Vend Marketplaces ASA

Annual / Quarterly Financial Statement • May 8, 2015

Financials and analytical info as of Q1 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:

Anders Chr. Rønning, Investor Relations Officeranders.ronning@schibsted.noDirect line: +47 2310 6720Mobile: +47 9160 5660www.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.
• 1. 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).
• 1. 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.

NO K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	PR OF IT A ND LO SS ST AT EM EN T	Yea da r to	Yea da te r to te	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	SC HIB ST ED ME DIA GR OU P	201 5	201 4	201 4	201 3	201 3
d tate res	d tate res	d tate res	d tate res						1 Q UA RT ER 20 15				d tate res	d orte rep
452	445	433	440	479	448	463	474	478	Sub ipt ion scr rev enu es	478	479	64 1,8	70 1,7	1,7 87
564	577	619	568	541	553	589	538	495	Cas ual sale s re ven ues	495	541	21 2,2	28 2,3	2,3 35
2,0 81	2,3 30	26 2,0	84 2,2	70 2,1	38 2,3	95 1,9	87 2,2	76 2,1	Adv erti sing rev enu es	2,1 76	2,1 70	90 8,7	21 8,7	9,0 17
490	518	503	540	520	495	510	575	545	Oth er r eve nue s	545	520	00 2,1	51 2,0	2,0 93
3,5 87	3,8 70	3,5 81	3,8 32	3,7 10	3,8 34	3,5 57	3,8 74	3,6 94	Op ting era rev enu es	3,6 94	3,7 10	14, 975	14, 870	15, 232
(23 0)	(24 1)	1) (20	8) (17	2) (17	9) (17	7) (16	8) (17	1) (16	Raw teri als rk i nd finis hed ods ma , wo n p rog res s a go	1) (16	2) (17	6) (69	0) (85	(87 1)
(1,3 49)	(1,3 60)	16) (1,2	89) (1,3	27) (1,4	05) (1,4	55) (1,2	77) (1,4	87) (1,4	Per nel son exp ens es	(1,4 87)	(1,4 27)	64) (5,5	14) (5,3	(5,4 74)
(1,7 11)	(1,7 07)	01) (1,7	10) (1,8	01) (1,7	76) (1,6	31) (1,6	66) (1,7	70) (1,6	Oth atin er o per g e xpe nse s	(1,6 70)	(1,7 01)	74) (6,7	29) (6,9	(7,2 28)
	- -	-	-	-	-	-	-	-	Sha f pr ofit ( loss ) o f as iate d c ies re o soc om pan	-	-	-	-	13
297	562	463	455	410	574	504	453	376	Gro rati fit ( los s) ss ope ng pro	376	410	1,9 41	1,7 77	1,6 72
(11 7)	(11 9)	1) (12	9) (11	4) (11	2) (11	3) (12	8) (11	8) (11	Dep iatio nd orti ion sat rec n a am	(11 8)	(11 4)	7) (46	6) (47	(49 0)
(26	) (11 )	) (30	) (56	2) (20	6) (21	2) (25	1) (17	354	Sha f pr ofit ( loss ) o f jo int v nd ocia ted ani ent re o ure s a ass co mp es	354	2) (20	1) (84	3) (12	-
-	(2 )	-	8) (14	) (9	-	) (1	1) (12	) (6	Imp airm los ent s	(6	) (9 )	1) (13	0) (15	(15 0)
(7	) 8	5) (22	871	45	) (30	88	) (95	267	Oth er i d e nco me an xpe nse s	267	45	8	647	1,1 69
147	438	87	1,0 03	130	216	216	(52 )	873	Op ting ofit ( los s) era pr	873	130	510	1,6 75	2,2 01
10	9	11	21	12	17	25	) (8	14	Fin ial i anc nco me	14	12	46	51	51
(50	) (72 )	) (65	) (49	) (41	) (43	) (42	) (48	) (41	Fin ial e anc xpe nse s	(41	) (41 )	4) (17	6) (23	(23 7)
107	375	33	975	101	190	199	(10 8)	846	Pro fit ( los s) bef tax ore es	846	101	382	1,4 90	2,0 15
(46	) (17 1)	1) (11	5) (12	5) (12	2) (16	9) (13	) (83	2) (11	Tax es	(11 2)	(12 5)	9) (50	3) (45	(45 3)
61	204	(78 )	850	(24 )	28	60	(19 1)	734	Pro fit ( los s)	734	(24 )	(12 7)	1,0 37	1,5 62
	- -	-	-	-	-	-			fit ( Pro loss ) disc inue d o atio ont per ns		- -	-	-	-
61	204	(78 )	850	(24 )	28	60	(19 1)	734	Pro fit ( los s)	734	(24 )	(12 7)	1,0 37	1,5 62
8	19	-	) (1	11	22	14	6	71	fit ( Pro loss ) at trib ble trol ling int uta to n sts on- con ere	71	11	53	26	26
53	185	) (78	851	) (35	6	46	7) (19	663	Pro fit ( loss ) at trib ble f th uta to o nt wne rs o e p are	663	) (35	0) (18	11 1,0	1,5 36
0.5 0	1.7 2	3) (0.7	4 7.9	2) (0.3	6 0.0	3 0.4	4) (1.8	7 6.1	Ear ning har e ( NO K) s p er s	6.1 7	(0.3 2)	7) (1.6	3 9.4	14. 32
0.5 0	1.7 2	3) (0.7	3 7.9	2) (0.3	6 0.0	3 0.4	4) (1.8	6 6.1	Dilu ted rnin sh ( NO K) ea gs per are	6.1 6	(0.3 2)	7) (1.6	2 9.4	14. 31
0.5 5	1.6 5	6 1.2	4 0.4	9) (0.6	6 0.2	3) (0.5	9) (0.4	0 4.2	NO Ear ning har adj d ( K) uste s p er s e -	4.2 0	(0.6 9)	6) (1.4	0 3.9	3.9 0
0.5 5	1.6 5	6 1.2	4 0.4	9) (0.6	6 0.2	3) (0.5	9) (0.4	0 4.2	Dilu ted rnin sh dju d ( NO K) ste ea gs per are - a	0 4.2	9) (0.6	6) (1.4	0 3.9	3.9 0

