Vend Marketplaces ASA

Quarterly Report • Feb 13, 2019

Financials and analytical info as of Q4 2018 Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment overview
• 1. PUBLISHING
• 1. GROWTH

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

For detalis on the new reporting structure, please see press release from 26 March 2018

1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	1 quarter 2018	2 quarter 2018	3 quarter 2018	4 quarter 2018	SCHIBSTED MEDIA GROUP CONDENSED CONSOLIDATED INCOME STATEMENT	Full year 2018	Full year 2017	Full year 2016
506	529	528	533	541	551	553	572	580	576	590	599	Subscription revenues	2,345	2,218	2,096
485	481	470	429	416	427	439	393	374	377	375	355	Casual sales revenues	1,481	1,675	1,865
2,377	2,559	2,301	2,523	2,480	2,748	2,543	2,831	2,752	2,991	2,749	3,094	Advertising revenues	11,585	10,602	9,760
515	545	499	574	562	601	625	658	651	659	644	694	Other revenues	2,648	2,447	2,133
3,883	4,114	3,798	4,059	4,000	4,327	4,161	4,455	4,357	4,602	4,358	4,742	Operating revenues	18,059	16,943	15,854
(129)	(129)	(118)	(124)	(107)	(110)	(102)	(113)	(102)	(101)	(97)	- (109)	Raw materials and finished goods	- (409)	(432)	(500)
(1,562)	(1,568)	(1,396)	(1,615)	(1,546)	(1,606)	(1,487)	(1,678)	(1,706)	(1,661)	(1,518)	(1,714)	Personnel expenses	(6,598)	(6,317)	(6,141)
(1,771)	(1,780)	(1,712)	(1,819)	(1,913)	(1,917)	(1,789)	(1,969)	(1,939)	(1,945)	(1,878)	(2,022)	Other operating expenses	(7,784)	(7,588)	(7,082)
-	-	-				-	-			-	-	Share of profit (loss) of joint ventures and associates	-	-	-
421	637	572	501	434	694	783	695	610	895	865	897	Gross operating profit (loss)	3,268	2,606	2,131
(123)	(132)	(127)	(147)	(145)	(156)	(158)	(175)	(172)	(175)	(181)	(203)	Depreciation and amortisation	(731)	(634)	(529)
(43)	(40)	(43)	(45)	(58)	(11)	(15)	(29)	(6)	30	1	35	Share of profit (loss) of joint ventures and associates	60	(113)	(171)
				0	(0)	-	-	(0)	0	0	(601)	Impairment loss goodwill	(601)	-	-
-	(39)	(16)	(25)	(0)	(9)	(2)	(38)	(5)	(125)	(0)	(16)	Impairment loss	(146)	(49)	(80)
(24)	(69)	(32)	11	(3)	1,286	194	28	(10)	(2)	(6)	(37)	Other income and expenses	(55)	1,505	(114)
231	357	354	295	228	1,805	802	479	417	623	678	75	Operating profit (loss)	1,794	3,315	1,237
(12)	2	38	(7)	(12)	(70)	(23)	(66)	(28)	(30)	(27)	(28)	Net Financial Items	(113)	(171)	21
219	359	392	288	216	1,735	779	414	389	593	652	47	Profit (loss) before taxes	1,681	3,144	1,258
(144)	(166)	(195)	(194)	(174)	(352)	(226)	(207)	(220)	(277)	(222)	(246)	Taxes	(965)	(958)	(699)
75	193	197	94	43	1,383	553	207	169	315	429	(199)	Profit (loss)	715	2,186	559
												Profit (loss) attributable to:
21	38	23	12	12	10	22	11	11	20	19	18	Non-controlling interests	68	55	94
54	155	174	82	30	1,373	531	196	158	295	410		(216) Owners of the parent	648	2,130	465
												Earnings per share (NOK)
