Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Jul 17, 2015

Financials and analytical info as of Q2 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 Direct line: +47 2310 6642 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.

2. Operating segments (Revenues and EBITDA):

a. Media houses International is no longer a separate segment. It is included in Other. This is due to its immaterial size.

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).

5. Specification of 8. Online Classifieds:

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 were proportionately included.

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 PROFIT AND LOSS STATEMENT Year to date Year to date Full year Full year 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 SCHIBSTED MEDIA GROUP 2015 2014 2014 2013 restated restated restated restated 2 QUARTER 2015 restated 452 445 433 440 479 448 463 474 478 456 Subscription revenues 934 927 1,864 564 577 619 568 541 553 589 538 495 525 Casual sales revenues 1,020 1,094 2,221 2,081 2,330 2,026 2,284 2,170 2,338 1,995 2,287 2,176 2,366 Advertising revenues 4,542 4,508 8,790 490 518 503 540 520 495 510 575 545 456 Other revenues 1,001 1,015 2,100	Full year 2013 reported 1,770 1,787 2,328 2,335 8,721 9,017
	2,051 2,093
3,587 3,870 3,581 3,832 3,710 3,834 3,557 3,874 3,694 3,803 Operating revenues 7,497 7,544 14,975	14,870 15,232
(230) (241) (201) (178) (172) (179) (167) (178) (161) (144) Raw materials, work in progress and finished goods (305) (351) (696)	(850) (871)
(1,349) (1,360) (1,216) (1,389) (1,427) (1,405) (1,255) (1,477) (1,487) (1,460) Personnel expenses (2,947) (2,832) (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) Other operating expenses (3,227) (3,377) (6,774)	(6,929) (7,228)
- - - - - - - - - - Share of profit (loss) of associated companies - - -	- 13
297 562 463 455 410 574 504 453 376 642 Gross operating profit (loss) 1,018 984 1,941	1,777 1,672
(117) (119) (121) (119) (114) (112) (123) (118) (118) (119) Depreciation and amortisation (237) (226) (467)	(476) (490)
(26) (11) (30) (56) (202) (216) (252) (171) 354 (107) Share of profit (loss) of joint ventures and associated companies 247 (418) (841)	(123) -
- (2) - (148) (9) - (1) (121) (6) (3) Impairment loss (9) (9) (131)	(150) (150)
(7) 8 (225) 871 45 (30) 88 (95) 267 97 Other income and expenses 364 15 8	647 1,169
147 438 87 1,003 130 216 216 (52) 873 510 Operating profit (loss) 1,383 346 510	1,675 2,201
10 9 11 21 12 17 25 (8) 14 2 Financial income 16 29 46	51 51
(50) (72) (65) (49) (41) (43) (42) (48) (41) (72) Financial expenses (113) (84) (174)	(236) (237)
107 375 33 975 101 190 199 (108) 846 440 Profit (loss) before taxes 1,286 291 382	1,490 2,015
(46) (171) (111) (125) (125) (162) (139) (83) (112) (172) Taxes (284) (287) (509)	(453) (453)
61 204 (78) 850 (24) 28 60 (191) 734 268 Profit (loss) 1,002 4 (127)	1,037 1,562
- - - - - - - - - - Profit (loss) discontinued operations - - -	- -
61 204 (78) 850 (24) 28 60 (191) 734 268 Profit (loss) 1,002 4 (127)	1,037 1,562
8 19 - (1) 11 22 14 6 71 29 Profit (loss) attributable to non-controlling interests 100 33 53	26 26
53 185 (78) 851 (35) 6 46 (197) 663 239 Profit (loss) attributable to owners of the parent 902 (29) (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 Earnings per share (NOK) 4.20 -0.13 -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 Diluted earnings per share (NOK) 4.20 -0.13 -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 Earnings per share - adjusted (NOK) 2.72 -0.22 -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 Diluted earnings per share - adjusted (NOK) 2.72 -0.22 -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
Balance sheet	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	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
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
Investments in joint ventures and associated companies	507	469	478	1,074	625	610	578	654	557	548	502	547	1,251	1,199
Other non-current assets Non-current assets	322 11,949	351 12,261	303 12,496	297 13,215	342 12,000	370 12,329	354 12,541	319 12,684	212 12,573	195 12,717	273 12,222	536 14,276	515 14,498	458 14,708
Inventories	107	108	52	53	103	104	51	51	52	54	58	56	55	14
Trade and other receivables	2,832	2,846	2,724	2,623	2,697	2,702	2,615	2,514	2,658	2,727	2,703	2,797	2,856	2,884
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
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
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
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
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136
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
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
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
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
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1,162
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
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
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