NO	K m		illio
				n

	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
Ba lan sh t ce ee	201 3	20 13	20 13	20 13	20 13	20 13	20 13	20 13	20 14	20 14	20 14	20 14	20 15
	orte d rep	orte d rep	orte d rep	orte d rep	tate d res	tate d res	tate d res	tate d res
Inta ngi ble ets ass	9,3 01	9,6 46	056 10,	337 10,	21 9,2	61 9,5	58 9,9	212 10,	240 10,	366 10,	074 10,	906 11,	11, 493
Inve stm ent ty a nd ty p lant d e qui ent pro per pro per an pm	19 1,8	95 1,7	59 1,6	07 1,5	12 1,8	88 1,7	51 1,6	99 1,4	64 1,5	08 1,6	73 1,3	87 1,2	1,2 39
Inve s in joi nd ocia ted ani stm ent nt v ent ure s a ass co mp es	7 50	469	478	74 1,0	625	610	578	654	557	548	502	547	1,2 51
Oth t as set er n on- cur ren s	322	351	303	297	342	370	354	319	212	195	273	536	515
No ent set n-c urr as s	11, 949	12, 261	496 12,	215 13,	000 12,	329 12,	541 12,	684 12,	573 12,	717 12,	222 12,	276 14,	14, 498
Inve ries nto	107	108	52	53	103	104	51	51	52	54	58	56	55
Tra de and oth ivab les er r ece	2,8 32	2,8 46	24 2,7	23 2,6	97 2,6	02 2,7	15 2,6	14 2,5	58 2,6	27 2,7	03 2,7	97 2,7	2,8 56
Cu t fin ial a ts rren anc sse	64	53	-	28	64	53	-	-	-	-	-	-	-
Cas h a nd h e qui val ent cas s	596	1,1 40	561	40 1,2	541	66 1,0	473	02 1,2	307	458	831	745	285
Ass held for le ets sa		- -	76	-	-	-	76	-	-	-	-	-	-
Cu nt a ts rre sse	3,5 99	4,1 47	13 3,4	44 3,9	05 3,4	25 3,9	15 3,2	67 3,7	17 3,0	39 3,2	92 3,5	98 3,5	3,1 96
Tot al a ts sse	15, 548	16, 408	909 15,	159 17,	405 15,	254 16,	756 15,	451 16,	590 15,	956 15,	814 15,	874 17,	17, 694
Equ ity a ttrib ble of the uta to o t wn ers pa ren	75 6,0	48 6,2	85 6,0	50 7,8	75 6,0	48 6,2	85 6,0	25 7,3	79 7,1	97 6,8	19 6,4	60 6,5	7,0 12
Non lling int ntro sts -co ere	281	252	261	261	281	252	261	261	265	187	196	230
Equ ity	6,3 56	6,5 00	46 6,3	11 8,1	56 6,3	00 6,5	46 6,3	86 7,5	44 7,4	84 7,0	15 6,6	90 6,7	241 7,2 53
Non t in st-b ing bor ings tere -cu rren ear row	41 1,9	12 2,7	74 2,5	71 1,9	41 1,9	12 2,7	61 2,5	71 1,9	41 1,9	51 2,5	95 2,4	32 2,1	1,9 08
Oth t lia bilit ies er n on- cur ren	2,0 38	2,0 30	09 2,5	13 2,3	32 2,0	24 2,0	00 2,5	63 2,2	09 2,1	76 2,0	15 2,5	41 3,6	2,9 44
No lia bili ties ent n-c urr	3,9 79	4,7 42	83 5,0	84 4,2	73 3,9	36 4,7	61 5,0	34 4,2	50 4,0	27 4,6	10 5,0	73 5,7	4,8 52
Cu t in st-b ing bor ings tere rren ear row	7 57	592	549	428	577	592	549	346	137	90	13	696	844
Oth nt l iab ilitie er c urre s	4,6 36	4,5 74	80 3,7	36 4,3	99 4,4	26 4,4	49 3,6	85 4,2	59 3,9	55 4,1	76 4,1	15 4,6	4,7 45
Liab ilitie s h eld for sale		- -	151	-	-	-	151	-	-	-	-	-	-
Cu nt l iab iliti rre es	5,2 13	66 5,1	80 4,4	64 4,7	76 5,0	18 5,0	49 4,3	31 4,6	96 4,0	4,2 45	89 4,1	5,3 11	89 5,5
Tot al e qui ty a nd liab iliti es	15, 548	16, 408	909 15,	159 17,	405 15,	254 16,	756 15,	451 16,	590 15,	956 15,	814 15,	874 17,	17, 694

