Vend Marketplaces ASA

Quarterly Report • Jul 17, 2020

Financials and analytical info as of Q2 2020

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Nordic Marketplaces
• 1. News Media
• 1. Financial Services
• 1. Growth

For details on Adevinta, please refer to Adevinta's reporting on adevinta.com/ir

For questions, please contact Schibsted IR:

Jann-Boje Meinecke, Head of IR ir@schibsted.com Mobile: +47 941 00 835

Malin Langtvet, IR Officer ir@schibsted.com +47 916 86 710

schibsted.com/ir

NOK million

1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter CONDENSED CONSOLIDATED Year to date Year to date Full year Full year 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 INCOME STATEMENT 2020 2019 2019 2018 1,520 1,677 1,623 1,641 1,772 1,898 1,878 1,898 2,072 1,870 Classified revenues 3,942 3,670 7,446 6,462 1,149 1,231 1,039 1,339 1,068 1,173 945 1,279 951 908 Advertising revenues 1,858 2,241 4,466 4,758 881 973 808 1,045 832 932 755 1,032 473 495 -of which digital 968 1,764 3,552 3,707 642 639 653 664 679 677 701 703 689 717 Subscription revenues 1,407 1,356 2,760 2,597 218 225 236 252 256 271 293 294 301 324 -of which digital 625 526 1,113 931 374 377 375 355 333 340 355 330 306 315 Casual sales 621 673 1,358 1,481 672 679 668 743 725 710 721 890 799 836 Other revenues 1,635 1,434 3,046 2,761 4,357 4,602 4,358 4,742 4,576 4,798 4,600 5,101 4,818 4,645 Operating revenues 9,463 9,374 19,075 18,059 (102) (101) (97) (109) (102) (102) (101) (111) (93) (100) Raw materials and finished goods (193) (204) (416) (409) (1,706) (1,661) (1,518) (1,714) (1,773) (1,746) (1,651) (1,932) (1,947) (1,834) Personnel expenses (3,780) (3,518) (7,101) (6,598) (1,939) (1,945) (1,878) (2,022) (1,846) (1,890) (1,803) (2,113) (2,078) (1,793) Other operating expenses (3,871) (3,736) (7,652) (7,784) 610 895 865 897 856 1,060 1,045 944 700 919 Gross operating profit (loss) - EBITDA 1,618 1,916 3,906 3,268 (172) (175) (181) (203) (316) (308) (297) (333) (335) (361) Depreciation and amortisation (696) (624) (1,253) (731) (6) 30 1 35 22 (55) 3 31 (27) 18 Share of profit (loss) of joint ventures and associates (9) (32) 1 60 (5) (125) (0) (617) (12) 0 (0) (272) (0) (13) Impairment loss (13) (12) (283) (747) (10) (2) (6) (37) (31) (95) (61) (91) 39 (28) Other income and expenses 10 (125) (278) (55) 417 623 678 75 520 603 691 279 376 534 Operating profit (loss) 910 1,123 2,093 1,794 3 5 6 17 38 19 17 17 17 7 Financial income 25 57 78 29 (31) (36) (33) (45) (44) (55) (68) (69) (625) (241) Financial expense (866) (99) (222) (142) 389 593 652 47 514 568 640 227 (231) 300 Profit (loss) before taxes 69 1,081 1,948 1,681 (220) (277) (222) (246) (194) (214) (238) (106) (154) 169 Taxes 15 (408) (752) (965) 169 315 429 (199) 320 353 402 121 (385) 469 Profit (loss) 84 673 1,196 715 Profit (loss) attributable to: 11 20 19 18 19 83 109 36 (171) (1) Non-controlling interests (173) 102 247 68 158 295 410 (216) 300 271 292 85 (214) 471 Owners of the parent 257 571 949 648 Earnings per share (NOK) 0.67 1.24 1.72 (0.91) 1.26 1.14 1.23 0.36 (0.91) 2.01 Basic 1.10 2.40 4.00 2.72 0.66 1.24 1.72 (0.91) 1.26 1.13 1.23 0.36 (0.91) 2.01 Diluted 1.10 2.39 3.99 2.72 0.72 1.76 1.74 1.84 1.42 1.40 1.43 1.36 (1.11) 2.03 Basic - adjusted 0.91 2.80 5.59 6.05 0.72 1.76 1.74 1.84 1.41 1.40 1.43 1.36 (1.11) 2.03 Diluted - adjusted 0.91 2.80 5.58						SCHIBSTED GROUP
								6.05

