferior working conditions.
There is a risk of injury for employees working in distribution
services, primarily fall accidents in adverse weather conditions. In
addition, there is a risk of threats during night-time distribution.
There were 37 reported injuries in 2022 related to distribution
services, primarily in connection with delivering newspapers and
minor personal injuries.
The risk mitigation measures related to health and safety in
distribution services are further described in health and safety in
our operations on page 44 and health and safety in our printing and
distribution services on page 44. This includes the hiring of a Head
of Health and Safety at Group level to support the companies in this
work.
Printing operations
Schibsted ASA has subsidiaries that produce print products such as
newspapers, magazines, and inserts for Schibsted companies and
for other customers. The high-level assessment identified risks
related to raw materials such as staple wire, bauxite and
aluminium. Human rights risks relate primarily to raw material
extraction and geography, and Schibsted’s leverage is assessed to
be low. However, based on the inherent human rights risks, we
plan to conduct in-depth investigations into the materials in the
supply chain for our printing operations. It is challenging to assess
with certainty what the human rights risks are due to the multiple
tiers of suppliers. Subsidiaries are working on implementing
contractual requirements regarding human rights to mitigate
potential adverse impacts in our supply chains.
Employees at our printing subsidiaries are exposed to health and
safety risks in our printing operations. Health and safety
procedures for our printing operations are further described in
health and safety in our printing and distribution services
on page 44.
Marketplaces
Schibsted has a number of marketplaces that connect people who
buy and sell goods or who advertise and seek jobs. The high-level
risk assessment identified an inherent risk of the marketplace
platforms being used to incite hatred or harassment. Measures
such as user authentication, options for interacting when buying
and selling goods as well as guidelines for acceptable behaviour
have been implemented. Other risks that were identified for our
marketplace subsidiaries were assessed to be inherently low and
well managed.
Responsible marketplace and distribution partners are described
further on page 60.
Measures and areas for further improvement
Our ambition is that our established due diligence processes will
contribute to real improvement in our own operations as well as in
our supply chains. This work is a continuous process, and we will
continue to systematically follow-up identified risk areas and
suppliers.
Schibsted is planning to implement a new framework of risk-based
measures, such as improving our procurement procedures. The
framework is meant to help our companies to analyse, monitor,
assess and develop their suppliers. The framework includes tools
for risk analysis and for assessment and monitoring. We will
develop our internal competence levels in the field of human rights
and business. We expect these measures to contribute to
strengthening internal processes at Group level. These measures
are described in more detail in the section on the sustainable
supply chain on page 59.
Risks related to subcontractors in our supply chains are more
challenging to address. However, we are planning to mitigate
supply chain risks by, for example, setting further requirements in
contracts for high-risk materials and by conducting in-depth
investigations into exposure to human rights risks in the printing
materials supply chain. The aim is that these measures will drive
progress towards realising our commitment to reduce potential
adverse impacts in our supply chains.
We recognise that achieving the desired outcomes requires
ongoing work to monitor and evaluate the effectiveness of our
mitigation measures and close collaboration with our subsidiaries.
We will also engage with stakeholders where this is beneficial to
promote human rights and decent working conditions in all
aspects of our operations and supply chains.
Sustainability risk management
The Group’s risk management and internal control systems reflect
Schibsted's governance model and are integral elements in the
overall governance of the company. Schibsted has a uniform risk
management process, referred to as Enterprise Risk Management
(ERM), which is driven centrally by Group Finance. Schibsted’s ERM
framework is based on ISO 31000 Risk Management: Principles and
Guidelines to ensure efficient risk management in the creation and
protection of stakeholder values. The Group Finance function
initiates and manages an ERM process on behalf of the CEO and
CFO, and anchors the process and requirements in each business
area and significant unit management. The management team of
each business area, function and company is also responsible for
ensuring the following as part of the risk management and internal
control systems:
• achievement of financial and non-financial targets
• high-quality and safe products and services
• cost-effective operations
• reliable financial and management reporting
• compliance with legislation and regulations; and
• adherence to Schibsted’s values, Code of Conduct, governing
documents and policies.
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Schibsted’s Executive Management Team reviews the overall risk
assessment of strategy, market, legal, compliance and ethical
issues as well as operational and organisational risk assessments.
The risk assessments are reported to and reviewed by the Audit
Committee and the Board. The Board also receives information on
and insights into Schibsted’s sustainability risks through the
annual sustainability report.
In 2022 we held a workshop with participants across all business
areas and group functions to assess our sustainability risks,
including risks related to climate change in the coming decades.
Each risk was classified based on a qualitative assessment of
likelihood and consequence combined. The risks listed below are
the ones that are most significant and that are largely expected to
remain stable or increase. For climate-related risks, see the climate
roadmap as a separate report on
https://schibsted.com/sustainability/.
Cyberthreats
External cyberattacks, misuse of our services, and threats against
our internal IT security may cause incidents such as loss of personal
data, fraud, loss of sensitive business data, and inaccessible or
unreliable services. Incidents like these may cause reputational
loss, litigation and serious leakage of sensitive personal data,
potentially threatening the privacy of our users.
Responsible use of data
An important part of our business models and new business model
development is to use data across companies and countries to give
our customers and users better products and services. This implies
a risk of regulation of or restrictions on the use of data across
companies and countries. In addition, there is an increased
expectation from our customers and users for transparency on how
we use data. This implies a risk that we may be unable to
accommodate these expectations and retain our customers and
readers or attract new ones.
Lower trust in institutions
The increased penetration of social platforms as news platforms,
the increase in fake news, press ethics failures and campaigns
undermining mainstream media may reduce trust in mass media
channels. Lower trust may result in less willingness to pay for
content and use of products produced by mainstream media.
Consumer behaviour is changing
Heightened awareness of sustainability issues among consumers
and regulators is changing current consumption patterns.
Increased demand for sustainable products and for sharing,
renting, reusing and repairing items instead of throwing them away
will change traditional consumption patterns. Schibsted must
adapt to changing consumer behaviour if we are to continue to
provide products and services that are relevant to our users.
Sustainability-related legislation
An increasing number of national and EU regulations related to
digital markets, circular economy, sustainability reporting and
other sustainability topics will have an impact on our businesses.
These new regulatory requirements may lead to a higher
administrative burden and thus have a negative impact on our
possibilities to grow and develop our services. There is also a risk
of breach of regulations resulting in sanctions and damaged
reputation.
Sustainability reputation
Poor reputation on sustainability issues may lead to difficulties in
recruiting and retaining staff. If we fail to maximise our value to
society and the environment, we may cease to be an attractive
workplace.
Public policy
We live in an environment where conditions for tech, media and
politics are continuously changing. Digital disruption is challenging
business models and values that are crucial to Schibsted's
companies. As the digital markets evolve, the need for regulation
has become increasingly apparent. In recent years, countries in the
EU and the rest of Europe have introduced legislation regulating
the digital market and, in particular, the big tech companies. In
2022, the EUs landmark rules - the Digital Markets Act (DMA),
regulating digital gatekeepers and the Digital Services Act (DSA)
introducing content rules for online platforms - were finalised and
will enter into force in 2024. The EU also introduced new product
liability rules for online marketplaces and it is updating its
competition policy, particularly its rules on merger control. In
addition, the European Commission published a new proposal for
a regulation protecting editorial independence and freedom of the
media in Europe (Media Freedom Act).
Schibsted's mission to be a leading voice in our industry is
demonstrated by our active outreach on digital issues to
policymakers in our national markets and in the EU. We have a
dedicated public policy team that drafts position papers on
prioritised issues and builds knowledge about our markets for
policymakers. We aim to build advocacy alliances with other actors
in our industries and, through opinion editorials, raise awareness
in the general public about the challenges we encounter in our
markets.
In 2022 Schibsted conducted active advocacy outreach efforts in
Brussels and our national markets to present our position on
various regulatory initiatives for the digital market. We focused on
the DMA and DSA as well as on all regulatory initiatives that impact
online marketplaces. We also influenced the European
Commission proposal on the Media Freedom Act by ensuring that
it does not include any rules that are harmful to self-regulatory
media systems in our markets. We actively followed EU circular
economy initiatives, such as the Ecodesign for Sustainable
Products Regulation (ESPR) and regulations aiming to empower
consumers in the green transition. We worked on the Taxonomy
Regulation to ensure that second-hand marketplaces were
included. Both regulations are likely to be adopted in 2023. We also
participated in national discussions on the value of data,
regulation of financial services, circular economy and media policy.
Partnerships and memberships
To demonstrate our commitment to greater transparency in
sustainability issues, Schibsted is a member of several global
initiatives, such as the UN Global Compact (participant) and
Transparency International. We report yearly to organisations that
evaluate our sustainability performance, including the Carbon
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Disclosure Project (CDP), MSCI, Sustainalytics and ISS. We are also
a member of several industry organisations, such as the national
business organisations NHO in Norway and Svenskt Näringsliv in
Sweden, the Responsible Media Forum (RMF) including the
DIMPACT initiative, the European Publishers Council (EPC), the
Swedish Media Publishers’ Association (TU) and the Norwegian
Media Businesses' Association (MBL). We are also part of the
Classifieds Marketplaces Europe (CME), the Coalition for App
Fairness (CAF) and the European Tech Alliance (EUTA), of which our
CEO Kristin Skogen Lund is president. The purpose of these
memberships is to unite with our peers and actively participate in
the media debate, as well as to formulate and put forward
questions and statements of importance to the industry.
As part of our efforts to develop and support a sustainable society,
we are members of Skift - Business Climate Leaders in Norway.
When selecting partners or organisations to support, we focus on
organisations that contribute to making an impact in areas that are
closely linked to our material sustainability aspects.
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The EU Taxonomy is a classification system establishing a list of
environmentally sustainable economic activities. It is viewed as an
important prerequisite for the EU to meet its climate and energy
targets for 2030 and to reach the objectives of the European Green
Deal by directing investments towards sustainable activities.
If an economic activity of a company falls within any of the defined
sectors the activity is deemed eligible. In order to qualify as
sustainable the eligible activity must contribute substantially to
one or more of the EU’s environmental objectives. Moreover, the
activity cannot significantly harm any of the other objectives and
the activity must also comply with a minimum of social safeguards.
If these conditions are met the activity is considered to be aligned.
The EU Taxonomy Regulation was incorporated into Norwegian
law with effect from 1 January 2023. The reporting requirements
are not mandatory for the 2022 report for Norwegian entities. For
the financial year 2022, Schibsted chose to report voluntarily on
financial indicators of identified eligible activities.
Summary of operations
Most of Schibsted's operations are not defined in the first
delegated act of the EU taxonomy and are therefore included as
non-eligible activities in its reporting. A summary of the most
significant operations in Schibsted is included in Note 6 Operating
segments to the consolidated financial statements.
Within the eCommerce & Distribution segment, Schibsted has
businesses operating in the transport sector, which is one of the
sectors included in the scope of the first delegated act.
The second delegated act is expected to be finalised in 2023. The
potential impact on Schibsted has not yet been determined.
Eligible activities
Freight transport services by road
Schibsted has identified certain activities within the eCommerce &
Distribution segment that meet the definition of the activity
'Freight transport services by road' (section 6.6 in the delegated
act) and that are therefore considered as eligible activities
according to the EU taxonomy.
In its reporting on the eligible activity of freight transport services
by road, Schibsted has included parcel delivery, goods delivery and
newspapers delivery. In other words, freight transport services by
road comprise both freight services sold directly to external parties
and freight services related to other income-generating activities in
Schibsted such as the sale of newspapers in News Media and the
sale of goods in Morgenlevering. For more information about our
distribution activities see sustainable distribution on page 52.
KPIs and accounting policy
The definitions of the indicators in the taxonomy, applied by
Schibsted for the purpose of voluntarily reporting for 2022, is as
consistent as possible with similar expressions used in Schibsted’s
financial statements and other financial reporting. The definitions
applied may change in line with future development of the
regulation and common practice. Please note that the applied
definition of operating expenditures (OpEx) only represents a
subset of the sum of operating expenses included in gross
operating profit (loss) as reported in the Group’s consolidated
income statement.
The indicators in the taxonomy are intended to be a measure of the
proportion of the entities’ activities that qualify as environmentally
sustainable. The indicators are:
• Turnover
• Capital expenditure (CapEx)
• Operating expenditure (OpEx)
For the reporting of eligible activities according to the EU
taxonomy turnover, CapEx and OpEx for the Group are calculated
using the same accounting principles as for the consolidated
financial statements prepared in accordance with International
Financial Reporting Standards (IFRS), as adopted by the EU.
Turnover
Turnover from freight transport services by road includes all
transport services sold directly to external customers. Turnover
from eligible activities also includes external revenues from the
sale of newspapers within News Media and the sale of goods within
Morgenlevering, which are allocated to turnover from freight
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transport services by road. The allocations are based on the
internal invoicing between the businesses conducted at arm's
length, and are consistent with how this activity is reported in the
segment reporting; please refer to Note 6 Operating segments to
the consolidated financial statements.
Turnover from eligible activities is presented as a percentage of
operating revenues as reported in the Group’s consolidated
income statement.
CapEx
CapEx includes investments in assets that are associated with
taxonomy-eligible activities by being essential components
necessary to execute the activity. During 2022, Capex was related
to investments in software platforms, assets and equipment
utilised in Helthjem’s new distribution hub in Vestby. The first
payment towards a new sorting machine in Vestby was made in
2022. Schibsted also invested in new Paxster vehicles (small
electric vehicles) used in delivery services during 2022.
CapEx related to eligible activities is presented as a percentage of
total investment activities related to development and purchase of
intangible assets and property, plant and equipment including
right-of-use assets according to IFRS 16, as disclosed
Note 17 Intangible assets, Note 18 Property, plant and equipment
and Note 19 Leases to the consolidated financial statements.
OpEx
According to the Taxonomy Regulation, the OpEx KPIs only include
costs that relate to the following functions:
• Research and development
• Building renovation measures
• Short-term leases
• Maintenance and repairs
In addition, the definition of OpEx includes other direct
expenditures relating to the day-to-day servicing of assets that are
necessary to ensure the continued and effective functioning of
such assets. OpEx related to eligible activities should be presented
as a percentage of the total estimated expenses related to the
specified functions within the Group.
Since Schibsted mainly performs its freight transport services by
road using subcontractors and employees using their own vehicles,
Schibsted is required only to a limited extent to invest in essential
components necessary to execute this activity. Moreover, costs
related to renovation measures, maintenance and repair are
marginal for the same reasons. Based on this, the OpEx related to
freight transport services by road was assessed to be close to zero
and not material to the operating business model.
