Vend Marketplaces ASA

Annual Report • Feb 19, 2016

Financials and analytical info as of Q4 2015

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment operating revenues
• 1. Operating segment EBITDA
• 1. Schibsted Norge Media house P&L
• 1. Schibsted Sverige Media house P&L
• 1. Online Classifieds P&L
• 1. Circulation volume Media houses Scandinavia

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IR jcs@schibsted.no Mobile: +47 415 08 733 www.schibsted.com/ir

Changes in the restated Financials and analytical info as of Q4 2014:

1. In general historical figures before 2013 are not included.

a. Media houses International is no longer a separate segment. It is included in Other. This is

b. Media houses International is included in Other from Q1 2013. Other includes 20 Minutes Spain, Møteplassen, Eesti Media Group until September 2013, Aspiro until March 2015. c. Online Classifieds reported as one line. The specification is show under 8. Online Classifieds.

1. 20 MIN specification will no longer be included from Q1 2015 (9. 20 Minutes).

2. Advertising volume will no longer be included from Q1 2015 (11. Advertising Volume).

3. 1. Operating segments (Revenues and EBITDA):

4. due to its immaterial size.

5. 1. Specification of 8. Online Classifieds:

6. were proportionately included.

a. Finn is included as Norway in the specification of Online Classifieds since Finn now is part of the Schibsted Classified Media reporting structure. The Online Classifieds segment is now the same as Schibsted Classified Media.

b. Norway and Sweden will also be shown in local currency.

c. The table shown will only include the consolidated companies (subsidiaries). Joint Ventures and Associated Companies will no longer be proportionately included. JV and AC will however be separately specified (Revenues and EBITDA) as they would have been if they

d. Operating revenues per country shows the external revenues. These figures included revenues from other segments in Schibsted Media Group earlier. The external revenues will give a better understanding of the revenue development since the internal revenues may fluctuate when the internal reporting structure changes. The revenues from other segments are now included as a separate line for the Online Classifieds segment as a total.

e. EBITDA is shown as before; that is excluding management fee. The corporate costs related to management fees are included in Headquarter/Other as before.