0.24	0.69	0.77	0.36	0.13	6.07	2.35	0.85	0.67	1.24	1.72	(0.91)	Basic	2.72	9.36	2.05
0.24	0.69	0.77	0.36	0.13	6.06	2.34	0.85	0.66	1.24	1.72	(0.91)	Diluted	2.72	9.35	2.05
0.29	1.04	0.93	0.44	0.15	0.96	1.45	0.88	0.72	1.76	1.74	1.84	Basic - adjusted	6.05	3.43	2.70
0.29	1.04	0.93	0.44	0.15	0.96	1.45	0.88	0.72	1.76	1.74	1.84	Diluted - adjusted	6.05	3.43	2.69

Full year	Full year	Full year
2018	2017	2016
2,345	2,218	2,096
1,481	1,675	1,865
11,585	10,602	9,760
2,648	2,447	2,133
18,059	16,943	15,854
(409)	(432)	(500)
(6, 598)	(6, 317)	(6, 141)
(7, 784)	(7, 588)	(7,082)
3,268	2,606	2,131
(731)	(634)	(529)
60	(113)	(171)
(601)
(146)	(49)	(80)
(55)	1,505	(114)
1,794	3,315	1,237
(113)	(171)	21
1,681	3,144	1,258
(965)	(958)	(699)
715	2,186	559
68	55	94
648	2,130	465
2.72	9.36	2.05
2.72	9.35	2.05
6.05	3.43	2.70
6.05	3.43	2.69

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
CONDENSED CONSOLIDATED	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018
STATEMENT OF FINANCIAL POSITION
Intangible assets	14,054	13,920	13,470	14,100	14,835	16,456	16,084	16,983	16,637	16,284	16,303	16,521
Investment property and property, plant and equipment	1,116	1,069	1,043	1,019	1,020	1,004	1,009	988	938	885	855	870
Investments in joint ventures and associates	942	964	978	954	929	4,519	4,481	4,514	4,285	3,947	3,827	4,248
Other non-current assets	315	346	463	353	352	441	414	364	368	373	380	364
Non-current assets	16,427	16,299	15,954	16,426	17,136	22,420	21,987	22,850	22,228	21,488	21,365	22,003
Trade receivables and other current assets	2,972	2,779	2,804	2,714	2,860	3,059	3,091	3,141	2,962	2,916	2,974	3,478
Current financial assets	-	-	-	-
Cash and cash equivalents	1,624	1,411	1,388	1,268	751	495	783	1,626	1,805	1,688	1,974	1,844
Assets held for sale	-	-	-	-
Current assets	4,596	4,190	4,192	3,982	3,610	3,553	3,873	4,767	4,767	4,604	4,948	5,322
Total assets	21,023	20,489	20,146	20,408	20,747	25,974	25,860	27,617	26,995	26,092	26,313	27,325
Equity attributable to owners of the parent	10,676	10,276	9,878	10,235	10,394	11,638	11,549	14,793	14,397	13,730	13,989	14,412
Non-controlling interests	332	322	287	305	323	257	252	261	278	272	250	262
Equity	11,008	10,598	10,165	10,540	10,717	11,895	11,802	15,054	14,675	14,001	14,240	14,673
Non-current interest-bearing borrowings	1,856	1,838	1,822	1,814	2,313	5,510	5,203	4,212	3,906	3,855	3,852	3,837
Other non-current liabilities	2,500	2,493	2,793	2,447	2,450	2,610	2,732	2,586	2,434	2,376	2,397	2,384
Non-current liabilities	4,356	4,331	4,615	4,261	4,763	8,121	7,935	6,798	6,340	6,231	6,249	6,222
Current interest-bearing borrowings	557	541	540	528	28	626	626	28	328	366	361	389
Other current liabilities	5,102	5,019	4,826	5,079	5,240	5,332	5,497	5,736	5,652	5,494	5,464	6,041
Liabilities held for sale	-	-
Current liabilities	5,659	5,560	5,366	5,607	5,268	5,958	6,124	5,764	5,980	5,860	5,825	6,430