Where eligible activity included intra-group transactions, the
intercompany elimination was included in 'Non-eligible activities'.
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Schibsted’s scope and priority of sustainability are based on an
understanding of our impact on society, the economy and the
environment, on our stakeholder’s expectations, and on how
sustainability topics influence business. In 2022 we conducted an
extended materiality analysis to update our definition and
understanding of sustainability by analysing our:
• value chain
• business and macro contexts
• material topics and our current maturity
• risks and opportunities
• inward and outward impacts (double materiality)
• stakeholder expectations
• applicable regulations and frameworks
The analysis and its outcome were used to form our scope
(material topics), the priority of material topics, topic ambitions for
the coming three years, targets and actions for 2023 and
integration of topics with our strategies. The outcomes formed the
basis for both integrating sustainability with our strategies
(sustainability themes) and defining the content of our external
reporting (double materiality matrix).
The outcome of the extended materiality analysis, priority of
sustainability themes, related ambitions and the double
materiality analysis was initiated and acknowledged by our
Executive Management Team. It was also presented to our Board
of Directors and the management teams representing our business
areas and group functions. Going forward, we will perform a yearly
review of our priority of sustainability themes and ambitions to
ensure that we have a dynamic and updated approach to
sustainability.
Defining material topics, our impact and double
materiality matrix
The process of defining and ranking material topics was initiated
by forming a hypothesis on material topics that reflects our impact.
The hypothesis was based on our previous material topics (defined
in 2019; see mapping below), input from industry associations,
valuechain analysis, sectorscope for ESG analysts, an inventory of
relevant GRI (Global Reporting Initiative) standards, SASB
(Sustainability Accounting Standards Board) and ESRS (European
Sustainability Reporting Standards) topics, comparison with peers,
and interviews with industry experts (sustainability, media,
marketplaces, investments, technology and human resources).
Our hypothesis and definition of material topics were then refined,
tested and prioritised based on insights gained in our extended
materiality analysis (described above). The process outlined our
most material topics and resulted in 22 topics (27 in the
hypothesis). The decrease in the number of topics resulted from
topics either being merged or excluded because they were
considered to be non-material or to overlap. The excluded topics
were: the impact of news media content (the ultimate
responsibility lies with our independent editors-in-chief) and office
waste and equipment (non-material topic).
The outcome formed our scope, the priority of sustainability
themes and linked topics and our double materiality matrix
(described below). The purpose of the sustainability themes is to
group topics and guide us in how we shall prioritise sustainability
in the integration of our strategies and resource allocation. See
page 16 for a detailed overview of themes and linked topics.
Stakeholder engagement
Stakeholder dialogue was included in our extended materiality
process during 2022. This dialogue aimed to make sure that our
material topics and priorities were right in relation to our
stakeholders’ expectations. A combined result for all stakeholders,
based on their influence and importance, was used as input to rate
our outward impact. Stakeholder groups, the importance of their
input and engagement method were selected based on the type of
stakeholder group and level of inward and outward influence on
Schibsted. In addition to the interactions presented below, our
brands constantly interact with our stakeholders through market
research, partner dialogue and interviews with users. Since our
operations are heavily dependent on the trust of our users, readers
and partners, these interactions are crucial for how we develop our
business and products and understand our impact. There are also
industry forums that enable people to criticise the content of our
editorial publications and advertising. Read more about these
institutions on pages 19 and 28. Our Executive Management Team
is also involved in stakeholder engagement through participation
in employee committees and industry associations, key corporate
customer dialogue, dialogue with regulators, media interviews and
investor dialogue.
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Who did we engage with?
How did we engage with them?
What is most important to them?
Users and readers
• Surveys on selected brands
• Interview with consumer rights
organisation
• Mapping of topic reports
• Responsible advertising
• Responsible use of data
• Climate impact and energy use
• Impact of content (News Media)
• Efficient marketplaces for circular consumption
Corporate customers (advertisers and
business partners)
• Interviews with selected customers
• Interview with media agency
• Mapping of topic reports
• Independent and high-quality journalism
• Responsible use of data
• Responsible advertising
• Efficient marketplaces for circular consumption
• Empower people to be informed
Employees
• Survey of selected employees
• Climate impact and energy use
• Independent and high-quality journalism
• Diversity, inclusion and belonging
• Attractive workplace
• Empower people to be informed
Investors
• Interviews with selected investors
• Mapping of ESG ratings
• Independent and high-quality journalism
• Responsible use of data
• Attractive workplace
• Fair business practice
• Efficient marketplaces for circular consumption
Board members
• Surveys
• Independent and high-quality journalism
• Empower people to be informed
• Attractive workplace
• Diversity, inclusion and belonging
• Efficient marketplaces for circular consumption
Regulators (national and EU)
• Desktop analysis
• Responsible use of data
• Fair business practice
• Independent and high-quality journalism
• User safety and fraud protection (all marketplaces)
• Efficient marketplaces for circular consumption
Media (Sweden and Norway)
• Desktop analysis
• User safety and fraud protection (all marketplaces)
• Efficient marketplaces for circular consumption
• Independent and high-quality journalism
• Responsible marketplace and distribution partners
• Empower consumers through comparison services
Venture portfolio companies
• Interviews with selected companies
• Independent and high-quality journalism
• Responsible use of data
• Responsible advertising
• Empower people to be informed
• Impact of content (news media)
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Outcome of the double materiality analysis
As part of our extended materiality analysis, we conducted a
double materiality analysis to understand our outward impact (our
operations’ impact on society, the economy and the environment)
and our inward impact on sustainability issues (our context’s
impact on our enterprise value). Our materiality analysis previously
focused on outward impact and stakeholder expectations.
Outward impact
To understand and rank our outward impact, we combined the
result from an internal impact rating model and how our
stakeholders rated our material topics. The internal rating model
helped us rank the material topics based on each topic and on:
• the flow of economic resources;
• the number of individuals impacted;
• the indirect impact on society; and
• the flow of physical resources or energy.
The rating model considered all topics and their short-term and
long-term impact, as well as the scope, scale and likelihood of
impact. The stakeholders (see overview above) were asked to
prioritise our five most important material topics (reflecting
impact). An overall analysis of importance was conducted based on
the importance of stakeholder groups and their input. The
combined input from the impact analysis and the stakeholders was
weighted and formalised as a list of material topics rated in order
of importance.
Inward impact
Our rating of inward impact (impact on our enterprise value) was
concluded based by combining two elements:
• input from experts representing the full scope of Schibsted and
their estimation of material topics and each topic’s level of
impact and importance to Schibsted.
• an estimated enterprise value (equals discounted future cash
flow) based on weighted external multiples.
The methodology for estimating the inward impact was discussed
with external expertise. In the coming years it will be further
developed in close cooperation with experts to meet regulatory
requirements and to ensure integration with the business.
Outcome
The results of the double materiality analysis correlated with the
results of the materiality analysis performed in 2019. Our most
significant impacts on society, the economy and the environment
are related to our marketplaces and news media products. The
insight from the new framework also showed that the greatest
impact on our enterprise value comes from our business-related
topics. The results from our extended materiality analysis were
used to decide which topics should be merged or excluded from
our scope. The results were also used to rate the topics in scope.
This rating is reflected in our double materiality matrix as the level
of materiality, and in the overview of our sustainability themes as
the major impact drivers and other impact drivers.
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Integration of sustainability in our strategies: our
ambitions and targets
Our updated scope and prioritisations of sustainability themes and
ambitions for each material topic guide Schibsted in how and why
we integrate sustainability with our business and operations. We
have no specific sustainability strategy, but we have a clear scope,
priorities, ambitions, targets and actions that are integrated into
our strategies and operations. Therefore, each material topic is
managed by the Executive Vice President (EVP) representing our
respective business areas or group functions. Each unit is
responsible for fulfilling the ambition for each topic and for setting
clear targets and actions annually to ensure progress. Every year,
in order to maintain transparency, we state our long-term
ambitions, our short-term targets and actions and our contribution
to the UN Sustainable Development Goals and present an
evaluation of our performance for the past year in relation to
previous ambitions, targets and actions. See sections and
respective themes in this report for the latest updates.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
72
This is Schibsted’s sixth sustainability report which was published
on 30 March 2023 and covers the period from 1 January to 31
December 2022. Our ambition for this report is to be transparent
and to share our approach, ambitions, targets and progress in the
area of sustainability from 2022 onwards. The report has been
prepared in accordance with the GRI Standards (2021. It
constitutes Schibsted’s Communication on Progress (COP)
submission to the UN Global Compact and follows the Euronext
Guidelines for Environmental, Social and Governance (ESG)
Reporting. Schibsted publishes a sustainability report on an annual
basis; the previous report was published on 7 April 2022. The report
is not quality assured by an external body. The sustainability
information is provided mainly in the sustainability report
including the climate roadmap, but also in sections of the annual
report. Please see the GRI Content Index for further guidance.
Changes in reporting
There were no significant changes in sectors of operation or in
major partnerships or relations. Compared to the previous report,
we have now updated our reporting to adhere to the standards: GRI
1: Foundation 2021, GRI 2: General Disclosures 2021, GRI 3: Material
Topics 2021 and GRI 306: Waste (2020). See the GRI content index
for a detailed overview.
During 2022 an extended materiality analysis was performed to
update our scope and priorities of sustainability and ensure
compliance with coming legislation and alignment with updated
frameworks. This has resulted in a restructuring of material topics
and a new double materiality matrix. The presentation in the report
follows our identified sustainability themes and linked topics.
Previous material topics and progress related to each theme are
also disclosed. Since we have a new materiality matrix which
includes several new topics, we did not have targets for these for
the previous year. See section defining sustainability at Schibsted
on page 68 for further information.
To ensure increased transparency, we published our first climate
roadmap in 2022. The roadmap provides a more comprehensive
methodology and details on the topic climate impact and energy
use. Historical figures for climate impact and energy from 2018 to
2021 are restated due to a refined methodology and use of
emission factors. For more information, please see our climate
roadmap as a separate report on
https://schibsted.com/sustainability/. This also resulted in a
restatement of the 2021 GHG and energy intensity per turnover
NOK million and per employee.
Scope and boundaries
The report includes data pertaining to companies with more than
25 employees, of which Schibsted had full ownership or
operational control throughout the year, with certain scope
limitations included below. In total, 41 companies fell within this
scope. Adevinta was not included in the report because Schibsted’s
ownership interest is only 28 per cent. Sustainability information
related to its operations is presented in Adevinta’s stand-alone
sustainability statement.
Data was gathered through central management systems or
functions unless otherwise stated.
Employee data
The employee data is not fully consistent, and the data disclosed
covers the following aspects:
Data representing companies in scope:
• Collective bargaining agreement
• Development reviews
• Parental leave
Data representing all Schibsted companies (also those outside
scope):
• Average sick leave
• Engagement survey (ACT)
• Learning hours
• Employee data
• Composition of governance bodies and operations, by gender
• Age and gender, by business area
Data representing specific companies:
• Health and safety injuries (print and distribution)
Data relating to engagement surveys, collective bargaining
agreements, parental leave, health and safety, and development
reviews was collected via central management systems such as
payment and HR systems, in addition to templates completed for
companies where data was not available through the central
systems. This data is stated as head counts.
The total numbers of injuries reported apply only to Schibsted
Trykk (printing) and Distribusjon (distribution) due to legal
limitations on gathering personal data.
Other employee data as per 31 December 2022 is stated as full-time
equivalents (FTEs) and covers all Schibsted companies, including
those that did not fall within the scope of this report. Data as per 31
December 2022 was compiled using the financial reporting
system.
There were no significant fluctuations in the number of employees
during the reporting period. Schibsted also had business in New
Zealand but with no local employees.
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
73
Environmental data
The consolidation approach for environmental data was
operational control, and the base year was 2018. All scopes were
included in intensity data and all greenhouse gases were included
in the emission calculations when available. For further details on
calculation methodology and emission factors, see our climate
roadmap. Data was collected centrally (collectively for several
companies), locally via sustainability reporting software from
third-party sources and from available internal reporting data. Our
calculations were based on conversion factors directly provided by
suppliers or from Defra, AIB or by other sources when necessary.
Schibsted will also continue to conduct regular scoping of material
Scope 3 emissions.
Omissions
2-7: Data on employment contract and employment type cannot
be split due to limitations in our reporting system.
2-15: Due to limitations in data, detailed information cannot be
shared on memberships, cross-shareholdings, existence of
controlling shareholders and related parties, their relationships,
transactions and outstanding balance.
2-16: There is no follow-up structure on counting how many
specific concerns that have been raised to the Board and therefore
there is no available data.
2-21: Due to lack of system and process support, the data needed
to calculate the median remuneration cannot be supplied. The
second-best figure is to use the available average remuneration.
However, the average will in any normal remuneration distribution
be higher than the median for the same organisation. Using the
average thus decreases the distance in the comparison. In order to
mitigate this, we have excluded the highest paid outliers’ being the
Executive Management Team. This comparison can be found with
full disclosure in the Remuneration report in table 4
(https://schibsted.com/ir/).
205-2: A new structure for evaluating performance is under
development and cannot be shared in this report, but will most
likely be shared in the next report.
401-3: Data on total number of employees that returned to work
after parental leave ended that were still employed 12 months after
their return to work, by gender and data on return to work and
retention rates of employees that took parental leave, by gender
cannot be disclosed due to limitations in employee data.
403-1--10: Schibsted has chosen a transition to the new GRI
Standard 403: Occupational Health and Safety (2018) and therefore
does not have all the information and data in place to fulfil all the
requirements this year.
405-1: Data on age by employee category cannot be split due to
limitations in our reporting system.
Point of contact
If you have any questions about the sustainability report, you are
welcome to contact Britt Nilsen, Head of Sustainability, email
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
74
Statement of use
Schibsted has reported the information cited in this GRI content
index for the period from 1 January to 31 December 2022 with
reference to the GRI Standards.
Instruction for readers
For a detailed explanation of omissions, see the section About the
report. References on location refers to pages in the Annual Report
2022 (including the Sustainability Report), Climate Roadmap to
2040 (CR), Remuneration Report 2022 (RR) or Policies (P) published
at https://schibsted.com/.
