Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Jul 16, 2019

Financials and analytical info as of Q2 2019

• 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

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IR jcs@schibsted.no Mobile: +47 415 08 733

Espen Risholm, IRO espen.risholm@schibsted.com Mobile: +47 924 80 248

www.schibsted.com/ir

										SCHIBSTED MEDIA GROUP
										1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter CONDENSED CONSOLIDATED	Year to dateYear to date Full year			Full year	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	INCOME STATEMENT	2019	2018	2018	2017	2016
541	551	553	572	580	576	590	599	613		614 Subscription revenues	1,227	1,156	2,345	2,218	2,096
416	427	439	393	374	377	375	355	333		340 Casual sales revenues	673	751	1,481	1,675	1,865
2,480	2,748	2,543	2,831	2,752	2,991	2,749	3,094	2,877		3,106 Advertising revenues	5,983			5,742 11,585 10,602	9,760
562	601	625	658	651	659	644	694	753		738 Other revenues	1,491	1,310	2,648	2,447	2,133
4,000	4,327	4,161	4,455	4,357	4,602	4,358	4,742	4,576		4,798 Operating revenues	9,374			8,959 18,059 16,943 15,854
(107)	(110)	(102)	- (113)	(102)	(101)	(97)	(109)	(102)		(102) Raw materials and finished goods	(204)	(203)	(409)	(432)	(500)
										(1,546) (1,606) (1,487) (1,678) (1,706) (1,661) (1,518) (1,714) (1,773) (1,746) Personnel expenses				(3,518) (3,366) (6,598) (6,317) (6,141)
										(1,913) (1,917) (1,789) (1,969) (1,939) (1,945) (1,878) (2,022) (1,846) (1,890) Other operating expenses				(3,736) (3,884) (7,784) (7,588) (7,082)
										Share of profit (loss) of joint ventures and associates	-	-	-	-	-
434	694	783	695	610	895	865	897	856		1,060 Gross operating profit (loss) - EBITDA	1,916	1,506	3,268	2,606	2,131
											-	-	-
(145)	(156)	(158)	(175)	(172)	(175)	(181)	(203)	(316)		(308) Depreciation and amortisation	(624)	(347)	(731)	(634)	(529)
(58)	(11)	(15)	(29)	(6)	30	1	35	22		(55) Share of profit (loss) of joint ventures and associates	(32)	24	60	(113)	(171)
0	(0)	-	-	(0)	0	0	(601)	-	-	Impairment loss goodwill	-	0	(601)	-	-
(0)	(9)	(2)	(38)	(5)	(125)	(0)	(16)	(12)		0 Impairment loss	(12)	(130)	(146)	(49)	(80)
(3)	1,286	194	28	(10)	(2)	(6)	(37)	(31)		(95) Other income and expenses	(125)	(13)	(55)	1,505	(114)
228	1,805	802	479	417	623	678	75	520		603 Operating profit (loss)	1,123	1,040	1,794	3,315	1,237
(12)	(70)	(23)	(66)	(28)	(30)	(27)	(28)	(6)		(35) Net Financial Items	(42)	(58)	(113)	(171)	21
216	1,735	779	414	389	593	652	47	514		568 Profit (loss) before taxes	1,081	982	1,681	3,144	1,258
(174)	(352)	(226)	(207)	(220)	(277)	(222)	(246)	(194)		(214) Taxes	(408)	(497)	(965)	(958)	(699)
43	1,383	553	207	169	315	429	(199)	320		353 Profit (loss)	673	484	715	2,186	559
										Profit (loss) attributable to:
12	10	22	11	11	20	19	18	19		83 Non-controlling interests	102	31	68	55	94
30	1,373	531	196	158	295	410	(216)	300		271 Owners of the parent	571	454	648	2,130	465
										Earnings per share (NOK)
0.13	6.07	2.35	0.85	0.67	1.24	1.72	(0.91)	1.26		1.14 Basic	2.40	1.90	2.72	9.36	2.05
0.13	6.06	2.34	0.85	0.66	1.24	1.72	(0.91)	1.26		1.13 Diluted	2.39	1.90	2.72	9.35	2.05
0.15	0.96	1.45	0.88	0.72	1.76	1.74	1.84	1.42		1.40 Basic - adjusted	2.80	2.48	6.05	3.43	2.70
0.15	0.96	1.45	0.88	0.72	1.76	1.74	1.84	1.41		1.40 Diluted - adjusted	2.80	2.48	6.05	3.43	2.69