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
Statement of cash flows	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015
	restated	restated	restated	restated
Profit (loss) before taxes (continuing operations)	107	482	515	1,490	101	291	490	382	846	1,286
- Gain on remeasurement in business combinations achieved in stages and remeasurement
of contingent consideration		-	- (2)	(2)	(37)	(40)	(40)	(91)		- -
+ Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246
+ / - Share of profit of joint ventures and associated companies, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)
- Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)
Sales losses / (gains) non-current assets	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)
Change in working capital etc.	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1,230	(18)	362
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)		(728) (1,580)	(289)	(616)
Net cash flow before financing activities	(538)	(396)	(297)	1,187	(507)	(442)	37	(350)	(307)	(254)
Net cash flow from financing activities	60	397		(296) (1,116)	(365)	(305)	(382)	(116)	(117)	20
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)
Net cash flow for the period	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)
Cash and cash equivalents at start of period	978	978	978	978	1,202	1,202	1,202	1,202	745	745
Cash and cash equivalents at end of period	541	1,066	497	1,202	307	458	831	745	285	469

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 OPERATING REVENUES		Year to date Year to date	Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	SCHIBSTED GROUP	2015	2014	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 SCHIBSTED GROUP	7,497	7,544	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 ONLINE CLASSIFIEDS	2,718	2,376	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 SCHIBSTED NORGE MEDIA HOUSE	2,915	3,133	6,217	6,338	6,368
871	918	900	1,031	952	946	882	982	886		958 SCHIBSTED SVERIGE MEDIA HOUSE	1,844	1,898	3,762	3,720	3,731
246	268	195	125	123	129	111	130	98		55 OTHER*	153	252	493	834	1,073
92	90	83	90	93	93	90	97	96		91 HEADQUARTERS (Schibsted ASA and other centralised functions)	187	186	373	355	355
(137)	(141)	(134)	(149)	(151)	(150)	(146)	(164)	(150)		(170) ELIMINATIONS	(320)	(301)	(611)	(561)	(560)

*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 GROSS OPERATING PROFIT (LOSS) - EBITDA		Year to date Year to date	Full year	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	SCHIBSTED GROUP	2015	2014	2014	2013	2013
restated	restated	restated	restated											restated	reported
297	562	463	455	410	574	504	453	376		642 SCHIBSTED GROUP	1,018	984	1,941	1,777	1,672
167	310	270	245	313	392	372	325	335		517 ONLINE CLASSIFIEDS	852	705	1,402	992	862
150	243	177	153	101	176	125	135	68		118 SCHIBSTED NORGE MEDIA HOUSE	186	277	537	723	724
54	65	90	145	86	89	104	106	73		109 SCHIBSTED SVERIGE MEDIA HOUSE	182	175	385	354	363
(16)	1	(19)	(13)	(23)	(16)	(26)	(35)	(26)		(6) OTHER*	(32)	(39)	(100)	(47)	(49)
(58)	(57)	(55)	(75)	(67)	(67)	(71)	(78)	(74)		(96) HEADQUARTERS	(170)	(134)	(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.

