Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Nov 3, 2017

Financials and analytical info as of Q3 2017

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment operating revenues
• 1. Media House Norway P&L
• 1. Media House Sweden P&L
• 1. Online Classifieds Pro forma P&L
• 1. Circulation volume Media Houses

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

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 CONDENSED CONSOLIDATED		Year to date Year to date 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 INCOME STATEMENT	2017	2016	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 Subscription revenues	1,646	1,563	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 Casual sales revenues	1,282	1,436	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 Advertising revenues	7,771	7,237	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 Other revenues	1,789	1,559	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 Operating revenues	12,488	11,795	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 Raw materials and finished goods	-319	-376	-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 Personnel expenses	-4,639	-4,526	-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 Other operating expenses	-5,619	-5,263	-7,082	-6,642	-6,774	-6,929	-7,228
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0 Share of profit (loss) of joint ventures and associates	0	0	0	0	0	0	13
297	562	463	455	410	574	504	453	376	642	556	442	421	637	572	501	434	694	783 Gross operating profit (loss)	1,911	1,630	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 Depreciation and amortisation	-459	-382	-529	-498	-467	-476	-490
-26	-11	-30	-56	-202	-216	-252	-171	354	-107	-124	-71	-43	-40	-43	-45	-58	-11	-15 Share of profit (loss) of joint ventures and associates	-84	-126	-171	52	-841	-123	0
																0	0	0 Impairment loss goodwill	0	0	0	0	0
0	-2	0	-148	-9	0	-1	-121	-6	-3	-14	-465	0	-39	-16	-25	0	-9	-2 Impairment loss	-11	-55	-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 Other income and expenses	1,478	-125	-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 Operating profit (loss)	2,835	942	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 Net Financial Items	-105	28	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 Profit (loss) before taxes	2,730	970	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 Taxes	-752	-505	-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 Profit (loss)	1,978	465	559	1,391	-127	1,037	1,562
																		Profit (loss) attributable to:
8	19	0	-1	11	22	14	6	71	29	15	13	21	38	23	12	12	10	22 Non-controlling interests	44	82	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 Owners of the parent	1,934	383	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 Basic	8.55	1.70	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 Diluted	8.54	1.69	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 Basic - adjusted	2.55	2.26	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 Diluted - adjusted	2.55	2.26	2.69	3.16	(0.73)	1.95	1.95

On 8 May 2015, the Annual General Meeting of Schibsted ASA approved a split of the Company's shares and establishing of a new class of B-shares. Average number of shares outstanding is adjusted retrospectively as if shares issued in share split were outstanding also in previous periods presented to give comparable information on Earnings per share.

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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

Schibsted has as of 1 January 2014 implemented IFRS

11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are restated in the columns "restated" above. The reported figures for 2013 are presented in the columns "reported" above. The restatements are

described in the 1st Quarter 2014 Report.

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
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	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
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration	-	-	(2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-	-	-	-	-	(490)	(498)
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
Share of 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
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)	(678)
Sales losses (gains) non-current assets	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)	(80)	-	(821)	(1,050)
Changes in working capital	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	(14)	228	40	97	(81)	(161)	(122)
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
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)
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)
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
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
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)
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
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

Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements. The

standard is applied retrospectively and comparable figures for 2013 are restated.

The restatements are described in the 1st Quarter 2014 Report.

NOK million 1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	2017	3 quarter OPERATING REVENUES SCHIBSTED MEDIA GROUP	Year to date Year to date Full year 2017	2016	2016	Full year 2015	Full year 2014
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 SCHIBSTED MEDIA GROUP	12,488	11,795	15,854	15,117	14,975
377	387	353	329	379	402	372	350	391	448	405	406	463	507		485 ONLINE CLASSIFIEDS NORWAY	1,455	1,244	1,650	1,503	1,446
210	228	208	217	218	254	251	264	257	294	260	241	242	283		269 ONLINE CLASSIFIEDS SWEDEN	794	811	1,052	987	863
570	614	591	682	709	774	808	911	994	1,042	982	1,067	1,121	1,248		1,222 ONLINE CLASSIFIEDS INTERNATIONAL	3,591	3,018	4,085	3,202	2,457
1,546	1,594	1,480	1,617	1,472	1,458	1,344	1,449	1,330	1,384	1,258	1,421	1,314	1,359		1,300 MEDIA HOUSE NORWAY	3,974	3,972	5,393	5,723	6,237
952	946	882	979	883	954	952	1,082	1,013	1,089	997	1,046	958	1,061		1,000 MEDIA HOUSE SWEDEN	3,019	3,099	4,145	3,871	3,759
212	224	202	227	194	146	129	91	104	93	92	96	123	132		173 OTHER/HEADQUARTERS	428	289	385	560	865
(157)	(159)	(159)	(177)	(161)	(185)	(183)	(200)	(206)	(236)	(196)	(218)	(221)	(263)		(289) ELIMINATIONS	(772)	(638)	(856)	(729)	(652)

