Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Jul 18, 2017

Financials and analytical info as of Q2 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 Proforma 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.no 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 CONDENSED CONSOLIDATED		Year to date Year to date Full year		Full year		Full year Full year Full year
2013 restated	2013 restated	2013 restated	2013 restated	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017 INCOME STATEMENT	2017	2016	2016	2015	2014	2013 restated	2013 reported
452	445	433	440	479	448	463	474	478	456	477	490	506	529	528	533	541	551 Subscription revenues	1,092	1,035	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 Casual sales revenues	843	966	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 Advertising revenues	5,228	4,936	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 Other revenues	1,163	1,060	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 Operating revenues	8,327			7,997 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) Raw materials and finished goods	(217)	(258)	(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) Personnel expenses	(3,152)	(3,130)		(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) Other operating expenses	(3,830)	(3,551)		(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 Gross operating profit (loss)	1,128	1,058	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) Depreciation and amortisation	(301)	(255)	(529)	(498)	(467)	(476)	(490)
(26)	(11)	(30)	(56)	(202)	(216)	(252)	(171)	354	(107)	(124)	(71)	(43)	(40)	(43)	(45)	(58)	(11) Share of profit (loss) of joint ventures and associates	(69)	(83)	(171)	52	(841)	(123)	-
																0	(0) Impairment loss goodwill	-	-	-	-	-
-	(2)	-	(148)	(9)	-	(1)	(121)	(6)	(3)	(14)	(465)	-	(39)	(16)	(25)	(0)	(9) Impairment loss	(9)	(39)	(80)	(488)	(131)	(150)	(150)
(7)	8	(225)	871	45	(30)	88	(95)	267	97	794	(79)	(24)	(69)	(32)	11	(3)	1,286 Other income and expenses	1,283	(93)	(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 Operating profit (loss)	2,033	588	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) Net Financial Items	(82)	(10)	21	(195)	(128)	(185)	(186)
107	375	33	975	101	190	199	(108)	846	440	965	(285)	219	359	392	288	216	1,735 Profit (loss) before taxes	1,952	578	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) Taxes	(526)	(310)	(699)	(575)	(509)	(453)	(453)
61	204	(78)	850	(24)	28	60	(191)	734	268	812	(423)	75	193	197	94	43	1,383 Profit (loss)	1,426	268	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 Non-controlling interests	23	59	94	128	53	26	26
53	185	(78)	851	(35)	6	46	(197)	663	239	797	(436)	54	155	174	82	30	1,373 Owners of the parent	1,403	209	465	1,263	(180)	1,011	1,536
																	Earnings per share (NOK)
0.25 0.25	0.86 0.86	(0.36) (0.36)	3.97 3.97	(0.16) (0.16)	0.03 0.03	0.21 0.21	(0.92) (0.92)	3.08 3.08	1.11 1.11	3.68 3.67	(1.93) (1.92)	0.24 0.24	0.69 0.69	0.77 0.77	0.36 0.36	0.13 0.13	6.07 Basic 6.06 Diluted	6.20 6.20	0.93 0.92	2.05 2.05	5.79 5.78	(0.84) (0.84)	4.72 4.71	7.16 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 Basic - adjusted	1.10	1.33	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 Diluted - adjusted	1.10	1.33	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
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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

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
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	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
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration	-	-	(2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-	-	-	-	-	(490)
Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246	389	1,000	123	294	437	609	145	309
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