2013	2013	2013	2013										2013
restated	restated	restated	restated	2014	2014	2014	2014	2015	2015 Schibsted Norge Media House	2015	2014	2014	restated
									Operating revenues
477	490	484	500	492	512	492	513	458	454 Verdens Gang	912		1,004 2,009 1,951
11	17	17	16	11	16	11	-	5	4 Stavanger Aftenblad	9	27	38	61
1	(1)	(1)	4	(3)	(6)	(1)	5	(3)	(1) Schibsted Forlag	(4)	(9)	(5)	3
150	243	177	153	101	176	125	135	68	118 Total	186	277	537	723

NOK million
						1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter					Year to date Year to date Full year		Full year	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2		Year to date Year to date Full year			Full year
2013 restated	2013 restated	2013 restated	2013 restated	2014	2014	2014	2014	2015	2015 Schibsted Norge Media House	2015	2014	2014	2013 restated	2013 restated	2013 restated	2013 restated	2013 restated	2014	2014	2014	2014	2015		2015 Schibsted Norge Media House	2015	2014	2014	2013 restated
																								Operating revenues
137	142	144	163	172	182	165	198	162	152 Online newspapers - single copy (VG)*	314	354	717	586	465	488	421	457	460	458	415	447	428		425 Aftenposten	853			918 1,780 1,831
73	92	86	106	124	135	130	151	133	145 Online newspapers - subscription newspapers	278	259	540	357	203	210	183	214	188	200	171	203	169		176 Bergens Tidende	345	388	762	810
33	42	42	44	28		36 28	38		42 41 Other online operating revenues/online eliminations	83	64	130	161	139	147	130	141	130	130	117	118	114		111 Stavanger Aftenblad	225	260	495	557
243	276	272	313	324	353	323	387	337	338 Operating revenues online	675	677	1,387	1,104	91	104	90	99	82	96	85	92	84		90 Fædrelandsvennen	174	178	355	384
														477	490	484	500	492	512	492	513	458		454 Verdens Gang	912			1,004 2,009 1,951
252	262	263	247	250	256	270	249	239	250 Circulation revenues - single copy newspapers (VG)	489	506	1,025	1,024	230	255	229	243	234	239	228	243	216		208 Schibsted Norge Trykk	424	473	944	957
72	69	64	76	57		59 47	53		45 39 Advertising revenues - single copy newspapers (VG)	84	116	216	281	52	43	45	60	39	37	43	61	38		22 Schibsted Forlag	60	76	180	200
6	6	6	6		6	6	6	7	7 8 Other revenues - single copy newspapers (VG)	15	12	25	24	(90)	(97)	(89)	(76)	(83)	(81)	(76)	(68)	(42)		(36) Other/eliminations/distribution	(78)	(164)	(308)	(352)
351	344	344	333	339	319	329	319	329	314 Circulation revenues - subscription newspapers	643	658	1,306	1,372				1,567 1,640 1,493 1,638 1,542 1,591 1,475 1,609 1,465 1,450 Total								2,915	3,133	6,217	6,338
432	472	353	426	358	387	290	349	295	306 Advertising revenues - subscription newspapers	601	745	1,384	1,683