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 PROFIT AND LOSS STATEMENT	Full year	Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	SCHIBSTED MEDIA GROUP	2015	2014	2013	2013
restated	restated	restated	restated									4 QUARTER 2015			restated	reported
452	445	433	440	479	448	463	474	478	456	477		490 Subscription revenues	1,901	1,864	1,770	1,787
564	577	619	568	541	553	589	538	495	525	526		504 Casual sales revenues	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 Advertising revenues	9,141	8,790	8,721	9,017
490	518	503	540	520	495	510	575	545	456	501		523 Other revenues	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 Operating revenues	15,117	14,975	14,870	15,232
(230)	(241)	(201)	(178)	(172)	(179)	(167)	(178)	(161)	(144)	(129)		(141) Raw materials, work in progress and finished goods	(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) Personnel expenses	(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) Other operating expenses	(6,642)	(6,774)	(6,929)	(7,228)
-	-	-	-	-	-	-	-	-	-	-	-	Share of profit (loss) of associated companies	-	-	-	13
297	562	463	455	410	574	504	453	376	642	556		442 Gross operating profit (loss)	2,016	1,941	1,777	1,672
(117)	(119)	(121)	(119)	(114)	(112)	(123)	(118)	(118)	(119)	(129)		(132) Depreciation and amortisation	(498)	(467)	(476)	(490)
(26)	(11)	(30)	(56)	(202)	(216)	(252)	(171)	354	(107)	(124)		(71) Share of profit (loss) of joint ventures and associated companies	52	(841)	(123)	-
-	(2)	-	(148)	(9)	-	(1)	(121)	(6)	(3)	(14)		(465) Impairment loss	(488)	(131)	(150)	(150)
(7)	8	(225)	871	45	(30)	88	(95)	267	97	794		(79) Other income and expenses	1,079	8	647	1,169
147	438	87	1,003	130	216	216	(52)	873	510	1,083		(305) Operating profit (loss)	2,161	510	1,675	2,201
10	9	11	21	12	17	25	(8)	14	2	23		18 Financial income	57	46	51	51
(50)	(72)	(65)	(49)	(41)	(43)	(42)	(48)	(41)	(72)	(141)		2 Financial expenses	(252)	(174)	(236)	(237)
107	375	33	975	101	190	199	(108)	846	440	965		(285) Profit (loss) before taxes	1,966	382	1,490	2,015
(46)	(171)	(111)	(125)	(125)	(162)	(139)	(83)	(112)	(172)	(153)		(138) Taxes	(575)	(509)	(453)	(453)
61	204	(78)	850	(24)	28	60	(191)	734	268	812		(423) Profit (loss)	1,391	(127)	1,037	1,562
-	-	-	-	-	-	-	-	-	-	-	-	Profit (loss) discontinued operations	-	-	-	-
61	204	(78)	850	(24)	28	60	(191)	734	268	812		(423) Profit (loss)	1,391	(127)	1,037	1,562
	8 19	-	(1)	11	22	14	6	71	29	15		13 Profit (loss) attributable to non-controlling interests	128	53	26	26
53	185	(78)	851	(35)	6	46	(197)	663	239	797		(436) Profit (loss) attributable to owners of the parent	1,263	(180)	1,011	1,536
0.25	0.86	(0.36)	3.97	(0.16)	0.03	0.21	(0.92)	3.08	1.11	3.68		(1.93) Earnings per share (NOK)	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) Diluted earnings per share (NOK)	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 Earnings per share - adjusted (NOK)	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 Diluted earnings per share - adjusted (NOK)	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
Balance sheet	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015
	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
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
Investments in joint ventures and associated companies	507	469	478	1,074	625	610	578	654	557	548	502	547	1,251	1,199	969	929
Other non-current assets	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425
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
Inventories	107	108	52	53	103	104	51	51	52	54	58	56	55	14	13	14
Trade and other receivables Current financial assets	2,832 64	2,846 53	2,724 -	2,623 28	2,697 64	2,702 53	2,615 -	2,514 -	2,658 -	2,727 -	2,703 -	2,797 -	2,856 -	2,884 -	3,048 -	2,928 -
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
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
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
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
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314
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
Non-current interest-bearing borrowings Other non-current liabilities	1,941 2,038	2,712 2,030	2,574 2,509	1,971 2,313	1,941 2,032	2,712 2,024	2,561 2,500	1,971 2,263	1,941 2,109	2,551 2,076	2,495 2,515	2,132 3,641	1,908 2,944	2,334 2,886	3,012 2,817	2,365 2,743
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
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1,162	719	318
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
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
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

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
Statement of cash flows	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015
	restated	restated	restated	restated
Profit (loss) before taxes (continuing operations)	107	482	515	1,490	101	291	490	382	846	1,286	2,251	1,966
- 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
+ / - Share of profit of joint ventures and associated companies, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)	(108)	(25)
- Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)
Sales losses / (gains) non-current assets	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)
Change in working capital etc.	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1,230	(18)	362	690	993
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)		(728) (1,580)	(289)		(616) (1,310) (1,513)
Net cash flow before financing activities	(538)	(396)	(297)	1,187	(507)	(442)	37	(350)	(307)	(254)	(620)	(520)
Net cash flow from financing activities	60	397		(296) (1,116)	(365)	(305)	(382)	(116)	(117)	20	2,758	1,683
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)	(29)	(17)
Net cash flow for the period	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)	2,109	1,146
Cash and cash equivalents at start of period	978	978	978	978	1,202	1,202	1,202	1,202	745	745	745	745
Cash and cash equivalents at end of period	541	1,066	497	1,202	307	458	831	745	285	469	2,854	1,891