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.

NO K m illio n
	31 .03	30 .06	30 .09	31 .12	31 .03	30 .06	30 .09	31 .12	31 .03
S f c h f low ta te t o me n as s	20 13	20 13	20 13	20 13	20 14	20 14	20 14	20 14	20 15
	ed tat res	ed tat res	ed tat res	ed tat res
Pro fit ( los s) be for s ( nti ing tio ns) e t axe co nu op era	10 7	48 2	5 51	0 1, 49	1 10	1 29	0 49	2 38	84 6
Pro fit ( los s) be for s d isc tin d o ion e t rat axe on ue pe s		- -	-	-	-	-	-	-	-
- G ain in bu sin bin ati ch iev ed in d r nt st t on re me as ure me es s c om on s a ag es an em ea su rem en
of nti sid tio t c co ng en on era n		- -	2) (	2) (	) ( 37	) ( 40	) ( 40	) ( 91	-
+ D iat ion rtis ati d i air los nt ep rec , a mo on an mp me se s	11 7	23 8	2 36	9 62	123	5 23	9 35	8 59	124
+ / - S ha of fit of jo int d a cia ted ies of div ide nd eiv ed ntu et re pro ve res an sso co mp an , n s r ec	26	85	125	182	2 20	5 44	7 70	7 87	( 35 4)
- T aid axe s p	( 145	) ( 4) 49	6) ( 51	6) ( 63	1) ( 30	6) ( 49	5) ( 61	5) ( 63	( 3) 21
Sa les lo s / (ga ins ) n nt set sse on -cu rre as s	( 1)	( 12)	3 20	3) ( 94	10) (	11) (	1) ( 12	1) ( 12	( 1) 29
Ch in rki ita l et an ge wo ng ca p c.	( 48 4)	( 44 4)	6) ( 50	4) (	) ( 139	) ( 76	15) (	0 22	( 13 0)
Ne h f low fr tin cti vit ies t c as om op era g a	( 38 0)	( 5) 14	18 1	6 71	) ( 61	8 34	76 5	0 23 1,	( 18 )
Ne h f low fro inv ing tiv itie t c est as m ac s	( 158	) ( 25 1)	8) ( 47	1 47	6) ( 44	0) ( 79	8) ( 72	0) ( 1, 58	( 28 9)
Ne h f low be for e f ina ing tiv itie t c as nc ac s	( 8) 53	( 6) 39	7) ( 29	7 1, 18	7) ( 50	2) ( 44	37	0) ( 35	( 7) 30
Ne h f low fro fin cin ctiv itie t c as m an g a s	60	39 7	6) ( 29	6) ( 1, 11	5) ( 36	5) ( 30	2) ( 38	6) ( 11	( 11 7)
Eff of ch ch h a nd sh uiv ale ect te nts ex an ge ra an ge s o n c as ca eq	41	87	112	153	) ( 23	3	) ( 26	9	( 36 )
Ne h f low fo r th eri od t c as e p	( 43 7)	88	1) ( 48	4 22	5) ( 89	4) ( 74	1) ( 37	7) ( 45	( 46 0)
Ca sh d c h e iva len f p eri od ts at sta rt o an as qu	97 8	97 8	8 97	8 97	2 1, 20	2 1, 20	2 1, 20	2 1, 20	74 5
Ca sh d c h e iva len d o f p eri od ts at an as qu en	54 1	06 6 1,	49 7	2 20 1,	30 7	8 45	83 1	5 74	28 5

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.