NOK million
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	31.12 2016	31.03 2017	30.06 2017	30.09 2017	31.12 2017	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019	30.06 2019
Intangible assets	14,100	14,835	16,456	16,084	16,983	16,637	16,284	16,303	16,521	16,287	16,459
Investment property and property, plant and equipment	1,019	1,020	1,004	1,009	988	938	885	855	870	2,634	2,630
Investments in joint ventures and associates	954	929	4,519	4,481	4,514	4,285	3,947	3,827	4,248	4,407	4,423
Other non-current assets	353	352	441	414	364	368	373	380	364	418	384
Non-current assets	16,426	17,136	22,420	21,987	22,850	22,228	21,488	21,365	22,003	23,746	23,897
Trade receivables and other current assets	2,714	2,860	3,059	3,091	3,141	2,962	2,916	2,974	3,478	3,015	3,240
Current financial assets	-
Cash and cash equivalents	1,268	751	495	783	1,626	1,805	1,688	1,974	1,844	727	4,578
Assets held for sale Current assets	- 3,982	3,610	3,553	3,873	4,767	4,767	4,604	4,948	5,322	3,743	7,818
Total assets	20,408	20,747	25,974	25,860	27,617	26,995	26,092	26,313	27,325	27,489	31,715
Equity attributable to owners of the parent	10,235	10,394	11,638	11,549	14,793	14,397	13,730	13,989	14,412	14,175	11,123
Non-controlling interests	305	323	257	252	261	278	272	250	262	272	6,208
Equity	10,540	10,717	11,895	11,802	15,054	14,675	14,001	14,240	14,673	14,447	17,331
Non-current interest-bearing borrowings	1,814	2,313	5,510	5,203	4,212	3,906	3,855	3,852	3,837	3,830	4,246
Other non-current liabilities	2,447	2,450	2,610	2,732	2,586	2,434	2,376	2,397	2,384	4,020	4,009
Non-current liabilities	4,261	4,763	8,121	7,935	6,798	6,340	6,231	6,249	6,222	7,851	8,255
Current interest-bearing borrowings	528	28	626	626	28	328	366	361	389	88	1,079
Other current liabilities	5,079	5,240	5,332	5,497	5,736	5,652	5,494	5,464	6,041	5,103	5,050
Liabilities held for sale
Current liabilities	5,607	5,268	5,958	6,124	5,764	5,980	5,860	5,825	6,430	5,191	6,128
Total equity and liabilities	20,408	20,747	25,974	25,860	27,617	26,995	26,092	26,313	27,325	27,489	31,715

NOK million
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	31.12 2016	31.03 2017	30.06 2017	30.09 2017	31.12 2017	31.03 2018	30.06 2018	30.09 2018	31.12 2018	31.03 2019	30.06 2019
Profit (loss) before taxes	1,258	216	1,952	2,730	3,144	389	982	1,634	1,681	514	1,081
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-	-	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	609	145	309	470	685	177	477	658	1,479	328	636
Net effect pension liabilities	(65)	(87)	(74)	(77)	(91)	(70)	(66)	(54)	(90)	(65)	(51)
Share of loss (profit) of joint ventures and associates, net of dividends received	199	58	87	102	134	6	1	15	(20)	(21)	62
Taxes paid	(577)	(178)	(525)	(678)	(828)	(194)	(411)	(599)	(941)	(301)	(597)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(137)	-			(1,310) (1,547) (1,697)	(7)	(7)	(20)	(23)	1	2
Change in working capital and provisions	219	6	(88)	(46)	(57)	33	(90)	(184)	(304)	323	132
Net cash flow from operating activities	1,506	159	351	954	1,290	335	885	1,451	1,781	778	1,265
Net cash flow from investing activities	(1,248)				(675) (4,161) (4,144) (4,546)	(158)	(370)	(596)	(953)	(491)	(867)
Net cash flow before financing activities	258				(516) (3,811) (3,190) (3,256)	177	515	855	828	287	398
Net cash flow from financing activities	(877)	(6)	3,018	2,704	3,558	15	(436)	(477)		(608) (1,387)	2,352
Effect of exchange rate changes on cash and cash equivalents	(4)	4	18	1	55	(13)	(18)	(30)	(2)	(16)	(16)
Net increase (decrease) in cash and cash equivalents	(623)	(518)	(774)	(486)	357	179	62	348	218	(1,116)	2,734
Cash and cash equivalents at start of period	1,891	1,268	1,268	1,268	1,268	1,626	1,626	1,626	1,626	1,844	1,844
Cash and cash equivalents at end of period	1,268	751	495	783	1,626	1,805	1,688	1,974	1,844	727	4,578