NOK million
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019	30.06 2019	30.09 2019	31.12 2019	31.03 2020	30.06 2020
Intangible assets	16,637	16,284	16,303	16,521	16,287	16,459	16,748	17,369	19,773	19,014
Property, plant and equipment and investment property	938	885	855	870	845	866	857	849	869	745
Right-of-use assets	-	-	-	-	1,789	1,764	2,374	2,317	2,894	2,735
Investments in joint ventures and associates	4,285	3,947	3,827	4,248	4,407	4,423	4,470	4,529	4,340	4,062
Deferred tax assets	252	254	262	233	264	218	274	179	234	588
Other non-current assets	116	119	118	131	154	166	182	241	346	344
Non-current assets	22,228	21,488	21,365	22,003	23,746	23,897	24,904	25,483	28,456	27,489
Trade receivables and other current assets Cash and cash equivalents	2,962 1,805	2,916 1,688	2,974 1,974	3,478 1,844	3,015 727	3,240 4,578	3,067 4,403	3,271 3,866	3,424 3,977	3,373 6,282
Assets held for sale	-	-	-	-	-	-	-	157	-	-
Current assets	4,767	4,604	4,948	5,322	3,743	7,818	7,470	7,294	7,401	9,655
Total assets	26,995	26,092	26,313	27,325	27,489	31,715	32,374	32,778	35,857	37,144
Paid-in equity	6,905	6,919	6,924	6,927	6,924	6,941	6,948	6,969	6,993	6,990
Other equity	7,492	6,811	7,065	7,484	7,251	4,182	3,737	3,529	3,820	3,696
Equity attributable to owners of the parent	14,397	13,730	13,989	14,412	14,175	11,123	10,685	10,498	10,813	10,686
Non-controlling interests	278	272	250	262	272	6,208	6,367	6,383	6,887	6,402
Equity	14,675	14,001	14,240	14,673	14,447	17,331	17,052	16,882	17,700	17,088
Deferred tax liabilities	856	838	816	901	884	838	852	944	1,078	1,020
Pension liabilities	1,294	1,297	1,343	1,241	1,175	1,190	1,438	1,095	1,356	1,450
Non-current interest-bearing borrowings	3,906	3,855	3,852	3,837	3,830	4,246	4,286	4,729	4,958	5,297
Non-current lease liabilities	-	-	-	-	1,644	1,607	2,262	2,192	2,750	2,579
Other non-current liabilities	284	241	238	242	318	373	367	355	521	411
Non-current liabilities	6,340	6,231	6,249	6,222	7,851	8,255	9,204	9,314	10,664	10,757
Current interest-bearing borrowings	328	366	361	389	88	1,079	1,080	1,089	1,102	3,133
Income tax payable	567	559	673	381	310	245	334	234	184	115
Current lease liabilities	-	-	-	-	388	401	356	352	426	446
Other current liabilities	5,084	4,934	4,791	5,660	4,406	4,404	4,348	4,769	5,780	5,605
Liabilities held for sale	-	-	-	-	-	-	-	138	-	-
Current liabilities	5,980	5,860	5,825	6,430	5,191	6,128	6,118	6,582	7,492	9,299
Total equity and liabilities	26,995	26,092	26,313	27,325	27,489	31,715	32,374	32,778	35,857	37,144

