Vend Marketplaces ASA

Quarterly Report • Jul 17, 2018

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

Financials and analytical info as of Q2 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

www.schibsted.com/ir

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	SCHIBSTED MEDIA GROUP CONDENSED CONSOLIDATED INCOME STATEMENT	2018	Year to date Year to date 2017	Full year 2017	Full year 2016
506	529	528	533	541	551	553	572	580	576	Subscription revenues	1,156	1,092	2,218	2,096
485	481	470	429	416	427	439	393	374	377	Casual sales revenues	751	843	1,675	1,865
2,377	2,559	2,301	2,523	2,480	2,748	2,543	2,831	2,752	2,991	Advertising revenues	5,742	5,228	10,602	9,760
515	545	499	574	562	601	625	658	651	659	Other revenues	1,310	1,163	2,447	2,133
3,883	4,114	3,798	4,059	4,000	4,327	4,161	4,455	4,357		4,602 Operating revenues	8,959	8,327	16,943	15,854
(129)	(129)	(118)	(124)	(107)	(110)	(102)	(113)	(102)	(101)	Raw materials and finished goods	(203)	(217)	(432)	(500)
(1,562)	(1,568)	(1,396)	(1,615)	(1,546)	(1,606)	(1,487)	(1,678)	(1,706)	(1,661)	Personnel expenses	(3,366)	(3,152)	(6,317)	(6,141)
(1,771)	(1,780)	(1,712)	(1,819)	(1,913)	(1,917)	(1,789)	(1,969)	(1,939)	(1,945)	Other operating expenses	(3,884)	(3,830)	(7,588)	(7,082)
-	-	-				-	-			Share of profit (loss) of joint ventures and associates	-	-	-	-
421	637	572	501	434	694	783	695	610		895 Gross operating profit (loss)	1,506	1,128	2,606	2,131
(123)	(132)	(127)	(147)	(145)	(156)	(158)	(175)	(172)	- (175)	Depreciation and amortisation	- (347)	- (301)	(634)	(529)
(43)	(40)	(43)	(45)	(58)	(11)	(15)	(29)	(6)	30	Share of profit (loss) of joint ventures and associates	24	(69)	(113)	(171)
				0	(0)	-	-	(0)	0	Impairment loss goodwill	0	-	-	-
-	(39)	(16)	(25)	(0)	(9)	(2)	(38)	(5)	(125)	Impairment loss	(130)	(9)	(49)	(80)
(24)	(69)	(32)	11	(3)	1,286	194	28	(10)	(2)	Other income and expenses	(13)	1,283	1,505	(114)
231	357	354	295	228	1,805	802	479	417		623 Operating profit (loss)	1,040	2,033	3,315	1,237
(12)	2	38	(7)	(12)	(70)	(23)	(66)	(28)	(30)	Net Financial Items	(58)	(82)	(171)	21
219	359	392	288	216	1,735	779	414	389		593 Profit (loss) before taxes	982	1,952	3,144	1,258
(144)	(166)	(195)	(194)	(174)	(352)	(226)	(207)	(220)	(277)	Taxes	(497)	(526)	(958)	(699)
75	193	197	94	43	1,383	553	207	169		315 Profit (loss)	484	1,426	2,186	559
										Profit (loss) attributable to:
21	38	23	12	12	10	22	11	11	20	Non-controlling interests	31	23	55	94
54	155	174	82	30	1,373	531	196	158	295	Owners of the parent	454	1,403	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	Basic	1.90	6.20	9.36	2.05
0.24	0.69	0.77	0.36	0.13	6.06	2.34	0.85	0.66	1.24	Diluted	1.90	6.20	9.35	2.05
0.29	1.04	0.93	0.44	0.15	0.96	1.45	0.88	0.72	1.76	Basic - adjusted	2.48	1.10	3.43	2.70
0.29	1.04	0.93	0.44	0.15	0.96	1.45	0.88	0.72	1.76	Diluted - adjusted	2.48	1.10	3.43	2.69

Year to date	Year to date	Full year	Full year
2018	2017	2017	2016
1,156	1,092	2,218	2,096
751	843	1,675	1,865
5,742	5,228	10,602	9,760
1,310	1,163	2,447	2,133