NO K m illio	n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	OP ER AT ING RE VE NU ES	Yea da r to	Yea da te r to te	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	SC HIB ST ED GR OU P	201 5	201 4	201 4	201 3	201 3
d tate res	d tate res	d tate res	d tate res										d tate res	d orte rep
3, 587	3, 870	3, 581	3, 832	3, 710	3, 834	3, 557	3, 874	3, 694	SC HIB ST ED GR OU P	3, 694	3, 710	975 14,	870 14,	232 15,
948	1, 095	1, 044	1, 097	1, 151	1, 225	1, 145	1, 220	1, 299	ON E C SS DS LIN LA IFIE	1, 299	1, 151	4, 741	4, 184	4, 265
1, 567	1, 640	1, 493	1, 638	1, 542	1, 591	1, 475	1, 609	1, 465	SC ST NO RG HO US HIB ED E M ED IA E	1, 465	1, 542	6, 217	6, 338	6, 368
871	918	900	1, 031	952	946	882	982	886	SC HIB ST ED SV ER IGE ME DIA HO US E	886	952	3, 762	3, 720	3, 731
246	268	195	125	123	129	111	130	98	OT HE R*	98	123	493	834	073 1,
92	90	83	90	93	93	90	97	96	HE AD QU AR TE RS ( Sc hib d A SA d o the alis ed fun ctio ns) ste ntr an r ce	96	93	373	355	355
( 137	) ( 141 )	( 134 )	( 149 )	( 151 )	( 150 )	( 146 )	( 164 )	( 150 )	TIO NS EL IMI NA	( 150 )	( 151 )	( 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.

NO	K m illio n
	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	GR OS S O G P RO LO SS PE RA TIN FIT ( ) - EB ITD A	Ye o d ar t ate	Ye o d ar t ate	Ful l ye ar	Ful l ye ar	Ful l ye ar
	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	SC HIB ST ED GR OU P	201 5	201 4	201 4	201 3	201 3
	d tate res	d tate res	d tate res	d tate res										d tate res	d orte rep
	297	562	463	455	410	574	504	453	376	SC HIB ST ED GR OU P	376	410	941 1,	1, 777	672 1,
	167	310	270	245	313	392	372	325	335	ON LIN E C LA SS IFIE DS	335	313	1, 402	992	862
	150	243	177	153	101	176	125	135	68	SC ST NO RG HO US HIB ED E M ED IA E	68	101	537	723	724
	54	65	90	145	86	89	104	106	73	SC HIB ST ED SV ER IGE M ED IA HO US E	73	86	385	354	363
	( 16)	1	( 19)	( 13)	( 23)	( 16)	( 26)	( 35)	( 26)	OT HE R*	( 26)	( 23)	( 100 )	( 47)	( 49)
	( 58)	( 57)	( 55)	( 75)	( 67)	( 67)	( 71)	( 78)	( 74)	HE AD QU AR TE RS	( 74)	( 67)	( 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.

										Full y ear	Full y ear
2013	2013	2013	2013								2013
ed restat	ed restat	ed restat	ed restat	2014	2014	2014	2014	2015	Sch ibste d No rge M edia Hou se	2014	ed restat
									Oper ating reve nues
477	490	484	500	492	512	492	513	458	ns Ga Verde ng		2,009 1,951
11	17	17	16	11	16	11	-	5	Stava Aften blad nger		38 61
											80
	1 (1)	(1)	4	(3)	(6)	(1)	5	(3)	Schib sted Forla g		(5) 3
150	243	177	153	101	176	125	135		68 T otal	537	723