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)
Sales losses (gains) non-current assets	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)	(80)	-	(821)
Changes in working capital	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	(14)	228	40	97	(81)	(161)
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
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)
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)
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
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
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)
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
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

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	2017	2 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 SCHIBSTED MEDIA GROUP	8,327	7,997	15,854	15,117	14,975
377	387	353	329	379	402	372	350	391	448	405	406	463		507 ONLINE CLASSIFIEDS NORWAY	970	839	1,650	1,503	1,446
210	228	208	217	218	254	251	264	257	294	260	241	242		283 ONLINE CLASSIFIEDS SWEDEN	525	551	1,052	987	863
570	614	591	682	709	774	808	911	994	1,042	982	1,067	1,121		1,248 ONLINE CLASSIFIEDS INTERNATIONAL	2,369	2,036	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 MEDIA HOUSE NORWAY	2,673	2,714	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 MEDIA HOUSE SWEDEN	2,019	2,102	4,145	3,871	3,759
212	224	202	227	194	146	129	91	104	93	92	96	123		132 OTHER/HEADQUARTERS	255	197	385	560	865
(157)	(159)	(159)	(177)	(161)	(185)	(183)	(200)	(206)	(236)	(196)	(218)	(221)		(263) ELIMINATIONS	(484)	(442)	(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	2017	2 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 SCHIBSTED MEDIA GROUP	1,128	1,058	2,131	2,016	1,941
155	181	168	133	150	203	172	127	146	200	174	138	158		175 ONLINE CLASSIFIEDS NORWAY	333	346	658	652	637
107	119	109	114	101	117	136	153	130	160	146	111	107		126 ONLINE CLASSIFIEDS SWEDEN	234	290	547	507	449
55	98	101	89	90	203	143	74	159	177	167	189	161		315 ONLINE CLASSIFIEDS INTERNATIONAL	476	336	692	510	343
101	176	125	136	68	119	90	121	45	143	112	139	119		152 MEDIA HOUSE NORWAY	272	188	439	398	538
89	89	105	108	74	110	124	114	86	130	153	138	101		139 MEDIA HOUSE SWEDEN	240	216	507	422	391
(97)	(89)	(104)	(127)	(107)	(110)	(109)	(147)	(145)	(173)	(180)	(214)	(213)		-213 OTHER/HEADQUARTERS	(426)	(318)	(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 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	MEDIA HOUSE NORWAY	2017	Year to date Year to date 2016	Full year 2016	Full year 2015	Full year 2014
172	182	165	198	162	152	150	167	162	163	160	198	205		216 Online newspapers - single copy (VG)*	420	325	683	631	717
124	135	130	151	133	145	128	146	139	159	139	178	153		155 Online newspapers - subscription newspapers	308	298	615	552	540
32	39	33	46	49	49	51	49	40	42	37	39	42		42 Other online operating revenues/online eliminations	84	82	158	198	150
328	356	328	395	344	346	329	362	341	364	336	415	400		412 Operating revenues online	812	705	1,456	1,381	1,407
250	256	270	249	239	250	246	246	223	222	211	211	196		194 Circulation revenues - single copy newspapers (VG)	390	445	867	981	1,025
57	59	47	53	45	39	33	39	31	27	21	31	22		21 Advertising revenues - single copy newspapers (VG)	43	58	110	156	216
6	6	6	7	7	8	9	6	7		6	6 3	4		4 Other revenues - single copy newspapers (VG)		8 13	22	30	25
339	319	329	319	329	314	322	316	313	322	316	311	293		298 Circulation revenues - subscription newspapers	592	635	1,262	1,281	1,306
358	387	290	349	295	306	229	269	217	229	167	223	166		175 Advertising revenues - subscription newspapers	341	446	836	1,099	1,384
37	39	36	39	35	35	35	36	33	32	36	34	22		7 Other revenues - subscription newspapers	29	65	135	141	151
7	9	4	6	5	5	4	5	5		4	3 6	4		5 Eliminations/other revenues (VG)		9 9	18	19	26