8,959	8,327	16,943	15,854
(203)	(217)	(432)	(500)
(3,366)	(3, 152)	(6, 317)	(6, 141)
(3,884)	(3,830)	(7, 588)	(7,082)
1,506	1,128	2,606	2,131
(347)	(301)	(634)	(529)
24	(69)	(113)	(171)
0
(130)	(9)	(49)	(80)
(13)	1,283	1,505	(114)
1,040	2,033	3,315	1,237
(58)	(82)	(171)	$\overline{21}$
982	1,952	3,144	1,258
(497)	(526)	(958)	(699)
484	1,426	2,186	559
31	23	55	94
454	1,403	2,130	465
1.90	6.20	9.36	2.05
1.90	6.20	9.35	2.05
2.48	1.10	3.43	2.70
2.48	1.10	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	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018
STATEMENT OF FINANCIAL POSITION	reported	reported	reported	reported	restated	restated	restated	restated
Intangible assets	9,301		9,646 10,056 10,337		9,221	9,561			9,958 10,212 10,240 10,366 10,074 11,906 11,493 11,855 14,511 14,292 14,054 13,920 13,470 14,100 14,835 16,456 16,084 16,983 16,637 16,284
Investment property and property, plant and equipment	1,819	1,795	1,659	1,507	1,812	1,788	1,651	1,499	1,564	1,608	1,373	1,287	1,239	1,196	1,168	1,137	1,116	1,069	1,043		1,019 1,020 1,004 1,009			988	938	885
Investments in joint ventures and associates	507	469	478	1,074	625	610	578	654	557	548	502	547	1,251	1,199	969	929	942	964	978	954				929 4,519 4,481 4,514 4,285 3,947
Other non-current assets	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425	315	346	463	353	352	441	414	364	368	373
Non-current assets									11,949 12,261 12,496 13,215 12,000 12,329 12,541 12,684 12,573 12,717 12,222 14,276 14,498 14,708 17,110 16,783 16,427 16,299 15,954 16,426 17,136 22,420 21,987 22,850 22,228 21,488
Trade receivables and other current assets	2,939	2,954	2,776	2,676	2,800	2,806	2,666	2,565	2,710	2,781	2,761	2,853	2,911	2,898	3,061	2,942	2,972	2,779	2,804					2,714 2,860 3,059 3,091 3,141 2,962 2,916
Current financial assets	64	53	-	28	64	53	-	-	-	-	-		- -	-	-	-	-	-	-	-
Cash and cash equivalents	596	1,140	561	1,240	541	1,066	473	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388	1,268	751	495		783 1,626 1,805 1,688
Assets held for sale		-	- 76	-	-	-	76	-	-	-	-		- -	-	-	-	-	-	-	-
Current assets	3,599	4,147	3,413	3,944	3,405	3,925	3,215	3,767	3,017	3,239	3,592	3,598	3,196	3,367	5,915	4,833	4,596	4,190	4,192					3,982 3,610 3,553 3,873 4,767 4,767 4,604
Total assets	15,548	16,408	15,909	17,159	15,405	16,254	15,756	16,451	15,590	15,956	15,814	17,874	17,694	18,075	23,025	21,616	21,023	20,489	20,146	20,408	20,747	25,974	25,860	27,617	26,995	26,092
Equity attributable to owners of the parent	6,075	6,248	6,085	7,850	6,075	6,248	6,085	7,325	7,179	6,897	6,419	6,560	7,012				6,930 11,195 10,776 10,676 10,276			9,878 10,235 10,394 11,638 11,549 14,793 14,397 13,730
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314	332	322	287	305	323	257	252	261	278	272
Equity	6,356	6,500	6,346	8,111	6,356	6,500	6,346	7,586	7,444	7,084	6,615	6,790	7,253				7,066 11,492 11,090 11,008 10,598 10,165 10,540 10,717 11,895 11,802 15,054 14,675 14,001