NOK million
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019	30.06 2019	30.09 2019	31.12 2019	31.03 2020	30.06 2020
Profit (loss) before taxes	389	982	1,634	1,681	514	1,081	1,721	1,948	(231)	69
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration	-	-	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	177	477	658	1,479	328	636	932	1,537	335	710
Net effect pension liabilities	(70)	(66)	(54)	(90)	(65)	(51)	(56)	(84)	(46)	(42)
Share of loss (profit) of joint ventures and associates, net of dividends received	6	1	15	(20)	(21)	62	72	40	27	9
Taxes paid	(194)	(411)	(599)	(941)	(301)	(597)	(779)	(978)	(159)	(333)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(7)	(7)	(20)	(23)	1	2	(2)	(1)	(66)	(124)
Non-cash items and change in working capital and provisions	33	(90)	(184)	(304)	323	132	196	382	678	717
Net cash flow from operating activities	335	885	1,451	1,781	778	1,265	2,085	2,844	538	1,005
Net cash flow from investing activities	(158)	(370)	(596)	(953)	(491)	(867)	(1,144)	(2,244)	(366)	(708)
Net cash flow before financing activities	177	515	855	828	287	398	941	600	172	297
Net cash flow from financing activities	15	(436)	(477)	(608)	(1,387)	2,352	1,626	1,429	(201)	2,121
Effect of exchange rate changes on cash and cash equivalents	(13)	(18)	(30)	(2)	(16)	(16)	(7)	(7)	140	(2)
Net increase (decrease) in cash and cash equivalents	179	62	348	218	(1,116)	2,734	2,560	2,022	111	2,417
Cash and cash equivalents at start of period	1,626	1,626	1,626	1,626	1,844	1,844	1,844	1,844	3,866	3,866
Cash and cash equivalents at end of period	1,805	1,688	1,974	1,844	727	4,578	4,403	3,866	3,977	6,282

In the first half of 2020, Non-cash items and change in working capital and provisions include net unrealised loss of NOK 615 million on derivatives hedging the foreign currency exposure of the commitment of Adevinta related to the Grupo Zap acquisition.

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	SCHIBSTED GROUP	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										Operating revenues
651	771	707	714	722	813	769	758	743		753 Nordic Marketplaces	1,496	1,535	3,062	2,843
1,897	1,957	1,834	2,045	1,855	1,911	1,754	1,944	1,757		1,789 News Media	3,546	3,766	7,465	7,733
255	246	261	249	273	245	275	260	293		252 Financial Services	545	519	1,054	1,011
479	481	463	542	503	510	517	635	563		623 Growth	1,185	1,013	2,165	1,966
123	124	120	125	141	151	143	143	167		177 Other/Headquarters	344	292	579	493
(368)	(389)	(378)	(401)	(405)	(415)	(427)	(424)	(496)		(521) Eliminations within Schibsted excl. Adevinta	(1,018)	(821)	(1,672)	(1,535)
3,037	3,191	3,008	3,275	3,089	3,216	3,032	3,316	3,026		3,073 Schibsted excl. Adevinta	6,099	6,305	12,653	12,511
1,351	1,438	1,381	1,494	1,545	1,650	1,624	1,844	1,820		1,591 Adevinta	3,411	3,196	6,664	5,665
(31)	(27)	(32)	(27)	(58)	(68)	(56)	(60)	(28)		(19) Eliminations between Schibsted and Adevinta	(47)	(126)	(242)	(117)
4,357	4,602	4,358	4,742	4,576	4,798	4,600	5,101	4,818		4,645 Schibsted Group	9,463	9,374	19,075	18,059
										EBITDA
251	345	329	280	307	374	373	306	298		341 Nordic Marketplaces	639	681	1,360	1,205
84	143	156	189	120	198	165	149	39		149 News Media	188	318	633	571
90	85	88	63	57	29	51	33	38		31 Financial Services	69	86	169	325
5	24	16	29	6	21	16	55	(21)		32 Growth	11	27	98	73
(94)	(79)	(78)	(84)	(71)	(66)	(63)	(83)	(69)		(54) Other/Headquarters	(123)	(137)	(284)	(335)
336	518	511	476	418	557	542	460	285		498 Schibsted excl. Adevinta	783	975	1,977	1,840
275	377	354	421	438	503	503	485	416		421 Adevinta	837	941	1,929	1,427
610	895	865	897	856	1,060	1,045	944	700		919 Schibsted Group	1,618	1,916	3,906	3,268

