Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Mar 26, 2018

New reporting structure

• restated financials and analytical info Q1 2016 - Q4 2017

Contents (each item on separate tabs):

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

NOK million
																				SCHIBSTED MEDIA GROUP 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter CONDENSED CONSOLIDATED	Full year	Full year	Full year	Full year		Full year Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	INCOME STATEMENT	2017	2016	2015	2014	2013	2013
restated	restated	restated	restated																						restated	reported
452	445	433	440	479	448	463	474	478	456	477	490	506	529	528	533	541	551	553		572 Subscription revenues	2.218	2.096	1.901	1.864	1.770	1.787
564	577	619	568	541	553	589	538	495	525	526	504	485	481	470	429	416	427	439		393 Casual sales revenues	1.675	1.865	2.050	2.221	2.328	2.335
2.081	2.330	2.026	2.284	2.170	2.338	1.995	2.287	2.176	2.366	2.169	2.430	2.377	2.559	2.301	2.523	2.480	2.748	2.543		2.831 Advertising revenues	10.602	9.760	9.141	8.790	8.721	9.017
490	518	503	540	520	495	510	575	545	456	501	523	515	545	499	574	562	601	625		658 Other revenues	2.447	2.133	2.025	2.100	2.051	2.093
3.587	3.870	3.581	3.832	3.710	3.834	3.557	3.874	3.694	3.803	3.673	3.947	3.883	4.114	3.798	4.059	4.000	4.327	4.161		4.455 Operating revenues		16.943 15.854 15.117 14.975 14.870 15.232
																			-
(230)	(241)	(201)	(178)	(172)	(179)	(167)	(178)	(161)	(144)	(129)	(141)	(129)	(129)	(118)	(124)	(107)	(110)	(102)		(113) Raw materials and finished goods	(432)	(500)	(575)	(696)	(850)	(871)
																				(1.349) (1.360) (1.216) (1.389) (1.427) (1.405) (1.255) (1.477) (1.487) (1.460) (1.372) (1.565) (1.562) (1.568) (1.396) (1.615) (1.546) (1.606) (1.487) (1.678) Personnel expenses	(6.317)					(6.141) (5.884) (5.564) (5.314) (5.474)
																				(1.711) (1.707) (1.701) (1.810) (1.701) (1.676) (1.631) (1.766) (1.670) (1.557) (1.616) (1.799) (1.771) (1.780) (1.712) (1.819) (1.913) (1.917) (1.789) (1.969) Other operating expenses	(7.588)					(7.082) (6.642) (6.774) (6.929) (7.228)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-				-	- -	Share of profit (loss) of joint ventures and associates	-	-	-	-	-	13
297	562	463	455	410	574	504	453	376	642	556	442	421	637	572	501	434	694	783		695 Gross operating profit (loss)	2.606	2.131	2.016	1.941	1.777	1.672
																			-
(117)	(119)	(121)	(119)	(114)	(112)	(123)	(118)	(118)	(119)	(129)	(132)	(123)	(132)	(127)	(147)	(145)	(156)	(158)		(175) Depreciation and amortisation	(634)	(529)	(498)	(467)	(476)	(490)
(26)	(11)	(30)	(56)	(202)	(216)	(252)	(171)	354	(107)	(124)	(71)	(43)	(40)	(43)	(45)	(58)	(11)	(15)		(29) Share of profit (loss) of joint ventures and associates	(113)	(171)	52	(841)	(123)	-
-	(2)	-	(148)	(9)	-	(1)	(121)	(6)	(3)	(14)	(465)	-	(39)	(16)	(25)	(0)	0 (0) (9)	-	- (2)	Impairment loss goodwill (38) Impairment loss	- (49)	- (80)	- (488)	- (131)	(150)	(150)
(7)	8	(225)	871	45	(30)	88	(95)	267	97	794	(79)	(24)	(69)	(32)	11	(3)	1.286	194		28 Other income and expenses	1.505	(114)	1.079	8	647	1.169
147	438	87	1.003	130	216	216	(52)	873	510	1.083	(305)	231	357	354	295	228	1.805	802	-	479 Operating profit (loss)	3.315	1.237	2.161	510	1.675	2.201
(40)	(63)	(54)	(28)	(29)	(26)	(17)	(56)	(27)	(70)	(118)	20	(12)	2	38	(7)	(12)	(70)	(23)		(66) Net Financial Items	(171)	21	(195)	(128)	(185)	(186)
107	375	33	975	101	190	199	(108)	846	440	965	(285)	219	359	392	288	216	1.735	779		414 Profit (loss) before taxes	3.144	1.258	1.966	382	1.490	2.015
																			-
(46)	(171)	(111)	(125)	(125)	(162)	(139)	(83)	(112)	(172)	(153)	(138)	(144)	(166)	(195)	(194)	(174)	(352)	(226)		(207) Taxes	(958)	(699)	(575)	(509)	(453)	(453)
61	204	(78)	850	(24)	28	60	(191)	734	268	812	(423)	75	193	197	94	43	1.383	553		207 Profit (loss)	2.186	559	1.391	(127)	1.037	1.562
																				Profit (loss) attributable to:
	8 19	-	(1)	11	22	14	6	71	29	15	13	21	38	23	12	12	10	22		11 Non-controlling interests	55	94	128	53	26	26
53	185	(78)	851	(35)	6	46	(197)	663	239	797	(436)	54	155	174	82	30	1.373	531		196 Owners of the parent	2.130	465	1.263	(180)	1.011	1.536
																				Earnings per share (NOK)
0,25	0,86	(0,36)	3,97	(0,16)	0,03	0,21	(0,92)	3,08	1,11	3,68	(1,93)	0,24	0,69	0,77	0,36	0,13	6,07	2,35		0,85 Basic	9,36	2,05	5,79	(0,84)	4,72	7,16
0,25	0,86	(0,36)	3,97	(0,16)	0,03	0,21	(0,92)	3,08	1,11	3,67	(1,92)	0,24	0,69	0,77	0,36	0,13	6,06	2,34		0,85 Diluted	9,35	2,05	5,78	(0,84)	4,71	7,16
0,27	0,83	0,63	0,22	(0,34)	0,13	(0,27)	(0,25)	2,10	0,62	0,06	0,41	0,29	1,04	0,93	0,44	0,15	0,96	1,45		0,88 Basic - adjusted	3,43	2,70	3,17	(0,73)	1,95	1,95
0,27	0,83	0,63	0,22	(0,34)	0,13	(0,27)	(0,25)	2,10	0,62	0,06	0,41	0,29	1,04	0,93	0,44	0,15	0,96	1,45		0,88 Diluted - adjusted	3,43	2,69	3,16	(0,73)	1,95	1,95