Non-current interest-bearing borrowings	1,941	2,712	2,574	1,971	1,941	2,712	2,561	1,971	1,941	2,551	2,495	2,132	1,908	2,334	3,012	2,365	1,856	1,838	1,822					1,814 2,313 5,510 5,203 4,212 3,906 3,855
Other non-current liabilities	2,038	2,030	2,509	2,313	2,032	2,024	2,500	2,263	2,109	2,076	2,515	3,641	2,944	2,886	2,817	2,743	2,500	2,493	2,793					2,447 2,450 2,610 2,732 2,586 2,434 2,376
Non-current liabilities	3,979	4,742	5,083	4,284	3,973	4,736	5,061	4,234	4,050	4,627	5,010	5,773	4,852	5,220	5,829	5,108	4,356	4,331	4,615					4,261 4,763 8,121 7,935 6,798 6,340 6,231
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1,162	719	318	557	541	540	528	28	626	626	28	328	366
Other current liabilities	4,636	4,574	3,780	4,336	4,499	4,426	3,649	4,285	3,959	4,155	4,176	4,615	4,745	4,627	4,985	5,100	5,102	5,019	4,826					5,079 5,240 5,332 5,497 5,736 5,652 5,494
Liabilities held for sale		-	- 151	-	-		- 151	-	-	-	-		- -	-	-	-	-	-
Current liabilities	5,213	5,166	4,480	4,764	5,076	5,018	4,349	4,631	4,096	4,245	4,189	5,311	5,589	5,789	5,704	5,418	5,659	5,560	5,366					5,607 5,268 5,958 6,124 5,764 5,980 5,860
Total equity and liabilities									15,548 16,408 15,909 17,159 15,405 16,254 15,756 16,451 15,590 15,956 15,814 17,874 17,694 18,075 23,025 21,616 21,023 20,489 20,146 20,408 20,747 25,974 25,860 27,617 26,995 26,092

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	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018
STATEMENT OF CASH FLOWS	restated	restated	restated	restated
Profit (loss) before taxes	107	482	515	1,490	101	291	490	382	846	1,286	2,251	1,966	219	578	970	1,258	216	1,952	2,730	3,144	389	982
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration		- -	(2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-	-	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246	389	1,000	123	294	437	609	145	309	470	685	177	477
Net effect pension liabilities													(61)	(46)	(29)	(65)	(87)	(74)	(77)	(91)	(70)	(66)
Share of loss (profit) of joint ventures and associates, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)	(108)	(25)	43	102	155	199	58	87	102	134	6	1
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)	(678)	(828)	(194)	(411)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)	(137)	-	(1,310)	(1,547)	(1,697)	(7)	(7)
Change in working capital and provisions	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	47	274	69	219	6	(88)	(46)	(57)	33	(90)
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1,230	(18)	362	690	993	168	801	1,001	1,506	159	351	954	1,290	335	885
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)	(728)	(1,580)	(289)	(616)	(1,310)	(1,513)	(166)	(487)	(677)	(1,248)	(675)	(4,161)	(4,144)	(4,546)	(158)	(370)
Net cash flow before financing activities	(538)	(396)	(297)	1,187	(507)	(442)	37	(350)	(307)	(254)	(620)	(520)	2	314	324	258	(516)	(3,811)	(3,190)	(3,256)	177	515
Net cash flow from financing activities	60	397	(296)	(1,116)	(365)	(305)	(382)	(116)	(117)	20	2,758	1,683	(251)	(771)	(819)	(877)	(6)	3,018	2,704	3,558	15	(436)