GRI 1 USED:
GRI 1: FOUNDATION (2021)
GRI Standard
Disclosure
Location
Comments
GRI 2: GENERAL DISCLOSURES (2021)
2-1 Organisational details
3, 15, 92, 36
2-2 Entities included in the organisation’s sustainability reporting
72-73
2-3 Reporting period, frequency and contact point
72-73, 92
2-4 Restatements of information
72-73
2-5 External assurance
72-73
2-6 Activities, value chain and other business relationships
3, 58-59, 72-73,
94-98
2-7 Employees
36, 72-73
Omission
2-8 Workers who are not employees
72-73
2-9 Governance structure and composition
77-85
2-10 Nomination and selection of the highest governance body
79-80
2-11 Chair of the highest governance body
80
2-12 Role of the highest governance body in overseeing the management
of impacts
15-16, 63-64,
68-71, 77
2-13 Delegation of responsibility for managing impacts
15-16, 63-64,
68-71, 77
2-14 Role of the highest governance body in sustainability reporting
15-16, 63-64,
68-71, 77
2-15 Conflicts of interest
79-81
Omission
2-16 Communication of critical concerns
15-16, 55-57, 78
Omission
2-17 Collective knowledge of the highest governance body
15-16
2-18 Evaluation of the performance of the highest governance body
80-84, RR
2-19 Remuneration policies
83, RR
2-20 Process to determine remuneration
83, 85-86, RR
2-21 Annual total compensation ratio
-
Omission
2-22 Statement on sustainable development strategy
14
2-23 Policy commitments
55-57, P
UNGC Principle 7
2-24 Embedding policy commitments
55-57, P
2-25 Processes to remediate negative impacts
18, 36-37, 55-
57, 61-63
2-26 Mechanisms for seeking advice and raising concerns
55-57
2-27 Compliance with laws and regulations
55
2-28 Membership associations
18, 64-65
2-29 Approach to stakeholder engagement
68-69
2-30 Collective bargaining agreements
36-37
UNGC Principle 3
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
75
GRI Standard
Disclosure
Location
Comments
GRI 3: MATERIAL TOPICS (2021)
3-1 Process to determine material topics
68-71
3-2 List of material topics
17
GRI 200 ECONOMIC STANDARDS
Schibsted topic: Sustainable investments
GRI 3: Material Topics (2021)
3-3 Management of material topics
32-33
UNGC Principles 1-3,
6-10
Own KPI
Share of investments with performed sustainability due diligence
32-33
UNGC Principles 1-3,
6-10
Schibsted topic: Fair business practice
GRI 3: Material Topics (2021)
3-3 Management of material topics
55-57
UNGC Principles 1-3,
6- 10
GRI 205: Anti-corruption
205-2 Communication and training about anti-corruption policies
and procedures
-
Omission
GRI 300 ENVIRONMENTAL STANDARDS
Schibsted topic: Efficient marketplaces for circular consumption
GRI 3: Material Topics (2021)
3-3 Management of material topics
24-25
Schibsted topic: Climate impact and energy use
GRI 3: Material Topics (2021)
3-3 Management of material topics
46-50, CR
UNGC Principle 7
GRI 305: Emissions (2016)
305-1 Direct (Scope 1) GHG emissions
47, CR
305-2 Energy indirect (Scope 2) GHG emissions
47, CR
305-3 Other indirect (Scope 3) GHG emissions
47, CR
305-4 GHG emissions intensity
47, CR
GRI 302: Energy (2016)
302-1 Energy consumption within the organisation
46, CR
302-3 Energy intensity
46, CR
Schibsted topic: Sustainable distribution
GRI 3: Material Topics (2021)
3-3 Management of material topics
53-55
GRI 305: Emissions (2016)
305-3 Other indirect (Scope 3) GHG emissions
47, CR
Schibsted topic: Sustainable printed products
GRI 3: Material Topics (2021)
3-3 Management of material topics
50-52
GRI 306: Waste (2020)
306-1 Waste generation and significant waste-related impacts
51
GRI 306: Waste (2020)
306-2 Management of significant waste-related impacts
51
GRI 306: Waste (2020)
306-3 Waste generated
51
GRI 400 SOCIAL STANDARDS
Schibsted topic: Independent and high-quality journalism
GRI 3: Material Topics (2021)
3-3 Management of material topics
18-19
Schibsted topic: Empower people to be informed
GRI 3: Material Topics (2021)
3-3 Management of material topics
20-22
Own KPI
Media literacy
20-22
Schibsted topic: Unbiased, inclusive and transparent job marketplaces
GRI 3: Material Topics (2021)
3-3 Management of material topics
26
Schibsted topic: Transparent and efficient real estate marketplaces
GRI 3: Material Topics (2021)
3-3 Management of material topics
25-26
Schibsted topic: Transparent and efficient mobility marketplaces
GRI 3: Material Topics (2021)
3-3 Management of material topics
26-27
Schibsted topic: Responsible advertising
GRI 3: Material Topics (2021)
3-3 Management of material topics
28
GRI 417: Marketing and Labelling (2016)
417-2 Incidents of non-compliance concerning product and service
information and labelling
28
Schibsted topic: Cybersecurity
GRI 3: Material Topics (2021)
3-3 Management of material topics
30-31
GRI 417: Marketing and Labelling (2016)
417-2 Incidents of non-compliance concerning product and service
information and labelling
30-31
Schibsted topic: Responsible use of data
GRI 3: Material Topics (2021)
3-3 Management of material topics
29-30
UNGC Principle 1
GRI 418: Customer Privacy (2016)
418-1 Substantiated complaints concerning breaches of customer
privacy and losses of customer data
29-30
SCHIBSTED ANNUAL REPORT 2022
SUSTAINABILITY REPORT
76
GRI Standard
Disclosure
Location
Comments
GRI 400 SOCIAL STANDARDS
Schibsted topic: Empower consumers through comparison services
GRI 3: Material Topics (2021)
3-3 Management of material topics
34-35
Schibsted topic: Fair consumer offerings
GRI 3: Material Topics (2021)
3-3 Management of material topics
34-35
Schibsted topic: Skills development
GRI 3: Material Topics (2021)
3-3 Management of material topics
42-43
GRI 404: Education and training (2016)
404-3 Percentage of employees receiving regular performance
and career development reviews
42
Schibsted topic: Health and safety
GRI 3: Material Topics (2021)
3-3 Management of material topics
43-45
UNGC Principle 6
GRI 403: Occupational Health and Safety (2018)
403-1 to 403-7 Occupational health and safety
43-45
Omission
GRI 403: Occupational Health and Safety (2018)
403-9 Work-related injuries
43-45
Omission
GRI 403: Occupational Health and Safety (2018)
403-10 Work-related ill health
43-45
Omission
Own KPI
Sick leave
43
Schibsted topic: Attractive workplace
GRI 3: Material Topics (2021)
3-3 Management of material topics
36-37
GRI 401: Employment
401-3 Parental leave
43
Omission
Schibsted topic: Diversity, inclusion and belonging
GRI 3: Material Topics (2021)
3-3 Management of material topics
37-41
UNGC Principles
1, 6
GRI 405: Diversity and Equal Opportunity (2016)
405-1 Diversity of governance bodies and employees
39
Omission
Schibsted topic: Responsible marketplace and distribution partners
GRI 3: Material Topics (2021)
3-3 Management of material topics
60-63
UNGC Principles
1-5,7-10
Schibsted topic: Sustainable supply chain
GRI 3: Material Topics (2021)
3-3 Management of material topics
59-63
UNGC Principles
1-5,7-10
SCHIBSTED ANNUAL REPORT 2022
CORPORATE GOVERNANCE
77
Corporate governance
1. Statement of Corporate Governance
Good corporate governance is an important prerequisite for
achieving Schibsted Group’s vision and strategy. Sound corporate
governance contributes to the Group’s long-term value creation at
the same time as it utilises the Group’s resources in an efficient and
sustainable manner. Our corporate governance defines the
business framework within which all activities in the Group should
operate, and clarifies the roles and responsibilities of governing
bodies in the Group.
Schibsted is a publicly listed company traded on Oslo Børs with a
governance structure based on Norwegian law. The company is
subject to corporate governance reporting requirements as
defined in the Norwegian Accounting Act, section 3-3b and the
Norwegian Code of Practice for Corporate Governance (the Code)
available at nues.no. Schibsted has adopted the Code, and the
Board of Directors’ Statement of Corporate Governance follows the
structure of the Code. This statement includes an account of how
Schibsted complies with the Code on corporate governance, and
deviations from the Code are set out in section 16 below. This
statement also includes information on corporate governance,
pursuant to the Accounting Act, section 3-3b.
2. Business activities
Schibsted’s purpose as defined in its Articles of Association is:
“... to engage in the information business and related business
activities. The shareholders shall enable the Company to operate its
information business in such a way that editorial freedom and
integrity are fully ensured. The requirement for editorial freedom
and integrity shall apply to all media and publications encompassed
by the Norwegian and international activities of the Schibsted
Group.”
The Articles of Association are available in full at
https://schibsted.com/ir/corporate-governance/.
Schibsted’s Board of Directors is responsible for defining
objectives, strategies and risk profiles for the Group’s business
activities. The Board of Directors regularly evaluates these
objectives, strategies and risk profiles.
The Group’s objectives, principal strategies and risks are described
in the Board of Directors' report.
Schibsted’s sustainability scope, priorities and ambition, which is
aligned with the business strategy, is to ensure that we consider
and manage the environmental and societal impacts of all our
business decisions, and through our services empower people to
make economic and sustainable choices. Schibsted aims to create
value for all our stakeholders in a sustainable way. Schibsted
engages with significant stakeholder groups that are directly or
indirectly affected by our business. The purpose of the dialogue
with stakeholders is to understand key aspects and how these
impact Schibsted’s operations. The sustainability topics that
are material for Schibsted are based on a double materiality
analysis including our stakeholders' input. The Board holds the
ultimate approval of the scope and priorities of material topics. By
approving the Sustainability Report, the Board annually approves
ambitions and targets and acknowledges identified risks and
previous performance. Further information on Schibsted’s
sustainability scope, priorities, ambitions, targets and how we
relate to stakeholders and sustainability risks is provided in the
Sustainability Report.
Schibsted is committed to incorporate values of diversity and
inclusion into every aspect and level of the company. The
Sustainability Report contains further information on the
company's guidelines and goals within diversity and inclusion, as
well as on relevant metrics such as age and gender balance. The
Nomination Committee works to ensure that diversity criteria of
age, education, professional background, and relevant geographic
experience are applied when determining the composition of the
Board.
3. Equity and dividend
Financial strategy
In accordance with our shareholder policy, Schibsted’s Board of
Directors considers it crucial that shares in the company be
perceived as an attractive investment option. Schibsted’s financial
strategy implies a strong focus on profitability, innovation and
disciplined capital allocation to create long-term shareholder
value. To support the achievement of these objectives, Schibsted
has set targets for its financial gearing (NIBD/EBITDA) and dividend
policy. More information about the 2022 performance can be found
in the Board of Directors’ report in the annual report. The Board has
reviewed the Group’s financial strategy, targets and performance,
and considers the defined and achieved performance levels
adequate for the Group’s objectives, strategy and risk profile.
Shareholder and dividend policy
Schibsted is a listed company that must give competitive returns
based on a sound financial situation. Schibsted’s Board of
Directors considers it crucial that shares in the company are
perceived as an attractive investment option. One of the objectives
of Schibsted’s Board is therefore to promote shareholder returns
by means of long-term growth in share prices and dividends.
The Group’s dividend policy is to place emphasis on paying a stable
to increasing dividend amount over time. In years when there is an
economic slowdown, or for other reasons weaker cash flows in the
company, the company may reduce or decide not to pay dividends.
The Annual General Meeting approves the annual dividend based
on the Board’s recommendation.
Authorisations granted by the Annual General
Meeting
To allow flexibility in its capital management strategy,
authorisations empowering the Board to increase the share capital
by issuing B-shares and to buy back shares were granted by the
SCHIBSTED ANNUAL REPORT 2022
CORPORATE GOVERNANCE
78
2022 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 6,490,053. 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 2023, but in no event later than 30 June 2023.
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 authorisation
covers the right to incur special obligations for the company;
see section 10-2 of the Public Limited Liability Companies Act.
The authorisation covers resolutions on mergers in accordance
with section 13-5 of the Public Limited Liability Companies Act.
As at the date of this report, the authorisation to increase the
B-share capital approved by the Annual General Meeting in May
2022 has not been utilized.
Authorisation to buy back shares
I. The authorisation is valid until the next Annual General Meeting
of Schibsted ASA in 2023, but in no event later than
30 June 2023.
II. The total nominal value of the shares acquired and held by the
company may not exceed NOK 11,713,051.
III. The minimum amount which can be paid for the shares is
NOK 30, and the maximum amount is NOK 1,000.
IV. The Board is free to decide on the acquisition method and
possible subsequent sale of the shares.
V. 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.
Pursuant to this authorisation, Schibsted acquired 600,000
B-shares to be used for the Company's employee share saving plan
and long-term incentive under a buyback programme announced
on 20 September 2022. Further, as at the date of this report,
Schibsted has acquired 1,457,180 A-shares and 1,780,875 B-shares
under a buyback programme announced on 30 November 2022,
under which the company may purchase up to 4 per cent of its
issued shares for the purpose of reducing the capital of the
company.
4. Equal treatment of shareholders
Waiver of preemptive rights in the event of a
capital increase
In the event that the Board resolves to carry out an increase in the
share capital and waive the pre-emptive rights of existing
shareholders on the basis of a mandate granted to the Board, the
justification will be publicly disclosed in a stock exchange
announcement issued in connection with the increase in the share
capital.
Transactions involving own shares
The acquisition of own shares, in accordance with the Board’s
authorisation referred to in section 3 of this statement, should be
carried out either through the stock exchange or at prevailing stock
exchange prices if carried out in any other way, and shall be
conducted in accordance with generally accepted Norwegian stock
exchange practices. Acquired shares may be sold in the market,
used for the Schibsted share-based incentive schemes and for
share saving programmes for the Group’s employees. Acquired
shares may also, subject to the approval by the General Meeting be
deleted to improve the company’s capital structure. The share-
based incentive schemes are described in more detail in Note 9
Share-based payment to the consolidated financial statements.
Own shares may be deleted subject to approval by the Annual
General Meeting.
5. Shares and negotiability
Schibsted’s Articles of Association include certain ownership and
voting restrictions, implemented to safeguard Schibsted’s position
as an independent media company and to ensure that it remains a
group characterised by free, independent editorial staff, credibility
and quality and with long-term, healthy financial development.
By virtue of its indirect shareholding in Schibsted through
Blommenholm Industrier, the Tinius Trust has negative controlling
rights in Schibsted.