Other/Headquarter includes Møteplassen, 20 Minutes Spain until June 2015, Aspiro until March 2015 and central product and tech

NOK million 1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	2017	3 quarter GROSS OPERATING PROFIT (LOSS) - EBITDA SCHIBSTED MEDIA GROUP	Year to date Year to date Full year 2017	2016	2016	Full year 2015	Full year 2014
410	574	504	453	376	642	556	442	421	637	572	501	434	694		783 SCHIBSTED MEDIA GROUP	1,911	1,630	2,131	2,016	1,941
155	181	168	133	150	203	172	127	146	200	174	138	158	175		208 ONLINE CLASSIFIEDS NORWAY	542	520	658	652	637
107	119	109	114	101	117	136	153	130	160	146	111	107	126		148 ONLINE CLASSIFIEDS SWEDEN	382	436	547	507	449
55	98	101	89	90	203	143	74	159	177	167	189	161	315		324 ONLINE CLASSIFIEDS INTERNATIONAL	800	503	692	510	343
101	176	125	136	68	119	90	121	45	143	112	139	119	152		153 MEDIA HOUSE NORWAY	425	300	439	398	538
89	89	105	108	74	110	124	114	86	130	153	138	101	139		165 MEDIA HOUSE SWEDEN	406	369	507	422	391
(97)	(89)	(104)	(127)	(107)	(110)	(109)	(147)	(145)	(173)	(180)	(214)	(213)	(213)		-216 OTHER/HEADQUARTERS	(643)	(498)	(712)	(473)	(417)

Other/Headquarter includes Møteplassen, 20 Minutes Spain until June 2015, Aspiro until March 2015 and central product and tech