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)	(29)	(17)	(18)	(23)	(8)	(4)	4	18	1	55	(13)	(18)
Net increase (decrease) in cash and cash equivalents	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)	2,109	1,146	(267)	(480)	(503)	(623)	(518)	(774)	(486)	357	179	62
Cash and cash equivalents at start of period	978	978	978	978	1,202	1,202	1,202	1,202	745	745	745	745	1,891	1,891	1,891	1,891	1,268	1,268	1,268	1,268	1,626	1,626
Cash and cash equivalents at end of period	541	1,066	497	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388	1,268	751	495	783	1,626	1,805	1,688

													Full year
									SCHIBSTED MEDIA GROUP	2018			2016
									REVENUES
4,113	3,798	4,060	4,000	4,327	4,161	4,455	4,357			8,959	8,327	16,943	15,854
1,708	1,566	1,621	1,721	1,932	1,864	1,995	2,009			4,224	3,653	7,512	6,467
2,171	1,949	2,137	1,964	2,084	1,978	2,134	2,024			4,107	4,048	8,160	8,309
403	415	436	436	470	460	470	456			911	906	1,835	1,641
79	79	82	110	119	161	178	185			371	229	568	329
-248	-211	-216	-230	-279	-302	-322	-317			-653	-509	-1,133	-892
									EBITDA
636	573	501	434	694	783	695	610			1,506	1,128	2,606	2,132
531	475	416	409	608	656	623	603			1,391	1,018	2,297	1,849
202	176	207	157	216	218	204	113			277	373	795	663
79	105	91	79	84	127	102	101			222	163	392	335
-176	-182	-213	-211	-214	-218	-235	-207			-385	-426	-879	-715
	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	4,602 SCHIBSTED MEDIA GROUP 2,214 MARKETPLACES 2,083 PUBLISHING 455 GROWTH 186 OTHER AND HEADQUARTERS -336 ELIMINATIONS 895 SCHIBSTED MEDIA GROUP 789 MARKETPLACES 165 PUBLISHING 121 GROWTH -178 OTHER AND HEADQUARTERS		Year to date Year to date 2017	Full year 2017

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	MARKETPLACES	2018	Year to date Year to date 2017	Full year 2017	Full year 2016
										Total Marketplaces
1,572	1,708	1,566	1,621	1,721	1,932 13 %	1,864 19 %	1,995 17 %	2,009 11 %		2,214 Total operating revenues 14 % YOY revenue growth (currency adjusted)	4,224 13 %	3,653	7,512 16 %	6,467
1,145	1,177	1,091	1,205	14 % 1,312	1,324	1,207	1,372	1,407		1,426 Operating expenses	2,832	2,635	5,215	4,618
427 27 %	531 31 %	475 30 %	416 26 %	409 24 %	608 31 %	656 35 %	623 31 %	603 30 %		789 EBITDA 36 % EBITDA-margin	1,391 33 %	1,018 28 %	2,297 31 %	1,849 29 %
1,472	1,595	1,465	1,514	1,617	1,811	1,740	1,850	1,876		Total developed phase 2,071 Operating revenues	3,947	3,428	7,018	6,046
834	867	797	904	15 % 953	14 % 995	18 % 939	16 % 1,054	10 % 1,101		14 % YOY revenue growth (currency adjusted) 1,141 Operating expenses	12 % 2,242	1,948	16 % 3,941	3,402
638	728	667	610	664	816	801	796	775		931 EBITDA	1,706	1,480	3,077	2,644
43 %	46 %	46 %	40 %	41 %	45 %	46 %	43 %	41 %		45 % EBITDA-margin	43 %	43 %	44 %	44 %
487	506	469	527	555	609	587	676	704		France developed phase 750 Operating revenues	1,453	1,164	2,426	1,989
				21 %	20 %	24 %	21 %	18 %		21 % YOY revenue growth (local currency)	25 %		21 %
153 334	215 291	210 259	210 316	218 337	236 373	242 345	307 369	310 394		346 Operating expenses 404 EBITDA	655 798	454 710	1,003 1,423	789 1,200