41	39	35	44	37		39 36	39		35 35 Other revenues - subscription newspapers	70	76	151	159											EBITDA
10	11	7	8		7	9	4	6	5 5 Eliminations/other revenues (VG)	10	16	26	36	47	71	34	30	44	64	26	39	38		52 Aftenposten	90	108	173	182
	1,164 1,203 1,072 1,140 1,054 1,075						982 1,022	955	957 Print newspapers operating revenues	1,912	2,129	4,133	4,579	20	29	21	28	-	17	4	21	(5)		5 Bergens Tidende	-	17	42	98
														11	17	17	16	11	16	11	-	5		4 Stavanger Aftenblad	9	27	38	61
52	43	45	60	39		37 43	61		38 22 Publishing	60	76	180	200	-	14	3	8	(10)	7	-	3	3		9 Fædrelandsvennen	12	(3)	-	25
230 (122)	255 (137)	229 (125)	243 (118)	234 (109)	239 (113)	228 (101)	243 (104)	216 (81)	208 Printing (75) Other/eliminations/distribution	424 (156)	473 (222)	944 (427)	957 (502)	73 13	81 31	92 29	67 22	72 18	83 21	87 22	86 19	53 10		64 Verdens Gang 14 Schibsted Norge Trykk	117 24	155 39	328 80	313 95
														1	(1)	(1)	4	(3)	(6)	(1)	5	(3)		(1) Schibsted Forlag	(4)	(9)	(5)	3
									1,567 1,640 1,493 1,638 1,542 1,591 1,475 1,609 1,465 1,450 Total operating revenues	2,915	3,133	6,217	6,338	(15)	1	(18)	(22)	(31)	(26)	(24)	(38)	(33)		(29) Other/eliminations/distribution	(62)	(57)	(119)	(54)
														150	243	177	153	101	176	125	135	68		118 Total	186	277	537	723
(404)	(409)	(392)	(433)	(420)	(429)	(405)	(427)	(405)	(390) Online/offline operating expenses - single copy newspapers (VG)*	(795)	(849)	(1,681)	(1,638)
(820)	(816)	(742)	(828)	(813)	(776)	(744)	(795)	(751)	(730) Online/offline operating expenses - subscription newspapers	(1,481)	(1,589)	(3,128)	(3,206)
(51)	(44)	(46)	(56)	(42)		(43) (44)	(56)	(41)	(23) Publishing	(64)	(85)	(185)	(197)
(217)	(224)	(200)	(221)	(216)	(218)	(206)	(224)	(206)	(194) Printing	(400)	(434)	(864)	(862)
75	96	64	53	50		51 49	28		6 5 Other/eliminations/distribution	11	101	178	288
-	-	-	-	-
									(1,417) (1,397) (1,316) (1,485) (1,441) (1,415) (1,350) (1,474) (1,397) (1,332) Total operating expenses	(2,729)	(2,856)	(5,680)	(5,615)
73	81	92	67	72		83 87	86		53 64 EBITDA single copy newspapers VG (online/offline)*	117	155	328	313
77	131	76	81	45	104	41	63		41 70 EBITDA subscription newspapers (online/offline)	111	149	253	365
1	(1)	(1)	4	(3)		(6) (1)		5	(3) (1) EBITDA publishing	(4)	(9)	(13)	3
13	31	29	22	18		21 22	19		10 14 EBITDA printing	24	39	71	95
(14)	1	(19)	(21)	(31)		(26) (24)	(38)	(33)	(29) EBITDA other/distribution	(62)	(57)	(114)	(53)
150	243	177	153	101	176	125	135		68 118 Total EBITDA	186	277	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.