1 qua rter 2013	2 qu arter 2013	3 qu arter 2013	4 qu arter 2013	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter		Year to da	te Y date ear to	Full y ear	Full y ear 2013	Q1 2013	Q2 2013	Q3 2013	Q4 2013	Q1	Q2	Q3	Q4	Q1		Full y ear	Full y ear 2013
ed restat	ed restat 137 142 73 92 33 42	ed restat 144 86 42	ed restat 163 106 44	2014 172 124 28	2014 182 135 36	2014 165 130 28	2014 198 151 38	2015 162 133 42	Sch ibste d No rge M edia Hou se Onlin ingle (VG)* e new spape rs - s copy Onlin ubscr iption e new spape rs - s news pape rs Othe r onlin rating nues/ online elimi nation e ope reve s	2015 133 42	2014 172 162 124 28	2014 717 540 130	ed restat 586 357 161	ed restat 465 203 139	ed restat 488 210 147	ed restat 421 183 130	ed restat 457 214 141	2014 460 188 130	2014 458 200 130	2014 415 171 117	2014 447 203 118	2015 428 169 114	Sch ibste d No rge M edia Hou se Oper ating reve nues Aften poste n Berge ns Tid ende Stava Aften blad nger	2014	ed restat 1,831 1,780 810 762 557 495
243	276 252 262 72 69 6 6	272 263 64 6	313 247 76 6	324 250 57 6	353 256 59 6	323 270 47 6	387 249 53 7	337 239 45 7	Oper ating onlin reve nues e Circu rs (VG lation - sing le cop ) reve nues y new spape rs (VG Adve rtising - sing le cop ) reve nues y new spape Othe - sing le cop rs (VG ) r reve nues y new spape Circu lation - sub ion ne	337 239 45 7	324 250 57 6	1,387 1,025 216 25	1,104 1,024 281 24	91 477 230 52 -90	104 490 255 43 -97	90 484 229 45 -89	99 500 243 60 -76	82 492 234 39 (83)	96 512 239 37 (81)	85 492 228 43 (76)	92 513 243 61 (68)	84 F 458 216 38 S (42)	ædre lands venn en Verde ns Ga ng Schib sted Norge Tryk k chibs ted F orlag Othe r/elim inatio ns/dis tribut ion	) (308	384 355 2,009 1,951 957 944 200 180 (352)
1,164	351 344 432 472 41 39 10 11	344 353 35 7	333 426 44 8	339 358 37 7	319 387 39 9	329 290 36 4	319 349 39 6	329 295 35 5	script reve nues wspa pers Adve rtising - sub script ion ne reve nues wspa pers Othe - sub script ion ne r reve nues wspa pers Elimin ations /othe (VG) r reve nues Print eratin news pape rs op g rev enue	329 295	339 358 37 35 7 5	1,306 1,384 151 26	1,372 1,683 159 36	1,567 47 20	1,640 71 29	1,493 34 21	1,638 30 28	1,542 44	1,591 64 17	1,475 26 4	1,609 39 21	1,465 38 A	Total EBIT DA ftenp osten -5 B s Tid ende ergen	6,217	6,338 182 173
	1,203 52 43 230 255 (122) (137)	1,072 45 229 (125)	1,140 60 243 (118)	1,054 39 234 (109)	1,075 37 239 (113)	982 43 228 (101)	1,022 61 243 (104)	955 38 216 (81)	s Publis hing Printi ng Othe r/elim inatio ns/dis tribut ion	955	1,054 39 38 234 216 (109) (81)	4,133 180 944 (427)	4,579 200 957 (502)	11 - 73 13	17 14 81 31 1 (1)	17 3 92 29 (1)	16 8 67 22 4	- 11 (10) 72 18 (3)	16 7 83 21 (6)	11 - 87 22 (1)	- 3 86 19 5	5 3 53 V 10 S (3)	Stava Aften blad nger Fædr eland svenn en erden s Gan g chibs ted N Trykk orge Schib sted Forla g		98 42 38 61 25 - 313 328 80 95 (5) 3
1,567	1,640	1,493	1,638	1,542	1,591	1,475	1,609	1,465	Total ating oper reve nues	1,465	1,542	6,217	6,338		1 (15)	(18)	(22)	(31)	(26)	(24)	(38)	(33)	Othe r/elim inatio ns/dis tribut ion	) (119	(54)
	(404) (409) (820) (816) (51) (44) (217) (224) 75 96 - -	(392) (742) (46) (200) 64 -	(433) (828) (56) (221) 53 -	(420) (813) (42) (216) 50 -	(429) (776) (43) (218) 51	(405) (744) (44) (206) 49	(427) (795) (56) (224) 28	(405) (751) (41) (206) 6	Onlin e/offl ine op eratin - sin gle co (VG)* g exp enses py ne wspa pers Onlin e/offl ine op eratin - sub script ion ne g exp enses wspa pers Publis hing Printi ng Othe r/elim inatio ns/dis tribut ion	) (405 ) (751	(420) (813) (42) (41) (216) (206) 50 6	1) (1,68 8) (3,12 (185) (864) 178	(1,63 8) (3,20 6) (197) (862) 288	150	243	177	153	101	176	125	135		68 T otal	537	723
(1,41 7)	(1,39 7)	(1,31 6)	(1,48 5)	(1,44 1)	(1,41 5)	(1,35 0)	(1,47 4)	(1,39	7) To tal op eratin g exp ense s	(1,39 7)	(1,44 1)	(5,68 0)	(5,61 5)
	73 81 77 131 (1) 1 13 31 (14) 1 - -	92 76 (1) 29 (19) -	67 81 4 22 (21) -	72 45 (3) 18 (31) -	83 104 (6) 21 (26) -	87 41 (1) 22 (24) -	86 63 5 19 (38) -	53 41 (3) 10 (33)	EBIT DA si ngle c VG ( online /offlin e)* opy n ewsp apers EBIT DA su bscrip tion n (onli ne/off line) ewsp apers EBIT DA pu blishi ng EBIT DA pr inting EBIT DA ot her/d istribu tion	53 41	72 45 (3) (3) 18 10 (31) (33)	328 253 (13) 71 (114)	313 365 3 95 (53)
150	243	177	153	101	176	125	135	68 T	otal E BITD A	68	101	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.