Ownership restrictions
According to Article 6 of the Articles of Association:
“No shareholder may own more than 30 percent of the shares or
vote for more than 30 percent of the total number of votes which
may be cast under the company's Articles of Association.”
Class of shares and voting rights
Schibsted has two classes of shares. Each A-share gives the right to
10 votes at the Annual General Meeting, and each B-share gives the
right to one vote at the Annual General Meeting. Otherwise, the
A-shares and B-shares carry equal rights.
SCHIBSTED ANNUAL REPORT 2022
CORPORATE GOVERNANCE
79
According to Article 7 of the Articles of Association, certain
decisions require the approval of 3/4 of the A-shares represented
at the Annual General Meeting in addition to 3/4 of the share capital
represented at the Annual General Meeting. This applies to
resolutions to amend Schibsted’s Articles of Association and to
important decisions relating to companies in the Schibsted Group,
including amendments to articles of association and any sales of
shares or operations or corresponding transactions in any
subsidiary.
Through resolutions, the Annual General Meeting may authorise
the Board to administer specific areas of the protection provided
under Article 7. A general one-year authorisation to administer
such protection was granted at the 2022 Annual General Meeting
and will apply until the next Annual General Meeting. The
authorisation granted at the Annual General Meeting in 2022
states:
“Pursuant to the third paragraph of Article 7 of the Articles of
Association, the Board of Directors is authorised to make decisions
on the following matters referred to in the second paragraph,
subparagraph a) of Article 7 of the Articles of Association:
a) Voting relating to amendments to subsidiaries’ Articles of
Association.
b) Decisions to sell shares or operations, including private
placements, mergers or demergers, in subsidiaries when
the net payment (sales amount, merger or demerger
payment, etc.) does not exceed NOK 6 billion after financial
adjustments.
Within the framework of the Group CEO’s general authorisation, the
Board of Directors may delegate its authority pursuant to this
authorisation to the management.
A director appointed pursuant to the second paragraph of Article 8 of
the Articles of Association may demand that certain matters which
are covered by this authorisation must nonetheless be submitted to
the General Meeting for its decision.
This authorisation applies until the next Annual General Meeting.”
6. Annual General Meetings
The shareholders exercise the highest authority through the
Annual General Meeting. The Annual General Meeting considers
and decides on matters that are important to Schibsted in a way
that reflects the shareholders’ views. The Annual General Meeting
is held within six months after the end of each financial year.
Notice
The Annual General Meeting for this year is scheduled for 28 April
2023. The notice of the Annual General Meeting and documents to
be considered are available on the Schibsted website prior to the
meeting, and are sufficiently detailed, comprehensive and specific
to allow shareholders to form an opinion on all matters to be
considered at the meeting. Shareholders not registered
electronically will receive the notice by regular mail with
information on how documents to be considered at the meeting
may be downloaded from our website. According to the company’s
Articles of Association, the registration deadline may not expire
earlier than five days prior to the meeting. In 2022 the deadline for
registration was set two days prior to the meeting.
Attendance
The Board Chair is present at the Annual General Meeting and is
available to respond to any questions. Other board members will
attend as necessary. The Chair of the Nomination Committee as
well as the company’s external auditor are also present. At a
minimum, the CEO and CFO must attend the meeting as
representatives of Schibsted executive management.
Voting
The shareholders are given the opportunity to vote on each
individual matter, including on each individual candidate
nominated for election to the company’s bodies (i.e., the Board
and the Nomination Committee).
Shareholders who cannot attend the Annual General Meeting but
who wish to exercise their voting rights may cast their vote in
writing by use of electronic communication 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 2022, the Annual General Meeting was
chaired by Ole Jacob Sunde, Board Chair at the time of the
meeting.
7. Nomination Committee
The Nomination Committee is regulated by the provisions in
Article 10 of Schibsted’s Articles of Association, which also state the
Nomination Committee’s mandate. In addition, the company has
implemented additional 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
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80
Group’s executive personnel. The Nomination Committee’s most
important task is to continually review the Board’s overall
expertise and experience in relation to the challenges facing the
Group at any given time. The Nomination Committee also proposes
the remuneration of the board members at the Annual General
Meeting.
Information on how to submit nominations to the Board is
available at https://schibsted.com/.
The Annual General Meeting approves the remuneration of the
Nomination Committee. The Nomination Committee’s proposals
are explained in the Nomination Committee’s report.
Composition of the Nomination Committee
The Nomination Committee is elected by the Annual General
Meeting for two-year terms and consists of three members. The
composition of the Nomination Committee shall take into account
the interests of shareholders. The Annual General Meeting elects
the chair of the Nomination Committee.
The current members of the Nomination Committee are Kjersti
Løken Stavrum (chair), Spencer Adair and Ann Kristin Brautaset.
The current members were elected by the Annual General Meeting
on 4 May 2021 for a two-year period ending in May 2023.
The current chair of the Nomination Committee is not considered
to be independent due to her roles as board member and CEO of
the Tinius Trust and Board Chair of Blommenholm Industrier. The
other two members are considered to be independent.
See the Nomination Committee’s report for further details on the
work of the Nomination Committee.
8. Board of Directors: Composition,
independence and employee representation
Composition of the Board
Pursuant to Article 8 of Schibsted’s Articles of Association, the
Board must consist of six to eleven members in addition to deputy
members. The Group’s employees must be represented on the
Board by employee representatives in accordance with prevailing
agreements with the company (Representation Agreement).
The Board currently consists of ten members, of whom seven are
shareholder representatives and three are employee
representatives. Two employee representatives are elected from
Norway and one from the country outside Norway where Schibsted
has its most extensive operations. This is currently Sweden. The
Board’s composition is compliant with the requirement set forth in
section 6-11a of the Norwegian Public Limited Liability Companies
Act, which states that the minority gender shall represent at least
40 percent of the board members. In addition to gender balance,
age, education, professional background and international
experience are applied as relevant diversity criteria in the
Nomination Committee’s consideration of the Board’s
composition.
The Annual General Meeting elects the shareholder representatives
to the Board. The Nomination Committee prepares a
recommendation of candidates for election to the Board. The
recommendation is distributed to the shareholders along with the
notice of the Annual General Meeting. The Annual General Meeting
elects the Board Chair.
The Board’s shareholder representatives are elected for a one-year
term while the employee representatives are elected for a two-year
term. Pursuant to Article 8 of the Articles of Association, any
shareholder owning at least 25 percent of the A-shares in the
company is entitled to appoint a board member directly.
Blommenholm Industrier AS, which at year-end 2022 owned 29.4
percent of the A-shares, is the only shareholder holding this right.
For the Board term starting from the Annual General Meeting in
2022 and until the Annual General Meeting in 2023, Blommenholm
Industrier AS exercised its right to directly appoint one member,
and appointed Karl-Christian Agerup as a board member. The
Annual General Meeting in 2022 elected Karl-Christian Agerup to be
the Board Chair.
More information on the individual board members and their
competencies is available on our website at
https://schibsted.com/.
Independence of the Board of Directors
The composition of the Board ensures that it can operate
independent of any special interest. The current Board meets the
requirement set forth in the Code that the majority of shareholder-
elected board members be independent of the Group’s executive
personnel and material business, and that at least two of the
shareholder-elected board members be independent of the main
shareholders. Karl-Christian Agerup is not considered to be
independent of the main shareholders due his position as deputy
board member of the Tinius Trust. All other shareholder-elected
board members are considered to be independent.
Board members’ shareholdings
The Board is encouraged to own shares in the company. The board
members' shareholdings are disclosed in Note 9 Share-based
payment to the consolidated financial statements.
Board meetings in 2022
In 2022 the Board held nine meetings, one of which was a two-day
meeting. The Board assesses the strategic topics throughout the
year, but holds a two-day meeting in June dedicated to reviewing
the Group’s strategies.
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Attendance at board meetings and board committee meetings in 2022:
ATTENDANCE AT MEETINGS
BOARD MEETINGS
AUDIT COMMITTEE
MEETINGS
COMPENSATION COMMITTEE
MEETINGS
Torbjörn Ek
8/9
Anna Mossberg (until 4 May 2022)
3/3
3/3
Ingunn Saltbones
9/9
5/5
Philippe Vimard
9/9
5/5
Eugénie van Wiechen (until 4 May 2022)
3/3
Satu Huber (Compensation Committee until 4 May 2022)
8/9
1/1
Karl-Christian Agerup (Chair of Audit Committee until 4 May 2022, Compensation
Committee from 4 May 2022)
9/9
3/3
4/4
Rune Bjerke (Chair of Audit Committee from 4 May 2022)
8/9
8/8
Hugo Maurstad
9/9
Hans Kristian Mjelva
7/9
Hélène Barnekow (from 4 May 2022)
3/6
5/5
Satu Kiiskinen (from 4 May 2022)
6/6
5/5
9. The work of the Board of Directors
Role of the Board
The Board supervises the day-to-day management of the Group as
it is exercised by the CEO, and monitors Schibsted's general
activities. The Board actively participates in shaping Schibsted’s
strategy, ensuring that the businesses are properly organised and
that adequate governance, risk management and control systems
are implemented. The Board also supervises the Group's financial
performance, establishes necessary guidelines, and adopts plans
for the businesses. 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 in the matter.
Each board member is personally responsible for assessing
whether any such circumstances exist that may, from an objective
perspective, affect public confidence in the board member’s
independence or that may lead to a conflict of interest in
connection with a matter to be considered by the Board. Such
circumstances must be brought to the attention of the Board Chair.
A board member is further obliged to notify the Chair if they are
considering working for or on assignment with organisations that
operate, or seek to operate, a business that competes with
Schibsted Group's current or planned business activities. The Chair
ensures that the rest of the Board and the chair of the Nomination
Committee are kept informed.
Organisation of board meetings
The Board works on the basis of an annual meeting schedule that
is normally agreed at least a year in advance. The meeting schedule
includes strategic planning, business issues and supervisory
activities. The Board appoints the members of the Board’s
Compensation Committee and Audit Committee in the first board
meeting after the Annual General Meeting. The company’s 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 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’s
executive management present.
Board committees
Schibsted has established an Audit Committee and a
Compensation Committee which contribute to thorough
preparation and consideration of matters covered by the
committees’ respective mandates. The committees do not make
decisions, but monitor the work of the Group on behalf of the Board
and prepare matters for board consideration within their
respective areas.
Compensation Committee
The Compensation Committee was established in 2004, and its
members are appointed by and from the Board for a one-year term.
The current members of the committee are Philippe Vimard (chair),
Karl-Christian Agerup and Ingunn Saltbones. The CEO attends
committee meetings apart from those at which remuneration of
the CEO is considered. The Company’s Compensation and Benefit
Manager serves as secretary to the Compensation Committee.
The Compensation Committee prepares matters relating to the
remuneration of the CEO. The committee also assists the Board by
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82
dealing with issues of principle, guidelines, and strategies for the
remuneration of other members of Schibsted’s executive
management and of senior managers in key subsidiaries.
The committee monitors the use of long-term incentives (LTI) in
the Group and prepares the Board’s annual consideration of the LTI
programmes for selected managers. For further details, see
section 12 of this statement.
Audit Committee
The Audit Committee is another sub-committee of the Board and
its members are appointed by and from the Board for a one-year
term. The members shall be independent of the company. The
current members of the committee are Rune Bjerke (chair),
Satu Kiiskinen and Hélène Barnekow.
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
and other financial information made available to its
shareholders
• The Group’s financial reporting, accounting, risks and internal
controls, and regulatory compliance
• Appointment, performance and independence of the external
auditors
In addition to regular meetings, the Chair organises at least one
deep-dive session each year to discuss at length important topics
closely related to and with potential impacts on financial reporting,
accounting and auditing.
The Audit Committee performs its duties in accordance with its
mandate, which is approved by the Board and describes its role
and scope of responsibilities. The mandate is kept current and was
revised in 2021 to reflect the amended provisions of the Norwegian
Auditing and Auditors Act. Each year, an annual plan is prepared to
ensure smooth and compliant operation of the committee. 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. The Chair invites the
external auditor to participate in all Audit Committee meetings,
which were fully attended in 2022. With effect from 1 January 2022,
PwC was elected as Schibsted ASA’s new auditor, replacing EY.
Hence, the committee deemed it appropriate to invite the lead
audit partner PwC to meetings as an observer until PwC was
formally registered as Schibsted’s external auditor. 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. Currently, The Board does not
evaluate its own work on sustainability, but such evaluations are
planned to be implemented during the coming year. The Board
considers itself to work well, with members whose expertise and
experience complement each other.
10. Risk management and internal control
The Group’s risk management and internal control systems reflect
Schibsted's governance model and are integral elements of the
overall governance of the company. Schibsted has a uniform risk
management process, referred to as Enterprise Risk Management
(ERM), which is driven centrally by Group Finance. Schibsted’s ERM
framework is based on ISO 31000 Risk Management: Principles and
Guidelines to ensure efficient risk management in the creation and
protection of stakeholders’ values. The Group Finance function
initiates and manages an ERM process on behalf of the CFO and
CEO, and also anchors the process and requirements with each
business area and significant unit management. The management
team of each business area, function and company is also
responsible for ensuring the following as part of the risk
management and internal control systems:
• achievement of financial and non-financial targets
• high-quality and safe products and services
• cost-effective operations
• reliable financial and management reporting
• compliance with legislation and regulations; and
• adherence to Schibsted’s values, Code of Conduct, governing
documents and policies.
Schibsted’s executive management reviews the overall risk
assessment of strategic, market-related, legal, compliance-related
and ethical issues as well as operational and organisational risk
assessments. The risk assessments are also reported to and
reviewed by the Audit Committee and the Board.
Schibsted has a dedicated Compliance Officer function with
reporting obligations to the Executive Management and the Audit
Committee. The main duty of the compliance officer is to identify,
prioritise and mitigate compliance risks within Schibsted on a risk-
based basis.
Schibsted’s internal control system covers all parts of Schibsted’s
corporate policies, including our code of conduct and other group
requirements.
Schibsted has rules in place for reporting censurable conduct
within the company (whistleblowing) and for handling such
reports. A whistleblowing mechanism has been established
through which reports can be submitted anonymously.