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	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		4 quarter OPERATING REVENUES	Full year	Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	SCHIBSTED GROUP	2015	2014	2013	2013
restated	restated	restated	restated												restated	reported
3,587	3,870	3,581	3,832	3,710	3,834	3,557	3,874	3,694	3,803	3,673		3,947 SCHIBSTED GROUP	15,117	14,975	14,870	15,232
948	1,095	1,044	1,097	1,151	1,225	1,145	1,220	1,299	1,419	1,424		1,498 ONLINE CLASSIFIEDS	5,640	4,741	4,184	4,265
1,567	1,640	1,493	1,638	1,542	1,591	1,475	1,609	1,465	1,450	1,336		1,436 SCHIBSTED NORGE MEDIA HOUSE	5,687	6,217	6,338	6,368
871	918	900	1,031	952	946	882	982	886	958	958		1,091 SCHIBSTED SVERIGE MEDIA HOUSE	3,893	3,762	3,720	3,731
246	268	195	125	123	129	111	130	98	55	24		15 OTHER*	192	493	834	1,073
92	90	83	90	93	93	90	97	96	91	105		75 HEADQUARTERS (Schibsted ASA and other centralised functions)	367	373	355	355
(137)	(141)	(134)	(149)	(151)	(150)	(146)	(164)	(150)	(170)	(174)		(168) ELIMINATIONS	(662)	(611)	(561)	(560)

*Media houses International is included in Other from 1st quarter 2013. Other includes 20 Minutes Spain, Møteplassen, Eesti Meedia Group until September 2013, Aspiro until March 2015.

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 GROSS OPERATING PROFIT (LOSS) - EBITDA	Full year	Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	SCHIBSTED GROUP	2015	2014	2013	2013
restated	restated	restated	restated												restated	reported
297	562	463	455	410	574	504	453	376	642	556		442 SCHIBSTED GROUP	2,016	1,941	1,777	1,672
167	310	270	245	313	392	372	325	335	517	444		345 ONLINE CLASSIFIEDS	1,641	1,402	992	862
150	243	177	153	101	176	125	135	68	118	90		121 SCHIBSTED NORGE MEDIA HOUSE	397	537	723	724
54	65	90	145	86	89	104	106	73	109	123		113 SCHIBSTED SVERIGE MEDIA HOUSE	418	385	354	363
(16)	1	(19)	(13)	(23)	(16)	(26)	(35)	(26)	(6)	6		1 OTHER*	(25)	(100)	(47)	(49)
(58)	(57)	(55)	(75)	(67)	(67)	(71)	(78)	(74)	(96)	(107)		(138) HEADQUARTERS	(415)	(283)	(245)	(228)

*Media houses International is included in Other from 1st quarter 2013. Other includes 20 Minutes Spain, Møteplassen, Eesti Media Group until September 2013, Aspiro until March 2015.