1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar		Yea da r to te	Yea da r to te	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	Sc d S hib rig e M ed ia Ho ste ve us e	201 5	201 4	201 4	201 3
d tate res	d tate res	d tate res	d tate res										d tate res
202	205	210	240	240	225	235	253	241	Sch ibst ed Gro wth es* rev enu	241	240	953	857
83	81	80	78	77	69	66	64	60	of w hich Hit ta r eve nue s	60	77	276	322
213	220	200	251	251	252	219	281	255	Sch ibst ed Pub lish ing rev enu es	255	251	03 1,0	884
153	156	134	178	171	186	149	193	178	of w hich Aft onb lade line t on rev enu es	178	171	699	621
17	21	16	28	26	31	27	36	31	of w hich Sv D o nlin e re ven ues	31	26	120	82
(8	) (8 )	) (15	) (2	) (9	) (4	) (12	) (19	) (11	Oth nlin d e limi ions nat er o e re ven ues an	( 11)	(9 )	) (44	(33 )
407	417	395	489	482	473	442	515	485	On line ting op era rev enu es	485	482	12 1,9	1,7 08
271	276	304	277	255	268	286	252	230	Circ ulat ion Afto nbla det rev enu es	230	255	61 1,0	1,1 28
69	82	68	77	59	73	57	63	46	Adv erti sing Afto nbla det rev enu es	46	59	252	296
1	2	1	2	1	1	2	3	1	Oth s A fton blad et er r eve nue	1	1	7	6
116	112	114	109	107	98	103	105	102	Circ ulat ion SvD rev enu es	102	107	413	451
103 17	125	82	119 21	93	102	71	98	79	Adv erti sing SvD rev enu es Oth s S vD	79	93	364	429
577	15 612	18 587	605	16 531	15 557	16 535	16 537	16 474	er r eve nue New era rev enu es	16 474	16	63 60 2,1	71 2,3
									ting spa per op		531		81
4	4	3	11	-	13	6	8	6	Oth nd elim inat ions er r eve nue s a	6		27
											-		22
988	1,0 33	985	05 1,1	13 1,0	43 1,0	983	60 1,0	965	Tot al o atin per g re ven ues	965	1,0 13	99 4,0	4,1 11
(18 1)	(18 6)	9) (16	0) (19	2) (18	5) (18	1) (18	8) (19	0) (20	Sch ibst ed Gro wth * ex pen ses	(20 0)	(18 2)	6) (74	(72 6)
(65	) (65 )	) (55	) (53	) (49	) (46	) (42	) (38	) (44	of w hich Hit ta e xpe nse s	(44	) (49 )	5) (17	(23 8)
(74 0)	(77 0)	2) (72	4) (72	5) (73	0) (74	9) (68	0) (73	7) (68	Sch ibst ed Pub lish ing (pr int a nd onl ine) exp ens es	7) (68	5) (73	94) (2,8	(2,9 56)
(43 7)	(46 0)	3) (43	4) (43	1) (44	1) (47	3) (43	7) (43	1) (42	of w hich Aft onb lade t ex pen ses	(42 1)	(44 1)	82) (1,7	(1,7 64)
(26 4)	(26 9)	4) (24	5) (25	0) (24	4) (23	3) (21	8) (23	6) (21	of w hich Sv D e xpe nse s	(21 6)	(24 0)	5) (92	(1,0 32)
(6	) (6 )	6	) (34	) (5	) (19	3	) (17	1	Oth nd elim inat ions er e xpe nse s a	1	(5 )	) (38	(40 )
	- -	-	-	-	-	-	-	-	Sha f pr ofit of ocia ted ani re o ass co mp es	-	-	-	-
(92 7)	(96 2)	5) (88	8) (94	2) (92	4) (94	7) (86	5) (94	6) (88	Tot al o atin per g e xpe nse s	(88 6)	(92 2)	78) (3,6	(3,7 22)
21	19	41	50	58	40	54	55	41	EB ITD A S chib d G th* ste row	41	58	207	131
18	16	25	25	28	23	24	26	16	of w hich EB ITD A H itta	16	28	101	84
50	62	65	132	47	69	65	88	42	EB ITD A S chib d P ubl ishi ste ng	42	47	269	309
57	56	74	100	45	57 12	61 4	74 17	34	of w hich EB ITD A A fton blad et	34	45	237	287
								12	of w hich EB ITD A S vD	12		35
(11	) 4	) (14	22	2							2		1
(10	) (10 )	) (6	) (25	) (14	) (10	) (3	) (28	) (4	EB ITD A O the r	(4	) (14 )	) (55	(51 )
	- -	-	-	-	-	-	-	-	EB ITD A fr iate d c ies om as soc om pan	-	-	-	-
61 0.8 751	71 0.8 889	100 138 0.9	157 302 0.9	91 423 0.9	99 069 0.9	116 988 0.8	115 264 0.9	79 171 0.9	Tot al E BIT DA NO K / SE K	79 0.9 171	91 0.9 423	421 186 0.9	389 0.9 022