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	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	SCHIBSTED GROUP	2019	2018	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated	restated
										Operating revenues
632	722	683	665	651	771	707	714	722		813 Nordic Marketplaces	1,535	1,422	2,843	2,702	2,488
1,880	1,986	1,878	2,010	1,897	1,957	1,834	2,045	1,855		1,911 News Media	3,766	3,854	7,733	7,754	8,137
195	215	248	235	255	246	261	249	273		245 Financial Services	519	500	1,011	893	638
471	495	460	509	479	481	463	542	503		510 Growth	1,013	961	1,966	1,934	1,854
110	122	158	179	178	179	173	184	192		208 Other/Headquarters	400	357	714	569	331
(356)	(380)	(414)	(427)	(423)	(444)	(430)	(459)	(457)		(472) Eliminations within Schibsted excl. Adevinta	(928)	(867)	(1,756)	(1,577)	(1,437)
2,932	3,159	3,013	3,171	3,037	3,191	3,008	3,275	3,089		3,216 Schibsted excl. Adevinta	6,305	6,228	12,511	12,275	12,011
1,081	1,199	1,171	1,316	1,351	1,438	1,381	1,494	1,545		1,650 Adevinta	3,196	2,789	5,665	4,767	3,910
(13)	(31)	(24)	(32)	(31)	(27)	(32)	(27)	(58)		(68) Eliminations between Schibsted and Adevinta	(126)	(58)	(117)	(99)	(66)
4,000	4,327	4,161	4,455	4,357	4,602	4,358	4,742	4,576		4,798 Schibsted Group	9,374	8,959	18,059	16,943	15,854
										EBITDA
239	285	334	278	268	360	345	294	321		390 Nordic Marketplaces	711	627	1,267	1,135	1,122
151	212	206	191	112	170	186	214	150		229 News Media	379	282	682	759	644
57	64	97	84	91	85	88	63	57		29 Financial Services	86	176	327	302	170
26	22	40	28	12	30	23	34	12		27 Growth	39	42	99	115	185
(159)	(154)	(150)	(164)	(147)	(127)	(132)	(130)	(123)		(118) Other/Headquarters	(241)	(273)	(535)	(627)	(565)
313	428	526	416	336	518	511	476	418		557 Schibsted excl. Adevinta	975	854	1,840	1,684	1,556
120	267	257	279	275	377	354	421	438		503 Adevinta	941	652	1,427	922	575
434	694	783	695	610	895	865	897	856		1,060 Schibsted Group	1,916	1,506	3,268	2,606	2,131