69 %	57 %	55 %	60 %	61 %	61 %	59 %	55 %	56 %		54 % EBITDA-margin	55 %	61 %	59 %	60 %
										Norway developed phase
352	401	352	346	392 11 %	435 9 %	409 16 %	393 13 %	408 4 %		503 Operating revenues 16 % YOY revenue growth	911 10 %	827	1,628 12 %	1,451
209	207	187	223	238	242	218	243	236		268 Operating expenses	504	479	940	827
143 41 %	193 48 %	165 47 %	123 35 %	154 39 %	193 44 %	191 47 %	150 38 %	172 42 %		235 EBITDA 47 % EBITDA-margin	407 45 %	347 42 %	688 42 %	624 43 %
										Sweden developed phase
239	276	244	230	229	268	256	249	221		244 Operating revenues	465	496	1,002	989
109	114	89	104	3 % 105	1 % 120	5 % 102	3 % 116	-6 % 119		-5 % YOY revenue growth (local currency) 116 Operating expenses	-6 % 235	225	3 % 443	416
130 54 %	162 59 %	155 63 %	126 55 %	124 54 %	148 55 %	154 60 %	133 54 %	101 46 %		128 EBITDA 53 % EBITDA-margin	230 49 %	271 55 %	559 56 %	573 58 %
255	261	253	260	288	324	323	352	365		Spain developed phase 386 Operating revenues	751	612	1,287	1,029
	193	180	217	20 % 245	23 % 249	27 % 223	27 % 245	18 % 274		17 % YOY revenue growth (local currency) 262 Operating expenses	23 % 536	494	24 % 963	809
218 37	68	72	43	43	75	99	106	91		124 EBITDA	215	118	324	220
15 %	26 %	29 %	16 %	15 %	23 %	31 %	30 %	25 %		32 % EBITDA-margin	29 %	19 %	25 %	21 %
	152	146	152	154	176	165	180	178		Other Developed phase 189 Operating revenues	367	329	674	588
139				15 %	14 %	14 %	12 %	9 %		6 % YOY revenue growth (currency adjusted)	14 %		14 %
145 -6	137 15	131 15	149 3	147 7	148 27	154 11	142 38	162 16		150 Operating expenses 40 EBITDA	311 56	295 34	592 83	562 26
-5 %	10 %	10 %	2 %	4 %	15 %	7 %	21 %	9 %		21 % EBITDA-margin	15 %	10 %	12 %	4 %
										Investment phase
73	89	88	99	97 34 %	114 26 %	121 37 %	147 42 %	129 30 %		140 Operating revenues 25 % YOY revenue growth (currency adjusted)	269 35 %	211	478 35 %	349
279	275	270	279	325	296	240	292	273		253 Operating expenses	525	621	1,154	1,102
-205 -279 %	-186 -210 %	-182 -208 %	-179 -180 %	-228 -236 %	-182 -160 %	-120 -99 %	-145 -99 %	-143 -111 %		-113 EBITDA -80 % EBITDA-margin	-256 -95 %	-411 -195 %	-676 -141 %	-753 -216 %
										Marketplaces other / HQ
26	24	14	7	7	7	3	-1	4		3 Operating revenues / eliminations	7	14	16	71
32 -6	35 -11	24 -10	22 -15	34 -27	32 -25	28 -24	26 -28	33 -29		33 Operating expenses -30 EBITDA	65 -58	66 -52	120 -104	113 -42
										Proportional result from Joint Ventures and Associates
50	56	63	70	75	83	93	107	106		121 Operating revenues	227	158	358	240
	70 86	83	90	50 % 86	42 % 83	54 % 100	51 % 110	45 % 90		51 % YOY revenue growth (currency adjusted) 103 Operating expenses	48 % 193	169	48 % 379	329
	(14) (35) 12 4	(20) 6	(20) 7	(10) 8	(1) 10	(7) 7	(3) 4	16 8	18 EBITDA	8 - EBITDA Developed phase	34 16	-11 18	(21) 28	-89 29
	(26) (39)	(25)	(27)	(18)	(10)	(14)	(6)	8		10 - EBITDA Investment phase	18	-29	(49)	-117
-70 %	-25 %	-31 %	-28 %	-13 %	-1 %	-8 %	-3 %	15 %		15 % EBITDA-margin	15 %	-7 %	-6 %	-37 %