1,054	1,075	982	1,022	955	957	878	917	829	842	760	819	707		704 Print newspapers operating revenues	1,411	1,671	3,250	3,707	4,133
164	163	170	200	173	155	137	170	160	178	162	187	207		242 Other/eliminations	450	338	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 Total operating revenues	2,673	2,714	5,393	5,723	6,237
(420)	(429)	(405)	(427)	(405)	(390)	(368)	(382)	(371)	(358)	(335)	(364)	(343)		(352) Online/offline operating expenses - single copy newspapers (VG)*	(695)	(729)	(1,428)	(1,545)	(1,681)
(813)	(776)	(744)	(795)	(751)	(730)	(692)	(714)	(698)	(686)	(629)	(675)	(602)		(568) Online/offline operating expenses - subscription newspapers	(1,169)	(1,384)	(2,688)	(2,887)	(3,128)
(212)	(213)	(206)	(259)	(248)	(219)	(194)	(232)	(216)	(197)	(183)	(243)	(250)		(287) Other/eliminations	(537)	(413)	(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) Total operating expenses	(2,401)	(2,526)	(4,955)	(5,325)	(5,699)
72 45	83 104	87 41	86 63	53 41	64 70	74 22	81 53	57 4	64 56	66 30	85 71	88 32		87 EBITDA single copy newspapers VG (online/offline)* 68 EBITDA subscription newspapers (online/offline)	176 100	121 60	272 161	272 186	328 253
(16)	(11)	(3)	(13)	(26)	(15)	(6)	(13)	(16)	23	16	(17)	(1)		(2) EBITDA other/eliminations	(4)	7	6	(60)	(43)
101	176	125	136	68	119	90	121	45	143	112	139	119		152 Total EBITDA	272	188	439	398	538
858 492	880 512	785 492	858 513	792 458	800 454	714 442	767 463	702 428	742 422	658 401	746 449	634 431		635 Total Revenues Subscription Newspapers 439 Total Revenues VG	1,269 870	1,444 850	2,848 1,700	3,073 1,817	3,381 2,009

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

Year to date	Year to date	Full year	Full year	Full year
2017	2016	2016	2015	2014
420	325	683	631	717
308	298	615	552	540
84	82	158	198	150
812	705	1,456	1,381	1,407
390	445	867	981	1,025
43	58	110	156	216
8	13	22	30	25
592	635	1,262	1,281	1,306
341	446	836	1,099	1,384
29	65	135	141	151
9	9	18	19	26
1,411	1,671	3,250	3,707	4,133
450	338	687	635	697
2,673	2,714	5,393	5,723	6,237
(695)	(729)	(1, 428)	(1, 545)	(1,681)
(1, 169)	(1, 384)	(2,688)	(2,887)	(3, 128)
(537)	(413)	(839)	(893)	(890)
(2, 401)	(2, 526)	(4, 955)	(5, 325)	(5,699)
176	121	272	272	328
100	60	161	186	253
(4)	7	6	(60)	(43)
272	188	439	398	538
1,269	1,444	2,848	3,073	3,381
870	850	1,700	1,817	2,009

SEK 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		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	MEDIA HOUSE SWEDEN	2017	2016	2016	2015	2014
239	224	232	248	238	240	250	258	263	275	290	322	317		342 Schibsted Growth revenues*	659	538	1,150	986	943
77	69	66	64	60	64	63	65	63	64	62	68	62	67	of which Hitta revenues	129	127	257	252	276
251	252	219	281	255	295	255	339	283	339	294	366	253		302 Schibsted Publishing revenues	555	622	1,282	1,144	1,003
171	186	149	193	178	200	176	229	202	230	199	257	197	230	of which Aftonbladet online revenues	427	432	888	783	699
26	31	27	36	31	41	34	48	43	46	40	58	40	49	of which SvD online revenues	90	89	187	154	120
(9)	(4)	(12)	(19)	(11)	(10)	(10)	(15)	(12)	(14)	(16)	(21)	3	-	Other online revenues and eliminations	3	(26)	(63)	(46)	(44)
481	472	439	510	482	525	495	582	534	600	568	667	573		644 Online operating revenues	1,216	1,134	2,369	2,084	1,902
255	268	286	252	230	248	248	224	227	225	227	204	206		210 Circulation revenues Aftonbladet	416	452	883	950	1,061
59	73	57	63	46	56	46	51	32	45	37	43	33		38 Advertising revenues Aftonbladet	71	77	157	199	252
1	1	2	3	1	-	1	1	1	2	1	1	-	-	Other revenues Aftonbladet	-	3	5	3	7
107	98	103	105	102	96	103	104	102	99	103	104	103		98 Circulation revenues SvD	201	201	408	405	413
93	102	71	98	79	91	64	90	73	82	57	81	66		73 Advertising revenues SvD	140	155	293	324	364
16	15	16	16	16	15	15	15	15	13	18	17	15		13 Other revenues SvD	28	28	63	61	63
531	557	535	537	474	506	477	485	450	466	443	450	423		433 Newspaper operating revenues	855	916	1,809	1,942	2,160