Total equity and liabilities	21,023	20,489	20,146	20,408	20,747	25,974	25,860	27,617	26,995	26,092	26,313	27,325

31.03 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 CONDENSED CONSOLIDATED 2016 STATEMENT OF CASH FLOWS 219 Profit (loss) before taxes 578 970 1,258 216 1,952 2,730 3,144 389 982 1,634 1,681 Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration - - - - - - - - - - - - 123 Depreciation, amortisation and impairment losses 294 437 609 145 309 470 685 177 477 658 1,479 (61) Net effect pension liabilities (46) (29) (65) (87) (74) (77) (91) (70) (66) (54) (90) 43 Share of loss (profit) of joint ventures and associates, net of dividends received 102 155 199 58 87 102 134 6 1 15 (20) (179) Taxes paid (366) (521) (577) (178) (525) (678) (828) (194) (411) (599) (941) (24) Sales losses (gains) non-current assets and other non-cash losses (gains) (35) (80) (137) - (1,310) (1,547) (1,697) (7) (7) (20) (23) 47 Change in working capital and provisions 274 69 219 6 (88) (46) (57) 33 (90) (184) (304) 168 Net cash flow from operating activities 801 1,001 1,506 159 351 954 1,290 335 885 1,451 1,781 (166) Net cash flow from investing activities (487) (677) (1,248) (675) (4,161) (4,144) (4,546) (158) (370) (596) (953) 2 Net cash flow before financing activities 314 324 258 (516) (3,811) (3,190) (3,256) 177 515 855 828 (251) Net cash flow from financing activities (771) (819) (877) (6) 3,018 2,704 3,558 15 (436) (477) (608) (18) Effect of exchange rate changes on cash and cash equivalents (23) (8) (4) 4 18 1 55 (13) (18) (30) (2) (267) Net increase (decrease) in cash and cash equivalents (480) (503) (623) (518) (774) (486) 357 179 62 348 218 Cash and cash equivalents at start of period 1,891 1,891 1,891 1,891 1,268 1,268 1,268 1,268 1,626 1,626 1,626 1,626 1,624 Cash and cash equivalents at end of period 1,411 1,388 1,268 751 495 783 1,626 1,805 1,688 1,974 1,844	NOK million
		30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	SCHIBSTED MEDIA GROUP	2018	2017	2016
												REVENUES
3,883	4,113	3,798	4,060	4,000	4,327	4,161	4,455	4,357	4,602	4,358		4,742 SCHIBSTED MEDIA GROUP	18,059	16,943	15,854
1,572	1,708	1,566	1,621	1,721	1,932	1,864	1,995	2,009	2,214	2,096		2,225 MARKETPLACES	8,544	7,512	6,467
2,052	2,171	1,949	2,137	1,964	2,084	1,978	2,134	2,024	2,083	1,953		2,192 PUBLISHING	8,252	8,160	8,309
387	403	415	436	436	470	460	470	456	455	453		491 GROWTH	1,855	1,835	1,641
89	79	79	82	110	119	161	178	185	186	177		188 OTHER AND HEADQUARTERS	736	568	329
-217	-248	-211	-216	-230	-279	-302	-322	-317	-336	-321		-354 ELIMINATIONS	-1,328	-1,133	-892
												EBITDA
421	636	573	501	434	694	783	695	610	895	865		897 SCHIBSTED MEDIA GROUP	3,268	2,606	2,132
427	531	475	416	409	608	656	623	603	789	755		779 MARKETPLACES	2,925	2,297	1,849