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 Full year 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 Nordic Marketplaces 2019 2018 2018 2017 2016 restated restated restated restated restated restated restated restated restated restated restated restated Nordic Marketplaces total 632 722 683 665 651 771 707 714 722 813 Operating revenues 1,535 1,422 2,843 2,702 2,488 3 % 7 % 3 % 7 % 11 % 5 % YOY revenue growth 8 % 5 % 5 % 9 % (393) (437) (349) (388) (383) (412) (362) (420) (400) (424) Operating expenses (824) (795) (1,576) (1,567) (1,366) 239 285 334 278 268 360 345 294 321 390 EBITDA 711 627 1,267 1,135 1,122 38 % 39 % 49 % 42 % 41 % 47 % 49 % 41 % 45 % 48 % EBITDA-margin 46 % 44 % 45 % 42 % Norway Marketplaces 392 435 409 393 408 503 456 459 480 540 Operating revenues 1,021 911 1,826 1,628 1,451 4 % 16 % 11 % 17 % 18 % 7 % YOY revenue growth 12 % 10 % 12 % 12 % (238) (242) (218) (243) (236) (268) (236) (273) (258) (269) Operating expenses (527) (504) (1,013) (940) (827) 154 193 191 150 172 235 220 186 222 271 EBITDA 493 407 813 688 624 39 % 44 % 47 % 38 % 42 % 47 % 48 % 41 % 46 % 50 % EBITDA-margin 48 % 45 % 45 % 42 % Sweden Marketplaces 229 268 256 249 221 244 230 230 218 245 Operating revenues 463 465 925 1,002 989 -6 % -5 % -5 % -3 % 2 % 1 % YOY revenue growth (in SEK) 2 % -5 % -5 % 3 % (105) (120) (102) (116) (119) (116) (100) (120) (118) (129) Operating expenses (247) (235) (456) (443) (416) 124 148 154 133 101 128 130 110 100 115 EBITDA 216 230 469 559 573 54 % 55 % 60 % 54 % 46 % 53 % 56 % 48 % 46 % 47 % EBITDA-margin 47 % 49 % 51 % 56 % Other Nordic Marketplaces (1) 12 19 18 23 22 25 21 24 23 28 Operating revenues 52 46 92 71 48 85 % 32 % 16 % 6 % 8 % 14 % YOY revenue growth 11 % 52 % 28 % 48 % (50) (75) (29) (29) (27) (28) (25) (26) (25) (25) Operating expenses (50) (56) (107) (183) (123) (39) (57) (11) (5) (6) (4) (4) (2) (1) 3 EBITDA 2 (9) (15) (112) (75) -330 % -302 % -63 % -24 % -27 % -15 % -20 % -7 % -6 % 12 % EBITDA-margin 4 % -20 % -17 % -157 %	NOK million
45 % 43 % 58 % -155 %

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

0.9453	0.9674	0.9782	0.9812	0.9665	0.9246	0.9205	0.9339	0.9352	0.9153 SEK/NOK	0.9252	0.9455		0.9364 0.9680 0.9823
									Sweden Marketplaces in SEK
242	277	262	254	229	264	250	246	233	267 Operating revenues	500	492	987	1,035	1,007
				-6 %	-5 %	-5 %	-3 %	2 %	1 % YOY revenue growth	2 %	-5 %	-5 %	3 %
(111)	(124)	(105)	(118)	(124)	(125)	(109)	(129)	(126)	(141) Operating expenses	(267)	(249)	(487)	(458)	(423)
131	153	157	136	105	139	141	117	107	126 EBITDA	233	244	501	577	584
54 %	55 %	60 %	54 %	46 %	53 %	56 %	48 %	46 %	47 % EBITDA-margin	47 %	49 %	51 %	56 %	58 %