1	14	9	10	6	7	9	12	9	16	11	12	17		20 Other revenues and eliminations	37	25	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 Total operating revenues	2,109	2,075	4,226	4,060	4,096
(182)	(182)	(180)	(193)	(196)	(191)	(183)	(202)	(211)	(210)	(203)	(247)	(251)		(265) Schibsted Growth expenses*	(516)	(421)	(871)	(772)	(737)
(49)	(46)	(42)	(38)	(44)	(46)	(45)	(44)	(45)	(48)	(45)	(50)	(51)		(52) of which Hitta expenses	(103)	(93)	(188)	(179)	(175)
(735)	(740)	(689)	(730)	(687)	(703)	(662)	(738)	(687)	(727)	(660)	(725)	(634)		(641) Schibsted Publishing expenses (print and online)	(1,275)	(1,414)	(2,799)	(2,790)	(2,894)
(441)	(471)	(433)	(437)	(421)	(433)	(408)	(440)	(418)	(437)	(403)	(439)	(405)		(410) of which Aftonbladet expenses	(815)	(855)	(1,697)	(1,702)	(1,782)
(240)	(234)	(213)	(238)	(216)	(224)	(211)	(242)	(216)	(224)	(200)	(237)	(214)		(214) of which SvD expenses	(427)	(440)	(877)	(893)	(925)
(2)	(22)	3	(17)	1	(24)	(8)	(25)	(10)	(16)	(2)	(8)	(22)		(46) Other expenses and eliminations	(68)	(26)	(36)	(56)	(38)
(919)	(944)	(866)	(940)	(882)	(918)	(853)	(965)	(908)	(953)	(865)	(980)	(906)		(952) Total operating expenses	(1,859)	(1,861)	(3,706)	(3,618)	(3,669)
57	42	52	55	42	49	67	56	52	65	87	75	66		78 EBITDA Schibsted Growth*	144	117	279	214	206
28	23	24	26	16	18	18	21	18	16	17	18	11	15	of which EBITDA Hitta	26	34	69	73	101
47	69	65	88	42	98	70	86	46	78	77	91	42		93 EBITDA Schibsted Publishing	135	124	292	296	269
45	57	61	74	34	71	63	65	44	65	61	66	31	68	of which EBITDA Aftonbladet	99	109	236	233	237
2	12	4	17	12	19	5	15	17	16	18	23	11	20	of which EBITDA SvD	31	33	74	51	35
(10)	(12)	-	(26)	(4)	(27)	(9)	(28)	(13)	(14)	(7)	(17)	(1)		(26) EBITDA Other	(28)	(27)	(51)	(68)	(48)
94	99	117	117	80	120	128	114	85	129	157	149	106		144 Total EBITDA	251	214	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 NOK / SEK	0.9564	1.0130	0.9823	0.9525	0.9186
486	528	494	511	455	504	471	505	462	502	464	505	436		478 Total Revenues Aftonbladet	914	964	1,933	1,935	2,019
242	246	217	255	228	243	216	257	233	240	218	260	225		234 Total Revenues SvD	458	473	951	944	960

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

EUR million 2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	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 2016	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 Developed phase	395.0	343.1	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 - Norway 29.3 - Sweden	102.1 55.4	85.8 56.8	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 - France	125.8	105.3	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 - Spain 23.5 - Other (formerly "International")	66.6 45.1	54.8 40.4	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 Investment phase	33.0	19.4	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 TOTAL REVENUES	428.0	362.5	733.2	638.1	568.8
														EBITDA Including contribution from joint ventures and associates as if we had consolidated the companies proportionately
58.1	66.8	60.5	51.0	57.3	72.8	65.1	59.6	68.2	80.0	73.9	70.7	76.4		89.3 Developed phase	165.7	148.2	292.8	254.9	236.4
18.6	22.2	20.2	15.6	17.4	23.6	18.8	13.7	15.6	21.7	19.2	15.6	19.3		22.2 - Norway	41.5	37.3	72.1	73.5	76.6
12.9 24.0	14.5 26.6	13.2 23.6	13.3 24.7	11.7 29.6	13.7 28.8	14.9 23.7	16.4 25.1	14.1 35.1	17.7 31.2	16.8 27.9	13.5 35.0	13.3 37.5		15.4 - Sweden 39.8 - France	28.7 77.2	31.8 66.3	62.1 129.2	56.7 107.3	53.8 98.9
2.9	3.3	5.2	0.5	2.2	6.7	7.3	6.4	3.9	7.3	7.8	4.7	4.8	8.0 - Spain		12.8	11.2	23.7	22.6	11.9
(0.2)	0.1	(1.6)	(3.0)	(3.6)	(0.1)	0.5	(1.9)	(0.5)	2.1	2.2	1.9	1.6		3.9 - Other (formerly "International")	5.5	1.6	5.7	(5.1)	(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) Investment phase	(49.0)	(48.3)	(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 TOTAL EBITDA	116.7	99.9	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 NOK / EUR	9.18	9.42	9.29	8.91	8.35