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	Nordic Marketplaces	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										Nordic Marketplaces total
493	579	546	529	559	619	601	571	574		568 Classifieds revenues	1,142	1,178	2,350	2,147
108	123	100	124	100	125	106	126	101		106 Advertising revenues	207	225	457	454
50	70	61	61	62	69	62	61	68		79 Other revenues	147	131	254	242
651	771	707	714	722	813	769	758	743		753 Operating revenues	1,496	1,535	3,062	2,843
3%	7%	3%	7%	11%	5%	9%	6%	3%		-7% YOY revenue growth	-3%	8%	8%	5%
(400)	(426)	(377)	(434)	(415)	(439)	(396)	(452)	(445)		(412) Operating expenses	(858)	(854)	(1,702)	(1,638)
251	345	329	280	307	374	373	306	298		341 EBITDA	639	681	1,360	1,205
39%	45%	47%	39%	43%	46%	48%	40%	40%		45% EBITDA-margin	43%	44%	44%	42%
										Marketplaces Norway
315	382	358	348	378	419	398	367	366		346 Classifieds revenues	711	797	1,562	1,402
48	55	42	55	43	55	48	62	50		49 Advertising revenues	99	98	209	200
46	66	56	57	60	66	59	57	65		75 Other revenues	139	126	241	225
408	503	456	459	480	540	505	486	480		469 Operating revenues	949	1,021	2,012	1,826
4%	16%	11%	17%	18%	7%	11%	6%	0%		-13% YOY revenue growth	-7%	12%	10%	12%
(236)	(268)	(236)	(273)	(258)	(269)	(238)	(265)	(270)		(225) Operating expenses	(494)	(527)	(1,030)	(1,013)
172	235	220	186	222	271	266	222	211		244 EBITDA	455	493	981	813
42%	47%	48%	41%	46%	50%	53%	46%	44%		52% EBITDA-margin	48%	48%	49%	45%
										Marketplaces Sweden
174	192	181	175	174	191	193	195	197		212 Classifieds revenues	409	365	753	721
44	49	43	51	42	51	43	50	38		44 Advertising revenues	83	93	186	187
4	4	6	4	2	3	3	3	3		5 Other revenues		8 5	12	17
221	244	230	230	218	245	240	248	239		261 Operating revenues	500	463	951	925
-3%	-9%	-10%	-8%	-1%	0%	4%	8%	10%		7% YOY revenue growth	8%	0%	3%	-8%
(119)	(116)	(100)	(120)	(118)	(129)	(122)	(148)	(139)		(151) Operating expenses	(290)	(247)	(518)	(456)
101	128	130	110	100	115	118	100	100		110 EBITDA	210	216	433	469
46%	53%	56%	48%	46%	47%	49%	40%	42%		42% EBITDA-margin	42%	47%	46%	51%
										Other Nordic Marketplaces (1)
5	5	6	6	7	9	10	10	11		11 Classifieds revenues	22	16	36	23
16	19	14	18	15	19	15	14	13		13 Advertising revenues	25	34	63	68
1	(0)	(0)	(1)	0	0	0	0	0		(0) Other revenues		0 1	1	(0)
22	25	21	24	23	28	25	23	24		23 Operating revenues	47	52	100	92
85%	32%	16%	6%	4%	12%	17%	-2%	2%		-18% YOY revenue growth	-9%	11%	8%	28%
(45)	(43)	(41)	(40)	(39)	(40)	(36)	(39)	(37)		(37) Operating expenses	(73)	(79)	(154)	(169)
(23)	(18)	(20)	(16)	(16)	(12)	(11)	(16)	(13)		(14) EBITDA	(26)	(28)	(54)	(77)
-106%	-74%	-96%	-66%	-68%	-41%	-44%	-68%	-53%		-59% EBITDA-margin	-56%	-53%	-54%	-84%

(1) Other Nordic Marketplaces include Tori, Shpock Norway/Sweden, SPT cost allocation and eliminations

0.9665 0.9246	0.9205	0.9339	0.9352	0.9153	0.9237	0.9481	0.9792	1.0340 SEK/NOK	1.0066	0.9252	0.9306	0.9364
								Marketplaces Sweden in SEK
180	207	197 188	187	208	209	206	202	205 Classifieds revenues	406	395	810	771
46	53	47 55	45	56	47	52	39	43 Advertising revenues	82	101	200	199
4	4	6	5 3	3	4	4	4	4 Other revenues	8	6	13	17
229	264	250 246	233	267	260	262	244	252 Operating revenues	496	500	1,022	987
-6%	-5%	-5% -3%	2%	1%	4%	6%	5%	-6% YOY revenue growth	-1%	1%	3%	-5%
(124)	(125)	(109) (129)	(126)	(141)	(132)	(157)	(142)	(146) Operating expenses	(288)	(267)	(556)	(487)
105	139	141 117	107	126	127	105	102	106 EBITDA	209	233	466	501
46%	53% 56%	48%	46%	47%	49%	40%	42%	42% EBITDA-margin	42%	47%	46%	51%