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter		Full year	Full year	Full year
2013 restated	2013 restated	2013 restated	2013 restated										2015	2014	2013 restated
				2014	2014	2014	2014	2015	2015	2015	2015	Schibsted Norge Media House
137	142	144	163	172	182	165	198	162	152	150		167 Online newspapers - single copy (VG)*	631	717	586
73	92	86	106	124	135	130	151	133	145	128		146 Online newspapers - subscription newspapers	552	540	357
33	42	42	44	28	36	28	38	42	41	43		36 Other online operating revenues/online eliminations	162	130	161
243	276	272	313	324	353	323	387	337	338	321		349 Operating revenues online	1,345	1,387	1,104
252	262	263	247	250	256	270	249	239	250	246		246 Circulation revenues - single copy newspapers (VG)	981	1,025	1,024
72	69	64	76	57	59	47	53	45	39	33		39 Advertising revenues - single copy newspapers (VG)	156	216	281
6	6	6		6	6 6	6	7	7	8	9		6 Other revenues - single copy newspapers (VG)	30	25	24
351	344	344	333	339	319	329	319	329	314	322		316 Circulation revenues - subscription newspapers	1,281	1,306	1,372
432	472	353	426	358	387	290	349	295	306	229		269 Advertising revenues - subscription newspapers	1,099	1,384	1,683
41	39	35	44	37	39	36	39	35	35	35		36 Other revenues - subscription newspapers	141	151	159
10	11	7		8	7 9	4	6	5	5	4		5 Eliminations/other revenues (VG)	19	26	36
1,164	1,203	1,072	1,140	1,054	1,075	982	1,022	955	957	878		917 Print newspapers operating revenues	3,707	4,133	4,579
52	43	45	60	39	37	43	61	38	22	-	-	Publishing	60	180	200
230	255	229	243	234	239	228	243	216	208	205		225 Printing	854	944	957
(122)	(137)	(125)	(118)	(109)	(113)	(101)	(104)	(81)	(75)	(68)		(55) Other/eliminations/distribution	(279)	(427)	(502)
1,567	1,640	1,493	1,638	1,542	1,591	1,475	1,609	1,465	1,450	1,336		1,436 Total operating revenues	5,687	6,217	6,338
(404)	(409)	(392)	(433)	(420)	(429)	(405)	(427)	(405)	(390)	(368)		(382) Online/offline operating expenses - single copy newspapers (VG)*	(1,545)	(1,681)	(1,638)
(820)	(816)	(742)	(828)	(813)	(776)	(744)	(795)	(751)	(730)	(692)		(714) Online/offline operating expenses - subscription newspapers	(2,887)	(3,128)	(3,206)
(51)	(44)	(46)	(56)	(42)	(43)	(44)	(56)	(41)	(23)	-	-	Publishing	(64)	(185)	(197)
(217)	(224)	(200)	(221)	(216)	(218)	(206)	(224)	(206)	(194)	(185)		(207) Printing	(792)	(864)	(862)
75	96	64	53	50	51	49	28	6	5	(1)		(12) Other/eliminations/distribution	(2)	178	288
(1,417)	(1,397)	(1,316)	(1,485)	(1,441)	(1,415)	(1,350)	(1,474)	(1,397)	(1,332)	(1,246)		(1,315) Total operating expenses	(5,290)	(5,680)	(5,615)
73	81	92	67	72	83	87	86	53	64	74		81 EBITDA single copy newspapers VG (online/offline)*	272	328	313
77	131	76	81	45	104	41	63	41	70	22		53 EBITDA subscription newspapers (online/offline)	186	253	365
1	(1)	(1)		4 (3)	(6)	(1)	5	(3)	(1)	-	-	EBITDA publishing	(4)	(13)	3
13	31	29	22	18	21	22	19	10	14	20		18 EBITDA printing	62	71	95
(14)	1	(19)	(21)	(31)	(26)	(24)	(38)	(33)	(29)	(26)		(31) EBITDA other/distribution	(119)	(114)	(53)
150	243	177	153	101	176	125	135	68	118	90		121 Total EBITDA	397	537	723

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 line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12.

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

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

NOK million
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Full year	Full year	Full year
2013	2013	2013	2013												2013
restated	restated	restated	restated	2014	2014	2014	2014	2015	2015	2015	2015	Schibsted Norge Media House	2015	2014	restated
												Operating revenues
465	488	421	457	460	458	415	447	428	425	382		412 Aftenposten	1,647	1,780	1,831
203	210	183	214	188	200	171	203	169	176	156		169 Bergens Tidende	670	762	810
139	147	130	141	130	130	117	118	114	111	97		103 Stavanger Aftenblad	425	495	557
91	104	90	99	82	96	85	92	84	90	79		85 Fædrelandsvennen	338	355	384
477	490	484	500	492	512	492	513	458	454	442		463 Verdens Gang	1,817	2,009	1,951
230	255	229	243	234	239	228	243	216	208	205		225 Schibsted Norge Trykk	854	944	957
52	43	45	60	39	37	43	61	38	22	-	-	Schibsted Forlag	60	180	200
(90)	(97)	(89)	(76)	(83)	(81)	(76)	(68)	(42)	(36)	(25)		(21) Other/eliminations/distribution	(124)	(308)	(352)
1,567	1,640	1,493	1,638	1,542	1,591	1,475	1,609	1,465	1,450	1,336		1,436 Total	5,687	6,217	6,338
												EBITDA
47	71	34	30	44	64	26	39	38	52	21		32 Aftenposten	143	173	182
20	29	21	28	-	17	4	21	(5)	5	2		11 Bergens Tidende	13	42	98
11	17	17	16	11	16	11	-	5	4	1		3 Stavanger Aftenblad	13	38	61
-	14	3	8	(10)	7	-	3	3	9	(2)		7 Fædrelandsvennen	17	-	25
73	81	92	67	72	83	87	86	53	64	74		81 Verdens Gang	272	328	313
13	31	29	22	18	21	22	19	10	14	20		18 Schibsted Norge Trykk	62	80	95
1	(1)	(1)	4	(3)	(6)	(1)	5	(3)	(1)	-	-	Schibsted Forlag	(4)	(5)	3
(15)	1	(18)	(22)	(31)	(26)	(24)	(38)	(33)	(29)	(26)		(31) Other/eliminations/distribution	(119)	(119)	(54)
150	243	177	153	101	176	125	135	68	118	90		121 Total	397	537	723