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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 respective
professional teams:
• Group accounting and consolidation
• Legal entities accounting
• Internal control over financial reporting (ICFR)
• Finance IT systems and processes
GFR plays a pivotal role in the preparation and presentation of
Schibsted’s consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS). Group internal
control over financial reporting (ICFR) focuses on designing and
maintaining a sound ICFR process and system based on the
principles set out in the COSO Internal Control Framework. A
centralised shared accounting service centre is responsible for the
majority of legal entities, securing standard and compliant
accounting practices. At the end of December 2022, Schibsted
successfully completed a long-term project to implement a
common accounting system in an effort to modernise its financial
reporting process. The GFR set-up and activities form the basis for
providing reasonable assurance to Schibsted’s stakeholders that
the consolidated financial statements are reliable and free from
significant accounting errors and that the underlying financial
reporting process is effective.
Group-level financial reporting and ICFR frameworks, policies and
procedures have been established, including an IFRS-based group
accounting manual, and are made available to all subsidiaries.
These governing documents describe roles and responsibilities,
requirements and reporting deadlines. Schibsted’s ICFR system is
in practice a continuous process and a joint responsibility, and
shall be managed in a systematic manner. To accomplish this, the
following important elements are included in the Group ICFR
framework:
• Control environment refers to the tone at 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
are prioritised based on the GFR materiality thresholds.
• Key controls are a set of important controls designed to prevent
and detect material accounting errors. The key controls are
mandatory, and are monitored and evaluated for design and
operational effectiveness.
• Monitoring entails applying a combination of monitoring
techniques to maintain a sound ICFR system.
• Reporting of ICFR activities and results to stakeholders.
Management submits and presents quarterly and annual financial
statements and reports to the Audit Committee and the Board after
holding quarterly financial review meetings with each operating
segment in the Group. The Audit Committee performs the
qualitative review of these reports before final review and approval
by the Board. In addition, the Board receives periodic management
reports as part of its work on monitoring and controlling the
Group’s operations. The management reports cover the Group’s
key figures based on IFRS, the status of business-related matters,
financial market information, non-financial indicators, and a status
report on each operating segment.
11. Remuneration of Board members
The Annual General Meeting determines the remuneration of the
board members. The remuneration reflects the Board’s
responsibilities, expertise and 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
2022. 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’s executive
management and of senior managers in key subsidiaries.
Pursuant to the Public Limited Liability Companies Act,
section 6-16 a, the Annual General Meeting in 2021 approved a
remuneration policy setting out guidelines for executive
compensation. The remuneration policy is available at
https://schibsted.com/. The remuneration policy sets out
principles of the Group's executive remuneration, including the
scope and organisation of the Group's short-term and long-term
incentive programmes. 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 6-16 b.
13. Information and communication
Dialog with shareholders and the financial markets
Schibsted has established a shareholder policy and an investor
relations (IR) policy that guide Schibsted’s contact with
participants in the financial markets. These are available on the IR
page on our website at https://schibsted.com/.
In accordance with our IR policy, communication with the
Norwegian and international stock markets has high priority for
Schibsted. Schibsted’s CEO, CFO, and IR team maintain regular
contact with the financial markets to ensure that relevant and
sufficient information reaches the market in a timely manner. The
SCHIBSTED ANNUAL REPORT 2022
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84
objectives are to raise awareness about and create confidence in
Schibsted in the financial markets, achieve improved liquidity for
our shares, and provide a basis for correct pricing of our shares.
Openness, accessibility, transparency and equal treatment of all
market participants are fundamental to good relationships with
investors, analysts and other players in the financial markets. All
information distributed to our shareholders is simultaneously
published on our website. Our contact with shareholders complies
with all material aspects of the Oslo Børs Code of Practice for
Investor Relations. The CFO and Head of IR regularly update the
Board on IR activities.
Reporting of financial information
It is important for Schibsted that participants in the financial
markets have confidence in the integrity of our financial reporting.
The Audit Committee monitors the work on preparing Schibsted’s
financial reports and presents to the Board an account of its joint
responsibilities in overseeing Schibsted’s financial reporting,
external audit process and results, and overall integrity of the
financial reporting.
Schibsted publishes its financial figures quarterly. Open
presentations to investors are held in connection with the Group’s
quarterly reports, at which the CEO and CFO present the results
and comment on the market and outlook. Members of Schibsted’s
Executive Management Team attend the presentations as
required.
The presentations in connection with the quarterly results are
published on our website. Full versions of the annual report and
the Board of Directors' report are published on our website at least
21 days before the Annual General Meeting. Schibsted’s financial
calendar is announced one year at a time and published on our
website.
Other market information
In accordance with the market abuse regulation (MAR), the
Norwegian Securities Trading Act and the Stock Exchange Act,
notifications are distributed to Oslo Børs and national and
international news agencies, and are published on our website.
Schibsted regularly arranges Capital Markets Days and Investor
Days in order to present its strategy and other key development
trends. The most recent Capital Markets Day event was held
virtually on 28 March 2023. A video webcast of the event and the
presentation material are available on our website.
14. Takeovers
As mentioned in section 4 above, Schibsted’s Articles of
Association state:
“No shareholder may own more than 30 percent of the shares or vote
for more than 30 percent of the total number of votes which may be
cast under the company's Articles of Association.”
The purpose of these restrictions is to safeguard Schibsted’s
independence and integrity in order to ensure that the company
has full editorial freedom, allowing the company to fulfil its
journalistic responsibilities and role in society as a media
company. Under the voting restrictions set out above, acceptance
of any takeover bid for the company would require an amendment
to the Articles of Association.
The Board has prepared principles and guidelines for handling any
takeover bids. In such an event, the Board will, within the
limitations set out in the Articles of Association, seek to comply
with the recommendations in the Code.
15. Auditor
Appointment of auditor
The external auditor is elected by the Annual General Meeting. The
Audit Committee presents a recommendation for the appointment
of an external auditor to the Board. The Board’s recommendation
is then presented to the Annual General Meeting for the final
decision. On 6 May 2021, the Annual General Meeting elected PwC
as Schibsted ASA’s new auditor for the fiscal year starting on 1
January 2022. To ensure a smooth transition, the audit firm
presented a plan to the Audit Committee which was regularly
followed up by the committee until the start of the 2022 interim
audit.
The Board’s relationship with the external auditor
According to its mandate, the Audit Committee is responsible for
ensuring that Schibsted be subject to an independent and effective
external audit. Since the new Auditing and Auditors Act entered
into force in 2021, the Audit Committee has an expanded role in
monitoring and evaluating the external auditor. As a result, the
Audit Committee evaluates the following factors relating to the
external auditor each year:
• Independence of its external auditors
• Nature and scope of non-audit service
• Audit and non-audit services fee
• The quality of the auditing service
The Audit Committee evaluates the external auditor’s fee and
makes a recommendation to the Board. The Board submits a
proposal to the Annual General Meeting regarding approval of the
external auditor’s fee. See Note 32 Auditor’s remuneration to the
consolidated financial statements for information on
remuneration of the external auditor for the financial year 2022.
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.
SCHIBSTED ANNUAL REPORT 2022
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85
Independence of the external auditor
The external auditor must under no circumstances perform
advisory services or other services which could potentially affect or
raise doubts about the auditor’s independence. The Group has
prepared guidelines on the relationship with the external auditor.
Written confirmation of independence is also submitted by the
external auditor to the Audit Committee.
The amount of non-audit services provided by the external auditor
in 2022 complies with the requirements in the Auditing and
Auditors Act and the guidelines from Finanstilsynet (Financial
Supervisory Authority of Norway). The Board finds the advisory
services provided by the external auditor in 2022 not to influence
the auditor’s independence but acknowledges the potential issues
this entails. The Audit Committee is responsible for ensuring that
the auditor does not provide any prohibited non-audit services for
the Group. See Note 32 Auditor’s remuneration to the consolidated
financial statements for information on fees relating to audit and
consultancy services.
16. Deviations from the Code of Practice
According to the Board’s own evaluation, the company is in
compliance with 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 2022 Annual General Meeting is not restricted to defined
purposes as recommended by the Code. The Board elected not to
impose such restrictions in order to give the Board of Directors the
flexibility to raise capital as deemed appropriate.
Section 5: Shares and negotiability
Schibsted has two share classes with different voting rights. Each
A-share gives the right to 10 votes at the Annual General Meeting,
and each B-share gives the right to one vote at the Annual General
Meeting. Otherwise, the A-shares and B-shares carry equal rights.
Amendments to Schibsted's Articles of Association, as well as
certain important decisions relating to other companies in the
Schibsted group, require the approval of 3/4 of the A-shares
represented at the Annual General Meeting in addition to 3/4 of the
share capital represented at the Annual General Meeting.
The Articles of Association further prohits shareholders from
owning more than 30 percent of the shares or voting for more than
30 percent of the votes.
The above restrictions do not comply with the recommendations
set out in section 5 of the Code. The restrictions were implemented
in order to safeguard Schibsted’s position as an independent
media group characterised by free, independent editorial staff,
credibility and quality, and with long-term, healthy financial
development.
Section 6: Annual General Meeting
Schibsted does not systematically make arrangements to ensure
that an independent person chairs the Annual General Meeting.
This is assessed on a year-by-year basis considering the complexity
of the proposed agenda. Traditionally, the Board Chair chairs the
Annual General Meeting when the agenda does not require an
independent person. The rationale for this is that available voting
technology has resulted in lower physical attendance of the Annual
General Meeting and thus has reduced the need for an independent
chair.
The Code recommends that all board members attend the Annual
General Meeting. The Board Chair, the Chair of the Nomination
Committee, the CEO and CFO as well as other relevant members of
management are present at the Annual General Meeting. Schibsted
has not deemed it necessary to require the presence of all board
members.
Section 14: Takeovers
According to Article 6 of the Articles of Association, shareholders
may not own or vote for more than 30 percent of the shares in the
company. The purpose of these restrictions is to safeguard
Schibsted’s independence and integrity in order to ensure that the
company has full editorial freedom, allowing the company to fulfil
its publishing responsibilities and role in society as a media
company.
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / GROUP
86
Financial statements for the Group
Consolidated income statement
(NOK million)
Note
2022
2021
Operating revenues
6, 7
Raw materials and finished goods
(549 )
(531 )
Personnel expenses
8
(5,929 )
(5,486 )
Other operating expenses
11
(6,387 )
(5,865 )
Gross operating profit (loss)
6
Depreciation and amortisation
17, 18, 19
(1,117 )
(984 )
Impairment loss
16, 17, 18
(31 )
(119 )
Other income
12
Other expenses
12
(173 )
(172 )
Operating profit (loss)
6
Share of profit (loss) of joint ventures and associates
5
(482 )
(193 )
Impairment loss on joint ventures and associates
5
(22,823 )
(20,000 )
Gains (losses) on disposal of joint ventures and associates
5
Financial income
13
Financial expenses
13
(830 )
(248 )
Profit (loss) before taxes
(22,244 )
(18,618 )
Income taxes
14
(254 )
(280 )
Profit (loss) from continuing operations
(22,497 )
(18,898 )
Profit (loss) from discontinued operations
33
(24 )
Profit (loss)
(22,521 )
Profit (loss) attributable to:
Non-controlling interests
29
(274 )
Owners of the parent
(22,582 )
Earnings per share in NOK:
Basic
15
(96.53 )
Diluted
15
(96.53 )
Earnings per share from continuing operations in NOK:
Basic
15
(96.43 )
(81.15 )
Diluted
15
(96.43 )
(81.15 )
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / GROUP
87
Consolidated statement of comprehensive income
(NOK million)
Note
2022
2021
Profit (loss)
(22,521 )
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit pension liabilities
10
(77 )
(31 )
Cash flow hedges
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
(14 )
Items that may be reclassified to profit or loss:
Foreign exchange differences
(1,703 )
Accumulated exchange differences reclassified to profit or loss on disposal of foreign
operation
Cash flow hedges and hedges of net investments in foreign operations
(16 )
Share of other comprehensive income of joint ventures and associates
5
(43 )
Income tax relating to items that may be reclassified
14
(1 )
(40 )
Other comprehensive income
(403 )
Total comprehensive income
(20,533 )
Total comprehensive income attributable to:
Non-controlling interests
(53 )
Owners of the parent
(20,592 )
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / GROUP
88
Consolidated statement of financial position
(NOK million)
Note
2022
2021
ASSETS
Intangible assets
16, 17
Property, plant and equipment
18
Right-of-use assets
19
Investments in joint ventures and associates
5
Deferred tax assets
14
Other non-current assets
20
Non-current assets
Contract assets
7
Trade receivables and other current assets
20, 27
Cash and cash equivalents
27
Current assets
Total assets
EQUITY AND LIABILITIES
Paid-in equity
Other equity
Equity attributable to owners of the parent
28
Non-controlling interests
29
Equity
Deferred tax liabilities
14
Pension liabilities
10
Non-current interest-bearing loans and borrowings
26, 27
Non-current lease liabilities
19
Other non-current liabilities
24
Non-current liabilities
Current interest-bearing loans and borrowings
26, 27
Income tax payable
Current lease liabilities
19
Contract liabilities
7
Other current liabilities
24
Current liabilities
Total equity and liabilities
Oslo, 23 March 2023
Schibsted ASA’s Board of Directors
...........................................
Karl-Christian Agerup
Board Chair
...........................................
Rune Bjerke
Deputy Board Chair
...........................................
Hélène Barnekow
Board member
...........................................
Torbjörn Ek
Board member
...........................................
Satu Huber
Board member
...........................................
Satu Kiiskinen
Board member
...........................................
Hugo Maurstad
Board member
...........................................
Hans Kristian Mjelva
Board member
...........................................
Ingunn Saltbones
Board member
...........................................
Philippe Vimard
Board member
...........................................
Kristin Skogen Lund
CEO
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / GROUP
89
Consolidated statement of cash flows
The statement of cash flows includes cash flows from discontinued operations in 2021. For detailed information on cash flows from continuing operations,
see Note 30 Supplemental information to the consolidated statement of cash flows.