78	202	176	207	157	216	218	204	113	165	186		224 PUBLISHING	687	795	663
60	79	105	91	79	84	127	102	101	121	112		88 GROWTH	422	392	335
-143	-176	-182	-213	-211	-214	-218	-235	-207	-178	-188		-193 OTHER AND HEADQUARTERS	-766	-879	-715

NOK million 1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	1 quarter 2018	2 quarter 2018	3 quarter 2018	4 quarter 2018	MARKETPLACES	Full year 2018	Full year 2017	Full year 2016
1,572	1,708	1,566	1,621	1,721	1,932	1,864	1,995	2,009	2,214	2,096		Total Marketplaces 2,225 Total operating revenues	8,544	7,512	6,467
1,145	1,177	1,091	1,205	14 % 1,312	13 % 1,324	19 % 1,207	17 % 1,372	11 % 1,407	14 % 1,426	12 % 1,340		12 % YOY revenue growth (currency adjusted) 1,446 Operating expenses	12 % 5,619	16 % 5,215	4,618
427 27 %	531 31 %	475 30 %	416 26 %	409 24 %	608 31 %	656 35 %	623 31 %	603 30 %	789 36 %	755 36 %		779 EBITDA 35 % EBITDA-margin	2,925 34 %	2,297 31 %	1,849 29 %
												Total developed phase
1,472	1,595	1,465	1,514	1,617 15 %	1,811 14 %	1,740 18 %	1,850 16 %	1,876 10 %	2,071 14 %	1,959 12 %		2,064 Operating revenues 12 % YOY revenue growth (currency adjusted)	7,971 12 %	7,018 16 %	6,046
834	867	797	904	953	995	939	1,054	1,101	1,141	1,060		1,169 Operating expenses	4,470	3,941	3,402
638 43 %	728 46 %	667 46 %	610 40 %	664 41 %	816 45 %	801 46 %	796 43 %	775 41 %	931 45 %	899 46 %		896 EBITDA 43 % EBITDA-margin	3,501 44 %	3,077 44 %	2,644 44 %
												France developed phase
487	506	469	527	555 21 %	609 20 %	587 24 %	676 21 %	704 18 %	750 21 %	705 17 %		784 Operating revenues 16 % YOY revenue growth (local currency)	2,943 18 %	2,426 21 %	1,989
153	215	210	210	218	236	242	307	310	346	321		334 Operating expenses	1,311	1,003	789
334 69 %	291 57 %	259 55 %	316 60 %	337 61 %	373 61 %	345 59 %	369 55 %	394 56 %	404 54 %	384 54 %		450 EBITDA 57 % EBITDA-margin	1,632 55 %	1,423 59 %	1,200 60 %
												Norway developed phase
352	401	352	346	392 11 %	435 9 %	409 16 %	393 13 %	408 4 %	503 16 %	456 11 %		459 Operating revenues 17 % YOY revenue growth	1,826 12 %	1,628 12 %	1,451
209 143	207 193	187 165	223 123	238 154	242 193	218 191	243 150	236 172	268 235	236 220		273 Operating expenses 186 EBITDA	1,013 813	940 688	827 624
41 %	48 %	47 %	35 %	39 %	44 %	47 %	38 %	42 %	47 %	48 %		41 % EBITDA-margin	45 %	42 %	43 %
												Sweden developed phase
239	276	244	230	229 3 %	268 1 %	256 5 %	249 3 %	221 -6 %	244 -5 %	230 -5 %		230 Operating revenues -3 % YOY revenue growth (local currency)	925 -4 %	1,002 3 %	989
109 130	114 162	89 155	104 126	105 124	120 148	102 154	116 133	119 101	116 128	100 130		120 Operating expenses 110 EBITDA	456 469	443 559	416 573
54 %	59 %	63 %	55 %	54 %	55 %	60 %	54 %	46 %	53 %	56 %		48 % EBITDA-margin	51 %	56 %	58 %
												Spain developed phase