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		Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	Schibsted Sverige Media House	2015	2014	2013
restated	restated	restated	restated												restated
202	205	210	240	240	225	235	253	241	244	256		267 Schibsted Growth revenues*	1,008	953	857
83	81	80	78	77	69	66	64	60	64	63	65	of which Hitta revenues	252	276	322
213	220	200	251	251	252	219	281	255	295	255		339 Schibsted Publishing revenues	1,144	1,003	884
153	156	134	178	171	186	149	193	178	200	176	229	of which Aftonbladet online revenues	783	699	621
17	21	16	28	26	31	27	36	31	41	34	48	of which SvD online revenues	154	120	82
(8)	(8)	(15)	(2)	(9)	(4)	(12)	(19)	(11)	(10)	(10)		(15) Other online revenues and eliminations	(46)	(44)	(33)
407	417	395	489	482	473	442	515	485	529	501		591 Online operating revenues	2,106	1,912	1,708
271	276	304	277	255	268	286	252	230	248	248		224 Circulation revenues Aftonbladet	950	1,061	1,128
69	82	68	77	59	73	57	63	46	56	46		51 Advertising revenues Aftonbladet	199	252	296
1	2		1	2	1 1	2		3 1	-	1		1 Other revenues Aftonbladet	3	7	6
116	112	114	109	107	98	103	105	102	96	103		104 Circulation revenues SvD	405	413	451
103	125	82	119	93	102	71	98	79	91	64		90 Advertising revenues SvD	324	364	429
17	15	18	21	16	15	16	16	16	15	15		15 Other revenues SvD	61	63	71
577	612	587	605	531	557	535	537	474	506	477		485 Newspaper operating revenues	1,942	2,160	2,381
4	4		3 11	-	13	6		8 6		7 9		12 Other revenues and eliminations	34	27	22
988	1,033	985	1,105	1,013	1,043	983	1,060	965	1,042	987		1,088 Total operating revenues	4,082	4,099	4,111
(181)	(186)	(169)	(190)	(182)	(185)	(181)	(198)	(200)	(196)	(190)		(212) Schibsted Growth expenses*	(798)	(746)	(726)
(65)	(65)	(55)	(53)	(49)	(46)	(42)	(38)	(44)	(46)	(45)		(44) of which Hitta expenses	(179)	(175)	(238)
(740)	(770)	(722)	(724)	(735)	(740)	(689)	(730)	(687)	(703)	(662)		(738) Schibsted Publishing expenses (print and online)	(2,790)	(2,894)	(2,956)
(437)	(460)	(433)	(434)	(441)	(471)	(433)	(437)	(421)	(433)	(408)		(440) of which Aftonbladet expenses	(1,702)	(1,782)	(1,764)
(264)	(269)	(244)	(255)	(240)	(234)	(213)	(238)	(216)	(224)	(211)		(242) of which SvD expenses	(893)	(925)	(1,032)
(6)	(6)		6 (34)	(5)	(19)	3	(17)	1	(24)	(8)		(25) Other expenses and eliminations	(56)	(38)	(40)
(927)	(962)	(885)	(948)	(922)	(944)	(867)	(945)	(886)	(923)	(860)		(975) Total operating expenses	(3,644)	(3,678)	(3,722)
21	19	41	50	58	40	54	55	41	48	66		55 EBITDA Schibsted Growth*	210	207	131
18	16	25	25	28	23	24	26	16	18	18	21	of which EBITDA Hitta	73	101	84
50	62	65	132	47	69	65	88	42	98	70		86 EBITDA Schibsted Publishing	296	269	309
57	56	74	100	45	57	61	74	34	71	63	65	of which EBITDA Aftonbladet	233	237	287
(11)	4	(14)	22		2 12	4	17	12	19	5	15	of which EBITDA SvD	51	35	1
(10)	(10)	(6)	(25)	(14)	(10)	(3)	(28)	(4)	(27)	(9)		(28) EBITDA Other	(68)	(55)	(51)
61	71	100	157	91	99	116	115	79	119	127		113 Total EBITDA	438	421	389
0.8751	0.8889	0.9138	0.9302	0.9423	0.9069	0.8988	0.9264	0.9171	0.9199	0.9693		1.0036 NOK / SEK	0.9525	0.9186	0.9022