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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

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
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017
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
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
Net effect pension liabilities													(61)	(46)	(29)	(65)	(87)	(74)	(77)	(91)
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
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)	(678)	(828)
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)
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)
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
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)
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)
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
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
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
																				-
Cash and cash equivalents at start of period Cash and cash equivalents at end of period	978 541	978 1.066	978 497	978 1.202	1.202 307	1.202 458	1.202 831	1.202 745	745 285	745 469	745 2.854	745 1.891	1.891 1.624	1.891 1.411	1.891 1.388	1.891 1.268	1.268 751	1.268 495	1.268 783	1.268 1.626

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	SCHIBSTED MEDIA GROUP	2017	2016
								REVENUES
3.883	4.113	3.798	4.060	4.000	4.327	4.161		4.455 SCHIBSTED MEDIA GROUP	16.943	15.854
1.572	1.708	1.566	1.621	1.721	1.932	1.864		1.995 MARKETPLACES	7.512	6.467
2.052	2.171	1.949	2.137	1.964	2.084	1.978		2.134 PUBLISHING	8.160	8.309
387	403	415	436	436	470	460		470 GROWTH	1.835	1.641
89	79	79	82	110	119	161		178 OTHER AND HEADQUARTERS	568	329
-217	-248	-211	-216	-230	-279	-302		-322 ELIMINATIONS	-1.133	-892
								EBITDA
421	636	573	501	434	694	783		695 SCHIBSTED MEDIA GROUP	2.606	2.132
427	531	475	416	409	608	656		623 MARKETPLACES	2.297	1.849
78	202	176	207	157	216	218		204 PUBLISHING	795	663
60	79	105	91	79	84	127		102 GROWTH	392	335
-143	-176	-182	-213	-211	-214	-218		-235 OTHER AND HEADQUARTERS	-879	-715