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	1 quarter	2 quarter	3 quarter		Year to date Year to date	Full year	Full year	Full year
2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017 MEDIA HOUSE NORWAY	2017	2016	2016	2015	2014
172	182	165	198	162	152	150	167	162	163	160	198	205	216	203 Online newspapers - single copy (VG)*	623	485	683	631	717
124	135	130	151	133	145	128	146	139	159	139	178	153	155	153 Online newspapers - subscription newspapers	461	437	615	552	540
32	39	33	46	49	49	51	49	40	42	37	39	42	42	42 Other online operating revenues/online eliminations	126	119	158	198	150
328	356	328	395	344	346	329	362	341	364	336	415	400	412	398 Operating revenues online	1,210	1,041	1,456	1,381	1,407
250	256	270	249	239	250	246	246	223	222	211	211	196	194	198 Circulation revenues - single copy newspapers (VG)	588	656	867	981	1,025
57	59	47	53	45	39	33	39	31	27	21	31	22	21	19 Advertising revenues - single copy newspapers (VG)	62	79	110	156	216
6	6	6	7		7	8 9	6	7	6	6	3	4		4 5 Other revenues - single copy newspapers (VG)	13	19	22	30	25
339	319	329	319	329	314	322	316	313	322	316	311	293	298	291 Circulation revenues - subscription newspapers	883	951	1,262	1,281	1,306
358	387	290	349	295	306	229	269	217	229	167	223	166	175	144 Advertising revenues - subscription newspapers	485	613	836	1,099	1,384
37	39	36	39	35	35	35	36	33	32	36	34	22		7 16 Other revenues - subscription newspapers	45	101	135	141	151
7	9	4	6		5	5 4	5	5	4	3	6	4		5 3 Eliminations/other revenues (VG)	12	12	18	19	26
1,054	1,075	982	1,022	955	957	878	917	829	842	760	819	707	704	677 Print newspapers operating revenues	2,088	2,431	3,250	3,707	4,133
164	163	170	200	173	155	137	170	160	178	162	187	207	243	225 Other/eliminations	676	500	687	635	697
1,546	1,594	1,480	1,617	1,472	1,458	1,344	1,449	1,330	1,384	1,258	1,421	1,314	1,359	1,300 Total operating revenues	3,974	3,972	5,393	5,723	6,237
														-
(420)	(429)	(405)	(427)	(405)	(390)	(368)	(382)	(371)	(358)	(335)	(364)	(343)	(352)	(341) Online/offline operating expenses - single copy newspapers (VG)*	(1,036)	(1,064)	(1,428)	(1,545)	(1,681)
(813)	(776)	(744)	(795)	(751)	(730)	(692)	(714)	(698)	(686)	(629)	(675)	(602)	(568)	(559) Online/offline operating expenses - subscription newspapers	(1,728)	(2,013)	(2,688)	(2,887)	(3,128)
(212)	(213)	(206)	(259)	(248)	(219)	(194)	(232)	(216)	(197)	(183)	(243)	(250)	(287)	(248) Other/eliminations	(785)	(596)	(839)	(893)	(890)
(1,445)	(1,418)	(1,355)	(1,481)	(1,404)	(1,339)	(1,254)	(1,328)	(1,285)	(1,241)	(1,147)	(1,282)	(1,195)	(1,206)	(1,148) Total operating expenses	(3,549)	(3,673)	(4,955)	(5,325)	(5,699)
72	83	87	86	53	64	74	81	57	64	66	85	88	87	87 EBITDA single copy newspapers VG (online/offline)*	263	187	272	272	328
45	104	41	63	41	70	22	53	4	56	30	71	32	68	46 EBITDA subscription newspapers (online/offline)	146	90	161	186	253
(16)	(11)	(3)	(13)	(26)	(15)	(6)	(13)	(16)	23	16	(17)	(1)	(2)	20 EBITDA other/eliminations	16	23	6	(60)	(43)
101	176	125	136	68	119	90	121	45	143	112	139	119	152	153 Total EBITDA	425	300	439	398	538
858	880	785	858	792	800	714	767	702	742	658	746	634	635	605 Total Revenues Subscription Newspapers	1,874	2,102	2,848	3,073	3,381
492	512	492	513	458	454	442	463	428	422	401	449	431	439	428 Total Revenues VG	1,298	1,251	1,700	1,817	2,009

* Mittanbud.no is from 1st quarter 2015 no longer part of Online newspaper - VG, it is included in Online Classifieds - Norway.