SEK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		Year to date	Year to date	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	Schibsted Sverige Media House	2015	2014	2014	2013
restated	restated	restated	restated											restated
202	205	210	240	240	225	235	253	241		244 Schibsted Growth revenues*	485	465	953	857
83	81	80	78	77	69	66	64	60	64	of which Hitta revenues	124	146	276	322
213	220	200	251	251	252	219	281	255		295 Schibsted Publishing revenues	550	503	1,003	884
153	156	134	178	171	186	149	193	178	200	of which Aftonbladet online revenues	378	357	699	621
17	21	16	28	26	31	27	36	31	41	of which SvD online revenues	72	57	120	82
(8)	(8)	(15)	(2)	(9)	(4)	(12)	(19)	(11)		(10) Other online revenues and eliminations	(21)	(13)	(44)	(33)
407	417	395	489	482	473	442	515	485		529 Online operating revenues	1,014	955	1,912	1,708
271	276	304	277	255	268	286	252	230		248 Circulation revenues Aftonbladet	478	523	1,061	1,128
69	82	68	77	59	73	57	63	46		56 Advertising revenues Aftonbladet	102	132	252	296
1	2	1	2	1	1	2	3	1	-	Other revenues Aftonbladet		1 2	7	6
116	112	114	109	107	98	103	105	102		96 Circulation revenues SvD	198	205	413	451
103	125	82	119	93	102	71	98	79		91 Advertising revenues SvD	170	195	364	429
17	15	18	21	16	15	16	16	16		15 Other revenues SvD	31	31	63	71
577	612	587	605	531	557	535	537	474		506 Newspaper operating revenues	980	1,088	2,160	2,381
4	4	3	11	-	13	6	8	6		7 Other revenues and eliminations	13	13	27	22
988	1,033	985	1,105	1,013	1,043	983	1,060	965		1,042 Total operating revenues	2,007	2,056	4,099	4,111
(181)	(186)	(169)	(190)	(182)	(185)	(181)	(198)	(200)		(196) Schibsted Growth expenses*	(396)	(367)	(746)	(726)
(65)	(65)	(55)	(53)	(49)	(46)	(42)	(38)	(44)		(46) of which Hitta expenses	(90)	(95)	(175)	(238)
(740)	(770)	(722)	(724)	(735)	(740)	(689)	(730)	(687)		(703) Schibsted Publishing expenses (print and online)	(1,390)	(1,475)	(2,894)	(2,956)
(437)	(460)	(433)	(434)	(441)	(471)	(433)	(437)	(421)		(433) of which Aftonbladet expenses	(854)	(912)	(1,782)	(1,764)
(264)	(269)	(244)	(255)	(240)	(234)	(213)	(238)	(216)		(224) of which SvD expenses	(440)	(474)	(925)	(1,032)
(6)	(6)	6	(34)	(5)	(19)	3	(17)	1		(24) Other expenses and eliminations	(23)	(24)	(38)	(40)
(927)	(962)	(885)	(948)	(922)	(944)	(867)	(945)	(886)		(923) Total operating expenses	(1,809)	(1,866)	(3,678)	(3,722)
21	19	41	50	58	40	54	55	41		48 EBITDA Schibsted Growth*	89	98	207	131
18	16	25	25	28	23	24	26	16	18	of which EBITDA Hitta	34	51	101	84
50	62	65	132	47	69	65	88	42		98 EBITDA Schibsted Publishing	140	116	269	309
57 (11)	56 4	74 (14)	100 22	45 2	57 12	61 4	74 17	34 12	71 19	of which EBITDA Aftonbladet of which EBITDA SvD	105 31	102 14	237 35	287 1
(10)	(10)	(6)	(25)	(14)	(10)	(3)	(28)	(4)		(27) EBITDA Other	(31)	(24)	(55)	(51)
61	71	100	157	91	99	116	115	79		119 Total EBITDA	198	190	421	389
0.8751	0.8889	0.9138	0.9302	0.9423	0.9069	0.8988	0.9264	0.9171		0.9199 NOK / SEK	0.9185	0.9246	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					Year to date Year to date	Full year	Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	Online Classifieds	2015	2014	2014	2013
										Revenues
										121.7 136.6 124.5 125.6 130.8 141.9 130.8 132.0 142.8 156.4 Established phase	299.2	272.7	535.5	508.4
43.7	48.4	43.3	41.5	44.5	46.5	41.9	37.6	43.3		46.3 - Norway*	89.6	91.0	170.5	176.9
20.7	24.6	22.7	22.6	22.6	25.5	23.2	22.8	23.5		27.4 - Sweden**	50.9	48.1	94.1	90.6
28.3	32.9	30.0	32.8	35.8	39.6	36.1	39.2	42.9		46.4 - France	89.3	75.4	150.7	124.0
22.5	22.8	21.2	21.3	20.9	21.2	20.7	21.9	22.8		24.7 - Spain	47.5	42.1	84.7	87.8