(NOK million)
Note
2022
2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes from continuing operations
(22,244 )
(18,618 )
Profit (loss) before taxes from discontinued operations
(134 )
Depreciation, amortisation and impairment losses
5, 17, 18, 19
Net interest expense
Net effect pension liabilities
(22 )
(85 )
Share of loss (profit) of joint ventures and associates
5
Dividends received from joint ventures and associates
Interest received
Interest paid
(266 )
(414 )
Taxes paid
(260 )
(424 )
Sales losses (gains) on non-current assets and other non-cash losses (gains)
(233 )
Change in working capital and provisions *
(90 )
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
and equipment
17, 18
(1,048 )
(951 )
Acquisition of subsidiaries, net of cash acquired
30
(451 )
(3,048 )
Investment in other shares
(438 )
(626 )
Proceeds from sale of intangible assets and property, plant and equipment
Proceeds from sale of subsidiaries, net of cash sold
30
(1,244 )
Sale of other shares
5
Net change in other investments
(170 )
Net cash flow from investing activities
(5,923 )
- of which from continuing operations
(4,425 )
- of which from discontinued operations
(1,499 )
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings
Repayment of interest-bearing loans and borrowings
(3,669 )
(1,179 )
Payment of principal portion of lease liabilities
30
(333 )
(419 )
Change in ownership interests in subsidiaries
30
(33 )
(228 )
Net sale (purchase) of treasury shares
(239 )
Dividends paid to owners of the parent
(468 )
(468 )
Dividends paid to non-controlling interests
29
(88 )
(131 )
Net cash flow from financing activities
(1,672 )
- of which from continuing operations
(1,672 )
- of which from discontinued operations
(392 )
Effects of exchange rate changes on cash and cash equivalents
(54 )
Net increase (decrease) in cash and cash equivalents
(1,570 )
Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 31 December
* Non-cash items and changes in working capital and provisions consist of changes in trade receivables, other current receivables and liabilities, other
accruals and non-cash items.
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / GROUP
90
Consolidated statement of changes in equity
Attributable to owners of the parent
(NOK million)
Note
Share
capital
Other
paid-in
equity
Retained
earnings
Foreign
currency
transl.
reserve
Hedging
reserves
(Note 28)
Share-
holders'
equity
Non-
controlling
interests
Total
As at 31 December 2020
(1,333 )
Profit (loss) for the period
(274 )
Other comprehensive income
(47 )
(1,910 )
(625 )
(403 )
Total comprehensive income
(1,910 )
(53 )
Share-based payment
(8 )
Dividends paid to owners of the parent
(468 )
(468 )
(468 )
Dividends paid to non-controlling
interests
(140 )
(124 )
Change in treasury shares
28
Business combinations
4
Loss of control of subsidiaries
4
(5,249 )
(5,249 )
Changes in ownership of subsidiaries that
do not result in a loss of control
4
(89 )
(89 )
(88 )
(176 )
Initial recognition and change in fair
value of financial liabilities for obligations
to acquire non-controlling interests
23
(49 )
(49 )
(4 )
(53 )
Share of transactions with the owners of
joint ventures and associates
5
(60 )
(60 )
(60 )
Total transactions with the owners
(595 )
(562 )
(5,421 )
(5,983 )
As at 31 December 2021
(1,393 )
Profit (loss) for the period
(22,582 )
(22,582 )
(22,521 )
Other comprehensive income
(12 )
(2 )
Total comprehensive income
(22,051 )
(12 )
(20,592 )
(20,533 )
Share-based payment
Dividends paid to owners of the parent
(468 )
(468 )
(468 )
Dividends paid to non-controlling
interests
(88 )
(66 )
Change in treasury shares
28
(1 )
(273 )
(274 )
(274 )
Business combinations
4
Changes in ownership of subsidiaries that
do not result in a loss of control
4
(5 )
(5 )
Initial recognition and change in fair
value of financial liabilities for obligations
to acquire non-controlling interests
23
(438 )
(438 )
(4 )
(442 )
Share of transactions with the owners of
joint ventures and associates
5
Total transactions with the owners
(1 )
(1,161 )
(1,127 )
(73 )
(1,199 )
As at 31 December 2022
(13 )
Share capital reflects shares outstanding. See Note 28 Equity for shares issued and treasury shares.
SCHIBSTED ANNUAL REPORT 2022
NOTES
91
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
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
Note 34 - Events after the balance sheet date
SCHIBSTED ANNUAL REPORT 2022
NOTES
92
SCHIBSTED ANNUAL REPORT 2022
NOTES
93
SCHIBSTED ANNUAL REPORT 2022
NOTES
94
SCHIBSTED ANNUAL REPORT 2022
NOTES
95
SCHIBSTED ANNUAL REPORT 2022
NOTES
96
SCHIBSTED ANNUAL REPORT 2022
NOTES
97
SCHIBSTED ANNUAL REPORT 2022
NOTES
98
SCHIBSTED ANNUAL REPORT 2022
NOTES
99
SCHIBSTED ANNUAL REPORT 2022
NOTES
100
SCHIBSTED ANNUAL REPORT 2022
NOTES
101
SCHIBSTED ANNUAL REPORT 2022
NOTES
102
SCHIBSTED ANNUAL REPORT 2022
NOTES
103
SCHIBSTED ANNUAL REPORT 2022
NOTES
104
SCHIBSTED ANNUAL REPORT 2022
NOTES
105
SCHIBSTED ANNUAL REPORT 2022
NOTES
106
SCHIBSTED ANNUAL REPORT 2022
NOTES
107
SCHIBSTED ANNUAL REPORT 2022
NOTES
108
SCHIBSTED ANNUAL REPORT 2022
NOTES
109
SCHIBSTED ANNUAL REPORT 2022
NOTES
110
SCHIBSTED ANNUAL REPORT 2022
NOTES
111
SCHIBSTED ANNUAL REPORT 2022
NOTES
112
SCHIBSTED ANNUAL REPORT 2022
NOTES
113
SCHIBSTED ANNUAL REPORT 2022
NOTES
114
SCHIBSTED ANNUAL REPORT 2022
NOTES
115
SCHIBSTED ANNUAL REPORT 2022
NOTES
116
SCHIBSTED ANNUAL REPORT 2022
NOTES
117
SCHIBSTED ANNUAL REPORT 2022
NOTES
118
SCHIBSTED ANNUAL REPORT 2022
NOTES
119
SCHIBSTED ANNUAL REPORT 2022
NOTES
120
SCHIBSTED ANNUAL REPORT 2022
NOTES
121
SCHIBSTED ANNUAL REPORT 2022
NOTES
122
SCHIBSTED ANNUAL REPORT 2022
NOTES
123
SCHIBSTED ANNUAL REPORT 2022
NOTES
124
SCHIBSTED ANNUAL REPORT 2022
NOTES
125
SCHIBSTED ANNUAL REPORT 2022
NOTES
126
SCHIBSTED ANNUAL REPORT 2022
NOTES
127
SCHIBSTED ANNUAL REPORT 2022
NOTES
128
SCHIBSTED ANNUAL REPORT 2022
ALTERNATIVE PERFORMANCE MEASURES
129
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.
With effect from 1 January 2022 Share of profit (loss) of joint ventures and
associates is presented below Operating profit (loss). See Note 2 Basis for
preparing the consolidated financial statements for further information.
Schibsted has adjusted the reporting structure effective 1 January 2022.
See Note 6 Operating segments for more information. Affected APMs are
restated retrospectively to give comparable information.
Alternative Performance Measures
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
2022
2021
Gross operating profit (loss)
2,406
2,740
= EBITDA
2,406
2,740
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
2022
2021
Cash and cash equivalents
3,738
1,108
Unutilised drawing rights
3,154
2,997
Liquidity reserve
6,892
4,105
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.
Net interest-bearing debt
2022
2021
Non-current interest-bearing loans and borrowings
4,630
3,592
Current interest-bearing loans and borrowings
1,724
3,274
Cash and cash equivalents
(3,738)
(1,108)
Net interest-bearing debt
2,616
5,758
SCHIBSTED ANNUAL REPORT 2022
ALTERNATIVE PERFORMANCE MEASURES
130
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
2022
2021
Profit (loss) attributable to owners of the parent
(22,582)
41,341
Impairment loss
31
119
Other income
(13)
(184)
Other expenses
173
1,351
Impairment loss on joint ventures and associates
22,823
20,000
Gains (losses) on disposal of joint ventures and associates
(675)
(148)
Gains (losses) from fair value measurement of total return swap
438
-
Gain on loss of control of discontinued operations
31
(60,409)
Taxes and Non-controlling interests related to adjustments above
(46)
(538)
Profit (loss) attributable to owners of the parent - adjusted
181
1,532
Earnings per share – adjusted (NOK)
0.77
6.54
Diluted earnings per share – adjusted (NOK)
0.77
6.54
Earnings per share - adjusted - continuing operations
2022
2021
Profit (loss) attributable to owners of the parent
(22,582)
41,341
-of which continuing operations
(22,558)
(18,986)
-of which discontinued operations
(24)
60,327
Profit (loss) attributable to owners of the parent - continuing operations
(22,558)
(18,986)
Impairment loss
31
119
Other income
(13)
(181)
Other expenses
173
172
Impairment loss on joint ventures and associates
22,823
20,000
Gains (losses) on disposal of joint ventures and associates
(675)
(148)
Gains (losses) from fair value measurement of total return swap
438
-
Taxes and Non-controlling interests related to adjustments above
(38)
(30)
Profit (loss) attributable to owners of the parent - adjusted
181
946
Earnings per share – adjusted (NOK)
0.77
4.04
Diluted earnings per share – adjusted (NOK)
0.77
4.04
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 foreign exchange neutral
basis
Nordic
Marketplaces
News
Media
eCommerce &
Distribution
Financial
Services &
Ventures
Other/HQ,
Eliminations
Total
Revenues 2022
4,856
7,608
1,822
2,035
(1,050)
15,272
Currency effect
73
143
-
36
(28)
224
Revenues adjusted for currency
4,929
7,751
1,822
2,071
(1,078)
15,496
Revenue growth on a foreign exchange neutral basis
18%
3%
(5%)
2%
(6%)
6%
Revenues 2021
4,176
7,525
1,913
2,026
(1,017)
14,623
SCHIBSTED ANNUAL REPORT 2022
ALTERNATIVE PERFORMANCE MEASURES
131
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 foreign exchange neutral
basis adjusted for business combinations
Nordic
Marketplaces
News
Media
eCommerce &
Distribution
Financial
Services &
Ventures
Other/HQ,
Eliminations
Total
Revenues 2022
4,856
7,608
1,822
2,035
(1,050)
15,272
Currency effect
73
143
-
36
(28)
224
Revenues adjusted for currency
4,929
7,751
1,822
2,071
(1,078)
15,496
Revenue growth on a foreign exchange neutral basis adjusted
for business combinations and disposals of subsidiaries
11%
3%
(5%)
11%
(6%)
5%
Revenues 2021 (presented)
4,176
7,525
1,913
2,026
(1,017)
14,623
Revenues 2021 from acquired subsidiaries
250
-
-
-
-
250
Revenues 2021 from disposed subsidiaries
-
-
-
(166)
-
(166)
Revenues 2021 adjusted for business combinations and
disposals of subsidiaries
4,425
7,525
1,913
1,860
(1,017)
14,706
Subsidiaries disposed in 2021 were Kundkraft i Sverige AB, Mötesplatsen i Norden AB and Let's Deal AB.
Currency rates used when converting profit or loss
2022
2021
Swedish krona (SEK)
0.9506
1.0019
Danish krone (DKK)
1.3579
1.3666
Euro (EUR)
10.1020
10.1633
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
132
Financial statements for parent company
Income statement for the year ended
31 December
(NOK million)
Note
2022
2021
Operating revenues
3
219
194
Personnel expenses
4
(189)
(169)
Depreciation and amortisation
5
(21)
(9)
Other operating expenses
3,6,7
(316)
(238)
Operating profit (loss)
(307)
(221)
Financial income
8
9,765
1,473
Financial expenses
8
(5,883)
(164)
Net financial items
3,882
1,309
Profit (loss) before taxes
3,575
1,088
Taxes
9
(123)
(77)
Profit (loss)
3,452
1,011
Statement of financial position as of
31 December
(NOK million)
Note
2022
2021
ASSETS
Deferred tax assets
9
81
72
Intangible assets
5
133
88
Property, plant and equipment
9
13
Investments in subsidiaries
10
13,269
12,759
Investments in associates
10
8,030
9,442
Other non-current assets
11
7,349
6,849
Non-current assets
28,871
29,223
Current assets
11
1,024
490
Cash and cash equivalents
12,13
3,562
563
Current assets
4,586
1,054
Total assets
33,457
30,277
EQUITY AND LIABILITIES
Share capital
14,15
117
117
Treasury stocks
14
(1)
-
Other paid-in capital
14
5,118
5,118
Retained earnings
14
12,284
9,531
Equity
17,518
14,767
Pension liabilities
16
307
317
Other non-current liabilities
17,18
5,397
4,804
Non-current liabilities
5,705
5,121
Current liabilities
17,18
10,234
10,388
Total equity and liabilities
33,457
30,277
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
133
Statement of cash flows for the year ended
31 December
(NOK million)
Note
2022
2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes
3,575
1,088
Taxes paid
9
(10)
(21)
Depreciation, amortization and impairment losses
37
11
Group contributions included in financial income
8
(886)
(360)
Dividends without cash effect
(256)
(197)
Sale of shares in joint ventures and associates
(3,128)
-
Change in non-current assets and liabilities
11,17
(7)
13
Net effect pension liability
16
1
(3)
Change in working capital and provisions
11,17
593
(46)
Net cash flow from operating activities
(81)
485
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of intangible assets and property, plant and equipment
(62)
(53)
Change in subsidiaries receivables and liabilities in cash pool (net)
11,17
656
(1,048)
Group contributions (net)
153
527
Acquisitions of and capital increase in subsidiaries
10
(11)
(65)
Net payment of non-current loans to/from subsidiaries
11
(978)
(3,129)
Sale of shares and capital decrease in associates
10
4,539
497
Net cash flow from investing activities
4,297
(3,271)
Net cash flow before financing activities
4,215
(2,786)
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings from group companies
18
3,158
3,800
Repayment of other interest-bearing loans and borrowings
17
(3,669)
(1,030)
Dividends paid
14
(468)
(468)
Net purchase (sale of treasury shares)
14
(238)
65
Net cash flow from financing activities
(1,217)
2,366
Net increase (decrease) in cash and cash equivalents
2,998
(420)
Cash and cash equivalents as at 1 January
12
563
983
Cash and cash equivalents as at 31 December
12
3,562
563
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
134
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 2022 were approved
by the Board of Directors on 23 March 2023 and will be proposed to the
Annual General Meeting on 28 April 2023.
The financial statements for Schibsted ASA have been prepared in
accordance with the Norwegian Accounting Act and Generally Accepted
Accounting Principles in Norway.
All amounts are in NOK million unless otherwise stated.
Cash and cash equivalents
corporate cash pool system. Schibsted ASA's funds in the cash pool are
classified as Cash and cash equivalents. The subsidiaries positions in the
cash pool are recognised as receivables and liabilities in Schibsted ASA's
balance sheet. Liabilities are classified in their entirety as current. The
classification of receivables as current or non-current depends on
agreement with each subsidiary.