255	261	253	260	288 20 %	324 23 %	323 27 %	352 27 %	365 18 %	386 17 %	385 17 %		399 Operating revenues 13 % YOY revenue growth (local currency)	1,535 16 %	1,287 24 %	1,029
218 37	193 68	180 72	217 43	245 43	249 75	223 99	245 106	274 91	262 124	262 123		285 Operating expenses 114 EBITDA	1,084 451	963 324	809 220
15 %	26 %	29 %	16 %	15 %	23 %	31 %	30 %	25 %	32 %	32 %		28 % EBITDA-margin	29 %	25 %	21 %
												Other Developed phase
139	152	146	152	154 15 %	176 14 %	165 14 %	180 12 %	178 9 %	189 6 %	183 9 %		192 Operating revenues 7 % YOY revenue growth (currency adjusted)	742 8 %	674 14 %	588
145 -6	137 15	131 15	149 3	147 7	148 27	154 11	142 38	162 16	150 40	140 44		156 Operating expenses 36 EBITDA	607 135	592 83	562 26
-5 %	10 %	10 %	2 %	4 %	15 %	7 %	21 %	9 %	21 %	24 %		19 % EBITDA-margin	18 %	12 %	4 %
	89	88	99	97	114	121	147	129	140	130		Investment phase 165 Operating revenues	564	478	349
73				34 %	26 %	37 %	42 %	30 %	25 %	10 %		16 % YOY revenue growth (currency adjusted)	19 %	35 %
279 -205	275 -186	270 -182	279 -179	325 -228	296 -182	240 -120	292 -145	273 -143	253 -113	238 -108		242 Operating expenses -77 EBITDA	1,005 -441	1,154 -676	1,102 -753
-279 %	-210 %	-208 %	-180 %	-236 %	-160 %	-99 %	-99 %	-111 %	-80 %	-83 %		-47 % EBITDA-margin	-78 %	-141 %	-216 %
26	24	14	7	7	7	3	-1	4	3	7		Marketplaces other / HQ -4 Operating revenues / eliminations	9	16	71
32	35	24	22	34	32	28	26	33	33	43		35 Operating expenses	143	120	113
-6	-11	-10	-15	-27	-25	-24	-28	-29	-30	-36		-40 EBITDA	-134	-104	-42
50	56	63	70	75	83	93	107	106	121	119		Proportional result from Joint Ventures and Associates 139 Operating revenues	484	358	240
	70 86	83	90	50 % 86	42 % 83	54 % 100	51 % 110	45 % 90	51 % 103	43 % 93		40 % YOY revenue growth (currency adjusted) 157 Operating expenses	46 % 442	48 % 379	329
	(14) (35)	(20)	(20)	(10)	(1)	(7)	(3)	16	18	26	(18) EBITDA		42	-21 28	-89 29
	12 4 (26) (39)	6 (25)	7 (27)	8 (18)	10 (10)	7 (14)	4 (6)	8 8	8 10	9 16		11 - EBITDA Developed phase (29) - EBITDA Investment phase	36 5	-49	-117
-70 %	-25 %	-31 %	-28 %	-13 %	-1 %	-8 %	-3 %	15 %	15 %	22 %		-13 % EBITDA-margin	9 %	-6 %	-37 %
	1,764 1,622	1,629	1,691	1,796	2,015	1,957	2,102	2,115	2,335	2,214		Total Marketplaces including Joint Ventures and Associates 2,363 Operating revenues	9,028	7,870	6,707
	1,247 1,231	1,174	1,295	15 % 1,397	14 % 1,407	20 % 1,308	19 % 1,482	13 % 1,497	16 % 1,528	13 % 1,433		14 % YOY revenue growth (currency adjusted) 1,603 Operating expenses	14 % 6,061	17 % 5,594	4,947
	517 392	455	396	399	608	649	620	619	806	781	761 EBITDA		2,967	2,276	1,760
	740 642 (212) (244)	673 (207)	618 (206)	672 (247)	826 (193)	807 (134)	800 (152)	783 (135)	939 (103)	909 (91)		906 - EBITDA Developed phase (106) - EBITDA Investment phase	3,537 -436	3,105 -725	2,673 -870
24 %	29 %	28 %	23 %	22 %	30 %	33 %	29 %	29 %	35 %	35 %		32 % EBITDA-margin	33 %	29 %	26 %