371	382	346	322	373	396	365	338	378	429	390	390	452		NORWAY Developed phase - figures in NOK million 486 Revenues External	938	807	1,587	1,472	1,421
377	387	353	329	379	402	372	350	391	448	405	406	463		507 Revenues including from other segments in Schibsted Media Group	970	839	1,650	1,503	1,446
155	181	168	133	150	203	172	127	149	202	178	141	173		209 EBITDA	382	351	670	652	637
201	231	214	211	221	255	238	244	247	282	259	252	248		SWEDEN Developed phase - figures in SEK million 283 Revenues External	531	529	1,040	958	857
223	252	230	234	238	276	258	264	252	292	265	261	256		291 Revenues including from other segments in Schibsted Media Group	548	544	1,070	1,036	939
114	131	121	123	110	127	141	152	132	164	160	131	126		149 EBITDA	275	296	587	530	489
														Developed Phase - Split Subsidiaries and Joint Ventures/Associates
57.5	66.5	60.8	50.3	56.9	72.6	64.6	58.7	67.8	78.7	73.3	69.9	75.5		88.3 EBITDA Subsidiaries	163.8	146.5	289.7	252.8	235.1
0.6	0.3	(0.3)	0.7	0.4	0.2	0.5	0.9	0.4	1.3	0.6	0.8	0.9		1.0 EBITDA Joint Ventures and Associates	1.9	1.7	3.1	2.0	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) EBITDA Subsidiaries	(45.9)	(41.4)	(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) EBITDA Joint Ventures and Associates	(3.1)	(6.9)	(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 Online Classifieds operating revenues in Operating segments (in NOK)	3,864	3,426	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 Online Classifieds operating revenues in Operating segment disclosure (EUR)	420.7	363.8	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 Operating revenues from joint ventures and associates	17.2	11.3	25.9	18.1	17.3
(0.7)	(0.2)	(0.7)	(2.2)	(0.6)	(1.0)	(0.6)	(0.5)	(0.2)	(0.7)	(0.2)	(0.3)	(0.2)		(0.2) Operating revenues from other Online Classifieds companies	(0.4)	(0.9)	(1.4)	(2.7)	(3.8)
(3.4)	(3.7)	(3.8)	(4.5)	(3.2)	(3.7)	(2.8)	(6.0)	(5.6)	(6.1)	(5.2)	(5.2)	(4.3)		(5.2) Eliminations	(9.5) 428.0	(11.7)	(22.1)	(15.7)	(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 Pro forma operating revenues		362.5	733.2	638.1	568.8
317	398	378	336	341	523	451	354	435	537	487	438	427		616 Online Classifieds gross operating profit in Operating segments (in NOK)	1,043	972	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 Online Classifieds EBITDA in Operating segment disclosure (EUR)	113.2	103.3	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) EBITDA from joint ventures and associates	(1.2)	(5.2)	(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 EBITDA from other Online Classifieds companies	4.7	1.8	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 Pro forma EBITDA	116.7	99.9	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	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 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	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 Weekday edition 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		Stavanger Aftenblad 55,374 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		Fædrelandsvennen 31,985 Weekday edition
																		VG**
168,830 167,959	166,974 166,465	167,425 160,570	164,430 159,573	141,212 148,295	139,881 146,073	138,915 138,774	138,188 136,167	119,760 110,639	118,089 108,963	115,422 102,705	112,716 101,317	102,924 87,688	101,015 87,003	98,204 83,483	96,987 83,027	83,351 73,300	83,238 72,935	Weekday edition Sunday edition
																		Aftonbladet
182,003 196,891	182,500 196,300	181,700 197,000	176,475 191,400	152,300 159,600	151,800 160,700	151,500 161,000	146,200 155,600	123,223 126,106	122,383 129,594	122,649 129,273	118,900 125,140	100,151 100,360	98,977 102,366	98,835 98,346	95,353 98,817	76,968 79,269	77,529 82,090	Weekday edition Sunday edition
																		Svenska Dagbladet*
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 Weekday edition 160,863 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