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	News Media	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										News Media total
694	746	630	807	648	683	519	709	529		525 Advertising revenues	1,054	1,331	2,559	2,877
432	481	387	517	412	432	330	461	348		366 -of which digital	714	843	1,634	1,817
592	588	602	611	626	628	648	648	632		657 Subscription revenues	1,289	1,254	2,550	2,393
168	174	185	199	203	221	239	238	242		263 -of which digital	505	424	901	726
374	377	375	355	333	340	355	330	306		315 Casual sales	621	673	1,358	1,481
236	247	228	272	248	260	233	257	289		292 Other revenues	582	508	998	982
1,897	1,957	1,834	2,045	1,855	1,911	1,754	1,944	1,757		1,789 Operating revenues	3,546	3,766	7,465	7,733
1%	-1%	-2%	2%	-2%	-2%	-4%	-5%	-5%		-6% YOY revenue growth	-6%	-2%	-3%	0%
(693)	(666)	(573)	(681)	(685)	(664)	(583)	(676)	(649)		(630) Personnel expenses	(1,280)	(1,349)	(2,607)	(2,613)
(1,120)	(1,148)	(1,106)	(1,175)	(1,050)	(1,049)	(1,006)	(1,120)	(1,068)		(1,010) Other expenses	(2,078)	(2,099)	(4,225)	(4,549)
(1,813)	(1,814)	(1,679)	(1,857)	(1,735)	(1,713)	(1,589)	(1,795)	(1,718)		(1,640) Operating expenses	(3,358)	(3,448)	(6,833)	(7,162)
84	143	156	189	120	198	165	149	39		149 EBITDA	188	318	633	571
4%	7%	8%	9%	6%	10%	9%	8%	2%		8% EBITDA-margin	5%	8%	8%	7%
										Split revenue per brand
443	459	443	493	430	468	418	477	407		424 VG	831	898	1,793	1,839
415	434	392	438	378	367	347	383	340		359 Aftonbladet	699	746	1,475	1,678
859	886	825	914	862	892	830	913	780		770 Subscription newspapers	1,550	1,754	3,496	3,484
180	178	174	200	186	184	159	172	230		236 Other (1)	466	369	701	732
1,897	1,957	1,834	2,045	1,855	1,911	1,754	1,944	1,757		1,789 Operating revenues	3,546	3,766	7,465	7,733

(1) Other News Media include Print, News Media HQ, Shared Services,Matkanalen, SPT cost allocation and eliminations

0.9665	0.9246	0.9205	0.9339	0.9352	0.9153	0.9237	0.9481	0.9792	1.0340 SEK/NOK	1.0066	0.9252	0.9306	0.9364
									Aftonbladet in SEK
429	469	425	469	405	401	375	404	347	347 Operating revenues	694	806	1,585	1,792
-3%	-3%	-9%	-5%	-6%	-14%	-12%	-14%	-14%	-14% YOY revenue growth	-14%	-10%	-12%	-5%