Schibsted has as of 1 January 2014 implemented IFRS11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 arerestated. 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.

EU R m illio	n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar		Yea da r to te	Yea da r to te	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	On C lin las ifie ds e s	201 5	201 4	201 4	201 3
									Rev enu es
121 .7	136 .6	.5 124	.6 125	.8 130	.9 141	.8 130	.0 132	.8 142	Est abl ish ed has p e	142 .8	130 .8	.5 535	508 .4
43. 7	48. 4	3 43.	5 41.	5 44.	5 46.	9 41.	6 37.	3 43.	- N * orw ay	43. 3	44. 5	.5 170	176 .9
20. 7	24. 6	7 22.	6 22.	6 22.	5 25.	2 23.	8 22.	5 23.	- S wed en	23. 5	22. 6	1 94.	90. 6
28. 3	32. 9	0 30.	8 32.	8 35.	6 39.	1 36.	2 39.	9 42.	- Fr anc e	42. 9	35. 8	.7 150	124 .0
22. 5	22. 8	2 21.	3 21.	9 20.	2 21.	7 20.	9 21.	8 22.	- Sp ain	22. 8	20. 9	7 84.	87. 8
6.5	7.9	7.3	7.4	7.0	9.1	8.9	10.5	10.3	- In atio nal tern	10.3	7.0	5 35.	29. 1
2.8	3.0	3.3	3.6	3.4	3.9	4.1	4.6	4.6	New ntu ve res	4.6	3.4	0 16.	12. 7
	0.6 -	0.5	0.3	0.7	0.2	0.7	2.1	0.6	Hea dqu r/O the arte r	0.6	0.7	3.7	1.4
2.9	3.4	3.3	3.4	3.2	3.1	2.7	3.5	2.6	Op ting from oth s in Sc hib d M edi a G ent ste era rev enu es er s egm rou p	2.6	3.2	5 12.	13. 0
127 .4	143 .6	131 .6	132 .9	138 .1	149 .1	138 .3	142 .2	150 .6	Tot al R s ( On line Cl ifie ds nt) eve nue ass seg me	150 .6	138 .1	567 .7	535 .5
									EB ITD A
56. 8	74. 1	3 64.	5 59.	9 58.	2 68.	3 63.	8 53.	3 59.	Est abl ish ed nlin ture ven s o e	59. 3	58. 9	.2 244	254 .7
19.5	27. 3	1 22.	8 19.	6 18.	2 22.	2 20.	6 15.	17.4	- N * orw ay	17.4	18. 6	6 76.	88. 7
11.2	15. 1	14.2	13.5	13.3	9 14.	7 13.	9 13.	12.2	- S wed en	12.2	13.3	8 55.	54. 0
19. 8	22. 4	2 20.	2 21.	5 24.	2 27.	2 24.	6 25.	3 30.	- Fr anc e	30. 3	24. 5	.5 101	83. 6
5.7	8.3	7.4	3.8	3.4	3.6	5.7	1.3	2.7	- Sp ain	2.7	3.4	0 14.	25. 2
0.6	1.0	0.4	1.2	) ( 0.9	0.3	) ( 0.5	) ( 2.6	) ( 3.3	- In atio nal tern	( 3.3	) ( 0.9 )	) ( 3.7	3.2
( 5) 30.	( 6) 29.	2) ( 25.	2) ( 25.	8) ( 16.	1) ( 17.	2) ( 14.	8) ( 11.	6) ( 14.	New ntu ve res	( 6) 14.	( 8) 16.	9) ( 59.	( .5) 110
( 3.9	) ( ) 3.8	) ( 4.9	) ( 4.7	) ( 4.5	) ( 3.4	) ( 4.2	) ( 4.4	) ( 5.9	Hea dqu r/O the arte r	( 5.9	) ( ) 4.5	5) ( 16.	( 3) 17.
22. 4	40. 7	34. 2	29. 6	37. 6	47. 7	44. 9	37. 6	38. 8	On Cl Tot al E BIT DA ( line ifie ds nt) ass seg me	38. 8	37. 6	167 .8	126 .9
7.4 3	7.6 2	3 7.9	4 8.2	5 8.3	1 8.2	7 8.2	9 8.5	3 8.6	NO K / EU R	8.6 3	8.3 5	5 8.3	7.8 1
									The fig s b elo efle he trib utio n b Joi nt V nd Ass oci d ct t ent ate ure w r con y ure s a Co ani if w e h ad sol ida ted the ani tion ly: ate mp es con co mp es pro por
2.2 2.2	2.6 3.0	2.3 2.6	3.2 8.4	3.7 22.	4.2 26.	4.6 26.	5.4 24.	5.3 10.	Re ven ues EB ITD A	5.3 10.	3.7 22.	9 17. 100	10. 3 16.
( 2.5	) ( ) 3.3	) ( 3.0	) ( 8.9	6) ( 23.	8) ( 27.	3) ( 28.	9) ( 24.	( 1) 42. 0*	In t he sol ida ted Fin ial Sta of the Sc hib d M edi a G the tem ent ste con anc rou p ults of the Jo int Ve d A cia ted Co ani ised ntu res res an sso mp es are rec ogn as foll ow s: Sh d C of los f Jo int Ven and As iate ies tur	( 1) 42. 0*	( 6) 23.	.6) ( 104	( 2) 17.
(	) ( )	) (	) (	0) (	8) (	9) (	6) (		fit ( s) o are pro es soc om pan *Q1 20 15 i ncl udi gai ale of E UR 52. 3 m illio n o n s n		0) (	.3) (	( 7)
									ng
									NO RW AY fig s in NO K m illio n* ure
325 145	369 208	343 175	342 163	371 155	382 182	346 167	322 133	373	Re ven ues EB ITD A	373 150	371	21 1,4 637	1,3 79
								150	SW SE ED EN fig s in K m illio n** ure		155		691
175	211	197	200	201	231	214	211	221	Re ven ues	221	201	857	783
90	124	116	118	118	135	126	129	115	EB ITD A	115	118	508	448