	1,764 1,622	1,629	1,691	1,796	2,015	1,957	2,102	2,115		Total Marketplaces including Joint Ventures and Associates 2,335 Operating revenues	4,450	3,811	7,870	6,707
				15 %	14 %	20 %	19 %	13 %		16 % YOY revenue growth (currency adjusted)	14 % 3,025	2,805	17 % 5,594
	1,247 1,231 517 392	1,174 455	1,295 396	1,397 399	1,407 608	1,308 649	1,482 620	1,497 619	806 EBITDA	1,528 Operating expenses	1,425	1,007	2,276	4,947 1,760
	740 642 (212) (244)	673 (207)	618 (206)	672 (247)	826 (193)	807 (134)	800 (152)	783 (135)		939 - EBITDA Developed phase (103) - EBITDA Investment phase	1,722 -238	1,498 -439	3,105 (725)	2,673 -870
24 %	29 %	28 %	23 %	22 %	30 %	33 %	29 %	29 %		35 % EBITDA-margin	32 %	26 %	29 %	26 %
										Currency rates
9.53 1.02	9.32 1.00	9.29 0.98	9.04 0.93	8.99 0.95	9.37 0.97	9.35 0.98	9.62 0.98	9.63 0.97		9.55 EUR/NOK 0.92 NOK / SEK	9.59 0.95	9.18 0.96	9.33 0.97	9.29 0.98
	54.3 51.2	50.5	58.3	61.8	65.0	62.7	70.3	73.0		France developed phase in EUR 78.5 Operating revenues	152	127	259.8	214
16	23	23	23	21 % 24	20 % 25	24 % 26	21 % 32	18 % 32		21 % YOY revenue growth 36 Operating expenses	20 % 68	49	21 % 107	85
	31.2 35.1	27.9	35.0	37.5	39.8	36.9	38.3	40.9	42.3 EBITDA		83	77	152.5	129
69 %	57 %	55 %	60 %	61 %	61 %	59 %	55 %	56 %		54 % EBITDA-margin	55 %	61 %	59 %	60 %
	28.0 26.8	27.2	28.8	32.1	34.6	34.5	36.6	37.9		Spain developed phase in EUR 40.4 Operating revenues	78	67	137.8	111
				20 %	23 %	27 %	27 %	18 %		17 % YOY revenue growth	17 %		24 %
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	13.0 EBITDA	27.4 Operating expenses	56 22	54 13	103.2 34.5	87 24
15 %	26 %	29 %	16 %	15 %	23 %	31 %	30 %	25 %		32 % EBITDA-margin	29 %	19 %	25 %	21 %
										Sweden developed phase in SEK
	274 234	250	248	242 3 %	277 1 %	262 5 %	254 3 %	229 -6 %		264 Operating revenues -5 % YOY revenue growth	492 -5 %	519	1,035 3 %	1,007
	113 107	91	112	111	124	105	118	124		125 Operating expenses	249	235	458	423

161 128		159	136	131	153	157	136	105	139 EBITDA	244 283	577	584
54 %	59 %	63 %	55 %	54 %	55 %	60 %	54 %	46 %	53 % EBITDA-margin	49 % 55 %	56 %	58 %

2 quarter 3 quarter 4 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter Year to date Year to date Full year 1 quarter 1 quarter Full year 2016 2017 2017 2017 2017 2018 2018 2017 2016 2016 PUBLISHING 2016 2017 2016 2018 Total Publishing 2,171 1,949 2,137 1,964 2,084 1,978 2,134 2,024 2,083 Operating revenues 4,107 4,048 8,160 2,052 660 574 696 624 690 648 771 716 779 - online 1,494 1,314 2,734 590 1,512 1,375 1,440 1,340 1,394 1,330 1,363 1,308 1,304 - offline 2,612 2,734 5,427 1,463 -4 % 1 % 0 % 3 % 0 % YOY revenue growth -2 % -4 % 1 % 1,969 1,773 1,930 1,807 1,868 1,760 1,929 1,911 1,918 Operating expenses 3,829 3,675 7,365 1,974 202 176 207 157 216 218 204 113 165 EBITDA 277 373 795 78 9 % 9 % 10 % 8 % 10 % 11 % 10 % 6 % 8 % EBITDA-margin 7 % 9 % 10 % 4 % VG (Verdens Gang) 422 402 449 431 439 428 447 443 459 Operating revenues 902 870 1,746 428 163 160 198 205 216 203 240 235 255 - online 490 420 863 162 259 242 251 226 224 225 207 208 204 - offline 413 450 882 