3 quarter Year to date Year to date 1 quarter 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2014 MEDIA HOUSE SWEDEN 2017 2016 2016 2014 2015 977 239 224 232 248 238 240 250 258 263 275 290 322 317 342 318 Schibsted Growth revenues 828 1,150 986 943 151 77 69 66 64 60 64 63 65 63 64 62 68 62 67 21 of which Hitta revenues 189 257 252 276 828 251 252 219 281 255 295 255 339 283 339 294 366 253 302 274 Schibsted Publishing revenues 916 1,282 1,144 1,003 641 171 186 149 193 178 200 176 229 202 230 199 257 197 230 215 of which Aftonbladet online revenues 631 888 783 699 130 26 31 27 36 31 41 34 48 43 46 40 58 40 49 40 of which SvD online revenues 129 187 154 120 3 (9) (4) (12) (19) (11) (10) (10) (15) (12) (14) (16) (21) 3 - - Other online revenues and eliminations (42) (63) (46) 1,808 481 472 439 510 482 525 495 582 534 600 568 667 573 644 592 Online operating revenues 1,702 2,369 2,084 1,902 626 255 268 286 252 230 248 248 224 227 225 227 204 206 210 210 Circulation revenues Aftonbladet 679 883 950 1,061 107 59 73 57 63 46 56 46 51 32 45 37 43 33 38 36 Advertising revenues Aftonbladet 114 157 199 252 - 1 1 2 3 1 - 1 1 1 2 1 1 - - - Other revenues Aftonbladet 4 5 3 7 306 107 98 103 105 102 96 103 104 102 99 103 104 103 98 105 Circulation revenues SvD 304 408 405 413 193 93 102 71 98 79 91 64 90 73 82 57 81 66 73 53 Advertising revenues SvD 212 293 324 364 41 16 15 16 16 16 15 15 15 15 13 18 17 15 13 13 Other revenues SvD 46 63 61 63 531 557 535 537 474 506 477 485 450 466 443 450 423 433 417 Newspaper operating revenues 1,273 1,359 1,809 1,942 51 1 14 9 10 6 7 9 12 9 16 11 12 17 20 13 Other revenues and eliminations 36 48 34 34 1,013 1,043 983 1,057 962 1,038 981 1,079 993 1,082 1,022 1,129 1,013 1,096 1,022 Total operating revenues 3,132 3,097 4,226 4,060 (736) (182) (182) (180) (193) (196) (191) (183) (202) (211) (210) (203) (247) (251) (265) (220) Schibsted Growth expenses (624) (871) (772) (737) (120) (49) (46) (42) (38) (44) (46) (45) (44) (45) (48) (45) (50) (51) (52) (17) of which Hitta expenses (138) (188) (179) (175) (1,881) (735) (740) (689) (730) (687) (703) (662) (738) (687) (727) (660) (725) (634) (641) (606) Schibsted Publishing expenses (print and online) (2,074) (2,799) (2,790) (2,894) (1,211) (441) (471) (433) (437) (421) (433) (408) (440) (418) (437) (403) (439) (405) (410) (396) of which Aftonbladet expenses (1,258) (1,697) (1,702) (1,782) (621) (240) (234) (213) (238) (216) (224) (211) (242) (216) (224) (200) (237) (214) (214) (193) of which SvD expenses (640) (877) (893) (925) (95) (2) (22) 3 (17) 1 (24) (8) (25) (10) (16) (2) (8) (22) (46) (27) Other expenses and eliminations (28) (36) (56) (919) (944) (866) (940) (882) (918) (853) (965) (908) (953) (865) (980) (906) (952) (853) Total operating expenses (2,712) (2,726) (3,706) (3,618) 241 57 42 52 55 42 49 67 56 52 65 87 75 66 78 97 EBITDA Schibsted Growth* 204 279 214 206 28 23 24 26 16 18 18 21 18 16 17 18 11 15 5 of which EBITDA Hitta 31 51 69 73 101 220 47 69 65 88 42 98 70 86 46 78 77 91 42 93 86 EBITDA Schibsted Publishing 201 292 296 269 164 45 57 61 74 34 71 63 65 44 65 61 66 31 68 65 of which EBITDA Aftonbladet 170 236 233 237 2 12 4 17 12 19 5 15 17 16 18 23 11 20 18 of which EBITDA SvD 49 51 74 51 35 (41) (10) (12) - (26) (4) (27) (9) (28) (13) (14) (7) (17) (1) (26) (14) EBITDA Other (34) (51) (68) (48) 420 94 99 117 117 80 120 128 114 85 129 157 149 106 144 169 Total EBITDA 371 520 442 427 0.9423 0.9069 0.8988 0.9264 0.9171 0.9199 0.9693 1.0036 1.0213 1.0048 0.9769 0.9262 0.9453 0.9674 0.9782 NOK / SEK 0.9636 1.0010 0.9823 0.9525 0.9186 486 528 494 511 455 504 471 505 462 502 464 505 436 478 461 Total Revenues Aftonbladet 1,374 1,428 1,933 1,935 2,019 242 246 217 255 228 243 216 257 233 240 218 260 225 234 212 Total Revenues SvD 670 691 951 944	SEK million
		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			Full year	Full year	Full year
																			(44)
																			2,160
																			4,096
																			(38)
																			(3,669)
																			960

* Servicefinder.se is from 1st quarter 2015 no longer part of Schibsted Growth, it is included in Online Classifieds - Sweden.

Year to date 2017	Year to date 2016	Full year 2016	Full year 2015	Full year 2014
977	828	1,150	986	943
151	189	257	252	276
828	916	1,282	1,144	1,003
641	631	888	783	699
130	129	187	154	120
3	(42)	(63)	(46)	(44)
1,808	1,702	2,369	2,084	1,902
626	679	883	950	1,061
107	114	157	199	252
÷,	4	5	3	$\overline{7}$
306	304	408	405	413
193	212	293	324	364
41	46	63	61	63
1,273	1,359	1,809	1,942	2,160
51	36	48	34	34
3,132	3,097	4,226	4,060	4,096
(736)	(624)	(871)	(772)	(737)
(120)	(138)	(188)	(179)	(175)
(1,881)	(2,074)	(2,799)	(2,790)	(2,894)
(1, 211)	(1, 258)	(1,697)	(1, 702)	(1,782)
(621)	(640)	(877)	(893)	(925)
(95)	(28)	(36)	(56)	(38)
(2, 712)	(2,726)	(3,706)	(3, 618)	(3,669)
241	204	279	214	206
31	51	69	73	101
220	201	292	296	269
164	170	236	233	237
49	51	74	51	35
(41)	(34)	(51)	(68)	(48)
420	371	520	442	427
0.9636	1.0010	0.9823	0.9525	0.9186
1,374	1,428	1,933	1,935	2,019
670	691	951	944	960