9.53	9.32	9.29	9.04	8.99	9.37	9.35	9.62	9.63	9.55	9.58		Currency rates 9.63 EUR/NOK	9.60	9.33	9.29
1.02	1.00	0.98	0.93	0.95	0.97	0.98	0.98	0.97	0.92	0.92		0.93 NOK / SEK	0.94	0.97	0.98
												France developed phase in EUR
	54.3 51.2	50.5	58.3	61.8 21 %	65.0 20 %	62.7 24 %	70.3 21 %	73.0 18 %	78.5 21 %	73.6 17 %		81.4 Operating revenues 16 % YOY revenue growth	307 18 %	260 21 %	214
16	23 31.2 35.1	23 27.9	23 35.0	24 37.5	25 39.8	26 36.9	32 38.3	32 40.9	36 42.3	34 40.1	46.7 EBITDA	35 Operating expenses	137 170	107 153	85 129
69 %	57 %	55 %	60 %	61 %	61 %	59 %	55 %	56 %	54 %	54 %		57 % EBITDA-margin	55 %	59 %	60 %
												Spain developed phase in EUR
	28.0 26.8	27.2	28.8	32.1 20 %	34.6 23 %	34.5 27 %	36.6 27 %	37.9 18 %	40.4 17 %	40.2 17 %		41.4 Operating revenues 13 % YOY revenue growth	160 16 %	138 24 %	111
22.9	20.8 7.3 3.9	19.4 7.8	24.0 4.7	27.3 4.8	26.6 8.0	23.9 10.6	25.5 11.1	28.5 9.5	27.4 13.0	27.4 12.8	11.8 EBITDA	29.6 Operating expenses	113 47	103 35	87 24
15 %	26 %	29 %	16 %	15 %	23 %	31 %	30 %	25 %	32 %	32 %		28 % EBITDA-margin	29 %	25 %	21 %
												Sweden developed phase in SEK	988	1,035	1,007
	274 234	250	248	242 3 %	277 1 %	262 5 %	254 3 %	229 -6 %	264 -5 %	250 -5 %		246 Operating revenues -3 % YOY revenue growth	-4 %	3 %
	113 107 161 128	91 159	112 136	111 131	124 153	105 157	118 136	124 105	125 139	109 141	117 EBITDA	129 Operating expenses	487 502	458 577	423 584
54 %	59 %	63 %	55 %	54 %	55 %	60 %	54 %	46 %	53 %	56 %		48 % EBITDA-margin	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	3 quarter	4 quarter		Full year	Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	PUBLISHING	2018	2017	2016
												Total Publishing
2,052	2,171	1,949	2,137	1,964	2,084	1,978	2,134	2,024	2,083	1,953		2,192 Operating revenues	8,252	8,160	8,309
590	660	574	696	624	690	648	771	716	779	680		840 - online	3,015	2,734	2,520
1,463	1,512	1,375	1,440	1,340	1,394	1,330	1,363	1,308	1,304	1,273		1,352 - offline	5,237	5,427	5,789
				-4 %	-4 %	1 %	0 %	3 %	0 %	-1 %		3 % YOY revenue growth	1 %	-2 %
1,974	1,969	1,773	1,930	1,807	1,868	1,760	1,929	1,911	1,918	1,767		1,968 Operating expenses	7,565	7,365	7,647
78	202	176	207	157	216	218	204	113	165	186		224 EBITDA	687	795	663
4 %	9 %	9 %	10 %	8 %	10 %	11 %	10 %	6 %	8 %	10 %		10 % EBITDA-margin	8 %	10 %	8 %
												VG (Verdens Gang)
428	422	402	449	431	439	428	447	443	459	443		493 Operating revenues	1,839	1,746	1,700
162	163	160	198	205	216	203	240	235	255	238		287 - online	1,016	863	683
266	259	242	251	226	224	225	207	208	204	205		206 - offline	824	882	1,017
				1 %	4 %	6 %	0 %	3 %	5 %	4 %		10 % YOY revenue growth	5 %	3 %
370	358	336	363	343	352	341	372	363	377	349		419 Operating expenses	1,509	1,407	1,428
57	63	66	85	88	87	87	76	80	82	94		75 EBITDA	331	339	272
13 %	15 %	16 %	19 %	21 %	20 %	20 %	17 %	18 %	18 %	21 %		15 % EBITDA-margin	18 %	19 %	16 %