Cash and cash equivalents consist of bank deposits and other monetary
instruments with a maturity of three months or less.
Revenue recognition
Revenues are recognised in the period when the services are rendered.
Classification
An asset or liability is classified as current when it is part of a normal
operating cycle, held primarily for trading purposes, falls due within
12 months or when it consists of cash or cash equivalents on the statement
of financial position date. Other items are classified as non-current.
Shares
Subsidiaries are all entities controlled, either directly or indirectly, by
Schibsted ASA. For further information concerning evaluation whether
Schibsted ASA controls an entity, please see Note 2 Basis for preparing the
financial statements in the consolidated financial statements.
Shares are classified as investment in subsidiaries from the date
Schibsted ASA effectively obtains control of the subsidiary (acquisition
date) and until the date Schibsted ASA ceases to control the subsidiary.
An associate is an entity that Schibsted ASA, directly or indirectly through
subsidiaries, has significant influence over. Significant influence is normally
presumed to exist when Schibsted controls 20 per cent or more of the
voting power of the investee.
Subsidiaries and associates are recognised according to the cost method
and tested for impairment yearly.
Group contributions and dividends received are recognised as financial
income, provided that it does not represent a repayment of capital
invested. If dividends / group contribution exceeds withheld profits after
the acquisition date, the excess amount represents repayment of invested
capital, and the distribution will be deducted from the recorded value of the
acquisition in the balance sheet.
Property, plant and equipment and intangible assets
Property, plant and equipment and intangible assets are measured at cost
less accumulated depreciation, amortisation and impairment. Property,
plant and equipment and intangible assets with limited economic lives are
depreciated over the expected economic life. An impairment loss is
recognised if the carrying amount exceeds the recoverable amount.
Impairment losses are reversed if the basis for the impairment is no longer
present.
Leases
Leases are classified as either finance leases or operating leases. Leases
that transfers substantially all the risks and rewards incidental to the asset
are classified as finance leases. Other leases are classified as operating
leases. All of the company’s leases are considered to be operational. Lease
payments related to operating leases are recognised as expenses over the
lease term.
Foreign currency
Foreign currency transactions are translated into the functional currency
on initial recognition by using the spot exchange rate at the date of the
transaction. Foreign currency monetary items are translated with the
closing rate at the balance sheet date. Foreign currency gains and losses are
reported in the income statement in the lines Financial income and
Financial expenses, respectively.
Trade receivables
Trade receivables are recognised at nominal value less provision for
expected loss.
Treasury shares
Acquisition and proceeds from sale of treasury shares are accounted for as
equity transactions.
Pension plans
Schibsted ASA has chosen, in accordance with NRS 6, to use measurement
and presentation principles according to IAS 19R – Employee Benefits.
The accounting principles for pension are consistent with the accounting
principles for the Group, as described in Note 10 Pension plans in the
consolidated financial statements.
Share-based payment
Schibsted ASA accounts for share-based payment in accordance with NRS
15A Share-Based Payment. NRS 15A requires share-based payments to be
accounted for as required by IFRS 2 Share-based Payment. See
Note 9 Share-based payment to the consolidated financial statements for
additional information.
Taxes
Tax expense (tax income) comprises current tax payable and changes to
deferred tax assets/liabilities. Deferred tax liabilities and assets are
computed for all temporary differences between the tax basis and the
carrying amount of an asset or liability in the financial statements and the
tax basis of tax losses carried forward. Deferred tax assets are recognised
only when it is probable that the asset will be utilized against future taxable
profit. Taxes payable and deferred taxes are recognised directly in equity to
the extent that they relate to equity transactions.
Contingent liabilities
Contingent liabilities are recognised when it is more probable than not that
future uncertain events will result in outflow of economic resources. The
best estimate of the amount to be paid is included in other provisions in the
balance sheet. Other obligations, for which no liability is recognised, are
disclosed in notes to the financial statements.
Dividend
Dividend for the financial year, as proposed by the Board of Directors, is
recognised as a liability as at 31 December.
Statement of cash flows
The statement of cash flows is prepared under the indirect method. Cash
and cash equivalents include cash, bank deposits and cash on hand.
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
135
Schibsted ASA has business agreements with companies in the Group. The
pricing of all transactions with Group companies are based on arm's length
principle.
Schibsted ASA charge their subsidiaries for their share of costs related to
Group services (management fee). In addition, revenues consist of
consultant fees, income from lease of office premises as well as fees for
subsidiaries' participation in programmes for management and
organisational development. All Schibsted ASA´s operating revenues are
from Group Companies.
2022
2021
Sale of services to Group companies
218
194
Purchase of goods and services from Group
companies
193
152
2022
2021
Salaries and wages
132
109
Social security costs
18
19
Net pension expense (Note 16)
15
13
Other personnel expenses
9
10
Share-based payment
15
18
Total personnel expenses
189
169
Number of full time equivalents
97
96
Including trainees
Remuneration to management
See Note 31 Transactions with related parties and Note 9 Share-based
payment to the consolidated financial statements for information
concerning remuneration to management and share-based payment.
Software and
licences
Other intangible
assets
Projects in
progress
Total
Acquisition cost as at 1 January
44
71
-
115
Additions
3
39
24
66
Disposals
(2)
-
-
(2)
Acquisition cost as at 31 December
45
110
24
180
Accumulated amortisation as at 1 January
(28)
-
-
(28)
Amortisation
(9)
(12)
-
(21)
Disposals
1
1
Accumulated depreciation as at 31 December
(35)
(12)
-
(47)
As at 31 December
10
99
24
133
2022
2021
Rent and maintenance
7
9
Office and administrative expenses
27
27
Restructuring costs
-
-
Professional fees
266
194
Travel, meetings and marketing
16
9
Total operating expenses
316
238
Schibsted ASA has lease obligations related to off-balance sheet operating
assets.
The net present value on these agreements amounts to around
NOK 1,932 million. For more information, please see Note 19 Leases to the
consolidated financial statements.
Rental expenses were NOK 19 million in 2022 and NOK 18 million in 2021.
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 to the consolidated financial statements.
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
136
Financial income consists of:
2022
2021
Interest income
1,247
89
Interest income cash pool
36
97
Group contributions received
886
360
Dividends from subsidiaries
396
667
Dividends from associates
43
-
Foreign exchange gain (agio)
4,026
185
Gains on sales of subsidiaries
-
Gains on sales of associates
3,128
Fair value adjustment listed shares
-
73
Other financial income
3
2
Total
9,765
1,473
Financial expenses consist of:
2022
2021
Interest expenses
1,353
116
Interest expenses cash pool
-
23
Interest expenses on pension plans (Note 16)
5
4
Fair value adjustment listed shares (loss)
497
Foreign exchange loss (disagio)
3,995
-
Other financial expenses
17
18
Impairment of investments in subsidiaries
16
3
Total
5,883
164
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.
Set out below is a specification of the difference between profit before
taxes and taxable income of the year:
2022
2021
Profit (loss) before taxes
3,575
1,088
Dividends and tax-free group contributions
received
(396)
(1,164)
Group contributions payable
(345)
(223)
Other permanent differences
(2,648)
(69)
Change in temporary differences
41
(109)
Effect of unrecognised actuarial gain (loss) in the
pension liability
11
(21)
Taxable income
238
(498)
Tax rate
22%
22%
Taxes payable and taxes charged to expenses are calculated as:
2022
2021
Calculated taxes payable
52
3
Change in net deferred tax asset
(9)
24
Tax related to unrecognised actuarial gain (loss)
in the pension liability
(2)
5
Tax related to Group contributions payable
76
46
Tax expense related to prior years
6
-
Tax expense
123
77
Effective tax rate is a result of:
2022
2021
Profit (loss) before taxes
3,575
1,088
Tax charged based on nominal rate
786
349
Tax effect permanent differences
(670)
(271)
Tax effect related to prior years
6
-
Taxes
123
77
The net deferred tax liability (asset) consists of the following:
2022
2021
Temporary differences related to:
Property, plant and equipment
(1)
1
Pension liabilities
(307)
(317)
Other current liabilities
(64)
(12)
Total basis for deferred tax liability (asset)
(372)
(329)
Tax rate
22%
22%
Net deferred tax liability (asset) with applicable
year's tax rate
(81)
(72)
The effect on Net deferred tax liability (asset)
related to change in tax rate from 24% to 23%
(25% to 24%)
Net deferred tax liability (asset)
(81)
(72)
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
137
Schibsted ASA is the ultimate parent company in the Schibsted Group with operations worldwide. For more information about these operations, see
Note 6 Operating segments to the consolidated financial statements.
Shares in subsidiaries directly owned by Schibsted ASA:
Ownership and
voting share
Location
Carrying amount
2022
Carrying amount
2021
Schibsted Tillväxtmedier AB
100%
Stockholm, Sweden
78
78
Schibsted Norge AS
100%
Oslo, Norway
2,663
2,587
Schibsted Sverige AB
100%
Stockholm, Sweden
187
204
Schibsted Eiendom AS
100%
Oslo, Norway
120
120
Schibsted Nordic Marketplaces AS
100%
Oslo, Norway
8,277
8,277
Schibsted Enterprise Technology AB
100%
Stockholm, Sweden
12
12
Schibsted Product & Technology AS
100%
Oslo, Norway
532
392
Schibsted News Media AB
100%
Oslo, Norway
50
50
Schibsted Nova AS
100%
Oslo, Norway
6
6
SPT Nordics Ltd
100%
London, UK
-
-
Lendo Part of Schibsted AS
0%
Oslo, Norway
-
1,034
Lendo Topco AS
100%
Oslo, Norway
1,344
-
Schibsted Tech Polska
1%
Krakow, Poland
-
-
Total
13,269
12,759
2022
1. Group contributions payable (net) is capitalized as part of investments, with a total of NOK 269 million.
2. The ownership of Lendo Part of Schibsted AS was transferred from Schibsted ASA to Lendo Topco AS during 2022. Schibsted ASA is sole owner of Lendo
Topco AS.
3. The decreased carrying amount of Schibsted Sverige AB is due to the revaluation resulting in the impairment of the investment.
4. In December 2022, Schibsted sold 61,247,149 shares in Adevinta ASA, thereby reducing the ownership interest from approximately 33.4 per cent to
approximately 28.4 per cent of outstanding shares. The retained interest will continue to be accounted for as an associate applying the equity method. See
Note 4 Changes in the composition of the Group, Note 5 Joint ventures and associates and Note 33 Assets held for sale and discontinued operations in the
consolidated financial statements for further details.
Ownership and
voting share
Location
Carrying amount
2022
Equity
Polaris Media ASA
29.49%
Trondheim, Norway
141
1,052
Adevinta ASA
28.36%
Oslo, Norway
7,889
25,730
Total
8,030
Fair value of the shares in Polaris Media ASA is NOK 843 million as of 31 December 2022. Fair value of the shares in Adevinta ASA is NOK 22,619 million as of
31 December 2022.
Non-current
Current
2022
2021
2022
2021
Group companies' liabilities in cash pool
5,135
5,257
-
Other receivables from Group companies
2,146
1,472
995
418
Other receivables
6
10
24
29
Financial derivatives
-
4
43
Publicly listed stocks
62
111
-
Total
7,349
6,849
1,024
490
The non-current receivables from group companies in 2022 consisted of loans to Schibsted Denmark Holdco ApS (100 per cent owned by Schibsted Nordic
Marketplaces AS), Lendo Topco AS and AV Bidco AS (100 per cent acquired in 2022 by Schibsted Nordic Marketplaces Media AS).
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
138
2022
2021
Net assets in cash pool
3,554
549
Net assets outside the cash pool
8
14
Total Cash and cash equivalents
3,562
563
Schibsted ASA has a multi-currency cash pool with Danske Bank, in which
almost all the Schibsted subsidiaries are included. The cash pool has
been established to optimise liquidity management for Schibsted.
The Group has an overdraft facility of NOK 400 million linked to the cash
pool with Danske Bank. At year-end 2022 the facility was not drawn.
Excess liquidity is placed in our relationship banks, in the cash pool or in
the short-term money market.
Payroll withholding tax is not restricted cash as Schibsted holds a tax
guarantee for the purpose, see Note 13 Guarantees for further details.
2022
2021
Guarantees on behalf of Group companies
326
309
A guarantee of up to NOK 295 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. Please refer to the Note 7 Lease agreements for more
information.
No amounts from parent guarantees related to office lease agreements
are included in the table above. Consequently, the amount for 2021 has
been reduced by NOK 50 million from what was reported last year.
Share capital
Treasury
shares
Other paid-in
capital
Retained
earnings
Total
Equity as at 31 December 2021
117
-
5,118
9,531
14,767
Change in treasury shares
-
(1)
-
(244)
(244)
Share-based payment
-
-
(1)
-
(1)
Unrecognised actuarial gain (loss) in pension plans
-
-
-
8
8
Dividend
-
-
-
(464)
(464)
Profit (loss)
-
-
-
3,452
3,452
Equity as at 31 December 2022
117
(1)
5,118
12,284
17,518
The share capital of Schibsted ASA is NOK 117,130,512 divided on 104,459,958 A-shares of NOK 0.50 par value and 129,801,066 B-shares of NOK 0.50 par value.
Treasury shares as at 31 December 2021 comprise 434,100 A-shares and 945,772 B-shares (31 December 2021 comprise 0 A-shares and 224,165 B-shares).
The par value of treasury shares is presented on a separate line within other paid-in capital with a negative amount. For more information on number of
shares, see Note 28 Equity to the consolidated financial statements.
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
139
The 20 largest shareholders as at 31 December 2022
Number of A-
shares
Number of B-
shares
Toal number of
shares
Ownership
Voting share
Blommenholm Industrier AS
28,541,262
30,013,354
58,554,616
25.0 %
26.9 %
Folketrygdfondet
9,205,395
10,815,669
20,021,064
8.5 %
8.8 %
State Street Bank and Trust Comp
3,500,085
6,671,232
10,171,317
4.3 %
3.5 %
Alecta Pensionsforsakring
-
5,193,000
5,193,000
2.2 %
0.4 %
NWT MEDIA AS
2,592,000
2,592,000
5,184,000
2.2 %
2.4 %
The Bank of New York Mellon
-
5,101,912
5,101,912
2.2 %
0.4 %
Morgan Stanley & Co. Int. Plc.