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

1 qu arte r	2 qu arte r	3 qu arte r	4 qu arte r	1 qu arte r	2 qu arte r	3 qu arte r	4 qu arte r	1 qu arte r
2013	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	Circ ulat ion vol e Y TD um
221, 776 196, 533	218, 994 194, 266	829 214, 326 190,	026 214, 472 190,	612 226, 267 220,	439 225, 090 220,	211 222, 441 217,	658 221, 460 217,	981 216, 304 213,	Afte sten npo Morn ing e ditio n Sun day editi on
73,7 98 74,6 87	73,8 37 74,3 43	73,1 03 73,4 30	73,7 36 73,6 06	75,4 63 74,0 32	74,9 36 73,2 98	74,1 36 72,3 93	73,6 40 72,4 70	70,5 69,5 87 S	Berg Tide nde ens 43 W eekd ditio ay e n unda y ed ition
59,4 12	59,1 76	58,6 45	59,2 62	58,2 89	58,3 54	58,3 62	58,5 44	56,3	Stav er A ften blad ang 24 W eekd ditio ay e n
35,1 17	35,0 43	35,0 08	34,8 45	34,4 87	34,3 56	34,3 21	34,0 64	33,6	Fæd rela ndsv enn en 12 W eekd ditio ay e n
168, 830 167, 959	166, 974 166, 465	425 167, 570 160,	430 164, 573 159,	212 141, 295 148,	881 139, 073 146,	915 138, 774 138,	188 138, 167 136,	760 119, 639 110,	VG Wee kday edit ion Sun day editi on
182, 003 196, 891	182, 500 196, 300	700 181, 000 197,	475 176, 400 191,	300 152, 600 159,	800 151, 700 160,	500 151, 000 161,	200 146, 600 155,	223 123, 106 126,	Afto nbla det Wee kday edit ion Sun day editi on
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	Sve nska Dag blad et* We ekda y ed ition Sun day editi on

*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.