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	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	News Media	2019	2018	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated	restated
										News Media total
1,880	1,986	1,878	2,010	1,897	1,957	1,834	2,045	1,855		1,911 Operating revenues	3,766	3,854	7,733	7,754	8,137
				1 %	-1 %	-2 %	2 %	-2 %		-2 % YOY revenue growth	-2 %	0 %	0 %	-5 %
(1,730)	(1,774)	(1,672)	(1,819)	(1,785)	(1,787)	(1,648)	(1,831)	(1,705)		(1,683) Operating expenses	(3,387)	(3,572)	(7,051)	(6,995)	(7,493)
151	212	206	191	112	170	186	214	150		229 EBITDA	379	282	682	759	644
8 %	11 %	11 %	9 %	6 %	9 %	10 %	10 %	8 %		12 % EBITDA-margin	10 %	7 %	9 %	10 %	8 %
										VG
431	439	428	447	443	459	443	493	430		468 Operating revenues	898	902	1,839	1,746	1,700
				3 %	5 %	4 %	10 %	-3 %		2 % YOY revenue growth	-1 %	4 %	5 %	3 %
(343)	(352)	(341)	(372)	(363)	(377)	(349)	(419)	(372)		(379) Operating expenses	(751)	(740)	(1,509)	(1,407)	(1,428)
88	87	87	76	80	82	94	75	57		89 EBITDA	146	162	331	339	272
21 %	20 %	20 %	17 %	18 %	18 %	21 %	15 %	13 %		19 % EBITDA-margin	16 %	18 %	18 %	19 %	16 %
419	470	457	484	415	434	392	438	378		Aftonbladet 367 Operating revenues	746	848	1,678	1,830	1,920
				-3 %	-3 %	-9 %	-5 %	-6 %		-14 % YOY revenue growth (in SEK)	-10 %	-3 %	-5 %	-3 %
(387)	(400)	(391)	(391)	(379)	(381)	(370)	(357)	(342)		(340) Operating expenses	(682)	(760)	(1,487)	(1,568)	(1,680)
32	70	67	93	35	53	22	81	36		27 EBITDA	64	88	190	262	240
8 %	15 %	15 %	19 %	9 %	12 %	6 %	18 %	10 %		7 % EBITDA-margin	9 %	10 %	11 %	14 %	12 %
										Subscription Newspapers
867	902	837	919	859	886	825	914	862		892 Operating revenues	1,754	1,745	3,484	3,525	3,710
				-1 %	-2 %	-1 %	-1 %	0 %		1 % YOY revenue growth	0 %	-1 %	-1 %	-5 %
(826)	(819)	(774)	(853)	(828)	(825)	(750)	(839)	(812)		(793) Operating expenses	(1,605)	(1,654)	(3,243)	(3,272)	(3,487)
41	83	62	67	30	61	75	75	49		99 EBITDA	148	91	242	253	222
5 %	9 %	7 %	7 %	4 %	7 %	9 %	8 %	6 %		11 % EBITDA-margin	8 %	5 %	7 %	7 %	6 %
										Other News Media (1)
163	175	157	159	180	178	174	200	186		184 Operating revenues	369	358	732	654	807
				10 %	2 %	11 %	26 %	3 %		3 % YOY revenue growth	3 %	6 %	12 %	-19 %
(175)	(204)	(167)	(204)	(214)	(203)	(179)	(216)	(179)		(170) Operating expenses	(349)	(417)	(812)	(749)	(898)
(11)	(29)	(10)	(45)	(34)	(25)	(5)	(16)	7		13 EBITDA	20	(59)	(80)	(95)	(91)
-7 %	-16 %	-6 %	-28 %	-19 %	-14 %	-3 %	-8 %	4 %		7 % EBITDA-margin	5 %	-17 %	-11 %	-15 %	-11 %

(1) Other News Media include Print, News Media HQ, Shared Services and eliminations

0.9453	0.9674	0.9782	0.9812	0.9665	0.9246	0.9205	0.9339	0.9352	0.9153 SEK/NOK	0.9252	0.9455	0.9364	0.9680	0.9823
									Aftonbladet in SEK
443	486	467	493	429	469	425	469	405	401 Operating revenues	806	898	1,792	1,890	1,954
				-3 %	-3 %	-9 %	-5 %	-6 %	-14 % YOY revenue growth	-10 %	-3 %	-5 %	-3 %
(409)	(413)	(399)	(398)	(392)	(412)	(402)	(382)	(366)	(372) Operating expenses	(737)	(805)	(1,588)	(1,620)	(1,710)
34	72	68	95	37	57	24	86	39	30 EBITDA	69	93	203	271	244
8 %	15 %	15 %	19 %	9 %	12 %	6 %	18 %	10 %	7 % EBITDA-margin	9 %	10 %	11 %	14 %	12 %

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	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	Financial Services	2019	2018	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated	restated
										Financial Services total
195	215	248	235	255	246	261	249	273		245 Operating revenues	519	500	1,011	893	638
				31 %	14 %	5 %	6 %	7 %		0 % YOY revenue growth	4 %	22 %	13 %	40 %
(138)	(150)	(152)	(151)	(164)	(161)	(173)	(186)	(217)		(216) Operating expenses	(432)	(325)	(684)	(591)	(468)
57	64	97	84	91	85	88	63	57		29 EBITDA	86	176	327	302	170
29 %	30 %	39 %	36 %	36 %	35 %	34 %	25 %	21 %		12 % EBITDA-margin	17 %	35 %	32 %	34 %	27 %
										Lendo
147	165	201	191	215	208	221	207	229		205 Operating revenues	434	423	852	704	459
				46 %	26 %	10 %	8 %	6 %		-1 % YOY revenue growth	3 %	36 %	21 %	53 %
(92)	(104)	(110)	(104)	(121)	(124)	(138)	(148)	(178)		(179) Operating expenses	(357)	(244)	(530)	(411)	(291)
55	60	91	87	95	84	84	59	51		26 EBITDA	77	179	322	293	168
							(13)	(21)		(32) - of which expansion phase	(54)	-	(13)
37 %	37 %	45 %	45 %	44 %	41 %	38 %	28 %	22 %		13 % EBITDA-margin	18 %	42 %	38 %	42 %	37 %
										Other financial services (1)
48	50	47	44	39	38	40	42	44		40 Operating revenues	85	77	159	189	179
				-17 %	-24 %	-16 %	-4 %	12 %		6 % YOY revenue growth	9 %	-21 %	-16 %	5 %
(46)	(46)	(42)	(47)	(43)	(37)	(36)	(38)	(38)		(37) Operating expenses	(76)	(80)	(154)	(180)	(177)
2	4	6	(3)	(4)	1	4	4	6		3 EBITDA		9 (3)	5	9	2
5 %	9 %	12 %	-7 %	-10 %	2 %	10 %	10 %	13 %		8 % EBITDA-margin	11 %	-4 %	3 %	5 %	1 %