EUR million
2014	2014	2014	2014	2015	2015	2015	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 2015	2016	2016	2016	2016	2017	2017	2017	ONLINE CLASSIFIEDS - PROFORMA	Year to date Year to date Full year Full year 2017	2016	2016	2015	Full year 2014
															REVENUES
															Including contribution from joint ventures and associates as if we had consolidated the companies proportionately
133.9	144.9	133.6	135.3	146.1	160.2	150.3	154.2	163.3	179.8	167.1	178.3	191.6	203.4		196.4 Developed phase	591.4	510.2	688.5	610.8	547.7
44.5 22.6	46.5 25.5	41.9 23.2	37.6 22.8	43.3 23.5	46.3 27.4	39.8 25.3	36.2 26.2	39.7 26.4	46.1 30.4	41.9 27.3	43.2 25.9	50.3 26.1	51.8 29.3		50.5 - Norway 27.8 - Sweden	152.6 83.2	127.7 84.1	170.9 110.0	165.6 102.4	170.5 94.1
35.8	39.6	36.1	39.2	42.9	46.4	43.2	47.2	51.1	54.2	50.5	58.2	61.6	64.2		62.0 - France	187.8	155.8	214.0	179.7	150.7
20.9 10.1	21.2 12.1	20.7 11.7	21.9 13.8	22.8 13.6	24.7 15.4	25.2 16.8	26.3 18.3	26.8 19.3	28.0 21.1	27.2 20.2	28.7 22.3	32.0 21.6	34.6 23.5		34.5 - Spain 21.5 - Other (formerly "International")	101.2 66.6	82.0 60.6	110.7 82.9	99.0 64.1	84.7 47.7
4.3	5.1	5.5	6.2	6.0	6.9	6.8	7.7	8.6	10.8	11.5	13.8	15.5	17.6		20.7 Investment phase	53.7	30.9	44.7	27.3	21.2
138.2	150.0	139.1	141.5	152.1	167.1	157.1	161.8	171.9	190.6	178.6	192.1	207.1	221.0		217.1 TOTAL REVENUES	645.1	541.1	733.2	638.1	568.8
															EBITDA Including contribution from joint ventures and associates as if we had consolidated the companies proportionately
58.1 18.6	66.8 22.2	60.5 20.2	51.0 15.6	57.3 17.4	72.8 23.6	65.1 18.8	59.6 13.7	68.2 15.6	80.0 21.7	73.9 19.2	70.7 15.6	76.4 19.3	89.3 22.2		89.0 Developed phase 23.1 - Norway	254.7 64.6	222.1 56.5	292.8 72.1	254.9 73.5	236.4 76.6
12.9	14.5	13.2	13.3	11.7	13.7	14.9	16.4	14.1	17.7	16.8	13.5	13.3	15.4		16.2 - Sweden	44.9	48.6	62.1	56.7	53.8
24.0	26.6	23.6	24.7	29.6	28.8	23.7	25.1	35.1	31.2	27.9	35.0	37.5	39.8		37.2 - France	114.4	94.2	129.2	107.3	98.9
2.9 (0.2)	3.3 0.1	5.2 (1.6)	0.5 (3.0)	2.2 (3.6)	6.7 (0.1)	7.3 0.5	6.4 (1.9)	3.9 (0.5)	7.3 2.1	7.8 2.2	4.7 1.9	4.8 1.6	8.0 3.9		10.6 - Spain 1.9 - Other (formerly "International")	23.4 7.4	19.0 3.8	23.7 5.7	22.6 (5.1)	11.9 (4.7)
(39.3)	(42.3)	(39.9)	(35.5)	(24.3)	(23.7)	(22.0)	(25.6)	(25.6)	(22.7)	(22.4)	(22.9)	(28.1)	(20.9)		(14.3) Investment phase	(63.3)	(70.7)	(93.6)	(95.6)	(157.0)
18.8	24.4	20.6	15.6	33.1	49.0	43.2	34.0	42.6	57.3	51.5	47.8	48.3	68.4		74.8 TOTAL EBITDA	191.4	151.4	199.2	159.3	79.4
8.35	8.21	8.27	8.59	8.63	8.55	9.14	9.34	9.53	9.32	9.29	9.04	8.99	9.37		9.35 NOK / EUR	9.23	9.38	9.29	8.91	8.35
															NORWAY Developed phase - figures in NOK million
371	382	346	322	373	396	365	338	378	429	390	390	452	486		472 Revenues External	1,410	1,197	1,587	1,472	1,421
377 155	387 181	353 168	329 133	379 150	402 203	372 172	350 127	391 149	448 202	405 178	406 141	463 173	507 209		485 Revenues including from other segments in Schibsted Media Group 216 EBITDA	1,455 598	1,244 529	1,650 670	1,503 652	1,446 637