6.5	7.9	7.3	7.4	7.0	9.1	8.9	10.5	10.3		11.6 - International	21.9	16.1	35.5	29.1
2.8	3.0	3.3	3.6	3.4	3.9	4.1	4.6	4.6		5.0 New ventures	9.6	7.3	16.0	12.7
-	0.6	0.5	0.3	0.7	0.2	0.7	2.1	0.6		1.0 Headquarter/Other	1.6	0.9	3.7	1.4
2.9	3.4	3.3	3.4	3.2	3.1	2.7	3.5	2.6		3.4 Operating revenues from other segments in Schibsted Media Group	6.0	6.3	12.5	13.0
										127.4 143.6 131.6 132.9 138.1 149.1 138.3 142.2 150.6 165.8 Total Revenues (Online Classifieds segment)	316.4	287.2	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 Established ventures online	135.4	127.1	244.2	254.7
19.5	27.3	22.1	19.8	18.6	22.2	20.2	15.6	17.4		23.6 - Norway**	41.0	40.8	76.6	88.7
11.2	15.1	14.2	13.5	13.3	14.9	13.7	13.9	12.2		14.5 - Sweden***	26.7	28.2	55.8	54.0
19.8	22.4	20.2	21.2	24.5	27.2	24.2	25.6	30.3		29.8 - France	60.1	51.7	101.5	83.6
5.7	8.3	7.4	3.8	3.4	3.6	5.7	1.3	2.7		7.4 - Spain	10.1	7.0	14.0	25.2
0.6	1.0	0.4	1.2	(0.9)	0.3	(0.5)	(2.6)	(3.3)		0.8 - International	(2.5)	(0.6)	(3.7)	3.2
(30.5)	(29.6)	(25.2)	(25.2)	(16.8)	(17.1)	(14.2)	(11.8)	(14.6)		(11.5) New ventures	(26.1)	(33.9)	(59.9)	(110.5)
(3.9)	(3.8)	(4.9)	(4.7)	(4.5)	(3.4)	(4.2)	(4.4)	(5.9)		(4.3) Headquarter/Other	(10.2)	(7.9)	(16.5)	(17.3)
22.4	40.7	34.2	29.6	37.6	47.7	44.9	37.6	38.8		60.4 Total EBITDA (Online Classifieds segment)	99.2	85.3	167.8	126.9
7.43	7.62	7.93	8.24	8.35	8.21	8.27	8.59	8.63		8.55 NOK / EUR	8.59	8.28	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 Revenues	11.4	7.9	17.9	10.3
(2.2)	(3.0)	(2.6)	(8.4)	(22.6)	(26.8)	(26.3)	(24.9)	(10.1)		(11.8) EBITDA	(21.9)	(49.4)	(100.6)	(16.2)
										In the consolidated Financial Statement of the Schibsted Media Group the results of the Joint Ventures and Associated Companies are recognised as follows:
(2.5)	(3.3)	(3.0)	(8.9)	(23.0)	(27.8)	(28.9)	(24.6)	42.0*		(13.2) Share of profit (loss) of Joint Ventures and Associated Companies	28.8	(50.8)	(104.3)	(17.7)
										*Q1 2015 including gain on sale of EUR 52.3 million
										NORWAY figures in NOK million*
325 145	369 208	343 175	342 163	371 155	382 182	346 167	322 133	373 150		396 Revenues 203 EBITDA	769 353	753 337	1,421 637	1,379 691
										SWEDEN figures in SEK million**
175	211	197	200	201	231	214	211	221		255 Revenues	476	432	857	783
90	124	116	118	118	135	126	129	115		135 EBITDA	250	253	508	448

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

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter
2013	2013	2013	2013	2014	2014	2014	2014	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 Morning edition
										196,533 194,266 190,326 190,472 220,267 220,090 217,441 217,460 213,304 211,277 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		Bergens Tidende 69,478 Weekday edition 68,606 Sunday edition
59,412	59,176	58,645	59,262	58,289	58,354	58,362	58,544	56,324		Stavanger Aftenblad 55,532 Weekday edition
35,117	35,043	35,008	34,845	34,487	34,356	34,321	34,064	33,612		Fædrelandsvennen 31,960 Weekday edition
										VG 168,830 166,974 167,425 164,430 141,212 139,881 138,915 138,188 119,760 118,089 Weekday edition 167,959 166,465 160,570 159,573 148,295 146,073 138,774 136,167 110,639 108,963 Sunday edition
										Aftonbladet 182,003 182,500 181,700 176,475 152,300 151,800 151,500 146,200 123,223 122,383 Weekday edition 196,891 196,300 197,000 191,400 159,600 160,700 161,000 155,600 126,106 129,594 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		Svenska Dagbladet* 153,500 Weekday edition 157,200 Sunday edition

*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.