Total Marketplaces 1.572 1.708 1.566 1.621 1.721 1.932 1.864 1.995 Total operating revenues 7.512 6.467 15 % 13 % 19 % 17 % YOY revenue growth (currency adjusted) 16 % 1.145 1.177 1.091 1.205 1.312 1.324 1.207 1.372 Operating expenses 5.215 4.618 427 531 475 416 409 608 656 623 EBITDA 2.297 1.849 27 % 31 % 30 % 26 % 24 % 31 % 35 % 31 % EBITDA-margin 31 % 29 % Total developed phase 1.472 1.595 1.465 1.514 1.617 1.811 1.740 1.850 Operating revenues 7.018 6.046 10 % 14 % 19 % 22 % YOY revenue growth 16 % 834 867 797 904 953 995 939 1.054 Operating expenses 3.941 3.402 638 728 667 610 664 816 801 796 EBITDA 3.077 2.644 43 % 46 % 46 % 40 % 41 % 45 % 46 % 43 % EBITDA-margin 44 % 44 % France developed phase 487 506 469 527 555 609 587 676 Operating revenues 2.426 1.989 21 % 20 % 24 % 21 % YOY revenue growth (local currency) 21 % 153 215 210 210 218 236 242 307 Operating expenses 1.003 789 334 291 259 316 337 373 345 369 EBITDA 1.423 1.200 69 % 57 % 55 % 60 % 61 % 61 % 59 % 55 % EBITDA-margin 59 % 60 % Norway developed phase 352 401 352 346 392 435 409 393 Operating revenues 1.628 1.451 11 % 9 % 16 % 13 % YOY revenue growth 12 % 209 207 187 223 238 242 218 243 Operating expenses 940 827 143 193 165 123 154 193 191 150 EBITDA 688 624 41 % 48 % 47 % 35 % 39 % 44 % 47 % 38 % EBITDA-margin 42 % 43 % Sweden developed phase 239 276 244 230 229 268 256 249 Operating revenues 1.002 989 3 % 1 % 5 % 3 % YOY revenue growth (local currency) 3 % 109 114 89 104 105 120 102 116 Operating expenses 443 416 130 162 155 126 124 148 154 133 EBITDA 559 573 54 % 59 % 63 % 55 % 54 % 55 % 60 % 54 % EBITDA-margin 56 % 58 % Spain developed phase 255 261 253 260 288 324 323 352 Operating revenues 1.287 1.029 20 % 23 % 27 % 27 % YOY revenue growth (local currency) 24 % 218 193 180 217 245 249 223 245 Operating expenses 963 809 37 68 72 43 43 75 99 106 EBITDA 324 220 15 % 26 % 29 % 16 % 15 % 23 % 31 % 30 % EBITDA-margin 25 % 21 % Other Developed phase 139 152 146 152 154 176 165 180 Operating revenues 674 588 11 % 16 % 13 % 19 % YOY revenue growth 15 % 145 137 131 149 147 148 154 142 Operating expenses 592 562 -6 15 15 3 7 27 11 38 EBITDA 83 26 -5 % 10 % 10 % 2 % 4 % 15 % 7 % 21 % EBITDA-margin 12 % 4 % Investment phase 73 89 88 99 97 114 121 147 Operating revenues 478 349 32 % 28 % 38 % 48 % YOY revenue growth 37 % 279 275 270 279 325 296 240 292 Operating expenses 1.154 1.102 -205 -186 -182 -179 -228 -182 -120 -145 EBITDA -676 -753 -279 % -210 % -208 % -180 % -236 % -160 % -99 % -99 % EBITDA-margin -141 % -216 % Marketplaces other / HQ 26 24 14 7 7 7 3 -1 Operating revenues / eliminations 16 71 32 35 24 22 34 32 28 26 Operating expenses 120 113 -6 -11 -10 -15 -27 -25 -24 -28 EBITDA -104 -42 Proportional result from Joint Ventures and Associates 50 56 63 70 75 83 93 107 Operating revenues 358 240 50 % 48 % 48 % 52 % YOY revenue growth 49 % 86 70 83 90 86 84 100 110 Operating expenses 379 329 (35) (14) (20) (20) (10) (1) (7) (3) EBITDA (21) (89) 4 12 6 7 8 10 7 4 - EBITDA Developed phase 28 29 (39) (26) (25) (27) (18) (10) (14) (6) - EBITDA Investment phase (49) (117) -70 % -25 % -31 % -28 % -13 % -1 % -8 % -3 % EBITDA-margin -6 % -37 % Total Marketplaces including Joint Ventures and Associates 1.622 1.764 1.629 1.691 1.796 2.015 1.957 2.102 Operating revenues 7.870 6.707 16 % 14 % 20 % 19 % YOY revenue growth (currency adjusted) 17 % 1.231 1.247 1.174 1.295 1.397 1.407 1.308 1.482 Operating expenses 5.594 4.947 392 517 455 396 399 607 649 620 EBITDA 2.276 1.760 642 740 673 618 672 826 807 800 - EBITDA Developed phase 3.105 2.673 (244) (212) (207) (206) (247) (193) (134) (152) - EBITDA Investment phase (725) (870) 24 % 29 % 28 % 23 % 22 % 30 % 33 % 29 % EBITDA-margin 29 % 26 % Currency rates 9,53 9,32 9,29 9,04 8,99 9,37 9,35 9,62 EUR/NOK 9,33 9,29 1,02 1,00 0,98 0,93 0,95 0,97 0,98 0,98 NOK / SEK 0,97 0,98 France developed phase in EUR 51,2 54,3 50,5 58,3 61,8 65,0 62,7 70,3 Operating revenues 260 214 21 % 20 % 24 % 21 % YOY revenue growth 21 % 16,1 23,1 22,6 23,3 24,3 25,2 25,9 32,0 Operating expenses 107 85 35,1 31,2 27,9 35,0 37,5 39,8 36,9 38,3 EBITDA 153 129 69 % 57 % 55 % 60 % 61 % 61 % 59 % 55 % EBITDA-margin 59 % 60 % Spain developed phase in EUR 26,8 28,0 27,2 28,8 32,1 34,6 34,5 36,6 Operating revenues 138 111 20 % 23 % 27 % 27 % YOY revenue growth 24 % 22,9 20,8 19,4 24,0 27,3 26,6 23,9 25,5 Operating expenses 103 87 3,9 7,3 7,8 4,7 4,8 8,0 10,6 11,1 EBITDA 35 24 15 % 26 % 29 % 16 % 15 % 23 % 31 % 30 % EBITDA-margin 25 % 21 % Sweden developed phase in SEK 234 274 250 248 242 277 262 254 Operating revenues 1.035 1.007 3 % 1 % 5 % 3 % YOY revenue growth 3 % 107 113 91 112 111 124 105 118 Operating expenses 458 423 128 161 159 136 131 153 157 136 EBITDA 577 584	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	MARKETPLACES	Full year 2017	Full year 2016