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 line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12. The restatements are described in the 1st quarter 2014 Report.

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

EUR 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									Online Classifieds	Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	Revenues	2015	2014	2013
43.7	48.4	43.3	41.5	44.5	46.5	41.9	37.6	43.3	46.3	39.8		121.7 136.6 124.5 125.6 130.8 141.9 130.8 132.0 142.8 156.4 146.4 150.0 Established phase 36.2 - Norway*	595.6 165.6	535.5 170.5	508.4 176.9
20.7	24.6	22.7	22.6	22.6	25.5	23.2	22.8	23.5	27.4	25.3		26.2 - Sweden**	102.4	94.1	90.6
28.3	32.9	30.0	32.8	35.8	39.6	36.1	39.2	42.9	46.4	43.2		47.2 - France	179.7	150.7	124.0
22.5	22.8	21.2	21.3	20.9	21.2	20.7	21.9	22.8	24.7	25.2		26.3 - Spain	99.0	84.7	87.8
6.5	7.9	7.3	7.4	7.0	9.1	8.9	10.5	10.3	11.6	12.9		14.1 - International	48.9	35.5	29.1
2.8	3.0	3.3	3.6	3.4	3.9	4.1	4.6	4.6	5.0	5.7		6.5 New ventures	21.8	16.0	12.7
-	0.6	0.5	0.3	0.7	0.2	0.7	2.1	0.6	1.0	0.6		0.5 Headquarter/Other	2.7	3.7	1.4
2.9	3.4	3.3	3.4	3.2	3.1	2.7	3.5	2.6	3.4	3.0		3.4 Operating revenues from other segments in Schibsted Media Group	12.4	12.5	13.0
												127.4 143.6 131.6 132.9 138.1 149.1 138.3 142.2 150.6 165.8 155.7 160.4 Total Revenues (Online Classifieds segment)	632.5	567.7	535.5
												EBITDA
56.8	74.1	64.3	59.5	58.9	68.2	63.3	53.8	59.3	76.1	66.3		62.2 Established ventures online	263.9	244.2	254.7
19.5	27.3	22.1	19.8	18.6	22.2	20.2	15.6	17.4	23.6	18.8		14.0 - Norway**	73.8	76.6	88.7
11.2	15.1	14.2	13.5	13.3	14.9	13.7	13.9	12.2	14.5	15.2		17.1 - Sweden***	59.0	55.8	54.0
19.8 5.7	22.4 8.3	20.2 7.4	21.2 3.8	24.5 3.4	27.2 3.6	24.2 5.7	25.6 1.3	30.3 2.7	29.8 7.4	24.3 7.6		26.2 - France 7.0 - Spain	110.6 24.7	101.5 14.0	83.6 25.2
0.6	1.0	0.4	1.2	(0.9)	0.3	(0.5)	(2.6)	(3.3)	0.8	0.4		(2.1) - International	(4.2)	(3.7)	3.2
(30.5)	(29.6)	(25.2)	(25.2)	(16.8)	(17.1)	(14.2)	(11.8)	(14.6)	(11.5)	(12.2)		(18.7) New ventures	(57.0)	(59.9)	(110.5)
(3.9)	(3.8)	(4.9)	(4.7)	(4.5)	(3.4)	(4.2)	(4.4)	(5.9)	(4.3)	(5.5)		(6.7) Headquarter/Other	(22.4)	(16.5)	(17.3)
22.4	40.7	34.2	29.6	37.6	47.7	44.9	37.6	38.8	60.4	48.6		36.8 Total EBITDA (Online Classifieds segment)	184.6	167.8	126.9
7.43	7.62	7.93	8.24	8.35	8.21	8.27	8.59	8.63	8.55	9.14		9.34 NOK / EUR	8.91	8.35	7.81
												The figures below reflect the contribution by Joint Ventures and Associated Companies if we had consolidated the companies proportionately:
2.2	2.6	2.3	3.2	3.7	4.2	4.6	5.4	5.3	6.1	5.3		6.0 Revenues	22.7	17.9	10.3
(2.2)	(3.0)	(2.6)	(8.4)	(22.6)	(26.8)	(26.3)	(24.9)	(10.1)	(11.8)	(10.0)		(6.4) EBITDA In the consolidated Financial Statement of the Schibsted Media Group the results of the Joint Ventures and Associated Companies are recognised as follows:	(38.3)	(100.6)	(16.2)
(2.5)	(3.3)	(3.0)	(8.9)	(23.0)	(27.8)	(28.9)	(24.6)	42.0*	(13.2)	(12.1)		(8.0) Share of profit (loss) of Joint Ventures and Associated Companies *Q1 2015 including gain on sale of EUR 52.3 million	8.7	(104.3)	(17.7)
												NORWAY figures in NOK million**
325 145	369 208	343 175	342 163	371 155	382 182	346 167	322 133	373 150	396 203	365 172		338 Revenues 130 EBITDA	1,472 655	1,421 637	1,379 691
												SWEDEN figures in SEK million***
175	211	197	200	201	231	214	211	221	255	238		244 Revenues	958	857	783
90	124	116	118	118	135	126	129	115	135	143		159 EBITDA	552	508	448