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		Year to date Year to date		Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	Financial Services	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										Financial Services total
255	246	261	249	273	245	275	260	293		252 Operating revenues	545	519	1,054	1,011
31%	14%	5%	6%	7%	0%	5%	4%	7%		3% YOY revenue growth	5%	4%	4%	13%
(164)	(161)	(174)	(186)	(217)	(216)	(224)	(227)	(255)		(221) Operating expenses	(477)	(433)	(884)	(685)
	90 85	88	63	57	29	51	33	38		31 EBITDA	69	86	169	325
35%	35%	34%	25%	21%	12%	19%	13%	13%		12% EBITDA-margin	13%	17%	16%	32%
										Lendo
215	208	221	207	229	205	230	218	250		208 Operating revenues	458	434	882	852
46%	26%	10%	8%	6%	-1%	4%	5%	9%		1% YOY revenue growth	5%	3%	4%	21%
(121)	(124)	(138)	(148)	(178)	(179)	(183)	(188)	(207)		(182) Operating expenses	(390)	(357)	(727)	(530)
	95 84	84	59	51	26	47	30	43		25 EBITDA	68	77	155	322
44%	41%	38%	28%	22%	13%	20%	14%	17%		12% EBITDA-margin	15%	18%	18%	38%
										Other financial services (1)
	39 38	40	42	44	40	45	42	43		45 Operating revenues	88	85	172	159
-17%	-24%	-16%	-4%	12%	6%	13%	0%	-3%		10% YOY revenue growth	3%	9%	8%	-16%
(44)	(37)	(36)	(38)	(39)	(38)	(41)	(40)	(48)		(39) Operating expenses	(87)	(76)	(157)	(155)
	(4) 1	4	4	6	3	4	2	(5)		6 EBITDA	1	8	15	4
-11%	2%	9%	9%	13%	7%	9%	5%	-12%		13% EBITDA-margin	1%	10%	9%	2%

(1) Other Financial Services include Compricer, Finansportalen other financial services assets, SPT cost allocation and

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter			Year to date Year to date	Full year	Full year
2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	Growth	2020	2019	2019	2018
restated	restated	restated	restated	restated	restated	restated	restated						restated	restated
										Growth total
479	481	463	542	503	510	517	635	563		623 Operating revenues	1,185	1,013	2,165	1,966
2%	-3%	1%	7%	5%	6%	12%	17%	12%		22% YOY revenue growth	17%	5%	10%	2%
(475)	(458)	(447)	(514)	(497)	(489)	(501)	(580)	(584)		(591) Operating expenses	(1,174)	(986)	(2,067)	(1,893)
5	24	16	29	6	21	16	55	(21)		32 EBITDA	11	27	98	73
1%	5%	4%	5%	1%	4%	3%	9%	-4%		5% EBITDA-margin	1%	3%	5%	4%
										Distribution
263	257	259	285	292	294	307	355	346		374 Operating revenues	720	586	1,247	1,064
19%	14%	10%	12%	11%	14%	18%	24%	18%		27% YOY revenue growth	23%	13%	17%	14%
(261)	(262)	(259)	(276)	(288)	(285)	(296)	(339)	(347)		(368) Operating expenses	(715)	(573)	(1,208)	(1,058)
1	(5)	1	9	4	8	10	16	(1)		6 EBITDA		6 13	39	6
1%	-2%	0%	3%	1%	3%	3%	5%	0%		2% EBITDA-margin	1%	2%	3%	1%
										Prisjakt
66	66	67	109	72	72	64	116	75		94 Operating revenues	168	145	325	308
17%	20%	14%	17%	10%	9%	-4%	7%	3%		29% YOY revenue growth	16%	10%	6%	17%
(52)	(42)	(44)	(73)	(53)	(54)	(51)	(72)	(62)		(58) Operating expenses	(120)	(107)	(230)	(211)
14	24	23	35	19	19	13	44	12		36 EBITDA	48	38	95	97
21%	37%	35%	33%	27%	26%	20%	38%	16%		38% EBITDA-margin	28%	26%	29%	31%
										Other Growth (1)
151	158	137	148	139	144	146	164	142		155 Operating revenues	297	283	592	595
12%	6%	-5%	-8%	-8%	-9%	6%	11%	2%		8% YOY revenue growth	5%	-9%	0%	1%
(161)	(153)	(145)	(164)	(156)	(150)	(153)	(169)	(175)		(165) Operating expenses	(339)	(307)	(628)	(624)
(11)	5	(7)	(16)	(18)	(6)	(7)	(5)	(32)		(10) EBITDA	(42)	(24)	(36)	(29)
-7%	3%	-5%	-11%	-13%	-4%	-5%	-3%	-23%		-6% EBITDA-margin	-14%	-9%	-6%	-5%

(1) Other Growth include Omni, MittAnbud, Servicefinder, Mötesplatsen, Klart.se, tv.nu, Kickback, Let's Deal, Schibsted Growth HQ, SPT cost allocation, other Growth assets and eliminations