															SWEDEN Developed phase - figures in SEK million
201 223	231 252	214 230	211 234	221 238	255 276	238 258	244 264	247 252	282 292	259 265	252 261	248 256	283 291		265 Revenues External 274 Revenues including from other segments in Schibsted Media Group	796 822	788 809	1,040 1,070	958 1,036	857 939
114	131	121	123	110	127	141	152	132	164	160	131	126	149		155 EBITDA	430	456	587	530	489
															Developed Phase - Split Subsidiaries and Joint Ventures/Associates
57.5 0.6	66.5 0.3	60.8 (0.3)	50.3 0.7	56.9 0.4	72.6 0.2	64.6 0.5	58.7 0.9	67.8 0.4	78.7 1.3	73.3 0.6	69.9 0.8	75.5 0.9	88.3 1.0		88.3 EBITDA Subsidiaries 0.7 EBITDA Joint Ventures and Associates	252.1 2.6	219.8 2.3	289.7 3.1	252.8 2.0	235.1 1.3
															Investment Phase - Split Subsidiaries and Joint Ventures/Associates
(16.9)	(16.1)	(14.1)	(13.3)	(14.6)	(12.1)	(11.8)	(18.8)	(21.5)	(19.9)	(19.7)	(19.9)	(26.1)	(19.8)		(12.8) EBITDA Subsidiaries	(58.7)	(61.1)	(81.0)	(57.3)	(60.4)
(22.4)	(26.2)	(25.7)	(22.2)	(9.7)	(11.6)	(10.2)	(6.8)	(4.1)	(2.8)	(2.7)	(3.0)	(2.0)	(1.1)		(1.5) EBITDA Joint Ventures and Associates	(4.6)	(9.6)	(12.6)	(38.3)	(96.6)
															Reconciliation of Online classifieds pro forma information and Operating segments in
															accordance with financial statements
1,157	1,229	1,152	1,228	1,306	1,430	1,431	1,525	1,642	1,784	1,647	1,714	1,825	2,039		1,976 Online Classifieds operating revenues in Operating segments (in NOK)	5,840	5,073	6,787	5,692	4,766
138.7	149.7	139.3	143.0	151.4	167.2	156.5	163.3	172.4	191.4	177.2	189.8	203.1	217.6		211.4 Online Classifieds operating revenues in Operating segment disclosure (EUR)	632.1	541.0	730.8	638.4	570.7
3.6	4.2	4.3	5.2	4.5	4.6	4.0	5.0	5.3	6.0	6.8	7.8	8.4	8.8		10.0 Operating revenues from joint ventures and associates	27.2	18.1	25.9	18.1	17.3
(0.7) (3.4)	(0.2) (3.7)	(0.7) (3.8)	(2.2) (4.5)	(0.6) (3.2)	(1.0) (3.7)	(0.6) (2.8)	(0.5) (6.0)	(0.2) (5.6)	(0.7) (6.1)	(0.2) (5.2)	(0.3) (5.2)	(0.2) (4.3)	(0.2) (5.2)		(0.0) Operating revenues from other Online Classifieds companies (4.2) Eliminations	(0.4) (13.7)	(1.1) (16.9)	(1.4) (22.1)	(2.7) (15.7)	(3.8) (15.4)
138.2	150.0	139.1	141.5	152.1	167.1	157.1	161.8	171.9	190.6	178.6	192.1	207.1	221.0		217.1 Pro forma operating revenues	645.1	541.1	733.2	638.1	568.8
317	398	378	336	341	523	451	354	435	537	487	438	427	616		680 Online Classifieds gross operating profit in Operating segments (in NOK)	1,723	1,459	1,897	1,669	1,429
38.0	48.5	45.7	39.1	39.5	61.1	49.3	37.9	45.6	57.7	52.5	48.4	47.5	65.8		72.8 Online Classifieds EBITDA in Operating segment disclosure (EUR)	186.0	155.8	204.2	187.8	171.3
(21.8)	(25.9)	(26.0)	(21.5)	(9.3)	(11.4)	(9.7)	(5.9)	(3.7)	(1.5)	(2.1)	(2.2)	(1.1)	(0.1)		(0.8) EBITDA from joint ventures and associates	(2.0)	(7.3)	(9.5)	(36.3)	(95.3)
2.6	1.8	0.9	(2.0)	2.9	(0.7)	3.6	2.0	0.7	1.1	1.1	1.6	2.0	2.7		2.7 EBITDA from other Online Classifieds companies	7.4	2.9	4.5	7.8	3.4
18.8	24.4	20.6	15.6	33.1	49.0	43.2	34.0	42.6	57.3	51.5	47.8	48.3	68.4		74.8 Pro forma EBITDA	191.4	151.4	199.2	159.3	79.4