**Mittanbud.no is included in NORWAY from 1st quarter 2015

***Servicefinder.se is included in SWEDEN from 1st quarter 2015

Bergens Tidende

Stavanger Aftenblad

Fædrelandsvennen

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	Circulation volume YTD
												Aftenposten 221,776 218,994 214,829 214,026 226,612 225,439 222,211 221,658 216,981 214,810 212,055 211,769 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 Sunday edition
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		Bergens Tidende 70,220 Weekday edition 71,157 Sunday edition
59,412	59,176	58,645	59,262	58,289	58,354	58,362	58,544	56,324	55,532	55,286		Stavanger Aftenblad 55,412 Weekday edition
35,117	35,043	35,008	34,845	34,487	34,356	34,321	34,064	33,612	31,960	33,116		Fædrelandsvennen 32,739 Weekday edition
												VG 168,830 166,974 167,425 164,430 141,212 139,881 138,915 138,188 119,760 118,089 115,422 112,716 Weekday edition 167,959 166,465 160,570 159,573 148,295 146,073 138,774 136,167 110,639 108,963 102,705 101,317 Sunday edition
												Aftonbladet 182,003 182,500 181,700 176,475 152,300 151,800 151,500 146,200 123,223 122,383 122,649 118,900 Weekday edition 196,891 196,300 197,000 191,400 159,600 160,700 161,000 155,600 126,106 129,594 129,273 125,140 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		Svenska Dagbladet* 151,600 Weekday edition 156,000 Sunday edition

Svenska Dagbladet*

*The circulation volume for Svenska Dagbladet has been changed according to the official Swedish way of counting volume for subscription newspapers. Historical figures for 2014 have been restated.