(1) Other Financial Services include Compricer, Finansportalen other financial services assets and eliminations

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	Full year
2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	Schibsted Growth	2019	2018	2018	2017	2016
restated	restated	restated	restated	restated	restated	restated	restated					restated	restated	restated	restated
										Growth total
471	495	460	509	479	481	463	542	503		510 Operating revenues	1,013	961	1,966	1,934	1,854
				2 %	-3 %	1 %	7 %	5 %		6 % YOY revenue growth	5 %	-1 %	2 %	4 %
(445)	(474)	(420)	(481)	(467)	(452)	(440)	(508)	(491)		(483) Operating expenses	(974)	(919)	(1,867)	(1,819)	(1,668)
26	22	40	28	12	30	23	34	12		27 EBITDA	39	42	99	115	185
5 %	4 %	9 %	5 %	2 %	6 %	5 %	6 %	2 %		5 % EBITDA-margin	4 %	4 %	5 %	6 %	10 %
										Distribution
221	225	235	255	263	257	259	285	292		294 Operating revenues	586	520	1,064	937	810
				19 %	14 %	10 %	12 %	11 %		14 % YOY revenue growth	13 %	16 %	14 %	16 %
(213)	(221)	(222)	(240)	(261)	(262)	(259)	(276)	(288)		(285) Operating expenses	(573)	(524)	(1,058)	(896)	(786)
9	4	13	15	1	(5)	1	9	4		8 EBITDA	13	(4)	6	41	24
4 %	2 %	5 %	6 %	1 %	-2 %	0 %	3 %	1 %		3 % EBITDA-margin	2 %	-1 %	1 %	4 %	3 %
										Prisjakt
56	55	59	93	66	66	67	109	72		72 Operating revenues	145	132	308	263	216
				17 %	20 %	14 %	17 %	10 %		9 % YOY revenue growth	10 %	19 %	17 %	21 %
(47)	(51)	(49)	(80)	(52)	(42)	(44)	(73)	(53)		(54) Operating expenses	(107)	(94)	(211)	(229)	(168)
9	4	9	12	14	24	23	35	19		19 EBITDA	38	38	97	34	49
16 %	7 %	16 %	13 %	21 %	37 %	35 %	33 %	27 %		26 % EBITDA-margin	26 %	29 %	31 %	13 %	23 %
										Other Growth (1)
134	150	145	161	151	158	137	148	139		144 Operating revenues	283	309	595	590	575
				12 %	6 %	-5 %	-8 %	-8 %		-9 % YOY revenue growth	-9 %	9 %	1 %	3 %
(136)	(151)	(131)	(160)	(154)	(147)	(138)	(158)	(150)		(144) Operating expenses	(294)	(301)	(598)	(579)	(529)
(2)	(1)	13	0	(3)	11	(1)	(10)	(11)		(0) EBITDA	(11)	7	(3)	11	46
-1 %	-1 %	9 %	0 %	-2 %	7 %	0 %	-7 %	-8 %		0 % EBITDA-margin	-4 %	2 %	-1 %	2 %	8 %
59	65	21								Hitta (divested Q3 2017) Operating revenues				145	252
(48)	(50)	(16)								Operating expenses				(115)	(185)
10	15	5								EBITDA				30	67
18 %	23 %	22 %								EBITDA-margin				21 %	27 %

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