565
4,192,395
4,192,960
1.8 %
0.4 %
JPMorgan Chase Bank, N.A., London
1,668,967
1,496,514
3,165,481
1.4 %
1.5 %
State Street Bank and Trust Comp
1,293,889
1,686,151
2,980,040
1.3 %
1.2 %
JPMorgan Chase Bank, N.A., London
1,777,202
1,009,349
2,786,551
1.2 %
1.6 %
Skandinaviska Enskilda Banken AB
21,732
2,263,038
2,284,770
1.0 %
0.2 %
State Street Bank and Trust Comp
944,963
1,302,268
2,247,231
1.0 %
0.9 %
Goldman Sachs International
-
2,105,177
2,105,177
0.9 %
0.2 %
The Northern Trust Comp, London Br
2,054,028
18,054
2,072,082
0.9 %
1.8 %
The Northern Trust Comp, London Br
1,293,635
767,742
2,061,377
0.9 %
1.2 %
Euroclear Bank S.A./N.V.
54,844
1,845,396
1,900,240
0.8 %
0.2 %
BNP Paribas Securities Services
639,152
1,242,903
1,882,055
0.8 %
0.7 %
State Street Bank and Trust Comp
186,992
1,656,554
1,843,546
0.8 %
0.3 %
Verdipapirfondet KLP Aksjenorge IN
379,644
1,452,933
1,832,577
0.8 %
0.4 %
State Street Bank and Trust Comp
1,061,002
759,880
1,820,882
0.8 %
1.0 %
Total 20 largest shareholders
55,215,357
82,185,521
137,400,878
58.8 %
54.0 %
The list of shareholders is based on the public VPS list. For further information regarding the underlying ownership, see the chapter Share information in
Schibsted's annual report.
Number of shares owned by the Board of Directors and the Group Management:
Number of A-
shares
Number of B-
shares
Total number of
shares
Karl-Christian Agerup (Chairman of the Board)
-
-
-
Ramali AS (Karl-Christian Agerup)
4,400
6,000
10,400
Rune Bjerke (Deputy Chairman of the Board)
-
6,022
6,022
Satu Huber (Member of the Board)
1,500
-
1,500
Hugo Maurstad (Member of the Board)
-
-
-
Philippe Vimard (Member of the Board)
-
19,240
19,240
Hélène Barnekow (Member of the Board)
-
-
-
Henning Spjelkavik (Member of the Board)
318
1,866
2,184
Maria Carling (Member of the Board)
-
112
112
Satu Kiiskinen (Member of the Board)
-
-
-
Torbjörn Ek (Employee representative)
203
1,342
1,545
Hans Kristian Mjelva (Employee representative)
-
-
-
Ingunn Saltbones (Employee representative)
416
1,544
1,960
Funkybiz AS (Hugo Maurstad)
110,000
-
110,000
Kristin Skogen Lund (CEO)
-
15,010
15,010
Ragnar Kårhus
-
9,770
9,770
Sven Størmer Thaulow
-
12,219
12,219
Andrew Kvålseth
-
2,607
2,607
Christian Printzell Halvorsen
-
619
619
Tankeverk AS (Christian Printzell Halvorsen)
-
-
-
Siv Juvik Tveitnes
507
10,540
11,047
Grethe Malkmus
-
1,775
1,775
Total Board of Directors and Group Management
117,344
88,666
206,010
The total number of issued shares in Schibsted ASA is 104,459,958 A-shares and 129,801,066 B-shares as at 31 December 2022. The number of shareholders
as at 31 December 2022 is 11.958 (8,325 in 2021). Foreign ownership is 48.8 per cent (53.8 per cent in 2021). 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.
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
140
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 2022 the pension plans covered 33 members (30 members as at 31 December 2021). Note 10 Pension plans to the consolidated financial
statements contains further description of the pension plans and the principal assumptions applied.
Amounts recognised in profit or loss:
2022
2021
Current service cost
6
5
Net interest on the net defined benefit liability
6
4
Net pension expense - defined benefit plans
12
10
Pension expense defined contribution plans
7
5
Pension expense multi-employer defined benefit plans accounted for as defined contribution plans
1
2
Net pension expense
20
16
-of which included in Profit or loss - Personnel expenses (Note 4)
15
13
-of which included in Profit or loss - Financial income (Note 8)
-
(1)
-of which included in Profit or loss - Financial expenses (Note 8)
5
4
Amounts recognised in the balance sheet:
2022
2021
Present value of funded defined benefit liabilities
30
27
Fair value of plan assets
(24)
(23)
Present value (net of plan assets) of funded defined benefit liabilities
6
4
Present value (net of plan assets) of unfunded defined benefit liabilities
301
313
Net pension liabilities
307
317
Social security tax included in present value of defined benefit liabilities
38
39
Changes in pension liabilities:
2022
2021
As at 1 January
317
299
Net pension expense
12
10
Contributions / benefits paid
(11)
(13)
Impact of acquisition/disposals
-
-
Unrecognised actuarial gain (loss) recognised in equity (incl. tax)
(11)
21
As at 31 December
307
317
New measurement of defined benefit obligation includes:
2022
2021
Actuarial gains and losses arising from changes in financial assumptions
(19)
13
Other effects of remeasurement (experience deviation)
8
8
Remeasurement of defined benefit liabilities
(11)
21
The non-current liabilities to group companies consist of a loan from Svenska Dagbladet Holding AB and Plick AB.
Non-current
Current
2022
2021
2022
2021
Liabilities to credit institutions (Note 18)
2,112
192
74
2,877
Bond issues (Note 18)
2,500
3,400
1,649
400
Financial derivatives
55
8
465
8
Dividends accrued
-
-
464
468
Group companies' receivables in cash pool
-
-
6,883
6,291
Other liabilities to group companies
730
1,204
437
227
Other liabilities
-
-
262
117
Total
5,397
4,804
10,234
10,388
SCHIBSTED ANNUAL REPORT 2022
FINANCIAL STATEMENT / ASA
141
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 to the consolidated financial
statements.
Interest-bearing borrowings, composition and maturity profile:
Non-current
Current
2022
2021
2022
2021
Bonds issued (Note 17)
2,500
3,400
1,649
400
Bank loans (Note 17)
2,112
192
74
2,877
Total carrying amounts
4,612
3,592
1,723
3,277
The amount for current interest-bearing borrowings for 2021 has been
reclassified from bonds issued to bank loans by NOK 2,800 million from
what was reported last year.
For more details on bond issues, bank loans and credit facilities, see
Note 26 Interest-bearing loans and borrowings to the consolidated
financial statements.
Please see Note 34 Events after the balance sheet date to the consolidated
financial statements.
We confirm that, to the best of our knowledge, the financial statements for the period from 1 January to 31 December 2022 have been prepared in accordance
with applicable accounting standards and give a true and fair view of assets, liabilities, financial position and profit or loss of the Company and the Group
taken as a whole and that the Board of Directors’ report includes a fair review of the development and performance of the business and the position of the
Company and the Group taken as a whole, together with a description of the principal risks and uncertainties that they face.
Oslo, 23 March 2023
Schibsted ASA’s Board of Directors
...........................................
Karl-Christian Agerup
Board Chair
...........................................
Rune Bjerke
Deputy Board Chair
...........................................
Hélène Barnekow
Board member
...........................................
Torbjörn Ek
Board member
...........................................
Satu Huber
Board member
...........................................
Satu Kiiskinen
Board member
...........................................
Hugo Maurstad
Board member
...........................................
Hans Kristian Mjelva
Board member
...........................................
Ingunn Saltbones
Board member
...........................................
Philippe Vimard
Board member
...........................................
Kristin Skogen Lund
CEO
SCHIBSTED ANNUAL REPORT 2022
SHARE INFORMATION
148
Share information
Schibsted is listed on Oslo Børs, and our aim is that our shares
should be perceived as an attractive investment. A competitive
return should be based on a sound financial position and be
ensured through long-term growth in the share price and a
dividend. The company’s share price should reflect the company's
long-term value creation.
The strategy and vision adopted by Schibsted’s Board of Directors
implies that the Group’s operations must adapt and develop
rapidly. Schibsted’s capital structure must be sufficiently robust to
take advantage of value-enhancing opportunities in the context of
the competitive dynamic as well as fluctuations in general and
economic conditions. The share is split into an A-share with
10 voting rights and a B-share with 1 voting right. These two share
classes enhance Schibsted’s long-term financial flexibility by
enabling the company more freely to access the equity market.
Shareholders
31 December 2022
31 December 2021
Number of registered shareholders
11,958
8,325
Share of non-Norwegian shareholders
49%
54%
Average daily trading volume (SCHA/SCHB)
384k / 238k
152k / 115k
Average daily trading value (SCHA/SCHB)
NOK 79m / NOK 42m
NOK 60m / NOK 41m
Turnover velocity (SCHA/SCHB)
95% / 47%
36% / 22%
Turnover velocity Oslo Børs
93%
79%
31 December 2022
31 December 2021
Norway
51.2%
46.2%
USA
16.6%
18.6%
UK
15.7%
14.8%
Ireland
5.0%
4.6%
Sweden
4.6%
4.6%
The trading data in the table above is based on data from Oslo Børs. Schibsted conducts a quarterly analysis of shareholders registered at
nominee accounts. A list of Schibsted’s shareholders including those registered at nominee accounts is presented below. The list is updated
as of 17 January 2023.
RANK
NAME
A-SHARES
B-SHARES
TOTAL
% OF CAPITAL
1
Blommenholm Industrier AS
30,746,423
30,013,354
60,759,777
26.2%
2
Baillie Gifford & Co.
11,142,244
10,188,373
21,330,617
9.2%
3
Folketrygdfondet
7,504,951
9,146,463
16,651,414
7.2%
4
The Vanguard Group, Inc.
3,109,238
2,973,958
6,083,196
2.6%
5
DNB Asset Management AS
3,476,836
2,184,091
5,660,927
2.4%
6
NYA WERMLANDS-TIDNINGENS AB.
2,592,000
2,592,000
5,184,000
2.2%
7
Asset Value Investors Ltd.
-
4,803,278
4,803,278
2.1%
8
Blacksheep Fund Management Limited
4,212,323
334,123
4,546,446
2.0%
9
Fidelity Management & Research Company LLC
98,863
4,404,592
4,503,455
1.9%
10
Luxor Capital Group, L.P.
190,300
4,119,083
4,309,383
1.9%
11
Eminence Capital, LP
3,896,222
-
3,896,222
1.7%
12
Storebrand Kapitalforvaltning AS
1,764,041
1,754,959
3,519,000
1.5%
13
Vor Capital LLP.
-
3,501,814
3,501,814
1.5%
14
KLP Fondsforvaltning AS
1,066,763
2,432,232
3,498,995
1.5%
15
BlackRock Institutional Trust Company, N.A.
1,271,211
1,711,684
2,982,895
1.3%
16
Arctic Fund Management AS
-
2,839,139
2,839,139
1.2%
17
Alecta pensionsförsäkring, ömsesidigt
-
2,596,500
2,596,500
1.1%
18
Nordea Funds Oy
569,114
1,915,030
2,484,144
1.1%
19
Pelham Capital Ltd
-
2,369,109
2,369,109
1.0%
20
Handelsbanken Kapitalförvaltning AB
238,241
2,028,994
2,267,235
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 share
register. Whilst every reasonable effort is made to verify all data,
neither Nasdaq OMX nor Schibsted can guarantee the accuracy of
the analysis. For an overview of the 20 largest shareholders as of
31 December 2022 from the public VPS register, refer to the annual
accounts for Schibsted ASA, Note 15 Shareholder structure.
SCHIBSTED ANNUAL REPORT 2022
SHARE INFORMATION
149
Dividend and buyback of shares
Distribution of dividend and opportunity to buy back shares are
regarded as suitable ways to adapt the capital structure. The
Group’s dividend policy is to place emphasis on paying a stable to
increasing dividend amount over time. In years when there is an
economic slowdown, or for other reasons weaker cash flows in the
company, the company may reduce or decide not to pay dividends.
The Board of Directors has decided to propose to the Annual
General Meeting on 28 April 2023 to pay a dividend for 2022 of
NOK 2.00 per share. Subject to the decision of the Annual General
Meeting, the dividend will be paid on 10 May 2023 to those
registered as shareholders on the date of the Annual General
Meeting.
Pursuant to an authorization granted by the Annual General
Meeting in 2022 the Board of Directors is currently authorized to
repurchase up to 10 per cent of the company's share. Please see
Section 3 under Statement of Corporate Governance for further
details.
Pursuant to this authorisation, Schibsted acquired 600,000
B-shares to be used for the Company's employee share saving plan
and long-term incentive under a buyback programme announced
on 20 September 2022. Further, at the date of this report, Schibsted
has acquired 1,457,180 A-shares and 1,780,875 B-shares under a
separate buyback programme announced on 30 November 2022,
under which the company may purchase up to 4 per cent of its
issued shares for the purpose of reducing the capital of the
company.
Shareholder structure
Blommenholm Industrier, which is controlled by the Tinius Trust,
is Schibsted’s largest shareholder, giving the Group long-term
ownership stability. As a consequence, the number of A-shares
issued will normally remain stable over time. B-shares may,
together with debt, be used as a source of financing for growth in
the form of acquisitions or organic investments.
Schibsted’s shares are freely marketable. The wording of the
company’s Articles of Association reflects the Group’s publishing
responsibilities and role in society as a media company.
Schibsted’s independence and integrity are ensured through
restrictions on ownership and voting rights in Article 6 of the
Articles of Association. No shareholder may own or exercise voting
rights for more than 30 per cent of the shares represented at the
Annual General Meeting.
Any shareholder owning 25 per cent or more of Schibsted’s
A-shares is entitled to appoint one director directly. Blommenholm
Industrier, which owned 29.4 per cent of the A-shares at year-end
2022, is currently the only shareholder to hold this right.
Return
The Schibsted shares are listed on Oslo Børs with the ticker codes
SCHA and SCHB. Both share classes are among the most traded in
Norway. The A-shares were included in the OBX index throughout
2022. The OBX index comprises the 25 most liquid stocks on the
Oslo Børs.
Schibsted is covered by sell-side analysts in Scandinavia and
London. At year-end 2022, 19 brokers, ten of them based outside
Scandinavia, officially covered the Schibsted share.
In 2022, the Schibsted A-share produced a total return for
shareholders of -44.9 per cent. The Schibsted B-share produced a
total return for shareholders of -39.0 per cent. By comparison, the
Oslo Stock Exchange Benchmark Index (OSEBX) produced a return
of -1.03 per cent.
Share price development for Schibsted compared to various
indices and peers can be accessed at https://schibsted.com/ir/.
*Brands that Schibsted owns or has invested in