266 4 % 6 % 0 % 3 % 5 % YOY revenue growth 4 % 3 % 1 % 358 336 363 343 352 341 372 363 377 Operating expenses 740 695 1,407 370 63 66 85 88 87 87 76 80 82 EBITDA 162 176 339 57 15 % 16 % 19 % 21 % 20 % 20 % 17 % 18 % 18 % EBITDA-margin 18 % 20 % 19 % 13 % Aftonbladet 510 459 474 419 470 457 484 415 434 Operating revenues 848 889 1,830 477 234 197 241 190 226 213 259 215 228 - online 443 415 887 209 276 262 233 230 244 244 225 199 206 - offline 405 474 943 268 -4 % 0 % -4 % -3 % -3 % YOY revenue growth (currency adjusted) -3 % -3 % -5 % 442 396 410 387 400 391 391 379 381 Operating expenses 760 787 1,568 431 68 63 63 32 70 67 93 35 53 EBITDA 88 102 262 46 13 % 14 % 13 % 8 % 15 % 15 % 19 % 9 % 12 % EBITDA-margin 10 % 12 % 14 % 10 % Subscription based newspapers (Norway and Sweden) 967 854 963 867 902 837 919 859 886 Operating revenues 1,745 1,769 3,525 926 205 179 232 200 211 199 230 218 230 - online 448 411 840 183 762 675 731 667 691 638 689 640 656 - offline 1,297 1,358 2,685 743 -7 % -2 % -5 % -1 % -2 % YOY revenue growth -1 % -5 % -6 % 903 814 876 826 819 774 853 828 825 Operating expenses 1,654 1,645 3,272 907 64 40 87 41 83 62 67 30 61 EBITDA 91 124 253 18 7 % 5 % 9 % 5 % 9 % 7 % 7 % 4 % 7 % EBITDA-margin 5 % 7 % 7 % 2 % Publishing other / HQ 272 234 251 247 273 256 283 308 303 Operating revenues / eliminations 611 520 1,060 222 266 228 280 252 297 254 315 340 334 Operating expenses 675 549 1,118 266 7 6 -28 -5 -24 2 -31 -33 -31 EBITDA -64 -29 -59 -59 -44	NOK million
8,309 2,520 5,789 7,647 663 8 % 1,700 683 1,017 1,428 272 16 % 1,920 880 1,040 1,680 240 12 % 3,710 2,911 980 1,039
								798
								3,500
								210
								6 %

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
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	GROWTH	2018	2017	2017	2016
										Total Growth
387	403	415	436	436	470	460	470	456		455 Operating revenues	911	906	1,835	1,641
				12 %	17 %	11 %	8 %	5 %		-3 % YOY revenue growth	1 %		12 %
328	323	310	344	356	387	333	367	354		334 Operating expenses	689	743	1,443	1,306
60	79	105	91	79	84	127	102	101		121 EBITDA	222	163	392	335
15 %	20 %	25 %	21 %	18 %	18 %	28 %	22 %	22 %		27 % EBITDA-margin	24 %	18 %	21 %	20 %
	109	125	120	147	165	201	191	215		Lendo Group 208 Operating revenues	423	312	704	459
105					52 %	60 %	60 %	46 %		26 % YOY revenue growth	36 %		53 %
	35	52	53	40 % 55	60	91	87	95		84 EBITDA	179	115	293	168
27
26 %	33 %	41 %	44 %	37 %	37 %	45 %	45 %	44 %		41 % EBITDA-margin	42 %	37 %	42 %	37 %
										Hitta (divested Q3 2017)
64	64	61	63	59	65	21				Operating revenues		124	145	252
18	16	17	16	10	15	5				EBITDA		25	30	67
29 %	25 %	28 %	26 %	18 %	23 %	22 %				EBITDA-margin		20 %	21 %	27 %
										Total Growth excl. Hitta
323	339	354	373	377	405	439	470	456		455 Operating revenues	911	782	1,690	1,389
				17 %	20 %	24 %	26 %	21 %		12 % YOY revenue growth	16 %		22 %
42	63	88	75	69	69	122	102	101		121 EBITDA	222	138	362	268
13 %	19 %	25 %	20 %	18 %	17 %	28 %	22 %	22 %		27 % EBITDA-margin	24 %	18 %	21 %	19 %