54 %	59 %	63 %	55 %	54 %	55 %	60 %	54 % EBITDA-margin	56 %	58 %

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	PUBLISHING	Full year 2017	Full year 2016
								Total Publishing
2.052	2.171	1.949	2.137	1.964	2.084	1.978		2.134 Operating revenues	8.160	8.309
590	660	574	696	624	690	648		771 - online	2.734	2.520
1.463	1.512	1.375	1.440	1.340	1.394	1.330		1.363 - offline	5.427	5.789
				-4 %	-4 %	1 %		0 % YOY revenue growth	-2 %
1.974	1.969	1.773	1.930	1.807	1.868	1.760		1.929 Operating expenses	7.365	7.647
78	202	176	207	157	216	218		204 EBITDA	795	663
4 %	9 %	9 %	10 %	8 %	10 %	11 %		10 % EBITDA-margin	10 %	8 %
								VG (Verdens Gang)
428	422	402	449	431	439	428		447 Operating revenues	1.746	1.700
162	163	160	198	205	216	203		240 - online	863	683
266	259	242	251	226	224	225		207 - offline	882	1.017
				1 %	4 %	6 %		0 % YOY revenue growth	3 %
370	358	336	363	343	352	341		372 Operating expenses	1.407	1.428
57	63	66	85	88	87	87		76 EBITDA	339	272
13 %	15 %	16 %	19 %	21 %	20 %	20 %		17 % EBITDA-margin	19 %	16 %
								Aftonbladet
477	510	459	474	419	470	457		484 Operating revenues	1.830	1.920
209	234	197	241	190	226	213		259 - online	887	880
268	276	262	233	230	244	244		225 - offline	943	1.040
				-6 %	-5 %	-1 %		-4 % YOY revenue growth (currency adjusted)	-4 %
431	442	396	410	387	400	391		391 Operating expenses	1.568	1.680
46	68	63	63	32	70	67		93 EBITDA	262	240
10 %	13 %	14 %	13 %	8 %	15 %	15 %		19 % EBITDA-margin	14 %	12 %
								Subscription based newspapers (Norway and Sweden)
926	967	854	963	867	902	837		919 Operating revenues	3.525	3.710
183	205	179	232	200	211	199		230 - online	840	798
743	762	675	731	667	691	638		689 - offline	2.685	2.911
				-6 %	-7 %	-2 %		-5 % YOY revenue growth	-5 %
907	903	814	876	826	819	774		853 Operating expenses	3.272	3.500
18	64	40	87	41	83	62		67 EBITDA	253	210
2 %	7 %	5 %	9 %	5 %	9 %	7 %		7 % EBITDA-margin	7 %	6 %
								Publishing other / HQ
222	272	234	251	247	273	256		283 Operating revenues	1.060	980
266	266	228	280	252	297	254		315 Operating expenses	1.118	1.039
-44	7	6	-28	-5	-24	2		-31 EBITDA	-59	-59

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	GROWTH	Full year 2017	Full year 2016
								Total Growth
387	403	415	436	436	470	460		470 Operating revenues	1.835	1.641
				12 %	17 %	11 %		8 % YOY revenue growth	12 %
328	323	310	344	356	387	333		367 Operating expenses	1.443	1.306
60	79	105	91	79	84	127		102 EBITDA	392	335
15 %	20 %	25 %	21 %	18 %	18 %	28 %		22 % EBITDA-margin	21 %	20 %
								Lendo Group
105	109	125	120	147	165	201		191 Operating revenues	704	459
				40 %	52 %	60 %		60 % YOY revenue growth	53 %
27	35	52	53	55	60	91		87 EBITDA	293	168
26 %	33 %	41 %	44 %	37 %	37 %	45 %		45 % EBITDA-margin	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 %
								Total Growth excl. Hitta
323	339	354	373	377	405	439		470 Operating revenues	1.690	1.389
				17 %	20 %	24 %		26 % YOY revenue growth	22 %
42	63	88	75	69	69	122		102 EBITDA	362	268
13 %	19 %	25 %	20 %	18 %	17 %	28 %		22 % EBITDA-margin	21 %	19 %