1 quarter 2013	2 quarter 2013	3 quarter 2013	4 quarter 2013	1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	Circulation volume YTD
							221,776 218,994 214,829 214,026 226,612 225,439 222,211 221,658 216,981 214,810 212,055 211,769 209,357 209,248 209,619 210,472 221,646 221,409												Aftenposten 221,757 Morning edition
							196,533 194,266 190,326 190,472 220,267 220,090 217,441 217,460 213,304 211,277 208,382 208,194 204,963 204,669 204,607 207,109 218,657 208,600												218,483 Sunday edition Bergens Tidende*
73,798 74,687	73,837 74,343	73,103 73,430	73,736 73,606	75,463 74,032	74,936 73,298	74,136 72,393	73,640 72,470	70,543 69,587	69,478 68,606	68,929 68,007	70,220 71,157	69,162 69,123	68,635 0	68,445 0	69,067 0	70,233 0	70,238 0		71,452 Weekday edition 0 Sunday edition
59,412	59,176	58,645	59,262	58,289	58,354	58,362	58,544	56,324	55,532	55,286	55,412	54,775	54,929	55,358	55,450	55,267	55,374		Stavanger Aftenblad 56,778 Weekday edition
35,117	35,043	35,008	34,845	34,487	34,356	34,321	34,064	33,612	31,960	33,116	32,739	32,241	32,077	32,097	32,104	31,970	31,985		Fædrelandsvennen 32,713 Weekday edition
							168,830 166,974 167,425 164,430 141,212 139,881 138,915 138,188 119,760 118,089 115,422 112,716 102,924 101,015 167,959 166,465 160,570 159,573 148,295 146,073 138,774 136,167 110,639 108,963 102,705 101,317					87,688	87,003	98,204 83,483	96,987 83,027	83,351 73,300	83,238 72,935		VG** 82,309 Weekday edition 65,662 Sunday edition
							182,003 182,500 181,700 176,475 152,300 151,800 151,500 146,200 123,223 122,383 122,649 118,900 100,151 196,891 196,300 197,000 191,400 159,600 160,700 161,000 155,600 126,106 129,594 129,273 125,140 100,360 102,366						98,977	98,835 98,346	95,353 98,817	76,968 79,269	77,529 82,090		Aftonbladet 77,906 Weekday edition 78,987 Sunday edition
166,900 171,400	164,500 169,200	159,600 165,000	159,000 164,400	164,200 169,200	159,400 163,500	156,400 160,900	157,200 161,600	156,300 160,000	153,500 157,200	150,450 154,650	151,600 156,000	154,000 157,500	152,300 155,300	148,500 151,700	155,300 158,300	160,721 163,403	158,273 160,863		Svenska Dagbladet* 155,110 Weekday edition 157,887 Sunday edition

*The last Sunday edition of Bergens Tidende was published 20 March 2016

** The definition of circulation has changed (MBL) and 2016 figures are adjusted