												Aftonbladet
477	510	459	474	419	470	457	484	415	434	392		438 Operating revenues	1,678	1,830	1,920
209	234	197	241	190	226	213	259	215	228	195		254 - online	892	887	880
268	276	262	233	230	244	244	225	199	206	197		184 - offline	786	943	1,040
				-5 %	-4 %	0 %	-4 %	-3 %	-3 %	-9 %		-5 % YOY revenue growth (currency adjusted)	-5 %	-3 %
431	442	396	410	387	400	391	391	379	381	370		357 Operating expenses	1,487	1,568	1,680
46	68	63	63	32	70	67	93	35	53	22		81 EBITDA	190	262	240
10 %	13 %	14 %	13 %	8 %	15 %	15 %	19 %	9 %	12 %	6 %		18 % EBITDA-margin	11 %	14 %	12 %
												Subscription based newspapers (Norway and Sweden)
926	967	854	963	867	902	837	919	859	886	825		914 Operating revenues	3,484	3,525	3,710
183	205	179	232	200	211	199	230	218	230	221		248 - online	918	840	798
743	762	675	731	667	691	638	689	640	656	604		666 - offline	2,566	2,685	2,911
				-6 %	-7 %	-2 %	-5 %	-1 %	-2 %	-1 %		-1 % YOY revenue growth	-1 %	-5 %
907	903	814	876	826	819	774	853	828	825	750		839 Operating expenses	3,243	3,272	3,500
18	64	40	87	41	83	62	67	30	61	75		75 EBITDA	242	253	210
2 %	7 %	5 %	9 %	5 %	9 %	7 %	7 %	4 %	7 %	9 %		8 % EBITDA-margin	7 %	7 %	6 %
												Publishing other / HQ
222	272	234	251	247	273	256	283	308	303	293		347 Operating revenues / eliminations	1,251	1,060	980
266	266	228	280	252	297	254	315	340	334	298		353 Operating expenses	1,326	1,118	1,039
-44	7	6	-28	-5	-24	2	-31	-33	-31	-5		-7 EBITDA	-76	-59	-59

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	GROWTH	2018	2017	2016
												Total Growth
387	403	415	436	436	470	460	470	456	455	453		491 Operating revenues	1,855	1,835	1,641
				12 %	17 %	11 %	8 %	5 %	-3 %	-1 %		5 % YOY revenue growth	1 %	12 %
328	323	310	344	356	387	333	367	354	334	342		403 Operating expenses	1,433	1,443	1,306
60	79	105	91	79	84	127	102	101	121	112		88 EBITDA	422	392	335
15 %	20 %	25 %	21 %	18 %	18 %	28 %	22 %	22 %	27 %	25 %		18 % EBITDA-margin	23 %	21 %	20 %
												Lendo Group
105	109	125	120	147	165	201	191	215	208	221		207 Operating revenues	852	704	459
				40 %	52 %	60 %	60 %	46 %	26 %	10 %		8 % YOY revenue growth	21 %	53 %
27	35	52	53	55	60	91	87	95	84	84		59 EBITDA	322	293	168
26 %	33 %	41 %	44 %	37 %	37 %	45 %	45 %	44 %	41 %	38 %		28 % EBITDA-margin	38 %	42 %	37 %
												Hitta (divested Q3 2017)
64	64	61	63	59	65	21						Operating revenues		145	252
18	16	17	16	10	15	5						EBITDA		30	67
29 %	25 %	28 %	26 %	18 %	23 %	22 %						EBITDA-margin		21 %	27 %
323	339	354	373	377	405	439	470	456	455	453		Total Growth excl. Hitta 491 Operating revenues	1,855	1,690	1,389
					20 %	24 %	26 %	21 %	12 %	3 %		5 % YOY revenue growth	10 %	22 %
				17 %
42	63	88	75	69	69	122	102	101	121	112		88 EBITDA	422	362	268
13 %	19 %	25 %	20 %	18 %	17 %	28 %	22 %	22 %	27 %	25 %		18 % EBITDA-margin	23 %	21 %	19 %